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SUEVEY OF CUERENT BUSINESS

10

January 1979

NATIONAL INCOME AND PRODUCT TABLES
1977
1977

1978 v

III

1977

1978

IV

I

II

III

IV v

1977

1978 v

III

1978

IV

I

II

III

IV*

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Billions of 1972 dollars

Billions of current dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
,887.2 2,106.6 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 2,210.8 1,332.7 1,385.1 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4 1,412.2

Gross national product

857.7

891.2

858.0

876.6

873.5

886.3

895.1

910.0

178.4
479.0
549.2

197.6
525.8
616.3

177.4
479.7
557.5

187.2
496.9
571.1

183.5
501.4
591.8

197.8
519.3
605.8

199.5
531.7
625.8

209.6
550.8
641.8

137.8
330.4
389.5

144.7
339.1
407.4

136.9
329.2
391.8

143.0
338.1
395.6

137.8
333.3
402.4

145.8
336.3
404.2

144.8
340.4
410.0

150.2
346.6
413.2

297.8

344.5

309.7

313.5

322.7

345.4

350.1

359.9

196.3

210.1

201.7

200.3

205.7

213.1

210.4

211.1

282.3

328.8

287.8

300.5

306.0

325.3

336.5

347.4

187.4

199.6

189.5

192.8

193.4

200.4

201.4

203.4

Nonresidential
Structures.
_
Producers' durable equipment..

190.4
63.9
126.5

222.0
77.5
144.5

193.5
65.4
128.1

200.3
67.4
132.8

205.6
68.5
137.1

220.1
76.6
143.5

227.5
80.9
146.6

235.0
84.0
151.0

129.8
40.0

139.9
44.3
95.5

130.8
40.8
90.0

132.5
41.0
91.5

133.8
41.0
92.9

140. 5
44.6
95.9

143.5
46.2
97.4

Residential
Nonfarm structures
Farm structures
Producers' durable equipment-

91.9
88.9
1.5
1.5

106.8
103.6
1.4
1.7

94.3
91.2
1.6
1.5

100.2
97.5
1.2
1.6

100.3
97.3
1.3
1.7

105.3
102.1
1.4
1.8

109.0
105.7
1.5
1.7

112.5
109.3
1.5
1.7

57.7
55.6
.9
1.2

59.7
57.6
.8
1.3

58.8
56.6
1.0
1.2

60.3
58.4
.7
1.2

59.5
57.4
.8
1.3

59.9

57.8
.8
1.4

141.7
45.6
96.1
59.7
57.6
.8
1.3

15.6
15.0
.6

15.7
16.7
-1.0

21.9
22.0
-.1

13.1
10.4
2.7

16.7
16.9
-.2

20.1
22.1
-2.0

13.6
14.6
-.9

12.4
13.1
-.7

8.9
9.4
-.5

10.4
11.0
-.6

12.2
13.5
-1.4

7.5
6.5
.9

12.3
12.5
-.1

12.7
13.9
-1.2

9.0
9.6
-.6

7.7
8.1
-.4

-11.1

-11.8

-7.0

-23.2

-24.1

-5.5

-10.7

-6.9

9.5

205.2
217.0

180.8
187.8

172.1
195.2

181.7
205.8

205.4
210.9

210.1
220.8

223.5
230.4

98.2
88.7

8.6
107.3

175.5
186.6
394.0

434.2

399.5

412.5

416.7

424.7

439.8

455.6

269.2

145.1
94.3
50.8
248.9

154.0
99.5
54.5
280.2

146.8
94.4
52.4
252.7

152.2
97.1
55.1
260.3

151.5
97.9
53.6
265.2

147.2
98.6
48.6
277.6

154.0
99.6
54.5
285.8

163.4
102.1
61.3
292.2

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

Change in business inventories .
Nonfarm
Farm
_
Net exports of goods and services
Exports. _
_
_
Imports
Government purchases of goods and services..
Federal
National defense..
Nondefense
State and local

1,206.5 1,339.7 1,214.5 1,255.2 1,276.7 1,322.9 1,356.9 1,402.2

59.8
57.8
.8
1.3

12.5

3.1

2.9

11.3

9.2

11.0

98.7

100.8
88.2

96.0
92.9

99.1
96.2

108.4
97.1

109.0
99.7

112.6
101.6

275.2

271.7

274.5

272.1

271.9

276.7

280.1

101.6

100.5

102.9

103.6

101.2

97.1

100.4

103.3

167.6

174.7

168.8

170.9

170.8

174.8

176.3

176.8

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
1,887.2 2,106.6 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 2,210.8 1,332.7 1,385.1 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4 1,412.2

Gross national product
Final sales.
Change in business inventories.
Goods..
Final sales
_._
Change in business inventories.
Durable goods...
Final sales
Change in business inventories.
Nondurable goods
Final sales
Change in business inventories.
Services
Structures..

