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SUEVEY OF CUREENT BUSINESS

December 1978

NATIONAL INCOME AND PRODUCT TABLES
1977
1976

1977

ii

in

rv

I

II

1978

1977

1978

III'

1976

1977

II

III

I

IV

II

III'

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

,700.1 1,887.2 1,867.0 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 1,271.0 1,332.7 1,325.5 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4

Personal consumption expenditures. _
Durable goods
Nondurable goods..
Services

,090.2 1,206.5 1,188.6 1,214.5 1,255.2 1,276.7 1,322.9 1,356.9

156.6
442.6
491.0

178.4
479.0
549.2

175.6
473.6
539.4

177.4
479.7
557.5

243.0

297.8

295.6

309.7

232.8

282.3

278.6

287.8

Nonresidential
Structures
Producers' durable equipment..

164.6
57.3
107.3

190.4
63.9
126.5

187.2
63.4
123.8

193.5
65.4
128.1

Residential
Nonfarm structures
Farm structures
Producers' durable equipment..

68.2
65.8
1.1
1.3

91.9
88.9
1.5
1.5

91.4
88.4
1.6
1.4

10.2
12.2
-2.0

15.6
15.0
.6

17.0
16.5
.5

Gross private domestic investment.
Fixed investment

Change in business inventories.
Nonfarm
Farm

819.4

857.7

849.5

858.0

876.6

873.5

886.3

895.1

125.9
320.2
373.2

137.8
330.4
389.5

136.2
327.2
386.0

136.9
329.2
391.8

143.0
338.1
395.6

137.8
333.3
402.4

145. 8
336.3
404.2

144.8
340.4
410.0

196.3

197.1

201.7

200.3

205.7

213.1

210.4

187.4

187.1

189.5

192.8

193.4

200.4

201.4

129.8
40.0
89.8

129.1
40.0
89.0

130.8
40.8
90.0

132.5
41.0
91.5

133.8
41.0
92.9

140. 5
44.6
95.9

141.7
45.6
96.1

47.8
46.0
.7
1.1

57.7
55.6
.9
1.2

58.0
55.9
1.0
1.1

58.8
56.6
1.0
1.2

58.4
.7
1.2

59.5
57.4
.8
1.3

59.9
57.8
.8
1.4

59.7
57.6

6.7
8.5
-1.9

8.9
9.4
-.5

10.0
10.2
-.2

12.2
13.5
-1.4

7.5
6.5

12.3
12.5
-.1

12.7
13.9
-1.2

9.0
9.6
-.6

183.5
501.4
591.8

197.8
519.3
605.8

199.5
531.7
625.8

313.5

322.7

345.4

350.1

173.4

300.5

306.0

325.3

336.5

166.8

200.3
67.4
132.8

205.6
68.5
137.1

220.1
76.6
143.5

227.5
80.9
146.6

118.9
38.3
80.6

91.2
1.6
1.5

94.3

100.2
97.5
1.2
1.6

100.3
97.3
1.3
1.7

105.3
102.1
1.4
1.8

109.0
105.7
1.5
1.7

21.9
22.0
-.1

13.1
10.4
2.7

16.7
16.9
-.2

20.1
22.1
-2.0

13.6
14.6
-.9

-23.2

187.2
496.9
571.1

7.4

Government purchases of goods and services..
Federal
National defense_.
Nondefense
State and local

-5.9

-7.0

-24.1

-5.5

-10.7

15.4

9.5

11.0

12.5

3.1

2.9

11.3

9.2

175.5
186.6

178.1
184.0

180.8
187.8

172.1
195.2

181.7
205.8

205.4
210.9

95.9
80.5

98.2
88.7

98.9
87.9

100.8
88.2

96.0
92.9

99.1
96.2

108.4
97.1

109.0
99.7

359.5

394.0

399.5

412.5

416.7

424.7

210.1
220.8
439.8

262.8

269.2

267.9

271.7

274.5

272.1

271.9

276.7

129.9
86.8
43.1
229.6

Exports
Imports...

