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SUEVEY OF CUREENT BUSINESS

March 1977

NATIONAL INCOME AND PRODUCT TABLES
1975
1975

1976*

III

1975

1976

IV

I

II

III

IV*

1975

1976*

III

1976

IV

Seasonally adjusted at annual rates

I

II

III

IV*

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1972 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product

[,516.3 1,691.6 1,548.7 1,588.2 1,636.2 1,675.2 1,709.8 1,745.1 1,191.7 1,264.7 1,209.3 1,219.2 1,246.3 1,260.0 1,272.2 1,280.4

Personal consumption expendituresDurable goods
Nondurable goods.
Services

973.2 1,079.7

987.3 1,012.0 1,043.6 1,064.7 1,088.5 1,122.0

770.3

813.7

775.3

783.9

800.7

808.6

815.7

829.7

162.0
456.0
504.0

111.9
306.1
352.4

125.8
319.3
368.6

115.1
306.8
353.4

118.0
309.5
356.4

124.3
314.6
361.8

125.2
317.6
365.8

126.2
318.9
370.6

127.6
325.9
376.2

229.6

155.0
434.8
474.9
239.2

157.6
441.8
489.1
247.0

242.8

137.8

170.9

148.7

147.0

167.1

171.7

175.2

169.8

156.5
440.4
482.8

136.0
414.6
436.7

141.8
421.6
448.6

151.4
429.1
463.2

183.7

239.6

196.7

201.4

131.7
409.1
432.4

Gross private domestic investment.

198.3

227.7

198.6

205.7

214.7

223.2

231.9

241.0

149.8

162.8

149.7

152.5

156.7

160.6

165.0

169.0

Nonresidential
Structures
Producers' durable equipment..

147.1
52.0
95.1

160.0
55.3
104.7

146.1
51.8
94.3

148.7
52.1
96.6

153.4
53.2
100.2

157.9
54.9
103.0

163.0
56.0
107.0

165.6
57.0
108.6

111.4
36.7
74.7

115.7
38.1
77.7

110.1
36.6
73.5

110.5
36.7
73.8

112.6
37.1
75.5

114.9
37.9
77.0

117.5
38.4
79.2

117.9
38.9
79.0

Residential
Nonfarm structures
Farm structures
Producers' durable equipment.

51.2
49.0
.8
1.3

67.7
65.1
1.1
1.6

52.6
50.2
1.0
1.4

57.0
54.2
1.4
1.4

61.3
58.6
1.2
1.5

65.3
62.9
.9
1.5

68.9
66.3
1.0
1.6

75.5
72.7
1.2
1.6

38.4
36.6
.6
1.2

47.1
45.1
.7
1.3

37.6
.7
1.2

41.9
39.7
1.0
1.2

44.1
42.0
.9
1.3

45.7
43.9
.6
1.2

47.4
45.5
.7
1.3

51.1
49.0
.8
1.3

-14.6
-17.6
3.0

11.9
11.9
0

-2.0
-4.2
2.2

-4.3
-9.5
5.2

14.8
12.7
2.2

16.0
17.3
-1.3

15.1
15.6
-.5

1.7
2.2
-.5

-12.0
-13.0
.9

8.1
8.1
0

-1.0
-1.9
.9

-5.5
-7.0
1.5

10.4
8.9
1.5

11.1
12.0
-.9

10.2
10.5
-.3

1.2
-.4

20.5

Fixed investment

Change in business inventories.
Nonfarm
Farm

Exports
Imports
Government purchases of goods and services
Federal
National defense
Nondefense
State and local

6.6

21.4

21.0

8.4

9.3

4.7

4.2

22.6

16.0

22.8

23.1

16.6

16.0

15.7

15.5

148.1
127.6

162.7
156.0

148.2
126.8

153.7
132.7

154.1
145.7

160.3
151.0

167.7
163.0

168.5
164.3

90.6
68.1

96.1
80.1

90.7
67.9

93.9
70.8

93.6
77.0

95.4
79.4

98.0
82.3

97.4
81.8

339.0

365.6

343.2

353.8

354.7

362.0

369.6

376.2

261.0

264.1

262.4

265.2

261.9

263.6

265.5

265.3

124.4
84.3
40.1
214.5

Net exports of goods and services

133.4
88.2
45.2
232.2

124.6
84.6
40.0
218.6

130.4
87.1
43.2
223.4

129.2
86.2
42.9
225.5

131.2
86.9
44.2
230.9

134.5
88.5
46.0
235.0

138.9
91.3
47.6
237.4

95.7

96.7

95.6

97.2

95.4

96.0

97.3

98.1

165.2

167.4

166.9

168.0

166.6

167.7

168.2

167.3

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product

1,516.3 1,691.6 1,548.7 1,588.2 1,636.2 1,675.2 1,709.8 1,745.1 1,191.7 1,264.7 1,209.3 1,219.2 1,246.3 1,260.0 1,272.2

