Full text of Economic Indicators : May 1979
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96th Congress, 1st Session
Economic Indicators
May 1979
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1979
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
JOHN JM. ALBERTINE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION]
JOINT RESOLUTION fS J. Res. S5]
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 $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C 20402
11
TOTAL OUTPUT,
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter, gross national product rose $50.0 billion or 9.3 percent, both
at annual rates. Real output (GNP adjusted for price changes) increased 0.4 percent from the fourth quarter level
and the implicit price deflator rose at an 8.8 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
2,200
2,000
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
1971
1979
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Go^^ernment purchases of goods and
services
Exporlts and imf >orts of
goocIs and ser vices
Gross
private
domestic
investment
Net
exports
Exports
Imports
Total
131.5
146.2
140. 8
160. 0
188.3
220.0
214.6
190.9
243.0
297.8
345.6
2.3
1. 8
3.9
1.6
-3.3
7. 1
6. 0
20.4
7.4
-11. 1
-12. 0
49. 9
54. 7
62. 5
65. 6
72. 7
101. 6
137.9
147.3
163.2
175. 5
204.8
47.7
52.9
58.5
64.0
75. 9
94.4
131.9
126.9
155.7
186.6
216.8
198.7
207.9
218.9
233.7
253. 1
269.5
302.7
338.4
359.5
394.0
433.9
98.0
97.5
95.6
96.2
102. 1
102. 2
111. 1
123. 1
129. 9
145. 1
153.8
76.9
76.3
73.5
70 2
73.5
73.5
77.0
83.7
86. 8
94.3
99.5
21.2
21. 2
22. 1
26.0
28. 6
28.7
34. 1
39.4
43. 1
50.8
54. 3
100.7
110.4
123.2
137. 5
151. 0
167.3
191. 5
215.4
229.6
248.9
280.2
860.8
926.2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 689. 9
1, 871. 6
2, 091. 6
1977: III-- 1, 916. 8 1, 214. 5
IV— 1, 958. 1 1, 255. 2
309. 7
313. 5
-7.0
-23.2
180.8
172. 1
187.8
195.2
399.5
412.5
146.8
152.2
94.4
97. 1
52.4
55. 1
252.7
260.3
1} 894. 9
1, 945. 0
1978:1
1, 992. 0 1, 276. 7
II — 2, 087. 5 1, 322. 9
III_._ 2, 136. 1 1, 356. 9
IV.... 2, 214. 8 1, 403. 9
322. 7
345.4
350. 1
364.0
-24. 1
-5.5
-10.7
-7.6
181.7
205.4
210. 1
221.9
205. 8
210.9
220.8
229.5
416. 7
424.7
439.8
454.5
151.5
147.2
154.0
162.5
97.9
98. 6
99.6
102. 1
53.6
48.6
54.5
60.4
265. 2
277.6
285.8
292. 0
1, 975. 3
2, 067. 4
2, 122. 5
2, 201. 3
1979: 1 *___ 2, 264. 8 1, 440. 4
371. 1
-5.3
233.8
239.0
458.5
164.5
103.9
60.6
294. 0
2, 248. 1
Period
1968
1969
1970
1971
1972
1973
1974__
1975
1976
1977__
1978
Gross
national
product
868.5 535.9
935.5 579.7
982.4 618.8
1, 063. 4 668.2
1, 171. 1 733.0
1, 306. 6 809.9
1, 412. 9 889. 6
1, 528. 8 979. 1
1, 700. 1 1, 090. 2
1, 887. 2 1, 206. 5
2, 107. 6 1, 340. 1
1
Federal
This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Total
National
defense l
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
(Billions of 1972 dollars; quarterly data at seasonally adjusted animal rates]
Ex ports of g Dods
Gross private d<wnestic
i nvestmemb
Pera nd servie<3S
sonal
conGross
Change
national sumpNonResiin busiproduct
tion
W«t
resiexpend- dential dential ness in- exports Exports Imports
ventofixed
itures
fixed
ries
Period
iN Cll
Govern!nent pure bases of
gooc Is and ser vices
Total
Federal
State
and
local
I
Final
sales
1§68__ __ 1, 051. 8
1, 078. 8
1969
1, 075. 3
1970
1, 107. 5
1971__
1972
1, 171. 1
1973
1, 235. 0
1974
1,217. 8
1975___ „ 1, 202. 3
1, 271. 0
1976___
1977__
• 1, 332. 7
1, 385. 7
1978
633.4
655. 4
668. 9
691. 9
733. 0
767. 7
760.7
774. 6
819.4
857. 7
891.7
108. 0
114. 3
110. 0
108. 0
116. 8
131.0
130.6
113.6
118.9
129.8
140.2
42.8
43. 2
40. 4
52. 2
62.0
59.7
45. 0
38.8
47.8
57.7
59.8
8.7
10. 6
4.3
6.6
9. 4
16.5
8. 0
-9.8.
6.7
8.9
10.6
-0. 4
-1.3
1.4
-.6
-3.3
7.6
15.9
22.6
15.4
9.5
8.4
58.5
62.2
67. 1
67.9
72. 7
87. 4
93.0
90.0
95. 9
98.2
107.0
58.9
63. 5
65.7
68. 5
75.9
79.9
77. 1
67.5
80. 5
88.7
98.6
259.2
256. 7
250.2
249. 4
253. 1
252. 5
257. 7
262.6
262. 8
269. 2
275.0
128.3
121. 8
110.7
103.9
102. 1
96. 6
95.8
96.5
96.6
101.6
100.3
130.9
134.9
139.5
145. 5
151. 0
155. 9
161. 8
166. 1
166. 2
167.6
174. 7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 264. 4
1, 323. 8
13 375. 2
III__ 1, 343. 9
IV... 1, 354. 5
858.0
876. 6
130.8
132. 5
58.8
60.3
12.2
7.5
12. 5
3. 1
100. 8
96.0
88.2
92.9
271.7
274.5
102.9
103.6
168.8
170.9
1, 331. 7
1, 347. 1
1, 354. 2
1978:1
II... 1, 382. 6
III... 1, 391. 4
IV— 1, 414. 7
873. 5
886.3
895. 1
911.8
133. 8
140. 5
141. 7
144. 9
59.5
59.9
59.7
60.3
12.3
12.7
9.0
8.2
2.9
11.3
9.2
10. 2
99. 1
108.4
109.0
111.7
96.2
97. 1
99. 7
101.5
272. 1
271.9
276.7
279.4
101.2
97. 1
100.4
102.5
170.8
174. 8
176.3
176.9
1, 341. 8
1, 369. 9
1, 382. 4
1, 406. 5
1979: 1 »—1? 416. 3
912.4
146.8
57.7
11.2
11.7
114. 7
103.0
276.4
102.0
174.5
1, 405. 0
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona 1 consume>tion expenditures
Total
Gross private
dom estic
mvesi ;ment
NonresNonDurable durable
Services identi al
goods
fixed
goods
Residential
fixed
Expor ts and
imports of goods
and S€»rviees
Governnlent purchases c>f goods
and sc»rvices
Exports Imports Federal
State
and
local
82. 57
86. 72
91.36
96.02
100. 00
105. 80
116. 02
127. 15
133. 76
_ 141. 61
152. 09
84.6
88. 5
92. 5
96. 6
100. 0
105. 5
116. 9
126. 4
133. 1
140. 7
150.3
90.7
93. 1
95.5
99. 0
100.0
101. 6
108.4
117.7
124. 4
129.5
136.5
85.3
89.4
93. 6
96. 6
100.0
107.9
123. 8
133.4
138.2
145.0
155. 0
82.0
86. 1
90. 5
95.8
100. 0
104. 7
113.6
123. 2
131. 6
141. 0
151.2
82.6
86. 6
91.3
96.4
100.0
103. 8
115.3
132.2
138. 4
146. 7
158.7
80.7
87. 7
90.6
94.9
100. 0
110. 8
122. 3
132.8
142. 5
159.4
178.8
85.3
87. 9
93. 1
96.6
100. 0
116.2
148.3
163.6
170. 1
178.7
191.3
80.9
83.3
89. 1
93. 5
100.0
118.2
171.0
188.0
193. 5
210.3
219.7
76.4
80. 0
86.4
92.6
100.0
105.8
115.9
127.5
134.4
142.7
153.3
76.9
81. 9
88.3
94. 5
100:0
107.3
118.4
129.7
138. 1
148.5
160.4
1977:111
IV
142. 63
144. 56
141. 6
143. 2
129. 5
130.9
145.7
147.0
142. 3
144. 4
147. 9
151.2
160. 6
166. 1
179.4
179.2
212.9
210.2
142.7
146.9
149.7
152.3
1978:1
II
III
IV
147. 10
150. 98
153. 52
156. 56
146.2
149.3
151. 6
154.0
133. 1
135.7
137.8
139.3
150.4
154.4
156. 2
158.8
147. 1
149.9
152. 6
155.2
153. 6
156.7
160.6
163. 6
168.6
175.7
182. 6
188. 2
183.3
189.4
192. 8
198. 7
213.8
217. 2
221.5
226. 1
149.6
151. 5
153. 4
158.5
155.2
158. 8
162. 1
165. I
159. 91
157.9
142.2
164.4
158.0
166.3
191.4
203.9
232. 1
161.3
168. 5
1968, _
•
___
1970_
1971. _ _
1972 „
1973 .
1974
1975 _
.
1977__
_ _
1978
!*>___
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross clomestic j>roduct
Gross national p roduct
Constant
(1972)
dollars
Current
dollars
Period
Implicit
price
deflator
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Current
dollars
Implicit
price
deflator
Constant
(1972)
dollars
Chain
price
index
Fixedweighted
price
index
(1972
weights)
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.2
11.0
11.7
4.4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.7
4.9
4.0
4.5
5.0
5.4
5. 1
4. 1
5.8
9.7
9.6
5.2
5.9
7.4
4.4
5.0
5.3
5.0
4.1
6.0
9.9
9.4
5.6
6.2
7.5
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5. 6
6.3
7.6
9. 1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.0
10.9
11.7
4.4
2.6
-.3
2.8
5.8
5.4
-1.3
-1. 1
5. 6
4.8
4.0
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
5.8
7.4
4.4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.7
6. 1
7.5
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.7
6.3
7.7
1977: III
IV
11. 1
8.9
5.7
3.2
5. 1
5.5
4.6
6.5
4.7
6.8
11.2
9.5
5.8
3.5
5. 1
5.8
4.5
6.7
4.6
7.0
1978: I
II
III
IV
7.1
20.6
9.6
15.6
-. 1
8.7
2.6
6.9
7.2
11.0
6.9
8.2
7.1
10.8
7.6
8.1
7.0
11.0
7.6
8.4
6.7
20. 1
10.2
15.5
-.4
8.3
3.0
6.9
7.1
10.9
7.0
8. 1
7.1
10.9
7.5
8.1
7.0
11.0
7.6
8.4
9.3
.4
8.8
9.3
9.6
9.0
.3
8.7
9.2
9.6
1979: !*___
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Gross d omestic
prodi LCt of
nonfin ancial
eorp<>rate
busi ness
(billic>ns of
doll ars)
Period
[Quarterly data at seasonally adjusted annual rates]
Current-do lar cost and profit 3er unit of outpu t (dollars) i
Total
cost
and
profit 2
Capital
consumption
Comallowpenances Indirect sation
with
business
of
capital taxes 3 employconees
sumption
adjustment
Net
interest
Current
dollars
1972
dollars
452.9
498.4
541.8
560.6
— 602.5
671.0
752. 0
808.8
874. 1
988.5
1, 103. 2
1, 240. 6
545.8
581.6
607. 3
600.6
619.3
671.0
720.4
695.0
680.0
730.0
769.3
810. 4
0.830
.857
.892
.933
.973
1.000
1. 044
1. 164
1.285
1.354
1.434
1.531
0. 072
.074
.079
.088
. 094
.093
.095
. 116
. 142
. 146
. 150
. 156
0.084
.089
.094
. 103
. 110
. 110
. 112
. 123
. 136
. 136
. 140
. 146
0.535
.553
.589
.628
.645
.661
. 699
. 796
.848
.891
.952
1. 029
1977: III_. 1, 124. 6
IV.__ 1, 146. 3
776.7
783. 6
1. 448
1.463
. 151
. 152
. 140
. 142
.955
.973
.044
.045
1, 161. 6
1, 233. 0
1, 260. 6
1, 307. 0
783.6
811.9
814.9
831.0
1. 482
1. 519
1.547
1.573
. 155
. 153
. 158
. 158
. 145
. 145
. 145
. 147
1.008
1.017
1.038
1.053
1979: !*___ 1, 336. 5
835. 1
1.600
. 160
. 149
1.089
1967
1968
1969
1970
1971__
1972
1973
1974
1975
1976
1977
1978
1978: I
!!___.
Ill—
IV__.
1
Output is measured by gross domestic product of nonfinaneial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonflnancial corporate
business with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpo rate profi ts with
invent<3ry valuation and
capit al consuniption
£idjustmen ts
Total
Profits
tax
liability
Profits
after4
tax
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.051
.058
.055
.045
.048
.050
. 055
. 061
. 060
.073
.077
.085
0.072
.066
. 055
. 041
. 046
.057
. 050
. 024
.053
.066
.071
.070
6.906
7. 133
7. 154
7. 147
7. 389
7.631
7. 789
7.490
7. 721
7.962
8. 057
8. 142
3.694
3. 944
4.207
4.487
4. 766
5. 048
5.446
5.959
6.550
7. 093
7.667
8.381
. 158
. 151
.076
.077
.082
.074
8. 113
8. 103
7.746
7. 881
.046
.045
.046
.046
. 129
. 157
. 160
. 169
.071
. 086
.086
.094
.057
.071
.074
.075
8.053
8. 139
8. 165
8. 209
8. 117
8.281
8.471
8. 645
.048
. 154
.087
.067
8. 140
8.868
0.016 0. 123
. 124
.017
.022
. 109
.086
.028
.095
.029
. 107
.028
.032
. 105
.086
.043
. 113
.045
. 042 . 139
.044
. 148
. 154
.046
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propr ietors'
mcom e with
inventor y valuation anc l capital
consul nption
adjust ments
Compensation of
employ-1
ees
Farm
Nonfarm
Rental
of persons
with
capital
consumption
adjustment
Corppr ate profit s with inv entorv va luation
and capital co nsumptio n adjustm ents
Profits 5 with inv entory
valua bion ad justment
and ^without aipital
consum ption adjtjstment
Total
Total
Profits
before
Inventory
valuation
adjustment
tax
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, 136. 0
931. 1
1, 215. 0
1,
036.
8
1, 359. 2
1, 515. 3 1, 153. 4
1, 703. 7 1, 301. 4
12. 0
13.9
13.9
14. 3
18. 0
32. 0
25.4
23. 5
18.4
20. 2
25.3
51.4
52. 3
51.2
53. 4
58. 1
60. 4
60. 9
63.5
70. 2
79. 5
87.8
18.6
18. 1
18. 6
20. 1
21. 5
21. 6
21.4
22. 4
22. 5
22.5
23.4
85.8
81.4
67.9
77. 2
92. 1
99. 1
83.6
95. 9
127.0
144. 2
159. 5
82. 1
77.9
66.4
76.9
89. 6
97.2
86. 5
107. 9
141.4
159. 1
177.6
85. 6
83. 4
71.5
82. 0
96. 2
115.8
126.9
120. 4
155. 9
173.9
202.0
-3.4
-5.5
-5. 1
-5.0
-6.6
-18. 6
-40. 4
-12.4
-14.5
-14. 8
-24.4
1977: III.
1,537. 6 1, 165. 8
1, 576. 9 1, 199. 7
16. 5
25. 1
80.8
82. 3
22. 4
22. 7
154. 8
148.2
169.9
163. 5
177. 5
178. 3
1978: I...
II
III
1, 603. 1
1, 688. 1
1, 728. 4
1, 795. 2
1, 241. 0
1, 287. 8
I, 317. 1
1, 359. 8
21.9
24. 0
25.0
30. 4
83. 1
86. 1
89. 6
92. 6
22. 8
22. 2
24. 3
24. 4
132. 6
163.4
165. 2
176. 6
148. 7
180. 6
184.5
196. 4
1, 835. 4 I, 406. 8
30. 6
93.0
24. 7
166. 0
186. 7
1968_
1969
1970
1971
1972_
1973
1974 _
1975
1976
1977
1978
_ _
_
IV
IV
1979:1*
1
Capital
consumption
adjustment
3. 7
3. 5
Net
interest
-2.9
-12. 0
-14.4
-14.9
-18. 1
1.9
26. 8
30.8
37. 5
42. 8
47.0
52. 3
69. 0
78. 6
84.3
95. 4
106.3
-14.8
-15.0
-15. 3
97.3
99.0
172. 1
205. 5
205.4
224.9
-23. 5
-24. 9
-20.9
-28.4
-16. 1
-17.2
-19.3
-19. 9
101.7
104. 6
107.4
111.4
226. 9
-40.2
-20. 7
114. 5
n n
1.5
.3
2. 5
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates)
Nondura Die goods
Durable goo ds
Total
personal
consumption
expenditures
Total
durable1
goods
Motor
vehicles
and
parts
535. 9
579.7
618.8
668. 2
_ _
733.0
809. 9
889. 6
979. 1
1, 090. 2
_ 1, 206. 5
1, 340. 1
80.0
85.5
84. 9
97. 1
111. 2
123. 7
122. 0
132. 6
156. 6
178.4
197. 5
35.8
37. 7
34. 9
43.8
50. 6
55.2
48. 0
53.4
69.7
81.5
89. 7
32.6
35. 0
36. 7
39.4
44. 8
50. 7
54.9
58. 0
63.9
71. 3
77. 7
230. 4
247. 0
264. 7
277. 7
299. 3
333. 8
376. 3
408. 9
442. 6
479.0
526.5
1977: III___. 1, 214. 5
IV
1, 255. 2
177.4
187. 2
79.5
84. 0
72. 0
75.3
1978:1
II
III
IV
1, 276. 7
1, 322. 9
1, 356. 9
1, 403. 9
183. 5
197. 8
199.5
209. 1
84. 1
92.5
89.8
92.6
1979: I P
1, 440. 4
211. 4
96.2
Period
1968
1969
1970
1971
1972___
1973
1974
1975
1976
1977
1978
1
Total includes other items not shown separately.
