National Income

Name: National 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 May 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 SENATE WILLIAM PROXMIRE Wisconsin ABRAHAM RIBICOFF Connecticut EDWARD M KENNEDY Massachusetts GEORGE McGOVERN South Dakota PAUL S SARBANES Maryland JACOB K JAVITS New York WILLIAM V ROTH JR Delaware JAMES A McCLURE Idaho ROGER W JEPSEN Iowa HOUSE OF REPRESENTATIVES HENRY S REUSS Wisconsin WILLIAM S MOORHEAD Pennsylvania LEE H HAMILTON Indiana GILLIS W LONG Louisiana PARREN J MITCHELL Maryland CLARENCE J BROWN Ohio MARGARET M HECKLER Massachusetts JOHN H ROUSSELOT California CHALMERS P WYLIE Ohio JOHN JM ALBERTINE Executive Director COUNCIL OF ECONOMIC ADVISERS CHARLES L SCHULTZE Chairman LYLE E GRAMLEY PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 1st SESSION JOINT RESOLUTION fS J Res S5 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 1 30 a single copy or by subscription at 15 00 per year 3 75 additional for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C TOTAL OUTPUT GROSS NATIONAL PRODUCT According to revised estimates for the first quarter gross national product rose 50 0 billion or 9 3 percent both at annual rates Real output GNP adjusted for price changes increased 0 4 percent from the fourth quarter level and the implicit price deflator rose at an 8 8 percent annual rate BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Personal consumption expenditures Go ernment purchases of goods and services Exporlts and imf orts of goocIs and ser vices Gross private domestic investment Net exports Exports Imports Total III IV II III IV Period Gross national product Federal This category corresponds closely with budget outlays for national defense shown on p 33 Total National defense l Nondefense State and local Source Department of Commerce Bureau of Economic Analysis Final sales GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted animal rates Ex ports of g Dods Gross private d wnestic i nvestmemb Pera nd servie 3S sonal conGross Change national sumpNonResiin busiproduct tion W t resiexpend dential dential ness in exports Exports Imports ventofixed itures fixed ries Period iN Cll Govern nent pure bases of gooc Is and ser vices Total Federal I State and local Final sales III IV II III IV IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT Gross national product Period Persona 1 consume tion expenditures Total Gross private dom estic mvesi ment NonDurable durable Services Nonresidenti al goods fixed goods Residential fixed Expor ts and imports of goods and S rviees Governnlent purchases c f goods and sc rvices Exports Imports Federal State and local IV II III IV I 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 clomestic j roduct Gross national p roduct Constant 1972 dollars Current dollars Period Implicit price deflator Fixedweighted price index 1972 weights Chain price index Current dollars Implicit price deflator Constant 1972 dollars Chain price index Fixedweighted price index 1972 weights III IV I II III IV NOTE Annual changes from previous year and quarterly changes from previous quarter Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Gross d omestic prodi LCt of nonfin ancial eorp rate busi ness billic ns of doll ars Period Quarterly data at seasonally adjusted annual rates Current do lar cost and profit 3er unit of outpu t dollars i Total cost and profit 2 Capital consumption Comallowpenances Indirect sation with business of capital taxes 3 employconees sumption adjustment Net interest Current dollars 1972 dollars III IV I Ill IV 1 Output is measured by gross domestic product of nonfinaneial corporate business in 1972 dollars 2 This is equal to the deflator for gross domestic product of nonflnancial corporate business with the decimal point shifted two places to the left 3 Indirect business tax and nontax liability plus business transfer payments less subsidies Corpo rate profi ts with invent 3ry valuation 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 National income Period Propr ietors mcom e with inventor y valuation anc l capital consul nption adjust ments Compensation of employees 1 Farm Nonfarm Rental of persons with capital consumption adjustment Corppr ate profit s with inv entorv va luation and capital co nsumptio n adjustm ents Profits 5 with inv entory valua bion ad justment and without aipital consum ption adjtjstment Total Total Profits before Inventory valuation adjustment tax III I II III I I IV IV Capital consumption adjustment Net interest n n Source Department of Commerce Bureau of Economic Analysis Includes employer contributions for social insurance See also p 5 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nondura Die goods Durable goo ds Total personal consumption expenditures Total durable goods 1 Motor vehicles and parts III IV II III IV I P Period Total includes other items not shown separately 4 Furniture and household equipment Total nondurable goods l Retail sales of new pa ssenger cars nlillions of uilits Services Clothing and shoes Gasoline and oil Food Domestics Imports Source Department of Commerce Bureau of Economic Analysis SOURCES OF PERSONAL INCOME Personal