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U.S. National Income and Product Accounts:
• Revised Estimates, First Quarter of 1974 to First Quarter of 1977
• Preliminary Estimates, Second Quarter of 1977
ATIONAL income and product estimates for 1973-76 and the first two quarters
of 1977 are presented on the following pages.
Previous estimates for the first quarter of 1974
to the first quarter of 1977 have been revised.
A review of major aspects of the revisions and
of the second-quarter estimates is provided in
the "Business Situation." The quarterly
series that are shown separately each month
in the National Income and Product Tables
are not shown separately in this issue; their
separate presentation will be resumed next
month.
The revised estimates incorporate data that
were not available when the 1976 annual
revision of the national income and product
accounts was prepared. The most important
new source data and the estimates into which
they were incorporated are listed below: Final
1974 and preliminary 1975 Internal Revenue
Service business tax return tabulations (corporate profits, proprietors' income, interest,
inventories other than manufacturing and
trade, and capital consumption allowances);
1976 State unemployment insurance and 1976
Census tabulations of State and local government payroll data (wages and salaries); preliminary 1975 data from the Department of
Health, Education, and Welfare (employer
contributions to the health insurance compo-

nent of "other labor income"); final 1974 and
preliminary 1975 Census tabulations from the
Annual Survey of Manufactures of product
shipments (producers' durable equipment) and
of the book value of inventories and the
methods of determining inventory cost (change
in business inventories); final 1975 Census
tabulations of retail trade inventories from the
Annual Retail Trade Survey (change in
business inventories); revised Census data on
private construction expenditures and construction price and cost indexes for 1974-76
(nonresidential and residential structures); the
Federal budget for fiscal year 1978 and other
Government financial reports (Federal Government receipts and expenditures); and final
Census data on the finances of State and local
governments for fiscal year 1975 and preliminary data for fiscal year 1976 (State and local
government receipts and expenditures). Seasonal adjustment factors have been updated.
The industrial classification underlying the
national income and product estimates that
provide industrial detail has been revised.
This classification is now based on the 1972
Standard Industrial Classification (SIC); it
replaces the 1967 SIC. Industries affected are
marked with an asterisk (*). Pre-1973 estimates based on the 1972 SIC are available on
request.

Seasonally unadjusted estimates of GNP,
personal consumption expenditures, government receipts and expenditures, foreign
transactions, and corporate profits are available on request and will be published in a
subsequent issue.
Several series not previously shown have
been added to the tables: gross and net
product and national income for the domestic
nonfarm business less housing sector (tables
1.7, 1.8, 1.11, 1.12, 7.5, and 7.7); corporate
profits after tax and undistributed profits
after tax with inventory valuation and capital
consumption adjustments (table 1.13); the
fixed-weighted price index for the domestic
nonfarm business sector (table 7.2); and
percent changes in current and constant
dollars, in implicit price deflators, and in the
fixed-weighted and chain price indexes for
final sales and domestic nonfarm business
and percent changes in current and constant
dollars for disposable personal income (table
8.9).
Pre-1973 estimates for the two profits
series were published in the November 1976
SURVEY; estimates for the other new series
shown are available on request. Pre-1973
estimates for all other series are in The
National Income and Product Accounts of the
United States, 1929-74: Statistical Tables.

Table A.—Summary National Income and Product Accounts, 1976 l
[Billions of dollars}
1.—National Income and Product Account
Line

Line
Compensation of employees

1,036. 3

Wages and salaries
Disbursements (2-7)
Wage accruals less disbursements (3-ll)+(5-4)
Supplements to wages and salaries
Employer contributions for social insurance (3-19) _ - . _
Other labor income (2-8)

.

891.8
891.8
0
144. 5
_
68. 6
75. 9

Proprietors' income with inventory valuation and capital consumption adjustments (2-9)
10

88.0

Rental income of persons with capital consumption adjustment (2-10)

23. 3

Corporate profits with inventory valuation and capital consumption adjustments
Profits before tax
. . .
Profits tax liability (3-16)
Profits after tax
Dividends (2-11)
Undistributed profits (5-6)
Inventory valuation adjustment (5-7)
Capital consumption adjustment (5-8)

. .

.

