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SURVEY OF CURRENT BUSINESS

6

August 1979

NATIONAL INCOME AND PRODUCT TABLES
1978
1977

1978

I

II

1978

1979

III

IV

I

II'

1977

1978

I

II

Seasonally adjusted at annual rates

1979

III

IV

I

II'

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

1,899.5 2,127.6 2,011.3 2,104.2 2,159.6 2,235.2 2,292.1 2,329.4 1,340.5 1,399.2 1,367.8 1,395.2 1,407.3 1,426.6 1,430.6 1,422.1

Personal consumption expenditures.

1,210.0 1,350.8 1,287.2 1,331.2 1,369.3 1,415.4 1,454.2 1,475.2
178.8
481.3
549.8

Durable goods
Nondurable goods..
Services

200.3
530.6
619.8

185.3
505.9
596.0

200.3
521.8
609.1

203.5
536.7
629.1

861.7

900.8

882.7

894.8

905.3

920.3

921.8

914.»

212.1
558.1
645.1

213.8
571.1
669.3

208.1
580.8
686.2

138.2
332.7
390.8

146.7
343.3
410.8

139.3
337.3
406.1

147.8
339.4
407.6

147.5
344.7
413.1

152.1
351.9
416.3

150.2
348.1
423.5

144.5
344.0
426.3

303.3

351.5

327.0

352.3

356.2

370.5

373.8

395.7

200.1

214.3

209.0

216.8

214.0

217.4

217.2

221.6

281.3

329.1

304.1

326.5

336.1

349.8

354.6

361.1

186.9

200.2

192.5

201.2

201.8

205.5

204.9

203.1

Nonresidential
Structures
_.
Producers' durable equipment..

189.4
62.6
126.8

221.1
76.5
144.6

203.7
66.9
136.8

218.8
75.2
143.6

225.9
79.7
146.3

236.1
84.4
151.8

243.4
84.9
158.5

247.6
89.9
157.7

129.3
39.1
90.1

140.1
43.9
96.2

133.1
4C.2
93.0

140.3
43.9
96.4

141.6
45.1
96.5

145.5
46.5
98.9

147.2
45.8
101.3

145.9
47.6
98.3

Residential.—
Nonfarm structures
Farm structures
Producers' durable equipment-

91.9
88.8
1.5
1.6

108.0
104.4
1.8
1.9

100.5
96.8
1.9
1.9

107.7
104.3
1.4
2.0

110.2
106.4
1.9
1.9

113.7
110.0
1.9
1.9

111.2
107.8
1.5
1.9

113.5
109.7
1.8
2.0

57.7
55.5
.9
1.3

60.1
57.7
1.0
1.4

59.4
56.8
1.1
1.4

60.9
58.6
.8
1.5

60.2
57.7
1.0
1.4

60.0
57.6
1.0
1.4

57.7
55.6
.8
1.4

57.2
54.9
.9
1.4

21.9
20.7
1.2

22.3
21.3
1.1

22.8
22.0
.8

25.8
25.3
.5

20.0
18.5
1.6

20.6
19.3
1.3

19.1
18.8
.3

34.6
33.8
.8

13.3
-.1

13.1

14.1
13.7
.3

16.5
16.3
.2

15.6
15.5
0

12.2
11.6
.6

12.0
11.5
.5

12.3
12.1
.2

18.5
18.1
.4

Net exports of goods and services

-9.9

-10.3

-22.2

-7.6

-6.8

-4.5

4.0

-7.6

10.3

11.0

5.3

12.3

13.3

12.9

17.0

13.4

Exports
Imports
...
Government purchases of goods and services..

