1977 economic indicators - fraser95th congress, 1st session 1 ? 1977 economic indicators september...

95th Congress, 1st Session

1 ? 1977

Economic Indicators

September 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, Vies 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 PROXMI^E (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^™lst SESSION]

JOINT RESOLUTION [SJ. Res. 55]

To print the monthly publication entitled "Economic Indicators**

T^esolved 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

11


TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTAccording to revised estimates for the second quarter, gross national product rose $59.1 billion or 13.7 percent,both at annual rates. Real output (GNP adjusted for price changes) increased at an annual rate of 6.2 percent andthe implicit price deflator rose at a 7.1 percent annual rate.

BILLIONS'OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIOSCALE)

1,800

1,600

1,400

1,200

1,000

800

SEASONALLY ADJUSTED ANNUAL RATES

GNPIN CURRENT DOLLARS

1969 1970 1971

f >1972

GNPIN 1972 DOLLARS

1973

I I L_

1974

_J L_1975 1976

_J L.

1,800

1,600

1,400

1,200

1,000

8001977

SOURCEs DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

1966 _1967__ _ _196819691970__ _ _ _19711972_._ _197319741975 _ _1976

1976: IIIIII__IV___

1977: I!!___

Gross

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. 9

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

-8.2-9.7

s and imfIs and ser

Ex-ports

42. 845. 649.954. 762. 565.672.7

101. 6137. 9147. 3162.9

153.9160. 6168. 4168. 5

170.4178. 1

)orts ofvices

Im-ports

37.740. 647. 752. 958.564. 075.994. 4

131. 9126. 9155. 1

143. 7150.4160. 6165. 6

178.6187.7

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

f ense l

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. 2

This category corresponds closely with budget outlays for national defense,shown on p. 33.

Source: Department of Commerce, Bureau of Economic Analysis.


GROSS NATIONAL PRODUCT IN 1972 DOLLARS[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Period

1966196719681969-1970197119721973^197419751976

1976: 1— -II—III..IV.-

1977: 1n

Grossnationalproduct

981. 01, 007. 71, 05L 81, 07a 81, 075. 31, 107. 51, 171. 11, 235. 01, 217. S1, 202. 11, 274 7

1, 256. 01, 271. 51, 283. 71, 287. 4

1,311.01,330.7

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 iu

Non-resi-

dentialfixed

106.1103.5108.0114.3110.0ioaonas131.0130.6112.7lias113.7115.9118. 5119.0

124.3m.4

>rivate doavestmem

Resi-dentialfixed

38.537.242.843.240,452,262.059.745.038.847.7

44847.147.152.0

52.757.6

mesticb

Changein busi-ness in-vento-

ries

16.712.08.7

10.64.36.69.4

16.58.0

— 9.98.5

9.712.113.8

-1.8

9.7ia2

Expai

Netexports

4.33.5

—.4-1.3

1.4—.6

— 3.37.6

15.922.516.0

16.816.417.0ias10. 69.4

orts of goad service

Exports

51.654.2sas62.267.167.972.787.493.089.995.8

93. 195.297.996.9

96.998.5

ods-S

Imports

47.350.758.963.565.768. 575.979.977.167.479.8

76.378.980.983. 1

86.389.1

Governigood

Total

229.3248.3259.2256.7250.2249.4253. 1252.5257.7263.0264.4

263. 9264.4264.6264.6

263.3270.0

nent pures and ser

Federal

112.5125,312a3121.8110.7103.9102.196.695.896.796.5

96.496. 196.797.1

97.0101.1

bases ofvices

Stateandlocal

116.8123,113a9134.9139.5145.5151.0155.9161.8166.3167,9

167.5168.4168.0167.5

166.4iea9

TTiT» ol

sales

964.3995.7

1, 043. 11, 06a 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. 5

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1972=100]

Period

1966 ......1967196819691970197119721973197419751976

1976: IIIIIIIV

1977: 1II

Grossnationalproduct

76.7679.0282. 5786. 7291. 3696. 02

100. 00105. 80116. 02127. 18133. 88

131. 47133. 06134. 56136. 35

138. 13140. 52

Persona]

Total

79.381.384.6sa 592. 59ae

100.0105. 5116.9126. 5133.2

130. 8132.3134. 0135. 6

137. 9139.8

I consump

Tk Ul

goods

85.787.490. 793. 195.599.0

100.0101. 6108.4117.91247

122.2123.8125. 3127.2

129. 3129.5

tion expe

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 ]dom

invesi

Nonres-idential

fixed

76.879. 382. 686.691. 396.4

100.0103.8115.3132.3138.7

136. 8137.8139. 2140.9

142.51444

privateesticment

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

82.884085.387.993. 196.6

100.0116.2148.3163.8170. 0

165.3168.6172.0174 0

175. 9180.8

ts andof goodsjrvices

Imports

79.780.180.983.389. 193.5

100.0118.2171. 0188.21943

188.2190.7198. 4199. 3

207.0210.6

GovernEchases <

and s(

Federal

70.172.676.480.086.492.6

100.0105.8115.9127.51348

132.4133.71347138.2

140.6142.0

aent pur-of goodsarvices

Stateandlocal

68. 472.576.981,988.394 5

100. 0107.3118.4129.7137. 7

134 9136.8138.6140.7

143.4146.2



CHANGES IN GNP AND GNP PRICE MEASURES[Percent change from previous period; quarterly data at seasonally adjusted annual rates]

Period

19661967 11968 -19691970197119721973-197419751976

1976:1IIIIIIV

1977:1II

Cur-rentdol-lars

9.45.89. 17.75.08.2

10. 111.68. 18.2

11.6

13. 210.28.66. 7

13.213.7

Gross 3

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. 56.2

national 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

lomestie 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

Chainprieeindex

3.13. 14.45.05.35.04.15.99.69.55.6

4.85.44.56.0

6.77.0

Fixed-weight-

edprieeindex(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.


NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, ANP PROFITS[Quarterly data at seasonally adjusted annual rates]

Period

19661967196819691970197119721973197419751976

1976:1!!_._Ill—IV___

1977: L___!!____

Gross cprodi

nonfincorpbusi

(billicdoll

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. 9

omesticict ofancialDrateness>ns ofars)

1972dollars

532.9545. 8581. 6607.3600. 6619. 3671.0720.4695.0678.9731.0

719.4731.3736.6736. 5

753. 3771.7

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

Corpcinvents

capit£

Total

0.134. 123. 124. 109.086.095. 107. 105. 086. 115.139

. 139

. 142

. 145

. 132

.128

. 142

t (dollars]

>rate profiDry valualal consunidjustmen

Profitstax

liability

0.055.051.058.055.045.048.050. 055.061.060.073

.072

.075

.074

.072

. 070

.075

1

ts withion andiptionts

Profitsaftertax*

0.078.072.066.055.041.046.057.050. 024.055.066

.067

.066

.071

.060

. 058

.068

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»8. 196

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*7. 730

1 Output is measured by gross domestic product of nonfinancial corporatebusiness in 1972 dollars,F 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.

s Indirect business tax and nontax liability plus business transfer paymentsless subsidies.

* With inventory valuation and capital consumption adjustments.Sources: Department of Commerce (Bureau of Economic Analysis) and De-

partment of Labor (Bureau of Labor Statistics).


NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1966196719681969 ....1970197119721973 ...1974 .19751976

1976: I -1 - II' " III .

IV

1977:1II

Na-tional

income

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. 7

Com-pensa-tion of

em-ploy-ees 1

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

Proprjincom

inventortion anc

consuradjust

Farm

13.612. 112. 013. 913. 914. 318. 032. 025.423. 218. 6

20. 021. 616.216.6

20. 719. 7

etors'e withy valua-

capitaloptionments

Non-farm

46. 748. 951.452.351. 253.458. 160. 460.962.869. 4

66. 968. 870. 072.0

74.377. 3

Rental

withcapital

con-sump-tion

adjust-ment

18.219.418. 618. 118.620. 121. 521. 621.422. 323.3

23.022. 923. 324. 1

24. 524.9

Corp orand

Total

82.579.385. 881. 467. 977. 292. 199. 183. 699. 3

128. 1

126. 5129. 2133. 5123. 1

125.4140.2

ate profitscapital co

Profitsvaluatand \

consum

Total

78.675. 682. 177.966. 476. 989. 697. 286. 5

111. 5142. 7

141. 1143. 7148. 2137. 9

141. 0156.2

with invnsumptioi

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. 7174.0

entory vai adjustm

sntorvtmentpitalis tment

Inven-tory

valua-tion

adjust-ment

-2. 1-1.7— 3. 4_5. 5^5. i-5.0-6.6

-18. 6-40.4-12, 0-14. 1

-12.4-15. 5— 11. 7-16. 9

-20.6-17. 8 i

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__3967196819691970197119721973197419751976

1976: IIIIII....IV....

1977:1II

Totalpersonal

con-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

E

Totaldurablegoods l

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 l

204. 7212. 6230. 4247. 0264; 7277. 7299. 3333. 8376.3409. 3442. 7

430. 4437. 1444. 7458. 8

466. 6474. 4

Nondura

Food

106. 6109. 6118.3126. 1136. 3140. 6150. 4168. 1189. 8209. 5225. 5

219. 3223. 8227. 0232. 0

237. 9244.8

ble 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. 144. 3

Retail sales ofnew passengercars (millions

of units)

Services

192. 4208. 1225. 6247. 2269. 1293.4322.4352. 3391. 3438. 2492. 3

472. 4484. 6498. 2513. 9

528. 8541. 1

Do-mes-tics

8. 47.68.68.57. 18. 79.39. 77. 57. 18. 6

8.88.78.48. 5

9.49. 3

Im-ports

0.7.8

1. 01. 11.31. 61.61.81.41. 61. 5

1. 31.41.51.7

1.82.4

» Total includes other items not shown separately. Source: Department of Commerce, Bureau of Economic Analysis.