4
Furniture
and
household
equipment
Total
nondurablel
goods
Retail sales of
new pa ssenger
cars ( nlillions
of uilits)
Services
Clothing
and
shoes
Gasoline
and oil
118.3
126. 1
136.3
140. 6
150.4
168. 1
189. 8
209. 6
225.8
245. 2
269.4
41.8
45. 1
46. 6
50.5
55. 1
61. 3
65.3
70. 1
75. 7
81. 5
89.0
18.4
20. 4
22. 0
23. 4
24. 9
27.8
36.4
39. 5
42. 8
46. 5
51. 2
225. 6
247.2
269. 1
293. 4
322.4
352. 3
391. 3
437. 5
491.0
549. 2
616.2
479.7
496. 9
246. 4
252. 6
81.4
86.7
46. 0
47. 5
557. 5
571. 1
8.9
9. 0
2.0
2.0
72. 1
76.5
78. 9
83. 2
501.4
519. 3
531.7
553.4
257. 7
267.8
272.0
279. 9
82.9
87. 5
90. 5
95.3
48. 3
49. 1
51. 5
55.8
591.8
605. 8
625. 8
641.4
8. 7
10.0
9. 3
2. 1
2. 1
9.2
2.0
1.9
82.5
567. 9
289. 7
93. 6
59.6
661.0
9.3
2. 3
Food
Domestics
Imports
8. 6
1.0
7. 1
8. 7
1.3
1.6
8.5
9.3
9. 7
7.5
7. 1
8. 6
9. 1
9. 3
Source: Department of Commerce, Bureau of Economic Analysis.
1. 1
1. 6
1.8
1.4
1. 6
1. 5
2. 1
2.0
SOURCES OF PERSONAL INCOME
Personal income rose $6.0 billion (annual rate) in April, following revised increases of $22.5 billion in March and
$14.3 billion in February. The slower growth in April was partly due to work stoppages, widespread flooding, and
tornaddes.
OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2;000
,1,800
1
1,600
2,00)
1,800
1,600 j
1,400
1,400j
1,200
1,200
1,000
1,000
800
800
600
r
600
-WAGf AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
„„,..«'»" ««"«
200
200
TRANSFER
PAYMENTS
100
100
80
80
60
60
i i i i iI i i i ii
1971
1972
1973
1974
1975
1976
1977
1978
1979
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
3
Wage
Rental
Total
Other Proprietc>rs' income income
and
Transfer
Divi- Personal
Period
personal salary
labor 12
interest pay- 5
dends
of
income disburse- income
income ments
Nonfarm persons 4
Farm
ments *
36.2
23.0
1971
. 859. 1
14.3
579.4
53.4
20.1
69.3
941
1972
942.5
21.5
42.0
18.0
24.6
633.8
1041
58.1
74.6
1973
27.8
1, 052. 4
701.3
21.6
60.4
48.7
32.0
84. 1 118.9
31.0
1974
1, 154. 9
25.4
21.4
764.6
55.6
60.9
103.0 140.8
1975
22.4
1, 255. 5
805. 9
31. 9
63.5
65. 1
23. 5
115.5 178.2
1976___
70.2
18.4
890. 1
77. 0
22.5
37.9
1, 380. 9
126.3
193.9
90.4
43.7
1977
.... 1, 529. 0
22.5
983.6
20. 2
79.5
141.2 208.8
1978
. 1, 708. 0 1, 100. 9
23.4
25.3
49.3
105.9
159.0 226.0
87.8
Less: Personal con- Nonfarm
tributions personal
for social income 8
insurance
30.8
42.2
47.7
50.5
55.5
61.0
69.7
838.0
917.3
1, OIL 9
1, 119. 3
I, 220. 8
1, 349. 5
1, 494. 4
1, 666. 9
342
1, 669. 4
1, 682. 1
June — 1, 695. 7
July.-. 1, 719. 2
Aug
1, 731. 1
Sept__- 1, 744. 7
Oct
1, 768. 7
Nov
1, 786. 6
Dec
1, 811. 6
1, 083. 9
1, 088. 4
1, 098. 4
1, 108. 2
1, 111.3
1, 120. 1
1, 137. 5
1, 149. 3
1, 161. 4
102.7
104. 0
105. 4
106.7
107.9
109. 1
110.4
111.8
113. 1
22. 0
24. 8
25.3
24. 0
24. 9
26.0
27.4
29.0
34.9
85.5
86. 1
86.7
88.4
90. 1
90.2
92.0
92.6
93.3
22.3
22. 1
22. 1
24. 3
24. 3
24.2
24.3
24.4
24. 4
47.4
48. 0
49.0
49. 2
50. 3
50.7
51.3
51.8
52.6
154.8
156.5
157.6
159.6
161.9
163.6
165.1
166. 1
168.5
219.7
221.3
220. 8
229.0
230.8
231.5
232.2
233.6
235.9
68.9
69. 0
69.6
70.3
70.4
70.8
71.6
72.0
72.6
1, 631. 9
1, 641. 8
1, 654 7
lf 679. 4
1, 690. 3
1, 702. 6
1, 725. 1
1, 741. 3
1, 760. 3
1979: Jan
1, 819. 0
Feb *.._ 1, 833. 3
Mar *>___ 1, 855. 8
Apr *>___ 1, 861. 8
1, 173. 0
1, 183. 7
1, 199. 5
1, 201. 9
114.5
115. 9
117.3
118. 6
31.0
30.5
30.3
30.5
92.6
92.7
93.6
93. 9
24. 5
24. 7
24.8
23. 9
53.6
54.2
54.2
54.4
170.1
172.5
174.5
175.6
237.8
238.0
241.2
242.6
78.2
78.7
79.6
79.7
1, 771. 2
1, 785. 7
1, 808. 2
1, 813. 8
1978: Apr
May
* The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
3
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
1
With inventory valuation and capital consumption adjustments.
1
With capital consumption adjustment.
5
Consists mainly of social insurance benefits, direct relief, and veterans
payments.
8
Personal income exclusive of farm proprietors* income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
i
l
l
OF DOLLARS* (RATIO SCALE)
1
1
1
l
i
t
I
!
3,000
3,000
1979
1971
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE.- DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
T _. _ _ .
.Less:
Pot-
Period
sonal Equals:
Dispostax
Perable
sonal
and
perincome nonsonal
tax
pay- income
ments
Less:
Personal
out-1
Per c apita
dispo sable
Equals : persona income
Personal
saving Current
1972
dollars dollars
BiiIons of d ollars
1970 ___
1971
1972_ -_.__
1973
1974__ _
1975 _
1976
1977
1978
801.3 115.3
859.1 116.3
942.5 141.2
1, 052. 4 150.8
1, 154 9 170.3
1, 255. 5 168.8
1, 380. 9 196. 5
1, 529. 0 226.0
1, 708. 0 256.2
685. 9
742.8
801.3
901.7
9846
1, 086. 7
1, 184 4
1, 303. 0
1, 451. 8
Per cap ita personal ccMQsump- ••
Current
doEars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of Populadispostion
able
(thou-2
persands)
sonal
income
Dollars
635.4
685.5
751.9
831.3
913.0
1, 003. 0
1, 116. 3
1, 236. 1
1, 374 9
50.6
57.3
49.4
70.3
71.7
83.6
68.0
66. 9
76.9
3S348
3,588
3,837
4,285
4,646
5,088
5, 504
6,009
6,643
3,619
3,714
3,837
4,062
3,973
4,025
4,136
4,271
4,421
3,020
3,265
3,227 - 3, 342
3,510
3,510
3,648
3,849
4,197
3,589
4,584
3,627
3, 808
5,066
5,564
3S955
6,132
4?080
-2.2
1.3
2.8
3.3
3.5
5. 1
5.3
204, 878
207, 053
208, 846
210, 410
211,945
213, 566
215, 191
216, 856
218, 547
5.6
5.4
217, 073
217, 541
5.3
5.2
4.8
5.9
217, 897
218, 290
218, 768
219f 233
5.4
219, 635
7.4
7.7
6.2
7.8
7.3
7.7
5.7
3.0
2.6
3.3
5.9
Seas onally ad; usted
1977: III__ I, 543. 7 2246 1, 319. 1 1» 244 8
IV. _ 1, 593. 0 233.3 1, 359. 6 1, 285. 9
I_
1, 628. 9 237.3
II ... I, 682. 4 249. 1
III__ 1, 731. 7 263.2
IV— 1, 789. 0 275. 1
1, 391. 6
1, 433. 3
1, 468. 4
1, 513. 9
1, 309. 2
1, 357. 0
1, 392. 5
1, 440. §
1979: 1 *___ 1, 836. 0 272.9 1, 563. 2 1, 478. 3
743
73.7
6,077
6 f 250
4,293
4,365
5,595
5,770
3,953
4,030
5.0
6.9
82.4
76.3
76.0
73.0
6,387
6,566
6?712
6,906
4,370
4,399
4,428
4,485
5,859
6,060
6,203
6,404
4,009
4,060
4,092
4, 159
.5
2.7
2.7
5.2
84.9
7,117
4,508
6,558
4, 154 j
i Includes persona! consumption expenditures, interest
by consumers to
business,
and personal transfer payments to foreigners (net).
3
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly
are average for the
period.
6
Source: Department of
of the Census).
2. 1
-
of Economic Analysis
Bureau
FARM INCOME
According to revised estimates for the first quarter, net farm income before inventory adjustment rose $1.8 billion
(annual rate), while income after inventory adjustment rose $0.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
160
140
140
120
120
100
100
GROSS FARM INCOME
BEFORE INVENTORY "
ADJUSTMENT
80
60
60
40
40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
20
V
10
10
1971
1972
1975
1974
1973
1976
1977
1978
1979
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Quarterly data at seasonally adjusted annual rates]
Persona 1 income received
by tota farm po pulation
Income njceived frc>m farmin g
Gross income be: ore inven tory adjustnlent
Nett<3 farm
oper ators
Gas i receipts from
Period
From From From
Producinarketings
all
farm nonfarm
l
tion ex- Before
After
sources sources sources Total
Livepenses inven- invenstock
tory
tory
Total
Crops
and
adjust- adjust-2
products
ment
ment
Billioiis of dolla rs
15.3
1971
28.8
60.6
13.5
30.6
13.2
52.9
14.6
47.4
22.3
1972
70. 1
34.6
16.9
17.8
61.2
35.7
18.7
25.5
17.8
52.3
1973
48.9
19.7
29. 2
95.5
87. 1
41. 1
33.3
45.9
65.6
29.9
1974
45.2
23.4
21.8
100.0
92.4
41. 4
51. 1
72.2
26. 1
27.7
21.9
22.7
96.9
1975
88.2
43.0
21.1
44.5
45.1
24. 5
75.9
24.4
104. 1
1976
41. 2
16. 9
46. 2
21. 1
18.8
94.5
48.3
83.0
43.0
1977
108. 1
96. 1
47. 6
18.3
24.7
20. 6
20. 1
48.5
88.0
27.8
110.2
53.2
28.2
1978
25.3
124.3
58.0
52. 2
28. 8
96. 1
1977:III___
102.7
47.8
91.3
16.8
43.5
16.7
86.0
114.8
49.5
25.5
99.6
IV—.
50. 1
91.4
23.4
r
Net incc me per
farm a fter inventory adjustmeiit 3
Current
1967
dollars dollars 4
Dol lars
5,042
6,526
11, 813
9,349
8,845
6,848
7,592
10, 780
6,210
9,420
4,157
5,208
8,875
6,330
5,487
4,016
4, 183
5,520
3,390
5,080
1978: I
II
III__.
IV
118.3
123.0
122.6
133.2
104.6
109.3
109.0
117.7
52.7
57.4
57.7
64.0
51.9
51.9
51.3
53.7
92.5
95.0
95.5
101.5
25.8
28.0
27. 1
31.7
26.3
28.0
27. 6
33.2
9,840
10, 480
10, 330
12, 430
5,220
5,420
5,220
6, 160
1979: I P
139.0
125.4
68.5
56.9
105.5
33.5
33.5
12, 750
6, 160
1 Cash receipts from marketings, Government payments, and nonmoney
income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
3 Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year. Data for 1979 estimated.
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates for the first quarter, corporate profits before tax rose $2.0 billion (annual rate)
while after-tax profits rose $7.4 billion.
BILLIONS OF DOLLARS
240
BILLIONS OF DOLLARS
240
200
200
40
40 -
1971
1979
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Bullions of dollars; quarterly data at seasonally adjusted annual rates]
>ry valu*ition
Profit s (before tax) wit i inventc
adjustn lent J
Dome =tie indu stries
IS onfinanc jial
Period
Total *
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977___
1978
1977: III
IV
1978: I
II
III
IV
1979: I*
.
_
_
82. 1
77.9
66. 4
76.9
89. 6
97.2
86.5
107.9
141.4
159. 1
177.6
169.9
163.5
148. 7
180.6
184.5
196.4
186.7
Total
78.9
74.2
62. 6
72.4
84.7
90.4
76.9
101.8
133.2
149.5
167.7
159.5
155.6
139. 2
168.9
175.4
187.4
175.9
ManuFinancial
Total8 facturing
Wholesale
and
retail
trade
41.2
36.8
27. 1
32.4
40. 6
44. 1
36.6
48.3
65.6
74.7
85.0
74.7
80.2
69. 8
87.8
87.1
95.2
10. 1
10. 1
9. 4
11.7
13. 3
14.7
12. 9
20.7
24.0
24.0
22.7
30.6
22. 1
16. 7
22.0
25.8
26.3
10. 4
11.3
12. 6
14. 1
15.4
16.2
14. 4
13.0
17.5
20. 9
25. 1
21.9
21.9
22.7
24.3
26.0
27.6
27.1
68.5
62.9
50. 1
58.2
69. 3
74. 1
62.5
88.9
115.6
128.6
142.6
137.6
133.7
116.6
144.6
149.4
159.8
148.7
1
See p. 4 for profits with inventory valuation and capital consumption
adjustments. ,
8
2
Pro fits after tax
Profits
before
tax
Tax
liability
Total
Dividends
85.6
83.4
71.5
82.0
96.2
115.8
126.9
120.4
155.9
173.9
202.0
177.5
178.3
172. 1
205.5
205.4
224.9
226.9
39. 4
39.7
34.5
37. 7
41.5
48. 7
52.4
49.8
64. 3
71.8
83.9
72.8
73.9
70.0
85.0
86.2
94.4
89. 1
46. 2
43.8
37.0
44. 3
54.6
67. 1
74.5
70.6
91.7
102. 1
118. 1
104.8
104.4
102. 1
120.5
119.2
130.5
137.9
21.9
22. 6
22.9
23.0
24.6
27.8
31.0
31.9
37.9
43.7
49.3
44. 1
46.3
47. 0
48. 1
50. 1
51.9
54.0
Undistributed
profits
24.2
21. 2
14. 1
21.3
30.0
39.3
43.6
38.7
53.8
58.4
68.8
60.6
58.1
55. 1
72.4
69.2
78.6
83.9
Includes rest of the world, not shown separately.
3 Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-3.4
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.5
-14.8
-24.4
-7.7
-14.8
-23.5
-24.9
-20.9
— 28.4
-40.2
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter, business fixed investment rose $7.0 billion (annual rate) as nonresidential construction outlays rose slightly and producers' durable equipment purchases increased $6.9 billion.
Residential investment outlays declined $3.0 billion. Inventory investment amounted to $16.6 billion, up $3.1 billion
from the fourth quarter level.
BILLIONS OF DOLLARS "(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
180
- NONRESIDENTIAL FIXED INVESTMENT
380 -GROSS PRIVATE DOMESTIC INVESTMENT"
140
PRODUCERS'
DURABLE EQUIPMENT
100
220
200
180
I
I
STRUCTURES
BILLIONS OF DOLLARS* (RATIO SCALE)
130
RESIDENTIAL FIXED INVESTS4ENT
60
110 -
90 -
y
on
70 AO
/^
s^
*
I
-
BILLIONS OF DOLLARS*
40 -CHANGE IN BUSINESS INNfENTORIES
-
20 _
Q
/
-20
J^L_L-J
i i i
1975
1976
—
^\_****
/•"\1
\>r
/V^f
-/*
-
Af)
I
I
I
1977
I
I' I
I
1978
I ' I
I
I
1979
I
1975
I
I
i
1976
1
1
!
1977
.
1
1 1
1978
I
I I
1979
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE-. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noiiresident ial fixed investm«mt
Gross
private
domestic
investment
Period
1968
1969
1970
1971
1972_
1973
„__
1974
1975
1976
1977
1978
1977:111
IV
1978:1
II
III
IV1979: I*
..
Strucjtures
Total
Total
Nonfarm
Total
Nonfarm
Total
Nonfarm
struc—
tures
Farm
structures
~prn.
dueers'
durable
equipment
Change in business inv entories
Total
Nonfarm
131.5
146.2
140. 8
160. 0
188.3
220. 0
214. 6
190.9
243.0
297. 8
345. 6
309.7
313.5
322.7
345. 4
350. 1
364.0
89.3
98.9
100.5
104. 1
116.8
136.0
150.6
150. 2
164.6
190.4
222. 6
193. 5
200.3
205. 6
220. 1
227. 5
237. 1
31. 6
35.7
37. 7
39.3
42.5
49.0
54. 5
53.8
57.3
63.9
77.8
65. 4
67.4
68. 5
76. 6
80.9
85. 1
30.4
34.3
36. 1
37.8
41. 1
46. 9
51. 8
51. 3
54. 7
61. 0
74.5
62.7
64. 5
65. 2
73.4
78.0
81.8
57. 7
63.3
62.8
64. 7
74.3
87. 0
96. 2
96.4
107. 3
126. 5
144. 8
128. 1
132.8
137. 1
143.5
146. 6
152.0
53. 4
58.9
58. 1
59. 9
69. 1
80. 1
88. 2
87.4
97. 5
116. 7
133.8
118. 6
123.4
127.2
132. 9
135.5
140.9
34.5
37. 9
36. 6
49.6
62.0
66. 1
55. 1
51. 5
68.2
91.9
107.0
94.3
100.2
100.3
105. 3
109.0
113.4
33. 1
36. 3
35. 1
47.9
60.3
64. 3
52. 7
49. 5
65.8
88.9
103.8
91. 2
97. 5
97.3
102. 1
105. 7
110.2
0.6
.7
.6
.7
.7
.6
1. 2
.9
1. 1
1. 5
1. 4
1. 6
1.2
1. 3
1. 4
1. 5
1. 5
0.8
.9
.9
1.0
1. 1
1. 2
1.2
1. 1
1. 3
1. 5
1. 7
1. 5
1. 6
1. 7
1.8
1.7
1.7
7.7
9.4
3.8
6.4
9. 4
17.9
8.9
-10. 7
10.2
15. 6
16.0
21. 9
13. 1
16.7
20. 1
13. 6
13.5
7.6
9. 2
3.7
5. 1
8.8
14.7
10.8
-14. 3
12.2
15.0
16.7
22. 0
10.4
16.9
22. 1
14.6
13.4
371.1
244. 1
85.2
81.6
158.9
147.6
110.4
107. 2
1. 3
1.8
16.6
17.8
Source; Department of Commerce, Bureau of Economic Analysis.