175.9
185.8

207.2
217.5

184.4
206.6

205.7
213.3

213.8
220.6

224.9
229.4

238.5
234.4

244.0
251.6

98.4
88.2

108.9
97.9

100.7
95.4

109.2
96.9

111.9
98.5

113.8
101.0

117.0
100.0

116.2
102.8

396.2

435.6

419.4

428.3

440.9

453.8

460.1

466.1

268.5

273.2

270.7

271.3

274.7

276.0

274.7

272.3

144.4
93.7
50.6
251.8

152.6
99.0
53.6
283.0

150.9
97.6
53.3
268.5

148.2
98.2
50.0
280.1

152.3
99.0
53.3
288.6

159.0
101.2
57.8
294.8

163.6
103.4
60.2
296.5

161.5
106.0

100.6

98.6

99.9

96.6

98.5

99.3

101.1

98.2

167.9

174.6

170.9

174.7

176.2

176.6

173.6

174.1

Gross private domestic investment.
Fixed investment

Change in business inventories..
Nonfarm
Farm

Federal
National defense..
Nondefense
State and local

55 *
>
304.6

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

1,899.5 2,127.6 2,011.3 2,104.2 2,159.6 2,235.2 2,292.1 2,329.4 1,340.5 1,399.2 1,367.8 1,395.2 1,407.3 1,426.6 1,430.6 1,422.1

Final sales.
Change in business inventories.
Goods..

1,877.6 2,105.2 1,988.5 2,078.4 2,139.5 2,214.5 2,272.9 2,294.7 1,327.4 1,385.1 1,351.3 1,379.6 1,395.1 1,414.6 1,418.4 1, 403. 6
16.5
12.2
12.3
20.6
14.1
18.5
19.1
13.1
15.6
34.6
12.0
22.8
25.8
21.9
22.3
20.0

Final sales
Change in business inventories.
Durable goods...
Final sales
Change in business inventoriesNondurable goods
Final sales
Services... in business inventories.
Change
Structures.

842.2

930.0

873.0

922.5

940.9

983.8 1,011.8 1,017.4

615.6

639.5

621.4

637.2

641.8

657.3

658.6

646.7

820.2
21.9

907.7
22.3

896.7
25.8

920.8
20.0

963.2
20.6

992.7
19.1

982.8
34.6

602.4
13.1

625.4
14.1

604.9
16.5

621.6
15.6

629.6
12.2

645.3
12.0

646.3
12.3

628.2
18.5

345.9
333.9
11.9

380.4
366.5
13.9

850.2
22.8
358.7
340.1
18.6

378.0
364.9
13.1

382.6
372.3
10.3

402.3
388.9
13.4

425.5
407.1
18.4

421.3
396.0
25.3

256.5
248.6
8.0

270.0
261.4
8.6

260.3
248.5
11.8

270.8
262.8
7.9

269.9
263.6
6.3

279.1
270.6
8.5

286.0
275.2
10.8

277.9
263.9
14.0

496.3
486.3
10.0

549.6
541.2
8.4

514.3
510.1
4.2

544.5
531.8
12.7

558.3
548.6
9.7

581.6
574.3
7.2

586.2
585.5
.7

596.1
586.8
9.3

359.1
353.9
5.2

369.4
364.0
5.5

361. 2
356.4
4.7

366.5
358.8
7.6

372.0
366.0
5.9

378.2
374.7
3.5

372.6
371.2
1.4

368.9
364.3
4.5

866.4
190.9

969.3
228.2

934.1
204.2

956.2
225.6

981.7 1,005.3 1,041.4 1,064.5
237.0 246.0 238.9 247.4

604.4
120.5

630.3
129.5

624.2
122.1

627.9
130.1

633.1
132.4

636.0
133.3

645.2
126.8

647.5
127.9

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
TToTlsing

Farm
Statistical discrepancy
Residual»
.._

1,881.7 2,107.0 1,992.0 2,083.2 2,138.9 2,213.9 2,267.9 2,305.4 1,332.9 1,391.1 1,359.9 1,386.8 1,399.2 1,418.4 1,421.7 1,414.0
1 609 0 1 807 8 1 701 1 1 787 5 1 837 6 1 904.9 1,951.4 1 983.9 1,143.7 1,197.5 1,167.5 1,193.6 1,205.1 1,223.9 1,226.9 1,218. 8
1 552 2 1 745 0 1 641 8 1 725 8 1 774 8 1 837.5 1,880.8 1,913. 8 1,100.7 1,160.0 1,126.6 1,156.2 1,169.1 1,188.0 1,193.1 1,184. 0
1,404.5 1,579.2 1,482.8 1,562.3 1,607.1 1,664.7 1,702.3 1,729. 6 986.0 1,039.6 1,007.9 1,036.5 1,048.2 1,065.8 1,068.6 1,057.5
124.5
122.3
119.8
121.0
126. 5
120.4
118.7
114.7
147.7
165.8
178.6
159.0
163.5
172.9
184.2
167.7
33.2
33.4
34.2
35. \
33.6
34.4
34.2
35.7
49 2
56 3
59 5
70.0
59 4
63.3
70 6
58 9
7.5