SOURCES OF PERSONAL INCOMEPersonal Income rose $8.0 billion (annual rate) in August, following a $14.9 billion (revised) increase in July. Wagesand salaries were up $2.2 billion compared with a $6.4 billion increase in July. Transfer payments rose $1.4 billion,following a $7.2 billion rise in July which was largely due to a $5.0 billion cost-of-Iiving increase in social securitybenefits.

BILLIONS OF DOLLARS* (RATIO SCALE)

1,6001,400

1,200

1,000

800


1,6001,400

1,200

1,000

800

600600

400

200

100

80

60

40

WAGE AND SALARY DISBURSEMENTS

400

200

100

80

60

40

OTHER INCOME „„„...»'"•" ..,....,...-•-"" „.....*•*"""

TRANSFERPAYMENTS

i i i i ilj t i ii \ \i 1 1 1 1 1 1 | | M M

1969 1970 1971 1972 1973 1974 1975 1976 1977

*SEASONALLY ADJUSTED ANNUAL RATES

SOUKCE. DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

19691970197119721973197419751976 _1976: Aug

SeptOctNovDec

1977: JanFebMarAprMajr

JuneJulvAug*___

Totalpersonalincome

745.8801. 3859. 1942. 5

1, 052. 41, 154. 91, 253. 41, 382. 71, 393. 71, 401. 81, 414. 21, 432. 11, 450. 21, 454. 31, 477. 01, 499. 11, 510. 11, 517. 31, 524. 31, 539. 21, 547. 2

[Billio

Wageand

salarydisburse-ments l

514. 6546. 5579.4633. 8701. 3764. 6805. 7891.8899. 8906. 1914. 0923. 9931. 7937. 3951. 7964. 9974. 1982.0986.5992.9995. 1

ns of doll

Otherlabor

income12

28.232. 036.242. 048. 755.664.975. 977.378. 179. 180. 081. 082. 183. 284. 485. 586. 787.989. 190. 3

ars; mont

Proprieto

Farm

13.913. 914.318. 032. 025. 423.218.615.614. 615. 316.418. 119. 621. 021. 720.919. 818.416.515. 5

lily data at

rs? income3

Nonfarm

52.351. 253. 458. 160. 460. 962. 869. 470. 170.570.872. 173. 272. 574.476. 076. 977. 277.679.280. 0

seasonally

Rentalincome

ofpersons 4

18. 118. 620. 121. 521. 621. 422. 323. 323.323. 423. 924. 124. 424.424. 624. 624. 324. 825.624. 725. 9

adjusted

Divi-dends

22. 622. 923. 024.627. 831. 032.435.836. 036. 336. 737.241. 237. 938.539. 039.339.641. 942. 042.4

annual rs

Persona]interestincome

55. 964.369.374.684. 1

103. 0115. 6130. 3132. 2134. 1135. 2136.4137.6139.0140. 3141. 8143. 5145. 2147. 4149. 1151. 1

ites]

Transferpay-

ments5

66.579.994.1

104. 1118. 9140. 8176. 8192.8194.9194. 5195.5198. 4200. 0200.5203. 0206. 9206. 0202. 9200. 0207. 2208.6

Less: Per-sonal con-tributionsfor socialinsurance

26. 328.030.834.242.247.750. 455.255. 655.956. 156. 757. 059.059.660.260.660. 961. 061. 561. 7

Non-farm

personalincome 6

725.8780. 7838. 0917. 3

1, Oil. 91, 119. 31, 218. 81, 351. 31, 365. 01, 374. 01, 385. 51, 402. 11, 418. 51, 421. 11, 442. 41, 463. 71, 475. 31, 483. 51, 491. 61, 508. 31, 517. 2

1 The total of wage and salary disbursements and other labor income differs•om compensation of employees (see p. 4) in that it excludes employer contribu-.ons for social insurance and the excess of wage accruals over wage disbursements.2 Consists of employer contributions to private pension, health, and welfare

funds; workmen's compensation; directors' fees; and a few other minor items.8 With inventory valuation and capital consumption adjustments.* With capital consumption adjustment.

6 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.


DISPOSITION OF PERSONAL INCOMEReal per capita disposable income rose again in the second quarter.

B1LUONS OF DOLLARS*- (RATIO SCALQ BILLIONS OF DOLLAR'S* (RATIO SCALE)1,400

—PER CAPITA DISPOSABLE PERSONAL INCOME

3,000

2,0001969 1970

'̂.SEASONALLY ADJUSTED ANNUAL RATES

SOURCE: DEPARTMENT OF COMMERCE

1976 1977

COUNCIL OF ECONOMIC ADVISERS

2,000

Period

196819691970197119721973197419751976

1976:1...II...III..IV..

1977: L— _II...

Per-sonal

income

685.2745.8801.3859. 1942. 5

1, 052. 41, 154. 91, 253. 41, 382. 7

1, 33a 11, 366. 71, 393. 91, 432. 21, 476. 81, 517. 2

Less:Per-sonaltaxandnon-tax

pay-ments

Bil

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-lays 1

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-sonalsaving

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 anD

5,3745,4625,5405, 6655, 7935,967

japita>sable[ inceme

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-msump-enditures

1972dollars

3,1563,2343,2653,3423,5103,6483,5893, 6293,817

3,7613,7943,8203,8913,9333,943

Percentchangein real

percapitadispos-

ableper-sonal

income

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) 3

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: Deiof the G

and Bureai


FARM INCOMEIn the second quarter, farm income excluding inventory change fell $0.8.billion (annual rate). Including inventorychange the decline was $1.0 billion,

BH1IONS OF DOLLARS* (RATIO SCALt) BllUONS d DOllARS* (RATIO SCALE)

120

100

80

60

40

REALIZED GROSSFARM INCOME

120

100

80

60

40

20

NET FARM INCOMEINCLUDING NET INVENTORY

CHANGE -

\/

20

10 I 101969 1970 1971 1972 1973 1974 1975

* SEASONALLY ADJUSTED ANNUAL RATES

SOURCE: DEPARTMENT OF AGRICULTURE

197d 1977

COUNCIL OF ECONOMIC- ADVISERS

[Quarterly data at seasonally adjusted annual rates]

Period

19691970197119721973197419751976 _1976:1

IIIILIV.___

1977: 1-___II

Personaby total

Fromall

sources

26.927. 428. 734.448. 644.744.342. 0

1 incomefarm po

Fromfarm

sources

12. 913.013.416.829.023. 121.517. 8

receivedpulation

Fromnonfarmsources

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

Casti

Total

Billior

48.250. 552. 961.287. 192.488.194.393. 0

100.491. 592. 495.999. 0

]

id gross

i receiptsnarketingi

Live-stockand

productsis of dolla

28.629.630.635.745.941.443.046.446. 348. 345. 545.445.348. 0

"ncome re

from3

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 farming

Netixoper

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 inclinventory

Currentdollars

Dol

4,7664, 7905,0306, 504

11, 7279,2328,6377,2037,7408,3506,3306,4807,9907,630

ome pertiding netY change 3

1967dollars 4

lars

4,3724,2024, 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 crops and livestock valued at the average price for the year.Is Based on Census of Agriculture definition of a farm. The number of farms iseld constant within a year.

< Income in current dollars divided by the index of prices paid by farmers for

family living items on a 1967 base. As of January 1977 movement is based on thioverall change in the consumer price index.

Source: Department of Agriculture;

96-333°—77- -2


CORPORATE PROFITSAccording to revised estimates for the second quarter, profits before tax rose $12.3 billion (annual rate) whileprofits with inventory valuation adjustment rose $1 5.2 billion.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

40 40

1969

SOURCE: DEPARTMENT OF COMMERCE

1977


[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1966196719681969 _ ._19701971 _. _1972197319741975 ___ _19761976: I__

IIIIIIV _ _

1977: I _ _ _!!_._

Profi

Total 2

78.675.682. 177. 966. 476. 989. 697. 286.5

111. 5142. 7141. 1143. 7148. 2137. 9141. 0156.2

bs (before

Total

75. 972. 678.974.262.672.484.790. 476. 9

105. 4134. 6132.4136. 1139. 8130. 2131. 0145.5

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 l

stic indu

N

Total 3

67.463. 668. 562. 950. 158. 269. 374. 162.590. 3

116. 4114. 6118. 0121. 3111. 8111.8125.5

ory valu<

stries

onfinanc

Manu-fae-tur-mg

41. 637. 941. 236. 827. 132. 440. 644. 136. 647. 966. 365. 368.768. 462. 965. 276. 4

ition

ial

Whole-saleand

retailtrade

8. 08. 9

10. 110. 19.4

11.713. 314. 712. 922. 127. 126.525. 529. 127.424.025.4

Profitsbefore

tax

80. 777. 3

! 85.683.471. 582. 096.2

115. 8126. 9123. 5156. 9153. 5159. 2159.9154. 8161.7174.0

Taxlia-

bility

33. 732. 539. 439. 734. 537. 741. 548. 752. 450. 264. 763. 166. 165. 963. 964. 469. 7

Pro

Total

47. 144. 946. 243. 837. 044. 354. 667. 174. 573. 492. 190.493. 194. 090. 997. 2

104. 3

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. 558.864.1

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.

Source: Department oi Commerce, Bureau of Economic Analysis.

