Full text of Economic Indicators : December 1978
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95tb Congress, 2d Session
Economic Indicators
December 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 BOLLING, Missouri, Chairman
LLOYD BENTSEN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN ]. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
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 fS J. Res. SB]
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 draun by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
ii
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the third quarter, gross national product rose $48.6 billion or 9.6 percent, both at
annual rates. Real output (GNP adjusted for price changes) increased 2.6 percent from the second quarter level and
the implicit price deflator rose at a 6.9 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
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
1979
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
I Billions of current dollars j quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Persona]
Gross
con- private
sump- domestion
tic
exinvestpend- ment
itures
Go^yernment purchases of goods and
services
Federal
State
NaNonTotal
and
tional
Total
delocal
de- l
fense
fense
Exporlts and imf >orts of
goocIs and services
Net
exports
Exports
Imports
Final
sales
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
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. 8 979. 1
1, 700. 1 1, 090. 2
1, 887. 2 1, 206. 5
120.8
131.5
146.2
140.8
160.0
188.3
220.0
214.6
190.9
243.0
297.8
49
2.3
1.8
3.9
1.6
-3.3
7. 1
6.0
20.4
7.4
-11.1
45.6
49.9
54.7
62.5
65.6
72.7
101.6
137.9
147. 3
163.2
175.5
40.6
47.7
52.9
58.5
64.0
75.9
94.4
131.9
126.9
155.7
186.6
180. 2
198.7
207.9
218.9
233.7
253. 1
269.5
302.7
338.4
359.5
394.0
90.9
9&0
97.5
95.6
96.2
102. 1
102.2
111. 1
123.1
129.9
145. 1
71.5
76.9
76.3
73.5
70.2
73.5
73.5
77.0
83.7
86.8
94.3
19.5
21.2
21.2
22. 1
26.0
28.6
28.7
34 1
39.4
43. 1
50.8
89.3
100.7
110.4
123.2
137.5
151. 0
167.3
191.5
215.4
229.6
248.9
786.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 28a 6
1, 404 0
1, 539. 6
1, 689. 9
1, 871. 6
1977:1
II—
III__
IV__.
1, 806. 8 1, 167. 7
1, 867. 0 1, 188. 6
1, 916. 8 1, 214. 5
1, 958. 1 1, 255. 2
272.5
295.6
309.7
313.5
-8.5
-5.9
-7.0
-23.2
170.9
178.1
180.8
172. 1
179.4
184.0
187.8
195.2
375.0
388.8
399.5
412.5
138.3
142.9
146.8
152.2
91.9
93.7
94.4
97. 1
46.4
49.3
52.4
55. 1
236.7
245.9
252.7
260.3
1, 796. 5
1, 850. 0
1, 894 9
1, 945. 0
1978:1
1, 992. 0 1, 276. 7
II — 2, 087. 5 1, 322. 9
III— 2, 136. 1 1, 356. 9
322.7
345.4
350. 1
-24.1
-5.5
-10.7
181.7
205.4
210. 1
205.8
210.9
220. 8
416.7
424.7
439.8
151.5
147.2
154.0
97.9
98.6
99.6
53.6
48.6
54.5
265.2
277.6
285.8
1, 975. 3
2, 067. 4
2, 122. 5
1
This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates)
Period
Gross private dc>mestie
Exijorts of g<>ods
iiavestment
Perand serviceJS
sonal
Gross
connational sumpChange
NonResi- in busition
product
KT^-f
resiiNet
Exports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Govern!nent purebases of
good s and ser vices
Total
Federal
State
and
local
Final
sales
1967
1968
1969
1970
1971- — —
1972
1973
1974
1975
1976
1977
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. 3
1, 271. 0
1, 332. 7
603.2
633.4
655.4
668.9
691. 9
733.0
767.7
760.7
774.6
819.4
857.7
103.5
108.0
114.3
110.0
108.0
116.8
131.0
130.6
113.6
118.9
129.8
37.2
42.8
43.2
40.4
52.2
62.0
59.7
45.0
38.8
47.8
57.7
12.0
8.7
10.6
4.3
6.6
9.4
16.5
8.0
-9.8
6.7
8.9
3.5
—.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.6
15.4
9.5
54.2
58.5
62.2
67. 1
67.9
72.7
87.4
93.0
90.0
95.9
98.2
50.7
58.9
63.5
65.7
68.5
75.9
79.9
77. 1
67.5
80.5
88.7
248.3
259.2
256. 7
250.2
249.4
253. 1
252. 5
257. 7
262.6
262. 8
269.2
125.3
128.3
121.8
110.7
103.9
102. 1
96. 6
95.8
96.5
96.6
101.6
123. 1
130.9
134.9
139. 5
145.5
151. 0
155. 9
161.8
166. 1
166.2
167. 6
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. 1
1, 264. 4
1, 323. 8
1977: 1—
II—
III—
IV._.
1, 306. 7
1,325.5
1, 343. 9
1, 354. 5
846.6
849.5
858.0
876.6
126.8
129. 1
130.8
132.5
53.5
58.0
58.8
60.3
5.8
10.0
12.2
7.5
11.2
11.0
12.5
3. 1
97. 1
98.9
100.8
96.0
85.9
87.9
88.2
92.9
262. 8
267.9
271.7
274.5
98.7
101.3
102.9
103.6
164. 1
166.6
168.8
170.9
1, 300. 9
1, 315. 5
1, 331. 7
1, 347. 1
1978: !___- 1, 354. 2
II— 1, 382. 6
III— 1, 391. 4
873.5
886.3
895.1
133.8
140.5
141.7
59.5
59.9
59.7
12.3
12.7
9.0
2.9
11.3
9.2
99. 1
108.4
109.0
96.2
97. 1
99.7
272. 1
271.9
276.7
101.2
97. 1
100.4
170.8
174.8
176.3
1, 341. 8
1, 369. 9
1, 382. 4
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Period
Gross
national
product
PersonaI consump>tion expenditures
Total
1967
1968
1969
1970_
1971
1972
1973
1974
1975
1976
1977
127. 15
133. 76
141. 61
88.5
92.5
96.6
100. 0
105.5
116.9
126. 4
133. 1
140.7
78.8
82.0
86. 1
90.5
95.8
100.0
1047
113. 6
123.2
131.6
141.0
79.3
82.6
86.6
91.3
96. 4
100.0
103.8
115.3
132.2
138.4
146.7
100.0
110.8
122.3
132.8
142. 5
159.4
85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163.6
170. 1
178.7
138. 27
140. 86
142. 63
144. 56
137.9
139.9
141.6
143. 2
128.4
128.9
129.5
130. 9
142.4
144. 7
145.7
147.0
137.4
139.7
142.3
1444
142.5
145.0
147.9
151.2
152.3
157. 6
160. 6
166. 1
147. 10
150. 98
153. 52
146.2
149.3
151.6
133. 1
135.7
137.8
150.4
1544
156.2
147. 1
149.9
152.6
153.6
156.7
160.6
168.6
175.7
182.6
96.02
100. 00
105. 80
116.02
1978:1
II
III
846
Source: Department of Commerce, Bureau of Economic Analysis.
77.0
80.7
87.7
90.6
949
Governrnent purchases of goods
and s srvices
Exports Imports Federal
81.9
85.3
89.4
93.6
96.6
100.0
107.9
123.8
133.4
138.2
145.0
91.36
II
III
IV
Nonres- ResiNonDurable durable
Services idential dential
goods
fixed
goods
fixed
Expor ts and
imports of goods
and scjrvices
87.4
90.7
93. 1
95.5
99.0
100.0
101.6
108.4
117.7
1244
129.5
79.02
82.57
86.72
1977:1
81.3
Gross private
dom estic
inveslbment
State
and
local
80. 1
80.9
83.3
89. 1
93.5
100.0
118.2
171.0
188.0
193.5
210.3
72.6
76.4
80.0
86.4
92.6
100.0
105.8
115.9
127. 5
1344
142. 7
100.0
107.3
118.4
129.7
138. 1
148.5
176. 1
180.0
179.4
179.2
208.9
209.3
212.9
210.2
140. 1
141. 1
142.7
146.9
1443
147.6
149.7
152.3
183.3
189.4
192.8
213.8
217.2
221.5
149.6
151. 5
153.4
155.2
158. 8
162. 1
840
72.5
76.9
81.9
88.3
945
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national pproduct
Constant
(1972)
dollars
Current
dol-
Period
Implicit
price
deflator
Gross <domestic \>roduct
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dol-
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
5.8
9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.2
11.0
2.7
4. 4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.7
4.9
2.9
4.5
5.0
5.4
5. 1
4. 1
5.8
9.7
9.6
5.2
5.9
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5. 6
6.2
3.0
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5. 6
6.3
5.7
9. 1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.0
10.9
2.7
4.4
2.6
-.3
2.8
5.8
5.4
-1.3
— 1. 1
5. 6
48
3.0
4.5
5. 1
5.3
5. 1
41
5.7
9.3
9.7
5.2
5.8
3. 1
44
5.0
5.3
5.0
41
5.9
9.6
9.4
5.7
6. 1
3.0
44
5.0
5.2
49
40
5.9
9.9
9.3
5.7
6.3
1977: I
II
III
IV
13.7
14.0
11. 1
8.9
6. 0
7.7
5. 1
5.5
6.6
7.3
4.6
6.5
7.0
7.4
47
6.8
13.3
13.9
11.2
9.5
7. 1
5.8
5.8
3.5
5.7
7.7
5. 1
5.8
6.4
7.4
45
6.7
6.8
7.5
4.6
7.0
1978: I
II
III
7.1
20.6
9.6
7.3
5.9
5.7
3.2
-t
8.7
2.6
7.2
11.0
6.9
7. 1
10.8
7.6
7. 0
11.0
7.6
6.7
20. 1
10. 2
^
8.3
3.0
7. 1
10.9
7.0
7. 1
10.9
7.5
7.0
11.0
7.6
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross c omestic
prodiict of
nonfin ancial
corpc3rate
busi ness
(billic>ns of
doll ars)
Current-do .lar cost a nd profit per unit of outpu t (dollars) i
Total
cost
and
profit 2
Capital
consumption
Comallowpenances Indirect sation
Net
with
business
of
incapital taxes * employ- terest
conees
sumption
adjustment
Corpo rate profi bs with
inventc3ry valuat ion and
capit al consuiription
atdjustmen ts
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
Current
dollars
1972
dollars
452.9
498.4
541.8
560. 6
602.5
671. 0
752.0
808.8
874 1
988.5
1, 103. 2
545.8
581.6
607.3
600.6
619.3
671.0
720.4
695.0
680.0
730.0
769.3
0.830
.857
.892
.933
.973
1.000
1. 044
1. 164
1.285
1.354
1.434
0.072
.074
.079
.088
. 094
.093
.095
.116
. 142
.146
. 150
0.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
0.535
. 553
.589
. 628
.645
.661
.699
.796
.848
.891
.952
0.016
.017
.022
.028
.029
.028
.032
.043
. 045
.042
. 044
0. 123
. 124
. 109
.086
.095
. 107
. 105
.086
. 113
. 139
. 148
0.051
.058
.055
.045
.048
.050
. 055
. 061
.060
. 073
.077
0.072
.066
.055
.041
.046
.057
.050
.024
.053
.066
.071
6.873
7. 105
7. 139
7. 132
7.374
7.595
7. 788
7. 489
7.721
7. 962
8.057
3.676
3.929
4 198
4478
4757
5.024
5.446
5.958
6. 550
7. 093
7.667
1977: I
1, 048. 5
II- — 1, 093. 3
III.. 1, 124 6
IV__. 1, 146. 3
750.2
766.9
776.7
783.6
1.398
1.426
1.448
1.463
. 149
. 149
. 151
. 152
. 140
. 139
. 140
. 142
.932
.946
.955
.973
.043
.043
.044
.045
. 134
. 148
. 158
. 151
.075
.078
.076
.077
.059
.070
.082
.074
7.991
8.025
8. 113
8. 103
7.451
7.590
7.746
7.881
1978: 1
1, 161. 6
II.... 1, 233. 0
III*L_ 1, 260. 6
783.6
811.9
814.9
1.482
1. 519
1.547
. 155
. 153
. 158
. 145
. 145
. 145
1.008
1.017
1.038
.046
. 045
.046
.129
. 157
. 160
.071
.086
.086
.057
.071
.074
8.053
8. 139
8. 166
8. 117
8.281
8.471
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1
Output is measured by gross domestic product of nonfmancial corporate
msiness
in 1972 dollars.
3
This is equal to the deflator for gross domestic product of nonfinancial corporate
business
with the decimal point shifted two places to the left.
8
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Total
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propr letors*
incom e with
inventor y valuation ancl capital
consurnption
adjust ments
Compensation of
employees l
Farm
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
.
Nonfarm
Rental
income
of perwith
capital
consumption
adjustment
Corpor ate profit** with inventory vaiuation
and capital co nsumptio ti adjustm ents
Profits > with inv entory
valuaibion adjustment
and iwithout C2ipital
consum ption adjiistment
Inventory
valua-
Total
Total
Profits
before
tax
tvirtn
Capital
consumption
adjustment
Net
interest
adjustment
471.9
655.8
519.8
714.4
571.4
767.9
609.2
798.4
650.3
858. 1
715. 1
951.9
799.2
1, 064. 6
875.8
1, 136. 0
931. 1
1, 215. 0
1, 359. 2 1, 036. 8
1, 515. 3 1, 153. 4
12. 1
12.0
13.9
13.9
14.3
18.0
32.0
25.4
23.5
18.4
20.2
48.9
51.4
52.3
51.2
53.4
58. 1
60.4
60. 9
63.5
70.2
79.5
19.4
18.6
18. 1
18. 6
20. 1
21.5
21. 6
21.4
22.4
22.5
22.5
79.3
85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
95.9
127.0
144.2
75.6
82. 1
77.9
66.4
76.9
89.6
97.2
86.5
107.9
141. 4
159. 1
77.3
85.6
83.4
71.5
82.0
96.2
115.8
126.9
120.4
155.9
173.9
-1.7
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
— 40.4
-12.4
-14.5
-148
3.7
3.7
3.5
1.5
.3
2.5
1.9
-2.9
— 12. 0
-144
-149
243
26.8
30.8
37.5
42.8
47.0
52.3
69.0
78.6
843
95.4
1977: I
II
III
IV
1, 447. 5
1, 499. 3
1, 537. 6
1, 576. 9
1, 107. 9
1, 140. 5
1, 165. 8
1, 199. 7
19.4
20.0
16.5
25.1
76. 1
78.9
80.8
82.3
22. 5
22.4
22.4
22.7
129.9
143.7
154.8
148.2
144. 5
158.5
169.9
163.5
1648
175. 1
177.5
178.3
-20.3
-16.6
-7.7
-148
-146
-148
-15.0
-15.3
91.7
93.7
97.3
99.0
1978:1
II
III
1, 603. 1 1, 241. 0
1, 688. 1 1, 287. 8
1, 728. 4 1, 317. 1
21.9
24.0
25.0
83. 1
86. 1
89.6
22.8
22.2
24. 3
132.6
163.4
165.2
148.7
180. 6
184.5
172. 1
205. 5
205.4
-23.5
-249
-20.9
-16. 1
-17.2
-19.3
101.7
1046
107.4
Source: Department of Commerce, Bureau of Economic Analysis.
i Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura ble goods
Durable goo<Is
Period
Total
personal
consumption
expenditures
Total
durablel
goods
Motor
vehicles
and
parts
Furniture
and
household
Total
nondurable
goods 1
Food
Retail sales of
new pa ssenger
cars (nlillions
of uiaits)
Clothing
and
shoes
Gasoline
and oil
Services
Domestics
ment
Imports
1967
490.4
1968
535.9
1969
579. 7
1970....
618.8
1971
.'__
668.2
1972
733.0
1973
809.9
1974
889.6
1975
979. 1
1976
1, 090. 2
1977
1, 206. 5
69.6
80.0
85.5
849
97. 1
111.2
123.7
122.0
132.6
156. 6
178.4
29. 7
35.8
37.7
349
43.8
50.6
55.2
48.0
53.4
69.7
81.5
29.5
32.6
35.0
36.7
39.4
448
50.7
549
58.0
63.9
71.3
212.6
230.4
247.0
2647
277.7
299.3
333.8
376.3
408.9
442.6
479.0
109. 6
118.3
126. 1
136.3
140.6
150.4
168. 1
189.8
209.6
225.8
245.2
38.2
41.8
45.1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.7
81.5
17.0
18.4
20.4
22.0
23.4
24 9
27.8
36.4
39.5
42.8
46.5
208. 1
225.6
247.2
269. 1
293.4
322.4
352.3
391.3
437.5
491.0
549.2
7.6
8.6
8.5
7. 1
8.7
9.3
9.7
7.5
7. 1
8.6
9. 1
0.8
1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
1977:1
II
III....
