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SUEVEY OF CUKRENT BUSINESS

October 1977

NATIONAL INCOME AND PRODUCT TABLES
1976
1975

1976

1977

III

It

1977

1976

IV

IIIP

1975

1976

III

Seasonally adjusted at annual rates

II

IV

III v

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)
Gross national product

_.

1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8

Personal consumption expenditures..

,869.9 1,911.3 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

1,343. 2

980.4 1,094.0 1,078.5 1,102.2 1,139.0 1,172. 4 , 194.0 1,216.7

821.3

815.5

822.7

839.8

850.4

854.1

858.0

132.9
409.3
438.2

Durable goods
Nondurable goods.
Services

775.1

158.9
442.7
492.3

156.7
437.1
484.6

159.3
444.7
498.2

166.3
458.8
513.9

112.7
307.6
354.8

127.5
321.6
372.2

126.7
319.3
369.6

127.1
321.5
374.0

130.7
329.4
379.7

136.9
329.7
383.8

137.9
330.0
386.3

136.4
329.1
392.6

177.0
466.6
528.8

178.6
474.4
541.1

177.7
477.2
561.8

189.1

243.3

244.4

254.3

243.4

271.8

294.9

300.6

141.6

173.0

175.2

179.4

169.2

186.7

197.2

198.7

200.6

230.0

226.1

232.8

244.3

258.0

273.2

280.8

151.5

164.5

163.1

165.6

171.0

177.0

184.0

185.5

Nonresidential
Structures
Producers' durable equipment..

149.1
52.9
96.3

161.9
55.8
106.1

159.8
55.8
104.0

164.9
56.0
109.0

167.6
57.0
110.6

177.0
57.9
119.2

182.4
61.0
121.4

187.7
62.6
125.1

112.7
36.3
76.5

116.8
37.1
79.7

115.9
37.1
78.9

118.5
37.1
81.4

119.0
37.3
81.7

124.3
37.0
87.3

126.4
38.2
88.1

127.7
38.7
89.0

Kesidential
Nonfarm structures
Farm structures
Producers' durable equipment..

51.5
49.5
.9
1.1

68.0
65.7
1.0
1.3

66.3
64.1
1.0
1.2

67.8
65.7
.9
1.3

76.7
74.3
1.1
1.3

81.0
78.5
1.1
1.4

90.8
88.2
1.2
1.4

93.1
90.6
1.1
1.5

38.8
37.1
.7

47.7
46.0
.7
1.0

47.1
45.4
.7
1.0

47.1
45.4
.6
1.0

52.0
50.2
.7
1.1

52.7
50.9
.7
1.1

57.6
55.7

57.8
56.0
.7
1.1

-11.5
-15.1
3.6

13.3
14.9
-1.6

18.3
20.4
-2.2

21.5
22.0
-.5

1.4
-2.3

13.8
14.1

21.7
22.4
-.7

19.8
19.3
.5

-9.9
-11.2
1.2

8.5
10.1
-1.6

13.8
14.4
-.6

-1.8
.7
-2.5

9.7
9.9
-.2

13.2
13.6
-.5

13.2
12.8
.4

Gross private domestic investment.
Fixed investment

Change in business inventories.
Nonfarm
Farm

20.4

7.8

10.2

7.9

3.0

-8.2

-9.7

-11.6

22.5

16.0

12.1
14.3
-2.1
16.4

17.0

13.8

10.6

9.4

9.5

147.3
126.9

162.9
155.1

160.6
150.4

168.4
160.6

168.5
165.6

170.4
178.6

178.1
187.7

174.9
186.6

67.4

95.8
79.8

95.2
78.9

97.9
80.9

96.9
83.1

96.9
86.3

98.5
89.1

96.8
87.3

338.9

361.4

358.9

363.0

370.0

374.9

390.6

405.6

263.0

264.4

264.5

264.6

264.6

263.3

270.0

277.0

123.3
83.9
39.4
215.6

130.1
86.8
43.3
231.2

128.5
86.0
42.5
230.4

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

151.5
97.3
54.2
254.1

96.7

96.5

96.1

96.7

97.1

97.0

101.1

105.6

166.3

167.9

168.4

168.0

167.5

166.4

168.9

171.4

Gross national product..

