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SURVEY OF CURRENT BUSINESS

December 1977

NATIONAL INCOME AND PRODUCT TABLES
1976

1975

1976

II

III

1976

1977

IV

I

II

III

1975

1976

II

III

1977
IV

II

III

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates
Billions of current dollars

Billions of 1972 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product

,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

1,347.4

Durable goods
Nondurable goods.
Services

980.4 1,094.0 1,078.5 1,102.2 1,139.0 1,172.4 1,194.0 1,218.9

775.1

821.3

815.5

822.7

839.8

850.4

854.1

860.4

132.9
409.3
438.2

Personal consumption expenditures..

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

136.5
332.4
391.4
200.8

177.0
466.6
528.8

178.6
474.4
541.1

177.6
481.8
559.5

189.1

243.3

244.4

254.3

243.4

271.8

294.9

303.6

141.6

173.0

175.2

179.4

169.2

186.7

197.2

Fixed investment
Nonresidential
Structures
Producers' durable equipment..

200.6

230.0

226.1

232.8

244.3

258.0

273.2

280.0

151.5

164.5

163.1

165.6

171.0

177.0

184.0

185.1

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

187.5
62.6
124.9

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

127.6
38.9
88.7

Residential
Nonfarm structures
Farm structures
Producers' durable equipmentChange in business inventories.
Nonfarm
Farm

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

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

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

23.6
23.1
.5

-9.9
-11.2
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

15.7
15.3
.4

Gross private domestic investment-

20.4

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

10.2

7.9

3.0

-8.2

-9.7

-7.5

22.5

16.0

16.4

17.0

13.8

10.6

9.4

12.2

162.9
155.1

160.6
150.4

168.4
160.6

168.5
165.6

170.4
178.6

178.1
187.7

179.9
187.4

89.9
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

99.8
87.6

338.9

361.4

358.9

363.0

370.0

374.9

390.6

400.9

263.0

264.4

264.5

264.6

264.6

263.3

270.0

274.0

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

96.7

96.5

96.1

96.7

97.1

97.0

101.1

103.3

166.3

167.9

168.4

168.0

167.5

166.4

168.9

170.7

1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

Exports
Imports

7.8

147.3
126.9

Net exports of goods and services

1,347.4

1,540.3 1,693.1 1,673.7 1,705.8 1,756.3 1,797.0 1,848. 2 1,892. 2 1,212.0 1,266.2 1,259.4 1,269.8 1,289.2 1,301.2 1,317.5
13.2
-1.8
9.7
12.1
13.8
-11.5
8.5
21.5
23.6
-9.9
13.3
18.3
9
13.8
21.7

1,331. 8
15.7

123.3
83.9
39.4
215.6

136.3
89.7
46.7
238.5

143.6
93.4
50.2
247.0

148.1
95.6
52.5
252.9

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product
Final sales
Change in business inventories.
Goods
Final sales
Change in business inventories.

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

805.9
792.1
13.8

827.1
805.4
21.7

843.5
819.9
23.6

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

617.0
601.3
15.7

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

334.4
326.6
7.8

341.0
329.5
11.5

342.3
332.1
10.3

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

253.5
246.8
6.7

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

501.2
487.8
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

344.8
346.7
-1.9

350.1
346.0
4.2

353.8
347.9
5.8

363.5
354.5
9.0

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

881.6
190.7

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

611.1
119.4

1,528.8 1,706.5 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,202.1 1,274.7 1,271.5 1,283.7 1,287.4 1,311.0 1,330.7

1,347.4

1,303.3 1,322.8

1,340.1

1,289.6 1,444.3 1,433.3 1,463. 0 1,485. 2 1,532.3 1,586.4 1,628.1 1,013.7 1,082. 0 1,079.3 1,090.5 1,093.9 1,116. 2 1,134. 9
1,234.6 1,390.9 1,378.0 1,409. 4 1,433.4 1,478. 0 1, 536. 7 1,580.0
974.3 1,043.8 1,042.5 1,051.2 1,054.8 1,077.8 1,099.8
987.8
941.6
966.7
934.9
944.7
934.0
1,115.1 1,258.7 1, 247.0 1,275.4 1,296. 8 1,337. 4 1,392. 7 1, 431.9 870.5
109.6
111.1
112.1
110.2
144.1
108.8
132.3
134.0
140.6
148.0
136.5
119.5
130.9
108.5
103.7
32.2
34.9
35.1
33.0
34.1
45.6
50.8
47.9
47.2
46.4
51.0
50.9
49.2
32.3
33.8
-1.2
5.5
8.0
3.3
5.3
5.9
4.5
3.4
7.0
.2
5.2
4.9
4.5
5.6

1,150. 5
1,112. 7
999.3
113.4
36.2

Services
Structures.

