Full text of Economic Indicators : April 1977
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Congress, 1st Session
Economic Indicators
April 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McGLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SGHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators*f
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter, gross national product rose $47,4 billion or at an annual rate
of 11.3 percent. Real output (GNP adjusted for price changes) increased at an annual rate of 5.2 percent. The implicit
deflator rose at a 5.8 percent annual rate.
BILLIONS OF DOLLARS (BATIO SCALE}
BILLIONS OF DOLLARS (RATIO SCALE)
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
1977
1969
COUNCIL OF ECONOMIC ADVtSDtS
SOURCE* DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Federal
Final
sales
Net
exports
Exports
Imports
Total
37.7
40.6
47.7
52.9
58.5
64.0
75.9
94.4
136.9
127.6
156.0
126. 8
132. 7
145. 7
151. 0
163. 0
164. 3
15&7
180.2
198.7
207.9
218.9
233.7
253.1
269.5
303.3
339.0
365. 6
343.2
353.8
354. 7
362.0
369. 6
376.2
7as
90.9
98.0
97.5
95.6
96.2
102.1
102.2
111.6
124.4
133. 4
124. 6
130.4
129. 2
131.2
134. 5
13&9
60.3
71.5
76.9
76.3
73.5
70.2
73.5
73.5
77.3
84. 3
8&2
84 6
87. 1
86.2
86.9
88.5
91. 3
18.5
19.5
21.2
21.2
22.1
26.0
28.6
28.7
343
40.1
45.2
40.0
43.2
42. 9
442
46.0
47.6
79.8
89.3
100.7
110.4
123.2
137.5
151.0
167.3
191.6
2145
232.2
218. 6
223.4
225. 5
230.9
235.0
237; 4
73&7
786.2
860.8
926.2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 402. 5
1, 531. 0
1, 679. 7
1, 550. 6
1, 592. 5
1, 621. 4
1, 659. 2
1, 694 7
1, 74a 4
175.4
380.4
139.5
91.5
48.0
240.9
1, 785. 0
753.0 464.8
1966
796. 3 490.4
1967
868. 5 535.9
1968
935. 5 579.7
1969
982.4 618.8
1970
1, 063. 4 668.2
1971
1972
1, 171. 1 733.0
1, 306. 6 809.9
1973
1, 413. 2 887.5
1974
1975
1, 516. 3 973.2
1976
1, 691. 6 1, 079. 7
1975:111.. 1, 548. 7 987.3
IV__. 1, 588. 2 1, 012. 0
1, 636. 2 1, 043. 6
1976: I
II — 1, 675. 2 1, 064. 7
III._- 1, 709. 8 1, 088. 5
IV
1, 745. 1 1, 122. 0
124.5
120.8
131.5
146.2
140.8
160.0
188.3
220. 0
215.0
183.7
239. 6
196.7
201.4
229.6
239.2
247.0
242. 8
5.1
4.9
2.3
1.8
3.9
1.6
-3.3
7. 1
7.5
20.5
21.4
21.0
8.4
9.3
4.7
4,2
42.8
45.6
49.9
54.7
62.5
65.6
72.7
101.6
144.4
148.1
162. 7
148. 2
153. 7
154. 1
160. 3
167.7
168.5
1977: ! * > _ _ 1, 792. 5 1, 156. 8
260.2
— 4. 9
170. 5
a6
1
This category corresponds closely with budget outlays for national defense,
*hown on p. 33.
Go1yernment purchases of goods and
services
Exporl;s and imj>orts of
goocIs and ser vices
Total
National
defense *
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exp>orts of gc>ods
Gross ]private dc mestic
a nd service58
i nvestmen b
Personal
conGross
Change
national sumpNonResi- in busition
product
"Mevf
i>ei»
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Period
16.7
12.0
"Final
.riiicii
Total
Federal
State
and
local
sales
-12.0
8. 1
4.3
3. 5
—.4
-1. 3
1.4
-. 6
-3.3
7. 6
16. 5
22. 6
16.0
51. 6
54. 2
58. 5
62. 2
67. 1
67. 9
72. 7
87.4
97. 2
90. 6
96. 1
47.3
50.7
58.9
63. 5
65. 7
68. 5
75.9
79.9
80. 7
68. 1
80. 1
229.3
248. 3
259.2
256.7
250.2
249.4
253. 1
252. 5
256.4
261. 0
264. 1
112. 5
125.3
128.3
121. 8
110.7
103. 9
102.1
96.6
95.3
95.7
96.7
116.8
123. 1
130.9
134. 9
139. 5
145. 5
151. 0
155.9
161. 1
165. 2
167.4
964.3
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 205. 5
1, 203. 7
1, 256. 6
39.6
41.9
.'—.I/O
-5. 5
22.8
23. 1
90.7
93.9
67. 9
70. 8
262. 4
265. 2
95.6
97.2
166.9
168.0
1, 210. 2
1, 224. 7
112.6
114.9
117. 5
117.9
44. 1
45.7
47.4
51. 1
10. 4
11. 1
10.2
.9
16. 6
16.0
15.7
15. 5
93. 6
95.4
98.0
97. 4
77. 0
79.4
82. 3
81.8
261.9
263. 6
265. 5
265. 3
95.4
96.0
97. 3
98. 1
166.6
167.7
168.2
167.3
1, 235. 9
1, 248. 8
1, 262. 0
1, 279. 5
121.9
51.9
4.9
12. 1
97. 8
85. 7
263. 8
97.3
166. 5
1, 291. 9
586. 1
603.2
633.4
655. 4
668.9
691.9
733.0
767.7
759.1
770.3
813. 7
106. 1
103. 5
108.0
114. 3
110. 0
108. 0
116. 8
131.0
128. 5
111.4
115.7
38.5
37.2
42.8
43.2
40.4
52.2
62.0
59.7
45.0
38.4
47.1
1975:111- 1, 209. 3
IV... 1, 219. 2
775.3
783.9
110.1
110.5
1 246. 3
1976:1
II... 1, 260. 0
III.. 1, 272. 2
IV... 1, 280. 4
800. 7
808.6
815.7
829.7
1977: I ».. 1, 296. 8
842.2
981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 214. 0
1, 191. 7
1, 264. 7
1966.
1967
1968
1969
1970__
1971
1972
1973_.
1974
1975
1976
Governinent pure hases of
good s and services
8.7
10.6
4.3
6.6
9.4
16. 5
8.5
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
Persona 1 consumption expe nditures
Total
Gross ]private
dom estic
invest/ment
Nonres- ResiNonDurable durable
Services idential dential
goods
fixed
goods
fixed
Expor ts and
imports of goods
and S€jrvices
Governraent purchases of goods
and s<srvices
Exports Imports Federal
State
and
local
76. 76
79. 02
82. 57
86.72
91.36
96. 02
_._ 100. 00
105. 80
116. 41
127. 25
133. 75
79. 3
81. 3
84. 6
88.5
92.5
96. 6
100. 0
105. 5
116.9
126. 3
132. 7
85.7
87.4
90.7
93. 1
95. 5
99. 0
100. 0
101. 6
108. 3
117. 7
124.4
80. 1
81. 9
85. 3
89. 4
93. 6
96. 6
100. 0
107, 9
124. 0
133. 7
138.0
76. 5
78.8
82.0
86. 1
90. 5
95. 8
100. 0
104. 7
113. 5
122. 7
131. 0
76.8
79. 3
82.6
86. 6
91. 3
96. 4
100. 0
103. 8
116. 1
132. 1
138.2
74.6
77.0
80.7
87. 7
90. 6
94.9
100. 0
110.8
122. 3
133. 2
143.9
82. 8
84. 0
85. 3
87.9
93. 1
96.6
100.0
116. 2
148. 6
163. 4
169. 3
79.7
80.1
80.9
83.3
89. 1
93. 5
100. 0
118. 2
169. 6
187.4
194.7
70.1
72.6
76.4
80. 0
86.4
92. 6
100.0
105. 8
117. 1
130. 0
138.0
68.4
72.5
76. 9
81. 9
88.3
94.5
100. 0
107. 3
119. 0
129. 8
138. 7
1975:111
IV
128. 07
130. 27
127. 3
129. 1
118. 2
120. 2
135. 1
136. 2
123. 6
125. 9
132. 7
134. 5
132.8
135.9
163.4
163. 7
186.6
187. 3
130.4
134.2
131. 0
132. 9
1976:1
II
III
IV
131. 29
132. 96
134. 40
136. 30
130. 3
131. 7
133.4
135. 2
121.8
123.8
124.9
127.0
136. 4
136.9
138. 5
139.9
128. 0
129. 8
132. 0
134. 0
136.2
137.5
138.7
140. 5
139.0
142.9
145.3
147. 7
164. 6
168. 1
171.1
173.0
189.2
190.4
198. 1
200.8
135.4
136.7
138. 3
141.6
135.4
137.7
139.7
141. 9
_ 138. 22
137.4
128.8
142.2
136.2
142.0
153.4
174.3
204.6
143.4
144.7
1966
1967
1968
1969
1970
1971..
1972
1973
1974
1975
1976
1977:1'....
Source: Department of Commerce, Bureau of Economic Analysis;
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross inational product
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
.-_
1975:111 -_
. - • iv____
1976:1
II
Ill
IV._
Constant
(1972)
dollars
Current
dollars
._
1977: I » _ _ _ _ -
Implicit
price
deflator
Gross clomestic ]>roduet
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
9.4
5.8
9.1
7.7
5.0
8.2
10.1
11.6
8.2
7.3
11.6
5.9
2.7
4.4
2.6
-.3
3.0
5.7
5. 5
-1.7
-1.8
ai
3.3
2.9
4.5
5.0
5.4
5. 1
4. 1
5.8
10. 0
9.3
5. 1
3.1
3.0
4.4
5.0
5. 3
5.0
4. 1
6. 0
10. 0
9.2
5.4
2.9
3.0
4. 3
5.0
5.2
4. 9
4.0
6. 0
10. 0
9.2
5. 4
9.6
5. 7
9. 1
7.8
5.0
8.1
10.1
11. 5
7.8
7.7
11.4
6.1
2.7
4.4
2.6
-.3
2.8
5.8
5.4
-1.7
-1.7
6. 1
3.3
3.0
4.5
5. 1
5.3
5. 1
4.1
5.7
9.6
9.5
5.1
3. 1
3. 1
4.4
5.0
5.3
5.0
4.1
5.9
9.7
9.3
5.4
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9. 7
9.2
5.5
19.1
10. 6
11.4
3.3
7.0
7. 1
7.3
6. 4
7.3
6. 6
19. 1
10. 8
11.3
3.4
7.0
7. 1
7.4
6.4
7.4
6.7
12. 6
9.9
8.5
8.5
9.2
4.5
3.9
2.6
3.2
5.2
4.4
5.8
4. 3
5.4
4.6
5.7
4. 2
5.2
4.6
5.8
12. 2
10. 1
8.2
8.4
9. 0
4.6
3.8
2.4
3.0
5. 3
4.2
5.8
4.3
5.4
4.4
5.7
4.2
5.3
4.4
5.8
11.3
5.2
5.8
6.6
6.8
11.4
5.4
5.7
6.5
6.7
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross d omestic
prodiict of
nonfin ancial
eorpcsrate
busi ness
(billic>ns of
doll ars)
Period
Current
dollars
1972
dollars
430.7
1966
452.9
1967
498. 4
1968
541.8
1969
560. 6
1970
602.5
1971
1972 _ _ _ .
671.0
752.0
1973_
1974
810.0
870.4
1975
98k 5
1976
822.3
1975: I
I I _ _ _ 851. 1
III__ 892.0
IV___ 916. 1
949.0
1976: I
IL_._ 972. 8
III__ 993.8
IV_._ 1, 010. 3
532.9
545.8
581.6
607.3
600. 6
619. 3
671.0
720.4
698. 7
676. 8
726.2
653. 1
668. 1
688.9
696. 1
713.9
725.7
731. 5
733.9
C urrent-do liar cost a nd profit per unit of outpu t (dollars;) *
Total
cost
and
profit 2
0.808
.830
.857
.892
.933
.973
1.000
1. 044
1. 159
1.286
1. 352
1.259
1.274
1.295
1.316
1. 329
1. 341
1. 359
1.377
Capital
consumption
CompenallowNet
ances Indirect sation
inof
with business
3
employ- terest
capital taxes
conees
sumption
adjustment
0.067
.072
.074
.079
.088
.094
.093
.095
. 116
. 143
. 149
. 139
. 142
. 143
. 146
. 146
. 147
. 149
. 152
0.080
.084
.089
.094
.103
. 110
.110
. 112
. 123
. 138
; 138
. 135
. 138
. 139
. 140
. 136
.137
. 138
.142
1 Output is measured by gross domestic product of nonfinaneial corporate
business in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinaneial corporate business with the decimal point shifted two places to the left.
8 Indirect business tax and nontax liability plus business transfer payments
less subsidies.
0.513 0 014
016
.535
.553
017
022
.589
.628
028
.645
029
028
.661
032
.699
041
.794
.853
045
. 883
049
.863
046
045
.847
. 842
045
.860
046
. 869
047
.876
049
.884
050
.904
051
Corpc>rate profits with
inventsDry valualjion and
capil al consuniption
£wljustmen ts
Total
0. 134
. 123
. 124
. 109
.086
.095
.107
.105
.085
. 107
. 132
.076
. 101
.126
. 124
. 131
.132
. 137
. 128
Profits
tax
liability
0. 055
.051
.058
.055
.045
.048
.050
.055
.061
.059
: 074
.046
. 053
. 066
. 068
. 072
.074
.075
.077
Profits
after4
tax
0.078
.072
.066
.055
.041
.046
.057
.050
.024
. 048
;058
.030
.049
.059
. 055
. 059
.058
.062
.051
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
(doldollars)
lars)
6.777
6.873
7. 105
7. 139
7.132
7. 374
7. 595
7. 781
7. 545
7. 756
8. 060
7.479
7.734
7. 90S
7.891
7.971
8. 057
8. 108
a 105
3.478
3.676
3. 929
4. 198
4.478
4. 757
5.024
5.441
5.990
6.613
7.120
6.453
6.554
6.661
6.785
6. 926
7.055
7. 170
7.326
* With Inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propri etors*
mcom<3 with
inventor y valuation anc capital
consuBaption
adjust ments
Compensation of
employees 1
Farm
439.3
1966
--- 622.2
471.9
655.8
1967
714.4
519.8
1968
571.4
767.9
1969.. _
609.2
798.4
1970.-.
650.3
858. 1
1971
715.1
951.9
1972
799.2
1, 064. 6
1973
875.8
1, 135. 7
1974
928.8
1, 207. 6
1975
1, 34a 4 1, 02a 4
1976
1, 233. 4 935.2
1975: III
963. 1
1, 264 6
IV
994.4
1,3047
1976: I
1, 337. 4 1, 017. 2
II
1, 362. 5 1, 037. 5
III.__
1, 389. 3 1, 064 5
IV
1, 096. 6
1977: I »
-
13.6
12.1
12.0
13.9
13.9
143
18.0
32.0
25.8
249
22.8
29.2
28.3
21.9
27.5
21.7
20.3
240
Nonfarm
46.7
48.9
51.4
52.3
51.2
53.4
sai
60.4
61.1
65.3
"Rental
Corpor ate profits with inv<sntory va uation
and capital co nsumptioii adjustments
income
with
capital
consumption
adjustment
18.2
19.4
18.6
18. 1
18.6
20.1
21.5
21.6
21. 0
22,4
7as
2as
66.3
69.0
71.4
72.8
744
76.8
79.3
22.4
22.9
23. 3
23. 1
23.4
243
25. 1
Profits with invtintory
valuat ion adjuslbment
and \without ca pital
consum 3tion adjiistment
Total
Total
82.5
79.3
85.8
81.4
67.9
77.2
92. 1
99. 1
848
91. 6
117.8
105.3
105.6
115. 1
116.4
122.0
117.8
7ae
75.6
82. 1
77.9
66.4
76.9
89.6
97.2
87.8
103. 1
13a3
117.9
119. 1
129.6
131.8
137.6
1342
Profits
before
tax
Inventory
valuation
adjustment
80.7
77.3
85.6
83.4
71.5
82.0
96.2
115.8
127.6
114. 5
147. 9
126.9
131. 3
141. 1
146.2
150.2
1542
-2. 1
-1.7
-3.4
-5.5
-5. 1
— 5.0
-6.6
-18.6
— 39. 8
— 11. 4
-146
-9. 0
— 12. 3
-11.5
-144
-12.6
-20.0
-23.2
Capital
consumption
adjustment
3,9
3.7
3.7
3. 5
1. 5
.3
2.5
1.9
-3. 0
-11.5
-15.5
-12.6
-13.5
-145
-15. 4
-15. 7
-16.4
-17.0
Net
interest
21.9
243
26.8
30.8
37.5
42.8
47.0
52.3
67.1
746
82.0
749
75.8
78.6
80.3
83.5
85.6
88.6
Source: Department of Commerce, Bureau of Economic Analysis.
»Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
D urable goo ds
Retail sales of
new pa ssenger
cars (naillions
of ujaits)
Nondura ble goods
TWnl
personal
consumption
expenditures
Total
durable
goods *
Motor
vehicles
and
parts
4648
490.4
535.9
579.7
618.8
668.2
733.0
809.9
887. 5
973.2
1, 079. 7
987. 3
1, 012. 0
1, 043. 6
064 7
m__. 1,1, 088.
5
IV.... 1, 122.' 0
1977: !»_... 1, 156. 8
67.7
69.6
80.0
85.5
84.9
97. 1
111.2
123.7
121. 6
131.7
156. 5
136.0
141.8
151.4
155.0
157.6
162.0
173.4
30.1
29.7
35.8
37.7
349
43.8
50.6
55.2
47.9
53.2
70.7
56.3
59.2
68. 0
70.4
71.7
72.7
83.2
Period
1966__
1967
1968
1969.
1970
1971
1972
1973
1974
1975
1976
1975: III___
IV.. _
1976: I
II
i Total includes other items not shown separately.
Furniture
and
household
equipment
27.7
29.5
32.6
35.0
36.7
39.4
448
50.7
547
57.6
63.0
58.2
60.6
61.2
62.3
62.9
65.6
66.7
Total
nondurablel
goods
Food
2047
212.6
230.4
247.0
2647
277.7
299. 3
333. 8
376. 2
409. 1
440. 4
4146
421.6
429. 1
4348
441.8
456.0
463.7
106.6
109.6
118.3
126. 1
136.3
140. 6
150.4
168. 1
189. 9
209. 5
2244
211.8
215. 2
219.2
223. 1
225. 2
230.2
2344
Clothing Gasoline
and
and oil
shoes
36.6
38.2
41. 8
45. 1
46.6
50.5
55.1
61. 3
65. 1
70.0
75.4
71.3
73.0
73.5
73.2
75.9
79.0
79.2
16.0
17.0
18.4
20.4
22.0
23.4
249
27.8
36.3
38.9
41.5
39.2
39. 9
40. 1
40. 3
41.6
44 1
443
Services
Domestics
192.4
208.1
225.6
247.2
269.1
293.4
322.4
352.3
389. 6
432.4
482.8
436. 7
448.6
463.2
4749
489. 1
5040
519.6
8.4
7.6
8.6
8. 5
7.1
8.7
9.3
9. 7
7.5
7. 1
a6
7.6
7.7
8.9
8.7
8.6
a3
9.5
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
0.7
.8
1. 0
1. 1
1.3
1.6
1.6
1.8
1.4
1. 6
1.5
1.6
1.4
1. 3
1.4
1.5
1.7
1.8
SOURCES OF PERSONAL INCOME
Personal income rose $24.2 billion (annual rate) in March following an increase of $20.2 billion (revised) in February.
