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NATIONAL INCOME AND PRODUCT TABLES
1977
1976

i

1977

ii

1978
in

rv

I

1977

II*

1976

1977

I

Seasonally adjusted at annual rates

II

1978
III

IV

I

II p

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

700.1

,887.2

,806.8

,867.0

,916.8

,958.1

,992.0 2,076.9

271.0

,332.7

,306.7

325.5

,343.9 1,354.5

090.2

,206.5

,167.7

,188.6

,214.5

,255.2

,276.7

,324.0

819.4

857.7

846.6

849.5

858.0

876.6

873.5

886.5

156.6
442.6
491.0

178.4
479.0
549.2

173.2
465.9
528.6

175.6
473.6
539.4

177.4
479.7
557.5

187.2
496.9
571.1

183.5
501.4
591.8

197.3
518.6
608.1

125.9
320.2
373.2

137.8
330.4
389.5

134.9
327.1
384.6

136.2
327.2
386.0

136.9
329.2
391.8

143.0
338.1
395.6

137.8
333.3
402.4

145.4
335.4
405.7

243.0

297.8

272.5

295.6

309.7

313.5

322.7

342.2

173.4

196.3

186.1

197.1

201.7

200.3

205.7

211.8

232.8

282.3

262.2

278.6

287.8

300.5

306.0

321.5

166.8

187.4

180.3

187.1

189.5

192.8

193.4

198.7

Nonresidential
Structures.
Producers' durable equipment-

164.6
57.3
107.3

190.4
63.9
126.5

180.6
59.3
121.4

187.2
63.4
123.8

193.5
65.4
128.1

200.3
67.4
132.8

205.6
68.5
137.1

216.7
74.2
142.5

118.9
38.3
80.6

129.8
40.0
89.8

126.8
38.3
88.5

129.1
40.0
89.0

130.8
40.8
90.0

132.5
41.0
91.5

133.8
41.0
92.9

138.6
43.6
95.0

Residential
Nonfarm structures.
Farm structures
.-..
Producers' durable equipment..

68.2
65.8
1.1
1.3

91.9
88.9
1.5
1.5

81.6
78.6
1.6
1.4

91.4
88.4
1.6
1.4

100.2
97.5
1.2
1.6

100.3
97.3
1.3
1.7

104.8
101.7
1.4
1.8

47.8
46.0
.7
1.1

57.7
55.6
.9
1.2

53.5
51.4
1.0
1.1

58.0
55.9
1.0
1.1

58.8
56.6
1.0
1.2

60.3
58.4
.7
1.2

59.5
57.4
.8
1.3

60.1
57.9
.8
1.3

10.2
12.2
-2.0

15.6
15.0
.6

10.3
11.1
-.8

17.0
16.5
.5

94.3
91.2
1.6
1.5
21.9
22.0
-.1

13.1
10.4
2.7

16.7
16.9
-.2

20.7
22.7
-2.0

6.7
8.5
-1.9

8.9
9.4
-.5

5.8
7.4
-1.6

10.0
10.2
-.2

12.2
13.5
-1.4

7.5
6.5
.9

12.3
12.5
-.1

13.1
14.3
-1.2

-5.9

-7.0

-23.2

-24.1

-13.9

15.4

9.5

11.2

11.0

12.5

3.1

2.9

7.8

181.7
205.8

199.4
213.3

95.9
80.5

98.2
88.7

97.1
85.9

98.9
87.9

100.8
88.2

96.0
92.9

99.1
96.2

105.7
97.9

Personal consumption expenditures..
Durable goods
Nondurable goods..
Services
Gross private domestic investment.
Fixed investment

Change in business inventories.
Nonfarm
Farm...

,354.2 1,378.6

7.4

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

-11.1

-8.5

163.2
155.7

175.5
186.6

170.9
179.4

178.1
184.0

180.8
187.8

172.1
195.2

359.5

394.0

375.0

388.8

399.5

412.5

416.7

424.6

262.8

269.2

262.8

267.9

271.7

274.5

272.1

272.4

129.9
86.8
43.1
229.6

Net exports of goods and services.

145.1
94.3
50.8
248.9

138.3
91.9
46.4
236.7

142.9
93.7
49.3
245.9

146.8
94.4
52.4
252.7

152.2
97.1
55.1
260.3

151.5
97.9
53.6
265.2

147.4
98.9
48.5
277.2

96.6

101.6

98.7

101.3

102.9

103.6

101.2

97.3

166.2

167.6

164.1

166.6

168.8

170.9

170.8

175.1

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

1,700.1 1,887.2 1,806.8 1,867.0 1,916.8 1,958.1 1,992.0 2,076.9 1,271.0 1,332.7 1,306.7 1,325.5 1,343.9 1,354.5 1,354.2 1,378.6

Final sales.
Change in business inventories.
Goods-

1,689.9 1,871.6 1,796.5 1,850.0 1,894.9 1,945.0 1,975.3 2,056.2 1, 264.4 1,323.8 1,300.9 1,315.5 1,331.7 1,347.1 1,341.8 1,365.4
10.2
12.2
13.1
7.5
12.3
10.3
17.0
10.0
15.6
13.1
16.7
20.7
21.9
6.7
8.9
5.8

Nondurable goods
Final sales...
Change in business inventories.
Services...
Structures.

