Full text of Economic Indicators : October 1977
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95th Congress, 1st Session
Economic Indicators
October 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1971
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
HUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
OTIS G. PIKE (New York)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEY
WILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
TLesolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce,
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the third quarter, gross national product rose $41.4 billion or 9.2 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 3.8 percent and
the implicit price deflator rose at a 5.1 percent annual rate.
BUJJQNS OF DOLLARS (RATIO SCALE)
BILLIONS Of DOLLARS (RATIO SCAI4
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
1969
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVtSEfcS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Go^^ernment purchases of goods and
Expon £ and imi>orts of
gooc is and ser vices
services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense *
Nondefense
State
and
local
Final
sales
753,0 464. 8
1966
1967
796.3 490.4
seas 535.9
1968
935.5 579.7
1969
982.4 618.8
1970
1971__ _. 1, 063. 4 668. 2
1972
1, 171. 1 733. 0
1973
1, 306. 6 809.9
1,
412. 9 889.6
1974
1, 528. 8 980.4
1975
1976
1, 706. 5 1, 094. 0
124. 5
120.8
131.5
146.2
140. 8
160. 0
188. 3
220. 0
214. 6
189. 1
243. 3
5. 1
4.9
2.3
1.8
3.9
1. 6
-3. 3
7. 1
6.0
20.4
7.8
42. 8
45. 6
49. 9
54.7
62.5
65.6
72.7
101.6
137.9
147. 3
162. 9
37.7
40. 6
47.7
52. 9
58.5
64. 0
75.9
94. 4
131. 9
126.9
155. 1
158. 7
180. 2
198. 7
207. 9
218.9
233. 7
253. 1
269. 5
302. 7
338. 9
361. 4
78.8
90. 9
98.0
97.5
95.6
96.2
102.1
102.2
111. 1
123. 3
130. 1
60. 3
71.5
76.9
76.3
73. 5
70.2
73.5
73.5
77. 0
83.9
86.8
18. 5
19. 5
21, 2
21. 2
22. 1
26. 0
28. 6
28.7
34. 1
39.4
43. 3
79. 8
89.3
100. 7
110.4
123. 2
137.5
151.0
167.3
191. 5
215.6
231. 2
738.7
786,2
860. 8
926.2
978.6
1, 057. 1
1, 161. 7
1,288. 6
1, 404. 0
1, 540. 3
1, 693. 1
1, 651. 2 1, 056. 0
1, 691. 9 1, 078. 5
1, 727. 3 1, 102. 2
1, 755. 4 1, 139. 0
231. 3
244.4
254. 3
243. 4
10. 2
10.2
7.9
3.0
153. 9
160. 6
168.4
168.5
143.7
150.4
160. 6
165.6
353. 6
358. 9
363. 0
370.0
127.6
128. 5
130. 2
134.2
86. 3
86. 0
86.4
8&4
41. 3
42. 5
43.8
45.8
225. 9
230. 4
232. 7
235. 8
1, 636. 7
1, 673. 7
1, 705. 8
1, 756. 3
1977: I
1, 810. 8 1, 172. 4
II._. 1, 869. 9 1, 194, 0
Ill ». 1, 911. 3 1, 216. 7
271. 8
294.9
300.6
-8.2
-9.7
-11.6
170.4
178. 1
174,9
17a6
187.7
186.6
374.9
390. 6
405. 6
136.3
143. 6
151.5
89.7
93.4
97.3
46. 7
50.2
54.2
238.5
247. 0
254. 1
1, 797. 0
1, 848. 2
1, 891. 5
1976: I
!!___
III__
IV...
*This category corresponds closely with budget outlays for national defense,
shown on p. 33.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exp orts of gc»ods
Gross ixrivate domestic
iiivestmenlb
aittd serviceJS
Personal
i
conGross
Change
national sumpNonResi- in busition
product
Net
resiExports Imports
expend- dential dential ness in- exports
ventofixed
itures
fixed
ries
Period
Govern]nent pureshases of
gooc s and ser vices
Total
Federal
State
and
local
229. 3
_1
UT7I«mai
sales
981.0
1, 007. 7
1, 051. 8
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 1
1, 274. 7
586. 1
603.2
633.4
655. 4
668. 9
691.9
733. 0
767. 7
760.7
775. 1
821. 3
106. 1
103. 5
108. 0
114. 3
110.0
108. 0
116. 8
131. 0
130.6
112.7
116.8
38. 5
37.2
42.8
43,2
40.4
52.2
62. 0
59.7
45. 0
38.8
47.7
16.7
12. 0
8. 7
10. 6
4. 3
6.6
9.4
16. 5
8.0
-9. 9
8. 5
4.3
3.5
—.4
— 1. 3
1. 4
-.6
-3. 3
7. 6
15.9
22.5
16. 0
51.6
54. 2
58. 5
62. 2
67. 1
67.9
72. 7
87.4
93.0
89. 9
95.8
47. 3
50. 7
58. 9
63. 5
65. 7
68. 5
75. 9
79. 9
77. 1
67. 4
79. 8
248. 3
259. 2
256. 7
250.2
249. 4
253. 1
252. 5
257. 7
263. 0
264. 4
112.5
125.3
128. 3
121. 8
110.7
103. 9
102. 1
96. 6
95.8
96. 7
96. 5
116.8
123. 1
130.9
134.9
139.5
145. 5
151. 0
155. 9
161.8
166.3
167.9
964. 3
995. 7
1, 043. 1
1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 0
1, 266, 2
1, 256. 0
1976: I
II— 1, 271. 5
III.. 1, 283. 7
IV. _ 1, 287. 4
807.2
815.5
822.7
839. 8
113. 7
115. 9
118.5
119.0
44.8
47. 1
47. 1
52, 0
9.7
12. 1
13. 8
-1.8
16.8
16. 4
17.0
13. 8
93. 1
95.2
97. 9
96. 9
76.3
78.9
80. 9
83. 1
263.9
264.4
264. 6
264. 6
96. 4
96. 1
96. 7
97. 1
167. 5
168.4
168. 0
167. 5
1, 246. 3
1, 259. 4
1, 269. 8
1, 289. 2
1977: I.... 1, 311. 0
II... 1, 330. 7
III*. 1, 343. 2
850.4
854 1
858, 0
124.3
126. 4
127.7
52.7
57. 6
57. 8
9.7
13.2
13. 2
10.6
9.4
9.5
96.9
98. 5
96. 8
86. 3
89. 1
87.3
263.3
270.0
277. 0
97.0
101. 1
105. 6
166.4
168. 9
171. 4
1, 301. 2
1, 317. 5
1, 330. 1
1966«-.-1967
1968.
1969
1970,
1971 — - —
1972
1973_~_1974.... _
1975
__
1976.....
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]
Gross
national
product
Period
Persona : consumption expe aditures
Total
1966
1967 .......
1968
1969
..
1970..
1971
...
1972.
1973
1974__ .
1975
.
1976.- ...
ui
NonNonresdurable Services idential
goods
fixed
Governnaent purchases <3f goods
and sf ?rvices
Exports Imports
Federal
State
and
local
85.7
87. 4
90. 7
93. 1
95. 5
99. 0
100.0
101. 6
108. 4
117. 9
124. 7
80. 1
81.9
85. 3
89.4
93. 6
96. 6
100. 0
107. 9
123. 8
133. 1
137. 7
76. 5
78.8
82. 0
86. 1
90. 5
95.8
100, 0
104. 7
113. 6
123, 5
132. 3
76.8
79. 3
82. 6
86. 6
91. 3
96.4
100.0
103.8
115. 3
132. 3
138.7
74.6
77.0
80. 7
87. 7
90.6
94. 9
100. 0
110. 8
122. 3
132.8
142.5
82. 8
84. 0
85.3
87.9
93. 1
96. 6
100. 0
116.2
148. 3
163.8
170. 0
79. 7
80. 1
80. 9
83.3
89. 1
93. 5
100. 0
118. 2
171.0
188.2
194.3
70. 1
72.6
76. 4
80, 0
86.4
92, 6
100.0
105. 8
115. 9
127. 5
134.8
68. 4
72. 5
76. 9
81.9
88.3
94.5
100. 0
107. 3
118.4
129.7
137.7
47
06
56
35
130. 8
132. 3
134. 0
135.6
122.2
123.8
125. 3
127.2
136. 2
136.9
138.3
139. 3
129.2
131. 1
133.2
135.4
136.
137.
139.
140.
8
8
2
9
137. 1
140. 7
144. 1
147.5
165.
168.
172.
174,
3
6
0
0
188. 2
190.7
198,4
199.3
132.4
133. 7
134. 7
138.2
134. 9
136.8
138.6
140.7
138. 13
140. 52
. 142. 29
137, 9
139.8
141.8
129. 3
129.5
130.3
141. 5
143.8
145.0
137.8
140. 1
143.1
142.5
144.4
147.0
153.7
157. 6
161. 0
175. 9
180. 8
180.7
207.0
210. 6
213. 6
140. 6
142.0
143.4
143.4
146.2
14a3
1976: I_ m
II..
III___
IY
131.
133.
134.
136.
Source: Department of Commerce, Bureau of Economic Analysis.
Residential
fixed
Expor ts and
imports of goods
and sc rvices
79. 3
81. 3
84. 6
88.5
92.5
96. 6
100. 0
105. 5
116.9
126.5
133.2
76. 76
79. 02
.... 82. 57
86.72
91. 36
96.02
.... 100. 00
105.80
116, 02
127. 18
133. 88
1977: I...
II.....
III*
r-k
Gross private
dom estic
mves" jBient
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross rlatioaal product
Period
1966
1967
1968
--_
1969
1970
1971
19721973
1974
_-
--
-
-
1975
__
1976.
Constant
(1972)
dollars
Current
dollars
_.
1976: I
II
Ill
IV
9,4
S. 8
9. 1
7. 7
5,0
8.2
10. 1
7, 5
6.2
3.8
5. 3
7.1
5.7
5. 5
-1.4
- 1. 3
6.0
6. 7
1.2
13. 2
' 13.7
9.2
III'
4. 1
4.9
4.6
5.4
3. b
10. 2
S. 6
II
8. 8
5. 1
3, 9
**- ^5
8. 1
8.2
11,6
Cliain
price
index
3. 1
3,0
2. 6
11.6
5. 1
iron previous year anfl quarterly changer from pre-
NOTE,—Annual
vtous quarter.
Fixedweighted
price
index
(1972
weights)
3.3
2. 9
4.5
3. 0
5.4
S. 1
4. 1
5.8
9.7
0. 6
5.3
5. 9
2. 7
4.4
13. 2
1977:1
Implicit
price
deflator
Gross clomestic iiroduct
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
Chain
price
index
Fixedweighted
price
index
(1972
weights)
5.3
5,0
2.9
3. 0
4.3
5.0
5. 2
4.9
9. 9
6. 0
10.2
5. 6
5. 6
11.4
5.9
5.7
9.3
9.7
5.2
4. 9
5.3
4. 6
S. 9
4. 6
12.4
10.5
8.2
6.9
S. 3
5.2
3.7
1.3
3. 8
5.0
4.4
5.5
4.8
5.4
4.5
6.0
4. G
5.2
4.6
6.1
6. 9
7. 1
7.0
5. 1
12. 0
13.6
7.2
6.1
4. 0
5.0
7.1
5.2
6.7
7.0
47
7.0
7.0
5.0
4.4
5. 0
4. 1
6. 0
o, 5
7.0
.47
4. 0
9. 4
5.2
4.8
6. 0
3.3
3.0
4.5
5. 1
5.3
5. 1
6.1
2.7
4.4
2.0
—.3
2.8
5. 8
5.4
-1.3
9.6
5.7
9. 1
7.8
5.0
8. 1
10.1
11.5
7.9
8. 5
4. 1
-— 1 1
9.4
3. 1
3. 1
44
5.0
5. 3
5.0
4. 1
5.9
9.6
9. 5
5.6
3.0
3.0
4. 4
5.0
5.2
4.9
4.0
5.9
0.9
9.4
5.6
Sourer: Department of Commerce, Bureau of Economic Analysts.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
.„.
Gross d ornestic
prodiict of
nonfin ancisl
corp Drate
business
(bil)ic>ns of
doll ars)
Ourrcnt
dollars
1972
dollars
430.7
452.9
498. 4
541. 8
560.6
602. 5
671. 0
752.0
808. 8
875.2
091. 0
532. 9
545.8
581. 6
607. 3
600. 6
619. 3
671.0
720.4
695.0
678.9
731.0
958.4
S83. 6
III— 1, 004. 7
IV... 1, 017. 2
719.4
731. 3
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976.
1976:1
II. __
1977: 1... . 1, 049. 3
!!.„- 1, 094. 9
urrent-do Uar cost a nd profit per unit of outpu t (dollars i
f1
Capital
consumption
ComallowpenTotel
Net
ances Indirect sation
cost
inbusiness
with
of
and
3
profit » capital taxes
employ- terest
conees
sumption
adjustment
0.808
. 830
.857
.892
. 933
.973
1, 000
1. 044
1.164
1.289
1. 356
1.332
0.080
. 084
. 089
.094
. 103
.110
.110
. 112
..123
. 136
. 136
. 145
.134
. 135
.136
, 139
.880
. 140
, 139
.930
. 943
736. 6
736. 5
. 147
. 150
7fi3. 3
771.7
1. 393
1. 419
.149
. 144
. 148
1
Output Is measured by gross domestic product of nonflnancfal corporate
" usiness
In 1972 dollars.
1
Tills is eqim) to the deflator for gross ijraoeslic product of Bonfinancial eororate
business
-with the decimal point shifted two places to tbe left.
1
Indirect business tas and nontax liability plus business transfer payments
less subsidies.
Total
. 028
.645
.661
, 699
.796
. 849
.890
.870
.892
. 916
.044
. 044
. 044
.045
.046
.047
Profits
tax
liability
Profits
after
tax*
ComOutput
penper
sation
hour
Per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
0.055
.051
. 058
.055
. 045
.048
.050
.055
.061
.060
.073
0.078
. 072
.066
.055
.041
.046
.057
.050
.024
.055
.066
6. 777
6. 873
7.105
7. 139
7. 132
7.374
7. 595
7. 781
7.506
7. 766
8. 055
3.478
3. 676
3.929
4 198
4 478
4.757
5.024
5. 441
5.972
6. 596
7, 166
. 139
. 142
,145
.072
. 075
. 074
.072
,067
. 066
7.987
8. 067
8. 109
8. 057
6.952
7. 096
7.236
7. 378
.128
.070
.075
.058
.068
8.171
7.599
7.731
0.134
. 123
.124
.109
. 028 . 086
.029
,095
.028
.1.07
. 032
. 105
. 043 . 086
. 045
.US
. 130
. 044
0. 513 0. 014
.016
.535
. 553 . 017
.022
.589
0.067
.072
. 074
.079
.088
.094
.093
. 095
. 116
. 143
. 146
1. 345
1.364
1. 381
Corpt>rate profi ts with
invent ory valualJon and
capit,al consuniption
j idjustmen ts
. 132
. 142
.071
.060
8. 202
* With inventory valuation scd capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of I/ftbor (Bureau of Labor Statistics).
NATIONAL INCOME
{Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propr etors'
moom e with
inventor y valuation anc capital
consuraption
adjust meats
Compensation of
ployees l
Farm
Nonfarm
Total
Total
Profits
before
tax
Inventory
valua-
Capital
consumption
adjustment
-2. 1
-1. 7
-3.4
-5. 5
-5. 1
-5.0
3.9
3.7
3.7
3. 5
1. 5
2as
-18.6
—40.4
— 12. 0
-14. 1
— 2. 9
— 12. 2
-14. 7
66.9
6&8
70. 0
72.0
23.0
22.9
23. 3
24. 1
126.5
129.2
133. 5
123. 1
141.1
143.7
148. 2
137.9
153.5
159.2
159. 9
154.8
-12.4
-15.5
-11. 7
-16. 9
-14.6
-147
-14.8
74. 3
77.3
80.0
24. 5
24.9
25.5
125.4
140.2
141. 0
156.2
161. 7
174.0
— 20. 6
-17.8
-6. 1
— 15. 6
-15.9
-17.9
iae
1976: I
II
III.-.IV
1, 321. 0 999. 6
1, 353. 9 1. 024. 9
1, 379. 6 1, 046. 5
1, 402. 1 1, 074. 2
20.0
21 6
16.2
16.6
1977: I
II
III »
I, 450. 2 1, 109. 9
1, 505. 7 1, 144. 7
1, 165. 6
20. 7
19.7
15.5
18. 2
19.4
iae
iae
18. 1
20. 1
21. 5
21.6
21.4
22. 3
Net
interest
adjustment
80. 7
77.3
85. 6
83.4
71.5
82.0
96. 2
115.8
126.9
123.5
156.9
46. 7
48. 9
51.4
52. 3
51,2
53.4
58. 1
60.4
60. 9
62.8
69.4
sa 2
with
capital
consumption
adjustment
78.6
75. 6
82. 1
77.9
66.4
76.9
89. 6
97.2
86. 5
111.5
142.7
13. 6
12.1
12. 0
13. 9
13.9
14.3
1& 0
32. 0
25.4
-
Profits with inv sntory
valual,ion adjus tment
and f without ca pital
consum ation adjtistment
82.5
79.3
85.8
81.4
67.9
77.2
92. 1
99.1
83.6
99.3
128.1
439. 3
622. 2
471. 9
655. 8
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
930. 3
1, 217. 0
1, 364. 1 1, 036. 3
1966
1967
1968
1969
1970
1971
1972
1973.
1974
1975
1976
Corpor ate profits with inv entory va uation
and capital oo nsuraptioii adjustm ents
H-ental
0
-a e
2. 5
1.9
-14, 6
21. 9
24.3
26.8
30.8
37. 5
42.8
47. 0
52.3
69. 0
79. 1
88.4
85. 0
86.5
90. 1
92.0
95. 3
98.9
102,9
Source: Department of Commerce, Bureau of Economic Analysis.
t Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
{Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Trtfftl
Period
personal
consumption
expenditures
i
Furniture
and
household
equipment
Total
durable
goods l
Motor
vehicles
and
parts
668.2
733.0
809.9
889.6
980.4
1, 094. 0
67.7
69. 6
80.0
85. 5
84. 9
97. 1
111. 2
123. 7
122. 0
132. 9
158.9
30. 1
29. 7
35. 8
37. 7
34. 9
43.8
50. 6
55.2
48. 0
53. 9
71.9
27. 7
29. 5
32.6
35.0
36.7
39. 4
44. 8
50.7
54.9
58.0
63.9
204. 7
212.6
230.4
247.0
264.7
277.7
299.3
338.8
376.3
409.3
442.7
1976:1
1, 050. 0
II
1, 078. 5
III.... 1, 102. 2
rv__. 1, 139. 0
153. 3
156. 7
159.3
166. 3
68. 8
71. 0
72. 1
75.7
61. 0
63. 0
63. 9
66.5
1977: I
1, 172. 4
II
1, 194. 0
Ill ,.. 1, 216. 7
177. 0
178.6
177.7
85.3
84. 5
81. 6
67. 4
69.3
70.7
1966
1967
1968
1969
1970
1971..
1972..
1973
1974
1975
1976
464.8
49ft 4
535.9
579.7
eias
* Total includes other items not shown separately.