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...
Residual 1

Households and institutions.
Government
Federal
State and local..
Rest of the world.

1,518.3 1,692.1 1,678.4 1,712.0 1,740.9 1,793.2 1,851.4 1,898.2 1,197.3 1,268.0 1,265.1 1,276.7 1,280.9

1.6

50.4

56.2

55.5

56.4

58.3

60.4

62.0

63.6

38.9

40.2

40.3

40.0

40.6

40.6

41.2

41.7

178.2
59.0
119.2

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

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

147.9
48.7
99.2

10.5

14.4

13.5

15.3

14.4

17.6

18.4

17.7

4.9

6.7

6.4

7.0

6.5

7.7

7.9

7.4

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The
National Income and Product Accounts of the United States, 1929-74:

Statistical Tables (available for $4.95, SN 003-010-00052-9, from
Commerce Department District Office or the Superintendent of




Documents; see addresses inside front cover). Data for 1973 and
1974-76 are in the July 1976 and July 1977 issues of the SURVEY,
respectively (except for seasonally unadjusted quarterly estimates,
which are in the September 1976 and August 1977 issues).

CURRENT BUSINESS STATISTICS

JL 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.

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

1975

1975

1974

1976

III

IV

I

II

1977

1976

III

IV

I

II

III

IV

I

II

III

Annual total
Seasonally adjusted quarterly totals at annual rates

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

bil.$.. 1,412.9

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 '1,915.9
1,528.8 1,706.5 1,430.1 1,452.4 1,453.9 1
980.4 1,094. 0

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 1,172.4 1,194. 0 '1,218.9

Durable goods, total?
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..

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

153.3
68.8
62.0

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

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

421.9
73.0
215.4
39.8

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
79.3
237.9
44.1

474.4 '481.8
83.3
80.4
244.8 ' 248. 3
44.2
44.3

Services, total 9
Household operation
Housing
Transportation

391.3
56.1
136. 5
30.7

438.2
64.2
150.8
32.2

492.3
73.0
167.9
36.8

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
37.0

513.9
78.8
173.7
38.7

528.8
80.7
177.6
39.5

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

Personal consumption expenditures, total.-do

889.6

'177.6
'81.2
70.9

271.8

541.1 ' 559.5
79.2 '85.2
181.9 ' 186. 7
40.5
42.3
294.9 ' 303. 6

Fixed investment
Nonresidential
Structures
Producers' durable equipment

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

273.2 ' 280.0
182.4 ' 187.5
61.0 ' 62.6
121.4 ' 124. 9

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

47.3
-22.0
-25.9

48.6
-25.1
-26.9

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

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 '-7.5
178.1 ' 179.9
187.7 ' 187. 4

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

do
do
do
do

Gross private domestic investment, total-..do.

Govt. purchases of goods and services, total.do
Federal
do
National defense
do
State and local
do
By major type of products
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Structures
Change in business inventories
Durable goods
Nondurable goods

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

1, 404. 0
629.7
240.8
389.0
626.8
147.4
8.9
7.1
1.8

1, 540. 3 1,693.1
697.7
750.9
267. 5
299.3
430.2
451.6
699. 2
782.0
143. 5
160.2
-11.5
-9.2
-2.2

13.3
4.1
9.3

, 427. 8 1,445. 5
644.0
643.7
248.2
241.3
395.8
402.3
635.8
656. 7
147. 9
145.1
2.3
6.3
-4.0

6.8
12.2
-5.4

90.8
21.7
22.4

92.5
'23.6
'23.1

' 400.9
' 148.1
' 95. 6
' 252. 9

, 475. 0 1,521. 7 1,506. 6 1,604. 4 1, 636. 7 1,673. 7 1, 705. 8 1,756.3 1,797.0 1,848.2 '1,892.2
805.4 ' 819. 9
792.1
743.4
665.8
692.9
725. 2
730.0
754. 5
775. 6
706.6
329. 5 ' 332. 1
326. 6
250. 6
263.8
283.1
287.6
302.7
272. 5
294. 9
312.0
475. 9 r 487. 8
465. 6
415. 2
429.1
442.1
442.4
451. 8
434.2
448. 5
463.6
855. 3 '881.6
833. 7
670. 5
689. 5
728.3
751. 6
791. 8
708.4
770.8
813.8
187. 5 ' 190.7
171.2
138.8
139.3
150. 8
155. 0
159. 6
145. 0
159. 4
166. 9
21.7 ' 23. 6
21. 5
13.8
-22.0 - 2 5 . 1
14. 5
18.3
—.9
4.9
-3.6
11.5 ' 10. 3
7.8
7.0
10.7
-2.0
.6
- 1 2 . 8 -11.7
- 2 . 1 -10.3
13.4
10.2
6.0
11.2
6.7
10.9
16.6
-1.6
- 9 . 2 -13.4
7.0

GNP in constant (1972) dollarsf
Gross national product, totalt

bil.$_. 1,217.8

Personal consumption expenditures, total-.do

760.7

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 1,330. 7 '1,347.4
854.1 ' 860. 4
850.4
807.2
815. 5
822.7
770.4
780.2
839.8
756.9
752.9
792.8
821.3
775.1
766.6

.do.,
.do..
_do_.