760.3

832.6

800.2

825.8

844.7

859.6

861.8

907.1

576.5

608.4

596.0

604.4

613.3

620.1

611.8

625.1

750.1
10.2

817.0
15.6

789.9
10.3

808.8
17.0

822.8
21.9

846.5
13.1

845.1
16.7

886.4
20.7

569.8
6.7

599.6
8.9

590.1
5.8

594.3
10.0

601.1
12.2

612.7
7.5

599.4
12.3

612.0
13.1

304.6
299.3
5.3

341.3
332.9
8.4

332.2
326.1
6.1

339.1
330.0
9.1

346.5
334.6
11.9

347.4
341.1
6.3

351.2
336.3
14.8

372.1
361.0
11.2

236.2
232.5
3.6

253.7
248.0
5.8

250.9
246.5
4.4

253.0
246.9
6.1

255.9
248.0
7.9

255.1
250.5
4.6

254.6
245.0
9.6

264.8
258.0
6.8

455.7
450.7
4.9

491.3
484.1
7.2

468.0
463.8
4.2

486.7
478.8
7.9

498.2
488.2
10.0

512.2
505.4
6.8

510.6
508.7
1.9

534.9
525.4
9.5

340.3
337.3
3.0

354.7
351.6
3.1

345.0
343.6
1.4

351.3
347.5
3.9

357.4
353.1
4.3

365.0
362.1
2.9

357.2
354.5
2.7

360.3
353.9
6.4

778.0
161.9

Final sales
Change in business inventories.
Durable goods.Final sales...
Change in business inventories.

862.8
191.8

832.3
174.3

850.0
191.3

875.3
196.8

893.6
204.9

926.4
203.8

949.2
220.6

583.0
111.6

602.9
121.3

596.3
114.5

598.8
122.3

606.9
123.7

609.6
124.8

620.6
122.3

624.3
129.1

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.

1,700.1 1,887.2 1,806.8 1,867.0 1,916.8 1,958.1 1,992.0 2,076.9 1,271.0 1,332.7 1,306.7 1,325.5 1,343.9 1,354.5 1,354.2 1,378.6
1,685^7 1,869.9 1,789.7 1,849.0 1,898.7 1,942.2 1,973.8 2,058.6 1,264.3 1,325.3 1,299.4 1,317.7 1,336.3 1,347.9 1,346.6 1,371.1
1,436.7 1,599.3 1.527.8 1,582.5 1,626.4 1, 660. 4 1,684.1 1,764.0 1,077.9 1,135.9 1,112.1 1,129.6 1,146.1 1,155.9 1,153.5 1,177.1
1,385.6 1,544.0 1.474.9 1,528.0 1,571.6 1,601.6 1,628.9
1,040.1 1,094.2 1,072.7 1,088.9 1,102.6 1,112.4 1,115.4 1,141.2
1,255.0 1,397.8 1,335.2 1,384.0 1,423.2 1,449.0 1,471.7
998.1 1,022.6
996.4
961.7
976.1
980.5
932.6
114.6
130.6
117.4
161.8
139.7
118.6
116.0
111.0
112.8
157.1
113.6
148.4
146.2
144.1
107.5
152.7
34.5
32.5
46.9
56.4
49.5
30.3
32.9
34.1
36.1
34.4
53.0
32.2
47.7
50.5
50.8
54.0
4.2
3.4
2.2
7.1
4.7
3.7
4.8
25.5
9.0
7.4
5.5
6.4
6.6
7.3
5.6
44.4
42.2
42.5
43.6
43.8
41.2
41.7
56.5
61.3
70.4
62.7
60.0
63.5
65.9
68.8
40.7
192.5
62.4
130.1

208.0
66.4
141.5

201.9
65.2
136.8

205.2
65.4
139.8

208.9
65.7
143.2

215.9
69.5
146.4

221.0
69.9
151.1

224.1
70.0
154.1

145.6
48.5
97.1

147.2
48.7
98.4

146.1
48.6
97.5

146.3
48.7
97.6

147.7
48.8
99.0

14.4

17.3

17.1

18.0

18.1

15.9

18.2

18.3

6.8

7.3

7.4

7.8

7.6

148.4
48.8
99.6
6.6

149.4
48.8
100.6

149.5
48.8
100.7
7.5

7.5

Preliminary

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The Documents; see addresses inside front cover). Data for 1973 and
1974-77 are in the July 1976 and July 1978 issues of the SURVEY,
Statistical Tables (available for $4.95, SN 003-010-00052-9, from respectively.
Commerce Department District Offices or the Supertendent of
National Income and Product Accounts of the United States, 1929-74:




15

1.—Gross National Product, Net National Product, and National Income
Table 1.1.—Gross National Product
1974

1975

1976

1974

1977

1975

IV

II

Gross national product

..