Prodincers1
dur able
equip ment
Resid ential fix ed inves tment
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 11.3 percent in 1979, according to the Commerce Department survey
conducted in late January and February. Spending in 1978 was 13.3 percent above 1977.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20
20
1971
J/
1973
1972
1975
1974
1976
1977
1979
1978
SEE FOOTNOTE 4 BELOW,
SOURCI: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Eiq>enditur€;s for
plan t
Starts c)f plant
and equipment
and eqilipment
proj<3CtS 3
Mi inufacturi ng
Period
Total i
Total
N<immanuf aeturing
Dur-
Non-
able
goods
durable
goods
Total
Mining
Transportation
Public
utilities
Com-
Commer-
Manufactur-
munication
cial
and
ing
other
1972 _
1973
1974
1975. _ _
1976
1977
1978 4
1979 _ _
88. 44
99. 74
112. 40
112. 78
_ 120. 49
135. 80
_ 153. 82
_ 171. 14
31.35
38. 01
46. 01
144. 25
150. 76
155. 41
163. 96
61.57
67. 20
67. 75
1978:1 __.„
!!_„
Ill
IV
4
1979: I _4
164. 23
II _ _ 167. 52
2nd
half 4
_
176. 09
1
47.95
52. 48
60. 16
67.62
77.54
15. 64
19. 25
22. 62
21. 84
23. 68
27. 77
31.66
37. 84
28. 72
31. 40
32.25
73.24
33. 99
15. 72
18. 76
23.39
26. 11
28. 81
32.39
35.96
39. 70
32.86
35.80
35.50
39.26
57.09
61.73
66.39
64. 82
68. 01
75. 64
86. 19
93. 60
82. 68
83. 56
87.66
90. 71
71.97
34.18
75.90
37.09
37. 78
38. 81
91.62
80.93
39.88
41.05
95.16
92.26
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
2.42
2. 74
3. 18
3.79
4.00
4.50
4.78
5.72
6.03
6.66
7.57
7.45
6.93
8. 05
17. 00
18.71
20. 55
20. 14
22. 28
25.80
29.48
32.40
20. 07
21.40
22. 05
20. 60
20. 99
22. 97
25. 71
19.28
27.45
9.38
4.45
4.81
4.99
4.98
8.46
7.40
8.05
8.43
5.35
4.89
10.06
8.36
32.30
31.91
44. 54
46. 46
5. 12
9. 72
32. 77
47. 55
2
8
27.92
28.46
29. 62
31.73
2
11. 89
12.85
13.96
12. 74
13.30
15.45
18. 16
5.08
17.07
18. 18
13.90
18.46
Public
utilities
2476
24.71
26.09
27. 12
35.21
47.57
52.49
28. 60
38. 13
45.74
66.73
72.44
34. 50
29. 66
32. 54
34. 93
17.41
18. 10
16.96
19.97
7.98
7. 78
4.40
14.00
48. 24
51. 05
Includes trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late January and
February 1979. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment fell by 668,000 in April while unemployment increased by 66,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
80
10
10
- 5
1979
1971
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
Noninstitutional
population
COUNCIL OF ECONOMIC ADVISERS
[Thousands of person s 16 years of age a nd over]
Unempl oyment
Civilian e mploymeiit
Total
labor
N onagri[cultural
15
Civilian Unemforce Civilian
Part-time
Agriweeks
employ- ploy- (includ- labor
Total
Total
ecoand
culing
ment
ment
force
Total for
nomic l
over
tural
Armed
reasons
Forces)
1974_______ 150, 827 85, 935
1975
153, 449 84, 783
1976
156, 048 87, 485
1977
158, 559 90, 546
161, 058 94, 373
1978*
U nad justed
5,076 93, 240 91,011
7,830 94, 793 92, 613
7,288 96, 917 94, 773
6,855 99, 534 97, 401
6,047 102, 537 100, 420
85, 935
84, 783
87, 485
90, 546
94, 373
2,709
3,492 82, 443
3,490
3,380 81, 403
3,272
3,297 84, 188
3,297
3,244 87, 302
3,342 91, 031
3,216
Seas<snally adjusted
1978: Apr*May__
JuneJulyAug__
Sept..
Oct___
Nov__
Dec__
160, 504
160, .713
160, 928
161, 148
161, 348
161, 570
161, 829
162, 033
162S 250
93, 180
93, 851
95, 852
96, 202
96, 116
95, 041
96, 095
96, 029
95, 906
5,685
5,457
6,326
6,438
5,931
5,797
5,460
5, 629
5,725
101, 885
102, 222
102, 602
102, 738
102, 785
103, 097
103, 199
103, 745
103, 975
99, 767
100, 109
100, 504
100, 622
100, 663
100, 974
101, 077
101, 628
101, 867
93, 704
93, 953
94, 640
94, 446
94, 723
95, 010
95, 241
95, 751
95, 855
3,274
3,243
3,424
3,377
3,351
3,406
3,374
3,275
3,387
90, 430
90, 710
91, 216
91, 069
91, 372
91, 604
91, 867
92, 476
92, 468
1979: Jan__.
Feb..
Mar__
Apr
162,
162,
162,
163,
94,
94,
95,
95,
6, 431
6,484
6, 165
5,561
104, 277
104, 621
104; 804
104, 193
102,
102,
102,
102,
96,
96,
96,
96,
3,232
3,311
3,343
3, 186
93, 068
93, 335
93, 499
92, 987
448
633
909
008
436
765
501
675
183
527
714
111
1 Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population 16 years of age and
over.
300
647
842
174
5,076
7,830
7, 288
6,855
6,047
Labor
force
participation
rate
(per-i \ 2o
cent)
937
2,483
2,339
1,911
1,379
61.8
61.8
62.1
62.8
63.7
3,310
3,247
3,433
3,316
3,298
3,203
3, 164
3, 131
3,058
6,063 1,486
6, 156 1,404
5,864 I- 1, 266
6, 176 1,314
5,940 1,234
5, 964 1,268
5,836 1,317
5,877 1, 196
6,012 1,208
63.5
63.6
63.8
63.8
63.7
63.8
63.8
64. 0
64. 1
3, 159
3,147
3,179
3,312
5,883
5, 881
5,871
5,937
1,251
1,260
1,305
1,235
64.2
64.3
64.3
63. 9
* Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household surYey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In April the seasonally adjusted unemployment rate rose slightly to 5.8 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
10
0
i i i 1 1 1 i i i i i i i i 11 I 1 1 1 i i i i i 11 I 11 i i i i i i 1 1 I i i i i i Ii i i i I I I i 11
1979
1975
1976
,J977
1978
1979
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unernployme nt rate ( percent c>f civiliaii labor f<Dree in giroup)
By gsex and a€e
]3y select ed group s
By race
Total
(all
civilian
workers)
Men
20
years
and
over
1974
1975
1976
1977
1978
5.6
8.5
7.7
7.0
6.0
3.8
6.7
5.9
5.2
4.2
1978: Apr
May
June
July
Aug
Sept
Oct Nov.
Dec
6. 1
6. 1
5.8
6. 1
5.9
5.9
5.8
5.8
5.9
1979: Jan.. _
Feb
Mar_ _
Apr
5.8
5.7
5.7
5.8
Period
Women
20
years
and
over
White
5.5
8.0
7.4
7.0
6.0
16.0
19.9
19. 0
17.7
16.3
5.0
7.8
7.0
6.2
5.2
4.3
4.2
4.0
4.1
4. 1
4. 1
4.0
3.9
4.1
6.0
6.2
6.1
6.4
5.9
5.9
5.6
5.8
5.8
16.7
16.5
15. 1
16.3
15.7
16.3
16.2
16.2
16.5
5.2
5.3
5.0
5.2
5.2
5.2
5.1
5.0
5.2
12.0
12.3
12.0
12.3
11.5
11.3
11.3
11.7
11.5
5.6
5.7
5.4
5.7
5.5
5.6
5.4
5.4
5.6
4.0
4.0
4.0
4.0
5.7
5.7
5.7
5.7
15.7
16. 1
15.5
16.5
5.1
4.9
5.0
4.9
11.2
11.9
11.2
11.8
5.4
5.3
5.3
5.4
* Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
ExpeBlack rienced
wage Houseand
hold
and
other salary
heads
workers
9.9
3.3
5.3
13.9
8.2
5.8
13. 1
5. 1
7.3
13. 1
4.5
6.6
11.9
5.6
3.7
Both
sexes
16-19
years
Labor
force
time
lost
(percent) *
Fulltime
workers
Parttime
workers
5. 1
8. 1
7.3
6.5
5.5
8.6
10.3
10. 1
9.8
9.0
6.1
9.1
8.3
7.6
6,5
3.7
3.8
3.7
3.8
3.7
3.6
3.5
3.4
3.5
5.5
5.6
5.3
5.7
5.4
5.4
5.2
5.2
5.3
9.4
9.2
9.0
8.9
8.7
8.8
9.0
8.9
9.2
6.5
6.6
6.5
6.8
6.5
6.4
6.2
6.2
6.2
3.4
3.5
3.4
3.6
5.2
5.2
5.1
5.3
9.1
8.6
9.2
8.8
6.2
6.2
6.1
6.5
Source: Department of Labor, Bureau of labor Statistics.
SELECTED MEASURES OF UNEMPLOYI1ENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In April the percentage of unemployed persons who were job losers rose and the percentage who were job leavers,
reentrants, and new entrants fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
JOB LOSERS
40
40
REENTRANTS
20
20
15-26
WEEKS
NEW ENTRANTS
"\
\
£*V*^
**%
***
JOB LEAVERS
27 WEEKS
AND OVER
1 i | 11 i 11 11
0 I i i i 1 1 I 1 1 i i i IN i i I i ii i i ii i i i I i 1 1 i i i i i i i 1 1 ii i i i i i i 1 1 i i i 1 1
1979
1978
1976
1977
1980
1976
1977
1978
1979
1980
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERsl
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Percerit distrib ution of unemployment ay reasoii *
Period
1974
1975
1976
1977
1978.______
1978: Apr..
May.
June.
July__
Aug__
Sept..
Oct__
Nov__
Dec..
1979: Jan.__
Feb___
Mar. _
Apr___
1
2
Unem__i
_.__
ployment
(thousands)
Job
losers
Job
leavers
Reentrants
5,076
7,830
7,288
6,855
6,047
6,063
6? 156
5,864
6,176
5,940
5,964
5,836
5,877
6,012
5,883
5, 881
5,871
5,937
43. 4
55.4
49. 8
45.3
41.6
42.0
42.7
40.8
41.4
41. 6
39.7
42. 2
40.7
40.2
41.6
41.8
41.3
42. 2
14. 9
10.4
12.2
13. 0
14.1
14.4
13.5
14.6
13.9
14.2
14.3
14.0
14.2
14.3
15.7
14.0
14.6
14.2
28.4
23. 8
26.0
28. 1
30.0
28.7
29.3
30.6
30.5
29.5
32.4
29.6
30. 1
31.9
28.7
29.6
30.2
30.0
New
Less
5-14
enthan 5 weeks
trants weeks
13.3
10.4
12. 1
13.7
14.3
14.9
14.6
14.0
14.2
14.8
13.7
14.2
15.0
13.6
14. 0
14.7
13.9
13. 6
50.6
37. 0
38.3
41.7
46.2
45. 1
46.9
46.6
48.2
47.2
47. 1
46.7
48. 8
47.4
46.4
46.7
46.5
48.6
Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (DCX), Federal (UCFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
State pi^ograms Insured
unem- Special
unemployment.
ployall
ment
Insured
27
weeks unem- Initial regular benefit3
pro- 2 claims
and
ploy- claims grams
(unadment
over
(unad- justed)
justed)
Wee*kly aver age, thou sands
PerceEit distrib ution of unemployment b y duratic m 1
31.0
31. 3
29. 6
30.5
31.0
30.5
30.2
32. 1
30.4
32.0
31.5
30.7
30.6
32.6
32. 1
31.8
31.4
31. 0
15-26
weeks
11. 1
16. 5
13. 8
13. 1
12. 3
13.3
11.8
11.3
10.9
10.6
11.2
12. 6
11.8
12.0
12. 5
12. 1
12. 3
11. 4
7.3
15.2
18.3
14.8
10.5
11. 1
11. 1
10. 0
10.5
10.3
10.2
10. 0
8.8
7.9
9.0
9.3
9.7
9.0
2,262
3,986
2,991
2,655
2,356
2, 307
2,223
2,247
2,374
2,448
2,292
2,234
2,230
2,252
2, 367
2,349
2,323
2,367
363
478
382
375
342
338
331
347
364
345
326
325
338
339
350
341
349
433
2, 558
4, 943
3,822
3, 111
2,640
2,659
2,369
2,297
2,581
2,394
2,064
1,999
2,148
2,567
3, 198
3,209
2,921
2, 611
1, 173
1, 152
572
60
36
21
3 FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricuitural employment as measured by the payroll survey rose by 72,000 in April.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
(ENLARGED SCALE)
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
WHOLESALE AND RETAIL TRADE
18
80
16
70
14
SERVICE PRODUCING
INDUSTRIES
60
22
MANUFACTURING
\
50
^—
40
y 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n|
_GOODS-PRODUCING_
INDUSTRIES
30
CONSTRUCTION
20
111111
1975
1975
1976
1976
1977
1978
* SEASONALLY ADJUSTED
SOURCEi DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;l seasonally adjusted]
CJoods-prc>ducing industries5
Fenoa
Total
nonagricuitural
employment
1974
1975
1976___
_
1977
1978..1978: AprMay __
June. _
July-Aug__
Sept__
Oct___
Nov._.
Dec__
1979: Jan. __
Feb___
Mar *»_
Apr »_
78, 265
76, 945
79, 382
82, 256
85, 763
85, 418
85, 618
85, 996
86, 033
86, 149
86, 163
86, 573
87, 036
87, 281
87, 524
87, 818
88, 240
88, 312
TJ
*
J
Total *
Construction
24, 794
22, 600
23, 352
24, 288
25, 381
25, 313
25, 341
25, 473
25, 501
25, 463
25, 471
25, 670
25, 872
26, 030
26, 111
26, 199
26, 413
26, 397
4,020
3,525
3,576
3,833
4,212
4, 164
4, 175
4,278
4,317
4,298
4,298
4,341
4,368
4,397
4,381
4,385
4,532
4,534
Service-pr oducing industrie s
Trans- Whole- Finance,
Gover nment
Matnufactui •ing
insurportasale
ance, Services
tion
and
Non- Total
State
and
and
retail
durable
Total Durable
Federal and
real
public trade
goods goods
local
estate
utilities
20, 077
18, 323
18, 997
19, 647
20, 332
20, 282
20, 297
20, 316
20, 302
20, 278
20, 286
20, 436
20, 601
20, 729
20, 825
20, 895
20, 960
20, 941
11, 925
10, 688
11, 077
11, 573
12, 160
12, 076
12, 093
12, 109
12, 138
12, 146
12, 166
12, 305
12,410
12, 491
12, 562
12, 647
12, 697
12, 682
8, 152
7,635
7, 920
8,074
8, 172
8,206
8,204
8,207
8, 164
8, 132
8, 120
8, 131
8, 191
8,238
8,263
8,248
8,263
8,259
1
Includes all full- and part-time wage and salary workers in nonagricuitural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricuitural employment of the
civilian labor force, shown on p. 11. which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
53, 471
54, 345
56, 030
57, 968
60, 382
60, 105
60, 277
60, 523
60, 532
60, 686
60, 692
60, 903
61, 164
61, 251
61, 413
61, 619
61, 827
61, 915
4,725
4,542
4,582
4,696
4,859
4,847
4,847
4,881
4,827
4,846
4,855
4,922
4,947
4,967
4,974
5,001
5,024
4,958
16, 987
17, 060
17, 755
18, 492
19, 394
19, 252
19, 335
19, 412
19, 469
19, 523
19, 546
19, 632
19, 701
19, 697
19, 817
19, 883
19, 949
19, 992
4, 148
4,165
4,271
4,452
4,676
4,623
4,637
4,670
4, 690
4,707
4,719
4,737
4,774
4,789
4,809
4, 829
4,842
4,860
13, 441
13, 892
14, 551
15, 249
15, 979
15, 866
15, 896
15, 963
15, 989
16, 074
16, 127
16, 169
16, 270
16, 327
16, 352
16, 439
16, 512
16, 569
2,724
2,748
2,733
2,727
2,753
2,745
2, 753
2,772
2,765
2,765
2,752
2,760
2,757
2,734
2,755
2,755
2,754
2,755
11, 446
11, 937
12, 138
12, 352
12, 723
12, 772
12, 809
12, 825
12, 792
12, 771
12, 693
12, 683
12, 715
12, 737
12, 706
12. 713
12, 746
12, 781
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
PRIVATE NONHGRICUIiTURHL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averag*e gross
hourly earnings
Aver age weekly hours
1970
1971. .....
1972
1973
1974
1975
1976
1977 ....
1978—
Manufj acturing
Total
private
nonagricultural l
Period
Total
Overtime
Manufacturing
$3.23
3.45
3.70
3. 94
4.24
4.53
4.86
5.25
5.69
$3.35
3.57
3.82
4.09
4.42
4.83
5.22
5.68
6. 17
120.7
129.2
137.5
146.0
157.5
170.7
183.0
196.8
212.6
103.8
106.5
109.7
109.7
106.6
105.9
107.3
108.4
108.9
6.05
6.08
6. 12
6. 18
6.20
6.25
6.32
6.38
6.43
210.3
211.0
212. 3
214. 1
214.6
216.2
218.0
219.0
220.7
109.6
109. 1
108.8
109. 1
108.7
108.7
108.7
108.5
108.6
8.2
8.2
8.3
8.2
8.2
8.5
1.4
.8
.7
.5
.4
.0fj
-.6
-.6
6.45
6.52
6.56
6.55
222.8
223. 9
225.3
226.6
108.6
107.8
107.3
106. 8
8.1
8.4
8.2
7.8
-1.1
-1.5
-2.0
-2.6
...