income rose 6 0 billion annual rate in April following revised increases of 22 5 billion in March and 14 3 billion in February The slower growth in April was partly due to work stoppages widespread flooding and tornaddes OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE j j r 600 WAGf AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS i i i i iI i i i ii SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIl OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates 3 Wage Rental Total Other Proprietc rs income income Divi Personal Transfer and Period personal salary labor 12 paydends interest ments 5 of income disburse income income Nonfarm persons 4 Farm ments Less Personal con Nonfarm tributions personal for social income 8 insurance OIL I June July Aug Sept Oct Nov Dec lf Jan Feb Mar Apr Apr May The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements 3 Consists of employer contributions to private pension health and welfare funds workmen s compensation directors fees and a few other minor items 1 With inventory valuation and capital consumption adjustments 1 With capital consumption adjustment 5 Consists mainly of social insurance benefits direct relief and veterans payments 8 Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the first quarter BILLIONS OF DOLLARS RATIO SCALE i l l OF DOLLARS RATIO SCALE l i t I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS T Less Pot Period sonal Equals Dispostax Perable sonal and perincome nonsonal tax pay income ments Less Personal out 1 Per c apita dispo sable Equals persona income Personal saving Current 1972 dollars dollars BiiIons of d ollars Per cap ita personal ccMQsump Current doEars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of Populadispostion able thou 2 persands sonal income Dollars S S f Seas onally ad usted 1977 III I IV I II I III IV f j i Includes persona consumption expenditures interest by consumers to business and personal transfer payments to foreigners net 3 Includes Armed Forces abroad Annual data are for July 1 through 1973 and are averages of quarterly data beginning 1974 Quarterly are average for the period 6 Source Department of of the Census of Economic Analysis Bureau FARM INCOME According to revised estimates for the first quarter net farm income before inventory adjustment rose 1 8 billion annual rate while income after inventory adjustment rose 0 3 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE GROSS FARM INCOME BEFORE INVENTORY ADJUSTMENT NET FARM INCOME AFTER INVENTORY ADJUSTMENT 20 V SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Quarterly data at seasonally adjusted annual rates Persona 1 income received by tota farm po pulation Income njceived frc m farmin g Gross income be ore inven tory adjustnlent Nett 3 farm oper ators Gas i receipts from Period From From From Producinarketings all farm nonfarm l tion ex Before After sources sources sources Total Livepenses inven invenstock tory tory Total Crops and adjust adjust 2 products ment ment Billioiis of dolla rs III IV r Net incc me per farm a fter inventory adjustmeiit 3 Current 1967 dollars dollars 4 Dol lars I II III IV I P Cash receipts from marketings Government payments and nonmoney income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year 3 Based on 1969 Census of Agriculture definition of a farm The number of farms is held constant within a year Data for 1979 estimated Income in current dollars divided by the consumer price index Source Department of Agriculture CORPORATE PROFITS According to preliminary estimates for the first quarter corporate profits before tax rose 2 0 billion annual rate while after tax profits rose 7 4 billion BILLIONS OF DOLLARS 240 BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Bullions of dollars quarterly data at seasonally adjusted annual rates Profit s before tax wit i inventc ry valu ition adjustn lent J Dome tie indu stries IS onfinanc jial Period Total III IV 1978 I II III IV 1979 I Total ManuFinancial Total8 facturing Wholesale and retail trade See p 4 for profits with inventory valuation and capital consumption adjustments 8 2 Pro fits after tax Profits before tax Tax liability Total Dividends Undistributed profits Includes rest of the world not shown separately 3 Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the first quarter business fixed investment rose 7 0 billion annual rate as nonresidential construction outlays rose slightly and producers durable equipment purchases increased 6 9 billion Residential investment outlays declined 3 0 billion Inventory investment amounted to 16 6 billion up 3 1 billion from the fourth quarter level BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 180 NONRESIDENTIAL FIXED INVESTMENT 380 GROSS PRIVATE DOMESTIC INVESTMENT 140 PRODUCERS DURABLE EQUIPMENT I I STRUCTURES BILLIONS OF DOLLARS RATIO SCALE 130 RESIDENTIAL FIXED INVESTS4ENT y on 70 AO s I BILLIONS OF DOLLARS 40 CHANGE IN BUSINESS INNfENTORIES 20 Q J L L J r V f Af i i i I I I 1977 I I I I 1978 I I I I 1979 I 1975 I I i I I I 1979 SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Noiiresident ial fixed investm mt Gross private domestic investment Period