Changes in GNP and GNP Price Measures

Name: Changes in GNP and GNP Price Measures
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 October 1378 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 1 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 81sT CONGRESS CHAPTER 237 1st SESSION JOINT RESOLUTION fSJ Res 55 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 draun by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 1 30 a single copy or by subscription at 15 00 per year 3 75 additional for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the third quarter gross national product rose 53 6 billion or 10 7 percent both at annual rates Real output GNP adjusted for price changes increased 3 4 percent from the second quarter level and the implicit price deflator rose at a 7 0 percent annual rate BILLIONS OF DOLLARS RATIO SCALE 2 400 BILLIONS OF DOLLARS RATIO SCALE 2 400 SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS GNP IN 1972 DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS IBillions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures II III IV II III p Gross private domestic investment Export s gooc Is Net exports and imj3orts of and ser vices services Federal National defense l State and local Final sales Exports Imports Total Total Nondefense This category eorrespor ds closely iwith budget outlays for n ational defenise shown on p 33 Go vernment purchases of goods and Source Depart ment of Conimerce Bure au of Econonlie Analysis GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Exf orts of gc ods and service S Gross private dc mestic iiivestment Personal conGross national sumption product expenditures Nonresidential fixed Residential fixed II III IV II III Period Change in busiNT kf iNet ness in exports Exports Imports ventories Governinent pure bases of good s and ser vices Total Federal State and local Final sales LO I IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Gross national product Period Personal consump tion expe nditures Total Gross private dom estic invest ment NonresNonDurable durable Services idential fixed goods Residential fixed Expor ts and imports of goods and se rvices Governnlent purchases f goods and sc r vices Exports Imports Federal State and local II III IV II III 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 domestic product Gross national p roduet Period Implicit price deflator Fixedweighted price index 1972 weights Chain price index Current dollars Implicit price deflator Constant 1972 dollars Chain price index Fixedweighted price index 1972 weights as I II III IV 1978 I II Ill Constant 1972 dollars Current dollars 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 Period Gross d omestic produict of nonfin ancial corpc rate busi ness billic ns of doll ars Quarterly data at seasonally adjusted annual rates Cijrrent dollar cost a nd profit per unit of outpu t dollars i Capital consumption ComTotal penallowNet cost ances Indirect sation and 2 with business of incapital taxes employ terest profit conees sumption adjustment Profits after tax dollars II III IV IL i Output is measured by gross domestic product of nonfinaocial corporate business in 1972 dollars This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left Indirect business tax and nontax liability plus business transfer payments less subsidies ComOutput penper sation hour per of all hour employ of all ees employ 1972 ees dollars dollars Profits tax liability Current dollars Corpc rate profi ts with invents3ry valuat ion and capit al consuniption idjustmen ts Total 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 Compensation of employees l National income Period Propr etors mcom e with inventor y valuation anc capital consurnption adjust ments Farm Profits before tax Inventory valuation adjustment Total Total Capital consumption adjustment Net interest I IV in Profits with inv entory valualbion ad justment and without c tpital consum ption adjiistment I II III 1978 1 II Corpor ate profit 3 with inv entory va luation and capital co nsumptio n adjustm ents Nonfarm Rental income of persons with capital consumption adjustment 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 ble goods Durable goo ds Total personal consumption expenditures Total durable goods l Motor vehicles and parts II III Period 1977 1 II IV 1 Total Includes other items not shown separately Furniture and household equipment Total nondurable goods l Retail sales of new pa ssenger cars nlillions of uilits Services Clothing and shoes Gasoline and oil Food Domestics Imports Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income rose 8 3 billion annual rate in September following revised increases of 8 5 billion in August and 23 1 billion in July Wages and salaries rose 4 3 billion in September compared with 1 9 billion in August Farm proprietors income was unchanged from its revised August level while all other major types of income rose BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE OTHER INCOME