IV

II

III

IV

II

1,412,889 1,528,833 1,700,124 1,887,177

122.7
393.7
419.3

128.1
405.5
431.3

136.3
415.0
442.7

190,919

242,982

297,838

210.4

177.7

175.2

206.8: 203.9

201,636

232,793

282,267

203.6

198.0

197.5

202.3! 208.8

150, 612
54,456
96,156

150,168
53,783
96,385

164, 621
57,315
107,306

190,388
63,866
126,522

153.2
55.6
97.5

150.8
53.6
97.2

148.8
52.9
95.9

149.7
54.0
95.7

51, 468
49,478
930
1,060

68,172
65, 788
1,062
1,322

91, 879
88,922
1,487
1,470

50.5
48.1
1.3
1.1

47.2
45.7
.5
1.0

48.7
47.1
.6
1.0

8,926 -10,717

Farm

994.0 1, 021.6 1,053.8 ,075.1 1,098.4 1,133.7 1,167.7 1,188.6

118.7
388.5
408.9

10,189

15, 571

10, 763 -14,259
3,542
-1,837

Nonfarm

964.9

178,353
478, 999
549,155

55,051
52, 722
1,158
1,171

..

935.7

156, 622
442, 624
490, 998

205,663

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

916.2

132, 639
408, 906
437,525

214,589

Services

979,070 1,090,244 1,206,507

122,001
376, 291
391,311

Gross private domestic investment

12,237
-2,048

14, 992
579

6,040

Net exports of goods and services

III

IV

452.4 1,454.7 1,498.6 ,564.0,1, 598.0 1,649.7 ,685.4 1,715.6 1,749.8 1,806.8 1,867.0 1,916.8 1,958.1

889,603

Durable goods
Nondurable goods

Fixed investment

III

1977

Billions of dollars, seasonally adjusted at annual rates

Millions of dollars

Personal consumption expenditures

1976

152.2
430.3
471.3

214. 5 1,255.2

156.7
444.5
497.2

162.8
458.3
512.6

173.2
465.9
528.6

175.6
473.6
539.4

177.4
479.7
557.5

231.5

154.7
437.4
483.0
243.5

249.9

247.1

272.5

295.6

309.7

313.5

220.1

228.1

235.3

247.6

262.2

278.6

287.8

300.5

151.5
54.7
96.8

157.7
56.4
101.3

162.2
57.6
104.6

168.1
57.3
110.8

170.5
57.9
112.6

180.6
59.3
121.4

187.2
63.4
123.8

193.5
65.4
128.1

200.3
67.4
132.8

52.6
50.4
1.1
1.1

57.3
54.7
1.5
1.2

62.4
59.8
1.3
1.3

65.9
63.8
.8
1.3

67.3
65.1
.8
1.3

77.1
74.4
1.4
1.4

81.6
78.6
1.6
1.4

91.4
88.4
1.6
1.4

94.3
91.2
1.6
1.5

100.2
97.5
1.2
1.6

6.8 -20.2 -22.3

4.6

-4.9

11.4

15.4

14.5

10.3

17.0

21.9

13.1

10.7 -24.2 -24.9
2.6
-3.8
4.0

1.1
3.5

-9.0
4.1

12.7
-1.3

18.8
-3.5

15.2
-.7

2.2
-2.7

16.5
.5

22.0
-.1

10.4
2.7

-5.9

-7.0

178.1
184.0

180.8
187.8

172.1
195.2

143.5
421.4
456.7

20,403

7,444 - 1 1 , 1 4 3

8.2

15.5

24.3

20.9

20.9

10.4

9.7

6.9

2.8

11.1
-.8
-8.5

150.5
142.3

147.4
131.9

142.6
118.3

147.0
126.1

152.2
131.2

154.4
144.1

160.7
150.9

168.2
161.3

169.
166.6

170.9
179.4

187.2
496.9
571.1

-23.2

Exports

137,921
131, 881

147, 267
126, 864

163,178
155, 734

175, 472
186, 615

Imports

302,657 338,441

359,454

393,975

317.6

325.8

334.2

342.2

351.5

354.0

357.2

360.4

366.3

375.0

399.5

412.5

111, 121

123,058

129, 851

145,063

116.9

119.4

121.4

123.6

127.9

127.1

127.8

129.9

134.6

138.3

142.9

146.8

152.2

76,999
34,122

83,699
39,359

86, 759
43,092

94, 288
50, 775

79.6
37.2

81.4
38.0

82.8
38.5

84.2
39.4

86.4
41.5

85.9
41.2

85.6
42.2

86.5
43.4

89.1
45.5

91.9
46.4

93.7
49.3

94.4
52.4

97.1
55.1

191,536

215,383

229, 603

248, 912

200.7

206.4

212.8

218.7

223.6

229.4

230.5

231.7

236.7

245.9

252.7

260.3

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

226.!