IV
1, 167. 7
1, 188. 6
1, 214. 5
1, 255. 2
173.2
175.6
177.4
187.2
81.3
81.2
79.5
840
68.0
69.9
72.0
75.3
465.9
473.6
479.7
496.9
237.5
2445
246.4
252.6
78.5
79.3
81.4
86.7
46.1
46.2
46.0
47.5
528. 6
539.4
557.5
571. 1
9.4
9.2
8.9
9.0
1.9
2.3
2.0
2.0
1978:1
1, 276. 7
II
1, 322. 9
III™. 1, 356. 9
183.5
197.8
199.5
84 1
92.5
89.8
72. 1
76.5
78.9
501.4
519.3
531.7
257.7
267.8
272.0
82.9
87.5
90.5
48.3
49. 1
51.5
591.8
605. 8
625.8
8.7
10.0
9.3
2. 1
2. 1
2.0
1
Total includes other items not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $17.3 billion (annual rate) in November following revised increases of $22.5 billion in October
and $13.6 billion in September. Wages and salaries rose $11.8 billion in November, compared with $16.5 billion in
October. All other major types of income also rose in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,00)
BILLIONS OF DOLLARS* (RATIO SCAL|
WAGE AND SALARY DISBURSEMWTS
1978
•SEASONALLY ADJUSTED ANNUAL RATES
COWNClt OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
and
Other Proprietc)rs* income * income
Transfer
Divi- Personal
labor 1 2
interest pay- 8
personal salary
of
dends
income disburseincome
income ments
Nonfarm persons *
Farm
ments l
Period
1970
1971
1972
1973
1974
1975
1976
1977
546.5
579.4
633.8
701.3
764.6
805.9
890. 1
983. 6
32.0
36.2
42. 0
48.7
55.6
65. 1
77.0
90.4
1, 577. 0 1, 014. 1
1, 592. 7 1, 022. 3
1, 609. 2 1, 027. 3
801.3
859. 1
942.5
1, 052. 4
1, 154 9
1, 255. 5
1, 380. 9
1, 529. 0
1977:
Oct
Nov
Dec
1978:
Jan
1, 615. 5
1, 625. 0
Feb
Mar
1, 646. 3
1, 669. 4
Apr
May
1, 682. 1
June
1, 695. 7
July._._ 1, 719. 2
Aug_ — 1, 731. 1
Sept._. 1, 744. 7
Oct *___ 1, 767. 2
Nov *_ _ 1, 784. 5
1, 038. 3
1, 047. 4
1,066.6
1, 083. 9
1, 088. 4
1, 098. 4
1, 108. 2
1, 111.3
1, 120. 1
1, 136. 7
1, 148. 4
32.0
25.4
23.5
18.4
20.2
51.2
53.4
58.1
60.4
60.9
63.5
70.2
79. 5
18.6
20. 1
21.5
21.6
21.4
22.4
22.5
22.5
27.8
31. 0
31.9
37.9
43.7
94.8
96. 1
97.3
22. 1
24.6
28.5
81.4
82.2
83.2
22.4
22.6
22. 9
98.7
100.0
101.3
102.7
104.0
105.4
106.7
107.9
109. 1
110.4
111.8
25.6
21. 5
18.6
22.0
24.8
25.3
24. 0
24. 9
26.0
27.3
28.7
82.0
83.0
84.4
85.5
86. 1
86.7
88.4
90. 1
90.2
91.5
92.0
23.0
22.8
22.6
22. 3
22. 1
22. 1
24.3
24.3
24.2
24.3
24.4
13.9
14.3
iao
1 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.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Less: PerNonsonal confarm
tributions personal
for social income 8
insurance
84 1
103.0
115.5
126.3
141.2
79.9
94 1
1041
118.9
140.8
178.2
193.9
208.8
42.2
47.7
50. 5
55.5
61.0
780. 7
838.0
917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 349. 5
1, 494. 4
45. 1
45.5
48.3
145.3
145.5
147.3
214. 2
216.5
217. 2
62.4
62.6
62.8
1, 540. 1
1, 553. 1
1, 565. 5
46.8
47. 0
47.2
47.4
48. 0
49.0
49. 2
50. 3
50.7
51. 1
51.6
149.6
151.4
153.3
218. 1
219.0
220. 3
219.7
221. 3
220.8
229.0
230. 8
231.5
232.2
233. 1
66.5
67.0
68.0
68.9
69.0
69.6
70.3
70.4
70.8
71.5
72. 1
1, 574 7
1, 588. 3
1, 612. 5
1, 631. 9
1, 641. 8
1, 654 7
1, 679. 4
1, 690. 3
1, 702. 6
1, 723. 6
1, 739. 2
22.9
23.0
643
246
746
69.3
1548
156. 5
157.6
159.6
161. 9
163. 6
165.2
166. 6
28.0
30.8
342
s Consists mainly of social insurance benefits, direct relief, and veterans
payments.
8 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 again in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,600
BILLIONS OF DOLLARS* (RATIO SCALE)
3,000
- 3,000
2,000
2,000
1970
1971
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
.Less:
T
«O.CT •
PAT
Period
sonal
Pertax
sonal
and
income nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Per cjapita
dispc>sable
persona . income
Equals:
Personal
saving Current
dollars
745.8
SOL 3
859. 1
942.5
1, 052. 4
1, 154. 9
1, 255. 5
1, 380. 9
1, 529. 0
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of Population
dispos(thou-2
able
persands)
sonal
income
Dollars
Billlions of d ollars
1969__ __
1970 _ „
1971 _
1972
1973___ .
1974__ „_
1975__ . _
1976_
1977
1972
dollars
Per capdta personal ccmsumption exp enditures
630.4 J 595.3
115.4
635.4
685. 9
115.3
742.8
685.5
116.3
141.2
801.3
751.9
901. 7
150.8
831.3
913.0
170.3
9846
168.8 1, 086. 7 1, 003. 0
196.5 1, 184. 4 1, 116. 3
226.0 1, 303. 0 1, 236. 1
35. 1
50.6
57.3
49.4
70.3
71.7
83.6
68.0
66.9
3, 111
3,348
3,588
3,837
4,285
4,646
5,088
5,504
6,009
3,515
3,619
3,714
3,837
4,062
3,973
4,025
4, 136
4,271
2,860
3,020
3,227
3,510
3,849
4, 197
4,584
5,066
5,564
3,234
3,265
3,342
3,510
3,648
3,589
3,627
3,808
3,955
1.5
3.0
2.6
3.3
5.9
-2. 2
1.3
2.8
3.3
5.6
7.4
7.7
6.2
7.8
7.3
7.7
5. 7
5. 1
202, 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 191
216, 856
Seas onally ad; usted annoial rates
1, 195. 8
1, 217. 8
1, 244. 8
1? 285. 9
52.2
67.5
74.3
73.7
5,772
5,934
6,077
6,250
4, 185
4,241
4,293
4,365
5,401
5,487
5,595
5,770
3,916
3,922
3,953
4,030
1. 1
5. 5
5. 0
6.9
4. 2
5. 3
5. 6
5.4
216,
216,
217,
217,
1978:I___» 1, 628. 9 237.3 1, 391. 6 1, 309. 2
II... 1, 682. 4 249. 1 1, 433. 3 1, 357. 0
III__ 1, 731. 7 263.2 1, 468. 4 1, 392. 5
82. 4
76. 3
76.0
6,387
6,566
6,712
4,370
4,399
4,428
5,859
6,060
6, 202
4,009
4,060
4,092
.5
2.7
2. 7
5.9
5.3
5.2
217, 897
218, 290
218, 769
1977: !____
II—
IIIIY._
1, 470.
1, 508.
L, 543.
1, 593.
7
6
7
0
222.7
223.3
224. 6
233.3
1, 248.
1, 285.
1, 319.
1, 359.
0
3
1
6
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
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
206
603
073
541
Source: Department of Commerce (Bureau of Economic Analysis and Burea
of the Census).
FARM INCOME
In the third quarter net farm income before inventory adjustment was unchanged while income after inventory adjustment rose $1 billion (annual rate).
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)'
120
120
100
100
GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT
I
80
80
60
60
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
40
40
I
I
_!_.
v
20
20
10
10
1971
1970
1972
1974
1973
1975
1976
1977
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by tota" farm po pulation
Income re ceived fro m farmin g
Gross i Qcome be] ore inven tory adjustrrlent
Period
From
From From
farm nonfarm
1
sources sources sources Total
all
1970
1971
1972
1973
1974
1975
1976
1977
1977: I
II
_
III,__
IV—.
1978: 1 _ _ _ _
II__._
III
27.5
28.8
34.6
48.9
45. 2
44.5
41.2
43.0
13.0
13.5
16.9
29.2
23.4
21.9
16.9
18.3
14.5
15.3
17.8
19.7
21.8
22.7
24.4
24.7
Caslh receipts from
rnarketing 3
Livestock
Crops
Total
and
products
Billioiis of dolla rs
Production expenses
Net incc me per
farm a fter inventory adjustmeiits
Before
inventory
adjustment
After
inventory
adjust-2
ment
14.2
14.6
18.7
33.3
26. 1
24. 5
18.8
20.6
19.6
20. 2
16. 8
25.5
4,799
5,042
6,526
11, 813
9,349
8,845
6,848
7,592
7,240
7,460
6,210
9,420
4, 126
4,157
5,208
8,875
6,330
5,487
4,016
4,183
4,090
4, 130
3,390
5,080
22.3
24. 5
25.5
8,320
9,140
9,510
4,410
4,730
4,810
Current
1967
dollars dollars 4
Dol lars
58.6
60.6
70.1
95.5
100.0
96.9
104. 1
108. 1
108. 1
106.7
102.7
114.8
50.5
52.9
61.2
87. 1
92.4
88.2
94.5
96. 1
97.6
95.7
91.3
99.6
29. 6
30.6
35.7
45.9
41.4
43.0
46.2
47.6
46.3
46. 6
47.8
49.5
21. 0
22.3
25.5
41. 1
51. 1
45. 1
48.3
48.5
51.3
49. 1
43. 5
50. 1
44.4
47.4
52.3
65.6
72.2
75.9
83.0
88.0
87.5
87.0
86.0
91.4
14. 1
13.2
17.8
29.9
27.7
21. 1
21. 1
20. 1
20.6
19.7
16.7
23.4
115.8
122.5
122. 5
102. 2
109.0
109.5
52.7
57.5
58.5
49.5
51.5
51.0
93.5
96.0
96.0
22.3
26.5
26.5
1 Cash receipts from marketings, Government payments, and nonmoney
income
famished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
3
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
Net t() farm
oper ators
< Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
In the third quarter, according to revised data, profits before tax declined slightly while after tax-profits fell $1
billion.
BILLIONS OF DOLLARS
240
BILLIONS OF DOLLARS
240
200
40
1978
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: I
II
III
IV
1978: I
II
III
.
>ry valuiition
Profit M (before tax) wit!ti invent*
adjustn lent l
Dome ?tie industries
Isfonfinan< 3ial
WholeTotal *
Manu- sale
Total Finan1
faecial
and
Total
tur- retail
mg
trade
37.9
75.6
8.9
63.6
72.6
9.0
82.1
78.9 10.4 68.5 41.2 10. 1
74.2 11.3 62.9 36.8 10. 1
77.9
66.4
9.4
62.6 12.6 50.1 27.1
72.4 14. 1 58.2 32.4 11.7
76.9
89.6
84.7 15.4 69.3 40.6 13.3
97.2
90.4 16.2 74.1 44.1 14.7
86.5
76.9 14.4 62.5 36.6 12.9
107.9
101.8 13.0 88.9 48.3 20.7
141.4
133.2 17.5 115.6 65.6 240
159.1
149.5 20.9 128.6 74.7 24.0
144.5
1348 19.7 115. 1 66.4 20.6
158.5
148. 1 19.9 128.1 77.4 22.8
169.9
159.5 21.9 137.6 74.7 30.6
163.5
155.6 21.9 133.7 80.2 22. 1
139.2 22.7 116.6 69.8 16.7
148.7
180.6
168.9 24.3 144. 6 87.8 22.0
184.5
175.4 26.0 149.4 87. 1 25.8
* See p. 4 for profits with inventory valuation and capital consumption
adjustments.
8
2
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
77.3
85.6
83.4
71.5
82.0
96.2
115.8
126.9
120.4
155.9
173.9
1648
175. 1
177.5
178.3
172.1
205.5
205.4
32.5
39.4
39.7
345
37.7
41. 5
48.7
52.4
49.8
64 3
71.8
68.3
72. 3
72.8
73.9
70.0
85.0
86.2
44 9
46.2
43.8
37.0
44 3
546
67. 1
745
70.6
91.7
102. 1
96.5
102.8
1048
1044
102.1
120.5
119. 2
20.1
21.9
22.6
22.9
23.0
246
27.8
31.0
31.9
37.9
43.7
41.5
42.7
44 1
46.3
47.0
48. 1
50. 1
247
242
21.2
14 1
21.3
30.0
39.3
43.6
38.7
53.8
58.4
55.0
60. 1
60.6
58. 1
55. 1
72.4
69.2
Includes rest of the world, not shown separately,
s Includes industries not shown separately.
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
-12.4
-145
— 148
-20.3
-16.6
-7.7
-148
-23.5
-249
-20.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, business fixed investment rose $7.4 billion (annual rate) as nonresidential construction outlays rose $4.3 billion and producers1 durable equipment purchases increased $3.1 billion.
Residential investment outlays increased $3.7 billion. Inventory investment amounted to $13.6 billion, down 56.5
billion from the second quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
180 r ~~
380 -GROSS PRIV ATE DOMESTIC: INVESTMENT-
~~
•
- NONRESIDENTIAL FIXED INVESTMENT
160
Oyifl
IJAA
oxn
200
f QA
100
- r*
-
/
T'I i
PRODUCERS'
DURABLE EQUIPMENT
-
s— '
_
oOfi
<*~*\
^
/
-
I
1
1
1
1
1
1
)
1
1
1
80
1
STRUCTURES
BILHONS OF DOLLARS* (RATIO SCALE)
130
RESIDENTIAL FIXED INVESTMENT
120
60
110
100
90
BILLIONS OF DOLLARS*
80
40 -CHANGE IN BUSINESS INN^ENTORIES
70 -
20 0
60
-20
50
40
1975
1977
1976
yvj
-J
-
/""""""""V f/^~\ "^^
-
I i
i i
1979
1978
—
1975
1976
\
I I
1977
I
I
1978
i
i
1979
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Nor^resident ial fixed investmcmt
Period
Gross
private
domestic
investment
Struc tures
Total
Total
Prodiicers'
durjable
equip ment
Nonfarm
Total
Nonfarm
Resid ential fis:ed investment
"Pi-rt
Total
Nonfarm
structures
Farm ducers'
struc- durable
tures equipment
Change in business inv entories
Total
Nonfarm
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
120.8
131.5
146.2
140.8
160.0
188.3
220.0
214.6
190.9
243.0
297.8
82. 1
89.3
98.9
100.5
104 1
116.8
136.0
150.6
150.2
1646
190.4
29.5
31.6
35.7
37.7
39.3
42.5
49.0
545
53.8
57.3
63.9
28.2
30.4
343
36. 1
37.8
41. 1
46.9
51.8
51.3
547
61.0
52.6
57.7
63.3
62.8
647
743
87.0
96.2
96.4
107.3
126.5
48.0
53.4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87.4
97.5
116.7
28.6
345
37.9
36.6
49.6
62.0
66. 1
55. 1
51.5
68.2
91.9
27.2
33. 1
36.3
35. 1
47. 9
60.3
643
52.7
49.5
65.8
88.9
0.7
.6
.7
.6
.7
.7
.6
1.2
.9
1. 1
1.5
0.7
.8
.9
.9
1.0
1. 1
1.2
1. 2
1. 1
1.3
1.5
10. 1
7.7
9.4
3.8
6.4
9.4
17.9
8.9
-10.7
10.2
15. 6
9.4
7.6
9.2
3.7
5. 1
8. 8
147
10.8
-143
12.2
15. 0
1977:1
II
III
IV
272.5
295.6
309.7
313.5
180.6
187.2
193.5
200.3
59.3
63.4
65.4
67.4
56.4
60.4
62.7
645
1214
123.8
128. 1
132.8
111.0
113.8
118.6
123.4
81.6
91.4
94 3
100.2
78.6
88.4
91.2
97.5
1.6
1.6
1.6
1.2
1.4
1.4
1.5
1.6
10.3
17.0
21. 9
13. 1
11. 1
16.5
22.0
10.4
1978:1
II
III
322.7
345.4
350. 1
205.6
220. 1
227.5
68.5
76.6
80.9
65.2
73.4
78.0
137. 1
143.5
146.6
127.2
132.9
135.5
100.3
105. 3
109.0
97.3
102. 1
105.7
1.3
1.4
1.5
1.7
1.8
1.7
16.7
20. 1
13. 6
16.9
22. 1
146
Source: Department of Commerce, Bureau of Economic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Capital spending by business in 1978 is expected to be 12.7 percent above the 1977 level according to the Commera
Department survey conducted in late October and November.
BILLIONS OF DOLLARS (RATIO SCALE)
180
8ILUON5 OF DOLLARS (RATIO SCALE)
180
SEASONAU.Y ADJUSTED ANNUAL RATES
160
160
140
140
120
120
100
80
80
60
60
"\
MANUFACTURING
40
40
I
20
1971
I I
1972
I
1973
1975
1976
I
1977
I
J
1978
L
20
1979
J/ SEE FOOTNOTE 4 BELOK.
SOUilCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts jf plant
and eqtlipment
proj sets3
Ejrpenditurf is for plan t and equipment
N onmanuf acturing
M inufactur ng
Period
Total i
Total
Durable
goods
Nondurable
goods
Total
Trans- Public ComMining porta- utili- munition
cation
ties
Commercial
Manufactur-
28. 00
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
and
ing
Public
utilities
81. 21
88.44
99. 74
... 112. 40
112. 78
120. 49
. 135. 80
IBS. 09
29.99
31.35
38.01
46.01
47.95
52.48
60.16
67.65
14. 15
15.64
19. 25
22.62
21.84
23.68
27.77
31.76
15. 84
15.72
18. 76
23. 39
26. 11
28. 81
32. 39
36.90
51.22
57.09
61. 73
66.39
64.82
68.01
75.64
86. 44
2. 16
2.42
2.74
3. 18
3.79
4. 00
4. 50
4.84
4. 93
5.72
6.03
6.66
7.57
7.45
6.93
7.97
15. 30
17. 00
18. 71
20. 55
20. 14
22. 28
25.80
29. 16
10.77
11.89
12.85
13. 96
12. 74
13.30
15.45
18. 04
other 2
18.05
20. 07
21.40
22.05
20.60
20. 99
22. 97
25. 4S
1977: III._
140. 38
IV-. . 138. 11
63.02
61.41
29.23
28.19
33.79
33.22
77.36
76.70
4.74
4.50
6.85
6.88
26. 22
26. 23
16.40
15.82
23. 14
23.27
19.81
16.54
10. 23
7. 99
1978: I
II
III «.„_
IV*...
14425
150. 76
165. 41
161. 24
61.57
67.20
67. 76
7S.20
28.72
31.40
32.26
34.19
32. 86
35. 80
36. 60
39. OS
82.68
83. 56
87. 66
88.04
4.45
4.81
4.99
5. S3
8.46
7.40
8.05
8. IB
27. 92
28.46
20. SIS
30. 59
17.07
18. 18
18.90
24.76
24. 71
26.09
17.41
18. 10
16. 96
7.98
7. 78
4-40
IBS. S4
73. 02
34.13
38. 89
90.31
1971..
1972. _
1973
1974.. _
1975
1976
1977
1978*
1979: I
4
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.
10
4.94
2
10.09
SO. 79
44- 07
44- 59
Includes trade, service, construction, finance, and insurance.
' Starts are estimated by adding changes in carryover to expenditures during
given period.
* Planned capital expenditures as reported by business in late October and
November 1978. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment increased by 543,000 in November while unemployment increased by 42fOOO.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
80
10
10
- 5
0 U.
1971
1970
1972
1974
1973
1975
1977
1976
*16 YEARS OF AGE AND OVER.
SOURCEs DEPARTMf NT OF LABOR
1978
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over]
Period
1973
1974
1975
1976
1977
Noninstitutional
population
Total
labor
Civilian Unemforce
Civilian
employ- ploy- (includ- labor
ment
ment
ing
force
Armed
Forces)
148, 263 84, 409
150, 827 85, 935
153, 449 84, 783
156, 048 87, 485
158, 559 90, 546
Uiaadjusted
4,304
5,076
7,830
7,288
6,855
Nonagricultural
Part-time
ecoTotal for
nomic 1
reasons
Total
15
weeks
and
over
participation
rate
Cnprvper_ X * --_.
r»f»nt1 2
88, 714
91, Oil
92, 613
94, 773
97, 401
84, 409
85, 935
84, 783
87, 485
90, 546
2,311
3,452 80, 957
2,709
3,492 82, 443
3,490
3,380 81, 403
3,272
3, 297 84, 188
3,297
3,244 87, 302
Seas<Dnally adjusted
4,304
5,076
7,830
7,288
6,855
812
937
2,483
2,339
1,911
61.4
61.8
61.8
62. 1
98, 877
98, 919
92, 214
92, 609
3,357
3,323
88, 857
89, 286
3,285
3,220
6,663
6,310
1,829
1,797
63.3
63.3
99, 107
99, 093
99, 414
99, 784
100, 261
100, 573
100, 618
100, 549
100, 870
101, 062
101, 647
92, 881
93, 003
93, 266
93, 801
94, 112
94, 819
94, 425
94, 581
94, 868
95, 192
95, 735
3,354
3,242
3,310
3,275
3,235
3,473
3,387
3,360
3,411
3,380
3, 265
89, 527
89, 761
89, 956
90, 526
90, 877
91, 346
91, 038
91, 221
91, 457
91, 812
92, 470
2,986
3,193
3,164
3, 327
3,243
3,458
3,330
3,294
3,231
3,207
3,171
6,226
6,090
6,148
5,983
6,149
5,754
6, 193
5,968
6,002
5,870
5,912
1,688
1,568
1,463
1,384
1,358
1,231
1,292
1,215
1,293
1,370
1,251
63.3
63.2
63.3
63.5
63.7
63.8
63.8
63.6
63.7
63.8
64. 0
92, 473
92, 623
6,346 101, 009
5,880 101, 048
1978: Jan*..
Feb..
Mar.Apr-.
May.
June..
JulyAug_.
Sept._
Oct_._
Nov__
91, 053
91, 185
91, 964
93, 180
93, 851
95, 852
96, 202
96, 116
95, 041
96, 095
96, 029
6,897
6,739
6,479
5,685
5,457
6,326
6,438
5, 931
5,797
5,460
5, 629
101,
101,
101,
101,
102,
102,
102,
102,
102,
103,
103,
228
217
536
902
374
671
734
671
993
184
764
1
Persons at work. Economic reasons include slack work, material shortages,
inability to find full-time work, etc.
2
Total labor force as percent of noninstitutional population 16 years of age and
over.
Total
Agricultural
Labor
91, 040
93, 240
94, 793
96, 917
99, 534
1977: Nov.. 159, 522
Dec.. 159, 736
159, 937
160, 128
160, 313
160, 504
160, 713
160, 928
161, 148
161, 348
161, 570
161, 829
162, 033
Unemplcsyment
Civilian einploymen t
62.8
* Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In November the seasonally adjusted unemployment rate remained at 5.8 percent. Unemployment among whites feh
to 5.0 percent while black unemployment increased to 11.8 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
(aU
civilian
workers)
Period
1973
1974
1975
1976
1977.
1977: Nov
Dec
1978: Jan
Feb.
Mar
Apr
May.__
June
July
Aug
Sept
Oct
Nov
__
.
4.9
5.6
8.5
7.7
7.0
6.7
6.4
6.3
6.1
6.2
6.0
6. 1
5.7
6.2
5.9
6.0
5. 8
5.8
Uneniploymeiat rate (' Dercent c f civiliaii labor f<>rce in gi*oup)
I3y select ed groups
Bys ex and a ge
By race
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
3.2
3.8
6.7
5.9
5.2
4.7
4.6
47
4.5
4.5
4.2
4.2
3.9
4. 1
4. 1
4.0
4.0
4.0
4.8
5.5
8.0
7.4
7.0
6.9
6.6
6.1
5.7
5.8
5.8
6.3
6.1
6.5
6. 1
6.0
5.6
5.8
14.5
16.0
19. 9
19.0
17.7
17.2
15.6
16.0
17.4
17.3
16.9
16.5
14.2
16. 3
15. 6
16.6
16.3
16.2
* 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
5.9
5.5
5.5
5.3
5.3
5.2
5.2
4.9
5.3
5.2
5.3
5. 1
5.0
ExpeFullBlack rienced
time
wage Household
and
and
heads workother salary
ers
workers
4.3
2.9
4.5
8.9
3.3
5. 1
5.3
9.9
5.8
8.2
8. 1
13.9
7.3
5. 1
7.3
13.1
6.5
4,5
13. 1
6.6
4.2
6.2
13.7
6.3
3.9
5. 9
12.7
6.0
5.8
3.8
5.9
12.7
5.7
5.7
3.6
11.8
3.7
5.6
5.7
12.4
5.4
3. 6
11.8
5.5
5.6
3.7
12.3
5.6
5.2
3.6
5.4
11.9
5.7
3.9
5.7
12.5
3.7
5.5
5. 5
11.7
3.7
5.5
5.6
11.2
5.3
3.5
5.5
11.4
3.4
5.2
5.4
11.8
Parttime
workers
Source: Department of Labor, Bureau of Labor Statistics.
7.9
8.6
10.3
10. 1
9.8
9.6
8.9
8.9
8.6
9.6
9.6
9.2
8.8
8.8
8.6
8.8
9. 1
9.0
Labor
force
time
lost
(per-l
cent)
5.2
6. 1
9. 1
8.3
7.6
7.3
7.0
6.8
6.6
6.6
6.3
6.6
6.4
6.8
6.6
6.5
6.3
6.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The percentage of unemployed persons who were job losers decreased in November, while the percentage who were
new entrants or reentrants to the labor force rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
JOB LOSERS
40
40
X
REENTRANTS
20
27 WEEKS
OVER
20
JOB LEAVERS
•V-<?*<'
NEW ENTRANTS
15-26
WEEKS
I I M 1 , I i I ,i I
1975
* SEASONALLY
1977
1976
1975
1978
1977
1976
1978
ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Period
Unemployment
(thousands)
1973__.
_
1974
1975__. __
1976
1977
1977: Nov__
Dec....
1978: Jan.__
Feb.__
Mar__
Apr— _
May__
June_ _
July___
Aug___
Sept__
Oct ^__
Nov *_
4, 304
5,076
7,830
7,288
6,855
6,663
6,310
6,226
6,090
6, 148
5,983
6, 149
5,754
6, 193
5,968
6, 002
5,870
5,912
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percenit distribution of unemPercerit distribution of unemState pi*ograms Insured
unemplo yment by duratkm *
ployment 1t>y reasoii i
ployment,
all
27
Insured
Less
regular
5-14
15-26
weeks
Job
Job
Reen- New
unemInitial
than 5 weeks weeks
enproand
losers leavers trants trants
ploy- claims
weeks
grams 2
over
ment
(unadjusted)
Special
unemployment
benefit
claims *
(unadjusted)
Weejkly aver age, thou sands
1
2
38.7
43. 4
55.4
49.8
45. 3
44.7
43.4
42.9
41.6
40.3
41. 2
42.5
40.6
41.3
42.4
40. 1
43.5
41.3
15.7
14.9
10. 4
12.2
13.0
13.3
13.9
13.6
14.7
13.9
14.5
13. 5
14.7
14. 1
14. 0
14.2
13.7
13.8
30. 7
28.4
23. 8
26. 0
28. 1
28.5
29.8
29. 0
29.4
30. 9
28.9
29.2
30.6
30.4
28.8
32.2
29.3
30. 1
14.9
13. 3
10.4
12. 1
13. 7
13.6
13.0
14.5
14.2
14.9
15.4
14.8
14. 1
14.2
14.8
13. 5
13.6
14.8
51. 0
50. 6
37. 0
38. 3
41.7
42. 4
41.3
43.2
43.3
45.8
46.8
48. 1
46.4
49. 0
46.8
46. 4
45. 9
47.8
Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Eico), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
30. 1
31.0
31. 3
29. 6
30.5
30.3
30.4
29.8
30.5
30.5
29.9
29.6
32.6
30.0
33. 0
32. 1
30.9
31. 1
11.0
11. 1
16. 5
13. 8
13. 1
13.9
14.8
13.8
15.0
12.4
12.0
11.2
11. 1
10.8
10.5
11.4
12.9
12. 2
7.8
7.3
15.2
18.3
14. 8
13. 3
13.5
13.2
11.2
11.3
11.2
11. 1
9.9
10.2
9. 7
10. 1
10.3
8.9
1,632
2,262
3,992
2,968
2,473
2,602
2,516
2,461
2,524
2,406
2,210
2,167
2, 194
2,392
2,550
2, 361
2,290
2,283
246
363
478
382
375
354
346
344
369
326
330
331
348
377
361
330
326
336
1,793
2,558
4, 943
3,822
3,'112
2,853
3,226
3,781
3,638
3,212
2,659
2,369
2,297
2,581
2, 394
2,064
1,999
1, 173
1, 152
572
315
259
192
143
102
60
36
21
a 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 employment as measured by the payroll survey rose by 467,000 in November.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
:
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
18
80
-SERVICES-
16
70
60
GOVERNMENT
14
SERVICE PRODUCING
INDUSTRIES
22
MANUFACTURING
50
\
20
18
40
1111 1111111 I 1111 1111
.GOODS-PRODUCINGINDUSTRIES
30
II I I ! I I I I I I
I I I I II I I I I I I I I I I I I I I I I '
CONSTRUCTION
20
1975
1976
1977
1975
1979
1978
1976
1977
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1978
1979
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;& seasonally adjusted]
Service-pr oducing Industries
CSroods-prc)ducing industriesI
Feriod
Total
nonagricultural
employment
1973
1974
1975_ _
1976
1977
1977:Nov__
Dec—
1978: Jan. __
Feb—
Mar__
Apr
May__
June__
July._
Aug__
Sept__
Oct*__
Nov*>_
76, 790
78, 265
76, 945
79, 382
82, 256
83, 549
83, 719
83, 871
84, 188
84, 726
85, 418
85, 618
85, 996
86, 033
86, 149
86, 163
86, 567
87, 034
TO
•
J
Trans- Whole- Finance,
Gover nment
insurportasale
ance, Services
tion
and
State
Non- Total
and
and
retail
Federal and
durable
Total Durable
real
public trade
goods goods
local
estate
utilities
Ma-nufactui ing
Total *
Construction
24, 893
24, 794
22, 600
23, 352
24, 288
24, 617
24, 626
24, 648
24, 724
24, 927
25, 313
25, 341
25, 473
25, 501
25, 463
25, 471
25, 664
25, 878
4,097
4,020
3,525
3,576
3,833
3,928
3,955
3, 905
3,901
3,999
4,164
4,175
4,278
4,317
4,298
4,298
4,338
4,380
20, 154
20, 077
18, 323
18, 997
19, 647
19, 849
19, 984
20, 065
20, 139
20, 230
20, 282
20, 297
20, 316
20, 302
20, 278
20, 286
20, 432
20, 594
11, 891
11, 925
10, 688
11, 077
11, 573
11, 746
11, 851
11, 917
11, 986
12, 041
12, 076
12, 093
12, 109
12, 138
12, 146
12, 166
12, 302
12, 398
8,262
8,152
7,635
7,920
8,074
8, 103
8,133
8,148
8,153
8, 189
8,206
8,204
8,207
8,164
8, 132
8, 120
8,130
8,196
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
51, 897
53, 471
54, 345
56, 030
57, 968
58, 932
59, 093
59, 223
59, 464
59, 799
60, 105
60, 277
60, 523
60, 532
60, 686
60, 692
60, 903
61, 156
4,656
4,725
4,542
4,582
4,696
4,736
4,749
4,758
4,782
4,817
4,847
4,847
4,881
4,827
4,846
4,855
4,920
4,946
16, 607
16, 987
17, 060
17, 755
18, 492
18, 830
18, 911
18, 991
19, 071
19, 169
19, 252
19, 335
19, 412
19, 469
19, 523
19, 546
19, 640
19, 705
4,046
4, 148
4,165
4,271
4,452
4,535
4,547
4,563
4,591
4,605
4,623
4,637
4,670
4,690
4,707
4,719
4,737
4,795
12, 857
13, 441
13, 892
14, 551
15, 249
15, 568
15, 618
15, 597
15, 670
15, 773
15, 866
15, 896
15, 963
15, 989
16, 074
16, 127
16, 149
16, 245
2,663
2,724
2,748
2,733
2,727
2,727
2,723
2,736
2,736
2,739
2,745
2,753
2,772
2, 765
2,765
2,752
2,767
2,767
11, 068
11, 446
11, 937
12, 138
12, 352
12, 536
12, 545
12, 578
12, 614
12, 696
12, 772
12, 809
12, 825
12, 792
12, 771
12, 693
12, 690
12, 734
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.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NON&GRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag56 gross
hourly earnings
Aver•age weekly tours
Period
Total
private
nonagrieultural l
Total
Percent eh ange from
a year earlier 4
Index,, 1*^67=100
Overtime
Total
private
nonagncultural *
Manufacturing
Manufi icturing
Adjusted h ourly earnin gs index2 —1<3tal private
nonagriccultural
Current
dollars
1967
dollars 8
Current
dollars
1967
dollars
37.7
37. 1
36.9
37.0
36.9
36.5
36. 1
36. 1
36.0
40.6
39.8
39.9
40. 5
40.7
40.0
39.5
40.1
40.3
3.6
3.0
2.9
3.5
3.8
3.3
2.6
3.1
3.4
$3.04
3.23
3.45
3.70
3.94
4.24
4.53
4.86
5.24
$3.19
3.35
3.57
3.82
409
443
483
5.22
5.67
113.2
120.7
129.2
137.5
146.0
157.5
170.7
183.0
196.8
103. 1
103.8
106.5
109.7
109.7
106.6
105.9
107.3
108.4
6.6
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5
1.2
.7
2.6
3.0
0
-2.8
-.7
1.3
1.0
1977: Nov
Dec
36.0
35.9
40.5
40.5
3.6
3.6
5.39
5.41
5.85
5.88
202.4
203.5
109.3
109.4
7.4
7.4
.6
.6
1978: Jan
Feb
Mar
Apr
May
June
July.