8-


GROSS PRIVATE DOMESTIC INVESTMENTBusiness fixed investment rose $5.4 billion (annual rate) in the second quarter 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) BILLIONS OF DOLLARS* (RATIO SCALE)120

.NONRESIDENTIAL FIXED INVESTMENT


CHANGE IN BUSINESS INVENTORIES

-20 -

-40

1973

*SEASONAILY ADJUSTED ANNUAL RATESSOURCEs DEPARTMENT OF COMMERCg

1977



Period

196619671968196919701971197219731974___1975___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

Noi

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

investmc

Prodidur

equip

Total

52. 252. 657.763.362.864.774. 387. 096.296.3

106. 1100.8104. 0109. 0110. 6119. 2121.4

;nt

aeers'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. 7

81. 090.8

ential fix

Non-farmstruG""tures

27.427.233. 136.335.147.960. 364. 352. 749. 565.758.964. 165.774. 378. 588.2

ed inves

Farmstruc-tures

0.7.7.6.7.6.7. 7.6

1. 2. 9

1. 01. 21. 0. 9

1. 11. 11.2

tment

PT/->

ducers'dur-

equip-ment

0.7. 7. 8.9.9

1.01. 11.21. 21. 11. 31.21.21. 21.31.41.4

Changeness in\

Total

14.310. 17.79. 43.86.49.4

17.98.9

-11.513. 314.518. 321. 5

Q. tJ

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



EXPENDITURES FOR NEW PLANT AND EQUIPMENTBusiness plans to increase capital spending 13.3 percent in 1977, according to the Commerce July-August survey,somewhat more than the expected increase reported in June.

BILUONS OF DOLLARS (RATIO SCALE)180

160

140

•120

100

80

60

40

20

SEASONALLY ADJUSTED ANNUAL RATES

TOTAL NEW PLANT AND EQUIPMENT

! i_ I I I1969 I 1970

J/'SEE FOOTNOTE 4 BELOW.

SOURCE DEPARTMENT OF COMMERCE

1971

X"""""

1972

NONMANUFAaURING

.„..•'•'"""

MANUFACTURING

1973

"""••..„.....«»««*

\.

1974

BILLIONS OF DOLLARS (RATIO SCALE)180

160

140

120

100

80

60

1975 1976

40

201977


Period

1970-..1971197219731974197519761977 4

1976: IIIIIIIV

1977: III

III *___IV4-._

Total i

79. 7181. 2188.4499. 74

112. 40112. 78120. 491S6. 49114. 72118. 12122. 55125. 22130. 16134.24

138. 4314®. 02

Mi

Total

31. 9529.9931. 3538.0146. 0147.9552.4860. 6049. 2150. 6454.7854.4456. 4359. 46

61.3764.32

E]

inufacturi

Dur-able

goods

15. 8014. 1515. 6419. 2522. 6221.8423. 6827.9221. 6322. 5424.5925. 5026. 3027. 26

27.9629. 74

cpenditurt

ng

Non-durablegoods

16. 1515. 8415. 7218.7623. 3926. 1128. 8132.6827.5828. 0930. 2028.9330.1332. 19

33.4034.68

js for plan

Total

47.7651. 2257. 0961. 7366. 3964.8268. 0175.8865.5167.4867. 7670.7873.7474.78

77.0677. 70

it and equ

N

Mining

1.892. 162.422.743. 183.794. 004*453.833.834.214. 134.244.49

4.584.54

ipment

onmanuf

Trans-porta-tion

a 044.935.726.036.667.577.456.946.558.247. 257. 537.296.96

6. 766.96

acturing

Publicutili-ties

13. 1415.3017.0018.7120. 5520. 1422.2826. 2921.9121. 8521. 6723.4625.3525. 29

26. 7027.50

Com-muni-cation

10. 1010. 7711. 8912. 8513. 9612.7413. 3015. 1912. 5412.6213. 6414. 3014.1915.32

3938

Com-mer-cialand

other 2

16. 5918. 0520.0721.4022.0520.6020. 9923. 0220.6820.9420. 9921. 3622. 6722. 73

.08

. 70

Starts oand equ

proje

Manu-factur-

ing

29. 1828. 0035. 2147.5752.4948.2451. 05

11.6412.7713.2212. 8815.2615. 15

f plantdpmentcts 3

Publicutili-ties

17. 2022. 2228. 6038. 1345. 7434. 5029. 66

3.438. 567. 54

10. 229. 763.79

1 Excludes 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

3 Starts are estimated by adding changes in carryover to expenditures duringgiven period.

* Expenditures estimates based on expected capital expenditures as reported bybusiness in late July and August 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.


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEIn August, seasonally adjusted employment resumed its growth after the first decline in 9 months in July, as civilianemployment rose by 210,000. This was accompanied by increases in the civilian labor force of 392,000 and unem-ployment of 182,000.

MILLIONS OF PERSONS100

MILLIONS OF PERSONS*100

19.69 1970 1971 1972 1973 1974 1975 1976 1977*16 YEARS OF AGE AND OVER.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

Period

19721973197419751976

1976: Aug_Sept.Oct-Nov.Dee_

1977: Jan..Feb._Mar_Apr__May.June_July_Aug.

Nonin-stitu-tional

popula-tion

145, 775148, 263150, 827153, 449156, 048

U

156, 367156, 595156,788157, 006157, 176

157, 381157, 584157, 782157, 986158, 228158, 456158, 682158, 899

Civilianemploy-

ment

81, 70284, 40985, 93584, 78387, 485

nadjusted

89, 36787, 94988, 69788, 54288, 494

86, 85687, 23188, 21589, 25890, 04291, 68292, 37292, 315

n

Unem-ploy-ment

4,8404,3045,0767,8307,288

7,3237,0266,8337,0957, 022

7,8488, 1097, 5566,5686, 1517,4536,9416,757

?housands

Totallaborforce

(includ-ing

ArmedForces)

88, 99191, 04093, 24094, 79396, 917

97, 49897, 38797, 44998, 02098, 106

97, 64998, 28298, 67798, 89299, 28699, 77099, 44099, 834

of person

Civilianlaborforce

86, 54288, 71491, Oil92, 61394, 773

95, 35195, 24295, 30295, 87195, 960

95, 51696, 14596, 53996, 76097, 15897, 64197, 30597, 697

s 16 years

C

Total

81, 70284, 40985, 93584, 78387, 485

87, 83487, 79487, 73888, 22088, 441

88, 55888, 96289, 47590, 02390, 40890, 67990, 56190, 771

of age a

ivilian ei

Agri-cul-tural

3,4723, 4523,4923, 3803,297

Seas<

3,3723,2783,3103,2483,257

3,0903,0903,1163,2603,3863,3383,2133,252

nd over]

mploymeE

Nonagri

nr/tf ai

78, 23080, 95782, 44381, 40384, 188

anally adj

84, 46284, 51684, 42884, 97285, 184

85, 46885, 87286, 35986, 76387, 02287, 34187, 34887, 519

it

cultural

Part-timefor eco-nomic

reasons l

2,4082,3112,7093,4903, 272

usted

3, 1783, 3763, 4483, 5453,454

3, 3203,4383,2763, 1743, 2903, 3683, 3713,199

Unempl*

Total

4,8404, 3045,0767, 8307,288

7, 5177,4487, 5647,6517,519

6,9587, 1837, 0646, 7376, 7506,9626,7446,926

Dyment

15weeksandover

1, 158812937

2,4832, 339

2, 3412, 3112,3602,5172,514

2,2832, 1821, 9231, 8161,8361,7371,8341,808

Laborforce

partici-pationrate(per-cent)2

61.061.461.861.862. 1

62.462.262.262.462.4

62.062.462.562. 662.763.062.762.8

1 Persons at work in nonagricultural industries.2 Total labor force as percent of noninstitutional population 16 years of age andover.

Source: Department of Labor, Bureau of Labor Statistics.

11


SELECTED UNEMPLOYMENT RATESThe seasonally adjusted unemployment rate rose to 7.1 percent in August. The rate has fluctuated very slightly around7 percent since April. Most of the increase in unemployment in August took place among black workers.

•PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)

20

15

10

BLACK ^ ,«vAND OTHER / y \

v/*>>/-

1973

•*UNEMPIOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.SOURCE: DEPARTMENT OF LABOR ,

1977

10

5 i*

1973 1976 1977


[Monthly data seasonally adjusted]

Period

1972197319741975.1976-.1976: Aug

Sept.;OctNovDec

1977: JanFebMarAprMayJuneJulyAug._ _ _ _

Total(all

civil-ian

work-ers)

5.64.95. 68. 57.77.97.87.98.07. 87. 37. 57.37.06. 97. 16. 97. 1

Uner

By s

Men20

yearsandover

4.03.23.86.75.95.96. 16.26. 36.25.65. 85. 45. 05. 35.05. 15.2

nployme

sex and i

Women20

yearsandover

5.44. 85. 58. 07.47.87.67. 67.67.46.97.27.27. 06. 67. 26. 97. 1

nt rate (

ige

Bothsexes16-19years

16. 214. 516. 019. 919.019. 618.819. 019. 219. 018.718. 518. 817. 817. 918. 617.417. 5

percent (

By

White

5. 04. 35.07. 87.07. 17. 27. 27.37. 16.76. 76.66.36. 26. 36. 16. 1

)f civiliai

color

Blackand

other

10. 08. 99. 9

13. 913. 113. 612. 813. 413. 513.412. 513. 112. 712. 312. 913. 213.214. 5

i labor f(

]

Expe-riencedwageand

salaryworkers

5. 34. 55. 38.27.37. 57. 47.57.67.47.07. 16. 96.56.76. 56. 46.6

)rce in g]

3y select

House-hold

heads

3. 32. 93.35. 85.15.25.45. 45.35. 14. 84. 94. 64. 44.54.34.34. 6

*oup)

ed grouj

Full-time

work-ers

5. 14.35. 18. 17.37. 57.57.67.67.56. 76.96.76.56. 56. 56. 56.8

)S

Part-time

work-ers

8.67.98.6

10.310. 110. 09.6

10.310. 59. 8

10.210.711. 19.99. 9

10.79.28.9

Laborforcetimelost(per-

cent) *

6.05.26. 19. 18.38.48.48. 68.68.48.07.97.87.47. 57. 57.47.7

1 Aggregate hours lost by the unemployed and persons on part-time for eco-nomic reasons as percent of potentially available labor force hours.