TRANSFER PAYMENTS t i t i t t i t M M t I t t i LI 1978 SEASONAUY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Total Other Proprietc rs income s income Divi Personal Transfer and labor 1 2 personal salary payof dends interest ments 5 income disburse income income Nonfarm persons 4 Farm l ments Less PerNonsonal confarm tributions personal for social income 6 insurance Oil Jan Feb Mar Apr May June July Aug Sept Sept Oct Nov Dec 1 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 a Consists of employer contributions to private pension health and welfare funds workmen s compensation directors fees and a few other minor items s With inventory valuation and capital consumption adjustments With capital consumption adjustment s Consists mainly of social insurance benefits direct relief and veterans payments 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 Recs per disposable Income OF again in the third quarter RATIO SCALE BILLIONS OF DOLLARS RXllO SCALEJ PER CAPITA DISPOSABLE INCOME SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS T kC 5 Personal Pertax sonal and income nontax payments Equals Disposable persona income Less Personal outlays 1 Per ccapita dispc sable persona J income Equals Personal saving Current dollars Bi lions of d ollars dollars Per ca ita per 3nsumption exp enditures Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population thou 2 sands Do lars Seas onally ad usted anrmal rates II III IV II III I 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 a nd are 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 third quarter according to preliminary estimates net farm income before inventory adjustment fell 1 5 billion annual rate while income after inventory adjustment fell 0 5 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE GROSS FARM INCOME BEFORE INVENTORY ADJUSTMENT NET INCOME AFTER INVENTORY ADJUSTMENT f 20 20 V SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Quarterly data at seasonally adjusted annual rates Personsil income received by tota farm population Income r jceived fix m farmin g Gross income beJ ore inven tory adjustnlent Period Gas b receipts from inarketings Livestock Total Crops and products Billioiis of dolla rs From From From all farm nonfarm m i I Ji sources sources sources lotal II III IV II III Cash receipts from marketings Government payments and nonmoney income furnished by farms Inventory of crops and livestock valued at the average price for the year 1 Based on Census of Agriculture definition of a farm The number of farms is held constant within a year 34 990 O T8 Net t 3 farm oper ators Production expenses Net incc me per farm zifter iiiventory adjustme ttt3 Before inventory adjustment After inventory adjust 2 ment S 140 Current 1967 dollars dollars 4 Do lars Income in current dollars divided by the consumer price index Source Department of Agriculture CORPORATE PROFITS In the second quarter profits before tax rose 33 4 billion while after tax profits rose 18 4 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 BILLIONS OF DOLLARS 240 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profit s before tax wit i invent ry vakuition adjustn lent l Profits after tax Dome 3tic indu stries Period IS onfinan 3ial Total 2 Total I II III IV 1978 I II III Financial Total3 Manufacturmg Wholesale and retail trade See p 4 for profits with inventory valuation and capital consumption adjustments 8 1 Includes 1 Profits before tax Tax liability Total Dividends Undistributed profits rest of the world not shown separately Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the third quarter business fixed investment rose 5 3 billion annual rate as nonresidential construction outlays rose 2 9 billion and producers durable equipment purchases increased 2 4 billion Residential investment outlays increased 3 5 billion Inventory investment amounted to 17 6 billion down 2 5 billion from the second quarter level BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE GROSS PRIVATE DOMESTIC INVESTMENT NONRESlDEhtflAL FIXED INVESTMENT 1XA PRODUCERS DURAB LE EQUIPMENT 19ft r inn 220 S QA 130 RESIDENTIAL FIXED INVESTAdENT 1 5 A STRUCTURES BILLIONS OF DOLLARS11 RATIO SCALE ZA 110 1 Art y s I l r on 70 y i i 1975 I I I I I I i l l BILLIONS OF DOLLARS 40 CHANGE IN BUSINESS INN ENTORIES Xis i i i I ACl I l 1 I 1 I I I I I I f i i i I 1 1 I SEASON ALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Noriresidential fixed investmc3nt Gross private domestic investment Period Struc tures Total Prodiicers dur able equip ment Total II III IV II nil Nonfarm Total Prn Total Nonfarm Nonfarm struc tures Farm ducers durstrucable tures equipment Change in business inv entories Total Nonfarm Source Department of Commerce Bureau of Economic Analysis Resid ential fix ed inves tment EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 12 3 percent in 1978 according to the Commerce Department survey conducted in late July and August Spending in 1977 was 12 7 percent above the 1976 level BILLIONS