Strucjtures Total Prodincers1 dur able equip ment Total IV 1978 1 II III IV1979 I Nonfarm Total Total Nonfarm Nonfarm struc tures Farm structures prn dueers durable equipment Change in business inv entories Total Nonfarm Source Department of Commerce Bureau of Economic Analysis Resid ential fix ed inves tment EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 11 3 percent in 1979 according to the Commerce Department survey conducted in late January and February Spending in 1978 was 13 3 percent above 1977 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL NEW PLANT AND EQUIPMENT J SEE FOOTNOTE 4 BELOW SOURCI DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Eiq enditur s for plan t Starts c f plant and equ ipment and eqilipment proj 3CtS 3 Mi inufacturi ng Period N immanuf aeturing Dur Total i Total Non able goods durable goods Total Mining Transportation Public utilities Com Commer Manufactur munication cial and ing other Ill IV I II nd half Excludes agricultural business real estate operators medical legal educational and cultural service and nonprofit organizations These figures do not agree precisely with the nonresidential fixed investment data in gross national product estimates mainly because those data include investment by farmers professionals nonprofit institutions and real estate firms and certain outlays charged to current account 10 Public utilities Includes trade service construction finance and insurance Starts are estimated by adding changes in carryover to expenditures during given period 4 Planned capital expenditures as reported by business in late January and February 1979 Plans are adjusted when necessary for systematic bias Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment fell by 668 000 in April while unemployment increased by 66 000 MILLIONS OF PERSONS MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Noninstitutional population COUNCIL OF ECONOMIC ADVISERS Thousands of person s 16 years of age a nd over Unempl oyment Civilian e mploymeiit Total labor N onagri cultural 15 Civilian Unemforce Civilian Part time Agriemploy ploy includ labor Total weeks Total and culing ment ment force Total for economic l over tural Armed reasons Forces U nad justed Seas snally adjusted 1978 Apr May JuneJulyAug Sept Oct Nov Dec S Jan Feb Mar Apr 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 Labor force participation rate per 2 i cent o I Beginning 1978 data not strictly comparable with earlier data because of revisions in the household surYey which added about 250 000 to labor force and to employment Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In April the seasonally adjusted unemployment rate rose slightly to 5 8 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED i i i 1 1 1 i i i i i i i i 11 I 1 1 1 i i i i i 11 I 11 i i i i i i 1 1 I i i i i i Ii i i i I I I i J UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unernployme nt rate percent c f civiliaii labor f Dree in giroup By gsex and a e 3y select ed group s By race Total all civilian workers Men 20 years and over Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Period Women 20 years and over 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 Housewage and hold and other salary heads workers Both sexes 16 19 years Labor force time lost percent Fulltime workers Parttime workers Source Department of Labor Bureau of labor Statistics SELECTED MEASURES OF UNEMPLOYI1ENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April the percentage of unemployed persons who were job losers rose and the percentage who were job leavers reentrants and new entrants fell PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 60 JOB LOSERS REENTRANTS WEEKS NEW ENTRANTS V JOB LEAVERS 27 WEEKS AND OVER 1 i 11 i I i i i 1 1 I 1 1 i i i IN i i I i ii i i ii i i i I i 1 1 i i i i i i i 1 1 ii i i i i i i 1 1 i i i SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERsl SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Percerit distrib ution of unemployment ay reasoii Period Apr May June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr 1 2 Unem i ployment thousands Job losers Job leavers Reentrants New Less 5 14 enthan 5 weeks trants weeks Detail may not add to 100 percent because of rounding Includes State 50 States District of Columbia and Puerto Rico ex servicemen DCX Federal UCFE and railroad RR programs Also includes Federal and State extended benefit programs Does not include FSB Federal supplemental benefits and SUA special unemployment assistance State pi ograms Insured Special unemunemployment ployall ment Insured 27 weeks unem Initial regular benefit3 proand ploy claims grams 2 claims unadment over unad justed justed Wee kly aver age thou sands PerceEit distrib ution of unemployment b y duratic m weeks FSB and SUA These programs started January 1975 and regular reporting began March 1975 Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricuitural employment as measured by the payroll survey rose by 72 000 in April MILLIONS OF PERSONS MILLIONS OF PERSONS 90 ENLARGED SCALE 20 ALL NONAGRICULTURAL ESTABLISHMENTS WHOLESALE AND RETAIL TRADE SERVICE PRODUCING INDUSTRIES MANUFACTURING y n