Full text of Economic Indicators : January 1979
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
96th Congress, 1st Session
Economic Indicators
January 1979
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1979
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
HOUSE OF REPRESENTATIVES
SENATE
WILLIAM PROXMIRE (Wisconsin)
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
ABRAHAM RIBICOFF (Connecticut)
LEE H HAMILTON (Indiana)
EDWARD M. KENNEDY (Massachusetts)
GILLIS W. LONG (Louisiana)
GEORGE McGOVERN (South Dakota)
PARREN J. MITCHELL (Maryland)
JACOB K. JAVITS (New York)
CLARENCE J. BROWN (Ohio)
WILLIAM V. ROTH, JR. (Delaware)
MARGARET M. HECKLER (Massachusetts)
JAMES A. McCLURE (Idaho)
JOHN H. ROUSSELOT (California)
ROGER W. JEPSEN (Iowa)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—S!ST CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [S J. 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 23, 1949.
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 20402
According to preliminary estimates for the fourth quarter, gross national product rose $74.7 billion or 14.7 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased 6.1 percent from the third quarter level
and the implicit price deflator rose at an 8.1 percent annual rate.
BILLIONS OF. DOLLARS (RATIO SCALE)
2,400
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
2,200
2,200
2,000
2,000
1800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
1971
1979
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Go^^ernment purchases of goods and
services
Exporl:s and imj>orts of
goocIs and ser vices
Gross
private
domestic
investment
Net
exports
Exports
Imports
Total
Federal
Total
National
defense l
Nondefense
State
and
local
Final
sales
1968
1969
1970
1971
1972
1973 ___
1974
1975___
1976
1977_ _
1978 *___
868.5 535.9
935. 5 579.7
982.4 618.8
1, 063. 4 668. 2
1, 171. 1 733.0
1, 306. 6 809. 9
1, 412. 9 889.6
1, 528. 8 979. 1
1, 700. 1 1, 090. 2
1, 887. 2 1, 206. 5
2, 106. 6 1, 339. 7
131.5
146. 2
140. 8
160.0
188.3
220.0
214. 6
190. 9
243. 0
297.8
344.5
2.3
1.8
3.9
1. 6
3.3
7. 1
6.0
20.4
7.4
-11. 1
-11.8
49.9
54.7
62.5
65. 6
72.7
101. 6
137.9
147.3
163.2
175. 5
205.2
47.7
52. 9
58.5
64. 0
75. 9
94.4
131. 9
126.9
155.7
186.6
217.0
198.7
207.9
218.9
233. 7
253. 1
269. 5
302.7
338. 4
359. 5
394.0
434.2
98.0
97.5
95.6
96.2
102. 1
102.2
111. 1
123. 1
129.9
145. 1
154.0
76. 9
76. 3
73.5
70. 2
73. 5
73.5
77.0
83.7
86.8
94.3
99.5
21.2
21.2
22. 1
26. 0
28.6
28.7
34. 1
39.4
43.1
50. 8
54.5
100.7
110.4
123.2
137. 5
151.0
167.3
191.5
215.4
229. 6
248. 9
280.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 689. 9
1, 871. 6
2, 090. 9
1977:1
!!___
III__
IV___
1, 806. 8 1, 167. 7
1, 867. 0 1, 188. 6
1, 916. 8 1, 214. 5
1, 958. 1 1, 255. 2
272. 5
295. 6
309.7
313. 5
-8. 5
-5.9
-7.0
-23.2
170.9
178. 1
180.8
172. 1
179.4
184.0
187. 8
195.2
375.0
388.8
399. 5
412.5
138.3
142.9
146. 8
152. 2
91.9
93. 7
94.4
97. 1
46.4
49.3
52.4
55. 1
236.7
245.9
252.7
260.3
1, 796. 5
1, 850. 0
1, 894. 9
1, 945. 0
1978:1
1, 992. 0 1? 276. 7
II.-- 2, 087. 5 1, 322. 9
III_,_ 2, 136. 1 1, 356. 9
IV » 2, 210. 8 1, 402. 2
322. 7
345.4
350. 1
359.9
-24. 1
-5.5
-10.7
-6.9
181. 7
205.4
210. 1
223.5
205.8
210.9
220.8
230. 4
416.7
424. 7
439. 8
455.6
15L 5
147. 2
154.0
163. 4
97.9
98. 6
99.6
102. 1
53.6
48. 6
54. 5
61.3
265.2
277. 6
285. 8
292.2
1, 975. 3
2, 067. 4
2, 122. 5
25 198. 4
1
This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates)
Period
Gross iprivate dcttnestic
Ex,sorts of gc>ods
iiivestmenl
Perand serviceSS
sonal
eonGross
Change
national sumpNontion
Resi- in busiproduct
xr**f
JNet
Exports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Govern!nent pure bases of
good s and ser vices
Total
Federal
State
and
local
Final
sales
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 3
1, 271. 0
1, 332. 7
1, 385. 1
633.4
655.4
668. 9
691.9
733.0
767.7
760.7
7746
819.4
857.7
891.2
108.0
114.3
110.0
108.0
116.8
131.0
130.6
113.6
118.9
129.8
139.9
42.8
43.2
40.4
52. 2
62.0
59.7
45.0
38.8
47.8
57.7
59.7
8.7
10.6
43
6.6
9.4
16.5
8.0
-9.8
6.7
8.9
10.4
-0.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.6
15.4
9.5
8.6
58.5
62.2
67.1
67.9
72.7
87.4
93.0
90.0
95.9
98.2
107.3
58.9
63.5
65.7
68.5
75.9
79.9
77.1
67.5
80.5
88.7
98.7
259.2
256.7
250.2
249. 4
253. 1
252.5
257.7
262.6
262.8
269.2
275.2
128,3
121, 8
110.7
103.9
102.1
96.6
95.8
96.5
96.6
101.6
100.5
130.9
1349
139.5
145.5
151,0
155.9
161,8
166. 1
166.2
167.6
1747
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
I, 209. 9
1, 212. 1
1, 264 4
1, 323. 8
1, 374 7
1977: 1-- 1, 306. 7
II— 1, 325. 5
III— 1, 343. 9
IV... 1, 354 5
846.6
849. 5
858.0
876.6
126.8
129. 1
130.8
132.5
53.5
58.0
58.8
60.3
5,8
10.0
12.2
7.5
11.2
11.0
12.5
3. 1
97.1
98.9
100.8
96.0
85.9
87.9
88.2
92.9
262.8
267.9
271.7
2745
98.7
101.3
102.9
103.6
164 1
166.6
168.8
170.9
1, 300. 9
1, 315. 5
1, 331. 7
1, 347. 1
1978:1.... 1, 354 2
II... 1, 382. 6
Ill— 1, 391. 4
IV*- 1, 412. 2
873.5
886.3
895.1
910.0
133. 8
140.5
141.7
143. 5
59.5
59.9
59.7
59.8
12.3
12.7
9.0
7.7
2.9
11.3
9.2
11.0
99. 1
108.4
109.0
112.6
96.2
97. 1
99.7
101.6
272. 1
271.9
276.7
280. 1
101.2
97. 1
100.4
103.3
170.8
1748
176.3
176.8
1, 341. 8
1, 369. 9
1, 382. 4
1, 404 5
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978*
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona1 eonsumj>tion expenditures
Total
1968
1969
1970
1971
1972. _ .
1973 .
1974
1975
1976
1977
1978*
Gross private
dom estic
invesi iment
Nonres- ResiNonjjurabie durable
Services idential dential
fixed
goods
fixed
TVi-__|_1-
Expor ts and
imports of goods
and s<jrvices
Goveranlent purchases <>f goods
and scjrvices
Exports Imports Federal
State
and
local
82.57
86.72
91.36
96.02
100. 00
105. 80
... 116.02
127. 15
133. 76
141. 61
.... 152. 09
846
88.5
92.5
96.6
100.0
105.5
116.9
126.4
133. 1
140. 7
150.3
90.7
93. 1
95.5
99.0
100.0
101.6
108.4
117.7
1244
129.5
136.6
85.3
89.4
93.6
96.6
100.0
107.9
123.8
133.4
138.2
145.0
155.0
82.0
86. 1
90.5
95. 8
100.0
1047
113.6
123.2
131.6
141.0
151.3
82.6
86.6
91.3
96.4
100.0
103.8
115.3
132.2
138.4
146.7
158.7
80.7
87.7
90.6
949
100.0
110. 8
122.3
132.8
142.5
159.4
178.7
85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163.6
170. 1
178.7
191.2
80.9
83.3
89. 1
93.5
100.0
118.2
171.0
188.0
193.5
210.3
219.9
76.4
80. 0
86.4
92.6
100.0
105.8
115.9
127.5
134 4
142.7
153.2
76.9
81.9
88.3
94 5
100.0
107.3
118.4
129.7
138. 1
148.5
160.4
1977:1
II
III
IV
138. 27
140. 86
142. 63
144 56
137.9
139.9
141.6
143.2
128.4
128.9
129.5
130.9
142.4
1447
145.7
147.0
137.4
139.7
142.3
1444
142.5
145.0
147.9
151.2
152.3
157.6
160.6
166. 1
176.1
180.0
179.4
179.2
208.9
209.3
212. 9
210.2
140. 1
141. 1
142.7
146.9
1443
147.6
149.7
152.3
1978: 1
II
III
IV »
147. 10
150. 98
153. 52
156. 54
146.2
149.3
151.6
1541
133.1
135.7
137.8
139. 5
150.4
1544
156.2
158.9
147. 1
149.9
152.6
155. 3
153.6
156.7
160.6
163.7
168.6
175.7
182.6
187.9
183.3
189.4
192.8
198.4
213.8
217. 2
221.5
226.8
149.6
151.5
153.4
158.2
155.2
158.8
162. 1
165.2
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 national p roduct
Constant
(1972)
dollars
Current
dol-
Period
lore
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978"
-
1977: I
II
III
IV
1978: I
II
III
IV » ~
Implicit
price
deflator
Gross domestic ] 3roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Current
dol-
Constant
(1972)
dollars
9.1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.2
11.0
11.6
4.4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.7
4.9
3. 9
4.5
5.0
5.4
5.1
4. 1
5.8
9.7
9.6
5.2
5.9
7.4
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5.6
6.2
7.5
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5.6
6.3
7.6
9.1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.0
10.9
11.6
4.4
2.6
g
2.8
5.8
5.4
-1.3
-1. 1
5.6
4.8
3.9
13.7
14.0
11. 1
8.9
7.3
5.9
5.7
3,2
6.0
7.7
5. 1
5.5
6.6
7.3
4.6
6.5
7.0
7.4
4.7
6.8
13.3
13.9
11.2
9.5
7. 1
5.8
5.8
3.5
7. 1
20.6
9.6
14.7
-. 1
8.7
2.6
6. 1
7.2
11.0
6.9
8. 1
7. 1
10.8
7.6
8.5
7.0
11.0
7.6
8.7
6.7
20. 1
10. 2
14.6
—. 4
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Im-
plicit
price
deflator
4.5
(1972
weights)
4.4
5.0
5.3
5.0
5.7
9.3
9.7
5.2
5.8
7.4
5.9
9.6
9.4
5.7
7.6
5.7
7.7
5. 1
5.8
6.4
7.4
4.5
6.7
6.8
7.5
4.6
7.0
7. 1
10.9
10.9
5.3
5. 1
4. 1
7.0
6. 1
ed
price
index
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.7
6.3
7.7
5. 1
8.3
3.0
Chain
price
index
Fixedweight-
8. 1
4. 1
6. 1
7.1
7.5
8.4
7.0
11.0
7.6
8.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Gross d omestic
prodiict of
nonfin ancial
corp<>rate
busi ness
(billic>ns of
doll ars)
Period
[Quarterly data at seasonally adjusted annual rates]
Current-do ilar cost a nd profit per unit of output (dollars) i
Total
cost
and
profit 2
Capital
consumption
Comallowpenances Indirect sation
Net
with business
of
in3
capital taxes
employ- terest
conees
sumption
adjustment
Current
dollars
1972
dollars
452. 9
498.4
541.8
560.6
602.5
671. 0
752. 0
808.8
874. 1
988.5
1, 103. 2
1, 240. 5
545.8
581. 6
607.3
600.6
619. 3
671.0
720.4
695.0
680.0
730.0
769.3
810. 3
0.830
.857
.892
.933
.973
1.000
1.044
1. 164
1.285
1.354
1.434
1.531
0.072
.074
.079
. 088
. 094
.093
.095
. 116
. 142
. 146
. 150
. 156
0.084
.089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
. 145
0.535
.553
.589
. 628
.645
.661
.699
.796
.848
.891
.952
1. 029
1, 048. 5
1977: 1
II... 1, 093. 3
Ill — 1, 124. 6
IV___ 1, 146. 3
750.2
766.9
776.7
783. 6
1.398
1.426
1.448
1.463
. 149
. 149
. 151
. 152
. 140
. 139
. 140
. 142
.932
.946
.955
.973
.043
.043
.044
.045
1, 161. 6
1978: I
IL___ 1, 233. 0
IIL__ 1, 260. 6
783. 6
811.9
814. 9
1.482
1. 519
1.547
. 155
. 153
. 158
. 145
. 145
. 145
1.008
1.017
1.038
.046
.045
.046
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978*
1
Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
8
This is equal to the deflator for gross domestic product of nonfinancial corporate
business
with the decimal point shifted two places to the left.
1
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpo rate profi ts with
inventcDry valuat ion and
capit al consuniption
£idjustmen ts
Total
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.051
.058
. 055
.045
.048
.050
.055
.061
.060
.073
.077
. 085
0.072
.066
. 055
.041
.046
.057
.050
. 024
. 053
.066
.071
.070
6.873
7. 105
7. 139
7. 132
7.374
7.595
7.788
7.489
7.721
7.962
8. 057
3.676
3.929
4. 198
4.478
4.757
5.024
5.446
5.958
6.550
7.093
7.667
. 134
. 148
. 158
. 151
.075
.078
.076
.077
.059
. 070
.082
.074
7.991
8.025
8. 113
8. 103
7. 451
7.590
7.746
7.881
. 129
. 157
. 160
.071
.086
.086
.057
. 071
.074
8. 053
8. 139
8. 165
8. 117
8.281
8.471
0.016 0. 123
. 124
.017
. 022 . 109
.086
.028
.095
.029
. 107
.028
. 032
. 105
.086
.043
. 113
.045
.042
. 139
. 044 . 148
. 154
.046
* 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]
Propr ietors'
mcom e with
inventor y valuation anc l capital
consulnption
adjust ments
ComNational
income
Period
tion of
employees *
Farm
1968
1969
1970_
_—
1971. — — - - 1972_
___
1973
1974
1975
1976
_
1977
1978*____ _ _ _
714.4
519.8
571.4
767.9
609.2
798.4
650.3
858. 1
715. 1
951.9
1, 064. 6
799. 2
875.8
1, 136. 0
931. 1
1, 215. 0
1, 359. 2 1, 036. 8
1, 515. 3 1, 153. 4
1, 703. 6 1, 301. 2
Nonfarm
Rental
income
of perwith
capital
consumption
adjustment
Corpor ate profit s with inventory va luation
and capital cc nsumptio n adjustmtents
Profits 5 with inv entory
valuaibion adjustment
and ^without c£tpital
consum ption adjiistment
Total
Profits
before
tax
Inventory
valuation
adjustment
Total
Capital
consumption
adjustment
Net
interest
12.0
13.9
13.9
14.3
18.0
32. 0
25.4
23.5
18.4
20. 2
25.1
51.4
52.3
51.2
53. 4
58. 1
60.4
60.9
63. 5
70.2
79.5
87.8
18.6
18. 1
18.6
20. 1
21.5
21. 6
21. 4
22.4
22.5
22.5
23.4
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
95. 9
127.0
144. 2
160.0
82. 1
77.9
66.4
76.9
89.6
97.2
86.5
107. 9
141. 4
159. 1
178. 1
85.6
83. 4
71.5
82.0
96.2
115.8
126. 9
120. 4
155.9
173.9
202.4
-3.4
-5.5
-5. 1
-5.0
-6.6
-18. 6
-40.4
-12.4
14.5
-14.8
-24. 3
3.7
3.5
1.5
.3
2.5
1.9
-2.9
-12.0
-14.4
-14.9
-18. 1
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78. 6
84.3
95.4
106. 1
1977:1
II
III
IV
.... 1, 447. 5
1, 499. 3
1, 537. 6
1, 576. 9
9
5
8
7
19. 4
20.0
16.5
25.1
76. 1
78.9
80.8
82.3
22.5
22.4
22.4
22.7
129.9
143.7
154.8
148.2
144. 5
158.5
169.9
163.5
164.8
175. 1
177.5
178.3
-20.3
— 16. 6
-7.7
-14.8
-14.6
-14. 8
-15.0
-15.3
91.7
93.7
97.3
99.0
1978:1
II
III_
IV *
1, 603. 1 1, 241. 0
_ 1, 688. 1 1, 287. 8
1, 728. 4 1, 317. 1
1, 358. 9
21.9
24.0
25.0
29.5
83. 1
86. 1
89.6
92.4
22.8
22.2
24.3
24. 4
132. 6
163.4
165.2
148.7
180.6
184.5
172. 1
205. 5
205.4
-23.5
-24. 9
-20. 9
-27.8
-16. 1
-17.2
-19.3
19.9
101.7
104.6
107.4
110.8
1, 107.
1, 140.
1, 165.
1, 199.
i Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
D urable goo ds
Total
personal
consumption
expenditures
Total
durable1
goods
Motor
vehicles
and
parts
1968
535.9
1969
579.7
1970
618.8
1971
668.2
1972___ __
733.0
1973
809. 9
1974
889.6
1975_
979. 1
1976
1, 090. 2
1977
1, 206. 5
1978 * _ _ _ _ 1, 339. 7
80.0
85.5
84.9
97. 1
111.2
123.7
122.0
132.6
156. 6
178.4
197.6
35.8
37.7
349
43.8
50.6
55.2
48. 0
53.4
69.7
81. 5
89.7
32.6
35.0
36.7
39.4
44.8
50. 7
54.9
58.0
63.9
71.3
77.6
230.4
247.0
264.7
277.7
299. 3
333.8
376.3
408.9
442.6
479. 0
525.8
1977:1
II
III
IV
1, 167. 7
1, 188. 6
1, 214. 5
1, 255. 2
173.2
175. 6
177.4
187.2
81.3
81.2
79.5
84.0
68.0
69.9
72.0
75.3
1978:1
II
III
1, 276. 7
1, 322. 9
1, 356. 9
1, 402. 2
183.5
197.8
199.5
209.6
84. 1
92.5
89.8
92.5
72. 1
76.5
78.9
82.9
Period
iv »
1
Total includes other items not shown separately.
