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 V MK Or CH C f Economic Indicators September 1979 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 1979 JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong LLOYD BENTSEN Texas Chairman RICHARD BOLLING Missouri Vice Chairman 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 M ALBERTINE Executive Director COUNCIL OF ECONOMIC ADVISERS CHARLES L SCHULTZE Chairman GEORGE C EADS LYLE E GRAMLEY PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 1st SESSION JOINT RESOLUTION SJ 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 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 INCOME AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the second quarter gross national product rose 37 7 billion or 6 7 percent both at annual rates Real output GNP adjusted for price changes fell 2 3 percent from the first quarter level and the implicit price deflator rose at a 9 3 percent annual rate BILLIONS OF DOLLARS 2 600 RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 2 600 SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS GNP IN 1972 DOLLARS J 1 000 L 1972 l L 1973 J SOURCE DEPARTMENT OF COMMERCE I 1 000 L COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures I IV I I 2 Oil I I III IV I II Net exports Exports Imports Total Federal 1 This category corresponds closely with budget outlays for national defense shown on p 33 Goi eminent purchases of goods and services Exporlbs and imf orts of goocis and ser vices Gross private domestic investment Total National defense Nondefense State and locnl 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 annual rates Gross 3rivate dc mestic iiivestment Exi3orts of gc ods and serviceJS Governinent pure bases of gooc s and sendees Personal conGross national sumption product expenditures Nonresidential fixed Residential fixed I III IV II Period I III IV Change in busiTslW INcu ness in exports Exports Imports ventories Total Federal State and local Final sales IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Gross national product Period Persona I eonsumj tion expenditures Total NonresNonDurable durable Services idential goods goods fixed Residential fixed Expor ts and imports of goods and scjrvices Governnlent purchases yf goods and seirvices Exports Imports Federal State and local III IV 1978 I II IIIIV 1979 I II Gross private domestic mves ment 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 Period IV 1978 III III IV 1979 1 II Constant 1972 dollars Current dollars Implicit price deflator Gross c lomestic p roduct Fixedweighted price index 1972 weights Chain price index NOTE Annual changes from previous year and quarterly changes from previous quarter Constant 1972 dollars Current dollars Implicit price deflator Chain price index Fixedweighted price index 1972 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Gross d omestic prodx LCt of nonfin ancial corpc rate busi ness billie ns of doll 3 rs Period C urrent dol lar cost a nd profit er unit of outpu t dollars i Total cost and profit 2 Capital consumption Compenallowances Indirect sation business with of capital taxes 3 employconees sumption adjustment Net interest Current dollars 1972 dollars III IV II III IV II Output is measured by gross domestic product of nonflnancial corporate business in 1972 dollars 2 This is equal to the deflator for gross domestic product of nonfinancial 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 4 Corpc rate profi ts with in vent 3ry valuat ion and capil al consuniption iidjustmen ts Total Profits tax liability Profits after tax 4 ComOutput penper sation hour per of all hour employ of all employees 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 ancl capital consurnption adjust ments Compensation of employees l Farm III IV of persons with capital consumption adjustment Corpor ate profits5 with inventory va iuation and capital consumptio ci adjustm ents Profits with inv entory valualAon ad jus tment and vithout caipital consum ption adjiistment Inventory valua Total Total Profits before tax Capital consumption adjustment Net interest adjustment Nonfarm Rental III III IV I II 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 Durable goo Is Total personal consumption expenditures Total durable goods 1 Motor vehicles and parts III IV II III IV I II Period Total includes other items not shown separately Retail sales of new pa ssenger cars nlillions of uiaits Nondura Die goods Furniture and household equipment Total nondurable goods l 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 8 4 billion annual rate