Table 1.2.—Gross National Product in Constant Dollars
[Billions of 1972 dollars]
1974
1974

1975

1976

1977

III

IV

1977

1976

1975
II

IV

III

II

IV

III

IV

Seasonally adjusted at annual rates
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Nonfarm structures
Farm structures
Producers' durable equipment
Change in business inventories
Nonfarm
Farm
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services
Federal
State and local

26




,217.8 1,202.3 1,271.0 1,332.7 1,199.7 1,171.6 1,189.9 1,220.0 1,227.9 1,255.5 1,268.0 1,276.5 1,284.0 1,306.7 1,325.5 1,343.9
858.0
849.5
836.2 846.6
774.6
806.3 814.0 820.9
857.7
757.2 770.2 779.7 791.1
760.7
819.4
752.9

1,354.5
876.6

112. 5
303.9
344.3

112.7
306.6
355.3

125.9
320.2
373.2

137.8
330.4
389.5

104.3
301.2
347.4

106.4
302.0
348.8

109.4
307. 5
353.4

115. 2
307.5
357.0

119.7
309. 5
361.9

124.8
314.6
366.9

125.2
318.2
370.6

125.3
320. 5
375.1

128. 5
327.7
380.0

134.9
327.1
384.6

136.2
327.2
386.0

136.9
329.2
391.8

143.0
338.1
395.6

183.6

142.6

173.4

196.3

170.6

134.6

133.3

153.7

148.9

168.5

174.7

177.1

173.4

186.1

197.1

201.7

200.3

180.3

187.1

189.5

192.8

130.8
40.8
90.0

132.5
41.0
91.5

175.6

152.4

166.8

187.4

163.8

154.0

149.9

151.5

154.1

161.0

164.6

167.8

173.6

130.6
42.5
88.1

113.6
37.1
76.5

118.9
38.3
80.6

129.8
40.0
89.8

124.1
40.1
84.0

117.7
37.6
80.1

112.9
36.6
76.3

112.0
37.0
75.0

111.8
37.2
74.6

115. 5
38.3
77.2

117.8
38.5
79.3

121.0
38.3
82.7

121.4
38.3
83.1

126.8
38.3
88.5

129.1
40.0
89.0

45.0
43.0
.9
1.1

38.8
37.2
.7
.9

47.8
46.0
.7
1.1

57.7
55.6
.9
1.2

39.7

37.8
1.0
1.0

36.3
35.0
.4
.8

37.0
35.6
.5
.9

39.5
37.8
.8
.9

42.3
40.2
1.1
1.0

45.5
43.5
1.0
1.1

46.8
45.2
.6
1.0

46.8
45.2
.6
1.1

52.3
50.2
.9
1.1

53.5
51.4
1.0
1.1

58.0
55.9
1.0
1.1

58.8
56.6
1.0
1.2

60.3
58.4
.7
1.2

8.0
8.3
-.3

-9.8
-11.0
1.2

6.7
8.5
-1.9

8.9
9.4

6.8
7.3
-.5

-19.4
-20.7
1.3

-16.7
-17.5
.8

2.1
.7
1.4

-5.2
-6.5
1.3

7.5
8.7
-1.2

10.1
13.1
-3.0

9.3
10.0
-.7

-.2
2.4
-2.6

5.8
'7.4
-1.6

10.0
10.2
-.2

12.2
13.5
-1.4

7.5
6.5
.9

15.9

22.6

15.4

9.5

17.9

20.5

24.7

22.8

22.2

16.5

16.1

16.1

13.1

11.2

11.0

12.5

3.1

100.8
88.2

96.0
92.9

93.0
77.1

90.0
67.5

95.9
80.5

98.2
88.7

94.1
76.2

89.6
69.1

87.4
62.7

90.1
67.3

93.0
70.8

93.2
76.7

95 2
79! 2

98.0
81.9

97.3
84.2

97.1
85.9

98.9
87.9

257.7

262.6

262.8

269.2

258.3

259.3

261.6

263.8

265.7

264.3

263.2

262.5

261.3

262.8

267.9

271.7

274.5

101.3
166.6

102.9
168.8

103.6
170.9

95.8
161.8

96.5
166.1

96.6
166.2

101.6
167.6

95.7
162.6

95.9
163.4

96.2
165.4

96.7
167.2

97.3
168.4

96.2
168.1

95.9
167.3

96.8
165.7

97.5
163.8

98.7
164.1

CURRENT BUSINESS STATISTICS

A 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.

1976

1975

1977

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in

1975
II

the 1975 edition of BUSINESS STATISTICS

III

IV

I

II

1978

1977

1976
III

IV

I

II

III

I

IV

II

Annual total
Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT!
Gross national product, total t

.bil.$_.

1,528.8

1,700.1 1,887.2

,498.6

,564.0 1,598.0

,649.7 1,685. 4 1, 715.6 1,749.8

,806.8

,867.0

,916.8

,958.1

,992.0 2,076.9

Personal consumption expenditures, total..do

979.1

1,090.2 1, 206.5

964.9

994.0 1,021.6

, 053. 8 1,075.1 1,098.4 1,133.7

, 167.7

, 188.6

, 214.5

, 255.2

,276.7 1,324.0

Durable goods, total 9
.
. do
Motor vehicles and parts. •_.
do
Furniture and household equipment...do
Nondurable goods, total 9
do
Clothing and shoes
do
Food
...
do
Gasoline and oil
do