Retail sales of
new pa ssenger
cars(naillions
of u nits)
Nondurable goods
Furniture
and
household
equipment
Total
nondurable1
goods
Services
Clothing
and
shoes
Gasoline
and oil
118.3
126. 1
136.3
140. 6
150.4
168. 1
189. 8
209. 6
225.8
245. 2
269. 2
41.8
45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75. 7
81.5
88.9
18.4
20.4
22. 0
23. 4
24.9
27.8
36. 4
39.5
42.8
46. 5
51. 1
225. 6
247. 2
269. 1
293.4
322.4
352.3
391.3
437. 5
491.0
549. 2
616.3
8.6
8.5
7. 1
8.7
9.3
9. 7
7.5
7. 1
8. 6
9. 1
9.3
1.0
1. 1
1.3
1. 6
1.6
1.8
1.4
1. 6
1.5
2. 1
2.0
465." 9
473. 6
479.7
496.9
237. 5
244.5
246.4
252. 6
78.5
79.3
81.4
86.7
46. 1
46.2
46.0
47.5
528. 6
539. 4
557.5
571. 1
9.4
9.2
8.9
9.0
1.9
2.3
2.0
2.0
501.4
519.3
531.7
550. 8
257.7
267.8
272. 0
279.4
82.9
87.5
90.5
94.6
48.3
49. 1
51. 5
55.6
591. 8
605. 8
625.8
641.8
8.7
10. 0
9.3
9.2
2. 1
2. 1
2.0
1.9
Food
Domestics
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $18.9 billion (annual rate) in December following revised increases of $17.6 billion in November
and $23.7 billion in October. Wages and salaries rose $9.6 billion in December, compared with $11.7 billion in
November. All other major types of income also rose in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
1,400
l',800
1,600
1,400
1,200
1,200
1,000
1,000
800
800
WAGE AND SALARY DISBURSEMENTS
600
600
400
400
,,
'
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
M I I II I !
1970
1971
1972
1974
1973
i i i i 11 1 1 i n
} I t I I I 1 1 I LI
1977
1976
1975
*SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1971
1972___
1973
1974
1975
1976
1977
1978*
1978
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at
Wage
s
Total
and
Other Propriet 3TS* income
personal salary
labor
income disburseincome1 2 Farm
Nonfarm
l
ments
seasonally adjusted annual rates]
Rental
income
of
persons 4
Dividends
Less: PerNonPersonal Transfer sonal confarm
pay- 5 tributions personal
interest
income ments
for social income 8
insurance
859. 1
579.4
942.5
633.8
1, 052. 4
701.3
1, 154. 9
7646
1, 255. 5
805.9
1, 380. 9
890. 1
1, 529. 0
983.6
1, 707. 3 1, 100. 7
36.2
42.0
48.7
55.6
65. 1
77.0
90.4
105.9
14.3
18.0
32.0
25.4
23. 5
18.4
20.2
25. 1
53.4
58. 1
60.4
60.9
63. 5
70.2
79.5
87.8
20. 1
21. 5
21.6
21.4
22.4
22.5
22. 5
23.4
23.0
24.6
27.8
31.0
31.9
37. 9
43.7
49.3
69.3
74.6
84. 1
103.0
115.5
126.3
141.2
158.9
94. 1
104. 1
118.9
140.8
178.2
193. 9
208.8
226. 0
30. 8
34.2
42.2
47.7
50. 5
55. 5
61. 0
69.7
838. 0
917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1? 349. 5
1, 494. 4
1, 666. 5
1977: Dec—. 1, 609. 2 1, 027. 3
97.3
28.5
83.2
22.9
48. 3
147.3
217.2
62.8
1, 565. 5
1978: Jan
1, 615. 5 1, 038. 3
Feb.-. 1, 625. 0 1, 047. 4
M a r _ _ _ 1, 646. 3 1, 066. 6
Apr
1, 669. 4 1, 083. 9
May
1, 682. 1 1, 088. 4
June
I, 695. 7 1, 098. 4
July
1, 719. 2 1, 108. 2
Aug_.__ 1, 731. 1 1, 111.3
Sept___ 1, 744. 7 1, 120. 1
Oct
1, 768. 4 1, 137. 5
Nov *>__ 1, 785. 9 1, 149. 2
Dec *>___ 1, 804. 8 1, 158. 8
98.7
100.0
101.3
102. 7
104.0
105.4
106. 7
107. 9
109. 1
110.4
111. 8
113. 1
25. 6
21.5
18.6
22. 0
24.8
25.3
24. 0
24. 9
26. 0
27. 1
28. 2
33.3
82.0
83.0
84.4
85.5
86. 1
86.7
88.4
90. 1
90.2
92.0
92.4
92. 8
23.0
22.8
22. 6
22. 3
22. 1
22. 1
24. 3
24. 3
24.2
24.3
24. 4
24. 4
46.8
47. 0^
47.2
47.4
48. 0
49. 0
49. 2
50. 3
50. 7
51.3
51.8
52.6
149.6
151.4
153. 3
154.8
156.5
157.6
159.6
161. 9
163.6
165. 1
166.3
167.5
218. 1
219. 0
220. 3
219.7
221.3
220.8
229.0
230. 8
231.5
232.2
233.9
234.8
66. 5
67. 0
68. 0
68. 9
69. 0
69. 6
70. 3
70. 4
70.8
71. 6
72. 0
72.4
1, 574. 7
1, 588! 3
1? 612 5
1, 631. 9
1, 641. 8
1, 654. 7
1, 679, 4
1, 690. 3
1, 702" 6
1, 725 1
1,- 741. 4
1, 755. 1
1
The total of wage and salary disbursements and other labor income differs
uoni compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
5
Consists mainly of social insurance benefits, direct relief, and veterans
payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the fourth quarter.
BiaiONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* [RATIO SCALE)
DISPOSABLE PERSONAL INCOME
-PER CAPITA DISPOSABLE PERSONAL INCOME
3,000
2,000
2,000
1970
1978
1971
* SEA50NAUY ADJUSTED ANNUM KATES
SCWCT, KPAJTtMENT OF COMMERCE
Period
Less:
Personal
tax
Persoiial
and
income nontax
payments
Equals:
Disposable
personal
COUNCIL Of ECONOMIC AOTOEHS
Less:
Personal
outlays '
Per c apita
dispc sable
persona income
Equals:
Personal
saving Current
dollars
Billions of d allars
1970
801.3 115.3
1971
859.1 116.3
1972
942.5 141.2
1973
1, 052. 4 150.8
1974. . .. 1, 154. 9 170.3
19751, 255. 5 168. 8
1976
1, 380. 9 196.5
1977
1, 529. 0 226.0
1978"
1, 707. 3 256. 2
685.9
742.8
801.3
901.7
984.6
1, 086. 7
1,184.4
1, 303. 0
1, 451. 2
1972
dollars
Per cap>ita personal C(msumption expenditures
Current
dollars
1972
dollars
Percent
change Saving
in real as perper
cent of Popula
capita dispostion
able
dispos(thouperable
sands)
personal
sonal income
income
Dollars
635.4
685.5
751. 9
831.3
913.0
1, 003. 0
1, 116. 3
1, 236. 1
1, 374. 4
50.6
57.3
49.4
70.3
71.7
83. 6
68.0
66. 9
76.7
3,348
O, Ooo
3,837
4,285
4,646
5,088
5,504
6,009
6,640
3,619
3,714
3,837
4,062
3,973
4, 025
4,136
4,271
4,418
3,020
3, 227
3,510
3,849
4,197
4,584
5, 066
5,564
6, 130
3,265
3,342
3, 510
3,648
3,589
3,627
3,808
3, 955
4, 078
3.-0
2.6
3.3
5.9
-2.2
1. 3
2.8
3.3
3.4
7.4
7.7
6.2
7.8
7.3
7.7
5.7
5. 1
5.3
204, 87
207, 05
208, 84
210, 41
211,94
213, 56
215, 19
216, 85
218, 55
Seasonally ad; usted ann ual rates
1977: 1_— 1
II— I
III.. 1
IV.. 1
470. 7
508. 6
543. 7
593. 0
222.7
223. 3
224.6
233.3
1, 248. 0
1, 285. 3
1, 319. 1
1, 359. 6
1, 195. 8
1, 217. 8
1, 244. 8
1, 285. 9
52.2
67.5
74.3
73. 7
5,772
5,934
6,077
6,250
4,185
4,241
4,293
4,365
5,401
5,487
5, 595
5,770
3,916
3,922
3,953
4,030
1.1
5.5
5. 0
6.9
4.2
5.3
5.6
5.4
216,
216,
217,
217,
20
60
07
54
1978:1
1 628.9 237.3 1, 391. 6 1, 309. 2
II __ I 682.4 249. 1 1, 433. 3 1, 357. 0
III__ 1 731. 7 263. 2 1, 468. 4 1, 392. 5
82. 4
76.3
76.0
72. 3
6,387
6,566
6,712
6,893
4,370
4,399
4,428
4,474
5,
6,
6,
6,
4,009
4, 060
4, 092
4, 150
.5
2.7
2.7
4. 2
5. 9
5.3
5. 2
4. 8
217,
218,
218,
219,
89'
29(
76!
25<
IV- 1 786. 4 275. 0 1, 511. 4 1, 439. 2
' Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
1
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.
859
060
203
395
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the fourth quarter net farm income before inventory adjustment rose $4.9 billion (annual rate) while income after
inventory adjustment rose $5.2 billion.
BILLIONS OF DOLLARS* {RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCAL1)
120
120
100
100
•GROSS FARM INCOME
BEFORE INVENTORY
ADJUSTMENT
80
80
60
60
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
40
40
**»./
V-
20
20
r**«
'
10
«
'
1970
1
1971
1972
1973
i
-L.
L.
1974
1975
1977
1976
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE:" DEPARTMENT OF AGRICULTURE
118.3
123.0
121. 3
133.0
104.6
109.3
108. 0
118.0
* Cash receipts from marketings, Government payments, and nonmoney
income furnished by farms.
32 Inventory of crops and livestock valued at the average price for the year.
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
10
L.
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona I income received
Income r€jceived frc>m farmin g
by tota farm population
Gross income be: ore mven tory adjustnlent
Net t(> farm
oper ators
Casl i receipts from
Period
From From From
Producrnarketing s
all
farm nonfarm
tion ex- Before
After
sources sources sources Tntftl 1
Livepenses inven- invenstock
tory
tory
Total
Crops
and
adjust- adjust-2
products
ment
ment
Billioris of doll a rs
1971
28.8
15.3
60.6
13.5
52. 9
30.6
13.2
14.6
22.3
47.4
1972
34.6
16.9
70. 1
61.2
17.8
35.7
18.7
25.5
17.8
52.3
1973
29.2
48.9
19.7
95.5
87. 1
41. 1
45.9
33.3
29.9
65.6
1974
45. 2
23.4
92. 4
100.0
21.8
41. 4
51. 1
72.2
26. 1
27.7
1975
22. 7
21.9
96.9
88.2
44.5
43. 0
21. 1
45. 1
24.5
75.9
1976
41.2
24. 4
16.9
104. 1
46.2
94.5
21. 1
18.8
48.3
83.0
1977
43.0
18.3
108. 1
96. 1
24.7
47. 6
48. 5
20. 1
20.6
88.0
1978 9
53.2
28.3
123.9
24.8
110.0
58.0
52.0
28. 1
28.3
95.8
1977:1
108. 1
97.6
46.3
51.3
87.5
19.6
20.6
II
106.7
95.7
46. 6
49. 1
19.7
20. 2
87.0
III___
102.7
91.3
47.8
43.5
16.8
16.7
86.0
IV
114.8
99.6
49.5
50.1
25.5
91.4
23.4
1978:1
II__
III___
IV p
J
1978
52.7
57.4
57.7
64.0
51.9
51.9
50.3
54.0
92.5
95.0
94.5
101.3
25.8
28.0
26. 8
31.7
26.3
28.0
26. 8
32.0
Net incc>me per
farm aifter inventory ad3 justmeitit
Current
1967
dollars dollars 4
Dol lars
5,042
6,526
11, 813
9,349
8,845
6,848
7,592
10, 590
7,240
7,460
6,210
9, 420
4, 157
5,208
8, 875
6,330
5,487
4,016
4, 183
5,420
4,090
4, 130
3,390
5,080
9,840
10, 480
10, 030
11, 980
5,220
5,420
5,070
5,930
* Income in current dollars divided by the consumer price index.
Note.—Data revised beginning 1978.
Source: Department of Agriculture.
CORPORATE PROFITS
In the third quarter, according to current data, profits before tax declined slightly while after tax-profits fell $1.3
billion.
WLUONS OF DOLLARS
BILLIONS OF DOLLARS
240 n
240
40
40 -.
1971
1979
COUNCIL OP ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profit s (before tax) wit!Li inventc
>ry valu*ition
adjustn lent l
Period
Domes=tic indu stries
N onfinam )iaJ
Total 2
Total
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
__
1978 v
1977: I
II. __
III
IV
1978: I__ ___ .
II
III
IV*
82. 1
77.9
66.4
76.9
89.6
97. 2
86.5
107.9
141. 4
159. 1
178. 1
144.5
158.5
169.9
163.5
148.7
180.6
184.5
78.9
74.2
62.6
72.4
84.7
90.4
76.9
101.8
133.2
149. 5
168. 1
134.8
148. 1
159.5
155.6
139.2
168.9
175.4
Financial
Total3
10.4
11.3
12.6
14. 1
15.4
16.2
14.4
13. 0
17.5
20.9
25.4
19.7
19.9
21. 9
21. 9
22.7
24.3
26.0
68. 5
62.9
50. 1
58.2
69.3
74. 1
62.5
88.9
115.6
128.6
142.8
115. 1
128. 1
137.6
133.7
116.6
144.6
149.4
Manufacturmg
41.2
36.8
27. 1
32.4
40.6
44. 1
36.6
48.3
65.6
74.7
84.7
66.4
77.4
74.7
80.2
69.8
87.8
87. 1
1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
8
Wholesale
and
retail
trade
10. 1
10. 1
9.4
11.7
13.3
14.7
12. 9
20.7
24. 0
24.0
20.6
22. 8
30.6
22. 1
16.7
22. 0
25.8
2
3
Pro fits after tax
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
85.6
83.4
71.5
82.0
96.2
115. 8
126.9
120.4
155.9
173.9
202.4
164.8
175. 1
177.5
178.3
172. 1
205.5
205.4
39. 4
39.7
34.5
37.7
41.5
48.7
52.4
49.8
64.3
71. 8
84. 1
68.3
72.3
72. 8
73.9
70.0
85.0
86.2
46.2
43.8
37.0
44. 3
54.6
67. 1
74.5
70.6
91.7
102. 1
118. 3
96.5
102.8
104. 8
104.4
102. 1
120.5
119.2
21.9
22.6
22. 9
23. 0
24.6
27.8
31. 0
31.9
37.9
43.7
49.3
41.5
42. 7
44. 1
46.3
47.0
48. 1
50. 1
51. 9
24.2
21.2
14. 1
21.3
30.0
39.3
43. 6
38.7
53.8
58.4
69. 1
55.0
60. 1
60.6
58. 1
55. 1
72.4
69. 2
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.5
— 14.8
-24.3
-20.3
-16.6
-7.7
-14.8
-23.5
-24.9
-20.9
-27.8
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the fourth quarter, business fixed investment rose $7.5 billion (annual rate) as
nonresidential construction outlays rose $3.1 billion and producers* durable equipment purchases increased $4.4
billion. Residential investment outlays increased $3.5 billion. Inventory investment amounted to $12.4 billion, down
$1.2 billion from the third quarter level.
BILLI DNS OF DOLt.ARS* (RATIO SCALE)
BILUONS OF DOLLARS*(RATIO SCALE)
180
380 -GROSS PRIVATE DOMESTIC INVESTMENT"
-NONRESIDEhJTIAL FIXED INVESTMENT
-
1 A ft
340
1AO
-
300
^^
^S* ^^
PR ODUCERS'
DURABLE EQUIPMENT
260
S~^
r
inn
220
-
—
-
— '"
200
180
I
I I
BIIUONS OF DOLLARS* (RATIO SCALE)
130
STRUCTURES
-
RESIDENTIAL FIXED INVESTS^ENT
1«5n
110 100
90 -
y
on
70 £t\
r'
^^
I
-
-
/
1975
|.
I
TT7
I
I I
1
1
1
1
1
1
BILL IONS OF DOl.LARS*
40 -CHANGE IN BUSINESS INN^ENTORIES —
fOr^—
20 -
-
-
•20
-^
An
Cft
<^l
I
/'
i i i
\
1976
I I
1977 •
I
I• I
I
1978
I
I ' I I
1975
I
1979
I
l I
1976
I
I I
1977
i i i
1
1978
1 1
1979
*5EASONAllY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investmcmt
Period
1968
1969___
1970
1971
1972
1973
1974
1975____
1976
1977
1978 * _ _ _
1977:1
II
III
IY
1978:1
II
III
IV 9
Gross
private
domestic
investment
131.5
146.2
140.8
160. 0
188.3
220. 0
214.6
190.9
243.0
297.8
344.5
272.5
295.6
309.7
313.5
322.7
345.4
350. 1
359.9
Strucjtures
Total
89.3
98. 9
100.5
104. 1
116.8
136. 0
150.6
150. 2
164.6
190.4
222. 0
180.6
187.2
193. 5
200.3
205.6
220. 1
227.5
235.0
Total
Nonfarm
Total
Nonfarm
31. 6
35.7
37.7
39. 3
42.5
49.0
54. 5
53.8
57.3
63.9
77.5
59.3
63. 4
65.4
67.4
68.5
76.6
80.9
84.0
30.4
34. 3
36. 1
37.8
41. 1
46.9
51.8
51.3
54.7
61.0
74.3
56.4
60.4
62. 7
64.5
65.2
73.4
78.0
80.8
57.7
63.3
62.8
64.7
74. 3
87.0
96.2
96.4
107.3
126.5
144.5
121.4
123.8
128. 1
132.8
137. 1
143.5
146. 6
151. 0
53.4
58.9
58. 1
59.9
69. 1
80. 1
88. 2
87.4
97. 5
116.7
133.8
111.0
113.8
118.6
123.4
127.2
132.9
135. 5
139. 7
Source: Department of Commerce, Bureau of Economic Analysis.
