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SUKVEY OF CURRENT BUSINESS

8

January 1978

NATIONAL INCOME AND PRODUCT TABLES
1977

1976
1976

1977 v

III

II

IV

1976
III

IV v

1976

1977

III

1977

IV

Seasonally adjusted at annual rates

II

III

IV v

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)
1,706.5 1,890.4 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,965.1 1,274.7 1,337.6 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,361.4

Gross national product

D u r a b l e goods
N o n d u r a b l e goods
Services _ _

_

_

_ _

Fixed investment
Nonresidential
Structures _
Producers' durable equipment

_

Residential
_ _ _ _
Nonfarm structures
Farm structures
Producers' durable equipment
Change in business inventories
Nonfarm
_.__
Farm

_

822.7

839.8

850.4

854.1

860.4

876.4

138.0
333.3
389.0

127.1
321.5
374.0

130.7
329.4
379.7

136.9
329.7
383.8

137.9
330.0
386.3

136.5
332.4
391.4

140.8
340.9
394.7

307.0

173.0

195.6

179.4

169.2

186.7

197.2

200.8

197.6

295.1

164.5

184.0

165.6

171.0

177.0

184.0

185.1

190.0

187.5
62.6
124.9

195.5
64.9
130.7

116.8
37.1
79.7

127.6
38.9
88.7

130.2
39.6
90.7

99.5
97 0
1.0
1.5

47.7
46.0
.7
1.0

119.0
37.3
81.7
52.0
50.2
.7
1.1

126.4
38.2
88.1

92.5
89.9
1.1
1.5

118.5
37.1
81.4
47.1
45.4
.6
1.0

124.3
37.0
87.3

90.8
88.2
1.2
1.4

127.1
38.4
88.7
56.9
55.1
.7
1.1

52.7
50.9
.7
1.1

57.6
55.7
.8
1.1

57.5
55.7
.7
1.1

59.8
58.0
.6
1.2

21.7
22.4
-.7

23.6
23.1
.5

11.9
10.4
1.5

8.5
10.1
-1.6

11.6
11.4
.2

13.8
14.4
-.6

-1.8
.7
-2.5

9.7
9.9
-.2

13.2
13.6
-.5

15.7
15.3
.4

7.7
6.6
1.0

184.6
497.7
572.9

294.9

303.6

273.2

280.0

182.4
61.0
121.4

81.0
78.5
1.1
1.4

_ _

13.8
14.1
-.3

159.3
444.7
498.2

166.3
458.8
513.9

177.0
466.6
528.8

294.3

254.3

243.4

271.8

230.0

_____

860.3

127.5
321.6
372.2

177.6
481.8
559.5

179.4
480.1
550.6

243.3

_____

Gross private domestic investment

821.3

1,094.0 1,210.1 1,102.2 1,139.0 1,172. 4 1,194.0 1,218.9 1,255.3

Personal consumption expenditures

276.6

232.8

244.3

258.0

161.9
55.8
106.1

185.6
61.6
124.0

164.9
56.0
109.0

167.6
57.0
110.6

177.0
57.9
119.2

68.0
65.7
1.0
1.3

90.9
88.4
1.1
1.4

67.8
65.7
.9
1.3

76.7
74.3
1.1
1.3

13.3
14.9
-1.6

17.8
17.5
.3

21.5
22.0
-.5

-.9
1.4
-2.3

158.9
442.7
492.3

178.6
474.4
541.1

7.8

Exports
Imports

_

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

-9.0

7.9

3.0

-8.2

-9.7

-7.5

-10.8

16.0

10.7

17.0

13.8

10.6

9.4

12.2

10.6

162.9
155.1

175.6
184.7

168.4
160.6

168.5
165.6

170.4
178.6

178.1
187.7

179.9
187.4

174.3
185.1

95.8
79.8

98.0
87.3

97.9 1 96.9
80.9 ; 83.1

96.9
86.3

98.5
89.1

99.8
87.6

96.8
86.2

361.4