132 6
53 4
58.0

156 6
69 7
63.9

178 4
81 5
71.3

128 1
49.6
57.5

136 3
55 9
58.7

143.5
60.6
60.8

152 2
67 7
61.9

154 7
69 1
63.0

156 7
69.5
64.2

162.8
72.6
66.5

173 2
81.3
68.0

175.6
81.2
69.9

177.4
79.5
72.0

187.2
84.0
75.3

183.5
84.1
72.1

197.3
92.4
76.1

408.9
70.1
209.6
39 5

442.6
75.7
225.8
42 8

479.0
81.5
245.2
46 5

405.5
69.9
208.0
39 1

415.0
71.5
212.4
40 0

421.4
72.2
216.6
40.5

430.3
73.8
219.4
41 4

437.4
74.2
223.9
41 9

444.5
76.1
227.4
43 0

458.3
78.5
232. 3
45.1

465.9
78.5
237.5
46.1

473.6
79.3
244.5
46.2

479.7
81.4
246.4
46.0

496.9
86.7
252.6
47.5

501.4
82.9
257.7
48.3

518.6
87.8
266.2
49.3

437.5
64.5
150 2
32 6

491.0
72.8
166 4
37 9

549.2
81.6
184 6
44 2

431.3
64.2
148.0
31 9

442.7
65.8
151 5
32 7

456.7
66.7
156.3
34 0

471.3
69.3
160 2
36 0

483.0
70.2
164.7
37 0

497.2
73.5
168.2
38 7

512.6
78.2
172.3
39 8

528.6
80.2
177.3
40 8

539.4
78.0
182.1
43.5

557.5
83.7
186.9
45.0

571.1
84.6
192.0
47.3

591.8
89.6
198.1
49.7

608.1
90.3
204.2
52.2

190.9

243.0

297.8

175.2

206.8

203.9

231.5

243.5

249.9

247.1

272.5

295.6

309.7

313.5

322.7

342.2
321.5
216.7
74.2
142.5

Services, total 9
-do
Houshold operation
do
Housing
_.
do
Transportation
do
Gross private domestic investment, total....do
Fixed investment
Nonresident ial
..
Structures
.
Producers' durable equipment
Residential
...
Change in business inventories
Nonfarm

do
do
do
do
do
.do
do

Net exports of goods and services
do
Exports
do
Imports .
do
Govt. purchases of goods and services, total.do
Federal
do
National defense..
do
State and local
do
By major type of product: t
Final sales, total...
do
Goods, total
do
Durable goods
.
do
Nondurable goods
do
Services .
do
Structures
do
Change in business inventories
do
Durable goods..
do
Nondurable goods
do
GNP in constant (1972) dollars t
Gross national product, totalf.

bil.$..