•

Final sales
Change in business inventories..
Goods
Final sales
Change in business inventories.

1.280.4

1,531.0 1,679.7 1,550. 6 1,592.5 1,621.4 1,659.2 1,694.7 1,743.4 1,203.7 1,256. 6 1, 210.2 1,224. 7 1,235.9 1,248.8 1,262. 0 1.279.5
10.2
11.1
10.4
-1.0
-5.5
-14.6
11.9
8.1
-2.0
-4.3
14.8
16.0
15.1
1.7 -12.0
681.7
696.3
-14.6

760.2
748.3
11.9

703.5
705.4
-2.0

719.7
724.0
-4.3

742.3
727.5
14.8

758.4
742.4
16.0

766.1
751.0
15.1

774.3
772.5
1.7

532.6
544.7
-12.0

575.8
567.7
8.1

546.0
547.0
-1.0

549.9
555.4
-5.5

569.5
559.1
10.4

576.0
564.8
11.1

579.1
568.9
10.2

578.7
577.9
.9

Durable goods
Final sales
Change in business inventories.

254.4
266.5
-12.1

300.5
297.8
2.7

265.0
272.0
-7.0

270.0
280.6
-10.6

282.7
286.3
-3.6

301.2
295.8
5.4

308.2
301.4

309.8
307.7
2.0

204.7
214.1
-9.4

229.9

228.1
1.8

212.1
216.8
-4.6

213.4
220.7
-7.4

221.9
224.3
-2.4

230.5
226.7
3.8

234.6
230.0
4.6

232.6
231.5
1.1

Nondurable goods
Final sales
Change in business inventories.

427.3
429.8
-2.6

459.8
450.5

438.4
433.4
5.0

449.7
443.3
6.3

459.6
441.1
18.5

457.1
446.6
10.6

457.9
449.6
8.3

464.5
464.8
-.3

327.9
330.6
-2.7

339.6
6.4

333.9
330.2
3.7

347.6
334.8
12.8

345.5
338.2
7.3

344.5
338.9
5.6

692.5
142.1

772.0
159.3

700.2
145.0

719.5
149.1

742.6
151.3

759.6
157.3

781.5
162.2

804.4
166.5

556.6
102.4

579.1
109.8

558.7
104.6

336.6
334.7
1.9
562.8
106.4

346.1
346.4

9.2

570.3
106.6

575.3
108.7

582.1
111.0

588.8
112.8

1,516.3 1,691.6 1.548.7 1,588.2 1,636.2 1,675.2 1,709.8 1,745.1 1,191.7 1,264.7 1,209.3 1,219.2 1.246.3 1,260.0
1,505.7 1,678.1 1,537.4 1,577.1 1,623.2 1,662.8 1,696.1 1.730.4 1,186.8 1,258.7 1,204.0 1,214.1 1.240.4 1,254.3
277.5 1,427.4 1.306.8 1,340.4 1.380.7 1,415.5 1,443.1 1,470.1 1,004.1 1,071.6 1, 020.8 1,030.2 1,055.1 1, 068. 0
994.1 1, 018.0 1, 031.5
222.8 1,368.9 1, 246.7 1,279. 6 1.324.8 1,354.7 1,384.4 1,411.8 968.1 1,033.5 983.0
890.0
865.7
105.0 1,239.2 1,127.8 1,157.6 1,199.8 1, 226.5 1,253.1 1.277.5
925.0
880.1
912.9
926.5
104.0
134.4
102.4
117.8
118.9
106.5
102.9
105.1
129.7
122.0
131.2
106.9
125.0
128.2
34.2
34.1
50.3
55.0
49.4
34.9
36.0
34.3
50.8
54.8
50.0
35.1
48.7
55.0
4.4
8.9
5.1
7.7
6.1
8.7
7.2
5.8
2.8
1.6
1.8
3.0
1.8
1.9

1,272.2

1,280.4

1,266.2

1,273.9

1,078.2
1,039.4
931.8
107.5
35.0

1,085.1
1,045.0
936.4
108.6
36.2

3.8

3.8

40.4

41.5

41.8

145.5
48.1
97.4

146.0
48.0
97.9

146.6
48.1
98.4

147.0
48.1

5.9

5.6

6.0

6.5

Services
Structures.