GOODS PRODUCING INDUSTRIES 30 CONSTRUCTION SEASONALLY ADJUSTED SOURCEi DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers l seasonally adjusted CJoods prc ducing industries5 Fenoa Total nonagricuitural employment AprMay June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr TJ J Total Construction Service pr oducing industrie s Trans Whole Finance Gover nment Matnufactui ing insurportasale ance Services tion and Non Total State and and retail Total Durable durable Federal and real public trade goods goods local estate utilities Includes all full and part time wage and salary workers in nonagricuitural 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 nonagricuitural 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 PRIVATE NONHGRICUIiTURHL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Averag e gross hourly earnings Aver age weekly hours Manufj acturing Total private nonagricultural l Period Total Overtime Manufacturing fj Apr May June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr v Percent ch ange from a year earlier 4 Index Total private nonagricultural Adjusted h ourly earninigs index t otal private nonagriccultural 2 1967 dollars 8 Current dollars Current dollars dollars j j AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted earnings Average gross weekly Total prii ate nonagricul tural Period Current dollars Apr May June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar v Apr v Manufacturing 1967 dollars s Percent cha nge from a year earlier total pri rate nonagricul tural 5 Current dollars iCurrent dollars5 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 Revised index for urban wage earners and clerical workers used beginning O Construction Wholesale and retail trade dollars Monthly changes 1 based on indexes to two decimal places Based on unadjusted data Source Department of Labor Bureau of Labor Statistics 15 DATA PRIVATE BUSINESS ECONOMY PRODUCTIVITY AND Hours of all pers onsf Out put1 Output jer hour of all ersons Compe nsation per Ilour 8 Unit labor COsts Implicii price deflal uor 4 NonPriPriPriNonNonNonPrivate NonPrivate Non Private farm vate vate farm vate farm business farm farm farm business business business business business business business business business business sector business sector sector sector sector sector sector sector sector sector sector sector Period quarterly dat a season ally adjus ted III IV II III I I ioae iias I 9ao i4ao Pereent change quarter y data at seasonal y adjusted annua rates III IV II IIL IV I 1 Output 2 Hours of all of establishment data 3 Wages and and supplemental 4 Current dollar tie 16 in of to industry Also an for the self employed diYlded by In the in in 1972 sector including primarily on for social of wages salaries dollar gross domes NOTE Percent changes are from preceding period and are based on original they therefore may differ slightly from percent changes based on indexes shown here Data revised Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production declined 1 0 percent in April mostly as a result of the strike and lockout in the trucking industry INDEX RATIO SCALE 180 INDEX RATIO SCALE 160 UTILITIES AND MINING PRODUCTION TOTAL INDUSTRIAL PRODUCTION 160 UTILITIES 140 IV MINING PERCENT RATIO SCALE 100 MANUFACTURING CAPACITY UTILIZATION RATE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1967 proportion Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr 1 Output 2 Annual 3 Total in dustrial produ ction Percent Index change 1967 from 100 year earlier COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indu stry prodiiction ind 3xes M anufacturi ng Total Durable Nondurable S as percent of capacity data are a erages of four monthly indexes Quarterly data entered in last month of quarter Annual data are averages of quarterly data Mining Utilities Manufa Lcturing csipacity ut Llization rate p srcent l Federal Reserve sei les ComWharTotal merce ton manuMate series 2 series 3 facturrials ing Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of Economic Analysis Wharton School of Finance 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES seasonally adjusted Prodluets Final roducts 3 Total Total 1967 proportion l Apr May June July Aug Get Nov Dec 1979 Jan Feb Mar Apr Equip ment Coiisumer goods Period if Intern lediate prod ucts NonDurable durable goods goods Construction supplies Total Business Total Materials Supplementary group Energy total 6 42 S S seasonally adjusted D arable m anufaetu res Primar r metals Iron and steel Fabricated metal products 4 si 6 93 Period Total Oct Nov 129 0 Dec Jan Feb Mar Apr proportion Apr May JuneJuly Aug Q Source Board of Governors of the Federal Reserve System 18 Nontrical machinery Electrical machinery None lurable Eaanufact ures Transp Drtation equip ment Total Motor vehicles and parts Lumber and products Apparel products Print Cheming icals Foods and and pubprodlishing ucts 1 64 S S NEW CONSTRUCTION Constructio n contracts3 Private Total construction expenditures Period Resic iential Total Total1 Commercial and industrial New housing units Other Federal State and local CommerTotal value cial and index industrial 1972 floor space 