201.6
150.2
53 8
96 4

232.8
164.6
57 3
107 3

282.3
190.4
63 9
126 5

197.5
148.8
52.9
95.9

202.3
149.7
54 0
95.7

208.8
151.5
54.7
96.8

220.1
157.7
56.4
101.3

228.1
162.2
57.6
104.6

235.3
168.1
57.3
110.8

247.6
170.5
57.9
112.6

262.2
180.6
59.3
121.4

278.6
187.2
63.4
123.8

287.8
193.5
65.4
128.1

300.5
200.3
67.4
132.8

306.0
205.6
68.5
137.1

51 5
-10.7
— 14 3

68 2
10.2
12 2

91 9
15.6
15 0

48 7
-22.3
-24.9

52 6
4.6
1.1

57.3
-4.9
-9.0

62 4
11.4
12.7

65 9
15.4
18.8

67.3
14.5
15.2

77.1
-.6
2.2

81.6
10.3
11.1

91.4
17.0
16.5

94.3
21.9
22.0

100.2
13.1
10.4

100.3
16.7
16.9

104.8
20.7
22.7

20.4
147 3
126.9

74
163 8
155 7

— 11.1
175 5
186 6

24.3
142 6
118.3

20.9
147 0
126.1

20.9
152.2
131.2

10.4
154 4
144.1

9.7
160 7
150.9

6.9
168.2
161.3

2.8
169.4
166.6

-8.5
170.9
179.4

-5.9
178.1
184.0

-7.0
180.8
187.8

-23.2
172.1
195.2

-24.1
181.7
205.8

-13.9
199.4
213.3

338.4
123.1
83.7
215 4

359.5
129 9
86 8
229 6

394.0
145 1
94 3
248 9

334.2
121.4
82.8
212 8

342.2
123 6
84.2
218 7

351.5
127.9
86.4
223.6

354.0
127.1
85.9
226 9

357. 2
127.8
85.6
229.4

360.4
129.9
86.5
230.5

366.3
134.6
89.1
231.7

375.0
138.3
91.9
236.7

388.8
142.9
93.7
245.9

399.5
146.8
94.4
252.7

412.5
152.2
97.1
260.3

416.7
151.5
97.9
265.2

424.6
147.4
98.9
277.2

1,539. 6
686 6
259.0
427.5
697.6
144 7
-10.7
—8.9
-1.8

1, 202. 3

1, 689. 9 1,871.6 1, 520.9 1,559. 4 1, 602.9 1, 638.3 1, 670.1 1, 701.0 1, 750.4 1, 796.5 1,850.0 1,894. 9 1,945.0 1,975. 3 2,056. 2
907.1
861.8
859.6
844.7
825.8
800.2
772.9
718.6
741.9
758.0
768.1
832 6
670 2
711 4
760 3
347.4
351.2
372.1
346.5
339.1
332.2
312.4
315.6
254.1
288.6
273.7
301.8
269 9
304 6
341 3
510.6
534.9
512.2
498.2
486.7
468.0
457. 3
456.2
455.7
453.4
444.9
416.1
455.7
491.3
441.5
926.4
949.2
893.6
875.3
850.0
832.3
808.1
726.4
749.7
766.9
688.6
862. 8
778.0
706 1
787.1
196.8
204.9
203.8
220.6
191.3
174.3
160.3
168.7
160.5
153.0
158.1
146 5
161 9
191 8
139 8
20.7
16.7
13.1
21.9
17.0
10.3
-.6
11.4
15.4
14.5
10.2
-4.9
15.6 - 2 2 . 3
4.6
11.2
14.8
6.3
11.9
9.1
.1
5.2
6.1
9.3
6.5
-8.6
5.3
8.4 —10.9
—3 5
10.0
6.8
9.5
1.9
7.9
4.2
5.3
-5.8
11.3
8.9
7.2 - 1 1 . 4
3.7
4.9
8.0

1, 271. 0 1,332. 7 1,189.9 1,220.0 1,227.9 1,255.5 1,268.0 1,276.5 1, 284.0 1,306. 7 1,325.5 1, 343.9 1,354. 5 1,354.2 1,378. 6
886.5
873.5
876.6
858.0
849.5
836.2
846.6
820.9
814.0
770.2
806.3
819.4
857.7
779.7
791.1

Personal consumption expenditures, total..do

774.6

Durable goods
Nondurable goods
Services
Gross private domestic investment, total,
Fixed investment
Nonresidential.
Residential
Change in business inventories
Net exports of goods and services

112.7
306.6
355.3

125 9
320.2
373.2

137 8
330 4
389.5

109 4
307.5
353.4

115 2
307 5
357.0

119.7
309.5
361.9

124 8
314.6
366.9

142.6

133.3

153.7

148.9

168.5

174.7

161.0
115.5
45.5
7.5

164.6
117.8
46.8
10.1

16.5

16.1

16.1

do
do
do
do
do
do
do
do
do

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

173.4

196.3

152.4
113.6
38.8
-9.8

166.8
118.9
47.8
6.7

187.4
129.8
57.7
8.9

149.9
112.9
37.0
-16.7

151.5
112.0
39 5
2.1

154.1
111.8
42.3
-5.2

22.6

15.4

9.5

24.7

22.8

22. 2

262.6
96.5
166.1

262.8
96.6
166.2

269.2
101.6
167.6

261.6
96.2
165.4

263.8
96.7
167.2

r
Revised.
* Preliminary.
>
tRevised 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 and

265.7
97.3
168.4

264.3
96.2
168.1

125.2
318.2
370.6

263.2
95.9
167.3

128.5
327.7
380.0

134.9
327.1
384.6

136.2
327.2
386.0

136.9
329.2
391.8

143.0
338.1
395.6

137.8
333.3
402.4

145.4
335.4
405.7

177.1

173.4

186.1

197.1

201.7

200.3

205.7

211.8

167.8
121.0
46.8
9.3

173.6
121.4
52.3
2

180.3
126.8
53.5
5. 8

187.1
129.1
58.0
10.0

189.5
130.8
58.8
12.2

192.8
132.5
60.3
7.5

193.4
133.8
59.5
12.3

198.7
138.6
60.1
13.1

13.1

11.2

11.0

12.5

3.1

2.9

7.8

272.1
101.2
170.8

272.4
97.3
175.1

125.3
320.5
375.1

262.5
96.8
165.7

261.3
97.5
163.8

262.8
98.7
164.1

267.9
101.3
166.6

271.7
102.9
168.8

274.5
103.6
170.9

p. 25ff.of the July 1978 SURVEY); revisions prior to May 1977 for personal income appear on
p. 38 of the July 1978 SURVEY.
9 Includes data for items not shown separately.

S-l
268-422 O - 78 - SI




SUEVEY OF CURRENT BUSINESS

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

1975

1976

1977

1977

1976

1975
III

Annual total

July 1978

IV

I

II

III

IV

1978

II

I

III

IV

I

II

III

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 ___

' 127.15 ' 133. 76
133.1
126.4
124.4
117.7
133.4
138.2
131.6
123.2

141.61
140.7
129.5
145.0
141.0

128.19
127.5
118.4
134.9
124.0

130.14
129.1
119.9
136.2
126.2

131.40 r 132.92 ••134.39 ' 136.28 '138.27 ' 140.86
132.1
133.8
137.9
139.9
130.7
135.6
123.6
125.0
128.9
122.0
126.8
128.4
142.4
137.4
138.7
144.7
136.8
139.9
137.4
132.5
128.4
130.3
139.7
134.9

