Full text of Economic Indicators : December 1979

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96th Congress, 1st Session

Economic Indicators
December 1979

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1979

(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)

HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)

JOHN M. ALBERTINE, Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
LYLE E. GRAMLEY

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION fSJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
'Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk. Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts draun by Art Production Branch, Office of the Secretaryy 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 $66.7 billion or 11.9 percent, both
af annual rates. Real output (GNP adjusted for price changes) rose 3.1 percent from the second quarter level and the
implicit price deflator rose at an 8.5 percent annual rate.
BILLIONS OF DOLLARS
2,600

(RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
2,600
SEASONALLY

ADJUSTED ANNUAL RATES

2,400

2,400

2,200

2,200

2,000

2,000
GNP
IN CURRENT DOLLARS

1,800

1,800

V

1,600

1,600

1,400

1,400

1,200

1,200
GNP
IN 1972 DOLLARS

1,000

1,000
1975

1974

1972

1977

1976

1979

1978

SOURCE: DEPARTMENT OF COMMERCE

1980

COUNCIL OF ECONOMIC ADVISERS

(BiJlions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

Gross
national
product

Personal
consumption
expenditures

1968
868.5 535.9
1969
„_ 935.5 579.7
1970
.. 982.4 618.8
1971
1, 063. 4 668. 2
1972
1. 171. 1 733. 0
1973
1, 306. 6 809.9
1974
1, 412. 9 889. 6
1975
1, 528. 8 979. 1
1976__ _ 1, 702. 2 1, 089. 9
1977
1, 899. 5 1, 210. 0
1978__ „_ 2, 127. 6 1, 350. 8
1978: !__„ 2, Oil. 3 1, 287. 2
II- — 2, 104. 2 1, 331. 2
III.. 2, 159. 6 1, 369. 3
IV... 2, 235. 2 1, 415. 4
1979:1
2, 292. 1 1, 454. 2
II... 2, 329. 8 1, 475. 9
III-. 2, 396. 5 1, 528. 6

Gross

private
domestic
investment

Net
exports

Exports

Imports

Total

131.5
146. 2
140. 8
160.0
188. 3
220.0
214. 6
190. 9
243. 0
303.3
351. 5
327.0
352.3
356. 2
370. 5
373.8
395.4
392.3

2.3
1.8
3.9
1.6
-3.3
7. 1
6.0
20.4
8.0
-9.9
10. 3
-22. 2
-7.6
-6.8
-4.5
4.0
-8. 1
-2.3

49. 9
54. 7
62.5
65. 6
72.7
101. 6
137.9
147.3
163. 3
175.9
207. 2
184. 4
205.7
213.8
224. 9
238. 5
243. 7
267. 3

47.7
52.9
58. 5
64. 0
75.9
94. 4
131.9
126.9
155.4
185. 8
217.5
206.6
213.3
220.6
229. 4
234. 4
251. 9
269. 5

198. 7
207.9
218. 9
233.7
253. 1
269.5
302. 7
338.4
361.3
396. 2
435.6
419.4
428. 3
440. 9
453. 8
460. 1
466. 6
477. 8

Federal

i This categoi y correspoiids closely with budget outlays for national deft nse,
shown on p. 33.




Go^^ernment purchases of goods and
services

Exporlis and imp>orts of
goocIs and ser vices

Total

98.0
97.5
95.6
96.2
102. 1
102. 2
111. 1
123.1
129.7
144.4
152.6
150.9
148. 2
152. 3
159. 0
163.6
161.7
162. 9

National
defense !

76.9
76. 3
73.5
70 2
73.5
73. 5
77.0
83.7
86.4
93. 7
99.0
97.6
98. 2
99.0
101. 2
103.4
106.0
109. 0

Nondefense
21. 2
21.2
22. 1
26.0
28. 6
28. 7
34. 1
39. 4
43.3
50.6
53.6
53.3
50.0
53.3
57.8
60.2
55.7
53. 9

State
and
local
100.7
110. 4
123.2
137. 5
151. 0
167. 3
191. 5
215.4
231. 6
251. 8
283. 0
268. 5
280. 1
288. 6
294.8
296. 5
304.9
314, 9

So urce: Depart ment of Conimerce, Bureau of Econoi nic Analysis.

Final
sales

860. 8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 692. 1
1, 877. 6
2, 105. 2
1, 988. 5
2, 078. 4
2, 139. 5
2, 214. 5
2, 272. 9
2, 296. 4
2, 381. 9

GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates)
Exp>orts of gc>ods
Gross i private dcunestie
a nd service s
iiivestment
Personal
conGross
Change
national sumpNonin busiResition
product
Net
resiexpend- dential dential ness in- exports Exports Imports
ventofixed
itures
fixed
ries

Period

Governi]nent pure liases of
good s and sen/ices
l?i_»n \

Total

Federal

State
and
local

final
sales

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, 273. 0
1, 340. 5
1, 399. 2

633.4
655.4
668. 9
691.9
733.0
767.7
760.7
774.6
820.6
861.7
900.8

108.0
114. 3
110.0
108.0
116.8
131.0
130.6
113.6
119.0
129.3
140. 1

42.8
43.2
40. 4
52.2
62.0
59.7
45. 0
38.8
47.8
57.7
60. 1

8.7
10.6
4.3
6. 6
9.4
16. 5
8.0
-9.8
6.6
13.1
14. 1

-0.4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.6
15. 8
10.3
11.0

58.5
62.2
67. 1
67.9
72.7
87.4
93.0
90.0
96. 1
98.4
108.9

58.9
63. 5
65.7
68.5
75.9
79.9
77. 1
67.5
80.4
88.2
97.9

259.2
256. 7
250.2
249. 4
253. 1
252.5
257.7
262.6
263.3
268.5
273.2

128.3
121.8
110.7
103.9
102. 1
96.6
95.8
96.5
96.4
100.6
98.6

130.9
134.9
139.5
145. 5
151.0
155.9
161.8
166. 1
166.9
167.9
174.6

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, 266. 4
1, 327. 4
1, 385. 1

1978: I

1, 367. 8
1, 395. 2
III 1, 407. 3
IV."." 1, 426. 6

882.7
894. 8
905.3
920. 3

133.1
140.3
141. 6
145.5

59.4
60.9
60.2
60.0

16.5
15.6
12.2
12.0

5.3
12.3
13.3
12.9

100.7
109.2
111.9
113.8

95.4
96.9
98. 5
101. 0

270.7
271.3
274.7
276.0

99.9
96.6
98.5
99.3

170. 9
174.7
174.2
176.6

1, 351. 3
1, 379. 6
1, 395. 1
1,414.6

1979: I— .1, 430. 6
II— 1, 422. 3
Ill- 1, 433. 3

921.8
915.0
925. 9

147.2
146.9
150.7

57.7
56.7
56.5

12.3
18.1
7.1

17.0
13.2
20. 1

117. 0
116.0
122.2

100.0
102. 9
102. 1

274.7
272.4
273. 1

101. 1
98. 1
97.4

173.6
174.3
175.6

1, 418. 4
1, 404. 1
1, 426. 2

1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]

Period

Gross
national
product

Persona I consump tion expe nditures

Total

Gross ]private
dom estic
invest,ment

NonresNonDurable durable
Services idential
fixed
goods

Residential
fixed

Expor ts and
imports of goods
and se rvices

Governortent purchases c f goods
and se rvices

Exports Imports Federal

State
and
local

82.57
86.72
91.36
96. 02
100. 00
105. 80
116.02
127. 15
133. 71
141. 70
152. 05

84. 6
88.5
92.5
96. 6
100.0
105.5
116. 9
126.4
132. 8
140.4
150. 0

90.7
93. 1
95. 5
99.0
100.0
101.6
108.4
117.7
124. 3
129.4
136.5

85.3
89.4
93.6
96.6
100.0
107.9
123.8
133.4
138. 1
144.7
154. 6

82.0
86. 1
90.5
95.8
100.0
104.7
113.6
123.2
131.2
140.7
150.9

82.6
86.6
91.3
96.4
100. 0
103.8
115.3
132.2
138. 5
146.6
157.8

80. 7
87.7
90.6
94.9
100.0
110.8
122. 3
132.8
142. 5
159.3
179.7

85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163.6
169.9
178.7
190.3

80. 9
83.3
89. 1
93.5
100.0
118.2
171.0
188. 0
193. 3
210.7
222. 1

76. 4
80.0
86.4
92.6
100.0
105. 8
115. 9
127.5
134.6
143. 6
154.8

76.9
81.9
88.3
94.5
100.0
107.3
118.4
129.7
138.8
150. 0
162. 1

1978:1
II__
III
IV

147. 05
150. 82
153. 45
156. 68

145.8
148. 8
151.3
153.8

133.0
135.6
137.9
139.4

150.0
153.7
155.7
158.6

146.8
149.4
152.3
155.0

153.0
156.0
159. 6
162.3

169.3
176. 7
183. 1
189.5

183.1
188.4
191. 1
197.6

216. 6
220.2
223. 9
227.2

151. 1
153.4
154.6
160. 1

157. 1
160.3
163.8
166. 9

1979: I
II
III

160. 22
163. 81
167. 20

157.8
161.3
165. 1

142.4
144. 1
145.3

164. 1
168.9
173.2

158.0
161.0
165.3

165.4
169.6
173.8

192. 6
199.2
205.5

203.9
210. 1
218. 7

234.5
244.9
264. 0

161.9
164.8
167.2

170.8
174. 9
179. 3

1968
1969
1970
1971
1972
1973
1974
1975
1976_
1977
1978

_

Source: Department of Commerce, Bureau of Economic Analysis.




CHANGES IN GNP AND GNP PRICE MEASURES
(Percent change from previous period; quarterly data at seasonally adjusted
Gross national p roduct

Period

1968
1969
1970
19711972
1973_
1974
1975- —
1976
1977
1978

_

_ _
_ _

-

_ _
-

-

_

_

_-

1978:I-_
II
III
IV

Constant
(1972)
dollars

Current
dollars

_

_

1979:1
II
III

_

Implicit
price
deflator

Gross clomestic f >roduct
Fixedweighted
price
index
(1972
weights)

Chain
price
index

Constant
(1972)
dollars

Current
dollars

Implicit
price
deflator

Chain
price
index

Fixedweighted
price
index
(1972
weights)

9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.3
11. 6
12.0

4.4
2. 6
-.3
3. 0
5.7
5.5
-1. 4
-1.3
5.9
5.3
4.4

4.5
5. 0
5.4
5. 1
4. 1
5. 8
9.7
9.6
5.2
6.0
7.3

4.4
5.0
5.3
5. 0
4. 1
6. 0
9.9
9. 4
5.6
6.3
7.4

4.3
5.0
5.2
4.9
4.0
6. 0
10.2
9.3
5.6
6.4
7.5

9. 1
7.8
5.0
8. 1
10. 1
11. 5
7.9
8.5
11. 2
11. 5
12. 0

4.4
2.6
-.3
2. 8
5.8
5.4
-1.3
-1. 1
5.7
5.3
4.4

4. 5
5. 1
5. 3
5. 1
4. 1
5.7
9.3
9. 7
5, 1
5.9
7.3

4. 4
5.0
5.3
5.0
4. 1
5.9
9.6
9. 4
5.6
6.2
7.4

4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.6
6.4
7. 5

8.4
19.8
10.9
14.8

1.9
8.3
3.5
5.6

6.3
10.6
7.2
8.7

6.8
9.4
8.2
8.6

6.8
9.6
8.3
8.9

8. 1
19. 6
11. 1
14.8

1.8
8. 1
3.6
5.6

6.2
10.6
7.2
8.7

6.7
9.4
8.2
8.7

6.8
9.7
8.3
8.9

10.6
6.7
11.9

1. 1
-2.3
3. 1

9.3
9.3
8.5

9.7
8.8
8.9

9.9
9. 5
10.0

10. 1
6.9
11.5

.9
-2. 1
3. 2

9. 1
9.2
8. 0

9.6
8.7
8.4

9.9
9.4
9.6

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]
Current-do lar cost and profit Der unit of outpu t (dollars)

Gross c omestic
prodiict of
nonfin ancial
corp<
, .:>rate

Period

DUSl ness
(billic>ns of
doll ars)

Total
cost
and
profit 2

Capital
consumption
Compenallowances Indirect sation
business
with
of
capital taxes 3 employconees
sumption
adjustment

Net
interest

Current
dollars

1972
dollars

452.9
1967
498.4
1968
541.8
1969_
1970__ — __ 560. 6
602. 5
1971
671. 0
1972_ >_
752.0
1973
808. 8
1974
874. 1
1975
988. 0
1976_ _
1977- _
1, 106. 3
1978
1, 246. 9

545.8
581.6
607.3
600.6
619. 3
671.0
720.4
695. 0
680.0
730.4
770.7
818.7

0.830
.857
.892
.933
.973
1. 000
1.044
1. 164
1.285
1.353
1.436
1.523

0.072
.074
. 079
.088
. 094
.093
.095
. 116
. 142
. 146
. 151
. 155

0. 084
.089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 137
. 140
.143

1978: I
1, 169. 1
I I _ _ _ 1, 236. 5
III__ 1, 267. 9
IV— 1, 314. 1

789.8
817. 1
826.3
841.4

1.480
1. 513
1.534
1.562

. 156
. 154
. 155
. 155

. 143
. 144
. 142
. 143

1.002
1. 009
1. 024
1.042

.047
.047
.049
.050

1979:1
1, 346. 4
II— _ 1, 370. 4
III »_ 1, 401. 3

846. 6
841.0
842.4

1.590
1.629
1.664

. 158
. 165
. 170

. 145
. 148
. 151

1.075
1. 104
1. 127

. 052
.054
.057

1
Output is measured by gross domestic product of nonflnancial corporate
business
in 1972 dollars.
3
This is equal to the deflator for gross domestic product of nonflnancial 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.




Corpo rate profi ts with
invent*3ry valuat;i on and
capit,al consuniption
£idjustmen ts
Profits
tax
liability

Profits
after4
tax

0. 051
.058
. 055
.045
.048
.050
.055
.061
.060
.072
.077
.084

0. 072
.066
. 055
.041
.046
.057
.050
.024
.053
.066
.074
. 073

6.906
7. 133
7. 154
7. 147
7. 389
7.631
7. 790
7.492
7. 726
7.973
8.064
8. 142

3.694
3. 944
4.207
4.487
4.766
5. 047
5.447
5. 961
6.554
7. 098
7.666
8.302

. 132
. 159
. 163
. 171

.071
.085
.086
.093

. 061
.074
.077
.078

8.056
8. 138
8. 179
8.201

8.071
8.212
8.379
8.544

. 161
. 159
. 157

.088
. 085
.091

. 072
.074
.066

8. 159
8. 100
8. 113

8.770
8.941
9. 126

Total

0.535 0.016 0. 123
. 124
. 553
.017
. 022 . 109
.589
.628
.028
. 086
.095
.645
.029
. 661 .028
. 107
.032
. 105
.699
.796
.086
.043
.848
. 113
. 045
.890
.042
. 138
.951
. 151
.043
1.020
, 157
.048

4

CompenOutput
per
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)

With inventory valuation and capital consumption adjustments.

Sources: Department of Commerce (Bureau of Economic Analysis) and De
partment of Labor (Bureau of Labor Statistics).

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

National
income

Propr letors1
incom e with
inventor y valuation anc . capital
consuroption
adjust ments

Compensation of
employees *

Farm

1968
1969
1970_

_ _
.
_ _„_

1973
1974. _
1975
1976
1977___
1978

_

1978:1
II
III
IV
1979:1
II
III

Nonfarm

Rental
income
of perwith
capital
consumption
adjustment

Corpor ate profits5 with inv entory valuation
and capital consumptio n adjustm ents
Profits with inv entory
valualJon ad jus tment
and \vithout csipital
consum ption adjtistment
Inven-

Total
Total

Profits
before
tax

valuation
adjustment

Capital
consumption
adjustment

Net
interest

714.4
519. 8
571.4
767.9
798.4
609. 2
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. 8 1, 037. 8
1, 525. 8 1, 156. 9
1, 724. 3 1,304. 5

12.0
13.9
13.9
14.3
18.0
32.0
25.4
23.5
18.3
19.6
27.7

51.4
52. 3
51.2
53.4
58. 1
60.4
60.9
63.5
71.0
80.5
89. 1

18.6
18. 1
18.6
20. 1
21.5
21.6
21.4
22.4
22. 1
24.7
25.9

85.8
81.4
67.9
77.2
92. 1
99. 1
83.6
95.9
126. 8
150.0
167.7

82. 1
77.9
66.4
76. 9
89.6
97. 2
86.5
107.9
141.3
162. 0
180.8

85. 6
83.4
71.5
82. 0
96.2
115.8
126. 9
120.4
156. 0
177. 1
206.0

-3.4
-5.5
— 5. 1
-5.0
-6.6
-18.6
-40. 4
-12.4
-14. 6
-15.2
— 25.2

3.7
3.5
1. 5
.3
2.5
1.9
-2.9
-12.0
-14.5
— 12. 0
-13. 1

26. 8
30.8
37.5
42.8
47.0
52. 3
69.0
78.6
83.8
94.0
109.5

1, 244. 0
1, 288. 2
1, 321. 1
1, 364. 8

25.7
27.7
26. 1
31.3

83.4
87.3
91.3
94.4

25.2
24.4
26.8
27. 1

141.2
169.4
175.2
184.8

153. 6
182.0
189.0
198.6

177.5
207.2
212. 0
227.4

-23.9
-25. 1
-23.0
-28.8

-12.4
-12. 6
-13.8
-13.8

101.5
106.8
111.9
117.6

1, 869. 0 1,411.2
1, 897. 9 1, 439. 7
1, 941. 9 1, 472. 8

34.2
33.7
30.9

94.8
95.5
99.4

27.3
26.8
26.6

178.9
176.6
180.8

193.3
191.3
198.3

233. 3
227.9
242.3

— 39. 9
-36.6
-44.0

-14.5
-14.7
-17.6

122. 6
125.6
131.5

1, 621. 0
._ 1, 703. 9
1, 752. 5
1, 820. 0

i Includes employer contributions for social insurance. (See also p. 5.)

Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura ble goods

Durable goo is

Period

Total
personal
consumption
expenditures

Furniture
and
household
equipment

Total
durablel
goods

Motor
vehicles
and
parts

Total
nondurable
goods 1

80.0
85.5
84 9
97. 1

32.6
35.0
36.7
39. 4
44.8
50.7
54.9
58.0
64.0
70.9
77.6

230.4
247.0
264. 7
277.7
299.3
333.8
376.3
408.9
443.9
481. 3
530.6

Retail sales of
new pa ssenger
cars ( nliilions
of uiaits)
Services

Clothing
and
shoes

Gasoline
and oil

118. 3
126. 1
136.3
140.6
150.4
168. 1
189.8
209.6
227. 1
246.7
271.7

41.8
45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.9
82.4
91.2

18.4
20.4
22. 0
23.4
24.9
27.8
36.4
39.5
42. 9
46.7
50.9

225. 6
8.6
247.2
8.5
269. 1
7.1
293.4
8.7
322. 4
9.3
352.3
9.7
7.5
391. 3
437.5
7. 1
488. 5
8.6
549.8 , 9. 1
619.8
9.3

1.0
1. 1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0

Food

Domestics

Imports

1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978

535.9
579.7
618.8
668.2
733.0
809.9
889.6
979. 1
1, 089. 9
1, 210. 0
1, 350. 8

123.7
122. 0
132.6
157.4
178.8
200.3

35.8
37.7
34.9
43.8
50.6
55.2
48.0
53.4
70.0
81.6
91.2

1978:1
II
III
IV__

1, 287. 2
1, 331. 2
1, 369. 3
1, 415. 4

185. 3
200.3
203.5
212. 1

84. 1
93.5
92.4
94.9

72.4
76.5
78.9
82.7

505.9
521. 8
536.7
558. 1

260. 6
267.7
274. 5
283.9

85. 4
89.9
92. 7
96.8

48. 1
49.0
51.5
55.0

596. 0
609. 1
629. 1
645. 1

8.7
9.9
9.4
9.3

2. 1
2. 1
2.0
1.9

1979: I. _ _
1, 454. 2
II.... 1, 475. 9
111
—| 1, 528. 6

213. 8
208. 7
213.4

97.7
89. 1
89.8

82. 1
84.2
87.3

571. 1
581. 2
604.7

292.9
296.7
303. 1

95.5
96.9
101.0

58.4
60.2
68.3

669.3
686.0
710.6

9.3
8. 1
8.6

2.3
2.5
2.2

1

III. 2

Total includes other items not shown separately.




Source: Department of Commerce, Bureau of Economic Analysis.

SOURCES OF PERSONAL INCOME
Personal income rose $21.3 billion (annual rate) in November, following a revised increase of $18.1 billion in
October. Pay raises for Federal civilian and military personnel accounted for $0.3 billion of the November increase
and $3.4 billion of the October increase.
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400

BILLIONS OF DOLLARS*(RATIO SCALE)

2,400
2,000

2,000
1,800
1,600

1,800
1,600
1,400

1,400

1,200

1,200

1,000

WAGE AND SALARY DISBURSEMENTS

1,000

\--_-

800

800

600

600

OTHER INCOME

400

400

TRANSFER
PAYMENTS

200

200

160

160

120

120

100

100

80

80

60

60
1972

1973

1974

1975

1976

1978

1977

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

1980

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
Other Propriet(>rs* income s income
and
Transfer
Divi- Personal
personal salary
labor 1 2
payinterest
of
dends
income disburseincome
income ments 5
Nonfarm persons 4
Farm
l
ments

Period

1971
1972
1973
1974
1975
1976
1977___
1978

1979

Less: PerNonsonal confarm
tributions personal
for social income 8
insurance

859,1
579. 4
942.5
633.8
1, 052. 4
701.3
_ 1, 154. 9
764. 6
805. 9
1, 255. 5
890.0
1, 381. 6
984. 0
1, 531. 6
1, 717. 4 1, 103. 3

36.2
42.0
48.7
55. 6
65. 1
77.4
91.8
106. 5

14.3
18.0
32.0
25.4
23. 5
18.3
19.6
27.7

53.4
58. 1
60.4
60.9
63. 5
71.0
80. 5
89. 1

20. 1
21. 5
21. 6
21.4
22. 4
22. 1
24. 7
25.9

23.0
24. 6
27.8
31. 0
31. 9
37.5
42. 1
47.2

69.3
74.6
84. 1
103.0
115. 5
127.0
141. 7
163. 3

94. 1
104. 1
118.9
140. 8
178. 2
193.8
208. 4
224. 1

30.8
34.2
42.2
47.7
50. 5
55.6
61. 3
69.6

838. 0
917.3
1,011.9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674. 2

1978: N o v _ _ _ 1, 801. 4 1, 154. 4
Dec
1, 826. 8 1, 166. 8

111. 9
113.2

30. 0
36.5

94. 3
95.0

27. 1
27. 1

49. 6
50.4

174. 3
176.4

231.5
233.7

71.8
72.3

1, 754. 9
1, 773. 6

1979: Jan
Feb....
Mar
Apr
May
June
July ___
Aug
Sept *__
Oct *___
Nov

114. 5
116.0
117.4
118. 9
120.3
121. 8
123. 3
124. 9
126. 4
128. 0
129. 6

33.0
34.2
35. 3
34.3
33. 5
33.4
32.8
31. 0
28.8
28. 0
28.5

94.8
94.8
94. 9
95.2
95. 5
95.8
97.9
99. 5
100.9
101. 0
101.9

27.2
27.3
27.4
26. 0
27. 1
27.2
27. 3
27. 3
25. 0
26. 8
27.0

51. 1
51.7
51. 7
51.9
52.5
52. 6
52. 5
52.7
53.0
53.6
54.2

178.7
181.0
183.3
185.8
187.5
189. 4
191.8
194. 4
197. 1
201. 1
205.8

236.0
236.7
239.2
242.3
243.9
244.7
258.5
261. 2
262.7
264. 6
265.8

78. 1
78.7
79.4
79.5
79.7
80.2
80. 8
81.0
81. 7
82. 3
82.9

1, 784. 3
1, 800. 1
1, 819. 5
1, 828. 8
1, 840. 3
1, 853. 7
1, 882. 3
1, 897. 3
1, 913. 1
1, 931. 8
1, 952. 5

..

1, 834. 3
1, 851. 4
1, 872. 1
1, 880. 7
1, 891. 6
1, 905. 1
1, 933. 2
1, 946. 5
1, 960. 1
1, 978. 2
1,999.4

1, 177. 1
1, 188. 5
1, 202. 3
1, 205. 9
1, 210. 8
1, 220. 5
1, 229. 8
1, 236. 5
1, 247. 9
1, 257. 4
1, 269. 6

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.
1
With inventory valuation and capital consumption adjustments.
* With capital consumption adjustment.




* Consists mainly of social insurance benefits, direct relief, and veterans
payments,
yments.
6" ~
Personal income exclusive of farm proprietors' income, farm wages, farm otner
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
Real per capita disposable income declined slightly again in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
2,000

SCALE)
10,000
9,000

3,000

3,000

1980

1972
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Less:
P*»rsonal
Pertax
sona]
and
income nontax
payments

Equals :
Disposable
personal
income

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays1

Per c apita
dispo sable
persona income

Equals :
Personal
saving Current
dollars

Bi]lions of d ollars

1970
1071
1972
1973
1974
1975
1976
1977
1978

801. 3 115.3
859. 1 116.3
942.5 141.2
1, 052. 4 150.8
1, 154. 9 170.3
1, 255. 5 168.8
1, 381. 6 197. 1
1, 531. 6 226.4
1, 717. 4 259.0

1972
dollars

Per cap ita personal cc>nsumption exp enditures
Current
dollars

1972
dollars

Percent
change
in real
per
capita
disposable
personal
income

Saving
as percent of Populadispostion
able
(thou-2
persands)
sonal
income

Do!lars

685.9
635.4
742.8
685.5
801.3
751.9
901.7
831.3
984.6
913.0
1, 086. 7 1, 003. 0
1, 184. 5 1, 115. 9
1, 305. 1 1, 240. 2
1, 458. 4 1, 386. 4

50.6
57.3
49.4
70.3
71. 7
83.6
68.6
65. 0
72.0

3,348
3,588
3,837
4,285
4,646
5,088
5,504
6,017
6,672

3,619
3,714
3,837
4, 062
3,973
4.025
4, 144
4,285
4,449

3,020
3,227
3,510
3,849
4, 197
4, 584
5,064
5,579
6, 179

3,265
3,342
3, 510
3,648
3,589
3, 627
3,813
3,973
4, 121

3. 0
2. 6
3. 3
5. 9
-2. 2
1. 3
3. 0
3. 4
3.8

4.9

5.3

7.4

7. 7

6.2
7.8
7.3

7. 7

5.8

5, 0

204, 878
207, 053
208, 846
210, 410
211,945
213, 566
215, 203
216, 898
218, 594

Sea sonally ad justed amlual rates

1978: !„___ 1, 634. 8 239.8 1, 395. 0
!!___ 1, 689. 3 252. 1 1, 437. 3
Ill— 1, 742. 5 266. 0 1, 476, 5
IV__ 1, 803. 1 278.2 1, 524. 8

1, 320. 4
1, 366. 1
1, 405. 6
1, 453. 4

74.6
71.2
70.9
71.5

6,401
6,583
6,748
6,954

4,389
4,425
4,461
4,522

5,906
6,097
6,258
6,455

4,050
4, 098
4,137
4, 197

1.4
3.3
3.3
5.6

4.8
4.7

1979: I
1, 852. 6 280.4 1, 572. 2 1, 493. 0
II.. _ 1, 892. 5 290.7 1, 601. 7 1, 515. 8
IIL__ 1, 946. 6 306. 6 1, 640. 0 1, 569. 7

79.2
85.9
70.3

7, 157
7,275
7,430

4,536
4, 510
4, 501

6, 619
6,704
6, 926

4, 196
4, 156
4, 195

1. 2
-2.3
g

5.4
4,3

* Includes persona] consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
J
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




5. 0

5. 0

217,
218,
218,
219,

942
335
814
286

219, 690
220, 166
220, 715

Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

,FARM INCOME
In the third quarter, net farm income before inventory adjustment fell $5.1 billion (annual rate), while income after
inventory adjustment fell $4.1 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
200

I 200

100

100
_GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT

80

80

60

60

40

40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT

20

20

10

10
1972

1973

1975

1974

1979

1978

1977

1976

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

1980

COUNCIL OF ECONOMIC ADVISERS

[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by tota farm po pulation

Income rejceived frc>m farmin g
Gross income be]'ore invembory adjustnlent
Net tc> farm
openitors
Caslh receipts from
Period
From From From
Producrnarketing.3
all
farm nonfarm
tion ex- Before
After
1
sources sources sources Total
penses inven- invenLivetory
stock
tory
Total
Crops
and
adjust- adjust-2
ment
ment
products
Billioris of dolla rs
1971
28.8
13.5
15.3
60. 6
13.2
14.6
30. 6
47.4
52.9
22.3
1972
34. 6
16. 9
17. 8
70. 1
61.2
52. 3
17.8
18.7
35.7
25. 5
1973
48. 9
29. 2
19.7
95.5
33.3
87. 1
29.9
45.9
41. 1
65.6
1974_
45.2
23.4
21. 8
100.0
92. 4
26. 1
41.4
72.2
27.7
51. 1
1975
44. 5
21.9
22. 7
96.9
21. 1
24. 5
88. 2
43.0
45. 1
75.9
1976___ _
40.3
16.8
23. 5
104.2
21. 0
46. 1
18. 7
94.8
83. 1
48. 7
1977___
42. 9
18. 0
24.9
107.5
19.8
18.7
95. 7
47. 4
48.2
88.8
1978___
54.0
25.2
124.9
28.8
27. 9
111. 0
26.3
59. 0
98. 1
52. 1

Net inco me per
farm a fter toventory ad justmeiit'
Current
1967
dollars dollars 4
Dol lars

5,042
6, 526
11, 813
9,349
8,846
6, 823
7, 301
10, 434

4, 157
5,208
8,875
6, 330
5,488
4,002
4, 023
5, 340

1978: I
II _ _
III___
IV

119.8
124.3
122. 2
133.4

106.2
111. 0
109.0
118. 0

53. 9
58.3
60.4
63.4

52. 4
52.7
48. 6
54.6

95. 0
97.0
97.4
103.0

24.8
27.3
24.8
30. 4

25.8
27.8
26.3
31.6

9,
10,
9,
11,

660
400
840
830

5, 110
5,370
4, 980
5,860

1979:1
II
III

141.9
144.3
143. 2

128.9
130.7
129.9

70. 0
68.2
65.0

58.9
62.5
64.9

109. 0
112.0
116.0

32.9
32.3
27.2

34.9
34. 8
30.7

13, 290
13, 250
11, 690

6,410
6, 190
5,300

* Cash receipts from marketings, Government payments, and nonmoney
Income furnished by farms.
3 Inventory of crops and livestock valued at the average price for the year.
1
Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year; data for 1979 estimated.




4

Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.

CORPORATE PROFITS
In the third quarter, according to revised estimates, corporate profits before tax rose $14.4 billion (annual rate) while
a^ter-tax profits rose $9.0 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

280

280 |
SEASONALLY ADJUSTED ANNUAL RATES

240

240

200

200
PROFITS BEFORE TAX

160

160

120

120
PROFITS AFTER TAX

80

TAX LIABILITY
^

\

^

U
UNDISTRIBUTED PROFITS

40

40

1973

1972

1975

1974

1977

1976

1978

1979

SOURCE: DEPARTMENT OF COMMERCE

1980

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Profil ;s (before tax) wit ti invent ory valujition
adjustn rient *
Dome stie indu stries
Is [onfinan*3ial

Period

Total *

1968
1969 _
1970
1971
1972
1973
1974
1975
1976__
1977
1978__ _
1978:1
II
III
IV
1979:1
II
III

__

_
__

__

_

82. 1
77.9
66.4
76.9
89.6
97.2
86.5
107.9
141. 3
162.0
180.8
153.6
182.0
189.0
198.6
193.3
191.3
198. 3

Total

78.9
74. 2
62.6
72.4
84.7
90.4
76.9
101.8
133. 1
152. 1
170.6
143.5
171.0
178.8
189.0
181.4
179.6
182.5

ManuFinancial
Total1 faeturmg
10.4
11. 3
12.6
14. 1
15. 4
16.2
14. 4
13.0
17.8
23.8
29. 7
27.2
28.9
30. 6
32. 1
31. 9
32.0
33.8

68. 5
62.9
50. 1
58.2
69.3
74. 1
62.5
88.9
115. 3
128.3
140. 9
116. 3
142. 1
148.3
156. 9
149.6
147.7
148. 7

41.2
36.8
27. 1
32. 4
40.6
44. 1
36.6
48.3
65.7
73.5
81.7
67. 6
83.4
85. 1
90.6
94. 1
90.6
86.4

1
See p. 4 for profits with invent ory valuati on and ca]pital consu mption
adjustments.
s
Includes rest of the we>rld, not shoivn separatel y.

8



Wholesale
and
retail
trade
10. 1
10. 1
9.4
11.7
13.3
14.7
12.9
20.7
23.3
24. 1
23. 0
17.9
22.7
25. 5
25.8
18.6
22. 4
26. 5

Profits after tax

Profits
before
tax

Tax
liability

85.6
83. 4
71.5
82.0
96. 2
115.8
126.9
120.4
156.0
177.1
206.0
177.5
207.2
212.0
227. 4
233.3
227.9
242.3

39.4
39.7
34.5
37.7
41.5
48.7
52.4
49. 8
63.8
72.6
84.5
70.8
84.7
87. 5
95. 1
91.3
88.7
94.0

Total

Dividends

Undistributed
profits

46.2
43.8
37. 0
44.3
54.6
67. 1
74.5
70.6
92. 2
104.5
121. 5
106.7
122.4
124.6
132.3
142. 0
139.3
148. 3

21.9
22.6
22.9
23.0
24. 6
27.8
31.0
31.9
37.5
42. 1
47. 2
45. 1
46.0
47.8
49.7
51.5
52. 3
52. 8

24.2
21. 2
14. 1
21. 3
30. 0
39.3
43. 6
38.7
54.7
62.4
74.3
61.6
76. 4
76.8
82.6
90.5
87.0
95.5

1
Includes industries rlot shown s eparately.
Source: Idepartment c f Commerc ef Bureau of Econom c Analysis.

Inventory
valuation
adjustment
— 3. 4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.6
-15.2
-25.2
23.9
-25. 1
-23.0
-28.8
-39.9
-36.6
-44. 0

GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, business fixed investment rose $1 2.7 billion (annual rate) as nonresidential construction outlays rose $4.5 billion and producers' durable equipment purchases rose $8.1 billion.
Residential investment outlays increased $3.1 billion. Inventory investment amounted to $14.5 billion, down $18.9
billion from the second quarter level.
BILLIONS OF DOLLARS
450

BILLIONS OF DOLLARS
450
SEASONALLY ADJUSTED ANNUAL RATES

400

400

350

350

GROSS PRIVATE DOMESTIC
INVESTMENT

300

250

200

150

150

100

100

CHANGE IN BUSINESS
INVENTORIES

0
f...».»»" "

50

50

V-.

-50

-50

1972

1974

1973

1975

1976

1977

1979

1978

SOURCE: DEPARTMENT OF COMMERCE

1980

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresidential fixed investmcmt

Gross
private
domestic
investment

Period

1968
1969 _ _
1970
1971
1972
1973
1974
1975
1976
1977
1978
1978: I__
II

III
IV
1979: I
II
III

..

131. 5
146. 2
140. 8
160. 0
188.3
220. 0
214.6
190.9
243. 0
303.3
351.5
327.0
352. 3
356.2
370.5
373.8
395. 4
392.3

Struc tures
Total

89.3
98. 9
100. 5
104. 1
116. 8
136.0
150. 6
150. 2
164.9
189. 4
221. 1
203.7
218. 8
225.9
236. 1
243. 4
249. 1
261.8

Total

Nonfarm

Total

Nonfarm

31.6
35. 7
37.7
39. 3
42.5
49.0
54. 5
53.8
57. 3
62. 6
76.5
66. 9
75.2
79. 7
84.4
84. 9
90. 5
95.0

30.4
34. 3
36. 1
37.8
41. 1
46.9
51. 8
51.3
54. 7
59. 8
73.3
63.8
72. 0
76. 4
81. 1
81. 2
86. 8
91. 4

57. 7
63.3
62. 8
64.7
74.3
87. 0
96.2
96.4
107. 6
126.8
144. 6
136. 8
143.6
146.3
151.8
158. 5
158.6
166. 7

53.4
58.9
58. 1
59.9
69. 1
80. 1
88.2
87. 4
97.4
116.3
132. 6
126.4
131.9
133.5
138. 9
146. 1
144. 5
150. 0

Source: Department of Commerce, Bureau of Economic Analysis.




