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95th Congress, 2d Session

Economic Indicators
October 1378

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1978

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, Chairman
LLOYD BENTSEN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN 1. MITCHELL (Maryland)
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)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
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 fSJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk. Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23: 1949.




Charts draun by Art Production Branch, Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT

According to preliminary estimates for the third quarter, gross national product rose $53.6 billion or 10.7 percent,
both at annual rates. Real output (GNP adjusted for price changes) increased 3.4 percent from the second quarter
level and the implicit price deflator rose at a 7.0 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
2,400

BILLIONS OF DOLLARS (RATIO SCALE)
2,400

SEASONALLY ADJUSTED ANNUAL RATES

2,200

2,200

2,000

2,000

1,800

1,800
GNP

IN CURRENT DOLLARS
1,600

1,600

1,400

1,400

'" \GNP-

1,200

1,200

IN 1972 DOLLARS

1,000

1972

1971

1973

1976

1975

1974

1977

SOURCE, DEPARTMENT OF COMMERCE

1,000

1979

1978'

COUNCIL OF ECONOMIC ADVISERS

IBillions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

Gross
national
product

Personal
consumption
expenditures

1967
1968
1969.
1970
1971__
1972
1973
1974
1975
1976
1977

796. 3 490. 4
868. 5 535. 9
935.5 579. 7
982. 4 618. 8
1, 063. 4 668.2
1. 171. 1 733. 0
1, 306. 6 809. 9
1,412.9 889.6
1, 528. 8 979. 1
1, 700. 1 1, 090. 2
1, 887. 21, 206. 5

1977:1
II...
III__
IV___

1, 806.
1, 867.
1, 916.
1, 958.

8 1, 167. 7
0 1, 188. 6
8 1, 214. 5
1 1, 255. 2

1, 992. 0 1, 276. 7
1978:1
II... 2, 087. 5 1, 322. 9
III p. 2, 141. 11, 354. 5

Gross
private
domestic
investment

Export s
gooc Is

Net
exports

and imj3orts of
and ser vices

services
Federal
National
defense l

State
and
local

Final
sales

Exports

Imports

Total

40.6
47. 7
52.9
58. 5
64. 0
75.9
94. 4
131. 9
126. 9
155.7
186. 6

180.2
198. 7
207. 9
218. 9
233. 7
253. 1
269. 5
302. 7
338. 4
359. 5
394.0

90. 9
98. 0
97. 5
95.6
96.2
102. 1
102. 2
111. 1
123. 1
129.9
145. 1

71. 5 .
76. 9
76. 3
73.5
70. 2
73. 5
73. 5
77. 0
83.7
86.8
94.3

19. 5
21. 2
21. 2
22. 1
26.0
28. 6
28.7
34. 1
39. 4
43. 1
50.8

89. 3
100. 7
110. 4
123.2
137. 5
151. 0
167.3
191. 5
215.4
229. 6
248.9

786.2
860. 8
926.2
978. 6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 689. 9
1, 871. 6

Total

Nondefense

120. 8
131. 5
146.2
140.8
160.0
188. 3
220.0
214. 6
190. 9
243. 0
297.8

— 11. 1

45.6
49. 9
54. 7
62. 5
65. 6
72. 7
101. 6
137. 9
147.3
163. 2
175. 5

272. 5
295. 6
309. 7
313.5

-8.5
-5.9
-7.0
-23. 2

170.9
178. 1
180. 8
172. 1

179.4
184.0
187. 8
195.2

375.0
388.8
399. 5
412. 5

138.3
142. 9
146. 8
152.2

91.9
93. 7
94. 4
97. 1

46.4
49. 3
52.4
55. 1

236. 7
245. 9
252. 7
260.3

1, 796. 5
1, 850. 0
1, 894. 9
1, 945. 0

322. 7
345. 4
351. 7

-24. 1
-5.5
-6. 5

181.7
205.4
210. 9

205.8
210. 9
217. 3

416. 7
424. 7
441. 3

151.5
147. 2
156. 1

97.9
98. 6
100. 2

53.6
48. 6
55. 9

265.2
277. 6
285. 2

1, 975. 3
2, 067. 4
2, 123. 4

4.9

2. 3
1. 8
3.9

1. 6
-3. 3
7. 1
6. 0
20.4
7.4

1
This category eorrespor ds closely iwith budget outlays for n ational defenise,
shown on p. 33.




Go vernment purchases of goods and

Source: Depart ment of Conimerce, Bure au of Econonlie Analysis.

GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Exf >orts of gc>ods
and service!S

Gross private dc mestic
iiivestment

Personal
conGross
national sumption
product
expenditures

Nonresidential
fixed

Residential
fixed

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. 3
1, 271. 0
1, 332. 7

603.2
633.4
655.4
668.9
691.9
733.0
767.7
760.7
774.6
819.4
857.7

103.5
108.0
114.3
110. 0
108.0
116.8
131.0
130.6
113.6
118.9
129.8

37.2
42.8
43.2
40.4
52.2
62.0
59.7
45.0
38.8
47.8
57.7

12.0
8.7
10.6
4.3
6.6
9.4
16.5
8.0
-9.8
6.7
8.9

1977:1—. 1, 306. 7
II__. 1, 325. 5
III.. 1, 343. 9
IV... 1, 354. 5

846.6
849.5
858.0
876.6

126.8
129. 1
130.8
132.5

53.5
58.0
58.8
60.3

1978: 1_... 1, 354. 2
II___ 1, 382. 6
III*. 1, 394. 3

873.5
886.3
893.7

133. 8
140.5
140.4

59.5
59.9
59.7

Period

1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977

Change
in busiNT*kf
iNet Exports Imports
ness in- exports
ventories

Governinent pure bases of
good s and ser vices

Total

Federal

State
and
local

Final
sales

9.5

54.2
58.5
62.2
67. 1
67.9
72.7
87.4
93.0
90. 0
95.9
98.2

50.7
58.9
63.5
65.7
68.5
75.9
79.9
77. 1
67.5
80.5
88.7

248.3
259.2
256.7
250.2
249. 4
253. 1
252.5
257. 7
262.6
262.8
269.2

125.3
128.3
121.8
110.7
103.9
102. 1
96.6
95.8
96.5
96.6
101. 6

123. 1
130.9
134.9
139.5
145.5
15LO
155.9
161.8
166. 1
166. 2
167. 6

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. 1
1, 264. 4
1, 323. 8

5.8
10.0
12.2
7.5

11.2
11.0
12.5
3. 1

97. 1
98.9
100.8
96.0

85.9
87.9
88.2
92.9

262.8
267.9
271.7
274.5

98.7
101.3
102.9
103.6

164. 1
166.6
168.8
170.9

1, 300. 9
I , 315. 5
1, 331. 7
1, 347. 1

12.3
12.7
10.7

11.3
12.0

2.9

99. 1
108.4
109.5

96.2
97. 1
97.5

272. 1
271.9
277.8

101.2
97.1
101.9

170.8
174.8
175.9

1, 341. 8
1, 369. 9
1, 383. 5

3.5
-.4

~1.3
1.4
-.6

-3.3
7.6

15.9
22.6
15.4

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100]

Gross
national
product

Period

Personal consump tion expe nditures

Total

1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977

Gross ]private
dom estic
invest,ment

NonresNonDurable durable
Services idential
fixed
goods

Residential
fixed

Expor ts and
imports of goods
and se rvices

Governnlent purchases <>f goods
and sc>r vices

Exports Imports Federal

State
and
local

79.02
82.57
86.72
91.36
96. 02
100. 00
105. 80
116. 02
127. 15
133. 76
141. 61

81.3
84.6
88.5
92.5
96.6
100. 0
105.5
116.9
126.4
133. 1
140.7

87.4
90.7
93. 1
95.5
99.0
100.0
101.6
108. 4
117.7
124.4
129.5

81.9
85.3
89.4
93.6
96.6
100. 0
107.9
123.8
133.4
138. 2
145.0

78.8
82.0
86. 1
90.5
95. 8
100.0
104.7
113.6
123. 2
131. 6
141.0

79.3
82.6
86.6
91. 3
96.4
100.0
103.8
115.3
132.2
138.4
146.7

77.0
80.7
87.7
90.6
94.9
100. 0
110.8
122.3
132.8
142.5
159.4

84.0
85.3
87.9
93. 1
96.6
100.0
116.2
148.3
163.6
170. 1
178.7

80. 1
80.9
83.3
89. 1
93.5
100.0
118.2
171.0
188. 0
193.5
210.3

72.6
76.4
80.0
86.4
92.6
100.0
105.8
115.9
127.5
134.4
142.7

72.5
76.9
81.9
88.3
94.5
100.0
107.3
118.4
129.7
138. 1
148.5

1977:1
II
III
IV_

138.
140.
142.
144.

27
86
63
56

137.9
139.9
141.6
143.2

128.4
128.9
129.5
130.9

142.4
144.7
145.7
147.0

137.4
139.7
142.3
144.4

142.5
145. 0
147.9
151.2

152.3
157. 6
160. 6
166. 1

176. 1
180.0
179.4
179.2

208.9
209. 3
212.9
210.2

140. 1
141. 1
142.7
146.9

144.3
147.6
149.7
152.3

1978:1
II
III*>__

147. 10
150. 98
153. 56

146.2
149.3
151.6

133. 1
135.7
137.8

150.4
154.4
156. 1

147. 1
149.9
152.7

153. 6
156.7
160. 5

168.6
175.7
182.2

183.3
189.4
192. 6

213.8
217. 2
222. 9

149. 6
151.5
153. 3

155. 2
158.8
162. 1

__

Source: Department of Commerce, Bureau of Economic Analysis.




CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross <domestic |product

Gross national p>roduet
Period

1967
1968

.

1970
1971
1972
1973
1974 _
1975.
1976
1977

Constant
(1972)
dollars

Current
dollars

.

1977: I
II...—....
III
IV
1978: I
....
II
Ill* ___

.

Implicit
price
deflator

Fixedweighted
price
index
(1972
weights)

Chain
price
index

Current
dollars

Implicit
price
deflator

Constant
(1972)
dollars

Chain
price
index

Fixedweighted
price
index
(1972
weights)

as

9. 1
7.7
5.0
8.2
10. 1
11.6
8. 1
8.2
11.2
11.0

2.7
4.4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.7
4.9

2.9
4.5
5.0
5.4
5. 1
4.1
5.8
9.7
9.6
5.2
5.9

3.0
4.4
5.0
5.3
5.0
4. 1
6. 0
9.9
9.4
5.6
6.2

3.0
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5.6
6.3

5.7
9. 1
7.8
5.0
8. 1
10. 1
11.5
7.9
8. 5
11.0
10.9

2.7
4.4
2.6
-.3
2.8
5.8
5.4
-1.3
-1. 1
5.6
4.8

3.0
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5.2
5.8

3. 1
4.4
5.0
5.3
5.0
4. 1
5.9
9.6
9.4
5.7
6. 1

3.0
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.7
6.3

13.7
14.0
11. 1
8.9

7.3
5.9
5.7
3.2

6.0
7.7
5. 1
5.5

6.6
7.3
4.6
6.5

7.0
7.4
4.7
6.8

13.3
13.9
11.2
9.5

7. 1
5.8
5.8
3.5

5.7
7.7
5. 1
5.8

6.4
7.4
4.5
6.7

6.8
7.5
4.6
7.0

7.1
20.6
10.7

-. 1
8.7
3.4

7.2
11.0
7.0

7. 1
10.8
7. 1

7.0
11.0
7.2

6.7
20. 1
10.7

—.4
8. 3
3.5

7. 1
10.9
7.0

7. 1
10.9
7.0

7.0
11.0
7.2

NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS

Period

Gross d omestic
produict of
nonfin ancial
corpc>rate
busi ness
(billic ns of
doll ars)

[Quarterly data at seasonally adjusted annual rates]
Cijrrent-dollar cost a nd profit per unit of outpu t (dollars) i
Capital
consumption
ComTotal
penallowNet
cost
ances Indirect sation
and 2
with business
of
incapital taxes * employ- terest
profit
conees
sumption
adjustment

Profits
after4
tax

0.535 0.016 0. 123
. 124
.553
.017
.022
. 109
.589
. 028 .086
.628
.095
.645
.029
.661
. 107
.028
. 032 . 105
.699
.086
.043
.796
. 113
.848
.045
.042
.891
. 139
. 148
.952
.044

0.051
.058
.055
.045
.048
.050
.055
.061
.060
.073
.077

0.072
.066
.055
.041
.046
.057
.050
.024
.053
.066
.071

6.873
7. 105
7. 139
7. 132
7.374
7.595
7.780
7.504
7.777
8.045
8. 190

3.676
3.929
4. 198
4.478
4757
5.024
5.440
5.971
6.597
7. 166
7.794

.043
.043
. 044
.045

. 134
. 148
. 158
. 151

.075
.078
.076
.077

.059
.070
.082
.074

8.097
8. 152
8.257
8.252

7.550
7.709
7.884
8.027

.046
.045

. 129
.157

.071
.086

.057
.071

8. 198
8.280

8.264
8.434

1972
dollars

452.9
498.4
541. 8
560.6
602.5
671.0
752.0
808.8
874. 1
988. 5
1, 103. 2

545.8
581.6
607.3
600.6
619.3
671.0
720.4
695.0
680.0
730.0
769.3

0.830
.857
.892
.933
.973
1.000
1. 044
1. 164
1.285
1.354
1.434

1, 048. 5
1977:1
II— 1, 093. 3
III.. 1, 124. 6
IV... 1, 146. 3

750.2
766.9
776.7
783.6

1.398
1. 426
1.448
1.463

. 149
. 149
. 151
. 152

, 140
. 139
. 140
. 142

.932
.946
.955
.973

1978: 1
1, 161. 6
IL___ 1, 233. 0

783.6
811.9

1.482
1. 519

. 155
. 153

.145
. 145

1. 008
1.017

0.072
0.084
.074
.089
.094
.079
.088
. 103
.094
. 110
.093
. 110
.095
. 112
. 116 . 123
. 142
. 136
. 146
. 136
. 150
. 140

i Output is measured by gross domestic product of nonfinaocial corporate
business in 1972 dollars.
* This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
» Indirect business tax and nontax liability plus business transfer payments
less subsidies.




ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)

Profits
tax
liability

Current
dollars

1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977

Corpc rate profi ts with
invents3ry valuat ion and
capit al consuniption
£idjustmen ts

Total

* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Compensation of
employees l

National
income

Period

Propr etors'
mcom e with
inventor y valuation anc capital
consurnption
adjust ments

Farm

1967
1968
1969_ _
1970
1971_ _
1972_
1973
1974___
1975
1976_ „
1977_ _

_
_

1

Profits > with inv entory
valualbion ad justment
and ^without c£tpital
consum ption adjiistment
Profits
before
tax

Inventory
valuation
adjustment

Total
Total

Capital
consumption
adjustment

Net
interest

12. 1
12. 0
13. 9
13. 9
14. 3
18. 0
32. 0
25.4
23. 5
18.4
20. 2

48. 9
51.4
52. 3
51.2
53. 4
58. 1
60.4
60.9
63. 5
70.2
79. 5

19. 4
18. 6
18. 1
18. 6
20. 1
21. 5
21. 6
21.4
22.4
22. 5
22. 5

79.3
85.8
81. 4
67.9
77.2
92. 1
99. 1
83.6
95.9
127. 0
144. 2

75. 6
82. 1
77.9
66.4
76.9
89. 6
97.2
86. 5
107. 9
141. 4
159. 1

77.3
85. 6
83.4
71.5
82. 0
96. 2
115.8
126.9
120. 4
155. 9
173. 9

-1.7
-3.4
-5.5
5. 1
-5.0
-6.6
-18.6
-40.4
-12. 4
-14. 5
-14.8

2.5
1.9

-2.9
-12.0
-14. 4
-14. 9

24. 3
26.8
30.8
37.5
42.8
47.0
52.3
69. 0
78. 6
84. 3
95.4

107. 9
140. 5
165. 8
199. 7

19.4
20. 0
16. 5
25. 1

76. 1
78.9
80. 8
82. 3

22. 5
22. 4
22.4
22.7

129.9
143.7
154. 8
148. 2

144. 5
158. 5
169.9
163.5

164.8
175. 1
177. 5
178. 3

-20. 3
-16. 6
-7.7
-14.8

-14. 6
-14.8
-15.0
-15. 3

91.7
93. 7
97.3
99.0

_ _ 1, 603. 1 1, 241. 0
1, 688. 1 1, 287. 8
1, 314. 7

21. 9
24.0
23. 5

83. 1
86. 1
89. 7

22.8
22. 2
24. 4

132. 6
163.4

148.7
180. 6

172. 1
205. 5

-23.5
-24. 9
-20.9

-16. 1
-17.2
-19. 3

101.7
104.6
107. 0

_

1, 447. 5
1, 499. 3
1, 537. 6
I, 576. 9

IV

in>

Corpor ate profit 3 with inv entory va luation
and capital co nsumptio n adjustm ents

471.9
655.8
714. 4
519. 8
571.4
767.9
798.4
609. 2
650. 3
858. 1
715. 1
951. 9
799.2
1, 064. 6
875.8
1, 136. 0
931. 1
1, 215. 0
1, 359. 2 1, 036. 8
15 515. 3 1, 153. 4

_ _

1977: I
II_
III
1978:1
II

Nonfarm

Rental
income
of persons
with
capital
consumption
adjustment

1,
1,
1,
1,

Includes employer contributions for social Insurance. (See also p. 5.)

3. 7

3.7
3.5
1.5

.3

Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Nondura ble goods

Durable goo ds

Total
personal
consumption
expenditures

Total
durablel
goods

Motor
vehicles
and
parts

1967____
490.4
1968
535.9
1969
579. 7
1970
618.8
1971
668.2
1972
733.0
1973
809. 9
1974___ _ _
889.6
1975
979. 1
1976
1, 090, 2
1977
1, 206. 5

69.6
80.0
85. 5
84. 9
97. 1
111. 2
123. 7
122. 0
132. 6
156. 6
178. 4

29. 7
35.8
37. 7
34.9
43. 8
50.6
55. 2
48. 0
53.4
69. 7
81. 5

29. 5
32. 6
35. 0
36. 7
39.4
44. 8
50. 7
54.9
58. 0
63. 9
71. 3

212. 6
230.4
247. 0
264. 7
277. 7
299.3
333.8
376. 3
408. 9
442. 6
479.0

1, 167. 7
1, 188. 6
1, 214. 5
1, 255. 2

173.2
175. 6
177.4
187.2

81. 3
81. 2
79. 5
84. 0

68. 0
69.9
72. 0
75. 3

1978:1
1, 276. 7
II
1, 322. 9
III *_ _ 1, 354. 5

183. 5
197.8
199. 3

84. 1
92.5
90. 0

72. 1
76. 5
78. 6

Period

1977:1
II
!!!____
IV

1

Total Includes other items not shown separately.




