Full text of Economic Indicators : November 1979
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
96th Congress, 1st Session Economic Indicators November 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) IOHN H. ROUSSELOT (California) CHALMERS P. WYLIE (Ohio) JOHN M. ALBERTINE, Executive Director COUNCIL OF ECONOMIC ADVISERS CHARLES L. SCHULTZE, Chairman GEORGE C. EADS LYLE E. GRAMLEY [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION] JOINT RESOLUTION fSJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Msolved 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 TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the third quarter, gross national product rose $65.6 billion or 11.7 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 3.5 percent from the second quarter level and the implicit price deflator rose at an 8.0 percent annual rate. BILLIONS OF DOLLARS 2,600 (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 2,600 SEASONALLY ADJUSTED ANNUAL RATES 2,400 2,400 2,200 2,200 2,000 2,000 GNP IN CURRENT DOLLARS 1,800 1,800 1,600 1,600 1,400 1,400 ^ 1,200 1,200 GNP IN 1972 DOLLARS 1,000 1,000 1974 1972 1975 1977 1976 1979 1978 SOURCE: DEPARTMENT OF COMMERCE 1980 COUNCIL OF ECONOMIC ADVISERS (Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period Gross national product Personal consumption expenditures 1968 868.5 535. 9 1969 935.5 579.7 1970 982.4 618.8 1971__ ___ 1, 063. 4 668.2 1972 1, 171. 1 733. 0 1973 1, 306. 6 809.9 1974 lf 412. 9 889.6 1975 1, 528. 8 979. 1 1976. _ ._ 1, 702. 2 1, 089. 9 1977_. __ 1, 899. 5 1, 210. 0 1978 2, 127. 6 1, 350. 8 1978: 1 2, Oil. 3 1, 287. 2 II- __ 2, 104. 2 1, 331. 2 III__ 2, 159. 6 1, 369. 3 !¥_„_ 2, 235. 2 1, 415. 4 1979: 1 2, 292. 1 1, 454. 2 II. _. 2, 329. 8 1, 475. 9 III*_ 2, 395. 4 1, 527. 7 services Net exports Exports Imports Total 131. 5 146.2 140. 8 160.0 188.3 220.0 214.6 190.9 243.0 303. 3 351.5 327.0 352. 3 356.2 370.5 373. 8 395.4 393.7 2.3 1.8 3.9 1. 6 -3.3 7. 1 6.0 20.4 8.0 -9.9 10.3 -22.2 -7.6 -6. 8 -4.5 4. 0 -8. 1 -3.5 49.9 54.7 62.5 65. 6 72.7 101. 6 137.9 147.3 163.3 175.9 207. 2 184.4 205.7 213. 8 224.9 238.5 243.7 266. 8 47.7 52.9 58.5 64. 0 75. 9 94.4 131. 9 126.9 155.4 185. 8 217.5 206. 6 213.3 220.6 229.4 234.4 251.9 270.3 198. 7 207.9 218.9 233.7 253. 1 269.5 302.7 338.4 361.3 396. 2 435.6 419.4 428. 3 440.9 453.8 460. 1 466. 6 477.5 Federal 1 This category corresponds closely with budget outlays for national defense, shown on p. 33. Go^ /ernment purchases of goods and Export^s and imp>orts of goocis and seryices Gross private domestic investment Total 98.0 97.5 95.6 96.2 102. 1 102. 2 111. 1 123. 1 129.7 144. 4 152.6 150.9 148. 2 152.3 159.0 163. 6 161.7 162.7 National defense l 76.9 76.3 73.5 70. 2 73. 5 73.5 77.0 83.7 86.4 93.7 99. 0 97.6 98.2 99.0 101.2 103.4 106. 0 109.0 Nondefense 21.2 21.2 22. 1 26.0 28.6 28. 7 34. 1 39.4 43.3 50.6 53. 6 53. 3 50.0 53.3 57.8 60.2 55.7 53.7 State and local 100.7 110.4 123. 2 137.5 151.0 167.3 191.5 215.4 231.6 251. 8 283.0 268.5 280. 1 288.6 294.8 296.5 304.9 314.8 Source: Department of Commerce, Bureau of Economic Analysis. Final sales 860. 8 926.2 978. 6 1, 057. 1 1, 161. 7 1, 288. 6 1, 404. 0 1, 539. 6 1, 692. 1 1, 877. 6 2, 105. 2 1, 988. 5 2, 078. 4 2, 139. 5 2, 214. 5 2, 272. 9 2, 296. 4 2, 380. 1 GROSS NATIONAL PRODUCT IN 1972 DOLLARS IBillions of 1972 dollars; quarterly data at seasonally adjusted annual rates] Gross ] private dc>mestic iii vestment EXT>orts of gc>ods and service>s Governrnent pure lases of gooc s and sen/ices Personal conGross national sumpproduct tion expenditures Nonresidential fixed Residential fixed 1, 051. 8 1, 078. 8 1, 075. 3 1, 107. 5 1, 171. 1 _ 1, 235. 0 1, 217. 8 . 1, 202. 3 1, 273. 0 1, 340. 5 1, 399. 2 633.4 655.4 668.9 691.9 733.0 767.7 760.7 774.6 820.6 861.7 900. 8 108.0 114. 3 110.0 108. 0 116.8 131.0 130.6 113.6 119.0 129.3 140. 1 42. 8 43.2 40.4 52.2 62.0 59. 7 45.0 38.8 47.8 57.7 60. 1 8.7 10.6 4.3 6.6 9.4 16. 5 8.0 -9.8 6.6 13. 1 14. 1 -0.4 — 1. 3 1.4 -.6 -3.3 7.6 15.9 22.6 15. 8 10.3 11.0 58.5 62. 2 67. 1 67.9 72.7 87.4 93. 0 90.0 96. 1 98.4 108.9 58.9 63.5 65.7 68.5 75.9 79. 9 77. 1 67.5 80. 4 88. 2 97.9 259.2 256. 7 250.2 249. 4 253. 1 252.5 257. 7 262.6 263.3 268. 5 273.2 128.3 121.8 110.7 103.9 102. 1 96. 6 95.8 96. 5 96. 4 100.6 98. 6 130.9 134.9 139.5 145.5 151.0 155. 9 161.8 166. 1 166.9 167.9 174.6 1, 043. 1 1, 068. 2 1, 071. 0 1, 100. 9 1, 161. 7 1, 218. 5 1, 209. 9 1, 212. 1 1, 266. 4 1, 327. 4 1, 385. 1 1, 367. 8 1, 395. 2 1, 407. 3 1, 426. 6 882.7 894.8 905.3 920.3 133. 1 140. 3 141.6 145. 5 59.4 60.9 60.2 60.0 16. 5 15.6 12.2 12.0 5.3 12.3 13. 3 12.9 100.7 109.2 111.9 113.8 95.4 96.9 98.5 101.0 270.7 271. 3 274.7 276. 0 99. 9 96.6 98. 5 99.3 170. 9 174.7 174.2 176.6 1, 351. 3 1, 379. 6 1, 395. 1 1, 414. 6 1979: I— _ 1, 430. 6 II— 1, 422. 3 III*_ 1, 434. 4 921.8 915.0 925.9 147.2 146.9 151.0 57.7 56.7 56.6 12.3 18. 1 7.9 17.0 13.2 19.7 117.0 116. 0 122. 1 100.0 102.9 102. 4 274. 7 272.4 273. 3 101. 1 98. 1 97. 8 173.6 174.3 175.6 1, 418. 4 1, 404. 1 1, 426. 5 Period 1968 1969 1970 1971_. 1972 1973__ 1974 1975.. 1976__ 1977__ 1978__ 1978: !_-_ !!___ III__ IV__ Change in busiKJW INCu ness in- exports ventories Exports Imports Total Federal State and local Final sales IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972 = 100; quarterly data are seasonally adjusted] Period Gross national product Persona 1 consump tion expe nditures Total 1968 1969 1970 1971 1972 1973___ 1974 1975 1976 1977 _ 1978 1978:1— II III IV - 1979:1II III 9 NonresNonDurable durable Services idential goods fixed goods Residential fixed Expor ts and imports of goods and se•rvices Governirlent purchases c>f goods and se rvices Exports Imports Federal State and local 82.57 86.72 91. 36 96.02 100. 00 105. 80 116.02 127. 15 133. 71 141. 70 152. 05 84.6 88.5 92.5 96.6 100.0 105. 5 116.9 126. 4 132.8 140. 4 150.0 90. 7 93. 1 95.5 99.0 100. 0 101. 6 108. 4 117.7 124.3 129.4 136. 5 85.3 89.4 93.6 96.6 100. 0 107.9 123.8 133.4 138. 1 144. 7 154.6 82.0 86. 1 90.5 95.8 100. 0 104.7 113.6 123.2 131.2 140.7 150.9 82.6 86. 6 91.3 96.4 100.0 103.8 115. 3 132.2 138.5 146. 6 157.8 80.7 87.7 90.6 94.9 100.0 110. 8 122.3 132.8 142.5 159. 3 179.7 85.3 87.9 93. 1 96.6 100.0 116. 2 148.3 163.6 169.9 178. 7 190.3 80.9 83. 3 89. 1 93.5 100.0 118.2 171. 0 188.0 193.3 210.7 222. 1 76.4 80.0 86.4 92.6 100.0 105.8 115.9 127.5 134.6 143.6 154. 8 76.9 81.9 88.3 94.5 100.0 107.3 118.4 129. 7 138. 8 150.0 162. 1 147. 150. 153. 156. 05 82 45 68 145. 8 148.8 151.3 153. 8 133.0 135.6 137.9 139.4 150.0 153. 7 155.7 158.6 146.8 149. 4 152.3 155. 0 153. 0 156.0 159.6 162.3 169.3 176.7 183. 1 189.5 183. 1 188.4 191. 1 197. 6 216. 6 220.2 223. 9 227.2 151. 1 153.4 154. 6 160. 1 157. 1 160.3 163. 8 166.9 160. 22 163. 81 166. 99 157.8 161.3 165.0 142.4 144. 1 145.2 164. 1 168.9 173. 1 158. 0 161.0 165.2 165.4 169.6 173. 5 192. 6 199.2 205.6 203. 9 210. 1 218. 5 234.5 244.9 263.9 161.9 164.8 166. 4 170.8 174.9 179.3 Source: Department of Commerce, Bureau of Economic Analysis. Gross private dom estic invesl;ment CHANGES IN GNP AND GNP PRICE MEASURES (Percent change from previous period; quarterly data at seasonally adjusted annual rates] Gross national p roduct Period 1968 1969_ 1970 1971 1972 1973 1974 1975 1976 1977 1978 _ Constant (1972) dollars Current dollars 9. 1 7.7 5.0 8.2 __ _ 10. 1 11.6 8. 1 ~ 8.2 11.3 11. 6 12.0 II __ III IV 1979:1II III" 4. 4 2.6 -.3 3.0 5.7 5.5 -1.4 -1.3 5.9 5.3 4.4 1.9 8.4 1978: I Implicit price deflator 19.8 10.9 14.8 8. 3 10.6 1. 1 -2.3 3.5 5.6 6.7 11.7 3.5 Gross c lomestic i>roduct Fixedweighted price index (1972 weights) Chain price index 4.5 5.0 5.4 5. 1 4. 1 4. 4 5.0 5.3 5.0 4. 1 4.3 5.0 5. 2 4. 9 4.0 Current dollars 9.1 7.8 5.0 8. 1 10. 1 11.5 5.8 9.7 9.6 5.2 6.0 6.0 9.9 9.4 5.6 6.3 7.4 6. 0 10.2 7. 5 11.2 11.5 12. 0 6.3 7.2 8.7 6.8 9.4 8.2 8.6 6.8 9.6 8.3 8.9 8. 1 19.6 11. 1 14.8 9.3 9.3 8.0 9.7 8.8 8.8 9.9 9.5 9.8 10. 1 7. 3 10. 6 NOTE.—Annual changes from previous year and quarterly changes from previous quarter. 9.3 5.6 6.4 7.9 8.5 6.9 11.6 Constant (1972) dollars 4.4 2.6 2 2.8 5.8 5.4 -1.3 -1. 1 5.7 5.3 4.4 1.8 Implicit price deflator 4.5 5. 1 5.3 5.1 4.1 5.7 9.3 9.7 5. 1 5.9 7.3 6.2 Chain price index Fixedweighted price index (1972 weights) 4. 4 4. 4 5.0 5.3 5.0 5.0 5. 2 5.9 9.6 9.4 5.6 6.2 7.4 4.9 4.0 5.9 9.9 9.3 5.6 6.4 7.5 4. 1 8. 1 10.6 6.7 9.4 8.2 8.7 6.8 9.7 8.3 8.9 .9 9. 1 9.6 8.7 9.9 9.4 9.5 3.6 5.6 -2. 1 3.7 7.2 8.7 9.2 7.6 8. 3 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS Period Gross d omestic prodiict of nonfin ancial corp<>rate busi ness (billic>ns of doll ars) [Quarterly data at seasonally adjusted annual rates) C urrent-do lar cost and profit Der unit of outpu t (dollars) Total cost and profit 2 Capital consumption Compenallowances Indirect sation with business of capital taxes 3 employconees sumption adjustment Net interest Current dollars 1972 dollars 452. 9 1967 498.4 1968 541. 8 1969 560. 6 1970 602. 5 1971__ _ 671. 0 1972 752. 0 1973 808.8 1974_ _ 874. 1 1975 988.0 19761, 106. 3 1977 1, 246. 9 1978 545.8 581. 6 607. 3 600. 6 619. 3 671.0 720.4 695. 0 680. 0 730.4 770. 7 818.7 0.830 .857 .892 .933 .973 1.000 1. 044 1. 164 1.285 1. 353 1.436 1. 523 0.072 .074 .079 .088 . 094 .093 .095 . 116 . 142 . 146 . 151 . 155 0.084 . 089 . 094 . 103 . 110 . 110 . 112 . 123 . 136 . 137 . 140 . 143 0.535 . 553 .589 .628 . 645 .661 .699 . 796 .848 .890 . 951 1.020 !!___ 1, 236. 5 1, 169. 1 III__ 1, 267. 9 IV___ 1, 314. 1 789.8 817. 1 826.3 841.4 1.480 1. 513 1. 534 1.562 . 156 .154 . 155 . 155 . 143 . 144 . 142 . 143 1.002 1. 009 1.024 1.042 .047 .047 .049 .050 1, 346. 4 1979: I !!____ 1, 370. 4 III*_ 1, 403. 0 846. 6 841.0 844. 3 1.590 1. 629 1.662 . 158 . 165 . 170 . 145 . 148 . 151 1. 075 1. 104 1. 125 .052 .054 .057 1978: I 1 Output is measured by gross domestic product of nonflnancial corporate business in 1972 dollars. 2 This is equal to the deflator for gross domestic product of nonfinancial 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. 4 Corpc rate profi bs with invent*Dry valuat ion and capii al consuiription tidjustmen ts ComOutput penper sation hour per of all hour employ- of all ees employ(1972 ees dollars) (dollars) Profits tax liability Profits after4 tax 0. 051 .058 .055 .045 .048 .050 .055 .061 .060 .072 .077 .084 0.072 .066 .055 .041 .046 .057 .050 .024 .053 .066 .074 .073 6.906 7. 133 7. 154 7. 147 7. 389 7.631 7. 790 7.492 7.726 7.973 8.064 8. 142 3. 694 3.944 4.207 4. 487 4.766 5. 047 5.447 5.961 6.554 7.098 7. 666 8.302 . 132 . 159 . 163 . 171 .071 .085 .086 .093 .061 .074 .077 .078 8.056 8. 138 8. 179 8.201 8.071 8.212 8. 379 8.544 . 161 . 159 . 159 .088 .085 . 091 .072 .074 . 068 8. 159 8. 100 8. 113 8.770 8.941 9. 126 Total 0.016 0. 123 . 124 .017 . 022 . 109 .086 .028 .095 .029 . 107 .028 .032 . 105 . 086 .043 . 113 .045 . 042 . 138 . 151 .043 ,157 .048 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] Propr letors1 incom e with inventor y valuation anc capital consulnption adjust ments ComNational income Period tion of employees l Farm 1968 1969.— _ 1970— 1971_1972 1973 1974 1975 1976. _ 1977 1978 _ Corpor ate profits? with inv entory va luation and capital consumptioin. adjustm ents Profits with inv entory valuallion adjus tment and ^without caipital consum ption adjiistment of per- with capital consumption adjustment Total Total Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest 519.8 714.4 571. 4 767.9 609. 2 798.4 _ 650.3 858. 1 715. 1 951.9 799.2 1, 064. 6 875.8 1, 136. 0 931. 1 1, 215. 0 1, 359. 8 1, 037. 8 1, 525. 8 1, 156. 9 1, 724. 3 1, 304. 5 12.0 13.9 13. 9 14.3 18.0 32.0 25.4 23.5 18.3 19.6 27.7 51.4 52.3 51. 2 53.4 58. 1 60.4 60.9 63.5 71.0 80. 5 89. 1 18.6 18. 1 18.6 20. 1 21.5 21.6 21. 4 22. 4 22. 1 24. 7 25.9 85.8 81.4 67.9 77.2 92. 1 99. 1 83.6 95. 9 126.8 150.0 167.7 82. 1 77.9 66.4 76.9 89.6 97.2 86.5 107.9 141.3 162.0 180.8 85,6 83.4 71.5 82.0 96.2 115.8 126.9 120. 4 156.0 177. 1 206.0 -3.4 -5.5 -5. 1 -5.0 -6.6 -18.6 -40.4 -12.4 -14.6 -15.2 — 25.2 3.7 3.5 1.5 .3 2.5 1.9 -2.9 -12.0 — 14. 5 -12.0 -13. 1 26.8 30.8 37.5 42.8 47.0 52.3 69.0 78.6 83.8 94. 0 109.5 1, 244. 0 1, 288. 2 1, 321. 1 1, 364. 8 25.7 27.7 26. 1 31.3 83.4 87.3 91.3 94.4 25.2 24.4 26. 8 27. 1 141.2 169.4 175.2 184.8 153.6 182.0 189. 0 198.6 177.5 207.2 212. 0 227.4 -23.9 -25. 1 -23.0 -28.8 -12.4 — 12. 6 -13.8 101.5 106.8 111.9 117.6 _ 1, 869. 0 1, 411. 2 1, 897. 9 1, 439. 7 1, 941. 6 1, 472. 9 34.2 33.7 30.9 94. 8 95.5 99.2 27.3 26.8 26.6 178.9 176.6 181.0 193.3 191.3 198.5 233. 3 227.9 242.5 -39.9 -36.6 -44. 0 -14.5 -14.7 -17.6 122.6 125.6 131. 1 _ 1, 621. 0 1, 703. 9 1, 752. 5 1, 820. 0 1978: I_ II III_ IV 1979:1 II- _ III »_ Nonfarm Rental »Includes employer contributions for social insurance. (See also p. 5.) 100 J.O. O Source: Department of Commerce, Bureau of Economic Analysis, PERSONAL CONSUMPTION [Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates] Nondura 3le goods Durable gooiIs Total personal consumption expenditures Total durable goods * Motor vehicles and parts 1968 535.9 1969 579.7 1970___ __ 618. 8 668.2 1971 1972___ ___ 733.0 1973___. 809.9 1974 889.6 1975 979. 1 1976 1, 089. 9 1977____ 1, 210. 0 1978 _ 1, 350. 8 80.0 85.5 84. 9 97. 1 111.2 123. 7 122.0 132. 6 157.4 178.8 200.3 35.8 37.7 34. 9 43.8 50.6 55.2 48.0 53.4 70.0 81. 6 91.2 32.6 35.0 36.7 39.4 44.8 50.7 54.9 58.0 64.0 70.9 77.6 230.4 247. 0 264.7 277.7 299.3 333.8 376.3 408.9 443.9 481.3 530. 6 1978:1 II III IV 1, 287. 2 1, 331. 2 1, 369. 3 1, 415. 4 185.3 200. 3 203. 5 212. 1 84. 1 93.5 92. 4 94.9 72. 4 76.5 78.9 82.7 1979: ! _ _ _ 1, 454. 2 II 1, 475. 9 III *>__ 1, 527. 7 213.8 208.7 212. 