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Congress, 1st Session

Economic Indicators
February 1977

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLDSFG, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Via Chairman
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)

SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)

JOHN R. STARK, Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
Economic Indicators prepared under supervision of FRANCES M. JAMBS
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
ed by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.




Charts drawn by Art Production Branch, Office of the Secretary y 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 fourth quarter, gross national product rose $34.5 billion or at an annual rate
of 8.3 percent. Real output (GNP adjusted for price changes) increased at an annual rate of 2.4 percent. The implicit
deflator rose at a 5.7 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
1,800

BILLIONS OF DOLLARS (RATIO SCALE)
1,800

1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000

800

1969

1968

1971

1970

1974

1973

1972

1975

1976

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

Gross
national
product

Personal
consumption
expenditures

753.0 464. 8
796.3 490.4
868.5 535.9
935.5 579.7
982.4 618.8
1, 063. 4 668.2
1, 171. 1 733.0
1, 306. 6 809.9
1, 413. 2 887.5
1, 516. 3 973.2
1, 691. 4 I, 079. 7
1, 446. 2 933.2
1, 482. 3 960.3
1, 548. 7 987.3
1, 588. 2 1, 012. 0
1, 636. 2 1, 043. 6
!!___ 1, 675. 2 1, 064. 7
III... 1, 709. 8 1, 088. 5
IV
1, 744 3 1, 122. 0

1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1975:1
II__.
III__
1V___
1976: I

Gross
private
domestic
investment

124. 5
120.8
131.5
146.2
140.8
160.0
188. 3
220.0
215. 0
183. 7
239. 6
172.4
164. 4
196.7
201.4
229. 6
239.2
247. 0
242.8

Export,s and imi>orts of
gooc Ls and ser vices
Net
exports

5. 1

4.9

2. 3
1.8
3.9

1. 6
-3.3
7. 1
7.5

20. 5
6.4

15. 0
24.4
21.4
21.0
8.4
9.3
4.7
3.3

Exports

Imports

Total

42. 8
45.6
49. 9
54.7
62. 5
65. 6
72.7
101.6
144. 4
148. 1
162.7
147. 5
142. 9
148. 2
153.7
154. 1
160. 3
167. 7
168.6

37. 7
40.6
47. 7
52. 9
58.5
64. 0
75.9
94.4
136.9
127. 6
156.3
132. 5
118. 5
126.8
132. 7
145. 7
151. 0
163.0
165. 3

158. 7
180.2
198. 7
207.9
218.9
233.7
253. 1
269. 5
303.3
339. 0
365.6
325. 6
333.2
343.2
353. 8
354. 7
362. 0
369.6
376.2

»This category corresponds closely with budget outlays for national defense,
shown on p. 83.




Go^yernment purchases of goods and

Total

78.8
90. 9
98. 0
97. 5
95. 6
96.2
102. 1
102. 2
111. 6
124.4
133.4
120. 3
122.4
124. 6
130. 4
129. 2
131.2
134. 5
138.9

services
Federal
National
defense l
60. 3
71. 5
76. 9
76. 3
73.5
70.2
73. 5
73. 5
77.3
84. 3
88.2
82. 0
83. 4
84. 6
87. 1
86. 2
86. 9
88.5
91.3

Nondefense
18. 5
19. 5
21. 2
21. 2
22. 1
26. 0
28. 6
28.7
34.3
40. 1
45. 2
38. 3
39. 0
40.0
43. 2
42. 9
44.2
46.0
47.6

State
and
local

Final
sales

79. 8
738.7
89.3
786.2
100.7
860. 8
110.4
926. 2
123. 2
978. 6
137.5 1, 057. 1
151. 0 1, 161. 7
167.3 1, 288. 6
191.6 1, 402. 5
214. 5 1,531.0
232. 2 1, 679. 5
205.3 1, 468. 4
210. 9 1, 512. 3
218.6 1, 550. 6
223.4 1, 592. 5
225. 5 1, 621. 4
230. 9 | 1, 659. 2
235. 0 1, 694. 7
237. 4 1, 742. 6

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]
Exj>orts of gc>ods
Gross private dc>mestie
investmen t
and service
Personal
conGross
Change
national sumpNonKesi- in busiproduct
tion
Net
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries

Period

Govern]tnent pureshases of
goocla and services

Total

Federal

Final
sales

State
and
local
1

981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 214. 0
1, 191. 7
1,264.6

586.1
603.2
633.4
655.4
668.9
691.9
733.0
767.7
759. 1
770.3
8ia7

106.1
103. 5
108.0
114.3
110.0
108.0
116.8
131.0
12a5
111.4
115.7

38.5
37.2
42.8
43.2
40.4
52.2
62.0
59. 7
45.0
38.4
47.1

16. 7
12.0
8.7
10. 6
43
6.6
9.4
16. 5
8. 5
— 12.0
8.1

43
3.5
— .4
-1.3
1.4
—.6
— 3. 3
7.6
16.5
22.6
15.8

51.6
542
58.5
62.2
67.1
67.9
72.7
87.4
97.2
90.6

9ai

47.3
50.7
58.9
63. 5
65. 7
68.5
75.9
79.9
80.7
68. 1
80.3

229.3
248.3
259.2
256. 7
250.2
249.4
253. 1
252.5
256.4
261.0
264 1

112. 5
125.3
128.3
121.8
110.7
103.9
102.1
96.6
95.3
95. 7
96.7

116.8
123.1
130.9
1349
139. 5
145.5
151. 0
155. 9
161. 1
165.2
167.4

9643
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 205. 5
1, 203. 7
1, 256. 4

1, 161. 1
1975: 1
!!___ 1, 177. 1
III__ 1, 209. 3
rv... 1, 219. 2

7546
767.5
775.3
783. 9

114.4
110.6
110. 1
110.5

35.4
36.8
39.6
41.9

-20. 5
-21. 2
— 1. 0
-5. 5

20. 1
24 3
22.8
23. 1

90.3
87.7
90.7
93.9

70.2
63.4
67.9
70.8

257. 1
259. 1
262.4
265.2

948
95.3
95.6
97.2

162.2
163.8
166.9
168.0

1, 181. 6
1, 198. 2
1, 210. 2
1, 224 7

1, 246. 3
1976:1
II... 1, 260. 0
III.. 1, 272. 2
!¥__- 1, 279. 9

800. 7
808.6
815.7
829. 7

112.6
114 9
117.5
117.9

44 1
45.7
47.4
51. 1

10.4
11.1
10.2
.9

16. 6
16.0
15.7
15.0

93.6
95.4
98.0
97. 4

77.0
79.4
82. 3
82.4

261.9
263.6
265.5
265.3

95.4
96.0
97.3

166.6
167.7
168.2
167.3

1, 235. 9
1, 248. 8
1, 262. 0
1, 279. 0

1966_
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976

9ai

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]

Period

Gross
national
product

Personal consumj>tion expejnditures

Total

Gross private
dom estic
inves ;ment

NonNonresDurable durable
Services idential
goods
fixed
goods

Residential
fixed

Expoi ts and
imports of goods
and s(srvices

Governnaent purchases of goods
and s(3rvices

State
Exports Imports Federal and
local

1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976

76.76
79.02
82. 57
86. 72
91. 36
96. 02
100. 00
105. 80
116. 41
127. 25
133. 75

79.3
81.3
846
88.5
92. 5
96. 6
100. 0
105. 5
116. 9
126.3
132.7

85.7
87.4
90.7
93. 1
95. 5
99. 0
100.0
101. 6
108. 3
117. 7
1244

80.1
81.9
85.3
89. 4
93. 6
96.6
100.0
107. 9
124 0
133. 7

isao

76.5
78.8
82.0
86. 1
90. 5
95. 8
100.0
104 7
113. 5
122.7
131.0

76.8
79.3
82. 6
86. 6
91. 3
96.4
100.0
103. 8
116. 1
132. 1
138. 2

746
77.0
80. 7
87. 7
90. 6
94 9
100.0
110. 8
122. 3
133.2
143. 9

82.8
840
85.3
87. 9
93. 1
96.6
100.0
116. 2
148.6
163.4
169. 3

79.7
80. 1
80. 9
83. 3
89. 1
93.5
100. 0
118. 2
169. 6
187.4
1947

70. 1
72. 6
76.4
80.0
86.4
92. 6
100.0
105. 8
117. 1
130.0
138.0

68.4
72.5
76.9
81.9
88.3
94 5
100.0
107.3
119. 0
129. 8
138.7

1975: I
II
III
IV

124 55
125. 93
128. 07
130. 27

123.7
125. 1
127. 3
129. 1

115. 1
117. 1
118.2
120. 2

131.2
132. 1
135. 1
136.2

119.7
121. 5
123.6
125. 9

129. 4
131. 8
132. 7
1345

131. 5
132. 1
132. 8
135.9

163. 4
163. 0
163. 4
163.7

188.9
186.9
186.6
187. 3

126. 8
128.4
130.4
134.2

126. 5
128. 7
131.0
132.9

1976:1
II
III
IV.. ._

131. 29
132. 96
13440
136. 29

130.3
131.7
133.4
135.2

121. 8
123.8
124 9
127. 0

136.4
136. 9
13a 5
139.9

128.0
129. 8
132. 0
1340

136. 2
137. 5
13a7
140.5

139. 0
142.9
145. 3
147.7

164 6
168. 1
171.1
173. 1

189.2
190.4
198. 1
200.6

135.4
136.7
138. 3
141.6

135.4
137.7
139. 7
141. 9

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

Implicit
price
deflator

Gross domestic product
Fixedweighted
price
index
(1972
weights)

Chain
price
index

9.4
5.8
9. 1
7.7
5.0
8.2
10.1
11.6
8.2
7.3
11.5

5.9
2.7
4.4
2.6
—.3
3. 0
5.7
5. 5
-1.7
— 1. 8
6. 1

3.3
2.9
4.5
5.0
5.4
5. 1
4. 1
5. 8
10. 0
9.3
5.1

3. 1
3.0
4.4
5.0
5.3
5.0
4.1
6.0
10.0
9.2
5.4

2.9
3.0
4.3
5.0
5.2
4.9
4.0
6.0
10.0
9.2
5.4

9.6
5.7
9. 1
7.8
5.0
8.1
10.1
11.5
7.8
7.7
11.4

1975: 1
II
III
• IV

_. g
10. 4
19. 1
10. 6

-9.9
5.6
11.4
3.3

10. 1
4. 5
7.0
7.1

9.2
5.4
7.3
6.4

8.9
5.4
7.3
6.6

1976: 1
II

12. 6
9.9
8.5
8. 3

9.2
4.5
3.9
2.4

3. 2
5.2
4.4
5.7

4.3
5.4
4.6
5.7

4. 2
5.2
4.6
5.8

1966
1967
1968
1969.
1970.
1971..
1972
1973
1974.
1975
1976

—

.

_-

,

III
IV

_ . „
„_

NOTE.—-Annual changes from previous year and quarterly changes from previous quarter.

Constant
(1972)
dollars

Current
dollars

Implicit
price
deflator

Chain
price
index

Fixedweighted
price
index
(1972
weights)

2.8
5.8
5.4
-1.7
-1.7
6.1

3.3
3.0
4.5
5.1
5.3
5. 1
4. 1
5.7
9.6
9. 5
5.1

3. 1
3.1
4.4
5.0
5. 3
5.0
4. 1
5. 9
9. 7
9.3
5.4

3.0
3.0
4.4
5.0
5. 2
4.9
4.0
5. 9
9.7
9. 2
5.5

.7
10. 1
19. 1
10.8

— 9.2
5.4
11.3
3.4

10.9
4.5
7.0
7.1

9.4
5.5
7. 4
6.4

9. 0
5.5
7.4
6.7

12.2
10.1
8.2
8.4

9. 0
4.6
3.8
2. 4

3. 0
5.3
4.2
5.8

4.3
5.4
4.4
5.7

4.2
5.3
4.4
5.8

6.1
2.7
4.4
2.6

—

Q

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]

Period

1966
1967
1968
1969
1970
1971
1972
1973
1974™
1975
1976 9.
1975: I
!!__„
III..
IV___
1976:1
II.—
III..

Gross c omestic
prodiict of
nonfiE ancial
corp orate
busi ness
(billk>ns of
doll ars)
Current
dollars

1972
dollars

430. 7
452.9
498.4
541.8
560.6
602.5
671. 0
752. 0
810. 0
870.4
981.7
822. 3
851. 1
892. 0
916. 1
949. 0
972. 8
993. 8

532.9
545.8
581. 6
607.3
600.6
619. 3
671.0
720.4
698. 7
676. 8
726.4
653. 1
668. 1
688. 9
696. 1
713.9
725. 7
731. 5

l
C urrent do liar cost a nd profit per unit of outpu t (dollars]\

Total
cost
and
profit 2

0. 808
.830
.857
. 892
.933
.973
1.000
1. 044
1. 159
1.286
1. 352
1. 259
1. 274
1. 295
1. 316
1. 329
1. 341
1. 359

Capital
conComsumption
penallowNet
ances Indirect sation
inwith business
of
capital taxes * employ- terest
conees
sumption
adjustment
0.067
. 072
.074
. 079
.088
. 094
.093
. 095
. 116
. 143
. 149
. 139
. 142
. 143
. 146
. 146
. 147
. 149

0. 080
. 084
. 089
. 094
. 103
. 110
. 110
. 112
. 123
. 138
. 138
. 135
. 138
. 139
. 140
. 136
. 137
.138

1
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 two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.




Corpc rate profits with
invent*Dry valualAon and
capit al eonsuniption
ttdjustmen ts

Total

0. 513 0. 014 0.134
. 016 . 123
.535
. 017 . 124
.553
.022
. 109
.589
.086
.028
.628
. 029 .095
.645
. 028 .107
.661
. 105
. 699 . 032
. 794 . 041 .085
. 045 . 107
. 853
. 049 . 132
.883
. 046 . 076
.863
. 847 . 045 . 101
. 842
. 045 . 126
. 046 .124
.860
. 047 . 131
.869
.876
. 049 .132
.884
. 050 . 137

Profits
tax
liability
0.055
.051
.058
. 055
.045
.048
.050
.055
. 061
. 059
.074
. 046
.053
. 066
. 068
. 072
.074
.075

Profits
after4
tax
0. 078
.072
.066
.055
.041
.046
.057
.050
. 024
. 048
.058 i
.030
.049
.059
. 055
. 059
.058
.062

ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars)
(dollars)

6. 777
6. 873
7. 105
7. 139
7. 132
7. 374
7. 595
7.781
7.545
7.756

3.478
3. 676
3. 929
4. 198
4.478
4. 757
5.024
5. 441
5. 990
6.613

7.479
7. 734
7. 90S
7.891
7. 971
8. 057
8. 108

6.453
6. 554
6. 661
6.785
6.926
7.055
7. 170

* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and De>artment of Labor (Bureau of Labor Statistics).

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

National
income

Period

Compensation of
employees l

Propri etors'
income3 with
inventor y valuation anc capital
consunaption
adjust ments

Farm

,,r

1966
1967..1968
1969
1970 . ---1971
1972
1973
.
1974
1975
1976"
1975: I.
II
III
•• I V
1976: I
II
III..
XV*

13.6
12.1
12,0
13.9
13.9
14.3
18.0
32. 0
25. 8
24.9
22.8
17.9
24. 1
29. 2
28.3
21. 9
27.5
21.7
20.3

439.3
622. 2
471.9
655, 8
519. 8
714. 4
571. 4
- 767.9
609.2
798. 4
650. 3
858. 1
715. 1
951. 9
799.2
1, 064. 6
875. 8
1, 135. 7
928. 8
1, 207. 6
1, 348. 4 1, 02a 4
904.0
1, 149. 7
912.9
1, 182. 7
935.2
1, 233. 4
963. 1
1, 264. 6
994.4
1, 304 7
1, 337. 4 1, 017. 2
1, 362. 5 1, 037. 5
1, 064. 5

-

Nonfarm

46. 7
48.9
51.4
52. 3
51.2

sa4

58.1
60.4
61. 1
65. 3
73.8
63.2
62.7
66. 3
69. 0
71.4
72.8
74.4
76.8

Rental
income
with
capital
consumo—
tion
adjustment

18.2
19.4

iae

18. 1
1&6
20.1
21.5
21.6
21.0
22. 4
23.5
21.9
22.3
22.4
22. 9
23.3
23. 1
23. 4
24.3

Corpor ate profits with inv entory va uation
and capital co nsumptioii adjiistments
Profits with inv<entory
valuat ion adjus fcment
and ^without cai,pital
consum ption adjiistment
Total
Total

82.5
79.3
85.8
81.4
67.9
77.2
92.1
99. 1
84. 8
91.6
117.7
69. 0
86.6
105.3
105. 6
115. 1
116.4
122.0

7&6
75.6
82.1
77.9
66.4
76.9
89.6
97.2
87, 8
103. 1
133.2
77.7
97. 9
117.9
119. 1
129. 6
131.8
137.6

Profits
before
tax
80. 7
77.3
85.6
83.4
71.5
82.0
96.2
115. 8
127.6
114. 5
147.8
942
105. 8
126.9
131.3
141.1
146.2
150. 2

Inventory
valua-

Capital
Net
coninterest
sumption
adjustment

adjustment
-2. 1
— 1.7
-3.4
— 5. 5
— 5. 1
-5.0
-6.6
-18. 6
-39.8
-11.4
— 14. 6
— 16.5
-7.8
-9.0
-12.3
-11. 5
-14.4
-12.6
—20.0

3.9
3. 7
3.7
3.5
1.5
.3
2.5
1.9
-3. 0
— 11. 5
-15.5
-8.6
-11.4
-12.6
— 13. 5
-14.5
-15.4
— 15. 7
— 16.4

21.9
24.3
26.8
30.8
37.5
42.8
47.0
52. 3
67. 1
746
82.0
73. 7
74 0
749
75.8
78.6
80.3
83.5
85. 6

Source: Department of Commerce, Bureau of Economic Analysis.

* Includes employer contributions for social insurance. (See also p. 5.)

PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]

Period

1966_
1967
1968
1969
1970__
1971
1972
1973 „
1974
1975__
1976
1975: I
II
III_._
IV...
197C: I
II
III —
IV. .

Total
personal
consumption
expenditures

464 8
490. 4
535. 9
579.7
618. 8
668. 2
733.0
809. 9
887. 5
973. 2
1, 079. 7
933. 2
960.3
987. 3
1, 012. 0
1, 043. 6
1, 064. 7
1, 088. 5
1, 122. 0

Total
durable1
goods

Motor
vehicles
and
parts

67.7
69. 6
80. 0
85. 5
84 9
97. 1
111. 2
123. 7
121. 6
131. 7
156.5
122. 1
127. 0
136. 0
141. 8
151. 4
155. 0
157.6
162.0

30. 1
29.7
35. 8
37. 7
34 9
43. 8
50. 6
55.2
47. 9
53. 2
70.7
47.6
49.5
56. 3
59. 2
68. 0
70. 4
71.7
72. 7

* Total includes other items not shown separately.

