Full text of Economic Indicators : January 1977
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95th Congress, 1st Session
LIBRARY
r
F '
P
' 1077
FEDERAL: RESERVE
3ANK OF OHICAG©
Economic Indicators
January 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
WILLIAM V. ROTH, JR. (Delaware)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
Economic Indicators f refared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
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ii
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the fourth quarter, gross national product rose $38.7 billion or at an annual
rate of 9.4 percent. Real output (GNP adjusted for price changes) increased at an annual rate of 3.0 percent. The
implicit deflator rose at a 6.2 percent annual rate.
BILLfONS OF DOLLARS (RATIO SCALE)
1,800
BILLIONS OF DOLLARS (RATIO SCALE)
1,600
1,400
1,200
1,000
1,000
800
800
1968
1972
1971
1970
1969
1974
1973
1975
1976
COUNCIL OF ECONOMIC ADVISERS
SQURCf; DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Per-
Period
Gross
sonal
tional
prod-
sumption
con-
na-
ex-
uct
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976 »
1975: I
II___
III__
753.
796.
868.
935.
penditures
0
3
5
5
982.4
464. 8
490.4
535. 9
579.7
618.8
1, 063. 4 668.2
1, 171. 1 733.0
1, 306. 6 809. 9
1, 413. 2 887.5
1, 516. 3 973.2
1, 692. 4 1, 078. 6
1, 446. 2 933. 2
1, 482. 3 960. 3
1, 548. 7 987. 3
IV___ 1, 588. 2 1, 012. 0
1, 636. 2 1, 043. 6
1976: I
II — 1, 675. 2 1, 064. 7
1, 709. 8 1, 088. 5
IV *>_ 1, 748. 5 1, 117. 5
m___
Gross
private
domestic
investment
Export& and inif >orts of
gooc .s and ser vices
Net
ex-
ports
Exports
services
Federal
Imports
Total
Na-
Total
tional
de- 1
fense
124. 5
120.8
131.5
146. 2
140. 8
160. 0
188.3
220. 0
215. 0
183.7
241.2
172.4
164.4
19a 7
201. 4
229.6
239. 2
247.0
249.0
5. 1
4.9
2.3
1.8
3.9
1.6
-3.3
7. 1
7. 5
20.5
6. 9
15.0
24.4
21.4
21. 0
8. 4
9.3
4.7
5.2
42. 8
45. 6
49. 9
54.7
62. 5
65. 6
72. 7
101. 6
144. 4
148. 1
161. 9
147. 5
142. 9
148. 2
153. 7
154. 1
160. 3
167. 7
165.6
37.7
40.6
47.7
52.9
58. 5
64.0
75.9
94.4
136.9
127.6
155. 1
132. 5
118. 5
126. 8
132. 7
145. 7
151. 0
163.0
160.4
1
This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Go^yernment purchases of goods and
158.7
180.2
198.7
207.9
218.9
233.7
253. 1
269.5
303. 3
339.0
365. 8
325. 6
333. 2
343. 2
353. 8
354. 7
362. 0
369. 6
376.8
78.8
90. 9
98.0
97.5
95.6
96.2
102. 1
102.2
111. 6
124.4
133.4
120.3
122. 4
124. 6
130. 4
129.2
131. 2
134. 5
13a9
60.3
71.5
76.9
76.3
73.5
70.2
73.5
73. 5
77.3
84.3
88. 2
82. 0
83.4
84. 6
87. 1
86.2
86.9
88.5
9L3
Nonde-
fense
18. 5
19. 5
21. 2
21. 2
22. 1
26. 0
28.6
28.7
34.3
40. 1
45. 2
38. 3
39. 0
40. 0
43.2
42.9
44.2
46.0
47.6
State
and
local
79.8
89.3
100.7
110.4
123. 2
137.5
151. 0
167.3
191.6
214. 5
232.3
205. 3
210. 9
218.6
223. 4
225. 5
230. 9
235.0
238. 0
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales
738.7
786.2
860.8
926.2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 402. 5
1, 531. 0
1, 679. O
1, 468. 4
1, 512. 3
1, 550. 6
1, 592. 5
1, 621. 4
1, 659. 2
1, 694 7
1, 74a 6
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exj>orts of gc>ods
Gross private dc mestic
and serviceis
i avestmen fc
Personal
conGross
Change
national sumpNonResi- in busition
product
Net
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Period
Total
Federal
State
and
local
Final
sales
ai
7.6
16.5
22.6
15.9
51.6
542
58.5
62.2
67.1
67.9
72.7
87.4
97.2
90,6
95.7
47.3
50.7
58.9
63. 5
65.7
68.5
75.9
79.9
80.7
68. 1
79.8
229.3
248.3
259.2
256. 7
250.2
249.4
253. 1
252.5
256.4
261.0
2642
112.5
12&3
128.3
121.8
110.7
103.9
102. 1
96.6
95.3
95.7
96.7
116.8
123. 1
130.9
134 9
139.5
145.5
151.0
155.9
161. 1
165.2
167.5
9643
995.7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 205. 5
1, 203. 7
1, 255. 9
110.5
35.4
36.8
39.6
41.9
-20.5
-21.2
-1.0
-5.5
20. 1
243
22.8
23. 1
90.3
87.7
90.7
93.9
70.2
63.4
67.9
70.8
257. 1
259.1
262.4
265.2
948
95.3
95.6
97.2
162.2
163. 8
166.9
168.0
1, 181. 6
1, 198. 2
1, 210. 2
1, 224 7
112.6
1149
117.5
117.8
441
45.7
47.4
51.3
10.4
11.1
HX2
47
16.6
16.0
15.7
15.3
93.6
95.4
9&0
95.8
77.0
79.4
261.9
263.6
265.5
265.8
95.4
96.0
97.3
9& 1
166. 6
167.7
168.2
167.7
1, 235. 9
1, 248. 8
1, 262. 0
1, 276. 8
43
3.5
^
-L3
1.4
-.6
sa4
16.7
12.0
8.7
10,6
43
6.6
9.4
16.5
8.5
-12.0
iiae
na i
981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 214. 0
1, 191. 7
1, 265. 0
586. 1
603.2
633.4
655.4
668.9
691.9
733.0
767.7
759.1
770.3
812.9
106. 1
103. 5
108.0
114. 3
110.0
108.0
116. 8
131.0
128.5
111.4
115.7
3&5
37.2
42.8
43. 2
40.4
52.2
62. 0
59. 7
45.0
1, 161. 1
1975: I
II___ 1, 177. 1
III- 1, 209. 3
IV._ 1, 219. 2
7546
767.5
775.3
783.9
114.4
1, 246. 3
1976:1
II__. 1, 260. 0
III.. 1, 272. 2
IV ». 1, 281. 5
800.7
808.6
815.7
826.6
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975__
1976 »
Govern:oaent pure bases of
gooc s and services
47; 1
-as
82.3
80.5
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Personal consumj>tion expe nditures
Period
Gross
national
product
Total
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976"
1975:1
II
III...
IV
1976: 1
II
III
IV'
NonNonresDurable durable
Services idential
goods
fixed
goods
Residential
fixed
Expoi ts and
imports of goods
and scjrvices
79.3
81.3
846
88.5
92.5
96.6
100. 0
105.5
116.9
126.3
132.7
85.7
87.4
90.7
93.1
95.5
99. 0
100.0
101.6
108.3
117.7
1244
80.1
81.9
85.3
89.4
93. 6
96. 6
100.0
107.9
1240
133.7
138.0
76.5
78. 8
82. 0
86. 1
90.5
95.8
100.0
1047
113.5
122.7
130.9
76.8
79.3
82.6
86. 6
91. 3
96.4
100.0
103.8
116. 1
132. 1
13&3
746
77.0
80.7
87.7
90.6
94.9
100.0
110. 8
122. 3
133.2
143.8
82.8
840
85. 3
87. 9
93. 1
96.6
100. 0
116.2
14&6
163.4
169. 2
124 55
125. 93
_ 128.07
130. 27
123. 7
125. 1
127.3
129. 1
115. 1
117. 1
118.2
120.2
131. 2
132. 1
135. 1
136.2
119.7
121. 5
123.6
125.9
129. 4
131. 8
132. 7
1345
131.5
132.1
132.8
135.9
163.4
163.0
163. 4
163. 7
131. 29
132. 96
13440
136. 44
130. 3
131.7
121.8
123.8
1249
127-0
136.4
136.9
138.5
13a9
12a 0
129.8
132.0
13&8
136. 2
137.5
138.7
14a5
139. 0
142.9
145.3
147.3
1646
168. 1
171.1
172.9
m.4
135. 2
Govenujaent purchases <:>f goods
and s<jrvices
State
Exports Imports Federal and
local
76.76
79. 02
82.57
86.72
91. 36
96.02
100. 00
105. 80
116. 41
127. 25
13a79
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
dom estic
inves tment
79.7
80. 1
80.9
83.3
89.1
93.5
100. 0
na2
169.6
187.4
1943
188. 9
18&9
186. 6
187. 3
189.2
190.4
19a 1
199.4
70. 1
72.6
76.4
80.0
86.4
92. 6
100.0
105. 8
117. 1
130.0
i3ao
68.4
72.5
76.9
81.9
88.3
945
100.0
107.3
119.0
129.8
138. 7
126.8
128.4
130.4
134 2
126.5
128.7
131.0
132.9
135.4
136.7
135.4
137.7
139.7
141.9
isa 3
141.5
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross domestic product
Gross national product
1966
1967
1968
1969
1970
1971.
1972
1973____
1974
1975
1976 9
-
.-
1975:1
II.
III
IV
_
__
1976: I
II .
_-
Ill
IV
Constant
(1972)
dollars
Current
dollars
Period
9
Implicit
price
deflator
Fixedweighted
price
index
(1972
weights)
Chain
pice
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
ai
9.4
5.8
9.1
7.7
5.0
8.2
10.1
11.6
8.2
7. 3
11.6
5.9
2.7
4.4
2.6
-.3
3.0
5.7
5. 5
-1. 7
-1.8
6.2
3.3
2.9
4.5
5.0
5.4
5. 1
4. 1
5. 8
10. 0
9. 3
5.1
3.1
3.0
4.4
5.0
5.3
5.0
4. 1
6.0
10.0
9.2
5.3
2.9
3.0
4.3
5.0
5.2
4.9
4.0
6.0
10.0
9.2
5.4
9.6
5.7
9.1
7.8
5.0
8.1
10.1
11.5
7.8
7.7
11.5
2.7
4.4
2.6
—.3
2.8
5.8
5.4
— 1. 7
— 1.7
6.1
3.3
3.0
4.5
5.1
5.3
5.1
4,1
5.7
9.6
9.5
5.1
-.8
10.4
19. 1
10.6
-9.9
5. 6
11.4
3. 3
10. 1
4, 5
7.0
7. 1
9.2
5.4
7.3
6.4
8.9
5.4
7.3
6.6
.7
10. 1
19.1
10.8
-9.2
5.4
11.3
3.4
12.6
9.9
8.5
9.4
9.2
4.5
3.2
5.2
4.4
&2
4.3
5.4
4.6
5.8
4.2
5.2
4.6
5.8
12.2
10.1
&2
9.3
9.0
4.6
3.8
2.9
a9
3.0
NOTE.—Annual changes from previous year and quarterly changes from previous quarter.
Chain
price
index
3.1
Fixedweighted
price
index
(1972
weights)
4.4
5.0
5.3
5.0
4.1
5.9
9.7
9.3
5.5
3.0
3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.7
9.2
5.5
10.9
4. 5
7.0
7. 1
9.4
5.5
7.4
a4
9.0
5.5
7.4
a7
3.0
5.3
4.2
4.3
5.4
4.4
5.8
4.2
5.3
4,4
5.9
as
ai
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976 9
1975:1
!!___
III__
IV___
1976: I
II—.
III—
Gross d .omestic
prodinet of
nonfir lancial
corp orate
business
(bfflic >ns of
doU ars)
Current
dollars
1972
dollars
430.7
452.9
498.4
541.8
560.6
602. 5
671.0
752.0
810.0
870.4
982. 6
822. 3
851. 1
892. 0
916. 1
949. 0
972. 8
993. 8
532.9
545.8
581.6
607.3
600.6
619.3
671.0
720.4
698.7
676. 8
72a8
653. 1
668. 1
688. 9
696. 1
713. 9
725.7
731. 5
Current doliar cost and profit per unit of outpu t (dollars] *
Capital
consumption
ComTotal
penallowcost
Net
ances Indirect sation
and
with business
of
inprofit * capital taxes * employ- terest
conees
sumption
adjustment
0.808
.830
.857
.892
.933
.973
1.000
1. 044
1. 159
1.286
1. 352
1.259
1.274
1. 295
1.316
1. 329
1.341
1. 359
0.067
.072
.074
.079
.088
. 094
.093
.095
. 116
. 143
. 148
. 139
. 142
. 143
. 146
. 146
.147
. 149
0.080
.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 138
.138
. 135
. 138
. 139
. 140
. 136
. 137
. 138
1
Output is measured by gross domestic product of nonfinancial corporate
isiness in 1972 dollars.
* This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
* Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpc>rate profits with
invent*Dry valualiion and
capil al consuniption
£idjustmen ts
Total
Profits
tax
liability
0.513 0.014 0. 134
0.055
. 123 .051
.535
.016
. 124
.553
.017
.058
. 022 .109
.589
.055
.028
.086
.628
.045
.095
.029
.645
.048
. 107
. 661 .028
. 050
.032
. 105
.699
.055
. 794 . 041 .085
. 061
. 853 .045
. 107
. 059
. 049 ; 133
.072
;883
.863
. 046 . 076
.046
.045
. 101 .053
.847
. 842 .045
. 126
.066
. 124
.046
.860
.068
. 131 .072
.869
.047
. 132
.049
.074
.876
.884
.050
. 137
.075
Profits
after
tax*
0.078
.072
.066
.055
.041
.046
.057
. 050
. 024
. 048
.062
.030
.049
.059
.055
. 059
.058
.062
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars)
(dollars)
6.777
6. 873
7. 141
7.211
7.242
7.531
7.798
7.985
7. 743
7. 969
3.478
a 676
3.948
4.240
4.547
4.858
5. 158
5.583
6. 147
6.795
7.678
7.958
8. 123
8. 097
8. 187
8. 289
8. 341
6.624
6.745
6.843
6.962
7. 113
7.258
7.370
«With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates!
Period
National
income
Compensation of
employ1
Propr] etors'
meom Q with
inventor y valuation anc capital
consur nption
adjust ments
ees
1966
1
1967
1968
1969
1970
1971
-..
1972
1973
1974
1975
1976 9
1975: I
II...
III..
IV
1976: I..
II
III
IV »
Farm
622. 2
439.3
471.9
655.8
714.4
519. 8
571. 4
767. 9
609. 2
798.4
650. 3
858.1
715. 1
951.9
799. 2
1, 064. 6
875. 8
1, 135. 7
928. 8
1, 207. 6
1, 349. 4 1, 028. 4
904. 0
1, 149. 7
912. 9
1, 182. 7
935. 2
1, 233. 4
963. 1
1, 264. 6
1, 304. 7
994.4
1, 337. 4 1, 017. 2
1, 362. 5 1, 037. 5
1,064,5
13. 6
12. 1
12.0
13. 9
13. 9
14. 3
18. 0
32. 0
25. 8
24. 9
22.8
17. 9
24. 1
29. 2
28. 3
21.9
27. 5
21. 7
20. 3
Nonfarm
46. 7
48. 9
51.4
52. 3
51.2
53.4
58. 1
60.4
61. 1
65.3
73.8
63. 2
62. 7
66. 3
69. 0
71. 4
72.8
74.4
76.8
Corpor ate profits with inv<3ntory va uation
and capital co nsumptioii adjustments
T>oTjf ol
income
with
capital
consumption
adjustment
18. 2
19.4
18.6
18. 1
18.6
20. 1
21. 5
21.6
21. 0
22. 4
23. 5
21. 9
22. 3
22.4
22. 9
23. 3
23. 1
23.4
24. 3
^Includes employer contributions for social insurance. (See also p. 5.)
Profits with invcjntory
valualJon adjusibment
and \without C9 pital
consum Dtion adjiistment
Inventory
valua-
Total
Total
82.5
79. 3
85. 8
81.4
67.9
77.2
92. 1
99. 1
84. 8
91. 6
118.7
69. 0
86.6
105. 3
105. 6
115. 1
116.4
122.0
78.6
75.6
82. 1
77.9
66.4
76. 9
89. 6
97.2
87. 8
103. 1
134.2
77. 7
97.9
117. 9
119. 1
129. 6
131.8
137.6
Profits
before
tax
adjustment
80.7
77.3
85. 6
83. 4
71. 5
82. 0
96. 2
115. 8
127. 6
114. 5
148.8
94.2
105. 8
126.9
131. 3
141. 1
146. 2
150,2
-2. 1
-1.7
-3.4
-5. 5
-.5. i
_5. o
— 6. 6
-18.6
-39. 8
— 11. 4
-14.6
-16. 5
-7.8
-9.0
-12.3
-11. 5
— 14.4
-12. 6
-20.0
Capital
consumption
adjustment
Net
interest
3.9
3.7
3.7
3.5
1.5
.3
2.5
1.9
-3.0
-11.5
-15. 5
-8. 6
-11.4
— 12. 6
-13.5
- 14. 5
— 15. 4
-15. 7
-16.4
21. 9
24. 3
26.8
30.8
37.5
42. 8
47.0
52.3
67. 1
74, 6
82. 1
73.7
74. 0
74.9
75.8
78.6
80. 3
83.5
86.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
D urable goo ds
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975_
1976 9
1975: I
II
!!!_„_
!¥„__
1976: I
II
III ._.
IV'..
1
Total
personal
consumption
expenditures
464. 8
490.4
535.9
579.7
618. 8
668. 2
733.0
809. 9
887. 5
973. 2
1, 078. 6
933. 2
960. 3
987. 3
1, 012. 0
1, 043. 6
1, 064. 7
1, 088. 5
1, 117. 5
Total
durable1
goods
Motor
vehicles
and
parts
67.7
69. 6
80. 0
85. 5
84. 9
97. 1
111. 2
123. 7
121. 6
131. 7
156.3
122. 1
127.0
136.0
141. 8
151. 4
155. 0
157. 6
161.2
30. 1
29. 7
35. 8
37. 7
34.9
43.8
50. 6
55. 2
47. 9
53. 2
70.6
47.6
49. 5
56. 3
59.2
68.0
70, 4
71.7
72.4
Total includes other items not shown separately.
i
| Retail sales of
new pa ssenger
cars (Eaillions
of u nits)
Nondura ble goods
Furniture
and
household
equipment
27.7
29. 5
32. 6
35. 0
36. 7
39.4
44.8
50.7
54.7
57. 6
62. 9
54. 6
57. 0
58.2
60. 6
61.2
62. 3
62.9
65.1
Total
nondurable1
goods
204. 7
212. 6
230. 7
247. 0
264. 7
277. 7
299. 3
333. 8
376. 2
409. 1
440. 3
394, 4
405. 8
414. 6
421. 6
429. 1
434. 8
441.8
455.5
Food
106. 6
109. 6
118. 3
126. 1
136. 3
140. 6
150. 4
168. 1
189. 9
209. 5
224. 5
203. 2
207. 8
211. 8
215. 2
219. 2
223. 1
225. 2
230.4
Clothing Gasoline
and
and oil
shoes
36.6
38.2
41.8
45. 1
46. 6
50. 5
55. 1
61. 3
65. 1
70. 0
75.3
66. 6
69. 3
71. 3
73.0
73.5
73. 2
75.9
78. 5
16. 0
17.0
18.4
20. 4
22. 0
23. 4
24. 9
27. 8
36. 3
38. 9
41.4
37. 9
38.6
39.2
39.9
40. 1
40. 3
41. 6
43.6
Services
Domestics
192.4
208. 1
225. 6
247. 2
269. 1
293. 4
322.4
352. 3
389.6
432. 4
482. 0
416. 7
427. 4
436. 7
448.6
463. 2
474.9
489. 1
500.8
8. 4
7.6
8. 6
8. 5
7. 1
8.7
9.3
9.7
7.5
7. 1
8.6
6. 7
6. 3
7. 6
7.7
8. 9
8. 7
8. 6
8.3
Fource: Department of Comirerce, Bureau of Economic Analysis.