Wage and salary disbursements were up $13.7 billion in March and all other types of personal income also rose again.
BILUQNS OF DOLLARS* (RATIO SCALE)
" BILLIONS OF DOLLARS* (RATIO SCALE)
1,600
1,600
1,400
1,400
1,200
1,200
1,000
T,000
800
800
600
6QO
WAGE AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
«„„„„.*•'«"
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
40.( j | Q 11 i i t i t
1969
I I I I 1 I ( M l 1
197Q
t 1 l i l t |..|
1971
1972
1.
.1 f . l 1 I I M i l
I \ \ 1 11 | M
\\\ \\\ t i i i i
1974
1973
1975
^SEASONALLY ADJUSTED ANNUAL'RATES
SOURCE. DEPARTMENT OF COMMERCE,
Period
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental
Other Proprietc rs' income income
Total
and
Transfer
Divi- Personal
personal salary
labor 12
interest
payof
dends
income disburse- income
income ments5
Nonfarm persons 4
Farm
ments *
514.6
546.5
579.4
633.8
701.3
765.0
806.7
890.4
28.2
32.0
36.2
42.0
48.7
55.5
62.5
13.9
13.9
14.3
18.0
32.0
25.8
24.9
22. 8
1976: Mar__ 1, 341. 9
Apr
1, 352. 5
May... 1, 362. 9
June — 1, 370. 4
July... 1, 380. 8
Aug
1, 385. 5
Sept
1, 391. 7
1, 404. 2
Oct
Nov.___ 1,421.4
1, 439. 5
Dec
868. 8
876.9
883.3
883. 1
892.7
897.4
903.5
911.3
921.5
930. 1
67.7
68.4
69.0
69.7
70.4
71.1
71.7
72.4
73.2
74.1
20.0
23.3
27.5
31. 6
26.0
21.0
1, 441. 3
1977: Jan
Feb p I, 461. 5
Mar _.. 1, 485. 7
933. 4
945. 7
959.4
74.9
75. 7
76.7
1977
7ai
Less: Per- Nonsonal con- farm
tributions personal
8
for social
insurance income
18. 1
18.6
20. 1
21. 5
21.6
21. 0
22.4
23.5
22.6
22.9
23.0
246
27.8
30.8
32. 1
35.1
55.9
64.3
69.3
74.6
84. 1
101. 4
110. 7
123. 0
66.5
79.9
94.1
104,1
118.9
140.3
175.2
191. 3
26.3
28.0
30.8
34.2
42.2
47.6
50.0
549
18.6
19.6
22.7
52.3
51.2
53.4
58. 1
60.4
61.1
65.3
73.8
72.2
72. 7
72. 5
73.4
73.8
74.4
74.9
75.4
76.8
78.2
23.3
23. 3
23.4
22.7
23.4
23.2
23.6
24. 0
24. 3
24. 5
33.0
33.4
33.9
35. 9
35.2
35.4
35.6
36. 1
36.5
40.5
77.6
79.4
80.9
25.0
25. 1
25.3
37.0
37. 6
38. 1
191.3
188.7
187.1
186.8
191.3
192.9
192.9
194.4
197.3
198.0
199.4
202.8
207.0
53.7
541
54.4
54.3
54.9
55.2
55.5
55.9
56.7
57.3
23.1
23.5
25.3
119.3
120.0
120.7
121.5
123.0
125.2
126.9
127. 8
128.7
128.7
129.8
131. 4
133.4
ia i
1
The total of wage and salary disbursements and other labor income differs
from compensation ol employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
2 Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
8
With inventory valuation and capital consumption adjustments.
'With capital consumption adjustment.
'
COUNCIL OF ECONOMIC ADVISERS
745.8
801.3
859. 1
942.5
1, 052. 4
1, 153. 3
1, 249. 7
1, 375. 3
1969
1970
1971
1972
1973
1974
1975
1976
40
1976
59.0
59.6
60.3
725.8
780.7
838.0
917.3
1, Oil. 9
1, 117. 3
1, 213. 4
1, 340. 0
1, 310. 1
1, 317. 3
1, 323. 3
1, 326. 6
1, 342. 5
1, 351. 8
1, 360. 8
1, 372. 7
1, 388. 6
1, 403. 4
1, 404 5
1, 424 2
1, 446. 4
fi
Consists mainly of social insurance benefits, direct relief, and veterans payments.
* Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income increased slightly again in the first quarter.
BILLIONS OF DOHARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALQ
3,000
2,000
2,000
1969
1977
1972
1970
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE/ DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
Pertax
sonal
and
income nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays1
Per (japita
dispc>sable
persona I income
Equals:
Personal
saving Current
dollars
Bi]lions of d ollars
1968
685. 2
1969
.. 745.8
1970
_ 801.3
1971-...,. 859. 1
1972
942. 5
1973
1, 052. 4
1974.
1, 153. 3
1975
1, 249. 7
1976_._.. 1, 375. 3
97.1
550. 1
588. 1
115.4
595. 3
630.4
115.3
635. 4
685.9
116. 3
685.5
742.8
141. 2
801. 3
75L9
901.7
150.8
831.3
170.4
982. 9
910. 7
168.8 1, 080. 9
996. 9
193.6 1, 181. 7 1, 105. 2
1975: III.. 1, 265. 5
IV_. 1, 299. 7
1, 331. 3
1976: I
II— 1, 362. 0
III.. 1, 386. 0
IV_ 1, 421. 7
1977: I »__ 1,462.8
174.
179.
183.
189.
195.
205.
217.
0
8
8
5
8
3
3
1, 091. 5
1, 119. 9
1, 147. 6
1, 172.5
1, 190. 2
1, 216. 5
1,245.5
Saving
as percent of Populadispostion
able
(thou-2
persands)
sonal
income
Dollars
2,930
3, 111
3,348
3,588
3,837
4,285
4, 639
5, 062
5,493
3,464
3, 515
3,619
3,714
3,837
4, 062
3, 968
4,007
4, 140
2,670
2,860
3,020
3,227
3,510
3,849
4,188
4,558
5,019
3, 156
3,234
3,265
3,342
3,510
3,648
3,582
3,608
3,783
Seas onally ad; usted ann ual rates
80.5
5,105
1, Oil. 1
4,009
1, 036. 2
4, 049
83.7
5,227
79.5
4, 103
1, 068. 0
5,347
82. 9
1, 089. 6
5,455
4, 143
1, 114. 3
75. 8
4, 142
5, 526
4, 168
1, 148. 6
67.8
5,637
1, 183. 8
61.8
5,762
4, 195
4,618
4, 724
4,863
4, 954
5, 054
5,199
5,351
3,626
3,659
3,731
3, 762
3,788
3,845
3,896
38.1
35. 1
50. 6
57. 3
49.4
70.3
72. 2
84. 0
76.5
1
Includes personal consumption expenditures, interest paid by consumers
to 2business, and personal transfer payments to foreigners (net).
Includes Armed Forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
1972
dollars
Per cap>ita per- Percent
sonal c(>nsump- change
real
tion exp enditures inper
capita
disposable
1972
Current
perdollars dollars
sonal
income
2.8
1.5
3.0
2.6
3.3
5.9
-2.3
1.0
3.3
-6.6
4. 1
5.4
. 4.0i
2.5
2.6
7.4
7.7
6.2
7.8
7.3
7.8
6.5
200, 706
202. 677
204, 878
207, 053
208, 846
210, 410
211, 901
213, 540
215, 118
7.4
7.5
6.9
7.1
6.4
5.6
5.0
213,
214,
214,
214,
215,
215,
216,
6.5
5. 6
805
245
599
926
355
805
180
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the first quarter, farm income excluding inventory change rose $2.7 billion (annual rate). Including inventory change
the rise was $3.7 billion.
BttHONS OF DOLLARS* (RATIO SCALE}
BftUONS OF DOLLARS* (RATlO.SCALq
120
120
100
100
BO
SO
60
NET FARM INCOME
WCLUDING NET INVENTORY
CHANGE
40
40
S~\
20
20
V
10
_J
L_
1970
1969
T
!
1971
t
t -.
t
1972
I
J
1973
* SEASON ALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
Period
1969
1970
1971
1972
1973
1974.___ __
1975
1976
1975: III.. _.
IV.___
1976:1
II
III__,_
IV
1977: 1^
I
1975
L.
•
1976
t
10
1977
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 incomereceived
[ncome received fro m f armin g
by tota] farm po pulation
Realizeid gross
Net inc ome per
Nettc> farm
farm incl uding net3
oper ators
CasiL receipts from
inventory change
inarketings
' ProducFrom From From
ExcludIncludall
farm nonfann Total1
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967 4
stock
Total
Crops
and
tory 2 dollars dollars
tory
change change
products
Dol lars
is
of
dolla
Billior
rs
13.9
12. 9
26. 9
56.3
48.2
14.2
4,766
4,372
28.6
14.3
42. 1
19.6
27.4
14.4
13.0
58. 6
4,790
14. 1
14.2
4,202
50.5
29.6
21.0
44.4
13.4
28.7
15. 3
5,030
60.6
4,263
52. 9
47.4
30.6
13. 2
14.6
22.3
34.4
16.8
17.6
6,504
70.1
61.2
35.7
17.8
18.7
5,288
25.5
52.3
19.5
48.6
45.9
29. 0
95.5
41. 1
29. 9
33. 3 11, 727
8,817
87. 1
65. 6
21.5
23. 5
100.2
45. 1
9,371
41. 4
92.6
26.5
6,206
51.3
72. 4
27. 8
22. 8
22.7
45.5
98. 2
5,482
9,
100
89.6
42.9
22.
7
25.6
46.7
75. 5
20.0
24.0
44.0
104.2
94.8
7,920
80.9
47.0
22.0
4,500
23. 3
47.8
105. 2
45. 0
28. 4
96. 5
51. 5
30. 0 10, 680
6,320
76.8
99.6
44. 4
46. 4
29. 1 10, 360
90. 8
23. 9
6; 060
75.7
92.4
8,100
101.5
22. 5
22.5
45.8
79. 0
46. 6
4,710
111. 1
9,210
52. 2
101. 8
49. 6
82. 5
28. 6
25.6
5,300
103.3
47.2
7,490
21. 8
93. 8
46. 6
20. 8
81. 5
4,230
44. 5
100. 9
6,950
91.3
20.3
19.3
80. 6
3,860
46.8
105.3
51. 1
8,360
44.5
23.0
23.0
95.6
82.3
4,570
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
3
3 Inventory of crops and livestock valued at the average price for the year.
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
88-161°—T7-
1974
4
Income in current dollars divided by the index of prices paid by Banners for
family living items on a 1967 base. As of January 1977 movement is based on the
overall change in the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates, profits before tax rose $4.0 billion (annual rate) in the fourth quarter of 1976, while
profits with inventory valuation adjustment fell $3.4 billion.
BILLIONS OF DOLLARS.
BILLIONS OF DOLLARS
40
40
1976
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally
Profii bs (before tax) wit ti invent
Dry vakuition
adjustn lent l
Dome stic industries
N onfinanc ial
Period
2
Total
WholeManu- sale
Total Finan3
facTotal
cial
and
turretail
mg
trade
1966
78.6
75.9
8.5
67.4
41.6
8.0
1967
75.6
72.6
9.0
63.6
37.9
8.9
1968
82. 1
41.2
78. 9
10.4
68.5
10. 1
1969
74.2
77.9
62.9
36.8
10. 1
11.3
1970
66.4
62.6
50.1
27. 1
9.4
12.6
1971
_
72.4
76.9
58.2
32.4
141
11. 7
1972
89.6
84.7
15.4
69.3
40. 6
13.3
1973
97.2
90.4
16.2
74. 1
44. 1
14.7
1974
87.8
76. 7
14. 1 62.6
12.4
36.9
1975
103. 1
97.0
84. 1
12.9
46. 4
20.9
1976
125. 8
14. 4 111.4
133. 3
643
28.1
1975: III...
111. 4
117. 9
12. 1
99.3
57. 0
24.4
IV... 119. 1
112.7
12.9
99.8
55. 3
25.0
1976: I
121. 9
129.6
14.0 107. 9
61. 2
29.0
II
131.8
125.0
66.4
13.8 111.2
26.6
III
130.5
137. 6
14.4 116.0
67.2
28.8
IV
134.2
125.6
15.4 110. 3
62.3
27.9
1977:1*
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
3 Includes rest of the world, not shown separately.
8
adjusted annual rates]
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
80.7
77.3
85. 6
83. 4
71. 5
82.0
96.2
115.8
127.6
114. 5
147.9
126.9
131.3
141. 1
146.2
150.2
154.2
33.7
32.5
39.4
39. 7
34. 5
37. 7
41. 5
48.7
52.4
49. 2
64.4
54. 8
57.2
61.4
63.5
65. 1
67. 4
47. 1
44.9
46.2
43. 8
37. 0
44. 3
54.6
67. 1
75.2
65. 3
83. 6
72. 1
74. 1
79.7
82. 7
85. 1
86.8
19.4
20. 1
21. 9
22. 6
22.9
23. 0
24.6
27.8
30.8
32. 1
35. 1
32. 6
32.2
33. 1
34.4
35.4
37.7
37. 6
Undistributed
profits
27.6
24 7
242
21.2
14.1
21.3
30.0
39. 3
444
33.2
48.4
39. 5
41.9
46.6
48.3
49.7
49. 1
'* Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-2. 1
-1.7
-3.4
-5.5
— 5. 1
-5.0
-6.6
-18.6
— 39. 8
— 11.4
-14 6
-9.0
-12. 3
-11.5
-14 4
-12.6
-20.0
—23 2
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose $7.5 billion (annual rafe) in the first quarter as investment in producers1 durable equipment rose $8.2 billion and investment in structures fell slightly. Residential outlays increased $4.2 billion. Inventory
investment, at $7.5 billion, was $5.8 billion above the fourth quarter level.
BILLIONS OF DOLLARS*.(RATJO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
120
300
GROSS PRIVATE DOMESTIC INVESTMENT-
^NONRESIDENTIAL FIXED INVESTMENT
100
260
^s
220
.PROPUCERS1.
DURABLE EQUIPMENT
80
180
140
STRUaURES
40
I
I I
i
{ I
I
I I
I
I
I
I
I I
BILLIONS .OF DOLLARS* (RATIO SCALE)
-BILLIONS OF DOLLARS*
40 -CHANGE IN BUSINESS, IN>/ENTORIES
20 '^*-S*
^^^^^
N-^
-20 Af\
1
t
\
!
i i
1974
1973
A
V
I
I 1
1975
-
r \*
j*—^
**»
50
I
! I
1
1' 1
1977
1976
1973
1977
^SEASONALLY ADJUSTED ANNUAL RATES
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investmcmt
Gross
private
domestic
investment
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1975: III___
IV
1976:1
II
III
IV
1977:1 »
__
124.5
120. 8
131. 5
146. 2
140. 8
160.0
188.3
220. 0
215. 0
183.7
239.6
196.7
201.4
229. 6
239.2
247.0
242.8
260.2
Strucjtures
Total
81.4
82. 1
89. 3
98.9
100. 5
104. 1
116.8
136. 0
149. 2
147. 1
160. 0
146. 1
148. 7
153.4
157. 9
163.0
165. 6
173.1
Total
Nonfarm
Total
Nonfarm
29.2
29. 5
31. 6
35. 7
37. 7
39. 3
42. 5
49.0
54. 1
52. 0
55. 3
51. 8
52. 1
53.2
54.9
56.0
57.0
56. 3
28. 1
28.2
30.4
34. 3
36. 1
37. 8
41. 1
46. 9
51.8
49.8
53.0
49. 6
49.9
51. 0
52.5
53.7
54. 8
54. 1
52. 2
52. 6
57.7
63. 3
62. 8
64. 7
74. 3
87.0
95. 1
95. 1
104.7
94. 3
96. 6
100.2
103.0
107.0
108.6
116.8
47.9
48.0
53.4
58. 9
58. 1
59. 9
69. 1
80. 1
87.2
86.9
95.9
86. 7
88.0
91.3
94. 1
98.0
100.2
107. 6
Source: Department ol Commerce, Bureau of Economic Analysis.
Prodincers'
dur able
equip ment
Resid ential fixed investment
JrroFarm ducers
durstrucable
tures equipment
T>vs\
Total
28.7
28.6
34. 5
37.9
36.6
49.6
62. 0
66. 1
55. 1
51.2
67.7
52. 6
57.0
61.3
65.3
68.9
75.5
79.7
Nonfarm
structures
27.4
27.2
33.1
36.3
35.1
47.9
60. 3
643
52.7
49. 0
65. 1
50.2
54.2
58.6
62.9
66.3
72.7
76. 9
0.7
.7
.6
.7
.6
.7
0.7
.7
.6
1.0
.8
1.2
1.3
.7
1. 1
1. 0
1. 4
1. 2
.9
1.0
1.2
1.1
.8
.9
.9
1.0
1. 1
1. 3
1. 6
1.4
1.4
1.5
1.5
1.6
1.6
1.7
Change in business irrvrentories
Total
Nonfarm
14.3
10.1
14.5
17.9
10.7
-14.6
11.9
-2.0
-4.3
14.8
16.0
15. 1
5. 1
8. 8
14. 7
12.2
-17.6
11.9
-4.2
-9. 5
12. 7
17.3
15. 6
2. 2
7.7
9.4
3.8
6.4
9.4
1.7
7.5
9.4
7.6
9.2
3.7
7.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.7 percent in 1977, according to a survey conducted in January and
February. Spending rose 6.8 percent in 1976.
BILLIONS OF DOLLARS (RATIO SCALE)
.BILLIONS OF DOLLARS fcATO SCALE}
TOTAL NEW PLANT AND EQUIPMENT!
40
20
20
1969
1970
.y SEE FOOTHOTE 4 BELOW.