39.8
39.9
40.5
40.7
40.0
39.5
40. 1
40.3
40.4
40.8
40.4
40. 5
40.5
40.3
40.4
40.5
40.7
40.7
3.8
3.5
3.6
3.6
3.4
3.6
...
36. 1
35.9
35.9
35.9
35.8
35.8
35.9
35.8
35.9
3.7
3.8
5.61
5.62
5.66
5.71
5.73
5.77
5.82
5.87
5.91
35.7
35.7
35.9
35.4
40.7
40.7
40.8
39. 1
3.8
3.8
3.8
2.7
5.97
5.99
6.05
6. 04
...
1978; Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
1979: Jan___
Feb_.__
Mar»
Apr v
3.0
2.9
3.5
3.8
3.3
2.6
3. 1
3.4
3.6
3. 6
Percent ch ange from
a year earlier 4
Index, 1<^67=100
Total
private
nonagricultural *
37. 1
36.9
37.0
36.9
36.5
36. 1
36. 1
36.0
35.8
....
Adjusted h ourly earninigs index2 —t otal private
nonagriccultural
1967
dollars 8
Current
dollars
Current
dollars
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5
1967
dollars
0.7
2.6
3.0
0
-2.8*j
—. ^ j
1.3
1.0
.5
8. 1
8.2
8.0
8. 1
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly <earnings
Total prii/ate nonagricul tural *
Period
Current
dollars
1970
1971___
1972... _
19731974
1975..
1976
1977. ....
1978»--.1978: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec_
1979: Jan
Feb
Mar v _
Apr v
1
_
_ _
_ _
$119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
202. 52
201. 76
203. 19
204. 99
205. 13
206. 57
208. 94
210. 15
212. 17
213. 13
213. 84
217. 20
213. 82
Manufacturing
1967
dollars s
$103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
105. 59
104. 32
104. 20
104. 48
103. 97
103. 86
104. 16
104. 14
104. 41
103. 86
102. 96
103. 48
100. 76
$133. 33
142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
246. 84
245. 63
247. 86
250. 29
249. 86
252. 50
255. 96
259. 67
261. 70
262. 52
265. 36
267. 65
256. 11
$195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
319. 19
315. 93
314. 39
322. 65
323. 02
323. 51
323. 75
323. 61
324. 58
329. 59
320. 23
329. 42
339. 90
326. 14
Percent cha^nge from a
year earlier,
total pri\rate nonagricul tural 5
Current
dollars
iCurrent dollars5
Also includes other private industry groups shown on p. 14.
* Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban wage earners and clerical workers used beginning 1978.
45-939 O - 79 - 2
Construction
Wholesale
and retail
trade
$96. 02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 52
153. 31
151. 80
151. 34
151. 86
153. 64
154. 16
155. 14
156. 93
157. 77
159. 24
159. 73
160. 23
162. 69
163. 67
4.6
6.2
7.5
6.2
6. 4
5.7
7.3
7.7
7.8
8. 3
7.5
7.9
8. 1
8.5
8.5
8. 1
1967
dollars
-1.3
1.9
4. 1
-. 0
-4. 1
-3.2
1.4
1.0
.4
1. 7
.4
.5
.3
.6
.2
-. 6
8.6
-.2
9. 1
.1
9.4
9.6
8.7
5.6
.0
0
-1.4
-4.6
4
Monthly changes
1
based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
DATA, PRIVATE BUSINESS ECONOMY
PRODUCTIVITY AND
Hours of all
pers onsf
Out put1
Output jer hour
of all |
»ersons
Compe nsation
per Ilour 8
Unit labor
COsts
Implicii "» price
deflal uor 4
NonPriPriPriNonNonNonPrivate NonPrivate
Private Nonfarm
vate
vate
farm
vate
farm
farm
farm
farm
business business business business business business business business business business
business business
sector
sector
sector
sector sector sector sector sector
sector sector
sector
sector
Period
1967== 100; quarterly dat a season ally adjus ted
1966___
1967
1968— _ „
1969
1970
1971
1972.
1973—
1974
_
_
__
1975—
1976
1977
1978
III
IV
1978: I—
II...
III
I¥
•
_
I *___ _
9ao
98.0
100.0
105. 1
108.3
98.1
100.0
105.4
ioae
100.0
100.0
101.8
1046
99.8
100.0
102. 1
105.5
100.0
103.3
103.5
98.4
100.0
103.2
102.9
100. 0
107. 6
1149
948
100.0
107.3
1141
96.8
100.0
104 1
111.0
96.4
100.0
1040
110.9
97.2
100.0
103.9
108.8
1040
108.6
107.3
110,3
117.6
1245
121. 5
107.4
110.2
117.8
125.0
121.9
103.0
102.4
105.5
109.6
110. 3
1042
103.8
107.0
111.5
112.3
1042
107.7
111.5
113.6
110.2
103.1
106.2
110. 1
112.0
108.5
123.1
131.4
139.7
151.2
1649
121.7
129.9
138.4
149.2
162.8
118. 1
122.0
125.3
133. 1
149.7
118. 1
122.3
125.6
133.2
150.0
113.9
118.9
123.1
130.2
143.0
114.0
119. 1
122.8
127.9
141. 3
118.8
126.5
133.2
139.0
iias
127.0
133.6
139.9
105.6
108.6
112.6
117.2
107.4
111.0
115.3
120.2
112.5
116.4
118.3
118.6
110.6
1144
115.9
116.4
181.3
197.1
213.1
232.8
178.9
193.8
209.4
228.9
161.2
169.3
180.2
196.3
161.8
169.4
180.8
196.6
157.4
165.4
174.9
187.9
156.3
164.8
1746
186.8
134.2
135.5
1346
135.8
112.8
113.8
115.8
116.6
118.9
119.0
116.3
116.4
215.4
218.9
211.3
215. 2
181. 1
183.9
181.7
1848
176.3
178. 4
176.4
178. 1
135.3
138.7
139.7
142.2
136. 1
139.8
140.6
i4ao
115.0
117. 5
117.4
118.9
117.8
120.5
120.5
122.0
117.7
118.0
119.1
119.6
115. 5
116.0
116.7
117.2
225.3
229.7
235.5
240.4
221.5
225.9
231. 1
236.2
191.4
194 6
197.8
201 1
191.7
1947
198. 1
201.5
181.3
186,6
189.9
193.5
180.6
185.3
188.9
192.2
142.3
143.4
120.5
123.7
118.2
116.0
246.8
242.0
208.8
208.7
197.7
195.8
949
96.8
100.0
Pereent change ; quarter!y data at seasonal y adjusted annua' rates
1966—
1967
1968
1969.
1970
1971
1972_
1973
1974
_ _
..
_
_
5.5
2.0
5.1
3.0
6.0
1.9
5.4
3.0
2.3
-.0
1.8
2.8
3.3
.2
2.1
3.4
3.2
2.0
3.3
.2
2.6
1.7
3.2
-.3
7.0
5.3
7.6
6.8
6.1
5.5
7.3
6.3
3.7
3.3
41
6.6
3.5
3.7
40
6.6
3.2
2.9
3.9
47
2.9
3.3
40
4.5
-.9
2.8
6.6
5.9
-2.4
— 1.1
2.6
6.9
6.0
-2.5
-1.6
-.6
3.0
3.9
.7
— 1.2
-.4
3.1
42
.7
.7
3.4
3.5
1.9
-3.0
.2
3.1
3.7
1.7
-3.1
7.1
6.7
6.3
8.2
9. 1
6.7
6.7
6.5
7.8
9.1
6.4
3.2
2.8
6.2
12.5
6.5
3.5
2.8
6.0
12.6
47
44
3.6
5.8
9.8
49
45
3. 1
41
10.5
1.9
3.5
1.3
.5
9.9
8.7
8.1
9.2
9.9
8.4
8.1
9.3
7.7
5.0
6.4
9.0
7.8
47
6.7
8.8
10.1
5.1
5.7
7.5
10.6
5.4
5.9
7.0
_
-2.3
6.5
5.3
44
-2.5
6.9
5.2
47
-43
2.9
3.7
41
-43
3.3
3.9
42
2.1
3.5
1.6
.3
III— __
IV
5.0
40
5.0
3.5
-.1
3.7
1.3
3.0
5.1
.4
3.7
.5
9.5
6.7
8.1
7.6
4.2
6.3
42
7.1
5.2
49
6.5
40
-.6
10.5
3.0
7.2
.7
11.6
2. 1
7.2
40
9.2
—.4
5.3
3.9
9.8
—.2
5.1
-45
1.2
3.5
1.7
-3.1
1.7
2.3
1.9
12.1
8. 1
10.4
8.7
12.2
8.2
9.6
9.1
17.4
6.8
6.7
6.8
15.7
6.4
7.1
7.0
6.7
12. 1
7.3
7.7
5.8
10.8
8.1
7. 1
,5
1.2
5.3
5.7
-46
-4.3
11. 1
10.2
16.4
15.2
9. 1
7.8
19751976
1977
1978
1978:1—
II
IIL
IV
.
1979: I *
1
Output
2
Hours of all
of
establishment
data.
3
Wages
and
and
supplemental
4
Current dollar
tie
16
in
of
to
industry
Also
an
for the self-employed.
diYlded by
In the
in
in 1972
sector, including
primarily on
for social
of wages, salaries,
dollar gross' domes-
NOTE.—Percent changes are from preceding period and are based on original
they therefore may differ slightly from percent changes based on indexes
shown here.
Data revised.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production declined 1.0 percent in April, mostly as a result of the strike and lockout in the trucking industry.
INDEX, 1967=100* (RATIO SCALE)
180
INDEX, 1967=100* (RATIO SCALE)
160
UTILITIES AND MINING PRODUCTION
TOTAL INDUSTRIAL PRODUCTION
160
UTILITIES
140
IV*
120
100
MINING
1975
1976
1977^
1978
1979
100
1976
1975
1977
1978
1979
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
1,20
70
100
1975
1976
1977
1978
1979
1975
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1972___
1973
_
1974
1975
....
1976.
1977
1978
1978: Mar
Apr
May
_
June
July
...
Aug-- ..
Sept
Oct
_ .
Nov
Dec. __
1979: Jan.
Feb
Mar *
Apr *>___
1
Output
2
Annual
3
Total in dustrial
produ ction
Percent
Index, change
1967=
from
100
year
earlier
100. 00
9.2
119. 7
8.4
129. 8
-.4
129.3
-8.9
117.8
10. 2
129.8
5. 6
137. 1
5.8
145.2
4. 1
140.9
5.2
143.2
5.0
143.9
5.2
144. 9
5.3
146. 1
147. 1
6.5
6.7
147.8
7. 1
148.7
7.4
149.6
8.0
150.9
150.9
8.7
8. 5
151. 0
7.9
152.0
5. 1
150.5
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indu stry prodiiction ind«3xes, 1967 = 100
M anufacturi ng
Total
Durable
Nondurable
87.95
118. 9
129.8
129.4
116.3
129. 5
137. 1
145.7
141.4
143,5
144. 3
145. 5
146.7
147.6
148.7
149.5
150.4
151.8
151.9
152.0
152.9
151. 3
51.98
113. 7
127. 1
125.7
109. 3
121. 7
129.5
139.3
134.4
136.9
137. 6
139.0
141. 1
142. 2
142.8
144.0
144.8
146.4
146.0
146. 1
147.4
144.4
S5.97
126. 5
133.8
134.6
126.4
140. 9
148. 1
154.8
151.4
153. 2
154. 0
154.9
155.0
155.6
157. 1
157. 4
158.5
159.6
160.4
160. 4
161.2
161.2
as percent of capacity.
data are a¥erages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Mining
Utilities
6. 36
5.69
113. 1
114. 7
115. 3
112.8
114.2
117. 8
124.2
119.3
127.2
126.7
128.0
127. 1
126. 0
124. 1
127.6
128. 1
127.6
124.0
121.8
124. 1
123.8
139. 4
145.4
143.7
146. 0
151.0
156.5
161.0
159.5
156.0
157. 0
158. 6
159.9
160.8
162. 3
162.4
162.9
164.3
166.8
167.8
168. 1
168.4
Manufa Lcturing csipacityl ut Llization
rate, p(srcent
Federal Reserve
sei les
ComWharTotal
merce2
ton
manuMate- series
series 3
facturrials
ing
83. 1
87. 5
84.2
73. 6
80.2
82.4
84.2
82.7
83.7
83.9
84.3
84.7
85.0
85. 3
85.5
85.8
86. 3
86.0
85.8
86. 1
84. 9
88.0
92.4
87.7
73. 6
80. 4
81.9
84.9
81.9
84.0
84.5
85. 1
85.7
85.9
86.3
87. 1
87.6
88. 1
87.4
86.9
87.5
86.7
83
86
83
77
81
83
84
84
88.1
93.4
90.9
80.3
86.6
89.1
92.5
89.4
84
92.2
83
93.8
84 •
94.7
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis),
Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prodluets
Final! roducts
3
Total
Total
1967 proportion^-- _
l§70—_
__
_
1§71 ._ _
1972____ _ __ . _
.
1974
„_ _
1975
_ .
1976—.
1977- _. _
1978
_ _
Apr
_
May__ _ _
June _ ~_
' July..
Aug.
_ .
Get
_
Nov.— __
Dec
1979: Jan
Feb
Mar»
Apr »_
Equip>ment
Coiisumer goods
Period
_
47.82
105.3
106.3
. _ 115.7
1244
125.1
_ _
118. 2
127.2
1349
141.4
140.5
140.5
141. 1
_ . 142.2
143.3
143.7
144. 1
1445
145.6
145.9
146.3
_ _ ' 147. 3
145.3
„ _
_
if. 68
109.0
1147
1244
131.5
128.9
1240
136.2
143.4
147.4
147.5
147.0
147.0
147.7
148.4
149.0
149.2
149.7
150.6
150.6
150.7
151.7
149.0
Intern:lediate
prod ucts
NonDurable durable
goods
goods
19.79
7.89
110. 1
106. 1
113. 1
118.8
120.6
133.8
146.2
125.6
126.3
135.3
125. 1
121.4
134 1
141.4
139.6
153.1
142.8
158.9
141.8
161.8
160.2
141.7
141.6
160.6
142.4
160.9
143. 1
161.5
144.4
160.3
161.6
1443
144 8
161.8
146.2
161.9
146.5
160.9
146.5
161.3
163.9
146.9
153.4
147.1
Construction
supplies
Total
Business
Total
20. 14
12.63
107.0
104 1
118. 0
1342
142.4
128. 2
136. 3
149.2
162.0
159.3
160.2
161. 8
163.8
165.4
165.8
166.9
167.2
168.7
169. 7
170.5
172.0
170.8
12.89
112.9
116.7
126.5
137.2
135.3
123. 1
137.2
145.1
155.3
152. 1
152.6
1547
155.6
156. 4
157.0
158.0
159.3
161.8
162.6
163. 1
162.7
162. 1
100. 1
947
103.8
1145
120.0
110.2
1146
123.2
133. 1
130.8
131.6
133.0
1347
136. 3
136. 4
137.0
137.3
138.7
139.5
140. 1
141.3
140. 5
Materials
Supplementary
group:
Energy
total
6. 42
S9. 29
12. 2S
111. 0
116. 8
128.4
139.8
134 5
116.3
132.6
140.8
153.3
148.5
150.4
152. 1
153.5
1547
155.6
157.0
159. 0
160.8
161.2
161.4
160.7
159.6
109.2
111.3
122. 3
133.9
132. 4
115.5
130.6
136.9
146.5
143.7
145. 1
146.4
147.9
148.6
149.7
151.4
152.7
153.8
153. 1
152.7
154 1
153.0
117.0
119.5
125.2
128.3
125.5
125.5
128.8
132.5
135. 1
133.1
1342
135.9
136.4
136. 1
135.9
137.6
138.2
139.3
138.7
137.7
139.8
139.7
[1967=100, seasonally adjusted]
D arable m anufaetu res
Primar]r metals
Iron
and
steel
Fabricated
metal
products
4. si
6.93
Period
Total
6.57
106.6
100.2
112.1
__ 126.7
123. 1
96.4
108.9
110.2
__ 119.0
1143
115.5
117.5
123.0
126.0
127.9
Oct___ __
128.6
Nov.
129.0
Dec
- 130.4
1979: Jan
_ _ . 122.0
Feb
___ 121.4
Mar*- _ __
121.9
Apr *_ _
121. 1
1967 proportion
1970
__
1971
1972
1973
1974
1975
1976__
1977.
1978—-- — _
1978: Apr
May__
JuneJuly
Aug
_
1047 102.4
96.1 103.5
107.1 112. 1
122.3 1247
119.8 1242
95.8 109.9
1049 123.3
103.4 130.9
113.2 142.6
109.0 139.5
110.5 140.4
1145 142. 3
119.0 1440
120.9 145.8
123.2 146. 3
123.8 146.0
1241 146.9
1245 149.Q
112.7 151.0
112.8 152.2
1145 152.3
151.0
Source: Board of Governors of the Federal Reserve System.