4




Retail sales of
new passenger
cars (nlillions
of uiaits)

Nondura ble goods

D urable goo Is

Furniture
and
household
equipment
27. 7
29. 5
32.6
35. 0
36. 7
39.4
448
50.7
54 7
57. 6
63.0
54. 6
57.0
58. 2
60. 6
61. 2
62. 3
62.9
65. 6

Total
nondurable
goods *

204 7
212. 6
230. 4
247.0
2647
277. 7
299.3
333. 8
376.2
409. 1
440.4
394 4
405. 8
4146
421. 6
429. 1
434 8
441.8
456. 0

Food

106. 6
109.6
118.3
126. 1
136.3
140.6
150.4
168. 1
189. 9
209. 5
2244
203. 2
207.8
211.8
215. 2
219. 2
223. 1
225. 2
230.2

Clothing
and
shoes

Gasoline
and oil

36.6
38.2
41.8
45. 1
46.6
50. 5
55. 1
61. 3
65. 1
70. 0
75.4
66. 6
69.3
71.3
73.0
73. 5
73. 2
75.9
79.0

16. 0
17. 0
18.4
20. 4
22. 0
23.4
249
27. 8
36.3
38.9
41. 5
37. 9
38. 6
39.2
39.9
40. 1
40. 3
41.6
44 1

Services
Domestics

192. 4
208. 1
225.6
247.2
269. 1
293.4
322. 4
352. 3
389.6
432.4
482.8
416. 7
427. 4
436.7

44ae

463. 2
4749
489. 1
5040

8.4
7.6
8.6
8. 5
7. 1
8.7
9.3
9.7
7.5
7. 1
8.6
6. 7
6. 3
7.6
7.7
8. 9
8. 7

ae
as

Source: Department of Commerce, Bureau of Economic Analysis.

Imports

0.7
.8
1. 0
1. 1
1.3
1.6
1.6
1. 8
1. 4
1. 6
1.5
1. 7
1.6
1.6
1.4
1. 3
1,4
1.5
1.7

SOURCES OF PERSONAL INCOME
Personal income increased $3.8 billion in January, the smallest rise in over a year, as winter storms slowed the pace
of wages and salaries, dividends declined, and personal contributions for social insurance rose $1.9 billion due largely
to an increase in social security taxes.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLURS* (RATIO SCALE)

1,400
1,200

1,200

1,000

1,000

800

800

600.

600
WAGE AND SALARY DISBURSEMENTS

400

400
OTHER INCOME
MI
l%iiitinii«iiititiin»»*** *

200

200
TRANSFER
PAYMENTS

100

100

f^^^iam* »?

80

80

60

40

1,1 I I I t i l l 1 I I

M M i l l 1 I I I I I 1 1 1 !1 1 | » I I

1969

1971

1970

! » 1 | I 1 I I 1 I 1 !.1 I I I j I I 1 I I

1972

1973

i \ i i 1 1 1 1 ij r
1974

n T 1 1 1 n i n 1 1 1 1 1 i n J 40
1977
1976

1975

*SEASONAILY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

COUNOl OF ECONOMIC ADVISERS

[Billions oi dollars; monthly data at seasonally adjusted annual rates]
Wage

3
Rental
Other Proprieto rs' income
Total
and
income
labor
personal salary
of
income disburse- income12 Farm
Nonfarm persons 4
ments *

Period

1969

745.8

1970_._

1971
1972
1973
1974
1975
1976
1976: Jan
Feb
Mar
Apr
May

_

June
July.__

Aug

Sept_

801. 3
859. 1
942. 5
1, 052. 4
1, 153. 3
1, 249. 7
13 375. 3
1, 320. 8
1, 331. 4
1, 341. 9
1, 352. 5
1, 362. 9
1, 370. 4
1, 380. 8
1, 385. 5
1, 391. 7
1, 404. 2

Oct
1,421.4
Nov
Dec
1, 439. 5
1977: Jan *___ 1, 443. 3

514. 6
546. 5
579.4
633.8

701. 3
765.0
806.7
890.4
854.2

861.4
868.8

876.
883.
883.
892.

9
3
1
7

897.4
903.5

911.
921.
930.
935.

3
5
1
0

28.2
32. 0
36.2
42.0
48. 7
55. 5
62. 5
70. 1
66.4
67. 1
67. 7
68.4
69.0
69. 7
70.4
71. 1
71. 7
72. 4
73.2
74.1
74.9

13.9
13. 9
14.3
18.0
32. 0
25.8
24.9
22.8
24. 6
21. 1
20. 0
23. 3
27. 5
31. 6
26.0
21.0
18. 1
18.6
19.6
22. 7
22. 7

52.3
51.2
53.4
58. 1
60.4
61. 1
65. 3
73. 8
70.6
71. 3
72. 2
72. 7
72. 5
73.4
73. 8
74.4
74.9
75.4
76.8
78. 2
78.4

1
The total of wage and salar y disbursem snts and oth er labor incc me differs
from compensation of employees (see p. 4) in pthat it exelu<ies employer contributions
for social insui ance and the excess of wa? e accruals ov er wage disbiirsements.
2
Consists of emp>loyer contriltmtions to p rivate pensic n, health, aiid welfare
funds;
workmen's c ompensatiorL; directors' f ees; and a fe^v other mino r items.
1
With inventory valuation an d capital con sumption ac justments.
« With capital cor sumption ac justment.




18. 1
18.6
20. 1
21. 5
21. 6
21. 0
22.4
23.5
23. 2
23. 4
23. 3
23. 3
23.4
22. 7
23.4
23.2
23.6
24. 0
24. 3
24. 5
24. 9

Dividends

22.6
22. 9
23. 0
24. 6
27. 8
30. 8
32. 1
35. 1
32.9
33.3
33.0
33. 4
33. 9
35. 9
35. 2
35.4
35.6
36. 1
36. 5
40. 5
37. 0

Personal Transfer
interest
payincome ments5

55. 9
64. 3
69. 3
74. 6
84. 1
101.4
110. 7
123.0
116. 7
117. 9
119.3
120.0
120.7
121. 5
123.0
125.2
126.9
127.8
128.7
128.7
129.6

66.5
79. 9
94. 1
104.1
118. 9
140. 3
175. 2
191. 3
185.3
189.2
191.3
188.7
187. 1
186.8
191. 3
192. 9
192.9
194.4
197.3
198.0
199.9

Less: PerNonsonal confarm
tributions
for social personal6
insurance income

26.3
28.0
30.8
34.2
42.2
47. 6
50. 0
54.9
53. 1
53. 4
53. 7
54. 1
54.4
54.3
54. 9
55.2
55. 5
55.9
56.7
57.3
59.2

725.8

780. 7
838.0

917.3
1, Oil. 9
1, 117. 3
1, 213. 4
1, 340. 0
1, 284. 4
1, 298. 6
1, 310. 1
1, 317. 3
1, 323. 3
1, 326. 6
1, 342. 5
1, 351. 8
1, 360. 8
1, 372. 7
1, 388. 6
1, 403. 4
1, 406. 4

* Consists niainly of soc al insurance benefits, dir ect relief, and v eterans paynaents.
6
Personal iricome exelus veoffarmpr oprietors' in<jome, farm wages, farm other
lgibor income, md agricultujal net intereSt.
Source: Dep artment of (Commerce, B ureau of Eccmomic Analysis

DISPOSITION OF PERSONAL INCOME
Real per capita disposable income increased slightly in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCALQ

BILLIONS OF DOLLARS* (RATIO SCALE)

—PER CAPITA DISPOSABLE PERSONAL INCOME

3,000

3,000

2,000

2,000
1968

1976

1969

* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Period

Less:
Personal
Pertax
sonal
and
income nontax
payments

Equals :
Disposable
personal
income

Less:
Personal
out-1
lays

Per (;apita
dispc>sable
persona I income

Equals :
Personal
saving Current
dollars

Bil lions of d ollars

1968
1969
1970
1971
1972
1973.
1974
1975. __
1976

685.2
745.8
801.3
859. 1
942. 5
1, 052. 4
1, 153. 3
1, 249. 7
1, 375. 3

1975: I_
1 203. 1
II. __ 1 230. 3
III__ 1 265. 5
IV__ 1 299. 7
1976:I___. 1 331. 3
II___ 1 362.0
III__ 1 386. 0
W_._ 1, 421. 7
1

97. 1
588. 1
550. 1
630.4
115.4
595. 3
115. 3
685. 9
635.4
742. 8
116. 3
685. 5
141. 2
801. 3
751. 9
150. 8
901. 7
831.3
982. 9
170. 4
910.7
168.8 1, 080. 9
996. 9
193.6 1, 181. 7 1, 105. 2

179. 3
142. 2
174.0
179.8
183.8
189. 5
195. 8
205. 3

1, 023. 8
1, 088. 2
1, 091. 5
1, 119. 9
1, 147. 6
1, 172. 5
1, 190. 2
1, 216. 5

Population
(thousands) 2

Dol lars

38.1
35. 1
50.6
57.3
49.4
70. 3
72.2
84.0
76.5

2,930
3, 111
3,348
3,588
3,837
4,285
4, 639
5,062
5,493

3,464
3,515
3,619
3,714
3,837
4, 062
3,968
4, 007
4, 140

2,670
2,860
3,020
3, 227
3, 510
3,849
4,188
4, 558
5,019

3, 156
3,234
3,265
3,342
3, 510
3,648
3,582
3,608
3,783

Seas onally ad; usted ann ual rates
956. 7
67. 2
4,809
3,889
983. 6
104. 5
5, 102
4, 078
1, Oil. 1
80. 5
5, 105
4, 009
1, 036. 2
83.7
5,227
4, 049
1, 068. 0
5,347
79. 5
4, 103
1, 089. 6
82.9
5, 455
4, 143
1, 114. 3
75.8
4, 142
5,526
1, 148. 6
67.8
5,637
4,168

4, 383
4, 503
4,618
4, 724
4,863
4, 954
5,054
5,199

3, 545
3,599
3,626
3,659
3,731
3,762
3,788
3,845

Includes personal consumption expenditures, interest paid by consumers
to 2business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1; quarterly data
are ior middle of period, interpolated from monthly data.




1972
dollars

Per cap>ita per- i Percent Saving
sonal c<;>nsump- change
real as pertion exp enditures inper
cent of
capita disposdisposable
perable
1972
Current
sonal
perdollars dollars
income
sonal
income

1. 5

6.5
5.6
7.4

5. 9

6.2
7.8
7.3
7.8

2.8
3.0
2.6
3.3

7. 7

— 2. 3
1. 0
3. 3

6. 5

-3.4
20.9
-6.6
4. 1
5. 4

6.6
9.6
7.4
7.5
6.9

4.0

— .1
2.5

7. 1

6.4
5.6

200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211, 901
213, 540
215, 118
212, 897
213, 278
213, 805
214, 245
214, 599
214, 926
215, 355
215, 805

Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

FARM INCOME
Farm income decreased again in the fourth quarter. Both excluding and including inventory change the decline was
$1.5 billion.
BtLUONS OF DOLLARS* (RATIO SCALE)

BULIONS OF DOLURS* (RATIO SCALE)
120

120

100

100

80
REALIZED GROSS
FARM INCOME
\

60

60

40

40

%

\

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
\_
I

20

f

20

10

10

1968
1969
•SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

SOUKC& DEPARTMENT OF AGRICULTURE

1973

1974

1975

1976

COUNCIL OF ECONOMIC ADVISERS

[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
Lncome re ceived fro m f armin g
by tota farm po pulation
Realize3d gross
Net inc ome per
Nettx> farm
farm incl uding net3
ators
oper
Casti receipts from
inventory change
Period
inarketing s
From From From
Produc- Exclud- Includ1
all
farm nonfarm Total
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967
stock
Total
Crops
and
tory
tory 2 dollars dollars *
change change
products
Dol lars
Billioris of dolla rs
13.9
12.9
1969
26. 9
56.3
48.2
4,372
14.2
28. 6
4,766
42. 1
19.6
14.3
14.4
27.4
1970
13. 0
58.6
4,202
14. 2
14.2
50. 5
21. 0
4,790
29. 6
44. 4
13.4
1971
28. 7
15. 3
60.6
52. 9
22. 3
4,263
30. 6
13. 2
5,030
47.4
14.6
34. 4
1972
16. 8
17.6
70. 1
6,504
61. 2
35.7
52. 3
25. 5
17.8
5,288
18.7
48. 6
29. 0
1973
19. 5
95.5
45. 9
41. 1
87. 1
29.9
33.3 11, 727
8,817
65. 6
1974
45. 1
23.5
21. 5
100.2
92. 6
41. 4
9,371
72. 4
27. 8
6,206
26. 5
51. 3
22. 8
22. 7
45. 5
1975
98. 2
42. 9
5,482
89.6
22. 7
9, 100
46. 7
75. 5
25. 6
44. 0
20.0
24. 0
1976*
104.2
94.8
47.0
80,9
7,920
4, 500
47.8
23. 3
22.0
88, 4
1975: I.
80. 0
36.3
43. 7
15. 0
6,590
4, 070
73. 4
18. 5
II
99.6
43,9
23. 5
24. 8
8,830
47. 2
5, 380
91. 1
76. 1
105. 2
96. 5
45. 0
III....
51.5
28. 4
76.8
30.0 10, 680
6,320
99. 6
IV....
90. 8
46. 4
44. 4
23.9
75. 7
29. 1 10, 360
6,060
101.5
92. 4
1976: I
46. 6
22. 5
45. 8
22. 5
8, 100
79.0
4,710
II
111. 1
49. 6
52.2
82. 5
9, 210
101. 8
28.6
25. 6
5,300
47. 2
103. 3
93. 8
21. 8
46.6
81. 5
7,490
III....
20.8
4,230
44. 5
100. 9
6, 950
91.3
20. 3
IV*
46. 8
80.6
19.3
3,860
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory oi crops and livestock valued at the average price for the year.
s Based on Census of Agriculture definition ol a farm. The number of farms is
held constant within a year.

84-362 «— 77-




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
Pretax profits with and without inventory valuation adjustment each rose 29 percent from 1975 to 1976, according
to revised estimates. After-tax profits were up 28 percent.
BILLIONS OF DOLLARS

BILLIONS Of DOtLARS

40

40

1968

1976

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Bi] lions of d ollars; q\aarterly data at £seasonal!;Y
Profil ,s (before tax) wit!i invent*
Dry valu*ition
adjustn ient l
Domes5 tic indu stries
N onfinanc ial
Period
Total *
WholeManu- sale
Total Finan3
facTotal
cial
and
turretail
ing
trade
75.9
67.4
41. 6
1966
78.6
8. 5
8.0
1967
72.6
37. 9
75.6
9.0
63. 6
8.9
82. 1
41.2
1968
78. 9
10.4
68. 5
10. 1
74.2
62. 9
1969
77. 9
11.3
36.8
10. 1
1970__
66.4
62,6
50. 1
27. 1
9.4
12.6
58.2
1971
72.4
32.4
76.9
14. 1
11.7
1972
84.7
69. 3
89.6
15. 4
40. 6
13. 3
74. 1
44. 1
1973
97. 2
90. 4
14. 7
16, 2
1974
,___
76.7
14. 1
62. 6
12. 4
87. 8
36. 9
84. 1
1975
... 103.1
12. 9
97.0
46. 4
20.9
133.2
125. 9
14. 3 111. 5
1976*
64.8
72. 1
1975:1
77.7
58. 2
29. 7
14. 5
13. 9
II
91. 7
97. 9
12. 5
79. 2
43. 5
19. 6
III
111. 4
117. 9
12. 1
24.4
99. 3
57. 0
IV
119. 1
112.7
12.9
99. 8
55.3
25.0
121. 9
129.6
14. 0 107.9
61. 2
29. 0
1976: I
II
125. 0
131. 8
13.8 111.2
26. 6
66. 4
III
130. 5
14.4 116.0
137. 6
67.2
28.8
IV ^
* See p. 4 for profits with inventory valuation and capital consumption adjustments.
J Includes rest of the world, not shown separately.

8




adjusted annual rates]
Pro fits after tax

Profits
before
tax

Tax
liability

Total

Dividends

Undistributed
profits

80.7
77.3
85.6
83.4
71.5
82.0
96.2
115. 8
127. 6
114.5
147.8
94. 2
105. 8
126. 9
131. 3
141. 1
146.2
150.2

33.7
32. 5
39.4
39.7
34.5
37.7
41. 5
48. 7
52. 4
49. 2
64.3
40. 2
44. 8
54. 8
57.2
61.4
63. 5
65. 1

47. 1
44.9
46.2
43. 8
37. 0
44. 3
54. 6
67. 1
75. 2
65.3
83.5
54. 0
61. 0
72. 1
74. 1
79. 7
82. 7
85. 1

19.4
20, 1
21.9
22. 6
22. 9
23. 0
24. 6
27. 8
30. 8
32. 1
35. 1
31. 7
31. 9
32. 6
32.2
33. 1
34.4
35.4
37. 7

27. 6
24. 7
24. 2
21.2
14. 1
21, 3
30.0
39. 3
44.4
33.2
48. 4
22. 3
29. 1
39. 5
41.9
46.6
48. 3
49.7

TT_

* Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.

Inventory
valuation
adjustment

— 2. 1
-1.7
-3.4
-5.5
— 5. 1
— 5. 0
-6.6
-18.6
— 39. 8
— 11.4
— 14 6
-16.5
-7.8
-9.0
-12. 3
— 11. 5
— 14. 4
— 12.6
— 20. 0

GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose at an annual rate of $2.6 billion in the Fourth quarter compared to a rise of $5.1 billion
in the third quarter. Residential outlays rose $6.6 billion, a larger increase than in the 3 preceding quarters of 1976.
Inventory investment at $1."3[ billion was down $13.4 billion from the third quarter level.
BILLIONS OF DOLLARS* [RATIO SCALE)
.

HUJONS OF DOLLARS* JRATIO SCALE)
300

120j——,

GROSS PRIVATE DOMESTIC iNVESTMENT-

-NONRESIDENTIAL FIXED INVESTMENT
100

260
220

PRODUCERS' |
DURABLE EQUIPMENT
180

140

-' \

STRUCTURES

I

I I

I

40

I I

I

I I

i i i

BILLIONS OF DOLLARS* (RATIO SCALE)
80

BILLIONS OF DOLLARS*

-40

1972

1975

•SEASONALLY ADJUSTED ANNUAL RATES
SOU8C& DEPARTMENT OF COMMERCE

1976

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresidential fixed investmf mt

Period

1966
1967
-.
1968
1969
1970
1971
__
1972___
1973 ...
1974
1975
_.., _
1976
1975: I
II
III

IV
1976:1
II
III
IV.

Gross
private
domestic
investment

124.5
120.8
131.5
146. 2
140. 8
160.0
188. 3
220. 0
215. 0
183. 7
239. 6
172.4
164. 4

196.7

201. 4
229.6
239.2
247.0
242.8

Struc tures
Total

81.4
82. 1
89. 3
98. 9
100. 5
104. 1
116. 8
136. 0
149. 2
147. 1
160. 0
148. 0
145. 8
146. 1
148. 7
153.4
157.9
163.0
165. 6

Total

Nonfarm

Total

Nonfarm

29. 2
29. 5
31. 6
35. 7
37.7
39. 3
42. 5
49. 0
54. 1
52. 0
55. 3
53. 1
51. 2
51. 8
52. 1
53. 2
54.9
56.0
57.0

28. 1
28. 2
30.4
34. 3
36. 1
37. 8
41. 1
46. 9
51. 8
49. 8
53.0
50. 9
48. 8
49 6
49. 9
51. 0
52. 5
53.7
54,8

52.2
52.6
57.7
63. 3
62.8
64.7
74.3
87. 0
95. 1
95. 1
104. 7
94.9
94. 6
94. 3
96.6
100.2
103.0
107.0

47.9
48. 0
53. 4
58. 9
58. 1
59. 9
69. 1
80. 1
87. 2
86. 9
95. 9
86. 5
86. 2
86. 7
88. 0
91. 3
94. 1
98. 0
100. 2

Source; Department of Commerce, Bttreaa of Economic Analysis.