12

Source: Department of Labor, Bureau of Labor Statistics.


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSUR-ANCE PROGRAMSThe increase in seasonally adjusted unemployment of 182,000 in August occurred primarily among job losers andjob leavers, as the proportion of reentrants and new entrants decreased.

PERCENT DISTRIBUTION* PERCENT DISTRIBUTION*

60

40

20

REASON FOR UNEMPLOYMENT

JOB LOSERS

\NEW ENTRANTS

1974 1975

*SEASONALLY ADJUSTED

SOURCE) DEPARTMENT OF LABOR

REENTRANTS

JOB LEAVERS

1976

1 I 1 1 1 I 1 | 1 M

60

40

20

DURATION OF UNEMPLOYMENT

15-26WEEKS

1977 1974

L-'\27 WEEKS

AND OVER

1975

i 1 , i 1 .1976 1977


[Monthly data seasonally adjusted, except as noted]

Period

19721973197419751976___1976: Aug..

Sept__Oct___Nov__Dee__

1977: Jan.._Feb__Mar _ _Apr___May..JuneJuly v_Aug"_

TJneni-D!OV-piVJ

ment(thou-sands)

4, 8404, 3045, 0767, 8307,2887,5177,4487, 5647, 6517,5196, 9587, 1837,0646, 7376, 7506,9626,7446, 926

Percerpi

Joblosers

43. 238. 743. 455. 449. 849. 349. 750. 049. 850. 045. 647. 544. 443. 644. 242. 745.846. 6

it distriboyment

Jobleavers

13. 115. 714. 910. 412. 212. 912.512. 511. 211. 113. 211. 913.012. 513. 713.912. 512. 9

ution ofby reasoi

Reen-trants

29. 830.728. 423. 826. 025. 325. 525. 627.026. 228. 327. 528. 429. 529. 027. 627. 126. 3

unem-i1

Newen-

trants

13.914. 913. 310. 412. 112. 412. 311.912. 012. 612. 913. 114. 214. 413. 015. 714.514. 2

Perceiplo

Lessthan 5weeks

45.951. 050.637. 038.337.537. 638. 435. 536. 438. 739. 542. 845. 841. 544. 942. 740. 9

it distribyment b

5-14weeks

30. 130.131.031.329. 631. 832. 030. 832. 130. 529. 229.729.927. 431. 229. 729.733.3

ution ofy durati<

15-26weeks

12. 311.011. 116. 513.814. 714.714. 215. 314. 914. 613. 411.110. 611.911.713.813. 8

unem-m *

27w^eeksandover

11. 67.87.3

15.218.315. 915. 716. 517. 118.217. 517.416. 316. 315. 413. 813. 812. 0

O4- J-State p

Insuredunem-ploy-ment

Wee

1, 8481, 6322, 2623,9922,9683, 1833,2603,2633,1602,9692, 7812,7742,5642,4892,5152,5412, 6492,801

rograms

Initialclaims

;kly aver

261246363478382416421421388361409419335363381373389397

Insuredunem-ploy-ment,

allregular

pro-grams 2

(unad-justed)

age, thoui

2, 1921, 7932, 5584,9433,8223,4463,2353,2173,4533,8844,4424,4483,9723, 5063, 1052, 9393,0652,750

Specialunem-ploy-ment

benefitclaims 3

(unad-justed)

sands

1, 1731, 1521, 327

986853862903823911901784538484540535

1 Detail may not add to 100 percent because of rounding.2 Includes State (50 States, District of Columbia, and Puerto Rico), ex-service-

men (UCX), Federal (UCFE), and railroad (EH) programs. Also includesFederal and State extended benefit programs. Does not include FSB (Federalsupplemental benefits) and SUA (special unemployment assistance).

s FSB and SUA. These programs started January 1975 and regular reportingbegan March 1975.

Source: Department of Labor (Bureau of Labor Statistics and Employmentand Training Administration). 13


NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment continued to increase in August, rising by 92,000. However, there were largedecreases in contract construction and manufacturing. The largest gains occurred in services and trade.

MILLIONS OF PERSONS*901

MILLIONS OF PERSONS* (ENLARGED SCALE)

80

70

50

40

30

20

ALL NONAGRICULTURALESTABLISHMENTS

1973

-SERVICE-PRODUCING"INDUSTRIES

-GOODS-PRODUCING *INDUSTRIES

1974

•...A,.,,,,,.'

1975 1976

18

1977

-̂SB^——

fj I J 1 1 1 1 1 M 1' 1973

7nCONTRACT C

M 1 1 t'l f I f t 11974

•v 1.ONSTRUCTIO

i 1 1 1 1 1 i 1 1 1 11975

N

i j i 1 1 1 1 11 1 11976

~^^

I! I 1 1 ! I I! 1 IV

1977•SEASONALLY ADJUSTED

SOURCE. DEPARTMENT Of LABOR COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;1 seasonally adjusted]

Period

197219731974_1975 .19761976: Aug.-

Sept..Oct..Nov..Dec..

1977: Jan..Feb__Mar..Apr..May_.June-July*.Aug»._

Totalnonagri-culturalemploy-

ment

73, 71476, 89678, 41377, 05179, 44379, 61879, 91879, 81980, 10680, 34480, 56180, 82481, 39581, 68681, 92182, 12182, 35682, 448

C

Total 2

23, 54624, 72724, 69722, 60323, 33223, 31023, 46323, 32323, 48923, 50823, 58923, 70124, 00524, 21724, 30624, 35324, 40924, 307

ioods-pr(

Con-tractcon-

struc-tion

3,8314,0153,9573, 5123,5943,5793,5653,5823,6193,6053,5613,6453,7593,8423,8613,8763,9163,886

)dueing i

Ma

Total

19, 09020, 06820, 04618, 34718, 95618, 97919, 10018, 94119, 06519, 09519,21119, 23319, 40419, 52819, 60019, 62219, 66619, 602

ndustrie

tnufactui

Durablegoods

11, 00611, 83911, 89510, 67911, 02611, 08311, 14611, 01811, 12811, 15811, 23611, 23011, 37011, 42311, 46911, 49111, 52611, 509

3

ing

Non-durablegoods

8,0848,2298, 1517,6687,9307,8967,9547,9237, 9377,9377,9758,0038, 0348,1058,1318, 1318,1408,093

Total

50, 16752, 16953, 715£»4, 44856, 11156, 30856, 45556, 49656, 61756, 83656, 97257, 12357, 39057, 46957, 61557, 76857, 94758, 141

S

Trans-porta-tionand

publicutilities

4, 5174,6444,6964,4984,5094,5014,5284,5064,5194,5534,5494,5534, 5684,5754,5864,5794, 5694,567

erviee-pi

Whole-saleand

retailtrade

15, 97516, 67417, 01717, 00017, 69417, 76417, 83917, 82417, 80817, 89817, 98118, 06718, 18918, 20318, 23518, 24718, 29518, 359

-oducing

Finance,insur-ance,andreal

estate

3,9434,0914,2084,2234,3164,3124,3384, 3594,3814,4034,4234,4314,4534,4634,4804,4894,5054,525

Industrie

Services

12, 39213, 02113, 61714, 00614, 64414, 75114, 79814, 81914, 87314, 93615, 01015, 06815, 14915, 18215, 19715, 24515, 34215, 418

38

Gover

Federal

2,6842,6632,7242,7482,7332,7322,7282,7302,7342,7202,7212,7212,7252, 7192,7232,7352,7212,733

nment

Stateandlocal

10, 65611, 07511, 45311, 97312, 21512, 24812, 22412, 25812, 30212, 32612, 28812, 28312, 30612, 32712, 39412, 47312, 53512, 539

1 Includes all full- and part-time wage and salary workers in nonagrieulturalestablishments who worked during or received pay for any part oi 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 oi 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,


AVERAGE WEEKLY HOURS AND HOURLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES

[For production or nonsupervisory workers; monthly data seasonally adjusted]

Period

19681969 ...197019711972...1973.- -197419751976 ___

1976: AugSeptOctNovDec

1977: JanFeb -.MarApr -MayJuneJulyAug'

Aver

Totalprivatenonagri-cultural l

37.837.737.137. 037.137. 136.636. 13&2

36. 136. 036. 136.236.2

35.836. 336.336. 236. 336.236. 136. 0

age weekly

Manufa

Total

40.740.639.839. 940.640. 740. 039.440.0

40.039. 739. 940. 140. 0

39.540.340.440. 340.440.540.340. 1

lours

cturing

Overtime

3. 63. 63.02. 93. 53.83. 22. 63. 1

3.03.02. 93. 13.2

3.23. 33.33.43.43.43.43.4

Averaghourly t

Totalprivatenonagri-cultural x

$2. 853. 043. 223. 443. 673. 924. 224. 544.87

4.914.924. 955.005. 02

5.075. 095. 125. 175. 205.225.265. 26

e gross;arnings

Manufac-turing

$3. 013. 193. 363. 573.814 084. 414. 815. 19

5.255.295. 295. 345. 38

5. 435. 435. 495. 535. 575. 615. 655. 68

Adjusted h

Index, 1<

Currentdollars

106. 2113.2120.7129. 2137.7146.5158.5172.5185.0

186.8187.5188. 4189.7190. 6

192. 7193.2194. 1195.3196.5197.5198.9199. 1

ourly earninnonagrio

)67=100

1967dollars 3

101. 9103. 1103.8106.6109.9110.0107.3107. 0loas108. 7108.7108.9109.3109. 4

109.7109.0108.8108.6108.6108. 610&9ioa7

gs index — tcultural 3

Percent cla year

Currentdollars

6.26. 66. 67. 16. 56. 48. 28. 87.3

7. 17. 16.86.76. 9

7.37. 07.07.17.07.27. 16. 6

)tal private

ange fromearlier *

1967dollars

1.91. 2. 7

2.73. 1.2

-2. 5-.31.4

1.41.51.51. 61.9

2. 11.0. 6. 3.2.3.3.0

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICUL.TURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]

