Full text of Economic Indicators : April 1978
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95th Congress, 2d Session
LIBRARY
MftY 1 5 1978
•Nk
Economic Indicators
April 1978
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1978
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLTING, Missouri, Chairman
LJjOYD BENTSEN, Texas, Viet Chairman
HOUSE OF REPRESENTATIVES
SENATE
HENRY S. REUSS (Wisconsin)
JOHN SPARKMAN (Alabama)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM PROXMIRE (Wisconsin)
LEE H. HAMILTON (Indiana)
ABRAHAM RIBICOFF (Connecticut)
GILLIS W. LONG (Louisiana)
EDWARD M. KENNEDY (Massachusetts)
PARREN J. MITCHELL (Maryland)
GEORGE McGOVERN (South Dakota)
CLARENCE J. BROWN (Ohio)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN H. ROUSSELOT (California)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
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, B.C. 20402
ii
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter, gross national product rose $31.1 billion or 6J5 percent, both
at annual rates. Real output (GNP adjusted for price cnanges) decreased at an annual rate of 0.6 percent and the
implicit price deflator rose at a 7.1 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE}
BILLIONS OF DOLLARS (RATIO SCALE}
2,200
2,000
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
1970
1971
1977
SOURCE; DEPARTMENTS COMMERCE
1978
COUNCIL Of ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
Personal
consumption
expenditures
Gross
private
domestic
investment
Export s and imp>orts of
goocIs and services
Go^fernment purchases of goods and
services
Federal
Net
exports
Exports
Im-
Total
ports
fense
and
local
89. 3
100. 7
110. 4
123. 2
137. 5
151.0
167. 3
191. 5
215. 6
231. 2
249. 6
926. 2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 540. 3
1, 693. 1
1, 871. 4
363.0
370. 0
130.2
134.2
86.4
88. 4
43.8
45.8
232. 7
235. 8
1, 705. 8
1, 756. 3
178. 6
187.7
187.4
188.8
374.9
390.6
400.9
89.7
93.4
95. 6
98.5
46.7
50.2
52. 5
55. 2
238.5
413.8
136.3
143.6
148.1
153.8
247. 0
252. 9
260.0
1, 797. 0
1, 848. 2
1, 892. 2
1, 948. 2
200.8
417.1
153. 1
99.2
53.8
264. 1
1, 976. 4
254.3
243.4
7.9
3.0
168.4
168.5
160. 6
165. 6
8 1, 172. 4
9 1, 194. 0
9 1, 218. 9
8 1, 259. 5
271.8
294.9
303. 6
306.7
-8.2
-9.7
—7.5
-18.2
170.4
178. 1
179.9
170.6
'l978: I*... 1, 992. 9 1, 284. 0
314.4
-22.6
178.3
1976: III_. 1, 727. 3 1, 102. 2
IV___ 1, 755. 4 1, 139. 0
Nonde-
19. 5
21. 2
21. 2
22. 1
26.0
28. 6
28. 7
34. 1
39. 4
43.3
51.1
40. 6
47. 7
52. 9
58. 5
64. 0
75.9
94 4
131.9
126.9
155. 1
185.6
i This category corresponds closely with budget outlays lor national defense,
shown on p. 33.
de- 1
Final
sales :
71. 5
76. 9
76. 3
73. 5
70. 2
73. 5
73. 5
77. 0
83.9
86.8
94. 3
45. 6
49. 9
54.7
62. 5
65. 6
72.7
101.6
137.9
147. 3
162. 9
174.7
1, 810.
1, 869.
1, 915.
1, 961.
tional
State
90. 9
98. 0
97. 5
95.6
96. 2
102. 1
102.2
111. 1
123. 3
130.1
145.4
4.9
2.3
1.8
3.9
1. 6
-3.3
7.1
6.0
20.4
7.8
-10.9
120. 8
131. 5
146.2
140. 8
160. 0
188.3
220.0
214. 6
189. 1
243. 3
294.2
1977: I
II_._
III—
IV...
Total
fense
796.3 490.4
868.5 535. 9
935.5 579. 7
982.4 618. 8
1, 063. 4 668. 2
1, 171. 1 733. 0
1, 306. 6 809.9
1, 412. 9 889.6
1, 528. 8 980.4
1, 706. 5 1, 094. 0
__ 1, 889. 6 1, 211. 2
1967
1968
1969
1970
1971 _
1972
1973
1974
1975
1976
1977
Na-
180. 2
198. 7
207.9
218.9
233.7
253. 1
269. 5
302. 7
338. 9
361.4
395.0
Source: Department of Commerce, Bureau of Economic Analysis.
786.2
860.8
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
fixed
Besidential
fixed
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 1
1, 274. 7
_ 1, 337. 3
603.2
633.4
655.4
668.9
691.9
733.0
767.7
760.7
775.1
821.3
861.2
103.5
108.0
114.3
110.0
108. 0
116. 8
131. 0
130.6
112.7
116.8
126.8
37.2
42.8
43.2
40.4
52.2
62.0
59.7
45.0
1976: III.. 1, 283. 7
IV... 1, 287. 4
822.7
839.8
1977: I... 1, 311. 0
H... 1, 330. 7
III.. 1, 347. 4
IV— 1, 360. 2
1978: I ».. 1, 358. 3
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
Exj>orts of gc>ods
a ad servicetS
Gross ]private do mestic
iiivestment
Personal
conGross
national sumption
product
expenditures
Change
in busiNet
Exports Imports
ness in- exports
ventories
12.0
as
54.2
Governinent purebases of
good s and ser vices
State
and
local
final
sales
Total
Federal
248.3
259. 2
256.7
250.2
249.4
253.1
252. 5
257. 7
263. 0
264.4
271. 1
125.3
128.3
121.8
110.7
103. 9
102. 1
96. 6
95.8
96.7
96.5
101.4
123. 1
130. 9
134.9
139.5
145. 5
151.0
155.9
161.8
166.3
167.9
169. 7
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266. 2
1, 325. 5
47.7
56.9
10.6
4.3
6.6
9.4
16.5
8.0
-9.9
8. 5
11.8
—.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.5
16.0
9.5
62.2
67. 1
67.9
72.7
87.4
93.0
89. 9
95.8
97.5
50.7
58.9
63.5
65.7
68.5
75.9
79. 9
77. 1
67. 4
79.8
88.0
118.5
119.0
47.1
52.0
13.8
-1.8
17.0
13.8
97.9
96.9
80.9
83. 1
264.6
264. 6
96,7
97. 1
168. 0
167.5
1, 269. 8
1, 289. 2
850.4
854.1
860.4
879.8
124.3
126.4
127.6
128.9
52.7
57.6
57.5
59.9
9.7
13.2
15.7
8.7
10.6
9.4
12.2
5.9
96.9
98.5
99.8
94.8
86.3
89. 1
87.6
88.9
263.3
270.0
274.0
277.0
97.0
101. 1
103. 3
1042
166.4
168.9
170.7
172.8
1, 301. 2
1, 317. 5
1, 331. S
1, 351. 5
879.2
129.4
59.0
11.3
4.5
97.1
92.6
274.9
102. 1
172.8
1, 346. 9
sas
a7
sas
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100]
Period
Gross
national
product
Personal eonsumj:>tion expenditures
Total
1967
1968
1969.—
1970
1971
1972
1973
1974
1975
1976,..
1977
Expor ts and
imports of goods
and scjrvices
Governnlent purchases <>f goods
and sc;rvices
NonresDurable Nongoods durable Services identiai
fixed
goods
Residential
fixed
77.0
80.7
87.7
90.6
94.9
100.0
110.8
122. 3
132.8
142.5
159.9
840
85.3
87.9
93.1
96.6
100.0
116.2
148.3
163.8
170.0
179.2
80. 1
80.9
83.3
89. 1
93.5
100.0
118.2
171.0
188.2
1943
211.0
72.6
76.4
80.0
86.4
92.6
100.0
105.8
115.9
127.5
134 8
143.4
72.5
76.9
81.9
88. 3
945
100.0
107.3
118.4
129.7
137.7
147. 1
Exports Imports Federal
State
and
local
i3a i
81.9
85.3
89.4
93.6
96. 6
100. 0
107.9
123.8
133. 1
137. 7
144. 0
90.5
95.8
100. 0
104.7
113. 6
123.5
132.3
141.5
79.3
82.6
86.6
91.3
96.4
100.0
103.8
115.3
132. 3
138.7
146.0
134.0
135.6
125.3
127. 2
138. 3
139. 3
133.2
135.4
139.2
140.9
144. 1
147.5
172.0
1740
198.4
199.3
1347
138.2
138.6
140.7
13
52
19
23
137.9
139. 8
141. 7
143.2
129.3
129.5
130. 0
131.3
141.5
143.8
144. 9
145. 9
137.8
140.1
142. 9
145.0
142.5
144. 4
146.9
150. 1
153.7
157. 6
160.9
166.5
175.9
180. 8
180.2
180.0
207.0
210. 6
213.9
212,5
140. 6
142. 0
143. 3
147.6
143.4
146.2
148. 1
150.5
146. 73
146. 0
133.7
149. 1
147.7
152.8
169.9
183.7
216.9
149.9
152.8
79.02
82.57
86.72
91.36
96.02
100. 00
105. 80
_. 116. 02
127. 18
133. 88
141. 29
81.3
84,6
88.5
92.5
96. 6
100.0
105. 5
116.9
126.5
133. 2
140.6
1976: III
IY
134.56
136. 35
1977: I
II
III
IV
138.
140.
142.
144.
1978: I*.
87.4
90. 7
9a i
95.5
99.0
100.0
101.6
108.4
117. 9
124.7
Source : Department of Commerce, Bureau of Economic Analysis.
Gross private
dom estic
invesi iment
7a8
82.0
sa i
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national p roduct
Period
1967
1968
1969
1970.—
1971
1972
1973
1974
1975
1976, ._
1977
1976: III
Constant
(1972)
dollars
Current
dollars
5.8
9.1
7.7
5.0
8.2
-
5. 1
4.8
5.9
6.5
-.6
7.1
7.0
8.6
6.7
13.2
13.7
10.2
1978: I '
ao
3.8
11.6
10.7
-
2.9
45
5.0
5.4
5.1
4.1
5.8
9.7
9.6
5.3
5.5
4.6
9.9
8.2
1977: 1
II
III
IV
2.7
4.4
2.6
-.3
3.0
5.7
5.5
Fixedweighted
price
index
(1972
weights)
Chain
price
index
4.4
5.0
5.3
5.0
4.1
6.0
9.9
9.5
5.6
6.0
4.6
5.9
6.9
7.0
4.3
6.1
10.1
11.6
8. 1
IV
Implicit
price
deflator
Gross clomestic ] >r©duct
— 1.4
-1.3
6. 0
4.9
3. 9
1.2
7.5
6.2
5. 4
5.3
7. 1
Norn—Annual changes from previous year and quarterly changes from
previous quarter.
3.0
43
5.0
5.2
49
40
6.0
10.2
9.4
5.6
Current
dollars
5.7
9.1
7.8
5.0
8.1
10.1
11.5
7.9
8.5
Constant
(1972)
dollars
Implicit
price
deflator
2.7
44
2.6
-.3
2.8
5.8
5.4
3.0
45
5.1
5.3
5.1
41
5.7
-1.3
— 1. 1
6. 1
11.4
10. 7
48
6.0
8.2
6.9
7. 1
7. 0
48
6.2
12.6
13. 6
10.5
10.7
5.9
49
3.7
1.3
7.2
6.1
5.3
43
6.8
6.0
-.9
Chain
price
index
ai
44
5.0
5. 3
5.0
41
9.7
5.2
5.5
44
5.5
5.0
5.9
9.6
9.5
5.6
5.9
45
6.0
6.7
49
6.1
9. 3
7. 1
6.9
Fixedweighted
price
index
(1972
weights)
3.0
44
5. 0
5.2
49
40
5. 9
9. 9
9.4
5.6
6. 1
46
6. 1
7. 0
43
6.2
7.0
7.0
48
6.3
7.0
6.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Period
Gross domestic
prodt. LCt Of
nonfin ancial
corp<>rate
busi ness
(bilHc>ns of
doU ars)
[Quarterly data at seasonally adjusted annual rates]
C urrent-do' Jar cost and profit per unit of outpu t (dollars] i
Capital
consumption
CompenTotal
allowances Indirect sation
Net
cost
with
of
and
business
inprofit 2 capital taxes 3 employ- terest
ees
consumption
adjustment
Current
dollars
1972
dollars
452.9
49R4
541.8
560.6
602. 5
671. 0
752.0
808.8
875. 2
991. 0
1, 105. 2
545.8
581.6
607.3
600.6
619.3
671.0
720.4
695. 0
678.9
731.0
774 4
0.830
.857
.892
.933
.973
1.000
1.044
1. 164
1.289
1. 356
1.427
958.4
1976: I
!!_„_ 983.6
III._ 1, 004 7
IV... 1, 017. 2
719.4
731. 3
736.6
736.5
1. 332
1.345
1.364
1.381
.
.
.
.
145
144
147
150
.
.
.
.
134
135
136
139
.870
.880
. 892
.916
. 044
. 044
. 044
. 045
1977:1
1, 049. 3
II— 1, 094 9
III.. 1, 124 8
IV 9, 1, 151. 7
753.3
771. 7
781. 2
791.5
1. 393
1. 419
1.440
1. 455
.
.
.
.
149
148
151
153
.
.
.
.
140
139
140
142
.930
. 943
. 949
. 964
. 046
.047
.048
. 049
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977 ,
0, 072
0.084
.074
.089
.079
. 094
.088
. 103
.094
. 110
.093
. 110
. 095
. 112
. 116
. 123
. 143 . 136
. 146 . 136
. 151 . 140
1 Output is measured by gross domestic product of nonfmancial corporate
business in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial eoriporate
business with the decimal point shifted two places to the left.
' 3 Indirect business tax and nontax liability plus business transfer payments
e ss subsidies.
Corpc rate profi ts with
invent >ry valuation and
capii al consurription
£idjustmen ts
Total
0. 535 0.016 0. 123
.553
. 124
.017
.022
.589
. 109
.. 628
. 028 .086
. 645 .029
. 095
. 661 .028
. 107
.032
. 105
.699
. 796 .043
. 086
. 849 . 045 . 115
. 890 .044
. 139
.947
. 142
, 047
Profits
tax
liability
Profits
after
tax*
ComOutput
pensation
per
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0. 051
. 058
. 055
.045
. 048
. 050
. 055
.061
.060
. 073
. 074
0. 072
.066
. 055
. 041
. 046
.057
.050
. 024
.055
. 066
.069
6.873
7. 105
7. 139
7. 132
7.374
7.595
7.781
7.506
7.766
8.055
8. 244
3.676
3. 929
4 198
4 478
4 757
5. 024
5. 441
5. 972
6. 596
7. 166
7. 805
.139
.142
. 145
. 132
.072
. 075
.074
. 072
.067
. 066
. 071
.060
7.988
8.073
8. 112
8. 052
6. 953
7. 101
7. 238
7.373
. 128
.142
. 152
. 147
. 070
. 075
.073
.076
.058
. 068
. 079
. 070
8. 170
8.209
8.298
8. 322
7. 599
7.737
7. 873
8. 026
* 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]
Compensation of
employ-1
ees
National
income
Period
Propri etors*
ineom<3 with
inventory valuation and capital
eonsuDaption
adjust ments
Farm
Nonfarm
2.5
1.9
-2.9
-12.2
-14.7
-17.2
70.0
72. 0
23.3
24. 1
133.5
123. 1
148.2
137. 9
159. 9
154. 8
-11.7
-16.9
-14.7
-14. 8
90. 1
92.0
20.7
19.7
15.5
22.7
74.3
77.3
80. 0
82.4
24.5
24.9
25. 5
26.4
125. 4
140.2
149. 0
144.8
141.0
156.2
166.9
164.2
161.7
174. 0
172. 8
178.3
-20. 6
-17.8
-5. 9
-14. 1
-15.6
-15.9
-17.9
-19.4
95.3
98.9
103. 1
106. 1
19.7
82.8
26.9
-24. 6
-20.6
109.4
1977: I
II
III
IV
1, 450. 2
1, 505. 7
1, 540. 5
1, 585. 7
1, 109. 9
1, 144. 7
1, 167. 4
1, 203. 3
1, 242. 5
1978: I »
1
adjustment
5. 1
-5.0
-6.6
-18.6
-40.4
-12. 0
-14. 1
-14.6
16.2
16.6
951.9
1, 064. 6
1, 136. 0
1, 217. 0
1, 364. 1
1, 520. 5
Inven4.wry
_.___
valua-
20.1
21. 5
21.6
21.4
22. 3
23. 3
25. 3
1, 379. 6 1, 046. 5
1, 402. 1 1, 074. 2
ssa i
Total
Profits
before
tax
24.3
26.8
30.8
37.5
42. 8
47. 0
52.3
69. 0
79. 1
88.4
100. 9
1976: III
IV
—
Total
Net
Capital
coninterest
sumption
adjustment
77.3
85.6
83.4
71.5
82. 0
96.2
115.8
126.9
123.5
156. 9
171. 7
48.9
51.4
52.3
51.2
53.4
58. 1
60.4
60. 9
62.8
69.4
78.5
655.8
714.4
767.9
798.4
Profits 5 with inv entory
valual ion adjustment
and iwithout csipital
eonsum ption adjiistment
75.6
82. 1
77.9
66. 4
76. 9
89. 6
97. 2
86.5
111.5
142. 7
157. 1
12. 1
12.0
13.9
13.9
14. 3
18.0
32.0
25.4
23. 2
18.6
19. 7
-
Corpor ate profits3 with inventory valuation
and capital consumptio a adjustm ents
79.3
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
99. 3
128. 1
139.9
471. 9
519.8
571.4
609. 2
650.3
715. 1
799.2
875. 8
930.3
1, 036. 3
1, 156. 3
1967
1968
1969
1970..1971
1972
1973
1974
1975
1976
1977
Rental
income
of persons
with,
capital
consumption
adjustment
19.4
18.6
18. 1
ia 6
Includes employer contributions for social insurance. (See also p. 5.)
-1.7
-3.4
3.7
3.7
3.5
5.5
1. 5
.3
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura ble goods
Durable goo<is
Total
personal
consumption
expenditures
Total
durable1
goods
Motor
vehicles
and
parts
490.4
535.9
579.7
618.8
668.2
733. 0
809. 9
889. 6
980.4
1, 094. 0
1,211.2
69.6
80.0
85. 5
84. 9
97. 1
111. 2
123. 7
122. 0
132. 9
158. 9
179.8
29. 7
35.8
37.7
34.9
43.8
50. 6
55. 2
48. 0
53.9
71.9
83.8
29. 5
32.6
35. 0
36. 7
39. 4
44. 8
50. 7
54.9
58.0
63. 9
70.5
212. 6
230.4
247. 0
264. 7
277. 7
299. 3
333. 8
376.3
409.3
442. 7
480. 7
1976: III__._ 1, 102. 2
IV.... 1, 139. 0
159. 3
166. 3
72.1
75.7
63.9
66.5
1, 172. 4
1, 194. 0
1, 218. 9
1, 259. 5
177. 0
178.6
177.6
186.0
85.3
84.5
81.2
84.2
1978: I *»._._ 1, 284. 0
184. 0
84.6
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
___
1977:1
II
III....
