Prices Received and Paid, by Farmers

Name: Prices Received and Paid, by Farmers
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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Congress 2d Session LIBRARY APR OKI Economic Indicators March 1978 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 LLOYD BENTSEN Texas Vice Chairman HOUSE OF REPRESENTATIVES HENRY S REUSS Wisconsin WILLIAM S MOORHEAD Pennsylvania LEE H HAMILTON Indiana GILLIS W LONG Louisiana PARREN J MITCHELL Maryland CLARENCE J BROWN Ohio GARRY BROWN Michigan MARGARET M HECKLER Massachusetts JOHN H ROUSSELOT California SENATB JOHN SPARKMAN Alabama WILLIAM PROXMIRE Wisconsin ABRAHAM RIBICOFF Connecticut EDWARD M KENNEDY Massachusetts GEORGE McGOVERN South Dakota JACOB K JAVTTS 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 SlsT CONGRESS CHAPTER 237 1st SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved ty 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 ty 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 revised estimates for the fourth quarter gross national product rose 45 9 billion or 9 9 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 9 percent annual rate BILLIONS OF DOLLARS RATIO SCALE SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal Gross con private sump domestion tic exinvestpend ment itures jl III IV I 1 II jl I III IV Net exports services Federal National defense l State and local Final sales Exports Imports Total i This category corresponds closely with budget outlays for national defense shown on p 33 Go rernment purchases of goods and Export s and imp orts of goodB and sen ices Total isas Nondefense 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 Period Exi orts of gc ods Gross private do mestic a ad service58 iiivestment Personal conGross Change national sumpNonResi in busition product Net resiexpend dential dential ness in exports Exports Imports ventofixed itures fixed ries a II III IV I II III IV ioao a L sa ao Governrnent pure lases of good is and seridees Total Federal 125 3 sao 24a a eas State and local Final sales d a i2aa ia o SB a a a9 17a a7 8a9 27ao IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Period Gross national product Persona I consump tion expenditures Total I II III IV 1977 I II III IV Nonres ResiNonDurable durable Services idential dential goods goods fixed fixed 7as Exports and imports of goods and sejrvices Governnrent purchases c f goods and se rvices Exports Imports Federal State and local a a a a2 13a a6 14a L a ia a2 sas was Source Department of Commerce Bureau of Economic Analysis Gross private dom estic invesl ment 72 6 7a4 sao sa 4 92 6 ioao was ioao uai CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Gross iaational product Period II III IV II III IV Constant 1972 dollars Current dol a Implicit price deflator Gross lomestlc i roduct Fixedweighted price index 1972 weights Chain price index NOTE Annual changes from previous year and quarterly changes from previous quarter Current dol i 1 i Constant 1972 dollars Implicit price deflator g ai Chain price index Fixedweighted price index 1972 weights as Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Period Gross d omestic prodi LCt Of nonfin ancial corpc rate busi ness biUic ns of doU ars Quarterly data at seasonally adjusted annual rates C urrent do lar cost and profit per unit of outpu t dollars i Capital consumption CompenTotal allowcost ances Indirect sation Net inand 2 with of business 3 employ terest capital taxes profit conees sumption adjustment Current dollars 1972 dollars I II 983 6 III IV III IV il I Total Profits tax liability Profits after tax s ComOutput penper sation hour per of all hour employ of all ees employ 1972 ees dollars dollars i Output is measured by gross domestic product of nonfinancial corporate iisiness in 1972 dollars 2 This is equal to the deflator for gross domestic product of nonfinaneial eororate business with the decimal point shifted two places to the left a Indirect business tax and nontax liability plus business transfer payments less subsidies Corpc rate profits with invent Dry valualbion and capit al consuniption tidjustmen ts With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates Period National income Compensation of employees l Propri etors mcom 3 with inventor y valuation and capital eonsunaption adjust ments Farm Nonfarm Hental income of persons with capital eonsumption adjustment Corpor ate profits with inv entory va luation and capital co nsumptio i adjustments Profits with inv antory valuat ion ad jus tment and without cabpital consum Dtion adjiistment Total Total Profits before tax Inven tory valua Capital Net coninterest sumption adjustment adjustment L I II III IV I 11 III IV Includes employer contributions for social insurance See also p Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nondura sle goods Durable goocIs Period Total personal consumption Total expendi durable goods 1 tures Motor vehicles and parts Furniture and household equipment Total nondurable goods 1 Retail sales of new passenger cars nlillions of ujaits Clothing and shoes Food Gasoline and oil Services Domestics II III II III IV Total includes other items not shown separately Imports Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income rose 8 2 billion annual rate in February following a 3 2 billion revised increase In January Wages and salaries increased 7 6 billion in February compared with 11 1 billion in January the February rise was reduced by about 1 billion due