Full text of Economic Indicators : February 1976
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94th Congress, 2d Session
Economic Indicators
February 1976
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1976
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec 500 of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)
HOUSE or REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H, ROUSSELOT (California)
JOHN R. STARK, Executive Director
LOUGHUN F. McHuGH, Senior Economist
RICHARD F. KAOTMAN, General Counsel
COUNCIL OF ECONOMIC ADVISERS
ALAN GREENSPAN, Chairman
PAUL W. MAcAVOY
BURTON G. MALKTEL
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—SlsT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Tissolvcd by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the fourth quarter, gross national product increased $44.0 billion or at a 12.0
percent annual rate, reflecting an inflation rate of 6.8 percent and an increase of 4.9 percent in real GNP.
BILLIONS OF DOLLARS (RATIO SCALE)
1,800
BILLIONS OF DOLLARS (RATIO SCALE)
1,800
1,600
1,600
1,400
1,200
1,000
800
1969
1968
1970
1971
1973
1972
1975
1974
SOURCE, DEPARTMENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975.
1974: !_._
II—
IIIIV. _
1975: I _ - _
II—
IIIIV..
Gross
national
product
Personal
consumption
expenditures
688. 1 430.2
753.0 464.8
796.3 490.4
868.5 535.9
935. 5 579.7
982.4 618.8
1, 063. 4 668. 2
1, 171. 1 733. 0
1, 306. 3 808. 5
1, 406. 9 885.9
1, 498. 8 963.8
1, 370. 9 849. 5
1, 391. 0 877.8
1, 424. 4 907.7
1, 441. 3 908.4
1, 433. 6 926.4
1, 460. 6 950. 3
1, 528. 5 977.4
1, 572. 5 1, 001. 0
Gross
private
domestic
investment
112. 0
124. 5
120.8
131.5
146.2
140. 8
160.0
188.3
220. 5
212.2
182. 6
218.4
212.7
207. 6
210. 3
168. 7
161.4
194.9
205.4
Federal
Net
exports
Exports
Imports
Total
7. 6
5. 1
4.9
2. 3
1.8
3.9
1. 6
-3. 3
7.4
7. 7
21.2
15.6
4. 0
3.2
8.2
17.3
24.2
22. 1
21.2
39.5
42. 8
45. 6
49.9
54. 7
62.5
65.6
72. 7
101. 5
144.2
147.7
133. 1
141. 6
148. 6
153. 6
148. 2
140. 7
148. 5
153.5
32. 0
37. 7
40. 6
47.7
52. 9
58. 5
64. 0
75. 9
94.2
136. 5
126.5
117. 5
137. 6
145. 5
145. 3
130.9
116.4
126.4
132.2
138.4
158. 7
180.2
198. 7
207.9
218.9
233. 7
253. 1
269. 9
301. 1
331.2
287. 5
296. 5
305.9
314.4
321.2
324. 7
334. 1
344.8
i This category corresponds closely with budget outlays for national defense,
shown on p. 36.
NOTE.—Revised series. See Survey ojCurrent Business, January 1976.
Go^^eminent purchases of goods and
services
Expori & and imj>orts of
gooc Is and serdees
Total
67.3
78.8
90.9
98.0
97.5
95.6
96.2
102. 1
102. 0
111.7
123.2
106. 1
108.9
113.6
118.2
119.4
119.2
124.2
129. 9
National
defense1
49.4
60. 3
71.5
76.9
76. 3
73.5
70. 2
73. 5
73.4
77.4
84.0
74. 8
75. 8
78.4
80. 5
81.4
82. 1
84.9
87.4
Nondefense
17.8
18. 5
19. 5
21.2
21.2
22. 1
26.0
28. 6
28. 6
34. 3
39. 2
31.4
33. 0
35. 1
37. 7
38.0
37. 1
39.3
42.5
State
and
local
71.1
79.8
89.3
100.7
110.4
123.2
137. 5
151.0
168. 0
189.4
208.0
181.4
187.6
192. 3
196.3
201.9
205. 5
209.9
214.8
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales
678.6
738.7
786.2
860.8
926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 8
1, 397. 2
1, 513. 4
1, 356. 1
1, 381. 7
1, 420. 0
1, 430. 9
1, 458. 4
1? 490. 2
1, 530. 6
1, 574. 4
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[BilHons of 1972 doEars; quarterly data at seasonally adjusted annual rates]
Governrnent purenases of
Exports of goods
Gross t>rivate domestic
goods and sen.dees
aiid service8
iiavestmenlb
Personal
conGross
Change
national sumpNonState
Resi- in busition
product
Net
resiand
Exports Imports Total Federal
expend- dential dential ness in- exports
local
ventofixed
itures
fixed
ries
Period
gales
41.0
47.3
50.7
58.9
63. 5
65.7
68.5
75.9
80.4
81. 0
67.2
209.6
229. 3
248.3
259. 2
256.7
250.2
249.4
253.1
252. 5
254.3
257.6
100.5
112.5
125.3
128.3
121. 8
110.7
103.9
102.1
96. 1
95.0
94.3
109. 1
116.8
123. 1
130.9
134.9
139. 5
145.5
151.0
156.3
159.3
163.3
914.6
964.3
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 217. 3
1, 203. 0
1, 196. 6
7.7
16.6
23.3
49.1
51.6
54.2
58.5
62.2
67.1
67.9
72.7
87.6
97.6
90.5
49. 1
47. 1
44. 1
38.5
12.4
18.7
15.3
15. 1
17.4
98. 1
99.5
96.9
95. 7
79. 5
84.2
81.9
78. 3
254.0
255. 0
254. 7
253.6
94.7
94.7
95.7
947
159.3
160.2
159.0
15R9
1, 216. 3
1, 210. 4
1, 206. 0
1, 179. 3
33.6
34.0
-19.0
-20.7
40.7
-1.6
21.5
24.9
23. 5
23.6
90.7
86.8
90. 8
93.9
69. 2
62.0
67.3
70.3
255.1
254.9
258.7
261.6
93.7
92.4
94.9
96.1
161.4
162.5
163.8
165.5
1, 177. 6
1, 188. 7
1, 202. 4
1, 217. 5
558. 1
586. 1
603. 2
633.4
655.4
668.9
691.9
733.0
766.3
759.8
766.9
95.6
106.1
103.5
108.0
114.3
110.0
108.0
116.8
131.3
127.5
112.2
43. 2
1974:1... 1, 228. 7
II—. 1, 217. 2
III.. 1, 210. 2
IV.. 1, 186. 8
760.0
763. 2
767.2
748. 9
134.5
129.9
125.0
120.8
1975: I.. _ 1, 158. 6
II— 1, 168. 1
III.. 1, 201. 5
IV— 1, 215. 9
752. 3
764. 1
771.6
779.4
115.2
110.8
110.6
112.3
1965...... 925.9
981.0
1966_
1967
1, 007. 7
1, 051. 8
1968
1969
1, 078. 8
1, 075. 3
1970
1, 107. 5
1971
1972..
1, 171. 1
1, 233. 4
1973
1974
1, 210. 7
1975
1, 186. 0
"EM-nftl
j? in tii
3as
37.2
42.8
43. 2
40.4
52.2
62.0
60. 1
44. 7
36.6
3ao
11.3
16. 7
12.0
8.7
10,6
4. 3
6.6
9.4
16. 0
-10.5
6.8
4.2
7.6
-.8
8.2
4.3
3.5
— 4.
-L3
1.4
-.6
-3.3
7.2
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona][ consumj>tion exp€ nditures
Total
Gross private
dom estic
invesi ;ment
NonNonres- ResiDurable durable
Services idential dential
goods
fixed
goods
fixed
Expor ts and
Governnlent purimports of goods chases <>f goods
and s€xrviees
and scjrvices
State
Exports Imports Federal and
local
1965...
1966
1967
1968...
1969
1970
1971
1972
1973
1974_
1975
74.32
76. 76
_ 79. 02
82. 57
86. 72
91. 36
96. 02
. 100. 00
105. 92
116.20
12a37
77.1
79. 3
81.3
84.6
88. 5
92. 5
96.6
100.0
105. 5
116.6
125.7
85.6
85. 7
87.4
90.7
93. 1
95. 5
99.0
100.0
101,7
108.4
116.9
77.3
80. 1
81.9
85. 3
89.4
93.6
96.6
100.0
108. 0
124.0
133.6
74.3
76.5
78.8
82.0
86. 1
90.5
95.8
100.0
104.6
112.7
121.5
74.5
76.8
79.3
82.6
86.6
91.3
96.4
100.0
104.0
116.0
132.3
72.3
74.6
77.0
80.7
87.7
90. 6
94. 9
100. 0
110. 6
122. 1
133.3
80.5
82. 8
84. 0
85.3
87. 9
93. 1
96. 6
100.0
116. 0
147.8
163.2
78.0
79. 7
80.1
80. 9
83. 3
89. 1
93.5
100.0
117. 1
168.6
188.2
67.0
70.1
72.6
76.4
80.0
86.4
92.6
100.0
106. 1
117.6
130. 6
65.1
68.4
72.5
76.9
81.9
88. 3
94.5
100.0
107. 5
118.9
127.4
1974: I
II
111. 58
114.28
117. 70
121. 45
111.8
115.0
118. 3
121.3
103.2
106.6
110.4
114.0
118.2
122.4
126.0
129.5
108.9
111.3
114.2
116.4
108.5
112.9
118.5
125.0
117.4
120. 7
124. 9
126.7
135. 6
142. 3
153.4
160.4
147.9
163.4
177. 7
185. 6
112. 1
114.9
118. 6
124 8
113.8
117.1
121.0
123.6
123. 1
124.4
126. 7
128.4
114, 3
116.3
117.4
119.4
131.0
131.9
135.2
136.4
119.0
120.2
122,2
124,4
129.6
131.8
132.6
135.3
131. 6
132. 3
132. 5
136. 1
163. 5
162.0
163. 6
163.5
189. 1
187.8
187.8
188.1
127. 3
128.9
130. 9
135.3
125. 1
126.4
128.2
129,8
Ill
IV.
1975:1
II
Ill
IV.
_
_ 123.
125.
127.
129.
74
04
21
32
NOTE.—Kevised series. See Survey of Current Business, January 1976,
Source: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
Because of increased employment and a lengthening of the workweek, compensation of employees showed the
largest quarterly increase of 1975 in the last quarter.
BILUONS OF DOLLARS *(RATIO SCALE)
BILUONS OF DOLLARS*(RATIO SCALE)
1,400
1,200
1,000
800
600
400
40CL
140
140
CORPORATE PROFITS WITH
INVENTORY VALUATION AND
"CAPITAL CONSUMPTION ADJUSTMENTS
120
120
A.
100
100
80
60
80
J
I
1968
I
60
'
1969
1971
1970
1972
1973
1975
1974
1976
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE. DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
em.—
ployees 1
Propr tetors'
incom e with
inventor y valuation anc . capital
consulnption
adjust ments
Farm
Nonfarm
44. 1
12.6
1065
566.0
396. 5
46. 7
439.3
13. 6
1966
_. 622.2
12. 1
48.9
1967
471.9
655.8
51, 4
12. 0
714.4
519.8
1968
>
571.4
52.3
13. 9
1969. _
767.9
51.2
609.2
798.4
13.9
1970
53.4
14. 3
650.3
1971
._- 858. 1
58. 1
18.0
1972
951.9
715. 1
32.4
59. 3
797.7
1973
I, 067. 3
59. 5
873.0
25.6
1974
1, 141. 1
921.4
24.6
58.7
1975"
1, 209. 7
33.7
59. 3
1, 122. 3
843. 9
1974: I
22. 3
59.5
863. 9
1, 129. 6
II
60.2
21. 9
886. 3
1, 151. 3
III
24. 6
59.0
898. 1
1, 161. 3
IV
58.6
21.0
897. 1
1, 155. 2
1975: I
58.5
905. 4
20. 1
1, 180. 8
II
58.7
29. 3
1, 232. 5
928. 2
III....
58.9
28. 2
955. 1
IV,
»Includes employer contributions for social insurance. (See also p. 4.)
NOTE.—Revised series. See Survey of Current Business, January 1976.
T?/vn± «1
Corpor ate profits with inv<3ntory va uation
and capital co nsumptioii adjustments
income
with
capital
consumption
adjustment
17. 1
18.2
19.4
18.6
18. 1
18.6
20. 1
21. 5
21.3
21. 0
21. 1
21. 1
21. 0
20.9
20.9
20. 8
20. 5
20.9
22.0
Profits with inv<sntory
valuat ion adjusibment
and iwithout ca pital
consum ption adjtistment
Total
Total
77. 1
82. 5
79. 3
85. 8
81.4
67.9
77. 2
92. 1
100.2
91. 3
102. 3
99.6
94.3
89. 2
82.0
78.9
96.6
113. 1
73.3
78.6
75. 6
82. 1
77.9
66.4
76. 9
89. 6
98. 6
93. 6
107.9
100. 3
96. 0
92. 0
86. 1
83.4
101. 6
119. 6
Profits
before
tax
Inventory
valuation
adjustment
75.2
80.7
77.3
85. 6
83.4
71.5
82.0
96.2
117.0
132. 1
119. 1
128.3
129.6
146. 7
123.9
97. 1
108.2
129.5
-1.9
-2. 1
-1.7
-3.4
-5.5
-5. 1
-5.0
-6. 6
-18.4
-38. 5
-11.2
-28. 0
-33. 7
-54.7
-37.7
-13.7
-6.6
-9.9
-14.7
Capital
consumption
adjustment
3.8
3.9
3.7
3.7
3. 5
1.5
.3
2.5
1.6
-2.3
-5.7
-.7
-1.7
-2.7
-4.2
-4.5
-5.0
-6.5
-6.6
Source: Department of Commerce, Bureau of Economic Analysis,
Net
interest
18. 521. 9
24.3
26. 8
30. 8
37.5
42. 8
47.0
56. 3
70. 7
81. 6
64. 8
68. 7
72. 7
76. r
78. 7
79. 7
82. 2
85. 7
SOURCES OF PERSONAL INCOME
Personal income rose $13.6 billion (annual rate) in January on the strength of a $10.5 billion increase in labor incomeAll other types of income except farm proprietors' income showed small increases. The rise in personal contributions
for social insurance was increased by the higher base income effective January 1.
BilLIONS OF DOLLARS
WLIIONS OF DOLLARS
1,400
1,400
1,200
1,200
1,000
1,000
800
WAGE AND SALARY DISBURSEMENTS
^--
TRANSFER PAYMENTS
1968
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Propriet()rs' income3 Rental
Other
Total
and
income
labor
personal salary
of
income disburse- income12 Farm
Nonfarm persons 4
ments l
Period
1968
1969
1970
1971
1972
1973
1974
1975
1975: Jan
Feb
Mar
Apr
May
1976:
.
685.2
745.8
801.3
859. 1
942. 5
1, 054. 3
1, 154. 7
1, 245. 9
1, 202. 6
1, 203. 2
1, 205. 0
1, 209. 0
1, 217. 2
1, 245. 2
June
July.... 1, 244. 0
1, 262. 4
Aug
Sept.... 1, 278. 7
Oct.... 1, 287. 4
Nov.... 1, 295. 9
D e c _ _ _ _ 1, 300. 2
J a n * _ _ _ 1, 313. 8
469. 5
514. 6
546. 5
579.4
633. 8
701. 0
763. 6
801.6
782. 1
779. 1
781. 7
782. 7
787.4
792. 7
797.4
808. 8
815. 6
824. 1
831. 2
836.8
846. 6
25.1
28.2
32.0
36.2
42.0
47.5
54. 5
61.3
58.6
59. 0
59.4
59. 8
60. 3
60. 8
61. 4
62. 0
62.6
63. 2
63. 8
64. 4
65. 1
12. 0
13.9
13. 9
14.3
18. 0
32.4
25. 6
24.6
24.0
21. 0
17.9
18. 5
20. 1
21. 7
25.8
29. 3
32. 7
30. 5
28. 3
25. 8
25.3
51.4
52. 3
51. 2
53.4
58. 1
59. 3
59.5
58.7
58.8
58. 5
58.6
58.5
58.6
58. 6
58. 7
58. 7
58.8
58.9
58.8
58.9
59.3
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 3) in that it excludes employers contributions
for social insurance and the excess of wage accruals over wage disbursements*
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
8
With inventory valuation and capital consumption adjustments.
18.6
18. 1
18.6
20. 1
21. 5
21. 3
21. 0
21. 1
20. 9
20.8
20.8
20.7
20. 5
20. 2
20. 5
21. 0
21. 3
21. 8
22. 0
22. 2
22. 5
4
6
Dividends
21.9
22.6
22. 9
23. 0
24. 6
27. 8
31. 1
32. 8
32. 1
32. 1
32. 1
32.4
32. 6
32. 9
33. 2
33.5
33.9
33.8
33.8
31. 7
33.4
Personal Transfer
interest
payincome
ments
49.6
55. 9
64. 3
69. 3
74. 6
88.4
106. 5
120.5
115. 9
116. 0
116. 1
116. 6
117. 5
118.6
119. 7
121. 2
122. 9
125. 1
127. 9
129. 0
130. 7
59.9
66. 5
79. 9
94. 1
104. 1
118. 6
140.4
175. 0
159.0
165.4
167.2
168. 6
169. 3
189. 0
176.8
178. 1
181. 3
180.6
181.4
182. 9
184. 2
Less: Personal contributions
for social
insurance
22. 8
26.3
28.0
30.8
34.2
42. 2
47.4
49. 8
48. 9
48. 8
48. 9
48. 9
49. 1
49. 3
49. 5
50. 0
50.4
50. 7
51. 2
51.6
53. 2
Nonfarm
personal
income 5
667.5
725. 8
780. 7
838. 0
917. 3
1, 013. 5
1, 119. 1
1, 210. 2
1, 167. 6
1, 171. 3
1, 176. 2
1, 179. 7
1, 186. 2
1, 212. 5
1, 207. 2
1, 222. 1
1, 234. 8
1, 245. 6
1, 256. 3
1, 262. 9
1, 276. 9
With capital consumption adjustment.
Personal income exclusive of net income of unincorporated farm enterprises
farm wages, agricultural net interest, and net dividends paid by nonfarm coi
porations.