IV
1
Total Includes other items not shown separately.
Furniture
and
household
equipment
Total
nondurable
goods 1
Retail sales of
new pa ssenger
cars (nlillions
of uiaits)
Services
Clothing
and
shoes
Gasoline
and oil
109.6
118.3
126. 1
136. 3
140. 6
150. 4
168. 1
189. 8
209. 5
225. 5
246.2
38.2
41.8
45. 1
46. 6
50. 5
55. 1
61. 3
65.3
70.2
76. 3
83. 0
17. 0
18.4
20.4
22. 0
23. 4
24 9
27. 8
36. 4
39. 1
41. 4
44 7
208. 1
225. 6
247.2
269. 1
293. 4
322. 4
352. 3
391. 3
4.38. 2
492. 3
550.7
8. 6
8. 5
7. 1
8. 7
9. 3
9. 7
7. 5
7. 1
444. 7
458.8
227. 0
232. 0
76.9
79. 9
41. 2
43. 5
498. 2
513. 9
67.4
69.3
70.9
237. 9
244. 8
248. 3
2540
79. 3
80. 4
83. 3
89.0
44 1
743
466,6
474. 4
481. 8
499.9
443
442
46. 3
528. 8
541. 1
559. 5
573.7
9.3
8.9
8.9
2. 0
2. 0
72. 1
505.8
260.5
85.3
46.6
5943
8. 8
2.0
Food
Domestics
Imports
7.6
0.8
8.6
1.6
1.5
1. 0
1. 1
1. 3
1. 6
1. 6
1. 8
1. 4
9. 1
2. 1
8. 5
8.4
1. 5
1. 7
9. 4
1.8
2.4
Source : Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $19.4 billion (annual rate) in March, following a $7.6 billion (revised) increase in February.
Wages and salaries increased $15.8 billion in March, compared with $8.8 billion in February/ the February increase
had been held down by the effects of the severe winter weather.
BILLIONS OF DOLLARS* (RATIO SCAl$
2,000
BILLIONS OF DOLLARS* (RATIO SCALS)
2,000
1,800
1,600
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
600
WAGE AND SALARY DISBURSEMENTS-
^ „,...
__n,,,,,t,,«l!!*:
400
400
OTHER INCOME
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
1 M 1 I I I I I I! I I I 1 I I t M
1970
I t I t t t t 1t t
1971
1972
f.t I t f ? t > I t 1
I IM Ii IIII I
1973
I 1I I I
1974
I M M I M Ml
1975
1976
*SEASONAUY ADJUSTED ANNUAL RATES
SOURCE* DEPARTMENT OF COMMERCE
Period
1970
1971
1972
1973
1974
1975___
1976
1977
1977: Mar____
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar 9
1977
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
a
Wage
Rental
Total
and
Other Proprietc)rs' income income
Divi- Personal Transfer
personal salary
labor1 2
payof 4 dends interest
income disburseincome
income ments 5
Farm
Nonfarm persons
l
ments
801. 3
859. 1
942. 5
1, 052. 4
1, 154. 9
1, 253. 4
1, 382. 7
1, 536. 7
1, 499. 1
1, 510. 1
1, 517. 3
1, 524. 3
1, 539. 2
1, 549. 0
1, 561. 3
1, 584. 0
1, 602. 3
1, 622. 7
1, 625. 2
1, 632. 8
1, 652. 2
1
546. 5
579.4
633. 8
701. 3
764. 6
805. 7
891.8
990. 0
964. 9
974. 1
982.0
986.5
992. 9
997. 9
1, 006. 0
1, 022. 1
1, 029. 9
1, 035. 3
1, 046. 3
1, 055. 1
1, 070. 9
32.0
36.2
42. 0
48.7
55.6
64.9
75.9
88. 6
84.4
85.5
86. 7
87. 9
89. 1
90.3
91. 5
92.8
94. 0
95. 3
96. 5
97. 7
99. 0
13.9
14.3
18.0
32. 0
25.4
23. 2
18.6
19.7
21. 7
20.9
19.8
18.4
16.5
15. 1
14.9
17.4
21. 1
29. 4
23.0
18.5
17. 5
51.2
53.4
58. 1
60.4
60.9
62. 8
69. 4
78. 5
76.0
76.9
77.2
77. 6
79.2
80.2
80.8
81. 5
82. 3
83.2
81. 9
82. 9
83.5
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
Consists of employer contributions to private pension, health, and welfare
bds; workmen's compensation; directors' fees; and a few other minor items.
»With inventory valuation and capital consumption adjustments.
J With capital consumption adjustment.
I I I I t I M I 1.1
i 1978
18.6
20. 1
21.5
21. 6
21.4
22.3
23.3
25. 3
24.6
24.3
24. 8
25. 6
24. 7
25. 7
26.0
26. 2
26. 4
26. 6
26.8
26.9
27. 0
22. 9
23. 0
24.6
27.8
31.0
32. 4
35. 8
41. 2
39. 0
39. 3
39. 6
41. 9
42. 0
42. 4
42. 6
42. 7
42. 9
45. 2
43.7
43.8
44. 0
64 3
69.3
74.6
84. 1
103. 0
115. 6
130. 3
147. 8
141. 8
143. 5
145.2
147. 4
149. 1
150. 4
151. 3
153. 1
155.4
157.0
158.5
159. 8
161. 1
79.9
94. 1
104. 1
118.9
140. 8
176.8
192.8
206.9
206. 9
206. 0
202.9
200.0
207. 2
208. 6
210. 2
210. 9
213. 1
213.9
215.4
215. 5
217.3
Less: Per- Nonsonal confarm
tributions personal
for social income 6
insurance
28.0
30.8
34.2
42. 2
47.7
50.4
55.2
61. 3
60.2
60. 6
60. 9
61. 0
61. 5
61. 6
62. 0
62. 6
62. 9
63. 2
67. 0
67.4
68. 1
780.7
838. 0
917.3
1, Oil. 9
1, 119. 3
1, 218. 8
1, 351. 3
1, 502. 8
1, 463. 7
1, 475. 3
1, 483. 5
1, 491. 6
1, 508. 3
1, 519. 5
1, 531. 8
1, 551. 9
1, 566. 3
1, 578. 2
1, 586. 8
1, 598. 8
1, 619. 1
« Consists mainly of social insurance benefits, direct relief, and veterans payments.
e 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 rose only slightly in fhe first quarter.
BttLJONS OP DOLLARS* (feATO SCA!I|
BILLIONS OF DOLIARS* [RATIO SCALED
1,600 r
DISPOSABLE PERSONAL WCOME
\
PERSONAL OUTLAYS
l
i
t
r
r
T i
?
f
f
t
!
t
I
f
J
!• f
t
f
!
f
i
t
DOLLARS* (RATIO SCALE}
DOLIARS* (RATIO SCALE) *
—PER CAPITA DISPOSABLE PERSONAL INCOME
CURRENT DOLLARS
2,000
2,000
1970
197$
1971
^.SEASONALLY ADJUSTED ANNUAL RATES
SOURCE. DEPARTMENT OF COMMERCE
Period
L
Personal
Pertax
sonal
and
income nontax
payments
Equals:
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays l
Per cjapita
dispc>sable
persona I income
Equals:
Personal
saving Current
dollars
BilEons of d ollars
1969
1970
1971
1972
1973
1974
1975
1976
1977
745. 8
801. 3
859. 1
942.5
1, 052. 4
1, 154. 9
1, 253. 4
1, 382. 7
1, 536. 7
1972
dollars
Per caf >ita personal c(>nsumption exp enditures
Ciirrent
dollars
1972
dollars
I
Percent
change Saving
in real as perper
cent of Populacapita dispostion
disposable
(thouperable
sands) *
personal
income
sonal
income
Dollars
115.4
630.4
595.3
115.3
685.9
635.4
116.3
742.8
685.5
141.2
801.3
751.9
901. 7
150.8
831.3
170.3
984.6
9ia o
169. 0 1, 084. 4 1, 004. 2
196.9 1, 185. 8 1, 119. 9
227.5 1, 309. 2 1, 241. 9
35.1
50.6
57.3
49.4
70.3
71.7
80.2
65.9
67.3
3, 111
3,348
3, 588
3,837
4,285
4,646
5,077
5,511
6,037
3,515
3,619
3,714
3,837
4,062
3,973
4,014
4, 137
4,293
2, 860
3,020
3,227
3, 510
3,849
4,197
4,591
5,084
5, 585
3,234
3, 265
3,342
3, 510
3,648
3,589
3,629
3,817
3,971
5.9
-2.2
1. 0
3. 1
3.8
5.6
7.4
7. 7
6.2
7.8
7. 3
7.4
5. 6
5. 1
202,
204,
207,
208,
210,
211,
213,
215,
216,
1. 5
3. 0
2. 6
a3
677
878
053
846
410
945
566
191
856
Seasonally ad; usted ann ual rates
1976 : m _ _ 1, 393. 9
1, 432. 2
1977: I.
1, 476. 8
II
1, 517. 2
III.. 1, 549. 8
IV.. 1, 603. 0
200. 6
209.5
2244
224.8
226. 1
2347
1, 193. 3
1, 222. 6
1, 252. 4
1, 292. 5
1, 323. 8
1, 368. 3
1, 128. 5
1, 166. 3
1, 201. 0
1, 223. 9
1, 250. 5
1, 292. 2
64.8
56.3
51.4
68. 5
73.3
76. 1
5, 540
5,665
5,793
5,967
6,098
6,290
4, 135
4, 177
4,202
4,268
4,305
4,394
5,117
5,278
5,422
5,513
5,615
5,790
3,820
3,891
3,933
3,943
3,964
4,044
0.5
4. 1
2.4
6.4
3.5
8.5
5.4
4.6
4. 1
5. 3
5. 5
5.6
215, 380
215, 827
216, 206
216, 603
217, 073
217, 541
1978: 1»... 1, 636. 7| 236.3 1, 400. 5 1, 317. 9
82.6
6,427
4,401
5,893
4,035
.6
5.9
217, 901
1
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
me averages of quarterly data beginning 1974. Quarterly data are average for the
period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In tbe first quarter, farm income excluding inventory change fell $0.2 billion (annual rale) while income including
inventory change fell $3.2 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
-BJLUONS OF DOUA!§* {RATIO SCAL|
120
120
100
109
\ •F
REALIZED GROSS
FARM WCOME
80
80
m
NET FARM INCOME
WCLUDiNG NET-INVENTORY
OUNCE
40
-40
\
/
\''\
1- 1
10
T
!
I'
1970
T
t
1971
f
t
1
t
1 •! M
1972
1973
1974
1975
f
20
v
f
•1976
f
1977
! L
1978
•SEASONALLY ADJUSTED ANNUAL KATES
SOURCE DEPARTMENT OF AGRICUUURE
COUNCIL OF ECONOMIC ADVISERS
Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by total farmpo pulation
Income rejceived fr<>m f arming
Realizeid gross
Nettc> farm
open%tors
Net inc ame per
farm inchiding net
inventory change •
IV
58.6
60. 6
70. 1
95.5
100. 0
96.7
103.6
106. 1
100.9
101. 9
106.5
107.2
100.8
110. 0
Gas bi receipts from
inarketing s
Produc- Exclud- Includtion ex- ing net ing net
Livepenses inven- inven- Current
1967 4
stock
Total
Crops
and
tory
tory 2 dollars dollars
products
change change
Billio]as of dolla rs
Dollars
50.5
142
29.6
21.0
141
444
4,202
4,790
30.6
52.9
13.2
14 6
22.3
47.4
5,030
4,263
61.2
35.7
25.5
17.8
52.3
ia7 6,504 5,288
41. 1
87. 1
45.9
33.3 11, 727
65. 6
29.9
8,817
92.4
41.4
51.1
72.2
9,232
26. 1
27.7
6, 114
sa i 43. 0 45. 1 75.9 20.8 243 8,637 5,203
46.4
94.3
20. 0
47.9
81.7
21.9
7,203
4,093
95.0
47.4
20.4
47.6
21.3
85.7
7,870
4,186
91.5
45.5
46.0
82.3
18.6
17.6
6,330
3, 580
92.4
45.4
47. 0
81.2
18.0
20.7
6,480
3,600
96.7
46. 2
50.5
84. 5
22.0
21.5
7,940
4,330
97. 1
46. 8
50.3
21. 2
86. 5
20.7
7,830
4, 180
90. 4
47.8
42. 6
83. 3
17. 5
17. 5
6,470
3,410
95.9
48.9
47. 0
sa 5 21.5 25.0 9,240 4,800
1978: I'
113.4
101.2
Period
From From From
farm nonfarm Total *
all
sources sources sources
1970
1971
1972
1973
1974___ __
1975
1976
1977
1976: III. _.
IV
1977:1
II
m___
1
27.4
28.7
34. 4
48. 6
44 7
44. 3
42. 0
44.5
13.0
13.4
16. 8
29. 0
23. 1
21. 5
17. 8
18.6
14.4
15.3
17.6
19. 5
21. 6
22. 8
24. 2
25.9
52.6
Cash receipts from marketings, Government payments, and nonmoney inome furnished by farms.
2 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.
27-086
48.7
92. 1
21.3
21.8
8, 130
4,130
«Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base. As of January 197? movement is based on the
overall change in the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to revised estimates for the fourth quarter of 1977, profits before tax rose $5.5 billion while before-tax
profits with inventory valuation adjustment fell $2.7 billion. Profits after tax rose $1.4 billion.
BH.UONS OF DOLLARS
BfLUONS OF DOLLARS
40
40
1969
I
1970
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profit s (before tax) wit; a inventc
>ry valmition
adjustn lent 1
Pro its after tax
Dome?stic indu stries
r
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1976: III
IV
1977: I
II
III
IV
N onfinan< )ial
Total 2
75. 6
82. 1
77. 9
66.4
76.9
89. 6
97. 2
86. 5
111. 5
142. 7
157. 1
148. 2
137. 9
141. 0
156.2
166. 9
164. 2
Total
72. 6
78.9
74.2
62. 6
72. 4
84. 7
90. 4
76. 9
105. 4
134. 6
147. 8
139.8
130. 2
131. 0
145. 5
157. 4
157.5
ManuFinancial
Total3 facturmg
9.0
10. 4
11.3
12. 6
14. 1
15. 4
16. 2
14. 4
15. 0
18. 2
20. 7
18.4
18.4
19. 2
19. 9
21.2
22.3
63. 6
68.5
62.9
50. 1
58. 2
69. 3
74. 1
62. 5
90. 3
116. 4
127. 2
121. 3
111.8
111. 8
125. 5
136. 1
135.2
37. 9
41. 2
36.8
27. 1
32. 4
40. 6
44. 1
36.6
47. 9
66. 3
75.4
68.4
62. 9
65. 2
76.4
77.6
82.2
1978: I *
* See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
* Includes industries not shown separately.
8
Wholesale
and
retail
trade
8.9
10. 1
10. 1
9. 4
11.7
13. 3
147
12. 9
22. 1
27. 1
26.5
29. 1
27. 4
24.0
25.4
31.2
25.4
Profits
before
tax
Tax
liability
Total
Dividends
77.3
85. 6
83. 4
71. 5
82. 0
96.2
115.8
126. 9
123. 5
156. 9
171. 7
159.9
154.8
161. 7
174. 0
172. 8
178. 3
32. 5
39. 4
39. 7
34.5
37.7
41. 5
48. 7
52. 4
50.2
64. 7
69. 2
65.9
63. 9
64. 4
69. 7
69. 3
73. 3
44. 9
46. 2
43. 8
37. 0
44. 3
54. 6
67. 1
74. 5
73.4
92. 1
102.5
94. 0
90. 9
97.2
104.3
103. 6
105. 0
20. 1
21.9
22. 6
22. 9
23. 0
24. 6
27.8
31. 0
32.4
35. 8
41. 2
36. 0
38. 4
38.5
40.3
42.3
43.6
Undistributed
profits
24. 7
24.2
21. 2
14. 1
21.3
30. 0
39. 3
43. 6
41. 0
56. 4
61.4
58. 0
52. 5
58.8
64. 1
61.2
61.4
43.8
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
— 1. 7
— 3.4
-5.5
-5.1
— 5. 0
— 6.6
-18. 6
—40.4
— 12. 0
-14. 1
-14. 6
-11. 7
-16.9
-20.6
-17.8
—5. 9
-14.1
-24.6-
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose $4.2 billion (annual rate) in the first quarter as producers' durable equipment purchases
increased $3.6 billion and nonresidential construction outlays rose $0.6 billion. Residential investment outlays increased $0.3 billion. Inventory investment amounted to $16.5 billion, up $3.0 billion from the fourth quarter level.
BILLIONS OF DOLLARS* (RATIO SCALg)
BILLIONS OF DOLLARS*(RATIOSCALE)
340 -GROSS PRIVATE DOMESTIC INVESTMB^T
140 -NONRESIDEh TIAL FIXED INT/ESTMENT
300
10fi
"*
q
_
. PRODUCERS'
DlJRABLE EQUIP*<mr^^
\
-*
**-"*
4/yj
_
220
QA
^
180
1 t f
^ \
STRUCTURES
BILLIONS OF DOLLARS
120
RESIDENTIAL FIXED INVESTMENT
110
Jih
60
4*
^w.-'**
^*
—V- •«*
,---"
Ml
**••»„-—•*
CA
100
\
90
\
\
f
I !
1
I
!
i i i
!
1 1
BILLIONS OF DOLLARS
80
70
60
50
I
1974
1976
1975
! f
1975
1974
1978
1977
1976
*SEASQNAU.Y ADJUSTED ANNUAL RAJES
SOURC& BiPARTMENI OF COMMERCE
1977
1978
COUNCIL OF ECONOMIC ADVISERS
[Billions ©f dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investm<snt
Gross
private
domestic
investment
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1976:111
IV
1977: I
II_.
Ill
IV
1978:1"
...
Stru(stures
Total
Total
Nonfarm
Total
Nonfarm
T>__
Total
Nonfarm
structures
JtTO-
Farm ducers'
durstrucable
tures equipment
Change in business in\rentories
Total
Nonfarm
120.8
131.5
146.2
140.8
160.0
188.3
220. 0
214. 6
189. 1
243. 3
294.2
254. 3
243.4
271.8
294. 9
303. 6
306.7
82.1
89. 3
98.9
100. 5
104. 1
116.8
136.0
150.6
149. 1
161. 9
185. 1
164.9
167.6
177. 0
182.4
187.5
193.5
29.5
31.6
35.7
37.7
39.3
42.5
49.0
54. 5
52. 9
55. 8
61.5
56. 0
57.0
57.9
61. 0
62. 6
64.5
28.2
30.4
34.3
36. 1
37.8
41. 1
46.9
51.8
50.4
53. 4
58.8
53.6
54.4
55. 1
58. 2
60. 1
61.8
52.6
57.7
63.3
62. 8
64. 7
74.3
87.0
96.2
96. 3
106. 1
123,6
109. 0
110.6
119. 2
121.4
124. 9
129. 0
48.0
53.4
58.9
58. 1
59.9
69. 1
80. 1
88. 2
87. 1
95.9
112.4
98. 4
100.7
107.8
110. 0
114. 0
117.8
28.6
34,5
37.9
36.6
49. 6
62.0
66. 1
55. 1
51. 5
68. 0
91. 0
67. 8
76.7
81. 0
90. 8
92. 5
99.7
27.2
33. 1
36.3
35. 1
47. 9
60.3
64.3
52.7
49. 5
65. 7
88.4
65.7
74,3
78. 5
88.2
89.9
97.1
0.7
.6
.7
.6
.7
.7
.6
1.2
.9
1.0
1. 1
.9
1.1
1.1
1.2
1. 1
1.0
0.7
.8
.9
.9
1. 0
1. 1
1. 2
1.2
1. 1
1.3
1.4
1. 2
1.3
1.4
1.4
1.5
1.6
10. 1
7.7
9.4
3. 8
6.4
9.4
17.9
8. 9
— 11. 5
13.3
18.2
21. 5
-.9
13.8
21. 7
23. 6
13.5
9. 4
7. 6
9. 2
3. 7
5. 1
8. 8
14. 7
10. 8
— 15 1
14. 9
17.1
22. 0
1.4
14. 1
22.4
23. 1
9.0
314.4
197.7
65. 1
62. 0
132.6
121.7
100.2
97.4
1.1
1.7
16.5
15.5
Source: Department of Commerce, Bureau of Economic Analysis.