OF DOLLARS RATIO SCALE 180 BILUONS OF DOLLARS RATIO SCALQ 180 SEASONAL ADJUSTED ANNUAl RATES TOTAL NEW PLANT AND EQUIPMENT X Himit MANUFACTURING V EE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Starts 3f plant and eqilipment proi 3CtS E3Ependiturcjs for plan t and equ ipment Total N mmanuf acturing Mi inufaeturi ng Period Total Durable goods Nondurable goods Total Commercial and 2 other Trans Public Mining porta utilition ties Communication Public utilities Manufacturing II III IV I II III IV i Excludes agricultural business real estate operators medical legal educational and cultural service and nonprofit organizations These figures do not agree precisely with the nonresidentiaf 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 Includes trade service construction finance and insurance Starts are estimated by adding changes in carryover to expenditures during given period Planned capital expenditures as reported by business in late July and August 1978 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 increased by 287 000 in September while unemployment increased by 34 000 MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR 90 EMPLOYMENT UNEMPLOYMENT I I t M I I M M t I t I t I t I M I I M MI I t I t t i IT t i I i i i 1 1 I I M I I I M I t L t i I t 1 t t i it MI YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Noninstitutional population Civilian Unememploy ployment ment Jan Feb Mar Apr MayJune JulyAug Sept Total labor force Civilian includ labor force ing Armed Forces Total Agricultural N onagri cultural Part time Total for economic reasons 1 Total 15 weeks and over Labor force participation rate per 2 x cent o Oil Seascmally adj usted f Persons at work Economic reasons include slack work material shortages inability to find full time work etc 2 Total labor force as percent of noninstitutional population 16 years of age and over Unempl Dyment Civilian eiuploymerit Sept Oct Nov Dec COUNCIL OF ECONOMIC ADVISERS Uiaad justed i t i i 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 September the seasonally adjusted unemployment rate increased slightly to 6 0 percent Unemployment among blacks fell to 11 2 percent a new low for the year PERCENT SEASONALLY PERCENT SEASONALLY ADJUSTED ADJUSTED 10 UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Total all civilian workers Period Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug Sept Unernployme at rate percent c f civiliaii labor f rce in g roup I3y select ed group s By s ex and abge By race Men 20 years and over Women 20 years and over Both sexes 16 19 years Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 White ExpeBlack rienced House Fullwage time hold and and other salary heads workers workers Source Department of Labor Bureau of Labor Statistics Parttime workers Labor rorce time lost per 1 cent SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS The increase in unemployment in September was accompanied by a sharp increase in the proportion of unemployed persons who were reentrants to the labor force and a decrease in the proportion of new entrants and job losers PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 60 LESS THAN 5 WEEKS WEEKS REENTRANTS Vs WEEKS AND OVER 20 JOB LEAVERS NEW ENTRANTS WEEKS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR Period Unemployment thousands 1978 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted ri j j Percen t distrib ution of unemPerceri t distribution of unemotate pirograms Insured unemplo yment b y duraticm 1 pl oyment 1 Dy reasori i ployment all 27 Insured Less 15 26 weeks unem Initial regular Reen New than 5 5 14 Job Job enproand losers leavers trants trants weeks weeks weeks ploy claims grams2 over ment unadjusted Special unemployment benefit claims unadjusted We kly aver age thoussands Sept 6 668 Oct Nov 6 663 Dec Jan Feb Mar Apr May June July Aug Sept i Detail may not add to 100 percent because of rounding i Includes State 50 States District of Columbia and Puerto Rico ex servicemen UCX Federal UGFE and railroad RR programs Also includes Federal and State extended benefit programs Does not include FSB Federal supplemental benefits and SUA special unemployment assistance s 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 nonagrieultural employment as measured by the payroll survey dropped by 58 000 in September The largest decline occurred in State and local government employment which fell by 84 000 MILLIONS OF PERSONS9 90 MILLIONS OF PERSONS ENLARGED SCALE ALL NONAGRICULTURAL ESTABLISHMENTS WHOLESALE AND RETAIL TRADE 18 80 SERVICES GOVERNMENT SERVICE PRODUCING INDUSTRIES 22 MANUFACTURING i 1 1 j j i j i i i I i i i j i i iii i i GOODS PRODUCING INDUSTRIES 30 p i MUItM M tl t JLJ4j M I 1 1 l l 1 M I I 1 f 1 I 1 y 1 1 1 t i SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LA8OR J Feriod Sept Oet Nov Dec Jan Feb Mar Apr May June July Aug Sept Total nonagricultural employ Total 2 meat Construction 1979 Service pi oducing Industrie5S Trans Whole Finance Gover nment insurportasale