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March 1978

SUEVEY OF CURRENT BUSINESS

10

NATIONAL INCOME AND PRODUCT TABLES

1976

1977 r

III

IV

I

II

1977

1976

1977

1976

III

IV r

1976

1977 r

III

IV

I

II

III

IV r

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Billions of 1972 dollars

Billions of current dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
Personal consumption expenditures..
Durable goods
Nondurable goods.
Services

,706.5 1,889.6 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,961.8 1,274.7 1,337.3 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4
860.4
839.8
850.4
822.7
861.2
854.1
821.3
,094.0 1,211.2 1,102.2 1,139.0 1,172.4 1,194.0 1,218.9 1,259.5

1, 360.2

136.5
332.4
391.4

141.6
342.7
395.5

158.9
442.7
492.3

173.0

195.5

179.4

169.2

186.7

197.2

200.8

197.5

164.5

183.7

165.6

171.0

177.0

184.0

185.1

188.7

187.5
62.6
124.9

193.5
64.5
129.0

116.8
37.1
79.7

126.8
38.4
88.4

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

128.9
39.4
89.5

90.8
88.2
1.2
1.4

92.5

89.9
1.1
1.5

99.7
97.1
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

59.9
58.0
.6
1.2

13.8
14.1
-.3

21.7
22.4
-.7

23.6
23.1
.5

13.5
9.0
4.5

8.5
10.1
-1.6

11.8
11.1
.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

8.7
5.5
3.2

-8.2

-9.7

-7.5

-18.2

16.0

9.5

17.0

13.8

10.6

9.4

12.2

5.9

96.9
83.1

96.9
86.3

98.5
89.1

99.8
87.6

94.8
88.9

182.4
61.0
121.4

81.0
78.5
1.1
1.4

1.4
-2.3
3.0

294.2

254.3

243.4

271.8

230.0

276.1

232.8

244.3

258.0

Nonresidential
Structures
Producers' durable equipment..

161.9
55.8
106.1

185.1
61.5
123.6

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

13.3
14.9
-1.6

18.2
17.1
1.0

21.5
22.0

7.8

-10.9

7.9

Net exports of goods and services
Exports
Imports
Government purchases of goods and services..

879.8

293.2

303.6
280.0

243.3

Change in business inventories.
Nonfarm
Farm

137.9
330.0
386.3

306.7

294.9
273.2

166.3
458.8
513.9

Fixed investment

136.9
329.7
383.8

138.2
333.7
389.2

186.0
499.9
573.7

159.3
444.7
498.2

Gross private domestic investment-

130.7
329.4
379.7

127.5
321.6
372.2

177.6
481.8
559.5

179.8
480.7
550.7

177.0
466.6
528.8

178.6
474.4
541.1

127.1
321.5
374.0

97.9 i
80.9

174.7
185.6

168.4
160.6

168.5
165.6

170.4
178.6

178.1
187.7

179.9
187.4

170.6
188.8

95.8
79.8

97.5
88.0

361.4

395.0

363.0

370.0

374.9

390.6

400.9

413.8

264.4

271.1

264.6

264.6

263.3

270.0

274.0

277.0

130.1
86.8
43.3
231.2

Federal
National defense..
Nondefense
State and local

162.9
155.1

145.4
94.3
51.1

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
55.2
260.0

96.5

101.4

96.7

97.1

97.0

101.1

103.3

104.2

167.9

169.7

168.0

167.5

166.4

168.9

170.7

172.8

249.6

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

1,706.5 1,889.6 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,961.8 1,274.7 1,337.3 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,360.2

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

1,693.1 1,871.4 1,705.8 1,756.3 1,797.0 1,848.2 1,892.2 1,948. 2 1,266. 2 1,325. 5 1,269.8 1,289.2 1,301.2 1,317.5 1,331.8 1,351. 5
13.2
15.7
9.7
13.8
-1.8
8.5
23.6
11.8
13.3
18.2
21.5
13.8
21.7
13.5
8.7
624.4
608.5
617.0
602.4
586.9
581.9
613.1
843.5
827.1
580.1
764.2
834.7
774.7
862.5
776.0
805.9
615.7
595.3
601.3
592.7
583.7
573.0
601.2
571.6
775.6
805.4
819.9
849.0
750.9
754.5
792.1
816.6
13.2
8.7
15.7
-1.8
9.7
13.8
8.5
11.8
13.5
21.5
13.8
21.7
23.6
13.3
18.2

Gross national product

Durable goods
Final sales
Change in business inventories.