395.0

363.0

370.0

374.9

390.6

400.9

413.6

264.4

271.1

264.6 | 264.6

263.3

270.0

274.0

276.8

130.1
86.8
43 3
231.2

Net exports of goods and services

145.4
94.3
51 1
249.5

130.2
86.4
43.8
232.7

134.2
88.4
45.8
235.8

136.3
89.7
46.7
238.5

143.6
93.4
50 2
247.0

148.1
95.6
52 5
252.9

153.8
98.6
55 2
259.8

96.5

101.4

96.7 ! 97.1

97.0

101.1

103.3

104.1

167.9

169.7

166.4

168.9

170.7

172.8

168.0

167.5

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
1,706.5 1,890.4 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,965.1 1,274.7 1,337.6 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,361.4
Final sales
Change in business inventories.
Goods
Final sales
Change in business inventoriesDurable goods
Final sales
Change in business inventories.
Nondurable goods
Final sales
Change in business inventories.
Services
Structures.

1,693.1 1,872.7 1,705.8 1,756.3 1,797.0 1,848.2 1,892. 2 1,953. 2 1, 266.2 1,326.1 1,269. 8 1,289. 2 1,301. 2 1,317.5 1,331.8 1,353.8
13.2
15.7
21.5
11.6
13.8
-1.8
9.7
13.3
-.9
13.8
21.7
23.6
8.5
11.9
17.8
7.7
608.5
617.0
623.7
581.9
612.9
602.4
827.1
843.5
586.9
776.0
774.7
764.2
805.9
861.5
834.5
580.1
595.3
601.3
616.1
573.0
754.5
805.4
601.3
583.7
592.7
750.9
775.6
792.1
819.9
571.6
849.6
816.8
13.2
15.7
7.7
13.8
21.5
13.3
13.8
21.7
8.5
-1.8
9.7
-.9
23.6
11.6
11.9
17.8
303.4
299.3
4.1

342.0
333.2
8.8

313.4
302.7
10.7

312.6
312.0
.6

334.4
326.6
7.8

341. 0
329.5
11.5

342.3
332.1
10.3

350.4
344.9
5.5

235.2
232.4
2.8

254.3
248.4
5.9

240.8
233.5
7.2

237.0
237.0
.1

252.3
246.7
5.6

254.7
247.4
7.3

253.5
246.8
6.7

256.5
252.7
3.8

460.9
451.6
9.3

492.5
483.5
9.0

462.6
451.8
10.9

462.1
463.6
-1.6

471.5
465.6
6.0

486.1
475.9
10.2

501.2
487.8
13.4

511.1
504.8
6.4

344.9
339.3
5.7

358.7
353.0
5.7

346.1
339.5
6.6

344.8
346.7
-1.9

350.1
346.0
4.2

353.8
347.9
5.8

363.5
354.5
9.0

367.2
363.4
3.8

782.0
160.2

868.4
187.5

791.8
159.6

813.8
166.9

833.7
171.2

855.3
187.5

881.6
190.7

903.1
200.4

584.7
109.9

606.7
118.0

587.9
108.8

593.6
111.9

597.1
111.5

602.9
119.3

611.1
119.4

615.6
122.1

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product _
Gross domestic product
Business
Nonfarm
Nonfarm less housing..
Housing
Farm
Statistical discrepancy,..
Residual1
Households and institutions.
Government
Federal
State and local..
Rest of the world.

1,706.5 1,890.4 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,965.1 1,274.7 1,337.6 1,283.7 1,287. 4 1,311.0 1,330.7 1,347.4 1,361.4
1,692.1 1,872.9 1,712.0 1,740.9 1,793.2 1,851.4 1,898.2 1,948.8 1,268.0 1,330. 2 1,276.7 1,280.9
1,444.3 1,604.1
1,390.9 1,552.8
1,258.7 1,406. 7
132.3
146.1
47.9
50.3
5.5
1.0
56.2