Prodijeers'
dur able
equip ment

Resid ential fix ed inves ;ment
PrA-

Total

Nonfarm
tures

34.5
37. 9
36.6
49.6
62. 0
66. 1
55. 1
51. 5
68. 1
91. 9
108.0
100.5
107. 7
110. 2
113. 7
111.2
112. 9
116. 0

33. 1
36. 3
35. 1
47.9
60.3
64.3
52. 7
49. 5
65.7
88.8
104.4
96.8
104.3
106. 4
110.0
107.8
109. 1
112. 0

Farm ducers'
struc- durnHlo
tures equipment
0.6
.7
.6
.7
.7
.6

1. 2
.9
1. 1
1. 5
1.8

1. 9
1. 4

1.9
1.9
1.5

1. 8

2.0

0.8

.9

.9
1.0

1. 1
1.2

1. 2
1. 1
1.3

1. 6

1.9
1.9

2. 0
1. 9

1.9
1.9
2.0
2.0

Change in business inv entories

Total
7.7
9.4
3.8
6.4
9.4

17. 9

8.9

-10.7
10. 0
21. 9
22. 3
22. 8
25.8
20. 0
20. 6
19. 1
33.4
14. 5

Nonfarm
7.6
9.2
3.7

5. 1
8.8

14. 7
10.8
-14. 3
12. 1
20.7
21. 3
22. 0
25.3
18.5
19. 3
18.8
32.6
12.6

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The latest estimate of 1979 capital spending (according to the Commerce Department survey conducted in late
October and November) shows an increase of 14.7 percent over 1978. This expected increase is 1.5 percentage points
more than that reported in September.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)

TOTAL NEW PLANT AND EQUIPMENT

40

20

20
1972

1974

1973

1975

1977

1976

1978

1979

1980

J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c>f plant
and equdpment
projcjets 8

cpenditure s for plant and equipment

E3

Mi mufacturi ng

Period
Total i

Total

N<mmanuf aeturing

Durable
goods

Nondurable
goods

57.09
61. 73
66.39
64.82
68. 01
75.64
86. 19
98. 07

2.42
2.74
3. 18
3.79
4.00
4.50
4.78
5.52

87.66
90.71

4.99
4.98

Total

1972
1973
1974
1975
1976
1977___
1978__
1979 4 _ _

88. 44
99.74
112. 40
112. 78
120. 49
135. 80
153. 82
176. 37

31. 35
38.01
46. 01
47.95
52.48
60. 16
67.62
78.30

15.64
19.25
22.62
21.84
23. 68
27.77
31.66
37.89

1978: III
IV

155. 41
163. 96

67.75
73.24

32.25
33.99

15.72
18.76
23.39
26. 11
28.81
32.39
35.96
40.41
35.50
39.26

1979: I

165. 94
173. 48
179. 33
I V _ _ _ 184. 82

71.56
76.42
80.22
83.04

34.00
36.86
39. 72
40. 16

37.56
39.56
40. 50
42. 88

94.38
97.06
99. 12
101. 28

189. 32
1980: I *
II *____ 195. 76

85.02
89.11

42.32
44.44

42. 70

104. 29
106. 65

!!___
Ill4

44. 68

i 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



Trans- Public ComMining porta- utili- munition
ties cation

Commercial

Manufactur-

35.21
47. 57
52.49
48.24
51.05
66.73
72.44

28.60
38. 13
45.74
34 50
29.66
32.54
34.93

and

ing

Public
utilities

5.72 17.00
6.03 18.71
6.66 20.55
7.57 20. 14
7.45 22.28
6. 93 25. 80
8.05 29.48
10.19 33.18

11.89
12.85
13.96
12.74
13.30
15.45
18. 16
20.18

other 2
20. 07
21.40
22. 05
20.60
20.99
22.97
25.71
28.98

8.05
8.43

29.62
31.73

18.90
18.46

26.09
27. 12

16.96
19.97

4.40
14. 00

5.46
5.31
5.42
5.91

10.08
9.71
10.29
10.96

32.35
33.24
33.33
33. 76

18.75
20.29
20.41

27.73
28.51
29.66
50 . 65

21.98
19.56
20.87

3.27
5.75
8.00

4.95

12. 76

33.07

2
3

53. 52

Includes trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late October and
November 1979. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT,
STATUS OF THE LABOR FORCE
Seasonally adjusted employment rose 353,000 in November while unemployment fell 143,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

80

10

1979
*16 Y E A R S OF AGE AND OVER.
SOURCEr DEPARTMENT OF LABOR

Noninstitutional
population

Period

1974
1975
1976
1977
1978*

COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted]
Unempl<jyment
Civilian eiuploymen t
Total
labor
N onagri cultural
15
Civilian Unemforce
Civilian
Part-time
Agriweeks
employ- ploy- (includ- labor
Total
Total
for
ecoand
culment
ment
ing
force
Total
nomic l
over
tural
Armed
reasons
Forces)

150, 827 85, 935
153,449 84, 783
156, 048 87, 485
158, 559 90, 546
161, 058 94, 373
Uiladjusted

5,076
7,830
7,288
6, 855
6,047

93,
94,
96,
99,
102,

240 91,011
793 92, 613
917 94, 773
534 97, 401
537 100, 420

85,
84,
87,
90,
94,

935
783
485
546
373

Labor
force
participation
rate
(per-2
cent)

2,709
3,492 82, 443
3,490
3,380 81, 403
3,272
3,297 84, 188
3,297
3,244 87, 302
3, 216
3, 342 91, 031
Seas onally adj usted

5,076
7,830
7,288
6, 855
6,047

937
2,483
2,339
1, 911
1,379

61.8
61.8
62. 1
62.8
63.7

1978: Nov*_ 162, 033
Dec._ 162, 250

96, 029
95, 906

5, 629 103, 745 101, 628
5,725 103, 975 101, 867

95, 751
95, 855

3, 275
3, 387

92, 476
92, 468

3, 131
3, 058

5,877
6? 012

1, 196
1,208

64. 0
64. 1

1979: Jan... 162,448
Feb.. 162, 633
Mar.. 162, 909
Apr__ 163, 008
May- 163, 260
June.. 163, 469
July.. 163, 685
Aug... 163, 891
Sept_. 164, 106
Get... 164, 468
Nov__ 164, 682

94, 436
94, 765
95, 501
95, 675
96, 220
97, 917
98, 891
98, 226
97, 576
98, 158
97, 943

6,431
6,484
6, 165
5,561
5,253
6,235
6, 104
6, 137
5,798
5, 781
5,776

96,
96,
96,
96,
96,
96,
97,
96,
97,
97,
97,

3, 232
3, 311
3,343
3, 186
3,184
3, 260
3, 262
3,322
3, 400
3, 288
3,426

93, 068
93, 335
93, 499
92, 987
93, 134
93, 494
93, 949
93, 578
94, 113
94, 005
94, 221

3, 159
3, 147
3, 179
3, 312
3, 307
3,416
3, 340
3,355
3, 111
3, 230
3,358

5,883
5, 881
5,871
5,93?
5, 929
5,774
5,848
6, 149
5, 985
6, 182
6, 039

1,251
1, 260
1,305
1,235
1, 213
1,086
1, 052
1, 191
1, 133
1, 223
1, 190

64.2
64. 3
64.3
63. 9
63.9
64.0
64.2
64. 2
64. 3
64.2
84. 2

104,
104,
104,
104,
104,
104,
105,
105,
105,
105,
105,

277
621
804
193
325
604
141
139
590
567
777

102,
102,
102,
102,
102,
102,
103,
103,
103,
103,
103,

183
527
714
111
247
528
059
049
498
474
685

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.




300
647
842
174
318
754
210
900
513
293
646

* Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added
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 fell slightly to 5.8 percent from 6.0 percent in October.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

20

-V\
\ "i /\.

TEENAGERS*.
(16-19)
?
fmf\/

BLACK
AND OTHER

A

\
W

|V*

%

~>V\%V*
A

10

10

WOMEN 20 YEARS
AND OVER

YEARS
AND OVER
0 I111111
1975

1976

1977

1978

1979

1975

1977

1976

1979

1978

* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Total
(all
civilian
workers)

Period

1974
1975
1976..
1977
1978

.

1978: Nov
Dec____
1979: Jan
Feb.
Mar

I_

Apr

May
June
July
Aug
Sept
Oct
Nov

_

_

Uneinployment rate ( percent <>f civiliaii labor f<aree in g roup)
13y select ed group s
Byssex and sige
By race

Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over

White

5.6
8.5
7.7
7.0
6.0

3.8
6.7
5.9
5.2
4.2

8.0
7.4
7.0
6.0

16.0
19.9
19.0
17.7
16.3

5.0
7.8
7.0
6.2
5.2

5.8
5.9

4. 1

3.9

5.8
5.8

16.2
16.5

5.0
5.2

11.7
11.5

5.4
5.6

3.4
3.5

5.8
5.7
5.7
5.8
5.8
5.6
5.7
6.0
5.8
6.0
5.8

4.0
4.0
4.0
4.0
3.9
3.9
4.1
4.2
4.2
4.3
43

5.7
5.7
5.7
5.7
5.8
5.8
5.5
5.9
5.5
5.8
5.5

15. 7
16. 1
15.5
16. 5
16.8
15.3
15.3
16.5
16.4
16.6
15.9

5. 1

11.2
11.9
11.2
11.8
11.6
11.3
10.8
11.0
10.fr
11.7
10.8

5.4
5.3
5.3
5.4
5.3
5.3
5.4
5.7
5.5
5.7
5.6

3.4
3.5
3.4
3.6
3.4
3.5
3.7
3.8
3.7
3.9
3.8

5. 5

1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.

12



ExpeFullBlack rienced
time
wage Household
and
and
heads workother salary
ers
workers
3.3
5. 1
9.9
5.3
8.1
8.2
5.8
13.9
7.3
5. 1
7.3
13. 1
6.5
4.5
13. 1
6.6
5.5
5.6
3.7
11.9

4.9
5.0
4.9
5.0
4.9
4.9
5.3

5. 1
5.2
5.2

Parttime
workers

Labor
force
time
lost
(percent) *

8.6

6.1

9.8
9.0

8.3
7.6
6.5

5.2
5.3

8.9
9.2

6.2
6.2

5.2
5.2
5.1
5.3
5.2
5.1
5.3
5.4
5.4

9.1
8.6
9.2
8.8
9.6
8.6
8.2
8.8
8.3
9.0
8.2

6.2
6.2
6.1
6.5
6.3
6.3
6.4
6.5
6.2
6.4
6.4

5. 5

5.4

Source: Department of Labor, Bureau of Labor Statistics.

10.3
10. 1

9. 1

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In November, the percentage of unemployed persons who were job leavers and job losers rose and the percentage who
were reentrants and new entrants fell.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

DURATION OF UNEMPLOYMENT

REASON FOR UNEMPLOYMENT

60

60

JOB LOSERS

40

40

20

20
NEW ENTRANTS

15-26
WEEKS

>
JOB LEAVERS
27 WEEKS
AND OVER

I I I I I I I M II

0 I iiii
1976

1977

1978

1979

1980

1977

1976

1978

1979

1980

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

Period

Unemployment
(thousands)

[Monthly data seasonally adjusted, except as noted]
Percen t distribiution of iunemPercen t distribiition of iinemState pr ograms Insured
1
unem- Special
pl<>yment I>y reasonL *
pio:yment tyr duration
unemployployment.
ment
all
Insured
27
benefit
Less
15-26 weeks unem- Initial regular
5-14
Job
Job
Reen- New
claims 3
proenthan 5 weeks
ploy- claims grams
and
weeks
losers leavers trants trants
* (unadweeks
(unad- justed)
justed)
Wee kly aver age, thoussands

1974
1975
1976
1977
1978
1978: Nov__
Dee_.
1979: Jan.__
Feb___
Mar__
Apr___
May...
June..
July_.
Aug_._
Sept..
Oct___
Nov

1
s

5,076
7,830
7, 288
6,855
6,047
5,877
6,012
5,883
5, 881
5,871
5,937
5,929
5,774
5, 848
6,149
5, 985
6,182
6,039

43.4
55.4
49. 8
45.3
41.6
40.7
40.2
41.6
41.8
41.3
42.2
39.9
41.0
43.7
44.4
43.4
44.9
45. 8

14.9
10.4
12. 2
13.0
14. 1
14.2
14.3
15.7
14. 0
14. 6
14.2
16. 1
15. 1
14.4
14.6
13.6
13.4
14. 1

28.4
23. 8
26.0
28. 1
30.0
30. 1
31.9
28.7
29.6
30.2
30.0
29.8
30.2
29.9
29.3
29.7
29.0
27.8

13.3
10. 4
12. 1
13. 7
14.3
15.0
13. 6
14.0
14. 7
13.9
13. 6
14.2
13. 7
12. 0
11.7
13.4
12.8
12.3

50.6
37.0
38.3
41.7
46.2
48.8
47.4
46.4
46.7
46.5
48.6
47.0
50.5
48.0
52.4
46.3
48.2
49. 9

Detail may IK)t add to 10 0 percent because of re unding.
Includes State (50 States District of Columbia. and Puertc> Rico), ex- servicemen (UCX), Fe deral (UC FE), and railroad (fik,R) progra ms. Also i icludes
Federal and Slat e extended benefit pr<>grams. Do es not inch ide FSB ( Federal
supplemental be nefits) and SUA (speej al unemplcjyment assi stance).




31.0
31. 3
29.6
30.5
31.0
30.6
32.6
32.1
31.8
31.4
31.0
32.6
30.8
33.9
28.3
34. 6
31. 9
30. 1

11. 1
16.5
13.8
13. 1
12.3
11.8
12.0
12.5
12. 1
12.3
11.4
11.9
10.6
10. 3
10.7
10.6
11.4
11. 2

7.3

15.2
18.3
14.8
10.5
8.8
7.9
9.0
9.3
9.7
9.0
8.6

8. 1

7.8
8.6
8.5
8.4
8.8

2,262
3,986
2,991
2,655
2,356
2,230
2, 252
2,367
2,349
2,323
2,367
2,253
2,255
2,411
2,547
2,494
2, 541
2,639

363
478
382
375
342
338
339
350
341
349
433
356
386
395
397
392
401
411

2, 558
4,943
3,822
3, 111
2,640
2,148
2,567
3, 198
3,209
2,921
2,610
2,230
2,119
2,429
2,377
2, 164
2,236
2, 556

1,173
1,152
572

3 FSB an d SUA. Tliese progra ms started January 1975 and regul ir reporting
began Marc h 1975.
Source: ) J>epartmen1, of Labor (Bureau of Labor Sta ,istics and E mployment
and Traini ng Ad minis>tration).

NONAGRICULTURAL EMPLOYMENT
Total nonagricuitural employment as measured by the payroll survey rose by 218,000 in November.
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIOIslS OF PERSONS*

90

80

70
SERVICE PRODUCING
INDUSTRIES

60

__
^

AAANUFAC FURING

\

20
50

**»*"*
^»

-* — '4..J-

^«^***

—

^*

••*'

18
40

11 M 1 1 1 1 i 1 1 1

I 1 i 1 1 1 111! 1

1 I 1 111 i 11I 1 1 1 1 1 1 1 i 1 i 1 1

1 1 1 1 1 1 1 1 1 1 IN

GOODS-PRODUCING
INDUSTRIES

30

CONSTRUCTION

V

.lit**111"

20

I i i i I LI Ii Ii
1975

1977

1976

1978

1975

1979

1976

1977

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

1978

1979

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;1 seasonally adjusted]
C*OOdS-pr<>ducing industries3

S ervice-pireducing industri<5S
Trans- Whole- Finance,
Ms inufactui ring
Govei nment
portainsursale
ance, Services
tion
and
Non- Total
State
and
and
retail
Total Durable
durable
Federal and
public trade
real
goods goods
local
utilities
estate

Total
nonagricuitural
employ- Total *
ment

Construction

78, 265
76, 945
79, 382
82, 423
86, 446

24, 794
22, 600
23, 352
24, 346
25, 597

4,020
3,525
3,576
3,851
4,271

1978:Nov__ 87, 840
Dec___ 88, 133

26, 120
26, 272

4,429 20, 772 12, 510
4,469 20, 881 12, 583

8,262 61, 720
8,298 61, 861

5,038 19, 829
5,054 19, 858

1979: Jan___
Feb___
Mar__
Apr...
May__
June__
July_ _
Aug___
Sept__
Oct*__
Nov».-

26, 382
26, 448
26, 627
26, 565
26, 651
26, 674
26, 723
26, 599
26, 593
26, 559
26, 604

4,497
4,486
4, 614
4,559
4, 648
4,662
4, 688
4,674
4,671
4,693
4,731

8, 318
8, 310
8,322
8,314
8,320
8,303
8,293
8,243
8,212
8,246
8,273

5,071
5,094
5, 116
5, 024
5, 130
5, 190
5, 169
5, 194
5, 180
5,217
5,233

PorinH
ZTcrlUQ

1974
1975
1976
1977_ _ _
1978___

88, 433
88, 700
89, 039
89, 036
89, 398
89, 626
89, 713
89, 762
89, 803
89, 967
90, 185

20, 077
18, 323
18, 997
19, 682
20, 476

20, 958
21, 025
21, 073
21, 066
21, 059
21, 063
21, 079
20, 957
20, 949
20, 886
20, 887

11, 925
10, 688
11, 077
11, 597
12, 246

12, 640
12, 715
12, 751
12, 752
12, 739
12, 760
12, 786
12, 714
12, 737
12, 640
12, 614

8, 152
7, 635
7,920
8,086
8,230

*of «KP 8 *J 1i11" an(l P?^'41.1116 waee and salary workers in nonagricuitural
establishments who worked during or received pay for any part of the pay period
which includes
the 12th of ihe month. Excludes proprietors, self-employed permestlc
sons.
omestc
!£?s« •£
servants, and personnel of the Armed Forces. Total derived from
nonaericultural employment
emolovment of the
this table not comparable with estimates of nonagricuitural
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, ana domestic servants; which count persons as employed whsn they

14



53, 471
54, 345
56, 030
58, 077
60, 849

62, 051
62, 252
62, 412
62, 471
62, 747
62, 952
62, 990
63, 163
63, 210
63, 408
63, 581

4,725
4,542
4, 582
4,713
4,927

16, 987
17, 060
17, 755
18, 516
19, 499

19, 965
20, 016
20, 054
20, 088
20, 129
20, 116
20, 122
20, 126
20, 169
20, 244
20, 285

13, 441
13, 892
14, 551
15, 303
16, 220

2,724
2,748
2,733
2, 727
2,753

11,446
11, 937
12, 138
12, 352
12, 723

4,827 16, 554
4,847 16, 630

2,757
2,734

12, 715
12, 738

4,868
4,884
4,899
4, 915
4,936
4, 958
4,972
5,003
4,997
5,018
5,056

2,758
2,757
2,757
2, 758
2, 770
2,788
2,785
2,813
2,762
2,770
2,771

12, 719
12, 738
12, 753
12, 806
12, 828
12, 849
12, 850
12, 886
12, 911
12, 899
12, 902

4, 148
4, 165
4,271
4,467
4,727

16, 670
16, 763
16, 833
16, 880
16, 954
17, 051
17, 092
17, 141
17, 191
17, 260
17, 334

are not at work because of industrial disputes; and which are
on a sampl®
of the working-age population, whereas the estimates in this table are
on
reports from employing establishments,
a Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURJLL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag e gross
hourly eearnings