NOTE.—Revised series. See Survey of Current Business, January 1976.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose 0.7 percent in 1975, with a 4.9 percent annual rate of increase from the first
to the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,000
1,000
800
2,500 I
1968
I
1975
1969
COUNCIL OP ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Less :
Personal Equals:
DisposPertax
able
sonal
and
perincome nonsonal
tax
pay- income
ments
Period
Less:
Personal
outlays1
Per caj>ita disposable income
Equals :
Personal
saving Current
dollars
Bil lions of d ollars
1967
1968
1969
1970
1971
1972
19731974
1975
626. 6
685.2
745. 8
801. 3
859. 1
942. 5
1, 054. 3
1, 154. 7
1, 245. 9
82. 1
97. 1
115. 4
115. 3
116. 3
141. 2
151. 2
171. 2
169. 2 1,
i
1974: I-___i 1, 115. 9
II— 1, 136. 6
III__ 1, 171. 6
I V _ _ 1, 194. 8
1975: I_— 1, 203. 6
II
1, 223. 8
III.. 1, 261. 7
IV._. 1, 294. 5
544. 5
588. 1
630.4
685. 9
742. 8
801. 3
903. 1
983. 6
076. 7
1972
dollars
Per cap ita per- Percent Saying
sonal c()nsump- change
real as pertion exp<snditures inper
cent of Popula1972
dollars
capita
disposable
personal
income
disposable
personal
income
2,468
2,670
2, 860
3,020
3,227
3,510
3, 843
4, 181
4, 512
3, 035
3, 156
3,234
3, 265
3, 342
3, 510
3, 642
3, 586
3, 590
3.0
2. 8
1. 5
3. 0
2.6
3. 3
6.0
-2. 1
.7
7.5
6.5
5.6
7.4
7.7
6.2
8. 0
7. 5
8. 3
198, 712
200, 706
202, 677
204, 878
207, 053
208, 846
210,410
211, 894
213, 631
4,019
4, 147
4,279
4,273
4, 350
4, 454
4, 569
4,670
3,
3,
3,
3,
3,
3,
3,
3,
-5. 5
-5. 9
-. 7
-2. 9
-3. 5
18. 8
-6.2
3.5
8.5
6.9
6.5
8.2
7.2
9.9
7.9
7.9
211,
211,
212,
212,
212,
213,
213,
214,
Current
dollars
tion
(thou-2
sands)
Dol Lars
503. 7
550. 1
595. 3
635.4
685. 5
751. 9
830.4
909. 5
987.8
40.9
38. 1
35. 1
50. 6
57. 3
49. 4
72. 7
74. 0
88.9
2, 740
2,930
3, 111
3, 348
3, 588
3, 837
4,292
4, 642
5, 040
3,371
3,464
3, 515
3,619
3, 714
3, 837
4, 068
3,981
4, 010
Seas onally ad; usted annLual rates
162. 1
168.4
175. 3
178.9
179. 6
142. 1
174. 6
180.5
872. 6
953. 8
901. 4
968. 2
931. 7
996. 3
932. 4
1, 015. 9
1, 024. 0
950.4
1, 081. 7
974. 2
1, 087. 1 1, 001. 3
1, 114. 0 1, 025. 4
81.2
66. 8
64. 6
83.6
73.6
107.5
85.9
88.6
4,
4,
4,
4,
4,
5,
5,
5,
1
Includes personal consumption expenditures, interest paid by consumers
to2business, and personal transfer payments to foreigners.
Includes Armed Forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
1976
513
574
697
779
808
070
083
197
4,037
3,976
3, 969
3, 940
3,905
4, 077
4,012
4,047
596
605
617
523
533
581
607
636
NOTE.—Revised series. See Survey of Current Business, January 1976.
Source: Department of Commerce, Bureau of Economic Analysis.
362
699
123
585
962
362
897
339
FARM INCOME
Although farm income including inventory change declined in the fourth quarter, the total for 1975 was about the
same as for 1974.
BILUQNS OF DOLLARS
BILLIONS OF DOLLARS
120
1120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
80
80
40
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
J
•!
1969
j
I
j
f
1974
1973
1972
1971
1970
COUNCIl OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF AGRICULTURE
Personal income re ceived by
total i"arm pop\]ilation
Encome re ceived fro m farming?
Nett<) farm
oper ators
Realize$d gross
Period
From
all
sources
1968
1969
1970...
1971
1972
1973
1974
1975"
1975
23.7
26.4
26.8
28.0
33.5
47.7
44.0
44.8
From
farm
sources
11. 1
12.7
12.6
13.0
ias
2a7
23.1
2ai
From
nonfarm
sources
12.7
13. 7
14.2
15. 0
17.2
19.0
20.9
21.7
ProducCash
tion ex- Exclud- Includreceipts penses
ing net ing net
Total i - from
inveninventory
markettory
change change 2
ings
Billions <>f dollars
51.7
56.3
58. 6
60.6
70. 1
95.3
101. 1
44. 2
48.2
50.5
52.9
61.2
86.9
93. 5
39.7
42.4
44. 8
47.8
52.8
65.8
73.4
12. 0
13.9
13.8
12.8
17.3
29.5
27.7
Net income per
farm including net
inventor y change 3
Current
dollars
1967
dollars
4
Dol lars
12. 1
14.0
13.8
14.2
18.2
33. 1
26.1
26.0
3,949
4,672
4,667
4,879
6,332
11, 639
9,211
9,260
3,797
4,286
4,094
4, 100
5, 106
8,434
5,721
5,230
Seasonwily adju sted annutil rales
1974: I
II.
Ill
IV
105.8
97.6
99.2
101. 9
98.4
90. 1
91. 5
94. 1
72.6
73.2
73.8
74. 0
33.2
24.4
25.4
27. 9
34.3
22.8
22. 3
25. 0
12, 120
8,060
7,880
8,830
7,920
5,070
4,800
5, 190
1975: I
II.
III
IV *
93.7
99.9
102.9
85. 5
91. 7
94.7
74.0
75.4
77.2
19.7
24.5
25.7
20.7
27. 0
28.7
27.6
7,370
9, 620
10, 220
9,830
4,240
5,500
5,710
5,430
* Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
8 Inventory of crops and livestock valued at the average price for the year.
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
* Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Pretax profits declined 10 percent from 1974 to 1975 but profits with inventory valuation adjustment increased 15 percent.
BEUONS OF DOLLARS
BULIONS OF DOLLARS
40
40
1968
1969
1975
SOURCE. DEPARTMENT OF COMMERCE
Period
1965...
1966
1967.
1968
1969
1970
1971
1972
1973
1974
1975"
1974: I__
II
III
IV
1975: I
II..
III
IV*
66-981°—76
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally
Profit s (before tax) wit]i inventc
>ry valusition
adjustn lent 1
Dome*stic induistries
N onfinanci ial
Total 2
FinanWholeManu- sale
Total
cial
3
facTotal
and
turretail
mg
trade
62. 5
70. 1
7.5
73. 3
38. 3
7.9
75. 9
8.5
67.4
78.6
8.0
41. 6
72. 6
63.6
37.9
75. 6
9. 0
8.9
41.2
82. 1
78. 9
10. 4
68. 5
10. 1
74, 2
11. 3
62.9
77.9
36. 8
10. 1
62. 6
66.4
12. 6
27. 1
50. 1
9.4
___
72.4
58.2
32.4
76. 9
11.7
14. 1
84.7
15.4
69.3
13. 3
89.6
40.6
91.7
17.4
74.3
14.4
98. 6
43.8
82.5
17.3
65.3
37.4
93. 6
13.4
102. 1
16.2
46.2
107.9
85.9
17.2
85.9
68. 7
_._ 100. 3
40. 9
14.6
87.2
96.0
17. 1
70. 2
39. 8
15. 5
82. 0
92.0
18. 3
63. 7
37.0
11.7
75. 1
16. 5
58.6
31.9
86. 1
11,9
83.4
18.3
59.3
77.6
30.0
16. 3
80.2
95.7
15.5
21. 0
43. 5
__ 101. 6
113.4
14.9
25. 1
119. 6
98. 6
54.6
1 See p. 3 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately,
s Includes industries not shown separately.
2
1976
adjusted annual rates]
Pro fits after tax
Profits
before
tax
Tax
liability
Total
Dividends
75.2
80.7
77.3
85. 6
83.4
71. 5
82.0
96.2
117. 0
132. 1
119. 1
128.3
129.6
146.7
123.9
97.1
108.2
129. 5
30.9
33. 7
32. 5
39.4
39.7
34. 5
37.7
41. 5
48.2
52. 6
46. 7
49.4
52. 6
59.3
49.2
37.5
41.6
50. 7
44.3
47. 1
44. 9
46.2
43. 8
37.0
44. 3
54.6
68.8
79.5
72.5
78.9
77. 1
87.4
74.7
59. 6
66.6
78.8
19. 1
19.4
20.1
21.9
22.6
22.9
23.0
24.6
27.8
31.1
32.8
30.0
30.9
31. 7
31. 7
32. 1
32.6
33.5
33.1
Undistributed
profits
25.2
27.6
24.7
24.2
21.2
14, 1
21.3
30.0
40.9
48.4
39.6
48.9
46.2
55. 7
43. 0
27.5
34.0
45. 3
Inventory
valuation
adjustment
-1.9
—2. 1
-1.7
-3.4
— 5.5
— 5. 1
— 5.0
-6.6
-18.4
-38.5
-11.2
—28.0
— 33.7
-54.7
-37.7
-13.7
—6.6
—9.9
-147
NOTE.—Revised series. See Survey of Current Business, January 1976.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment, after leveling off in the third quarter, rose $5.2 billion (annual rate) in the fourth quarter.
Residential outlays increased $5,0 billion, about the same as in the third quarter. Inventory investment was approximately unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
120
300
-
-
-
-
NONRESIDENTIAL FIXED INVESTMENT
100
_^^^\
"""^i /
>^
80
-
V
-
_
60
140
"" \
.-*'
1 1 1
1 1 1
I
1 !
!
! I
1
1 1
40
t
I
I
I
I
I
I
I I
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS
40
I I
STRUCTURES
CHANGE IN BUSINESS INVENTORIES
80 I RESIDENTIAL FIXED INVESTMENT
20
J
-20
-40
1
1
1
1
1972
1974
1973
1975
1
1
40
1976
1972
1973
1974
*SEASQNAU,Y ADJUSTED ANNUAL RATIS
SOURCE. DEPARTMENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresidential fixed investm*>nt
Gross
private
domestic
investment
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1974: I
II
III
IV___
1975: I
II
III
IV
_
112.0
124.5
120. 8
131. 5
146. 2
140. 8
160.0
188. 3
220. 5
212.2
182.6
218.4
212. 7
207. 6
210. 3
168. 7
161.4
194. 9
205.4
Strucitures
Total
71.3
81.4
82. 1
89. 3
98.9
100. 5
104. 1
116. 8
136. 5
147.9
148.5
145. 9
146. 6
148. 1
151. 1
149. 3
146. 1
146. 7
151.9
Total
Nonfarm
Total
Nonfarm
26. 1
29.2
29. 5
31. 6
35. 7
37.7
39.3
42. 5
49. 0
54.4
52. 7
53.4
54. 1
54. 0
56. 1
54.9
51. 1
51.2
53.6
25. 1
28. 1
28.2
30.4
34.3
36. 1
37. 8
41. 1
46. 8
52. 1
50. 5
51. 1
51. 8
51. 7
53. 7
52.6
48. 8
49. 0
51.5
45. 1
52. 2
52. 6
57. 7
63. 3
62. 8
64. 7
74. 3
87. 5
93. 5
95.8
92. 5
92.4
94. 1
95. 0
94.4
95.0
95. 6
98.3
41.2
47. 9
48.0
53.4
58. 9
58. 1
59. 9
69. 1
80. 7
86. 0
88.2
85. 6
85. 0
86. 6
86. 7
86.7
87.2
88. 6
90.4
NOTE.—Revised series. See Survey of Current Business, January 1976.
8
Prod ucers'
dur able
equip ment
Resid ential fix ed investment
PTT»
Total
31. 2
28. 7
28.6
34. 5
37.9
36. 6
49. 6
62. 0
66. 5
54. 6
48. 7
57. 6
56. 9
55. 0
48. 7
44.2
45. 0
50.4
55.4
Nonfarm
struc—
tures
29. 9
27.4
27. 2
33. 1
36. 3
35. 1
47. 9
60. 3
64. 7
52. 2
46. 8
55. 3
54. 6
52. 7
46. 3
42. 6
43. 1
48. 2
53. 3
Farm ducers'
durstrucable
tures equipment
0. 6
.7
.7
.6
.7
.6
.7
.7
.6
1.0
.6
1. 0
.9
.9
1. 2
.4
.5
.8
.7
Change in business inv entories
Total
Nonfarm
0. 7
.7
.7
.8
9. 5
14. 3
10. 1
7. 7
14. 5
.9
1. 0
1. 1
1. 2
1. 3
1. 3
1. 3
3. 8
3. 7
5. 1
.9
1.4
1.4
1. 3
1.2
1. 3
1.4
1. 4
9.4
6.4
9. 4
17. 5
9. 7
-14. 6
14.9
9. 3
4. 4
10.4
-24. 8
-29. 6
-2. 1
-2.0
Source: Department of Commerce, Bureau of Economic Analysis.
8.5
9.4
7.6
9.2
8.8
14. 1
11.6
-16. 5
14. 1
11.0
7.6
13.7
-23.3
-29.6
-5.7
-7.5
FOR NEW
EQUIPMENT
Business plans to increase capital spendins 5K percent in 1976, according to the annual survey conducted in late
November and December.
BILLIONS OF DOLLARS {RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
20
20
1968
1976
I
J/ SEE FOOTNOTE BELOW.
SOURCEs &EPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts (>f plant
E:?penditur<2s for plarit and equdpment
M anufaetur]ing
Dur-
Non-
Total
able
goods
durable
goods
31.68
31. 95
15. 96
15. 80
14. 15
15. 64
19. 25
22. 62
22. 05
projc3cts 3
N onmanuf acturing
Period
Total i
and eqilipment
Total
Mining
Com-
Commer-
Transportation
Public
utilities
munication
6.05
6. 04
4. 93
5. 72
6. 03
6 66
7. 28
6. 37
11. 61
13. 14
15. 30
17. 00
18. 71
20. 55
20. SI
23. 99
8.30 16. 05
10. 10 16. 59
10. 77 18. 05
11. 89 20. 07
12. 85 21.40
13. 96 22. 05
13.09 20. 67
34. 95
cial
and 2
Manufactur-
ing
Public
utilities
other
1969
1970
1971
1972
1973
1974
1975
1976
4
5
75. 56
79. 71
81. 21
88. 44
99. 74
112. 40
113. 49
119. 68
29.99
31. 35
38. 01
46. 01
48.31
50. 71
ff)ff)
C)3)
&&. &&
15. 72
16. 15
15.84
15.72
18. 76
23. 39
26. 27
28. 48
43.88
68.98
1.86
1. 89
2. 16
2. 42
2. 74
3. 18
8. 82
3. 67
65. 52
63. 68
64. 76
3. 76
3. 78
3. 82
7.30
7. 05
7. 86
20. 28 13. 36 20. 82
19. 52 12. 50 20. 83
12. 95 20. 34
19. 79 -—
,
'
s„
3. 93
6.94
6. 89
21.54
23. 62
47. 76
51. 22
57. 09
61. 73
66.39
66. 18
114. 57
112. 46
112. 16
49.05
48.78
22. 86
22.59
26. 20
26. 19
47. 39
21. 01
26.38
IV 4 -__ Ilk 80
1976: I 4 4
, 118. 16
II
120. 87
48.16
49. 88
51. 37
21. 82
26. 34
22.34
27.53
66. 64
68. 28
23. 27
28. 10
69.50
1975: I
II
III
1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because these data include investment by farmers,
professionals, institutions, and real estate firms, and certain outlays charged to
current
account.
2
Includes trade, service, construction, finance, and insurance.
s Starts are estimated by adding changes in carryover to expenditures during
given period.
4. oo
34. 07
29. 18
28. 00
35. 21
47. 57
15. 16
17. 20
22. 22
28. 60
38. 13
52.49
45.74
12. 12
12. 80
11. 29
5. 34
9. 19
14. 82
34. 24
33. 76
* Expenditures estimates based on expected capital expenditures as reported by
business in late October and November 1975.
6 Expenditures estimates based on annual survey conducted in late November
and December 1975.
NOTE.—Annual total is the sum of unadjusted quarterly totals.
Estimates (as noted in footnotes 4 and 5) include adjustments when necessary
for systematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis.
OF
LABOR
Seasonally adjusted employment increased by 800,000 in January to 86.2 million, the highest level since July 1974.
Unemployment fell by 445,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
19.69
1968
1971
1970
1973
1972
1974
1975
•*K YEARS OF AGE AND OVER.
SOURCE, 0EPMTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
n thousands of persons, 16 years of age and over]
Period
Noninstitutional
population
1976
Civilian Unememploy- ployment
ment
Total
labor
Civilian
force
(includ- labor
force
ing
Armed
Forces)
*
Civilian eimploymen
Unempl(^yment
Nonagri cultural
Tntal
Agricultural
TV»f al
Part-time
for economic
reasons *
Tntfll
15
weeks
and
over
Labor
force
participation
rate
(per-2
cent)
1971.
1972*
1973*
1974.