Prodineers*
dur able
equip ment
Resid ential fix ed inves tment
Prn
Total
Nonfarm
C!'f"T"I1f>—
tures
34.5
37.9
36.6
49. 6
62.0
66. 1
55. 1
51. 5
68.2
91.9
106.8
81. 6
91. 4
94.3
100.2
100. 3
105. 3
109. 0
112.5
33. 1
36.3
35. 1
47. 9
60.3
64. 3
52. 7
49.5
65.8
88.9
103. 6
78.6
88.4
91.2
97.5
97.3
102. 1
105. 7
109.3
Farm ducers*
durstructures equipment
Change in business mv entories
QJ-jlrt
0.6
.7
.6
.7
.7
.6
1.2
.9
1. 1
1.5
1.4
1. 6
1. 6
1. 6
1. 2
1.3
1.4
1.5
1.5
0.8
.9
.9
1. 0
1. 1
1. 2
1.2
1. 1
1.3
1.5
1.7
1.4
1.4
1.5
1. 6
1.7
1.8
1.7
1.7
Total
7.7
9.4
3.8
6.4
9.4
17. 9
8.9
-10.7
10. 2
15. 6
15.7
10.3
17.0
21. 9
13. 1
16.7
20. 1
13. 6
12. 4
Nonfarm
7.6
9.2
3.7
5. 1
8.8
14.7
10.8
-14.3
12. 2
15. 0
16.7
11. 1
16.5
22.0
10.4
16.9
22. 1
14. 6
13. 1
FOR NEW PLANT AND EQUIPMENT
Business plans to increase capita! spending 11.2 percent in 1979, according to the Commerce Department survey
conducted in November and December. Spending in 1978 was 12.7 percent above 1977, according to the estimates
released in December.
OF
BILLIONS OF DOLLARS (RATIO SCAlfc)
{RATIO SCALE)
TOTAL NEW WANT AND EQUIPMBMT
2C
20,
1972
•1971
1973
1974
1975
1976
1977
1978
1979
J/SEE FOOTNOTE 4 BELOW.
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts cif plant
; and equlipment
projcsets*
Ei[penditurc s for plant and equ ipment
Mi inufaeturi ng
Period
Total i
Total
Durable
goods
170. 20
29.99
31.35
38. 01
46.01
47.95
52.48
60.16
67.65
76.99
14.15
15.64
19.25
22.62
21.84
23.68
27.77
St. 75
!_____,
II
III _____
.IV4...
14425
150. 76
155. 41
161. 24
61.57
67.20
67.75
78.20
1 4_
II*
163. $4
167. 82
73,02
76.28
1971.
1972
1973
1974
1975
1976
1977
1978 «
1979*
81.21
88.44
_
99.74
112. 40
112. 78
„ 120. 49
135. 80
„ _ US. 09
Nc>nmanufi Maturing
Nondurable
goods
Total
15.84
15.72
18.76
23.39
26.11
28.81
32. 39
35.90
40.11
51.22
57.09
61.73
66.39
64.82
68.01
75.64
85. 44
93.20
28.72
31.40
32.25
84.19
32.86
35.80
35.50
39.02
34.13
35.89
38.89
40.40
2.16
2.42
2.74
3. 18
3.79
4.00
4.50
6.31
493
5.72
6.03
6.66
7.57
7.45
6.93
7.97
9. 16
15.30
17.00
18.71
20.55
20. 14
22.28
25.80
29. 16
82.68
83. 56
87.66
88.04
445
481
499
6,23
8.46
7.40
8.05
8.15
27.92
28.46
29.62
30.59
90.31
91. 53
4-94
10,09
30.70
- aa^viWAco <asiiuu.inij.al business; real estate operators; medical, legal, educational, and cultural
and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product
mainly because those data include investment by formers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
to current
10
Trans- Public
Mining porta- utilition
ties
4^4
ComManumerf acturcial 1 ing
and 2
other
,
10.77 18.05
28.00
11.89 20.07
35.21
12.85 21.40
47.57
13.96 22.05
52.49
12.74 20.60
48. 24
13.30 20.99
51.05
15.45 22.97
66.73
18.04 25.42
46\ 17
Communication
17.07
18.18
13.90
2476
2471
26.09
44,07
Public
utilities
22.22
28L 60
38. 13
45.74
3450
29. 6S
32.54
17.41
18. 10
16.96
44.69
i
"
2 Includes trade, service, construction, finance, and insurance.
* Starts are estimated by adding changes in carryover to expenditures
given period.
* Planned capital expenditures as reported by business in
—
1978. Plans are adjusted when
for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
7.98
7.78
440
EMPLOYMENT§ UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment increased by 104,000 in December while unemployment increased by 135,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
100
100
CIVILIAN LABOR FORCE
90
90
EMPLOYMENT
80
80
"to
UNEMPLOYMENT
\
nli ii ill in n n n i h M i
1970
1971
i 1 1 1 1 1 1 1 i n I 1 1 m 1 1 1 n.i 1 1 1.1 1 1 t n i i n i i 1 1 i i 1 1 1 i n i 1 1 n 1 1 i I i i i i I i 1 1 M i i » \ \ I i i I i 1 1 0
1974
1975
1976
1977
1978
1972
1973
*I6 YEARS OF AGE AND OViR.
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over]
Period
1974
1975
1976
1977
1978
Noninstitutional
population
Civilian Unememploy- ployment
ment
150, 827
153, 449
156, 048
158, 559
161, 058
5,076
7,830
7,288
6,855
6,047
85, 935
84, 783
87, 485
90, 546
94, 373
Uitiadjusted
Civilian
labor
force
Total
91, Oil
92, 613
94, 773
97, 401
100, 420
85, 935
84, 783
87, 485
90, 546
94, 373
98, 748
92, 561
3,304
89, 257
99, 215
99, 139
99, 435
99, 767
100, 109
100, 504
100, 622
100, 663
100, 974
101, 077
101, 628
101, 867
92, 923
93, 047
93, 282
93, 704
93, 953
94, 640
94, 446
94, 723
95, 010
95, 241
95, 751
95, 855
3,363
3,280
3,334
3,274
3,243
3,424
3,377
3, 351
3,406
3, 374
3,275
3, 387
89, 560
89, 767
89, 948
90, 430
90, 710
91, 216
91, 069
91, 372
91, 604
91, 867
92, 476
92, 468
1977: Dec.. 159, 736
92, 623
5,880 100, 877
1978: Jan*..
Feb__
Mar__
Apr-_
May.
June..
July__
Aug..
Sept__
Oct__.
Nov__
Dec__
91, 053
91, 185
91, 964
93, 180
93, 851
95, 852
96, 202
96, 116
95, 041
96, 095
96, 029
95, 906
6,897
6,739
6,479
5,685
5,457
6,326
6,438
5, 931
5,797
5,460
5,629
5,725
159, 937
160, 128
160, 313
160, 504
160, 713
160, 928
161, 148
161, 348
161, 570
161, 829
162, 033
162, 250
C ivilian e]mploymeiit
Total
labor
force
(including
Armed
Forces)
93, 240
94, 793
96, 917
99, 534
102, 537
101, 336
101, 263
101, 557
101, 885
102, 222
102, 602
102, 738
102, 785
103, 097
103, 199
103, 745
103, 975
1
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 oyment
N onagri cultural
Part-time
AgriecoculTotal for
nomic 1
tural
reasons
2,709
3,492 82, 443
3,490
3,380 81, 403
3,272
3,297 84, 188
3,297
3,244 87, 302
3, 342 91, 031
3,216
Seascmally adj listed
15
Labor
force
participation
/rate
(percent) 2
Total
weeks
and
over
5,076
7,830
7,288
6,855
6,047
2,483
2,339
1,911
1,379
937
61.8
61. 8
62. 1
62.8
63.7
3,208
6, 187
1,648
63.2
3,045
3,203
3, 184
3, 310
3,247
3,433
3, 316
3,298
3,203
3, 164
3, 131
3,058
6,292
6,092
6, 153
6,063
6, 156
5,864
6, 176
5,940
5,964
5,836
5,877
6,012
1,641
1,559
1,488
1,486
1,404
1,266
1,314
1,234
1,268
1,317
1, 196
1,208
63.4
63.2
63.3
63. 5
63.6
63.8
63. 8
63.7
63.8
63. 8
64.0
64. 1
*Beginnmg 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.
NOTE:—Seasonally adjusted data revised beginning 1974.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In December the seasonally adjusted unemployment rate increased slightly to 5.9 percent. The average unemployment rate for 1978 was 6.0 percent.
PERCENT* {SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
1975
1976
1977
I
1978
1978
*UNEMPIOYMENT AS PERCENT OF OVIUAN IABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF tABOR
1979
COUNCIL OF ECONOMIC ADVISIRS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
1974
1975
1976
1977
1978
___
1977: Dec
1978: Jan
Feb
Mar,
Apr_» .
May
_ „
June
„ _
July
Aug-_~
Sept
Oct.—.. _ .
Nov.
Dee-_
1
.
5.5
8.0
7.4
7.0
6.0
16.0
19.9
19.0
17.7
16.3
5.0
7.8
7.0
6.2
5.2
13.9
13. 1
13.1
11.9
5.3
8.2
7.3
6.6
5.6
6.3
4.5
6.5
15.4
5.4
12.6
6.3
4.6
4.5
4.5
4.3
4.2
4.0
6.2
5.8
5.9
6.0
6.2
6.1
6.4
5.9
5.9
5.6
5.8
5.8
16.4
17.2
17.0
16.7
16.5
15. 1
16.3
15.7
16.3
16.2
16.2
16.5
5.5
5.4
5.3
5.2
5.3
5.0
5.2
5.2
5.2
5.1
5.0
5.2
12.8
11.9
12.5
12.0
12.3
12.0
12.3
11.5
11.3
11.3
11.7
11.5
6. 1
5.8
„
White
6. 1
5.9
5.9
5.8
5.8
5.9
4. 1
4. 1
4. 1
4.0
3.9
4. 1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
ExpeFullBlack rienced
time
wage Houseand
hold
and heads workother salary
ers
workers
3.8
6.7
5.9
5.2
4.2
6.2
6.1
_
Men Women Both
20
20
sexes
years years 16-19
and
and
over
over years
5.6
8.5
7.7
7.0
6.0
6. 1
.__
Uneinployment rate (percent <of jciviliaia labor f orce in group)
By £sex and iige
By select ed group)S
By race
9.9
3.3
5.8
Labor
force
tune
Partlost
(per-!
time
work- cent)
ers
5. 1
4.5
3.7
10.3
10.1
5.9
3.9
5.8
8.8
6.9
5.9
5.7
5.7
5.6
5.7
5.4
5.7
5,5
5.6
5.4
5.4
5.6
3.9
3.7
3.8
3.7
3.8
3.7
3.8
3.7
3.6
3.5
3.4
3.5
5.9
5.7
5.6
5.5
5.6
5.3
5.7
5.4
5.4
5.2
5.2
5.3
9.1
8.6
9.4
9.4
9.2
9.0
8.9
8.7
8.8
9.0
8.9
9.2
6.8
6.6
6.7
6.5
6.6
6.5
6.8
6.5
6.4
6.2
6.2
6.2
NOTE.—Seasonally adjusted data revised beginning 1974.
Source: Department of Labor, Bureau of Labor Statistics.
8.6
6.1
9.1
5.1
8.1
7.3
6.5
5.5
9.8
9.0
as
7.6
6.5
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The percentage of unemployed persons who were job losers decreased in 1978, while the percentage who were reentrants or new entrants to the labor force rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
REENTRANTS
20
NEW ENTRANTS
\
JOB LEAVERS
1 it
1976
I I t I I t I III
1977
I II 1 1 1 M i l l t i l l ! Ill t I I if I 1 t i l 1 1 1 !
1978
1979
1980
*.SEASONAUY ADJUSTID
SOURCE, DEPARTMENT OF LABOR
1979
1980
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percerit distribution of unemPercerit distribution of unem- otate
Q x - A - __,
pirograms Insured
unem- Special
plo yment by durati<m *
Pioyment Dy reasoii*
unemployUnemment,
ployployall
ment
Period
Insured
27
ment
Less
regular benefit
Initial
unem5-14
Job
weeks
15-26
Reen- New
(thou- Job
en- than 5
pro- 2 claims *
ploy- claims grams
sands) losers leavers trants trants weeks weeks weeks and
(unadover
ment
(unad- justed)
justed)
We<3kly aver age, thoussands
1974
__ 5,076
14. 9
363
43.4
7.3 2,262
28.4
50.6
11. 1
31.0
13.3
2,558
1975
15.2 3,986
55.4
10.4
478
7,830
23.8
10.4
31.3
16.5
37.0
4,943
1,173
1976
__ 7,288
382
12. 2
18.3 2,991
49.8
12. 1
38.3
29.6
13.8
26.0
3,822
1,152
1977
375
6,855
13.0
148 2,655
45.3
28. 1
13.7
41.7
30.5
13. 1
572
3,111
1978
342
6,047
14. 1 30.0
10.5 2,356
31.0
41.6
14.3 46.2
12.3
2,640
1977: Dec._ 6, 187
13.7
351
13.5 2,487
43. 1
29.9
13.3 42.6
30.8
13.1
259
3,226
1978: Jan__ 6,292
43.0
13.7
346
43. 6
30.3
13.3
12.8 2,482
28.8
14.5
192
3,781
Feb.. 6,092
42.0
14.5
368
30.9
10.9 2,518
29.2
14.7
14.3 43.5
143
3,638
Mar__ 6, 153 41.3
30.2
11.3 2,452
339
13.8
14.7
30.9
12.7
45. 1
102
3,212
Apr«_ 6,063 42.0
14.4
338
45. 1
28.7
30.5
13.3
11. 1 2,307
14.9
60
2,659
May. 6,156
30.2
42.7
13.5
331
11. 1 2,223
29.3
46.9
11.8
14.6
2,369
36
June. 5,864
32. 1
10.0 2,247
14.6
14.0
40.8
347
30.6
11.3
46.6
21
2,297
July__ 6, 176
364
48.2
41.4
10. 5 2,374
13.9
14.2
30. 5
30.4
10.9
2,581
Aug__ 5,940
14.2
345
47.2
41.6
29.5
10.3 2,448
14.8
10.6
32.0
2,394
Sept__ 5,964
14.3
10.2 2,292
39.7
32.4
11.2
13.7
326
31.5
47. 1
2,064
Oct.. 5, 836
14.0
42.2
14.2
10.0 2,234
12.6
29.6
46.7
325
30.7
1,999
Nov.. 5,877
14.2
40.7
30. 1
15. 0
30.6
48.8
338
11.8
8,8 2,230
2,148
Dec.. 6,012
40. 2
14.3
47.4
12.0
31.9
13.6
32.6
7.9 2,252
339
2,545
1
3
Detail may not add to 100 percent because of rounding.
Includes State (50 States. District of Columbia, and Puerto Hico), ex-servicemen (UCX), Federal (UCFE), and railroad (KB) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
» FSB and SXJA. These programs started January 1975 and regular reporting
began March 1975.
Note.—Seasonally adjusted data revised beginning 1974.
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 250,000 in December.
MILLIONS OP PERSONS'
MILLIONS OF PERSONS* (ENLARGED SCALE)
90
20
AIL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
18
80
16
70
14
SERVICE PRODUCING
INDUSTRIES
-
tii.—-4—
22
MANUFACTURING
50
\
20
18
6
SODS-PRODUCING.
INDUSTRIES
30
CONSTRUCTION
20
I HI 1»J
1975
1977
1976
1978
1976
1975
1979
'1977
•SEASONALLY ADJUSTED
SOURCE, DEPARTMENT Of LABOR
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;l seasonally adjusted]
Cioods-pr(>ducing i ndustrieg>
Pafirt/1
jrerioci
1974
1975
1976
1977
1978 9
1977:Dec.__
1978: Jan.—
Feb—
Mar__
Apr
May__
June__
July._
Aug__
Sept__
Oct___
Nov*-.
