Personal Consumption Expenditures

Name: Personal Consumption Expenditures
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 October 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 81sT Congress CHAPTER 237 1st SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators TLesolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 85 cents a single copy or by subscription at 10 10 per year 2 55 additional for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON B C TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the third quarter gross national product rose 41 4 billion or 9 2 percent both at annual rates Real output GNP adjusted for price changes increased at an annual rate of 3 8 percent and the implicit price deflator rose at a 5 1 percent annual rate BUJJQNS OF DOLLARS RATIO SCALE BILLIONS Of DOLLARS RATIO SCAI SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVtSEfcS Billions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures Gross private domestic investment Go ernment purchases of goods and Expon and imi orts of gooc is and ser vices services Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final sales seas I II Ill a I III IV This category corresponds closely with budget outlays for national defense shown on p 33 Source Department of Commerce Bureau of Economic Analysis GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Exp orts of gc ods Gross ixrivate domestic iiivestmenlb aittd serviceJS Personal i conGross Change national sumpNonResi in busition product Net resiexpend dential dential ness in exports Exports Imports ventofixed itures fixed ries Period Govern nent pureshases of gooc s and ser vices Total Federal State and local T7I 1 U mai sales I II III IV I II III IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Gross national product Period Persona consumption expe aditures Total ui NonNonresdurable Services idential goods fixed Governnaent purchases 3f goods and sf rvices Exports Imports Federal State and local a3 1976 I m II III IY Source Department of Commerce Bureau of Economic Analysis Residential fixed Expor ts and imports of goods and sc rvices I II III r k Gross private dom estic mves jBient CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Gross rlatioaal product Period Constant 1972 dollars Current dollars I II Ill IV b III Cliain price index S S 6 II 5 1 iron previous year anfl quarterly changer from pre NOTE Annual vtous quarter Fixedweighted price index 1972 weights S Implicit price deflator Gross clomestic iiroduct Constant 1972 dollars Current dollars Implicit price deflator Chain price index Fixedweighted price index 1972 weights S S G o Sourer Department of Commerce Bureau of Economic Analysts NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Period Gross d ornestic prodiict of nonfin ancisl corp Drate business bil ic ns of doll ars Ourrcnt dollars 1972 dollars S83 6 III IV II urrent do Uar cost a nd profit per unit of outpu t dollars i f1 Capital consumption ComallowpenTotel Net ances Indirect sation cost inbusiness with of and 3 profit capital taxes employ terest conees sumption adjustment fi Output Is measured by gross domestic product of nonflnancfal corporate usiness In 1972 dollars 1 Tills is eqim to the deflator for gross ijraoeslic product of Bonfinancial eororate business with the decimal point shifted two places to tbe left 1 Indirect business tas and nontax liability plus business transfer payments less subsidies Total Profits tax liability Profits after tax ComOutput penper sation hour Per of all hour employ of all ees employ 1972 ees dollars dollars US Corpt rate profi ts with invent ory valualJon and capit al consuniption j idjustmen ts With inventory valuation scd capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis and Department of I ftbor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates National income Period Propr etors moom e with inventor y valuation anc capital consuraption adjust meats Compensation of ployees l Farm Nonfarm Total Total Profits before tax Inventory valua Capital consumption adjustment as iae 1976 I II III IV I II III I iae iae Net interest adjustment sa 2 with capital consumption adjustment Profits with inv sntory valual ion adjus tment and f without ca pital consum ation adjtistment Corpor ate profits with inv entory va uation and capital oo nsuraptioii adjustm ents H ental 0 a e Source Department of Commerce Bureau of Economic Analysis t 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 Trtfftl Period personal consumption expenditures i Furniture and household equipment Total durable goods l Motor vehicles and parts II III rv I II Ill ft eias Total includes other items not shown separately Retail sales of newpsissenger ears noillions of uoits Nondura ble goods E urable goods Total nondurable goods 1 i Services Clothing and shoes Gasoline and oil G Food ieai Domestics Imports ae a ia4 Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income rose 12 0 billion annual rate in September following a 7 7 billion revised increase in August Wages and salaries were up 7 4 billion in September compared with a 2 6 billion increase in August Transfer payments rose 1 4 billion about the same as in August BILLIONS OF DOLLARS RATIO SCALE JILUON OF DOLLARS RATIO SCAI t t t 000 t CO WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFBl PAYMENTS M II It