345.9

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national productGross domestic product
Business
Nonfarm
Nonfarm less housing..
Housing
Farm
Statistical discrepancy...
Residual *
Households and institutions.
Government
Federal
State and local.
Rest of the world.

49.7

56.0

50.4

51.5

53.3

54.8

57.0

58.9

38.5

40.9

38.5

38.8

178.5
59.3
119.2

194.8
63.4
131.4

180.1
59.1
121.1

185.2
61.5
123.7

189.2
62.2
127.0

192.5
62.5
130.0

196.0
63.2
132.8

201.4
65.6
135.8

146.3
48.1
98.2

10.6

13.4

11.3

11.1

13.0

12.4

13.7

14.7

144.2
48.2
96.0
4.8

144.7
48.2
96.5
5.3

145.1
48.1
97.0
5.1

* Corporate profits (and related components and totals) for the fourth quarter of 1976 are
preliminary and subject to revision next month.
1. Equals GNP in constant dollars measured as the sum offinalproducts less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.




6.0

NOTE—Table 2: "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type oi
product produced by the establishment holding the inventory; for trade, by the type oi
product sold by the establishment holding the inventory; for construction, durable; and lor
other industries, nondurable.
nei uiuusuutja, iiuiiu.uia.uitj.
,
, •.
Table 3: The industry classification within the business sector is on an establishment oasis
and is based on the 1967 Standard Industrial Classification.

CURRENT BUSINESS STATISTICS

J.HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $5.10) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly data
for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.

1974
Unless otherwise stated in footnotes below, data
through 1974 a n d descriptive notes a r e a s shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S

| 1975

1976

1973

IV

Annual total

1975

1974

I

II

III

|

IV

I

II

1976

III

IV

I

III

II

Seasonally adjusted quarterly totals iit annual rates

1 1V

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
2

1, 516. 3 1, 691. 6

Personal consumption expenditures, total..do

887.5

973.2 1,079.7

833.1

853.3

878.7

Durable goods, total?
do
Motor vehicles and parts.
..do
Furniture and household equipment...do

121. 6
47.9
54.7

131.7
53.2
57.6

156.5
70.7
63.0

121.1
50.7
52.0

118.6
46.2
53.7

122.5
48.5
54.9

Nondurable goods, total 9
Clothing and shoes
Food.
Gasoline and oil

do.
do..
.do.
_.do_.

376.2
65.1
189.9
36.3

409.1
70.0
209.5
38.9

440.4
75.4
224.4
41.5

348.1
62.8
175.2
30.2

360.6
64.2
181.5
31.8

do
do
do
do

389. 6
56.1
136.4
31.1

432.4
63.9
150.2
34.0

482.8
72.1
165.8
37.5

363.8
51.6
128.1
28.6

374.1
52.8
131.8
29.7

(Jross national product, total t

Services, total9--Household operation
Housing
Transportation

bil. $_

_

Residential
Change in business inventories
Nonfarm
Net exports of goods and services
Exports
Imports

