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SUKVEY OF CURRENT BUSINESS

November 1977

NATIONAL INCOME AND PRODUCT TABLES
1976
1975

1976

II

III

1977
IV

I

II

1976

III*

1975

1976

II

1977

III.

Seasonally adjusted at annual rates

I

IV

II

III*

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)
_.

,528.8 1,706.5

Personal consumption expenditures..

Gross national product

980.4 1,094.0

Durable goods
Nondurable goods.
Services

,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,914.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7
,078.5 1,102.2 1,139.0 1,172.4 1,194.0 1,216.9

132.9
409.3
438.2

Gross private domestic investment..

158.9
442.7
492.3

156.7
437.1
484.6

159.3
444.7
498.2

166.3
458.8
513.9

177.0
466.6
528.8

178.6
474.4
541.1

178.0
478.6
560.3

1,346.1

775.1

821.3

815.5

822.7

839.8

850.4

854.1

858.7

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

137.9
330.0
386.3

136.5
330.3
391.9

189.1

243.3

244.4

254.3

243.4

271.8

294.9

302.3

141.6

173.0

175.2

179.4

169.2

186.7

197.2

199.9

200.6

230.0

226.1

232.8

244.3

258.0

273.2

279.2

151.5

164.5

163.1

165.6

171.0

177.0

184.0

184.6

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

186.7
62.4
124.3

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

Residential
Nonfarm structures
Farm structures
Producers' durable equipment-

51.5
49.5
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

92.5
89.9
1.1
1.5

38.8
37.1
.7
.9

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
.8
1.1

127.1
38.8
88.3
57.5
55.7
.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
-.3

21.7
22.4
-.7

23.1
22.6
.5

-1L2
1.2

8.5
10.1
-1.6

12.1
14.3
-2.1

13.8
14.4
-.6

-1.8
.7
-2.5

9.7
9.9
2

13.2
13.6
-.5

15.4
15.0
.4

17.0

Fixed investment

_
_

.9

Change in business inventories.
Nonfarm
Farm
Net exports of goods and services .

20.4

Federal
National defense..
Non defense
State and local

7.8

10.2

7.9

3.0

-8.2

-9.7

-7.6

22.5

16.0

16.4

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

180.4
188.1

89.9
67.4

95.8
79.8

95.2

338.9

361.4

358.9

363.0

370.0

374.9

390.6

403.3

263.0

264.4

123.3
83.9
39.4
215.6

Exports
Imports
Government purchases of goods and services..

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

149.3
96.0
53.3
254.0

96.7

96.5

166.3

167.9

78.9
264.5
96.1
168.4

13.8

10.6

9.4

11.9

96.9
83.1

96.9
86.3

98.5
89.1

99.9
88.0

264.6

264.6

263.3

270.0

275.6

96.7

97.1

97.0

101.1

104.2

168.0

167.5

166.4

168.9

171.4

!

97.9 !
80.9 |

Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Table 2.—Gross National 1
1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,914.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

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

_

1,346.1

1,540.3 1,693.1 1,673.7 1 705.8 1 756.3 1 797.0 1 848.2 1,891 7 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
13.8
-1.8
8.5
-11.5
21.5
-.9
-9.9
13.8
23.1
13.3
18.3
21.7

Gross national product
Final sales
Change in business inventories

1,330. 8
15.4

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

840.2
817 1
23.1

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

614.5
599.1
15.4

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

342.2
332 4
9.8

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

253.1
246.7

344.8
346.7
-1.9

350.1
346.0
4.2

353.8
347.9
5.8

361.4
352.4

593.6
111.9

597.1
111.5

602.9
119.3

612.1
119.5

428.0
430 2
-2.2
699 2
143.5

460.9
451 6
9.3
782 0
169.2

459.7
448 5
11.2
770 8
159.4

462 6
451 8
10.9

462.1
463.6
-1.6

471.5
465.6
6.0

486.1
475.9
10.2

498.0
484.7
13.4

326.8
329.5
-2.7

344.9
339.3
5.7

343.9
336.8
7.1

346.1
339.5
6.6

791 8
159.6

813 8
166.9

833.7
171.2

855.3
187.5

883.7
191.0

560.7
102.7

584.7
109.9

581.7
110.1

587.9
108.8

6.4

9.0

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product .
Gross domestic product
Business
Nonfarm
Nonfarm less housing _.
Housing
Farm
Statistical discrepancy. _.
Besidual1
Households and institutions..
Government
Federal
State and local..
Rest of the world.