1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,911.3 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

1,343. 2

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

1,540.3 1,693.1 1,673.7 1,705.8 1,756.3 1,797. 0 1,848.2 1,891.5 1, 212. 0 1,266. 2 1, 259.4 1, 269.8 1, 289. 2 1,301. 2 1,317.5
13.2
12.1
9.7
-1.8
21.5
19.8
8.5
13.8
-11.5
13.8
21.7
-9.9
13.3
18.3
-.9

1,330.1
13.2

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

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

686.2
697.7
-11.5

764.2
750.9
13.3

761.7
743.4
18.3

776.0
754.5
21.5

774.7
775.6
-.9

805.9
792.1
13.8

827.1
805.4
21.7

835.0
815.3
19.8

538.8
548.7
-9.9

580.1
571.6
8.5

579.8
567.6
12.1

586.9
573.0
13.8

581.9
583.7
-1.8

602.4
592.7
9.7

608.5
595.3
13.2

610.9
597. 7
13.2

Durable goods
Final sales
Change in business inventories.

258.2
267.5
-9.2

303.4
299.3
4.1

301.9
294.9
7.0

313.4
302.7
10.7

312.6
312.0
.6

334.4
326.6
7.8

341.0
329.5
11.5

339.6
330.9
8.7

212.0
219.2
-7.2

235.2
232.4
2.8

235.9
230.9
5.0

240.8
233.5
7.2

237.0
237.0
.1

252.3
246.7
5.6

254.7
247.4
7.3

251.9
246.1
5.8

Nondurable goods
Final sales
Change in business inventories.

428.0
430.2
-2.2

460.9
451.6
9.3

459.7
448.5
11.2

462.6
451.8
10.9

462.1
463.6
-1.6

471.5
465.6
6.0

486.1
475.9
10.2

495.4
484.3
11.1

326.8
329.5
-2.7

344.9
339.3
5.7

343.9
336.8
7.1

346.1
339.5
6.6

344.8
346.7
-1.9

350.1
346.0
4.2

353.8
347.9
5.8

359.0
351.6
7.4

699.2
143.5

782.0
169.2

770.8
159.4

791.8
159.6

813.8
166.9

833.7
171.2

855.3
187.5

884.7
191.5

560.7
102.7

584.7
109.9

581.7
110.1

587.9
108.8

593.6
111.9

597.1
111.5

602.9
119.3

612.8
119.6

Services.-..
Structures..

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,911.3 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

Gross national product _

1,343.2

1,303.3 1,322.8

1,335.7

1,518.3 1,692.1 1,678.4 1,712.0 1,740.9 1,793.2 1,851.4 1,893.4 1,197.3 1,268.0 1,265.1 1,276.7 1,280.9

Gross domestic product
Business
Nonfarm
Nonfarm less housing.
Housing
Farm
Statistical discrepancy..
Residual1

433.3 1,463. 0 1,485. 2 1,532.3 1, 586. 4 1, 623. 3 1,013. 7 1, 082. 0 1,079.3 1,090.5 1, 093.9 1,116. 2 1,134. 9 1,146. 2
378.0 1,409.4 1,433.4 1,478.0 1, 536. 7
974.3 1,043. 8 1,042. 5 1,051.2 1,054. 8 1,077.8 1,099.8 1,110. 2
966.7
987.8
996.9
247.0 1, 275.4 1,296.8 1,337.4 1,392.7
944.7
934.9
934.0
870.5
941.6
112.1
111.1
144.1
148.0
140.6
113.4
134.0
130.9
136.5
110.2
108.8
108.5
103.7
109.6
34.9
35.1
50.8
47.3
35.8
45.6
51.0
50.9
48.4
34.1
33.0
32.3
33.8
32.2
-1.2
4.5
3.3
8.0
5.3
2
.2
.2
3.4
4.9
7.0
5.6
4.5
5.2

