Disposition of Personal Income

Name: Disposition of Personal Income
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 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 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 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 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 III IV II III IV L 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 expend dential dential ness in exports Exports Imports ventofixed itures fixed ries Govern nent pure bases of good s and ser vices Total Federal State and local Final sales I II III IV II Ill IV IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Gross national product Period tion expenditures Persona1 eonsumj Total Gross private dom estic invesi iment NonResijjurabie durable Services Nonres dential idential 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 II III IV II III IV 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 Implicit price deflator Gross domestic 3roduct Fixedweighted price index 1972 weights Chain price index Current dol Constant 1972 dollars I II III IV 1978 I II III IV deflator plicit price g Im NOTE Annual changes from previous year and quarterly changes from previous quarter 4 5 Chain price index Fixedweighted price index 1972 weights 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 II Ill IV I IL IIL 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 after tax 4 ComOutput penper sation hour per of all hour employ of all ees employ 1972 ees dollars dollars With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics NATIONAL INCOME 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 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 II III IV II III IV 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 durable goods 1 Motor vehicles and parts II III IV II III 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 nondurable goods 1 Services Clothing and shoes Gasoline and oil 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 l WAGE AND SALARY DISBURSEMENTS TRANSFER PAYMENTS M I I II I i i i i 11 1 1 i n I t I I I 1 1 I LI SEASONAUY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at Wage s Total and Other Propriet 3TS income personal salary labor income disburse income1 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 Oil Dec Jan Feb M a r Apr May June I July Aug Sept Oct Nov Dec 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 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 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 O Ooo Seasonally ad usted ann ual rates II I III 1 IV II I III IV 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 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 SCAL GROSS FARM INCOME BEFORE INVENTORY ADJUSTMENT NET FARM INCOME AFTER INVENTORY ADJUSTMENT V r i L L SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE Cash receipts from marketings Government payments and nonmoney income furnished by farms 2 3 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 II III IV II III IV p J Net incc me per farm aifter inventory adjustmeitit 3 Current 1967 dollars dollars 4 Dol lars 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 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 v 1977 I II III IV 1978 I II III IV Financial Total Manufacturmg See p 4 for profits with inventory valuation and capital consumption adjustments 8 Wholesale and retail trade Pro fits after tax Profits before tax Tax liability Total Dividends Undistributed profits Includes rest of the world not shown separately Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment 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 GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDEhJTIAL FIXED INVESTMENT 1 A ft 30 4 1AO S PR ODUCERS DURABLE EQUIPMENT 20 6 S r inn I I I BIIUONS OF DOLLARS RATIO SCALE 130 STRUCTURES RESIDENTIAL FIXED INVESTS ENT 1 5n y on 70 t r I I TT7 I I I BILL IONS OF DOl LARS 40 CHANGE IN BUSINESS INN ENTORIES fOr An Cft l I i i i I I I I I I 1978 I I I I 1975 I 1979 I l I 1976 I I I 1977 i i i EASONAllY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Noiiresident ial fixed investmcmt Period Gross private domestic investment Strucjtures Total Prodineers dur able equip ment Total II III IY 1978 1 II III IV Nonfarm Total Source Department of Commerce Bureau of Economic Analysis Prn Total Nonfarm C f T I1f tures Nonfarm Resid ential fix ed inves tment Farm ducers durstructures equipment Change in business mv entories QJ jlrt Total Nonfarm 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 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 St II III IV II US 09 Nc nmanufi Maturing Nondurable goods Total 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 Communication Public utilities 22 22 28L S 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 Plans are adjusted when for systematic bias Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment increased by 104 000 in December while unemployment increased by MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE EMPLOYMENT to UNEMPLOYMENT nli ii ill in n n n i h M i i i n I 1 1 m 1 1 1 n i 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 I6 YEARS OF AGE AND OViR SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of persons 16 years of age and over Noninstitutional population Civilian Unememploy ployment ment Period