-11.1

163.2
155.7

Net exports of goods and services

145.1
94.3
50.8
248.9

146.8
94.4
52.4
252.7

152.2
97.1
55.1
260.3

151.5
97.9
53.6
265.2

147.2
98.6
48.6
277.6

154.0
99.6
54.5
285.8

96.6

101.6

101.3

102.9

103.6

101.2

97.1

100.4

166.2

167.6

166.6

168.8

170.9

170.8

142.9
93.7
49.3
245.9

176.3

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product..
Final sales..
Change in business inventories.
Goods..

Nondurable goods
Final sales.
_
Change in business inventories.

825.8

844.7

859.6

861.8

912.2

927.3

576.5

608.4

604.4

613.3

620.1

611.8

627.7

630.2

17.0

822.8
21.9

846.5
13.1

845.1
16.7

892.1
20.1

913.7
13.6

569.8
6.7

8.9

594.3
10.0

601.1
12.2

612.7
7.5

599.4
12.3

615.0
12.7

621.2
9.0

339.1
330.0
9.1

346.5
334.6
11.9

347.4
341.1
6.3

351.2
336.3
14.8

375.8
365.0
10.8

380.1
369.8
10.2

236.2
232.5
3.6

253.7
248.0
5.8

253.0
246.9
6.1

255.9
248.0
7.9

255.1
250.5
4.6

254.6
245.0
9.6

266.6
260.2
6.4

264.8
258.7
6.1

455.7
450.7
4.9

341.3
332.9
8.4
491.3
484.1
7.2

486.7
478.8
7.9

498.2
488.2
10.0

512.2
505.4
6.8

510.6
508.7
1.9

536.4
527.1

547.2
543. 9
3.4

340.3
337.3
3.0

354.7
351.6
3.1

351.3
347.5
3.9

357.4
353.1
4.3

365.0
362.1
2.9

357.2
354.5
2.7

361.2
354.8
6.3

365.4
362.5
2.9

778.0
161.9

Final sales.
Change in business inventories.
Durable goods..
Final sales
Change in business inventories.

Services....
Structures..

1,700.1 1,887.2 1,867.0 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 1,271.0 1,332.7 1,325.5 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4
L
1, 689.9 1,871.6 1,850.0 1, 894.9 1,945.0 1,975.3 2,067.4 2,122. 5 1,264.4 1, 323.8 1,315.5 1,331. 7 1,347.1 1,341.8 1,369. 9 1 , 382.4
9.0
12.7
12.3
12.2
7.5
10.0
10.2
13.6
15.6
17.0
13.1
20.1
6.7
16.7
21.9
8.9

862.8
191.8

850.0
191.3

875.3
196.8

893.6
204.9

926.4
203.8

952.0
223.4

973.7
235.0

583.0
111.6

602.9
121.3

122.3

606.9
123.7

609.6
124.8

620.1
122.3

625.6
129.3

629.7
131.6

760.3

832.6

750.1
10.2

817.0
15.6

304.6
299.3
5.3

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
_
_.
Statistical1 discrepancy...
Residual ..
Households and institutionsGovernment
Federal
State and local.
Rest of the world.
r

