Status of the Labor Force

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

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The following is plain-text output generated by Optical Character Recognition. 95th Congress 1st Session Economic Indicators July 1977 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong RICHARD BOLLING Missouri Chairman HUBERT H HUMPHREY Minnesota Vice 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 PUBLIC LAW 120 81sx Congress CHAPTER 237 1st SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 85 cents a single copy or by subscription at 10 10 per year 2 55 additional for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 II TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the second quarter gross national product rose 58 2 billion or 13 5 percent both at annual rates Real output GNP adjusted for price changes increased at an annual rate of 6 4 percent and the implicit price deflator rose at a 6 6 percent annual rate BILLIONS OF DOLLARS RATIO SCALQ BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS GNP NP IN 1972 DOLLARS SOURCE DEPARTMENT OF COMMERCE 1977 COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Gross na Period tional product Personal Gross conprivate sump domestion tic exinvestpendment itures Export s and imp orts of gooc s and serdees Net exports III IV I i This category corresponds closely with budget outlays for national defense shown on p 33 Final sales Total II State and local Imports services Federal National defense l Exports Go ernment purchases of goods and Total Nondefense NOTE Data revised beginning 1974 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 Gross i rivate domestic iiivestmenl Governinent pure hases of good s and services Exp orts of gc ods aiad service s Personal conGross national sumption product expenditures Nonresidential fixed Residential fixed I II III IV I II Period Change in busiNet ness in exports Exports Imports ventories Total Federal State and local Final sales IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT j Persona consump tion expeiiditures Period Gross national product Total Gross i rivate dom sstic invest ment NonDurable j durable Services Nonresidential goods fixed goods Residential fixed Expor bs and imports of goods and services Governnlent purchases c f goods and se rvices Exports Imports Federal State and local I II III IV II NOTE Data revised beginning 1974 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 iaational p roduct Constant 1972 dollars Current dollars Period Implicit price deflator Gross c iomestic i roduct Fixedweighted price index 1972 weights Chain price index Constant 1972 dollars Current dollars Implicit price deflator Chain price index Fixedweighted price index 1972 weights II Ill IV II v NOTE Annual changes from previous year and quarterly changer from previous quarter Data revised beginning 1974 Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Period Gross d omestic prodt ict of nonfin ancial corp srate business billk ns of doll ars C urrent do liar cost abnd profit per unit of outpu t dollars Total cost and profit 2 Capital consumption Comallowpenances Indirect sation with business of capital taxes 3 employconees sumption adjustment Net interest Corpc rate profits with invent Dry valua Dion and capil al consuniption s djustmen ts Total Profits tax liability Current dollars 1972 dollars II III IV I Output is measured by gross domestic product of iionfinancial 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 Indirect business tax and nontax liability plus business transfer payments less subsidies 1 Profits after4 tax ComOutput penper sation hour per of all hour employof all ees employ 1972 ees dollars dollars With inventory valuation and capitalconsuniption adjustments NOTE Data revised beginning 1974 except for output and compensation per hour which will appear next month Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates Period National income Propri etors incom 3 with inventor y valuation and capital consuloption adjust ments Compensation of employeesl Farm Nonfarm Rental with capital consumption adjustment Corpor ate profits with inv entory va uation and capital co nsumptioii adjustments Profits with inv 3ntory valuat ion adjus tment and without ca pital consum ption adjiistment Total Total Profits before Inventory valuation adjustment tax Capital Net coninterest sumption adjustment II III IV II Source Department of Commerce Bureau of Economic Analysis iIncludes employer contributions for social insurance See also p 5 NOTE Data revised beginning 1974 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Retail sales of new passenger cars nlilliona of uilite Nondurable goods D urable goo ds Tntfl personal consumption expenditures Total durable goods l Motor vehicles and parts II III IV II Period Total includes other items not shown separately NOTE Data revised beginning 1974 Furniture and household equipment Total nondurable goods 1 Services Clothing and shoes Gasoline and oil Food Domestics Source Department of Commerce Bureau of Economic Analysis Imports SOURCES OF PERSONAL INCOME Personal income rose 10 4 billion annual rate in June compared with an increase of 8 6 billion revised in May Wage and salary disbursements were up 4 8 billion in June following a 7 8 billion rise in May Dividends rose 2 3 billion in June due to an extra payment by a large automobile manufacturer BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 1 600 T WAGE AND SALARY DISBURSEMENTS OTHER INCOME U TRANSFER PAYMENTS I I 1 I I I I I M t I I f f f M I I I t iI i f t f 11 f f 11 f f i t f SEASONALLY ADJUSTED ANNUAL RATES COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars monthly data at seasonally adjusted