Prod ucers'
dur able
equip ment

ioa 6

Resid ential fis ed investment
Change in business mv entories
Total

28.7
28. 6
34. 5

37.9
36.6

49.6
62.0
66. I
55. 1
51.2
67. 7
46. 6
48. 6
52.6
57. 0
61. 3
65.3
68.9
75. 5

Nonfarm
structures
27.4
27. 2
33. 1
36. 3
35.1
47. 9
60. 3
64. 3
52. 7
49. 0
65. 1
44. 9
46. 7
50. 2
54. 2
58. 0
62. 9
66. 3
72. 7

Farm
structures

0.7
.7
.6
.7
.6
.7
.7
.6
1. 0
.8
1. 1
.5
.6
1. 0
1. 4
1. 2
.9
1.0
1.2

ducers'
durable
equipment

0.7
.7
.8
.9
.9
1. 0
1. 1
1. 2
1. 3
1.3

1. 6
1. 2

1. 3

1. 4
1. 4
1. 5
1.5
1.6
1^6

Total

14.3
10. 1
7. 7
9.4
3.8
6. 4
9.4

17.9
10. 7
-14.6
11.9
-22.2
— 30. 0
-2. 0
-4. 3
14.8
16.0
15.1
1.7

Nonfarm
14.5
9.4
7.6
9.2

3. 7
5. 1
8. 8
14. 7
12. 2
-17. 6
11. 9
-25. 6
-31. 2
-4. 2
— 9. 5
12. 7
17. 3
15. 6
2. 2

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.3 percent in 1977, according to a survey conducted in late November
and December. The rise in spending in 1976 reported in December was 7.5 percent.
BiaiONS OF DOLLARS (RATIO SCALE}
180

BILLIONS OF DOLLARS {RATIO SCALE)
180

SEASONALLY ADJUSTED ANNUAL RATES

160

160

140

140

120

120

TOTAL NEW PLANT AND EQUIPMENT

100

100

80

80
NONMANUFACTURING

\

.....»*'•"•"

60

,,..-"~"
6Q

.....,..•••-**'
MANUFACTURING

40

40

y y

_!.. i

20

r

1969

JL
. 1970

I

1
t
1972

1971

1973

I I
1974

20
1975

1976

1977

y '$EE FOOTNOTE 4 BELOW.
SOURCE, DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts o f plant
and equ ipment
proje cts 3

Es.penditure s for plant and equ ipment

Mt mufacturi ng

Period
Total i

1970
1971
1972
1973
1974
1975..
1976 4
1977 4

....

1976: I

II

79.71
81.21
88.44
99. 74
112. 40
112. 78

121. 23
134,95

114. 72
118. 12
122. 55

III
IV4_ 187. 87
1977: I 44
129. 38
II
131. 28

Total

Durable
goods

31.95
29.99
31. 35
38. 01
46. 01
47.95

15. 80
14. 15
15. 64
19. 25
22. 62
21.84

52. 98
69.58

23. 60
26. 47

49. 21
50. 04
54. 78

21. 63
22. 54
24, 59

56. 23
56. 99
57. 58

25. 23
25. 52
26. 45

N<mmanuf acturing

Nondurable
goods
16. 15
15.84
15.72
18. 76
23. 39
26. 11

29. 38
S3. 11

27.58
28. 09
30. 20
SI. 00
31.47
SI. 12

Total




6.04
4.93
5. 72
6.03
6.66
7.57

13. 14
15. 30
17. 00
18. 71
20. 55
20. 14
22. 44
25.60

13. 63

3. 83
3.83
4.21

6.55
8.24
7. 25

21.91
21.85
21.67

12. 54
12.62
13. 64

4. 03
4. 22

6. 83
6.34

24. 05
24.57

47.76
51.22
57. 09
61. 73
66. 39
64.82
68.25
75.37

1. 89
2. 16
2.42
2. 74
3. 18
3.79

65. 51
67.48
67. 76
71. 64
72. 38
73. 70

1
Excludes agricultural business; reaJ 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 fanners,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
* Includes trade, service, construction, finance, and insurance.

10

Trans- Public ComMining porta- utili- munication
tion
ties

3. 97
4*41

7. 25
6. 82

10. 10
10. 77
11. 89
12. 85
13.96
12.74

Commercial

and
other 2
16. 59
18. 05
20. 07
21. 40
22.05
20.60
20.96

Manufacturing

Public
utilities

29. 18
28. 00
35.21
47.57
52. 49
48. 24

17. 20
22. 22
28. 60
38. 13
45. 74
34. 50

11. 64
12.77
13. 22

3. 43
8. 56
7.54

38. 54

20. 68
20.94
20. 99

36. 73
37. 26

8
Starts are estimated by adding changes in carryover to expenditures during
given period.
< Expenditures estimates based on expected capital expenditures as reported by
business in October-December 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
The seasonally adjusted civilian labor force decreased 444,000 in January. Employment increased 117,000 in
January and unemployment declined 561,000.
MILLIONS OF PERSONS*
100

MILLIONS OF PERSONS
100

19.69

1970

1971

1974

1973

1972

1975

1976

*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR

Period

Noninstitutional
population

1977

COUNCIL OF ICONOMIC ADVISERS

Civilian
employment

[Thousands of persons 16 years of age and over]
C ivilian e mploymerit
Unempl oyment
Total
labor
Nonagri cultural
Unem- force
Civilian
15
ploy- (includ- labor
AgriPart-time Total weeks
Total
ment
ing
force
culand
econPnfal
JL o vai for
Armed
tural
over
nomic l
Forces)
reasons
4,840 88, 991 86, 542 81, 702 3,472 78, 230
2,408
4,840 1,158
4,304 91, 040 88, 714 84, 409 3,452 80, 957
812
4,304
2,311
5,076 93, 240 91, Oil 85, 935 3,492 82, 443
937
2,709
5,076
7,830 94, 793 92, 613 84, 783 3,380 81, 403
3,490
7,830 2,483
7,288 96, 917 94, 773 87, 485 3,297 84, 188
3,272
7,288 2,339
Seas(anally adj usted

Labor
force
participation
rate
(per-2
cent)

1972
1973
1974
1975
1976

145,
148,
150,
153,
156,

1976: Jan__
Feb.
Mar.
Apr.
May.
June.
July.
Aug_
Sept.
Oct..
Nov.
Dec_

154, 915
155, 106
155, 325
155, 516
155, 711
155, 925
156, 142
156, 367
156, 595
156, 788
157, 006
157, 176

84, 491
84, 764
85, 588
86, 584
87, 278
88, 460
89, 608
89, 367
87, 949
88, 697
88, 542
88, 494

8, 174
8,033
7,525
6,890
6,304
7,655
7,577
7,323
7,026
6,833
7,095
7,022

95, 613
95, 743
96, 009
96, 520
96, 693
96, 841
97, 329
97, 498
97, 387
97, 449
98, 020
98, 106

93, 473
93, 597
93, 862
94, 376
94, 551
94, 704
95, 189
95, 351
95, 242
95, 302
95, 871
95, 960

86, 226
86, 471
86, 845
87, 329
87, 640
87, 533
87, 783
87, 834
87, 794
87, 738
88, 220
88, 441

3,305
3, 198
3,215
3,398
3,332
3,313
3,333
3,372
3,278
3,310
3,248
3,257

82, 921
83, 273
83, 630
83, 931
84, 308
84, 220
84, 450
84, 462
84, 516
84, 428
84, 972
85, 184

3,336
3,201
3,173
3,194
3,287
3, 150
3, 136
3, 178
3,376
3,448
3,545
3,454

7,247
7,126
7,017
7,047
6,911
7,171
7,406
7,517
7,448
7,564
7,651
7,519

2, 781
2,531
2,325
2,103
2,042
2,173
2,247
2,341
2,311
2,360
2,517
2,514

61.7
61.7
61.8
62. 1
62. 1
62.1
62.3
62.4
62.2
62.2
62.4
62.4

1977: Jan.. 157, 381

86, 856

7,848

97, 649

95,516

88, 558

3,090

85, 468

3,320

6,958

2,283

62.0

1

81, 702
84, 409
85, 935
84, 783
87, 485
TJ aadjusted

775
263
827
449
048

Persons at work in nonagrieultural industries.
* Total labor force as percent of noninstitutional population 16 years of age and
over.




61. 0
61.4
61.8
61.8
62. 1

Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate dropped 0.5 percentage point to 7.3 percent in January. Unemployment
rates for most demographic groups were lower in January than in December.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE W GROUP SPECIFIED.
SOURCE; DEPARTMENT OF LABOR

COUNCIL Of ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unenriploymeiit rate (j>ercent of civiliani labor fo rce in gr oup)

Total
(all
civilian
workers)

Period

1972
1973
1974
1975
1976
1976: Jan
Feb
„
Mar
Apr.

5.6
4.9

5. 6
8. 5

7.7
7.8
7.6

7. 5

May
June
July

Aug
Sept
Oct
Nov
Dec
1977: Jan

„

7.5
7.3
7.6
7.8
7.9
7.8
7.9
8.0
7.8
7.3

By sex and a ge
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4.0

3. 2
3. 8
6. 7
5. 9
^ Q
^ &

5 6
K

K

5
5
6
5
6
6
6

6
9
1
9
1
2
3

6.2
5.6

5.4

48
5. 5

8.0
7.4
7.5
7.4
7.2
7.3
6.8
7.2
7.6
7.8
7.6
7.6
7.6
7.4
6.9

16.2
14. 5
16.0
19.9
19.0
19.4
19. 1
19.0
19. 3
18.5
18.4
18.2
19.6
18. 8
19. 0
19.2
19.0
IS. 7

1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.

12




I3y select ed group»s

By color

White

5.0
4.3
5.0
7.8
7.0
7.1
6.8
6.8

6. 8

6.7

6. 8
7. 1
7. 1

7.2
7.2

7. 3

7.1

a7

ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers

10.0

8.9
9.9

13. 9
13. 1
13.2
13. 6
12.6
13.0
12.3
13.4
12.9
13. 6
12. 8
13. 4
13. 5
13.4
12.5

5.3
4.5
5.3
8.2
7.3
7.5
7.3
7.1
7.1

7. 1
7. 2

7.4

7. 5

7.4
7.5
7.6
7.4
7.0

3.3
2.9
3.3
5.8

5. 1
5.2
5.0
5.0
4,8
4.9

5. 1

5.3
5.2
5.4
5.4
5.3
5.1
48

5.1
4,3
5.1
8.1
7.3
7.3

7. 1

7.0
7.0
6.9
7.2

7. 3

Parttime
workers
8.6
7.9

6.0
5.2

10.3
10.1
10.3
10.3
10.2
10.6
10.1

9.1
8.3
R4
8.1
8.1

ae

9.2

10. 6
10. 0

7.5
7.5
7,6
7.6

10. 3
10. 5

&7

10.2

7. 5

Source; Department of Labor, Bureau of Labor Statistics.

Labor
force
time
lost
(per-l
cent)

9.6

9.8

6, 1

8. 1
8. 1
7.9

ai

8.4
8.4
8.6
8.6
8.4
8.0

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The seasonally adjusted decline in unemployment of 561,000 in January was accompanied by a decrease in the
proportion of the unemployed who are job losers and an increase among new entrants and reentrants to the labor
force.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

REASON FOR UNEMPLOYMENT
60
JOB LOSERS

40

REENTRANTS

20

20
JOB LEAVERS

sv&**<*&<?*£
NEW ENTRANTS
1974

i i i t ..I., i i i i i i i i i i ! i i i i t
1975
1976

1977

1974

1975

1976

1977

*5EASONAUY ADJUSTED
SOURCEi DEPARTMENT Or LABOR

COUNQt OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted!
Perceiit distrib ution of unem- State programs Insured
Percer t distribution of unemunem- Special
ployment by durati
ployment >y reasoii *
ployunemUnemployment,
ployall
ment
27
Insured
Period
ment
Less
regular benefitJ
5-14
15-26
Initial
unemweeks
Job Reen- New
Job
(thouen- than 5
proclaims
ploy- claims grams
and
sands) losers leavers trants trants weeks weeks weeks
* (unadover
HI cut
(unad- justed)
justed)
Weeskly aver age, thou sands
11.6 1,848
12. 3
1972261 2, 192
13.9
45.9
30.1
43. 2
29.8
4,840
13.1
1,793
1973
4,304
246
sa? 15.7 30.7 14. 9 51.0 30. 1 11. 0 7.8 1,632
7.3 2,262
1974,
2,558
363
50.6
31.0
11. 1
13. 3
14.9
28.4
5,076
43.4
15. 2 3,992
4,943
10.4
31.3
16. 5
478
1, 173
10.4
37.0
1975
23.8
55.4
7,830
18. 3 2,968
382
3,822
13.8
1, 152
12. 1
12.2
38. 3
26.0
29. 6
1976'
7,288
49.8
4, 962
21.6 2,977
1,482
35.2
27. 6
15. 6
1976:.Ian,, 7,247
365
11.6
11. 9
49. 8
26. 6
22. 1 2,829
4,721
37.4
26. 8
13. 7
1,428
12. 0
12. 0 26.4
Feb.. 7, 126
49. 5
340
21. 2 2,743
12. 7
27. 9
345
4,366
38. 3
Mar-_ 7, 017
1,339
12. 3
26. 7
49. 8
11. 1
19. 8 2,727
3,917
1, 125
42.7
10. 2
27. 2
364
12. 6
12.0
26.2
Apr,_ 7,047
49. 2
12.5
17.5 2,825
3,564
392
993
25.2
12. 2
41.0 29. 0
12. 7
49. 9
May_ 6,911
17. 9 2,916
12. 7
3,457
1, 145
402
11.7
31. 1
June. 7, 171
38. 4
12. 6
25. 5
50. 3
16. 4 3,045
411 3,642
10.7
28. 8
14. 6
1,379
40. 3
25.4
13. 0
July- 7,406
50. 9
15. 9 3, 183
14. 7
31.8
3,446
1,327
12.4
416
12. 9
25.3
37. 5
49.3
Aug— 7,517
32.
0
14.
7
15.
7
421
3,
235
3,260
986
12.
3
37.
6
7,448
12. 5
Sept49. 7
25. 5
421
3, 217
14. 2
16. 5 3,263
30.8
853
38.4
11. 9
12. 5
Oct.,- 7, 564
25.6
50. 0
17. 1 3, 160
3,453
862
388
15. 3
12.0
35. 5 32. 1
Nov.. 7,651
11. 2
49. 8
27.0
18. 2 2,969
361
3, 884
14. 9
36.4
903
30. 5
Dec"- 7,519
11. 1 26.2
1Z6
50. 0
17. 5 2,781
29.2
14. 6
4, 440
823
409
38.7
1977: Jan", 6,958
12,9
45. 6
13. 2
28.3
i-

* * Detail may not add to 100 percent because of rounding.

* Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (0CFE), and railroad (KK) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special tmemployment assistance).




* FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
NOTE.—Seasonally adjusted data for State programs revised;
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment increased by 231,000 in January. The largest January gains were in services (86,000),
trade (80,000), and durable goods manufacturing (61,000).
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIONS OF PERSONS*
90

18
80

ALL NONAGF^CULTURAL
ESTABLISh1MENTS

^—^

1

__

WHOLESALE AND RETAIL TRADE

m

r "!

——^V

GOVERNMENT

70

-—M
...,.••»»-"•"

14

SERVICES

12

60

SERVICE-P ADDUCING
INDUSTRIES

m

22

^ m. *****

MANUFACTURING

50

2Q
40

18
IpLUj

30

— GOOD&-P ADDUCING —
INDUSJTRIES
m

lllttlMMMMm«lM**

,_,x._

20

•

^
*\ 1 1 M 1 ! 1 1 M

1973

,

M I.I 1 I M 1 1 1

1974

1

MMI,

1975

CONTRACT CONSTRUCTION

,,,,, !,,,,»

1

1976

1 j I I I I I ! I t|i

1977

1973

1974

1975

•SEASONALLY ADJUSTED
SOURCE; DEPARTMENT Of LABOR

1976

1977

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;1 seasonally adjusted]
C»oods-pr<)ducing i ndustrie 3

Period

Total
nonagrieultural
employ- Total 2
ment

1972
1973
1974
1975
1976*
1976: Jan__
Feb.Mar,Apr
May_
June«
JulyAug_.
Sept..
Oet«_
Nov..
Dec*.
1977: Jan*.

73, 714
76, 896
78, 413
77, 051
79, 441
78, 406
78, 635
78, 980
79, 312
79, 319
79, 368
79, 513
79, 618
79, 918
79, 819
80, 106
80, 322
80, 553

Contract
construction

Service-pi oducing Industrie3S

Trans- Whole- Finance,
Gover nment
insurporta- sale
ance,
tion
and
Non- Total
State
and
and Services
retail
Total Durable
durable
Federal and
real
public
goods goods
trade
local
utilities
estate
Mainufactui *ing

23, 546 3,831 19, 090
24, 727 4,015 20, 068
24, 697 3,957 20, 046
22, 603 3,512 18, 347
23, 332 3,594 18, 956
23, 066 3,595 18, 704
23, 112 3, 571 18, 774
23, 248 3, 578 18, 897
23, 403 3,620 19, 008
23, 381 3,605 19, 000
23, 357 3, 592 18, 984
23, 344 3,608 18, 945
23, 310 3, 579 18, 979
23, 463 3, 565 19, 100
23, 323 3,582 18, 941
23, 489 3,619 19, 065
23, 514 3,606 19, 100
23, 549 3, 541 19, 194

11, 006
11, 839
11,895
10, 679
11, 026
10, 810
10, 857
10, 956
11,016
11, 062
11, 059
11, 034
11, 083
11, 146
11, 018
11, 128
11, 163
11, 224

8,084
8,229
8, 151
7,668
7,930
7,894
7,917
7, 941
7,992
7, 938
7,925
7,911
7,896
7,954
7,923
7,937
7,937
7,970

1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they

14




50, 167
52, 169
53, 715
54, 448
56, 109
55, 340
55, 523
55, 732
55, 909
55, 938
56, Oil
56, 169
56, 308
56, 455
56, 496
56, 617
56, 808
57, 004

4,517
4,644
4,696
4,498
4,508
4,489
4, 504
4, 507
4,510
4,503
4,482
4, 508
4, 501
4,528
4, 506
4,519
4, 538
4,550

15, 975
16, 674
17, 017
17, 000
17, 694
17, 388
17, 496
17, 592
17, 662
17, 663
17, 664
17, 737
17, 764
17, 839
17, 824
17, 808
17, 895
17, 975

3,943
4,091
4,208
4,223
4,315
4,266
4,266
4,276
4,289
4,282
4,301
4,312
4, 312
4, 338
4,359
4,381
4,402
4,419

12, 392
13, 021
13, 617
14, 006
14, 643
14, 342
14, 397
14, 460
14, 536
14, 567
14, 610
14, 664
14, 751
14, 798
14, 819
14, 873
14, 918
15, 004

2,684
2,663
2,724
2,748
2,733
2,749
2, 742
2,735
2,733
2, 730
2, 728
2, 723
2,732
2,728
2, 730
2,734
2,720
2,739

10, 656
11, 075
11, 453
11, 973
12, 215
12, 106
12, 118
12, 162
12, 179
12, 193
12, 226
12, 225
12, 248
12, 224
12, 258
12, 302
12, 335
12, 317

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.
NOTE.—Series revised beginning July 1975.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly earnings

Aver age weekly wars
Total
private
nonagrieultural l

Period

1968
1969

37.8
37. 7
37. 1
37. 0

—

1970

1971.