303.4
299.3
4.1

341.3
332.2
9.1

313.4
302.7
10.7

312.6
312.0
.6

334.4
326.6
7.8

341.0
329.5
11.5

342.3
332.1
10.3

347.6
340.9
6.8

235.2
232.4
2.8

253.8
247.7
6.1

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
250.1
4.6

Nondurable goods
Final sales
Change in business inventories.

460.9
451.6
9.3

493.4
484.3
9.1

462.6
451.8
10.9

462.1
463.6
-1.6

471.5
465.6
6.0

486.1
475.9

501.2
487.8
13.4

514.9
508.1
6.8

344.9

339.3
5.7

359.3
353.5
5.8

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

369.7

10.2

782.0
169.2

867.4
187.5

791.8
159.6

813.8
166.9

833.7
171.2

855.3
187.5

881.6
190.7

898.8
200.4

584.7
109.9

606.2
118.0

587.9
108.8

593.6
111.9

597.1
111.5

602.9
119.3

611.1
119.4

613.8
122.0

Services....
Structures.

365.6
4.1

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

Revised. See other footnotes en following page.

1,706.5 1,889.6 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,961.8 1,274.7 1,337.3 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,360.2
1,692.1 1,872.5 1,712.0 1,740.9 1,793.2 1,851.4 1,898.2 1,947.1 1,268.0 1,330.1 1,276.7 1,280.9

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

1,444.3 1,603. 6 1,463.0 1,485.2 1,532.3 1,586.4 1,628.1 1,667. 7 1,082. 0 1,141. 2 1,090.5 1,093.9 1,116. 2
1,390.9 1,553.5 1,409.4 1,433.4 1,478.0 1,536.7 1,580.0 1,619. 2 1,043. 8 1,104.5 '., 051. 2 1,054.8 1,077.8
944.7
1,258.7 1,407.3 1,275.4 1,296.8 1,337.4 1,392.7 1,431.9 1,467. 3 934.9
941.6
966.7
991.8
144.1
151.9
110.2
109.6
132.3
146.1
111.1
134.0
140.6
148.0
112.8
108.8
136.5
50.8
52.1
32.2
34.1
47.9
50.3
35.1
51.0
47.2
45.6
33.0
35.8
46.4
-1.2
-3.6
5.5
-.2
3.3
.9
8.0
5.3
3.4
7.0
5.2
4.9
.9

134.9 1,150. 5 1,163. 3
099.8 1,112.7 1,127. 8
987.8
999.3 1,013.3
112.1
113.4
114.5
34.9
36.2
37.1
.2

1.6

56.2

63.0

56.4

58.3

60.4

62.0

63.6

66.2

40.2

41.4

40.0

40.6

40.6

41.2

41.7

-1.5
42.1

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

17.1

15.3

14.4

17.6

18.4

17.7

14.7

6.7

7.2

7.0

6.5

7.7

7.9

7.4

6.0

NOTE.—Fourth quarter 1977 corporate profits and related totals are preliminary and subject to revision next month.

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The Documents; see addresses inside front cover). Data for 1973 and
1974-76 are in the July 1976 and July 1977 issues of the SURVEY,
Statistical Tables (available for $4.95, SN 003-010-00052-9, from respectively (except for seasonally unadjusted quarterly estimates,
Commerce Department District Office or the Superintendent of which are in the September 1976 and August 1977 issues).
National Income and Product Accounts of the United States, 1929-74:




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.

1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1976

1977

1974

IV

1975

I

II

1977

1976

III

IV

I

II

III

IV

I

II

III

IV

Annual total
Seasonally adjusted quarterly totals at annual rates

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

bil.$_. 1,528.8

1,706. 5 1,890.1

980.4

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, 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

132.9
53.9
58.0

158. 9
71.9
63.9

179.8
83.8
70.3

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

178.6
84.5
69.3

177.6 ' 186.0
81.2
84.1
70.9
73.9

409.3
70.2
209. 5
39.1

442.7
76.3
225 5
*4l! 4

480.7
82.6
246.3
44.8

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

466.6
79.3
237.9
44.1

474.4
80.4
244.8
44.3

481.8 ' 499. 9
83.3
87.5
248.3
254. 2
44.2
46.4

Services, total 9
Household operation
Housing
Transportation

438.2
64.2
150.8
32.2

492. 3
73.0
167.9
36.8

550.7
83.1
184.5
41.4

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. f
>

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
85.2
186.7
42.3

' 573. 7
87.2
191.6
43.1
' 306. 7

do
do
do
do

Gross private domestic investment, total...do

189.1

243. 3

294. 2

210.4

175.1

171.2

205.4

204.7

231.3

244.4

254.3

243.4

271.8

294.9

303.6

230.0
161.9
55.8
106.1

276.1
185.1
66.5
123.6

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 ' 293.2
187.5 ' 193. 5
62.6 ' 6 4 . 5
124.9 '129.0

do
do
do

51.
-11.5
-15.1

68.0
13.3
14.9

91.0
18.2
17.1

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
-.9
1.4

81.0
13.8
14.1

90.8
21.7
22.4

do.
do.
do.