63.0

463.0 1,485. 2 1,532.3
, 409.4 1,433.4 1,478.0
275.4 1,296. 8 1,337.4
134.0
136.5
140.6
46.4
45.6
51.0
5.3
3.3
8.0
56.4

58.3

60.4

1,303.3 1,322.8 1,340.1 1.354.8

586.4 1,628.1 1,669. 5 1, 082. 0 1,141.4 1,090.5 1,093.9 1,116. 2 1,134.9 1,150. 5 1.163.9
536.7 1,580. 0
1, 043. 8 1,103. 8 1,051.2 1, 054. 8 1,077. 8 1,099. 8 1,112. 7 1,125. 0
392.7 1,431.9
944.7
987.8
934.9
991.1
941.6
966.7
999.3 1,010.5
114.5
144.1
148.0
151.8
110.2
112.1
113.4
108.8
112.8
109.6
111.1
37.4
50.8
47.2
52.0
34.1
34.9
36.2
33.0
35.9
32.2
35.1
-1.2
2 1.6
.2
1.6
4.9
5.2
7.0
3.4
1.7
62.0

63.6

66.0

191.6
62.4
129.2

205.8
66.5
139.4

192.6
61.8
130.7

197.5
64.7
132.8

200.5
65.4
135.1

203.1
65.5
137.6

206.5
65.8
140.7

213.2
69.2
144.1

14.4

17.5

15.3

14.4

17.6

18.4

17.7

16.3

40.2
145.8
48.4
97.3
6.7

41.4

40.0

40.6

40.6

41.2

41.7

42.1

147.5
48.6
98.8

146.2
48.5
97.7

146.4
48.6
97.8

146.5
48.6
97.9

146.7
48.6
98.1

147.9
48.7
99.2

148.8
48.7
100.1

7.4

7.0

6.5

7.7

7.9

7.4

6.6

^Preliminary. See other footnotes on following page.

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The Documents; see addresses inside front cover). Data for 1973 and
1974-76 are in the July 1976 and July 1977 issues of the SURVEY,
Statistical Tables (available for $4.95, SN 003-010-00052-9, from respectively (except for seasonally unadjusted quarterly estimates,
Commerce Department District Office or the Superintendent of which are in the September 1976 and August 1977 issues).
National Income and Product Accounts of the United States, 1929-74:




CURRENT BUSINESS STATISTICS

X 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 $6.80) 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 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1975

1976

1974

1975

I

IV

II

1976

III

IV

I

II

1977

III

IV

I

II

III

IV*
>

Annual total
Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTt
Gross national product, totalf

bil.$._ 1,412. 9 1,528.8 1, 706.5 1,452.4 1,453.9 1,496.6 1,564.9 1, 600. 7 t, 651. 2 1,691.9 1,727.3 1,755.4

,810.8 1,869. 9 1,915.9 1,965.1

889.6

980.4 1,094.0

916.2

936.5

965.9

995.1 1,024.1 1,056.0 1,078.5 1,102.2 1,139.0 1,172.4 1,194.0

Durable goods, total9
do
Motor vehicles and parts
do...
Furniture and household equipment..-do...
Nondurable goods, total9
...do...
Clothing and shoes
do...
Food
do...
Gasoline and oil
do...