Dec p __
Total
nonagricultural
employ- Total *
ment
Construction
78, 265
76, 945
79, 382
82, 256
85, 760
83, 719
83, 871
84, 188
84, 726
85, 418
85, 618
85, 996
86, 033
86, 149
86, 163
86, 573
87, 020
87, 270
4,020
3, 525
3,576
3,833
4,213
3,955
3, 905
3,901
3,999
4,164
4, 175
4,278
4,317
4,298
4, 298
4,341
4,368
4,413
24, 794
22, 600
23, 352
24, 288
25, 381
24, 626
24, 648
24, 724
24,927
25, 313
25, 341
25, 473
25, 501
25, 463
25, 471
25, 670
25, 870
26, 039
Service-pr oducing Industrie s
TransFinance,
Ma nufactui g
Government
porta- Wholeinsursale
tion
ance,
and
Non- Total
State
and
and Services
retail
Total Durable
durable
Federal and
public
real
goods goods
trade
local
utilities
estate
in
20, 077
18, 323
18, 997
19, 647
20, 331
19, 984
20, 065
20, 139
20, 230
20, 282
20, 297
20, 316
20, 302
20, 278
20, 286
20, 436
20, 600
20, 724
11, 925
10, 688
11, 077
11, 573
12, 159
11, 851
11, 917
11, 986
12, 041
12, 076
12,093
12, 109
12, 138
12, 146
12, 166
12, 305
12, 409
12, 490
8, 152
7,635
7,920
8,074
8, 172
8,133
8, 148
8, 153
8, 189
8,206
8,204
8,207
8, 164
8, 132
8,120
8, 131
8, 191
8,234
1
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
53, 471
54, 345
56, 030
57, 968
60, 380
59, 093
59, 223
59, 464
59, 799
60, 105
60, 277
60, 523
60, 532
60, 686
60, 692
60, 903
61, 150
61, 231
4,725
4,542
4,582
4,696
4,858
4,749
4,758
4,782
4, 817
4,847
4,847
4,881
4,827
4,846
4,855
4, 922
4,945
4,965
16, 987
17, 060
17, 755
18, 492
19, 392
18, 911
18, 991
19, 071
19, 169
19, 252
19, 335
19, 412
19, 469
19, 523
19, 546
19, 632
19, 697
19, 687
4, 148
4,165
4,271
4,452
4,676
4,547
4,563
4,591
4,605
4,623
4,637
4,670
4,690
4,707
4,719
4,737
4,775
4,788
13, 441
13, 892
14, 551
15, 249
15, 976
15, 618
15, 597
15, 670
15, 773
15, 866
15, 896
15, 963
15, 989
16, 074
16, 127
16, 169
16, 261
16, 296
2,724
2,748
2,733
2,727
2,754
2,723
2,736
2,736
2,739
2,745
2,753
2,772
2,765
2,765
2,752
2,760
2, 757
2,757
11,446
11, 937
12, 138
12, 352
12, 723
12, 545
12, 578
12, 614
12, 696
12, 772
12, 809
12, 825
12, 792
12, 771
12, 693
12, 683
12, 715
12, 738
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]
Avera§*e gross
hourly earnings
Avei•age weekly hours
Period
Total
private
nonagrieultural l
Manufj aeturing
Total
Overtime
Adjusted htourly earnirigs index2 —t otal private
nonagrkjultural
Percent cttange from
a year earlier 4
Index, 1967=100
Total
private
nonagrieultural *
Manufacturing
$3.35
3.57
3.82
4. 09
4.43
4.83
5.22
5.67
6. 16
120.7
129.2
137.5
146.0
157.5
170.7
183.0
196.8
212. 6
103.8
106.5
109.7
109.7
106.6
105.9
107.3
108.4
108.9
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5
8.1
-2.8i-r
1967
dollars s
Current
dollars
Current
dollars
1967
dollars
37. 1
36.9
37.0
36.9
36.5
36. 1
36. 1
36.0
35,8
39.8
39.9
40.5
40.7
40.0
39.5
40. 1
40.3
40.4
3.3
2.6
3.4
3.6
$3.23
3.45
3.70
3.94
4.24
4.53
4.86
5.24
5.68
1977: Dec
35.9
40.5
3.6
5.41
5.88
203.5
109.4
7.4
.6
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
.__
Sept
Oct.._
Nov *».
1
35.5
35.7
36.0
36.1
35.9
35.9
35.9
35.8
35.8
35.9
35.8
35.8
39.8
40. 1
40.6
40.8
40.4
40.5
40.5
40.3
40.4
40.5
40.7
40.6
3.5
3.7
3.7
3.8
3.5
3.6
3.6
3.4
3.6
3.6
3.6
3.8
5.46
5.49
5.54
5.61
5.62
5.66
5.71
5.73
5.77
5.82
5.86
5.90
5.93
5.98
6.01
6.05
6.08
6. 12
6.18
6.20
6.25
6.32
6.37
6.41
206.0
206. 6
208.3
210.3
211.0
212.3
214. 1
214.6
216.2
218.0
219. 0
220.2
109.9
109.5
109. 5
109.6
109.0
108.7
109.0
108.7
108.7
108.8
108.7
108.6
7.8
7.6
7.9
8.2
8.0
8.1
8.2
8.2
8.3
8.2
8.2
8.2
1.0
1. 1
1.2
1.4
.9
.6
.6
.4
.1
-.4
-.6
-.7
1970
1971
1972
1973
1974
1975
1976
1977
1978 *
..__
_..-_
Dec 9
3.0
2.9
3.5
3. 8
3. 1
0.7
2.6
3.0
0
_™ . 1
1.3
1.0
.5
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average5 gross weekly earnings
Total private nonagricu Itural l
Period
Current
dollars
1970. _„„
1971 .
1972,
1973
1974.
1975
1976.
1977
_,
1978*
1977: Dec
1978: Jan
Feb
Mar...
Apr.
May.
June
July
Aug
Sept...
Oct
Nov »
Dec v
1
2
..
_.
_„_
$119.83
127. 31
136. 90
145. 39
154. 76
163. 53
175, 45
188. 64
203. 34
194. 22
193. 83
195. 99
199. 44
202. 52
201. 76
203. 19
204. 99
205. 13
206. 57
208. 94
209. 79
211. 22
Manufacturing
1967
dollars8
$103. 04
104. 95
109. 26
109. 23
104. 78
101.45
102. 90
103. 93
104. 06
104. 42
103. 38
103. 86
104. 86
105. 59
104. 21
104. 04
104. 43
103. 92
103. 91
104. 26
104. 11
104. 15
$133. 33
142. 44
154. 71
166. 46
177. 20
190. 79
209. 32
228. 50
248. 86
238. 14
236. 01
239. 80
244. 01
246. 84
245. 63
247. 86
250. 29
249. 86
252. 50
255. 96
259. 26
260. 25
$195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 36
295. 29
316. 35
298. 29
284. 69
297. 26
312. 54
315. 93
314. 39
322. 65
323. 02
323. 51
323: 75
323. 61
324. 06
328. 04
Percent ch«Mige from a
year ۥarlier,
total pri1yate nonagricu Itural *
Current
dollars
Current dollar*5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
Bevised index for urban wage earners and clerical workers used beginning 1978.
Construction
Wholesale
and retail
trade
$96. 02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 19
152. 85
146. 30
147. 48
147. 15
150. 15
151. 80
151. 34
151. 86
153. 64
154. 16
155. 14
156. 93
157. 77
157. 94
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.5
7.8
7.4
7.3
6.1
7.8
8.3
7.5
7.9
8. 1
8.5
8.0
8. 1
8.4
8.7
1967
dollars
-1.3
1.9
4.1
-. 0
-4. 1
-3.2
1.4
1.0
.1
.5
.5
-.2
1.3
1.7
.4
.5
.3
.6
.2
-.6
—.4
-.3
* Monthly changes based on indexes to two decimal places.
»Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
01-1979
DATA, PRIVATE BUSINESS ECONOMY
PRODUCTIVITY AND
Hours of 2all
pers ons
Out put*
Output 5er hour
persons
of all |
Unit labor
COsts
Compe nsation
per 1lour 3
Implici fc price
deflai tor 4
PriNonNonPriHonPriNonPrivate NonPrivate NonPrivate
vate
vate
farm
farm
iara!
vate
farm
farm
farm
business business
business business
business business
business business business business business business
sector
sector
sector
sector sector sector sector
sector
sector sector
sector
sector
Period
1967== 100; quarterly data seasonially adjuslbed
..
98.0
100.0
105. 1
108.3
98.1
100.0
105.4
108.6
100.1
100.0
101.8
104.6
99.8
100.0
102.1
105.5
98.0
100.0
103.3
103. 5
98.3
100.0
103.2
102.9
94.9
100.0
107.6
114.9
94.8
100.0
107.3
114.1
96.8
100. 0
104. 1
111.0
96.4
100. 0
1040
110.9
97.2
100.0
103.9
108.8
96.8
100.0
1040
108.6
1970__
1971.. ... „
1972
1973
1974
107.3
110.3
117.6
124.5
121.5
107.4
110.2
117.8
125.0
121.9
103.0
102.4
105.5
109.6
110.3
104.2
103.8
107.0
111.6
112.4
104.2
107.8
111.4
113.6
110.1
103.1
106.3
imi
112,0
108.5
123.1
131.4
139.7
151.1
164,8
121.7
129.9
138.3
149.1
162.7
118. 1
122.0
125.3
133. 1
149.7
118, 1
122.3
125.6
133. 1
150.0
113.9
118. 9
123.1
130.2
143.0
1140
119.1
122.8
127.9
141. 3
1975— ......
1976
—
1977
1978* —
118.8
126.5
133.2
139.0
118.8
127.0
133.6
139.9
105.6
108.7
112.6
117.1
107.5
111.0
115.4
120. 1
112.4
116.4
118.2
118.7
110.5
114.4
115.8
116.5
181. 2
197.0
213.0
232.9
178.8
193.7
209.3
228.9
161.2
169.3
180.2
196.3
161.8
169.4
180.8
196.6
157.4
165.4
174.9
187.9
156.3
1648
1746
186.8
1977: I. — _II
130.5
132.5
134.2
135. 5
131.0
133.0
134.6
135.8
110.7
112.9
112.9
113.9
113.3
115.5
115.8
116.7
117.9
117.4
118.9
119.0
115.6
115.2
116.2
116.4
207.5
210.5
215.3
218.8
203.9
207. 1
211.2
215. 1
176.0
179.3
181.1
183.9
176.4
179.8
181.7
184.8
170.6
174 0
176.3
178,4
170.0
173.6
176.4
178. 1
135.3
138.7
139.7
142.2
136.1
139.8
140.6
143.0
115.0
117.6
117.4
118.9
117.8
120.6
120.5
1219
117.6
118.0
119.0
119.6
115.5
116.0
116.6
117.3
225.2
229.6
235.4
240.3
221.4
225.8
231.0
236.1
191.4
194.6
197.8
200.9
191.7
194.7
198. 1
201.3
181.3
186.6
189.9
193.4
180.6
185.3
188.9
192.2
1966
1967
1968
1969
in
IV
1978: I..™
II
III
IV*
Perceiat change ; quarterl]r data at seasonal] y adjustec1 annual rates
5.5
2.0
5.1
3.0
6.0
1.9
5.4
3.0
2.3
i
1.8
2.8
3.3
.2
2.1
as
3.2
2.0
3.3
.2
2.6
1.7
3.2
-.3
7.1
5.4
7.6
6.8
6.1
5.5
7.3
6.4
3.8
3.3
4.1
6.6
3.5
3.8
40
6.6
3.2
2.9
3.9
47
2.9
3.3
40
4.5
-.9
2.8
6.6
5.9
-2.4
— 1.1
2.6
6.9
6.0
-2.5
-1.5
-.6
3.1
3.9
,7
-L2
-.4
3.2
4.2
,7
.7
3.4
3.4
1.9
-3.0
.1
3.1
3.6
1,7
-3.1
7.1
6.7
6.3
8.2
9.1
6.6
6.7
6.5
7.8
9.1
6.4
3.3
2.8
6.2
12.5
6.5
3.5
2.7
6.0
12. 6
47
44
3.6
5.8
9.8
49
45
3. 1
41
10. 5
.
-2.3
6.5
5.3
4.4
-2.5
6.9
5.2
4.7
-4.3
2.9
3.7
4.0
-4.3
3.3
3.9
4. 1
2.1
3.5
1.6
.4
1.9
3.5
1.3
.6
9.9
8.7
8.1
9.3
9.9
8.4
8.1
9.4
7.7
5.0
6.4
8.9
7.8
4.7
6.7
8.8
10. 1
5. 1
5.7
7.5
10.6
5.4
5.9
7.0
1977:1
II......
Ill
IV
9.3
6.5
5.0
4.0
9.4
6.2
5.0
3.5
6.6
8.3
.1
3.7
6. 8
7.7
1.3
ao
2.5
-1.7
5.1
.4
2.4
— 1.4
3.7
.5
7.9
5.8
9.5
6.7
8,3
6.5
8. 1
7.6
5.3
7.6
4.2
6.3
5.8
8.0
42
7.1
5.2
8.2
5.2
49
44
8.7
6.5
40
-.6
10.5
3.0
7.1
.7
11.6
2. 1
7.1
4.0
9.2
-.4
5.0
3.9
9.8
—.2
4.7
-4.5
1.2
3. 5
2.1
-3.1
1.7
2.3
2.3
12.1
8.1
10.4
8.7
12.2
8,2
9.6
9. 1
17,4
6.8
6,7
6.5
15.7
6.4
7.1
6.7
6.7
12. 1
7.3
7.7
5,8
10. 8
8. 1
7. 1
1966
1967
1968
19691970
19711972
1973
1974.._»
1975
1976.
1977
1978»—
_
1978:1
II
III
IV»-
* Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in the sector, 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.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.6 percent in December, following increases of 0.6 percent in November and 0.5 percent
in October. The index for December was 7.7 percent above a year earlier.
INDEX, 1967=100* (RATIO SCALE)
180
UTILITIES AND MINING PRODUCTION
INDEX, 1967= 100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
160
140
UTILITliS
120
MINING
100
n 1111111111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11
1974
MANUFACTURING PRODUCTION
1975
1976
1977
I I I I 11 I I I I I
1978
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
120 -
100
1974
1975
1974
1976
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1972
1973
1974
1975
1976
1977
1978 *_._
.
Total in dustrial
produtjtion
Percent
Index, change
1967=
from
100
year
earlier
100. 00
9.2
119.7
8.4
129.8
-.4
129.3
-8.9
117.8
10.2
129.8
5.6
137.1
5.8
145. 1
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry produiction indcsees, 1967 = 100
MJinufacturi ng
Manufa cturing ca-paeityl utiilization
rate, pejrcent
Federal Reserve
serles
WharComTotal
ton
merce
2
Matemanuseries s
series
facturrials
ing
Mining
Utilities
85.97
126.5
133. 8
134 6
126.4
140.9
148. 1
154.7
6.86
113. 1
114.7
115.3
112.8
114. 2
117.8
124.2
5.69
139.4
145.4
143.7
146.0
151.0
156.5
161. 0
83. 1
87.5
84.2
73.6
80.2
82.4
84.2
88.0
92.4
87.7
73.6
80.4
81.9
84.9
83
86
83
77
81
83
91.8
97. 1
92.9
80.4
87.4
90. 1
92.8
82
91.0
84
90.0
84
92.5
83
93.8
Total
Durable
Nondurable
87.96
118.9
129.8
129.4
116.3
129.5
137. 1
145.5
51.98
113.7
127. 1
125.7
109.3
121.7
129.5
139.2
1977: Dec
139.7
5.0
140. 5
133.4
150.9
113.4
156.7
83.0
81.9
1978: Jan_ _ _ _ —
Feb
Mar
Apr
May
June
July
Aug___ —
Sept
Oct
Nov 9
Dec v
138.8
139.2
140.9
143.2
143.9
144.9
146. 1
147. 1
147.8
148.6
149.5
150.4
4.9
138.7
139.4
141.4
143.5
144.3
145.5
146.7
147.6
148.7
149.4
150.3
151.2
131. 1
131.5
134.4
136.9
137.6
139.0
141.1
142.2
142.8
143.9
145.0
145.9
149.8
150.6
151.4
153.2
154.0
154.9
155.0
155. 6
157. 1
157.5
158. 1
158.9
115.0
114.4
119.3
127.2
126.7
128.0
127. 1
126. 0
124. 1
127.7
127.9
128. 0
162. 3
163. 5
159.5
156.0
157. 0
158.6
159. 9
160.8
162.3
162.4
162.6
163.3
81.7
81.9
82. 7
83.7
83. 9
84.3
84.7
85. 0
85.3
85.5
85.7
85.9
81.9
81.3
81.9
84.0
84.5
85. 1
85.7
85.9
86.3
87.0
87.4
87.6
1
Output
3
Annual
8
4. 5
4.1
5.2
5.0
5.2
5.3
6.5
6.7
7.0
7.3
7.7
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.
94.8
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prodlucts
Final Ideducts
Coiisumer go ods
Period
Total
1967 proportion
1970
1971
—1972__ .
1973
1974
___
1975
1976..
- ~
1977
1977: Dec
1978: Jan
.
Feb
Mar
Apr
__ _
May
June _ _ _
July
Aug
.
Sept
Oct.
Nov p»_
. __
Dec _ _
-_ _
47.82
105.3
106.3
115.7
124.4
125. 1
118.2
127.2
134.9
137.6
134. 9
136.4
138.9
140.5
140.5
141.1
142.2
143.3
143.7
143.9
144.8
145.6
Equip»ment
NonDurable durable
goods
goods
Total
27.68
109.0
114.7
124.4
131,5
128.9
124.0
136.2
143.4
145.8
141.8
143.8
145.9
147.5
147.0
147.0
147.7
148.4
149.0
149. 1
149.8
150.5
7.89
106.1
118.8
133.8
146.2
135.3
121.4
141.4
153. 1
155.8
146.5
151.2
157.5
161.8
160.2
160.6
160.9
161.5
160.3
162.0
162.6
162.8
Internxediate
proc ucts
19.79
110. 1
113. 1
120.6
125. 6
126.3
125. 1
134. 1
139.6
141.8
139.9
140.8
141.3
141.8
141.7
141.6
142.4
143. 1
144.4
144.0
144.8
145.5
Total
Business
Total
so. 14
12.63
107.0
104.1
118.0
134.2
142.4
128.2
136.3
149.2
154.0
152.6
154.2
157.4
159.3
160.2
161.8
163.8
165.4
165.8
166.9
167.9
169.3
12.89
112. 9
116.7
126.5
137.2
135.3
123. 1
137.2
145.1
150.4
151.6
151.4
151.4
152. 1
152. 6
154.7
155.6
156.4
157.0
158. 1
159.2
160.5
100. 1
94.7
103.8
114.5
120.0
110.2
114. 6
123.2
126.2
125.4
126.2
129.1
130.8
131.6
133.0
134.7
136.3
136.4
136.9
137.7
138.8
Construction
supplies
6.42
111.0
116.8
128.4
139.8
134.5
116.3
132. 6
140.8
148.3
149.2
148.6
147.9
148.5
150.4
152. 1
153.5
154.7
155.6
156. 6
157.7
159. 1
Materials
39. 29
109. 2
111.3
122.3
133.9
132.4
115.5
130.6
136.9
138.8
139.2
138.6
139.9
143.7
145. 1
146.4
147.9
148. 6
149.7
151.3
152. 2
152. 9
Supplementary
group:
Energy
total
12.23
117.0
119. 5
125.2
128.3
125. 5
125.5
128.8
132.5
129.7
132. 5
130.0
129.8
133. 1
134.2
135.9
136.4
136. 1
135.9
137.6
138. 1
138.8
[1967=100, seasonally adjusted]
Diurable m anufactu res
PrimaryT metals
Period
Total
1967 proportion ,
1970
_
1971
1972 „
1973
1974
1975
1976
1977
1977: Dec
1978: Jan
Feb
Mar
Apr
,_
May__ __ . __
June
July
Aug
Sept__
Oct
Nov v*»
_ „
Dec
Iron
and
steel
6.57
4.21
106.6
100.2
112. 1
126.7
123. 1
96.4
108.9
110.2
111.0
107.4
106.2
106.1
114.3
115.5
117.5
123.0
126.0
127.9
128.4
128.9
129.3
104.7
96. 1
107. 1
122.3
119.8
95.8
104.9
103.4
103.8
99.5
96.3
96.4
109.0
110.5
114.5
119.0
120.9
123.2
123.8
123.9
trical
machin-
6.93
102.4
103.5
112. 1
124.7
1242
109.9
123.3
130.9
136.4
136.9
136.9
138.1
139.5
140.4
142.3
144.0
145.8
146.3
146.3
146.8
147. 9
9.15
8.05
104.4
100.2
116.0
133.7
140. 1
125. 1
135.0
144.8
151.7
150.1
150.1
151. 5
152.2
152.9
154.6
156. 1
157. 3
158.7
159.8
160.7
162.2
108. 1
107.7
122.2
143. 1
143.8
116.5
131.6
141. 9
147.3
144.0
146.4
149.5
152.3
152.9
154.1
157.9
156.9
158.3
157.9
159.2
160.9
Source: Board of Governors of the Federal Reserve System.