Period

1968.--19691970 --1971.- -1972 - ---1973-.-19741975 -1976 _-

1976: AugSept -OctNov.Dec

1977: JanFebMar — —Apr .MayJuneJuly*Aug»

Total priagricul

Currentdollars

$107.73114.61119. 46127. 28136. 16145. 43154. 45163. 89176. 29

177. 25177. 12178. 70181. 00181. 72

181. 51184.77185. 86187. 15188. 76188. 96189. 89189. 36

Average

vate non-tural '

1967dollars 3

$103. 39104. 38102. 72104. 93108. 67109. 26104. 57101. 67103. 40

103. 17102. 74103. 29104. 32104. 32

103. 37104. 21104. 18104. 09104. 34103. 88103. 99103. 36

gross weekly

Manufac-turing

-

$122. 51129. 51133. 73142. 44154. 69166. 06176. 40189. 51207. 60

210. 00210. 01211. 07214. 13215. 20

214. 49218. 83221. 80222. 86225. 03227. 21227. 70227. 77

earnings

Contractconstruction

Current dollar

$164. 49181. 54195. 45211. 67222. 51235. 69249. 08265. 35284.93

284. 83276. 79289. 45292. 09291. 69

281. 08297. 86293. 09296. 54297. 70296. 61297. 71291. 41

Retail. trade *

3

$74,9578.6682. 4786.6190. 9995.57

101. 04108. 22113.96

114. 24115. 56115. 84116. 75ii&5o117. 55119. 25119. 94

o(?)oo0

Percent chyear e

total priagrici

Currentdollars

5. 86. 44.26. 57.06. 86.26. 17.6

7.06. 66. 96.56.7

5.67.17. 78.37. 57.67.56.4

inge from aarlier,vate non-iltural 6

1967dollars

1.51.0

-1. 62. 23. 6. 5

-4.3-2.8

1.7

1.31.01.51.51.8

.41.01.21.5.7.7.8

— . 2* Also includes other private industry groups shown on p. 14.' Adjusted (or interindustry employment shifts and for overtime in manu-

Micturing.»Current dollar index (or earnings) divided by the consumer price index.* Monthly change* based on indexes to two decimal places.

96-333°—77 3

B Includes eating and drinking places,* Based on unadjusted data.1 Data no longer available.Source: Department of Labor, Bureau of Labor Statistics,

15


PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY

Period

1966196719681969

19701971197219731974

19751976

1975:1IIIIIIV

1976:1IIIIIIV _

1977: 1II

19661967 ....19681969

19701971197219731974

19751976

1975:1IIIIIIIV

1976:1IIIIIIV

1977:1II

Outj

Totalprivatebusiness

98.0100. 0105. 1108.3

107.4110.3117.6124.5121. 5

118.7126.9

115. 1117.2120.6121.8

124.9126. 7127.7128. 4

131. 3134.0

5.52.05. 13.0

— . 92. 86.65.9

-2.4

-2. 47.0

-11.67.5

12.23. 9

10. 85.93. 12. 1

9.6R 4

nit1

Privatenon-farm

business

98. 1100. 0105.4108.6

107.4110.3117.9125,0121.9

118.7127.4

115. 3117. 1120. 6121. 8

125.2127.2128.3128.7

131.6134.4

6.01.95.43.0

-1. 12.76.96.0

-2.5

-2.67.3

-11.66.5

12.54.1

11.76. 63. 21.3

9. 58.7

Hourspers


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

Percei

2.3_.31.72.7

-1.6— . 43.63. 9.4

-4. 12.7

-12. 5-2. 7

3.95.9

ao2.6. 1

2.1

3.39,9

of allons2

Privatenon-farm

business

1967 =

100.0100.0102. 1105. 3

104.0103. 7107.6112. 2112. 7

108. 1111. 4

107. 9106.9107.7109.7

111.0111.3111.4112. 2

113.4115. 7

it change

3.3-;02.13.2

— 1. 2___ n

3.74.3.4

—4. 13. 1

— 12. 3— 3. 5

2.97.6

4.91.0.4

3.2

4.2a3

Output ]of all p


100; quai

97.8100. 0103.3103.7

104.5107.8111.0113. 1109.9

111.8116. 5

108. 9111.7113. 8113, 3

115.4116.3117.2117.2

118.9118. 5

; quarterly

3.22.3a3;3

;73.22.91. 9

-2.8

1.84.2

1.010.48.0

-1.9

7.63.3ao-.0

6,1-1.4

jer hourersons

Privatenon-farm

business

-terly dat<

98. 1100. 0103.2103. 1

103. 3106.3109.5111.4108. 1

109.9114. 3

106.9109. 5112. 0111. 1

112.9114.4115.2114.7

116. 1116.2

f data at

2.51.9a2

—.2

;22.9ao1.7

-2.9

1.64.1

.810.39.3

-3. 2

a55.52.9

-1,8

5.0.4

Compeper I

Totalpri-vate

business

i seasons

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

11.76.2

nsationlour 3

Privatenon-farm

business

illy adjust

94. 5100. 0107. 3114.3

121. 9129.9137.4148. 1162.0

177.6193. 1

173.2176. 2179. 2182. 0

186.9191. 1195.2198. 7

204. 3208. 0

y adjuste

6.15.87.3a56.76.65.87,89.4

9. 68.7

11.87. 26. 96. 4

11. 19.48.87.4

11.77.4

UnitCO

Totalpri-vate

business

,ed

96.8100. 0104. 1111.0

118. 1121.9125.2132. 9149.5

161. 1168.7

161. 7160.4159. 1163.0

165. 1167. 0169.4173.0

175.2178.5

d annua)

3.73.34. 16.6

6.4a22.76.2

12.5

7.74.7

11.7-3.4— 3. o10. 2

5. 14.95.88. 6

5.37.7

laborsts

Privatenon-farm

business

96.4100. 0103.9110.9

118. 1122.2125.5133.0149.8

161.7168.9

1-62. 0160.9160. 0163.9

165.6167. 1169.5173.3

176.0179.0

rates

3.43.83.96.6

6.53.52.76. 0

12.7

7.94.5

10.9-2. 8— 2. 210.0

4.33.75. 89.4

6. 36.9

Implicjdefla

Totalpri-vate

business

97.2100. 0103.9108.8

113.9118.9123. 2130. 3143. 1

158. 0165.6

154. 2156. 5159.4161. 6

162. 9164. 8166.5168.3

170.1173. 3

3.22.93.947

4.74.43.65.89. 8

10.44.8

12.96.27.55.9

3. 14.84.14.6

4.47.6

t pricetor*

Privatenon-farm

business

96.8100.0104. 0108.7

114.0119.2122.9128.0141. 5

156.9165.0

153.4155.6158. 1160. 3

162.1163. 6166.0168. 1

169.6172.8

2.93.34.04.5

49453. 141

10. 5

10.95. 1

1425. 76.65.8

4.43.86. 05. 3

3. 57.8

1 Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons in private industry engaged in production, including

hours of proprietors and unpaid family workers. Estimates based primarily onestablishment data.8 Wages and salaries of employees plus employers' contributions for socialinsurance and private benefit plans. Also includes an estimate of wages, salaries,and supplemental payments for the self-employed.

* Current dollar gross domestic product divided by constant dollar gross domes-tic product.

NOTE.—Percent changes are from preceding period and are based on originaldata; they therefore may differ slightly from percent changes based on indexasshown here.

Data revised beginning 1974.Source: Department of Labor, Bureau of Labor Statistics.

16


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production fell 0.5 percent in August, the first decline in the index since January. Output declines werewidespread but were most heavily concentrated in auto production and electric utility power generation, both ofwhich had increased sharply in July.

INDEX, 1967=100* (RATIO SCALE}160

TOTAL INDUSTRIAL PRODUCTION

INDEX, 1967=100* (RATIO SCALE)180

.120

100

160

1973 1974 1975 1976 1977

MANUFACTURING PRODUCTION

160

140

120

100

UTILITIES AND MINING PRODUCTION

/ VMINING

iji_i.iJitin1973 1974

PERCENT (RATIO SCALE)100

UTILITIES

nt 1 1 ( f in i1975 1976 1977

90

80

70

100

MANUFACTURING CAPACITY UTILIZATION RATE

1973 1974 1975 1976 1977 1973 1974 1975 1976 1977

* SEASONALLY ADJUSTED

SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCH OF ECONOMIC ADVISERS

[Seasonally adjusted]

Period

1967 proportion1971197219731974197519761976: Aug

Sept^ _OctNovDec

1977: Jan..Feb

' Mar _ . _ „Apr_ _ _May___ _ _June.Julv »Aug*

Total iiprodu

Index,1967=

100

100. 00109. 6119.7129.8129.3117. 8129. 8131.3130. 6130. 2131. 5133.0132. 3133.2135.3136. 1137. 0137. 9138. 9138. 2

idustrialction*

Per-cent

changefromyear

earlier

1.79. 28.4

— . 4— 8. 910.28.57.06.56. 56.95. 14.45. 55.75.66.26.35. 3

Indus!M

Total

87.95108. 2118. 9129. 8129. 4116.3129.5131. 2130. 5129.8131. 4132. 5131. 6132. 6135. 1135.8137. 1137.6138. 7138. 3

,ry produanufactur

Dur-able

61. 98102.4113.7127. 1125.7109. 3121.7125. 0122. 4121.4123.4125. 0123.4124.0126.8128.0129. 3130.4131. 6131. 2

ction inding

Non-dur-able

35. 97116.6126.5133.8134. 6126. 4140. 9140.4142. 3141. 9143. 0143. 3143.4145.3147.0147. 0148. 5148. 3148. 9148.4

exes, 196'

Mining

6.36109. 8113. 1114. 7115. 3112. 8114. 2114.0115. 5116. 1115. 3115. 4112. 8116. 3120. 6119. 2119. 5122. 5119. 5117. 8

r=.ioo*

Utili-ties

5. 69130. 5139.4145.4143. 7146. 0151. 0150. 5149. 6150, 8154, 6157. 9163.8160. 3154. 8154. 0156.7157. 1161. 5158. 0

Manuf

Federalsen

Totalmanu-factur-ing**

78.083. 187.584.273.680.281. 180. 579. 980.881. 280.480.982. 182.382.882.983.282.7

acturing <rate, p

Reservees

Mate-rials*

83. 188.092. 487. 773.680.481. 681.080.480.380.279.480.281.682. 182. 782. 982.982. 7

capacity \3rcent l

Com-merceseries 2

808386837781

80

81

83

84

itilization

Whar-ton

series s

86.491.897.193.080.487. 6

88.2

87. 7

88.4

90. 3

* Output as percent of capacity,s Annual data are averages of four monthly indexes.s Quarterly data entered in last month of quarter. Annual data are averages of

quarterly data.