1,700.1 1,887.2 1,867.0 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 1,271.0 1,332.7 1,325.5 1,343.9 1,354.5 1,354.2 1,382.6 1,,391.4
1,685.7 1,869.9 1,849.0 1,898.7 1,942.2 1,973.8 2,066.5 2,117.3 1,264.3 1,325.3 1,317.7 1,336.3 1,347.9 1,346.6 1,373.9 1,383.9
1,436. 7 1,599.3 1,582.5 1, 626.4 1,660.4 1,684.1 1,771.8 1,817. 5 1,077.9 1,135.9 1,129.6 1,146.1 1,155.9 1,153.5 1,180.0 1,189.3
151.
1,385.6 1,544.0 1,528.0 1,571.6 1,601.6 1,628.9 1, 714. 9 1, 758. 5 1,040.1 1, 094. 2 1,088.9 1,102. 6 1,112. 4 1,115. 4 1,145. 2 1,, 031. 8
7
998.1 1,026.5 ~,
996.4
976.1
988.0
980.5
1, 255.0 1,397.8 1,384.0 1,423.2 1, 449.0 1, 471. 7 1,553. 2 1, 592. 0 932.6
120.1
117.4
66.5
118.6
116.0
112.8
114.6
107.5
113.6
130.6
144.1
152.7
157.1
146.2
161.7
148.4
33.2
32.5
58.6
30.5
36.1
34.1
34.5
32.2
34.4
46.9
50.8
53.0
54.0
50.5
47.7
56.4
.4
4.2
3.7
2.2
4.8
7.1
4.7
.5
4.3
4.3
5.5
7.4
9.0
7.3
6.6
5.6
44.9
44.3
43.6
42.2
42.5
70.5
63.5
40.7
62.7
61.3
56.5
65.9
68.8
192.5
62.4
130.1

208.0
66.4
141.5

205.2
65.4
139.8

208.9
65.7
143.2

215.9
69.5
146.4

221.0
69.9
151.1

224.1
70.1
154.1

227.5
70.5
157.0

14.4

17.3

18.0

18.1

15.9

18.2

21.1

18.8

145.6
48.5
97.1
6.8

147.2
48.7
98.4

146.3
48.7
97.6

147.7
48.8
99.0

148.4
48.8
99.6

149.4
48.8
100.6

7.3

7.8

7.6

6.6

7.5

149.6
48.8
100.8

149.8
49.0
100.8
7.5

Revised.

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The National Income and
Products Accounts of the United States, 1929-7$: Statistical Tables (available for $4.95, SN
003-010-00052-9, from Commerce Department District Offices or the Superintendent of




Documents; see addresses inside front cover). Data for 1973,1974, and 1975-77 are in July
1976, July 1977, and July 1978 issues of the SURVEY, respectively.

CURRENT BUSINESS STATISTICS

_L 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

1975
III

1977

1976

IV

I

II

III

IV

I

II

1978

III

I

IV

II

III-

Annual total
Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT!
Gross national product, totalf

bil.$._ 1,528.8 1, 700.1 1,887. 2 , 564.0 1,598.0

Personal consumption expenditures, total..do
Durable goods, total 9
do.
Motor vehicles and parts
do.
Furniture and household equipment ...do.

979.1

1,090. 2 1, 206.5

994.0 1,021.6

685.4 1, 715. 6 1,749.8

806.8 1,867.0 1,916.8 1,958.1

, 992.0 2,087.5 2,136.1

, 053. 8 1,075.1 1,098.4 1,133.7

167.7 1,188.6 1, 214.5 1,255.2

, 276.7 1,322.9 1,356.9

,649.7

132.6
53.4
58.0

156. 6
69.7
63.9

178.4
81.5
71.3

136.3
55.9
58.7

143.5
60.6
60.8

152.2
67.7
61.9

154.7
69.1
63.0

156.7
69.5
64.2

162.8
72.6
66.5

173.2
81.3
68.0

175.6
81.2
69.9

177.4
79.5
72.0

187.2
84.0
75.3

183.5
84.1
72.1

197.8
92.5
76.5

199.5
89.8
78.9

Nondurable goods, total 9
Clothing and shoes
Food.
Gasoline and oil

do
do
do
do

408.9
70.1
209.6
39.5

442.6
75.7
225.8
42.8

479.0
81.5
245.2
46.5

415.0
71.5
212.4
40.0

421.4
72.2
216.6
40.5

430.3
73.8
219.4
41.4

437.4
74.2
223.9
41.9

444.5
76.1
227.4
43.0

458.3
78.5
232.3
45.1

465.9
78.5
237.5
46.1

473.6
79.3
244.5
46.2

479.7
81.4
246.4
46.0

496.9
86.7
252, 6
47.5

501.4
82.9
257.7
48.3

519.3
87.5
267.8
49.1

531.7
90. 5
272.0
51.5

Services, total9
Houshold operation
Housing
Transportation.

do_.
do.
.do.
do.