SOURCE) DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
E]q>enditur€;s
MJinufacturi ng
Period
Total i
1970
79.71
81.21
1971
1972
88.44
1973_
99. 74
1974
112. 40
1975
112. 78
1976 4
120. 49
1977
134. 58
114.72
1976: I
II_ _ _ 118. 12
III
122. 55
IV
125. 22
1977: I 4 4
189. 19
II
132. 71
2nd 4
half _ 137. 90
1
N onmanuf acturing
Durable
goods
Nondurable
goods
Total
31.95
29.99
31. 35
38.01
46.01
47.95
52.48
69. 16
49. 21
50.64
54.78
54.44
56. 17
57.90
15.80
14. 15
15.64
19.25
22.62
21.84
23.68
26.88
21.63
22.54
24. 59
25. 50
25.33
26. 77
16.15
15.84
15.72
18. 76
23. 39
26. 11
2R81
32.29
27.58
28. 09
30.20
28. 93
30.84
31. IS
47. 76
51.22
57. 09
61. 73
66. 39
64.82
68.01
75.42
65.51
67.48
67.76
70.78
73.02
74.81
61.06
27. 60
33.46
76.84
Total
Excludes agrictiltural busin ess; real esta te operators medical, lei?al, educational, and cultureil service; an d nonprofit organization 3. These figures do not
agree precisely wit ti the nonres idential fixe<
I investmen : data in gro.3S national
product estimates, mainly bee ause those d ata Include investment b y farmers,
professionals, nonp rofit institut ions, and retil estate firm s, and certain outlays
charged to current account,
'Includes trade, service, cons ;ruetion, fina nee, andinstijance.
10
Starts c f plant
and equtipment
proje cts 3
for plan t and equ ipment
Trans- Public ComMining porta- utili- munition
cation
ties
1. 89
2. 16
2.42
2.74
3. 18
3.79
4,00
4.89
3.83
3.83
4.21
4, 13
4.86
4. 16
6.04
4.93
5.72
6. 03
6.66
7.57
7.45
6.50
6. 55
8.24
7.25
7.53
7.00
6. 58
20. 55
20. 14
22.28
26.26
21.91
21.85
21.67
23.46
24,52
26. 20
4.37
6.30
27.02
8
13.14
15.30
17.00
ia7i
10. 10
10.77
11.89
12.85
13.96
12.74
13.30
15.06
12. 54
12.62
13.64
14.30
Commercial
and
other 2
16.59
18.05
20.07
21.40
22.05
20.60
20.99
23.31
20.68
20.94
20.99
21.36
Manufacturing
Public
utilities
29. 18
28. 00
35. 21
47. 57
52. 49
48. 24
51.05
17. 20
22. 22
28. 60
38. 13
45. 74
34 50
29. 66
11. 64
12. 77
13.22
12.88
3 43
8 56
7. 54
10. 22
37. 25
37. 87
39. 15
Starts are estinoat ed by adding changes in carryov jr to expendi fcures during
given perio d.
* Expenc itures estinlates based on expecte i capital ex]senditures as reported by
business IE late Janua ry and Fet>ruary 1977
NOTE.— Annual tot al is the suni of unadjus ted quarterly totals,
Estimat 3S (as notec in footnot B 4) include adjustmen ts when nece ssary for systematic bi ises in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The seasonally adjusted civilian labor force increased 394,000 in March. Employment rose 513,000 while unemployment fell 119,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
100
0 I I | I 1 1 1 Ml| I
100
I M.J I 1 1 ! 1 I >
1970
1969
It t I t I1
1971
1974
1973
1972
1975
1976
*16 YEARS OF AGE AND OVER.
SOURCE; DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over]
Period
Total
labor
Civilian Unem- force
Civilian
employ- ploy- (includ- labor
ment
ment
ing
force
Armed
Forces)
775 81, 702 4,840 88, 991 86, 542
263 84, 409 4,304 91, 040 88, 714
827 85, 935 5,076 93, 240 91, Oil
449 84, 783 7,830 94, 793 92, 613
048 87, 485 7,288 96, 917 94, 773
Uiaadjusted
Noninstitutional
population
1972
1973
1974
1975
1976
145,
148,
150,
153,
156,
1976: Mar.
Apr_
May.
JuneJuly.
Aug.
Sept.
Oct__
Nov.
Dec_
155,
155,
155,
155,
156,
156,
156,
156,
157,
157,
Unempl<3yment
Civilian eiLnploymeEit
Nonagricultural
Tntal
-L U l/ctl
81, 702
84, 409
85, 935
84, 783
87, 485
Agricultural
Part-time
for ecoTnfal
JL U \jai
nomic
reasons 1
3,472 78, 230
2,408
3,452 80, 957
2,311
3,492 82, 443
2, 709
3,380 81, 403
3,490
3,272
3,297 84, 188
Seas(mally adj listed
15
Tntnl
JL U tell
weeks
and
over
1,158
Labor
force
participation
rate
(percent)2
4,840
4,304
5,076
7,830
7,288
812
937
2,483
2, 339
61. 0
61.4
61. 8
61.8
62. 1
325
516
711
925
142
367
595
788
006
176
85, 588
86, 584
87, 278
88, 460
89, 608
89, 367
87, 949
88, 697
88, 542
88, 494
7,525
6,890
6,304
7,655
7,577
7,323
7,026
6,833
7,095
7,022
96,
96,
96,
96,
97,
97,
97,
97,
98,
98,
009
520
693
841
329
498
387
449
020
106
93, 862
94, 376
94, 551
94, 704
95, 189
95, 351
95, 242
95, 302
95, 871
95, 960
86, 845
87, 329
87, 640
87, 533
87, 783
87, 834
87, 794
87, 738
88, 220
88, 441
3,215
3,398
3,332
3,313
3,333
3,372
3,278
3,310
3,248
3,257
83, 630
83, 931
84, 308
84, 220
84, 450
84, 462
84, 516
84, 428
84, 972
85, 184
3, 173
3,194
3,287
3, 150
3, 136
3, 178
3,376
3,448
3, 545
3,454
7,017
7,047
6,911
7, 171
7,406
7,517
7,448
7,564
7,651
7,519
2,325
2, 103
2,042
2, 173
2, 247
2,341
2,311
2,360
2,517
2,514
61.8
62. 1
62. 1
62. 1
62.3
62.4
62. 2
62.2
62.4
62.4
1977: Jan.. 157, 381
Feb.. 157, 584
Mar_ 157, 782
86, 856
87, 231
88, 215
7,848
8, 109
7,556
97, 649
98, 282
98, 677
95, 516
96, 145
96, 539
88, 558
88, 962
89, 475
3,090
3,090
3,116
85, 468
85, 872
86, 359
3,320
3,438
3,276
6,958
7, 183
7,064
2,283
2, 182
1,923
62.0
62.4
62.5
1
Persons
2
at work in nonagricultural industries.
Total labor force as percent of noninstitutional population 16 years of age and
over.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate fell 0.2 percentage point in March, returning to the January level
of 7.3 percent.
PERCENT* ^SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
.15
BLACK
* .*
AND OTHER / y
t
t
10
TOTAL
WHITE
n-l 1.1 i t
1973
LI 1 1 1 M n i 1 1 1 n J i t i 1 1
1974
1975
I I t I t I I > Ml
1976
1977
1973
*UNIMPLOYMENT AS PERCENT OF OV1UAN LABOR FORCE IN GROUP'SPECIFIED.
SOURCE. DEPARfMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Uneniploymeiit rate (i3ercent o f eiviliari labor fc rce in gr oup)
Total
(all
civilian
workers)
Period
1972
1973
•
1974
1975
1976
1976: Mar
Apr
May
June
July___
Aug
Sept
Oct. . _
Nov
Dec__
1977: Jan
Feb
Mar
5.6
4. 9
5.6
8. 5
_ __
_
_.
_
7.7
7.5
7.5
7.3
7.6
7.8
7.9
7.8
7.9
8. 0
7. 8
7. 3
7.5
7.3
By s ex and stge
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4.0
3.2
3.8
6.7
5.9
5.6
5.5
5.6
5. 9
6. 1
5.9
6. 1
6.2
6.3
6.2
5.6
5.8
5.4
5.4
4.8
5.5
8. 0
7.4
7.2
7.3
6.8
7. 2
7.6
7.8
7.6
7.6
7.6
7.4
6. 9
7.2
7.2
16.2
14. 5
16. 0
19. 9
19. 0
19. 0
19. 3
18. 5
18.4
18.2
19.6
18.8
19.0
19. 2
19.0
18. 7
18.5
18.8
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
33y select ed grouj)S
By color
White
ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers
5. 0
4. 3
10.0
7. 8
13. 9
13. 1
12. 6
13.0
12.3
13.4
12.9
13.6
12. 8
13.4
13. 5
13. 4
12. 5
13. 1
12.7
5.0
7.0
6.8
6.8
6. 7
6.8
7. 1
7. 1
7.2
7.2
7.3
7.1
6.7
6.7
6.6
8.9
9.9
5.3
4. 5
3.3
5.1
4.3
5.8
8.1
7.3
7.0
7.0
6.9
7.2
5.3
2. 9
3. 3
7.3
5. 1
7. 1
5.0
4.8
8. 2
7.1
7.1
7.2
7.4
7. 5
7.4
7.5
7.6
7.4
7.0
7. 1
6.9
4. 9
5. 1
5.3
5.2
5.4
5.4
5. 1
7. 3
7.5
7.5
7.6
5. 3
5. 1
7. 6
7. 5
4.8
4.9
4.6
6.7
6.9
6.7
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
8.6
7.9
8.6
10.3
10. 1
10.2
10.6
10. 1
9. 2
10.6
10.0
9.6
10.3
10. 5
9.8
10.2
10.7
11. 1
Labor
force
time
lost
(per- 1
cent)
6,0
5.2
6.1
9. 1
8.3
8.1
8.1
8. 1
7.9
8.1
8.4
8.4
8.6
8.6
8.4
8.0
7.9
7.8
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The seasonally adjusted decline of 119,000 in unemployment in March was entirely accounted for by a decrease in
the number of persons who lost their last job, including a large number who were recalled from layoff.
PERCENT DISTRIBUTION;*
.PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
40
JOB LOSERS
40
REENTRANTS
^w\
20
JOB LEAVERS
i*^-U
\
NEW ENTRANTS
I 11i
1974
1975
1976
1977
1974
1977
*SEASONALLY ADJUSTED
SOURCEi DEPARTMENT OF LABOR
Period
1972
1973
1974
1975
1976
1976: Mar__
Apr__
May_
June.
JulyAug__
Sept..
Oct.__
Nov__
Dec._
1977: Jan___
Feb»_
Mar»_
1 Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Eico), ex-servicemen (XICX), Federal (UCFE), and railroad (ER) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Pereerit distribution of unemPercerit distrib ution of unem1
State p ro grams Insured
plo yment b y durati D n 1
unem- Special
Pioyment by reasoii
ployunemTT
U nem~
ment,
ployployall
ment
27 Insured
ment
New
Less
regular
benefit
5-14 15-26 weeks unem- Initial
Job Reen3
(thou- Job
than
5
enproclaims
ploy- claims
2
sands) losers leavers trants trants weeks weeks weeks and
grams
(unadover
ment
(unad- justed)
justed)
Wet?kly aver age, thou sands
43. 2
11.6 1,848
4,840
13.1 29.8
13.9
45.9
30.1
12.3
2, 192
261
4, 304
38.7
7. 8 1,632
51.0
15.7
30.7
14.9
30.1
11.0
246
1,793
28.4
43. 4
7.3 2,262
5, 076
14.9
13.3 50.6
363
31.0
11.1
2,558
15.2
55. 4
10.4
10.4
7,830
23.8
37.0
3,992
31.3
16.5
478
4,943
1,173
12.2 26.0
12. 1 38.3 29.6
7,288
49. 8
18. 3 2,968
382
13.8
3,822
1,152
11. 1 26.7
12.3 38.3 27. 9
7,017 49. 8
12. 7 21. 2 2,743
345
4,366
1,339
49.2
7,047
12.0 26.2
12. 6
10.2
42.7 27.2
19. 8 2,727
364
1,125
3,917
12.2 41. 0 29.0
12.7 25.2
17.5 2,825
12. 5
6,911 49.9
392
3,564
993
12. 6 25. 5
11.7 38.4 31. 1 12.7
17.9 2,916
7, 171 50. 3
402
1, 145
3,457
16.4 3,045
50. 9
7,406
13. 0
25. 4
10.7 40. 3 28.8
14 6
411
3,642
1,379
12. 9
25.3 12.4
37.5 31.8
7,517 49. 3
15.9 3, 183
14.7
416
3,446
1,327
12. 5 25.5
7,448
49. 7
12.3 37.6 32. 0
15.7 3,260
14.7
421
3,235
986
12.5 25. 6
7,564
38.4 30.8
16.5 3,263
50. 0
14.2
11.9
421
3,217
853
11.2 27.0
7, 651 49. 8
12.0 35. 5 32. 1 15.3 17. 1 3,160
862
388
3,453
36.4
11. 1 26. 2
12. 6
7,519 50. 0
18. 2 2,969
30.5
14. 9
903
361
3,884
45. 6
13.2 28.3
6,958
38.7
12.9
29.2
17.5 2,781
14.6
409
4,442
823
7,183 47. 5
13. 1 39.5 29.7
27. 5
11.9
13.4
17. 4 2,774
419
911
4,447
44. 4
7,064
14. 2
42. 8 29.9
13.0
28.4
11. 1
16. 3 2, 564
335
3,969
901
3
FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
•• ^
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment rose nearly 500,000 in March. There were large increases in employment in durable
goods manufacturing, contract construction, and wholesale and retail trade.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90
18
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
16
14
70
12
60
"SERVICE-PRODUCING"
INDUSTRIES
22
MANUFACTURING
50
20
40
18
1 I I I 1 1 II
30
1 1 t|
-GOODS-PRODUCING INDUSTRIES
,_,! \
CONTRACT CONSTRUCTION
H*«MliMiiw»»»""
20
1 1 I M 11 111 i
1973
1974
1975
1976
1973
1977
1974
1975
•SEASONALLY ADJUSTED
SQURCLDEPARIMENT Of. LABOR
1 1 1 1 11 I 1 f t I
1976
I I I I I 1 1 I I I
1977
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Service-pr oducing industrit3S
C*oods-pr<>ducing i ndustrie?3
Period
1972
1973
1974
1975
1976
1976: Mar..
Apr
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
1977: Jan..
Feb*.
Marp.
Total
nonagricultural
employ- Total 2
ment
73, 714
76, 896
78, 413
77, 051
79, 443
78, 980
79, 312
79, 319
79, 368
79, 513
79, 618
79, 918
79, 819
80, 106
80, 344
80, 561
80, 816
81, 304
23, 546
24, 727
24, 697
22, 603
23, 332
23, 248
23, 403
23, 381
23, 357
23, 344
23, 310
23, 463
23, 323
23, 489
23, 508
23, 589
23, 680
23, 955
Contract
construction
3,831
4,015
3,957
3, 512
3, 594
3,578
3,620
3,605
3,592
3,608
3,579
3,565
3,582
3,619
3,605
3,561
3,636
3,731
Trans- Whole- Finance,
Gover nment
insurportasale
tion
ance,
and
Non- Total
State
anol
anol Services
retail
Total Durable
durable
Federal and
real
public
goods goods
trade
local
estate
utilities
Mainufaetui ing
19, 090
20, 068
20, 046
18, 347
18, 956
18, 897
19, 008
19, 000
18, 984
18, 945
18, 979
19, 100
18, 941
19, 065
19, 095
19, 211
19, 217
19, 383
11, 006 8, 084
11, 839 8, 229
11, 895 8, 151
10, 679 7,668
11, 026 7,930
10, 956 7,941
11, 016 7,992
11, 062 7, 938
11, 059 7, 925
11, 034 7,911
11, 083 7,896
11, 146 7,954
11, 018 7, 923
11, 128 7,937
11, 158 7,937
11, 236 7,975
11, 226 7,991
11, 361 8,022
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultiiral employment of the
civilian labor force, shown on p. llj which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
50, 167
52, 169
53, 715
54, 448
56, 111
55, 732
55, 909
55, 938
56,011
56, 169
56, 308
56, 455
56, 496
56, 617
56, 836
56, 972
57, 136
57, 349
4,517
4,644
4,696
4,498
4, 509
4, 507
4,510
4, 503
4,482
4,508
4, 501
4, 528
4,506
4,519
4,553
4,549
4,555
4,579
15, 975 3,943 12, 392 2,684
16, 674 4,091 13, 021 2,663
17, 017 4,208 13, 617 2,724
17, 000 4,223 14, 006 2,748
17, 694 4,316 14, 644 2, 733
17, 592 4,276 14, 460 2,735
17, 662 4,289 14, 536 2,733
17, 663 4,282 14, 567 2,730
17, 664 4, 301 14, 610 2,728
17, 737 4,312 14, 664 2,723
17, 764 4,312 14, 751 2,732
17, 839 4, 338 14, 798 2,728
17, 824 4,359 14, 819 2,730
17, 808 4,381 14, 873 2,734
17, 898 4,403 14, 936 2, 720
17, 981 4,423 15, 010 2,721
18, 086 4,438 15, 068 2,721
18, 177 4,458 15, 124 2,720
10, 655
11, 073
11,459
11, 973
12, 215
12, 162
12, 179
12, 193
12, 226
12, 225
12, 248
12, 224
12, 258
12, 302
12, 326
12, 288
12, 268
12, 291
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments,
* Includes mining, not shown separately;
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly cearnings
Aver age weekly !lours
Total
private
nonagricultural 1
Period
1968
1969
1970
1971
1972.
1973.
1974
1975
1976
-
_
1976: Mar
Apr
May
June
July
Aug..
Sept
Oct
Nov
Dec
__
_
1977: Jan
Feb*
Mar»
Overtime
Total
private
nonagricultural l
Manufacturing
Manufa ^cturing
Total
Adjusted h ourly earnin gs index2 —tc>tal private
nonagricultural
Percent eh ange from
a year <earlier 4
Index, 1<567=100
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
37.8
37.7
37. 1
37.0
37.1
37.1
36.6
36. 1
36.2
40.7
40. 6
39.8
39.9
40.6
40.7
40.0
39.4
40.0
3.6
3.6
3.0
2.9
3.5
3.8
3.2
2.6
3.1
$2.85
3.04
3.22
3.44
3.67
3.92
4.22
4.54
4.87
$3.01
3. 19
3. 36
3.57
3.81
4.08
4.41
4. 81
5.19
106. 3
113. 3
120.8
129.4
137.8
146.6
158.6
172.7
185.2
102. 0
103. 2
103. 9
106.7
110.0
110. 1
107.4
107. 1
6.3
6.6
6.6
7.1
6.5
6.4
8.2
8.9
36.2
36. 1
36.3
36.1
36.1
36.1
36.0
36. 1
36.2
3. 1
3.3
3.2
3.1
3.0
3.0
2.9
5.08
5.08
5.13
5. 16
5.21
5.25
5.29
5.29
5.34
5.38
181. 1
182.1
183.3
184.0
185.2
186,4
187.2
188.2
189. 4
190.4
108.0
108. 1
108. 1
108.1
108.3
108.5
10&6
108.8
109.2
109.3
7. 1
3.2
4.77
4.79
4.84
4.85
4.88
4.91
4.92
4.95
5.00
5.02
7.2
7.6
7.7
7.1
7.3
7.0
3&2
40.3
39.4
40. 3
40.2
40. 1
40.0
39.7
39.9
40. 1
40.0
6.8
6.7
6.9
1.7
1.4
1;5
1.5
1.6
2.0
35.8
36.2
36.2
39.5
40.2
40.3
3.2
3.3
3.3
5.07
5.09
5.12
5.43
5.43
5.49
192.7
193. 1
193.9
109.7
10&9
108.7
7.4
7.1
7.1
2.2
1.1
a6
3. 1
ioae
T. 2
2.0
1.2
.7
2.7
3. 1
.1
-2.5
-.3
1;4
1.0
1.4
1.3
1. 1
.7
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURMI INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total prl vate nonagrieu tural *
Period
Current
dollars
Manufacturing
1967
dollars 8
Contract
construction
Retail
trade *
Percent ch*mge from a
year e arlier,
total prn/ate nonagncuiltural8
Current
dollars
<Current dollars3
1967
dollars
$107. 73
114.61
119. 46
127. 28
136. 16
145. 43
154.45
163. 89
176. 29
$103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104.57
101. 67
103.40
$122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
$164. 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284. 93
$74. 95
78. 66
82.47
86.61
90.99
95.57
101. 04
108. 22
na96
7:6
6. 1
-2.8
1976: Mar
-_
Apr
,
May
.