Aver age weekly hours
Total
private
nonagricultural *

Period

Overtime

Total
private
nonagricultural l

Manufacturing

Manufsicturing
Total

Adjusted h ourly earnin gs index—tc>tal private
nonagric ultural 3
Percent ch ange from
a year earlier 4

Index, 1<)67=100
Current
dollars

1967
dollars s

Current
dollars

1967
dollars

37. 1
36.9
37.0
36.9
36.5
36. 1
36. 1
36.0
35.8

39.8
39.9
40.5
40.7
40.0
39.5
40. 1
40.3
40.4

3.0
2.9
3.5
3.8
3.3
2.6
3. 1
3.5
3.6

$3.23
3.45
3.70
3.94
4.24
4.53
4.86
5.25
5.69

$3. 35
3.57
3.82
4. 09
4.42
4.83
5.22
5.68
6.17

120.7
129.2
137. 5
146. 0
157. 5
170.6
183.0
196.8
212.9

103.8
106.5
109.7
109.7
106. 7
105.9
107.3
108.4
109.0

6.6
7.0
6.4
6.2
7.9
8.3
7.3
7.5
8.2

0.7
2.6
3.0
0
-2.7
-.7
1.3
1.0
.6

1978: Nov. __
Dec

35.8
35.8

40.6
40.6

3.7
3.7

5.87
5.92

6.38
6.43

219.2
220.9

108.6
108. 7

8.3
8.5

—-"* . O

1979: Jan
F e b _ _ _ _„
Mar_
- _
Apr
May
June
July
Aug
__
Sept
Oct * _ _
Nov p __ _

35.8
35.7
35.9
35.3
35.7
35.6
35. 6
35. 6
35.7
35.6
35.6

40.6
40.6
40.6
39. 1
40. 2
40. 1
40.2
40. 1
40.2
40.2
40.0

3.7
3.7
3.7
2.7
3.5
3.4
3.3
3.2
3.2
3.2
3.2

5.96
6. 00
6.04
6.04
6.09
6. 13
6. 18
6. 22
6.26
6.27
6.32

6. 46
6.51
6.56
6.56
6. 65
6. 68
6.72
6.74
6.78
6.82
6.85

222. 6
224.0
225.2
226.8
227.5
229. 0
230.9
232.2
234.3
235.0
236.9

108.5
107.8
107. 3
106.9
106.1
105. 7
105.6
105. 1
104.9
104.3
104.0

8. 1
8.4
8.2
8. 0
7.8
7.8
7.9
8. 1
8. 1
7.8

-1.2
-1.5
-2.0
—2.4
-2.8
-2.9
-3.2
-3.5
-3.7
-4. 1
—4.2

1970
1971
1972
1973
1974
1975
1976
1977
1978

-_

8.1

-.5

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly cearnings
Period

Total prryate nonagricu Ltural *
Current
dollars

1970.
1971_
1972.
_ ___
1973
1974__ _
_ _
1975.
-1976.
_ ___
1977.
1978
1978: Nov
_
Dec _
_ _
1979: Jan
Feb
Mar
__ _
Apr
_
May
_ _
June
July
Aug
_
Sept
_ _
Oct v
Nov v
1
2

$119. 83
127. 31
136. 90
145.39
154. 76
163. 53
175. 45
189. 00
203. 70
210. 15
211. 94
213. 37
214. 20
216. 84
213. 21
217. 41
218. 23
220. 01
221. 43
223. 48
223. 21
224. 99

Manufacturing

1967
dollars s
$103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
104. 14
104. 30
103. 98
103. 13
103. 31
100. 48
101. 40
100. 75
100. 60
100. 24
100. 04
99.03
98.81

Construction

Wholesale
and retail
trade

Current
dollars

(Current dollarsj
$133. 33
142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
259. 03
261. 06
262. 28
264. 31
266. 34
256. 50
267. 33
267. 87
270. 14
270. 27
272. 56
274. 16
274. 00

Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978

$195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 32
325. 68
328. 56
331. 67
331. 60
335. 01
323. 41
241. 32
341. 87
341. 14
346. 70
351. 23
343. 67
347. 39

Percent cha nge from a
year e arlier,
total pri\rate nonagricu] tural s

$96. 02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 52
153. 64
157. 77
159. 08
159. 90
160. 23
162. 19
163. 67
163. 00
163. 98
165. 28
165. 75
166. 91
167. 75
169. 71

4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.7
7.8
8.6
8.9
9.2
9.4
8.6
5.6
7.8
7.2
7.2
7.8
8. 1
7. 1
6. 9

1967
dollars
-1.3
1.9
4.1

-;o

-4. 1
-3.2
1.4
1.2
.2
-.2
-. 1
-. 1
""""• O

-1. 6
—4. 6
-2. 8
-4.5
-3.9
-3.8
-3.8
-4.8
—5.2

4
Monthly
8

changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.

15
n _ 7Q _




PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of 2all
pers<3ns

Out]mi1

Output i3er hour
of all p ersons

Compe nsation
per 1 lour 3

Unit labor
CO sts

Implici } price
defla tor 4

PriNonNonPriNonNonPriNonPrivate farm
Private
Private Nonvate
farm
vate
farm
farm
vate
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; quarterly data season*ally adjuslbed

1966. .
1967 __ _
1968
__
1969

98.1
100. 0
105. 1
108.3

98. 1
100.0
105.3
108.5

100.0
100. 0
101.8
104.6

99.8
100. 0
102. 1
105.5

98.0
100.0
103. 3
103.5

98.4
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
108.7

1970
1971 __ _
1972
1973___
_
1974

107.3
110. 3
117.5
124.4
121.4

107.4
110. 2
117.8
124.9
121.8

103.0
102.4
105.5
109.6
110.3

104.2
103.8
107.0
111.5
112.3

104. 2
107.7
111.4
113. 6
110. 1

103.0
106. 2
110.1
112.0
108.5

123. 1
131.4
139. 7
151.2
164.9

121.7
129. 9
138.4
149.2
162.8

118.2
122.0
125.4
133. 1
149.8

118. 1
122.3
125.7
133.2
150.0

113. 9
118.9
123. 2
130.3
143. 1

114.0
119.2
122.9
127.9
141.4

1975
1976
1977
1978

118.7
126.4
133.8
140. 7

118.8
126.9
134. 3
141.5

105.6
108.6
112.8
118. 1

107.4
111.0
115. 6
121. 1

112.4
116.4
118. 6
119.2

110.5
114.4
116.2
116.8

181.3
197.2
213. 0
231.2

178.9
193.8
209. 3
227.3

161.3
169.4
179.6
194. 0

161.8
169.4
180. 1
194. 5

157.5
165.5
174.8
187.2

156.4
164.8
174.5
186. 1

1978: I _ _
II
III
IV

136.9
140.3
141.8
144.0

137.3
141. 1
142. 7
145.0

115.6
117.9
118.4
120.2

118. 4
121. 1
121. 6
123.4

118.4
119.0
119. 7
119.8

116. 0
116.5
117. 3
117.6

224.2
228.5
233. 6
238.4

220. 6
224.6
229.4
234.3

189.4
192. 1
195. 2
199.0

190.2
192. 7
195.6
199.3

180. 9
185.8
188. 9
192.9

180.2
184.7
187.8
191. 4

1979:

144.4
143.4
144.0

145.5
144.2
144.8

121.5
121. 3
122.0

124.8
124.9
125.7

118. 9
118.2
118.0

116. 6
115.4
115.2

244. 8
250.3
255. 6

240.2
244.8
249.8

205.9
211.7
216.6

206.0
212. 1
216.9

197.2
202. 0
205. 9

195. 1
200. 3
204.4

II
III *___

Perce nt change ; quarterl;Y data at seasonal y adjuste d annual rates
5.5
2.0
5. 1
3.0

6.0
1.9
5.3
3.0

2.3
-.0
1.8
2.8

3.3
.2
2.1
3.4

3.2
2.0
3.3
.2

2.5
1.6
3.2
-.3

7.0
5.3
7.6
6.8

6.1
5.5
7.3
6.3

3.8
3.3
4. 1
6. 6

3.5
3.8
4.0
6.7

3.2
2.9
3.9
4.7

2.9
3.3
4.0
4.5

g

_

2.8
6.6
5.9
-2.4

— 1.1
2.6
6.9
6.0
-2.5

-1.6
-.6
3.0
3.9
.7

-1.2
^
3. 1
4.2
.7

.7
3. 3
3.5
1.9
-3.0

.1
3. 1
3.7
1.7
-3.1

7.1
6.7
6.3
8.2
9. 1

6.7
6.7
6.5
7.8
9. 1

6.4
3.3
2.8
6.2
12. 5

6.5
3.5
2.8
6.0
12.7

4.7
4.4
3.6
5.8
9.8

4.9
4.5
3. 1
4. 1
10. 5

_ _
_

-2.3
6.5
5.8
5.2

-2.5
6.9
5.8
5.4

-4.3
2.9
3.9
4.7

-4.3
3.3
4. 1
4.8

2.1
3.5
1.9
.5

1.9
3.5
1.6
.5

9. 9
8.8
8.0
8. 5

9.9
8.3
8. 0
8.6

7.7
5.0
6. 0
8.0

7.9
4.7
6.3
8. 0

10. 1
5.0
5. 6
7. 1

10.6
5.4
5.9
6.6

—

2.4
10.5
4.2
6.4

2.7
11.5
4.5
6. 8

3.9
8.4
1.7
6. 1

3.6
9.4
1.8
5.9

-1.5
2.0
2. 4
.3

g

1.9
2.7
.8

10.9
7. 9
9.2
8.5

11.4
7.5
8. 8
8.8

12.6
5.8
6. 6
8. 1

12.4
5.4
6.0
8.0

5.3
11. 2
6.9
8.7

4.4
10. 2
7.0
7. 8

1979: I _
II
III *___

1. 2
-2.9
1.7

1.2
-3.6
1.9

4.4
7
2. 5

4.6
.5
2.6

-3.0
-2.2
7

-3.2
-4. 1
-.7

11. 1
9.3
8.8

10.4
7.9
8.5

14. 6
11.8
9.6

14. 0
12. 5
9.3

9.3
10. 1
7.8

8. 1
11.0
8.4

1966
1967
1968___ _ _ _ _
1969
1970
1971
1972___
1973
1974
1975
1976___
1977
1978
1978: I _ _
II
III
IV

1 Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
3 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.
* Current dollar gross domestic product divided by constant dollar gross domestic product.

16



NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND

ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production declined by 1/2 percent in November, after being unchanged in October. The November reduction mainly reflected cutbacks in the output of autos/ trucks/ and related durable goods materials and parts.
INDEX, 1967=100*

INDEX, 1967=100*

(RATIO SCALE)

180

160

UTILITIES

TOTAL INDUSTRIAL PRODUCTION

(RATIO SCALE)

AND MINI ^G PRODUCTION
*~-^*<~

160

V-V~V1r

'

UTILITIES

140

^\

120

AV \ Jf

^"'
100

,

1M1
1975

J

^

+»+

\.-~'

/

MINING

1 1 | 11I 1 1 1 11

.....In...

1976

1977

11 1 I I I 1 M 1 I

1978

1979

PERCENT* (RATIO SCALE)
100

MANUFACTURING CAPACITY UTILIZATION RATE

90

120

70
100

1979

1975

1976

1977

1978

1979

* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total in dustrial
prodiuytion

Period

Index,
1967=
100

1987 proportion

100. 00
119. 7
129.8
129.3

1972
1973_
1974. __
1975
1976___
1977
1978___

1978: N o v _ _ _ _
Dec

__

1979: Jan __

Feb
Mar

Apr
May _
June
July
Aug ._. _ _ _
Sept.
Oct v
Nov *>_ _
1
Output
2
Annual
1

Percent
change
from
year
earlier

[Seasonally adjusted]
Indu 3try prodiiction inde^xes, 1967 = 100
Mt inufacturi ng
Total

Durable

Nondurable

Utilities

ing

5. 69

87. 95

51.98

35. 97

6,36

113.7
127. 1
125.7
109.3
122. 3
130*0
139.7

126. 5
133. 8
134. 6
126. 4
141. 8
150. 5
156.9

113. 1
114.7
115. 3
112.8
114. 2
118.2
124.0

139.4
145. 4
143. 7
146. 0
151.7
156. 5
161. 4

83.5
87. 6
83. 8
72.9
79.5
81. 9
84.4

87. 0
91.8
87. 1
73.4
81. 1
82.7
85. 6

83
86
83
77
81
83
84

87.9
93.2
90.5
79.8
86.0
88. 7
90.7

84

94.0

84

94.4

83

93.6

82

93. 1

117.8
130.5
138.2
146. 1

-8.9
10.8
5.9
5.7

118.9
129.8
129. 4
116. 3
130.3
138.4
146.8

150.6
151.8

7.3
8.0

151.6
152. 9

145.5
146.8

160. 4
161. 7

128. 0
127.4

163.7
164.7

86.3
86.8

88.1
88.8

151.5
152.0
153.0
150.8
152. 4
152. 6
152.8
151.6
152.4
152.4
151.6

8.2
8.3
7.7
4.4
5.2
4.4

152. 5
153.3
154.5
151.6
153. 8
153.9
154. 1
152. 4
153. 4
153. 3
152.5

146.8
147.2
148.6
144.6
147.6
147. 6
147.2
144. 2
145. 8
145. 4
143. 9

160.7
162. 0
163.0
161.7
162. 8
163.0
164. 1
164. 3
164.4
164.7
165.0

123.8
120. 9
122. 3
122.7
122.8
123. 9
124.7
126.4
125.4
126.9
127. 6

166.2
167.7
167. 1
167.4
166. 5
164. 2
164.8
165.5
166.8
167.3
166. 9

86.4
86.7
87. 1
85.3
86.3
86.2
86. 1
84. 9
85.3
85.0
84. 4

87. 9
87.8
88.3
86.9
87.4
87. 5
87.9
86.8
86.7
86.7
85.9

9.2
8.4
-.4

3. 9

2.4
2.6
1.8
.7

as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.




Mining

Manufa cturing caopacity uti lization
rate, pcjrcent *
Federal Reserve
serles
WharComTotal
ton
merce2
manu- Mate- series
series 3
facturrials

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 uets
Final 1 roducts
3

Equip»ment

Coiisumer goods

Period
TotaJ

NonDurable durable
goods
goods

Total

Materials

Construction
supplies

Supplementary
group:
Energy
total

Total

Business

Total

12. 63
107.0
104. 1
118.0
134. 2
142.4
128. 2
135.4
147.8
160.3
165.0
166.8
168. 1
169.0
170. 8
168.7
171.4
171.5
171.4
171.5
173.3
171.3
171.4

12.89

6.42

39. 29

12.23

112. 9
116. 7
126.5
137.2
135.3
123. 1
137.2
145. 1
154. 1
157.8
159.9
160.8
161.4
160.4
159.7
159.5
159.5
159. 4
160.6
159.6
159.6
159.3

111.0
116. 8
128.4
139.8
134. 5
116.3
132. 6
140.6
151.7
156. 1
158.3
159. 1
159. 3
157. 1
156.0
156.4
156.3
156.4
157.3
156.2
155.8
154.9

109. 2
111.3
122. 3
133.9
132. 4
115. 5
131.7
138.6
148. 3
154. 5
156.2
155.0
155.2
156. 3
154.5
155.7
156.5
157.6
156.0
156.4
156.6
155. 6

117.0
119. 5
125.2
128.3
125.5
125. 5
129. 1
132. 9
135.4
139. 1
139. I
138. 1
137.5
138. 4
138.7
137. 6
137. 2
137. 1
136.8
137.3
137.7
137.6

47.82

27.68

7.89

19.79

20. 14

105.3
1970
___ __
106.3
1971
.
115.7
1972
_ _
1973
- 124.4
1974
__ . _ 125. 1
1975
_ _ - 118.2
127.6
1976
1977
— 135.9
142.2
1978
145.3
1978: Nov
146. 1
Dee___
1979: J a n
_ _ „ . . _ 146.1
Feb___
- 146. 8
Mar
_ . . _ 148.2
145.4
Apr
_ _
147.8
May _
147.6
June
_
147. 1
July
145.6
Aug
147. 1
Sept146.9
Oct *_-_ _
146.2
Nov *-

109.0
114. 7
124.4
131.5
128.9
124.0
137. 1
145.3
149. 1
151.3
151.5
150.6
151.5
152. 9
149.1
152.0
151. 8
150.8
148.2
149.8
149.9
148.7

106. 1
118.8
133.8
146. 2
135.3
121. 4
141. 9
154.0
159.2
162.9
161.8
160.4
161. 1
163.6
151.6
160.5
158.6
157.2
147.5
152.0
152.9
149.6

110. 1
113. 1
120. 6
125.6
126.3
125. 1
135.2
141.9
145. 1
146.7
147. 3
146.7
147.7
148.6
148.0
148.7
149. 1
148.2
148.5
148.9
148.7
148.4

100. 1
94.7
103. 8
114.5
120. 0
110.2
114.6
123.0
132.8
137. 1
138.6
139.9
140.4
141. 7
140.4
141. 9
141.9
142.1
141. 8
143.5
142. 7
142.8

1967 proportion .

Intermlediate
prod ucts

[1967=100, seasonally adjusted]
D urable m anufactu res

Primar}r metals
Period
Total

and

steel
1967 proportion

1970
1971
1972
1973___
1974
1975
1976
1977
1978
1978: Nov
Dec__
1979: Jan
Feb

Mar

Apr

May
June
July
Aug._
Sept___ ___
Oct »,
Nov v

Fabricated
metal
products

6.57

4.21

5.93

___ 106.6
100.2
112. 1
126.7
123. 1
96.4
_ 109. 7
111. 1
. 119.9
130.8
132. 1
123.4
120.4
123.7
121.7
121.0
124.3
127.1
121. 1
121.9
118.9
116.9

104.7
96. 1
107. 1
122.3
119.8
95.8
104.8
103.8
113.2
124.4
125.3
113. 3
110. 8
116.2
115.8
114.3
118. 1
119.0
112.0
115.0
109.7

102.4
103.5
112. 1
1247
124.2
109.9
123.9
131.0
141.6
145.6
147. 1
149.1
150.8
150.2
148.8
150.3
149.3
149.3
147.6
146.5
146.9
146.4

Source: Board of Governors of the Federal Reserve System.