ance Services tion and Non Total State and and retail Federal and Total Durable durable real public trade goods goods local estate utilities Ma nufactur ing Includes all full and part time wage and salary workers in nonagrieultural establishments who worked during cr received pay for any part of the pay period which includes the 12th of the month Excludes proprietors sell employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagrieultural 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 workers 1 seasonally adjusted CJoods prc dueing industries f I Ii i I JJX f i l l U COUNCIL OF ECONOMIC ADVISERS Thousands of wage Q COSSJSTRUCTION are not at work because of industrial disputes and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 2 Includes mining not shown separately NOTE Series revised Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAIi INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Total private nonagncultural l Period Manufi icturing Total Adjusted h ourly earnirj gs index t Dtal private nonagricjultural a Averagje gross hourly earnings Aver age weekly hours Overtime Percent chtange from a year earlier 4 Index Total private nonagneultural l Manufacturing Current dollars 1967 dollars 8 Current dollars 1967 dollars Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Total pri vate nonagricu Itural Period Current dollars Manufacturing 1967 dollars s Constru ction Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Also includes s other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing 1 Current dollar index or earnings divided by the consumer price index Kevised index for urban wage earners and clerical workers used beginning O 78 Percent ch inge from a year e arlier total prii ate nonagricu Itural Current dollars Durrent dollars Wholesale and retail trade 1967 dollars Monthly changes based on indexes to two decimal places Based on unadjusted data NOTE Series revised Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS ECONOMY all Hours oi 2 pers ons Out Hit Period Output per hour of all F ersons Unit labor CO sts Compe nsation per lour 3 Implici t price deflai bor 4 PriPriNonNonPriNonNonNonPrivate Private Non Private vate farm farm vate vate farm 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 qua rterly dat a season ally adjus ted IV I II III IV I II III Perce nt change quarter y data at seasonal y ad juste d annual rates III IV II III IV 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 3 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 1977 and 1978 revised data for earlier periods not yet available Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 5 percent in September the same as in August The index for September was 6 5 percent above a year earlier INDEX RATIO SCALE 180 JNDBC RATIO SCALE 160 UTILITIES AND MINING PRODUCTION TOTAL INDUSTRIAL PRODUCTION UTILITIES v A MINING 100 MANUFACTURING PRODUCTION 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 stion Percent Index change 1967 from 100 year earlier I COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indusstry prodiiction indc xes Miinufacturi ng Utilities Manufa cturing aipacity ut ilization rate p jrcent l Federal Reserve ser les ComWharTotal merce ton Mate series 2 series 3 manufacturrials ing Total Durable Nondurable Mining 1977 Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Output 1 3 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 93 6 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 3 Equip ment Coiisumer goods Period Total Total Interrrlediate prod ucts Total Business Total NonDurable durable goods goods Construction supplies proportion Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Materials Supplementary group Energy total seasonally adjusted Diurable m anufactu res Primarir metals Non Total Iron and steel Fabricated metal products 1967 proportion Sept Oct Nov Dec Period 1978 Jan Feb Mar Apr May June July Aug 9 Sept 9 Source Board of Governors of the Federal Keserve System 18 trical machin ery Electrical machinery Nomiurable rnanufact ures Transp srtation equip ment Lumber and products F Apparel products 1 64 Print Cheming icals Foods and and pub prodlishing ucts Total Motor vehicles and parts a 8 06 NEW CONSTRUCTION Constructio n contracts2 Private Total new const ruc tion expenditures Period Resic ential Total Commercial and industrial New housing Total J Other Federal State and local Total value index Commercial and industrial floor space millions of square feet BOlions of doll ars Seasonally adjusted Seasonally adjusted atinual rates Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug 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 NCTI New construction expenditure data prior to 1973 not comparable with later data Data revised beginning Juanuary Sources Department oi 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 New priv ate homes Jew private housing unilbs Units started by type of striicture Period Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of1 period