1,289.6 1,444.3
1,234. 6 1,390.9
1,115.1 1, 258.7
132.3
119.5
47.9
49.2
5.5
5.9

Households and institutions-

50.4

56.2

55.5

56.4

58.3

60.4

62.0

38.9

40.2

40.3

40.0

40.6

40.6

41.2

41.6

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

7.0

6.5

7.7

7.9

7.5

178.2
59.0
119.2

191.6
62.4
129.2

61.6
128.1

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

144.6
48.5
96.1

145.8
48.4
97.3

10.5

Government
Federal
State and local-

145.5
48.3
97.2

14.4

13.5

15.3

14.4

17.6

18.4

17.9

4.9

6.7

6.4

Rest of the world.

p 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, 1929-7'4:




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—

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-

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_

—

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_

_

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—
•

—

_•

CURRENT BUSINESS STATISTICS

XHE 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 CUKRENT BUSINESS.

1975

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

1974

1976
III

1975
IV

I

II

1977

1976

III

IV

I

II

Annual total

III

IV

I

II

III

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PttODUCTf
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?
do..
Clothing and shoes
do.
Food_._
do.
Gasoline and oil
do.
Services, total 9
do.
HousehoId 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, total .do
Federal
do.
National defense
do.
State and local
do.
By major type of productrf
Final sales, total.
Goods, total.
Durable goods
Nondurable goods
Services
Structures
Change in business inventories
Durable goods
Nondurable goods

1,412.9

1,528.8 1,706.5

889.6

980.4 1,094.0

909.0

916.2

936.5

965.9

995.1 1,024.1

122.0
48.0
54.9

132.9
53.9
58.0

158.9
71.9
63.9

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

376.3
65.3
189.8
36.4

409.3
70.2
209.5
39.1

442.7
76.3
225.5
41.4

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
'39.7

415.0
71.5
212.1
39.1

391.3
56.1
136.5
30.7

438.2
64.2
150.8

492.3
73.0
167.9
36.8

397.4

408.9
59.3
141.7
31.6

419.7
61.4
145.1
31.6

431.7
63.7
148.5
31.6

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 1,810.8 1,869.9 1,911.3

57.2

138.2
31.1

,056.0 1,078.5 1,102.2 1,139.0 1,172. 4 1,194.0 1,216.7
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

421.9
73.0
215.4
39.8

153.3
68.8
'62.0
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

237.9
44.1

474.4
80.4
244.8
44.3

81.6
70.7
477.2
83.0
245.0
44.2

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

528.8
80.7
177.6
39.5

541.1
79.2
181.9
40.5

561.8
86.5
186.7
44.2

79.3

214.6

189.1

243.3

210.7

210.4

175.1

171.2

205.4

204.7

231.3

244.4

254.3

243.4

271.8

294.9

300.6

205.7
150.6
54.5
96.2

200.6
149.1
52.9
96.3

230.0
161.9
55.8
106.1

208.4
153.5
54.7

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

280.8
187.7
62.6
125.1

55.1
8.9
10.8

51.5
-11.5
-15.1

68.0
13.3
14.9

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

81.0
13.8
14.1

90.8
21.7
22.4

19.8
19.3

6.0
137.9
131.9

20.4
147.3
126.9

7.8
162.9
155.1

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

-8.2
170.4
178.6

-9.7
178.1
187.7

-11.6
174.9
186.6

302.7
111.1
77.0
191.5

338.9
123.3
83.9
215.6

361.4
130.1
86.8
231.2

308.0
113.0
77.9
195.0

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

405.6
151.5
97.3
254.1

1,540.3 1,693.1 1,427.8 1,445.5 1,475.0 1,521.7
697.7
692.9
750.9
644.0
643.7
665.8
267.5
263.8
299.3
248.2
241.3
250.6
430.2
429.1
451.6
395.8 402.3
415.2
699.2
689.5
782.0
635.8 656.7
670.5
143.5
139.3
160.2
147.9
145.1
138.8

1,506.6
706.6
272.5
434.2
708.4
145.0

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

1,404.0
629.7
240.8
389.0
626.8
147.4

Gross national product, totalf
bil.$
Personal consumption expenditures, total ..do
Durable goods
.do.
Nondurable goods
do.
Services
do.
Gross private domestic investment, total...do
Fixed investment
.do.
Nonresidential
do .
Residential
.do.
Change in business inventories
do.