18
Nontrical
machinery
Electrical
machinery
None lurable Eaanufact ures
Transp Drtation
equip ment
Total
8.05
9.1$
9.27
1044 108. 1 89.5
97.9
100. 2 107.7
116.0 122.2 108.2
133.7 143. 1 118. 3
140. 1 143.8 108.7
97.4
125.1 116.5
135.0 131.6 110.6
1448 141.9 121. 1
155.6 1543 130.5
152.2 152.3 130.5
152.9 152.9 130. 1
154.6 1541 130.4
156. 1 157.9 132.1
157.3 156.9 133.4
158.7 158.3 132.8
160. 3 157.9 137.0
160.3 159.0 139.3
161.8 161.9 139.5
163.6 163.9 137.7
1646 1649 136.3
166.0 166. 1 140. 3
165.3 165.2 127. 3
Motor
vehicles
and
parts
4.50
92.3
118.6
135. 8
148.8
128.2
111. 1
140.7
159.7
168.3
171.7
168.3
167.7
169.7
171.0
168.9
176.8
180.8
179.7
1745
171.4
177.9
153.8
Lumber
and
products
Apparel
products
Print- Cheming
icals
Foods
and
and
pubprodlishing ucts
1.64
S.S1
101.4
1047
109.4
117. 3
1143
107.6
122. 2
124 2
126.3
126. 1
125.8
126.8
1245
127.2
130.9
130.6
129.9
131.4
132.3
130. 2
4.72
107.0
107. 1
112.7
118.2
118.2
113. 3
120.6
1247
129.9
128.6
128.2
128.7
130.3
129.5
131.0
130.5
132. 1
133.0
135.8
137. 1
136.8
137.0
105.6
113.8
120.8
126.0
116.2
107.6
125. 1
133.4
138.9
136.9
136. 5
138.7
138. 1
136.9
139.2
141.2
142.5
146.0
142.0
141. 1
140.0
7. 74
120.4
125.9
143.6
1545
159.4
147.2
169.3
180.7
190.7
185.5
188. 1
191.1
192.3
192.2
1942
195.9
197.6
197.9
200.8
201.4
201.3
8.75
108.9
112.8
116.8
120.9
1240
123.4
132.3
137.9
142.9
143. 1
142.8
141.8
142.9
1440
1444
143.2
1442
145.7
145.5
146.5
147.1
NEW CONSTRUCTION
Constructio n contracts3
Private
Total
construction
expenditures
Period
Resic iential
Total
Total1
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Bi] lions of doll ars
1972
1973
1974
1975
1976
1977
1978.—
93.9
105.4
100.2
93.7
110.5
1347
157.5
124 1
137.9
138.5
1345
148.8
172.6
202.2
543
59.7
50.4
46.5
60.5
81.0
93. 1
449
50, 1
40.6
344
47.3
65.7
75.5
18. 1
21.7
23.8
20.8
19.9
22.5
29.0
21.5
240
25.9
26.4
30.0
31.3
35.3
30.2
32.5
38,3
40. 9
38.3
37.8
44 8
34 1
349
34 6
35. 1
35.2
346
35.6
36.9
37.5
38.9
38.3
38.0
38.2
37.7
41.5
45. 1
45. 2
48. 4
48.2
48. 0
47.9
47.9
47.6
46.3
41.8
43.0
Seasonall y adjusted at inual rates
185.4
195.0
201.3
206.3
209.9
208.4
209.8
212.0
215.8
218.5
208.6
205.6
211.6
1978: Mar
Apr
May
June _ _
July
Aug.
Sept
Oct
Nov
Dec
1979: Jan
Feb*
Mar *
Apr _ ._
147.7
153.5
156.2
161.1
161.5
160.3
161.9
1641
167.9
171.0
162.3
163.8
168.6
1
Includes nonhousekeeping residential
ations,
not shown separately.
2
F. W. Dodge series. Relates to 50
beginning 1971 for floor space.
88. 1
92.2
943
95.4
95.7
948
947
95.2
97.6
98.8
92.2
94 1
946
72.5
74.4
75. 1
76.6
77.7
77. 1
76.8
76.8
78.9
80.5
746
76.9
76.4
and additions and alter1969 for value index and
25.4
26.4
27.3
30.6
30.6
30.9
31.6
32.0
32.8
33.3
31.8
31.8
35.7
100.0
109. 2
103.0
101.9
121.0
153. 6
173. 1
854
1,010
840
555
592
739
984
Seasonally
Seasonally adjusted
adjusted
annual
153
169
202
153
173
177
182
193
174
184
181
231
186
187
863
921
1,061
999
898
951
1,037
1,015
1,093
978
1,062
1,266
1,233
1,123
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]
$Jew private housing unr }S
Total
1971
1972
1973
1974
1975
1976
1977
1978
by type of striicture
Units
Period
_
2, 052.
2, 356.
2, 045.
lf 337.
1, 160.
1, 537.
1, 987.
2, 020.
1
2
6
3
7
4
5
1
3
1, 151. 0
1, 309. 2
1, 132. 0
ssai
1, 162. 4
1, 450. 9
1, 433. 3
2-4
units
120.3
141.3
118. 3
68. 1
64.0
85.9
121.7
125.0
5 or more
units
780.9
906. 2
795.0
381.6
204.3
289. 2
414.4
462.0
New priv ate homes
Units
authorized
1, 924. 6
2f 218. 9
1, 819. 5
1,074.4
939. 2
1, 296. 2
1, 690. 0
1, 800. 5
Units
completed
Homes
sold
Homes for
sale at
end of
period *
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
656
718
634
519
549
646
819
816
287
409
418
346
313
353
401
413
1,958
1, 869
1,876
1,928
1,948
1,900
1,883
1,885
1,888
1, 815
1,894
1,954
827
843
830
829
778
796
900
803
802
774
697
811
411
414
419
417
418
417
407
412
413
412
410
407
Vacancy
rate for
rental
housing
units
(percent)3
5.4
5.6
5.8
6.2
6.0
5.6
5.2
5.0
Seasonally adjusted arinual rates
1978: Apr
May_
June
July
Aug
Sept
Oct
Nov
Dec._
1979: Jan
Feb*
Mar *_ „
Apr 9
2,176
2,037
2,093
2,104
2,004
2,024
2,054
2,107
2,074
1,679
1,381
1, 786
1,749
* Seasonally adjusted.
Quarterly data entered in last
3
1,482
1,463
1,439
1,455
1,431
1,432
1,436
1,502
1,539
1,139
953
1,266
1,279
of quarter-
138
92
143
134
137
112
135
150
119
124
76
116
110
556
482
511
515
436
480
483
455
416
416
352
404
360
1,914
1,756
1,983
1,765
1,716
1,838
1, 835
1,789
1,827
1,442
1,425
1,621
1,517
5. 1
5.0
5.0
4.8
E.—Units authorized revised beginning 1978 to relate to 16,000 permit issuing places. Data for 1972-77 are for 14,000 places and 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 4.0 percent in March while inventories rose $4.8 billion. According to the advance survey, retail
sales rose 0.5 percent in April following a 1.0 percent increase in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
100
400
TOTAL BUSINESS
INVENTORIES
350
RETAIL INVENTORIES
90
,
80
300
RETAIL SALES
250
5®
>TAL BUSINESS
. TOTAL
200
SALES
150 -
RATIO*
INVENTORY-SALES RATIO
100
1.20
1977
1976
19751
1975
1979
1978
11978
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Total biusiness l
Retail
Who!esale
Sales2
Period
Qnlnoi22
bales
1979
Inventories3
O_l_._ n
Inven-3
bales * tories
In ventories§
NonDurable durable Tntil
goods goods
stores stores
Tfvf ol
DurNonable durable
goods goods
stores stores
Inventor y- sales
rati o *
Total
business 1
Retail
Milh ons of d<">Ilars, sejasonally adjusted
1972
1973
1974
1975
1976
1978___
1978..
__.
203, 088
234, 036
285, 415
284, 735
310, 466
337, 832
379, 391
29, 584 39, 786
36, 822 46, 254
45, 836,56, 537
44, 633 55, 113
48, 408, 61, 307
53, 509, 67, 998
62, 842 80, 771
37, 422 12, 369
41, 944 14, 132
44, 692 13, 921
48, 731 15, 106
54, 597,18, 073
60, 335 20, 653
66, 568 23, 160
25, 054 55, 079 24, 238
27, 812 63, 237 28, 418
30, 771 71, 067 32, 861
33, 626 71, 744 33, 356
36, 524 79, 273 37, 841
39, 682 90, 120 43, 414
43, 409 100, 818 48, 161
30, 841
34, 819
38, 206
38, 388
41, 432
46, 706
52, 657
1.50
1.44
1.47
1.58
1.48
1.44
1.41
1.40
1.41
1. 49
1.45
1. 39
1.40
1.44
349, 201
354, 332
357, 401
360, 355
363, 432
367, 044
369, 526
372, 639
376, 596
379, 391
58, 803
61, 640
63, 171
62, 656
63, 425
64, 894
64, 531
67, 338
67, 552
67, 823
64, 075
65, 146
65, 522
65, 964
66, 224
67, 303
68, 085
68, 971
70, 158
70, 918
21, 813
22, 617
22, 730
22, 947
23, 049
23, 617
23, 872
24, 422
24, 954
25, 163
42, 262 92, 712 44, 624
42, 529 94, 290 45, 619
42, 792 94, 933 45, 525
43, 017 95, 607 45, 502
43, 175 96, 521 45, 704
43, 686 97, 824 46, 116
44, 213 98, 350 46, 444
44, 549 99, 279 47, 006
45, 204 100, 483 47, 555
45, 755 100, 818 48, 161
48, 088
48, 671
49, 408
50, 105
50, 817
51, 708
51, 906
52, 273
52, 928
52, 657
1.43
1.41
1.42
1.42
1.44
1.41
1.42
1.40
1.39
1.39
1.45
1.45
1.45
1.45
1.46
1.45
1.44
1. 44
1.43
1.42
273, 444 383, 886 67, 148 81, 543 70, 855
275, 352 387,411 67, 495 83, 005 71, 122
286, 385 392, 231 70, 737 84, 620 71, 852
72, 197
25, 250
25, 035
25, 356
25, 253
45, 605 101, 739 49, 302 52, 437
46, 087 101, 175 49, 367 51, 808
46, 496 102, 218 49, 557 52, 661
46, 994
1.40
1.41
1.37
1.44
1.42
1.42
130,049
151, 720
175, 350
179, 982
__ _ _ _ 201, 814
225, 100
254, 727
1978: Mar
Apr.
May
June
July
Aug
Sept_
Oct
Nov
Dec_1979: Jan__
Feb
Mar *____
Apr »
243, 979
251, 323
252, 259
253, 459
252, 755
260, 068
260, 535
266, 946
270, 134
273, 776
21 The term "business" also includes manufacturing
Monthly average for year and total for month.
1
-4 AJW&.
Book value,
vaiuc, ciiu
end ui
of pciiuu,
period, ocaDUiisuiy
seasonally au
adjusted.
justed.
72, 629
74, 327
74, 779
75, 191
75, 744
76, 338
77, 113
78, 625
79, 526
80, 771
(see page 21).
For annual periods, ratio of weighted average inventories to average monthly
for monthly data, ratio of inventories at end of month to
for month.
sales,
lies;
20
NOTE.—Data for 1978 are as revised in March. Data for earlier periods revised
in this issue.
__
Source:
of Commerce (Bureau of Economic Analysis
Bureau
Source: Department
Depg
of the
Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1
orders
inventories rose in March. In April, according to advance data, durable goods
fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
OF
160
140
INVENTORIES
120
240
100
200
160
GOODS
120
100
\
DURABLE GOODS
GOODS
80
60
NONDURABLE GOODS
BILLIONS OF DOLLARS* {RATIO
160
140
40
NEW
120
100
RATIO*
2.20
i1l
««&, ^ A***
L »»**BSM**'*-*
'*"*""i
i^^**s»^
"*
\
«•««*«»»«"»')
\
1975
.
GOODS
1977
1976
INVENTORYJSHIPMENTS! RATIO
1978
1979
1979
*SEASONALLY ADJUSTS)
SOURCE: DEPARTMENT OF COMM0JCE
Manufac
•CONOMiC ADVISERS
so
l
Mantifacturer s} new ore ers
Manufad turersj im
63, 043
72, 954
84, 821
86, 616
98, 809
__ 111,256
125, 317
34,043
39,704
44, 253
43, 678
50, 697
58, 266
66} 924
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990
58, 394
Durab le goods
Capital
Nongoods
Total
Total Durable
durable
indusgoods
Total
goods
tries,
nondefense
Millio ns of doll ars, seasoilally adju 3ted
8,832
108, 223 70, 244 37, 979 64, 201 35, 098
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115,424 64, 290 112,842 59, 795 15, 201
197, 802 129, 141 68, 661 129, 263 70, 744 18, 814
1978: Apr__ 124, 537
May__ 123, 566
June _ 124, 839
July— 123, 106
Aug__ 127, 871
Sept___ 127, 919
Oct ___ 130, 637
Nov_ _ 132, 424
Dec___ 135, 035
66, 493
65, 417
66, 293
65, 222
68, 684
68, 916
70, 292
71, 635
73, 429
58,044
58, 149
58, 54i
57, 884
59, 187
59, 003
60, 345
60, 789
61, 606
185, 715
187, 689
189, 557
191, 167
192, 882
194, 063
194, 735
196, 587
197, 802
1979: Jan _ 135, 441
Feb___ 136, 735
Mar 143, 796
Apr *>_
62, 188 200, 604 131, 542
. 62, 506 203, 231 133, 783
77, 742 66, 054 205, 393 135, 287
72, 370
Period
1972
1973
1974
1975___
1976
1977
1978-
Total
NonDurable durable
goods
goods
73, 253
i Monthly average for year and
* Book value, end of period.
'End of period.
119, 848
121, 471
122, 688
123, 830
125, 206
126, 176
126, 784
128, 357
129, 141
for
are the same as sales.
65, 867
66, 218
66, 869
67, 337
67, 676
67, 887
67, 951
68, 230
68, 661
128,
128,
127,
123,
130,
131,
137,
137,
140,
175
450
580
279
952
840
185
662
356
70, 033
70, 045
68, 840
65, 187
71, 582
72, 645
76, 984
76, 654
78, 623
69, 062 142, 679 80, 732
69, 448 144, 894 82, 007
70, 106 150, 215 84, 344
77, 030
ManufacNon- turers'
durable unfilled
goods orders 3
Manufacturers'
inventory—
shipments4
ratio
29, 104 121, 709
33, 329 161, 194
40, 417 189, 678
43, 125 170, 686
48, 137 -474, 553
53, 047 193, 659
58, 519 241, 025
1.67
1.58
1.65
1.83
1.66
1.58
1.51
58, 142
58, 405
58, 740
58, 092
59, 370
59, 195
60, 201
61, 008
61, 733
209, 133
214, 010
216, 754
216, 922
219, 999
223, 921
230, 464
235, 704
241, 025
1.49
1.52
1.52
1.55
1.51
1.52
1.49
1.48
L46
058 61, 947 248, 266
270 62, 887 256, 424
731 65, 871 262? 842
378
1.48
1.49
1.43
17, 409
18, 124
18, 155
17, 074
19, 344
20, 149
22, 219
20, 575
20, 790
22,
23,
24,
21,
1
* For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In April, the producer price index for all finished goods rose 0.9 percent, seasonally adjusted. Prices of finished consumer foods fell 0.3 percent and prices of other finished consumer goods rose 1.4 percent. Prices of capital equipment increased 1.1 percent.
INDEX, 1967= 100 (RATIO SCALE)
240
INDEX, 1967=100 (RATIO SCALE)
240
220
220
200
100
100
1979
SOURCE: DEPARTMENT OF LABOR
COUNCIL Or ECONOMIC ADVISERS
[196?r=lOO; month] y data iseasona ily ad jusJted]
Finishec I goods
Ini termed!ate
rnateria]s
Total
consumer
CapifinFoods
tal
ished Total and s Other
equip- goods
feeds
ment l
116. 6 112.9 114. 1 111.7 114.3
119.5 116.6 118.7 118.5 118.9
123.5 129. 2 131.6 168.4 128. 1
141. 0 149. 3 162.9 200. 2 159.5
162. 5 163. 6 180. 0 195. 3 178.6
173.2 1169. 0 189.3 186, 6 189.5
184.5 1178. 9 201. 7 191.0 202.4
199.0 192. 6 215.5 201.0 216.4
195. 7 189. 7 212. 0 200. 6 212. 8
197. 2 190. 8 213.3 200. 8 214. 1
198.7 192. 3 214.4 201.9 215. 5
200. 1 193.7 215.4 201.5 216.2
201.0 194. 0 216. 8 198.8 217. 7
202. 1 195.8 218. 2 203, 4 219. 1
203.4 197.4 220. 8 207. 6 221.5
205. 1 198. 6 222. 6 207. 7 223. 5
206.4 201.0 224. 2 212. 2 225.0
208.4 203.7 226. 6 214. 4 227.5
210. 1 206. 1 229.0 218. 3 229. 6
211. 3 208.4 231. 3 218.9 232. 1
213. 7 210. 0 234.7 220. 8 235.7
Finished goods e xcludin g
consumer f cmds
Period
1971____
__
1972____
1973
___ _
1974. _ _ _
__
_
1975
_ _ _ _ __
1976
1977---..
1978
1978: Apr
May
_ _
June.
July. _ _ _ _ _ _ _ _
Aug
Sept ... __
Oct..
_ __
Nov
Dec...
1979: Jan
Feb___ __ __
Mar_ _ _
Apr
Total
finConished sumer
goods foods Total
113.7
117.2
127. 9
147. 5
163. 4
170.3
180. 6
194.6
191. 5
192.8
194.2
195.6
196. 1
197.7
199.2
200. 6
202.7
205. 2
207.3
209. 3
211.2
115. 3
121.7
146.4
166.9
181.0
180.2
189. 1
206.8
203.8
204.4
207. 2
207.4
206.6
209.7
213. 1
214. 7
217.3
221.2
224.7
227.5
226. 9
113. 1
115.4
120. 1
139.3
156.2
165 5
176. 2
188. 9
185. 8
187. 3
188.3
190.0
190. 9
192.0
192.9
194. 2
196. 1
198. 2
199. 9
201.6
204. 2
Comsumer -g cods
Total
111.4
113.4
118. 5
138.6
153. 1
161. 8
172. 1
183.7
180.8
182.2
183.0
184. 9
185.9
186. 9
187. 6
188.7
190.9
193. 0
194. 7
196. 8
199.5
flHlp
Nondurable
110.8
113.2
115.8
126. 3
138.2
144.4
152.2
165.9
163. 0
165.3
165.6
168.5
169.8
171.0
169.7
169. 9
172. 3
174. 1
175. 4
176.4
177.9
111.7
113.6
120.5
146.8
163.0
173.3
185.4
195. 4
192. 4
193.3
194.4
195.5
196. 3
197. 2
199. 3
201. 1
203. 1
205. 5
207. 4
210.2
213. 7
Th-ir
1
Formerly called producer finished goods.
J
Intermediate materials for food manufacturing and manufactured animal
feeds. Data are not seasonally
22
Crad e materials
Foodstuffs
Total and Other
feedstuffs
115. 1 114.2 117.0
127.6 127.5 128.0
174. 0 180.0 162.5
196. 1 189.4 208. 9
196.9 191.8 206.9
205. 1 190. 1 233.6
214.3 190.9 258.4
240.2 215.4 287.0
233.8 211. 0 276.7
235.9 212. 9 279.0
240.9 218.0 283.7
241.5 215. 7 289.9
241.5 215.6 290.3
245.7 219. 5 295.0
252. 7 227. 6 299.9
255. 6 229.6 304. 9
257.5 230. 3 308.6
263.4 236.7 313.6
272.2 245.6 322. 3
275. 0 246.2 329.2
273. 9 245. 5 327.4
NOTE.—Data revised for December 1978.