(Retail sales of
newpsissenger
ears (noillions
of uoits)
Nondura ble goods
E>urable goods
Total
nondurable1
goods
i
Services
Clothing
and
shoes
Gasoline
and oil
16. 0
17. 0
189.8
209. 5
225. 5
36. 6
38. 2
41.8
45. 1
46.6
50. 5
55.1
61. 3
65.3
70.2
76.3
430.4
437. 1
444. 7
458. 8
219.3
223.8
227. 0
232. 0
466. G
474.4
477. 2
237. 9
2448
Food
106. 6
109.6
118.3
126. 1
136.3
140. 6
150.4
ieai
245. 0
Domestics
Imports
20. 4
22. 0
23. 4
24. 9
27. 8
36.4
39. 1
41. 4
192. 4
208. 1
225. 6
247. 2
269. 1
293.4
322. 4
352. 3
391. 3
438. 2
492. 3
8. 4
7.6
8.6
8. 5
7. 1
8.7
9. 3
9. 7
7. 5
7. 1
ae
0. 7
.8
1.0
1. 1
1.3
1.6
1.6
1.8
1. 4
1. 6
1.5
74.2
74.3
76. 9
79. 9
40. 6
40. 3
41. 2
43. 5
472. 4
484. 6
49a 2
513. 9
8.8
8.7
8.4
8. 5
1. 3
1. 4
1. 5
1.7
79. 3
80.4
83. 0
44. 1
44. 3
44. 2
528. 8
541. 1
561. 8
9. 4
9. 3
8.9
1.8
2.4
2.0
ia4
Source; Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $12.0 billion (annual rate) in September, following a $7.7 billion (revised) increase in August.
Wages and salaries were up $7.4 billion in September, compared with a $2.6 billion increase in August. Transfer
payments rose $1.4 billion, about the same as in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
JILUON^OF DOLLARS* (RATIO SCAI4
1,600
1,400
t.400
1,200
t.200
1,000
t,000
t,400
800
800
600
6CO
WAGE AND SALARY DISBURSEMENTS
400
400
OTHER INCOME
200
200
TRANSFBl
PAYMENTS
100
100
80
80
60
60
40
) M II It 11 1
1969
1970
•SEASONAU.Y ADJUSTED ANNUAL RATES
1971
1972
M I M !t III I
I I !! 1 I I I 1 I
1973
1974
1975
1969
1970
1971
1972
1973
1974,___
1975
1976
1976: Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July.-...
Aug
Sept *._
[Billions of dollars; monthly data at seasonally adjusted annual rates]
1
8
Wage
Rental
Total
Other Proprieto rs income income
and
Transfer
Divi- Personal
labor 12
personal* salary
interest
payof
dends
income disburse- income
income ments8
Nonfarm persons4
Farm
ments *
514. 6
745. 8
801. 3
546. 5
579.4
859. 1
633.8
942.5
1, 052. 4
701. 3
764.6
1, 154. 9
1, 253. 4
805. 7
1, 382. 7 891.8
906. 1
1, 401. 8
1, 414. 2
914. 0
1, 432. 1
923. 9
1, 450. 2
931.7
1, 454. 3
937. 3
951. 7
1, 477. 0
964. 9
1, 499. 1
1, 510. 1 974. 1
1, 517. 3 982. 0
986.5
1, 524. 3
992. 9
1, 539. 2
I , 546. 9
995. 5
1, 558. 8 1, 002. 9
28.2
32. 0
36. 2
42. 0
48. 7
55. 6
64.9
75.9
78. 1
79. 1
80. 0
81. 0
82. 1
83.2
84.4
85.5
86. 7
87. 9
89. 1
90.3
91. 5
13.9
13.9
14.3
18.0
32.0
25. 4
23.2
18.6
14. 6
15. 3
16.4
18. 1
19. 6
21. 0
21.7
20.9
19. 8
18.4
16. 5
15. 1
14. 9
52. 3
51.2
53.4
58. 1
60. 4
60.9
62. 8
69. 4
70.5
70.8
72. 1
73.2
72.5
74.4
76. 0
*76. 9
77.2
77.6
79.2
80. 2
80. 6
1
The total of wage and salary disbursements and other labor income differs
rom compensation of employees (see p. 4) in that it excludes employer contribu-
* With inventory valuation and capital consumption adjustments.
* With capital consumption adjustment.
1977
COUNCB. OF ECOHOMtC ADVWEW
SOURCEi OffAKTMENT OF GOMMStCE
Period
1976
18.1
18.6
20. 1
21. 5
21.6
21.4
22. 3
23.3
23.4
23.9
24. 1
24.4
24.4
24. 6
24. 6
24.3
24.8
25.6
24.7
25. 7
26. 0
22.6
22.9
23.0
24.6
27.8
31.0
32.4
35.8
36.3
36.7
37.2
41.2
37.9
3&5
39.0
39. 3
39.6
41. 9
42.0
42.4
42. 6
55.9
64.3
69.3
74,6
84. 1
103.0
115.6
130.3
134. 1
135.2
136. 4
137. 6
139.0
140. 3
141.8
143.5
145.2
147.4
149. 1
150. 6
152. 2
66. 5
79.9
94. 1
104 1
118. 9
140. 8
176.8
192.8
194. 5
195.5
198.4
200.0
200.5
203.0
206.9
206.0
202. 9
200.0
207.2
208. 6
210.0
Less: Per- Nonsonal confarm
tributions personal
for social income 8
insurance
26. 3
28.0
30.8
34.2
42.2
47.7
50.4
55.2
55.9
56.1
56.7
57.0
59.0
59.6
60.2
60. 6
60. 9
61. 0
61. 5
61. 6
61.9
725.8
780.7
838.0
917.3
1, Oil. 9
1, 119. 3
1, 218. 8
1, 351. 3
1, 374. 0
1, 385. 5
1, 402. 1
1, 418. 5
1, 421. 1
1, 442. 4
1, 463. 7
1, 475. 3
1, 483. 5
1, 491. 6
i, soa 3
1, 517. 3
1, 529. 4
£
Consists mainly of social insurance benefits, direct relief, and veterans payments.
«Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
3,000
2,000
2,000
1969
i
1970
1976
1971
i
1977
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Less:
Por
Period
sonal
tax
Perand
sonal
income nontax
payments
Equals :
Disposable
personal
income
Less:
Personal
outlays l
Per cmpita
disp<>sable
persona 1 income
Equals :
Personal
saving Current
dollars
Bil lions of d ollars
1968
1969
1970
1971
1972
1973
1974
1975
1976
685.2
745. 8
801.3
859. 1
942. 5
1, 052. 4
1, 154. 9
1, 253. 4
I, 382. 7
1972
dollars
Per car.>ita personal c<3nsumption exp enditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Savmg
as percent of Populadispostion
able
(thou-2
persands)
sonal
income
Dol lars
588. 1
550. 1
97. 1
630. 4
595. 3
115.4
685. 9
635.4
115. 3
742. 8
116. 3
685. 5
141. 2
801. 3
751. 9
831. 3
901. 7
150. 8
984. 6
913. 0
170. 3
169. 0 1, 084. 4 1, 004. 2
196. 9 1, 185. 8 1, 119. 9
38. 1
35. 1
50. 6
57. 3
49.4
70.3
71. 7
80. 2
65.9
2,930
3, 111
3, 348
3, 588
3,837
4, 285
4, 646
5, 077
5, 511
3,464
3, 515
3,619
3, 714
3,837
4, 062
3, 973
4, 014
4, 137
2,670
2,860
3, 020
3,227
3,510
3, 849
4, 197
4, 591
5, 084
3, 156
3,234
3,265
3,342
3, 510
3, 648
3, 589
3, 629
3,817
2.8
1.5
3.0
2.6
3. 3
5.9
-2.2
1.0
3. 1
6. 5
5. 6
7.4
7.7
6.2
7.8
7.3
7.4
5.6
200, 706
202. 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 191
4, 921
5, 017
5, 117
5, 277
5,423
5, 512
5,605
3, 761
3, 794
3,820
3,891
3, 933
3, 943
3,952
4. 5
2. 3
.5
4. 1
2.4
6.4
2. 1
6.3
6. 0
5.4
4. 6
4. 1
5.3
5. 5
214, 608
214, 948
215, 380
215, 827
216, 206
216, 602
217, 078
Seas onally adj usted ann ual rates
1976: ! _ _ _
II_._
III__
IV__
1977: !..__
, 338. 1 184, 8
, 366. 7 192.6
, 393. 9 200. 6
, 432. 2 209.5
, 476. 8 224.4
!!.__ , 517. 2 224.8
III*. 1, 548. 3 227. 8
1, 153. 3 1, 080. 9
1, 174. 1 1, 103. 8
1, 193. 3 1, 128. 5
1, 222. 6 1, 166. 3
1, 252. 4 1, 201. 0
1, 292. 5 1, 223. 9
1, 320. 5 1, 248. 0
72. 4
70. 3
64.8
56.3
51. 4
68.5
72. 5
5,374
5,462
5, 540,?
5, 665
5,793
5,967
6, 083
1
Includes personal consumption expenditures, interest paid by consumers
to business, and personal transfer payments to foreigners (net).
* Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are for middle of
period.
4, 107
4, 130
4, 135
4,177
4,202
4, 268
4,290
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the third quarter, farm income excluding inventory change fell $5.5 billion (annual rate) while income Including
inventory change fell $4.3 billion.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALQ
(RATIO SCALE)
120
120
100
100
REALIZED GROSS
FARM INCOME
80
80
60
60
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
-
40
40
20
20
Nr'
10
I
10
1969
1970
1971-
1972
1973
1974
•1975
1976
1977
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Persona 1 incomereceived
by total farm po pulation
]tncome re ceived fro m farming5
Realize;d gross
Period
From From From
all
farm nonfarm Total1
sources sources sources
1969
1970
1971
1972
1973
1974
1975____ _
1976
1976:1
II
IIL___
IV
1977:1
II
III »
26.9
27. 4
28. 7
34. 4
48.6
44.7
44. 3
42. 0
12. 9
13. 0
13.4
16. 8
29. 0
23. 1
21.5
17. 8
13. 9
14. 4
15. 3
17.6
19. 5
21. 6
22.8
24. 2
56. 3
58. 6
60.6
70. 1
95.5
100.0
96. 7
103. 6
102. 1
109.6
100.9
101. 9
105.6
108. 8
97.9
Net inc<:>me per
Nettc> farm
farm incliiding net3
operja,tors
Cash receipts from
inventoryr change
rnarketing s
Produc- Exclud- Includtion ex- ing net ing net
Livepenses inven- inven- Current
1967
stock
Total
Crops
tory 2 dollars dollars *
tory
and
change change
products
Dollars
Billioris of dolla rs
4,372
4,766
14.2
28.6
14.3
42. 1
48. 2
19. 6
4,202
4,790
14.2
14. 1
29.6
44.4
50. 5
21.0
4,263
5,030
22. 3
47.4
13. 2
14.6
30. 6
52.9
6,504
5,288
61.2
17.8
18. 7
35. 7
25. 5
52.3
8,817
45. 9
33. 3 11, 727
41. 1
29. 9
87. 1
65.6
9,232
6,114
92.4
41.4
51. 1
72.2
27.7
26. 1
8,637
5,203
24. 3
45. 1
20. 8
88.1
43.0
75.9
7,203
4,093
46.4
21.9
20.0
94.3
47.9
81.7
21. 5
7,740
4,500
23.0
93.0
46.3
46.7
79. 1
23.2
8,350
25.4
4,800
52. 1
100.4
48.3
84.2
6,330
17.6
3,580
82. 3
91. 5
45. 5
46. 0
18. 6
6,480
3,600
45.4
92.4
47. 0
81.2
20. 7
18. 0
22. 5
22. 0
7,990
4,370
45. 3
50. 6
83. 1
95.9
7,630
21. 7
21. 0
4,080
48.0
51. 0
99.0
87.1
6,070
46.2
41. 5
3,200
16. 2
16. 7
81.7
87.7
1
Cash receipts from marketings, Government payments, and nonmoney inBorne
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year;
a Based on Census of Agriculture definition of a farm. The number of farms Is
held constant within a year;
* Income in current dollars divided by the index of prices paid by farmers for
97-910 °—77-
family living items on a 1967 base. As of January 1977 movement is based on the
overall change in the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
In the second quarter, profits before tax rose $12.3 billion (annual rate) while profits with inventory valuation adjustment rose $15.2 billion.
BIIUONS OF DOLLARS
BILLIONS OF DOLLARS
/
SEASONALLY ADJUSTED ANNUAL RATES
A
160
120
t20
PROFITS BEFORE TAX
80
80
PROFITS AFTER TAX
40
40
IIIIIIIIMIIIIIIIII' '"
\
TAX LIABILITY
UNDISTRIBUTED
J
1969
1970
1971
L
I
1972
SOURCE; DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969
1970
1971
1972
1973
1974. _.
1975___
1976___
1976: I
II
III
IV.
1977: I_ .
II
in*
1
_
I
1974
1975
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation
Profits after tax
atgustnlent *
Dome*stic indu stries
i InvenTT
Untory
Profits
Tax
disN onfinanc ial
valualiabefore
tribDivition
bility Total dends uted
Total *
Whole- tax
adjustManu- sale
Total Finanprofment
cial Total 3 faeand
its
turretail
mg
trade
67.
4
47. 1
19. 4
75. 9
41. 6
78.6
8.5
27. 6
— 2. 1
8. 0
80. 7
33. 7
72. 6
44. 9
20. 1
9.0
63.6
75.6
37. 9
24.7
8. 9
32. 5
— 1. 7
77. 3
__3. 4
78. 9
41.2
82. 1
68.5
10.4
46.
2
21.
9
24.2
10. 1
85. 6
39. 4
74. 2
21. 2
77.9
62.9
36.8
11.3
43.8
10. 1
22.6
83.4
-5. 5
39.7
62.6
22. 9
50.1
37.0
66. 4
12.6
27. 1
14. 1
9.4
71.5
34.5
— 5. 1
72.4
58.2
32. 4
44. 3
14. 1
76. 9
23. 0
82.0
21.3
11.7
37.7
— 5. 0
84.7
89.6
15.4
69. 3
54. 6
40. 6
13.3
24.6
30.0
41. 5
96. 2
-6.6
90.4
74. 1
44. 1
97. 2
67. 1
16. 2
27. 8
14. 7
115. 8
39. 3
48. 7
-18. 6
86.5
76.9
14.4
62.5
36.6
74.5
31.0
43. 6
126.9
52.4
-40.4
12.9
105.4
47. 9
90.3
111. 5
15.0
22. 1
73.4
32.4
41. 0
123.5
50.2
-12. 0
134.6
92. 1
142.7
66. 3
18. 2 116.4
56.4
27. 1
64. 7
35.8
156.9
-14. 1
132.4
65. 3
17.8 114. 6
141. 1
90. 4
153.5
26.5
33.6
56. 8
-12.4
63. 1
136.1
18. 1 118.0
143. 7
93. 1
68. 7
35. 0
58. 1
25. 5
159. 2
66. 1
-15.5
148.2
139. 8
18.4 121. 3
68.4
94. 0
36. 0
58. 0
29. 1
65. 9
-11.7
159. 9
130. 2
18.4 111. 8
62, 9
137.9
154. 8
90. 9
52. 5
27,4
38. 4
63.9
-16. 9
131. 0
19.2 111. 8
141.0
65. 2
97.2
64.4
24. 0
161. 7
38. 5
58.8
-20. 6
156.2
145.5
19.9 125.5
174,0
76. 4
25.4
40.3
64.1
69.7 104.3
-17.8
42.3
-6. 1
i
i
i
See p. 4 for profits with inventory valuation and capital consumption adjustments.
23 includes rest of the world, not shown separately,
Includes industries not shown separately.
8
I
1973
PROFITS
Source: Department oi Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
Business fixed investment rose $5.3 billion (annual rate) in the third quarter as purchases of producers' durable equipment increased $3.7 billion and investment in structures rose $1.6 billion. Residential investment increased $2,3
billion. Inventory investment amounted to $19.8 billion, down $1.9 billion from the second quarter level.
BILLIONS OF DOLLARS* (RATIO SCALQ
120
_NONRESIDENT1AL FIXED INVESTMENT
BILLIONS OF DOLLARS* (RATIO SCALE)
100
80
DURABLE EQUIPMENT
60
STRUCTURES
40
I
I I
i
I I
I
I 1
I
I I
I
I 1
I
I I
1976
t
I I
1977
BILLIONS OF DOLLARS* (RATIO SCALE)
90
RESIDENTIAL FIXED INVESTMENT
80
40 hCHANGE W'BUSINESS INVENTORIES
70
60
, 50
1973
1973
•1977
1974
I
1975
*SEASONAUY ADJUSTED ANNUAL RATES
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noriresident ial fixed investmemt
Period
1966
1967
1968
1969
1970
1971
.
1972
1973
1974
1975_.,_
1976
_ .
1976: I
II
III
IV..,
1977: I-_
II.
III
9
Gross
private
domestic
investment
124. 5
120. 8
131. 5
146.2
140.8
160.0
188. 3
220. 0
214. 6
189. 1
243. 3
231. 3
244 4
254. 3
243.4
271. 8
294.9
300. 6
Struc tures
Total
81.4
82. 1
89. 3
98.9
100. 5
104. 1
116. 8
136. 0
150. 6
149. 1
161. 9
155.4
159.8
164. 9
167. 6
177.0
182.4
187.7
Total
Nonfarm
Total
Nonfarm
29.2
29. 5
31.6
35. 7
37.7
39. 3
42. 5
49. 0
54. 5
52, 9
55. 8
54. 7
55. 8
56. 0
57. 0
57. 9
61. 0
62.6
28. 1
28.2
30.4
34. 3
36. 1
37. 8
41. 1
46. 9
51.8
50. 4
53. 4
52. 1
53.4
53.6
54.4
55. 1
58.2
60. 1
52.2
52. 6
57.7
63. 3
62. 8
64. 7
74.3
87. 0
96. 2
96. 3
106. 1
100.8
104. 0
109. 0
110. 6
119.2
121.4
125. 1
47.9
48. 0
53. 4
58. 9
58. 1
59.9
69, 1
80. I
88. 2
87. 1
95.9
90. 5
93. S
98. 4
100.7
107. 8
110.0
113. 8
Source; Department of Commerce, Bureau of Economic Analysis.
Prodileers'
dur able
equip ment
Resid ential fix ed investment
Total
28.7
28. 6
34.5
37.9
36.6
49. 6
62.0
66. 1
55. 1
51. 5
68.0
61.4
66. 3
67. 8
76,7
81. 0
90.8
93. 1
Nonfarm
structures
27.4
27.2
33. 1
36. 3
35.1
47. 9
60.3
64. 3
52. 7
49. 5
65. 7
58. 9
64. 1
65.7
74.3
78. 5
88.2
90. 6
•T|_,_
.Producers'
Farm
strue- durable
tllTPSt
equipment
0.7
.7
.6
.7
.6
.7
.7
.6
1.2
0.7
.7
.8
.9
.9
1.0
1. 1
1. 2
1.2
.9
1. 1
1. 0
.9
1. 1
1. 1
1.3
1.2
1.2
1.2
13
1.4
1.0
1.2
1.2
1. 1
1. 4
1. 5
Change in business inv entories
Total
14, 3
10.1
7.7
9.4
3. 8
6.4
9.4
17.9
8.9
-11.5
13. 3
14.5
18.3
21.5
_. 9
13. 8
21.7
19.8 1
Nonfarm
14. 5
9.4
7. 6
9. 2
3. 7
5. 1
8.8
14. 7
10. 8
-15. 1
14. 9
15. 9
20. 4
22. 0
1.4
14. 1
22.4
19. 3
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 13.3 percent in 1977, accordins to the Commerce July-August survey,
somewhat more than the expected increase reported in June.