June
.
July
_„_
Aug.
Sept...
Oct
Nov.
Dee
172. 67
172. 92
175. 69
175. 09
176. 17
177. 25
177. 12
178.70
181. 00
181. 72
102. 96
102. 68
103. 65
102.87
103.02
103. 17
102. 74
103. 29
104.32
10432
204. 72
200. 15
206. 74
207. 43
208. 92
210. 00
210. 01
211. 07
214. 13
215. 20
272. 88
283. 12
284. 19
286. 46
286. 71
284. 83
276. 79
289. 45
292.09
291. 69
111. 71
113. 43
113. 02
112.29
113. 60
114. 24
115. 56
115. 84
116. 75
118. 50
8.1
7.5
8.7
7.8
7.9
7.0
Is 9
1977: Jan
Feb*
Mar*
181. 51
18426
185. 34
103. 37
103. 93
214.49
218. 29
221. 25
281. 08
296. 70
290. 77
117. 55
118. 88
119. 94
5.6
7.1
7.4
1968
1969
1970
1971.
1972
1973
1974.
1975
1976
.._
—
-
,
_.— „
.
...
ioas9
» Also includes other private industry groups shown on p. 14.
* Adjusted for interindustry employment shifts and for overtime In manufacturing.
8
Current dollar index (or earnings) divided by the consumer price index*
* Monthly changes based on indexes to two decimal places.
88-161e—77
3
5.8
6.4
4.2
6.5
7.0
6.8
6.2
6. 6
6.9
6.5
a7
1.5
1.0
-1.6
2.2
3.6
.5
4.3
1^7
1.3
2.4
1;8
2.3
1.3
1.0
1.5
Is 5
la 8
.4
kO
.9
s
6
Includes eating and drinking places.
Based on unadjusted data.
Souree: Department of Labor, Bureau of Labor Statistics
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of aU
persons2
Outjmt 1
Output i)er hour
of all persons
Compensation
per I lour 3
Unit labor
CO sts
Impliciit price
defla tor *
Total Private Total Private Total Private
Total Private
Total Private
Total Private
nonpriprinonprinonnonnonnon- private
private
private
vate
farm
vate
vate
farm
farm
farm business farm business farm
business business
business business business business business business business
business
Period
1967= 100; quai•terly datja, seasonsilly adjusl;ed
98.0
100. 0
105. 1
108. 3
98. 1
100. 0
105.4
108.6
100.3
100. 0
101. 7
104. 5
100.0
100. 0
102. 1
105. 3
97.8
100. 0
103.3
103.7
98. 1
100. 0
103.2
103. 1
94.7
100. 0
107.6
115. 1
94.5
100. 0
107. 3
114.3
96.8
100. 0
104. 1
111.0
96.4
100.0
103.9
110.9
97.2
100. 0
103.9
108.8
96.8
100.0
104.0
108.7
107.4
110.3
117.6
124.5
120. 8
107.4
110. 3
117.9
125.0
121. 1
102.8
102. 3
106. 0
110. 1
110. 6
104. 0
103. 7
107.6
112. 2
112.7
104.5
107.8
111.0
113. 1
109.2
103.2
106.3
109. 5
111.4
107.5
123.3
131.5
138. 9
150. 3
164. 3
121.9
129. 9
137.4
148. 1
162. 0
118. 1
121.9
125. 2
132. 9
150.4
118. 1
122.2
125.5
133. 0
150. 8
113.9
118.9
123.2
130. 3
143. 8
114.0
119.2
122. 9
128. 0
142.0
1975
1976
118. 1
126. 1
118.0
126.2
106.1
108.9
108.0
111, 4
111.3
115.7
109.2
133.2
179. 9
193. 7
177. 4
190.5
161. 6
167.4
162.4
168.2
157. 5
164.6
156.4
163.9
1975: I
II
III
W
114.2
116. 7
120. 1
121. 2
114.4
116.6
119.9
121. 3
105. 7
104.9
105.9
107.5
107.8
106.9
107.7
109. 7
108.1
111.2
113. 4
112.8
106.0
109.0
111.4
110.6
176. 1
178. 7
180.8
184.2
173. 1
176. 1
178.9
181. 4
162. 9
160.7
159.5
163. 3
163. 3
161.5
160.6
164. 1
154. 5
155. 9
158. 4
160. 9
154.0
155.0
157. 0
159. 3
11976:
124.2
125. 8
126. 8
127.5
129.4
124. 3
126.0
126.9
127.5
129.5
108.2
108. 9
108.9
109.5
110. 3
111. 0
111.2
111.3
112.2
113.2
114.7
115.5
116.3
116. 4
117.4
112.0
113.2
114. 0
113.6
114. 4
188. 8
191.8
195.3
199.2
204. 3
185. 4
188.9
192. 1
195.4
200. 2
164.6
166.0
167.8
171. 1
174. 1
165.4
166.8
168. 5
171.9
175. 0
161.7
163. 8
165. 4
167. 4
169.6
161.0
162. 5
164.8
167.2
168. 9
3.4
3.8
3.9
6.6
3.2
2.9
3.9
4.7
2.9
3.3
4.0
6. 5
4.7
4.4
3.6
5.8
49
1966
1967
1968
1969
1970
1971
1972
1973
1974
-
„
—
I
II
III
IV
1977: I "
Peree]at change ; quarterlyf data at seasonal y adjuste d annual rates
1966_—
1967
1968
1969.
—
1970
1971
1972
1973
1974
1975___
1976
1975: I
II
III
IV
1976: I
II
III
IV
1977: I 9
_
5.5
2.0
5.1
3.0
6.0
1.9
5.4
3.0
-;9
2.8
6.6
5.9
-1. 1
2.7
6.9
6.0
3.3
;0
2. 1
3.2
3.2
2. 3
3.3
.3
2.5
1.9
3.2
-.2
7.0
5. 6
7.6
7.0
6.1
5. 8
7. 3
6.5
3.7
;7
3.2
2.9
1.9
-3.4
.2
2.9
3.0
1.7
-3.5
7.2
6.6
5.7
8. 2
9. 3
6.7
6.6
5.8
7.8
9.4
6.4
3.2
2.7
;4
-1. 2
-. 3
3.7
4. 3
.4
6. 2
13. 2
13.4
10. 3
2.3
_; 3
1.7
2.7
-1. 6
.4
3.6
3.9
6.6
3.5
2.7
6.0
45
4. 5
3. 1
4. 1
11.0
-3.0
-3.1
-2.3
-2.6
-4.1
2.7
-4.1
3.1
1.9
4.0
1.6
3. 7
9. 5
7.7
9. 5
7.4
7.5
3.6
7.7
9.5
4.5
10.1
-11.2
-11.3
12. 1
-12.3
-3. 5
2.9
7.6
1.4
12.0
8. 1
— 2. 1
1.1
11.8
8.9
-2.8
12. 9
6. 1
4.8
7.6
11.6
7. 1
6.4
5. 8
11. 3
— 5.2
-3.1
10.0
10.4
-4.2
-2.3
11.3
12. 3
3. 6
-12.5
— 2.7
3.9
5.9
3.5
13. 5
2. 6
10.2
10. 5
2.9
2.6
.1
2. 1
2.8
4.8
1.0
.4
3.2
7.0
2.9
2.9
.3
3.2
5.4
4. 4
2.6
-1.2
2.6
10. 4
6.5
7.5
8.2
10.7
9.0
7.7
7. 1
7.0
10.2
3.1
3.5
4.5
8.0
7.3
4. 3
3.4
3.2
2.1
5.2
3.9
5.0
5.5
3. 6
5. 8
6.8
8.9
5.5
2.9
2.3
6.2
6.9
7.9
45
5.4
3.0
1.9
6.4
a7
*2 Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
§ Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
3. 3
41
3. 6
8.9
8.3
7.3
6. 6
6. 6
4.8
5.3
6.2
4.3
5.9
4.2
* Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased in March by 1.4 percent following a 1.0 percent rise in February. About one-third of
the advance in March was accounted for by increased motor vehicle production.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODLJCTION
TOTAL INDUSTRIAL PRODUCTION
160
140
140
120
r^xir'
f\
ffV~
~^
UTILIT IES
120
•V**"
100
1974
1973
1976
1975
*
MINING **
1977
100
1 11 1 1 111 11 1 1 ! t
1 11 t t 1 t 1
1 1 1 11 11 11n
1 1M 1 1 11 1 1 1
1<50
PERCENT {RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
100
1973
1977
1973
1974
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total iiidustrial
prodiiction
Percent
Index, change
1967=
from,
100
year
earlier
Period
1967 proportion
1971
1972
1973
1974
1975
1976
1976: Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov
Dec _
1977: Jan
Feb*
Mar »
1
WO. 00
_
109.6
119. 7
129. 8
129. 3
117.8
129.8
128. 1
128.4
129.6
130. 1
130. 7
131.3
130.8
130.4
131. 8
133. 1
132.0
133.3
135. 1
1.7
9. 2
8.4
—.4
-8.9
10.2
14.7
14. 0
14. 0
11.8
10.4
8.5
7. 1
6.7
6.7
7.0
5.0
4.7
5.5
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus fcry produ ction ind exes, 196 7=100
M,Mmfacturi ng
Total
Durable
Nondurable
Mining
Utilities
87.95
108. 2
118.9
129. 8
129.4
116. 3
129.4
127. 9
128.5
129. 6
130.2
131.0
131.6
130.7
129.9
131.9
132.8
131. 1
132.6
135.0
51.98
102.4
113. 7
127. 1
125. 7
109. 3
121.4
119. 0
120. 1
121. 7
122.3
124.2
125. 1
122.4
121.5
123. 8
125.2
122.9
124.0
127.3
85.97
116. 6
126. 5
133. 8
134. 6
126.4
141.0
140. 7
140.7
140. 9
141. 3
141. 1
140. 9
142.6
142.2
143.5
143. 7
143. 1
145. 1
146.3
6. 86
109. 8
113. 1
114.7
115. 3
112. 8
114. 1
113.9
113. 5
113. 0
114.4
112.5
114. 4
115.7
116. 7
116. 2
116.2
114.3
115.2
119. 5
5. 69
ing
Output as percent of capacity.
2 Annual data are averages of four monthly indexes.
3 Quarterly data entered in last month of quarter. Annual data are avi
quarterly data.
Manuf acturing <capacity
iitilization
rate, p ercent l
Federal Reserve
sen es
ComWharTotal
merce2
ton
manu- Mate- series
series 3
rials
factur-
130. 5
139.4
145.4
143. 7
146. 0
151.7
151.4
150. 8
153. 0
151.2
150.8
151. 3
150. 1
151. 2
154.0
155. 5
160.2
160.5
156.3
78.0
83. 1
87.5
84. 2
73. 6
80. 1
79.6
79. 8
80. 3
80. 5
80.9
81. 1
80.4
79. 7
80. 8
81.2
80.0
80.7
82. 0 1
83. 1
88.0
92. 4
87.7
73. 6
80.3
79.7
80. 1
80.8
80. 8
81. 2
81. 6
81.0
80.3
80.3
80.1
79.0
80. 1
80.8
80
83
86
83
77
81
82
86.4
91.8
97.1
93.0
80.4
87.6
86.4
82
87.8
80
88.2
81
87.9
88.4
Sources: Board of Governors of the Federal Eeserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Pro<iucts
Final p roducts
Total
Total
1967 proportion
1969
1970
1971
1972
._
1973
_
1974
1975.
1976
1976: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.
Dec
1977: Jan.
Feb >
Mar »
Equij>ment
Coiisumer go ods
Period
_
—
-
_
.
_
47.82
109.6
105. 3
106. 3
115. 7
124.4
125. 1
118.2
127.3
126.4
126. 3
127. 3
127.6
127.6
128. 3
127.4
127.4
129. 8
132. 1
130.8
131.5
133.7
27.68
109.8
109.0
114.7
124.4
131.5
128. 9
124. 0
136.8
136. 1
136. 1
137.4
137.8
136.8
137.5
136.2
136.9
139. 1
142. 0
140. 1
140.9
143.4
Internlediate
proc iucts
NonDurable durable
goods
goods
19. 79
7s 89
107.7
115.0
110.1
106.1
113. 1
118. 8
133.8
120.6
146.2
125.6
126.3
135.3
125. 1
121.4
134.9
141. 5
134.4
140.4
134. 0
141. 1
135. 1
143.2
135. 1
144.2
134.8
141.8
134.9
143. 7
138.4
135. 3
135.8
139.4
137. 1
143.7
138.4
151. 2
145. 1
138. 1
139. 0
145.5
139.2
153.8
Total
Business
Total
£0. 14
109.3
100.1
94.7
103.8
114.5
120. 0
110. 2
1143
112.9
112. 9
113. 5
113.8
114.9
115.7
115.2
114.4
116. 9
118.6
117. 9
118.7
120. 5
12. 6s
18.89
112.9
112. 9
116.7
126.5
137.2
135. 3
123. 1
136.8
134.9
134.7
135. 0
135.9
137.6
137.8
138.7
138.3
138. 8
139. 8
141. 3
141.9
142.8
112.5
107.0
104. 1
118. 0
134.2
142. 4
128. 2
136. 1
134. 0
134. 1
134.6
135.0
136.9
137.7
137.5
135.9
140. 2
143.2
142.0
142. 9
145. 1
Construction
supplies
6.42
112.3
111.0
116. 8
128. 4
139.8
134.5
116.3
132. 0
128. 7
128. 0
130.9
131.8
133. 1
134. 1
134. 3
134.0
135.7
135. 5
135.4
135. 6
137.2
Materials
$9. 29
112.5
109.2
111. 3
122. 3
133.9
132.4
115. 5
130.5
12a2
129.2
130.6
131. 1
132.2
133. 0
132.5
131.6
131.9
131.9
130.5
132.5
134. 0
Supplementary
group:
Energy
total
12. 23
111.1
117.0
119. 5
125.2
128.3
125. 5
125. 5
129.0
128.6
128.2
129. 3
129.7
128.4
129.0
128.6
128.6
130. 7
132.2
133. 1
133. 2
132.9
[1967=100, seasonally adjusted]
Diarable m anufaeti ires
Primary metals
Fabricated
metal
products
Nonelectrical
chinery
Electrical
machinery
106. 6
100.2
__ 112. 1
126. 7
123. 1
96. 4
108. 0
4. 21
112. 6
104. 7
96. 1
107. 1
122.3
119.8
95. 8
104.4
6. 93
107.9
102.4
103. 5
112. 1
124. 7
124.2
109. 9
123.3
9. 15
109. 3
104.4
100.2
116.0
133. 7
140. 1
125. 1
134.7
1976: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
101. 4
105.4
113.2
111.5
116. 9
118. 8
114. 1
109.9
107. 3
102. 7
97.7
103.5
110.7
110. 0
115. 3
116. 2
110. 3
105. 1
103. 1
95. 6
120. 2
121. 5
121. 4
124.0
124.6
125. 8
126.6
123.5
126. 7
128.2
1977: Jan
Feb »
Mar 9
99.2
100.4
102.8
89.8
91. 7
95. 0
125.3
125. 5
127.9
Period
Total
1967 proportion
1969
1970
1971
1972
1973
1974
1975
1976
6.57
nas
Iron
and
steel
Source: Boatti ©f Governors of the Federal Beserve System.
18
Noiidurable manufac tures
Transp ortation
equij>ment
Lumber
and
products
Appar el
products
Print- Cheming
icals
and
and
Foods
pubprodlishing ucts
1.64
Total
Motor
vehicles
and
parts
8.05
111. 9
108. 1
107. 7
122. 2
143. 1
143.8
116.5
131.7
9. 27
108.4
89.5
97. 9
108. 2
118. 3
108. 7
97.4
110.6
4.50
116. 5
92. 3
118. 6
135. 8
148.8
128. 2
111. 1
140. 7
107. 9
105. 6
113.8
120.8
126. 0
116.2
107.6
125. 1
3. SI
106.7
101.4
104.7
109.4
117. 3
114. 3
107. 6
126. 1
4.72
107.4
107. 0
107. 1
112. 7
118. 2
118.2
113.3
120. 7
7.74
118.4
120.4
125.9
143.6
154 5
159.4
147.3
169.4
8. 75
106. 1
108.9
112. 8
116.8
120. 9
124 0
123.4
132.0
132. 9
133. 5
134. 0
133. 5
135. 0
136. 4
136. 8
134. 1
137.5
141. 2
127. 8
130.0
131.8
132.0
131. 0
135. 3
133.7
135.0
135.8
135. 6
111.2
110. 6
112. 9
112.6
115.0
104. 4
104.7
112,7
118. 2
140. 8
141. 3
144. 3
146. 5
148. 5
150. 6
130.2
129.3
145. 8
156. 4
121. 1
122. 8
123. 0
120. 3
124.6
128. 1
128. 7
130.7
129. 0
127. 5
126.3
126. 1
130. 3
126.8
125.6
123. 7
122.5
126.4
125. 9
128.0
121. 0
122. 0
120.5
119. 7
122. 0
120. 6
120.6
119.2
119.3
123. 1
170. 6
168. 7
166.6
170.0
167.6
170.4
170.5
170.6
174 2
173.5
128.3
129. 2
131. 2
130. 5
131. 8
133.4
135.7
134. 7
134 7
134 3
139. 6
139. 5
140.9
134. 0
13a6
140.2
113.5
113.7
124. 1
145.4
144. 8
164. 5
132.7
132. 2
123. 6
124. 7
1245
125. 1
172. 0
174 6
134. 6
136. 0
nas
NEW CONSTRUCTION
Construction contracts 2
Private
Total new
construction
expenditures
Period
Resid ential
Total
Total 1
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Billions of doll ars
1970
1971
1972
1973
1974
1975
1976-_
.-_
_
94.9
110.0
124. 1
137. 9
138.5
132.0
144.8
66.8
80.1
93.9
105.4
100.2
93. 0
108.4
24 3
35. 1
44.9
50. 1
40.6
34.4
46.7
31. 9
43.3
54.3
59. 7
50.4
46.5
59.9
16. 3
17.0
18.1
21.7
23. 8
20.8
19.5
18. 6
19.8
21.5
24. 0
26.0
25.7
29.0
2a 1
29.9
30.2
32.5
38.3
39.0
3&4
Seasonally
adjusted
Seasonalh/ adjusted armual rates
1976: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan >
Feb*>
.