Furniture
and
household
equipment

Total
nondurablel
goods

Retail sales of
new pa ssenger
cars(nlillions
of uilits)
Services

Clothing
and
shoes

Gasoline
and oil

109. 6
118. 3
126. 1
136.3
140.6
150. 4
168. 1
189.8
209. 6
225.8
245.2

38.2
41.8
45. 1
46. 6
50.5
55. 1
61. 3
65. 3
70. 1
75.7
81. 5

17. 0
18.4
20. 4
22. 0
23.4
24.9
27.8
36. 4
39. 5
42. 8
46. 5

208. 1
225.6
247.2
269. 1
293. 4
322. 4
352.3
391.3
437. 5
491. 0
549.2

465.9
473. 6
479. 7
496. 9

237.
244.
246.
252.

5
5
4
6

78.5
79. 3
81. 4
86.7

46. 1
46. 2
46. 0
47. 5

528. 6
539.4
557. 5
571. 1

9. 2

8.9

9. 0

2.3
2.0
2.0

501. 4
519. 3
529. 4

257. 7
267.8
272. 0

82.9
87.5
90.2

48. 3
49. 1
50. 8

591.8
605. 8
625.8

8. 7
10. 0
9. 3

2. 1
2. 1
2. 0

Food

Domestics

7. 6

8.6

8. 5
7. 1

8.7
9.3

9. 7
7. 5
7. 1
8. 6
9. 1
9.4

Imports

0.8

1. 0
1. 1

1.3
1.6
1.6
1.8

1. 4
1. 6

1.5

2. 1
1. 9

Source : Department of Commerce. Bureau of Economic Analysis.

SOURCES OF PERSONAL INCOME
Personal income rose $8.3 billion (annual rate) in September following revised increases of $8.5 billion in August
and $23.1 billion in July. Wages and salaries rose $4.3 billion in September, compared with $1.9 billion in August.
Farm proprietors' income was unchanged from its revised August level, while all other major types of income rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600

BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
1,400

1,400

1,200

1,200

1,000

1,000

800

800

600

600

400

400

OTHER INCOME
„„„„„.«»>'

,„..•••*""'
,„„,»««*""

200

200
TRANSFER
PAYMENTS

100

•100

80

80

60

60

1970

1971

1972

1973

1974

1976

1975

t i..t i t ( t i* t 1 1
1977

M M t.. I t t i LI

1978

*SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
Other Proprietc)rs* income s income
and
Transfer
Divi- Personal
labor 1 2
personal salary
interest
payof
dends
income disburseincome
income ments 5
Nonfarm persons 4
Farm
l
ments

Less: PerNonsonal confarm
tributions personal
for social income 6
insurance

801.3
859. 1
_ . 942.5
1, 052. 4
1, 154. 9
1, 255. 5
1, 380. 9
1, 529. 0

546. 5
579.4
633.8
701.3
764.6
805. 9
890. 1
983.6

32.0
36.2
42.0
48.7
55.6
65. 1
77.0
90.4

13. 9
14.3
18.0
32.0
25.4
23. 5
18.4
20. 2

51.2
53.4
58. 1
60.4
60. 9
63. 5
70.2
79.5

18.6
20. 1
21. 5
21. 6
21.4
22.4
22. 5
22. 5

22.9
23.0
24.6
27.8
31.0
31. 9
37.9
43. 7

64.3
69.3
74. 6
84. 1
103.0
115.5
126. 3
141.2

79.9
94. 1
104. 1
118.9
140.8
178.2
193.9
208. 8

28. 0
30.8
34.2
42.2
47.7
50. 5
55. 5
61.0

780.7
838.0
917.3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 349. 5
1, 494. 4

1, 556. 9
1, 577. 0
1, 592. 7
1, 609. 2

1, 000. 4
1, 014. 1
1, 022. 3
1, 027. 3

93.5
94.8
96. 1
97.3

18.5
22. 1
24. 6
28.5

81.0
81. 4
82.2
83.2

22. 4
22. 4
22.6
22. 9

44. 4
45. 1
45. 5
48.3

145. 1
145.3
145. 5
147. 3

213.3
214. 2
216.5
217. 2

61. 6
62. 4
62. 6
62. 8

1, 523. 9
1, 540. 1
1, 553. 1
1, 565. 5

1, 615. 5
1978: Jan
1, 625. 0
Feb
Mar
1, 646. 3
1, 669. 4
Apr
1, 682. 1
May
June
1, 695. 7
July— 1, 718. 8
Aug* — 1, 727. 3
Sept*__ 1, 735. 6

1, 038. 3
1, 047. 4
1, 066. 6
1, 083. 9
1, 088. 4
1, 098. 4
1, 108. 2
1, 110. 1
1, 114. 4

98. 7
100.0
101. 3
102.7
104. 0
105. 4
106.7
107.9
109. 1

25.6
21. 5
18. 6
22.0
24. 8
25. 3
24. 0
23.3
23. 3

82.0
83. 0
84. 4
85.5
86. 1
86.7
88.4
90. 1
90. 5

23.0
22. 8
22. 6
22. 3
22. 1
22. 1
24. 3
24. 4
24. 5

46.8
47.0
47. 2
47. 4
48.0
49.0
49.2
50. 3
50.7

149.6
151. 4
153.3
154. 8
156. 5
157.6
159. 2
160.9
162.5

218. 1
219. 0
220. 3
219. 7
221. 3
220.8
229.0
230. 5
231. 1

66.5
67.0
68. 0
68. 9
69. 0
69.6
70.3
70.3
70.5

1, 574. 7
1, 588. 3
1, 612. 5
1, 631. 9
1, 641. 8
1, 654. 7
1, 679. 0
1, 688. 0
1, 696. 2

1970
1971
1972___
1973
1974
1975
1976
1977

1977: Sept___
Oct
Nov
Dec

1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
a Consists of employer contributions to private pension, health, and welfare
funds; workmen's compensation; directors' fees; and a few other minor items.
s With inventory valuation and capital consumption adjustments.
* With capital consumption adjustment.




s Consists mainly of social insurance benefits, direct relief, and veterans payments.
8
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
Recs! per

disposable Income

OF

again in the third quarter.

(RATIO SCALE)

BILLIONS OF DOLLARS* (RXllO SCALEJ
1,600

1,600

PER CAPITA DISPOSABLE

INCOME

3,000

2,000

2,000
1970

1978

1971

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

|

Period

COUNCIL OF ECONOMIC ADVISERS

T ,£kC<5 *

Personal
Pertax
sonal
and
income nontax
payments

Equals :
Disposable
persona]
income

Less:
Personal
outlays 1

Per ccapita
dispc>sable
persona J income

Equals :
Personal
saving Current
dollars

Bi lions of d ollars

1969
1970
1971__
1972__
1973^
1974
1975__
1976__
1977

1972
dollars

Per ca]>ita per&3nsumption exp enditures
Current
dollars

1972
dollars

Percent
change
in real
per
capita
disposable
personal
income

Saving
as percent of
disposable
personal
income

1.5
3.0
2.6
3.3
5.9
-2. 2
1.3
2.8
3.3

5.6
7.4
7. 7
6.2
7.8
7.3
7. 7
5. 7
5. 1

202, 677
204, 878
207, 053
208, 846
210, 410
211, 945
213, 566
215, 191
216, 856

Population
(thou-2
sands)

Do] lars

630. 4
745.8 115. 4
595. 3
801.3 115. 3
685.9
635. 4
859. 1 116.3
742.8
685. 5
.._
942. 5 141. 2
801. 3
751. 9
1, 052. 4 150. 8
901.7
831. 3
1, 154. 9 170. 3
984.6
913. 0
1, 255. 5 168.8 1, 086. 7 1, 003. 0
__ 1, 380. 9 196. 5 1, 184. 4 1, 116. 3
1, 529. 0 226. 0 1, 303. 0 1, 236. 1

35. 1
50.6
57. 3
49. 4
70.3
71. 7
83. 6
68. 0
66. 9

3, 111
3,348
3, 588
3 ? 837
4,285
4, 646
5,088
5, 504
6,009

3,515
3,619
3,714
3,837
4,062
3,973
4,025
4, 136
4,271

2, 860
3,020
3,227
3,510
3,849
4, 197
4, 584
5, 066
5,564

3,234
3,265
3,342
3,510
3,648
3, 589
3,627
3,808
3,955

Seas onally ad; usted anrmal rates

!____ 1, 470. 7 222.7
II— 1, 508. 6 223. 3
III.. 1, 543. 7 224, 6
IV. _ 1, 593. 0 233. 3

1, 248. 0
1, 285. 3
1, 319. 1
1, 359. 6

1, 195. 8
1, 217. 8
1, 244. 8
1, 285. 9

1978:1.... 1, 628. 9 237. 3 1, 391. 6 1, 309. 2
II... 1, 682. 4 249. 1 1, 433. 3 1, 357. 0
III*. 1, 727. 2 262.5 1, 464. 7 1, 390. 2

52. 2
67. 5 I
74. 3
73.7

5,772
5,934
6,077
6,250

4, 185
4,241
4,293
4, 365

5,401
5,487
5,595
5,770

3, 916 |
3, 922
3, 953
4,030

1. 1
5. 5
5. 0
6.9

4. 2
5. 3
5. 6
5.4

216,
216,
217,
217,

82.4
76.3
74.4

6,387
6, 566
6,696

4,370
4, 399
4,418

5,859
6,060
6, 192

4,009
4, 060
4, 086

.5
2. 7
1.7

5. 9
5. 3
5. 1

217, 897
218, 290
218, 745

1
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are for July 1 through 1973 a nd
are
of quarterly data beginning 1974. Quarterly data are average for the

period.




206
603
073
541

Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

FARM INCOME
In the third quarter, according to preliminary estimates, net farm income before inventory adjustment fell $1.5 billion
(annual rate) while income after inventory adjustment fell $0.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* {RATIO SCALE)
120

120

100

100
GROSS FARM INCOME
BEFORE INVENTORY
ADJUSTMENT

80

80

60

60
NET
INCOME
AFTER INVENTORY
ADJUSTMENT

40

40

\
f
20

20

V

10

10
1971

1970

1972

1973

1974

1975

1976

1977

1978

* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[Quarterly data at seasonally adjusted annual rates]
Personsil income received
by tota ! farm population

Income r(jceived fix>m farmin g
Gross income beJ 'ore inven tory adjustnlent

Period

58.6
60.6
70. 1
95.5
100. 0
96.9
104. 1
108. 1
108. 1
106.7
102.7
114.8

Gas b. receipts from
inarketings
Livestock
Total
Crops
and
products
Billioiis of dolla rs
50.5
29.6
21. 0
52.9
30.6
22.3
35. 7
61. 2
25.5
87. 1
41. 1
45.9
92.4
41.4
51. 1
88.2
43. 0
45. 1
46. 2
94.5
48.3
96. 1
47.6
48.5
97.6
51.3
46.3
95. 7
46. 6
49. 1
91.3
47.8
43. 5
99.6
49.5
50. 1

115.8
122.5
121. 0

102.2
109.0
108. 0

From From From
all
farm nonfarm m i I Ji
sources sources sources lotal

1970
1971
1972
1973
1974
1975
1976
1977
1977:1 _ _ _
II
III___
IV—

27.5
28.8
34.6
48.9
45. 2
44.5
41.2
43.0

1978:1
II
III*
1

13.0
13.5
16.9
29. 2
23.4
21.9
16.9
18.3

14.5
15.3
17.8
19.7
21.8
22. 7
24. 4
24. 7

Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
*1 Inventory of crops and livestock valued at the average price for the year.
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
34-990 O—T8




52. 7
57.5
58. 5

49.5
51.5
49.5

4

Net t<3 farm
oper ators
Production expenses

Net incc>me per
farm zifter iiiventory ad
justme ttt3

Before
inventory
adjustment,

After
inventory
adjust-2
ment

44.4
47.4
52.3
65.6
72.2
75.9
83.0
88.0
87.5
87.0
86.0
91.4

14. 1
13.2
17.8
29.9
27. 7
21. 1
21. 1
20. 1
20.6
19.7
16.7
23.4

14. 2
14.6
18.7
33. 3
26. 1
24.5
18.8
20.6
19.6
20.2
16.8
25.5

4,800
5,040
6, 530
11, 810
9, 350
8,850
6,850
7,590
7,240
7,460
6,210
9,420

93. 5
96.0
96.0

22. 3
26.5
25.0

22. 3
24.5
24.0

9S 140

Current
1967
dollars dollars 4
Do! lars

8, 320

8,950

Income in current dollars divided by the consumer price index.

Source: Department of Agriculture.

4, 130
4, 160
5,210

8,870
6,330
5, 490

4,020

4, 180

4,090

4, 130

3,390
5,080

4,410
4, 730

4 ? 530

CORPORATE PROFITS
In the second quarter, profits before tax rose $33.4 billion while after-tax profits rose $18.4 billion. About one-fourth
of the increase was due to a rebound from the effects of the severe weather and coal strike in the first quarter.
BILLIONS OF DOLLARS
240

BILLIONS OF DOLLARS
240

40

40 -

1971

1979

SOURCE.- DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
)ry vakuition
Profit ,s (before tax) wit i invent(
adjustn lent l

Profits after tax

Dome 3tic indu stries
Period

IS onfinan*3ial

Total 2
Total

1967
1968
1969
1970
_
_
1971
1972
__
1973___ _ _
_
1974
_ _
1975
1976
1977
1977: I
II
III
IV
1978: I_ _
II
III*>__

75.6
82. 1
77.9
66.4
76.9
89. 6
97.2
86.5
107.9
141.4
159. 1
144. 5
158. 5
169. 9
163.5
148. 7
180.6

72.6
78.9
74.2
62.6
72.4
84. 7
90. 4
76.9
101. 8
133. 2
149.5
134. 8
148. 1
159.5
155.6
139.2
168.9

Financial
Total3

Manufacturmg

Wholesale
and
retail
trade

63.6
68. 5
62. 9
50. 1
58. 2
69. 3
74. 1
62.5
88.9
115.6
128.6
115. 1
128. 1
137. 6
133.7
116.6
144. 6

37.9
41. 2
36. 8
27. 1
32. 4
40. 6
44. 1
36. 6
48. 3
65.6
74.7
66.4
77.4
74.7
80.2
69.8
87. 8

8. 9
10. 1
10. 1
9.4
11.7
13. 3
14.7
12.9
20.7
24. 0
24.0
20.6
22. 8
30. 6
22. 1
16.7
22. 0

9. 0
10. 4
11. 3
12. 6
14. 1
15. 4
16. 2
14. 4
13.0
17.5
20.9
19. 7
19. 9
21. 9
21. 9
22.7
24.3

1
See p. 4 for profits with inventory valuation and capital consumption adjustments.

8




1
Includes
1

Profits
before
tax

Tax
liability

Total

Dividends

Undistributed
profits

77.3
85.6
83. 4
71.5
82.0
96. 2
115.8
126.9
120. 4
155.9
173.9
164.8
175. 1
177.5
178.3
172. 1
205. 5

32. 5
39. 4
39.7
34.5
37.7
41.5
48.7
52. 4
49.8
64.3
71. 8
68. 3
72.3
72.8
73. 9
70.0
85.0

44.9
46. 2
43.8
37.0
44. 3
54.6
67. 1
74. 5
70.6
91.7
102. 1
96. 5
102.8
104.8
104.4
102. 1
120.5 _

20. 1
21.9
22.6
22. 9
23.0
24.6
27. 8
31. 0
31.9
37.9
43. 7
41.5
42. 7
44. 1
46. 3
47.0
48. 1
50. 1

24. 7
24.2
21. 2
14. 1
21.3
30.0
39. 3
43.6
38. 7
53. 8
58.4
55.0
60. 1
60.6
58. 1
55. 1
72.4

rest of the world, not shown separately.
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.

Inventory
valuation
adjustment

-1.7
-3.4
-5.5
-5. 1
— 5. 0
-6.6
-18.6
-40.4
-12.4
-14. 5
-14. 8
-20.3
-16.6
-7.7
-14.8
-23.5
-24.9
— 20 9

GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the third quarter, business fixed investment rose $5.3 billion (annual rate)
as nonresidential construction outlays rose $2.9 billion and producers' durable equipment purchases increased $2.4
billion. Residential investment outlays increased $3.5 billion. Inventory investment amounted to $17.6 billion, down
$2.5 billion from the second quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

180

380 -GROSS PRIVATE DOMESTIC INVESTMENT-

-NONRESlDEhtflAL FIXED INVESTMENT

-

1XA

340

140

300

PRODUCERS'
DURAB LE EQUIPMENT

19ft

260

-

^>* ^

r^^

-

inn

220

S^
-

-

200
180

QA

130

RESIDENTIAL FIXED INVESTAdENT

1*5 A.

/*

STRUCTURES

_

BILLIONS OF DOLLARS11'(RATIO SCALE)

/**

ZA

110
1 Art
100

90

y

*s

^

I *l
_

r

on

70 -

y
< i i.
1975

I

I

I

I

I

I

-

1

1

1

i

l

l

BILLIONS OF DOLLARS*

40 -CHANGE IN BUSINESS INN'ENTORIES

-

<"~Xis~^
-/"

20 _

-20

i i i

I

^—* *

— ACl

I

l 1

I* 1

I

I I I

1978

1977

1976

1

1979

I

I

1975

1

1

f

1976

\

i

i

i

1977

1

I

1

1

I

1979

1978

* SEASON ALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Noriresidential fixed investmc3nt

Gross
private
domestic
investment

Period

1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977

_
___

_
_
_

_

___

1977:1
II
III
IV

__

1978:1
II

_ _

nil*

Struc tures
Total
Total

Nonfarm

Total

Nonfarm

Prn

Total

Nonfarm
struc—
tures

Farm ducers*
durstrucable
tures equipment

Change in business inv entories

Total

Nonfarm

120.8
131.5
146.2
140.8
160. 0
188.3
220. 0
214. 6
190.9
243.0
297.8

82. 1
89.3
98.9
100.5
104. 1
116.8
136.0
150. 6
150.2
164. 6
190.4

29. 5
31. 6
35.7
37. 7
39. 3
42.5
49.0
54. 5
53.8
57.3
63.9

28. 2
30. 4
34.3
36. 1
37. 8
41. 1
46.9
51. 8
51.3
54.7
61.0

52. 6
57.7
63.3
62.8
64. 7
74.3
87. 0
96. 2
96.4
107. 3
126. 5

48.0
53. 4
58.9
58. 1
59.9
69. 1
80. 1
88. 2
87.4
97.5
116. 7

28.6
34.5
37. 9
36. 6
49.6
62.0
66. 1
55, 1
51.5
68.2
91. 9

27.2
33. 1
36.3
35. 1
47.9
60.3
64. 3
52.7
49.5
65.8
88.9

0.7
.6
.7
.6
.7
.7
.6
1.2
.9
1. 1
1. 5

0.7
.8
.9
.9
1. 0
1. 1
1. 2
1.2
1. 1
1. 3
1. 5

10. 1
7.7
9.4
3.8
6.4
9.4
17. 9
8.9
-10. 7
10. 2
15. 6

9.4
7.6
9.2
3. 7
5. 1
8. 8
14. 7
10. 8
-14. 3
12. 2
15. 0

272.5
295. 6
309.7
313. 5

180.
187.
193.
200.