18
Non-
Fabricated
metal
products
ery
Electrical
machinery
Non<iurable rnanufact ures
Transp<srtation
equip ment
Total
Motor
vehicles
and
parts
9.27
89.5
97.9
4.60
92.3
108.2
118.3
108.7
97.4
110.6
121, 1
122.2
116.2
118.4
126. 5
130.5
130. 1
130.4
132.1
133.4
132.8
136.9
139.3
138.6
118.6
135.8
148.8
128.2
111. 1
140.7
159.7
161.8
146.6
153. 1
165. 1
171.7
168.3
167.7
169.7
171.0
168.9
177. 1
181.3
178.5
Lumber
and
products
Apv
pareli
products
Print- Cheming
icals
Foods
and
and
pub- prodlishing ucts
1. 64
3.31
4.72
7. 74
8.75
105.6
113. 8
120.8
126.0
116.2
107.6
125. 1
133.4
138.1
138.5
135.5
136. 5
136.9
136.5
138.7
138.1
136.9
139.2
140.2
141. 6
101.4
104.7
109.4
117.3
114.3
107.6
122.2
124.2
125.8
118.6
121. 1
122. 8
126. 1
125.8
126.8
124.5
127.2
130.9
130.6
107.0
107. 1
112.7
118.2
118.2
113. 3
120. 6
124.7
127.5
129.9
128. 3
129. 1
128.6
128.2
128.7
130.3
129.5
131.0
130.3
131. 9
132. 9
120.4
125.9
143.6
154.5
159.4
147.2
169.3
180.7
183.0
184.4
183. 7
185.2
185.5
188. 1
191. 1
192.3
192.2
194.2
195.8
196.8
108.9
112.8
116.8
120.9
124.0
123.4
132.3
137.9
140.4
139.3
140.8
141. 1
143. 1
142.8
141.8
142.9
144.0
144. 4
143.5
144. 1
NEW CONSTRUCTION
Private
Total new
construction
expenditures
Period
Constructio n
Resic iential
Total
Total1
Commercial and
industrial
New
housing
units
Federal,
State,
Other
and
local
CommerTotal value cial and
index
industrial
(1967= floor
100)
of
feet)
Bi]lions of dollars
1972
1973___
1974
1975___
1976
1977.
1978 *„_ _
__
_
124. 1
137.9
138.5
134. 5
148. 8
172.6
201.5
93.9
105.4
100.2
93. 7
110.5
134.7
156.8
18.1
21.7
23.8
20.8
19.9
22.5
29. 1
44.9
50. 1
40.6
34.4
47.3
65.7
75.5
54.3
59.7
50.4
46.5
60.5
81.0
92.7
21.5
24.0
25.9
26.4
30.0
31.3
35.1
30.2
32.5
38.3
40.9
38.3
37.8
44.7
179.0
171.4
177.6
185.4
195.0
201.3
206. 3
210.2
208. 7
209.2
209.8
212.8
215.0
142.3
134.9
141.9
147.7
153.5
156.2
161. 1
161, 8
160.6
161. 3
161.9
164. 9
168. 0
22.8
22.4
22.8
25.4
26.4
27.3
30.6
30.6
30.9
31.6
32.0
32.8
33.7
72.8
65.0
70.9
72.5
74.4
75. 1
76.6
77.7
77. 1
76.8
76.8
78.9
80.2
87.4
79.4
85.3
88. 1
92.2
94.3
95.4
95.9
95.0
94.2
93.6
95.4
96.8
1
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.
252.2
287.0
Seasonally
adjusted
Seasonall\y adjusted ai inual rates
1977: Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov » _ _
Dec *>_ .
165.3
179.5
169.7
167.9
199.4
32.1
33.2
33.8
341
34.9
34.6
35. 1
35.3
34,7
35.4
36.3
36.7
37.5
36.8
36.4
35.7
37.7
41.5
45.1
45.2
48.4
48.2
48.0
47.9
47.9
47.0
299
283
266
254
279
3E2
251
286
289
300
319
285
303
854
1,010
840
555
592
739
964
Seasonally
adjusted
annual
rotes
864
996
814
863
921
1,061
999
898
951
1,037
1,015
1,093
978
NOTE.—New construction expenditures date prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
>Tew private housing unr jS
Units started, by type of striicture
Period
1971
1972
1973
1974
1975
1976
1977
1978 9
___
Total
1 unit
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 018. 5
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
1, 432. 7
2-4
units
120. 3
141. 3
118.3
68. 1
64.0
85.9
121.7
125. 7
5 or more
units
780.9
906.2
795.0
381.6
204.3
289. 2
414.4
460.2
Units
authorized
1, 924. 6
2,218.9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 658. 4
Units
completed
Homes
sold
Homes for
sale at
end of
period *
Vacancy
rate for
rental
housing
units
(percent)2
1, 706. 1
2, 003. 9
2,100.5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
656
718
634
519
549
646
819
287
409
418
346
313
354
403
5.4
5.6
5.8
6.2
6.0
5.6
5.2
1,641
1,759
1,696
1,821
1,943
1,854
1,890
1,943
1,967
1,981
1,845
1,812
857
813
774
793
827
846
831
789
785
793
975
811
403
405
404
404
410
412
418
417
419
420
411
418
5. 1
Seasonally adjusted aninual rates
1977: Dec
1978: Jan
Feb
Mar.
Apr
May
June
July
Aug___ _
Sept 9
Oct 9 _ „
Nov*>
Dec 9
1
2
2,203
1, 548
1,569
2, 047
2, 165
2,054
2,124
2,119
2,025
2,075
2,106
2,155
2, 125
1,574
1, 156
1, 103
1,429
1,492
1,478
1,441
1,453
1,440
1,463
1,455
1,558
1,533
Seasonally adjusted.
Quarterly data entered in last month of quarter.
153
101
79
126
142
89
148
135
139
111
139
156
133
476
291
387
492
531
487
535
531
446
501
512
441
459
1,778
1,526
1,534
1,647
1,740
1,597
1,821
1,632
1,563
1,731
1,719
1,724
1,680
5.0
5. 1
5.0
5.0
Source: Department of Commerce, Bureau of the Census.
19
INVENTORIES—TOTAL JIND TRADE
Business sales rose 1 percent in November while inventories rose $4 billion. According to the advance survey, retail
sales rose 1 percent in December following increases of 1 percent in November and 1% percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
400
350
TOTAL BUSINESS
INVENTORIES
250
TOTAL BUS NESS
SALES
150
INVENTORY-SALES RATIO
100
1974
1975
1976
1977
1978
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISIUS
Total business l
R(*tail
Who .esale
Sales
Period
1978
2
Sales
Inventories3
Sales2
Inventories3
Trvf al
2
Iiiventories
DurNonable durable
goods goods
stores stores
TVvfeil
DurNonable durable
goods goods
stores stores
Inventory-4sales
ra1 io
Total
business l
Retail
Mill]ons of d ollars, se asonally adjusted
_
1971
1972
1973
1974
1975
1976
1977
116, 351
130, 049
151, 647
175, 200
179, 621
200, 760
223, 793
188, 508
203, 088
233, 749
285, 064
283, 614
309, 238
334, 785
26, 257
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
35, 823
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
34, 169
37, 422
41, 871
44, 543
48, 370
53, 542
59, 029
10, 827
12, 369
14, 091
13, 820
14, 907
17, 544
19, 901
23, 342
25, 054
27, 781
30, 723
33, 463
35, 998
39, 127
21, 687
24, 238
28, 072
32, 394
32, 119
36, 417
40, 534
28, 376
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539
1.58
1.50
1.44
1.47
1.58
1.48
1.44
1.39
1.40
1.41
1.48
1.43
1.39
1.40
1977: Dec
237, 017 334, 785 57, 266 67, 998 61, 813 20, 674 41, 139 87, 073 40, 534 46, 539
1.41
1.41
1978: Jan
Feb-_
Mar
Apr
May
230, 294
238, 165
242, 627
250, 606
251, 869
252, 639
250, 853
258, 306
258, 311
265, 295
268, 004
1.47
1.43
1.43
1.40
1.41
1.41
1.43
1.40
1.41
1.38
1.39
1.46
1.42
1.42
1.41
1.42
1.42
1.44
1.42
1.41
1.40
1.41
June_
July
Aug
Sept___
Oct
Nov»
Dec* __ __
337, 676
340, 396
345, 839
350, 545
354, 226
356, 920
359, 301
362, 815
364, 747
367, 382
371, 541
55, 985
57, 635
58, 877
62, 152
64,011
63, 235
63, 404
64, 573
64, 045
67, 292
67, 483
68, 991
70, 361
72, 882
74, 867
75, 474
75, 820
75, 664
76, 253
77, 020
78, 346
79, 024
1
The term " business" also includes manufacturing (see page 21).
3
Monthly average for year and total for month.
1
59, 987
61, 548
62, 649
63, 917
64, 292
64, 565
64, 343
65, 862
66, 347
67, 389
68, 181
68, 889
Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average inventories to average monthly
sales; for mont My data, ratio of inventories at end of month to sales for month.
20
19, 914
20, 445
20, 897
21, 807
21, 821
22, 092
21, 844
22, 908
22, 812
23, 599
23, 723
24, 402
40, 073
41, 103
41, 752
42, 110
42, 471
42, 473
42, 499
42, 954
43, 535
43, 790
44, 458
44, 487
50, 063
55, 079
62, 950
70, 716
70, 623
78, 045
87, 073
87, 708
87, 642
89, 097
89, 963
91, 063
91, 543
92, 470
93, 680
93, 664
94, 301
95, 930
41, 060
41, 369
41, 521
41, 881
42, 300
42, 036
42, 359
42, 640
42, 565
43, 039
44, 087
46, 648
46, 273
47, 576
48, 082
48, 763
49, 507
50, 111
51, 040
51, 099
51, 262
51, 843
Source: Department of Commerce (Bureau of Economic Analysis and BureatX
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments, inventories, and orders rose in December.
BILLIONS Of DOLLARS* (RATIO SCAIfl
BILLIONS OF DOLLARS* (RATIO SCALE)
140
INVENTORIES
120
240
100
200
160
120
T
100
DURABLE GOOD
80
u**?^
60
BILLIONS OF DOLLARS* (RATIO SCALE)
140
-NEW
„.,»».»*""•
NONDURABLE GOODS
40
ORDERS
120
100
80
INVENTORY-SHIPMENTS RATIO
60
DURABLE GOODS .,^"=r*
,.„,-.,.,..».•»"'••
-NONDURABLE GOODS
40
M**"
1975
1974
1976
1977
1974
1978
1975
1977
1976
*5£ASONAUY ADJUSTED
SOURCE, WPMTMENT OF COMMffiCE
Mantifac turers' sh pments ' Manufaet urers' inv entories 2
Period
Total
NonDurable durable
goods
goods
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
66, 821
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
58, 386
1977: Dee__- 117,938
62, 130
55, 808 179, 714 115,424
1978: Jan_-_ 114, 322
Feb— 118, 982
Mar— 121, 101
Apr
124, 537
May_- 123, 566
June-_ 124, 839
July... 123, 106
Aug... 127, 871
Sept 127, 919
Oct.— 130, 614
Nov.— 132, 380
Deo "__ 133, 771
59, 973
63, 077
64, 457
66, 493
65, 417
66, 293
65, 222
68, 684
68, 916
70, 292
71, 635
72, 121
54, 349
55, 905
56, 644
58, 044
58, 149
58, 546
57, 884
59, 187
59, 003
60, 322
60, 745
61, 650
180, 977
182, 393
183, 860
185, 715
187, 689
189, 557
191, 167
192, 882
194, 063
194, 735
196, 587
197, 302
116,278
117,511
118,725
119, 848
121, 471
122, 688
123, 830
125, 206
126, 176
126, 784
128, 357
128, 968
p Monthly average for y ear and total for month. Shipments are the same as sales,
a Boot value, end of period,
3
End of period.
Manu 'acturers' new ord(;rs '
Durabl e goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
Millio us of dolla rs, season ally adjusted
108, 223 70, 244 37, 979 64, 201 35, 098
8,832
124, 545 81, 333 43, 212 76, 224 42,894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115, 424 64, 290 112, 842 59, 795 15, 201
197, 302 128, 968 68, 334 129, 109 70, 602 18, 732
63, 043
72, 954
84, 821
86, 616
98, 809
111,256
125, 207
1972
1973
1974
1975. . 1976
1977 ...
1978"- _
1978
COUKCH OF ECONOJWC ADVISKS
ManufacNon- turers'
lurable unfilled
goods orders *
Manufacturers'
inventory—
shipments
F3/tio ^
29, 104
33, 329
40, 417
43, 125
48, 137
53,047
58, 507
121, 709
161, 194
189, 678
170, 686
174, 553
193, 659
240, 496
1.67
1.58
1.65
1.83
1.66
1.58
1.51
64, 290 122, 128 66, 165
16, 988 55, 963 193, 659
1.52
64, 699
64, 882
65, 135
65, 867
66, 218
66, 869
67, 337
67, 676
67, 887
67, 951
68, 230
68, 334
16,511
17, 882
17, 507
17, 409
18, 124
18, 155
17, 074
19,344
20, 149
22, 219
20, 575
19, 801
1.58
1.53
1.52
1.49
1. 52
1.52
1.55
1. 51
1.52
1.49
1.49
1.47
117,899
122, 544
125, 801
128, 175
128, 450
127, 580
123, 279
130, 952
131, 840
137, 162
137, 618
138, 562
63, 335
66, 681
69, 016
70, 033
70, 045
68, 840
65, 187
71, 582
72, 645
76,984
76, 654
76,842
54, 564
55, 863
56, 785
58, 142
58, 405
58, 740
58, 092
59, 370
59, 195
60, 178
60, 964
61, 720
197, 235
200, 798
205, 500
209, 133
214, 010
216, 754
216, 922
219, 999
223, 921
230, 464
235, 704
240, 496
4
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.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In December, the producer price index for all finished goods rose 0.8 percent, seasonally adjusted. Prices of finished
consumer foods increased 0.9 percent and prices of other finished consumer goods rose 0.8 percent. Prices of capital
equipment increased 0.8 percent.
INDEX, 1967= 100 (RATIO SCALE)
240
_
INDEX, 1967=100 (RATIO SCALE)
240
SEASONALLY ADJUSTED
FINISHED GOODS
220
220
200
200
130
180
160
160
CAPITAL EQUIPMENT
140
140
120
120
100
100
(HIM
1971
1972
1976
1975
1974
1973
1977
1978
SOURCE.- DEPARTMENT OF LABOR
1979
COUNCIL OF ECONOMIC ADVISERS
[1967= :LOO;.m onthly data se<asonally adjuste d]
Finishec1 goods
Finished goods e xcludin g
cons umer f c>ods
Period
Total
finConished sumer
goods foods Total
T^Tir-
j 1
Total
In termed] ate
inaterialiS
con-
sumer
1971
113.7 115.3 113. 1 111.4 110.8 111.7 116.6 112.9 114. 1 111. 7 114. 3
1972
__ _ 117.2 121.7 115.4 113.4 113.2 113.6 119. 5 116.6 118.7 118. 5 118.9
1973
127. 9 146.4 120. 1 118.5 115.8 120. 5 123.5 129. 2 131.6 168.4 128. 1
1974
___
_ 147.5 166. 9 139.3 138. 6 126.3 146. 8 141.0 149.3 162. 9 200. 2 159. 5
1975
163.4 181.0 156.2 153.1 138.2 163. 0 162. 5 163.6 180.0 195.3 178.6
1976
. 170.3 180.2 165 5 161. 8 144.4 173.3 173.2 169.0 189.3 186.6 189.5
1977
_
180.6 189. 1 176.2 172. 1 152.2 185.4 184.5 178. 9 201.7 191.0 202.4
1978
__
194.6 206. 8 188.9 183.7 165.9 195.4 199.0 192.6 215.5 201.0 216.4
1977: Dec_.
185.3 192.6 181.2 176. 1 156. 1 189.5 191.3 182.7 206.0 183.3 207.4
1978: Jan
186.6 194.8 182.2 177.1 157.4 190.3 192.3 184.2 207.9 187.2 209.2
Feb--._
188.6 200. 7. 183.0 177.6 157.7 190.9 193. 5 186.4 209.7 191. 0 210.9
Mar
189.6 202. 1 183.9 178.4 158.7 191. 5 194.6 187.5 211.3 201. 1 212.0
Apr
192.0 205.8 185. 8 180.8 163.2 192.4 195.7 190.4 212. 4 201.2 213. 1
May_
193.4 206.7 187.3 182.3 165.5 193.3 197.3 191.6 213.7 206.4 214. 2
June_
194.8 209. 1 188.4 183.2 165. 8 194. 6 198. 7 193. 1 214.6 200.8 215.4
July
195.8 208. 1 190.0 185.0 168.7 195. 5 199.9 194.0 215.5 204.0 216. 2
Aug__ ._
195.8 205.2 190.8 185.9 170. 1 196. 1 200. 7 193. 6 216.4 197. 1 217.6
Sept
197.2 208. 6 191. 7 186.6 170. 3 197. 1 201. 8 195. 1 217.9 201. 5 218.9
Oct
198,9 212. 1 192.9 187.8 170.3 199. 2 203.0 197. 1 220.6 207. 1 221.4
Nov
200.4 213. 4 194 5 189. 1 171. 1 200. 9 205.0 198.5 222. 2 206.4 223.2
Dec
202. 1 215.4 196.0 190. 7 171. 9 203. 0 206.6 200. 2 223. 5 208. 8 224.4
1
Formerly eaEed
2
producer finished goods.