Source: Department of Labor, Bureau of Labor Statistici.
CONSUMER PRICES
In April, the consumer price index for all urban consumers rose 1.1 percent (also 1.1 percent seasonally adjusted).
Food prices increased 0.8 percent (1.0 percent seasonally adjusted). Nonfood commodity prices rose 1.6 percent
(1.3 percent seasonally adjusted) and services prices were up 0.8 percent (0.9 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
240
220
200
140
120
120
100
100
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Period
1971
1972
1973
1974
1975
1976
1977
1978
All
items
121.3
125.3
133. 1
147. 7
161.2
170.5
181.5
195.4
Food
118.4
123.5
141.4
161.7
175.4
180.8
192.2
211.4
Commodities
less
food
116.8
119. 4
123.5
136.6
149. 1
156.6
165. 1
174.7
Services
128.4
133.3
139. 1
152. 1
166.6
180.4
1943
210.9
com-
modities
All
117.4
120.9
129. 9
145.5
158.4
165.2
174.7
187. 1
118.4
123.5
141.4
161. 7
175.4
180.8
192.2
211. 4
Food
at
home
116.4
121.6
141.4
162.4
175.8
179.5
190.2
210.2
191. 5
193. 3
195.3
196. 7
197.8
199.3
200.9
202.0
202.9
207.5
210. 3
213.8
215.0
215.4
215.6
216.8
217.8
219.4
171.3
173.0
174.4
175.4
176.3
177.8
179. 1
180.3
181.3
1979: Jan
Feb____
Mar
Apr
204. 7
207. 1
209. 1
211.5
223. 9
228. 2
230.4
232.3
181.9
183. 7
185.9
188.9
207. 1
211.7
213.4
215.6
217.6
218.6
219. 2
183.9
185. 3
186.9
187.7
188.7
190.2
191.7
193.0
194.6
208. 1
210.5
213.5
213.7
214.6
216.0
217.9
219. 2
221. 3
213. 1
212.7
213.2
214. 5
216.5
217. 8
220. 1
221. 1
223. 3
225. 1
196.7
199. 1
201.3
224.5
223.7
230.5
232.7
230.0
232.4
206.5
208.0
209.9
227.0
203.8
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data related to urban wage earners and clerical workers.
Food
away
from
home
126. 1
131. 1
141.4
159.4
174.3
186. 1
200.3
218.4
Services
able
Nondur-
116.5
118. 9
121.9
130.6
145.5
154.3
163.2
173.9
117.0
119. 8
124.8
140.9
151. 7
158.3
166.5
174.3
128.4
133.3
139. 1
152. 1
166.6
180.4
194.3
210.9
171.6
172. 6
173.7
174.7
175.7
177.2
178.5
179.8
181.3
170. 2
171.5
173.0
174. 2
175.3
176.8
178.3
180. 1
181.6
172. 1
172.9
173.6
174.5
175.4
176.5
177.4
178.3
179.4
206.9
208.7
182.9
184. 8
186.9
189.4
183. 3
185. 1
186.0
187.6
181.4
182.9
186.4
190.0
All
116.8
119.4
123.5
136.6
149. 1
156.6
165. 1
174.7
Dur-
able
Seasonal y adjust ed
Unac [justed
1978: Apr____
May__ _
June
July
Aug_ _ _
Sept.__
Oct
Nov
Dec
Comenodities less food
Food
All
All
228. 1 •
209.9
227. 7
213.8
215. 5
218.0
219.5
221. 4
223. 1
224.7
226.0
227. 8
230.7
233. 6
236.2
238.2
Source: Department of Labor, Bureau of Labor Statistics.
210.5
212.2
213.8
215.7
217.6
218.7
219.5
220.7
223. 1
225. 1
227.2
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Pereen t change from 3 inonths
earlie,r; seasoilally adjiisted
annua1 rates
Pereen t change from 6 inonths
earlie r; seasortally adjiisted
annua rates
Consum er goods
Consum er goods
Consum er goods
Total
finished
goods
1970
1971.
1972
1973
1974
1975
1976
1977
1978
-
1978: Apr__May
June
July
Aug
Sept
Oct
Nov
Dec
Pereen t change from pr<seeding
perioc1; seasonally adpisted1
.
1979: Jan
Feb
Mar
Apr
Capital Total
equipfinExclud- ment
ished
ing
goods
Foods
foods
Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods
Capital
equipExclud- ment
Foods
ing
foods
2.2
3.2
3.8
11.8
18.3
6.6
3.3
6.6
9.1
-2.5
5.9
8. 0
22.5
13.0
5.5
-2.5
6.6
11.9
3.9
2.0
2.0
7.4
20.5
6.7
4.9
6. 1
8.3
4.9
2.4
2.0
5.3
22.6
8.2
6.4
7.2
8.0
1.1
.7
.7
.7
.3
.8
.8
.7
1.0
1.0
.3
1.4
.1
-.4
1.5
1.6
.8
1.2
1.3
.8
.4
1.0
.5
.5
.4
.6
1.2
.7
.8
.8
.7
.4
.5
.6
.8
.6
10.2
9.7
10.3
8.8
7.0
7.4
7.6
9.5
10.5
16.9
9.5
11.4
7.3
4.4
4.9
11.5
16.6
15.3
8.6
10.5
10.5
9.4
8.4
8.8
6.0
6.2
8.8
7.3
8.1
9. 1
9.3
7.9
7.0
6.8
8.4
8.8
8.9
8.8
9.5
9.5
8.3
8.8
8.2
8.3
8.9
14.2
11.9
14.1
12.0
6.9
8. 1
9.3
10.3
10.0
7.0
7.8
7.9
9.0
9.4
9.6
7.7
7.3
8.8
7.3
7.8
8.1
8.3
8.0
8. 1
8.0
8.2
7.9
1.2
1.0
1.0
.9
1.8
1.6
1.2
*>
1.1
.9
1. 1
1.4
1.0
.8
.6
1. 1
12.6
14.0
13.7
12.2
16. 1
20.0
20. 1
10.7
12.0
13.3
12.9
14.2
10.2
10. 1
9.8
10.6
10.1
11.7
12. 1
12.4
13.8
18.3
17.7
13.4
9.0
9.7
10.9
13. 1
8.5
9.3
9.3
10.4
Source: Department of Labor, Bureau of Labor Statistics.
i Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for December 1978.
CHANGES IN CONSUMER PRICES
Percerit change5 from pre ceding
perio d; seasoilally adju sted1
Period
All
items
Food
Commodities
less
food
Services
Percent c dange f re>m 3 mont hs earlier; Percent change f re>m 6 mont hs earlier ;
seasoniilly adju sted annu al rates
seasonsilly adju sted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
5.5
3.4
3.4
8.8
12.2
7.0
4.8
6.8
9.0
2.2
4.3
4.7
20.1
12.2
6.5
.6
8.0
11.8
4.8
2.3
2.5
5.0
13.2
6.2
5.1
4.9
7.7
8.2
41
3.6
6.2
11.3
8.1
7.3
7.9
9.3
1978: Apr. __
May_June.~
July.__
Aug._Sept.Oct___
Nov.. _
Dec
.8
.8
.9
.6
.6
.9
.8
.6
.6
1.7
1.2
1.4
.1
.4
.7
.9
.6
1.0
.5
.6
.6
.6
.6
.9
.7
.7
.8
.9
.9
.9
.8
.8
.9
.9
.5
.4
9.5
10.3
10.7
9.5
8.5
8.5
9.5
9.4
8.5
17.2
17.5
18. 3
11.2
8.0
4.8
8. 1
8.9
10.2
5.3
7.0
7.2
7.4
7.4
8.3
9.0
9.7
9.6
10.3
10.6
11.0
10. 6
10. 1
10. 3
10.6
9.5
7.2
8.3
8.9
9.8
9.5
9.4
9.6
9.5
9.0
8.5
13.8
14.6
16.6
14.2
12.6
11.3
9.6
8.4
7.4
5.8
6. 1
6.5
6.4
7.2
7.8
8.2
8.5
8.9
8.6
9.4
10.0
10.5
10.4
10.6
10.6
9.8
8.7
1979: Jan.. _
Feb___
Mar
Apr
.9
1.2
1.0
1. 1
1.4
1.6
1. 1
1. 0
.9
1.0
1.1
1.3
.5
1. 1
.9
.9
8.8
11.3
13.0
13.9
12.7
17.3
17.7
15.4
10.2
11.6
12. 9
15.0
5.8
8.3
10. 6
12.3
9.2
10.4
10.7
11.4
10.4
13.0
13.9
14.0
9.6
10.6
11.2
12.6
8.2
8.9
8.9
9.0
1970
1971_
1972
1973
1974
1975
1976
1977
1978
__
i Annual changes are from December to December (unadjusted).
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 1 percent in April and prices paid by farmers rose 1 percent in the month ended April
15.
"INDEX, 1967=100 (RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
- 70
60
1971
1979
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Period
All farm
products
Livestock
Crops
Parity ratio 1
Prices paid by far mers
Prices received by farmers
and
products
All items,
interest,
taxes, and
wage rates
Family
living
items
Production
items
Actual
Adjusted *
Index, 1 967=100
1971....
1972
1973
1974
1975
1976
1977
1978
1978: Apr
....
May
June
July
Aug
Sept.—..
Oct
Nov
Dec
1979: Jan
Feb
Mar
Apr
._
113
125
179
192
185
186
183
210
208
215
218
215
211
216
218
216
222
108
114
175
224
201
197
192
203
208
212
216
213
204
204
202
202
205
118
136
183
165
172
177
175
216
209
217
219
217
217
226
232
228
237
118
125
144
164
180
191
202
219
216
219
220
220
221
223
224
225
226
(33)
()
«
(33)
()
(33)
( 3)
()
(33)
()
(3)
232
241
246
244
209
216
214
212
252
264
274
272
234
238
243
245
(3)
(33)
( 3)
()
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
* The adjusted parity ratio reflects Government payments made directly to
farmers.
118
123
133
151
166
176
113
121
146
166
182
193
200
216
214
217
218
218
217
220
222
222
225
71
74
91
86
76
71
66
70
71
72
73
72
70
71
72
71
72
75
79
94
87
76
72
68
72
73
74
75
73
72
73
73
72
74
230
235
243
246
73
75
74
73
74
76
76
74
3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
9JR
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
All the monetary aggregates increased sharply in April.
BILLIONS Of DOOARS*(RATIO SCALE)
ilLLIONS ..jQfJX*LLARS*(RAIlO SCALE)
1,000
i;ooo
300
300
200
200
1971
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THf FID1RAI RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Deposii ;s at corrtmercia banks
Large
CDs
Savings
Deposits
at
nonbank
thrift
institutions
363.7 63.0
418. 1 89. 0
450. 3 81.0
489. 2 62.4
544.4 73.7
611.2 96.6
565.9 83.4
572.2 86.2
576. 8 86. 7
582. 1 88.0
587.4 87.6
593.5 88. 5
597.7 88.6
608.5 95.4
611. 2 96.6
615.8 100.5
620. 2 102. 1
619.5 99.0
620.6 95. 0
127. 1
135.9
160.7
202. 1
219.7
223. 0
221. 7
222. 8
223. 5
222. 9
224. 1
226.0
225.9
224. 3
223.0
220. 8
218.6
217. 7
217.7
347. 7
368. 7
427.7
495.0
564.9
624.4
581. 5
585. 3
590. 5
595.9
601.5
608. 5
614.6
619.5
624. 4
628.7
633.0
638. 0
641. 6
Period
Ml
M1 +
M2
M3
Currency
Time and sa vings
Demand
Tnfnl
JL U Lctl 2
1973: Dec.. 270.5
1974: Dec__ 283.2
1975: Dec_. 295.4
1976: Dec__ 313.8
1977: Dec.. 338,7
1978: Dec_ 361.2
1978: Apr__ 347.9
May_ 350.7
June- 352.5
July. 354.4
Aug. 356.7
Sept. 360. 7
Oct__ 361.2
Nov_ 360.6
Dec. 361. 2
Jan__ 359. 7
Feb. 358.6
Mar. 359.0
Apr*. 364. 3
397. 9
419.5
456. 8
517.2
560. 6
587. 1
572. 1
576. 1
578. 6
580. 1
583. 6
589.5
589.9
587.7
587. 1
583.2
580. 0
579.4
584.8
571.3
612.2
664.8
740. 6
809.4
875.8
830.3
836.7
842.6
848.6
856.5
865.6
870.2
873. 7
875.8
875.0
876.7
879. 5
889.8
919.0
981.0
1, 092. 4
1, 235. 6
1, 374. 3
1, 500. 1
1, 411. 9
1, 422. 0
1, 433. 1
1, 444. 5
1, 458. 0
1, 474. 1
1, 484. 8
1. 493. 1
1, 500. 1
1, 503. 7
1, 509. 7
1, 517. 5
1, 531. 4
61.6
67.8
73.8
80.8
88.6
97.5
91.3
92.0
92. 5
93.2
93.9
95.2
95.8
96. 6
97.5
98.2
98.9
99.4
100.2
209. 0
215. 3
221.7
233.0
250. 1
263.7
256.6
258. 8
260. 0
261.2
262. 8
265. 5
265.3
264.0
263.7
261. 5
259.7
259.5
264. 1
1
Ml is currency plus demand deposits; M1+ is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.
9ft
Perce nt ehaiige 3
(Domponents ane related items
(Dverall measur es *
U.S.
Government
demand
deposits
(unadjusted)
6.3
4.9
4. 1
4.4
5. 1
10.2
5.0
4. 0
6. 2
4.4
3.5
6.2
4. 2
8.0
10. 2
11. 9
8.3
6.5
5.3
Ml
M1 +
6.0
5.0
4.7
5.4
4.3
8.9
6.2 13.2
8.4
7.9
4.7
6.6
7. 6
5.6
6.6
8.6
8. 3
6.5
7.4
5.6
6.6
8.5
8.3
10. 5
6.3
7.8
4. 1
5.7
5. 0
3.0
3.0
1. 1
1. 1 — 1. 2
-.9 -3. 4
1. 7 -1.7
M2
8.8
7.2
8. 6
11.4
9.3
8.2
7.4
8.0
8.4
8. 1
9.3
10.7
19.8
9.0
8.0
6.3
4.8
3.2
4. §
2 Includes time deposits other than large CDs, not shown separately.
s Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—Series revised beginning July 1978.
Souret: Board of Governors of the Federal Beserva System.
PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and c eposits
Total
854 2
967. 1
1, 084 8
1, 169. 8
1, 289. 2
1, 421. 8
1, 588. 6
1, 770. 8
721.1
816.6
887. 3
9448
1, 054 5
1, 193. 0
1, 326. 5
1, 452. 0
52.5
56.9
61.6
67.8
73.8
80.8
88.6
97.5
161.8
176. 1
183.7
187.3
192.6
200.2
214 1
225.9
233.5
2644
294 3
321.0
360.4
417. 1
459.0
504 3
273.3
319. 1
347.7
368. 7
427.7
495.0
5649
624 3
543
1, 648. 4
1, 664 5
1,677.8
1, 690. 6
^_ __ 1, 703. 2
1, 722. 6
1, 735. 3
1, 753. 6
1, 770. 8
1, 363. 5
1, 373. 4
1, 384 2
1, 396. 5
1, 409. 8
1, 425. 5
1, 437. 0
1, 445. 7
1, 452. 0
91.3
92.0
92.5
93.2
93.9
95.2
95.8
96. 6
97.5
220. 6
222. 2
222.6
224.2
225.6
227. 6
227. 1
225. 6
225.9
470. 1
473.9
478.6
483.2
488.8
4942
499. 5
5040
5043
581.5
585.3
590. 5
595.9
601.5
608.5
6146
619.5
6243
78.2
78. 5
78.9
79.3
79.5
79.8
80. 1
80.4
80.6
81.5
82.8
83.2
81.7
82.0
1, 456. 5
1, 463. 3
1, 471. 1
1, 486. 0
98.2
98.9
99.4
100. 2
224 4
222.8
222.5
227. 4
505. 2
508.6
511.3
516.7
628.7
633.0
638.0
641.8
80.7
80.6
80.6
80.6
93.8
95.6
96.6
97.0
Period
1971:
1972:
1973:
1974:
1975:
1976:
1977:
1978:
Dec
Dec
Dec
Dec
Dec
Dec_.
Dec
Dec
1978: Apr
May
June
July
Aug
Sept
Oct
Nov__
Dec
U.S. Ti•easury
seeur ities
ShortNonbank
term
thrift
Savings marketinstitubonds able sefirtTl<S
curities
Time d eposits
Total
liquid
assets
1979: Jan___ _ _
Feb....
Mar__
Apr »_
__ _
1, 787. 1
1, 800. 6
1, 807. 7
1, 821. 7
Currency
Demand
deposits
Commercial
banks
31.3.
57.6
60.4
63. 3
67. 3
71.9
76.6
80.6
343
43.3
47.0
66. 1
66.2
77.2
88.6
849
83.9
82.7
88.6
Other
private
money
market
instruments
Negotiable
certificates of
deposit
27. 6
36.2
53. 8
70.4
58. 1
43.0
52.0
19.8
22.5
40.0
44.4
43.2
47.7
56.3
85.0
58.0
60.6
60.6
61.4
60. 1
60.2
59.0
645
645
67. 2
69.3
70.9
71.7
71.7
72.2
75.3
80.3
85.0
66.8
67. 6
61.8
56. 2
89.3
93.4
97.6
101. 8
645
Source: Board of Governors of the Federal Keserve System.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e stended
Instalmc3nt credit liejuidated
Net change5 in amount outstanding
•D
«_ j
Jrenod
Total i
1971
1972_ _
1973
1974
1975
1976
1977_
1978
_
1978: Mar_
Apr
May
_
___
_
June
July
Aug.
Sept—_
Oet____
Nov
Dec
1979: Jan.
