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SURVEY OF CURRENT BUSINESS

February 1978

NATIONAL INCOME AND PRODUCT TABLES
1977

1976
1976

1977 r

III

IV

I

II

1976

III

IV'

1976

1977 r

III

1977
IV

Seasonally adjusted at annual rates

I

II

III

IV'

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1972 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product

...

Personal consumption expenditures..

1,706.5 1,890.1 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,963.7 1,274.7 1,337.5 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,360.7
1,094.0 1,211.4 1,102.2 1,139.0 1,172.4 1,194.0 1,218.9 1,260.2

821.3

861.2

822.7

839.8

850.4

854.1

860.4

879.9

127.5
321.6
372.2

138.3
333.7
389.2

127.1
321.5
374.0

130.7
329.4
379.7

136.9
329.7
383.8

137.9
330.0
386.3

136.5
332.4
391.4

141.7
342.7
395.4

305.2

173.0

195.3

179.4

169.2

186.7

197.2

200.8

196.4

294.5

164.5

183.9

165.6

171.0

177.0

184.0

185.1

189.6

187.5
62.6
124.9

194.9
64.8
130.1

116.8
37.1
79.7

127.0
38.4
88.6

118.5
37.1
81.4

119.0
37.3
81.7

124.3
37.0
87.3

126.4
38.2
88.1

127.6
38.9
88.7

129.8
39.5
90.2

90.8
88.2
1.2
1.4

92.5
89.9
1.1
1.5

99.6
97.0
1.0
1.6

47.7
46.0
.7
1.0

56.9
55.1
.7
1.1

47.1
45.4
.6
1.0

52.0
50.2
.7
1.1

52.7
50.9
.7
1.1

57.6
55.7
.8
1.1

57.5
55.7
.7
1.1

59.8
58.0
.6
1.2

13.8
14.1
-.3

21.7
22.4
-.7

23.6
23.1
.5

10.7
6.2
4.5

8.5
10.1
-1.6

11.4
10.6
.7

13.8
14.4
-.6

-1.8
.7
-2.5

9.7
9.9
-.2

13.2
13.6
-.5

15.7
15.3
.4

6.8
3.7
3.2

3.0

-8.2

-9.7

-7.5

-15.1

16.0

10.0

17.0

13.8

10.6

9.4

12.2

7.7

168.4
160.6

168.5
165.6

170.4
178.6

178.1
187.7

179.9
187.4

95.8
79.8

97.9
87.9

97.9
80.9

96.9
83.1

96.9
86.3

98.5
89.1

99.8
87.6

96.4
88.7

394.9

363.0

370.0

374.9

390.6

400.9

173.6
188.7
413.4

264.4

271.0

264.6

264.6

263.3

270.0

274.0

276.7

145.5
94.3
SI. 2
249.5

130.2
86.4
43.8
232.7

134.2
88.4
45.8
235.8

136.3
89.7
46.7
238.5

143.6
93.4
50.2
247.0

148.1
95.6
52.5
252.9

153.8
98.5
55.3
259.6

96.5

101.4

96.7

97.1

97.0

101.1

103.3

104.2

167.9

169.6

168.0

167.5

166.4

168.9

170.7

172.5

177.6
481.8
559.5

186.3
500.0
573.9

294.9

303.6

273.2

280.0

182.4
61.0
121.4

81.0
78.5
1.1
1.4

-.9
1.4
-2.3

7.9

175.5
185.6

361.4
130.1
86.8
43.3
231.2

179.9
480.7
550.8

159.3
444.7
498.2

166.3
458.8
513.9

177.0
466.6
528.8

243.3

293.9

254.3

243.4

271.8

230.0

276.4

232.8

244.3

258.0

Nonresidential
Structures
Producers' durable equipment..

161.9
55.8
106.1

185.5
61.6
123.9

164.9
56.0
109.0

167.6
57.0
110.6

177.0
57.9
119.2

Residential
Nonfarm structures
Farm structures
Producers' durable equipment..

68.0
65.7
1.0
1.3

91.0
88.4
1.1
1.4

67.8
65.7
.9
1.3

76.7
74.3
1.1
1.3

Change in business inventories.
Nonfarm
Farm

13.3
14.9
-1.6

17.4
16.4
1.0

21.5
22.0
-.5

Net exports of goods and services.