SEASONAU Y ADJUSTED ANNUAL RATES M I M t III I II 1 I II 1I Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June July Aug Sept Billions of dollars monthly data at seasonally adjusted annual rates 1 8 Wage Rental Total Other Proprieto rs income income and Divi Personal Transfer labor 12 personal salary payof 4 dends interest ments8 income disburse income income Nonfarm persons Farm ments I The total of wage and salary disbursements and other labor income differs rom compensation of employees see p 4 in that it excludes employer contribu With inventory valuation and capital consumption adjustments With capital consumption adjustment 1977 COUNCB OF ECOHOMtC ADVWEW SOURCEi OffAKTMENT OF GOMMStCE Period Less Per Nonsonal confarm tributions personal for social income 8 insurance Oil i soa Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the third quarter BILLIONS OF DOLLARS RATIO SCALE 1 400 BILLIONS OF DOLLARS RATIO SCALE i i SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Less Por Period sonal tax Perand sonal income nontax payments Equals Disposable personal income Less Personal outlays l Per cmpita disp sable persona 1 income Equals Personal saving Current dollars Bil lions of d ollars I dollars Per car ita personal c 3nsumption exp enditures Current dollars 1972 dollars Percent change in real per capita disposable personal income Savmg as percent of Populadispostion able thou 2 persands sonal income Dol lars Seas onally adj usted ann ual rates II III IV III Includes personal consumption expenditures interest paid by consumers to 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 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the third quarter farm income excluding inventory change fell 5 5 billion annual rate while income Including inventory change fell 4 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS RATIO SCALQ RATIO SCALE REALIZED GROSS FARM INCOME NET FARM INCOME INCLUDING NET INVENTORY CHANGE Nr 10 I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Quarterly data at seasonally adjusted annual rates Persona 1 incomereceived by total farm po pulation tncome re ceived fro m farming5 Realize d gross Period From From From all farm nonfarm Total1 sources sources sources II IIL IV 1977 1 II III Net inc me per Nettc farm farm incliiding net3 operja tors Cash receipts from inventoryr change rnarketing s Produc Exclud Includtion ex ing net ing net Livepenses inven inven Current 1967 stock Total Crops tory 2 dollars dollars tory and change change products Dollars Billioris of dolla rs Cash receipts from marketings Government payments and nonmoney inBorne furnished by farms 2 Inventory of crops and livestock valued at the average price for the year a Based on Census of Agriculture definition of a farm The number of farms Is held constant within a year Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base As of January 1977 movement is based on the overall change in the consumer price index Source Department of Agriculture CORPORATE PROFITS In the second quarter profits before tax rose 12 3 billion annual rate while profits with inventory valuation adjustment rose 15 2 billion BIIUONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES A t20 PROFITS BEFORE TAX PROFITS AFTER TAX IIIIIIIIMIIIIIIIII TAX LIABILITY UNDISTRIBUTED J L I 1972 SOURCE DEPARTMENT OF COMMERCE Period I II III IV 1977 I II in 1 I COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profits before tax with inventory valuation Profits after tax atgustnlent Dome stic indu stries i InvenTT Untory Profits Tax disN onfinanc ial valualiabefore tribDivition bility Total dends uted Total Whole tax adjustManu sale Total Finanprofment cial Total 3 faeand its turretail mg trade i i i See p 4 for profits with inventory valuation and capital consumption adjustments 23 includes rest of the world not shown separately Includes industries not shown separately 8 I 1973 PROFITS Source Department oi Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment rose 5 3 billion annual rate in the third quarter as purchases of producers durable equipment increased 3 7 billion and investment in structures rose 1 6 billion Residential investment increased 2 3 billion Inventory investment amounted to 19 8 billion down 1 9 billion from the second quarter level BILLIONS OF DOLLARS RATIO SCALQ 120 NONRESIDENT1AL FIXED INVESTMENT BILLIONS OF DOLLARS RATIO SCALE DURABLE EQUIPMENT 60 STRUCTURES I I I i I I I I 1 I I I I I 1 I 40 I I 1976 t I I 1977 BILLIONS OF DOLLARS RATIO SCALE 90 RESIDENTIAL FIXED INVESTMENT 80 40 hCHANGE W BUSINESS INVENTORIES I 1975 SEASONAUY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Noriresident ial fixed investmemt Period Gross private domestic investment Struc tures Total Prodileers dur able equip ment Total I II III IV I II III Nonfarm Total I S Source Department of Commerce Bureau of Economic Analysis Total Nonfarm Resid ential fix ed investment Nonfarm structures T Producers Farm strue durable tllTPSt equipment Change in business inv entories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 13 3 percent in 1977 accordins to the Commerce July August survey somewhat more than the expected increase reported in June BILLIONS OF DOLLARS RATIO SCAtfl BILUONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES 1 SO TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING MANUFACTURING I i i I r J SEE FOOTNOTE I BELOT SOUXCEi DEPARTMENT OF COMAK8CE Billions of dollars quarterly data at seasonally adjusted annual rates Starts o f plant EJtpenditurtis for plan t and equ ipment Total N onmanuf acturing Miinufactun fig Period I 118 12 II III 122 55 IV I Total Durable goods Nondurable goods asi SS III S S II rv 1 I4 OS Total Trans Public ComMining porta utili munication tion ties SB SS Excludes agricultural business real estate operators medical legal educational and cultural service and nonprofit organizations These figures do not agree precisely with the nonresidential fixed investment data in gross national product estimates mainly because those data include investment by farmers professionals nonprofit institutions and real estate firms and certain outlays charged to current account 3 Includes trade service construction finance and insurance 10 and equ ipment proje cts IB IB 3S Commercial and Manufacturing Public utilities other ia OS S fj f S 1O ft 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 late July and August 1977 NOTE Annual totalistbe 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 1 EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted unemployment declined by in September and civilian employment increased by This represents an increase of 3 3 million in civilian employment since September of last year MIUJONS OF PRSONS MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF IABOK 1977 COUNCIL OF ECONOMIC ADV1SSIS Thousands of persons 16 yeaxs of age and over Period Noninstitutional population Sept Oot Nov Dec Civilian Unememploy ployment ment U aadjusted Total labor force Civilian includ labor ing force Armed Forces Oil Jan Feb Mar Apr June July Aug Sept May Persons at work in nonagricultural industries 3 Total labor force as percent of noBinstitutionai population 16 years of age and iver CCivilian e mploymeiit Unemp oyment Nonagr cultural Total Agricultural Tntal J U veil Part time for economic reasons l Total Seas anally adj usted weeks and over Labor force participation rate per 3 cent Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In September the seasonally adjusted unemployment rate declined by 0 2 percentage point to its May and July rate of 6 9 percent Almost all or the decrease took place among black workers after an increase in the black unemployment rate in August PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED BLACK v AND OTHER y V UNtMnOTMENI AS PESCENT Of CmUXN 1AK3B FORCE W OIOUP SfKIFIED 9CHfflC i DETAKIwmr Of UACtt Total all civilian workers Period Sept Oct Nov Deo 1977 Jan Feb Mar Apr May June July Aug Sept COUNCIL Of ECONOMIC ADYISKS Monthly data seasonally adjusted Uneinployment rate percent f civiliaii labor f arce in giroup By color 3y selec ed grouj 3 By sex and iige Men Women Both 20 20 sexes years years 16 19 and and years over over ao ia Aggregate boors lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 White i ExpeBlack rienced House Fullwage time and hold and other salary heads workers workers ia Source Department of I abor Bureau of I abor Stadstica Labor force time Partlost pertime work cent ers SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS The decrease in seasonally adjusted unemployment of in September was accompanied by an increase in the proportion of workers who were unemployed for 27 weeks or more PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 JOB LOSERS nr REENTRANTS V sA 20 JOB LEAVERS 15 26 WEEKS NEW ENTRANTS 0 IiiiiI Iiiiii 1974 i 1 1 i i l l t i II iij SeASONAUY ADJUSTS SOURCE DEPARTMENT OF LAflO Period Unemployment thousands Sept 7 448 Oct Nov 7 651 Dec Jan Feb Mar 7 064 Apr 6 737 May 6 750 June July 6 744 Aug 6 926 Sept Monthly data seasonally adjusted except as noted Perceiit distribution of unem State p rograms Insured Percerj t distribution of unemployment by duratiim 1 unem Special pl oyment ay reasoii ployunemment ployall ment 27 Insured New Less weeks unem Initial regular benefit Job Job Reenenproclaims losers leavers trants trants than 5 weeks weeks and ploy claims weeks grams unadover mcDt unad justed justed WeeJdy average thouisands sa ias i Detail may not add to 100 percent because of rounding Includes State 50 States District of Colombia and Puerto Rico ex aeryicemen UCX Federal XJCFE and railroad BR programs Also includes Federal and State extended benefit programs Does not include FSB Federal supplemental benefits and SUA special unemployment assistance COUHULor RONOMJC annas FSB and 8TTA These programs started January 1976 and regular reporting began March 1975 Source Department ol Labor Bureau of Labor Statistics and Employment and Training Administration n NONAGRICULTURAL EMPLOYMENT Total nonagriculfural employment increased by 291 000 in September Among the major industry groups only nondurable goods manufacturing registered a decline while large gains were made in services trade State and local government and durable goods manufacturing MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES ll LUJ iJ I 1 1 n l i t i 1 M J 1 1 1 I M i i l 1 1 i i i i l i t hi i t i n MANUFACTURING V niiihiiii fff 1l l h M M I I I M I Ml I I I 1 1 tt GOODS PRODUCING INDUSTRIES CONTRACT CONSTRUCTION fj I I M I I I I M I SEASONALLY ADJUSTED SOURCE DEPARTMENT Of LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted C oods pr ducing i ndustriej