1972
1973

37. 1
37. 1

1974
1975
1976 »

1970: Jan
Feb

Apr

May
June •. —
July
Aug..
Sept
Oct . -._
Nov
Dec*

40.7
40. 6
39.8
39. 9
40. 6

40. 7

Overtime

3. 6
3. 6
3. 0
2. 9
3. 5
3. 8

40. 0

39. 4
40. 1

2. 6

36. 4
36.4

40. 4

3. 1

39. 4
40. 3
40. 2
40. 1

2. 6

36. 3
36. 1

36. 1

36. 1

36. 0
36. 1
36.2
36.2

35. 8

1977: Jan»

Total

36.6
36. 1
36.2

36. 2
36. 1

Mar

Total
private
nonagricultural *

Manufa icturing

40.3
40. 3

40.0
39.7

39. 9
40. 1
40.0
39.7

3.2

3.2

3. 1
3. 1

3. 3
3. 2

$3. 01
3. 19
3. 36
3. 57
3. 81

4. 72
4.75
4.77
4.79

5. 00

4.85
4.88
4.91
4. 92
4. 95
5.00
5.02

3. 0
3.0

2. 9
3. 1
3.2

5.06

3.3

Manufacturing

$2.85
3. 04
3. 22
3. 44
3. 67
3. 92
4.22
4. 54
4.87

4. 84

3. 1

Adjusted h ourly earain gs index—t<rtal private
nonagricultural '
Percent ch ange from
a year sarlier 4

Index, 1<)67=100
Current
dollars

4. 08
4. 41
4. 81
5. 19

1967
dollars 3

106.3
113. 3
120. 8
129. 4

102. 0
103. 2

106. 7
110. 0

110. 1

158.6
185.2

172. 7

107. 4
107. 1
108.6

179. 4

107.3

180. 3
181. 1

5. 13
5. 16

183. 3
184.0

107.8
108. 0
108. 1
108. 1
108.1
108.3
108.5
108.6

182. 1

185. 2

5. 21
5. 25 :
5. 29
5. 29
5:34
5.38

187. 2
188. 2
189.4
190. 4

108.8

5.41

192. 3

109.5

186. 4

109.2
109. 3

1967
dollars

6.3
6.6
6. 6
7.1
6.5
6.4
8.2

103. 9

137. 8
146. 6

5. 04
5.08

5. 08

Current
dollars

.-

.'•

2.7

3. 1
.1

— 2. 5

—.3

7.2

1.4

8. 0
7.7
7.2
7. 6
7.7
7. 1

.

•

1. 2
.7

8. 9

.

:

2.0

1.2

1.3
1.O
1.4

i.s
1. 1
1.7

'7.3

1. 4r
1. &

7.0

7. 1

6.8

.

1.5

1. &

6. 7
6.9

2iO

7.2

2.0

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production of nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricuItural l

Period

Current
dollars
1968
1969
1970
.
1971 —
1972
1973
1974
1975
1976"
1976: Jan
Feb
Mar
Apr—
May
June
July
Aug
P«pt
Oct_
Nov.

Deo"

1977: Jan*

:

1967
dollars *

Manufacturing
.

$107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29

$103. 39
104. 38
102. 72
104.93
108.67
109. 26
104. 57
101. 67
103.40

$122. 51

208. 12

222. 51
235. 69
249. 08
265. 35
284. 56

171. 81
172. 90
172. 67
172. 92
175. 69
175.09
176. 17
177. 25

202.00
203. 11
204.72

281. 25
281. 62
272. 88

17a 70
181. 00
181.72

102. 82
103.35
102. 96
102.68
103. 65
102,87
103. 02
103. 17
102. 74
103. 29
104, 32
104.32

210. 00
210.01
211.07
214. 13
215. 20

284. 19
286.46
286.71
284.83
276. 79
289. 45
292.09
292.06

181. 15

103.16

214.78

279. 84

177. 12

Retail
trade 5;

Current
dollars

Current dollar:3

129. 51

isa 73

142.44
154. 69
166. 06
176. 40

189...51

200. 15
206. 74
207j 43
208. 92

' Also Includes other private industry groups shown on p. 14.
" Adjusted for interindustry employment shifts and tor overtime in mano* Cnrrent dollar index (or earnings) divided by the consnmer price index.
«Monthly changes based on Indexes to two decimal places.
* Includes eating and drinking places.
84-362 «—77
3




Contract
construction

$164. 49

181. 54
195. 45
211.67

283. 12

Percent ch.ange from a.
year earlier,
total pri srate non<
. agriciiltural8

$74.95
78. 66
82. 47
86.61
90. 99
95. 57
101. 04
108. 22
113.96

5.8
6.4

4. 2

1967 .
dollars
1. 5
1. 0— 1. -6-

2. 2

6. 5
7.0
6.8
6.2
6. 1
7.6

3. 6
.5
— 4.3
— 2.8
1:7

111.76
&2
11L 76
8. 1
• 11L 71
8. 1
7; 5
113. 43
8.7
113. 02
112. 29 '.- ..
7..S
113. 60
7. 9
114.24
,. 7.0
6.6
, 115. 56
•115.84
6.9
116. 75
6.5
118. 13
6.7

1.3
1. 7
1.9
1.3
2.4
1. 8
2. 3
1.3
1. 0
1.5
3,5
1.8

117. 55

5.4

.2

' Based on unadjusted data.
Nora.—Series revised beginning July 1975, except seasonally aft.
justed data In 1967 dollars revised beginning 1872.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of aU
2
pers ons

Outi>Ut»

Output >er hour
of alls>ersons

Compesnsation
perliour3

Unit labor
CO sts

Implicjit price
defla tor*

Total Private Total Private Total Private
Total Private
Total Private
Total Private
nonnonprinonnonnonprinonpriprivate
private
private
vate
vate
farm business farm, business farm
farm
vate
farm
farm
business business
business
business business business business business business business

Period

1967== 100; quai-terly datj\ season;illy adjust;ed

ioas

100.0
105.4
108.6

9a 1
100.3
100. 0
101.7
1045

96.8
100.0
100.0
102.1
105.3

947
97.8
100.0
103.3
103.7

107.4
110.3
117.9
125.0
121. 1

102.8
102.3
106.0
110.1
110.6

1040

1045
107. 8

-

107.4
110.3
117.6
124.5
120.8

-

118.1
126.1

118. 0
12a2

ioa3

114.2
116.7
120.1
121.2

1144

92.9

92. 6

100.0
105.1
-

1970
1971
1972—
1973
1974
1975
1976"

1965
1966
1967
1968
1969

9ao

1975: I
II
III
IV
1976: I
II ...
Ill
IV*.

124.2
125. 8
12&8
127.8

9ai

na 6

119. 9
121. 3

124 3
126.0
126.9
127.8

9a2

100. 0
103.2
103. 1

88.4
947
100.0
107.6
115. 1

89.1
945
100.0
107.3
1142

93.4
96.8
100.0
104 1
111.0

96.4
100.0

123.3
131.5
13a9
150.3
1643

121.9
129.9
137.4
14a 1
162.0

nai

nai

95.7

9ai

942
97.2
100.0
103.9
108.8

94 1
96.8
100.0
1040
108.7

122.2
125.5
133.0
150.8

113.9
118.9
123. 2
130.3
143. 8

1140
119. 2
122.9

ioa9

110.9

107.6
112.2
112.7

na9

113.1
109.2

103.2
106.3
109.5
111.4
107.5

105.9

107.9
110.7

111.5
116.4

109.4
1140

180.2
195.0

177.7
191.8

161.6
167.4

162.4
168.2

157.5
1646

156.4
1640

105.7
1049
105.7
107.0

107.9

ioai

ioao

107.5
109.2

111.2
113.6
113.3

176.1
178.8
181.2
185. 1

173.1
176.2
179.2
182.3

162.9
160.7
159.5
163.4

163.3
161.5
160.6
164 1

1545
155.9

isa4
160.9

1540
155.0
157.0
159. 3

107.7
108.3

110.4
110.6
110.6
111.4

115.3
116.2
117. 1
117. 5

189. 8

186.5
190.2
19&5
197. 1

1647
166.1

165.5
166.9
16a7
171.8

161.7
163. 8
165.4
167.6

161.0
162.5
1648
167.4

1.6
3.2
2.9
3.9
47

1.3
2.9
3.3
40
45

47
44

ioa3
ioa7

ioa7

ioa9

109.1
111.6
111. 1
112.6
113.9
1147
1147

i9ao

196.6
200.8

121.9
125.2
132.9
150.4

i6ao
170.9

i2ao
i4ao

Perceiit change ; quarterlyr data at sseasonal] y adjuste*1 annual rates
7.0
5.5
2.0
5.1

7.1

-.9
2.8

3.7

3.7
3.2
2.3
3.3
.-3

3.3
2.5
1.9

3.1
2.3
-.3
1.7
2.7

as

-1.1
2.7
6.9

-1.6

5.9
-3.0

-3.1

ao

ae
a9
;4

-1.2
-.3
3.7
43
.4

-a4

1.7
-3.5

-2.3
6.8

-2.6
7.0

-42
2.3

-43
2.7

2.1
45

1975: III
Ill
IV

-11.2

-11.3
7.9
12.1
45

-12.5
-2.8
3.2
48

— 12.2
-3.6
2.2
6.5

1.4
12. 1

1976: I
II
Ill
IV»

10.2
5.5
2.9

10.5
5.4

2.7
2.2
,0
L7

45
.6
.3
2.8

1965
1966....
1967
1968
1969
1970.
1971
1972
1973
1974

....
.....

1975
1976"

ao

ae

a9

12.3
3.6

a2

ao
1.9
5.4
3.0

ao

2.7

—; 4

.0
2.1
3.2




— 2

a2

7.0
5.6
7.6
7.0

;2

7.2

3.4
6.1
5.8
7.3
6.5

a2
3.7
as
41
ae

0.1
3.4

9.3

5.8
7.8
9.4

13.2

as
a9
ae
as
as
2.7
ao
ia4

1.8
42

9.7
8.2

9.7
7.9

7.5
3.6

7.7
3,6

9.5
46

10.1
49

as

12.9
6.2
5.6

11.6
7.2
7.2
7.1

11.3
-5.2
-3.0
10.1

10.4
-42
-2.2
9.0

11.3

-1.2

1.0
11.9
9.6
-1.8

a5
ae

13.5
2.6
5.3
6.2

7.3
3.2
2.9
1.5

5.7
48
2.7
—.1

10.7
6.9
7.6

9.4
8.2
7.2
7.6

3.2
3.5
45
7.3

3.2
43
7.7

as

2.1
5.2

43
3.6
5.8

7

3.2
2.9
1.9

1
Output refers to gross domestic product originating in the sector in 1972 dollars.
3
Hours of all persons in private industry engaged in production, including
hours oi 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,
end supplemental payments for the self-employed.

16

a9

2.9

ao

ae
a2

5.7

as
a9

a7
ae

a4
a2

2.7

a2

ae

5.8
10.3

49
45
3.1
41
11.0

6.6

a9

5.5

a6

* Current dollar gross domestic product divided by constant dollar gross domestic product,
NOTE,—Series revised.
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 fell 1.0 percent in January, reflecting production losses due to extremely cold weather and
natural gas shortages. Output increased by 0.8 percent in December and by 1,0 percent in November.
INDEX, 1967=100* (RATIO SCALE)
180

INDEX, 1967=100* (RATIO SCALE)
160

UTILITIES AND MINING PRODIICTION

TOTAL INDUSTRIAL PRODUCTION

160

140

140

120

A,/-'

100
l i n t Itmi
1973

t f 111 f 11 m
1974

UTIUT IES

"*T%'V >

%

MINING *'

1976

1975

*

^/y^] ^AV^\

~^>

k/

120

**W%'

%r«*<v*~"!

\

1977

100
160

rl
t

1 1 I M I I 1 M 11 1 t | 1 1 I M M

t 1 1 1 ! ! 1 11 1 1

M M 11 ! M M ! ( t t 1f ! 1t 11

MANUFACTURING PRODUCTION
PERCENT (RATIO SCALE)
100

MANUFACTURING CAPACITY UTILIZATION RATE
140

**•»•*•+

%
_^—\v»

\

.
J*\

90

yV

80

120

70
100

1 1 1 t i t 11

1 1 1 n 11 I I 11

1973

1974

1975

1976

1977

1973

1977

*SEASONAUY ADJUSTED
SOURCE; BOAXD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1967 proportion
1971
_
1972
1973
1974
1975
1976 9
1976: Jan....
Feb.Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec 9
1977: Jan 9

Total iiidustrial
prodtiction
Percent
Index, change
1967=
from
100
year
earlier

100. 00
109.6
119. 7
129. 8
129.3
117.8
129.8
125.7
_ 127.3
128. 1
128.4
129.6
130. 1
130. 7
131. 3
130.8
130.4
131.7
132.8
131. 5

COUNCIL OF ECONOMIC ADVISERS

[Seasonally adjusted]
Indus try prodiiiction ind exes, 196 7=100
M anufactun ng
Total

Durable

Nondurable

87.95
108.2
118. 9
129.8
129.4
116. 3
129.4
125. 2
127. 0
127. 9
128. 5
129. 6
130.2
131.0
131.6
130.7
129.9
131. 5
132.5
130.9

61.98
102.4
113.7
127. 1
125.7
109.3
121.4
115. 8
117.9
119.0
120.1
121.7
122. 3
124.2
125. 1
122.4
121.5
123. 7
124. 8
122. 8

S5.97

Mining

6.36

Utilities

Manuf aeturing <capacity \itilization
rate, p ercent *
Federal Reserve
2
serie> s
WharComTotal
ton
merce3
Matemanuseries
series 2
rials
facturing

5.69

78.0
130.5
86.4
109.8
83. 1
116.6
80
83. 1
139.4
88. 0
113.1
91.8
126.5
83
87.5
145.4
92. 4
114.7
97.1
133.8
86
84.2
143. 7
87.7
93.0
115. 3
134.6
83
73. 6
73.6
80.4
112. 8
146. 0
126.4
77
80.
1
151.5
80.3
114. 1
87.5
140.9
152. 0
138.4
113.6
152. 5
140.2
112.7
79.0
79.0
82
151. 4
86.4
113. 9
140. 7
150.8
113.5
140.7
153.0
113. 0
140.9
80.2
151.2
114.4
82
141. 3
80.6
87.8
150.8
141. 1
112.5
140.9
114. 4
151. 3
80.8
150. 1
115.7
80
142.6
81.3
88.2
151.2
142. 2
116. 7
142.8
151. 9
116. 2
155.2
80.5
116. 0
80. 1
87.7
143. 6
158.1
112. 3
142.6
1
Sources: Board of Governors of the Federal Eeserve System, Department of
Output as percent of capacity.
f Quarterly data entered in last month of quarter. Annual data are averages of
Commerce (Bureau of Economic Analysis), and Wbarton School of Finance.
uarterly data.
* Quarterly data are for last month in quarter. Annual data are averages of four
monthly indexes.




1.7
9.2
8.4
—.4
— 8. 9
10.2
9. 1
13. 0
14. 7
14. 0
14.0
11.8
10.4
8.5
7. 1
6. 7
6. 6
6. 8
4. 6

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seaeonally adjusted]
Proclucts
Final products
Equii>ment

Co]asumer go ods

Period
Total

NonDurable durable
goods
goods
7.89
19. 79
107.7
115.0
110.1
106.1
118.8
113.1
133.8
120.6
146.2
125.6
126.3
135.3
125. 1
121.4
1349
141.5
132.5
1347
133.9
137.9
1344
140.4
141. 1
134 0
143.2
135.1
144.2
135. 1
1348
141.8
1349
143. 7
135. 3
138.4
139.4
135.8
136.9
144.5
138. 1
150. 5
138.0
143. 5

Total
1967 proportion
1969—— —
1970
.
—
1971
—
1972
.
.
1973.
...
—
1974
— ...
..1975__
...
—
1976 *
.
—-.
1976: Jan
.,...
Feb....Mar
. .
..
Apr
...
...
May .
..._.;
June—
~
July .
.
Aug
.
Sept
.
Oct
„
Nov.
. ...
Dec *
1977: Jan »

47.82
109.6
105.3
106.3
115. 7
124.4
125. 1
118.2
127.3

123.9

125.3
126.4
126.3
127.3
127.6
127.6
128. 3
127.4
127.4
129.7
131.7
130.4

27.68
109.8
109.0
114. 7
1244
131.5
128.9
124.0
136. 8
133. 1
134.9
136. 1
136. 1
137.4
137.8
136.8
137.5
136.2
136. 9
139. 1
141.6
139.5

Internicdiate
proclucts

Total

Business

Total

20. 14
109. 3
100. 1
947
103.8
1145
120.0
110.2
1143
111.2
112. 1
112.9
112.9
113. 5
113.8
1149
115.7
115.2
1144
116.8
118. 0
117. 9

IS. 68
112. 5
107.0
1041
118.0
1342
142.4
128.2
135.9
13LO
132.6
1340
134 1
1346
135.0
136.9
137.7
137. 5
135.9
139.6
141.7
140. 9

12.89
112.9
112.9
116, 7
126.5
137,2
135.3
123, 1
136. 9
133. 6
135. 3
1349
1347
135.0
135.9
137.6
137.8
138.7
138.3
139.1
140. 2
140. 1

Supplementary

Materials

Energy
total

Construction
supplies
6.4$
112.3
111.0
116.8
128.4
139. 8
134 5
116. 3
132.0
126.8
129. 6
128. 7
128.0
130.9
131.8
133. 1
134 1
134 3
1340
1348
136. 3
135. 6

S9. 29
112. 5
109. 2
111. 3
122.3
133.9
132.4
115. 5
130. 5
125.3
127.3

12. 2S
111. 1
117.0
119.5
125.2
128.3
125.5
125.5
128.9
128.8
127.5
12a6
128.2
129. 3
129.7
128.4
129. 0
128. 6
128. 6
129.6
131. 8
131. 6

m,2

129. 2
130.6
131. 1
132.2
133.0
132.5
131. 6
131. 5
131.8
130,2

[1967=100, seasonally adjusted]
Diirable m anufactu res
I

Fabricated
metal
products

Nonelectrical
machin-

Electrical
machinery

1
Transp ortation 1
equijmient
Lumber
Motor and
prodveTotal hicles
ucts
and
! parts

112. 6
104 7
96.1
107. 1
122.3
119.8
95.8
1044

6.93
107. 9
102. 4
103. 5
112. 1
1247
1242
109.9
123. 1

9. 15
109. 3
104. 4
100.2
116.0
133.7
140. 1
125.1
1344

8.05
111. 9
108. 1
107.7
122. 2
143. 1
143.8
116.5
131.7

9.27
108.4
89. 5
97. 9
108. 2
118. 3
108.7
97.4
110.6

4.60
116.5
92. 3
118. 6
135.8
148.8
128.2
111. 1
140.7

107.9
105. 6
113.8
120.8
126.0
116. 2
107.6
125.5

116.6
120. 9
120.2
121. 5
121. 4
1240
124 6
125. 8
126.6
123.5
126.0
126.3

129.0
131, 5
132.9
133. 5
134 0
133.5
135, 0
136.4
136. 8
1341
136.9
138. 6

1247
126. 5
127,8
130. 0
131. 8
132. 0
131.0
135. 3
133. 7
135.0
135.8
136. 1

105.8
109. 0
111. 2
110.6
112. 9
112,6
113.3
115. 0
104.4
1047
113.2
118. 6

126, 7
135. 2
140.8
141.3
144 3
146. 5
148. 5
150. 6
130.2
129. 3
146.2
156.4

123.5
123. 9
121. 1
122.8
123. 0
120.3
124. 6
128. 1
128. 7
130.7
129.8
131. 7

113.3

142. 8

PrimaryY metals
Period
Total

Iron
and
steel

4. 21

1967 proportion
1969—. — .
1970.__
.....
1971
1972_
__
1973
.
1974...
.
1975
....
1976*
..