100 millions of square feet Bi lions of doll ars Seasonall y adjusted at inual rates Mar Apr May June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr Includes nonhousekeeping residential ations not shown separately 2 F W Dodge series Relates to 50 beginning 1971 for floor space and additions and alter1969 for value index and Seasonally Seasonally adjusted adjusted annual NOTE New construction expenditures data 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 Jew private housing unr S Total by type of striicture Units Period lf ssai units or more units New priv ate homes Units authorized f Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted arinual rates 1978 Apr May June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr Seasonally adjusted Quarterly data entered in last 3 of quarter E Units authorized revised beginning 1978 to relate to 16 000 permit issuing places Data for 1972 77 are for 14 000 places and 1971 for 13 000 places Source Department of Commerce Bureau of the Census BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business sales rose 4 0 percent in March while inventories rose 4 8 billion According to the advance survey retail sales rose 0 5 percent in April following a 1 0 percent increase in March BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL BUSINESS INVENTORIES 350 RETAIL INVENTORIES RETAIL SALES TAL TOTAL BUSINESS 200 SALES 150 RATIO INVENTORY SALES RATIO SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total biusiness l Retail Who esale Sales2 Period Qnlnoi bales Inventories3 O l n Invenbales tories3 In ventories NonDurable durable Tntil goods goods stores stores Tfvf ol DurNonable durable goods goods stores stores Inventor y sales rati o Total business 1 Retail Milh ons of d Ilars sejasonally adjusted Mar Apr May June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr The term business also includes manufacturing Monthly average for year and total for month 1 AJW value ciiu ui pciiuu ocaDUiisuiy au justed Book vaiuc end of period seasonally adjusted see page 21 For annual periods ratio of weighted average inventories to average monthly for monthly data ratio of inventories at end of month to for month sales lies 20 NOTE Data for 1978 are as revised in March Data for earlier periods revised in this issue Source Department of Commerce Bureau of Economic Analysis Bureau Source Depg of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers1 orders inventories rose in March In April according to advance data durable goods fell BILLIONS OF DOLLARS RATIO SCALE OF INVENTORIES GOODS DURABLE GOODS GOODS 80 60 NONDURABLE GOODS BILLIONS OF DOLLARS RATIO NEW RATIO L BSM i1l i i s A GOODS INVENTORYJSHIPMENTS RATIO SEASONALLY ADJUSTS SOURCE DEPARTMENT OF COMM0JCE Manufac CONOMiC ADVISERS so l Mantifacturer s new ore ers Manufad turersj im Durab le goods Capital Nongoods Total Durable durable Total indusgoods Total goods tries nondefense Millio ns of doll ars seasoilally adju 3ted Apr May June July Aug Sept Oct Nov Dec i Jan Feb Mar Apr Period Total NonDurable durable goods goods i Monthly average for year and Book value end of period End of period for are the same as sales ManufacNon turers durable unfilled goods orders 3 Manufacturers inventory shipments ratio L 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 April the producer price index for all finished goods rose 0 9 percent seasonally adjusted Prices of finished consumer foods fell 0 3 percent and prices of other finished consumer goods rose 1 4 percent Prices of capital equipment increased 1 1 percent INDEX RATIO SCALE 240 INDEX RATIO SCALE SOURCE DEPARTMENT OF LABOR COUNCIL Or ECONOMIC ADVISERS 196 r lOO month y data iseasona ily ad jusJted Finishec I goods Ini termed ate rnateria s Total consumer CapifinFoods tal ished Total and s Other equip goods feeds ment l Finished goods e xcludin g consumer f cmds Period Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Total finConished sumer goods foods Total Comsumer g cods Total flHlp Nondurable Th ir 1 Formerly called producer finished goods J Intermediate materials for food manufacturing and manufactured animal feeds Data are not seasonally 22 Crad e materials Foodstuffs Total and Other feedstuffs NOTE Data revised for December 1978 Source Department of Labor Bureau of Labor Statistici CONSUMER PRICES In April the consumer price index for all urban consumers rose 1 1 percent also 1 1 percent seasonally adjusted Food prices increased 0 8 percent 1 0 percent seasonally adjusted Nonfood commodity prices rose 1 6 percent 1 3 percent seasonally adjusted and services prices were up 0 8 percent 0 9 percent seasonally adjusted INDEX RATIO SCALE INDEX RATIO SCALE SEE NOTE ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period All items Food Commodities less food Services com modities All Food at home Jan Feb Mar Apr NOTE Beginning January 1978 data relate to all urban consumers Earlier data related to urban wage earners and clerical workers Food away from home Services able Nondur All Dur able Seasonal y adjust ed Unac justed 1978 Apr May June July Aug Sept Oct Nov Dec Comenodities less food Food All All Source Department of Labor Bureau