1,871.6 2,090.9 1,894.9 1,945.0 1,975.3 2,067.4 2,122. 5 2,198.4 1,323.8 1,374.7 1,331.7 1,347.1 1,341.8 1,369.9 1,382.4 1,404.5
9.0
12.2
12.7
7.5
12.3
12.4
10.4
13.6
20.1
13.1
21.9
16.7
15.6
15.7
8.9
7.7
627.7 630.2
629.1
611.8
927.3
968.6
613.3
912.2
608.4
620.1
917.5
832.6
859.6
844.7
861.8
646.8
615.0 621.2
599.4
618.7
892.1
913.7
956.2
601.1
612.7
599.6
817.0
846.5
845.1
901.8
822.8
639.1
9.0
12.2
12.3
12.7
13.6
8.9
10.4
7.5
20.1
12.4
13.1
15.6
15.7
21.9
16.7
7.7
266.6 264.8
254.6
255.1
380.1 398.0
253.7
255.9
351.2
265.0
347.4
375.8
341.3
376.3
346.5
274.1
260.2 258.7
245.0
369.8
388.0
250.5
248.0
257.8
248.0
341.1 336.3
365.0
332.9
364.8
334.6
267.6
6.1
6.4
10.2
9.6
10.1
7.2
4.6
5.8
7.9
6.3
10.8
8.4
11.5
11.9
14.8
6.6
372.6
357.2
361.2 365.4
365.0
547.2
570.6
354.7
364.1 357.4
536.4
498.2
512.2
541.2
491.3
510.6
354.8 362.5
371. 5
354.5
543.9
568.2
353.1 362.1
351.6
360.8
527.1
488.2
484.1 537.0
505.4
508.7
2.9
6.3
1.1
3.4
2.7
2.4
2.9
4.3
3.1
3.3
4.2
9.3
7.2
10.0
1.9
6.8
862.8
191.8

962.9
226.2

875.3
196.8

893.6
204.9

926.4
203.8

952.0
223.4

973.7
235.0

999.4
242.8

602.9
121.3

627.2
128.8

606.9
123.7

609.6
124.8

620.1
122.3

625.6
129.3

629.7
131.6

633.3
132.2

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 housingHousing
Farm
_
Statistical discrepancy...
Residual1
Households and institutionsGovernment
Federal
State and local,
Rest of the world.

1,887.2 2,106.6 1,916.8 1,958.1 1.992.0 2,087.5 2,136.1 2,210.8 1,332.7 1,385.1 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4 1,412.2
1,869.9 2,087.1 1,898.7 1,942.2 1.973.8 2,066.5 2,117.3 2,190.8 1,325.3 1,377.2 1,336.3 1,347.9 1,346.6 1,373.9 1,383.9 1,404.4
,
1,599.3 1,789.1 1,626.4 1,660.4 1.684.1 1.771.8 1,817. 5 1,883.1 1,135.9 1,183.1 1,146.1 1,155.9 1,153.5 1,180.0 1, 189. 3 1,209.5
,
1,094.2 1,146.0 1,102.6 1,112.4 1,115.4 1,145. 2 1, 151. 8 1,171.5
1,544.0 1,730.5 1,571.6 1,601.6 1.628.9 1.714.9 1,758. 5
. 5 1, 031. 7 1,050.0
988.0
998.1 1,026. ,
980.5 1,026.6
996.4
1,397.8 1,566.2 1,423.2 1,449.0 1, 471. 7 1,553.2 1,592.0
171.8
121.5
157.1
118.6 120.1
114.6
117.4
113.6
152.7
119.4
116.0
148.4
161.7
166.5
146.2
164.3
33.2
63.0
33.7
53.0
30.5
34.5
32.5
34.4
54.0
47.7
56.4
32.5
36.1
58.6
50.5
57.8
2.2
4.8
7.1
.5
.4
4.7
2 4.3
4.3
4.3
7.4
7.3
5.5
4.6
9.0
62.7