in August following revised increases of 24 5 billion in July and 13 6 billion in June About 11 1 billion of the July rise was due to cost of living increases in social security and veterans benefits BILLIONS OF DOLLARS RATIO SCALE 2 400 BILLIONS OF DOLLARS RATIO SCALE OTHER INCOME TRANSFER PAYMENTS i i ii 60 I LJ SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE 1979 COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage j Rental Total and Other Propriety rs income 3 income Divi Personal Transfer paypersonal salary labor 12 of 4 dends interest ments 5 income disburse income income Nonfarm persons Farm l ments Period 1980 Less PerNonsonal confarm tributions personal for social income 6 insurance Oil Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug p 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 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 e 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 OF Real per capita disposable income declined in the second quarter BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE DOLLARS RATIO SCALE 10 000 PER CAPITA DISPOSABLE PERSONAL INCOME 9 000 DOLLARS RATIO SCALE DOLLARS J L J SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Less POT Period Personal income sonal tax and nontax payments Equals Disposable personal income Less Personal outlays l Per c apita dispc sable persona income Equals Personal saving Current dollars dollars Per cap ita personal c nsumption exp enditures Current dollars 1972 dollars Percent change Saving in real as percent of per capita disposable disposperable sonal perincome sonal income Population thou 2 sands Do lars Bil lions of d ollars L Seas onally ad usted ann ual rates 1977 III IV I II III IV I II Includes personal consumption expenditures interest paid 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 data are average for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the second quarter net farm income before inventory adjustment fell 0 2 billion annual rate while income after inventory adjustment fell 0 4 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 200 WO 100 GROSS FARM INCOME BEFORE INVENTORY ADJUSTMENT NET FARM INCOME AFTER INVENTORY ADJUSTMENT 20 SI 20 T SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE 1980 COUNCIL OF ECONOMIC ADVISERS Quarterly data at seasonally adjusted annual rates Person d income received by tota i farm population Income r seeived fr m f armin g Gross income be rore inven tory adjustnlent Period From From From all farm nonfarm sources sources sources Tntsil Net tc farm oper ators Gas b receipts from Producinarketings tion ex Before penses invenLivestock tory Total Crops and adjustment products Billioiis of dollars After inventory adjust 2 ment Net inco me per farm a fter inventory adjustmeiit 3 1967 Current dollars dollars 4 Dol lars III I I I III IV II IV 1 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 revised estimates for the second quarter corporate profits before tax fell 5 4 billion annual rate while after tax profits fell 2 7 billion BILLIONS OF DOLLARS 280 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Profit s before tax wit i inventc ry valusition adjustn lent 1 Dome tic indu stries IS onfinanc jial Period IV 1978 1 II Total III IV 1979 I II Total Financial Total Manufaeturmg Wholesale and retail trade See p 4 for profits with inventory valuation and capital consumption adjustments 8 2 Proj its 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 revised estimates for the second quarter business fixed investment rose 5 7 billion annual rate as nonresidential construction outlays rose 5 6 billion and producers1 durable equipment purchases rose 0 1 billion Residential investment outlays increased 1 7 billion Inventory investment amounted to 33 4 billion up 14 3 billion from the first quarter level BILLIONS OF DOLLARS 450 BILLIONS OF DOLLARS 450 SEASONA LLY ADJUSTED ANNU AL RATES GROSS PRIV ATE DOMESTIC INVESTMENT y I X i f NONRESIDENTIAL F IXED INVESTMEN1 r X XS N 200 J y RESII3ENTIAL FIXED IhDIVESTMENT CHAN GE IN BUSINESS IWENTORIES X i I i t I t i t SOURCE DEPARTMENT OF COMMERCE 50 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Noriresident lal fixed investme nt Gross private domestic investment Period III IV I Ill IV 1979 I II Struc tures Total Total Nonfarm Total T rr Total Nonfarm Source Department of Commerce Bureau of Economic Analysis Prodiicers1 dunible equipment Resid ential fixed invesi xment Nonfarm structures Farm structures ducers durable equipment Change in business inv entories Kl Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 