122.0
48.0
54.9

132.9
53.9
58.0

158.9
71.9
63.9

118.7
44.8
54.7

122.8
48.0
54.8

127.8
49.9
57.4

136.7
56.5
58.7

144.3
61.3
61.0

153.3
68.8
62.0

156.7
71.0
63.0

159. 3
72.1
63.9

166.3
75.7
66.5

177.0
85.3
67.4

178.6
84.5
69.3

177.6
81.2
70.9

184.6
84.1
73.9

376.3
65.3
189.8
36.4

409.3
70.2
209.5
39.1

442.7
76.3
225. 5
41.4

388.5
65.0
198.1
39.2

394.0
66.6
202.6
38.2

406.4
69.8
207.9
39.7

415.0
71.5
212.1
39.1

421.9
73.0
215.4
39.8

430.4
74.2
219.3
40.6

437.1
74.3
223.9
40.3

444.7
76.9
227.0
41.2

458.8
79.9
232.0
43.5

466.6
79.3
237.9
44.1

474.4
80.4
244.8
44.3

481.8
83.3
248.3
44.2

497.7
87.5
254.2
46.4

Services, total 9
Household operation
Housing
Transportation

391.3
56.1
136.5
30.7

438.2
64.2
150.8
32.2

492.3
73.0
167.9
36.8

408.9
59.3
141.7
31.6

419.7
61.4
145.1
31.6

431.7
63.7
148.5
31.6

443.4
65.3
152.4
32.2

457.9
66.3
157. 2
33.2

472.4
69.5
161.5
34.8

484.6
70.4
166.2
36.3

498.2
73.1
170.4
37.fi

513.9
78.8
173.7
38.7

528.8
80.7
177.6

541.1
79.2
181.9
40.5

559.5
85.2
186.7
42.3

572.9
87.2
191.6
43.1

Personal consumption expenditures, total, .do

do.
do.
do.
do.

Gross private domestic investment, total...do

1,218.9 1,255.3

214.6

189.1

243.3

210.4

175.1

171.2

205.4

204.7

231.3

244.4

254.3

243.4

271.8

294.9

303.6

307.0

Fixed investment
Nonresidential
Structures
Producers' durable equipment

do.
do.
do.
do.

205.7
150.6
54.5
96.2

200.6
149.1
52.9
96.3

230.0
161.9
55.8
106.1

203. 6
153.2
55.6
97.5

197.1
149.8
53.3
96.5

196.3
147.7
51.9
95.7

200.5
148.2
52.8
95.4

208.4
150.7
53.4
97.4

216.8
155.4
54.7
100.8

226.1
159.8
55.8
104.0

232.8
164.9
56.0
109.0

244.3
167.6
57.0
110.6

258.0
177.0
57.9
119.2

273.2
182.4
61.0
121.4

280.0
187.5
62.6
124.9

295.1
195.5
64.9
130.7

Residential
Change in business inventories
Nonfarm..

do
do
do

55.1
8.9
10.8

51.5
— 11.5
-15.1

68.0
13.3
14.9

50.5
6.8
10.7

47.3
-22.0
-25.9

48.6
-25.1
-26.9

52.3
4.9
1.4

57.6
-3.6
-9.2

61.4
14.5
15.9

66.3
18.3
20.4

67.8
21.5
22.0

76.7
-.9
1.4

81.0
13.8
14.1

90.8
21.7
22.4

92.5
23.6
23.1

99.5
11.9
10.4

do.
do.
do.

6.0
137.9
131.9

20.4
147.3
126.9

7.8
162.9
155.1

8.2
150. 5
142.3

15.4
147.4
131.9

24.3
142.7
118.3

20.8
146.9
126.1

20.8
152.1
131.3

10.2
153.9
143.7

10.2
160.6
150.4

7.9
168.4
160.6

3.0
168. 5
165.6

-8.2
170.4
178.6

-9.7
178.1
187.7

-7.5
179.9
187.4

-10.8
174.3
185.1

302.7
111.1
77,0
191.5

338.9
123.3
83.9
215. 6

361.4
130.1
86.8
231.2

317. 5
116.9
79.6
200.7

326.0
119.6
81.6
206.4

335.2
121.8
83.0
213.3

343. 5
123.8
84.4
219.7

351. 0
128.1
86.7
222. 9

353.6
127.6
86.3
225.9

358.9
128.5
86.0
230.4

363.0
130.2
86.4
232.7

370.0
134.2
88.4
235.8

374.9
136.3
89.7
238.5

390.6
143.6
93.4
247.0

400.9
148.1
95.6
252.9

413.6
153.8
98.6
259.8

Net exports of goods and services
Exports
Imports

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
.
~"
* s, totalGoods, total
Durable goods
Nondurable goods
Services
Structures
Change in business inventories
Durable goods
Nondurable goods