1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,914.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

1,346.1

1,303.3 1,322.8

1,338.0

532.3 1, 586. 4 1,625.4 1,013.7 1,082. 0 1,079.3 1,090.5 1,093.9 1,116. 2 1,134.9
478.0 1,536. 7 1,576. 0 974.3 1,043. 8 1,042.5 1,051.2 1,054.8 1,077.8 1,099.8
987.8
966.7
337.4 1,392. 7 1,427. 9 870.5
934.9
941.6
944.7
934.0
112.1
111.1
103.7
140.6
144.1
108.8
109.6
110.2
148.0
108.5
34.9
35.1
33.8
51.0
50.8
33.0
32.2
34.1
47.2
32.3
-1.2
2.2
3.4
.2
7.0
5.6
4.9
5.2
4.5

1,148.4
1,109.6

1,518.3 1,692.1 1,678.4 1,712.0 1,740.9 1,793.2 1,851.4 1,895.5 1,197.3 1,268.0 1,265.1 1,276.7 1,280.9
1,289.6 1,444.3 1,433.3 1,463.0 1,485.2
1,234.6 1,390.9 1,378.0 1,409.4 1,433.4
1,115.1 1, 258.7 1,247.0 1,275.4 1,296.8
119.5
132.3
130.9
134.0
136.5
49.2
47.9
50.9
45.6
46.4
5.5
5.9
4.5
8.0
5.3
50.4

56.2

55.5

56.4

58.3

60.4

62.0

191.6
62.4
129.2

189.6
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

10.5

14.4

13.5

15.3

14.4

17.6

18.4

19.3

113.4
36.2
2.6

40.2

40.3

40.0

40.6

40.6

41.2

41.7

144.6
48.5
96.1

145.8
48.4
97.3

145.5
48.3
97.2

146.2
48.5
97.7

146.4
48.6
97.8

146.5
48.6
97.9

146.7
48.6
98.1

4.9

6.7

6.4

7.0

6.5

7.7

7.9

147.9
48.7
99.2
8.1

63.6

178.2
59.0
119.2

996.2

* Third-quarter corporate profits and related totals are preliminary and subject to revision next month. (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:




CURRENT BUSINESS STATISTICS

JLHE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SukvEY
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.

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

1975

1976

1974

III

Annual total

1975
IV

I

II

1977

1976

III

IV

I

II

III

I

IV

II

III

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly

Series

NATIONAL I N C O M E AND PUODUCTf
bil.$__

1,412.9

1,528.8 1,706.5

Personal consumption expenditures, t o t a l . . d o . .

889.6

980.4 1,094.0

909.0

916.2

936.5

Durable goods, total 9
do..
Motor vehicles and parts
do..
Furniture and household e q u i p m e n t . . . d o . .
Nondurable goods, total9
...do...
Clothing and shoes
do...
Food
.do..
Gasoline and oil...
...do_.

122.0
48.0
54.9

122.9
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

376.2
65.3
189.8
36.4

409.?
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

Services, total 9
Household operation
Housing
Transportation

..do..
do..
do..
do_.

391.3
56.1
136.5
30.7

438.2
64.2
150.8
32.2

492.3
73.0
167.9

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

Gross private domestic investment, total...do...

214.6

189.1

243.3

210.7

210.4

175.1

171.2

Gross national product, totalt

Fixed investment
Nonresidential...
Structures
Producers' durable equipment

1,430.1 1,452.4

1,453.0 1,496.6 1,564.9
965.9

1,600.7 1,651.2 1,691.9

1,914.9

1,727.3 1,755.4 1,810.8 1,

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

1,216.9

159.3
72.1
63.9

166.3
75.7
66.5

177.0
85.3
67.4

437.1
74.3
223.9
40.3

444.7
76.9
227.0
41.2

458.8
79.9
232.0
43.5

466.6
79.3
237.9
44.1

' 178.0
81.6
'70.9
474.4 ' 478.6
••83.3
80.4
244.8 ' 245.8
44.2
44.3

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 ' 560.3
79.2 '86.0
186.7
181.9
40.5 ' 4 2 . 3

