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95th Congress, 1st Session
Economic Indicators
August 1977
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
RICHARD BOLLING, Missouri, ChairmanHUBERT H. HUMPHREY, Minnesota, Vice Chairman
HOUSE OF REPRESENTATIVESHENRY S. REUSS (Wisconsin)WILLIAM S. MOORHEAD (Pennsylvania)LEE H. HAMILTON (Indiana)GILLIS W. LONG (Louisiana)OTIS G. PIKE (New York)CLARENCE J. BROWN (Ohio)GARRY BROWN (Michigan)MARGARET M. HECKLER (Massachusetts)JOHN H. ROUSSELOT (California)
SENATEJOHN SPARKMAN (Alabama)WILLIAM PROXMIRE (Wisconsin)ABRAHAM RIBICOFF (Connecticut)LLOYD M. BENTSEN, JR. (Texas)EDWARD M. KENNEDY (Massachusetts)JACOB K. JAVITS (New York)WILLIAM V. ROTH, JR. (Delaware)JAMES A. McCLURE (Idaho)ORRIN G. HATCH (Utah)
JOHN R. STARK, Executive Director
COUNCIL OF ECONOMIC ADVISERSCHARLES L. SCHULTZE, Chairman
LYLE E. GRAMLEYWILLIAM D. NORDHAUS
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointEconomic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that asufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tothe libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required numbers of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copyor by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON D.C. 20402
U
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTAccording to revised estimates for the second quarter, gross national product rose $58.9 billion or 13.7 percent,both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 6.1 percent andthe implicit price deflator rose at a 7.1 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
1,800
1,600
1,400
BILLIONS OF DOLLARS (RATIO SCALEj
1,800
1,600
1,400
1,200
1,000
1,200
1,000
1977
SOURCE: DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates"
Period
1966196719681969197019711972 _197319741975. _ __1976
1976: III—m__IV__.
In77:lII...
Grossna-
tionalprod-uct
753.0796.3868. 5935. 5982.4
1, 063. 41, 171. 11, 306. 61, 412. 91, 528. 81, 706. 5
1, 651. 21, 691. 91, 727. 31, 755. 4
1, 810. 81, 869. 7
Per-sonalcon-
sump-tionex-
pend-itures
464. 8490.4535.9579.7618.8668.2733. 0809.9889.6980.4
1, 094 0
1, 056. 01, 078. 51, 102. 21, 139. 0
1, 172. 41, 194. 0
Grossprivatedomes-
ticinvest-ment
124. 5120.8131.5146.2140. 8160. 0188. 3220. 0214. 6189. 1243. 3
231. 3244.4254,3243.4
271.8294.9
Exportgooc
Netex-
ports
5. 14.92.31.83.91.6
-3. 37. 16.0
20.47.8
10.210.27.93.0
-8.2-9. 8
s and imj[s and ser
Ex- -ports
42. 845. 649. 954. 762. 565.672. 7
101. 6137. 9147. 3162. 9
153.9160.6168.4168. 5
170.4178. 0
)orts ofvices
Im-ports
37.740. 647.752.958.564.075.994.4
131.9126. 9155. 1
143.7150.4160. 6165. 6
178.6187.8
Go^
Total
158. 7180. 2198. 7207. 9218. 9233.7253. 1269. 5302. 7338.9361.4
353. 6358. 9363. 0370. 0
374.9390.6
/eminent
Total
78.890. 998. 097.595.696.2
102. 1102.2111. 1123. 3130. 1
127.6128. 5130.2134. 2
136.3143. 6
purchasesservices
Federal
' Na-tional
de-fense 1
60. 371. 576.976.373. 570.273. 573.577.083.986. 8
86. 386. 086.488. 4
89.793.4
of goods
Non-de-
fense
18.519. 521.221.222. 126. 028.628. 734. 139.443. 3
41.342. 543. 845. 8
46.750.2
and
Stateandlocal
79.889. 3
100. 7110.4123.2137.5151.0167.3191. 5215. 6231. 2
225. 9230.4232. 7235.8
238.5247.0
Finalsales
738.7786.2860. 8926. 2978. 6
1, 057. 11, 161. 71, 288. 61, 404. 01, 540. 31, 693. 1
1, 636. 71, 673. 71, 705. 81, 756. 3
1, 797. 01, 848. 0
»This eatefory corresponds closely with budget outlays for national defense,sfeown on p. 33.
Source: Department of Commerce, Bureau of Economic Analysis,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT IN 1972 DOLLARS[Billions of 1972 dollars; quarterly data at seasonaEy adjusted annual rates]
Period
196619671968 -19691970—197119721973197419751976
1976: III—III_.IV. _
1977: 1— .II
Grossnationalproduct
981.01, 007. 71, 051. 81, 078. 81, 075. 31, 107. 51, 171. 11, 235. 01, 217. 81, 202. 11, 274. 7
1, 256. 01, 271. 51, 283. 71, 287. 4
1, 311. 01, 330. 6
Per-sonalcon-
sump-tion
expend-itures
586. 1603.2633.4655.4668.9691.9733. 0767.7760.7775.1821.3
807.2815.5822.7839.8
850.4854.1
Gross iii
Non-resi-
dentialfixed
106.1103. 5108. 0114.3110.0108.0116.8131.0130.6112.7116.8
113. 7115.9118.5119.0
124. 3126.4
>rivate doivestmenl
Resi-dentialfixed
38. 537. 242. 843.240.452.262.059. 7
• 45.038.847.7
44847.147.152.0
52.757.6
mesticb
Changein busi-ness in-vento-
ries
16.712.0a 7
10.64.36.69.4
16.58.0
-9.98.5
9. 712. 113.8
-1.8
9.713.2
Expa
Netexports
4.33. 5
— . 4— 1. 3
1.4-.6
-3.37.6
15.922.516.0
16.816.417.013.8
10.69.3
orts of gcad service
Exports
51.654.258. 562.267. 167.972.787.493.089.995.8
93.195.297.996.9
96.998.5
>odsJS
Imports
47.35a758.963. 565. 768.575.979.977. 167.479.8
76.378.980.983. 1
86.389.2
Governigooc
Total
229.324a3259.2256. 7250.2249.4253. 1252. 5257.7263.0264.4
263.9264.4264.6264.6
263.3270.0
nent pures and ser
Federal
112.5125.3128.3121. 8110. 7103.9102. 196. 695.896.796. 5
96.496. 196.797.1
97.0101.1
liases ofvices
Stateandlocal
116.8123. 1130.9134.9139.5145.5151. 0155.9161. 8166.3167.9
167.5168.4168.0167. 5
166.416R9
TTi-nal-Tinaisales
964.3995.7
1, 043. 11, 068. 21, 071. 01, 100. 91, 161. 71, 218. 51, 209. 91, 212. 01, 266. 2
1, 246. 31, 259. 41, 269. 81, 289. 2
1, 301. 21, 317. 4
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1972=100]
Period
19661967196819691970.. _197119721973 ._197419751976
1976:1IIIIIIV
1977: III
Grossnationalproduct
76.7679.0282. 5786. 7291. 3696. 02
100.00105. 80116. 02127. 18133. 88
131. 47133. 06134. 56136. 35
138. 13140. 51
Persona]
Total
79.381. 384. 688. 592.596.6
100. 0105.5116.912&5133.2
130.8132.3134.0135. 6
137.9139.8
consump
_ .goods
85.787.490. 793. 195.599.0
100.0101. 6108.4117.9124.7
122.2123. 8125. 3127.2
129.3129.5
tion expei
Non-durablegoods
80. 181.985. 389.493.696.6
100.0107,9123.8133. 1137. 7
136.2136. 9138.3139.3
141.5143.8
nditures
Services
76.578. 882.086.190.595.8
100. 0104.7113.6123.5132.3
129.2131. 1133.2135.4
137.8140. 1
Gross idom
invest
Nonres-idential
fixed
76. 879. 382.686.691. 396.4
100. 0103.8115.3132. 3138. 7
136.8137.8139.2140. 9
142. 5144.4
Drivateesticment
Resi-dentialfixed
74.677.080.787.790. 694.9
100.0110.8122. 3132. 8142. 5
137. 1140.7144. 1147. 5
153.7157.6
Exporimports
and se
Exports
82.884. 085. 387.993. 196.6
100.0116.2148. 3163.8170.0
165.3168. 6172. 0174. 0
175.9180.8
ts andof goodsrvices
Imports
79.780. 180. 983.389. 193.5
100.0118.2171. 0188.2194.3
188.2190. 7198.4199.3
207.0210.6
GovernEchases <
and sc
Federal
70.172. 676.480.086.492.6
100.0105. 8115.9127. 5134.8
132.4133.7134.7138.2
140.6142.0
aent pur-3f goodsjrvices
Stateandlocal
68.472. 576.981.988. 394.5
100.0107. 3118.4129. 7137.7
134.9136.8138.6140.7
143.4146.2
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN GNP AND GNP PRICE MEASURES[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Period
19661967196819691970197119721973197419751976
1976:1IIIIIIV
1977:1 -II
Cur-rentdol-lars
9.45.89. 17.75.08.2
10.111.68. 18.2
11.6
13.210.28. 6a7
13.213.7
Gross i
Con-stant(1972)dol-lars
5.92.74.42.6-.33.05.75. 5
-1.4-1.3
6.0
8.85. 13.91.2
7.56. 1
lational p
Im-plicitpricede-
flator
3.32.94.55.05.45.14.15.89.79. 65.3
4.14.94.65.4
5.37.1
roduct
Chainpriceindex
3.13.04.45. 05. 35.04.16.09.99.55. 6
4.95.34.65. 9
6. 97.0
Fixed-weight-
edpriceindex(1972
weights)
2.93.04.35.05.24.94.06.0
10.29.45.6
4.65.24.86. 0
7. 17.0
Cur-rentdol-lars
9. 65.79. 17.85.08.1
10.111.57.98. 5
11.4
12.410. 58.26. 9
12. 613.6
Gross c
Con-stant(1972)dol-lars
6.12.74.42.6-.32.85.85.4
-1.3-1. 1
5.9
8.35.23.71.3
7.26.1
lomestic i
Im-plicitpricede-
flator
3.33.04.55. 15.35.14.15.79.39.75.2
3.85.04.45.5
5.07.1
>roduct
Chainpriceindex
3.13.14.45. 05.35,04.15.99.69.55.6
4.85.44.56.0
6.77.0
Fixed-weight-
edpriceindex(1972
weights)
3.03.04.45.05.24.94.05.99.99.45.6
4.65.24.66.1
7.07.0
NOTE.—Annual changes from previous year and quarterly changes from pre-vious quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]
Period
19661967196819691970197119721973197419751976
1976:1II..III...IV..
1977: !-__.II*___
Gross cprodi
nonfincorpbusi
(bffiicdoll
Currentdollars
430.7452.9498.4541.8560.6602.5671.0752. 0808.8875.2991.0
958.4983. 6
1, 004. 71, 017. 2
1, 049. 31, 094. 2
omesticict ofancialorateness>ns ofars)
1972dollars
532.9545.8581.6607. 3600.6619.3671.0720.4695. 0678.9731.0
719.4731.3736. 6736. 5
753.3771. 3
C
Totalcostand
profit 2
0.808.830.857.892.933.973
1.0001. 0441.1641.2891. 356
1.3321.3451.3641.381
1.3931. 419
urrent-do
Capitalcon-
sumptionallow-anceswith
capitalcon-
sumptionadjust-ment
0.067.072.074.079.088.094.093.095. 116. 143. 146
.145
. 144
. 147
. 150
. 149
.148
liar cost a
Indirectbusinesstaxes 3
0.080.084.089.094.103.110.110. 112. 123. 136.136
.134
. 135
. 136
.139
.140
.139
nd profit
Com-pen-
sationof
employ-ees
0.513.535.553.589.628.645.661.699.796.849.890
.870
.880
.892
.916
.930
.943
per unit
Netin-
terest
0.014.016.017.022.028.029.028.032. 043.045. 044
.044
.044
. 044
.045
. 046
.047
of outpu
Corpcinvent
capili
Total
0.134. 123. 124. 109.086.095.107. 105.086.115.139
.139
. 142
. 145
. 132
.128
. 141
t (dollars)
>rate profiory valual,al consunidjustmen
Profitstax
liability
0.055.051.058.055.045.048.050.055.061.060.073
.072
. 075
. 074
.072
.070
.074
i
ts withion andiptionts
Profitsaftertax4
0.078.072.066.055.041.046.057.050.024.055.066
.067
.066
.071
.060
.058
.067
Outputper
hourof all
employ-ees
(1972dollars)
6.7776.8737. 1057. 1397. 1327.3747.5957.7817.5067. 7668.055
7.9878.0678. 1098.057
»8. 176
Com-pen-
sationper
hourof all
employ-ees
(dollars)
3.4783.6763.9294.1984.4784.7575. 0245.4415. 9726.5967.166
6.9527. 0967.2367.378
*7. 604
1 Output is measured by gross domestic product of nonfinancial corporatebusiness in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial cor-porate business with the decimal point shifted two places to the left.
3 Indirect business tax and nontax liability plus business transfer paymentsless subsidies.
* With inventory valuation and capital consumption adjustments.NOTE.—Data revised beginning 1974 for output and compensation per hour.Sources: Department of Commerce (Bureau of Economic Analysis) and De-
partment of Labor (Bureau of Labor Statistics).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1966 --196719681969 -1970197119721973___197419751976
1976: IIIIIIIV
1977: I _ _ _ _ _ _II 9
Na-tionalincome
622. 2655. 8714. 4767.9798.4858. 1951. 9
1, 064. 61, 136. 01, 217. 01, 364. 1
1, 321. 01, 353. 91, 379. 61, 402. 1
1, 450. 21, 505. 1
Com-pensa-tion of
em-ploy-ees l
439. 3471. 9519. 8571. 4609. 2650. 3715. 1799. 2875. 8930. 3
1, 036. 3
999. 61, 024. 91, 046. 51, 074. 2
1, 109. 91, 144. 7
Propriincom
inventortion anc
consuladjust
Farm
13.612. 112. 013. 913. 914. 318. 032. 025.423.218.6
20.021. 616. 216.6
20. 719.7
etors's withy valua-capital
aptionments
Non-farm
46.748. 951.452. 351.253.458. 160.460. 962. 869.4
66.968.870. 072. 0
74.377.3
i
"Rant al
of per-
withcapital
con-sump-tion
adjust-ment
18. 219.418.618. 118.620. 121. 521. 621.422. 323. 3
23. 022.923.324. 1
24. 5249
Corporand
Total
82.579.385. 881.467. 977.292. 199. 183.699. 3
128. 1
126. 5129. 2133. 5123. 1
125. 4139.7
ate profitscapital co
Profitsvalualand \
consum
Total
78. 675. 682. 177.966.476. 989. 697.286. 5
111. 5142. 7
141. 1143. 7148.2137.9
141. 0155. 6
with inv<nsumptioi
with inv(ion adjuswithout caption adji
Profitsbefore
tax
80. 777. 385.683.471.582. 096.2
115.8126.9123. 5156.9
153. 5159. 2159.9154.8
161. 7173.4
mtory vali adjustm
jntorybmentpitalistment
Inven-tory
valua-tion
adjust-ment
-2. 1-1.7-3.4-5. 5-5. 1-5. 0-6. 6
-18. 6-40.4-12. 0-14. 1
-12.4-15. 5-11.7-16.9
-20. 6-17.8
uationents
Capitalcon-
sump-tion
adjust-ment
3.93.73.73. 51. 5.3
2.51.9
-2.9— 12.2-14.7
-14.6— 14.6-14.7— 14. 8
-15. 6-15.9
Netinterest
21.924.326.830.837.542. 847.052.369. 079. 188.4
85. 086. 590. 192.0
95.398.9
i Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Period
1966. .19671968 _19691970197119721973197419751976
1976: IIIIII_...IV____
1977: III
T/^-f-al
personalcon-
sumptionexpendi-
tures
464. 8490. 4535. 9579. 7618. 8668. 2733. 0809.9889. 6980.4
1, 094. 0
1, 056. 01, 078. 51, 102. 21, 139. 0
1, 172. 41, 194. 0
D
Totaldurablegoods 1
67. 769.680. 085. 584. 997. 1
111.2123.7122. 0132. 9158. 9
153.3156.7159. 3166. 3
177. 0178.6
urable goo
Motorvehicles
andparts
30. 129. 735.837.734. 943.850. 655. 248.053. 971.9
68.871. 072. 175. 7
85. 384. 5
ds
Furni-tureand
house-hold
equip-ment
27. 729. 532.635.036.739.444.850. 754.958. 063. 9
61.963. 063.966.5
67.469.3
Totalnon-
durablegoods 1
204. 7212. 6230. 4247. 0264. 7277. 7299. 3333. 8376.3409.3442. 7
430.4437. 1444. 7458. 8
466. 6474,4
N on dura
Food
106. 6109. 6118. 3126. 1136. 3140. 6150.4168. 1189.8209. 5225. 5
219. 3223.8227. 0232. 0
237.9244.8
ale goods
Clothingand
shoes
36.638.241.845. 146.650. 555.161. 365. 370. 276. 3
74. 274.376.979.9
79.380.4
Gasolineand oil
16. 017. 018.420.422. 023.424.927. 836.439. 141.4
40. 640.341.243. 5
44. 1443
Services
192.4208. 1225. 6247. 2269. 1293.4322.4352. 3391.3438.2492.3
472.4484. 6498. 2513. 9
528.8541. 1
Retailnew pacars (n
of ui
Do-mes-tics
8,47.68. 68. 57.18.79.39.77.57.18.6
8. 88.78.48.5
9.49.3
sales ofssengerlillionslits)
Im-ports
0.7. 8
1. 01. 11. 31. 61.61.81.41. 61. 5
1. 31.41. 51.7
1. 82.4
1 Total includes other items not shown separately. Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOMEPersonal Income rose $11.7 billion (annual rate) in July, compared with an increase of $7.0 billion (revised) in June.Wage and salary disbursements were up $5.4 billion in July following a $4.5 billion rise in June. Transfer paymentsincreased $6.6 billion in July, about three-fourths of which was due to a cost-of-living increase in social security benefits.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,600
1,400
1,200
1,000
800
BILLIONS OF DOLLARS* (RATIO SCALE)
1,6001,400
1,200
1,000
800
600600
400
200
100
80
60
-T \WAGE AND SALARY DISBURSEMENTS
400
200
100
80
60
40
OTHER INCOME
•mANSFQ*.PAYMiMTS
4 0 1 , 1 1 i i l im i t 1 1 1 ii I f 1 1 1 1 i 1 1 1 1 1 1 1 n. i u n 1 1 1 1 n i i n nln n1969 1970 1971 1972 1973 1974 1975 1976 1977
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCEi DEPARTMENT OF COMMERCE COUNCH. OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
196919701971197219731974197519761976: July....
