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U.S. National Income and Product Accounts: • Revised Estimates, First Quarter of 1974 to First Quarter of 1977 • Preliminary Estimates, Second Quarter of 1977 ATIONAL income and product estimates for 1973-76 and the first two quarters of 1977 are presented on the following pages. Previous estimates for the first quarter of 1974 to the first quarter of 1977 have been revised. A review of major aspects of the revisions and of the second-quarter estimates is provided in the "Business Situation." The quarterly series that are shown separately each month in the National Income and Product Tables are not shown separately in this issue; their separate presentation will be resumed next month. The revised estimates incorporate data that were not available when the 1976 annual revision of the national income and product accounts was prepared. The most important new source data and the estimates into which they were incorporated are listed below: Final 1974 and preliminary 1975 Internal Revenue Service business tax return tabulations (corporate profits, proprietors' income, interest, inventories other than manufacturing and trade, and capital consumption allowances); 1976 State unemployment insurance and 1976 Census tabulations of State and local government payroll data (wages and salaries); preliminary 1975 data from the Department of Health, Education, and Welfare (employer contributions to the health insurance compo- nent of "other labor income"); final 1974 and preliminary 1975 Census tabulations from the Annual Survey of Manufactures of product shipments (producers' durable equipment) and of the book value of inventories and the methods of determining inventory cost (change in business inventories); final 1975 Census tabulations of retail trade inventories from the Annual Retail Trade Survey (change in business inventories); revised Census data on private construction expenditures and construction price and cost indexes for 1974-76 (nonresidential and residential structures); the Federal budget for fiscal year 1978 and other Government financial reports (Federal Government receipts and expenditures); and final Census data on the finances of State and local governments for fiscal year 1975 and preliminary data for fiscal year 1976 (State and local government receipts and expenditures). Seasonal adjustment factors have been updated. The industrial classification underlying the national income and product estimates that provide industrial detail has been revised. This classification is now based on the 1972 Standard Industrial Classification (SIC); it replaces the 1967 SIC. Industries affected are marked with an asterisk (*). Pre-1973 estimates based on the 1972 SIC are available on request. Seasonally unadjusted estimates of GNP, personal consumption expenditures, government receipts and expenditures, foreign transactions, and corporate profits are available on request and will be published in a subsequent issue. Several series not previously shown have been added to the tables: gross and net product and national income for the domestic nonfarm business less housing sector (tables 1.7, 1.8, 1.11, 1.12, 7.5, and 7.7); corporate profits after tax and undistributed profits after tax with inventory valuation and capital consumption adjustments (table 1.13); the fixed-weighted price index for the domestic nonfarm business sector (table 7.2); and percent changes in current and constant dollars, in implicit price deflators, and in the fixed-weighted and chain price indexes for final sales and domestic nonfarm business and percent changes in current and constant dollars for disposable personal income (table 8.9). Pre-1973 estimates for the two profits series were published in the November 1976 SURVEY; estimates for the other new series shown are available on request. Pre-1973 estimates for all other series are in The National Income and Product Accounts of the United States, 1929-74: Statistical Tables. Table A.