Period Sept Oct Nov Dee 1977 Jan Feb Mar Apr May JuneJuly Aug Sept Total nonagricultural employ Total 3 ment Contract construction Service pr oducing IndustrieJS Trans Whole Finance Gover mnent portainsursale tion ance Services and Non Total State and and Total Durable durable Federal and public retail real goods goods trade estate local utilities Ms inufactui ing i Includes all full and part time wage and salary workers in nonagrieulturai 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 nonagrieulturai employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they 14 are not at work because of industrial disputes and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 2 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Total private nonagricultural l Period Sept Oct Nov Dee Jan Feb Mar Apr May June July p Aug Sept Manufacturing Overtime Total private nonagricultural 1 Manufa bcturing Total Adjusted h ourly earnin gs index tc tal private nonagricultural 2 Averag e gross hourly cearnings Aver age weekly lours Percent ch ange from a year arller 4 Index H 67 100 Current dollars 1967 dollars Current dollars 1967 dollars no o AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAII INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Total prrvate nonagricu tural Period Current dollars Manufacturing 1967 dollars 3 Contract construction Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Also includes other private industry groups shown on p 14 2 Adjusted for interindustry employment shifts and for overtime in manufacturing 8 Current dollar index or earnings divided by the consumer price index Percent chiinge from a year e wlier total prnrate nonagricu Itural 6 Current dollars Current dollars Wholesale and retail trade 1967 dollars s7 4 Monthly changes based on indexes to two decimal places Based on unadjusted data Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS ECONOMY Hours of all pers ons 2 Out DUt 1 Output per hour of all f ersons Compcmsation per our 3 Unit labor CO sts Implic it price defla itor Private Total Private Total Private Total Private Total Private Total Private Total prinonprinonprinonnonnonnonprivate private private vate farm vate farm vate farm farm farm farm business business business business business business business business business business business business Period qua rterly dat a season illy adjus ted f iea I II III IV ioa I IL III IV II III Perceiit change quarterl r data at seasonal y adjuste d annual rates o a6 5 7 a a I III III IV II III IV ai o as ae II III Output refers to gross domestic product originating in the sector in 1972 dollars 2 Hours of all persons in private industry engaged in production including hours of proprietors and unpaid family workers Estimates based primarily on establishment data Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 16 ai a3 9 0 a Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 4 percent in September offsetting the 0 4 percent revised decline In August Gains were widespread among the industry and market groupings INDEX RATIO SCALE 180 UTILITIES AND MINING PRODUCTION INDEX 1967 1QO RATIO SCALE 160 TOTAL INDUSTRIAL PRODUCTION UTILITIES V MINING 100 MANUFACTURING PRODUCTION PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED SOURCEs IOARO OF GOVERNORS OF THE FEDERAL RiSERVE SYSTEM Period 1967 proportion Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June July Aug Sept f 1 Output 2 Annual 2 Total inidustrial produ ction Percent Index change 1967 from 100 year earlier COUNCfl OF ECONOMIC ADVISERS Seasonally adjusted Indust ry produ ction ind xes M anufactur ng Total Durable Nondurable Mining Utilities as percent of capacity data are averages of four monthly indexes Quarterly data entered in last month of quarter Annual data are averages of 4uarterly data ieo Manuf acturing capacity iitilization rate p 3rcent 1 Federal Reserve sen es ComWharTotal merce ton Mate series 2 series 3 manurials facturing Sources Board of Governors of the Federal Beserve System Department of Commerce Bureau of Economic Analysis and Wharton Schcol of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Proc ucte Final products Total NonDurable durable goods goods Total proportion Sept Oct Nov Dec1977 Jan Feb Mar Apr May June July v Aug Sept Equij ment Coiisumer go ods Period gr Internxediate proc uots Total Busi Total SO is es Construction supplies Materials SS Suppiementary group Energy total seasonally adjusted Diirable m anufactu res Primar 7 metals Period Total 1967 proportion Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Iron and steel SI Fabricated metal products Nonelectrical chinery Electrical machinery B 9S IB Source Board of Governors of the Federal Reserve System Non durable manufac tures Transportation equip ment Total Motor vehicles and parts 4 SO Lumber and products Apparel S S ucts Print Cheming icals and and Foods pubprodlishing ucts S NEW CONSTRUCTION Constructioni contracts2 Private Total new construction expenditures Period Kesid ential Total Total i Commercial and industrial New housing units Federal State Other and local CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Billions of doll ars iae ai Seasonally adjusted Seasonalli adjusted armual rates 1976 Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June July Aug Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Eelates