Gross National Product

Name: Gross National Product
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 2d Session Economic Indicators August 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 MITCHELL Maryland 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 EDWARD M KENNEDY Massachusetts GEORGE McGOVERN South Dakota 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 81sr CONGRESS CHAPTER 237 1st SESSION JOINT RESOLUTION JSJ Res 55J To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 85 cents a single copy or by subscription at 10 10 per year 2 55 additional for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 ii TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the second quarter gross national product rose 91 2 billion or 19 6 percent both at annual rates Real output GNP adjusted for price changes increased 8 0 percent from the first quarter level and the implicit price deflator rose at a 10 7 percent annual rate BILLIONS OF DOLLARS RATIO SCALE 2 200 BILLIONS OF DOLLARS RATIO SCALQ SOO SOURCE PARTMENt Of COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal Gross conprivate sump domestion tic exinvestpend ment itures Go ernment purchases of goods and Export and imp orts of goocis and services Net exports services Federal National defense Total ae Total II Ill IV II 2 osa ae i This category corresponds closely with budget outlays for national defense shown on p S3 Final sales Imports State and local Exports 97 9 Nondefense 48 6 Source Department of Commerce Bureau of Economic Analysis GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Personal conGross national sumption product expenditures Period Nonresidential fixed Residential fixed Change in busiNet ness in exports Exports Imports ventories Total Federal a II Ill IV II Governrnent pure bases of good s and sen ices Exj orts of gc ods a ad service Gross iDrivate do mestic iiivestment State and local Final sales i IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Personal consump tion expe nditures Period Gross national product Total Gross Drivate dom estic invesl ment Exports and imports of goods and sejrvices NonresNonDurable durable Services idential goods goods fixed Residential fixed Governrrlent purchases c f goods and se rvices Exports Imports Federal State and local II III IV I II Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP AND GNP PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Gross aational p roduct Constant 1972 dollars Current dollars Period Implicit price deflator Gross iomestic product Fixedweighted price index 1972 weights Chain price index Constant 1972 dollars Current dollars Implicit price deflator Chain price index Fixedweighted price index 1972 weights I II III IV I II NOTE Annual changes from previous year and quarterly changes from previous quarter Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Gross d omestic prodi ct of nonfin ancial corp Drate busi ness billic ns of doll ars Period Ciarrent dollar cost a nd profit per unit of output dollars i Total cost and profit 2 Current dollars 1972 dollars I II I III IV Capital consumption Comallowpenances Indirect sation with business of capital taxes 3 employconees sumption adjustment Output is measured by gross domestic product of nonfinancial corporate iness in 1972 dollars This is equal to the deflator for gross domestic product of nonfinancial corB te business with the decimal point shifted two places to the left Indirect business tax and nontax liability plus business transfer payments jess subsidies Corpo rate profi fcs with inventc3ry valuat ion and capit al consurription aidjust men ts Net interest Total Profits tax liability Profits after tax 4 ComOutput penper sation hour per of all hour employ of all ees employ 1972 ees dollars dollars 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 Period Billions of dollars quarterly data at seasonally adjusted annual rates Corpor ate profits with inv entory va uation Proprietors1 and capital co nsumptioii adjustments income3 with 1 Rental f valua income inventor Profits with inv mtory tion and capital of perComvaluation adjus ment consuniption sons pensaand without ca pital adjust ments with Net tion of Naconsum ption adjiistment Capital interest capital conemtional conincome ployTotal Inven sumption sumpeesl tory Profits valua adjustNontion Farm Total adjustfarm ment before tax ment adjustment a a i eoa i II III IV II Includes employer contributions for social Insurance See also p Source Department of Commerce Bureau of Bcomomic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nondura jle goods D arable goocIs Period Total personal consumption expenditures Total durable goods l Motor vehicles and parts II III IV Total Includes other Items not shown separately Imports Domestics II Clothing Gasoline Services and and oil shoes Food m 7 Total nondurable goods Furniture and household equipment Retail sales of new pa ssenger cars DCdllions of uilits sao Source Department of Commerce Bureau of Economic Analysl SOURCES OF PERSONAL INCOME Personal income rose 24 2 billion annual rate in July following revised increases of 12 9 billion in June and 12 7 billion in May Wages and salaries rose 11 2 billion in July compared with 9 0 billion in June A cost ofliving increase in social security benefits accounted for 5 7 billion