3.3

3.0

2.3

3.9

4.1

.6

-.5
8.7

3.4

5.3

3.2

-.3

2.4

2.7

.4

44.4

44.7

Government
FederalState and local..
Rest of the world

62.6

69.6

67.3

68.9

70.3

72.1

74.8

75.8

42.2

43.6

43.0

43.4

43.9

44.1

210 1
66 4
143.7

229 6
71.8
157.8

223 6
70 2
153.4

226 8
70 7
156.1

231 0
71 5
159.4

237 0
74.8
162.2

241 8
75 5
166.3

245 8
75 8
170.0

147.0
48.7
98.4

149.9
49.1
100.8

149.4
48.9
100.5

149.8
49.0
100.8

150.2
49.2
100.9

150.4
49.3
101.1

150.4
49.2
101.2

150.5
49.1
101.4

17.8

Households and institutions

<• Revised.

1,899.5 2,127.6 2,011.3 2,104.2 2,159.6 2,235.2 2,292.1 2,329.4 1,340.5 1,399.2 1,367.8 1,395.2 1,407.3 1,426.6 1,430.6 1,422.1

20.5

19.3

21.0

20.7

21.2

24.2

23.9

7.6

8.1

7.8

8.4

8.1

8.1

8.9

8.1

See footnotes on p. 7.

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The
National Income and Product Accounts of the United States, 1929-7'4:
Statistical Tables (available for $4.95, SN 003-010-00052-9, from
Commerce Department District Offices or the Superintendent of




Documents; see addresses inside front cover). Data for 1973, 1974,
1975, and 1975-78 are in the July 1976, 1977, 1978, and 1979
issues of the SURVEY, respectively.

CURRENT BUSINESS STATISTICS

± HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $6.80) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly data
for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data
from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.

1976

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

1977

1978

1976

II

III

IV

I

II

1979

1978

1977

III

IV

I

II

III

IV

I

II r

Annual total
Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
bil.$.

1,702.2

1, 899.5 2,127.6 1,683.1 1,715. 8 1, 756.1 1, 820. 2 1, 876. 0 1, 930. 5 1,971.3 2, 011. 3 2,104.2 2,159.6 2, 235. 2 2,292.1 2,329.4

Personal consumption expenditures, total _.do__.

1,089.9

1,210.0 1,350.8 1,073.7 1,100. 5 1,132.0 1,169.1 1,190. 5 1,220. 6 1,259. 7 1,287. 2 1,331.2 1,369.3 1,415.4 1,454. 2 1,475.2

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__.

157.4
70.0
64.0

178.8
81.6
70.9

200.3
91.2
77.6

155.6
69.3
63.3

158.3
70.3
64.5

162.9
72.9
66.0

174.3
81.7
68.1

175.7
80.6
69.8

178.9
80.5
71.6

186.4
83.7
74.0

185.3
84.1
72.4

200.3
93.5
76.5

203.5
92.4
78.9

212.1
94.9
82.7

443.9
75.9
227.1
42.9

481.2
82.4
246.7
46.7

530.6
91.2
271.7
50.9

438.2
74.7
224.6
41.9

448.2
76.8
229.4
43.4

458.1
78.3
233.2
45.1

467.7
79.2
238.8
46.5

475.5
79.7
245.8
46.6

483.0
82.8
248.0
46.4

499.2
87.9
254.4
47.3

505.9
85.4
260.6
48.1

521.8
89.9
267.7
49.0

536.7
92.7
274.5
51.5

Services, total9
Household operation
Housing
Transportation

do__.
do__.
do__.
do__.

488.5
72.8
166.2
37.9

549.8
82.0
187.3
43.6

619.8
91.4
212.2
49.2

479.9
70.4
163.7
37.1

494.0
73.6
168.1
38.6

511.0
78.2
172.8
40.1

527.1
80.6
178.7
40.6

539.3
78.7
184.3
42.9

558.7
84.0
190.0
44.4

574.1
84.8
196.1
46.6

596.0
90.4
202.5
47.6

609.1
88.9
209.0
48.6

Gross private domestic investment, total...do__.