Imports
0. 7
.8
1.0
1. 1
1. 3
1. 6
1.8
1.6
1. 4
1. 6
1. 5
1. 7
1. 6
1. 7
1.4
1. 3
1. 5
1. 6
1. 6
SOURCES OF PERSONAL INCOME
Personal income increased $19.3 billion in December, compared to a revised increase of $17.2 billion in November.
Wages and salaries were up $8.8 billion/ fhe increase in November was $10.2 billion. Dividends rose $3.9 billion,
reflecting year-end extra dividends. Farm proprietors' income increased $3.1 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALQ
1,400
1,200
1,400
1,200
TOTAL PERSONAL INCOME
\
1,000
1,000
800
800
600
WAGE AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
200
200
TRANSFER
PAYMENTS
100
100
80
80
I|i|i)iit III 40
40 I I.! I I I I I LLJLjJ I I I i I I 1 1 1 !
1968
1969
1970
1971
1972
1973
1974
1975
1976
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF COMMERCE
Period
1969
1970
1971
1972
1973
1974
1975
1976*
1975:
1976:
Dec____
Jan
Peb_._Mar
Apr
May
June
July...
Aug
Sept
Oct
Nov____
Dec *
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted
3
Wage
Rental
Other Proprieto rs' income income
Total
and
Divilabor 12
personal salary
of 4 dends
income disburseincome
Farm
Nonfarm persons
ments 1
Less: Per- NonPersonal Transfer sonal con- farm
interest
paytributions
6
income ments5 for social personal
insurance Income
745.8
801.3
859. 1
942. 5
1, 052. 4
1, 153. 3
1, 249. 7
1, 375. 4
514.6
546. 5
579. 4
633. 8
701.3
765. 0
806. 7
890.4
28.2
32.0
36.2
42. 0
48. 7
55. 5
62. 5
70. 1
13.9
13. 9
14.3
18.0
32. 0
25. 8
24.9
22.8
52. 3
51. 2
53.4
58. 1
60.4
61. 1
65.3
73. 8
18. 1
18.6
20. 1
21. 5
21. 6
21. 0
22. 4
23.5
22. 6
22.9
23. 0
24. 6
27. 8
30. 8
32. 1
35. 1
55. 9
64. 3
69. 3
74.6
84. 1
101.4
110. 7
123. 1
1, 308. 2
1, 320. 8
1, 331. 4
1, 341. 9
1, 352. 5
1, 362. 9
1, 370. 4
1, 380. 8
1, 385. 5
1, 391. 7
1, 404. 2
1,421.4
1, 440. 7
844. 0
854. 2
861. 4
868. 8
876.9
883.3
883. 1
892. 7
897.4
903.5
911. 3
921. 5
930. 3
65. 8
27. 3
24. 6
21. 1
20. 0
23. 3
27. 5
31.6
26.0
21.0
18. 1
18.6
19.6
22. 7
69. 9
22. 9
23.2
23.4
23. 3
23. 3
23. 4
22. 7
23.4
23. 2
23. 6
24. 0
24. 3
24. 7
30.8
32. 9
33. 3
33. 0
33. 4
33.9
35. 9
35. 2
35.4
35.6
36. 1
36. 5
40. 5
66. 4
67. 1
67. 7
68. 4
69. 0
69. 7
70.4
71. 1
71. 7
72. 4
73. 2
74. 1
70. 6
71. 3
72. 2
72. 7
72.5
73.4
73.8
74.4
749
75.4
76.8
78.0
1
The total of wage and salary disbursements and other labor income differs
rom compensation of employees (see p. 4) in that it excludes employer contribuions for social insurance and the excess of wage accruals over wage disbursements.
2 Consists of employer contributions to private pension, health, and welfare
*unds; workmen's compensation; directors' fees; and a few other minor items.
s With inventory valuation and capital consumption adjustments.
*With capital consumption adjustment.
annual rates]
66. 5
79.9
94. 1
104,1
118. 9
140. 3
175. 2
191.3
26. 3
28.0
30.8
34.2
42. 2
47. 6
50.0
54. 9
725.8
780. 7
838.0
917.3
1, Oil. 9
1, 117. 3
1, 213. 4
1, 340. 1
115. 5
183.4
116. 7
117. 9
119. 3
120. 0
120.7
121. 5
123.0
125.2
126.9
127. 8
128. 7
129. 6
185. 3
189.2
191. 3
188.7
187. 1
186.8
191.3
192. 9
192.9
194. 4
197.3
198. 1
51. 4
53. 1
53.4
53.7
54. 1
54.4
54. 3
54.9
55.2
55.5
55. 9
56.7
57.3
1, 269. 1
1, 284. 4
1, 298. 6
1, 310. 1
1, 317. 3
1, 323. 3
1, 326. 6
1, 342. 5
1, 351. 8
1, 360. 8
1, 372. 7
1, 388. 6
1, 404. 6
6
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income increased slightly in the fourth quarter.
BILLIONS OF DOLLARS* (fcATIOSCALQ
BHUONS OF DOLLARS* (RATIO SCALQ
—PER CAPITA DISPOSABLE PERSONAL INCOME
- 3,000
3,000
2,000
2,000
1968
1976
1969
*SIASONAU.Y ADJUSTED ANNUAL RATES
SOURCE, DEPARTMENT Of COMMERCE
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
COUNCIL Of ECONOMIC ADVISERS
Equals :
Disposable
personal
income
Less:
Personal
outlays1
Per cjapita
dispc>sable
persona. i. income
Equals :
Personal
saving Current
dollars
Billions of d ollars
1968
1969
1970
1971
1972
1973
1974
1975
1976"
685.2
745.8
801.3
859. 1
_ 942. 5
1, 052. 4
1, 153. 3
1, 249. 7
1, 375. 4
1, 023. 8
1, 088. 2
1, 091. 5
1, 119. 9
1, 147. 6
1, 172. 5
1, 190. 2
1, 216. 9
1972
dollars
Saving
as percent of
disposable
personal
income
Population
(thou-a
sands)
Dollars
2,670
2,860
3,020
3,227
3,510
3,849
4, 188
4,558
5,014
3,156
3,234
3,265
3,342
3, 510
3, 648
3,582
3,608
3,779
2.8
1.5
3.0
2.6
3.3
5.9
-2.3
1. 0
3.3
6.5
5.6
7.4
7.7
6.2
7.8
7.3
7.8
6.6
200, 706
202, 677
204, 878
207, 053
208, 846
210, 410
211, 901
213, 540
215, 118
Seas onally ad usted ann ual rates
956. 7
67. 2
4,809
3,889
983. 6
104. 5
5, 102
4, 078
5, 105
4, 009
1, Oil. 1
80. 5
1, 036. 2
83. 7
5,227
4,049
1, 068. 0
79. 5
5,347
4, 103
1, 089. 6
82. 9
5,455
4, 143
1, 114. 3
75.8
4, 142
5,526
1, 144. 0
72.9
5,639
4, 171
4, 383
4,503
4, 618
4, 724
4,863
4, 954
5,054
5,178
3, 544
3, 599
3,626
3,659
3, 731
3, 762
3,788
3,830
-3. 4
20. 9
-6.6
4. 1
5. 4
4.0
— .1
2.8
6. 6
9.6
7.4
7. 5
6. 9
7. 1
6.4
6.0
212, 897
213, 278
213, 805
214, 245
214, 599
214, 926
215, 355
215, 805
550. 1
595.3
635.4
685. 5
751. 9
831.3
910.7
996. 9
104. 0
38. 1
35. 1
50.6
57.3
49.4
70. 3
72.2
84.0
77.8
2,930
3, 111
3,348
3,588
3,837
4,285
4,639
5, 062
5,494
1
Includes personal consumption expenditures, interest paid by consumers
to business, and personal transfer payments to foreigners (net).
* Includes Armed Forces abroad. Annual data are for July 1; quarterly data
are lor middle of period, interpolated from monthly data.
Current
dollars
Percent
change
in real
per
capita
disposable
personal
income
3,464
3, 515
3,619
3,714
3,837
4, 062
3,968
4,007
4, 141
97. 1
588. 1
115.4
630. 4
115. 3
685. 9
742. 8
116. 3
141.2
801. 3
150.8
901. 7
170.4
982. 9
168.8 1, 080. 9
193.6 1, 181. 8 1,
1975: I_
1, 203. 1 179. 3
!!_._ 1, 230. 3 142. 2
III- 1, 265. 5 174. 0
IV_. 1, 299. 7 179.8
1976: I
1, 331. 3 183. 8
II._. 1, 362. 0 189. 5
III__ 1, 386. 0 195. 8
rv» 1, 422. 1 205. 3
1972
dollars
Per cap ita personal c(>nsumption exp enditures
Source: Department of Commerce (Bureau of Economic Analysis and Bureai
of the Census).
FARM INCOME
Farm income decreased sharply in the third quarter. Including inventory change the decrease was $4.8 billion and
excluding inventory change $6.8 billion (both annual rates).
BILUONS OF DOLLARS* (RATIO SCAtQ
WLLIONS OF DOLLARS* (RATIO SCALQ
120
120
100
100
80
80
REALIZED GROSS
FARM INCOME
60
60
40
40
\
\
NiT FARM INCOME
WCIUDING NET INVENTORY
CHANGE
\
I
20
'
20
10
10
1968
1969
1970
1971
1972
1974
1973
1975
*SEASONAUY ADJUSTED ANNUAL RATES
SOURCEi DEPARTMENT OF AGRICUITURE
Period
1969
1970
1971
1972
1973
1974.
1975
1976*
1976
COUNCR OF ICONOA/BC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
[ncome received from f annin g
by total farm po pulation
Realiz<3d gross
Net inc ome per
Nettx3 farm
farm incl uding net3
oper
ators
Casli receipts from
inventorY change
imarketings
From From From
ProducIncludExcludall
farm nonfarm Total1
tion ex- ing net ing net
Livesources sources sources
penses inven- inven- Current
1967 4
stock
Total
Crops
tory 2 dollars dollars
tory
and
change change
products
Dollars
Billioiis of dollars
26.9
13.9
4,372
12.9
4,766
56.3
48.2
14.2
42. 1
14.3
28.6
19.6
27.4
4,202
14.4
4,790
13.0
14.2
14.2
58.6
21. 0
50. 5
44.4
29.6
4,263
13.4
5,030
15.3
28. 7
60.6
13.2
14. 6
22. 3
47.4
52.9
30.6
34.4
6,504
16.8
17.6
5,288
70. 1
17.8
18.7
35.7
25.5
52.3
61. 2
48. 6
8,817
95. 5
29. 0
45.9
19. 5
41. 1
33. 3 11, 727
29. 9
87. 1
65.6
45. 1
9,371
6,206
23. 5
21. 5
100.2
41.4
51. 3
72. 4
27. 8
26. 5
92.6
5,482
45.5
9, 100
22. 8
22. 7
98.2
22. 7
25. 6
89.6
75.5
42.9
46.7
44.0
24. 0
20. 0
1975: I
II
III....
IV... _
88. 4
99. 6
105. 2
99. 6
80. 0
91. 1
96.5
90.8
36.3
43.9
45. 0
46.4
43. 7
47.2
51. 5
44.4
73.4
76. 1
76.8
75.7
15. 0
23. 5
28. 4
23.9
18.5
24. 8
30. 0
29. 1
6, 590
8,830
10, 680
10, 360
4, 070
5,380
6,320
6,060
1976:1
II
III__._
101. 5
111. 1
103.3
92.4
101.8
93.8
46.6
49.6
47.2
45.8
52.2
46.6
79.0
82.5
81.5
22.5
28.6
21. 8
22.5
25. 6
20.8
8, 100
9,210
7,490
4,710
5,300
4,230
1
Cash receipts from marketings, Government payments, and nonmoney intone furnished by farms.
2 Inventory of crops and livestock valued at the average price for the year.
3 Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
82-278°—77-
4
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 with and without inventory valuation adjustment each rose 30 percent from 1975 to 1976, according
to preliminary estimates. After-tax profits were up 29 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
1968
1976
SOURCEi DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976*
1975: I
.
II
III
IV...
1976: I
II
III.....
IV »
[Billions of dollars; quarterly data at seasonally
ory valuiition
Profil bs (before tax) wit h invent
adjustn aent 1
Dome stic industries
N onfinanc ial
Total *
WholeManu- sale
Total Finan3
faccial Total
and
turretail
mg
trade
8.5
67.4
41.6
8.0
78.6
75.9
37.9
75.6
72.6
9.0
63.6
8. 9
41.2
82.1
68.5
78.9
10.4
10. 1
74.2
62. 9
36. 8
77.9
10. 1
11.3
12.6
27. 1
66.4
62.6
50. 1
9.4
72.4
58.2
14. 1
32. 4
76.9
11. 7
84. 7
69. 3
15.4
40. 6
89.6
13.3
16.2
44. 1
97.2
90.4
74. 1
14.7
14. 1
62.6
12.4
76.7
36.9
87.8
12. 9
84. 1
97.0
103.1
46. 4
20. 9
134.2
126.8
14.3 112.5
66.3
72. 1
77.7
13.9
58. 2
29. 7
14.5
12. 5
91. 7
79. 2
97. 9
43.5
19,6
111. 4
12. 1
99.3
117. 9
57.0
24 4
12.
9
112.7
99.8
119. 1
55.3
25.0
121. 9
14. 0 107.9
129.6
29. 0
61. 2
131.8
125.0
66.4
13.8 111.2
26.6
130.5
137.6
14,4 116.0
67.2
28.8
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
8
COUNCIt Of KONOM1C ADVISERS
3
adjusted annual rates]
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
80.7
77. 3
85. 6
83.4
71. 5
82. 0
96.2
115. 8
127. 6
114. 5
148, 8
94. 2
105. 8
126. 9
131. 3
141. 1
146.2
150. 2
33. 7
32. 5
39.4
39. 7
34. 5
37.7
41. 5
48. 7
52. 4
49. 2
64. 7
40. 2
44.8
54 8
57.2
61. 4
63. 5
65. 1
47. 1
44. 9
46. 2
43. 8
37. 0
44. 3
54 6
67. 1
75. 2
65. 3
84 0
54 0
61. 0
72. 1
74 1
79.7
82.7
85. 1
19.4
20. 1
21. 9
22. 6
22. 9
23. 0
246
27.8
30. 8
32. 1
35. 1
31.7
31. 9
32, 6
32. 2
33. 1
34.4
35.4
37.7
Undistributed
profits
27. 6
247
242
21. 2
14 1
21. 3
30. 0
39. 3
44 4
33.2
48.9
22. 3
29. 1
39.5
41.9
46.6
48. 3
49. 7
Includes industries not shown separately.
Source: Department of Commerce, Bureau ol Economic Analysis.
Inventory
valuation
adjustment
-2. 1
— 1,7
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
— 39,8
-11.4
-146
-16.5
-7.8
-9.0
-12.3
-11. 5
-144
— 12.6
— 20.0
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose at an annual rate of $2.5 billion in the fourth quarter compared to a rise of $5.1 billion
in the third quarter. Residential outlays rose $6.7 billion, a larger increase than in the 3 preceding quarters of 1976.
Inventory investment at $7.9 billion was down $7.2 billion from the third quarter level.
BILLIONS OF DOLLARS* .(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
120
300
-GROSS PRIVATE DOMESTIC INVESTMENT-
_ NONRESIDENTIAL FIXED INVESTMENT
100
260
220
PRODUCERS'
DURABLE EQUIPMENT
60
^mmmt^
•>
STRUCTURES
40
-rr»
I
I
BILLIONS OF DOLLARS* (RATIO SCALE)
80
40 -CHANGE IN BUSINESS INVENTORIES
-40
1975
1973
1972
!
1972
1976
1976
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresidential fixed investingmt
Gross
private
domestic
investment
Period
1966___
1967
1968
1969
1970
1971
1972
1973_._
1974
1975___
1976*
1975: I
II
III
IV
1976: I
II
III
IV v-
_ _
_
_ _
124.5
120. 8
131. 5
146. 2
140. 8
160.0
188.3
220. 0
215. 0
183. 7
241. 2
172. 4
164.4
196. 7
201. 4
229. 6
239. 2
247.0
249. 0
Struc,tures
Prod ncers'
dur able
equip ment
"P7*/-\
Total
Total
81.4
82. 1
89.3
98. 9
100. 5
104. 1
116. 8
136. 0
149. 2
147. 1
160.0
148. 0
145. 8
146. 1
148.7
153. 4
157. 9
163.0
165. 5
Resid ential fix ed inves tment
Total
Nonfarm
Total
Nonfarm
29.2
29. 5
31. 6
35.7
37.7
39. 3
42.5
49. 0
54. 1
52.0
55. 4
53. 1
51. 2
51. 8
52. 1
53.2
54. 9
56.0
57.5
28. 1
28. 2
30. 4
34. 3
36. 1
37. 8
41. 1
46. 9
51. 8
49. 8
53. 1
50. 9
48. 8
49 6
49. 9
51. 0
52. 5
53. 7
55. 1
52. 2
52. 6
57. 7
63. 3
62.8
64. 7
74.3
87. 0
95. 1
95. 1
104. 5
94. 9
94. 6
94. 3
96. 6
100. 2
103.0
107.0
108.0
47. 9
48. 0
53.4
58. 9
58. 1
59. 9
69. 1
80. 1
87. 2
86. 9
95. 6
86. 5
86. 2
86. 7
88. 0
91.3
94. 1
98. 0
98. 8
28. 7
28. 6
34. 5
37. 9
36. 6
49. 6
62. 0
66. 1
55. 1
51. 2
67. 8
46. 6
48. 6
52. 6
57. 0
61.3
65. 3
68.9
75.6
Nonfarm
struc—
tures
27. 4
27.2
33. 1
36.3
35.1
47.9
60. 3
64. 3
52.7
49. 0
65. 1
44. 9
46. 7
50.2
54.2
58.6
62.9
66.3
72.7
Farm ducers'
durstrucable
tures equipment
0.7
.7
.6
.7
.6
.7
.7
.6
1. 0
.8
1. 1
.5
.6
1. 0
1. 4
1. 2
.9
1. 0
1.2
0.7
.7
.8
.9
.9
1.0
1. 1
1. 2
1. 3
1. 3
1. 6
1. 2
1. 3
1. 4
1. 4
1.5
1.5
1.6
1.7
Change in business inv entories
Total
Nonfarm
14. 3
10. 1
7. 7
9.4
3. 8
6. 4
9. 4
17.9
10. 7
-14. 6
13.5
-22. 2
-30.0
-2.0
-4.3
14.8
16.0
15. 1
7.9
14. 5
9. 4
7.6
9. 2
3. 7
5. 1
8. 8
14. 7
12. 2
-17. 6
13. 6
-25. 6
-31. 2
-4. 2
-9.5
12.7
17.3
15. 6
8.9
Source: Department of Commerce, Bureau of Economic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.3 percent in 1977, according to a survey conducted in late November
and December. The rise in spending in 1976 reported last month was 7.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BftJJONS O*F DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
40
20
20
1969
V
.