to effects of the coal strike BILLIONS OF DOLLARS RATIO SCAiq BILLIONS OF DOLLARS RATIO SCALE BOO WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS m i 11 Ml I I t i l l I I I 11 I in 1972 IJItf I I 1 IM 1 M SEASONALLY ADJUSTED ANNUAL RATES SOURC DEPARTMENT OF COMMERCE COUNCR OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Period Feb Total and Other personal salary labor income disburse income1 2 l ments M a r Apr May June 992 9 July Aug Sept Oct Nov Dec 1978 Jan Feb Propriet 3rs income 8 Rental income Farm iao persons The total of wage and salary disbursements and other labor income differs rom compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements 3 Consists of employer contributions to private pension health and welfare junds workmen s compensation directors fees and a few other minor items 3 With inventory valuation and capital consumption adjustments With capital consumption adjustment of Nonfarm Dividends Less Per NonPersonal Transfer sonal confarm payinterest tributions personal income ments 5 for social income 6 insurance ssao OIL ia a 3 1 48a a Consists mainly of social insurance benefits direct relief and veterans payments 6 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 fourth quarter BILLIONS OF DOLLARS RATIO SCAL 1 400 BILLIONS OF DOLLARS RATIO SCALE DOLLARS RATIO SCALE DOLLARS JRATIOJCAL PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS f i Less Pur Personal income Period 1 sonal tax and nontax payments Equals Disposable personal income Less Personal outlays 1 Per c apita dispc sable persona income Equals Personal saving Current dollars Bil lions of d llars dollars Per cap ita personal ccmsumption exp enditures Current dollars 1972 dollars Percent 1 change Saving in real as percent of per disposcapita able disposperable sonal perincome sonal income Population thou 2 sands Dollars Seas onally adj usted ann ual rates 1976 I II III IV II III IV ft Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net 2 Includes Armed Forces abroad Annual data are for July 1 through 1973 and are averages of quarterly data beginning 1974 Quarterly data are average for the period Source Department of Commerce Bureau of Economic Analysis and Bureat of the Census f ARM INCOME In the fourth quarter of 1977 farm income excluding inventory change rose 4 0 billion annual rate while income including inventory change rose 7 5 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCAt REALIZED GROSS FARM INCOME NET FARM INCOME NET INVENTORY CHANGE V 20 V SEASONALLY ADJUSTED ANNUAL RATES SOUSC DEPARTMENT Of AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Quarterly data at seasonally adjusted annual rates Persona 1 income received by total farm po pulation Income njceived frc m farming Realize d gross Period From From From farm nonfarm Total all sources sources sources I II III I II III IV 2 Net inc ome per farm inchiding net inventoryp change Gas b receipts from inarketing8 Produc Exclud Includtion ex ing net ing net Livepenses inven inven Current 1967 stock Total Crops tory tory 2 dollars dollars and products change change Dollars Billioiis of dolla rs d 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 3 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 Nettc farm opersa tors family living items on a 1967 base As of January 1977 movement is based on tat overall change in the consumer price indexSource Department of Agriculture CORPORATE PROFITS According to preliminary estimates for the fourth quarter of 1977 profits before tax rose 5 2 billion while before tax profits with inventory valuation adujstment fell 3 0 billion Profits after tax rose 1 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period I II III IV 1977 I II III IV Billions of dollars quarterly data at seasonally adjusted annual rates Profit JB before tax wit i invent 3ry valuiition Pro fits after adjustn lent Dome stic indu stries Tax Profits liabefore IS onfinan rial bility Total Divitax 2 WholeTotal dends Total Finan Total3 Manu sale faccial and turretail mg trade See p 4 for profits with inventory valuation and capital consumption adjustments 2 Includes rest of the world not shown separately 8 Includes industries not shown separately tax TT undistributed profits Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment L GROSS PRIVATE DOMESTIC INVESTMENT Business fixed investment rose 6 0 billion annual rate in the fourth quarter as purchases of producers durable equipment increased 4 1 billion and investment in structures rose 1 9 billion Residential investment increased 7 2 billion Inventory investment amounted to 13 5 billion down 10 1 billion from the third quarter level BILLIONS OF DOLLARS RATIO SCALE 00 GROSS PRIV 01 DOMESTIC INVESTMENT60 9fJ r vy X v A BILLIONS OF DOLLARS RATIO SCALE 120 NONRESIDENTiAL FIXED INVESTMENT 100 PRODUCERS DURABLE EQUIPMENT tf STRUCTURES t I 1 I I 1 f 1 I I f I 40 I I I I I i I I I I I I 1 I BILLIONS OF DOLLARS RATIO SCALE 90 RESIDENTIAL FIXED INVESTMENT 80 BILL IONS OF DOl LARS I I 1973 I I I 1974 I I I 1975 SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE I I I 1977 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Noiiresident ial fixed investm 3nt Period Gross private domestic investment I 1 I Strucitures Total 1 Prod ucers dur able equif ment Total I II III IV 1977 1 II III IV Nonfarm Total Total Nonfarm Source Department of Commerce Bureau of Economic Analysis Resic ential fh ed investment Nonfarm structures sa T Jrrodueers Farm durstrucable tures equipment L5 1 6 Change in