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

1,404. 0 1,540.3 1,693.1
629.7
697.7
750.9
240.8
267.5
299.3
389. 0
451.6
430.2
626.8
782.0
699.2
160.2
147.4
143.5
7.1
1.8

-11.5
-9.2
—2.2

13.3
4.1
9.3

, 445.5 1,475.0 1,521.7 1,506.6 1,604.4 1, 636. 7 1, 673. 7 1, 705. 8 1, 756. 3 1, 797.0 1,848. 2 1,892.2 1,953. 2
819.9
849.6
805.4
792.1
775.6
743.4
643.7
754.5
730.0
665.8
692.9
706.6
725. 2
332.1
344.9
329.5
326.6
294.9
312.0
241.3
287.6
302.7
263.8
250.6
272. 5
283.1
487.8
504. 8
475.9
465.6
448.5
402.3
463.6
442.4
429.1
451.8
434. 2
415.2
442.1
881.6
903.1
855.3
833.7
770.8
656.7
751.6
813.8
689.5
708.4
791.8
670.5
728.3
190.7
200.4
187.5
171.2
159.4
145.1
155.0
139.3
166.9
145.0
159.6
138.8
150.8
23.6
11.9
21.7
13.8
-.9
18.3
4.9
14.5
21.5
-22.0 - 2 5 . 1
-3.6
10.3
5.5
11.5
7.8
12.2 -12.8 - 1 1 . 7
.6
-2.1 -10.3
7.0
10.7
-2.0
13.4
6.4
10.2
6.0
7.0
10.9
-1.6
-5.4
-9.2
11.2
-13.4
6.7
16.6

GNP in constant (1972) dollars t
Gross national product, totalf

bil.$_. 1, 217.8

Personal consumption expenditures, total, .do

760.7

Durable goods
do
Nondurable goods
do
Services
do.
Gross private domestic investment, total.._do.

112.5
303.9
344.3

1,202.1 1,274.7 1,199. 7 , 169. 8 1,188. 2 1,220.7 1,229.8 1,256.0 1,271.5 1,283.7 1,287.4 1,311.0 1,330. 7 1,347.4 1,301.4
876.4
854.1
775.1
821.3
770.4
807.2
839.8 850.4
860.4
752. 9
815.5
792.8
756.9
780.2
822.7
112.7
307.6
354.8

127.5
321.6
372.2

104.3
301.2
347.4

106.2
301.8
349.0

109.0
308.4
353.0

115.4
308.6
356.2

120.2
311.5
361.2

125.4
316.1
365.6

126.7
319.3
369.6

127.1
321.5
374.0

130.7
329.7
379.7

136.9
329.7
383.8

137.9
330.0
386.3

136.5
332.4
391.4

140.8
340.9
394.7

183.6

141.6

173.0

170.6

133.0

130.9

153.1

149.2

168.1

175.2

179.4

169.2

186.7

197.2

200.8

197.6

Fixed investment
Nonresidential
Residential
Change in business inventories

do
do
do
do

175. 6
130.6
45.0
8.0

151. 5
112.7
38.8
-9.9

164.5
116.8
47.7
8.5

163.8
124.1
39.7
6.8

152.9
116.6
36.3
-20.0

148.9
112.0
36.9
-18.0

150.2
111.0

153.8
111.3
42.6
-4.6

158.4
113. 7
44.8
9.7

163.1
115.9
47.1
12.1

165.6
118.5
47.1
13.8

171.0
119.0
52.0
-1.8

177.0
124.3
52.7
9.7

184.0
126.4
57.6
13.2

185.1
127.6
57.5
15.7

190.0
130. 2
59.8
7.7

Net exports of goods and services

do

15.9

22.5

16.0

17.9

20.5

24.5

22.7

22.3

16.8

16.4

17.0

13.8

10.6

9.4

12.2

10.6

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

257. 7
95.8
161.8

263.0
96.7
166.3

264.4
96.5
167. 9

258.3
95.7
162.6

259.4
96.0
163.4

262.3
96.5
165.8

264.8
96.9
167.8

265.4
97.4
168.0

263.9
96.4
167.5

264.5
96.1
168.4

264.6
96.7
168.0

264.6
97.1
167.5

263.3
97.0
166.4

270.0
101.1
168.9

274.0
103.3
170.7

276.8
104.1
172.8

r
Revised.
p Preliminary.
t Revised series. Estimates of national income and product
and personal income have been revised back to 1973 (see p. 16 ff. of the July 1977 SURVEY);