—Summary National Income and Product Accounts, 1976 l [Billions of dollars} 1.—National Income and Product Account Line Line Compensation of employees 1,036. 3 Wages and salaries Disbursements (2-7) Wage accruals less disbursements (3-ll)+(5-4) Supplements to wages and salaries Employer contributions for social insurance (3-19) _ - . _ Other labor income (2-8) 10 . 891.8 891.8 0 144. 5 _ 68. 6 75. 9 Proprietors' income with inventory valuation and capital consumption adjustments (2-9) 88.0 Rental income of persons with capital consumption adjustment (2-10) 23. 3 Corporate profits with inventory valuation and capital consumption adjustments Profits before tax . . . Profits tax liability (3-16) Profits after tax Dividends (2-11) Undistributed profits (5-6) Inventory valuation adjustment (5-7) Capital consumption adjustment (5-8) . . . Net interest (2-13) NATIONAL INCOME Business transfer payments (2-18) Indirect business tax and nontax liability (3-17) Less: Subsidies less current surplus of government enterprises (3-10) Statistical discrepancy (5-12) CHARGES AGAINST NET NATIONAL PRODUCT Capital consumption allowances with capital consumption adjustment (5-9) _ CHARGES AGAINST GROSS NATIONAL PRODUCT 128.1 156 9 64.7 92.1 35.8 56.4 -14.1 —14.7 88.4 1,364.1 Durable goods Nondurable goods Services Gross private domestic investment (5-1) Fixed investment Nonresidential Structures Producers' durable equipment Residential Change in business inventories Net exports of goods and services 1,094.0 158. 9 442. 7 492.3 243. 3 230.0 161.9 55.8 106.1 68.0 13.3 7.8 Exports (4-1) 162.9 Imports (4-3) 155 Government purchases of goods and services (3-1) Federal National defense Nondef ense State and local -1 361.4 130.1 86.8 43.3 23L 2 8.1 150. 5 .8 5.5 1,527.4 179.0 1,706.5 1. Numbers in parentheses indicate accounts and items of counterentry in the accounts. 16 Personal consumption expenditures (2-3) GROSS NATIONAL PRODUCT 1,706.5 SURVEY OF CURRENT BUSINESS July 1977 17 Table A.—Summary National Income and Product Accounts, 19761—Continued [Billions of dollars] 2.—Personal Income and Outlay Account Line Line Personal tax and nontax payments (3-15) 196.9 Wage and salary disbursements (1-3). Personal outlays 1,119.9 Other labor income (1-7) Personal consumption expenditures (1-26) Interest paid by consumers to business (2-16) Personal transfer payments to foreigners (net) (4-5) Personal saving (5-3) 1,094.0 25.0 .9 Proprietors' income with inventory valuation and capital consumption adjustments (1-8) 65. E 75.9 Rental income of persons with capital consumption adjustment (1-9) Dividends (1-14) 130.3 Net interest (1-18) Interest paid by government to persons and business (3-7) _ Less: Interest received by government (3-9) Interest paid by consumers to business (2-4) Transfer payments to persons From business (1-20) From government (3-3) PERSONAL INCOME._ _ 88.4 39.3 22.4 25.0 192.8 8.1 Less: Personal contributions for social insurance (3-20)_. 1,382.7 8.0 23.3 35.8 Personal interest income PERSONAL TAXES, OUTLAYS, AND SAVING 891.8 ... 184.7 55.2 1,382.7 3.—Government Receipts and Expenditures Account Purchases of goods and services (1-40) 361.4 Personal tax and nontax payments (2-1) Transfer payments 188.0 Corporate profits tax liability (1-12) 184.7 Indirect business tax and nontax liability (1-21). 150.5 Contributions for social insurance 123.8 To persons (2-19) ._ To foreigners (net) (4-6) 3.2 Net interest paid 21.4 Interest paid To persons and business (2-14). To foreigners (4-7) 43.8 39.3 Less: Interest received by government (2-15) 22.4 Employer (1-6). Personal (2-20). 