AugSept_._OctNovDec
1977: JanFebMar....AprMay...JuneJuly*3
Totalpersonalincome
745.8801. 3859. 1942.5
1, 052. 41, 154. 91, 253. 41, 382. 71, 386. 21, 393. 71, 401. 81, 414. 21, 432. 11, 450. 21, 454. 31, 477. 01, 499. 11, 510. 11, 517. 31, 524 31, 536. 0
Wageand
salarydisburse-ments 1
514.6546. 5579.4633. 8701. 3764. 6805. 7891. 8894. 5899. 8906. 1914. 0923. 9931.7937.3951. 7964. 9974. 1982. 0986.5991. 9
Otherlabor
income12
28.232.036.242. 048.755. 664975.976.477.378. 179. 180. 081.082. 183.284.485.586. 787. 989. 1
Proprieto
Farm
13. 913.914318.032.025. 423.218.618.215. 614 615. 316. 418. 119.621. 021. 720. 919.818.416. 5
rs' income3
Nonfarm
52. 351. 253.458. 160.460. 962.869.469.470. 170. 570. 872. 173.272.574476. 076. 977.277.677.4
Rentalincome
ofpersons 4
18.118. 620. 121. 521. 621. 422. 323.323. 223. 323. 423. 924 124.424424 624 624 324 825.6247
Divi-dends
22.622.923. 024 627.831. 032.435.835. 836. 036. 336. 737.241. 237.938.539. 039. 339. 641. 942. 0
Personalinterestincome
55.964 369. 374684 1
103.0115.6130.3130.4132. 2134 1135.2136.4137.6139.0140. 3141. 8143. 5145. 2147. 4149. 1
Transferpay-
ments 5
66. 579.994 1
1041118. 9140.8176.8192.8193. 719491945195.5198.4200.0200. 5203. 0206. 9206. 0202. 9200.0206.5
Less : Per-sonal con-tributionsfor socialinsurance
26. 328. 030. 834242. 247.750. 455.255.455.655.956. 156.757. 059. 059. 660. 260.660.961.061.4
Non-farm
personalincome 6
725.8780.7838.0917. 3
1, Oil. 91, 119. 31, 218. 81, 351. 31, 355. 11, 365. 01, 374 01, 385. 51, 402. 11, 418. 51, 421. 11, 442. 41, 463. 71, 475. 31, 483. 51, 491. 61, 505. 1
1 The total of wage and salary disbursements and other labor income differsfrom compensation of employees (see p. 4) in that it excludes employer contribu-tions for social insurance and the excess of wage accruals over wage disbursements.2 Consists of employer contributions to private pension, health, and welfarefunds; workmen's compensation; directors' fees; and a few other minor items.
3 With inventory valuation and capital consumption adjustments.*With capital consumption adjustment.
* Consists mainly of social insurance benefits, direct relief, and veterans pay-ments.
6 Personal income exclusive of farm proprietors' income, farm wages, farm otherlabor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEReal per capita disposable income rose again in the second quarter,
BHUONS OF DOLLARS*' (RATIO SCALE) BILLIONS OF DOLLAI&* {RATIQ SCALE)1400
—PER CAPITA DISPOSABLE PERSONAL INCOME
2,0001969 1970
*~.SEASONALIY ADJUSTED ANNUAL RATES
SOURCEs DEPARTMENT OF COMMERCE
19772,000
COUNCIL OF ECONOMIC ADVISERS
Period
19681969.1970197119721973197419751976
1976: !_._II...III..IV..
1977: I....II...
Per-sonal
income
685.2745.8801.3859. 1942.5
1, 052. 41, 154. 91, 253. 41, 382. 7
1, 338. 11, 366. 71, 393, 91, 432. 21, 476. 81, 517. 2
Less:Per-sonaltaxandnon-tax
pay-ments
Bi]
97. 1115.4115.3116. 3141. 2150.8170.3169. 0196. 9
184.8192. 6200. 6209. 5224. 4224.8
Equals :Dispos-
ableper-sonal
income
lions of d<
588.1630.4685. 9742. 8801. 3901.7984. 6
1, 084. 41, 185. 8
1, 153. 31, 174. 11, 193. 31, 222. 61, 252. 41, 292. 5
Less:Per-sonalout-lays1
ollars
550. 1595. 3635. 4685. 5751.9831. 3913. 0
1, 004. 21, 119. 9
Seas
1, 080. 91, 103. 81, 128. 51, 166. 31, 201. 01, 223. 9
Equals :Per-sonal
saving
38. 135. 150.657.349. 470. 371.780. 265.9
onally ad;
72.470.364.856.351.468.5
Per cdispc
persona
Currentdollars
2,9303, 1113,3483,5883,8374,2854, 6465,0775,511
usted ann
5,3745,4625,5405, 6655,7935,967
japita>sableI income
1972dollars
Dol
3,4643,5153,6193,7143,8374,0623, 9734,0144, 137
ual rates
4,1074,1304,1354, 1774,2024,268
Per capsonal c<
tion exp<
Currentdollars
lars
2,6702,8603,0203,2273,5103,8494, 1974,5915,084
4,9215,0175, 1175,2775,4235,512
ita per->nsump-snditures
1972dollars
3,1563,2343,2653,3423,5103,6483,5893,6293,817
3,7613, 7943,8203,8913,9333,943
Percentchangein real
percapitadispos-
able
sonalincome
2.81.53.02.63.35.9
-2.21.03. 1
4.52.3. 5
4, 12.46.4
Savingas per-cent ofdispos-
ableper-sonal
income
6.55.67.47.76.27.87.37.45.6
6. 36.05.44. 64. 15.3
Popula-tion
(thou-sands) 2
200, 706202. 677204, 878207, 053208, 846210, 410211, 945213, 566215, 191
214, 608214, 948215, 380215, 827216, 206216, 602
1 Includes personal consumption expenditures, Interest paid by consumersto business, and personal transfer payments to foreigners (net).
2 Includes Armed Forces abroad. Annual data are for July 1 through 1973 andare averages of quarterly data beginning 1974. Quarterly data are for middle ofperiod.
Source: Department of Commerce (Bureau of Economic Analysis and Bureauof the Census).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEIn the second quarter, farm income excluding inventory change fell $0.8 billion (annual rate). Including inventorychange the decline was $1.0 billion.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCAL^
120
100
60
40
REALIZED GROSSFARM INCOME
120
100
80
60
40
20
NET FARM INCOMEINCLUDING NET INVENTORY
CHANGE -
\v\
20
10 \ 101969 1970 1971 1972 1973 1974 1975
* SEASON ALLY ADJUSTED ANNUAL RATES
SOURCE, DEPARTMENT OF AGRICULTURE
197$ 1977
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Period
196919701971197219731974197519761976:1
IIIII.IV
1977:1II
Personaby total
Fromall
sources
26.927.428. 734.448.644.744.342.0
1 incomefarmpo
Fromfarm
sources
12. 913.013. 416.829. 023. 121.517.8
receivedpulation
Fromnonfannsources
13.914.415. 317.619. 521. 622.824.2
Total1
56.358. 660. 670. 195. 5
100.096.7
103.6102. 1109. 6100.9101.9105. 6108. 8
Realize
Casli
Total
Billioi48.250.552.961.287. 192. 488. 194.393.0
100.491. 592.495.999.0
id gross
i receiptsnarketing
Live-stockand
productsis of dolla
28.629.630.635. 745.941.443.046.446.348.345.545.445.348.0
[ncome re
froms
Crops
rs
19.621.022.325. 541. 151. 145. 147.946.752.146.047.050. 651.0
ceived fro
Produc-tion ex-penses
42.144.447.452.365. 672.275.981.779.184.282.381.283. 187.1
m f arminj
Net t(oper
Exclud-ing netinven-tory
change
14.214. 113.217.829. 927.720.821.923.025.418.620.722.521.7
5
> farmators
Includ-ing netinven-tory
change 2
14.314.214.618.733.326. 124.320.021. 523.217.618.022.021. 0
Net incfarm inclinventor
Currentdollars
Dol
4,7664,7905,0306,504
11, 7279,2328,6377,2037,7408, 3506, 3306,4807,9907,630
ome peruding nety change 3
1967dollars 4
lars4,3724,2024,2635,2888,8176,1145,2034, 0934,5004,8003,5803,6004,3704,080
1 Cash receipts from marketings, Government payments, and nonmoney in-come furnished by farms.2 Inventory of crop? and livestock valued at the average price for the year.
s Based on Census of Agriculture definition of a farm. The number of farms Isheld constant within a year.
< Income in current dollars divided by the index of prices paid by fanners for
family living items on a 1967 base. As of January 1977 movement is based on theoverall change in the consumer price index.
Source: Department of Agriculture.
94-783°—77-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSAccording to preliminary estimates for the second quarter, profits before tax rose $11.7 billion (annual rate) whileprofits with inventory valuation adjustment rose $14.6 billion.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS.
40 40
1969 1970
SOURCE DEPARTMENT OF COMMERCE
1976 1977
COUNCIL OF ECONOMIC AOVISfRS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1966196719681969_1970 .1971197219731974197519761976: 1__.
II .__Illr v _ _ _ .
1977: III"
Profil
Total 2
78. 675.682. 177. 966.476. 989. 697. 286. 5
111. 5142. 7141. 1143. 7148. 2137.9141. 0155.6
is (before
Total
75. 972. 678. 974.262.672.484.790. 476. 9
105. 4134.6132.4136. 1139. 8130. 2131. 0144 8
tax) witadjustn
Dome
Finan-cial
8. 59.0
10.411.312. 614. 115.416. 214. 415. 018. 217. 818.118.418.419.219.9
b inventaent 1
stic indu
N
Total 3
67.463.668.562.950. 158. 269. 374. 162.590. 3
116.4114. 6118.0121. 3111. 8111. 8124.9
ary valu2
s tries
onfinanc
Manu-fac-tur-ing
41. 637.941.236. 827. 132. 440. 644. 136. 647. 966.365.368.768.462. 965. 2
ition
ial
Whole-saleand
retailtrade
8.08. 9
10. 110. 19.4
11.713.314. 712. 922. 127. 126.525. 529. 127.424. 0
Profitsbefore
tax
80. 777. 385.683.471.582.096.2
115. 8126. 9
1 123. 5156. 9153.5159. 2159.9154.8161.7173. 4
Taxlia-
bility
33. 732. 539.439.734. 537. 741. 548.752.450.264. 763. 166. 165.963. 964.469.3
Pro
Total
47. 144. 946. 243. 837.044. 354. 667. 174.573.492. 190.493. 194. 090. 997.2
104. 1
fits after
Divi-dends
19.420. 121.922. 622.923. 024.627.831.032.435.833.635. 036. 038.438.540.3
tax
Un-dis-trib-utedprof-
its
27.624.724. 221. 214. 121. 330.039. 343. 641.056.456. 858. 158. 052.558.863.8
Inven-tory
valua-tion
adjust-ment
2. 1-1.7-3.4-5.5-5. 1-5. 0-6.6
-18. 6-40.4-12. 0-14. 1-12.4-15.5-11.7-16. 9-20.6-17.8
1 See p. 4 for profits with inventory valuation and capital consumption adjust-ments.
2 Includes rest of the world, not shown separately.8 Includes industries not shown separately.
8
Source: Department oi Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENTBusiness fixed inveshnenf rose $5,4 billion (annual rafe) in the second quarfer as investment in structures rose $3.1billion and purchases of producers' durable equipment increased $2.2 billion. Residential investment increased $9.8billion. Inventory investment amounted to $21.7 billion, up $7.9 billion from the first quarter level.
BILLIONS OF DOLLARS* (RATIO SCALE)
300
BILLIONS OF DOLLARS* (RATIO SCALE)120
_NONRES!DENTIAL FIXED NVESTMBsIT
100
80
60
I t I
.PRODUCERS'.DURABLE EQUIPMENT
I I I
BILLIONS OF DOLLARS*
40
BILLIONS OF DOLLARS* (RATIO SCALE)
lUCTURES
I \ [ I 1 t
40 -CHANGE IN BUSINESS INVENTORIES-
20
-20 -
-40I I I
19731 I I
1974I I
1975I t I
1976I I . I
1977
50 -
1977
*SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVlSIRS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19661967196819691970197119721973 __19741975 _ _19761976: I
IIIIIIV
1977: III
Grossprivatedomes-
ticinvest-ment
124.5120. 8131. 5146.2140.8160.0188. 3220. 0214. 6189. 1243. 3231. 3244.4254. 3243.4271. 8294.9
Nor
Total
81.482. 189. 398. 9
100.5104. 1116.8136. 0150. 6149. 1161. 9155.4159. 8164.9167.6177. 0182.4
iresident
Struc
Total
29.229.531.635.737.739. 342. 549. 054.552. 955. 854.755. 856. 057.057.961. 0
ial fixed
tures
Non-farm
28. 128.230.434.336. 137. 841. 146.951.850.453.452. 153.453. 654.455. 158.2
investme
Proddur
equip
Total
52.252.657.763. 362. 864. 774.387.096.296. 3
106. 1100.8104. 0109. 0110. 6119. 2121. 4
mt
ucers'ablement
Non-farm
47.948. 053.458. 958. 159. 969. 180. 188.287. 195. 990. 593.898.4
100. 7107. 8110.0
Resid
Total
28.728.634.537.936. 649.662.066.155. 151. 568.061.466. 367. 876. 781.090.8
ential fix
Non-farm
struc—tures
27.427.233. 136.335.147. 960. 364. 352. 749.565. 758. 964. 165.774.378.588.2
ed inves
Farmstruc-tures
0 77676776
1 29
1 01 21 0
91 11 11 2
tment
Pt*r»
ducers,dur-able
equip-ment
0.7.7.8.9.9
1.01. 11.21.21. 11. 31.21.21.21.31.4L4
Changeness mv
Total
14.310. 17.79.43. 86.49.4
17.98.9
-11.513. 314. 518. 321. 5— . 9
13.821.7
in busi-entories
Non-farm
14.59.47.69.23. 75. 18.8
14.710.8
-15. 114. 9
15.920.422. 01.4
14.122.4
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANT AND EQUIPMENTBusiness plans to increase capital spending 12.3 percent in 1977, according to the Commerce April-May survey,slightly more than the expected increase reported in March.
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
20 201969 1970
3f *EE FOOTNOTE 4 BELOW.SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
197019711972..197319741975_19761977 4
1976: I-IIIIIIV
1977: III *____III 4
IV*_ —
Total »
79.7181.2188.4499.74
112. 40112. 78120. 49185. 84114.72118. 12122. 55125. 22130. 16134. 46136. 91189. 08
M
Total
31. 9529.9931. 353aoi46.0147.9552.4859.9149. 2150.6454.7854.4456. 4358. 6261. 7762. 83
E:
anufactun
Dur-able
goods
15. 8014. 1515.6419.2522. 6221.8423. 6827.4421.6322. 5424. 5925. 5026. 3026.4228. 8028. 59
spenditur<
ing
Non-durablegoods
16. 1515.8415. 7218.7623. 3926. 1128.8132. 4727.5828. 0930. 2028. 9330.1332. 2033. 4638. 74
5s for plan
!
Total
47.7651.2257.0961. 7366. 3964.8268.0175.4265. 5167.4867.7670.7873.7475.8475. 1476. 75
it and equ
N
Mining
1. 892. 162. 422. 743. 183.794. 004.413.833. 834.214. 134.244.424.54
dpment
onmanuf
Trans-porta-tion
6. 044. 935.726. 036.667.577.456.836. 558. 247.257. 537.296. 606. 74
acturing
Publicutili-ties
13. 1415.3017. 0018. 7120. 5520.1422. 2826. 1121. 9121. 8521. 6723.4625.3525. 6525. 72
Com-muni-cation
10. 1010.7711. 8912. 8513. 9612. 7413. 3015.3412. 5412. 6213.6414.3014. 19
89.88.