Intermediate materials for food manufacturing and manufactured animal
feeds.
22
Crud e mateiials
FoodCapistuffs
finFoods
ished Total and 2 Other Total and Other
tal
Nonfeeddur- equip-l goods
feeds
stuffs
able ment
Conssumer g oods
Total
rp
115. 1
127. 6
174.0
196. 1
196.9
205. 1
214. 3
240. 2
217.2
221. 6
228. 7
231.7
114.2
127.5
180.0
189.4
191.8
190. 1
190.9
215.4
191. 1
196.4
205.6
208.0
238.5 217.0
238.9 217. 1
243. 1 221. 3
241.7 215.7
238.6 211.9
242.3 215.9
249. 6 223.7
253.3 226.5
254. 4 226. 1
NOTE.—Data revised for August 1978.
Source: Department of Labor, Bureau of Labor Statistics,
117.0
128.0
162. 5
208.9
206. 9
233.6
258.4
287. 0
266.3
269.4
272. 1
276.5
278.8
279.8
284.2
291. 0
289.5
292. 5
298.6
304. 1
308. 1
CONSUMER PRICES
m December, the consumer price index for all urban consumers rose 0.4 percent (0.6 percent seasonally adjusted).
Food prices increased 0.7 percent (0.8 percent seasonally adjusted). Nonfood commodity prices rose 0.6 percent
(0.9 percent seasonally adjusted) and services prices were up 0.3 percent (0.2 percent seasonally adjusted).
INDEX, 1967^=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
220
120
120
100
100
1970
1971
1972
1975
1974
1973
1978
1977
1976
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1971
1972
1973
1974..
1975
1976
1977
1978
All
items
Food
Commodities
less
food
121.3
125.3
133.1
147. 7
161.2
170.5
181.5
195.4
118.4
123.5
141. 4
161.7
175.4
180.8
192.2
211.4
116.8
119.4
123.5
136.6
149. 1
156.6
165.1
174.7
ComBnodities le ss food
Food
Services
Services
commodities
All
Food
at
home
Food
away
from
home
All
Durable
Nondurable
128.4
133.3
139. 1
152. 1
166.6
180.4
1943
210. 9
117.4
120.9
129.9
145.5
158.4
165.2
1747
187. 1
118.4
123.5
141. 4
161.7
175.4
180.8
192.2
211.4
116.4
121.6
141.4
162.4
175.8
179.5
190.2
210.2
126.1
131. 1
141.4
159. 4
1743
186.1
200.3
218.4
116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
1747
116.5
118.9
121.9
130.6
145.5
1543
163.2
173.9
117.0
119.8
1248
140.9
151.7
158.3
166.5
174.3
128.4
133.3
139. 1
152.1
166.6
180.4
1943
210.9
Seasonal] y adjust ed
Unacljusted
1977: Dec.... 186.1
196.3
168.4
200.5
i7a3
196.7
1942
206. 1
168.4
166.0
169.9
200.3
187.2
188.4
189.8
191.5
193.3
195.3
196.7
197.8
199.3
200.9
202. 0
202.9
199.2
202.0
204.2
207.5
210.3
213.8
215.0
215.4
215.6
216.8
217.8
219.4
168.6
168. 8
170.0
171.3
173.0
174.4
175.4
176.3
177.8
179.1
180.3
181.3
202.0
203.5
204.9
206.5
208.0
209.9
211.7
213.4
215.6
217.6
218. 6
219.2
179.9
180.8
182.3
1840
185.6
187.2
187.9
188.7
190. 1
191.5
192.7
194.3
199.2
201.6
2043
208. 1
211.2
2140
213.9
214.5
215.6
217.3
218.0
219.7
197.0
199.5
202.5
207.3
211. 1
2140
213.2
213.3
214 1
216.0
216.5
218.3
208. 4
210.5
212.5
2140
215.8
218.2
219.9
221.7
223.2
2246
225.7
227.2
169.5
169.9
170.9
171.8
172.8
173.9
1749
175.7
177.2
178.5
179.9
181.5
167.6
168.7
169.5
170.4
171.8
173.2
1744
175.2
176.7
178. 1
179,6
181. 4
170.6
170. 1
171.2
172. 1
172.8
173.5
1744
175.2
176.6
177.4
178.4
179.6
201.5
203.0
2047
206.6
208.7
210.5
212.2
214 0
215.7
217.5
218.3
218.7
1978: Jan
Feb....
Mar
Apr
May...
June
July...
Aug —
Sept...
Oct
Nov
Dec
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data related to urban wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percen } change from prc^ceding
perioc I; season ally adju sted 1
Percen t change from 3 inonths
earlie r; seasorlally adjilisted
annua . rates
Percen t change from 6 rnonths
earlie r; seasorlally adjiisted
annua I rates
Consum er goods
Consum er goods
Consum er goods
Total
finished
goods
1970
1971
1972
1973
1974
1975
1976
1977
1978
1977: Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods
2.2
3.2
3.8
-2.5
6.6
3.3
6.6
5.5
11.8
18.3
5.9
8.0
22.5
.3.0
-2.5
6.6
9. 1
11.9
.4
.7
1. 1
1. 1
.5
1.3
.7
.7
.5
0
.7
.9
.8
.8
.4
3.0
.7
1.8
.4
1.2
-.5
-1.4
1.7
1.7
.6
.9
Capital Total
equipfinExclud- ment ished
ing
Foods
goods
foods
Foods
Capital
equipExclud- ment
ing
foods
4.9
2.4
2.0
5.3
3.9
2.0
2.0
7.4
20.5
22.6
8.2
6.4
7.2
8.0
.7
.5
.6
.6
.6
.8
.7
.6
.4
.5
.6
1.0
.8
6.7
4.9
6.1
8.3
.4
.6
.3
.5
1.3
.8
.5
1.0
.5
.4
.6
.7
.8
7.2
7.6
9.2
9.6
7.4
11.7
19.6
21.2
24.6
12.5
14.6
12. 1
10.6
11.4
8.2
-2.9
-1.0
10.3
17.0
13.7
10.9
5.3
8.6
11.0
11.2
8. 1
10.5
10.1
8.7
8.9
7.1
6.4
6.3
8.8
9.9
9.6
8. 1
7.6
6.2
7.9
5.0
6.2
8.0
8.4
9.8
9.9
7.4
7.8
7.1
7.3
5. 1
4.5
5. 1
5.0
6.5
9.7
4.7
5.4
7. 1
9. 1
7.8
8.2
7.3
7.4
7.6
2.4
5.2
4.3
5.3
5.1
5.0
7.0
8.0
8.2
12.4
14. 1
17.9
16.0
17.9
14. 1
9. 1
4.5
6.5
6.2
6.6
9.6
9.4
7.9
7.6
8.4
6. 1
8.4
8.6
8.9
9.0
7.3
7.9
7.9
8.1
7.6
7.5
7.6
8.0
8. 1
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for August 1978.
CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio d ; seasortally adju sted1
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
1977: Dec—
1978: Jan...
Feb__.
Mar.. _
Apr
May__
June..
July...
Aug_._
Sept...
Oct___
Nov
Dec.__
All
items
5.5
3.4
3.4
8.8
12.2
Food
2.2
4.3
4.7
20. 1
12.2
7.0
4.8
6.8
9.0
.4
11.8
.4
.8
.6
.8
.9
1.3
1.2
1.3
1.9
.9
.5
.6
.8
.8
.5
.6
1.3
-.0
.3
.5
.8
.3
.8
.9
6.5
.6
8.0
1. 5
Commodities
less
food
4.8
2.3
2.5
5.0
13.2
6.2
5. 1
4.9
7.7
.5
.7
.2
.6
.5
.6
.6
.6
.5
.9
.7
.8
.9
Services
Percent c lange f re>m 3 months earlier; Percent c tiange frc>m 6 mont his earlier;
seasonsilly adju sted annu al rates
seasonsilly adjus5ted annu al rates
All
items
Services
All
items
Food
Commodities
less
food
Services
8.2
41
3.6
6.2
11.3
8.1
7.3
7.9
9.3
.4
.6
.7
.8
.9
1.0
.9
.8
.8
.8
.8
.4
.2
4.9
6.7
7. 5
9.3
10.0
11.3
11. 4
9.7
8.3
7.8
8.8
8.6
7.9
1
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
42
5.4
49
47
3.0
4. 0
6.3
8.9
6.6
5.6
5.8
7.2
5.6
6.0
7.7
5.0
6.0
6.4
7.0
8.1
9.4
11.9
16.4
19.1
20.5
20.4
11.6
6.4
3.0
6.5
6.7
7.8
6. 1
5. 5
7.0
7.2
7.4
6.9
7.8
8.5
9.9
10. 1
9. 1
10.5
11.7
11.8
11.3
10.6
10. 3
10.4
8.3
5.7
6. 1
7.1
8.3
9.4
10. 4
9.8
9.8
9.6
9.3
8.4
7.8
10. 1
13.9
16. 1
18.4
15.3
13.2
11.4
9.0
6.5
5.4
Source: Department of Labor, Bureau of Labor Statistics.
5. 1
5.7
6.1
6.3
6.6
6.5
6.9
7.5
8.0
8.4
8.9
10.4
10.9
11.1
11.0
10.8
9.4
7.9
PRICES RECEIVED AND PAID BY FARMERS
Vices received by farmers increased 414 percent in January. Prices paid by farmers rose 3 percent in the month ended
January 15.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS/INTEREST,
TAXES, AND WAGE RATES)
70 60
I
1970
1971
1972
1973
1974
1976
1975
1978
1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14.100 BASE.
SOURCE; DEPARTMENT Of AGRICULTURE
COUNCIt, OF ECONOMIC ADVBSS
Prices received by farmers
Period
1971
1972
1973
1974_
1975
1976
1977
1978
1978: Jan
Feb.__
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1979; Jan
««
All farm
products
„
___
4
,
,
Crops
Prices paid by far mers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
products wage rates
items
items
Index, 1<367=100
113
125
179
192
185
186
183
210
186
193
200
208
215
218
215
211
216
218
216
222
108
114
175
224
201
197
192
203
188
190
197
208
212
216
213
204
204
202
202
205
118
136
183
165
172
177
175
216
185
196
204
209
217
219
217
217
226
232
228
237
118
125
144
164
180
191
202
219
209
211
214
216
219
220
220
221
223
224
225
226
(33)
()
(3)
(•)
(33)
(3)
(3)
()
(')
(33)
()
(33)
()
(3)
232
210
252
233
(3)
percentage ratio of index of prices received by farmers to index of prices paid,
-Jrest, taxes, and wage rates on 1910-14=100 base.
* The adjusted parity ration reflects Government payments made directly to
farmers.
118
123
133
151
166
176
Parity ratio *
Actual
Adjusted 2
113
121
146
166
182
193
200
216
203
206
211
214
217
218
218
217
220
222
222
225
71
74
91
86
76
71
66
70
66
67
69
71
72
73
72
70
71
72
71
72
75
79
94
87
76
72
68
72
67
69
71
73
74
75
73
72
73
73
72
74
230
73
75
»Index discontinued. Consumer price index (Department of Labor) substituted
in4calculating total prices paid beginning January 1977.
Not charted.
NOTE.—Data revised beginning 1977.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Growth in the monetary aggregates slowed in December.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
900
300
200
200
1978
*SEASONAdY ADJUSTED
SOURCE! BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
(3verall measur BS 1
Deposit s at comimercia banks
Period
M,
M1+
M2
Perce nt charige3
(Domponents and related items
M3
Currency
Time and savings
Demand
TVvf-fll
_L U tell 2
Large
CDs
Savings
DeU.S.
posits Governat
ment
nondemand
bank
deposits
thrift
(unadinstitu- justed)
tions
M!
M1+
M2
1973: Dee__ 270.5
1974: Dec__ 282.9
1975: Dec_. 295.2
1976: Dec__ 313. 5
1977: Dec__ 338.5
1978: Dec » 361.2
397.7
419. 0
456. 4
516.8
560.2
584.2
571.4
612.2
664.7
740. 5
809.5
872.0
919. 2
981.2
1, 092. 5
1, 236. 5
1, 376. 1
1, 498. 7
61.5
67.8
73.7
80.7
88. 6
97.6
209. 0
215. 1
221.5
232. 8
249. 9
263.5
363.9
418. 3
450.9
489.7
545.0
607.9
63.0
89.0
81.3
62.7
74. 0
97.0
127.0
135.8
160.5
201.9
219.6
220.2
347. 8
369. 1
427. 8
496.0
566. 6
626.7
6.3
4.9
4. 1
4.4
5. 1
10.2
6.0
4.6
4.3
6.2
8.0
6.7
5.0
5.4
8. 9
13.2
8.4
4.3
8.8
7.1
8.6
11.4
9.3
7.7
1978: Jan__ 341.7
Feb__ 341. 8
Mar_ 342.9
Apr__ 348.5
May. 350. 6
June. 352.8
July_ 354.2
Aug__ 356.7
Sept. 360.9
Oct__ 362.0
Nov_ 360.6
Dec? 361.2
564. 6
565. 0
566.2
572.6
575.2
577. 1
577.8
582.0
587. 9
588.8
585.3
584. 2
815.9
819. 1
822. 6
830.3
835.2
840. 6
846.2
853. 5
862.4
867.4
870.5
872.0
1, 386. 6
1, 393. 1
1, 400. 3
1, 411. 4
1, 419. 9
1, 429. 8
1, 441. 0
1, 455. 1
1, 472. 1
1, 483. 9
1, 492. 2
1, 498. 7
89.4
90. 1
90.7
91. 2
92. 1
92.8
93.3
94.0
95.2
96.0
96.7
97.6
252.2
251. 7
252. 3
257.3
258. 5
259.9
260.9
262. 8
265. 7
266. 1
263.9
263.5
550.6
556.7
561.7
565.2
571.6
574.5
579.4
583.0
589.7
593. 6
605.3
607.9
76.3
79. 4
82.0
83.4
87. 1
86.7
87.4
86. 3
88. 1
88.2
95.4
97.0
220.7
220. 9
221.0
221.6
222. 0
221.7
220.9
222.4
224. 2
223. 9
221.8
220.2
570.7
574. 0
577.7
581.2
584.7
589.2
594.7
601. 6
609. 6
616. 5
621.7
626.7
4.3
4.3
4.8
5.0
4.0
6.2
4.5
3. 6
6.2
4.3
8.0
10.2
8. 1
7. 0
6. 0
7. 6
8.7
8. 6
7.5
8.9
10.8
7.9
5.8
4.8
7.5
5.8
4. 6
5.5
6.4
6. 1
4.7
6.1
7.8
5.7
3.5
2.5
8.2
7. 7
7.0
7.3
7.5
7.8
7.6
8. 6
9.9
9. 1
8. 6
7. 6
1
MI is currency plus demand deposits; MB- is Mi plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
MI plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is Mz plus deposits at nonbank thrift institutions.
26
a Includes time deposits other than large CDs, not shown separately.
3 Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curre ncy and c leposits
U.S. Tireasury
secuiities
ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities
Total
852.5
967.2
1, 085. 3
1, 170. 2
1, 290. 6
1, 424. 6
1, 591. 0
1, 757. 0
719.0
816.6
887.7
945.0
lt 055. 3
1, 195. 2
1, 328. 3
1, 451. 8
52.6
56.8
61. 5
67.8
73. 7
80.7
88.6
97.5
161.8
176. 1
183.7
187.1
192.4
200.0
213.9
226.4
233.6
264.3
294.4
321. 1
360.6
417.3
459.2
501.6
271. 1
319.3
348. 1
369. 1
428.6
497.3
566.6
626.4
54.3
57.6
60. 4
63.3
67.2
71.9
76.6
80.6
1977: Dec____
1, 591. 0
1, 328. 3
88.6
213.9
459.2
566.6
1978: Jan
Feb..
Mar__
Apr__ _ _
May
June
__
July
Aug
__
Sept
. _
Oct..
1, 607. 7
1, 619. 2
1, 631. 0
1, 647. 4
1, 662. 3
1, 674. 2
1, 686. 2
1, 699. 2
1, 720. 3
1, 732. 6
1, 747. 5
1, 757. 0
1, 339. 1
1, 345. 6
1, 352. 8
1, 363. 5
1, 371. 5
1, 381. 6
1, 393. 8
1, 407. 8
1, 424. 3
1, 436. 7
1, 445. 2
1, 451. 8
89.4
90. 1
90.7
91.2
92. 1
92.8
93.3
94.0
95.2
96.0
96.7
97.5
216. 6
216.0
216.3
221.5
222. 1
223. 1
224.5
226.2
228. 4
228.5
226. 3
226. 4
462.4
465.5
468.1
469. 6
472.5
476.5
481.3
486. 1
491.0
495.7
500.5
501.6
570.7
574.0
577.7
581.2
584.7
589.2
594. 7
601.6
609.6
616.5
621. 6
626.4
Period
1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:
_____
Dee
Dec
Dec__— _
Dec
Dec
Dec
Dee
Dec*
Nov
Dee*__
Currency
Demand
deposits
Commercial
banks
Other
private
money
market
instruments
Negotiable
certifiof
deposit
Time c eposits
Total
liquid
assets
31.5 .