Change in business inventories
Durable goods
Nondurable goods

1,446.2 1,482.3

1,548.7

1,588.2 1,636.2 1,675.2

1,709.8 '1,745.1

1,431.6

1,449.2

906.8

911.1

933.2

960.3

987.3 1,012.0 1,043. 6 1,064.7

1,088.5

1,122.0

128.0
53.0
55.7

117.4
43.7
54.4

122.1
47.6
54.6

127.0
49.5
57.0

136.0
56.3
58.2

141.8
59.2
60.6

151.4
68.0
61.2

155.0
70.4
62.3

157.6
71.7
62.9

162.0
72.7
65.6

371.9
65.0
186.4
36.2

383.8
66.2
193.7
38.0

388.5
65.0
198.0
39.3

394.4
66.6
203.2
37.9

405.8
69.3
207.8
38.6

414.6
71.3
211.8
39.2

421.6
73.0
215.2
39.9

429.1
73.5
219.2
40.1

434.8
73.2
223.1
40.3

441.8
75.9
225.2
41.6

456.0
79.0
230.2
44.1

384.3
55.3
134.6
30.6

394.9
57.5
137.8
31.6

405.2
59.1
141.3
32.5

416.7
61.2
145.0
33.3

427.4
63.7
148.4
33.6

436.7
65.0
151.8
34.1

448.6
65.9
155.8
35.0

463.2
68.4
159.7
36.5

474.9
69.6
163.9
37.0

489.1
72.8
167.8
37.8

504.0
77.3
171.8
38.6

1,399.4

215.0

183.7

239.6

231.5

216.4

218.8

213.3

211.5

172.4

164. 4

196.7

201.4

229.6

239.2

247.0

242.8

204.3
149.2
54.1
95.1

198.3
147.1
62.0
95.1

227.7
160.0
55.3
104.7

202.5
140.3
51.2
89.1

203.8
145.1
52.4
92.7

205.8
149.0
54.8
94.2

206.0
150.9
54.1
96.8

201.7
151.9
55.2
96.7

194.6
148.0
53.1
94.9

194.3
145.8
51.2
94.6

198.6
146.1
51.8
94.3

205.7
148.7
52.1
96.6

214.7
153.4
53.2
100.2

223.2
157.9
54.9
103.0

231.9
163.0
56.0
107.0

241.0
165.6
57.0
108.6

do
do
do

55.1
10.7
12.2

51.2
-14.6
-17.6

67.7
11.9
11.9

62.1
29.0
23.7

58.7
12.6
14.5

56.8
13.0
13.9

55.0
7.3
7.4

49.8
9.7
12.9

46.6
-22.2
-25.6

48.6
-30.0
-31.2

52.6
-2.0
-4.2

57.0
-4.3
-9.5

61.3
14.8
12.7

65.3
16.0
17.3

68.9
15.1
15.6

75.5
1.7
2.2

do.
do.
do.

7.5
144.4
136.9

20.5
148.1
127.6

6.6
162.7
156.0

12.7
115.0
102.3

15.0
133.2
118.2

3.9
142.2
138.3

2.9
148.4
145.5

8.1
153.8
145.7

15.0
147.5
132.5

24.4
142.9
118. 5

21.4
148.2
126.8

21.0
153.7
132.7

8.4
154.1
145.7

9.3
160.3
151.0

4.7
167.7
163.0

'4.2
r 168.5
••164.3

303.3
111.6
77.3
191.6

339.0
124.4
84.3
214.5

365.6
133.4
88.2
232.2

277.8
104.4
74.4
173.5

288.0
106.1
74.9
181.9

298.0
108.9
75.9
189.1

308.6
113.5
78.2
195.1

318.5
118.1
80.2
200.4

325.6
120.3
82.0
205.3

333.2
122.4
83.4
210.9

343.2
124.6
84.6
218.6

353.8
130.4
87.1
223.4

354.7
129.2
86.2
225.5

362.0
131.2
86.9
230.9

369.6
134.5
88.5
235.0

376.2
138.9
91.3
237.4

1,326.1 1,360.0
599.8
608.4
230.7
232.3
369.0
376.1
580.1
605.1
146.2
146.5

1,386.4
621.9
240.6
381.3
614.6
150.0

1,424.2
643.0
247. 6
395.4
633.8
147.4

1,439.4
642.8
240.2
402. 6
652.8
143.8

1,468.4
664.8
249.5
415.3
666.3
137.2

1,512.3
691.0
263.8
427.2
684.2
137.1

1,550.6
705.4
272.0
433.4
700.2
145.0

1,592.5
724.0
280.6
443.3
719.5
149.1

1,621.4
727.5
286.3
441.1
742.6
151.3

1,659.2
742.4
295.8
446.6
759.6
157.3

1,694.7
751.0
301.4
449.6
781.5
162.2

1,743.4
772.5
307.7
464.8
* 804.4
166.5

13.0
2.2
10.8

7.3
5.1
2.3

9.7
14.5
-4.7

-22.2
-15.4
-6.8

-30.0
-15.3
-14.7

-2.0
-7.0
5.0

-4.3
-10.6
6.3

14.8
-3.6
18.5

16.0
5.4
10.6

15.1
6.8
8.3

1.7
2.0
-.3

1,220.8 1,212.9

1,191.7

1,161.1 1,177.1 1,209.3

1,219.2

Govt. purchases of goods and services, total, do
Federal
do
National defense
do
State and local
do
By major type of product:!
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
_
Structures..