1975
142,
145,
148,
150,
153,
596 79, 120
775 81, 702
263 84, 409
827 85, 936
449 84, 783
U aadjusted
4,993
4,840
4,304
5,076
7,830
86,
88,
91,
93,
94,
929
991
040
240
793
84, 113
86, 542
88, 714
91, Oil
92, 613
79,
81,
84,
85,
84,
120
702
409
936
783
3,387 75, 732
2,440
3,472 78, 230
2,408
3,452 80, 957
2, 311
3,492 82, 443
2, 709
3,490
3, 380 81, 403
Seas<3nally adjusted
4,993
4,840
4,304
5, 076
7,830
1, 182
1, 158
812
937
2,483
61.0
61.0
61.4
61. 8
61. 8
1975:
Jan
Feb
Mar
Apr
May_.__
June
July
Aug
Sept
Oct
Nov
Dec
1976:
Jan
152,
152,
152,
152,
153,
153,
153,
153,
154,
154,
154,
154,
230
445
646
840
051
278
585
824
052
256
476
700
82, 969
82, 604
83, 036
83, 549
84, 146
85, 444
86, 650
86, 612
85, 274
86, 023
85, 556
85, 536
8, 180
8,309
8,359
7,820
7,623
8, 569
8,209
7,696
7, 522
7,244
7,231
7, 195
94,
93,
94,
94,
94,
94,
95,
95,
95,
95,
95,
95,
156
721
078
449
950
747
250
397
298
377
273
286
91,
91,
91,
92,
92,
92,
93,
93,
93,
93,
93,
93,
84,
84,
84,
84,
84,
84,
84,
85,
85,
85,
85,
85,
666
163
110
313
519
498
967
288
158
151
178
394
3,370
3,252
3,268
3, 301
3, 528
3,350
3,439
3,464
3, 512
3,408
3, 301
3,236
81, 296
80, 911
80, 842
81, 012
80, 991
81, 148
81, 528
81, 824
81, 646
81, 743
81, 877
82, 158
3,758
3, 627
3, 799
3, 803
3, 750
3,422
3,277
3,234
3, 291
3, 361
3, 353
3,243
7,297
7, 360
7,770
7,941
8,250
8, 071
8, 096
7, 924
7,970
8, 062
7,939
7,735
1,572
1, 828
1,978
2,278
2,529
2, 751
2,954
2,878
2,934
2,719
3,004
3,080
61.9
61.5
61. 6
61. 8
62. 0
61. 8
62. 0
62.0
61.9
61. 8
61.7
61.6
154, 915
84, 491
8,174
95, 624
86, 194
3,343
82, 851
3,482
7,290
2,785
61.7
963
523
880
254
769
569
063
212
128
213
117
129
93, 484
*Data beginning January 1972 not strictly comparable with prior data because
•of adjustment to 1970 Census data, whicn added about 800,000 to the civilian
noninstitutional population, 333,000 to the civilian labor force, and 301,000 to
•civilian employment. A further adjustment in March 1973 added 60,000 to the
labor force and to employment.
10
1
2
Persons at work in nonagricultural industries.
Total labor force as percent of noninstitutional population 16 years of age and
over.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate declined by 0.5 percentage point to 7.8 percent in January. This is
substantially below the peak unemployment rate of 8.9 percent in May.
PERCENT* fSEASONALLY ADJUSTED)
P0*CENT* (SEASONALLY ADJUSTED)
10
1972
1973
i
1974
I
I
1975
1976
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNOt Of ECOHOMJC ADVISERS
SOURC& DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unernployme nt rate ( percent crf eiviliaii labor f <oree in group)
Total
(all
civilian
workers)
Period
1971
1972
1973
1974
1975
1975: Jan
Feb____
Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec
1976: Jan
_
5.9
5.6
4.9
5.6
8.5
7.9
8.0
8.5
8.6
8.9
8. 7
8.7
8. 5
8.6
8.6
8.5
8.3
7.8
ExpeMen Women Both
rienced
Negro
20
20
wage House- Fulltime
sexes White and
hold workyears years 16-19
and
other salary
heads
and
and
ers
races workover years
over
ers
4.4
4.0
3.2
3.8
6.7
5.9
6.2
6.6
6. 8
7.2
7.0
7. 1
6. 8
7.2
7.2
7. 1
6.6
5.8
5.7
5.4
4.8
5.5
8.0
7.9
7.9
8.3
8.5
8.4
8.2
8.0
7.9
7.8
7.9
7.9
8.0
7.5
16.9
1&2
14.5
16.0
19.9
19.8
19.4
20. 1
19.7
20.3
20.7
20.5
20.7
19.4
19.8
19.0
19.6
19.9
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
5.4
5.0
4.3
5.0
7.8
7.3
7.3
7.8
7.9
8.3
ao
8.1
7.8
7.8
8.0
7.8
7.6
7.1
9.9
10.0
8.9
9.9
13.9
iao
13.3
13.8
14.1
14.2
140
13.4
14.3
14.4
14.3
13.9
13.8
ia2
5.7
5.3
4.5
5.3
8.2
7.6
7.7
8.2
8.6
8.9
8.6
8.4
8.3
a3
8.4
a3
ai
7.4
3.6
3.3
2.9
as
5.8
5.2
5.3
5.7
5.8
6.1
6.1
6.1
5.7
6.0
6.0
5.8
5.7
5.1
5.5
5.1
4.3
5.1
8.1
7.5
7.6
8.0
8.3
8.5
8.4
8.5
ai
a4
as
8.3
7,9
7.3
Labor
force
time
Partlost
time
(perwork- cent) *
ers
a7
ae
7.9
8.6
10.3
ia4
HX2
10.8
10.5
10.7
10. 1
9.9
10.3
9.9
10,4
10.2
10.5
las
6.4
6.0
5.2
6.1
9.1
a7
aT
9.3
9.4
9.7
a&
a&
at
9.1
9,4
aa
a0
a4
Source: Department 01 Labor, Bureau of Labor Statistical
11
UNEMPLOYMENT INSURANCE
In January, seasonally adjusted insured unemployment under State prosrams averaged 2.9 million or 278,000 less
than in December. The seasonally adjusted insured unemployment rate dropped from 4.8 percent in December to 4.5
percent in January.
________^__
MILLIONS OF PERSONS
MILLIONS OF PERSONS
,i_J 2
JAN.
MAR.
APRIL
MAY
JUNE
AUG.
JULY
SEPT.
OCT.
State prog]rams
A11 progranis
Insurec .unemInsure d unemIn itial
Benefit s paid
Insured Total
ploymen t as perCl£dms
unem- benefits
ployment
Avercent
of
covered
Expaid
Covered ployTotal
age
emplo yment
haus(milemploy- ment
Season(mil- weekly
Unad- SeasonUnadlions
tions
ment (weekly
ally adally adUnad- Season- lions of check
averof dol- justed justed justed justed
ad- dollars) (doljusted ally
age)
lars)
lars)
justed
Thou sands
2, 192
1972
66, 458
1973
69, 897
1,793
1974 *__
71, 905
2,558
4,920
1975*
5,213
1975: Jan
5,751
Feb.
5,886
Mar_
Apr
5,647
5, 202
May
4,892
June
July
4,979
Aug _ _
4,576
Sept*
4,238
4,039
Get*
4, 120
Nov * _ _ _
4,461
Dec* _ _ _ _
4,962
1976: Jan* _ _ _ _
Week ended:
4,934
1976: Jan 24___
4,814
31___
4,771
Feb 7___
4,734
14*
21 *>_
5, 491. 1
4, 517. 3
6, 933. 9
1, 256. 6
1, 312. 3
1, 490. 4
1, 539. 7
1, 395. 2
1, 256. 7
1, 406. 6
1, 199. 0
1, 095. 2
1, 096. 6
962. 0
^
1,848
1,632
2,262
3,973
4,752
5,108
5,091
4,775
4,281
3,878
3,861
3,422
3,061
2,919
3,046
3,410
3,899
Veekly av srage, tl lousands
261
246
363
472
3,585
795
565
546
3,856
609
545
4,106
510
525
463
4, 297
401
4,457
494
487
427
4,354
4,189
421
480
4,093
375
443
4,068
340
449
3,891
439
367
402
386
3,572
375
3,220
501
2,942
551
347
3,871
3, 780
3,758
3,730
Source: Department of Labor, Employment and Training Administration.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF LABOR
Period
NOV.
2,890
2,835
2,858
2,813
486
451
453
392
368
365
345
854
322
350
35
29
37
50
58
66
84
92
104
105
97
83
75
73
Per<sent
3. 5
2.7
3.5
6.0
7.2
5.4
7. 8
5,8
6.2
7. 7
7.2
6.5
6.4
6. 7
6.5
5.8
6.3
5.8
5. 1
6.1
4.6
6.1
4.4
5.8
4. 6
5.4
4.8
5. 1
4.5
5. 9
5.9
5. 7
5. 7
5. 7
4.4
4*3
4.3
4*3
4, 471. 0
4, 007. 6
5, 974. 9
56. 76
59.00
64.25
1, 128. 2
1, 164. 2
1, 290. 6
1, 301. 2
1, 145. 1
984.0
1, 086. 9
979.7
763.8
734.2
750. 4
675. 1
67.83
68.73
69. 07
69. 08
69. 33
69. 58
71. 58
70. 98
71. 22
72. 18
72.30
72.98
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment (seasonally adjusted) increased by 358,000 in January. The number of jobs in January was 1.7 million higher than in April 1975 but still 0.7 million below the peak in September 1974.
MILLIONS OF WAGE
AND SALARY WORKfRS
MILLIONS OF WAGE
AND SALARY WORKERS
(SEASONALLY ADJUST^)
(SEASONALLY ADJUSTED)
(ENLARGED SCA LE)
80
76
18
^*!^_ALL
n;—NJs »
?
te B1«x^
NONAGRICULTUR/
ESTABLISHMENTS
_
16
-
>-r~1
^
I
'
WHOLESAL ". AND RETAIL TR/ ,DE
~
72
14
44
r \
„*
""T
<»
12
""
NONMANUFACTURING
(PRIVATE)
40
„«•••••••"
MANUFAC "URING
-
•IIMIIMIIUIIIIIIJI..,,.,
20
X„
*«••...,
-
«.»"
'
NONDURAB .E
MANUFACTURING
\
f
~
12
•
"'
GOVERNMENT
A\ \
I \ } \ 1 1 1 11
*
1 1 11 1 I 1 1 | ! 1
1973
1974
1 1 ! 1 1 l.f f 1*1 I
f
4 , r , , , I , , r , ,'
I ! f f I f t f I fK
1976
1975
M
V
_
fc_
-
-£_
"
-•——
..— «•*'*"
CONTRACT
CONSTRUCTION
16
.prt. mrt «»'**"-"
.
•
>t
. ..
DURABLE %"•*
MANUFACTURIN
10 ~
f
,
- - ^
"'"
~
24
__
SERVICES
.
*N^
l iiif! r i if i
f f f i ? ! i i r ii
1973
f f f 1 f f F ? 1 f 1K
1975
1974
SOURCEi DEPARTMENT OF UBOR
1976
M
COUNCIL OF ECONOMIC ADV1SSRS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Manufac Jturing ( private)
Total
Period
I
1
NonTotal Durable
goods durable
goods
Government
N onmanu facturing I (private )
Total
TransPnn
Vv'UIl
tract portation
Mining conand
strue- public
t/ion utilities
WTinlo
V» WJH$*"
sale
and
retail
trade
Finance,
insurance, Services Federal
and
real
estate
State
and
local
71, 222
73, 714
76, 896
78, 413
76, 984
18, 572
19, 090
20, 068
20, 046
18, 347
10, 597
11,006
11, 839
11, 895
10, 680
7,975
8,084
8, 229
8, 151
7, 668
39, 762
41, 284
43, 090
44, 190
43, 865
609
625
644
694
745
3,639
3,831
4,015
3,957
3,457
4,457
4, 517
4,644
4,696
4,498
15, 352
15, 975
16, 674
17, 017
16, 948
3,802
3,943
4,091
4,208
4,223
11, 903
12, 392
13, 021
13, 617
13, 995
2,696
2,684
2,663
2,724
2,748
10, 192
10, 656
11, 071
11, 451
12, 024
1974: Dec__ 77, 723
19, 190
11, 357 7, 833
44, 112
686
3,770
4,659
16, 935
4, 229
13, 833 2,738
11,683
1975: Jan__
Feb..
Mar_
Apr__
May_
June_
July.
Aug__
Sept.
Oct..
Nov..
Dec *
77, 319
76, 804
76, 468
76, 462
76, 510
76, 343
76, 679
77, 023
77, 310
77, 555
77, 574
77, 782
18, 798
18, 375
18, 226
18, 155
18, 162
18, 100
18, 084
18, 254
18, 417
18, 493
18, 482
18, 573
11, 099
10, 813
10, 728
10, 637
10, 595
10, 527
10, 465
10, 563
10, 650
10, 661
10, 653
10, 725
7, 699
7,562
7,498
7,518
7, 567
7, 573
7, 619
7, 691
7, 767
7,832
7,829
7, 848
44, 054
43, 835
43, 624
43, 615
43, 622
43, 552
43, 779
43, 914
44, 048
44, 098
44, 117
44, 216
723
724
729
732
738
741
743
749
752
774
766
770
3, 749 4,603
3,592 4, 565
3,467 4, 506
3,441 4,508
3,439 4,491
3,392 4,469
3,395 4,464
3,415 4,466
3,432 4,467
3,402 4,476
3,409 4,496
3,396 4,469
16, 903
16, 879
16, 581
16, 847
16, 857
16, 877
16, 984
17, 016
17, 045
17, 043
17, 010
17, 088
4,219
4,210
4,207
4,209
4,208
4,202
4,203
4, 218
4,239
4,246
4,248
4,264
13, 857
13, 865
13, 864
13, 878
13, 889
13, 871
13, 990
14, 050
14, 113
14, 157
14, 188
14, 229
2, 734
2,733
2,733
2, 731
2,732
2,738
2,745
2, 756
2,765
2,767
2, 761
2,755
11, 733
11, 861
11, 855
11, 961
11, 991
11, 953
12, 071
12, 099
12, 080
12, 197
12, 214
12, 238
1976: Jan*_ 78, 140
18, 712
10, 808 7,904
44, 427
767
3,400
4, 491
17, 207
4,275
14, 287 2,754
12, 247
1971
1972
1973
1974
1975"
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
Source: Department of Labor, Bureau of Labor Statistics.
13
WEEKLY
AND HOURLY
PRIVATE NONHGRICULTURJIIi INDUSTRIES
[For production or nonsupervlsory workers; monthly data seasonally adjusted]
Total
private
nonagricultural l
Period
Overtime
Total
private
nonagricultural l
Manufacturing
Manufstcturing
Total
Adjusted hourly earnSngs Index2 —tc>tal private
nonagricultural
Averag e gross
hourly iiarningg
Aver age weekly 1lours
Percent ehLange from
a year <earlier 4
Index, 1<967=100
1967
dollars 3
Current
dollars
Current
dollars
37.8
37.7
37.1
37.0
37.1
37.1
36.6
36. 1
40.6
40.7
40.6
39.8
39.9
40.6
40.7
40.0
39.4
3.4
3.6
3.6
3.0
2.9
3.5
3.8
3.2
2.6
$2.68
2.85
3. 04
3. 22
3.44
3.67
3. 92
4.22
4.54
$2.83
3.01
3. 19
3.36
3.57
3.81
4.08
4.41
4.81
100.0
106. 3
113.3
120.8
129.4
137.8
146.6
158.6
172.6
100.0
102.0
103.2
103.9
106.7
110.0
110. 1
107.4
107. 1
4,8
6.3
6.6
1975: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec »
3&2
39.2
38.8
2.4
2.4
2.3
2.3
2.4
2.4
2.6
2.8
2.8
2.8
4.41
4.43
4.46
4.47
4.49
4.51
4.54
4.57
166.3
167.8
169. 1
169.4
170.6
172.2
173. 1
174.6
175.2
176.7
178.2
9.5
9.8
9.9
9.5
9.0
m.5
106.2
106.7
107. 1
106.8
107.0
107.2
106.7
107.3
107. 2
107.4
107.7
107.3
1976: Jan *
36.6
179.8
107.6
1967
1968__
1969—
1970.
1971
1972_
1973...
1974.
1975'
3&0
—
„
36.1
35.9
35.9
35.9
36.0
36. 0
36.2
36. 1
36.2
36.3
36.4
3a9
39. 1
39.0
39.3
39.4
39.7
39.8
39.8
39.9
40.3
40.4
as
3.0
4.63
4.68
4.68
4.65
4.68
4.72
4.73
4.75
4.78
4.82
4.86
4.88
4.90
4.93
4.96
3.0
4.73
4.99
460
1967
dollars 3
1.9
2.0
1.2
.7
2.7
ae
7.1
6.5
6.4
8.2
3. 1
.1
-2.5
as
—.3
-2. 0
— 1. 1
7.9
-.4
-.6
— .5
-.6
-.8
. 1
.2
.5
1.1
.8
a2
L3
a7
8.8
8.8
8. 1
8.2
a5
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURJIII INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross weekly earnings
Total private nonagncuitural i
Period
Current
dollars
1967
1968
1969
1970
1971...
1972
1973
1974
1975 »
—
_
_
.,
1975: Jan
Feb.
Mar
Apr.
May
June
July..
Aug
Sept
Oct
Nov..
Dec"
.
,
.
1976: Jan »
1
Also includes other
8
Manufacturing
1967
dollars 8
Retail
trade *
Current
dollars
Current dollar 3
$101. 84
107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154.45
163. 89
$101. 84
103. 39
104. 38
102. 72
104.93
108. 67
109. 26
104. 57
101. 67
$114. 90
122. 51
129. 51
133. 73
142. 44
154.69
166. 06
176. 40
189. 51
$154. 95
164.49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
$70. 95
7495
78.66
82.47
86.61
90.99
95.57
101. 04
108. 22
3.1
5.8
6.4
42
6.5
7.0
6.8
6.2
159. 64
159. 92
160. 11
160. 47
161. 19
162. 36
163. 44
165. 43
166. 06
167. 61
169. 88
170. 35
102. 01
101. 67
101. 40
101. 12
101. 06
101. 10
100. 76
101. 62
101. 57
101. 89
102. 65
102. 37
182. 28
181. 58
183. 61
184. 94
185. 25
187. 85
189. 91
192. 94
194 22
195. 02
196. 71
199. S9
261. 52
256. 86
250. 58
26422
26420
259. 54
265. 35
267. 91
268. 64
267. 91
272. 69
277. 88
104 65
105. 30
106. 28
106. 27
107. 58
107. 57
107. 55
10a 85
7.1
6.2
110. 14
110. 83
111. 15
7.0
5.3
5.4
5.0
5.9
5.6
5.8
7.9
7.1
173. 12
103. 60
201. 60
283. 88
112. 10
a4
private industry groups shown on p. 13.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
s Current dollar index (or earninp) divided by the consumer price index.
14
Contract
construction
Percent chiinge from a
year e arlier,
total pri1rate nonagricidtural
ioas4
6. 1
6. 1
< Monthly changes based on indexes to 2 decimal places*
* Includes eating and drinking places.