* Be vised beginning 1976. **Bevised beginning 1974.Sources: Board of Governors of the Federal Beserve System, Department of

Commerce (Bureau of Economic Analysis), and Wharton School of Finance.

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[1967=100, seasonally adjusted]

Period

1967 -proportion1 QfiQ

19701971197219731974197519761976: Aug

SeptOct

Dec1977' Jan

FebMar

MayJuneJuly v

Aug"__

Total

47; 88109. 6105. 3106. 3115. 7124. 4125. 1118. 2127.2128.0126. 9126. 7129. 3131.5130.8131. 6133. 3134. 1134.7135.5136. 9135.7

Coi

Total

87.68109.8109. 0114. 7124. 4131.5128. 9124. 0136. 2137. 0135. 7135. 9138.4141. 3

, 139. 9140.5142. 9142. 9143. 1143. 7145. 5144. 1

Final p

isumer go

Durablegoods

7.89115.0106. 1118.8133.8146. 2135.3121. 4141.4144.2138. 7138.9143.7150. 5145.4146. 1152.4151. 5152.2155.5158. 1155. 5

Proc

roducts

ods

Non-durablegoods19. 79107.7110. 1113. 1120. 6125. 6126. 3125. 1134. 1134.2134, 5134.7136.2137.6137.7138.3139.1139. 4139.5139. 0140. 5139. 5

lucts

Equi|

Total

so. 14109.3100. 194. 7

103.8114.5120. 0110. 2114. 6115.6114. 8114. 2116. 8118.0118.4119. 2120. 0122. 1123.2124.2124.9124. 5

sment

Busi-ness

12.6$112. 5107. 0104.1118. 0134. 2142. 4128. 2136. 3137. 6137. 0135. 7140. 1142. 3142. 3143. 5144. 8147. 1148.9150. 3151. 6151. 0

Internproc

Total

IS. 89112. 9112. 9116. 7126.5137. 2135.3123. 1137.2138.4138. 7138. 8139. 0140. 5142.2141.6141. 8142. 3143.5144.5145. 9145. 8

lediateucts

Con-structionsu p

6. 43112. 3111. 0116. 8128.4139. 8134. 5116. 3132. 6134. 9134. 1134. 8135.8135. 5136.2135. 6136. 4137.2138.7139.2140.4140. 6

Ma-terials

59. S3112. 5109. 2111. 3122. 3133. 9132.4115. 5130. 6133. 0132.4131.8131.9132.0131. 1132. 7135.5136. 5137.8138. 5138.9138. 7

Sup-ple-

ment-ary

f oup:iergy

total

13. 23111. 1117. 0119. 5125. 2128. 3125. 5125. 5128.8128. 5128. 3128. 8130. 6133. 3134 1132. 9132. 3132. 1132. 5133. 1134.5133. 9

[1967=100, seasonally adjusted]

Period

1967 proportion- .1969 ---1970197119721973197419751976

1976: Aug. .. .SeptOctNovDee

1977: JanFebMarAprMayJune _ _July ' ___ _ _ _Aug »

Primar

Total

6.67113.8106.6100. 2112. 1126.7123. 196.4

10R9

118. 3113.0109. 9104. 6101. 5

100.8100. 2108. 3112.2117. 1114. 7114.7115.3

f metals

Ironandsteel

4. si112.6104.796. 1

107. 1122. 3119. 895.8

104.9

116.0108.6105. 1100.393.4

89.791.397. 9

103.9111.0109. 2112.3

Di

Fabri-catedmetalprod-ucts

B.9S107.9102.4103.5112. 1124. 7124. 2109. 9123.3

125. 8126.5123. 5126.7128.1

125. 7125.8127.5127.6128.2130. 7131.2132. 5

arable m

Non-elec-trical

chin-

9. IS109. 3104.4100.2116. 0133.7140. 1125. 1135. 0

136. 4136.8134.3137.5141.5

139.9139.8139. 8142.9142. 6144.0146.0

anufactu

Elec-tricalma-

chin-ery

8. 05111. 9108. 1107.7122. 2143. 1143. 8116. 5131.6

135. 4133. 9135. 0135. 7135. 1

134. 0137. 6137. 6139.6141. 8142. 6143. 8145. 0

res

Transpequip

Total

9. sr108.489. 597.9

108.2118.3108.797.4

110.6

114.6104.7104. 3112. 7117.4

113.5113. 4120. 5119. 8120.3123. 5125.0121. 1

ortationment

Motorve-

hiclesand

parts

4.50116.592.3

118. 6135.8148.8128. 2111. 1140. 7

149. 7130.6128.4145. 5155. 0

145. 5145.4161. 2158.1157.7162. 6166. 3159. 9

Lum-berand

prod-ucts

1.6J.107. 9105. 6113. 8120.8126. 0116.2107.6125. 1

127.9128.7129. 6129. 5128. 1

132. 7132.2132. 1130. 6133.0131. 3134.5

NOE

Ap-parel

ucts

S. SI106.7101.4104. 7109.4117.3114.3107. 6122.2

117. 5119.5122. 9122. 7124. 9

123. 0124.4122. 2121. 4123.5122. 1

durable

Print-ingandpub-

lishing

4. 73107.4107. 0107.1112. 7118. 2118. 2113.3120. 6

120. 6120. 6119.3119. 7123.0

124. 7122.4124.8123.4124.4124. 1123.8124.0

manufac

Chem-icalsand

prod-ucts

7.74118.4120.4125. 9143. 6154.5159.4147. 3169.3

169. 7171.3170. 7173. 7173. 1

172. 2174.9180. 0180.6182.8183. 5182. 9— _

turea

Foods

8. 75106. 1108. 9112.8116. 8120.9124. 0123.4132. 3

134. 8134. 6134. 8134. 3132. 9

134. 2136.4138. 7138.0138. 3136. 5isa o

NOTE.—Series revised beginning 1976.

18Source: Board ol Governors of the Federal Keserve System.


NEW CONSTRUCTION

Period

197019711972.. ..1973197419751976

1976: JulyAugSeptOetNovDec

1977: JanFebMarApr —MayJune rJuly" _

Total newconstruc-

tionexpendi-tures

94. 9110.0124. 1137.9138.5134.3147.5

145.8141. 8145.2150. 1153.8155.4148.4157. 1163. 3166. 1170.1171.7170.7

Total

66.880. 193.9

105.4100. 293. 6

109.5

107.1103. 6107. 4114. 8119.0121.2116. 4122.6127.9130. 0131.6132.4132. 1

Besic

Total '

Bil

31. 943. 354. 359. 750.446. 560.5

Seasonal^

59.254. 557.765.569. 671. 166.872.476. .278. 080.279. 679.8

Private

ential

Newhousing

lions of doll

24 335. 144.950.140. 634.447.3

/ adjusted at

46.347. 148.750.952. 754.8

.52. 158.362.263. 565.866. 1

'66. 1

Commer-cial and

industrial

sirs

16.317.018.121.723.820.819.9

inua/ rates

19.620. 120.019.619.319. 418.718.820.821. 120.922. 322.3

Other

1&619.821.524.025.926.329.0

28.329.029.729.730. 130. 730.931.530.930.930.530.430.0

Federal,State,andlocal

28. 129.930.232.538.340.7sao

38.7sa 237.935.334.934. 332.034.535.436.238. 439.338.6

Construction

Total valueindex

(1967=100)

123. 1145.4165. 3179.5169,7167.9194. 1

Seasonallyadjusted

217189203240210183203212207250317284218

contracts J

Commer-cial andindustrial

floor space(millions ofsquare feet)

743727854

1,010840555602

Seasonallyadjustedannualrates

627609582618631658643615309671758733702

1 Includes nonhousekeeping residential construction and additions and alter-ations, not shown separately. :

* If. W. Dodge series. Relates to 50 States beginning 1069 for value index andbeginning 1971 for floor space.

Nora.—New construction expenditures data prior to1973 not comparable witlater data.