6.57
113.8
106. 6
100.2
112. 1
126.7
123. 1
96.4
108. 0

1976: Jan
._
Feb
Mar
.
Apr_._
..
May... .....
June
July
Aug
Sept ..
Oct....
Nov_, „ _
Dec >..

103. 9
101. 4
105. 4
113. 2
111. 5
116.9
118. 6
114 1
109.9
106. 8
102.7

9a i

92. 9
100.9
97. 7
103, 5
110.7
110, 0
115. 3
116.2
110. 3
105. 1
103.1
95. 8

98.5

89.8

1977: Jan"

,

Source: Board of Governors of the Federal Reserve Systemu

18




1

1. 64

Non durable manufac tures
,„. —
Appar el
products

Print- Cheming
icals
and
and
Foods
pubprodlishing ucts

3. SI
106. 7
101. 4
1047
109.4
117.3
1143
107, 6
125.5

4. 72
107.4
107.0
107. 1
112.7
118. 2
118.2
113.3
120. 6

7. 74
118.4
120. 4
125. 9
143. 6
154 5
159.4
147.3
169,5

8. 75
106. 1
108. 9
112. 8
116.8
120.9
1240
123.4
132. 1

123. 8
128.0
126. 3
126, 1
130. 3
126.8
125.6
123.7
122. 5
126.4
122. 1

120.0
121.0
121.0
122. 0
120. 5
119.7
122. 0
120. 6
120.6
119.2
119.7
121.7

162.9
167. 6
170.6
168. 7
166. 6
170.0
167. 6
170. 4
170.5
170.6
1742
175.4

129.2
130. 8
12R 3
129. 2
131. 2
130. 5
131.8
133. 4
135.7
134.7
135.2
135. 2

I

i

NEW CONSTRUCTION
Private
Total new
construction
expenditures

Period

Total

Total1

_

949
110.0
124. 1
137.9
138.5
132. 0
144.5

New

Federal,
State,
Other

and

local

16.3
17.0
18.1
2L7
23.8

243
35. 1
44.9
50.1
40.6
344
46.8

20.8
19.5

iae

19.8
21. 5
24 0

2a o

25.7
29.1

June
July

Aug

_

-_

Sept__
Oct.... _-

Nov »

Dec*

137. 8
136.7
139. 0
145. 1
144. 5
143. 4
145.4
141. 1
142.0
146. 3
146.8
150. 5
151.6

9ai

52. 1
52. 8
55.2
58.1
58.9
58.8
58.7
57.2
55.4
58.7
63.4
66.4
68. 4

99. 3
102.6
107. 1
106.6
107.2
106.5
104.3
104. 7
108. 7
112.8
116. 4
117. 7

19.8
19.0
20.6
21.0
19.8
19.3
18.7
18.7
19.9
19.7
19.0
19. 0
19. 1

39.9
39.3
41. 1
43.8
442
43,9
45.4
46.9
46.5
48. 8
51. 1
52.7
546

1
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.

mi

2&1
29.9
30.2
32.5
38.3
39.0

Seasonally
adjusted

26. 2
27.6
26.8
28. 0
27.9
29. 1
29. 1
28.4
29. 4
30. 3
30.4
31.0
30.2

743
727
854
1, 010
840
555
602

145.4
165.3
179.5
169.7
167. 9
194 1

sa4

Seasonalh/ adjusted atmual rates

1975: Dec
1976: Jan
Feb
Mar
Apr
May

CommerTotal value cial and
index
industrial
(1967== floor space
100)
(millions of
square feet)

of dollars

31.9
43.3
54.3
59.7
50.4
46.5
59.4

66.8
80.1
93.9
105.4
100.2
93. 0
108. 0

Commercial and
industrial

housing
units

Bil lions

1970.
1971
1972
1973
1974
1975
1976 "__.

Construction contracts *

Resi<3 .ential

39. 8
37.4
3a4

Seasonally
adjusted
annual
rates

137
186
170
185
208
205
187
215
186
203
237
186
183

sao

37.9
36.2
38.9
36.8
37.3
37. 6
34.0
34 1
33.9

609
462
496
653
648
657
693
676
654
592
658
596
615

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

1969
1970
1971
1972
1973
1974
1975
1976 »

_

1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 536. 8

1 unit

810.6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2

1, 162. 9

2-4
units

85.0
84.8
120.3
141.3
118.3
68. 1
64.0
86. 1

5 or more
units

571.2
535. 9
780.9
906.2

795. 0
381.6
204.3

287. 7

New priv ate homes
Units
authorized

1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 280. 5

Units
completed

1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 354. 1

Homes
sold

Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period 1
(percent) 2

448
485
656
718
620
501
544
635

222
220
287
409
450
402
378
435

573
679
573
628
540
589
606
640
741
735
703
748

379
384
389
394
400
406
411
406
415
419
431
435

5. 5
5. 3
5.5
5.6
5.8
6.2
6.0
5.6

Seasonally adjusted armual rates

1976: Jan
Feb
Mar
Apr
May
June
July
Aug___ _ _
Sept

Oct
Nov »
Dec *
1977: Jan *
1

1,259
1,476
1,426
1,385
1, 435
1,494
1,413
1, 530
1,768
1, 715
1, 706
1,884
1,375

973
1,216
1, 124
1,071
1,091
1, 122
1, 129
1, 172
1, 254
1,269
1,236
1, 331
1,029

Seasonally adjusted.
2 Quarterly data entered in last month of quarter.




76
64
80
77
88
75
72
83
106
98
98
123
93

210
196
222
237
256
297
212
275
408
348
372
430
253

1, 147
1,165
1,188
1, 082
1,158
1,150
1,215
1,296
1,504
1,492
1,590
1,514
1,307

1,213
1,299
1,399
1,266
1,360
1,373
1,307
1,401
1, 387
1,326
1,445
1,377

NOTE.—Seasonally adjusted housing starts revised beginning 1974.
Source: Department of Commerce, Bureau of the Census.

5.5
5.8
5.7
5.3

19

BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business Inventories increased $0.5 billion in December, somewhat less than in November. Business sales rose $7.2
billion (3.7 percent), most of which was in manufacturers* sales. According to the advance survey, retail sales fell
2.0 percent in January, following a 3.9 percent rise in December.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILUONS OF DOLLARS* (RATIO SCALE)

100

100

1977

1973
^SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total biisiness l

Retail

Wholesale
Sales2

Period

1971
1972__
1973
1974
1975
1976*
1975: Dec
1976: Jan
Feb
Mar
Apr.
May
June.
July.
Aug
Sept
Oct
Nov
Dec *__
1977: Jan *>

Inven-3
O n 1 r*.r* 2
bales
* tories

112, 323
125, 269
___ 145, 297
166, 771
172, 525
193, 044
181, 647
183, 818
186, 968
190, 224
191, 745
190, 800
193, 700
193, 704
194, 672
194, 261
192, 992
196, 965
204, 192

184, 756
198, 045
227, 926
278, 386
275, 484
299, 391
275, 484
277, 057
279, 008
281, 256
283, 062
285, 693
289, 138
290, 866
293, 308
296, 537
298, 179
298, 941
299, 391

1
2 The term " business" also includes manufacturing
Monthly average for year and total for month.
8
Book value, end of period, seasonally adjusted.
4

Inven-3
cj i__ 5
bales
* tories
rt

TVvfral

Millions of dollars, seat onally stdjusted
22, 327 29, 695 34, 071 10, 985 23, 086
24, 862 32, 817 37, 365 12, 472 24, 893
30, 400 38, 302 41, 943 14, 190 27, 754
37, 344 46, 564 44, 815 13, 943 30, 872
36, 583 45, 115 48, 702 15, 060 33, 642
40, 184 50, 130 54, 308 17, 840 36, 468
37, 360 45, 115 51, 734 16, 690 35, 044
38, 159 45, 645 51, 592 16, 730 34, 862
38, 816 46, 307 52, 601 17, 397 35, 204
39, 094 46, 398 53, 344 17, 403 35, 941
39, 530 46, 826 53, 696 18, 046 35, 650
39, 386 47, 799 52, 868 17, 419 35, 449
40, 780 48, 645 53, 983 17, 803 36, 180
40, 616 48, 805 53, 754 17, 699 36, 055
40, 581 49, 006 54, 643 18, 208 36, 435
41, 381 49, 723 54, 100 17, 481 36, 619
40, 676 49, 847 54, 634 17, 559 37, 075
40, 796 50, 167 55, 573 18, 157 37, 416
41, 174 50, 130 57, 741 19, 664 38, 077
56, 600 19, 041 37, 559
(see page 21).

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




In ventorie.3 *
DurNonDurNonable durable
able durable TVvt-nl
goods goods
goods goods
stores stores
stores stores

52, 571
57, 156
65, 229
73, 851
74, 676
82, 405
74, 676
75, 292
76, 243
77, 298
78, 102
78, 406
79, 375
79, 917
81, 118
81, 848
81, 658
81, 660
82, 405

23, 864
26, 056
29, 593
34, 301
34, 474
38, 224
34, 474
34, 479
34, 592
35, 231
35, 462
35, 547
35, 863
36, 523
37, 515
37, 822
37, 518
37, 933
38, 224

28, 707
31, 100
35, 636
39, 550
40, 202
44, 181
40, 202
40, 813
41, 651
42, 067
42, 640
42, 859
43, 512
43, 394
43, 603
44, 026
44, 140
43, 727
44, 181

Invent()ry-sales
ratio4
Total
business1

1.61
1.52
1.46
1.51
1.60
1.49
1. 52
1. 51
1.49
1.48
1.48
1.50
1.49
1. 50
1. 51
1.53
1.55
1. 52
1.47

Retail

1.47
1.46
1.46
1.53
1.51
1.46
1.44
1.46
1.45
1.45
1.45
1.48
1.47
1.49
1.48
1. 51
1.49
1.47
1.43

Source: Department oi Commerce (Bureau of Economic Analysis and Bureau
of the Census).

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 new orders rose 6.1 percent in December while sales increased 4.7 percent and inventories fell for the
first time since December 1975. Preliminary estimates indicate durable goods manufacturers1 shipments and new
orders declined in January.
BILUONS OF DOLLARS* (RATIO SCAIfl

BILLIONS OF DOLLARS* (RATIO SCALS)

INVENTORIES
240
200
160
120
100

80

DURABLE GOODS

60
BLUONS OF DOLLARS* (RATIO SCALE)

40

1111111 i i 11 1 1 1 1 1 ! 11 n i MI ill 1 1 1 1 1 1 1 1 1 1 1 1 1 i.n 1 1 1 1 1 t it n i

RATIO*
220
2.00

BWEhnORY-SHlPMENTS RATIO
TOTAL

180

40

1.60
1.40

120
1975

1974

1973

1976

1977

j 1111 in 11
1973

1974

1975

•SEASONALLY ADJUSTED
SOURCE. DEPARTMENT OF COMMERCE

1976

1977

COUNCIL OF ECONOMIC ADVISEES

Manufac turers' shipments * Manufad /urera* in\rentories 2

Manu facturers ' new orelers *
Durablle goods

Period

Total

1971
55, 925
1972
63, 042
1973
72, 954
1974
84, 612
1975
87, 240
1976 *
98, 552
1975: Dec... 92, 553
1976: Jan... 94, 067
Feb... 95, 551
Mar_. 97, 786
Apr... 98, 519
May.. 98, 546
June- 98, 937
July.. 99, 334
Aug.. 99, 448
Sept.. 98, 780
Oct... 97, 682
Nov.. 100, 596
Dec 105, 277
1977: Jan*._

NonDurable durable
goods
goods

29, 973
34,042
39,704
44, 043
43, 912
50, 392
46, 772
47, 289
48, 430
50, 382
50, 146
50, 558
50, 606
51, 090
51,648
50, 060
49, 267
51, 427
55, 520
53, 499

1
Book -value, end of period.
•End of period.
* For annual periods, ratio of weighted




25, 953
28, 999
33,250
40, 569
43, 328
48, 160
45, 781
46, 778
47, 121
47, 404
48, 374
47, 988
48, 331
48,244
47, 799
48, 720
48, 415
49, 169
49, 757

Total

NonDurable durable
goods
goods

Total

Total

Millieins of doll,ars, seasoitally adju*sted
102, 490 66, 149 36, 341 55, 937 29, 951
108, 072 70, 098 37, 974 64,246 35, 142
124, 395 81, 218 43, 177 76, 217 42, 888
157, 971 101, 780 56, 191 86, 988 46, 570
155, 693 100, 310 55, 382 85, 673 42, 164
166, 856 105, 988 60, 868 98, 901 50, 716
155, 693 100, 310 55, 382 91, 816 45, 985
156, 120 99, 980 56, 140 92, 822 45, 904
156. 458 99,942 56, 516 95, 044 47, 930
157, 560 100, 740 56, 820 98, 550 51, 111
158, 134 101, 033 57, 101 98, 756 50, 245
159, 488 101, 502 57, 986 99, 379 51, 354
161, 118 102, 429 58, 689 99, 476 51, 249
162, 144 102, 856 59, 288 99, 214 51, 180
163, 184 103, 282 59, 902 97, 924 50, 380
164, 966 104, 117 60, 850 98, 869 50, 068
166, 674 105, 589 61, 085 99, 646 50, 993
167, 114 106, 128 60, 986 101, 461 52, 424
166, 856 105, 988 60, 868 107, 634 57, 497
55, 178
are the same as sales,
inventories to average

ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
7,575
8,947
11, 169
12, 656
10, 899
12, 853
11, 054
11, 663
11, 900
12, 173
12, 476
12, 666
12, 607
13, 778
12, 690
13, 468
14, 302
12, 878
14, 305
14, 688

25, 986
29, 104
33, 329
40, 418
43, 509
48, 185
45, 830
46, 918
47, 114
47, 439
48, 511
48, 025
48, 227
48, 033
47, 544
48, 801
48, 653
49, 037
50, 137

107, 656
122, 362
161, 766
190, 271
171, 438
175, 686
171, 438
170, 193
169, 686
170, 450
170, 687
171, 520
172, 059
171, 938
170, 414
170, 503
172, 468
173, 333
175, 686

Manufacturers'
inventory—
shipments
ratio *

1.83
1. 67
1.58
1. 66
1.80
1.64
1.68
1. 66
1.64
1.61
L61
1.62
L 63
1. 63
1.64
1.67
1.71
L66
L58

monthly 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 January, the wholesale price index rose 0.5 percent (also 0.5 percent seasonally adjusted). Prices of Farm products
and processed foods and feeds increased 0.5 percent (0.3 percent seasonally adjusted). Industrial commodities prices
were up 0.5 percent (also 0.5 percent seasonally adjusted).
INDEX, 1967=100 (RATO SCALE)

INDEX. 1967=100 (RATIO SCALE)

220

200

180
FARM PRODUCTS AND
! I
PROCESSED FOODS AND FEEDS I \

160

140

120

120

100

100

1969
COUNCIL Of ECONOMIC ADVISERS

SOURCE: DEMRTM&CT OF LABOR

[1967=100]

Period

All
commodities

1969—
1970
1971
1972
1973
1974
1975
1976

106. 5
110. 4
114. 0
119. 1
134. 7
160.1
174.9
182. 9

1976: Jan
Feb

179. 3
179.3
179. 6
181.3
181.8
183. 1
184.3
183. 7
184. 7
185. 2

Mar

Apr
May
June
July
Aug
Sept
Got
Nov
Deo
1977: Jan
1

185. 6
187. 1

188.0

Farm
products Industrial
and
processed commodities
foods
and feeds

108.0
111. 7
113.9
122.4
159. 1
177.4
184.2
183. 1
Unadjusted
184.6
182.0
180.3
183. 7
1849
187. 5
188.1
181.7
182.7
179.4
178.4
183.9
184.8

Farm
products

Processed
foods
and
feeds

106.0
110. 0
114.1
117.9
125.9
153.8
171. 5
182. 3

109.1
HLO
112.9
125.0
176.3
187.7
186.7
191. 1

107.3
112. 1
114,5
120.8
148.1
170.9
182.6
178.0

177.3

193.3
190.1
188.0
194.9
194.3
195.3
194.2
187.3
189.1
188.1
187. 1
191.9
194.0

178.7
176.4
177. 3
179.5
181.1
181. 7
180. 5
176.0
175.9
174.9
175. 7
178. 9
178.6

i7ao

178.9
180. 0
180.4
181. 3
182.6
183. 6
184. 7
186. 3
187. 0
187.4

isa4

Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaftobaeco.
* Includes supplies ana components; excludes intermediate materials lor Ibod
manufacturing and manufactured animal feeds.

22




Special £jroupings
Crude
materials *

Inter- Producmediate er finmate-2
ished
rials
goods

110. 6
106.1
106. 9
na 9 109. 9 112. 0
122.7
114.3
116.6
119. 5
11&9
131. 1
123. 5
155. 2
128. 1
159.5
219. 1
141.0
162. 5
225. 1
178.6
189.4
250. 0
173. 2
Seas onally ad usted
184.8
236. 9
ieag
231. 1
185.6
169. 8
237.4
186. 5
170. 6
187.1
243.0
171.3
187.2
244.0
173,7
172. 5
246. 8
18& 1
252. 7
189.0
173.2
173. 6
254.4
190.0
174. 6
253. 2
191. 8
262. 5
193.3
176.5
194.3
271. 8
177.2
178.
5
195.
3
265. 8
179. 2
262.6
196. 3

Consul)aer finishe d goods
ex eluding fo ods
Total Durable Nondurable

104.0
106. 9
110.8
113. 2

138.6
153. 1
161. 7

126. 3
138. 2
144. 3

105.0
108. 3
111.7
113.6
120.5
146.8
163.0
173.2

159. 1
159.2
159. 3
159.5
159.4
160. 5
161. 5
162.3
163.7
164.6
165. 3
165. 8
167.4

142.0
142. 5
142. 8
142.9
143.2
143.8
144.1
144.8
145.6
146.4
14& 7
146. 9
148.0

170.4
170.2
170.2
170.4
170.1
171.5
173.0
174. 0
175.6
176.7
177. 9
178.4180,3

104.6
107. 7
111.2
Iia5

iiae

115. 8

NOTE.—Seasonally adjusted data reylsed beginning 1S72.
Source: Department of Labor, Bureau ol Labor Statistics.