Source: Department of Labor, Bureau of Labor Statistics^
1967
dollars
0.2
1.5
1.0
— 1.6
2.2
ae
.5
-43
-2.8
-41
—43
— 3.8
—2.9
—3.9
— 3.7
-42
-2.6
-2.2
-1.7
.5
.1
L6
PRODUCTIVITY AND RELATED DATA, PRIVATE ECONOMY
Period
Total
private
Output ]per hour
of all i>ersons
Hours of all
perg»ons2
OutiHit1
Private
nonfarm
Total
private
Private
nonfarm
Total
private
Private
nonfarm
Compejnsation
per ] lour 3
Total
Private
Private
nonfarm
Unit labor
CO sts
Total
Private
Implicjit price
defla tor *
Private
nonfarm
Total
private
Private
nonfarm
1967 == 100;<|ua]rterly dat.a, season*illy adjuslbed
1965
1966
1967
1968
1969
92.3
97.8
100.0
104. 5
107.2
92. 0
97.8
100.0
104.7
107.5
97.5
99.7
100. 0
101.7
1043
96.4
99.5
100. 0
102. 0
105.2
94 6
98.0
100. 0
102. 7
102. 8
95.4
98. 4
100. 0
102. 6
102.2
88. 5
§47
100.0
107.7
115.4
89. 1
94 6
100. 0
107.4
1146
93. 5
96.6
100. 0
104.8
112. 3
93.4
96.2
100.0
1047
112. 1
94 4
97.3
100.0
104 1
109.2
94 3
97. 0
100. 0
104 1
109. 1
1970
1971
1972
1973
1974
106.8
110.2
117.4
124. 3
121. 5
106.9
110.2
117.7
124.7
122.0
102.8
102.4
105. 6
109. 3
109. 6
104 0
103. 6
107.0
111. 1
111.5
103. 9
107. 7
111.2
113.7
110.8
102.8
106.4
110. 0
112. 2
109. 5
123.6
132. 1
140. 0
151. 4
165.7
122.4
130. 7
138. 8
149. 6
163. 9
119. 0
122.6
125.9
133.2
149.6
119. 0
122. 9
126. 2
133. 4
149. 7
114 3
119. 6
123.8
130.8
143. 4
114 4
119. 8
123. 5
128. 6
141. 6
118. 5
118. 5
105.5
107. 2
112. 2
110.5
180.8
178. 6
161. 1
161.7
156. 7
155.7
1973: I
II
III
IV
123.6
123. 7
124.6
125. 0
123. 9
124. 2
125. 3
125. 3
108.1
109. 3
110. 0
110. 5
109. 9
111. 1
111. 8
112. 4
1144
113. 2
113. 3
113.2
112.8
111. 7
112. 0
111. 6
147.6
149. 5
152. 1
155. 5
145.7
147. 7
150. 4
153. 8
129. 1
132. 1
139.2
137.4
129. 1
132. 2
134 2
137. 8
127.2
129.4
131.8
1346
125.9
127. 5
129. 1
132. 0
1974: I
II
III
IV..—
123. 3
122. 5
121. 6
118. 7
123. 9
123.0
122.2
119. 1
110.4
110. 3
110.0
108.4
111.
112.
112.
110.
9
2
1
3
111. 7
111. 0
110.5
109. 5
110. 7
109.7
109. 0
108. 0
158.4
163.3
168. 3
172.2
157. 0
161.5
165. 9
170. 2
141.8
147. 1
152. 3
157. 3
141. 9
147. 2
152. 2
157. 6
137. 5
141. 0
145.4
150, 1
1347
139. 6
144 0
148. 6
1975: I.
II
III
IV
115. 6
116. 5
120. 1
121. 8
115. 5
116.7
120. 0
121. 7
105. 3
104 6
105. 3
106. 6
107.2
106. 3
106. 8
108. 5
109. 8
111.4
114 0
114 2
107. 7
109.8
112. 3
112. 1
176, 6
179.3
182. 3
185. 7
173. 9
176. 8
180. 6
183.4
160.9
161.0
159. 8
162. 6
161. 5
161. 0
160. 8
163. 6
153.5
155. 1
157.8
160. 4
152. 8
154 1
156.4
159.2
1975
-
Perceiit change ; quarterlyT data at seasonal] y adjuste<i annual rates
1965
1966
1967
1968..
1969
6.2
5.9
2.3
45
2.6
6. 3
6.4
2.2
4.7
2.7
3. 1
2.2
.3
1.7
2. 5
3. 6
3.2
.5
2. 0
3. 1
3. 0
3.6
2. 0
2.7
.1
2.6
3.1
1.7
2. 6
—.4
40
7.0
5.6
7. 7
7.2
3. 6
6.2
5. 7
7.4
6.7
1. 0
3.3
3.5
48
7. 1
1.0
3.0
3. 9
47
7. 1
2.0
3. 1
2.8
41
49
1.7
2.8
3. 1
41
47
-.4
3.2
6.5
5.9
-2.2
-.5
3. 1
6.8
5.9
-2. 1
— 1.4
—.5
3. 1
3.6
.3
-1. 1
-. 3
3. 3
3.8
.3
1. 1
3.7
3.2
2.2
2.5
.6
3.4
3.4
2.0
2.4
7.1
6.8
6.0
8.2
9.5
6.8
6.8
6.2
7.8
9. 5
6. 0
3. 1
2. 7
5.8
12. 3
6. 1
3. 3
2.7
5.7
12.2
47
46
3.5
5.6
9. 7
49
47
3. 1
42
ia i
-2.5
-2.9
-3.7
-3.8
1.3
.9
9. 1
9.0
7.7
ai
9.3
9.9
1973: I
II.....
Ill
IV
10.0
.3
3.0
1.3
9.1
.7
5.0
45
2.7
1.7
6.1
45
2.6
1.8
48
-4 1
.3
—.4
2.8
-3.6
1. 1
-1.7
13.6
5.2
6. S
9.4
11.4
5. 9
7.3
9.3
8.4
9.7
6.6
9.8
8.4
9. 9
6.2
11.2
6.2
7. 3
7.6
8.6
42
5. 1
S, 1
9. 3
1974: I.
II
III....
TV.....
— 5.6
-2.5
—2.9
—9.1
-47
—2.6
-2.7
-9.7
-1.6
1.0
—.3
-6. 1
-5. 1
-2.4
-1.9
-3.6
— 3. 1
-3.6
-2.4
-3.8
7.8
12. 9
12. 7
9. 8
8.8
11.8
116
10. 7
13. 6
15.7
148
13.9
12.3
15.9
143
15.0
8.9
10. 6
13.1
13. 8
8.5
15.2
13.2
13.4
-10.2
3.2
13. 1
5. 6
-11.7
44
11.7
5.7
— 10.9
-3.4
2. 1
6.4
1.0
6. 0
9.9
.6
10.5
6.4
6. 7
7.8
9. 1
6.8
R7
6.5
9.4
.4
-2.9
7. 1
10.1
-1.1
y•
7.2
9.1
42
7.4
6.6
11.9
3. 5
6.2
7.3
—
1970
1971
1972
1973
1974
-,
1975
1975: I.
II
Ill
IV
1
2 Output
a7
.1
—.5
—. 1
-1.0
-5. 7
— 11.2
-2.7
2.9
5.0
refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily
on establishment date.
•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 lor the self-employed.
66-081*—76
3
-, 9
8.0
9.4
-.7
« Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period; and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased 0.7 percent in January following revised increases of 0.6 percent in November and 0.9
percent in December. All major components of the index continued to rise in January.
INDEX, 1967^100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
UTILITIES AND MINING PRODUCTION
140
160
UTILITIES
140
100
120
MINING
p%
^
I
1972
160
1973
1974
1975
1976
100
MANUFA CTURING !'RODUCTION
140
Minimi!
H 1 1 i I 11 !1
1972
1973
1974
1975
1976
1972
1973
1974
1975
1976
NOh1DURABLE
,•
* "%
120
I
^X"*"*
\
S**~\
/
S*^
DURABLE \
100
! ! J J t If 1 11 L nt
1972
C^-
it ( i f in U 1 1 ' I HM L !
1973
•
70
I I 1 1 1 I 1 1 1 1 1 1 ! t 1 ! I 1 1 II
1975
1974
60
1976
* SEASONALLY ADJUSTED
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total iiidustrial
prodiiction
Percent
Period
Index, change
1967=
from
100
year
earlier
1967 proportion
100. 00
1969
110.7
4.7
1970
•_. 106.6
-3.7
.2
1971
106. 8
115.2
1972
7. 9
1973
125.6
9.0
1974
.
1248
-.6
1975 9 ..
113.8
-8.8
113. 7
-9.3
1975: Jan
111.2 -10. 8
Feb
Mar_.
110.1 — 11. 7
Apr
109.9 — 12. 0
May.
110. 1 — 12.4
June
111. 1 — 11. 7
112.2 -10.6
July
114.2
Aug
-8.8
na2 -7.5
Sept_
Oct_
-6.5
116, 7
Nov
117.4
-3.5
Dec *
118. 5
.9
1976: Jan »
119.3
4.9
1 Output as percent of capacity.
2 Quarterly data entered in last month of quarter.
s Annual data are averages of quarterly data.
16
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indust ry produ ction ind exes, 196'r=ioo
M,anufacturi ng
Total
Durable
Nondurable
Mining
Utilities
88.55
110.5
105.2
105.2
114. 0
125. 1
124.4
112.2
111.8
109.3
107.7
107,9
108.2
109. 5
110. 6
112. 8
114.7
115.8
116.4
117.4
118.2
6%.$$
110.0
101.4
99. 4
108.4
122.0
120.7
105.8
108.2
104.8
103.5
103.3
102. 5
103.2
103.4
105.4
107.0
107.6
107.8
108.6
109.4
36. 22
111. 1
110.6
113.5
122. 1
129. 7
129.7
121. 5
117. 2
115,6
113. 7
114.8
116.2
118. 6
120.8
123.4
125. 7
127.2
129.0
130.6
131.0
6.38
107.2
109. 7
107. 0
108.8
110. 3
109. 3
106.5
107.0
108.6
108. 9
108.5
105. 9
106.3
106.4
105. 0
105. 3
106.4
106.0
103. 3
104. 7
5.07
119. 5
128. 3
133.9
143.4
152.6
149.9
153. 8
152. 1
150.9
154 1
153. 1
152. 3
152. 6
153. 9
1546
156. 1
152. 9
154 2
155. 0
155.7
Manuf acturing (3apacity
iitilization
rate, p srcent x
Federal Reserve
senti s 2 3
ComWharTotal
merce4
ton 3
Major
manuseries
series
matefacturrials
ing
86. 5
78. 3
75.0
78.6
83. 0
78.9
68. 7
90.0
86. 2
85. 3
89.6
93.0
87.0
749
85
81
80
83
86
83
95.6
87.9
85.3
89.6
95.8
91.3
79, 3
6R2
70.0
75
7as
67. 0
70.9
75
77.2
68. 9
7ao
79
79.8
70.8
80.6
82. 0
* Quarterly data are for last month In quarter. Annual data are averages of four
monthly indexes.
Sources: Board of Governors of the Federal Eeserve System, Department of
"Tommerce (Bureau of Economic Analysis), and Wharton School of Finance.
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS
[1967=100, seasonally adjusted]
Proclucts
Final p roduets
Coiisumer goods
Period
Total
NonDurable durable
goods
goods
20.66
7.86
105.0
110.9
110. 1
113. 7
112.4
104.8
115. 9
115. 1
122.8
125. 7
129. 0
138. 9
129.2
127. 9
128.4
112. 6
126.3
104. 0
125.6
101.0
124.2
103. 1
124. 0
107.8
125. 3
110. 5
127.2
113. 2
129. 0
115. 9
129.4
116. 1
130. 1
118.3
130. 5
118, 3
132.5
119.0
135. 1
120.5
136.1
121. 5
Total
1967 proportion
1968—
1969
1970.
1971.._.__.
1972
..
1973
1974..
1975*
1975: Jan
Feb
Mar
.
Apr
May
June
July
Aug
Sept
Oct
No v
Dec »
1976: Jan»
48.94
105.8
109. 0
_
1045
104.7
111. 9
121.3
121.7
115.5
- 114.9
— 113. 4
112.2
112.6
113. 7
,
114. 5
.
115. 7
115. 9
116.9
117. 0
117.8
119.8
120.6
28. 6$
106.6
111. 1
110.3
115. 7
123.6
131.7
128.8
124. 1
120. 1
118. 9
118.2
119. 7
121. 2
123.3
125.5
125.7
126.8
127.0
128.6
130. 8
132. 1
Equip ment
IntermLediate
prod ucts
Total
Business
Total
20.42
104.7
106. 1
96. 3
89.4
95. 5
18.74
103.4
107.9
101.4
96.8
106. 1
122. 6
129.4
116.6
122.3
119.3
117.0
115.4
115.0
113.9
113.9
114. 9
115.6
115.7
116.4
117.3
118. 1
IS. 27
ioa7
111. 7
103.6
107.8
105.3
103.9
103.0
102.9
102.2
102.2
102.3
102.8
102.6
102.8
103.6
104,3
105. 7
112.0
111. 7
112. 5
121. 1
131. 0
128. 3
116.3
117,6
115. 1
112.7
113.4
112.4
112.8
114. 3
115.4
116.6
117.0
117.8
120.4
121.1
Construction
5.9S
106.2
113.0
110.0
112.6
120.8
133.8
129.6
112.4
115. 7
112. 1
109. 1
110. 1
107.6
106.8
108. 0
109. 3
112.0
112. 5
112.5
113.2
1140
Ma-
terials
37.79
105. 7
112.4
107.7
107.4
117.4
129.3
127.4
110.5
110. 5
107.4
105.9
105.2
1049
106.0
106.8
111.5
115.1
116.5
116. 5
116.4
117.3
Supplementary
group:
Energy
total
11.21
130. 7
127. 3
127,9
127. 1
127.4
127. 7
127.2
126. 6
128. 2
129.0
128.2
129. 1
127.9
128.0
127. 1
127.4
INDUSTRIAL PRODUCTION—SELECTED MANUFACTURES
[1967= 100, seasonally adjusted]
r
Primary metals
Period
Total
1967 proportion
1968
1969
1970
1971
_
1972
1973
1974_
___„_
1975 *_-„-.
.
1975: Jan
FebMar
Apr
May
June
July
__„
Aug
Sept
Oct
Nov
Dec »
1976: Jan *
6.61
103. 2
114 1
106.9
100.9
113. 1
127.0
124 1
97. 2
107. 2
102. 1
98. 1
95.0
89.9
91.8
92.8
96. 5
97.2
97. 0
98. 1
94 5
9&3
Iron
and
steel
Noiidurable Baanufaetu rers
Durabl e manufacturers
Transp<srtation
ChemiTexequip>ment
FabriPaper
icals,
Lumber
tiles,
MaFoods
cated
Motor
petroand
apparel,
and
chinand
metal
vehicles
printleum,
Total
and
tobacco
products ery
and products
ing
and
leather
parts
rubber
4. 2S
5.93
17. 40
103. 6
113. 0
105. 3
96. 6
107. 1
121. 7
119. 9
96. 1
110. 6
105. 0
103. 1
99.4
90. 1
88. 7
87.0
90.4
91. 3
93.2
96.0
92. 1
95.4
106. 3
113.6
109.4
107.4
114 8
130. 5
131. 4
101. 9
106. 8
100. 3
96.2
107. 5
125. 8
128. 1
112.8
119.6
115.6
112.2
110.8
109.0
108.2
108.4
110.0
111, 7
112.9
114. 1
115.7
116.5
1148
118.2
113. 7
112.9
112.4
110. 9
110.9
109. 7
112. 7
116. 1
115. 9
117. 1
117. 0
119. 1
9.29
109.7
107.6
90.4
92.9
99.0
109. 1
96.9
88.3
78.9
77. 1
81.0
84 7
87.6
90. 5
91.0
92.9
94 3
94 7
94 1
95.4
942
4.56
117. 7
115.4
96.9
114 1
123.1
138. 1
113. 2
98. 1
78.2
77.6
85.4
93. 1
95.0
100.0
103.2
107.2
110. 1
111.0
109.4
110.2
109.3
1. 68
1048
108.6
106.3
113.9
122.4
127.9
120. 1
109. 9
99.9
99.6
99.8
104 1
108.0
110.3
112.0
114 5
115.5
116.8
115.0
118.3
6.90
1049
105, 9
100.2
100.7
108. 1
115.0
108. 9
97.9
88.9
89. 6
87. 5
90.4
93.2
949
97.4
100.2
1040
106.0
108.2
109. 5
109. 4
7.92
104 2
109. 1
107.8
107.8
116. 1
122.2
121. 0
109.7
108.2
106.6
1042
102.4
103. 9
107. 3
107.4
110.8
113. 9
1148
114 7
117.5
na7
11.92
109,6
118.4
118.2
1247
137.8
149. 3
151.7
140.4
136. 5
132.4
130.2
131.0
132.4
136. 2
140. 1
143.6
146. 2
148.5
150. 3
152.8
152. 5
9. 48
103.6
107.5
110.8
113.7
117.6
121.9
1248
1246
121. 1
121. 3
120. 0
122. 5
122.4
123. 5
1248
125. 2
126. 0
126. 3
129.2
129. 2
130.4
Source: Board of Governors of the Federal Keserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most of the weekly indicators of production (not seasonally adjusted) increased in January.
MILLIONS OF SHORT TONS
16
MILLIONS OF TONS
STEEL
t973
i L.. i,.. 11... i... i. i. 1 1 » . . I. i. i. t . . ! . « . f i « . i f i f 111 i i
J
F
M
A
M
J
J
A
S
O
N
J
D
F
M
A
M
J
J
A
S
O
N
D
BILLIONS OF KILOWATT HOURS
50
ELECTRIC POWER
300
40
200
30
20 ly i 1 1 1 1 1 - i
t I i i i l t i t i l i ii
M
I. t i i.
t il t t i ii ii t In i I in t ! m ml t MI In . I ....I . t . t i t
J
F
M
A
M
J
J
A
S
O
N
D
i I in I i
: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1969
1970
1971
1972
1973
1974
1975*...
....
1974: Nov
Dec
1975: Jan
_„
Feb
Mar...
Apr
May
June....
July
Aug
Sept
_
Oct
_
Nov.._
Dec
__.
1976: Jan >
_._
Feb*
Week ended:
1976: Jan 31
Feb 7
14
21 »
28*
1
Includes data for Alaska.