20.4
147.3
126.9

7.8
162.9
155.1

-10.9
174.7
185.6

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

338.9
123. 3
83.9
215. 6

361. 4
130.1
86.8
231. 2

395. 0
145.4
94. 3
249. 6

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

..do
do
do
do
do
do

1,540.3
697.7
267. 5
430.2
699. 2
143. 5

1,693.1
750. •)
299. 3
451. 6
782. 0
160. 2

816.8
333. 2
483. 5
868.4
187.5

do
do
do

-11.5
-9.2

13.3
4.1
9.3

17.8
8.8
9.0

do.
do.
do.
do..

Residential
Change in business inventories
Nonfarm

Govt. purchases of goods and services, total.do
Federal
do
National defense
do
State and local
do
By major type of product:!
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Structures
Change in business inventories
Durable goods
Nondurable goods

1,218.9 ' 1,259. 5

200.6
149.1
52. 9
96.3

Fixed investment
Nonresidential
Struct ures
Producers' durable equipment

Net exports of goods and services
Exports
Imports

1,094. 0 1,211.2

, 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 1,915.9 '1,961.8

Personal consumption expenditures, total..do

9 9

92.5
23.6
23.1

'99.7
'13.5
'9.0

-7.5 '-18. 2
179. 9 ' 170. 6
187.4 ' 188. 8
400.9 ' 413.8
148.1
153.8
95. 6
98.5
252. 9 ' 260. 0

445. 5 1,475.0 1,521.7 1,506.6 1,604. 4 1, 636. 7 1,673.7 1, 705. 8 1, 756. 3 1,797.0 1,848.2 1,892.2 '1,948.2
819.9 ' 849. 6
805.4
792.1
665. 8
775.6
643. 7
692.9
706.6
725.2
730.0
743.4
754.5
332.1 ' 340. 9
329. 5
326.6
250.6
312.0
241.3
263.8
272. 5
287.6
294. 9
302.7
283.1
487.8 ' 508.1
475. 9
465.6
415. 2
463.6
402.3
429.1
434.2
442.4
448.5
451. 8
442.1
881. 6 ' 898. 8
855. 3
833.7
670. 5
813.8
656.7
689.5
708.4
751.6
770.8
791.8
728.3
200.4
190. 7
187.5
171.2
138.8
166.9
145.1
139. 3
145.0
155.0
159.4
159.6
150.8
23.6 ' 1 3 . 5
21.7
18.3
21.5
4.9
14. 5
-.9
13.8
-3.6
6.8 - 2 2 . 0 - 2 5 . 1
'6.8
10.3
11.5
7.0
-2.1 -10.3
10.7
7.8
-2.0
.6
12.2 - 1 2 . 8 - 1 1 . 7
'6.8
13.4
10.2
11.2
- 9 . 2 -13.4
7.0
6.0
6.7
10.9
-5.4
16.6
-1.6

GNP in constant (1972) dollars!
Gross national product, total!

bil.$__ 1,202.1
Personal consumption expenditures, total..do
775.1
Durablo goods
:..do.
Nondurable goods
do.
Services
do.
Gross private domestic investment, t o t a l . . . d o . . .
Fixed investment
Nonresidential
Residential
Change in business inventories

do
do
do
do

Net exports of goods and services

,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 '1,360.2
860.4 ' 879. 8
854.1
780.2
756.9
770.4
807.2
815.5
792.8
822.7
850.4
839.8
752. 9

821. 3

861.2

112.7
307.6
354.8

127. 5
321. 6
372. 2

138.3
333.7
389. 2

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

126.7
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 '141.6
342.7
332. 4
391. 4 ' 395. 5

141.6

173.0

195. 3

170.6

133.0

130.9

153.1

149.2

168.1

175.2

179.4

169.2

186.7

197.2

200.8

151. 5
112.7

164. 5
116.8
47.7
8.5

183. 9
127.0
56.9
11.4

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

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

177.0
124.3
52.7
9.7

184.0
126.4
57.6
13.2

185.1 ' 188. 7
127.6 ' 129. 8
57.5 ' 59. 9
'8.7
15.7

16.0

10.0

17.9

20.5

24.5

22.7

22.3

16.8

16.4

17.0

13.8

10.6

9.4

263.3
97.0
166.4

270.0
101.1
168.9

do

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

1,274.7 1,337.5

263.0
96.7
166. 3

264.4
96. 5
167. 9

271.0
101.4
169.6

258.3
95.7
162.6

259. 4
96.0
163.4

'Revised.
» Preliminary.
tRevised series. Estimates of national income and product
and personal income have been revised back to 1973 (see p. 16 IT. of the July 1977 SURVEY):