BILLIONS OF DOLLARS (RATIO SCAtfl
BILUONS OF DOLLARS (RATIO SCALE!
180
180
SEASONALLY ADJUSTED ANNUAL RATES
1.SO
150
140
140
•120
120
TOTAL NEW PLANT AND EQUIPMENT
100
100
80
80
NONMANUFACTURING
<50
<50
MANUFACTURING
„--'
40
I- i i
20
1969
I
1970
1972
1971
1973
r
1974
20
1976
1975
1977
J/ 'SEE FOOTNOTE I BELOT.
SOUXCEi DEPARTMENT OF COMAK8CE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts o f plant
EJtpenditurtis for plan t and equ ipment
Total >
1970-.
1971.
1972
1973
N onmanuf acturing
Miinufactun fig
Period
79. 71
81.21
_. 88.44
_. 99. 74
112. 40
1974
1975
— 112.78
120. 49
1976 4
1977
186. 49
114. 72
1976: I
118. 12
II
III
122. 55
IV
125. 22
130. 16
1977: I
Total
31. 95
29. 99
31.35
38. 01
46. 01
47. 95
Durable
goods
15. 80
14. 15
15.64
19. 25
22.62
52.48
60.60
21.84
23.68
87.9%
49.21
21. 63
Nondurable
goods
16. 15
15. 84
15.72
18.76
23. 39
26. 11
2asi
SS. 68
_ 134. 24
56.43
59. 46
27. 26
27. 58
28. 09
30. 20
28. 93
30. 13
32. 19
III <„. 188. 43
61. 37
64. 32
S7. 98
29. 74
S3. 40
34.68
II.
rv*—
1
I4&. OS
50. 64
54. 78
5444
22. 54
24. 59
25.50
26. 30
Total
47.76
51. 22
57.09
61. 73
66. 39
64.82
68. 01
76.88
65. 51
67.48
67. 76
Trans- Public ComMining porta- utili- munication
tion
ties
1.89
2. 16
2.42
2.74
6.04
4.93
5.72
6. 03
4.46
6.94
4.24
4. 49
8. 24
7. 25
7. 53
7.29
6. 96
13. 14
15. 30
17. 00
18. 71
20. 55
20. 14
22. 28
SB. &9
21. 91
21. 85
21. 67
23.46
25. 35
25. 29
4. 52
6. 78
SS6. 70
3. 18
3.79
4. 00
3. 83
3. 83
4.21
70.78
73.74
74. 78
77. 08
77.70
4-54
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.
3
Includes trade, service, construction, finance, and insurance.
10
and equ ipment
proje cts 3
4, 13
6.66
7.57
7.45
6.55
10. 10
10. 77
11. 89
12.85
13. 96
12.74
13. 30
IB. 19
12. 54
12.62
13. 64
14. 30
14. 19
IB. 3S
Commercial
and
Manufacturing
Public
utilities
other!
16. 59
ia 05
20. 07
21. 40
22. 05
20.60
20.99
23. OS
20. 68
20. 94
20. 99
21. 36
22. 67
S}®
&fj.
39.08
f/S?
1O
29. 18
28. 00
35. 21
47. 57
52. 49
48. 24
51. 05
17. 20
22. 22
28. 60
38. 13
45. 74
34. 50
29. 66
12. 77
3.43
8. 56
12. 88
15.26
15. 15
10. 22
9. 76
3. 79
11. 64
13. 22
7. 54
ft. 96
38 70
37.50
_- __ _
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Expenditures estimates based on expected capital expenditures as reported by
business in late July and August 1977.
NOTE.—Annual totalistbe sum of unadjusted quarterly totals.
Estimates (as noted in footnote 4) include adjustments when necessary for sys
tematic biases in expectations data.
Source; Department of Commerce, Bureau of Economic Analysis.
1
EMPLOYMENT, UNEMPLOYMENT,AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted unemployment declined by 1 53,000 in September and civilian employment increased by 324,000.
This represents an increase of 3.3 million in civilian employment since September of last year.
MIUJONS OF PRSONS*
MILLIONS OF PERSONS*
100
100
•1970
19.69
1972
1971
1973
1975
1974
1976
*!6 YEARS OF AGE AND OVER.
SOURCE* DEPARTMENT OF IABOK
1977
COUNCIL OF ECONOMIC ADV1SSIS
[Thousands of persons 16 yeaxs of age and over]
Period
Noninstitutional
population
1972.
1973
1974
19751976. _ -
150, 827
153, 449
156, 048
1976: Sept.
Oot.Nov.
Dec.
156,
156,
157,
157,
Civilian Unememploy- ployment
ment
81, 702
84, 409
85, 935
84, 783
87, 485
U aadjusted
145, 775
148, 263
Total
labor
force
Civilian
(includ- labor
ing
force
Armed
Forces)
4,840
4,304
5,076
7,830
7,288
88, 991
91, 040
93, 240
94, 793
96, 917
86, 542
88, 714
91, Oil
92, 613
94, 773
595
788
006
176
87, 949
88, 697
88, 542
88, 494
7,026
6,833
7,095
7,022
97, 387
97, 449
98, 020
98, 106
95, 242
1977: Jan.. 157, 381
Feb.. 157, 584
Mar- 157, 782
Apr.. 157, 986
86, 856
87, 231
88, 215
89, 258
7,848
8, 109
7,556
6,568
98, 282
98, 677
97, 649
June. 158, 456
July. 158, 682
Aug. 158, 899
Sept. 159, 114
91, 682
92, 372
7,453
6,941
0,757
6,437
99, 770
99, 440
99, 834
99, 999
95,
96,
96,
96,
97,
97,
97,
May. 158, 228
90, 042
92, 315
91, 247
6, 151
98, 892
99, 286
95, 302
95, 871
95, 960
516
145
539
760
158
641
305
97, 697
97, 868
3'Persons at work in nonagricultural industries.
Total labor force as percent of noBinstitutionai population 16 years of age and
iver.
CCivilian e mploymeiit
Unemp] oyment
Nonagr cultural
Total
Agricultural
Tntal
J- U veil
Part-time
for economic
reasons l
Total
81, 702
84, 409
85,935
84, 783
87, 485
3,472 78, 230
2,408
3,452 80, 957
2,311
3,462 82, 443
2, 709
3,490
3,380 81, 403
3,272
3,297 .84, 188
Seas anally adj usted
87, 794
87, 738
88, 220
88, 441
3,278
3,310
3,376
3,448
3,545
3,454
7,448
3,248
3,257
84, 516
84, 428
84, 972
85, 184
88, 558
88, 962
3, 090
3, 090
3, 116
3, 260
3, 386
85, 468
85, 872
86, 359
86, 763
87, 022
3,320
3,438
3,276
3,174
3, 290
6,958
7, 183
7,064
6, 737
6,750
87, 348
3,371
3,199
3,315
6, 926
89, 475
90, 023
90, 408
90, 679
90, 561
90, 771
91, 095
3, 338
3,213
3, 252
3,215
87, 341
87, 519
87, 880
3, 368
4, 840
4, 304
5, 076
7, 830
7,288
7, 564
7,651
7, 519
6, 962
6,744
6, 773
15
weeks
and
over
1, 158
812
937
2,483
2, 339
Labor
force
participation
rate
(per-3
cent)
61.0
61.4
61.8
61.8
62. 1
2,311
2, 360
62.2
62.2
62,4
62.4
2,283
2, 182
62.0
62.4
62. 5
62.6
2,517
2,514
1, 923
1, 816
1, 836
1,737
1,834
1,808
1, 866
62. 7
63.0
62.7
62.8
62.8
Source; Department of Labor, Bureau of Labor Statistics;
11
SELECTED UNEMPLOYMENT RATES
In September, the seasonally adjusted unemployment rate declined by 0.2 percentage point to its May and July
rate of 6.9 percent. Almost all or the decrease took place among black workers after an increase in the black unemployment rate in August.
PERCENT* (SEASONALLY ADJUSTED)
•PERCENT* (SEASONALLY ADJUSTED)
20
15
BLACK
.„ .«v
AND OTHER / y V
10
10
1976
1973
1977
1973
*UNtMnOTMENI AS PESCENT Of CmUXN 1AK3B FORCE W OIOUP SfKIFIED.
9CHfflC£i DETAKIwmr Of UACtt
Total
(all
civilian
workers)
Period
1972
1973.
1974.
1975.
1976
1976: Sept
Oct
Nov
Deo
1977: Jan
Feb
Mar_
Apr
May
June_.
July
Aug
Sept
1
_.
—
_
„
5.6
4. 9
5.6
8.5
7.7
7.8
7.9
8.0
7.8
7.3
7.5
7.3
7.0
6.9
7.1
6.9
7. 1
6.9
COUNCIL Of ECONOMIC ADYISKS
[Monthly data seasonally adjusted]
Uneinployment rate (percent ()f civiliaii labor f arce in giroup)
By color
3y selec -ed grouj>3
By sex and iige
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
4.0
3.2
3.8
6.7
5.9
6.1
6.2
6.3
6.2
5.6
5. 8
5.4
5.0
5.3
5. 0
5.1
5.2
4.9
5.4
4.8
5.5
ao
7.4
7.6
7.6
7.6
7.4
6.9
7.2
7.2
7.0
6.6
7.2
6.9
7. 1
7.0
16.2
14. 5
16.0
19.9
19. 0
18.8
19.0
19. 2
19. 0
ia?
18. 5
18.8
17.8
17.9
18. 6
17. 4
17.5
18. 1
Aggregate boors lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
'1977-
White
5. 0
4. 3
5.0
7.8
7.0
7.2
7.2
7.3
7.1
6.7
6.7
6. 6
6. 3
6.2
6.3
6.1
6.1
6. i
ExpeFullBlack rienced
wage Housetime
and
hold
and
other salary
heads workers
workers
10.0
3. 3
5. 3
5. 1
8. 9
4. 5
2.9
4.3
5.3
3.3
5. 1
9.9
8.2
5.8
13. 9
8.1
5. 1
13.1
7.3
7.3
12.8
5.4
7.4
7. 5
13.4
5.4
7. 5
7.6
5. 3
13. 5
7.6
7.6
13.4
7.4
5. 1
7.5
12.5
4.8
7. 0
6.7
4.9
7. 1
13.1
6.9
12. 7
4. 6
6.9
6.7
4. 4
12.3
6. 5
6. 5
12.9
6.7
6.5
4.5
13. 2
6. 5
4.3
6. 5
ia2 6.4 4.3 6.5
6. 6
14.5
4.6
6.8
13. 1
4.5
6.4
6. 5
Source: Department of I/abor, Bureau of I/abor Stadstica.
Labor
force
time
Partlost
(pertime
work- cent) »
ers
8.6
7. 9
8.6
10.3
10.1
9.6
10. 3
10. 5
9.8
10.2
10.7
11. 1
9.9
9.9
10. 7
9.2
8.9
9.5
6.0
5.2
6. 1
9. 1
8.3
8.4
8.6
8.6
8.4
8.0
7.9
7.8
7.4
7.5
7.5
7.4
7.7
7.4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The decrease in seasonally adjusted unemployment of 1 53,000 in September was accompanied by an increase in
the proportion of workers who were unemployed for 27 weeks or more.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
40
40
nr
REENTRANTS
/V,
'
—sA—*
20
JOB LEAVERS
15-26.
WEEKS
*
NEW ENTRANTS
0 IiiiiI Iiiiii
1974
i 1 1 i i l l t i II
1975
111111111
1974
1977
1974
1975
iij
1974
1977-
"SeASONAUY ADJUSTS)
SOURCE. DEPARTMENT OF LAflO*
Period
Unemployment
(thousands)
— 4,840
4,304
5,076
7,830
1976
7,288
1976: Sept. 7,448
Oct.,. 7,564
Nov__ 7,651
Dec,. 7,519
1977: Jan— 6,958
Feb.. 7, 183
Mar_. 7,064
Apr
6,737
May.- 6,750
June — 6,962
July.. 6,744
Aug". 6,926
Sept". 6,773
1972
1973
1974
1975-
[Monthly data seasonally adjusted, except as noted]
Perceiit distribution of unemPercerj t distribution of unemState p rograms Insured
ployment by duratiim 1
unem- Special
pl oyment ay reasoii '
ployunemment,
ployall
ment
27 Insured
New
Less
5-14 15-26 weeks unem- Initial regular benefit
Job
Job
Reenenthan 5 weeks
proclaims *
weeks
losers leavers trants trants
and
ploy- claims
weeks
grams* (unadover
mcDt
(unad- justed)
justed)
WeeJdy average, thouisands
13.9
11.6 1,848
43.2
13.1
29.8
45.9
30. 1
12.3
261
2, 192
7.8 1,632
38.7
15.7
30.7
14.9
51. 0
30. 1
1,793
11.0
246
28.4
13.3
7.3 2,262
43.4
14.9
50.6
31.0
11.1
363
2,558
15.2
10,4
23.
8
10.4
37.0
31.
3
3,992
55. 4
16.5
478
4,943
1,173
12. 1
12. 2
49. 8
sa 3 29. 6 13.8 18. 3 2,968
26. 0
382
3, 822
1,152
12.5
12. 3
421
49.7
37.6
32.0
14. 7
15. 7 3, 260
25. 5
986
3,235
12. 5
38.4
11. 9
50. 0
14. 2
16. 5 3,263
25. 6
30. 8
421
3,217
853
12. 0
32. 1
49.8
11.2
35. 5
15. 3
17. 1 3,160
862
27. 0
388
3,453
12. 6
14. 9
50. 0
36. 4
18. 2 2,969
11. 1
30. 5
361
26. 2
3,884
903
12.9
13.2
29.2
17.5 2,781
45.6
28.3
38. 7
14.6
823
409
4,442
17.4 2,774
11.9
13. 1 39.5
29. 7
13.4
47. 5
27. 5
419
4,448
911
14.2
44. 4
13. 0
2&4
42. 8
16.3 2,564
11. 1
29. 9
335
3, 972
901
12.5
14.4
43.6
29.5
45.8
27.4
16.3 2,489
10.6
363
3,506
784
44.2
13.0
41. 5
15.4 2,515
13. 7
31.2
11.9
381
29. 0
3, 105
538
15. 7
44. 9
42.7
13.9
27. 6
29. 7
13.8 2,541
11.7
373
2,939
484
12. 5
45.8
14.5
42.7
ias 2,649
27. 1
29.7
13.8
389
3,065
540
46. 6
12. 9
14.2
397
26. 3
40. 9
33. 3
12.0 2,801
13.8
535
2,751
12.8
13.7
40. 5
32. 4
381
46. 2
27. 3
13.4
412
13.6
2, 780
2,642
i Detail may not add to 100 percent because of rounding.
'Includes State (50 States, District of Colombia, and Puerto Rico), ex-aeryicemen (UCX), Federal (XJCFE), and railroad (BR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
COUHULor RONOMJC annas
'FSB and 8TTA. These programs started January 1976 and regular reporting
began March 1975.
Source: Department ol Labor (Bureau of Labor Statistics and Employment
and Training Administration).
*n
NONAGRICULTURAL EMPLOYMENT
Total nonagriculfural employment increased by 291,000 in September. Among the major industry groups, only
nondurable goods manufacturing registered a decline while large gains were made in services, trade, State and
local government, and durable goods manufacturing.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90 [——:
18
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
-SERVICE-PRODUCING"
INDUSTRIES
ll.LUJ-.iJ. 1 . 1 > I 1.-.1 n \ l i t i.!_!.. 1 M J 1 1 1 I M i i.l 1.1 i i i i l i t \ hi \ i t i n
MANUFACTURING
50
20
\
V
40
-
1
^
^»»^*
'"«»* '
18
niiihiiii
fff 1l l h M M
30
. . . I . I . . . . . I . . . M I , . , . . 1 ,1 Ml I I I 1 , 1 tt
-GOODS-PRODUCING INDUSTRIES
CONTRACT CONSTRUCTION
20
11111
fj I I M I I I I M
1973
1974
1975
1973
1977
1976
I
1974
1975
•SEASONALLY ADJUSTED
SOURCE, DEPARTMENT Of LABOR
1976
1977
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
C*oods-pr<)ducing i ndustriej
Period
1972.
_
1973
1974
1975...
1976.
1976: Sept__
Oct..
Nov..
Dee_.
1977: Jan..
Feb..
Mar__
Apr
May..
JuneJuly..
Aug*.
Sept"_
Total
nonagricultural
employ- Total 3
ment
73, 714
76, 896
78, 413
77,051
79, 443
79, 918
79,819
80, 106
80, 344
80, 561
80,824
81, 395
81, 686
81, 921
82, 121
82, 366
82, 459
82, 750
23, 546
24, 727
24, 697
22, 603
23,332
23, 463
23, 323
23, 489
23, 508
23, 589
23, 701
24, 005
24,217
24, 306
24, 353
24, 399
24, 289
24, 352
Contract
construction
3,831
4,015
3,957
3, 512
3,594
3, 565
3, 582
3,619
3, 605
3, 561
3,645
3,759
3,842
3,861
3,876
3,917
3, 884
3,888
Service-pr oducing IndustrieJS
Trans- Whole- Finance,
Gover mnent
portainsursale
tion
ance,
and
Non- Total
State
and
and Services
retail
Total Durable
durable
Federal and
public
real
goods goods
trade
local
utilities
estate
Ms inufactui ing
19, 090
20, 068
20, 046
18, 347
18, 956
19, 100
18, 941
19, 065
19, 095
19, 211
19, 233
19, 404
19, 528
19, 600
19, 622
19, 648
19, 580
19, 618
11, 006
11, 839
11, 895
10, 679
11, 026
11, 146
11, 018
11, 128
11, 158
11, 236
11, 230
11, 370
11, 423
11, 469
11,491
11, 530
11, 524
11, 566
8,084
8,229
8, 151
7,668
7,930
7, 954
7,923
7, 937
7, 937
7, 975
8, 003
8, 034
8,105
8,131
8, 131
8, 118
8, 056
8,052
i Includes all full- and part-time wage and salary workers in nonagrieulturai
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagrieulturai 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
50, 167
52, 169
53, 715
54, 448
56, 111
56, 455
56, 496
56, 617
56, 836
56, 972
57, 123
57, 390
57, 469
57, 615
57, 768
57, 967
58, 170
58, 398
4,517
4, 644
4,696
4,498
4, 509
4, 528
4,506
4,519
4,553
4, 549
4,553
4, 568
4,575
4, 586
4, 579
4, 572
4, 583
4, 590
15, 975
16, 674
17, 017
17, 000
17,694
17, 839
17, 824
17, 808
17, 898
17, 981
18, 067
18, 189
18, 203
18, 235
18, 247
18, 294
18, 356
18, 427
3,943
4,091
4,208
4, 223
4,316
4, 338
4, 359
4, 381
4, 403
4, 423
4,431
4, 453
4,463
4,480
4,489
4,506
4,520
4, 543
12, 392
13, 021
13, 617
14, 006
14, 644
14, 798
14, 819
14, 873
14, 936
15, 010
15, 068
15, 149
15, 182
15, 197
15, 245
15, 372
15, 461
15, 534
2,684
2,663
2,724
2,748
2,733
2,728
2,730
2,734
2,720
2, 721
2,721
2,725
2,719
2,723
2,735
2,721
2,735
2 ? 737
10, 656
11, 075
11, 453
11, 973
12, 215
12, 224
12, 258
12, 302
12, 326
12, 288
12, 283
12, 306
12, 327
12, 394
12, 473
12, 502
12, 515
12, 567
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Total
private
nonagri-l
cultural
Period
1968
1969
1970
1971
1972
1973
1974
1975
1976
______
_
...