196.9 64.7 68.6 55.2 4.5 Subsidies less current surplus of government enterprises (1-22) .8 Less: Wage accruals less disbursements (1-4) 0 Surplus or deficit (—), national income and product accounts (5-10) —35.6 Federal State and local GOVERNMENT EXPENDITURES AND SURPLUS —54.0 18.4 535.9 GOVERNMENT RECEIPTS 535.9 4.—Foreign Transactions Account Exports of goods and services (1-38) 162.9 Capital grants received by the United States (net) (5-11) RECEIPTS FROM FOREIGNERS 0 162.9 Imports of goods and services (1-39) _ _. 155.1 Transfer payments to foreigners (net)_ 4.2 From persons (net) (2-5) From government (net) (3-4). Interest paid by government to foreigners (3-8). .9 3.2 Net foreign investment (5-2) -.9 PAYMENTS TO FOREIGNERS 4.5 162.9 5.—Gross Saving and Investment Account Gross private domestic investment (1-30)_ Net foreign investment (4-8) 243.3 -.9 Personal saving (2-6) Wage accruals less disbursements (1-4) Undistributed corporate profits with inventory valuation and capital consumption adjustments.. 65.9 0 27.6 Undistributed corporate profits (1-15) Inventory valuation adjustment (1-16) 56.4 —14.1 Capital consumption adjustment (1-17) —14.7 Capital consumption allowances with capital consumption adjustment (1-25) _ 179.0 Government surplus or deficit ( - ) , national income and product accounts -35.6 (3-12). Capital grants received by the United States (net) (4-2) Statistical discrepancy (1-23) GROSS INVESTMENT 242.5 1. Numbers in parentheses indicate accounts and items of counterentry in the accounts. GROSS SAVING AND STATISTICAL DISCREPANCY 0 5 5 - 242.5 18 SURVEY OF CURRENT BUSINESS July 1977 1.—Gross National Product, Net National Product, and National Income Table 1.1.—-Gross National Product 1973 1973 1974 1975 1974 1975 II IV III IV Millions of dollars Gross national product Personal consumption tures 1976 1977 1976 II III IV II III IV II * Billions of dollars, seasonally adjusted at annual rates 1,306,554 1,412,889 1,528,822 1,706,461 1,355.1 1,369.0 1,400.1 1,430.1 1,452.4 1,453.0 1,496.6 1,564.9 1,600.7 1,651.2| 1,691.9 1,727.3 ,755.4 ,810.8 1,869.0 expendi- Durable goods Nondurable goods Services Gross private domestic investment. Fixed investment Nonresidential Structures. Producers' durable equipment Residential Nonfarm structures Farm structures Producers' durable equip ment Change in business inventories_. 809,885 889,603 980,409 1,093,950 833.1 854.0 879.2 909.0 916.2 936.5 965.9 995.1 1,024.1 1,056.0 1,078.5 1,102.2 ,139.0 172.4 1,194.0 123, 714 333,840 352,331 122,001 376, 291 391,311 132,912 409, 343 438,154 158,918 442, 749 492, 283 121.1 348.1 363. S 119.5 360.6 374.0 122.1 372.1 385.0 127.7 383.9 397.4 118.7 388.5 408.9 122.8 394.0 419.7 127.8 406.4 431.7 136.7 415.0 443.4 144.3 421.9 457.9 153.3 430.4 472.4 156.7 437.1 484.6 159.3 444.7 498.2 166.3 458.8 513.9 177.0 466.6 528.8 179.1 475.3 539.6 219,999 214,589 189,112 243,339 231.5 217.3 219.9 210.7 210.4 175.1 171.2 205.4 204.7 231.3 244.4 254.3 243.4 271.8 293.0 202,092 205,663 200,577 229,996 202.5 203.6 207.0 208.4 203.6 197.1 196.3 200.5 208.4 216.8 226.1 232.8 244.3 258.0 273.3 135,979 49,019 150, 612 54,456 149,114 52, 863 161, 948 55,849 140.3 51.2 145.3 52.5 150.5 55.0 153.5 54.7 153.2 55.6 149.8 53.3 147.7 51.9 148.2 150.7 53.4 155.4 54.7 159.8 55.8 164.9 56.0 167. 57.0 177.0 57.9 183.3 96, 251 106,099 95.4 98.8 97.5 96.5 95.7 97.4 100.8 104.0 109.0 110.6 119.2 Nonfarm Farm Net exports of goods and services. Exports Imports Government purchases of goods and services Federal . National defense Nondefense State and local _.._ 86, 960 96,156 66,113 64, 307 55,051 52, 722 601 1,158 1,205 1,171 17,907 14,659 3,248 7,143 51,463 49,469 68,048 65, 742 1,043 62.1 60.1 .7 1.2 1,064 -11,465 13,343 29.0 8,926 10, 763 -15,055 3,590 - 1 , 837 14,920 -1,577 23.7 5.3 58.3 56.1 56.6 54.1 54.9 52.6 50.5 48.1 1.0 1.2 1.1 1.3 1.2 1.2 1.2 1.1 12.9 2.3 2.4 -.1 47.3 45. .5 1.0 52.8 95.4 48.6 46.8 52.3 50.1 1.0 1.1 -22.0 -25.1 1.1 6.8 -25.9 -26.5 10. 3. 