437.5
64.5
150.2
32.6

491.0
72.8
166.4
37.9

549.2
81.6
184.6
44.2

442.7
65.8
151. 5
32.7

456.7
66.7
156.3
34.0

471.3
69.3
160.2
36.0

483.0
70.2
164.7
37.0

497.2
73.5
168.2
38.7

512.6
78.2
172.3
39.-8.

528.6
80.2
177.3
40.8

539.4
78.0
182.1
43.5

557.5
83.7
186.9
45.0

571.1
84.6
192.0
47.3

591.8
89.6
198.1
49.7

605.8
89.9
204.1
52.1

625.8
92.6
210.1
53.7

Gross private domestic investment, total....do.
Fixed investment
do
Nonresidential
..do
Structures
.do
Producers' durable equipment.
.do

190.9

243.0

297.8

206.8

203.9

231.5

243.5

249.9

247.1

272.5

295.6

309.7

313.5

322.7

345.4

350.1

201.6
150.2
53.8
96.4

232.8
164.6
57.3
107.3

282.3
190.4
63.9
126.5

202.3
149.7
54.0
95.7

208.8
151.5
54.7
96.8

220.1
157.7
56.4
101.3

228.1
162.2
57.6
104.6

235.3
168.1
57.3
110.8

247.6
170.5
57.9
112.6

262.2
180.6
59.3
121.4

278.6
187.2
63.4
123.8

287.8
193. 5
65.4
128.1

300.5
200.3
67.4
132.8

306.0
205.6
68.5
137.1

325.3
220.1
76.6
143.5

336.5
227.5
80.9
146.6

Residential
Change in business inventories
Nonfarm

do
do
.do

51.5
-10.7
-14.3

68.2
10.2
12.2

91.9
15.6
15.0

52.6
4.6
1.1

57.3
-4.9
-9.0

62.4
11.4
12.7

65.9
15.4
18.8

67.3
14.5
15.2

77.1
-.6
2.2

81.6
10.3
11.1

91.4
17.0
16.5

94.3
21.9
22.0

100.2
13.1
10.4

100.3
16.7
16.9

105.3
20.1
22.1

109.0
13.6
14.6

Net exports of goods and services
Exports
Imports

do
_do
do

20.4
147.3
126.9

7.4
163.2
155.7

-11.1
175.5
186.6

20.9
147.0
126.1

20.9
152.2
131.2

10.4
154.4
144.1

9.7
160.7
150.9

6.9
168.2
161.3

2.8
169.4
166.6

-8.5
170.9
179.4

-5.9
178.1
184.0

-7.0
180.8
187. 8

-23.2
172.1
195.2

-24.1
181.7
205.8

-5.5
205.4
210.9

-10.7
210.1
220.8

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

338.4
123.1
83.7
215.4

359.5
129.9
86.8
229.6

394.0
145.1
94.3
248.9

342.2
123.6
84.2
218.7

351.5
127.9
86.2
223.6

354.0
127.1
85.9
226.9

357. 2
127.8
85.6
229.4

360.4
129.9
86.5
230.5

366.3
134.6
89.1
231.7

375.0
138.3
91.9
236.7

388.8
142.9
93.7
245.9

399.5
146.8
94.4
252.7

412.5
152.2
97.1
260.3

416.7
151.5
97.9
265.2

424.7
147.2
98.6
277.6

439.8
154.0
99.6
285.8

By major type of product: t
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
do.
do.
do.