Aug
Sept
Oet »
Nov 9
35.5
35.7
36.0
36. 1
35.9
35.9
35.9
35.8
35.8
35.8
35.9
39.8
40.1
40.6
40.8
40.4
40.5
40.5
40.3
40.4
40.4
40.6
3.5
3.7
3.7
3.8
3.5
3.6
3.6
3.4
3.6
3.6
3.7
5.46
5.49
5.54
5.61
5.62
5.66
5.71
5.73
5.77
5.82
5.86
5.93
5.98
6.01
6.05
6.08
6. 12
6. 18
6.20
6.28
6.33
6.37
206.0
206.6
208.3
210.3
211.0
212.3
214 1
2146
216.2
217.9
218.9
109.9
109.5
109.5
109.6
109.0
108.7
109.0
108.7
108.7
108.7
7.8
7.6
7.9
8.2
8.0
8.1
8.2
8.2
8.3
1.0
1. 1
1.2
1.4
.9
.6
.6
.4
.1
-.5
1969
1970
1971
1972
1973
1974
1975
1976
1977
_
__
B.2
8.1
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTORMI INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly <earnings
Total pri vate nonagricuItural l
Period
Current
dollars
1969_
1970
1971.
1972
1973
1974
1975
1976,
1977
1977: Oct
Nov
Dec
1978: Jan...
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct v
Nov 9
1
_
.
$114 61
119. 83
127. 31
136. 90
145. 39
154 76
163. 53
175. 45
188. 64
193. 50
194 04
194 22
193. 83
195. 99
199. 44
202. 52
201. 76
203. 19
204 99
205. 13
206. 57
208. 36
210. 37
Manufacturing
1967
dollars 3
$104 38
103.04
104.95
109. 26
109. 23
10478
101. 45
102. 90
103. 93
104 93
104 77
10442
103. 38
103. 86
10486
105. 59
10421
104 04
104 43
103. 92
103. 91
103. 97
$129. 51
133. 33
142. 44
154 71
166. 46
177. 20
190. 79
209. 32
228. 50
235. 71
236. 93
238. 14
236. 01
239. 80
244 01
246. 84
245. 63
247. 86
250. 29
249. 86
252. 50
255. 73
258. 62
$181. 54
195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 36
295. 29
297. 30
298. 48
298. 29
284 69
297. 26
312. 54
315.93
314 39
322. 65
323. 02
323. 51
323. 75
323. 98
325. 31
Percent chiinge from a
year e arlier,
total pri^/ate nonagricu]Itural •
Current
dollars
(Current dollarsi
i Also includes other private industry groups shown on p. 14.
2
Adjusted for interindustry employment shifts and for overtime in manufacturing.
1
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.
Construction
Wholesale
and retail
trade
$91. 39
96.02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 19
145. 62
145. 31
146. 30
147. 48
147. 15
150. 15
151. 80
151. 34
151. 86
153. 64
154 16
155. 14
156. 46
157. 92
6.4
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.5
8.3
7.6
7.4
7.3
6.1
7.8
8.3
7.5
7.9
8.1
8.5
8.5
8. 1
8.4
1967
dollars
1.0
-1.3
1.9
41
-. 0
-41
-3.2
1.4
1.0
1.7
.8
.5
.5
—.2
1.3
1.7
.4
.5
.3
.6
.2
-. 6
* Monthly changes based on indexes to two decimal places.
5 Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of 2all
pers ons
Out put*
Output >er hour
of all ppersons
Unit labor
COsts
Compe nsation
per 1lour 3
Implici } price
deflal tor4
PriNonPriNonPriNonNonNonPrivate
Private NonPrivate
vate
farm
vate
vate
farm
farm
farm
farm
farm
business business
business business
business business
business business business business business business
sector
sector
sector
sector sector sector sector
sector sector
sector
sector
sector
Period
1967== 100; qua rterly dat a season ally ad jus ted
98.0
100.0
105. 1
108.3
98. 1
100.0
105.4
108.6
100.1
100.0
101.8
1046
99.8
100.0
102. 1
105.5
98.0
100.0
103.3
103.5
98.3
100.0
103.2
102.9
94.9
100.0
107.6
114.9
94.8
100. 0
107. 3
114. 1
96.8
100. 0
104. 1
111.0
96.4
100.0
104.0
110.9
97.2
100.0
103.9
108.8
96.8
100.0
104.0
108.6
..
107. 3
110.3
117.6
124.5
121.5
107.4
110.2
117. 8
125.0
121.9
103.0
102.4
105.5
109.6
110.3
104.2
103.8
107.0
111.6
112.4
104.2
107.8
111.4
113.6
110.1
103. 1
106.3
110. 1
112.Q
108.5
123. 1
131.4
139.7
151. 1
164.8
121.7
129. 9
138.3
149. 1
162.7
118. 1
122.0
125.3
133. 1
149.7
118. 1
122. 3
125.6
133. 1
150.0
113. 9
118. 9
123. 1
130.2
143.0
114. 0
119. 1
122.8
127.9
141.3
nas
—
118.8
126.5
133.2
127.0
133.6
105.6
108.7
112.6
107.5
111.0
115.4
112.4
116.4
118.2
110.5
114.4
115.8
181.2
197. 0
213. 0
178.8
193.7
209.3
161. 2
169.3
180.2
161.8
169.4
180.8
157.4
165.4
174.9
156.3
164.8
174.6
1976: III
IV____.
127.1
127.6
127.7
128. 1
108.5
108.9
110.9
111.5
117.1
117.2
115.2
114.9
199.3
203.6
195. 8
199.9
170.1
173.8
170.1
173.9
166.3
168.5
165.7
168.2
1977: I
!!_____
Ill
IV
130. 5
132.5
134. 2
135.5
131.0
133.0
134. 6
135. 8
110.7
112.9
112. 9
113.9
113. 3
115.5
115.8
116.7
117.9
117.4
118.9
119. 0
115.6
115.2
116.2
116.4
207.5
210.5
215.3
218.8
203.9
207. 1
211.2
215. 1
176.0
179.3
181. 1
183.9
176.4
179.8
181. 7
184.8
170.6
174.0
176.3
178.4
170.0
173.6
176.4
178. 1
1978: I
II
III *___
135.3
138.7
139.7
136.1
139.8
140. 5
115.0
117.6
117.4
117.8
120.6
120.5
117. 6
118.0
119.0
115.5
116.0
116. 6
225. 2
229.6
235.3
221.4
225. 8
231.0
191. 4
194. 6
197.8
191.7
194.7
198. 1
181.3
186. 6
190.0
180.6
185.3
189. 1
1966_
1967
1968
1969__,
1970
1971
1972
1973
1974
1975
1976
1977
__
—
Perceiat change ; quarterlyy data at seasonal] y adjustei i annual rates
7.1
5.4
7.6
6.8
6. 1
5.5
7.3
6.4
3.8
3.3
4. 1
6.6
3.5
3.8
4.0
6.6
3.2
2.9
3.9
4.7
2.9
3.3
4.0
4.5
3.6
1.7
-3.1
7.1
6.7
6.3
8.2
9.1
6.6
6.7
6.5
7.8
9. 1
6.4
3. 3
2.8
6.2
12.5
6.5
3.5
2.7
6.0
12.6
4.7
4.4
3.6
5.8
9.8
4.9
4.5
3. 1
4. 1
10. 5
2.1
3.5
1.6
1.9
3.5
1.3
9.9
8.7
8.1
9.9
8.4
8.1
7.7
5.0
6.4
7.8
4.7
6.7
10. 1
5. 1
5.7
10.6
5.4
5.9
2
2. 1
3.6
.1
2.7
Q
9.6
8.9
9.0
8.5
5.8
8.8
6.2
9.5
4.4
5.4
5.8
6. 1
6.6
8.3
— .1
3.7
6.8
7.7
1.3
3.0
2.5
-1.7
5. 1
,4
2.4
— 1. 4
3.7
.5
7.9
5.8
9.5
6.7
8.3
6.5
8. 1
7.6
5.3
7.6
4.2
6.3
5.8
8.0
4.2
7. 1
5.2
8.2
5.2
4.9
4.4
8.7
6.5
4.0
4.0
9.2
-.5
3.9
9.8
-.3
-4.5
1.2
3.4
-3. 1
1.7
2.3
12. 1
8. 1
10.4
12. 2
8.2
9.5
17.4
6.8
6.7
15.7
6.4
7.1
6.7
12. 1
7.7
5.8
10.8
8.5
^
1.8
2.8
3.3
.2
2.1
3.3
3.2
2.0
3.3
.2
-1. 1
2.6
6.9
6.0
-2.5
-1.5
-.6
3.1
3.9
.7
-1.2
-.4
3.2
4.2
.7
.7
3.4
3.4
1.9
-3.0
-2.3
6.5
5.3
-2.5
6.9
5.2
-4.3
2.9
3.7
-4.3
3.3
3.9
1976:111
IV
2.8
1.6
2.5
1.2
-.8
1.6
1977:1
II
III
IV
9.3
6.5
5.0
4.0
9.4
6.2
5.0
3.5
-.6
10.5
2.9
.7
11.6
2.0
1966
1967
1968
1969
1970
1971__.
1972
1973
1974
__
1975
1976
1977
1978:1
II. _ _ _
III»___
1
2
5.5
2.0
5.1
3.0
6.0
1.9
5.4
3.0
2.3
-.9
2.8
6.6
5.9
-2.4
Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
s 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.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
2.6
1.7
3.2
Q
.1
3. 1
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 1966-1973.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND
ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.7 percent in November, following increases of 0.5 percent in October and 0.4 percent in
September. The index for November was 7.3 percent above a year earlier.
INDEX, 1967= 100* (RATIO SCALE)
180
INDEX, 1967= 100* (RATIO SCAL|
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
140
140
UTIUTJIS
rv\
120
1975
1976
1977
MINING
1978
10)
160
MANUFACTURING PRODUCTION
l i 1 1 1 I I i i i 1 1 1 i 11 i
1975
1974
1976
1977
1978
PERCENT (RATIO SCALE)
,100
MANUFACTURING CAPACITY UTILIZATION RATE
NONDURABLE-^?
140
90
*
80
120
70
100
1974
1975
1977
1976
1978
1974
1978
* SEASONALLY ADJUSTED
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total in dustrial
produ stion
Percent
Index, change
1967=
from
100
year
earlier
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry prodiiction indf 5xes, 1967 = 100
Miinufacturi ng
Total
Durable
Nondurable
61.98
113.7
127. 1
125.7
109. 3
121.7
129.5
85.97
126.5
133.8
134 6
126.4
140.9
14a 1
Mining
Utilities
6.86
113. 1
1147
115.3
112.8
1142
117.8
5.69
139.4
145.4
143.7
146.0
151.0
156.5
119.7
129.8
129.3
117. 8
129.8
137. 1
-8.9
10.2
5. 6
87.95
118.9
129.8
129.4
116.3
129.5
137. 1
1977: Oct
Nov...
Dec
138.9
139.3
139.7
6.7
5.9
5.0
139.4
139.9
140.5
132.4
132.7
133.4
149.6
150. 1
150.9
119.6
118.8
113.4
1978: Jan
Feb
Mar
Apr
May
June.. _
July
Aug _ _
Sept
Oct ». _ .
Nov 9
138.8
139. 2
140.9
143.2
143.9
144.9
146. 1
147. 1
147.7
148.5
149.5
4.9
4.5
138.7
139.4
141.4
143.5
144. 3
145.5
146.7
147. 6
148.5
149.3
150.3
131. 1
131.5
134.4
136.9
137.6
139.0
141. 1
142. 2
142.9
144. 1
145. 1
149.8
150.6
151.4
153. 2
154.0
154.9
155.0
155.6
156. 6
157.0
157.8
115.0
1144
119.3
127.2
126.7
128.0
1967 proportion
1972
1973
1974
1975
1976
1977
100. 00
9.2
8.4
-.4
4. 1
5.2
5.0
5.2
5.3
6.5
6.6
6.9
7.3
i Output as percent of capacity.
are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
3
Annual data
1
127. 1
126.0
124.3
127.9
128.2
Manufa cturing cai-pacity utjdization
rate, pi;rcent *
Federal Reserve
serles
WharComTotal
ton
mercea
manu- Mate- series
series s
rials
facturing
842
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
92.9
80.4
87.5
90. 1
1540
1542
156.7
82.9
82.9
83.0
82.4
82.3
81.9
82
91.0
162.3
163.5
159. 5
156.0
157. 0
158.6
159.9
160.8
161.2
161.6
162. 1
81.7
81. 9
82.7
83.7
83. 9
84.3
84.7
85. 0
85.2
85.4
85. 7
81.9
81.3
81.9
84.0
84.5
85. 1
85.7
85.9
86. 2
86.6
87.0
84
90.1
84
92.5
83
93.7
83. 1
87.5
Sources: Board of Governors of the Federal Reserve 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 Ideducts
Coiisumer go ods
Period
Total
1967 proportion
1970
1971
1972
1973
1974
1975
1976
1977
1977: Oct
Nov
Dec
1978: Jan
Feb
Mar__
Apr
May_._
J\me__
July
Aug.__
Sept
Oct 9
Nov 9
__
47.82
105.3
106.3
115.7
124.4
125.1
118.2
127.2
134.9
136.5
137.0
137.6
134. 9
136.4
138.9
140.5
140. 5
141. 1
142.2
143.3
143.8
144.5
145.3
_. _
Equip ment
NonDurable durable
goods
goods
Total
27.68
109. 0
114.7
124.4
131.5
128.9
124.0
136.2
143.4
144.9
145.2
145.8
141.8
143.8
145.9
147.5
147.0
147.0
147.7
148.4
148.9
149.8
150.6
7.89
106. 1
118.8
133.8
146.2
135.3
121.4
141.4
153. 1
156.8
155.2
155.8
146.5
151. 2
157.5
161.8
160.2
160.6
160.9
161.5
160. 2
162.6
163.3
Interm ediate
prod ucts
19.79
110. 1
113. 1
120. 6
125.6
126.3
125. 1
134. 1
139.6
140.1
141.2
141.8
139.9
140.8
141.3
141. 8
141. 7
141.6
142.4
143. 1
144.3
144.7
145.6
Materials
Construction
supplies
Total
Business
Total
20.14
100. 1
94.7
103.8
114. 5
120.0
110.2
114. 6
123.2
125.0
125.8
126.2
125.4
126.2
129.1
130.8
131.6
133.0
134.7
136.3
136.7
137.2
137.9
12.63
107.0
104. 1
118.0
134.2
142.4
128. 2
136.3
149.2
152.6
153.5
154.0
152.6
154.2
157.4
159.3
160.2
161.8
163. 8
165.4
166.0
166.9
168. 1
12.89
112.9
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
147.8
148.4
150.4
151.6
151.4
151.4
152. 1
152.6
154.7
155.6
156. 4
156. 8
157.4
158.6
6.42
111.0
116.8
128.4
139.8
134.5
116.3
132.6
140.8
1449
146. 5
148.3
149.2
148.6
147.9
148.5
150.4
152.1
153.5
154.7
155.7
156.7
157.9
39. 29
109.2
111.3
122.3
133.9
132.4
115.5
130.6
136.9
138.9
139.0
138.8
139.2
138.6
139. 9
143.7
145.1
146.4
147.9
148.6
149.5
150.5
151.6
Supplementary
group:
Energy
total
12.23
117.0
119.5
125.2
128.3
125.5
125.5
128.8
132.5
133.0
132.3
129.7
132.5
130.0
129.8
133. 1
134.2
135.9
136.4
136. 1
135.9
137.4
138.5
[1967=100, seasonally adjusted]
Nonelurable nlanufact ures
Diarable m anufactu res
Primari7 metals
Period
Total
1967 proportion
6. 57
1970
106.6
1971
100.2
1972
_
112. 1
1973
126.7
1974
. __123.1
1975__
96.4
1976
108.9
110.2
1977
1977: Oct
113.5
Nov
_ _ _ 111.2
111.0
Dec
1978: Jan_.
107.4
Feb_
106.2
Mar
106.1
Apr
_ _ 1143
May
_. _
115.5
Junei_
117.5
July
123.0
Aug___ __
126.0
Sept
127.8
Oct » _ _ _ _ __ 128.4
Nov *>__ _ „
129.4
Iron
and
steel
4.21
1047
96.1
107. 1
122.3
119.8
95.8
1049
103.4
107.7
104.3
103.8
99.5
96.3
96.4
109.0
110.5
1145
119.0
120.9
123.0
123.7
Fabricated
metal
products
trical
machin—
ery
Electrical
machinery
5.93
102. 4
103.5
112. 1
1247
1242
109.9
123. 3
130.9
133.8
135.8
136.4
136.9
136.9
138. 1
139.5
140.4
142.3
144.0
145. 8
146.3
146.6
147.5
9. 16
1044
100.2
116. 0
133.7
140. 1
125. 1
135.0
1448
148.9
149.7
151.7
150. 1
150. 1
151. 5
152. 2
152. 9
1546
156. 1
157. 3
158.7
160.3
161.7
8.05
108. 1
107. 7
122.2
143. 1
143.8
116.5
131.6
141. 9
144 2
146.0
147.3
1440
146. 4
149.5
152.3
152.9
1541
157.9
156.9
158.3
158.3
159. 1
Source: Board of Governors of the Federal Reserve System.