Net interest (2-13)
NATIONAL INCOME
Business transfer payments (2-18)
Indirect business tax and nontax liability (3-17)
Less: Subsidies less current surplus of government enterprises (3-10)
Statistical discrepancy (5-12)
CHARGES AGAINST NET NATIONAL PRODUCT
Capital consumption allowances with capital consumption adjustment (5-9) _
CHARGES AGAINST GROSS NATIONAL PRODUCT

128.1
156 9
64.7
92.1
35.8
56.4
-14.1
—14.7
88.4
1,364.1




Durable goods
Nondurable goods
Services
Gross private domestic investment (5-1)
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
Net exports of goods and services

1,094.0
158. 9
442. 7
492.3
243. 3
230.0
161.9
55.8
106.1
68.0
13.3
7.8

Exports (4-1)

162.9

Imports (4-3)

155

Government purchases of goods and services (3-1)
Federal
National defense
Nondef ense
State and local

-1

361.4
130.1
86.8
43.3
23L 2

8.1
150. 5
.8
5.5
1,527.4
179.0
1,706.5

1. Numbers in parentheses indicate accounts and items of counterentry in the accounts.

16

Personal consumption expenditures (2-3)

GROSS NATIONAL PRODUCT

1,706.5

SURVEY OF CURRENT BUSINESS

July 1977

17

Table A.—Summary National Income and Product Accounts, 19761—Continued
[Billions of dollars]
2.—Personal Income and Outlay Account
Line

Line
Personal tax and nontax payments (3-15)

196.9

Wage and salary disbursements (1-3).

Personal outlays

1,119.9

Other labor income (1-7)

Personal consumption expenditures (1-26)
Interest paid by consumers to business (2-16)
Personal transfer payments to foreigners (net) (4-5)
Personal saving (5-3)

1,094.0
25.0
.9

Proprietors' income with inventory valuation and capital consumption adjustments (1-8)

65. E

75.9

Rental income of persons with capital consumption adjustment (1-9)
Dividends (1-14)

130.3

Net interest (1-18)
Interest paid by government to persons and business (3-7) _
Less: Interest received by government (3-9)
Interest paid by consumers to business (2-4)
Transfer payments to persons
From business (1-20)
From government (3-3)

PERSONAL INCOME._ _

88.4
39.3
22.4
25.0
192.8
8.1

Less: Personal contributions for social insurance (3-20)_.
1,382.7

8.0
23.3
35.8

Personal interest income

PERSONAL TAXES, OUTLAYS, AND SAVING

891.8

...

184.7
55.2
1,382.7

3.—Government Receipts and Expenditures Account
Purchases of goods and services (1-40)

361.4

Personal tax and nontax payments (2-1)

Transfer payments

188.0

Corporate profits tax liability (1-12)

184.7

Indirect business tax and nontax liability (1-21).

150.5

Contributions for social insurance

123.8

To persons (2-19)

._

To foreigners (net) (4-6)

3.2

Net interest paid

21.4

Interest paid
To persons and business (2-14).
To foreigners (4-7)

43.8

64.7

68.6
55.2

39.3

Less: Interest received by government (2-15)

Employer (1-6).
Personal (2-20).

196.9

22.4

4.5

Subsidies less current surplus of government enterprises (1-22)

.8

Less: Wage accruals less disbursements (1-4)

0

Surplus or deficit (—), national income and product accounts (5-10)

—35.6

Federal
State and local
GOVERNMENT EXPENDITURES AND SURPLUS

—54.0
18.4
535.9

GOVERNMENT RECEIPTS

535.9

4.—Foreign Transactions Account
Exports of goods and services (1-38)

162.9

Imports of goods and services (1-39) _ _.

155.1

RECEIPTS FROM FOREIGNERS

162.9

4.2
.9
3.2

Net foreign investment (5-2)

0

Transfer payments to foreigners (net)_
From persons (net) (2-5)
From government (net) (3-4).
Interest paid by government to foreigners (3-8).

Capital grants received by the United States (net) (5-11)

-.9

PAYMENTS TO FOREIGNERS

4.5

162.9

5.—Gross Saving and Investment Account
Gross private domestic investment (1-30)_
Net foreign investment (4-8)

243.3
-.9

Personal saving (2-6)
Wage accruals less disbursements (1-4)
Undistributed corporate profits with inventory valuation and capital consumption adjustments..