13 2 percent in 1979 according to the Commerce Department survey conducted in late July and August The planned increase is 0 5 percentage point higher than the planned increase reported in June BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE J SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Starts c f plant and eqtlipment projcjets 3 E tpenditurc5S for plan t and equ ipment M anufacturi ng Period N Dnmanuf acturing Communication Commercial and 2 other Manufacturing Total Durable goods Nondurable goods Total oo III4 IV Total i II III IV I II 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 Trans Public Mining porta utilition ties 2 3 Public utilities Includes trade service construction finance and insurance Starts are estimated by adding changes in carryover to expenditures during given period Planned capital expenditures as reported by business in late July and August 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 310 000 in August while unemployment rose MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE EMPLOYMENT UNEMPLOYMENT i I i Ii Ii ii ii I I i I I I I I II i i ii I i i ii i 1975 I I I II i i i i i I i i i i i YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Noninstitutional population Period I I I I I I I 1979 Labor force participation rate perrtpnf Seascmally adj usted Aug Sept Oct Nov Dee Jan Feb Mar Apr MayJune July Aug 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 I Thousands of person 3 16 years of age a nd over Unempl yment C ivilian e mploymerit Total labor N onagri cultural 15 force Civilian Civilian UnemPart time Agriploy includ labor employTotal weeks Total and culforce ing ment ment Total for economic 1 over tural Armed reasons Forces Uinad justed I COUNCIL OF ECONOMIC ADVISERS I Beginning 1978 data not strictly comparable with earlier data because of revisions in the household survey which added about 250 000 to labor force and to employment Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In August the seasonally adjusted unemployment rate rose to 6 0 percent from 5 7 percent in July PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED 20 v 20 M H TEENAGERS f Wv v WOMEN 20 YEARS AND bVER MEN 20 YEARS AND OVER iii11i 1Iiiii UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Total all civilian workers Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Uneiuployme nt rate percent of civilia n labor f orce in g roup By sex and ige By select ed group S By race Men 20 years and over Women 20 years and over Both sexes 16 19 years White Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 Experienced House Fullwage time hold and heads worksalary ers workers Black and other Parttime workers Labor force time lost percent Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August the percentage of unemployed persons who were job losers and job leavers rose and the percentage who were reentrants and new entrants fell PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT JOB LOSERS REENTRANTS WiEKS NEW ENTRANTS V JOB LEAVERS 27 WEEKS AND OVER i 1 1 1 1 i i i SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted PerceEit distrib ution of unemployment Dy reasoii Period Unemployment thousands Job Job Reenlosers leavers trants New entrants Percer it distribution of unemployment b y duratkm 1 Less than 5 weeks 5 14 weeks 15 26 weeks 27 weeks and over State pi ograms Insured unemployment all Insured unem Initial regular proploy claims grams 2 ment unadjusted Special unemployment benefit3 claims unadjusted Weejkly aver age thou sands Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr May June July Aug 1 Detail may not add to 100 percent because of rounding Includes State 50 States District of Columbia and Puerto Rico ex servicemen UCX 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 s FSB and SUA These programs started January 1975 and regular reporting began March 1975 Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total rtonagrtcultural employment as measured by the payroll survey was unchanged in August MILLIONS OF PERSONS MILLIONS OF PERSONS ENLARGED SCALE ALL NONAGRICULTURAL ESTABLISHMENTS WHOLESALE AND RETAIL TRADE SERVICE PRODUCING INDUSTRIES 60 22 MANUFACTURING GOODS PRODUCINGINDUSTRIES 30 CONSTRUCTION k MtlKHllMW l tSl l SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted CJoods prc ducing i ndustries 13 i Fenod Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July p Aug Total nonagricultural employ Total ment Construction S ervice piDeducing Industrie S Trans Whole Finance Gover nment Ma nufactui ing insurportasale tion ance Services