139.0
145. 1
144. 5
143. 4
145. 4
140. 9
141.9
146. 6
148. 5
152. 8
152. 2
137. 1
150. 5
102.6
107. 1
106. 6
107.2
106.5
104. 1
104. 5
109.0
114. 5
118. 8
118.9
107. 2
117. 7
20.6
21.0
19.8
19. 3
18.7
18.7
19. 9
19.7
19.0
19. 0
19.3
18.3
19.4
41. 1
43. 8
44.2
43.9
45.4
46. 9
46.5
48. 8
51. 1
52. 7
54. 3
50.0
56. 9
55.2
58. 1
58.9
58.8
58.7
57.0
55. 2
59. 1
65. 4
69. 2
70.0
63. 4
69. 5
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
123. 1
145. 4
165.3
179.5
169.7
167.9
194.1
26.8
28. 0
27.9
29. 1
29. 1
28.5
29. 4
30. 2
30. 1
30.6
29.7
25.5
28.8
36.4
38.0
37.9
36.2
38. 9
36.8
37. 3
37.6
34.0
34. 1
33. 3
29.9
32. 8
181
192
208
205
187
215
186
203
237
186
183
203
207
743
727
854
1,010
840
555
602
Seasonally
adjusted
annual
rates
612
628
634
632
646
627
609
582
618
631
658
643
615
Note.—New construction expenditures data prior to 1973 not comparable with
later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
!>Tew private housing uni ts
Period
1969
1970
1971
1972
1973
1974
1975
1976
Units started, by type of striicture
Total
1 unit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
810. 6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
2-4
units
85. 0
84.8
120. 3
141. 3
118. 3
68. 1
64.0
85.9
5 or more
units
571. 2
535. 9
780. 9
906. 2
795. 0
381. 6
204. 3
289. 2
Units
authorized
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 280. 5
Units
completed
Homes
sold
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period J (percent) 2
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 362. 1
448
485
656
718
620
501
544
639
222
220
287
409
450
403
380
433
5.5
5.3
5.5
5.6
5.8
6.2
6. 0
5.6
1,375
1,294
1, 399
1, 373
1, 317
1,380
1,402
1,339
1, 399
1, 444
1, 411
1, 615
573
604
551
595
606
656
714
728
694
798
786
853
389
392
402
406
410
410
415
420
429
433
433
436
5.5
Seasonally adjusted armual rates
1976: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov_
Dec .
1977: Jan *>
Feb "
Mar v
1
2
1,426
1,385
1,435
1, 494
1,413
1, 530
1,768
1, 715
1, 706
1, 889
1,384
1,815
2,127
1, 124
1, 071
1, 091
1, 122
1, 129
1, 172
1, 254
1, 269
1, 236
1, 324
1,006
1,431
1,525
Seasonally adjusted.
Quarterly data entered in last month of quarter.
80
77
88
75
72
83
106
98
98
120
103
121
107
222
237
256
297
212
275
408
348
372
445
275
263
495
1, 188
1, 082
1, 158
1, 150
1,215
1,296
1,504
1,492
1, 590
1,514
1, 307
1, 529
1,708
5.8
5.7
5.3
5. 1
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 2.6 percent in February and business inventories increased $1.8 billion. According to the advance
survey, retail sales rose 2.4 percent in March, following a rise of 2.7 percent in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
90
RETAIL INVENTORIES
80
70
w.
60
RETAIL SALES
50
40
150
RATIO'>*
1.90
1973
1975
1974
1976
1977
100
1973
1974
1975
1973
1977
1977
'SEASONALLY ADJUSTED
SOURCEs DEPARTMENT OF COMMERCE
COUNCH. OF ECONOMIC ADVISERS
Total biusiness *
Who!esale
Retail
Sales2
Period
1971_.
1972__
1973___
1974
1975
1976
1976: Feb
Mar
Apr
May _
June
July
Aug
Sept
Oct
Nov.
Dec
1977: Jan
Feb*
Mar*
ri _ -i _
bales
*2
_ 112, 323
125, 269
___ 145, 297
166, 771
172, 525
193, 081
186, 968
190, 224
191, 745
190, 800
193, 700
193, 704
194, 672
_ 194, 261
192, 992
196, 965
204, 854
202, 228
207, 391
Inventories3
184, 756
198, 045
227, 926
278, 386
275, 484
299, 123
279, 008
281, 256
283, 062
285, 693
289, 138
290, 866
293, 308
296, 537
298, 179
298, 941
299, 123
301, 970
303, 747
1
2 The term "business" also includes manufacturing
Monthly average for year and total for month.
l
cjf
Invenbales
*2 tories
3
Total
20
DurNonable durable Tntnl
goods goods
stores stores
Millions of dollars, seas onally aAdjusted
22, 327 29, 695 34, 071 10, 985 23, 086
24, 862 32, 817 37, 365 12, 472 24, 893
30, 400 38, 302 41, 943 14, 190 27, 754
37, 344 46, 564 44, 815 13, 943 30, 872
36, 583 45, 115 48, 702 15, 060 33, 642
40, 212 50, 131 54, 324 17, 847 36, 476
38, 816 46, 307 52, 601 17, 397 35, 204
39, 094 46, 398 53, 344 17, 403 35, 941
39, 530 46, 826 53, 696 18, 046 35, 650
39, 386 47, 799 52, 868 17, 419 35, 449
40, 780 48, 645 53, 983 17, 803 36, 180
40, 616 48, 805 53, 754 17, 699 36, 055
40, 581 49, 006 54, 643 18, 208 36, 435
41, 381 49, 723 54, 100 17, 481 36, 619
40, 676 49, 847 54, 634 17, 559 37, 075
40, 796 50, 167 55, 573 18, 157 37, 416
41, 767 50, 131 57, 898 19, 730 38, 168
41, 931 50, 872 56, 660 19, 024 37, 636
42, 886 51, 420 58, 166 19, 754 38, 412
59, 558 20, 542 39, 016
(see page 21).
Book value, end of period, seasonally adjusted.
* For annual periods, rati9 of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
In ventorieS 8
52, 571
57, 156
65, 229
73, 851
74, 676
82, 405
76, 243
77, 298
78, 102
78, 406
79, 375
79, 917
81, 118
81, 848
81, 658
81, 660
82, 405
83, 616
83, 878
DurNonable durable
goods goods
stores stores
23, 864
26, 056
29, 593
34, 301
34, 474
38, 224
34, 592
35, 231
35, 462
35, 547
35, 863
36, 523
37, 515
37, 822
37, 518
37, 933
38, 224
38, 931
38, 912
28, 707
31, 100
35, 636
39, 550
40, 202
44, 181
41, 651
42, 067
42, 640
42, 859
43, 512
43, 394
43, 603
44, 026
44, 140
43, 727
44, 181
44, 685
44, 966
Invent*Dry-sales
rai io4
Total
business1
1.61
1.52
1.46
1.51
1.60
1.49
1.49
1.48
1.48
1.50
1.49
1.50
1. 51
1. 53
1.55
1. 52
1. 46
1.49
1.46
Retail
1.47
1.46
1.46
1.53
1.51
1.46
1.45
1.45
1.45
1.48
1.47
1.49
1.48
1.51
1.49
1.47
1. 42
1.48
1.44
Source: Department oJ Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments, new orders, and inventories rose in February. Preliminary estimates indicate durable goods
manufacturers* shipments and orders increased further in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
INVENTORIES
120 . SHIPMENTS
240
TOTAL
100
200
80
160
60
120
DURABLE GOODS
100
40
80
DURABLE GOODS
NONDURABLE GOODS
! M
1 M! M M !
1 1 1 1 ! I 1 ! t 1 1! ! ! M I 1 I M ! 1 | 1 1 j I 1 | I 1
60
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
40
120 . NEW ORDERS
TOTAL
100
80
RATIO*
2.20
200
DURABLE GOODS
INVENTORY-SHIPMENTS RATIO
40
NONDURABLE GOODS
!!!
1973
1.20
1975
1974
1976
1977
1973
1974
I
1975
1976
^SEASONALLY ADJUSTED
SOURCEs DEPARTMENT OF COMMERCE
Maniifacturers' shipments1 Manufad ;urers? iirv entories2
Manufacturers' new orelers1
Durab e goods
Period
Total
1971
55, 925
1972
63, 042
1973
72, 954
1974
84, 612
1975
87, 240
1976
98, 545
1976: Feb.— 95, 551
Mar__ 97, 786
Apr
98, 519
May__ 98, 546
June__ 98, 937
July.. 99, 334
Aug__ 99, 448
Sept.. 98, 780
Oct___ 97, 682
Nov__ 100, 596
Dec___ 105, 189
1977: Jan__. 103, 637
Feb.v.. 106, 339
Mar .
NonDurable durable
goods
goods
29, 973
34, 042
39, 704
44, 043
43, 912
50, 392
48, 430
50, 382
50, 146
50, 558
50, 606
51, 090
51, 648
50, 060
49, 267
51, 427
55, 520
53, 247
54, 729
58, 847
21 Monthly average for year and
8 Book value, end of period.
25, 953
28, 999
33, 250
40, 569
43, 328
48, 153
47, 121
47, 404
48, 374
47, 988
48, 331
48, 244
47, 799
48, 720
48, 415
49, 169
49, 669
50, 390
51, 610
Total
NonDurable durable
goods
goods
Total
Total
Millie ns of doll ars, seasoirally adju sted
102, 490 66, 149 36, 341 55, 937 29, 951
108, 072 70, 098 37, 974 64, 246 35, 142
124, 395 81, 218 43, 177 76, 217 42, 888
157, 971 101, 780 56, 191 86, 988 46, 570
155, 693 100, 310 55, 382 85, 673 42, 164
166, 587 105, 729 60, 858 98, 875 50, 697
156, 458 99, 942 56, 516 95, 044 47, 930
157, 560 100, 740 56, 820 98, 550 51, 111
158, 134 101, 033 57, 101 98, 756 50, 245
159, 488 101, 502 57, 986 99, 379 51, 354
161, 118 102, 429 58, 689 99, 476 51, 249
162, 144 102, 856 59, 288 99, 214 51, 180
163, 184 103, 282 59, 902 97, 924 50, 380
164, 966 104, 117 60, 850 98, 869 50, 068
166, 674 105, 589 61, 085 99, 646 50, 993
167, 114 106, 128 60, 986 101, 461 52, 424
166, 587 105, 729 60, 858 107, 314 57, 265
167, 482 106, 562 60, 920 105, 356 54, 943
168, 449 107, 222 61, 227 106, 781 55, 159
58, 932
total for month. Shipments are the same as sales.
End of period.
* For annual periods, ratio of weighted average inventories to average monthly
1977
COUNCIL OF ECONOMIC ADVISERS
ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
7,575
8,947
11, 169
12, 656
10, 899
12, 837
11, 900
12, 173
12, 476
12, 666
12, 607
13, 778
12, 690
13, 468
14, 302
12, 878
14, 112
14, 778
14, 335
14, 070
25, 986
29, 104
33, 329
40, 418
43, 509
48, 178
47, 114
47, 439
48, 511
48, 025
48, 227
48, 033
47, 544
48, 801
48, 653
49, 037
50, 049
50, 413
51, 622
107, 656
122, 362
161, 766
190, 271
171, 438
175, 453
169, 686
170, 450
170, 687
171, 520
172, 059
171, 938
170, 414
170, 503
172, 468
173, 333
175, 453
177, 179
177, 623
Manufacturers'
inventory—
sMpments
ratio4
1. 83
1.67
1. 58
1. 66
1. 80
1.64=
1. 64
1. 61
1. 61
1.62
1.63
1.63
1. 64
1. 67
1. 71
1. 66
1.58
1. 62
1.58
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
WHOLESALE PRICES
In March, the wholesale price index rose 1.0 percent (1.1 percent seasonally adjusted). Prices of farm products and
processed foods and feeds increased 1.3 percent (2.1 percent seasonally adjusted). Industrial commodities prices
were up 0.9 percent (0.8 percent seasonally adjusted).
INDEX, 1967»100 (RATIO SCALE)
220
INDEX, 1967« 100 (RATIO SCALQ
22p
UNADJUSTED
200
200
i
180
180
FARM PRODUCTS AND
|\
/'
mOCESSED FOODS AND FEEDS f \ ;
\4
V
A]
160
160
J
ALL COMMODITIES /
140
140
INDUSTRIAL
COMMODITIES
120
120
100
too
> t t » 11 t i
1969
> I IM M
LLu
1970
1971
ii I i ! » i i ? i t 1 1 1 11 f t
1972
l i t l 1 1 t. 1 M
1973
1974
1975
SOURC& DEPARTMENT OF IA6OR
1976
1977
COUNCft OJ* IGONOMJC ADVISES
[1967=100]
All
commodities
Period
1969
1970
1971
1972____
1973
1974
1975
1976
._.
„__
...
1976: Mar__.,___
Apr
May
June
July
Aug
Sept
.
Oct
Nov
.
Dec
1977: Jan
Feb
Mar
106. 5
110.4
114.0
119. 1
134.7
160.1
174,9
182.9
179. 6
181.3
181. 8
183. 1
184, 3
183.7
1847
185.2
185.6
187. 1
188.0
190.0
191.9
Farm
products Indusand
trial
processed commodfoods
ities
and feeds
108. 0
106.0
111.7
110.0
113.9
1141
122. 4
117.9
159. 1 125.9
177.4
153.8
184.2
171.5
182. 3
183. 1
Unadjusted
180. 3 178.9
183. 7
180.0
180.4
184,9
187.5
181.3
188.1 182.6
181.7
183. 6
182.7
184 7
179.4
186.3
178.4
187.0
183. 9
187.4
184 8 188.4
188.4
189.9
190. 9
191.6
Farm
products
T3
Processed
foods
and
feeds
109. 1
111. 0
112. 9
125. 0
17a 3
187. 7
186.7
191. 1
107.3
112. 1
1145
120.8
148. 1
170.9
182.6
178.0
isa o
177. 3
179. 5
181. 1
181. 7
180. 5
176.0
175.9
174.9
175.7
178.9
178.6
181.9
185.4
194 9
194 3
195.3
1942
187. 3
189. 1
188. 1
187. 1
191. 9
1940
19a3
203.3
i Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds,
leaf
tobacco.
8
Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Special |
groupings
Consunaer finishe d goods
Crude
ex<sluding fo ods
mate-1
rials
Total Durable Nondurable
110. 6
106. 1
106. 9
1046
1040
105.0
118.9
109.9
112.0
107.7
106.9
108. 3
122. 7
111. 2
114 3
116.6
110.8
111.7
131. 1
118. 9
119.5
113.5
113. 2
113. 6
155.2
128. 1
123.5
118.6
115.8
120. 5
219. 1
159.5
141.0
138.6
126.3
146.8
162. 5
225. 1
178.6
153. 1
138.2
163.0
189.4
173.2
250. 0
161. 7
1443
173.2
Seas onally ad; usted
237.4
186. 5
170. 6
159. 3
142.8
170.2
243.0
187. 1
171.3
142. 9
159. 5
170.4
187.2
2440
171.7
159.4
143.2
170. 1
246. 8
188. 1
172.5
160. 5
143.8
171. 5
252. 7
189. 0
173.2
161. 5
144 1
173. 0
2544
190.0
162. 3
173.6
144 8
174 0
253.2
191.8
1746
163.7
145.6
175.6
262.5
193. 3
176.5
164 6
146.4
176. 7
271. 8
1943
177.2
165.3
14a 7
177. 9
265. 8
195.3
178.5
165.8
146. 9
17a 4
262.6
196. 3
179. 2
167.4
148. 0
180. 3
273.0
197.4
180. 1
167.9
i4as 180. 7
279. 3
199.2
169.2
180.8
149.4
182. 5
Inter- Producmediate er finmate-2
ished
rials
goods
Source: Department of Labor, Bureau of Labor Statisttegj
CONSUMER PRICES
In March, the consumer price index rose 0.6 percent (also 0.6 percent seasonally adjusted). Food prices increased 0.5
percent (0.6 percent seasonally adjusted). Nonfood commodity prices rose 0.6 percent (0.4 percent seasonally
adjusted) and services prices were up 0.7 percent (0.8 percent seasonally adjusted).
INDEX, 1967«100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
200
200
120
120
100
100
1969
1970
1971
1972
1973
1975
1974
1976
SOUiCEi DEPARTMENT OF LABOR
1977
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
All
items
Food
Commodities
less
food
— 109.8
116.3
121. 3
-_ 125.3
133. 1
147.7
161.2
170.5
108.9
114.9
118.4
123. 5
141.4
161. 7
175. 4
180.8
108. 1
112.5
116.8
119.4
123.5
136.6
149. 1
156.6
Period
1969
1970
1971
1972
1973-.
1974__
1975
1976
Comnnodities less food
Food
All
Services
commodities
All
Food
at
home
Food
away
from
home
112. 5
121. 6
128.4
133.3
139. 1
152. 1
166.6
180.4
108.4
113.5
117.4
120.9
129.9
145.5
158.4
165.2
108.9
114.9
118.4
123.5
141.4
161.7
175.4
180.8
108.2
113.7
116.4
121.6
141.4
162.4
175.8
179.5
111.6
119.9
126. 1
131. 1
141.4
159.4
174.3
186. 1
Services
All
Durable
Nondurable
108. 1
112. 5
116.8
119.4
123. 5
136.6
149. 1
156.6
107.0
111.8
116. 5
118.9
121. 9
130.6
145.5
154.3
108.8
113. 1
117. 0
119.8
124.8
140.9
151.7
158.3
112. &
121.6*
128. 4
133. 3
139. 1
152. 1
166. &
180. 4
Seasonal y adjust ed
Unac [justed
167.5
168.2
169.2
170.1
171. 1
171. 9
172.6
173. 3
173.8
174.3
178.7
179. 2
180. 0
180. 9
182. 1
182. 4
181.6
181. 6
181. 1
181.7
153.3
154.2
155.5
156. 5
157.1
158. 0
158.9
159.6
160. 3
160.6
177.2
177.7
178.4
179.5
180.7
181.8
183.2
184. 1
185. 1
185.8
162.6
163.3
164.4
165.0
165.5
166.2
166.6
167. 1
167. 4
168.0
178.5
179.4
180.8
181.2
181.4
181.8
181.9
182.2
181. 7
181. 9
177. 3
178.3
179.6
179.9
179.9
180.2
180. 1
180.3
179.6
179.7
183. 0
183.9
185.0
186. 1
187.2
188.0
188.7
189.0
189. 5
190.4
154. 1
154.6
155.6
156.2
156.9
157.8
158.3
159.0
159. 6
160.5
151.8
152.7
153.7
154.2
155.0
155. 6
156. 1
156.6
157. 3
158.4
155.7
156.0
156.9
157.6
158.4
159. 3
159.9
160.6
161. 3
162. 0
177. 1
177.9^
178.9
179.9
181. 1
182.2
183.2
184.0
184.8
185. 5
175.3
1977: Jan
Feb.._. 177. 1
Mar — 178.2
183.4
187.7
188.6
160.6
161.6
162.6
187.5
188.7
190.0
169.4
171.4
172.2
183.5
187.1
188. 2
181.3
185.4
186. 4
192. 0
194.0
195.4
161.6
162.7
163.4
159.9
161.4
162.4
162. 8
163.7
164.2
187. 2
188. 4
189.9
1976: Mar...