243.0

303.3

351.5

241.9

246.0

250.7

280.4

300.0

315.7

316.9

327.0

235.1
168.0
57.9
110.1

249.0
172.2
58.3
114.0

261.1
179.8
58.1
121.7

277.5
186.1
62.1
124.1

288.2
193.2
64.2
129.0

298.5
198.6
66.2
132.4

304.1
203.7
66.9
136.8

Gross national product, totalf

208.1
88.6
84.0

558.1
96.8
283.9
55.0

213.8
97.7
82.1
571.1
95.5
292.9
58.4

629.1
92.5
215.0
49.7

645.1
93.7
222.1
50.8

669.3
99.1
229.5
52.9

686.2
99.4
236.3
52.3

352.3

256.2

370.5

373.8

395.7

326.5
218.8
75.2
143.6

336.1
225.9
79.7
146.3

349.8
236.1
84.4
151.8

354.6
243.4
84.9
158.5

361.1
247.6
89.9
157.7

580.8
96.9
296.2
60.4

Fixed investment
Nonresidential
Structures
Producers' durable equipment

do__.
do__.
do__.
do...

233.0
164.9
57.3
107.6

281.3
189.4
62.6
126.8

329.1
221.1
76.5
144.6

227.4
161.8
57.0
104.8

Residential
Change in business inventories
Nonfarm
-

do...
do__.
do__.

68.1
10.0
12.1

91.9
21.9
20.7

108.0
22.3
21.3

65.6
14.5
17.9

67.1
10.8
12.3

76.8
1.7
3.6

81.3
19.3
20.1

91.4
22.5
21.5

95.0
27.5
25.6

99.9
18.5
15.7

100.5
22.8
22.0

107.7
25.8
25.3

110.2
20.0
18.5

113.7
20.6
19.3

111.2
19.1
18.8

113.5
34.6
33.8

Net exports of goods and services
Exports
-_
Imports

___do__.
___do_..
___do__.

8.0
163.3
155.4

-9.9
175.9
185.8

-10.3
207.2
217.5

10.0
160.9
150.9

7.0
166.9
159.9

3.2
169.6
166.4

-9.2
170.5
179.8

-6.0
178.6
184.7

-6.3
180.1
186.4

-18.1
174.2
192.3

-22.2
184.4
206.6

-7.6
205.7
213.3

-6.8
213.8
220.6

-4.5
224.9
229.4

4.0
238.5
234.4

-7.6
244.0
251.6

Govt. purchases of goods and services, total _do__.
Federal
do...
National defense
___do__.
State and local
.do...

361.3
129.7
86.4
231.6

396.2
144.4
93.7
251.8

435.6
152.6
99.0
283.0

357.5
127.5
85.3
230.0

362.4
129.8
86.2
232.6

370.3
134.6
88.6
235.7

380.0
138.2
91.6
241.8

391.6
142.6
93.1
249.0

400.5
145.6
93.9
254.9

412.8
151.2
96.4
261.6

419.4
150.9
97.6
268.5

428.3
148.2
98.2
280.1

440.9
152.3
99.0
288.6

453.8
159.0
101.2
294.8

460.1
163.6
103.4
296.5

466.1
161.5
106.0
304.6

By major type of product:!
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Structures

1, 877. 6 2,105. 2 1, 668. 6 1, 704. 9 1 754.5 1, 800. 9 1,853.6 1, 902.9 1, 952. 9 1, 988. 5 2, 078. 4 2,139.5 2,214. 5 2,272.9 2,329.4
983.8 1,011.8 1,017.4
940.9
922.5
855.5
873.0
930.0
768.8
834.2
866.6
777.2
758.7
812.2
842.2
402.3
425.5
382.6
378.0
351.3
358.7
421.3
380.4
311.1
342.9
315.5
350.6
304.0
338.7
345.9
581.6
558.3
6.2
544.5
504.2
514.3
596.1
549.6
457.7
491.4
461.7
454.6
473.6
516.0
496.3
981.7 1,005. 3 1,041. 4 1,064.5
956.2
934.1
969.3
785.7
851.7
809.1
878.7
763.8
833.5
901.9
866.4
246.0
237.0
225.6
238.9
204.2
228.2
161.3
190.1
169.9
196.3
247.4
160.6
174.4
202.8
190.9

do...
do__.
do__.
do__.
do__.
do__.