annual rates Period Wage rsf income3 Rental Total and Other Proprietc income personal salary labor of income disburse income12 Farm Nonfarm persons 4 ments l Dividends Persona Transfer interest payincome ments5 Less Personal contributions for social insurance Nonfarm personal income Oil The total of wage and salary disbursements and other labor income differs Personal income exclusive of farm proprietors income farm wages farm other from compensation of employees see p 4 in that it excludes employer contribu labor income and agricultural net interest tions for social insurance and the excess of wage accruals over wage disbursements 2 Consists of employer contributions to private pension health and welfare NOTE Data revised beginning 1974 funds workmen s compensation directors fees and a few other minor items With inventory valuation and capital consumption adjustments Source Department of Commerce Bureau of Economic Analysis With capital consumption adjustment 6 Consists mainly of social insurance benefits direct relief and veterans payments June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June ao DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the second quarter BILUONS Of DOLLARS RATIQSCAL B1LUONS OF DOLLARS RATIO SCALQ 400 DOLLARS RATIO SCALE 400 DOLLARS RATIO SCALE PER CAPITA DISPOSABLE PERSONAL INCOME CURRENT DOLLARS DOLLARS i 2 000 i 1969 i SEASQNALLY 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 outlays 1 Per capita disp sable persona I income Equals Personal saving Current dollars Billions of d ollars dollars Per cap ita personal c jnsumption exp enditures Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population thou 2 sands Dollars f Seas onally ad usted ann ual rates II II III IV Includes personal consumption expenditures interest paid by consumers to2 business and personal transfer payments to foreigners net Includes Armed Forces abroad Annual data are for July 1 through 1973 and are averages of quarterly data beginning 1974 Quarterly data are for middle of period NOTE Data revised beginning 1974 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the second quarter farm income excluding inventory change rose 0 7 billion annual rate Including inventory change the rise was 0 5 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS RATIO SCALQ RATIO SCAI NTT FARM INCOME INCLUDING NET INVENTORY CHANGE SIASONALIY ADJUSTED ANNUAL HATES SOURCE DEPARTMENT Of A COUNCIL OF ECONOMIC ADVISERS Quarterly data at seasonally adjusted annual rates Persona 1 incomereceived ncome re ceived from f armin g by total farm po pulation Realizt d gross Net inc ome per Net t farm farm incl uding net3 oper ators Casti receipts from inventor f change Period imarketings From From From Produc Exclud Includall farm nonfarm Total1 tion ex ing net ing net Livesources sources sources penses inven inven Current 1967 4 stock Total Crops tory 2 dollars dollars and tory change change products Dol lars Billioris of dollars I II IIL IV II p Cash receipts from marketings Government payments and nonmoney inome furnished by farms 2 Inventory of crops and livestock valued at the average price for the year s Based on Census of Agriculture definition of a farm The number of farms is leld constant within a year Income in current dollars divided by the index of prices paid by fanners for family living items on a 1967 base As of January 1977 movement is based on the overall change in the consumer price index NOTE Data revised beginning 1974 Source Department of Agriculture CORPORATE PROFITS According to revised estimates profits before tax rose 6 9 billion annual rate in the first quarter while profits with inventory valuation adjustment rose 3 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profit before tax wit i invent ry valu ttion Pro fits after adjustn lent Domesstic indu stries Profits Tax N onfinanc lal Period before liaDivitax bility Total dends Total WholeManu sale Total Financial Total 3 facand turretail mg trade I Ill IV I 40 3 II 1 See p 4 for profits with inventory valuation and capital consumption adjustments 2s Includes rest of the world not shown separately Includes industries not shown separately 8 1977 tax Undistributed profits NOTE Data revised beginning 1974 Source Department of Commerce Bureau ol Economic Analysis Inventory valuation adjustment IBROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment rose 6 3 billion annual rate in the second quarter as purchases of producers durable equipment increased 3 9 billion and investment in structures rose 2 3 billion Residential investment increased 9 0 billion Inventory investment amounted to 19 7 billion up 5 9 billion from the first quarter level 300 GROSS PRIVATE DOMESTIC INVESTMENT BILLIONS OF DOLLARS RATIO SCALE 120 NONRESIDENTIAL FIXED INVESTMENT BILLIONS OF DOLLARS RATIO SCAL 220 PRODUCERS DURABLE EQUIPMENT STRUCTURES I t 1 I 1 I 1 1 f I 1 1 I I I I I f I I I BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS 40 CHANGE IN BUSINESS INVENTORIES 20 v I i i i i SEASONAUY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISIRS Billions of dollars quarterly data at seasonally adjusted annual rates Noriresident ial fixed investmejnt Gross private domestic investment Period Struc tures Total Prodiicers dur able equip ment Total I II III IV 1977 I II OTE Data revised beginning 1974 Nonfarm Total Total Nonfarm tures Nonfarm Resid ential fix investment ed Pfrt Farm ducers struc durtures equipment Change in business in entories Total Source Department of Commerce Bureau of Economic Analysis Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 12 3 percent in 1977 according to the Commerce April May survey slightly more than the expected increase reported in March BHJJONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE rOTAL N W PLANT AND EOAflPMENl V 1970 SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE fBillic ns of dol are quanterly data at seasor ally adj jsted an nual rate s Starts c f plant and eqilipment I projesets E spenditur 3S for plarit and equ ipiaent M umfactur ng Period Total I II 118 12 III IV I 130 16 II IS f 46 III IV Total SB en f Durable goods S8 SO S8 59 N onmanul aoturing Nondurable goods IS SS SS SO S3 48 S3 74 Total tional and cultural service and nonprofit organizations These figures do not agree precisely with the no 11 residential fixed investment data in gross national product estimates mainly because those data include investment by farmers professionals nonprofit institutions and real estate firms and certain outlays charged to current account 1 Includes trade service construction f nance and Insurance 10 Trans Public Mining porta utilities tion S SS 73 Communication IB Commercial and 2 other Manufacturing SS Public utilities Starts are estimated by adding cbanf es In carryover to expenditures durtns given period Expenditures estimates based on expected capital expenditures as reported by business in late April and May 1977 N OTE Annual total is the sum of unadjusted quarterly totals Estimates as noted in footnote 4 include adjustments when necessary for sys tematic biases in expectations data Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment increased by 271 000 in June and untmployment rose by Since October 1976 civilian employment has increased by 2 9 million and the civilian labor force has increased by 2 3 million M1L1ONS OF PERSONS 100 MILLIONS OF PERSONS 100 0 L I I I I i t l I I I I I I I I I I I I I I ILI I I I I I I I II III III I1 J YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR COUNOL OF ECONOMIC ADVISERS n thousands of Period Noninstitutional population Civilian Unememploy ployment ment June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Persons u nadjusted person s 16 years of age a nd over Total labor Civilian force includ labor ing force Armed Forces Unempl Dyment Civilian e mploymeELt Nonagri cultural T t 1 Agricultural Tntal Part time for economic reasons l Tnt fll Labor 1 rorce partici15 weeks I pation and rate over I per 2 cent Seas anally adjusted i Oil at work in nonagricultural industries Total labor force as percent of noiiinstitutional population 16 years of age and over Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES The unemployment rate rose in June by 0 2 percentage point to 7 1 percent Most of the increase took place amons adult women but the teenage unemployment rate also rose The rate for adult males fell PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR 1977 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Uneniploymeiit rate percent of civilianL labor fo rce in gr oup By s ex and a ge Total all civilian workers Period June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June Men Women Both 20 20 sexes years years 16 19 and and years over over IS Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 I5y select ed group s B y x lor White ExpeBlack rienced House Fullwage time and hold and other salary heads workers workers Source Department of Labor Bureau of Labor Statistics Parttime workers Labor force time lost percent SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS The rise In seasonally adjusted unemployment of 212 000 in June was accompanied by an increase in the proportion of newly unemployed less than 5 weeks and a decrease in the proportion unemployed more than 15 weeks PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 0 JOB LOSERS r K REENTRANTS X JOB LEAVERS 15 26 WEEKS NEW ENTRANTS I I 1I M I IIII M I I SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Pereer it distribution of unemPerceiit distribution of unem State p rograms Insured l 1 plo yment by durati on unem Special ployment 3y reasoii unemployUnemment ployployall ment Period 27 Insured ment Less Reen New than 5 5 14 Job 15 26 weeks unem Initial regular benefit3 thou Job enproclaims ploy claims sands losers leavers trants trants weeks weeks weeks and grams 2 unadover ment unad justed justed Weejkly aver age thou sands r June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Detail 3 may not add to 100 percent because of rounding Includes State 50 States District of Columbia and Puerto Rico ex servicemen UCX Federal UCFE and railroad EB programs Also includes Federal and State extended benefit programs Does not include FSB Federal supplemental benefits and SUA special unemployment assistance 3 FSB and SUA These programs started January 1975 and regular reporting began March 1975 Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration I O lo NONAGRICULTURAL EMPLOYMENT Total nonagricuitural payroll employment rose by 135 000 in June as most major Industries showed inoraases The largest rise was in services Manufacturing employment was down for the first time since October MHUQNS Of PERSONS fcNLARGID SCALE MM UONS OF PERSONS n WHOLESALE AND RETAIL TRADE ALL NONAGR1CULTURAJ ESTABLISHMENTS SERVIGE ODUGNG INDUSTRIES UHwuaiiMKa I j I I LL1 J U 1 I i ft I t I J l Lt 1 I t M V 1 I T 11 1 l H I L f 1 1 lit M I I i i MANUFACTURING 50 r V r i frn M h fin 30 M M i l Ill I n M l GOODS PRODUCING INDUSTRIES CONTRACT CONSTRUCTION Mif jlin 20 I I 1 I I I I ill i 11 i LI 1974 M M f i t 1 IJ SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCH OF ECONOMIC ADVISERS Thousands of wage and salary workers l seasonally adjusted Groods prc ducing i ndustriesi Period S June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May p June 1 Total nonagricuitural employ Total 2 ment Contract construction Serviee pr oducing Industrie s Trans Whole Finance Gover nment portainsursale