Sources:Department ol Commerce (Bureau ol the Census) and BfcGraw-HIBInformation Systems Company, F. W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]

Period

1969197019711972197319741975 •1976

1976: AugSeptDotNov _ ..Dec

1977: JanFebMarAprMayJune "JulyAug "

Units

Total

1, 466. 81, 433. 62, 052. 22, 356. 62, 045. 31, 337. 71, 160. 41, 537. 5

1,5301,7681, 7151, 7061,8891,3841,8022,0891,8801,9371,8972,0762,022

£

started, by

lunit

810.6812.9

1, 151. 01, 309. 21, 132. 0

888. 1892.2

1, 162. 4

1,1721,2541,2691,2361,3241,0061,4241,5031,4131,4551,3891,4461,440

?ew private

type of stn

2-4units

85.084.8

120. 3141.3118. 368. 164.085.9

Seasonally

831069898

120103120113116120105129125

housing uni

icture

5 or moreunits

571.2535.9780.9906.2795. 0381. 6204.3289.2

adjusted ar

275408348372445275

.258473351362403501457

ts

Unitsauthor-

ized

1, 323. 71, 351. 51, 924. 62, 218. 91, 819. 51, 074 4

939.21, 280. 0

inual rates

1,3081,4811, 4811,5831,5321, 3331,5261, 6871,6051, 6151,67?1,6391,768

Unitscompleted

1, 399. 01, 418. 41, 706. 11, 971. 52, 013. 81, 691. 71, 296. 81, 362. 1

1,3801, 4021,3391,3991,4441, 4161, 6371, 7071, 5401,5361,6381,648

New priv

Homessold

448485656718620501544639

656714728694808827893867775771799672

ate homes

Homes forsale atend ofperiod '

222220287409450403380431

410415420429431431434435441441444454

Vacancyrate forrental

housingunits

(percent) '

5.55.35.45.65.86.26.05.6

5.7

5. 3

5.1

5.3

1 Seasonally adjusted.1 Quarterly date entered in last -month of quarter.Source: Department of Commerce, Bureau of the Census.

19


BUSINESS SALES AND INVENTORIES—TOTAL AND TRADEBusiness inventories rose $1.7 billion in July and business sales declined slightly. According to the advance survey,retail sales rose 1% percent in August following an increase of about 1 percent in July.

BILLIONS OF DOLLARS* {RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)

100

90

80

70

60

50

40

RETAIL INVENTORIES

RATIO* 1973 1974

RETAIL SALES

1975 1976 1977

100

1977 1973

SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE

1977


Period

1971 - ...19721973__ „ _ _ „1974197519761976: July

Aug_> _ _ _ _SeptOctNov^ .Dec- _

1977: JanFebMarApr_May- _ _June. . _July * „„Aug"__ _ __

Total bi

Cnlnr, 2bales *

112, 323125, 269145, 297166, 771172, 511192, 704193, 302194, 302193, 868192, 353196, 288204, 140202, 160207, 541214, 642213, 596213, 821214, 066213, 149

isiness l

Inven-tories 3

184, 756198, 045227, 926278, 386275, 484299, 123290, 866293, 308296, 537298, 179298, 941299, 123301, 970303, 985307, 325309, 847313, 052315, 455317, 174

Whol

Q 1 2bales *

Millions

22, 32724, 86230, 40037, 34436, 58340, 21240, 61640, 58141, 38140, 67640, 79641, 76741, 93143, 23343, 87944, 49145, 18244, 99645, 014

esale

Inven-tories 3

of doll

29, 69532,81738, 30246, 56445, 11550, 13148, 80549, 00649, 72349, 84750, 16750, 13150, 87251, 65852, 54953, 06753, 24753, 28453, 023

Tni a T

ars, seafc

34, 07137, 36541, 94344, 81548, 70254, 32453, 75454, 64354, 10054, 63455, 57357, 89856, 66058, 17559, 52259, 46559, 18158, 39058, 92759, 915

Sales 2

Dur-able

goodsstores

onally a

10, 98512, 47214, 19013, 94315, 06017, 84717, 69918, 20817, 48117, 55918, 15719, 73019, 02419, 76420, 68720, 33320, 08819, 84219, 74520, 450

Re

Non-durablegoodsstores

d justed

23, 08624, 89327, 75430, 87233, 64236, 47636, 05536, 43536, 61937, 07537, 41638, 16837, 63638, 41138, 83539, 13239, 09338, 54839, 18239, 465

tail

In

TV^tftl

52, 57157, 15665, 22973, 85174, 67682, 40579, 91781, 11881, 84881, 65881, 66082, 40583, 61683, 87885, 39786, 03387, 17688, 35389, 580

ventoriej

Dur-able

goodsstores

23, 86426, 05629, 59334, 30134, 47438, 22436, 52337, 51537, 82237, 51837, 93338, 22438, 93138, 91239, 61339, 58140, 27940, 66541, 774

3 3

Non-durablegoodsstores

28, 70731, 10035, 63639, 55040, 20244, 18143, 39443, 60344, 02644, 14043, 72744, 18144, 68544, 96645, 78446, 45246, 89747, 68847, 806

Inventcrat

Totalbusi-ness l

1.611.521.461.511.601.501.501.511.531. 551. 521.471,491.461.431.451.461.471.49

>ry~salesio 4

Retail

1.471.461.461. 531. 511.461.491.481.511.491.471.421.481. 441. 431.451.471.511.52

1 The term1 'business" also includes manufacturing (see page 21).' Monthly average for year and total for month.1 Book value, end of period, seasonally adjusted.«For annual period?, ratio of weighted average inventories to average monthly

sales; for monthly data, ratio of inventories at end of month to sales for month.

20

Source: Department of Commerce (Bureau of Economic Analysis and Bureauof the Census).


MANUFACTURERS* SHIPMENTS/INVENTORIES, AND NEW ORDERSIn July, manufacturers1 new orders and shipments fell while inventories were up $0,8 billion. Preliminary estimatesindicate new orders and shipments of durable soods manufacturers rose in August.

.BILLIONS OF DOLLARS* (RATIO SCALt)

BILLIONS OF DOLLARS* (RATIO'SCALE)

120

100

80

„ NEW ORDERSTOTAL

DURABLE GOODS

NONDURABLE GOODS

1973 1974*SEASONALLY ADJUSTED

is DEPARTMENT OF COMMERCE

1975

«L* *^*^*>j>''«*'''

1976 1977

BILLIONS OF.DOLLARS* (RATIO SCALQ

240

200

160

120

100

80

60

40

INVENTORIES

RATIO*2.20

DURABLE GOODS

V*"»»JIIII1

NONDURABLE GOODS

INVENTORY-SHIPMENTS RATIO

1973 1974 1975 1977

COUNCIL OF ECONOMIC ADVlSiRS

Period

19711972 „.1973_. _._1974_»197519761976: July~.

Aug_Sept._Oct___Nov..Dec...

1977: Jan__Feb_Mar_.Apr_,_May__June__July__Aug*__

Manufac

Total

55, 92563, 04272, 95484, 61287, 22698, 16898, 93299, 07898, 38797, 04399, 919104, 475103, 569106, 133111, 241109, 640109, 458110, 680109, 208

turers' sh

Durablegoods

29, 97334, 04239, 70444, 04343, 91250, 37651, 09051, 64850, 06049, 02951, 23855, 29553, 34154, 70358, 84956, 76456, 71757, 57056, 82058, 142

ipments l

Non-durablegoods

25, 95328, 99933, 25040, 56943, 31347, 79247, 84247, 43048, 32848, 01448, 68149, 18050, 22851, 43052, 39252, 87652, 74153, 11052, 388

Manufaet

Total

Millio

102, 490108, 072124, 395157, 971155, 693166, 587162, 144163, 184164, 966166, 674167, 114166, 587167, 482168, 449169, 379170, 747172, 629173, 818174, 571

,urers} mv

Durablegoods

ns of dolL

66, 14970, 09881, 218

101, 780100, 310105, 729102, 856103, 282104, 117105, 589106, 128105, 729106, 562107, 222107, 685108, 190109, 154110, 421110, 978

entories 2

Non-durablegoods

axs, seasor

36, 34137, 97443, 17756, 19155, 38260, 85859, 28859, 90260, 85061, 08560, 98660, 85860, 92061, 22761, 69462, 55763, 47563, 39763, 593

Manu

Total

tally ad jus

55, 93764, 24676, 21786, 98885, 65998, 49798, 81197, 55498, 47699, 006100, 784106, 600105, 288106, 575111, 788111, 547111, 693111, 524108, 598

facturers

Durabl

Total

sted

29, 95135, 14242, 88846, 57042, 16450, 68151, 18050, 38050, 06850, 75452,23557,04055, 03755, 13359, 16058, 65259, 17658, 37856, 03157, 912

' new ore

e goods

Capitalgoodsindus-tries,non-

defense

7,5758,94711, 16912, 65610, 89912, 82013, 77812, 69013, 46814, 12412, 73413, 83514, 62114, 24914, 56114, 67915, 00015, 53514, 40914, 394

lers l

Non-durablegoods

25, 98629, 10433, 32940, 41843, 49547, 81647, 63147, 17448, 40948, 25248, 54949, 56050, 25151, 44252, 62852, 89552, 51753, 14652, 567

Manu-fac-

turers'unfilledorders 3

107, 656122, 362161, 766190, 271171, 438175, 453171, 938170, 414170, 503172, 468173, 333175, 453177, 179177, 623178, 167180, 065182, 301183, 150182, 541

Manu-fac-

turers'inven-tory —ship-mentsratio *

1. 831. 671. 581. 661. 801.641 641. 651. 681. 721 671. 591. 621. 591. 521. 561. 581.571. 60

1 Monthly average for year and total for month. Shipments are the same as sales,2 Book value, end of period.3 End of period.4 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


PRICESWHOLESALE PRICESIn August, the wholesale price index fell 0.2 percent (rose 0.1 percent seasonally adjusted). Prices of farm productsand processed foods and feeds declined 2.7 percent (2.1 percent seasonally adjusted). Industrial commoditiesprices were up 0.6 percent (0.5 percent seasonally adjusted).