1R



Nontrical
chin—

Electrical
machin-

Noneiurable rnanufact ures

Transp<>rtation
equip ment
Total

Motor
vehicles

ery

ery

9. 15
104.4
100.2
116. 0
133. 7
140. 1
125. 1
134.5
143.6
153.6
157.8
158. 1
161. 2
162.9
164.0
161.8
164.3
164.5
165.3
166.2
165.3
161.7
161.6

8.05

9.27

4.50

108. 1
107.7
122.2
143. 1
143.8
116.5
134,8
145.4
159.4
165.2
167.7
170.9
173.2
174.2
170.6
174.7
175. 1
174.4
171.7
176. 3
176.3
176.6

89.5
97.9
108.2
118.3
108.7
97.4
111. 1
122.2
132.5
142. 1
142.9
141.2
139. 9
143.7
131.6
141.9
139. 4
135.5
124.7
131.5
133.2
126. 5

92.3
118.6
135.8
148.8
128.2
111. 1
142.0
161. 1
169. 9
181.9
182.1
177.9
173. 1
179. 7
156.0
176.3
169.6
160. 2
138. 5
150.7
150.6
138.3

and

Lumber
and
products

parel
products

1.64
105.6
113.8
120.8
126.0
116.2
107.6
123. 2
131. 2
136.3
140. 1
144.0
137.3
137.2
137.7
137.2
136. 1
136.8
135.2
138.0
138.6
136.6

101.4
104.7
109.4
117.3
114. 3
107.6
125. 7
134, 2
134.2
135. 8
136.5
130.3
133.5
136.5
130.8
128. 2
132.0
129. 7
130. 1
131. 2

Ap-

Print- Cheming
icals
and
and
pub- prodlishing ucts

Foods

parts
3.31

4. 72
107.0
107. 1
112. 7
118.2
118.2
113.3
122. 5
127.6
131.5
133.7
134.4
135.6
138.2
137.3
135.7
136.8
136.9
135.6
137. 7
137. 1
138.5
139.4

7.74
120.4
125.9
143. 6
154.5
159.4
147.2
170.9
185.7
197.4
204. 6
207.2
206.5
208.6
207.4
207.7
209.7
207.8
210.5
213. 1
211.7
213.8

8. 75
108. 9
112. 8
116. 8
120.9
124.0
123.4
133.0
138.8
142. 7
143. 7
144.7
143.9
145. 5
147.6
147.0
149.2
149.5
149.4
148. 1
148.4
148. 3

NEW CONSTRUCTION
Private
Total new
construction
expenditures

Period

Constructio n contracts*

Resic ential
Total

Total1

Commercial and
industrial

New

housing
units

Federal,
State,
Other

and

local

CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)

Bil lions of doll ars

1972
1973
1974
1975
1976
1977
1978-

__

_

124. 1
137.9
138.5
134.5
151. 1
174.0

206.2

54.3
59.7
50.4
46.5
60.5
81.0
93.4

93.9
105.4
100.2
93.7
111.9
135.8
160.4

44.9
50. 1
40.6
34.4
47.3
65.7
75.8

18. 1
21.7
23.8
20.8
19.9
22.5
29.6

21.5
24.0
25.9
26.4
31.5
32.4
37.4

30.2
32.5
38.3
40. 9
39. 1
38.2
45.8

39.7
39.9
40. 1
39.6
39.2
40.0
40.7
41.7
41.9
42. 6
43.2
43.0
43.4

49.3
49.3
49.4
46.4
41. 6
44.0
44.5
48.4
46. 0
50.9
49.5
51.0
51.9

Seasonally / adjusted aiinual rates

217.8

1978: Oct
Nov _
Dec
1979: Jan

220.0
223.2

212.3
210.9
216.7
216.2

Feb

Mar
Apr
May--

June
July v

Aug

Sept ^
Oct*

223.2

224. 7
__

232.6
232.4
234.6
236.0

77.6
78.9
80.7
73.6
77.2
75.9
76.0
75.7
77.7
77. 7
78.3
79. 1
77.2

95.9
97.5
99.7
93.7
97.8
96.5
95.5
95.0
97.3
98.8
100.0
101.2
99.7

168.5
170.7
173.8
165.9
169.3
172.7
171.7
174.8
178.7
181.7
182.9
183.7
184.0

1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.

32.9
33.3
33.9
32.5
32. 4
36.2
35.5
38. 1
39.5
40. 3
39.6
39.4
41. 0

100. 0
109.2
103.0
101.9
121.0
153.6
173. 1

854

1,010

840
555
592
739
964
Seasonally
Seasonally adjusted
adjusted
annual
rates
193
1,015
173
1, 093
184
978
181
1,062
231
1,266
186
1,233
202
1,123
178
1, 045
177
1,009
165
1,062
163
1,006
185
1, 106
171
1, 118

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]
IS ew private housing uni iS

Period

1971
1972
1973
1974
1975
1976
1977
1978

Units started, by type of strticture
Total

1 unit

2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3

1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3

2-4
units

120.3
141.3
118. 3
68. 1
64.0
85.9
121.7
125.0

5 or more
units
780.9
906.2
795. 0
381.6
204.3
289. 2
414.4
462.0

New priv ate homes
Units
authorized
1,924.6
2,218.9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5

Units
completed

Homes
sold

Homes for
sale at
end of 1
period

1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5

656
718
634
519
549
646
819
817

287
409
418
346
313
353
401
413

1,883
1,885
1,888
1,815
1,894
1, 957
2,015
2,016
1,866
1,745
1,739
1, 957
1,819

900
803
802
774
697
784
722
707
689
778
756
737
724

407
412
413
412
410
3
424
425
431
418
416
416
414
408

Vacancy
rate for
rental
housing
units
(percent)2
5.4
5.6
5.8
6.2
6.0
5.6
5.2
5.0

Seasonally adjusted aimual rates
1978: Oct
Nov
Dec
1979: J a n _ _ _
Feb _ _
Mar
Apr
May>_.
June
July
Aug
Sept »
Oct * _ _ _
Nov *»__

2,054
2, 107
2,074
1, 679
1,381
1,786
1,745
1,835
1,923
1,788
1,793
1,921
1,762
1,518

1,436
1,502
1,539
1, 139
953
1,266
1,278
1,226
1,288
1,220
1,239
1,254
1, 161
966

» Seasonally adjusted.
Quarterly data entered in last month of quarter.

2

1

New serifiS hfierinninrr Mprnh 1Q7Q




135
150
119
124
76
116
115
119
123
138
156
122
137
120

483
455
416
416
352
404
352
490
512
430
398
545
464
432

1,835
1,789
1,827
1,451
1,425
1,621
1,517
1,618
1,639
1,528
1,654
1,775
1,542
1,267

5.0
4.8
5.0
5.2

NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.

BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose about 1 percent in October while inventories rose $4 billion. According to the advance survey,
retail sales rose about 2 percent in November following a decline of about 2 percent in October.
BILLIONS OF DOLLARS*
120

BILLIONS OF DOLLARS* (RATIO SCALE)
500

(RATIO SCALE)

450 100

400
RETAIL INVENTORIES

90

350 80

70
RETAIL SALES

60

250
TOTAL BUSINESS
SALES

50

200

40

RATIO*

100

1.40
1.30

1977

1976

1975

150

1978

1979

-

1.20

1975

1976

1977

1978

1979

1979

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total b usiness l

Who)esale
Sales

Period

Q 1^.*-.29
bales

Inventories3

Sales2

Inventories 3

.nventor y-4sales
rati o

Retail
2

In ventorieg

DurNonable durable
goods goods
stores stores

Tnt«l

Tntol

NonDurable durable
goods goods
stores stores

Total
business *

Retail

Milli ons of dcullars, setisonally adjusted

1972
1973___
1974___
1975
1976___
1977—
1978

__ 130, 049
151, 720
175, 350
179, 982
201, 814
_ _ 224, 686
254, 125

30, 841
34, 819
38, 206
38, 388
41, 432
46, 706
52, 657

1.50
1. 44
1.47
1. 58
1.48
1.45
1. 41

1.40
1.41
1.49
1.45
1.39
1. 40
1.44

1978: Nov
Dec

269, 792 376, 812 67, 552 79, 526 70, 158 24, 954 45, 204 100, 483 475 555 52, 928
272, 537 379, 630 67, 823 80, 771 70, 918 25, 163 45, 755 100, 818 48, 161 52, 657

1. 40
1.39

1. 43
1.42

1979: Jan
Feb
Mar
_
Aor
May.— _ _
June... _
July
Aug__ _
SeptOct *>_-..
Nov v

273, 304
274, 579
285, 372
275, 936
287, 139
283, 388
289, 206
293, 059
296, 394
298, 670

1. 41
1.41
1.37
1. 44
1. 40
1.43
1.43
1. 42
1.41
1. 41

1.44
1.42
1.42
1.45
1. 46
1.48
1.50
1. 46
1. 40
1. 44

_
_

_

203, 161
234, 163
285, 519
285, 035
301, 736
338, 099
379, 630

384, 190
387, 822
391,893
397, 530
401, 504
405, 966
413, 395
416, 956
417, 334
421, 492

29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842

67, 148
67, 495
70, 824
70, 444
72, 937
72, 625
75, 106
75, 733
76, 264
77, 461

39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771

81, 543
83, 005
84, 078
84, 973
85, 257
85, 245
88, 144
88, 727
88, 393
89, 073

37, 422
41, 944
44, 692
48, 731
54? 597
60, 335
66, 568

70, 855
71, 122
72, 045
71, 366
71, 914
71, 803
72, 370
74, 794
76, 929
75, 620
76, 992

i The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
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.
3
3
4

20



12, 369
14, 132
13, 921
15, 106
18, 073
20, 653
23, 160

25, 250
25, 035
25, 450
24, 614
24, 731
24, 316
24, 471
25, 940
26, 972
25,411
25, 895

25, 054 55, 079 24, 238
27, 812 63, 237 28, 418
30, 771 71, 067 32, 861
33, 626 71, 744 33, 350
36, 524 79, 273 37, 841
39, 682 90, 120 43, 414
43, 409 100, 818 48, 161

45, 605
46, 087
46, 595
46, 752
47, 183
47, 487
47, 899
48, 854
49, 957
50, 209
51, 097

101, 739 49, 302
101, 175 49, 367
102, 226 49, 583
103, 379 50, 526
105, 162 51, 805
106, 382 52? 518
108, 691 53, 753
109, 092 53, 667
107, 524 51, 834
108, 969 52, 081

52, 437
51, 808
52, 643
52, 853
53, 357
53, 864
54, 938
55, 425
55, 690
56, 888

Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments and inventories rose again in October, while new orders declined. According to advance
data, durable goods shipments and new orders fell in November..
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS * (RATIO SCALE)
280

180 - SHIPMENTS
160
140
120

240

|-INVENTORIES

200
160

100

TOTAL

80

120

DURABLE GOODS

100

60

DURABLE GOODS

NONDURABLE GOODS

40
NONDURABLE GOODS

|l
BILLIONS OF DOLLARS* (RATIO SCALE)
180
160

INVENTORY-SHIPMENTS RATIO

40

1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Mannifaeturen $* new ore ers l

Manufac turers' sh ipments * Manufacl ,urers' in\ entories 2

Period

1972
1973 _ _ _
1974___
1975 _
1976_ _
1977_ _
1978 _

Total

_ 63, 042
72, 954
84, 821
86, 617
98, 810
110, 842
124, 714

NonDurable durable
goods
goods

34,
39,
44,
43,
50,
58,
66,

043
703
253
678
697
010
505

28, 999
33,251
40, 568
42, 939
48, 113
52, 832
58, 210

Durab ie goods
Capital
Nongoods
Total
Total Durable
durable
indusgoods
Total
goods
tries,
nondefense
Millio ns of dolkirs, seasontally adjus ted
8,803
108, 296 70, 308 37, 987 64, 162 35, 059
124, 672 81, 426 43, 245 76, 183 42, 853 11, 089
157, 915 101, 866 56, 048 87, 157 46, 740 12, 737
158, 178 101, 766 56, 412 85, 082 41, 957 10, 772
170, 156 109, 095 61, 061 99, 184 51, 047 12, 501
179, 981 115, 552 64, 430 112, 451 59, 562 15, 084
198, 041 129, 226 68, 816 128, 488 70, 145 18, 308

1978: N o v _ _ 132, 082
Dec... 133, 796

71, 392
72, 637

60, 689 196, 803 128, 422
61, 159 198, 041 129, 226

1979: Jan___ 135, 301
Feb_._ 135, 962
Mar _ _ 142, 503
Apr___ 134, 126
May__ 142, 288
June.. 138,960
July... 141, 730
Aug___ 142, 532
Sept__ 143, 201
Oct.— 145, 589
Nov "_

72, 897
73, 646
76, 855
70, 996
75, 698
72, 629
73, 585
74, 416
74, 012
75, 448
73, 519

62, 404
62, 316
65, 648
63, 130
66, 590
66, 331
68, 145
68, 116
69, 189
70, 141

200, 908
203, 642
205, 589
209, 178
211, 085
214, 339
216, 560
219, 137
221, 417
223, 450

131,
133,
135,
137,
139,
141,
143,
144,
145,
148,

699
994
278
903
502
700
369
966
927
042

* Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
*End of period.

2




68, 381 137, 794 76, 912
68, 816 138, 069 76, 831
69, 209
69, 648
70, 311
71, 275
71, 583
72, 639
73, 191
74, 171
75, 490
75, 408

141,
144,
148,
139,
143,
142,
140,
142,
147,
146,

748
036
586
332
594
269
508
664
154
537

79,
81,
83,
76,
77,
75,
72,
74,
77,
76,
75,

647
312
088
099
027
820
545
029
560
400
452

ManufacNon- turers'
durable unfilled3
goods orders

29,
33,
40,
43,
48,
52,
58,

104
330
417
125
137
889
343

Manufacturers'
inventory —
shipments
ratio *

395
468
574
126
646
150
652

1.67
1.58
1.65
1. 83
1.66
1.59
1. 52

20, 754 60, 882 234, 381
19, 132 61, 238 238, 652

1.49
1.48

21, 410
22, 868
23, 978
20, 767
20, 965
21, 753
20, 232
20, 737
21, 815
20, 784
20, 892

1.48
1. 50
1.44
1. 56
1.48
1. 54
1. 53
1. 54
1. 55
1. 53

62, 101
62, 724
65, 498
63, 233
66, 567
66, 449
67, 963
68, 635
69, 594
70, 137

120,
159,
187,
169,
173,
193,
238,

245, 113
253, 187
259, 267
264, 479
265, 782
269, 086
267, 863
267, 994
271, 946
272, 906

* For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.

21

PRODUCER PRICES

PRICES

In November, the producer price index for all finished goods rose 1.3 percent, seasonally adjusted. Prices of finished
consumer foods rose 2.6 percent and prices of other finished consumer goods rose 1.0 percent. Prices of capital equipment increased 0.5 percent.
INDEX, 1967=100 (RATIO SCALE)

INDEX, 1967=100 (RATIO SCALE)

140

120

100

100

1971

1979

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

1

[196 ;r=100; monthl y data sseasona ly ad jussted]
Finishec I goods

Total

Period

1971
1972
1973
1974
1975
1976. _ _
1977
_
1978
1978: Nov _
Dec
1979: Jan
Feb__
Mar_ _
Apr ___
May_
JuneJuly

Aug

Sept

Oct_
Nov

1

fin-

_

Con-

ished
goods

sumer
foods Total

113.7
117.2
127.9
147.5
163.4
170. 3
180.6
194.6
200. 6
202. 7
205. 3
207. 6

115. 3
121.7
146.4
166. 9
181.0
180. 2
189. 1
206.8

214.7
217. 3
221. 3

225.3
209.6 227. 9

211.4
212.3
213.4
215. 7
217.9
221. 0
223. 3
226. 2

In1/ermedi ate
Crud e materials
rnaterials
Total
conFoodsumer
Consturner g oods
stuffs
Foods
Capifinished Total and 1 Other Total and Other
tal
NonDurfeedfeeds
dur- equip- goods
Total
stuffs
able ment
111. 4 110. 8 111.7 116.6 112. 9 114. 1 111.7 114. 3 115. 1 114. 2 117. 0
113.4 113.2 113.6 1 19. 5 116. 6 118. 7 118. 5 118. 9 127. 6 127.5 128. 0
118. 5 115.8 120. 5 123. 5 129. 2 131.6 168. 4 128. 1 174.0 180. 0 162.5
138.6 126. 3 146. 8 141. 0 149. 3 162. 9 200.2 159. 5 196. 1 189.4 208. 9
153. 1 138. 2 163. 0 162. 5 163. 6 180. 0 195. 3 178.6 196. 9 191.8 206. 9
161. 8 144.4 173. 3 173. 2 169. 0 189. 3 186. 6 189.5 205. 1 190. 1 233. 6
172. 1 152.2 185. 4 184. 5 178. 9 201.7 191. 0 202. 4 214. 3 190.9 258.4
183.7 165. 9 195.4 199.0 192. 6 215. 5 201. 0 216.4 240. 2 215.4 287.0
188.7 169. 9 201. 1 205. 1 198.6 222. 6 208. 7 223. 5 255. 6 229.6 304. 9
190.9 172.3 203. 1 206. 4 201.0 224. 2 212. 1 225. 0 257.5 230. 3 308.6
193. 1 174.2 205. 6 208. 5 203.8 226.7 212. 6 227. 6 263.4 236. 8 313. 5
194. 8 175. 7 207. 4 210. 3 206.3 229. 2 219. 0 229. 9 272. 2 245.7 322. 0
197.0 176. 6 210.4 211. 5 208. 6 231. 7 218. 8 232. 5 275. 0 246.4 329.0
199. 6 178. 2 213. 7 214. 1 210. 1 235. 1 217. 7 236.2 273.9 245.4 327. 4
202. 5 179.9 217. 5 215. 3 211. 0 237.5 219. 2 238. 6 276. 2 244. 8 335.2
205. 3 180. 8 221. 7 216. 5 212. 0 239. 6 218. 0 240.9 277. 9 241. 9 345. 9
209. 0 182. 5 226. 6 218. 2 214. 6 244.0 232. 6 244. 7 282. 5 246. 9 350. 1
212. 3 182. 7 232. 3 218.2 217. 7 246.5 226.4 247. 7 283. 1 246. 3 352. 5
216. 3 184.0 238. 2 218. 8 221. 7 250.2 228. 3 251. 5 289. 0 249.9 362.8
219. 8 186. 1 242. 5 221. 4 223.9 254.6 229. 5 256. 2 293. 2 251. 1 373. 0
222.0 187. 6 245.2 222. 6 227. 4 256. 8 228. 0 258. 5 299. 1 256. 1 380. 5

Finished goods e xcludin g
cons umer fc)ods

227.
223.
221.
221.
224.
228.

1
8
2
6
0
1

227.9

233. 9

113. 1
115.4
120. 1
139. 3
156. 2
165. 5
176. 2
188. 9
194. 2
196. 1
198.3
200.0
201. 8
204.4
206.7
208. 9
211.8
213.9
216. 6
219. 7
221. 5

Intermediate materials for food manufacturing and manufactured animal
feeds.