6
2
5
3

59.3
63.4
65. 4
67.4

56.4
60.4
62. 7
64.5

121.4
123.8
128. 1
132.8

111.0
113. 8
118. 6
123.4

81. 6
91.4
94.3
100.2

78. 6
88.4
91.2
97. 5

1. 6
1. 6
1. 6
1. 2

1. 4
1. 4
1. 5
1. 6

10. 3
17. 0
21.9
13. 1

11. 1
16. 5
22.0
10.4

322. 7
345.4
351.7

205. 6
220. 1
225.4

68. 5
76. 6
79.5

65. 2
73.4
76.6

137. 1
143.5
145.9

127. 2
132.9
134.9

100.3
105. 3
108. 8

97.3
102. 1
105. 5

1. 3
1. 4
1. 5

1.7
1.8
1.7

16.7
20. 1
17.6

16.9
22. 1
18.6

Source: Department of Commerce, Bureau of Economic Analysis.




Prodiicers'
dur able
equip ment

Resid ential fix ed inves tment

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 12.3 percent in 1978, according to the Commerce Department survey
conducted in late July and August. Spending in 1977 was 12.7 percent above the 1976 level.
BILLIONS OF DOLLARS (RATIO SCALE)
180

BILUONS OF DOLLARS (RATIO SCALQ
180

SEASONAL!* ADJUSTED ANNUAl RATES

160

160

140

140

TOTAL NEW PLANT AND EQUIPMENT
120

120

100

100

80

80

60

60
X"""

Himit****

•-+»
MANUFACTURING

40

20

40

20
1970

1972

1971

1974

1973

1975

1976

1977

1978

V $EE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts (3f plant
and eqilipment
proi<3CtS*

E3Ependiturcjs for plan t and equipment

Total1

1971
1972
1973
1974
1975
1976
1977 4
1978

N<mmanuf acturing

Mi inufaeturi ng

Period

81. 21
88.44
99.74
112. 40
112. 78
120. 49
135. 80

Total

Durable
goods

29.99
31.35
38.01
46.01
47.95
52.48
60. 16

14. 15
15.64
19.25
22.62
21.84
23.68
27.77

Nondurable
goods

Total

8.00

15.30
17.00
18.71
20.55
20. 14
22. 28
25.80
28.95

17.71

Commercial
and 2
other
18.05
20. 07
21.40
22.05
20.60
20. 99
22.97
25.07

Trans- Public
Mining porta- utilition
ties

51.22
57.09
61.73
66.39
64.82
68.01
75.64
84.49

4.76

Communication

Public
utilities

Manufacturing

28. 00
35.21
47. 57
52. 49
48. 24
51. 05
66.73

22.22
28. 60
38. 13
45. 74
34. 50
29. 66
32.54

__ 162. 60

68.01

31. 66

15.84
15.72
18.76
23.39
26. 11
28.81
32. 39
36.35

1977:1
II
III
IV

130. 16
134.24
140. 38
138. 11

56.43
59.46
63. 02
61.41

26.30
27.26
29. 23
28.19

30. 13
32. 19
33.79
33.22

73.74
74.78
77.36
76.70

4.24
4.49
4.74
4.50

7.29
6.96
6. 85
6.88

25.35
25.29
26. 22
26.23

14. 19
15.32
16.40
15.82

22.67
22.73
23. 14
23.27

15.26
15. 15
19.81
16.54

9.76
3. 79
10. 23
7.99

1978: I
II _ _
III * _ _ _
IV*____

144. 25
150. 76

61.57
67.20
68.66
73.62

28.72
31.40

32. 86
35. 80
36.54

82.68
83.56
86.47
85.36

4.45
4.81

8.46
7.40

27.92
28. 46
29.26

17.07
18. 18

24.76
24.71

17.41
18. 10

7.98
7.78

165. 13
158. 98

32. 11
33.89

39. 72

i Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidentiaf fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.

10



2. 16
2.42
2.74
3. 18
3.79
4.00
4.50

4. 80
5.07

4.93
5.72
6.03
6.66
7.57
7.45
6.93

8.98
7. 18

30. 22

10.77
11.89
12.85
13.96
12.74
13.30
15.45

43. 44
42. 90

2
Includes trade, service, construction, finance, and insurance.
* Starts are estimated by adding changes in carryover to expenditures during
given period.
* Planned capital expenditures as reported by business in late July and
August 1978. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

Seasonally adjusted employment increased by 287,000 in September while unemployment increased by 34,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*
SEASONALLY ADJUSTED

100

100

CIVILIAN LABOR

90

EMPLOYMENT

80

80

10'
UNEMPLOYMENT

\
I I t M I I M M t I t I t I t I M I I M MI I t I t t

1970

1971

1972

i IT t i I i i i 1.1

I.I M I I I M I

t L.t.i ( I t 1 t t

1974

1973

1975

i it MI (

1976

1977

*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR

Period

Noninstitutional
population

148, 263
150, 827
153, 449
156, 048
158, 559

1977: Sept..
Oct..
Nov..
Dec..

159, 114
159, 334
159, 522
159, 736

1978: Jan*__
Feb__
Mar__
Apr..
MayJune..
JulyAug__
Sept-

159, 937
160, 128
160, 313
160, 504
160, 713
160, 928
161, 148
161, 348
161, 570

Civilian Unememploy- ployment
ment

Total
labor
force Civilian
(includ- labor
force
ing
Armed
Forces)

Unempl<Dyment

Civilian eiuploymerit

Total

Agricultural

N onagri cultural
Part-time
ecoTotal for
nomic 1
reasons

Total

15
weeks
and
over

Labor
force
participation
rate
(perx\ 2o
cent)

91, 040
93, 240
94, 793
96, 917
99, 534

88, 714
91, Oil
92, 613
94, 773
97, 401

84, 409
85, 935
84, 783
87, 485
90, 546

3,452 80, 957
2,311
2,709
3,492 82, 443
3,490
3,380 81, 403
3,272
3,297 84, 188
3,244 87, 302
3,297
Seascmally adj usted

4,304
5,076
7,830
7,288
6, 855

812
937
2,483
2,339

1,911

61.4
61.8
61.8
62. 1
62.8

91, 247
92, 230
92f 473
92, 623

6,437 99, 887
6,221 100, 205
6,346 101, 009
5,880 101, 048

97,756
98, 071
98, 877
98, 919

91,
91,
92,
92,

088
383
214
609

3, 199
3,243
3,357
3,323

87, 889
88, 140
88, 857
89, 286

3,306
3,263
3,285
3,220

6,668
6, 688
6,663
6,310

1,834
1,848
1,829
1,797

62.8
62.9
63.3
63. 3

91, 053
91, 185
91, 964
93, 180
93, 851
95, 852
96, 202
96, 116
95, 041

6,897
6,739
6,479
5,685
5,457
6,326
6,438
5,931
5,797

101, 228
101, 217
101, 536
101, 902
102, 374
102, 671
102, 734
102, 671
102, 993

99, 107
99, 093
99, 414
99, 784
100, 261
100, 573
100, 618
100, 549
100, 870

92, 881
93, 003
93, 266
93, 801
94, 112
94, 819
94, 425
94, 581
94, 868

3,354
3,242
3,310
3,275
3,235
3,473
3,387
3,360
3,411

89, 527
89, 761
89, 956
90, 526
90, 877
91, 346
91, 038
91, 221
91, 457

2, 986
3,193
3, 164
3,327
3,243
3,458
3,330
3,294
3,231

6, 226
6,090
6, 148
5,983
6, 149
5,754
6, 193
5, 968
6,002

1,688
1,568
1,463
1, 384
1,358
1,231
1,292
1,215
1,293

63.3
63.2
63.3
63.5
63.7
63.8
63.8
63.6
63.7

4,304
5,076
7,830
7,288
6,855

1 Persons at work. Economic reasons include slack work, material shortages,
inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population 16 years of age and
over.




1978

COUNCIL OF ECONOMIC ADVISERS

84, 409
85, 935
84, 783
87, 485
90, 546
Uiaad justed

1973
1974
1975
1976
1977

i (t i i ii

* Beginning 1978, data not strictly comparable with earlier data because of
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In September, the seasonally adjusted unemployment rate increased slightly to 6.0 percent. Unemployment among
blacks fell to 11.2 percent, a new low for the year.
•PERCENT* (SEASONALLY

PERCENT* (SEASONALLY ADJUSTED)

ADJUSTED)

10

^UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Total
(all
civilian
workers)

Period

1973
1974
1975
1976
1977
1977: Sept
Oct
Nov
Dec
1978: Jan

__

6. 1

Feb

Mar
Apr __
May_
June
July
Aug___
Sept___

4.9
5.6
8.5
7.7
7.0
6.8
6.8
6.7
6.4
6.3

_ _ _ _
_ _ __ _

1

6.2
6.0

Unernployme at rate ( percent c>f civiliaii labor f<>rce in g roup)
I3y select ed group s
By s>ex and abge
By race

Men
20
years
and
over
3.2
3.8
6.7

5. 9

5.2
4.7
5.0
4.7
4.6
4.7
4.5
4.5

6. 1

4. 2
4. 2

6. 2

4. 1
4. 1

5.7

5.9
6.0

3.9

4.0

Women
20
years
and
over
4.8
5.5
8.0
7.4
7.0
6.9
6.8
6.9
6.6

6. 1

5.7
5.8
5.8
6.3

6. 1

6.5

6. 1
6.0

Both
sexes
16-19
years

14.5
16.0
19.9
19. 0
17.7
18.3
17. 3
17.2
15.6
16.0
17.4
17.3
16.9
16. 5
14.2
16. 3
15. 6
16.6

Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.

12



White

4.3
5.0
7.8
7.0
6.2
6.0
6.0
5.9
5.5
5.5
5.3
5.3
5.2

5. 2

4.9
5.3

5. 2

5.3

ExpeFullBlack rienced
wage Housetime
hold
and
and
other salary
heads workers
workers
8.9
9.9

13.9
13. 1
13. 1
13. 1
13. 7
13.7
12.7
12.7
11. 8
12.4
11. 8
12. 3
11.9
12.5
11. 7
11.2

4. 5

5.3
8.2
7.3
6.6
6.3
6.5
6.3

6. 0

5.9
5.7
5.7
5.5

5. 6

5.4
5.7

5. 5
5.6

2.9
3.3
5.8

5. 1

4.5
4.4

4. 4

4.2
3.9
3.8
3.6
3.7
3.6
3.7
3.6

3. 9

3.7
3.7

4.3

5. 1
8. 1

7.3
6.5
6.4
6.4
6.2
5.9
5.8
5.7
5.6
5.4

5. 6

5.2
5.7

5. 5

5.5

Source: Department of Labor, Bureau of Labor Statistics.

Parttime
workers
7.9

8. 6
10.3
10. 1
9. 8

Labor
rorce
time
lost
(per-1
cent)
5.2

6. 1
9. 1

8.9
8.6
9.6
9.6
9.2
8.8
8.8

8.3
7.6
7.4
7.4
7.3
7.0
6.8
6.6
6.6
6.3
6.6
6.4
6.8

8.8

6.5

9.7
9.6
9.6

8. 9

8. 6

6. 6

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
The increase in unemployment in September was accompanied by a sharp increase in the proportion of unemployed
persons who were reentrants to the labor force and a decrease in the proportion of new entrants and job losers.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

DURATION OF UNEMPLOYMENT

REASON FOR UNEMPLOYMENT
60

60

LESS THAN
5 WEEKS

40

40
5-14
WEEKS

\

REENTRANTS

Vs^*//
20

27 WEEKS
>AND OVER

20

JOB LEAVERS

NEW ENTRANTS

1975

1976

15-26
WEEKS

1977

1975

1978

1976

1977

•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR.

Period

Unemployment
(thousands)

1978
COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]
ri j j
Percen t distrib ution of unemPerceri t distribution of unemotate
pirograms Insured
unemplo yment b y duraticm 1
pl oyment 1 Dy reasori i
ployment,
all
27
Insured
Less
regular
unem5-14
Initial
weeks
15-26
Reen- New
Job
Job
than 5 weeks weeks
enproand
losers leavers trants trants
ploy- claims
weeks
grams2
over
ment
(unadjusted)

Special
unemployment
benefit
claims *
(unadjusted)

We<;kly aver age, thoussands

1973
4,304
1974
5,076
1975
7,830
1976
7,288
1977
6,855
1977: Sept.. 6,668
Oct___ 6,688
Nov.. 6,663
Dec._. 6,310
1978: Jan. _. 6,226
Feb__. 6,090
Mar_. 6, 148
Apr— - 5,983
May__ 6, 149
June. . 5,754
July... 6, 193
Aug*. 5, 968
Sept*. 6,002

38.7
43.4
55.4
49.8
45.3
45. 3
45. 5
44. 7
43. 4
42.9
41.6
40.3
41.2
42. 5
40.6
41.3
42.4
40. 1

15.7
14.9
10. 4
12.2
13.0
12. 9
13. 1
13.3
13. 9
13.6
14.7
13.9
14. 5
13.5
14.7
14. 1
14. 0
14.2

30.7
28.4
23. 8
26.0
28. 1
27. 9
28.6
28.5
29.8
29.0
29.4
30.9
28. 9
29. 2
30. 6
30.4
28.8
32.2

14. 9
13.3
10.4
12. 1
13.7
13.9
12. 8
13.6
13.0
14. 5
14.2
14. 9
15.4
14.8
14. 1
14.2
14.8
13. 5

51.0
50.6
37. 0
38.3
41.7
41. 1
41.4
42.4
41.3
43. 2
43.3
45.8
46.8
48. 1
46. 4
49. 0
46.8
46.4

i Detail may not add to 100 percent because of rounding.
i Includes State (50 States, District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UGFE), and railroad (RR) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).




30. 1
31. 0
31. 3
29.6
30.5
31. 8
31. 3
30. 3
30.4
29.8
30.5
30. 5
29.9
29.6
32.6
30. 0
33. 0
"32. 1

11.0
11. 1
16. 5
13. 8
13. 1
13.4
13. 6
13.9
14.8
13. 8
15.0
12.4
12.0
11.2
11. 1
10.8
10.5
11. 4

7.8
7. 3
15.2
18.3
14.8
13.7
13.7
13.3
13.5
13.2
11.2
11.3
11.2
11. 1
9.9
10.2
9.7
10. 1

1,632
2,262
3,992
2,968
2,473
2,664
2, 624
2,602
2,516
2,461
2,524
2,406
2,210
2, 167
2, 194
2,392
2, 550
2,361

246
363
478
382
375
368
361
354
346
344
369
326
330
331
348
377
361
330

1,793
2,558
4,943
3, 822
3, 112
2,643
2, 649
2,853
3,226
3,781
3,638
3,212
2,659
2,369
2,297
2,581
2,394
2,063

1,173
1, 152

572
412
364
315
259
192
143
102
60
36
21

s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagrieultural employment as measured by the payroll survey dropped by 58,000 in September. The largest
decline occurred in State and local government employment, which fell by 84,000.
MILLIONS OF PERSONS9

90

MILLIONS OF "PERSONS' (ENLARGED SCALE)

•—'
ALL NONAGRICULTURAL
ESTABLISHMENTS

WHOLESALE AND RETAIL TRADE
18

80

SERVICES

16
70

60

GOVERNMENT

,,..••••**'"'

14

SERVICE PRODUCING
INDUSTRIES

22
MANUFACTURING
50

.

\

18

40

1 1 i 1 1 j } j i j i i i I i 1 1 1 1 1 i i j i i iii i i
GOODS^PRODUCING „
INDUSTRIES

30

p>—; i

,„„„,»«»"«'
MUItM«M»tl*t"1*'

^

20 ;

JLJ4j4
1975

1977

1976

[M I 1 1 l l 1 M 1

1979

1978

1 I I 1 f ] 1 I 1 y 1 1 1 t i ( 1 11 1 1

1975

1976

1977

•SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF LA8OR

J

Feriod

1973
.
1974
„
1975--.
1976...
1977
1977: Sept- _
Oet___
Nov__
Dec—
1978: Jan. __
Feb...
Mar__
Apr
May__
June..
July- _
Aug ®Sept ^_

Total
nonagricultural
employ- Total 2
meat

Construction

24, 893
24, 794
22, 600
23, 352
24, 288
24, 441
24, 507
24, 617
24, 626
24, 648
24, 724
24, 927
25, 313
25, 341
25, 473
25, 501
25, 453
25, 442

4,097
4,020
3,525
3,576
3,833
3,896
3,905
3, 928
3, 955
3, 905
3,901
3, 999
4, 164
4, 175
4, 278
4, 317
4,295
4,275

76, 790
78', 265
76, 945
79, 382
82, 256
82, 973
83, 199
83, 549
83, 719
83, 871
84, 188
84, 726
85, 418
85, 618
85, 996
86, 033
86, 164
86, 106




1979

Service-pi oducing Industrie5S

Trans- Whole- Finance,
Gover nment
insurportasale
ance, Services
tion
and
Non- Total
State
and
and
retail
durable
Federal and
Total Durable
real
public trade
goods goods
local
estate
utilities
'Ma nufactur ing

20, 154
20, 077
18, 323
18, 997
19, 647
19, 715
19, 769
19, 849
19, 984
20, 065
20, 139
20, 230
20, 282
20, 297
205 316
20, 302
203 272
20, 282

11, 891
11, 925
10, 688
11, 077
11, 573
11, 637
11, 693
11, 746
11, 851
11,917
11, 986
12, 041
12, 07612, 093
12, 109
12, 138
12, 143
12, 167

8
8
7
7
8
8
8
8
8
8
8
8
8
8
8
8
8
8

1
Includes all full- and part-time wage and salary workers in nonagrieultural
establishments who worked during cr received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, sell-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagrieultural 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

1978

workers;1 seasonally adjusted]

CJoods-prc>dueing industries
»

f ! I Ii i I ! JJX ( f i l l 1 1 1 ! 1 U

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage

•Q

-

COSSJSTRUCTION

262
152
635
920
074
078
076
103
133
148
153
189
206
204
207
164
129
115

51, 897
53, 471
54, 345
56, 030
57, 968
58, 532
58, 692
58, 932
59, 093
59, 223
59, 464
59, 799
60, 105
60, 277
60, 523
60, 532
60, 711
60, 664

4, 656
4,725
4,542
4,582
4,696
4,727
4,721
4,736
4,749
4,758
4,782
4,817
4,847
4,847
4,881
4,827
4, 844
4, 852

16, 607
16, 987
17, 060
17, 755
18, 492
18, 672
18, 733
18, 830
18, 911
18, 991
19, 071
19, 169
19, 252
19, 335
19] 412
19, 469
19, 525
19, 509

4,046
4, 148
4, 165
4,271
4 ? 452
4,487
4,508
4,535
4, 547
4,563
4, 591
4,605
4,623
4, 637
4,670
4,690
4, 711
4, 723

12, 857
13, 441
13, 892
14, 551
15, 249
15, 442
15, 510
15, 568
15, 618
15, 597
15, 670
15, 773
15, 866
15, 896
15, 963
15, 989
16, 072
16, 104

2,663
2,724
2,748
2,733
2,727
2,725
2,728
2,727
2,723
2, 736
2,736
2,739
2,745
2,753
2,772
2,765
2,765
2,766