1976: Sept
Oct
Nov
Dee
..
1977: Jan..
Feb
Mar
Apr
May
'.
June
July p
Aug Sept*-
Manufacturing
Overtime
Total
private
nonagricultural 1
Manufa bcturing
Total
Adjusted h ourly earnin gs index2 —tc tal private
nonagricultural
Averag e gross
hourly cearnings
Aver<age weekly ] lours
Percent ch ange from
a year <;arller 4
Index, H)67=100
Current
dollars
1967
dollars 3
37.8
37.7
37.1
37.0
37. 1
37. 1
36.6
36. 1
36. 2
40. 7
40. 6
39.8
39.9
40. 6
40.7
40. 0
39.4
40.0
3.6
3. 6
3.0
2. 9
3. 5
3. 8
3. 2
2. 6
3. 1
$2.85
3.04
3. 22
3. 44
3. 67
3. 92
4. 22
4.54
4.87
$3.01
3. 19
3. 36
3. 57
3. 81
4.08
4. 41
4. 81
5. 19
106. 2
113.2
120. 7
129.2
137.7
146.5
158.5
172.5
185.0
101.9
103.1
103. 8
106.6
109.9
36.0
36. 1
36.2
36.2
39. 7
39.9
40. 1
40.0
3.0
2. 9
3. 1
3.2
4. 92
4. 95
5. 00
5. 02
5.29
5. 29
5.34
5. 38
35.8
36.3
36.3
36.2
36. 3
36.2
36.1
36.0
35.9
39. 5
40.3
40. 4
40.3
40.4
40.5
40.3
40. 2
40. 0
3.2
3. 3
3. 3
3. 4
3. 4
3.4
3.4
3. 3
3. 3
5.07
5. 09
5. 12
5. 17
5. 20
5. 22
5.27
5. 28
5. 29
5. 43
5. 43
5. 49
5. 53
5.57
5.61
5.66
5.69
5.71
Current
dollars
1967
dollars
107. 3
107. 0
108. 5
6.2
6.6
6.6
7.1
6. 5
6. 4
8. 2
8.8
7.3
1.9
1. 2
.7
2.7
3. 1
.2
-2. 5
—.3
1.4
187. 5
188. 4
189.7
190. 6
108.7
108. 9
109.3
109. 4
7. 1
6.8
6.7
6.9
1.5
1.5
1. 6
1.9
192. 7
193. 2
194. 1
195. 3
196.5
197. 5
199. 5
199. 9
200. 6
109. 7
109.0
108.8
108. 6
108.6
108.6
109. 3
109. 1
109.2
7.3
7.0
7.0
7. 1
7.0
7.2
7.5
7.0
7.0
2. 1
1.0
.6
.3
.2
.3
.7
;4
.4
no. o
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAII INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total prrvate nonagricu tural >
Period
Current
dollars
Manufacturing
1967
dollars 3
Contract
construction
73
61
46
28
16
43
45
89
29
$103. 39
104. 38
102. 72
104. 93
108. 67
109. 26
104. 57
101. 67
103. 40
$122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
189. 51
207. 60
1976: Sept
Oct
Nov.
Dec
177.
178.
181.
181.
12
70
00
72
102. 74
103. 29
104. 32
104. 32
210. 01
211. 07
214. 13
215. 20
276.
289.
292.
291.
1977: Jan
Feb
Mar
Apr
May
June
July
Aug"
Sept*
181. 51
184.77
185. 86
187. 15
188. 76
188. 96
190. 25
190. 08
189. 91
103. 37
104. 21
104. 18
104. 09
104. 34
103. 88
104. 19
103. 76
103. 32
214. 49
218. 83
221.80
222. 86
225. 03
227. 21
228. 10
228. 74
228. 40
281. 08
297. 86
293. 09
296. 54
297. 70
296. 61
297. 71
293. 30
291. 69
--_
1
Also includes other private industry groups shown on p. 14.
2
Adjusted for interindustry employment shifts and for overtime in manufacturing.
8
Current dollar index (or earnings) divided by the consumer price index.
97-910°—11
3
$164. 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 35
284. 93
79
45
09
69
Percent chiinge from a
year e«wlier,
total prnrate nonagricu Itural 6
Current
dollars
Current dollars5
$107.
114.
119.
127.
136.
145.
154.
163.
176.
1968
1969...
1970
1971. _
1972
1973
1974
1975
1976
Wholesale
and retail
trade
1967
dollars
$86. 40
90.78
95.66
100. 39
105. 65
111.04
118. 33
126. 75
133. 39
5.8
6. 4
4. 2
6. 5
7. 0
6. 8
6.2
6. 1
7.6
1. 5
1.0
-1. 6
2.2
3.6
.5
— 4.3
— 2. 8
1.7
135.
135.
136.
138.
41
68
27
10
6.6
6.9
6.5
6.7
1.0
1.5
1.5
1.8
137. 78
139. 61
140. 37
141. 71
141. 62
141. 86
143. 19
142. 76
143. 42
5.6
7.1
7.7
8.3
7.5
7.6
7.7
7.0
7.4
.4
1.0
1.2
1.5
.7
.7
1.0
;3
s7
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
Hours of all
pers>ons 2
Out] DUt 1
Output per hour
of all f.>ersons
Compcmsation
per ]^.our 3
Unit labor
CO sts
Implic it price
defla itor *
Private Total Private Total Private Total Private Total Private
Total
Total Private
prinonprinonprinonnonnonnonprivate
private
private
vate
farm
vate
farm
vate
farm
farm
farm
farm
business business
business business
business business
business business business business business business
Period
1967 == 100; qua]rterly dat a season<illy adjus ted
98.0
100. 0
105. 1
108.3
98. 1
100.0
105.4
108. 6
100. 3
100. 0
101, 7
104. 5
100,0
100. 0
102. 1
105. 3
97.8
100. 0
103. 3
103.7
98. 1
100. 0
103.2
103. 1
94. 7
100. 0
107.6
115. 1
94. 5
100. 0
107. 3
114.3
96.8
100. 0
104. 1
111.0
96.4
100. 0
103.9
110.9
97.2
100. 0
103.9
108.8
96.8
100. 0
104. 0
108.7
107.4
110. 3
117.6
124. 5
121. 5
107.4
110. 3
117. 9
12f>. 0
121. 9
102. 8
102. 3
106. 0
110. 1
110. 6
104.0
103.7
107. 6
112, 2
112.7
104.5
107.8
111.0
113. 1
109.9
103. 3
106. 3
109. 5
111.4
108. 1
123.
131.
138.
150.
164.
121.
129.
137.
148.
162.
9
9
4
1
0
118. 1
121.9
125. 2
132. 9
149. 5
118. 1
122. 2
125. 5
133.0
149.8
113.
118.
123.
130.
143.
9
9
2
3
1
114.0
119.2
122. 9
128.0
141.5
1975
1976
118. 7
126. 9
118. 7
127. 4
106. 1
108. 9
108. 1
111. 4
111. 8
116. 5
109.9
114. 3
180. 2
196. 5
177.6
193. 1
iea7
161. 1
161. 7
168.9
158.0
165. 6
156. 9
165. 0
1975: I
II
III
IV „„„
115.
117.
120.
121.
1
2
6
8
115.
117.
120.
121.
3
1
6
8
105. 7
104. 9
105. 9
107.5
107. 9
106.9
107. 7
109.7
108.
111.
113.
113.
9
7
8
3
109. 5
112. 0
111. 1
ioa 9
176.2
179. 0
181. 1
184. 7
173.2
176. 2
179. 2
182. 0
161.
160.
159.
163.
7
4
1
0
162. 0
160.9
160. 0
163. 9
154. 2
156. 5
159.4
161.6
153.4
155. 6
158. 1
160. 3
1976: I
IL...—
III..—
IV
124.
126.
127.
128.
9
7
7
4
125.
127.
128.
128.
2
2
3
7
108. 3
108. 9
109. 0
109.5
111. 0
111. 3
111.4
112. 2
115.4
116.3
117. 2
117. 2
112.9
114.4
115. 2
114.7
190. 5
194.3
198. 6
202. 7
186.9
191. 1
195. 2
198. 7
165. 1
167.0
169.4
173.0
165. 6
167. 1
169. 5
173.3
162. 9
164. 8
166. 5
168.3
162.
163.
166.
168.
1977:1
II
III» —
131. 3
134.0
135.4
131. 6
134.5
135.7
110. 5
113. -1
112.8
113.5
115.7
115.8
118.9
118.5
120.0
116.0
116.2
117. 2
208.3
211.5
215.8
204.2
207.9
211.7
175.2
178.4
179. 9
176.0
178. 9
180. 6
170. 1
173. 1
175.4
169.6
172.7
175. 6
1966
1967
1968
1969
1970
1971
1972
1973
1974 __
•--
3
5
9
3
3
1
6
0
1
Perceiit change ; quarterl]r data at seasonal] y adjuste d annual rates
5.5
2.0
5. 1
3.0
6.0
1.9
5.4
3.0
2.3
_. 3
1. 7
2. 7
3. 3
_. o
2. 1
3.2
3.2
2. 3
3. 3
.3
2.5
1.9
3.2
-.2
7.0
5. 6
7.6
7.0
6. 1
5.8
7. 3
6.5
3.7
3.3
4.1
6.6
3.4
3.8
3.9
6.6
3.2
2.9
3.9
4.7
2.9
3.3
4.0
4.5
—.9
2. 8
6. 6
5. 9
-2.4
— 1. 1
2 7
6.9
6. 0
-2.5
— 1. 6
—, 4
3. 6
3. 9
.4
-1.2
— .3
3.7
4. 3
.4
;7
.2
2.9
3.0
1.7
-2.9
7.2
3.2
2.9
1. 9
-2.8
a6
5. 7
a2
9.4
6.7
6. 6
5. 8
7. 8
9. 4
6.4
3.2
2. 7
6.2
12. 5
6. 5
3.5
2.7
6.0
12.7
4.7
4.4
3.6
5. 8
9. 8
4.9
45
3. 1
4. 1
10. 5
— 2. 4
7.0
-2. 6
7. 3
-4. 1
2. 7
-4. 1
3. 1
1.8
4.2
1.6
4. 1
9.6
9. 1
a7
9. 6
7.7
4.7
7.9
4, 5
10.4
4. 8
10.9
5. 1
1975: I
III
III
IV
-11.6
7. 5
12. 2
3.9
-11.6
6.5
12. 5
4. 1
- 12. 5 -12. 3
-2. 7
-3. 5
3. 9
2.9
5,9
7.6
1.0
10.4
8. 0
-1.9
.8
10. 3
9.3
-3.2
12.9
6.7
4.8
11.8
7.2
6.9
6. 4
11.7
-3.4
— 3. 0
10. 2
10.9
-2. 8
—2. 2
10.0
12. 9
6. 2
7. 5
5.9
14.2
5. 7
6.6
5.8
1976:1
II
III
IV
10. 8
5. 9
ai
3.0
2.6
.1
2.1
4. 9
1. 0
.4
3. 2
7.6
3.3
3.0
_. o
6.5
5. 5
2.9
-1. 8
13. 1
11. 1
9.4
2. 1
11. 7
6.6
3. 2
1.3
as
5. 1
4,9
5.8
ae
4.3
3.7
5. 8
9.4
3. 1
4, 8
4. 1
4.6
4.4
3.8
6. 0
5. 3
9. 6
8. 5
4.0
9. 5
8.8
3.8
3,5
9. 7
-.8
4. 5
8. 1
.2
5. 8
— 1. 1
4. 9
4.8
.7
3.5
11.5
6. 3
8.4
11.4
7.5
7.4
5.3
7.5
3.3
6.3
6.8
3.7
4. 4
7. 2
5.3
3. 5
7.5
6.9
1966.
1967
1968
1969..—.
1970
1971
1972
1973
1974
-_._
1975
1976
1977:1
II
III »__ .
1
*2 Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in production, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
* Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
ai
a3
9.0
a6
7.4
< Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics,
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in September offsetting the 0.4 percent (revised) decline In August. Gains
were widespread among the industry and market groupings.
INDEX, 1967*100* (RATIO SCALE)
180
UTILITIES AND MINING PRODUCTION
INDEX, 1967«1QO* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
160
140
UTILITIES
120
/ * V*
MINING
100
MANUFACTURING PRODUCTION
160
1973
1974
1975
1976
1977
PERCENT (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
140
120
100
1973
1974
1975
1976
1973
1977
1974
1975
1976
1977
* SEASONALLY ADJUSTED
SOURCEs IOARO OF GOVERNORS OF THE FEDERAL RiSERVE SYSTEM
Period
1967 proportion
1971
-.
1972
1973
1974
1975
1976
1976:
Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July
Aug *
Sept f
1
Output
2
Annual
2
Total inidustrial
produ ction
Percent
Index, change
1967=
from
100
year
earlier
100. 00
1.7
109.6
9. 2
119.7
8. 4
129.8
—.4
129. 3
117. 8 — 8.9
10,2
129. 8 .
130. 6
130. 2
131. 5
133.0
132. 3
133. 2
135. 3
136. 1
137. 0
137. 8
138.8
138.2
138.8
7. 0
6. 6
6. 5
6.9
5. 1
4.4
5. 4
5.8
5. 6
6. 2
6.2
5.2
6. 3
COUNCfl OF ECONOMIC ADVISERS
(Seasonally adjusted]
Indust ry produ ction ind<?xes, 1967'=100
M anufactur ng
Total
Durable
Nondurable
Mining
Utilities
87.95
108.2
118. 9
129. 8
129. 4
116. 3
129. 5
51.98
102. 4
113. 7
127. 1
125. 7
109. 3
121. 7
36.97
116. 6
126.5
133. 8
134. 6
126. 4
140. 9
6. 36
109.8
113. 1
114. 7
115. 3
112. 8
114. 2
& 69
130.5
139.4
145. 4
143. 7
146. 0
151. 0
130. 5
129.8
131. 4
132. 5
131. 6
132. 6
135. 1
135. 8
137. 1
137.8
138. 5
138. 6
138.9
122. 4
121. 4
123. 4
125. 0
123. 4
124. 0
126. 8
128. 0
129. 3
130.5
131.5
131. 2
131.9
142. 3
141. 9
143. 0
143. 3
143.4
145. 3
147. 0
147. 0
148. 5
148.4
148. 6
149. 1
149.2
115.5
116. 1
115.3
115. 4
112. 8
116. 3
120.6
119. 2
119. 5
122. 8
120.0
117. 0
120. 4
149. 6
150. 8
154. 6
157. 9
163.8
160.3
154. 8
154. 0
156. 7
156.
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
4uarterly data.
ieo.
156.
157.
iitilization
Manuf acturing (capacity
rate, p<3rcent 1
Federal Reserve
sen es
ComWharTotal
merce2
ton
Mate- series
manuseries 3
rials
facturing
78.0
83. 1
87.5
84. 2
73. 6
80. 2
73. 6
80.4
80. 5
79. 9
80.8
81. 2
80. 4
80. 9
82. 1
82. 3
82.8
83.0
83. 1
82. 9
82. 9
81.0
80.4
80. 3
80. 2
79.4
80. 2
81. 6
82. 1
82. 7
83. 0
83. 0
82. 6
82.8
83. 1
88.0
92. 4
87> 7
80
83
86
83
77
81
86. 4
91. 8
97. 1
93. 0
80.4
87.5
80
88. 2
81
87.7
83
88. 4
84
90.3
90.9
Sources: Board of Governors of the Federal Beserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton Schcol of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Proc .ucte
Final products
Total
NonDurable durable
goods
goods
Total
47. 82
1967 proportion
1969
1970
197]
1972
1973
1974
]975
1976—
1976: Sept
Oct
109. 6
105.3
106. 3
115. 7
124.4
125. 1
118.2
127.2
126.9
126. 7
Nov
Dec1977: Jan
„_
Feb
Mar
- Apr
May
June
July v
Aug
.
Sept"
Equij>ment
Coiisumer go ods
Period
129. 3
131.5
130.8
131. 6
133. 3
134. 1
134. 7
„
gr. 68
109.8
109.0
114. 7
124. 4
131. 5
128. 9
124. 0
136.2
135.7
135.9
138.4
141. 3
139.9
140. 5
142.9
142.9
143. 1
135.4
143.8
136.4
144.2
144. 6
136. 5
136. 1
145. 0
Internxediate
proc uots
Total
Busi-
Total
7.89
115. 0
106. 1
118.8
133. 8
146. 2
135. 3
19. 79
107.7
110. 1
113. 1
SO. 14
109. 3
100. 1
94. 7
is.es
12, 89
112. 5
107. 0
112. 9
112. 9
125.6
114. 5
134. 2
141. 4
138. 7
134.1
134.5
134. 7
136.2
137.6
137.7
138. 3
139.1
126. 5
137.2
135. 3
123. 1
121. 4
138. 9
143. 7
150.5
145. 4
146. 1
152. 4
151. 5
152. 2
155. 8
157. 7
154.7
155. 1
120. 6
104. 1
118. 0
103. 8
126. 3
125. 1
120. 0
110. 2
114. 6
114.8
114. 2
139. 5
139.1
116.8
118.0
118. 4
119.2
120. 0
122. 1
123. 2
124. 1
139.9
140.2
125. 0
125.2
139.4
140. 1
116.7
142. 4
128. 2
141.8
150. 1
151. 1
150.9
151.3
144.7
146.2
145.9
146.3
147. 1
148. 9
124. 8
137.2
138. 7
136. 3
137.0
135. 7
140. 1
142.3
142. 3
143. 5
144.8
138.8
139. 0
140.5
142.2
141. 6
142.3
143. 5
Construction
supplies
6. 42
112. 3
111. 0
116. 8
128. 4
139. 8
134. 5
116. 3
132.6
134. 1
134.8
135.8
135. 5
136.2
135. 6
136.4
137.2
138. 7
139. 9
141. 1
140.9
141. 6
Materials
SS.29
112.5
109. 2
111. 3
122. 3
133. 9
132.4
115. 5
130.6
132.4
131. 8
131. 9
132. 0
131.1
132. 7
135.5
136. 5
137.8
138.7
139.0
138.5
139. 3
Suppiementary
group:
Energy
total
12. 23
111.
117.
119.
125.
128.
125.
125.
1
0
5
2
3
5
5
128.8
128.3
128.8
130. 6
133. 3
134. 1
132. 9
132. 3
132. 1
132. 5
133. 5
135. 3
133.4
134.6
11967 = 100, seasonally adjusted]
Diirable m anufactu res
Primar;7 metals
Period
1967 proportion
1969
1970
1971
1972
3973
1974
1975
1976
1976: Sept
Oct
Nov
Dec
. _
1977: Jan
Feb
Mar_-
Apr_.