business in vrentories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 10 9 percent in 1978 according to the Commerce Department survey conducted in late January and February Spending in 1977 was 12 7 percent above the 1976 level BILLIONS OF DOLLARS RATIO SCAl BILLIONS OF DOLLARS RAJJO SCALE TOTAL NEW PLANT AND EQUIPMENT V SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT Of COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates E3qpenditurejs Total1 Total Durable goods I Ncmmanuf aeturing Mi mufacturi ng Period II III IV 2nd half US 24 Nondurable goods Total Trans Public ComMining porta utili munication tion ties Commercial and 2 other Manufacturing Public utilities S6 ll S OO SI 01 SS IS t 21 4L ia i 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 a Includes trade service construction finance and insurance 10 Starts c f plant and eqidpment pro cts 3 ipment for plant and equ Starts are estimated by adding changes in carryover to expenditures during given period Expenditures estimates based on expected capital expenditures as reported bj business in late January and February NOTE Annual total is the sum of unadjusted quarterly totals Estimates as noted in footnote 4 include adjustments when necessary for systematic biases in expectations data Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment increased by 122 000 in February This increase combined with a decrease in the civilian labor force of 14 000 resulted in a decrease in unemployment of MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED OVIUAN LABOR FORCE EMPLOYMENT UNEMPLOYMENT M I M M I I I I M I M 1 II f t f IIIM t 1972 M t T I t t t I1 I t t i l l 1Ml Id YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Noninstitutional population Feb Mar Apr May June July Aug SeptOct Nov Dee Jan Feb COUNCIL OF ECONOMIC ADVISERS T lousands of persons 16 years of age a nd over Unempl oyment Civilian oaploymeiit Total labor Nonagri cultural 15 Civilian Unem force Civilian Part time Total weeks Agriemploy ploy includ labor Total culand ment ment force ing Total for economic tural over Armed reasons Forces Labor force participation rate per ra cent Oil Seascmally adjusted Uiaadjusted Persons at work In nonagrieultural industries 2 Total labor force as percent of noninstitutional population 16 years of age and Over Beginning 1978 data not strictly comparable with earlier data beeaust of revisions in the household survey which added about 250 000 to labor force and to employment Source Department of Labor Bureau of Labor Statistics SELECTED UNEMPLOYMENT RATES The seasonally adjusted unemployment rate declined in February by 0 2 percentage point to 6 1 percent Only the unemployment rate for teenagers increased PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMROYMENT AS PERCENT OF CIVILIAN LABOR FQRCf IN GROUP SPECIFIED SOURCEj DEPARTMENT Of LABOR I 1978 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1978 Jan Feb Men 20 years and over Women Both 20 sexes years 16 19 and years over ia i i Aggregate hours lost by the unemployed and persons on part time tor econenaic reasons as percent of potentially available labor force hours 12 1 select ed group S 3y By race By ssex and itge Total all civilian workers White ExpeBlack rienced House Fullwage time hold and and other salary heads workers workers a2 5 9 i 8 5 7 Source Department of Labor Bureau of Labor Statistics Parttime workers t 8 i Labor force time lost per 1 cent SELECTED ANCE OF UNEMPLOYMENT AND UNEMPLOYMENT INSUR The February decrease in unemployment was accompanied by a decrease in the proportion of job losers and an increase in the proportion of job leavers PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 JOB LOSERS REENTRANTS V WEEKS P AND OVER 20 20 JOB LEAVERS A NEW ENTRANTS 1 1 f f f f f I 111 f SEASONALLY ADJUSTED SOURCii DEPARTMENT OF LABOR TT oiovF J AW Period ment thousands Feb Mar Apr May June July Aug Sept Oct Nov Dee It78 Jan Feb PMonthly data seasonally a djusted except as noted Percen t distribution of unemPereeB t distribution of unem State p rograms Insured pi oyment by reasoii x ployment b y duraticm 1 unem Special ployunemment pioyall 27 Insured New Less Job Job Reen weeks unem Initial regular benefit enproclaims 3 losers leavers trants trants than 5 weeks weeks and ploy claims weeks grams 2 unadover ment unad justed justed We 3kly avei age thou sands 3a ia 8 ia s ia o m t Detail may not add to 100 percent because of rounding 2 Includes State 50 States District of Columbia and Puerto Eico ex serTicemm UCX Federal TJCFE and railroad EE programs Also includes Federal and State extended benefit programs Does not include FSB Federal supplement benefits and SUA special unemployment assistance COUNCIL OF ECONOMIC ADVISERS FSB and SUA These programs started January 1975 and regulw repertime began March 1975 Source Department f Labor Buresm of Labor Stattstisg and E pl0y nt and Training Adroinistratioa NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment increased sharply by 349 000 in February The largest increases were in durable goods manufacturing and services MILLIONS OF PER SONS ENLAR GED SCALE Mi LLIONS OF PERSONS ALL NONAGRICUILTURAL ESTABLISHAAE NTS 80 Blffili WHOLES ME AND RET ML TRADE 18 r p GOVERNM ENT l SERVICES U IM 1 M a Ot SERVICE PIEDUCING 1NDU 5TRIES i in 1 1 1 ii ii f 1 1 t 1 f I f H 1 1 II t f t II 1 I f f 1 f 1 II M M I tl t II V MANUFACTU RING V I s 1ft iff 1 I I in 1 GOC DS PRODUC NGi INDUSTRIES i tl n 1 1 M t i i f i i i It i M rt x aa 5 at 1 IHICIUI