1,217.8

8.9
7.1
1.8

-11.5
-9.2
-2.2

13.3
4.1
9.3

2.3
6.3
-4.0

6.8
12.2
-5.4

-22.0
-12.8
-9.2

-25.1
-11.7
-13.4

4.9
-2.1
7.0

1,604.4 1,636.7 1,673.7 1,705.8 1,756.3 L, 797.0 1,848.2 1,891.5
775.6
725.2
754.5
730.0
743.4
792.1 ' 805.4 815.3
312.0
283.1
302.7
294.9
287.6
326.6
329.5 330.9
484.3
463.6
442.1
451.8
448.5
442.4
465.6
475.9
813.8
728.3
791.8
770.8
751.6
833.7
855.3 884.7
191.5
166.9
150.8
159.6
159.4
155.0
171.2
187.5
19.8
-3.6
14.5
21.5
21.7
13.8
18.3
8.7
-10.3
-2.0
7.0
10.7
7.8
11.5
11.1
6.7
16.6
11.2
10.9
6.0
-1.6
10.2

GNP in constant (1972) dollars!

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

do...
do.._

1,202.1 1,274.7 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 1,311.0

L
1,330.7 ! , 343.2

760.7

775.1

821.3

766.6

752.9

756.9

770.4

780.2

792.8

807.2

815.5

822.7

839.8

850.4

854.1

858.0

112.5
303.9
344.3

112.7
307.6
354.8

127.5
321.6
372.2

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
303.6
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

136.4
329.1
392.6

183.6

141.6

173.0

176.6

170.6

133.0

130.9

153.1

149.2

168.1

175.2

179.4

169.2

186.7

197.2

198.7

175.6
130.6
45.0
8.0

151.5
112.7
38.8
-9.9

164.5
116.8
47.7
8.5

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

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

185.5
127.7
57.8
13.2

15.9

22.5

16.0

15.3

17.9

20.5

22.7

22.3

16.8

16.4

17.0

13.8

10.6

9.4

9.5

270.0
101.1
168.9

277.0
105.6
171.4

257.7
95.8
161.8

263.0
96.7
166.3

264.4
96.5
167.9

258.5
96.4
162.1

258.3
95.7
162.6

r
Revised.
? Preliminary.
f Re vised 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);

259.4
96.0
163.4

24.5

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

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. c Corrected.

S-l
248-285 O - 77 - SI




October 1977

SURVEY 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

1974

|

1975 ! 1976

IV

Annual total

1975

1974
I

II

1976

I

IV

III

GENERAL BUSINESS INDICATORS—Quarterly

II

1977
III

IV

II

I

IV

Series—Continued

NATIONAL INCOME AND PRODUCTf-Con.
Quarterly Data Seasonally Adjusted

Implicit price deflators :f
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.
Quarterly Data Seasonally Adjusted at Annual

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

121.06
121.7
113.9
129.0
117.7

117.1
115.3
122.3

132.4
132.3
132.8

139.8
138.7
142.5

124.3
123.4
127.0

117.5
115.9
118.4

128.9
127.5
129.7

136.7
134.8
137.7

122.9
122.1
123.4

124. 21 125. 96 128. 28
123.7 125.4
127.5
117.2
115.6
118.4
131.8
130.6
134.5
122.3
120.3
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