May
June
July.
Aug *
Sept '
Total
Iron
and
steel
6.57
._ 113.8
106. 6
100. 2
112. 1
112.6
104.7
96.4
108. 9
104. 9
126. 7
123. 1
113.0
109. 9
104. 6
101. 5
100.8
100. 2
108. 3
1)2.2
117. 1
114.7
114.4
114. 1
114.5
4. SI
86. 1
107. 1
Fabricated
metal
products
Nonelectrical
chinery
Electrical
machinery
B.9S
107. 9
102. 4
103. 5
112. 1
9. IB
109.3
104. 4
8.05
111. 9
108. 1
116. 0
107. 7
122. 2
143. 1
143. 8
116. 5
131. 6
95.8
124. 7
124. 2
109. 9
123. 3
133. 7
140. 1
125. 1
135. 0
108. 6
126. 5
136. 8
100.3
93. 4
126. 7
128. 1
137. 5
141. 5
135. 7
135. 1
89. 7
91.3
97.9
103. 9
111.0
125. 7
125. 8
127. 5
127. 6
128. 2
139. 9
139. 8
139. 8
142. 9
142. 6
110. 9
131.7
134. 0
137. 6
137. 6
139.6
141. 8
142. 6
143. 6
143.3
122. 3
119. 8
105. 1
109. 2
111.0
123.5
130. 8
134.0
134,8
Source: Board of Governors of the Federal Reserve System.
18
100. 2
134. 3
144. 0
145.7
144. 8
145.5
133. 9
135. 0
143. 8
Non durable manufac tures
Transportation
equip ment
Total
9.87
108.4
89.5
97.9
108. 2
118. 3
108. 7
97.4
110. 6
104. 7
104.3
112.7
117.4
113.5
113.4
120. 5
119.8
120. 3
123. 7
125.4
123. 5
125.0
Motor
vehicles
and
parts
4. SO
116.5
92.3
118. 6
135.8
148. 8
128. 2
111. 1
Lumber
and
products
Apparel
1. 64
107. 9
105.6
113. 8
120. 8
S.S1
106.7
101.4
104. 7
109.4
117. 3
114. 3
107.6
126.0
116. 2
ucts
140. 7
107. 6
125. 1
130. 6
128. 7
119.5
129.5
128. 1
122.7
124.9
128. 4
145. 5
155. 0
145. 5
145. 4
161.2
158. 1
157.7
163. 2
165.8
164. 1
166.6
129. 6
132.7
132.2
132. 1
130.6
133.0
132.4
134.0
134.6
122. 2
122. 9
123.0
124.4
122. 2
121.4
123.5
122. 1
121. 1
Print- Cheming
icals
and
and
Foods
pubprodlishing ucts
4. 72
107.4
107.0
107. 1
112. 7
118.2
113. 3
120.6
7. 74
118.4
120.4
125. 9
143.6
154.5
159.4
147. 3
169.3
120.6
119.3
119.7
123.0
171.3
170. 7
173. 7
173. 1
134. 6
124. 7
122. 4
172. 2
174. 9
180. 0
180.6
182. 8
183. 5
182.5
183. 0
134. 2
136. 4
138. 7
138. 0
138. 3
136. 9
138. 2
139. 0
118. 2
124.8
123.4
124.4
124. 1
124.9
124.7
125. 3
S. 75
106. 1
108.9
112. 8
116. 8
120. 9
124. 0
123.4
132.3
134. 8
134. 3
132.9
NEW CONSTRUCTION
Constructioni contracts2
Private
Total new
construction
expenditures
Period
Kesid ential
Total
Total i
Commercial and
industrial
New
housing
units
Federal,
State,
Other
and
local
CommerTotal value cial and
index
industrial
(1967= floor space
100)
(millions of
square feet)
Billions of doll ars
1970
1971
1972
1973
1974
1975
1976
__
_
94.9
110.0
124. 1
137.9
138.5
134.3
147. 5
31.9
43. 3
54.3
59.7
50.4
46.5
60.5
66.8
80. 1
93.9
105.4
100. 2
93.6
109.5
24 3
35. 1
44.9
50.1
40.6
34.4
47.3
16. 3
17.0
18. 1
21. 7
23.8
20.8
19.9
iae
19.8
21.5
24 0
25.9
26.3
29.0
2ai
Seasonally
adjusted
Seasonalli/ adjusted armual rates
1976: Aug__.
Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July*
Aug*__ __
141.8
145.2
150. 1
153.8
155.4
148. 1
156.9
163.8
167. 6
172.2
174.4
172.5
170.9
54.5
57.7
65.5
69. 6
71. 1
66.5
72. 1
76.7
79.6
82.5
82.2
80.0
79. 7
103.6
107.4
114.8
119.0
121. 2
116. 2
122. 4
128. 4
131.4
133.8
135.0
133. 4
133.3
20.1
20.0
19.6
19.3
19.4
18.7
18.8
20.8
21. 1
20.9
22.3
22.7
23. 1
47. 1
48.7
50. 9
52. 7
54.8
52. 1
58.3
62.2
63.5
65.8
66. 0
65.5
65. 8
1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 F. W. Dodge series. Eelates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
123.1
145.4
165.3
179.5
169.7
167.9
194 1
29.9
30.2
32. 5
38.3
40.7
38.0
29.0
29.7
29.7
30. 1
30.7
30.9
31.5
30.9
30.7
30.3
30. 5
30.6
30.5
38.2
37.9
35.3
34.9
34.3
32.0
34 5
35. 4
36,2
38. 4
39.4
39.2
37.6
189
203
240
210
183
203
212
207
250
317
284
218
267
743
727
854
1,010
840
555
602
Seasonally
adjusted
annual
rates
609
582
618
631
658
643
615
309
671
758
733
702
853
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]
]STew
Units started, by type of striicture
Period
Total
1969
1970._
1971
1972
1973
1974
19751976
private housing uni ts
_
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1 unit
810.6
812. 9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
2-4
units
5 or more
units
571.2
85. 0
84.8 ,—535: 9
780. 9
120r3^
906. 2
141. 3
795. 0
118. 3
381. 6
68. 1
204.3
64.0
289.2
85.9
New priv ate homes
Units
authorized
1,323.7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819, 5
1, 074. 4
939. 2
1, 280. 0
Units
completed
Homes
sold
Vacancy
rate for
Homes for
rental
sale at
housing
end of
units
period 1 (percent) 2
1, 399. 0
1, 418. 4
1, 706. 1
1, 971. 5
2, 013. 8
1, 691. 7
1, 296. 8
1, 362. 1
448
485
656
718
620
501
544
639
222
220
287
409
450
403
380
431
5.5
5.3
5.4
5.6
5.8
6.2
6.0
5.6
1, 402
1,339
1, 399
1, 444
1,416
1, 637
1,707
1,540
1,536
1,647
1,678
1, 651
714
728
694
808
827
893
867
775
774
806
701
839
415
420
429
431
431
434
435
441
441
444
451
464
5.7
Seasonally adjusted armual rates
1976: Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar.. _
Apr
May
June
July*
Aug »
Sept*
J
2 Seasonally
1,768
1,715
1,706
1,889
1,384
1,802
2,089
1,880
1,937
1,897
2,083
2,034
2,040
1,254
1, 269
1,236
1,324
1,006
1,424
1, 503
1,413
1,455
1, 389
1,437
1,459
1,492
adjusted.
Quarterly data entered in last month of quarter.
106
98
98
120
103
120
113
116
120
105
127
114
135
408
348
372
445
275
258
473
351
362
403
519
461
413
1,481
1,481
1,583
1, 532
1, 333
1,526
1,687
1,605
1,615
1, 678
1,639
1,772
1,696
5. 3
5. 1
5.3
5.4
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTM, AND TRADE
Business inventories rose $2.7 billion in August and business sales rose \% percent. According to the advance survey,
retail sales fell 1 percent in September following increases in July and August.
BILLIONS OF DOLLARS? {RATIO SCALE}
BILLIONS OF DOLLARS* (RATIO SCALQ
100
1977
1973
^SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMY ADVISERS
Total b usiness l
Who] esale
Re tail
In ventories 3
Sales 2
Period
Crtl^o,
bales
2
Inventories 3
Inven-3
bales * tories
Qnli-in 2
Tntft.1
DurNonable durable
goods goods
stores stores
Tnt»l
DurNonable durable
goods goods
stores stores
Invent*3ry~sales
ratio 4
Total
business 1
Retail
Millions of dollars, seat>onally sidjusted
1971
112, 323
1972
125, 269
1973
145, 297
1974
166, 771
1975
172, 511
1976
192, 704
1976: Aug
194, 302
Sept.
193, 868
Oct
192, 353
Nov
196, 288
Dec—
204, 140
1977: Jan
202, 160
Feb
207, 541
Mar
214, 642
Apr
. . .. 213, 596
May
213, 821
June.
214, 066
July__
212, 911
Aug »
216, 109
Sept 9
1
184, 756
198, 045
227, 926
278, 386
275, 484
299, 123
293, 308
296, 537
298, 179
298, 941
299, 123
301, 970
303, 985
307, 325
309, 847
313, 052
315, 455
317, 185
319, 929
22, 327
24, 862
30, 400
37, 344
36, 583
40, 212
40, 581
41, 381
40, 676
40, 796
41, 767
41, 931
43, 233
43, 879
44, 491
45, 182
44, 996
44, 837
44, 990
29, 695
32, 817
38, 302
46, 564
45, 115
50, 131
49, 006
49, 723
49, 847
50, 167
50, 131
50, 872
51, 658
52, 549
53, 067
53, 247
53, 284
53, 034
53, 778
34, 071
37, 365
41, 943
44, 815
48, 702
54, 324
54, 643
54, 100
54, 634
55, 573
57, 898
56, 660
58, 175
59, 522
59, 465
59, 181
58, 390
58, 866
59, 743
59, 015
The term "business" also includes manufacturing (see page 21).
*1Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
4
For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
10, 985
12, 472
14, 190
13, 943
15, 060
17, 847
18, 208
17, 481
17, 559
18, 157
19, 730
19, 024
19, 764
20, 687
20, 333
20, 088
19, 842
19, 699
20, 675
20, 278
23, 086
24, 893
27, 754
30, 872
33, 642
36, 476
36, 435
36, 619
37, 075
37, 416
38, 168
37, 636
38, 411
38, 835
39, 132
39, 093
38, 548
39, 167
39, 068
38, 737
52, 571
57, 156
65, 229
73, 851
74, 676
82, 405
81, 118
81, 848
81, 658
81, 660
82, 405
83, 616
83, 878
85, 397
86, 033
87, 176
88, 353
89, 580
91, 047
23, 864
26, 056
29, 593
34, 301
34, 474
38, 224
37, 515
37, 822
37, 518
37, 933
38, 224
38, 931
38, 912
39, 613
39, 581
40, 279
40, 665
41,774
42, 376
28, 707
31, 100
35, 636
39, 550
40, 202
44, 181
43, 603
44, 026
44, 140
43, 727
44, 181
44, 685
44, 966
45, 784
46, 452
46, 897
47, 688
47, 806
48, 671
1.61
1.52
1.46
1. 51
1.60
1. 50
1.51
1.53
1.55
1. 52
1.47
1.49
1.46
1.43
1.45
1.46
1.47
1.49
1.48
1.47
1.46
1. 46
1. 53
1. 51
1.46
1. 48
1. 51
1.49
1. 47
1. 42
1. 48
1. 44
1. 43
1.45
1. 47
1. 51
1. 52
1. 52
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
In August, manufacturers' new orders, shipments, and inventories rose. Preliminary estimates indicate new orders and
shipments of durable goods manufacturers rose again in September.
BILLIONS OF.DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1973
1977
1974
*SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' shipmentsl Manufact urers' inv entories2
Manu racturers' new orelers1
DuraW e goods
JPeriod
Total
1971
55, 925
1972... ... 63, 042
1973
72, 954
1974
84, 612
"1975
87, 226
1976
98, 168
1976: Aug.. 99, 078
Sept.. 98, 387
Oct... 97, 043
Nov.. 99, 919
Dec 104, 475
1977: Jan__ 103, 569
Feb... 106, 133
Mar... 111, 241
Apr... 109, 640
May 109, 458
June._ 110, 680
July.. 109, 208
Aug__ 111, 376
Sept*.
NonDurable durable
goods
goods
29, 973
34, 042
39, 704
44, 043
43, 912
50, 37C
51, 648
50, 060
49, 029
51, 238
55, 295
53, 341
54, 703
58, 849
56, 764
56, 717
57, 570
56, 820
58, 087
58, 263
25, 953
28, 999
33, 250
40, 569
43, 313
47, 792
47, 430
48, 328
48, 014
48, 681
49, 180
50, 228
51,430
52, 392
52, 876
52, 741
53, 110
52, 388
53, 289
Total
NonDurable durable
goods
goods
Total
Millio ns of dolljirs, seasorlally adjussted
102, 490 66, 149 36, 341 55, 937 29, 951
108, 072 70, 098 37, 974 64, 246 35, 142
124, 395 81, 218 43, 177 76, 217 42, 888
157, 971 101, 780 56, 191 86, 988 46, 570
155, 693 100, 310 55, 382 85, 659 42, 164
166, 587 105, 729 60, 858 98, 497 50, 681
163, 184 103, 282 59, 902 97, 554 50, 380
164, 966 104, 117 60, 850 98, 476 50, 068
166, 674 105, 589 61, 085 99, 006 50, 754
167, 114 106, 128 60, 986 100, 784 52, 235
166, 587 105, 729 60, 858 106, 600 57, 040
167, 482 106, 562 60, 920 105, 288 55, 037
168, 449 107, 222 61, 227 106, 575 55, 133
169, 379 107, 685 61, 694 111, 788 59, 160
170, 747 108, 190 62, 557 111,547 58, 652
172, 629 109, 154 63, 475 111, 693 59, 176
173, 818 110, 421 63, 397 111, 524 58, 378
174, 571 110, 978 63, 593 108, 598 56, 031
175, 104 111,452 63, 652 111,494 58, 270
58, 620
i Monthly average for year and total for month. Shipments are the same as sales.
»Book
value, end of period.
8
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
i for month.
Total
ManufacCapital Nongoods durable turers'
indus- goods unfilled3
orders
tries,
nondefense
7, 575
8, 947
11, 169
12, 656
10, 899
12, 820
12, 690
13, 468
14, 124
12, 734
13, 835
14, 621
14, 249
14, 561
14, 679
15, 000
15, 535
14, 409
14, 678
15, 597
25, 986
29, 104
33, 329
40, 418
43, 495
47, 816
47, 174
48, 409
48, 252
48, 549
49, 560
50, 251
51, 442
52, 628
52, 895
52, 517
53, 146
52, 567
53, 224
107,
122,
161,
190,
171,
175,
170,
170,
172,
173,
175,
177,
177,
178,
180,
182,
183,
182,
182,
656
362
766
271
438
453
414
503
468
333
453
179
623
167
065
301
150
541
646
Manufacturers1
inventory—
shipments
ratio4
.1. 83
1. 67
1. 58
1. 66
1. 80
1. 64
1. 65
1. 68
1. 72
1.67
1.59
1. 62
1.59
1.52
1. 56
1. 58
1. 57
1. 60
1.57
Source: Department of Commerce, Bureau of the Census.
21
PRICES
WHOLESALE PRICES
In September, the wholesale price index rose 0.4 percent (0.5 percent seasonally adjusted). Prices of farm product
and processed foods and feeds declined 0.2 percent (0.4 percent seasonally adjusted). Industrial commodities price
were up 0.5 percent (0.8 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCAtE)
INDEX, 1967= 100 (RATIO SCALE)
220
220
200
FARM PRODUaS AND
!\
PROCESSED FOODS AND FEEDS I \
/
•
120
120
100
100
1969
SOURCE: DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
All
commodities
1969
1970
1971
1972
1973
1974
1975
1976
106. 5
110. 4
114.0
119. 1
134.7
160. 1
174.9
183. 0
1976: Sept
Oct
Nov.
Dec
1977: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
184. 8
185. 3
185. 6
187. 1
188. 1
190. 2
191.9
194. 3
195.2
194.4
194. 9
194. 6
195.3
Farm
products Indusand
trial
processed commodfoods
ities
and feeds
108.0
106. 0
111.7
110. 0
113.9
114. 1
122.4
117. 9
159. 1
125. 9
177. 4
153. 8
184. 2
171.5
183. 1
182. 4
Unadjusted
182. 9
184. 8
179.5
186.3
178.3
187. 1
183. 9
187.4
184. 8
188.4
188.4
190. 1
190.9
191. 6
195. 9
193. 2
194. 2
196. 8
194. 6
191. 5
189. 3
195. 8
184. 2
196.9
183.9
197.8
Farm
products
Processed
foods
and
feeds
109. 1
111. 0
112. 9
125. 0
176. 3
187. 7
186.7
191.0
107. 3
112. 1
114. 5
120.8
148. 1
170.9
182.6
178. 0
189. 2
188. 2
187. 1
191. 9
194. 0
198.3
203. 3
210. 2
205. 3
191.3
187.9
179.9
179.6
176.0
174.9
175. 6
178.8
178.5
181.9
185.4
190. 1
193. 5
190. 2
185.6
184.2
183. 1
i Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf
tobacco.
a
Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
22
Special |
groupings
Inter- Produc- Consunler finishe d goods
Crude mediate
ex(eluding fo ods
er finmatemate-2
ished
Nonrials 1
Total Durable durable
rials
goods
106.9
110. 6
106. 1
104.6
104.0
105. 0
109. 9
112.0
118. 9
107. 7
106. 9
108. 3
122.7
114. 3
111. 2
116. 6
110.8
111.7
119. 5
131. 1
113. 5
118. 9
113.2
113.6
155. 2
128. 1
123. 5
118.6
115. 8
120.5
219. 1
141. 0
138. 6
159. 5
126. 3
146.8
162. 5
225. 1
153. 1
178.6
138. 2
163.0
173.2
249. 9
189. 5
161.8
144. 4
173. 3
Seas onally ad; usted
174. 5
192.0
253. 1
163.7
145. 7
175.6
262. 4
193. 3
176. 3
164.6
146. 5
176. 7
194. 3
177.0
271. 6
165.5
146. 8
178.0
265. 9
178. 4
195. 5
165.8
146. 9
178.4
262. 6
196.4
179.0
167.5
148. 1
180. 5
273.0
197.6
180. 1
168. 1
148. 9
181.0
279. 3
199. 1
180.8
169. 2
149. 4
182.5
200. 3
181.8
280. 1
170.4
150. 5
183. 7
282. 4
182. 8
171.2
200. 9
151. 1
184. 6
277. 9
201.4
183.6
171.9
151. 6
185. 6
277.8
184,4
202. 7
172. 3
152. 0
185. 9
185.2
283.0
203.7
153. 5
172.9
185.9
205.2
283. 9
174. 1
186. 1
153. 6
187.8
Note.—Data for January and February 1977 revised.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
lln September, the consumer price index rose 0.4 percent (0.3 percent seasonally adjusted). Food prices fell 0.4 percent (rose 0.1 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (0.2 percent seasonally
adjusted) and services prices were up 0.7 percent (0.5 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
220
INDEX, 1967=100 (RATIO SCALE)
220
200
200
120
100
100
1969
1972
1971
1970
1973
1975
1974
1976
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[1967=100]
Period
1969.