1970
'SEE FOOTNOTE 4 BELOW.
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts c f plant
and equ ipment
proje cts 3
Esipenditurejs for plan t and equipment
N<snmanuf aeturing
M£inufacturi ng
Period
Nondurable
goods
Total
Durable
goods
79.71
81.21
88.44
99.74
112.40
112. 78
121. 23
134. 95
31.95
29.99
31.35
38.01
46.01
47.95
52.98
59.58
15. 80
14. 15
15.64
19.25
22.62
21.84
23.60
26. 47
16. 15
15. 84
15. 72
18.76
23.39
26. 11
29.38
33. 11
47.76
51. 22
57.09
61.73
66.39
64,82
68.25
75. S7
1.89
a 16
2.42
2.74
3. 18
3.79
3.97
4*41
6.04
4.93
5.72
6.03
6.66
7.57
7.25
6.82
13. 14
15.30
17.00
18.71
20. 55
20. 14
22.44
25.60
10. 10
10.77
11. 89
12. 85
13. 96
12.74
13. 63
114. 72
1976: I118. 12
II
III
122. 55
!¥*___„ 127. 87
129. 38
1977: I 44
II
131. 28
49.21
50.64
54.78
56.28
56.99
57.58
21. 63
22. 54
24.59
25.23
25.52
26.45
27.58
28.09
30.20
SI. 00
65.51
67.48
67.76
71.64
72.38
73. 70
a 83
6.55
8.24
7.25
6.83
6.34
21. 91
21.85
21. 67
24.05
24.57
12. 54
12. 62
13.64
Total*
1970.,
1971
1972
1973
1974
1975..4
1976
1977 4
1
si. 47
31. 12
Total
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
»Includes trade, service, construction, finance, and insurance.
10
Trans- Public ComMining porta- utili- munition
cation
ties
3.83
4.21
4.03
4.22
Commercial
and
other 2
16.59
18.05
20.07
21.40
22.05
20.60
20.96
Manufacturing
Public
utilities
29. 18
28,00
35. 21
47. 57
52.49
48.24
17.20
22.22
28.60
38. 13
45. 74
3450
11.64
12.77
13.22
3. 43
8. 56
7. 54
38. 54
20. 68
20. 94
20.99
36. 73
87. 26
1
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Expenditures estimates based on expected capital expenditures as reported by
business in October-December 1976.
NOTE.—Annual total is the sum of unadjusted quarterly totals.
Estimates (as noted in footnote 4) include adjustments when necessary for sys
tematic biases in expectations data.
Source: Department of Commerce, Bureau of Economic Analysis,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force increased 89,000 in December, following the exceptionally large increase of 569,000 in
November. Employment rose 221,000 in December and unemployment declined 132,000.
MJIUONS OF PBSONS*
MILLIONS OF PERSONS*
100
SEASONAUY ADJUSTED
90
CIVILIAN LABOR FORCE
\
EMPLOYMENT
80
80
70
70
10
So
\
UNEMPLOYMENT
i t i ii I n n
11 i t \! I I ; i
1969
1970
1971
i n t 11 >
1972
1974
1973
*16 YEARS OF AGE AND OVER.
SOURCEs DEPARTMENT OF IABOR
Period
1972
1973
1974
1975
1976
1975:
Dec
1976:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
C ivilian e tnploymerit
Total
labor
Civilian
Civilian Unem- force
employ- ploy- (includ- labor
ing
force
ment
ment
Armed
Forces)
775 81, 702 4,840 88, 991 86, 542
263 84, 409 4,304 91, 040 88, 714
827 85, 936 5,076 93, 240 91, Oil
449 84, 783 7,830 94, 793 92, 613
048 87, 485 7,288 96, 917 94, 773
U nadjusted
154, 700
85, 536
7,195
154, 915
155, 106
155, 325
155, 516
155, 711
155, 925
156, 142
156, 367
156, 595
156, 788
156, 006
157, 176
84, 491
84, 764
85, 588
86, 584
87, 278
88, 460
89, 608
89, 367
87, 949
88, 697
88,542
88, 494
8, 174
8,033
7,525
6,890
6,304
7,655
7,577
7,323
7,026
6,833
7,095
7,022
1
Persons
2
Unempl oyment
Nonagricultural
Total
Agricultural
Part-time
T^fal
for eco-
3,472 78, 230
2,408
3,452 80, 957
2,311
3,492 82, 443
2,709
3,380 81, 403
3,490
3,272
3,297 84, 188
Seascmally adj usted
93, 148
85, 443
3,255
82, 188
95, 613
95, 743
96, 009
96, 520
96, 693
96, 841
97, 329
97, 498
97, 387
97, 449
98, 020
98, 106
93, 473
93, 597
93, 862
94, 376
94, 551
94, 704
95, 189
95, 351
95, 242
95, 302
95, 871
95, 960
86, 226
&86, 471
86, 845
87, 329
87, 640
87, 533
87, 783
87, 834
87, 794
87, 738
88, 220
88, 441
3,305
3,198
3,215
3,398
3,332
3, 313
3,333
3,372
3,278
3,310
3,248
3,257
82, 921
83, 273
83, 630
83, 931
84, 308
84, 220
84, 450
84, 462
84, 516
84, 428
84,972
85, 184
Total
15
weeks
and
over
nomic
reasons1
81, 702
84, 409
85, 936
84, 783
87, 485
95, 305
at work in nonagricultural industries.
Total labor force as percent of noninstitutional population 16 years of age and
over.
1977
COUNCfc OF KONOWC ABVKStS
Noninstitu"taonal
population
145,
148,
150,
153,
156,
i i t i t ! 1111 i
1976
1975
4,840
4,304
5,076
7,830
7,288
Labor
force
participation
rate
(per-
cent)2
1,158
812
937
2,483
2,340
61.0
61.4
61.8
61.8
62. 1
3,290
7,705
2,981
61.6
3,336
7,247
2,781
2,531
7,047
2, 103
61. 7
61.7
61.8
62. 1
62.1
62. 1
62.3
62.4
62,2
62,2
62.4
62.4
3,201
3, 173
3, 194
3,287
3, 150
3, 136
3,178
3,376
3,448
3,545
3,454
7,126
7,017
2,325
6,911 2,042
7, 171 2,173
7,406
2,247
7,517
2, 341
2,311
7,651
7,519
2,517
2,514
7,448
7,564
2,360
Note,—Seasonally adjusted data revised beginning 1972.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate dropped 0.2 percentage point to 7.8 percent in December after rising to
8.0 percent in November. Unemployment rates for most demographic groups were lower in December than in November.
PERCENT* {SEASONALLY ADJUSTED)
•PERCENT* ^SEASONALLY ADJUSTED)
20
15
BLACK
AND
/
10
0 nil 11!
y|f i iji j Mn-_
rii U...1.1 |..i 1 1 _
i i 11.11 M.|i i t i_
i h• v 111
_i [ \ \ j j M 11_
1973
1976
*UNEMPtOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE. DEPARTMENT OF LABOR
1977
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
UneEciployme nt rate (]percent c f civiliarL labor fc>rce in gi oup)
Total
(all
civilian
workers)
Period
1972
1973
1974
1975
1976
1975: Dec
1976: Jan
Feb
Mar_
Apr... _
May
June
July
Aug
Sept
Oct
Nov
Dec
5.6
4.9
5.6
8.5
7.7
as
_
_„
7.8
7.6
7.5
7.5
7.3
7.6
7.8
7.9
7. 8
7. 9
8. 0
7.8
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4,0
3.2
3.8
6.7
5.9
6.5
5.9
5. 8
5.6
5.5
5.6
5.9
6. 1
5. 9
6. 1
6.2
6.3
6.2
5.4
4.8
5. 5
8. 0
7.4
7.9
7. 5
7.4
7.2
7.3
6.8
7.2
7.6
7. 8
7.6
7.6
7.6
7.4
1
Aggregate hours lost by the unemployed and persons on part-time for <
nomic reasons as percent of potentially available labor force hours.
12
I3y select ed group)S
By color
By glex and ai.ge
16.2
14. 5
16. 0
19. 9
19.0
19.8
19.4
19. 1
19. 0
19. 3
18.5
18.4
18.2
19. 6
18. 8
19. 0
19.2
19.0
White
5.0
4. 3
5.0
7.8
7.0
7.6
7. 1
6.8
6.8
6.8
6. 7
6. 8
7.1
7.1
7.2
7.2
7.3
7. 1
ExpeFullBlack rienced
time
wage Houseand
hold
and
other salary
heads workers
workers
10. 0
8.9
9.9
13. 9
13.1
13.6
13.2
13.6
12. 6
13. 0
12. 3
13.4
12. 9
13.6
12. 8
13.4
13.5
13.4
5. 3
4.5
5.3
8.2
7.3
8.0
7.5
7. 3
7. 1
7. 1
7. 1
7.2
7.4
7.5
7.4
7.5
7.6
7.4
3.3
2.9
3.3
5.8
5.1
5.6
5.2
5. 0
5.0
4.8
4.9
5. 1
5.3
5.2
5. 5
5.4
5. 3
5. 1
5.1
4.3
5. 1
8. 1
7.3
7.9
7.3
7. 1
7.0
7.0
6.9
7.2
7.3
7.5
7.5
7.6
7.6
7.5
Note.—Seasonally adjusted data revised beginning 1972.
Source: Department of Labor, Bureau of Labor Statistics.
Parttime
workers
ae
7.9
8.6
10.3
10. 1
10.6
10.3
10. 3
10.2
10.6
10. 1
9.2
10.6
10. 0
Labor
force
time
lost
(per-1
cent)
6.0
5.2
6. 1
9. 1
8.3
as
8.4
8. 1
8. 1
8.1
8. 1
7.9
8. 1
9.6
8.4
8.4
8.6
9.8
8.4
10. 3
10.5
8. 6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The seasonally adjusted decline in unemployment of 1 32,000 in December was accompanied by a decrease in the
proportion of unemployed who are reentrants to the labor force and an increase among new entrants.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
REENTRANTS
20
JOB LEAVERS
\
NEW ENTRANTS
! 1 I f !I
1974
t i r!i i 11
1975
i I f f 1 I| f f i i i!t 1 1 1 f
1976
1974
1977
1976
I
1977
•SEASONALLY ADJUSTED
COUNCIt OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF UBOR
Period
Unemployment
(thousands)
1972
1973
1974
1975
1976*
1975: Dec__
1976: Jan _ _
Feb..
Mar..
Apr__
May_
June _
July__
Aug__
Sept__
Oct___
Nov*».
Dec*>_
4,840
4,304
5, 076
7, 830
7,288
7, 705
7,247
7, 126
7, 017
7,047
6,911
7, 171
7,406
7, 517
7,448
7,564
7, 651
7, 519
[Monthly data seasonally adjusted, except as noted]
Percer it distrib ution of unemPereenit distribution of unemState pirograms Insured
ployment by duraticDn 1
pioyment by reasoii 1
unem- Special
ployunemment,
ployall
ment
27
Insured
New
Less
5-14
15-26 weeks unem- Initial regular benefits
ReenJob
Job
than
5
enproclaims
and
ploy- claims
losers leavers trants trants weeks weeks weeks
grams 2 (unadover
ment
(unad- justed)
justed)
Weejkly aver age, thou sands
43.2
12.3
45.9
11.6 1,848
261
2,192
13. 1
29.8
13.9
30.1
7.8 1, 632
14.9
51.0
11. 0
15.7
30.7
38.7
30. 1
246
1,793
7.3 2,262
11. 1
43.4
28.4
14.9
13. 3
50.6
363
31.0
2,558
15.2 3,992
10.4
55.4
37.0
16.5
31. 3
478
4,943
23. 8
10. 4
1, 173
18.3 2,968
12. 1
38.3
382
12. 2
13.8
3,822
29. 6
1,152
49. 7
26. 0
33.8
362
11.2
17.2
28. 1
25. 6
51. 9
4,461
11. 2
20.8 3,242
1,411
371
4,962
1,482
11. 9
35. 2
27. 6
15. 6
26. 6
21. 6 2,961
49. 8
11. 6
37.4
343
4,721
12. 0
13. 7
12. 0
26. 8
22. 1 2,859
1,428
26. 4
49. 5
38.3
12.7
49.8
350
1,339
12. 3
27. 9
21. 2 2,759
4, 366
26. 7
11. 1
42. 7
27. 2
10. 2
361
1,125
12. 0
12. 6
3,917
26. 2
49. 2
19. 8 2,717
12.5
398
3,564
12. 2
993
12. 7
29. 0
25. 2
41. 0
17.5 2, 862
49. 9
38.4
12.7
397
25.5
11.7
1,145
50.3
3,458
12. 6
31. 1
17. 9 2,947
403
28.8
14.6
3, 642
1,379
40. 3
25. 4
10. 7
13. 0
16. 4 3,086
50. 9
14.7
417
12.9
12. 4
1, 327
37. 5
3,446
25. 3
15. 9 3,203
31. 8
49. 3
14.7
427
32. 0
986
12. 3
49.7
37. 6
3,236
12. 5
25. 5
15. 7 3,261
38.4
30.8
14, 2
853
437
3,217
12. 5
16. 5 3, 328
25. 6
11.9
50, 0
862
32. 1
385
35.5
3,453
12. 0
15. 3
11.2
17. 1 3, 165
27. 0
49. 8
14. 9
356
903
3,883
12. 6
36. 4
30. 5
18. 2 2, 932
26. 2
11. 1
50. 0
1
Detail may not add to 130 percent I>ecause of r ounding.
2 Includes State (50 States , District o Columbia , and Puerto Rico), ex -servicemen (UCX), F ederal (IK3FE), and railroad ('.RR) prognims. Also includes
Federal and Sta ;e extended[ benefit programs, DCjes not include FSB ( Federal
supplemental be nefits) and SUA (spec lal unernpl jyment ass stance) .
s FSB and SITA, These t>rograms st arted Janu ary 1975 an d regular resporting
began March 197 5.
Note.— £ easonally a djusted da ta (except State progi"ams) revise d beginning
1972.
Source: Departmen t of Labor (Bureau of Labor Sta tistics and I mployment
and Train ng Admin stration).
13
J.W
NONAGRICULTURAL EMPLOYMENT
Nonfarm payroll employment increased by 257,000 in December, bringing the over-the-year increase to 2.2 million,
the largest December gains were in trade (100,000), services (53,000), and durable goods manufacturing (47,000).
MILLIONS OF PERSONS* (ENLARGED
MILLIONS OF PERSONS*
90!
18
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
WHOLESALE AND RETAIL TRADE
16
GOVERNMENT
70
14
„,*«••'''<"""*'
SERVICES
12
-SERVICE-PRODUCING "
INDUSTRIES
22
MANUFACTURING
50
20
40
^.-.•^'T'——-»•/
18
l i t M i I I I I I I I I I I I I I I I I I I I 1 I 1I I I I I I I I M I I I I I I I I I
•30
J I i 1 1 1 I t I I II
-GOODS-PRODUCING INDUSTRIES
CONTRACT CONSTRUCTION
20
t I ill III I
' M i l I 1M 1 I I
1973
1974
I IM I I I I M I I M I I I I I I I I'
1975
1976
1977
1973
1974
1975
'SEASONALLY AWUSTID
SOURCE, DEPARTMENT OF LABOR
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Period
Service-pr oducing Industrie>s
Groods-prc>ducing industriesi
Total
Gover nment
Trans- Whole- Finance,
Ma nufactur ing
nonagriConporta- sale
insurcultural
tract
tion
ance, Services
employ- Total * conand
Non- Total
State
and
and
struc- Total Durable durable
retail
ment
Federal and
real
public trade
goods goods
tion
local
utilities
estate
1972
1973
1974
1975
1976"
1975:Dec___
1976: Jan...
Feb
Mar..
Apr___
May..
June..
July...
Aug_«
Sept..
Oct
Nov.
Dec*..
73, 714
76, 896
78, 413
76, 985
79, 115
77, 764
78, 142
78, 358
78, 692
79, Oil
79, 006
79, 043
79, 183
79, 278
79, 572
79, 467
79, 700
79, 957
23, 546
24, 727
24, 697
22, 549
23, 107
22, 713
22, 880
22, 920
23, 050
23, 196
23, 169
23, 140
23, 118
23, 080
23, 228
23, 081
23, 218
23, 248
3,831
4,015
3,957
3,457
3,370
3,392
3,409
3,379
3,380
3,413
3,393
3,375
3,382
3,349
3,330
3, 340
3, 353
3,349
19, 090
20, 068
20, 046
18, 347
18, 954
18, 555
18, 704
18, 774
18, 897
19, 008
19, 000
18, 984
18, 945
18, 979
19, 100
18, 941
19, 057
19, 093
11, 006
11, 839
11, 895
10, 679
11, 028
10, 709
10, 810
10, 857
10, 956
11, 016
11, 062
11,069
11, 034
11, 083
11, 146
11, 018
11, 134
11, 181
8,084
8,229
8, 151
7,668
7,926
7,846
7,894
7,917
7,941
7,992
7,938
7,925
7,911
7,896
7,954
7,923
7,923
7,912
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
j which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
ttiis table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
14
50, 167
52, 169
53, 715
54, 436
56, 008
55, 051
55, 262
55, 438
55, 642
55, 815
55, 837
55, 903
56, 065
56, 198
56, 344
56, 386
56, 482
56, 709
4,517
4,644
4,696
4,498
4,507
4,477
4,489
4,504
4,507
4,510
4,503
4,482
4,508
4,501
4,528
4,506
4, 510
4,537
15, 975
16, 674
17, 017
16, 947
17, 490
17, 084
17, 207
17, 308
17, 399
17, 465
17, 461
17, 460
17, 531
17, 554
17, 625
17, 610
17, 585
17, 685
3,943
4,091
4,208
4,223
4,316
4,260
4,266
4,266
4,276
4,289
4,282
4,301
4,312
4,312
4,338
4,359
4,381
4,403
12, 392 2,684
13, 021 2,663
13, 617 2,724
13, 995 2,748
14, 607 2,736
14, 229 2,753
14, 307 2,749
14, 360 2,742
14, 422 2,735
14, 498 2, 733
14, 529 2,730
14, 571 2,728
14, 623 2,723
14, 709 2,732
14, 758 2,728
14, 781 2, 730
14, 844 2,734
14, 897 2,736
10, 656
11, 075
11, 453
12, 025
12, 352
12, 248
12, 244
12, 258
12, 303
12, 320
12, 332
12, 361
12, 368
12, 390
12, 367
12, 400
12, 428
12, 451
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.