65.9
0
27.6

Undistributed corporate profits (1-15)
Inventory valuation adjustment (1-16)

56.4
—14.1

Capital consumption adjustment (1-17)

—14.7

Capital consumption allowances with capital consumption adjustment (1-25) _

179.0

Government surplus or deficit ( - ) , national income and product accounts -35.6
(3-12).
Capital grants received by the United States (net) (4-2)
Statistical discrepancy (1-23)
GROSS INVESTMENT

242.5

1. Numbers in parentheses indicate accounts and items of counterentry in the accounts.




GROSS SAVING AND STATISTICAL DISCREPANCY

0
5 5

-

242.5

18

SURVEY OF CURRENT BUSINESS

July 1977

1.—Gross National Product, Net National Product, and National Income
Table 1.1.—-Gross National Product
1973
1973

1974

1975

1974

1975

II

IV

III

IV

Millions of dollars
Gross national product
Personal consumption
tures

1976

1977

1976

II

III

IV

II

III

IV

II *

Billions of dollars, seasonally adjusted at annual rates

1,306,554 1,412,889 1,528,822 1,706,461 1,355.1 1,369.0 1,400.1 1,430.1 1,452.4 1,453.0 1,496.6 1,564.9 1,600.7 1,651.2| 1,691.9 1,727.3 ,755.4 ,810.8 1,869.0

expendi809,885

Fixed investment
Nonresidential
Structures.
Producers' durable equipment
Residential
Nonfarm structures
Farm structures
Producers' durable equip
ment
Change in business inventories_.

980,409 1,093,950

833.1

854.0

879.2

909.0

916.2

936.5

965.9

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

172.4 1,194.0

122,001
376, 291
391,311

132,912
409, 343
438,154

158,918
442, 749
492, 283

121.1
348.1
363. S

119.5
360.6
374.0

122.1
372.1
385.0

127.7
383.9
397.4

118.7
388.5
408.9

122.8
394.0
419.7

127.8
406.4
431.7

136.7
415.0
443.4

144.3
421.9
457.9

153.3
430.4
472.4

156.7
437.1
484.6

159.3
444.7
498.2

166.3
458.8
513.9

177.0
466.6
528.8

179.1
475.3
539.6

219,999

Services
Gross private domestic investment.

889,603

123, 714
333,840
352,331

Durable goods
Nondurable goods

214,589

189,112

243,339

231.5

217.3

219.9

210.7

210.4

175.1

171.2

205.4

204.7

231.3

244.4

254.3

243.4

271.8

293.0

202,092

205,663

200,577

229,996

202.5

203.6

207.0

208.4

203.6

197.1

196.3

200.5

208.4

216.8

226.1

232.8

244.3

258.0

273.3

135,979
49,019

150, 612
54,456

149,114
52, 863

161, 948
55,849

140.3
51.2

145.3
52.5

150.5
55.0

153.5
54.7

153.2
55.6

149.8
53.3

147.7
51.9

148.2

150.7
53.4

155.4
54.7

159.8
55.8

164.9
56.0

167.
57.0

177.0
57.9

183.3

96, 251

106,099

95.4

98.8

97.5

96.5

95.7

97.4

100.8

104.0

109.0

110.6

119.2

Nonfarm
Farm
Net exports of goods and services.
Exports
Imports
Government purchases of goods
and services
Federal
.
National defense
Nondefense
State and local