1970
1971...—...
1972___
1973
....
1974
1975
1976
All
items
Food
109.8
116.3
121.3
125. 3
133. 1
147. 7
161. 2
170.5
108. 9
114. 9
118. 4
123. 5
141.4
161. 7
175. 4
180.8
Food
Comnaodities le ss food
Commodities
less
food
Services
commodities
All
Food
at
home
Food
away
from
home
108. 1
112. 5
116.8
119. 4
123. 5
136.6
149. 1
156.6
112.5
121.6
128.4
133. 3
139. 1
152. 1
166. 6
180.4
108. 4
113. 5
117.4
120. 9
129. 9
145. 5
158. 4
165.2
108. 9
114 9
118.4
123. 5
141. 4
161. 7
175.4
180.8
108.2
113. 7
116. 4
121. 6
141. 4
162. 4
175. 8
179.5
111.6
119. 9
126. 1
131. 1
141.4
159. 4
174 3
186. 1
ATI
X\-ll
Services
All
Durable
Nondurable
108. 1
112.5
116.8
119.4
123.5
136.6
149. 1
156.6
107.0
111. 8
116. 5
118. 9
121. 9
130.6
145.5
154 3
108.8
113. 1
117. 0
119.8
124 8
140. 9
151.7
158. 3
112. 5
121.6
128. 4
133. 3
139. 1
152. 1
166.6
180.4
Seasonal] y adjust ed
Unac Busted
1976: Sept___ 172.6
173.3
Oct
173.8
Nov
Dec
174.3
181. 6
181.6
181. 1
181. 7
158. 9
159. 6
160.3
160. 6
183. 2
184 1
185.1
185. 8
166.6
167. 1
167.4
168. 0
181. 9
182.2
181. 7
181. 9
180.
180.
179.
179.
1
3
6
7
188.7
189.0
189. 5
190. 4
158.3
159.0
159. 6
160.5
156, 1
156.6
157. 3
158.4
159. 9
160. 6
161. 3
162.0
183. 2
184 0
184 8
185. 5
175.3
177. 1
178.2
179.6
180.6
181.8
182.6
183.3
1840
183.4
187. 7
188.6
190. 9
191. 7
193. 6
194.6
195. 2
194 5
160. 6
161. 6
162. 6
163.6
164 7
165. 4
165. 6
166.0
166. 7
187.5
188. 7
190. 0
191. 3
192. 3
193. 7
195. 3
196.3
197.7
169. 4
171. 4
172. 2
173. 6
174 5
175. 3
175. 5
176.0
176.3
183. 5
187. 1
188.2
191. 0
192. 4
193. 9
194 0
194 5
194 7
181. 3
185. 4
186. 4
189. 3
190. 7
192. 1
191. 9
192. 3
192.4
192. 0
194 0
195. 4
197. 5
199. 5
201. 2
202. 1
203. 2
203.7
161. 6
162. 7
163. 4
164. 0
1647
165. 1
165. 3
165. 8
166. 2
159. 9
161.4
162. 4
163. 2
163. 5
163. 4
163. 4
163. 5
163.8
162. 8
163.7
164 2
164 7
165. 6
166. 3
166. 8
167. 5
168. 0
187.2
188.4
189. 9
191. 4
192. 7
194 2
195. 7
196. 7
197.7
1977: Jan
Feb....
Mar_._»
Apr
May
June
July.
Aug
Sept___
i
>uree: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN WHOLESALE PRICES
Percent c lange fro m 3 mont is earlier ; Percent jhange fro m 6 mont tis earlier;
season ally adj us ted anmwil rates ,
season illy adju sted annu al rates
Percen t change from pre ceding
1
perio d; season ally adj us ted
Period
1968
1969
1970
1971 1972
1973
1974
1975
1976
1976: Sept.
Oct.Nov.
Deo..
1977: Jan—
Feb.-
MarApr
May.
JuneJuly Aug.Sept.
All
commodities
Farm
products
2.8
48
4.4
&4
-4.7
8.1
18.7
36. 1
— 1.9
5.5
— 1. 1
.8
2. 2
4. 1
6. 3
15.4
20. 9
4.2
4.7
.7
.5
.6
.6
.5
1.0
.9
1. 1
.4
-.7
.1
.5
Processed
foods
and
feeds
3. 0
6.8
.8
4. 7
11.6
20. 3
20. 9
-3.8
-1. 1
.1
—. D
-.6
.4
1. 8
—.2
1.9
1. 9
2. 5
1. 8
— 1. 7
— 2. 4
-.8
-.6
2.6
1. 1
2. 2
2. 5
3. 4
-2.3
-6.8
— 1. 8
-4.3
—.2
~. 6
Industrial
commodities
All
commodities
Industrial
commodities
All
commodities
-11. 8
ao
-.7
6. 5
8.5
15.1
9. 5
7.6
6.1
5. 1
4. 2
5. 0
5. 3
5. 5
8.0
Processed
foods
and
feeds
Farm
products
Farm
products
Processed
foods
and
feeds
2. 0
— 6. 9
-7.3
-1.3
— 5. 1
-6.0
—.2
-2.2
6.9
11. 0
18. 1
21.4
13. 2
8.1
2. 5
—2. 5
Industrial
commodities
2.7
ag
ae
a4
3.4
10.7
25. 6
6.0
6.4
.8
.9
.6
.3
.5
.7
.7
.6
.4
.3
.5
.5
.8
a5
-11. 9
4. 0 -11. 8
7.2 -1. 3
5. 8
7. 1
12.9
7. 1
as 26.2
26. 0
. 10. 2
37.8
13. 1
14. 9
10. 5
3. 6 — 21. G
— 1. 2 -36. 1
-2.6 -41. 0
L 9 -22. 3
-11. 8
15. 6
9. 3
6.3
28.6
7.9
8. 3
— 9. 1
5. 3
49
28. 1
10. 8
-17.9
— 14. 1
7. 1
a6
10. 1
a7
6. 8
5. 7
3.7
2.7
5. 3
7. 6
—a 5
-a i
11. 6
15. 5
24. 7
20.4
—. 6
-a 2
— 17.7
—22.0
6. 4
7. 4
8.4
7. 8
7. 7
7.9
7. 7
7. 2
6. 7
6. 6
6.6
6.2
6.5
Source: Department of Labor, Bureau oC Labor Statistics,
> Annual changes an Iran December to December {unadjusted).
NOTE.—Data lor January and February 1977 revised.
CHANGES IN CONSUMER PRICES
Perceiit chang 3 from pre ceding
perio d ; seasoimlly adju sted 1
Commodities
less
food
Period
All
items
4.7
6. 1
5.5
3.4
3.4
1968
1969
1970
1971
1972
1973
1974
1975
1976
8. 8
12. 2
7.0
4.8
Food
4.3
4.7
20. 1
12.2
6.5
.6
.1
1976: Sept
Oct._.
Nov...
Dec—
.3
.3
.3
.4
— .3
.1
1977: Jan. _.
Feb....
Mar
.8
1.0
ao
Apr
May..
June
July..
Aug—
Sept
1
.6
.8
.6
.6
.4
.3
.3
a7
4.3
7.2
2.2
.2
.9
.6
1.5
.7
.8
.1
.3
.1
,
4.5
4.8
2. 3
2.5
5.0
ia 2
6.2
5. 1
.3
Services
All
items
5.3
.4
.4
.6
.5
.4
.4
.4
4. 8
4. 0
4.2
.7
,7
.9
ai
.4
.4
.4
.2
. 1
.3
.2
Food
Commodities
less
food
Services
All
items
Food
1.6
1.8
— .2
.0
5.5
5. 5
4.6
5.7
7.5
6.6
5.8
5.1
5.7
5. 5
4.8
4,8
as
ai
2.9
12.4
14.6
17.4
11.8
12. 7
6.4
a?
ao
7.1
9.8
9.3
9.4
5.5
6.5
7.1
8.0
8.7
2.3
5.9
7.0
9.9
9.4
9.0
Commodities
less
food
Services
6.1
7.4
&2
4. 1
3.6
6.2
11.3
8. 1
7.3
;6
.8
.8
.7
.8
.8
.5
.5
Annual changes are from December to December (unadjusted).
24
Percent change frc)m 3 mon hs earlier Percent change fr 3m 6 mon hs earlier;
season ally adjusted annu al rates
season illy adju sted annu al rates
9. 1
10. 0
9.9
8.4
8. 1
6.4
5.2
4.2
4.4
1.7
7.4
6. 1
5. 0
4.2
3. 2
2. 7
2. 7
ao
ft3
8.6
7.4
ai
6.8
ai
10
.8
12. 1
13. 6
11. 8
8. 1
7.0
Source: Department of Labor, Bureau of Labor Statistics.
5.5
5.8
5.2
5.6
7.0
7.0
6.7
6.1
as
as
a5
a4
6. 5
5.8
46
as
3.5
a3
6.9
7.4
8.2
a7
9. 6
9.3
9.0
a4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by Farmers fell 1 percent in the month ended September 15. Contributing most to the decline were
lower prices for soybeans, hogs, potatoes, corn, and cotton. Partially offsetting were high prices for milk, lettuce,
and oranges. Prices paid by farmers were K percent lower than their August 15 level.
INDEX, 1967=100 (RATIO SCALE)
220
200
180
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
140
PRICES PAID
(ALL ITEMS/INTEREST,
TAXES, AND WAGE RATES)
120
120
100
100
70 F
60
1969
1970
'
1971
1972
1973
1975
1974
1977
1976
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AMD WAGE KATES, OK WO-H-IM BASE.
souncs. MPAtTMHr or Adacunue
COUNO. Of KONOMK ABVISBS
Prices paid by far•mere
All
items,
Family
ProducLivestock interest,
tion
living
and
taxes,
and
items
items
products wage rates
Index, 1(567=100
Prices received by farmers
Period
1969
1970 .
1971
1972
1973 ..
1974
1975
1976
All farm
products
-
107
110
113
125
Crops
118
136
183
165
172
177
108
112
118
125
144
164
180
192
204
195
186
190
172
165
162
169
193
192
192
193
198
203
211
170
214
214
172
176
198
200
201
204
204
204
203
179
192
185
186
97
100
108
114
175
224
201
197
1976: Sept 15
OctlS
Nov 15
Deo 15..
186
178
173
178
1977: Jan 15
Feb 15
Mar 15
Apr 15
183
187
190
191
194
184
180
175
173
—
-
May 15
June 15
July 15
Aug 15Sept 15
1
--
198
182
173
168
117
118
174
171
173
179
177
177
Percentage ratio of index of prices received by farmers to index of prices paid,
aterest,
taxes, and wage rates on 1810-14—100 base.
1
The adjusted parity ratio reflects Government payments made directly to
farmers.
202
201
109
114
118
123
Actual
ratio *
Adjusted *
73
72
71
74
79
77
75
151
166
176
104
108
113
121
146
166
182
193
91
94
178
179
180
181
194
192
191
193
71
68
66
68
182
196
199
201
204
205
203
201
68
69
69
69
70
67
65
133
P)
(")
(33)
()
(33)
(3)
(3)
()
Parity
199
197
86
76
71
64
63
79
87
76
72
72
69
67
68
69
70
70
70
70
67
66
64
64
«Index discontinued. Consumer price index (DepartmentTof Labor) substituted
In calculating total prices paid begtanlng January 1877.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
In September, Mi was 0.6 percent above the August level due to rapid growth early in the month.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS Of DOLLARS*
(RATIO SCAIE)
200
200
1977
* SEASONALLY ADJUSTED
SOURCEi BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL Of ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted)
Deposi ts at co mmercia banks
Period
M,
M,
M,
Currency
Tin e and sa vings
Demand
Total
1972: Dec—
1973: Dec—
1974: Dec—
1975: Dec—
1976: Dee—
1976: Sept..
Oct...
Nov. .
Dec—
1977: Jan__.
Feb—
Mar..
Apr
May.lune
July- Aug~Sept »_
255.3
270. 5
283. 1
294,8
312. 4
306. 9
310.4
310. 4
312. 4
313: 8
314. 0
315. 4
320. 5
320. 7
321. 9
326.8
328. 3
330. 4
525. 3
571.4
612. 4
664. 3
740. 3
716. 3
725. 9
732. 3
740.3
746. 3
750.7
756. 1
764. 6
767. 6
772.8
783. 5
787.7
793. 0
844. 5
919. 6
981.5
1, 092. 6
1, 237. 1
1, 193. 9
1, 210. 7
1, 223. 4
1, 237. 1
1, 248. <i
1, 258. 2
1, 268. 1
1, 281. 2
1, 289. 0
1, 299. 5
1, 316. 9
1, 329. 4
1, 342. 7
56. 9
61. 5
67. 8
73.7
80. 5
79. 2
79. 8
80. 2
80. 5
81. I
81.8
82. 2
83.1
83.6
84. 0
85. 1
85. 5
86.4
198.4
209. 0
215. 3
221.0
231. 9
227. 7
230. 6
230. 2
231. 9
232. 7
232. 1
233. 2
237.4
237. 1
238. 0
241. 6
242. 8
244.0
313. 5
363. 9
418. 3
451. 7
491. 1
472. 5
477. 8
484. 2
491. 1
495. 6
500. 0
502. 8
505. 7
509. 2
514.8
519.5
522. 5
525. 8
j is currency pltis demand deposits; Ms is Mi plus thorn i deposits at commercial banks other than large certificates of deposit (CDs); i md Ma is Mj plus
deposits at nontarsk thrift institutions.
26
Per cent
chaiage '
Compoilents anc1 related iterns
Overall measiares '
Large
CDs
43. 5
63. 0
89. 0
82. 1
63. 3
63. 1
62. 3
62.2
63. 3
63. 1
63.3
62. 2
61. 6
62. 3
63. 9
62.8
63. 2
63. 2
Other
270.0
300.9
329. 3
369.6
427.9
409.4
415. 5
422. 0
427. 9
432. 5
436. 7
440. 6
444. 1
446.9
450. 9
456.7
459.4
462. 6
Deposits
at
nonbank
thrift
; institutions
U.S. Government
demand
deposits
(unadjust-
319. 3
348. 1
369. 1
428. 3
496. 8
477.6
484.8
491. 0
496. 8
502. 6
507. 5
512. 1
516. 6
521. 4
520. 7
533. 5
541. 7
549. 8
7.4
6.3
M,
M,
ed)
4. 9
4. 1
4.7
5.0
4. 0
4. 2
4. 7
4. 2
4.4
4. 5
5. 6
3.8
5.2
3.9
3. 7
5. 4
9.2
6.0
4. 7
4. 1
6. 0
6. 0
5.8
4. 6
6. 2
5.9
5.0
5. 6
6. 6
6. 7
0. 2
&5
9.3
9. 7
11.4
8.8
7. 2
8.5
11.4
10. 1
10. 5
10.8
12. 4
12. 0
11. 7
11. 4
10. 9
9. 9
9.0
10. 2
10. 1
10.0
* 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 Eeserve system.
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIMI INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curreittcy and d eposits
U.S. TJreasury
secui•ities
Time d eposits
Negotiable
certificates of
deposit
Other
private
money
market
instruments
Total
liquid
assets
Total
Dec
Dec
Dec
Dec
Dec
Dec
Dec
769.5
851.8
967.4
1, 079. 2
1, 166. 9
1, 290. 4
1, 423. 7
632.4
718.9
817. 0
887. 5
945.2
1, 054. 4
1, 194. 2
49.1
52.6
56. 9
61. 5
67.8
73.7
80. 5
151.8
161. 6
176.4
183. 3
187.2
191. 7
198.8
198. 9
233.6
264.5
294. 5
321.2
360.6
418. 1
232.7
271. 1
319.3
348. 1
369. 1
428. 3
496.8
52.0
54.3
57.6
60.4
63.3
67.2
71. 9
41.9
31.3
34.4
43.3
47.5
66. 5
66. 1
21.8
27. 7
36. 3
53. 8
70. 4
59.4
44.2
21.4
19. 6
22. 2
34. 3
40. 5
43.0
47.4
1976: Sept
Oct
Nov
Dec
1, 386. 9
_ 1, 402. 8
1, 413. 0
1, 423. 7
1, 155. 1
1, 171. 0
1, 182. 3
1, 194. 2
79. 2
79.8
80.2
80.5
197.4
199.8
198.3
198.8
401. 0
406. 5
412.7
418. 1
477,6
484.8
491. 0
496. 8
70. 7
71. 1
71.5
71.9
68. 7
68,9
68.5
66. 1
44. 6
44. 0
43.4
44.2
47.8
47.8
47.5
47.4
1, 438. 5
... 1, 453. 6
1,464.3
1, 478. 6
1, 486. 8
1,498; 5
1, 516.9
1,531. 1
1 , 542. 9
1, 207. 6
1, 216. 7
1, 226. 0
1, 239. 4
1, 246. 3
1, 255. 4
1, 272. 3
1, 283. 9
1, 294. 8
81.1
81.8
82.2
83.1
83.6
84.0
85. 1
85.5
86.4
200.9
200.1
200.9
205. 5
204. 5
204.4
207.6
207.6
206.2
423. 0
427.2
430.8
434.2
436. 8
440. 4
446. 3
449.2
452.6
502. 6
507. 5
512. 1
516. 6
521.4
526. 6
533. 3
541.6
549.6
72.3
72.6
73.0
73.4
73.8
74.2
74.7
75. 1
75.3
66.9
70.3
70.3
70.0
69.2
68.3
69.7
71.8
72.7
43.6
44.2
43.3
42. 5
42.8
44.5
43.7
44.2
44.3
48. 1
49. 7
51.7
53. 3
54. 7
56. 1
56. 6
56. 1
55.8
Period
1970:
1971:
1972:
1973:
1974:
1975:
1976:
1977: Jan
Feb-Mar
Apr
May
June
July
Aug
Sept ».-
Currency
Demand
deposits
Commercial
banks
ShortNonbank
term
Savings marketthrift
institu- bonds able securities
Source: Board of Governors of the Federal Keserve System.
NOTE,—Series revised beginning January 1971.
CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:^tended
Period
Total i
1969
1970
1971
1972
1973 _
1974
1975
1976
1976: Aug
Sept
Oct
Nov
Dec
1977: Jan
Feb
Mar
Apr
May
June
July.
Aug
.
Automobile
Bank
credit
cards
Total i
Automobile
Bank
credit
cards
Net change in amount outstanding
Total *
109, 146
112, 296
123, 826
137, 117
157, 863
157, 200
164, 169
193, 328
32, 553
30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
4,398
6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
99, 786
107, 444
113. 784
121, 926
138, 156
147, 920
156, 665
172, 795
29, 974
30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
3,066
5,615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
9,360
4,852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
16, 118
16, 420
15, 844
16, 712
17, 677
5,204
5,298
4,834
5,312
5, 869
2,209
2,211
2,266
2,260
2, 297
14, 589
14, 589
14, 753
15, 077
15, 236
4,451
4,532
4,500
4,630
4, 667
2,092
2,007
2,095
2,148
2,228
1, 528
1,831
1,091
1,634
2,442
17, 072
17, 418
18, 351
18, 609
18, 322
18, 613
18, 416
18, 979
5,440
5,747
6,135
6,037
5,973
5,978
5, 877
6,064
2,166
2,384
2,381
2,547
2,589
2, 604
2,525
2,667
15, 082
15, 594
15, 503
15, 840
15, 803
16, 331
16, 098
16, 471
4, 708
4,792
4,809
4,882
4,785
5,080
4,871
5,074
2,176
2, 198
2,136
2,288
2,416
2,385
2,361
2,372
1,990
1,824
2,848
2,770
2,519
2,282
2,319
2, 508
* Includes some items not shown separately.