3 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross
hourly €earnings
Aver age weekly ] aours
Total
private
nonagricultural l
Period
Overtime
Total
private
nonagricultural 1
Manufacturing
Manufa icturing
Total
Adjusted h ourly earnin gs index2 —tc>tal private
nonagricultural
Percent ch ange from
a year <sarlier 4
Index, 1<)67=100
Current
dollars
Current
dollars
1967
dollars 3
1967
dollars
37.8
37.7
37. 1
37.0
37. 1
37. 1
36. 6
36. 1
36. 2
40. 7
40. 6
39. 8
39. 9
40. 6
40. 7
40.0
39.4
40. 1
3. 6
3.6
3. 0
2. 9
3. 5
3. 8
3. 2
2.6
3.1
$2. 85
3. 04
3. 22
3.44
3. 67
3. 92
4. 22
4. 54
4.86
$3. 01
3. 19
3. 36
3. 57
3. 81
4. 08
4.41
4. 81
5. 19
106. 3
113. 3
120.8
129. 4
137.8
146.6
158.6
172.7
185.2
102.0
103. 2
103. 9
106. 7
110.0
110. 1
107.4
107. 1
108.6
6. 3
6.6
6. 6
7. 1
6.5
6. 4
8.2
8.9
7.2
2.0
1.2
.7
2.7
3. 1
.1
-2. 5
—.3
1.4
1975: Dec
36.4
40. 3
3. 0
4.68
4. 96
178.0
107.0
7.9
.8
1976: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov v
Dec*
36.4
36.4
36. 2
36. 1
36. 3
36.2
36.2
36. 1
36. 0
36. 1
36. 2
36. 3
40.4
40.3
40. 3
39.4
40. 3
40. 2
40. 1
40.0
39. 7
39.9
40. 1
40. 1
3. 1
3. 1
3. 1
2.6
3.3
3.2
3. 1
3. 0
3.0
2.9
3. 1
3.2
4. 72
4.74
4.77
4.79
4.83
4. 85
4.88
4.90
4. 92
4. 95
4. 99
5. 01
5. 00
5.04
5. 08
5. 08
5. 13
5. 16
5.21
5. 25
5. 29
5. 29
5. 34
5.37
179.4
180.3
181. 1
182. 1
183. 3
184.0
185.2
186.4
187. 2
188. 2
189. 2
190. 0
107.3
107.8
108.0
108.2
108. 3
108. 1
108.4
108.5
108.5
108.7
109. 0
109. 0
8.0
7.7
7.2
7.6
7.7
7. 1
7.3
7.0
7. 1
6.8
6. 5
6.7
1. 2
1.3
1.0
1.4
1.4
1. 1
1.8
1.4
1.5
1.5
1. 6
1.9
1968
1969
1970
1971_
1972
1973
1974
1975
1976 »
_
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAII INDUSTRIES
[For production of nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricul tural 1
Period
Current
dollars
$107.
114.
119.
127.
136.
145.
154.
163.
175.
1967
dollars 3
73
61
46
28
16
43
45
89
93
$103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 18
1975: Dec
170. 35
1976: Jan
Feb
Mar
Apr
May
June
July__
Aug
Sept
Oct
Nov ^
Dec v
171.
172.
172.
172.
175.
175.
176.
176.
177.
178.
180.
181.
1968
1969__
1970
1971__
1972__
1973
1974 _
1975
1976"
—
81
54
67
92
33
57
66
89
12
70
64
86
Manufacturing
3
Retail
trade 5
Current
dollars
(Current dollars5
$122.
129.
133.
142.
154.
166.
176.
189.
208.
1967
dollars
51
51
73
44
69
06
40
51
12
$164. 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284. 56
$74. 95
78. 66
82. 47
86. 61
90. 99
95. 57
101. 04
108. 22
5.8
6.4
4.2
6.5
7.0
6.8
1. 5
1. 0
-1.6
2. 2
.5
-4. 3
— 2. 8
11431
6. 2
6. 1
7.3
1.5
102. 37
199. 89
277. 14
111. 13
7. 1
.1
102. 82
103. 13
103. 03
102. 74
103. 56
103. 22
103. 37
102. 96
102. 68
103. 24
104. 06
104. 34
202. 00
203. 11
204. 72
200. 15
206. 74
207. 43
208. 92
210. 00
210. 01
211. 07
214. 13
215. 34
281.
281.
272.
283.
284.
286.
286.
284.
276.
289.
292.
292.
112.45
112. 08
112. 06
113. 43
113. 02
112. 64
113. 96
114. 24
115. 56
116. 16
117. 12
118. 17
8.2
8.1
7.9
1. 7
1. 6
*J Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing,
s Current dollar index (or earnings) divided by the consumer price index.
* Monthly changes based on indexes to two decimal places.
82-278 °—77-
Contract
construction
Percent chtmge from a
year e arlier,
total prii/ate nonagriciiltural 6
25
62
52
12
19
46
71
83
79
45
09
81
7. 5
8.5
7.6
7.9
7. 0
6. 6
6. 9
6.5
6.8
3.6
1.3
1.4
2. 1
1.6
2.3
1. 3
1.0
1. 5
1. 5
1.8
6
6
Includes eating and drinking places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours of all
pers ons2
Out! Hit1
Private
Total
Total
nonprivate
private
farm
business business business
Period
Private
nonfarm
business
Output ]per hour
of all F>ersons
Total
private
business
Private
non-
Unit labor
Compe nsation
per ] lour 3
Total
Private
pri-
non-
CO sts
Implic t price
defla tor*
Total
Private
pri-
Total
non-
pri-
Private
non-
vate
vate
farm
vate
farm
farm
farm
business business business business business business business
1967 = 100; quairterly dat a, seasonsilly adjuslbed
92.9
98.0
100. 0
105.1
108.3
92.6
98.1
100. 0
105.4
108.6
100. 3
100. 0
101.7
104.5
9a i
96. 8
100.0
100. 0
102. 1
105. 3
94.7
97.8
100. 0
103.3
103.7
95.7
98. 1
100.0
103.2
103. 1
88.4
94.7
100.0
107.6
115. 1
89.1
94.5
100. 0
107.3
114.2
93.4
96.8
100. 0
104,1
111.0
93.2
96.4
100. 0
103.9
110.9
942
97.2
100.0
103.9
108.8
94 1
96.8
100.0
1040
108.7
107.4
110.3
117.6
124. 5
120. 8
107.4
110.3
117.9
125.0
121. 1
102. 8
102. 3
106.0
110. 1
110.6
104. 0
103.7
107. 6
112. 2
112. 7
1045
107.8
110.9
113. 1
109. 2
103.2
106.3
109.5
111.4
107.5
123. 3
131. 5
138. 9
150.3
164.3
121.9
129.9
137.4
148. 1
162.0
na i
121.9
125. 2
132. 9
150.4
118. 1
122.2
125. 5
133.0
150.8
113.9
118.9
123.2
130.3
143. 8
1140
119.2
122. 9
128.0
142.0
1975
118.1
118.0
105. 9
107.9
111.5
109.4
180. 2
177.7
161. 6
162.4
157. 5
156.4
1974: III
IV
120. 6
117.7
121. 0
117.9
110. 9
109. 3
113.3
111. 5
108.7
107.6
106.7
105.7
166.7
170.7
164. 0
168. 3
153. 3
158. 6
153.6
159.3
146.0
150.4
1446
149.2
1975: I
II
III
IV
114. 2
116. 7
120. 1
121.2
114.4
116.6
119. 9
121. 3
105.7
104.8
105.7
107.0
107.9
106.7
107.4
109.2
108. 1
111.4
113.6
113.2
106. 0
109. 2
111. 6
111.0
176. 0
179. 0
181. 3
185.0
173. 1
176. 4
179. 3
182.2
162. 9
160.7
159.5
163.4
163. 3
161. 6
160.6
164 1
154 5
155. 9
158.4
160.9
154 0
155.0
157.0
159. 3
1976: I
II
III
124. 2
125. 8
12a 9
124. 3
126.0
127. 1
107. 7
108.2
108. 2
110.4
110.4
110. 6
115. 3
116.3
117. 2
112. 6
114. 1
114. 9
189. 8
193. 3
196. 7
186. 4
190.4
193. 6
164. 7
166. 1
167. 8
165.5
166.9
168. 5
161.7
163. 8
165.4
161.0
162.5
164 8
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
--_
Perceiit change • quarterlyT data at seasonall y adjuste< i annual rates
1965
1966
1967
7. 1
3.1
2.3
-.3
1.7
2.7
3.7
3.3
.0
2.1
3.2
3.7
3.2
2.3
3.3
.3
3.3
2.5
1.9
3.2
-.2
3.9
7.0
5.6
7.6
7.0
— 1. 2
—.3
3.7
4,3
.4
.7
.2
7.2
6.6
1969
7.0
5.5
2.0
5. 1
3.0
1970
1971
1972
1973
1974
— .9
2. 8
6.6
5.9
-3. 0
2.7
6.9
6.0
-3. 1
-1.6
—.4
3.6
3. 9
.4
1975
-2.3
-2.6
-4,2
1974: III
IV
-3.9
-9.4
-3.8
— 9. 9
1975: I
II
III
IV
-11. 2
&9
12. 3
3. 6
-11. 3
10.2
5.5
10.5
1968_.__
1976: I
II
III...
1
J
a4
6.0
1.9
5.4
3.0
-1. 1
7.9
12. 1
4.5
5.4
3.4
a2
0.2
3.7
3.3
41
6. 6
0. 1
3.4
3.8
3.9
6.6
1.6
3.2
2.9
3.9
47
1.3
2.9
3.3
40
45
5.8
7.8
9. 4
6.4
3.2
2.7
6.2
13. 2
6. 5
3.5
2.7
6.0
13.4
47
44
3.6
5. 8
10. 3
49
4.5
3. 1
41
11.0
5.8
7.3
6. 5
6.7
2.9
1.9
-3.4
2.9
3.0
1.7
5. 7
-3.5
8.2
9.3
-4.3
2.1
1.8
9.7
9.7
7.5
7. 7
9.5
10. 1
-1.4
— 5. 7
—.6
-6. 2
-2. 6
-4. 0
-3.2
-3. 9
12. 6
9.9
11. 5
10.9
15. 5
14.5
15. 2
15.5
13. 2
12. 9
13.4
13. 5
-12.7
— 3. 3
3.5
5.2
-12.4
-4.1
2.5
6. 9
1. 6
12.7
8.5
-1.5
1. 3
12. 6
13. 1
11.8
7. 9
6. 6
6.8
11.3
-5. 1
-3. 0
10.0
10.4
-4.2
-2. 2
9.0
11. 3
3.5
6.6
6. 6
13.5
2. 6
5. 3
6.2
2.6
1.6
.2
4.4
.1
.5
7.4
3.8
9.5
8.9
6.9
3.2
3.6
41
3.5
3.3
3.9
2. 1
5.2
43
3. 6
5.8
ai
Output refers to gross domestic product originating in the sector in 1972 dollars.
Bours of all persons in private industry engaged in production, including
hours oi proprietors and unpaid family workers. Estimates based primarily
onz establishment data.
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
3.4
6. 1
6.9
-2.2
5. 2
8. 3
5. 8
10.9
9.3
5.4
2.9
7.5
7.3
6. 6
a9
< Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased 0.7 percent in December, following a rise of 1.2 percent in November. About onethird of the December increase was attributed to higher motor vehicle production. There were also widespread increases among final products and materials. During 1976, industrial production rose 6.8 percent, most of which occurred
in the first half of the year.
INDEX, 1967=100* (RATIO SCALE)
INDEX, 1967=100* (RATIO SCALE)
180
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
140
UTILITIES
120
.,--**• *vv^
100
MANUFACTURING PRODUCTION
11I I Inil
1972
MINING
l_Li
1973
1974
1975
1976
PERCENT (RATIO SCALE)
__ MANUFACTURING CAPACITY UTILIZATION RATE
120
70
100
60
1972
1973
1974
1975
1976
1972
1975
1973
1976
* SEASONALLY ADJUSTED
SOURCEi BOARD (X GOVERNORS OF THE FEDERAl RESERVE SYSTEM
Total iridustrial
prodiiction
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indus try produ ction ind exes, 196 7=100
M mufacturi ng
PerPeriod
Index,
1967=
100
100. 00
1971
109. 6
1972
119. 7
1973
129. 8
1974
129. 3
117.8
1975
1976"
129. 8
124.4
1975: Dec
125.7
1976: Jan
127.3
Feb
128. 1
Mar
128.4
Apr
129.6
May
130. 1
June_ _
130. 7
July
131. 3
Aug
_
130.8
Sept
130. 4
Oct. v _
Nov
131. 9
Dec v
_ _.. 132. 8
cent
change
from
year
earlier
1. 7
9.2
8.4
—.4
-8. 9
10. 2
4.3
9. 1
13. 0
14. 7
14.0
14.0
11.8
10.4
8. 5
7. 1
6.7
6. 8
6.8
Durable
Nondur-
Utilities
able
108.2
118. 9
129. 8
129. 4
116.3
129. 7
123.6
125.2
127. 0
127. 9
128.5
129.6
130.2
131. 0
131. 6
130. 7
130. 0
131. 8
132.6
51. 98
102. 4
113. 7
127. 1
125.7
109.3
121. 5
114. 4
115.8
117. 9
119. 0
120. 1
121.7
122. 3
124.2
125. 1
122.4
121.4
123. 8
124. 7
35.97
116.6
126. 5
133. 8
134.6
126. 4
141. 4
136. 9
138.4
140. 2
140. 7
140. 7
140. 9
141. 3
141. 1
140.9
142. 6
142. 3
143.4
144. 2
as percent of capacity.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly
data.
3
Quarterly data are for last month in quarter. Annual data are averages of four
monthly indexes.
Mining
ing
87.95
1967 proportion
1
3 Output
Total
Manuf acturing capacity iitilization
rate, p ercent l
Federal Reserve
2
sern>s
ComWharTotal
merce
ton
Mate3
manuseries
series 2
rials
factur-
6. S6
109. 8
113. 1
114. 7
115. 3
112. 8
114. 6
112. 9
113. 6
112. 7
113. 9
113. 5
113. 0
114.4
112.5
114. 4
115.7
117. 4
116. 8
116.8
5.69
130. 5
139. 4
145.4
143.7
146. 0
151. 7
147. 2
152. 0
152. 5
151. 4
150. 8
153. 0
151.2
150. P
151. 3
150. 1
150. 8
151.9
154.4
78.0
83. 1
87.5
84. 2
73. 6
80. 1
76.8
83. 1
88. 0
92. 4
87. 7
73. 6
80. 3
77. 1
80
83
86
83
77
86. 4
91. 8
97. 1
93.0
80. 4
79
84. 0
79.0
79.0
82
86. 4
80.2
80. 6
82
87.8
80.8
81. 3
80
88. 0
80. 5
80.4
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prociucts
Final products
Equif >ment
Coiisumer goods
Period
Total
Total
Internlediate
proc ucts
NonDurable durable
goods
goods
Total
Business
ConTotal struction
supplies
Materials
Supplementary
group:
Energy
total
1967 proportion
47.82
•ST. 68
7.89
19. 79
20. 14
12.68
12.89
6. 42
39. 29
18.83
1968
1969
1970
1971
1972
1973
1974
1975
1975: Dec
1976: Jan
Feb
Mar
Apr
:
May___
June
July
Aug
Sept
106. 2
109.6
105.3
106. 3
115. 7
124. 4
125. 1
118. 2
123.5
123.9
125.3
126.4
126. 3
127. 3
127. 6
127.6
128.3
127.4
127. 3
129. 5
131. 2
105.9
109.8
109.0
114.7
124.4
131. 5
128.9
124. 0
132.3
133. 1
134. 9
136. 1
136. 1
137. 4
137.8
136. 8
137. 5
136.2
136. 9
138.7
141. 1
111.1
115. 0
106. 1
118.8
133.8
146.2
135.3
121,4
134.0
134. 7
137. 9
140.4
141. 1
143. 2
144.2
141. 8
143. 7
138.4
138. 6
143.7
150. 1
103.9
107.7
110.1
113. 1
120. 6
125. 6
126.3
125. 1
131.5
132. 5
133. 9
134. 4
134.0
135. 1
135. 1
134 8
134. 9
135.3
136.3
136. 8
137.4
106.5
109.3
100.1
94. 7
103. 8
114.5
120.0
110.2
111. 5
111.2
112. 1
112. 9
112. 9
113.5
113.8
114. 9
115. 7
115.2
114.4
116.7
117. 7
105. 5
112.5
107. 0
104. 1
118. 0
134. 2
142.4
128. 2
131.6
131.0
132. 6
134.0
134. 1
134.6
135.0
136. 9
137. 7
137.5
136.0
139.5
140.9
106.3
112.9
112.9
116. 7
126. 5
137. 2
135.3
123.1
129.9
133.6
135. 3
134. 9
134. 7
135,0
135.9
137. 6
137.8
138.7
138.4
139.3
140.4
106. 6
112. 3
111. 0
116.8
128.4
139.8
134. 5
116. 3
124. 1
126. 8
129.6
128.7
128. 0
130. 9
131.8
133. 1
134. 1
134. 3
134. 1
135.5
137.4
106. 5
112.5
109.2
111.3
122.3
133. 9
132.4
115. 5
123.3
125,3
127.3
105.5
111. 1
117.0
119. 5
125.2
128. 3
125. 5
125.5
126.6
128.8
127.5
128. 6
128. 2
129.3
129.7
128.4
129. 0
128.6
128.8
129.8
131.4
—
_ -. _
_ _
Oct
Nov »
Dec »
12S.2
129. 2
130. 6
131. 1
132. 2
133. 0
132.5
131.6
132. 3
132. 3
[1967=100, seasonally adjusted]
Diirable m anufactu res
Primar]r metals
Period
1 967 proportion
1968
1969
1970
1971
1972
1973
1974
1975
1975: Dec
1976: Jan
Feb
Mar
Apr
May
June
July
Aug__ _ _ _ _
Sept
_„_
Oct
Nov »
Dec »
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Transp ortation
equip>ment
Lumber
and
Print- ChemAping
icals
parel
____
j
and
and
prodpub- products lishing
ucts
Total
Motor
vehicles
and
parts
105.5
111. 9
108. 1
107.7
122. 2
143. 1
143.8
116. 5
9. 27
111. 1
108.4
89.5
97. 9
108. 2
118. 3
108. 7
97.4
4.60
120.3
116. 5
92. 3
118. 6
135. 8
148.8
128.2
111.1
105. 5
107.9
105. 6
113. 8
120.8
126. 0
116.2
107. 6
102. 9
106. 7
101. 4
104.7
109.4
117.3
114. 3
107. 6
4. 72
103. 2
107.4
107. 0
107. 1
112. 7
118. 2
118. 2
113. 3
109. 5
118.4
120.4
125.9
143.6
154.5
159.4
147. 3
8. 76
102.6
106. 1
108. 9
112. 8
116.8
120.9
124.0
123.4
12a6
122.7
106.7
130. 1
116.4
121. 2
118. 4
163. 3
128.5
129.0
131. 5
132.9
133.5
134. 0
133. 5
135. 0
136. 4
136. 8
134. 4
137.2
138.0
124. 7 105. 8 126.7
126. 5 109. 0 135.2
127. 8 111. 2 140.8
130. 0 110. 6 141. 3
131.8 112.9 144. 3
132. 0 112. 6 146. 5
131. 0 113. 3 148.5
135. 3 115. 0 150.6
133.7 104. 4 130.2
134. 8 104.3 128.3
135.6 113.0 145.6
137.0 120.0 159. 3
123.5
123. 9
121. 1
122. 8
123. 0
120. 3
124.6
128. 1
128. 7
130.7
131. 7
123. 8
12a 0
126. 3
126. 1
130. 3
126.8
125.6
123. 7
122.5
126.6
120.0
121. 0
121. 0
122. 0
120. 5
119. 7
122. 0
120. 6
120.6
119.2
121.3
122.0
162.9
167. 6
170. 6
168. 7
166. 6
170.0
167.6
170. 4
170.5
170.1
172.8
129. 2
130.8
12R3
129. 2
131.2
130. 5
131. 8
13a 4
135.7
136. 1
135.8
Total
Iron
and
steel
6.67
104.3
113.8
106.6
100. 2
112. 1
126. 7
123. 1
96.4
4.21
103.2
112.6
104.7
96. 1
107. 1
122. 3
119.8
95.8
5.98
105.6
107. 9
102.4
103.5
112. 1
124. 7
124. 2
109.9
9. 15
101.8
109.3
104. 4
100.2
116. 0
133. 7
140. 1
125. 1
92.6
89, 1
117. 3
98. 1
103. 9
101.4
105.4
113.2
111. 5
116. 9
118. 6
114. 1
109.8
106.7
100.4
92. 9
100. 9
97. 7
103. 5
110. 7
110. 0
115. 3
116. 2
110. 3
105. 1
102.7
96.6
116. 6
120. 9
120. 2
121. 5
121. 4
124. 0
124. 6
125. 8
126.6
123.5
126.2
126. 6
Source: Board of Governors of the Federal Eeserve System.