142.63
141.6
129.5
145.7
142.3

144.56
143.2
130.9
147.0
144.4

147.10
146.2
133.1
150.4
147.1

150.66
149.3
135.7
154.6
149.9

132.3
132.2
132.8

139.6
138.4
142.5

150.6
146.7
159.4

133.5
133.6
133.0

135.5
135.5
135.6

136.7
136.6
137.2

138.5
137.7
140.7

140.3
138.9
143.8

142.6
140.5
147.6

145.4
142.5
152.3

148.9
145.0
157.6

151.9
147.9
160.6

155.9
151.2
166.1

158.2
153.6
168.6

161.8
156.3
174.5

128.9
127.5
129.7

136.8
134.4
138.1

146.3
142.7
148.5

129.7
127.8
130.8

132.3
131.4
132.8

134.0
132.1
135.0

135.7
133.3
137.1

137.3
134.2
139.1

140.2
138.0
141.5

142.7
140.1
144.3

145.1
141.1
147.6

147.1
142.7
149.7

150.3
146.9
152.3

153.2
149.6
155.2

155.9
151.5
158.3

Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf

bii $

Compensation of employees, total
Wages and salaries, total
Govt. and govt. enterprises
Other
Supplements to wages and salaries

.do . . .
do
do
do

do

Proprietors' income with inventory valuation
and capital consumption adjustments,
total
bil. $
Farm
do
do
Nonfarm
Rental income of p ersons with capital consumption adjustment.
bil. $

1,215. 0
931.1
805.9
175.4
630.4
125.2

1,359.2 1,515.3 1,243.2 1,271.8 1,319.8 '1,347.9 '1,372.1 '1,397.0 '1,447.5 '1,499.3 '1,537.6 1,576.9 1,603.1
1,036.8 1,153. 4
890.1
983.6
187.6
200.8
702.5
782.9
146.7
169.8

939.0
812.0
177.0
635.0
127.0

967.8 1,001.7 1,026.0 1,046.1 1,073. 3 1,107. 9 1,140. 5 1,165. 8 1,199. 7 1,241. 0 1,286.1
836.1
861.7
881.5
897.3
919.9
946.4
973.4
993.6 ,021.2 L, 050. 8 ., 088.7
208.1
211.4
213.9
181.3
183.7
186.1
188.1
192.6
195.2
198.1
201.7
813.1
839.3
874.7
654.8
678.0
695.4
709.2
727.2
751.2
775.3
791.9
178.4
197.5
190.2
131.7
140.0
144.6
148.8
153.4
161.5
167.1
172.2

87.0
23.5
63.5

88.6
18.4
70.2

99.8
20.2
79.5

91.8
26.9
64.9

91.2
25.1
66.1

88.6
20.9
67.7

88.8
19.6
69.3

87.4
16.9
70.5

89.5
16.3
73.2

95.6
19.4
76.1

98.9
20.0
78.9

97.2
16.5
80.8

107.3
25.1
82.3

105.0
21.9
83.1

110.6
24.5
86.1

22.4

22.5

22.5

22.4

22.5

22.5

22.4

22.4

22.8

22.5

22.4

22.4

22.7

22.8

23.0

95.9

127.0

144.2

110.1

110.3

126.8

128.6

130.0

122.5

129.9

143.7

154.8

148.2

132.6

101 8
13 0
88 9
48 3
18 3

133 2
17.5
115 6
65 6
28 1

149 5
20.9
128 6
74 7
35 1

117.1
12.6
104 5
59 9
25 6

118.7
13.6
105 1
59 3
23 2

132.3
15.8
116 4
67.0
27.4

135.4
17.0
118 4
67.5
29.7

136.3
18.3
118.0
65.9
28.5

128.7
19.1
109.7
61.9
26.9

134.8
19.7
115.1
66.4
29.9

148.1
19.9
128.1
77.4
37.2

159.5
21.9
137.6
74.7
34.2

155.6
21.9
133.7
80.2
39.1

139.2
22.7
116.6
69.8
32.8

9.2
61

13.7
82

16.1
96

10.7
63

12.7
59

12.4
89

14.3
7.6

14.9
8.2

13.3
8.2

15.4
9.7

14.5
10.4

17.5
10.3

17.1
7.9

17.3
9.4

do
do

120.4
49.8
70 6
31.9
38.7

155.9
64.3
91 7
37.9
53.8

173.9
71.8
102 1
43.7
58.4

134.0
55.8
78 1
32.1
46.0

137.2
56.9
80 3
32.6
47.8

152.6
63.6
89 0
34.5
54.5

158.7
66.3
92 4
37.2
55.2

157.8
64.7
93 1
38.4
54.7

154.6
62.4
92 2
41.4
50.8

164.8
68.3
96 5
41.5
55.0

175.1
72.3
102 8
42.7
60.1

177.5
72.8
104 8
44.1
60.6

178.3
73.9
104.4
46.3
58.1

172.1
70.0
102.1
47.0
55.1

..do
do
do

-12.4
-12.0
78.6

-14.5
-14.4
84.3

-14.8
-14.9
95.4

-10.6
-13.3
79.9

-12.5
-14.4
80.0

-11.4
-14.4
80.1

-15.7
-14.4
82.0

-13.3
-14.5
86.2

-17.6
-14.5
88.9

-20.3
-14.6
91.7

-16.6
-14.8
93.7

-7.7
-15.0
97.3

-14.8
—15.3
99.0

-23.5
-16.1
101.7

Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $..
Corp. profits with invent, val. adj.:
Domestic total
<^n
Financial
do
Nonfinancial total Q
do
M^anufactur ing total $
do
Durable g cods
Transportat ion, communication, and
electric, g as, and sanitary serv
bil. $..
Rest of the wo rid
^n
Profits before tax, total
Profits tax liability
Dividends..
Undistributed profits

-do..--do.._.