138.13
137.9
129.3
141.5
137.8

140.52
139.8
129.5
143.8
140.1

142.29
141.8
130.3
145.0
143.1

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

145.8
142.5
153.7

148.5
144.4
157.6

151.4
147.0
161.0

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

142.3
140.6
143.4

144.6
142.0
146.2

146.4
143.4
148.3

Rates

National income, totalf

bil. $.. 1,136.0 1,217.0 1,364.1 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
914.4
965.6
999.6 , 024.9 1,046.5 1,074.2
936.7
930.3 , 036. 3 902.2
904.6
Compensation of employees, total.
.do
875.8
792.4
882.4
785.4
923.2
900.2
805.7
785.1
764.1
891.8
Wages and salaries, total
do
810.5
834.9
861.5
173.7
185.4
166.2
188,2
192.5
175.4
169.8
160.0
187.2
Govt. and govt. enterprises
do
176.9
181.2
182.7
618.6
697.0
619.1
712.0
730.7
630.3 704. 7
615.2
604.1
Other..
do
633.5
653.8
678.8
122.1
142.5
116.8
146.3
124.6
119.6
150.9
111.7
Supplements to wages and salaries.
.do
144.5
126.3
130.7
138.1
Proprietors' income with inventory valuation
and capital consumption adjustments,
84.3
83.3
90.4
86.9
90.4
86.2
90.4
88.7
86.2
86.0
78.9
total
bil. $..
88.0
22.7
22.0
21.6
16.2
16.6
18.3
Farm
do
25.4
23.2
18.6
<26. 2
25.5
20.0
61.6
61.3
68.8
70.0
72.0
60.6
60.9
Nonfarm
...do
62.8
69.4
64.2
64.9
66.9
Rental income of persons with capital consump22.3
22.6
23.0
22.9
24.1
21.9
22.1
23.3
22.2
21.4
22.3
23.3
tion adjustment
bil. $..
Corp. profits with inventory valuation and capi77.6
114.7
126.5
74.0
92.7
129.2
83.6
115.6
tal consumption adjustments, total
bil. $..
128.1
133.5
123.1
99.3
Corp. profits with invent, val. adj.:
73.3
123.2
132.4
130.2
98.4
136.1
77.2
76.9
105.4
139.8
122.6
134.6
Domestic, total
.do
14.3
18.4
14.3
15.1
18.1
18.4
15.0
14.4
18.2
Financial
do...
14.7
16.1
17.8
58.9
84.1
62.1
118.0
90.3
121.3
111.8
62.5
116.4
Nonfinancial, total 9
do...
107.9
107.1
114.6
32.0
43.4
29.4
68.7
47.9
68.4
62.9
36.6
66.3
59.6
59.1
65.3
Manufacturing, total 9
do
15.4
9.0
32.5
18.5
9.4
31.0
29.0
29.9
11.5
Durable goods
do...
25.9
23.8
27.2
Transportation, communication, and
8.5
12.1
6.0
12.1
11.1
12.2
10.4
9.3
5.3
5.6
11.5
11.1
electric, gas, and sanitary serv._.bil. $.
11.0
6.2
7.6
8.4
6.1
6.3
6.0
8.6
8.1
Rest of the world
do
7.7
6.0
159.2
141.0
153.5
123.9
113.9
154.8
123.5
159.9
101.5
137.7
126.9
156.9
Profits before tax, total
do..
66.1
50.4
<=45. 9
63.9
50.2
65.9
52.4
64.7
40.8
56.3
57.9
63.1
Profits tax liability
do..
73.5
68.2
93.1
90.9
73.4
94.0
74.5
92.1
60.8
Profits after tax
do..
81.4
83.1
90.4
31.3
32.2
38.4
32.4
35.0
36.0
31.0
35.8
32.0
32.9
32.5
33.6
Dividends
.do.
42.2
36.0
52.5
41.0
58.0
58.1
43.6
56.4
28.8
48.5
50.6
56.8
Undistributed profits
do.
-9.3
-12.0 -14.1 -39.6 -18.3
- 8 . 8 -11.8 -12.4 -15.5 -11.7 -16.9
-40.4
Inventory valuation adjustment...
.do.
-6.7
- 9 . 2 - 1 1 . 9 - 1 3 . 3 - 1 4 . 5 - 1 4 . 6 - 1 4 . 6 - 1 4 . 7 -14.
-12.2 -14.7
-2.9
Capital consumption adjustment
do.
92.0
90.1
74.9
77.6
86.5
76.4
88.4
69.0
79.1
79.9
82.3
85.0
Net interest
.
do.
DISPOSITION