7.8

-10.1

162.9
155.1

158.9
442.7
492.3

Bgood
Durable goods
Nondura
Nondurable goods.
Services
Gross private domestic investment.
Fixed investment

Exports
Imports
Government purchases of goods and services
Federal
National defense
Nondefense....
State and local

178.6
474.4
541.1

Table 2.—-Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product

1,706.5 1,890.1 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,963.7

Final sales
Change in business inventories.
Goods
Final sales
Change in business inventories.

1,274.7 1,337.5 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,360.7

1,693.1 1,872.6 1,705.8 1,756.3 1,797.0 1,848.2 1,892.2 1,953.0 1,266. 2 1,326.1 1,269.8 1,289. 2 1,301.2 1,317.5 1,331.8 1,353.8
13.2
15.7
9.7
8.5
13.8
-1.8
23.6
13.3
17.4
21.5
13.8
21.7
10.7
11.4
6.8
617.0
623.3
602.4
608.5
843.5
612.8
581.9
827.1
861.1
586.9
764.2
834.4
580.1
774.7
805.9
776.0
601.3
616.5
595.3
592.7
583.7
805.4
819.9
601.4
573.0
750.9
850.4
754.5
775.6
816.9
571.6
792.1
15.7
6.8
13.2
9.7
13.8
-1.8
21.7
23.6
11.4
13.3
21.5
-.9
10.7
17.4
8.5
13.8

Durable goods
Final sales
Change in business inventories.

303.4
299.3
4.1

341.4
332.7
8.7

313.4
302.7
10.7

312.6
312.0

334.4
326.6
7.8

341.0
329.5
11.5

342.3
332.1
10.3

347.9
342.8
5.0

235.2
232.4
2.8

253.8
248.0
5.8

240.8
233.5
7.2

237.0
237.0
.1

252.3
246.7
5.6

254.7
247.4
7.3

253.5
246.8
6.7

254.8
251.3
3.5

Nondurable goods
Final sales
Change in business inventories.

460.9
451.6
9.3

493.0
484.2
8.8

462.6
451.8
10.9

462.1
463.6
-1.6

471.5
465.6
6.0

486.1
475.9
10.2

501.2
487.8
13.4

513.2
507.6
5.7

344.9
339.3
5.7

359.0
353.4
5.6

346.1
339.5
6.6

344.8
346.7
-1.9

350.1
346.0
4.2

353.8
347.9
5.8

363.5
354.5
9.0

368.6
365.2
3.3

782.0
169.2

868.3
187.4

791.8
159.6

813.8
166.9

833.7
171.2

855.3
187.5

881.6
190.7

902.4
200.2

584.7
109.9

606.7
118.0

587.9
108.8

593.6
111.9

597.1
111.5

602.9
119.3

611.1
119.4

615.5
121.8

Services
Structures..

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Gross domestic product
Business
Nonfarm
Nonfarm less housing _
Housing
Farm
Statistical discrepancy..
ResiduaU

1,706.5 1,890.1 1,727.3 1,755.4 1,810.8 1,869.9
1,444.3 1,603.8
1,390.9 1,552. 6
"., 258.7 1,406.4
146.1
132.3
50.3
47.9
1.0
5.5

Households and institutions..
Government
Federal.,.
State and localRest of the world.
r

1,915.9 1,963.7 1,274.7 1,337.5 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,360.7

1,692.1 1,872.7 1,712.0 1,740.9 1,793.2 1,851.4 1,898.2 1,947.8 1,268.0 1,330.1 1,276.7 1,280.9
463.0 1,485. 2 1,532.3
409.4 1,433.4 1,478.0
275.4 1,296.8 1,337.4
134.0
140.6
136.5
45.6
46.4
51.0
8.0
3.3
5.3