39.3

2.9

revisions prior to May 1976 for personal income appear on p. 28 of the July 1977 SURVEY.
9 Includes data for items not shown separately.

S-l
253-727 O - 78 - SI




SUE

S-2
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1974

1975

January 1978

OF CURRENT BUSINESS
1976

1975
I

Annual total

II

1976

in

IV

I

II

1977

III

IV

1978

I

II

III

IV v

138.13
137.9
129.3
141.5
137.8

140.52
139.8
129.5
143.8
140.1

142.19
141.7
130.1
144.9
142.9

144.34
143.2
131.2
14C.0
145.1

I

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted
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.

116.02
116.9
108.4
123.8
113.6

127.18
126.5
117.9
133.1
123.5

133.88
133.2
124.7
137.7
132.3

117.1
115.3
122.3

132.4
132.3
132.8

139.8
138.7
142.5

128.9
128.5
130.3

117.5
115.9
118.4

128.9
127.5
129.7

136.7
134.8
137.7

125.7
124.5
126.3

131.47 133. 06
130.8
132.3
122.2
123.8
136. 2 136.9
129.2
131.1

134. 56 136.35
134.0
135.6
125.3
127.2
138.3
139.3
133.2
135.4

128. 28
127.5
118.4
134.5
124.5

130.17
129.2
120.1
135.5
126.8

131.8
131.8
131.7

133.5
133.6
133.2

135.5
135.5
135.4

136.9
136.8
137.1

138.6
137.8
140.7

140.6
139.2
144.1

142.9
140.9
147.5

145.8
142.5
153.7

148.5
144.4
157.6

151.3
146.9
160.9

155.3
150. 2
164. 0

127.8
126.3
128.6

129.7
127.7
130.9

132.3
131.5
132.7

134.0
132.4
134.9

135.7
133.7
136.8

137.2
134.7
138.6

139.8
138.2
140.7

142.-3
140.6
143.4

144.6
142.0
146.2

146.3
143.3
148.1

149.4
147.8
150.4

1,217.0 1,364.1 1,156.0 1,191.4 1,244.9 1,275.7 1,321.0 1,353.9 1,379.6 1,402.1 1,450.2 1,505.7

1,540.5

124. 21 125.96
123.7 125.4
115.6 117.2
130.6 131.8
120.3 122.3

Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
Compensation of employees, total
Wages and salaries total
Govt. and govt. enterprises
Other
Supplements to wages and salaries

bil. $_. 1,136.0
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. $--

Inventory valuation adjustment
Capital consumption adjustment
Net interest

930.3 1,036. 3
805.7 891.8
175.4
187.2
630.3 704.7
124.6
144.5

904.6
785.1
169.8
615.2
119.6

914.4
792.4
173.7
618.6
122.1

936.7
810.5
176.9
633.5
126.3

965.6
834.9
181.2
653.8
130.7

999.6 1,024.9 1,046.5 1,074.2 1,109.9 1,144.7
861.5
882.4
900.2
923.2
951. 3
197.2
185.4
182.7
188.2 192.5
194.8
697.0
783.6
712. 0
730. 7
678. 8
756.4
142.5
146. 3
150. 9
163.8
138.1
158.6