_.._

86, 960

96,156

66,113
64, 307

55,051
52, 722

601

1,158

1,205

1,171

17,907
14,659
3,248
7,143

51,463
49,469

68,048
65, 742
1,043

62.1
60.1
.7
1.2

1,064
-11,465

13,343

29.0

8,926
10, 763 -15,055
3,590
- 1 , 837

14,920
-1,577

23.7
5.3

58.3
56.1

56.6
54.1

54.9
52.6

50.5
48.1

1.0

1.2

1.1

1.3

1.2

1.2

1.2

1.1

2.3
2.4
-.1

12.9

47.3
45.
.5
1.0

52.8
95.4

48.6
46.8

52.3
50.1

1.0

1.1

-22.0 -25.1

1.1

6.8
-25.9 -26.5
10.
3.
1.4
-3.8

57.6
55.3

61.4
58.9

66.3
64.1

1.2

1.2

1.0

1.2

1.2

1.2

67.8
65.7

1.2
21.5

18.3

76.7
74.3

81.0
78.5

1.1

1.1

1.3

60.2
123.1

1.4

90.0
87.6
1.1
1.3

-3.6
-9.2
5.5
20.8

14.5
15.9
-1.4
10.2

20.4
-2.2

10.2

7.9

3.0

13.8
14.1
-.3
-8.2

152.1
131.3

153.
143.7

160.6
150.4

168.4
160.6

168.5
165.6

170.4
178.

-8.1
175.4
183.5

-.9
1.4
-2.3

6,040

20,366

7,820

12.7

13.7
17.0
-3.3
10.4

3.2

2.4

8.2

15.4

24.3

101,556
94,413

137,921
131,881

147, 260
126,894

162,871
155,051

115.0
102.3

126.4
116.0

134.2
131.0

140.6
138.2

150.5
142.3

147.4
131.9

142.7
118.3

4.9
1.4
3.5
20.8
146.9
126.1

269,527

302,657

338,935

361,352

277.8

287.3

297.8

308.0

317.5

326.0

335.2

343.5

351.0

353.6

358.9

363.0

370.0

374.9

390.1

102,188

111,121

123,330

130,137

104.4

105.7

108.9

113.0

116.9

119.6

121.8

123.8

128.1

127.6

128.

130.2

134.2

136. 3

143.3

73,534
28, 654
167, 339

76,999
34,12!"

83,949
39,381

86, 789
43,348

74.4
29.9

74.6
31.0

75.8
33.1

77.9
35.1

79.6
37.2

81.6
38.0

83.0
38.8

84.4
39.4

86.
41.4

86.3
41.3

86.4
43.8

88.4
45.8

89.
46.

94.2
49.1

191,536

215,605

231, 215

173.5

181.6

13.0
i

188.9

195.0

200.

206.4

213.3

222.9

219.

225.9

22.0
-.5

86.0
42.5
230.4

232.7

235.8

f

238. .

19.7
20.4
-.7

246.7

p Preliminary.

Table 1.2.—Gross National Product in Constant Dollars
[Billions of 1972 dollars]
1973
1973

1974

1975

1976

1975

1974
II

IV

III

III

IV

1977

1976
II

IV

III

IV

Seasonally adjusted at annual rates
1,235.0 1,217.8 1,202.1 1,274.7 ,242.6 1,230.2 ,224.5 1,216.9 1,199.7 1,169.8 1,188.2 1,220.7 1,229.8 1,256.0 1,271.5 ,283.7 ,287.4 ,311.0 ,331.6
767.7 760.
775.1 821.3 765.9 761.6 761.7 766.6 752.9 756.9 770.41 780.2 792.8 807.2 815.5 822.7 839.8 850.4 854.6

Gross national product
Personal consumption expenditures

Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Nonfarm structures
Farm structures
Producers' durable equipment

,

Net exports of goods and services
Exports
Imports
Government purchases of goods and services




186.7

197.1

177.0

184.5

127.5
321.6
372.2

118.1
308.0
339.7

115.4
305.0
341.1

114.8
303.8
343.2

115.6
305.3
345.6

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

126.6
319.3
369.6

127.1
321.5
374.0

183.6

141.6

173.0

211.8

197.4

189.8

176.6

170.6

133.0

130.9

153.1

149.2

168.1

175.2

175.6

151.5

164.

186.4

183.5

180.6

174.6

163.8

152.9

148.