231.3

244.4

254.3

243.4

271.8

294.9

' 302. 3

273.2
182.4
61.0
121.4

' 279.2
' 186. 7
'62.4
' 124. 3

421.9
73.0
215.4
39.8

153.3
68.8
62.0
430.4
74.2
219.3
40.6

156.7
71.0
63.0

443.4
65.3
152.4
32.2

457.9
66.3
157.2
33.2

205.4

204.7

178.6
84.5
69.3

do...
__do...
do...
do...

205.7
150.6
54.5
96.2

200.6
149.1
52.9
96.3

230.0
161.9
55.8
106.1

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

Residential
Change in business inventories
Nonfarm

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

55.1
8.9
10.8

51.5
-11.5
-15.1

68.0
13.3
14.9

54.9
2.3
2.4

50.5
6.8
10.7

47.?
-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

' 92. f
>
' 23.1
'22.6

Net exports of goods and services
Exports
Imports

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

6.0
137.9
131.9

20.4
147.3
126.9

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

'r - 7 . 6
180.4
'188.1

Govt. purchases of goods and services, total. d o . . .
Federal
do...
National defense
do...
State and local
do...

302.7
111.1
77.0
191.5

338.9
123.3
83.9
215.6

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

390.6 ' 403.3
143.6 ' 149. 3
93.4 ' 9 6 . 0
247.0 ' 254.0

1,506.6 1,604.4
725.2
706.6
283.1
272.5
442.1
434.2
728.3
708.4
150.8
145.0

1,636.7
730.0
287.6
442.4
751.6
155.0

4.9
-2.1
7.0

-3.6
-10.3
6.7

14.5
-2.0
16.6

1,169.8 1,188.2 1,220.7

1,229.8

1,256.0 1,271.5 1,283.7

792.8

807.2

815.5

822.7
127.1
321.5
374.0

By major type of products
Final sales, total
Goods, t o t a l .
Durable goods
Nondurable goods
Services
Structures

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

1,404.0
629.7
240.8
389.0
626.8
147.4

_do..
do..
do..

8.9
7.1
1.8

bil.$

1,217.8

Personal consumption expenditures, t o t a l . . d o . .

760.7

Change in business inventories...
Durable goods
_
Nondurable goods

361.4
130.1
231.2

1,540.3 1,693.1 1,427.8 1,445.5
750.9
644.0
643.7
697.7
299.3
248.2
241.3
267.5
451.6
395.8
402.3
430.2
782.0
635.8
656.7
699.2
160.2
147.9
145.1
143.5
-11.5
-9.2
-2.2

13.3
4.1
9.3

2.3
6.3
-4.0

12.2
-5.4

1,475.0 1,521.7
692.9
665.8
263.8
250.6
429.1
415.2
689.5
670.5
139.3
138.8
-22.0
-12.8
-9.2

-25.1
— 11.7
-13.4

1,673.7 1,705.8
743.4
754.5
294.9
302.7
448.5
451.8
770.8
791.8
159.4
159.6
18.3
7.0
11.2

21.5
10.7
10.9

136.3
89.7
238.5

1,756.3 1,797.0 1,848.2 •1,891.7
792.1
775.6
805.4 ' 817.1
326.6
312.0
329.5 ' 332.4
465.6
463.6
475.9 ' 484. 7
833.7
813.8
855.3 ' 883. 7
171.2
166.9
187.5 '191.0
.6

13.8
7.8
6.0

21.7
11.5
10.2

'23.1
'9.8
'13.4

G N P in constant (1972) dollarsf
Gross national product, totalf

Durable goods
Nondurable goods
Services

...do._
do..
do..

Gross private domestic investment, t o t a l . . . d o . .
Fixed investment
do..
Nonresidential
do._
Residential
do_.
Change in business inventories
do..
Net exports of goods and services
do..
Govt. purchases of goods and services, total d o . .
Federal
do..
State and local
do..