5 97.7 89. 1 88.8 82. 1 84.2 87.5 Period i Total includes other items not shown separately. Furniture and household equipment Total nondurable1 goods Retail sales of new pa ssenger cars(nlillions of uiaits) Services Clothing and shoes Gasoline and oil 118.3 126. 1 136.3 140. 6 150.4 168. 1 189.8 209. 6 227. 1 246. 7 271.7 41.8 45. 1 46. 6 50.5 55. 1 61.3 65.3 70. 1 75.9 82.4 91.2 18.4 20.4 22.0 23.4 24.9 27.8 36.4 39.5 42.9 46. 7 50.9 225.6 247. 2 269. 1 293.4 322. 4 352. 3 391.3 437.5 488.5 549.8 619. 8 8.6 8.5 7. 1 8.7 9.3 9. 7 7.5 7. 1 8. 6 9. 1 9.3 1.0 1. 1 1.3 1.6 1.6 1.8 1.4 1.6 1.5 2. 1 2. 0 505. 9 521.8 536. 7 558. 1 260.6 267. 7 274.5 283.9 85.4 89.9 92. 7 96.8 48. 1 49. 0 51.5 55.0 596. 0 609. 1 629. 1 645. 1 8.7 9.9 9.4 9.3 571. 1 581. 2 604. 1 292.9 296.7 302. 8 95.5 96.9 100.9 58.4 60.2 68. 1 669.3 686.0 711. 2 9.3 8. 1 8. 6 2. 1 2. 1 2.0 1.9 2. 3 2.5 2. 2 Food Domestics Source: Department of Commerce, Bureau of Economic Analysis. Imports SOURCES OF PERSONAL INCOME Personal income rose $161/2 billion (annual rate) in October, following revised increases of about $1 21/s billion in both September and August. About $3% billion of the October increase was due to pay raises for Federal civilian and military personnel. BILLIONS OF DOLLARS*(RATIO SCALE) 2,400 BILLIONS OF DOLLARS*(RATIO SCALE) 2,400 2,000 1,800 1,600 2,000 1,800 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 600 600 ....•t""1""1 OTHER INCOME 400 400 TRANSFER PAYMENTS —.J 200 200 160 160 120 120 100 100 80 80 60 60 1972 1973 1974 1975 1976 1977 1978 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 1979 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] 7 Wage Rental Total Other Proprietc>rs income 3 income Transfer and Divi- Personal paypersonal salary labor 12 interest dends of 4 income disburseincome income ments 5 Nonfarm persons Farm l ments Period 1980 Less: PerNonsonal confarm tributions personal fl for social insurance income 859. 1 579. 4 942. 5 633.8 1, 052. 4 701.3 1, 154. 9 764.6 805. 9 1, 255. 5 1, 381. 6 890.0 1, 531. 6 984.0 _ 1, 717. 4 1, 103. 3 36. 2 42.0 48.7 55. 6 65. 1 77.4 91.8 106.5 14.3 18.0 32.0 25. 4 23. 5 18. 3 19.6 27.7 53. 4 58. 1 60.4 60.9 63. 5 71.0 80.5 89. 1 20. 1 21. 5 21. 6 21.4 22. 4 22. 1 24. 7 25. 9 23.0 24.6 27. 8 31. 0 31. 9 37.5 42. 1 47. 2 69.3 74. 6 84. 1 103. 0 115. 5 127. 0 141.7 163.3 94. 1 104. 1 118.9 140.8 178. 2 193.8 208. 4 224. 1 30.8 34. 2 42.2 47. 7 50. 5 55. 6 61.3 69.6 838.0 917.3 1,011.9 1, 119. 3 1, 220. 8 1, 350. 6 1, 498. 1 1, 674. 2 1978: Oct Nov Dec 1, 781. 0 1, 141. 7 1, 801. 4 1, 154. 4 1, 826. 8 1, 166. 8 110.6 111. 9 113.2 27.5 30.0 36.5 93.8 94. 3 95.0 27. 1 27. 1 27. 1 49. 1 49. 6 50.4 172.3 174. 3 176.4 230. 1 231.5 233. 7 71.2 71.8 72.3 1, 737. 3 1, 754. 9 1, 773. 6 1979: Jan Feb.... Mar Apr May June July___ Aug v Sept *>__ Oct p _ _ _ 1, 834. 3 1, 851. 4 1, 872. 1 1, 880. 7 1, 891. 6 1, 905. 1 1, 933. 2 1, 945. 9 1, 958. 6 1, 975. 1 114.5 116.0 117. 4 118.9 120.3 121. 8 123.3 124.9 126. 4 128.0 33. 0 34.2 35. 3 34. 3 33.5 33.4 32.8 31.0 28. 8 26.7 94. 8 94.8 94.9 95.2 95.5 95. 8 97.9 99.5 100. 2 100.5 27.2 27.3 27.4 26. 0 27. 1 27. 2 27.3 27. 3 25. 0 26.8 51. 1 51.7 51. 7 51. 9 52.5 52. 6 52.5 52. 7 53.0 53.6 178. 7 181. 0 183.3 185.8 187.5 189. 4 191.8 193. 8 196. 0 198. 0 236.0 236.7 239.2 242.3 243.9 244.7 258.5 261.2 262.4 264. 8 78. 1 78.7 79.4 79.5 79.7 80.2 80.8 81.0 81. 7 82. 2 1, 784. 3 1, 800. 1 1, 819. 5 1, 828. 8 1, 840. 3 1, 853. 7 1, 882. 3 1, 896. 7 1,911.5 1, 930. 1 1971 1972 1973 1974 1975 1976___ 1977 1978 1, 177. 1 1, 188. 5 1, 202. 3 1, 205. 9 1, 210. 8 1, 220. 5 1, 229. 8 1, 236. 5 1, 248. 3 1, 259. 0 1 The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists of employer contributions to priiate pension, health, and welfare funds; workmen's compensation; directors' fees; and a few other minor items. 3 With inventory valuation and capital consumption adjustments. 4 With capital consumption adjustment. 5 Consists mainly of social insurance benefits, direct relief, and veterans payments. 6 Personal income exclusive of farm proprietors' income, farm wages, farm otner labor income, and agricultural net interest, a/wi wa. Department of Commerce, Bureau of Economic Analysis. Source: DISPOSITION OF PERSONAL INCOME Real per capita disposable income declined slightly again in the third quarter. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 600 600 DOLLARS* (RATIO SCALE) 10,000 9,000 DOLLARS* (RATIO SCALE) 10,000 PER CAPITA DISPOSABLE PERSONAL INCOME 9,000 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 1972 DOLLARS 4,000 4,000 3,000 3,000 1972 1973 1975 1974 1976 .978 1977 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period sonal Pertax sonal and income nontax payments Equals : Disposable persona] income Less: Personal outlays l Per c apita dispo sable persona income Equals : Personal saving Current dollars Bil lions of d ollars 801.3 115.3 685.9 1970 742. 8 1971__ __ 859. 1 116.3 942.5 141. 2 801.3 1972 901. 7 1973__ _._ 1, 052. 4 150.8 984. 6 1974__ ._ 1, 154. 9 170.3 1, 255. 5 168. 8 1, 086. 7 1975 1, 381. 6 197. 1 1, 184. 5 1976 1, 531. 6 226.4 1, 305. 1 1977 1, 717. 4 259.0 1, 458. 4 1978 1980 COUNCIL OF ECONOMIC ADVISERS Less : P»r 1979 1972 dollars Per capita personal cc nsumption exp<snditures Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of Population disposable (thou-2 sands) personal income Dollars 635.4 685.5 751.9 831. 3 913.0 1, 003. 0 1, 115. 9 1, 240. 2 1, 386. 4 50. 6 57.3 49.4 70. 3 71.7 83.6 68.6 65. 0 72.0 3,348 3,588 3,837 4,285 4, 646 5,088 5,504 6,017 6,672 3,619 3, 714 3,837 4,062 3,973 4,025 4, 144 4,285 4,449 3,020 3,227 3,510 3,849 4, 197 4,584 5, 064 5,579 6, 179 3,265 3,342 3,510 3,648 3, 589 3,627 3,813 3,973 4, 121 5. 9 -2.2 3. 3 1.3 3.0 7.7 5.8 3.8 4.9 204, 87* 207, 05£ 208, 84C 210, 41( 211, 94! 213, 56( 215, 2Qc 216, 89£ 218, 594 1.4 5.3 5.0 4.8 4.7 217, 94$ 218, 331 218, 814 219, 28C 5.0 5.4 4.3 219, 69C 220, 16C 220, 715 3. 0 2. 6 3.3 3. 4 7.4 7.7 6.2 7.8 7. 3 5. 0 Sea sonally ad justed ammal rates 1978: !____ 1, 634. 8 II— 1, 689. 3 III.. 1, 742. 5 IV__ 1, 803. 1 239.8 252. 1 266.0 278. 2 1 1 1 1 395. 0 437. 3 476. 5 524. 8 1, 320. 4 1, 366. 1 1, 405. 6 1, 453. 4 74.6 71.2 70.9 71.5 6,401 6,583 6,748 6,954 4,389 4,425 4,461 4,522 5,906 6,097 6,258 6,455 4,050 4,098 4,137 4, 197 3.3 5.6 1979: I.... 1, 852. 6 280.4 1 572. 2 1, 493. 0 II... 1, 892. 5 290. 7 1 601. 7 1, 515. 8 III*. 1, 945. 9 306.5 1 639. 4 1, 568. 9 79.2 85.9 70.5 7, 157 7,275 7,428 4,536 4,510 4,501 6,619 6,704 6,922 4, 196 4, 156 4, 195 -2.3 -. 8 J Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net). 8 Includes Armed Forces abroad. Annual data are for July 1 through 1973 and are averages of quarterly data beginning 1974. Quarterly data are average for the period. 1.2 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the third quarter, net farm income before inventory adjustment fell $6.6 billion (annual rate), while income after inventory adjustment fell $5.6 billion. BILLIONS OF DOLLARS* (RATIO SCALE) 200 BILLIONS OF DOLLARS* (RATIO SCALE) ^ 20Q 100 100 GROSS FARM INCOME_ BEFORE INVENTORY ADJUSTMENT 80 80 40 40 NET FARM INCOME AFTER INVENTORY ADJUSTMENT 4 It 20 20 10 10 1972 1973 1974 1975 1976 1977 1978 1979 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE 1980 COUNCIL OF ECONOMIC ADVISERS Juarterly data at seasonally adjusted annual rates] Persona 1 incomereceived by tota' farm po pulation Income njceived frc>m farming Gross income be:"ore inven tory adjustn lent Period From From From all farm nonfarm l sources sources sources Total Caslh receipts from rnarketing s Net tc> farm openitors Production expenses Net inco me per farm a fter inventory ad justmeiit 3 Before inventory adjustment After inventory adjust-2 ment 47,4 52.3 65.6 72. 2 75.9 83. 1 88.8 98. 1 13,2 17.8 29.9 27.7 21.1 21.0 18.7 26.3 14.6 18.7 33.3 26. 1 24.5 18.7 19.8 27.9 Dol lars 5,042 4,157 5, 208 6,526 8,875 11,813 9,349 6, 330 5,488 8,846 4,002 6,823 4,023 7,301 5,340 10, 434 60.6 70. 1 95.5 100.0 96.9 104.2 107. 5 124.2 Livestock Total Crops and products Billioris of dolla n? 52,9 30,6 22,3 61. 2 35.7 25.5 87. 1 45. 9 41. 1 92.4 41. 4 51. 1 88. 2 43.0 45. 1 46. 1 94.8 48.7 47.4 48.2 95. 7 111. 0 59.0 52. 1 1978: I_ _ II III___ IV____ 119.8 124.3 122. 2 133.4 106. 2 111.0 109.0 118. 0 53.9 58.3 60.4 63.4 52.4 52.7 48. 6 54.6 95.0 97. 0 97.4 103.0 24.8 27.3 24.8 30.4 25.8 27.8 26. 3 31.6 9,660 10, 400 9,840 11, 830 5,110 5,370 4,980 5,860 1979:1 _ _ II III 140.5 144.8 143.4 127. 5 131.2 130. 1 70.0 68.2 65. 1 57.6 63. 0 65.0 107.5 111.3 116. 5 33.0 33.5 26.9 35.0 36.0 30. 4 13, 320 13, 700 11, 570 6,420 6,400 5,240 1971___ 1972 1973 1974 1975 1976___ 1977 1978___ __ _ _ 28.8 34.6 48.9 45. 2 44.5 40. 3 42.9 54. 0 13.5 16.9 29.2 23.4 21.9 16.8 18.0 25.2 15.3 17.8 19. 7 21.8 22.7 23.5 24. 9 28.8 * Cash receipts from marketings, Government payments, and nonmoney income furnished by farms. 28 Inventory of crops and livestock valued at the average price for the year. Based on 1969 Census of Agriculture definition of a farm. The number of farms is held constant within a year; data for 1979 estimated. 54-275 0 - 7 9 - 2 Current 1967 dollars dollars 4 * Income in current dollars divided by the consumer price index. Source: Department of Agriculture. CORPORATE PROFITS In the third quarter, according to preliminary estimates, corporate profits before tax rose $14.6 billion (annual rate) while after-tax profits rose $8.6 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 280 280 40 1979 SOURCE: DEPARTMENT OF COMMERCE 1980 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period 1968 1969 1970 1971 1972 1973 1974 1975 1976 ___ 1977_ 1978 1978:1 II III IV 1979:1 II III* Profit .s (before tax) wit i invent* 3ry valuiition adjustn lent l Dome =tie industries Is onfinanc ;ial WholeTotal * Manu- sale Total Finan3 faccial Total and tur- retail mg trade 82. 1 41.2 78.9 10.4 68.5 10. 1 74.2 36.8 77.9 10. 1 11. 3 62.9 9.4 66.4 62.6 27. 1 12.6 50. 1 72.4 32.4 76.9 14. 1 58.2 11.7 89.6 84.7 13.3 15.4 69. 3 40. 6 90.4 97. 2 14.7 16.2 74. 1 44. 1 76. 9 14. 4 12. 9 86. 5 36. 6 62.5 101.8 48.3 107.9 13.0 88.9 20.7 141.3 133. 1 17.8 115.3 65.7 23.3 152. 1 23.8 128.3 73.5 24. 1 162.0 23.0 180.8 170.6 29.7 140.9 81.7 143.5 27.2 116.3 67.6 153.6 17.9 182.0 171.0 28.9 142. 1 83.4 22.7 189.0 178.8 30.6 148.3 85. 1 25. 5 189.0 32. 1 156.9 198.6 90.6 25.8 _ 193.3 181.4 31.9 149.6 18.6 94. 1 191.3 179.6 32.0 147.7 90.6 22. 4 198.5 184.4 33. 9 150.6 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 8 Includes rest of the world, not shown separately. 8 Pro fits after tax Profits before tax Tax liability Total Dividends Undistributed profits 85.6 83.4 71.5 82. 0 96.2 115. 8 126.9 120.4 156.0 177. 1 206.0 177.5 207.2 212.0 227. 4 233.3 227.9 242. 5 39.4 39.7 34.5 37.7 41. 5 48.7 52. 4 49.8 63.8 72.6 84.5 70. 8 84.7 87.5 95. 1 91.3 88.7 94.6 46.2 43.8 37.0 44.3 54. 6 67. 1 74.5 70.6 92. 2 104. 5 121.5 106.7 122.4 124.6 132.3 142. 0 139.3 147. 9 21.9 22.6 22.9 23.0 24.6 27.8 31. 0 31.9 37.5 42. 1 47.2 45. 1 46. 0 47. 8 49.7 51. 5 52.3 52.8 24.2 21.2 14. 1 21.3 30.0 39.3 43.6 38.7 54.7 62.4 74.3 61. 6 76.4 76.8 82.6 90.5 87.0 95. 2 1 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. 6 — 15. 2 -25.2 -23.9 -25. 1 -23.0 -28.8 -39.9 -36.6 -44. 0 GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the third quarter, business fixed Investment rose $12.9 billion (annual rate) as nonresidential construction outlays rose $4.6 billion and producers1 durable equipment purchases rose $8.3 billion. Residential investment outlays increased $3.5 billion. Inventory investment amounted to $15.3 billion, down $18.1 billion from the second quarter level. B1LLKDNS OF DOLLAR S 450 BILLIONS OF DOL LARS 450 SEASONA LLY ADJUSTED ANNUAL iATES Ann Ann S~ GROSS PR1V ATE DOMESTIC INVESTMENT sy^^ X~1 r 300 •jnn _y ^"—-x> \ ^++* —./ ^ 150 *""" ..•••««»«**** tlis!: ["""""""""".'"••tw.,., .iiminii»«« ^f '** ,*•.-» i i i i t i 1 1 I 1 I I 1975 1974 1973 1972 50 X —* X l x.— - *^'.. <"«i»» 100 •»»«<ii>Mi """^H/^IS, GE IN BUSINESS iMVENTOWES '"""""""""•••...,„., % 50 ..,,-..-— ,..,......—• RESi DENTIAL FIXED Ih^VESTMENT » 9nn »^ 100 50 ^++ : ^^ „ onn ^ ^t »^^"" NONRESIDENTIAL iIXED INVESTMEN\ ^^ X^ 150 ocn *— ^**,*^ + t i i 1976 I I 1 1977 o i i t I 1978 I I 1979 I I I 50 1980 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Noiiresident ial fixed investm€;nt Gross private domestic investment Period 1968 __ 1969 1970 1971 1972 1973 1974 1975 1976 _ 1977 1978 1978: I _ _ II III IV 1979: I _ _ II III * _ 131.5 146.2 140. 8 160.0 188.3 220. 0 214. 6 190.9 243.0 303.3 351.5 327.0 352.3 356.2 370.5 373.8 395.4 393.7 Struc tures Total 89.3 98.9 100.5 104. 1 116.8 136.0 150.6 150.2 164.9 189. 4 221. 1 203. 7 218.8 225.9 236. 1 243.4 249. 1 262. 0 Total Nonfarm Total Nonfarm 31.6 35.7 37. 7 39.3 42.5 49. 0 54.5 53. 8 57. 3 62. 6 76.5 66. 9 75.2 79. 7 84.4 84. 9 90.5 95. 1 30. 4 34.3 36. 1 37.8 41. 1 46. 9 51.8 51. 3 54. 7 59.8 73. 3 63.8 72.0 76.4 81. 1 81.2 86.8 91. 4 57.7 63.3 62.8 64. 7 74.3 87.0 96.2 96.4 107. 6 126.8 144. 6 136. 8 143.6 146.3 151. 8 158. 5 158.6 166.9 53.4 58.9 58. 1 59. 9 69. 1 80. 1 88.2 87.4 97.4 116. 3 132. 6 126.4 131.9 133. 5 138.9 146. 1 144.5 150. 2 Source: Department of Commerce, Bureau of Economic Analysis. Prodiicers' dunible equip ment Resid ential fix ed inves tment Prn Total Nonfarm tures 34 5 37.9 36.6 49. 6 62.0 66. 1 55. 1 51.5 68. 1 91.9 108.0 100.5 107.7 110.2 113.7 111.2 112.9 116. 4 33. 1 36.3 35. 1 47. 9 60.3 64.3 52.7 49.5 65.7 88.8 104.4 96.8 1043 106.4 110.0 107.8 109. 1 112.3 Farm dueers* durstrucoKlo tures equipment 0.6 .7 .6 .7 .7 .6 1.2 .9 1. 