18
Non-
Transp<srtation
equip ment
Total
Motor
vehicles
and
parts
9.27
89.5
97.9
108.2
118. 3
108.7
97.4
110.6
121. 1
124.3
122.0
122.2
116.2
118.4
126.5
130. 5
130. 1
130.4
132.1
133.4
132.9
137. 3
139. 1
4.50
92.3
118.6
135.8
148.8
128.2
111. 1
140.7
159.7
168.4
163. 0
161.8
146.6
153. 1
165. 1
171.7
168.3
167.7
169.7
171.0
168.9
177. 1
179.5
Lumber
and
products
Apparel
products
Print- Cheming
icals
Foods
and
and
pubprodlishing ucts
1.64
8.31
101.4
104.7
109.4
117.3
114.3
107.6
122.2
1242
129.0
125. 1
125.8
118.6
121. 1
122. 8
126. 1
125.8
126. 8
124. 5
127.2
130.7
4.72
107.0
107. 1
112.7
118.2
118.2
113.3
120.6
1247
125.7
126.2
127.5
129. 9
128.3
129.1
128.6
128.2
128.7
130.3
129.5
131.0
131. 2
131.6
105.6
113.8
120.8
126.0
116. 2
107.6
125. 1
133.4
135.7
137.5
138. 1
138.5
135. 5
136.5
136.9
136. 5
138.7
138.1
136.9
139. 2
140.4
7.74
120.4
125. 9
143.6
154.5
159.4
147.2
169.3
180.7
182.3
183. 1
183.0
1844
183. 7
185.2
185. 5
188. 1
191. 1
192.3
192. 2
192. 8
193.9
8. 75
108. 9
112.8
116.8
120.9
1240
123.4
132.3
137.9
137.3
139.4
140.4
139.3
140. 8
141. 1
143. 1
142. 8
141.8
142.9
144.0
144 2
143.8
NEW CONSTRUCTION
Constraetion contracts2
Private
Total new
construction
expenditures
Period
Resiclential
Total
Total *
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
(millions of
100)
square feet)
Bil lions of dollars
1971
1972
1973
1974
1975
1976
1977
110.0
124. 1
137.9
138.5
1345
148.8
172.6
i
.
80. 1
93.9
105.4
100. 2
93.7
110.5
134.7
43.3
54.3
59.7
50.4
46.5
60.5
81.0
17.0
18. 1
21.7
23.8
20.8
19.9
22.5
35. 1
44.9
50. 1
40.6
34.4
47.3
65.7
19.8
21.5
24.0
25.9
26.4
30.0
31.3
Seasonally
adjusted
Seasonall] / adjusted aiinual rates
1977: Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept"
Get*
_
176.7
178. 1
179.0
171.4
177.6
185.4
195.3
201.6
205.8
208.3
206.4
207.7
208.0
139.2
140.6
142.3
134.9
141.9
147.7
153.7
156.5
160.6
159.9
158.0
159.4
160.2
84.2
85.2
87.4
79.4
85.3
88. 1
92.4
94.5
94.9
94. 0
92.5
92.5
92.8
24. 1
24.3
22.8
22.4
22.8
25.4
26.4
27.3
30.6
30.6
30.9
31.6
32.0
69.3
70.7
72.8
65.0
70.9
72.5
74.4
75.1
76.6
77.7
77. 1
76.8
76.2
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 P. W. Dodge series. Eelates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
145.4
165.3
179.5
169.7
167.9
199.4
252.2
29.9
30.2
32.5
38.3
40.9
38.3
37.8
30.9
31. 1
32. 1
33.2
33.8
34 1
34.9
34.6
35. 1
35.3
34.7
35.3
35. 4
37.4
37.4
36.8
36.4
35.7
37.7
41.5
45.1
45.2
48.4
48.4
48.3
47.8
244
258
299
283
266
254
279
332
251
286
289
300
319
727
854
1,010
840
555
592
738
Seasonally
adjusted
annual
rates
757
847
864
996
814
863
921
1,061
999
898
951
1,037
1,015
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
*few private bousing uni »
Period
1970
1971
1972... .
1973
1974
1975
1976
1977
Units started, by type of striicture
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
Homes for
sale at
end of
period *
ized
Units
completed
1, 351. 5
1,924.6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 690. 0
1, 418. 4
1, 706. 1
2, 003. 9
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
1,769
1, 641
1,759
1,696
1,821
1,943
1,854
1,890
1,943
1,967
1,971
1,842
819
857
813
774
793
827
846
831
789
784
792
979
401
403
405
404
404
410
412
418
417
418
419
412
Homes
sold
Vacancy
rate for
rental
housing
units
(percent)2
5.3
5.4
5.6
5.8
6.2
6.0
5.6
5.2
Seasonally adjusted aimual rates
1977: Nov
Dec
1978: Jan
_
Feb
Mar_.
Apr
May
June
July
Aug" _.
Sept »
Oct *
Nov »
2,096
2,203
1,548
1,569
2,047
2,165
2,054
2,124
2,119
2,025
2,075
2,095
2,104
1,544
1,574
1,156
1,103
1,429
1,492
1,478
1,441
1,453
1,440
1,463
1,459
1,498
1
Seasonally adjusted.
a Quarterly data entered in last month of quarter.
134
153
101
79
126
142
89
148
135
139
111
139
165
418
476
291
387
492
531
487
535
531
446
501
497
441
1,822
1,778
1,526
1,534
1,647
1,740
1,597
1,821
1,632
1,563
1,731
1,719
1,691
5. 1
5.0
5. 1
5.0
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 2^ percent in October while inventories rose $3 billion. According to the advance survey, retail
sales rose 2 percent in November following an increase of 1M percent in October.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
400
90
350
TOTAL BUSINESS
INVENTORIES
80
V
300
70
60
250
RETAIL SALES
50
200
TOTAL
SALES
40
150
RATIO*
INVENTORY-SALES RATIO
100
1.20
1974
1975
1976
1977
1974
1978
1977
1978
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUJ4CII OF ECONOMIC ADVISERS
Total biosiness *
Period
1971
1972
1973
1974
1975
1976
1977
1977: Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept_
Get*
Nov 9
balesz
Q_-|__ A
116, 351
130, 049
.151, 647
175, 200
179, 621
200, 760
223, 793
Inventories3
188, 508
203, 088
233, 749
285, 064
283, 614
309, 238
334, 785
Who!esale
Retail
Sales2
Durcj 1
Inven-3
Sales *2 tories
able
TWol
goods
stores
Mali ons of d<sllars, se,asonally
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
Inventoiry-4sales
ratio
Total
business J
Retail
adjusted
23, 342
25, 054
27, 781
30, 723
33, 463
35, 998
39, 127
50, 063
55, 079
62, 950
70, 716
70, 623
78, 045
87, 073
231, 550 333, 186 55, 558 67, 047 61, 650 20, 795 40, 855 86, 299
237, 017 334, 785 57, 266 67, 998 61, 813 20, 674 41, 139 87, 073
230, 294 337, 676 55, 985 68, 991 59, 987 19, 914 40, 073 87, 708
238, 165 340, 396 57, 635 70, 361 61, 548 20, 445 41, 103 87, 642
242, 627 345,839 58, 877 72, 882 62, 649 20, 897 41, 752 89, 097
250, 606 350, 545 62, 152 74, 867 63, 917 21, 807 42, 110 89,963
251, 869 354, 226 64, Oil 75, 474 64, 292 21, 821 42, 471 91, 063
252, 639 356, 920 63, 235 75, 820 64, 565 22, 092 42, 473 91, 543
250, 853 359, 301 63, 404 75, 664 64, 343 21, 844 42, 499 92, 470
258, 306 362, 815 64, 573 76, 253 65, 862 22, 908 42, 954 93, 680
258, 311 364, 747 64, 045 77, 020 66, 347 22, 812 43, 535 93, 664
264, 567 367, 635 66, 728 78, 599 67, 225 23, 339 43, 886 94, 301
68, 584 23, 707 44, 877
1 The term "business" also includes manufacturing (see page 21).
2 Monthly average for year and total for month.
34 Book value, end of period, seasonally adjusted.
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
10, 827
12, 369
14, 091
13, 820
14, 907
17, 544
19, 901
Inventoriesi
DurNonNondurable Tnf nl able durable
goods goods
goods
stores stores
stores
21, 687
24, 238
28, 072
32, 394
32, 119
36, 417
40, 534
28, 376
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539
1.58
1.50
1.44
L47
1.58
1.48
1.44
1.39
1.40
1.41
1.48
1.43
1.39
1.40
40, 087 46, 212
40, 534 46, 539
1.44
1.41
1.40
1.41
41, 060
41, 369
41, 521
41, 881
42, 300
42, 036
42, 359
42, 640
42, 565
43, 039
1.47
1.43
1.43
1.40
1.41
1.41
1.43
1.40
1.41
1.39
1.46
1.42
1.42
1.41
1.42
46, 648
46, 273
47, 576
48, 082
48, 763
49, 507
50, 111
51, 040
51, 099
51, 262
1.42
1.44
1.42
1.41
1.40
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers* orders, shipments, and inventories rose in October. According to advance data, durable goods orders
and shipments fell in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
140
120
100
BILLIONS OF DOLLARS* (RATIO SCALE)
140
120
100
INVENTORY-SHIPMENTS RATIO
1977
1974
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufac turers1 shi pments 1 Manufact urers1 inv entories 2
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Manul raeturers 7 new ord ers l
Total
Durabl e goods
ManufacCapital
Non- turers1
goods
indus- durable unfilled3
Total
goods orders
tries,
nondefense
Millioins of dollatrs, season ally ad justed
102, 622 66, 271 36, 351 56, 016 30, 030
108, 223 70, 244 37, 979 64, 201 35, 098
124, 545 81, 333 43, 212 76, 224 42, 894
157, 811 101, 790 56, 021 87, 200 46, 783
157, 878 101, 580 56, 298 85, 058 41, 933
169, 886 108, 968 60, 918 99, 134 50, 997
179, 714 115,424 64, 290 112, 842 59, 795
55, 925
63, 043
72, 954
84, 821
86, 616
98, 809
111,256
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
1977: Oct____ 114, 091
Nov.. 114, 342
Dec... 117, 938
60, 316
60, 228
62, 130
53, 775 179, 301 114,448
54, 114 179, 840 115,212
55, 808 179, 714 115, 424
64, 853 117, 331 63, 556
64, 628 117, 024 62, 821
64, 290 122, 128 66, 165
1978: Jan___ 114, 322
Feb... 118, 982
Mar... 121, 101
124, 537
Apr
May.. 123, 566
June _ _ 124, 839
July... 123, 106
Aug._. 127, 871
Sept 127, 919
Oct___ 130, 614
Novs.
59, 973
63, 077
64, 457
66, 493
65, 417
66, 293
65, 222
68, 684
§8, 916
70, 292
71, 629
54, 349
55, 905
56, 644
58, 044
58, 149
58, 546
57, 884
59, 187
59, 003
60, 322
64, 699
64, 882
65, 135
65, 867
66, 218
66, 869
67, 337
67, 676
67, 887
67, 951
1971
1972
1973
1974
1975
1976
1977
180, 977
182, 393
183, 860
185, 715
187, 689
189, 557
191, 167
192, 882
194, 063
194, 735
116, 278
117,511
118, 725
119, 848
121, 471
122, 688
123, 830
125,206
126, 176
126, 784
i3 Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
8
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 shirvmeTits
1978
COUNCIL OF ECONOMIC ADVISERS
117,899
122, 544
125, 801
128, 175
128, 450
127, 580
123, 279
130, 952
131, 840
137, 162
63, 335
66, 681
69, 016
70, 033
70, 045
68, 840
65, 187
71, 582
72, 645
76, 984
76, 263
7,535
8,832
11, 114
12, 691
10, 781
12, 501
15, 201
Manufacturers1
inventory—
shipments
ratio *
107, 657
121, 709
161, 194
189, 678
170, 686
174, 553
193, 659
1.83
1.67
1.58
1.65
1.83
1.66
1.58
16, 097 53, 775 186, 787
16, 090 54, 203 189, 469
16, 988 55, 963 193, 659
1.57
1.57
1.52
16, 511
17, 882
17, 507
17, 409
18, 124
18, 155
17, 074
19, 344
20, 149
22, 219
19, 963
1.58
1.53
1.52
1.49
1.52
1.52
1.55
1.51
1.52
1.49
25, 986
29,104
33, 329
40, 417
43, 125
48, 137
53, 047
54, 564
55, 863
5.6, 785
58, 142
58, 405
58, 740
58, 092
59, 370
59, 195
60, 178
197,235
200, 798
205, 500
209, 133
214, 010
216, 754
216, 922
219, 999
223, 921
230, 464
s Preliminary; not charted.
Source: Department of Commerce, Bureau of the Census.
PRODUCER PRICES
PRICES
In November, the producer price index for all finished goods rose 0.8 percent, seasonally adjusted. Prices of finished
consumer foods increased 0.6 percent and prices of other finished consumer goods rose 0.7 percent. Prices of capital
equipment increased 1.0 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
140
140
120
120
100
100
1971
1979
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967= 100; m onthly <data setisonally adjuste d]
]Finishec [ goods
In1iermedi ate
Enateria]s
Crud e materials
Total
conFoodsumer
stuffs
CapiFoods
finished Total and 2 Other Total and Other
tal
feedequip- goods
feeds
stuffs
ment *
FInished goods excludin g
consumerfc ods
Period
Total
finConished sumer
goods foods Total
Cons umer g oods
Total
/
1970
1971
1972
1973
1974
1975
1976
1977
1977: Nov
Dec
1978: Jan
Feb
Mar
Apr-.
May
June
July
Aug
Sept
Oct__
Nov
110.3
113.7
117.2
127.9
147.5
163.4
170.3
180.6
1845
185.3
186. 6
188.6
189.6
192.0
_ 193.4
__ 194.8
195.8
195.5
197.2
198.9
200.4
113.5
115.3
121.7
146.4
166.9
181.0
180.2
189. 1
191.9
192.6
194.8
200. 7.
202. 1
205.8
206.7
209.1
208. 1
205.2
208.6
212. 1
213.4
109. 1
113.1
115.4
120.2
139.4
156.2
165 5
176.2
180.3
181.2
182.2
183.0
183.9
185.8
187.3
188.4
190.0
190. 6
191.7
192.9
194.5
107.7
111.4
113.4
118.5
138.6
153.1
161.8
172.1
175.4
176.1
177. 1
177.6
178.4
180.8
182.3
183.2
185.0
185.6
186.6
187.8
189. 1
TYiii*
flhlo
106.9
110.8
113.2
115.4
125.9
138.2
144.4
152. 2
155.5
156.1
157.4
157.7
158.7
163.2
165.5
165.8
168.7
169.6
170.3
170. 3
171.1
Nondurable
108.3
111.7
113.6
120.5
146.8
163.0
173.3
185.4
188.8
189.5
190.3
190.9
191. 5
192.4
193.3
194.6
195.5
195.9
197. 1
199.2
200.9
* Formerly called producer finished goods.
2
Intermediate materials for food manufacturing and manufactured animal
feeds.
22
112.0
116.6
119.5
123.5
141.0
162.5
173.2
184.5
189.9
191.3
192.3
193.5
194.6
195.7
197.3
198.7
199.9
200.6
201.8
203.0
205.0
109.9
112.9
116.6
129.2
149.3
163.6
169. 0
178.9
182. 1
182.7
184.2
186.4
187.5
190.4
191.6
193. 1
194.0
193.4
195. 1
197. 1
198.5
109.9
114. 1
118.7
131.6
162.9
180.0
189.3
201.7
205.2
206.0
207.9
209.7
211.3
212.4
213.7
214.6
215.5
216. 4
217.9
220. 6
222.2
109. 1
111.7
118.5
168.4
200.2
195.3
186.6
191.0
185.4
183.3
187.2
191.0
201. 1
201.2
206.4
200.8
204.0
197. 1
201.5
207. 1
206.4
109.9
114.3
118.9
128. 1
159.5
178.6
189.5
202.4
206.4
207.4
209.2
210.9
212.0
213. 1
214.2
215.4
216.2
217.5
218.9
221.4
223.2
112.3
115.1
127.6
174.0
196. 1
196.9
205. 1
2143
2144
217.2
221.6
228.7
231.7
238.5
238.9
243. 1
241.7
238.6
242. 3
249.6
253.3
NOTE.—Data revised for July 1978.
Source: Department of Labor, Bureau of Labor Statistics.
112.0
114.2
127.5
180.0
189.4
191.8
190. 1
190.9
189.9
191. 1
196.4
205.6
208.0
217.0
217. 1
221.3
215.7
211.9
215.9
223.7
226.5
112.7
117.0
128.0
162.5
208.9
206.9
233.6
258.4
260.9
266.3
269.4
272.1
276.5
278.8
279.8
284 2
291.0
289.6
292. 51
298. 6
304 1
CONSUMER PRICES
In October, the consumer price index for all urban consumers rose 0.8 percent (also 0.8 percent seasonally adjusted).