18
NOD durable manufac tures
8.06
products
l. 64
8.81
7. 74
Foods
NEW CONSTRUCTION
Construction contracts 2
Private
Total new
construction
expenditures
Period
Resid ential
Total
Total 1
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
llTl'if' a
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
949
....
...
110.0
124. 1
137. 9
138. 5
132. 0
33.2
31. 9
43. 3
54.3
59.7
50.4
46. 5
66.0
66.8
80. 1
93.9
105.4
100.2
93. 0
16.2
16. 3
17. 0
18. 1
21. 7
23.8
20.8
25.9
24. 3
35. 1
44.9
50. 1
40. 6
34.4
16.6
18.6
19.8
21.5
24 0
26. 0
25. 7
Seasonally
adjusted
Seasonally / adjusted armual rates
1975: Nov
Dec
1976: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct»p
Nov
138.0
137.8
136.7
139.0
145. 1
144. 5
143.4
145. 4
141. 1
142. 0
146. 3
146. 7
150.2
50.4
52. 1
52. 8
55. 2
58. 1
58.9
58.8
58.7
57.2
55. 4
58. 7
63. 5
66.6
97.3
98. 1
99. 3
102.6
107. 1
106. 6
107. 2
106. 5
104. 3
104,7
108. 7
112. 8
116. 3
20. 1
19. 8
19.0
20.6
21. 0
19.8
19. 3
18. 7
18.7
19. 9
19. 7
19.0
19. 0
38.9
39.9
39. 3
41. 1
43. 8
44. 2
43.9
45.4
46.9
46.5
48. 8
51. 1
52.9
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Kelates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
123.7
123. 1
145.4
165.3
179. 5
169. 7
166. 0
28.0
2a 1
29.9
30.2
32.5
38.3
39.0
26.8
26.2
27.6
26.8
28. 0
27.9
29. 1
29. 1
28.4
29. 4
30. 3
30.4
30.7
40.7
39.8
37.4
36.4
38. 0
37. 9
36. 2
38.9
36.8
37. 3
37. 6
34.0
33.9
148
137
186
170
185
189
205
187
186
186
182
237
186
883
743
727
854
1, 010
840
569
Seasonally
adjusted
annual
rates
504
609
462
496
653
648
657
693
676
654
592
658
596
Note.—New construction expenditures data prior to 1973 not comparable with
later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
Isfew private housing uni bs
Period
Units started, by type of striicture
Total
1969
1970
1971
1972
1973
1974
1975
1976*
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 539. 7
lunit
810.6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 8
2-4
units
85. 0
84. 8
120.3
141. 3
118.3
68. 1
64.0
85. 7
5 or more
units
571. 2
535. 9
780. 9
906.2
795.0
381.6
204. 3
291. 3
New priv ate homes
Units
authorized
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 281. 9
Units
completed
Homes
sold
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period * (percent) 2
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
448
485
656
718
620
501
544
222
220
287
409
450
402
378
1,329
1,213
1,299
1, 399
1, 266
1, 360
1, 373
1, 307
1, 401
1, 387
1, 314
1,445
641
573
679
573
628
540
589
606
640
744
729
696
378
379
384
389
394
400
406
411
406
415
419
430
5. 5
5.3
5.5
5.6
5.8
6.2
6. 0
Seasonally adjusted armual rates
1975: Dec
1976: Jan
Feb
Mar
Apr.
May
June.
July
Aug..
Sept
Oct»
Nov
Dec v
1
1, 283
1,236
1,547
1,417
1, 367
1,422
1, 510
1, 382
1, 537
1, 840
1, 814
1,716
1,940
962
957
1,295
1, 110
1, 055
1,065
1, 139
1, 123
1, 171
1, 280
1, 337
1,237
1,323
Seasonally adjusted.
'Quarterly data entered in last month of quarter.
77
70
62
80
76
94
76
69
84
114
105
97
115
244
209
190
227
236
263
295
190
282
446
372
382
502
1,091
1, 147
1, 165
1, 188
1, 082
1, 158
1, 150
1, 215
1, 296
1,504
1, 492
1,590
1,513
Source: Department of Commerce, Bureau of the Census.
5.4
5.5
5.8
5.7
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories increased $0.5 billion in November/ the revised October increase was $1.6 billion. Business
sales rose $4.1 billion (2.1 percent), most of which was in manufacturers1 sales. According to the advance survey,
retail sales rose 3.1 percent in December, following a 1.9 percent rise in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
100
90
80
TOTAL BUSINESS
INVENTORIES
300
RETAIL INVENTORIES
70
60
RETAIL SALES
50
^•vuv
200
40
TOTAL BUSINESS
SALES
RATIO'>*
1973
1975
1974
1976
1977
100
1.30
1973
1974
1975
1976
1977
1973
1977
SEASONALLY ADJUSTED
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total biisiness 1
Re tail
Whol esale
Sales 2
Period
1970
1971_
1972. _
1973
1974
1975
1975: Nov
Dec
1976: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct._____
Nov p _
Dec*
1
2 The
CJ | z
bales
_ 104, 708
112, 323
125, 269
_. 145, 297
166, 771
172, 525
178, 119
181, 647
183, 818
186, 968
190, 224
191, 745
190, 800
193, 700
193, 704
194, 672
194, 261
_ _ 192, 963
197, 051
Inventories 3
2
175, 418
184, 756
198, 045
227, 926
278, 386
275, 484
276, 804
275, 484
277, 057
279, 008
281, 256
283, 062
285, 693
289, 138
290, 866
293, 308
296, 537
298, 179
298, 689
DurNonable durable Tntfll
goods goods
I stores stores
Millions of doll ars, seas onally £idjusted
20, 583 27, 290 31, 294 9,524 21, 770 46, 626
22, 327 29, 695 34, 071 10, 985 23, 086 52, 571
24, 862 32, 817 37, 365 12, 472 24, 893 57, 156
30, 400 38, 302 41, 943 14, 190 27, 754 65, 229
37, 344 46, 564 44, 815 13, 943 30, 872 73, 851
36, 583 45, 115 48, 702 15, 060 33, 642 74, 676
37, 018 45, 554 50, 552 15, 904 34, 648 75, 129
37, 360 45, 115 51, 734 16, 690 35, 044 74, 676
38, 159 45, 645 51, 592 16, 730 34, 862 75, 292
38, 816 46, 307 52, 601 17, 397 35,204 76, 243
39, 094 46, 398 53, 344 17, 403 35, 941 77, 298
39, 530 46, 826 53, 696 18, 046 35, 650 78, 102
39, 386 47, 799 52, 868 17, 419 35, 449 78, 406
40, 780 48, 645 53, 983 17, 803 36, 180 79, 375
40, 616 48, 805 53, 754 17, 699 36, 055 79, 917
40, 581 49, 006 54, 643 18, 208 36, 435 81, 118
41, 381 49, 723 54, 100 17, 481 36, 619 81, 848
40, 676 49, 847 54, 634 17, 559 37, 075 81, 658
40, 827 50, 165 55, 657 18, 202 37, 455 81, 410
57, 371 19, 142 38, 229
cj i
z2 Invenbales
tories 3
Total
term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
*Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
4
20
In ventorie 3 s
DurNonable durable
goods goods
stores stores
20, 345
23, 864
26, 056
29, 593
34,301
34, 474
34, 568
34, 474
34, 479
34, 592
35, 231
35, 462
35, 547
35, 863
36, 523
37, 515
37, 822
37, 518
37, 683
26, 281
28, 707
31, 100
35, 636
39, 550
40, 202
40, 561
40, 202
40, 813
41, 651
42, 067
42, 640
42, 859
43, 512
43, 394
43, 603
44, 026
44, 140
43, 727
Invent< :>ry-sales
ral io 4
Total
business *
1.64
1.61
1. 52
1.46
1. 51
1.60
1. 55
1. 52
1. 51
1.49
1. 48
1.48
1.50
1.49
1. 50
1. 51
1.53
1. 55
1. 52
Retail
1.47
1.47
1. 46
1.46
1. 53
1. 51
1. 49
1.44
1.46
1.45
1.45
1. 45
1. 48
1. 47
1. 49
1.48
1.51
1.49
1. 46
Note.—Total business (and manufacturing) sales and inventories revise
beginning 1958.
Source: Department of Commerce (Bureau ol Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders rose 1.9 percent in November despite a sharp decline (10.0 percent) in orders for nondefense capital goods. Sales increased 3.0 percent and inventories rose $0.4 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCAlQ
- INVENTORIES
200
160
120
100
80
DURABLE GOODS
60
...,.
BILLIONS OF DOLLARS* (RATIO SCALE)
NONDURABLE GOODS
-
- NEW OR DERS
TOTAL
100
XP
80
40
""
^
r>^^\r-u-^"""
S
^
60
DURABLE GO ODS
_
/xtr""£.tf*
1.60
NONDURAB LE GOODS
-
! I ! I I I I 1 1 i1
1 1 i 1 1 I1 1 1 ii
197-*
M ! II } I I ! I I
1074
RATIO
1.80
L-\
«>"*
INVENTORY-SHIPMENTS
200
"" >t..^*-Ab -^^-
40
RATIO*
2.20
1 t I ! 1 1 I 1 1I I
197*;
197A
I 1 ! 1 I1 1 ! MI
1.40
1.20.
1977
1973
1974
1975
1976
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufac;turers' sb ipments 1 Manufadburers3 im^entories 2
Manu facturers ' new orelers l
Durab .e goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
I
IMillions oi" dollars, seasonally adjusted
1970
. 52, 831
55, 925
1971
1972 _ _
63, 042
72, 954
1973_
84, 612
1974
87, 240
1975
1975: Nov__ 90, 549
Dec._. 92, 553
1976: Jan__. 94, 067
Feb_>_ 95, 551
Mar__ 97, 786
Apr
98, 519
May__ 98, 546
June__ 98, 937
July-- 99, 334
Aug__ 99, 448
Sept— 98, 780
Oct.. .97, 653
Nov__ 100, 567
Dec'.
28, 215
29, 973
34,042
39, 704
44, 043
43, 912
44, 548
46, 772
47, 289
48, 430
50, 382
50, 146
50, 558
50, 606
51, 090
51, 648
50, 060
49, 267
51, 427
54, 596
24, 616
25, 953
28, 999
33, 250
40, 569
43, 328
46, 001
45, 781
46, 778
47, 121
47, 404
48, 374
47, 988
48, 331
48, 244
47, 799
48, 720
48, 386
49, 140
101, 502
102, 490
108, 072
124, 395
157, 971
155, 693
156, 121
155, 693
156, 120
156, 458
157, 560
158, 134
159, 488
161, 118
162, 144
163, 184
164, 966
166, 674
167, 114
66, 648
66, 149
70, 098
81, 218
101, 780
100, 310
101, 016
100, 310
99, 980
99, 942
100, 740
101, 033
101, 502
102, 429
102, 856
103, 282
104, 117
105, 589
106, 128
1
Monthly average for year and total for month. Shipments are the same as
ties.
2
Book value, end of period.
3
Ene of period.
* For annual periods, ratio of weighted average inventories to average
1977
COUNCIL Of ECONOMIC ADVISERS
34, 854 52, 096
36, 341 55, 937
37, 974 64, 246
43, 177 76, 217
56, 191 86, 988
55, 382 85, 673
55, 105 90, 620
55, 382 91, 816
56, 140 92, 822
56, 516 95, 044
56, 820 98, 550
57, 101 98, 756
57, 986 99, 379
58, 689 99, 476
59, 288 99, 214
59, 902 97, 924
60, 850 98, 869
61, 085 99, 702
60, 986 101, 619
27, 447
29, 951
35, 142
42, 888
46, 570
42, 164
44, 282
45, 985
45, 904
47, 930
51, 111
50, 245
51, 354
51, 249
51, 180
50, 380
50, 068
51, 078
52, 611
56, 106
ManuffacCapital Nonturers'
goods durable unfilled
indus- goods orders3
tries,
nondefense
7,053
7,575
8, 947
11, 169
12, 656
10, 899
11, 369
11, 054
11, 663
11, 900
12, 173
12, 476
12, 666
12, 607
13, 778
12, 690
13, 468
14, 302
12, 878
24, 649
25, 986
29, 104
33,329
40, 418
43, 509
46, 337
45, 830
46, 918
47, 114
47, 439
48, 511
48, 025
48, 227
48, 033
47, 544
48, 801
48, 624
49, 008
107, 460
107, 656
122, 362
161, 766
190, 271
171, 438
172, 175
171, 438
170, 193
169, 686
170, 450
170, 687
171, 520
172, 059
171, 938
170, 414
170, 503
172, 553
173, 605
Manufacturers'
inventory—
shipments
ratio4
1.89
1.83
1.67
1. 58
1.66
1.80
1.72
1.68
1.66
1.64
1.61
1.61
1.62
1.63
1.63
1.64
1.67
1.71
1.66
monthly shipments; for monthly data, ratio of inventories at end of month to
shipments for month.
Note.—Data revised beginning 1958.
Source: Department of Commerce, Bureau of the Census,
21
WHOLESALE PRICES
PRICES
In December, the wholesale price index rose 0.8 percent (0.9 percent seasonally adjusted). Prices of farm products
and processed foods and feeds increased 3.1 percent (2.7 percent seasonally adjusted). Industrial commodities prices
were up 0.2 percent (0.3 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967= 100 (RATIO SCALE)
220
200
200
120
120
100
100
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
All
commodities
Period
1969
1970
1971
1972
1973
1974__
1975
1976
106. 5
110.4
114.0
119. 1
134.7
160. 1
174.9
182. 9
1975: Dec
1976: Jan
Feb
Mar
Apr
May
June_
July
Aug
Sept
Oct
Nov
Dec
178. 7
179.3
179. 3
179.6
181.3
181. 8
183. 1
184. 3
183.7
184.7
185.2
185. 6
187.1
1
_
Farm
products Indusand
trial
processed commodfoods
ities
and
feeds
108. 0
106.0
111.7
110. 0
114.1
113. 9
122. 4
117.9
159. 1
125.9
177.4
153. 8
184. 2
171. 5
182. 3
183. 1
Unadjusted
186.0
176. 1
184.6
177. 3
182.0
178.0
180. 3
178.9
183.7
180. 0
180.4
184.9
187. 5
181. 3
188. 1
182.6
181. 7
183. 6
182. 7
184. 7
179.4
186. 3
187. 0
178. 4
187.4
183.9
Special ggroupings
Farm
products
Processed
foods
and
feeds
109. 1
111.0
112. 9
125. 0
176. 3
187. 7
186. 7
191. 1
107. 3
112. 1
114. 5
120. 8
148. 1
170. 9
182. 6
178. 0
197.2
192. 6
187. 7
185. 9
193.8
194. 9
195. 4
193. 4
187.7
191. 2
188.9
188.0
194. 9
181. 8
178.3
175. 5
175. 9
179. 3
181. 6
182. 4
180. 8
175. 6
176.4
175. 1
176. 2
179.7
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
22
Crude
mate-1
rials
Inter- Producmediate er finmate-2
ished
rials
goods
110.6
106. 1
106.9
118.9
109.9
112.0
122.7
114. 3
116. 6
131. 1
119. 5
118. 9
155. 2
128. 1
123. 5
219. 1
159. 5
141. 0
178. 6
225. 1
162.5
189.4
173.2
250.0
Seasonally ad; usted
184. 6
167. 9
235.4
236.0
185. 2
169. 1
230. 0
185. 7
170. 0
236. 5
186. 3
170. 7
242.6
171. 3
186. 7
242. 6
186. 5
171. 4
172. 1
187.8
246. 1
172. 9
255. 5
188. 7
190. 1
255.7
173. 2
174. 5
254. 5
192.0
264.7
193. 3
177.0
194.