2 Not charted.
18
Steel p]reduced
Thousands Index
of net
(1967=
tons
ICO)
2
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous
Paperboard
Car s and triicks
power
coal mined Freight
loaded
produced assembled (thoiisands)
distributed (thousands (thousands
(thousands
(millions of
of short
of cars)
of tons)
Total Cars Trucks
kilowatt-hours) tons) l
2,709
2,522
2, 310
2,549
2,892
2,795
2,240
2,707
2,480
2,615
2,715
2,704
2,487
2,227
2, 038
1,894
1,952
2, 172
2,080
2, 030
2,001
2,216
111. 0
103. 4
94. 7
104.5
118.5
114.6
91.8
111. 0
101.6
107.2
111.3
110. 8
101.9
91. 3
83.5
77.6
80.0
89.0
85.3
83.2
82.0
90.8
27, 588
29, 317
30, 923
33, 540
35, 834
35, 839
36, 598
34, 839
36, 039
36, 360
36,423
35, 260
33, 912
34, 714
37, 711
39, 623
40, 498
36, 328
34, 668
35, 701
37, 604
40, 379
37, 826
10, 779
11, 595
10, 619
11,450
11, 380
11, 522
12, 219
7, 599
10, 033
11,961
12,261
12, 198
12, 684
13, 088
13, 579
9, 990
11, 558
12, 624
13, 365
13, 088
11, 346
11, 328
543
522
486
502
526
504
447
460
411
432
442
435
445
448
468
416
453
461
491
458
391
429
507
489
501
548
569
556
475
525
395
363
471
427
439
474
482
419
512
482
560
544
560
546
195. 8
158. 9
204.8
217.3
243. 5
192. 0
172.5
196. 5
126.0
122.7
131. 8
151. 9
177.2
182.7
200. 6
146, 1
159.7
201.2
213.4
202.4
150. 7
220.8
228.8
158. 1
125. 0
165.0
169.6
185. 8
140.2
129. 1
142.4
SS.8
88.2
92.5
115.7
134.5
13&5
150.6
107.6
119. 1
150.5
163. 3
152.6
113.9
167. 0
171.0
37.8
33.0
39. 8
47.6
57.7
51. 8
43.4
54. 1
37.2
34. 5
39.3
36.2
42. 7
44.2
50.0
38. 5
40. 7
50. 7
50. 1
49. 7
36. 8
53. 8
57. 7
2,320
2,286
2,341
2,404
2, 458
95. 1
93. 7
96.0
98. 5
100.8
39, 256
40, 031
38, 235
36, 358
36. 680
11, 685
11, 495
12, 595
12, 330
447
430
446
443
562
558
571
560
225. 8
219. 6
229.0
239.2
2
227. 4
168. 3
165.8
170.6
178.5
169.3
57.5
53. 8
58.4
60.7
58. 1
2
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior. Association of American Eailroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
Constructio a eontpacts2
Private
Total new
construction
expenditures
Period
Resic ential
Total
Total i
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index,
industrial
(1967= floor space
100)
(millions of
square feet)
Bil lions of doll ars
1969
1970
1971
1972
1973__
1974
1975 *
_
93. 9
94 9
110. 0
124. 1
136. 0
135.5
130. 8
66.0
66.8
80. 1
93. 9
103. 4
97.1
89. 9
33.2
31.9
43.3
54.3
57.6
47.0
42.9
16.2
16.3
17.0
18.1
21.7
23.8
20.7
25.9
24.3
35. 1
44.9
47.9
37.3
31.3
16.6
18. 6
19.8
21.5
241
26.2
26.4
132. 3
128.9
125. 5
121. 0
121.7
126. 9
128.8
132. 1
137. 1
135.6
137. 8
139.6
139. 8
91. 2
89. 0
85.7
84.7
84.3
85.0
88. 1
90.6
92. 5
93.3
95.8
96.2
96.0
24. 1
23.7
20.9
20.3
20.3
19.4
19. 7
20. 2
20.3
20.0
20.4
19i9
18.9
28.8
27.4
26.9
26.8
27. 6
28. 9
30.6
32. 1
33.2
34.9
36.7
37.6
37.6
39. 6
38. 5
38. 0
37.6
38. 5
40.4
43.3
45.4
46. 0
46.5
47.5
48.5
48. 6
1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
123. 1
145.4
165.3
179.5
169.7
163.1
Seasonally
adjusted
Seasonally / adjusted arinual rates
1975: Jan
Feb.
Mar
Apr
May
_
June
July
Aug
Sept
Oct_
Nov_
Dec »
1976: Jan ......
m.7
28.0
2a 1
29.9
30.2
32.5
38.4
40.9
27.6
26.8
26.8
26.9
25.4
25. 1
25. 1
25.0
26.2
26.8
27.9
27.8
28. 6
41. 1
39.8
39.8
36. 3
37.4
41. 9
40.6
41.5
44.6
42.4
42. 0
43. 5
43.8
136
140
150
189
191
174
165
208
157
166
148
137
183
883
743
727
854
1,010
840
569
Seasonally
adjusted
annual
rates
653
558
476
683
537
606
631
519
601
649
504
609
462
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]
*Tew private housing uniibs
Period
1969
1970
1971
1972___
1973.
1974
1975 *__
1975: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec »
1976: Jan »
1
Units started, by type of striicture
Total
lunit
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 9
810.6
812.9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.4
1,005
953
986
982
1,085
1,080
1,207
1,264
1,304
1,431
1,381
1,291
1,221
748
722
763
774
853
874
916
979
966
1,093
1,048
966
958
Seasonally adjusted.
» Quarterly data entered in last month of quarter.
2-4
units
5 or more
unite
New priv ate homes
Units
authorized
Units
completed
Homes
sold
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period * (percent) 2
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
924.4
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 292. 5
448
485
656
718
620
501
545
220
287
409
448
400
379
Seasonally adjusted arinual rates
41
689
216
183
701
48
677
46
177
837
45
163
912
53
179
150
949
56
1, 042
76
215
67
995
218
262
76
1,095
103
1,079
235
254
79
1, 085
249
1,028
76
204
59
1,138
1,535
1,320
1,305
1,211
1,276
1, 165
1,269
1,267
1, 291
1, 118
1,445
1,291
404
411
463
570
586
556
553
576
569
596
664
645
404
409
396
388
383
378
383
379
383
388
379
379
85.0
84.8
120.3
141.3
118.3
68. 1
63. 9
571.2
535.9
780.9
906.2
795.0
381.6
204.6
Source: Department of Commerce, Bureau of the Census.
5. 5
5.3
5.4
5.6
5.8
6.2
6. 1
6.3
6.2
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories declined $0.7 billion in December, largely because of a decline in stocks at general merchandise
retail stores. Business sales increased 1.5 percent. Preliminary estimates of retail sales in January show a small decline.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
80
RETAIL INVENTORIES
70
300
60
TOTAL BUSINESS
INVENTORIES
RETAIL SALES
50
40
200
IlJU
30
TOTAL BUSINESS
SALES
RATIO1
1972
1973
1974
1975
1.80 -INVENTORY-SALES RATIO
1.70
100
1.40
1972
1973
1975
1974
1972
1976
1976
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total bijsiness 1
Iietail
Who!esale
2
Sales
j
Period
1970
1971
1972
1973
1974
1975*
.
1974: Dec
1975: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov__
Decp
1976: Jan"
Sales
2
104, 736
112, 315
124, 289
143, 823
163, 991
167, 972
162, 364
161, 973
163, 388
159, 176
162, 744
163, 349
165, 803
169, 251
172, 301
173, 353
175, 017
173, 826
176, 427
Inventoriess
175, 561
184, 711
197, 692
224, 401
271, 050
265, 326
271, 050
271, 148
270, 252
268, 449
266, 970
264, 335
263, 749
263, 345
264, 662
265, 087
266, 867
266, 064
265, 326
Invenbales * tories
3
CJ
1
2
Total
12 The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
8
Book value, end of period, seasonally adjusted.
4
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales lor month.
20
DurNonable durable
goods goods Total
stores stores
Millions of doll ars, sea sonally '<adjusted
27, 290 31, 294 9, 524 21, 770
29, 695 34, 071 10, 985 23, 086
32, 817 37, 365 12, 472 24, 893
38, 302 41, 943 14, 190 27, 754
46, 564 44, 815 13, 943 30, 872
45, 671 48, 674 15, 056 33, 618
46, 564 45, 109 13, 554 31, 555
46, 197 46, 006 14, 126 31, 880
45, 951 46, 914 14, 664 32, 250
45, 527 45, 951 13, 378 32, 573
45, 303 46, 813 14, 165 32, 648
44, 558 48, 173 14, 703 33, 470
44, 850 48, 578 14, 965 33, 613
44, 653 49, 655 15, 432 34, 223
45, 501 49, 925 15, 506 34, 419
45, 625 49, 549 15, 440 34, 109
45, 715 50, 165 15, 775 34, 390
45, 554 50, 293 15, 763 34, 530
45, 671 51, 699 16, 813 34, 886
51, 531 16, 668 34, 863
20, 583
22, 327
24, 862
30, 400
37, 344
36, 575
37, 501
36, 675
37, 120
35, 590
35, 228
35, 442
36, 186
36, 567
37, 166
37, 604
37, 449
37, 018
37, 112
Inventorie*3 3
46, 626
52, 571
57, 156
65, 229
74, 082
73, 081
74, 082
73, 327
72, 308
71, 728
71, 483
70, 826
70, 840
71, 503
72, 578
73, 049
74, 642
73, 839
73, 081
Inventc ry-sales
ratio4
DurNonTotal
able durable busigoods goods ness 1
stores stores
20, 345
23, 864
26, 056
29, 593
34, 649
33, 592
34, 649
34, 267
32, 956
32, 460
32, 375
32, 086
31, 909
32, 270
33, 324
33, 471
33, 813
33, 712
33, 592
26, 281
28, 707
31, 100
35, 636
39, 433
39, 489
39, 433
39, 060
39, 352
39, 268
39, 108
38, 740
38, 931
39, 233
39? 254
39, 578
40, 829
40, 127
39, 489
1.64
1.61
1.53
1.46
1.50
1. 59
1. 67
1.67
1.65
1. 69
1. 64
1. 62
1. 59
1. 56
1. 54
1. 53
1.52
1. 53
1.50
Retail
1.47
1.47
1.46
1.46
1. 54
1.49
1.64
1.59
1. 54
1. 56
1. 53
1.47
1.46
1. 44
1.45
1.47
1.49
1. 47
1.41
Note.—Total (and manufacturing) sales revised beginning 1958.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manfacturers' total new orders rose 1.9 percent in January. Orders for durables were up 2.2 percent, with sharp
rises in electrical machinery and fabricated metal products. Shipments also rose 1'.9 percent. The book value of
inventories increased $206 million.
BILUONS OF DOLLARS
BILLIONS OF DOLLARS (RATIO SCALE)
RATIO SCALE)
200
INVENTORIES
160
120
80
DURABLE GOODS
40
NONDURABLE GOODS
BILLIONS OF DOLLARS (RATIO SCALE)
20
1972
RATIO
220
1973
1974
1975
1976
INVENTORY-SHIPMENTS RATIO
2.00
40
180
1.60
1.40
1.20
20
1972
1972
1976
1973
1 1 ijj 1 1 1 1 n t i l l IJU 1 1 1
1975
1974
1976
COUNCIL OF ECONOMIC ADVISERS'
SOURCE) DEPARTMENT OF COMMERCE
Manufa cturers' shilpments 1 Manufac burers? in\rentories 2
Period
Total
1970
52, 859
1971
55, 917
1972
62, 062
1973
71, 480
1974
81, 832
1975 »
82, 724
1974: Dee__ 79, 754
1975: Jan__. 79, 292
Feb.- 79, 354
Mar»_ 77, 635
Apr___ 80, 703
May»_ 79, 734
June._ 81, 039
July__ 83, 029
Aug_._ 85, 210
Sept.. 86, 200
Oct___ 87, 403
Nov__
86, 515
Dec p_ 87, 616
1976: Jan »_ 89, 251
NonDurable durable
goods
goods
28, 229
29, 948
33, 489
38, 806
42, 744
41, 527
40, 816
40,305
40, 132
39, 250
41, 221
40? 494
40, 757
41, 354
42, 444
43, 192
43, 607
42, 352
43, 681
44, 763
24, 629
25, 969
28, 573
32, 674
39, 089
41, 197
38, 938
38, 987
39, 222
38, 385
39, 482
39, 240
40, 282
41, 675
42, 766
43, 008
43, 796
44, 163
43, 935
44, 488
Mailufacturc jrs' new o rders 1
Durab le goods
Capital
NonNongoods
Total
Total Durable
Total
durable
durable
goods
indusgoods
goods
tries,
nondefense
Millie>ns of doll ars, seaso nally adj usted
101, 645 66, 768 34, 877 52, 146 27, 514
7,055 24, 632
102, 445 66, 050 36, 395 55, 754 29, 773
7,324 25, 981
107, 719 70, 218 37, 501 63, 015 34, 368
8, 487 28, 648
120, 870 79, 441 41,429 73, 992 41, 253 10, 310 32, 738
150, 404 97, 967 52, 437 83, 511 44, 502 11, 494 39, 009
146, 574 95, 754 50, 820 81, 351 40, 048 10, 261 41, 302
150, 404 97, 967 52, 437 77, 097 38, 485 10, 459 38, 612
151, 624 99, 124 52, 500 76, 115 37, 219 10, 077 38, 896
151, 993 100, 082 51,911 76, 694 37, 578
9, 970 39, 116
151, 194 99, 879 51, 315 74, 175 35, 785
9, 522 38, 390
150, 184 99, 803 50, 381 78, 008 38, 391 10, 309 39, 617
148, 951 99, 378 49, 573 78, 900 39, 575 10, 302 39, 325
148, 059 98, 796 49, 263 79, 789 39, 282 10, 138 40, 507
147, 189 98, 189 49, 000 83, 304 41, 435 10, 728 41, 869
146, 583 97, 199 49, 384 85, 137 42, 176 10, 392 42, 961
146, 413 96, 640 49, 773 85, 482 42, 256 10, 214 43, 226
146, 510 96, 215 50, 295 86, 336 42, 307 10, 689 44, 029
146, 671 95, 953 50, 718 86, 351 41, 988 10, 690 44, 363
146, 574 95, 754 50, 820 86, 754 42, 837 10, 156 43, 917
146,780 95, 670 51, 110 88, 434 43, 792 10, 242 44, 642
1 Monthly average for year and total for month. Shipments are the same as sales.
2 Book value, end of period,
s4 End of period.
For annual periods, ratio of weighted average inventories to average monthly
Manufacturers'
unfilled3
orders
77, 093
75, 081
86,608
117, 034
137, 328
120, 659
137, 328
134, 156
131, 499
128, 043
125, 347
124, 513
123, 271
123, 545
123, 477
122, 761
121, 697
121, 530
120, 659
119, 848
Manufacturers'
inventory—
shipments4
ratio
1. 89
1.82
1.69
1.58
1. 64
1.80
1.89
1. 91
1. 92
1. 95
1. 86
1. 87
1. 83
1. 77
1. 72
1. 70
1. 68
1. 70
1.67
1. 64
shipments; for monthly data, ratio of inventories at end of month to shipments for
month.
Note.—Total and durable shipments and orders revised beginning 1958.
Source: Department of Commerce, Bureau of the Census.
21
MERCHANDISE EXPORTS AND IMPORTS
The merchandise trade (f.a.s.) account registered a deficit in January of $73 million, its first in a year. Exports were
down 1.6 percent, while imports were up 7.6 percent, largely due to increases in petroleum and products.
WtUONS OF DOLLARS (RATIO SCALE)
1969
1968
BJLLIONS OF DOLLARS (RATIO SCALE)
1971
1970
1973
1972
1974
1975
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OP ECONOMIC ADVISERS
[Millions of dollars; monthly data seasonally adjusted]
Merc: landise i mports
Mereh andise exports
Domesti c exports5
Gerleral imjK>rts 3
Period
Total
domestic and
foreign Total i 2
exports
Food, Crude
bever- mate- ManufacTotal 2
ages,
rials
tured
and to- and
bacco fuels goods
F.a.s. value 5
5,902
8,159
5, 811
8,045
1, 078
1,269
895
1, 317
3, 728
5, 294
1974
1975
1975: Feb.
Mar
Apr
May_
June...
July—
Aug___
Sept___
Oct
Nov
Dec
1976: Jan_.__
8, 159
8,933
•8, 755
8,685
8, 648
8, 222
8, 716
8,894
8, 979
9, 146
•9, 225
9, 409
9, 250
9, 103
8,045
8,808
1,269
1,400
1,480
1,375
1, 362
, 1, 174
1,215
1, 295
1,380
1,367
1,501
1,493
1,404
1, 510
1,317
1,266
1,310
1, 324
1, 197
1,217
1, 145
1,248
1, 299
1, 242
1, 199
I, 342
1,186
1, 223
5,294 8, 354
5,917 8,012
5,675 7,928
5, 605 7, 467
5,735 7,959
5,591 7, 266
5,991 7,104
6, 063 7,832
5, 983 7, 877
6, 063 8, 205
6, 267 8,170
6, 168 8,204
6, 296 8, 526
5, 971 9,176
5, 790
8, 416
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
28 Total includes commodities and transactions not classified according to Mnd.
Total arrivals of imported goods other than intransit shipments.
Food, Crude
bever- mate- Manu- Total
facages,
rials
(c.i.f. 4
tured value)
and to- and
bacco fuels goods
Mer snandise
balance
ExExports
(f.a.s.) ports
(f.a.s.)
less
less
imimports
(cus- ports
toms (f.a.s.)
value)
•
Exports
(f.a.s.)
less
imports
(c.i.f.)
Customis value
Monthly
average *.
1973
1974
22
1976
770
892
F.a.s.
892
827
795
826
785
742
858
819
777
1, 020
855
867
825
872
1,120 3,750
2, 653 4, 684
value 5
2,672 4,602
2,716 4,257
2, 495 4,350
1,887 4, 395
2, 952 4, 161
2, 489 3, 894
1, 976 3, 990
2,706 4, 129
2, 715 4, 178
3,005 4, 060
2,912 4,289
2,896 4, 365
2, 852 4, 582
3,233 4, 714
6, 131
9, 000
112
-257
— 195
-229
-841
9, 000
8, 618
8, 501
8,039
8, 547
7, 817
7,652
8, 413
8, 479
8, 830
8,795
8, 830
9, 166
9, 880
-257
854
789
1, 130
615
869
1,524
1,001
1, 053
874
978
1, 132
667
-132
-195
921
827
1, 219
689
955
1,613
1, 062
1, 102
941
1,054
1, 206
724
— 73
-841
315
253
646
101
405
1,064
481
500
316
429
580
84
-776
* C.i.f. (cost, insurance, and freight) import value at first port &1 entry to the
United States. Data for 1973 are estimates.