1, 539. 6
686.6
259.0
427.5
697.6
144.7
-10.7
-8.9
-1.8

1, 689. 9 1,871.6 1,559. 4 1, 602.9 1, 638.3 1,670.1 1,701.0 1,750.4 1, 796.5 1,850.0 1,894.9 1,945.0 1,975.3 2,067.4 2,122. 5
927.3
912.2
861.8
859.6
844.7
825.8
800.2
741.9
772.9
718.6
758.0
711.4
768.1
760.3
832.6
380.1
375.8
351.2
347.4
346.5
339.1
288.6
315.6
332.2
273.7
269.9
301.8
312.4
304.6
341.3
547.2
536.4
512.2
510.6
498.2
453.4
457.3
486.7
444.9
468.0
441.5
456.2
455.7
455.7
491.3
973.7
952.0
893.6
926.4
749.7
808.1
875.3
726.4
850.0
706.1
832.3
787.1
766.9
778.0
862.8
235.0
223.4
204.9
203.8
158.1
168.7
153.0
196.8
146.5
191.3
160.3
174.3
160.5
161.9
191.8
13.6
20.1
16.7
13.1
21.9
17.0
11.4
15.4
14.5
-.6
10.3
4.6
-4.9
10.2
15.6
10.2
10.8
14.8
6.3
11.9
9.1
6.1
.1
6.5
9.3
5.2
-3.5
-8.6
5.3
8.4
3.4
9.3
1.9
6.8
10.0
4.2
7.9
5.3
-5.8
8.0
3.7
11.3
8.9
7.2
4.9

GNP in constant (1972) dollars!

Gross national product, totalt
bil.$__
Personal consumption expenditures, total..do
Durable goods. _
do..
Nondurable goods
do..
Services
do.
Gross private domestic investment, total...do
Fixed investment
Nonresidential
Residential
Change in business inventories.
Net exports of goods and services

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

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

, 202.3
774.6

1,271.0 1,332.7 1,220.0 1, 227.9 1,255.5 1, 268.0 1, 276.5 1,284.0 1,306. 7 1,325.5 1,343.9 1,354. 5 1,354.2
873.5
876.6
858.0
836.2
849.5
806.3
820.9
846.6
814.0
779.7
791.1
857.7
819.4

112.7
306.6
355. 3

125.9
320.2
373.2

137.8
330.4
389.5

115.2
307.5
357.0

119.7
309.5
361.9

124.8
314.6
366.9

125.2
318.2
370.6

142.6

173.4

196.3

153.7

148.9

168.5

174.7

152.4
113.6
38.8
-9.8
22.6

262.6
96.5
166.1

154.1
111.8
42.3
-5.2

161.0
115.5
45.5
7.5

164.6
117.8
46.8
10.1

1,382.6 1,391.4
886.3

895.1

145.8
336.3
404.2

144.8
340.4
410.0

125.3
320.5
375.1

128.5
327.7
380.0

134.9
327.1
384.6

136.2
327.2
386.0

136.9
329.2
391.8

143.0
338.1
395.6

137.8
333.3
402.4

177.1

173.4

186.1

197.1

201.7

200.3

205.7'