Prodiueers'
dur able
equip>ment
Resid ential fix:ed investment
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 10,9 percent in 1978, according to the Commerce Department survey
conducted in late January and February. Spending in 1977 was 12.7 percent above the 1976 level.
BILLIONS OF DOLLARS (RATIO SCAL^
180
BILLIONS OF DOLLARS (RATIO SCALQ
180
S5ASONALLY ADJUSTED ANNUAL RATES
160
160
140
140
tOTM. NEVY PIANT AND EQUIPMENT
120
120.
too
100
SO
80
NONMANUFACTUR1NG
,...,.„«•«""*«'
60
60
..,..,.*•*"""
—T^*"**
MANUFACTURING
40
40
y y
I
1970
1
20
1972
1971
.1974
1973
1975
1976
1977
1978
.V JCE FOOTNOTE 4 BELOW,
SOURCE, DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted aanual rates]
Starts af plant
and eqilipment
proj ects3
cpenditurc?s for plan t and equ ipment
E3
Miiinufaeturi ng
Period
Total1
Total
' N <>nmanuf acturing
Durable
goods
Nondurable
goods
14 15
15. 64
19. 25
22, 62
21.84
23.68
27.77
51.22
57. 09
61.73
66.39
64. 82
68. 01
75. 64
83.48
2.16
2.42
2.74
3. 18
3.79
4.00
4.50
6. IS
Total
2aoo
35. 21
47. 57
52. 49
48.24
51. 05
66.73
22.22
28. 60
38. 13
45. 74
34 50
29. 66
32. 54
7.28
449
474
450
4.24
7.29
6,96
6.85
6.88
25. 35
25.29
26.22
26.23
14 19
15. 32
16.40
15.82
22.67
22.73
23. 14
23.27
15.26
15. 15
19. 81
16. 54
9. 76
3. 79
10. 23
7.99
83.25
83.34
6.24
6.13
8.12
7.63
28.69
28.62
41. 21
41. 94
83.66
6.08
6. 77
30.27
41. 54
SI. 09
1977: I
II
III
130. 16
134.24
140. 38
138. 11
56.43
59.46
63. 02
61. 41
26.30
27.26
29.23
28. 19
30. 13
32.19
33. 79
33.22
73.74
74. 78
77.36
76.70
1978: I*_
146. 25
149. 16
68. 00
65.82
29.81
31.01
S3. 18
34.81
69.60
SI. 62
37.98
2nd
half *„ 16S. 24
1 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
2 Includes trade, service, construction, finance, and insurance.
10
iao5
and
other 2
Public
utilities
20.07
21.40
22. 05
20.60
20.99
22.97
24.60
15.84
15.72
18.76
23.39
26. 11
28. 81
32.39
36. 11
II <
Manufacturing
10. 77
11. 89
12.85
13.96
12.74
13.30
15.45
16.97
29.99
31.35
38.01
46.01
47.95
52.48
60. 16
67.20
IV
Commercial
15. 30
17.00
18.71
20. 55
20. 14
22.28
25.80
$9.48
81, 21
8&44
99.74
112.40
112. 78
„ 120. 49
... 135. 80
UO. 68
1971
1972
1973
1974
1975
1976
1977
1978 4
Trans- Public ComMining porta- utili- munition
cation
ties
493
5. 72
6.03
6.66
7.57
7.45
6. 93
* Starts are estimated by adding changes in carryover to expenditures during
given period,
* Planned capital expenditures as reported by business in late January and
February. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE IiABOR FORCE
Unemployment increased only slightly in March but seasonally adjusted employment increased by 263,000. The
proportion of the population with jobs rose to an all»time high of 58.2 percent.
MILLIONS Of PERSONS'
MltUONS OF PERSONS*
-5
1970
1978
*!! YEARS OF ACE AND OVER.
SOURCEi DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
i
Period
1973
1974
1975
1976
1977
Total
Noninlabor
stitu- Civilian Unem- force
tional employ- ploy- (including
populament
ment
tion
Armed
Forces)
148, 263 84, 409 4,304 91, 040
150, 827 85, 935 5, 076 93, 240
153, 449 84, 783 7,830 94, 793
156, 048 87, 485 7,288 96, 917
158, 559 90, 546 6, 855 99, 534
U nadjusted
1977: Mar.. 157, 782
Apr
157, 986
May. 158, 228
June. 158, 456
July.. 158, 682
Aug.. 158, 899
Sept.. 159, 114
Oct.. 159, 334
Nov— 159, 522
Dec.. 159, 736
88, 215
89, 258
90, 042
92, 372
92, 315
91, 247
92, 230
92, 473
92, 623
7,556 98, 761
6,568 98, 878
6, 151 99, 289
7,453 99, 681
6,941 99, 442
6,757 99, 751
6,437 99, 887
6, 221 100, 205
6, 346 101, 009
5, 880 101, 048
1978: Jan*.. 159, 937
Feb__ 160, 128
Mar. 160, 313
91, 053
91, 185
91,964
6, 897 101, 228
6, 739 105,217
6,479 101, 536
1
91, 682
Civilian
labor
force
Total
88, 714
91, Oil
92, 613
94, 773
97, 401
84, 409
85, 935
84, 783
87, 485
90, 546
96, 623
96, 746
97, 161
97, 552
97, 307
97, 614
97, 756
98, 071
98, 877
98, 919
89, 478
89, 877
90, 267
90, 648
90, 588
90, 793
91, 088
91, 383
92, 214
92, 609
99, 107
99, 093
99, 414
92, 881
93, 003
93, 266
Persons at work. Economic reasons include slack work, material shortages,
Inability
to find full-time work, etc.
3
Total labor force as percent of noninstitutional population 16 years of age and
over.
Unempl ayment
Civilian e mploymeiit
Nonagri cultural
Partxtime Total
AgriecoculTotal for
nomic
tural
reasons '
3,452 80, 957
2,311
4,304
2,709
3,492 82, 443
5, 076
3,490
3,380 81, 403
7,830
3,272
3,297 84, 188
7, 288
3, 244 87, 302
3, 297
6. 855
Seas(anally adj usted
3, 179
3,256
3,335
3,330
3,206
86, 299
86, 621
3, 323
86, 932
87, 318
87, 382
87, 569
87, 889
88, 140
88, 857
89, 286
3, 354
3, 242
3, 310
89, 761
89, 956
3, 224
3, 199
3, 243
3,357
89, 527
3,271
3,192
3,268
3,390
3,464
3,253
3, 306
3,263
3,285
3,220
2,986
3, 193
3, 164
7, 145
6,869
6,894
6, 904
6, 719
6,821
6,668
6,688
6,663
15
weeks
and
over
812
937
2, 483
2, 339
1, 911
Labor
force
participation
rate
(per-z
cent)
61.4
6). 8
61. 8
62. 1
62. 8
2, 008
1,828
62. 6
1, 788
1,824
62.9
1,869
62.6
62.8
1, 800
62.7
62.8
1,834
1,848
62.8
62. 9
6, 310
1,829
1, 797
63.3
63.3
6, 226
6, 090
6, 148
1, 588
1, 568
63.2
1,463
63. 3
63.3
* Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household surrey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOMENT RATES
In March, the seasonally adjusted unemployment rate was little changed from the February rate, increasing by 0.1
percentage point to 6.2 percent. Most of the increase occurred among black workers.
PERCENT* (SEASONALLY ADJUSTED)
•PERCENT* (SEASONALLY ADJUSTED)
1
' ' n i l i i t i 1 1 i f 11r.uLL i t i t f 1 1 1 i ? i
1976
1977
1977
1978
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURC& DEPARTMENT OF LA8OR
I
1978
COUNCIL OF IC0HOM1C ADVKBtf
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
1973
1974
1975
1976
1977
1977: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1978: Jan
Feb
Mar
4.9
5.6
8.5
7.7
7.0
7.4
7. 1
.
,
7.1
7. 1
6.9
7.0
6.8
6.8
6. 7
6.4
6.3
6.1
6.2
Unemployment rate (percent of civilian labor force in group)
By race
By isex and *J-ge
i
13y select ed grouf )S
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
3.2
3.8
6.7
5.9
5.2
5.6
5.2
5.3
5.1
5.1
5. 1
4.7
5.0
4.7
4.6
4.7
4.5
4.5
4.8
5.5
8.0
7.4
7.0
7.2
7.0
a9
7.2
6.9
7. 1
6.9
6. 8
6.9
6.6
6. 1
5.7
5.8
14. 5
16.0
19.9
19. 0
17. 7
18. 7
18.2
18. 1
18.0
17.3
17.3
18.3
17. 3
17. 2
15.6
16. 0
17.4
17.3
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
White
4.3
5. 0
7.8
7.0
6.2
6. 6
6.4
6. 3
6.3
6. 1
6. 1
6. 0
6. 0
5. 9
5.5
5. 5
5.3
5.3
ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers
8. 9
4.5
2.9
4.3
9. 9
5.3
3.3
5. 1
8.2
13.9
5.8
8. 1
13. 1
7. 3
5. 1
7.3
13. 1
6. 6
4.5
6.5
12. 9
6.9
4.7
6.8
12. 3
6.6
4.5
6. 6
12. 9
4.
5
6.7
6.6
13.2
6.5
4.3
6. 5
13.3
6. 4
4.4
6. 5
14.3
6. 5
4.5
6.6
13. 1
4.4
6. 3
6.4
13. 7
6. 5
4.4
6.4
13. 7
4.2
6.3
6.2
12.7
6.0
5. 9
3.9
5. 9
3. 8
12.7
5.8
11.8
5.7
5. 7
3.6
12.4
5.7
3.7
5.6
Source: Department of Labor, Bureau of Labor Statistics,
Parttime
workers
7.9
8.6
10.3
10. 1
9.8
10.9
9. 9
9.9
10.5
9. 3
9.0
9.7
9. 6
9. 6
8.9
8.9
8.6
9.6
Labor
force
time
lost
(per-1
cent)
5.2
6. 1
9. 1
8.3
7.6
7.8
7.4
7. 6
7.6
7.5
7.6
7.4
7.4
7.3
7.0
6.8
6.6
6.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The slisht increase in unemployment in March was accompanied by a decrease in the proportion of job losers and
long-term unemployed.
PERCENT DISTRIBUTION *
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
REENTRANTS
>~x.
2b
JOB LEAVERS
Wv
A
NEW ENTRANTS
1975
1976
I 1 1 1 1 .t t .1 1
1977
1 111
1975
1978
1978
*$EASPMAILY ADJUSTED
50URC6 DEPARTMENT Of IABOR
COUNCrt. OF ECONOMIC ADVISER*
[Monthly data seasonally adjusted, except as noted]
Percen t distrib ution of unemPercen t distrib ution of unemState p~rograms Insured
plo yment b y duraticHl 1
unemPi Qyment 13y reasoii i
Period
1973
1974
1975
1976
1977
1977: Mar__
Apr___
May__
June__
July..
Aug__
Sept.,
Oct
Nov..
Dee—
1978: Jan.-Feb*.Mar p _
Unemployment
(thousands)
Job
losers
4,304
5,076
7,830
7,288
6,855
7, 145
6, 869
6,894
6,904
6,719
6,821
6,668
6, 688
6, 663
6,310
6,226
6,090
6, 148
38. 7
43.4
55.4
49.8
45.3
45. 1
44 2
45. 0
43. 0
45.3
46. 3
45. 3
45. 5
44 7
43.4
42.9
41.6
40.3
1
ReenJob
leavers trants
15.7
14 9
10. 4
12. 2
13. 0
12. 9
12. 6
13. 3
13. 6
12.5
12. 9
12. 9
13. 1
13. 3
13.9
13.6
147
13. 9
30. 7
28.4
23. 8
26.0
28. 1
28. 1
28. 9
28. 7
27. 7
27.7
27. 1
27. 9
28. 6
28. 5
29.8
29. 0
29.4
30. 9
New
entrants
14 9
13. 3
10. 4
12. 1
13.7
14 0
14 3
13. 0
15. 7
14 5
13. 7
13. 9
12. 8
13. 6
13. 0
14 5
142
14 9
Less
5-14
than 5 weeks
weeks
51.0
50. 6
37. 0
38. 3
41.7
.5
44 9
41. 1
44 5
42. 1
41.5
41. 1
41.4
42.4
41. 3
43.2
43.3
45.8
Detail may not add to 100 percent because of rounding.
2 Includes State (50 States, District of Columbia, and Puerto Ki§o), ex-servieeien (UCX), Federal (UCFE), and railroad (BE) programs. Also includes
ederal and State extended benefit programs. Does not include FSB (Federal
^applemental benefits) and STJA (special unemployment assistance).
30. 1
31. 0
31. 3
29. 6
30.5
30.2
28. 1
31. 4
29. 6
30. 6
32.4
31.8
31. 3
30. 3
30.4
29. 8
30. 5
30.5
15-26
weeks
11.0
11. 1
16.5
13. 8
13. 1
12. 1
10.6
12. 0
11. 9
13.2
13. 5
13.4
iae
13.9
148
13.8
15.0
12.4
27
weeks
and
over
7.8
7.3
15. 2
18.3
148
16.2
16. 4
15. 6
13.9
14 1
12.6
13. 7
13.7
13. 3
13. 5
13.2
11.2
11.3
Special
ployunemployment,
all
ment
Insured
unem- Initial regular benefit3
claims
proploy- claims
grams 2 (unadment
(unad- justed)
justed)
Weejkly aver age, thoussands
1, 632
246
1, 793
2,262
363
2, 558
3,992
478
4, 943
1, 173
2, 968
382
3, 822
1, 152
375
3, 112
572
2,473
2, 636
344
3,972
901
2,565
374
784
3, 506
2,565
383
3, 105
538
2,568
372
484
2,939
2,626
385
3, 065
540
2,733
385
2,751
535
2,664
368
412
2,643
2,624
361
2, 649
364
2,602
354
2, 853
315
2,516
346
3,226
259
2,461
344
192
3,779
2,524
369
3, 638
143
2,406
3,215
102
326
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).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment increased by 443,000 in March. The largest increases were in trade, services,
construction, and manufacturing.
MJUJONS Of
90
MJO1ONS OF retSONS* [SNLARGH) SCAU}
ratSONS'
WHOLESALE AND RETAIL TRADEAll NONAGRICULTURAL
ESTABLISHMENTS
80
1«
GOVERNMENT
M
70
lfllt>B*V>'
SERVICES
12
-SERVKE-PRODUCINGINDUSTRIES
i mill n n in ilium in iilntii I 1 1 II
f 1 II 1 It
...—}+—"-""
50
20
40
\ AV\NUFACTURIN«5
\
\
ll-l.**1'
18
Minium;
["iiitiiin
GOODS-PRODUC NG
'INDUSTRIES
30
N
CONTRACT CONSTRUCTION
20
IP 1 1 1 1 1 1 11 1iiiiitiiiii
'
1974 1975
11 n litni
1976
«.! 1 1 1 1 1 1 1 1
1977
1978
1974
1975
*JEASONAUT ADJUSTED
SOUKEi WWKTMENT OF 1A&OX
1974
1977 1978
I OF ECONOMIC AQVISEM
[Thousands of wage and salary workers;' seasonally adjusted]
C oods-prc>ducing i ndustriee
.
Period
1973
1974
1976
1976.
1977
1977: Mar._
Apr___
May_.
June..
July..
Aug_.
Sept..
Oct...
Nov__
Dec
1978: Jan
Feb "_
Mar*.