1.4 -3.8 57.6 55.3 61.4 58.9 66.3 64.1 1.2 1.2 1.0 1.2 1.2 1.2 67.8 65.7 1.2 21.5 18.3 76.7 74.3 81.0 78.5 1.1 1.1 1.3 1.4 60.2 123.1 90.0 87.6 1.1 1.3 -3.6 -9.2 5.5 20.8 14.5 15.9 -1.4 10.2 20.4 -2.2 10.2 7.9 3.0 13.8 14.1 -.3 -8.2 152.1 131.3 153. 143.7 160.6 150.4 168.4 160.6 168.5 165.6 170.4 178. -8.1 175.4 183.5 -.9 1.4 -2.3 6,040 20,366 7,820 12.7 13.7 17.0 -3.3 10.4 3.2 2.4 8.2 15.4 24.3 101,556 94,413 137,921 131,881 147, 260 126,894 162,871 155,051 115.0 102.3 126.4 116.0 134.2 131.0 140.6 138.2 150.5 142.3 147.4 131.9 142.7 118.3 4.9 1.4 3.5 20.8 146.9 126.1 269,527 302,657 338,935 361,352 277.8 287.3 297.8 308.0 317.5 326.0 335.2 343.5 351.0 353.6 358.9 363.0 370.0 374.9 390.1 102,188 111,121 123,330 130,137 104.4 105.7 108.9 113.0 116.9 119.6 121.8 123.8 128.1 127.6 128. 130.2 134.2 136. 3 143.3 73,534 28, 654 167, 339 76,999 34,12!" 83,949 39,381 86, 789 43,348 74.4 29.9 74.6 31.0 75.8 33.1 77.9 35.1 79.6 37.2 81.6 38.0 83.0 38.8 84.4 39.4 86. 41.4 86.3 41.3 86.4 43.8 88.4 45.8 89. 46. 94.2 49.1 191,536 215,605 231, 215 173.5 181.6 13.0 i 188.9 195.0 200. 206.4 213.3 222.9 219. 225.9 22.0 -.5 86.0 42.5 230.4 232.7 235.8 f 238. . 19.7 20.4 -.7 246.7 p Preliminary. Table 1.2.—Gross National Product in Constant Dollars [Billions of 1972 dollars] 1973 1973 1974 1975 1976 1975 1974 II IV III III IV 1977 1976 II IV III IV Seasonally adjusted at annual rates 1,235.0 1,217.8 1,202.1 1,274.7 ,242.6 1,230.2 ,224.5 1,216.9 1,199.7 1,169.8 1,188.2 1,220.7 1,229.8 1,256.0 1,271.5 ,283.7 ,287.4 ,311.0 ,331.6 767.7 760. 775.1 821.3 765.9 761.6 761.7 766.6 752.9 756.9 770.41 780.2 792.8 807.2 815.5 822.7 839.8 850.4 854.6 Gross national product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Producers' durable equipment Residential Nonfarm structures Farm structures Producers' durable equipment Nonfarm _ Farm Net exports of goods and services Exports Imports Government purchases of goods and services Federal State and local Preliminary. 179.4 186.7 197.1 177.0 184.5 112.7 307.6 354.8 127.5 321.6 372.2 118.1 308.0 339.7 115.4 305.0 341.1 114.8 303.8 343.2 115.6 305.3 345.6 104.3 301.2 347.4 106.2 301.8 349.0 109.0 308.4 353.0 115.4 308.6 356.2 120.2 311.5 361.2 125.4 316.1 365.6 126.6 319.3 369.6 127.1 321.5 374.0 207.2 183.6 141.6 173.0 211.8 197.4 189.8 176.6 170.6 133.0 130.9 153.1 149.2 168.1 175.2 175.6 151.5 164. 186.4 183.5 180.6 174.6 163.8 152.9 148. 150.2 153.8 158.4 163.1 165.6 171.0 130.6 42.5 88.1 45.0 59.7 57.9 43.0 .5 .9 1.2 1.1 112. 36.3 76.5 116.8 37.1 79.7 132.4 45.7 86.7 134.0 44.8 133.8 44.2 89.6 130.6 41.1 89.5 124.1 40.1 84.0 116.6 37.2 79.5 112.0 35.8 76.2 111.0 36.0 75.0 111.3 36.1 75.2 115.9 37.1 78.9 118.5 37.1 81.4 119.0 37.3 81.7 124.3 37.0 87.3 127.0 37.8 89.3 38.8 37.1 47.7 46.0 49.5 47.4 44.0 42.0 .9 1.1 39.7 37.8 1.0 1.0 36. 35.4 1.0 46.8 44.6 1.0 1.2 36.3 35.0 .4 '.9 54.0 52.2 .7 1.2 39.3 37.5 .9 .9 42. 40.7 .9 1.0 113.7 36.8 76.8 44.8 .9 1.0 47.1 45.4 .7 1.0 47.1 45.4 .6 1.0 52.0 50.2 .7 1.1 52. 50.9 .7 1.1 57.5 55.8 .7 1.0 8.0 -9.9 25.4 13.9 -20.0 -18.0 2.9 -4.6 9.7 12.1 13.! -1.8 9.7 12.5 14.3 -2.1 14.4 -.6 .7 -2.5 9.9 -.2 13.0 -.5 131.0 45.5 85.5 Change in business inventories. 136.9 329.7 383.8 112.5 303.9 344.3 190.7 , 138.2 330.7 385.7 130.7 329.4 379.7 169.2 121.8 309.3 336.5 16.5 10.1 -1.6 14.2 2.3 21.7 3.7 .9 1.2 14.4 -.5 2.0 9.3 -.1 2.1 -.1 7.3 -.5 -21.3 -18.5 .4 1.3 1.5 1.4 -6.4 1.8 42.9 11.1 -1.4 7.6 15.9 22.5 16.0 12.9 15.0 15.4 15.3 17.9 20.5 24.5 22.7 22.3 16.8 16.4 17.0 13.8 10.6 10.0 87.4 79.9 93.0 77.1 89.9 67. 95.8 79.8 90.7 77.7 92.9 77.9 93.3 77.9 91.7 76.4 94.1 76.2 89.7 69.2 87.4 62.9 89.7 67.0 92.8 70. 93.1 76.3 95.2 78.9 97.9 96.9 83.1 96.9 86.3 97.0 86. 9 252.5 257.7 263.0 252.0 256.2 257.6 258.5 258.3 259.4 262.3 264.8 265.4 263.9 264.4 264.6 264.6 263.3 269.8 96. 167.8 97.4 168.0 96.4 167.5 96.1 168.4 96.7 168.0 97.1 167.5 97.0 166.4 101.0 168.8 96.i 155 J 95.8 161.8 96.7 166.3 264. 