213.1

210.4

192.8
132.5
60.3
7.5

193.4
133.8
59.5
12.3

200.4
140.5
59.9
12.7

201.4
141.7
59.7
9.0

167.8
121.0
46.8
9.3

173.6
121.4
52.3
-.2

180.3
126.8
53.5
5.8

187.1
129.1
58.0
10.0

189.5
130.8
58.8
12.2

166.8
118.9
47.8
6.7

187.4
129.8
57.7
8.9

151. 5
112.0
39.5
2.1

15.4

9.5

22.8

22.2

16.5

16.1

16.1

13.1

11.2

11.0

12.5

3.1

2.9

11.3

9.2

263.8
96.7
167.2

265.7
97.3
168.4

264.3
96.2
168.1

263.2
95.9
167.3

262.5
96.8
165.7

261.3
97.5
163.8

262.8
98.7
164.1

267.9
101.3
166.6

271.7
102.9
168.8

274.5
103.6
170.9

272.1
101.2
170.8

271.9
97.1
174.8

276. 7
100.4
176. 3

262.8
96.6
166.2

269.2
101.6
167.6

Revised.
v Preliminary.
tRevised series. Estimates of national income and product
and personal income have been revised back to 1973 (see p. 16 ff. of the July 1977 SURVEY and
p. 24 ff. of the July 1978 SURVEY); revisions prior to May 1977 for personal income appear on

1

p. 36 of the July 1978 SURVEY.

9 Includes data for items not shown separately.

S-l
279-667 O - 79 - SI




S-2

December 1978

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

1975

1976

1977

Annual total

I

II

III

IV

I

II

1979

1978

1977

1976

III

I

IV

II

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.

132. 92 134. 39 136.28
133.8
135.6
132.1
125.0 126.8
123.6
138.7
139.9
137.4
132.5
134.9
130.3

138.27
137.9
128.4
142.4
137.4

140.86
139.9
128.9
144.7
139.7

140.3
138.9
143.8

142.6
140.5
147.6

145.4
142.5
152.3

148.9
145.0
157.6

137.3
134.2
139.1

140.2
138.0
141.5

142.7
140.1
144.3

145.1
141.1
147.6

127.15
126.4
117.7
133.4
123.2

133.76
133.1
124.4
138.2
131.6

132.3
132.2
132.8

139.6
138.4
142.5

150.6
146.7
159.4

136.7
136.6
137.2

138.5
137.7
140.7

128.9
127.5
129.7

136.8
134.4
138.1

146.3
142.7
148.5

134.0
132.1
135.0

135.7
133.3
137.1

141. 61 131. 40
130.7
140.7
122.0
129.5
136.8
145.0
128.4
141.0

142. 63 144.56
143.2
141.6
130.9
129.5
147.0
145.7
144.4
142.3

147.10
146.2
133.1
150.4
147.1

151.9
147.9
160.6

155.9
151.2
166.1

158.2
153.6
168.6

162.2
156.7
175.7

167.1
160.6
182.6

147.1
142.7
149.7

150.3
146.9
152.3

153.2
149.6
155.2

156.2
151.5
158.8

158.9
153.4
162.1

150.98 ' 153.52
151.6
149.3
137.3
135.7
156.2
154.4
152.6
149.9

Quarterly Data Seasonally Adjusted at Annual Rates

National income, totalf

bil. $_. 1,215.0 1,359.2 1,515.3 1,319. 8 1,347. 9 1,372.1 1,397. 0 1,447.5 1,499. 3 1,537.6 1,576.9 1,603.1 1,688.1 '1,728.4

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
Profits before tax, total
Profits tax liability
Profits after tax...
Dividends. _
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Net interest....

1,036.8 1,153. 4 1,001.7 1,026.0 1,046.1 1,073.3 1,107.9 1,140.5 1,165. 8 1,199. 7 1,241.0 1,287.8 1,317.1
973. 4
993.6 1,021.2 1,050.8 1,090.2 1,113.4
919.9
946.4
897.3
881.5
890.1
983.6
861.7
213.9
216.8
198.1
201.7
208.1 211.4
192.6
195.2
188.1
186.1
187.6
200.8
183.7
876.3
896.6
775.3
791.9
813.1
727.2
751.2
839.3
695.4
709.2
702.5
782.9
678.0
197.6
203.6
167.1
172.2
178.4
153.4
161.5
190.2
144.6
146.7
148.8
169.8
140.0