450.2 1,505.7

109.9
951.3
194.8
756.4
158.6

, 144.7
980.9
197.2
783.6
163.8

, 165.6
997.1
200.6
796. 5
168.5

95.1
20.7
74.3

97.0
19.7
77.3

95.5
15.5
80.0

24.5

24.9

25.5

125.4

140.2

131.0
19.2
111.8
'65.2
31.5

145.5
19.9
125.5
76.4
39.4

11.6
10.1

11.5
••10.7

161.7
64.4
97.2
38.5
58.8

174.0
69.7
104.3
40.3
64.1

-20. 6
-15.6
95.3

-17.8
-15.9
98.9

42.3

-6.1
-17.9
102.9

OF PERSONAL I N C O M E t

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

bil. $_. 1,154.9
170.3
do
984. 6
do
913.0
do
do...
71.7

1,253.4 1,382.7 1,194.7 1,205.1 1,234.7 1,269.7 1,304.0 1,338.1 1,366.7 1,393.9 1,432.2
192.6
209.5
200.6
178.5
142.5
196.9
169.0
179.6
173.9
179.9
184.8
1,084. 4 L, 185.8 1,016. 2 1,025.4 1,092.2 1,095.7 1,124.1 1,153.3 1,174.1 1,193.3 1,222.6
989.1 1,019.1 1,048.6 1,080.9 1,103.8 1,128.5 1,166. 3
940.3
960.1
1, 004. 2 1,119.9
70.3
56.3
103.1
64.8
75.9
65.4
80.2
65.9
76.7
75.5
72.4

,476.8 1,517.2 1,548.3
227.8
224.8
224.4
,252.4 1,292.5 1,320. 5
, 201.0 1,223.9 1,248.0
72.5
68.5
51.4

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

112. 40
46.01
22.62
23.39

112. 78
47.95
21.84
26.11

120. 49
52.48
23.68
28.81

31.92
13.63
6.64
6.

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

i 34.37

15.20
6.86
8.34

i 39.19
18.04
8.47
9.57

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

18.29
.91
.78

14.98
.91
.59
.44
.62

16.12

17.44

14.91

.94
.62
.50
.85

.97
.62
.43
.93

.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

19.17
1.12
.68
.43
.57

21.15
1.16
.87
.53
.47

20.55
17.63
2.92
13.96
22.05

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.4'
13.30
20.99

5.6;
4.80

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

5.70
4.85

4.79
4.18
2.92
4.82

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

7.63
6.25
1.38

3.26
5.52

5.52
4.54
.98
3.33
5.19

6.73
5.49
1.24

3.14
5.00

5.50
4.74
.76
3.21
5.21

114.57 112.46
49.05 48.78
22. 86 22.59
26.20 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

130.16
56.43
26.30
30.13

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

04.98
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
4.49
2.57
1.43
2.96

77.06
4.52
2.74
1.84
2.18

77.70
4.54
3.19
2.05
1.72

20.93
20.28
Public utilities
do.
17.76
17.
Electric
do.
3.1"
3.25
Gas and other
do.
14.04
13.36
Communication
do.
22.04
20.82
Commercial and other
do.
r
Revised.
v Preliminary.
i Estimates (corrected for systematic biases) for JulySept. 1977 and Oct.-Dec. 1977 based on expected capital expenditures of business. Expected
2
expenditures for the year 1977 appear on p. 22 of the Sept. 1977 SURVEY.
Includes communication.
tSee corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, interest paid

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

26.70
22.24
4.47

27.50
22.72
4.78

Nonmanufacturing
Mining
Railroad
Air transportation

Other transportation
Public utilities
Electric
Gas and other
Communi cation
Commercial and other

Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries f
Nondurable goods indu tries 1
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation




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

do.
do
do.
do.
do.
do.

3.78
5.9'

do.
do.
do.
do.

116.22
48.08
23.28
24.80

do_.
do..
do.
do..
do_

68.14
3.56
3.05
1.81
2.71

.91

.85

.62

2 9.65 210.48

134.24 U38.43 142.02
59.46
64.32
61.37
27.26
29.74
27.96
32.19
33.40
34.58

2 39. 01 '38.70

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

Corrected.

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