of Labor Statistics CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Pereen t change from pr seeding perioc1 seasonally adpisted1 Period Pereen t change from 3 inonths earlie r seasoilally adjiisted annua1 rates Pereen t change from 6 inonths earlie r seasortally adjiisted annua rates Consum er goods Consum er goods Consum er goods Total finished goods Capital Total equipfinExclud ment ished ing goods Foods foods Capital Total finequipished Exclud ment goods ing Foods foods Capital equipExclud ment Foods ing foods Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Source Department of Labor Bureau of Labor Statistics i Annual changes are from December to December unadjusted NOTE Based on revised data for December 1978 CHANGES IN CONSUMER PRICES Percerit change5 from pre ceding perio d seasoilally adju sted1 Period All items Food Commodities less food Services Percent c dange f re m 3 mont hs earlier Percent change f re m 6 mont hs earlier seasoniilly adju sted annu al rates seasonsilly adju sted annu al rates All items Food Commodities less food Services All items Food Commodities less food Services Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr i 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 Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 1 percent in April and prices paid by farmers rose 1 percent in the month ended April 15 INDEX RATIO SCALE PRICES RECEIVED ALL FARM PRODUCTS PRICES PAID ALL ITEMS INTEREST TAXES AND WAGE RATES J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Period All farm products Livestock Crops Parity ratio 1 Prices paid by far mers Prices received by farmers and products All items interest taxes and wage rates Family living items Production items Actual Adjusted Index Apr May June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base The adjusted parity ratio reflects Government payments made directly to farmers Index discontinued Consumer price index Department of Labor substituted in calculating total prices paid beginning January 1977 Source Department of Agriculture 9JR MONEY CREDIT AND SECURITY MARKETS MONEY STOCK All the monetary aggregates increased sharply in April BILLIONS Of DOOARS RATIO SCALE ilLLIONS jQfJX LLARS RAIlO SCALE 1 000 i ooo SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THf FID1RAI RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted except as noted Deposii s at corrtmercia banks Large CDs Savings Deposits at nonbank thrift institutions Period Ml M1 M2 M3 Currency Time and sa vings Demand Tnfnl 2 JL U Lctl 1973 Dec Dec Dec Dec Dec Dec Apr 347 9 May 350 7 June 352 5 July 354 4 Aug 356 7 Sept 360 7 Oct 361 2 Nov 360 6 Dec 361 2 Jan Feb 358 6 Mar 359 0 Apr Ml is currency plus demand deposits M1 is Ml plus savings deposits at commercial banks and checkable deposits at nonbank thrift institutions M2 is Ml plus time and savings deposits at commercial banks other than large certificates of deposit CDs and M3 is M2 plus deposits at nonbank thrift institutions 9ft Perce nt ehaiige 3 Domponents ane related items Dverall measur es U S Government demand deposits unadjusted Ml M M Includes time deposits other than large CDs not shown separately s Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate NOTE Series revised beginning July 1978 Souret Board of Governors of the Federal Beserva System PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Averages of daily figures billions of dollars seasonally adjusted Currency and c eposits Total Period U S Ti easury seeur ities ShortNonbank term thrift Savings marketinstitubonds able sefirtTl S curities Time d eposits Total liquid assets Dec Dec Dec Dec Dec Dec Dec Dec 1978 Apr May June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr Currency Demand deposits Commercial banks Other private money market instruments Negotiable certificates of deposit Source Board of Governors of the Federal Keserve System CONSUMER INSTALMENT CREDIT Millions of dollars monthly data seasonally adjusted Instalm ent credit e stended Instalmc3nt credit liejuidated Net change5 in amount outstanding D j Jrenod Total i Mar Apr May June July Aug Sept Oet Nov Dec 1979 Jan Feb Mar Automobile Revolving Total i Revolving Total i Automobile Revolving Includes mobile home and other not shown separately Automobile Source Board of Governors of the Federal Eeserve System Bank loan growth accelerated markedly in April BILLIONS OF DOLLARS RATIO SCALE 1 000 BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS 1 000 TOTAL LOANS AND INVESTMENTS INVESTMENT IN OTHER SECURITIES o i INVESTMENT IN U S GOVERNMENT SECURITIES i i i i Ii i i i I i i i i i i i I i I i i i SEASONALLY ADJUSTED END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1979 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted l All member banks Borrowiiigs milL ans Investnlents lions of dollarSj Iteserves 2 s Total unadji isted 2 loans and Total exinvest cluding Commer U S Gov Other ReNonSeacial and ernment secuTotal Total ments interborrowed quired sonal rities industrial securities AlleCommercial 1 anks T J Feriod bank Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Data are for end of period of daily figures Annual data are