150.2

153.8

158.4

163.1

165.6

171.0

130.6
42.5
88.1
45.0
59.7
57.9
43.0
.5
.9
1.2
1.1

112.
36.3
76.5

116.8
37.1
79.7

132.4
45.7
86.7

134.0
44.8

133.8
44.2
89.6

130.6
41.1
89.5

124.1
40.1
84.0

116.6
37.2
79.5

112.0
35.8
76.2

111.0
36.0
75.0

111.3
36.1
75.2

115.9
37.1
78.9

118.5
37.1
81.4

119.0
37.3
81.7

124.3
37.0
87.3

127.0
37.8
89.3

38.8
37.1

47.7
46.0

49.5
47.4

44.0
42.0
.9
1.1

39.7
37.8
1.0
1.0

36.
35.4

1.0

46.8
44.6
1.0
1.2

36.3
35.0
.4

'.9

54.0
52.2
.7
1.2

39.3
37.5
.9
.9

42.
40.7
.9
1.0

113.7
36.8
76.8
44.8
.9
1.0

47.1
45.4
.7
1.0

47.1
45.4
.6
1.0

52.0
50.2
.7
1.1

52.
50.9
.7
1.1

57.5
55.8
.7
1.0

8.0

-9.9

25.4

13.9

-20.0

-18.0

2.9

-4.6

9.7

12.1

13.!

-1.8

9.7

12.5

14.3
-2.1

14.4
-.6

.7
-2.5

9.9
-.2

13.0
-.5

131.0
45.5
85.5

Nonfarm _
Farm

Preliminary.

179.4

112.7
307.6
354.8

190.7

Change in business inventories.

Federal
State and local

136.9
329.7
383.8

112.5
303.9
344.3

207.2

Gross private domestic investment

138.2
330.7
385.7

130.7
329.4
379.7
169.2

121.8
309.3
336.5

Durable goods
Nondurable goods
Services

16.5

10.1
-1.6

14.2
2.3

21.7
3.7

.9

1.2

14.4
-.5

2.0

9.3
-.1

2.1
-.1

7.3
-.5

-21.3 -18.5
.4
1.3

1.5
1.4

-6.4
1.8

42.9

11.1
-1.4

76
.

15.9

22.5

16.0

12.9

15.0

15.4

15.3

17.9

20.5

24.5

22.7

22.3

16.8

16.4

17.0

13.8

10.6

10.0

87.4
79.9

93.0
77.1

89.9
67.

95.8
79.8

90.7
77.7

92.9
77.9

93.3
77.9

91.7
76.4

94.1
76.2

89.7
69.2

87.4
62.9

89.7
67.0

92.8
70.

93.1
76.3

95.2
78.9

97.9

96.9
83.1

96.9
86.3

97.0
86. 9

252.5

257.7

263.0

252.0

256.2

257.6

258.5

258.3

259.4

262.3

264.8

265.4

263.9

264.4

264.6

264.6

263.3

269.8

96.
167.8

97.4
168.0

96.4
167.5

96.1
168.4

96.7
168.0

97.1
167.5

97.0
166.4

101.0
168.8

96.i
155 J

95.8
161.8

96.7
166.3

264.

96.5
167.9

94.3
157.7

95.8
160.4

95.4
162.2

96.4
162.1

95.7
162.

96.0
163.4

96.5
165.8

CURRENT BUSINESS STATISTICS

1HE 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 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1975

1974

1976

II

Annual total

III

IV

I

II

1977

1976

1975

III

IV

I

II

III

IV

I

II

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PKODUCTf

Gross national product, totalf

bil.$

1,412.9

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
Household 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

•1,528.8 1,706.5 1,400.1 1,430.1 1,452.4 1,453.0 1,496.6 1,564.9 1,600.7 1,651.2 1,691.9 1,727.3 1,755.4
980.4 1,094.0