Com-mer-cialand
other 2
16. 5918. 0520. 0721. 4022.0520.6020. 9922. 7520. 6820. 9420. 9921.3622.67
1614
Starts cand eqi
pro]€
Manu-factur-
ing
29. 1828. 0035. 2147. 5752. 4948. 2451. 05
11. 6412. 7713. 2212. 8815.26
f plantlipment;cts3
Publicutili-ties
17. 2022. 2228. 6038. 1345. 7434. 5029. 66
3. 438. 567. 54
10. 229.76
— „ Agricultural business; real estate operators; medical, legal, educa-tional, and cultural service; and nonprofit organizations. These figures do notagree precisely with the nonresidential fixed investment data in gross nationalproduct estimates, mainly because those data include investment by farmers,professionals, nonprofit institutions, and real estate firms, and certain outlayscharged to current account.a Includes trade, service, construction, finance, and insurance.
10
8 Starts are estimated by adding changes in carryover to expenditures duringgiven period.
* Expenditures estimates based on expected capital expenditures as reported bybusiness in late April and May 1977.
NOTE.—Annual total is the sum of unadjusted quarterly totals.Estimates (as noted in footnote 4) include adjustments when necessary for sys-
tematic biases in expectations data.Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCESeasonally adjusted unemployment declined in July by 218,000 and employment decreased slightly by 118,000as the civilian labor force decreased by 336,000. The decline in civilian employment was the first in 9 months.
MILLIONS OF PERSONS100
MilLlONS OF PERSONS*100
SEASONAILY ADJUSTED
CIVILIAN LABOR FORCE
i HIM! f Mi l t t f ni t ini M in! t i n t f i t n l t f i M i r t M l t i M i MM MM t i t_ j _ j _ j _ j _ j _ f I l I I I MM I...1JJ I ill || 1I.J 0
1976 I 1977
*16 YEARS OF AGE AND OVER.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
Period
19721973197419751976
1976: July.Aug>Sept.Oct..Nov.Dec.
1977: Jan..Feb__Mar_Apr__May>June_July.
Nonin-stitu-tional
popula-tion
145, 775148, 263150, 827153, 449156, 048
Ui
156, 142156, 367156, 595156, 788157, 006157, 176
157, 381157, 584157, 782157, 986158,228158, 456158, 682
Civilianemploy-
ment
81, 70284, 40985, 93584, 78387, 485
aadjusted
89, 60889, 36787, 94988, 69788, 54288, 494
86, 85687, 23188, 21589, 25890, 04291, 68292, 372
Unem-ploy-ment
4,8404,3045,0767, 8307,288
7,5777,3237,0266,8337,0957,022
7,8488,1097,5566, 5686, 1517,4536,941
Totallaborforce
(includ-ing
ArmedForces)
88, 99191, 04093, 24094, 79396, 917
97, 32997, 49897, 38797, 44998, 02098, 106
97, 64998, 28298, 67798, 89299, 28699, 77099, 440
Civilianlaborforce
86, 54288, 71491, Oil92, 61394, 773
95, 18995, 35195, 24295, 30295, 87195, 960
95, 51696, 14596, 53996, 76097, 15897, 64197, 305
C
Tni a!JL U ifdJ.
81, 70284, 40985, 93584, 78387, 485
87, 78387, 83487, 79487, 73888, 22088, 441
88, 55888, 96289, 47590, 02390, 40890, 67990, 561
ivilian ei
Agri-cul-tural
3,4723,4523, 4923, 3803,297
Seasc
3,3333, 3723,2783,3103,2483,257
3,0903, 0903, 1163,2603, 3863,3383,213
aiploymen
Nonagri
TntolJL U ttii
78, 23080, 95782, 44381, 40384, 188
mally adj
84, 45084, 46284, 51684, 42884, 97285, 184
85, 46885, 87286, 35986, 76387, 02287, 34187, 348
it
cultural
Part-timefor eco-nomic
reasons 1
2,4082, 3112, 7093,4903,272
usted
3,1363, 1783,3763,4483, 5453,454
3,3203,4383,2763, 1743, 2903,3683,371
Unempl
TntolJL U tell
4,8404, 3045, 0767,8307, 288
7,4067, 5177,4487,5647,6517,519
6,9587, 1837,0646, 7376, 7506,9626,744
Dyment
15weeksandover
1,158812937
2,4832, 339
2,2472,3412, 3112,3602, 5172,514
2,2832, 1821,9231,8161,8361,7371,834
Laborforce
partici-pationrate(per-
cent)2
61.061.461. 861.862. 1
62.362.462.262.262.462.4
62.062.462.562.662.763. 062.7
1 Persons at work in nonagrieultural industries.2 Total labor force as percent oi noninstitutional population 16 years of age andover.
Source: Department of Labor, Bureau of Labor Statistics.
11
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SELECTED UNEMPLOYMENT RATESIn July the unemployment rate returned to the May level of 6.9 percent after a slight increase in June. All of thedecrease took place among adult women and teenagers. The teenage unemployment rate of 17.4 percent was thelowest since October 1974.
PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)
10
1973
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1972 _19731974197519761976: July
AugSeptGetNovDec
1977: Jan_.FebMarAprMayJuneJuly
Total(all
civil-ian
work-ers)
5. 64. 95.68.57.77.87.97.87.98.07.87.37. 57.37. 06.97. 16.9
Uner
By s
Men20
yearsandover
4, 03. 23, 86.75.96. 15. 96. 16. 26. 36.25.65. 85. 45. 05.35.05.1
nployme
>ex and s
Women20
yearsandover
5.44,85. 58.07.47. 67.87. 67. 67.67. 46. 97.27. 27. 06. 67. 26.9
nt rate (
ige
Bothsexes16-19years
16. 214. 516.019. 919. 018. 219. 618. 819. 019. 219. 018. 7ia 518. 817. 817. 918.617.4
Dercent c
By
White
5.04.35.07. 87. 07. 17. 17. 27. 27.37. 1a 76.76. 66. 36.26. 3a i
>f civiliai
color
Blackand
other
10.08.99. 9
13. 913. 112. 913.612.813. 413. 513.412.513. 112. 712. 312. 913. 213.2
i labor fc
]
Expe-riencedwageand
salaryworkers
5.34. 55. 38.27.37.47.57.47. 57.67.47.07. 16. 9as6.76.56.4
>rce in gi
3y seled
House-hold
heads
3,32.93. 35.85.15.35.25. 45.45. 35. 14.84.94. 64.44. 54.34.3
-oup)
ed group
Full-time
work-ers
5. 14.35. 18.17.37.37.57.57. 67.67.5a76. 96.76. 56. 56.5as
)S
Part-time
work-ers
8.67.98.6
10.310.110.610. 09.6
10.310. 59.8
10.210.711. 19. 99. 9
10.79.2
Laborforcetimelost(per-
cent) *
6.05.26. 19.18.38. 18.48. 48.68.68. 48. 07. 97.87.47.57.57.4
1 Aggregate hours lost by the unemployed and persons on part-time tor eco-nomic reasons as percent of potentially available labor force hours.
12Source: Department of Labor, Bureau of Labor Statistics.
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SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSUR-ANCE PROGRAMSThe decline in seasonally adjusted unemployment of 218,000 in July was accompanied by an increase in the propor-tion of job losers and a decrease in the proportion of job leavers, reentrants, and new entrants.
PERCENT DISTRIBUTION* PERCENT DISTRIBUTION*
60
40
20
REASON FOR UNEMPLOYMENT
I i I I I I I M I I
JOB LOSERS
^\i
\NEW ENTRANTS
M M t I M I M
1974 1975
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
REENTRANTS
JOB LEAVERS
1976
i i i i1977
20
1974 1975 1977
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
19721973__1974.197519761976: July__
Aug__Sept..Oet___Nov__Dec..
1977: Jan_._Feb..Mar__AprMay_.June v.July *_
unem.—nlnv—piuy-ment(thou-sands)
4,8404,3045,0767,8307,2887,4067,5177,4487,5647,6517,5196,9587, 1837,0646, 7376, 7506,9626,744
PercenPi
Joblosers
43. 238.743.455. 449.850. 949. 349. 750.049. 850. 045.647.544. 443. 644. 242. 745. 8
t distriboyment
Jobleavers
13. 115.714.910.412. 213.012. 912. 512. 511.211. 113.211.913.012. 513.713. 912. 5
ution ofay reasoi
Reen-trants
29.830.728.423. 826. 025. 425. 325.525. 627. 026.228.327. 528.429. 529. 027. 627. 1
unem-i1
Newen-
trants
13.914, 913.310.412. 110.712. 412. 311.912. 012. 612. 913. 114. 214. 413. 015. 714. 5
Perceiplo
Lessthan 5weeks
45.951.050. 637. 038. 340. 337. 537.638. 435. 536.438.739. 542.845.841. 544. 942.7
it distribyment b
5-14weeks
30. 130. 131. 031. 329.628.831.832. 030. 832. 130.529. 229. 729. 927. 431. 229.729.7
ution ofy durati(
15-26weeks
12.311.011. 116. 513. 814.614. 714.714. 215. 314,914. 613. 411. 110. 611. 911.713.8
unem-m 1
27weeksandover
11.67.87.3
15.218.316.415.915.716. 517. 118.217. 517. 416.316.315.413. 813.8
State pi
Insuredunem-ploy-ment
Wee
1,8481,6322, 2623,9922,9683,0453, 1833, 2603,2633, 1602,9692, 7812,7742,5642,4892, 5152,5412, 649
rograms
Initialclaims
jkly avei
261246363478382411416421421388361409419335363381373389
Insuredunem-ploy-ment,
allregular
pro-grams 2
(unad-justed)
age, thou
2, 1921,7932,5584,9433,8223,6423,4463,2353,2173,4533,8844,4424,4483,9723, 5063, 1052,9373,063
Specialunem-ploy-ment
benefitclaims 3
(unad-justed)
sands
1, 1731, 1521,3791, 327
986853862903823911901784538484540
i Detail may not add to 100 percent because of rounding.J Includes State (50 States, District of Columbia, and Puerto Bico), ex-service-men (UCX), Federal (UCFE), and railroad (RB) programs. Also includesFederal and State extended benefit programs. Does not include FSB (Federalsupplemental benefits) and SXJA (special unemployment assistance).
FSB and SIT A. These programs started January 1975 and regular reportingbegan March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employmentand Training Administration). >• ̂
io
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTDespite the decrease in total civilian employment, nona<ninth consecutive month, rising by 256,000. Most major incfactoring, services, and trade.
[ricultural payroll employment increased in July for thelustries registered increases with the largest gains in manu-
MILL10NS OF PERSONS*_ .
MILLIONS OF PERSONS* {ENLARGED SCALE)
SO
70
50
40
30
20
ALL NONAGRICULTURALESTABLISHMENTS
•"SERVICE-̂ PRODUCING 'INDUSTRIES
-GOODS-PRODUCING -INDUSTRIES
1973 1974•SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF LABOR
nnilnm1975 1976
n ml
18
16
14
12
22
20
^in i f him
WHOLESALE AND RETAIL TRADE
GOVERNMENT
X4*M*"-"* -_ ..u**eg
T"SERVICES
in
MANUFACTURING
t M 1 1 1 1 n. II 1 I I 1 I II I I M t 1 I IH I t I I 1 M I I t t i t 111 I I II!
M i l
1977
CONTRACT CONSTRUCTION
1973 1974 I 1975 I 1976 1977
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted j
Period
197219731974197519761976: July..
Aug..Sept..Oct..Nov..Dec__
1977: Jan..Feb..Mar._Apr..May..June".July.
Totalnonagri-culturalemploy-
ment
73, 71476, 89678, 41377, 05179, 44379, 51379, 61879, 91879, 81980, 10680, 34480, 56180, 82481, 39581, 68681, 92182, 09582, 351
C
Total 2
23, 54624, 72724, 69722, 60323, 33223, 34423, 31023, 46323, 32323, 48923, 50823, 58923, 70124, 00524, 21724, 30624, 35124, 424
roods-prc
Con-tractcon-
struc-tion
3,8314, 0153, 9573, 5123, 5943, 6083, 5793, 5653, 5823, 6193,6053,5613, 6453, 7593, 8423,8613,8773,913
)ducing i
Ma
Total
19, 09020, 06820, 04618, 34718, 95618, 94518, 97919, 10018, 94119, 06519, 09519, 21119, 23319, 40419, 52819, 60019, 61919, 690
ndus tries
nufactui
Durablegoods
11, 00611,83911,89510, 6791 1, 02611, 03411, 08311, 14611, 01811, 12811, 15811, 23611, 23011, 37011, 42311, 46911,49011, 527
3
ing
Non-durablegoods
8,0848,2298, 1517, 6687,9307,9117, 8967,9547,9237,9377,9377,9758,0038,0348, 1058, 1318, 1298,163
Total
50, 16752, 16953, 71554, 44856, 11156, 16956, 30856, 45556, 49656, 61756, 83656, 97257, 12357, 39057, 46957, 61557, 74457, 927
S
Trans-porta-tionand
publicutilities
4, 5174, 6444, 6964,4984, 5094,5084, 5014, 5284, 5064,5194,5534,5494,5534, 5684,5754,5864,5764,583
ervice-pr
Whole-saleand
retailtrade
15, 97516, 67417, 01717, 00017, 69417, 73717, 76417, 83917, 82417, 80817, 89817, 98118, 06718, 18918, 20318, 23518, 22718, 285
oducing
Finance,insur-ance,andreal
estate
3,9434, 0914, 2084, 2234,3164,3124, 3124, 3384, 3594, 3814,4034, 4234,4314,4534,4634,4804,4884,506
industry
Services
12, 39213, 02113, 61714, 00614, 64414, 66414, 75114, 79814, 81914, 87314, 93615, 01015, 06815, 14915, 18215, 19715, 24115, 305
iS
Gover
Federal
2,6842, 6632, 7242,7482,7332, 7232, 7322,7282,7302, 7342,7202, 7212,7212, 7252, 7192, 7232,7352, 730
nment
Stateandlocal
10, 65611,07511, 45311,97312, 21512, 22512, 24812, 22412, 25812, 30212, 32612, 28812, 28312, 30612, 32712, 39412, 47712, 518
1 Includes all full- and part-time wage and salary workers in nonagriculturalestablishments who worked during or received pay for any part of the pay periodwhich includes the 12th of the month. Excludes proprietors, self-employed per-sons, domestic servants, and personnel of the Armed Forces, Total derived fromthis table not comparable with estimates of nonagricultural employment ol thecivilian labor force, shown on p. 11, which include proprietors, self-employedpersons, and domestic servants; which count persons as employed when they
14
are not at work because of industrial disputes; and which are based on a sampleof the working-age population, whereas the estimates in this table are based onreports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY HOURS AND HOURLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Period
196819691970197119721973197419751976
1976: JulyAugSeptOctNov.Dec
1977: JanFeb _MarAprMayJune*., _July
Aver
Totalprivatenonagri-cultural 1
37.837.737.137.037. 137. 136.636. 136.2
36. 136. 136.036. 136.236.2
35.836.336.336.236.336.236.1
age weekly 1
Manufa
Total
40.740.639.839.940. 640. 740. 039.440.0
40. 140.039.739. 940. 140.0
39.540.340. 440.340.440.540.3
lours
.cturing
Overtime
3.63.63.02.93. 53.83.22.63.1
3.13.03.02.93.13.2
3.23. 33.33.43.43.43.3
Averaghourly c
Totalprivatenonagri-cultural l
$2.853.043.223.443.673. 924.224.54487
4.884.914.924. 955.005.02
5. 075.095. 125.175.205.225.25
e grossjarnings
Manufac-turing
$3.013. 193.363. 573. 814. 084.414.815.19
5.215.255.295. 295. 345.38
5. 435.435.495.535.575.615.64
Adjusted h
Index, 1<
Currentdollars
106.2113.2120.7129.2137.7146.5158.5172.5185.0
185.6186.8187.5188. 4189. 7190.6
192.7193.2194. 1195.3196. 5197.4198.5
ourly earninnonagrie
367=100
1967dollars 3
101.9103. 1103.8106.6109.9110.0107. 3107.0108.5
108.5108.7108.7108.9109.3109.4
109. 7109.0108. 8108.6108.6108.5108.7
gs index — tcultural 2
Percent cta year <
Currentdollars
6.26.66.67. 16.56.48.28.87.3
7.37. 17. 16.86.76.9
7.37.07.07. 17.07.16.9
)tal private
tange fromsarlier *
1967dollars
1.91. 2. 7
2.73. 1.2
-2.5-.31.4
1.81.41.51.51. 61.9
2. 11.0.6.3.2.2.1
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
1968196919701971___1972 __ 11973__197419751976 _ -
1976: JulyAug.._ _ _ — _ _SeptOctNov._Dec _ _
1977: Jan _ _ _ __ _FebMar__AprMay__ _June15
July p
Total priagricu]
Currentdollars
$107. 73114. 61119. 46127. 28136. 16145. 43154. 45163. 89176. 29
176. 17177. 25177. 12178. 70181.00181. 72
181. 51184. 77185. 86187. 15188. 76188. 96189. 53
Average
vate non-tural *
1967dollars 3
$103. 39104. 38102. 72104. 93108. 67109. 26104. 57101. 67103. 40
103. 02103. 17102. 74103. 29104. 32104. 32
103. 37104. 21104. 18104. 09104. 34103. 88103. 80
gross weekly
Manufac-turing
i
$122. 51129. 51133. 73142. 44154. 69166. 06176. 40189. 51207. 60
208. 92210. 00210. 01211. 07214. 13215. 20
214. 49218. 83221. 80222. 86225. 03227. 21227. 29
earnings
Contractconstruction
Current dollars
$164. 49181. 54195. 45211. 67222. 51235. 69249. 08265. 35284. 93
286. 71284. 83276. 79289. 45292. 09291. 69
281. 08297. 86293. 09296. 54297. 70295. 87295. 80
Retailtrade 6
3
$74. 9578. 6682. 4786. 6190. 9995.57
101. 04108. 22113. 96
113. 60114. 24115. 56115. 84116. 75118. 50
117. 55119. 25119. 94
(7)(7)(7)C7)
Percent ehjyear e
total pri1'agrict
Currentdollars
5. 86.44. 26.57.06.86. 26. 17.6
7.97. 06. 66.96.56.7
5.67. 17.78. 37. 57.47.3
inge from aarlier,/ate non-iltural6
1967dollars
1.51. 0
— 1. 62. 23. 6, 5
-4.3-2.8
1.7
2.31.31.01.51. 51.8
. 41.01.21. 5.7.5.6
1 Also includes other private industry groups shown on p. 14.2 Adjusted for interindustry employment shifts and for overtime in manu-(facturing.