« F.a.s. (free alongside ship) value basis: at U.S. port of exportation tor exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The merchandise trade balance showed a surplus of over $2 billion in the fourth quarter. Both exports and imports
advanced about 41A percent in value from their third quarter levels/ reflecting increased economic activity domestically
and abroad.
+5,015&
£"--•-• H547
I
BILLIONS Of DOLLARS
4
BALANCE ON GOODS
AND SERVICES
1969
1975
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Me rchandise
Period
Exports
1969
1970
1971_.
1972
1973
1974
1975*
Imports
Milit a,ry trans actions
12
Net
balance
Direct
expenditures
Sales
36, 414 -35,807
607 — 4, 856 1,528
42, 469 -39,866 2, 603 -4,855 1, 501
43, 311 -45,579 -2,268 -4, 819 1,926
49, 388 -55,797 -6,409 -4, 784 1, 163
955 -4, 658 2,342
_ 71, 379 -70,424
98, 309 -103,586 — 5, 277 -5, 103 2,944
107, 250 -98,104 9, 146
22,464 -22,587 -123 -1, 166
II— 24,218 -25,677 -1,459 -1,324
III.. 25,034 -27,349 -2,315 -1,279
IV.. 26,593 -27,973 -1,380 -1,335
1974: I
1975: !._..
II_._
III..
IV *
27,129 -25,296
25, 659 -22,327
26, 644 -24,687
27, 818 -25, 794
663
678
766
837
1,833 — 1,303
954
3,332 — 1,209
804
1,957 — 1, 113 1,241
2,024
Net
balance
66-981°—76
4
Private 3
U.S.
Government
Season*illy adju sted
4,014
-503
-769
-781
-646
2,745
-513
-807
3, 161
-872
-498
3,431
-513
-717
-721
-741
-349
-405
128
-572 1,093
-393 1,043
—480 1,095
2, 165
2,235
2,572
— 989
-843
— 794
Remittances, Balpenance
sions,
on
curand
other
rent
uniaclateral count
trans-1
fers
1,020 -2, 976 -1,956
2,966 -3, 248 -281
-237 — 3,642 -3, 879
-5, 930-3, 779 -9, 710
4, 177 -3, 841
335
3,825 -7, 182 -3,357
Net
Baltravel
Other ance
and
on
trans- servporta- ices,3 goods
and
tion
net
serv-l
expendices
itures
-3, 328 3,471
156 - 1, 763 1,878
-112 -2, 023 2,220
-3,355 3,631
— 956 -2, 315 2,537
-2,893 5,659
-3,621 6,208 - 1, 888-3,024 2,803
-2, 317 8, 188 -3,009 -2, 862 3,222
-2, 158 13, 351 -3,229 -2, 692 3, 830
* Excludes military grants.
Adjusted from Census data 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 net investment income and
included in other services, net.
a
Neti nvestment income
886
936
960
1,049
2,992 -2, 966
26
78 -1,865 -1,787
-235 -1,265 -1,500
989 -1,088
-99
3,178 -1, 175
5,015 -1,183
4,547 -1,047
2,003
3,832
3,500
NOTE.—Merchandise data for 1975 are as revised in January; other data to be
revised in March.
Source: Department of Commerce, Bureau of Economic Analysis.
23
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
Net liquid private capital flows, returning to the trend of the first 2 quarters of 1975, registered an outflow of over $1
billion in the fourth quarter. This compares with an inflow of $4.5 billion registered in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
-10
1975
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars]
Non- AlloLong-ter m capital Balance liquid
cations
on
flows5, net
of
current shortterm special
Period
account private
U.S.
and long- capital draw2
ing
GovernPrivate
term
rights
ment l
capital flows,
2
(SDR)
net
-1,949
-44 -3, 949 -640
1969
-2, 045 -1,434 -3, 760 -482
1970
867
-2, 376 -4, 383— 10, 637 -2, 347
1971
717
1972___ _ _ _ — 1, 334
-69 — 11, 113 - 1, 542
710
-1,490
1973
177
-977 -4, 238
1, 118 -8,463 -10, 702-12,936
1974
1975 "
Errors
and
omissions,
net
Liquid
Net
liquid- private
capital
ity
balance flows,
net 2
Changes
in lia- Changes
Official
in U.S.
reserve bilities
official
to
trans- foreign
actions official reserve
balance agencies, asset?,
net 4
net 3
-1,492 -6, 081
2, 739 - 1, 552 — 1, 187
8,820
7, 362
2,477
-476 — 3, 851 -5,988 -9,839
-9,698 -21, 965 -7, 788-29,753 27, 405
2,348
-1,884 — 13, 829
32
3,475 -10,354 10, 322
2,343 -5,308
5, 099
-2,436 -7, 651
209
9,831 - 1, 434
4,698 -18,940 10,543 -8,397
3, 324 -5, 361 -2, 037 2, 644
-607
83 -2, 157 -3, 574 — 1,458
-860
-474
-354
-563
-5, 570 -6, 529 -2, 3Q£
1, 92?)
-2, 199
-670
-2, 431
1,047
-97C ) _. .
-1,357
1, 580 "~~~ JLj oot
IV 9
1
2
Excludes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional
organizations.
s
Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from*reversible gold sales
to, and gold deposits with, the United States.
* Consists of gold, special drawing rights (SDR), convertible currencies, and
the U.S. gold tranche position in the IMF. Minus sign indicates increase.
«Includes increases (in millions) as follows: 1969, $67 due to revaluation of the
German mark in Oct. 1969; 1971, $28 due to dollar value of foreign currencies
revalued to reflect market exchange rates as of Dec. 31, 1971; 1972, $1,016 due to
24
4,014
1,135 -3,897
2,730
1,236 -7,598
3,438 -6, 636
2, 067
489 -2, 144
843
389
4,490
-37
-992 — 1, 071
16, 964
14, 487
12, 167
13, 151
14, 378
15, 883
16, 226
Unadjusted
Seassonally ad justed
1974: III___
IV.__
1975: !*__.
!!*___
III*..
U.S.
official
reserve
assets,
net
(end of5
period)
117
886 - 1, 003 15, 893
137 15, 883
-4, 868 4,731
-3, 198
3, 523
1,684
-1,655
4, 879 -4, 537
1,974
-2, 063
-325
16,
16,
-342 16,
89 16,
-29
256
242
291
226
change in par value ol the dollar on May 8,1972; and 1973, $1,436 due to change in
par value of the dollar on Oct. 18,1973.
Beginning July 1974, SDR and reserve position in the IMF based on new
method of valuation. On a pre-July basis, reserve assets for Sept. 30, 1974 are
$15,949 million, for Dec. 31,1974 $15,812 million, for Mar. 31, 1975 $16,105 million,
for June 30,1975 $16,134 million, for Sept. 30,1975 $16,455 million, and for Dec. 31,
1975 $16,366 million.
*Overall balances revised; other data to be revised In March.
Sources: Department of Commerce (Bureau of Economic Analysis) and
Department of the Treasury.
PRICES
WHOLESALE PRICES
In January, the wholesale price index rose 0.4 percent (unchanged after seasonal adjustment). Prices of farm products
and processed foods and feeds dropped 0.8 percent (1.8 percent seasonally adjusted). Industrial commodity prices
were up 0.7 percent (0.4 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
200
200
120
120
100
100
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100]
Period
All
commodities
1968
1969
1970
1971
1972
1973
1974
1975
102.5
106. 5
110. 4
113.9
119. 1
134. 7
160. 1
174.9
1975: Jan
Feb
171.8
171. 3
170.4
172. 1
173. 2
173. 7
175. 7
176.7
177. 7
178.9
178.2
178.7
179. 4
Mar
Apr
May_ _..
June
July
Aug___ __
Sept. - _ _
Oct
Nov__ _
Dec
1976: Jan
Farm
products Indusand
trial
processed commodfoods
ities
and
feeds
102. 4
108. 0
111. 7
113. 8
122. 4
159. 1
177. 4
184. 2
Unadjusted
183.8
179. 5
174.9
178.8
181. 2
182. 3
188. 2
189. 0
190.4
190. 5
186. 1
186. 0
184. 6
Special gToupings
Farm
products
Processed
foods
and
feeds
102. 5
106. 0
110.0
114. 0
117. 9
125.9
153.8
171.5
102. 5
109. 1
111. 0
112.9
125. 0
176. 3
187. 7
186. 7
102. 2
107.3
112. 1
114. 3
120. 8
148. 1
170. 9
182. 6
167. 5
168.4
168. 9
169. 7
170. 3
170. 7
171. 2
172. 2
173. 1
174. 7
175. 4
176.1
177.3
177.9
170.2
168. 1
179. 3
184.5
181. 7
193. 7
190. 7
198. 9
203. 2
198. 0
196.4
190.9
185. 3
180. 3
175. 7
181. 9
180. 3
178. 1
183. 9
184. 5
186.3
187. 7
186.5
181. 0
178.3
1
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
Source: Department of Labor, Bureau of Labor Statistics.
Crude
mate-1
rials
Inter- Producmediate er finmate-2
ished
goods
rials
102. 0
102. 6
103. 5
110. 6
106. 1
106. 9
110. 0
111. 9
118.8
122. 7
114. 3
116. 6
131. 1
119. 5
118. 9
155.2
123. 5
128. 1
141. 0
219. 1
159. 5
162. 5
178. 6
225. 1
Seas onally ad; usted
176. 1
157. 2
219.6
176. 1
218. 8
158. 1
176. 4
217. 7
159. 7
176. 8
220. 1
160. 7
224. 2
176. 5
161. 2
225.4
161. 7
176. 7
223.4
177. 6
162.4
162. 8
226. 5
178.8
232.7
179. 5
164. 0
181. 8
231.1
166. 7
227.9
183. 1
167. 7
233.8
184. 3
168. 0
235.4
169. 3
184.8
Consunler finishe d goods
exceluding fo Dds
Nondurable
Total
Durable
102. 1
104.6
107. 7
111. 2
113.5
118.6
138.6
153. 1
102. 2
104. 0
107. 0
110. 9
113. 2
115. 8
126. 3
138. 2
102. 2
105. 0
108. 3
111. 3
113. 6
120. 5
146. 8
163. 0
149. 5
149.7
150. 0
150. 3
150. 8
151. 5
152. 4
153. 9
155. 4
157. 3
158. 1
158. 6
159. 1
135.2
135.8
136. 9
136. 9
136. 9
137. 3
137.4
137. 7
139. 0
141. 5
141. 9
141. 8
142. 2
158. 5
159. 0
158. 9
159. 3
160. 1
161. 0
162. 5
164. 6
166. 1
167. 5
168. 7
169.9
169.8
2 Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
25
CONSUMER PRICES
In January, the consumer price index rose 0.2 percent (0.4 percent seasonally adjusted). Food prices rose 0.1 percent
(declined 0.2 percent seasonally adjusted). Nonfood commodity prices declined 0.3 percent (rose 0.2 percent
seasonally adjusted) and services prices rose 1.0 percent (1.1 percent seasonally adjusted).
INDEX, 1967-100 (RATIO SCM4
INDEX, 1967= 100 (RATIO SCALQ
100
1968
1970
1969
1971
1972
1973
1975
1974
1976
COUNCIL OF iCONOWC ADVISERS
SOURCE. DEPARTMENT OF LABOR
[1967=100]
Period
1968
1969
1970
1971
1972
1973
1974
1975
AU
items
Food
Commodities
less
food
104.2
109.8
116.3
121. 3
125.3
133. 1
147. 7
161.2
103.6
108.9
114.9
118.4
123.5
141.4
161.7
175.4
103.7
108. 1
112. 5
116.8
119.4
123.5
136.6
149* 1
ComDaodities less food
Food
Services
commodities
105.2
112.5
121.6
128.4
133.3
139. 1
152. 1
166.6
103.7
108.4
113.5
117.4
120.9
129.9
145. 5
158.4
All
103.6
108.9
114.9
118.4
123. 5
141.4
161. 7
175.4
Food
at
home
Food
away
from
home
103.2
108.2
113.7
116.4
121.6
141.4
162.4
175.8
105.2
111.6
119.9
126. 1
131. 1
141.4
159.4
174.3
All
103.7
108. 1
112. 5
116.8
119.4
123.5
136.6
149. 1
Services
Durable
Nondurable
103. 1
107. 0
111.8
116. 5
118. 9
121. 9
130.6
145. 5
104. 1
108.8
113. 1
117. 0
119.8
124.8
140.9
151. 7
105.2
112.5
121. &
128.4
133. a
139. 1
152. 1
166. &
Seasonal y adjust ed
Unac [justed
1975: Jan
Feb
Mar
Apr
May_-_
June
July___
Aug
Sept~__
Oct
Nov
Dec
156. 1
157.2
157. 8
158. 6
159. 3
160.6
162. 3
162.8
163. 6
164. 6
165. 6
166.3
170.9
171.6
171. 3
171. 2
171.8
174.4
178.6
178. 1
177.8
179.0
179.8
180.7
143.9
144.9
146.0
147. 2
148. 1
148.9
149.9
150. 7
151.4
152. 2
152.6
152.8
161. 3
162.6
163.2
164. 1
164. 5
165. 7
166.6
167.4
169. 1
170. 1
172.0
173. 1
154.0
154. 6
155.0
155. 6
156.5
157. 6
159. 6
160. 1
160.6
161. 5
162. 2
162.9
171. 3
171. 1
170.6
171. 0
172.5
174.6
177.8
177. 5
178.0
179.6
180.6
181.6
171.9
171. 1
170. 3
170.6
172. 3
174. 9
178. 6
178. 1
178.4
180.2
181.2
182.1
169.0
170.9
171.8
172.4
173. 1
173. 4
174. 5
175.3
176.4
177.5
178.6
179.5
144.7
145. 7
146. 6
147. 4
147. 9
148.5
149.8
150.7
151. 2
151. 7
152.2
152.8
140.0
141. 6
143. 2
144. 4
144.8
145. 4
14.6. 2
147. 0
147.6
148. 1
148. 5
149.2
148. 1
148. 7
148. 9
149.5
150.0
150.7
152.4
153. 4
153. 7
154.4
154.8
155.3
161. 1
162. 4
163. S
164. a
164.9
166. 0
166.9
167.6
169. 0
170. 0
171. 7
172.8
1976: Jan
166.7
180.8
152. 3
174.9
163. 1
181.2
181.4
180.9
153. 1
149.7
155.6
174.7
Source: Department of Labor, Bureau of Labor Statistics.
26
CHANGES IN WHOLESALE PRICES
Perceiit changej from pre ceding
perlod; seasoilaUy adju*sted1
Period
An
commodities
Farm
products
1.0
2.8
4.8
2.2
4.0
6.5
15.4
20.9
4.2
-2.7
4,4
8.4
-4.7
8.1
1975: Jan—
Feb..
MarApr—
MayJune.
July.
Aug..
Sept.
Oct..
Nov.
Dec-
—.2
-.8
-.5
1. 5
.4
—.1
1.2
.8
.6
1.8
.0
— .4
-4.4
-4. 3
-1.2
1976: Jan—
.0
1967
1968
1969
1970
1971
1972
1973
1974
1975
_
_
18.7
36. 1
-1. 9
5.5
Industrial
commodities
Processed
foods
and
feeds
-1.2
3.0
6.8
.8
4.7
11.6
20.3
20.9
-3.8
— 1. 5
6.6
-1. 5
4. 3
2.2
-2.6
-.8
.5
.4
.1
.1
.2
.4
.4
.6
.7
1.2
.6
.6
-2.8
-1.5
.4
2. 9
Farm
products
Processed
foods
and
feeds
-28.0
-40.8
-33.4
3.2
38.1
36.5
36.2
14. 1
43.6
21. 1
16.2
-4.9
0.7
-25. 1
-24. 0
-7.1
.0
5. 6
4. 5
9.6
19.7
8. 5
4.4
-10.9
7. 1
5.4
4.2
2.4
1.5
2.6
4. 0
6. 0
7.3
10.7
10.6
10.1
-1.7 -22.1
-18.6
as
All
commodities
Industrial
commodities
Farm
products
Processed
foods
and
feeds
14.4
4. 5
3.5
.8
-1.3
.3
3.2
6.6
9. 1
9.6
8.9
8.3
-3.2
-17.0
-16.9
-13.8
-9.6
-4.7
18. 6
25. 5
40.0
28.4
15.2
16.8
23.3
2.7
-1.5
-3.3
-13.4
-10.4
-1. 5
47
12.4
6.5
7.0
&3
14. 0
9.5
7.6
4.7
3.4
3.4
3.2
3.7
5. 0
7.3
8.2
8.7
5.6
-2.9
-6.0
8.6
All
commodities
Industrial
commodities
1.9
2. 7
3.9
3.6
3.2
3.6
10. 7
25. 6
6.0
- 1. 5
-2.7 .
-2.6
3.5
-. 9
-1.2
3. 3
.3
1. 0
.8
-.6
-2.9
6.7
Percent c1 lange f re m 3 mont as earlier; Percent (jhange from 6 mont is earlier;
seasonsally adju sted annulal rates
season ally adjusted annua 1 rates
0.9
-7.7
-6.3
.6
5.5
7.2
6. 0
7.7
11. 1
13.5
10.1
5.6
Source: Department of Labor, Bureau of Labor Statistics.
»Annual changes are from December to December (unadjusted).
CHANGES IN CONSUMER PRICES
Percerit change3 from pre ceding
period; seasoilally adju sted1
Period
All
items
Food
Commodities
less
food
Services
Percent c aange frc>m 3 mont hs earlier; Percent c lange frc m 6 mont [is earlier;
seasonsilly adjussted annu al rates
season!illy adju.sted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
__
3.0
4.7
6. 1
5. 5
3.4
3.4
8.8
12.2
7. 0
1.2
4.3
7.2
2. 2
4.3
4.7
20. 1
12.2
6. 5
3.1
3.7
4. 5
4.8
2.3
2.5
5. 0
13.2
6. 2
4.0
6. 1
7.4
8.2
4. 1
3.6
6.2
11.3
8. 1
1975: Jan- _ _
Feb-__
Mar.._
Apr
May__
June. July___
Aug.- _
Sept.—
Oct-__
Nov.—
Dec— _
.7
.5
.4
.5
.5
.7
1.0
.4
.4
.6
.6
.5
5
— 1
3
2
9
12
18
— 2
3
9
6
6
6
7
6
5
3
4
9
6
3
3
3
4
9
8
6
6
4
7
5
4
8
6
10
6
10. 0
8. 3
6.6
5. 7
5.7
7.0
9. 1
8.5
7.4
5.8
6.8
7.3
11. 2
5.8
.5
-.7
3.3
9.7
16.9
12. 1
8.0
4, 1
7.2
8.3
8.7
8. 1
8.0
7.7
6.2
5.3
6.7
7.8
7,5
5. 2
4. 0
4.3
10.3
10.5
9.3
8.2
6.3
6.8
6.5
6.7
7.4
7.6
10. 2
9.3
12.0
10. 3
8.6
7.9
7. 0
6,8
7.4
7.1
7.2
7.4
7.7
7.4
14. 9
11.3
6. 6
5. 1
4.6
5.0
7.7
7.6
8.9
10.3
9.6
11.2
10.8
9.9
9. 2
8.4
8.0
7.3
6.5
7. 1
7. 1
a2
10.9
9.4
8.7
8. 2
7. 1
6. 6
7.2
7.0
6.4
5.9
5.9
5.9
1976: Jan-. .