Apr
May
June
July—.
Aug
Sept...
Oct
Nov
Dec
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent c lange fro m 3 mont is earlier ; Percent <jhangefro m 6 mont as earlier;
season ally ad justed annua 1 rates
season!illy adju sted annu al rates
Percen t change from preceding
perio d; seasorlally adjujsted 1
Period
1968
1969
_
1970
1971
1972_
1973
1974
1975
1976
1976: MarApr
May.
June.
July..
Aug..
Sept—
Oct__
Nov..
Dec..
1977: Jan..
Feb—
Mar..
All
Farm
products
2.8
4.8
4.4
8.4
-47
8.1
2. 2
4.1
6.3
15.4
20.9
4.2
4.7
3
8
2
6
3
-2
7
5
6
6
5
9
11
Industrial
commodities
Processed
foods
and
feeds
commodities
18.7
36.1
-1.9
5.5
-1.1
— 1. 1
3.7
-.3
.5
—.6
-3.6
1. 0
-. 5
-.5
2.6
1. 1
2.2
2.5
3.0
6.8
.8
47
11.6
20.3
20. 9
-3.8
— 1. 1
.5
1.2
.9
.3
, —.7
-2.5
-. 1
-. 6
.5
1.8
—.2
1.8
1.9
All
commodities
Processed
foods
and
feeds
Farm
products
Industrial
commodities
All
commodities
Farm
products
Processed
foods
and
feeds
Industrial
commodities
2.7
3.9
3.6
3.4
3.4
10.7
25.6
6.0
6.4
.4
.4
.1
.6
.6
.5
.8
.9
.7
.3
.5
;6
.8
1.6 -12. 2
3.4
3.8
5.2
9. 1
16.5
6.4
4,3 -1.4
-7.7
1.8
11. 1
10. 3
2.2
-10.8
-12.2
-11. 8
-. 7
2. 7 -13.7
3. 3 -12. 1
4.2 -12. 0
7.6
7.4
7. 1
8.4
10.2
-.4
6. 1
13. 1
26.2
26.0
7.0
8.7
149
15.3
5. 1
3.3
2.6
2.9
3.9
40
3.9
48
42
43
3.9
45
5.2
7. 1
8.2
9. 3
10. 0
7.8
6.2
5.9
7.9
-8.1
-7.3
-2.9
.9
-7. 1
-43
5. 1
5. 3
-1. 1
1. 1
.9
-2.9
1. 2
-6. 9
-7.3
-3.5
5.6
8.0
8.8
12.1
15.6
2.0
-. 5
-1. 6
-5. 1
-5.9
-3. 1
-2. 1
-.2
6.8
11.1
7.2
5.9
48
48
48
5.5
6.4
7.2
8.5
8.0
7.7
7.9
7.8
Source: Department of Labor, Bureau of Labor Statistics.
* Annual changes are from December to December (unadjusted).
CHANGES IN CONSUMER PRICES
Percer it change3 from pre ceding
perio d; seasoilally adju sted1
Food
Commodities
less
food
43
7.2
2.2
43
47
3.7
4.5
48
2.3
2.5
5.0
Period
All
items
1968
1969
1970
1971
1972
1973
1974
1975
1976
1976: Mar...
Apr —
May..
June- _
July...
Aug.._
Sept
Oct_._
Nov.__
Dec...
1977: Jan.. _
Feb...Mar_
1
47
6. 1
5.5
3.4
3.4
8.8
12.2
7.0
48
.2
.4
.7
.4
.5
.5
20. 1
12.2
6.5
.6
-6
5
8
2
1
2
1
2
13.2
6.2
5. 1
3
3
6
.4
1
4
4
6
3
4
4
6
.8
.9
2.0
.6
7
7
4
.3
.3
.3
1.0
.6
_ 3
Services
All
items
Food
3.9
-5. 4
-3.7
2.9
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
6. 1
7.4
8.2
41
3.6
6.2
11. 3
8. 1
7.3
.7
.5
.6
.6
.7
.6
.5
.4
.4
.4
.9
.6
.8
Annual changes are from December to December (unadjusted);
24
Percent c hange f re>m 3 months earlier; Percent c tiange frc>m 6 months earlier;
seasoniilly adju sted annual rates
season?illy adju sted annu al rates
3. 1
5.4
6. 1
6. 3
5. 5
5. 3
48
6.2
45
2.2
1.6
1.8
40
3.7
5.0
5.6
6. 1
5. 8
5. 5
5. 5
4.0
42
-. 2
.0
46
5.7
6. 1
9. 1
10.0
2. 9
12.4
6.7
146
8. 0
7.4
10.6
7.8
7.2
6. 5
7.4
7. 6
7. 5
6.6
5.8
5. 1
7. 1
8. 0
9.8
5.3
49
5.1
5.0
47
-.1
.6
5.7
5.5
3. 1
5. 5
48
0.7
.2
.3
2.6
3.8
48
1.0
.8
5.5
6.5
7.1
2.3
5.9
7.0
Source: Department of Labor, Bureau of Labor Statistics.
41
40
48
48
49
5.4
5.5
5.8
5. 2
5. 6
6. 1
6.3
6.5
9.8
9.5
8.7
8.5
7.6
7.4
7. 0
7.0
6. 7
6.3
6.9
6.9
7.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased 1 percent in the month ended March 15. Contributing most to the increase were
higher prices for soybeans, oranges, cattle, and cotton. Partially offsetting were lower prices for hogs, eggs, and milk.
Prices paid by farmers rose K percent.
INDEX, 1967=100
(RATIO SCALE)
220
200
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
CALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
1969
1970
1971
1972
1973
1974
1975
1976
1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST. TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCEs DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by far mers
All
items,
Livestock interest,
Family
Production
living
and
taxes,
and
items
products wage rates
items
i
Index, 1()67=100
Prices received by farmers
Period
1969
1970
1971
1972
1973
1974
1975
1976
1976:
1977:
_
Mar 15
Apr 15
May 15
June 15__
July 15
Aug 15
Sept 15Oct 15-_
Nov 15
Dec 15._
Jan 15..
Feb 15
Mar 15
All farm
products
—- _
_____
_
_
_
„
Crops
Actual
1
Adjusted 2
107
110
113
125
179
192
186
186
97
100
108
114
175
224
201
198
117
118
118
136
183
165
172
177
108
112
120
125
144
166
180
192
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
193
73
72
69
74
91
85
76
71
79
77
73
79
94
86
76
72
186
189
191
196
195
187
187
178
173
179
195
193
198
211
215
201
204
195
187
192
178
186
185
184
179
175
172
165
162
168
191
191
191
193
194
193
193
192
192
193
173
174
174
175
177
177
178
179
180
181
193
193
193
196
196
194
194
192
191
193
71
73
73
75
74
71
71
68
66
68
72
73
74
75
75
72
72
69
67
69
183
187
189
198
203
210
170
174
171
198
200
201
182
196
199
201
68
69
69
68
70
70
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14-= 100 base.
* The adjusted parity ratio reflects Government payments made directly to
arrners.
Parity ratio
(33)
()
3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
~—
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Over the past 3 months (December to March) Mi grew at an annual rate of 4.3 percent and M2 at a rate of 8.3
percent.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
AVERAGES OF DAILY FIGURES
200
200
I 1 I I 1 i l l IJ I J , I » ' Ml
1970
1-11.' < 1 ' •»•-< VI
1971
!!
!J ' ' ' 1 - ' t '
1972
» 1 ! 1 I 1 I.. 1 1 .1 1
1973
M i l 1I 11 I I I
1974
1975
'SEASONALLY ADJUST®
SOURCE. SQARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I I I I 1I I I \ \ 1
I f ! I I I I i 1I I
1976
1977
COUNCH Of ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all meas ures l
Deposi ts at co mmercia i banks
Period
M,
M2
M3
Currency
255. 3
270.5
283. 1
294. 8
312. 8
298. 1
301. 8
303. 5
303.2
305.0
306. 5
306.9
310.5
310. 6
312. 8
314. 3
314. 5
316.1
525. 3
571. 4
612.4
664.3
739.3
682. 6
690. 6
695. 7
698.2
705.2
710.4
716. 3
725.7
731.7
739.3
745.0
749. 1
754. 1
844. 5
919.6
981.5
1, 092. 6
1, 236. 1
1, 126. 5
1, 139. 7
1, 149. 7
1, 156. 5
1, 168. 8
1, 180. 8
1, 193. 9
1, 210. 5
1, 222. 8
1, 236. 1
1, 247. 6
1, 256. 6
1, 266. 0
56.9
61.5
67.8
73.7
80.6
75. 7
76.6
77. 3
77.5
78.1
78.6
79.2
79.8
80.3
80.6
81.3
82.0
82.4
Other
nonbank
thrift
institutions
270. 0
300. 9
329. 3
369. 6
426.5
384. 4
388.9
392. 1
395. 1
400. 1
403.9
409.4
415. 2
421. 2
426.5
430. 7
434.5
438. 0
319. 3
348. 1
369. 1
428.3
496. 8
443. 9
449. 1
454.0
458. 2
463. 6
470. 5
477. 6
484.8
491. 0
496.8
502.6
507.5
511.9
Timte and sa vings
Demand
198. 4
209. 0
215. 3
221.0
232. 1
222.4
225. 2
226. 2
225. 6
226.9
227.9
227.7
230. 7
230.3
232. 1
233. 0
232.5
233.7
313. 5
363. 9
418.3
451.7
489. 8
457. 8
460.0
460. 7
465. 3
469.0
468. 9
472.5
477.5
483. 4
489.8
493. 8
497.8
500.2
i is currency plus demand deposits; Ms is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M 2 plus
deposits at nonbank thrift institutions.
26
Deposits
at
Total
1972: Dec. .
1973: Dec. .
1974: Dec...
1975: Dec...
1976: Dec
1976: Mar_.
Apr...
May
June._
July..
Aug —
Sept...
Oct
Nov _.
Dec..
1977: Jan
Feb..
Mar".
Per cent
cha] age 2
Compoilents anc1 related iterns
Large
CDs
43. 5
63. 0
89.0
82. 1
63. 3
73. 4
71.2
68.6
70.2
68.9
65.0
63. 1
62.3
62.2
63. 3
63. 1
63. 3
62. 2
U.S. Government
demand
deposits
(unadjust-
M!
M2
ed)
7.4
6. 3
4. 9
4. 1
4.5
3.9
3.9
3.8
4. 8
3.5
3. 7
5.0
4. 0
4. 1
4. 5
3. 9
4. 1
4.3
9.2
6. 0
4. 7
4. 1
6. 1
3.0
5. 8
5.4
5. 8
6. 7
6. 6
6. 0
5.8
4. 7
6.4
6.2
5. 3
6. 1
11. 4
as
7. 2
&5
11.3
9. 3
10.9
10. 4
10. 5
10. 7
9. 7
10. 1
10. 4
10. 6
12. 1
11. 6
11. 2
10.8
* Annual changes are from December to December and monthly changes ar
from 6 months earlier at a seasonally adjusted annual rate.
Note,—-Data revised beginning January 1974.
Source: Board of Governors of the Federal Re.«?p.rvp, system.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
CuiTCsncy
Total
769.5
852.5
967.9
1, 079. 5
1, 166. 2
1, 289. 8
1, 432. 3
1, 321. 2
.
1, 334. 9
1, 345. 7
1, 355. 9
1, 370. 3
-_ — 1, 379. 5
1, 389. 9
1, 407. 3
1, 419. 9
1, 432. 3
1, 447. 0
1, 458. 0
1, 464. 9
1970:
1971:
1972:
1973:
1974:
1975:
1976:
1976:
..
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1977: Jan._
Feb—
Mar 9
U.S. TJreasury
secui ities
Negotiable
certifiShortNonbank
cates of
Savings term
thrift
deposit
institu- bonds marketable securities
Time d eposits
Total
liquid
assets
Period
and <ieposits
Currency
49.1
52.6
56. 9
61.5
67.8
632.4
7ia7
817.0
887.4
944 5
7a7
sa7
1, 053. 5
1, 194 1
1, 088. 0
1, 101. 4
1, 111. 8
1, 118. 0
1, 130. 1
1, 142. 5
1, 154 9
1, 170. 7
1, 181. 9
1, 194 1
1, 207. 2
1, 215. 5
1, 223. 9
75.7
76.6
77.3
77.5
78. 1
7ae
79.2
79.9
80.3
80.7
81.3
82.0
82.4
Demand
deposits
151.8
161. 5
176.5
183.3
186.5
190.6
197.7
192.0
1944
195.7
1945
195.4
196. 1
195.3
197.8
196.5
197.7
200.0
198.9
199.5
Commercial
banks
198.9
233.6
2644
2944
321. 1
360. 5
418.5
376. 1
380. 9
384.4
387.3
392. 5
396.9
402.4
407.8
413.6
418.5
422.8
426.8
430.2
232.7
271. 1
319.3
348.1
369.1
428.6
497. 3
444. 3
449. 5
454 4
458.6
464 0
470.9
478.0
485. 3
491.6
497. 3
503. 1
507.9
511.8
41.9
31.7
34 5
43.2
47.4
66.4
68.5
68.4
69. 1
69.8
70.6
72.6
71. 9
70.3
70.9
70.7
68.5
69.8
72.0
71.2
52.0
543
57.5
60.4
63.3
67.3
71.9
68,3
68. 7
69.0
69.4
69.8
70.3
70.8
71. 1
71.5
71.9
72.3
72.7
73.0
21.8
27.6
36.2
54.0
70.7
60.0
46.5
52.9
51.4
49.6
51.2
50.2
46.6
45.3
45. 1
45.4
46.5
46.0
46. 2
45. 1
Other
private
money
market
instruments
21.4
20.2
22.7
345
40.4
42.6
51. 4
43.6
44 3
45.5
46. 7
47.6
48.2
48. 7
49.4
50.4
51.4
51.7
51.6
51.6
Source: Board of Governors of the Federal Reserve System;
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e]Ktended
Period
Total *
1976: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct__
Nov
Dec
_
1977: Jan
Feb
Total l
Automobile
Bank
credit
cards
Total *
Automobile
Bank
credit
cards
32, 553
29, 965
34, 778
40, 266
46, 105
43, 209
48, 103
55, 807
4,398
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 481
99, 786
107, 385
113, 788
124, 513
140, 552
151, 056
156, 640
169, 682
29, 974
30, 432
31, 303
34, 705
40, 137
42, 883
45, 472
48, 337
3,066
5,615
7,679
9,472
12, 433
15, 655
19, 208
23, 905
9,360
4,790
9,299
15, 559
19, 676
8,952
6,843
16, 539
2,579
-468
3,476
5,561
5,968
327
1,430
1,443
1,220
1, 576
15, 045
15, 521
15, 003
15, 041
15, 592
15, 240
15, 685
15, 775
16, 055
15, 763
16, 702
4,523
4,689
4,583
4,471
4,600
4,477
4,712
4,769
4,587
4,632
5,263
2,012
2, 118
1,985
2,103
2,088
2,152
2, 183
2, 165
2, 198
2,181
2,217
13, 923
14, 048
13, 576
13, 566
14, 261
13, 937
14, 282
14, 294
14, 491
14, 520
14, 879
3,909
4,026
3,851
3,819
4,074
3,922
4,090
4, 165
4,059
4, 155
4,250
1,881
1,926
1,846
1,911
1, 990
1,981
2,097
2,000
2,074
2, 110
2,250
1,123
1,473
1,427
1,474
1,330
1,303
1,403
1,481
1,564
1,243
1,823
614
663
732
652
526
556
621
605
528
477
1,013
132
192
139
193
98
171
86
166
123
71
-33
16, 870
17, 186
4,940
5,205
2, 117
2,332
14, 952
15, 164
4, 183
4,320
2,089
2,161
1,918
2,022
758
884
28
170
i Includes some items not shown separately^
Bank
credit
cards
Net change in amount outstanding
146
175
086
072
228
008
483
221
109,
112,
123,
140,
160,
160,
163,
186,
1969
1970
1971
1972
1973
1974
1975
1976
Automobile
Instalmcjnt credit liejuidated
2,631
7,470
1,332
1, 153
699
918
Source: Board of Governors of the Federal Reserve System,
27
BANK LOANS, INVESTMENTS, AND RESERVES
Business loans at commercial banks increased by $1.6 billion in March and have increased at a 10 percent annual
rate since September 1976.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
"ALL COMMERCIAL BANKS'
800
800
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
„,.,..••'«•""""""
100
100
80
80
INVESTMENT IN
US. GOVERNMENT SECURITIES
60 **
40
60
H 1 1 1 I 11
40
I I 1 I 1 I I I
1970
1969
1971
1972
1973
1974
1975
* SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
Period
and
investments
1969
1970
1971
1972
1973
1974
1975
401.7
4
1976*
1976: Mar
Apr
May
June
July v
Aug*_
Sept 9
Oct*v ____
Nov v _
Dec
1977: Jan »
Feb »
Mar v
1
435.5
485.7
558.0
633.4
690. 4
721.1
774.9
733.5
740.3
744.0
748.8
750.2
756.
759.
767.
773.
774.
0
8
6
8
9
780.5
790. 1
797. 1
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All me mber ban ks
Allc ommercial fc
>anks l
I!
Borrowi Qgs (milL Dans
Ileserves 2 8
lions of dollars,
Investsdents
unadji isted) 2
Total ex- Commer- U.S. Gov- Other
cluding cial and
ReSeaNonTotal
ernment
secuTotal
inter- industrial securities
borrowed quired
sonal
rities
bank
26.82
51.2
279.4
27.94
27.66
1,086
105.7
71. 1
321
29. 12
28.79
292.0
110.0
57.8
28.87
85.7
31.