Food prices increased 0.6 percent (0.8 percent seasonally adjusted). Nonfood commodity prices rose 0.7 percent
(also 0.7 percent seasonally adjusted) and services prices were up 0.9 percent (0.8 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
200
- 120
100
1970
1971
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1970
1971
1972
1973
1974
1975
1976
1977
All
items
Food
Commodities
less
food
116.3
121.3
125.3
133. 1
147.7
161.2
170.5
181.5
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
Services
Services
commodities
All
Food
at
home
Food
away
from
home
AH
Durable
Nondurable
121.6
12R4
133.3
139.1
152.1
166.6
180.4
1943
113.5
117.4
120.9
129.9
145.5
158.4
165.2
1747
1149
118.4
123.5
141.4
161.7
175.4
180.8
192.2
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
1743
186. 1
200.3
112.5
116.8
119.4
123.5
136.6
149. 1
156.6
165.1
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
1943
Seasonal ly adjust ed
Unacljusted
1944
195.6
196.3
167.4
168.1
168.4
19R5
199.5
200.5
176.7
177.5
17&3
195.0
196.0
196.7
192.5
193.5
1942
2045
205. 1
206. 1
166.8
167.6
168.4
164.4
165. 1
166.0
168.6
169.4
169.9
198.7
199. 5
200.3
187.2 199.2
188.4 202.0
189.8 2042
191.5 207.5
193.3 210.3
195.3 213.8
196.7 215.0
197.8 215.4
199.3 215.6
200.9 216.8
168.6
168.8
170.0
171.3
173.0
1744
175.4
176.3
177.8
179.1
203.5
2049
206.5
208.0
209.9
211.7
213.4
215.6
217.6
202. 0
179.9
180.8
182.3
1840
185.6
187.2
187.9
188.7
190.1
191.5
199.2
201.6
2043
208. 1
211.2
2140
213.9
214.5
215.6
217.3
197.0
199.5
202.5
207.3
211. 1
214 0
213.2
213.3
214 1
216.0
208.4
210.5
212.5
2140
215.8
218.2
219.9
221.7
223.2
224.6
169.5
169. 9
170.9
171.8
172.8
173.9
1749
175.7
177.2
178.5
167.6
168.7
169.5
170.4
171.8
173.2
1744
175.2
176.7
178.1
170.6
170.1
171.2
172. 1
172.8
173.5
1744
175.2
176.6
177.4
201.5
203.0
2047
206.6
208.7
210.5
212.2
214.0
215.7
217.5
1977: Oct
1845
Nov... 185.4
Dec
186. 1
1978: Jan
Feb.
Mar..._
Apr
May...
June
July...
Aug —
Sept.__
Oct
Comnlodities le ss food
Food
All
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Percen j change from pr<3ceding
perioc i; season ally adjuisted 1
Percen t change from 3 inonths
earlie r; seasorlally adjiisted
annua i rates
Percen fc changefrom 6 rnonths
earlie r; seasortally adjiisted
annua . rates
Consum er goods
Consumer goods
Consum er goods
Total
finished
goods
4.8
2.2
3.2
3.8
11.8
18.3
6.6
3.3
6.6
.7
.4
.7
1. 1
,.
.5
1.3
.7
.7
.5
2
.9
.9
.8
Capital Total
finequipExclud- ment ished
goods
ing
Foods
foods
8.2
-2.5
5.9
8.0
22.5
3.0
5.5
-2.5
6.6
1.3
.4
1. 1
3.0
.7
1.8
.4
1.2
-.5
-1.4
1.7
1.7
.6
2.9
3.9
2.0
2.0
7.4
20.5
6.7
4.9
6.1
.3
.4
.6
.3
.5
1.3
.8
.5
1.0
.3
.5
.6
.7
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
Foods
Capital
equipExclud- ment
ing
foods
4.6
4.9
2.4
2.0
5.3
22.6
8.2
6.4
7.2
.5
.7
.5
.6
.6
.6
.8
.7
.6
.4
.6
.6
1.0
6.8
7.2
7.6
9.2
9.6
5.6
7.4
11.7
19.6
21.2
24.6
12. 5
14.6
12. 1
10.6
11.4
8.2
4.4
5.0
6.5
10.1
10.9
5.3
8.6
7. 1
8. 1
17.0
10.5
10. 1
8.7
8.9
6.9
6.4
6.3
9.6
7.4
7.6
6.2
7.8
7.9
5.0
6.2
8.0
8.4
9.8
9.9
7.3
11.0
11.2
-2.9
-1.0
4. 4
7.4
7.8
5. 1
4.5
10.4
5.2
4.7
5.4
7.5
8.2
7.3
7.4
9. 1
-0.3
4.6
4.3
5.3
2.4
5.2
12.4
14. 1
17.9
16.0
17.9
14. 1
5. 1
5.0
7.0
8.0
8.2
9. 1
4.5
6.5
6.2
6.6
9.2
9.4
7.9
7.6
7.9
8.4
8.6
8.9
9.0
7.3
7.9
7.9
8.1
7.5
7.5
7.6
8.0
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for July 1978.
CHANGES IN CONSUMER PRICES
Percent change from pre ceding
peno(i; seasontally ad jussted1
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
1977 : Oct ...
Nov___
Dec___
1978: Jan...
Feb_._
Mar
Apr
May~_
June...
July...
Aug.—
Sept...
Oct..1
All
items
6. 1
5.5
3.4
3.4
8.8
12.2
7.0
4.8
6.8
.3
.4
.4
.8
.6
.8
.9
.9
.9
.5
.6
.8
.8
Food
7.2
2.2
4.3
4.7
Commodities
less
food
4.5
4.8
2.3
2.5
5.0
Services
Services
All
items
Food
Commodities
less
food
Services
3.6
6.2
13.2
4.9
.4
.5
.5
7.3
7.9
.4
.4
.4
1.3
1.2
1.3
1.9
1.5
1.3
-.0
.3
.5
.8
.7
.2
.6
.5
.6
.6
.6
.5
.9
.7
.6
.7
.8
.9
1.0
.9
.8
.8
.8
.8
11.3
8. 1
4.5
4.7
4.9
6.7
7.5
9.3
10.0
11.3
11.4
9.7
8.3
7.8
8.8
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
4. 1
6.5
.6
8.0
.2
.5
.4
5. 1
All
items
7.4
8.2
20. 1
12.2
6.2
Percent c lange f re>m 3 mont bs earlier ; Percent c lange f re»m 6 months earlier ;
seasonsilly adjussted annu al rates
seasonsilly adjussted annu al rates
3.1
3.5
4.2
3.4
4.7
5.4
6.3
5.6
4.9
4.8
4.7
5. 1
3.7
3.6
3.0
3.3
3.7
40
7.8
7.0
6.3
8.9
6.6
5.6
6.1
5.5
7.0
7.2
7.4
6.9
7.8
8.5
5.8
7.2
5.6
6.0
7.7
5. 1
5.0
6.0
6.4
7.0
8.1
9.4
11.9
16.4
19.1
20. 5
20.4
11.6
6.4
3.0
6.5
9. 1
10.5
11.7
11.8
11.3
10. 6
10.3
10.4
6. 1
7. 1
8.3
9.4
10.4
9.8
9.8
9.6
9.3
10. 1
13.9
16. 1
18.4
15.3
13. 2
11.4
9.0
Source: Department of Labor, Bureau of Labor Statistics.
5.7
6.1
6.3
6.6
6.5
6.9
7.5
8.0
10.4
10.9
11.1
11.0
10.8.
—I
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers decreased 1y2 percent in November. Contributing most to the decline were lower prices for
hogs, cattle, and citrus fruits. Partially offsetting were higher prices for eggs, lettuce, milk, corn, and wheat. Prices paid
by farmers were unchanged in the month ended November 15.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
1970
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.
SOURCE-. DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by far mers
All
items,
Family
ProducLivestock interest,
tion
and
living
taxes,
and
items
items
products wage rates
Index, 1<367=100
Prices received by farmers
Period
1970
1971
1972
1973
1974
1975
1976
1977
1977: Oct
Nov „_
Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.
All farm
products
110
113
125
179
192
185
186
183
177
178
181
186
193
200
208
215
217
215
210
215
217
214
Crops
100
108
114
175
224
201
197
192
178
184
183
188
190
198
208
212
216
212
202
203
200
200
118
118
136
183
165
172
177
175
176
174
180
185
196
204
209
217
219
217
217
226
232
228
1
Percentage ratio of index of prices received by fanners to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
3
The adjusted parity ration reflects Government payments made directly to
farmers.
112
118
125
144
164
180
191
202
201
202
203
209
211
214
216
219
220
220
220
223
224
224
(3)
(33)
(3)
()
(3)
(«)
(33)
(3)
()
(33)
()
(33)
()
(33)
114
118
123
133
151
166
176
108
113
121
146
166
182
193
200
198
199
199
203
206
211
214
217
218
218
217
220
222
223
Parity ratio l
Actual
72
71
74
91
86
76
71
66
€5
65
66
65
67
69
71
72
73
72
70
71
71
70
Adjusted *
77
75
79
94
87
76
72
68
66
66
67
67
69
71
73
74
75
74
72
73
73
72
s Index discontinued. Consumer price index (Department of Labor) substitute
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The narrower monetary aggregates declined in November while the broader M2 and Ms continued to rise.
BILLIONS OF DOLLARS * (RATIO SC
IILUONS OF DOLLARS * (RATIO SCALE)
300
200
200
1978
* SEASONALLY ADJUSTED
COUNCIL OP ECONOMIC ADVISERS
SOURCi: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
(Overall measur<38 l
Total 2 Large
CDs
Savings
Deposits
at
nonbank
thrift
institutions
Deposit s at com mercia] banks
Period
Mi
M1+
M2
Perce nt charige 3
C/ompone nts and i elated ]terns
M3
Currency
Demand
Time and sa vings
U.S.
Government
demand
deposits
(unadjusted)
Mi
M1+
M2
1973: Dec._ 270.5
1974: Dec.. 282.9
1975: Dec.. 295.2
1976: Dec.. 313.5
1977: Dec.. 338.5
1977: Nov. 336.2
Dec.. 338.5
397.7
419.0
456.4
516.8
560. 2
557.7
560.2
571.4
612.2
664.7
740.5
809.5
805.4
809.5
919.2
981.2
1} 092. 5
1, 286. 5
1, 376. 1
1, 367. 1
1, 376. 1
61.5
67.8
73.7
80.7
88.6
87.7
88.6
209.0
215. 1
221. 5
232.8
249.9
248.5
249.9
363.9
418.3
450.9
489.7
545.0
540. 1
545.0
63.0
89.0
81.3
62.7
74.0
70.9
740
127.0
135.8
160.5
201. 9
219.6
219.4
219. 6
347.8
369. 1
427.8
496. 0
566. 6
561.7
566. 6
6.3
4.9
4. 1
4.4
5.1
3.5
5. 1
6.0
4.6
4.3
6.2
8.0
7.9
8. 1
5.0
5.4
8.9
13.2
8.4
7.3
7.5
8.8
7.1
8.6
11.4
9.3
9.5
9.0
1978: Jan.. 341.7
Feb.. 341.8
Mar. 342.9
Apr._ 348.5
May. 350.6
June- 352.8
July - 354.2
Aug.. 356.7
Sept. 360.9
Oct.. 262.0
Nov» 360.6
564.6
565.0
566. 2
572.6
575.2
577. 1
577.8
582.0
587. 9
588.8
585.3
815.9
819. 1
822.6
830.3
835.2
840. 6
846.2
853.5
862.4
867.4
870.5
1, 386. 6
1, 393. 1
1, 400. 3
1, 411. 4
1, 419. 9
1, 429. 8
1, 441. 0
1, 455. 1
1, 472. 1
1, 484. 4
1, 492. 8
89.4
90. 1
90.7
91.2
92. 1
92.8
93.3
94.0
95. 2
96.0
96.8
252. 2
251.7
252.3
257.3
258.5
259.9
260.9
262.8
265.7
266. 1
263.8
550.6
556.7
561.7
565.2
571.6
574.5
579.4
583.0
589.7
593. 6
605.3
76.3
79.4
82.0
83.4
87. 1
86.7
87.4
86.3
88. 1
88.2
95.4
220.7
220. 9
221.0
221.6
222. 0
221.7
220.9
222. 4
224. 2
223.9
221.9
570.7
574.0
577.7
581.2
584.7
589.2
594.7
601. 6
609. 6
616.9
622. 3
4.3
4. 3
4.8
5.0
4. 0
6.2
4.5
3. 6
6.2
4.3
8. 1
8. 1
7. 0
6.0
7.6
8.7
8. 6
7.5
8.9
10.8
7.9
5.8
7.5
5.8
4.6
5.5
6.4
6. 1
4.7
6. 1
7.8
5.7
3.5
8.2
7.7
7.0
7.3
7.5
7.8
7.6
8. 6
9.9
9. 1
8.6
1
MI is currency plus demand deposits; MH- is Mi plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Mi plus time and savings deposits at eonrmereial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.
26
a
3
Includes time deposits other than large CDs, not shown separately.
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Eeserve System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curre ncy and c eposits
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
1977:
Dec
Dec
Dec
Dec
Dec
Dec..
Dec
Dec
Currency
Total
Demand
deposits
Commercial
banks
Other
private
money
market
instruments
Negotiable
certifiShortNonbank
cates
of
term
Savings marketthrift
deposit
institu- bonds able setions
curities
seeuiities
769.7
852.5
967.2
_
1, 085. 3
1, 170. 2
1, 290. 6
1, 424. 6
1, 591. 0
632.7
719.0
816. 6
887.7
945.0
1, 055. 3
1, 195. 2
1, 328. 3
49. 1
52. 6
56. 8
61.5
67. 8
73. 7
80.7
88.6
152. 0
161. 8
176.1
183.7
187. 1
192. 4
200.0
213.9
198. 9
233. 6
264. 3
294.4
321. 1
360. 6
417.3
459.2
- 232. 7
271. 1
319. 3
348. 1
369. 1
42& 6
497. 3
566. 6
52.0
54.3
57. 6
60.4
63. 3
67. 2
71.9
76.6
41.9
31.5
34.3
43.4
47. 1
66. 3
66.5
77.6
21.8
27.6
36. 2
53.8
70.4
58.4
43.2
52.3
21.3
20. 1
22. 5
1, 576. 5
1, 591. 0
1, 319. 2
1, 328. 3
87. 7
88.6
212.1
213. 9
457.6
459.2
561.7
566. 6
76.2
76.6
77.1
77.6
50.0
52. 3
54.0
56.3
1, 607. 7
... _ 1, 619. 2
1,631.0
1, 647. 4
1, 662. 3
1, 674. 2
1, 686. 3
1, 699. 2
1, 720. 3
1, 732. 0
1, 747. 5
1, 339. 1
1, 345. 6
1, 352. 8
1, 363. 5
1, 371. 5
1, 381. 6
1. 393. 8
1, 407. 8
1, 424. 3
1, 436. 1
1, 445. 3
89. 4
90. 1
90.7
91.2
92. 1
92. 8
93.3
94.0
95.2
96.0
96.8
216.6
216. 0
216. 3
221.5
222. 1
223. 1
224.5
226.2
228.4
228.1
225.9
462.4
465.5
468. 1
469.6
472.5
476.5
481.3
486. 1
491.0
495.1
500.2
570.7
574.0
577.7
77.0
77.4
77.8
78. 2
78. 6
78. 9
79.3
79. 5
79.8
80.1
80.4
79.5
80. 1
79.8
80.7
81.6
81.7
80.1
80. 6
83.6
83.0
81.9
53.4
54.8
56.5
58. 6
62. 3
61.7
61.7
59.6
60.7
60.3
67.0
58.7
61.4
64. 1
66.4
68.3
70.4
71,4
71. 6
72.0
72.4
73.0
.__
1977: Nov
Dec
1978: Jan
Feb...
Mar
AprMay.
June
July
Aug
Sept
Oct
Nov "
U.S. T reasury
Timec eposits
Total
liquid
assets
581.2
584. 7
589.2
594.7
601. 6
609.6
616.9
622.3
40.0
44.4
43.3
47.8
56.3
Source: Board of Governors of tho Federal Eeserre System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e xtended
Instalm ;nt credit lit |ui dated
Net change in amount autstanding
Period
Total1
1970
1971
1972
1973
1974
1975
1976
1977
_
- _ __
1977: Oct.
Nov
Dec
1978: Jan_
Feb
Mar.
Apr
May
June
July
Aug._
Sept
Oct
__
Automobile
Revolving
Automobile
Revolving
Total1
Automobile
Revolving
115, 132
138, 046
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
30, 857
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
8,689
21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
110, 352
127, 789
136, 787
152, 817
163, 276
172, 676
189, 381
218, 793
31, 414
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
7,278
20, 818
23, 485
26, ,699
31, 243
35, 616
41, 764
80, 508
4,780
10, 257
14, 962
20, 218
9,489
7,765
21, 647
35, 278
-557
4, 194
5,621
5,910
495
2,976
10, 465
15, 204
1,411
1, 044
1, 174
2, 003
1,970
1,340
2, 170
6,248
22, 273
22, 487
22, 832
6,503
6,719
6,889
7,666
7,716
7,985
19, 066
18, 891
19, 252
5,274
5, 179
5,252
6,999
7,024
7,226
3,207
3,596
3,579
1,229
1,540
1,637
667
692
758
21, 983
22, 758
23, 925
24, 682
25, 104
25, 565
25, 022
25, 669
25, 537
25, 855
6,541
6,730
7,043
7,434
7,592
7, 595
7, 652
7,744
7,542
7,511
7,960
8,147
8, 398
8,523
8,563
9, 062
8, 700
9, 028
9,006
8,846
19, 546
19, 896
19, 849
20, 576
20, 824
21, 358
21, 556
22, 037
21, 857
22, 732
5,215
5,397
5,409
5, 622
5, 715
5, 953
5, 941
6, 140
6, 010
6, 126
7,545
7,698
7,566
7,840
7,919
8, 107
8, 100
8,291
8,384
8,500
2,437
2,862
4,076
4, 106
4,280
4,207
3,466
3, 632
3,680
3, 123
1,326
1,333
1, 634
1, 812
1,877
1,642
1,711
1, 604
1,532
1, 385
415
449
832
683
644
955
600
737
622
346
' Includes "mobile home" and "other," not shown separately.