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
308.6
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

136. 5
137.9
330.0 ' 332. 4
386.3 '391.4

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

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

177.0
124.3
52.7
9. 7

184.0 ' 185.1
126.4 ' 127.6
57.5
57. 6
13.2 '15.7

Durable goods
Nondurable goods.
Services

Fixed investment
Nonresidential
Residential
Change in business inventories

do.
do.
do.
do.

130.6
45. 0
8.0

Net exports of goods and services

do.

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

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

151. 5
112.7

164. 5
116.8
47.7

-9.9

174.6
130.6
44.0
2.0

163.8
124.1
39.7
6.8

r
Revised.
p 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);




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

9.4

' 200.8

' 12. 2

270.0 ' 274.0
101.1 ' 103. 3
168.9 ' 170.7

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

S-2

SUEVEY OF CUEKENT BUSINESS

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

1974

1975

1975

1976
I

Annual total

II

December 1977
1976

III

IV

I

II

1977

III

I

IV

II

1978

III

I

IV

GENERAL BUSINESS INDICATORS—Quarterly 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
Federal
State and local
Quarterly Data Seasonally Adjusted at Annual

do..
do.
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

117.1
115.3
122.3

132.4
132.3
132.8

139.8
138.7
142.5

117.5
115.9
118.4

128.9
127.5
129.7

136.7
134.8
137.7

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

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

140.52 142.19
141.7
139.8
129.5 ' 130. 1
143.8
144.9
140.1 ' 142. 9
151.3
148.5
146.9
144.4
160.9
157.6

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 r 146. 3
142.0 ' 143. 3
146.2 ' 148. 1

138.13
137.9
129.3
141.5
137.8

Rates
bil. $.

1,136.0

do
do
do
do....
do—

875.8
764.1
160.0
604.1
111.7

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

86.2
25.4
60.9
21.4

National income, totalt - - -

134. 56 136. 35
134.0
135.6
125.3
127.2
138.3
139.3
133.2
135.4

124. 21 125.96
123.7 125.4
117.2
115.6
131.8
130.6
122.3
120.3

1,217.0 1,364.1 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 1,540.5

999.6 1,024.9 1,046.5 1,074. 2 1,109.9 1,144.7 1,167.4
923.2
' 998. 9
882.4
900.2
951.3
861.5
197.2
188.2
192.5
200.6
185.4
194.8
182.7
783.6 ' 798. 3
712.0
730.7
697. 0
756. 4
678.8
146.3
163.8
150.9
168.5
142.5
158. 6
138.1

930.3 1,036.3
805.7
891.8
175.4
187.2
630.3
704.7
124.6
144.5

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

86.0
23.2
62.8

88.0
18.6
69.4

78.9
18.3
60.6

84.3
22.7
61.6

90.4
26.2
64.2

90.4
25.5
64.9

86.9
20.0
66.9

90.4
21.6
68.8

86.2
16.2
70.0

88.7
16.6
72.0

95.1
20.7
74.3

97.0
19.7
77.3

95.5
15.5
80.0

22.3

23.3

22.1

22.3

22.2

22.6

23.0

22.9

23.3

24.1

24.5

24.9

25.5

83.6

99.3

128.1

74.0

92.7

115.6

114.7

126.5

129.2

133.5

123.1

125.4

140.2

• 149. 0

76.9
14.4
62.5
36.6
11.5

105.4
15.0
90.3
47.9
18.5

134.6
18.2
116.4
66.3
29.9

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

136.1
18.1
118.0
68.7
32.5

139.8
18.4
121.3
68.4
31.0

130.2
18.4
111.8
62.9
29.0

131.0
19.2
111.8
65.2
31.5

145.5
19.9
125.5
76.4
39.4

157. 4
'21.2
136.1
77.6
37.5

5.6
9.6

9.3
6.1

12.1

11.1

6.0

8.6

12.1
7.6

11.6
10.1

11.5
10.7

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

12.2
8.4
159.9
65.9
94.0
36.0
58.0

10.4
7.7

123.5
50.2
73.4
32.4
41.0

5.3
6.0
101.5
40.8
60.8
32.0
28.8

11.1
6.3

126.9
52.4
74.5
31.0
43.6

11.5
8.1
156.9
64.7
92.1
35.8
56.4

8.5
6.2

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

154.8
63.9
90.9
38.4
52.5

161.7
64.4
97.2
38.5

174.0
69.7
104.3
40.3
64.1

14.1
'9.6
• 173. 8
'69.3
103. 6
'43.3
'61.2

do
do...
do...