I II II II I II II II CO NTRACT CON STRUCTION f 1 1 1 1 i M i It H f 11I 1f f 11 f I f f I t I f H r II II I II 1 1 I 1 1 1 I 1 1 f f 1 1 n h M i SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers 1 seasonally adjusted Groods prc ducing industriesj D J Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1978 Jan Feb Total nonagricultural employ Total 2 ment Contract construction Service pi oducing IndustrieJS Trans Whole Finance Gover nment insurportasale tion ance Services and Non Total State and and retail Total Durable durable Federal and real public trade goods goods local utilities estate Matnufactui ing i Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they 14 are not at work because of industrial disputes and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments s Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NON GRICULTUR Ii INDUSTRIES For production of nonsupervisory workers monthly data seasonally adjusted Total private nonagricultural 1 Period Manufa tcturing Total Adjusted h ourly earnin gs index tc tal private nonagric ultural 2 Averag e gross hourly eearnings Aver age weekly 1 lours Manufacturing Overtime 1978 Jan Feb dollars Current dollars 1967 dollars Feb Mar Apr May June July Aug Sept Oct Nov Dec Current dollars Percent eh ange from a year sarlier Index Total private nonagricultural AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Total prrva te nonagricu Ltural i Period Current dollars Manufacturing 1967 dollars Jan Feb Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing a Current dollar index or earnings divided by the consumer price index Eevised index for urban wage earners and clerical workers used beginning 1978 3 Percent chiinge from a year e arlier total pirn ate nonagricu Itural 5 Current dollars Current dollars Feb Mar Apr May June July Aug Sept Oct Nov Dec Contract construction Wholesale and retail trade dollars 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 2 perse ns Outjmt 1 Output i er hour of all persons Non Compensation per 1lour 3 Pri Non Unit labor CO 3tS Pri Non Implici fc price deflai bor 4 Pri NonNonNonPrivate Private Private farm vate farm vate farm vate farm farm farm business business business business business business business business business business business business sector sector sector sector sector sector sector sector sector sector sector sector Period quai terly dat a seasonsilly adjusl ed mo I II III IV I II III IV o I Ill IV I II III IV I II III IV I II III IV 1 2 Output r o 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 s 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 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 5 percent in February following an 0 8 percent decline in January INDEX RATIO SCALE 180 f INDEX RATIO SCALE 160 UTILITIES AND MINING PRODUCTION TOTAL INDUSTRIAL PRODUCTION UTILITIES 120 V MINING 100 M MANUFACTURING PRODUCTION 160 I I 1978 PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion Total in dustrial produ 3tion Percent Index change 1967 from 100 vear earlier COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indusstry produiction indcixes Mimufacturi ng Total Durable Nondurable Feb Mar Apr May June July Aug Sept Oct Nov Dee R Jan Feb Output 3 Annual 8 a2 as percent of capacity data are averages of four monthly indexes Quarterly data entered in last month of quarter Annual data are averages of quarterly data Utilities Manufa eturing czipaeity ut ilization rate p reent Federal Reserve serles WharComTotal ton merce2 manu Mateseries 3 series facturrials mg Mining a 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 MANUFACTURES seasonally adjusted Prod ucts Final Ideducts Corisumer go ods Period Total Total NonDurable durable goods goods Interm ediate prod ucts Equipunent Total Business Total Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Construction supplies proportion A Materials Supplementary oup lergy total f S seasonally adjusted Period Diirrable m anufactu res Transp Drtation Primaryr metals equip ment Non ElecFabritrical cated Motor mametal trical maveIron chin Total hicles prod chinand Total ery ucts ery steel and parts Non lurable nnanufaet ures Lumber and products A Apparel products Print Chemicals ing and and Foods pubprodlishing ucts 1967 proportion Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Construetion contracts1 Private Total new construction expenditures Period Resid ential Total Total1 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 Bil Lions of dolljITS June July Aug Sept Oct Nov Dec 1978 Jan Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Belates to 50 States beginning 1969 for value index and beginning 1971 for floor space Seasonally adjusted Seasonally f adjusted an nual rates 1977 Jan Feb Mar Apr May 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 MeGraw Hin Information oyateius Company F v Dodge JLH J LIIUIIIIUUUH Systems u uxu jaiiy f W j uuge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New priv ate homes IS ew private lousing unii s Period Units started by type of str Lcture Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing unite percent Seasonally adjusted aninual rates 1977 Feb Mar Apr May June July Aug Sept Oct Nov Dec 1978 Jan Feb Seasonally adjusted Quarterly data entered in last month of quarter NOTE Data for units completed revised beginning 1972 and homes sold and for sale beginning 1973 Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business sales fell 31 4 percent in January while inventories rose 2 