9
177. 4
270.7
267. 1
178. 7
196. 3
Consunler finished goods
ex<3luding fo ods
Total
104.6
107. 7
111. 2
113. 5
118. 6
138.6
153. 1
161.7
158.9
159. 1
159.4
159. 1
159. 0
159. 0
160.0
161. 2
162. 1
163. 9
165. 1
166. 2
166. 6
NonDurable durable
104. 0
105.0
106. 9
108.3
110.8
111. 7
113. 2
113. 6
115. 8
120. 5
126. 3
146.8
138.2
163. 0
144. 3
173. 2
141. 9
142. 5
142. 8
143. 1
142. 9
142. 9
143. 5
143.5
143. 9
145.3
146. 7
147. 4
147. 5
170. 1
170.2
170.4
169. 7
169. 9
169. 6
170. 8
172.6
174.2
176.2
177.4
178.6
179. 3
2 Includes supplies and components; excludes intermediate materials for foo
manufacturing and manufactured animal feeds.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In December, the consumer price index rose 0.3 percent (0.4 percent seasonally adjusted). Food prices increased 0.3
percent (0.2 percent seasonally adjusted). Nonfood commodity prices rose 0.2 percent (0.5 percent seasonally
adjusted) and services prices were up 0.4 percent (also 0.4 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
200
200
120
100
100
1969
1968
1971
1970
1972
1975
1974
1973
1976
COUNCIL OF 1CONOMIC ADVISERS
SOURC& DEPARTMENT OF UK*
[1967=100]
Period
1969
1970
1971
1972_
1973
1974
1975
1976
All
items
109.8
116.3
121.3
125.3
133.1
147.7
161.2
170.5
Food
Commodities
less
food
Services
commodities
108.9
114.9
118.4
123.5
141.4
161.7
175.4
180.8
108.1
112.5
116.8
119.4
123. 5
136.6
149. 1
156.6
112. 5
121.6
128.4
133.3
139. 1
152. 1
166.6
180.4
113.5
117.4
120.9
129.9
145.5
158.4
165.2
ioa4
All
Food
at
home
Food
away
from
home
108.9
1149
118.4
123.5
141.4
161. 7
175.4
180.8
113.7
116.4
121.6
141.4
162.4
175.8
179.5
ioa2
111.6
119. 9
126. 1
131. 1
141. 4
159.4
174.3
186. 1
165.6
166.3
166. 7
167. 1
167. 5
168.2
169.2
170. 1
171. 1
171.9
172. 6
173.3
173.8
174.3
179.8
180, 7
180.8
180.0
178.7
179.2
180.0
180.9
182. 1
182.4
181.6
181.6
181.1
181.7
152.6
152.8
152.3
152.7
153.3
154.2
155. 5
156.5
157.1
158. 0
158.9
159.6
160. 3
160.6
172.0
173. 1
174.9
176,1
177; 2
177.7
17R4
179.5
180. 7
181.8
183. 2
184. 1
185.1
185.8
Source: Department of Labor, Bureau of Labor Statistics,
Services
All
Durable
Nondurable
108. 1
112. 5
116.8
119.4
123.5
136.6
149. 1
156.6
107.0
111.8
116.5
118.9
121.9
130.6
145.5
154. 3
108.8
113. 1
117. 0
119.8
124.8
140.9
151.7
158.3
112.5
121.6
128.4
133. 3
139. 1
152. 1
166.6
180.4
148.5
149.2
149.7
150. 6
151.7
152.7
153.6
154. 1
155. 0
155. 7
156. 3
156. 8
157.4
158.3
154.8
155.3
155.6
155.7
155.6
155. 7
156.6
157. 4
158. 4
159. 6
160. 2
160. 8
161. 6
162.2
171.7
172.8
174.7
176.0
177.2
178.0
Seasonal ly adjust ed
Unac [justed
1975: Nov.-.
Dec
1976: Jan
Feb ...
Mar...
Apr
May—
June
July—
Aug
Sept___
Oct
Nov-__
Dec
Comnaodities less food
Food
All
162.2
162.9
163.1
162.7
162.4
163.1
164,3
164.9
165.6
166.4
166.8
167.3
167.6
leas
180.6
181,6
181.2
179.4
177.9
178.9
180. 6
181.0
181.2
181.8
181.8
182.3
181.9
182.3
181.2
182. 1
181.4
178.6
176.5
177.7
179.5
179. 8
179.8
180.3
180. 1
180.7
180.0
180.3
178.6
179. 5
180.9
182.4
183.4
184.0
185. 0
186. 0
187. 1
187. 8
188. 5
188. 7
189.2
190.3
152.2
152.8
153. 1
153.5
153.9
154.4
155.3
156.0
156. 9
157. 9
isas
159. 1
159.8
160.6
i7as
179. 9
181. 0
182.0
183.0
184, 0
1847
185.4
23
CHANGES IN WHOLESALE PRICES
Percen t change from preceding
perio d; season ally adjussted 3
Period
All
commodities
Farm
products
Processed
foods
and
feeds
4.4
8.4
-4.7
8. 1
18.7
36. 1
-1.9
5. 5
-1. 1
3.0
6.8
,8
4.7
11.6
20.3
20. 9
-3.8
-1. 1
Industrial
commodities
2.8
4.8
2.2
4. 1
6.3
15.4
20.9
4.2
4.7
1975: Dec..
.3
.6
-1.4
.6
1976: Jan...
Feb
Mar..
;
Apr_._
May..
June..
July..
Aug..
Sept..
Oct..
Nov. .
Dec..
2
£
2
8
3
4
3
- 1
9
6
6
9
-2.3
-2.5
-1.0
4.2
.6
.3
-1.0
-2.9
1.9
-1. 2
-.5
3.7
-1.9
-1.6
.2
1.9
1.3
.4
—.9
-2. 9
.5
4
1
3
3
1
5
7
7
9
10
8
3
_
*7
.6
2.0
All
commodities
Farm
products
6.5
0.6
.9
-1. 1
-1. 8
2.5
5. 5
6.6
4,5
2.7
4.7
5.8
9. 0
9.0
-13.8
-16.1
-21.0
2.5
16.2
22. 1
-.8
-14.0
-8.3
-9.0
.6
8.0
Industrial
commodities
All
commodities
-7.3
10.8
a6
14.2
1.6
9.4
— 16. 6
-17.8
-12.4
2.3
14,6
15, 6
3.4
-12,6
-12.5
-12.0
1.4
7.7
7. 3
4.4
3.2
3.0
2.9
3.6
5.2
7.8
9.6
11.0
11. 6
8.9
6.4
3.8
2.3
1.7
2,1
2.3
3.5
4. 1
5.6
5. 1
5. 8
6.8
2. 9
-5. 1
-10.9
-6. 0
-1.2
-1. 8
.8
.0
5.8
-5. 0
-7.0
—.5
-4.5
-9.8
-9.9
-7.7
-2. 9
.7
2.8
.1
.6
-4.6
-5.9
-2.9
9. 5
8. 1
6.9
5. 1
3.7
3.4
4. 1
5.3
6.6
Processed
foods
and
feeds
Farm
products
Processed
foods
and
feeds
Industrial
commodities
2.7
3.9
3.6
3.4
3.4
10.7
25.6
6.0
6.4
._
_
1968
1969_
1970
1971
1972
1973
1974
1975-.
1976
Percent c mnge fro m 3 mont!as earlier ; Percent <change from 6 mont tis earlier;
season ally adjus ted annuail rates
season*illy adju sted annusil rates
»Annual changes are from December to December (unadjusted).
ai
9. 7
9.3
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percenit changej from pre ceding
perio d; seasoiially adju,sted1
Period
AU
items
1968
1969
1970
1971
1972
1973
1974
1975
1976
Food
Commodities
less
food
Services
Percent c tiange f re>m 3 mont bs earlier; Percent c iiange f re>m 6 mont hs earlier;
seasonsilly adju sted annu al rates
season!illy adju sted annual rates
AU
items
Food
Commodities
less
food
Services
AU
items
Food
Commodities
less
food
Services
4.7
6. 1
5. 5
3.4
3. 4
8. 8
12. 2
7.0
4.8
4.3
7. 2
2.2
4.3
4.7
20. 1
12. 2
6. 5
.6
3. 7
4. 5
4.8
2.3
2.5
5. 0
13.2
6. 2
5. 1
6. 1
7. 4
8.2
4. 1
3.6
6. 2
11. 3
8. 1
7.3
1975: Nov...
Dec...
.6
.5
.6
.6
.3
.4
1.0
.6
6.8
7.3
7.2
8.3
4.0
4.3
10.2
9.3
7.7
7.4
9.6
8.2
5.9
5.9
8.4
8.4
1976: Jan...
Feb_._
Mar
Apr.._
May___
June__
July...
Aug___
Sept_ _
Oct___
Nov
Dee____
.4
.1
.2
.4
.6
.5
.5
.5
.4
.3
.3
.4
— .2
-1. 0
-.8
.6
1. 0
.2
.1
.3
.0
.3
-.2
.2
.2
.3
.3
.3
.6
.5
.6
.6
.4
.4
.4
.5
1. 1
.7
.7
.5
.4
.6
.6
.6
.5
.5
.4
.4
6.5
4. 4
2. 9
2.9
4. 9
6. 1
6. 3
6. 0
5. 8
5. 2
4. 3
4.2
3.6
-2. 6
-7. 9
-5.0
2. 7
7. 2
5. 2
2. 7
1. 8
2. 5
.2
1. 1
3.7
3. 5
2.9
3.4
4. 8
5. 6
6. 6
6. 9
6. 6
5.7
4. 9
5.4
11.5
10. 4
10.6
7.8
6.5
6.2
6.9
7.4
7. 1
6.8
6. 1
5.4
6. 1
5.6
5. 1
4. 7
4.6
4. 5
4. 6
5.5
5.9
5.8
5. 1
5.0
3.9
2.2
-|
-.8
.0
-. 7
.0
2. 7
4.4
3.8
1.4
1.4
4. 5
3. 8
3.6
3.6
4. 1
4. 2
5. 0
5. 8
6. 1
6.2
5.9
6.0
9.6
10. 3
9. 9
9.6
8.4
8. 4
7. 3
6. 9
6. 7
6. 9
6. 7
6.2
1
Annual change& are from December to December (imadjusted).
24
Sour ce: Departm ent of Labor, Bureau of L abor Statis tics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers increased 3 percent in the month ended December 15. Contributing most to the increase
were higher prices for hogs, corn, soybeans, cattle, and eggs. Partially offsetting were lower prices for oranges, milk,
wheat, and commercial vegetables. Prices paid by farmers rose 1 percent.
!NDD(, 1967=100
(RATIO SCALE)
220
200
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
60
1968
i
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 1910-14400 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
All farm
products
Crops
Prices paid by farmers
items, Family
ProducLivestock All
interest,
living
tion
and
taxes,
and
products wage rates
items
items
Index, 1967=100
Parity ratio l
Actual
Adjusted2
1969
1970
1971
1972
1973
1974
1975
1976
107
110
113
125
179
192
186
186
97
100
108
114
175
224
201
198
117
118
118
136
183
165
172
177
108
112
120
125
144
166
181
194
109
114
118
123
133
151
166
176
104
108
113
121
146
166
182
196
73
72
69
74
91
85
75
71
79
77
73
79
94
86
76
71
1975: Dec 15
186
188
184
184
171
186
74
75
1976: Jan 15
Feb 15
Mar 15
Apr 15
May 15
June 15__
July 15
Aug 15
Sept 15...
Oct 15 _ _
Novl5_
Dec 15..
186
187
186
189
191
196
195
187
187
178
173
179
191
193
195
193
198
211
215
201
204
195
187
191
183
183
178
186
185
184
179
175
172
165
162
169
190
191
192
193
193
195
196
195
195
194
193
195
172
172
173
174
174
175
177
177
178
179
180
181
191
193
194
197
196
199
199
198
197
195
194
196
72
72
71
72
73
74
73
71
71
68
66
68
72
72
71
72
73
74
74
71
71
68
66
68
_ _„
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
Mi increased by $2.1 billion in December after being unchanged in November. Over the past 6 months (June to
December) Mi and Ms grew at annual rates of 5.8 and 12.1 percent respectively.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
800
200
- 200
1968
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNOI OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all meas ures 1
Deposi ts at co mmercia 1 banks
Total
Large
CDs
Other
Deposits
at
nonbank
thrift
institutions
313.6
364.4
419. 1
452.4
491.5
454. 1
456. 7
457. 6
460.4
460.4
465. 9
470.0
468.7
472.5
478. 0
484.2
49-1.5
43.6
63.5
89.8
82.9
63.8
79.2
75.4
73. 2
71.5
68.2
70.6
69.6
64.4
62.4
62.0
62. 1
63.8
270.0
300. 9
329. 3
369.6
427.6
374.9
381.3
384.4
388.9
392.2
395. 3
400.4
404.4
410. 1
416.0
422. 2
427.6
319.6
348.0
369. 2
428.6
496.8
433.5
438. 8
444. 0
449. 3
454. 3
458.9
464.5
471.6
478.9
485.8
491.4
496. 8
Period
M,
M3
M3
Currency
Timie and sa vings
Demand
1972: Dec___
1973: Dec,..
1974: Dec...
1975: Dec...
1976: Dec *>_
1976: Jan...
Feb...
Mar__
Apr
May__
June.
July,.
Aug___
Sept
Oet____
Nov..
Dec »__
255. 3
270.5
283. 1
294,8
311.9
295. 1
296. 6
298. 1
301. 8
303. 5
303. 2
304.9
306.4
306. 3
309.8
309.8
311. 9
525.3
571.4
612.4
664. 3
739.5
670. 0
677. 9
682.6
690. 8
695. 7
698.5
705.4
710.8
716.4
725. 8
732. 0
739. 5
844.9
919.5
981. 6
1, 092. 9
1, 236. 3
1, 103. 5
1, 116. 7
1, 126. 5
1, 140. 0
1, 150. 0
1, 157. 4
1, 169. 9
1, 182. 3
1, 195. 3
1, 211. 7
1, 223. 4
1, 236. 3
56.9
61.5
67. 8
73.7
80.7
74.2
75. 0
75. 7
76.7
77.3
77.6
78. 1
78.6
79. 1
79. 8
80.3
80. 7
198.4
209. 0
215. 3
221. 0
231. 2
220.9
221. 6
222.4
225.2
226. 2
225. 6
226. 8
227.8
227.2
230.0
229.5
231.2
i is currency plus demand deposits; M2 is MI plus time deposits at commercial banks other than large certificates of deposit (CDs); and MS is M2 plus
deposits at nonbank thrift institutions.
26
Per sent
chaiige *
Comportents anc1 related iterns
U.S. Government
demand
deposits
(unadjusted)
7.4
6.3
4,9
4. 1
4.4
3.8
4.6
3. 9
3. 9
3. 8
4.8
3.4
3.6
4.9
3.8
4. 0
4.4
Mt
9.2
6.0
4.7
4. 1
5. 8
2.2
2.3
3. 1
5. 8
5.4
5. 8
6.8
6. 7
5. 6
5. 4
4. 2
5.8
M,
11.4
as
7.2
a5
11.3
7. 1
8.6
9. 3
11. 0
10.4
10. 6
10. 8
9. 9
10. 1
10. 4
10. 7
12.1
3
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curnjncy and deposits
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
Dec
Dec
Dec
Dec
Dec
Dec
Dee*
1975: Dec
Currency
Total
Demand
deposits
Commercial
banks
Other
private
money
market
instruments
770.9
632.5
857.4
721.0
817.4
972.0
887.4
1, 083. 6
1, 175. 2
944.6
1, 301. 8 1, 053. 3
1, 445. 5 1, 195. 7
49. 1
52. 6
56.9
61. 5
67.8
73.7
80.7
151.8
161. 5
176. 5
183.3
186.6
190.6
199.5
233. 6
264.4
294.4
321. 1
360. 3
418.7
i9a9
232.7
273.4
319. 6
348. 0
369. 2
428.6
496. 8
52.0
543
57. 6
60. 4
63. 3
67. 3
71.9
42.0
31.7
345
43.2
47. 1
65. 7
71.5
23.0
30.2
39.8
58. 1
79.8
72. 9
56. 0
21.4
20.2
22.7
346
40.4
42. 7
50. 5
1, 301. 8 1, 053. 3
73.7
190.6
360.3
428. 6
67.3
65.7
72.9
42.7
74.2
75.0
75.7
76.7
77.3
77.6
78.1
78. 6
79. 1
79.8
80.3
80.7
191.0
191.8
192.0
194. 5
196.0
195.0
195. 9
19a 7
195. 7
198.3
197.5
199.5
365. 8
372.5
375. 9
381. 1
384. 6
387.4
392.7
397. 1
402. 7
407. 9
413. 8
418. 7
433.5
438.8
444 0
449. 3
454. 3
458.9
4645
471.6
478.9
485.8
491. 4
496.8
67.6
68.0
68.3
68.6
69. 0
69.4
69. 7
70. 3
70.8
71. 1
71.5
71.9
6&5
66.8
67.8
68.5
69. 1
70. 0
72. 0
71. 4
69.6
70.2
70.9
71.5
69. 5
66. 1
64 1
62.3
58.9
61. 1
60. 0
54 9
53. 4
53. 6
54 1
56,0
43.1
43. 3
43.6
444
45. 8
47.2
48. 0
48. 2
48. 3
48. 7
49. 6
50.5
1, 311. 3
1, 322. 3
1, 331. 3
1, 345. 3
_ _ _ _ 1, 355. 0
1, 366. 5
1, 380. 9
._ — 1, 388. 7
1, 39R 3
1, 415. 5
1, 428. 9
1, 445. 5
1976: Jan
Feb
Mar
Apr
May
June
July...
Aug
Sept
Oct
Nov
Dec »
Negotiable
certifiShortNonbank
cates of
term
Savings marketthrift
deposit
bonds able seinstitutions
curities
Timed eposits
Total
liquid
assets
U.S. TJreasury
seeujities
1, 064. 5
1, 078. 1
1, 087. 6
1, 101. 6
1, 112. 2
1, 118. 9
1, 131. 2
1, 144. 0
1, 156. 4
1, 171. 9
1, 182. 9
1, 195. 7
Source: Board of Governors of the Federal Reserve System;
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total *
1969
1970
1971
1972
1973
1974
1975 2
1976
1975: Dec
1976: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct___
Nov 2
Dec
_
109, 146
112, 175
123, 086
140, 072
160, 228
160, 008
163, 483
185, 900
15, 228
15, 132
15, 045
15, 521
15, 003
15, 041
15, 592
15, 240
15, 685
15, 775
16, 055
15, 763
16, 275
Automobile
32, 553
29, 965
34, 778
40, 266
46, 105
43, 209
48, 103
55, 439
4,642
4,505
4, 523
4,689
4,583
4,471
4,600
4,477
4, 712
4,769
4,587
4,632
4,820
Bank
credit
cards
Total *
4, 398
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 493
1,839
1, 921
2,012
2, 118
1,985
2, 103
2,088
2, 152
2, 183
2, 165
2, 198
2,181
2,245
99, 786
107, 385
113, 788
124, 513
140, 552
151, 056
156, 640
169, 463
13, 738
14, 029
13, 923
14, 048
13, 576
13, 566
14, 261
13, 937
14, 282
14, 294
14, 491
14, 520
14, 670
1
Includes some items not shown separately.
a Preliminary; December by Council of Economic Advisers^
Instalmc3nt credit lieluidated
Automobile
29, 974
30, 432
31, 303
34, 705
40, 137
42, 883
45, 472
48, 311
3,883
3,966
3,909
4,026
3,851
3,819
4,074
3,922
4,090
4,165
4,059
4,155
4,190
Bank
credit
cards
3,066
5, 615
7,679
9,472
12, 433
15, 655
19, 208
23, 754
1,832
1,815
1,881
1,926
1,846
1,911
1,990
1,981
2,097
2,000
2,074
2,110
2,105
Net change in amount outstanding
Total l
9,360
4, 790
9,299
15, 559
19, 676
8,952
6,843
16, 437
1,490
1, 103
1, 123
1,473
1,427
1,474
1,330
1,303
1,403
1,481
1,564
1,243
1,605
Automobile
2,579
—468
3,476
5,561
5,968
327
2,631
7,128
759
539
614
663
732
652
526
556
621
605
528
477
630
Bank
credit
cards
1, 332
1, 153
699
918
1,430
1,443
1,220
1,739
6
106
132
192
139
193
98
171
86
166
123
71
140
Source: Board of Governors of the Federal Reserve System (except
as noted).