Total
nonagrioultural
employ- Total2
ment
76, 896
78, 413
77, 051
79,443
82, 142
81, 331
81, 620
81, 837
82, 157
82, 407
82, 474
82, 763
82, 902
83, 245
83, 429
83, 719
84, 055
84, 498
24, 727
24,697
22,603
23, 332
24, 229
24, 017
24, 176
24,264
24, 355
24, 412
24, 305
24, 360
24, 436
24, 528
24, 526
24, 593
24, 729
24, 896
Contract
construction
4,015
3,957
3,512
3,594
3,844
3,759
3,830
3,853
3,888
3,913
3,893
3,892
3,911
3,950
3,947
3,916
3,947
4,023
Service-pi•odueing industrif ;s
Finance,
TransMa nufaetiu •ing
Cover nment
porta- Wholeinsursale
tion
ance,
Total
and
NonState
and
and Services
Total Durable
Federal and
real
public retail
goods durable
trade
goods
local
utilities
estate
20, 068
20, 046
18, 347
18, 956
19,554
19, 417
19, 499
19, 566
19, 611
19, 666
19, 594
19, 612
19, 666
19, 715
19, 868
19, 972
20, 071
20, 146
11, 839
11, 895
10, 679
11, 026
11, 480
11, 373
11,404
11, 451
11,484
11, 548
11, 527
11, 545
11, 604
11, 625
11, 748
11, 828
11, 910
11, 962
8,229
8,151
7,668
7,930
8,074
8,044
8,095
8, 115
8,127
8, 118
8,067
8,067
8,062
8,090
8,120
8, 144
8, 161
8,184
1
Includes all ftiB- and part-time wage and salary workers in nonagricultural
establistusents wbo worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed per*
sons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagrietiltural employment of the
civilian labor force, shown on p. 11, which include proprietors, swf-employed
persons, and domestic servants; which count persons as employed when they
14
52, 169
53, 715
54, 448
56, 111
57, 912
57, 314
57, 444
57, 573
57, 802
57, 995
58, 169
58, 403
58, 466
58, 717
58, 903
59, 126
59, 326
59, 602
4,644
4,696
4,498
4,509
4,589
4,563
4,575
4,586
4,588
4,572
4,581
4,616
4,610
4, 634
4,652
4,628
4,657
4, 681
4,091 13, 021 2,663
4,208 13, 617 2, 724
4,223 14, 006 2, 748
4,316 14, 644 2, 733
4,508 15, 333 2,727
4,453 15, 149 2, 725
4,463 15, 182 2,721
4,481 15, 197 2, 725
18,264 4,494 15, 260 2,735
18, 322 4, 506 15, 372 2, 721
18, 377 4,524 15, 448 2, 732
18, 431 4,545 15, 482 2, 728
18, 414 4,572 15, 533 2, 730
18, 512 4, 597 15, 608 2, 727
18, 610 4,611 15, 663 2,718
18, 744 4,630 15, 693 2,736
18, 762 4,649 15, 793 2, 736
18, 849 4,669 15, 879 2,735
16, 674
17, 017
17, 000
17, 694
18, 292
18, 118
18, 175
18, 202
11, 075
11, 453
11,973
12, 215
12, 463
12, 306
12, 328
12, 382
12, 461
12, 502
12, 507
12, 001
12, 607
12, 639
12, 649
12, 695
12, 729
12, 789
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.
a
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistic*;
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production of nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagricultural 1
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
_
__
_
_-_
1977:
Mar
Apr
May__
June
JulvAu g
Sept __
Oct
Nov
Dec____
1978:
Jan__
Feb»
Mar *_
_
Percent change from
a year <earlier *
Index, 1(367=100
Manufacturing
Overtime
Total
private
nonagricultural *
Manufg tcturing
Total
Adjusted h ourly earnin gs index2 —1<>tal private
nonagric ultural
Averag e gross
hourly (earnings
Aver age weekly lours
Current
dollars
1967
dollars 3
Current
dollars
1967
dollars
37.7
37. 1
37.0
37. 1
37. 1
36. 6
36. 1
36. 2
36. 1
40. 6
39. 8
39. 9
40.6
40.7
40. 0
39.4
40. 0
40. 3
3. 6
3. 0
2. 9
3. 5
3. 8
3. 2
2.6
3. 1
3.4
$3. 04
3. 22
3. 44
3.67
3.92
4. 22
4.54
4.87
5. 25
$3. 19
3. 36
3. 57
3.81
4. 08
4. 41
4.81
5. 19
5. 63
113.2
120. 7
129.2
137. 7
146. 5
158.5
172.5
185.0
198. 5
103.1
103.8
106.5
109. 9
110. 0
107. 3
107.0
108.5
109.4
6.6
6. 6
7. 0
6.6
6.4
8.2
8.8
7.2
7.3
1.7
.6
2.2
3.1
.5
-2.3
—.2
1.4
.8
36.2
36.2
36. 3
36. 2
36. 1
36. 0
36. 0
36. 2
36.2
36.2
40. 4
40.3
40. 4
40.5
40. 2
40. 3
40. 3
40. 4
40. 5
40.5
3. 3
3. 4
3. 4
3. 4
3.4
3.3
3. 3
3. 5
3. 5
3.5
5. 13
5. 17
5.20
5. 22
5.27
5. 28
5. 32
5. 38
5.41
5.42
5. 49
5.53
5.57
5. 61
5. 66
5. 68
5. 73
5. 79
5. 81
5.83
194. 2
195. 6
196.4
197.4
199. 4
199. 9
201. 2
203. 3
204. 1
205. 2
108. 8
108. 7
108. 6
108.6
109.3
109.2
109.5
110.2
110. 2
110.3
7.0
7.2
7.0
7. 1
7.5
7.1
7.3
7.9
7.6
7.6
.6
.4
.2
.3
.7
.4
.7
1.3
.8
.8
35. 6
35.8
36. 1
39. 6
40. 0
40. 5
3.5
3.8
3. 7
5.49
5. 52
5.54
5. 90
5. 95
5.97
208. 1
208. 6
209.9
111.0
110.5
110.3
8.1
8.0
8.1
1.2
1.4
1.4
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total prrvate nonagricu itural !
Period
Current
dollars
1969__
1970_
1971_
1972
1973
1974
1975_
19761977
1977: Mar__
Apr__
May.
June_
July__.
Aug
Sept
Oct
Nov '.
Dec__ _
1978:
Jan__
Feb *-_
Mar *>_
V
_
__
_ -
_ _
_ _ __
_ _ _
_____ _
_
1
2
Manufacturing
1967
dollars 3
$114. 61
119. 46
127. 28
136. 16
145. 43
154. 45
163. 89
176. 29
189. 53
$104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
104. 42
185. 71
187. 15
188.76
188. 96
190. 25
190. 08
191. 52
194. 76
195. 84
196. 20
104. 10
104. 03
104. 34
103. 94
104. 30
103. 81
104. 20
105. 62
105. 75
105. 48
221.
222.
225.
227.
227.
228.
230.
233.
235.
236.
195. 44
197. 62
199. 99
104. 23
104. 73
105. 15
$129. 51
133. 73
142. 44
154. 69
166. 0.6
176. 40
189. 51
207. 60
226. 89
-3
Percent chgmge from a
year e arlier,
total prhrate nonagricu" tural 5
Current
dollars
<Current dollars5
1967
dollars
$181. 54
195. 45
211. 67
222.51
235. 69
249. 08
265. 35
284. 93
296. 68
$90. 78
95.66
100. 39
105. 65
111. 04
118. 33
126. 75
133. 39
142. 52
6.4
4.2
6.5
7.0
6.8
6.2
6.1
7.6
7.5
1.0
-1.6
2.2
3.6
.5
-4.3
-2.8
1. 7
1.0
80
86
03
21
53
90
92
92
31
12
294. 25
296. 54
298. 08
295. 87
297. 41
294. 92
294. 48
300. 66
301. 84
302. 13
140. 28
141. 28
142. 04
141. 86
143. 19
143. 09
143. 76
146. 40
145. 75
147. 52
7.7
8.3
7.5
7.6
7.7
7.3
8. 1
8.4
8.2
7.7
1.2
1.5
.-7
.-7
L-0
.-6
1.4
Is 8
Is 4
233. 64
238. 00
241. 79
287. 87
297. 02
303.47
147. 93
148. 71
150. 61
7.7
7.0
7.6
.9
.6
Li
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3 Current dollar index (or earnings) divided by the consumer price index.
.Revised index for urban wage earners and clerical workers used beginning 1978.
27-086 0—78-
Contract
construction
Wholesale
and retail
trade
58
4
6 Monthly
changes based on indexes to two decimal places,
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of 2all
pers Dns
Out]put 1
Output per hour
of all i)ersons
Compemsation
per ! aour 3
Unit labor
COsts
Implicit price
defla tor 4
PriNonPriNonPriNonNonPrivate NonPrivate
Private Nonvate
farm
farm
vate
farm
farm business
farm
vate
farm business
business business
business
business business business business business
business sector business
sector
sector
sector
sector
sector
sector
sector
sector sector
sector
sector
Period
1967== 100; quarterly dat a season ally adjus ted
1966
1967
1968
1969
___
1970
1971
1972
1973
1974
1975
1976
1977
1975: III___.
IV_. __
1976: I
II
III....
IV
.
1977: I
II..___
III....
IV
1978: I ».._.-
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
121.5
102.8
102. 3
106. 0
110. 1
110.6
106. 1
108.9
112. 7
104. 0
103.7
107.6
112.2
112. 7
104. 5
107.8
111. 0
113.1
109.9
103. 3
106. 3
109. 5
111.4
108.1
121.9
129. 9
137.4
148. 1
162. 0
118. 1
121. 9
125.2
132.9
149. 5
118. 1
122.2
125. 5
133. 0
149.8
113. 9
118.9
123.2
130.3
143. 1
114.0
119. 2
122. 9
128. 0
141. 5
108. 1
111.4
115.5
111.8
116.5
119. 5
177.6
193. 1
210.0
161. 1
168. 7
179. 0
156. 9
165. 0
173.9
113.8
113. 3
115. 4
116.4
117.2
117.2
179. 1
181.9
159. 1
163.0
112.9
114.5
115.2
114. 6
181. 1
184.6
190.5
194.5
198. 6
202. 7
186. 9
191. 3
195.2
198. 7
165. 1
167. 1
169.4
173.0
165. 6
167. 1
169.5
173.3
131.6
134,5
136.0
137. 9
118. 9
118. 6
120. 2
120.8
114.5
117.6
119.7
204.2
208.0
211. 8
216. 0
222. 8
176. 0
178. 9
180. 5
183.0
137.6
208.3
211. 6
216. 0
220. 0
227.4
175.2
178. 4
179.7
182. 1
137. 1
116.0
116. 3
117.4
118.0
117. 1
189. 9
190.4
159.4
161. 6
162. 9
164.8
166.5
168. 3
170. 1
173. 1
175.4
177.6
180. 6
158. 1
160. 3
162. 1
163.6
166. 0
168. 1
131.3
134. 0
135. 7
137. 7
107,7
109. 7
111. 0
111.2
111.4
112.3
113.4
115. 6
115. 9
116.9
161. 7
168.9
179. 7
160. 0
163. 9
158. 0
165. 6
174. 1
106.0
107. 5
108.2
108. 9
109.0
109. 6
110. 5
113. 0
113.0
113.9
109.9
114.3
116. 9
112.0
111.0
123.3
131.5
138. 9
150. 3
164,3
180.2
196. 5
214. 0
124. 9
126. 7
127.7
128.4
107,4
110. 3
117.9
125. 0
121.9
118. 7
127. 4
135. 0
120. 6
121.8
125. 2
127.2
128. 3
128.7
118. 7
126.9
134.7
120. 6
121. 8
169.6
172.7
175. 6
177. 5
180.3
Perceiit change ; quarterlyf data at seasonal y adjuste d annual rates
5.5
2.0
5.1
3.0
6.0
1.9
5.4
3.0
2.3
-.3
1.7
2.7
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
3.3
4. 1
6.6
3.4
3.8
3.9
6.6
3.2
2.9
3.9
47
2.9
3.3
4.0
4. 5
1970
1971
1972
1973
1974
1975
1976
1977
1975: III
IV
1976: I
II
III
IV
1977: I
II
III
-.9
2.8
6. 6
5.9
-2.4
-2.4
7.0
6.1
12. 2
3.9
— 1. 1
2.7
6.9
6.0
-2.5
-1.6
-.4
3.6
3.9
.4
— 4. 1
2.7
3.4
4.2
5.9
.7
3.2
2.9
1.9
-2.8
1.8
4.2
2.6
7.7
-1.9
.2
2.9
3.0
1.7
-2.9
7.2
6.6
5.7
8.2
9.4
6.7
6.6
5.8
7.8
9.4
6.4
3.2
2.7
6.2
12.5
9. 6
9. 1
8.9
9. 6
8. 7
8.8
8.9
-3.3
4.4
8. 1
6.5
6.4
7.7
4.7
6. 1
-3.0
10.2
4.7
4.4
3.6
5.8
9.8
10.4
4.8
5. 1
7.5
5.9
4,9
4.5
3. 1
4, 1
10.5
1.6
4. 1
2.2
6.5
3.5
2.7
6.0
12.7
7.9
4.5
6.4
-2.2
10. 0
10.8
5.9
3. 1
2.1
2.8
2.3
.3
2.2
6.8
5.7
2.6
-1.9
13. 3
8.6
8.7
8.5
11.4
9.7
8.5
7.3
5. 1
4.9
5.8
8.6
4.3
3.8
5.7
9.4
3. 1
4.8
4.1
4. 6
6. 6
5.8
4.4
3.8
6.0
5.3
rv
9.6
8.5
5.2
5.9
11. 7
6.6
3.2
1.3
9.5
8.8
4. 8
5.7
-1. 2
-.3
3.7
4.3
.4
-4.1
3. 1
3.7
3.3
7.6
4. 6
.8
.6
3.3
3.7
9. 6
—.2
3.5
4.6
8.0
.9
3.3
5.7
-1.0
5. 3
2.3
4.7
.8
3.8
2.3
11.3
6. 5
8.4
7.7
11. 3
7.6
7.5
8.2
5.3
7.5
2.9
5.3
6.3
6.8
3.5
5.8
4.4
7.2
5.2
5.2
3. 5
7.5
7.0
4. 3
1978: I*
-1.8
1.0
1.9
2.4
-3.6
3.3
14. 0
13.2
18.3
17.0
6. 9
6.4
1966
1967
1968
1969
5
2 Output
-2.6
7.3
6.0
12.5
4. 1
7.8
3.5
2.8
—. 1
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.
8
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
4
10. 9
5. 1
5.4
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. Data revised for 1977.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 1.4 percent in March following a 0.3 percent rise in February and an 0.8 percent decline in
January. Output gains in March were widespread among products and materials.
INDEX, 1967=100* (RATIO SCALE)
INDEX, 1967=100* (RAT1OSCALE)
160
1801
TOTAL INDUSTRIAL PRODUCTION
UTILITIES AND MINING PRODUCTION
160
140
UTILITIES
120
'MINING
100
MANUFACTURING PRODUCTION
160
I M III I I I I I
! I1 ! 1 1 1! 1 l
1975
1976
1974
»
1977
1978
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
140
90
80
120
70
100
1974
1975
I
1977
1976
1974
1978
1978
* SEASONALLY ADJUSTED
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1972 _
1973.
1974_
1975.
1976__
1977
Total in dustrial
produ ction
Percent
Index,
1967= change
from
100
year
earlier
100. 00
9.2
119. 7
8. 4
129. 8
-. 4
129. 3
-8. 9
117. 8
10. 2
129. 8
5. 6
137. 1
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indu stry prodiiction ind 3xes, 1967 = 100
M anufactun ng
Utilities
Manufg icturing cf<opacity1 utilization
rate, p srcent
Federal Reserve
sei*ies
ComWharTotal
merce2
ton
manuMate- series
series 3
facturrials
ing
Total
Durable
Nondurable
87. 95
118.9
129. 8
129.4
116. 3
129. 5
137. 1
51. 98
113.7
127. 1
125. 7
109. 3
121. 7
129.5
35. 97
126. 5
133. 8
134. 6
126. 4
140. 9
148. 1
113. 1
114. 7
115. 3
112. 8
114. 2
117. 8
5. 69
139. 4
145. 4
143. 7
146. 0
151. 0
156. 5
83. 1
87. 5
84. 2
73. 6
80.2
82. 4
88. 0
92. 4
87.7
73. 6
80. 4
81. 9
83
86
83
77
81
83
91. 8
97. 1
93. 0
80. 4
87. 5
90.2
83
88.4
84
90.4
82
90. 9
82
91.1
Mining
6.36
1977: Mar
Apr
May
June
July__
Aug__
Sept__
Oct_ _
Nov___ __
Dec _ _
135. 3
136. 1
137. 0
137. 8
138. 7
138. 1
138. 5
138. 9
139. 3
139.7
5.5
5. 7
5. 6
6. 2
6. 1
5.2
6. 0
6.7
5. 9
5.0
135. 1
135. 8
137. 1
137. 8
138.5
138. 6
139. 0
139. 4
139. 9
140.5
126.8
128. 0
129. 3
130. 5
131. 6
131. 3
131. 7
132. 4
132. 7
133. 4
147. 0
147. 0
148. 5
148. 4
148. 6
149. 4
149. 5
149. 6
150. 1
150.9
120.6
119.2
119.5
122. 8
119. 8
115. 4
118.0
119. 6
118. 8
113. 4
154. 8
154. 0
156. 7
156. 8
161. 4
155. 7
154. 1
154.0
154.2
156. 7
82. 1
82. 3
82.8
83.0
83. 1
82. 9
82. 9
82.9
82.9
83. 0
81. 6
82. 1
82.7
83. 0
82. 9
82. 0
82.0
82. 4
82. 3
81.9
1978: Jan
Feb * _
Mar *>_
138. 6
139.0
141. 0
4.8
4.4
4.2
138. 7
139.5
141. 6
130.9
131.9
134. 3
149.8
150. 6
152.2
113. 8
114. 0
119. 0
161.3
159. 6
156. 3
81.7
81.9
82. 9
81.7
80.9
81.7
1
2 Output
3 Annual
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are aYerages of
quarterly data.
90. 1
Sources: Board of Governors of the Federal Keserve 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]
Prod ucts
Final I'roducts
Corisumer go ods
Period
Total
Total
Interm ediate
prod ucts
Equip>ment
NonDurable durable
goods
goods
Total
Business
Total
Materials
Construction
supplies
Supplemen-
tary
group:
Energy
total
1967 proportion
1970 _
1971 _.
1972
1973
1974
__
1975
.
1976
1977
47.82
27.68
109.0
114.7
124.4
131.5
128.9
124. 0
136.2
143.4
7.89
19. 79
20.14
12.63
12.89
6. 42
89.29
12. 23
105.3
106.3
115.7
124.4
125. 1
118.2
127. 2
134.9
106.1
118.8
133.8
146.2
135.3
121.4
141. 4
153. 1
110. 1
113. 1
120.6
125. 6
126.3
125. 1
134. 1
139. 6
100.1
94. 7
103. 8
114. 5
120. 0
110.2
114. 6
123.2
107. 0
104. 1
118.0
134.2
142.4
128. 2
136. 3
149.2
112.9
116.7
126. 5
137.2
135.3
123. 1
137.2
145.1
111.0
116.8
128.4
139.8
134.5
116. 3
132. 6
140.8
117.0
119.5
125.2
128.3
125. 5
125.5
128.8
132.5
1977: Mar
Apr
May
June.July
'""V
Aug
Sept.
133. 3
134. 1
134. 7
135.4
136.8
136.3
136. 8
136.5
137.0
137.6
142.9
142.9
143. 1
143. 8
145. 4
144.7
144.9
144.9
145. 2
145.8
152. 4
151.5
152.2
155.8
158. 0
154. 7
155. 6
156.8
155.2
155.8
139. 1
139.4
139.5
139. 1
140. 3
140. 6
140. 7
140. 1
141.2
141.8
120. 0
122. 1
123. 2
124. 1
124.8
124. 9
125.6
125.0
125. 8
126.2
144.8
147. 1
148.9
150. 1
151.2
151. 1
152. 1
152. 6
153.5
154.0
141.8
142. 3
143. 5
144.7
146. 3
146. 1
146. 5
147.8
148.4
150.4
136.4
137.2
138.7
139.9
141. 2
141.7
143.2
144.9
146.5
148.3
109.2
111.3
122.3
133.9
132.4
115. 5
130.6
136.9
135.5
136.5
137. 8
138.7
138.9
137. 6
137.9
138.9
139.0
138.8
135.0
136.7
- _ . 139. 1
141.5
143.8
146. 8
146.4
151.4
159. 2
139.7
140. 7
141. 8
125.9
127. 0
128. 5
152.9
154. 8
156. 7
151.2
151.4
152. 6
149. 1
149.5
151.2
138.8
137.8
139. 5
131.3
128.0
128.3
-
Oct
Nov...