1 1. 5 1.8 1.9 1.4 1.9 1.9 1.5 1.8 2. 1 0.8 .9 .9 1.0 1. 1 1. 2 1.2 1. 1 1. 3 1.6 1.9 1.9 2.0 1.9 1. 9 1.9 2. 0 2.0 Change in business mventories Total Nonfarm 7.7 9.4 3.8 6.4 9. 4 17.9 8.9 — 10. 7 10. 0 21. 9 22.3 22. 8 25. 8 20.0 20.6 19.1 33.4 15.3 7.6 9.2 3.7 5. 1 8.8 14.7 10.8 -143 12. 1 20. 7 21. 3 22. 0 25. 3 18.5 19.3 18.8 32.6 13.4 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 13.2 percent in 1979, according to the Commerce Department survey conducted in late July and August. The planned increase is 0.5 percentage point higher than the planned increase reported in June. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) TOTAL NEW PLANT AND EQUIPMENT 40 20 20 1972 1974 1973 1975 1977 1976 1978 1979 1980 J/ SEE FOOTNOTE 4 BELOW. SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Starts c f plant and equ ipment proje cts 8 EJ cpenditure s for plant and equipment Mi mufaeturi ng Period Ncmmanufi icturing Communication Commercial and 2 other Manufacturing 17.00 18.71 20.55 20. 14 22.28 25.80 29.48 82. 89 11.89 12. 85 13.96 12. 74 13.30 15.45 18. 16 19.77 20.07 21. 40 22.05 20.60 20.99 22.97 25.71 28.50 35.21 47. 57 52.49 48.24 51.05 66.73 72.44 28. 60 38. 13 45. 74 3450 29.66 32.54 34.93 8.46 7.40 8.05 8.43 27.92 28.46 29.62 31.73 17.07 18. 18 18.90 18.46 24.76 24. 71 26.09 27. 12 17.41 18. 10 16.96 19.97 7.98 7. 78 4.40 14.00 10.08 9.71 10. 29 10.15 32.35 33. 24 88.26 82. 79 18.75 20.29 27.73 28.51 48. 18 49. 08 21.98 19. 56 3.27 5.75 Total Durable goods Nondurable goods Total 88.44 99.74 112. 40 112. 78 120. 49 135. 80 153. 82 174. 11 31. 35 38.01 46.01 47.95 52.48 60.16 67.62 77.68 15. 64 19. 25 22. 62 21. 84 23.68 27.77 31.66 37.58 15.72 18. 76 23.39 26. 11 28.81 32.39 35.96 40.00 57.09 61. 73 66. 39 64.82 68. 01 75.64 86. 19 96.58 2.42 2.74 3. 18 3.79 4.00 4.50 4.78 5.41 5.72 6.03 6.66 7.57 7.45 6.93 8.05 10.00 144. 25 1978:1 II 150. 76 III _____ 155. 41 IV 163. 96 61.57 67.20 67.75 73.24 28.72 31.40 32.25 33.99 32.86 35. 80 35.50 39.26 82.68 83.56 87.66 90.71 4.45 4.81 4.99 4.98 1979: I II III *___ IV*___ 71.56 76.42 78.80 81.95 34.00 36.86 88.08 40.88 37.56 39.56 94.38 97. 06 96. 99 97.61 5.46 5. 31 5.80 5.58 Total * 1972 1973 1974 1975 1976 1977 1978. . 1979* 1 165. 94 173. 48 176. 29 179. 56 40.27 41.58 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not agree precisely with the nonresidential fixed investment data in gross national product estimates, mainly because those data include investment by farmers, professionals, nonprofit institutions, and real estate firms, and certain outlays charged to current account. 10 Trans- Public Mining porta- utilition ties 2 3 Public utilities _ Includes trade, service, construction, finance, and insurance. Starts are estimated by adding changes in carryover to expenditures durin given period. 4 Planned capital expenditures as reported by business in late July and August 1979. Plans are adjusted when necessary for systematic bias. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment fell 220,000 in October while unemployment rose 197,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* SEASONALLY ADJUSTED 100 100 90 90 x"""\ EMPLOYMENT 80 10 UNEMPLOYMENT I i i i ii i iiiIi i i ii 1971 1972 i ii i I 1974 1973 1975 1976 1977 1978 *16 YEARS OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR 1979 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted] Unemplc>yment Civilian einploymenit Total labor NoninNonagricultural 15 stituCivilian Unem- force Civilian Part-time Total weeks Agritional employ- ploy- (includ- labor Period Total ecoand culpopulament force ment ing Total for nomic l over tural Armed tion reasons Forces) 2,709 5,076 937 1974 150, 827 85, 935 5,076 93, 240 91,011 85, 935 3,492 82, 443 3,490 7,830 2,483 1975 153,449 84, 783 7,830 94, 793 92, 613 84, 783 3,380 81, 403 3,272 7,288 2,339 1976 156, 048 87, 485 7,288 96, 917 94, 773 87, 485 3,297 84, 188 3,297 6, 855 1,911 1977 158, 559 90, 546 6,855 99, 534 97, 401 90, 546 3,244 87, 302 3,216 6, 047 1,379 1978* 161,058 94, 373 6,047 102, 537 100, 420 94, 373 3,342 91, 031 Seas*Mially adj usted Uinadjusted 5,836 1,317 3,164 1978: Oct*_. 161, 829 96, 095 5,460 103, 199 101, 077 95, 241 3,374 91, 867 5,877 1,196 3,131 Nov__ 162, 033 96, 029 5,629 103, 745 101, 628 95, 751 3,275 92, 476 6,012 1,208 3,058 Dec.. 162, 250 95, 906 5,725 103, 975 101, 867 95, 855 3,387 92, 468 1979: Jan... Feb.. Mar__ Apr.. May.. June_. July.. Aug... Sept.. Oct_._ 162, 448 162, 633 162, 909 163, 008 163, 260 163, 469 163, 685 163, 891 164, 106 164, 468 94, 436 94, 765 95, 501 95, 675 96, 220 97, 917 98, 891 98, 226 97, 576 98, 158 6,431 6,484 6,165 5,561 5,253 6,235 6, 104 6, 137 5,798 5,781 104, 104, 104, 104, 104, 104, 105, 105, 105, 105, 277 621 804 193 325 604 141 139 590 567 102, 183 102, 527 102, 714 102, 111 102, 247 102, 528 103, 059 103, 049 103, 498 103, 474 Persons at work. Economic reasons include slack work, material shorties, inability to find full-time work, etc. " Total labor force as percent of noninstitutional population 16 years of age and 96, 300 96, 647 96,842 96, 174 96, 318 96, 754 97, 210 96, 900 97, 513 97, 293 3,232 3,311 3,343 3,186 3,184 3,260 3,262 3,322 3,400 3,288 1978, in the 93, 068 93, 335 93, 499 92, 987 93, 134 93, 494 93, 949 93, 578 94, 113 94, 005 3,159 3,147 3,179 3,312 3,307 3,416 3,340 3,355 3,111 3,230 5,883 5,881 5,871 5,937 5,929 5,774 5,848 6, 149 5,985 6, 182 1,251 1,260 1,305 1,235 1,213 1,086 1, 052 1, 191 1, 133 1,223 Labor force participation rate A\ 2 cent) 61.8 61.8 62. 1 62.8 63.7 63.8 64.0 64. 1 64.2 64.3 64.3 63.9 63. 9 64.0 64. 2 64.2 64.3 64.2 not strictly comparable with earlier data because of surrey, which added about 250,000 to labor force and to of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In October the seasonally adjusted unemployment rate rose slightly to 6.0 percent from 5.8 percent in September. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) •v>. 20 20 VA * \m MlJ\ty** + f\ !" TEENAGERS* (16-19) A m \ /\ 15 BLACK AND OTHER ' 10 1977 1976 1975 1979 1975 * UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED, SOURCE: DEPARTMENT OF LABOR 1978 1979 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Total (all civilian workers) Period Unernployme nt rate ( percent <>f civiliaia labor f<arce in g roup) Bygsex and ai-ge ]By select ed group»s By race Men 20 years and over Women 20 years and over Both sexes 16-19 years White Black and other 16.0 19. 9 19.0 17.7 16.3 5.0 7.8 7.0 6.2 5.2 13.9 13. 1 13. 1 11.9 1974 1975_ 1976.. 1977. 1978 8.5 7.7 7.0 6.0 6.7 5.9 5.2 4.2 7.4 7.0 6.0 1978: Oct.. ._ __ Nov . Dec 5.8 5.8 5.9 4.0 3.9 5. 6 5.8 5.8 16.2 16.2 16.5 5.0 5.2 1979: Jan Feb Mar Apr May June , July Aug._ Sept_._i _ Get 5.8 5.7 5.7 5.8 5.8 5.6 5.7 6.0 5.8 6.0 5.7 5.7 5.7 5.7 5.8 5.8 5.5 5.9 5.5 5.8 15.7 16. 1 15.5 16.5 16.8 15.3 15.3 16.5 16.4 16. 6 4.9 5.0 4.9 5.0 4.9 4.9 5.3 5. 6 __ _ 3. 8 4. 1 4.0 4.0 4.0 4.0 3.9 3.9 4. 1 4. 2 4.2 4. 3 5.5 8. 0 1 Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours. 12 9.9 Experienced Housewage hold and salary heads workers 3.3 5.3 8.2 5. 8 5. 1 7.3 4.5 6.6 5.6 3.7 Fulltime workers 5. 1 8. 1 7.3 6.5 5.5 5. 1 11.3 11.7 11.5 5.4 5.4 5.6 3.5 3.4 3.5 5.2 5.2 5.3 5. 1 11.2 11.9 11.2 11.8 11.6 11.3 10.8 11.0 10.6 11.7 5.4 5.3 5.3 5.4 5.3 5.3 5.4 5.7 5.5 5.7 3.4 3.5 3.4 3.6 3.4 3.5 3.7 3.8 3.7 3.9 5.2 5.2 5. 1 5.2 Parttime workers 5. 1 8.6 10.3 10. 1 8.3 7.6 6.5 9.0 8.9 9.2 6.2 6.2 6.2 9. 1 8.6 9.2 8.8 9.6 8.2 8.8 5.5 9.0 Source: Department of Labor, Bureau of Labor Statistics. 6. 1 9. 1 9.8 9.0 5.3 5.2 5.1 5.3 5.4 5. 4 Labor force time lost (per-l cent) 8. 6 8. 3 6. 2 6.2 6.1 6.5 6.3 6.3 6.4 6.5 6.2 6.4 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In October, the percentage of unemployed persons who were job losers rose and the percentage who were new entrants, reentrants, and job leavers 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 Av JOB LEAVERS 27 WEEKS AND OVER Ui 1 1111111 I II 1976 1978 1977 1979 1977 1976 1980 1 1 1 1 111 1978 1979 1980 * SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE! DEPARTMENT OF LABOR [Monthly data seasonally adjusted, except as noted] Percen t distrib ution of unemPi oyment 1 >y reasori * Period Unemployment (thousands) Job losers ReenJob leavers trants State pi"Ograms Insured unem- Special unemployployment, aU ment Insured 27 benefit weeks unem- Initial regular pro- 2 claims 3 and ploy- claims (unadgrams over ment (unad- justed) justed) Percen t distrib ution of unemplo yment b y duratic m * New Less enthan 5 trants weeks 5-14 weeks 15-26 weeks Weejkly aver age, thoussands 1974 1975 1976 1977 1978 1978: Oct.. Nov__ Dec.. 1979: Jan___ Feb__. Mar__ Apr.__ May.. June.. July.. Aug_._ Sept.. Oct... 5, 076 7,830 7, 288 6,855 6, 047 5,836 5, 877 6,012 5,883 5,881 5,871 5,937 5, 929 5,774 5,848 6, 149 5, 985 6,182 43.4 55.4 49.8 45.3 41.6 42.2 40.7 40.2 41.6 41.8 41.3 42.2 39.9 41. 0 43.7 44.4 43.4 44. 9 14.9 10.4 12.2 13.0 14. 1 14.0 14.2 14.3 15.7 14. 0 14.6 14.2 16. 1 15. 1 14. 4 14. 6 13.6 13.4 28.4 23.8 26.0 28. 1 30.0 29. 6 30. 1 31.9 28. 7 29.6 30.2 30.0 29.8 30.2 29.9 29.3 29. 7 29.0 13. 3 10.4 12. 1 13.7 14.3 14.2 15.0 iae 14. 0 14.7 13.9 13.6 14.2 13. 7 12.0 11.7 13. 4 12.8 50.6 37.0 38.3 41.7 46.2 46.7 48.8 47.4 46.4 46.7 46.5 48.6 47.0 50.5 48. 0 52.4 46.3 48.2 1 Detail may not add to 100 percent because of rounding. * Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (TJCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include FSB (Federal supplemental benefits) and SUA (special unemployment assistance). 31.0 31.3 29.6 30.5 31.0 30.7 30.6 32.6 32. 1 31.8 31.4 31.0 32.6 30.8 33.9 28.3 34.6 31.9 11.1 16.5 13.8 13. 1 12.3 12.6 11.8 12.0 12.5 12. 1 12. 3 11.4 11.9 10. 6 10. 3 10.7 10.6 11.4 7.3 15.2 18.3 14.8 10.5 10.0 8.8 7.9 9.0 9.3 9.7 9.0 8.6 8. 1 7.8 8.6 8.5 8.4 2,262 3,986 2,991 2,655 2,356 2,234 2,230 2,252 2,367 2,349 2,323 2,367 2,253 2,255 2,411 2,547 2,494 2, 541 363 478 382 375 342 325 338 339 350 341 349 433 356 386 395 397 392 401 2, 558 4,943 3,822 3, 111 2,640 1,999 2,148 2,567 3, 198 3,209 2,921 2,610 2,230 2, 119 2,429 2,377 2, 164 2,236 1, 173 1,152 572 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 nonagricultura! employment as measured by the payroll survey rose by 306,000 in October. MILLIONS OF PERSONS* (ENLARGED SCALE) MILLIONS OF PERSONS* 90 80 70 SERVICE PRODUCING INDUSTRIES 60 AAANUFAC rURING \ 20 50 , ^» .- ,^i ^ r***"~ ^* - «i 18 u1111 1111 40 GOODS-PRODUCING INDUSTRIES 30 ,, M|1 i iiiliiiii Mill Mill* - V CONSTRUCTION \ >^-" """ X. •n^*** im ™-K m^^^^ „„.""""""" *'**.,. .„„«.. 4) 1 1 1 t 1 1 I 1 1 1 1976 1975 1977 1978 , 1975 1979 M| 1976 ,.,,,!,,,,, 1977 I * SEASONALLY ADJUSTED SOURCEi DEPARTMENT OF LABOR 1 1 11 1I ... Mil... 1978 1 1979 COUNCIL OF E CONOMIC ADVISERS [Thousands of wage and salary workers;l seasonally adjusted] Croods-prc>ducing i ndustries • 8 ervice-pi•oducing Industrie58 Trans- Whole- Finance, Ma nufactui •ing Gover nment portainsursale tion ance, Services Total and NonState and and retail Total Durable durable Federal and real public trade goods goods local utilities estate Total nonagricultural employ- Total * ment Construction 78, 265 76, 945 79, 382 82, 423 86, 446 24, 794 22, 600 23, 352 24, 346 25, 597 4,020 3,525 3,576 3,851 4,271 1978: Oct___ 87, 424 Nov__ 87, 840 Dec_._ 88, 133 25, 941 26, 120 26, 272 4,398 20, 633 12, 419 4,429 20, 772 12, 510 4,469 20 881 12, 583 8,214 61, 483 8,262 61, 720 8,298 61, 861 1979: Jan___ Feb___ Mar__ Apr May__ June__ July__ Aug___ Sept" _ Oct* __ 26, 382 26, 448 26, 627 26, 565 26, 651 26, 674 26, 723 26, 599 26, 591 26, 623 4,497 4,486 4, 614 4,559 4, 648 4,662 4, 688 4,674 4,665 4,693 8,318 8,310 8,322 8,314 8,320 8,303 8,293 8, 243 8,212 8,272 Dj.—1 — J Jreriod 1974 1975 1976 1977 1978 __ 88, 433 88, 700 89, 039 89, 036 89, 398 89, 626 89, 713 89, 762 89, 845 90, 151 20, 077 18, 323 18, 997 19, 682 20, 476 20, 958 21, 025 21, 073 21, 066 21, 059 21, 063 21, 079 20, 957 20, 954 20, 958 11, 925 10, 688 11, 077 11, 597 12, 246 12, 640 12, 715 12, 751 12, 752 12, 739 12, 760 12, 786 12, 714 12, 742 12, 686 8,152 7,635 7,920 8,086 8,230 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of Ihe month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11. which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they 14 53, 471 54, 345 56, 030 58, 077 60, 849 62, 051 62, 252 62, 412 62, 471 62, 747 62, 952 62, 990 63, 163 63, 254 63, 528 13, 441 13, 892 14, 551 15, 303 16, 220 2,724 2,748 2,733 2,727 2,753 11,446 11, 937 12, 138 12, 352 12, 723 5,014 19, 744 5,038 19, 829 5,054 19, 858 4,793 16, 464 4,827 16, 554 4,847 16, 630 2,760 2,757 2,734 12, 708 12, 715 12, 738 5,071 5,094 5, 116 5,024 5, 130 5, 190 5, 169 5, 194 5, 181 5,229 4,868 4,884 4,899 4,915 4,936 4,958 4,972 5, 003 4,995 5,025 2,758 2,757 2,757 2,758 2,770 2,788 2,785 2,813 2,798 2,791 12, 719 12, 738 12, 753 12, 806 12, 828 12, 849 12, 850 12, 886 12, 911 12,912 4,725 4,542 4,582 4,713 4,927 16, 987 17, 060 17, 755 18, 516 19, 499 19, 965 20, 016 20, 054 20, 088 20, 129 20, 116 20, 122 20, 126 20, 149 20, 281 4,148 4, 165 4,271 4,467 4,727 16, 670 16, 763 16, 833 16, 880 16, 954 17, 051 17, 092 17, 141 17, 220 17, 290 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. 8 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Averag e gross hourly <earnings Aver age weekly lours Total private nonagncultural l Period 1970 _ 1971 _ 1972 _ _ 1973 1974 _ 1975_ 1976__ _ 1977_ 1978— -_ 1978: Oct Nov Dec _ _ _ _ 1979: Jan— Feb— MarApr May _ June July Aug ___ Sept" _ _ _ Oct 9 _ Manufc icturing Total Overtime Total private nonagncultural 1 Manufacturing Adjusted h ourly earnin gs index2 —tc>tal private nonagric ultural Percent ch ange from a year earlier 4 Index, 1<)67=100 Current dollars 1967 dollars s Current dollars 37. 