27
BANK LOANS, INVESTMENTS, AND RESERVES
Commercial and industrial loans fell slightly in December after increasing for 3 consecutive months. Bank holdings
of U.S. Government securities increased by $17.1 billion in 1976 compared to a $29.0 billion increase in 1975.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
ALL COMMERCIAL
BANKS
INVESTMENT IN
US. GOVERNMENT SECURITIES
60
40
40
1968
1969
1970
1971
'"SEASONALLY ADJUSTED, END OF MONTH
SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total
loans
and
investments
401. 7
1969
435. 5
1970
485. 7
1971
1972
558. 0
1973
633. 4
1974
* 690. 4
721. 1
1975
767. 5
1976* _
1976: Jan »
723. 3
Feb "
726. 7
Mar *
731. 2
Apr »p
734. 5
May
737. 6
June »
738. 8
July *>
743. 1
Aug » _ .__ 748. 7
Sept *_
752. 5
Oct*v
_
760. 3
Nov
766. 3
Dec*
767.5
1
Data
2
1973
1974
1975
1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All commercial banks 1
All member banks
Borrowi ngs (milL Dans
IReserves 2 3
Investndents
lions of dollars,
unadji isted) *
Total ex- Commer- U.S. Gov- Other
cluding cial and
ReNonSeaernment
secuTotal
Total
inter- industrial securities
borrowed quired
sonal
rities
bank
51.2
279.4
105.7
27. 93
27. 65
26. 81
71.1
1,086
292.0
57.8
321
110.0
29. 11
28.86
85.7
28.77
320.9
104.2
31. 24
31. 12
31. 06
116. 1
60.6
107
130.2
378. 9
31.44
31. 16
30. 39
62.6
116.5
1,049
449. 0
156.4
54.5
34.98
33.69
34.68
129.9
1,298
41
500.2
50.4
183.3
36. 63
35.90
36.37
139. 8
703
32
34. 75
34.62
79.4
34. 49
496.9
176. 0
144. 8
127
13
521. 6
176.2
96.5
149.4
34.97
34.72
35.03
62
13
497.3
176.6
34. 32
34.24
34. 08
81.0
79
145.0
9
175.1
497.8
144. 5
34. 05
84.4
33. 97
33. 83
76
11
5
499. 7
171. 4
88.2
34. 00
33. 78
143.3
33. 95
58
8
500.5
170.5
34. 02
33. 98
33.87
44
90.0
144.0
11
500. 6
34. 14
170. 7
34. 02
33. 93
121
93.0
144.0
11
170.2
500.7
144. 1
34. 34
94. 0
34. 12
34.21
120
20
504.7
171. 0
92.7
145. 7
34.39
34.25
34. 15
123
24
507.6
171.0
34. 32
95.0
146. 1
34.52
104
34.42
28
511. 4
172. 0
94. 0
34. 36
34. 30
147. 1
34. 16
75
31
519.3
174.8
93.5
34. 39
147.5
34.49
34. 27
66
32
521.8
34. 88
176.7
34. 81
34. 62
94.3
150. 2
84
21
521. 6
176.2
149.4
3497
34.72
62
96.5
35.03
13
are for end of period.
Averages of daily figures. Annual data are for December.
'Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Kegulations D and M.
28
1972
* During 1974, total loans and investments were increased $0.6 billion due to
a bank
merger and were reduced $1.5 billion due to liquidation of a large bank.
6
Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976.
Source: Board of Governor? of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[BflMons of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Internal 1
Total
1967
1968
1969_.
1970_
1971
1972
1973
1974
1975 .
-.
1975: I
II
III
IV_
1976: I
II
III
...
Credi t market funds
Total
Total
Longterm 2
Short-3
term
Total
Other
Purchase
of
physical 4
assets
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
93.3
114,5
118.6
105.1
129.0
154.0
181.7
183.0
145.5
61.3
62.3
61.7
58.9
68.6
80.8
83.8
77.6
103.4
32.0
52.2
56.9
46.2
60.4
73.2
97.8
105.4
42.1
28.9
31.9
38.4
41.5
46.4
58.8
72.9
83.1
37.1
21.0
18.9
20.8
32.6
41.6
41.4
37.4
39.6
49.8
7.9
13.0
17.7
8.9
4.7
17.3
35.5
43.5
-12.8
3.1
20.3
18.5
4.8
14.0
14.4
25.0
22.2
5.0
89.4
106.4
113.4
96.1
115.1
137.5
165. 5
169.9
130.9
72.6
77.6
85.0
80.6
86.2
101.0
124.4
134.6
95.7
16.8
28.8
28.4
15.4
28.8
36.5
41. 1
35.3
35.2
3. 9
8. 1
5.2
9.0
13. 9
16. 4
16. 1
13. 1
14.5
83.5
130.7
171.0
196.7
83.5
101.5
113.6
114.9
.0
29.2
57.4
81.8
35.0
32. 1
31.1
50.0
52. 9
54.4
37.9
54.0
-18. 0
-22. 2
-6.8
-4.0
-35.0
-2.9
26.3
31.7
68.6
115. 3
157.9
182.2
89.8
80. 9
106.8
105. 5
-21.2
34.4
51. 1
76.7
14. 9
15. 4
13.2
14. 6
200. 9
200. 1
198.5
120.6
121.3
128. 1
80.3
78.8
70.4
45.4
48. 1
38.0
48.6
43.0
37.7
-3. 1
5.0
.2
34.8
30.6
32,4
190.9
195.4
189.2
129. 3
140. 5
143.7
61.6
54.9
45. 5
9. 9
4. 6
9.3
1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
a
Stocks, bonds, and mortgages.
* Bank loans, commercial paper, finance company loans, bankers' acceptances!
and Government loans.
4
Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Ciirrent ass BtS
Total
Cash
on
hand
and
in
banks i
386.2
1967
426.5
1968
473.6
1969
492. 3
1970
529. 6
1971
1972
573. 5
643.3
1973
712. 2
1974
731. 6
1975
1975: I_- .698.4
II... 703. 2
III.. 716. 5
IV... 731. 6
753. 5
1976: I
II— 775.4
III*_ 791. 8
45.5
48.2
47.9
50. 2
53. 3
57. 5
61. 6
62. 7
68. 1
60.6
63.7
65. 6
68. 1
68. 4
70. 8
71.1
End of
period
Cur rent liab ilities
U.S. Receivables
Govfrom
ernU.S.
ment
Govsecuriernties 2
ment 3
Notes
and
accounts
receivable
5. 1
5. 1
150. 2
168.8
192. 2
201. 9
217. 6
240. 0
266. 1
289. 7
294.6
281. 9
284, 8
294.7
294. 6
307. 3
318. 1
324.2
1
Includes time certificates of deposit.
:
8 Includes Federal agency issues.
10. 3
11.5
10.6
7.7
11. 0
9.3
11.0
11.7
19. 4
12. 1
12.7
14.3
19. 4
21. 7
23.3
23.9
4.8
4.2
3.5
3. 4
3. 5
3. 5
3.6
3.2
3. 3
3.3
3.6
3.6
3. 7
4.3
Other
curInvenrent
tories
assets 4
Total
22. 0
26. 9
31. 6
35.0
43.8
48. 1
54. 4
56. 6
60. 0
55. 4
57. 3
59. 0
60.0
63. 6
63. 9
66. 3
211. 3
244. 1
287. 8
304. 9
326. 0
352. 2
401. 0
450. 6
457. 5
438. 0
434. 2
444. 7
457.5
465. 9
475. 9
484. 1
153. 1
166. 0
186.4
193. 3
200. 4
215. 2
246. 7
288. 0
285. 8
285. 2
281. 4
279. 6
285. 8
288. 8
295. 6
302. 1
Eeceivables from and payables to the TI.S, Government do not include
amounts offset against each other on corporations' books or amounts arising from
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
advances offset against inventories on corporations' books.
Advances
and
Notes
and
preacpayments, counts
payU.S.
Govable
ern- 3
ment
Federal
income
tax
liabilities
Other
current
liabili-s
ties
141. 3
162. 4
191. 9
204. 7
215. 6
230.4
261.6
287. 5
281. 6
271. 2
270. 1
273. 4
281. 6
280. 5
287. 0
284.7
13.2
14.3
12. 6
10. 0
13. 1
15. 1
18. 1
23. 2
20. 7
21. 8
17. 7
19. 4
20. 7
23. 9
22. 0
24. 9
51. 0
61. 0
76. 0
83. 6
92. 4
102. 6
117. 0
134. 8
148.8
139.8
140. 6
145.6
148.8
155. 0
160. 1
167.5
5. 8
6. 4
7. 3
6.6
4. 9
4.0
4. 3
5. 2
6. 4
5. 3
5. 8
6. 2
6.4
6. 4
6. 8
7.0
Net
working
capital
174. 9
182.4
185. 7
187.4
203. 6
221.3
242. 3
261. 5
274. 1
260. 4
269. 0
271.8
274. 1
287. 6
299. 4
307.7
4
Includes marketable investments (other than Government securities and
time
certificates of deposit) as well as sundry current assets.
6
Includes commercial paper outstanding, the portion of long-term debt due
in less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Both short-term and Ions-term interest rates increased sharply in early January, interrupting the relatively steady
decline which began in mid-1976.
PIERCENT PER ANNUM
PER(:ENT PER ANNUJA
in
10
CORPORATE,tea BONDS
{MOO
Drs)
X
,/-v
<</\;
X/ V
''X
v\
fp*-'
I
A
J
f'
1
'k
D1S COUNT
RATE
FE DERAL
RE SERVE
BA NK OF
NE\V YORK
•
x/J
\
I
4
\
v\
3
--N/
/^
/\
^ y /| M
1
/^
V
^-^fT
v/
/~N*N
'
v\
1
:
/J
A
h
*•
/n—i
i* \ H
/
*•***'
\V/ \'
/
-J
^*'"N
L
1
\T\
\
*
*-
V
lu
n/'J —,
TREASURY SILLS
W
f
\\
^
1
/
V
2
/I I I I ! I I ! I M I
1 | i | 1 I ! 1 I M1 ! 1 ! | f | I 1 I ! • 1 - 1 1 1 ! l-f'H'l I
1968
1969
1970
M 1 I 1 1 I I 1 I !f
1972
1971
1 1 1 1 !1 1 f ii
1973
f I I| 1I1 11 !1
1974
1 1 r 1 1 1 1 1 M | i i i i i ! i i i i IK 1
1975
1976
SOURC& Si£ TABli IflOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Government secu rity yields
Period
1971
1972
1973
1974
1975
1976
1976: Jan
Feb
Mar
Apr
May
June
July
Aug. _ _
Sept
Oct
Nov „
Dec
1977: Jan
Week ended :
1976: Dec 31
1977: Jan 7
14
21___
28
3-month
Treasury
bills1
3-5 year
issues 2
4.348
4.071
7.041
7.886
5.838
4.989
4.961
4.852
5.047
4.878
5. 185
5.443
5.278
5. 153
5. 075
4.930
4. 810
4.354
4. 597*
5.77
5.85
6.92
7.81
7.55
6.94
7. 18
7. 18
7.25
6.99
7. 35
7.40
7.24
7. 04
4. 296
4. 407
4. 613
4. 668
4,700
5.98
6. 12
6.48
6.57
1
3 Rate on new issues "within period.
Selected note and bond issues.
3
4 April 1953 to date, bonds due or callable
Weekly data are Wednesday figures.
1
Taxable
bonds 3
HighCorporate
grade
municipal
Aaa
bonds
bonds
(Standard (Moody's)
& Poor's)4
5.74
5.63
6.30
6. 99
6. 98
6.78
6.94
6. 92
6.87
a 73
6.99
6.92
a 85
6.79
6.70
6. 65
6.62
a 84
6. 50
6. 35
5.96
a 39
6.37
6.42
a 62
6.73
5.70
5.27
5. 18
6. 09
6.89
6.49
6. 80
6.91
a 86
6.62
6.87
6.85
6.64
6.28
6.20
6.06
6. 05
7.39
7.21
7.44
8.57
8.83
469
8.40
8.58
8.62
8.56
8.45
8.38
8.32
8.25
7.98
5. 35
5.27
5.23
5.37
5.23
5.54
5. 94
5.67
5.47
5. 45
5.22
5. 05
4.70
5. 59
5. 60
5. 72
5. 72
7. 91
7. 88
7. 94
8. 02
4.
4.
4.
4.
* Not charted.
10 years and after.
Average effective rate for year; opening and closing rate for month and week.
30
Prime
commercial
paper,
4-6
months
a 43
8.60
a 55
a 52
1
5. 11
4.69
8. 15
9.87
a 33
65
63
75
75
Discount
rate
(N.Y.
F.R.
Bank)8
Prime
rate
charged
by
banks 5
4.88
4. 50
6.44
7.83
6.25
5.50
6 -5K
5#-5#
5M-5H
5H-5H
5&-5H
5H-5H
5Mr-5H
5/2-5X2
5H-5K
5K-5H
5H-5tf
5. 72
5.25
8. 03
10.81
7.86
6.84
7H-6s/4
6tf-6fc
6&-6X
6%-6%
5^H%
T/i-TA,
7%-7
7 -7
7 -6%
6J4-6H
6H-6tf
5&-5K
5M-5K
5H-5K
5#-5«
6K-6K
6K-6K
6#-6#
6%-6K
6%-6%
7 -7%
Newhome
mortgage
yields
(FHLBB)«
7. 74
7.60
7. 95
8.92
9.01
a 99
8.99
8. 93
8. 93
8. 92
8. 97
8.89
8. 97
9. 02
9.08
9.07
9.05
9. 10
6
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Bates beginning January 1973 not strictly comparable with
prior rates.
Sources: Board of Governors of the Federal Eeserve System, Federal Home
Loan Bank Board, Moody's Investors Service, and Standard & Poor's
Corporation,
COMMON STOCK PRICES AND YIELDS
Stock prices fell in early January after rising steadily in November and December 1976.
INDEX, DEC 31,1965«50
80
INDEX, DEC3X 1965=50
180
70
70
COMPOSITE STOCK PRICE INDEX
(NYSE)
60
50
50
40
40
30
30
I t 11 \ I I t I M
1968
1970
1969
1972
1971
1973
1975
1974
1976
PER CB^T
20
PERC :NT
20
(S&P)
1
! 1
1968
1
I 1
1969
1
1
1
1970
^S
^
1
1
1
!
1971
1
1 1
1972
1 1
1973
\
V
X^-^.———
\ .—**i
r^-.
5
0
//
\
in
15'
/*»w
I
ARNlNGS-klCE RATIO ON COMMON STOCKS
5
\
1974
1
i i i
1975
SOURCES. NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
New York Stock Exch ange indexes3 (Dec. 31, 11965 = 50) a
Composite Industrial Transportation
1971
1972
1973
1974
1975
1976
1975: Dec
1976: Jan
Feb
Mar
Apr
May
June.- —
July
Aug.
Sept
Oct
Nov _ _
Dec
Week ended:
1976: Dec 24
31
1977: Jan 7
14_._
21
1
Finance
Utility
54.22
60.29
57.42
43.84
45. 73
5446
46.78
51.31
53.73
54. 01
54. 28
53. 87
54. 23
55.68
55. 18
56. 29
54.43
54. 17
56. 34
57.92
65.73
63.08
48.08
50. 52
60.44
51.89
57. 00
59.79
60. 30
60. 62
60. 22
60.70
62. 11
61. 14
62.35
60.07
59.45
61.54
44.35
50. 17
37.74
31.89
31. 10
39.57
31.61
35.78
38. 53
39. 17
38. 66
39.71
40.41
42. 12
40. 63
40. 36
38.37
39.28
41.77
39.53
38.48
37. 69
29.79
31. 50
36.97
32.75
35.23
36. 12
35.43
35. 69
35.40
35. 16
36.49
37. 56
38.77
38.33
38. 85
40.61
70.38
78.35
70. 12
49.67
47. 14
52.94
43.86
48.83
52. 06
52. 61
52. 71
50.99
51. 82
54.06
54.22
54. 52
52. 74
53.25
57.45
56. 25
57.46
56. 98
56. 38
56. 14
61. 36
62. 87
62. 18
61. 46
61. 09
42.03
42. 22
42. 52
42. 10
41.75
40.77
41. 11
41. 10
40. 86
41. 02
57.33
58. 65
58. 52
58. 07
57.99
Averages of daily closing prices.
s Includes all the stocks (more than 1,500) listed on the NYSE.
*£ Includes 30 stocks.
* Includes500stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
!
1 !
1976
0
COUNCIL OF ECONOMIC ADVISERS
Common stock yields
(perc ent) *
Cominon stock pirices l
Period
1A
Standard
Dow& Poor's
composite Dividend- EarningsJones
index
industrial
ratio
ratio
average 8 (1941-43=
10) 4
5.41
98.29
3. 14
884.76
5. 50
2.84
109. 20
950. 71
7. 12
923. 88
107. 43
3.06
11.59
759. 37
82.85
4.47
9.04
802. 49
4. 31
86. 16
974,92
102. 01
3.77
8.64
4.14
840. 80
88.70
929. 34
3.80
96.86
100. 64
3.67
971. 70
8.29
3.65
988. 55
101. 08
992. 51
3.66
101. 93
988. 82
101. 16
a 76
8. 76
985. 59
3.75
101. 77
993. 20
3.64
104.20
103. 29
3. 74
981. 63
9. 02
994. 37
105. 45
3. 71
951. 95
3.85
101. 89
944. 58
4. 04
101. 19
976. 85
3.93
104.66
980. 24
998. 97
985. 74
976. 02
963. 96
104. 36
106. 70
105. 50
104. 19
103. 44
3.93
3.87
3.93
3.98
3.97
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
DEBT
In the first 2 months of fiscal 1977
the deficit was $20.9 billion.
October-November 1976s, the budget deficit was $20.4 billion. A year earlier
WLLIONS OF DOLLARS
BILLIONS OF DOLLARS
450
450
RECEIPTS AND OUTLAYS
400
400
350
350
OUTLAYS
300
300
250
250
200
200
150
150
50
50
SURPLUS (+) OR DEFICIT (-}
-50
-50
-100
-100
JL
1969
1970
1971
1972
1973
1974
FISCAL YEARS
1975
1976
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1977
1978
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year or period:
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
Transition quarterOctober-November 1975 2
October-November 1976
Receipts
__
._
._
__
__
_
_
_
.
1
Excludes non-interest-bearing public debt securities held by IMF.