04
31. 22
31. 10
104.2
107
320. 9
116. 1
60.6
31.41
31.
12
130.2
30.36
378. 9
1,049
62.6
116.5
34.94
33.64
34.64
156.4
54. 5
449.0
1,298
41
129.9
500.2
36.34
36. 60
35. 87
703
32
50.4
183.3
139.8
34. 60
34. 73
34. 46
79.4
176. 0
13
496. 9
127
144.8
62
528. 1
i7as
96.9
34. 95
34.90
149. 9
34.68
12
501.7
s 171. 7
88.3
34.02
33.97
33.80
58
143.5
8
90.2
44
505.8
171.8
11
34.05
144.3
34.00
33.89
172.2
121
11
506. 5
93.1
144.4
34. 17
34. 05
33.96
172. 1
509.3
94.7
34. 16
120
20
34.29
144.8
34.07
511. 1
93.0
34. 11
173.0
34.21
123
24
34. 34
146. 1
514. 0
104
95.5
34. 41
173.3
34.51
34.31
28
146.5
174.4
517. 9
94.4
34. 14
34.34
31
75
147.5
34.27
177.2
525.8
93.8
34.51
34.41
66
32
34.29
i4ao
528.4
179. 3
94. 7
21
84
34. 85
34. 78
34. 59
150. 7
178.8
528. 1
96.9
149.9
62
34.95
12
34.90
34.68
535.0
539. 3
545.3
179.9
181.4
183.0
96. 1
100.7
102. 7
Data are for end of period.
2 Averages of daily figures. Annual data are for December.
s
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Eegulations D and M.
28
1976
149.4
150. 1
149. 1
34. 78
34.40
34. 31
34. 71
34. 33
34. 21
34.51
34.20
34.09
61
79
110
8
12
13
* During 1974, total loans and investments were increased $0.6 billion due to
a bank
merger and were reduced $1.5 billion due to liquidation of a large bank.
6
Loan reclassifieations reduced these loans by $1.2 billion as of March 31,1976.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
1968
1969
1970
1971___
1972
1973
1974
1975
1976 *
1975: I
II
III
.__
IV
1976: I
II
III
IV"
—
1145
118.6
105. 1
129. 0
154. 0
181. 7
183.0
145.5
2046
83.5
130.7
171. 0
196. 7
202.3
201. 4
200.8
213.7
Internal1
62.3
61.7
58.9
68. 6
80.8
83. 8
77. 6
103.4
122.4
83.5
101.5
113.6
114 9
120.6
121.3
126.0
121.7
Credit market funds
Total
52. 2
56.9
46.2
60.4
73.2
97.8
105. 4
42. 1
82.2
;0
29.2
57.4
81.8
81.7
80. 1
748
92.0
Total
Longterm 2
Short-3
term
Other
18. 9
20. 8
32.6
41.6
41.4
37.4
39. 6
49. 8
48.0
52.9
13. 0
17. 7
20.3
18.5
31. 9
38.4
41.5
46.4
5&8
72.9
83. 1
37. 1
53. 1
35.0
32. 1
31. 1
50.0
46.9
47.8
48.9
68.6
544
37.9
540
50.0
42. 9
48. 3
50. 8
* Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits. *
2
8 Stocks, bonds, and mortgages.
Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
8.9
47
17.3
35.5
43. 5
-12. 8
5.0
-18.0
-22. 2
-6.8
-4 0
-3.1
48
.6
17.6
48
140
144
25. 0
22.2
5. 0
29. 1
-35.0
-2.9
26.3
31.7
348
32.4
25. 9
23.4
Total
Purchase
of
physical 4
assets
106.4
113.4
96.1
115. 1
137.5
165. 5
169. 9
130. 9
195.9
68.6
115.3
157.9
182.2
192.0
197.8
190. 6
203.2
77.6
85.0
80.6
86.2
101. 0
1244
134.6
95.7
138.4
89.8
80. 9
106. 8
105. 5
129.6
138.8
145.2
139.9
Discrepcrease
ancy
in
(sources
finanless
cial
uses)
assets
In-
28.8
28.4
15. 4
2a 8
36.5
41. 1
35.3
35.2
57.5
-21. 2
344
51. 1
76.7
62.4
59.0
45.4
63.3
8.1
5. 2
9. 0
13. 9
16.4
16. 1
13. 1
145
8.7
149
15.4
13.2
146
10. 4
3. 6
10.3
10.5
* Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Beserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Cur rent liab ilities
C\irrent ass<5tS
Ad-
End of
period
vances
and
Notes
and
prepayacTotal ments,
counts
U.S.
payable
Govern- 8
ment
22. 0 211. 3
5.8 141. 3
6.4 162.4
26. 9 244 1
7. 3 191.9
31.6 287. 8
35.0 304 9
6. 6 2047
4 9 215.6
43.8 326.0
48. 1 352.2
4 0 230.4
4 3 261.6
54 4 401. 0
5.2 287.5
56.6 450.6
6. 4 281. 6
60.0 457.5
5.3 271.2
55. 4 438. 0
5. 8 270. 1
57.3 4342
6. 2 273.4
59.0 444 7
6.4 281.6
60. 0 457.5
6.4 280. 5
63. 6 465. 9
63.9 475.9
6.8 287. 0
7.0 284 7
66. 3 484 1
Receiv- Notes
Cash
U.S.
Other
ables
on
and
GovIncurfrom
hand
ernacvenrent
Total
U.S.
and
counts
ment
astories
in
securi- Govsets 4
ern- 3 receivable
banks l ties2 ment
386.2
426. 5
473. 6
492. 3
529. 6
573.5
643. 3
712.2
_ 731. 6
1975: !___. 698. 4
!!___ 703.2
III.. 716. 5
IV... 731.6
1976: !___- 753. 5
!!___ 775.4
Ill _ 791. 8
1967
1968
1969
1970
1971
1972
1973
1974
1975—
45.5
48.2
47.9
50. 2
53. 3
57.5
61.6
62.7
68. 1
60.6
63.7
65.6
68. 1
68.4
70. 8
71. 1
10.3
11.5
10.6
7.7
11.0
9.3
11. 0
11.7
19.4
12.1
12.7
143
19.4
21.7
23. 3
23. 9
5. 1
5.1
48
42
3. 5
3.4
3.5
3.5
3.6
3.2
3.3
3.3
3. 6
3.6
3. 7
43
150.2
168. 8
192. 2
201.9
217. 6
240.0
266. 1
289.7
294 6
281.9
2848
2947
294 6
307. 3
318. 1
324 2
153. 1
166.0
186. 4
193. 3
200.4
215. 2
246. 7
288.0
285.8
285.2
281.4
279.6
285. 8
288. 8
295. 6
302. 1
1 Includes time certificates of deposit.
2 Includes Federal agency issues.
»Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
ddvan ces offset against inventories on corporations' books.
Federal
income
tax
liabilities
Other
current
liabili-5
ties
13.2
51. 0
61.0
76.0
83.6
92.4
102. 6
117. 0
134 8
148.8
139.8
140.6
145.6
148.8
155. 0
160. 1
167.5
143
12.6
10. 0
13. 1
15. 1
18. 1
23.2
20.7
21. 8
17.7
19.4
20.7
23. 9
22. 0
24 9
Net
working
capital
1749
182.4
185.7
187.4
203.6
221. 3
242. 3
261. 5
274 1
260. 4
269. 0
271.8
274. 1
287. 6
299.4
307. 7
^ Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
c Includes commercial paper outstanding, the portion of long-term debt du©
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates continue to remain relatively steady, though some minor declines were registered in mid-April.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE t «kaa BONDS
(MOO DY'S)
\ /\
X'
R
f'^
r\i
\
rj
:
x
/\
/^|i
-W
/
DIS COUNT
?ATE
FE DERAL
REESERVE
BA NK OF
NE>N YORK
\T\
\
"<
«,
L
w\
H
V
41 i f f i ! ? I i M
V
1 I f ! ! If 1 | 1 |
1969
1970
'
! 1 ! M I M I!I
1971
/
*"*i
*»
>
\
V \ L
n]
I,
\\ h /A\
/I
: j
XX ^
An
.-—/'fr v
/
V
VA
/
ij!
*•>
/ M/
/r-J
•* I
_J
"*v
S
TREASURY I5ILLS
,-•' J
/x
I
X
.'-•••..
^
I M ! ! ! IM 1!
! ! f ! 1! 1! f 1 1
! ! f ! 1 ! f 1 ! f 1
1974
1973
1972
f 1 M 1I ! 1 ! 1 1
f f 11f I 1 M !1
1975
1976
SOURCE.- SEE TABLE BELOW
M
! 1 1 1 M ! 1 |K
1977
"
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Goverament seen rity yields
Period
1971
1972
1973
1974
1975
1976_
1976: Apr
May
June
July.
Aug.
Sept
Oct
Nov_
Dec
1977: Jan
Feb
Mar
Apr
Week ended:
1977: Apr 1
8__
15
22
29
_
3-month
Treasury
bills1
3-5 year
issues 2
4.348
4.071
7.041
7.886
5.838
4989
4.878
5. 185
5.443
5.278
5. 153
5.075
4.930
4. 810
4.354
4.597
4.662
4.613
4.540
5.77
5.85
6.92
7.81
7.55
6.94
6.99
7. 35
7.40
7.24
7.04
6. 84
6.50
6. 35
5.96
6.49
6.69
6.73
4.609
4.585
4.561
4.494
4.518
6.70
6.70
6.52
6.49
1
3 Kate on new issues within period.
Selected note and bond issues.
8
Taxable
bonds *
5.74
5.63
6.30
6.99
6.98
Highgrade
Corporate
Aaa
municipal
bonds
bonds
(Standard (Moody's)
& Poor's)4
months
Discount
rate
(N.Y.
F.R.
Bank)*
6.73
6.99
6. 92
6.85
6. 79
6. 70
6. 65
6. 62
6.39
6.68
7. 15
7.20
5.70
5.27
5. 18
6.09
6.89
6.49
6. 62
6.87
6.85
6.64
6.28
6. 20
6.06
6.05
5. 69
5.70
5.75
5.76
7.39
7.21
7.44
8.57
8.83
8.43
8.40
8. 58
8.62
8.56
8.45
8. 38
8. 32
8.25
7.98
7.96
8.04
8.10
5. 11
4.69
8. 15
9.87
6. 33
5.35
5. 23
5. 54
5. 94
5.67
5. 47
5. 45
5. 22
5. 05
4.70
4. 74
4.82
4.87
4.88
4. 50
6.45
7.83
6.25
5.50
5H-5H
5H-5H
5H-5H
51/2-51/2
5K2-5K
5H-5H
5K-5H
5&-5tf
5J4-5K
5V4-5K
5K-5M
5K-5K
7.19
7. 19
7. 11
7.09
5.72
5.67
5.60
5.62
8. 10
8. 10
8.05
7.99
4.88
4.88
4.88
4.86
5#-5#
5}4-5K
5&-5#
5K-5K
a 78
April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
5 Average effective rate for year; opening and closing rate for month and week.
30
Prime
commercial
paper,
Prime
rate
charged
by
banks 5
5.72
5.25
8.03
10.81
7.86
6.84
6&-6H
&A-m
7 -7K
7&-7H
7%-7
7 -7
7 -S%
6X2-6H
6fc-6tf
6V4-6M
m-m
6K-6J4
Newhome
mortgage
yields
(FHLBB)8
7.74
7.60
7.95
8.92
9.01
a 99
8.92
8. 97
8.89
8.97
9.02
9.08
9.07
9. 05
9. 10
9. 05
8.99
8. 97
6&-6K
6M-6^
6^-6M
6K-6K
6 Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayme: "
at end of 10 years. Bates beginning January 1973 not strictly comparable wi
prior rates.
Sources: Board of Governors of the Federal Reserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in mid-April, but then fell off again.
INDEX, DEC 31,1965=50
INDEX, DEC3U$>65=50
- 50
40
40
- 30
30 1969
1977
1972
1970
PER CENT
20
15
" PERCENT
20
.
_
m
ARMINGS-PRICE RATIO ON COMMON STOCKS
i
(S&P)
10
5
—
0
!
r"^
i ii
1 !
1969
1970
/
\
?
! I
1971
!
1 1
1972
ift
\
^
\^"
1
*-*"—
* 5
^
1
!
^
1
1973
\
\ \
1974
I
1 !
1975
!
I 1
1976
1971
1972
1973.
1974
1975
1976
1976: Mar
Apr
May..
June
July
Aug
Sept
Oct
Nov..,
Dec
1977: Jan
Feb_
Mar
Week ended:
1977: Mar 25
Apr 1
8
15
22
New York Stock Exch ange indexes (Dec. 31, ]1965=50) *
1
__
Finance
Utility
54,22
60.29
57. 42
43.84
45.73
54.46
54. 01
54.28
53.87
54.23
55.68
55. 18
56.29
54.43
54. 17
56.34
56.28
54.93
54. 67
57.92
65.73
63.08
48. 08
50. 52
60.44
60. 30
60. 62
60.22
60. 70
62. 11
61. 14
62.35
60.07
59. 45
61.54
61.26
59. 65
59.56
44.35
50.17
37.74
31.89
31. 10
39.57
39. 17
38. 66
39. 71
40. 41
42.12
40. 63
40. 36
38.37
39. 28
41.77
41, 93
40. 59
40. 52
39. 53
38.48
37.69
29.79
31. 50
36. 97
35.43
35.69
35.40
35. 16
36.49
37. 56
38.77
38. 33
38. 85
40. 61
41. 13
40.86
40. 18
70.38
78. 35
70. 12
49.67
47. 14
52.94
52. 61
52.71
50.99
51. 82
54.06
54. 22
54. 52
52.74
53. 25
57. 45
57.86
55. 65
54.84
54.54
53.82
53.37
54.49
54 39
59.42
58. 51
57.91
59. 25
58.96
40.75
40.22
40.09
41.66
42. 56
40.05
39.96
39.94
40.26
40. 52
5472
54.01
53.47
5470
5485
Averages of dolly closing prices.
* Includes all the stocks (more than 1,500) listed on the N YSE.
* Includes 30stocks.
* Includes 500stocks.
«Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on pricesatend of quarter.
f 1
1977
0
Common s tock yields
(percent) •
Cominon stock p rices *
Composite Industrial Transportation
!
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 8. POOR'S CORPORATION
Period
15
^^^V
Standard
Dow& Poor's
Earningscomposite DividendJones
price
price
index
industrial
ratio
ratio
average * (1941-43=
10) 4
5.41
98.29
3. 14
88476
5.50
2.84
950. 71
109. 20
7. 12
3.06
923. 88
107. 43
4 47
11.59
759. 37
82.85
9.04
802. 49
431
86. 16
102. 01
974 92
3.77
8.29
101. 08
988. 55
3.65
101. 93
992. 51
3.66
101. 16
3.76
988. 82
8.76
985. 59
3.75
101. 77
993. 20
3.64
104 20
981. 63
103. 29
3. 74
994 37
105. 45
9.01
3.71
951. 95
101. 89
3.85
944 58
4 04
101. 19
976. 86
104 66
3. 93
970. 62
103. 81
3.99
941. 77
421
100. 96
946. 11
100. 57
437
942. 27
925. 16
916. 33
938. 84
937. 40
100. 25
98.97
98. 13
100. 25
99. 84
4 38
447
4 50
441
442
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 6 months of fiscal 1977 (October 1976-March 1977), there was a budget deficit of $41.5 billion. A year
earlier there was a deficit of $49.7 billion.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS AND OUBAYS
400'
400
OUTLAYS
300
300
RECEIPTS
200
200
50
50
SURPLUS (+) OR DEFICIT {-)
0
0
-50
-50
_L
-100
1969
-100
1970
1971
1973
1972
1974
1975
1976
1977
1978
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT OF THE TREASURY AND Of F1CE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year or period:
1969
1970
._
1971
1972
1973
1974
1975
1976
Transition quarter
„ _
1977 (estimates):
Current estimates, April 197732
Third
Concurrent Resolution
19782
Receipts
_.
..
October 1975-March 1976
October 1976-March 1977 4.
1
Excludes non-interest-bearing public debt securities held by IMF.
2
Estimates from Current Budget Estimates, April 1977, Office of Management
and Budget.
32
Outlays
Surplus or
deficit (-)
Total *
Held by
the public
187.8
193.7
188.4
208.6
232.2
264. 9
281.0
300.0
81.8
184.5
196.6
211.4
232.0
247. 1
269. 6
326. 1
366. 5
94. 7
-2.8
-23.0
-23.4
-14.8
-4.7
-45. 1
-66. 5
-13.0
3.2
367. 1
382.6
409.5
437.3
468.4
486.2
544.1
631. 9
646.4
279. 5
284.9
304.3
323.8
343. 0
346. 1
396.9
480. 3
498. 3
359. 5
347.7
404.7
408.2
417.5
462. 6
-48.7
-69.8
-57.9
727.0
718.4
802.4
571.3
637. 1
134.1
155.7
183.8
197. 1
—49.7
-41.5
611.4
680.1
470. 4
533.4
s Third Concurrent Eesolution on the Budget—Fiscal year 1977. March 3,197
« First 6 months of fiscal year 1977.
Sources: Department of the Treasury and Office of Management and Budge
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
h the first 6 months of fiscal 1977 (October 1976-March 1977), budget receipts were $21.6 billion higher than a
year earlier and budget outlays, $13.3 billion higher.
WLLIONS OF DOUARS
BILLIONS OF DOLLARS
200 -RECEIPTS-
200
INDIVIDUAL INCOME TAXES
100
100
CORPORATION INCOME TAXES
IMIHMUMM*"")"'
,Mt«UM»M*»""
f
.
OTHER RECEIPTS
—„..—- — J—.—.—*—'*"
-"—"""—"———«....————- -—
400
OUTLAYS
,,,--""~
300
,
200
NONDEFENSE
400
..---
300
200
„——"'* """"""""'""*'
-
NATIONAL DEFENSE
—— ^*w" "•"****"
100
A
v
t
1969
100
i
1970
^
1
1
1971
1972
I
1973
f
1974
f
1975
1
1976
1977
1
N
1978 N
FISCAL YEARS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
()utlays
Rece ipts
Nationa i defense
Period
Total
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
Transition
quarter
197711
1978
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Total
Department of
Defense,
military
Interna- Health
Inand
tional income
terest Other
affairs security
187. 8
193.7
_ 188.4
208. 6
__ 232. 2
264. 9
281.0
300. 0
81. 8
359. 5
404.7
87.2
90.4
86.2
94. 7
103. 2
119.0
122.4
131. 6
38. 8
160.1
183.0
36.7
32.8
26.8
32.2
36.2
38.6
40.6
41.4
8. 5
55.0
61.3
63.9
70.5
75.4
81.7
92. 8
107. 4
118. 0
127.0
34.5
144.4
160.4
1845
196.6
211. 4
232. 0
247. 1
269. 6
326. 1
366.5
94.7
408.2
462.6
80.2
79. 3
76.8
77.4
75.1
78.6
86.6
90.0
22.5
97. 1
112.8
77.9
77.2
74.5
75.2
73. 3
77.6
85.0
88.0
21.9
96.2
109. 1
3.8
3. 6
3. 1
3.9
3.5
4.8
5.9
5. 1
2.0
6.6
7.2
October 1975-March 1976 134.1
October 1976-March 1977 2 155.7
i——
60.5
69.0
16.3
20.7
57.3
65.9
183.8
197.1
44.9
46.4
43.9
47.4
2.3
2.6
» Estimates from Current Budget Estimates, April 1977*
First 6 months of fiscal year 1977.