Total and NonState and and Federal and Total Durable durable real public retail goods goods trade estate local utilities 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 3 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AND HOURLY PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Averag e gross hourly sarnings Aver age weekly hours Manufsicturing Total private nonagrieultural l Period Total Overtime Total private nonagrieultural Manufacturing Adjusted h ourly earnin gs index t stal private nonagrkmltural 3 Percent ch ange from a year earlier 4 Index Current dollars 1967 dollars Current dollars 1967 dollars Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July v Aug AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross weekly earnings Period Total pri vate nonagricu Itural Current dollars Aug Sept Oct Nov Dec 1979 Jan Feb Mar Apr May June July v Aug J Manufacturing 1967 dollars s Percent chiinge from a year e aiiier total prr ate nonagricu Itural 5 Current dollars Current 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 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 15 PRODUCTIVITY AND RELATED DATA PRIVATE BUSINESS ECONOMY all Hours ol 2 pers ms Outiput 1 Output 3er hour of all p ersons Compensation per I lour 3 Unit labor CO sts Impliciib price deflal or 4 PriNonNonPriNonNonPriNonPrivate Private Non Private farm farm vate farm vate farm vate 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 dat a seasomilly adjusl ed IV II III IV I II Perce nt change quarterl y data at seasonal y adjuste d annual rates III IV 1978 I II III IV 1979 I II o 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 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 ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production fell 1 1 percent in August following a 0 1 percent increase in July and no change in June The August index was 2 0 percent above the year earlier level INDEX INDEX RATIO SCALE RATIO SCALE 180 TOTAL INDUSTRIAL PRODUCTION UTILITIES AND MINI NG PRODUCTION f A A r UTILITIES 140 i MINING V M 11M 11 lliilllilll MANUFACTURING PRODUCTION 4 AWJJi s M ill M MM 1977 MM h M M i i n l PERC ENT RATIO S CALE KM MANUFA CTURING C APACITY UTILIZATION RATE 90 V fin n v 1 r iniiiiiiii niiiiiiiii M M I h MM iMiiiiiiii SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total in dustrial produ ction Percent Period Index 1967 change from 100 year earlier 1967 proportion Aug Sept Oct 6 9 Nov Dec Jan Feb M a r Apr May June v July Aug COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Indu stry prodiiction ind exes M anufacturi ng Total Durable Nondurable Mining Utilities Output as percent of capacity 2 Annual data are averages of four monthly indexes 3 Quarterly data entered in last month of quarter Annual data are averages of quarterly data Manufstcturing GI ipacity utilization rate p srcent Federal Reserve seiles ComWharTotal merce2 ton Matemanuseries series 3 facturrials ing 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 Proc lucts Final 1Products Equij ment Co nsumer go ods Period Total Dec Jan Feb 148 2 Mar Apr May June July Aug proportion Aug Sept Oct Nov Total Busi Total so IS Materials Construction supplies NonDurable durable goods goods Total Sup Internlediate proc ucts plenientary group Energy total 39 S9 ie es seasonally adjusted Non durable inanufad ures Durable m anufacti ires Primar Y metals Period Total Iron steel 1967 proportion Aug Sept Oct Nov Deo 1979 Jan Feb Mar Apr May June July Aug Fabricated metal products ery Electrical machinery Total Motor vehicles and parts S OB 9 S Source Board of Governors of the Federal Beserve System 18 Nonelectrical ma Transportation equif ment Lumber and products Ar p i parel products Print Cheming icals Foods and and pubprodlishing ucts NEW CONSTRUCTION Constructio n contracts2 Private Total new construction expenditures Period Resic iential Total Total Commercial and industrial New housing units Federal State Other and local CommerTotal value cial and index industrial 1972 floor space 100 millions of square feet Bil lions of doll ars Seasonally adjusted Seasonalli adjusted atinual rates 1978 July Aug Sept Oct Nov Dec Jan Feb Mar Apr v May June v July A Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space Seasonally adjusted annual rates NOTE New construction expenditures data prior to 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 few private housing uni ts Units started by type of striicture Period Total unit units or more units New priv ate homes Units authorized Units completed Homes sold Homes for sale at end of i period Vacancy rate for