1, 692.1
762.7
305.9
456.8
776.7
162.7

do__.
do...
do__.

10.0
5.3
4.7

bil.$.

1,273. 0

Personal consumption expenditures, total ..do—.

820.6

861.7

900.8

814.5

824.0

836.4

849.2

853.1

863.7

880.9

882.7

894.8

905.3

920.3

921.8

914.8

126.6
321.5
372.5

138.2
332.7
390.8

146.7
343.3
410.8

126.0
319.4
369.1

126.5
323.3
374.2

128.5
327.6
380.4

135.8
328.9
384.5

136.6
329.6
386.9

138.2
332.1
393.3

142.4
340.0
398.5

139.3
337.3
406.1

147.8
339.4
407.6

145.5
344.7
413.1

152.1
351.9
416.3

150.2
348.1
423.5

144.5
344.0
426.3

173.4

200.1

214.3

173.8

174.2

175.7

191.0

199.6

206.7

203.0

209.0

216.8

214.0

217.4

217.2

221.6

166.8
119.0
47.8
6.6

186.9
129.3
57.7
13.1

200.2
140.1
60.1
14.1

164.1
117.6
46.5
9.7

167.5
120.7
46.8
6.7

174.6
122.5
52.1
1.1

179.7
126.3
53.5
11.3

186.2
128.3
57.9
13.4

190.1
130.8
59.3
16.6

191.7
131.7
60.1
11.3

192.5
133.1
59.4
16.5

201.2
140.3
60.9
15.6

201.8
141.6
60.2
12.2

205.5
145.5
60.0
12.0

204.9
147.2
57.7
12.3

203.1
145.9
57.2
18.5

Change in business inventories
Durable goods
Nondurable goods
_

21.9
11.9
10.0

22.3
13.9
8.4

14.5
8.0
6.5

10.8
7.8
3.0

1.7
3.8
-2.1

19.3
8.8
10.4

22.5
13.0
9.5

27.5
14.6
12.9

18.5
11.3
7.1

22.8
18.6
4.2

25.8
13.1
12.7

20.0
10.3
9.7

20.6
13.4
7.2

19.1
18.4
.7

34.6
25.3
9.3

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

Durable goods
Nondurable goods

do...
___do__.

Services...

do...

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

1, 340. 5 1,399. 2 1, 267. 4 1, 277.1 1,288.1 1,315.7 1,331. 2 1,353. 9 1, 361. 3 1, 367. 8 1. 395.2 1, 407. 3 1,426. 6 1,430. 6 1,422.1

15.8

10.3

11.0

16.2

16.1

13.3

11.1

10.9

13.2

5.8

5.3

12.3

13.3

12.9

17.0

13.4

263.3
96.4
166.9

268.5
100.6
167.9

273.2
98.6
174.6

262.9
95.9
167.1

262.7
96.4
166.3

262.6
97.1
165.5

264.5
98.4
166.0

267.6
100.3
167.3

270.3
101.8
168.5

271.5
101.8
169.8

270.7
99.9
170.9

271.3
96.6
174.7

274.7
98.5
176.2

276.0
99.3
176.6

274.7
101.1
173.6

272.3
98.2
174.1

' Revised.
» Preliminary.
tRevised series. Estimates of national income and product
and personal income have been revised back to 1973; these revisions appear in the national
income and product accounts in the July 1979,1978, and 1977 issues of the SURVEY.
9 Includes data for items not shown separately.
2 9 7 - 6 8 2 0 - 79 -




SI

S-l

S-2

August: 1979

SUEVEY OF CUERENT BUSINESS

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as s h o w n in
the 1975 edition of B U S I N E S S S T A T I S T I C S

1976

1977

1978

Annual total

1976

III

1977

IV

I

II

1979

1978

III

IV

I

III

II

IV

I

II '

ill

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted

Implicit price deflatorsif
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
N on residential
do
Residential
___
do
Govt. purchases of goods and services
do
Federal
do
State and local
do