of the 8 2 billion rise in transfer payments BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS IJ I I 1 1 1 I 1 II M II I I 1978 SEASONALLY ADJUSTED ANNUM RATES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Billions of dollars monthly data at s Wage and Other Proprietc rs income Total labor personal salary income disburse income1 2 Farm Nonfarm l ments seasonally adjusted annual rates Rental income Diviof dends persons 4 Less PerPersonal Transfer sonal con Nornfarm interest pay 8 tributions personal income ments for social incomefi insurance Oil July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements Consists of employer contributions to private pension health and welfare funds workmen s compensation directors fees and a few other minor items 1 With inventory valuation and capital consumption adjustments With capital consumption adjustment o 8 Consists mainly of social insurance benefits direct relief and veterans oavments 8 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 second quarter BILLIONS OF DOllABS fcATIO SCA19 BILLIONS OF DQILARS RATIO SCALE t 600 PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES 5OWCE DEPARTMENT Of COMMERCE Less Jrersonal tax Personal and income nontax payments COUNCIt OF ECONOMIC ADVISERS TJ Period Equals Disposable personal income Less Personal outlays 1 Per capita disposable Equals personal income Personal saving Current 1972 dollars dollars Current dollars 1972 dollars Percent change Saving in real as percent of Populaper tion capita dispos thou 2 able dispossands perable sonal perincome sonal income Dol lars Billions of d ollars Per capita personal co nsumption exp mditures Seas onally ad usted anrmal rates II I III IV II I Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net a 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 Bureau of the Census FARM INCOME In the second quarter according to revised estimates net farm income before inventory adjustment rose 4 2 billion annual rate while income after inventory adjustment rose 2 2 billion BILLIONS OF DOLLARS RATIO SCALQ BILLIONS OF DOLLARS RATIO SCALE X x wir 1 so y X GROSS FARM NCOME BEFORE 1NVE NTORY ADJUSTM ENT tnn sX xj NETF 4RM INCOMH AFTEFk INVENTORY ADJUSTMENT 40 S rt w f j f f to T f r r f V J f T f f 1975 f r 197 SEASONAUY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE r f 1977 f f r COUNCIL OF ECONOMIC ADVTSERS Quarterly data at seasonally adjusted annual rates Persona 1 income received by total farm po pulation Income re ceived frc m farming Gross income be fore inven tory adjustnlent Net t s farm oper ators Cas h receipts from Period From From From Producinarketings all farm nonfarm tion ex Before After sources sources sources Tn Al 1 Livepenses inven invenstock tory tory Total Crops and adjust adjust 2 products ment ment Billioiis of dolla rs I II III IV II Cash receipts from marketings Government payments and nonmoney income 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 Net incc me per farm sliter inventory adjustme n t Current dollars 4 Dol lars Income in current dollars divided by the consumer price index Source Department of Agriculture 1967 dollars CORPORATE PROFITS According to preliminary estimates for the second quarter profits before tax rose 29 5 billion while after tax profits rose 15 2 billion About one fourth of the increase was due to a rebound from the effects of the severe weather and coal strike in the first quarter 201 6 BILLIONS OF DOLLARS SOURCE DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates ProJats after tax Profit s before tax wit i inventc ry valusition adjustn lent l Dome stic indu stries r N onfinanc ial Period I II III IV 1978 I II Total Total Financial Total3 Manufacturmg See p 4 for profits with inventory valuation and capital consumption adjustments 8 Wholesale and retail trade Profits before tax Tax liability Total Dividends Undistributed profits Includes rest of the world not shown separately Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment L JROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the second quarter business fixed investment rose 14 2 billion annual rctfe as nonresidential construction outlays rose 7 6 billion and producers durable equipment purchases increased 6 6 billion Residential investment outlays increased 5 0 billion Inventory investment amounted to 18 9 billion up 2 2 billion from the first quarter level BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOtURS fRATIOSCAL9 NONRESIDEh TLAL FIXED IK ESTME4T 340 GROSS PRIVATE DOMESTIC INVESTMENT r PRODUCERS DlJRABLE EQUIPA mr 100 v s I I I I t I BILLIONS OF DOLLARS 1 20 RESIDENTIAL FIXED 110 I I f I f INVESTMENT mm STRUCTURES mm wm I 90 I I I I BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Noriresident ial fixed investmeknt Gross private domestic investment Period Struc tures Prodiicers duna ble equipment Total Total Nonfarm Total Resid ential fix ed invesibment Pvn Total Nonfarm Nonfarm structures Farm ducers durstrucable tures equipment II III IV I II Source Department of Commerce Bureau of Economic Analysis Change in business mv entories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 11 2 percent in 1978 according to the Commerce Department survey conducted in late April and May Spending in 1977 was 12 7 percent above the 1976 level BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL NEW PLANT AND EQUIPMENT J SEE FOOTNOTE 4 BELOW SOURCEi DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Starts f plant Ex penditure s for plant and equ ipment and eqiiipment 3 proie cts Mi mufacturi ng Period Total l DurTotal Non able goods durable goods III IV so II III IV 1978 I II Ncmmanuf acturing i Total 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 10 Transportation Public utilities Mining Communication Commer Manufactur cial ing and other IS SO 80 Public utilities Includes trade service construction finance and insurance 3 Starts are estimated by adding changes in carryover to expenditures durir Planned capital expenditures as reported by business in late April anu May 1977 Plans are adjusted when necessary for systematic bias Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment in July decreased by 394 000 while unemployment increased MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE EMPLOYMENT 101 UNEMPLOYMENT i I I I I I II M Ii t f f M f f t t M t t f t t f t l 1372 f l f f I I t I I t I I II M t II II t t t I ftI I IIIM YEARS OF AGE AND OVER SOURCEs DEPARTMENT Of LABOR Period Noninstitutional population COUNCIL OF ECONOMIC ADVISERS Civilian employment Thousands of persons 16 years of age and over Civilian einploymerit Unempl syment Total labor Nonagri cultural 15 Unem force Civilian Part time Total weeks Agriploy includ labor Total for ecoculand ment ing force Total nomic over tural Armed reasons 1 Forces Oil Seascmally adj listed July Aug Sept Oct Nov Dec Jan Feb Mar Apr MayJune July Uiladjusted Labor force participation rate per 2 i cent ersons at work Economic reasons include slack work material shortages ility to find full time work etc Total labor force as percent of noninstitutional population 16 years of age and II Beginning 1978 data not strictly comparable with earlier data because 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 11 SELECTED UNEMPLOYMENT RATES In July the seasonally adjusted unemployment rate again rose above 6 0 percent to 6 2 percent The higher rate was reflected in almost all demographic groups PERCENT SEASONALLY ADJUSTO PBfcCENT SEASONALLY ADJUSTED AND OTHER v 4 lvMv V vw JMJNEMPtOYMEN AS PERCENT OF OVttlAN UBOR FORCE W GROUP SPECIFIED SOURCEi DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVJSBS Monthly data seasonally adjusted Period J 1977 July A Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Total all civilian workers a as linenaploymeiQt rate ercent c f civiliaii labor f rce in giroup Labor I3y select ed group 8 By race Bys ex and akge force Expetime Men Women Both lost Black rienced House Full Part per20 20 sexes wage hold time time years years 16 19 White and and other salary heads work work cent and and ers ers years workers ae a i ia as as Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS The increase in unemployment in July was accompanied by an increase in the proportion of job losers and very shortterm and very long term unemployed and by a decrease in job leavers PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT 60 JOB LOSERS 40 REENTRANTS 20 JOB LEAVERS NEW ENTRANTS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR Period Unemployment thousands July Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June1 July PMonthly data seasonally aAdjusted except aus noted Percecit distribution of unem State p rograms Insured Pereen t distrib ution of unemployment by durati sn unem Special pl oyment 1Dy reasoii i ployunemment ployall ment Insured 27 New Less regular benefit weeks unem Initial ReenJob Job enproclaims f and ploy claims losers leavers trants trants than 5 weeks weeks weeks grams1 unadover ment unad justed justed Weeikly aver age thoujsands a Detail may not add to 100 percent because of rounding Includes State 50 States District of Columbia and Puerto Eico ex servicemen UCX Federal UCFE and railroad RE programs Also includes Federal and State extended benefit programs Does not include FSB Federal supplemental benefits and SUA special unemployment assistance COUNCI OF ECONOMIC ADVISERS 3 FSB and SUA These programs started January 1975 and regular reporting began March 1975 Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 264 000 in July The increase was concentrated in services trade and contract construction MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS 90 WHOLESALE AND RETAIL TRADE 18 ALL NONAGRICULTURAL ESTABLISHMENTS GOVERNMENT 14 SERVICES 12 SERVICE PRODUCING INDUSTRIES it t I I I Ill I f t in hi MI I IH I I 11 H AAANUFACTURING x I 1 11 I I 1 1 I1U M f t t 1 f I f t 1 t 1 1 1 t 1 1 I 1 II t M M I M II GOODS PRODUC NG INDUSTRIES T r1 l lllll IIHIligiltt X CONTRACT CONSTRUCTION fl 1 I f I 1 1 1 l I I 1 I I n in i i i 1 i i i i iv H SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Groods pro ducing i adustries Period July Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr Mayp June July Total nonagricultural employ Total 2 ment Service pr oducing Industrie s Ma nufactur ing Con tract conNon Total struc Total Durable durable goods goods tion 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 Trans Whole Finance Gover nment portainsursale tion ance Services and State and and Federal and public retail real trade estate local utilities 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 