billion According to the advance survey retail sales rose about percent in February following a decrease of 3 percent in January BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL BUSINESS INVENTORIES 300 RETAIL INVENTORIES RETAIL SALES TOTAL BUSINESS SALES RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Total b usiness 1 Who1 esale He tail Sales2 Period CJi 2 bales Inventories3 rji o Invenbales tories3 TVvffll Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Trvfnl DurNonable durable goods goods stores stores Inventory sales ra1 io4 Total business l Retail adjustec The term business also includes manufacturing Monthly average for year and total for month see page 21 Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly ales for monthly data ratio of inventories at end of month to sales for month Iniventories 3 Dur Nonable durable goods goods stores stores Milli ons of d ollars se asonally COUNCIL OF ECONOMIC ADVISERS Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers1 new orders fell 4 percent in January and shipments fell 3 percent inventories rose 1 billion In February according to advance data durable goods orders and shipments rose BILLIONS OF DOLLARS RATIO SCALS BILLIONS OF DOLLARS RATIO SCALE INVENTORIES TOTAL DURABLE GOODS BILLIONS OF DOLLARS RATIO SCALE ss r TOTAL 100 OA NONDURABLE GOODS 40 NEW ORE ERS x S r An j DURAi LE GOODS INVENTORY SHIPMENTS RATIO J w 1 jfc Stft n tr RATIO NONDURABL GOODS 1 40 If 1 11 I H I t 1 I I t t f 1 1 1 I I 1 M M 1 1 I f i l l SEASONALIY ADJUSTED SOURCE DEPARTMENT Of COMMERCE Manufac turers shi pments l Manufact urers inv entories 2 Period Total Feb Mar Apr May June July Aug Sept Oct Nov Dee Jan Feb NonDurable durable goods goods Manu facturers 7 new ord ers Durab ie goods ManufacCapital Non turers Nongoods Total Durable durable Total durable unfilled indusgoods Total goods goods orders 3 tries nondefense Millio ns of dolkirs seasontally ad jussted i Monthly average for year and total for month Shipments are the same as sales Book value end of period 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 COUNCIl OF ECONOMIC ADVISERS Manufacturers inventory shipments ratio L Source Department of Commerce Bureau of the Census 21 WHOLESALE PRICES PRICES In February the wholesale price index rose 1 1 percent 1 0 percent seasonally adjusted The index for finished goods rose 0 8 percent 1 1 percent seasonally adjusted INDEX RATJO SCALE 220 INDEX RATIO SCAL FARM PRODUCTS AND l f j PROCESSED FOODS AND FEEDS j j I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Farm 11 products Industrial eom and proc comzziodi modand feeds ities All Period Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb isa o a a isa i Unadj listed 18a i9as na 9 isas Finished goods Farm products Processed foods and feeds Excludes crude foodstuffs and feedstuffs plant and animal fibers oilseeds and fcaftobaeeo 22 Stage of fabric ation gro upings Intermediate materials 2 Consumer fin ished Producer goods excluding foods finNonished Total Durable durable goods ioa Seasonall 7 ad justed a Crude materials l Includes supplies and components excludes intermediate materials for food manufacturing and manufactured animal feeds NOTE Data revised for August 1977 Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In February the consumer price index for all urban consumers rose 0 6 percent also 0 6 percent seasonally adjusted Food prices increased 1 4 percent 1 2 percent seasonally adjusted Nonfood commodity prices rose 0 1 percent 0 2 percent seasonally adjusted and services prices were up 0 7 percent also 0 7 percent seasonally adjusted INDEX RATIO SCALE 220 INDEX RATIO SCALE SEE NOTE ON TABLE SOURCE DEPARTMENT Of IABOR COUNCIL OF ECONOMIC ADVISERS All items Food Commodities less food a Period Food All Services commodities a All 114 9 na L Food at home Food away from home isa i L a Jan Feb a L isas L 6 i9ao Note Beginning January 1978 data relate to all urban consumers Earlier data relate to urban wage earners and clerical workers isa i All 112 5 nas 119 4 i2a 5 i3a Services Durable Nondurable a leas Seasonal y adjust ed Unac justed 1977 Feb Mar Apr May June July Aug Sept Oct Nov Dec Comnlodities less food i7ai isas Source Department of Labor Bureau of Labor Statistics iea i9as CHANGES IN WHOLESALE PRICES Perce nt change f rom 3 m nths earl ler seasona lly adjusted annual rates Percent change fr om prec eding pern3d seasonal y adjus bed Period Farm products Industrial and comprocessed modifoods and ties feeds AU commodities Feb 1 1 Mar 1 0 Apr 4 May June July 1 1 Aug 3 SeDt 6 Oct 7 Nov i 4 Dec Jan 1 0 Feb ae Finished goods AU commodities Farm products and processed foods and feeds Industrial commodities Perecmt change f rom 6 m onths ear Her seasonally adjug ted annual rates Finished goods All commodities Farm products Industrial and comprocessed modifoods and ties feeds Finished goods ao Annual changes are from December to December unadjusted NOTE Data revised for August Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES Percen t change from pre ceding perio i seasontally adjujsted 1 Period Feb Mar Apr May June July Aug Sept Oct Nov Dee J a n Feb All items Food ao Commodities less food Services Percent c lange frc m 3 mont tis earlier Percent c lange frc m 6 mont tis earlier seasonsilly adjus ted annu a l rates seasonailly adjussted annu al rates All items Commodities less food Services All items Food Commodities less food Services i Annual changes are from D eemb r t December unadjosttdl N tt Beginning