22



NOTE.—Data revised for July 1979.
Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES
In November, the consumer price index for all urban consumers rose 0.9 percent (1.0 percent seasonally adjusted).
Food prices rose 0.4 percent (0.5 percent seasonally adjusted). Nonfood commodity prices rose 1.0 percent (1.1
percent seasonally adjusted) and services prices were up 1.1 percent (also 1.1 percent seasonally adjusted).
INDEX, 1967= 100 (RATIO SCALE)

INDEX, 1967=100 (RATIO SCALE)

160

140

140

120

120

100

100
1972

1973

1974

1975

1977

1976

1979

1978

1980

SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

[1967=100]

All
items

Period

1971
1972
1973___
1974___
1975 _ _
1976
1977__
1978

__

Food

121.3 118.4
125.3 123.5
133. 1 141.4
147.7 161. 7
161.2 175.4
170.5 180.8
181. 5 192.2
195.4 211.4

Commodities
less
food

Services

116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
174.7

128.4
133.3
139. 1
152.1
166.6
180.4
194.3
210.9

home

Food
away
from
home

117.4 118.4
120.9 123.5
129.9 141. 4
145.5 161.7
158.4 175.4
165.2 180.8
174.7 192.2
187. 1 211.4

116.4
121.6
141.4
162.4
175.8
179.5
190.2
210. 2

126. 1
131. 1
141.4
159.4
174.3
186. 1
200.3
218.4

Food
nf

Unacljusted
1978: Nov___ 202.0
Dec
202. 9
1979: Jan
204. 7
Feb____ 207. 1
Mar
209. 1
Apr
211.5
May
214. 1
June
216. 6
July
218.9
Aug
221. 1
Sept___ 223.4
Oct
225.4
Nov
227.5

217.8
219.4
223. 9
228.2
230. 4
232.3
234.3
235.4
236. 9
236.3
237. 1
238.2
239. 1

180.3
181.3
181. 9
183.7
185.9
188.9
191.6
194. 7
197. 0
199.5
201.8
203.4
205.4

All

116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
174. 7

Services

Durable

Non-

116.5
118.9
121. 9
130.6
145,5
154.3
163. 2
173.9

117.0
119.8
124.8
140.9
151.7
158.3
166.5
174. 3

128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
210.9

180. 1
181.6
183. 3
185. 1
186.0
187.6
188.6
190. 1
191.5
192.8
194. 1
195.4
198.4

178.3
179.4
181.4
182.9
186.4
190.0
193.4
197.4
201. 5
205.4
209.0
210. 5
211.8

218.7
219.5
220. 7
223. 1
225. 1
227.2
230. 1
232.5
235.0
237.8
240.4
243.4
246. 1

HUT—

able

Seasonal ly adjust ed

218.6
219.2
221.1
223.3
225. 1
227.0
229.5
232. 1
234.7
237.6
240. 7
243. 6
246.2

193.0
194.6
196.7
199. 1
201.3
203.8
205.7
207. 7
209.5
211. 4
213. 8
215.5
217.5

NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
related to urban wage earners
workers.




Cornolodities less food

Food

All
commodities

219.2
221.3
224.5
228. 1
230.5
232.7
234. 3
234.7
235.0
235. 0
237. 1
238.9
240. 2

217.8
220. 1
223.7
227.7
230.0
232.4
233. 5
233. 2
233. 0
232. 3
234.8
236.4
237. 6

226.0
227.8
230.7
233.6
236. 2
238.2
240. 9
242.9
244. 4
246. 0
247.4
249.6
251. 3

179.8
181.3
182.9
184.8
186.9
189.4
191.4
193.9
196. 3
198. 9
201. 3
202. 9
205.2

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS

Period

1970
1971
1972___
1973__
1974
1975 __
1976___
1977
1978

Percenl change "rom pre ceding
period ; seasonsilly adjuistedi

Percenl change from 3 nlonths
earlie r; season ally adju sted
annual rates

Percent change from 6 nlonths
earlie r; season ally adjuis ted
annual rates

Consume r goods

Consume;r goods

Consumejr goods

Total
finished
goods
2.2

—
_

-

3. 2
3. 8
11.8
18.3

Foods

-2.5

5.9
8.0

22.5
13.0

22.6

11.9

6.6

.7
1.0

.8
1.2

.6
1.2

.8

.6

10.5

1.3

1.8
1.8
1.2
-.4

1.2
.9
1.1
1.3
1.5
1.4
1.8
1.6

12.8
14.7
14.3
12.4

1. 9

1.0
.9
.6
1.2
.6
.6
.8
0
.3

1. 0

.5

9. 1

1978: Nov
Dec. 1979: Jan _
Feb
Mar
Apr
May- _June
July
Aug
Sept _ _ Oct
Nov___

-

1. 1

1.0
.9
.4
.5

1. 1
1.0
1.4
1.0
1.3

-1.5
-1.2
.2

1. 1
1. 8
-. 1
2.6

1.6

Foods

Capital
equipExclud- ment
ing

foods

4.9
2.4
2.0
5.3

6.7
4.9
6.1
8.3

-2.5

_

3.9
2.0
2.0
7.4

Capital Total
equipfinExclud- ment ished
Foods
ing
goods
foods

20.5

5.5

6.6
3.3
6.6

-

Capita] Total
finequipished
Exclud- ment
goods
ing
foods

8.2
6.4
7.2
8.0

1. 2

16.6
15.3

6.2
8.8

8.4
8.8

8.3
8.9

10.3
10.0

7.3
8.8

8.2
7.9

16.3
21. 3
21.0
10.9
9.4 -2.6
7.5 -11.3
8.4 -9.3
.4
11.0
15.0
13. 1
11.9
14.9
16. 1
18.9

12.3
13.6
13.4
14.2
16.8
17. 9
20. 2
20.8
23.2
22. 3
19.6

10.4
10.5
10.3
11.2

10.2
12. 1
12.4
12.6
12.0
10. 8
10. 4
10.2
11. 2
11. 6
13.5

13.9
18.9
18.1
13.6

9. 1

8.6
9.5
9.5

9.5

1

9.9
9.8
7.9
5.5
4.3
6.0
8.3

9.8

11.1
13.2
15.2
15.7
17. 1
18.8
20. 6
21. 3
20. 2

8.7
3.6
.3

-1.2
.2
.7
9.2

10.8
10.2
10.0

9.5
7.7
7.0
6.9
6.9

Source: Department of Labor, Bureau of Labor Statistics.

Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for July 1979.

CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio d; seasontally ad jussted 1
Period

1970
1971
1972
1973_.__
1974____
1975
1976
1977
1978

All
items

_
_

5.5
3.4
3.4
8.8

12. 2

7.0
4.8
6.8
9.0

1978: Nov___
Dec___
1979: J a n _ _ .
Feb___
Mar___
Apr
May__
June__
July___
Aug___
Sept___
Oct
Nov
1

Food
2.2
4.3
4.7

20. 1
12.2
6.5
.6
8.0

Commodities
less
food
4. 8
2. 3
2.5
5.0

13.2

6.2

5. 1

Services

Percent c lange fro m 3 mont as earlier; Percent c lange fro m 6 mont is earlier ;
seasonsilly adjusjted annujy rates
seasonsilly adjus>ted annuial rates
All
items

.6
1.0

.7
.8

.5
.4

9.4
8.5

.9
1.2
1.0

1.4

.9
1.0
1.1
1.3

1. 1

.5

8. 8
11.3
13.0
13.9
13.6
13.4
12. 8
12.7
13. 2
13. 2
12.9

1. 1
1. 1
1.0
1.0

.1

0

.9
.8
.5

1. 1
1.3
1.2
1.3
1.2
.8

1. 1

.9
.9
1.3
1.0

1. 1

1.2

1. 1
1.2

1. 1

Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers,

24



Services

11.3
8. 1

.6
.6

1.0
1.0

Food

Commodities
less
food

3.6
6.2

11.8

1.0
.7
.2

All
item*

4. 1

7.3
7.9
9.3

1. 1
1. 1

Services

8.2

4.9
7.7

1. 6
1. 1

Food

Commodities
less
food

8.9

9.7
9.6

9.5
7.2

12.7
17.3
17.7
15.4
11.3

10.2
11.6
12. 9
15.0
15.1
15.8
15.4
16.6
16. 2
14. 1
13.3

5.8
8.3

10. 2

7.5

4. 0
1.2

4. 2

6.8

9. 1

10.6
12. 3
13.2
13. 8
14. 5
14. 1
14.3
15. 1
14.7

9.0

8.4
7.4

9.2

10.4
13.0
13.9
14.0
14.3
12.5

8. 5

10.4
10.7
11.4
12.4
13.2
13.4
13. 1
13. 3
13.0
12.8

9.6

6. 1

5.8
5.4

5. 1

Source: Department of Labor, Bureau of Labor Statistics.

8.5
8.9

9.8
8.7

9.6

8.2
8.9
8.9
9.0

10.6
11.2
12.6
13.3
14. 4
15.2
15.8
16. 0
14.8
14. 9

10.7
12.2
13.4
13. 6
14. 1
14.8
14. 4

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose about % percent in November and 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)

- 70
60
1971

1979

J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE,
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

Prices received by farmers
Period

All farm
products

1971___1972__
1973
1974
1975
1976
1977
1978
1978: Nov
Dec

1979: Jan
Feb
Mar
Apr
May___ _
June_ .
July
Aug
Sept_
Oct____
Nov_

__

_

_ _

_ _

Crops

Prices paid by fanmers
All
items,
Livestock interest,
Family
Producand
tion
living
taxes,
and
products wage rates
items
items
Index, 1<)67=100

113
125
179
192
185
186
183
210
216
222

108
114
175
224
201
197
192
204
202
205

118
136
183
165
172
177
175
217
230
239

118
125
144
164
180
192
202
219
225
226

232
241
246
244
246
244
244
237
241

209
216
214
212
220
233
240
235
225

252
264
274
272
269
255
250
239
255

234
238
243
246
248
249
251
251
254

236
237

224
224

1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
* The adjusted parity ratio reflects Government payments made directly to
farmers.




248
250

256
256

(33)
()
(3)
(3)
(3)
(3)
(33)
( 3)
(3)
(3)
()
(3)

8

118
123
133
151
166
176

Parity ratio *
Actual

Adjusted *

113
121
146
166
182
193
200
216
222
225

71
74
91
86
76
71
66
71
71
72

75
79
94
87
76
72
68
72
73
74

230
235
243
246
247
248
250
249
253

73
75
74
73
73
72
72
69
70

74
76
76
74
74
74
73
71
71

255
255

68
68

69
69

3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
M1 levelled off in November. The broader aggregates expanded at a moderate pace.
BILLIONS OF DOLLARS*(RATIO SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)
1,000

1,000

200

200

1971

1979

*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
COverall imeasure s 1

Deposit s at commercial banks
Period
Ml

1973: Dec__ 270. 5
1974: Dec__ 283. 2
1975: Dec_. 295.4
1976: Dec__ 313.8
1977: Dec__ 338.7
1978: Dec__ 361. 2
Nov_ 360.6
Dec_ 361.2
Jan__ 359.7
Feb__ 358. 6
Mar_ 359.0
Apr 364.3
May. 364.5
June_ 369. 0
July.. 372. 2
Aug__ 374.3
Sept. 377. 8
Oct__ 378. 6
Nov_ 378. 9

Ml-f

397.9
419.5
456.8
517.2
560. 6
587.2
587.8
587.2
583.4
580. 1
579.6
585. 1
584.1
590.1
595. 1
598. 4
602.0
599.6
593.7

M2

571. 3
612. 2
664. 8
740. 6
809. 4
875. 8
873.7
875.8
875. 0
876. 7
879.5
889.8
893.8
904. 4
914. 1
922. 5
932.0
938. 5
943. 5

M3

919.0
981. 0
1, 092. 4
1, 235. 6
1, 374. 3
1, 500. 1
1, 493. 1
1, 500. 1
1, 503. 7
1, 509. 7
1, 517. 5
1, 530. 8
1, 537. 0
1, 552. 3
1, 567. 0
1, 580. 0
1, 594. 4
1, 603. 7
1, 611. 1

Currenc.y

61.6
67.8
73. 8
80.8
88.6
97. 5
96.6
97.5
98. 2
98.9
99.4
100. 2
100.7
101. 5
102.4
103.6
104. 9
105. 4
105. 8

Demand

209.0
215.3
221.7
233. 0
250. 1
263.7
264. 0
263.7
261. 5
259. 7
259.5
264. 1
263. 8
267.5
269.8
270. 7
273.0
273.2
273. 1

Time and sa^rings




Deposits
at nonDame
tViriff
LIU 11 ll

Total 2 Large
CDs

363. 7
418. 1
450. 3
489. 2
544. 4
611. 2
608. 5
611.2
615. 8
620. 2
619.5
620. 6
619. 9
620.3
626. 6
634. 2
642.2
651. 1
659. 5

1
Ml is currency plus demand deposits; M1+ is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.

26

Perce nt chan ge 3

C/omponeiits and related i terns

2

63.0
89.0
81.0
62.4
73.7
96. 6
95.4
96.6
100.5
102. 1
99.0
95.0
90.6
84. 9
84. 7
85.9
88. 1
91. 1
95. 0

Savings

institutions

127. 1
135.9
160.7
202. 1
219.7
223.0
224.3
223. 0
220. 8
218. 6
217.7
217.7
216.4
217.8
219.5
220. 7
220. 7
217.6
211. 4

347.7
368.7
427.7
495. 0
564.9
624.4
619.5
624.4
628.7
633.0
638.0
641. 0
643. 2
647.9
652.9
657.5
662.4
665.2
667.6

U.S.
Government
demand
deposits
(unadjusted)
6.3
4.9
4. 1
4.4
5. 1
10. 2
8.0
10. 2
11.9
8.3
6.5
5.3
8.410. 8
13.2
9.8
12.4
11.7
5.5

Ml

M1 +

6.0
4.7
4.3
6.2
7.9
6.6
5.7
5.0
3.0
1. 1
—.9
1.7
2.2
4.4
7. 1
8.9
10.7
8.0
8. 1

5.0
5. 4
8.9
13. 2
8.4
4.7
4. 1
3.0
1. 1
-1.2

-3.3
-1.6
-1.3
1.0

4. 1
6.4
7.9
5.0
3.3

M2

8.8
7.2
8.6

11.4
9. 3

8.2
9.0
8.0
6.3
4.8

3. 2
4. 6
4.7
6.6

9. 1
10.7
12. 3
11. 2
11.4

Includes time deposits other than large CDs, not shown separately,
s 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 Reserve System.

PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and c eposits

854.9
966. 8
1, 086. 1
1, 174. 2
1, 295. 6
1, 428. 4
1, 598. 7
1, 771. 3

721. 1
815.9
886. 5
942.4
1, 053. 2
1, 191. 8
1, 327. 1
1, 448. 0

52.5
56.9
61.6
67.8
73. 8
80.8
88.6
97. 5

162. 1
176.3
183.9
187.5
193. 6
201. 2
214.6
224.7

233.2
263. 6
293. 2
318.4
358.2
414. 8
459.0
501.4

273. 3
319. 1
347.7
368.7
427.7
495.0
564. 9
624.4

54. 3
57. 5
60. 4
63. 3
67. 2
71.9
76. 6
80. 6

31. 5
34. 3
43. 3
47.8
67.3
66.8
78.3
85.4

27.5
35. 9
53. 2
69. 4
57.0
42. 7
50.7
62. 2

20. 6
23. 0
42. 8
51. 3
50.9
55. 3
66. 1
95.2

1, 754. 4
1, 771. 3

1, 441. 2
1, 448. 0

96. 6
97.5

225.0
224.7

500. 1
501.4

619.5
624.4

80. 3
80. 6

81. 7
85.4

61.8
62.2

89.3
95.2

1, 786. 4
1, 799. 5
1, 811. 2
1, 827. 9
1, 841. 1
1, 861. 2
1, 877. 2
1, 890. 6
1, 909. 1
- — 1, 925. 1
1, 940. 8

1, 451. 4
1, 457. 2
1, 464. 7
1, 477. 3
1, 483. 2
1, 497. 6
1, 512. 0
1, 524. 9
1, 538. 1
1, 548. 1
1, 556. 7

98. 2
98.9
99.4
100.2
100. 7
101.5
102.4
103.6
104.9
105.4
105.8

222. 2
220. 3
220. 0
223. 9
223. 1
226.0
227.8
228.7
230.0
230.6
231.6

502. 4
505. 0
507.2
512.2
516. 2
522. 3
528.8
535. 1
540.8
546.9
551.7

628.7
633.0
638. 0
641.0
643.2
647.9
652. 9
657.5
662.4
665.2
667.6

80.7
80.6
80. 6
80.6
80.6
80.6
80. 6
80.6
80.6
80.4
80.0

88.6
90. 9
95.3
100.5
108.6
116. 3
114.2
109.9
109.7
108.8
108.0

65.2
65.5
61. 4
56. 4
51.8
45.7
44. 3
43.7
44. 2
45.7
48.6

100. 5
105.2
109.2
113.1
116.9
121. 0
126. 2
131.6
136.5
142. 0
147.5

Dec
Dec__
Dec_ _ _
Dec
Dec_ ._
Dec
Dec _ Dec

1978: Nov
Dec

_

1979: Jan
Feb
Mar_
Apr _
May
May

July
Aug__ _
Sept
Oct v
Nov _

Other
private
money
market
instruments

Negotiable
certificates of
deposit

Total

Period

1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:

U.S. Tr•easury
secur ities

Time d eposits

Total
liquid
assets

Currency

Demand
deposits

Commercial
banks

ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities

Source: Board of Governors of the Federal Reserve System.

CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installnrtent credit e xtended
T>_ •

Installm ent credit li quidated

Net change1 in amount outstanding

i

Fenod

Total *

Automobile

Revolving

138, 046
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
298, 351

36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 987

21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587

_

Dec

25, 766
25, 956
26,516

7,501
7,788
7,833

1979: Jan
Feb_
Mar__
Apr _
May
June
July
Aug __
Sept __ _
Oct__ _

25, 548
26, 452
26, 533
27, 009
27, 901
26, 139
26, 848
27, 583
28, 634
27, 695

7,549
7,756
7,794
7,999
8,260
7,178
7,447
7,667
8,430
7,676

1971 _
1972
1973
1974_
1975
1976
_
1977_
1978

_

__

_

_

_ _

1978: Oct____
Nov

1

Automobile

Revolving

Total *

Automobile

Revolving

789
787
817
276
676
381
793
541

32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 430

20, 818
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
96, 811

10, 257
14, 962
20, 218
9, 489
7,765
21, 647
35, 278
44, 810

2,976
10, 465
15, 204
19, 557

495

1,044
1, 174
2,003
1,970
1,340
2, 170
6,248
7,776

8,846
9, 176
9,424

22, 390
22, 124
22, 117

6, 126
6,033
6,053

8,500
8,511
8,555

3,376
3,832
4,399

1,375
1,755
1,780

346
665
869

9,417
9,357
9,714
9,722
10, 039
10, 136
9,856
10, 371
10, 699
10, 424

22, 481
22, 889
22, 908
22, 904
24, 595
23, 581
24, 405
25, 137
24, 188
25, 509

5,868
6,191
6,308
6,612
7,035
6,488
6,831
7,073
6, 607
7,189

8,984
9,040
8,972
8,804
9,290
9, 340
9,427
9,584
9,642
9,760

3,067
3,563
3, 625
4,105
3,306
2,558
2,443
2,446
4, 446
2, 186

1, 681
1,565
1,486
1,387
1,225

433
317
742
918
749
796
429
787

Includes "mobile home" and "other," not shown separately.