CONSUMER PRICES
In January, the consumer price index rose 0.6 percent (0.8 percent seasonally adjusted). Food prices increased 0.9
percent (also 0.9 percent seasonally adjusted). Nonfood commodity prices were unchanged (up 0.7 percent seasonally
adjusted) and services prices rose 0.9 percent (also 0.9 percent seasonally adjusted).
fNDEX, 1967= 100 (RATIO SCALE)
220

INDEX, 1967=100 (RATIO SCALE)
220

200

200

120

100

100

1969

1970

1971

1972

1973

1974

1975

1976

SOURCE; DEPARTMENT OF LABOR

1977

COUNCIL OF ECONOMIC ADVISERS

[1967=100]

Period

1969
1970
1971
1972
1973
1974_
1975
1976. _

All
items

Food

109.8
116.3
121. 3
125.3
133. 1
147. 7
161. 2
170. 5

108.9
114.9
118.4
123. 5
141.4
161.7
175.4
180. 8

Commodities
less
food
108. 1
112. 5

nas

119.4
123. 5
136.6
149. 1
156. 6

Comnaodities iess food

Food

Services

All
commodities

All

Food
at
home

Food
away
from
home

112.5
121. 6
128.4
133. 3
139. 1
152. 1
166.6
180.4

108.4
113.5
117.4
120. 9
129.9
145. 5
158.4
165.2

108.9
114.9
118.4
123. 5
141.4
161. 7
175.4
180. 8

108. 2
113. 7
116.4
121. 6
141. 4
162.4
175.8
179. 5

111.6
119.9
126. 1
131. 1
141.4
159.4
174. 3
186. 1

Services

All

Durable

Nondurable

108. 1
112.5
116.8
119.4
123. 5
136. 6
149. 1
156.6

107. 0
111.8
116. 5
118.9
121. 9
130.6
145.5
154. 3

108.8
113. 1
117.0
119.8
124.8
140.9
151. 7
158.3

112. 5
121.6
128. 4
133. 3
139. 1
152. 1
166.6
180. 4

Seasonal y adjust ed

Unac i justed

1976: Jan
Feb--_
Mar
Apr
May
June
July--Aug
Sept.._
Oct
Nov
Dec

166.7
167. 1
167. 5
168.2
169.2
170. 1
171. 1
171. 9
172.6
173.3
173.8
174. 3

180.8
180.0
178.7
179.2
180.0
180. 9
182. 1
182. 4
181. 6
181. 6
181. 1
181.7

152.3
152. 7
153. 3
154.2
155. 5
156. 5
157. 1
158. 0
158. 9
159. 6
160. 3
160. 6

174.9
176. 1
177.2
177.7
178.4
179.5
180.7
181.8
183.2
184. 1
185. 1
185. 8

163.0
162. 7
162. 6
163. 3
164.4
165.0
165.5
166. 2
166.6
167. 1
167.4
168. 0

181. 1
179. 5
178. 5
179.4
180.8
181.2
181. 4
181.8
181. 9
182.2
181. 7
181.9

181.1
178.8
177. 3
178.3
179. 6
179.9
179. 9
180. 2
180. 1
180. 3
179.6
179.7

180.8
182.2
183.0
183.9
185.0
186. 1
187.2
188.0
188. 7
189. 0
189.5
190.4

153.2
153. 7
154. 1
154. 6
155.6
156.2
156.9
157. 8
158. 3
159.0
159. 6
160.5

149.9
150. 7
151.8
152. 7
153.7
1542
155.0
155. 6
156. 1
156. 6
157. 3
158. 4

155. 6
155.8
155. 7
156.0
156.9
157.6
158.4
159. 3
159.9
160.6
161. 3
162.0

1746
175.8
177. 1
177.9
178. 9
179. 9
181. 1
182. 2
183. 2
184.0
1848

1977: Jan

175.3

183.4

160. 6

187. 5

169. 4

183. 5

181.3

192.0

161.6

159.9

162.8

187.2

NOTE.—Seasonally adjusted data revised beginning 1972.




Source: Department of Labor, Bureau of Labor Statistics.

185. 5

23

CHANGES IN WHOLESALE PRICES
Percent c langefrc m 3 rnont as earlier; Percent <change from 6 mont as earlier;
season illy adjuisted annu al rates
season ally adjusted annuaJ rates

Percen t change from preceding
perio d; seasortally adju sted '

All

Period

modities

2.8
4.8

1968
1969—
1970

1971
1972.,

1973
1974

1975
1976

1976: Jan. .

FebMar—
Apr

MayJune _
JulyAug—
.SeptOet-_
Nov—
Dec—
1977: Jan. .

2.2
4. 1
6.3
15.4
20. 9
4.2
4. 7
3
2
3
8
2
6
3
— 2
7
5
6
6

.5

Farm
products

4.4
8.4
-4.7

ai

18.7
36. 1
-1. 9
5.5
-1. 1
—.5
-1. 7
-1. 1

3. 7

-.3

.5
—. 6

-3.6
1.0

—.5
—. 5
2. 6
L1

Processed
foods
and
feeds

ao

6.8
.8
4.7
11.6
20.3
20.
9
O O

"^ O. O

— 1.1

— 1.2
-1.3
.5
1.2
.9
___

.3
>-r

-2.5
—. 1
—.6
.5
1.8

—

O

Industrial
commodities

All
modities

Processed
foods
and
feeds

Farm
products

Industrial
commodities

All
modities

Farm
products

Processed
foods
and
feeds

Industrial
commodities

2.7
3.9
3. 6

a4

3.4
10.7
25. 6
6.0
6.4
.6
.2
.4

.4
.1

.6
.6
.5
.8
.9

.7
.3
.5

1.3 -11.3
. 7 -10. 4

1.6
3. 8
5. 2
6.4
4. 3
2. 7
3. 3
4. 2

7. 6

7.4

7.1

— 12. 2
3.4
9. 1
16.5
— 1.4

-13.7
-12. 1
-12.0
— .4
6. 1
13. 1

— 15. 5
-15. 2
-7. 7
1. 8
11. 1
10. 3
2. 2
-10. 8
— 12. 2
-11.8

— 7
7. 0

7.5
5.8
5. 1
4. 3
3. 9
4. 5
5. 2
7. 1
8.2
9. 3
10.0
7. 8

a?

6.2

6.0
4. 0
3. 3
2. 6
2.9
3.9
4. 0
3.9
4.8

4. 2
5. 1
5. 3
5.6

-3. 9
-9.4
— 8. 1
-7.3
—2. 9
.9
2. 0
—.5
— 1.6
— 5. 1
-5.9
-3. 1
-2. 1

2. 2
-2.4

-7. 1

—4. 3
-1. 1
1. 1
.9
-2.9
1. 2

— 6.9
-7.3
-3.5
-.2

8. 9
8. 0
7.2
5. 9
4. 8
4. 8
4, 8
5. 5
6.4
7. 2
8. 5

ao

7.7

NOTE.—Seasonally adjusted data revised beginning 1972.

'Annual changes are from December to December (unadjusted).

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES
Perceiit changf j from pre ceding
perio d; seasoilally adjusted1
Period

All
items

Food

Commodities

Services

Percent c liange fr<>m 3 monl hs earlier Percent c hangefrc >m 6 monl hs earlier:
season illy adju,sted annu al rates
seasonsilly adjusted annual rates

All
items

Food

food

1968
1969
1970
1971
1972
1973

1974
1975

1976

4.7
6. 1
5. 5
3.4
3. 4
8.8

-

1976: Jan.. _
Feb__Mar— _
Apr_
May__
June. _
July—
Aug—
Sept
Oct-_.
Nov— _
Dec—
1977: Jan.. -

12.2
7.0
4. 8

.6
. 1
.2
.4

.7

4.3
7.2
2.2
4.3
4.7

20. 1
12. 2
6. 5
.6

.1
Q

—.6
.5
.8

4.1
3.6
6.2
11.3

C. 1

7.3

.4
.3

1. 1

.3

.3
.6

.7
.7
.5
.6

.4

-.3
.1

.4
.4
.6

.4
.4
.4

.8

.9

.7

.9

.3

.2

.3

.6
.7
.6
.5

> Animal changes are from December to December (unadjusted).

3. 6

6. 3
5. 5

45
2. 2

4.8
4.0

4.2

1.8
-. 2
.0

4.3
4.5
4. 0
3. 7
5. 0
5.6
6. 1
5.8
5.5
5.5
4.6
5.7

6. 1

2,9

6.7

6.7
4. 9
3. 9

3. 1
5.4

6. 1
5. 3

-1. 8
-5.4

-3. 7
2. 9
6. 2

1.6

3.7
2.3
.7

5. 1

6.1
5. 7
5.3
4.9
5.1
5.0
4.7
5.5
5.7
5.5
4.8
4.8

3. 1
1.0
.8

5. 8
5. 2
5.6

9. 3
9. 9
9. 8
9. 5
8.7
8.5
7.6
7.4
7.0
7.0
6. 7
6. 3

7. 1

5.5

2.3

ai

6.9

11. 3
10.2
10. 6
7.8
7. 2
6. 5

7.4
7.6
7. 5
6.6
5.8

1

.6
.2
.3
2.6
3.8

NOTE.—Seasonally adjusted data revised beginning 1972.
Source: Department of Labor, Bureau of Labor Statistics.

24




Services

ai

.3

.1

Food

Commodities
less
food

7.4

.2
.1
.2

All
items

a2

.4
.5
.5
.3

.4
.4
.6

Services

6. 1

3.7
4,5
4,8
2.3
2.5
5.0
13.2
6.2

Commodities
less
food

4.6
4.3
4. 1
4.0
4.8
4.8

4.9
5.4

5.5

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased 1% percent in the month ended January 15. Contributing most to the increase
were higher prices for corn, hogs, soybeans, broilers, and commercial vegetables. Partially offsetting were lower prices
for eggs, potatoes, cotton, oranges, and milk. Prices paid by farmers rose 2 percent.
INDEX, 1967=100

(RATIO SCALE)

220

220

200

200
180

180
PRICES RECEIVED
(ALL FARM PRODUCTS)

160

160

140

140
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)

120

120

100

100

RATIO J/

110

1969

l

1970

»

1971

1972

1973

1975

1974

1976

'

1977

J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

Parity ratio l

Prices received by farmers

Period

All farm
products

Crops

Prices paid by far mers
All
items,
Family
ProducLivestock interest,
living
tion
and
taxes,
and
products wage rates
items
items
Index, 1967-100

Actual

Adjusted2

1969
1970
1971
1972
1973
1974
1975
1976

107
110
113
125
179
192
186
186

97
100
108
114
175
224
201
198

117
118
118
136
183
165
172
177

108
112
120
125
144
166
180
192

109
114
118
123
133
151
166
176

104
108
113
121
146
166
182
193

73
72
69
74
91
85
76
71

79
77
73
79
94
86
76
72

1976: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15__

186
187
186
189
191
196
195
187
187
178
173
179

191
193
195
193
198
211
215
201
204
195
187
192

183
183
178
186
185
184
179
175
172
165
162
168

189
191
191
191
191
193
194
193
193
192
192
193

172
172
173
174
174
175
177
177
178
179
180
181

190
192
193
193
193
196
196
194
194
192
191
193

72
72
71
73
73
75
74
71
71
68
66
68

73
73
72
73
74
75
75
72
72
69
67
69

182

196

170

197

182

197

68

69

1977: Jan 15

__

L

1

Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14«* 100 base.
* The adjusted parity ratio reflects Government payments made directly to
farmers.




NOTE.—Prices paid and ratios revised beginning 1975.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Over the past 6 months (July to January) Mi and Ms grew at annual rates of 5.7 and 11.7 percent, respectively.
BILLIONS OF DOLLARS* (RATIO SCAL^

BILLIONS OF DOLLARS*

(RATIO SCALE)

300

200

200

1977

1969
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all measiures l

Deposi ts at co m inertia i banks
Period
M,

M2

M3

Currency

Timie and sa vings

Demand
Total
1972: Dec...
1973: Dec___
1974: Dee___
1975: Dec...
1976: Dec__
1976: Jan___
Feb__.
Mar__
Apr.. _
May__
June__
July__
Aug___
Sept___
Oct___
Nov.-.
Dec ._
1977: Jan *_

255. 3
270. 5
283. 1
294. 8
312. 2
295.3
296. 8
298. 1
301. 8
303. 5
303. 2
305.0
306.3
306. 6
310. 1
310. 1
312. 2
313.6

525. 3
571.4
612.4
664. 3
739.7
670. 3
678.2
682. 6
690. 6
695. 7
698.2
705.2
710. 5
716.5
725.9
732. 0
739.7
745.4

844.5
919.6
981. 5
1, 092. 9
1, 236. 9
1, 104. 1
1, 117. 5
1, 126. 8
1, 140. 1
1, 150. 1
1, 156. 9
1, 169. 2
1, 181. 4
1, 194. 5
1,211. 2
1, 223. 6
1, 236. 9
1, 248. 2

56.9
61.5
67. 8
73.7
80.7
74. 3
75. 0
75. 7
76.6
77.3
77.5
78. 1
78.6
79.2
79.9
80.3
80.7
81. 3

198. 4
209. 0
215. 3
221.0
231. 6
221. 1
221.8
222. 4
225. 2
226. 2
225. 6
226. 8
227. 7
227. 4
230. 3
229. 8
231.6
232. 3

313. 5
363. 9
418.3
451.7
490. 7
453. 3
456. 7
457.8
460.0
460.7
465. 3
469. 1
469. 1
472.9
478. 1
484.2
490. 7
494. 8

1
MI is currency plus demand deposits; Ms is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and M8 is Ms plus
deposits
at nonbank thrift institutions.
8
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.

26




Per cent
cha age 2

Comporlents anc 1 related i terns

Large
CDs
43. 5
63.0
89. 0
82. 1
63.3
78.4
75.4
73.4
71.2
68. 6
70. 2
68.9
65.0
63. 1
62. 3
62.2
63.3
63. 1

Other

270. 0
300. 9
329. 3
369. 6
427.4
374.9
381.3
384.4
388.9
392. 1
395. 1
400.2
404. 1
409.9
415. 8
421.9
427.4
431.8

Deposits
at
nonbank
thrift
institutions

319. 3
348. 1
369. 1
428.6
497.2
433. 8
439. 4
444. 3
449.5
454.4
458.6
464.0
470.9
478.0
485. 3
491. 6
497.2
502.8

U.S. Government
demand
deposits
(unadjust-

Mt

M2

ed)
7.4

6. 3
4.9

4. 1
4.4

3. 8
4.6

3. 9
3. 9
3.8

4. 8

3.4
3.7
4.9
3.9

4. 0

4.4
3.8

NOTE.—Series revised.
Source: Board of Governors of the Federal Keserve System.

9.2
6.0
4.7

11. 4
8. 8

5.9

8. 5
11.4

4. 1
2. 4
2.7
3.0
5.8
5.4

5. 8
6. 7
6.5

5. 8
5.6
4.4
6.0
5.7

7.2

7.2

8. 8

9.3

10.9
10.4
10.5
10. 7
9. 8
10.2
10. 5
10. 7
12.2
11.7

PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currcmcy and cieposits
Period

1970:
1971:
1972:
1973:
1974:
1975:
1976:

Dec
Dec
Dec
Dee..Dec
Dec
Dec

Currency

Demand
deposits

Commercial
banks

49. 1
52. 6
56. 9
61.5
67. 8
73.7
80.7

151. 8
161. 5
176.5
183. 3
186. 5
190.6
197.8

198. 9
233.6
264.4
2944
321. 1
360. 5
418. 8

232. 7
271. 1
319. 3
348. 1
369. 1
428. 6
497. 3

52.0
54. 3
57.5
60.4
63.3
67.3
71.9

41. 9
31. 7

„ „ 1, 300. 2 1, 065. 3
1, 312. 4 1, 079. 1
1, 321. 2 1, 088. 0
1, 334. 9 1, 101. 4
_- . _ 1, 345. 7 1, 111. 8
1, 355. 9 1, 118. 0
1, 370. 3 1, 130. 1
__ -_ 1, 379. 5 1, 142. 5
1, 389. 9 1, 154. 9
1, 407. 3 1, 170. 7
__ 1, 419. 9 1, 181. 9
__ 1, 435. 1 1, 194. 6

74. 3
75,0
75.7
76. 6
77.3
77.5
78. 1
78. 6
79.2
79.9
80. 3
80.7

191. 1
192.0
192. 0
194. 4
195.7
194. 5
195.4
196. 1
195. 3
197.8
196. 5
197. 8

366. 1
372.7
376. 1
380. 9
384. 4
387. 3
392. 5
396.9
402. 4
407. 8
413.6
418. 8

433. 8
439. 4
444. 3
449. 5
454. 4
458. 6
464. 0
470. 9
478. 0
485. 3
491.6
497. 3

81.4

199, 2

423. 6

502.4

..
_ _

1977: Jan*

Total

769. 5
632.4
852. 5
718. 7
967. 9
817. 0
887.4
1, 079. 5
1, 166. 2 944. 5
1, 289. 8 1,053. 5
1,435. 1 1, 194. 6

:..

1976: Jan__
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec

Negotiable
certifiShortNonbank
cates of
term
Savings marketthrift
deposit
institu- bonds able setions
curities

Time d eposits

Total
liquid
assets

U.S. Ti-easury
secui ities

1, 447. 4 1, 206. 7

Other
private
money
market
instruments

43. 2
47.4
66.4
70. 7

21.8
27.6
36.2
54.0
70.7
60.0
46. 5

21. 4
20.2
22, 7
34. 5
40.4
42.6
51.5

67. 6
68.0
68.3
68. 7
69. 0
69. 4
69.8
70.3
70. 8
71. 1
71.5
71.9

67.3
67. 6
68.4
69. 1
69.8
70.6
72.6
71. 9
70. 3
70.9
70. 7
70.7

56. 8
54,3
52.9
51.4
49.6
51. 2
50.2
46.6
45. 3
45. 1
45.4
46.5

43. 3
43.4
43.6
44 3
45. 5
46. 7
47. 6
48. 2
48.7
49.4
50.4
51. 5

72. 3

70.4

45.8

52. 3

345

Source; Board of Governor; oi the Federal Keserve System.

NOTE.—Series revised.

CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalment credit e:rfcended

Period
Total i

1969
1970
1971
1972
1973
1974
1975
1976
1975: Dec
1976: Jan
Feb
Mar
Apr
May

June
July
Aug
Sept.
Oct..
Nov
Dec

-

___

109, 146
112, 175
123, 086
140, 072
160, 228
160, 008
163, 483
186, 221
15, 228
15, 132
15, 045
15, 521
15, 003
15, 041
15, 592
15, 240
15, 685
15, 775
16, 055
15, 763
16, 702

Automobile
32, 553
29, 965
34, 778
40, 266
46, 105
43, 209
48, 103
55, 807
4,642
4, 505
4, 523
4,689
4,583
4,471
4,600
4,477
4, 712
4,769
4, 587
4, 632
5,263

i Includes some item? not shown separately.