Manufe icturing Total Adjusted h ourly earnin gs index 1 tal private nonagricCultural 2 Averag e gross hourly earnings Aver age weekly lours Manufacturing Overtime July Aug Sept Oct Nov Dec Current dollars Jan Feb Mar Apr May June July Percent ch ange from a year earlier 4 Index Total private nonagricultural 1 1967 dollars 3 Current dollars 1967 dollars A ERAGE WEEKLY EARNINGS For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Total PITvate nonagricu Itural l Period Current dollars Manufacturing 1967 dollars Contract construction Wholesale and retail trade Current dollars Current dollars Percent change from a year e arlier total prih ate nonagriculItural dollars July Aug Sept Oct Nov Dec Jan Feb Mar Apr May v June July v Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing Current dollar index or earnings divided by the consumer price index Eevised index for urban wage earners and clerical workers used beginning Monthly changes based on indexes to two decimal places Based on unadjusted data Source Department of Labor Bureau of Labor Statistic 15 PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS ECONOMY Out ut l Output i er hour of all p ersons Hours of all perse ns 2 Unit labor CO sts Compe nsation per I lour 3 Impliciib price deflal Dor 4 PriNonNon 1 PriPriNonNonNonPrivate f Private Private Nonfarm farm vate vate vate farm farm arm 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 Q qua rterly dat a seasomilly adjusl ed II III IV II II IV II s Perceiit change quarterly data at seasonal y adjuste d annual rates o II III IV II III IV I II Output refers to gross domestic product originating in the sector in 1972 dollars Hours of all persons in private industry engaged in production including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 8 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 4 Current dollar gross domestic product divided by constant dollar gross domestic product 16 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 Data revised for 1966 74 and first and second quarters of 1978 Source Department of Labor Bureau of Labor Statistics PRODUCTION AND ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 5 percent in July for the third consecutive month The index for July was 4 8 percent above a year earlier INDEX RATIO SCALE INDEX RATIO SCALC UTILITIES AND MINING PRODUCTION inuriES 120 MINING PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE 90 SO SEASONALLY ADJUSTED SOURCEj BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total in dustrial prodmition Percent Index change 1967 from 100 year earlier Period COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indusstry produiction ind xes Mimufacturi ng Total Durable Nondurable Mining Utilities Manufa cturing aipacity ut ilization rate p srcent l Federal Reserve ser ies ComWharTotal ton merce Matemanuseries 3 series 2 facturrials ing July Aug Sept Oct Nov Dec Jan Feb Mar Apr May v June July proportion Output 8 Annual 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 92 5 Sources Board of Governors of the Federal Eeserve System Department of Commerce Bureau of Economic Analysis and Wharton School of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Prod ucts Final I roducts Corisumer go 3ds Period Total Equip ment NonDurable durable goods goods Total Interm ediate prod ucts Total Business Total Construction supplies proportion July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June 9 July Materials Supplementary oup lergy total f seasonally adjusted1 Diirable m anufactu res Primary metals Period Total Iron and steel Fabricated metal products Non trical ma chin ery Electrical machinery I Transpc rtation equipment Total Motor vehicles and parts Lumber and products None iurable nlanufact ures Apparel products Print Cheming icals Foods and and pubprodlishing ucts 1967 proportion July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June p July R Source Board of Governors of the Federal Eeserve System 18 NEW CONSTRUCTION Constructio n contracts2 Private Total new construction expenditures Period Resid ential Total Total1 Commercial and industrial New housing Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions of doll ars Seasonally adjusted Seasonally adjusted aiinual rates 1977 June J u l y Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June v July Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space Seasonally adjusted annual rates NOTE New construction expenditures data prior to 1973not 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 IS ew private tiousing unil s Units started by type of stnicture Period Total unit units or more units New priv ate homes Units authorized Units completed Homes sold Homes for sale at end of 1 period Vacancy rate for rental housing units percent Seasonally adjusted arinual rates 1977 July Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr 9 May 9 June v July 9 1 2 Seasonally adjusted Quarterly data entered in last month of quarter Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business sales rose slightly again in June while inventories rose 2 billion According to the advance survey retail sales were unchanged in July for the third month in a row BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL BUSINESS INVENTORIES TOTAL BUS NESS SALES SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Total b usiness l Who esale R stail Sales2 Period O l o bales COUNCIL OF ECONOMIC ADVISERS Inventories3 Invenbales tories 3 O l 2 Tntnl Iniventories DurNonable durable goods goods stores stores Tntil DurNonable durable goods goods stores stores Inventory sales ra1 io4 Total business J Retail Mill ons of d ollars se asonally adjustea July Aug Sept Oet Nov Dec Oil Jan Feb Mar Apr May JunevJuly 1 The term business also includes manufacturing see page 21 Monthly average for year and total for month Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories at end of month to sales for month Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census I MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers shipments and inventories increased in June while new orders declined slightly According to advance data durable goods orders and shipments declined in July BILLIC NS OF DOLL RS RATIO SC ALE BILLKDNS OF DOLLA RS RATIOS CALE 140 rs 120 5H1PMEN TOTAL UL X m m r V D JRABLE GOOD X 40 iNVENTORIES X r t T NONDURABLE GOODS TOTAL i DURABLE GOOD s minimum I I I I I M 1 II i 60 iiiiliiiii MllltllMI IIMlillMI BILLKDNS OF DOLL RS RATIO S CALE 140 NEW ORE ERS s s TOTAL V xx v r p u X a X s V A SEL f DURAE LE GOODS f X M II 1 I A 40 t i M rhS i NONDURABL GOODS III III II I M M M i i li ii i l INVENTO RY SHlPMEhsITS RATIO TOTAL J r vm I I 1 1 ll M 1 1 1 llllllMIII K k I 1 I 1 1 1 I l I 1 1 1 1 I RATIC H uii i IHf v t NONDURABL E GOODS H M M 1 1 II 1 M 1974 M MI 1 1 iin 1975 MI 1 1 1 1 n n II 1 II 1 1 1 M SEASONALLY AD USTED SOURCE DEPARTMEN OF COMMERCE T COUNCIL OF CONOMIC ADVISER I Manufac turers shipments 1 Manufaet urers inv entories 2 Manufacturers 7 new ord ers l Durabi e goods Capital Nongoods Durable durable Total Total indusgoods Total goods tries nondefense Millio as of dolla rs season ally ad jus ted July Aug Sept Oct Nov Dec Oil Jan Feb Mar Apr May June Julv Period Total NonDurable durable goods goods i31 Monthly average for year and total for month Shipments are the same as sales 3 Book value end of period 4 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 II 1 M I 1 I ManufacNonturers durable unfilled goods orders 3 Manufacturers inventory shipments ratio Source Department of Commerce Bureau of the Census 21 PRODUCER PRICES PRICES In July the producer price index for all commodities rose 0 6 percent 0 3 percent seasonally adjusted The index for finished goods rose 0 8 percent Q 5 percent seasonally ALE INDEX RATIO S INDB RAT IO SCALE UNADJUSTED J OAn i F M M PRODUCTS t PROC E5SED FOODS AhID FEEDS N v An A r A V y INDUSTRIAL COMMODITIES y A x s Z N r ALL COMMOD TIES W J jj K i S g inn 100 i l 1 1 1 I I I t II I I i i iii i1 iH H ii1 iiii f 1 1 l l 1 f 1 I I t 1 11 t 1 1 1 i i i i i Iii i ii SOURCE DEPARTMENT O F LABOR t ri i i 1 i I r i i 1978 COUNCIL C F ECONOMIC ADVISERS Firlished go ods Uarm products Indusand proc trial essed comfoods modand feeds ities T7I Period AU commodities July Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Unadjustec Total Consumer foods Total Consumer goods Capital equipment Internlediate mate rials suppliejs and comp Dnents Total Foodstuffs and feedstuffs Seasonallj r ad justed Crude mater hils for furtl ler processing Excluding foods Total and 2 feeds Formerly eal ed produce r finished goods nn Exclu ding con sumer foods Other 2 Excludes i ntennediat e materials for food m anufacturii ag and mai lufaeturea animal feeds IS OTE Dat a revised for March 19 rs source Dep artment of Labor Bmreau of Labor Statistic s JONSUMER PRICES In June the consumer price index for all urban consumers rose 1 0 percent 0 9 percent seasonally adjusted Food prices increased 1 7 percent 1 3 percent seasonally adjusted Nonfood commodity prices rose 0 8 percent 0 6 percent seasonally adjusted and services prices were up 0 9 percent also 0 9 percent seasonally adjusted INDEX RATIO SCALE INDEX RATIO SCAIfl SEE NOTE ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period All items Food Commodities less food Comnaodities le ss food Food Services All commodities AU Food at home Food away from home AU Durable Nondurable Unac justed Services Seasonal y adjust ed 1977 June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June NOTE Beginning January 1978 data relate to all urban consumers Earlier data relate to urban wage earners and clerical workers Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES mths Perce nt change firom 3 m ear ier seasona lly adjusted annual rates Percent change fr om prec edlng peri od seasonal y adjuslbed 1 Period Farm products Industrial and comprocessed modifoods and ties feeds An commodities July Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May JuneJuly a g a Finished goods All commodities Farm products Industrial and comprocessed modifoods and ties feeds Perce nt change f rom 6 m snths ear ier seasona lly adjus ted annual rates Finished goods All commodities Farm products Industrial and comprocessed modifoods and ties feeds Finished goods a2 as Annual changes are from December to December unadjusted NOTE Based on revised data for March a2 ao 2 0 a ao ia9 as ae ao a Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES Percen t change from pre ceding perio d seasoEtally adjussted 1 Period June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June 1 All items Food