1,303.3 1,322.8 1,340.1 1,354.2

586.4 1,628.1 1,668. 6 1,082. 0 1,141.2 1,090.5 1,093.9 1,116. 2 1,134. 9 1,150. 5 1,163. 4
536.7 '., 580. 0
1,043. 8 1,103.8 1,051.2 1,054. 8 1,077.8 1,099. 8 1,112.7 1,124. 7
392.7 ,431.9
966.7
987.8
944.7
999.3 1,010. 2
934.9
991.0
941.6
144.1
148.0
151.9
114.5
111.1
112.1
110.2
113.4
108.8
109.6
112.8
50.8
47.2
52.1
37.1
35.1
34.9
34.1
36.2
33.0
32.2
35.8
-1.2
.9
2 1.6
3.4
.2
1.6
7.0
5.2
4.9
1.7
42.1
40.6
41.2
41.7
40.0
40.2
63.6
40.6
62.0
66.1
41.4

56.2

63.0

56.4

58.3

60.4

191.6
62.4
129.2

205.8
66.5
139.4

192.6
61.8
130.7

197.5
64.7
132.8

200.5
65.4
135.1

203.1
65.5
137.6

206.5
65.8
140.7

213. 2
69.1
144.1

145.8
48.4
97.3

147.5
48.6
98.8

146.2
48.5
97.7

146.4
48.6
97.8

146.5
48.6
97.9

146.7
48.6
98.1

147.9
48.7
99.2

148.7
48.7
100.1

14.4

17.4

15.3

14.4

17.6

18.4

17.7

15.9

6.7

7.4

7.0

6.5

7.7

7.9

7.4

6.5

Revised. See other footnotes on following page.

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The
National Income and Product Accounts of the United States, 1929-74:

Statistical Tables (available for $4.95, SN 003-010-00052-9, from
Commerce Department District Office or the Superintendent of




Documents; see addresses inside front cover). Data for 1973 and
1974-76 are in the July 1976 and July 1977 issues of the SURVEY,
respectively (except for seasonally unadjusted quarterly estimates,
which are in the September 1976 and August 1977 issues).

CURRENT BUSINESS STATISTICS

X HE 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 $6.80) 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

1976

1974

IV

1975

I

II

1977

1976

III

IV

I

II

III

I

IV

II

IV

III

Annual total
Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Gross national product, totalt

bil.$_. 1,412.9

1,528.8 1, 706.5 1,452.4 1,453.9 1,496.6 1,564.9 1,600.7 1,651.2 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9