931.1
805.9
175.4
630.4
125.2

87.0
23.5
63.5

88.6
18.4
70.2

20.2
79.5

88.6
20.9
67.7

88.8
19.6
69.3

87.4
16.9
70.5

89.5
16.3
73.2

95.6
19.4
76.1

20.0
78.9

97.2
16.5
80.8

107.3
25.1
82.3

105.0
21.9
83.1

110.1
24.0
86.1

114.5
25.0

22.4

22.5

22.5

22.5

22.4

22.4

22.8

22.5

22.4

22.4

22.7

22.8

22.2

24.3

95.9

127.0

144.2

126.8

128.6

130.0

122.5

129.9

143.7

154.8

148.2

132.6

163.4

' 165.2

101.8
13.0
88.9
48.3
18.3

133.2
17.5
115.6
65.6
28.1

149.5
20.9
128.6
74.7
35.1

132.3
15.8
116.4
67.0
27.4

135.4
17.0
118.4
67.5
29.7

136.3
18.3
118.0
65.9
28.5

128.7
19.1
109.7
61.9
26.9

134.8
19.7
115.1
66.4
29.9

148.1
19.9
128.1
77.4
37.2

159.5
21.9
137.6
74.7
34.2

155.6
21.9
133.7
80.2
39.1

139.2
22.7
116.6
69.8
32.8

168.9
24.3
144.6
87.8
46.1

'175.4
26.0
' 149.4
87.1
44.6

9.2
6.1

13.7
8.2

16.1
9.6

12.4
8.9

14.3
7.6

14.9
8.2

15.4
9.7

14.5
10.4

17.5
10.3

17.1
7.9

17.3
9.4

19.3
11.7

20.7
9.1

do
do....
.do
do
do

120.4
49.8
70.6
31.9
38.7

155.9
64.3
91.7
37.9
53.8

173.9
71.8
102.1
43.7
58.4

152.6
63.6
89.0
34.5
54.5

158.7
66.3
92.4
37.2
55.2

157.8
64.7
93.1
38.4
54.7

13.3
8.2
154.6
62.4
92.2
41.4
50.8

164.8
68.3
96.5
41.5
55.0

175.1
72.3
102.8
42.7
60.1

177.5
72.8
104.8
44.1
60.6

178.3
73.9
104.4
46.3
58.1

172.1
70.0
102.1
47.0
55.1

205.5
85.0
120.5
48.1
72.4

r 205.4
'86.2
' 119.2
50.1
'69.2

.do
do
do_...