11, 068
11, 446
11, 937
12, 138
12, 352
12, 479
12, 492
12, 536
12, 545
12, 578
12, 614
12, 696
12, 772
12, 809
12, 825
12, 792
12, 794
12, 710

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.
NOTE.—Series revised.
Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAIi INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]

Total
private
nonagncultural l

Period

Manufi icturing
Total

Adjusted h ourly earnirj gs indexa —t Dtal private
nonagricjultural

Averagje gross
hourly <earnings

Aver age weekly hours

Overtime

Percent chtange from
a year earlier 4

Index, 1' 367=100

Total
private
nonagneultural l

Manufacturing

$3. 19
3.35
3.57
3.82
4.09
4.43
4.83
5.22
5.67

113.2
120.7
129.2
137.5
146.0
157.5
170.7
183.0
196.8

103. 1
103.8
106.5
109.7
109.7
106.6
105.9
107.3
108.4

6.6
6.6
7.0
6.4
6.2
7.9
8.4
7.2
7.5

Current
dollars

1967
dollars 8

Current
dollars

1967
dollars

1969
1970
1971
1972
1973
1974
1975
1976
1977

37.7
37. 1
36.9
37.0
36.9
36.5
36. 1
36. 1
36.0

40.6
39.8
39.9
40.5
40.7
40.0
39.5
40.1
40.3

3.6
3.0
2.9
3.5
3.8
3.3
2.6
3.4

$3.04
3.23
3.45
3.70
3.94
4.24
4.53
4.86
5.24

1977: Sept
Oct
Nov
Dec

35.9
36.1
36.0
35.9

40.3
40.5
40.5
40.5

3.4
3.5
3.6
3.6

5.31
5.36
5.39
5.41

5.77
5.82
5.85
5.88

199.6
201.5
202. 4
203.5

108.6
109. 2
109.3
109.4

7.3
7.6
7.4
7.4

.6
1.0
.6
.6

1978: Jan
Feb
Mar
Apr
May
June
July
Aug*
Sept*

35.5
35.7
36.0
36. 1
35.9
35.9
35.9
35.8
35.8

39.8
40. 1
40.6
40.8
40.4
40.5
40.5
40.4
40.4

3.5
3.7
3.7
3.8
3.5
3.6
3.6
3.5
3.6

5.46
5.49
5.54
5.61
5.62
5.66
5.71
5.72
5.75

5.93
5.98
6.01
6.05
6.08
6. 12
6. 18
6.20
6.25

206.0
206.6
208.3
210.3
211.0
212.3
214. 1
214.2
215.4

109.9
109.5
109.5
109.6
109.0
108.7
109.0
108.5
108.3

7.8
7.6
7.9
8.2
8.0

1.0

3. 1

8. 1
8.2

8. 1
7.9

1.7
.6
2.2
3.0
0

-2.8

-.7
1.3
1.0

1. 1

1.2
1.4
.9
.6
.6
.2
-.2

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricu Itural *

Period

Current
dollars

Manufacturing

1967
dollars s

Constru ction

$104. 38
103. 04
104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
103. 93

$129. 51
133. 33
142. 44
154. 71
166. 46
177. 20
190. 79
209. 32
228. 50

1977: Sept
Oct
Nov
Dec

190. 63
193. 50
194. 04
194. 22

103. 72
104. 93
104. 77
104. 42

232. 53
235. 71
236. 93
238. 14

295.
297.
298.
298.

1978: Jan
Feb
Mar
Apr
May
June
July
Aug*
Sept*

193. 83
195. 99
199. 44
202. 52
201. 76
203. 19
204. 99
204. 78
205. 85

103. 38
103. 86
104. 86
105. 59
104. 21
104. 04
104. 43
103. 74
103. 55

236.
239.
244.
246.
245.
247.
250.
250.
252.

1
Also includes
s

other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
1
Current dollar index (or earnings) divided by the consumer price index.
Kevised index for urban wage earners and clerical workers used beginning 1978.
34-990 O—78




3

01
80
01
84
63
86
29
48
50

Percent ch*inge from a
year e arlier,
total prii/ate nonagricu Itural »
Current
dollars

{Durrent dollars\

$114. 61
119. 83
127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
188. 64

1969
1970
1971
1972
1973
1974
1975
1976
1977

Wholesale
and retail
trade

1967
dollars

$91. 39
96.02
101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 19

6.4
4.6
6.2
7.5
6.2
6.4
5.7
7.3
7.5

-0.3
-1.3

03
30
48
29

143. 76
145. 62
145. 31
146. 30

7.7
8.3
7.6
7.4

1. 1

284. 69
297. 26
312. 54
315. 93
314. 39
322. 65
323. 02
323. 14
321. 77

147. 48
147. 15
150. 15
151. 80
151. 34
151. 86
153. 64
153. 83
154. 02

7.3

.5
-.2
1.3
1.7
.4
.5
.3
.4
-.4

$181. 54
195. 45
211. 67
221. 19
235. 89
249. 25
266. 08
283. 36
295. 29

6. 1
7.8
8.3
7.5
7.9

8. 1
8.3
7.8

1.9

4. 1

-.0

-4.1
-3.2
1.4
1.0
1.7
.8
.5

4

Monthly changes based on indexes to two decimal places.
* Based on unadjusted data.
NOTE.-—Series revised.
Source: Department of Labor, Bureau of Labor Statistics.

15

PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Hours oi 2all
pers ons

Out][Hit*
Period

Output per hour
of all F)ersons

Unit labor
CO sts

Compe nsation
per ] lour 3

Implici t price
deflai bor 4

PriPriNonNonPriNonNonNonPrivate
Private NonPrivate
vate
farm
farm
vate
vate
farm
farm
farm
farm
business business
business business
business business
business business business business business business
sector
sector
sector
sector sector sector sector
sector
sector sector
sector
sector
1967 == 100; qua rterly dat a season.ally adjus ted

1966___
1967___
1968
1969—

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
104. 0
110. 9

97. 2
100.0
103.9
108.8

96. 8
100. 0
104. 0
108. 6

1970
1971
1972
1973___
1974

107. 3
110.3
117. 6
124.5
121. 5

107.4
110. 2
117. 8
125. 0
121. 9

102.8
102. 3
106. 0
110. 3
110.7

104. 0
103. 7
107. 6
112. 4
112. 9

104.4
107. 8
110.9
112. 8
109. 7

103. 2
106. 3
109. 5
111. 1
108.0

123. 3
131. 5
138.9
150. 0
164. 1

121. 9
129.9
137. 4
147. 8
161.8

118. 1
121. 9
125.2
132. 9
149. 5

118. 1
122. 2
125. 5
133. 0
149.8

113.9
118. 9
123. 1
130. 2
143. 0

114. 0
119. 1
122. 8
127.9
141. 3

1975
1976
1977

118.8
126.5
133.2

118.8
127. 0
133. 6

106. 1
109.0
112. 7

108. 0
111. 4
115.4

112. 0
116. 1
118. 2

110. 0
114. 0
115.8

180. 3
196. 3
213.0

177.8
192.9
209. 3

161. 1
169.2
180. 2

161.6
169.2
180.7

157. 4
165.4
174.9

156.3
164.8
174. 6

1976:111
IV

127. 1
127. 6

127. 7
128. 1

108.8
109. 3

" 111. 3
112. 0

116. 8
116.8

114.7
114.4

198. 5
202.7

194.9
198.8

170.0
173. 6

169.9
173.8

166. 3
168.5

165.7
168. 2

1977: I
II
III
IV

130.5
132. 5
134.2
135. 5

131. 0
133. 0
134. 6
135.8

110.7
112. 9
112. 9
113. 9

113. 4
115. 5
115. 9
116.7

117. 9
117.4
118.9
119. 0

115. 6
115.2
116. 2
116. 4

207. 5
210.4
215.3
218. 8

203.9
207. 1
211. 2
215. 1

176.0
179. 3
181. 1
183.9

176.4
179.8
181. 7
184. 8

170. 6
174.0
176.3
178.4

170. 0
173. 6
176. 4
178. 1

1978: I
II
III*—

135. 3
138. 7
140.0

136. 1
139.8
141. 0

115. 0
117. 6
117. 4

117. 8
120.6
120.5

117.6
118. 0
119.3

115.5
115. 9
117. 0

225. 1
229. 6
235. 0

221. 4
225. 8
230.6

191. 4
194. 6
197. 0

191.7
194. 7
197. 1

181.3
186.6
189. 9

180. 6
185. 3
188. 9

Perce nt change ; quarter!;y data at seasonal y ad juste d annual rates

5. 5

6. 0
1.9
5. 4
3.0

2. 3
-. 3
1. 7
2.7

3. 3
-.0
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

6.0
5.8
7.3
6. 5

3.7
3.3
4. 1
6.6

3.4
3. 8
4.0
6.7

3.2
2.9
3.9
4. 7

2.9
3.3
4.0
4. 5

2.8
6.6

-1. 1
2.6
6.9
6. 0
-2.5

-1. 6
-. 4
3.6
4. 1
.4

-1.2
-.3
3.7
4.5
.4

.7
3.2
2.9
1.7
-2.8

.2
2. 9
3. 1
1. 5
-2.8

7.2
6.6
5.7
8.0
9.4

6. 7
6. 6
5.8
7.5
9.5

6.4
3. 2
2.7
6. 1
12. 5

6. 5
3. 5
2.7
6. 0
12. 7

4.7
4. 4
3. 6
5.8
9.8

4.9
4.5
3. 1
4. 1
10.5

-2. 3
6. 5

-2.5
6.9
5. 2

-4. 2
2.7
3.7

-4. 3
3.2
3.9

2.0
3.7
1.6

1.9
3. 6
1.3

9.9
8. 9
8. 1

9.9
8.5
8. 1

7.7
5. 0
6.4

7.9
4. 7
6. 7

10. 1
5. 1
5. 7

10.6
5.4
5.9

1976: III
IV

2. 8

2.5
1. 2

0

1.6

1.7

.3
2.3

3.2
__. 1

2. 2
-1. 0

9. 1
8.7

8.4 '
8. 3

5.8
8.8

6. 1
9.4

4.4
5.4

5.8
6. 1

1977:1
II

III
IV__,_.

9. 3
6. 5
5. 0
4. 0

9.4
6. 2
5. 0
3. 5

6. 6
8.3
___, 1
3. 7

6.8
7.7
1.3
3.0

2. 5
-1. 7
5. 1
.4

2. 4
-1. 4
3.7
.5

7.9
5. 8
9. 5
6.7

8.3
6. 5
8. 1
7.6

5.3
7. 6
4.2
6.3

5.8
8. 0
4. 2
7. 1

5.2
8. 2
5.2
4.9

4. 4
8.7
6. 5
4. 0

1978:1
II
!!!>___

10.5
3. 8

-.6

.7
11. 6
3.3

4.0
9. 2
-. 6

3.9
9. 8
-.4

-4. 5
1.2
4.5

-3. 1
1.7
3.7

12. 1
8. 1
9.8

12. 2
8. 2
8.9

17. 4
6. 8
5. 1

15.7
6. 4
5.0

6.7
12. 1
7.3

5.8
10. 8
8. 1

1966___
1967..
1968
1969

1970
1971 —
1972___
1973
1974___
1975
1976
1977

2.0

5. 1

3.0

-. 9
5. 9
-2.4

5.3

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.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.

16



NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Data revised for 1977 and 1978; revised data for earlier periods not yet available.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION

Industrial production rose 0.5 percent in September, the same as in August. The index for September was 6.5 percent
above a year earlier.
INDEX, 1967=100* (RATIO SCALE)
180

JNDBC, 1967=100* (RATIO SCALE)
160

UTILITIES AND MINING PRODUCTION

TOTAL INDUSTRIAL PRODUCTION

160

140

140
UTILITIES

120

120

v\

*"*"»*A
MINING

100

MANUFACTURING PRODUCTION

1974

1975

1976

1977

1978

PERCENT (RATIO SCALE)
100

MANUFACTURING CAPACITY UTILIZATION RATE
90

80

120

70
100

1974

1975

1976

1977

1978

1974

1975

1976

1977

1978

* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1967 proportion
1972
1973
1974_
1975.
1976
..
1977

Total in dustrial
produ stion
Percent
Index, change
1967=
from
100
year
earlier
_
100. 00
9.2
_ 119.7
8.4
129.8
-.4
129. 3
-8.9
117.8
10.2
129.8
5.6
137. I

COUNCIL OF ECONOMIC ADVISERS

[Seasonally adjusted]
Indusstry prodiiction indc?xes, 1967 = 100
Miinufacturi ng
Utilities

Manufa cturing aipacityl ut ilization
rate, p«jrcent
Federal Reserve
ser les
ComWharTotal
merce2
ton
Mate- series
manuseries 3
facturrials
ing

Total

Durable

Nondurable

87. 95
118.9
129. 8
129. 4
116. 3
129. 5
137. 1

51. 98
113.7
127. 1
125.7
109.3
121.7
129.5

85.97
126.5
133.8
134.6
126. 4
140.9
148. 1

6.86
113. 1
114. 7
115.3
112.8
114.2
117. 8

5.69
139.4
145.4
143.7
146. 0
151.0
156.5

83. 1
87.5
84.2
73. 6
80.2
82. 4

88.0
92. 4
87.7
73.6
80.4
81.9

83
86
83
77
81
83

91.8
97. 1
92.9
80.4
87.5
90.2

82

90.9

82

91. 1

84

90. 1

84

92.5

Mining

1977: Sept
Oct
Nov
Dec

138.5
138.9
139.3
139.7

6.0
6.7
5.9
5.0

139.0
139.4
139.9
140.5

131.7
132.4
132.7
133.4

149.5
149.6
150. 1
150.9 .

118.0
119. 6
118.8
113.4

154. 1
154. 0
154.2
156.7

82.9
82.9
82.9
83.0

82.0
82.4
82.3
81.9

1978: Jan
Feb
Mar
Apr
May
June
July
Aug *
Sept *

138. 8
139.2
140.9
143. 2
143. 9
144. 9
145.9
146.7
147.5

4.9
4.5
4.1
5.2
5. 0
5.2
5.2
6.2
6.5

138. 7
139.4
141.4
143.5
144. 3
145.5
146.6
147.4
148.2

131. 1
131. 5
134.4
136.9
137.6
139. 0
140.8
142. 0
142. 7

149.8
150.6
151.4
153. 2
154. 0
154.9
155.0
155. 3
156. 0

115.0
114.4
119.3
127.2
126.7
128.0
127.3
126. 2
125.4

162.3
163. 5
159.5
156.0
157.0
158.6
159.9
160.6
161. 4

81.7
81.9
82.7
83.7
83.9
84. 3
84.7
84.9
85. 0

81.9
81. 3
81. 9
84.0
84. 5
85. 1
85.7
85.6
86.0

1
Output
1
3 Annual

_

as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.




93.6

Sources: Board of Governors of the Federal Eeserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final I roducts
3

Equip>ment

Coiisumer goods

Period
Total

Total

Interrrlediate
prod ucts

NonDurable durable
goods
goods
7.89
19. 79
110. 1
106. 1
113. 1
118.8
133.8
120.6
146.2
125.6
126.3
135.3
125. 1
121.4
141.4
134. 1
153. 1
139.6

Total

Business

Total

20.14
100. 1
94.7
103.8
114.5
120.0
110.2
1146
123.2

12.63
107.0
104.1
118.0
134.2
142.4
128.2
136.3
149.2

12.89
112.9
116.7
126.5
137.2
135.3
123. 1
137.2
145.1

Construction
supplies
6.42
111. 0
116.8
128.4
139.8
134.5
116.3
132.6
140.8

1967 proportion
1970
1971
1972
1973
1974
1975
1976
1977

47.82
105.3
106.3
115.7
124.4
125. 1
118.2
127.2
134.9

27.68
109.0
114.7
124.4
131.5
128.9
124.0
136.2
143.4

1977: Sept
Oct
Nov
Dec

136.8
136. 5
137.0
137.6

144.9
144.9
145.2
145.8

155.6
156.8
155.2
155.8

140.7
140. 1
141.2
141.8

125.6
125.0
125.8
126.2

152.1
152.6
153.5
154.0

146.5
147.8
148.4
150.4

134.9
136.4
138.9
140.5
140.5
141. 1
141.9
143.0
143.4

141.8
143.8
145.9
147.5
147.0
147.0
147.5
148.2
148. 3

146.5
151.2
157.5
161.8
160.2
160.6
160.6
161. 2
160.0

139.9
140.8
141.3
141.8
141.7
141.6
142.3
143.0
143.5

125.4
126.2
129. 1
130.8
131.6
133.0
134.4
135.9
136.7

152.6
154.2
157.4
159.3
160.2
161.8
163.5
165. 2
166.2

151.6
151.4
151.4
152. 1
152.6
154.7
155.5
156.4
157.3

1978: Jan
Feb
Mar
Apr
May
June
July
Aug*__
Sept 9

.

—

- _ _ __

Materials

Supplementary
group:
Energy
total

109.2
111. 3
122.3
133.9
132.4
115.5
130.6
136.9

12. 23
117.0
119.5
125.2
128.3
125.5
125.5
128.8
132.5

143.2
144.9
146. 5
148.3

137.9
138.9
139.0
138.8

132. 5'
133.0
132.3
129.7

149.2
148.6
147.9
148.5
150.4
152. 1
153.6
155.3
155.9

139.2
138.6
139.9
143.7
145.1
146.4
147.8
148.0
149. 2

132.5
130.0
129.8
133. 1
134.2
135.9
136.3
136.2
136.8

89. 29

[1967=100, seasonally adjusted]
Diurable m anufactu res

Primarir metals

Non-

Total

Iron
and
steel

Fabricated
metal
products

1967 proportion
1970
1971
1972
1973
1974
1975
1976
1977

6.67
106.6
100.2
112. 1
126.7
123. 1
96.4
108.9
110.2

4. 21
104.7
96. 1
107. 1
122.3
119.8
95.8
104.9
103.4

5.93
102. 4
103.5
112. 1
124.7
124.2
109.9
123.3
130.9

9.16
104.4
100.2
116.0
133.7
140. 1
125. 1
135. 0
144.8

1977: Sept
Oct
Nov
Dec

109. 0
113.5
111.2
111.0

104.6
107.7
104.3
103.8

133.6
133.8
135.8
136.4

107.4
106.2
__ 106. 1
114.3
115.5
117.5
123.0
124. 4
_ 125. 1

99.5
96.3
96.4
109. 0
110.5
114.5
119. 0
120.7

136.9
136.9
138. 1
139.5
140.4
142.3
144.0
145. 4
146.7

Period

1978: Jan
Feb
Mar
Apr
May
June
July
Aug 9
Sept 9

Source: Board of Governors of the Federal Keserve System.