for December Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M 2 Averages 3 28 NOTE Commercial bank data revised beginning July 1978 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 Crediit market unds Total Tntil Longterm 2 Shortterm 3 Other Total Purchase of physical assets 4 Increase in financial assets Discrepancy sources less uses I II III IV II III IV 9 i Undistributed profits after inventory mluation and capital consumption adjustments capital consumption allowances and foreign branch profits Stocks bonds and mortgages s 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 liabil ities Curreiat assets End of period Total SEC series FTC FRB series Other current assets Total Net working capital Current ratio Total current assets divided by total current liabilities Eased on data from Statistics of Income Department of the Treasury Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corporations Federal Trade Commission 2 3 Notes Other and current accounts liabilities payable I II III IV 1978 I II III Cash U S Notes governand Invenment actories securicounts ties receivable NOTE SEC series not available after 1974 See Federal Reserve Bulletin July 1978 for details regarding the series Sources Board of Governors of the Federal Beserve System Federal Trade Commission and Securities and Exchange Commission INTEREST RATES AND BOND YEILDS Interest rates rose durlnq May after their mid Apr I decline PERCENT PER ANNUM PER ANNUM COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TAME BELOW IPercent per annum j U S Trcjasury seeunity yields Constant iuaturities 2 3 month 1 bills 3 year 10 year Period Apr May June July Aug Sept Get Nov Dec Jan Feb Mar Apr Week ended 1979 Apr 28 May High grade Corporate Prime com Discount municipal mercial rate Aaa bonds paper N Y bonds Standard 4 6 F R Poor s 3 Moody s months Bank 4 I Rate on new within period Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department Weekly are Wednesday figures Average effecti e rate for year opening and closing rate for month and week 3 30 r 6H 6K J H Ql Ql Q1Z Q1 Prime rate charged by banks X H 11X H 9H l ll 9 9H gi 9 9 gi 9H 9H Newhome mortgage yields FHLBB i iji nji iiji nji n n Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Bates beginning January 1973 not strictly comparable with prior rates 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 In May continued to decline from mid April peaks INDEX DEC INDEX DEC PERCENT PERCENT EARNINGS PRICE RATIO ON COMMON STOCKS S P SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common s took s yields perc ent Comitnon stock p rices l Period New York Stock Exctsange indexe s Dec Composite Industrial Transportation m Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Week ended 1979 Apr 28 May Utility Average of dally closing prices a Includes all the stocks more than 1 500 on the NYSE Includes 30 stocks Includes 500 stocks 1 Standard Poor s series Dividend price ratios based on Wednesday closing pnces Earnings price ratios on prices at end of quarter Finance Standard Poor s DowJones composite Dividend EarningsIndustrial index ratio ratio average NOTE All data relate to on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc ard Poor s Corporation 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 7 months of fiscal 1979 the budget deficit was 32 7 billion A year earlier the deficit was 48 0 billion B1LUONS OF DOLLARS IIUJONS OF DOLLARS RECEIPTS AND OUTLAYS OUTLAYS RECEIPTS J f 50 50 SURPLUS W OR DEFICIT L L SQ FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OP ECONOMY AOV5SS8S Billions of dollars Period Receipts Fiscal year or period Transition quarter estimates 1980 estimates Current Budget Estimates March First Concurrent Resolution May Cumulative total first 7 months Fiscal year Fiscal year Excludes non interest bearing public debt securities held by IMF Estimates from Current Budget Estimates March 1979 Office of Management and Budget 2 32 Federal debt end of period Total l Held by the public Surplus or deficit Outlays First Concurrent Resolution on the Budget Fiscal Year 1980 May Sources Department of the Treasury and Office of Management and Budget except as noted FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 7 months of fiscal 1979 budget receipts were 41 4 billion higher than a year earlier and outlays were 26 1 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS CORPORATION INCOME TAXES OUTLAYS N N O D NATIONAL DfftNSE 100 1 v I 1973 I I S RSCALYEARS I 1978 I 1979 SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET 100 K COUNCIL OF ECONOMJC ADVISERS Billions of dollars utlays Receipts Nationa defense Period Total Indi Corpovidual ration Other income income taxes taxes Fiscal year or period Transition quarter estimates estimates Cumulative total first 7 months Fiscal year 1978 Fiscal year Total Interna Health Inand Depart tional income terest Other ment of affairs security Defense military Estimates from Current Budget Estimates March 1979 Office of Management and Budget Total Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1979 according to preliminary estimates Federal receipts rose 6 8 billion annual rate and expenditures