tion ance Services Total and NonState and and Total Durable durable Federal and public retail real goods goods trade estate local utilities Ma nufactur ing Hi i Includes all full and part time wage and salary workers in nonagriculturai establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors sell employed persons domestic servants and personnel oi the Armed Forces Total derived from this table not comparable with estimates of nonagricuitural employment ol the civilian labor force shown on p 11 which include proprietors self employed persons end domestic servants which count persons as employed when they 14 Oil 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 J Includes mining not shown separately Source Department oi Labcr Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Total private nonagricultural Period Overtime Total private nonagncultural 1 Manufacturing Manufa cturing Total Adjusted h ourly earnin gs index tc tal private nonagricultural 2 Averag e gross hourly eearnings Aver age weekly lours Percent ehtange from a year earlier 4 Index dollars 3 Current dollars Current dollars dollars n 1976 June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURMJ INDUSTRIES For production or nensupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Total prrvate nonagricu tural l Period Current dollars Jan Feb Mar Apr May June Current dollars Current dollars3 1967 dollars Is i Also includes other private industry groups shown on p Adjusted for interindustry employment shifts and for overtime in manufacturing 8 Current dollar index or earnings divided by the consumer price index Monthly changes based on indexes to two decimal places 93 688e 77 Retail trade June July Aug Sept Oct Nov Dec 1967 dollars 3 Contract construction Manufacturing Percent ohtmge from a year e arlier total pri ate nonagricuiltural Includes eating and drinking Based on unadjusted data a places Data no longer available Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS ECONOMY Hours of all pers ons2 Outp lit1 Output i er hour of all persons Compe nsation per h our 3 Unit labor COJ3tS Implieit price defla tor Total Private Total Private Total Private Total Private Total Private Total Private nonprinonprinonnonprinonnonprivate farm private private farm vate farm vate farm vate farm farm business business business business business business business business business business business business Period quai terly datei seasons lly adjust ed I II III IV III III IV I Perceiit change quarterlyy data at seasonal y adjuste d annual rates I II III IV I II III IV I Output refers to gross domestic product originating in the sector in 1972 dollars Hours of all persons in private industry engaged in production including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 8 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 16 Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Bevised data consistent with revisions in GNP estimates beginning 1974 will appear next month Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 7 percent in June following a 1 0 percent increase in May Contributing substantially to the June advance were automotive products business equipment and durable goods materials INDEX RATIO SCALE INDEX RATIO SCALE 160 UTILITIES AND MINING PRODIICTION TOTAL INDUSTRIAL PRODUCTION i A N T AVf V rl u UTILIT1ES v v i M Mi I I1 1 M I I H M 1 1 M 1 f JJ MANUFACTURING PRODUCTION PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total iiidustrial prodiiction Percent Period Index change 1967 from 100 year earlier 1967 proportion June July 8 5 Aug Sept Oct Nov Dec Jan Feb Mar Apr May June 1 Seasc nally adjiisted Indusibry produ ction ind exes M mufactun ng Total Durable Nondurable Mining Utilities S Output as percent of capacity 2 Annual data are averages of four monthly index 8 Quarterly data entered in last month of quarter Annual data are averages of quarterly data Manuf acturing capacity iitilization rate p ercent Federal Reserve sen es ComWharTotal merce ton Mate series 2 series 3 manurials facturing Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of Economic Analysis and Wharton School of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Prod ucts Final piroduets Total Total 1967 proportion June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr 9 May June Equip ment Corisumer go ods Period InternoLediate prod ucts NonDurable durable goods goods Total Business Total so Construction supplies Materials S Supplementary group Energy total 12 2S seasonally adjusted Diirable miinufactu res Primarjr metals Period Total 1 967 proportion June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June Iron and steel 4 21 Fabricated metal products chinery Electrical machinery Transp Drtation equip ment Total Motor vehicles and Lumber and products Print ChemAping icals parel and and prod pub prod Foods ucts lishing ucts parts S S S Source Board of Governors of the Federal Keserve System 18 Nonelectrical Non durable manufacl iures NEW CONSTRUCTION Construction contracts 2 Private Total new construction expenditures Period Resic ential Total Total 1 Commercial and industrial New housing units Other Federal State and local CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Bil lions of dollars ai Seasonally adjusted arinual rates 1976 May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Relates to 60 States beginning 1969 for value index and beginning 1971 for floor space I Seasonally Seasonally adjusted adjusted annual rates Note New construction expenditures data prior to 1973 not comparable with later data Series revised beginning 1974 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 Itfew privatehousing units Units started by type of striicture Period Total unit units