-12.4
-12.0
78.6

-14.5
-14.4
84.3

-14.8
-14.9
95.4

-11.4
-14.4
80.1

-15.7
-14.4
82.0

-13.3
-14.5
86.2

-17.6
-14.5
88.9

-20.3
-14.6
91.7

-16.6
-14.8
93.7

-7.7
-15.0

-14.8
-15.3
99.0

-23.5
-16.1
101.7

-24.9
-17.2
104.6

-20.9
-19.3
' 107.4

97.3

DISPOSITION OF PERSONAL INCOMEf
Personal income, total..
bil. $.. 1,255. 5 1,380.9 1, 529. 0 1,336.9 1,363. 2 1, 392.8 1,430.5 1,470.7 1, 508. 6 1, 543. 7 1, 593. 0 1,628. 9 1,682.4 1,731.7
249.1 ' 263.2
233.3
237.3
223.3
209.0
222.7
224.6
226.0
200.0
184.4
192.6
168.8
196.5
Less: Personal tax and nontax payments
do
1,391.6 1,433.3 '1,468.4
1,086.7 1,184.4 1,303.0 1,152. 5 1,170. 6 1,192.8 1,221. 5
Equals: Disposable personal income
do.
l!"2l7.8 fl"244?8" it 285! 9 1, 309. 2 1,357.0 1,392.5
1,003.0 1,116. 3 1,236.1 1,078.9 1,100. 7 1,124. 8 1,160. 9
Less: Personal outlays©
do
76.3 '76.0
73.7
82.4
67.5
74.3
60.7
83.6
68.1
73.6
69.9
68.0
52.2
Equals: Personal saving§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
38.06
34.52
37.89 r 38.67 i 44.18 i 36.85
34.82
32.35
29.20
33.73
30.41
25.87
29.70
120.49 135.80
112. 78
All industries..
bil.
17.19
16.22
15.38
16.76 ' 16.89 20.32
15.60
13.67
13.48
12.52
14.84
12.66
52.48 60.16
10.96
47.95
Manufacturing
do.
8.00
7.57
9.62
7.27
7.79 '7.97
6.02
7.17
6.36
5.80
6.79
5.61
23.68 27.77
21.84
4.78
Durable goods industries^.
do
9.18
8.65
10.70
7.46
8.12
8.97 '8.92
8.43
7.31
6.72
8.06
32.39
7.05
28.81
26.11
6.18
Nondurable gcods industries^.
do
20.87
20.63
21.13 r 21.78 23.86
19.14
16.93
19.21
18.68
18.88
75.64
64.82
14.91
17.04
16.68
68.01
Nonmanufacturing
do.
1.15
1.18
1.32
1.22 '1.24
1.05
1.04
1.17
1.07
1.16
4.50
.92
.99
1.02
3.79
4.00
Mining
do.
.76
.86
'.84
.84
.83
.70
.64
.78
.71
.67
.49
.68
.59
2.80
2.55
2.52
Railroad
do..
.46
.59
'.54
.70
.60
.35
.26
.39
.52
.43
.26
.42
.33
1.30
1.62
1.84
Air transportation
do.
.63
.62
'.62
.67
.60
.95
.50
.51
.76
.94
.72
1.02
.61
3.63
2.51
3.18
Other transportation
do.
Public utilities. __
Electric
Gas and other
Communication
Commercial and other.
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries^
Nondurable goods industries^.
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other

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

6.37
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

6.15
5.27
.88
3.97
5.76

7.14
6.01
1.13
4.56
8.18

'7.43
'6.11
'1.32
4.68
6.43

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

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

134.24
59.46
27.26
32.19

140.38
63.02
29.23
33.79

138.11
61.41
28.19
33.22

144.25
61.57
28.72
32.86

150.76
67.20
31.40
35.80

' 155.41
' 67. 75
' 32. 25
' 35. 50

161.24
73.20
34.19
39.02

163.34
73.02
34.13
38.89

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

76.70
4.50
2.80
1.76
2.32

82.68
4.45
3.35
2.67
2.44

83.56 ' 87. 66
4.81 '4.99
3.09 '3.38
2.08 '2.20
2.23 '2.47

88.04
5.23
3.14
2.61
2.40

90.31
4.94
4.05
3.05
2.99

do.
do.
do.
do.
do.

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
21.90
4.32
16.40
23.14

26.23
22.05
4.18
15.82
23.27

27.92
23.15
4.78
17.07
24.76

28.46 ' 29. 62
23.83 ' 24.92
4.62 '4.70
18.90
18.18
24.71
26.09

30.59
26.23
4.36

30.70
26.31
4.38

2 44.07

2 44. 59

20.14
17.00
3.14
12.74
20.60

22.28
18.80
3.47
13.30
20.99

-I-

25.80
21.59
4.41
15.45
22.97

' Revised.
r> Preliminary.
* Estimates (corrected for systematic biases) for Oct.Dec. 1978 and Jan.-Mar. 1979 based on expected capital expenditures of business. Expected
2
expenditures for the year 1978 appear on p. 18 of the Dec. 1978 SURVEY.
Includes communication.
fSee corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, interest paid




6.79
5.99
.81

4.79
4.18
.62
2.92
4.82

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

8.46
7.21
1.25

11.88 210.58

by consumers to business, and personal transfer payments to foreigners (net).
§Personal saving is excess of disposable income over personal outlays.
lIData 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