rental housing units percent Seasonally adjusted arinual rates 1978 Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July v Aug v 1 Seasonally adjusted 2 Quarterly data entered in last month of quarter New series beginning March 1979 NOTE Units authorized beginning 1978 relate to 16 000 permit issuing places data for 1972 77 are for 14 000 places and for 1971 for 13 000 places Source Department of Commerce Bureau of the Census BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business sales rose 1 percent in July while inventories rose 7 7 billion According to the advance survey retail sales rose about percent in August following a similar rise in July and a slight decline in June BILLIONS OF DOLLARS BILLIONS OF DOLLARS RATIO SCALE 500 RATIO SCALE RETAIL INVENTORIES 90 TOTAL BUSINESS INVENTORIES 350 V v RETAIL SALES AIL SALE TOTAL BUSINESS SALES RATIO INVENTORY SALES RATIO k TOTAL BUSINESS 1 40 RETAIL SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total Imsiness Whcdesale K 3tail Sales2 Period Sales2 Inventories3 Sales2 Inventories 3 Tntal Iiiventorh5S DurNonable durable goods goods stores stores TWfil Invento ry sales ra io 4 DurNonTotal able durable busigoods goods ness l stores stores Retail Mill ions of c ollars se asonally adjustec Aug SeptOct Nov Dec Jan Feb Mar Apr May June July Aug The term business also includes manufacturing see page 21 Monthly average for year and total for month Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories at end of month to sales for month 20 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers inventories and shipments rose in July while orders fell In August according to advance data durable goods new orders and shipments rose BILLIONS OF DOLLARS RATIO SCALE 180 BILLIONS OF DOLLARS RATIO SCALE 2m 240 INVENTORY SHIPMENTS RATIO SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Maniifacturers 3 new ore ers l Manufac iturers shipments 1 Manufaci burers in rentories Durab le goods Capital Nongoods Durable durable Total Total indusgoods Total goods tries nondefense Millie ns of doll ars seasoilally adju sted Aug Sept Oct Nov Dec Jan 135 Feb 135 M a r Apr May 142 June July 140 Aug Period Total NonDurable durable goods goods Monthly average for year and total for month Shipments are the same as sales Book value end of period End of period For annual periods ratio of weighted average inventories to average monthly shipments for monthly data ratio of inventories at end of month to shipments for month 2 8 4 ManufacNon turers durable unfilled goods orders Manufacturers inventoryshipments ratio Source Department of Commerce Bureau of the Census 21 PRICES In August the producer price index for all finished goods rose 1 2 percent seasonally adjusted Prices of finished consumer foods also rose 1 2 percent and prices of other finished consumer goods rose 1 8 percent Prices of capital equipment increased 0 1 percent INDEX RATIO SCALE INDEX RATIO SCALE SOURCE DEPARTMENT OF LABOR 1979 COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Finishec1 goods In termedi ate i rnaterials lotal consumer CapiFoods finished Total and 1 Other tal equip goods feeds ment Finished goods e xcludin g eons umer f c ods Period Total finConished sumer goods foods Total Con sumer g oods Total Tint Nondur able Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Intermediate materials for food manufacturing and manufactured animal feeds 22 rip j Crud e materials Foodstuffs Total and Other feedstuffs NOTE Data revised for April 1979 Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES In August the consumer price index for all urban consumers rose 1 0 percent 1 1 percent seasonally adjusted Food prices fell 0 3 percent were unchanged seasonally adjusted Nonfood commodity prices rose 1 3 percent also 1 3 percent seasonally adjusted and services prices were up 1 2 percent also 1 2 percent seasonally adjusted INDEX RATIO SCALE 240 INDEX RATIO SCALE SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS i Period All items Food Commodities less food Comnciodities less food Food All zvUL Services cornmodities All Food at home Food away irom home All Services Duraoie Nondurable Seasonal ly adjust ed Unac ljusted 1978 A u g Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug o 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 t change from pr seeding periocI season ally adjtisted l Consum er goods Consum er goods Total finished goods Capital Total finequipished Exclud ment goods Foods ing foods Jan Feb Mar Apr May June July Aug Capital Total equipfinExclud ment ished ing Foods goods foods Capital equipExclud