to 50 States beginning 1969 for value index and beginning 1971 for floor space Seasonally adjusted annual rates NOTE New construction expenditures data prior to 1973 not comparable with later data Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted STew Units started by type of striicture Period Total private housing uni ts unit units 5 or more units r New priv ate homes Units authorized Units completed Homes sold Vacancy rate for Homes for rental sale at housing end of units period 1 percent Seasonally adjusted armual rates 1976 Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June July Aug Sept J 2 Seasonally adjusted Quarterly data entered in last month of quarter Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES TOTM AND TRADE Business inventories rose 2 7 billion in August and business sales rose percent According to the advance survey retail sales fell 1 percent in September following increases in July and August BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALQ SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMY ADVISERS Total b usiness l Who esale Re tail In ventories 3 Sales 2 Period Crtl o bales 2 Inventories 3 Invenbales tories 3 Qnli in 2 Tntft 1 DurNonable durable goods goods stores stores Tnt l DurNonable durable goods goods stores stores Invent 3ry sales ratio 4 Total business 1 Retail Millions of dollars seat onally sidjusted Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept The term business also includes manufacturing see page 21 Monthly average for year and total for month 1 Book value end of period seasonally adjusted 4 For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories at end of month to sales for month 20 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS In August manufacturers new orders shipments and inventories rose Preliminary estimates indicate new orders and shipments of durable goods manufacturers rose again in September BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufac turers shipmentsl Manufact urers inv entories2 lers Manu racturers new ore 1 DuraW e goods JPeriod Total Aug Sept O t c Nov Dec Jan F b e M r a Apr May June July Aug Sept NonDurable durable goods goods C Total NonDurable durable goods goods Total Millio ns of dolljirs seasorlally adjussted i Monthly average for year and total for month Shipments are the same as sales Book value end of period 8 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 i for month Total ManufacCapital Nongoods durable turers indus goods unfilled orders3 tries nondefense Manufacturers1 inventory shipments ratio Source Department of Commerce Bureau of the Census 21 PRICES WHOLESALE PRICES In September the wholesale price index rose 0 4 percent 0 5 percent seasonally adjusted Prices of farm product and processed foods and feeds declined 0 2 percent 0 4 percent seasonally adjusted Industrial commodities price were up 0 5 percent 0 8 percent seasonally adjusted INDEX RATIO SCAtE INDEX RATIO SCALE FARM PRODUaS AND PROCESSED FOODS AND FEEDS I SOURCE DEPARTMENT Of LABOR COUNCIL OF ECONOMIC ADVISERS Period All commodities Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June July Aug Sept Farm products Indusand trial processed commodfoods ities and feeds Unadjusted Farm products Processed foods and feeds i Excludes crude foodstuffs and feedstuffs plant and animal fibers oilseeds and leaf tobacco a Includes supplies and components excludes intermediate materials for food manufacturing and manufactured animal feeds 22 Special groupings Consunler finishe d goods InterCrude mediate Producex eluding fo ods er finmatemateished Non2 rials 1 Total Durable durable rials goods Seas onally ad usted Note Data for January and February 1977 revised Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES lln September the consumer price index rose 0 4 percent 0 3 percent seasonally adjusted Food prices fell 0 4 percent rose 0 1 percent seasonally adjusted Nonfood commodity prices rose 0 4 percent 0 2 percent seasonally adjusted and services prices were up 0 7 percent 0 5 percent seasonally adjusted INDEX RATIO SCALE 220 INDEX RATIO SCALE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period All items Food Food Comnaodities le ss food Commodities less food Services commodities All Food at home Food away from home ATI X ll Services All Durable Nondurable Seasonal y adjust ed Unac Busted 1976 Sept Oct 173 8 Nov Dec Jan Feb Mar Apr May June July Aug Sept i uree Department of Labor Bureau of Labor Statistics 23 CHANGES IN WHOLESALE PRICES Percent c lange fro m 3 mont is earlier Percent jhange fro m 6 mont tis earlier season ally adj us ted anmwil rates season illy adju sted annu al rates Percen t change from pre ceding 1 perio d season ally adj us ted Sept Oct Nov Deo Jan Feb MarApr May JuneJuly Aug Sept All commodities Processed foods and feeds Farm products Period D Industrial commodities All commodities Industrial commodities All commodities ao Processed foods and feeds Farm products Farm products Processed foods and feeds Industrial commodities 2 7 ag ae a a as G L a6 10 1 a a 5 a i a Source Department of Labor Bureau oC Labor Statistics Annual changes an Iran December to December unadjusted NOTE Data lor January and February 1977 revised CHANGES IN CONSUMER PRICES Perceiit chang 3 from pre ceding perio d seasoimlly adju sted 1 Commodities less food Period All