Feb
Mar __ _
Automobile
Revolving
Total i
Revolving
Total i
Automobile
Revolving
138, 046
151, 749
173, 035
172, 765
180, 441
211, 028
254, 071
298, 574
36, 706
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 986
21, 862
24, 659
28, 702
33, 213
36, 956
43, 934
86, 756
104, 587
127, 789
136, 787
152, 817
163, 276
172, 676
189, 381
218, 793
253, 508
32, 512
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 429
20, 818
23, 485
26, 699
31, 243
35, 616
41, 764
80, 508
96, 811
10, 257
14, 962
20, 218
9, 489
7,765
21, 647
35, 278
45, 066
2,976
10, 465
15, 204
19, 557
495
1,044
1, 174
2,003
1,970
1,340
2, 170
6,248
7,776
23, 925
24, 682
25, 104
25, 565
25, 022
25, 669
25, 537
25, 758
26, 214
26, 500
7,043
7,434
7,592
7,595
7,652
7,744
7,542
7,501
7,787
7,833
8,398
8,523
8,563
9,062
8,700
9,028
9,006
8,846
9, 176
9,424
19, 849
20,576
20, 824
21, 358
21, 556
22, 037
21, 857
22, 384
22, 115
22, 100
5,409
5,622
5,715
5,953
5,941
6, 140
6,010
6, 126
6,032
6,053
7,566
7,840
7,919
8, 107
8, 100
8,291
8,384
8,500
8,511
8,555
4, 076
4, 106
4,280
4,207
3,466
3, 632
3,680
3,374
4,099
4,400
1,634
1,812
1,877
1,642
1,711
1,604
1,532
1,375
1,755
1,780
832
683
644
955
600
737
622
346
665
869
25, 544
26, 202
26, 698
7,545
7,756
7,797
9,417
9,357
9,714
22, 483
22, 894
22, 967
5,865
6, 191
6,311
8,984
9,040
8,972
3,061
3,308
3,731
1,680
1,565
1,486
433
317
742
»Includes "mobile home" and "other," not shown separately.
Automobile
4, 194
5,621
5,910
Source: Board of Governors of the Federal Eeserve System.
Bank loan growth accelerated markedly in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,000
BILLIONS OF DOLLARS*(RATIO SCALE)
__ALL COMMERCIAL BANKS
1,000
TOTAL
LOANS AND INVESTMENTS
=
800
800
\
600
600
400
400
200
200
INVESTMENT IN OTHER SECURITIES
o
„„«.,..«»»**"
,i»««« ""
100
100
80
80
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
60
60
i i i i Ii
40
1971
1972
i i i I i i
i i i i i I i I i i i
1973
1974
1975
1976
40
1977
1978
^SEASONALLY ADJUSTED, END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1979
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
l
All member banks
Borrowiiigs (milL<^ans
Investnlents
lions of dollarSj
Iteserves 2 s
Total
unadji isted) 2
loans
and
Total exU.S. Gov- Other
invest- cluding CommerReNonSeacial and
ernment
secuTotal
Total
ments
interborrowed quired
sonal
rities
industrial securities
AlleCommercial 1 >anks
T>,_
" ._ J
Feriod
bank
647.6
659.7
667.8
674.0
680. 6
691. 6
700. 9
715. 1
715.4
60. 6
62.6
54.5
51. 1
80. 1
98.0
95.6
88.8
98.3
97.9
100.2
100.8
98.3
97.8
96.0
91.4
88.8
104. 2
116.5
129.9
139.8
144. 8
148.2
158.0
173.5
163. 1
164. 1
164.2
165.2
167.0
168.7
170.4
171. 1
173.5
31. 16
31. 34
34.90
36.55
34.67
34 89
36. 10
41.27
36.93
37.27
37.63
38. 11
37.93
38.21
38.38
39.75
41.27
31.03
30.29
33.60
35.83
34. 54
34.83
35.53
40.40
36.38
36.06
36.53
36.80
36.79
37. 15
37. 10
39.05
40. 40
30.98
31.05
34.60
36.30
34.40
34.61
35.91
41.04
36.79
37.05
37.45
37.92
37.77
38.02
38.22
39.53
41. 04
732.4
738.3
743.4
752.9
237.8
240.6
243. 5
247.6
89.4
92. 1
90.5
91. 8
176.8
177.3
178. 7
179. 3
41.48
40. 75
40.81
40. 65
40.48
39. 78
39.82
39,73
41.26
40. 54
40.66
40. 47
485.7
558.0
633.4
691. 1
721.8
785. 1
870.6
977.7
320.9
378.9
449.0
500. 2
496. 9
538.9
617.0
715.4
1978: Apr
May .__
June _
July »
Aug* _
Sept"
Oct »
Nov *
Dec » _ _
909. 0
921.7
932.2
940. 0
945.9
958. 1
967.3
977.6
977.7
998.6
1, 007. 7
1, 012. 6
1, 024. 0
1979: Jan
Feb
Mar
Apr
*__—
*>
*>__
»
_
\
116.2
130.4
156.6
183.5
176.2
179. 7
201.4
230. 9
212.4
217.9
219.0
220.8
223. 1
225.2
227.6
230.7
230.9
1971
1972
1973
1974
1975
1976
1977
1978 *_.
1 Data are for end of period.
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 Regulations D and M.
2
Averages
3
28
107
1,049
1,298
703
127
62
558
874
41
32
13
12
54
134
1,227
1, 111
1,286
1, 147
1,068
1,261
722
874
43
93
120
143
188
191
221
185
134
994
973
999
897
112
114
121
133
539
NOTE.—Commercial bank data revised beginning July 1978.
Source; Board of Governors of the Federal Reserve System,
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal 1
Crediit market \ "unds
Total
Tntil
Longterm 2
Short-3
term
Other
Total
Purchase
of
physical
assets 4
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
104 3
127. 1
161. 7
199. 8
190.8
143. 8
205.0
239. 0
283. 4
58.9
68.6
80. 8
83.8
75.7
106.8
124. 7
135. 3
141. 9
45.5
58. 5
80. 9
115.9
115. 1
37.0
80.3
103. 6
141.5
40.7
44. 5
58.3
72.7
81.8
37.0
58.2
78.7
89.5
32. 1
40. 6
40.6
37. 0
39. 1
49.3
48. 8
46. 2
49. 1
8.6
3. 9
17.6
35. 7
42.6
-12. 3
9.5
32.6
40.4
4.8
14. 1
22.7
43.3
33. 4
.0
22.0
24.9
52.0
95.9
119. 6
145. 8
185. 6
179.0
131.9
184.9
212. 3
268.9
80.3
86.0
100. 3
123.3
134. 7
99.9
141. 2
164. 6
194. 9
15.6
33. 6
45.6
62. 3
44.4
32. 0
43.7
47.8
74. 0
8.4
7.5
15. 9
14.2
11.8
11.9
20. 1
26.7
14.5
1977: I
II
III
IV_ .
244. 3
198. 6
266.0
247. 1
123. 8
134.9
145. 5
137.3
120. 5
63.7
120. 6
109. 9
75.9
63. 7
80. 1
95.2
34. 4
35. 3
53.5
61.5
41. 6
28. 5
26.6
33.7
44.6
-.0
40.5
14. 7
214.6
177. 3
234.6
222. 7
152.5
162. 4
175.2
168.0
62. 1
14. 9
59. 4
54.7
29.6
21. 3
31.4
24. 4
1978:1
II
III
277.0
276. 8
292. 5
286. 8
127. 2
144. 1
146. 1
150. 2
149. 8
132.7
146. 4
136. 6
94. 5
86.8
88. 1
88.2
35. 1
54.5
60. 8
45.9
59.4
32.4
27.3
42. 3
55. 4
45.9
58. 2
48.4
260. 1
264. 3
277.6
272. 9
179.8
199.8
198. 8
201.3
80. 3
64. 5
78.8
71. 6
16. 9
12.4
14.8
13.9
1970
1971
1972
1973
1974
1975
1976
1977
1978 9
__
_ _
IV 9
i Undistributed profits (after inventory \mluation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
* Stocks, bonds, and mortgages.
s Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
4
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabil ities
Curreiat assets
End of period
Total
SEC series: 2
1970
1971
1972
1973
1974
FTC-FRB series:3
1974
1975
1976
1977
1977: I
II
III
IV
1978: I
II
III
_
Cash
U.S.
Notes
governand
Invenment
actories
securicounts
ties receivable
Other
current
assets
Total
Net
working
capital
Current
ratio 1
492.3
529.6
599. 3
697.8
790. 7
50.2
53. 3
59.0
66.3
71. 1
7.7
11. 0
10.6
12.8
12. 3
206. 1
221. 1
248.2
288. 5
322. 1
193.3
200. 4
225.7
263. 9
313.6
35.0
43. 8
55. 8
66. 4
71.7
304. 9
326.0
375.6
450. 9
530.4
211. 3
220. 5
282. 9
340. 3
402. 3
93. 6
105. 5
92. 7
110.7
128. 1
187.4
203. 6
223. 7
246.9
260. 3
1. 615
1.625
1. 595
1.548
1. 491
734. 6
756.3
823. 1
900. 1
73. 0
80.0
86.8
94.2
11.3
19.6
26. 0
20. 9
265. 5
272. 1
292. 4
325.7
318. 9
314.7
341.4
375.0
65. 9
69.9
76. 4
84.3
451.8
446. 9
487. 5
543.2
272.3
261. 2
273. 2
306. 8
179. 5
185. 7
214. 2
236. 3
282. 8
309. 5
335.6
357. 0
1.626
1. 693
1.688
1.657
842. 0
856.4
880.3
900. 1
80.8
83. 1
83. 4
94.2
26. 8
22. 1
21.5
20.9
304. 1
312. 8
326.9
325.7
352. 1
358. 8
367.5
375.0
78.3
79.6
81.0
84. 3
502.6
509.5
528. 9
543.2
280. 2
286. 8
297. 8
306.8
222.4
222. 7
231. 1
236.3
339.5
346. 9
351.4
357.0
1. 675
1. 681
1.664
1.657
924.2
953.5
992.4
88.5
90.9
91.4
20.9
19.7
18.6
338.3
356.8
377. 8
389.7
399. 1
415.5
86.8
87.0
89. 0
570.4
590. 8
624. 5
317. 2
331. 3
349.9
253. 2
259.4
274.6
353. 8
362.7
367.9
1.620
1.614
1.589
1 Total current assets divided by total current liabilities.
Eased on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
2
3
Notes
Other
and
current
accounts liabilities
payable
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Beserve System, Federal Trade
Commission, and Securities and Exchange Commission.
INTEREST RATES AND BOND YEILDS
Interest rates rose durlnq May after their mid-Apr!I decline.
PERCENT PER ANNUM
PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TAME BELOW
IPercent per annum j
U.S. Trcjasury seeunity yields
Constant iuaturities 2
3-month
1
bills
3-year
10-year
Period
1973_
1974
1975
1976
1977
1978
1978:
_ _ _ _ _
_
_
__
_
Apr. _
May__
June
July
Aug. _ _
Sept
Get
Nov
Dec. __
1979: Jan
Feb___
Mar_
Apr__
Week ended:
1979: Apr 28_
May 5
12
19
26
I
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
bonds
paper,
(N.Y.
bonds
(Standard
4-6
F.R.
& Poor's)3 (Moody's) months
Bank)4
7.041
7.886
5.838
4.989
5. 265
7.221
6.306
6.430
6.707
7.074
7.036
7.836
8.132
8.787
9. 122
9.351
9.265
9.457
9.493
6.95
7.82
7.49
6.77
6.69
8.29
7.85
8.07
8.30
8.54
8.33
8.41
8.62
9.04
9.33
9.50
9.29
9.38
9.43
6.84
7.56
7.99
7.61
7.42
8.41
8. 15
8.35
8.46
8. 64
8.41
8.42
8.64
8.81
9.01
9. 10
9.10
9. 12
9. 18
5. 18
6. 09
6.89
6.49
5. 56
5.90
5.71
5.97
6. 13
6. 18
5.98
5.93
5.95
6.03
6. 33
6.25
6. 19
6. 16
6. 14
7.44
8.57
8. 83
8.43
8. 02
8.73
8.56
8.69
8.76
8.88
8.69
8. 69
8.89
9.03
9. 16
9. 25
9.26
9.37
9.38
8. 15
9. 87
6. 33
5.35
5. 60
7.99
6.86
7. 11
7.63
7.91
7.90
8.44
9.03
10.23
10.43
10.32
10.01
9.96
9.87
9.115
9.498
9.621
9.506
9.744
9.47
9.54
9.54
9.45
9.27
9.25
9. 36
9.37
9.28
9. 11
6. 10
6.11
6. 14
6. 15
6.05
9.44
9. 51
9.52
9.51
9.49
9.68
9.91
10.00
10.03
9,98
» Rate on new
within period.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
» Weekly
are Wednesday figures.
* Average effecti¥e rate for year; opening and closing rate for month and week.
3
30
6.45
7. 83
6.25
5. 50
5.46
7.46
6}r-6H
6K-7
7-7
7-7J4
7%-8
8-8H
Ql /
Ql/
9^-93^
Q1Z__Q1/
Prime
rate
charged
by
banks 4
8. 03
10. 81
7. 86
6.84
6. 83
9.06
8-8
8-8X2
81/2-9
9-9
9-9^
9^-9%
10^-1 1H
11X2-11%
131%-11%
9^_9^
9H-9H
11 4— 11%
11%— 11%
1 l%-ll%
9}$-9H
gi^_9^
9^__gi^
9H-9H
i iji-nji
iiji-nji
n%-n%
Newhome
mortgage
yields
(FHLBB)*
7. 95
8. 92
9. 01
8. 99
9. 01
9.54
9. 30
9.37
9.46
9.57
9.70
9.73
9.83
9.87
10.02
10. 18
10.20
10.30
10.34
\\%-\\%
5 Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Bates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices In May continued to decline from mid-April peaks.
INDEX, DEC 31, 1965=50
80
INDEX, DEC 31,1965=50
80
50
- 50
40
40
~ 30
30 1979
1971
PERCENT
PERCENT,
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
15
15
(S&P)
10
10
1971
1979
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common s took s yields
(perc ent)
Comitnon stock p rices l
Period
New York Stock Exctsange indexe s(Dec. 31, 1965=50) *
Composite Industrial Transportation
1973 _„_ _ _ „
1974
„
1975_m
1976
_
1977
1978____
1978: Apr „ . „ „ _ _ „
May
June
July
Aug..
Sept
Oct
_„__
Nov.-.—
Dec
Jan.......
Feb.._
Mar__ .
Apr
Week ended:
1979: Apr 28
May 5
12__
19
26
Utility
57.42
43.84
45.73
54.46
53. 69
53.70
51.75
54.49
5483
54. 61
58,53
58.58
56.40
52.74
53.69
55.77
55.08
56. 19
57.50
63.08
48.08
50.52
60. 44
57.86
58.23
55.48
59. 14
59.63
59.35
6407
64 23
61.60
57.50
58.72
61.31
60.37
61.89
63. 63
37.74
31.89
31. 10
39.57
41. 09
43.50
41. 19
44.21
44 19
44.74
49.45
50. 19
46.70
41.80
42.49
43.69
42.27
43.22
45.92
37.69
29. 79
31.50
36.97
40. 92
39.22
39.69
39.47
39.41
39, 28
40.20
39. 82
39.44
37.88
38.09
38.83
39. 21
38. 94
38.63
70. 12
49.67
47. 14
52. 94
55.25
56.65
55.04
57.96
58. 31
57.97
63.28
63.22
60.42
5495
55. 68
57.59
56.09
57.65
59. 50
57.52
57. 24
55.69
55.67
56.50
63.84
63. 61
61.65
61.55
62.48
46. 05
45.66
44.36
45. 15
46.64
38. 09
37.73
37.23
37. 33
37. 58
59.65
59. 17
58. 10
58. 18
59. 50
1
Average of dally closing prices.
a Includes all the stocks (more than 1,500)
on the NYSE.
*1Includes 30 stocks.
«Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
pnces. Earnings-price ratios
on prices at end of quarter.
Finance
Standard
& Poor's
DowJones
composite Dividend- EarningsIndustrial3
index
ratio
ratio
average (1941-43=
10) 4
7. 12
923. 88
107. 43
3.06
11.59
82.85
447
759. 37
802. 49
9.15
431
86. 16
102. 01
974 92
3.77
8.90
4.62
10.79
894 63
98.20
12.05
96.02
820. 23
5.28
5.42
794 66
92.71
5.20
838. 56
97.41
97.66
5. 19
840. 26
11.76
831. 72
97. 19
5.25
103. 92
493
887. 93
11.30
497
103. 86
878. 64
5. 11
857. 69
100. 58
5.45
9471
804 29
12.85
5.39
807. 94
96. 11
5.28
837. 39
99.71
98.23
5.43
825. 18
5.36
100. 11
847, 84
5. 35
864 95
102. 07
862. 39
854 21
833. 28
832. 85
839. 85
102. 02
101. 53
98.94
98.90
100. 14
5.36
5.42
5.60
5.66
5.59
NOTE.—All data relate to
on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc.,
ard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 7 months of fiscal 1979, the budget deficit was $32.7 billion. A year earlier the deficit was $48.0 billion.
B1LUONS OF DOLLARS
IIUJONS OF DOLLARS
RECEIPTS AND OUTLAYS
500
500
400
400
OUTLAYS
300
300
RECEIPTS
200
200
J
f
50
50
SURPLUS W OR DEFICIT (-)
0
0
-50
-50
_L
_L
-100
1971
1972
1973
-100
1975
1974
1976
1977
1978
1979
19SQ
FISCAL YEARS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OP ECONOMY AOV5SS8S
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1969
1970
1971
1972. _
1973
„
1975
1976
.
Transition quarter
1977
1978
1845
196.6
211.4
232.0
247. 1
269, 6
326.2
366.4
94. 7
402.7
450.8
495.0
-148
-4.7
-45.2
-66.4
-13.0
-45. 0
-48.8
-33.2
503.9
509.0
532.3
532.0
-28.4
-23.0
212.4
253. 8
260.4
286.5
-48.0
-32.7
_.
.
.
2
1979 (estimates)
1980 (estimates):
Current Budget Estimates, March 1979 2 3
First Concurrent Resolution, May 1979 _.__
Cumulative total first 7 months."
Fiscal year 1978
_„_ _.
Fiscal year 1979
„
___
* Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Current Budget Estimates, March 1979, Office of Management
and Budget.