Total i
Note.—Series revised.
Source: Board of Governors of the Federal Keserve System.
27
BANK LOANS, INVESTMENTS, AND
Revised data show slightly less rapid growth in commercial and industrial loans than previously estimated. Growth
slowed significantly in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
-ALL COMMERCIAL BANKS
1,000
800
800
600
600
400
400
200
200
100
100
80
INVESTMENT
80
IN
U.S. GOVERNMENT SECURITIES
60
60
40
1 1 11 11 1 1 1
i i i 11 I i
1971
1970
1972
1973
1975
1976
1977
* SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1978: Jan.
Feb
Mar
Apr
May
June
July 9
Aug*
Sept*
Oct »
Nov 9
COUNCIL OF ECONOMIC ADVISERS
435.5
485.7
866.2
870.6
292.0
320.9
37R9
449.0
500.2
496.9
538.9
617.0
611.6
617.0
881.2
887.7
894.1
909.0
921.7
932.2
940.7
9446
952.4
960.9
966.3
625. 1
628.4
637.2
x647..-6
659.7
667.8
675. 1
680.2
687.3
696.8
706.7
55ao
4
....
63a4
691. 1
721.8
785.1
870.6
110.0
116.2
130.4
156.6
isas
176.2
179. 7
« 201. 4
200.2
• 201. 4
5
203.8
205.8
209.8
212.4
217.9
219.0
220.8
222.8
224.6
227.0
228.9
57.8
60.6
62.6
54.5
51. 1
80. 1
98.0
95.6
35.71
35.95
321
107
1,049
1,298
703
127
62
558
840
558
41
32
13
12
54
83
54
36.34
36.69
36.47
36.80
37.04
37.55
38.00
37.74
37.97
38.26
481
405
344
539
1,227
1, 111
1,286
1, 147
1,068
1,261
32
52
47
43
93
120
143
188
191
221
29.11
31. 17
31.34
3491
36.57
3468
3493
36.14
35.96
36.14
2a78
31.04
30.29
33.61
35.84
3455
3488
35.57
35.10
35.57
28.86
30.98
31.06
3461
36.31
3442
3465
35.95
96.3
95.6
85.7
104.2
116.5
129.9
139.8
1448
14a2
158.0
158.3
158.0
96.5
99.4
96. 1
98.3
97.9
100.2
100.6
97.9
97.2
95.2
90.3
159.6
159.9
160.8
163. 1
164 1
1642
165.0
166.5
167.9
168.9
169.3
36.61
36.93
36.67
36.95
37.26
37.73
38. 19
37.91
38.17
38.43
36.12
36.52
36.34
36.39
36.05
36.63
36.88
36.77
37. 11
37. 15
*3 Data are for end of period.
Averages of daily figures. Annual data are for December.
3 Member tank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the eflect of changes in Regulations D and M.
28
1978
[Billions of dollars, seasonally adjusted^ except as noted]
l
All member ban ks
Allc ommercial I ;>anks
Borrowiiigs (milL<)ans
lions of dollars,
Investorlents
Iteserves 2 3
Total
unadju isted) *
loans
and Total ex- Commer- U.S. GovOther
invest- cluding cial and
SeaReNonTotal
ernment
secuTotal
ments
inter- industrial securities
sonal
borrowed quired
rities
bank
PorinH
1970
1971
1972
1973
1974
1975
1976
1977
1977: Nov.
Deo
i i i i i 1 i i i i i 40
ills i1 iiiii
1974
* During 1974, total loans and investments were increased $0.6 billion due to
a bank merger and were reduced $1.5 billion due to liquidation of a large bank.
» Loan rectifications reduced these loans by $1.2 billion as of March 31,1976.
s Loan reclassifications reduced these loans by $0.2 billion in December 1977.
Note.—Commercial bank data revised beginning January 1978.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal 1
Credilb market 1unds
Total
Total
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets *
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
1970™__
1971
1972
1973
1974
1975
1976
1977
1043
127.1
161.7
199.8
190.8
143.8
205.0
239.0
58.9
68.6
80.8
83.8
75.7
106.8
124.7
135.3
45. 5
58.5
80.9
115.9
115. 1
37.0
80.3
103.6
40.7
445
58.3
72.7
81.8
37.0
58.2
78.7
32.1
40.6
40.6
37.0
39.1
49.3
48.8
46.2
8.6
3.9
17.6
35.7
42.6
— 12. 3
9.5
32.6
48
14 1
22.7
43.3
33.4
.0
22. 1
249
95.9
119.6
145. 8
185.6
179.0
131.9
1849
212. 3
80.3
86.0
100.3
123.3
1347
99.9
141.2
1646
15.6
33.6
45.6
62.3
444
32.0
43.7
47.8
8.4
7.5
15.9
142
11.8
11.9
20. 1
26.7
1977: I
II
III
IV
244.3
198.6
266.0
247.1
123.8
134.9
145.5
137.3
120.5
63.7
120.6
109.9
75.9
63.7
80.1
95.2
344
35.3
53.5
61.5
41.6
28.5
26.6
33.7
446
-.0
40.5
147
2146
177.3
2346
222. 7
152.5
162.4
175.2
168.0
62. 1
149
59.4
547
2&6
21.3
31.4
244
1978: I
II
III*
283.9
274. 1
289.4
127.2
1441
15L6
156.7
130.0
137.8
102.2
82.8
80.2
40.3
53.7
545
61.9
29. 1
25.7
545
47.2
57.6
263.3
260.8
272.6
179.8
199.9
194.8
83.5
61.0
77.8
20.6
13.2
16.8
* Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, bonds, and mortgages.
9 Bank loans, commercial paper, finance company loans, bankers* acceptances,
and Government loans.
* Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Current Habil ities
Curre at assets
End of period
Total
SEC series:2
1970
1971
1972
....
1973
1974
FTC-FRB series:3
1974
1975
1976
1977_
Cash
Notes
U.S.
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Notes
Other
and
current
accounts liabilij»__
ties
payable
Net
working
capital
Current
ratio l
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221. 1
248.2
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
3049
326.0
375. 6
450.9
530.4
211.3
220. 5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128. 1
187.4
203.6
223. 7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
734 6
756.3
823. 1
900.1
73.0
80.0
86.8
942
11.3
19.6
26.0
20.9
265.5
272. 1
292.4
325.7
318.9
3147
341.4
375.0
65.9
69.9
76.4
843
451.8
446.9
487. 5
543.2
272, 3
261.2
273. 2
306. 8
179.5
185.7
2142
236.3
282.8
309.5
335.6
357.0
1.626
1.693
1.688
1.657
1977: I
II
III
IV
842.0
856.4
880.3
900.1
80.8
83.1
83.4
942
26.8
22. 1
21.5
20.9
304 1
312. 8
326.9
325.7
352. 1
358.8
367.5
375.0
78.3
79.6
81.0
84 3
502.6
509.5
528.9
543.2
280.2
286.8
297.8
306.8
222.4
222.7
231. 1
236.3
339.5
346.9
351. 4
357.0
1.675
1.681
1.664
1.657
1978: I
II . _
9242
953.6
88.5
90.9
20.9
19.7
338.3
356.8
389.7
399. 1
86.8
87.0
570.4
590.6
317.2
331.4
253.2
259.2
353.8
363.0
1.620
1.615
* Total current assets divided by total current liabilities.
2 Based on data from Statistics of Income, Department of the Treasury.
3 Based on data from Quarterly Financial IteportfQT Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Eeserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates stabilized in December following the November upturn.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE Aaa BONDS
(MOODY'S)
1970
SOURCE: SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
U.S. Tre asury seeuri ty yields High-grade Corporate Prime com- Discount
rate
mercial
municipal
Aaa
Constant inaturities 2
(N.Y.
3-month
paper,
bonds
bills i
F.R.
(Standard
4-6
3-year
10-year & Poor's)3 (Moody's) months
Bank)*
5.72
6. 21
4.071
7.21
4.50
5. 27
4.69
6.95
6.84
7. 041
7.44
6. 45
5. 18
8. 15
7.82
7.56
7.886
7. 83
8.57
6.09
9.87
7.49
7.99
5.838
6.25
8.83
6. 33
6.89
6.77
7.61
4.989
5.50
8.43
6.49
5.35
6.69
7.42
5. 265
8.02
5.46
5. 60
5.56
7.22
7.58
6. 160
6-6
6.59
8.08
5.38
7.30
7.69
6. 063
6-6
8. 19
6. 64
5.48
7.61
7.96
6.448
8.41
6. 79
5.60
6-6H
7.67
8.03
6.80
6.457
8.47
5.51
6H-6H
7.70
8.04
__
6.319
6.80
5.49
8.47
6H-6H
7.85
8. 15
6.306
5.71
6.86
8.56
6fc-6H
8.07
8.35
7.11
5.97
61/2-7
8.69
6.430
8.30
8.46
7-7
6.707
7.63
8.76
6.13
8.54
8.64
7.074
6. 18
7.91
8.88
7-7^
8.41
8.33
71/4-7%
7.036
5.98
7.90
8.69
8.42
8.41
7.836
5.93
8.44
8.69
7Ji-8
8.62
8.64
8. 132
5. 95
9.03
8.89
8-8H
8.81
9.04
9K-9/2
8.787
6.03
9.03
10.23
1972
1973
1974
1975
1976
1977
1977: Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Week ended:
1978: Nov 25_._.
Dec 2___.
9-___
16....
23..1
3
8.696
9. 166
8.984
8.929
9.237
8.96
9. 16
9. 12
9. 19
8.78
8.85
8.86
8.95
5.99
6. 11
6. 12
6.28
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
30
9.00
9.04
9. 06
9. 12
10.22
10.28
10.32
10.36
9H-9/2
9/2-9/2
9/2-9/2
9/2-9/2
9/2-
Prime
rate
charged
by
banks 4
5.25
8.03
10.81
7.86
6.84
6.83
!%-!%
7%-7H
7K-8
8-8
8-8
8-8
8-8/2
8H-9
9-9
9-9H
9K-9%
9^-10M
10/2-11/2
Newhome
mortgage
yields
(FHLBB)5
7.60
7.95
8.92
9.01
8.99
9.01
9.07
9.09
9.15
9.18
9.26
9.30
9.37
9.46
9.57
9.70
9.73
9.83
9.86
11-11/2
11H-11H
11/2-11/2
11/2-11/2
ll%-
s Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repaymeng
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
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices were generally stronger in December than in November.
INDEX, DEC 31,1965=50
80
INDEX, DEC 31,1965=50
80
50
- 50
40
40
30 -
- 30
1978
1970
PER CENT
20
PERC ENT
20
EARNING S-PRlCEl RATIO C)N COMMON ST OCKS
(S& P)
15 -
-i
«
«^***
k
10
5
^—^
r^^-l
i
0
I
1970
I
I
I
I
-1971
i
I
I
1972
\
1
i
1973
+-~^-1
^
_x^1
^
I
I
5
i
i
1974
I
1975
I
i
i
1976
i
1
1
1
1977
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Composite
1972__
60.29
57.42
43.84
__
_
__
Dec
1978: Jan....
Feb___
.
Mar
Apr
May
June
July
Aug__
Sept
___
Oct
Nov
Week ended:
1978: Nov 18____
25____
Dec
2
9— —
16
Industrial Transportation
Utility
5446
53.69
51.87
51. 83
49.89
49.41
49.50
51.75
54.49
54.83
54. 61
58.53
58.58
56.40
52.74
65.73
63.08
48.08
50. 52
60. 44
57. 86
55. 62
53.55
53. 45
52.80
52.77
55.48
59. 14
59.63
59.35
64.07
64.23
61.60
57.50
50. 17
37.74
31.89
31. 10
39.57
41.09
39.30
39. 75
39. 15
38.90
38.95
41. 19
44.21
44. 19
44.74
49.45
50. 19
46.70
41.80
38.48
37.69
29. 79
31.50
36.97
40. 92
40.33
40.36
39.06
39.02
39.26
39.69
39.47
39. 41
39.28
40.20
39. 82
39.44
37.88
51.87
53. 17
54. 15
54.21
53.81
56.48
57.96
57.94
59. 22
58.77
40.71
41. 94
42.31
43.62
42. 95
37.52
38.31
38.22
38.48
38. 29
45. 73
1
Average of daily closing prices.
2
Includes all the stocks (more than 1,500) listed on the NYSE.
3
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.
!
1978
I
0
Common stock 5 yields
(percent)
Standard
& Poor's
DowEarningsJones
composite Dividendprice
index
industrial
ratio
ratio
Finance
average 3 (1941-43=
10) 4
5.50
2.84
109. 20
950. 71
78. 35
7. 12
3.06
107. 43
923. 88
70. 12
11.59
4.47
82.85
759. 37
49.67
9.15
431
802. 49
86. 16
47. 14
8.90
974.92
102. 01
3.77
52.94
462
10.79
98.20
894.63
55.25
5.02
94.28
54. 04
828. 51
5. 11
11.45
93. 82
818. 80
53.85
5. 32
90.25
781. 09
50. 91
5.49
88.98
763. 57
50.60
5.62
12.25
88.82
756. 37
51.44
5.42
92.71
794.66
55. 04
5.20
838. 56
97.41
57.95
5. 19
11.81
97.66
840. 26
58.31
5.25
831. 72
97. 19
57.97
493
103. 92
887. 93
63.28
4.97
103. 86
878. 64
63. 22
5.11
857. 69
60.42
100. 61
5.45
804. 29
94.71
54.95
New York Stock Exel:iange indexes(Dec. 31, 1L965=50) 2
Period
1977: Nov___
I
COUNCIL OF ECONOMIC ADVISERS
Comilion stock p rices l
1973
1974
1975
1976
1977
10
54.06
55.31
55. 19
56. 60
56. 25
790. 96
806. 70
803. 72
815. 44
812. 07
93.29
95.38
95. 17
96.96
96.23
5.54
5.38
5.49
5.28
5.39
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
__
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first month of fiscal year 1979 there was a budget deficit of $13.9 billion, compared with a deficit of $14.7
billion a year earlier.
BILLIONS OF DOLLARS
IILUONS Of DOIURS
500
5001
RECEIPTS AND OUTLAYS
400
400
OUTIAYS
300
300
200
200
50
50
SURPLUS (+) OR DEROT (-)
0
0
-50
-50
-100
-100
1970
1972
1971
1973
1974
1975
197$
1977
1979
1978
FISCAL YEARS
COUNCIL OP ECONOMIC ADVISERS
SOURCES, DEPARTA4ENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1969
1970
1971.
1972
1973
1974
1975
1976
Transition quarter
1977 2
1978
1979 (estimates):
Statement, October 1978 2
Second Concurrent Resolution, Sept. 1978 3
First month:
Fiscal year 1978
Fiscal year 1979
__
i Excludes noil-interest-bearing public debt securities held by IMF.
3
Data from Joint Statement of Secretary of the Treasury and Director, Office
of Management and Budget, October 27,1978.
32
Outlays
Surplus or
deficit (-)
a2
232.2
2649
281.0
300.0
81.8
357. 8
402.0
1845
196.6
211.4
232.0
247. 1
269.6
326. 1
366.4
947
402.8
450.7
-2.8
-23.0
-23.4
-148
-47
-45. 1
-66.4
-13.0
-45.0
-48.7
452.7
448.7
491.6
487.5
-38.9
-38.8
24. 1
28.7
38.8
42.7
-147
-13.9
187.8
193.7
188.4
2oae
Federal debt ( end of period)
Tntfll 1
Held by
the public
367. 1
382.6
409. 5
437.3
46a4
486.2
5441
631.9
646.4
709. 1
780.4
346. 1
396.9
480.3
498.3
551.8
610.9
707.7
785.3
553.7
617.4
279.5
2849
3043
323.8
34ao
a Second Concurrent Resolution on the Budget—Fiscal Year 1979, September 21, 1978.
Sources: Department of the Treasury and Office of Management and Budget,
except as iioted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal year 1979 budget receipts were $4.6 billion higher than a year earlier and outlays were
$3.9 billion higher.