3 Current dollar index (or earnings) divided by the consumer price index.4 Monthly changes based on indexes to two decimal places.
94-783°—-77 3
* Includes eating and drinking places.6 Based on unadjusted data.7 Data no longer available.Source: Department of Labor, Bureau of Labor Statistics;
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Period
1966196719681969....
19701971 .....1972 — -..1973 . .1974
19751976
1975: III iIII—IV
1976:1II—III......
. . * IV. — ..
1977:1 -II"....
1966— .1967—.1968 ....1969. ....
197019711972____19731974
1975—1976
1975: IIIIIIIIV
1976: I_II _IIIIV
1977:1II >
1 Output refers to1 Hours of all pehours of proprietorestablishment data8 Wages and sal*insurance and privand supplemental
OutF
Totalprivatebusiness
98.0100. 0105. 1108. 3
107. 4110. 3117.6124 5121. 6
118. 8127. 1
115. 1117. 3120. 7121. 9
125. 1126. 9127. 8128. 5
131. 5134.0
5.52.05. 13.0
-.92.86.65.9
-2.3
-2.37.0
-11.47.7
12.33.9
10. 85.93. 12.0
9.67.9
gross domes!rsons in priis and unpaic
iries of empate benefit ppayments foi
ut1
Privatenon-farm
business
98. 1100. 0105.4108.6
107.4110. 3117.9125.0122. 0
118. 8127. 5
115.3117.2120. 8122. 0
125. 4127.4128.4128.8
131. 8134. 3
6.01.95.43.0
-1. 12.76.96.0
—2.4
-2.67.3
-11.46.7
12.74.2
11.76.53.21.3
9.57.8
ie product 01rate industrI family wor
oyees plusans. Also in<the self-emj
Hourspers
Totalprivatebusiness
100. 3100. 0101. 7104.5
102. 8102. 3106. 0110. 1110.6
106. 1108.9
105. 7104.9105.9107.5
108.3108. 9109.0109. 5
110.4113.0
Pereei
2.3-.31.72.7
-1.6-.43. 63.9.4
-4.12. 7
-12.5-2.7
3.95.9
3.02.6. 1
2.1
3.39.8
•iginatinginty engaged inkers. Estims
employers' celudes an estiloyed.
of aUons2
Privatenon-farm
business
1967 =
100. 0100. 0102. 1105.3
104.0103.7107. 6112. 2112. 7
108. 0111.4
107.9106.9107.7109. 7
111.0111.3111.4112. 2
113.4115.7
it change
3. 3-.02.13.2
-1.2-. 33.74. 3.4
-4. 13. 1
-12.3-3.5
2.97.6
4. 91.0.4
3.2
4.28. 2
he sector in 1production
ites based pr
ontributionsmate of wage
Output lof all p
Totalprivatebusiness
100; quai
97.8100. 0103.3103.7
104.5107.8111.0113. 1110. 0
112.0116. 6
109. 0111.8114. 0113.5
115. 5116.5117. 3117. 3
119. 1118.5
; quarterly
3.22.33. 3.3
.73.22.91.9
-2.7
1.84.2
1.210.78.1
-1.8
7.63.2ao-.0
6.1-1.8
972 dollars,including
[marily on
for socialjs, salaries,
>er hourersons
Privatenon-farm
business
•terly dati
98. 1100. 0103.2103. 1
103. 3106. 3109. 5111.4108. 2
110.0114.4
106. 9109. 6112. 1111.2
113. 0114. 5115.3114. 8
116. 2116. 1
f data at
2.51.9& 2-.2
. 22.93.01.7
-2.8
1.64. 1
1.010.69.4
-3.2
6. 55.42.8
-1.8
5.0-.4
* Currentic produd
NOTE.—data; theyshown here
Data revSource: DC
Compeper 1
Totalpri-vate
business
i seasona
94.7100.0107.6115. 1
123.3131. 5138. 9150. 3164. 3
180. 2196.5
176.2179. 0181. 1184.7
190. 5194. 3198.6202. 7
208. 4211. 6
seasonal]
7.05. 67. 67.0
7.26.65.78.29.4
9.69. 1
12.96.74.88. 1
13. 18.39.08.6
11.76.3
; dollar gros
Percent ehstherefore n
ised beginnpartment c
nsationtour 3
Privatenon-farm
business
iHy adjust
94. 5100. 0107.31143
121. 9129.9137.4148. 1162.0
177. 6193. 1
173.2176. 2179. 2182.0
186. 9191. 1195. 2198.7
204. 3208. 0
y ad juste
6. 15. 87.36.5
6.76. 65. 87. 89. 4
9.68.7
11.87.26. 96. 4
11. 19.48,87.4
11.77.4
s domestic pi
inges are ffoiaay differ sH
ing 1974.f Labor, Bui
UnitCO
Totalpri-vate
business
ed
96.8100. 0104. 1111.0
118. 1121.9125.2132. 9149.4
160. 9168. 5
161. 7160. 2158. 9162.8
164.9166.9169.2172. 8
175. 1178.5
d annual
3.73.34 16.6
6.43.22.76.2
12.4
7. 74.7
11.5-3.6-3. 110. 1
5. 15.05.88.7
5.38.2
roduct divi<
n precedinghtly from
*eau of Lab
laborsts
Privatenon-farm
business
96.4100. 0103.9110.9
118. 1122.2125.5133.0149. 7
161.5168. 7
162.0160.7159. 8163.6
165. 4166.9169.3173. 1
175. 8179. 2
rates
3. 43.83.96.6
6.53.52.76.0
12. 6
7.94.4
10.7-3.0— 2. 3
9.9
4. 4a o
O
5.89.4
6.37.9
led by const*
g period andpercent chai
or Statistics.
Implicidefla
Totalpri-vate
business
97.2100. 0103. 9108.8
113.9118.9123. 2130s 3143.0
157. 8165. 4
154. 1156. 3159. 2161.4
162.6164. 6166.2168. 2
170,0173. 0
3.22.93.94.7
4.74.43.65.89.8
10. 34.8
12. 95.97.65. 8
3. 04.9404 8
447.2
mt dollar gr
are basedages based
t pricetor*
Privatenon-farm
business
96.8100. 0104 0108. 7
1140119.2122. 9128. 0141. 4
156. 8164 8
153.4155. 4157.9160. 1
161.8163.4165. 8168. 0
169. 5172.5
2.93.3404 5
49453. 14 1
10.5
10.95. 1
14.25.56.65.7
43405.95.5
3. 57.4
oss domes-
on originalon indexes
16
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production rose 0.5 percent in July, following increases of 0.7 percent in June and 0.9 percent in May.
INDEX, 1967=100* (RATIO SCALE)160
INDEX, 1967=100* (RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
120
100
UTILITIES AND MINING PRODUCTION
w^^^C—
'"7"\,MINING
M i n
UTILITIES
1973 1974 1975 1976
PERCENT (RATIO SCALE)100
1977
120
100 -
90
80
70
MANUFACTURING CAPACITY UTILIZATION RATE
1973 1977 1973 1 1974 1975 1976 1977* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Period
1967 proportion1971- - - _ _1972197319741975 _19761976: July___
Aug _ _Sept__OctNov__Dec___
1977: Jan___FebMarApr _ _MayJune v _ _July »
Total irprodi,
Index,1967=
100
100. 00109. 6119. 7129. 8129. 3117. 8129.8130.7131. 3130.8130. 4131.8133.1132. 1133. 2135. 2136. 2137. 4138. 3139. 0
tdustrialiction
Per-cent
changefromyear
earlier
1. 79. 28.4
— . 4-8.910.210.48.57. 16.76.77.05. 14. 65.56. 16. 06. 36.4
Indusl•Mi
Total
87.95108. 2118.9129. 8129. 4116. 3129.4131.0131.6130.7129.9131.9132. 8131.5132.9135.2136.0137. 4138. 3138. 8
jry produmufacturi
Dur-able
51. 98102. 4113. 7127. 1125. 7109. 3121.4124.2125. 1122.4121. 5123.8125. 2123. 0124.0126.8127.9129.3130. 6131.3
ction indng
Non-dur-able
35.97116.6126.5133.8134. 6126. 4141.0141. 1140.9142. 6142. 2143. 5143.7143. 7145. 7147.0147. 8149. 1149. 3149. 6
exes, 196'
Mining
6. 86109. 8113. 1114.7115.3112. 8114. 1112.5114. 4115.7116. 7116. 2116. 2113. 2116.5120. 2119.2120. 0122. 3119. 3
r=ioo
Utili-ties
5. 69130. 5139. 4145. 4143.7146. 0151. 7150. 8151. 3150. 1151.2154. 0155. 5161.5158. 8154. 2153. 1156. 4157. 7161. 3
Manuf
Federalsen
Totalmanu-factur-
ing
78. 083. 187.584.273.680. 180. 981. 180.479. 780. 881.280.280. 882. 182. 382. 983.383.4
aeturing (rate, p
Reservees
Mate-rials
83. 188. 092. 487. 773.680. 381. 281. 681. 080.380.380. 179. 180.081. 682.082. 783. 183. 0
capacity isrcent l
Com-merceseries 2
808386837781
80
81
83
itilization
Whar-ton
series 3
86.491.897. 193. 080. 487.4
88. 1
87.7
88, 3
90. 7
1 Output as percent of capacity.2 Annual data are averages of four monthly indexes.s Quarterly data entered in last month of quarter. Annual data are av<quarterly data.
Sources: Board of Governors of the Federal Reserve System, Department ofCommerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Period
1967 proportion1969 _1970 _1971 „_---19721973 --197419751976.._.1976: July
Aug -_SeptOctNov _ >Dec
1977: JanFeb__MarApr _ _MayJune "July »
Total
47.82109.6105.3106. 3115. 7124.4125. 1118. 2127.3127.6128. 3127.4127.4129.8132. 1130.8131.8133.0134.3135.2136. 1136.9
Coi
Total
27.68109.8109. 0114. 7124.4131.5128.9124. 0136. 8136.8137. 5136.2136. 9139. 1142.0140.2141.0142.8143.3144.0144.4145. 3
Final p
isumer go
Durablegoods
7.89115.0106. 1118. 8133.8146.2135. 3121.4141.5141.8143. 7138. 4139.4143.7151. 2145. 1146. 1152. 4151.7152.4155.0157. 5
Proc
roducts
ods
Non-durablegoods
19.79107.7110. 1113. 1120. 6125. 6126.3125. 1134.9134.8134.9135.3135.8137. 1138.4138.3138.9139.0140.0140.7140.3140.4
.ucts
Equip
Total
20. 14109.3100.194.7
103.8114.5120. 0110. 2114,3114. 9115. 7115.2114.4116.9118.6117.8119.0119.7121.8123. 1124.5125. 6
>ment
Busi-ness
12. 68112.5107.0104. 1118. 0134. 2142.4128. 2136. 1136. 9137. 7137.5135.9140.2143.2142. 0143. 1144.5147.0148.8150.8152. 6
Interneproc
Total
12.89112.9112.9116. 7126. 5137. 2135. 3123. 1136.8137.6137. 8138.7138. 3138.8139.8141.8141.8141. 9142.7144.1145.4146.6
mediateucts
Con-structionsupplies
6.42112.3111. 0116.8128.4139. 8134.5116. 3132.0133. 1134. 1134.3134.0135. 7135.5136.1135.7136.4137. 4138. 9140.2141. 0
Ma-terials
39. 29112. 5109. 2111. 3122. 3133.9132.4115.5130. 5132. 2133.0132.5131.6131.9131. 9130. 7132.4135.5136.3137.8138.8139. 1
Sup-ple-
ment-ary
group:Energytotal
12.23111.1117.0119. 5125. 2128.3125.5125.5129. 0128. 4129. 0128.6128.6130. 7132.2133.0132.4132.0131.7132.8133.6135. 4
[1967=100, seasonally adjusted]
Period
1967 proportion1969197019711972197319741975__ _1976
1976: JulyAugSeptOctNovDec
1977: JanFebMarApr . „May .June »July 9
Primary
Total
6.67113.8106.6100.2112. 1126.7123. 196.4
ioao116.9118. 6114. 1109.9107.3102. 7
100.0100.4108.3112. 3116.8115.6112.2
r metals
Ironandsteel
4.21112.6104.796.1
107. 1122. 3119.895.8
104.4
115. 3116.2110.3105. 1103.195. 6
89.891. 397.9
104. 0111. 0109.3
Dt
Fabri-catedmetalprod-ucts
5.9S107.9102.4103. 5112. 1124. 7124. 2109.9123.3
124. 6125. 8126.6123.5126.7128.2
125. 7126.0127.5127. 6128. 0130.2130.5
irable m<
Non-elec-tricalma-chin-ery
9. 15109. 3104.4100. 2116.0133. 7140. 1125. 1134.7
135. 0136. 4136.8134. 1137.5141.2
139. 5139.4140. 4142.5143.2144. 8146.4
anufactu
Elec-tricalma-chin-ery
8.05111. 9108. 1107.7122.2143. 1143.8116. 5131. 7
131.0135. 3133.7135.0135.8135. 6
134. 0137. 6137. 6139. 6141. 8143. 2143.9
res
Trans pequip
Total
9.27108.489.597.9
108.2118.3108.797.4
110.6
113. 3115. 0104.4104.7112. 7118.2
113. 5113. 4120.5119. 8120. 1123.3124,2
ortationment
Motorve-
hiclesand
parts
4.50116.592.3
118.6135.8148. 8128.2111. 1140. 7
148. 5150. 6130.2129.3145.8156.4
145. 5145.4161.2158. 1157.7162.9167.0
Lum-berand
prod-ucts
1. 64107.9105.6113.8120.8126.0116.2107.6125. 1
124.6128. 1128.7130.7129.0127. 5
132.7132. 2132. 1131.6133.0133. 1
Non
Ap-parelprod-ucts
3.31106. 7101.4104.7109.4117.3114.3107.6126. 1
125.6123.7122. 5126.4125.9128.0
123. 6125. 2123.5123. 8125.2
durable
Print-ingandpub-
lishing
4. 72107.4107.0107. 1112.7118.2118. 2113.3120.7
122.0120. 6120.6119.2119.3123. 1
124. 3122. 4124.3123.4124.4123.9124.6
manufac
Chem-icalsand
prod-ucts
7. 74118.4120. 4125. 9143.61545159.4147. 3169. 4
167.6170.4170.5170.6174,2173.5
172.0175. 1179.0180. 6182.0182.5
tures
Foods
8. 75106. 1108. 9112.8116. 8120.9124.0123.4132.0
131.8133. 4135.7134.7134.7134.3
135.5137. 1138.5139.9139. 8139. 5
Source: Board of Governors of the Federal Eeserve System.