2
32
Surplus or
deficit ( — )
187.8
193.7
188.4
208. 6
232. 2
264.9
281.0
300.0
81. 8
357.8
402.0
461.8
„
1974__._
Outlays
3
3.2
-2.8
-23.0
-23.4
Federal debt ( end of period)
Total l
Held by
the public
367. 1
382.6
409. 5
437.3
468.4
486.2
544. 1
631.9
646.4
709. 1
780.4
279.5
2849
3043
323.8
343.0
346. 1
396.9
480.3
498.3
551.8
610.9
746.4
804.0
591.0
631.9
First Concurrent Resolution on the Budget—Fiscal Year 1980, May 24, 1979.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1979, budget receipts were $41.4 billion higher than a year earlier and outlays were
$26.1 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS
200
200
100
100
CORPORATION INCOME TAXES
OUTLAYS
400
400
300
300
NOND^^
200
200
- ^-
NATIONAL DfftNSE
100
1
v
1971
'
1
1972
I
1973
I
^
1
1974
I
1975
197<S
RSCALYEARS
!
1977
I
1978
I
1979
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
100
K
1980 ^
COUNCIL OF ECONOMJC ADVISERS
[Billions of dollars]
()utlays
Receipts
Nationa . defense
Period
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Fiscal year or period :
1969. __ __
1970
1971
1972. _
1973. _
1974
_
1975
_„_
1976
Transition quarter. _
1977
1978
1979 (estimates)11 _ _ _
1980 (estimates)
187.8
193.7
188. 4
208.6
232. 2
264. 9
281.0
300.0
81.8
357.8
402.0
461.8
503.9
87.2
90.4
86.2
94.7
103.2
119. 0
122.4
131. 6
38.8
157. 6
181.0
208. 8
228.6
36.7
32.8
26. 8
32.2
36.2
38. 6
40.6
41.4
Cumulative total first 7
months:
Fiscal year 1978
Fiscal year 1979
212.4
253. 8
96.0
120. 1
Total
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
15.8
18.3
19.6
20.6
22.8
28.0
30.9
34.5
7.5
8.2
49.0
56. 1
70. 1
81.4
91.8
106.5
136. 3
160. 9
41.5
176.7
189.9
208.6
232.7
38.0
44.0
52.5
56.9
35.7
39.3
41.8
48.8
53.9
51. 6
66.5
76. 1
21.5
85.7
105.9
111.4
108.5
3.2
2.9
109.9
119.7
24.3
29. 0
63.3
69.3
184.5
196.6
211.4
232.0
247. 1
269.6
326.2
366.4
94 7
402.7
450.8
495.0
532.3
79.4
78.6
75.8
76.6
74.5
77.8
85.6
89.4
22. 3
97.5
105.2
115.0
126.0
77.9
77. 1
74.5
75. 1
73.2
77.6
84. 9
87.9
21. 9
95. 6
103.0
112.4
122.9
4.6
4.3
54. 9
60.0
70.4
71.1
63.9
70.5
75.4
81.7
92. 8
107.4
118.0
127.0
34. 5
145.2
161. 1
182. 6
204.2
31.5
35.6
85.0
98. 2
260.4
286. 5
59.9
65.6
58.7
65. 2
8.5
1
Estimates from Current Budget Estimates, March 1979, Office of Management
and Budget.
Total
4. 1
4.7
4. 1
5.7
6.9
5.6
2.2
4.8
5. 9
7.2
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1979, according to preliminary estimates, Federal receipts rose $6.8 billion (annual rate) and
expenditures rose $4.6 billion, yielding a deficit of $18.4 billion, $2.4 billion lower than the fourth quarter deficit.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
500
i
i
I
i
I
i
i
i
i
i
I IN 150
I
50
50
SURPLUS
-50 -
DEFICIT
..-„
•" ^ ^ 1
'
-100
1971
1972
1973
i
II
1I11
- -50
-100
1975
1974
i"iiI
1976
1977
1979
1978
GALE MD AR Y EARJ
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
F<sderal G<Dvernmeiat expen iitures
Federal ( Glovernm ent receip ts
Period
Subsidies Less:
GrantsPurless
Indirect ContriWage
in-aid
Persona] Corpochases Trans- to State Net
rate business butions
current accruals
tax
and
for
Total of goods fer pay- and interest surplus of less
Total nontax profits tax and
and
tax
ments local
paid Govern- disnontax social inreceipts accruals
services
ment en- bursegovernaccruals surance
terprises ments
ments
Surplus
or
deficit
(-),
national
income
and
product
accounts
Fiscal year:
283.5
1975
313.9
1976
365.3
1977
413.8
1978"
127. 1
136.9
165.9
186.3
42.1
51.9
58.8
67.2
22.2
24.2
24.5
27.2
92.1
100.9
116.1
133. 1
328.7
371.5
412.0
450.6
118.0
126.2
140.7
151. 1
134.3
156.5
169.6
181.8
48.4
57.5
66.2
74.6
21.9
25.2
28.4
33.7
5.7
6.2
7.0
9.4
f
.0
.0
-45.3
-57.6
-46.7
-36.8
Calendar
year:
1975
1976
1977
1978
__
286.2
331.4
374.5
431.4
125.4
146.8
169.4
193.2
42.8
54.8
61.3
71.6
23.9
23.4
25.0
27.9
94.2
106.4
118.7
138.7
356.8
385.2
422. 6
461.4
123.1
129.9
145.1
153.8
149. 1
161.6
172.7
185.4
54.6
61.1
67.4
76.9
23.2
26.8
29. 1
35.5
6.8
5.8
8.3
9.7
.0
.0
.0
.0
-70.6
-53.8
-48. 1
-29.9
1977: III. _ 374.3
IV.._ 385.5
167.6
174.8
62.0
62.9
25.4
25.6
119.3 430.7
122.2 444. 1
146.8
152.2
175.7
178.3
70.9
71. 1
28.9
30.7
11.8
8.4
.0
.0
-56.4
-58.6
1978: 1
396. 2
IL___ 424.7
III— 441.7
IV.— 463. 1
176.8
186.7
199.7
209.7
59.6
72.6
73.6
80.6
26.5
27.9
28.2
28.8
133.3
137.6
140. 1
144.0
448.8
448.3
464.5
483.8
151.5
147.2
154. 0
162.5
180. 2
180.7
188.8
191.9
73.9
75.9
77.5
80.3
33.2
34.6
36.3
38. 1
10.0
10.0
11.0
8.0
.0
.0
.2
.0
-52.6
-23.6
-22.8
-20.8
1979: I » _ _ 469.9
208.3
75.3
29.3
157. 1 488.4
164.5
196.5
77.0
41.5
8.7
-.2
-18.4
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
4
]o
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
[1967=100]
] mees (ui
Con
i)
In dustria I produ Dtion (se asonally adjuste d)
United United CanUnited
United Can- Ja- France GerGer1
Japan France many
Italy Kingada
States
many Italy Kingpan
States ada
dom
dom
1972........ 119. 7
1973...
- 129. 8
129. 3
117.8
129.8
life
137.1
1977
145.2
1978
1978: June... 144.9
July— 146. 1
Aug.... 147. 1
Sept.— 147. 8
Oct.— . 148.7
Nov-..- 149. 6
150.9
Dec
1979: Jan*-__ 150.9
Feb »— 151. 0
152.0
Mar »
150.5
Apr *
130.7
143. 0
147.5
139.6
146.7
152. 6
160.8
159.7
160.4
159.4
165. 1
164. 5
165.5
167.6
168.4
169.5
170.0
167.2
190. 5
183. 1
163. 9
182. 0
189. 5
201.3
200.5
199.7
201. 8
203.4
203.1
205. 4
208.4
208.9
210.7
212. 6
135
145
148
139
149
152
156
154
{l55
157
156
159
160
161
159
161
138. 7
147.7
145. 1
137. 1
149. 1
152.7
155.8
155
157
156
159
159
159
159
159
15?
159
122.7
134.6
140.6
127.6
143.5
145. 1
147.5
146.0
145.0
144.2
146.8
154. 1
154.7
152,4
152.2
159.8
155.5
113.2
123.0
120.0
114.3
117.5
122.8
126.5
128.0
128.7
129.4
127.6
124.9
126.4
128. 7
119.7
130.6
132. 1
i Beginning January 1978 data relate to all urban consumers.
125. 3
133. 1
147.7
161.2
170.5
181.5
195.4
195. 3
196.7
197.8
199.3
200.9
202.0
202.9
204.7
207. 1
209. 1
211.5
121.2
130.3
144.5
160. 1
172. 1
185.9
202.5
202.4
205.4
205.5
205.2
207.3
209.0
209. 6
211.2
213. 2
215.7
217.2
132.3
147.9
1840
205.8
224 9
243.0
252.3
252. 1
253.1
253.3
256.4
256.8
254 1
253.7
253.9
253.1
255.1
131. 1
140.7
160.0
178.9
196. 1
214.5
233.7
232.8
235.7
237. 1
238.6
240.8
242. 1
243.2
245. 5 •
247. 1
249.4
119.0
127.2
136. 1
144. 2
150.7
156.6
160.7
121. 0 137.7
1340 150.2
159. 7 1743
186.8 216.5
218. 1 . 252. 4
255.2 292.4
286,2 316.6
161. 5
161. 5
161.0
160.6
160. 6
161. 1
161.8
163.5
164 5
165. 5
166. 4
285. 1
286.8
288.3
292.9
295.5
298.6
300. 1
305,8
310.4 314. 1
319. 2
316.8
318.2
320.3
321.6
323. 1
325.3
328.0
332.9
338. 3
344 1
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and
Office of International
Keseareh, in International
Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mercl landise exports l
Merc landise imports
8
Domesti c exportsi
Period
Ge neral im ports
Total
domesFood, Crude ManuFood, Crude
tic and
bever- mate- ManumateTotal
2
facforeign Total 2 beverfacrials
ages,
rials tured Total
ages,
(c.i.f.
extured
and to- and
and to- and
value) 4
ports
goods
goods
bacco fuels
bacco fuels
F. a.s. valu e s
Monthly
average :
1973
5,902
1974
. _ 8, 159
5,811
8, 04,5
1974
8,159
1975
8,966
1976
_ 9,596
1977
10, 096
1978
- 11, 965
1978: Mar... 11, 147
Apr
11, 630
May.-. 11, 786
June—. 12, 268
July... 11, 662
Aug___ 12, 294
Sept___ 13, 274
Oct
12, 901
Nov
13, 451
Dec... 13, 283
1979: Jan____ 13, 132
Feb
13, 507
Mar
14, 452
8,045
8,842
9,456
9,912
11, 756
10, 903
11,420
11, 541
12, 053
11,497
12, 101
13, 066
12, 670
13, 212
13, 054
12, 923
13, 283
14, 165
1,078
1,269
Custoiris value
895
1,317
3,728
5,294
1,269 1,317
1,399 1 S 266
1,436 1,341
1,330 1,548
1,719 1,746
1,643 1,531
1,641 1,677
1,864 1,754
1,964 1,905
1, 799 1,620
1,960 1,718
1,877 1,901
1,786 1,934
1,634 2, 040
1,692 2,047
1,437 2,143
1,557 2,009
1, 765 2,313
5,294
5,913
6,437
6,679
7,874
7,339
7,594
7,614
7,791
7,728
8, 094
8, 586
8,626
8,913
8,907
8,759
9,078
9,403
770
892
F.a.s.
892
8,354
8,048 •
827
10, 084
991
12, 307 1,186
14, 336 1,312
14, 004 1,408
14, 492 1,374
14, 009 1,326
13, 970 1, 240
14, 545 1,313
14, 133 1, 123
14, 820 1,235
14, 852 1, 358
14, 825 1,369
15, 032 1,452
16, 231 1,486
14, 806 1,261
15, 273 1,437
5,790
8,416
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
Periods and from monthly detail beginning January 1978.
» Total includes
commodities and transactions not classified according to kind.
! JW ?rrivals of imported goods other than intransit shipments.
TT ^JA(cost' insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
Mer ehandise
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
imports
imports
(cusports
(c.i.f.)
toms (f.a.s.)
value)
5
F.a.s.
at
1,120
2,653
value s
2,672
2, 718
3,457
4,463
4, 329
4,255
4,312
4, 109
4,237
4,176
4,519
4,513
4,355
4,443
4,578
5,145
4,438
4,890
3,750
4,684
6,131
9,000
4,602
4, 257.
5,398
6,379
8, 363
7,972
8,471
8,257
8, 158
8,729
8, 167
8,767
8,755
8,691
8,617
9,291
8,824
8, 596
alongside
port of
NOTE.—Data
Source: Department of
112
-257
-195
-229
-841
9,000
257 —195
—841
8,654
853
918
312
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 261 -2, 476-2, 371 -3,297
14, 893
-2, 858 -3,747
15, 434
-2, 861 -3,804
14, 913
-2,223 -3, 127
-1,702 -2, 601
14, 869
15, 495
-2, 883 -3, 834
15, 074
-1,839 -2, 780
15, 821
- 1, 546 -2, 547
-1,951 -2, 863
15, 764
-1,374 -2, 319
17, 770
-1,749 -2, 724
16, 006
17, 282
-3,099 -4, 150
15, 720
-1,300 -2, 213
-821 -1,776
16, 228
for
not
at U.S. port of exportation for exports
comparable with earlier data.
Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In fhe first quarter, the merchandise trade deficit fell slightly, to $6.2 billion from $6.4 billion in the fourth quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
M erchandise
Period
Imports
Exports
Inv(?stment iricome3
12
Net
balance
1972
49, 381 -55,797 -6,416
71,410 -70,499
1973
911
1974
98, 306 -103,649 -5,343
107, 088 -98,041
9,047
1975
114, 694 -124,047 -9,353
1976
120, 576 -151,706 -31, 130
1977
1 9 7 8 - _ _ _ _ 141, 844 - 175, 988-34, 144
Payments
14, 694 -6,544
21, 697 -9,655
27, 541 -12,084
25, 359 - 12, 564
29, 244 -13,311
32, 100 -14,593
41, 514 -21,599
Balance
on
current
account
8,150 -3,621 -3,028 2,789 -2, 125 -3,854 -5,979
12, 042 -2,287 -3, 086 3,185 10, 766 -3,881
6,885
8,905 -7, 186
1,719
15, 457 -2,080 -3, 105 3,975
12, 795
-876 -2, 522 4,617 23, 060 -4, 615 18, 445
9,361 -5,022
312 -2, 245 4,714
4,339
15, 933
17, 507
1,334 -3, 044 4,749 -10,585 -4, 708-15,292
531 -3, 135 5,949 - 10, 885 -5,076 - 15, 961
19, 915
467
5
-677
-701
1,260 - 1, 705 - 1, 277 -2,982
1, 183 -5,072 - 1, 064 -6,136
-42,707 -11,920 9,392 -4,515
-43, 125 -7,869 10, 013 -5,432
-44,478 -7,992 10, 332 -5,444
-45,678 -6,363 11, 787 -6,207
4,877
4,581
4,878
5,580
210
444
12
-136
-834
-637
-930
-734
1,366 -6,302 - 1, 282 -7,584
1,472 -2,009 -1,317 -3,326
1,596 -2,436 - 1, 275 -3,711
1,515
-138 - 1, 204 - 1, 342
1978: !_._
!!.__
IIL_
IV ._
30,
35,
36,
39,
1979: !*__
41, 161 -473 385 -6,224
1
Excludes military grants.
a
Adjusted from Census data
8
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
Remittances,
pensions,
and.
other
unilaterai
transfers 1
4,610
3,812
30, 578 -37,942 -7,364
29, 637 -39,009 -9,372
36
Net
Other
services,
net 8
Balance
on
goods
and
services *
8, 220 -3,610
7,997 -4, 185
1977: III. _
IV. __
787
256
486
315
Receipts
Net
military
transactions
Nettravel
and
transportation
receipts
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the fourth quarter of 1978, both capital outflows and capital inflows accelerated sharply. The increased outflow was
primarily concentrated in private accumulation of foreign assets. The increased inflow reflected the acceleration of
foreign official accumulation of U.S. assets, which rose from $4.9 billion in the third quarter to $19.0 billion in the
fourth quarter.
BILLIONS OF DOLLARS
30
BILLIONS OF DOLLARS
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
A
\
CHANGE IN
U.S. ASSETS
ABROAD, NET
-30
1970
'
1977
1971
SOURCE: DEPARTMENT OF COMMERCE
1
1978
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U S. assets abroad, net
[iner€ ase/capit£il outflow (-)]
Period
Total
1972
1973
1974_
1975
1976_
1977
1978
U.S.
official
reserve
assets * 2
:. -14, 461
32
-22,823
209
-34,712 - 1, 434
- 39, 444 -607
_ -50, 608 -2,530
- 34, 650 -231
-58,748
872
Other
U.S.
U.S.
Govern- private2
ment
assets
assets
Fore ign assets in the U.S., net
[inci*ease/capi1fcal inflow(-HP
Foreigri official
ass ets
Total
Total
Assets of Other
foreign foreign
official
assets
reserve
agencies
-1,568 - 12, 925 21, 696
-2,644 -20,388 18, 663
366 -33,643 34, 677
3,470 -35,368 15, 550
-4,213 -43,865 36, 969
-3,679 -30,740 50, 869
-4, 657-54,963 63, 260
10, 705
6,299
10, 981
6,907
18, 073
37, 124
33, 967
10, 322
5, 145
10, 257
5, 259
13, 080
35, 480
31, 157
10, 991
12, 364
23, 696
8, 643
18, 897
13, 746
29, 293
1977: III_._ -6,615
IV.... - 14, 700
151 - 1, 098 -5, 668 14, 251
-838 - 13, 862 20, 065
8,246
15, 543
7,914
15, 153
6,005
4,522
1978: I
-15,067
II
-6, 167
I I I _ _ _ -10, 216
IV... -27, 298
-896 -14,417 18, 095 15, 760 14, 956
246
406 -5, 685 -5,373
329 -1, 176 -5,320
4, 502
4,852
115 -1,498 -8, 833 15, 489
182 -1,086 -26, 394 29, 270 19, 040 17, 072
2,336
6,090
10, 637
10, 230
1979: I *
-3, 589
1
Consists of gold, special drawing rights (SDK), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Stati stical
discre pancy
U.S.
official
Allocareserve
tions
Of
assets,
Total
of
1
special (sum of Seasonal net
(
unadthe
drawing
adjust- justed,
items
rights
ment
end of
with
sign
(SDR)
reversed) discrepancy period)
710 - 1, 966
-2,725
- 1, 684
5,449
9,300
-927
11, 449
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
-4, 655 -2, 133 18, 988
1,455 19, 312
771
917
4,555
108
9, 087
-1,562 -2, 455
1,431
-630
19,
18,
18,
18,
192
864
850
650
-8, 641
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1972 Dollars.
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Economy
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock.
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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