BILLIONS OF DOLLARS
8ILL10NS OF DOLLARS
100
400
400
OUTLAYS
300
300
**
200
200
100
100
y
I
I
J_
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
N
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
()utlays
Rece ipts
Nationa . defense
Period
Total
Fiscal year or period:
1969_
187.8
1970
193.7
1971
188.4
1972
208.6
1973___ _ _ _
232.2
1974
264.9
1975
281.0
1976___
_
300.0
Transition quarter
_ 81.8
1977
357.8
1978 *
402.0
1979 (estimates) * ___ _
452.7
First month:
Fiscal year 1978
24.1
Fiscal year 1979
28.7
Indi- Corpovidual ration Other
income income
taxes
taxes
Interna- Health
and
Intional income
terest Other
affairs security
87.2
90.4
86.2
94.7
103.2
119. 0
122.4
131.6
38.8
157.6
181.0
202.7
36.7
32.8
26.8
32.2
36.2
38.6
40.6
41.4
8.5
549
60.0
68.0
63.9
70.5
75.4
81.7
92.8
107.4
118.0
127.0
34.5
145.2
161. 1
182.0
184.5
196.6
211.4
232.0
247. 1
269.6
326. 1
366.4
94.7
402.8
450.7
491.6
79.4
78.6
75.8
76.6
745
77.8
85.6
89.4
22.3
97.5
105.2
114 5
77.9
77.2
745
75.2
73.3
77.6
85.0
88.0
21. 9
95.7
103. 1
112.0
46
43
41
47
40
5.6
6.9
5.5
2.2
48
5.9
6.3
49.0
56. 1
70. 1
81.4
91.8
106.5
136. 3
160.9
41.5
176.7
189.9
209. 1
15.8
18.3
19.6
20.6
22.8
28. 1
31.0
346
7.2
38. 1
43.9
52. 1
35.7
39.3
41.8
48.8
53.9
51.7
66.5
76.0
21.5
85.7
105. 8
109.6
13.3
15.9
1.4
1.7
9.4
11. 1
38.8
42.7
8.2
9.2
8.0
9.2
.4
.3
148
15. 9
2.9
3.0
12.5
143
1
Data from Joint Statement of Secretary of the Treasury and Director, Office
of Management and Budget, October 27,1978.
Total
Department of
Defense,
military
Total
Source: Depaitment of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to revised estimates, Federal receipts rose $16.9 billion (annual rate) and expenditures
rose $16.2 billion, yielding a deficit of $22.8 billion, $0.8 billion less than the second quarter deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
550
150
50
50
SURPLUS
*•-„
DEFICIT
Y/A k^d ^* k^
B |111illil|1| M _
-50
inn
-50
inn
j
1970
1971
1973
1972
1974
CALENDAR YEAR5
1<?75
1977
1976
SOURCE: DEPARTMENT OF COMMERCE
1978
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fejderal G<3vernmeiit expen iitures
Federal (jrovernm ent receipts
Period
Subsidies Less:
Grantsless
Wage
Purin-aid
Indirect ContriPersonal Corpocurrent accruals
chases Trans- to State Net
rate business butions
tax
and
Total of goods fer pay- and interest surplus of less
for
Total nontax profits tax and
paid Govern- distax
and
nontax social inments local
receipts accruals
ment en- burseservices
governaccruals surance
terprises ments
ments
Fiscal year:
1974
271.8
283.5
1975
313.9
1976
365.3
1977
Calendar
year:
1974
288.6
286.2
1975
331.4
1976
374.5
1977
Surplus
or
deficit
(-),
national
income
and
product
accounts
122.6
127. 1
136.9
165. 9
43.7
42.1
51.9
58.8
21.4
22.2
24.2
24.5
84.2
92. 1
100.9
116. 1
278.8
328.7
371.5
412.0
104.6
118.0
126.2
140.7
104.7
134.3
156.5
169.6
41.6
48.4
57.5
66.2
19.8
21.9
25.2
28.4
8.0
5.7
6.2
7.0
-0.2
—.4
.0
.0
-7.0
-45.3
-57.6
-46.7
131. 1
125.4
146.8
169.4
45.9
42.8
54.8
61.3
21.7
23.9
23.4
25.0
89.9
94.2
106.4
118,' 7
299.3
356.8
385.2
422.6
111. 1
123.1
129.9
145.1
117.6
149.1
161.6
172.7
43.9
54.6
61. 1
67.4
20.9
23.2
26.8
29.1
5.3
6.8
5.8
8.3
-.5
.0
.0
.0
-10.7
-70.6
-53.8
-48.1
1977: I
366.6
!!___ 371.4
III_. 374.3
IV._. 385.5
168.3
167.0
167.6
174.8
58.4
61.8
62.0
62.9
244
24.8
25.4
25.6
115.5
117.7
119.3
122.2
403.9
411.7
430.7
444. 1
138.3
142.9
146.8
152.2
168.6
168.2
175.7
178.3
62. 1
65.4
70.9
71.1
28.1
28.8
28.9
30.7
6.7
6.4
8.4
11.8
.0
.0
.0
.0
-37.3
-40.3
-56.4
-58.6
1978: I
396.2
II— .424.8
IIL__ 441.7
176.8
186.7
199.7
59.6
72.6
73.6
26.5
27.9
28.2
133.3 448.8
137.6 448.3
140. 1 464.5
151.5
147.2
154.0
180.2
180.7
188. 8
73.9
75.9
77.5
33.2
34.6
36.3
10.0
10.0
8.0
.0
.0
.2
-52.6
-23.6
-22.8
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
[1967=100]
Con sumer j>rices (uiladjustec D
In dustrial producstion (setisonally ad juste d)
Period
United
States
Canada
Japan
France
121. 5
130. 7
143.0
147. 5
117.8 139.6
129. 8 146. 7
137. 1 152. 6
155. 8
167.2
190. 5
183. 1
163. 9
182.0
189. 5
128
135
145
148
139
149
152
153.3
156.7
157.5
158.2
156. 9
158.4
159.3
158. 4
163. 3
163.2
195. 2
195.4
199.5
199.7
200. 3
200.5
199.7
201.8
203.4
203.0
154
152
156
160
155
154
•s/!„
loo
156
156
1971
1972
1973
1974__
1975__
1976
1977
109.6
119. 7
129. 8
129. 3
1978: Jan____
Feb-__
Mar___
Apr —
May __
June _ _
July *_
Aug "__
Sept p Oct*_
Nov*>_
138.8
139. 2
140.9
143.2
143. 9
144. 9
146. 1
147. 1
147.7
148.5
149. 5
United United CanKing1
ada Japan France
dom States
Germany
United
Kingdom
Germany
Italy
133.6
138.7
147.7
145. 1
137. 1
149. 1
152.7
157
152
151
152
151
155
157
156
159
157
117. 5
122. 7
134. 6
140. 6
127. 6
143. 5
144. 8
110. 6
113.2
123. 0
120. 0
114. 3
117.4
123. 1
121. 3
125. 3
133. 1
147. 7
161.2
170. 5
181.5
115. 6
121.2
130.3
144.5
160. 1
172. 1
185.9
126.5
132.3
147.9
184.0
205. 8
224.9
243.0
123. 5
131. 1
140.7
160.0
178. 9
196. 1
213.9
112. 7
119. 0
127.2
136. 1
144. 2
150.7
156.6
114.4
121.0
134. 1
159.7
186.8
218. 1
257.6
128.5
137.6
150. 3
174.4
216.5
252. 4
292.4
143.4
148. 0
146.6
143.6
145. 9
144.2
144. 9
143. 1
147. 6
152.5
123. 8
124.5
124.0
128.4
126. 6
128.9
128.6
128. 8
127.4
126.5
187. 2
188. 4
189. 8
191. 5
193.3
195. 3
196.7
197.8
199.3
200.9
194.0
195.3
197.5
197.9
200.7
202.4
205. 4
205.5
205. 2
207.3
209. 0
246. 1
247. 1
249.4
252. 1
253.5
252. 1
253. 1
253.3
256.4
256.8
222. 8
224.4
226.4
228.9
231. 1
232. 8
235.7
237. 1
238.6
240.8
158.9
159.7
160.3
160. 7
161. 1
161. 5
161. 5
161.0
160.6
160.6
161. 1
274.6
277.4
280. 3
283.3
286.4
288.8
291.0
292. 3
296. 2
299.4
301.4
304.4
306.2
308. 1
312.6
314.4
316.8
318.2
320.3
321. 6
323. 1
325. 3
Italy
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
i Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercllandise e xports
Period
Domesti e
Total
domesFood,
tic and
foreign Total ! 2 beverages,
exand toports
bacco
Merc landise i mports
Ge rieral im ports
exports
Food, Crude
Crude
bever- matemate- Manufac2
rials
ages,
rials
tured Total and
toand
and
goods
bacco
fuels
fuels
F.a.s. valu e 5
Monthly
average :
1973 _ __
1974
1974
1975
1976
1977
_
1977: Oct
Nov_-_
Dec
1978: Jan
Feb____
Mar___
Apr-__
May___
June___
July___
Aug__
Sept___
Oct
Manufactured
goods
Total
(c.i.f.
value) *
Mer<Aandise trade
balance
ExExports
(f.a.s.) ports Exports
(f.a.s.)
less
(f.a.s.)
less
imless
imports
imports
(cusports
(c.i.f.)
toms (f.a.s.)
value)
ft
r\
r, \
Custon is 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
8, 966
9,596
10, 096
9, 357
9,478
10, 999
10, 014
9, 922
10, 912
11, 635
11,754
12, 126
11, 793
12, 469
13, 429
13, Oil
8, 045
8,842
9,456
9,915
1,269
1, 399
1,436
1, 332
1, 023
1, 135
1,472
1,281
1,531
1,604
1,693
1,897
1,963
1,844
2,008
1,851
1,798
1,317
1,266
1, 341
1,548
1,466
1,500
1,493
1,402
1,282
1,483
1,699
1, 781
1, 930
1, 636
1,758
1,881
1,971
5,294
5,913
6,437
6, 681
6,277
6,382
7,463
6,739
6,674
7, 145
7,562
7,548
7, 751
7,859
8,232
8,720
8,735
8, 354
8,048
10, 084
12, 307
12, 587
12, 407
13, 474
12, 381
14, 440
13, 699
14, 496
13, 992
13, 723
14, 779
14, 090
15, 120
15, 138
1
Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
3
Total
arrivals of imported goods other than intransit shipments.
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
3
770
892
F.a.s.
892
827
991
1, 186
998
962
1,442
1,276
1, 363
1,370
1,370
1, 313
1, 135
1,323
1,141
1, 298
1,423
1, 120
2,653
value 5
2, 672
2,718
3,457
4,463
4,680
4,771
3,900
3, 912
4, 362
3,928
4, 139
4,461
4, 221
4, 147
4,414
4,666
4,597
3,750
4,684
6,131
9,000
4, 602
4,257
5,398
6,379
6,767
6,140
7,556
7,264
8,464
8,043
8,636
8,247
8, 020
8,864
8,195
8,748
8,826
9,000
8,654
10, 825
13, 130
13, 432
13, 203
14, 370
13, 157
15, 381
14, 570
15, 436
14, 894
14, 607
15, 748
15, 030
16, 144
16, 068
112
-257
-195
—257 —195
853
918
—581 —488
—2, 297 —2, 211
-3,314 -3,230
-3, Oil -2, 929
-2, 581 -2,475
-2,455 -2, 367
-4, 649 -4, 518
-2,915 -2,787
-2,983 -2,861
-2, 358 -2,238
-1, 702 -1,597
-3,082 -2, 987
-1,706 -1, 621
-1, 824 -1,691
-2, 196 -2, 128
—229
-841
—841
312
—1, 229
—3, 034
-4, 074
-3, 725
-3,371
-3, 143
-5,459
-3, 658
-3, 801
-3, 141
-2,482
-3, 956
-2, 561
-2,715
-3,058
5
F.a.s. (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.
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, the current account deficit widened to $3.8 billion from $3.1 billion in the second quarter. The
merchandise trade deficit rose marginally, from $7.8 billion to $8.0 billion.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
-10
1977
1970.
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Invcjstment IEicome *
M erehandise 1 2
Period
1971
1972
1973
1974
1975
1976___.
1977
Imports
Exports
Net
hnl.
Ucl.1—
ance
43, 319 -45,579 -2,260
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 -103,649 -5,343
9,047
107, 088 -98,041
114, 694 -124,047 -9,353
120, 576 -151,706 -31, 130
-36, 502 -7,025
-37,263 -6,634
-38,277 -7,268
-39,664 -10,203
Receipts
Payments
12, 688 -5,436
14, 694 -6,544
21, 697 -9,655
27, 541 -12,084
25, 359 - 12, 564
29, 244 -13,311
32, 100 -14,593
-3, 197
-3,601
-3,610
-4, 185
1977:1--!!___
III__
IV..
29, 477
30, 629
31, 009
29, 461
1978: !___
II~_
IIL.
30, 664 -41, 865 -11,201 9,381 -4, 503
35, 067 -42, 869 -7,802 10, 003 -5,420
36, 930 -44,975 -8,045 9,946 -5, 396
1
Excludes military grants.
2
Adjusted from Census data
3
7,796
8,088
8,220
7,997
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
Net
JLl Cl»
Net
military
transactions
Nettravel
and
transportation
receipts
Other
services,
net 8
Balance
on
goods
and
serv-3
ices
Remittances,
pensions,
and
other
unilateral
transfers 1
Balance
on
current
account
7,252
8,150
12, 042
15, 457
12, 795
15, 933
17, 507
— 2,893
-3,621
-2,287
-2,080
-876
312
1,334
-2, 315
-3,028
-3,086
-3, 105
-2,522
-2,245
-3,044
4,599
4,487
4,610
3,812
568
295
467
5
-907
-759
-677
-701
1,136
1,171
1,260
1, 183
4,878
4,583
4,550
210
592
177
-823
-626
-802
1,361 -5,576 -1,282 -6, 858
1,468 -1,785 -1,317 -3, 102
1,563 -2,557 -1,267 -3,824
2,294
2,509
2,789 -2, 125
3,185 10, 766
8,905
3,975
4,617 23, 060
4,714
9,361
4,749 -10,585
-1,630
-1,440
-1,609
-5,903
-3,701 -1,407
-3,854 -5,979
-3,881
6,885
-7, 186
1,719
-4, 615 18, 445
-5,022
4,339
-4, 708-15,292
-1,126
-1,243
-1,277
-1,064
Source: Department of Commerce, Bureau of Economic Analysis.
-2, 756
-2, 683
-2, 886
-6,967
U.S. INTERNATIONAL TRANSACTIONS—Continued
After falling by $5.7 billion in ihe second quarter, foreign official assets in the U.S. rose by $4.9 billion in the third
quarter. The accumulation of U.S. private assets abroad accelerated from $5.3 billion in the second quarter to $9.7
billion in the third quarter. This rise was partially offset by an increase in the accumulation of other foreign assets in
the U.S. from $6.1 billion in the second quarter to $9.7 billion in the third quarter.
BILLIONS OF DOLLARS
1 30
BILLIONS OF DOLLARS
30 I
SEASONALLY ADJUSTED
20
20
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
10
10
-10
-10
-20
-20
-30
-30
1978
1970
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC. ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, tiet
[incre ase/capita 1 outflow ( — )]
Fore ign assets in the U. S., net
[inci*ease/capit al inflow ( + ) ] *
Foreigni official
assets
Period
Total
Other
U.S.
U.S.
U.S.
official
private2
reserve Govern- assets
assets 1 2 ment
assets
26, 895
10, 705
6,299
10, 981
6,907
18, 073
37, 124
27, 405 -3,907
10, 322 10, 991
5, 145 12, 364
10, 257 23, 696
5,259
8,643
13, 080 18, 897
35, 480 13, 746
— 949
3 2,490
-388
6
-795 -11,214 14, 064
151 — 1, 098 -5,668 14, 251
-838 -13,862 20, 065
5,451
7,884
8,246
15, 543
4,946 -2, 962
7,467
6, 180
7,914
6,005
4,522
15, 153
- 12, 475 2,348
- 14, 461
32
-22,823
209
-34,712 - 1, 434
-39,444
-607
-50,608 -2,530
- 34, 650 -231
1977: I
II
III
IV
- 1, 334
- 12, 003
— 6,615
-14,700
246
— 896 -14,386 18, 095 15, 760 14, 956
329 -1,176 -5, 287
406 -5, 685 -5, 373
180 -1,494 -9, 692 14, 612
4, 904
4,554
1
Consists of gold, special drawing rights (SDR), convertible currencies, and
the
U.S. reserve position in the IMF.
2
Quarterly data are not seasonally adjusted.
Total
Assets of Other
foreign foreign
assets
official
reserve
agencies
-1,884 - 12, 939 22, 987
-1,568 - 12, 925 21, 696
-2,644 -20,388 18, 663
366 33, 643 34, 677
-3,470 — 35,368 15, 550
-4,213 -43,865 36, 969
-3,679 -30,740 50, 869
1971
1972
1973
1974
1975
1976
1977
1978: I
-15,036
II
-6, 134
III *>__ -11,006
Total
2,336
6,090
9,708
Stati stieal
discre pancy
Allocations
of
Total
special (sum of
drawing
the
rights
items
(SDR) with sign
reversed)
717 -9,822
710 -1,966
-2,725
-1,684
5,449
9,300
-927
Of
which :
Seasonal
adjustment
discrepancy
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
1,600
131 19,
622
-179 19,
-4, 751 -2,229 18,
1,602
2,276 19,
120
156
988
312
160 19, 192
3,798
-1 18, 864
8,830
218 -2, 411
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
UNITED STATES
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DIVISION OF PUBLIC DOCUMENTS
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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 MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budge Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays 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
35
35
36
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