18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION
Period
1970___ _197119721973197419751976
1976: JuneJulyAugSeptOctNovDec
1977: JanFebMarAprMav *June 9
Total newconstruc-
tionexpendi-
tures
94.9110.0124.1137. 9138.5134.3147.5
149.6145.8141.8145.2150.1153.8155.4148.4157. 1163. 3166. 1170.4171.0
Total
66.880. 193.9
105. 4100.293.6
109.5
109. 7107. 1103. 6107.4114.8119.0121.2116.4122. 6127.9130.0132.0132.2
Resic
Total 1
Bil
31.943.354.359.750.446.560.5
Seasonalli
61.059.254. 557.765.569.671. 166. 872.476.278.080.580. 1
Private
ential
Newhousing
units
lions of doll
24 335. 144.950.140.634.447.3
/ adjusted ar
45.846.347. 148.750.952.754. 852. 158.362.263.566.266.6
Commer-cial and
industrial
ars
16. 317.018.121. 723.820.819. 9
mual rates
19. 819.620. 120. 019.619.319.418.718.820.821. 120.921.9
Other
18.619.821.524 025.926.329.0
28.928.329. 029.729.730. 130.730.931. 530. 930.930.530.3
Federal,State,andlocal
2ai29.930.232.538.340.738.0
39.938. 738.237.935.334 934.332.034 535.436.238.438.8
Construction
Total valueindex
(1967=100)
123. 1145.4165.3179.5169. 7167.9194 1
Seasonallyadjusted
196217189203240210183203207207250317284
contracts 2
Commer-cial andindustrial
floor space(millions ofsquare feet)
743727854
1,010840555602
Seasonallyadjustedannualrates
646627609582618631658643615809671758733
1 Includes nonhousekeeping residential construction and additions and alter-ations, not shown separately.
2 F. W. Dodge series. Eelates to 50 States beginning 1969 for value index andbeginning 1971 for floor space.
Note.—New construction expenditures data prior to 1973 not comparable withlater data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-HillInformation Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]
Period
19691970..1971—19721973197419751976
1976: JulyAugSeptOctNovDec
1977: JanFebMarAprMay v
June *July *
Units
Total
1, 466. 81, 433. 62, 052. 22, 356. 62, 045. 31, 337. 71, 160. 41, 537. 5
1,4131,5301,7681,7151,7061,8891,3841,8022,0891, 8801,9371,9102,064
*
started, by
1 unit
810.6812.9
1, 151. 01, 309. 21, 132. 0
888. 1892.2
1, 162. 4
1, 1291,1721,2541,2691,2361,3241,0061,4241,5031,4131,4551,4001,462
few private
type of stn
2-4units
85.084.8
120. 3141.3118.368. 164.085.9
Seasonally
7283
1069898
120103120113116120109113
housing unil
icture
5 or moreunits
571.2535.9780.9906.2795.0381.6204.3289.2
adjusted ac
212275408348372445275258473351362401489
}S
Unitsauthor-
ized
1, 323. 71, 351. 51, 924. 62, 218. 91, 819. 51, 074. 4
939.21, 280. 0
tnual rates
1,2291,3081,4811,4811,5831,5321,3331,5261, 6871, 6051, 6151,6781,630
Unitscompleted
1, 399. 01, 418. 41, 706. 11, 971. 52, 013. 81, 691. 71, 296. 81, 362. 1
1,3171,3801,4021,3391,3991,4441,4161,6371,7071,5401,5241,620
New priv
Homessold
448485656718620501544639
606656714728694808827893867780760797
ate homes
Homes forsale atend ofperiod l
222220287409450403380431
410410415420429431431434435441442444
Vacancyrate forrental
housingunits
(percent) *
5.55.35.55.65.86.26.05.6
5.7
5.3
5.1
5.3
1 Seasonally adjusted.8 Quarterly data entered in last month of quarter.Source: Department of Commerce, Bureau of the Census.
19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADEBusiness inventories rose $2.6 billion in June and business sales were again about unchanged. According to theadvance survey, retail sales rose Vk percent in July following a decline of 1% percent in June.
BILLIONS OF DOLLAR *̂ (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)
350
300
250
200
150
100
TOTAL BUSINESSINVENTORIES
1973
+~r v* \
TOTAL BUSINESS
1974
SALES
1975 1976
100
90
80
70
60
50
40
RETAIL INVENTORIES
RATIO',* 1973 1974
RETAIL SALES
1975 1976 1977
1977 1973
SEASONALLY ADJUSTEDSOURCEj DEPARTMENT OF COMMERCE
1977
COUNCIL OF ECONOMIC ADVISERS
Period
1971 . _ _ _ _ _1972. ,1973 ........19741975 _ : _ _ _ _1976 i.......1976: June •_
JulyAug___._ _ _Sept..Oct __Nov _ _ .Dec _ _ _
1977; Jan_^_F e b _ _ _ _ _
"•• -<: M a r _ _ _ _ _ _Apr __ _
" ' ' May... __June * :July »
Total bL
Q | 7bales *
112, 323125, 269145, 297166,771172, 511192, J04193, 360193, 302194, 302193,868192, 353196, 288204, 140202, 160207, 541214, 642213, 596213, 821214, 175
isiness 1
Inven-tories 3
184,756198, 045227, 926278, 386275, 484299, 123289, 138290, 866293, 308296, 537298, 179298, 941299, 123301, 970303, 985307, 325309, 847313, 052315, 608
Whol
Q _ l _ _ J
kales *'
Millions
22, 32724, 86230, 40037, 34436,58340, 21240, 78040, 61640, 58141, 38140, 67640, 79641, 76741, 93143, 23343, 87944, 49145, 18244, 853
esale
Inven-tories 3
of doll
29, 69532, 81738, 30246,56445, 11550, 13148, 64548, 80549, 00649, 72349, 84750, 16750, 13.150,87251,65852, 54953, 06753, 24753, 437
jT'rk+ol j
1
ars, seas
34, 07137, 36541, 94344, 81548, 70254, 32453, 98353, 75454, 64354, 10054, 63455, 57357,89856, 66058, 17559, 52259, 46559, 18158, 43858, 741
Sales 2
Dur-able
goodsstores
onally a
10, 98512, 47214, 19013, 94315, 06017, 84717, 80317, 69918, 20817, 48117, 55918, 15719, 73019, 02419, 76420, 68720, 33320, 08819, 87719, 822
Re
Non-durablegoodsstores
idjusted
23, 08624, 89327, 75430, 87233, 64236, 47636, 18036, 05536, 43536, 61937, 07537, 41638, 16837, 63638,41138, 8353.9, 13239, 09338, 56138, 919
tail
In
HTrti-ol
52, 57157, 15665, 22973, 85174, 67682, 40579, 37579, 91781, 11881,84881, 65881, 66082, 40583, 61683, 87885, 39786, 03387, 17688, 353
ventorieg
Dur-able
goodsstores
23, 86426, 05629,59334, 30134, 47438, 22435, 86336, 52337, 51537, 82237, 51837, 93338, 22438, 93138, 91239, 61339, 58140, 27940, 665
5 3
Non-durablegoodsstores
28, 70731, 10035, 63639, 55040, 20244, 18143, 51243, 39443, 60344, 02644, 14043, 72744, 18144, 68544, 96645, 78446, 45246, 89747, 688
Inventcrat
Totalbusi-ness l
1.611.521.461. 511.601.501.501.501.511.531. 551. 521.471.491.461.431.451.461.47
>ry-salesio 4
Retail
1.471.461.461.531.511.461.471.491.481. 511.491.471.421.481.441.431.451.471.51
1 The term "business" also includes manufacturing (see page 21).2 Monthly average lor year and total for month.1 Book value, end of period, seasonally adjusted.4 For annual periods, ratio of weighted average inventories to average monthlysales; for monthly data, ratio of inventories at end of month to sales for month.
20
Source: Department of Commerce (Bureau of Economic Analysis and Bureaiof the Census).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERSIn June, manufacturers1 new orders were again unchanged while shipments rose 1.3 percent and inventories were up$1.2 billion. Preliminary estimates indicate new orders and shipments of durable goods manufacturers declined in July.
BILLIONS OF DOLLARS* [RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) •
40 3
BILLIONS OF DOLLARS* (RATIO SCALE)
120
100
80
60
40
_ NEW ORDERS
TOTAL
I! 1 1 1 1 1 1 1 II
1973
DURABLE GOODS
NONDURABLE GOODS
! 1 1 1 I ! 1 1 I 1 t
1974 1975
* . • • / « •^~ '̂C'*rt«*
1976
160
120
100
80
60
40
INVENTORIES
-J^\.«*^ mm A
1 1 1 ! 1 1 1 It 1 1
RATIO*2.20
DURABLE GOODS
1 1 1 I1 M 1 1 1 1 I 1 !
tNONDURABLE GOODS
1 1 1 1 i M 1 1 1
1977
INVENTORY-SHIPMENTS RATIO
1.201973
*SEASONALLY ADJUSTEDSOURCE,- DEPARTMENT OF COMMERCE
1977
COUNCIL OF ECONOMIC ADVISERS
Period
1971197219731974197519761976: June-
July..Aug_.Sept—Oct...Nov..Dec.__
1977: Jan...Feb...Mar._Apr.. _May..June..July »_
Manufac
Total
55, 92563, 04272, 95484, 61287, 22698, 16898, 59798, 93299, 07898, 38797, 04399, 919
104, 475103, 569106, 133111, 241109, 640109, 458110,884
turers* shi
Durablegoods
29, 97334, 04239, 70444, 04343, 91250, 37650, 60651, 09051, 64850, 06049, 02951, 23855, 29553, 34154, 70358, 84956,76456, 71757, 77457, 148
pments1
Non-durablegoods
25, 95328, 99933, 25040,56943, 31347, 79247, 99047, 84247, 43048, 32848, 01448, 68149, 18050, 22851, 43052, 39252, 87652, 74153, 110
Manufact
Total
Millio102, 490108, 072124, 395157, 971155, 693166, 587161, 118162, 144163, 184164, 966166, 674167, 114166, 587167, 482168, 449169, 379170, 747172, 629173, 818
urers' inv
Durablegoods
ns of doll*66, 14970, 09881, 218
101, 780100, 310105, 729102, 429102, 856103, 282104, 117105, 589106, 128105, 729106, 562107, 222107, 685108, 190109, 154110, 421
entories 2
Non-durablegoods
irs, seasor
36,34137,97443, 17756, 19155,38260, 85858, 68959, 28859, 90260, 85061, 08560, 98660,85860, 92061, 22761, 69462, 55763, 47563, 397
Manu
Total
tally ad jus55, 93764, 24676, 21786, 98885, 65998, 49799, 13598, 81197, 55498, 47699, 006
100, 784106, 600105, 288106, 575111, 788111, 547111, 693111, 702
raeturers
Durabl
Total
sted
29, 95135, 14242, 88846, 57042, 16450, 68151, 24951, 18050, 38050, 06850, 75452, 23557, 04055, 03755, 13359, 16058, 65259, 17658, 55655, 956
' new ore
e goods
Capitalgoodsindus-tries,non-
defense
7, 5758,947
11, 16912, 65610, 89912, 82012, 60713, 77812, 69013, 46814, 12412, 73413, 83514, 62114, 25214, 56114, 67915, 00015, 71314, 354
lers1
Non-durablegoods
25,98629, 10433, 32940, 41843, 49547, 81647, 88647, 63147, 17448, 40948, 25248, 54949, 56050, 25151, 44252, 62852, 89552, 51753, 146
Manu-fac-
turers'unfilledorders 3
107, 656122, 362161, 766190, 271171, 438175, 453172, 059171, 938170, 414170, 503172, 468173, 333175, 453177, 179177, 623178, 167180, 065182, 301183, 125
Manu-fac-
turers'inven-tory —ship-mentsratio 4
1.83L67L581^66L801.641.63L641.651.681.721.671.591.621.591.52L561.58L57
1 Monthly average for year and total for month. Shipments are the same as sales.* Book value, end of period.* End of period.* For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipmentsfor month.
Source: Department of Commerce, Bureau of the Census.
21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESWHOLESALE PRICESIn July, the wholesale price index rose 0.2 percent (fell 0.1 percent seasonally adjusted). Prices of farm products andprocessed foods and feeds declined 1.1 percent (2.1 percent seasonally adjusted). Industrial commodities priceswere up 0.6 percent (0.5 percent seasonally adjusted).
INDEX, 1967-100. (RATIO SCALE)
220
INDEX, 1967= 100 (RATIO SCALE)220
FARM PRODUCTS ANDPROCESSED FOODS AND FEEDS !
120
100
120
100
1969 1977
SOURCE; DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
196919701971 _ _ _ _ _19721973 .197419751976
1976: July.AugSeptOctNov.Dec___
1977: JanFebMarAprMayJune.July
1 Excludes crude foocleaf tobacco.
Allcom-modi-ties
106.5110.4114.0119. 1134. 7160. 1174. 9183. 0
184. 4183. 8184. 8185. 3185. 6187. 1188.0190. 0191.9194.3195. 2194. 4194. 8
Istufis and fe
Farmproducts
andprocessed
foodsand feeds
108.0111.7113. 9122. 4159. 1177. 4184.2183. 1
Unadjusted188. 1181. 7182.9179. 5178.3183. 9184. 8188. 4190.9195. 9196.8191. 5189.3
edstuffs, plant a
Indus-trial
commod-ities
106. 0110.0114. 1117. 9125. 9153.8171.5182. 4
182. 7183.8184. 8186. 3187. 1187.4188. 4189.9191.6193. 2194.2194. 6195. 8
nd animal fib
Farmpro-
ducts
109. 1111.0112.9125. 0176.3187. 7186.7191. 0
194.2187. 7189. 2188.2187. 1191.9194. 0198. 3203. 3210. 2205. 3191.3187.9
ers, oilseeds,
•D—rtJtTO-cessedfoodsandfeeds
107. 3112. 1114.5120. 8148. 1170. 9182. 6178. 0
180. 5175.9176.0174.9175.6178.8178. 6181. 9185.4190. 1193. 5190. 2185. 6
and So
Crudemate-rials 1
110.6118.9122. 7131. 1155.2219. 1225. 1249. 9
Seas252. 7254. 4253. 1262. 4271. 6265.9262.6273. 0279.3280. 1282. 4277.9277.8
nrce: Depart
Inter-mediatemate-rials 2
106. 1109.9114. 3118. 9128. 1159. 5178. 6189. 5
onally ad.189. 1190.3192.0193. 3194. 3195. 5196.3197.4199. 1200.3200.9201.4202.4
ment of Lab
Special §
Produc-er fin-ishedgoods
106.9112.0116.6119. 5123.5141. 0162. 5173.2
usted173. 1173.6174.5176.3177.0178.4179.2180. 1180.8181. 8182. 8183. 6184. 4
DI, Bureau ol
jroupings
Consunexc
Total
104.6107. 7111. 2113.5118.6138.6153. 1161.8
161. 5162.5163. 7164. 6165.5165. 8167.4167. 9169. 2170. 4171.2171. 9172. 3
Labor Stati
ier finishe3luding fo<
Durable
104.0106.9110.8113. 2115. 8126.3138.2144. 4
144. 2144. 9145. 7146. 5146. 8146. 9148. 0148. 8149.4150. 5151. 1151. 6152. 0
sties.
d goods:>ds
Non-durable
105. 0108.3111. 7113.6120. 5146. 8163. 0173.3
173. 1174. 2175. 6176 7178 0178. 4180. 3180. 7182. 5183. 7184. 6185. 6185. 9
2 Includes supplies and components; excludes intermediate materials formanufacturing and manufactured animal feeds.
22food
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICESIn July, the consumer price index rose 0.4 percent (also 0.4 percent seasonally adjusted). Food prices increased 0.5percent (0.1 percent seasonally adjusted). Nonfood commodity prices rose 0.1 percent (also 0.1 percent seasonallyadjusted) and services prices were up 0.8 percent (also 0.8 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)220
200
INDEX, 1967«100 (RATIO SCALE}.
120
100
- 120
100
1969 1970 T97! 1972 1973 1974 1975 1976 1977
SOURCEs DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADYISiRS
[1967=100]
Period
19691970197119721973197419751976
1976: July. _ _AugSept___GetNovDec
1977: JanFeb.___MarAprMayJuneJuly....
Allitems
109.8116. 3121. 3125.3133. 1147.7161. 2170.5
171. 1171. 9172. 6173. 3173.8174.3
175. 3177. 1178.2179.6180. 6181.8182.6
Food
108.9114.9118.4123. 5141.4161. 7175.4180.8
Unac
182. 1182. 4181. 6181. 6181. 1181. 7
183.4187.7188. 6190. 9191. 7193. 6194. 6
Com-modi-tieslessfood
108. 1112.5116.8119. 4123.5136.6149. 1156. 6
justed
157. 1158.0158.9159. 6160. 3160. 6
160. 6161. 6162. 6163. 6164. 7165. 4165.6
Serv-ices
112.5121.6128. 4133. 3139. 1152. 1166.6180.4
180.7181. 8183. 2184. 1185.1185. 8
187.5188.7190. 0191. 3192. 3193.7195. 3
Allcom-modi-ties
108.4113.5117.4120. 9129.9145. 5158.4165.2
165.5166. 2166.6167. 1167. 4168.0
169.4171.4172. 2173.6174.5175.3175.5
All
108.9114.9118.4123. 5141.4161. 7175.4180.8
181.4181.8181.9182.2181.7181.9
183.5187. 1188. 2191.0192. 4193. 9194.0
Food
Foodat
home
108.2113.7116.4121. 6141.4162.4175.8179.5
179.9180.2180. 1180. 3179.6179.7
181.3185.4186.4189.3190. 7192. 1191.9
Foodawayfromhome
111. 6119.9126. 1131. 1141. 4159. 4174.3186. 1
Seasonal
187.2188.0188.7189.0189. 5190.4
192.0194.0195. 4197. 5199. 5201.2202. 1
Comr
All
108. 1112.5116.8119. 4123. 5136. 6149. 1156. 6
ly adjust
156.9157.8158. 3159. 0159.6160.5
161.6162. 7163.4164. 0164. 7165. 1165. 3
aodities le
Dur-able
107.0111.8116. 5118. 9121.9130.6145. 5154. 3
ed
155.0155. 6156. 1156.6157.3158. 4
159. 9161.4162.4163.2163.5163.4163.4
ss food
Non-dur-able
108.8113. 1117. 0119.8124. 8140.9151.7158. 3
158.4159. 3159. 9160. 6161. 3162.0
162.8163. 7164. 2164. 7165. 6166. 3166. 8
Serv-ices
112.5121.6128. 4133.3139. 1152. 1166.6180.4
181. 1182. 2183.2184. 0184.8185.5
187.2188.4189. 9191. 4192. 7194. 2195. 7
Source: Department of Labor, Bureau of Labor Statistics. 23
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN WHOLESALE PRICES
Period
1968196919701971-19721973197419751976 —1976: July.
Aug..Sept.Oct..Nov.Dec..
1977: Jan..Feb,_Mar_Apr._May.June-July.