items Food Sept Oct Nov Dec Jan Feb Mar ao Apr May June July Aug Sept a ia Services All items ai Food Commodities less food Services All items Food as ai a ao Commodities less food Services Annual changes are from December to December unadjusted 24 Percent change frc m 3 mon hs earlier Percent change fr 3m 6 mon hs earlier season ally adjusted annu al rates season illy adju sted annu al rates ao ft ai 6 8 ai Source Department of Labor Bureau of Labor Statistics as as a5 a as 3 5 a a a4 PRICES RECEIVED AND PAID BY FARMERS Prices received by Farmers fell 1 percent in the month ended September 15 Contributing most to the decline were lower prices for soybeans hogs potatoes corn and cotton Partially offsetting were high prices for milk lettuce and oranges Prices paid by farmers were K percent lower than their August 15 level INDEX RATIO SCALE PRICES RECEIVED ALL FARM PRODUCTS PRICES PAID ALL ITEMS INTEREST TAXES AND WAGE RATES F J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AMD WAGE KATES OK WO H IM BASE souncs MPAtTMHr or Adacunue COUNO Of KONOMK ABVISBS Prices paid by far mere All items Family ProducLivestock interest tion living and taxes and items items products wage rates Index Prices received by farmers Period All farm products Crops Sept 15 OctlS Nov 15 Deo Jan 15 Feb 15 Mar 15 Apr May 15 June 15 July 15 Aug 15Sept Percentage ratio of index of prices received by farmers to index of prices paid aterest taxes and wage rates on base 1 The adjusted parity ratio reflects Government payments made directly to farmers Parity Actual ratio Adjusted P Index discontinued Consumer price index DepartmentTof Labor substituted In calculating total prices paid begtanlng January 1877 Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK In September Mi was 0 6 percent above the August level due to rapid growth early in the month BILLIONS OF DOLLARS RATIO SCALE BILLIONS Of DOLLARS RATIO SCAIE SEASONALLY ADJUSTED SOURCEi BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL Of ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted except as noted Deposi ts at co mmercia banks Period M M M Currency Tin e and sa vings Demand Total 1972 Dec Dec Dec Dec Dee Sept Oct Nov Dec Jan Feb Mar Apr May lune July Aug Sept i I j is currency pltis demand deposits Ms is Mi plus thorn i deposits at commercial banks other than large certificates of deposit CDs i md Ma is Mj plus deposits at nontarsk thrift institutions 26 Per cent chaiage Compoilents anc1 related iterns Overall measiares Large CDs Other Deposits at nonbank thrift institutions U S Government demand deposits unadjust M M ed Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate Source Board of Governors of the Federal Eeserve system PRIVATE LIQUID ASSET HOLDINGS NONFINANCIMI INVESTORS Averages of daily figures billions of dollars seasonally adjusted Curreittcy and d eposits U S TJreasury secui ities Time d eposits Negotiable certificates of deposit Other private money market instruments Total liquid assets Total Dec Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec Period Jan Feb Mar Apr May June July Aug Sept Currency Demand deposits Commercial banks ShortNonbank term Savings marketthrift institu bonds able securities Source Board of Governors of the Federal Keserve System NOTE Series revised beginning January 1971 CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalm ent credit e tended Period Total i Aug Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June July Aug Automobile Bank credit cards Total i Automobile Bank credit cards Net change in amount outstanding Total Includes some items not shown separately Instalnwint credit liejuidated Automobile Bank credit cards 1 332 i i Source Board of Governors of the Federal Reserve System 27 BANK LOANS INVESTMENTS AND RESERVES Business loans at commercial banks rose nearly 8 percent annual rate during the third quarter BILLIONS OF DOLLARS RATIO SCALQ BILLIONS OF DOLLARS RATIO SCALQ 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 Sept Oct Nov Dec Jan Feb Mar Apr f Mav Junev9 July p Aug Sept Billions of dollars seasonally adjusted except as noted All commercial banks 1 All member banks Borrowi Qgs milL ans Investnaents Ileserves 2 3 lions of dollars unadji isted 2 Total ex Commer U S Gov Other cluding cial and NonReSeaernment secuTotal Total inter industrial securities borrowed quired sonal rities bank Data arc for end of period Averages of daily figures Annual data are for December Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M During 1974 total loans and investments were increased 0 6 billion due to 1 28 COUNCIL OF ECONOMIC ADVISERS i bank merger and were reduced 1 5 billion due to liquidation of a large bank 5 Loan classifications reduced these loans by 1 2 billion as of March Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources Pur External Dis In chase Period Total Credit market funds Inter1 nal Total Total in finan physi cal assets 4 cial assets a I II III IY I II p Shortterm 3 Other crease of Longterm 2 Total crepancy sources less uses 1 Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits 2 Stocks bonds and mortgages Bank loans commercial paper finance company loans bankers acceptances and Government loans 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 Current liab ilities Ciirrent ass 3tS AdCash End of r eriod on Total hand and in banks