2 First 2 months of fiscal year 1977.
32
Outlays
Surplus or
deficit (-)
TVvfal 1
Held by
the public
149. 6
153.7
187. 8
193. 7
188. 4
208. 6
232.2
264. 9
281. 0
300. 0
81. 8
158. 3
178. 8
184. 5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
366. 5
94. 7
-8.7
-25. 2
3.2
-2. 8
-23. 0
-23.4
-14.8
-4.7
-45. 1
-66.5
-13. 0
341.3
369. 8
367. 1
382. 6
409. 5
437.3
468.4
486. 2
544. 1
631. 9
646. 4
267.5
290.6
279.5
284.9
304. 3
323. 8
343.0
346. 1
396.9
480. 3
498. 3
41. 2
46. 7
62. 1
67. 1
-20. 9
-20. 4
577. 7
656. 3
438. 0
509.5
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fisca! 1977 (October-November 1976) receipts were $5.5 billion higher and expenditures
$5.0 billion higher than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50
OUTLAYS
300
250
v-
NONDEFENSE
200
200
150
150
NATIONAL DEFENSE
100
100
I
50 M
1969
1
1970
!
1971
i
!
1972
' 1973
1974
1975
1976
1977
50
1978
COUNCIL OF ECONOMIC ADVISERS
SOURCISs DEPARTMENT OF THi TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
()utlays
Rece ipts
Nation a i defense
Period
Total
Fiscal year or period:
1967
1968_
_
_
1969
_ _
1970_ _
1971
1972
1.973™
1974
1975
1976
Transition quarter
_
October-November 1975_
October-November 1976 *_
i First 2 months of fiscal year 1977.
149. 6
153. 7
187.8
193. 7
188. 4
208. 6
232. 2
264. 9
281. 0
300.0
81.8
41. 2
46. 7
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
54. 1
56.3
63.9
70. 5
75. 4
81. 7
92. 8
107. 4
118. 0
127. 0
34. 5
158. 3
178.8
184. 5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
366. 5
94. 7
61. 5
68. 7
87. 2
90. 4
86.2
94. 7
103. 2
119. 0
122. 4
131. 6
38. 8
21.0
23. 6
34. 0
28. 7
36. 7
32. 8
26. 8
32. 2
36. 2
38. 6
40. 6
41. 4
8. 5
1. 5
1.7
18. 6
21.4
Total
62. 1
67. 1
69. 1
79.4
80. 2
79. 3
76.8
77.4
75. 1
78. 6
86.6
90. 0
22. 5
15. 8
15. 0
Department of
Defense,
military
Interna- Health
Inand
tional
income terest Other
affairs security
67. 5
77. 4
77.9
77.2
74. 5
75. 2
73. 3
77.6
85. 0
88. 0
21. 9
4.7
4. 6
3. 8
3.6
3. 1
3.9
3.5
4.8
5. 9
5. 1
2.0
4.7
43.4
49. 0
56. 1
70. 1
81.4
91. 8
106. 5
136. 3
160.9
41. 5
15. 0
15. 1
.9
.8
26.2
28.4
12. 5
13. 8
15, 8
343
18.3
19.6
20. 6
22. 8
28. 1
31.0
34.6
37. 7
35. 7
39.3
41.8
48. 8
53. 9
51. 7
66.4
76.0
21.5
6.0
13. 3
17.8
7.2
5. 1
Sources: Department of the Treasury and Office of Management and Budget,
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for calendar 1976, Federal receipts rose $44.1 billion and expenditures $31.1
billion, yielding a deficit of $58.3 billion, or $12.9 billion less than in 1975.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
440
400
160
SURPLUS
m m~~
Ri PI K* m
»i l
iiiu H *|
txd "^^
""I
-40
-120
II1y1I
\I I
1l y
1
i
-40
DEFICIT
1968
1969
1970
1972
1971
1973
1974
I
1?7r6
197 5
CALENDAR YEARS
SOURCEi DEPARTMENT OF COMMERCE
COUNCU. OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal CTovernm snt receip ts
Period
Indirect
Personal Corporate business
Total
profits tax and
tax
nontax
receipts accruals
accruals
I''ederal (Jovernm ent expe uditures
GrantsSubsidies Less:
ContriPurin-aid
less
Wage
butions
chases Trans- to State Net
current accruals
for
Total of goods fer pay- and interest surplus of less
social inlocal
and
ments
paid Govern- dissurance
governservices
ment en- bursements
terprises ments
Surplus
or
deficit
(-),
national
income
and
product
accounts
Fiscal year:
1974
271.9
1975
283.2
1976
313.6
Calendar
year:
1972
227.5
1973
258. 3
1974
288.2
1975
286.5
1976 »
330. 6
122. 6
127. 3
137.2
43. 8
41. 6
51. 0
21. 4
22. 1
24. 5
84. 1 278.9
92.2 329.5
100.9 373.0
104.8
119.0
127.2
104.7
134. 1
156.7
41. 6
48. 3
57.5
19.8
21.9
25.8
7.9
5,7
5.8
-0. 2
-.4
.0
-7.1
-46.3
— 59.4
108.2
114.6
131. 2
125.7
145.3
36. 6
43. 0
45. 6
42. 6
55. 9
20.0
21. 2
21.7
23.9
23. 5
62. 8
79.4
89.8
94.3
105. 8
244.7
265. 0
299.7
357.8
388. 9
102. 1
102.2
111.6
124.4
133.4
83.2
95.8
117.6
148. 9
162.2
37. 5
40. 6
43. 9
54.4
60.2
14.6
18.2
20.9
23. 5
27.5
7.8
8.2
5.2
6.5
5. 6
.5
.0
-.5
.0
.0
-17.3
-6.7
-11.5
-71.2
-5a3
1975: III__ 297.7
IV
306. 7
130. 5
135. 1
47.4
49.4
25. 2
25. 5
94. 7 363. 7
96.6 376.0
124.6
130.4
152. 1
154.9
56.8
58. 0
23.6
25.6
6.7
7. 1
.0
.0
-66.0
-69.4
1976: !____ 316. 5
11
324.6
III_. 333. 8
IV *>_
137.7
141. 9
147.2
154. 5
53. 1
54.8
56.2
22. 8
23.3
23. 8
24. 1
129. 2
131.2
134.5
138.9
160. 3
158. 7
163. 1
166. 5
58. 8
56. 3
60. 1
65. 5
26. 6
27.4
27.7
28.4
5.4
5.2
5.6
6.3
.0
.0
.0
.0
— ea 8
102. 9
104.6
106.6
109. 3
380.3
378.7
391. 1
405.6
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
-54. 1
-57.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Iiadustrial producjtion (seit-sonally <adjuste<1)
Period
United
States
Canada
Japan
111
108
110
120
130
129
118
127
129
131
132
130
132
133
111
114
123
132
143
147
140
145
147
146
133
152
156
167
197
189
168
181
191
193
1969.
1970
1971
1972
1973
1974
1975
1976: III—.
III__
IV..
Oct.
Nov
Dec
GerFrance many
Italy
127
135
137
142
153
150
142
150
152
150
111
118
115
119
134
141
128
137
142
118
124
132
142
150
154
140
150
152
156
144
Coiisumer prices (umadjusted)
United United
King- States
dom
109
111
111
113
122
120
114
114
115
115
Canada
110
116
121
125
133
148
161
167
169
172
174
173
174
174
159
GerJapan France many
Italy
United
Kingdom
109
112
116
121
130
145
160
168
171
173
111
120
127
133
149
183
205
217
224
225
111
117
124
131
141
160
178
189
193
197
105
109
115
121
130
136
144
149
151
152
104
109
114
121
134
160
187
202
215
221
110
118
128
138
150
174
217
241
249
255
175
176
230
232
201
152
152
231
263
Sources: National sources as reported by Department of Commerce, Bureau
of Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc' landise i niports
3
Genteral imp orts
Mercb andise e xports
Domesti(3 exports
Period
rr\ i -I
lotal
domestic and
foreign Total * 2
exports
Food, Crude
bever- mate- Manufac- Total 2
rials
ages,
tured
and to- and
bacco fuels goods
F.a.s. valu e 5
Monthly
average :
1973
1974
Customis value
5,902
8,159
5,811
8,045
1,078
1,269
1,317
3,728
5,294
5,790
8,416
8,159
1974..
8,928
1975
1975: Dec... 9,250
9, 103
1976: Jan
8,800
Feb
8,956
Mar
9,394
Apr
May_ _ 9, 578
9,716
June
July___ 10, 022
9,688
Aug
Sept — 9,872
Oct_._ 9,728
9,625
Nov
8,045
8,803
1,269
1,399
1,409
1,510
1,337
1,305
1,521
1,427
1,439
1,563
1,615
1,437
1,598
1,257
1,317 5,294
1,266 5,913
1,222 6,291
1,223 5,971
1,138 6,035
1,165 6,088
1,284 6, 191
1,377 6,443
1,337 6,557
1,374 6,669
1,250 6, 567
1,501 6,507
1,503 6,266
1,501 6,578
8,354
8,010
8,522
9,176
8,941
9,607
9,596
9,182
10, 094
10, 849
10, 446
10, 651
10, 424
10, 531
1
895
Total excludes Department of Defense shipments of grant-aid military supplies
2 and equipment under the Military Assistance Program.
Total includes commodities and transactions not classified according to kind.
s
Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in th«
United States. Data for 1973 are estimates.
Food, Crude
bever- mate- Manu- Total
facages,
rials
(c.i.f. 4
tured value)
and to- and
bacco fuels goods
Mer<3handise trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
less
imless
ports
im- imports
(c.i.f.)
(cusports
toms (f.a.s.)
value)
770 1, 120
892 2,653
F.a.s. value 5
892 2,672
827 2,716
825 2,852
872 3,233
889 2,913
1,053 2,885
896 3,492
932 2,759
1,062 3,409
1,068
982
994
943
1,012
3,881
3, 758
3,724
3,760
3,909
3,750
4,684
4,602
4,257
4,582
4,714
4,782
5, 183
5,307
5, 196
5, 338
5, 722
5, 513
5,625
5,544
5,687
112
-257
-195
-229
-841
9,000 -257
852
8,616
671
9, 161
9,880 -132
9,593 -213
10, 301 -734
10, 302 -302
282
9,873
10, 889 -516
11, 650 -917
11,219 -848
11,448 -888
11, 166 -762
11, 282 -1,000
-195
918
728
-73
-141
-651
— 202
396
-377
-827
-758
-779
-696
-906
-841
312
89
-776
-793
-1,345
-908
-295
-1,173
- 1, 628
— 1, 531
- 1, 577
-1,438
-1,657
6,131
9,000
* F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter the balance on current account moved to a deficit of $1.1 billion from a surplus of $0.8 billion in
the second quarter. The swing reflected sharp increases in the merchandise trade deficit and U.S. Government grants.
BILLIONS OF DOLLARS
6
BILLIONS OF DOLLARS
6
-4
1968
1969
1971
1970
1972
1973
1974
1975
SOURCE, DEPARTMENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADV1S8JS
[Millions of dollars; quarterly data seasonally adjusted]
Merchandise
12
Period
Exports
1969
1970
1971
1972
1973
1974
1975
1975: I
II
III—
IV___
36,
42,
43,
49,
71,
98,
107,
27,
25,
26,
27,
Imports
Net
balance
Direct
expenditures
414 -35,807
607 -4, 856
469 -39,866 2, 603 -4, 855
319 -45, 579 -2, 260 -4, 819
381 -55, 797 -6, 416 -4, 784
410 -70,499
911 -4, 629
310 - 103,679 -5, 369 -5, 035
088 -98,058 9,030 -4, 780
018 -25,570
851 -22,568
562 -24,483
657 -25, 437
Netiiivestment i ncome
Milit£iry trans actions
Sales
1,528
1,501
1,926
1,163
2,342
2,952
3,897
915
807
978
Net
balance
Private 3
— 3, 328
-3, 355
-2, 893
-3, 621
-2, 287
-2, 083
-883
-402
— 378
— 115
-1, 317
-1, 185
-1, 093
-1, 185
1, 197
12
26, 836 -28, 510 -1,674 -1, 150
1976:1
!!____ 28, 428 -29, 771 -1,343 -1,219
Ill *_ 29, 581 -32,614 -3, 033 -1,221
1,145
1,073
1,587
—5
-146
1
3 Excludes
3 Adjusted
1,448
3,283
2, 079
2,220
military grants.
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.
36
366
U.S.
Government
Re-
1,833
977
2, 190 2,938
2, 509 -256
2, 789 -5, 954
3, 188 3, 905
3, 919 3, 586
4, 666 16, 316
mitBaltances,
penance
sions,
on
curand
other
rent
uniaclateral count
transfers i
-2, 994 -2, 017
-3, 294 -356
-3, 701-3, 957
-3, 848-9, 802
-3, 883
22
-7, 184 -3, 598
-4, 620 11, 697
1, 125
1, 146
1, 187
1,205
-1, 179
-1, 146
- 1, 044
-1,251
Net
travel
Other
and
trans- servporta- ices, 3
net
tion
receipts
3,471
156 - 1, 763
3,631 -112 -2, 023
5, 659 -956 -2, 315
6, 208 - 1, 888-3,028
8, 188 — 3, 010 -3, 086
13, 461 -3,234 -3, 107
9,430 -3,423 -2, 503
2, 109
2, 349
2,487
2, 485
-985
-818
-805
-815
-687
-498
-568
-750
3,066
3, 195
3,480
-787
-735
-768
-754 1,212
-396 1,161
-485 1,309
Balance
on
goods
and
serv-1
ices
2,608
5,084
4,265
4,357
1, 429
3,938
3,221
3,106
1,058 -1, 118
-60
-920
1,736
816
869 -1,925 - 1, 056
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the third quarter foreign assets in the United States rose $8.5 billion largely due to a sharp increase in liabilities to
private foreigners and international institutions reported by U.S. banks. U.S. assets abroad increased $8.9 billion,
down nearly $1 billion from the second quarter.
BILLIONS OF DOLLARS
WLUONS OF DOLLARS
15
15
SEASONALLY ADJUSTED
/\
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
10
-5
-10
-15
1968
1976
1969
SOURCE DEI*XRTMENT OF COMMERCE
roUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
I
U. 3. assets abroad, ilet
[mere*ise/capita • outflow (-)]
Forei gn assets in the U. S., net
[incr ease/capit al inflow ( + )]
Foreign official
asssets
Period
Total
U.S.
official
reserve1
assets
Other
U.S.
U.S.
Govern- private
ment
assets
assets
1969
1970
1971
1972
1973
1974
1975__
-8,823 -1, 187 -2,200 -5,436
-6, 032
2,477 -1,589 -6,920
-9, 596 2,348 - 1, 884-10, 060
32 -1,568 -8,708
— 10, 245
-16,434
209 -2, 645-13, 998
— 33, 392 - 1, 434
365 -32, 323
-31, 593
-607 -3,463 -27, 523
1975:1
II
III_.__
IV
-8, 001
-7, 943
-4,411
-11,238
-325
-29
-342
89
-899 -6,777
-840 -7,074
— 772 -3, 297
-952 -10, 375
Total
Total
12, 270 -1,301 -1,552 13, 571
5,923
6,907
7,362
— 984
22, 445 26, 895 27, 405 -4,450
21, 127 10, 705 10, 322 10, 422
18, 519
6, 299
5, 145 12, 220
32, 433 10, 981 10, 257 21, 452
15, 326
6,899
5, 166
8,427
3,402
2,837
2,958
3,907
2,331
1,913
2,708 — 1, 606 -1,977
5,874
2,272
2,771
1976:1
II
-10,007
-773
-684 -8, 550 5,396
-9,875 -1,578 -1,009 -7, 288 7,330
III "- -8, 901
-407 -1,454 -7,040 8,471
IV *__
1
Consists of gcId, special drawing righi s (SDR), convertible eorreneies, a nd
the "U .8. reserve j*>sitioninth BlMF.
Other
Assets of foreign
foreign
assets
official
reserve
agencies
3,942
4, 105
3, 013
2,460
3,308
1,258
Stati stical
disercjpaney
U.S.
Allocaofficial
tions
reserve
of
rri X T
Of
assets,
lotal
special (sum of which :
net 1
drawing
Seasonal
(unadthe
rights
adjust- justed,
items
(SDR) with
ment
end of
sign discrepperiod)
reversed) ancy
- 1, 430
-402
867
717 -9,609
710 -1,790
-2, 107
4,557
4, 570
1
16,964
14,487
12, 167
13, 151
14, 378
15, 883
16, 226
3,735
-565
1, 576
4,313
3, 103
1,328 16, 256
-39 16, 242
-1, 517 -2, 561 16, 291
2,258
1,275 16, 226
1,454
3,225
5,458
4,671
1,349 16, 941
1, 729
-76 18, 477
1,485 -2, 829 18, 945
98
18 747
Sources: Depart ment of Coiamerce (Bur eau of Eeon<rniie Analysis) and BepartalentoltheTr easury;
37
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DIVISION OF PUBLIC DOCUMENTS
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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
Changes in GNP and GNP Price Measures.
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
_
Sources of Personal Income
Disposition of Personal Income
-.
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
^._..
-.._
Page
-.,
_..~..
-.
..............._.-........-...
..-.-...
-..~...
1
2
2
3
3
4
4
5
6
7
8
9
10
_. -........... _..........
^...............
.-..-.....-.......
..-..-..-..-......
11
12
13
14
15
15
16
-._...._.._
1",
1C
,
....
.
_
.
-
-
)
-
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs...Nonagrieultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries. .
Average Weekly Earnings—Private Nonagricultural Industries
.. _
Productivity and Related Data, Private Business Economy
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
...
New Construction
_.
_...
New Private Housing and Vacancy Rates......... „...........-.... -.... _. _.
....._..
Business Sales and Inventories—Total and Trade.........-. ^.»-. _. _. _ .-..-........-. _
Manufacturers* Shipments, Inventories, and New Orders
..-..-. »
.. „
.«-......
-. -..-.........
S *
20
21
.~......-.
...
22
23
24
24
25
PRICES
Wholesale Prices
.
_
,
Consumer Prices
.-. _..-..-........-. _ _. _
Changes in Wholesale Prices
Changes in Consumer Prices.
Prices Received and Paid by Farmers
.
_ _. _..-. ^.»..
.
.
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
_._.__._..
Bank Loans, Investments, and Reserves
.-. _..~ .-. _._.........
Sources and Uses of Funds, Nonfarm Nonfuiancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
,
Common Stock Prices and Yields..........-..._ _ ^..
.
-.._.._.........
,
_.
,
.
. _ _. _. _. _.
.-. _..........
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
,
Federal Budget Receipts by Source and Outlays by Function.-..
Federal Sector, National Income Accounts Basis.
_..
.
.
-
_..
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
^. ..-. ^. ^. ^. -. ^. _.
U.S. Merchandise Exports and Imports......... ^..-. _.... _. _ _ _. ^............................................ -. _. _. ^. ^. ^.. ^. _.
U.S. International Transactions. ......... -.... ^..-. ^. ^..-. ^-.
-................. ^.... _.»_. ^.. ^. _. ^. ^.
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