18



trical
machin—
ery

Electrical
machinery

Nomiurable rnanufact ures

Transp<srtation
equip ment

Lumber
and
products

F
Apparel
products

1.64

Print- Cheming
icals
Foods
and
and
pub- prodlishing ucts

Total

Motor
vehicles
and
parts

108. 1
107.7
122.2
143. 1
143.8
116. 5
131. 6
141.9

9.27
89.5
97.9
108.2
118.3
108.7
97.4
110.6
121. 1

4.60
92.3
118.6
135.8
148.8
128.2
111. 1
140.7
159.7

105.6
113. 8
120.8
126. 0
116.2
107.6
125. 1
133.4

3.31
101.4
104.7
109.4
117. 3
114.3
107.6
122.2
124.2

4.72
107.0
107. 1
112. 7
118.2
118.2
113.3
120.6
124.7

7.74
120.4
125.9
143.6
154.5
159.4
147.2
169.3
180.7

8.75
108.9
112.8
116.8
120.9
124.0
123.4
132.3
137.9

147.4
148.9
149.7
151.7

144. 6
144.2
146. 0
147.3

125.5
124.3
122.0
122.2

165.6
168. 4
163.0
161.8

137. 1
135.7
137.5
138. 1

127.7
129.0
125. 1
125.8

124.2
125.7
126.2
127.5

181.3
182.3
183. 1
183.0

138.3
137.3
139.4
140.4

150. 1
150. 1
151. 5
152.2
152.9
154.6
156. 1
157. 2
158.5

144. 0
146.4
149.5
152.3
152.9
154. 1
156.4
157. 1
157.8

116.2
118.4
126. 5
130.5
130. 1
130.4
132. 1
133. 7
133.2

146.6
153. 1
165. 1
171.7
168.3
167.7
169.7
171.0
168.0

138.5
135.5
136.5
136.9
136.5
138.7
138.4
138.6

118.6
121. 1
122.8
126. 1
125.8
126.8
124.6

129.9
128.3
129.1
128.6
128. 2
128.7
130.4
129.8
129.7

184.4
183. 7
185.2
185.5
188. 1
191. 1
192.0
191.8

139.3
140.8
141.1
143. 1
142.8
141.8
142.8
143. a

8.06

NEW CONSTRUCTION
Constructio n contracts2

Private
Total new
const ruc~
tion
expenditures

Period

Resic ential
Total

Commercial and
industrial

New
housing

Total J

Other

Federal,
State,
and
local

Total value
index
(1967=
100)

Commercial and
industrial
floor space
(millions of
square feet)

BOlions of doll ars

1971
1972
1973
1974
1975
1976
1977

110.0
124. 1
137.9
138.5
134.5
148.8
172.6

43.3
54.3
59.7
50.4
46.5
60.5
81.0

80. 1
93.9
105.4
100.2
93.7
110.5
134.7

17.0
18. 1
21.7
23.8
20.8
19.9
22.5

35. 1
44.9
50. 1
40.6
34.4
47.3
65.7

19.8
21.5
24.0
25.9
26.4
30.0
31.3

Seasonally
adjusted

Seasonally / adjusted atinual rates

176.4
177.8
176.7
178. 1
179.0
171.4
177.6
185.4
195.3
201.6
205.8
208.3
205.4

1977: Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb__
Mar
Apr
May
June
July
Aug 9

137.6
138.3
139.2
140.6
142.3
134.9
141.9
147.7
153.7
156.5
160.6
159.9
157. 7

82.9
83.0
84. 2
85. 2
87.4
79.4
85.3
88. 1
92.4
94.5
94.9
94.0
92.7

23.8
24.2
24. 1
24.3
22.8
22.4
22.8
25.4
26.4
27.3
30.6
30.6
30.2

67. 1
67.6
69.3
70.7
72.8
65.0
70.9
72.5
74.4
75. 1
76.6
77.7
77.4

1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.

145.4
165.3
179.5
169.7
167.9
199.4
252.2

29.9
30.2
32.5
38.3
40.9
38.3
37.8

30.9
31.2
30.9
31. 1
32. 1
33.2
33.8
34. 1
34.9
34.6
35. 1
35.3
34.7

38.8
39.4
37.4
37.4
36.8
36.4
35.7
37.7
41.5
45. 1
45.2
48.4
47.8

267
279
244
258
299
283
266
254
279
332
249
286
289

727
854
1,010
840
555
592
738
Seasonally
adjusted
annual
rates
853
813
757
847
864
996
814
863
921
1,061
999
898
951

NCTI.—New construction expenditure? data prior to 1973 not comparable with
later data. Data revised beginning Juanuary 1978. •
Sources: Department oi Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes

Jew private housing unilbs

*

Units started, by type of striicture

Period

1970
1971
1972
1973
1974
1975
1976
1977

Total

1 unit

1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1

812.9
1, 151. 0
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9

2-4
units
84. 8
120.3
141.3
118.3
68. 1
64.0
85.9
121.7

5 or more
units
535.9
780.9
906.2
795.0
381.6
204.3
289.2
414.4

Units
authorized

1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0

Units
completed

Homes
sold

1, 418. 4
1, 706. 1
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1

485
656

1,875
1,665
1,769
1,641
1,759
1,696
1,821
1,943
1,854
1, 890
1,942
1,950

Homes for
sale at
end of1
period

Vacancy
rate for
rental
housing
units
(percent)2

634
519
549
646
819

220
287
409
418
346
313
354
403

5.3
5.4
5.6
5.8
6.2
6.0
5.6
5.2

845
870
819
857
813
774
793
827
846
824
791
757

389
398
401
403
405
404
404
410
412
418
420
423

5.4

71-8

Seasonally adjusted arinual rates
1977: Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar
Apr
May
June"
July 9
Aug*
Sept 9
1
2

_

2,012
2, 139
2,096
2,203
1,548
1,569
2,047
2, 165
2,054
2,124
2, 119
2,044
2,073

1,508
1,532
1,544
1,574
1,156
1,103
1,429
1,492
1,478
1,441
1,453
1,454
1,451

Seasonally adjusted
Quarterly data entcjred in last mon th of quarter.




124
127
134
153
101
79
126
142
89
148
135
142
110

380
480
418
476
291
387
492
531
487
535
531
448
512

1,695
1,781
1,822
1,778
1,526
1,534
1,647
1,740
1,597
1,821
1,632
1,563
1,707

5. 1
5.0

5. 1
5.0

Source: Depart ment of Comm arce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales rose 2% percent in August while inventories rose nearly $3 billion. According to the advance survey,
retail sales rose 11A percent in September, following an increase of 1 % percent in August.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

100

400

90

350

TOTAL BUSINESS
INVENTORIES

RETAIL INVENTORIES
\

.80

300

70

250

RETAIL SALES

50

200
TOTAL BUSINESS
SALES

40

150
RATIO*
1.80

INVENTORY-SALES RATIO

100

1974

1975

1976

1977

1974

1978

1977

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Total b usiness l

Retail

Who!esale
Sales

Period

bales2
OJ

-I

n

Inventories3

2

Durable
goods
stores
Milli ons of d ollars, se asonally

Inven-3
CJ 1
Sales
*2 tories

Tn-f al

In ventorie 3

Nondurable
goods
stores

TVvf al

Invento ry-4 sales
ratio

DurNonable durable
goods goods
stores stores

Total
business 1

Retail

adjusted

116, 351
130, 049
151, 647
175, 200
__ 179, 621
200, 760
223, 793

188, 508
203, 088
233, 749
285, 064
283, 614
309, 238
334, 785

26, 257
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509

35, 823
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998

34, 169
37, 422
41, 871
44, 543
48, 370
53, 542
59, 029

10, 827
12, 369
14, 091
13, 820
14, 907
17, 544
19, 901

23, 342
25, 054
27, 781
30, 723
33, 463
35, 998
39, 127

50, 063
55, 079
62, 950
70, 716
70, 623
78, 045
87, 073

21, 687
24, 238
28, 072
32, 394
32, 119
36, 417
40, 534

28, 376
30, 841
34, 878
38, 322
38, 504
41, 628
46, 539

1.58
1. 50
1.44
1.47
1.58
1.48
1.44

1.39
1.40
1.41
1.48
1.43
1.39
1.40

225, 305
228, 450
231, 550
237, 017

330, 345
330,832
333, 186
334, 785

53, 307
53, 639
55, 558
57, 266

66, 119
66, 209
67, 047
67, 998

59, 412
60, 720
61, 650
61, 813

20, 161
20, 837
20, 795
20, 674

39, 251
39, 883
40, 855
41, 139

85, 215
85, 322
86, 299
87, 073

39, 559
39, 589
40, 087
40, 534

45, 656
45, 733
46, 212
46, 539

1.47
1.45
1. 44
1.41

1.43
1.41
1.40
1.41

_ _ 230, 294
238, 165
242, 627
250, 606
251, 869
_ _ 252, 639
250, 853
257, 747
_

337, 676
340, 396
345, 839
350, 545
354, 226
356, 920
359, 301
362, 100

55, 985
57, 635
58, 877
62, 152
64, Oil
63, 235
63, 404
64, 371

68, 991
70, 361
72, 882
74, 867
75, 474
75, 820
75, 664
75, 538

59, 987
61, 548
62, 649
63, 917
64, 292
64, 565
64, 343
65, 505
66, 502

19, 914 40, 073
20, 445 41, 103
20, 897 41, 752
21, 807 42, 110
21, 821 42, 471
22, 092 42, 473
21, 844 42, 499
22, 755 42, 750
23, 226. 43, 276

87, 708
87, 642
89, 097
89, 963
91, 063
91, 543
92, 470
93,680

41, 060
41, 369
41, 521
41, 881
42, 300
42, 036
42, 359
42, 640

46, 648
46, 273
47, 576
48, 082
48, 763
49, 507
50, 111
51, 040

1.47
1.43
1.43
1. 40
1. 41
1.41
1.43
1.41

1. 46
1.42
1.42
1.40
1.42
1. 42
1.44
1.43

1971
1972
1973
1974
1975_
1976
1977
1977: Sept
Oct
Nov
Dec
1978: Jan—
Feb
Mar
Apr
May
June__
July
Aug*
Sept*_

1978

COUNCIL Of ECONOMIC ADVISEES

1
The term "business" also includes manufacturing
2
Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
4

(see page 21).

For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.

20



Note.—Total lousiness and retail sales revised beginning January 1977.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments, inventories, and orders rose in August. According to advance data, durable goods shipments
and new orders were unchanged in September.
BILLIONS OF.DOLLARS* (RATIOSCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

INVENTORIES
240
200

TOTAL

160
120
100
40

80
,,H.IIIIHI,,,HI«»"«|WI"

60
BILLIONS OF DOLLARS* (RATIO SCALE)
140

NONDURABLE GOODS

40

NEW ORDERS

120
100

80

RATIO*

INVENTORY-SHIPMENTS RATIO

60

DURABLE GOODS ^.

40

-NONDURABLE GOODS—

1975

1974

1974

1978

1977

1976

1975

1977

1976

1978

*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Manufae turers' sh ipments 1 Manufact urers' inv entories *

Manu faeturers ; new orders

1971
1972__._
1973
1974
1975
1976
1977

55, 925
63, 043
72, 954
84, 821
86, 616
98, 809
111,256

29,
34,
39,
44,
43,
50,
58,

973
043
704
253
678
697
266

25, 952
28, 999
33, 250
40, 568
42, 939
48, 112
52, 990

Durab e goods
Capital
Nongoods
Durable
Total
Total
durable
indusgoods
Total
goods
tries,
nondefense
Millio ns of dollsirs, season ally adjus ted
102, 622 66, 271 36, 351 56, 016 30, 030
7,535
108, 223 70, 244 37, 979 64, 201 35, 098
8, 832
124, 545 81, 333 43, 212 76, 224 42, 894 11, 114
157, 811 101, 790 56, 021 87, 200 46, 783 12, 691
157, 878 101, 580 56, 298 85, 058 41, 933 10, 781
169, 886 108, 968 60, 918 99, 134 50, 997 12, 501
179, 714 115,424 64, 290 112, 842 59, 795 15, 201

1977: Sept..
Oct___
Nov_.
Dee__.

112,
114,
114,
117,

586
091
342
938

59,
60,
60,
62,

285
316
228
130

53,
53,
54,
55,

301
775
114
808

179,
179,
179,
179,

Oil
301
840
714

114,467
114,448
115, 212
115, 424

64,
64,
64,
64,

1978: Jan___ 114,
Feb... 118,
Mar.— 121,
124,
Apr
May... 123,
June__ 124,
July___ 123,
Aug p._ 127,
Sept *>__

322
982
101
537
566
839
106
871

59, 973
63, 077
64, 457
66, 493
65, 417
66, 293
65, 222
68, 684
68, 783

54, 349
55, 905
56, 644
58, 044
58, 149
58, 546
57, 884
59, 187

180,
182,
183,
185,
187,
189,
191,
192,

977
393
860
715
689
557
167
882

116,278
117, 511
118, 725
119, 848
121, 471
122, 688
123, 830
125, 206

64, 699
64, 882
65, 135
65, 867
66, 218
66, 869
67, 337
67, 676

Period

Total

1
1 Monthly average for year and
Book value, end of period.
8
End of period.
4

NonDurable durable
goods
goods

total for month. Shipments are the same as sales.

For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.




544
853
628
290

l

ManuManu-

fac-

Nonturers'
durable unfilled
goods orders 3

fac-

turers'
inventoryshipments4
ratio

25, 986
29, 104
33, 329
40, 417
43, 125
48, 137
53, 047

107,
121,
161,
189,
170,
174,
193,

657
709
194
678
686
553
659

1. 83
1.67
1. 58
1. 65
1.83
1. 66
1.58

53, 316
53, 775
54, 203
55, 963

183,
186,
189,
193,

113, 680
117, 331
117,024
122, 128

60, 364
63, 556
62, 821
66, 165

16,
16,
16,
16,

547
787
469
659

1.59
1.57
1. 57
1.52

117,
122,
125,
128,
128,
127,
123,
130,

63,
66,
69,
70,
70,
68,
65,
71,
71,

16,511 54, 564 197, 235

1.58
1.53
1. 52
1.49
1. 52
1.52
1.55
1. 51

899
544
801
175
450
580
279
952

335
681
016
033
045
840
187
582
522

124
097
090
988

17, 882
17, 507
17, 409
18, 124
18, 155
17, 074
19, 344
19,492

55, 863
56, 785
58, 142
58, 405
58, 740
58, 092
59, 370

200, 798
205, 500
209, 133
214, 010
216, 754
216, 922
219, 999

Source: Department of Commerce, Bureau of the Census.

21

PRODUCER PRICES

PRICES

In September, the producer price index for all finished goods rose 0.9 percent, seasonally adjusted. Prices of finished
consumer foods increased 1.7 percent, and prices of other finished consumer goods rose 0.5 percent. Prices of capital
equipment increased 0.6 percent.
^
.
INDEX, 1967=100 (RATIO SCALE)

INDEX, 1967=100 (RATIO SCALE)

CONSUMER GOODS
EXCLUDING FOODS

120

120

100

100

1979

1971
SOURCEi DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1967 = 100; monthly data seasonally adjusted]
]?inishec . goods

In1bermedi ate
Crud e materials
rnaterial s
Total
Total Conconfin- sumer
Foodsumer
Congjumer g oods
ished foods
Capi- finstuffs
Foods
goods
Total
tal
ished Total and Other Total and Other
NonTh-ir
2
feedTotal
dur- equip-l goods
feeds
stuff
able ment
F] nished goods exeludiniy
cons umer f o ods

Period

1970
1971
1972
_
1973
1974
1975
1976
1977
1977: Sept.
Oct
Nov
Dec
1978: Jan
_
Feb
Mar
Apr
__
May... _ _
June_
July_. _ _ „ _ _ _ _
Aug
_
Sept
1

110.3
113.7
117.2
127.9
147.5
163. 4
170.3
180.6
182. 1
183.2
184.5
185.3
186.6
188.6
189.6
192. 0
193.4
194.7
195.7
195. 5
197.2

113. 5
115.3
121.7
146.4
166. 9
181.0
180.2
189. 1
189. 2
189.5
191. 9
192. 6
194. 8
200. 7.
202. 1
205.8
206.7
209. 1
208.4
205.2
208. 6

Formerly called producer finished goods.

22



109. 1
113. 1
115.4
120.2
139.4
156.2
165 5
176.2
178.2
179.5
180.3
181.2
182.2
183. 0
183.9
185. 8
187.3
188. 3
189. 8
190.6
191.7

107.7
111. 4
113.4
118.5
138.6
153. 1
161.8
172. 1
174. 1
174.8
175.4
176. 1
177. 1
177. 6
178.4
180.8
182.3
182.9
184.8
185.6
186.6

106.9
110. 8
113. 2
115.4
125.9
138. 2
144. 4
152.2
154. 0
154. 9
155. 5
156. 1
157.4
157.7
158.7
163. 2
165.5
165.5
168 4
169. 6
170.3

108.3
111.7
113. 6
120.5
146.8
163. 0
173. 3
185.4
187.5
188. 1
188.8
189.5
190.3
190.9
191.5
192. 4
193. 3
194.3
195.4
195. 9
197. 1

112.0
116.6
119.5
123. 5
141. 0
162.5
173. 2
184.5
186.4
188.9
189. 9
191.3
192. 3
193. 5
194.6
195.7
197. 3
198.9
199.9
200. 6
201. 8

109.9
112.9
116.6
129. 2
149. 3
163.6
169.0
178.9
180.3
180.8
182. 1
182. 7
184.2
186. 4
187.5
190.4
191. 6
192.9
193.9
193.4
195. 1

109.9
114. 1
118.7
131.6
162.9
180. 0
189.3
201.7
203.5
204.3
205. 2
206.0
207.9
209. 7
211.3
212. 4
213.7
214.3
215. 4
216. 4
217.9

109. 1
111.7
118.5
168.4
200.2
195.3
186.6
191.0
172.9
172.8
185.4
183.3
187.2
191.0
201. 1
201.2
206.4
201. 0
204. 1
197. 1
201.5

109.9
114.3
118.9
128. 1
159. 5
178.6
189. 5
202.4
205. 3
206. 1
206.4
207.4
209. 2
210. 9
212. 0
213. 1
214.2
215. 1
216.0
217.5
218. 9

112. 3
115. 1
127.6
174.0
196. 1
196.9
205. 1
214. 3
205.7
207.4
214.4
217.2
221. 6
228. 7
231.7
238.5
238. 9
243. 1
241. 7
238. 6
242.3

112.0
114.2
127.5
180.0
189.4
191.8
190. 1
190.9
179.8
182.2
189.9
191. 1
196.4
205.6
208. 0
217.0
217. 1
221. 3
215. 7
211.9
215.9

112.7
117.0
128. 0
162. 5
208.9
206.9
233.6
258.4
254. 4
254.9
260.9
266. 3
269.4
272. 1
276. 5
278. 8
279.8
284.4
291. 0
289. 6
292.5

2
Intermediate materials for food manufacturing and manufactured animal
feeds.
NOTE.—Data revised for May 1978.
Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES
In September, the consumer price index for all urban consumers rose 0.8 percent (also 0.8 percent seasonally adjusted). Food prices increased 0.1 percent (0.5 percent seasonally adjusted). Nonfood commodity prices rose 0.9
percent (also 0.9 percent seasonally adjusted) and services prices were up 1.0 percent (0.8 percent seasonally
adjusted).
INDEX, 1967=100 (RATIO SCALE)
220

INDEX, 1967=100 (RATIO SCALE)