or more units New private homes Vacancy rate for Homes for rental sale at housing end of units period l percent 2 Units authorized Units completed Homes sold Seasonally adjusted arinual rates 1976 June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June Seasonally adjusted Quarterly data entered in last month of quarter NOTE Seasonally adjusted units authorized revised beginning 1975 Source Department of Commerce Bureau of the Census BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business inventories rose 3 1 billion in May and business sales were about unchanged According to the advance survey retail sales showed virtually no change in June following a slight decline in May BILLIONS OF DOLLARS RATIO SCALfi BILLIONS OF DOLLARS RATIO SCALE SfASPNALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total biisiness l Wholesale Re tail Sales 2 Period C5 1 2 bales Inventories 3 C Invenbales tories 3 Tnfn 1 DurNonable durable goods goods stores stores In ventories TVitnl DurNonable durable goods goods stores stores Millions of doll ars seas onally aAdjusted May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June i 1 The term business also includes manufacturing see page 21 Monthly average for year and total for month Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories at end of month to sales for month 20 InventcDry sales rat io 4 Total business Retail NOTE Total and manufacturing sales revised beginning October 1976 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS1 SHIPMENTS INVENTORIES AND NEW ORDERS In May manufacturers shipments and new orders were little changed overall and inventories rose again According to preliminary June estimates durable manufacturers shipments rose 1 5 percent and orders fell 1 1 percent while orders in nondefense capital goods industries rose 5 0 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE INVENTORIES DURABLE GOODS BILLIONS OF DOLLARS RATIO SCALE NONDURABLE GOODS 40 RATIO 220 INVENTORY SHIPMENTS RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE ECONOMIC ADVlSiRS Manufac turers shipments1 Manufadburers in rentories2 Manufacturers new ore lers Durab le goods Period Total May June July Aug Sept O t c Nov Dec J n a F b e Mar Apr May June NonDurable durable goods goods Total NonDurable durable goods goods Total Millie ns of doll ars seasoilaHy adju sted Book vSue encfo f ifnd total for month Shipments are the same as sales 3 End of period For annual periods ratio of weighted average inventories to average monthly shipments for monthly data ratio of inventories at end of month to shipments for month Total ManufacCapital Nongoods durable turers indus goods unfilled orders3 tries nondefense Manufacturers inventory shipments ratio Note Total and durable shipments and new orders revised beginning OoSource Department of Commerce Bureau of the Census 21 PRICES WHOLESALE PRICES In June the wholesale price index fell 0 4 percent 0 7 percent seasonally adjusted Prices of farm products and processed foods and feeds declined 2 7 percent 3 6 percent seasonally adjusted Industrial commodities prices were up 0 2 percent 0 3 percent seasonally adjusted INDEX RATIO SCALE 1220 INDEX RAT1O SCALE 220 UNADJUSTED ISO 180 FARM PRODUCTS AND I PROCESSED FOODS AND FEEDS J ALL COMMODITIES j INDUSTRIALCOMMODITIES i i i f iMt t t f f M t t J i t i r lVt i f t 1975 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June Farm products Industrial and processed commodfoods ities and feeds Unadjusted Farm products T JrrOcessed foods and feeds A VJ U U C ui u u c iuuuatu u 5 aim ieeustujus piani anu animal nuers onseeas ana leaf tobacco 2 Includes supplies and components excludes intermediate materials for food manufacturing and manufactured animal feeds 22 Special gproupings Crude materials l Inter Producmediate er finmateished rials 2 goods Seasonally ad usted Consunaer finishe d goods ex sluding fo ods NonTotal Durable durable NOTE Data for December and year 1976 revised Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In June the consumer price Index rose 0 7 percent 0 6 percent seasonally adjusted Food prices increased 1 0 percent 0 8 percent seasonally adjusted Nonfood commodity prices rose 0 4 percent 0 2 percent seasonally adjusted and services prices were up 0 7 percent 0 8 percent seasonally adjusted INDIX 1W7 100 RATIO C Ut INDEX fRATSO 3CA FOOD COMMODITIES LESS FOOD I SOURCE DEPARTMENT OF LABOR 1977 COUNCIL OF ECONOMIC ADVISERS Period AI Items Food Commodities less food Food All Cornnnodities leSB food Services commodities All Food at home Food away from home All Unadjusted I Durable S able j I i 1 i I i i Seasonally adjusted 1976 June July Aug Sept Get 173 3 Nov Dec Jan Fob Mar Apr My a June Source Department of Later Bureau of Labor Statistics 23 CHANGES IN WHOLESALE PRICES Percent cllange from 3 montlis earlier Percent c hange from 6 mont as earlier seasonsilly adjussted annulJ rates season ally adjusted annua 1 rates Percen t change from pre ceding perio i season ally adjus ted l All Period Farm products commodities June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June Processed foods and feeds Farm products Industrial commodities All commodities Farm products Processed foods and feeds Industrial commodities All commodities Industrial commodities Processed foods and feeds Q Source Department of Labor Bureau of Labor Statistics Annual changes are from December to December unadjusted NOTE Data for December 1976 revised CHANGES IN CONSUMER PRICES Percen t change from preceding perio d seasontally adju sted l Period All items June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Food Commodities less food Services All items Food Commodities less food Services All items Food Commodities less food Services