Commodities less food Services Percent c lange f re m 3 mont bis earlier Percent c lange frcma 6 mont lis earlier seasonailly adju sted annu al rates seasonsilly adjussted annu al rates All items Services All items Food Commodities i less food Services Annual changes are from December to December unadjusted NOTE Beginning January 1978 data relate to all urban consumers Earlier data relate to urban wage earners and clerical workers 24 Food Commodities i less food a9 ia a6 ai a a7 ae ao ao ia4 Source Department of Labor Bureau of Labor Statistics a a PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 1 percent in July Contributing to the decrease were lower prices for cattle corn hogsf soybeans and lettuce Partially offsetting were higher prices for potatoes broilers and eggs Prices paid by farmers were unchanged in the month ended July 15 WDEX RATIO SCALE PRICES RECEIVED ALL FARM PRODUCTS PRICES PAID ALL ITEMS INTEREST TAXES AND WAGE RATES J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period AH farm products Crops Prices paid by far mers All items Livestock interest Family Producand living tion taxes and products wage rates items items Index July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Percentage ratio of index of prices received by farmei s to index of priees paid interest taxes and wage rates on IQlO l 1 100 base The adjusted parity ratio reflects G overmnent payments made directly to farmers Parity ratio Actual Adjusted Index discontinued Consumer price index Dej artment of Labor substituted in calculating total prices paid beginning January 1977 ource Departatent of Agricultiire 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK Growth in Mi slowed in July while growth of deposits at thrift institutions accelerated BILLIONS OF DOLLARS RATIO BILLIONS OF DOLLARS RATIO SCALE 9QQ SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures billions of dollars seasonally adjusted except as noted Oven ill measLires x Deposil s at coinmercial banks Period Mj M2 M3 Currency Tim e and savings Demand Total Dec Dec Dee Dee Dee Dec July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July v MI is currency plus demand deposits Ms is Mi plus time deposits at commercial banks other than large certificates of deposit CDs and Ms is M2 plus deposits at nonbank thrift institutions 26 Perc ent2 cha nge Compon ents and related it ems Large CDs Other Deposits at nonbank thrift institutions U S Government demand deposits unadjust Mi M2 ed Annual changes are from December to December and monthly changes ar from 6 months earlier at a seasonally adjusted annual rate Source Board of Governors of the Federal Eeserve System PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Averages of daily figures billions of dollars seasonally adjusted Currency and c eposits Dec Dec Dec Dec Dec Dec Dec Dec July Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Other private money market instruments Total Period U S T reasury Negosecuirities tiable certifiShortNonbank cates of term Savings market deposit thrift institu bonds able setions curities Time d eposits Total liquid assets Currency Demand deposits Commercial banks Source Board of Governors of the Federal Reserve System CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalm ent credit e xtended Instalm ent credit liejuidated Net change5 in amount outstanding Period Total i Bank credit cards Total i Automobile June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Includes some items not shown separately Automobile Bank credit cards Total i Automobile Bank credit cards Source Board of Governors of the Federal Reserve System 27 BANK LOANS INVESTMENTS AND RESERVES Growth in commercial and industrial loans remained more moderate in July than in the spring months B1LUONS OF IX LLARS RATIO SCALE 1 000 BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS 1 000 TOTAL LOANS AND INVESTMENTS INVESTMENT IN OTHER SECURITIES INVESTMENT IN US GOVERNMENT SECURITIES n i 11 11 i 11 i 1 1 U I 1 1 t i l l II t 1I I t M I f I M 1 II M I 1973 I MM I I SEASONALLY ADJUSTED END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period July Aug Sept Oct Nov Dec 1978 Jan Feb Mar 9 Apr May v June v July COUNCIL OF ECONOMIC ADVISERS a i5ao a isae isas a I data are for December Member bank reserves series reflects actual reserve requirement percentages with n adjustment to eliminate the effect of changes in Regulations D and M Billions of dollars seasonally adjusted except as noted All me mber ban ks All c ommercial b anks Borrowirigs mil23 Investn lents lions of dollars Lcmns BDeserves Total unadju sted 2 loans and Total ex Commer U S Gov Other SeaReNoninvest cluding cial and secuTotal ernment Total borrowed quired sonal ments inter industrial securities rities bank 1 Data are for end of period 2 Averages of daily figures Annual 3 28 i i n I i i i i I I I i j ii I M M 1 M I nas During 1974 total loans and investments were increased 0 6 billion due to i bank merger and were reduced 1 5 billion due to liquidation of a large bank 6 Loan classifications reduced these loans by 1 2 billion as of March Loan reclassifications reduced these loans by 0 2 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 Purchase of physical assets 4 Increase in financial assets a a2 39 3 2a9 Credilj market j unds Total Tntal Longterm 2 