Personal consumption expenditures, total..do

889.6

980.4 1,094.0

916.2

936.5

965.9

995.1 1,024.1 1,056.0 1,078.5 1,102.2 1,139.0 1,172.4 1,194.0

Durable goods, total9
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

122.0
48.0
54.9

132.9
53.9
58.0

158.9
71.9
63.9

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
62.0

156.7
71.0
63.0

159.3
72.1
63.9

166.3
75.7
66.5

177.0
85.3
67.4

376.3
65.3
189.8
36.4

409.3
70.2
209. 5
39.1

442.7
76.3
225.5
41.4

388.5
65.0
198.1
39.2

394.0
66.6
202.6
38.2

406.4
69.8
207.9
39.7

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
223.9
40.3

444.7
76.9
227.0
41.2

458.8
79.9
232.0
43.5

Services, total 9
Household operation
Housing
Transportation

391.3
56.1
136. 5
30.7

438.2
64.2
150.8
32.2

492.3
73.0
167.9
36.8

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
37.0

do
do
do
do

1,915.9 '1,963.7
1,218.9

1,260.2

178.6
84.5
69.3

177.6
81.2
70.9

' 186.3
84.1
'73.9

466.6
79.3
237.9
44.1

474.4
80.4
244.8
44.3

481.8 ' 500.0
83.3
87.5
248.3
254.2
44.2
46.4

513.9
78.8
173.7
38.7

528.8
80.7
177.6
39.5

541.1
79.2
181.9
40.5

559.5 ' 573.9
85.2
87.2
186.7
191.6
42.3
43.1

214.6

189.1

243.3

210.4

175.1

171.2

205.4

204.7

231.3

244.4

254.3

243.4

271.8

294.9

303.6

' 305. 2

do
do
do
do

205.7
150.6
54.5
96.2

200.6
149.1
52.9
96.3

230.0
161.9
55.8
106.1

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
95.4

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

258.0
177.0
57.9
119.2

273.2
182.4
61.0
121.4

280.0
187.5
62.6
124.9

' 294.5
' 194.9
'64.8
' 130. 1

do
do
._ .do

55.1
8.9
10.8

51.5
-11.5
-15.1

68.0
13.3
14.9

50.5
6.8
10.7

47.3
-22.0
-25.9

48.6
-25.1
-26.9

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
n
L4

81.0
13.8
14.1

90.8
21.7
22.4

92.5
23.6
23.1

'99.6
'10.7
'6.2

.do
do
do

6.0
137.9
131.9

20.4
147. 3
126.9

7.8
162.9
155.1

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

-8.2
170.4
178.6

-9.7
178.1
187.7

Govt. purchases of goods and services, total.do
Federal
do
National defense
do
State and local
do

302.7
111.1
77.0
191.5

338.9
123.3
83.9
215.6

361.4
130.1
86.8
231.2

317.5
116.9
79.6
200.7

326.0
119.6
81.6
206.4

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

374.9
136.3
89.7
238.5

390.6
143.6
93.4
247.0

Gross private domestic investment, total ...do
Fixed investment
Nonresidential
Structures
-.
Producers' durable equipment
Residential
Change in business inventories
Nonfarm
Net exports of goods and services...
Exports
Imports

By major type of product:!
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Structures
Change in business inventories
Durable goods
Nondurable goods

do
do
do
do
do
do

1,404.0
629.7
240.8
389.0
626.8
147.4

do
do
do

8.9
7.1
1.8

1,540.3 1,693.1 1,445.5 1,475.0 1, 521. 7 1,506.6
697.7
643.7
750.9
665.8
692.9
706.6
267.5
241.3
272.5
299.3
250.6
263.8
430.2
402.3
434.2
451.6
415.2
429.1
699.2
656.7
708.4
782.0
670.5
689.5
143.5
145.1
145.0
160.2
138.8
139.3
— 11.5
-9.2
-2.2

13.3
4.1
9.3

6.8
12.2
-5.4

-22.0
-12.8
-9.2

-25.1
-11.7
-13.4

4.9
-2.1
7.0

1,604.4

725.2
283.1
442.1
728.3
150.8
-3.6
-10.3
6.7

1, 636. 7 1,673. 7 1,705.8 1,756. 3 1,797.0 1,848.2
805.4
792.1
775.6
754.5
743.4
730.0
329.5
326.6
312.0
302.7
287.6
294.9
475.9
465.6
463.6
451.8
442.4
448.5
855.3
833.7
813.8
791.8
751. 6
770.8
187.5
171.2
166.9
159.6
155.0
159.4
14.5
-2.0
16.6

18.3
7.0
11.2

21.5
10.7
10.9

Q

'.6
-1.6

13.8
7.8
6.0

21.7
11.5
10.2

- 7 . 5 - -15.1
179.9 ' 173.6
187.4 '188.7
400.9 ' 413.4
148.1
153.8
95.6 ' 9 8 . 5
252.9 ' 259.6
1,892.2
819.9
332.1
487.8
881.6
190.7

1,953.0
849.6
344.9
504.8
903.1
200.4

23.6
10.3
13.4

11.9
5.5
6.4

GNP in constant (1972) dollarsf
Gross national product, totalt

bil.$__ 1,217.8

Personal consumption expenditures, total..do
Durable goods.
Nondurable goods

do
do

Services..

do

Gross private domestic investment, total...do
Fixed investment
do
Nonresidential
do
E esidential
do
Change in business inventories
do
Net exports of goods and services
do
Govt. purchases of goods and services, total .do
Federal
do
State and local
do

1,202.1 1,274. 7 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 1,311.0 1,330. 7 1,347.4