Annual changes are from December to December unadjusted 24 Percent c lange frc m 3 mont is earlier Percent c lange fro m 6 mont is earlier seasonsklly adjussted annu al rates seasonsilly adju sted annu al rates Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 5 percent in the month ended June 1 5 Contributing most to the decline were lower prices for soybeans cattle corn wheat vegetables and fruit Partially offsetting were higher prices for hogs and dairy products Prices paid by farmers were percent lower than their May 1 5 level INDEX RATIO SCALE PRICES RECEIVED ALL FARM PRODUCTS PRICES PAID ALL ITEMS INTEREST TAXES AND WAGE RATES I I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices iDeceived by farmers Period All farm products Crops Prices paid by farmers Livestock All items Family Producinterest and tion living taxes and products wage rates items items Index li 67 100 Parity ratio l Actual Adjusted June 15 July 15 Augl5 Sept P Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 1 Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base The adjusted parity ratio reflects Government payments made directly to farmers s Index discontinued Consumer price index Department of Labor substituted in calculating total prices paid beginning January 1977 NOTE Series revised beginning 1965 Source Department of Agriculture OC MONEY CREDIT AND SECURITY MARKETS MONEY STOCK MI grew at an annual rate of 5 0 percent i June aft growing at a rate ol 0 8 percent in May BILLIONS OP DQLLASS IKATIQ SCALI JUJQNS OF DOLLARS ATIO SOU SEASONALLY ADJUSTED SOURCE BOAID OF GOVERNORS OF THE FEDERAL USSEKVE SYSTEM COUNCM OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted except as noted Deposi s at coinmereiai banks Period M M2 M3 Currency May June Tim e and savings Demand Large CDs MI is currency plus demand deposits Ms is MI plus time deposits at commercial banks other than large certificates of deposit CDs and Mz is M 2 plus deposits at non bank thrift institutions 26 Deposits at Total 1972 Dec Dec Dec Dec Dec JuneJuly Aug Sept Oct Nov Dec Jan Feb Mar Apr Perc3ent chaiige 2 Compon ents and related i1 ems Over ill measiires J Other nonbank thrift institutions U S Government demand deposits unadiust M M2 ed Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate Eource Board of GoTerrors of the Federal Beserve system PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Averages of daily figures billions of dollars seasonally adjusted Curre ncy and leposits Total Currency Demand deposits a S June July Aug Sept Oct Nrv Dec 1977 Jan Feb Mar Apr May June Commercial banks Other private money market instruments Dec Dec Dec Dec Dec Dec Dec Negotiable certifiShort cates of Nonbank Savings term thrift deposit institu bonds marketable setions curities Time d epoaits Total liquid assets Period U S TJreasury sectiiities isas Source B ard of Governors tke Federal Reserve System NOTE Data rcTised besiiaiing October 1976 CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalm ent credit e tended Period Total Automobile May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Includes some items not shown separately Bank credit cards Instalmc nt credit liejuidated Total l Bank credit cards Total l Automobile Bank credit cards Automobile Net change in amount Dutstanding Source Board of Governors of the Federal Reserve System 27 BANK LOANS INVESTMENTS AND RESERVES Business loans at commercial banks rose at an annual rate of 16 6 percent in June after increases at a rate of 6 7 percent in May BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS INVESTMENT IN OTHER SECURITIES SEASONALLY ADJUSTED END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total loans Period investments June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar v Apr May June Data are for end of period 2 Averages of daily figures Annual 8 Billions of dollars seasonally adjusted except as noted Allcommercial b anks l Allni jmber ban ks Borrowi ngs milL Dans Investnaents Reserves 2 3 lions of dollars unadji isted 3 Total ex Commer U S Gov Other cluding cial and ReNonSeaernment secuTotal Total inter industrial securities borrowed quired sonal rities bank US 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 During 1974 total loans and investments were increased 0 6 billion due to 28 COUNCIL OF ECONOMIC ADVISERS i bank merger and were reduced 1 5 billion due to liquidation of a large bank4 Loan classifications reduced these loans by 1 2 billion as of March 31 1976Source Board of Governors of the Federal Eeserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses Pur External Period Total I II III IV 1976 I II III IV 1977 I Internal Credit Total Tntal chase market funds Longterm Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits 2 Stocks bonds and mortgages 3 Bank loans commercial paper finance company loans bankers acceptances and Government loans Other Shortterm s Total of physi cal assets Increase in financial assets 15 4 2as Discrepancy sources less uses Plant and equipment residential structures inventory investment and mineral rights Source Board of Governors of the Federal Reserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars Cur rent liabilities Ciirrent ass sts Ad period U S Govern Cash End of on Total hand and in banks l ment securities 2 Receivables from U S Government 3 vances Notes and accounts receivable Inventories current assets Total 4 and prepay Notes ments counts U S Govern Other pay and acable Federal income tax liabilities Other Net cur work rent capi liabilities 5 ing tal ment s I II III IV I III 791 8 IV I i Includes marketable investments other than Government securities and time certificates of deposit time certificates of deposit as well as sundry current assets Includes