1,355.1 1,372.7

do
.do
do
do

Gross private domestic investment, total...do
Fixed investment
Nonresidential
Structures
Producers' durable equipment

1 ,413.

do
do
do
do
do
do
do..
do..
do.

1,402.5
629.0
240.2
388.9
626.6
146.9
10.7
7.1
3.6

1,531.0 1,679. 7
696.3 748.3
266.5 297.8
429.8 450.5
692.5 772.0
142.1 159.3
-14.6
-12.1
-2.6

11.9
2.7
9.2

29.0
12.1
^.9

12.6
6.6
6.0

1,191.7 1,264. 7

GNP in constant (1972) dollarsf
Gross national product, totalf

bil.$__ 1,214.0

Personal consumption expenditures, total..do
Durable goods
Nondurable goods
Services

do..
do..
do..

1,246.3 1,260.0

1,272.2 '1,280.4

1,242.6

1,230.4

759.1

770.3

813.7

765.9

761.8

761.9

764.7

748.1

754.6

767.5

775.3

783.9

800.7

808.6

815.7

829.7

112.3
303. 5
343.4

111.9
306.1
352.4

125.8
319.3
368.6

118.1
308.0
339.7

114.9
305.1
341.8

115.0
304.0
342.9

116.1
304.9
343.7

103.1
299.8
345.1

106.0
300.6
348.0

108.4
307.2
351.8

115.1
306.8
353.4

118.0
309.5
356.4

124.3
314.6
361.8

125.2
317.6
365.8

126.2
318.9
370.6

127.6
325.9
376.2

182.0

137.8

170.9

211.8

194.8

187.9

176.2

169.1

129.3

126.2

148.7

147.0

167.1

171.7

175.2

169.8

Fixed investment
Nonresidential
Residential
Change in business inventories

do
do
do
do

173.5
128.5
45.0
8.5

149.8
111.4
38.4
-12.0

162.8
115.7
47.1
8.1

186.4
132.4
54.0
25.4

183.4
133.5
49.9
11.4

178.5
131.6
47.0
9.4

171.1
127.3
43.9
5.1

161.1
121.8
39.3
8.0

149.8
114.4
35.4
-20.5

147.4
110.6
36.8
-21.2

149.7
110.1
39.6
-1.0

152.5
110.5
41.9
-5.5

156.7
112.6
44.1
10.4

160.6
114.9
45.7
11.1

165.0
117.5
47.4
10.2

169.0
117.9
51.1
.9

Net exports of goods and services

do

16.5

22.6

16.0

12.9

18.4

15.7

'15.5

265.5
97.3
168.2

265.3
98.1
167.3

Gross private domestic investment, total...do

Govt. purchases of goods and services, total .do
Federal
do..
State and local
do

256.4
261.0
264.1
252.0
255.4
95.3
95.7
96.7
94.3
95.3
161.1
165.2
167.4
157.7
160.1
r
Revised.
v Preliminary.
\ Revised series. Estimates of national income and
product and personal income have been revised back to 1973 (see p . 24 ff. of the July 1976




16.0
16.6
23.1
14.9
22.8
24.3
14.9
17.7
20.1
263.6
261.9
256.1
262.4
265.2
257.1
257.1
259.1
256.9
96.0
95.4
94.7
95.6
97.2
94.8
95.8
95.3
95.4
167.7
166.6
166.9
162.2
161.4
168.0
161.3
163.8
161.5
SURVEY); revisions prior to May 1975 for personal income appear on p.
1976 SURVEY.
9 Includes data for items not shown separately.

33 of the July

S-l

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes a r e a s shown in
the 1975 edition of BUSINESS STATISTICS

1974

1

1975

1976

Annual total

III

1976

1975

1974
II

March 1977

IV

I

II

III

I

IV

II

1977
III

IV

I

II

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL I N C O M E AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted at Annual

Rates

Implicit price deflators:!
Gross national product
Index, 1972=100..
Personal consumption expenditures
do
Durable goods
_
do
Nondurable goods
do
Services
_
do
Gross private domestic investment:
Fixed investment
__do
Nonresidential
_
do
Residential
do
Govt. purchases of goods and services
Federal...
State and local.
___

do.
do.
do_

National income, totalf

bil. $.