133.71
132.8
124.3
138.1
131.2

141. 70
140.4
129.4
144.7
140.7

152.05
150.0
136.5
154.6
150.9

134.35
133.6
125.1
138.6
132.0

136.34
135.3
126.8
139.9
134.4

138.34
137.7
128.4
142.2
137.1

140.93
139.6
128.7
144.3
139.4

142.59
141.3
129.5
145.4
142.0

144.82
143.0
130.9
146.8
144.1

147.05
145.8
133.0
150.0
146.8

150.82
148.8
135.6
153.7
149.4

153.45
151.3
137.9
155.7
152.3

156.68
153.8
139.4
158.6
155.0

160.22
157.8
142.4
164.1
158.0

163.79
161.3
144.1
168.8
161.0

139.7
138.5
142.5

150.5
146.6
159.3

164.4
157.8
179.7

140.4
139.2
143.5

142.6
140.5
147.5

145.3
142.4
152.2

149.0
145.0
157.8

151.6
147.7
160.1

155.7
150.8
166.2

158.0
153.0
169.3

162.3
156.0
176.7

166.6
159.6
183.1

170.3
162.3
189.5

173.0
165.4
192.6

177.8
169.7
198.9

137.2
134.6
138.8

147.6
143.6
150.0

159.4
154.8
162.1

137.9
134.7
139.8

141.0
138.6
142.4

143.7
140.4
145.6

146.3
142.1
148.9

148.1
143.0
151.3

152.0
148.6
154.1

154.9
151.1
157.1

157.8
153.4
160.3

160.5
154.6
163.8

164.5
160.1
166.9

167.5
161.9
170.8

171.2
164.5
174.9

1,589.8 1,621.0

1,703.9

Quarterly Data Seasonally Adjusted at Annual Rates

bil. $.. 1,359.8 1,525.8 1,724.3 1,369.6 1,401.6 1,456.9 1,505.3 1,551.1
1,037.8 1,156.9 1,304.5 L 048.0 1,075.9 1,110.1 1,141.5 1,170. 7
,
Compensation of employees, total
do
984.0 , 103. 5
920.7
890.0
898.0
945.8
971.8
995.0
Wages and salaries, total
do
201.3
193.2
188.0
218.0
188.6
195.7
198.5
202.2
Govt. and govt. enterprises. _
do
782.7
121.5
702.0
885.5
709.4
750.1
773.3
792.7
Other
do....
172.9
155.2
147.8
201.0
150.1
164.3
169.7
175.7
Supplements to wages and salaries
do
Proprietors' income with inventory valuation
and capital consumption adjustments,
100.2
116.8
87.6
97.6
98.6
89.3
91.1
96.9
total.
bil. $_.
19.6
16.5
18.3
27.7
17.9
16.8
16.3
19.2
Farm
do
80.5
71.0
71.0
89.1
74.8
79.8
81.7
77.7
Nonfarm
do
Rental income of persons with capital consump24.7
25.9
25.2
21.9
22.8
24.6
22.1
23.6
tion adjustment
bil. $..
Corp. profits with inventory valuation and capi150.0
124.6
126.8
137.1
167.7
126.9
148.9
160.8
tal consumption adjustments, total
bil. $..
Corp. profits with invent, val. adj.:
152.1
170.6
133.1
129.2 « 139.9 ' 150.5 ' 161. 2
133.1
Domestic, total
do
23.8
29.7
18.3
19.5
17.8
c 21. 3 <22.9
c24.8
Financial...
..do
109.7 c 118. 7 « 127. 6 c 136. 4
128.3
140.9
114.8
115.3
Nonfinancial, total 9
...do
62.9
73.5
81.7
65.6
65.7
68.3
75.1
72.5
Manufacturing, total 9
do
27.7
34.2
40.3
28.5
28.2
31.0
35.5
33.1
Durable goods
do
Transportation, communication, and
16.8
13.5
20.3
14.9
15.3
13.8
16.3
18.1
electric, gas, and sanitary serv bil. $..
8.2
10.2
10.7
Rest of the world
.do
8.2
9.8
9.8
8.2