1,202.1 1,274.7 1,216.9 1,199.7




1,330.7 1,346.1

839.8

850.4

854.1 ' 858. 7

130.7
329.7
379.7

136.9
329.7
383.8

137.9 ' 136.5
330.0 ' 329.1
386.3 ' 391.9

775.1

821.3

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

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 ' 199.9

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 ' 185. 5
126.4 ' 127.1
57.6 ' 57.5
13.2 ' 1 5 . 4

175.6
130.6
45.0
8.0

151.5
112.7
38.8
-9.9

164.5
116.8
47.7
8.5

766.6

174.6
130.6
44.0
2.0

752.9

163.8
124.1
39.7

756.9

152.9
116.6
36.3
-20.0

770.4

148.9
112.0
36.9
-18.0

780.2

150.2
111.0
29.3
2.9

153.8
111.3
42.6
-4.6

158.4
113.7
44.8
9.7

15.9

22.5

16.0

15.3

17.9

20.5

24.5

22.7

22.3

16.8

16.4

17.0

13.8

10.6

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

259.4
96.0
163.4

262.3
96.5
165.8

264.8
96.9
167.8

265.4
97.4
168.0

263.9
96.4
167.5

264.5
96.1
168.4

264.6
96.7
168.0

264.6
97.1
167.5

263.3
97.0
166.4

'Revised.
v Preliminary.
fRevised 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);

2 4 9 - 2 1 1 O -11 - S - l

1,287.4 1,311.0

9.4

11.9

270.0 ' 275.6
101.1 '104.2
171.4
168.9

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

S-l

November 1971!

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

Annual total

1974
IV

1976

1975
I

II

III

IV

I

II

1977

IV

III

I

II

III

IV

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:
F ixed investment
do.
Nonresidential
dol
Residential
do.
Govt. purchases of goods and services do.
Federal
_
do.
State and local
do.