Vacancy rate for rental housing units percent Seasonally adjusted arinual rates 1977 Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July 9 Aug Sept Seasonally adjusted Quarterly data entcjred in last mon th of quarter Source Depart ment of Comm arce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business sales rose 2 percent in August while inventories rose nearly 3 billion According to the advance survey retail sales rose 11A percent in September following an increase of 1 percent in August BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL BUSINESS INVENTORIES RETAIL INVENTORIES RETAIL SALES TOTAL BUSINESS SALES RATIO 1 80 INVENTORY SALES RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Total b usiness l Retail Who esale Sales Period bales2 OJ I n Inventories3 2 Durable goods stores Milli ons of d ollars se asonally InvenCJ 1 2 Sales tories3 Tn f al In ventorie 3 Nondurable goods stores TVvf al Invento ry sales ratio4 DurNonable durable goods goods stores stores Total business 1 Retail adjusted Oil Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug Sept COUNCIL Of ECONOMIC ADVISEES 1 The term business also includes manufacturing 2 Monthly average for year and total for month 3 Book value end of period seasonally adjusted 4 see page 21 For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories at end of month to sales for month 20 Note Total lousiness and retail sales revised beginning January 1977 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers shipments inventories and orders rose in August According to advance data durable goods shipments and new orders were unchanged in September BILLIONS OF DOLLARS RATIOSCALE BILLIONS OF DOLLARS RATIO SCALE INVENTORIES TOTAL H I I H I W I I I H I 60 BILLIONS OF DOLLARS RATIO SCALE 140 NONDURABLE GOODS 40 NEW ORDERS RATIO INVENTORY SHIPMENTS RATIO 60 DURABLE GOODS NONDURABLE GOODS SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Manufae turers sh ipments 1 Manufact urers inv entories ers Manu faeturers new ord Durab e goods Capital Nongoods Durable durable Total Total indusgoods Total goods tries nondefense Millio ns of dollsirs season ally adjus ted Sept Oct Nov Dee Oil Jan 114 Feb 118 Mar Apr May 123 June 124 July 123 Aug p 127 Sept Period Total 1 1 Monthly average for year and Book value end of period 8 End of period 4 NonDurable durable goods goods total for month Shipments are the same as sales 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 l ManuManu fac Nonturers durable unfilled goods orders 3 fac turers inventoryshipments ratio Source Department of Commerce Bureau of the Census 21 PRODUCER PRICES PRICES In September the producer price index for all finished goods rose 0 9 percent seasonally adjusted Prices of finished consumer foods increased 1 7 percent and prices of other finished consumer goods rose 0 5 percent Prices of capital equipment increased 0 6 percent INDEX RATIO SCALE INDEX RATIO SCALE CONSUMER GOODS EXCLUDING FOODS SOURCEi DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted inishec goods In1bermedi ate Crud e materials rnaterial s Total Total Conconfin sumer Foodsumer Congjumer g oods ished foods Capi finstuffs Foods goods Total tal ished Total and Other Total and Other NonTh ir 2 feedTotal dur equip goods feeds stuff able ment l F nished goods exeludiniy cons umer f o ods Period Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug Sept Formerly called producer finished goods 22 Intermediate materials for food manufacturing and manufactured animal feeds NOTE Data revised for May 1978 Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In September the consumer price index for all urban consumers rose 0 8 percent also 0 8 percent seasonally adjusted Food prices increased 0 1 percent 0 5 percent seasonally adjusted Nonfood commodity prices rose 0 9 percent also 0 9 percent seasonally adjusted and services prices were up 1 0 percent 0 8 percent seasonally adjusted INDEX RATIO SCALE 220 INDEX RATIO SCALE SEE NOTE ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All items Food Commodities less food Period Comnlodities le ss food Food All Services Services commodities All Food at home Food away from home All Durable Nondurable Seasonal y adjust ed Unac justed 1977 Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept NOTE Beginning January 1078 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 FOR FINISHED GOODS Percen 3 change from pr ceding perioc 1 season ally adji sted 1 Percen t change from 3 inonths earlie r seasorlally adjilisted annua L rates Percen t change from 6 inonths earlie r seasorlally adjijsted annua I rates Consum er goods Consum er goods Consum er goods Period Total finished goods Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug Sept Capital Total finequipished Exclud ment goods ing Foods foods Capital Total finequipished Exclud ment ing goods Foods foods Capital equipExclud ment Foods ing foods Source Department of Labor Bureau of Labor Statistics Annual changes are from December to