200

120

120

100

100

1970

1971

1972

1974

1973

1975

1977

1976

1978

SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1967=100]
All
items

Food

Commodities
less
food

_ 118. 3
121. 3
125.3
133. 1
147. 7
161. 2
170. 5
181. 5

114. 9
118. 4
123.5
141.4
161. 7
175. 4
180.8
192. 2

112.5
116. 8
119. 4
123. 5
136. 6
149. 1
156.6
165. 1

Period

1970
1971
1972
1973
1974
1975
1976
1977

Comnlodities le ss food

Food

All

Services

Services

commodities

All

Food
at
home

Food
away
from
home

All

Durable

Nondurable

121.6
128. 4
133.3
139. 1
152. 1
166.6
180.4
194. 3

113.5
117.4
120. 9
129.9
145. 5
158.4
165.2
174. 7

114. 9
118. 4
123. 5
141. 4
161. 7
175.4
180.8
192. 2

113. 7
116.4
121. 6
141. 4
162.4
175.8
179.5
190.2

119.9
126. 1
131. 1
141. 4
159.4
174.3
186. 1
200. 3

112. 5
116. 8
119.4
123. 5
136. 6
149. 1
156.6
165. 1

111.8
116. 5
118. 9
121. 9
130. 6
145. 5
154. 3
163.2

113. 1
117. 0
119. 8
124.8
140.9
151. 7
158. 3
166. 5

121. 6
128.4
133.3
139. 1
152. 1
166.6
180.4
194. 3

Seasonal y adjust ed

Unac [justed
1977:Sept___
Oct
Nov
Dec

184. 0
184. 5
185.4
186. 1

194.5
194. 4
195.6
196.3

166. 7
167.4
168. 1
168.4

197.7
198. 5
199.5
200. 5

176.2
176. 7
177. 5
178.3

194. 7
195.0
196.0
196.7

192. 3
192. 5
193.5
194. 2

203. 8
204.5
205. 1
206. 1

166.2
166.8
167. 6
168. 4

163.9
164.4
165. 1
166. 0

167.8
168. 6
169. 4
169.9

197.9
198.7
199. 5
200.3

1978: Jan
Feb____
Mar
Apr
May___
June
July
Aug
Sept___

187.2
188.4
189.8
191. 5
193. 3
195. 3
196.7
197.8
199.3

199.2
202. 0
204. 2
207.5
210.3
213.8
215. 0
215. 4
215.6

168.6
168.8
170.0
171.3
173.0
174. 4
175.4
176.3
177.8

202. 0
203. 5
204. 9
206.5
208. 0
209.9
211. 7
213.4
215.6

179. 9
180.8
182.3
184. 0
185. 6
187. 2
187.9
188. 7
190. 1

199. 2
201, 6
204.3
208. 1
211. 2
214. 0
213. 9
214.5
215.6

197.0
199.5
202. 5
207.3
211. 1
214. 0
213.2
213.3
214. 1

208. 4
210. 5
212.5
214. 0
215. 8
218. 2
219. 9
221. 7
223. 2

169. 5
169.9
170.9
171. 8
172. 8
173. 9
174. 9
175. 7
177.2

167. 6
168. 7
169.5
170. 4
171.8
173. 2
174. 4
175. 2
176.7

170.6
170. 1
171.2
172. 1
172.8
173. 5
174.4
175.2
176. 6

201.5
203.0
204. 7
206.6
208.7
210. 5
212.2
214.0
215.7

NOTE.—Beginning January 1078 data relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.




Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Percen 3 change from pr<^ceding
perioc 1; season ally adji] sted 1

Percen t change from 3 inonths
earlie r; seasorlally adjilisted
annua L rates

Percen t change from 6 inonths
earlie r; seasorlally adjijsted
annua I rates

Consum er goods

Consum er goods

Consum er goods

Period
Total
finished
goods

1969
1970
_ —_ _
1971
_
1972
___
__
1973__
1974
1975
1976
_ _
1977
1977: Sept
Oct
Nov
Dec
_
1978: Jan
Feb
Mar
_ _
Apr__
May
June
_ _
July
Aug
__ _
Sept
__

4.8
2. 2
3.2
3.8
11.8
18.3
6.6
3.3
6.6
.3
.6
.7
.4
.7
1. 1
.5
1.3
.7
.7
.5
—.1
.9

Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods
8.2
-2.5
5.9
8.0
22. 5
]3. 0
5.5
-2.5
6.6
-. 1
.2
1.3
.4
1. 1
3.0
.7
1.8
.4
1.2
-.3
-1.5
1.7

2.9
3.9
2.0
2.0
7.4
20.5
6.7
4.9
6. 1
.5
.4
.3
.4
.6
.3
.5
1.3
.8
.3
1.0
.4
.5

4.6
4.9
2.4
2.0
5.3
22. 6
8.2
6.4
7.2
.5
1.3
.5
.7
.5
.6
.6
.6
.8
.8
.5
.4
.6

2.9
4.7
6.8
7.2
7.6
9.2
9.6
12. 1
10.6
11.2
7.9
4.4
5.2

Capital Total
finequipished
Exclud- ment
ing
goods
Foods
foods

-2.3
-.8
5.6
7. 4
11.7
19. 6
21.2
24. 6
12.5
14.6
5.2
-2.9
1.0

4.0
5.2
5.2
4.7
5.4
5. 1
5.3
8. 6
11.0
10. 5
9. 1
7.4
8.3

6.0
9.9
10. 1
10.9
7.4
7.8
7. 1
7.3
8. 1
9. 1
8.9
6.9
6.0

4.7
4.5
4.4
5.0
6.2
8.0
8.4
9.8
9.9
10. 4
10.0
7.5
8.2

Capital
equipExclud- ment
Foods
ing
foods

1.0
^
-.3
2.4
5.2
12.4
14. 1
17. 9
16.0
17.9
14. 5
4.5
6.5

5.9
4.9
4.6
4.3
5. 3
5. 1
5.0
7.0
8.0
7.9
8.9
9. 2
9.4

6.4
8. 1
7.9
8.4
8.6
8.9
9.0
7.3
7.9
8. 1
8. 1
7.5
7.5

Source: Department of Labor, Bureau of Labor Statistics.

* Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for May 1978.

CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio i; seasortally adju sted 1
Period

All
items

Food

Commodities
less
food

Services

1969
1970
1971
1972
1973
1974
1975
1976
1977
1977: Sept___
Oet__Nov___
Dec___

6. 1
5.5
3.4
3.4
8. 8
12.2
7.0
4.8
6.8
.4
.3
.4
.4

7.2
2. 2
4. 3
4.7
20. 1
12. 2
6.5
.6
8.0
.2
.2
.5
.4

4.5
4.8
2.3
2.5
5.0
13.2
6.2
5. 1
4. 9
.3
.4
.5
.5

7.4
8.2
4. 1
3.6
6.2
11.3
8. 1
7.3
7.9
.6
.4
.4
.4

1978: Jan. _ _
Feb__.
Mar__ _
Apr —
May__
June__
July_._
Aug___
Sept_._

.8
.6
.8
.9
.9
.9
.5
.6
.8

1.3
1. 2
1. 3
1.9
1.5
1.3
-.0
.3
.5

.7

.6
.7
.8
.9
1. 0
.9
.8
.8
.8

.2
.6
.5
.6
.6
.6
.5
.9

Percent c lange f re>m 3 mont tis earlier ; Percent c lange f re>m 6 mont tis earlier ;
seasonsilly adju sted annu al rates
seasonailly ad jus5ted annu al rates
All
items




Services

All
items

Food

Commodities
less
food

Services

1.9
3. 1
3.5
4.2

2. 7
3. 4
4.7
"5.4

7. 6
6.3
5.6
4.9

6. 1
5. 1
4.8
4.7

6.6
3.7
3.6
3.0

3.5
3. 3
3. 7
4.0

8.5
7.8
7.0
6.3

8.9
6. 7
7. 5
11.9
16.4
9.3
19.1
10.0
11. 3 " 20. 5
11.4
20. 4
9.7
11.6
6.4
8. 3
7.8
3.0

6.6
5.6
6. 1
5.5
7.0
7.2
7.4
6.9
7.8

5.8
7.2
9. 1
10. 5
11. 7
11.8
11.3
10.6
10.3

5.6
6. 1
7. 1
8.3
9.4
10. 4
9.8
9.8
9.6

6.0
7.7
10. 1
13.9
16. 1
18.4
15.3
13.2
11.4

5. 0
5. 1
5. 7
6. 1
6.3
6.6
6.5
6.9
7.5

6.0
6.4
7.0
8.1
9.4
10.4
10.9
11.1
11.0

4.5
4. 5
4.7
4.9

1
Annual changes are from December to December (unadjusted).
NOTE.—Beginning January 1978 data relate to all urban consumers. Earlier data
relate to urban wage earners and clerical workers.

24

Food

Commodities
less
food

Source: Department of Labor, Bureau of Labor Statistics.

PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 2 percent in September. Contributing most to the increase were higher prices for cattle,
grapefruit, oranges, and milk Partially offsetting were lower prices for potatoes, corn, lemons, and rice. Prices paid
by farmers rose 1 percent in the month ended September 15.
INDEX, 1967=100 (RATIO SCALE)

PRICES RECEIVED
(ALL FARM PRODUCTS)

1970

1971

1972

1973

1974

1975

1976

1977

1978

J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14="lOO BASE.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

Prices received by farmers
Period

1970
1971
1972
1973
1974
1975
1976
1977

_

All farm
products

_

_
_ _

1977: Sept
Oct
Nov
Dec .

1978: Jan
Feb
Mar
Apr
May

June.
July
Aug

Sept_ _ _

_
_

_ _

Crops

Prices paid by farmers
All
items,
Livestock interest,
Family
Production
and
living
taxes,
and
items
items
products wage rates
Index, 1 967 = 100

Actual

Adjusted2

110
113
125
179
192
185
186
183

100
108
114
175
224
201
197
192

118
118
136
183
165
172
177
175

112
118
125
144
164
180
191
202

114
118
123
133
151
166
176
(3)

108
113
121
146
166
182
193
200

72
71
74
91
86
76
71
66

77
75
79
94
87
76
72
68

174
177
178
181

170
178
184
183

177
176
174
180

201
201
202
203

(33)
(3)
(3)
()

197
198
199
199

63
65
65
66

65
66
66
67

186
193
200
208
215
217
215
210
214

188
190
198
208
212
216
212
202
202

185
196
204
209
217
219
217
217
225

209
211
214
216
219
220
220
220
222

(3)
(*)
(33)
()
(33)
()
(33)
(3)
()

203
206
211
214
217
218
218
217
220

65
67
69
71
72
73
72
70
71

67
69
71
73
74
75
74
72
73

1
Percentage ratio of index of prices received by fanners to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
9
The adjusted parity ratio reflects Government payments made directly to
farmers.




Parity ratio l

3
Index discontinued. Consumer price index (Department of Labor) substituted
in calculating total prices paid beginning January 1977.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK

Growth in all of the monetary aggregates was unusually rapid in September.
BILLIONS OF DOLLARS* (RATIO i

BILLIONS OF DOLLARS* (RATIO SCALE)

200

200

1978
"SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEOIRAl RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Over all measiires 1

Deposi ;s at coimmercia banks
Period
Mi

M2

M3

Currency

Tim e and savings

Demand
Total

1972:
1973:
1974:
1975:
1976:
1977:
1977:

Dec—
Dec...
Dec—
Dec...
Dec—
Dec—
Sept..
Oct.__
Nov
Dec
1978: Jan...
Feb...
Mar
Apr
May__
June__
July...
Aug...
Sept *_

255.3
270.5
282. 9
295.2
313. 5
338.5
333.0
335.9
336. 2
338.5
341, 7
341.8
342.9
348.5
350.6
352.8
354. 2
356.7
360.9

525.3
571.4
612. 2
664.7
740.5
809. 5
795. 1
801.4
805.4
809.5
815.9
819. 1
822.6
830.3
835.2
840.6
846.2
853.5
862.3

844.4
919.2
981.2
1, 092. 5
1, 236. 5
1, 376. 1
1, 344. 9
1, 357. 9
1, 367. 1
1, 376. 1
1, 386. 6
1, 393. 1
1, 400. 3
1, 411. 4
1? 419. 9
1, 429. 8
1, 440, 9
1, 455. 1
1, 471. 8

56.8
61. 5
67.8
73.7
80. 7
88.6
86.3
87. 1
87.7
88.6
89.4
90. 1
90.7
91. 2
92. 1
92.8
93.3
94.0
95.2

198.4
209. 0
215. 1
221.5
232. 8
249.9
246.6
248.7
248.5
249,9
252.2
251.7
252.3
257. 3
258.5
259.9
260. 9
262.8
265.7

313.5
363.9
418. 3
450.9
489.7
545.0
525.9
531.9
540. 1
545.0
550.6
556.7
561.7
565.2
571.6
574.5
579.4
583.0
589.6

1
MI is currency plus demand deposits; Mz is Mi plus time deposits at commercial banks other than large certificates of deposit (CDs); and Ma is Mz plus
deposits at nonbank thrift institutions.

26



Percsent2
cha nge

Compon ents and related ii .ems

Large
CDs
43.5
63.0
89. 0
81.3
62.7
74.0
63.8
66.4
70.9
74.0
76.3
79.4
82.0
83.4
87. 1
86.7
87.4
86.3
88. 1

Other
270.0
300.9
329.3
369.6
427.0
471.0
462. 1
465.5
469.2
471.0
474.3
477.3
479.7
481.8
484. 5
487. 8
492.0
496. 7
501.5

Deposits
at
nonbank
thrift
institutions

U.S. Government
demand
deposits
(unadjusted)

319. 2
347.8
369. 1
427. 8
496. 0
566.6
549.8
556.5
561.7
566. 6
570.7
574. 0
577.7
581.2
584.7
589.2
594.7
601. 6
609.5

7. 4
6.3
4.9
4. 1
4. 4
5. 1
5. 0
3.7
3.5
5. 1
4.3
4. 3
4. 8
5.0
4. 0
t\2
4.5
3. 6
6.2

M,

M2

9. 1
6.0
4.6
4.3
6.2
8.0
8.6
8.0
7.9
8. 1
8. 1
7.0
6.0
7.6
8.7
8. 6
7.5
8.9
10.8

2
Annual changes are from December to December and monthly chang
from 6 months earlier at a seasonally adjusted annual rate.
Source: Board of Governors of the Federal Reserve System.

11.3
8.8
7. 1
8.6
11.4
9.3
9.7
9.4
9.5
9.0
8.2
7.7
7.0
7.3
7.5
7.8
7.6
8.6
9.9

PRIVATE LIQUID ASSET HOLDINGS— NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and cleposits

U.S. Tireasury
secuiities
ShortNonbank
term
Savings marketthrift
institu- bonds able setions
curities

Timed eposits

Negotiable
certificates of
deposit

Other
private
money
market
instruments

Total
liquid
assets

Total

1970: Dec
1971: Dec
1972: Dec
1973: Dec
1974: Dec
1975: Dec
1976: Dec
1977: Dec

769.7
852.5
967.2
1, 085. 3
1, 170. 2
1, 290. 6
1, 424. 6
1, 591. 0

632.7
719.0
816.6
887. 7
945.0
1, 055. 3
1, 195. 2
1, 328. 3

49. 1
52.6
56.8
61. 5
67.8
73.7
80.7
88.6

152.0
161.8
176.1
183.7
187. 1
192.4
200. 0
213.9

198.9
233.6
264.3
294.4
321. 1
360.6
417.3
459.2

232.7
271. 1
319.3
348. 1
369. 1
428.6
497. 3
566. 6

52.0
54. 3
57.6
60. 4
63. 3
67.2
71.9
76.6

41. 9
31.5
34.3
43.4
47. 1
66.3
66.5
77.6

21.8
27. 6
36. 2
53.8
70.4
58.4
43.2
52.3

21.3
20. 1
22.5
40.0
44.4
43.3
47.8
56.3

1977: Sept
Oct
Nov
Dec

1, 542. 7
1, 561. 2
1, 576. 5
1, 591. 0

1, 297. 8
1, 311. 2
1, 319. 2
1, 328. 3

86.3
87. 1
87.7
88.6

210.3
213.0
212. 1
213.9

451.4
454.6
457.6
459.2

549.8
556.5
561. 7
566. 6

75.3
75.8
76.2
76.6

73.3
75.5
77. 1
77.6

44.0
46.1
50.0
52.3

52. 1
52.6
54.0
56.3

1978:Jan___
Feb
Mar „
Apr_ _
May_ „__ _ _
June- _
July
Aug _ _ _
Sept *_ _

1, 607. 7
1, 619. 2
1, 631. 0
1, 647. 4
1, 662. 3
1, 674. 2
1, 687. 0
1, 699. 6
1, 719. 2

1, 339. 1
1, 345. 6
1, 352. 8
1, 363. 5
1, 371. 5
1, 381. 6
1, 393. 9
1, 407. 9
1, 424. 4

89.4
90. 1
90.7
91.2
92. 1
92.8
93.3
94.0
95.2

216.6
216. 0
216.3
221.5
222. 1
223. 1
224.7
226.5
229. 2

462.4
465.5
468. 1
469.6
472.5
476.5
481.2
485.9
490.7

570.7
574. 0
577.7
581.2
584.7
589.2
594.7
601.4
609.3

77.0
77.4
77.8
78.2
78.6
78.9
79. 3
79.5
79.8

79.5
80. 1
79.8
80.7
81.6
81.7
80.0
79.6
80.6

53.4
54.8
56.5
58.6
62.3
61.7
62.4
60.9
62.4

58.7
61.4
64. 1
66.4
68.3
70.4
71.4
71.6
72. 1

Period

Currency

Demand
deposits

Commercial
banks

Source: Board of Governors of the Federal Reserve System.

NOTE.—Data revised beginning January 1972.

CONSUMER INSTALMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Instalm ent credit e:ttended
Period
Total l

1970
1971
1972 _ _
1973
1974
1975
1976
1977
1977: Aug
Sept
Oct
Nov
Dec
1978: Jan
Feb
Mar __ _
Apr_ _
May
June
July
Aug. _

Total l

Automobile

Bank
credit
cards

Total *

Automobile

Bank
credit
cards

30, 094
35, 820
42, 700
48, 399
45, 429
51, 413
62, 988
72, 888

6,768
8,377
10, 390
13, 863
17, 098
20, 428
25, 862
31, 761

107, 444
113, 784
121, 926
138, 156
147, 920
156, 665
172, 795
194, 555

30, 440
31, 614
37, 188
42, 642
44, 929
48, 406
52, 750
59, 652

5,615
7,679
9,472
12, 433
15, 655
19, 208
24, 012
28, 851

4,852
10, 043
15, 191
19, 707
9,280
7,504
20, 533
31, 090

19, 204
19, 164
19, 787
19, 680
20, 138

6,158
6, 109
6,083
6,330
6,721

2,711
2,847
2,973
2, 828
2,973

16, 553
16, 814
17, 160
16, 826
17, 402

5, 104
5,005
5,234
5,089
5,424

2,396
2,567
2,687
2,585
2 S 723

2,651
2,351
2,626
2,853
2,736

1,054
1, 105

1,241
1,297

850

315
279
287
243
250

19, 586
20, 179
21, 595
22, 117
22, 336
22, 680
22, 332
22, 632

6,263
6,400
6,822
7,248
7,387
7, 241
7,156
7,399

2,948
3, 143
3,231
3,255
3,245
3,482
3,466
3,499

17, 162
17, 518
17, 527
18, 398
18, 479
18, 888
19, 031
19, 646

5,078
5,296
5,300
5, 520
5,598
• 5, 698
5,636
5,953

2,788
2,858
2,783
2,944
2, 982
3, 120
3,068
3, 219

2,424
2,661
4,068
3,719
3,857
3, 792
3,301
2,986

1,185
1, 104
1,522
1,728
1,789
1,543
1,520
1,446

160
285
448
311
263
362
398
280

i Includes some items not shown separately.