Percenperio
Allcom-modi-ties
2.84.82.24.16.3
15.420.94.24.7.4
-.2.7. 5. 6. 6. 5.9
1. 11. 1.4
-. 7I
t changed; season
Farmprod-ucts
4.48.4
-4.7& i
18. 736. 1
-1.95. 5
-1. 1-.6
-a 3.8
-.5-.62.61.12.22. 53.4
-2.3-6.8-1.8
from preally adjus
Proc-essedfoodsand
feeds
3.06.8.8
4.71L620.320.9-as-1. 1-.6
-2.51
- 64
1 8- 11 81 92 51 8
-1 7-2.4
cedingsted V
Indus-trialcom-modi-ties
2.73.9ae3.4a4
10.725.66.06.4
6689635686435
Percent clseasons
Allcom-modi-ties
4. 52.93.54.07.27.17.18.4
10. 213. 110. 93.6
-1. 2
lange froilly adjus
Farmprod-ucts
-1.6-12. 9-11. 9-11.8-1. 3
5.812.926.226. 037. 814. 9
-21. 6-36. 1
m 3 mont]sted annul
Proc-essedfoodsand
feeds
2.2-11. 0-11. 8-11. 8
-.76.58.7
15. 115. 628. 428. 110.8
-9.1
is earlier ;U rates
Indus-trialcom-modi-ties
5.47.38.09. 39.57.65.95.97.98. 57.65. 349
Percent cseason
Allcom-modi-ties
4.2425. 14 25.05.35.57.88.6
10.19.76.85.7
jhange froally adjus
Farmprod-ucts
0.9-2.2
2.0-6.9-7.3-3. 5-. 211.615.524720.4-. 6
-6.2
m 6 montted annua
Proc-essedfoodsand
feeds
2. 0— 7
-1.3-5. 1-6.0-3.1-2. 1
6.911.018. 121.413.28.0
as earlier ;1 rates
Indus-trialcom-modi-ties
485. 6a47.48.47.87.67.77. 77.26.76.66.7
1 Annual changes are from December to December (unadjusted). Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Period
196819691970 _1971 -.19721973 _-.197419751976
1976: July...Aug.._Sept...Oct__.NovDec.__
1977: Jan...Feb_.._Mar...AprMay..June..July..
1 Annual change
Percerperio
Allitems
4 76. 15.53.43.48.8
12. 27.048
.5
. 5
. 3
. 3
. 3
. 4
.81.0. 6. 8. 6.6.4
>s are from D
it changed; seasor
Food
437.22.2434. 7
20. 112. 26.5. 6
. 1
.2
. 1
. 22
. 1
. 92.0.6
1. 5. 7.8. 1
ecembei to
j from prelally adju
Com-mod-itieslessfood
3.74 5482.32.55. 0
13.26. 25. 1
463446
7744421
December (u
cedingsted1
Serv-ices
6. 17.48.24 13.66.2
11.38. 17.3
765444
9688788
inadjusted).
Percent cseason?
Allitems
6.35. 55. 34 84.042
6. 19. 1
10. 09.98.48. 1& 4
aange frcilly adju
Food
452.21.61.8
-. 2. 0
2.912.414 617.411. 812.76.4
Boui
>m 3 montsted annu
Com-mod-itieslessfood
6. 15.85. 55.5465.7
6.78.07.46. 15.042a2
>ee; Departm
tis earlier;al rates
Serv-ices
7.47.67.56.65.85. 1
7.18.09.89. 39.49.49.3
em of Labor
Percent cseasons
Allitems
475.55.75. 54848
5.56.57. 18.08.79.0&1
Bureau of L
lange frcdly adju
Food
0.32. 63. 83. 11.0. 8
2.35.97.09. 9
12. 113.611.8
abor Statis
>m 6 montsted annu
Com-mod-itieslessfood
495.45.55. 85. 25.6
6. 16.36.56.46. 55.846
Lies.
hs earlier;al rates
Serv-ices
7.67.47.07. 06.76.3
6. 96.97.48. 28.79. 69.3
24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers fell 2 percent in the month ended July 15. Contributing most to the decline were lowerprices for soybeans, all grains and hay, oranges, and tobacco. Partially offsetting were higher prices for hogsf cattle,eggs, and broilers. Prices paid by farmers were % percent lower than their June 15 level.
INDEX, 1967=100 (RATIO SCAL£J
PRICES RECEIVED(AU FARM PRODUCTS)
PRICES PAID(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
70 F
601969 I 1970 I 1971 ' 1972 1973 1974
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, OH 1910-14=100 BASE.
SOURCE: DEPARTMENT Of AGRICULTURE
1975 1976 » 1977
COUNCIL OF ECONOMIC ADVISERS
Period
19691970197119721973197419751976
1976: July 15Aug 15Sept 15Oct 15Nov 15Dec 15
1977: Jan 15Feb 15Mar 15Apr 15___May 15June 15 _July 15
Prices ]
All farmproducts
107110113125179192185186
194186186178173178
183187190191194184180
received by
Crops
97100108114175224201197
214201204195186190
198203211214214198181
farmers
Livestockand
products
Index, 1(
117118118136183165172177
179175172165162169
170174171172176173179
PricesAll items,interest,taxes, andwage rates
6̂7 = 100
108112118125144164180192
194193193192192193
198200201204204204203
paid by far
Familylivingitems
109114118123133151166176
177177178179180181
182(3)(3)(3)(3)(3)(3)
mers
Produc-tionitems
104108113121146166182193
196194194192191193
196199201204205203201
Parity
Actual
7372717491867671
747171686668
68696969706765
ratio l
Adjusted 2
7977
757994877672
\ 747272696768
69707070706766
1 Percentage ratio of index of prices received by farmers to index of prices paid,interest, taxes, and wage rates on 191t>14»=100 base.
« The adjusted parity ratio reflects Government payments made directly tofarmers.
3 Index discontinued. Consumer price index (Department of Labor) substitutedin calculating total prices paid beginning January 1977.
Source: Department of Agriculture.
25
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSSTOCK
Mi grew at an annual rate of almost 20 percent in July, following a modest rise in June.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)
200 200
1969
*SeASONALLY ADJUSTEDSOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
1972: Dec...1973: Dec...1974: Dec...1975: Dec...1976: Dec...1976: July..
Aug —SeptOct___Nov..Dec...
1977: Jan___Feb...Mar..Apr...May-.June..July.
Over
M1
255. 3270.5283. 1294. 8312.4305. 0306. 5306.9310.4310.4312. 4313.8314. 0315.4320. 5320.7321.9326.8
all measi
M2
525. 3571.4612.4664.3740. 3705.2710. 4716. 3725.9732. 3740. 3746. 3750.7756. 1764. 6767.6772.8783.5
ires *
M3
844.5919.6981. 5
1, 092. 61, 237. 11, 168. 81, 180. 81, 193. 91, 210. 71, 223. 41, 237. 11, 248. 91, 258. 21, 268. 11, 281. 21, 289. 01, 299. 51, 316. 8
Cur-rency
56.961.567.873.780.578. 178.679.279.880.280.581. 181. 882. 283. 183.684.085.1
Deposi
Demand
198.4209. 0215. 3221.0231. 9226.9227. 9227. 7230.6230.2231. 9232. 7232. 1233.2237.4237. 1238. 0241. 7
CompoE
ts at coi
Tim
Total
313.5363. 9418.3451. 7491. 1469. 0468. 9472. 5477.8484.2491. 1495.6500.0502. 8505. 7509.2514.8519. 5
tents anc
tnmereia
e and sa
LargeCDs
43.563. 089.082. 163. 368.965.063. 162. 362.263.363. 163.362. 261.662. 363.962.8
[ related i
banks
vings
Other
270. 0300. 9329.3369. 6427.9400. 1403.9409.4415. 5422. 0427.9432. 5436. 7440. 6444. 1446.9450. 9456.7
;ems
Depositsat
nonbankthrift
institu-tions
319. 3348. 1369. 1428. 3496.8463. 6470.5477.6484.8491. 0496. 8502. 6507. 5512. 1516. 6521. 4526.7533.2
U.S. Gov-ernmentdemanddeposits
(unadjust-ed)
7.46. 34. 94. 14.73.53.75.04.04.24.74.24.44. 55. 63. 85.23.9
Perchai
Mi
9.26. 04. 74. 16.06. 76. 66. 05. 84. 66.25.95. 05. 66. 66. 76.28.5
centige *
M2
11.48.87. 28. 5
11.410.79. 7
10. 110. 510. 812.412. 011. 711.410.99. 99.0
10.21 MI is currency plus demand deposits; Mj is MI plus time deposits at com-
mercial banks other than large certificates of deposit (CDs); and M3 is M2 plusdeposits at nonbank thrift institutions.
26
2 Annual changes are from December to December and monthly changes arefrom 6 months earlier at a seasonally adjusted annual rate,
: Board of Governors of the Federal Eeserve system.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRIVATE LIQUID ASSET HOLDINGS—NONFINANCIAL INVESTORS[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
1970: Dec1971: Dec1972: Dec1973: Dec1974: Dec1975: Dec1976: Dec
1976: JulyAugSeptGetNovDec
1977: JanFebMarApr _ _MayJuneJuly »
Totalliquidassets
769.5852. 5967.9
1, 079. 51, 166. 21, 289. 71, 425. 5
1, 368. 81, 378. 51, 388. 21, 404 01, 414. 81, 425. 5
1, 440. 21, 454. 51, 464. 31, 478. 31, 487. 4i, 5oa ii, sia o
Total
632.4718.7817.0887.4944.5
1, 053. 31, 192. 1
1, 129. 11, 141. 31, 153. 21, 168. 91, 180. 01, 192. 1
1, 205. 51, 214. 31, 223. 61, 237. 11, 244. 11, 253. 41, 269. 6
Cum
Cur-rency
49. 152. 656.961. 567.873.780.5
78.178.679.279.880.280.5
81. 181.882.283.183. 684085. 1
sncy and <
Demanddeposits
151. 8161. 5176.5183. 3186.5190.7196.8
195.6196.3195. 5197.8196.2196.8
198.9197.8198.5203.3202.3202.4205.7
ieposits
Time d
Com-mercialbanks
198.9233. 62644294 4321. 1360.6418.1
391.8395.9401.0406.5412.6418.1
422.9427.1430.7434 1436.8440.3445.7
eposits
Nonbankthrift
institu-tions
232.7271.1319. 3348. 1369.1428.3496.8
463.6470. 5477.64848491. 0496.8
502.6507.5512. 1516.6521.4526.7533.2
U.S. TJsecui
Savingsbonds
52.054 357. 560.463.367.371.9
69.770.270.871.171.571.9
72.372.773.073.473.8742746
reasuryities
Short-term
market-able se-curities
41.931.734 543.247.466.366.9
71.471.469.769.769.566.9
67.971.872. 172. 373.073.67ae
Nego-tiablecertifi-
cates ofdeposit
21.827.636.254070.760.0449
50.346. 745.344844 3449
44 344643.242.442.844643.7
Otherprivatemoneymarketinstru-ments
21.420.222.734540.442.849.7
48.248.849.249.549.549.7
50.251. 152.353. 153. 8543544
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT CREDIT[Millions of dollars; monthly data seasonally adjusted]
Period
19691970197119721973197419751976
1976: JuneJulyAugSeptOctNovDec
1977: JanFebMar.AprMayJune
Instalm
Total 1
109, 146112, 296123, 826137. 117157, 863157, 200164, 169193, 328
15, 98915, 79616, 11816, 42015, 84416, 71217, 677
17, 07217, 41818, 35118, 60918, 32218, 613
ent credit e:
Auto-mobile
32, 55330, 09435, 82042, 70048, 39945, 42951, 41362, 988
5, 2455,0975,2045,2984,8345,3125,869
5,4405,7476,1356,0375,9735,978
^tended
Bankcreditcards
4,3986,7688,377
10, 39013, 86317, 09820, 42825, 862
2,1052,1852,2092,2112,2662,2602,297
2, 1662,3842,3812,5472,5892,604
InstalnM
Total *
99, 786107, 444113, 784121, 926138, 156147, 920156, 665172, 795
14, 45414, 34914, 58914, 58914, 75315, 07715, 236
15, 08215, 59415, 50315, 84015, 80316, 331
mt credit He
Auto-mobile
29, 97430, 44031, 61437, 18842, 64244, 92948, 40652, 750
4,4564,3894,4514,5324,5004,6304,667
4,7084,7924,8094,8824,7855,080
piidated
Bankcreditcards
3,0665,6157,6799,472
12, 43315, 65519, 20824, 012
2,0032,0022,0922,0072,0952,1482,228
2, 1762,1982,1362,2882,4162,385
Net change
Total i
9,3604,852
10, 04315, 19119, 7079,2807,504
20, 533
1,5341,4471,5281,8311,0911,6342,442
1,9901,8242,8482,7702,5192,282
in amount
Auto-mobile
2,579-3474,2075,5125,758
5003,007
10, 238
789707753766334682
1,201
732955
1,3261,1551,188
898
outstanding
Bankcreditcards
1T3321,153
699918
1,4301,4431,2201,850
10218411720317111269
-10186245259173219
i Includes some items not shown separately. NOTE.—Series revised beginning 1970.Source: Board of Governors of the Federal Eeserve System;
27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK LOANS, INVESTMENTS, AND RESERVESBusiness loans at commercial banks rose at an annual rate of 8.6 percent in July after increasing at a rate of 16.6percent in June.
BILLIONS OF DOLLARS "(RATIO SCALE) BILUONS OF DOLLARS* (RATIO SCALE)
ALL COMMERCIAL BANKS
INVESTMENT INUS. GOVERNMENT SECURITIES
40 401969
*"SEASONALIY ADJUSTED, END OF MONTHSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Period
1969197019711972____197319741975___1976
1976: JulyAugSept.OctNov _Dec
1977: Jan"Feb*Mar *Apr *>May *_June v _ _July"
Totalloansand
invest-ments
401. 7435.5485. 7558. 0633.4
4 690. 4721.1784*4
751. 4758. 0762.9771. 6778. 8784.4
786. 6796.4803.0812.4819.4825. 5831. 8
Allc
L(
Total ex-cludinginter-bank279.4292.0320.9378.9449. 0500.2496. 9538.9
512. 1516. 0520.8529.6533. 1538.9
540.9545.4551. 0557.7562. 1567.0574. 5
ommercial b
?ans
Commer-cial and
industrial
105. 7110. 0116. 1130.2156.4183.3176.0
6 179. 5
172.8173.1174. 1176.8179. 0179. 5
179. 8181. 2182. 9184. 9185. 9188. 3189. 6
anks l
Investn
U.S. Gov-ernmentsecurities
51.257. 860.662.654.550.479.497.393.295.694.994.495.497.396.9
101.5103.6102.8104. 6105.3102.9
lents
Othersecu-rities
71.185.7
104.2116.5129.9139.8144.8148.2
146.1146.4147.2147.6150. 3148.2
148. 8149. 5148.4151.9152. 7153.2154.4
I
Total
27. 9429. 1231.2231.4134.9436.6034. 7334. 95
34.3434.5134.3434.5134. 8534. 95
34. 7834. 4034.3134. 6834. 7234. 8635. 36
All me
Reserves 2 3
Non-borrowed
26. 8228.7931. 1030. 3633.6435.8734. 603490
34.2134.4134.2734.4134. 7834. 90
34. 7134.3334.2034. 6134. 5234. 6035. 04
mber ban
Re-quired
27.6628.8731. 0431. 1234,6436.3434.4634.68
34.1134.3134. 1434.2934. 5934. 68
34. 5134.2034. 0934.4934. 5134.7135. 08 I
ksBorrowilions ofunadji
Total
1,086321107
1,0491,298
70312762
12310475668462
6179
11073
200262336
Qgs (mil-dollars,isted) 2
Sea-sonal
41321312
242831322112
8121314315560
1 Data are for end of period.2 Averages of daily figures. Annual data are for December.s Member bank reserves series reflects actual reserve requirement percentageswith no adjustment to eliminate the effect of changes in Regulations D and M.4 During 1974, total loans and investments were increased $0.6 billion due to
28
a bank merger and were reduced $1.5 billion due to liquidation of a large bank;* Loan reclassifications reduced these loans by $1.2 billion as of March 81,1976; ISource: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATEBUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
197019711972 „19731974197519761975: I ..
IIIIIIV
1976: IIII I I_____IV
1977: I".
Total
105. 1129.0154 0181. 7183. 0145. 5211.583. 5
130.7171.0196.7199. 3205. 5204.8236.6232. 6
Inter-nal1
58.968.680.883.877.6
103.4121.883. 5
101. 5113.61149120. 6121. 3126.0119.5118.6
Total
46.260.473.297. 8
105. 442. 189.7
: 029.257.481.878.784 278.8
117. 1114 0
Sources
Credi
Total
41. 546.458.872.983. 137. 156.635. 032. 131. 150.046.851. 950.777.280.6
External
t market
Long-term 2
32. 641.641.437. 439. 649. 846. 652. 954437.954048.241. 047.250.237. 9
'unds
Short-term 3
8.94.7
17. 335. 543. 5
-12. 89.9
-18. 0-22. 2-6.8-40-1.410.83.5
26. 942.8
Other
4814 014 425. 022. 25.0
33.2-35. 0-2.926.331.731. 932.428. 140.033.4
Total
96. 1115. 1137. 5165.5169. 9130. 9196. 668.6
115. 3157. 9182.2187.4190.4188.7219. 5216. 1
Uses
Pur-chase
ofphysi-
calassets 4
80.686. 2
101.0124.4134695. 7
137. 689.880. 9
106.8105. 5129. 5139. 1145.0136. 9142. 9
In-crease
infinan-
cialassets
15.428.836. 541. 135. 335.259.0
-21.234 451. 176. 757.951. 343.782.673.2
Dis-crep-ancy
(sourcesless
uses)
9.013.916.416. 113. 114 515. 014 915.413.214 611.915.116.017. 116. 5
1 Undistributed profits (after inventory valuation and capital consumptionadjustments), capital consumption allowances, and foreign branch profits.