ment Foods ing foods Aug Sept Oct Nov Dec Percen t change from 6 rnonths earlie r seasonlally adjiisted annua rates Consum er goods Period Percen t change from 3 inonths earlicir seasorlally adjilisted annua rates ao Source Department of Labor Bureau of Labor Statistics Annual changes are from December to December unadjusted NOTE Based on revised data for April 1979 CHANGES IN CONSUMER PRICES Perceiit chang 3 from prc ceding peric d seasoiaally adju sted 1 Period All items Food Commodities less food Services Percent c hange f r m 3 mont hs earlier Percent c hange fix m 6 mont hs earlier season ally adju sted annu al rates seasomilly adju sted annu al rates All items Food Commodities less food Services All items Food Commodities less food Services Aug Sept Oet Nov Dec Jan Feb Mar Apr May June July Aug 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 4 percent in August and prices paid by farmers were unchanged in the month ended August 15 INDEX RATIO SCALE PRICES PAID ALL ITEMS INTEREST TAXES AND WAGE RATES k I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i RATIO J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices paid by far mers All items Family ProducLivestock interest tion living and taxes and items items products wage rates Index Prices received by farmers Period All farm products Crops Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base 2 The adjusted parity ratio reflects Government payments made directly to farmers Parity ratio l Actual Adjusted Index discontinued Consumer price index Department of Labor substituted in calculating total prices paid beginning January 1977 Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY STOCK Demand deposit growth decelerated sharply in July and August BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIOSCALE SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollar seasonally adjusted except as noted Overall measur es 1 Deposil s at com mercia banks Period Ml Dec 270 5 Dec 283 2 Dec 295 4 Dec 313 8 Dec 338 7 Dec Aug 356 7 Sept 360 7 Oet Nov 360 6 Dec Jan 359 7 Feb Mar 359 0 Apr May 364 5 June 369 0 July Aug M I M M Currency Demand Time and sa vings Deposits at nonbank thrift Idli 11 l Total 2 Large CDs Savings institutions 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 26 Peree nt charige 3 ompone nts and related items 2 3 U S Government demand deposits unadjusted Ml M1H M Includes time deposits other than large CDs not shown separately 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 cleposits Period U S Ti easury Negosecuiities tiable certifiShortNonbank cates of term thrift Savings market deposit bonds able seinstitutions curities Other private money market instruments Time d eposits Total liquid assets Currency Total Demand deposits Commercial banks Dec Dec Dec Dec Dec Dec Dec Dec Aug Sept Oct Nov Dec Jan Feb Mar AprMay June July Aug Source Board of Governors of the Federal Reserve System NOTE Date revised beginning March 1979 CONSUMER INSTALLMENT CREDIT Millions of dollars monthly data seasonally adjusted Installnlent credit e xtended Installnlent credit li quidated Net change in amount outstanding T j Fenod Total Automobile Revolving Automobile Total Revolving Total Automobile Revolving July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Includes mobile home and other not shown separately NOTE Date revised beginning October 1978 Source Board of Governors of the Federal Eeserve System 27 INVESTMENTS Bank loans continued to expand rapidly in August BILLIONS OF DOLLARS RATIO I BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS SEASONALLY ADJUSTED END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted All me mber ban ks Allc ornmercial t anks l Borrowirigs milL ans Investn lents lions of dollars B Reserves 2 3 Total unadju isted 2 loans and Total ex Commer U S Gov Other invest cluding cial and ReNonSeaernment secuTotal Total ments inter industrial securities borrowed quired sonal rities bank P rmr Aug Sept 9 Oet Nov 9 Dec v 1979 Jan 9 Feb v Mar 9 Apr 9 May 9 June v July 9 Aug 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 Regulations D and M 28 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 Total Longterm 2 Shortterm 3 Other Total Discrepancy sources less uses I II III IV Credil market j unds Total Increase in financial assets I II III IV Internal 1 Purchase of physical assets Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits I ISlanfc efcia pIr financecompany loans bankers acceptances and Government loans Plant and equipment residential structures inventory investment and mineral rights from U S Government S