879.2

909.0

916.2

936.5

965.9

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

122.0
48.0
54.9

132.9
53.9
58.0

158.9
71.9
63.9

122.1
47.9
55.0

127.7
52.3
56.1

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
61.9

156.7
71.0
63.0

159.3
72.1
63.9

166.3
75.7
66.5

376.3
65.3
189.8
36.4

409.3
70.2
209.5
39.1

442.7
76.3
225.5
41.4

372.1
65.4
186.0

383.9
66.4
193.8
38.0

388.5
65.0
198.1
39.2

394.0
66.6
202.6
38.2

406.4
69.8
207.9
39.1

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
223.8
40.3

444.7
76.9
227.0
41.2

458.8
79.9
232.0
43.5

391.3
56.1
136.5
30.7

438.2
64.2
150.8
32.2

492.3
73.0
167.9
36.8

385.0
55.4
134.6
30.5

397.4
57.2
138.2
31.1

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
37.6

513.9
78.8
173.7
38.7

214.6

189.1

243.3

219.9

210.7

210.4

175.1

171.2

205.4

204.7

231.3

244.4

254.3

243.4

205.7
150.6
54.5
96.2

200.6
149.1
52.9
96.3

230.0
161.9
55.8
106.1

207.0
150.5
55.0
95.4

208.4
153.5
54.7
98.8

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
95.9

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

55.1
8.9
10.8

51.5
-11.5
-15.1

68.0
13.3
14.9

56.6
12.9
13.0

54.9
2.3
2.4

50.5
6.8
10.7

47.3
-22.0
-25.9

48.6
-25.1
-26.5

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

6.0
137.9
131.9

20.4
147.3
126.9

7.8
162.9
155.1

3.2
134.2
131.0

2.4
140.6
138.2

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

Govt. purchases of goods and services, total.do
302.7
338.9
361.4
297.8
317.5
308.0
326.0
Federal
do..
111.1
123.3
130.1
108.9
116.9
113.0
119.6
National defense
do
77.0
86.8
83.9
75.8
79.6
81.6
77.9
State and local
do
191.5
231.2
215.6
188.9
206.4
200.7
195.0
By major type of products
Finalsales, total
do... ••1,404.0 1,540.3 1,693.1 1,387.2 1,427.8 1,445.5 1,475.0
Goods, total
do
629.7
697.7
750.9
622.6
644.0
643.7
665.8
Durable goods
do
240.8
267.5
299.3
240.5
248.2
241.3
250.6
Nondurable goods
do
389.0
430.2
451.6
382.2
415.2
395.8
402.3
Services
do
626.8
699.2
782.0
614.5
670.5
635.8
656.7
Structures
do
147.4
143.5
160.2
150.1
138.8
147.9
145.1
Change in business inventories
do..
'8.9 •-11.5
••13.3 ••12.9
'2.3
••6.8 • - 2 2 . 0
Durable goods..
do
7.1
-9.2
4.1
1.0
12.2 - 1 2 . 8
6.3
Nondurable goods
do
1.8
-2.2
9.3
-5.4
-9.2
11.8
-4.0

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

Net exports of goods and services
Exports
Imports.

do
do
do

1,521.7 1,560.0 1,604.4 1,636.7
725.2
730.0
692.9
706.6
283.1
287.6
263.8
272.4
442.1
442.4
429.1
434.2
728.3
751.6
689.5
708.4
150.8
155.0
139.3
145.0
' -25.1
-11.7
-13.4

'4.9
-2.1
7.0

' -3.6
-10.3
6.7

'14.5
-2.0
16.6

1,673.7 1,705.8 1,756.3
775.6
754.5
743.4
312.0
302.7
294.9
451.8
463.6
448.5
791.8
813.8
770.8
159.6
159.4
166.9
'18.3
7.0
11.2

'21.5
10.7
12.4

GNP in constant (1972) dollarsf

Gross national product, totalf

bil.$__

1,217.8

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

760.7

775.1

821.3

761.7

766.6

752.9

756.9

770.4

780.2

792.8

807.2

815.5

822.7

112.5
303.9
344.3

112.7
307.6
354.8

127.5
321.6
372.2

114.8
303.8
343.2

115.6
305.3
345.6

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

126.6
319.3
369.6

127.1
321.5
374.0

130.7
329.4
379.7

183.6

141.6

173.0

189.8

176.6

170.6

133.0

130.9

153.1

149.2

168.1

175.2

179.4

169.2

175.6
130.6
45.0
8.0

151.5
112.7
38.8
-9.9

164.5
116.8
47.7
8.5

180.6
133.8
46.8
9.2

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

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
Govt. purchp ; JS of goods and services, total do
Federal.
do
State anJ iocal
IIIII" do

1,202.1 1,274.7 1,224.5 1,216.9 1,199.7 1,169.8 1,188.2 1,220.7 1,229.8 1,256.0 1,271.5 1,283.7 1,287.4