8
49.0 15.8
56. 1 18.3
70. 1 19. 6
81.4 20.6
91.8 22.8
106. 5 28. 1
136. 3 31. 0
160.9 34.6
7; 2
41.5
177.7 37.8
193.3 40.9
82.1
88. 1
17.7
18.7
35.7
39.3
41.8
48.8
53.9
51.7
66.4
76. 0
21.5
89.0
108.4
36.7
41.4
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In calendar 1976, Federal receipts rose $43.8 billion and expenditures $31.1 billion/ yielding a deficit of $58.6
billion, or $12.6 billion less than in 1975. According to preliminary estimates, expenditures rose $5.8 billion in the
first quarter of 1977; receipts data are incomplete.
BILLIONS OF DOLLARS
440
BILLIONS OF DOLLARS
440
400
160
40 SURPLUS
Iffl lU EM isra
'40
• " w w i iiii^l^i
g£2 "~V& KidTza" "^ && Uft WA
\
-40 DEFICIT
I I I mI 1n I
\i
I1 1i
-40
^
-80
-120
-120
. 19$9
1970
1972
1971
1973
1974
1976
1?7 5
1977
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jrovernm ent receipts
Period
Indirect
Personal Corporate business
and profits
Total tax
tax and
nnri'fft
Hv/JJ.
1/2*Y
A.
tax
nontax
receipts accruals
accruals
Ifederal (jrovernm ent expe nditures
Surplus
or
deficit
GrantsSubsidies Less:
Contriin-aid
PurWage
less
chases Trans- to State Net
butions
current accruals national
for
Total of goods fer pay- and interest surplus of less
income
social inand
ments local
paid Govern- disand
surance
governservices
ment en- burse- product
ments
terprises ments accounts
(-),
Fiscal year:
1974..
271. 9
1975__._ 283. 2
1976
313.6
Calendar
year:
1972... •„ — 227.5
1973..
258. 3
1974_ _ _ 288.2
1975
286. 5
1976
330.3
122. 6
127.3
137.2
43.8
41.6
51.0
21.4
22.1
24.5
84. 1 278.9
92.2 329.5
100.9 373.0
104.8
119.0
127.2
1047
134. 1
156.7
41. 6
48. 3
57. 5
19.8
21.9
25.8
7.9
5.7
5.8
-0. 2
—.4
.0
-7.1
-46.3
-59.4
108.2
114.6
131. 2
125. 7
145. 3
36.6
43.0
45.6
42. 6
55. 6
20.0
21.2
2L7
23.9
23.5
62.8
79.4
89.8
94.3
105.8
244.7
265. 0
299.7
357.8
388.9
102. 1
102.2
111.6
124.4
133.4
83.2
95.8
117. 6
148. 9
162.2
37. 5
40. 6
43, 9
54.4
60.2
146
18.2
20.9
23.5
27.5
7.8
5.2
6.5
5.6
.5
.0
-.5
.0
.0
-17. 3
-6.7
-11.5
-71.2
-58.6
1975: III_ 297.7
IV... 306. 7
130.5
135. 1
47.4
49.4
25.2
25.5
94.7 363. 7
96.6 376.0
124.6
130.4
152. 1
154.9
56.8
58. 0
23.6
25.6
6.7
7. 1
,0
.0
-66.0
-69.4
1976: !_.._ 316. 5
11—. 324,6
III.. 333. 8
IV .. 346.3
137.7
141.9
147. 2
154.5
53. 1
54.8
56.2
58.4
22.8
23.3
23.8
24.1
102.9
104.6
106,6
109. 3
380.3
378.7
391. 1
405. 6
129. 2
131. 2
134. 5
138.9
160. 3
158.7
163. 1
166. 5
58. 8
56, 3
60. 1
65.5
26.6
27.4
27. 7
28.4
5.4
5.2
5.6
6,3
.0
.0
-63.8
-54 1
—57.4
-59. 3
1977: I *
165.1
24.2
116.4 411.4
139.5
172.2
63.5
28.9
7.4
a2
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
:0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=1001
In dustria prodmjtion (seiisonally adjuste d)
Period
1970
1971___
1972__
1973_._
1974___
United CanStates ada
GerFrance many
Japan
107. 8 114. 1 151. 6
.__ 109.6 122. 0 155.8
1975
1976
1976: Aug-__
Sept-..
Oct__Nov_._
Dec___
1977: Jan...
Feb...
Mar
119.7
129.8
129. 3
117.8
129.8
131. 3
130. 8
130.4
131.8
133. 1
132. 0
133.3
135. 1
167.0
193. 1
187.6
167.4
189.9
192. 1
191. 2
191. 5
196.4
196.4
196.5
130. 6
142.4
146.6
139.7
146.3
147. 3
146.8
145.5
147.0
148.4
149. 8
149.9
123
127
137
147
151
138
152
153
160
153
157
154
160
131. 3
133. 3
139.0
149. 1
146. 9
137. 9
147. 3
148.4
148. 5
151. 8
151. 2
145.5
Con sumer i>rices (uimdjustec D
United
CanItaly King- United
States ada
dom
116.9
116.8
121.8
133.7
139. 7
126.8
142. 5
139. 1
147.8
143.6
149.9
154.0
111
111
114
122
120
113
116
115
117
117
118
118
119
116.3
121.3
125.3
133. 1
147.7
161.2
170.5
171.9
172.6
173.3
173. 8
174. 3
175.3
177.1
178.2
112.4
115.6
121. 1
130. 3
144. 5
160.0
172.0
173. 3
174. 0
175. 2
175.7
176.3
179.4
181. 3
Japan France
119.6
127. 1
133. 2
148. 9
182. 6
204.7
224.4
222. 2
228. 3
230.4
117. 1
123.3
130. 8
140.4
159.6
178.2
195.4
197. 2
199.3
201. 2
231. 2 202.8
233. 7 203. 5
236.6 204. 1
237.8
239.0
Ger-
United
Kingdom
Italy
many
107.1
112. 7
118. 9
127.2
136.1
144. 2
150. 8
151.4
151.4
151. 5
151. 8
152. 6
154.0
154.9
155.5
109. 1
1144
121. 0
134. 1
159. 6
186. 8
218. 1
220. 3
224. 0
230. 5
235. 5
238.6
117. 5
128. 6
137. 7
150.4
174.4
216.7
252.9
254.8
258. 2
262.9
266.5
270.0
277.1
279.9
Source: National sources as reported by Department of Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merch andise e:sports
Merc landise imports
3
Period
]Domestic; exports
General im ports
Total
Food, Crude
Food, Crude
domesbever- mate- Manubever- mate- Manu- Total
tic and
2
foreign Total * ages,
fac(c.i.f.
rials
Total 2 ages,
rials
facand to- and
tured
tured value) 4
exand to- and
ports
bacco fuels
goods
bacco
fuels
goods
F. a.s. valu 6 s
Monthly
average :
1973
1974
trade
Exports
(f.a.8.)
less
imports
(c.i.f.)
Custom s value
5,902
8, 159
5,811
8,045
1,078
1,269
895
1, 317
3,728
5,294
5,790
8,416
1974
1975
1976
1976: M a r _ _ _
Apr
May
June
July...
Aug
Sept...
Oct
Nov
Dec
8, 159
8,928
9,567
9,020
9,369
9, 563
9,722
9,956
9,737
9, 788
9,699
9,589
10, 410
8,045
8,803
9,428
1,269
1, 399
1,436
1,368
1,483
1,354
1, 387
1,459
1,476
1,442
1, 639
1,398
1,379
1,317
1,266
1,341
1,179
1,275
1,353
1,350
1,363
1,283
1,490
1,469
1,482
1,475
5, 294
5, 913
6,437
6, 182
6,244
6,448
6,552
6,629
6,549
6,440
6,285
6,457
7,337
8,354
8,010
10, 057
9,469
9,643
9, 182
10, 153
10, 717
10, 477
10, 651
10, 555
10, 623
11, 020
1977: Jan
Feb
Mar
9,599
9,808
10, 072
1,250
1,265
1,451
1,409
1,574
1,482
6,459 11, 269
6,483 11, 674
6,745 12, 459
1
Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
' 8 Total includes commodities and transactions not classified according to kind;
Total arrivals of imported goods other than intransit shipments.
* CJ.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mei chandise
balance
Exports
Ex(f.a.s.) ports
less
(f.a.s.)
imless
ports
im(cusports
toms (JU.B.)
value)
770 1, 120
892 2, 653
F.a.s. value 5
892 2, 672
827 2, 716
991 3,456
1, 009 2, 986
904 3,282
938 2,793
1,041 3,432
1,036 3,817
972 3,761
998 3,747
986 3, 788
1,030 3,905
1, 142 3,808
3,750
4,684
3,946
4, 111
4,964
1, 150
1,261
1,291
6,131
9,000
112
-257
-195
-229
-841
4, 602
4,257
5, 398
5, 153
5,283
5,252
5,355
5, 617
5, 546
5, 665
5, 509
5,724
5,832
9,000 -257 -195
852
8,616
918
10, 797 -582 -489
10, 153 -530 -449
10, 353 -374 -274
9,873
267
380
10, 953 -570 -431
11, 508 -850 -761
11, 253 — 830 -740
11, 449 — 972 -863
11, 308 -924 -857
11, 381 -1,128 -1,034
11, 789 -707 -610
-841
312
-1,230
-1,133
-983
-310
-1,231
-1, 552
-1,516
-1,660
-1,610
-1,791
-1,379
5,861
5,920
6,069
12, 059 -1,758 -1,670
12, 463 -1,956 -1,866
13, 283 -2,484 -2,387
-2,460
-2, 655
-3, 212
6
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The U.S. current account registered a deficit of $0.6 billion in 1976 compared with an $11.7 billion surplus in 1975.
This largely resulted from the shift in the merchandise trade position from a $9.0 billion surplus in 1975 to a $9.2
billion deficit last year. The trade deficit was partly offset by rising receipts on services and investment earnings.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
MERCHANDISE TRADE BALANCE /
1968
1976
1969
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[MiEions of dollars; quarterly data seasonally adjusted]
Me^rchandisc5 I
2
Period
Exports
1970
1971
1972
1973
1974
1975
1976*
1975:1
II
III. _
IV, „
1976:1
II
III___
!¥*„_
Imports
Net
balance
Militgtry transactions
Direct
expenditures
42, 469 -39,866 2,603 -4, 855
43, 319 -45, 579-2, 260 -4, 819
49, 381 -55, 797 -6,416 -4, 784
71, 410 -70,499
911 -4, 629
93, 310 -103,679 -5, 369 -5, 035
107, 088 — 98,058 9,030 -4, 780
114, 692 -123,916 -9,224 -4,813
27, 018 -25, 570 1,448 -1,317
25, 851 -22, 568 3, 283 -1,185
26, 562 -24,483 2,079 -1,093
27, 657 -25,437 2,220 -1, 185
26, 997 -28, 324-1,327 — 1, 150
28, 378 -29,914 — 1, 536 -1,219
29, 600 -32, 387-2, 787-1,235
29, 717 -33, 291-3, 574-1,208
1
2
Sales
1,501
1,926
1,163
2,342
2,952
3,897
5,204
915
807
978
1, 197
1,135
1,064
1, 574
1,431
Net
balance
Private 3
U.S.
Government
-3, 355 3,631 -112
-2, 893 5,659 -956
-3, 621 6,208 -1,888
-2, 287 8, 188 -3, 010
-2, 083 13, 461 -3, 234
-883 9,430 -3,423
391 13, 776 -3, 238
-402 2, 109 -985
-378 2,349 -818
-115 2,487 -805
12 2,485 -815
-15 3,075 -789
-155 3,205 -737
339 3,555 -771
223 3,941 —941
Excludes military grant*
Adjusted froitn Census i'ata for difftjrences in t iming and coverage.
3 Fees and roy<ilties from U.S. direct iiivestments abroad or j rom foreign direct
investments in t he "United States are ex<eluded fromL net investment incon10 and
included in othei services, n et.
36
Net iiivestment i ncome
NetBaltravel Other ance
and
on
trans- servgoods
ices,
porta- net 3
and
tion
serv-1
receipts
ices
Remittance?,
pensions,
and
other
unilateral
transfers 1
-2, 023
-2, 315
— 3, 028
-3, 086
-3, 107
-2,503
—2, 205
-687
— 498
-568
-750
-726
-369
-403
-707
-3, 294 -356
-3, 701-3, 957
-3,848 -9,802
22
-3,883
-7, 184 -3, 598
-4, 620 11, 697
-5, 005 -604
-1, 179 1,429
— 1, 146 3, 938
— 1,044 3,221
-1,251 3, 106
301
— 1, 118
-920
638
-1,925 -729
-1,044 -817
2, 190 2,938
2, 509 -256
2,789 -5,954
3, 188 3, 905
3,919 3, 586
4, 666 16, 316
4,901 4,401
1, 125 2, 608
1, 146 5,084
1,187 4,265
1,205 4,357
1,201 1,419
1,150 1, 558
1,263 1, 196
1,285
227
Source: Be partment o f Commerce Bureau 3f Eoonomi c Analysis.
Balance
on
current
account
U.S. INTERNATIONAL TRANSACTIONS—Continued
U.S. assets abroad increased $43.0 billion in 1976 compared with a rise of $31.6 billion in 1975. The increase in
large part was accounted for by bank lending to foreigners. Foreign assets in the United States rose sharply last year,
by $33.1 billion, with foreign official assets responsible for most of the increase.
BILLIONS OF DOLLARS
15
BILLIONS OF DOLLARS
15
-15
1968
1969
1976
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
UJ3. assets abroad, niet
[increcise/capita^ outflow (-)]
Period
Total
1970
1971
1972
1973
1974
1975
1976*__
Foreign assets in the U.S.. net
[inert3ase/capit*3,1 inflow (+)]'
Other
U.S.
U.S.
U.S.
official Governprivate2 Total
reserve
ment assets
assets 1 2 assets
Foreign official
ass ets
-6,032
2,477 -1,589 -6, 920 5,923
2,348 -1,884 -10, 060 22, 445
-9, 596
32 -1,568 -8,708 21, 127
- 10, 245
-16,434
209 -2, 645-13, 998 18, 519
-33, 392 - 1, 434
365 -32, 323 32, 433
— 607 -3, 463-27, 523 15, 326
-31, 593
-2,
530
~4; 295 -36, 195 33, 129
_ -43, 021
-325
-29
-342
89
1975:1
II
III....
IV____
-8,001
-7,943
-4,411
-11, 238
1976:1
!!___
III...
IV»_-
-773
-684 -8,550
-10, 007
-9,875 -1, 578 -1,009 -7,288
-407 -1,450 -6, 824
-8, 681
- 14, 459
228 — 1, 153 -13, 534
-899 -6,777
-840 -7,074
-772 -3,297
-952 -10, 375
6,907
26, 895
10, 705
6,299
10, 981
6,899
18, 107
7,362
-984
27, 405 -4, 450
10, 322 10, 422
5,145 12, 220
10, 257 21, 452
5, 166
8, 427
13, 094 15, 022
Allocations
of
TVvf al
special (sum of
drawing
the
rights
items
(SDR) with
sign
reversed)
U.S.
official
reserve
Of
assets,
which : net 1
Seasonal (unadadjust- justed,
end of
ment
discrep- period)
-402
867
717 -9, 609
710 -1,790
-2, 107
4,557
4, 570
10, 495
14, 487
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
3,402
2,837
2,958
3,907
2,331
1,913
2,708 — 1, 606 -1,977
2,272
5,874
2, 771
-565
1,576
4,313
3, 103
1,328
3,735
98
-39
-1,517 -2, 561
1,275
2,258
16, 256
16, 242
16, 291
16, 226
3, 942
4, 105
2,999
7, 061
1,454
3,225
5,248
5,095
958
4,310
73
1,907
1,163 —2, 800
1,773
3,120
16, 941
18, 477
18, 945
18, 747
5,396
7, 330
8,247
12, 156
1
Consists of gold, special drawing rights (SDK), convertible currencies, and
the U.S. reserve position in the IMF.
2 Quarterly data are not seasonally adjusted.
Total
Other
Assets of foreign
foreign
assets
official
reserve
agencies
Statistical
discre pancy
2,460
3,308
1,253
6,073
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
,
Nonfinancial Corporate Business—Output, Costs, and Profits.
National Income
Personal Consumption Expenditures
_..-...........-.....Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
.-..-.,
. _. _
_
_
.._._........
_. ^. _....
..................
,
..-..-..
^. ^. _..
_
..-..-....... ».....-. -. _. -.... ^.
-._...
„.»...-..-.
~. ~
-..
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
....•..'.-._._._. — _._....
_.................... _. _.
~.........
.._.... — ........«..............-..-....
. -. ^
II
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures.
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade. . .-..................... ^.
Manufacturers' Shipments, Inventories, and New Orders
.-..
... ....
_. „
.
.
_. _.
....-.-.....-..-..-..-..-..-..-..-..-..-.....-.
-..-.... .-.... ~.....-..-. -.
_.,..»..._.....
-.... -.
17
18
19
19
20
21
~. ~ -,...
.-. _. ......
_. _..
.
.. ...
_. -..-....
_. _........ _...... ^................... _.
^. _.......
22
23
24
24
25
PRICES
Wholesale Prices.
_
Consumer Prices
.
Changes in Wholesale Prices.Changes in Consumer Prices.
Prices Received and Paid by Farmers
..-._.
_. _..
^.... ^. ^.
^.
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit.
Bank Loans, Investments, and Reserves
_
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
... _.,
M
Common Stock Prices and Yields
_. _
^
-.
-. ^.... ^. ^. ^-.......... „. _. _. „.
^. ^. ^. ^. ^.,
^. ^. ^. ^. ^. ^.
^...
,
_. ^....,
^. _..-.
... _.....
_.
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis.
_..
^..
.-.......
32
33
34
-. ^. _.... ... -. _. -. -. ^. ~. -....... ^. _.... _....
-... -. _. ^. ^.... -. ^. ^. ^. -. ^. ^.. ^.. ^.......... _.
-. _. ^. ^. ^. ^. ^. ^. _. ^. ^. « ^..... _. ^. ^.. ^.
35
35
36
...
.
.......
„
. _. ^. ^. ^.,
..
.
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports. ..... ^. ^
^
^..U.S. International Transactions.....-...._....-.............
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