U S Government securities 3 Keceivables from U S Govern ment 3 vances Notes and accounts receivable Inventories current assets Total 4 and prepay Notes ments counts U S Govern Other pay ment III IV I III IV Federal income tax liabilities Other Net cur work rent capi liabilities 5 ing tal able i and ac Includes Includes 3 time certificates of deposit Includes marketable investments other than Government securities and Federal agency issues time certificates of deposit as well as sundry current assets Receivables from and payables to the U S Government do not include Includes commercial paper outstanding the portion of long term debt due amounts offset against each other on corporations books or amounts arising from In less than 1 year and miscellaneous current liabilities not elsewhere classified subcontracting which are not directly due from or to the U S Government Wherever possible adjustments have been made to include U S Government Source Securities and Exchange Commission advances offset against inventories on corporations books 29 INTEREST RATES AND BOND YIELDS Short term market interest rates rose in October to the hishest level in 2 years but long term rates remained relatively stable PERCENT PER ANNUM PERCENT PER ANNUM 1977 COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum U S Gove rnment secxirity yields High grade Prime com Discount municipal Corporate rate mercial 3 month N Y bonds paper 3 5 year Taxable bonds Treasury F R Standard 4 6 issues 2 bonds 3 bills Poor s 4 Moody s Bank months Period Oct Nov Dec 1977 Jan Feb Mar ADT May June Julv Aug Sept Oct Week ended 1977 Sept 30 Oct Rate on new issues within period 2 Selected note and bond issues z a H 5 2 SH Stf 5 57i 5 5K 5M 5M 5 5 Wi Wi SMrtoi 5l tf 5K by banks H 6H 6H 6 6 6K K 6K K Newhome mortgage yields FHLBB i 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 Prime rate charged M K 7M 7K 7H K 5M 6 7H 7K 6 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 declined during October INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX PER CENT 20 PERC1ENT i x I I I 1970 I I y x ARNINGS PRICE RATIO ON COMMON STOCKS S P k q i i i i i i in lO I I 1975 SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S COWOtATJON I New York Stock Exch ange indexe 3 Dec Composite Industrial Transportation Sept Oct Nov Dec 1977 Jan Feb Mar Apr May June July Aug Sept Week ended 1977 Sept 30 Oct Finance Utility Averages of daily closing prices 2 Includes all the stocks more than 1 500 listed on the N YSE 4 Includes 30 stocks Includes 500 stocks Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter COUNCIL OF ECONOMIC ADVISERS Common stock5 yields perc snt Comrnon stock pirices Period 15 Standard Dow Poor s composite Dividend EarningsJones index industrial ratio ratio average s 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 n FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In Fiscal year 1977 there was a budget deficit of 45 0 billion A year earlier October 1975 Sepfember 1976 the deficit was 60 6 billion BIUIONS Of DOUARS 500 BIIUONS OF DOLLARS SURPLUS W OR DEFICIT L FISCAL YEARS eOUNOl Of ECQHOMC KMOetS SOVK1S Billions of dollars Receipts Period Fiscal year or period Transition quarter Outlays Surplus or deficit Federal debt end of period Total Held by the public a October 1975 September estimates Estimates July 1977 2 Second Concurrent Kesolution J Excludes non interest bearing public debt securities held by IMF Estimates from Mid Session Review o the Budget Office of Management and Budget July a8 Second Concurrent Besolution on the Budget Fiscal Year 1378 September Nora See Note p 33 Sources Department of the Treasury and Office of Management and except as noted FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal year 1977 budget receipts were 48 3 billion higher than a year earlier October 1975 Septembcr 1976 and budget outlays 32 7 billion higher WLUONS OF DOLLARS BHUONS OF DOLLARS OUTLAYS llir t NONDEFENSE mmm i NATIONAL DEFENSE A V I 1969 t I fs 1978 N FISCAL YEARS COUNCIL Of ECONOMIC ADVISERS Billions of dollars Recc ipts utlays Nationa i defense Total Fiscal year or period Transition quarter Indi Corpovidual ration Other income income taxes taxes October 1975 September Total Department of Defense military Interna Health and tional income In Other affairs security terest Estimates from Mid Session ttevieu of the 1978Budget Jul y NOTE Figures beginning 1976 reflect recent definitional change Earned tocome credit payments in excess of an individual s tax liability formerly treated as outlays now classified as income tax refunds Deficit figures are not affected T tal Source IDepartment 3f the Treasiiry and Mi ce of Manage ment ancL Budgets 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter Federal receipts rose 6 3 billion annual rate and expenditures 7 8 billion yieldins a deficit of 40 3 billion 1 5 billion more than the deficit in the first quarter According to preliminary estimates expenditures rose 22 5 billion in the third quarter receipts data are incomplete BILLIONS OF DOLLARS 440 BILLIONS OF DOLLARS U SURPLUS m ra is I l I I DEFICIT If y E3T2T EZO jr I I 1 I i Ii i i A J n CALENDAR YEARS COUNOt OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal jovernment receipts Period Indirect Personal Corpo business rate tax and profits tax and Total tax nontax receipts accruals