Dec-
197S: Jan
Feb 9
Mar *
132.3
132.1
132.5
133.5
135. 6
131.4
132.5
133.0
132.3
129.7
[1967=100, seasonally adjusted1
D urable m anufactL ires
PrimaryT metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nontrical
machinery
Electrical
machinery
Non durable rnanufact ures
Transp ortation
equip>ment
Total
Motor
vehicles
and
parts
Lumber
and
products
ADpar el
products
Print- Cheming
icals
and
and
pubprodlishing ucts
Foods
6.57
4.81
5. 93
9. 15
8.05
9.27
4.50
1. 64
3. 31
4. 72
7. 74
8. 75
1970
1971
1972
1973
1974
1975
1976
1977
106. 6
100. 2
112. 1
126.7
123. 1
96.4
108. 9
110.2
104. 7
96. 1
107. 1
122. 3
119. 8
95. 8
104. 9
103.4
102.4
103. 5
112. 1
124. 7
124. 2
109.9
123.3
130.9
104.4
100. 2
116. 0
133. 7
140. 1
125. 1
135.0
144. 8
108. 1
107.7
122.2
143. 1
143. 8
116. 5
131. 6
141. 9
89.5
97. 9
108.2
118. 3
108.7
97.4
110. 6
121. 1
92. 3
118. 6
135. 8
148. 8
128.2
111. 1
140. 7
159.7
105. 6
113. 8
120. 8
126.0
116.2
107. 6
125. 1
133,4
101. 4
104.7
109.4
117. 3
114. 3
107.6
122. 2
124.2
107.0
107. 1
112. 7
118. 2
118. 2
113. 3
120. 6
124.7
120.4
125.9
143.6
154. 5
159.4
147.2
169.3
180.7
108.9
112.8
116.8
120.9
124. 0
123.4
132.3
137.9
1977: Mar
Apr
May
„__
108. 3
112.2
117.1
114.7
114.4
112. 5
109. 0
113.5
111. 2
111.0
97. 9
103. 9
111. 0
109. 2
110. 9
110. 6
104. 6
107.7
104.3
103.8
127.5
127. 6
128. 2
130. 8
132. 0
134.0
133. 6
133.8
135.8
136.4
139. 8
142. 9
142. 6
144. 0
145. 7
145.2
147.4
148.9
149. 7
151.7
137. 6
139. 6
141.8
142. 6
143.6
143.9
144. 6
144. 2
146.0
147.3
120. 5
119. 8
120. 3
123.7
125. 6
124. 3
125. 5
124.3
122.0
122.2
161. 2
158. 1
157.7
163.2
166.2
164.4
165. 6
168.4
163.0
161. 8
132. 1
130. 6
133. 0
132.4
132. 9
131. 8
137. 1
135. 7
137.5
138. 1
122.2
121.4
123. 5
122. 1
121. 1
124. 1
127. 7
129.0
125. 1
125.8
124.8
123.4
124.4
124. 1
124.9
125.0
124.2
125. 7
126.2
127.5
180.0
180.6
182.8
183. 5
182. 6
182.6
181.3
182. 3
183. 1
183.0
138.7
138.0
138. 3
136.9
138.3
139.3
138.3
137.3
139.4
140.4
99. 5
96.6
136.9 150.2
136.5 151. 0
137. 4 1 152.5
144. 0
147.3
149.2
116.4
118. 9
127.4
146.9
153.7
168.3
137. 3
137. 1
118.6
_
107.4
105.8
105.5
129. 1
128.8
130.2
184. 6
184.0
139.2
140.3
1967 proportion
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb 9
Mar v
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
Construction contracts2
Private
Total new
construction
expenditures
Period
Resid ential
Total
Total1
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)
Bil lions of doll ars
1971
1972
1973
1974
1975
1976
1977 __.
110.0
124. 1
137.9
138. 5
134. 3
147, 5
169.7
___
80. 1
93.9
105.4
100.2
93.6
109.5
132.7
43. 3
54. 3
59.7
50.4
46. 5
60. 5
80. 4
17.0
35. 1
44.9
50. 1
40. 6
34.4
47. 3
65. 1
iai
21.7
23.8
20.8
19.9
21.8
19.8
21. 5
24.0
25.9
26.3
29.0
30. 6
29.9
30.2
32. 5
38. 3
40.7
38.0
37. 0
30. 9
30. 7
30. 4
30.4
30. 3
30.2
30. 6
30. 3
30. 3
31.5
33. 7
34. 1
33.9
35.4
36.2
38. 4
39.4
39. 2
38.2
39.3
37.7
35.6
36. 3
33.9
34.6
35. 6
Seasonalh1 adjusted armual rates
1977: Mar
Apr
May__ __
June
July
Aug___ _
Sept
Oct
Nov _
Dec.__ _ _
1978: Jan
Feb
Mar >»
163. 8
167. 5
172. 1
174. 6
173.5
172.4
175.1
174.4
173.1
176.7
171. 3
178.2
184.5
128.4
131. 3
133. 7
135.2
134.2
134. 2
135. 8
136. 7
137. 5
140. 5
137. 3
143. 6
148.9
62.2
63.5
65. 8
66. 0
65. 1
65. 1
66.4
68. 8
70. 4
73. 0
65.4
70. 6
73.5
76.7
79.5
82.4
82.5
81.2
81.0
81. 7
83.0
84.0
87. 2
81. 1
86.9
90.0
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Eelates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
20. 8
21. 1
20.9
22. 3
22. 7
22. 9
23. 5
23. 4
23. 1
21. 8
22. 5
22. 6
25. 0
145.4
165. 3
179. 5
169. 7
167. 9
199. 4
252. 2
727
854
1,010
840
555
592
738
Seasonally
Seasonally adjusted
adjusted
annual
rates
207
809
250
671
317
758
307
733
218
702
267
853
279
813
244
757
258
847
299
864
270
996
266
814
254
863
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
IS few private housing unil}S
Units started, by type of striicture
Period
1970
1971
1972
1973
1974
1975
1976
1977
_
__
Total
1 unit
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
2-4
units
84. 8
120.3
141. 3
118.3
68. 1
64. 0
85. 9
121.7
Units
5 or more
units
535.9
780. 9
906. 2
795.0
381.6
204. 3
289. 2
414. 4
Units
Homes
sold
Homes for
sale at
end of 1
period
Vacancy
rate for
rental
housing
unitr
(percent)2
ized
completed
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 685. 5
1, 418. 4
1, 706. 1
2, 003. 5
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
485
656
718
634
519
549
646
819
220
287
409
418
346
313
354
403
5. 3
5.4
5. 6
5. 8
6. 2
6. 0
5.6
5.2
1, 670
1,566
1,557
1, 655
1,671
1, 677
1,875
1,665
1,769
1,641
1,759
1,677
885
784
810
806
722
818
845
870
819
853
804
746
358
362
364
367
375
389
389
398
401
403
403
405
5.1
Seasonally adjusted arinua, rates
1977: Mar
Apr_
May__
June_ _
JulyAug
Sept__ _
Oct___ _ _ _
Nov __
Dec__
1978: J a n » _ _ _
Feb * .
Mar v _
2, 090
1,899
1, 982
1, 931
2, 072
2, 038
2, 012
2, 139
2, 096
2, 203
1, 548
1, 574
2, 074
1,489
1,433
1,469
1,406
1,453
1,454
1, 508
1, 532
1, 544
1,574
1,156
1,100
1,439
i Seasonally adjusted.
3 Quarterly data ente red in last monl h of quarter.
114
118
120
113
124
119
124
127
134
153
101
81
130
487
348
393
412
495
465
380
480
418
476
291
393
505
1,687
1,605
1,615
1, 678
1, 639
1, 772
1,695
1, 850
1,893
1,811
1,496
1,511
1,715
5.3
5. 4
5. 1
5.0
Source: Depart tnent of Comme rce, Bureau of 1;he Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 3% percent in February while inventories rose $21/3 billion. According to the advance survey,
retail sales rose 2 percent in March, following a 3 percent increase in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
90
350
TOTAL BUSINESS
INVENTORIES
- RETAIL INVENTORIES
\ .
80
.
70
300
250
RETAIL SALES
50
200
40
150
RATIO*
1.80
1.70 —
100
1.20
1974
1975
1976
•1977
1977
1978
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total b Lisiness l
Who!esale
Re tail
Sales 2
Period
QI 2
bales
• j 1978
Inventories3
InvenCJ 1
bales
*2 tories
3
Total
IEiventories -
DurNonable durable
goods goods
stores stores
TYvtnl
DurNonable durable
goods goods
stores stores
llnventorv-f sales
1
rat io '
Total
business l
Retail
Milli ons of d Dllars, se asonally adjustec
1971
1972
1973
1974___
1975___
1976___
1977
116, 351
130, 049
151, 647
175, 200
179, 621
200,760
223, 793
188, 312
202, 442
233, 490
285, 115
284, 022
309, 624
335, 629
26, 257
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
35, 823
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
34, 169
37, 422
41, 871
44, 543
48, 370
53, 542
59, 029
10, 827
12, 369
14, 091
13, 820
14, 907
17, 544
19, 901
23, 342
25, 054
27, 781
30, 723
33, 463
35, 998
39, 127
49, 867
54, 433
62, 691
70, 767
71, 031
78, 431
87, 917
21, 706
23, 929
27, 725
32, 007
31, 632
35, 067
39, 097
28, 161
30, 504
34, 966
38, 760
39, 399
43, 364
48, 820
1. 58
1.50
1.43
1.47
1. 58
1.48
1.45
1.39
1.38
1.40
1.49
1.45
1. 41
1.42
1977: Feb
Mar-Apr. _
Maj^__
June _
July
Aug _
Sept
Oct.
Nov _ _
Dec
216, 332
221, 752
221, 048
221, 510
222, 563
221, 874
224, 247
224, 907
228, 508
231, 488
237, 258
314, 358
318, 032
321, 141
323, 579
325, 549
326, 833
329, 827
332, 357
332, 972
335, 352
335, 629
51, 857
52, 672
53, 385
53, 866
53, 735
53, 495
53, 208
53, 307
53, 639
55, 558
57, 266
63, 062
64, 300
65, 301
64, 838
64, 947
64, 210
65, 095
66, 119
66, 209
67, 047
67, 998
57, 291
57, 990
58, 142
58, 003
57, 825
58, 552
59, 020
59, 014
60, 778
61, 588
62, 054
19, 382
19, 863
19, 833
19, 516
19, 436
19, 505
19, 984
19, 763
20, 895
20, 733
20, 915
37, 909
38, 127
38, 309
38, 487
38, 389
39, 047
39, 036
39, 251
39, 883
40, 855
41, 139
79, 721
81, 196
81, 825
83, 025
84, 134
85, 326
86, 650
87, 227
87, 462
88, 465
87, 917
35, 516
36, 150
36, 094
36, 818
37, 104
38, 130
38, 577
38, 515
38, 752
39, 134
39, 097
44, 205
45, 046
45, 731
46, 207
47, 030
47, 196
48, 073
48, 712
48, 710
49, 331
48, 820
1.43
1. 44
1.45
1.46
1.46
1.47
1.47
1.48
1.46
1.45
1.41
1. 39
1.40
1.41
1.43
1.45
1.46
1.47
1.48
1.44
1. 44
1.42
1978: Jan p
Feb __
Mar 2>_
230, 182 338, 798 55, 985 68, 991 59, 875 19, 802 40, 073 88, 830 393 808 49, 022
238, 316 341, 116 57, 493 69, 834 61, 692 20, 604 41, 088 88, 889 39, 872 49, 017
62, 847 20, 709 42, 138
1.47
1.43
1.48
1.44
_
1
The term "business" also includes manufacturing
3
Monthly average for year and total for month.
3
Book
value, end of period, seasonally adjusted.
4
(see page 21).
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
Note.—Total business (and manufacturing) sales and inventories revised
beginning 1958.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders and shipments each rose 4 percent in February while inventories increased $1% billion.
In March, according to advance data, durable goods orders and shipments rose again.
BILLIONS OF DOLLARS* [RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE}
140
120
INVENTC)R!ES
, SHIPMENrs
TOTAL
mo
80
^^»—""
^~*~***
N/'
240
V^rf^
- _^**^*\P-^-^"
"*w^»*^ —'i
-"^"^
-
160
--^+** ,**
D JRABLE GOODs
^C.^..."'*' ^
-
60
120
^J--<.<r;
*,,»"«Y"
•SMfr*****
40
100
NONDURABLE GOODS ——
-
200
80
TOTAL
^JU-
——
0X ^
<<^
^f»
p—*—*""
^
*»"" .—- — •*"
^1'
\"
D JRABLE GOOD S
.«
-
^^
I 1 M.I
\\ 1 I 1 1 M ! II
1 f 1 1 1 1 ! I! 1 I' I 1 I 1 1 1
M M 1 1 1 1 t l|
8ILLKDNS OF DOLL/\RS* {RATIOS CALE)
140
>ERS
HNEW ORE
120
100
80
40
nit*
.,.„.""""
K
,,•"*"•'•""""
NONDURABL E GOODS
A.
-«-LJ-""/]
_^^"-v^
TOTAL
—— v
-s*
—%^ _>—r"
**^
60
*
1 1 1 J 1 1 M ! 1 I I 1 I 1 1 | I 1 1 I ! I I M L_L 1 M 1 1 f 1 1 1 1 1 1 1 1 1 1
RATIC)*
2.20
^
1 J 1 11 1! 1 1 1 I
INVENTO RY-SHIPMEhm RATIO
2.00
"*«,""'»«.*,«•«•••«*'* is*
1.80
^
,,^>»
«*tf£»'
-NONDURABL E GOODS—
.tu,i»'u\,
~-S^"^
^
~
DURAB LE GOODS
«ff«**V
40
-
60
1 1f 1 11 1 r t f i
j -^W
^^
V ^-%.
^->W.TOTAL
1.60
—
^^"W^^^^
-t
1 1 1 M l n i i i i n n him I i I I i 1 i II i i Jiiiilum m u l t t i n
1977
1978
1975
1976
1974
140 ^
-
120 i n i f 1 1 1 1 1 1
1974
1 1 I M 1 1 1 1 II
1975
1 1 1 1 1 I 1 1 tl 1
1976
i l l ! ! I If 1 1 1it
1977
i ii !i 1 1 1 1
1978
KSEASONALLY ADJ USTED
£*•QURCE; DEPARTMEN1
COUNCIL OF £ CONOMIC ADVISERS>
OF COMMERCE
Manufac turers' shi pments 1 Manufact urers' inv entories 2
Manu faeturers ' new ord ers 1
55,
63,
„ 72,
__ 84,
86,
98,
111,
925
043
954
821
616
809
256
29, 973
34, 043
39, 704
44, 253
43, 678
50, 697
58, 266
25, 952
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
Durab e goods
Capital
Nongoods
Total
durable
Total Durable
indusgoods
Total
goods
tries,
nondefense
Millio us of dollairs, season ally ad jus ted
102, 622 66, 271 36, 351 56, 016 30, 030
7, 535
108, 223 70, 244 37, 979 64, 201 35, 098
8,832
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115, 424 64, 290 112, 842 59, 795 15, 201
111,
109,
109,
111,
109,
112,
112,
114,
114,
117,
090
521
641
003
827
019
586
091
342
938
58, 428
56, 999
57, 273
58, 049
57, 463
58, 649
59, 285
60, 316
60, 228
62, 130
52,
52,
52,
52,
52,
53,
53,
53,
54,
55,
172,
174,
175,
176,
177,
178,
179,
179,
179,
179,
1978: Jan__ 114, 322
Feb.-. 119, 131
Mar*.
59, 973
63, 077
64, 061
54, 349 180, 977 116, 278
56, 054 182, 393 117, 511
Period
1971
1972
1973
1974
1975
1976
1977
1977:
Total
Mar-.
Apr
May.June__
July..
Aug
Sept..
Oct
Nov__
Dec...
NonDurable durable
goods
goods
1
Monthly average for year and
3
662
522
368
954
364
370
301
775
114
808
536
015
716
468
297
082
Oil
301
840
714
110, 579
111, 133
112, 071
112, 536
113, 160
113, 917
114, 467
114, 448
115, 212
115, 424
total for month. Shipments are the same as sales.
Book value, end of period.
s End of period.
<For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
61, 957
62, 882
63, 645
63, 932
64, 137
64, 165
64, 544
64, 853
64, 628
64, 290
112, 190
111, 269
111, 102
112, 141
108, 868
112, 615
113, 680
117,331
117, 024
122, 128
59, 294
58, 800
58, 835
59, 111
56, 367
59, 269
60, 364
63, 556
62, 821
66, 165
64, 699 118, 100 63, 536
64, 882 122, 815 66, 803
68, 232
Manufacturers'
inventory —
shipments4
ratio
ManufacNonturers'
durable unfilled
goods orders 3
25, 986
29, 104
33, 329
40, 417
43, 125
48, 137
53, 047
107,
121,
161,
189,
170,
174,
193,
657
709
194
678
686
553
659
1.83
1. 67
1. 58
1. 65
1. 83
1. 66
1. 58
52, 896
52, 469
52, 267
53, 030
52, 501
53, 346
53, 316
53, 775
54, 203
55, 963
178,
180,
181,
182,
181,
182,
183,
186,
189,
193,
469
217
678
816
857
453
547
787
469
659
1. 55
1. 59
1.60
1.59
1. 61
1. 59
1. 59
1.57
1.57
1. 52
16, 511 54, 564 197, 436
17, 882 56, 012 201, 121
17, 699
1.58
1.53
14, 611
14, 687
14, 893
15, 490
13, 936
14, 527
16, 124
16, 097
16, 090
16, 988
i
Note.—Series revised beginning 1968.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all commodities rose 0.9 percent (1.0 percent seasonally adjusted). The index
for finished goods rose 0.4 percent (0.6 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 {RATIO SCALE)
220
200
180
180
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS i
ALL COMMODTIES
''\
INDUSTRIAL
COMMODITIES
120
120
100
100
1 1' Mi
1975
1974
1970
1976
1977
SOURCE: DEPARTMENT OF LABOR
1978
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
All
Period
com-
1970 _
1971_
1972__
1973_
1974__
1975,
1976
1977
110.
114.
119.
134.
160.
174.
183.
194.
1977: Mar
Apr _
192. 0
194. 3
195. 2
194. 5
194. 8
194. 6
195. 3
196. 2
197. 0
198. 2
199. 9
202. 0
203. 8
Mav
June.
July
Aug__
Sept.
Oct.
Nov
Dec_
1978: Jan
Feb
Mar_
4
0
1
7
1
9
0
2
Farm
products Industrial
and proe- commodand feeds ities
111. 7 110. 0
113. 9 114. 1
122. 4 117. 9
159. 1 125.9
177.4 153.8
184. 2 171. 5
183. 1 182. 4
188. 8 195. 1
Unadj usted
190. 9 191. 7
195. 9 193.3
196. 8 194. 2
191. 5 194. 7
188. 7 195. 9
184. 3 196. 9
184. 0 197. 8
184.0 199.0
186. 8 199. 2
189. 5 200. 0
192. 1 201. 5
196. 6 202. 8
200.3 204. 1
Finished
goods
110.
113.
117.
127.
147.
163.
170.
180.
3
7
2
9
5
4
3
6
177. 5
178.8
180. 3
180. 5
181. 3
181.3
181.9
183. 9
184. 5
185. 5
186.8
188.3
189. 0
Crude
mate-1
rials
0
9
0
3
7
7
0
5
112. 1
114. 5
120.8
148. 1
170. 9
182. 6
178. 0
186. 1
118. 9
123. 1
131. 1
155. 2
219. 1
225. 1
249. 9
280. 4
203. 5
208. 8
203. 4
192. 3
188. 0
182. 4
181. 1
183. 1
189. 2
188. 7
192. 0
197.4
206. 7
185. 5
189. 1
192. 2
189. 2
184. 7
184. 6
183.8
184. 7
188. 1
189. 3
190. 8
195.2
198. 6
Farm
products
111.
112.
125.
176.
187.
186.
191.
192.