December unadjusted NOTE Based on revised data for May 1978 CHANGES IN CONSUMER PRICES Percen t change from pre ceding perio i seasortally adju sted 1 Period All items Food Commodities less food Services Sept Oet Nov Dec Jan Feb Mar Apr May June July Aug Sept Percent c lange f re m 3 mont tis earlier Percent c lange f re m 6 mont tis earlier seasonsilly adju sted annu al rates seasonailly ad jus5ted annu al rates All items Services All items Food Commodities 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 less food Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 2 percent in September Contributing most to the increase were higher prices for cattle grapefruit oranges and milk Partially offsetting were lower prices for potatoes corn lemons and rice Prices paid by farmers rose 1 percent in the month ended September 15 INDEX RATIO SCALE PRICES RECEIVED ALL FARM PRODUCTS J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON lOO BASE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Prices received by farmers Period All farm products Sept 1978 Jan Feb Mar Apr May June July Aug Sept Actual Adjusted Percentage ratio of index of prices received by fanners to index of prices paid interest taxes and wage rates on base 9 The adjusted parity ratio reflects Government payments made directly to farmers Parity ratio l Oct Nov Dec Crops Prices paid by farmers All items Family Livestock interest Production and living taxes and items items products wage rates Index Index discontinued Consumer price index Department of Labor substituted in calculating total prices paid beginning January 1977 Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK Growth in all of the monetary aggregates was unusually rapid in September BILLIONS OF DOLLARS RATIO i BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEOIRAl RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted except as noted Over all measiires 1 Deposi s at coimmercia banks Period Mi M2 M3 Currency Tim e and savings Demand Total Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug Sept MI is currency plus demand deposits Mz is Mi plus time deposits at commercial banks other than large certificates of deposit CDs and Ma is Mz plus deposits at nonbank thrift institutions 26 Percsent2 cha nge Compon ents and related ii ems Large CDs Other Deposits at nonbank thrift institutions U S Government demand deposits unadjusted t M M Annual changes are from December to December and monthly chang from 6 months earlier at a seasonally adjusted annual rate Source Board of Governors of the Federal Reserve System PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Averages of daily figures billions of dollars seasonally adjusted Currency and cleposits U S Tireasury secuiities ShortNonbank term Savings marketthrift institu bonds able setions curities Timed eposits Negotiable certificates of deposit Other private money market instruments Total liquid assets Total 1970 Dec 1971 Dec 1972 Dec 1973 Dec 1974 Dec 1975 Dec 1976 Dec 1977 Dec Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Period Currency Demand deposits Commercial banks Source Board of Governors of the Federal Reserve System NOTE Data revised beginning January 1972 CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalm ent credit e ttended Period Total l Aug Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug Total l Automobile Bank credit cards Total Automobile Bank credit cards S i Includes some items not shown separately Bank credit cards Net change5 in amount outstanding Automobile Instalmc3nt credit liejuidated Source Board of Governors of the Federal Reserve System 27 BANK LOANS INVESTMENTS AND RESERVES Growth in commercial and industrial loans remained moderately strong in September BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 1 000 ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS INVESTMENT IN OTHER SECURITIES Minrti INVESTMENT IN U S GOVERNMENT SECURITIES SEASONAUY ADJUSTED END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM T COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted All member ban ks All c ommercial I anks l Borrowiiigs milL Dans Investn lents teserves 2 3 lions of dollars Total unadji isted 2 loans and Total exinvest cluding Commer U S Gov Other ReNonSeacial and ernment secuTotal Total ments inter industrial securities borrowed quired sonal rities bank Sept Oct Nov Dec J a n Feb Mar Apr p May June p July Aug Sept i i 1 1 i i i i ij Data are 2 Averages lor end of period of daily figures Annual data are for December Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M 28 4 During 1974 total loans and investments were increased 0 6 billion due to a bank merger and were reduced 1 5 billion due to liquidation of a large bank 5 Loan reclassifications 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 adiusted annual rates Sources Uses Total Purchase of physical assets 4 crease in financial assets External Period Total Internal 1 Credilj market i unds Total Tntal Shortterm 3 Other Discrepancy