116.02
116.9
108.4
123.8
113.6

127.18
126.5
117.9
133.1
123.5

133.88
133.2
124.7
137.7
132.3

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

117.1
115.3
122.3

132.4
132.3
132.8

139.8
138.7
142.5

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

117.5
115.9
118.4

128.9
127.5
129.7

136.7
134.8
137.7

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

140.52 r 142.25
141.7
139.8
130.3
129.5
144.9
143.8
143.0
140.1

131.47 133.06
132.3
130.8
123.8
122.2
136. 2 136.9
131.1
129.2

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

136.9
136.8
137.1

138.6
137.8
140.7

140.6
139.2
144.1

142.9
140.9
147.5

145.8
142.5
153.7

148.5
144.4
157.6

151.3
146.9
160.9

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. 2

Quarterl y Data Seasonally Adjusted at Annual Rates

Nationa 1 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 1,450.2 1,505.7
Compe nsation of employees, total
do
875.8
930.3 1,036. 3 902.2
965.6
999.6 1,024. 9 1,046.5 1,074.2 1,109.9 1,144.7
936.7
904.6 914.4
980.9
Wag es and salaries, total
do
764.1
923.2 951.3
882.4
900.2
805.7
785.4
834.9
891.8
861.5
792.4
810.5
785.1
197.2
Gov t. and govt. enterprises
do.
160.0
192.5
194.8
185.4
188.2
175.4
166.2
181.2
187.2
182.7
173.7
176.9
169.8
783.6
Other
do.
604.1
730.7
756.4
697.0
712.0
630.3
619.1
653.8
704.7
678.8
618.6
633.5
615.2
163.8
Supple ments to wages and salaries
do.
111.7
150.9
158.6
142.5
146.3
124.6
116.8
130.7
144.5
138.1
122.1
126.3
119.6
Proprietor s' income with inventory valuation
I
and capital consumption adjustments,
!
total
bil. $.
86.2
97.0
95.1
86.0
90.4
88.0
83.3
84.3
90.4
86.9
90.4
78.9
86.2 j 88.7
Farm
do
25.4
19.7
20.7
23.2
25.5
22.0
22.7
20.0
21.6
18.6
26.2
18.3
16.2
16.6
Nonfarm
."do" I
60.9
77.3
74.3
64.9
62.8
61.3
61.6
66.9
68.8
69.4
64.2
60.6
70.0 • 72.0
Rental inco me of persons with capital consumption adjus tment
bil. $.
21.4
22.3
22.1
21.9
24.5
22.3
23.3
23.3
22.6
22.9
24.9
22.2
23.0
24.1
Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $_.
83.6
123.1
125.4
74.0
128.1
99.3
77.6
92.7
115.6
126.5
129.2
133.5
140.2
114.7
Corp. profits with invent, val. adj.:
Domestic, total
do.
76.9
105.4
130.2
73.3
131.0
98.4
123.2
136.1
134.6
77.2
139.8
145.5
122.6
132.4
Financial
do.
14.4
15.0
18.4
14.3
19.2
14.3
16.1
18.1
18.2
15.1
17.8
18.4
19.9
14.7
Nonfinancial, total $
do.
62.5
90.3
58.9
84.1
118.0
62.1
114.6
121.3
111.8
107.1
116.4
111.8
107.9
125.5
Manufacturing, total 9 _
do
36.6
47.9
32.0
43.4
65.3
68.7
29.4
68.4
65.2
59.6
66.3
62.9
76.4
59.1
Durable goods
do
11.5
18.5
27.2
9.4
15.4
32.5
9.0
25.9
31.0
31.5
29.9
29.0
39.4
23.8
Transportation, communication, and
electric, ges, and sanitary serv...bil. $..
5.6
9.3
10.4
12.1
12.1
12.2
6.0
11.6
8.5
11.5
5.3
11.1
11.1
11.5
Best of the world
do.
6.1
10.1
6.2
8.4
8.1
6.3
6.0
11.0
10.7
7.7
7.6
6.0
Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Net interest

do
do
do.
do
do
do
.do
do.

126.9
52.4
74.5
31.0
43.6

123.5
50.2
73.4
32.4
41.0

156.9
64.7
92.1
35.8
56.4

123.9
50.4
73.5
31.3
42.2

101.5
40.8
60.8
32.0
28.8

113.9
45.9
68.2
32.2
36.0

137.7
56.3
81.4
32.9
48.5

141.0
57.9
83.1
32.5
50.6

153.5
63.1
90.4
33.6
56.8

159.2
66.1
93.1
35.0
58.1

159.9
65.9
94.0
36.0
58.0

154.8
63.9
90.9
38.4
52.5

161.7
64.4
97.2
38.5
58.8

-40.4
-2.9
69.0

-12.0
-12.2
79.1

-14.1
-14.7
88.4

-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

-11.7
-14.7
90.1

-16.9
-14.8
92.0

-20.6
-15.6
95.3

DISPOSITION OF PERSONAL INCOME f
Personal income, total
bil. $_ 1,154.9 1,253. 4 1,382.7 1,194.7 1,205.1 1,234.7 1,269.7
Less: Personal tax and nontax payments
do
170.3
169.0
178.5
173.9
196.9
142.5
179.6
Equals: Disposable personal income
...do...
984.6 1,084.4 1,185.8 1,016.2 1,025.4 1,092.2 1,095. 7
Less: Personal outlays^
do
913.0 1,004.2 1,119.9
940.3 960.1
989.1 1,019.1
Equals: Personal saving§
do
71.7
80.2
65.9
75.9
76.7
103.1
65.4
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted Quarterly or annual totals:
All industries
_
bil. $.. 112.40 112. 78 120.49 31.92 25.82 28.43 27.79
Manufacturing
do
11.67
46.01
13.63
47.95 52.48
10.84
12.15
5.16
6.64
21.84
23.68
5.59
5.10
Durable goods industries 1
do" .. 22.62
6.51
23.39
6.99
6.55
28.81
26.11
5.74
Nondurable goods industries f
do
16.12
64.82
Nonmanufacturing
do
66.39
18.29
68.01
14.98
16.28
.94
3.18
3.79
.91
4.00
.91
.97
Mining
do_._.
.62
2.54
.78
2.52
2.55
.59
.71
Railroad.
do
.50
2.00
.48
.44
.47
1.30
1.84
Air transportation
IllllHIIIIIIIIIdoIII.
.85
.62
2.12
.71
3.63
.77
3.18
Other transportation
do
20.55
5.07
Public utilities
do
5.67
4.42
4.94
20.14
22.28
17.63
4.16
4.80
17.00
4.15
3.84
18.80
Electric
do
2.92
.91
3.14
.87
.79
3.47
..58
Gas and other
Il-.IIIIIIIIIIIIdoIIII 13.96
3.14
12.74
3.78
3.22
13.30
3.11
Communication
do"
22.05
20.60
5.00
5.97
5.19
20.99
4.88
Commercial and other
do
Seas. adj. qtrly. totals at annual rates:
All mdustries
do
116.22 114.57 112.46 112.16
Manufacturing
do"
48.08 49.05 48.78
47.39
Durable goods industries f
do
23.28 22.86
22.59
21.01
24.80 26.20 26.19
Nondurable goods industries f
do.
26.38
Nonmanufacturing
do
68.14
64.76
65.52 63.68
3.56
3.82
3.76
3.78
Mining
do"
3.05
2.75
2.39
2.70
Railroad..
do.
2.09
1.81
2.12
1.60
Air tran sportation...
do
2.82
2.71
2.75
2.99
Other transportation
I.IIdoI
Public utilities...
do
19.52
20.93
19.79
20.28
Electric
do
16.41
16.58
17.76
17.03
Gas and other
'."IV.
do"
Communication
1 / I " do
Commercial and other " I I I " I III
do