National income, totalf

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

1,752.5 1,820.0

1,869.0 1,897. 0

1,205. 5 1,244.0 1,288. 2 1,321.1 1,364.8 1,411.2 1,439.4
1,023. 4 1,052. 0 1,090.0 1,117.4 1,154. 7 1,189. 4 1,211.3
225.1
228.1
208.8
212.3
215.3
219.3
231.2
929.6
961.3
814.6
874.6
898.1
980.1
839.7
210.1
182.1
221.8
192.0
203.7
228.2

107.6
24.7
82.9

109.1
25.7
83.4

115.0
27.7
87.3

117.4
26.1
91.3

125.7
31.3
94.4

129.0
34.2
94.8

129.2
33.7
95.5

25.5

25.2

24.4

26.8

27.1

27.3

26.8

153.0

141.2

169.4

175.2

184.8

178.9

175.5

181. 4
178.8 ' 189. 0 c C
31. 9
= 30. 6 '32.1
:
148.3 ' 156. 9 " 149. 6
94.1
90.6
85.1
46.0
45.5
42.4

178.7
32.4
146.3

c 156. 9 « 143.5 "171.0
*26.4 c 27. 2
^28.9
c 130. 5 ' 116'. 3 « 142.1
78.1
67.6
83.4
37.2
30.9
42.3

;

17.5
9.1

17.1
10.1

20.1
11.0

21.2
10.2

22.7
9.6

21.7
11.9

11.6

do..
do.
do.
do.
do.

156.0
63.8
92.2
37.5
54.7

177.1
72.6
104.5
42.1
62.4

206.0
84.5
121.5
47.2
74.3

156.7
63.8
92.9
38.4
54.5

156.1
62.9
93.2
40.0
53.2

168.4
69.2
99.2
40.8
58.3

176.2
72.5
103.7
41.5
62.2

180.9
73.7
107.2
42.7
64.6

183.0
75.1
107.9
43.4
64.5

177.5
70.8
106.7
45.1
61.6

207.2
84.7
122.4
46.0
76.4

212.0
87.5
124.6
47.8

227.4
95.1
132.3
49.7
82.6

233.3
91.3
142.0
51.5
90.5

226.9
88.2
138.6
52.3
86.3

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

-14.6
-14.5
83.8

-15.2
-12.0
94.0

-25.2
-13.1
109.5

-15.4
-14.4
85.2

-18.6
-12.8
87.2

-18.7
-12.6
89.3

-15.9
-11.4
92.7

-8.9
-11.2
95.8

-17.0
-13.0
98.2

-23.9
-12.4
101.5

-25.1
-12.6
106.8

-23.0
-13.8
111.9

-28.8
-13.8
117.6

-39.9
-14.5
122.6

-36.6
-14.7
126.0

DISPOSITION OF PERSONAL INCOMEf
Personal income, total
bil. $.
Less: Personal tax and nontax payments
do...
Equals: Disposable personal income
do...
Less: Personal outlays©
do...
Equals: Personal saving§
do...
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil. $.
Manufacturing
do...
Durable goods industries^
do...
Nondurable gcods industries'!!
do...
Nonmanufacturing
...do.
Mining
_
_
do.
Railroad
do..
Air transportation
do..
Other transportation
do..

1,381.6 1,531.6 1,717.4 1,393.9 1,432.0 1,472.5 1,509.0 1,548.5 1,596.4 1,634.8 1,689.3 1,742.5 1,803.1 1,852.6 1,892.8
278.2
280.4
266.0
209.4
235.2
252.1
239.8
259.0
200.8
222.4
223. 0
225. 3
290.7
226.4
197.1
1,184. 5 1,305.1 1,458.3 1,193.1 1,222. 6 1,250.1 1,286.0 1,323.2 1,361.2 1,395.0 1,437. 3 1,476. 5 1,524. 8 1,572.2 1,602.1
1,115. 9 1,240. 2 1,386. 4 1,126.8 1,159. 2 1,197. 6 1,220.2 1,251.3 1,291.7 1,320. 4 1,366.1 1,405. 6 1,453.4 1,493.0 1,515.3
71.5
79.2
63.4
69.5
70.9
74.6
72.0
52.5
71.2
66.3
65. 9
71. 9
86.8
65.0