Total i

127,
136,
152,
163,
172,
189,
218,
253,

4, 194
5,621
5, 910

690
616
594

1,823
487

1,057

664

Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS, INVESTMENTS, AND RESERVES
Commerica! and industrial loan growth moderated in October, following rapid expansion from June through September.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400

BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
1,200

ALL COMMERCIAL BANKS

1,200

1,000

1,000

800

800

600

600

400

400

200
180
160
140

200
180
160
140

INVESTMENT IN OTHER SECURITIES

\

120

120

INVESTMENT IN
-U.S. TREASURY SECURITIES

100

100

80

80

60

60

40

40 I i i i I i I i i i M
1972

1973

1980

1974

*SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total
loans
and
investments

Period

1972:
1973;
1974:
1975:
1976:
1977:
1978:

Dec__
Dec
Dec_ __
Dec __
Dec_ _ _
Dec
Dec. __

1978: Oct
Nov
Dec __

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]
All member ban ks 3
Allc ommercial t>anks 1
Borrowiiigs (millions of dollars,
]Reserves
Investn lents
Loans imd leases
unadji isted)
CommerOther
U.S.
SeaReNoncial and
Total
Total
Treasury
secuTotal 2 industrial
sonal
borrowed quired
securities
rities
loans

- _

566. 1
647. 8
_
713.6
__
744. 6
804. 3
891. 1
1, 014. 3

386.2
460. 3
519. 9
516.9
554. 8
632. 1
747.8

136. 3
165. 6
197. 3
189. 8
191.2
211. 2
246. 5

64. 1
58.7
53. 7
82. 1
100. 6
99. 5
93.4

115.8
128. 8
140.0
145. 7
149. 0
159.6
173. 1

31.34
34.90
36.55
34.67
34. 89
36.10
41.27

30. 29
33.60
35.83
34. 54
34.83
35.53
40. 40

31.05
34. 60
36.30
34.40
34.61
35.91
41. 04

1,049
1,298
703
127
62
558
874

41
32
13
12
54
134

994.3
1, 007. 4
_ _ 1, 014. 3

726. 0
739.9
747.8

241. 5
245.0
246.5

98. 1
96.0
93.4

170.3
171. 5
173. 1

38. 38
39.75
41. 27

37. 10
39.05
40.40

38.22
39. 53
41. 04

1,261
722
874

221
185
134

1, 030. 9
1, 042. 0
1, 048. 9
1, 061. 0
1, 068. 8
1, 080. 0
1, 092. 2
1, 102. 8
15 122. 8
1, 130. 0

759.9
770.0
775. 7
786. 6
793.3
803. 1
813.4
823.3
840.0
845. 8

252.6
256.9
259. 8
263.3
266.8
270.4
275.5
279.9
285.9
289. 0

93.0
93.2
93.9
94.0
94. 1
94. 8
95.3
94. 1
95.2
95.3

178.0
178. 8
179.3
180.4
181.4
182. 1
183.5
185.4
187.6
188.9

41.48
40.75
40.81
40.65
40.48
40.42
40.82
41.07
41.46
42. 32
43. 13

40. 48
39.78
39.82
39. 73
38.72
39.00
39. 65
39.98
40. 12
40. 30
41.22

41.26
40. 54
40.66
40.47
40. 34
40.20
40.61
40.85
41.27
42.04
42. 88

994
973
999
897
1,777
1,396
1, 179
1,097
1,345
2,022
1,908

112
114
121
134
173
188
168
177
178
161
141

1979: Jan
Feb
Mar
Apr _ _
May____
June__
July_
Aug. _ _
Sept_ _
Oct *„_
Nov.

1
Data are averages of Wednesday figures.
a8 Excludes loans to commercial banks in the United States.
Data are averages of daily figures. Member bank reserves series reflects actual
reserve requirement percentages with no adjustment to eliminate the effect of
changes in Regulations D and M.

28



* Data for loans and investments are estimates.
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

1970
1971
1972
1973_
1974
1975
1976
1977_
1978

Total

__-

1978: I
II
III—
IV
1979: I
II

_
.__

Internal 1

Crediit market f unds
Total

Total

Longterm 2

Short-3
term

Other

Total

Purchase
of
physical
assets *

Increase
in
financial
assets

Discrepancy
( sources
less
uses)

104.3
127.9
161.6
199.9
191. 0
150.0
209.0
242. 6
295.4

58.9
68.6
80.8
83.8
75.7
106.8
125. 3
139.9
148.8

45.4
59.3
80.8
116. 1
115.3
43.2
83.7
102.7
146.6

40.6
45.2
58. 1
73.0
81.7
38. 1
59.8
80.3
94.5

32. 2
41. 1
40. 5
37. 1
39. 1
49.2
48.7
46. 1
49.2

8.4
4. 1
17.5
35.9
42.5
-11. 1
10.9
34. 1
45.3

4.8
14.0
22. 6
43.2
33.6
5. I
24. 0
22.5
52. 2

95.9
119.5
145.8
185. 6
179.0
133. 1
183. 3
216.8
274.2

80.3
86.0
100.3
123. 3
134. 7
99.9
139.0
169. 9
195.9

15.6
33. 5
45.6
62. 3
44. 4
33.2
44.3
46.9
78.3

261.8
296.6
301. 6
321.6

135. 0
150. 5
153.8
155.9

126. 8
146. 1
147.8
165.7

92. 1
92.6
92.0
101.2

31.6
54.9
55.4
55.0

60.6
37.7
36.6
46.2

34.8
53.5
55.9
64.5

234. 9
280.8
282. 6
298.7

177.0
203. 2
199.9
203.6

57.9
77.6
82. 7
95. 1

27.0
15.8
19. 0
22.9

338.0
352. 0

154. 1
157. 5

183. 9
194.5

113.3
131. 5

47.2
54.7

66. 1
76.9

70.6
62.9

325.0
327.7

213. 6
228.7

111.4
99.0

13. 1
24. 3

» Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
a Stocks, bonds, and mortgages.
« Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.

'

8. 4
8.2
15.7
14. 4
11.9
17.0
25.7
25.9
21.2

4
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]
Cur rent liabilities

Curre nt assets
End of period

Total

Cash

Notes
U.S.
governand
Invenment
acsecuri- counts tories
ties receivable

Other
current
assets

Total

Notes
Other
and
current
accounts liabilities
payable

Net

working
capital

Current
ratio l

SEC series:2
1970
492.3
1971
529. 6
1972
599. 3
1973
697.8
1974
790.7
3
FTC-FEB series:
1974
_ _
735.4
1975
759.0
1976
826. 3
1977___
900. 9
1978
1, 028. 1

50. 2
53.3
59.0
66.3
71. 1

11.0
10.6
12. 8
12.3

7.7

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

304.9
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

73.2
82. 1
87.3
94.3
103.5

11. 1
19. 0
23.6
18.7
17.8

265.8
272. 1
293.3
325.0
381.9

319. 5
315.9
342.9
375.6
428.3

65.9
69.9
79.2
87. 3
96. 5

453.4
451.6
492. 7
546.8
662.2

269.8
264. 2
282. 0
313. 7
375. 1

183. 6
187.4
210. 6
233. 1
287. 1

282. 0
307.4
333. 6
354. 1
365. 9

1. 622
1. 681
1.677
1.648
1.552

925.0
954.2
992.6
1, 028. 1

88.8
91.3
91.6
103. 5

18.6
17.3
16. 1
17.8

337.4
356.0
376.4
381. 9

390. 5
399. 3
415.5
428. 3

89.6
90. 3
92.9
96.5

574.2
593.5
626.3
662. 2

325.2
337.9
356. 2
375. 1

249. 0
255. 6
270.0
287. 1

350. 7
360. 7
366. 3
365. 9

1. 611
1. 608
1.585
1.552

__ 1, 078. 6
1? 110. 2

102.4
100. 1

19.2
20. 8

405.3
418.8

452.6
468.9

99. 1
101. 4

701.9
723.7

392. 6
410.5

309. 2
313. 1

376. 7
386.5

1.537
1.534

1978: I _ _

II
III
IV

1979: I
II
1
8

Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
8 Based on data from Quarterly Financial Report for 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 Reserve System, Federal Trade
Commission,
Commission.

29

INTEREST RATES AND BOND YIELDS
Short rates rose during December.
PERCENT PER ANNUM
—
114

PERCENT PER ANNUM
14

12

10

10
CORPORATE Aaa BONDS
(MOODY'S)

v*. : \
/ •• • :
DISCOUNT
RATE
FEDERAL
RESERVE
-^BANK OF
]~NEW YORK

TREASURY BILLS

f

V
M

1972

1973

1974

1976

1975

1977

I II 1 1 I 1 I 1

1979

1978

1980

COUNCIL OF ECONOMIC ADVISERS

SOURCE; SEE TABLE BELOW

[Percent per annum]

U.S. Tre asury security yields
Period

1973__
__
1974_
1975 _
1976
1977
1978
1978: Nov
Dec__
1979: Jan
Feb
Mar.
Apr
May__ __
June
July
Aug_
Sept___ _
Oct
Nov
Week ended:
1979: Nov 24
Dec 1
8____
15____
22*___

3-month
bills i

Constant rnaturities
3-year

2

10-year

High-grade Corporate Prime com- Discount
rate
mercial
municipal
Aaa
(N.Y.
paper,
bonds
F.R.
(Standard
4-6
Bank)4
& Poor's)3 (Moody's) months*

7. 041
7. 886
5.838
4.989
5. 265
7.221
8.787
9. 122
9.351
9.265
9.457
9.493
9.579
9. 045
9.262
9.450
10. 182
11. 472
11. 868

6.95
7. 82
7.49
6.77
6.69
8.29
9.04
9.33
9. 50
9.29
9.38
9.43
9.42
8.95
8.94
9. 14
9.69
10.95
11. 18

6.84
7. 56
7.99
7.61
7.42
8.41
8.81
9. 01
9. 10
9. 10
9. 12
9. 18
9. 25
8.91
8.95
9.03
9.33
10.30
10. 65

5. 18
6. 09
6. 89
6.49
5.56
5.90
6.03
6. 33
6.25
6. 19
6. 16
6. 14
6. 10
5.99
6.05
6. 10
6.40
6.98
7. 19

7.44
8.57
8. 83
8.43
8. 02
8. 73
9.03
9. 16
9.25
9.26
9.37
9.38
9.50
9. 29
9.20
9.23
9.44
10. 13
10.76

8. 15
9. 87
6. 33
5. 35
5. 60
7.99
10.23
10.43
10.32
10.01
9.96
9.87
9.98
9.71
9.82
10. 39
11. 60
13.23
*13. 26

11. 944
11. 018
11. 927
12. 054
12. 228

11. 31
10. 64
10.61
10.86
10. 66

10.71
10.34
10. 29
10.45
10.37

7. 29
7. 19
7.04
7. 16

10. 83
10.63
10. 58
10.70
10.78

13. 19
12.40
12. 62
12.87
13.01

*Beginning November 1, 1979, data are for 6 months paper.
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.
1
2

an



6. 45
7.83
6.25
5.50
5.46
7.46
9J/2-9K

9K-9K

9/2-9^2

9/2-9K
9X2-9l/2

Prime
rate
charged

by

banks *

8.03
10.81
7. 86
6.84
6. 83
9.06
10/2-11/2
11/2-11%
1 lji-l«i
HJi-llJi

11J4-11K

n%-n%
n%-n%
9K-9/2 n%-iiK
9^-10 iiK-iiH
9^-9^

9/2-9/2

10-10K
lOK-H

11-12
12-12

HK-12Ji
12K-13/2
13/2-15
15J4-15/2

12-12
12-12
12-12
12-12

15^-15%
15^-15/2
15/2-15^
15K-15K

12-

New-

home
mortgage
yields
(FHLBB)5

7.95
8.92
9.01
8.99
9.01
9.54
9.87
10.02
10. 18
10.20
10.30
10.36
10.47
10.66
10.78
11. 01
11. 02
11.21
11.37

15K-

s Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates 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 rose somewhat further in December, but were still below their September highs.
INDEX, DEC 31,1965=5

INDEX, DEC 31,1965=50

80

COMPOSITE STOCK PRICE INDEX
(NYSE)

50

- 50

40

40

™ 30

30 ~
1979

1971

PERCENT
20

PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS

15

10

J
1971

1972

1973

1974

1976

1975

I

J

1977

!
1978

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

COUNCIL OF ECONOMIC ADVISERS

Common stock 5 yields
( percent)

Cominon stock pi^ices 1
Period

New York Stock Exch ange indexe.s(Dec. 31, 1 965=50) *
Composite Industrial

1973
1974
„„
1975
1976
1977
1978,.
_.
1978: Nov
Dec
1979: Jan
Feb_
Mar.
Apr
May
_
June
July
Aug
Sept
Oct__
___
Nov v
Week ended:
1979: Nov 17
24
Dec 1
8
15

Transportation

Utility




Finance

St andard
& Poor's
Dowcomposite DividendJones
index
industrial3
ratio
(1941-43=
average
10) 4

57.42
43.84
45. 73
54.46
53. 69
53.70
52.74
53.69
55.77
55.08
56. 19
57.50
56.21
57.61
58. 38
61. 19
61.89
59.27
59. 02

63.08
48.08
50. 52
60. 44
57. 86
58.23
57. 50
58.72
61. 31
60.37
61.89
63.63
62.21
63.57
64.24
67.71
69. 17
66.68
66.45

37.74
31.89
31. 10
39. 57
41. 09
43.50
41.80
42.49
43.69
42.27
43.22
45.92
45. 60
47.54
43.85
52.48
52. 21
48. 09
47. 61

37.69
29.79
31.50
36.97
40. 92
39.22
37.88
38. 09
38.83
39.21
38.94
38.63
37.48
38.44
38. 88
39.26
38.39
36.58
36.55

70. 12
49.67
47. 14
52. 94
55. 25
56.65
54.95
55.68
57.59
56.09
57.65
59. 50
58. 80
61.87
64.43
68. 40
67.21
61.64
60.64

923.
759.
802.
974.
894.
820.
804.
807.
837.
825.
847.
864.
837.
838.
836.
873.
878.
840.
815

88
37
49
92
63
23
29
94
39
18
84
95
41
65
95
54
50
39
78

107. 43
82. 85
86. 16
102. 01
98.20
96.02
94.71
96. 11
99.71
98.23
100. 11
102. 07
99.73
101. 73
102. 71
107. 36
108. 60
104. 47
103. 66

5.31
5. 56
5.71

58.93
59. 32
60.88
61.26
61.77

66.39
66.89
68. 50
69.01
69.81

47. 60
47.79
49.55
50. 08
50.54

36. 39
36. 65
37. 63
37.63
37.47

60.38
60.27
62.96
63. 26
63. 21

817.
810.
827.
828.
836.

92
92
83
24
42

103.
104.
106.
107.
107.

5.70
5.71
5.55
5.53
5.53

» Average of daily closing prices.
all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
< Includes 500 stocks.
* Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
2
Includes
1

1979

55
12
58
08
85 I

3.06
4. 47
4.31
3. 77
4. 62
5.28
5.45
5.39
5.28
5.43
5.36
5.35
5. 58
5.53
5.50
5. 30

Earn ingsratio
7. 12
11.59
9. 15
8.90
10.79
12. 03

12.83
13.09
13.59

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.
Ql

FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first month of fiscal year 1980, the budget deficit was $14.7 billion, compared with a deficit of $14.0 billion
a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

RECEIPTS AND OUTLAYS
500

500

400

400

OUTLAYS

300

300

RECEIPTS

200

200

50

50

SURPLUS (+) OR DEFICIT (-)

-50

-50
-100

-100
1971

1972

1973

1975

1974

1976

1977

1979

1978

1980

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Period

Receipts

Fiscal year or period:
1969_._ _
___ _
1970
1971
_ _ _ __
_ _
1972
_
1973
1974___
__
1975
_ _ _ _ _ _ _ _
1976
Transition quarter
___
___
1977__ _
_ _
1978
1979 2
1980 (estimates):
Mid-Session Review, adjusted 3
Second Concurrent Resolution, November 19794 _
First month:
Fiscal year 1979 __
Fiscal year 1980_
1
2

Excludes non-interest-bearing public debt securities held by IMF.
Preliminary; from Joint Statement, Secretary of the Treasury and Director
of 3the Office of Management and Budget, October 25, 1979.
Estimates from Mid-Session Review of the 1980 Budget, Office of Management
and Budget, as revised July 31, 1979, and adjusted October 25, 1979.

32



Outlays

Surplus or
deficit ( — )

3.2

187.8
193.7
188.4
208.6
232. 2
264.9
281. 0
300.0
81.8
357. 8
402.0
465.9

184. 5
196. 6
211. 4
232. 0
247. 1
269.6
326.2
366.4
94.7
402.7
450.8
493. 6

-2.8
-23. 0
-23.4
-14. 8
-4.7
-45. 2
- 66. 4
-13.0
-45. 0
-48.8
-27.7

513.9
517.8

547. 1
547.6

-33.2
-29.8

28.7
33. 1

42. 7
47. 8

-14.0
-14. 7

Federal debt ( end of period)
Tntal 1

Held by
the public

367. 1
382. 6
409. 5
437.3
468. 4
486.2
544. 1
631.9
646.4
709. 1
780.4
833.8

279.5
284.9
304.3
323. 8
343. 0
346. 1
396. 9
480.3
498.3
551. 8
610.9
644.6

785.3
834.0

617.4
646. 8

4 Second Concurrent Resolution on the Budget—Fiscal Year 1980, November 28,1979.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal year 1980, budget receipts were $4.4 billion higher than a year earlier and outlays were
$5.1 billion higher.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

RECEIPTS
200

200

INDIVIDUAL INCOME TAXES
•JbB^^
OTHER RECEIPTS

100

100

CORPORATION INCOME TAXES

OUTLAYS
400

400

300

NONDEFENSE
X
'

300

^«*-"*>*<

^^^

200

200

NATIONAL DEFENSE
100

100

1971

1973

1972

1974

1975

1977

1976

1978

1979

1980

FISCAL YEARS
SOURCI& DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
<3utlays

Rece ipts
Nationa i defense
Period

Fiscal year or period :
1969
1970.
1971
1972__ _
1973
1974
1975_ _
1976
_ „ _
Transition quarter.
1977
1978__
1979 *
1980 (estimates) 2
First month:
Fiscal year 1979
Fiscal year 1980-

Total

_

Indi- Corpovidual ration
income income
taxes
taxes

187. 8
193.7
188. 4
208.6
232. 2
264. 9
281. 0
300.0
81. 8
357.8
402. 0
465. 9
513.9

87.2
90.4
86.2
94. 7
103.2
119. 0
122.4
131.6
38.8
157. 6
181.0
217. 8
234. 2

36.7
32. 8
26.8
32. 2
36.2
38.6
40. 6
41.4
8.5
54. 9
60.0
65.7
71.2

28. 7
33. 1

15.9
18. 7

1.7
1.5

Other

Total

Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military

77.9
77.1

4.6
4.3

208.5

75. 1
73.2
77.6
84.9
87. 9
21.9
95.6
103. 0
115.0
123. 6

4.7

493. 6
547. 1

79.4
78.6
75. 8
76.6
74. 5
77.8
85. 6
89.4
22.3
97. 5
105. 2
116.5
126.8

11. 1
12. 9

42. 7
47.8

9. 2
10. 4

10. 2

63. 9
70.5
75.4
81.7
92.8
107.4

118.0
127.0
34. 5
145.2
161. 1
182.4

Bee footnote 2, page 32.
Estimates from Mid-Session Review of the 1980 Budget, Office of
nd Budget, as revised July 31, 1979; totals are as
October 25,1979.