Compensation of employees, total
Wages and salaries, t o t a l . . .
Govt. and govt. enterprises
Othpr
Supplements to wages and salaries

do,.
do..
do.
do.
do..

Proprietors' Income with inventory valuation
and capital consumption
adjustments,
total
_...bil. $..
Farm..
do
Nonfarm
_
do
Rental income of persons with capital consumption adjustment
bil. $..
Corp. profits with Inventory valuation and capital consumption adjustments, total
bil. $..
Corp. profits with invent, val. adj.:
Domestic, total.
do
Financial
do
Nonfmancial, total 9
..do
Manufacturing, total 9
do
Durable goods
do
Transportation, communication, a n d
electric, gas, and sanitary serv
bil. $.
Rest of the world _._
do

127.25
126.3
117.7
133.7
122.7

133.75
132.7
124.4
138.0
131.0

114.64
115.3
106.5
122.3
112.1

118.03
118.6
110.2
125.9
114.9

117.7
116.1
122.3

132.4
132.1
133.2

139.9
138.2
143.9

115.3
113.2
121.0

120.3
118.6
125.3

125.2
124.7
126.7

118.3
117.1
119.0

129.9
130.0
129.8

138.4
138.0
138.7

116.4
114.9
117.2

120.0
118.4
121.0

124.0
123.8
124.1

1,135.7 1,207.6

•1,348.5

128.07
127.3
118.2
135.1
123.6

130. 27
129.1
120.2
136.2
125.9

131.29
130.3
121.8
136.4
128.0

132.96
131.7
123.8
136.9
129.8

134.40
133.4
124.9
138.5
132.0

136.30
135.2
127.0
139.9
134.0

129.9
129.4
131.5

131.9
131.8
132.1

132.7
132.7
132.8

134.9
134.5
135.9

137.0
136.2
139.0

139.0
137.5
142.9

140.6
138.7
145.3

142.7
140.5
147.7

126.7
126.8
126.5

128.6
128.4
128.7

130.8
130.4
131.0

133.4
134.2
132.9

135.4
135.4
135.4

137.3
136.7
137.7

139.2
138.3
139.7

141.8
141.6
141.9

1,125.6 1,147.6 1,156.3

1,304.7 1,337.4

1,149.7 1,182.7 1,233.4 1,264.6

1,362.5

> l,389i

928.8
806.7
175.8
630.8
122.1

,028.4
890.4
190.7
699.7
138.0

866.3
756.7
158.1
598.6
109.6

888.8
775.6
161.1
614.4
113.3

901.8
786.0
166.7
619.3
115.8

904.0
785.8
170.0
615.7
118.2

912.9
792.8
173.8
619.0
120.1

935.2
811.7
177.3
634.4
123.5

963.1
836.4
182.2
654.1
126. 7

994.4
861.5
185.4
676.1
132.9

1,017.2
881.1
188.7
692.4
136.2

1,037.5
897.8
191. ?
706.1
139.6

1,064.5
921.0
197.0
723.9
143.5

86.9
25.8
61.1

90.2
24.9
65.3

96.7
22.8
73.8

85.0
24.6
60.4

86.0
23.8
62.2

85.5
23.3
62.2

81.1
17.9
63.2

86.8
24.1
62.7

95.5
29.2
66.3

97.2
28.3
69.0

93.2
21.9
71.4

100.3
27.5
72.8

96.1
21.7
74.4

97.1
20.3
76.8

21.0

22.4

23.5

20.6

21.0

21.5

21.9

22.3

22.4

22.9

23.3

23.1

23.4

24.3

84.8

91.6

• 117.9

87.8

81.7

74.1

69.0

86.6

105.3

105.6

115.1

116.4

122.0

118.1

' 125.8
»14.3
' 111.5
p 64.6
p 27.8

14.0
66.8
39.0
12.1

75.1
14.6
60.5
37.7
10.7

69.5
13.1
56.3
31.6
9.0

72.1
13.9
58.2
29.7
8.4

91.7
12.5
79.2
43.5
14.8

111.4
12.1
99.3
57.0
24.3

112.7
12.9
99.8
55.3
21.1

121.9
14.0
107.9
61.2
23.7

125.0
13.8
111.2
66.4
30.7

130.5
14.4
116.0
67.2
29.6

• 125.9