43.4
47. 1
66.3
66.5
77.6
82.7
27.6
36.2
53.8
70. 4
58.4
43.2
52.3
§8.5
20.1
22.5
40.0
76.6
77.6
52,3
56.3
77.0
77.4
77.8
78.2
78.6
78.9
79.3
79.5
79.8
80. 1
80.4
80.6
79.5
80.1
79.8
80.7
81.6
81.7
80.1
80.7
83.6
83.1
82. 1
82.7
53.4
58.7
61.4
343
548
56.5
58.6
62.3
61.7
61.7
59.6
60.7
60.2
66.9
68.5
444
43.3
47.8
56.3
73.4
641
66.4
68.3
70.4
71.3
71.6
72.0
72.5
73.0
73.4
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalirtent credit e xtended
Instalm snt credit liepiidated
Net change5 in amount outstanding
"P
• JJ
Jreriod
Total i
19711972
1973_
1974
1975
1976
1977 2
1978
Automobile
Revolving
2,976
10, 465
15, 204
19, 200
495
7,985
19, 252
5,252
7,226
3,579
1,637
758
7,960
8, 147
8,398
8,523
8,563
9,062
8,700
9,028
9,006
8,846
9, 176
9, 112
19, 546
19, 896
19, 849
20, 576
20, 824
21, 358
21, 556
22, 037
21, 857
22, 384
22, 115
22, 308
5,215
5,397
5,409
5,622
5,715
5, 953
5,941
6, 140
6,010
6, 126
6,032
6, 125
7,545
7,698
7,566
7,840
7,919
8, 107
8, 100
8,291
8, 384
8,500
8,511
8,582
2,437
2,862
4,076
4, 106
4,280
4,207
3,466
3,632
3, 680
3,374
4,099
3,725
1,326
1,333
1?634
1,812
1,877
1,642
1,711
1,604
1,532
1,375
1,755
1,600
415
449
832
683
644
955
600
737
622
346
665
530
22, 832
6,889
1978: Jan
Feb_
Mar_ _
Apr
May
June
July
Aug
Sept___
21, 983
22, 758
23, 925
24, 682
25, 104
25, 565
25, 022
25, 669
25, 537
25, 758
26, 214
26, 033
6,541
6,730
7,043
7,434
7,592
7,595
7,652
7,744
7,542
7, 501
7,787
7,725
1
Includes "mobile home" and "other," not shown separately.
4,194
5,621
5,910
Revolving
1,044
1,174
2,003
1,970
1,340
2,170
6,248
7,478
1977: Dec... _ _ _
&
Automobile
10, 257
14, 962
20, 218
9,489
7,765
21, 647
35, 278
44, 400
_ _ __
Nov 2
Dec -
Total1
20, 818
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
97, 515
21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 993
_
Revolving
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 700
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 900
Oct
Automobile
789
787
817
276
676
381
793
300
138, 046
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
298, 700
_ _
__
Total *
127,
136,
152,
163,
172,
189,
218,
254,
2
Preliminary; December by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Growth in loans and investments slowed further in December.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
-ALL
COMMERCIAL BANKS
1,000
TOTAL
-LOANS AND INVESTMENTSr
800
BOO
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
100
100
80
80
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
60
60
40
40
1970
1971
1972
1974
1973
1976
1975
1977
•'SEASONALLY ADJUSTED, END OP MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All member ban ks
Allc ommereial t>anks 1
Borrowiiigs (milL oans
Investntients
ILeserves 2 3
lions of dollars,
Total
unadji isted) 8
loans
and Total ex- Commer- U.S. Gov- Other
invest- cluding cial and
NonReSeaernment
secuTotal
Total
ments
inter- industrial securities
borrowed quired
sonal
rities
bank
"PpTinrl
1971
1972
1973
1974___
1975
1976
1977
1978 *_.
1977: Dec
485. 7
558. 0
633. 4
691. 1
721.8
785. 1
870.6
967.3
870.6
320. 9
378. 9
449.0
500.2
496.9
538. 9
617,0
709.0
617.0
116.2
130.4
156.6
183.5
176.2
5
179. 7
8
201. 4
228. 9
6
201. 4
60. 6
62. 6
54.5
51. 1
80. 1
98.0
95. 6
88.4
95.6
104.2
116.5
129. 9
139. 8
144.8
148.2
158.0
169.9
158.0
31. 17
31.34
34.91
36.57
34.68
34.93
36. 14
41.51
36. 14
1978: Jan
Feb
Mar
Apr
May
June
July ^ _ _ _
Aug»
Sept*_ _ _
Oct »_
Nov v
Dec *
881.2
887.7
894. 1
909. 0
921.7
932.2
940.7
944. 6
952.4
960.9
966.5
967. 3
625. 1
628.4
637.2
647. 6
659.7
667.8
675. 1
680.2
687.3
696. 8
706.8
709.0
203.8
205.8
209. 8
212.4
217.9
219.0
220. 8
222.8
224.6
227. 0
228.9
228. 9
96.5
99.4
96. 1
98.3
97.9
100.2
100.6
97.9
97. 2
95.2
90.3
88.4
159.6
159.9
160. 8
163. 1
164. 1
164.2
165. 0
166.5
167.9
168. 9
169.4
169. 9
36.61
36.93
36.67
36.95
37.26
37.73
38. 19
37.91
38. 17
38.43
39.73
41.51
__
___
_
1
2
4
_
__
__
Data are for end of period.
Averages of daily figures. Annual data are for December.
3 Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Eegulations D and M.
28
1978
31.04
30.29
33.61
35.84
34. 55
34.88
35.57
40. 64
35.57
30. 98
31.06
34.61
36.31
34.42
34.66
35.95
41.28
35.95
107
1,049
1,298
703
127
62
558
874
558
41
32
13
12
54
134
54
36. 12
36.52
36.34
36.39
36.05
36.63
36.88
36.77
37. 11
37. 15
39. 03
40.64
36.34
36.69
36.47
36.80
37.04
37.55
38.00
37.74
37.97
38. 26
39. 50
41.28
481
405
344
539
1,227
1, 111
1, 286
1, 147
1, 068
1,261
722
874
32
52
47
43
93
120
143
188
191
221
185
134
4
During 1974, total loans and investments were increased $0.6 billion due 1
a bank
merger and were reduced $1.5 billion due to liquidation of a large ban)
5
Loan reclassifications reduced these loans by $1.2 billion as of March 31, 197
e 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
Credii j market i unds
Total
Tntfll
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
1970
1971
1972
1973..1974
1975
1976
_
1977__-_
1043
127. 1
161.7
199. 8
190.8
143.8
205. 0
239. €
58.9
68.6
80.8
83.8
75.7
106.8
124.7
135.3
45.5
58.5
80.9
115.9
115.1
37.0
80.3
103.6
40.7
44. 5
58. 3
72.7
81.8
37.0
58.2
78.7
32. 1
40.6
40.6
37.0
39. 1
49.3
48.8
46.2
8.6
3.9
17.6
35.7
42.6
12.3
9.5
32.6
4.8
14. 1
22.7
43.3
33.4
.0
22.0
24.9
95.9
119.6
145. 8
185. 6
179.0
131. 9
184.9
212.3
80.3
86.0
100.3
123.3
134.7
99.9
141.2
164.6
15.6
33.6
45.6
62.3
44.4
32.0
43.7
47.8
8.4
7.5
15.9
14.2
11.8
11.9
20. 1
26.7
1977: I.
II _
III
IV
244. 3
198.6
266.0
247. 1
123.8
134.9
145.5
137.3
120.5
63.7
120. 6
109.9
75.9
63.7
80. 1
95.2
34.4
35.3
53.5
61.5
41.6
28.5
26.6
33.7
44. 6
-.0
40.5
14.7
214.6
177.3
234. 6
222. 7
152.5
162.4
175. 2
168. 0
62. 1
14.9
59.4
54.7
29.6
21.3
31.4
24.4
1978: I
II
III
283.9
274.1
289. 4
127.2
144. 1
151.6
156.7
130.0
137.8
102.2
82.8
80.2
40.3
53.7
54.5
61.9
29. 1
25.7
54.5
47.2
57.6
263.3
260.8
272.6
179.8
199.9
194.8
83.5
61.0
77.8
20.6
13.2
16.8
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
23 Stocks, bonds, and mortgages.
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
4
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabilities
Curreiat assets
End of period
Total
SEC series:2
1970
1971
1972
1973
1974
FTC-FRB series:3
1974
1975
1976
1977-..
__ .
1977: I...
II
III
IV__._
1978: !___
II
III
_
_ _
Cash
U.S.
Notes
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Other
current
liabilities
Net
working
capital
Current
ratio l
+ {_£,
492. 3
529.6
599. 3
697.8
790.7
50.2
53.3
59.0
66.3
71. 1
7.7
11.0
10. 6
12.8
12.3
206. 1
221. 1
248.2
288.5
322. 1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326. 0
375.6
450.9
530. 4
211.3
220. 5
282.9
340.3
402. 3
93.6
105.5
92.7
110.7
128. 1
187.4
203.6
223.7
246. 9
260.3
1. 615
1.625
1.595
1.548
1.491
734.6
756.3
823. 1
900. 1
73.0
80.0
86.8
94.2
11.3
19.6
26.0
20.9
265.5
272. 1
292.4
325.7
318.9
314.7
341.4
375.0
65.9
69.9
76.4
84.3
451.8
446. 9
487. 5
543.2
272.3
261.2
273. 2
306.8
179. 5
185. 7
214.2
236.3
282. 8
309.5
335.6
357.0
1.626
1.693
1.688
1.657
842.0
856.4
880.3
900. 1
80. 8
83. 1
83.4
94.2
26.8
22. 1
21.5
20.9
304. 1
312.8
326.9
325.7
352. 1
358.8
367.5
375.0
78.3
79.6
81.0
84.3
502.6
509. 5
528. 9
543.2
280.2
286.8
297.8
306.8
222.4
222. 7
231. 1
236.3
339.5
346.9
351.4
357.0
1.675
1.681
1.664
1.657
924.2
953.5
992.4
88.5
90.9
91.4
20.9
19.7
18.6
338.3
356.8
377.8
389. 7
399. 1
415.5
86.8
87.0
89.0
570.4
590.8
624. 5
317.2
331.3
349.9
253.2
259.4
274.6
353.8
362.7
367.9
1.620
1.614
1.589
pt&l current assets divided by total current liabilities.
1 on data from Statistics of Income, Department of the Treasury.
1 on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
Total
Notes
and
accounts
payable
NOTE.—SIC series 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 fell slightly in late January.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE Aaa BONDS
(MOODY'S)
DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
1978
1970
SOURCE: SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum)
Period
1973
1974
1975
1976
1977
___
1978
1978: Jan
Feb
Mar
Apr__
May- _
June _
July
Aug. _ _
Sept__ _
Oct
Nov
Dec
6
1979: Jan
Week ended:
1979: Jan 6
13
20
27
Feb 3*
U.S. Tre asury secunity yields
Constant inaturities 2
3-month
J
bills
3-year
10-year
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
(N.Y.
bonds
paper,
bonds
(Standard
F.R.
4-6
Bank)*
& Poor's)3 (Moody's) months
7. 041
7. 886
5.838
4.989
5.265
7.221
6.448
6.457
6.319
6.306
6. 430
6.707
7,074
7. 036
7.836
8. 132
8.787
9. 122
9.346
6.95
7. 82
7.49
6.77
6.69
8.29
7.61
7.67
7.70
7.85
8.07
8.30
8. 54
8.33
8.41
8.62
9.04
9.33
9.50
6.84
7.56
7.99
7.61
7.42
8.41
7.96
8.03
8.04
8. 15
8.35
8.46
8. 64
8.41
8.42
8.64
8.81
9. 01
9. 10
5. 18
6. 09
6.89
6.49
5.56
5.90
5.60
5.51
5.49
5.71
5.97
6. 13
6. 18
5.98
5.93
5. 95
6.03
6.33
6.25
7.44
8. 57
8.83
8.43
8. 02
8.73
8.41
8.47
8.47
8.56
8.69
8.76
8.88
8.69
8.69
8.89
9.03
9. 16
9.25
8. 15
9.87
6. 33
5.35
5.60
7.99
6. 79
6.80
6.80
6.86
7. 11
7.63
7.91
7.90
8.44
9.03
10.23
10.43
10. 32
9.388
9.316
9. 411
9.289
9.324
9. 58
9.60
9.59
9. 42
9. 16
9. 14
9. 15
9. 16
9. 04
8.94
6.40
6.30
6.30
6. 13
6. 10
9.26
9.26
9.28
9. 24
9. 19
10.55
10.40
10.36
10. 16
10.07
*3 Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
Weekly
data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
6.45
7.83
6.25
5.50
5. 46
7.46
6-6/2
6/2-6/2
6/2-6/2
6^2— 6H
6/2-7
7-7
7/4— 1%
73/i-S
9/2-9/2
9/2-9/2
9K-9H
9/2-9K
9/2-9/2
9/2-9/2
9K-9/2
Prime
rate
charged
by
banks 4
8.03
10.81
7.86
6.84
6.83
9.06
7%-S
8-8
8-8
8-8
8-8/2
9-9
9-9H
9^-9%
lOH— ll]4
11*4-11%
\\%-\\%
Newhome
mortgage
yields
(FHLBB)*
7. 95
8.92
9.01
8.99
9.01
9.54
9. 15
9. 18
9.26
9.30
9.37
9.46
9.57
9.70
9.73
9.83
9.87
10.02
1 1%-11%
n%-n%
n%-i\%
9/2-
2
Effective rate (in the primary market) on conventional mortgages, reflect]
fees and charges as well as contract rate and assumed, on the average, repaymt
at end of 10 years. Rates beginning January 1973 not strictly comparable wiuprior
rates.
6
Not charted.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in December and January.
INDEX, DEC31,1965=
INDEX, DEC 31,1965=50
80
COMPOSITE STOCK PRICE INDEX
(NYSE)
20
20
EARNING S-PRIC6 RA1IO C)N COMMON 51OCKS
(58. ')
IS
/
10
x*v.
.«•
•»«•
/•X
V.
10
"••-r^*' —
,_^x-1
^^
"^
- 5
5
n
I
I
1970
I
I
,
I
1971
1972
1
1
1 1
I
19 74
1973
1
!
1
1976
1975
1
1
1977
Common s tock yields
(perc ent) »
Com mon stock prices '
New Yorl c Stock Exeilange indexe s(Dec. 31, 1965 = 50) *
Composite Industrial
1973
1974
1975
1976
1977
1978
1978: Jan
Feb
Mar
Apr__
May__
Jimp
July
Aug.
Sept
Oct
Nov
Dec
1979: Jan
Week ended:
1979: Jan 6
13
20
27
Feb 3
Transportation
Utility
Finance
e+
,
& Poor's
DowJones
composite Dividendindustrial
index
ratio
average 3 (1941-43=
10) *
57.42
43. 84
45. 73
54.46
53. 69
53. 70
49.89
49.41
49. 50
51. 75
54.49
54.83
54. 61
58.53
58. 58
56.40
52.74
53. 69
9
55. 77
63.08
48. 08
50. 52
60.44
57. 86
58.23
53. 45
52.80
52.77
55.48
59. 14
59.63
59.35
64.07
64.23
61. 60
57.50
58.72
61.31
37.74
31. 89
31. 10
39.57
41.09
43. 50
39. 09
38.90
38. 95
41. 19
44.21
44. 19
44. 74
49. 45
50. 19
46.70
41.80
42. 49
43.69
37.69
29.79
31.50
36.97
40.92
39.22
39. 06
39.02
39. 26
39. 69
39.47
39.41
39.28
40.20
39.82
39.44
37.88
38. 09
38.83
70. 12
49.67
47.14
52. 94
55.25
56. 65
50. 91
50.60
51. 44
55. 04
57.96
58.31
57. 97
63.28
63.22
60.42
54.95
55.68
57. 59
923. 88
759. 37
802. 49
974. 92
894. 63
820. 23
781. 09
763. 57
756. 37
794. 66
838. 56
840. 26
831. 72
887. 93
878. 64
857. 69
804. 29
807. 94
837. 39
107; 43
82. 85
86. 16
102. 01
98. 20
96.02
90.25
88.98
88.82
92. 71
97.41
97.66
97. 19
103. 92
103. 86
100. 58
94.71
96. 11
99.71
3.06
4.47
4.31
3. 77
4. 62
5. 28
5. 32
5.49
5. 62
5.42
5. 20
5.19
5. 25
4.93
4.97
5. 11
5.45
5.39
5.29
54.74
55.47
55. 85
56. 37
56. 25
60. 16
60. 98
61. 42
62.00
61. 76
43. 19
43. 57
44.00
43.95
43. 33
38.19
38.49
38. 87
39. 22
39. 55
56.23
57. 56
58.03
58.03
57. 73
821.
829.
839.
849.
844.
98.06
99. 19
99. 82
100. 74
100. 40
5.33
5. 28
5. 25
5.24
5. 33
1
Average of daily closing prices.
'3 Includes all the stocks (more than 1,600) listed OB the NYSE.
Includes
30 stocks. ' Includes 500 stocks.
• Not charted.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
1
1
1978
COUNCil OF ECONOMIC ADVISERS
SOURCES. NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
i
42
77
02
24
45
Earningsratio
7. 12
11.59
9. 15
8. 90
10. 79
12.25
11.79
11.36
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
OUTLAYS AND
According to the Budget submitted in January/ the budget deficit is estimated at $37.4 billion for fiscal year 1979
and at $29.0 billion for fiscal 1980.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS
500
500
400
400
OUTLAYS
300
300
200
200
50
50
SURPLUS {*) OR DEFICIT (-)
-50
-50
-100
-100
'1971
1973
1972
1974
1975
1977
1976
1978
1979
1980
FISCAL YEARS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year or period:
1969
1970
_ .__
1971__
1972__
1973
1974__
_
_ _
1975
1976— _
Transition quarter
1977
1978
1979 (estimates) 2
1980 (estimates) 2
1
2
Receipts
Outlays
Surplus or
deficit (-)
Federal debt ( end of period)
Tntal 1
Held by
the public
184. 5
196.6
211.4
232.0
247. 1
269. 6
326.2
366. 4
94.7
402. 7
450.8
493.4
531.6
3.2
„
187.8
193.7
188.4
208. 6
232.2
264.9
281. 0
300.0
81.8
357.8
402. 0
456.0
502. 6
-2.8
-23.0
23.4
-14. 8
-4.7
45.2
-66. 4
-13.0
45.0
-48. 8
-37.4
-29. 0
367. 1
382.6
409. 5
437.3
468.4
486. 2
544. 1
631.9
646.4
709. 1
780.4
839.2
899.0
279.5
284.9
304.3
323.8
343.0
346. 1
396.9
480.3
498. 3
551.8
610.9
650.9
689.9
Cumulative total first 3 months:
Fiscal year 1978
Fiscal year 1979-
84.5
99.4
113.3
123. 2
-28. 8
-23.8
729. 2
797.7
572.5
626.2
_ _
__
_
Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Budget of the United States Government, Fiscal Year 19
32
Sources: Department of the Treasury and Office of Management and Budget.