Uitiadjusted Civilian labor force Total 91 Oil Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec C ivilian e mploymeiit Total labor force including Armed Forces 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 AgriculTotal for economic tural reasons Seascmally adj listed 15 Labor force participation rate per 2 cent Total weeks and over 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 I 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 White Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 ExpeBlack rienced House Fulltime wage hold and and other salary heads workers workers Dec 1 Men Women Both 20 20 sexes years years 16 19 and and over over years Jan Feb Mar Apr May June July Aug Sept Oct Nov Dee Uneinployment rate percent of jciviliaia labor f orce in group By sex and iige By select ed group S By race Labor force tune Partlost per time work cent ers NOTE Seasonally adjusted data revised beginning 1974 Source Department of Labor Bureau of Labor Statistics as 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 SEASONAUY ADJUSTID SOURCE DEPARTMENT OF LABOR COUNCIL Of ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Percerit distribution of unemPercerit distribution of unem otate pirograms Insured Q x A unem Special plo yment by durati m Pioyment Dy reasoii unemployUnemment ployployall ment Period Insured 27 ment Less benefit Job 15 26 weeks unem Initial regular claims Reen New than 5 5 14 thou Job enproploy claims grams2 unadsands losers leavers trants trants weeks weeks weeks and over ment unad justed justed We 3kly aver age thoussands Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 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 AIL NONAGRICULTURAL ESTABLISHMENTS WHOLESALE AND RETAIL TRADE SERVICE PRODUCING INDUSTRIES tii MANUFACTURING SODS PRODUCING INDUSTRIES 30 CONSTRUCTION 20 I HI 1 J SEASONALLY ADJUSTED SOURCE DEPARTMENT Of LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers l seasonally adjusted Cioods pr ducing i ndustrieg Pafirt 1 jrerioci Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec p Total nonagricultural employ Total ment Construction Service pr oducing Industrie s Trans Whole Finance Ma nufactui g Government portainsursale tion ance Services and Non Total State and and Total Durable durable Federal and public retail real goods goods trade estate local utilities in Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they 14 are not at work because of industrial disputes and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments 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 index t otal private nonagrkjultural 2 Percent cttange from a year earlier 4 Index Total private nonagrieultural Manufacturing i r 1967 dollars s Current dollars Current dollars 1967 dollars Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 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 Dec 1978 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec v Manufacturing 1967 dollars Percent ch Mige from a year arlier 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 dollars Monthly changes based on indexes to two decimal places Based on unadjusted data Source Department of Labor Bureau of Labor Statistics 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 Non Private 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 quarterly data seasonially adjuslbed imi I II in IV 1978 I II III IV Perceiat change quarterl r data at seasonal y adjustec1 annual rates i as L II Ill IV ao 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 RATIO SCALE 180 UTILITIES AND MINING PRODUCTION INDEX RATIO SCALE 160 TOTAL INDUSTRIAL PRODUCTION UTILITliS 120 MINING 100 n MANUFACTURING PRODUCTION I I I I 11 I I I I I 1978 PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion Total in dustrial produtjtion Percent Index change 1967 from 100 year earlier COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indusstry produiction indcsees MJinufacturi ng Manufa cturing ca paeity utiilization rate pejrcent l Federal Reserve serles WharComTotal ton merce Mate series 2 series s manufacturrials ing Mining Utilities Total Durable Nondurable Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov 9 Dec v Output 3 Annual as percent of capacity data are averages of four monthly indexes Quarterly data entered in last month of quarter Annual data are averages of quarterly data 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 seasonally adjusted Prodlucts Final Ideducts Coiisumer go ods Period Total 1967 proportion Dec 1978 Jan Feb Mar Apr May June July Aug Sept Oct Nov p Dec Equip ment NonDurable durable goods goods Total Internxediate proc ucts Total Total so Business Construction supplies Materials Supplementary group Energy total seasonally adjusted Diurable m anufactu res PrimaryT metals Period Total 1967 proportion Dec 1978 Jan Feb Mar Apr May June July Aug Sept Oct Nov v Dec Iron and steel trical machin 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 Lumber and products Ap i v parel products Print Cheming icals Foods and and pub prodlishing ucts 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 Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space Seasonally adjusted Seasonall y adjusted ai inual rates 1977 Dec 1978 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec E Seasonally adjusted annual rotes 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 Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted aninual rates 1977 Dec 1978 Jan Feb Mar Apr May June July Aug Sept 9 Oct 9 Nov Dec Seasonally adjusted Quarterly data entered in last month of quarter 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 TOTAL BUSINESS INVENTORIES 250 TOTAL BUS NESS SALES 150 INVENTORY SALES RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISIUS Total business l R tail Who esale Sales Period 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 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec The term business also includes manufacturing see page 21 3 Monthly average for year and total for month Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly sales for mont My data ratio of inventories at end of month to sales for month 20 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 T 100 DURABLE GOOD 80 u 60 BILLIONS OF DOLLARS RATIO SCALE 140 NEW NONDURABLE GOODS 40 ORDERS INVENTORY SHIPMENTS RATIO 60 DURABLE GOODS r NONDURABLE GOODS 40 M ASONAUY ADJUSTED SOURCE WPMTMENT OF COMMffiCE Mantifac turers sh pments Manufaet urers inv entories 2 Period Total NonDurable durable goods goods Dee Jan Feb Mar Apr May June July Aug Sept Oct Nov Deo 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 durable Total Total indusgoods Total goods tries nondefense Millio us of dolla rs season ally adjusted COUKCH OF ECONOJWC ADVISKS ManufacNon turers lurable unfilled goods orders Manufacturers inventory shipments F3 tio 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 RATIO SCALE INDEX RATIO SCALE 240 SEASONALLY ADJUSTED FINISHED GOODS CAPITAL EQUIPMENT HIM SOURCE DEPARTMENT OF LABOR 1979 COUNCIL OF ECONOMIC ADVISERS asonally adjuste d LOO m onthly data se 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 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 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 goods feeds stuffs able ment l Conssumer g oods Total rp NOTE Data revised for August 1978 Source Department of Labor Bureau of Labor Statistics 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 RATIO SCALE INDEX RATIO SCALE SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period All items Food Commodities less food ComBnodities le ss food Food Services Services commodities All Food at home Food away from home All Durable Nondurable Seasonal y adjust ed Unacljusted 1977 Dec i7a 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 Percen change from prc ceding perioc I season ally adju sted 1 Period 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 Capital Total finequipished Exclud ment goods ing Foods foods Dec 1978 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Capital Total equipfinExclud ment ished ing Foods goods foods Foods Capital equipExclud ment ing foods 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 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec All items Food Commodities less food 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 Annual changes are from December to December unadjusted NOTE Beginning January 1978 data relate to all urban consumers Earlier data relate to urban wage earners and clerical workers 24 Food Commodities less food Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Vices received by farmers increased 414 percent in January Prices paid by farmers rose 3 percent in the month ended January 15 INDEX RATIO SCALE PRICES RECEIVED ALL FARM PRODUCTS PRICES PAID ALL ITEMS INTEREST TAXES AND WAGE RATES 70 60 I J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT Of AGRICULTURE COUNCIt OF ECONOMIC ADVBSS Prices received by farmers Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1979 Jan All farm products Crops Prices paid by far mers All items Livestock interest Family Producand living tion taxes and products wage rates items items Index percentage ratio of index of prices received by farmers to index of prices paid Jrest taxes and wage rates on base The adjusted parity ration reflects Government payments made directly to farmers Parity ratio Actual Adjusted 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 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 2 L U tell Large CDs Savings DeU S posits Governat ment nondemand bank deposits thrift unadinstitu justed tions M M1 M2 1973 Dee Dec Dec Dec Dec Dec Jan 341 7 Feb 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 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 lt Dec Jan Feb Mar Apr May June July Aug Sept Oct Period 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 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 Automobile Revolving Jan Feb Mar Apr May June July Aug Sept Includes mobile home and other not shown separately Revolving Dec Automobile Nov 2 Dec Total Revolving Oct Automobile Total 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 ALL COMMERCIAL BANKS 1 000 TOTAL LOANS AND INVESTMENTSr 800 BOO INVESTMENT IN OTHER SECURITIES INVESTMENT IN U S GOVERNMENT SECURITIES 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 Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov v Dec 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 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 Other Shortterm 3 Total Purchase of physical assets 4 Increase in financial assets Discrepancy sources less uses I II III IV I II III Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits 2 Stocks bonds and mortgages 3 Bank loans commercial paper finance company loans bankers acceptances and Government loans 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 FTC FRB series I II III IV 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 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 SOURCE SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Week ended 1979 Jan 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 Rate on new issues within period 3 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Average effective rate for year opening and closing rate for month and week 30 H i S K 9H 9 2 9K K 9 2 Prime rate charged by banks S H 9 9 lOH ll Newhome mortgage yields FHLBB n n n i 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 DEC INDEX DEC COMPOSITE STOCK PRICE INDEX NYSE EARNING S PRIC6 RA1IO C N COMMON 51OCKS IS 10 x v X V r x n I I 1970 I I I I Common s tock yields perc ent Com mon stock prices New Yorl c Stock Exeilange indexe s Dec Composite Industrial Jan Feb Mar Apr May Jimp July Aug Sept Oct Nov Dec 1979 Jan Week ended 1979 Jan Feb 3 Transportation Utility Finance e Poor s DowJones composite Dividendindustrial index ratio average Earningsratio Average of daily closing prices Includes all the stocks more than 1 600 listed OB the NYSE 3 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 COUNCil OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Period i 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 OUTLAYS SURPLUS OR DEFICIT 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 Transition quarter estimates estimates 2 Receipts Outlays Surplus or deficit Federal debt end of period Tntal 1 Held by the public Cumulative total first 3 months Fiscal year 1978 Fiscal year 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 NONDEFENSE I I v I J 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 Transition quarter estimates estimates Total Cumulative total first 3 months Fiscal year Fiscal year Indi Corpovidual ration Other income income taxes taxes Total Interna Health and InDepart tional income terest Other ment of affairs security Defense military Estimates from Budget of the United States Government Fiscal Year 1980 Total 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 SURPLUS 3 23 H DEFICIT fei t2 J l l J I HI 1 1 v i l l iflfl 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 Personal Corpo Indirect rate 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 Calendar year I 396 2 IL IIL 441 7 IV 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 In dustrial produ ition se isonally adjuste d Period Feb Mar Apr May June July Aug Sept Japan France many Italy i t t United CanStates ada Get Nov Dec Ger Con sumer orices u nadjuste 1 United United CanKing States1 ada dom GerJapan France many United King Italy dom 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 to and and to and goods bacco fuels bacco fuels F a s valu e 5 Monthly average Total ca f value F a s value lf S 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 cost arrivals of imported goods other than intransit shipments TT SJA 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 ft ports c Lf toms f a s value Custorris value Jan 10 014 Feb 9 922 Mar 10 912 Apr 11 635 May 11 754 June July Aug Sept Oet 13 Oil Nov Dec f 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 COUNCIL OF ECONOMIC ADVISERS SOURCEs DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted M erchandise Period Exports Imports III IV p Net balance III IV Invcsstment inicome3 12 1 Excludes military grants 2 Adjusted from Census data Receipts Payments 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 Other services net 3 Balance on goods and services Remittances pensions and other uni1 J t Tfl 1 IddiCi dii transfers 1 Balance on current account 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 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 private reserve Govern assets 2 assets 1 2 ment assets I II III IV I 15 036 II 6 134 I I I Total Consists of gold special drawing rights SDE convertible currencies and the U S reserve position in the IMF 2 Quarterly data are not seasonally adjusted Total Assets of Other foreign foreign official assets reserve agencies 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 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 EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Private Business Economy PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders PRICES Producer Prices Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Private Liquid Asset Holdings Nonfinancial Investors Consumer Instalment Credit Bank Loans Investments and Reserves Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Budge Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 1 30 single copy Subscription price 15 00 per year 3 75 additional for foreign mailing qc U S GOVERNMENT PRINTING OFFICE 1979 O

Disposition of Personal Income

DATE: January 1979

PART OF:

Economic Indicators : January 1979

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Disposition of Personal Income," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "January 1979," Economic Indicators (January 1979) : 8-8. https://fraser.stlouisfed.org/title/1/item/345/toc/210390 , accessed on December 16, 2019.

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Economic Data