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

12.2

' 197. 5

'5.9

274.0 ' 277. 0
104. 2
103. 3
170.7 ' 172. 8

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

S-l

SUKVEY OF CUEKENT BUSINESS

S-2
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1975

1976

1977

Annual total

1975
II

III

March 1978

IV

I

II

1978

1977

1976
III

IV

I

II

III

IV

I

II

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..

127.18
126.5
117.9
133.1
123.5

133.88
133. 2
124.7
137.7
132.3

141. 32
140.8
130.1
144.0
141.5

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

138.13
137.9
129.3
141.5
137.8

140.52
139.8
129.5
143.8
140.1

132.4
132.3
132.8

139.8
138.7
142.5

150.3
146.0
160.3

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

145.8
142.5
153.7

148.5
144.4
157.6

151.3
146.9
160.9

128.9
127.5
129.7

136.7
134.8
137.7

145.7
143.4
147.1

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

139.8
138.2
140.7

142.3
140.6
143.4

144.6
142.0
146.2

146.3
149.4
143.3 ' 147. 6
148.1 ' 150. 5

142.19 144. 23
141.7
143.8
' 130. 0 ' 131.3
144.9 ' 145. 9
142.9 '145. 0
155.3
' 150.1
164.0

Quarterly Data Seasonally Adjusted at Annual Rates

National income, totalf

bil. $.. 1,217.0 1,364.1 1,520.3 1,191.4 1,244.9 1,275.7 1,321.0 1,353.9 1,379.6 1,402.1 1,450.2 1,505.7 1,540.5 1, 585. 4

Compensation of employees, total
do
Wages and salaries, total
do
Govt. and govt. enterprises
do
Other
do
Supplements to wages and salaries
do
Proprietors' income with inventory valuation
and capital consumption adjustments,
total
bil. $-.
Farm
do
Nonfarm
do
Rental income of persons with capital consumption adjustment
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

930.3
805.7
175.4
630.3
124.6

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...

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
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil. $_.
Manufacturing
do
Durable goods industries^
do
Nondurable goods industries^
do
Nonmanufacturing
do.
Mining
do.
Railroad
do.
Air transportation
do.
Other transportation
do.
Public utilities
do.—
Electric
do
Gas and other
do
Communication
do
Commercial and other
do
Seas. adj. qtrly. totals at annual rates:
All industries
do
Manufacturing
do
Durable goods industries^!
do
Nondurable goods industries^
do
Nonnianufacturing
_ _ do
Mining
do..
Railroad
do..
Air transportation
do..
Other transportation
do..
Public utilities
Electric
Gas and other
Communication
Commercial and other

do..
do..
do.
1.1 .'.'.'.'.do.
do.