1,167.4 1,201.3
998.9 1,027.1
200.6
206.9
798.3 820. 2
168.5
174. 2

86.2
25.4
60.9

86.0
23.2
62.8

88.0
18.6
69.4

18.3
60.6

84.3
22.7
61.6

90.4
26.2
64.2

90.4
25.5
64.9

86.9
20.0
66.9

90.4
21.6
68.8

86.2
16.2
70.0

88.7
16.6
72.0

95.1
20.7
74.3

97.0
19.7
77.3

95.5
15.5
80.0

104.2
22.1
82.0

21.4

22.3

23.3

22.1

22.3

22.2

22.6

23.0

22.9

23.3

24.1

24.5

24.9

25.5

26.4

83.6

99.3

128.1

74.0

92.7

115.6

114.7

126.5

129.2

133.5

123.1

125.4

140.2

149.0

76.9
14.4
62.5
36.6
11.5

105.4
15.0
90.3
47.9
18.5

134.6
18.2
116.4
66.3
29.9

77.2
15.1
62.1
29.4
9.0

98.4
14.3
84.1
43.4
15.4

122.6
14.7
107.9
59.6
25.9

123.2
16.1
107.1
59.1
23.8

132.4
17.8
114.6
65.3
27.2

136.1
18.1
118.0
68.7
32.5

139.8
18.4
121.3
68.4
31.0

130.2
18.4
111.8
62.9
29.0

131.0
19.2
111.8
65.2
31.5

145.5
19.9
125.5
76.4
39.4

157.4
21.2
136.1
77.6
37.5

5.6
9.6

9.3
6.1

11.5
8.1

5.3
6.0

8.5
6.2

11.1
6.3

12.1
6.0

12.1
7.6

12.2
8.4

10.4
7.7

11.6
10.1

11.5
10.7

14.1
9.6

do..
do..
do..
do..
- do..

126.9
52.4
74.5
31.0
43.6

123.5
50.2
73.4
32.4
41.0

156.9
64.7
92.1
35.8
56.4

101.5
40.8
60.8
32.0
28.8

113.9
45.9
68.2
32.2
36.0

137.7
56.3
81.4
32.9
48.5

141.0
57.9
83.1
32.5
50.6

11.1
8.6
153.5
63.1
90.4
33.6
56.8

159.2
66.1
93.1
35.0
58.1

159.9
65.9
94.0
36.0
58.0

154.8
63.9
90.9
38.4
52.5

161.7
64.4
97.2
38.5
58.8

174.0
69.7
104.3
40.3
64.1

173.8
69.3
103.6
43.3
61.2

do..
do..
do..

-40.4
-2.9
69.0

-12.0
-12.2
79.1

-14.1
-14.7
88.4

-18.3
-9.2
76.4

-9.3
-11.9
77.6

-13.3
79.9

-11.8
-14.5
82.3

-12.4
-14.6
85.0

-15.5
-14.6
86.5

-11.7
-14.7
90.1

-16.9
-14.8
92.0

-20.6
-15.6
95.3

-17.8
-15.9
98.9

-5.9
-17.9
103.1

Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $..
Corp. profits with invent, val. adj.:
Domestic, total
do
Financial
do—
Nonfinancial, total 9
do
Manufacturing, total 9
do
Durable goods
do—
Transportation, communication, and
electric,gas, and sanitary serv
bil. $-.
Rest of the world
do
Profits before tax, total.Profits tax liability
Profits after tax
Dividends..
Undistributed profits

875.8
764.1
160.0
604.1
111.7

43.6

-13.8
-19.4
106.4

DISPOSITION OF PERSONAL INCOMEf
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays©
Equals: Personal saving§

bil. $-- 1,154.9
do
170.3
do
984.6
do
913.0
do
71.7

1,253.4 1,382.7 1,205.1 1,234.7 1,269.7 1,304.0 1,338.1 1,366.7 1,393.9 1,432.2 1,476.8 1,517.2 1,549.8 1,600.')
169.0 196.9
192. 6
200.6
209.5
142.5
173. 9
179.9
179.6
184.8
224.8
224.4
226.1 234.6
1,084.4 1,185.8 1,025.4 1,092.2 1,095.7 1,124.1 1,153. 3 1,174.1 1,193.3 !l,222.i 1,252.4 1,292.5 1,323.8 1,365.9
1,004.2 1,119.9
960.1
989.1 i 1,019.1 1, 048. 6 1, 080. 9 1,103.8 1,128.5 ,1,166.3 1,201.0 1,223.9 1,250.5 1,288.1
"
56.3
80.2
72.4
65.4
103.1
76.7
68.5
65.9
75.5
51.4
77.8
73.3
70.3
64.8

NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods industries^
Nondurable gcods industries^!
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public ultilities
Electric
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industriesif
Nondurable goods industries^
Nonmanufacturing. _
Mining
Railroad
Air transportation
Other transportation
Public utilities.
Electric
Gas and other
Communication
Commercial and other

bil. $.
do.do. do

112.40
46.01
22.62
23.39

112.78
47.95
21.84
26.11

120.49
52.48
23.68
28.81

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

30.41
13.48
6.02
7.46

34.52
15. 38
7.27
8.12

29.20
12.52
5.80
6.72

33.73
14.84
6.79
8.06

34.82
15.20
7.17
8.43

39. 27
18.05
8.49
9.56

i 32.85
14.26
6.75
7.51

do.
do.
do.
do.
do.

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

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

16.93
1.04
.64
.26
.95

19.14
1.05
.70
.35
.94

16.68
1.02
.59
.33
.61

18.88
1.16
.67
.43
.76

19.21
1.17
.78
.39
.50

21.22
1.10
.86
.52
.54

18.58
1.11
.83
.49
.39

do....
do
do
do
do

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

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

5.52
4.54
.98
3.33
5.19

6.46
5.34
1.12
3.84
5.78

5.55
4.78
.77
3.30
5.27

6.37
5.34
1.03
3.86
5.64

6.61
5.41
1.20
4.03
5.73

7.61
6.21
1.40

6.28
5.38
.90

do..
do.
do.
do..

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

125.22
54.44
25.50
28.93

130.16
56.43
26.30
30.13

134.24
59.46
27.26
32.19

140. 38
63.02
29.23
33.79

do.
do.
do.
do.
do_

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
2.08
1.18
3.29

67.48
3.83
2.64
1.44
4.16

67.76
4.21
2.69
1.12
3.44

70.78
4.13
2.63
1.41
3.49

73.74
4.24
2.71
1.62
2.96

74.78
4.49
2.57
1.43
2.96

77.96
4.74
3.20
1.69
1.96

do
do.
do.
do.
do.

20.28
17.03
3.25
13.36
20.82

19.52
16.41
3.11
12.50
20.83

19.79
16.58
3.21
12.95
20.34

20.91
17.92
3.00
12.22
20.44

21.91
18.56
3.36
12.54
20.68

21.85
18.82
3.03
12.62
20.94

21.67
18.22
3.45
13.64
20.99

23.46
19.49
3.96
14.30
21.36

25.35
21.19
4.16
14.19
22.67

25.29
21.14
4.16
15.32
22.73

28.72
26.22 27.41
23.81
1.90
22.60
4.91
4.32
4.31
16.40 2
23.14 I 39. 09 2 40.76

rJ R®Yi^ed- . p Preliminary.
i Estimates (corrected for systematic biases) for Oct.Dec. 1977 and Jan.-Mar. 1978 based on expected capital expenditures of business. Expected
expenditures for the year 1977 appear on p. 24 of the Dec. 1977 SURVEY.
2 includes communication.
fSee corresponding nole on p. S-l.
9 Includes data for items not shown
separately.
$Personal outlays comprise personal consumption expenditures, interest paid




2

1

10.59

2

9.48

142. 38 U46.26
64.42
64.14
29.88
30.46
34.54
33.68
82.12
4. 30
3.18
2.01
1.98

82.12
4.61
3.80
2.39
1.83

by consumers to business, and personal transfer payments to foreigners (net).
§ Personal saving is excess of disposable income, over personal outlays.
f Data for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.

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