760.7

775.1

112.5
303.9
344.3

112.7
307.6
354.8

183.6

141.6

175.6
130.6
45.0
8.0

151.5
112.7
38.8
-9.9

821.3

752.9

756.9

127.5
321.6
372.2

104.3
301.2
347.4

106.2
301.8
349.0

173.0

170.6

133.0

164.5
116.8
47.7
8.5

163.8
124.1
39.7
6.8

152.9
116.6
36.3
-20.0

109.0
308.4
353.0

115.4
308.6
356.2

130.9

153.1

148.9
112.0
36.9
-18.0

150.2
111.0
39.3
2.9

1,360.7

792.8

807.2

815.5

822.7

839.8

850.4

854.1

860.4

' 879. 9

120.2
311.5
361.2

125.4
316.1
365.6

126.7
319.3
369.6

127.1
321.5
374.0

130.7
329.7
379.7

136.9
329.7
383.8

137. 9
330.0
386.3

136.5
332.4
391.4

'141.7
r
342.7
' 395.4

149.2

168.1

175.2

179.4

169.2

186.7

197.2

200.8

' 196.4

165.6
118.5
47.1
13.8

171.0
119.0
52.0
-1.8

177.0
124.3
52.7
9.7

184.0
126.4
57.6
13.2

185.1
127.6
57.5
15.7

r

153.8
111.3
42.6
-4.6

158.4
113.7
44.8
9.7

163.1
115.9
47.1
12.1

189.6
' 129.8
59.8
'6.8

15.9

22.5

16.0

17.9

20.5

24.5

22.7

22.3

16.8

16.4

17.0

13.8

10.6

9.4

12.2

'7.7

257.7
95.8
161.8

263.0
96.7
166.3

264.4
96.5
167.9

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

264.5
96.1
168.4

264.6
96.7
168.0

264.6
97.1
167.5

263.3
97.0
166.4

270.0
101.1
168.9

274.0
103.3
170.7

' 276.7
- 104. 2
r 172.5

'Revised.
* Preliminary.
fRevised series. Estimates of national income and product
and personal income have been revised back to 1973 (see p. 16 ft of the July 1977 SURVEY) ;




770.4

780.2

revisions prior to May 1976 for personal income appear on p. 28 of the July 1977 SURVEY.
9 Includes data for items not shown separately.

S-l

S-2

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

1975

1976

I

II

1977

1976

1975

Annual total

February 1978

III

I

IV

II

III

I

IV

II

1978

III

IV

I

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf— Con.
Quarterly Data Seasonally Adjusted

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...
Residential
do...
Govt. purchases of goods and services do..
Federal
do..
State and local
do..
Quarterly Data Seasonally Adjusted at Annual