accruals Fiscal year Calendar year I 318 4 II III IV II III Federal jovernm ent expenditures Surplus or Subsidies Less deficit ContriPurin aid less Wage butions chases Trans to State Net current accruals national for Total of goods fer pay and interest surplusof less income social inand ments local paid Govern disand surance services government en burse product ments terprises ments accounts Grants a i 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 In dustria I produc3tion sejisonally ad juste d Period United States Canada Feb Mar Apr May June July Aug Sept Japan Con sumer p rices iniadjuste I GerFrance many Italy United Kingdom United States Canada GerJapan France many Italy United Kingdom Source National sources as reported by Department of Commerce Bureau of International Economic Policy and Research International Trade Analysis Staff in International Economic Indicators U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Merch andise e sports Merc landise i mports 3 Period Domestic5 exports Ge neral im ports Total Food Crude Food Crude domesbever mate Manubever mate Manu Total tic and 2 2 rials foreign Total ages facTotal 1 ages fac c i f rials and to and tured extured value 4 and to and bacco fuels goods goods ports bacco fuels F a s valu e Monthly average Custom s value Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept F a s value i Total excludes Department of Defense shipments of grant aid military suplies and equipment under the Military Assistance Program 2 Total includes commodities and transactions not classified according to kind 8 Total arrivals of imported goods other than intransit shipments 4 C i f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates Mei chandisc5 trade balance Exports Ex f a s ports Exports less f a s f a s imless less ports im imports cus ports o i f toms f a s value F a s free alongside ship value basis at U S port of exportation for exports and at foreign port of exportation for imports Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the third quarter U S merchandise trade balance was in deficit by 7 6 billion slishtly less than In the second quarter BILUONS OF DOLLARS BILLIONS OF DOLLARS 110 SEASONALLY ADJUSTED BALANCE ON GOODS AND SERVICES j it COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted Me rchandise Period Exports III IV I II III iy T 29 II 30 III Imports 12 Net balance Milita ry trans actions Direct expenditures i Q Excludes military grants 2 Adjusted from Census data 3 Sales Net balance Private 3 U S Government 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 Net iiivestment income NetBaltravel Other ance and on trans serv goods ices porta net 3 and tion servreceipts ices l Remittances pensions and other unilateral transfers Source Department of Commerce Bureau of Economic Analysis Balance on current account U S INTERNATIONAL TRANSACTIONS Continued The growth of foreign assets in the United States and U S assets abroad resumed more normal rates in the second quarter following a slight decline in U S assets abroad and only a very small increase in foreign assets in the U S during the first quarter BILUONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED 20 20 CHANGE IN FOREIGN ASSETS IN THE U S NET SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted TJ 3 assets abroad ntet ineresise capita outflow Period Total III IV I II III IV I II Other U S U S U S official Govern private Total reserve ment assets 2 12 assets assets Foreijpi assets in the U S net mere ase eapitsil inflow P Foreign official assets Total i Consists of gold special drawing rights SDK convertible currencies and the U S reserve position in the IMF Quarterly data are not seasonally adjusted Other Assets of foreign foreign assets official reserve agencies Statistical discrepancy Allocations of Of TV ol special sum of which drawing Seasonal the rights adjustitems SDR with sign ment reversed diserep U S official reserve assets net 1 unadjusted end of 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 G O V E R N M E N T P R I N T I N G OFFICE 37S DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mall Contents TOTMi OUTPUT INCOME AND SPENDING page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Private Business Economy PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization 17 Industrial Production Major Market Groups arid Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders PRICES Wholesale Prices Consumer Prices Changes in Wholesale Prices Changes in Consumer Prices Prices Received and Paid by Farmers 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 FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Fjcports and Imports U S International Transactions For sale by the Superintendent ot Documents U S Government Printing Office Washington D C 20402 Price 85 cents single copy Subscription price 10 10 per year 2 55 additional for foreign mailing 38

Personal Consumption Expenditures

DATE: October 1977

PART OF:

Economic Indicators : October 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-. "Personal Consumption Expenditures," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "October 1977," Economic Indicators (October 1977) : 6-6. https://fraser.stlouisfed.org/title/1/item/218/toc/240597 , accessed on December 14, 2019.

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Economic Data