96.5 167.9 94.3 157.7 95.8 160.4 95.4 162.2 96.4 162.1 95.7 162. 96.0 163.4 96.5 165.8 CURRENT BUSINESS STATISTICS 1HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY That volume (available from the Superintendent of Documents for $5.10) provides a description of each series, references to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975 BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly data for periods not shown herein corresponding to revised annual data are available upon request. The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and are also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights. OF CURRENT BUSINESS. 1974 Unless otherwise stated in footnotes below, data through 1974 and descriptive notes are as shown in the 1975 edition of BUSINESS STATISTICS 1975 1974 1976 II Annual total III IV I II 1977 1976 1975 III IV I II III IV I II Seasonally adjusted quarterly totals at annual rates GENERAL BUSINESS INDICATORS—Quarterly Series NATIONAL INCOME AND PKODUCTf Gross national product, totalf bil.$ 1,412.9 Personal consumption expenditures, total..do Durable goods, total 9 do Motor vehicles and parts do Furniture and household equipment-..do Nondurable goods, total 9 do Clothing and shoes do Food. do Gasoline and oil do Services, total 9 do Household operation,. do Housing do Transportation do Gross private domestic investment, total...do Fixed investment do Nonresidential do Structures. „ do Producers' durable equipment do Residential.. do Change in business inventories do Nonfarm do •1,528.8 1,706.5 1,400.1 1,430.1 1,452.4 1,453.0 1,496.6 1,564.9 1,600.7 1,651.2 1,691.9 1,727.3 1,755.4 980.4 1,094.0 879.2 909.0 916.2 936.5 965.9 995.1 1,024.1 1,056.0 1,078.5 1,102.2 1,139.0 122.0 48.0 54.9 132.9 53.9 58.0 158.9 71.9 63.9 122.1 47.9 55.0 127.7 52.3 56.1 118.7 44.8 54.7 122.8 48.0 54.8 127.8 49.9 57.4 136.7 56.5 58.7 144.3 61.3 61.0 153.3 68.8 61.9 156.7 71.0 63.0 159.3 72.1 63.9 166.3 75.7 66.5 376.3 65.3 189.8 36.4 409.3 70.2 209.5 39.1 442.7 76.3 225.5 41.4 372.1 65.4 186.0 383.9 66.4 193.8 38.0 388.5 65.0 198.1 39.2 394.0 66.6 202.6 38.2 406.4 69.8 207.9 39.1 415.0 71.5 212.1 39.1 421.9 73.0 215.4 39.8 430.4 74.2 219.3 40.6 437.1 74.3 223.8 40.3 444.7 76.9 227.0 41.2 458.8 79.9 232.0 43.5 391.3 56.1 136.5 30.7 438.2 64.2 150.8 32.2 492.3 73.0 167.9 36.8 385.0 55.4 134.6 30.5 397.4 57.2 138.2 31.1 408.9 59.3 141.7 31.6 419.7 61.4 145.1 31.6 431.7 63.7 148.5 31.6 443.4 65.3 152.4 32.2 457.9 66.3 157.2 33.2 472.4 69.5 161.5 34.8 484.6 70.4 166.2 36.3 498.2 73.1 170.4 37.6 513.9 78.8 173.7 38.7 214.6 189.1 243.3 219.9 210.7 210.4 175.1 171.2 205.4 204.7 231.3 244.4 254.3 243.4 205.7 150.6 54.5 96.2 200.6 149.1 52.9 96.3 230.0 161.9 55.8 106.1 207.0 150.5 55.0 95.4 208.4 153.5 54.7 98.8 203.6 153.2 55.6 97.5 197.1 149.8 53.3 96.5 196.3 147.7 51.9 95.7 200.5 148.2 52.8 95.9 208.4 150.7 53.4 97.4 216.8 155.4 54.7 100.8 226.1 159.8 55.8 104.0 232.8 164.9 56.0 109.0 244.3 167.6 57.0 110.6 55.1 8.9 10.8 51.5 -11.5 -15.1 68.0 13.3 14.9 56.6 12.9 13.0 54.9 2.3 2.4 50.5 6.8 10.7 47.3 -22.0 -25.9 48.6 -25.1 -26.5 52.3 4.9 1.4 57.6 -3.6 -9.2 61.4 14.5 15.9 66.3 18.3 20.4 67.8 21.5 22.0 76.7 -.9 1.4 6.0 137.9 131.9 20.4 147.3 126.9 7.8 162.9 155.1 3.2 134.2 131.0 2.4 140.6 138.2 8.2 150.5 142.3 15.4 147.4 131.9 24.3 142.7 118.3 20.8 146.9 126.1 20.8 152.1 131.3 10.2 153.9 143.7 10.2 160.6 150.4 7.9 168.4 160.6 3.0 168.5 165.6 Govt. purchases of goods and services, total.do 302.7 338.9 361.4 297.8 317.5 308.0 326.0 Federal do.. 111.1 123.3 130.1 108.9 116.9 113.0 119.6 National defense do 77.0 86.8 83.9 75.8 79.6 81.6 77.9 State and local do 191.5 231.2 215.6 188.9 206.4 200.7 195.0 By major type of products Finalsales, total do... ••1,404.0 1,540.3 1,693.1 1,387.2 1,427.8 1,445.5 1,475.0 Goods, total do 629.7 697.7 750.9 622.6 644.0 643.7 665.8 Durable goods do 240.8 267.5 299.3 240.5 248.2 241.3 250.6 Nondurable goods do 389.0 430.2 451.6 382.2 415.2 395.8 402.3 Services do 626.8 699.2 782.0 614.5 670.5 635.8 656.7 Structures do 147.4 143.5 160.2 150.1 138.8 147.9 145.1 Change in business inventories do.. '8.9 •-11.5 ••13.3 ••12.9 '2.3 ••6.8 • - 2 2 . 