71.5

63.5

65.9

68.8

70.5

72.3

74.4

42.2

44.6

42.5

43.6

43.8

44.3

44.9

45.3

149.4
48.8
100.6

149.6
48.8
100.8

149.8
49.0
100.8

149.6
48.9
100.7

7.5

8.8

7.5

7.8

208.0
66.4
141.5

226.5
71.1
155.4

208.9
65.7
143.2

215.9
69.5
146.4

221.0
69.9
151.1

224.1
70.1
154.1

227.5
70.5
157.0

233.4
74.0
159.4

147.2
48.7
98.4

149.6
48.9
100.7

147.7
48.8
99.0

148.4
48.8

17.3

19.5

18.1

15.9

18.2

21.1

18.8

20.0

7.3

7.9

7.6

6.6

Preliminary.

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The National Income and Documents; see addresses inside front cover). Data for 1973,1974, and 1975-77 are in July
1976, July 1977, and July 1978 issues of the SURVEY, respectively.
Products Accounts of the United States, 1929-1y Statistical Tables (available for $4.95, SN
003-010-00052-9, from Commerce Department District Offices or the Superintendent of




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.

1976

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

1975

1977

IV

1976

I

II

1978

1977

III

IV

I

III

II

II

I

IV

III

IV v

Annual total
Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTt
Gross national product, totalf
bil.$_.
Personal consumption expenditures, total..do
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._
Services, total 9
. do
Houshold operation _
do
Housing
do
Transportation
do .
Gross private domestic investment, total—.do
Fixed investment
do
Nonresidential
do
Structures
do
Producers' durable equipment-_
do
Residential
do
Change in business inventories
do .
Nonfarm
do
Net exports of goods and services
do .
Exports
do
Imports
do
Govt. purchases of goods and services, totaLdo
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.._

1,528.8
979.1

1, 700.1
1,090. 2

887.2
206.5

598.0
021.6

649.7
053.8

685.4

715.6

075.1

098.4

749.8
133.7

806.8
167.7

916.8

958.1

992.0

2,087.5

136.1

,210.8

188.6

214.5

255.2

276.7

1,322.9

356.9

,402.2

187.2
84.0
75.3

183.5
84.1
72.1

197.8
92.5
76.5

199.5
89.8
78.9

209.6
92.5
82.9

867.0

132.6
53.4
58.0

156. 6
69.7
63.9

178.4
81.5
71.3

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

408.9
70.1
209.6
39.5

442.6
75.7
225 8
42.8

479.0
81.5
245 2
46.5

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

519.3
87.5
267.8
49.1

531.7
90.5
272.0
51.5

550.8
94.6
279.4
55.6

437.5
64.5
150. 2
32.6

491.0
72.8
166 4
37.9

549.2
81.6
184.6
44.2

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

605.8
89.9
204.1
52.1

625.8
92.6
210.1
53.7

641.8
92.6
216.6
55.2

190.9

243.0

297.8

203.9

231.5

243.5

249.9

247.1

272.5

295.6

309.7

313.5

322.7

345.4

350.1

359.9

336.5
227.5
80.9
146.6

347.4
235.0
84.0
151.0

201.6
150.2
53.8
96.4

232 8
164.6
57 3
107.3

282.3
190.4
63.9
126.5

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

325.3
220.1
76.6
143.5

51.5
-10.7
—14.3

68.2
10.2
12 2

91.9
15.6
15.0

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
22

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

105.3
20.1
22.1

109.0
13.6
14.6

112.5
12.4
13.1

20.4
147.3
126.9

7.4
163.2
155.7

-11.1
175.5
186.6

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

-5.5
205.4
210.9

-10.7
210.1
220.8

-6.9
223.5
230.4

338.4
123.1
83.7
215.4

359.5
129 9
86.8
229 6

394.0
145.1
94.3
248 9

351.5
127.9
86.2
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

424.7
147.2
98.6
277.6

439.8
154.0
99.6
285.8

455.6
163.4
102.1
292.2

602.9 1 638.3 1 670.1 1 701.0 1 750.4 1 796 5 1,850.0
741.9
758.0
772.9
718.6
825.8
768.1
800 2
288.6
312 4
33 9 2
339.1
301.8
315.6
273.7
456.2
453.4
486.7
455.7
444.9
457.3
468.0
726.4
749.7
766.9
850.0
787.1
808.1
832 3
160.5
191.3
153.0
158.1
160.3
168.7
174.3