.4
-.2
.2
1.1
6.5
3.6
3.7
11.5
6.1
3.9
4.5
9.6
1967
1968
1969
1970
1971
1972
1973
1974
1975.
* Annual changes are from December to December (unadjusted).
Source: Department of Labor, Bureau of Labor Statistics.
a4
a4
27
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased % percent during the month ended February 1 5. Contributing most to the increase
were higher prices for wheat, cattle, calves, hogs, and potatoes. Partially offsetting were lower prices for milk, lettuce,
eggs, celery, and tomatoes. Prices paid were unchanged. Both the actual and adjusted parity ratios also were
unchanged.
INDEX, 1967=100
(RATIO SCALE)
i 220
200
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
1968
1969
1970
1971
1972
1973
1974
1976
1975
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
SOURCEi DEPARTMENT OF AGRICULTURE
Prices ireceived by 1farmers
Period
1968
1969
1970_
1971
1972 ___ _
1973
1974
1975
1975: Jan 15.
Feb 15__
Mar 15
Apr 15
May 15.
June 15
July 15 _
Aug 15
Sept 15 __ . _
Oct
Nov
Dec
1976: Jan
Feb
15
15
15
15
15—
1
_
All farm
products
103
108
110
112
126
172
184
181
172
168
165
170
178
182
187
187
194
193
185
187
186
187
Crops
Prices paid by far mers
All
items,
Livestock interest,
Family
Producand
living
tion
taxes,
and
products wage rates
items
items
Index, 1 967=100
101
97
100
107
116
164
214
194
201
192
185
188
189
192
199
201
202
199
188
188
188
190
Percentage ratio of index of prices received by fanners to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
104
117
118
116
134
179
164
172
153
151
152
157
171
176
180
179
188
190
184
187
185
185
104
109
114
120
126
145
169
185
181
180
179
182
184
185
186
187
189
189
189
189
193
193
104
109
114
119
124
138
161
177
173
175
173
173
175
176
178
179
180
180
182
182
183
183
102
106
110
115
122
146
172
188
182
180
179
185
187
190
190
192
194
192
192
192
193
194
Parity ratio 1
Actual
73
74
72
70
74
88
81
73
71
69
69
69
72
73
75
74
76
76
73
73
72
72
Adjusted2
79
80
77
74
79
91
81
73
72
70
69
70
73
74
75
75
77
77
73
74
72
72
2
The adjusted parity ratio reflects Government payments made directly to
fanners.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Mi was essentially unchanged from November to January. Growth in M2 on the other hand picked up in January.
BILLIONS OF DOLLARS (RATIO SCALE)
800
BILLIONS OF DOLLARS (RATIO SCALE)
] 800
AVERAGES OF DAILY FIGURES
700
300
200
I I I I I I I I I I I—I I I I I I I I I IL, M ' I I I I I I I I
1968
1969
1
1970
I I I ' I ! I II I I
1971
II I f I ! I I.I I I—I I I,! I I I I I I I I I I I I I 1 I I I I. I I T I I 1 II I I I i I I I I ! ! I I I I
1972
1973
1974
1975
1976
SOURCE-. BOARB OF GOVERNORS OF THE FEDERAL RESERVE SYSTfM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all meas ures *
Deposi ts at co]mmercia banks
Period
Mj
1971:Dec__
1972: Dec _ _
1973: Dec__
1974: Dec__
1975: Dec__
1975: Jam _ _
Fcsb__
Mar__
Apr. .
May _
June _
Jul r __
Aug.Sept__
Oct__
N0v__
Dec__
[976: Jan___
233. 8
255. 3
270.5
283. 1
295. 0
281. 9
281. 9
284, 1
284. 9
287. 6
291. 0
291. 9
293. 2
293. 6
293. 4
295. 7
295. 0
295. 5
M2
471. 7
525. 3
571.4
612. 4
663. 3
614. 5
618. 2
623. 0
626. 7
633. 7
642. 4
647. 5
650. 6
652. 9
655. 7
661. 6
663. 3
669. 1
M3
745. 1
844. 9
919. 5
981. 6
1,091.8
986. 7
994. 0
1,003.7
1,012.7
1,025.3
1,040.2
1,051.6
1,060.6
1,068.1
1,075.6
1,086.0
1,091.8
1,102.4
Currency
52.6
56. 9
61. 5
67. 8
73. 7
68.2
68. 7
69. 4
69. 5
70. 2
71. 0
71.3
71. 9
72. 0
72. 6
73.4
73.7
74.2
Tim e and savings
at
Total
Large
CD's
Other
271. 2
313. 6
364, 4
419. 1
451. 2
425. 4
428. 3
428. 7
430. 1
431. 2
435. 5
437. 6
436. 2
438. 3
443. 2
447. 6
451. 2
452. 9
33. 3
43. 6
63.5
89. 8
82. 9
92. 7
92. 1
89.8
88.4
85. 1
84. 1
82. 1
78. 8
79. 1
80. 9
81. 8
82. 9
79.2
237. 8
270.0
300. 9
329.3
368. 3
332.6
336. 2
339. 0
341. 8
346. 1
351. 4
355. 5
357. 4
359. 2
362. 3
365. 9
368. 3
373. 7
273.4
319.6
348.0
369. 2
428.5
372.2
375. 9
380. 7
386. 0
391. 6
397.8
404. 1
410. 0
415. 2
420. 0
424.4
428.5
433.3
Demand
181.3
198. 4
209. 0
215. 3
221. 3
213. 7
213.2
214.7
215. 4
217.4
220. 0
220. 6
221. 3
221. 6
220. 8
222. 3
221. 3
221. 3
Deposits
nonbank
thrift
institutions
1
Mi is cmMBcy plus demand deposits; M2 is MI plus time deposits at commercial banks otiaer than large certificates of deposit (CD's); and MS is M2 plus
deposits at nonbank thrift institutions.
Per cent
chaiige 2
Com p ontents anc related 11 ;ems
U.S. Government
demand
deposits
(unadjust-
i
MR
2
ed)
6.9
7.4
6.3
4.9
4.2
4. 0
3. 3
o. 8
4. 0
4. 1
4.2
3.4
2. 7
3. 9
3. 4
3. 5
4. 2
3.9
6. 5
9.2
6. 0
4.7
4.2
2. 2
1. 7
3. 1
2. 7
3. 6
5. 7
7.2
8.2
6. 8
6. 1
5. 7
2. 8
2. 5
11.4
11.4
8. 8
7.2
8.3
5.6
5.9
6. 9
6. 5
7.7
10. 0
11.0
10.8
9. 8
9. 5
9. 0
6.6
6.8
2 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.
29
PRIVATE
ASSET HOLDIMGS -
INVESTORS
Private liquid asset holdings rose 0.6 percent in January. From January 1975 to January 1976 the rise was 9.7 percent
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
1,400
1,400
1,200
1,200
1,000
1,000
TOTAL LIQUID ASSETS
CURRENCY AND
DEPOSITS
600
600
400 i n m h n n m u T i f t n m n I n i n | n in I t i n » h i in I M n »
1968
1
1969
1
1970
1971
1972
t u i i l n n i m n l n n i M i i i h n n M i n l i i n i l 400
1973
1974
1975
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCE! BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures; billions of dollars, seasonally adjusted]
Cum;ncy- and <deposits
Period
1969:
1970:
1971:
1972:
1973:
1974:
1975:
Dec
Dec
Dec_
Dec
Dec
Dec
Dec
1974:
Dec
1975: Jan
Feb
Mar
Apr
May
June
July
Aug...
Sept__.
Oct___
Nov
Dec
_
1976: Jan*_
Total
liquid
assets
U.S. G overnment se curities
46. 1
49. 1
52.6
56.9
61. 5
67. 8
73. 7
144.8
151.4
160. 3
174.9
180. 9
182. 1
189.0
177.3
199.3
233.7
264.7
294.9
321.9
360. 3
214.9
232. 7
273.4
319. 6
348.0
369.2
428.6
51.7
52. 0
54. 3
57. 6
60.4
63,3
67.3
Short
term
marketable securities
64.0
52. 6
37.8
38.3
50. 3
57. 8
68. 3
67.8
182. 1
321. 9
369. 2
63.3
1, 191. 8 945. 7
1, 199. 8 952.9
:
962.4
1, 207. 7
1, 216. 2 971.4
1, 225. 1
983.9
999.2
1, 239. 4
1, 251. 4 1,011. 1
1, 258. 6 1, 020. 3
_ _ . 1, 264. 4 1, 027. 4
1, 275. 5 1,035.2
1, 291. 6 1, 046. 0
1, 300. 2 1, 051. 5
68.2
68. 7
69.4
69.5
70.2
71.0
71. 3
71.9
72.0
72.6
73.4
73.7
180.7
180. 6
182.0
183.3
185.2
187. 8
188. 7
189.6
189.7
188.9
190.5
189.0
324.6
327.7
330. 3
332.6
336.9
342.6
347.0
348. 8
350. 5
353.8
357. 6
360.3
372. 2
375.9
380.7
386. 0
391. 6
397.8
404. 1
410.0
415.2
420.0
424.4
428. 6
1, 307. 7 1, 061. 9
74.2
188. 4
366.1
433.2
Total
583. 1
737.0
632.5
784.8
_.. 866.3
719. 9
979.2
816.1
1, 092. 3
885.4
1, 183. 4 940. 9
1, 300. 2 1, 051. 5
1, 183. 4
Note.—Series revised beginning 1964.
30
Time d eposits
940. 9
Currency
Demand
deposits
Commercial
banks
Nonbank
Savings
thrift
bonds
institutions
Negotiable
certificates of
deposit
9.0
Commercial
paper
29. 1
24,7
23.0
30.2
39. 7
57.9
79.6
72.6
27.5
38.3
41. 8
40.5
57.8
79. 6
41.8
63. 6
63.9
64.2
64.5
64.8
65. 1
65. 6
65. 9
66. 2
66. 6
67. 0
67. 3
58.4
58.0
57.2
57.2
57. 1
58.2
60.8
62.2
61.0
62.9
67.0
68. 3
82. 5
82.2
79.9
78.7
75. 3
73.7
71.9
69. 1
69.3
70. 6
71.4
72. 6
41.7
42.8
44.0
44.4
43.9
43.0
42. 1
41. 1
40.4
40.2
40. 4
40. 5
67.6
68. 7
69.0
40. 5
Source: Board of Governors of the Federal Reserve System;
240
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Bank loans and investments increased at an annual rate of 3.1 percent in the 3-month period ending January 1976.
Commercial and industrial loans grew very little while investments grew rapidly at a rate of 7.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
60
60
40
40
1968
1969
1970
1971
1972
1973
1974
COUNCIl OF ECONOMIC ADVISERS
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Bank
debits
outside
New York
Investrnents
L<oans
Total
City (232
loans
centers) ,
Total,
Comand
U.S. Gov- Other seasonally
mercial
excludinvesternment securi- adjusted
interindusments ing•^ __
annuall
securities
i_ and4.trial
.i
ties
banK
rates
Billions of dollars
All commercial banks
(seas(mally adjusibed data)
End of period
1970
1971
1972
1973
1974
1975*
1975: Jan
Feb
Mar
Apr
Mav
June
July 9
Aug 9
Sept ^
Oct *
Nov ^
Dec *
1976: Jan *
435. 5
484. 8
556.4
630. 3
5
687. 1
717.2
690.0
692. 6
697.0
699. 1
702. 0
705. 0
706. 4
710.4
711. 6
_ 715. 0
721.3
717.2
720. 5
291. 7
320. 3
377. 8
447.3
498.2
494.7
501.3
498.9
498.3
495.0
492.8
489. 9
489.6
490.7
490.4
494 1
498.0
494 7
495.4
110. 0
115. 9
129.7
155.8
182.6
177.7
184 1
182. 5
180. 9
180.5
179. 1
176.3
177.6
177.5
176.4
177. 9
178.9
177. 7
178. 1
57. 9
60. 1
61.9
52.8
48.8
77.9
48.7
53.2
58. 5
640
68. 2
72.4
73.4
75. 6
77. 1
75. 1
76. 3
77.9
80.2
1
Debits during period to demand deposit accounts except interbank and U.S
Government.
«Averages of dally figures. Annual data are for December.
• Beginning November 1972, adjusted to include certain reserve deficiencies
©n which penalties could be waived for a transition period in connection with
adaption to Regulation J. Transition period ended after June 1974.
* Beginning April 1973, includes seasonal borrowings.
1976
1975
85. 9
104 4
116.7
130.2
140. 1
144 6
140.0
140. 5
140. 2
140. 1
141, 0
142. 7
143.4
144.1
144 1
145. 8
147.0
144 6
144 9
5,717
6,443
7,630
9, 682
11, 678
12, 182
11, 696
12, 032
11, 939
11, 895
11, 913
11, 891
12, 118
12, 641
12, 597
12, 336
12, 538
12, 594
12, 335
AJl membe r banks 2
Borrowings at
Total 3 Excess 3 Federal
Free
reserves reserves Reserve reserves *•
Banks 4
]MEillions o : dollars
29, 265
31, 329
31, 353
35, 068
36, 941
34, 968
37, 492
35, 565
34, 779
35, 134
34, 492
34, 976
34, 655
34, 482
34, 646
34, 567
34, 571
34, 968
35, 588
272
165
219
262
339
240
-64
232
266
120
-1
548
— 32
217
199
156
290
240
227
321
107
-49
58
1,049
1,298
-1,036
703
129
390
147
106
110
60
271
261
211
396
191
61
129
79
-830
-364
111
-454
85
160
10
-61
277
-29a
6
-197
-35
229
111
148
5 Beginning June 1974, a bank merger increased total loans and investments
by $0.6 billion, and beginning November 1974, liquidation of a large bank reduced
total loans and investments by $1.5 billion. For effect on other categories, see
Federal Reserve Bulletin.
Source: Board of Governors of the Federal Eeserve System.
31
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
nr/vf oi
Credi k market runds
Inter1
nal
Total
Tr»+«l
1966__
1967
1968
1969
1970
1971
1972
1973
1974
1974: I
II
III
IV
1975:1
II
III
-
97.3
94. 0
113.6
118.1
103.7
120.4
148.0
176.2
183. 3
196. 3
210. 3
176.4
150. 1
90. 1
129.8
150. 3
61.2
61.5
61.7
60.7
59.4
68.0
78.7
84.6
81. 5
85. 3
80. 5
75. 3
84. 8
90. 1
98.2
109.7
15. 7
21.6
18.4
25.3
29.6
31. 5
38. 9
39.5
46. 8
55.3
67.2
77.1
75.4
91.6
72. 8
68. 7
27.2
29.3
29.8
36. 1
32. 5
51. 9
57.4
44.2
52. 5
69.3
91.6
101.8
111. 0
129. 8
101. 1
65. 3
.0
31. 6
40.6
Short-3
term
Longterm 2
mo
30. 7
41.8
39.3
34. 5
36.3
37. 5
43.1
25. 2
39. 3
52.0
52. 9
39.6
1
Undistributed profits (after inventory valuation adjustment) and capital
consumption
allowances.
2
Stocks, bonds, and mortgages.
9.6
8.0
13.2
18.9
8.8
5.0
16.0
32.7
40.8
38.0
48.7
47.4
29.4
-24.9
-23. 7
-9.7
Total
Other
10.9
3.0
20.4
18. 5
4.8
5.7
14.0
24. 5
24. 7
35.6
38.2
28. 3
— 3. 4
-27. 1
2.4
10.7
89. 1
88.2
104.0
112. 1
97.0
110.3
133.3
162.4
169.7
189. 7
195. 1
160.2
133. 5
76.1
114. 5
133.7
Purchase
of
physical
assets 4
76.5
71.4
75. 0
83. 7
84. 0
87.2
102.5
121. 5
125.9
124.3
127. 8
122.4
129. 2
95. 1
77. 8
102. 5
Increase
in
financial
assets
12. 6
16.8
29.0
28.4
12.9
23. 1
30.8
40. 9
43. 8
65.4
67. 3
37. 8
4. 3
-19. 0
36.7
31.2
Discrepancy
(sources
less
uses)
8.2
5. 8
9. 6
6.0
6.7
10. 2
14.8
13.8
13.6
6.7
15. 3
16. 2
16. 6
14. 0
15. 3
16.5
3
Bank loans, commercial paper, finance company loans, bankers* acceptances,
and Government loans.
* Plant and equipment, residential structures, and inventory investment.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Cur rent liab ilities
Cu rrent assc5tS
Ad-
End of
period
ReceivCash
U.S.
«_.
a_i_i
bles
on
Govfrom
hand
ernTotal
U.S.
and
ment
Govin
securiernbanks * ties 2
ment 3
1966
364.0
386. 2
1967
426. 5
1968
473.6
1969
492. 3
1970
1971
'529. 6
1972
1573. 5
1973
643. 3
712. 2
1974
1974: !____ 666. 2
!!___ 685.4
III__ 708. 6
IV__ 712. 2
1975: I
698. 4 i
II__. 703. 2 !