Instalnwint credit liejuidated
Automobile
2, 579
-347
4,207
5,512
5, 758
Bank
credit
cards
1. 332
i;i53
699
918
500
1,430
1,443
1,220
1,850
753
766
334
682
117
203
171
112
69
732
955
-10
186
245
259
173
219
164
295
3, 007
10, 238
1,201
1,326
1,155
1,188
898
1,005
990
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS, INVESTMENTS, AND RESERVES
Business loans at commercial banks rose nearly 8 percent (annual rate) during the third quarter.
BILLIONS OF DOLLARS* (RATIO SCALQ
BILLIONS OF DOLLARS*(RATIO SCALQ
ALL COMMERCIAL BANKS
INVESTMENT iN OTHER SECURITIES
60
40
40
1969
1977
•"SEASONALLY ADJUSTED, END OF MONTH
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
Period
investments
1969
1970
1971
1972
1973
1974
1975
1976
4
401.7
435. 5
485.7
558.0
633.4
690. 4
721. 1
784.4
1976: Sept
Oct
Nov
Dec
762. 9
771. 6
778. 8
784.4
1977: Jan*
Feb *
_Mar"
Apr f
Mav » _ _
Junev9
July p
Aug
Sept "
786.6
796. 4
803.0
812. 4
819. 4
825. 5
831. 8
840. 4
843. 1
[Billions of dollars, seasonally adjusted, except as noted]
All commercial banks 1
All member banks
Borrowi Qgs (milL<>ans
Investnaents
Ileserves 2 3
lions of dollars,
unadji isted) 2
Total ex- Commer- U.S. Gov- Other
cluding cial and
NonReSeaernment
secuTotal
Total
inter- industrial securities
borrowed quired
sonal
rities
bank
51.2
105. 7
279. 4
, 27. 94
26. 82
27. 66
71. 1
1, 086
292. 0
110. 0
57.8
85. 7
29. 12
28. 79
28. 87
321
320. 9
116. 1
60.6
104. 2
31. 22
31. 10
31.04
107
130. 2
378. 9
31. 41
62.6
30.36
31. 12
116. 5
1,049
156.4
54. 5
34. 94
449.0
33.64
129. 9
3464
41
1,298
500.2
50.4
36.60
183. 3
35.87
139. 8
36. 34
703
32
496.9
176. 0
79. 4
34.73
144. 8
34 60
3446
127
13
6
179. 5
538.9
97. 3
148. 2
3495
34 90
62
3468
12
520. 8
174. 1
94.9
147.2
3434
3427
34 14
75
31
94.4
529.6
176. 8
3441
34.51
147. 6
34 29
66
32
179.0
95.4
533. 1
34. 85
3478
150.3
34 59
21
84
179.5
538. 9
97. 3
14&2
3495
3490
34 68
62
12
540.9
179. 8
96. 9
148.8
34 71
34 78
34 51
61
8
181.2
545. 4
101. 5
3440
149.5
3433
3420
12
79
182.9
551. 0
103. 6
148. 4
3431
3420
3409
110
13
102.8
557.7
184.9
151.9
34 68
34 61
3449
73
14
562. 1
104. 6
185.9
34 52
152.7
34 72
3451
31
200
567. 0
188.3
105. 3
153.2
34 86
34 60
3471
262
55
574. 5
102. 9
189. 6
154.4
35.35
35.03
35.08
336
60
582.4
191. 6
102.6
155.4
35.64
3458
35.44
1,071
101
587. 6
191.9
99. 5
156.0
35. 63
35. 00
35. 42 !
634
112
*Data arc for end of period.
* Averages of daily figures. Annual data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.
* During 1974, total loans and investments were increased $0.6 billion due to
1
28
COUNCIL OF ECONOMIC ADVISERS
i bank
merger and were reduced $1.5 billion due to liquidation of a large bank.
5
Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976;
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]
Uses
Sources
Pur-
External
Period
Total
Credit market funds
Inter1
nal
Total
Total
1970
1971
1972. . ...
1973. _
1974
1975
1976
_ _
Shortterm 3
Other
chase
crease
of
in
finan-
physi-
cal
assets
4
cial
assets
crepancy
(sources
less
uses)
45. 3
58.6
72.2
96.9
105.0
40.6
87.7
40.5
44. 6
57. 7
72. 7
81.8
36.6
58.3
31. 9
40. 5
40. 6
37.2
39. 1
49.3
48.6
8. 7
4. 1
17. 0
35. 6
42. 6
-12.7
9.7
4.7
14. 0
14,5
24.2
23.2
4. 1
29.4
95. 6
114. 6
13a 5
162.7
163. 6
133. 8
197.2
80. 0
86. 0
100.3
123.4
1347
98.6
140. 3
15. 6
28. 6
36.2
39.3
28.9
35.2
56.9
8. 6
12.7
16. 5
18. 1
17. 1
147
16.3
4
0
5
3
944
95.5
73.8
87.2
52. 1
60.2
51.7
69.4
50.0
46. 7
51. 0
46.7
2.4
13.4
.6
22. 7
42.2
35.3
22.1
17.8
203.2
202. 5
192. 5
190. 5
1343
143. 1
150. 4
133.4
68.9
59.4
42. 1
57. 1
16.6
17.9
11.7
19. 0
148.4
90.5
77.8
87. 5
36.0
49. 5
42. 0
37.9
70.6
3.0
257. 3
153. 3
170. 5
104. 0
34.4
16.8
17.2
104. 2
127.2
153.0
180.7
180.7
148.4
213.5
58.9
68.6
80.8
83.8
75.7
107.8
125.8
219.8
1976: I
II
III
IY_
220.5
209.5
125.
125.
130.
122.
1977: I
II p
274. 1
222. 0
125. 7
131.5
204. 3
Longterm 2
Total
Dis-
In-
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, bonds, and mortgages.
* Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loans.
204.9
* Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars]
Current liab ilities
Ciirrent ass<3tS
AdCash
End of
r>eriod
on
Total
hand
and
in
banks *
U.S.
Government
securities 3
Keceivables
from
U.S.
Govern-
ment 3
vances
Notes
and
accounts
receivable
Other
Inventories
current
assets
Total
4
and
prepay-
Notes
ments,
counts
U.S.
Govern-
pay-
ment
1970
1971
1972
1973
1974
1975
1976_ . __
492. 3
6.6
49
40
43
5.2
6. 4
7.0
204 7
215. 6
230. 4
261.6
294 6 285. 8
323.9 315. 4
9
0
2
0
6
5
9
3. 3
3.6
294 7 279. 6
2946 285. 8
59. 0
60.0
4447
457.5
6.2
6.4
273.4
21.7
23. 3
23.9
26. 4
3. 6
3.7
43
43
307. 3 288.
318. 1 295.
3242 302.
323. 9 315.
8
6
1
4
63. 6
63. 9
66. 3
69. 8
465. 9
475. 9
484 1
499. 9
6. 4
6.8
7.0
7.0
280. 5
287. 0
27. 3
241
46
48
342. 0 322. 1
74 3
78.8
516. 6
6. 8
5. 7
7.7
11. 0
9. 3
11. 0
11.7
19. 4
26.4
42
3. 5
3. 4
3.5
3. 5
3. 6
43
201. 9 193. 3
217. 6 200. 4
240.0 215. 2
266. 1 246.7
1975: III__ 716. 5
IV___ 731. 6
65. 6
68. 1
14 3
19. 4
1976: I—.!!_„
III__
IV__.
775. 4
791. 8
816.8
68. 4
70.8
71. 1
77.0
1977: ! _ _ _ _ 845. 3
!!___ 874 7
75. 0
77.9
289.7 288.0
356.6 332.5
532.0
Federal
income
tax
liabilities
Other
Net
cur-
work-
rent
capi-
liabilities 5
ing
tal
3
304
326.
352.
401.
450.
457.
499.
50. 2
53. 3
57. 5
61. 6
62.7
68. 1
77. 0
753.5
able
35. 0
43. 8
48. 1
54 4
56. 6
60. 0
69.8
573. 5
643; 3
712.i 2
731.6
816.8
529.6
and
ac-
10. 0
13. 1
15. 1
18. 1
23. 2
20. 7
26. 8
83. 6
92. 4
102.6
117. 0
134 8
148. 8
170. 2
187.
203.
221.
242.
261.
274
316.
19. 4
20.7
145.6
148. 8
271. 8
274 1
295. 9
23. 9
22. 0
24 9
26. 8
155.
160.
167.
170.
0
1
5
2
287. 6
299. 4
307. 7
316.9
302. 2
313.2
28. 6
24 5
179. 0
188. 6
328. 7
342. 7
287.5
281. 6
295. 9
281.6
2847
4
6
3
3
5
1
9
1
2 Includes
Includes
3
time certificates of deposit.
* Includes marketable investments (other than Government securities and
Federal agency issues.
time certificates of deposit) as well as sundry current assets.
Receivables from and payables to the U.S. Government do not include
«Includes commercial paper outstanding, the portion of long-term debt due
amounts offset against each other on corporations' books or amounts arising from
In less than 1 year, and miscellaneous current liabilities not elsewhere classified.
subcontracting which are not directly due from or to the U.S. Government.
Wherever possible, adjustments have been made to include U.S. Government
Source: Securities and Exchange Commission.
advances offset against inventories on corporations' books.
29
INTEREST RATES AND BOND YIELDS
Short-term market interest rates rose in October to the hishest level in 2 years but long-term rates remained relatively
stable.
PERCENT PER ANNUM
PERCENT PER ANNUM
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Gove;rnment secxirity yields High-grade
Prime com- Discount
municipal Corporate
rate
mercial
3-month
(N.Y.
bonds
paper,
3-5 year
Taxable
bonds
Treasury
F.R.
(Standard
4-6
issues 2
bonds 3
bills »
& Poor's)4 (Moody's)
Bank)*
months
Period
1971
1972
1973
1974
1975
1976
1976: Oct _ _
Nov
Dec
1977: Jan__
Feb
Mar
_
ADT
May
June _ _ _
Julv
Aug.. _
Sept
Oct
Week ended:
1977: Sept
30__
Oct
7__
14__
21. _
28*.
4. 348
4.071
7. 041
7. 886
5. 838
4.989
4. 930
4. 810
4.355
4.597
4. 662
4. 613
4. 540
4. 942
5. 004
5. 146
5.500
5. 770
6. 188
5.982
6. 108
6. 156
6.282
6. 207 1
1
Rate on new issues within period.
2
Selected note and bond issues.
z
5.77
5. 85
6. 92
7.81
7. 55
6. 94
6. 50
6.35
5. 96
6. 49
6. 69
6. 73
6. 58
6. 76
6. 58
6. 67
6. 90
6. 92
5. 74
5. 63
6. 30
6.99
6.98
6.78
6. 65
6. 62
6. 39
6. 68
7. 15
7.20
7. 14
7. 17
6. 99
6. 97
7.00
6.94
5. 70
5.27
5. 18
6. 09
6.89
6.49
6.06
6. 05
5.69
5.70
5. 75
5.76
5. 61
5. 64
5. 53
5.50
5.46
5.37
8. 05
7.95
7.94
7.98
7.92
6.98
7.05
7. 21
7. 30
7.33
6.97
7. 01
7. 09
7. 11
7. 12
5.41
5.51
5. 58
5. 55
5.47
7.96
7.99
8. 04
8. 05
8.07
5. 11
4.69
8. 15
9.87
6.33
5. 35
5. 22
5. 05
4.70
4. 74
4.82
4. 87
4.87
5. 35
5. 49
5. 41
5. 84
6. 17
a 04
4. 88
4. 50
6.45
7.83
6.25
5.50
5H-5/2
SH-Stf
5#-57i
5&-5K
5M-5M
5&-5&
Wi-Wi
SMrtoi
5l/4-5^
5&-5tf
5K-5%
5%-5%
by
banks 5
5.72
5.25
8.03
10.81
7.86
6.84
7 -6%
6H-6H
6H-6#
6&-6K
6#-6#
6#-6#
6K-6K
6^-6^
6#-6«
6&-6#
6%-7
7 -7K
Newhome
mortgage
yields
(FHLBB) 9
7. 74
7. 60
7. 95
8.92
9. 01
8.99
9. 07
9.05
9. 10
9. 05
8.99
8.95
8. 94
8. 96
8. 98
9. 00
9. 02
9. 04
i
April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
30
7. 39
7. 21
7. 44
8. 57
8.83
8.43
8. 32
8. 25
7.98
7.96
8.04
8. 10
Prime
rate
charged
6.30
6. 39
6. 54
6.66
6. 61
5^-5%
5M-5%
5%-5«
7K-7M
7K-7H
7^-7/2
5«-55*
71/2-7K
5M-6
7H-7K
6
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with'
prior rates.
Sources: 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 declined during October.
INDEX, DEC 31,1965 =50
80
INDEX, DEC31,1965=50
80
COMPOSITE STOCK PRICE INDEX
40
- 30
1977
1969
PER CENT
20
PERC1ENT
20
«10
\i
-x\^
5
-
0
1
1 1
1969
I
I I
1970
I I 1
1971
1
1 1
1972
-
y/x>
!ARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
k
^
^—q
i i i
i i i
1973
'1974
•in
lO
—•
^^
'
1
- 5
I
I
1975*
SOURCES, NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S COWOtATJON
I
\
\
\
1976
New York Stock Exch ange indexe 3 (Dec. 31, 1.965=50) *
Composite Industrial Transportation
1971
1972
1973
1974
1975_
.
1976
.-..
1976: Sept
Oct
Nov
Dec.
1977: Jan
Feb-.-— ..
Mar
Apr
May
June
July
Aug
Sept
Week ended:
1977: Sept 30
Oct 7
14
21
28
Finance
Utility
54.22
60. 29
57.42
43.84
45.73
5446
56. 29
54.43
54. 17
56. 34
56.28
54.93
54.67
53. 92
53. 96
54. 30
54. 94
53.51
52.66
57.92
65.73
63.08
48.08
50.52
60.44
62. 35
60.07
59.45
61.54
61. 26
59.65
59.56
58.47
58. 13
58.44
58.90
57.30
56.41
44. 35
50. 17
37.74
31.89
31.10
39.57
40. 36
38.37
39.28
41.77
41. 93
40.59
40. 52
41.51
43. 25
43.29
43. 52
41. 04
39. 99
39. 53
38.48
37.69
29.79
31. 50
36.97
38.77
38.33
38. 85
40.61
41. 13
40.86
40. 18
40.24
41. 14
41.59
42. 44
41.50
40. 93
70.38
78.35
70. 12
49.67
47. 14
52.94
54. 52
52.74
53.25
57.45
57. 86
55.65
54.84
54.30
54.80
55.29
57.29
56.52
55.33
52.34
52. 63
51.72
50. 88
50.37
55.96
56.31
55.28
54.48
54.03
39. 58
39. 73
38. 79
37. 63
37.27
41. 11
41.24
40. 89
40. 04
39.48
54.85
55. 13
53.74
52. 68
51.63
1 Averages of daily closing prices.
2 Includes all the stocks (more than
1,500) listed on the N YSE.
4
* Includes 30 stocks.
Includes 500 stocks.
* Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
1
1
1
1977
0
COUNCIL OF ECONOMIC ADVISERS
Common stock5 yields
(perc snt)
Comrnon stock pirices *
Period
15
Standard
Dow& Poor's
composite Dividend- EarningsJones
index
industrial
ratio
ratio
average s (1941-43=
10) *
5.41
3. 14
884. 76
98. 29
2.84
5. 50
109. 20
950. 71
7. 12
3.06
107. 43
923. 88
11.59
82.85
4.47
759. 37
802. 49
4. 31
9. 15
86. 16
8.90
102. 01
3.77
974. 92
9. 07
994. 37
105. 45
3.71
3.85
951. 95
101. 89
4. 04
944. 58
101. 19
9.22
3.93
976. 86
104. 66
3, 99
970. 62
103. 81
4.21
941. 77
100. 96
10.22
4. 37
100. 57
946. 11
929. 10
99.05
4. 47
4. 57
98. 76
926. 31
4. 60
99. 29
916. 56
908. 20
100. 18
4. 59
4. 72
872. 26
97.75
4. 82
853. 30
96. 23
839. 88
842. 74
827. 29
815. 23
811. 71
95.66
96. 09
94. 35
92. 86
91. 94
4. 87
4. 86
4. 94
5. 04
5.05
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.
n ••
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In Fiscal year 1977 there was a budget deficit of $45.0 billion. A year earlier (October 1975-Sepfember 1976),
the deficit was $60.6 billion.
BIUIONS Of DOUARS
500
BIIUONS OF DOLLARS
500
300
200
200
50
50
SURPLUS W OR DEFICIT (-]
0
-50
-50
_L
-100
1969
1971
1970
1972
1973
1974
1975
197«
'1977
-100
1978
FISCAL YEARS
eOUNOl Of ECQHOMC KMOetS
SOVK1S,
[Billions of dollars]
Receipts
Period
Fiscal year or period:
1969
1970
-.
1971
1972
1973
1974
,._
1975
1976
Transition quarter
Outlays
Surplus or
deficit (-)
Federal debt (end of period)
Total '
Held by
the public
187.8
19a 7
188. 4
208.6
232.2
264. 9
281. 0
299.2
81. 7
184.5
196.6
211.4
232.0
247; 1
269. 6
32& 1
365. 7
94, 6
3.2
-2.8
-23.0
— 23. 4
-14.8
-4.7
—45. 1
—66. 5
-13.0
367. 1
382.6
409.5
43-7.3
468.4
486. 2
544, 1
631.9
646.4
343; 0
346. 1
396.9
480. 3
49&3
October 1975-September 1976
308. 6
369.2
-60.6
645.7
497.7
1977
1978 (estimates):
Estimates, July 1977 2
Second Concurrent Kesolution3
356.9
401.9
-45.0
709.1
551.8
-61.5
— 61.3
802.4
637.1
1
J
-
-
_
Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Mid-Session Review o/ the Budget, Office of Management and
Budget, July 1,1977.
32
401. 4
397.0
462. 9
458.3
279.5
284.9
304.3
32a8
»Second Concurrent Besolution on the Budget—Fiscal Year 1378, September 15,1977.
Nora.—See Note, p. 33.
Sources: Department of the Treasury and Office of Management and
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1977 budget receipts were $48.3 billion higher than a year earlier (October 1975-Septembcr 1976)
and budget outlays, $32.7 billion higher.
WLUONS OF DOLLARS
BHUONS OF DOLLARS
200
400
400
OUTLAYS
^
. . , _ . .
300
_
-
llir,
-
• .
.
-
.
-
"
- ^t^*
300
-
200
200
NONDEFENSE
....-—******"'*
..
^--*-*
-
mmm- —•-• •**
100
i-
"" ""
NATIONAL DEFENSE
-
A
V
I
1969
t
1970
1
1971
I
!