3.17
14.04
22.04

3.25
13.36
20.82

f w ? ZSSS A Of>F ^ ^ a r y .
^
' Estimates (corrected for systematic biases) for Julyn™ l-l
, t- Dec - 1977 based on expected capital expenditures of business. Expected
expenditures for the year 1977 appear on p. 22 of the Sent. 1977 SURVEY. 2 includes come corres or
«S2i2 1 " J?f
P >ding note on p. S-l.
9 Includes data for items not shown
separately.
© Personal outlays comprise personal consumption expenditures, interest paid




3.11
12.50
20.83

3.21
12.95
20.34

86.5

1,538.8
'1,166.9
998.4
200.6
797.8
168.5

95.5
15.5
80.0
25.5
147.8
154. 3
v 20.9
133.4

11.4

171.6
174.0
67.9
69.7
104.3 p 103.7
42.3
40.3
64.1 P 61.4

-17.8
-15.9
98.9

' -5.9
-17.9
r 103. 1

1,304.0 1,338.1 1,366.7 1,393.9 1,432.2 1,476.8 1,517.2 "•1,549.3
227.6
224.4
192. 6
200. 6 209.5
179.9
184.8
224.8
1,124.1 :, 153.3 1,174.1 1,193.3 1, 222.6 1,252.4 1,292.5 'I,321.7
1,048.6 ., 080.9 1,103.8 1,128.5 1,166. 3 1,201.0 1,223.9 '1,248.2
73.5
56.3
51.4
70.3
64.8
72.4
75.5
68.5

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

134.37
15.20
6.86
8.34

39.19
18.04
8.47
9.57

17.44
.97
.62
.43
.93

14.91
.92
.49
.26
.72

17.04
.99
.68
.42
1.02

16.93
1.04
.64
.26
.95

19.14
1.05
.70
.35
.94

16.68
1.02
.59
.33
.61

18.88
1.16
.67
.43
.76

19.17
1.12
.68
.43
.57

21.15
1.16
.87
.53
.47

5.70
4.85
.85
3.26
5.52

4.79
4.18
.62
2.92
4.82

5.50
4.74
.76
3.21
5.21

5.52
4.54
.98
3.33
5.19

6.46
5.34
1.12
3.84
5.78

5.55
4.78
.77
3.30
5.27

6.37
5.34
1.03
3.86
5.64

6.73
5.49
1.24

7.63
6.25
1.38

2 9.65

10.48

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 t 125.22
54.78 ! 54.44
24.59
25.50
30. 20
28.93

130.16
56.43
26.30
30.13

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
4.49
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

20.91
17.92
3.00
12.22
20.44

21.91
18.56
3.30
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
I 3.96
I 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

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

2 39.08 2 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 goods industries components appear in toe
Mar., June, Sept., and Dec. issues of the SURVEY.

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