III.. 716. 5 j
1
2 Includes
Includes
3
41.9
45.5
48.2
47.9
50.2
53. 3
57. 5
61.6
62.7
59.4
58. 8
60. 3
62. 7
60. 6
63. 7
65.6
13.0
10. 3
11. 5
10. 6
7.7
11.0
9.3
11.0
11.7
ia-i
10. 7
11. 0
11. 7
12. 1
12.7
14.3
4.5
5. 1
5. 1
4. 8
4. 2
3. 5
3.4
3.5
3.5
3.2
3.4
3. 5
3. 5
3. 2
3.3
3.3
Notes
and
accounts
receivable
142. 1
150. 2
168. 8
192. 2
201. 9
217. 6
240.0
266. 1
289. 7
276. 2
289. 8
295. 5
289.7
281. 9
284.8
294.7
Other
Incurvenrent
tories
assets 4
Total
142. 8
153. 1
166. 0
186. 4
193. 3
200. 4
215. 2
246. 7
288.0
258. 4
269. 2
282. 1
288.0
285.2
281. 4
279. 6
199. 4
211. 3
244. 1
287. 8
304. 9
326. 0
352. 2
401. 0
450. 6
416. 0
431. 5
449. 1
450. 6
438. 0
434. 2
444. 7
time certificates of deposit.
Federal agency issues.
Receivables from and payables to the U.S. Government do not include
amounts offset against each other on corporations' books or amounts arising from
32
19. 7
22. 0
26.9
31. 6
35. 0
43. 8
48. 1
54. 4
56. 6
56. 9
53. 5
56. 1
56.6
55. 4
57.3
59. 0
vances
and
Notes
and
preacpayments, counts
U.S.
payable
Govern- 3
ment
Fed_„_!
eral
income
tax
liabilities
Other
current
liabilities
133. 1
141. 3
162. 4
191. 9
204. 7
215. 6
230. 4
261. 6
287. 5
266. 5
278. 5
287. 0
287. 5
271. 2
270. 1
273.4
17. 4
13. 2
14.3
12. 6
10. 0
13. 1
15. 1
18. 1
23. 2
20. 6
19. 0
22.7
23. 2
21. 8
17. 7
44. 5
51. 0
61. 0
76. 0
83. 6
92. 4
102. 6
117. 0
134. 8
124. 4
129. 1
134. 3
134. 8
139. 8
140. 6
145.6
4. 4
5. 8
6. 4
7. 3
6. 6
4. 9
4. 0
4.3
5. 2
4. 5
4.7
5. 1
5. 2
5.3
5. 8
6.2
ia 4
Net
working
capital
164.6
174. 9
182.4
185. 7
187.4
203. 6
221. 3
242. 3
261. 5
250. 2
253. 9
259. 5
261. 5
260. 4
269. 0
271. 8
subcontracting which are not directly due from or to the 17.8. Government.
Wherever possible, adjustments have been made to include "P.3. Government
advances
offset against inventories on corporations' books.
4
Includes marketable investments (other than Government securities and
time certificates of deposit) as well as sundry current assets.
Source: Securities and Exchange Commission.
BOND YIELDS AND INTEREST RATES
After declining for several months, short-term interest rates increased slightly in early February.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
COUNCIL OF ECONOMIC ADVISERS
Period
1970
1971
1972.
1973
1974_
1975
1975: Mar
Apr
May.
_ _ _
June
July
Aug
Sept
•
Get
_.
Nov
Dec
1976: Jan
Feb_____
Week ended:
1976: Jan 23. __
30___
Feb 6 _ _ _
13___
20___
27__
Mar 5 _ _ _
[Percent per annum]
High-grade
U.S. Gov<^rnment secu rity yields
municipal
3-month
bonds
3-5 year
Taxable
2
Treasury
3
(Standard4&
issues
bonds
bills i
Poor's)
6. 458
6. 51
7.37
6. 59
4. 348
5.70
5.77
5.74
4.071
5.27
5.85
5. 63
7.041
5. 18
6.92
6. 30
7. 886
6. 09
7. 81
6. 99
5. 838
6. 89
7.55
6. 98
5. 544
6. 61
7. 00
6. 73
5. 694
6.83
7.76
7.03
5. 315
6.81
7. 49
6. 99
5. 193
6. 76
7. 26
6. 86
6. 164
6. 94
7. 72
6. 89
7.02
6. 463
8. 12
7.06
7.23
6. 383
8.22
7.29
6.081
7. 22
7.80
7. 29
7. 21
5.468
7.51
7. 21
5. 504
7.06
7. 50
7. 17
4. 961
6.80
7. 18
6.94
4. 852
6. 91
6.92
7. 18
4,
4.
4.
4.
4.
4.
6
5.
1
Rate on new issues within period.
2
Selected note and bond issues.
3
783
763
811
872
854
870
258
7.
7.
7.
7.
7.
7.
18
16
16
17
20
18
April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
5
Data for first of the month, based on the maximum permissible interest rate
851 percent beginning Jan. 5,1976) and 30-year mortgages paid in 15 years.
6. 74
6. 78
6. 85
6. 91
6. 93
6. 93
6.93
6. 94
6.93
6. 96
6. 94
6.88
Corpora be bonds
(Moo dy's)
Aaa
Baa
8. 04
7. 39
7. 21
7.44
8. 57
8. 83
8.67
8.95
8. 90
8.77
8.84
8. 95
8.95
8.86
8.78
8. 79
8. 60
8.55
9. 11
8.56
8. 16
8.24
9. 50
10. 39
10.29
10.34
10. 46
10.40
10.33
10.35
10.38
10.37
10.33
10. 35
10.24
10. 10
8.58
8.57
8. 56
10.20
10. 16
10. 14
10. 12
10. 09
10. 04
a 57
8. 56
8. 51
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
7. 72
9. 05
5. 11
7.78
4. 69
7. 53
8. 15
8. 08
9.87
a 47
6. 33
9.22
6. 06
8. 84
6.15
8. 69
5. 82
5. 79
9. 16
6.44
9.06
6.70
9. 13
6.86
9. 32
6.48
9.74
5.91
9. 53
5. 97
9.41
5.27
9.32
5. 23
9. 06
5. 23
5. 13
5. 15
5. 25
5. 28
5. 25
6
Not charted.
Sources: Department of Housing and Urban Development, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices after sagging slightly in December rebounded sharply in January. There was little change In early February.
INDEX, 1941-43«10
INDEX, 1941-43=10
120
120
110
110
f- COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
100
100
90
90
80
80
70
70
60
60
50
50
PERCENT
PERCENT
RA1no
RATIO
20
^
^^
r
C RICE/EARNINGS
^^NX*^^
°0
•\
/
15
RATIO ON COMMON STOCKS
^Xx*^_
in
s
"™********Sr^
I
K
1
f
'
1970
'
!
\
1971
!
!
1
1
1
T
1
1973
1972
^"^
1
1
1974
!
i
!
"'
10
"**
!
'
!
1975
|
SOURCE, STANDARD 8. POOR'S CORPORATION
1970
1971
1972
1973
1974
1975
1975: Feb
Mar
Apr
May
June
July
Aug —
Sept
Oct
Nov..
Dec
1976: Jan_._
Feb
Week ended:
1976: Jan 16
23
30
Feb 6
13
20
27
_
f
1976
K
M
Capital
goods
1
Total
Total
83. 22
98.29
109. 20
107. 43
82. 85
86. 16
80. 10
83. 78
84.72
90. 10
92.40
92.49
85. 71
84. 67
88.57
90. 07
88.70
96.86
100. 64
91. 29
108. 35
121. 79
120. 44
92.91
96. 56
89.29
93. 90
95.27
101. 56
103. 68
103. 84
96. 21
94. 96
99. 29
100. 86
99. 31
108. 45
112. 96
1941-^1:3=10
80. 22
87. 87
102. 80
99. 78
113. 91
119. 39
107. 13
118. 57
92.84
78.08
81. 18
94.63
88.50
75.06
80. 42
92.78
80. 75
96.76
85. 15
101. 96
85. 98
101. 15
86. 58
101. 15
78. 29
93.05
93.61
77. 25
83. 07
95. 77
88. 01
97.35
85. 66
96.41
108. 41
91.03
93.47
116. 68
96. 53
98. 53
99. 65
100. 76
100. 16
100. 60
101. 03
108.
110.
111.
113.
112.
112.
113.
107.
110.
112.
117.
115.
115.
118.
07
37
68
00
39
92
52
1
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all8 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
th« aggregate monthly market value of the stocks in the group. Annual yields
34
!
COUNCIL OF ECONOMIC ADVISERS
Price index
Industrials
Period
!
Consumers'
goods
87
68
39
38
78
12
45
91. 77
91.66
91.29
94.25
93.43
92. 35
93. 85
Railroads
Dividend
yield 2
(percent)
54. 48
59.33
56.90
53. 47
38. 91
41.17
40. 37
39. 55
38. 19
39. 69
43.67
43.67
40. 61
40. 53
42. 59
43.77
43.25
46.99
47.22
32. 13
41. 94
44. 11
38.01
37. 53
37.48
37.80
38. 35
38. 55
38. 90
38. 94
38.04
35. 13
34. 93
36. 92
37.81
37. 07
41.42
43.40
3.83
3. 14
2.84
3.06
4.47
4.31
4. 61
4. 42
4.34
4.08
4.02
4.02
4.36
4. 39
4.22
4. 07
4. 14
3. 80
3. 67
46. 87
47. 49
47. 81
47. 94
47. 14
47. 12
46. 67
41.40
42.42
42. 35
42. 93
43. 23
43. 71
43. 78
3. 78
3. 74
3. 75
3.63
3.67
3.71
3.65
Public
utilities
Price/
earnings
ratio 3
15.69
18.50
18.20
1422
8.94
9.90
12. 08
11.01
are averages of monthly data. Weekly data are Wednesday figures.
s Ratio of price index for last day of quarter to quarterly earnings (seasonal^
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
The estimated budget deficits for fiscal 1976 and 1977 are $76.0 billion and $43.0 billion, respectively.
BILLIONS OF DOLLARS
450
BILLIONS OF DOLLARS
450
400
-50
-100
1968
1969
1970
1972
1971
1973
1975
1974
1976
1977
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE& DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year:
1967.
1968
1969_
Receipts
Outlays
Surplus or
deficit (-)
Tntftl 1
Held by
the public
149.6
153.7
187. 8
158. 3
178.8
184. 5
-8.7
-25.2
3. 2
341. 3
369.8
367. 1
267.5
290. 6
279.5
193.7
188.4
208.6
232.2
264. 9
196. 6
211.4
231.9
246.5
26a 4
-2.8
-23.0
— 23. 2
-14.3
-a 5
382. 6
409. 5
437. 3
468.4
48d 2
284.9
304.3
323. 8
343.0
346. 1
1975
1976 2
Transition2 quarter2
1977
281. 0
297.5
81.9
351.3
324.6
37as
98.0
394.2
-43.6
-76.0
-16.1
-43.0
544. 1
633. 9
652.8
719.5
396.9
484. 4
504. 4
558.2
Cumulative totals for first 7 months:
Fiscal year 1975
Fiscal year 1976
164.6
165.1
182. 1
215.3
-17.5
-50.2
505.5
595.3
364.5
454. 1
_
1970
1971.
1972.
1973
1974
* Excludes non-interest-bearing public debt securities held by IMF.
i Estimates from The Budget of the United States Government, Fiscal Year 1977.
Sources: Department of the Treasury and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
Fiscal 1976 budget receipts are estimated at $297.5 billion and budget outlays at $373.5 billion. The corresponding
figures for fiscal 1977 are $351.3 billion and $394.2 billion, respectively.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50
300
OUTLAYS
300
250
250
200
200
NONDEFENSE
150
150
NATIONAL DEFENSE
100
100
50
_L
I
1948
1969
1970
JL
JL
_L
1971
1972
1973
_L
1974
50
1975
1977
1976
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receii3tS
Period
Total
Individual Corporation
income
income
taxes
taxes
Other
Total
C)utlays
National defense
Health
Depart- InternaInand
tional
ment of
income terest Other
Total Defense,
affairs security
military
Fiscal year:
1967
1968
1969
149. 6
153.7
187.8
61.5
68.7
87.2
34. 0
28.7
36.7
54. 1
56. 3
63. 9
158.3
178.8
184. 5
69. 1
79.4
80. 2
67. 5
77. 4
77.9
1970
1971
1972
1973
1974
193. 7
188.4
208. 6
232.2
264. 9
90.4
86.2
94. 7
103.2
119. 0
32. 8
26. 8
32. 2
36. 2
38.6
70. 5
75. 4
81. 7
92. 8
107.4
196. 6
211.4
231. 9
246. 5
268. 4
79.3
76.8
77.4
75. 1
78.6
77.2
74.5
75. 2
73. 3
77.6
1975
1976 !
Transition1 quarter 1 _ _ _
1977
281.0
297. 5
81.9
351. 3
122.4
130. 8
40.0
153. 6
40.6
40. 1
49.5
8.4
118. 0
126. 7
33.5
148.2
324. 6
373. 5
98. 0
394. 2
86.6
92. 8
25.0
101. 1
Cumulative totals for
first 7 months:
Fiscal year 1975 ..
Fiscal year 1976. __
164.6
165. 1
83. 0
81.1
17.4
17.6
64. 2
66. 3
182. 1
215.3
49. 8
53. 1
i Estimates from The Budget of the United States Government, Fiscal Year 1977.
36
4.7
37. 6
43. 4
49. 0
12. 5
13. 8
15. 8
34.3
37.7
35.7
3. 1
3. 7
3. 0
3. 6
3.6
56. 1
70. 1
81. 4
91. 8
106. 5
18. 3
19.6
20. 6
22. 8
28. 1
39. 3
41.8
48. 8
53. 9
51.7
85.0
89.8
24.5
99. 6
4.4
5.7
1.3
136. 3
160. 6
41.0
171. 5
31. 0
34.8
41. 3
9.8
66.4
79. 6
20.8
73. 5
49.2
51. 2
2. 1
73.8
91.9
17. 8
19.8
38. 6
48. 1
4. 6
3. 8
6. 8
2.4
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter, expenditures rose $10.4 billion, compared to a $11.5 billion increase in the quarter before.
With receipts excluding corporate profits tax accruals up $7.1 billion in the fourth quarter, the growth in total receipts
is expected to be similar to that of expenditures so that the deficit will show tittle change.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
440
400
240
200
200
160
160
SURPLUS
H 11ram
™m
"i
^"i
l
i
i
i^1^1
I
\i
i I
w
1
-40
-80
DEFICIT
1968
197!
1970
1969
1972
1973
-80
i
-120
1974
-120
97 5
CM.INOA.R YEARS
SOURCE! DEPARTMENT Of COMMERCE
-40
1976
O3UNOL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
]federal (jrovernm ent expendi tares
Federal (Sovernm ent receip ts
Period
Indirect
Personal Corporate business
and profits
Total tax
tax and
nontax
tax
nontax
receipts accruals
accruals
Fiscal year:
1973
240.0
1974
271.6
1975
281. 5
19761
307.4
1977 J
364. 7
Calendar
year:
1972
227. 5
1973
257. 9
1974
288.4
1975 J.
283. 2
107. 3
122. 9
126. 4
136. 4
IdO. 4
40.5
43. 6
40. 6
47.5
58. 2
Surplus
or
Subsidies Less: deficit
Grantsless
Wage
ContriPurin-aid
(-),
current accruals national
butions
chases Trans- to State Net
for
Total of goods fer pay- and interest surplusof less
income
social inments local
and
paid Govern- disand
surance
services
government en- burse- product
ments
terprises ments accounts
101. 5
104.5
117.6
130. 0
139. 4
89.7
104. 7
134. 8
158.7
168.2
40. 4
41. 6
48. 3
57. 8
9. 1
7. 9
5.7
6. 2
5.6
0.5
-. 1
. 4
59. 3
15. 9
19. 8
22. 0
26. 0
32. 0
!o
— 47. 2
— 71. 3
— 39. 8
244. 7
264. 8
300. 1
83.2
95. 8
117. 7
149. 2
37. 5
40. 6
43. 9
54.3
14. 6
18. 2
21.0
23.4
7.8
8. 2
5.2
6. 8
.5
— .5
.0
-17. 3
-6.9
356. 9
102. 1
102. 0
111.7
123.2
-11.7
-73.7
-5. 3
20.7
21.4
22.4
24. 0
24. 3
71. 5
83. 7
92.0
99. 5
121.8
278. 7
328.7
20.0
21.2
21.7
62. 8
79. 4
89.4
93. 5
256. 1
378. 7
404. 5
.0
-16. 1
-7. 1
108.2
114. 7
131. 4
36. 6
39.9
24.2
I
275.7
II— 285. 6
III.. 299.2
IV... 293. 1
124. 2
129. 5
134. 6
137.4
43.1
45. 8
51.8
21.3
21. 7
22. 1
21.7
87. 2
88. 6
SO. 8
91. 1
281. 1
293. 5
307.2
318.6
106. 1
108. 9
113.6
118.2
107.0
114. 9
121.2
127. 8
42.7
43.4
44. 0
45.4
19.9
20. 8
21.4
22.0
5.3
5.0
5. 5
5. 1
.0
-.6
— 1.5
.0
-7. 9
-8.0
-25. 5
1975: I
283. 6
II— 250. 1
III.. 293.3
137. 6
99. 3
130. 5
135.2
32. 1
35.5
43. 4
22.3
91.7
91.9
93. 9
96. 4
337. 4
352.3
363. 8
374.2
119. 4
119. 2
124.2
129. 9
139.2
50. 1
152. 5
154. 5
56. 8
57. 4
22.4
22.6
23. 4
25. 3
6. 3
7. 1
6.9
7.0
.0
.0
.0
.0
-53. 7
-102.2
— 70. 5
1974:
IV ».
J
125. 6
42. 5
45.9
42.9
23.5
25. 5
25.4
.Estimates.
Note.—Revised series. See Survey of Current Business, January 1976.
150.5
52. 8
.0
Source; Department of Coxamerce, Bureau of Economic .Analysis.
31
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
National Income
Sources of Personal Income
.
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
Page
*, k . , . „-.»%
,
1
2
2
3
4
5
6
7
8
9
fc
•.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Unemployment Insurance Programs
Nonagricultural Employment
,
,
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries.
Productivity and Related Data, Private Economy
10
11
12
13
14
14
15
,
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups .
Industrial Production—Selected Manufactures ...,.„.
Weekly Indicators of Production
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and Orders
Merchandise Exports and Imports
U.S. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
16
17
17
18
19
19
20
21
22
23
24
,
^
,
PRICES
Wholesale Prices
Consumer Prices
Changes in Wholesale Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
25
26
27
27
28
,
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Bank Loans, Investments, Debits, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business.
Current Assets and Liabilities of Nonfinancial Corporations
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
32
33
34
,.
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
,
35
36
37
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