January 1978 data relate to all urban eonsomir Strier data relate to urban wage earners and clerical workers 24 Food as 7 7 ao a7 a ia ao as 7 6 a3 5 6 Source Departnawt f Labor Bureau of Labor Statistics as 7 4 ac as ao i 4 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 3 percent in February Contributing most to the increase were higher prices for cattle hogs eggs oranges broilers and calves Partially offsetting were lower prices for soybeans tomatoes and strawberries Prices paid by farmers were up 1 percent in the month ended February 1 5 INDEX ATIO SCALQ SO PRICES RECEIVED ALL FARM PRODUCTS PRICES PAID fALL ITEMS INTEREST TAXES AND WAGE RATES RATIO no PARITY RATIO ACTUAL I t i t Ij I J jUltq OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES F AK INTEREST TAXES AND WAGE RATES ON BASE COUNCIL Of ECONOMIC ADVISERS SOUHC DEPARTMENT OF AGRICUlTURi Prices paid by fanmers All items Family ProducLivestock interest tion living and taxes and items items products wage rates Index Prices received by farmers Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1978 Jan Feb All farm products Crops Actual Adjusted s Percentage ratio of index of prices received by fanners to index of prices paid iaterest taxes and wage rates on base 2 The adjusted parity ratio reflects Government payments mad dirtetiF t fanners Parity ratiol rt I Ind x discontinued Consumer price index Department of Labor smtesMtuted ia calculating total prices paid beginning January 1977 Source Department 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK Mi declined by 1 percent annual rate in February growth in the broader aggregates slowed but remained positive BILLIONS OF DOLURS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALQ SEASONALLY ADJUSTED SOURCE SOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM COUNCH Of ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted except as noted Over all meas ures1 Deposi ts at coitnmercia banks Period Mi M3 M3 Currency TIJDCte and sa vings Demand Total 1972 Dec 1973 Dec Dec 1975 Dec Dec Dec Feb Mar Apr May June July Aug Sept Oct Nov Dec 1978 Jan Feb SB Large CDs Other 19a4 3ias a ia as Mi is currency plus demand deposits Mz is Mi plus time deposits at commercial banks other than large certificates of deposit CDs and Ms is Mz plus deposits at nonbank thrift institutions 26 Percjent cha nge CompOD ents anc related ii ems L Deposits at nonbank thrift institutions U S Government demand deposits unadjust ai Mi M2 ed a2 as as as as Annual changes are from December to December and monthly changes an from 6 months earlier at a seasonally adjusted annual rate Note Series revised Source Board of Governors of the Federal Reserve System PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Averages of dally figures billions of dollars seasonally adjusted Currency and c eposits Total liquid assets Total ia Feb Mar Apr May June July Aug Sept Oct Nov Dec a Jan Feb Period Dec Dec Dec Dec Dec Dec Dec Dec U S Ti easury secuiities Time d eposits Currency Demand deposits Commercial banks ShortNonbank term Savings marketthrift institu bonds able setions curities a9 23a ia a ia sa i sae i9as 34a i a a ao 7a 4 7a 8 oa Negotiable certificates of deposit Other private money market instruments 2L a a ao a 4 Source Board of Governors of the Federal Keserve System CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalm ent credit e tended Period Total l Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1978 Jan 1 Total1 Automobile Bank credit cards Total i Automobile Bank credit cards Includes some items not shown separately Bank credit cards Net changej in amount outstanding Automobile Instalm 3nt credit liejuidated Source Board of Governors of the Federal Eeserve System 27 BANK LOANS INVESTMENTS AND RESERVES Commercial and industrial loans grew rapidly in February as did commercial banks holdings of U S Government securities BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE r ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS INVESTMENT IN US GOVERNMENT SECURITIES m i I m n i M n 1 1 i n i I i i M 1 1 1 1 m t n n I n i 1 i n n 1 1 i n n i n M t n t 1 1 m I 1 1 11 i m n 1 1 1 in i 11 n I n 11 j SEASONALLY ADJUSTED END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Feb Mar Apr May June July33 Aug Sept Oct Nov13 Dec p 1978 J a n Feb 1 2 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted l Allimjmber ban ks Allc ommercial 1 anks Borrowiiigs millions of dollars Investsaents L oans Ileserves 2 3 Total unadjij isted 2 loans and Total exU S Gov Other SeaReNoninvest cluding Commer ernment Total secucial and Total sonal borrowed quired ments inter industrial securities rities bank a Data are for end of period Averages of daily figures Annual date 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 a bank merger and were reduced 1 5 billion due to liquidation of a large bank Loan reclassifications reduced these loans by 1 2 billion as of March Loan reclassifications reduced these loans by 0 3 billion in December 1977 Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Period Total Internal 1 Total Credilt market f unds Total Longterm 2 Tnt l Shortterm 3 Other Purchase of physical assets 4 Increase in financial assets Discrepancy sources less uses I II III IV I II III IV 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 Plant and equipment residential structures inventory investment and mineral rights Note Data revised for 1977 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 End of period Cash on