p 15.0
• 110.9

7.5

6.4
9.0

6.3
10.1

5.7
11.0

5.0
5.5

7.3
6.3

9.5
6.5

9.7
6.4

8.6
7.7

9.5
6.8

114.5 ' 148.0
49.2 P 64.4
65.3 P 83.6
32.1
35.1
33.2 P 48.5

126.4
53.0
73.3
30.7
42.6

138.6
57.6
81.0
31.3
49.7

119.2
48.6
70.6
31.1
39.5

94.2
40.2
54.0
31.7
22.3

105.8
44.8
61.0
31.9
29.1

126.9
54.8
72.1
32.6
39.5

131.3
57.2
74.1
32.2
41.9

141.1
61.4
79.7
33.1
46.6

146.2
63.5
82.7
34.4
48.3

-36.6
-1.9
65.9

-53.4
-3.5
70.0

-38.8
-6.3
73.2

-16.5
-8.6
73.7

-7.8
-11.4
74.0

-9.0
-12.6
74.9

-12.3
-13.5
75.8

-11.5
-14.5
78.6

-14.4
-15.4
80.3

76.7
14.1
62.6
36.9
11.9

97.0
12.9
84.1
46.4
17.2

6.0
11.2

7.9
6.2

127.6
52.4
75.2
30.8
44.4

do.
do.
do.

-39.8
-3.0
67.1

Inventory valuation adjustment
Capital consumption adjustment
Net interest

125.93
125.1
117.1
132.1
121.5

121. 60 124.55
121.8
123.7
113.8
115.1
129.6
131.2
117.4
119.7

875.8
764.5
160.4
604.1
111.3

do..
....do.
do.
.do..
do.

Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits. _.

D I S P O S I T I O N OF P E R S O N A L

116.41
116.9
108.3
124.0
113.5

-11.4
-11.5
74.6

P

-14.6
-15.5
82.0

10.7
p 8.5
7.2
150.2 p 154.5
65.1 v 67.5
85.1 p 86.9
37.7
35.4
49.7 p 49.2
-12.6
-15. 7
83.5

-20.0
-16.4
85.6

INCOMEf

Quarterly Data Seasonally Adjusted at Annual
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays©
Equals: Personal saving§

Rates

bil. $_.
do
do
.do
do...

1,153.3 1,249.7 1,375.3
170.4
168.8
193.6
982.9 1,080.9 1,181.7
910.7
996.9 1,105.2
72.2
84.0
76.5

1,136.8 1,172.5 1,194.1 1,203.1 1,230.3 1,265.5 1,299.7
167.4
174.5
142.2
178.3
174.0
179.3
179.8
969.5
998.0 1,015.8 ,023.8 1,088.2 ,091.5 1,119.9
930.4
901.6
983.6 ,011.1 1,036.2
935.0
956.7
67.8
104.5
80.5
83.7
80.8
67.2

1,331.3 1,362.0 1,386. 0 1,421.7
205.3
183.8
195.8
189.5
,147.6 1,172.5 1,190.2 1,216.5
,068.0 1,089.6 1,114.3 1,148.6
67.8
79.5
75.8
82.9

N E W PLANT AND E Q U I P M E N T
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries.
Manufacturing
Durable goods industries f
Nondurable goods industries 1

Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
'_'_~
Durable goods industries 1
Nondurable goods industries 1

Public utilities
Electric
Gas and other..
Communication
Commercial and other

112.78
47.95
21.84
26.11

120.49
52.48
23.68
28.81

28.16
11.27
5.59
5.69

28.23
11.62
5.65

31.92
13.63
6.64
6.99

25.82
10.84
5.10
5.74

28.43
12.15
5.59
6.55

27.79
11.67
5.16
6.51

30.74
13.30
5.99
7.30

25.87
10.96
4.78
6.18

29.70
12.66
5.61
7.05

66.39
3.18
2.54
2.00
2.12

64.82
3.79
2.55
1.84
3.18

68.01
4.00
2.52
1.30
3.63

16.89
.78
.64
.61
.49

16.61
.80
.64
.43
.58

18.29
.91
.78
.48
.71

14.98
.91
.59
.44
.62

16.28
.97
.71
.47
.77

16.12
.94
.62
.50
.85

17.44
.97
.62
.43
.93

14.91
.92
.49
.26
.72

17.04
.99
.68
.42
1.02

do...
do...
do.._
do...
do.. .