u B d G rs F toal E s m CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Curre nt assets End of period Total SEC series FTC FRB series I II III IV 1978 I II III IV I Cash Cur rent liabi ities Notes U S governand Invenacment tories securi counts ties receivable Total Net working capital Current ratio Total current assets divided by total current liabilities 2 Based on data from Statistfcs of Income Department of the 3 Treasury Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corporations Federal Trade Commission Other current assets Notes Other and current accounts liabilities payable 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 Reserve System Federal Trade Commission and Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Interest rates climbed further in September following their sharp August rise PERCENT PER ANNUM PERCENT PER ANNUM COUNCIl OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum Period Sept Oct Nov Bee 1979 Jan Feb Mar Apr May June July Aug Sept Week ended 1979 Sept U S Tre asury seeuri ty yields High grade Corporate Prime com Discount municipal mercial rate Aaa Constant inaturities 2 3 month N y bonds paper bonds bills Standard F B 4 6 3 year 10 year Poor s 3 Moody s months Bank gy2 gy gy2 gy gy gy gy2 gy g y2 g K 9H K K Kate on new Issues within period 2 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 Prime rate charged by banks llK Newhome mortgage yields FHLBB 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 Rates 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 declined in early September but rebounded to earlier levels INDEX DEC INDEX DEC EARNINGS PRICE RATIO ON COMMON STOCKS i SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common stock 5 yields percent Comiaion stock p rices 1 Period New York Stock Excllange indexes Dec Composite Industrial Transportation Aug Sept Oct Nov Dec 1979 J a n Feb Mar Apr May June July Aug Week ended 1979 Aug25 Sept Earningsratio Average of daily closing prices 2 Includes all the stocks more than 1 500 listed 3 Includes 30 stocks Includes 500 stocks 5 on the NYSE Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter Finance Utility Standard Poor s DowJones composite Dividendindex industrial ratio average N OTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Standard Poor s Corporation 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 11 months of fiscal 1979 the budget deficit was 45 0 billion A year earlier the deficit was 52 5 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS OR DEFICIT FISCAL YEARS SOURCES DEPARTMENT OF THi TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Receipts Fiscal year or period Transition quarter estimates Mid Session Review July Third Concurrent Resolution May estimates Mid Session Review July First Concurrent Resolution May 1979 4 Cumulative total first 1 1 months Fiscal year 1978 Fiscal year Excludes non interest bearlng public debt securities held by IMF Estimates from Mid Session Review of the 1980 Budget Office of Management and Budget as revised July Third Concurrent Resolution on the Budget Fiscal Year 1979 May Outlays Surplus or deficit o Held by the public Tntal Federal debt end of period 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 11 months of fiscal 1979 budget receipts were 59 2 billion higher than a year earlier and outlays were 51 6 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS CORPORATION INCOME TAXES 1 OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars 3utlays Recc ipts Nationa I defense Period Fiscal year or period Transition quarter estimates estimates 1 Cumulative total first 11 months Fiscal year 1978 Fiscal year 1979 Total Indi Corpovidual ration Other income income taxes taxes Total I i Estimates from Mid Session Review of the 1980 Budget Office of Mana ement and Budget as revised July Total Interna Health Inand Depart tional income terest Other ment of affairs security Defense military Sources Department of the Treasury and Office of Management and Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter according to revised estimates Federal receipts rose 10 8 billion annual rate and expenditures rose 6 1 billion yielding a deficit of 7 0 billion 4 7 billion lower than the first quarter deficit BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS l B I p DEFICIT t 3 E CALENDAR YEARS COUNCIL C F ECONOMIC ADVISERS SOURCE DEPARTMENT Ol COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal jrovernm ent receipts Period Personal Corporate Total tax and profits nontax tax receipts accruals Indirect business tax and nontax accruals F jderal G