rose 4 6 billion yielding a deficit of 18 4 billion 2 4 billion lower than the fourth quarter deficit BILLIONS OF DOLLARS 550 BILLIONS OF DOLLARS 500 i i I i I i i i i i I IN 150 I 50 50 SURPLUS 50 DEFICIT i III i iiI GALE MD AR Y EARJ SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates F sderal G Dvernmeiat expen iitures Federal Glovernm ent receip ts Period Subsidies Less GrantsPurless Indirect ContriWage in aid Persona Corpo business butions chases Trans to State Net rate current accruals tax and profits tax and for Total of goods fer pay and interest surplus of less Total nontax and tax ments local paid Govern disnontax receipts accruals accruals social inservices ment en bursegovernsurance terprises ments ments Surplus or deficit national income and product accounts Fiscal year f Calendar year III IV IL III IV I Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget 34 4 o INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Period mees ui Con i In dustria I produ Dtion se asonally adjuste d United United CanUnited United Can Ja France GerGermany Italy King States1 ada Japan France many Italy Kingpan States ada dom dom life June July Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr l i Beginning January 1978 data relate to all urban consumers Source National sources as reported by Department of Commerce Bureau of International Economic Policy and Office of International Keseareh in International Indicators U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Mercl landise exports l Merc landise imports 8 Domesti c exportsi Period Ge neral im ports Total domesFood Crude ManuFood Crude tic and bever mate Manu Total 2 facforeign Total 2 bever matefacrials ages rials tured Total ages c i f extured value 4 and to and and to and ports goods goods bacco fuels bacco fuels F a s valu e s Monthly average Mar Apr 11 630 May June July Aug Sept Oct 12 901 Nov 13 451 Dec Jan Feb 13 507 Mar Custoiris value S F a s Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program are excluded from totals for all Periods and from monthly detail beginning January Total includes of commodities and transactions not classified according to kind JW rrivals imported goods other than intransit shipments TT JA cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates Mer ehandise balance Exports Ex f a s ports Exports less f a s f a s imless less imports imports cusports c i f toms f a s value 5 F a s at value s alongside port of NOTE Data Source Department of for not at U S port of exportation for exports comparable with earlier data Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In fhe first quarter the merchandise trade deficit fell slightly to 6 2 billion from 6 4 billion in the fourth quarter BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted M erchandise Period Imports Exports Inv stment iricome3 12 Net balance Receipts Payments Net Net military transactions Nettravel and transportation receipts Other services net 8 Balance on goods and services Remittances pensions and other unilaterai transfers III IV IIL IV Excludes military grants a Adjusted from Census data 8 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 Balance on current account Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued In the fourth quarter of 1978 both capital outflows and capital inflows accelerated sharply The increased outflow was primarily concentrated in private accumulation of foreign assets The increased inflow reflected the acceleration of foreign official accumulation of U S assets which rose from 4 9 billion in the third quarter to 19 0 billion in the fourth quarter BILLIONS OF DOLLARS 30 BILLIONS OF DOLLARS CHANGE IN FOREIGN ASSETS IN THE U S NET A CHANGE IN U S ASSETS ABROAD NET SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net iner ase capit il outflow Period Total U S official reserve assets Other U S U S Govern private ment assets 2 assets Fore ign assets in the U S net inci ease capi1fcal inflow HP Foreigri official ass ets Total Total Assets of Other foreign foreign official assets reserve agencies III IV I 15 067 II 6 167 I I I IV I Consists of gold special drawing rights SDK convertible currencies and the U S reserve position in the IMF 1 Quarterly data are not seasonally adjusted Stati stical discre pancy U S official Allocareserve tions Of assets Total of 1 special sum of Seasonal net unadthe drawing adjust justed items rights ment with sign discrep end of SDR reversed ancy period 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 Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions FFor sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 1 30 single copy Subscription price 15 00 per year 3 75 additional for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE 1979 O

National Income

DATE: May 1979

PART OF:

Economic Indicators : May 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-. "National 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-. "May 1979," Economic Indicators (May 1979) : 6-6. https://fraser.stlouisfed.org/title/1/item/349/toc/404451 , accessed on December 5, 2019.

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Economic Data