0 Durable goods.. do 7.1 -9.2 4.1 1.0 12.2 - 1 2 . 8 6.3 Nondurable goods do 1.8 -2.2 9.3 -5.4 -9.2 11.8 -4.0 335.2 121.8 83.0 213.3 343.5 123.8 84.4 219.7 351.0 128.1 86.7 222.9 353.6 127.6 86.3 225.9 358.9 128.5 86.0 230.4 363.0 130.2 86.4 232.7 370.0 134.2 88.4 235.8 Net exports of goods and services Exports Imports. do do do 1,521.7 1,560.0 1,604.4 1,636.7 725.2 730.0 692.9 706.6 283.1 287.6 263.8 272.4 442.1 442.4 429.1 434.2 728.3 751.6 689.5 708.4 150.8 155.0 139.3 145.0 ' -25.1 -11.7 -13.4 '4.9 -2.1 7.0 ' -3.6 -10.3 6.7 '14.5 -2.0 16.6 1,673.7 1,705.8 1,756.3 775.6 754.5 743.4 312.0 302.7 294.9 451.8 463.6 448.5 791.8 813.8 770.8 159.6 159.4 166.9 '18.3 7.0 11.2 '21.5 10.7 12.4 GNP in constant (1972) dollarsf Gross national product, totalf bil.$__ 1,217.8 Personal consumption expenditures, total, .do Durable goods do Nondurable goods. do.— Services do 760.7 775.1 821.3 761.7 766.6 752.9 756.9 770.4 780.2 792.8 807.2 815.5 822.7 112.5 303.9 344.3 112.7 307.6 354.8 127.5 321.6 372.2 114.8 303.8 343.2 115.6 305.3 345.6 104.3 301.2 347.4 106.2 301.8 349.0 109.0 308.4 353.0 115.4 308.6 356.2 120.2 311.5 361.2 125.4 316.1 365.6 126.6 319.3 369.6 127.1 321.5 374.0 130.7 329.4 379.7 183.6 141.6 173.0 189.8 176.6 170.6 133.0 130.9 153.1 149.2 168.1 175.2 179.4 169.2 175.6 130.6 45.0 8.0 151.5 112.7 38.8 -9.9 164.5 116.8 47.7 8.5 180.6 133.8 46.8 9.2 153.8 111.3 42.6 -4.6 158.4 113.7 44.8 9.7 163.1 115.9 47.1 12.1 165.6 118.5 47.1 13.8 171.0 119.0 52.0 -1.8 Gross private domestic investment, total...do Fixed investment do Nonresidential do Residential do Change in business inventories do Net exports of goods and services do Govt. purchp ; JS of goods and services, total do Federal. do State anJ iocal IIIII" do 1,202.1 1,274.7 1,224.5 1,216.9 1,199.7 1,169.8 1,188.2 1,220.7 1,229.8 1,256.0 1,271.5 1,283.7 1,287.4 174.6 130.6 44.0 2.0 163.8 124.1 39.7 6.8 152.9 116.6 36.3 -20.0 148.9 112.0 36.9 -18.0 150.2 111.0 39.3 2.9 15.9 22.5 16.0 15.4 15.3 17.9 20.5 24.5 22.7 22.3 16.8 16.4 17.0 13.8 257.7 95.8 161.8 263.0 96.7 166.3 264.4 96.5 167.9 257.6 95.4 162.2 258.5 96.4 162.1 258.3 95.7 162.6 259.4 96.0 163.4 262.3 96.5 165.8 264.8 96.9 167.8 265.4 97.4 168.0 263.9 96.4 167.5 264.4 96.1 168.4 264.6 96.7 168.0 264.6 97.1 167.5 ,•«,«„ r S + l* c v P x e l m u n . a r y . i For 1st and 2nd quarter 1977 data, see p. 16 ff of this issue o f t h e SURVEY f Revised series. Estimates of national income and product and personal income have been revised back to 1973 (see p. 16ff.of the July 1977 SURVEY) ; revisions prior to May 1976 for personal income appear on p. 33 of the July 1977 SURVEY. data for items not shown separately. 9 Includes S-l 238-498 O - 77 - SI S-2 July 1977 SURVEY OF CURRENT BUSINESS Unless otherwise stated in footnotes below, data through 1974 and descriptive notes are as shown in the 1975 edition of BUSINESS STATISTICS 1974 I 1975 | 1976 Annual total III II IV 1977 1976 1975 1974 III IV II III IV II 0) III GENERAL BUSINESS INDICATORS—Quarterly Series—Continued NATIONAL INCOME AND PRODUCTf—Con. Quarterly Data Seasonally Adjusted at Annual Rates Implicit price deflators:! Gross national product Index, 1972=100 Personal consumption expenditures do:. Durable goods do Nondurable goods do Services do Gross private domestic investment: Fixed investment.. do Nonresidential _.do Kesidential _ do Govt. purchases of goods and services Federal State and local do. do. do. National income, totalf do do do do do Proprietors' income with inventory valuation and capital consumption adjustments, total bil. $.. Farm do. Nonfar m _ do. Rental in come of persons with capital consumption