1,036.3 1,156. 2
891.8
989.9
187.2
199.9
704.7 790.0
144.5
166.3

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

86.0
23.2
62.8

88.0
18.6
69.4

98.1
19.7
78.5

84.3
22.7
61.6

90.4
26.2
64.2

90.4
25.5
64.9

86.9
20.0
66.9

90.4
21.6
68.8

86.2
16.2
70.0

88.7
16.6
72.0

95.1
20.7
74.3

97.0
19.7
77.3

95.5
15.5
80.0

105.0
'22.7
'82.4

22.3

23.3

25.3

22.3

22.2

22.6

23.0

22.9

23.3

24.1

24.5

24.9

25.5

26.4

144.5

99.3

128.1

139.3

92.7

115.6

114.7

126.5

129.2

133.5

123.1

125.4

140.2

149.0

105.4
15.0
90.3
47.9
18.5

134.6
18.2
116.4
66.3
29.9

147.9
20.6
127.3
74.7
37.0

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

139.8
18.4
121.3
68.4
31.0

130.2
18.4
111.8
62.9
29.0

131.0
19.2
111.8
65.2
31.5

145.5
19.9
125.5
76.4
39.4

157.4
21.2
136.1
77.6
37.5

9.3
6.1

8.5
6.2

11.1
6.3

12.1

11.1

12.1

9.6

6.0

8.6

7.6

12.2
8.4

10.4
7.7

11.6
10.1

11.5
10.7

14.1
9.6

123.5
50.2
73.4
32.4
41.0

11.5
8.1
150. 9
64.7
92.1
35.8
56.4

171.2
68.9
102.3
41.2
61.2

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

c 172. 8
103.6
= 42.3
61.2

178.0
73.2
104.9
43.9
61. 3

-12.0
-12.2
79.1

-14.1
-14.7
88.4

-14.5
-17.0
100.9

-9.3
-11.9
77.6

-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
r
15.5
95.3

-17.8
'15.8
98.9

-5.9
-17.0
103.1

-14.1
-19.1
' 106.1

1,253.4
169.0
1,084.4
1,004.2
80.2

1.382.7
196.9
1.185.8
1,119.9
65.9

., 536. 7 1,234.7 1,269.7 1,304.0 1,338.1 1,366.7 1,393.9 1,432.2
209.5
200.6
142. 5
173. 9
227. 5
179.9
184.8
192.6
, 309. 2 1,092.2 ,095.7 1,124.1 , 153. 3 , 174.1 , 193. 3 , 222. 6
989.1 1,019.1 1, 048. 6 , 080. 9 , 103. 8 f'l28!5 1,' 166. 3
, 242.1
64. 8
56. 3
103.1
76. "
75.5
72.4
70.3
67.1

, 476.8
224.4
252.4
201. 0
51.4

, 517.2 1,549.8 1,603.0
224.8
226.1 ' 234.7
, 292.5 1,323.8 1,368.3
, 223.9 1,250.5 1,292.2
'76.1
68.5
^33

112.78
47.95
21.84
26.11

120.49
52.48
23.68
28.81

135.80
60.16
27.77
32.39

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
15.60
7.17
8.43

' 38.06
• 17.19
'8.00
'9.18

i 37.52
16.43
7.71
8.72

64.82
3 79
2^55
1.84
3.18

68.01
4.00
2.52
1.30
3.63

75. 64
4.50
2.80
1.62
2.51

16.28
.97
.71
.47

16.12
.94
.62
.50
.85

17.44

14.91

17.04

.97
.62
.43
.93

.92
.49
.26
.72

.99
.68
.42

19.14
1.05
.70
.35
.94

16.68
1.02
.59
.33
.61

18.88
1.18
.67
.43

1.02

16.93
1.04
.64
.26
.95

19.21
1.17
.78
.39
.50

• 20.87
' 1.15
'.76
'.46
'.63

21.08
1.32
.89
.62
.58

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.47
13.30
20.99

25.80
21.59
4.41
15.45
22.97

4.94
4.15

5.70
4.85

4.79
4.18

5.50
4.74

3.22
5.19

5.07
4.16
.91
3.14
5.00

3.26
5.52

2.92
4.82

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

6.37
5.34
1.03
3.86
5.64

6.61
5.41
1.20
4.03
5.73

'7.28
'6.06
'1.21
4.26
6.33

7.21
6.06
1.15

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. 55 125.22
54.44
54.78
25.50
24.59
28.93
30.20

130.16
56.43
26.30
30.13

134.24
59.46
27.26
32.19

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

74.78
4.49
2.57
1.43
2.96

' 77. 36
4.74
3.20
1.69
1.96

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

25.35
21.19
4.16
14.19
22.67

25.29
21.14
4.16
15.32
22.73

26.22 ' 26. 23
= 21.90 r 22. 05
4.32 '4.18
16.40
15.82
23.14
23.27 ~2~4L 21 i z

A/ ? v io ed ' J /Preliminary.
i Estimates (corrected for systematic biases) for Jan.Mar. 19/8 and Apr-June 1978 based on expected capital expenditures of business. Expected
expenditures for the year 1978 appear on p. 24 of the Mar. 1978 SURVEY.
2 includes communication.
tSee corresponding note on p. S-l.
9Includes data for items not shown
separately.
0Personal outlays comprise personal consumption expenditures, interest paid




999.6 1,024.9 1,046.5 1,074. 2 1,109.9 1,144. 7 1,167.4 -1,203. 3
998.9 -1,029.1
900.2
923.2
980.9
951.3
861. 5
882.4
200.6
188.2
192.5
197.2
206. 9
194.8
182.7
185.4
798.3
712.0
730.7
783.6
822.2
756. 4
678.8
697.0
168.5
146.3
150.9
163.8
174.3
158.6
138.1
142.5

.85

.62

.76

69.3

"2"i6.~46"

140. 38 138.11
63.02 •61.41
29.23 ' 28.19
33.79 ' 33.22

149.16
65. 82
31.01
34.81

' 76. 70
' 4. 50
'2.80
'1.76
' 2. 32

83.34
5.13
3.37
2.04
28.62
23.99
4.63
41.94

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

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