174.6
130.6
44.0
2.0

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
39.3
2.9

15.9

22.5

16.0

15.4

15.3

17.9

20.5

24.5

22.7

22.3

16.8

16.4

17.0

13.8

257.7
95.8
161.8

263.0
96.7
166.3

264.4
96.5
167.9

257.6
95.4
162.2

258.5
96.4
162.1

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

264.4
96.1
168.4

264.6
96.7
168.0

264.6
97.1
167.5

,•«,«„ r S + l* c v P x e l m u n . a r y .
i For 1st and 2nd quarter 1977 data, see p. 16 ff of this
issue o f t h e SURVEY
f Revised series. Estimates of national income and product and
personal income have been revised back to 1973 (see p. 16ff.of the July 1977 SURVEY) ; revisions

prior to May 1976 for personal income appear on p. 33 of the July 1977 SURVEY.
data for items not shown separately.

9 Includes

S-l
238-498 O - 77 - SI




S-2

July 1977

SURVEY OF CURRENT BUSINESS

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

1974

I 1975 | 1976
Annual total

III

II

IV

1977

1976

1975

1974

III

IV

II

III

IV

II

III

0)

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME 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
Kesidential
_
do
Govt. purchases of goods and services
Federal
State and local

do.
do.
do.

National income, totalf

do
do
do
do
do

Proprietors' income with inventory valuation
and capital consumption adjustments,
total
bil. $..
Farm
do.
Nonfar m
_
do.
Rental in come of persons with capital consumption adj ustment
_
bil. $..
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

117.52
118.6
110.5
125.7
115.0

121.06
121.7
113.9
129.0
117.7

124.21
123.7
115.6
130.6
120.3

125.96
125.4
117.2
131.8
122.3

128.28
127.5
118.4
134.5
124.5

130.17
129.2
120.1
135.5
126.8

131.47
130.8
122.2
136.2
129.2

133.06
132.3
123.8
136.9
131.1

134.56
134.0
125.3
138.3
133.2

136.35
135.6
127.2
139.3
135.4

117.1
115.3
122.3

132.4
132.3
132.8

139.8
138.7
142.5

119.3
117.6
124.6

124.3
123.4
127.0

128.9
128.5
130.3

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

117.5
115.9
118.4

128.9
127.5
129.7

136.7
134.8
137.7

119.2
117.2
120.3

122.9
122.1
123.4

125.7
124.5
126.3

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

bil. $.. 1,136.0

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

1,217.0 1,364.1 1,147.1 1,159.9 1,156.0 1,191.4 1,244.9 1,275.7 1,321.0 1,353.9

1,379.6 1,402.1

999.6 ., 024.9 ., 046.5 [, 074.2
900.2
923.2
882.4
861.5
188.2
192.5
185.4
182.7
712.0
730.7
697.0
678.8
146.3
150.9
142.5
138.1

875.8
764.1
160.0
604.1
111.7

930.3
805.7
175.4
630.3
124.6

, 036. 3
891.8
187.2
704.6
144.5

888.2
774.5
160.7
613.8
113.7

902.2
785.4
166.2
619.1
116.8

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

86.2
25.4
60.9

86.0
23.2
62.8

88.0
18.6
69.4

84.7
23.0
61.7

83.3
22.0
61.3

78.9
18.3
60.6

84.3
22.7
61.6

90.4
26.7
64.2

90.4
25.5
64.9

86.9
20.0
66.9

90.4
21.6

86.2
16.2
70.0

88.7
16.6
72.0

21.4

22.3

23.3

21.5

21.9

22.1

22.3

22.2

22.6

23.0

22.9

23.3

24.1

83.6

99.3

128.1

80.1

77.6

74.0

92.7

115.6

114.7

126.5

129.2

133.5

123.1

139.8
18.4
121.3
68.4
31.0

130.2
18.4
111.8
62.9
29.0

105.4
15.0
90.3
47.9
18.5

134.6
18.2
116.4
66.3
29.9

74.3
15.2
59.1
36.5
9.4

73.3
14.3
58.9
32.0
9.4

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

5.6
9.6

6.1

11.5
8.1

5.6
9.4

6.0
11.0

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

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

138.2
57.2
81.0
31.6
49.4

123.9
50.4
73.5
31.3
42.2

101.5
40.8
60.8
32.0
28.8

113.9
45.7
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

_ .do.
do.
do.