Total

184. 5
196. 6
211. 4
232. 0
247. 1
269. 6
326.2
366.4

94. 7

402.7
450.8

745

9.2

Sources: Department of the Treasury

4. 1
41
5.7
6.9
5.6
2.2
48
6.0
5.8
9.0

.3
1.3

49. 0
56. 1
70. 1
81.4
91. 8
106. 5
136.3
160.9
41. 5
176.7
190.2
210. 1
241. 1
15. 9
19. 1

15.8
18.3
19. 6
20.6
22. 8
28.0
30.9
34 5
7.2

38.0

440

52.6
57.8
3.0

41

35. 7
39. 3
41.8
48.8
53.9
51. 6
66. 5
76. 1
21.5
85.7
105. 4
108.6
108.2

14 3
12.9

Office of Management and Budget.

33

In the third quarter, according to revised
$19.0
rose $23.2 billion, yielding a deficit of $11.3 billion, $4.3 billion more
the

rate) and
deficit,
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
600

600

- 550

550 -

500

200

SURPLUS

^ ii ^ m 12^ ^

•^ K2Z1 t^ |H

DEFICIT

-50 -

-100

1972

ii
i

N N

50

^ ^ ^ m ^ ^ H ^^M m ^ ^

ii

Q

W~^ E2""

- -50
inc

i<

?75

1974

1973

^
^
^

||-

1977

1976

1979

1978

1980

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (j»overnm ent receip ts

Period

Fcsderal G<jvernmeiit expenclitures

Subsidies Less:
GrantsWage
Indirect ContriPurless
in-aid
Personal Corporate business butions
current accruals
chases Trans- to State Net
tax
and
Total nontax profits tax and
for
Total of goods fer pay- and interest surplus of less
tax
nontax social inand
ments local
paid Govern- disreceipts accruals
accruals surance
services
government en- burseterprises ments
ments

Surplus
or
deficit
(-),
national
income
and
product
accounts

Fiscal year:
1975
283.5
313.9
1976
1977
366.0
1978
414.7

127. 1
137.0
166.0
186.3

42. 1
51.7
59. 1
67.7

22.2
24.3
24.5
27.2

92. 1
100.9
116.4
133.5

328.7
371. 1
411.4
450. 1

118. 0
125.7
140.3
150.7

134.3
156. 5
169.6
182.0

48.4
57.6
66.3
74.7

21.9
25.2
28.4
33.1

5.7
6.2
6.9
9.6

.0
.0

-45. 3
-57. 3
-45.5
-35.4

Calendar
year:
1975
1976__
1977
1978

286.2
331.4
375.4
432. 1

125.4
147.2
169. 6
194. 9

42.8
54. 6
61.8
72. 0

23.9
23.4
25. 1
28. 1

94.2
106. 3
118. 9
137.0

356.8
385. 0
421. 7
459. 8

123. 1
129.7
144. 4
152. 6

149. 1
161. 7
172. 7
185. 4

54.6
61. 1
67.5
77.3

23. 2
26. 8
29.0
34. 8

6.8
5.8
8. 1
9.7

.0
.0
.0
.0

-70.6
-53. 6
-46.3
-27.7

397.8
1978: I
II.... 424.8
III.. 442. 1
IV___ 463.5

178.9
188.8
200. 9
211. 0

60.2
72. 2
74. 6
81. 2

26. 6
28. 0
28. 4
29. 3

132. 2
135. 8
138.2
142. 0

447. 3
449. 4
462. 6
479.7

150.9
148. 2
152.3
159. 0

179.8
180. 7
188.8
192. 1

74.4
76.7
77. 6
80.7

32.5
34. 0
35.6
37. 1

9.7
9.8
8.4
10.9

.0
.0
.2
.0

-49.4
-24. 6
-20.4
-16.3

475. 0
1979:1
!!___ 485. 8
III.. 504.8

213. 0
223. 4
235.2

77.2
74. 9
79.4

29. 4
29. 9
30. 0

155. 5 486.8
157.5 492. 9
160.2 516. 1

163.6
161. 7
162.9

196.8
201. 9
217. 6

77.8
77. 7
81. 8

40.0
42. 6
43.5

8. 3
9.0
10.2

2
\0
.0

-11.7
-7.0
-11. 3

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.

34



4.

!o

.

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustria prodiHition (se£isonally adjuste( 1)
Period

1972___ _ _ _
1973___
_1974
1975
1976_ 1977
1978
1979: Jan
Feb
Mar
Apr
May
June
July____
Aug
Sept»_~
Oct*>__
No'v*.

United CanStates ada

119. 7
129.8
129. 3
117.8
130. 5
138.2
146. 1
151. 5
152. 0
153. 0
150.8
152.4
152.6
152.8
151.6
152.4
152.4
151.6

Japan

France

Germany

Italy

135
145
148
139
148
152
154
159
159
161
159
161
161
165
165
166

138.7
147.7
145. 1
137. 1
149. 1
152.7
155. 8
159
157
161
161
164
164
169
163
163

122.7
134.6
140. 6
127. 6
143.5
145. 1
147.6
153.5
160.8
156.6
157.4
152.6
145.8
150.5
150. 4
160.0
165.8

167.0
190. 5
183. 1
163. 9
182. 0
189.7
201. 1
208. 5
211.3
210.8
212. 5
216. 7
217.0
219.0
221. 1
218. 2
221. 6

130. 6
143.5
148.5
139. 6
147. 4
152. 1
160.9
167.8
167. 3
168.4
165.5
166.8
165. 2
168.7
169. 3
172. 7

Con?mmer p rices (urtadjustec I)

United United
King- States1
dom

113. 2
123. 0
120. 0
114. 3
117.4
122.8
126. 6
120.2
131.7
133.5
132. 9
134.8
138.2
135.8
129. 0
126. 8

125. 3
133. 1
147. 7
161. 2
170.5
181. 5
195. 4
204. 7
207. 1
209. 1
211. 5
214. 1
216.6
218. 9
221. 1
223.4
225.4
227.5

Can- Japan France
ada
132. 3
147.9
184.0
205. 8
224. 9
243.0
252. 3
253.9
253. 1
255. 1
258.6
261. 3
261.5
263.8
261. 1
264. 4
267.7

121.2
130. 3
144.5
160. 1
172. 1
185.9
202. 5
211.2
213. 2
215.7
217. 2
219.3
220.3
222. 1
222.9
224. 9
226.5
228.7

Germany

131. 1
140. 7
160. 0
178. 9
196. 1
214.5
233.9
245.5
247. 1
249.4
251.8
254. 5
256. 6
260.0
262.7
264. 9
268. 1

119. 0
127. 2
136. 1
144. 2
150.7
156.6
160.7
163.5
164. 5
165.5
166. 4
167.0
167.8
168.8
169.0
169. 1
169.7
170. 4

Italy

121. 0
134. 0
159. 7
186. 8
218. 1
255.2
286. 2
305. 1
309. 7
313.8
317.8
321. 3
323. 9
326.8
330. 1
338. 4
346. 2

United
Kingdom

137.7
150.2
174. 3
216.5
252.4
292. 4
316.6
332. 9
335.6
338.3
344. 1
346. 8
352.8
368. 0
370.9
374.6
378.5
381. 8

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]
Merchtandise e'sports 1

Mercllandise iiuports
Ge neral ini|3orts

Domestic3 exports
Period

Total
domestic and
foreign Total
exports

2

Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
ages,
rials
ages,
tured Total and
to- and
and to- and
goods
fuels
bacco
bacco
fuels

5,790
8,416

5,902
8, 159

5,811
8,045

1,078
1,269

895
1,317

1974
8, 159
1975
8,966
1976
9, 596
1977
10, 096
1978
11, 965
1978: Oct
12, 901
Nov
13, 451
Dec __ 13, 283
1979: Jan
13, 132
Feb____ 13, 507
Mar
14, 452
Apr
13, 883
May
13, 862
June
15, 038
July
15, 669
Aug
15, 821
Sept___ 15, 832
Oct
16, 838

8,045
8, 842
9,456
9,912
11, 756
12, 670
13, 212
13, 054
12, 923
13, 283
14, 165
13, 636
13, 578
14, 774
15, 433
15, 560
15, 579
16, 554

1,269
1,399
1,436
1,330
1,719
1,786
1,634
1,692
1,437
1,557
1, 765
1, 758
1,807
2, 182
2, 352
2,262
2,266
2,497

1,317 5,294 8,354
1,266 5,913 8, 048
1,341 6,437 10, 084
1, 548 6, 679 12, 307
1,746 7, 874 14, 336
1,934 8, 626 14, 852
2,040 8,913 14, 825
2,047 8,907 15, 032
2, 143 8,759 16, 231
2,009 9,078 14, 806
2,313 9,403 15, 273
2, 134 9, 056 16, 036
1,939 9,068 16, 342
2,286 9,639 16, 937
2,441 9,819 16, 777
2,450 10, 071 18, 177
2,586 10, 092 18, 666
2,506 10, 507 18, 856

3,728
5,294

1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and from monthly detail beginning January 1978.
2
Total includes commodities and transactions not classified according to kind.
1
Total arrivals of imported goods other than intransit shipments.




Manufactured
goods

Total
(c.i.f.
value) 4

3,750
4,684

6,131
9,000

Merc•handise trade
balance
ExExports
(f.a.s.) ports Exports
(f.a.s.) (f.a,s.)
less
imless
less
imports
imports
(cusports
(e.i.f.)
toms (f.a.s.)
value)

Custom s value

F.a.s. valu 3 5

Monthly
average :
1973
1974

3

770 1, 120
892 2,653
F.a.s. ^^alue 5
892 2, 672
827 2,718
991 3,457
1, 186 4,463
1,312 4,329
1,358 4,355
1,369 4,443
1,452 4,578
1,486 5, 145
1,261 4,438
1,437 4,890
1, 540 5, 186
1,456 5,206
1,552 5,504
1, 386 5, 966
1,411 6,460
1,415 7,046
1,393 7,467

4, 602
4,257
5,398
6, 379
8,363
8, 755
8,691
8,617
9,291
8,824
8,596
9,023
9,232
9,475
9, 065
9,873
9,749
9, 504

112
-257

-195

-229
-841

9,000
—257 —195
—841
8,654
853
918
312
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 261 -2, 476-2, 371 -3,297
-1,951 -2, 863
15, 764
17, 770
-1,374 -2, 319
-1,749 -2, 724
16, 006
-3,099 -4, 150
17, 282
15, 720
-1,300 -2, 213
-821 -1,776
16, 228
-2, 153 -3, 171
17, 053
-2, 480 -3, 488
17, 350
17, 977
-1,900 -2, 940
17, 823
-1, 108 -2, 154
-2, 357 -3,455
19, 275
-2, 833 -3, 945
19, 777
-2, 018 -3, 119
19, 957

* C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
s 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 was in surplus by $0.8 billion, reversing a deficit of $1.1 billion in the second
quarter.
BILLIONS OF DOLLARS
10

BILLIONS OF DOLLARS
10

-15

-15
1978

1979
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted]
M erehandise

Remit-

Inv€jstment in come 3

12

Net

Period

Exports

Imports

1ST04.

bal-

Receipts

Payments

1972
1973
1974
1975
1976
1977
1978
1977: III..
IV- _
1978: !____
IL__
III__
IV- _

49, 381 -55, 797 -6,416 14, 764 -6,544
71, 410 -70,499
9,655
911 21, 808
98, 306 -103,648 -5, 343 27, 587 -12, 084
107, 088 -98, 041
9,047 25, 351 -12,564
114, 745 -124,051 -9,306 29, 286 13, 311
120, 816 -151,689 -30, 873 32, 587 - 14, 598
142, 052 -175,822 -33,770 43, 465 -21, 820

1979: !____

41, 348 -47, 463 -6, 115 14, 115 -7,251
42, 792 -50, 508 -7,716 15, 404 -7,939
47, 337 -54, 619 -7,282 17, 506 -8,712

II-IIIp.

30, 558
29, 665
30, 712
35, 396
36, 532
39, 412

-37,996
-38, 869
-42, 629
-43, 329
-44, 481
-45, 383

1
Excludes military grants.
2
Adjusted from Census data
3

-7,438
-9,204
-11,917
-7,933
-7,949
-5,971

8,420 -3,686
8,312 -4, 201
9,776 -4, 537
10, 256 -5,402
10, 526 -5,574
12, 907 -6,308

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.




Net

military
transactions

Nettravel
and

transportation
receipts

8,220
3,420 -3,063
12, 153 -2, 070
3, 158
15, 503 -1,653 -3, 184
12, 787
-746 -2, 725
674 -2,465
15, 975
1,679 -3, 200
17, 989
492 -2,985
21, 645
4,734
407
-693
-787
357
4, 111
244
-731
5, 239
4,854
-798
237
-784
4,952
247
-672
-239
6,599
6,864
7,465
8,794

34

-217
-384

-566
-840
-615

Other
services,
net 3

Balance
on

goods
and
serv-1
ices

pensions,
__ j
and
unitrans-1
fers

Balance
on

current
account

2,789 - 1, 889 -3,854 -5,744
7, 141
3, 185 11, 022 -3,881
3,975
2,113
9,298 -7, 186
4, 590 22, 952
4,613 18, 339
4,605
4,725
9,603 -4, 998
4,983
9,423 -4, 670 -14,092
6,226 -8, 392 -5,086 -13,478
1,331 -1,659 -1,249 -2, 908
1,251 -4, 272 -1,023 -5,295
1,439 -5,725 -1,228 -6,953
1,501 -2, 139 -1, 313 -3,452
1, 603 -1,931 -1,233 -3, 164
85
1,682
1, 399 -1,314
1,520
1, 615
1,623

415
1,737 -1,322
307 - 1, 363 -1,056
762
2, 136 -1,374

Note.—Data revised beginning 1978.
Source: Department of Commerce, Bureau of Economic Analysis.

.S. INTERNATIONAL TRANSACTIONS—Continued
the

quarter,
in the United

to $25.3 billion, from $15.5
in the second quarter. Foreign
by $5.6 billion after falling in the previous two quarters.
BILLIONS OF DOLLARS
40

BILLIONS OF DOLLARS
40

30

20

10

-10 -

-30

-40
1971

1979

1972

SOURCE-. DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted]

U.S. assets abroad, net
[increase/capita 1 outflow ( — )]

Period
Total

1972 _.
1973
1974_ _
1975
1976__
1977- _
1978. _

Other
U.S.
U.S.
U.S.
official Governprivate2
reserve
assets
ment
assets 1 2 assets

-14,497
—4
-22, 874
158
-34, 745-1,467
-39, 703 -849
-51,269 -2,558
_ _ -35, 793 -375
732
-60,957

Foreigri official
ass ets
Total
Total

Assets of Other
foreign foreign
official
assets
reserve
agencies

— 12,925 21, 461
-20, 388 18, 388
-33,643 34, 241
-35,380 15, 420
-44,498 36, 399
31, 725 50, 823
-57, 033 63, 713

10, 475
6,026
10, 546
6,777
17, 573
36, 656
33, 758

10, 293
5,090
10, 244
5,259
13, 066
35, 416
31, 004

10, 986
12, 362
23, 696
8,643
18, 826
14, 167
29, 956

-6,625
-15,213

112 -1,001 -5, 736 14, 236
-43
-746 — 14, 424 19, 991

8,266
15, 179

7,890
15, 101

5,970
4,812

1978: I
„_ -15,188
II
-5,466
III... -10,049
IV
— 30,254

187 -1,009 -14,366 18, 175
941
248 -1,263 -4, 451
115 -1,390 -8, 774 15, 358
182
-994 -29,442 29, 239

1977: III
IV

mfQ- j

•
^

— 1,568
-2, 644
366
-3,474
-4, 214
-3,693
-4, 656

1
Consists of gold, special drawing rights (SDR), convertible currencies, and
thes U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.

Allocations
Of
Total
of
special (sum of Seasonal
the
drawing
adjustitems
rights
ment
(SDR) with sign discrepreversed) ancy
710 — 1,930
-2, 655
-1,609
5,944
10, 265
-937
10, 722

U.S.
official
reserve
assets,
net l
(unadjusted^
end of
period)
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650

-4, 703 -2, 275 18, 988
1,321 -19, 312
517

15, 618 14, 895 2,557
-5,265 -5, 129 6,206
4,641
4,519 10, 717
18, 764 16, 719 10, 475

-7,637 -3,585 - 1, 094
2,958 1,476 -9, 391 -9,227 10, 868
343 -1,001 - 15, 507 6,057 - 10, 043- 10, 299 16, 100
5,562
2,779
-756 -25,348 23, 059
5,371 17, 497

II.....-16, 165
III p. -23, 325




Stati stieal
discrepaney

Fore ign assets in the U.S., net
[inci*ease/capi bal inflow (-BP

1, 139

901
3,965
7, 976
517
-2, 145 -2, 716
1,301
1,930

19, 192
18, 864
18, 850
18, 650

985
4,606
737
11, 163
-495 -3, 756

21, 658
21, 246
18, 534

NOTE.—Data revised.
Sources: Department of Commerce (Bureau of Economic
partment of the Treasury.

De-

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income.
Corporate Profits....
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

1
2
2
3
3
4
4
5
6
7
8
9
10

.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultufal 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 Installment 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 Budget 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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38



U.S. GOVERNMENT PRINTING OFFICE : 1979 O—55-585