Bank
credit
cards

Net change5 in amount outstanding

296
826
117
863
200
169
328
645

112,
123,
137,
157,
157,
164,
193,
225,
_

Automobile

Instalmc3nt credit liejuidated

-347
4,207
5,512
5,758

500

3,007
10, 238
13, 235

1,153
699
918

1,430
1,443
1,220
1,850
2,911

Source: Board of Governors of the Federal Reserve System.

27

BANK LOANS, INVESTMENTS, AND RESERVES
Growth in commercial and industrial loans remained moderately strong in September.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS*(RATIO SCALE)
1,000 -ALL COMMERCIAL BANKS-

1,000

TOTAL
—= LOANS AND INVESTMENTS -

800

800

600

600

400

400

200

200

INVESTMENT IN OTHER SECURITIES

„,„«.«• ••«*"'

Minrti*""

100

100

80

80

INVESTMENT IN
U.S. GOVERNMENT SECURITIES

60

60

40
1970

1971

1972

1975

1974

1973

1977

1976

*"SEASONAUY ADJUSTED, END OF MONTH
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

T>

1970
1971
1972
1973
1974
1975
1976
1977

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]
All member ban ks
All c ommercial I>anks l
Borrowiiigs (milL<Dans
Investn lents
£teserves 2 3
lions of dollars,
Total
unadji isted) 2
loans
and Total exU.S. Gov- Other
invest- cluding CommerReNonSeacial and
ernment
secuTotal
Total
ments
inter- industrial
borrowed quired
sonal
securities
rities
bank

•

435.5
485.7
558. 0
633.4
691. 1
721. 8
785. 1
870.6

292.0
320.9
378. 9
449. 0
500.2
496.9
538.9
617.0

1977: Sept
Oct
Nov
Dec

850. 8
860.0
866.2
870.6

593.9
602.7
611.6
617.0

1978: J a n » _ _ _ __
Feb»
Mar".__
Apr p ___
May * _
June p
July *>__
Aug* . _„
Sept »

880.6
886. 6
892.2
906. 0
917.9
922.4
935.2
939. 2
947. 1

624.9
628.2
636.5
646.3
657.9
661.2
672.0
677.2
684.4

_

i i 1 1 i i i i ij 40
1978

_

_ _

1
Data are
2
Averages
3

_

4

5
6

6

110. 0
116. 2
130.4
156.6
183.5
176. 2
179. 7
201. 4

57.8
60.6
62. 6
54.5
51. 1
80. 1
98.0
95.6

85. 7
104. 2
116. 5
129.9
139.8
144.8
148. 2
158.0

29. 11
31. 17
31.34
34. 91
36.57
34.68
34.93
36.14

28.78
31.04
30.29
33. 61
35.84
34. 55
34. 88
35.57

28.86
30.98
31.06
34.61
36.31
34.42
34. 65
35.95

321
107
1,049
1,298
703
127
62
558

41
32
13
12
54

196.0
198.7
200. 2
201. 4

100.7
99.4
96.3
95.6

156. 2
157.9
158.3
158.0

35. 52
35.81
35.96
36. 14

34. 89
34.50
35. 10
35.57

35.31
35.60
35. 71
35.95

634
1,319
840
558

112
114
83
54

203.9
206. 1
210.3
213. 3
219. 2
220.4
222.3
224.4
226. 3

96.3
99. 0
95.6
97.6
97. 1
98.4
99.7
97. 0
96.3

159.4
159.4
160. 1
162. 1
162.9
162.8
163. 5
165.0
166.4

36.61
36.93
36. 67
36.95
37.26
37.73
38. 19
37. 91
38. 17

36. 12
36.52
36. 34
36. 39
36.05
36.63
36. 88
36. 77
37. 11

36.34
36. 69
36.47
36. 80
37.04
37.55
38.00
37. 74
37.97

481
405
344
539
1,227
1, 111
1,286
1, 147
1,067

32
52
47
43
93
120
143
188
191

lor end of period.
of daily figures. Annual data are for December.
Member bank reserves series reflects actual reserve requirement percentages
with no adjustment to eliminate the effect of changes in Regulations D and M.

28



4
During 1974, total loans and investments were increased $0.6 billion due to
a bank
merger and were reduced $1.5 billion due to liquidation of a large bank.
5
Loan reclassifications reduced these loans by $1.2 billion as of March 31, 1976.
8
Loan reclassifications reduced these loans by $0.2 billion in December 1977.
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 adiusted annual rates]
Sources

Uses

Total

Purchase
of
physical
assets 4

crease
in
financial
assets

External
Period

Total

Internal 1

Credilj market i unds
Total
Tntal

1970
1971
1972
1973
1974
1975___
1976
1977

„ _

__

_ _

1977: I
II
III
IV
1978: I
II

_
9

Longterm 2

Short-3
term

Other

In-

Discrepancy
( sources
less
uses)

104. 3
127. 1
161.7
199. 7
190. 8
143.8
205.0
238. 9

58.9
68. 6
80.8
83.8
75. 7
106. 8
124. 7
135. 3

45. 5
58.5
80. 9
115.9
115. 1
37. 0
80. 3
103. 6

40. 7
44.5
58.3
72. 7
81. 8
37.0
58.2
78. 7

32. 1
40. 6
40. 6
37. 1
39. 1
49. 2
48. 7
46. 2

8. 6
3. 9
17. 6
35. 6
42. 6
-12. 2
9. 4
32. 5

14. 1
22. 7
43. 3
33. 4
.0
22. 1
25. 0

95. 9
119.6
145. 9
185.6
179. 1
131.9
184.9
212.4

80. 3
86. 0
100. 3
123. 3
134. 7
99. 9
141. 2
164. 6

15.6
33. 6
45. 6
62. 3
44. 4
32. 0
43. 7
47.8

7. 5
15. 9
14.2
11.8
11. 9
20. 1
26. 7

244.3
198.6
266. 1
247.2

123.8
134.9
145. 5
137. 3

120. 5
63.7
120.6
109. 9

75.9
63. 7
80. 1
95.2

34. 5
35. 2
53.4
61. 6

41. 4
28. 5
26. 7
33. 6

44. 5
.0
40. 5
14. 7

214.
177.
234.
222.

6
3
6
7

152. 5
162. 4
175.2
168. 0

62. 1
14. 9
59. 4
54. 7

29.6
21. 3
31.4
24. 4

282. 2
266. 6

125. 6
140. 5

156. 6
126. 1

107. 0
101. 3

40. 3
46. 7

66. 7
54. 6

49. 6
24. 8

260. 5
245. 8

180. 3
198. 3

80. 2
47. 5

21. 6
20.8

1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
c apital consumption allowances, and foreign branch profits.
1
Stocks,
bond s, and mortgages.
3
Bank loans, commercial paper, finance company loans, tankers' acceptances,
and Governmen t loans.

4.8

8.4

* Plant and equipment, residential structures, inventory investment, and mineral rights.
Source: Board of Governors of the Federal Reserve System.

CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Cur rent liabil ities

Curreiit assets
End of period
Total

SEC series: 2
1970
___
1971
1972_ __
1973
1974
FTC-FRB series: 3
1974___ _ _
1975
1976
1977___

Cash

Notes
U.S.
governand
ment
acsecuri- counts
payable
ties

Inventories

Other
current
assets

Total

Net

Notes
and
accounts
payable

Other
current
liabilities

working
capital

Current
ratio 1

492.
529.
599.
697.
790.

3
6
3
8
7

50. 2
53. 3
59.0
66. 3
71. 1

7. 7
11.0
10.6
12. 8
12. 3

206.
221.
248.
288.
322.

1
1
2
5
1

193. 3
200.4
225. 7
263. 9
313. 6

35. 0
43. 8
55. 8
66.4
71. 7

304.9
326. 0
375. 6
450. 9
530. 4

211. 3
220. 5
282. 9
340. 3
402.3

93. 6
105. 5
92. 7
110. 7
128. 1

187.4
203.6
223. 7
246. 9
260. 3

1. 615
1.625
1. 595
1. 548
1.491

734.
756.
823.
900.

6
3
1
1

73. 0
80.0
86.8
94. 2

11. 3
19. 6
26.0
20. 9

265. 5
272. 1
292. 4
325.7

318.9
314. 7
341. 4
375. 0

65.9
69. 9
76. 4
84. 3

451. 8
446. 9
487. 5
543. 2

272.
261.
273.
306.

179. 5
185. 7
214. 2
236. 3

282.8
309. 5
335. 6
357. 0

1.626
1.693
1. 688
1. 657

1977: I __
II
III
IV

842. 0
856.4
880.3
900. 1

80.8
83. 1
83. 4
94. 2

26. 8
22. 1
21. 5
20. 9

304. 1
312.8
326. 9
325. 7

352. 1
358. 8
367. 5
375. 0

78. 3
79. 6
81.0
84. 3

502.6
509. 5
528.9
543. 2

280. 2
286.8
297.8
306. 8

222.
222.
231.
236.

339.
346.
351.
357.

5
9
4
0

1.675
1. 681
1. 664
1.657

1978: I

921.8

88.3

20.8

336.8

389. 5

86.4

564. 6

316.3

248. 3

357. 2

1. 633

1
2
3

Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.




3
2
2
8

4
7
1
3

NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Data revised beginning 1977.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.

29

INTEREST RATES AND BOND YIELDS
Virtually all interest rates rose further during October.
PERCENT PER'ANNUM

PERCENT PER ANNUM

1970

1978

SOURCE.- SEE TABLE BELOW

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum)
Period

1972
__
1973. _ _ _ _
1974_
__
1975_
1976_
1977
1977: Oct
Nov__ _ _
Dec
1978: Jan_ ..
Feb
Mar
Apr.
~ _
May__
June_ .
July
Aug.
Sept__ _
Oct
Week ended:
1978: Sept 30
Oct 7
14 _
21
28*>_

1
2

U.S. Tre asury securi ty yields
Constant rmaturities 2
3-month
bills i
3-year
10-year

High-grade Corporate Prime com- Discount
mercial
rate
municipal
Aaa
(N.Y.
paper,
bonds
F.R.
4-6
(Standard
Bank)4
& Poor's)3 (Moody's) months

4. 071
7. 041
7. 886
5.838
4. 989
5. 265
6. 188
6. 160
6. 063
6. 448
6. 457
6.319
6. 306
6.430
6. 707
7.074
7.036
7.836
8. 132

5.72
6. 95
7.82
7.49
6.77
6.69
7. 19
7.22
7.30
7.61
7.67
7.70
7.85
8.07
8.30
8. 54
8.33
8.41

6. 21
6.84
7.56
7. 99
7.61
7.42
7.52
7.58
7.69
7.96
8.03
8. 04
8. 15
8.35
8.46
8.64
8.41
8.42

5. 27
5. 18
6. 09
6. 89
6. 49
5.56
5. 53
5. 38
5. 48
5. 60
5.51
5.49
5.71
5. 97
6. 13
6. 18
5.98
5. 93

7. 21
7. 44
8. 57
8. 83
8.43
8. 02
8. 04
8. 08
8. 19
8.41
8.47
8.47
8.56
8.69
8.76
8. 88
8. 69
8.69

4. 69
8. 15
9. 87
6. 33
5. 35
5. 60
6. 55
6. 59
6. 64
6. 79
6.80
6. 80
6. 86
7. 11
7. 63
7.91
7.90
8. 44

8. 106
8. 161
8.256
8.209
7. 900

8.49
8. 50
8.47
8. 57
8.67

8.55
8.58
8. 54
8.62
8.69

5.91
5.87
5.90
5. 97
6. 05

8.77
8.81
8. 85
8.88
8.92

8.60
8. 75
8.97
9.07
9. 19

Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
4s Weekly data are Wednesday figures.
Average effective rate for year; opening and closing rate for month and week.

30




4. 50
6.45
7. 83
6.25
5. 50
5. 46
5JH3
6-6
6-6

6-6H
6&-6H
6H-6H
6*2-6%
6H-7

7-7
7-7

1

7 /4-7%

7%-8

8-8
8-8
8-8

8-8^
8^2-

Prime
rate
charged
by
banks 4

5. 25
8. 03
10.81
7.86
6. 84
6. 83
731/i-733/4

7 /4-7 /4
73/4-73/4

73/4-8
8-8
8-8
8-8
8-8H
8H-9
9-9
9 -9K
9&-9Ji
934-

Newhome
mortgage
yields
(FHLBB)s
7. 60
7.95
8.92
9. 01
8. 99
9.01
9.07
9. 07
9.09
9. 15
9. 18
9. 26
9.30
9. 37
9.46
9. 57
9. 70
9.73

9^-9%
93/4-9M
934-10
10-10
10-10^

s Effective rate (in the primary market) on conventional mortgage15, reflectini
fees and charges as well as contract rate and assumed, on the average, repaymed
at end of 10 years. Rates beginning January 1973 not strictly comparable wit!
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan B*ank Board, Moody's Investors Service,
and Standard & Poor's Corporation.

COMMON STOCK PRICES AND YIELDS
Stock prices were extremely erratic in October.
INDEX, DEC.31,1965=50
80

INDEX, DEC 31,1965 =50
80

COMPOSITE STOCK PRICE INDEX
(NYSE)

20
EARNINGS-PRICE RATIO ON COMMON STOCKS

- 15

- 10

- 5

1978

1970

COUNCIL OF ECONOMIC ADVISERS

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

Comimon stock p rices
Period

New York Stock Exerlange indexes(Dec. 31. 1965=50) *
Composite Industrial Transportation

1972
1973_
1974_
1975
1976
1977
1977: Sept
Oct
Nov
Deo__. __
1978: Jan— ......
Feb
Mar_
Apr___
May _ __
June_ _
July
Aug.
Sept _ _ _ _
Week ended:
1978: Sept 30
Get 7_ _
14____
21___
28 _

Utility

65. 73
63.08
48.08
50. 52
60.44
57.86
56.41
54. 99
55. 62
53. 55
53. 45
52. 80
52. 77
55. 48
59. 14
59. 63
59. 35
64.07
64. 23

50. 17
37. 74
31.89
31. 10
39. 57
41.09
39.99
38. 33
39.30
39. 75
39. 15
38. 90
38. 95
41. 19
44.21
44. 19
44. 74
49.45
50. 19

38.48
37.69
29.79
31.50
36. 97
40.92
40.93
40.38
40.33
40.36
39. 06
39.02
39. 26
39, 69
39.47
39.41
39.28
40.20
39. 82

78. 35
70. 12
49.67
47. 14
52. 94
55.25
55. 33
53.24
54.04
53. 85
50. 91
50. 60
51.44
55.04
57.95
58. 31
57. 97
63. 28
63. 22

57.55
58. 07
59.00
56.31
53.92

62.94
63. 55
64. 63
61. 46
58.70

48.62
49. 13
50. 09
46.31
43.44

39. 78
40. 02
40.43
39.45
38.58

61. 91
62.36
63.60
60. 62
57.33

the NYSE.

Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.




Finance

60.29
57.42
43. 84
45.73
54.46
53. 69
52. 66
51.37
51.87
51. 83
49. 89
49.41
49. 50
51.75
54.49
54.83
54.61
58.53
58. 58

1
Averages of daily closing prices.
1
Includes all the stocks (more4 than 1,500) listed on
3
Includes
30 stocks.
Includes 500 stocks.
5

Common stock 5 yields
(percent) *

*

Standard
& Poor's
Dowcomposite Dividend- EarningsJones
index
industrial3
ratio
ratio
=
average (1941-43
10) 4
2.84
5.50
109. 20
950. 71
7. 12
3.06
107. 43
923. 88
4.47
82. 85
11. 59
759. 37
4.31
9. 15
802. 49
86. 16
8.90
102. 01
3.77
974. 92
4.
62
98.20
10.79
894. 63
4.82
11.09
853. 30
96. 23
4.97
823. 96
93. 74
5. 02
94.28
828. 51
93.82
5. 11
818. 80
11.45
5.32
90. 25
781. 09
5.49
763. 57
88.98
5.62
12.25
88.82
756. 37
5.42794. 66
92. 71
5,20
838. 56
97.41
840. 26
5. 19
97. 66
831. 72
5. 25
97. 19
4. 93
887. 93
103. 92
4.97
878. 64
103. 86
863 57
873. 94
896. 01
855. 91
825. 92

102. 13
103. 18
104. 80
100. 34
96.72

5.08
5. 02
4. 91
5. 16
5.33

NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.

31

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal year 1978 the budget deficit was $48.7 billion, compared with $45.0 billion in fiscal 1977.
BILLIONS OF DOLLARS
500
RECEIPTS AND OUTLAYS

BILLIONS OF DOLLARS
500

400

400

OUTLAYS

300

300
RECEIPTS

200

200

50

50
SURPLUS (+) OR DEFICIT (-)

0

0

-50

-50

_L

-100

1970

1971

1972

1973

-100
1974

1976

1975

1977

1978

1979

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

[Billions of dollars]
Period
Fiscal year or period:
1969__
_
1970
1971
1972
_ _ _
1973
____^.
1974
1975
- _
__ _
1976
__
_ _
Transition quarter _
1977
1978 2 __
1979 (estimates) :
Statement, October 1978 2
Second Concurrent
Resolution, September 1978 3
1
2

Receipts

Outlays

Surplus or
deficit ( — )

187.8
193. 7
188.4
208. 6
232.2
264.9
281. 0
300.0
81.8
357.8
402. 0

184. 5
196.6
211.4
232. 0
247. 1
269. 6
326. 1
366. 4
94. 7
402.8
450. 7

3.2
-2. 8
-23.0
-23. 4
-14. 8
-4.7
-45. 1
-66. 4
13.0
-45. 0
-48. 7

452. 7

491. 6

—38.9

448. 7

487. 5

-38. 8

Federal debt ( end of period)
Tntal 1

367. 1
382. 6
409. 5
437. 3
468. 4
486. 2
544. 1
631. 9
646. 4
709. 1
780.4

Held by
the public
279.5
284.9
304. 3
323.8
343. 0
346. 1
396.9
480.3
498. 3
551.8
610.9

Excludes non-interest-bearing public debt securities held by IMF.
NOTE.—See Note, p. 33.
Data from Joint Statement of Secretary of the Treasury and Director, Office
Sources: Department of the Treasury and Office of Management and Budget,
of Management and Budget, October 27, 1978.
except
as noted.
s Second Concurrent Resolution on the Budget—Fiscal Year 1979, September 21 1978.