2 Stocks, bonds, and mortgages.* Bank loans, commercial paper, finance company loans, bankers' acceptances,
and Government loams.
< Plant and equipment, residential structures, inventory investment, and min-eral rights.
Source: Board of Governors of the Federal Keserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS[Billions of dollars]
End ofperiod
197019711972197319741975-___ _1976__
1975: I—II__.III..IV___
1976: III —I I I__IV__-
1977: I
Total
492. 3529. 6573.5643. 3712.2731.6816.8
698. 4703. 2716.5731. 6
753.5775. 4791. 8816.8
845. 3
Cashon
handandin
banks *
50.253. 357.561. 662. 768. 177.0
60.663. 765. 668. 1
68. 470. 871.177. 0
75. 0
Ci
U.S.Gov-ern-ment
securi-ties2
7.711.09.3
11. 011. 719. 426.4
12. 112. 714 319.4
21. 723.323.926.4
27. 3
irrent ass€
Receiv-ablesfromU.S.Gov-ern-
ment 3
423. 53.43.53.53. 64 33.23. 33. 33.6
3. 63. 74.34 3
46
its
Notesandac-
countsreceiv-
able
201.9217. 6240.0266. 1289. 72946323.9
281.9284.8294 7294 6
307. 3318. 1324. 2323. 9
342. 0
In-ven-tories
193. 3200. 4215. 2246.7288.0285. 8315. 4
285. 2281. 4279.6285. 8
288.8295. 6302. 1315.4
322. 1
Othercur-rentas-
sets *
35. 043.848. 154 456. 660. 069. 855. 457.359. 060. 0
63.663.966. 369.8
743
Total
3049326. 0352. 2401. 0450.6457. 5499. 9
438. 0434 2444 7457. 5
465. 9475. 9484 1499. 9
516. 6
Cun
Ad-vances
andpre-pay-
ments,U.S.Gov-ern-
ment s
6.6494 04 35.26. 47. 0
5.35. 86. 26.4
6. 46. 87.07. 0
6.8
rent liab
Notesandac-
countspay-able
204 7215.6230.4261. 6287. 5281, 6295.9
271.2270. 1273. 4281.6
280. 5287. 02847295. 9
302. 2
ilities
Fed-eralin-
cometax
liabili-ties
10.013. 115. 118. 123. 220. 726.821. 817.719. 420. 7
23. 922. 024. 926.8
28. 6
Othercur-rentlia-bili-ties 5
83. 692.4
102.6117.0134 8148. 8170.2
139.8140. 6145. 6148.8
155. 0160. 1167.5170.2
179.0
Network-ingcapi-tal
187.4203.6221. 3242. 3261.5274 1316. 9260.4269. 0271.8274 1
287. 6299. 4307.7316. 9
328. 7
1 Includes time certificates of deposit.2 Includes Federal agency issues.8 Receivables from and payables to the U.S. Government do not includeamounts offset against each other on corporations' books or amounts arising fromsubcontracting which are not directly due from or to the U.S. Government.Wherever possible, adjustments have been made to include U.S. Governmentadvances offset against inventories on corporations' books.
< Includes marketable investments (other than Government securities andtime certificates of deposit) as well as sundry current assets.
s Includes commercial paper outstanding, the portion of long-term debt du«In less than 1 year, and miscellaneous current liabilities not elsewhere classified.
Source: Securities and Exchange Commission.
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BOND YIELDSShort-term interest rates rose about % percentage point from late July to late August but long-term rates were littlechanged.
PERCENT PER ANNUM PERCENT PER ANNUM
10
Tw
CORPORATE Aaa BdNDS(Mooors)
A_^a
— 1 DISCOUNTRATE
FEDERALRESERVE
BANK OFNEW YORK
M II 1 I 1 M 1 1 f | I f f f 1
1969
SOURCE: Slf TABLE BEIOW
1970 1971 1972
1|i ii I ; t i i i M. t.M.J 1.1 I \ \\
10
1974 1977
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
19711972...19731974...197519761976: Aug
Sept _OctNovDec
1977: JanFebMarAprMayJuneJulyAug
Week ended:1977: July 29
Aug 5121926
1 Kate on new issues •«2 Selected note and bos April 1953 to date, be< Weekly data are Wed* Average effective rat
U.S. Gove
3-monthTreasury
bills1
4.3484.0717.0417.8865.8384.9895. 1535.07549304.8104.3554. 5974. 6624.6134.5404.9425.0045. 1465.500
5. 1635.4245.3535. 6695.553
Titliin period,ad issues,nds due or callinesday figures.e for year; open]
rnment secu
3-5 yearissues 2
5.775.856.927.817. 556.947.046.846.506.355.966.496.696.736.586.766. 586. 67
6.776.866.906.97
ible 10 years an<
ng and closing i
rity yields
Taxablebonds *
5.745.636.306.996.986.786.796.706.656.626.396.687. 157.207. 147. 176.996.97
7.017.037. 047.00
3 after,
ate for month a
High-grade
municipalbonds
(Standard& Poor's)4
5.705.275. 186.096.89a 496.286.206.066.055.695.705.755.765.615. 645.535.50
5.505. 505.495.48
sfeeatpn
nd week. c
CorporateAaa
bonds(Moody's)
7.397.217.448.578.838.438.458.388.328.257.987.968.048. 108. 048.057.957.94
7. 968. 008.007.99
Effective rates and charges asend of 10 yearsor rates.:!nttrn.fiS' "Rnarr!
Primecom-
mercialpaper,4-6
months
5. 114.698. 159.876.335.355.475.455.225. 054.704. 744.824.874.875. 355.495.41
5.425.615.755. 95
[in the primarywell as contrac. Bates beginni
nf Omrpmnrs n
Discountrate
(N.Y.F.R.
Bank)*
4.884.506,457.836.255.50
5H-5K25K-5X25/2-5/2
5H-5tf5K-5K5#-5tf5K-5K5J4-5K5&-5tf5K-5M5K-5tf5K-5M
5Ji-5#5&-5K5#-5#5M-5M
market) on cont rate and assunng January 197
rthfi TiVfWnl TJ
Primerate
chargedby
banks 5
5.725.258.03
10.817.866.84
7K-77 -77 -6%6/2-6/2
6H-6#6&-6K6tf-6tf6&-6K6K-6K6M-6»6%-6%6%-6%
6%-6%6%-6%6Ji-6Ji6«-6Ji
ventional mort|led, on the aver3 not strictly cc
PtiATtTA R-trtjfOTn
New-home
mortgageyields
(FHLBB)«
7.747.607.958.929. 018.999.029.089.079.059. 109.058.998.958.948. 968.989.00
?ages, reflectingage, repayrnerj|mparable wit^
TPprfpretl TTnma
30 Loan Bank Board, Moody's Investors Service, and Standard & Poor'sCorporation.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices fell in August after edging up during June and July.
INDEX, DEC 31,1965=50 INDEX, DEC 3V1965=
COMPOSITE STOCK PRICE INDEX
40
30 -
40
- 30
1969 1977
PERCENT20
15
PERCENT
—
»•
1 t I1969
1
"̂̂
f 1 11970
IARNINGS-PRICE*
t I I1971
RATIO ON COM(S&P)
\ .f 1 t
1972
WON STOCKS
-̂̂ |
f f f1973
X^V
J I-X^
r t f1974
^x^ 1
f T T1975
P— . "*
f f I1976
_
*
f f 11977
20
15
10
5
o
10
SOURCES: MEW YORK STOCK EXCHANGE AND STANDARD «. POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS
Period
197119721973 _1974197519761976: July
AugSeptGetNovDec
1977: JanFebMarAprMayJuneJuly
Week ended:1977: July 22
29Aug 5
12....19i
New York
Composite
54.2260.2957.4243.8445.7354.4655.6855. 1856. 2954.4354. 1756.3456. 2854.9354.6753.9253.9654.3054.94
55.6354. 5254. 0253. 7653. 53
Stock Exch
Industrial
57.9265.7363.0848.0850.5260.4462. 1161. 1462. 3560.0759.4561.5461. 2659.6559.5658.4758. 1358.4458. 90
59. 6958. 3057.7857. 5157. 33
Comr
ange indexe
Transpor-tation
44.3550.1737.7431.8931.1039.5742. 1240. 6340.3638.3739.2841.7741. 9340. 5940. 5241.5143.2543.2943. 52
44. 1642. 8641.8241.2940.73
non stock pi
3 (Dec. 31, 1
Utility
39.5338.4837.6929.7931. 5036.9736.4937. 5638.7738. 3338.8540. 6141. 1340.8640. 1840.2441. 1441.5942.44
42.7642.4442. 1641.9141. 52
•ices l
965=50) 2
Finance
70.3878.3570. 1249. 6747. 1452. 9454.0654.2254. 5252. 7453. 2557.4557.8655.6554.8454. 3054. 8055. 2957.29
58.2857.4756. 7956.7556.60
Dow-Jones
industrialaverage *
884.76950. 71923. 88759. 37802. 49974.92993. 20981. 63994. 37951. 95944. 58976. 86970. 62941. 77946. 11929. 10926. 31916. 56908. 20
919. 11898. 18888. 41878. 88867. 17
Standard& Poor'scomposite
index(1941-43=
10) *
98.29109. 20107. 4382.8586. 16
102. 01104. 20103. 29105. 45101. 89101. 19104. 66103. 81100. 96100. 5799. 0598.7699.29
100. 18
101. 5599.4898. 7098.2097.77
Common s(perc<
Dividend-
ratio
3.142.843.064.474.313.773.643.743.713.854.043.933. 994.214.374.474.574. 604.59
4.504.664. 684. 674.72
took yields3nt)a
Earnings-
ratio
5.415.507.12
11.599.158.90
9. 07
9.22
1 Averages of daily closing prices.8 Includes all the stocks (more than 1,£00) listed on the N YSE.* Includes 30 stocks. * Includes 500 stocks.6 Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
NOTE.-—All data relate to stocks listed on the New York Stock Exchange(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Stand-ard & Poor's Corporation. 31
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBTIn the first 10 months of fiscal 1977 (October 1976-July 1977), there was a budget deficit of $41.5 billion. A yearearlier the deficit was $58.9 billion.
BILUONS OF DOLLARS500
400
300
200
50
0
-50
-100
WLLIONS OF DOLLARS500
RECEIPTS AND OUTLAYS
OUTLAYS
RECEIPTS
SURPLUS (+) OR DEFICIT (-)
JL JL I J_1969 1970 1971 1972
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1973 1974
FISCAL YEARS
1975 1976 1977 1978
,400
300
200
50'
0
-50
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year or period:1969 _1970197119721973197419751976Transition quarter _1977 (estimates):
Estimates, July 1977 2
Third Concurrent Resolution3.. _1978 (estimates) :
Estimates, July 1977 2 _First Concurrent Resolution4
October 1975- July 1976_._October 1976-July 1977 5
Receipts
187. 819&7188.4208. 6232.2264. 9281. 0299. 281. 7
358.3356.6
401.4396. 3
249.5290.5
Outlays
184. 5196. 6211. 4232.0247.1269. 6326. 1365. 794 6
406. 4409. 2
462. 9461. 0
308.5332.1
Surplus ordeficit (-)
3.2— 2. 8
-23. 0-23.4-14.8-4. 7
-45. 1-66.5-13. 0
-48. 1-52. 6
-61. 5-64.7
-58.9-41.5
Federal debt (
nPnfal 1
367. 1382.6409. 5437. 3468.4486. 2544. 1631. 9646. 4
727. 0
802. 4
635.3684.6
end of period)
Held bythe public
279.5284. 9304. 3323. 8343.0346. 1396.9480. 3498.3
571. 3
637. 1
485. 7534.0
1 Excludes non-interest-bearing public debt securities held by IMF.2 Estimates from Mid-Session Review of the Budget, Office of Management andBudget, July 1,1977. ^^
s Third Concurrent Resolution on the Budget—Fiscal Year 1977, revised May
32
* First Concurrent Resolution on the Budget—Fiscal Year 1978, May 17,1977* First 10 months of fiscal year 1977.Note.—See Note, p. 33.Sources: Department of the Treasury and Office of Management and
except as noted.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL BUDGET RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 10 months of fiscal 1977 (October 1976-juIy 1977), budget receipts were $41.0 billion higher than a yearearlier and budget outlays, $23.6 billion higher.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
OTHER RECEIPTS „„„„„„„.„„„.. J1..-„———*
400
300
200
100
-
-
-
Av
OUTLAYS
11969
"̂"
NONDEFENSE *—-""*"**"**"***
.„••* --•"* NATIONAL DEFENSE
.. ^—1 1 ! ! V . " ' 1
1970 1971 1972 1973 1974 1975
FISCAL YEARS
^--
,«***** • . -
^^^-^^^— ^^^^ "̂̂
I I ' N1976 1977 1978 N
.400
300
200
100
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year or period:196919701971 __1972_19731974 _19751976 _Transition quarter.1977 L.1978 i _ _ _
October 1975- July 1976___October 1976-July 1977 2__
Total
187.8193. 7188. 4208.6232. 2264. 9281. 0299. 281.7
358. 3401. 4
249.5290.5
Rece
Indi-vidualincometaxes
87. 290.486.294.7
103. 2119. 0122. 4130.838.7
158. 3178. 2
108.3126. 7
ipts
Corpo-rationincometaxes
36. 732. 826.832.236. 238. 640. 641.48.5
54. 659. 7
34.945.7
Other
63. 970. 575. 481. 792.8
107. 4118. 0127. 034.5
145.4163. 5
106.3118.2
Total
184.519a 6211. 4232. 0247. 1269.6326. 1365. 794. 6
406. 4462. 9
308.5332.1
Nationa
Total
80.279. 376. 877. 475. 178.686. 690. 022. 596.9
113.0
75. 279.3
(
. defense
Depart-ment ofDefense,military
77.977. 274. 575. 273.377.685. 088. 021. 996.0
109.3
73.879.8
)utlays
Interna-tionalaffairs
3.83.63. 13.93. 54. 85.95. 12. 06. 57. 1
5. 14. 3
Healthand
incomesecurity
49. 056. 170. 181. 491. 8
106.5136.3160.041.4
176. 5191. 1
136. 1146. 2
In-terest
15. 818.319. 620. 622. 828. 131.034. 6
7. 238. 041.7
30.832. 5
Other
35.739.341.848. 853.951.766.476.021.588.5
110.0
61.369. 7
1 Estimates from Mid-Session Review of the 1978 Budget, July 1,1977.2 First 10 months of fiscal year 1977.
income credit payments in excess of an individual's tax liability, formerly treatedas outlays, now classified as income tax refunds. Deficit figures axe not affected.
Note.—Figures beginning 1976 reflect recent definitional change: Earned Source: Department of the Treasury and Office of Management and Budget.
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISAccording to preliminary estimates for the second quarter, Federal receipts rose $6.0 billion (annual rate) andexpenditures $7.8 billion, yielding a deficit of $40.6 billion, $1.8 billion more than the deficit in the first quarter.
BILL!440
400
*5JtA360
•3 on
280
240
200
160
40
0
—40
— Aft
-120
ONS OF- DOLLAR
A I 1 1
SURPLUS
11 H mm ««»
DEFICIT
1969
SOURCE: DEPARTMENT C
3
.̂M— •]
I I I
ueag
1970
)F COMMERCt
+ mm~~ **
\ \ \
iiii
1971
SEASONA
EXPENDITURES
X'++**t ^v
>— -^
! I Y
*I»|
1972
ilY ADJUSTED ANNU
,^ssy^^_A
RECEIPTS
I f !
1973CALENDAR YEARS
AL RATES
,
^^
t f t
~"i
1974
+/
\
|
|||w
^1
^
|
?7
^
f
\I
5
*+
*
\
<s
Ii
r-
^"
Ii
-^
^
\
1
1
/
*
\
?7
<
X
^
wvswy
6
:ou
^0
f
N<
I
*/
11
:IL c
1ILLIONS OF DOL
^+
t I I KN
11
1977
F ECONOMIC ADVISERS
LARS
440
OZrt
•JO A
280
240
200
'160
40
~A(\
80
-120
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:197419751976Calendar
year:19721973197419751976
1976: II I _ _ _III..IV.._
1977: III»_-
Total
271.8283. 6314. 1
227.5258. 3288. 6286.9332. 3
318.4329. 1337. 1344. 5
364. 9370.9
Federal C
Personaltax andnontaxreceipts
122. 6127.3137.2
108.2114. 6131.1125.6147. 3
138. 0143. 9150.3157. 1
170.0168.6
•irovernm
Corpo-rate
profitstax
accruals
43.742. 152.2
36.643. 045.943. 155.9
54.457. 056. 955. 1
55.459.6
ent receip
Indirectbusinesstax andnontaxaccruals
21.422. 124.2
20.021.221.724.023.4
22.723.223. 723.8
24.224.6
ts
Contri-butions
forsocial in-surance
84.292. 1
100.5
62. 879.489. 994.2
105.7
103.2105. 0106. 2108.4
115.4118.1
Total
278.8328.7372.3
244. 7265.0299.3357. 1386.3
378. 7375.3390.6400.4
403. 7411.5
I
Pur-chases
of goodsand
services
104. 6117.9126.5
102. 1102.2111. 1123.3130. 1
127.6128.5130.2134.2
136.3143.6
^ederal C
Trans-fer pay-ments
104. 7134.2156.8
83. 295.8
117.6149. 1162. 0
160. 2157. 8163. 9166. 3
170. 7169.3
jovernm
Grants-in-aid
to Stateandlocal
govern-ments
41. 648.457.5
37. 540. 643.954.661. 0
58.556. 863. 165. 5
62. 063. 6
ent expe
Netinterest
paid
19.821.925.4
14.618.220.923.327.2
26.226.727. 328.5
28. 629.1
Qditures
Subsidiesless
currentsurplus ofGovern-ment en-terprises
8.05.76. 1
7.88.25.36.75.9
6.25.56. 16.0
6. 15.9
Less:Wage
accrualslessdis-
burse-ments
-0.2-.4
.0
.5
. 0-. 5
.0
.0
.0
.0
.0
.0
.0
.0
Surplusor
deficit(-),
nationalincome
andproduct
accounts
-7.0—45.0— 58.2
-17.3— 6. 7
— 10.7— 70.2-54.0
-60. 3— 46. 2— 53.5-55.9
— 38. 8-40.6
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES[1967=100]
Period
19701971197219731974197519761976: Dee....1977: Jan_
Feb___Mar..AprMay..June...July...