116.02
116.9
108.4
123.8
113.6

127.18
126.5
117.9
133.1
123.5

133.88
133.2
124.7
137.7
132.3

117.1
115.3
122.3

132.4
132.3
132.8

139.8
138.7
142.5

128.9
128.5
130.3

117.5
115.9
118.4

128.9
127.5
129.7

136.7
134.8
137.7

125.7
124.5
126.3

134. 56 136. 35
134.0
135.6
125.3
127.2
138.3
139.3
133.2
135.4

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

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

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

124. 21 125. 96
123.7
125.4
115.6
117.2
130.6
131.8
120.3
122.3

138.13
137.9
129.3
141.5
137.8

140.52
139.8
129.5
143.8
140.1

142.19
141.7
130.1
144.9
142.9

144.32
143.8
131.2
146.0
145.1

142.9
140.9
147.5

145.8
142.5
153.7

148.5
144.4
157.6

151.3
146.9
160.9

155.3
150.2
164.0

139.8
138.2
140.7

142.3
140.6
143.4

144.6
142.0
146.2

146.3
143.3
148.1

149.4
147.8
150.4

Rates

National income, totalt
bil. $.. 1,136.0 1,217.0 1,364.1 1,156.0 1,191.4 1,244.9 1,275.7 1,321.0 1,353.9 1,379.6 1,402.1 , 450.2 1,505.7 1,540.5
Compensation of employees, total
do
875.8
965.6
930.3
036. 3
914.4
999.6 , 024. 9 1,046.5 1,074. 2 ,109.9 1,144.7 1,167.4
936.7
904.6
998.9
980.9
Wages and salaries, total
do.
764.1
900.2
882.4
805.7
891.8
785.1
923.2
951.3
792.4
810.5
834.9
861.5
200.6
197.2
Govt. and govt. enterprises
do.
160.0
188.2
185.4
187.2
175.4
192.5
194.8
169.8
173.7
176.9
181.2
182.7
783.6
798.3
Other
do.
604.1
712.0
697. 0
704.7
630.3
615.2
730.7
756.4
618.6
633.5
653.8
678.8
163.8
168.5
Supplements to wages and salaries
do.
111.7
146.3
142.5
144.5
124.6
150.9
158.6
119.6
122.1
126.3
130.7
138.1
Proprietors' income with inventory valuation
and capital consumption adjustments,
97.0
95.5
86.2
total
bil. $..
90.4
88.7
95.1
88.0
86.2
86.0
90.4
90.4
86.9
84.3
78.9
19.7
15.5
Farm
do
25.4
21.6
18.6
16.2
23.2
18.3
22.7
26.2
25.5
20.0
16.6
20.7
77.3
80.0
Nonfarm
do
60.9
68.8
69.4
70.0
62.8
72.0
74.3
60.6
61.6
64.2
64.9
66.9
Rental income of persons with capital consump24.9
25.5
tion adjustment
bil. $_.
24.1
21.4
22.9
23.3
23.3
23.0
24.5
22.3
22.3
22.2
22.6
Corp. profits with inventory valuation and capital consumption adjustments, total bil. $.
123.1
140.2
125.4
149.0
92.7
115.6
114.7
126.5
74.0
129.2
133.5
99.3
128.1
Corp. profits with invent, val. adj.:
145.5
157.4
130.2
Domestic, total
do
76.9
136.1
131.0
105.4
134.6
123.2
132.4
139.8
98.4
122.6
77.2
19.9
21.2
Financial
do...
14.4
15.0
18.2
18.4
18.1
15.1
18.4
19.2
14.3
14.7
16.1
17.8
125.5
136.1
Nonfinancial, total 9
do. _.
62.5
90.3
116.4
121.3
118.0
62.1
84.1
107.9
107.1
114.6
111.8
111.8
76.4
77.6
Manufacturing, total 9
do
47.9
66.3
68.4
36.6
68.7
29.4
62.9
65.2
43.4
59.6
59.1
65.3
39.4
Durable goods
do...
37.5
18.5
31.0
32.5
11.5
9.0
29.0
31.5
15.4
25.9
23.8
27.2
Transportation, communication, and
11.5
14.1
electric, gas, and sanitary serv bil. $.
10.4
12.1
12.2
5.6
11.5
8.5
12.1
11.6
9.3
11.1
11.1
5.3
10.7
9.6
Rest of the world
do.-.
7.7
7.6
6.1
6.2
6.3
6.0
8.6
8.1
10.1
8.4
6.0
Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Net interest

do...
do...
do...
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

101.5
40.8
60.8
32.0
28.8

113.9
45.9
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

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

161.7
64.4
97.2
38.5
58.8

174.0
69.7
104.3
40.3
64.1

-12.0
-12.2
79.1

-14.1
-14.7
88.4

-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

-20. 6
-15.6
95.3

-17.8
-15.9
98.9

-5.9
-17.9
103.1

DISPOSITION OF PERSONAL INCOMEf
Personal income, total
bil. $.
Less: Personal tax and nontax payments
do...
Equals: Disposable personal income
do...
Less: Personal outlays©
do...
Equals: Personal saving§
do

1,154.9
170.3
984.6
913.0
71.7

104.2
22.1
82.0
26.4

173.8
69.3
103.6
43.3
61.2

-40.4
-2.9
69.0

201.3
027.1
206.9
820.2
174.2

1, 253.4 1,382.7 1,205.1 1,234.7 1,269.7 1,304.0 1,338.1 1,366.7 1,393.9 1,432.2 1,476.8 1,517.2
224.8
192. 6
200. 6
169. 0
196.9
179.6
142.5
173.9
179.9
184.8
209.5
224.4
1,084.4 1,185. 8 1,025.4 1,092.2 1, 095. 7 1,124.1 1,153. 3 [,174.1 1,193.3 1,222. 6 1,252.4 1,292.5
1,004. 2 1,119."
1,103.8 1,128.5 1,166. 3 1,201.0 1,223.9
960.1
989.1 1, 019.1 1, 048. 6 1,080. 9
68.5
80.2
70. 3
64.8
65.9
65.4
56.3
51.4
103.1
76.7
75.5
72.4