adj ustment _ bil. $.. Corp. profits with inventory valuation and capital consumption adjustments, total bil. $.. Corp. profits with invent, val. adj.: Domestic, total do Financial.. do Nonfinancial, total 9 do Manufacturing, total 9 do Durable goods do.... Transportation, communication, and electric, gas, and sanitary serv bil. $.. Rest of the world ..do Profits before tax, total Profits tax liability Profits after tax Dividends Undistributed profits. _ 117.52 118.6 110.5 125.7 115.0 121.06 121.7 113.9 129.0 117.7 124.21 123.7 115.6 130.6 120.3 125.96 125.4 117.2 131.8 122.3 128.28 127.5 118.4 134.5 124.5 130.17 129.2 120.1 135.5 126.8 131.47 130.8 122.2 136.2 129.2 133.06 132.3 123.8 136.9 131.1 134.56 134.0 125.3 138.3 133.2 136.35 135.6 127.2 139.3 135.4 117.1 115.3 122.3 132.4 132.3 132.8 139.8 138.7 142.5 119.3 117.6 124.6 124.3 123.4 127.0 128.9 128.5 130.3 131.8 131.8 131.7 133.5 133.6 133.2 135.5 135.5 135.4 136.9 136.8 137.1 138.6 137.8 140.7 140.6 139.2 144.1 142.9 140.9 147.5 117.5 115.9 118.4 128.9 127.5 129.7 136.7 134.8 137.7 119.2 117.2 120.3 122.9 122.1 123.4 125.7 124.5 126.3 127.8 126.3 128.6 129.7 127.7 130.9 132.3 131.5 132.7 134.0 132.4 134.9 135.7 133.7 136.8 137.2 134.7 138.6 139.8 138.2 140.7 bil. $.. 1,136.0 Compensation of employees, total Wages and salaries, total Govt. and govt. enterprises Other Supplements to wages and salaries Iriventory valuation adjustment Capital consumption adjustment Net interest ' 116.02 ' 127.18 133.88 116.9 126.5 133.2 108.4 117.9 124.7 123.8 133.1 137.7 113.6 123.5 132.3 1,217.0 1,364.1 1,147.1 1,159.9 1,156.0 1,191.4 1,244.9 1,275.7 1,321.0 1,353.9 1,379.6 1,402.1 999.6 ., 024.9 ., 046.5 [, 074.2 900.2 923.2 882.4 861.5 188.2 192.5 185.4 182.7 712.0 730.7 697.0 678.8 146.3 150.9 142.5 138.1 875.8 764.1 160.0 604.1 111.7 930.3 805.7 175.4 630.3 124.6 , 036. 3 891.8 187.2 704.6 144.5 888.2 774.5 160.7 613.8 113.7 902.2 785.4 166.2 619.1 116.8 904.6 785.1 169.8 615.2 119.6 914.4 792.4 173.7 618.6 122.1 936.7 810.5 176.9 633.5 126.3 965.6 834.9 181.2 653.8 130.7 86.2 25.4 60.9 86.0 23.2 62.8 88.0 18.6 69.4 84.7 23.0 61.7 83.3 22.0 61.3 78.9 18.3 60.6 84.3 22.7 61.6 90.4 26.7 64.2 90.4 25.5 64.9 86.9 20.0 66.9 90.4 21.6 86.2 16.2 70.0 88.7 16.6 72.0 21.4 22.3 23.3 21.5 21.9 22.1 22.3 22.2 22.6 23.0 22.9 23.3 24.1 83.6 99.3 128.1 80.1 77.6 74.0 92.7 115.6 114.7 126.5 129.2 133.5 123.1 139.8 18.4 121.3 68.4 31.0 130.2 18.4 111.8 62.9 29.0 76.9 14.4 62.5 36.6 11.5 105.4 15.0 90.3 47.9 18.5 134.6 18.2 116.4 66.3 29.9 74.3 15.2 59.1 36.5 9.4 73.3 14.3 58.9 32.0 9.4 77.2 15.1 62.1 29.4 9.0 98.4 14.3 84.1 43.4 15.4 122.6 14.7 107.9 59.6 25.9 123.2 16.1 107.1 59.1 23.8 132.4 17.8 114.6 65.3 27.2 136.1 18.1 118.0 68.7 32.5 5.6 9.6 6.1 11.5 8.1 5.6 9.4 6.0 11.0 5.3 6.0 8.5 6.2 11.1 6.3 12.1 6.0 12.1 7.6 12.2 8.4 10.4 7.7 do.. do.. ..do. do. do. 126.9 52.4 74.5 31.0 43.6 123.5 50.2 73.4 32.4 41.0 156.9 64.7 92.1 35.8 56.4 138.2 57.2 81.0 31.6 49.4 123.9 50.4 73.5 31.3 42.2 101.5 40.8 60.8 32.0 28.8 113.9 45.7 68.2 32.2 36.0 137.7 56.3 81.4 32.9 48.5 141.0 57.9 83.1 32.5 50.6 11.1 8.6 153.5 63.1 90.4 33.6 56.8 159.2 66.1 93.1 35.0 58.1 159.9 65.9 94.0 36.0 58.0 154.8 63.9 90.9 38.4 52.5 _ .do. do. do. -40.4 -2.9 69.0 -12.0 -12.2 79.1 -14.1 -14.7 88.4 -54.4 -3.6 72.6 -39.6 -6.7 74.9 -18.3 -9.2 76.4 -9.3 -11.9 77.6 -8.8 -13.3 79.9 -11.8 -14.5 82.3 -12.4 -14.6 85.0 -15.5 -14.6 86.5 -11.7 -14.7 90.1 -16.9 -14.8 92.0 DISPOSITION OF PERSONAL INCOME f Quarterly Data Seasonally Adjusted at Annual Rates Personal income, total Less: Personal tax and nontax payments Equals: Disposable personal income Less: Personal outlays© Equals: Personal saving§ bil. $.. do... do do do... 1,154. 9 1,253.4 n,382.7 1,174.3 1,194.7 1,205.1 1,234.7 •1,269.7 1,304.0 1,338.1 1,366.7 r\ ,393.9 «1,432.2 209.5 200.6 192.6 179.9 173.9 184.8 142.5 174.6 178.5 196.9 170.3 169.0 179.6 999.7 1,016. 2 1,025.4 L, 092. 