1 36.9 37. 0 36.9 36.5 36. 1 36. 1 36.0 35.8 39.8 39.9 40. 5 40.7 40.0 39. 5 40. 1 40.3 40.4 3.0 2.9 3. 5 3.8 3.3 2. 6 3. 1 3.5 3.6 $3.23 3.45 3.70 3. 94 4.24 4. 53 4.86 5.25 5.69 $3.35 3.57 3. 82 4.09 4.42 4.83 5.22 5.68 6. 17 120. 7 129. 2 137. 5 146. 0 157.5 170.6 183.0 196.8 212.9 103.8 106. 5 109.7 109.7 106. 7 105. 9 107.3 108.4 109. 0 6.6 7.0 6. 4 6.2 7.9 8. 3 7.3 7.5 8.2 35.8 35.8 35.8 40. 5 40. 6 40.6 3.6 3.7 3.7 5.84 5. 87 5.92 6. 33 6. 38 6.43 218. 1 219.2 220.9 108. 7 108. 6 108. 7 8. 2 8.3 8. 5 35. 8 35.7 35.9 35. 3 35.7 35. 6 35. 6 35. 6 35.7 35.5 40.6 40. 6 40. 6 39. 1 40.2 40. 1 40. 2 40. 1 40. 1 40. 1 3. 7 3.7 3.7 2.7 3.5 3.4 3.3 3.2 3.2 3. 2 5. 96 6.00 6. 04 6. 04 6.09 6. 13 6. 18 6.22 6.26 6.28 6.46 6.51 6. 56 6.56 6.65 6.68 6. 72 6.74 6. 78 6. 83 222.6 224. 0 225. 2 226.8 227.5 229. 0 230.9 232. 2 234. 2 234. 9 108.5 107. 8 107. 3 106.9 106. 1 105. 7 105. 6 105. 1 104.8 104.2 8. 1 8.4 8. 2 8. 0 7.8 7. 8 7.9 8. 1 8.2 7.7 1967 dollars 0.7 2.6 3.0 0 -2.7 7 1.3 1.0 .6 -. 5 -. 5 -. 5 — 1. 2 -1. 5 -2.0 -2.4 -2. 8 -2.9 -3.2 -3. 5 -3. 7 -4. 1 AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross weekly <earnings Period Total pri vate nonagricu Itural l Current dollars 1970 1971_ 1972 . 1973 1974_ _ 1975_ 1976_ 1977. 1978 1978: Oct Nov_ Dec 1979: Jan Feb Mar _ Apr May June July Aug__ _ Septp Oct ^. 1 2 $119. 83 127. 31 136. 90 145. 39 154.76 163. 53 175. 45 189. 00 203. 70 209. 07 210. 15 211. 94 213. 37 214. 20 216. 84 213. 21 217. 41 218. 23 220. 01 221. 43 223. 48 222. 94 Manufacturing 1967 dollars s $103. 04 104. 95 109. 26 109. 23 104. 78 101. 45 102. 90 104. 13 104. 30 104. 22 104. 14 104. 30 103. 98 103. 13 103. 31 100. 48 101. 40 100. 75 100. 60 100. 24 100. 04 98.91 $133. 33 142. 44 154. 71 166. 46 176. 80 190. 79 209. 32 228. 90 249. 27 256. 37 259. 03 261. 06 262. 28 264. 31 266. 34 256. 50 267. 33 267. 87 270. 14 270. 27 271. 88 273. 88 $195. 45 211.67 221. 19 235. 89 249. 25 266. 08 283. 73 295. 65 318. 32 323. 98 325. 68 328. 56 331. 67 331. 60 335. 01 323. 41 241. 32 341. 87 341. 14 346. 70 351. 75 343. 10 Percent chttnge from a year e aiiier, total prh/ate nonagricu Itural 5 Current dollars (Current 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. Construction Wholesale and retail trade $96. 02 101. 09 106. 45 111. 76 119. 02 126. 45 133. 79 142. 52 153. 64 157. 59 157. 77 159. 08 159. 90 160. 23 162. 19 163. 67 163. 00 163. 98 165. 28 165. 75 166. 91 166. 73 4.6 6.2 7. 5 6.2 6.4 5.7 7.3 7.7 7.8 8.3 8. 6 8. 9 9.2 9.4 8. 6 5.6 7.8 7.2 7. 2 7.8 7.9 6. 6 1967 dollars 1.3 1.9 4. 1 _ o -4. 1 -3.2 1.4 1. 2 .2 -. 4 -. 2 -. 1 i -.5 -1. 6 -4. 6 -2. 8 -4. 5 -3.9 -3.8 -4.3 -5.2 4 Monthly changes based on indexes to two decimal places. • Based on unadjusted data. Source: Department of Labor, Bureau of Labor Statistics, 15 PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY i Outf jut 1 Hours of 2all perse>ns Output ] 5er hour of all p ersons Compensation per Ilour 3 Unit labor cossts Implicit} price deflat ,or< PriNonPriNonNonNonPriNonPrivate Private Private Nonvate farm vate farm farm farm vate farm farm business business business business business business business business business business business business sector sector sector sector sector sector sector sector sector sector sector sector Period 1967 == 100; qua rterly dat a seasoniilly adjuslDed 1966 1967 1968 1969 98. 1 100. 0 105. 1 108.3 98. 1 100.0 105. 3 108.5 100.0 100. 0 101.8 104.6 99.8 100.0 102. 1 105.5 98.0 100.0 103.3 103.5 98.4 100. 0 103.2 102.9 94.9 100.0 107.6 114.9 94.8 100. 0 107. 3 114. 1 96.8 100. 0 104. 1 111. 0 96.4 100.0 104.0 110. 9 97.2 100. 0 103. 9 108.8 96.8 100.0 104 0 108.7 1970 1971 _ 1972___ 1973 1974 __ 107.3 110. 3 117.5 124.4 121.4 107.4 110. 2 117.8 124.9 121. 8 103.0 102.4 105. 5 109.6 110. 3 104. 2 103.8 107.0 111.5 112. 3 104.2 107.7 111.4 113.6 110. 1 103.0 106.2 110. 1 112.0 108. 5 123. 1 131.4 139.7 151.2 1649 121.7 129. 9 138.4 149.2 162.8 118.2 122.0 125.4 133. 1 149.8 118. 1 122. 3 125. 7 133.2 150.0 113.9 118. 9 123.2 130. 3 143. 1 1140 119.2 122.9 1975 1976 1977 1978 118.7 126.4 133.8 140. 7 118.8 126.9 134.3 141. 5 105.6 108.6 112. 8 118. 1 107.4 111.0 115. 6 121. 1 112.4 116.4 118. 6 119. 2 110. 5 114.4 116.2 116.8 181.3 197.2 213.0 231. 2 178.9 193.8 209. 3 227.3 161.3 169.4 179. 6 194.0 161.8 169.4 180. 1 194. 5 157.5 165.5 174.8 187.2 156.4 164 8 1745 186. 1 1978: I II III IV 136.9 140. 3 141.8 144. 0 137.3 141. 1 142. 7 145. 0 115. 6 117. 9 118. 4 120.2 118.4 121. 1 121. 6 123.4 118.4 119.0 119. 7 119.8 116.0 116. 5 117.3 117.6 224.2 228.5 233. 6 238.4 220.6 224.6 229.4 234.3 189.4 192. 1 195. 2 199.0 190.2 192. 7 195.6 199.3 180.9 185. 8 188.9 192.9 180.2 184 7 187.8 191.4 1979: 144. 4 143.4 144.0 145.5 144. 2 144.8 121. 5 121.3 122. 0 124. 8 124.9 125. 7 118.9 118. 2 118.0 116.6 115.4 115.2 244. 8 250. 3 255. 6 240. 2 244.8 249. 8 205.9 211.7 216.6 206.0 212. 1 216.9 197.2 202. 0 205.9 195. 1 200. 3 2044 II III *»___ 127. 9 141.4 Perce at change ; quarterlyY data at seasonal y adjuste d annual rates 1966___ 1967 1968— 1969_ _ 1970__. 1971 1972___ 1973 1974__. 6.0 1.9 5.3 3.0 2.3 -.0 1.8 2.8 3.3 .2 2. 1 3.4 3.2 2.0 3.3 .2 2.5 1.6 3.2 7.0 5.3 7.6 6.8 6. 1 5.5 7.3 6.3 3.8 3.3 4. 1 6.6 3.5 3.8 4.0 6.7 3.2 2.9 3.9 47 2.9 -. 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 4. 2 .7 .7 3.3 3.5 1.9 -3.0 3. 1 3.7 1.7 -3.1 .1 7. 1 6.7 6.3 8.2 9. 1 6.7 6.7 6.5 7.8 9. 1 6.4 3.3 2.8 6.2 12.5 6. 5 3.5 2.8 6.0 12.7 47 44 3.6 5.8 9.8 49 4.5 -2.3 6.5 5.8 5.2 -2.5 6.9 5.8 5.4 -4.3 2.9 3.9 4. 7 -4.3 3.3 4. 1 4.8 2.1 3.5 1. 9 .5 1.9 3.5 1. 6 .5 9.9 8.8 8.0 8.5 9.9 8.3 8.0 8.6 7.7 5. 0 6.0 8.0 7.9 4.7 6. 3 8.0 10. 1 5.0 5. 6 7. 1 -1.5 2.0 2.4 .3 -.9 1. 9 2.7 .8 10. 9 7.9 9.2 8.5 11.4 7. 5 8.8 8.8 12. 6 5. 8 6.6 8. 1 12.4 5.4 6. 0 8.0 5.3 11.2 6. 9 8.7 10.2 -3.0 -3.2 -4. 1 -. 7 11. 1 9.3 8.8 10. 4 7. 9 8.5 14. 6 11. 8 9.6 14.0 12. 5 9.3 9.3 10. 1 7.8 8. 1 11.0 5.5 2. 0 5. 1 3.0 _ _ _ _ _ 1975 1976 1977 1978 2.4 10.5 4.2 6.4 2. 7 11. 5 4.5 6.8 3. 9 8.4 1. 7 6. 1 3.6 9.4 1.8 5.9 1.2 -2.9 1.7 1. 2 -3.6 1.9 4.4 -.7 2. 5 4.6 .5 2.6 1978: I _ II III IV 1979: I II III *»___ 9f £ 9 4 -.7 hours of piw ~ establishment data. 3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. * Current dollar gross domestic product divided by constant dollar gross domestic product. 16 o 3. 3 40 45 3. 1 4. 1 10.5 10.6 5.4 5. 9 6.6 44 7.0 7.8 8.4 NOTE.—Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Data for third quarter revised. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production edged up 0.1 percent in October, reflecting small increases in the output of consumer goods and of materials and a strike-related decline in production of business equipment. In September, total output increased 0.5 percent. ^_______________^_^__^__^__^__^____^^ INDEX, 1967=100* 160 (RATIO SCALE) INDEX, 1967=100* 180 TOTAL INDUSTRIAL PRODUCTION (RATIO SCALE) UTILITIES AND MINI NG PRODUCTION / p- "\^ UTILITIES ,^/A/l 140 r^ % ^S** -*. ^V*1 **vx * «* • 1% 100 MANUFACTURING PRODUCTION __ _*Y ^ \ *Jf t t 120 *» *s* ** I....I...M 1111 1111111 1975 1976 MINING i i iii Ii i i ii i i ii i Ii ii ii 1977 1978 1111 11111 11 1979 PERC ENT* (RATIO S CALE) 100 MANUFACTURING CAPACITY UTILIZATION RATE 90 80 120 70 100 1 I 1 I 1 I i I I I 1 1979 1975 1975 I I I 1 I I I I I i I 1976 I I I 1 1 1 I I I I I 1977 I I I I 1 I I I I I I 1978 I I I I I I I I I I 1979 * SEASON ALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total in dustrial produ<3tion Percent Period Index, 1967= change from 100 year earlier 1967 proportion 100. 00 1972__ _ 119.7 9.2 8.4 1973_ _ _ _ _ _ 129. 8 1974__ 129.3 -. 4 117. 8 1975. _ _ _ -8.9 130. 5 10. 8 1976___ 138.2 1977___ 5.9 1978 5.7 146. 1 1978: Get _ 149.7 6.9 Nov 7.3 150. 6 Dec 151. 8 8.0 1979: Jan. 8.2 151. 5 152. 0 Feb_ ___ _ 8. 3 Mar _ _ ._„ 153. 0 7.7 Apr150. 8 4.4 May _ 152.4 5.2 June 4. 4 152. 6 152. 8 3. 9 July Aug __ 2.4 151. 6 Sept v 152. 3 2.5 Get »» __ 152. 5 1. 9 1 Output 2 Annual 8 COUNCIL OF ECONOMIC ADVISERS [Seasonally adjusted] Indu stry prodtiction indc3xes, 1967 = 100 Mi mufacturi nS Total Durable Nondurable Utilities 6. 86 113. 1 114.7 115. 3 112. 8 114. 2 118.2 124.0 127.9 128. 0 127.4 123.8 120.9 122. 3 122.7 122. 8 123. 9 124.7 127. 1 126. 3 127.6 6.69 139.4 145.4 143. 7 146. 0 151.7 156. 5 161.4 163.2 163. 7 164. 7 166. 2 167.7 167. 1 167.4 166. 5 164. 2 164. 8 165. 1 166. 4 167. 2 ing 87. 95 118. 9 129. 8 129.4 116. 3 130. 3 138.4 146. 8 150. 7 151. 6 152. 9 152. 5 153. 3 154.5 151. 6 153.8 153. 9 154. 1 152.4 153. 4 153. 4 61. 98 113. 7 127. 1 125.7 109.3 122. 3 130. 0 139.7 144. 6 145. 5 146.8 146. 8 147. 2 148.6 144. 6 147. 6 147.6 147. 2 144. 2 145.8 145. 5 85.97 126. 5 133. 8 134. 6 126.4 141. 8 150. 5 156.9 159. 5 160. 4 161.7 160.7 162.0 163. 0 161, 7 162. 8 163.0 164. 1 164. 4 164. 3 164.8 as percent of capacity. data are averages of four monthly indexes. Quarterly data entered in last month of quarter. Annual data are averages of quarterly data. Data Revised. Mining Manufa cturing cabpacityl uti lization rate, pcjrcent Federal Reserve ser les WharComTotal ton merce2 manu- Mate- series series 3 rials factur83.5 87. 6 83.8 72.9 79. 5 81. 9 84.4 86.0 86. 3 86.8 86. 4 86.7 87. 1 85. 3 86.3 86. 2 86. 1 84. 9 85. 2 85. 0 87.0 91.8 87. 1 73.4 81. 1 82. 7 85.6 87.6 88. 1 88.8 87. 9 87. 8 88.3 86. 9 87.4 87.5 87. 9 86. 9 86. 7 86. 8 83 86 83 77 81 83 84 87.9 93. 2 90. 5 79. 8 86. 0 88. 7 90. 7 84 94. 0 84 94. 4 83 93. 6 93. 1 Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau of Economi Analysis), and Wharton School of Finance. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967 = 100, seasonally adjusted] Prodlucts 3 Final I roducts Coiisumer go ods Period Total Total 1967 proportion 1970 1971 1972___ 1973 1974 1975 1976 _ 1977 1978 1978: Oct. _ Nov _ _. Dee 1979: Jan_ Feb Mar _ Apr May _ June July Aug . Sept v _ Oct*>___ _ __ __. _._ _, 47.82 105.3 106.3 115.7 124.4 125. 1 118. 2 127. 6 135.9 142.2 145. 1 145. 3 146. 1 146. 1 146. 8 148. 2 145.4 147.8 147.6 147. 1 145.5 146.9 146. 8 Interm ediate prod ucts Equip>ment NonDurable durable goods goods Total Business Total 27. 68 7. '89 19. 79 20. 14 12.63 12.89 109. 0 114. 7 124. 4 131.5 128.9 124. 0 137. 1 145. 3 149. 1 151.2 151.3 151. 5 150.6 151. 5 152.9 149. 1 152.0 151. 8 150.8 148. 3 149. 8 150.3 106. 1 118.8 133.8 146. 2 135.3 121. 4 141.9 154.0 159. 2 162. 6 162. 9 161. 8 160.4 161. 1 163.6 151. 6 160. 5 158. 6 157. 2 147. 7 152.3 152.8 110. 1 113. 1 120. 6 125. 6 126. 3 125. 1 135.2 141. 9 145. 1 146. 6 146.7 147. 3 146. 7 147.7 148. 6 148. 0 148. 7 149. 1 148.2 148.6 148.8 149. 3 100. 1 94. 7 103. 8 114.5 120. 0 110. 2 114.6 123. 0 132.8 136. 6 137. 1 138. 6 139.9 140.4 141. 7 140.4 141, 9 141. 9 142. 1 141.6 142.9 142. 0 107.0 104. 1 118. 0 134. 2 142.4 128. 2 135.4 147. 8 160.3 164.8 165.0 166.8 168. 1 169.0 170. 8 168.7 171.4 171.5 171.4 171. 1 172.8 170. 6 112. 9 116. 7 126.5 137. 2 135.3 123. 1 137.2 145. 1 154. 1 156. 4 157.8 159.9 160. 8 161.4 160.4 159. 7 159.5 159. 5 159. 4 160. 3 160. 3 160.5 Materials Construction supplies 6.42 111.0 116.8 128. 4 139.8 134. 5 116.3 132. 6 140.6 151.7 1545 156. 1 158.3 159. 1 159. 3 157. 1 156.0 156.4 156.3 156.4 156.8 156. 5 156. 5 Supplementary group: Energy total 39. 29 12.83 109.2 111.3 122. 3 133. 9 132. 4 115. 5 131.7 138. 6 148.3 153.2 154.5 156.2 155.0 155.2 156. 3 154.5 155. 7 156.5 157.6 156. 3 156.4 156.8 117.0 119. 5 125.2 128.3 125. 5 125. 5 129. 1 132.9 135.4 138.2 139. 1 139. 1 138. 1 137.5 138. 4 138.7 137. 6 137. 2 137. 1 137.7 137.4 138.3 [1967=100, seasonally adjusted] Diarable m anufactu res Primary* metals Period Total 1967 proportion 1970 1971 _ 1972___ 1973 _ 1974___ 1975 1976 1977___ 1978_ 1978: Get Nov _ Dec___ 1979: Jan_ _ ___ Feb Mar Apr May June July Aug Sept* Get 9 . __ Iron and steel 6.57 4.21 106. 6 100. 2 112. 1 126.7 123. 1 96.4 109. 7 111. 1 119.9 129.4 130. 8 132. 1 123.4 120.4 123.7 121.7 121. 0 124. 3 127. 1 121. 1 122.0 121.8 104.7 96. 1 107. 1 122. 3 119.8 95.8 104.8 103.8 113. 2 123. 8 124.4 125.3 113.3 110. 8 116. 2 115.8 114. 3 118. 1 119.0 112. 0 115. 0 trical machin— ery 5.93 102.4 103. 5 112. 1 124. 7 124.2 109.9 123. 9 131.0 141. 6 144.9 145. 6 147. 1 149. 1 150.8 150. 2 148.8 150. 3 149. 3 149.3 147. 6 147.5 147.7 .9. 15 104. 4 100. 2 116.0 133.7 140. 1 125. 1 134. 5 143.6 153.6 157. 5 157. 8 158. 1 161.2 162. 9 164. 0 161. 8 164. 3 164.5 165. 3 166. 1 165. 6 161.0 Source: Board of Governors of the Federal Reserve System. 18 Non- Fabricated metal products Electrical machinery Nonelurable naanufact ures Transp(Drtation equip ment Lumber and products Apparel products Total Motor vehicles and parts 8.05 9. 27 4.50 1. 64 3.31 108. 1 107. 7 122. 2 143. 1 143.8 116.5 134.8 145.4 159.4 164.2 165. 2 167.7 170.9 173. 2 174. 2 170.6 174. 7 175. 1 174. 4 171. 4 174.0 175.3 89.5 97. 9 108.2 118. 3 108. 7 97.4 111. 1 122. 2 132. 5 139. 7 142. 1 142. 9 141.2 139. 9 143.7 131.6 141. 9 139. 4 135.5 124.7 131.8 133.4 92.3 118. 6 135.8 148. 8 128.2 111. 1 142. 0 161. 1 169.9 178. 9 181. 9 182. 1 177.9 173. 1 179. 7 156. 0 176.3 169. 6 160.2 138.7 150. 8 152.7 105.6 113. 8 120.8 126. 0 116. 2 107.6 123. 2 131.2 136. 3 138. 1 140. 1 144.0 137.3 137.2 137.7 137. 2 136. 1 136.8 135.2 136. 9 137.3 101.4 104. 7 109. 4 117.3 114. 3 107.6 125. 7 134.2 134.2 136.8 135. 8 136.5 130.3 133. 5 136.5 130.8 128.2 132. 0 129.7 130. 2 Print- Cheming icals and and pubprodlishing ucts 4. 72 107.0 107. 1 112. 