-13.8
-19.4
106.4

1,549.8 '1,602.8
226.1
234.6
1,323.8 ^1,368.2
1,250.5 "•1,293.0
75
73.3

NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods industries^
Nondurable gcods industries^

Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gasand other
C ommunication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries
Manufa cturing
Durable goods industries^
Nondurable goods industriesH
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other

112.40
46.01
22.62
23.39

112. 78
47.95
21.84
26.11

120.49
52.48
23.68
28.81

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

33.73
14.84
6.79
8.06

34.82 i 39. 27
15.20
18.05
7.17
8.49
8.43
9.56

32.85
14.26
6.75
7.51

do.
do.
do.
do.
do.

66.39
3.18
2.54
2.00
2.12

64.82
3.79
2.55
1.84
3.18

68.01
4.00
2.52
1.30
3.63

14.98
.91
.59
.44
.62

16.28

16.12

17.44

14.91

.97
.71
.47
.77

.94
.62
.50
.85

.97
.62
.43
.93

.92
.49
.26
.72

17.04
.99
.68
.42
1.02

16.93
1.04
.64
.26
.95

19.14
1.05

16.68
1.02

18.88
1.16
.67
.43
.76

19.21
1.17
.78
.39
.50

21.22
1.10
.86
.52
.54

18.58
1.11
.83
.49
.39

do.
do.
do.
do.
do.

20.55
17.63
2.92
13.96
22.05

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.47
13.30
20.99

4.42
3.84
.58
3.11
4.88

4.94
4.15

5.07
4.16

5.70
4.85

4.79
4.18
2.92
4.82

6.37
5.34
1.03
3.86
5.64

6.61
5.41
1.20
4.03
5.73 2

6.28
5.38
.90

3.26
5.52

6.46
5.34
1.12
3.84
5.78

7.61
6.21
1.40

3.14
5.00

5.52
4.54
.98
3.33
5.19

5.55
4.78

3.22
5.19

5.50
4.74
.76
3.21
5.21

10. 59

2 9.48

1

bil. $_
do.-.
do...
do_. _

.79

.62

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

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

...do
do.
do.
do.
do.

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

expenditures for the year 1977 appear on p. 24 of the Dec. 1977 SURVEY.

Includes com-

fSee corresponding note on p. S-l.
9 Includes data for items not shown
0 Personal outlays comprise personal consumption expenditures, interest paid




.85

do_
do.
do.
do.
do.
do.
do.
do.
,do.

r
Revised.
v Preliminary.
i Estimates (corrected for systematic biases) for Oct.Dec. 1977 and Jan.-Mar. 1978 based on expected capital expenditures of business. Expected
2

munication.
separately.

.91

.70
.35
.94

.59
.33
.61

.77

3.30
5.27

122. 55 125. 22
54.78
54.44
24.59
25.50
30.20
28.93

130.16
56.43
26. 30
30.13

134.24
59.46
27.26
32.19

140.38
63.02
29.23
33.79

67.76
4.21
2.69
1.12
3.44

70.78
4.13
2.63
1.41
3.49

7 74
4.24
2.71
1.62
2.96

74.78
4.49
2.57
1.43
2.96

77.96
4.74
3.20
1.
1.96

21.67
18.22
3.45
13.64
20.99

23.46
19.49
3.96
14.30
21.36

25. 35
21.19
4.16
14.19
22.67

25.29
21.14
4.16
15.32
22.73

28.72
27.41
26.22
23.81
22.60
1.90
4.91
4.31
4.32
16.40
23.14 2 39. 09 2 40.76

142.3* 1146.26
64.42
64.14
29.88
30.46
34.54
33.68
82.12
4.30
3.18
2.01
1.98

82.12
4.61
3.80
2.39
1.83

by consumers to business, and personal transfer payments to foreigners (net).
§Personal saving is excess of disposable income over personal outlays.
ITData for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102