2 1,095. 7 1,124.1 , 153. 3 1,174.1 1,193. 3 1,222. 6 984.6 1,084.4 1,185.8 989.1 1,019.1 1,048. 6 ., 080.9 1,103.8 1,128.5 1,166. 3 932.8 940.3 913.0 1,004.2 1,119.9 960.1 56.3 64.8 70.3 76.7 72.4 103.1 75.5 65.9 66.9 75.9 65.4 80.2 71.7 NEW PLANT AND EQUIPMENT EXPENDITURES Unadjusted quarterly or annual totals: All industries Manufacturing. Durable goods industries 1 Nondurable goods industries f Nonmanufacturing Mining Railroad Air transportation Other transportation Public utilities Electric Gas and other Communi cation i_. Commercial and other Seas. adj. qtrly. totals at annual rates: All industries Manufacturing. Durable goods industries % Nondurable goods industries f Nonmanufacturing Mining Railroad Air transportation Other transportation Public utilities Electric Gas and other Communication Commercial and other r ...bil. $. do. do. do. 112.40 46.01 22.62 23.39 do.. do.. ..do.. do.. do.. 66.39 3.18 2.54 2.00 2.12 do.. do.. do.. do.. do.. 20.55 17.63 2.92 13.96 22.05 28.23 11.62 5.65 5.96 31.92 13.63 6.64 6.99 25.82 10.84 5.10 5.74 28.43 12.15 5.59 6.55 27.79 11.67 5.16 6.51 30.74 13.30 5.99 7.30 25.87 10.96 4.78 6.18 29.70 12.66 5.61 7.05 30.41 13.48 6.02 7.46 34.52 15.38 7.27 8.12 29.20 12.52 5.80 6.72 64.82 3.79 2.55 1.84 3.18 68.01 4.00 2.52 1.30 3.63 16.61 .80 .64 .43 .58 18.29 .91 .78 .48 .71 14.98 .91 .59 .44 .62 16.12 .94 .62 .50 .85 17.44 .97 .62 .43 14.91 .92 .49 .26 .72 17.04 .99 .68 .42 1.02 16.93 1.04 .64 .26 .95 19.14 1.05 .70 .35 .94 16.68 1.02 .59 .33 .61 19.16 1.14 .71 .46 .62 18.70 1.12 .59 .45 .64 20.14 17.00 3.14 12.74 20.60 22.28 18.80 3.47 13.30 20.99 5.20 4.42 .78 3.39 5.57 5.67 4. .87 3.78 5.97 4.42 3.84 .58 3.11 4.88 16.28 .97 .71 .47 .77 4.94 4.15 .79 3.22 5.19 5.07 4.16 .91 3.14 5.00 5.70 4.85 .85 3.26 5.52 4.79 4.18 .62 2.92 4.82 5.50 4.74 .76 3.21 5.21 5.52 4.54 .98 3.33 5.19 6.46 5.34 1.12 3.84 5.78 5.55 4.78 .77 3.30 5.27 6.46 5.32 1.14 6.48 5.33 1.15 9.77 3 9.42 113. 99 116.22 47.04 48.08 23.08 23.28 23.96 24.80 114.57 49.05 22.86 26.20 112.46 48.78 22.59 26.19 112.16 47.39 21.01 26.38 111.80 46.82 21.07 25.75 114. 72 49.21 21.63 27.58 118.12 50.64 22.54 28.09 122.55 54.78 24.59 30.20 125.22 54.44 25.50 28.93 130.16 56.43 26.30 30.13 134.46 58.62 26.42 32.20 136.91 61.77 28.30 33.46 do. do. do. do. do. do. do. do. do. 66.94 3.27 2.68 1.84 2.16 68.14 3.56 3.05 1.81 2.71 65.52 3.76 2.39 2.09 2.82 63.68 3.78 2.70 1.60 2.75 64.76 3.82 2.75 2.12 2.99 64.98 3.82 2.39 1.65 3.56 65.51 3.83 2.08 1.18 3.29 67.48 3.83 2.64 1.44 4.16 67.76 4.21 2.69 1.12 3.44 70.78 4.13 2.63 1.41 3.49 73.74 4.24 2.71 1.62 2.96 75.84 4.42 2.69 1.52 2. 75.14 4.54 2.37 1.94 2.43 do. do. do. _do. do. 20.16 17.47 2.68 14.01 22.84 20.93 17.76 3.17 14.04 22.04 20.28 17.03 3.25 13.36 20.82 19.52 16.41 3.11 12.50 20.83 19.79 16.58 3.21 12.95 20.34 20.91 17.92 3.00 12.22 20.44 21.91 18.56 3.36 12.54 20.68 21.85 18.82 3.03 12.62 20.94 21.67 18.22 3.45 13.64 20.99 23.46 19.49 3.96 14.30 21.36 25.65 25.35 21.09 21.19 4.56 4.16 14.19 22.67 3 39.16 25.72 21.58 4.14 2 Revised. v Preliminary. * See corresponding note on p. S-l. Estimates (corrected for systematic biases) for Apr.-June 1977 and July-Sept. 1977 based on expected capital expenditures of business. Expected expenditures for the year 1977 appear on p. 20 of the June 1977 SURVEY. 3 Includes communication. fSee corresponding note on p. S-l. 9 Includes data for items not shown separately. 9 Personal outlays comprise personal consumption 2 33.79 2 33.99 15.29 14.63 6.95 6.57 8.35 8.06 112. 78 120.49 47.95 52.48 21.84 23.68 26.11 28.81 3 38.14 expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net). § Personal saving is excess of disposable income over personal outlays. . IIData for individual durable and nondurable goods industries components appear in tne Mar., June, Sept., and Dec. issues of the SURVEY.
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