Federal agency issues fi Includes commercial paper outstanding the portion of long term debt due Receivables from and payables to the U S Government do not include in less than 1 year and miscellaneous current liabilities not elsewhere classified 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 Source Securities and Exchange Commission Wherever possible adjustments have been made to include U S Government advances offset against inventories on corporations books 1 2 Includes INTEREST RATES AND BOND YIELDS Short term interest rates have remained steady since May mem PER ANNUM PERCENT PHI ANNUM SOURCE see TAHE BELOW COUNCIL OF ECONOMIC ADVISiiS Percent per annum U S Gove rnment sectirity yields Period July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June July Week ended 1977 July Highgrade Corporate municipal Aaa bonds bonds Standard Moody s Poor s 4 3 month Treasury bills 3 5 year issues 2 Taxable bonds Rate on new issues within period Selected note and bond issues 8 April 1953 to date bonds due or callable 10 years and after Weekty data are Wednesday figures 1 Average effective rate for year opening and closing rate for month and week 30 Prime commercial paper 4 6 months Discount rate N Y F R 5 Bank S K KL K J4 514 Prime rate charged by banks J4 7H y l4 6 y 6M 6 6H gL gl Newhome mortgage yields FHLBB a ga i 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 Rates beginning January 1973 not strictly comparable with prior rates Sources Board of Governors of the Federal Reserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices continued to edge up slightly in July INDEX DEC INDEX DEC PERCENT PERCENT EARNINGS PRICE RATIO ON COMMON STOCKS S P SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION COUNCIL Of ECONOMIC ADVISERS Common s tock5yields perc ent Comrnon stock pirices 1 New York Stock Exeh ange indexe 3 Dec Period Composite Industrial Transportation June July Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr Mav June Week ended 1977 June 24 July Finance Utility Averages oi daily closing prices 2 Includes all the stocks more than 1 500 listed on the N YSE Includes 30stocks Includes500stocks Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on pricer at end of quarter 1977 Standard Dow Poor s composite Dividend EarningsJones industrial index ratio ratio average JSOTE 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 o I RECEIPTS OUTLAYS AND In the first 9 months of fiscal 1977 October 1976 June 1977 there was a budget deficit of 32 9 billion A year earlier the deficit was 47 7 billion BILLIONS OF DOLLARS 500 BttllONS OF DOLLARS 500 RECEIPTS AND OUTIAYS OUTLAYS SURPLUS OR DEFICIT I I TOO FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Federal debt end of period Receipts Period Outlays Surplus or deficit HPrtfal 1 Fiscal year or period Transition quarter 1977 estimates Estimates July 1977 2 Third Concurrent Resolution3 1978 estimates Estimates July First Concurrent Resolution 4 October 1975 June 1976 5 October 1976 June Excludes non interest bearing public debt securities held by IMF 2 Estimates from Mid Session Review of the Budget Office of Management and Budget July Third Concurrent Eesolution on the Budget Fiscal Year 1977 revised May Held by the public First Concurrent Resolution on the Budget Fiscal Year 1978 May First 9 months of fiscal year 1977 Note See Note p 33 Sources Department of the Treasury and Office of Management and Budget except as noted FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY In the first 9 months of fiscal 1977 October 1976 June 1977 budget receipts were 38 7 billion higher than a year earlier and budget outlays 23 8 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 RECEIPTS 200 INDIVIDUAL INCOME TAXES OUTLAYS s NONDEFENSE NATIONAL DEFENSE t A v I I l N h FISCAL YEARS SOURCiS DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Outlays Receipts Nationa defense Period Total Fiscal year or period Transition quarter 1977 i 1978 i Indi Corpovidual ration Other income income taxes taxes October 1975 June October 1976 June Total Total Department of Defense military tional affairs Health Inand income terest Other security income credit payments in excess of an individual s tax liability formerly treated Estimates from Mid Session Review of the 1978 Budget July First 9 months of fiscal year 1977 as outlays now classified as income tax refunds Deficit figures are not affected Note Figures beginning 1976 reflect recent definitional change Earned Source Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to revised estimates for the first quarter Federal receipts rose 20 4 billion annual rate and expenditures 3 3 billion yielding a deficit of 38 8 billion 17 1 billion less than the deficit in the fourth quarter of 1976 In the second quarter expenditures rose 9 5 billion receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS m 40 fyfyVM WA wa DEFICIT CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCH OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jrovernm ent receipts Period Indirect Personal Corpo business rate Total nontax profits tax and tax nontax receipts accruals accruals I ederal overnm ent expe nditures GrantsSubsidies Less ContriPurin aid less Wage butions chases Trans to State Net current accruals for Total of goods fer pay and interest surplus of less social inand ments local paid Govern dissurance services government en bursements terprises ments Surplus or deficit national income and product accounts Fiscal year Calendar year I III IV I II p NOTE Data revised beginning 197 L 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 Industria producrtion seiasonally ad justed Period United CanStates ada Nov Dec Jan Feb Mar Apr May June Japan France Germany Con sumer j riees