, 894.9
844.7
346.5
498.2
875.3
196.8

, 945.0
859.6
347.4
512.2
893.6
204.9

21.9
11.9
10.0

13.1
6.3
6.8

1 539. 6
686.6
259.0
427.5
697.6
144.7
-10.7
—8.9
-1.8

1 689 9 1 871.6
832.6
760.3
341 3
304 6
491.3
455.7
862.8
778 0
161.9
191.8
10.2
5.3
4.9

15.6
8.4
7.2

-4.9
—8.6
3.7

11.4
.1
11.3

15.4
6.5
8.9

14.5
9.3
5.3

-.6
5.2
-5.8

10.3
6 1
4.2

17.0
9.1
7.9

, 975.3 2,067.4 2,122.5 2,198.4
927.3
968. 6
912.2
861.8
380.1
398.0
375.8
351.2
547.2
570.6
536.4
510.6
973.7
999.4
952.0
926.4
235.0
242.8
223.4
203.8
16.7
14.8
1.9

20.1
10.8
9.3

13.6
10.2
3.4

12.4
10.1
2.4

GNP in constant (1972) dollars f

Gross national product, totalf

bil $

1 202.3

1 271 0 1 332 7 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

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

774.6
112.7
306.6
355.3

125.9
320.2
373 2

137.8
330.4
389 5

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

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

142.6

173.4

196.3

148.9

168.5

174.7

177.1

173.4

186.1

197.1

201.7

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

819.4

857.7

791.1

806.3

820.9

836.2

846.6

849.5

858.0

873.5

886.3

895.1

910.0

143.0
338.1
395.6

137.8
333.3
402.4

145.8
336.3
404.2

144.8
340.4
410.0

150.2
346. 6
413.2

200.3

205.7

213.1

210.4

211.1

193.4
133.8
59.5
12.3

200.4
140.5
59.9
12.7

201.4
141.7
59.7
9.0

203.4
143. 5
59.8
7. 7

876.6

192.8
132.5
60.3
7.5

152.4
113.6
38 8
-9.8

166 8
118.9
47 8
6.7

187.4
129.8
57 7
8.9

154.1
111.8
42.3
-5.2

161.0
115.5
45.5
7.5

164.6
117.8
46 8
10.1

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

22.6

15.4

9.5

22.2

16.5

16.1

16.1

13.1

11.2

11.0

12.5

3.1

2.9

11.3

9.2

11.0

271.7
102.9
168.8

274.5
103.6
170.9

272.1
101.2
170.8

271.9
97.1
174.8

276.7
100.4
176.3

280.1
103.3
176.8

262.6
96 5
166.1

262.8
96 6
166.2

269.2
101 6
167.6

265.7
97 3
168.4

264.3
96 2
168.1

•"Revised.
v 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
p. 24 fi\ of the July 1978 SURVEY); revisions prior to May 1977 for personal income appear on




814.0

1,382.6 1,391.4 1,412.2

263.2
95 9
167.3

262.5
96 8
165.7

261.3
97 5
163.8

262.8
98 7
164.1

p. 36 of the July 1978 SURVEY.

267.9
101 3
166.6

9 Includes data for items not shown separately.

S-l

SUEVEY

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

CUEKENT BUSINESS

1977

Annual total

1976

1977

III

II

I

January 1979

IV

II

I

GENERAL BUSINESS INDICATORS—Quarterly

1978

III

IV

I

1979
III

II

I

IV v

Series—Continued

NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted

Implicit price deflators: t
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 do,..
Federal
..do...
State and local
do...