Public utilities
Electric
Gas and other
Communication
Commercial and other

112.40
46.01
22.62
23.39

do....
do...
do...
_ .do.. .
do...

Nonmanufacturing
Mitilng
Railroad
A lr transportation
Other transportation

Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation._

20.55
17.63
2.92
13.96
22.05

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.47
13.30
20.99

5.30
4.56
.75
3.60
5.46

5.20
4.42
.78
3.39
5.57

5.67
4.80
.87
3.78
5.97

4.42
3.84
.58
3.11
4.88

4.94
4.15
.79
3.22
5.19

5.07
4.16
.91
3.14
5.00

5.70
4.85
.85
3.26
5.52

4.79
4.18
.62
2.92
4.82

5.50
4.74
.76
3.21
5.21

111.40
45.32
22.50
22.82

113.99
47.04
23.08
23.96

116. 22
48.08
23.28
24.80

114.57
49.05
22.86
26.20

112.46
48.78
22.59
26.19

112.16
47.39
21.01
26.38

111.80
46.82
21.07
25.75

114.72
49.21
21.63
27.58

118.12
50.64
22.54
28.09

122.55
54.78
24.59
30.20

66.08
3.07
2.42
2.21
1.84

66.94
3.27
£.68
1.84
2.16

68.14
3.56
3.05
1.81
2.71

65.52
3.76
2.39
2.09
2.82

63.68
3.78
2.70
1.60
2.75

64.76
3.82
2.75
2 12
2^99

64.98
3.82
2.39
1.65
3.56

65.51
3.83
2.
1.18

67.48
3.83
2.64
1.44
4.16

67.76
4.21
2.69
1.12
3.44

20.97
18.10
2.87
13.94
21.63

20.16
17.47
2.68
14.01

23. 46 ' 24. 52
21.67
20.91
21.85
21.91
19.79
19.52
20.28
20.93
18.22 ' 19. 49 ' 20.44
17. 92 18.56
18.82
16.58
16.41
17.03
17.76
'4.08
3.45 ' 3 . 9 6
3.03
3.00
3.
3.21
3.11
3.25
3.1
13.64
14.30
12.62
19 22
12. 95
12.54
13.36
12.50
14.04
'2 37.25
20.99 ' 2 1 .
20.94
20." 44 20.
20.34
22.04
20.82 20.83
interest paid by consumers to business, and personal transfer payments to foreigners (net).
§ Personal saving is excess of disposable income over personal outlays.
*|Data for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.

do.. _
. do
do...
do...
do
do.
do.
]_._~do.
do.

do
do
-~"I""""~do
™_~~do~_~
do

' Revised.
v Preliminary.
i Estimates (corrected for systematic biases) for Jan.Mar. 1977 and Apr.-June 1977 based on expected capital expenditures of business. Expected
expenditures for the year 1977 appear on p. 31 of the March 1977 SURVEY.
2 includes
communication.
fSee corresponding note on p. S-l.
9Includes data for items not
snown separately.
© Personal outlays comprise personal consumption expenditures,




30.41 ' 34.52 '129.00
13.48 ' 15.38 ' 12.42
5.60
6.02 ' 7 . 2 7
'6.82
7.46 ' 8 . 1 2
16.93 ' 19.14 ' ' 16.59
1.03
1.04 ' 1 . 0 5
'.56
.64
'.70
'.39
.26
'.35
'.60
.95
'.94
'5.35
5.52 ' 6 . 4 6
'4.60
4.54 ' 5 . 3 4
'.75
.98
'1.12
3.33
3.84
2 8.67
5.19 ' 5 . 7 8

bil. $_
do - . .
do..do-_.

3.29

'125.22 1129.19
' 54.44 ' 56.17
' 25.50 r 25.33
' 28.93 ' 30.84
' 70. 78 r 73.02
'4.13 '4.26
'2.63 '2.37
'1.76
'1.41
'2.87
'3.49


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102