sources less uses I I II III IV II Longterm 2 In Undistributed profits after inventory valuation and capital consumption adjustments c apital consumption allowances and foreign branch profits 1 Stocks bond s and mortgages 3 Bank loans commercial paper finance company loans tankers acceptances and Governmen t loans Plant and equipment residential structures inventory investment and mineral rights Source Board of Governors of the Federal Reserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Cur rent liabil ities Curreiit assets End of period Total SEC series FTC FRB series Cash Notes U S governand ment acsecuri counts payable ties Inventories Other current assets Total Net Notes and accounts payable Other current liabilities working capital Current ratio I II III IV I Total current assets divided by total current liabilities Based 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 NOTE SEC series not available after 1974 See Federal Reserve Bulletin July 1978 for details regarding the series Data revised beginning 1977 Sources Board of Governors of the Federal Reserve System Federal Trade Commission and Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Virtually all interest rates rose further during October PERCENT PER ANNUM PERCENT PER ANNUM SOURCE SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum Period Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug Sept Oct Week ended 1978 Sept 30 Oct U S Tre asury securi ty yields Constant rmaturities 2 3 month bills i 3 year 10 year High grade Corporate Prime com Discount mercial rate municipal Aaa N Y paper bonds F R 4 6 Standard Bank 4 Poor s 3 Moody s months Rate on new issues within period Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department s 4 Weekly data are Wednesday figures Average effective rate for year opening and closing rate for month and week 30 JH H 6 6H 6H 6H 6 2 6 6H Prime rate charged by banks i H 8H K 9 9Ji 934 Newhome mortgage yields FHLBB s M s Effective rate in the primary market on conventional mortgage15 reflectini fees and charges as well as contract rate and assumed on the average repaymed at end of 10 years Rates beginning January 1973 not strictly comparable wit prior rates Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Home Loan B ank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices were extremely erratic in October INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX NYSE 20 EARNINGS PRICE RATIO ON COMMON STOCKS COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Comimon stock p rices Period New York Stock Exerlange indexes Dec Composite Industrial Transportation Sept Oct Nov Deo Jan Feb Mar Apr May June July Aug Sept Week ended 1978 Sept 30 Get Utility the NYSE Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter Finance Averages of daily closing prices 1 Includes all the stocks more4 than 1 500 listed on 3 Includes 30 stocks Includes 500 stocks 5 Common stock 5 yields percent 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 FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In fiscal year 1978 the budget deficit was 48 7 billion compared with 45 0 billion in fiscal 1977 BILLIONS OF DOLLARS 500 RECEIPTS AND OUTLAYS BILLIONS OF DOLLARS OUTLAYS RECEIPTS SURPLUS OR DEFICIT L FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Period Fiscal year or period Transition quarter estimates Statement October 1978 2 Second Concurrent Resolution September Receipts Outlays Surplus or deficit Tntal Held by the public Federal debt end of period Excludes non interest bearing public debt securities held by IMF NOTE See Note p 33 Data from Joint Statement of Secretary of the Treasury and Director Office Sources Department of the Treasury and Office of Management and Budget of Management and Budget October except as noted s Second Concurrent Resolution on the Budget Fiscal Year 1979 September tTEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal year 1978 budget receipts were 44 2 billion higher than in fiscal 1977 and outlays were 47 9 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 RECEIPTS CORPORATION INCOME TAXES V OTHER RECEIPTS OUTLAYS NONDEFENSE I v 1970 I 1971 I M FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Nationa defense Period Fiscal year or period Transition quarter i 1979 estimates l Total Indi Corpovidual ration Other income income taxes taxes Data from Joint Statement of Secretary of the Treasury and Director Office f Management and Budget October NOTE Earned income credit payments in excess of an individual s tax liability are classified as outlays for all periods Total Total Interna Health Inand Depart 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 in the second quarter Federal receipts rose 28 6 billion annual rate and expenditures fell slightly yielding a deficit of 23 6 billion less than half the deficit in the first quarter In the third quarter according to preliminary estimates expenditures rose 17 8 billion receipts data are incomplete BILLIONS OF DOLLARS 550 BILLIONS