jvernmeiit expenclitures Subsidies Less GrantsWage Purin aid less Contributions chases Trans to State Net current accruals Total of goods fer pay and interest surplus of less for ments local paid Govern dissocial inand services surance government en bursements terprises ments Surplus or deficit national income and product accounts Fiscal year Calendar year III 375 8 IV II 424 8 III IV II Sources Department of Commerce Bureau of Economic Analysis Dep tment of the Treasury and Office of Management and Budget INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES In dustria produ 3tion se isonally adjuste d Period Oct Nov Dec 1979 Jan Feb Mar Apr J May June 3J July Aug France Germany Italy Japan United CanStates ada United United CanKing States1 ada dom Con sumer j rices urladjustec D i Beginning January 1978 data relate to all urban consumers GerJapan France many United King Italy dom Source National sources as reported by Department of Commerce Bureau of International Economic Policy and Research Office of International Economic Research in International Economic Indicators U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Merertandise e xports 1 Merc landise imports 5 Ge neral im ports Domesti 3 exports Period Total domestic and foreign Total exports 2 Food Crude Food Crude bever matebever mate Manu2 facrials ages rials ages tured Total and to and and to and goods bacco fuels bacco fuels July Aug 12 294 Sep Oct 12 901 Nov 13 451 Dec Jan Feb 13 507 Mar 14 452 Apr 13 883 May June 15 038 July Aug 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 1978 m lncludes commodities and transactions not classified according to kind 3 Total arrivals of imported goods other than intransit shipments trade Exports f a s less imports e i f Custonris value F a s valu 3 5 Monthly average Manu Total fac c i f tured value 4 goods Mer chandise balance Exports Ex f a s ports less f a s imless imports cusports toms f a s value F a s value C i f cost insurance and freight import value at first port of entry in the United States Data for 1973 are estimates 5 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 3B U S INTERNATIONAL TRANSACTIONS The current account which recorded a surplus of 415 million in the first quarter shifted to a deficit of 965 million in the second quarter BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted M erchandise Period Exports Imports Inv sstment iricome 3 12 KT tv ii c hnl Ua l ance Receipts Payments III IV IL III IV IIv Excludes 1 Adjusted military grants from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services net N iJlN Cv Net military transactions Nettravel and transportation receipts Other services net 1 Balance on goods and services Remittances pensions j and otner uni lateral transfers 1 Balance on current account Note Data revised beginning 1979 Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued In the second quarter private capital outflows of 14 8 billion were roughly matched by private capital inflows of 13 9 billion Foreign official assets in the United States which declined by 9 2 billion in the first quarter declined by a further 9 7 billion in the second quarter BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS 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 incre ase capits il outflow Period Total Other U S U S U S official Govern private reserve2 ment 1 assets 2 assets assets Fore ign assets in the U S net incirease capi tal inflow Foreigii official ass5ets Total Total Assets ol Other foreign foreign official assets reserve agencies II U S official Allocareserve tions Of assets Total of 1 special sum of Seasonal net unadthe drawing adjust justed items rights ment SDR with sign discrep end of reversed ancy period Statistical discre pancy IV II III IV Consists of gold special drawing rights SDR convertible currencies and the U S reserve position in the IMF 2 Quarterly data are not seasonally adjusted NOTE Data revised beginning 1979 Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 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 Installment 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 B C 20402 Price 1 30 single copy Subscription price 15 00 per year 3 75 additional for foreign mailing 38

Disposition of Personal Income

DATE: September 1979

PART OF:

Economic Indicators : September 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-. "September 1979," Economic Indicators (September 1979) : 8-8. https://fraser.stlouisfed.org/title/1/item/353/toc/261459 , accessed on December 8, 2019.

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Economic Data