120.49
52.48
23.68
28.81

135.80
60.16
27.77
32.39

153.82
67.62
31.66
35.96

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

34.82
15.60
7.17
8.43

38.06
17.19
8.00
9.18

32.35
13.67
6.36
7.31

37.89
16.76
7.79
8.97

38.67
16.89
7.97
8.92

44.91
20.30
9. 53
10.77

37.41
15.88
7.53
8.35

142.79
19.04
9.09
9.95

68.01
4.00
2.52
1.30
3.63

75.64
4.50
2.80
1.62
2.51

86.19
4.78
3.32
2.30
2.43

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

19.21
1.17
.78
.39
.50

20.87
1.15
.76
.46
.63

18.68
1.07
.71
.52
.51

21.13
1.22
.83
.60

21.78
1.24
.84
.54
.62

24.61
1.26
.94
.64
.71

21.53
1.31
.85
.65
.57

22.28
18.80
3.47
13.30
20.99

25.80
21.59
4.21
15.45

29.48
24.79
4.70
18.16
25.71

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

6.61
5.41
1.20
4.03
5.73

7.28
6.06
1.21
4.26
6.33

6.15
5.27
.88
3.97
5.76

7.14
6.01
1.13
4.56
6.18

7.43
6.11
1.32
4.68
6.43

8.78
7.40
1.37
4.96
7.34

7.16
6.30
.86
4.36
6.64

23.75
1.36
.73
.85
.78
8.13
6.96
1.17

do.
_do_
do.
do.

122.55
54.78
24.59
30.20

125.22
54.44
25.50
28.93

130.16
56.43
26.30
30.13

134.24
59.46
27.26
32.19

140.38
63.02
29.23
33.79

138.11
61.41
28.19
33.22

144.25
61.57
28.72
32.86

150.76
67.20
31.40
35.80

155.41
67. 75
32.25
35.50

do.
do..
do.
do.
do.

67. 76
4.21
2.69
1.12
3.44

70.78
4.13
2.63
1.41
3.49

73.74
4.24
2.71
1.62
2.96

74.78
4.49
2.57
1.43
2.96

77.36
4.74
3.20
1.69
1.96

76.70
4.50
2.80
1.76
2.32

82.68
4.45
3.35
2.67
2.44

83.56
4.81
3.09
2.08
2.23

87.66
4.99
3.38
2.20
2.47

21.67
23.40
Public utilities
do..
19.49
18.22
Electric
_.
_.
...do..
3.96
3.45
Gas and other
do.
14.30
13.64
Communication
do.
21.36
20.99
Commercial and other
do.
r
Revised.
P Preliminary.
i Estimates (corrected for systematic biases) for Apr.June 1979 and July-Sept. 1979 based on expected capital expenditures of business. Expected
expenditures for the year 1979 appear on p. 19 of the June 1979 SURVEY. 2 Includes communication,
t See corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, interest paid

25. 35
21.19
4.16
14.19
22.67

25.29
21.14
4.16
15.32
22.73

26.22
21.90
4.32
16.40
23.14

26.23
22.05
4.18
15.82
23.27

27.92
23.15
4.78
17.07
24.76

28.46
23.83
4.62
18.18
24.71

29.62
24.92
4.70
18.90
26.09

1

Public utilities
Electric
Gas and other
Communication
Commercial and other.
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries^
Nondurable goods industries^
Nonmanufacturing
Mining
_
Railroad.._
Air transportation
Other transportation




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

22.97

2

43.48
19.92
9.43
10.50
23.56
1.27
.97
.64
.75
8.21
6.86
1.35

11.8

2 11.72

163. 96 165.94
71.56
73.24
34.00
33.99
37.56
39.26

170.30
76.35
36.60
39.75

174.74
79.89
38.09
41.80

90.71
4.98
3.49
2-. 39
2.55

94.38
5.46
4.02
3.35
2.71

93.95
5.40
2.76
2.92
2.93

94.85
5.11
3.89
2.60
3.01

31.73
26.95
4.78
18.46
27.12

32.35
27.70
4.66
18.75
27.73

32.42
27.63
4.79

32.79
27.96
4.83

247.51

2

47.45

by consumers to business, and personal transfer payments to foreigners (net).
§Personal saving is excess of disposable income over personal outlays.
_
HData for individual durable and nondurable goods industries components appear in the
C
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