OF DOLLARS SURPLUS mm m DEFICIT n I I I PH 1rtA V CALENDAR YEAR r 0 I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMiRCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal jovernm ent receipts Period Fe3deral G jvernmeiit expen ditures Subsidies Less Grantsless Wage Purin aid Indirect ContriPersonal Corpo business butions chases Trans to State Net current accruals rate tax and profits tax and Total nontax for Total of goods fer pay and interest surplus of less tax nontax paid Govern disand ments local receipts accruals accruals social insurance services government en bursements terprises ments Surplus or deficit national income and product accounts Fiscal year Calendar year I III I IL III 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 Iridustria i produ ction se asonally ad juste d United States Canada Japan France Germany Italy United Kingdom Dec Jan Feb Mar Apr May June vp 144 9 July Aug Sept US Con sumer Drices u n ad juste D Period GerUnited CanStates1 ada Japan France many Italy L United Kingdom Source Rational sources as reported by Department of Commerce Bureau of International Economic Policy and Besearch Office of International Economic Research in International Economic Indicators Beginning January 1978 data relate to all uitan consumers U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Mere landise e xports Merc landise i mports Ge neral im ports Domesti 3 exports Period Total domestic and foreign Total 1 2 exports Food Crude Food Crude bever matebever mate Manufac2 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 Sept Oct Nov Dec 1978 Jan Feb Mar Apr May June July Aug Sept Manufactured goods Total c i f value Men handise trade balance ExExports f a s ports Exports f a s f a s less less imless imports imports ports cus c i f 1 toms f a s value Custon is value Total excludes Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 3 Total includes commodities and transactions not classified according to kind 3 Total arrivals of imported goods other than intransit shipments 4 C i f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates F a s value o 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 current account deficit fell to 3 3 billion down from 6 9 billion in the first quarter as the merchandise trade deficit fell 3 4 billion to 7 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted M erehandise Inve stment in come3 12 Net Period Ex ports Im ports Net Hal u ti ance II III IV II p Re ceipts Payments and transportation receipts Other services net 3 Balance on goods and services 3 Remittances pensions and other uni lateral transfers l Balance on current account Excludes military grants Adjusted 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 NA 131 tJu military transactions Nettravel Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued Foreign official assets in the U S fell by 4 9 billion in the second quarter of 1978 almost offsetting the accumulation of other foreign assets in the U S accumulation of U S assets abroad was 5 0 billion led by only a 4 1 accumulation of U S private assets abroad in the wake of the declining value of the dollar BILLIONS OF DOLLARS 130 BILLIONS OP DOLLARS 301 SEASONALLY ADJUSTED 20 20 CHANGE IN FOREIGN ASSETS IN THE U S NET A COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Millions of dollars quarterly data seasonally adjusted except as noted 1 Stati stical U S assets abroad net Fore ign assets in the U S net merease eapita 1 outflow discre pancy inci ease capi1 al inflow AllocaForeigri official tions Of ass ets of Total which special sum of Seasonal U S Other U S Assets of Other drawing the adjustTotal official U S private Total rights foreign foreign items 2 ment reserve2 Govern assets SDR with sign discrepofficial assets Total assets 1 ment reserve reversed ancy assets agencies I II III IV I 15 036 II Consists of gold special drawing rights SDR convertible currencies and ihe U S reserve position in the IMF 2 Quarterly data are not seasonally adjusted U S official reserve assets net 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 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 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 Producer Prices Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY 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 U S International Transactions For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 1 30 single copy Subscription price 15 00 per year 3 75 additional for foreign mailing 38 U S G O V E R N M E N T P R I N T I N G OFFICE 1978

Changes in GNP and GNP Price Measures

DATE: October 1978

PART OF:

Economic Indicators : October 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-. "Changes in GNP and GNP Price Measures," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "October 1978," Economic Indicators (October 1978) : 5-5. https://fraser.stlouisfed.org/title/1/item/342/toc/130354 , accessed on December 5, 2019.

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Economic Data