7 118.2 118. 2 113.3 122. 5 127.6 131. 5 132. 6 133.7 134.4 135.6 138.2 137.3 135. 7 136. 8 136.9 135. 6 137. 7 137.7 138. 2 7.74 120.4 125.9 143. 6 154.5 159.4 147.2 170.9 185.7 197.4 202. 7 204. 6 207.2 206.5 208. 6 207.4 207.7 209.7 207. 8 210. 5 213.0 212.5 Foods 8.75 108.9 112.8 116.8 120.9 124.0 123.4 133.0 138. 8 142.7 143.2 143. 7 144.7 143.9 145. 5 147.6 147. 0 149. 2 149.5 149.4 148.3 148.2 NEW CONSTRUCTION Constructio n contracts8 Private Total new construction expenditures Period Resic [ential Total Commercial and industrial New housing Total l Other Federal, State, and local CommerTotal value cial and index industrial (1972= floor space (millions of 100) square feet) Bi]lions of dol] ars 1972 1973 1974 1975 1976 1977 1978 _ 124. 1 137.9 138.5 134.5 151. 1 174.0 206.2 93.9 105.4 100.2 93.7 111. 9 135.8 160.4 54.3 59.7 50.4 46.5 60.5 81. 0 93.4 44.9 50. 1 40.6 34.4 47.3 65.7 75.8 18. 1 21.7 23.8 20.8 19.9 22.5 29.6 21.5 24. 0 25.9 26.4 31.5 32.4 37.4 30.2 32.5 38.3 40.9 39. 1 38.2 45.8 38.7 39. 7 39.9 40. 1 39.6 39.2 40.0 40.7 41.7 41. 9 42. 6 43.2 42.8 48.8 49.3 49. 3 49.4 46.4 41. 6 44.0 44.5 48.4 46.0 50.9 49. 5 52. 1 Seasonally / adjusted atinual rates 1978: Sept _ _ Oct Nov Dec 1979: Jan Feb Mar Apr May June July »» Aug 9 Sept 9 215.3 217. 8 220.0 223. 2 212.3 210.9 216. 7 216.2 223.2 224. 7 232. 6 232.4 235.8 166.5 168. 5 170.7 173.8 165.9 169.3 172. 7 171.7 174.8 178.7 181. 7 182. 9 183.7 96.0 95.9 97.5 99.7 93.7 97.8 96.5 95.5 95.0 97.3 98.8 100. 1 101.2 77.7 77.6 78.9 80.7 73.6 77.2 75.9 76.0 75.7 77.7 77. 7 78. 3 79.0 * Includes nonhousekeeping residential construction and additions and alterations, not shown separately. 2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space. 31.8 32.9 33.3 33.9 32. 5 32.4 36. 2 35.5 38. 1 39.5 40. 3 39.6 39.7 100. 0 109.2 103. 0 101.9 121. 0 153. 6 173. 1 854 1,010 840 555 592 739 964 Seasonally Seasonally adjusted adjusted annual rates 182 1,037 193 1,015 173 1,093 184 978 181 1,062 231 1,266 186 1,233 202 1, 123 178 1, 045 177 1,009 165 1,062 163 1,006 185 1, 106 NOTE.—New construction expenditures data prior to 1973 not comparable with later data. Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems Company, F. W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New priv ate homes *Tew private housing uniibs Units started, by type of striicture Period Total 1971 1972 1973 1974 1975 1976 1977 1978.. __ __ _ 2, 052. 2 2, 356. 6 2, 045. 3 1, 337. 7 1, 160. 4 1, 537. 5 1, 987. 1 2, 020. 3 1 unit 1, 151. 0 1, 309. 2 1, 132. 0 888. 1 892. 2 1, 162. 4 1, 450. 9 1, 433. 3 2-4 units 120.3 141. 3 118.3 68. 1 64.0 85.9 121.7 125.0 5 or more units 780.9 906.2 795. 0 381.6 204.3 289. 2 414.4 462.0 Units authorized 1, 924. 6 2, 218. 9 1, 819. 5 1, 074. 4 939.2 1, 296. 2 1, 690. 0 1, 800. 5 Units completed Homes sold Homes for sale at end of 1 period 1, 706. 1 2, 003. 9 2, 100. 5 1, 728. 5 1, 317. 2 1, 377. 2 1, 657. 1 1, 867. 5 656 718 634 519 549 646 819 817 287 409 418 346 313 353 401 413 1,883 1,885 1,888 1,815 1,894 1, 957 2,015 2,016 1,866 1,745 1,742 1,948 900 803 802 774 697 784 722 707 689 783 758 757 407 412 413 412 410 3 424 425 431 418 416 416 412 Vacancy rate for rental housing units (percent)2 5.4 5.6 5.8 6.2 6.0 5.6 5.2 5.0 Seasonally adjusted armual rates 1978: Oct Nov__ _ Dec 1979: Jan _ _ Feb Mar Apr. _ May June.. July Aug *> Sept 9 Oct » 2,054 2, 107 2,074 1,679 1,381 1,786 1, 745 1,835 1,923 1,788 1,793 1, 911 1,760 1,436 1,502 1,539 1, 139 953 1,266 1,278 1,226 1,288 1,220 1,239 1,255 1, 148 ! Seasonally adjusted. 33 Quarterly data entered in last month of quarter. New series beginning March 1979. 135 150 119 124 76 116 115 119 123 138 156 119 142 483 455 416 416 352 404 352 490 512 430 398 537 470 1,835 1,789 1,827 1, 451 1,425 1,621 1,517 1,618 1,639 1,528 1,654 1,775 1,550 5.0 4.8 5.0 5.2 NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE Business sales rose about 1% percent in September while inventories rose about $1 billion. According to the advance survey/ retail sales fell 1% percent in October, following increases of 21A percent in September and 31/3 percent in August. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* 500 120 (RATIO SCALE) 450 100 400 RETAIL INVENTORIES 90 TOTAL BUSINESS INVENTORIES 350 V 80 70 RETAIL SALES 250 60 TOTAL BUSINESS SALES 50 200 40 1975 150 1976 1977 1978 1979 RATIO* 100 1976 1975 1977 1979 1978 1979 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total b usiness 1 Re tail Who Resale 2 IB ventorie 3 Sales Period 2*> CJ 1 Sales Inventories3 Inven1 2•) Sales tories 3 O Tr»4-al NonDurable durable goods goods stores stores TVit nl Inventoi•y-4sales ratio NonDurTotal able durable busigoods goods ness] stores stores Retail Mill ions of d ollars, se asonally adjusted 30, 841 34, 819 38, 206 38, 388 41, 432 46, 706 52, 657 1.50 1.44 1.47 1.58 1.48 1. 45 1.41 1.40 1.41 1. 49 1.45 1. 39 1.40 1.44 266, 724 372. 404 67, 338 78, 625 68, 971 24, 422 44, 549 99, 279 47, 006 52, 273 _ __ 269, 792 376, 812 67, 552 79, 526 70, 158 24, 954 45, 204 100, 483 47, 555 52, 928 272, 537 379, 630 67, 823 80, 771 70, 918 25, 163 45, 755 100, 818 48, 161 52, 657 1. 40 1.40 1.39 1.44 1.43 1.42 52, 437 51, 808 52, 643 52, 853 53, 357 53, 864 54, 938 55, 425 55, 701 1.41 1.41 1. 37 1. 44 1. 40 1.43 1.43 1.42 1.41 1.44 1.42 1.42 1.45 1. 46 1.48 1.50 1.46 1. 40 1972 1973___ __ 1974 1975 1976 1977 1978 4 1978: Oct Nov.Dec 130, 049 151, 720 175, 350 179, 982 201, 814 224, 686 254, 125 1979: Jan___ Feb Mar Apr MayJune... July Aug. Sept *>_ _. Oct *>____ 273, 304 274, 579 285, 372 275, 936 287, 139 283, 388 289, 206 293, 059 297, 218 203, 161 234, 163 285, 519 285, 035 301, 736 338, 099 379, 630 29, 584 36, 822 45, 836 44, 633 48, 408 53, 509 62, 842 384, 190 387, 822 391,893 397, 530 401, 504 405, 966 413, 395 416, 956 417, 834 1 The term "business" also includes manufacturing 3 Monthly average for year and total for month. 3 Book value, end of period, seasonally adjusted. 4 67, 148 67, 495 70, 824 70, 444 72, 937 72, 625 75, 106 75, 733 77, 172 39, 786 46, 254 56, 537 55, 113 61, 307 67, 998 80, 771 81, 543 83, 005 84, 078 84, 973 85, 257 85, 245 88, 144 88, 727 89, Oil 37, 422 41, 944 44, 692 48, 731 54, 597 60, 335 66, 568 70, 855 71, 122 72, 045 71, 366 71, 914 71, 803 72, 370 74, 794 76, 745 75, 452 (see page 21). For annual periods, ratio of weighted average inventories to average monthly sales; for monthly data, ratio of inventories at end of month to sales for month. 20 12, 369 14, 132 13, 921 15, 106 18, 073 20, 653 23, 160 25, 250 25, 035 25, 450 24, 614 24, 731 24, 316 24, 471 25, 940 26, 872 25, 655 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 45, 605 46, 087 46, 595 46, 752 47, 183 47, 487 47, 899 48, 854 49, 873 49, 797 101, 739 49, 302 101, 175 49, 367 102, 226 49, 583 103, 379 50, 526 105, 162 51, 805 106, 382 52, 518 108, 691 53, 753 109, 092 53, 667 107, 503 51, 802 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS Manufacturers1 shipments/ inventories, and orders rose again in September. According to advance data for October, durable goods shipments rose while new orders fell. BILLIONS OF DOLLARS* (RATIO SCALE) 180 160 BILLIONS OF DOLLARS * (RATIO SCALE) 280 240 140 INVENTORY-SHIPMENTS RATIO 1979 * SEASON ALLY ADJUSTED SOURCE; DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufac;turersj sh ipments1 Manufadburers' inv entories2 Period Total NonDurable durable goods goods Durab ie goods Capital Nongoods Total durable Total Durable indusgoods Total goods tries, nondefense Millie>ns of doll ars, seasoiaally adjusted 8,803 108, 296 70, 308 37, 987 64, 162 35, 059 124, 672 81, 426 43, 245 76, 183 42, 853 11, 089 157, 915 101, 866 56, 048 87, 157 46, 740 12, 737 158, 178 101, 766 56, 412 85, 082 41, 957 10, 772 170, 156 109, 095 61, 061 99, 184 51, 047 12, 501 179, 981 115, 552 64, 430 112, 451 59, 562 15, 084 198, 041 129, 226 68, 816 128, 488 70, 145 18, 308 63, 042 72, 954 84, 821 _ 86, 617 98, 810 110, 842 124, 714 34, 043 39, 703 44, 253 43, 678 50, 697 58, 010 66, 505 28, 999 33, 251 40, 568 42, 939 48, 113 52, 832 58, 210 1978: Oct___ 130, 415 Nov__ 132, 082 Dec___ 133, 796 70, 096 71, 392 72, 637 60, 319 194, 500 126, 715 60, 689 196, 803 128, 422 61, 159 198, 041 129, 226 1979: Jan___ 135, 301 Feb___ 135, 962 Mar _ _ 142, 503 134, 126 Apr May__ 142, 288 June__ 138,960 July___ 141, 730 Aug___ 142, 532 Sept___ 143, 301 Oct p__ 72, 897 73, 646 76, 855 70, 996 75, 698 72, 629 73, 585 74, 416 74, 112 75, 594 62, 404 62, 316 65, 648 63, 130 66, 590 66, 331 68, 145 68, 116 69, 189 1972 1973 1974 1975 1976 1977 1978 _ 200, 908 203, 642 205, 589 209, 178 211, 085 214, 339 216, 560 219, 137 221, 320 131, 699 133, 994 135, 278 137, 903 139, 502 141, 700 143, 369 144, 966 145, 830 1 Monthly average for year and total for month. Shipments are the same as sales. 28 Book value, end of period. End of period. * For annual periods, ratio of weighted average inventories to average monthly shipments; for monthly data, ratio of inventories at end of month to shipments for month. Mamifacturer 3' new ore ers1 67, 785 136, 714 76, 463 68, 381 137, 794 76, 912 68, 816 138, 069 76, 831 69, 209 69, 648 70, 311 71, 275 71, 583 72, 639 73, 191 74, 171 75, 490 141, 748 144, 036 148, 586 139, 332 143, 594 142, 269 140, 508 1423 664 147, 602 79, 647 81, 312 83, 088 76, 099 77, 027 75, 820 72, 545 74, 029 78, 008 74, 759 ManufacNon- turers' durable unfilled goods orders3 Manufacturers1 inventory— shipments ratio4 120, 395 159, 468 187, 574 169, 126 173, 646 193, 150 238, 652 1.67 1.58 1. 65 1. 83 1.66 1. 59 1.52 21, 032 60, 250 228, 667 20, 754 60, 882 234, 381 19, 132 61, 238 238, 652 1.49 1. 49 1.48 245, 113 253, 187 259, 267 264, 479 265, 782 269, 086 267, 863 267, 994 272, 294 1.48 1.50 1.44 1.56 1.48 1.54 1.53 1.54 1. 54 21, 410 22, 868 23, 978 20, 767 20, 965 21, 753 20, 232 20, 737 22, 200 20, 115 29, 104 33, 330 40, 417 43, 125 48, 137 52, 889 58, 343 62, 101 62, 724 65, 498 63, 233 66, 567 66, 449 67, 963 68, 635 69, 594 Source: Department of Commerce, Bureau of the Census. 21 PRODUCER PRICES PRICES In October, the producer price index for all finished goods rose 1.0 percent, seasonally adjusted. Prices of finished consumer foods fell 0.1 percent and prices of other finished consumer goods rose 1.6 percent. Prices of capital equipment increased 1.2 percent. INDEX, 1967=100 (RATIO SCALE) INDEX, 1967= 100 (RATIO SCALE) 240 140 120 100 1979 SOURCE.- DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1967=100; monthly data seasonally adjusted] Finisheti goods In termediate inaterialIs A i Total consumer CapifinFoods ished Total and 1 Other tal equip- goods feeds ment 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. 9 200.2 159.5 162.5 163.6 180.0 195.3 178.6 173.2 169.0 189.3 186. 6 189.5 184. 5 178.9 201.7 191.0 202.4 199.0 192.6 215.5 201.0 216.4 203.4 197.4 220.8 210. 7 221. 5 205. 1 198.6 222. 6 208. 7 223.5 206.4 201.0 224.2 212. 1 225.0 208.5 203.8 226.7 212.6 227.6 210.3 206.3 229. 2 219.0 229. 9 211.5 208.6 231.7 218.8 232.5 214. 1 210. 1 235. 1 217.7 236. 2 215.3 211.0 237.5 219. 2 238.6 216.5 212.0 239.6 218.0 240.9 217.9 214.2 243. 6 232.5 244.3 218.2 217.7 246. 5 226. 4 247.7 218.8 221.7 250.2 228.3 251. 5 221. 4 223. 9 254. 6 229. 5 256.2 Finished goods cjxcludin g cons umer f c>ods Period 1971 1972 1973 1974 1975 1976 1977 1978 1978: Oct.. > Nov Dec 1979: Jan Feb Mar_ Apr May__ _ June _ July Aug __ . Sept Oct Total finConished sumer goods foods Total 113.7 117.2 127.9 147.5 163.4 170.3 180.6 194. 6 199.2 200.6 202.7 205.3 207.6 209.6 211.4 212.3 213.4 215.4 217. 9 221. 0 223. 3 115.3 121.7 146.4 166.9 181.0 180.2 189. 1 206.8 213. 1 214.7 217.3 221. 3 225.3 227.9 227. 1 223.8 221.2 221.3 224.0 228. 1 227.9 113. 1 115.4 120. 1 139. 3 156. 2 165.5 176.2 188.9 192.9 194.2 196. 1 198. 3 200.0 201.8 204.4 206.7 208.9 211. 4 213.9 216. 6 219.7 Com•sumer g oods Total 111.4 113.4 118.5 138.6 153. 1 161.8 172. 1 183. 7 187.6 188.7 190.9 193. 1 194. 8 197.0 199.6 202.5 205.3 208.6 212.3 216.3 219. 8 Nondurable "Phir* nVilf* 110.8 113.2 115. 8 126.3 138.2 144.4 152.2 165.9 169.7 169.9 172.3 174. 2 175.7 176.6 178.2 179.9 180.8 181.8 182. 7 184.0 186. 1 111.7 113.6 120.5 146.8 163. 0 173. 3 185.4 195.4 199.3 201. 1 203. 1 205.6 207.4 210.4 213.7 217.5 221.7 226.4 232.3 238.2 242. 5 1 Intermediate materials for food manufacturing and manufactured animal feeds. 22 rr\ Crud e mateiials Total 115. 1 127. 6 174.0 196. 1 196. 9 205. 1 214.3 240.2 252.7 255.6 257.5 263.4 272.2 275.0 273.9 276.2 277.9 282.8 283. 1 289.0 293. 2 NOTE.—Data revised for June 1979. Source: Department of Labor, Bureau of Labor Statistics. Foodstuffs and feedstuffs 114.2 127.5 180.0 189.4 191.8 190. 1 190.9 215.4 227. 6 229.6 230.3 236.8 245.7 246.4 245.4 244. 8 241.9 246.9 246.3 249.9 251. 1 Other 117.0 128.0 162.5 208.9 206.9 233.6 258.4 287. 0 299.9 304.9 308. 6 313.5 322.0 329.0 327.4 335.2 345.9 350.8 352.5 362.8 373.0 CONSUMER PRICES Jn October, the consumer price index for all urban consumers rose 0.9 percent (1.0 percent seasonally adjusted). Food prices rose 0.5 percent (0.8 percent seasonally adjusted). Nonfood commodity prices rose 0.8 percent (also 0.8 percent seasonally adjusted) and services prices were up 1.2 percent (also 1.2 percent seasonally adjusted). INDEX, 1967= 100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 140 120 120 100 100 1972 1973 1974 1977 1976 1975 1979 1978 1980 SEE NOTE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR [1967=100] Period All items Food Commodities Services All commodities 128.4 133.3 139. 1 152. 1 166. 6 180.4 194.3 210.9 117.4 120.9 129.9 145.5 158.4 165.2 174.7 187. 