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

-40.4
-2.9
69.0

-12.0
-12.2
79.1

-14.1
-14.7
88.4

-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

-20. 6
-15.6
95.3

-17.8
-15.9
98.9

Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $_.
Corp. profits with invent, val. adj.:
Domestic, total
do....
Financial
do
Nonfmancial, total 9
do
Manufacturing, total 9
do
Durable goods
do
Transportation, communication, and
electric, gas, and sanitary serv
bil. $..
Rest of the world
do
Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Net interest

-5.9
-17.9
103.1

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

bil. $_. 1,154.9
do
170.3
do
984.6
do
913.0
do
71.7

1, 253.4 1,382.7 1,205.1 1,234.7 1,269.7 1,304.0 1,338.1 1,366.7 1,393.9 1,432.2 1,476.8 1,517. 2 1,549.8
192.6
169.0 196.9
200.6
209.5
224.8 ' 226.1
142. 5
173. 9
179.6
224.4
179.9
184.8
1,084.4 1,185. 8 1,025.4 ,092.2 11,095.7 1,124.1 1,153. 3 1,174.1 1,193. 3 1, 222. 6 1,252.4 1,292.5 1,323.8
1,004. 2 1,119.9
960.1 989.1 1,019.1 1,048.6 1,080.9 1,103. 8 1,128. 5 1,166. 3 1,201. 0 1,223.9 1,250.5
0.3
68.5 '73.3
56.3
103.1
76. 7
64.8
80.2
65.9
65.4
51.4
75.5
72.4

NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods industries^
Nondurable gcods industries^
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public ultilities
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
Public utilities
Electric
Gas and other
Communication
Commercial and other

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

112.40
46.01
22.62
23.39

112. 78 120.49
47.95 52.48
21.84 23.68
26.11 28.81

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

17.04
.99
.68
.42
1.02

16.93
1.04
.64
.26
.95

19.14
1.05
.70
.35
.94

5.52
4.54
.98
3.33
5.19

16. 68
1.02
.59
.33
.61

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

'6.61
'5.41
'1.20
4.03
5. 73

134.24
59.46
27.26
32.19

'140.38
' 63.02
' 29. 23
' 33. 79

142. 38 U46.26
64. 42 64.14
29. 88 30.46
34. 54 33.68

r 74. 78 ' 77. 96
4.49 '4.74
2.57 '3.20
1.43
'1.69
2.96 ' 1.96

82.12
82.12
' 4. 30 4.61
3.80
'3.18
2.39
'2.01
1.83
'1.98

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

14.98
.91
.59
.44
.62

16. 28
.97
.71
.47
.77

16.12
.94
.62
.50
.85

17.44

14.91

.97
.62
.43
.93

.92
.49
.26
.72

do.
do.
do.
do.
do.

20.55
17.63
2.92
13.96
22.05

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.47
13.30
20.99

4.42
3.84
.58
3.11
4.88

4.94
4.15
.79
3.22
5.19

5.07
4.16
.91
3.14
5.00

5.70
4.85

4.79
4.18

3.26
5.52

2.92
4.82

5.50
4.74
.76
3.21
5.21

do.
do_
do.
do.

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

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

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

do.
do.
do.
do.
do.

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

25.35
21.19
4.16
14.19
22.67

' Revised.
v Preliminary.
1 Estimates (corrected for systematic biases) for Oct.Dec. 1977 and Jan.-Mar. 1978 based on expected capital expenditures of business. Expected
2
expenditures for the year 1977 appear on p. 24 of the Dec. 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




• 34. 82
15. 20
'7.17
'8.43

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

.85

.62

139. 27 1 32.85
18. 05 14.26
6.75
'8.49
7.51
' 9. 56

33.73
14.84
6.79
8.06
18.88
1.16
.67
.43
.76

• 19. 21 •21.22
'1.17 '1.10
'.86
'.78
'.52
'.39
'.54
'.50

18. 58
1.11
.83
.49
.39

'7.61
'6.21
'1.40

6.28
5.38
.90

2

10. 59

25.29 ' 26. 22 27. 41
21.14 '1.90 22. 60
4.16 '4.32 '4.31
15.32
16.40
22.73
23.14 239. 09

2 9.48

28.72
23.81
4.91
2

40.76

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