1972
1973
!
1974
100
"~~*— —•
/
!
1975
1
1976" 1977
1
fs
1978- N
FISCAL YEARS
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Recc ipts
()utlays
Nationa i defense
Total
Fiscal year or period:
1969
1970
1971
1972
1973
1974
1975
.
1976
Transition quarter..
Indi- Corpovidual ration Other
income income
taxes
taxes
187.8
_ 193. 7
188.4
208. 6
232. 2
264. 9
281. 0
299. 2
81.7
87.2
90.4
86. 2
94. 7
103.2
119. 0
122. 4
130.8
38. 7
36.7
32.8
26. 8
32. 2
36. 2
38. 6
40. 6
41. 4
October 1975-September 1976- 308.6
1977
1978 *
1
356.9
401,4
Total
Department of
Defense,
military
Interna- Health
and
Intional income
terest Other
affairs security
184.5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
365. 7
94. 8
80.2
79. 3
76. 8
77. 4
75. 1
78.6
86. 6
90. 0
22. 5
77. 9
77. 2
74. 5
75.2
73.3
77. 6
85.0
88. 0
21. 9
3.9
3.5
8.5
63.9
70.5
75.4
81.7
92. 8
107. 4
118. 0
127. 0
34. 5
136. 8
41.0
130. 9
369.2
90.6
156.7
178. 2
54.9
59. 7
145.2
163. 5
401.9
462. 9
96.7
113. 0
Estimates from Mid-Session ttevieu; of the 1978Budget, Jul y 1, 1977.
NOTE,—Figures beginning 1976 reflect recent definitional change: Earned
tocome credit payments in excess of an individual's tax liability, formerly treated
as outlays, now classified as income tax refunds. Deficit figures are not affected.
T®tal
3. 8
3. 6
3. 1
4. 8
5. 9
5. 1
2, 0
49.0
56.1
70. 1
81.4
91.8
106.5
136.3
160.0
41.4
19,6
20.6
22.8
28. 1
31.0
34. 6
7.2
35.7
39. 3
41.8
48. 8
53.9
51.7
66.4
76. 0
21. 5
88.5
5,8
163.8
35.5
73.5
95.8
109. 3
5.6
7.1
176.0
191. 1
38. 1
41.7
85.5
110.0
15.8
Source: IDepartment 3f the Treasiiry and (Mi ce of Manage ment ancL Budgets
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, Federal receipts rose $6.3 billion (annual rate) and expenditures $7.8 billion, yieldins a
deficit of $40.3 billion, $1.5 billion more than the deficit in the first quarter. According to preliminary estimates,
expenditures rose $22.5 billion in the third quarter,- receipts data are incomplete.
BILLIONS OF DOLLARS
440
BILLIONS OF DOLLARS
440
400
160
40
4U
SURPLUS
m ra is «™
0
I
I•l«|^^—
••• • I
DEFICIT
If
y
-170
19«9
1970
1972
1971
0
-E3T2T~EZO|jr
1973-
1974
II I \1
ii
I
i
$\
i
'A J
^
11
40
-80
-120
1n5
171 6
1 )77
CALENDAR YEARS
COUNOt OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernment receipts
Period
Indirect
Personal Corporate business
tax
and
Total
profits tax and
tax
nontax
receipts accruals
accruals
Fiscal year:
1974
271.8
1975
283.6
1976
Calendar
year:
1972
1973
1974 _
314. 1
227.5
258. 3
288.6
1975
286.9
1976
332.3
1976: I
318.4
II _ 329. 1
III.. 337. 1
IV... 344.5
1977:1. _ 364.9
II.— 371.2
III".
122. 6
127.3
137. 2
43.7
42. 1
52.2
21.4
22. 1
24.2
108.2
114. 6
131. 1
125. 6
147. 3
138.0
143.9
150. 3
157.1
170.0
168.6
170. 3
36. 6
43.0
45.9
43. 1
55. 9
54.4
57. 0
56. 9
55. 1
55.4
59.9
20. 0
21. 2
21. 7
24. 0
23. 4
22. 7
23.2
23. 7
23.8
24.2
24.6
24. 9
]Federal (jovernm ent expenditures
Surplus
or
Subsidies Less: deficit
ContriPurin-aid
less
Wage
(-), ,
butions
chases Trans- to State Net
current accruals national
for
Total of goods fer pay- and interest surplusof less
income
social inand ments local
paid Govern- disand
surance
services
government en- burse- product
ments
terprises ments accounts
Grants-
84. 2 27a8
92. 1 328.7
100.5 372.3
62. 8
79. 4
89.9
94. 2
244. 7
265. 0
299.3
357. 1
105.7 386. 3
103. 2 378.7
105. 0 375. 3
106.2 390. 6
108. 4 400.4
115.4 403.7
118. 1 411.5
119.7 434. 0
104. 6
117.9
126.5
102. 1
102. 2
111. 1
123. 3
130. 1
127. 6
128.5
130. 2
134.2
136. 3
143.6
151.5
104. 7
134.2
156.8
83. 2
95. 8
117. 6
149. 1
162.0
160. 2
157. 8
163. 9
166. 3
170. 7
169. 3
174. 1
i
41. 6
48. 4
57.5
19.8
21.9
25.4
8.0
5.7
6.1
37.5
40. 6
43.9
54. 6
61. 0
58. 5
56. 8
63. 1
65. 5
14.6
18.2
20.9
23. 3
27.2
26. 2
26. 7
27. 3
28. 5
28.6
29. 1
29. 6
7.8
8. 2
5. 3
6.7
5.9
6. 2
5.5
6. 1
6. 0
6. 1
5.9
6.5
62. 0
63.6
72.2
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
—0. 2
—.4
.0
.5
.0
— 5
.0
.0
.0
.0
.0
.0
.0
.0
.0
— 7. 0
45. 0
— 58.2
— 17 3
—6 7
— 10 7
— 70 2
-54.0
— 60 3
— 46 2
— 53 5
-55.9
— 38. 8
— 40. 3
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=1001
In dustria I produc3tion (sejisonally ad juste d)
Period
United
States
Canada
1970
1971
1972
1973
1974
1975
1976
1977: Feb___
Mar..
Apr
May,.
June..
July...
Aug.._
Sept
107.8
109.6
119.7
129. 8
129. 3
117.8
129.8
133.2
135.3
136. 1
137.0
137.8
138. 8
138.2
138. 8
115.3
121.5
130. 3
141.9
146.4
139.5
146.4
150.3
150.7
150. 3
151.2
152.0
150.3
150. 3
Japan
Con sumer p>rices (iniadjuste< I)
GerFrance many
Italy
United
Kingdom
United
States
Canada
GerJapan France many
Italy
131. 1
133. 6
138.7
147.7
145. 1
137. 1
149. 1
117.6
117. 5
122. 7
134.6
140.6
127.6
143.4
153. 8
150. 7
144. 1
144.0
135. 5
135. 9
110.9
110.8
113.2
122. 5
120.3
114. 5
115.9
119. 1
119. 2
117.4
119. 1
114. 5
117. 2
117.4
116.3
121. 3
125.3
133. 1
147.7
161.2
170, 5
177. 1
178.2
179,6
180.6
181.8
182.6
183. 3
184.0
112.4
115. 6
121.2
130.3
144. 5
160. 1
172, 1
179.7
181. 5
182. 5
184.0
185.3
187. 1
187.9
188.9
119.3
126.5
132. 3
147. 9
184.0
205.8
224.9
237.2
238.7
242. 6
244. 9
243.6
243.0
243.0
117. 1
123.5
131.1
140.7
160.0
178.9
196. 1
205. 5
207.3
210.0
212,0
213.6
215.5
216.7
109.2
114.4
121. 0
134. 1
159.7
186.8
218. 1
243.4
246.5
249.5
252.6
254. 3
259.3
261. 1
263.9
151. 7
155.8
167.2
193. 3
187.4
167. 5
190.3
194.8
199. 1
200.8
196.7
199.4
195.4 \
120
128
135
145
148
137
149
156
157
154
151
156
151
152
155
152
151
152
152
152
107.1
112.7
119.0
127. 2
136. 1
144.2
150.7
154. 9
155. 5
156.2
156.9
157.6
157.4
157. 3
157. 1
United
Kingdom
117.4
128. 5
137.6
150.3
174.4
216.5
252.4
279.7
282. 4
289.6
291.9
2949
295.3
296.7
298.3
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, International Trade Analysis
Staff, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merch andise e:sports
Merc:landise i mports
3
Period
]Domestic5 exports
Ge neral im ports
Total
Food, Crude
Food, Crude
domesbever- mate- Manubever- mate- Manu- Total
tic and
2
2
rials
foreign Total * ages,
facTotal 1 ages,
fac(c.i.f.
rials
and to- and
tured
extured value) 4
and to- and
bacco fuels goods
goods
ports
bacco fuels
F. a.s. valu e *
Monthly
average :
1973
1974
Custom s value
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
„. 8,928
9,567
1976
1976: Sept.__ 9,796
9,698
Oct
Nov.._ 9, 594
10, 397
Dec
8,045
8,803
9,427
1,269
1,399
1,436
1,442
1,639
1,398
1,379
1,317
1,266
1,341
1,490
1,470
1,482
1,475
5,294
5,913
6,437
6,448
6,284
6,462
7,324
1,250
1,265
1,451
1, 350
1,376
1,315
1,366
1,305
1,430
1,409
1,574
1,482
1,684
1,789
1,575
1,607
1,247
1, 477
6,459
6,483
6,745
6,479
6,794
6,700
6, 695
6,531
7,473
1977: Jan
Feb
Mar
Apr
May
June
July.._
Aug
Sept_
9,599
9,808
10, 072
9,970
10, 395
10, 112
10, 150
9,563
10, 916
3,750
4,684
8,354
8,010
10, 057
10, 651
10, 555
10, 623
11, 020
770 1, 120
892 2, 653
F.a.s. value 5
892 2,672
827 2,716
991 3,456
998 3,747
986 3,788
1,030 3,905
1, 142 3,808
11, 269
11, 674
12, 459
12, 593
11, 616
12, 932
12, 476
12, 232
12, 631
1, 150
1,261
1,291
1,468
1,354
1,170
1,107
1,071
1,106
3,946
4, 111
4,964
4,572
3,974
4,829
4,459
4,231
4,674
i Total excludes Department of Defense shipments of grant-aid military suplies and equipment under the Military Assistance Program.
|28 Total includes commodities and transactions not classified according to kind.
' 4 Total arrivals of imported goods other than intransit shipments.
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
'United States. Data for 1973 are estimates.
Mei-chandisc5 trade
balance
Exports
Ex(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
ports
im- imports
(cus- ports
(o.i.f.)
toms (f.a.s.)
value)
6, 131
9,000
112
-257
-195
-229
-841
4,602
4,257
5,398
5,665
5, 509
5,724
5,832
9,000
-257 -195
852
8,616
918
10, 797
— 583 -490
11, 449
-965 -855
11, 308
-925 -857
11, 381 -1, 124 -1,029
-720 -623
11, 789
-841
312
-1,230
-1,653
-1,611
-1,787
-1,392
5,861
5,920
6,069
6,244
6,313
6, 629
6,631
6,724
6,807
12, 059
12, 463
13, 283
13, 419
12, 404
13, 810
13, 330
13, 051
13, 484
-1,758 -1,670 -2,460
-1,956 -1,866 -2, 655
-2, 484-2, 387 -3,212
-2, 707-2, 623 — 3,449
-1,326 -1,221 -2, 009
-2, 934-2, 820 — 3, 698
-2, 408-2, 326 -3, 180
-2, 721-2, 670 -3,488
-1,778 -1,715 -2,569
* F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, U.S. merchandise trade balance was in deficit by $7.6 billion, slishtly less than In the
second quarter.
BILUONS OF DOLLARS
BILLIONS OF DOLLARS
110
SEASONALLY ADJUSTED
BALANCE ON GOODS
AND SERVICES
/\
/ j. **"*"\
" it ^^
\
-10
1969
1970.
1972
1971
1974
1973
1975
1976
1977
COUNCIL Of ECONOMIC ADVISERS
SOURCE,'DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
Me rchandise
Period
Exports
1970
1971
1972
1973
1974
1975
1976
1975: III___
IV___
1976: I
II
III___
42,
43,
49,
71,
9.8,
107,
114,
26,
27,
27,
28,
29,
•iy... 29,
1977: T
29,
II »
30,
III * _ 3.0,
Imports
12
Net
balance
Milita ry trans actions
Direct
expenditures
469 -39,866 2, 603 -4, 855
319 -45, 579-2,260 -4, 819
381 — 55, 797 -6,416 -4, 784
410 -70, 499
911 -4, 629
306 -103,673 - 5, 367-5,035
088 -98, 043 9, 045 -4, 795
694 -124,014 -9,320 -4, 847
562 -24,483 2,079 — 1, 096
657 -25, 431 2,226 -1, 198
000 -28, 343 -1, 343 -1, 160
380 -29, 955 -1, 575— i; 228
603 -32,411 -2,808 -1, 237
711 -33, 3Q5 -3,594 - 1, 222
458 -36, 561 -7, 103 -1,329
488 - 38, 347-7,859 - 1, 403
737 -38,300 -7, 563
1
Excludes military grants.
2
Adjusted from Census data
3
Sales
1,501
1, 926
1, 163
2,342
2,952
3, 919
5,213
957
1,164
1,095
1, 189
1,472
1,457
1,845
1,867
Net
balance
Private 3
U.S.
Government
-3, 355 3, 605 — 112
-2, 893 5,575 -956
-3,621 6,074 -1,888
-2,287 7,806 -3,010
-2, 083 11, 978 -3, 234
-876 9,377 -3,423
366 13, 041 -3, 233
-139 2,435 -816
-34 2,404 -807
-65 3,210 -773
-39 3, 025 -745
235 3,455 -788
235 3, 351 -927
516 4, 121 -869
464 4,295 -894
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
36
Net iiivestment income
NetBaltravel Other ance
and
on
trans- servgoods
ices,
porta- net 3
and
tion
serv-l
receipts
ices
Remittances,
pensions,
and
other
unilateral
transfers 1
-2,023 2, 190 2,912
-2,315 2, 509 -340
-3,028 2,789 -6, 088
— 3,086 3, 185 3, 520
-3, 105 3,970 2, 160
-2, 552 4, 594 16, 164
-2, 145 4,888 3, 596
-604 1,180 4, 135
-684 1, 184 4,289
-669 1, 192 1, 552
-337 1,176 1, 505
-458 1, 239
875
-681 1, 279 -337
-953 1, 293 -2,995
— 737 1,366 -3,365
— 3, 294 -382
-3, 701-4, 041
-3,854 -9,942
-3,887 -367
-7, 188 -5,028
-4,612 11, 552
-5,023 -1,427
- 1, 070 3,065
-1, 238 3, 051
- 1, 029
523
-1,015
490
-1, 936 -1,061
- 1, 045 - 1, 382
-1, 163 -4, 158
— 1,240 — 4, 605
Source: Department of Commerce, Bureau of Economic Analysis,;
Balance
on
current
account
U.S. INTERNATIONAL TRANSACTIONS—Continued
The growth of foreign assets in the United States and U.S. assets abroad resumed more normal rates in the second
quarter, following a slight decline in U.S. assets abroad and only a very small increase in foreign assets in the U.S.
during the first quarter.
BILUONS OF DOLLARS
BILLIONS OF DOLLARS
301
130
SEASONALLY ADJUSTED
20
20
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
10
10
-40
-10
-20
-20
-30
1977
1969
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
TJ.£3. assets abroad, ntet
[ineresise/capita outflow (-)]
Period
Total
1970
1971
1972
1973
1974
1975
1976
1975: III —
IV~ —
1976: I
II
III___
IV— 1977: I
II *._
Other
U.S.
U.S.
U.S.
official Governprivate2 Total
reserve
12
assets
ment
assets
assets
-14,666
2,477
2,348
32
209
— 3, 081
-342
— 6, 164
-9, 299
-9, 929
-27, 029 — 1, 434
-607
-31,548
-42, 959 -2, 530
-11,836
-10,751
89
-773
-9, 779 — 1, 578
__407
-8, 409
-14,022
331
— 11, 774
Foreijpi assets in the U. S., net
[mere ase/eapitsil inflow (+)P
228
-388
6
Foreign official
assets
Total
_984
7, 362
6,907
-1,589 - 7, 052 5,923
-1,884 - 9, 76322, 445 26, 895 27, 405 -4,450
-1, 568 - 8, 39221, 127 10, 705 10, 322 10, 422
5, 145 11, 454
6,299
-2, 645-12,230 17, 753
365 -25,960 33, 612 10, 981 10, 257 22, 631
6,960
5,259
7,376
-3,463 -27,478 14, 336
-4,213 -36,216 34, 520 17, 945 13, 007 16, 575
4,019
-745 - 1, 994 2,416 -1, 603 -1,977
2,982
2,328
2,832
-977 -10,948 5,814
2,323
3,009
3,847
-723 - 9, 254 6,856
3,333
3,308
4, 051
-944 - 7, 257 7,385
1, 251
5, 131
3, 070
- 1, 405 - 6, 597 8,201
5,102
6, 125
6,977
— 1, 142 -13,108 12, 079
5,007
2,510
5,719
-3,209
1, 627
— 909
6, 628
6,935
6,056
-827 -10,952 12, 991
i Consists of gold, special drawing rights (SDK), convertible currencies, and
the U.S. reserve position in the IMF.
* Quarterly data are not seasonally adjusted;
Other
Assets of foreign
foreign
assets
official
reserve
agencies
Statistical
discrepancy
Allocations
of
Of
TV** ol
special (sum of which:
drawing
Seasonal
the
rights
adjustitems
(SDR) with
ment
sign diserepreversed)
244
867
717 -9,822
710 -1,966
-2, 720
— 1,555
5,660
9,866
-2, 400 -2,475
1,316
2,971
3,372
717
129
1,905
1,268 -2, 622
3,325
1,780
524
1,317
3,388
—205
U.S.
official
reserve
assets,
net 1
(unadjusted,
end of
period)
14, 487
12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
16, 291
16, 226
16, 941
18, 477
18, 945
18, 747
19, 120
19, 156
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
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Contents
TOTMi 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
-
17
Industrial Production—Major Market Groups arid Selected Manufactures..
New Construction
_
.... „.„.„„_.
New Private Housing and Vacancy Rates
~
Business Sales and Inventories—Total and Trade. . „ _ _
Manufacturers' Shipments, Inventories, and New Orders..;
18
„
-....
19
19
20
21
, -.
PRICES
Wholesale Prices
-,.-..
Consumer Prices
Changes in Wholesale Prices.^ ... „
Changes in Consumer Prices....-._ -
_..
.
22
23
24
24
Prices Received and Paid by Farmers
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock
_
Private Liquid Asset Holdings—Nonfinancial Investors
_
Consumer Instalment Credit
_
Bank Loans, Investments, and Reserves
„
..
,
.Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ...Current Assets and Liabilities of Nonfinancial Corporations
-
Interest Rates and Bond Yields..•. ~ „ _ „.
Common Stock Prices and Yields. „ .. -
..,.-.„,
-...
.-
26
„
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis. „„_......
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries.
U.S. Merchandise Fjcports and Imports
_._._.„„.-.
„^
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