1
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
22
Stage of fabricsation gro u pings
Processed
foods
and
feeds
Intermediate
mate-2
rials
109.9
114. 3
118. 9
128. 1
159. 5
178. 6
189. 5
202. 4
SeasonalljT
279. 0 199. 1
279. 7 200. 5
281. 4 201. 2
279. 0 201. 8
278. 8 203. 2
281. 8 204. 2
282. 7 205. 3
283.2 206. 1
288. 1 206. 4
293. 9 207. 3
299. 5 209. 1
300. 3 210. 8
303.4 211. 9
Producer
finished
goods
Consumer fin ished
goods excludingy foods
Total
112. 0 107. 7
116. 6 111. 4
119. 5 113. 4
123. 5 118. 5
141. 0 138. 6
162. 5 153. 1
173. 2 161. 8
184. 5 172. 1
ad justed
180. 7 169. 2
181. 7 170. 7
182. 8 171. 5
183. 7 172. 4
184. 5 172. 6
185. 4 173. 2
186.4 174. 1
188. 9 174. 8
189. 9 175. 4
191. 1 176. 0
192. 0 176. 9
193. 3 177. 5
194. 5 178. 3
Durable
106.
110.
113.
115.
126.
138.
144.
152.
Nondurable
9
8
2
8
3
2
4
1
108. 3
111, 7
113. 6
120. 5
146. 8
163. 0
173.3
185.4
149. 4
150. 6
151. 3
151. 9
152. 4
153. 7
154. 0
154. 9
155. 4
156. 0
157. 1
157. 6
158. 6
182. 7
184. 2
185. 2
186. 1
186. 2
186. 3
187. 5
188. 1
188. 7
189. 5
190.2
190. 8
191. 4
2
Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
NOTE.—Data revised for September and October 1977.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In March, the consumer price index for all urban consumers rose 0.7 percent (0.8 percent seasonally adjusted). Food
prices increased 1.1 percent (1.3 percent seasonally adjusted). Nonfood commodity prices rose 0.7 percent (0.6
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 SCAlflj
1«
120
120
100
100
1978
1970
SS NOTE ON TAM.5 BELOW
SOUK& DEPASWOT Of MO*
COUNCIL Of ECONOMIC ADYHEW
[1967=100]
Period
1970
1971
1972
1973
1974
1975
1976
1977
AE
items
Food
Commodities
less
food
116.3
121.3
125.3
133. 1
147. 7
1149
118.4
123. 5
141.4
161.7
175. 4
180.8
192.2
112.5
116.8
119. 4
123.5
136. 6
149. 1
156. 6
165. 1
161.2
170.5
181. 5
Services
commodities
All
121.6
113.5
117.4
120.9
129.9
145. 5
1149
118.4
123. 5
141. 4
161. 7
m,4
133. 3
139. 1
152. 1
166. 6
isa4
194 3
158.4
165.2
1747
175.4
180.8
192.2
Food
at
liome
Food
away
from
home
All
113.7
116. 4
121. 6
141. 4
162. 4
175.8
179.5
190. 2
119. 9
126. 1
131.1
141.4
159.4
174. 3
186. 1
200. 3
112.5
116.8
119. 4
123.5
136. 6
149. 1
156.6
165. 1
isa i
18&6
190.9
191.7
193. 6
194. 6
195.2
194. 5
194.4
195. 6
19&3
162.6
163.6
1647
165.4
165. 6
106. 0
166.7
167.4
16& 1
168.4
190.0
191.2
192.2
193. 7
195.3
196. 3
197. 7
198.5
199. 5
200.5
1978: Jan
187.2
Feb.— 188.4
Mar.... 189. 8
199.2
202.0
204.2
168. 6
168.8
170.0
202. 0
203. 5
204 9
178.2
179.6
isae
181. 8
182.6
183. 3
184.0
184.5
185.4
isa c
1744
175.1
175.2
175.7
176.2
17&7
177.5
178.3
191.5
192. 6
193.8
19a5
194 3
1947
195.0
196.0
196.7
186. 8
189.8
190. 9
191.9
191. 3
192.0
192. 3
192.5
193.5
1942
195.4
197.5
199.3
200. 9
201.8
203.0
203.8
204 5
205. 1
206. 1
163.4
1641
164. 6
165. 1
165.4
165. 7
166.2
166.8
167. 6
16a4
179.9
180.8
182.3
199. 2
201.6
204 3
197. 0
199.5
202.5
208.4
210.5
212.5
169. 5
169.9
170.9
172.3
i7a?
Note.—Beginning January 1978 data relate to all urban consumers. Earlier
flats relate to urban wage earners and clerical workers.
Services
Durable
Nondurable
111.8
116. 5
118. 9
121. 9
130. 6
145. 5
1543
163. 2
113. 1
117.0
119.8
1248
140. 9
151. 7
158.3
166. 5
121.6
128. 4
133. 3
139. 1
152. 1
166. 6
180. 4
194 3
161.9
162. 6
163.3
163. 3
163.4
ieao
164 5
165.0
165.8
166. 4
166.9
167.2
167.8
168.6
169.4
169.9
190.0
191.4
192. 9
194 3
195. 7
196. 8
197.!)
198.7
199. 5
200.3
167. 6
168. 7
169.6
170. 6
170.1
171.2
201. 5
203.0
2047
Seasonal y adjust ed
TJnac justed
1977: Mar._Apr
May
June
July...
Aug
Sept.—
Oet
Nov
Dec
Comrnodities le ss food
Food
iea 6
16a9
164 4
165. 1
Source: Department of Labor, Bureau of Labor Statistics,
23
CHANGES IN PRODUCER PRICES
Perce nt change ft•om 3 m<>nths
ear' ier; seasona tly adjusted
annual irates
Pcree at change fr om pree<sding
l
peri<^d; seasonal]y adjust*d
Period
All
commodities
1969
..
1970
1971
1972
..
1973___».
1974
1975
1976
1977
1977: Mar__
Apr. _
May.
June.
July..
Aug..
Sept..
Oct..
Nov._
Dec_.
1978: Jan..
Feb__
Mar.
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Finished
goods
a9
a6
a4
4.8
2.2
7.5
-1.4
6.0
14.4
26.7
11.0
_. 3
-1. 1
3.0
2. 2
2.2
0
-3.0
-2.3
— 1.2
—. 5
.8
2.3
.3
1. 1
2.5
2.9
4.8
2.2
4.1
6.3
15.4
20.9
4. 2
4.7
5.9
11
1 0
4
_ 5
1
1
4
5
8
4
9
10
1.0
3.4
10.7
25. 6
6.0
6.4
6.7
7
7
5
3
6
5
5
5
3
5
7
7
5
AH
commodities
Perec>nt change f rom 6 m onths
ear ier; seasons lly adjus>ted
annual rates
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Finished
goods
All
commodities
8.8
9.4
8.0
6. 4
5. 9
5.9
6.7
6. 1
5.2
4.9
6,2
7.8
8.0
10.0
10.5
9. 4
6.4
4.3
2. 0
2. 9
4.7
6. 3
7.0
7.2
9.2
9.6
8.5
10. 1
9. 9
7. 5
6.6
4.5
3.0
1.9
2.6
4.4
6. 1
8.0
9.3
Farm
products Industrial
and
comprocessed modifoods and
ties
feeds
Finished
goods
a2
3.8
11.8
18. 3
6. 6
3.3
6.6
8
7
8
1
2
2
3
6
6
5
.6
1.1
.6
11. 1
13. 6
10.5
4.0
0
— 1.2
2.1
3.8
6. 5
6.7
8.4
9.4
12.0
i Annual changes are from December to December (unadjusted).
NOTE.—Data revised for September and October 1977.
19. 3
29. 5
19.3
-3. 1
— 19.2
— 22. 9
-14.8
-3.6
10.8
14.5
16.0
16.6
28.8
11.8
19. 0
18.6
7. 5
2.3
-4. 1
— 9. 1
-11.7
-7.6
-1.3
5.8
13. 7
21.4
7. 6
7.7
7.5
7.6
7.7
6.9
6. 6
6.0
5,5
5. 8
6.1
6,5
6.5
a4
9.2
10. 0
8.2
7.3
5.6
4.7
4. 5
4. 1
4,9
5.9
7.7
as
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio d; seasortally adju sted1
1969
1970
1971
1972
1973
.
1974
1975 .
1976
1977
1977: Mar...
Apr
May..
June- July...
Aug...
Sept
Oct...
Nov....
Dec.-.-
6. 1
5.5
3.4
3.4
8.8
12.2
7.0
4.8
6.8
6
8
6
5
3
4
4
3
4
4
7.2
2.2
4.3
4.7
20. 1
12.2
6. 5
.6
8.0
.6
1.5
.6
.6
—.2
.4
.2
.2
.5
.4
Commodities
less
food
4.5
4.8
2.3
2.5
5.0
13.2
6.2
5.1
4. 9
.4
.4
.3
.3
.2
.2
.3
.4
.5
.5
1978: Jan...
Feb__.
Mar._
8
6
8
1.3
1.2
1.3
.7
.2
.6
Period
All
items
Food
Services
Percent c lange frc>m 3 mont tis earlier ; Percent c aange frcnn 6 mont bis earlier;
seasonsilly adjus5ted annu al rates
seasonsilly adjussted annu al rates
All
items
7.4
8.2
4. 1
3.6
6.2
11. 3
8. 1
7.3
7.9
.8
.7
.8
.7
.7
.6
.6
.4
.4
.4
10.0
10.2
8. 4
7. 8
5.7
5.0
45
4.5
4.7
49
.6
.7
.8
6.7
7.5
9.3
i Annual changes are from December to December (unadjusted).
Note.—Beginning January 1978 data relate to all urban consumers. Earlier data
relate to urban wage earners and clerical workers.
24
Food
Commodities
less
food
15.3
18. 6
11. 6
11.5
4.2
3.6
1.9
3. 1
7.4
6. 1
4.8
4.2
3.2
2.7
2.7
as
4.2
4.7
5.4
a9
6.6
5.6
11.9
16.4
a4
ai
Services
9.8
9.0
9. 9
9.4
9.3
AH
items
Food
Commodities
less
food
Services
7.6
6. 3
5. 6
49
7.1
8. 0
8.7
8.9
7.9
6. 6
6. 1
5. 1
48
47
7.7
10. 6
12.6
13. 4
11.2
7. 5
6.6
3.7
3.6
3.0
6.5
6.5
6.2
5. 8
46
3.7
3.5
3.7
40
7.8
7.0
6.3
5.8
7.2
9.1
5.6
6. 1
7.1
6.0
7.7
10.1
5.0
5. 1
5.7
6.4
7.0
a3
Source: Department of Labor, Bureau of Labor Statistics.
as
7.4
ao
8.7
9. 6
9.2
9. 1
as
ao
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 4 percent in April. Contributing to the increase were higher prices for cattle, soybeans,
corn, broilers, wheat, tomatoes, and lettuce. Partially offsetting were lower prices for hogs, oranges, and eggs. Prices
paid by farmers were up 1 percent in the month ended April 15.
INDEX, 1967-100
{RATIO SCALQ
220
220
200
200
180
180
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
150
140
140
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGt RATES)
120
120
100
100
i i i I i n i i l M t f t. f
I f ti
RATIO-I/
110
110
100
PARITY RATIO (ACTUAL)
100
90
80
70
60 I I I I I
1970
70
60
II 11 I I 1 1 I I I I I
I
1971
1972
1973
1974
1976
1975
1978
-1977
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of AGRICULTURE
Prices received by farmers
Period
1970
1971
1972
1973
1974
1975
1976
1977
All farm
products
Crops
Prices paid by far mers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
products wage rates
items
items
Index, 1(967=100
110
113
125
179
192
185
186
183
100
108
114
175
224
201
197
193
118
118
136
183
165
172
177
175
112
118
125
144
164
180
191
202
1977: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec .
190
191
193
184
180
175
174
178
179
181
211
214
214
198
182
173
171
178
185
183
171
172
176
173
179
177
177
177
174
180
202
204
204
204
203
201
201
201
202
203
1978: Jan
Feb
Mar
Apr
186
193
200
208
188
190
198
208
185
196
204
209
209
211
214
216
.
„
'»Percentage ratio of index of prices received by farmers to index of prices paid,
iterest
taxes, and wage rates on 1910-14«100 base.
3
The adjusted parity ratio reflects Government payments made directly to
farmers.
114
118
123
133
151
166
176
(3)
(3)
(3)
(3)
(3)
(3)
(3)
3)
S
3
)
3
( )
(3)
3
( )
0
Parity ratio 1
Actual
Adjusted 2
108
113
121
146
166
182
193
200
72
71
74
91
86
76
71
67
77
75
79
94
87
76
72
68
201
204
205
203
201
198
197
198
199
199
69
69
70
66
65
64
63
65
65
66
70
70
71
68
66
65
65
66
66
67
203
206
211
214
65
67
69
71
67
69
71
73
8
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
OO
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Growth in Mi resumed in March but growth of time and savings and thrift deposits slowed.
BIUJONS OF DOLUHS * (RATIO :
•BOONS OF DOOMS * (RATIO SCAtfl
300
200
200
1970
1978
•SSASONAUY ADJUSTED
SOUKE, SOAUD Of GOVHNOK Of THE fBXSW. HSEKVE STCrtM
COUMCPl. OF ECONOMIC AOVISBS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Ovei•all measures1
Deposi ts at commercia 1 banks
1
i
Period
M,
M3
M,
Cur-
rency
TinIB and stivings
Demand
Large
CDs
313.5 | 43.5
63.0
363.9
89.0
418.3
81.3
450.9
489.7
62.7
74.0
544.9
62.2
502.0
504.5
61.6
508. 9
62.9
5ia2 63.3
518.3
62.8
63.2
521.9
63.8
525. 9
66.4
531.9
540.0
70. 9
544.9
74. 0
76. 3
550.5
556. 8
79. 4
562.1
82.0
Total
1972: Deo
1973: Dec
1974: Dec—
1975: Dec...
1976: Dec
1977: Dee...
1977: Mar..
Apr...
May..
June..
July..
Aug...
Sept_.
Oct...
Nov..
Dec...
1978: Jan—
Feb.—
Mar_.
deposits at
26
255. 3
270. 5
282. 9
294.5
312. 6
336.7
318.3
322.0
322. 4
324.3
327.5
329.2
331. 6
334. 6
334.7
336.7
339.4
339. 1
340.1
525.3
571.4
612. 2
664. 1
739. 6
807.6
758.1
764.9
768. 4
774.2
782.9
787.9
793.8
800.2
803.8
807.6
813. 6
816. 6
820.2
844.4
919. 2
981. 2
1, 091. 8
1, 235. 6
1, 374. 1
1, 270. 6
1, 282. 2
1, 290. 9
1, 302. 0
1, 317. 2
1, 330. 0
1, 343. 5
1, 356. 7
1, 365. 5
1, 374. 1
1, 384. 1
1, 390. 5
1, 397. 6
Per cent
cha nge"
Compoilents anc I related i ;ems
56.8
61. 5
67.8
73.7
80. 7
88.5
82.4
83. 1
83.8
84.2
85. 1
85. 5
86. 3
87. 1
87. 7
88.5
89. 3
90.0
90.6
198.4
209.0
215. 1
220.8
231.9
248.2
235.9
238.9
238. 6
240.1
242. 3
243. 7
245.3
247.5
247.0
248.2
250. 1
249. 1
249. 5
Other
270. 0
300. 9
329. 3
369.6
427. 0
470. 9
439.8
442. 9
446. 0
449.9
455. 5
458. 7
462. 1
465. 5
469. 1
470.9
474. 2
477. 5
480. 1
Deposits
at
nonbank
thrift
institu- i
tions
319.2
347. 8
369. 1
427.8
496.0
566. 5
512. 5
517. 3
522.4
527.8
534.3
542. 1
549.8
556.5
561.7
566.5
570.5
573.8
577.4
U.S. Government
demand
deposits
(unadjust-
M,
M3
ed)
7.4
6. 3
4. 9
4. 1
4. 4
5. 1
4. 3
5.4
3. 6
5.0
3.6
3.4
5.0
3.7
3. 5
5. 1
4. 2
4. 2
46
6.0
11. a
as
4. 1
6. 1
7. 7
8.5
11. 4
7.6
7.8
12. 0
11.2
7.6
8.2
10.0
9. 1
4. f>
7. 7
8. 3
8.5
8. 0
7.8
7. 8
7.4
6. 1
5.2
7. 1
9.2
10.2
9.6
9.7
9.6
9.4
9. 4
8.8
8.0
7. 4
6.8
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of dafly figures; billions of dollars, seasonally adjusted]
Currency and c .eposits
U.S. Tireasury
secuiities
Negotiable
certifiShortNonbank
cates of
term
Savings marketthrift
deposit
institu- bonds able setions
curities
Time d eposits
Total
liquid
assets
Total
769. 7
852. 5
967.7
1, 079. 3
1, 166. 9
1, 290. 1
1, 423. 3
1, 596. 2
632.7
719.0
816.9
887.4
945,0
1, 054 5
1, 194. 1
1, 328. 5
49.1
52. 6
56. 8
61. 5
67.8
73.7
80.7
88.5
152.0
161.8
176.4
183.3
186.9
191.5
19a 8
213.5
198.9
23a6
2644
294.5
321.2
360. 6
417.3
460.0
232.7
271. 1
319. 3
34a 1
369. 1
428. 6
497. 3
566.5
1977: Mar,..:
Apr
May™. ,..,-—-June
July
Aug,
Sept
Oct
Nov
Dec
1, 465. 5
1, 478. 8
1, 487. 9
1, 498. 4
1, 515. 1
1, 529. 8
1, 546. 0
1, 565. 5
1, 582. 1
1, 596. 2
1, 228. 7
1, 240. 7
1, 248. 6
I, 258. 6
1, 273. 5
1, 285. 1
1, 299. 0
1, 312. 5
1, 320. 5
1, 328. 5
82.4
83.1
83.8
430.0
433. 0
435.9
439.4
4449
448.3
452.0
455.2
458.2
460.0
512.5
517.3
522.4
527.8
5343
542. 1
549.8
556. 5
561. 7
566.5
73.0
73.4
73.8
85. 1
85.5
86.3
87. 1
87.7
88.5
203.8
207. 2
206.5
207.2
209.1
209.2
210.9
213.7
212.9
213.5
1978: Jan
Feb
Mar*
1, 612. 3 1, 338. 9
1, 623. 2 1, 345. 3
1, 632. 7 1, 351. 5
89.3
90.0
90.6
215.7
2146
2147
463.4
466.8
469. 1
570. 5
573.9
577.1
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
1977:
Dec-.