^EDERAL BUDGET RECEIPTS BY SOURCE AND
WUTLAYS BY FUNCTION
According to the January Budget, budget receipts for fiscal 1979 are estimated at $456.0 billion and outlays at
$493.4 billion. Corresponding figures for fiscal 1980 are $502.6 billion and $531.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
OUTLAYS
400
400
300
NONDEFENSE
300
^-»--
200
200
100
100
I
I
v
1971
1972
I
J_
1973
1975
1974
1976
1977
1978
1979
1980
FISCAL YEARS
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(Outlays
Rece ipts
Nationa i defense
Period
Fiscal year or period:
1969
_
1970
1971
1972
1973
1974
1975__ _
1976
Transition quarter
1977
1978__
_
1979 (estimates)11.
1980 (estimates) .
Total
187.8
193.7
188.4
_ 208.6
__ 232. 2
264.9
281.0
300.0
.._ 81.8
357.8
402.0
456. 0
502.6
Cumulative total first 3
months :
Fiscal year 1978 _ __
'Fiscal year 1979 _
1
84.5
99.4
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
184.5
196.6
211. 4
232.0
247. 1
269. 6
326.2
366.4
94.7
402.7
450.8
493.4
531. 6
79.4
78.6
75.8
76.6
74. 5
77.8
85. 6
89.4
22.3
97.5
105.2
114. 5
125.8
77.9
77. 1
74.5
75. 1
73.2
77. 6
84.9
87.9
21.9
95.6
103.0
111. 9
122.7
4.6
4.3
54.9
60.0
70.3
71.0
63.9
70.5
75.4
81.7
92.8
107.4
118.0
127.0
34.5
145.2
161.1
182. 1
204.2
11.6
13. 1
32.6
37.7
113.3
123.2
25.4
27.9
24.9
27.8
1. 1
87.2
90.4
86. 2
94.7
103.2
119.0
122. 4
131.6
38.8
157.6
181.0
203. 6
227.3
36.7
32.8
26. 8
32.2
36.2
38.6
40.6
41.4
40. 4
48.6
8.5
Estimates from Budget of the United States Government, Fiscal Year 1980.
Total
4. 1
4.7
4. 1
5.7
6.9
5.6
2.2
4.8
5.9
7.3
8.2
.6
49.0
56. 1
70.1
81.4
91.8
106.5
136.3
160.9
41.5
176. 7
189.9
208.0
232.5
15. 8
18.3
19. 6
20.6
22.8
28.0
30.9
34.5
38. 0
44.0
52. 8
57.0
35.7
39.3
41.8
48.8
53.9
51. 6
66.5
76. 1
21.5
85.7
105.9
110.8
108.0
45.8
49.4
11.9
14.3
29. 1
31. 1
7.2
Sources: Depaitment of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1978, Federal receipts rose $17.0 billion (annual rate) and expenditures rose $16.2 billion"
yielding a deficit of $22.8 billion. According to preliminary data for the fourth quarter, expenditures rose $17.fa
billion/ receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
50
50
SURPLUS
^3 £23 H
DEFICIT
® » ® "fei"®
t2£J l^l "^ ^J
^
-50
1 1I HI
1
1
v?75
-100
1970
1971
1974
1973
1972
0
i
l
l
-50
1 1
— iflfl
1977
1976
1978
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal <Grovernm ent receip ts
Period
Indirect
Personal Corporate business
• f o v QTlH
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
F(sderal G<Dvernmeitit expen ditures
GrantsSubsidies Less:
ContriPurin-aid
less
Wage
butions
chases Trans- to State Net
current accruals
for
Total of goods fer pay- and interest surplus of less
social inand
ments local
paid Govern- dissurance
services
government en- bursements
terprises ments
Surplus
or
deficit
(-),
national
income
and
product
accounts
Fiscal year:
1975
283.5
1976
313.9
1977
365.3
1978 *
413.8
127. 1
136.9
165.9
186.3
42. 1
51.9
58.8
67.2
22.2
24.2
24.5
27.2
92. 1
100.9
116. 1
133. 1
328.7
371.5
412.0
450.6
118.0
126.2
140.7
151. 1
134.3
156.5
169.6
181. 8
48.4
57. 5
66.2
74. 6
21.9
25.2
28.4
33. 7
5.7
6.2
7.0
9.4
-.4
.0
.0
.0
— 45. 3
-57. 6
—46. 7
-36.8
Calendar
year:
1975
286.2
331.4
1976- . __
1977
374.5
1978 *
431.6
125.4
146. 8
169.4
193.2
42. 8
54.8
61.3
71.7
23.9
23.4
25.0
27.9
94.2
106.4
118. 7
138.7
356.8
385.2
422. 6
461.0
123. 1
129.9
145. 1
154.0
149. 1
161.6
172.7
185.3
54.6
61. 1
67.4
76.6
23. 2
26.8
29. 1
35.5
6.8
5. 8
8.3
9.6
.0
.0
.0
.0
-70. 6
-53. 8
— 48. 1
-29.4
366.6
371.4
374. 3
385.5
168.3
167.0
167.6
174.8
58.4
61.8
62.0
62.9
24.4
24.8
25.4
25.6
115.5
117.7
119. 3
122.2
403. 9
411.7
430.7
444. 1
138.3
142. 9
146.8
152.2
168.6
168. 2
175.7
178.3
62. 1
65.4
70.9
71. 1
28. 1
28. 8
28.9
30. 7
6.7
6.4
8.4
11.8
.0
.0
.0
.0
-37.3
-40. 3
-56.4
-58.6
1978: I
396.2
IL-__ 424. 7
IIL_ 441.7
IV *__
176.8
186.7
199.7
209.7
59.6
72.6
73.6
26.5
27.9
28.2
29.0
133.3
137. 6
140. 1
144. 0
448. 8
448. 3
464.5
482.3
151.5
147.2
154.0
163. 4
180.2
180.7
188.8
191. 4
73.9
75.9
77. 5
79. 1
33. 2
34.6
36. 3
37.9
10. 0
10.0
8.0
10.5
.0
.0
.2
.0
-52.6
-23.6
-22. 8
1977: I
II- —
III__
IV___
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
[1967=100]
In dustrial produ(ition (se*isonally adjuste d)
Period
1972
1973
1974
1975
1976
1977
1978*
1978: Feb....
Mar—
Apr
May „
June-..
July...
Aug —
Sept*~
Get »-.
Nov..
Dec »..
119. 7
129.8
129. 3
117. 8
129. 8
137. 1
145. 1
139.2
140. 9
143.2
143. 9
144. 9
146. 1
147. 1
147.8
148,6
149.5
150.4
Ger-
Japan
France
many
Italy
130. 7
143. 0
147. 5
139. 6
146. 7
152.6
167. 2
190. 5
183. 1
163.9
182. 0
189. 5
135
145
148
139
149
152
138.7
147.7
145. 1
137. 1
149. 1
152.7
122.7
134.6
140. 6
127. 6
143.5
145. 0
113,2
123.0
120.0
114. 3
117.4
122.8
156. 7
157.5
158.2
156. 9
158.4
159.5
158.4
163.7
163.8
164. 6
195.4
199.5
199.7
152
156
160
155
154
i t\t{
152
151
152
151
155
157
156
159
159
160
146.8
146.8
144.2
144.5
146. 0
144.8
144.7
146. 5
154. 1
154. 1
124.5
123.7
128.4
126. 7
128.7
128. 9
129.2
127.9
126,0
127.2
United CanStates ada
200.3
200.5
199.7
201.8
{
203.4
156
156
159
203.1
204.8
Con sumer orices (u nadjuste< 1)
United United CanKing- States1 ada
dom
125.3
133. 1
147. 7
161. 2
170.5
181.5
195.4
188.4
189.8
191. 5
193.3
195. 3
196.7
197.8
199.3
200.9
202.0
202. 9
GerJapan France many
132. 3 131. 1
147. 9 140. 7
184.0 160. 0
205.8 178.9
224. 9 196. 1
243.0 213.9
121.2
130.3
144.5
160. 1
172. 1
185.9
202.5
247.
249.
252.
253.
202.4 252.
205.4 253.
195.3
197.5
197.9
200. 7
1
4
1
5
1
1
205.5 253.3
205. 2 256.4
207. 3 256.8
209.0 254. 1
209. 6
119. 0
127.2
136. 1
144.2
150.7
156.6
160. 7
159.7
160. 3
160.7
161. 1
161. 5
161. 5
161.0
160. 6
160.6
161. 1
161.8
224. 4
226.4
228. 9
231. 1
232. 8
235.7
237. 1
238. 6
240.8
242. 1
United
King-
Italy
dom
121.0
1340
159.7
186.8
218. 1
137.6
150.3
174.4
216.5
273.9
277.4
280.0
306.2
252.4
292.4
255.2
286.0
316.6
308.1
312.6
314. 4
316.8
318.2
282. 7
285. 1
286.8
288.3
292.9
295.5
320.3
321.6
323. 1
298. 1
325.3
328.0
300.3
Source: National sources as reported by Department of Commt_,
of International Economic Policy and Research, Office of International
Research, in International Economic Indicators.
* Beginning January 1978 data relate to all urban consumers.
Bureau
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc]mndise e xports
Merc tiandise i mports
Domesti c exports5
Period
Total
domestic and
foreign Total * 2
exports
G€>neral im ports
Food, Crude
Food, Crude
bever- matebever- mate- Manufac2
rials
rials
ages,
ages,
tured Total and
and to- and
to- and
goods
bacco
fuels
bacco fuels
F.a.s. valu e 5
Monthly
average;
1973
5,902
1974
... 8, 159
1974
1975
1976
1977^1978
1,078
1,269
895
1,317
3,728
5, 294
8, 159 8,045
8,966 8,842
9,596 9,456
10, 096 9, 912
11,965 11, 756
1,269
1,399
1,436
1,330
1,719
1,317
1,266
1,341
1,548
1,746
1,281
1,531
1,604
1,693
1,897
1,963
1,844
2,008
1,851
1,798
1,562
1,696
1,402
1,282
1,483
1, 699
1,781
1, 930
1,636
1,758
1,881
1,971
2, 107
2,036
5,790
8^116_
Total
(ca.f.
value) 4
3,750
4,684
6,131
9,000
112
257
5,294 8,354
5,913 8,048
6,437 10, 084
6,679 12, 307
7,879 14, 336
770 1, 120
892 2,653
F.a.s. value 8
892 2,672
827 2,718
991 3,457
1, 186 4,463
1,312 4,329
4,602
4,257
5,398
6,379
8,363
—841
—257 —195
9,000
312
8,654
918
853
10, 825
—581 —488 — lf 229
13, 130 —2, 297 2,211 —3, 034
15, 261 -2, 476 2,371 -3, 297
6 S 739
6,674
7, 145
7,562
7,548
7, 751
7,859
8,232
8,720
8,735
8, 916
8,876
1,276
1,363
1,370
1,370
1,313
1, 135
1,323
1,141
1,298
1,423
1,313
1, 457
3,912
4, 362
3,928
4, 139
4,461
4,221
4,147
4,414
4,666
4,597
4,730
4,548
7,264
8,464
8, 043
8,636
8,247
8, 020
8,864
8, 195
8, 748
8,826
8, 557
8,506
13, 157
15, 381
14, 570
15, 436
14, 894
14, 607
15, 748
15, 030
16, 144
16, 068
16, 177
16, 174
12, 381
14, 440
13, 699
14, 496
13, 992
13, 723
14, 779
14, 090
15, 120
15, 138
15, 207
15, 189
Total excludes Department of Defense shipments of grant-aid military supis and equipment under the Military Assistance Program.
•* Total includes commodities and transactions not classified according to kind.
• Total
arrivals of imported goods other than intransit shipments.
TT SJA(cost» insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Manufactured
goods
Mer chandise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
less
imless
imimports
ports
(cus- ftports\ (c.Lf.)
toms (f.a.s.)
value)
Custorris value
5,811
8,045
1978: Jan
10, 014
Feb
9,922
Mar
10, 912
Apr
11, 635
May
11,754
June___ 12, 126
July__ 11, 793
Aug_ 12, 469
Sept_ 13, 429
Oet.___ 13, Oil
Nov
13, 262
^ Dec.... 13, 148
3
-195
-2,455 -2, 367
-4, 649-4, 518
-2, 915 -2, 787
-2,983 -2,861
-2, 358 -2,238
-1, 702 -1,597
-3, 082-2, 987
-1,706 -1,621
- 1, 824-1, 691
-2, 196 -2, 128
-2, 061 -1,946
-2, 117 -2, 040
-229
-841
-3, 143
-5, 459
-3f 658
-3, 801
-3, 141
-2,482
-3, 956
-2, 561
-2, 715
-3,058
-2, 915
-3,025
6
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 fourth quarter of 1978, the merchandise trade deficit fell to $7.4 billion from $8.0 billion in the third quartet
For the year 1978, the deficit was $34.2 billion compared with $31.1 billion for 1977.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
1970
1977
1973
1971
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
M erchandise
Period
1972
1973
1974—
1975
1976— _
1977
1978"
Exports
Imports
29, 477
30, 629
31, 009
29, 461
-36,502
-37,263
-38, 277
-39,664
1978: !___
30, 689
35, 092
36, 955
39, 083
41, 808
42, 812
44, 918
46, 470
!!___
III..
IV p.
Net
balance
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 -103,649 -5,343
107, 088 -98,041
9, 047
114, 694 -124, 047 -9,353
120, 576 -151,706 -31, 130
141, 819 -176,008 -34, 189
1977:1--!!___
III-
IV__
Invcsstment inicome3
12
1
Excludes military grants.
2
Adjusted from Census data
3
-7,025
-6,634
-7,268
-10,203
Receipts
Payments
14, 694 -6, 544
21, 697
9, 655
27, 541 -12,084
25, 359 - 12, 564
29, 244 13, 311
32, 100 - 14, 593
7,796
8,088
8,220
7, 997
-3,197
-3,601
-3,610
-4, 185
-11, 119 9,381 -4, 503
-7,720 10, 003 -5,420
-7, 963 9,946 -5, 396
-7, 387
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
Net
Net
military
transactions
Nettravel
and
transportation
receipts
8,150 -3,621 -3,028
12, 042 -2,287 -3,086
15, 457 -2,080 -3, 105
12, 795
-876 -2,522
15, 933
312 -2,245
17, 507
1,334 -3,044
Other
services,
net 3
Balance
on
goods
and
serv-]
ices
Remittances,
pensions,
and
other
uni1 J}"t"£*Tfl
IddiCi
dii1
transfers 1
Balance
on
current
account
2,789 -2,125 -3,854 -5,979
6,885
3,185 10, 766 -3,881
1,719
8,905 -7, 186
3,975
4,617 23, 060 -4,615 18, 445
4,339
4,714
9,361 -5, 022
4,749 - 10, 585 -4, 708-15,292
-1,126
-1,243
-1,277
-1, 064
-2, 756
-2, 683
-2, 886
-6,967
4,599
4,487
4,610
3,812
568
295
467
5
-907
-759
-677
-701
1,136
1, 171
1, 260
1, 183
4,878
4,583
4,550
210
592
177
-823
-626
-802
1,361 -5,576 -1,282 -6,858
1,468 -1,785 -1,317 -3, 102
1,563 -2,557 -1,267 -3,824
-1,630
-1,440
-1,609
-5,903
NOTE.—Merchandise trade data for 1978 revised; other data to be revised lat«
Source: Department of Commerce, Bureau of Economic Analysis.
.S. INTERNATIONAL TRANSACTIONS—Continued
•^.. falling by $5.7 billion in ihe second quarter, foreign official assets in the U.S. rose by $4.9 billion in the third
quarter. The accumulation of U.S. private assets abroad accelerated from $5.3 billion in the second quarter to $9.7
billion in the third quarter. This rise was partially offset by an increase in the accumulation of other foreign assets in
jhe U.S. from $6.1 billion in the second quarter to $9.7 billion in the third quarter.
BILLIONS OF DOLLARS
30
BILLIONS OF DOLLARS
30
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
A
\
-30
1970
1977
1971
1978
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capita 1 outflow (-)]
Fore ign assets in the U.S., net
[inci"ease/capilbal inflow (-HP
Foreigii official
asssets
Period
Total
U.S.
Other
U.S.
official
U.S.
private2
reserve Govern- assets
assets 1 2 ment
assets
1971
1972
1973
1974
1975
1976
1977
- 12, 475 2,348
- 14, 461
32
- 22, 823
209
-34,712 - 1, 434
-39,444
-607
-50,608 -2>530
-34,650
-231
1977: I
II
III_._
IV....
- 1, 334
- 12, 003
-6,615
-14,700
1978: I
-15,036
II
-6, 134
I I I _ _ _ -11,006
Total
- 1, 884-12,939 22, 987
- 1, 568- 12, 925 21, 696
-2,644 -20,388 18, 663
366 -33,643 34, 677
-3,470 -35,368 15, 550
-4,213 -43,865 36, 969
-3,679 -30,740 50, 869
26, 895
10, 705
6,299
10, 981
6,907
18, 073
37, 124
27, 405 -3,907
10, 322 10, 991
5, 145 12, 364
10, 257 23, 696
5,259
8, 643
13, 080 18, 897
35, 480 13, 746
3 2,490
-949
388
6
-795 -11,214 14, 064
151 - 1, 098 -5,668 14, 251
-838 - 13, 862 20, 065
5,451
7,884
8,246
15, 543
4,946 -2,962
7,467
6, 180
7,914
6, 005
15, 153
4,522
246
-896 -14,386 18, 095 15, 760 14, 956
406 — 5, 685 -5, 373
329 -1, 176 -5, 287
4, 904
180 -1,494 -9, 692 14, 612
4,554
1
Consists of gold, special drawing rights (SDE), convertible currencies, and
the2 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Total
Assets of Other
foreign foreign
official
assets
reserve
agencies
2,336
6,090
9,708
Stati stical
discre pancy
Allocations
of
Total
special (sum of
drawing
the
rights
items
(SDR) with sign
reversed)
U.S.
official
reserve
Of
which: assets,
net 1
Seasonal (unadadjust- justed,
ment
end of
discrep- period)
ancy
9,822
717
710 - 1, 966
-2,725
- 1, 684
5,449
9,300
-927
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
131 19,
1,600
-179 19,
622
-4,751 -2,229 18,
1,602
2,276 19,
120
156
988
312
3,798
160 19, 192
-1 18, 864
8, 830
218 -2, 411 18, 850
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
.
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
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
11
12
13
14
15
15
16
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.
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations.
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budge: Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function.
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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.
qc
**°
U.S. GOVERNMENT PRINTING OFFICE : 1979 O—39-717
@FedFRASER