127.15
126.4
117.7
133.4
123.2

133.76
133.1
124.4
138.2
131.6

41. 61
140.7
129.5
145.0
141.0

.31. 40
130.7
122.0
136.8
128.4

132. 92
132.1
123.6
137.4
130.3

134. 39
133.8
125.0
138.7
132.5

136. 28
135.6
126.8
139.9
134.9

138. 27
137.9
128.4
142.4
137.4

140. 86
139.9
128.9
144.7
139.7

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

.50. 98
149.3
135.7
154.4
149.9

153.52
151.6
137.3
156.2
152.6

.56. 54
154.1
139.5
158.9
155.3

132.3
132.2
132.8

139.6
138.4
142.5

150.6
146.7
159.4

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

162.2
156.7
175.7

167.1
160. 6
182.6

170.8
163. 7
187.9

128.9
127.5
129.7

136.8
134.4
138.1

146.3
142.7
148.5

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

156.2
151.5
158.8

158.9
153.4
162.1

162.7
158.2
165.2

National income, total t
bil. $.. 1,215.0 1,359.2
931.1 1,036.8
Compensation of employees, total.
__do_..
805.9
890.1
Wages and salaries, total.
._.do_-.
175.4
187.6
Govt. and govt. enterprises
do...
702.5
630.4
Other
do...
146.7
125.2
Supplements to wages and salaries
do...
Proprietors' income with inventory valuation
and capital consumption adjustments,
87.0
88.6
total
bil. $..
23.5
18.4
Farm___
_
do—
63.5
70.2
Nonfarm
do
Rental income of persons with capital consump22.4
22.5
tion adjustment
_
bil. $..
Corp. profits with inventory valuation and capi95.9
127.0
tal consumption adjustments, total
bil. $.
Corp. profits with invent, val. adj.:
133.2
101.8
Domestic, total
do
17.5
13.0
Financial
do
88.9
115.6
Nonfinancial, total 9
do
48.3
65.6
Manufacturing, total 9
do—
18.3
28.1
Durable goods..
do
Transportation, communication, and
9.2
13.7
electric, gas, and sanitary serv bil. $..
6.1
Rest of the world-.
do—
8.2

515.3

319.8

347.9

,372.1

397.0

, 447. 5

499.3

,537.6

, 576. 9

603.1

,688.1

1,728.4

153.4
983.6
200.8
782.9
169.8

001.7
861.7
183.7
678.0
140.0

026.0
881.5
186.1
695.4
144.6

, 046.1
897.3
188.1
709.2
148.8

, 073. 3
919.9
192. 6
727.2
153.4

, 107.9
946.4
195.2
751.2
161.5

140.5
973.4
198.1
775.3
167.1

, 165. 8
993.6
201.7
791.9
172.2

, 199. 7
,021.2
208.1
813.1
178.4

241.0
050.8
211.4
839.3
190.2

,287.8
,090.2
213.9
876.3
197.6

1,317.1
1,113.4
216.8
896.6
203.6

358.9
148.5
222.2
926.3
210.4

Quarterly Data Seasonally Adjusted at Annual

Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits..
Inventory valuation adjustment
Capital consumption adjustment
Net interest

Rates

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

99.8
20.2
79.5

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

110.1
24.0
86.1

114.5
25.0
89.6

121.9
29.5
92.4

22.5

22.5

22.4

22.4

22.8

22.5

22.4

22.4

22.7

22.8

22.2

24.3

24.4

144.2

126.8

128.6

130.0

122.5

129.9

143.7

154.8

148.2

132.6

163.4

165.2

149.5
20.9
128.6
74.7
35.1

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

168.9
24.3
144.6
87.8
46.1

175.4
26.0
149.4
87.1
44.6

16.1
9.6

12.4
8.9

14.3

14.9

13.3

15.4

8.2

9.7

17.5
10.3

17.3

8.2

14.5
10.4

17.1

7.6

7.9

9.4

19.3
11.7

20.7
9.1

120.4
49.8
70.6
31.
38.7

155.9
64.3
91.7
37.9
53.8

173.9
71.8
102.1
43.7
58.4

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

205.5
85.0
120.5
48.1
72.4

205.4
86.2
119.2
50.1
69.2

-12.4
-12.0
78.