Shortterm Other ae 4a7 Total Discrepancy sources less uses a I II III IV I II III IV ioa I eae 5 5 Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits Stocks bonds and mortgages 1 Bank loans commercial paper finance company loans bankers acceptances and Government loans sa7 5a 9 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 except as noted Curreiat assets End of period Total SEC series FTC FRB series Cash Cm rent liabEities Notes U S governand ment acsecuri counts ties payable Inventories Other current assets Total Notes Other and current accounts liabilities payable Net working capital Current ratio l III IV I II III IV Total s 1 Based 944 current assets divided by total current liabilities on data from Statistics of Income Department of the Treasury Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corporations Federal Trade Commission 843 NOTE SEC series revised for and not available after 1974 See federal Reserve Bulletin July 1978 for details regarding the series Sources Board of Governors of the Federal Reserve System Federal Trade Commission and Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Interest rates declined somewhat in late July and early August but moved to higher levels later in the month the discount rate was also raised late in August PERCENT PER ANNUM PER ANNUM 10 10 CORPORATE Aaa BONDS MOODY S A T I L I H X TREASURY BILLS JL v IjUJJl H I1 I DISCOUNT RATE FEDERAL RESERVE BANK OF NEW YORK M 1 M I 1M 1 I T 1 t f f 1 I f SOURCE SEE TABLE BELOW COUNCIl OF ECONOMIC ADVISERS Percent per annum U S Tre asury seeuri ty yields Period 3 month bills July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Week ended 1978 July Constant iMaturities 3 year year High grade Corporate Prime com Discount mercial municipal rate Aaa N Y paper bonds Standard F R 4 6 Moody s Bank 4 Poor s 3 months M 5H 3 5K 5 4 5X 5J H 6H 6H 6M 6H 6h 6H 6X Prime rate charged by banks J1 7 7l 7 7 A X2 8y Newhome mortgage yields FHLBB K K 7 l M 7K Rate on new issues TBIthin period s Effective rate in the primary market on conventional mort ages reflectiij 2 Yields on the more actively traded issues adjusted to constant m aturities fe BS and charges a s well as contract rate and assunled on the average repaymer by the Treasury Depart ment at end of 10 years Rates beginning January 197 3 not strictly cc mparable wit Weekly data are Wed nesday figures pi ior rates 4 Average effective rate3 for year openi ng and closing r ate for month aiid week Sources Department of the 1 reasury Boar of Governors of the Federal R eserve System Federal Home 3Loan Bank Boa rd Moody s In1pesters Service arid Standard I oor s Corporati on Aug COMMON STOCK PRICES AND YIELDS Stock prices continued to advance in August INDEX DEC INDEX DEC EARNINGS PRICE RATIO ON COMMON STOCKS COUNCIL OF ECONOMIC ADVISERS SOURCES NiW YORK STOCK EXCHANGE AND STANDARD 8 POOR S CORPORATION Common stook 5yields perc ent Comilion stock p rices 1 Period New York Stock Exch ange indexes Dec 31 1L Composite Industrial Transportation July Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Week ended 1978 J u l y Aug Utility Averages of daily closing prices 2 Includes all the stocks more than 1 500 listed on the NYSE 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 Finance Standard Poor s Dowcomposite Dividend EarningsJones 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 31 FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 10 months of fiscal 1978 the budget deficit was 47 9 billion A year earlier the deficit was 41 5 billion BILLIONS OF DOLlARS BILLIONS OF DOLLARS SURPLUS OR DEFICIT j I I I 1973 J FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Period Receipts Outlays Fiscal year or period Transition quarter estimates estimates Mid Session Review July 1978 2 First Concurrent Resolution May Cumulative total first 10 months Fiscal year 1977 Fiscal year Excludes non interest bearing public debt securities held by IMF 2 Estimates from Mid Session Review of the 1979 Budget Office of Management ad Bud and Budget July First Concurrent Resolution on the Budget Fiscal Year 1979 May Surplus or deficit Federal debt end of period Total Held by the public R NOTE See Note p 33 Sources Department of the Treasury and Office of Management and Budge Departm Pt noted exce FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 10 months of fiscal 1978 budget receipts were 33 0 billion higher than a year earlier and expenditures were 39 3 billion higher BILLIONS OF DOLLARS BftLlONS OF DOLLARS 205 RECEIPTS iui MM MUM V CORPORATION INCOME TAXES OTHER RECEIPTS JL OUTLAYS NONDEFENSE v L L N FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Outlays Rece ipts Nationa defense Period Fiscal year or period Transition quarter estimates 1 1979 estimates Total Indi Corpovidual ration Other income income taxes taxes a Cumulative total first 10 months Fiscal year 1977 Fiscal year 1978 isa Total a a Estimates from Mid Session Review of the 1979 Budget Office of Management and Budget July 6 1978 NOTE Earned income credit payments in excess of an Individual s tax liability are classified as outlays for all periods Total Interna Health and InDepart tional income terest Other ment of affairs security Defense military Source Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to preliminary estimates for the