_

76.9
14.4
62.5
36.6
11.5

136.1
18.1
118.0
68.7
32.5

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

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

' 116.02 ' 127.18 133.88
116.9
126.5
133.2
108.4
117.9
124.7
123.8
133.1
137.7
113.6
123.5
132.3

-40.4
-2.9
69.0

-12.0
-12.2
79.1

-14.1
-14.7
88.4

-54.4
-3.6
72.6

-39.6
-6.7
74.9

-18.3
-9.2
76.4

-9.3
-11.9
77.6

-8.8
-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

DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual

Rates

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

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

1,154. 9 1,253.4 n,382.7 1,174.3 1,194.7 1,205.1 1,234.7 •1,269.7 1,304.0 1,338.1 1,366.7 r\ ,393.9 «1,432.2
209.5
200.6
192.6
179.9
173.9
184.8
142.5
174.6
178.5
196.9
170.3
169.0
179.6
999.7 1,016. 2 1,025.4 L, 092. 2 1,095. 7 1,124.1 , 153. 3 1,174.1 1,193. 3 1,222. 6
984.6 1,084.4 1,185.8
989.1 1,019.1 1,048. 6 ., 080.9 1,103.8 1,128.5 1,166. 3
932.8 940.3
913.0 1,004.2 1,119.9
960.1
56.3
64.8
70.3
76.7
72.4
103.1
75.5
65.9
66.9
75.9
65.4
80.2
71.7

NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing.
Durable goods industries 1
Nondurable goods industries f
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communi cation i_.
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing.
Durable goods industries %
Nondurable goods industries f
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
r

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

112.40
46.01
22.62
23.39

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

66.39
3.18
2.54
2.00
2.12

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

20.55
17.63
2.92
13.96
22.05

28.23
11.62
5.65
5.96

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

30.41
13.48
6.02
7.46

34.52
15.38
7.27
8.12

29.20
12.52
5.80
6.72

64.82
3.79
2.55
1.84
3.18

68.01
4.00
2.52
1.30
3.63

16.61
.80
.64
.43
.58

18.29
.91
.78
.48
.71

14.98
.91
.59
.44
.62

16.12
.94
.62
.50
.85

17.44
.97
.62
.43

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

19.16
1.14
.71
.46
.62

18.70
1.12
.59
.45
.64

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.47
13.30
20.99

5.20
4.42
.78
3.39
5.57

5.67
4.
.87
3.78
5.97

4.42
3.84
.58
3.11
4.88

16.28
.97
.71
.47
.77
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

6.46
5.32
1.14

6.48
5.33
1.15

9.77

3 9.42

113. 99 116.22
47.04 48.08
23.08 23.28
23.96 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

125.22
54.44
25.50
28.93

130.16
56.43
26.30
30.13

134.46
58.62
26.42
32.20

136.91
61.77
28.30
33.46

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

66.94
3.27
2.68
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
2.08
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

75.84
4.42
2.69
1.52
2.

75.14
4.54
2.37
1.94
2.43

do.
do.
do.
_do.
do.

20.16
17.47
2.68
14.01
22.84

20.93
17.76
3.17
14.04
22.04

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

25.65
25.35
21.09
21.19
4.56
4.16
14.19
22.67 3 39.16

25.72
21.58
4.14

2

Revised.
v Preliminary.
* See corresponding note on p. S-l.
Estimates (corrected for systematic biases) for Apr.-June 1977 and July-Sept. 1977 based on expected capital
expenditures of business. Expected expenditures for the year 1977 appear on p. 20 of the June
1977 SURVEY. 3 Includes communication.
fSee corresponding note on p. S-l.
9 Includes
data for items not shown separately.
9 Personal outlays comprise personal consumption




2 33.79 2 33.99
15.29
14.63
6.95
6.57
8.35
8.06

112. 78 120.49
47.95 52.48
21.84 23.68
26.11
28.81

3 38.14

expenditures, interest paid 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 tne
Mar., June, Sept., and Dec. issues of the SURVEY.

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