Dec
Dec
Dec
Dec
Dec—
Dec
Dec
Currency
842
Demand
deposits
Commercial
banks
52. 0
41.9
57.5
60.4
63. 3
67.2
71. 9
76.6
4a 3
47.7
66.9
66.6
75.8
Other
private
money
market
instruments
21.8
27.6
36.2
21.3
20.1
22.5
70.4
58.5
43.5
53.3
40.6
43.0
47. 3
61.9
43.2
42.4
43.4
43. 7
43.4
43.7
44 1
46. 4
50.7
53. 3
51.0
52,5
53.8
74 7
75. 1
75.4
75.8
76.2
76.6
69. 6
69. 7
68.3
67. 1
68.2
70. 7
72. 3
74 1
75.3
75.8
77.0
77.4
77.8
78.4
80.4
81.0
55.0
57.2
59.8
63. 0
62. 8
62.6
543
3L5
345
742
sas
345
548
55. 3
55.2
55. 2
56.8
59.4
61.9
Source: Board of Governors of the Federal Reserve System,
Note.—Series revised beginning January 1965.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total1
Automobile
Instalm<3nt credit lie •uidated
Bank
credit
cards
Total *
Automobile
Bank
credit
cards
Net change in amount outstanding
Total *
Automobile
Bank
credit
cards
112, 296
123, 826
137, 117
157, 863
157, 200
164, 169
193, 328
225, 645
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
72, 888
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
31, 761
107, 444
113, 784
121, 926
138, 156
147, 920
156, 665
172, 795
194, 555
30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
59, 652
5, 615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
28, 851
4, 852
10, 043
15, 191
19, 707
9,280
7, 504
20, 533
31, 090
1977: Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
17, 595
18, 496
18, 784
18, 503
18, 810
18, 631
19, 204
19, 164
19, 787
19, 680
20, 138
5,819
6, 199
6, 106
6, 048
6, 063
5,966
6, 158
6, 109
6, 083
6, 330
6,721
2,408
2,406
2,576
2, 621
2,640
2, 566
2,711
2, 847
2, 973
2, 828
2,973
15, 610
15, 525
15, 886
15, 849
16, 388
16, 167
16, 553
16, 814
17, 160
16, 826
17, 402
4,801
4,816
4,901
4, 801
5, 100
4,897
5, 104
5,005
5,234
5,089
5,424
2,201
2, 142
2,298
2,430
2,403
2, 382
2, 396
2,567
2, 687
2,585
2,723
1,984
2,971
2,898
2, 655
2,422
2,464
2, 651
2,351
2,626
2,853
2,736
1,241
1,297
207
263
278
192
238
184
315
279
287
243
250
1978: Jan
Feb.—
19, 586
20, 179
6,263
6,400
2,948
3,143
17, 162
17, 518
5,078
5,296
2,788
2,858
2,424
2,661
1,185
1,104
160
285
1970
1971
1972
1973. —
1974
1975
1976
1977
* Includes some items not shown separately.
-347
4,207
5, 512
5, 758
500
3,007
10, 238
13, 235
1,019
1,383
1,205
1,247
963
1,069
1,054
1, 105
850
1, 153
699
918
1,430
1,443
1, 220
1,850
2, 911
Source: Board of Governors of the Federal ReserTe System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Continued rapid growth in commercial bank loans in March was partially offset by a reduction in holdings of U.S«
Government and other securities.
BILLIONS Of DOLLARS *(RATIO SCALE}
1,000
BILLIONS OF DOLLARS* (RATIO SCAL$
-ALL COMMERCIAL BANKS-
1,000
TOTAL
-LOANS AND INVESTMENTS
800
800
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
lllAllillM"
'"
100
100
80
80
INVESTMENT IN
US. GOVERNMENT SECURITIES
60
-V
40
1 M I1 I 1 1 I I1
\ !J I t 11 1 I I 1 1 I I ^ | I | I H 1
1
1970
1971
I
i
1972
\ \ 1 1 t 1 I IJJ \
1973
i
\ I I 1 1 I I M I 1 I 1M 1J I ! f 1 \
1974
I
197S
«
I j t 111 t 1 IJ \
1976
1
•'SEASONALLY ADJUSTED, END OF MONTH
SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1970
1971
1972..
1973
1974
_.__
1975
1976
1977 »
1977: Mar
Apr
May
June
July*
Aug*
Sept*
Oct»
Nov*
Dec*...
_
4
57.8
60.6
62. 6
54 5
50.4
79.4
97.3
93. 5
85. 7
104.2
116. 5
129. 9
139. 8
144.8
148.2
159. 0
29. 11
31.17
31.34
34.91
36.57
34.68
34.93
36. 14
28.78
31.04
30.29
33.61
35.84
34.55
34.88
35. 57
552. 9
560.7
566. 1
572.4
579.0
587.0
592. 2
602. 5
611. 2
612.9
184.4
186.7
188.2
190.2
192.4
194. 6
195. 1
199. 3
201. 6
6
202. 2
103.8
103.2
105. 1
105. 2
103. 6
103. 1
100. 1
97. 8
95. 0
93. 5
148.4
151.8
152. 7
152. 9
154. 4
155. 5
156. 1
157. 6
159. 9
159.0
34.54
34. 77
34.80
34. 82
35.27
35. 50
35. 52
35. 81
35.96
36. 14
622. 4
625.4
633. 5
204. 6
207. 1
211. 0
92. 5
97.5
96. 5
159. 4
159.0
158.8
36.60
36. 93
36. 67
292.0
320.9
378. 9
449. 0
500. 2
496. 9
538.9
612. 9
805. 1
815.7
823.9
830. 5
837.0
845.6
848. 4
857. 9
866. 1
865.4
874. 3
881.9
888.8
6
6
data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with
no
adjustment
to
eliminate
the
effect of changes in [Regulations D and M.
4
During 1974, total loans and investments were increased $0.6 billion due to
1978
COUNCIL OF ECONOMIC ADVISERS
110. 0
116. 1
130. 2
156. 4
183. 3
176. 0
179. 5
202. 2
435.5
485.7
558. 0
633. 4
690. 4
721. 1
784.4
865. 4
21 Data are for end of period.
Averages of daily figures. Annual
8
28
'
[Billions of dollars, seasonally adjusted, except as noted]
Allc ommercial I>anks l
All me mber ban ks
Borrowiiigs (milL oans
Investcaents
Ileserves 2 8
lions of dollars,
Total
unadju isted) 2
loans
and Total exU.S. Gov- Other
invest- cluding CommerNonSeaRecial and
ernment
secuTotal
Total
ments
inter- industrial
borrowed quired
sonal
securities
rities
bank
"P»Tir\r1
1978: Jan * _ _ _
Feb"
Mar v
I 1 l i l t I 1 1 t \ I 1 II | 1....! I I III 40
1S77
34. 43
34.69
34. 60
34. 56
34.95
34. 44
34.89
34. 50
35. 10
35. 57
28.86
30.98
31.06
34. 61
36.31
34.42
34.65
35. 95
34. 32
34.57
34. 60
34.67
35. 00
35. 30
35. 31
35. 60
35. 71
35. 95
321
107
1,049
1,298
703
127
62
558
110
73
200
262
336
1,071
634
1,319
840
558
41
32
13
12
54
13
14
31
55
60
101
112
114
83
54
36. 12
36. 53
36.34
36.33
36.69
36.47
481
405
344
32
52
47
a bank merger and were reduced $1.6 billion due to liquidation of a large bank.
a6 Loan reclassifieations reduced these loans by $1.2 billion as of March 31,1976.
Loan reclassifications reduced these loans by $0.3 billion in December 1977.
Source: Board of Governors of the Federal Eeserve 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
Internal1
Credit market f unds
Total
Total
Total
Other
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
Longterm 2
Shortterm 3
32. 1
40.6
40.7
37.0
39. 1
49.3
48. 6
51.4
8.6
3.9
17.0
35.7
42.7
-12.7
9.7
33.8
48
14 1
14 5
24 2
23. 2
41
29. 4
35. 9
95.9
114 6
136.5
162.6
163. 5
132. 3
197.2
247. 9
80.3
86.0
100.3
123.3
1347
98.6
140.3
168.4
15. 6
28. 6
36.2
39. 3
28. 9
33. 7
56.9
79.5
8.4
12. 5
16. 5
18. 1
17. 1
16. 2
16.3
9.6
1970
1971
1972
1973
1974
1975
1976
1977'
1043
127.1
152.9
180.7
180.7
148.4
213. 5
257.5
5R9
6&6
80.8
83.8
75.7
107.8
125.8
136.4
72.2
96.9
105.0
40. 6
87. 7
121.1
40.7
44 5
57.7
72.7
81.8
36.6
58.3
85.3
1976: I
II
III
IV
219.8
220.4
2043
209. 5
125.4
125.0
130.5
122. 3
94.4
95.5
73.8
87. 2
52. 1
60.2
51.7
69. 4
50. 1
46.8
51.0
46. 6
ai
ia4
.7
22.8
42.3
35.3
22. 1
17.8
203. 2
202. 5
192.6
190. 5
134 3
143. 1
150.4
133.4
68.9
59. 4
42. 1
57. 1
16.6
17. 9
11. 7
19. 0
1977: I
II.
III
IV*
266.6
230.5
261.2
271.7
125.7
134. 8
145. 1
139. 9
140.9
95. 7
116. 1
131.8
82.8
81.3
78.2
98.7
39.6
47.7
60. 6
57.5
43.3
33. 6
17.6
41. 1
58. 1
14.4
37.9
33. 1
258. 8
221. 6
250.2
261.3
154. 1
169.3
176.0
1743
104.7
5f. 3
74.2
87.0
7.8
8.9
11.0
10.4
45.5
sas
1 Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, bonds, and mortgages.
s Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
< Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Curirent liab ilities
Ciirrent asst>ts
End of
period
Cash
on
Total hand
and
in
banks 1
ReceivU.S.
ables
Govfrom
ernU.S.
ment
Govsecuriernties 2
ment 3
Notes
and
accounts
receivable
Other
Incurrent
ventories
assets 4
Total
Advances
and
Notes
preand
payacments, counts
U.S.
payGovable
ern- 3
ment
Federal
income
tax
liabilities
Other
current
liabili-5
ties
Net
working
capital
1970
1971
1972
1973
1974___
1975
1976-
492. 3
529.6
573. 5
643. 3
712. 2
731. 6
816.8
50. 2
53. 3
57. 5
61.6
62. 7
68. 1
77.0
7. 7
11. 0
9.3
11. 0
11.7
19. 4
26. 4
42
3. 5
3. 4
3.5
3.5
3.6
43
201. 9
217. 6
240. 0
266. 1
289.7
294 6
323. 9
193.3
200.4
215. 2
246. 7
288. 0
285. 8
315. 4
35.0
43.8
48. 1
54 4
56. 6
60. 0
69. 8
304 9
326. 0
352.2
401. 0
450. 6
457. 5
499.9
6.6
49
4.0
4. 3
5. 2
6.4
7.0
204 7
215. 6
230.4
261. 6
287. 5
281.6
295.9
10. 0
13. 1
15. 1
18. 1
23. 2
20. 7
26.8
83.6
92. 4
102. 6
117. 0
1348
148.8
170. 2
187. 4
203. 6
221. 3
242. 3
261. 5
274 1
316. 9
1976:1
!!___
IEL_
IV.__
753. 5
775.4
791. 8
816. 8
68. 4
70. 8
71. 1
77.0
21.7
23. 3
23. 9
26. 4
3.6
3.7
4. 3
43
307. 3
318. 1
324 2
323. 9
288. 8
295. 6
302. 1
315.4
63. 6
63. 9
66.3
69.8
465. 9
475. 9
484. 1
499. 9
6.4
6. 8
7. 0
7.0
280. 5
287. 0
2847
295.9
23. 9
22.0
249
26.8
155. 0
160. 1
167.5
170. 2
287.6
299. 4
307. 7
316. 9
845. 3
1977: 1
!!_._ 874 7
Ill- 909. 8
75. 0
77. 9
79. 1
27.3
24 1
24 1
46
48
5.3
342. 0 322. 1
356.6 332. 5
373.8 343. 1
74 3
78. 8
84 5
516. 6
532. 0
556.3
6. 8
5. 7
6.2
302. 2
313. 2
323. 6
28. 6
24. 5
26.9
179. 0
188. 6
199.7
328.7
342. 7
353. 5
1
Includes time certificates of deposit.
2 Includes Federal agency issues.
3 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 TJ.S, Government
advances offset against inventories on corporations' books.
4
Includes marketable investments (other than Government securities and
time
certificates of deposit) as well as sundry current assets.
6
Includes commercial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Most Interest rates moved higher in late April ending a period of downward drift.
KRCBfT m ANNUM
PERCENT RR ANNUM
1977
1970
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
Period
1972
1973
1974
1975
1976
1977
1977: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb..
Mar
Apr
Week ended :
1978: Mar 31
Apr 7
14
21
28
U.S. Treasury securi ty yields
Constant inaturities 2
3-month
1
bills
3-year
10-year
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
bonds
paper,
(N.Y.
bonds
(Standard
4^Q
F.R.
& Poor's)3 (Moody's) months
Bank)4
4.071
7.041
7.886
5.838
4989
5.265
4540
4 942
5. 004
5. 146
5. 500
5.770
6. 188
6. 160
6.063
6.448
6.457
6. 319
6.306
5.72
6.95
7.82
7.49
6.77
6.69
6.31
6.55
6.39
6. 51
6.79
6.84
7.19
7.22
7.30
7.61
7.67
7. 70
7. 85
6.21
6.84
7.56
7.99
7.61
7.42
7.37
7.46
7.28
7. 33
7.40
7.34
7.52
7.58
7.69
7.96
8.03
8.04
8. 15
5.27
5. 18
6.09
6.89
7.21
7.44
5.56
5.61
5.64
5.53
5.50
5.46
5.37
5. 53
5. 38
5.48
5.60
5. 51
5.49
5.71
8. 02
8. 04
a 04
a os
a 19
8.41
8.47
8.47
8. 56
6.55
6.59
6. 64
6. 79
6.80
6.80
6.86
6.310
6.417
6.373
6. 140
6.294
7.79
7.82
7.81
7.83
7.95
8. 12
8,14
8. 15
8. 12
8.21
5.58
5.66
5.69
5.71
5. 78
8.48
8.53
8. 56
8. 57
8. 59
6,80
6.83
6.85
6.86
6.91
a 49
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department,
s Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
3
30
a 57
8.83
a 43
a 05
7.95
7.94
7.98
7. 92
5
469
a 15
4 50
6.45
7.83
a 17
5.50
5.46
5K-5%
5H-5K
5^-5^
5^-5^
5K-53/i
5%-5%
5%-6
6-6
6-6
6-6H
6K-6K
6&-6H
6>2-6H
9. 87
6.33
5.35
5.60
487
5.35
5.49
5.41
5.84
a 25
6H-6H
6K-6H
6K-6K
l
l
Q /2-Q /2
6K-6H
Prime
rate
charged
by
banks 4
5.25
a 03
10.81
7.86
6. 84
6. 83
6K-6K
6J4-6K
6%-6M
6^-6%
6J4-7
7 -7K
7^-7%
7%-7%
7%-7%
7%-8
8-8
8-8
8-8
Newhome
mortgage
yields
(FHLBB)^
7.60
7.95
8.92
9. 01
8. 99
9. 01
8.94
a 96
8.98
9. 00
9. 02
9. 04
9.07
9.07
9.09
9. 15
9. 18
9.24
8-8
8-8
8-8
8-8
8-8
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Bates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Beserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices moved up strongly in the last half of April.
INDEX, DEC 31,1965=50
COMPOSITE STOCK PRICE INDEX
fNYSE)
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
1978
1970
SOURCI& NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common s tock 5 yields
(perc ent)
Cominon stock pirices 1
New York Stock Exeilange indexes(Dec. 31, ]L965=50) 2
Period
Composite Industrial Transportation
1972
1973
1974
.
1975
1976
1977
1977: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr«_
Week ended:
1978: Mar 31
Apr 7
14
21
28
_
Utility
60.29
57.42
43. 84
45.73
54.46
53.69
53. 92
53. 96
54. 30
54.94
53.51
52.66
51. 37
51. 87
51. 83
49.89
49.41
49. 50
51.75
65.73
63.08
48.08
50.52
60.44
57.86
58.47
58. 13
58.44
58.90
57.30
56.41
5499
55.62
53. 55
53.45
52.80
52.77
55.48
50. 17
37. 74
31.89
31. 10
39.57
41.09
41.51
43.25
43.29
43.52
41.04
39.99
38.33
39.30
39. 75
39. 15
3R90
38.95
41. 19
3&48
37.69
29.79
31. 50
36.97
40.92
40. 24
41. 14
41.59
42.44
41.50
40.93
40. 38
40.33
40. 36
39. 06
39.02
39.26
39.69
78.35
70. 12
49.67
47. 14
52.94
55.25
54.30
54 80
55.29
57.29
56. 52
55.33
53.24
5404
53. 85
50. 91
50.60
51.44
55.04
49. 89
49. 96
50. 86
52.51
53.67
53.15
53.25
54. 35
56.42
57.91
39.71
39.51
40.20
41.92
43. 13
39.51
39.46
39. 65
39.77
39. 87
52.37
52.55
53.89
56.25
57.47
1
Averages of daily closing prices.
*8 Includes all the stocks (more4 than 1,500) listed on the NYSE.
Includes
30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
Standard
& Poor's
DowEarningscomposite DividendJones
price
price
index
industrial3
ratio
ratio
average (1941-43=
10) *
109. 20
2.84
5. 50
950. 71
7.12
923. 88
107. 43
3. 06
82.85
447
759. 37
11.59
S. 15
431
802. 49
86. 16
102. 01
8.90
974 92
3. 77
4 62
98.20
89463
10.79
99. 05
929. 10
447
926. 31
98.76
457
99.29
460
916. 56
10.37
100. 18
908. 20
459
4 72
872. 26
97.75
853. 30
96.23
11.09
4 82
93. 74
823. 96
4 97
94 28
5. 02
828. 51
93. 82
818. 80
5. 11
11.45
90. 25
5. 32
781. 09
88.98
5.49
763. 57
88.82
756. 37
5.68
92. 71
5. 42
79466
758. 16
760. 60
776. 09
809 75
832. 17
89.33
89.38
90. 95
94 12
96. 38
5.63
5. 58
5. 55
5. 34
5. 19
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,
ni
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 6 months of fiscal 1978 the budget deficit was $54.6 billion. A year earlier the deficit was $41.5 billion.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
.400'
400
300
200
200
50
SURPLUS (+} OR DEFICIT (-)
-50
-50
!_
-100
1970
1971
1972
1973
1974
1976
1975
1978
-100
1979
FISCAL YEARS
couNca OF ECONOMIC ADVISERS
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978 (estimates)22
1979 (estimates)
Receipts
_
.
Cumulative total first 6 months:
Fiscal year 1977
Fisca, year 1978
3* Excludes non-mterest-bearing public debt securities held by IMF.
.Estimates from Current Budget Estimates, March 1978, Office of Management
and Budget.
32
Outlays
Surplus or
deficit ( — )
Federal debt ( end of period)
Total l
Held by
the public
187.8
193.7
188.4
208.6
232,2
264. 9
281.0
299.2
81. 7
356.9
400.5
439.8
1845
196. 6
211.4
232.0
247. 1
269. 6
326. 1
365. 6
94.7
401.9
453. 5
499.4
3.2
— 2. 8
-23. 0
-23. 4
-14. 8
-4.7
-45. 1
— 66.4
-13.0
—45. 0
-53.0
-59.6
367. 1
382. 6
409. 5
437.3
468. 4
486. 2
544. 1
631. 9
646. 4
709. 1
785.6
873.7
279.5
284, 9
304. 3
323. 8
343. 0
346. 1
396.9
480.3
498. 3
551. 8
617.8
690.8
155. 1
169.4
196.6
224. 0
-41.5
—54.6
680. 1
747.8
533.4
593.3
NOTE.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1978 budget receipts were $14.3 billion higher than a year earlier and expenditures
were $27.4 billion higher.
BHUONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
OUTLAYS
.-"
--'
300
300
+*****~~~
NONDEFENSE
*****
\+**
*•**
200
200
-.-•"***'
^
,....-"•"•"""
NATIONAL DEFENSE
100
^^
A
^
1
1970
I
197!
!
1972
1
!
1973
1974
=
jL, -
1
1975
100
••
1
1
1976
1977
!
1978
1979
^
^
FISCAL YEARS
SOURCE& DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVJSIRS
[Billions of dollars]
(Outlays
Rece ipts
Nationa I defense
Period
Fiscal year or period :
1969
1970
1971
1972
1973
1974
1975
1976__
Transition quarter.
1977. _ _
1978 (estimates) 1l
1979 (estimates) _ _
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Total
Department of
Defense,
military
187. 8
193. 7
188.4
208. 6
232. 2
264. 9
281. 0
299. 2
81.7
356.9
400. 5
439.8
87. 2
90. 4
86. 2
94. 7
103. 2
119. 0
122. 4
130. 8
38.7
156. 7
178. 8
190. 1
36.7
32. 8
26. 8
32. 2
36.2
38.6
40. 6
41. 4
8. 5
54. 9
58.9
62. 5
63. 9
70. 5
75. 4
81.7
92. 8
107. 4
118. 0
127. 0
34. 5
145. 2
162. 7
187. 2
184. 5
196. 6
211. 4
232. 0
247. 1
269. 6
326, 1
365. 6
94. 7
401. 9
453. 5
499. 4
79. 4
78. 6
75. 8
76. 6
74. 5
77. 8
85. 6
89. 4
22. 3
97. 5
106. 1
117. 8
77. 9
77. 2
74.5
75.2
73.3
77. 6
85. 0
88. 0
21. 9
95.7
103. 8
115.2
Cumulative total first 6 !
months :
Fiscal year 1977
155. 1
Fiscal year 1978- _ _
169. 4
68. 3
76.5
20.7
22. 6
66. 1
70.3
196.6
224.0
51. 0
55.5
47.4
50.4
1
Estimates from Current Budget Estimates, March 1978. Office of Management
pd Budget.
NOTE.—Earned income credit payments in excess of an individual's tax liability
reelassified as income tax refunds beginning 1976 and as outlays prior to 1976.
Interna- Health
and
Intional income
terest Other
affairs security
4. 6
4. 3
4. 1
4.8
5.8
7.2
49. 0
56. 1
70. 1
81.4
91. 8
106. 5
136. 3
160. 0
41. 4
175. 8
190. 3
209. 6
15. 8
18. 3
19. 6
20. 6
22. 8
28. 1
31. 0
34. 6
7. 2
38. 1
42. 9
49.0
35. 7
39.3
41.8
48. 8
53. 9
51. 7
66.5
76. 0
21.5
85. 7
108.4
115, 8
— 2. 1
-2.2
87. 5
94. 1
18.7
21.0
41. 5
55.6
4.7
4.0
5. 6
6. 9
5. 6
2. 2
Source: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In calendar 1977, Federal receipts rose $41.6 billion and expenditures $37.1 billion, yielding a deficit of $49.5
billion, $4.5 billion less than in 1976. According to preliminary estimates for the first quarter, Federal expenditures
rose $5.3 billion (annual rate)/ receipts data are incomplete.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
550
5EA5QHAUY ADJUSTED ANNUAL RATE?
500
500
450
450
400
400
IXPENDITURES
350
350
300
300
250
250
200
200
150
150
50
5U
SURPLUS
i
UH»
DEFICIT
-50
"""«
^^^
0
1i||
* -50
j
%
— -100
-100 1970
1572
1971
I
1973
1
1i?75
1974
CALENDAR YEAR*
1976
1977
1978
COUNCU. OF ECONOMIC ADVISERS
, SOUKCE; DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
F<sderal G<sverame]at expen ditures
Federal (jovernm ent receipts
Period
GrantsSubsidies Less:
PurIndirect Contriin-aid
less
Wage
Personal Corpochases
Transbutions
rate
business
to
State
Net
current accruals
tax
and
Total nontax profits tax and
for
Total of goods fer pay- and interest surplus of less
and
tax
nontax social inments local
paid Govern- disreceipts accruals
services
accruals surance
government en- bursements
terprises ments
.!.__,
o—jj
Surplus
©r
deficit
(-),
national
income
and
product
accounts
Fiscal year:
1974
271.8
1975
283.6
314. 1
1976
364. 0
1977
Calendar
year:
1974
288.6
286.9
1975
332. 3
1976
373.9
1977
1976:111-. 337. 1
IV_ 344.5
1977: I.... 364 9
II— 371.2
III.. 373.2
IV.». 386. 3
122.6
127. 3
137. 2
165.5
43.7
42. 1
52, 2
57.4
21.4
22. 1
24 2
246
842
92. 1
100.5
116.5
278.8
32a7
372. 3
411. 8
1046
117.9
126. 5
140. 7
1047
1342
156. 8
169. 7
41. 6
48.4
57. 5
66.0
19.8
21. 9
25.4
29. 3
5.7
6, 1
6. 1
—.4
.0
.0
-7.0
-45.0
-58.2
-47.8
131.1
125. 6
147. 3
170.7
150. 3
157. 1
170. 0
168.6
168.6
175.6
45.9
43. 1
55.9
59.4
56.9
55. 1
55.4
59. 9
59.5
63.0
21.7
24 0
23.4
248
23.7
23.8
242
246
25.4
25.2
89.9
94 2
105.7
118.9
106.2
108.4
115.4
118. 1
119. 7
122.5
299.3
357. 1
386. 3
423.4
390.6
400. 4
403. 7
411. 5
432. 1
446.3
111. 1
123.3
130. 1
145. 4
130.2
1342
136.3
143. 6
148. 1
153. 8
117.6
149. 1
162. 0
173. 1
163.9
166. 3
170.7
169. 3
1748
177. 4
43. 9
54 6
61.0
67.5
63. 1
65. 5
62. 0
63.6
72.7
71.7
20.9
23.3
27.2
29. 6
27.3
28.5
28.6
29. 1
29. 4
31. 5
5.3
6.7
5.9
7.8
6. 1
6.0
6. 1
5.9
7.2
11.9
-.5
.0
.0
.0
.0
.0
.0
.0
.0
.0
-10.7
-70.2
-540
-49. 5
-53.5
-55.9
-38.8
— 40. 3
-58.9
-60.0
1978: I*
175.7
25.4
133. 5 451.6
153. 1
180.3
75.2
340
9.1
.0
a o -a 2
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
1971
1972
1973
1974 __ __1975
1976
1977'
1977: Julr...
[1967=100]
jsonally
adjuste
;tion
(set
Con sinner arices (XLnadjustd i)
produc
d)
In dustria
United
United
United Can- Ja- France Ger- Italy King- United Can- Japan France GerItaly Kingmany
States'
ada
many
pan
States ada
dom
dom
109.6
119.7
129. 8
129.3
117.8
129. 8
155. 8
167.2
190.5
183.1
163.9
182. 0
189.5
185.6
190.8
190.0
187.7
121.5
130.0
141.7
145.8
139. 0
145.4
151.3
150.7
151.4
151.3
151.5
152.5
153.1
151.4
137.0
138.7
138. 1
138.5
138.9
139. 3
139. 7
13a6
139.0 152. 7
141.0
Aug
SeptOct
N»v.._
Dee
1978: Jan»_.
Feb *...
Mar >.
191. 5
193.3
194. 9
195.4
128
135
145
148
139
149
152
151
151
154
149
155
150
155
155
133.6
138. 7
147.7
145.1
137. 1
149. 1
152.7
151
152
153
152
153
156
159
152
117.5
122. 7
134 6
150. 6
127. 6
us. 5
144. 7
135.9
132. 8
140.9
136. 0
138.0
134.0
141.3
144.5
110.6
113.2
122.5
120. 3
114.3
115.6
117.2
117.6
117.4
117.3
115.9
115.6
116.6
117. 5
nas
i Beginning January 1978 data relate to all urban consumers.
121.3
125.3
133. 1
147. 7
161. 2
170.5
181. 5
182.6
183. 3
184.0
115.6
121. 2
130. 3
144. 5
160. 1
172.1
185.9
187. 1
187. 9
184. 5
185.4
isa i
187.2
188.4
189.8
126.5
132. 3
147.9
184.0
205. 8
224. 9
243.0
243.0
243.0
isa 9 247.3
190. 8 24a 6
192. 0 245.7
193.3 245. 1
194.0 246. 1
195. 3 247. 1
197.5
123.5
131. 1
140.7
160. 0
17a 9
196. 1
213. 9
215. 5
216. 7
2ia 6
220. 3
221. 1
221.7
222.8
224.4
112.7
119. 0
127.2
136. 1
144. 2
150.7
156. 6
157.4
157. 3
157. 1
157. 3
157. 5
157. 9
158.9
159.7
160.1
114.4
121. 0
134. 1
159.7
186.8
218.1
257. 6
255. S
25a2
26& 9
266. 7
270.7
272. 0
274. 6
277.4
279.6
128. 5
137. 6
150. 3
174.4
216. 5
252.4
292.4
295. 3
296. 7
298. 3
299. 6
301. 0
302. 6
304.4
306.2
308.1
Source: National sources as reported by Department of Commerce, Bureaa
of International Economic Policy and Research, Office oflnternational Economic
Research, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mere landise imports
Mercilandise exports
General im JOrts8
Domestic: exports
Period
Total
domesFood, Crude ManuFood, Crude
tic and
mate- facbever- mate- ManuTotal
2
facforeign Total i 2 beverrials
ages,
rials tured Total
ages,
(c.i.f.
extured
and to- and
and to- and
value) 4
goods
ports
goods
bacco fuels
bacco fuels
F. a.s. valu B B
Monthly
average:
1973
1974
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
8,159
1974
8, 966
1975
9,596
1976
1977
_ 10, 095
1977: Mar... 10, 164
Apr
9, 953
May
10, 489
June
10, 090
July.-- 10, 385
9,674
Aug
Sept— 11, 037
Oct
9,375
9,475
Nov
Dec
11, 007
1978: Jan
10, 014
Feb
9, 922
Mar- 10, 912
8,045
8,842
9,456
9,912
1,269
1, 399
1,436
1, 332
1,419
1,344
1,459
1,376
1,420
1,346
1,466
1,317
1,266
1, 341
1,548
1,528
1, 674
1,753
1,612
1,604
1,483
5,294
5,913
6,437
6, 681
6, 612
6,472
6,708
6,620
6,640
6,469
7,516
6,294
6,380
7,471
6,739
6,674
7,145
8,354
8,048
10, 084
12, 308
12, 083
12, 087
10, 983
13, 396
13, 077
11, 651
12, 605
12, 996
11, 833
13, 123
12, 393
14, 439
13, 693
1, 653
1,296
1,531
1, 466
1,500
1,023
1,135
1,472 1, 493
1,281 1,402
1,531 1, 282
1
Total excludes Department of Defense shipments of grant-aid military sup.ies and equipment under the Military Assistance Program.
2B Total includes commodities and transactions not classified according to kittdL
Total arrivals of imported goods other than intransit shipments.
* C,i,f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mer ehandise trade
balance
Exports
Ex(f.a.s.) ports Exports
Jess
(f.a.s.) (f.a.s.)
imless
less
ports
im- imports
(cus- ports
(c.i.f.)
toms (f.a.s.)
value)
770 1, 120
892 2, 653
F.a.s. ralue s
892 2, 672
827 2, 718
991 3,457
1, 186 4, 463
1,228 5,089
1,459 4, 069
1,295 3, 563
1, 179 5, 188
1, 150 4, 900
1,022 4, 164
1,079 4,617
1,008 4, 838
995 4,665
1,438 3, 909
1,251 3,921
1, 352 4, 384
1,319 3, 924
3,750
4,684
6, 131
9,000
4,602
4, 257
5,398
6,380
5, 608
6, 253
6,095
6,629
6, 731
6,251
6, 780
6, 924
6,078
7, 648
7,391
8, 405
7,916
9,000
8, 654
10, 825
13, 131
12, 879
12, 886
11, 726
14, 298
13, 973
12, 416
13, 454
13, 868
12, 953
13, 994
13, 170
15, 380
14, 563
112
-195
— 229
-841
—257 —195
853
918
—581 —488
—2, 299 —2, 213
—2, 007 —1, 918
—2, 219 —2, 134
—601 —494
—3, 419 —3, 306
—2, 774 —2, 692
—2, 023 —1, 877
—1, 632 —1, 569
—3, 708 —3, 621
—2, 436 —2, 358
—2, 218 —2, 116
—2, 467 —2, 379
-4, 64S — 4, 516
-2, 908-2, 781
—841
312
—1, 229
—3, 036
—2, 714
—2, 932
—1, 237
—4,207
—3, 588
—2, 742
—2, 417
—4, 493
—3, 118
—2, 987
—3, 156
— 5, 457
-3,651
-257
* F.a.5. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Note.- Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
3S
U.S. INTERNATIONAL TRANSACTIONS
The U.S. merchandise trade deficit rose from $9.9 billion in the fourth quarter to $11.2 billion tn the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON GOODS
AND SERVICES
MERCHANDISE TRADE BALANCE >
BALANCE ON CURRENT ACCOUNT
1970.
1
1972
1971
1973
1974
1977
1975
» 1978
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Merchandise 1 2
Period
1971
1972
1973
1974
1975
1976
1977
Exports
Imports
Inv(^stment iiicome
Net
balance
43, 319 -45, 579 -2, 260
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 -103,673 -5,367
107, 088 -98, 043
9,045
114, 694 - 124, 014 -9,320
120, 472 -151,968 -31, 496
Receipts
Payments
Net
NetNet
travel
and
military
transtrans- portaactions
tion
receipts
9,512 -4, 893 4,619 —2, 893 -2, 315
10, 161 -5,975
4, 186 -3, 621 — 3, 028
13, 540 -8,744
4,796
2,287 -3, 086
19, 763 -11,019
8, 744 -2, 083 -3, 105
17, 330 -11, 376 5,954
-876 -2, 552
21, 369 -11, 561
9,808
366 -2, 145
1,432 -3, 095
24, 940 -13,005 11, 935
Other
services,
net 3
-340
2,509
2,789 -6,088
3, 185
3,520
3,970
2, 160
4, 594 16, 164
4,888
3, 596
5,555 -15,414
1976: III.
IV__
29, 603 -32,411 -2, 808
29, 711 -33, 305 -3,594
5,483 -2, 816
5,421 -2, 997
2,667
2,424
235
235
-458
— 681
1,239
1,279
1977: !___
II__
29, 475
30, 599
30, 973
29, 425
30, 578
6,074
6,599
6,391
5,876
3,187
3,439
3, 166
2, 143
514
309
559
50
— 948
-778
-673
— 696
1,278
1,324
1,518
1,436
III _
rv___
1978: !»..
-36,968
-37,434
-38,243
-39, 323
-41, 778
1
Excludes military grants.
2
Adjusted from Census data
3
— 7,493
-6,835
-7, 270
-9, 898
-11, 200
-2, 887
-3, 160
-3, 225
-3, 733
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net
36
Balance
on
goods
and
serv-l
ices
Remittances,
pensions,
and.i
other
unilateral
transfers J
Balance
on
current
account
-3, 701 -4, 041
-3, 854 -9,942
-3, 887 -367
— 7, 188 -5,028
-4, 612 11, 552
-5,023 - 1, 427
-4, 795 -20, 209
875 -1, 936 -1,061
-337 -1,045 -1,382
-3, 118
-3, 360
-2, 989
-5,946
-1, 163 -4, 281
-1,215 -4, 575
-1,334 -4, 323
-1,084 -7, 030
NOTE.—Merchandise trade data revised for 1977. Other data to be revised
later.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
Foreign official assets in the U.S. rose by $15.5 billion in the fourth quarter of 1977 largely reflecting exchange
market intervention by foreign central banks to slow appreciation of their currencies against the dollar.
BltllONS OF DOLLARS
BILLIONS OF DOLLARS
—,
30 I
SEASONALLY ADJUSTED
20
2Q
CHANGE IKI
FOREIGN ASSETS
IN THE U.S., NET
A
10
\
10
-10
-10
-20
-20
-30
-30
1969
1976
1970
197?
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, inet
[incre ase/capita1 outflow (-)]
Foreigni official
ass ets
Period
Total
1971
1972
1973__
1974
1975
1976
1977
Fore ign assets in the U.S., net
[inci"ease/capi" ,al inflow (+)]*
U.S.
Other
U.S.
private
official
U.S.
reserve1 2 Govern- assets 2
assets
ment
assets
Total
Total
1,884 -9, 763 22, 445
-9, 299 2,348
32 -1, 568 -8, 392 21, 127
-9, 929
-14, 666
209 — 2, 645 -12,230 17, 753
365 -25, 960 33, 612
-27, 029 - 1, 434
-607 -3, 463-27, 478 14, 336
— 31, 548
-42, 959 -2, 530 -4, 213 36, 216 34, 520
-26, 059
-231 -3, 666 22, 162 49, 261
1976:111--- -8, 409
IV
-14, 022
-407
331
1977: 1
-10,283
II
III... -4, 423
IV
-11,684
-388
-1,405 -6, 597 8,201
228 -1, 142 -13, 108 12, 079
-909
1,627
6
-825 -9, 464
151 -1,169
3,405
-763 -10,921
2,510
13, 781
13, 920
19, 050
1978: I"
i Consists of gold, special drawing rights (SDR), convertible currencies, and
toe TJ.S. reserve position in the IMF.
* Quarterly data are not seasonally adjusted.
26, 895
10, 705
6, 299
10, 981
6,960
17, 945
37, 419
3, 070
6,977
5,719
7,908
8,249
15, 542
Assets of Othei
foreign foreign
official
assets
reserve
agencies
27, 405 -4, 450
10, 322 10, 422
5, 145 11, 454
10, 257 22, 631
5, 259
7,376
13, 007 16, 575
35, 545 11, 842
1,251
6, 125
5, 131
5, 102
5,007 -3, 209
7,452
5,873
7,928
5,671
15, 158
3,508
Statistical
discre pancy
Allocations
Of
of
Total
which :
special (sum of Seasonal
drawing
adjustthe
rights
items
ment
(SDR) with sign discrepreversed) ancy
717 -9, 822
710 -1, 966
-2, 720
-1, 555
5,660
9,866
-2, 993
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
12,
13,
14,
15,
16,
18,
19,
167
151
378
883
226
747
312
1,268 -2, 622 18, 945
3,325
1,780 18, 747
1,440
652 19, 120
1,077
-90 19, 156
-5, 173 -2, 388 18, 988
— 337
1,826 19, 312
19. 192
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICK
378
DIVISION OP PUBLIC DOCUMENTS
WASHINGTON. D.C. 2O4O2
OFFICIAL.
BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Pagc
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
,
11
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
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY
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
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
Federal Budget Receipts and Outlays and Debt.
Federal Budget Receipts by Source and Outlaws by Function
Federal Sector, National Income Accounts Basis
32
33
34
. _ _ ^. ^
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries.
U.S. Merchandise Exports and Imports
U.S. International Transactions
..
*
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