Bank
credit
cards
4,398
6,768
8, 377
10, 390
13, 863
17, 098
20, 428
25, 481
1,839
1,921
2,012
2, 118
1,985
2, 103
2, 088
2, 152
2, 183
2, 165
2, 198
2, 181
2,217

Instalmcmt credit lieluidated

Total i

99, 786
107, 385
113, 788
124, 513
140, 552
151, 056
156, 640
169, 682
13, 738
14, 029
13, 923
14, 048
13, 576
13, 566
14, 261
13, 937
14, 282
14, 294
14, 491
14, 520
14, 879

Automobile
29, 974
30, 432
31, 303
34, 705
40, 137
42, 883
45, 472
48, 337
3, 883
3, 966
3,909
4, 026
3,851
3,819
4,074
3,922
4, 090
4, 165
4, 059
4, 155
4,250

Bank
credit
cards
3,066
5,615
7,679
9, 472
12, 433
15, 655
19, 208
23, 905
1,832
1,815
1,881
1,926
1,846
1,911
1,990
1,981
2, 097
2, 000
2,074
2, 110
2,250

Net change in amount Dutstanding
Total l

9,360
4,790
9,299
15, 559
19, 676
8,952
6, 843
16, 539
1, 490
1, 103
1, 123
1,473
1,427
1,474
1,330
1, 303
1,403
1,481
1, 564
1,243
1,823

Automobile
2,579
— 468
3,476
5, 561
5,968
327
2, 631
7,470
759
539
614
663
732
652
526
556
621
605
528
477
1,013

Bank
credit
cards
1,332
1, 153
699
918
1,430
1,443
1,220
1,576
6
106
132
192
139
193
98
171
86
166
123
71
-33

Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS, INVESTMENTS, AND RESERVES
Over the past 6 months (July to January) commercial and industrial loans at commercial banks grew at an annual
rate of 7.3 percent.
BILLIONS Of DOUARS* (RATIO SCALEJ

BIUJONS OF DOUARS* (RATIO SCALE)
1,000

1,000

"ALL COMMERCIAL BANKS"

800

600

600

400

400

200

200

INVESTMENT IN OTHER SECURITIES

-—"-"•"I
100

100

80

80

INVESTMENT IN
US. GOVERNMENT SECURITIES

60

60

I I i I i I I i I I i i I l l i I i I I l l i in I I I I I I t I 40
1975
1976
1977

i i i.i i t i i ii i I i in i h i ii i i 1 1 1 1 1 1 ii 1 1 1 1 i i 1 1 1 ii 1 . 1 1
1969

1970

1971

1972

• SEASONALLY ADJUSTED, END Of MONIH
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTCM

Total
loans

Period

investments

401.7

1969
1970

435. 5

1971
1972
1973
1974
1975

485. 7

558. 0
633. 4
.. « 690. 4
721. 1
767. 5

1976"

1976: Jan »

Feb "
Mar *
Apr •
May "
June "
July '

Aug '
Sept *

Got "
Nov "
Dec= __ ._

1977: Jan*
1
Data
3

723. 3
726.7
731. 2
734. 5
737.6

738. 8
743. 1
748.7
752. 5
760. 3
760. 3

767. 5

773. 1

COUNCIL Of ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks
Allcommercial b anks *
Borrowi ngs (mil]leserves 2 3
lions of dollars,
L<Dans
Investnlents
unadjv isted) »

™ " •;

—

U.S. Goveluding Commerernment
cial and
inter- industrial
securities
bank
51.2
279.4
105.7
57. 8
292.0
110.0
60.6
320. 9
116. 1
130.2
62.6
378. 9
54. 5
156. 4
449. 0
50. 4
183.3
500. 2
79.4
176.0
496.9
176.2
96. 5
521. 6
176.6
81. 0
497. 3
175.1
84.4
497. 8
5
88,2
499.7
171. 4
170.5
90. 0
500. 5
170.7
93.0
500. 6
170.2
94. 0
500. 7
171. 0
92.7
504. 7
95.0
507.6
171. 0
172. 0
94. 0
511. 4
174. 8
93. 5
519. 3
521. 8
176. 7
94.3
176. 2
96.5
521. 6

528.4

177. 1

95.7

are for end of period,
Averages of daily figures. Annual data are for December.
'Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.

28




Other
securities

Total

Nonborrowed

Required

Total

71.1
85. 7
104.2
116. 5
129. 9
139. 8
144.8
149. 4
145. 0
144. 5
143. 3
144. 0
144.0
144. 1
145.7
146. 1
147. 1
147. 5
150.2
149. 4

27.93
29. 11
31.24
31.44
34. 98
36. 63
34. 75
34. 95
34. 31
34. 07
34.02
34,05
34.17
34.29
34. 34
34.51
34. 34
34. 51
34. 8.:
34. 95

26. 81
28.77
31. 12
30. 39
33. 69
35. 90
34. 62
34. 90
34. 23
33. 99
33.97
34.00
34. 05
34. 16
34 21
34. 41
34.27
34.41
34. 78
34. 90

27.65
28.86
31. 06
31. 16
34.68
36. 37
34.49
34.68
34. 07
33. 85
33. 80
33. 89
33.96
34. 07
34. 11
34. 31
34. 14
34. 29
34. 59
34. 68

1,086

149. 0

34. 79

34. 72

34. 52

61

Seasonal

321
107

1,049
1,298

703
127
62
79
76
58
44
121
120
123
104
75
66
84
62

41
32
13
12
9
11
8
11
11
20
24
28

31

32
21

12

10

* During 1974, total loans and investments were increased $0.6 billion due t<j
a bank merger and were reduced $1.5 billion due to liquidation of a large bank,
* Loan reelnssifieations reduced these loans by $12. billion as of March 31,1976,
Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of doHars; quarterly data at seasonally adjusted annual rates]
Sources

Uses
External

Period

Total

93.3
114.5
118.6
105. 1
129.0
154. 0
181.7
183. 0
145. 5
83.5
130. 7
171.0
196.7

1967
1968
1969
1970
1971
1972
1973
1974
1975
1975: I
II
III
IV
1976: I
II
III..

. 200.9
200. 1
_ 19R5

Inter1

nal

Credi t market funds
Total

61.3
62.3
61.7
58.9
6&6

80.8
83.8
77.6
103.4
83.5
101.5
113.6
114.9
120.6
121.3
12ai

Total

32.0
52. 2
56.9
46.2
60.4
73.2
97.8
105. 4
42. 1

Longterm 2

21. 0
18. 9
20.8
32.6
41.6
41.4
37.4
39. 6
49.8
52.9
54.4
37.9
54. 0

2R9

31. 9

sa4

41. 5
46.4
58.8
72.9
83. 1
37. 1
35.0
32. 1
31.1
50. 0
45.4
48.1
38.0

.0

29.2
57.4
81.8
80.3
78.8
70.4

4&6

43.0
37. 7

1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
*1 Stocks, bonds, and mortgages.
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.

Short-8
term

3. 1
20.3

7.9

13. 0
17.7
8.9
4.7

17.3
35.5
43. 5
-12.8
-18.0
-22.2
-6.8
—4.0
-3. 1
5.0
.2

Total

Other

ia 5

4.8
14.0
14.4
25.0
22.2
5.0
— 35. 0
-2.9
26.3
31.7
348
30. 6
32.4

89.4
106.4
113. 4
96. 1
115. 1
137. 5
165.5
169.9
130.9
6a 6
115. 3
157. 9
182. 2
190. 9
195. 4
189. 2

Purchase
of
physical
assets 4

Increase
in
financial
assets

72. 6
77.6
85. 0
80.6
86.2
101. 0
124.4
134.6
95. 7
89. 8
80. 9
106.8
105.5
129.3
140. 5
143.7

16. 8
2a 8

2a4
15.4
2&s

36.5
41; 1
35. 3
35. 2
-21. 2
34.4
51. 1
76.7
61. 6
54.9
45.5

Discrepancy
(sources
less
uses)
3.9

ai

5.2
9.0

13.9
16.4
16.1
13. 1
14.5
149

15.4
13.2
14.6
9. 9

46
9.3

< Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Beserve System;

CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Current liabiilities

Ciirrent ass<3tS

End of
period

ReceivCash
U.S.
ables
Govon
from
hand
ernTotal
U.S.
and
ment
Govin
securiernbanks * ties 2
ment 8
386.2
426.5
473.6
492. 3
529. 6
573. 5
643.3
712. 2
731. 6
698.4
703.2
716.5
731. 6

45.5
48. 2
47.9
50. 2
53. 3
57.5
61. 6
62. 7
68. 1
60.6
63. 7
65.6
68. 1

753. 5
1976: I
!!___ 775. 4
III__ 791. 8

68. 4
70. 8
71. 1

1967
1968
1969
1970
1971
1972
1973
1974
1975
1975: !_„_.
II__.
III__
IV___

1
Includes time certificates of deposit.
2
8 Includes Federal agency issues.

10.3
11.5
10. 6
7.7
11. 0
9.3
11. 0
11.7
19. 4
12. 1
12.7
143
19. 4
21. 7
23. 3
23.9

Notes
and
accounts
receivable

Other
Incurvenrent
tories
assets 4

Federal
income
tax
liabilities

Other
current
liabili-5
ties

141.3
162.4
191.9
204 7
215. 6
230.4
261.6
287. 5
281. 6
271. 2
270. 1
273,4
281.6

13.2
14 3
12. 6
10.0
13. 1
15. 1
18. 1
23. 2
20. 7
21. 8
17.7
19.4
20.7

51.0
61.0
76.0
83. 6
92.4
102.6
117.0
1348
148. 8

280. 5
287. 0
2847

23. 9
22. 0
249

5. 1
5. 1
48
4. 2
3. 5
3. 4
3. 5
3. 5
3. 6
3. 2
3. 3
3.3
3.6

150.2
168.8
192.2
201. 9
217. 6
240. 0
266. 1
289.7
294 6
281. 9
284 8
2947
2946

153. 1
166.0
186. 4
193. 3
200.4
215. 2
246.7
288. 0
285. 8
285.2
281. 4
279. 6
285. 8

22.0
26. 9
31.6
35.0
43.8
48. 1
54 4
56.6
60. 0
55. 4
57. 3
59.0
60.0

211.3
244 1
287. 8
3049
326.0
352. 2
401. 0
450.6
457. 5
438.0
4342
4447
457. 5

5.8
6.4
7. 3
6.6
49
40
43
5.2
6.4
5.3
5.8
6.2
6.4

3. 6
3.7
43

307. 3 288. 8
318. 1 295. 6
3242 302. 1

63. 6
63.9
66.3

465. 9
475. 9
484 1

6.4
6. 8
7.0

Beeeivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.




Total

Advances
and
Notes
and
preacpayments, counts
payU.S.
able
Govern- 3
ment

139.8
140. 6
145. 6
148.8
155. 0
160. 1
167.5

Net
working
capital

174 9
182.4
185.7
187.4
203. 6
221. 3
242. 3
261.5
274 1
260.4
269.0
271.8
274 1

287.6
299. 4
307. 7

* Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
«Includes commercial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.

29

INTEREST RATES AND BOND YIELDS
Short-term and long-term interest rates remained relatively steady in February after rising sharply in January.
PERCENT PER ANNUM

PERCENT PER ANNUM

1969

1977

1970

SOURCE: SEE TABLI BELOW

COUNCIl OF ECONOMIC ADVISERS

[Percent per annum]
U.S. Government secuirity yields
Period

1971
1972
1973
1974
1975
1976_
1976: Feb
Mar
Apr
May _
June
July
Aug__
Sept
Oct
Nov
Dec
1977: Jan
Feb
Week ended :
1977: Jan 28
Feb 4 „_
11
18
25__

Highgrade
Corporate
municipal
Aaa
bonds
bonds
(Standard4 (Moody's)
& Poor's)

3-5 year
issues 2

4.348
4.071
7.041
7.886
5. 838
4.989
4. 852
5.047
4. 878
5. 185
5. 443
5. 278
5. 153
5. 075
4. 930
4, 810
4. 354
4. 597
4. 662

5. 77
5.85
6. 92
7.81
7.55
6.94
7. 18
7.25
6. 99
7. 35
7.40
7.24
7.04
6. 84
6.50
6. 35
5. 96
6.49

5.74
5.63
6. 30
6.99
6.98
6.78
6. 92
6. 87
6.73
6. 99
6.92
6.85
6. 79
6. 70
6. 65
6. 62
6. 39
6.68

5. 70
5. 27
5. 18
6. 09
6.89
6. 49
6. 91
6.86
6. 62
6. 87
6.85
6.64
6. 28
6. 20
6.06
6. 05
5.69
5. 70

7. 39
7. 21
7. 44
8. 57
8.83
8.43
8. 55
8. 52
8.40
8. 58
8.62
8. 56
8.45
8. 38
8. 32
8. 25
7.98
7. 96

5. 11
4. 69
8. 15
9. 87
6. 33
5. 35
5. 23
5.37
5. 23
5. 54
5.94
5. 67
5.47
5. 45
5.22
5. 05
4.70
4. 74

4.88
4. 50
6. 45
7.83
6.25
5. 50
5K~5^
5H-5V2
5&-5H
51/2-51/2
SM-SH
5}/2-5K
514-51/2
5H-5!4
5&-5H
5M-5M
5&-5K
5&-5K

4. 700
4. 720
4.625
4.633
4. 668

6.71
6. 78
6. 64
6. 60

6.
7.
7.
7.

5.74
5.79
5. 71
5. 70

8. 01
8.03
8. 01
8. 04

4. 83
4. 88
4. 80
4.78

5tf-5tf
5M-514

Taxable
bonds *

88
15
12
12

April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.




Discount
rate
(N.Y.
F.R. 5
Bank)

3 -month
Treasury
bills l

1
Rate on new issues within period.
3
Selected note and bond issues.
3

30

Prime
commercial
paper,
4-6
months

6

5K-5K

5K-5M

Prime
rate
charged
by
banks 5
5.72
5. 25
8. 03
10.81
7.86
6. 84
6%-63/4

694-6%
6%~6%
63/4-6%
7 -7K
7tf-7#
7^-7
7 -7
7 -6%
6&-6H
6H-6&
6#-6#

Newhome
mortgage
yields
(FHLBB)9
7. 74
7. 60
7. 95
8.92
9. 01
8.99
8.93
8.93
8. 92
8. 97
8. 89
8.97
9. 02
9.08
9. 07
9. 05
9. 10
9. 05

6K-6K
6#-6tf
6%~6M
6«-6tf

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. Kates beginning January 1973 not strictly comparable with
prior rates.
Sources: Board of Governors of the Federal Reserve System, Federal Home
Loan Bank Boerd, Moody's Investors Service, and Standard & Poor's
Corporation,

COMMON STOCK PRICES AND YIELDS
The decline in stock prices which began in early January continued in February.
INDEX, D£C3\ 1965=50
80

INDEX, DEC 311965«50
80

70

70

COMPOSITE STOCK PRICE INDEX
(NYSE)

60

60

50

50

40

40

30 -

30
1977

1973

1969
PERCENT
20

PERCENT
20

15

15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)

10

10

!

1 !
1969

I

! !
1970

1

I 1
1971

!

I 1
1972

\

\

\

\

1
1974

1973

1

1

1
1975

1

1

1
1976

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

New York Stock Exch ange indexes (Dec. 31, 31965 = 50) 2
Composite Industrial Transportation

1971
1972
1973
1974__
1975
1976
1976: Jan
Feb
Mar___
Apr
May
June
July
Aug__
Sept.
Oct
Nov
Dec
1977: Jan
Week ended:
1977: Jan 21 __
28
Feb 4
11
18

Utility

57.92
65.73
63. 08
48.08
50. 52
60.44
57. 00
59. 79
60. 30
60.62
60. 22
60. 70
62. 11
61. 14
62. 35
60. 07
59. 45
61. 54
61.26

44.35
50.17
37.74
31. 89
31. 10
39.57
35. 78
38. 53
39. 17
38. 66
39. 71
40.41
42. 12
40.63
40. 36
38. 37
39.28
41. 77
41.93

39.53
38.48
37.69
29. 79
31. 50
36.97
35.23
36. 12
35.43
35.69
35.40
35. 16
36.49
37.56
38.77
38. 33
38.85
40.61
41. 13

70.38
78.35
70. 12
49. 67
47. 14
52.94
48.83
52.06
52.61
52. 71
50. 99
51. 82
54. 06
54. 22
54. 52
52. 74
53.25
57.45
57. 86

56. 14
55. 79
55. 56
55. 03
54. 90

61.09
60. 51
60. 35
59. 72
59. 60

41. 75
41.56
41. 05
40.82
40. 55

41. 02
41. 50
41. 34
41.03
40. 80

57. 99
57. 21
56. 06
55. 73
55. 99

Standard & Poor's series. Dividend-price ratios based on. Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.




Finance

54.22
60.29
57. 42
43. 84
45.73
54. 46
51. 31
53. 73
54. 01
54. 28
53. 87
54. 23
55. 68
55. 18
56. 29
54.43
54. 17
56. 34
56.28

1
Averages of dally closing prices.
3
8 Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
* Includes 600 stocks.
8

I

I

!

1977

COUNCIL OF ECONOMIC ADVISERS

Common s took5 yields
(perc ent)

Cominon stock p rices *
Period

!

Standard
Dow& Poor's
Jones
composite Dividend- Earningsindustrial
index
ratio
ratio
average * (1941-43=
10) *
5.41
3. 14
884. 76
98.29
5. 50
2.84
109. 20
950. 71
7.
12
923. 88
107. 43
3.06
11.59
759. 37
82.85
4.47
9.04
802. 49
86. 16
4.31
974. 92
102. 01
3.77
929. 34
3.80
96.86
971. 70
100. 64
3. 67
8.29
988. 55
101. 08
3.65
992. 51
101. 93
3.66
988. 82
101. 16
3. 76
985. 59
101. 77
8.76
3. 75
993. 20
104. 20
3.64
981. 63
103. 29
3. 74
9.02
994. 37
105. 45
3. 71
951. 95
101. 89
3. 85
944. 58
101. 19
4. 04
104. 66
976. 86
3.93
970. 62
103. 81
3. 99

963. 96
960. 02
952. 11
938. 37
942. 98

103. 44
102. 49
102. 13
101. 05
100. 94

3. 97
4. 07
4. 10
4.20
4. 18

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
According to the revised budget submitted in February, the estimated budget deficits for fiscal years 1977 and 1978
are $68.0 billion and $57.7 billion, respectively.
BILLIONS OF DOLLARS
450

400

200

200

150

150

50

50
SURPLUS (+) OR DEFICIT (-)

-50

-50

J_

-100
1969

1971

1970

1972

1973

1974

1975

1976

1977

-100

1978

FISCAL YEARS
SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Federal debt ( end of period)
Period

Receipts

Outlays

Surplus or
deficit (-)
TVifal 1

Fiscal year or period:
1969
1970
1971
1972__ _
1973
1974.
1975
1976_
Transition
quarter
1977 22 __ _ _ _
1978

._ .