1 food 1971 1972 1973 1974 1975 1976 1977 1978 121.3 125.3 133. 1 147.7 161.2 170.5 181.5 195.4 118.4 123.5 141. 4 161.7 175.4 180.8 192.2 211.4 116.8 119.4 123. 5 136.6 149. 1 156.6 165.1 174.7 Comnlodities leSS Food food Services All Food at home Food away from home All Dur- Nondurable 118.4 123.5 141.4 161.7 175.4 180.8 192.2 211.4 116.4 121.6 141.4 162.4 175. 8 179.5 190.2 210.2 126. 1 131. 1 141.4 159.4 174.3 186. 1 200.3 218.4 116.8 119.4 123.5 136.6 149.1 156.6 165.1 174.7 116.5 118.9 121.9 130.6 145.5 1543 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 Seasonal ly adjusl ed Unacljusted 1978: Oct 200.9 Nov_._ 202.0 Dec 202.9 216.8 217.8 219.4 179.1 180.3 181.3 217.6 218.6 219.2 191. 7 193.0 194.6 217.9 219.2 221.3 216.5 217.8 220. 1 224.7 226. 0 227.8 178.5 179.8 181.3 178.3 180. 1 181.6 177.4 178.3 179.4 217.6 218.7 219.5 1979: Jan Feb____ Mar Apr May June___ July___ Aug Sept___ Oct 223. 9 228.2 230. 4 232.3 234.3 235.4 236.9 236.3 237. 1 238.2 181.9 183.7 185.9 188.9 191.6 194.7 197.0 199.5 201.8 203.4 221. 1 223.3 225. 1 227.0 229.5 232. 1 234.7 237.6 240.7 243.6 196.7 199. 1 201.3 203.8 205.7 207.7 209.5 211.4 213.8 215.5 224.5 228. 1 230.5 232. 7 234.3 234.7 235. 0 235. 0 237. 1 238.9 223. 7 227.7 230.0 232.4 233.5 233. 2 233.0 232.3 234.8 236.4 230.7 233.6 236.2 238.2 240.9 242. 9 244.4 246.0 247.4 249. 6 182.9 184.8 186.9 189.4 191.4 193.9 196.3 198.9 201.3 202. 9 183.3 181.4 182.9 186.4 190.0 193.4 197.4 201.5 205.4 209.0 210.5 220. 7 223. 1 225. 1 227.2 230. 1 232. 5 235. 0 237.8 240.4 243.4 204.7 207. 1 209. 1 211.5 214. 1 216. 6 218.9 221. 1 223.4 225.4 NOTE.—Data beiginning Jaiiuary 1978 relate to all urban consiimers. Earli<?r data related to urban wage eairaers and c lerical worke rs. 185. 1 186.0 187.6 188.6 190. 1 191. 5 192. 8 194. 1 195.4 Source: Departnlent of Labo r, Bureau of Labor Statisties. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Period 1970 1971 1972 1973__ 1974 1975 1976 1077 1978___ ._ - r Percent change rom pre ceding 1 period ; seasonsilly adjussted Percent change from 3 nlonths earlie r; season ally adju sted annual rates Percent / change from 6 nlonths earlie r; season ally adjuisted annual rates Consume r goods Consume;r goods Consumejr goods Total finished goods — — 1978: Oct.__ Nov Dec- - 1979: Jan Feb Mar Apr May June July Aug Sept _ _ Oct__ _ - Capita] Total finequipished Exclud- ment goods ing Foods 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 .8 .7 1.0 1.6 .8 1.2 .4 .6 1.2 .6 .8 .6 1.3 1.1 1.0 .9 .4 .5 .9 1.2 1.4 1.0 1.8 1.8 1.2 __.4 — 1, 5 -1.2 0 1.2 1.8 -. 1 1.2 .9 1. 1 1.3 1.5 1.4 1. 6 1.8 1.9 1. 6 1.0 .9 .6 1. 2 .6 .6 .6 .1 .3 1.2 Capital Total equipfinExclud- ment ished Foods ing goods foods 7.6 9.5 10.5 Capital equipExclud- ment Foods ing foods 11. 5 16.6 15.3 6.0 6.2 8.8 6.8 8.4 8.8 8.2 8.3 8.9 9.3 10.3 10.0 7.7 7.3 8.8 8.0 8.2 7. § 12.8 16.3 14.7 21.3 14.3 21. 0 12.4 10.9 9.4 -2.6 7.5 -11.3 7.8 -9.8 .4 11.0 15.0 13. 1 15.5 12.5 12.3 13.6 13.4 14.2 16.8 17.9 19. 3 20.8 23.2 23.3 10.4 10.5 10.3 11.2 9.9 9.8 7.3 5.5 4.3 6.6 10.2 12.1 12.4 12.6 12.0 10.8 10. 1 10.2 11.2 11.6 13.9 18.9 18.1 13.6 8.7 3.6 0 -1.2 .2 .7 9. 1 9.8 11.1 13.2 15.2 15.1 16.7 18.8 20.6 21. 3 8.6 9.5 9.5 10.8 10.2 10.0 9.2 7.7 7.0 6.9 i Source: Department of Labor, Bureau of Labor Statistics. i Annual changes are from December to December (unadjusted). NOTE.—Based on revised data for June 1979. CHANGES IN CONSUMER PRICES Percerj t change from pre ceding perio d; seasontally adjussted 1 Period All items Food Commodities i less food Services Percent c lange f re>m 3 mont is earlier; Percent c' lange fro m 6 mont' is earlier; seasonsilly adjujsted annu<aJ rates seasonsilly adjus>ted an nu ;il rates All items Food Commodities i less food Services All items Food Commodities i 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 4. 1 3.6 6.2 11.3 8. 1 7.3 7.9 9.3 1978: Oct__. Nov— _ Dec___ .8 .6 .6 .9 .6 1. 0 .7 .7 .8 .9 .5 .4 9.5 9.4 8.5 8. 1 8.9 10.2 9.0 9.7 9.6 10.6 9.5 7.2 9.5 9. 0 8.5 9.6 8.4 7.4 8.2 8.5 8.9 10.6 9.8 8.7 1979: Jan.. . Feb___ Mar Apr May__ June__ July___ Aug___ Sept___ Oct .9 1.2 1.0 1. 1 1. 1 1.0 1.0 1. 1 1. 1 1.0 1.4 1.6 1.1 1.0 .7 .2 .1 0 .9 .8 .9 1.0 1.1 1.3 1. 1 1.3 1.2 1.3 1.2 .8 .5 1. 1 .9 .9 1. 3 1.0 1. 1 1.2 1. 1 1.2 8.8 11.3 13.0 13.9 13.6 13.4 12. 8 12.7 13. 2 13. 2 12. 7 17.3 17.7 15.4 11.3 7.5 4.0 1.2 4. 2 6.8 10. 2 11. 6 12.9 15.0 15. 1 15.8 15. 4 16.6 16. 2 14. 1 5.8 8.3 10.6 12. 3 13.2 13.8 14. 5 14. 1 14. 3 15. 1 9.2 10.4 10.7 11.4 12.4 13.2 13. 4 13. 1 13. 3 13.0 10.4 13.0 13.9 14.0 14.3 12.5 9.6 6. 1 5.8 5.4 9.6 10.6 11.2 12. 6 13.3 14.4 15.2 15.8 16. 0 14.8 8.2 8.9 8.9 9.0 10.7 12.2 13.4 13.6 14. 1 14.8 1970 1971 1972 1973 1974____ 1975 1976 1977___. 1978 _ _ 1 Annual changes are from December to December (unadjusted). NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier data relate to urban wage earners and clerical workers. 24 Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 2 percent in October and prices paid by farmers rose 1 percent in the month ended October 15. INDEX, 1967=100 (RATIO SCALE) PRICES RECEIVED (ALL FARM PRODUCTS) PRICES PAID (ALL ITEMS, INTEREST, TAXES, AND WAGE RATES) - 70 60 60 1979 1971 J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE. COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE Prices received by farmers Period 1971 1972 1973 1974 1975 1976 1977 1978 1978: Oct Nov Dec All farm products __ _ __ _ _ _ _ _ _ _ ___ 1979: Jan Feb__ Mar Apr May June_ _. July__. Aug Sept Oct _ _ _ _ _ _ _ ___ Crops Prices paid by fanners All items, Livestock interest, Family Producand tion living taxes, and items items products wage rates Index, 1 967=100 113 125 179 192 185 186 183 210 218 216 222 108 114 175 224 201 197 192 204 202 202 205 118 136 183 165 172 177 175 217 232 230 239 118 125 144 164 180 192 202 219 224 225 226 (33) () (3) (33) () 232 241 246 244 246 244 244 237 241 236 209 216 214 212 220 233 240 235 225 222 252 264 274 272 269 255 250 239 255 248 234 238 243 246 248 249 251 251 254 256 (3) (33) (3) () (33) (3) (3) () (33) () i 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 Parity ratio 1 Actual Adjusted * 113 121 146 166 182 193 200 216 222 222 225 71 74 91 86 76 71 66 71 71 71 72 75 79 94 87 76 72 68 72 73 73 74 230 235 243 246 247 248 250 249 253 255 73 75 74 73 73 72 72 69 70 68 74 76 76 74 74 74 73 71 71 69 3 Index discontinued. Consumer price index (Department of Labor) substituted in calculating total prices paid beginning January 1977. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK M1 growth decelerated sharply in October. BILLIONS OF DOLLARS*(RATIO SCALE) BILLIONS OF DOLLARS*(RATIOSCALE) 1,000 300 200 200 1971 1979 * SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Deposil ;s at comimercia banks Period Ml 1973: Dec__ 270.5 1974: Dec__ 283.2 1975: Dec__ 295.4 1976: Dec__ 313.8 1977: Dec._ 338.7 1978: Dec__ 361. 2 1978: Oct__ 361.2 Nov. 360. 6 Dec_ 361.2 1979: Jan__ 359.7 Feb__ 358.6 Mar_ 359.0 Apr__ 364. 3 May. 364.5 June. 369. 0 July__ 372.2 Aug__ 374.3 Sept__ 377.8 Oct *>__ 378. 6 Ml-f- 397.9 419.5 456.8 517. 2 560.6 587.2 589.9 587. 8 587.2 583.4 580. 1 579.6 585. 1 584. 1 590.1 595. 1 598. 3 601. 9 599.6 M2 571.3 612. 2 664.8 740.6 809. 4 875.8 870.2 873.7 875.8 875.0 876.7 879.5 889.8 893.8 904. 4 914. 1 922. 5 931. 9 938.6 M3 919.0 981.0 1, 092. 4 1, 235. 6 1, 374. 3 I, 500. 1 1, 484. 8 1, 493. 1 1, 500. 1 1, 503. 7 1, 509. 7 1, 517. 5 1, 530. 8 1, 537. 0 1, 552. 3 1, 567. 0 1, 580. 0 1, 594. 4 1, 604. 4 Currency 61.6 67.8 73.8 80.8 88. 6 97.5 95.8 96.6 97.5 98.2 98.9 99.4 100.2 100. 7 101.5 102.4 103. 6 104.9 105.3 Demand 209.0 215.3 221.7 233.0 250. 1 263. 7 265. 3 264.0 263.7 261.5 259.7 259.5 264. 1 263. 8 267.5 269.8 270. 7 273.0 273.2 Total 2 Large CDs Savings Deposits at nonoanKi thrift institutions 363. 7 63.0 418. 1 89.0 450. 3 81.0 489. 2 62.4 544.4 73.7 611.2 96.6 597.7 88.6 608. 5 95.4 611.2 96. 6 615.8 100.5 620. 2 102. 1 619. 5 99.0 620.6 95.0 619.9 90.6 620.3 84. 9 626.6 84. 7 634.2 85. 9 642.2 88. 1 651. 1 91. 1 127. 1 135. 9 160.7 202. 1 219. 7 223. 0 225.9 224.3 223. 0 220.8 218.6 217.7 217. 7 216. 4 217. 8 219. 5 220. 7 220. 7 217.6 347.7 368.7 427. 7 495. 0 564.9 624.4 614.6 619. 5 624.4 628.7 633. 0 638.0 641.0 643.2 647.9 652.9 657. 5 662.4 665.9 Time and sa vings 1 Ml is currency plus demand deposits; M1+ is Ml plus savings deposits at commercial banks and checkable deposits at nonbank thrift institutions; M2 is Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions. 26 Perec^nt chaiige8 (Uomponents and related items ()verall measur esi U.S. Government demand deposits (unadjusted) 6.3 4.9 4. 1 4.4 5. 1 10. 2 4.2 8.0 10. 2 11.9 8.3 6.5 5.3 8.4 10.8 13. 2 9.8 12.4 11.7 Ml M1 + 5.0 5.4 8.9 13. 2 8.4 4.7 6.3 4. 1 3.0 1. 1 1. 1 — 1. 2 — . 9 -3.3 1.7 -1.6 2. 2 -1.3 4. 4 1.0 4. 1 7. 1 6. 4 8. 9 7.8 10.7 8.0 5.0 6.0 4.7 4.3 6.2 7.9 6.6 7.8 5.7 5.0 3.0 M2 8.8 7.2 8.6 11.4 9.3 8.2 19.8 9.0 8.0 6.3 4.8 3.2 4.6 4.7 6.6 9. 1 10.7 12. 3 11.3 a Includes time deposits other than large CDs, not shown separately. 3 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. Source: Board of Governors of the Federal Reserve System. PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS [Averages of daily figures; billions of dollars, seasonally adjusted] Curre ncy and c eposits U.S. Ti easury secur ities Time d eposits Other private money market instruments Negotiable certificates of deposit Total liquid assets Total 854. 9 966. 8 1, 086. 1 1, 174. 2 1, 295. 6 1, 428. 4 1, 598. 7 1, 771. 3 721. 1 815.9 886. 5 942. 4 1, 053. 2 1, 191. 8 1, 327. 1 1, 448. 0 52. 5 56.9 61. 6 67. 8 73.8 80.8 88. 6 97. 5 162. 1 176. 3 183.9 187. 5 193. 6 201.2 214. 6 224. 7 233.2 263. 6 293. 2 318. 4 358. 2 414. 8 459. 0 501. 4 273. 3 319. 1 347. 7 368.7 427.7 495. 0 564.9 624. 4 54. 3 57. 5 60.4 63.3 67. 2 71.9 76. 6 80. 6 31. 5 34.3 43.3 47.8 67.3 66. 8 78.3 85.4 27. 5 35.9 53.2 69.4 57. 0 42. 7 50.7 62. 2 20. 6 23. 0 42. 8 51. 3 50.9 55. 3 66. 1 95. 2 1978: Oct Nov Dec 1, 737. 4 1, 754. 4 1, 771. 3 1, 433. 6 1, 441. 2 1, 448. 0 95. 8 96. 6 97.5 226.7 225. 0 224. 7 496.5 500. 1 501.4 614. 6 619.5 624. 4 80. 1 80. 3 80.6 83.0 81. 7 85. 4 56. 1 61. 8 62.2 84. 6 89. 3 95.2 1979: Jan Feb.Mar Apr May _ May July Aug _ _ Sept Oct * __ 1, 786. 4 1, 799. 5 1, 811. 2 1, 827. 9 1, 841. 1 1, 861. 2 1, 877. 2 1, 890. 5 1, 908. 8 1, 924. 6 1, 451. 4 1, 457. 2 1, 464. 7 l} 477. 3 1, 483. 2 1, 497. 6 1, 512. 0 1, 524. 8 1, 538. 3 1, 547. 9 98. 2 98.9 99.4 100. 2 100.7 101. 5 102.4 103. 6 105. 3 106. 1 222. 2 220. 3 220.0 223. 9 223. 1 226.0 227. 8 228. 6 229. 9 229. 5 502. 4 505.0 507.2 512. 2 516. 2 522.3 528. 8 535. 1 540.7 546. 4 628.7 633. 0 638. 0 641.0 643. 2 647. 9 652.9 657. 5 662. 4 665.9 80. 7 80.6 80.6 80.6 80. 6 80.6 80.6 80. 6 80. 6 80.4 88.6 90.9 95. 3 100.5 108. 6 116. 3 114. 2 109. 9 109. 6 108.9 65. 2 65.5 61.4 56. 4 51.8 45. 7 44. 3 43.7 44.2 45. 7 100.5 105. 2 109. 2 113. 1 116.9 121. 0 126. 2 131.6 136. 1 141. 7 Period 1971: 1972: 1973: 1974: 1975: 1976: 1977: 1978: Dec Dec Dec_ Dec Dec_ Dec. Dec Dec_ ___ _ _ _ .. ___ __ __ _ ._ Currency Demand deposits Commercial banks ShortNonbank term Savings marketthrift bonds able seinstitucurities Source: Board of Governors of the Federal Reserve System. NOTE.—Data revised beginning January 1979. CONSUMER INSTALLMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Installm ent credit e Ktended Installm ent credit li quidated Net change in amount <uutstanding Period Total * Automobile Revolving Total * Automobile Revolving Total * Automobile Revolving 046 749 035 765 441 028 071 351 36, 706 43, 702 49, 606 46, 514 52, 420 63, 743 75, 641 88, 987 21, 862 24, 659 28, 702 33, 213 36, 956 43, 934 86, 756 104, 587 127, 136, 152, 163, 172, 189, 218, 253, 789 787 817 276 676 381 793 541 32, 512 38, 081 43, 696 46, 019 49, 444 53, 278 60, 437 69, 430 20, 818 23, 485 26, 699 31, 243 35, 616 41, 764 80, 508 96, 811 10, 257 14, 962 20, 218 9,489 7,765 21, 647 35, 278 44, 810 4, 194 5, 621 5,910 495 2, 976 10, 465 15, 204 19, 557 1, 044 1, 174 2, 003 1,970 1, 340 2, 170 6, 248 7,776 1978: Sept— Oct Nov Dec. _ 25, 537 25, 766 25, 956 26, 516 7,542 7,501 7,788 7,833 9,006 8, 846 9, 176 9,424 21, 22, 22, 22, 857 390 124 117 6,010 6, 126 6,033 6,053 8,384 8, 500 8, 511 8,555 3,680 3,376 3,832 4,399 1,532 1,375 1,755 1,780 622 346 665 869 1979: Jan Feb___ Mar__ _ Apr_ May June __ July. Aug. _ Sept 25, 548 26, 452 26, 533 27, 009 27, 901 26, 139 26, 848 27, 583 28, 634 7, 549 7,756 7,794 7, 999 8,260 7, 178 7,447 7,667 8,430 9,417 9,357 9,714 9, 722 10, 039 10, 136 9,856 10, 371 10, 699 22, 22, 22, 22, 24, 23, 24, 25, 24, 481 889 908 904 595 581 405 137 188 5,868 6,191 6,308 6, 612 7,035 6,488 6,831 7,073 6,607 8,984 9,040 8,972 8, 804 9,290 9,340 9,427 9, 584 9, 642 3,067 3,563 3,625 4,105 3,306 2,558 2,443 2,446 4, 446 1,681 1, 565 1,486 1,387 1,225 690 616 594 1,823 433 317 742 918 749 796 429 787 1,057 1971 ___ _ _ 1972 _ 1973 1974 1975 1976_ 1977 1978__ _ __ 1 138, 151, 173, 172, 180, 211, 254, 298, Includes "mobile home" and "other," not shown separately. Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS, INVESTMENTS, AND RESERVES Commenced and industrial loan growth moderated in October, following rapid expansion from June through September. BILLIONS OF DOLLARS* (RATIO SCALE) 1,400 BILLIONS OF DOLLARS* (RATIO SCALE) 1,400 ALL COMMERCIAL BANKS 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 180 160 140 200 180 160 INVESTMENT IN OTHER SECURITIES 140 120 120 INVESTMENT IN -U.S. TREASURY SECURITIES 100 100 80 80 60 60 i |i 40 1972 1973 1974 40 1977 1976 1975 1978 1980 1979 * SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total loans and investments Period 1972: Dec 1973: Dec 1974:Dec___ 1975: Dec 1976: Dec_ _ 1977: Dec 1978: D e c _ _ _ 1978: Oet__ Nov Dec _ _ 1979: Jan Feb Mar Apr May June _ July Aug__ Sept 4 _ Oct _ [Billions of dollars, seasonally adjusted, except as noted] All me mber ban ks 3 Allccommercial \mnks l Borrowiitigs (millions of dollars, Reserves Loans and leases Investr intents unadji isted) CommerU.S. Other SeaNonRecial and Total Total Total 2 industrial Treasury secuborrowed quired sonal securities rities loans 566. 1 647. 8 713.6 744. 6 804. 3 891. 1 1, 014. 3 386.2 460. 3 519.9 516. 9 554.8 632. 1 747.8 136. 3 165.6 197. 3 189.8 191. 2 211.2 246. 5 64. 1 58.7 53. 7 82. 1 100. 6 99.5 93. 4 115.8 128.8 140. 0 145.7 149. 0 P9. 6 173. 1 31.34 34.90 36.55 34.67 34. 89 36. 10 41.27 30.29 33.60 35.83 34. 54 34.83 35.53 40.40 31. 05 34.60 36.30 34.40 34.61 35. 91 41.04 1,049 1,298 703 127 62 558 874 41 32 13 12 54 134 994. 3 1, 007. 4 1, 014. 3 726.0 739. 9 747.8 241. 5 245.0 246. 5 98. 1 96.0 93.4 170.3 171.5 173. 1 38.38 39.75 41. 27 37. 10 39.05 40.40 38.22 39. 53 41. 04 1,261 722 874 221 185 134 1, 030. 9 1, 042. 0 1, 048. 9 1, 061. 0 1, 068. 8 1, 080. 0 1, 092. 2 1, 102. 8 1, 122. 8 1, 130. 0 759.9 770.0 775. 7 786.6 793. 3 803. 1 813.4 823.3 840.0 845. 8 252. 6 256.9 259.8 263. 3 266.8 270.4 275.5 279.9 285. 9 289.0 93.0 93.2 93.9 94. 0 94. 1 94. 8 95.3 94. 1 95. 2 95.3 178.0 178. 8 179.3 180. 4 181.4 182. 1 183.5 185.4 187. 6 188.9 41.48 40.75 40.81 40. 65 40. 48 40.42 40. 82 41.07 41. 46 42. 32 40.48 39. 78 39.82 39. 73 38.72 39.00 39.65 39.99 40. 12 40. 29 41.26 40. 54 40. 66 40.47 40. 34 40.20 40.61 40. 85 41.27 42. 04 994 973 999 897 1,777 1, 396 1, 179 1,097 1, 345 2,022 112 114 121 134 173 188 168 177 178 161 1 Data are averages of Wednesday figures. Excludes loans to commercial banks in the United States. Data are averages of daily figures. Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M, 2 3 28 4 Estimate. NOTE.—Data for all commercial banks revised beginning March 1979. 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 Period 1970 1971 1972_ 1973 _ 1974_ _ 1975. _ 1976 1977 1978_ Total _ __ _ _ 1978: I _ _ II III IV __ 1979: I II _ Internal 1 Credi ; market i unds Total Total Longterm 2 Short-f term Other 4. 1 17.5 35.9 42.5 -11. 1 10.9 34 1 45.3 8.4 48 140 Discrepcrease ancy in (sources finanless cial uses) assets Total Purchase of physical assets 4 95.9 119.5 145.8 185.6 179.0 133. 1 183. 3 216.8 2742 80.3 86.0 100.3 123.3 134.7 99.9 139.0 169.9 195.9 46.9 78.3 15.7 14.4 11.9 17.0 25.7 25.9 21. 2 External In- 104.3 127.9 161.6 199.9 191.0 150.0 209.0 242.6 295.4 58.9 68.6 80.8 83.8 75.7 106.8 125.3 139.9 148.8 45.4 59.3 80.8 116. 1 115.3 43.2 83.7 102.7 146.6 73.0 81.7 38. 1 59.8 80.3 94.5 32.2 41. 1 40.5 37.1 39. 1 49.2 48.7 46. 1 49.2 261.8 296. 6 301.6 321.6 135.0 150.5 153.8 155.9 126.8 146. 1 147.8 165.7 92. 1 92.6 92.0 101.2 31.6 54.9 55.4 55.0 60.6 37.7 36.6 46.2 348 53.5 55.9 645 2349 280.8 282.6 298.7 177.0 203.2 199.9 203.6 57.9 77.6 82.7 95. 1 27.0 15.8 19.0 22.9 338.0 352.0 154. 1 157.5 183.9 194.5 113.3 131. 5 47.2 54.7 66.1 76.9 70.6 62.9 325.0 327.7 213.6 228.7 111.4 99.0 243 40.6 45.2 58.1 * Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits. » Stocks, bonds, and mortgages. * Bank loans, commercial paper, finance company loans, bankers' acceptances, and Government loans. 22.6 43.2 33.6 5. 1 24.0 22. 5 52.2 15.6 33.5 45.6 62.3 444 33.2 443 8.4 8.2 13. 1 * Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. Source: Board of Governors of the Federal Keserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] Current assets End of period Total SEC series:2 1970 1971 1972 1973_. 1974 FTC-FRB series:3 1974 _ 1975— 1976___ 1977 _ _ 1978 _ 1, 1977: I _ II III IV 1978: I__ !!___ III IV 1979: I _ _ Cash GUITent liabil ities Notes U.S. governand Invenacment tories securi- counts ties receivable Total Net working capital Current ratio * 492.3 529.6 599.3 697.8 790.7 50.2 53.3 59.0 66.3 71. 1 11.0 10.6 12.8 12.3 7.7 206. 1 221. 1 248.2 288. 5 322. 1 193.3 200.4 225.7 263.9 313.6 35.0 43.8 55.8 66.4 71.7 304.9 326.0 375.6 450.9 530.4 211.3 220. 5 282. 9 340.3 402.3 93.6 105. 5 92.7 110. 7 128. 1 187.4 203. 6 223. 7 246.9 260. 3 1.615 1.625 1.595 1. 548 1.491 735.4 759.0 826. 3 900.9 028. 1 73.2 82. 1 87.3 94 3 103.5 11. 1 19.0 23.6 18.7 17.8 265.8 272. 1 293.3 325. 0 381.9 319. 5 315.9 342.9 375.6 428.3 65. 9 69.9 79.2 87.3 96.5 453.4 451.6 492.7 546.8 662.2 269.8 2642 282.0 313.7 375. 1 183.6 187.4 210.6 233. 1 287. 1 282.0 307.4 333.6 354 1 365. 9 1. 622 1.681 1.677 1.648 1.552 8447 858. 5 881.8 900.9 81.4 83.3 83.5 242 943 19.9 19.3 18.7 3044 313.0 326.9 325.0 353.4 359.9 368.3 375.6 81.3 82.5 83.8 87.3 507.6 514 1 533.2 546.8 290. 1 295.9 306. 1 313.7 217.5 218. 1 227. 1 233. 1 337. 1 3445 348.6 354 1 1. 664 1.670 1.654 1.648 925.0 9542 992.6 1, 028. 1 88.8 91.3 91. 6 103.5 18.6 17. 3 16. 1 17.8 337.4 356.0 376.4 381.9 390.5 399.3 415. 5 428.3 89.6 90.3 92. 9 96.5 5742 593.5 626.3 662.2 325.2 337.9 356.2 375. 1 249.0 255.6 270. 0 287. 1 350. 7 360.7 366. 3 365. 9 1.611 1.608 1.585 1.552 1, 078. 2 102.2 19. 1 405.0 452.6 99.3 701.8 392.6 309.2 376.4 1.536 * Total current assets divided by total current liabilities. 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. 8 Based 1 Other current assets 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 Reserve System, Federal Trade Commission, and Securities and Exchange Commission. INTEREST RATES AND BOND YIELDS In November, short rates fell back from late-October peaks. PER CENT PER ANNU/SA 14 PI.RCENT PER ANNlJM 14 19 12 | ff 10 / / \ *•> /fj#f \ '•/ \: i :\ • i / : >. ^\ I ^ :>f "Vf^ PrH / 6 / r / »«••** •*** i-i I - CORPORA!I Aaa BONDS (MCX)DY'S) ~^ ***"•» V *\ / TREASURY BILLS ^•Oi^. DISCOUNT RATE FEDERAL RESERVE ^BANK OF T~NEW YORK L., • : •>-"\j V5* y -^' *""^*** : L \A />/ /•"" N 1A x I// r* 6 \-J 1 ."*** \ •. .. —/ \. W I 4 A / lli iIil iii 2 di V 11111111111 1972 SOURCE: SEE TABLE BELO 1973 l l 1 l i I 1 l l Ii 1 1 I 11 I1 I 1 I1 1974 i l 1 i l I l l l i i 1 1 1 1 1 I 1 1 I 11 i l l l l I i M I 1 11 11I 11l l I 1976 1975 1977 1978 1979 w 1 1 I 1 I | I I L I IK2 M 1980 COUNCIL OlF ECONOMIC ADVISERS [Percent per annum] U.S. Tre,asury securiiby yields Period 1973 1974 1975_ _ _ 1976 1977 1978 _ 1978: Nov _, Dec 1979: Jan Feb _ Mar. Apr May__ June July _ Aug Sept Oct__ _ _ _ Nov Week ended: 1979: Nov 3 _ _ _ _ _ 10 17 24 Dec 1 3-month bills i Constant nnaturities 3-year 2 10-year High-grade Corporate Prime com- Discount rate mercial municipal Aaa (N.Y. paper, bonds bonds F.R. (Standard 4-6 Bank)4 & Poor's)3 (Moody's) months* 7. 041 7. 886 5. 838 4. 989 5. 265 7.221 8.787 9. 122 9. 351 9.265 9.457 9.493 9. 579 9. 045 9. 262 9.450 10. 182 11. 472 11. 868 6.95 7. 82 7.49 6.77 6.69 8.29 9.04 9.33 9.50 9. 29 9.38 9.43 9.42 8. 95 8.94 9. 14 9. 69 10. 95 6.84 7.56 7.99 7.61 7.42 8.41 8.81 9.01 9. 10 9. 10 9. 12 9. 18 9.25 8. 91 8.95 9.03 9. 33 10.30 5. 18 6.09 6. 89 6. 49 5. 56 5.90 6.03 6.33 6.25 6. 19 6. 16 6. 14 6. 10 5.99 6.05 6. 10 6.40 6.98 7.44 8. 57 8.83 8.43 8.02 8.73 9.03 9. 16 9. 25 9.26 9.37 9. 38 9.50 9.29 9. 2a 9.23 9.44 10. 13 8. 15 9. 87 6.33 5. 35 5.60 7.99 10.23 10.43 10. 32 10. 01 9.96 9.87 9. 98 9.71 9.82 10.39 11. 60 13. 23 12. 256 12.098 12. 026 11. 944 11.018 11. 64 11. 56 11. 12 11. 31 10.78 10.87 10. 69 10.71 7. 13 7. 15 7. 13 7.29 10.73 10.83 10.75 10.83 *13. 95 13.37 13. 19 *Beginning November 1, 1979, data are for 6 months paper. Rate on new issues within period. Yields on the more actively traded issues adjusted to constant maturities by3 the Treasury Department. Weekly data are Wednesday figures. 4 Average effective rate for year; opening and closing rate for month and week. 1 2 30 Prime rate charged by banks * 6.45 7.83 6. 25 5.50 5.46 7.46 9J/2-9K 9H-9M 9/2-9^ 8. 03 10. 81 7.86 6. 84 6. 83 9.06 1CW-11H 9H-9H 9K-91/! 9H-9H 9^-9/2 9H-10 10-10^ iifi-ip/4 iiM-ii% ii%-n% UK-UK iiK-i \% l 9H-9H 1172-11% n%-n% 11%-llK n%-i2 A lOK-n 11-12 12- 12K-13/2 13K-15 15%- 12-12 12-12 12-12 12-12 12- 15-15K 15J4-15H 15/2-15% 15%-15% 15%- Newhome mortgage yields (FHLBB)5 7.95 8.92 9. 01 8.99 9. 01 9.54 9.87 10. 02 10. 18 10.20 10.30 10.36 10.47 10.66 10.78 11.01 11.02 11. 18 s Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Stock prices rose during November but were still considerably below their September highs. INDEX, DEC 31,1965=50 80 INDEX, DEC 31,1965=50 80 70 - 1971 1979 COUNCIL OF ECONOMIC ADVISERS SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION Common s tock 5 yields ( percent) Cominon stock p rices! Period New York Stock Exeb ange indexes(Dec. 31, ]L965=50) * TransporComposite Industrial tation 1973 1974 1975 1976 _ 1977 1978__ _ _ 1978: Oct Nov __ _ Dec. 1979: Jan Feb. __ MaiApr _ May__ June July Aug Sept__ _ Oct p_ Week ended: 1979: Oct 27 Nov 3__ 10 17 24 57.42 43.84 45. 73 54.46 53. 69 53. 70 56.40 52.74 53. 69 55.77 55.08 56. 19 57. 50 56.21 57. 61 58. 38 61. 19 61. 89 59. 27 63. 08 48.08 50. 52 60. 44 57.86 58.23 61.60 57. 50 58.72 61.31 60.37 61. 89 63.63 62. 21 63.57 64.24 67. 71 69. 17 66.68 37. 74 31.89 31. 10 39. 57 41.09 43. 50 46.70 41.80 42.49 43.69 42.27 43.22 45. 92 45. 60 47. 54 43.85 52. 48 52. 21 48. 09 37. 69 29. 79 31.50 36. 97 40.92 39.22 39.44 37. 88 38.09 38.83 39. 21 38.94 38.63 37. 48 38.44 38.88 39. 26 38. 39 36,58 70. 12 49.67 47. 14 52. 94 55. 25 56. 65 60.42 54.95 55. 68 57.59 56. 09 57.65 59. 50 58.80 61.87 64.43 68. 40 67.21 61. 64 923. 759. 802. 974. 894. 820. 857. 804. 807. 837. 825. 847. 864. 837. 838. 836. 873. 878. 840. 88 37 49 92 63 23 69 29 94 39 18 84 95 41 65 95 54 50 39 107. 43 82. 85 86. 16 102. 01 98. 20 96. 02 100. 58 94.71 96. 11 99.71 98. 23 100. 11 102. 07 99.73 101. 73 102. 71 107. 36 108. 60 104. 47 3. 06 4. 47 4.31 3.77 4. 62 5.28 5. 11 5. 45 5.39 5.28 5. 43 5.36 5. 35 5. 58 5. 53 5. 50 5.30 5. 31 5. 56 56. 80 57. 85 57.36 58.93 59. 32 63. 91 65. 10 64. 48 66. 39 66. 89 45.07 46. 16 45. 98 47.60 47. 79 35.39 35. 93 35. 74 36. 39 36. 65 58. 31 59. 47 59. 23 60.38 60. 27 807. 817. 803. 817. 810. 82 44 97 92 92 100. 102. 100. 103. 104. 5.76 5. 72 5.88 5.70 5. 71 1 Average of daily closing prices. 2 Includes all the stocks 4 (more than 1,500) listed 8 Includes 30 stocks. Includes 500 stocks. 5 on the NYSE. Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. Finance Utility Standard & Poor's DowJones composite Dividendindex industrial ratio average 3 (1941-43= 10) 4 40 06 94 55 12 Earningsratio 7. 12 11.59 9. 15 8.90 10.79 12. 03 12. 83 13. 09 13. 55 NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation. 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first month of fiscal year 1980, the budget deficit was $14.7 billion, compared with a deficit of $14.0 billion, a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS AND OUTLAYS 500 500 400 400 OUTLAYS 300 300 RECEIPTS 200 200 50 50 SURPLUS (+) OR DEFICIT (-) -50 -50 - -100 -100 1971 1972 1973 1975 1974 1977 1976 1978 1979 1980 FISCAL YEARS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Period Receipts Fiscal year or period: 1969 1970 1971 1972 1973 1974 1975 1976 Transition quarter 1977 1978 2 1979 _„ 1980 (estimates): Mid-Session Review, adjusted 3 Second Concurrent Resolution, November 19794 _ First month: Fiscal year 1979 Fiscal year 1980. 1 Excludes non-interest-bearing public debt securities held by IMF. Preliminary; from Joint Statement, Secretary of the Treasury and Director of 3the Office of Management and Budget, October 25,1979. Estimates from Mid-Session Review of the 1980 Budget, Office of Management and Budget, as revised July 31,1979, and adjusted October 25,1979. 2 32 Outlays Surplus or deficit ( — ) 187.8 193.7 188.4 208.6 232.2 2649 281. 0 300.0 81.8 357.8 402. 0 465. 9 1845 196.6 211. 4 232. 0 247. 1 269.6 326.2 366.4 947 402.7 450.8 493.6 3.2 -2.8 -23.0 -23. 4 -148 -47 -45.2 -66.4 -13.0 -45.0 -48.8 -27.7 513.9 517. 8 547. 1 547. 6 -33.2 -29.8 28.7 33. 1 42. 7 47. 8 -14.0 -14.7 Federal debt ( end of period) Tntnl * Held by the public 367. 1 382.6 409. 5 437.3 468.4 486. 2 544 1 631.9 646.4 709. 1 780.4 833.8 279.5 284 9 3043 323.8 343.0 346. 1 396.9 480.3 498.3 551.8 610.9 644 6 785. 3 834.0 617.4 646.8 * Second Concurrent Resolution on the Budget—Fiscal Year 1980, November 28,1979. Sources: Department of the Treasury and Office of Management and Budget, except as noted. FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first month of fiscal year 1980, budget receipts were $4.4 billion higher than a year earlier and outlays were $5.1 billion higher. BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS 200 ___^. 200 111 11 ,...«•«"*" INDIVIDUAL INCOME TAXES .••i* ** Bf^T^ OTHER RECEIPTS 100 100 CORPORATION INCOME TAXES OUTLAYS 400 *»^ 400 - ^^^ 300 300 i NONDEFENSE -.^-** "* \ ^^ - 1 700 ^+* 200 *"*"* NATIONAL DEFENSE 100 —— ••* - 100 -* A y L 1971 5PURGES: 1 1972 1 1973 —" | | 1974 | 1975 1976 FISCAL YEARS , 1977 | 1978 1979 DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET 1980 COUNCIL OF >/ FTONOMIC AnVI<sFB<; [Billions of dollars] (Outlays Receipts Nationa defense Period Fiscal year or period: 1969 1970 1971 1972 _ 1973 1974 1975 _ 1976 Transition quarter 1977. 1978.__ 19791 _ _ 1980 (estimates) 2 ___ First month: Fiscal vear 1979 Fiscal year 1980 Total Indi- Corpovidual ration Other income income taxes taxes Total Interna- Health Inand Depart- tional income terest Other ment of affairs security Defense, military 187.8 193.7 188.4 208.6 ._ 232. 2 264.9 281.0 300.0 81.8 357.8 402.0 465.9 513. 9 87.2 90.4 86.2 94.7 103.2 119.0 122.4 131.6 38.8 157.6 181.0 217.8 234.2 36.7 32.8 26. 