second quarter Federal receipts rose 27 3 billion annual rate and expenditures fell slightly yielding a deficit of 25 2 billion less than half the deficit in the first quarter BILLIONS OF DOLLARS 550 BILLIONS OF DOLLARS SURPLUS DEFICIT J CALENDAR YEAR iiI I m i T v H SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jovernm ent receip ts Period Indirect Personal Corpo business rate t ax and Total nontax profits tax and tax nontax receipts accruals accruals F sderal G overnmeint expen ditures Surplus or GrantsSubsidies Less deficit ContriPurin aid less Wage butions chases Trans to State Net current accruals national for Total of goods fer pay and interest surplus of less income social inand ments local paid Govern disand surance services government en burse product ments terprises ments accounts Fiscal year Calendar year I III 374 3 IV I 396 2 II 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 Con sumer trices uiaadjuste d In dustria produ jtion seiisonally adjuste d Period United States Japan Canada many Italy Oct Nov Dec1978 Jan Feb Mar Apr J May June July Ger France United United CanKing States1 ada Japan France dom Ger many a Italy United King dom Source National sources as reported by Department of Commerce Bureau of International Economic Policy and Research Office of International Economic Research in International Economic Indicators i Beginning January 1978 data relate to all urban consumers U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Merc landise imports Mercllandise exports Ge neral im ports Domesti 3 exports Period Total domestic and foreign Total 1 2 exports Food Crude Food Crude bever mate Manubever matefac2 rials ages rials ages tured Total and to and and to and goods bacco bacco fuels fuels F a s valu e 5 Monthly average Manufactured goods Total c i f value MenAandise trade balance Exports Ex f a s ports Exports less f a s f a s imless less ports imimports cusports c i f toms f a s value Custom s value June J u l y Aug Sept Oct 9 478 Nov 10 999 Dec Jan Feb Mar Apr May June Total excludes Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 2 Total includes commodities and transactions not classified according to kind s Total arrivals of imported goods other than intransit shipments C i f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates F a s value Oil F a s free alongside ship value basis at U S port of exportation for exports and at foreign port of exportation for imports NOTE Data beginning 1975 not strictly comparable with earlier data Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the second quarter the merchandise trade deficit fell to 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES J 1978 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted M erchandise Period Ex Im Invtjstment iricome 8 12 Net balance Net Net military transactions Nettravel and transportation receipts Other services net 3 Balance on goods and services l Remittances pensions and other unilateral transfers 1 Balance on current account Receipts Payments ports ports III IV II II Excludes 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 2 Adjusted 8 36 NOTE Merchandise trade data revised for 1977 Other data to be revised later Source Department of Commerce Bureau of Economic Analysis iJ S INTERNATIONAL TRANSACTIONS Continued Foreign official assets in the U S rose by 15 7 billion in the first quarter of 1978 largely reflecting exchange market intervention by foreign central banks to slow appreciation of their currencies against the dollar BILLIONS OF DOLLARS 30 BILLIONS OF DOLLARS 30 CHANGE IN FOREIGN ASSETS IN THE U S NET A 1f SOURCE KFAKTMENT OF COMMERCE 1978 COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad iaet incre ase capita1 outflow Foreigri official ass ets Period Total Foreign assets in the U S net inci ease capil al inflow U S Other U S U S private official reserve Govern assets 2 assets 1 2 ment assets 1978 I Consists of gold special drawing rights SDR convertible currencies and s U S reserve position in the IMF Quarterly data are not seasonally adjusted J Total Assets of Other foreign foreign official assets reserve agencies I II III IV Total 2 125 Stati stical 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 Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFFICE 375 DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AND SPENDING Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfmancial 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 Page 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 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 Producer Prices Consumer Prices Changes in Producer 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 Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S 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 10 10 per year 2 55 additional for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE tatt

Gross National Product

DATE: August 1978

PART OF:

Economic Indicators : August 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-. "Gross National Product," 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-. "August 1978," Economic Indicators (August 1978) : 3-3. https://fraser.stlouisfed.org/title/1/item/340/toc/137900 , accessed on December 8, 2019.

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Economic Data