October 1975-January 1976 3
October 1976-January 1977
» Excludes non-interest-bearing public debt securities held by IMF.
* Estimates from Fiscal Year 1978 Budget Revisions, February 1977.

32




Held by
the public

187. 8
193. 7
188.4
208. 6
232.2
264. 9
281. 0
300.0
81.8
349.4
401. 6

184. 5
196.6
211.4
232.0
247. 1
269. 6
326. 1
366. 5
94.7
417.4
459. 4

3.2
-2.8
-23. 0
-23.4
-14.8
-4.7
—45. 1
-66. 5
-13. 0
-68.0
-57.7

367. 1
382.6
409.5
437.3
468.4
486.2
544,1
631.9
646.4
727. 0
802.4

279.5
284.9
3043
323.8
343. 0
346. 1
396.9
480. 3
498.3
571.3
637. 1

92.8
106.2

1248
131.6

-31. 9
-25.4

595.3
6649

4541
518.9

* First 4 months of fiscal year 1977.
Sources: Department of the Treasury and Office of Management and Budget.

BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
Fiscal 1977 budget receipts are estimated at $349.4 billion and budget outlays at $417.4'billion, according to the
February budget revisions. The corresponding figures for fiscal 1978 are $401.6 billion and $459.4 billion.
BILLIONS OF DOLLARS

50

+***

OUTLAYS

300

300

++**

'"'
250

250
NONDEFENSE

^**

V"

200

-

200

-

-

150

150

.,—-«—"•i"--"*""

NATIONAL DEFENSE

100

=—

— i—

50 4.

1

1

I
1971

!

1

1972

I

I

!

a=

=^-

100

> 50

1

1973
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

[Billions of dollars]
()utlays

Rece ipts
Nationa L defense
Period
Total

Fiscal year or period:
1969
1970
1971
1972
1973__
__ _ _ _
1974__
1975
1976
Transition quarter. _ _ _
1977 i
1978 !_

Indi- Corpovidual ration
income income Other
taxes
taxes

148. 9
179.2

63.9
70. 5
75.4
81.7
92.8
107.4
118.0
127.0
34.5
143. 3
160.8

184 5
19&6
211. 4
232.0
247. 1
269. 6
326. 1
366.5
94.7
417. 4
459.4

80.2
79. 3
76. 8
77.4
75. 1
78.6
86.6
90.0
22.5
100. 1
111. 9

77.9
77. 2
74. 5
75.2
73.3
77.6
85. 0
88. 0
21.9
98. 1
109.2

47.5
54.4

11. 1

9.6

35.7
40.7

124.8
131.6

30.7
29.7

29. 7
31.4

87.2
90.4
86. 2
94. 7
103. 2
119.0
122. 4
131. 6

October 1975-January 1976- 92.8
October 1976-January 1977 2_ 106. 2

3a 8

* Estimates from Fiscal Year 1978 Budget Revisions, February 1977.
First 4 months of fiscal year 1977.




Total

Department of
Defense,
military

36.7
32.8
26. 8
32. 2
36. 2
38.6
40. 6
41.4
8. 5
57.2
61. 6

187.8
193. 7
188. 4
208. 6
232. 2
264. 9
281. 0
300.0
81.8
349. 4
401. 6

8

Total

Interna- Health
Inand
tional income
terest Other
affairs security

as
ae
ai

15.8
18.3
19. 6
20. 6
22. 8
28. 1
31. 0
34. 6

2.0
6.9
7.8

49. 0
56. 1
70. 1
81.4
91. 8
106. 5
136.3
160.9
41.5
181. 1
191. 0

38.2
41.8

35.7
39. 3
41. 8
48. 8
53. 9
51.7
66.4
76. 0
21. 5
91. 1
106. 8

1.6
1.7

53. 9
57.6

12.6
13.5

26. 1
29.2

3.9
3.5
4,8

5. 9
5. 1

7.2

Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates for calendar 1976, Federal receipts rose $43.7 billion and expenditures $31.1 billion,
yielding a deficit of $58.7 billion, or $12.5 billion less than in 1975.
BILLIONS OF DOLLARS
440

BILLIONS OF DOLLARS
440

400

160

160

SURPLUS

ill HI mi *xx

ww-

eai®i liii ^1^1

"1
\

-40

III1IIi
Ii1i1

-40

^

-80

-120

DEF1CIT

-80

-120

1968

1969

1971

1970

1972

1973

1?7 5

1974

197 6

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
I"ederal CSrovernm ent expeiiditures

Federal Ck>vernni(mt receip bs

Period

-p
,
Indirect
lr ersonal Corporate business
tax
and
Total nontax profits tax and
nontax
tax
receipts accruals
accruals

Fiscal year:
1974.
271. 9
283.2
1975
1976
313.6
Calendar
year:
1972
227.5
1973
258. 3
1974
288.2
1975
286.5
1976 v
330.2

Surplus
or
Subsidies Less : deficit
GrantsWage
ContriPurin-aid
less
(-),
current accruals national
butions
chases Trans- to State Net
Total of goods fer pay- and interest surplus of less
for
income
social inand
ments local
paid Govern- disand
governsurance
ment en- burse- product
services
terprises ments accounts
ments
-0. 2
-.4
.0

-7. 1
-46.3
-59.4

122. 6
127.3
137.2

43.8
41.6
51.0

21. 4
22. 1
24.5

84. 1 278.9
92.2 329.5
100.9 373.0

104.8
119.0
127.2

104.7
134. 1
156.7

41. 6
48.3
57. 5

19. 8
21.9
25. 8

7. 9
5. 7
5.8

108.2
114.6
131.2
125. 7
145.3

36.6
43.0
45. 6
42. 6
55.6

20. 0
21.2
21.7
23.9
23.5

62. 8
79.4
89. 8
94. 3
105. 8

244.7
265.0
299. 7
357. 8
388.9

102. 1
102.2
111.6
124.4
133.4

83.2
95. 8
117. 6
148. 9
162.2

37.5
40.6
43.9
54.4
60.2

14.6
18.2
20.9
23.5
27. 5

7.8
8.2
5.2
6.5
5.6

.5
.0
-. 5
.0
.0

-17.3
-6.7
-11.5
-71.2
-58.7

1975: III__ 297.7
IV___ 306.7

130.5
135. 1

47.4
49.4

25.2
25. 5

94.7 363.7
96. 6 376. 0

124.6
130.4

152. 1
154. 9

56.8
58.0

23. 6
25. 6

6.7
7. 1

.0
.0

-66.0
-69.4

1976: !____ 316. 5
11
324.6
III_. 333.8
IV *>_

137. 7
141.9
147. 2
154. 5

53. 1
54.8
56.2

22. 8
23.3
23.8
24. 1

380. 3
378.7
391. 1
405.6

129. 2
131.2
134.5
138.9

160. 3
158.7
163. 1
166.5

58. 8
56.3
60.1
65. 5

26. 6
27.4
27.7
28.4

5.4
5.2
5.6
6.3

.0
.0
.0
.0

-63.8
-54.1
-57.4

102.9
104. 6
106. 6
109.3

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.

34




INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]

Iadustrial producjtion (seiisonally adjuste<1)

Period
United
States

1970
1971
1972
1973
1974
1975
1976
1976: III__
IV__
Oct.
Nov
Dec

108
110
120
130
129
118
130
131
132
130
132
133

Canada

Japan

114
123
132
143
147
140
146
147
147
145
147
148

GerFrance many

152
156
167
197
189
168

124
132
142
150
154
140

193

156

192
196

153
157

Italy

135
137
142
153
150
142
151
150
153
157
152
150

Coiisumer prices (uinadjuste d)

United United
King- States
dom

118
115
119
134
141
128

111
111
113
122
120
114

144

115

144

116
116

Canada

GerJapan France many

116
121
125
133
148
161
171
172
174
173
174
174

112
116
121
130
145
160
172
173
176
175
176
176

120
127
133
149
183
205
224
225
232
230
231
234

175

178

236

117
124
131
141
160
178
195
197
203
201
203
204

109
115
121
130
136
144
151
152
152
152
152
153

Italy

109
114
121
134
160
187
218
221
235
231
236
239

United
Kingdom

118
128
138
150
174
217
253
255
267
263
267
270

1977: I— _

Jan

132

154

Sources: National sources as reported by Department ol Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.

U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc]landise imports

Merch andise e sports

Period

Domestic; exports
Total
domesFood, Crude
tic and
bever- mate- Manufacforeign Total i 2 ages,
Total 2
rials
extured
and to- and
ports
goods
bacco fuels

F.a.s. valu e 5
Monthly
average:
1973
1974

Food, Crude
bever- mate- Manufacages,
rials
tured
and to- and
goods
bacco fuels

Total
(c.i.f.
value) 4

Mercshandise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
less
imless
ports
im- imports
(c.i.f.)
(cusports
toms (f.a.s.)
value)

Custom s value

5,902
8, 159

5,811
8,045

1,078
1,269

895
1,317

3,728
5,294

5,790
8,416

8, 159
1974.-.
8,928
1975 ...
9, 567
1976
1975: Dec_-_ 9,250
9,097
1976: Jan
8,798
Feb
8,938
Mar
9, 386
Apr
May. _ 9,563
9,713
June
July. _ 10, Oil
9,687
Aug
Sept__ 9,872
Oct-__ 9, 728
Nov__. 9,625
Dec___ 10, 515

8,045
8,803
9,428

1,269
1,399
1,436
1,409
1, 510
1,337
1,305
1,521
1,427
1,439
1, 563
1, 615
1,437
1,598
1,257
1,272

1,317
1,266
1, 341
1,222
1, 223
1, 136
1, 161
1,281
1,378
1,337
1,370
1,250
1,501
1,503
1,501
1,462

5,294
5,913
6,437
6,291
5,965
6,034
6,075
6, 187
6,427
6,553
6,661
6,566
6,507
6,266
6,578
7,364

8,354
8,010
10, 057
8,522
9, 176
8,941
9,609
9,596
9, 182
10, 095
10, 849
10, 446
10, 650
10, 406
10, 531
11, 066

1
Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
s Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.




Gen eral imp orts

3

770 1,120
892 2, 653
F.a.s. ^value 5
892 2,672
827 2,716
991 3,456
825 2,852
872 3,233
889 2,913
1,053 2,885
896 3,492
932 2, 759
1,062 3,410
1,068 3,882
982 3, 758
994 3,724
943 3, 760
1,012 3,909
1, 153 3, 775

3,750
4,684

4, 602
4,257
5,398
4,582
4,714
4,782
5, 186
5,307
5, 196
5,338
5,722
5, 513
5,624
5,528
5,687
5,861

112
-257

-195

-229
—841

9, 000 -257
852
8,616
10, 797 -582
671
9, 161
9,880 -138
9, 593 -215
10, 303 -754
10, 302 -309
267
9,873
10, 891 -521
11, 650 -928
11, 219 -849
11, 448 -888
11, 149 -745
11, 282 -1,000
11, 838 -649

-195
918
-489
728
-79
-143
-671
-209
380
-383
-839
-759
-778
-678
-906
-551

-841
312
-1,230
89
-783
— 794
— 1,365
—915
—310
-1,178
— 1,640
— 1, 532
— 1, 576
-1,421
-1,657
-1,323

6,131
9, 000

s 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. INTERNATIONAL TRANSACTIONS
The U.S. trade balance registered a $9.6 billion deficit in 1976 compared with a $9.0 billion surplus in 1975. The
shift in the U.S. trade position largely reflected the recovery and was partly offset by rising receipts on services and
investment earnings.
BTLUONS OF DOLLARS

BILLIONS OF DOLLARS
6

6

BALANCE ON GOODS
AND SERVICES

1971

1970

1968

1973

1972

1976

1974

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL Of ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Merchandise

Period

Exports

1970
1971
1972
1973
1974
1975
1976"

Imports

Netiitivestment i ncome

Milit*iry transactions

12

Net
balance

Direct
expenditures

42, 469 -39,866 2,603 -4, 855
43, 319 -45, 579 -2,260 -4,819
49, 381 -55, 797-6,416 -4, 784
71, 410 -70,499
911 -4, 629
98, 310 -103,679 -5,369 — 5,035
107, 088 -98, 058 9,030 -4, 780
114, 515 -124, 072 -9, 557

Sales

1,501
1,926
1, 163
2,342
2,952
3,897

Net
balance

Private z

U.S.
Government

— 3,355 3,631 -112
— 2,893 5, 659 _956
-3,621 6,208 -1,888
-2, 287 8, 188 -3,010
-2, 083 13, 461 -3,234
— 883 9,430 -3,423
AOC

Net
Baltravel
Other ance
and
on
trans- serv- goods
porta- ices,3 and
net
tion
serv-J
receipts
ices

— 2,023 2, 190 2,938
-2, 315 2,509 -256
-3, 028 2, 789 -5, 954
-3,086 3, 188 3, 905
-3, 107 3, 919 3, 586
-2, 503 4,666 16, 316
1, 125
1,146
1, 187
1, 205

1975: I
II____
III
IV_

27, 018 -25, 570
25, 851 -22, 568
26, 562 -24,483
27, 657 -25,437

1,448 — 1,317
3,283 -1,185
2,079 -1,093
2,220 -1, 185

915
807
978
1, 197

-402
-378
-115
12

2, 109
2,349
2,487
2,485

— 818
-805
-815

-687
—498
— 568
-750

1976:1
II.™
Ill p.
IV»__

26, 782 -28, 542-1,760 -1, 150
28, 371 -29, 803 — 1, 432 -1,219
29, 536 -32,647 -3, 111 -1,221
29, 826 -33, 080 -3, 254

1, 145
1,073
1,587

-5
-146
366

3,066
3, 195
3,480

-787
-735
-768

-754 1,212
— 396 1,161
— 485 1,309

1
Excludes military grants.
2
Adjusted from Census data
8

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




—~ «7O«J

2,608
5,084
4,265
4,357

RemitBaltances,
penance
sions,
on
curand
other
rent
uniaclateral count
transfers^
~3, 294 -356
-3,701 -3,957
-3, 848-9,802
22
-3,883
-7, 184-3, 598
-4, 620 11,697
-1, 179
-1, 146
- 1, 044
-1,251

1,429
3,938
3,221
3, 106

1,058 -1, 118
-60
-920
1,736
816
869 -1,925 -1,056

NOTE.—Merchandise trade data revised for 1976. Other data to be revised later.
Source: Department of Commerce, Bureau of Economic Analysis,

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the third quarter foreign assets in the United States rose $8.5 billion largely due to a sharp increase in liabilities to
private foreigners and international institutions reported by U.S. banks. \J.S. assets abroad increased $8.9 billion,
down nearly $1 billion from the second quarter.
BILLIONS OF DOLLARS
15

BILLIONS OF DOLLARS
15
SEASONALLY ADJUSTED

10
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET

10

/\

A

-to

-10

-15

-15

1970

1969

1968

1976

1972

1971

COUNCIL OF ECONOMIC ADVISERS

SOURCE. DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S3. assets abroad, Etet
[incr.esise/eapital outflow (-)]

Period
Total

1970
1971
1972
1973.
1974
1975
1976"-

Other
U.S.
U.S.
Govern- private Total
ment
assets
assets

Foreign official
ass ets

Total

2,477 — 1,589 -6,920 5,923
-6, 032
2,348 -1,884 -10, 060 22, 445
-9,596
32 -1,568 -8, 708 21, 127
- 10, 245
-16,434
209 -2, 645-13, 998 18, 519
-33,392 -1,434
365 32, 323 32, 433
-607 — 3,463 27, 523 15, 326
-31,593
-2,530
__-

1975: !_---_
II
III....
IV_.__
1976:1
II
III
IV

Uq
official
reserve1
assets

Forei gn assets in the U.S., net
[incr ease/eapit al inflow '(+)]

-8,001
-7,943
-4,411
-11,238

-325

-29

-342
89

-899 -6, 777
-840 -7, 074
772 3,297
-952 -10, 375

-984
7, 362
27, 405 -4, 450
10, 322 10, 422
5, 145 12, 220
10, 257 21, 452
8,427
5, 166
13, 052

3,402
2,958
2,837
1,913
3,907
2,331
2, 708 -1,606 -1,977
2,272
5,874
2,771

— 565
1,576
4, 313
3,103

3,942
4, 105
3,013

1,454
3,225
5,458

-773
-684 -8, 550 5,396
-10,007
-9,875 -1,578 - 1, 009-7,288 7,330
-407 -1,454 -7,040 8,471
»__ -8, 901
228
»

i Consists of gold, special drawing rights (SDR), convertible currencies, and
the IJ.S. reserve position in the IMF.




6,907
26, 895
10, 705
6, 299
10, 981
6,899

Other
Assets of foreign
foreign
assets
official
reserve
agencies

2,460
3,308
1,258
6,026

Statistical
discre pancy
Allocations
of
nTr»tal
special
drawing
the
rights
items
(SDR) with
sign
reversed)

U.S.

official
reserve
assets,
1

Of
which : net
Seasonal (unadadjust- justed,
ment
end of
discrep- period)
ancy

-402
867
717 -9, 609
710 -1,790
-2, 107

14, 487
12, 167
13, 151
14, 378
15, 883
16, 226

3,735
1,328
98
— 39
-1,517 -2, 561
2,258
1,275

16, 256
16, 242
16, 291
16, 226

4,557
4,570

4,671
1,349 16, 941
1,729
-76 18, 477
1,485 -2, 829 18, 945
18, 747

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.

37

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GOVERNMENT PRINTING OFFICE

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Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
-. _ _. _

~..~..-,...... _ _ ...... .^.
.. _. ^.
..._.__._. _ _
_ _.
.__._..
~~~~~.
.
.
.-..-._._.....

....

1
2
2
3
3
4
4
5
6
7
8
9
10

. _ ... ^ .
....~

_..

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy

.
_..-..-. _..-..-.....-.
-...........
..~
„.
..............................^

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and New Orders—

_.'„

...
»-

._..
.-.»..........-.

.

.

.-..............
-........_ _. -. _......

17
18
19
19
20
21

PRICES
Wholesale Prices
Consumer Prices.
Changes in Wholesale Prices.
Changes in Consumer Prices
Prices Received and Paid by Farmers

... ~ ...-..-.....-.»-. -.
..

_ ...'......
.. ..-.

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer 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
_ _ _ ............. ^.

-....... -. -...................
~....,~..........~. -..-._.
......._...
_ ....
.-... -.....-. -..- ....-.......

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function ~
Federal Sector, National Income Accounts Basis.

_. _. _..
-..-. .^ *-. _..~..

-. — ~ ^.. .
-..........,~.

32
33
34

Industrial Production and Consumer Prices—Major Industrial Countries........ -. _. -..~.
-. ^. -. -. ^. ^. ^. ^.. -. ^. ^. ^.
U.S. Merchandise Exports and Imports. .................. „-. _........... ^..-..-. ^. ^..._. ^.. _. ^..-. -. ^. ^..-. ^ ^.. ^.. _ »_ ^, ^. ^..
U.S. International Transactions
^.. _.... _. ^..
^..
^. ^^. ^.^^^.^.^^

35
35
36

.-.... _ .

,.

INTERNATIONAL STATISTICS

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38




».S. GOVERNMENT PRINTING OFFICE: 1977