32



tTEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1978 budget receipts were $44.2 billion higher than in fiscal 1977 and outlays were $47.9 billion
higher.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

200 -RECEIPTS-

200

100

100
CORPORATION INCOME TAXES

.V

OTHER RECEIPTS

400

400
OUTLAYS

300

300
NONDEFENSE

200

200

100

100
I
v

1970

I
1971

I
1972

1974

1973

1975

1976

1977

1978

1979

M

FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Nationa . defense
Period

Fiscal year or period:
1969_
1970
1971_
1972
_
1973
1974_
1975
1976_ _
Transition quarter
1977
1978 i
1979 (estimates) l

Total

187. 8
193.7
188.4
208. 6
232.2
264. 9
281. 0
300. 0
81.8
357. 8
402. 0
452. 7

Indi- Corpovidual ration Other
income income
taxes
taxes

87. 2
90. 4
86.2
94. 7
103. 2
119.0
122. 4
131. 6
38.8
157. 6
181. 0
202.7

36. 7
32. 8
26.8
32. 2
36. 2
38. 6
40. 6
41. 4
8. 5
54.9
60. 0
68. 0

63. 9
70. 5
75. 4
81. 7
92.8
107. 4
118. 0
127. 0
34. 5
145. 2
161. 1
182. 0

1
Data from Joint Statement of Secretary of the Treasury and Director, Office
f Management and Budget, October 27, 1978.
NOTE.—Earned income credit payments in excess of an individual's tax liability
are classified as outlays for all periods.




Total
Total

184.5
196. 6
211. 4
232. 0
247. 1
269. 6
326. 1
366.4
94. 7
402. 8
450.7
491. 6

79. 4
78. 6
75.8
76. 6
74.5
77.8
85. 6
89.4
22. 3
97. 5
105. 2
114. 5

Interna- Health
In- Other
and
Depart- tional income
ment of affairs security terest
Defense,
military

77.9
77. 2
74. 5
75.2
73.3
77. 6
85. 0
88.0
21. 9
95. 7
103. 1
112. 0

4. 6

4.3

4. 1
4. 7
4. 0
5. 6
6.9

5. 5
2. 2
4. 8
5. 9
6. 3

49.0
56. 1
70. 1
81.4
91. 8
106. 5
136. 3
160. 9
41. 5
176. 7
189. 9
209. 1

15. 8
18. 3
19. 6
20. 6
22. 8
28. 1
31. 0
34. 6
7. 2
38. 1
43. 9
52. 1

35. 7
39.3
41.8
48.8
53.9
51. 7
66. 5
76.0
21.5
85.7
105. 8
109. 6

Source: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
in the second quarter, Federal receipts rose $28.6 billion (annual rate) and expenditures fell slightly, yielding a
deficit of $23.6 billion, less than half the deficit in the first quarter. In the third quarter, according to preliminary estimates, expenditures rose $17.8 billion/ receipts data are incomplete.
BILLIONS OF DOLLARS
550

BILLIONS OF DOLLARS

500

150

50

50

SURPLUS

mm

m

^

DEFICIT

.^n-I

^

-50

I \I \ PH
%

1rtA

1970

1971

1973

1972

V-?75

1974
CALENDAR YEAR'

r.
0

I

-50

^
— 100

1977

1976

1978

COUNCIL OF, ECONOMIC'ADVISERS

SOURCE! DEPARTMENT OF COMMiRCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernm ent receipts

Period

Fe3deral G<jvernmeiit expen ditures

Subsidies Less:
Grantsless
Wage
Purin-aid
Indirect ContriPersonal Corpochases Trans- to State Net
current accruals
rate business butions
tax
and
Total nontax profits tax and
for
Total of goods fer pay- and interest surplus of less
tax
nontax social inpaid Govern- disand
ments local
receipts accruals
services
government en- burseaccruals surance
ments
terprises ments

Surplus
or
deficit
(-),
national
income
and
product
accounts

Fiscal year:
271.8
1974
1975..... 283.5
1976.. .... 313. 9
365.3
1977
Calendar
year:
1974__»___ 288.6
286.2
1975
331.4
1976
374.5
1977

122. 6
127. 1
136.9
165.9

43.7
42. 1
51.9
58.8

21.4
22.2
24.2
24.5

84.2
92. 1
100.9
116. 1

278.8
328.7
371.5
412. 0

104.6
118.0
126.2
140.7

104. 7
134.3
156.5
169.6

41. 6
48.4
57.5
66.2

19.8
21.9
25.2
28.4

8.0
5.7
6.2
7.0

-0.2
-.4
.0
.0

-7.0
-45.3
-57.6
-46.7

131. 1
125.4
146.8
169.4

45.9
42. 8
54.8
61.3

21. 7
23.9
23.4
25.0

89.9
94. 2
106.4
118.7

299,3
356. 8
385.2
422.6

111. 1
123. 1
129.9
145. 1

117.6
149. 1
161.6
172.7

43.9
54.6
61. 1
67.4

20.9
23.2
26.8
29. 1

5.3
6.8
5.8
8.3

-.5
.0
.0
.0

-10.7
-70.6
-53. 6
-48. 1

366.6
1977: I
!!___ 371.4
III.. 374.3
!¥„__ 385.5

168.3
167.0
167. 6
174.8

58.4
61.8
62.0
62. 9

24.4
24.8
25.4
25.6

115.5
117.7
119.3
122.2

403.9
411.7
430.7
444. 1

138.3
142.9
146.8
152.2

168.6
168.2
175.7
178.3

62. 1
65.4
70.9
71. 1

28. 1
28.8
28.9
30.7

6.7
6.4
8.4
11.8

.0
.0
.0
.0

-37.3
-40.3
-56.4
-58.6

396.2
1978: I
IL.__ 424.8
III*>_

176.8
186.7
199. 1

59. 6
72.6

26.5
27.9
28.2

133.3 448.8
137.6 448.3
139.9 466. 1

151. 5
147.2
156. 1

180.2
180.7
188.9

73.9
75.9
77.7

33.2
34.6
36.0

10.0
10.0
7.5

.0
.0
.2

-52.6
-23.6

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.

34



INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Iridustria i produ ction (se asonally ad juste d)
United
States

Canada

Japan

France

Germany

Italy

United
Kingdom

1971
- 109.6
119.7
1972
129. 8
1973
129.3
1974
117.8
1975
129.8
1976
137.0
1977
1977: Dec—- 139.7
1978: Jan____ 138.8
Feb... 139.2
Mar__- 140. 9
Apr — 143.2
May __ 143.9
June vp _ 144.9
July - 145. 9
Aug *>-. 146.7
Sept" 147.5

121. 5
130. 7
143. 0
147.5
139. 6
146. 7
152. 6
155.4
153.3
156.7
157.5
158.2
156. 7
US. 4
159.8
158.3

155. 8
167. 2
190. 5
183. 1
163.9
182.0
189.5
193. 3
194. 9
195.4
199.5
199.7
200. 3
200.5
199. 7
201.3

128
135
145
148
139
149
152
149
154
152
156
160
155
154
/155

133. 6
138. 7
147. 7
145. 1
137. 1
149. 1
152.7
156
157
152
151
152
151
155
157
155

117.5
122.7
134.6
140. 6
127.6
143. 5
144.8
137.3
143. 4
148. 0
146.6
143. 1
145. 1
143.8
144.9
142.4

110. 6
113. 2
123. 0
120.0
114.3
117.4
123. 1
122.9
123. 6
124.4
123.9
127. 4
125.8
127.9
127. 3
128.0

Period

1

__!-—

Con sumer Drices (u n ad juste D

GerUnited CanStates1 ada Japan France many
121.3
125. 3
133. 1
147. 7
161. 2
170.5
181.5
186. 1
187.2
188.4
189. 8
191. 5
193.3
195. 3
196. 7
197.8
199.3

126.5
132. 3
147. 9
184.0
205. 8
224.9
243.0
245. 1
246. 1
247. 1
249. 4
252. 1
253. 5
252. 1
253. 1
253.3

115. 6
121. 2
130.3
144.5
160. 1
172. 1
185.9
193.3
194.0
195.3
197. 5
197.9
200.7
202. 4
205. 4
205.5
205. 2

123.5
131. 1
140.7
160. 0
178. 9
196. 1
213. 9
221. 7
222. 8
224.4
226. 4
228. 9
231. 1
232. 8
235.7
237. 1

112.7
119. 0
127. 2
136. 1
144. 2
150. 7
156.6
157.9
158.9
159.7
160.3
160.7
161. 1
161. 5
161. 5
161.0
160.6

Italy

114.4
12L 0
134. 1
159.7
186.8
218. 1
257.6
272.0
274. 6
277.4
280.3
283. 3
286.4
288.8
291. 0
292. 3
296.2

United
Kingdom

128.5
137. 6
150.3
174.4
216.5
252. 4
292.4
302. 6
304.4
306.2
308. 1
312.6
314.4
316. 8
318.2
320.3
321. 6

Source: Rational sources as reported by Department of Commerce, Bureau
of International Economic Policy and Besearch, Office of International Economic
Research, in International Economic Indicators.

Beginning January 1978 data relate to all uitan consumers.

U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mere!landise e xports

Merc landise i mports
Ge neral im ports

Domesti 3 exports
Period

Total
domestic and
foreign Total 1 2
exports

Food, Crude
Food, Crude
bever- matebever- mate- Manufac2
rials
ages,
rials
ages,
tured Total and
to- and
and to- and
goods
bacco
bacco
fuels
fuels

F.a.s. valu e 5

Monthly
average :
1973
1974

1974
1975
1976
1977
1977: Sept___
Oct
Nov
Dec
1978: Jan
Feb__Mar
Apr___
May___
June___
July___
Aug___
Sept___

Manufactured
goods

Total
(c.i.f.
value) 4

3,750
4, 684

6, 131
9,000

4,602
4, 257
5, 398
6,379
6, 844
6,767
6, 140
7,556
7,264
8, 464
8, 043
8,636
8, 247
8,020
8, 864
8, 195
8,748

9,000
8,654
10, 825
13, 130
13, 813
13, 432
13, 203
14, 370
13, 157
15, 381
14, 570
15, 436
14, 894
14, 607
15, 748
15, 030
16, 144

Men?handise trade
balance
ExExports
(f.a.s.) ports Exports
(f.a.s.) (f.a.s.)
less
less
imless
imports
imports
ports
(cus(c.i.f.)
/1
\
toms (f.a.s.)
value)

Custon is value

5, 902
8, 159

5,811
8, 045

1,078
1,269

895
1,317

3,728
5,294

5, 790
8,416

8, 159
8,966
9,596
10, 096
11, 039
9, 357
9,478
10, 999
10, 014
9,922
10, 912
11, 635
11,754
12, 126
11, 793
12, 469
13, 429

8,045
8,842
9,456
9, 915

1, 269
1, 399
1,436
1, 332
1, 466
1,023
1, 135
1,472
1,281
1,531
1,604
1,693
1,897
1,963
1, 844
2,008
1,851

1, 317
1,266
1,341
1, 548
1,531
1,466
1,500
1,493
1,402
1, 282
1,483
1,699
1,781
1, 930
1, 636
1,758
1,881

5,294
5, 913
6,437
6,681
7,518
6,277
6,382
7,463
6, 739
6,674
7, 145
7,562
7, 548
7, 751
7,859
8, 232
8,720

8 ? 354
8, 048
10, 084
12, 307
12, 942
12, 587
12, 407
13, 474
12, 381
14, 440
13, 699
14, 496
13, 992
13, 723
14, 779
14, 090
15, 120

Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
3
Total includes commodities and transactions not classified according to kind.
3
Total
arrivals of imported goods other than intransit shipments.
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.




3

770
892
F.a.s.
892
827
991
1, 186
1, 115
998
962
1, 442
1,276
1,363
1,370
1, 370
1,313
1, 135
1,323
1, 141
1,298

1, 120
2,653
value 3
2,672
2, 718
3,457
4,463
4,571
4, 680
4,771
3,900
3,912
4, 362
3,928
4, 139
4, 461
4,221
4, 147
4,414

4,666

112
~~* *<o /

-195

—257 —195
918
853
—581 —488
—2, 297 2,211
-1, 967-1, 903
-3, 314 -3,230
-3,011 -2, 929
-2, 581 -2, 475
-2,455 -2, 367
-4, 649-4,518
-2, 915 -2, 787
-2, 983-2,861
-2,358 -2,238
-1, 702 -1, 597
-3, 082-2,987
-1,706 -1,621
-1, 824 -1, 691

-229
-841
—841
312
— 1, 229
3,034
-2, 775
-4, 074
-3,725
-3, 371
-3, 143
-5,459
-3, 658
-3, 801
-3, 141
-2,482
-3, 956
-2, 561
-2, 715

« F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE,—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.

35

U.S. INTERNATIONAL TRANSACTIONS
In the second quarter, the current account deficit fell to $3.3 billion, down from $6.9 billion in the first quarter, as the
merchandise trade deficit fell $3.4 billion to $7.8 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BALANCE ON GOODS
AND SERVICES

-10

1970

.1973

1972

1971

1974

1976

'1975

1977

1978

COUNCIL OF ECONOMIC 'ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Millions of dollars; quarterly data seasonally adjusted]
M erehandise

Inve;stment in come3

12

Net

Period

Ex-

ports

1971
1972
1973
1974
1975
1976
1977

Im-

ports

Net
Hal
u<ti—
ance

43, 319 -45,579 -2,260
49, 381 -55,797 -6,416
71, 410 -70,499
911
98, 306 - 103, 649 -5,343
9,047
107, 088 -98, 041
114, 694 -124,047 -9,353
120, 555 -151,658 -31,103

-36,496 -7,017
-37,258 -6,628
-38,265 -7,253
-39,639 -10,205

1977:1--II.__
III__
IV_.

29, 479
30, 630
31, 012
29, 434

1978: !___
II p_

30, 664 -41, 865 -11,201
35, 067 -42, 869 -7, 802

1
2

Re-

ceipts

Payments




and

transportation
receipts

Other
services,
net 3

Balance
on

goods
and
serv-3
ices

Remittances,
pensions,
and
other
uni—
lateral
transfers l

Balance
on

current
account

7,252
8,150
12, 042
15, 457
12, 795
15, 933
17, 507

-2,893
-3,621
-2,287
-2,080
-876

-3,197
-3,601
-3,610
-4, 185

4,599
4,487
4,610
3,812

568
295
467
5

-907
-759
-677
-701

1,136
1, 171
1,260
1,183

9,381 -4, 503
9,917 -5,297

4,878
4,620

210
575

-823
-630

1,361 -5, 576 -1,282 -6, 858
1,329 -1,908 -1,353 -3,261

12, 688 -5,436
14, 694 -6,544
21, 697 — 9, 655
27, 541 -12,084
25, 359 - 12, 564
29, 244 -13, 311
32, 100 -14,593

7,796
8,088
8,220
7,997

Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
* Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.

36

NA+
131 tJu

military
transactions

Nettravel

-2,315
-3,028
-3,086
-3,105
-2, 522
312 -2,245
1,334 -3,044

2,509
2,294
2,789 -2, 125
3, 185 10, 766
3,975
8,905
4,617 23, 060
4,714
9,361
4,749 -10,558
-1,622
-1,434
-1,594
-5,905

-3,701 -1,407
-3,854 -5,979
-3,881
6,885
-7, 186
1,719
-4,615 18, 445
-5, 022
4,339
-4, 708 -15,265
-1, 126
-1,243
-1,277
- 1, 064

Source: Department of Commerce, Bureau of Economic Analysis.

-2, 748
-2, 677
-2, 871
-6, 969

U.S. INTERNATIONAL TRANSACTIONS—Continued
Foreign official assets in the U.S. fell by $4.9 billion in the second quarter of 1978, almost offsetting the accumulation of other foreign assets in the U.S./ accumulation of U.S. assets abroad was $5.0 billion, led by only a $4.1 accumulation of U.S. private assets abroad in the wake of the declining value of the dollar.
BILLIONS OF DOLLARS
130

BILLIONS OP DOLLARS
301
SEASONALLY ADJUSTED

20

20
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
A

10

\

10

/\

-10

-10

-20

-20

-30

-30
1970

1978

1971

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF'COMMERCE

Period

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
1
Stati stical
U. S. assets abroad, net
Fore ign assets in the U. S., net
[merease/eapita 1 outflow (-)]
discre pancy
[inci*ease/capi1;al inflow ( + ) ] «
AllocaForeigri official
tions
Of
ass ets
of
Total
which :
special (sum of Seasonal
U.S.
Other
U.S.
Assets of Other drawing
the
adjustTotal
official
U.S.
private2 Total
rights
foreign foreign
items
ment
reserve
assets
Govern(SDR)
official
assets
with sign discrepTotal
assets 1 2 ment
reserve
reversed) ancy
assets
agencies

1971
1972
1973
1974
1975
1976
1977

- 12, 475 2,348 - 1, 884- 12, 939 22, 987
32 - 1, 568- 12, 925 21, 696
-14,461
- 22, 823
209 -2,644 -20, 388 18, 663
-34, 712 - 1, 434
366 -33,643 34, 677
__ 3^ 444
-607 -3,470 -35,368 15, 550
-50,608 -2,530 -4,213 -43,865 36, 969
-34,650
-231 -3, 679 -30,740 50, 869

26, 895
10, 705
6,299
10, 981
6,907
18, 073
37, 124

27, 405 -3,907
10, 322 10, 991
5, 145 12, 364
10, 257 23, 696
5,259
8,643
13, 080 18, 897
35, 480 13, 746

1977: I
II
III___
IV____

- 1, 334
- 12, 003
-6,615
- 14, 700

5,451
7,884
8,246
15, 543

4,946 -2,962
7,467
6,180
7,914
6,005
4,522
15, 153

1978: I
-15,036
II *_ -4,966

-388
-949
3 2,490
6
-795 -11,214 14, 064
151 -1,098 -5,668 14, 251
-838 - 13, 862 20, 065

246
-896 -14,386 18, 095 15, 760 14, 956
329 -1, 151 -4, 144
229 -4, 924 -4,614

1
Consists of gold, special drawing rights (SDR), convertible currencies, and
ihe2 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.




2,336
5, 152

717 -9,822
710 - 1, 966
-2, 725
- 1, 684
5,449
9,300
-954

U.S.
official
reserve
assets,
net *
( unadjusted,
end of
period)

12, 167
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312

1,592
131 19, 120
616
-178 19, 156
-4,766 -2,230 18, 988
1,604
2,276 19, 312
3,798
7,998

160 19, 192
12 18, 864

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.

37

UNITED STATES
GOVERNMENT PRINTING OFFICE

POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
375

DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2
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First-Class Mail

Contents
TOTAL OUTPUT, INCOME,

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,

WAGES

Status of the Labor Force
Selected Unemployment Rates
••••
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
,
Productivity and Related Data, Private Business Economy

11
12
13
14
15
15
16

•

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and New Orders

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY
Money Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Instalment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields

,

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions

35
35
36

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38



U.S. G O V E R N M E N T P R I N T I N G OFFICE: 1978