Inventory valuation adjustment__
Capital consumption adjustment
Net interest

DISPOSITION OF PERSONAL INCOMEf
r
bil. $.. ' 1,255.5 '1,380.9 '1,529.0 '1,274.1 '1,305.4 '1,336.9 '1,363.2 '1,392.8 '1,430.5 '1,470.7 '1,508.6 '1,543.7 '1,593.0 l,628.9 '1,682.5
233.3
248.8
237.3
223.3
224.6
192.6
200.0
222.7
184.4
209.0
173.8
226.0
179.6
196.5
168.8
do
1,359. 6 1,391. 6 1,433. 7
1,086.7 1,184. 4 1,303.0 1,100.3 1,125.8 1,152. 5 1,170.6 1,192.8 1,221. 5 1,248.0 1,285.3 1,319.1
.do
.do..-. 1,003.0 1,116. 3 1,236.1 1,018.1 1,046.0 1,078.9 1,100.7 1,124. 8 1,160.9 1,195.8 1,217. 8 1,244.8 1,285.9 1,309.2 1,357.9
73.7
67.5
52.2
74.3
68.1
73.6
69.9
60.7
82.2
66.9
79.8
68.0
83.6
-do_-_.
82.4
75.8

Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income..
Less: Personal outlays©
Equals: Personal saving§
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted auarterly or annual totals:
All industries.._
Manufa cturing
Durable goods industriesif.
Nondurable gcods industries^. .

112. 78
47.95
21.84
26.11

120.49
52.48
23.68
28.81

135.80
60.16
27.77
32.39

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
7.45

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
15.60
7.17
8.43

38.06
17.19
8.00
9.18

32.35
13.67
6.36
7.31

i 37.43
16.37
7.54
8.83

i 38.28
17.31
7.90
9.41

do
do
do
do
do .

64.82
3.79
2.55
1.84
3.18

68.01
4.00
2.52
1.30
3.63

75.64
4.50
2.80
1.62
2.51

16.12

17.44

14.91

17.04

.94
.62
.50

.97
.62
.43

.92
.49
.26

.99
.68
.42

16.93
1.04

19.14
1.05

16.68
1.02

18.88
1.16

19.21
1.17

.85

.93

.72

1.02

.95

.94

.61

.76

.50

20.87
1.15
.76
.46
.63

18.68
1.07
.71
.52
.51

21.06
1.25
.89
.67
.68

20.97
1.21
.82
.50
.59

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

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.47
13.30
20.99

25.80
21.59
4.41
15.45
22.97

5.07
4.16

5.70
4.85

4.79
4.18

.85

.76

5.52
4.54
.98

6.46
5.34
1.12

5.55
4.78
.77

6.37
5.34
1.03

6.61
5.41
1.20

7.09
5.97
1.12

7.32
6.14
1.18

3.14
5.00

5.52

4.82

5.21

5.19

5.78

5.27

5.64

5.73

7.28
6.06
1.21
4 26
6.33

6.15
5.27

.91

.62

5.50
4.74

3 97
5.76

'210.48

2 10.54

do
do
do
do

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. 22 130.16
54.44
56.43
25.50
26.30
28.93 30.13

134.24
59.46
27.26
32.19

140.38
63.02
29.23
33.79

138.11
61.41
28.19
33.22

144.25
61.41
28.72
32.86

148.88
65.67
30.42
35.25

153.83
69.44
31.99
37.45

do
do
do
do
do

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 4^
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

77.36
4.74

76.70
4.50
2.80
1.76
2.32

82.68
4.45
3.35
2.67
2.44

83.21
4.95
3.28
2.30
2.55

84.39
4.84
3.27
2.02
2.36

20.91
19.79
17.92
16.58
3.21
3.00
12. 95
20.44
20.34
Estimates (corrected for systematic biases) for Apr.-

21.91
18.50

3. ?'•

21.85
18. 8?
3.03

21.67
18.22
3.45

26.23
22.05
4.18
15 8^
23.27

27.92
23.15
4.78
17 07
24.76

29.26
25.04
4.22

20.99

25.29
21.14
4.16
15 32
22.73

28.27
23.70
4.58

20.94

25. 35
21.19
4.16
14 19
22.67

26.22
21.90
4.32

20.68

23.46
19.49
3.96
14 30
21.36

'241.86

2 42.63

Nonm a nufacturing
Mining
Railroad. .
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries^
Nondurable goods industries^
Nonm anufacturing
Mining
Railroad
Air transportation
Other transportation

r

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




bil. $
do

_.do
do

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

1

.64
.26

o oo

1 *?fiA.

.70
.35

.59
.33

q of)

.67
.43

.78
.39

A no

3.20
1.69
1.96

"lfi 4-0

23.14

by consumers to business, and personal transfer payments to foreigners (net).
§ Personal saving is excess of disposable income over personal outlays.
#
HData for individual durable and nondurable goods industries components appear m 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