uiiadjuste i United Italy King United States dom t Can Japan France ada Germany Italy United Kingdom Source National sources as reported by Department of Commerce Bureau of Economic Analysis in Business Conditions Digest U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Merc landise i mports Merch andise e cports Period i 1 Domesticj Total 1 Food domes 1 bevertic and 12 foreign Total ages and toexbacco ports Ge neral im 3orts exports Crude Food Crude mate Manubever mate2 rials rials facTotal ages and and to and tured fuels fuels goods bacco F a s valu e 5 Monthly average Total c i f value Custom s value June Julv Aug Sept Oct Nov Dec F a s value Jan Feb Mar Apr May June i Total excludes Department of Defense shipments of grant aid military supdies and equipment under the Military Assistance Program 2 Total includes commodities and transactions not classified according to kind 8 Total arrivals of imported goods other than intransit shipments C i f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates Mei ehandise5 trade balance Exports Ex f a s perts Exports less f a s f a s im1 SS less ports imimports cusports c i f toms f a s value Manufactured goods F a s free alongside ship value basis at U S port of exportation for exports and at foreign port of exportation for imports Note Data revised for 1976 except detail for exports and imports not yet available Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS The U S merchandise trade balance fell in the second quarter to a defict of 7 8 billion from 7 0 billion in the first quarter Although exports rose modestly imports registered a larger increase primarily due to a rise in oil imports BILLIONS OF DOLLARS BIIUONS OF DOLLARS I 1977 COUNCIL OF ICONOM1C ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted Mejrchandise Period Exports Imports 12 Net balance Militstry trans actions Direct expenditures III IV I II III I V T II Sales Net balance Private 3 U S Government Excludes military grants 2 Adjusted from Census data for differences in timing and coverage 3 Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from net investment income and included in other services net 36 Net iiavestment i ncome Nettravel Other and trans servporta ices net 3 tion receipts Balance on goods and services l Remittances pensions and other unilateral transfers 1 Balance on current account Note Merchandise trade data revised for 1976 Other data to be revised late Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued U S assets abroad fell in the first quarter and foreign assets in the United States grew much more slowly than in 1976 as year end window dressing and movements of funds in response to temporary interest rate incentives were reversed Foreign official assets in the United States continued to expand strongly BILLIONS OF DOLLARS BILLIONS OF DOLLARS I SEASONALLY ADJUSTED CHANGE IN FOREIGN ASSETS IN THE U S NET SOURCEs DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted UJ3 assets abroad rlet mere ise capita outflow Period Total U S official reserve assets 1 z Other U S U S Govern private ment assets 2 assets Forei gn assets in the U S net inert ase eapit il inflow HP Foreign official assets Total Total I I I IV Consists of gold special drawing rights SDH convertible currencies and voe U S reserve position in the IMF 2 Quarterly data are not seasonally adjusted I II I I I IV Other Assets of foreign foreign assets official reserve agencies Statistical discre pancy U S Allocaofficial tions reserve of Of assets Total special sum of which net 1 drawing Seasonal unadthe rights adjust justed items SDR with sign ment end of reversed discrep period Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFFICE 379 DIVISION OP PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AND SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment M M M M M M M M M M M M M M M M M M M Status of the Labor Force Selected Unemployment Rates M M Selected Measures of Unemployment and Unemployment Insurance Programs M M Nonagricultural Employment M M Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries M M M Average Weekly Earnings Private Nonagricultural Industries M M Productivity and Related Data Private Business Economy EMPLOYMENT UNEMPLOYMENT AND WAGES 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 M M M M M M M M M M M M M PRICES Wholesale Prices Consumer Prices Changes in Wholesale Prices Changes in Consumer Prices Prices Received and Paid by Farmers M M M M M M M M M M M M M M MONEY CREDIT AND SECURITY MARKETS Money Stock M Private Liquid Asset Holdings Nonfinancial Investors MM MM MMMM Consumer Instalment Credit Bank Loans Investments and Reserves M M Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business M M M M M M M Current Assets and Liabilities of Nonfinancial Corporations M Interest Rates and Bond Yields M M Common Stock Prices and Yields M M M w FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt MM M MMM Federal Budget Receipts by Source and Outlays by Function M M M M M M M M M M Federal Sector National Income Accounts Basis M M INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports M M U S International Transactions M M For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 85 cents single copy Subscription price 10 30 per year 2 55 additional for foreign mailing 38

Status of the Labor Force

DATE: July 1977

PART OF:

Economic Indicators : July 1977

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Status of the Labor Force," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "July 1977," Economic Indicators (July 1977) : 13-13. https://fraser.stlouisfed.org/title/1/item/215/toc/231368 , accessed on December 14, 2019.

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Economic Data