In
UnitedStates
107.8109.6119. 7129. 8129. 3117. 8129.8133. 0132. 1133.2135.2136.2137.4138.3139.0
dustria
Can-ada
114. 1122. 0130.9142.7147.2140. 1147.2148.4152.0151.0151.4150.9152.3152.7
produc
Ja-pan
151. 6155.8167.0193. 1187.6167.4190. 0197.7198.3194.8199. 1200.8196.7
rfcion (sej
France
122127137147151138152154159156159156
isonally
Ger-many
131.3133. 3139.0149. 1146.9137. 9147.8147.3157. 7152.3152.4155.7152.3
adjuste
Italy
116.9116.8121.8133.7139.6126.8142. 5154.7152. 2152. 9153.2143.3147. 1
d)
UnitedKing-dom
110110114122120113116118119119119118120
UnitedStates
116.3121.3125.3133. 1147. 7161.2170.5174.3175.3177. 1178.2179.6180.6181.8182.6
Con
Can-ada
112.4115.6121. 1130. 3144. 5160.0172.0176.3177.9179.4181.3182. 4183.8185.1
Burner i
Japan
119. 6127. 1133.2148. 9182. 6204.7224. 4233.7236.6237.8238.9242.7245.0243.2242.7
>rices (ui
France
117. 1123.3130.8140.4159. 6178.2195.4203.5204.1205.5207.4210. 1212. 1
ladjustec
Ger-many
107.1112.7118. 9127. 2136. 1144.2150. 8152. 6154. 0154.9155. 5156.2156.9157.6157.4
1)
Italy
109. 1114.4121.0134. 1159. 6186.8218. 1238.6241.3243.4246.5249.6252.6251. 1
UnitedKing-dom
117.5128. 6137. 7150.4174.4216.7252.9270.0277. 1279.9282.6289.8292. 1292.0
Source: National sources as reported by Department of Commerce, Bureauof Economic Analysis, in Business Conditions Digest.
U.S. MERCHANDISE EXPORTS AND IMPORTS[Millions of dollars; monthly data seasonally adjusted]
Period
Monthlyaverage :
19731974.
1974 _ ._197519761976: June...
July...AugSept...OctNovDec
1977: JanFebMarAprMayJune
Totaldomes-tic andforeign
ex-ports
5,9028,159
8, 1598,9289,5679,7229, 9569, 7339,7969, 6989, 594
10, 397
9,5999,808
10, 0729,970
10, 39510, 112
Merch
]
Total * 2
F.
5,8118,045
8,0458,8039,427
andise e
Domestic
Food,bever-ages,
and to-bacco
a.s. valu
1,0781,269
1,2691,3991,4361,3871,4591,4761,4421,6391,3981,379
1,2501,2651,4511,3501,3761,315
sports
j exports
Crudemate-rialsandfuels
e »
8951,317
1,3171,2661,3411,3501,3631,2831,4901,4691,4821,475
1,4091,5741,4821,6841,7891,575
Manu-fac-turedgoods
3,7285,294
5,2945,9136,4376,5526,6296,5496,4406,2856,4577,337
6,4596,4836,7456,4796,7946,700
Total2
5,7908,416
8,3548,010
10, 05610, 15410, 71710, 47710, 65110, 55510, 62311, 020
11, 26911, 67412, 45912, 59311, 61612, 932
Merc!
Ge
Food,bever-ages,
and to-bacco
Custom
770892
F.a.s. '892827991
1,0411,036
972998986
1,0301, 142
1,1501,2611,2911,4681,3541,170
aandise i
neral im]
Crudemate-rialsandfuels
s value
1,1202,653
value 5
2,6722,7163,4563,4323,8173,7613,7473,7883,9053,808
3,9464,1114,9644,5723,9744,829
mports
sorts3
Manu-fac-
turedgoods
3,7504,684
4,6024,2575,3985,3555,6175,5465,6655,5095,7245,832
5,8615,9206,0696,2446,3136,629
Total(c.i.f.
value) *
6,1319,000
9,0008,616
10, 79710, 95411, 50811, 25311, 44911, 30811, 38111, 789
12, 05912, 46313, 28313, 41912, 40413, 810
Mei
Ex-ports(f.a.s.)lessim-
ports(cus-toms
value)
112-257
-257852
-582-571— 850— 835— 965-925
-1, 124-720
-1,758-1,956-2, 484-2, 707-1,326-2, 934
•chandisebalance
Ex-ports(f.a.s.)lessim-
ports(f.a.s.)
— 195
— 195918
-490—432-761— 744-855-857
-1,029-623
-1,670-1,866-2, 387-2, 623-1,221-2, 820
trade
Exports(f.a.s.)less
imports(c.i.f.)
-229-841
-841312
-1,230— 1,232-1,552-1,520-1,653-1,611-1,787-1,392
-2, 460-2, 655-3,212-3, 449-2, 009-3, 698
1 Total excludes Department of Defense shipments of grant-aid military sup-plies and equipment under the Military Assistance Program.2 Total includes commodities and transactions not classified according to kind.8 Total arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in theUnited States. Data for 1973 are estimates.
6 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exportsand at foreign port of exportation for imports.
Note.—Data revised for 1976, except detail for exports and imports, not yetavailable.
Source: Department of Commerce, Bureau of the Census.
35
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U.S. INTERNATIONAL TRANSACTIONSThe U.S. merchandise trade balance fell in the second quarter to a deficit of $7.8 billion from $7.0 billion in thefirst quarter. Although exports rose modestly, imports registered a larger increase, primarily due to a rise in oilimports.
BILLIONS OF DOLLARS10
BILLIONS OF DOLLARS10
1969 1970
SOURCE: DEPARTMENT OF COMMEICE
1971 1972 1973 1974 1975 1976 1977
COUNCIt OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
Period
19701971197219731974197519761975: III...
IV.. _1976: I
!!__._IllIV...
1977: !»_._II »_..
Me
- Ex-ports
42, 46943, 31949, 38171, 41098, 306
107, 088114, 69526, 56227, 65726, 99928, 37929, 60729, 71029, 47630, 521
rchandise
Im-ports
-39,866-45, 579-55,797-70,499-103,673-98, 043-123,918-24, 483-25,431-28,324-29, 914-32,387— 33, 293-36,456-38,315
12
Netbal-ance
2,603-2, 260-6,416
911-5, 367
9, 045-9,223
2, 0792, 226
-1, 325-1, 535-2, 780-3, 583-6,980-7, 794
Milita
Directex-
pendi-tures
-4, 855-4, 819-4, 784-4, 629-5, 035-4, 795-4, 847- 1, 096-1, 198-1, 160- 1, 228-1,237-1,222-1,350
ry trans
Sales
1, 5011, 9261, 1632, 3422, 9523,9195, 213
9571,1641,0951, 1891,47213 4571,432
actions
Netbal-ance
-3, 355-2,893-3, 621-2,287-2, 083
-876366
-139-34—'65-3923523582
Net iiment i
Pri-vate 3
3,6055,5756,0747,806
11, 9789,377
13, 0412,4352,404"3,2103, 0253,4553,3514,042
ivest-ncome
, U.S.Gov-ern-
ment
-112-956
- 1, 888-3,010-3,234-3,423-3,233
-816-807-773-745-788-927-872
Net-traveland
trans-porta-tion
receipts
— 2, 023-2, 315-3, 028-3,086-3, 105-2, 552-2, 145
-604-684-669-337-458-681-863
Otherserv-ice?,net3
2, 1902, 5092,7893, 1853,9704, 5944,8881, 1801, 1841,1921,1761,2391,2791,419
Bal-anceon
goodsand
serv-ices 1
2, 912-340
-6,0883,5202, 160
16, 1643, 6994, 1354,2891, 5691, 545
899-315
-3, 172
Remit-tances,
pen-sions,and
otheruni-
lateraltrans-fers 1
- 3, 294-3, 701-3,854-3,887-7, 188-4, 612-5, 023-1,070-1,238- 1, 029-1, 015-1,936- 1, 045— 1, 145
Bal-anceon
cur-rentac-
count
-382-4, 041-9, 942
-367-5, 02811, 552
-1,3243,0653,051
540530
- 1, 037-1,360-4, 317
1 Excludes military grants.1 Adjusted from Census data for differences in toning and coverage.3 Fe*i and royalties from U.S. direct investments abroad or from foreign direct
investewots in the United States are excluded from net investment income andincluded in other services, net.
Note,—-Merchandise trade data for 1976 are as revised in July. Other data tobe revised later.
Source: Department of Commerce, Bureau of Economic Analysis.
36
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U.S. INTERNATIONAL TRANSACTIONS—ContinuedU.S. assets abroad fell in the first quarter and foreign assets in the United States grew much more slowly than in 1976as year-end window-dressing and movements of funds in response to temporary interest rate incentives were re-versed. Foreign official assets in the United States continued to expand strongly.
BILUQNS OF DOLLARS30'I
20
10
-10
-20
-30
BILLIONS OF DOLLARS130
SEASONALLY ADJUSTED
CHANGE INFOREIGN ASSETSIN THE U.S., NET
A \ A
20
10
1969 1977
-10
-20
-30
SOURCE. DB>ARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
1970_.-._..197119721973197419751976
1975:III___IV.. __
1976: IIIIII...IY.___
1977: I*II »
UJ[ineref
Total
-6, 164-9,299-9,929
-14, 666-27, 029-31, 548-42, 959
-3,081-11,836
-10,751-9,779-8,409
-14,022
451
3. assetsise/capita]
U.S.officialreserveassets l 2
2, 4772,348
32209
- 1, 434-607
-2, 530
-34289
-773-1,578
-407228
-3886
abroad, routflow
OtherU.S.
Govern-mentassets
-1,589-1,884-1, 568-2, 645
365-3,463-4, 213
745-977
-723-944
-1,405-1, 142
-895
let(-)]
U.S.privateassets 2
- 7, 052- 9, 763- 8, 392-12,230-25,960-27,478-36,216
- 1, 994-10,948
- 9, 254- 7, 257- 6, 597-13,108
1,734
Forei[inert
Total
5,92322, 44521, 12717, 75333, 61214, 33634, 520
2,4165,814
6,8567,3858, 201
12, 079
3, 067
gn assetsiase/capit*
Foreignass
Total
6,90726, 89510, 7056,299
10, 9816,960
17, 945
- 1, 6032,832
3,8474,0513, 0706,977
5,852
in the U.il inflow
officialets
Assets offoreignofficialreserveagencies
7,36227, 40510, 3225, 145
10, 2575,259
13, 007
-1,9772,328
2,3233,3081, 2516, 125
4, 8476, 521
S., net(+)]f
Otherforeignassets
— 984-4, 45010, 42211, 45422, 6317,376
16, 575
4, 0192,982
3,0093,3335, 1315,102
-2, 785
Alloca-tions
ofspecial
drawingrights(SDR)
867717710
Statidiscr€
TVi-l-nl1 otai(sum of
theitems
with signreversed)
—244-9,822-1,966-2, 720-1, 555
5,6609, 763
-2, 4002,971
3, 3551,8651, 2443,303
799
sticaljpancy
Ofwhich :
Seasonaladjust-ment
discrep-
-2, 4751, 316
717129
-2, 6221, 780
470
U.S.officialreserveassets,net1
(unad-justed,end ofperiod)
14, 48712, 16713, 15114, 37815, 88316, 22618, 747
16, 29116, 226
16, 94118, 47718, 94518, 747
19, 12019, 156
1 Consists of gold, special drawing rights (SDR), conrertible currencies, andthe U.S. reserre position in the IMF.
s Quarterly data are not seasonally adjusted.
Sources: Department of Commerce (Bureau of Economic Analysis) and De-partment of the Treasury.
37
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ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page
Gross National Product........~ -, -.. ~ «-* ~ ~. « ~ ._._._... 1Gross National Product in 1972 Dollars..;.5. _ ... _ .. , 2Implicit Price Deflators for Gross National Product _ , 2Changes in GNP and GNP Price Measures. . . . ̂ , _._ _ ,. 3NonfinanciaJ Corporate Business—Output, Costs, and Profits _ 3National Income.. ~ « „-, -« ~. ~ -,.. . .— 4 'Personal Consumption Expenditures. .;.. „. 4Sources of Personal Income.. .. 5Disposition of Personal Income.. ~ . . . . , _ « _ 6Farm Income... -.. .̂ _. ~, — ~- ̂ -. ~. .. ~. 7Corporate Profits.. ~ , , . ~ -. - 8Gross Private Domestic Investment. .̂ ._..-.. ._ 9Expenditures for New Plant and Equipment... . ~ ~ ̂ ̂ ~.-. ̂ ~ ._ ... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force. ... _ ^ ., ~ ~ _* « -. ̂ ~ ~. ~ ~. .-. ~ -. -. .-. -. -. — 11Selected Unemployment Rates - -..-., . _. ~ .-. ~ — .-. ~ — — ~ ~ 12Selected Measures of Unemployment and Unemployment Insurance Programs.. ~ 13Nonagricultural Employment. ~., -.. .... -. _. ̂ . M M .̂ _ « « ̂ ^. ̂ .^ 14
\ Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries.. - 15Average Weekly Earnings—Private Nonagricultural Industries..•.•^__M__.-«.~..- 15Productivity and Related Data, Private Business Economy.. . ̂ _.. ^....._ 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization..;. -..-. _ _ .-. _ 17Industrial Production—^Major Market Groups and Selected Manufactures.^ ^ 18New Construction. „„ -̂. -. _..-. -. -̂. ^. -. ^* ^.«-. ̂ — .-. 19New Private Housing and Vacancy Rates... ̂ ̂ ̂ ^ 19Business Sales and Inventories—Total and Trade.._.....- ....*- 20Manufacturers' Shipments, Inventories, and New Orders. , 21
PRICESWholesale Prices.. ^ .- 22Consumer Prices. . _. ^. _ -.. ~.~ . . _. -. ̂ ..-.. ^.._. .-. 23Changes in Wholesale Prices-. - _, ~ . _ 24Changes in Consumer Prices._. -. ...-.._ ^.... ^. ._..-..-.._.._._. 24Prices Received and Paid by Farmers. ̂ ... _... _ 25
MONEY, CREDIT, AND SECURITY MARKETSMoney Stock _ _ ._ ^. _ _ _ _ _ _ _ _ _ _ _ ^ „ 26Private Liquid Asset Holdings—Nonfinancial Investors... M ̂ M ̂ „ _ ̂ M M . . 27Consumer Instalment Credit. . -. _ .̂ ̂ . M »_ ^, ̂ « « -, ̂ . ̂ . ̂ . ̂ . M —. ̂ . « ̂ . _ _ ^. .̂ ^. ̂ ....... ̂ .......... ^ ^... 27Bank Loans, Investments, and Reserves.... ̂ - .̂. « _ .̂ ^- .̂ ̂ . _ .̂ ̂ . »_.— ^..— .̂ ̂ .... _.._. ^........-...... ^. _........_. ^. „. . . 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .. _ _ .- 29Current Assets and Liabilities of Nonfinancial Corporations _ .-..-. M *~.._ .-....- 29Interest Rates and Bond Yields... _ ~.. _.. _ M ̂ M . ..-. M .-. ̂ .. . . 30Common Stock Prices and Yields..-. ._. _ ._.._.....-.........-. 31
FEDERAL FINANCEFederal Budget Receipts and Outlays and Debt. s;;.-. ̂ . ̂ . ̂ ~ _. ~ .̂ ̂ ̂ .. .-. , . 32Federal Budget Receipts by Source and Outlays by Function ~ ̂ ^, ̂ _ M .̂ . 33Federal Sector, National Income Accounts Basis. ___ .~ .^ . -___ ^. _ .̂ *-. 34
INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries. _*_•...-.....-..... -..-........................ 35U.S. Merchandise Exports and Imports. . . *_ ..-, _ ..... -. _.... ̂ ....... _ ».. ^-. ^.._..~....»................ _. ^. ̂ .............-.....-.».. 35U.S. International Transactions.. ̂ _ . ^ _ .̂ ^ ,. .̂. ̂ . ̂ . ^. ^. _. _. ̂ 36
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