8 32.2 36.2 38. 6 40.6 41.4 8.5 54.9 60.0 65.7 71.2 63.9 70.5 75.4 81.7 92.8 107.4 118.0 127.0 34.5 145. 2 161. 1 182.4 208.5 184.5 196.6 211.4 232. 0 247. 1 269.6 326.2 366.4 947 402.7 450.8 493.6 547. 1 79.4 78.6 75.8 76.6 74.5 77.8 85. 6 89.4 22.3 97.5 105.2 116.5 126.8 77.9 77. 1 74.5 75. 1 73.2 77. 6 84.9 87.9 21.9 95. 6 103. 0 115.0 123.6 4.6 4.3 4. 1 4,7 4. 1 5.7 6.9 5.6 2. 2 4.8 6.0 5.8 9.0 49. 0 56. 1 70. 1 81.4 91.8 106.5 136. 3 160.9 41.5 176.7 190.2 210. 1 241. 1 15.8 18.3 19. 6 20.6 22.8 28.0 30.9 34.5 7.2 38.0 44.0 52.6 57.8 35.7 39.3 41. 8 48. 8 53.9 51. 6 66.5 76. 1 21.5 85.7 105. 4 108.6 108.2 28. 7 33. 1 15.9 18.7 1.7 1.5 11. 1 12. 9 42.7 47.8 9:2 10. 4 9.2 10.2 .3 1.3 15.9 19. 1 3.0 4. 1 14.3 12. 9 1 See footnote 2, page 32. 2 Estimates from Mid-Session Review of the 1980 Budget, Office of Management md Budget, as revised July 31,1979; totals are as adjusted October 25, 1979. Total Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter, accord in 3 to preliminary estimates, Federal receipts rose $19.5 billion (annual rate) and expenditures rose $23.8 billion, yielding a deficit of $11.3 billion, $4.3 billion more than the second quarter deficit. BILLIONS OF DOLLARS 600 BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES - 550 150 V\ i i i I i i i I i i i I i i i t i i i I i i i I i i i I i i i I i i I N 150 50 50 SURPLUS Y/A i111HI Uj£A tz^-j KZZJ DEFICIT -50 -100 1972 1S 75 1974 1973 |i*» i l l 1 i - -50 -100 1977 1976 1979 1978 1980 CALENDAR YEARS COUNCIL C)F ECONOMIC ADVISERS SOURCE: DEPARTMENT O COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal <jrovernm ent receipts Period Personal Corpoand rate Total tax nontax profits tax receipts accruals Indirect business tax and nontax accruals F<sderal G<averame]at expen ditures Subsidies Less: GrantsWage ContriPurin-aid less butions chases Trans- to State Net current accruals for Total of goods fer pay- and interest surplus of less social inand ments local paid Govern- dissurance services ment en- bursegovernterprises ments ments Surplus or deficit (-), national income and product accounts Fiscal year: 283.5 1975 313.9 1976 1977 366.0 1978 __ 414.7 127. 1 137.0 166.0 186.3 42.1 51.7 59.1 67.7 22.2 24.3 24.5 27.2 92. 1 100.9 116.4 133.5 328.7 371.1 411. 4 450.1 118.0 125.7 140.3 150.7 134.3 156.5 169.6 182.0 48.4 57.6 66.3 74.7 21.9 25.2 28.4 33.1 5.7 6.2 6.9 9.6 —.4 .0 .0 .0 -45.3 -57.3 -45.5 -35.4 Calendar year: 1975 1976 1977 1978 286.2 331.4 375.4 432. 1 125.4 147.2 169.6 194.9 42.8 54.6 61.8 72.0 23.9 23.4 25.1 28.1 94.2 106.3 118.9 137.0 356.8 385.0 421.7 459.8 123.1 129.7 144.4 152. 6 149.1 161.7 172.7 185.4 54.6 61.1 67.5 77.3 23.2 26.8 29.0 34.8 6.8 5.8 8.1 9.7 .0 .0 .0 .0 -70.6 -53.6 -46.3 -27.7 1978: I 397.8 II— 424.8 III.. 442. 1 IV___ 463. 5 178.9 188.8 200.9 211.0 60.2 72.2 74.6 81.2 26.6 28.0 2a4 29.3 132.2 135.8 138.2 142.0 447.3 449.4 462.6 479.7 150.9 148.2 152. 3 159.0 179.8 180.7 188.8 192. 1 744 76.7 77.6 80.7 32.5 340 35.6 37.1 9.7 9.8 8.4 10.9 .0 .0 .2 .0 -49.4 -246 -20.4 -16.3 1979:1 475.0 II... 485.8 III*. 505.3 213.0 223.4 235. 1 77.2 74.9 79.8 29.4 29.9 30.2 155.5 486.8 157.5 492.9 160.2 516.7 163.6 161.7 162.7 196.8 201.9 218. 1 77.8 77.7 81.8 40.0 42.6 43.4 8.3 9.0 10.7 -.2 .0 .0 -11.7 -7.0 -11.3 Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury t and Office of Management and Budget. 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] in dustria produ 3tion (sejisonally adjuste d) Period United States Canada Japan 1972 1973___ 1974 1975__ 1976. _ 1977 1978 _ 1978: Dec 1979: Jan Feb Mar Apr May June July— Aug v— Sept *___ Deta- 119. 7 129.8 129. 3 117. 8 130. 5 138. 2 146. 1 151. 8 151.5 152.0 153. 0 150.8 152. 4 152.6 152.8 151. 6 152. 3 152.5 130. 6 143. 5 148. 5 139. 6 147. 4 152. 1 160.9 167. 1 167.8 167. 3 168.4 165. 5 166.8 165.0 169.0 167.0 190. 5 183. 1 163. 9 182. 0 189.7 201. 1 208. 4 208. 5 211. 3 210.8 212.5 216. 7 217.0 219. 0 219. 8 219. 7 France Germany Italy 135 145 148 139 148 152 154 160 159 159 161 159 161 161 165 165 166 138.7 147. 7 145. 1 137. 1 149. 1 152.7 155. 8 159 159 157 161 161 164 164 169 163 163 122. 7 134. 6 140. 6 127. 6 143. 5 145. 1 147. 6 152. 6 153. 5 160. 8 156.6 157. 2 152. 4 146.0 150.5 150.4 159.2 Consrnmer p rices (uimdjustec I) United United King- States 1 dom 113. 2 123. 0 120.0 114. 3 117. 4 122.8 126. 6 129.2 120. 2 131. 7 133.5 132.9 134.8 138.2 135.8 129.0 126.8 Can- Japan France ada 125. 3 133. 1 147. 7 161.2 170. 5 181. 5 195. 4 202.9 204.7 207. 1 209. 1 211. 5 214. 1 216.6 218. 9 221. 1 223.4 225.4 132. 3 147.9 184.0 205. 8 224.9 243. 0 252. 3 253. 7 253.9 253. 1 255. 1 258.6 261.3 261. 5 263. 8 261. 1 264. 4 121. 2 130. 3 144.5 160. 1 172. 1 185.9 202. 5 209. 6 211. 2 213. 2 215.7 217. 2 219.3 220. 3 222. 1 222.9 224. 9 226. 5 Germany 119.0 127. 2 136. 1 144. 2 150. 7 156. 6 160.7 161.8 163. 5 164.5 165.5 166.4 167. 0 167.8 168.8 169.0 169. 1 169. 7 131. 1 140. 7 160. 0 178. 9 196. 1 214. 5 233.9 243. 2 245.5 247. 1 249.4 251. 8 254. 5 256.6 260.0 262.7 264.9 Italy 121. 0 134. 0 159. 7 186. 8 218. 1 255. 2 286. 2 300. 1 305. 1 309.7 313.8 317. 8 321.3 323.9 326. 8 330. 1 338. 4 346. 2 United Kingdom 137. 7 150.2 174. 3 216. 5 252.4 292. 4 316.6 328.0 332. 9 335. 6 338. 3 344. 1 346. 8 352. 8 368. 0 370.9 374. 6 378. 3 Source: National sources as reported by Department of Commerce, Bureau of International Economic Policy and Research, Office of International Economic Research, in International Economic Indicators. » Beginning January 1978 data relate to all urban consumers. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merchtandise e xports l Merclmndise i mports General im sorts Domestic3 exports Period Total domestic and foreign Total exports 2 Food, Crude Food, Crude bever- matebever- mate- Manu2 facrials ages, rials ages, tured Total and to- and and to- and goods bacco fuels fuels bacco 5,902 8, 159 5,811 8, 045 1, 078 1,269 895 1,317 3,728 5,294 5,790 8,416 1974 8, 159 1975 8,966 1976 9, 596 1977 10, 096 1978 11, 965 1978: Sept___ 13, 274 Oct 12, 901 Nov _ 13, 451 Dec __ 13, 283 1979: Jan 13, 132 Feb 13, 507 Mar 14, 452 Apr _ 13, 883 May___ 13, 862 June _ 15, 038 July... 15, 669 Aug 15, 821 Sept 15, 832 8, 045 8,842 9,456 9, 912 11, 756 13, 066 12, 670 13, 212 13, 054 12, 923 13, 283 14, 165 13, 636 13, 578 14, 774 15, 433 15, 560 15, 579 1,269 1,399 1,436 1, 330 1,719 1,877 1,786 1,634 1,692 1,437 1, 557 1,765 1,758 1,807 2, 182 2, 352 2,262 2, 266 1, 317 5,294 1, 266 5, 913 1,341 6,437 1, 548 6,679 1,746 7,874 1,901 8,586 1, 934 8, 626 2,040 8,913 2,047 8,907 2, 143 8,759 2, 009 9, 078 2,313 9,403 2, 134 9, 056 1,939 9,068 2,286 9,639 2,441 9,819 2,450 10, 071 2, 586 10, 092 8, 354 8,048 10, 084 12, 307 14, 336 14, 820 14, 852 14, 825 15, 032 16, 231 14, 806 15, 273 16, 036 16, 342 16, 937 16, 777 18, 177 18, 666 1 Department of Defense shipments of grant-aid military supplies and equipnent under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978. I9 Jotal includes commodities and transactions not classified according to kind. Total arrivals of imported goods other than intransit shipments. Manu- Total fac(c.i.f. 4 tured value) goods Men^handise trade balance Exports Ex(f.a.s.) ports Exports less (f.a.s.) (f.a.s.) imless less ports imimports (cusports (c.i.f.) toms (f.a.s.) value) Custorris value F.a.s. valu B 5 Monthly average : 1973_ __ 1974 3 770 1, 120 892 2, 653 F.a.s. yalue 5 892 2, 672 827 2,718 991 3, 457 1, 186 4, 463 1,312 4, 329 1, 235 4,513 1,358 4,355 1,369 4,443 1,452 4, 578 1, 486 5, 145 1,261 4,438 1,437 4, 890 1, 540 5, 186 1,456 5,206 1, 552 5, 504 1,386 5,966 1,411 6, 460 1, 415 7, 046 3, 750 4, 684 4, 602 4,257 5, 398 6,379 8,363 8,767 8,755 8,691 8,617 9,291 8,824 8,596 9,023 9, 232 9,475 9, 065 9, 873 9, 749 6, 131 9, 000 112 -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 —35 034 15, 261 -2, 476-2, 371 -3,297 15, 821 -1,546 -2, 547 15, 764 -1,951 -2, 863 17, 770 - 1, 374 -2,319 16, 006 -1,749 -2, 724 17, 282 -3,099 -4, 150 15, 720 -1, 300 -2, 213 -821 -1,776 16, 228 17, 053 -2, 153 -3, 171 -2,480 -3, 488 17, 350 17, 977 -1,900 -2, 940 17, 823 -1, 108 -2, 154 19, 275 -2, 357 -3,455 -2, 833 -3, 945 19, 777 C.i.f. (cost, insurance, and freight) import value at first port of entry in the United States. Data for 1973 are estimates. 5 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports and at foreign port of exportation for imports. NOTE.—Data beginning 1975 not strictly comparable with earlier data. Source: Department of Commerce, Bureau of the Census, 35 U.S. INTERNATIONAL TRANSACTIONS In the third quarter, the merchandise trade deficit fell to $7.0 billion, from $7.7 billion in the second quarter. BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 -15 -15 1979 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted] M erchandise Period Exports 1972 1973 1974 1975 1976 1977 1978 1977: III.. IV__ Imports Inv<jstment iricome 3 12 Net balance 49, 381 -55, 797 -6,416 71, 410 -70,499 911 98, 306 - 103, 648 -5,343 107, 088 -98,041 9,047 114, 745 -124, 051 -9,306 120, 816 -151,689 -30, 873 141, 884 -176,071 34, 187 Receipts Payments 14, 764 -6, 544 21, 808 -9, 655 27, 587 12, 084 25, 351 -12,564 29, 286 -13,311 32, 587 -14,598 43, 465 -21, 820 1978: !..__ II__. III.. IV.. 30, 558 -37,996 -7,438 29, 665 -38,869 -9, 204 30, 811 -42, 710 -11,899 35, 267 -43, 174 -7,907 36, 491 -44, 503 -8, 012 39, 315 -45, 684 -6, 369 1979: L... II»_. III". 41, 348 -47,463 -6, 115 14, 115 -7,251 42, 792 -50,508 -7,716 15, 161 -7,763 47, 580 -54, 542 -6,962 1 1 8,420 -3,686 8,312 -4, 201 9,776 10, 256 10, 526 12, 907 -4, 537 -5,402 -5, 574 -6,308 Excludes military grants. Adjusted from Census data for differences in timing and coverage. " Fees and royalties from U.S. direct investments abroad or from foreign direct Investments in the United States are excluded from investment income and included in other services, net. 36 Net NetNet travel and military transtrans- portation actions receipts 8,220 -3,420 -3,063 12, 153 -2, 070 -3, 158 15, 503 -1,653 -3, 184 -746 -2, 725 12, 787 674 -2, 465 15, 975 17, 989 1,679 -3, 200 492 -2, 985 21, 645 Other services, net 8 Balance on goods and serv-l ices Remittances, pensions, and other uni1 n4-Ai«n1 Intel iii transfers l Balance on current account 2,789 -1,889 -3,854 -5, 744 7, 141 3, 185 11, 022 -3,881 9,298 -7, 186 3,975 2,113 4,590 22, 952 -4, 613 18, 339 9,603 -4, 998 4,605 4,725 4,983 -9,423 -4, 670-14,092 6,226 -8, 809 -5,086 -13,895 4,734 4,111 407 357 -693 -787 1,331 -1,659 -1,249 -2, 908 1,251 -4, 272 -1,023 -5, 295 5,239 4,854 4, 952 6,599 244 237 247 -239 -731 -798 -784 -672 6,864 7,398 34 -92 -566 -746 1,439 -5,707 -1,228 -6, 935 1,501 -2, 113 -1,313 -3,426 1,603 -1,994 -1,233 -3, 227 -313 1,682 1,001 -1,314 -1,322 415 1,737 1,520 -965 417 -1,382 1,573 Source: Department of Commerce, Bureau of Economic Analysis. U.S. INTERNATIONAL TRANSACTIONS—Continued Jn the second quarter, private capital outflows of $14.8 billion were roughly matched by private capital inflows of $13.9 billion. Foreign official assets in the United States, which declined by $9.2 billion in the first quarter, declined by a further $9.7 billion in the second quarter. BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS 40 SEASONALLY ADJUSTED 30 30 20 CHANGE IN FOREIGN ASSETS * IN THE U.S., NET ... / 10 20 I I 1 I I 10 -10 -10 -20 -20 -30 -30 -40 -40 1979 1971 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [incre ase/capita J outflow (-)] Period Total 1972 1973 1974 1975__ 1976__ 1977 1978 U.S. official reserve assets 1 2 -14,497 -4 -22, 874 158 -34, 745-1,467 __ -39, 703 -849 -51,269 -2, 558 -35, 793 -375 732 -60,957 Other U.S. U.S. Govern- private2 ment assets assets Fore ign assets in the U.S., net [inei*ease/capi ;al inflow (-f)P Foreipi official asssets Total -12,925 21, 461 -20, 388 18, 388 -33,643 34, 241 35, 380 15, 420 -44, 498 36, 399 -31, 725 50, 823 -57,033 63, 713 Total Assets of Other foreign foreign official assets reserve agencies 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) 13, 151 14, 378 15, 883 16, 226 18, 747 19, 312 18, 650 710 -1,930 -2, 655 -1,609 5,944 10, 265 -937 11, 139 10, 475 6,026 10, 546 6,777 17, 573 36, 656 33, 758 10, 293 5,090 10, 244 5,259 13, 066 35, 416 31, 004 10, 986 12, 362 23, 696 8,643 18, 826 14, 167 29, 956 112 -1,001 -5, 736 14, 236 8,266 -43 -746 -14,424 19, 991 15, 179 7,890 15, 101 5,970 4,812 -4, 703 -2,275 1,321 517 18, 988 19, 312 187 -1,009 -14,366 18, 175 15, 618 14, 895 248 -1,263 -4, 451 941 -5,265 -5,129 115 -1,390 -8, 774 15, 358 4, 641 4,519 182 -994 -29, 442 29, 239 18, 764 16, 719 2,557 6,206 10, 717 10, 475 901 3,947 7,950 517 -2, 082 -2, 716 1,301 1,328 19, 192 18, 864 18, 850 18, 650 1979:1 -7,637 -3,585 -1,094 -2,958 1,476 -9,391 -9,227 II *__ -15,468 343 -1,000 -14,811 4,416 -9,515 -9,669 III ^ 2,779 5,346 10, 868 13, 931 985 748 21, 658 21, 246 18, 534 1977 :!!!___ -6,625 IV_... -15,213 1978:1 II -15,188 -5,466 -10,049 IV___. -30,254 m___ -1,568 -2, 644 366 -3,474 -4, 214 -3, 693 -4, 656 » Consists of gold, special drawing rights (SDR), convertible currencies, and the1 U.S. reserve position in the IMF. Quarterly data are not seasonally adjusted. 1, 139 4,606 12, 016 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 Installment Credit Bank Loans, Investments, and Reserves Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions 35 35 36 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C. 20402 Price $1.30 (single copy). Subscription price: $15.00 per year; $3.75 additional for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 1979 O—54-275
@FedFRASER