-14.5
-14.4
84.3

-14.8
-14.9
95.4

-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

-24.9
-17.2
104.6

-20.9
-19.3
107.4

DISPOSITION OF PERSONAL INCOMEt
Personal income, total
bil. $. 1, 255. 5 1,380.9 529. 0 ,336.9 1, 363. 2 1, 392. 8 1,430.5 1, 470. 7 1, 508.6 1, 543. 7 1, 593. 0 1,628.9 1,682.4 1,731.7
263.2
249.1
226.0
184.4
168.8
196.5
192.6
200.0
209.0
222.7
223.3
224.6
233.3
237.3
Less: Personal tax and nontax payments
do.
303.0 1,152. 5 1,170. 6 1,192.8 1,221. 5 1,248.0 1,285. 3 1,319.1 1,359.6 1,391. 6 1,433.3 1,468.4
1,086.7 1,184.4
Equals: Disposable personal income
do
Less: Personal outlays®.
do... 1,003.0 1,116.3 236.1 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 1,357.0 1,392.5
76.3
76.0
66.9
73.6
83.6
68.0
Equals: Personal saving§-.
do...
69.9
68.1
60.7
52.2
67.5
74.3
73.7
82.4
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil. $. 112.78 120.49 135.80 25.87 29.70 30.41 34.52 29.20 33.73 34.82 38.06 32.35 37.89 38.6'
60.16
10.96
52.48
47.95
16.76
16.89
Manufacturing
do_.
12.66
13.48
15.38
12.52
14.84
15.60
17.19
13.67
27.7'
23.68
4.78
21.84
7.79
7.97
Durable goods industries^
do..
5.61
6.02
7.27
5.80
6.79
7.17
8.00
6.36
32.39
28.81
26.11
6.18
8.92
8.97
Nondurable gcods industries^
do..
7.05
7.46
8.12
6.72
8.06
8.43
9.18
7.31
20.87
75.64
16.93
14.91
17.04
19.14
64.82
18.88
16. 68
68.01
19.21
21.13
18.68
21.78
Nonmanufacturing
_..do..
4.50
.92
3.79
1.22
4.00
.99
1.24
Mining...
...do..
1.04
1.05
1.02
1.16
1.17
1.15
1.07
2.80
.49
.68
.64
.70
.67
.76
2.55
2.5!
.59
.84
.78
.71
Railroad
do..
.26
1.62
1.30
1.84
.54
.42
.26
.35
.33
.43
.39
.46
.52
Air transportation
do..
.72
2.51
3.63
.95
.94
.63
.62
3.18
.61
.76
.60
.50
.51
Other transportation
do_.
1.02
4.79
4.18
.62
2.92
4.82

5.50
4.74

5.52
4.54

3.21
5.21

do.
do.
._ _do.
do.

114.72
49.21
21.63
27.58

.do.
do.
do.
do.
do.

65.51
3.83
2.08
1.18
3.29

25.80
21.59
4.41
15.45
22.97

6.61
5.41
1.20
4.03
5.73

7.28
6.06
1.21
4.26
6.33

6.15
5.27

3.30
5.27

6.37
5.34
1.03
3.86
5.64

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

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

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

5.55
4.78

3.33
5.19

6.46
5.34
1.12
3.84
5.78

118.12
50.64
22.54
28.09

122.55
54.78
24.59
30.20

67.48
3.83
2.64
1.44
4.16

21.85
21.91
Public utilities
do.
18.56
Electric
do.
18.82
3.36
Gas and other
do.
3.03
12.54
Communication
do.
12.62
20.68
Commercial and other
do.
20.94
r
Revised.
v Preliminary.
i Estimates (corrected for systematic biases) for Oct.Dec. 1978 and Jan.-Mar. 1979 based on expected capital expenditures of business. Expected
expenditures for the year 1978 appear on p. 18 of the Dec. 1978 SURVEY. 2 Includes communication.
fSee corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, interest paid

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^
Nonmanufacturing
Mining. _
Railroad
Air transportation
Other transportation...




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

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.4'
13.30
20.99

.76

.98

.77

51.9
-27.8
-19.9
110.8

,786.4
275.0
,511.4
, 439.2
72.

44.18
20.32
9.62
10.70

1

36.85
16.22
7.57
8.65

23.86
1.32
.84
.70
.67

20.63
1.18
.86
.59
.62

8.46
7.21
1.25

6.79
5.99
.81

3.97
5.76

7.14
6.01
1.13
4.56
6.18

7.43
6.11
1.32
4.68
6.43

138.11
61.41
28.19
33.22

144. 25
61.57
28.72
32.86

150.76
67.20
31.40
35.80

155.4:
67.75
32.25
35.50

163.34
73.02
34.13
38.89

77.36
4.74
3.20
1.69
1.96

76.70
4.50
2.80
1.76
2.32

82.68
4.45
3.35
2.67
2.44

83.56
4.81
3.09
2.08
2.23

87.66
4.99
3.38
2.2i
2.4

90.31
4.94
4.05
3.05
2.99

26.22
21.90
4.32
16.40
23.14

26.23
22.0o
4.18
15.82
23.27

27.92
23.15
4.78
17.07
24.76

28.46
23.83
4.62
18.18
24.71

29.62
24.92
4.
18.9C
26.

30.70
26.31
4.38

.88

210. 58

2 44.07

2

44.59

by consumers to business, and personal transfer payments to foreigners (net).
§Personal saving is excess of disposable income over personal outlays.
IIData 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