Total hand and in banks 1 U S Receivables Govfrom ernU S ment securi Governties2 ment 3 Notes and accounts receivable Other Incurrent ventories assets 4 Total Advances and Notes and preacpayments counts U S payGovable ern 3 ment Federal income tax liabilities Other current liabilities Net working capital I III 791 8 IV II I III Includes time certificates of deposit 2 Includes Federal agency issues 3 Receivables from and payables to the U S Government do not include piounts offset against each other on corporations books or amounts arising from fobcontracting which are not directly due from or to the U S Government Vherever possible adjustments have been made to include U S Government advances offset against inventories on corporations books sa Includes marketable investments other than Government securities and time certificates of deposit as well as sundry current assets s Includes commercial paper outstanding the portion of long term debt due in less than 1 year and miscellaneous current liabilities not elsewhere classified Source Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Most interest rates drifted slightly lower during March PERCENT PER AhWUM PERCENT PER ANNUM to 10 CORPORATE j aa BONDS MOOI rs A X px V l Vs v M M L i j f V 4j f M t 1 1 t t 1 ff l f i fc V I i f I f 1 1 f f f f f 1J f l 1 1 p i nr f i DISCOUNT RATE FEDERAL RESERVE BANK OF NEW YORK 1973 J L TREASURY iJfLLS f 1 1 f i f 1 1 1 f f f i T f yj 1 1 r f 1 1 t f t i s v V J r H AA 7 M 1 J k v L ji p f 1 1 ft FI 1 976 f J 1 f r f p pjj i I r t i I i M I i K COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum Period Mar Apr May June July Aug Sept Oct Nov Dec 1978 Jan Feb Mar 7 Week ended 1978 Feb 24 Mar U S Goverament seenjity yields High grade Corporate Prime com Discount municipal mercial rate Aaa 3 month N Y bonds paper Taxable Standard bonds 2 3 Treasury 3 5 year F R 4r 6 issues bonds bills i Bank 5 Poor s 4 Moody s months a leo a 90 a a 98 a a a Rate on new issues within period 2 Selected note and bond issues 3 April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures 6 Average effective rate for year opening and closing rate for month and week 30 a 57 a 83 a 43 a 02 a 10 8 04 a a 04 a os a 19 8 41 a a a a K 5K 5K 5K 5K 5K 5 5K 5K 5K a 79 6 6K J4 6H 6H 6 2 Prime rate charged by banks a K 6K 6 4 6 6K 6K 6J X K J4 7J Newhome mortgage yields FHLBB a Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Bates beginning January 1973 not strictly comparable witfl prior rates Not charted 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 turned up somewhat in mid March INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX NYSE COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Common s tock 5 yields perc ent Cominon stock p rices l Period New York Stock Exct ange indexes Dec Composite Industrial Transportation Feb Mar Apr May June July Aug Sept Oct Nov Dec 1978 Jan Feb Week ended 1978 Feb24 Mar a eaos sai7 Utility a Averages of daily closing prices Includes all the stocks more than 1 500 listed on the NYSE 8 Includes 80 stocks Includes 500 stocks s Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter Finance Standard Poor s Dowcomposite Dividend EarningsJones price price index industrial ratio ratio average NOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Standard Poor s Corporation ni FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 5 months of fiscal 1978 the budget deficit was 39 5 billion A year earlier the deficit was 32 0 billion BJLUONS OF DOLLARS 500 BILLIONS OF DOLLARS 500 R CHPTS AND OUTIAYS OUTLAYS SURPLUS OR DEFICIT FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Period Receipts Fiscal year or period Transition quarter estimates 2 1979 estimates 2 Cumulative total first 5 months Fiscal year 1977 Fiscal year 1978 1 Excludes non interest bearing public debt securities held by IMP 2 Estimates from Current Budget Estimates March 1978 Office of Management and Budget 32 Outlays isa4 Surplus or deficit Federal debt end of period Total1 Held by the public h NOTE See Note p 33 Sources Department of the Treasury and Office of Management and Budget FEDERAL BUDGET OUTLAYS BY FUNCTION BY SOURCE AND In the first 5 months of fiscal 1978 budget receipts were 14 2 billion higher than a year earlier and expenditures were 21 7 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 RECEIPTS CORPORATION INCOME TAXES X OTHER RECEIPTS OUTLAYS NONDEFENSE v I L L I I FISCAL YEARS SOURCfS DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET 1979 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Rece ipts 3utlays Nationa defense Period Fiscal year or period L Transition quarter estimates lJ 1979 estimates Total Indi Corpovidual ration Other income income taxes taxes Total Total Interna Health and InDepart tional income terest Other ment of affairs security Defense military Cumulative total first 5 months Fiscal year Fiscal year Estimates from Current Budget Estimates March 1978 Office of Management ad Budget NOTE Earned income credit payments in excess of an individual s tax liability are classified as income tax refunds beginning 1976 and as outlays prior to 1976 Source Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS According to revised estimates for calendar 1977 Federal receipts rose 41 6 billion and expenditures 37 1 billion yielding a deficit of 49 5 billion 4 5 billion less than in 1976 BftilONS OF DOLLARS SURPLUS 1 Hi tm t 1 Y J l i MI ii ty A A A m 40 VIA 222 V A WA M DEFICIT I 1 I I 11I I 1 mm 1 i W m nil n CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jovernm ent receip ts Period F 3deral G overnme at expen ditures GrantsSubsidies Less Indirect Purin aid less Wage Personal Corpo business Contrirate butions chases Trans to State Net current accruals Total tax and profits tax and for Total of goods fer pay and interest surplus of less nontax tax nontax and ments local paid Govern disreceipts accruals accruals social insurance services government en bursements terprises ments Fiscal year Calendar year I 318 4 II III IV I 364 9 n III IV R a Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget 34 I 0 Surplus or deficit national income and product accounts INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES In dustria produc3tion seiisonally adjuste d Period JuneJuly Aug Sept Oet Nov Dec Jan Feb United CanStates ada a R GerFrance many Japan Italy isae was 144 7 isa i Con sumer Drices u aadjuste d United United CanKing States1 ada dom a GerJapan France many a a 6 m a ia 6 24ao iae United Kingdom Italy ia a a Source National sources as reported by Department of Commerce Bureau f International Economic Policy and Research Office of International Economic Research in International Economic Indicator i Beginning January 1978 data relate to all urban consumers U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Mercllandise exports Merc landise imports Ge neral im orts Domestic3 exports Period Total domestic and foreign Total 2 exports Food Crude Food Crude bever mate Manubever mate Manu Total fac2 facrials c i f rials tured Total ages ages tured value 4 and to and and to and goods goods bacco fuels bacco fuels F a s valu e Monthly average Mer ehandise balance Exports Ex f a 8 ports less f a s imless ports im cusports toms f a s value trade Exports f a 8 less imports e i f Custom s value Jan 9 664 Feb Mar Apr 9 953 May 10 489 June 10 090 July Aug 9 674 Sept Oct 9 375 Nov Dec Jan Total excludes Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program Total includes commodities and transactions not classified according to kind Total arrivals of imported goods other than intransit shipments Ca f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates F a s yalue 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 Series revised beginning 1975 except detail beginning 1977 only not strictly comparable with earlier data Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS The U S current account was in deficit by 20 2 billion in 1977 compared with a deficit of 1 4 billion in 1976 BILLIONS OF DOLLARS 10 BIUJONS OF DOLLARS 10 BALANCE ON CURRENT ACCOUNT SOURCEt DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Merchandise 1 2 Period Exports Imports Inv sstment iiicome Net Kol ance Receipts Payments NT A Net military transactions Nettravel and transportation receipts Other services net II III IV military grants from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services net 36 Remittances pensions and other lateral transfers l Balance on current account I II III IV 1 Excludes 2 Adjusted 3 Balance on goods and services OTE Data revised for 1977 Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued Foreisn official assets in the U S rose by 15 5 billion in the fourth quarter of 1977 largely reflecting exchange market intervention by foreign central banks to slow appreciation of their currencies against the dollar BILLIONS OF DOLLARS BILLIONS OF DOLLARS 30 I SEASONALLY ADJUSTED 2Q 20 CHANGE M FOREIGN ASSETS IN THE U S NET A SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad inet inere ase capita 1 outflow Fore ign assets in the U S net incr ease capri al inflow Foreigni official assets Period Total Other U S U S official U S private reserve Govern assets 2 assets 1 2 ment assets Total Total II III IV II 10 283 III IV Consists of gold special drawing rights SDE convertible currencies and 3 U S reserve position in the IMF 2 Quarterly data are not seasonally adjusted Assets of Other foreign foreign official assets reserve agencies Statistical discre pancy Allocations Of of Total which special sum of Seasonal drawing the adjustrights items ment SDR with sign discrepreversed ancy U S official reserve assets net l unadjusted end of period NOTE Data revised for 1977 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 873 DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mall Contents TOTAL OUTPUT INCOME AND SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Private Business Economy PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders PRICES Wholesale Prices Consumer Prices Changes in Wholesale Prices Changes in Consumer Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Private Liquid Asset Holdings Nonfinancial Investors Consumer Instalment Credit Bank Loans Investments and Reserves Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports UJS International Transactions For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 85 cents single copy Subscription price 3040 per year 55 additional tot foreign mailing 38 I S COVERNHEMT PRINTIHS OFFICES i

Prices Received and Paid, by Farmers

DATE: March 1978

PART OF:

Economic Indicators : March 1978

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-. "Prices Received and Paid, by Farmers," 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-. "March 1978," Economic Indicators (March 1978) : 27-27. https://fraser.stlouisfed.org/title/1/item/315/toc/125429 , accessed on December 13, 2019.

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Economic Data