INDEX, 1967= 100 (RATIO SCAlfl220

INDEX, 1967=100 (RATIO SCALE)220

200

FARM PRODUCTS AND •'PROCESSED FOODS AND FEEDS

120

100

120

100

1969

SOURCE. DEPARTMENT OF LASO* COUNCfl OF CCONOABC ADYI5ER5

[1967 = 100]

Period

19691970197119721973 _197419751976 —

1976: Aug... .SeptOctNovDeo_.

1977: JanFebMar _AprMayJune .JulyAug _

Allcom-modi-ties

ioa 5110.4114.0119. 1134. 7160. I174.9isao

isa s184.8185. 3185. 6187. 1mo190. 0191. 9194. 3195. 2194.4194.9194. 6

Farmproducts

andprocessed

foodsand feeds

108. 0111.7113.9122. 4159. 1177.4184.2183. 1

Unadjusted181.7182.9179.5178. 3183. 9184. 8188.4190.9195. 9196. 8191.5189.3184. 2

Indus-trial

commod-ities

106.0110. 0114. 1117. 9125.9153.8171.5182. 4

183.8184.8186. 3187. 1187.4188. 4189. 9191. 6193.2194.2194. 6195.8196. 9

Farmpro-ducts

109. 1111. 0112.9125. 0176.3187. 7186.7191. 0

187. 7189.2188.2187. 1191. 9194. 0198. 3203. 3210. 2205. 3191.3187.9179.9

Pm

ceasedfoodsandfeeds

107.3112. 1114. 5120. 8148. 1170. 9182. 6178. 0

175. 9176. 0174.9175. 6178. 8178. 6181. 9185.4190. 1193. 5190. 2185.6184. 2

Crudemate-rials '

110. 6118. 9122. 7131. 1155. 2219. 1225. 1249. 9

Seas254. 4253. 1262. 4271.6265. 9262. 6273. 0279. 3280. 1282. 4277. 9277.8283. 0

Inter-mediatemate-rials *

106. 1109.9114. 3na 9128. 1159. 5178. 6189. 5

onally ad.190. 3192. 0193. 3194. 3195. 5196.3197.4199. 1200. 3200.9201.4202.7203. 7

Special $

Produc-er fin-ishedgoods

106. 9112. 0116. 6119. 5123.5141.0162. 5173. 2

usted173.6174. 5176. 3177.0I?a4179.2180. 1180. 8181.8182.8183. 6184.4185. 2

jroupings

Consunex

Total

104. 6107. 7111. 2113. 5118. 6138. 6153. 1161. 8

162. 5163. 7164. 6165. 5165. 8167. 4167. 9169. 2170. 4171. 2171. 9172. 3172. 9

ler finishesluding fo

Durable

104. 0106.9110.8113. 2115. 8126.3138. 2144. 4

144.9145. 7146. 5146.8146. 9148. 0148. 8149. 4150. 5151. 1151. 6152.0153.5

d goods3ds

Non-durable

105. 0108. 3111. 7113.6120. 5146. 8163.0173. 3

174. 2175. 6176. 7178.0178. 4180. 3180.7182. 5183. 7184. 6185. 6185.9185. 9

1 Excludes crude foodstuffs and &edstu£s, plant and animal fibers, oilseeds, andleaf tobacco.

1 Includes supplies and components; excludes intermediate materials for foodmanufacturing and manufactured animal feeds.

22

Source* .Department of Labor, Bureau of Labor Statistics.


CONSUMER PRICESIn August, the consumer price index rose 0.4 percent (0.3 percent seasonally adjusted). Food prices increased 0.3percent (also 0.3 percent seasonally adjusted). Nonfood commodity prices rose 0.2 percent (0.3 percent seasonallyadjusted) and services prices were up 0.5 percent (also 0.5 percent seasonally adjusted).

INDEX, 1967~ 100 (RATIO SCALE)220

200

INDEX, 1967=100 (RATIO SCALE)220

120

100

120

100

1969

SOURCE: DEPARTMENT OF LABOR

1977


[1967=100]

Period

1969. _ _ _ . _ . _19701971 -1972 _ _ _ .1973197419751976

1976: Aug...Sept___OctNovDec__. .

1977: JanFebMarAprMayJuneJulyAug

Allitems

109. 8116. 3121. 3125.3133. 1147. 7161.2170.5

171.9172. 6173. 3173.8174.3

175. 3177. 1178.2179. 6180. 6181. 8182. 6183.3

Food

108.9114. 9118. 4123. 5141. 4161. 7175.4180.8

Unac

182. 4181. 6181.6181. 1181.7

183.4187. 7188. 6190. 9191.7193. 6194.6195.2

Com-modi-tieslessfood

108. 1112. 5116.8119.4123. 5136.6149. 1156. 6

justed

158. 0158. 9159.6160.3160. 6

160. 6161. 6162.6163. 6164.7165. 4165.6166.0

Serv-ices

112.5121.6128.4133. 3139. 1152. 1166. 6180.4

181. 8183. 2184. 1185.1185.8

187.5188.7190.0191. 3192.3193.7195.3196.3

Allcom-modi-ties

108.4113.5117. 4120.9129. 9145. 5158. 4165.2

166. 2166. 6167. 1167.4168. 0

169. 4171.4172.2173.6174. 5175. 3175. 5176. 0

All

108. 9114.9118.4123.5141.4161. 7175.4180. 8

181. 8181. 9182.2181.7181.9

183.5187. 1188.2191.0192. 4193. 9194 0194. 5

Food

Foodat

home

108.2113. 7116. 4121. 6141. 4162. 4175.8179.5

180. 2180. 1180.3179.6179.7

181.3185. 4186. 4189.3190. 7192. 1191. 9192. 3

Foodawayfromhome

111. 6119.9126. 1131. 1141. 4159. 4174. 3186. 1

Seasonal

188.0188.7189. 0189.5190.4

192.0194.0195. 4197. 5199. 5201. 2202. 1203.2

Comn

All

108. 1112. 5116.8119.4123.5136.6149. 1156.6

y adjust

157. 8158.3159.0159.6160.5

161.6162.7163. 4164. 0164. 7165. 1165. 3165.8

aodities le

Dur-able

107.0111.8116.5118.9121.9130.6145.5154.3

ed

155.6156. 1156.6157. 3158.4

159.9161.4162. 4163.2163. 5163.4163. 4163. 5

ss food

Non-dur-able

108.8113. 1117. 0119.8124.8140. 9151. 7158.3

159. 3159.9160.6161.3162.0

162.8163. 7164.2164. 7165. 6166.3166.8167.5

Serv-ices

112. 5121. 6128.4133.3139. 1152. 1166.6180.4

182.2183.2184.0184.8185.5

187.2188.4189.9191. 4192. 7194. 2195. 7196.7

Source: Department of Labor, Bureau of Labor Statistics. 23


CHANGES IN WHOLESALE PRICES

Period

1968196919701971197219731974 _ _1975_..- ...19761976: Aug..

Sept.Oet__Nov_Dec_.

1977: Jan__Feb.-Mar_Apr>_May.June.July.Aug..

Percenperio

Allcom-modi-ties

2.84.82. 24. 16. 3

15. 420.94.24.7

2. 7. 5.6.6. 5. 9

1. 11. 1. 4

n

^. 1

t changed; seasoE

Farmprod-ucts

4.48. 4

-4,78. 1

18.736. 1

-1.95. 5

— 1. 1-3.3

.8-. 5-. 62.61. 12. 22. 53.4

-2. 3-6.8-1.8-4.3

from pretally adju!

Proc-essedfoodsand

feeds

3.06.8.8

4.711. 620. 320.9

-3.8-1. 1-2. 5

. 1-. 6

. 41.8

^1. 81. 92. 51. 8

— 1. 7—2.4-.8

cedingsted *

Indus-trialcom-modi-ties

2. 73.93.63.43.4

10. 725. 66.06.4

6896356864355

Percent cseason.

Allcom-modi-ties

2.93. 54. 07.27. 17. 18.4

10. 213. 110.93. 6

-1.2-2.6

lange froally adju

Farmprod-ucts

-12. 9-11.9-11.8-1. 3

5. 812. 926. 226.037. 814.9

-21. 6-36. 1-41. 0

m 3 montsted annui

Proc-essedfoodsand

feeds

-11.0-11.8-11.8

— 76.58. 7

15. 115.628.428. 110. 8

-9.1-17.9

as earlier;il rates


7.38.09.39.57.65.95. 97.98.57. 65.34.95.3

Percent (season

Allcom-modi-ties

4.25. 14.25. 05. 35. 57.88.6

10. 19.76.85.73.9

change froally ad jus

Farmprod-ucts

— 2. 22.0

-6. 9-7.3— 3. 5

211.615.524. 720.4— . 6

— 6. 2-17.7

m 6 montted annua

Proc-essedfoodsand

feeds

-0.7— 1.3-5. 1-6.0-3. 1-2. 1

6. 911. 018. 121.413. 28. 02.5

tis earlier ;J rates


5.66.47.48. 47. 87. 67. 77. 7

. 7.26.76. 66.76.4

»Annual changes are from December to December (unadjusted). Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES

Period

196819691970197119721973197419751976

1976: Aug_._SeptOct___Nov___Dec___

1977: Jan. _ _Feb____Mar__ _AprMay. _June. _July..Aug___

Perceiperio

Allitems

4.76. 15. 53.43. 48.8

12.27.04. 8

. 5

. 3

. 3

. 3

. 4

.81. 0. 6. 8.6. 6.4.3

it changed; seasoi

Food

4.37. 22. 24.34,7

20. 112. 26. 5.6

. 2

. 1

. 2— — 3

. 1

.92.0. 6

1. 5.7. 8. 1. 3

2 from prelally adju

Com-mod-itieslessfood

3.74.54.82.32.55. 0

13. 26. 25. 1

.6

. 3

. 4

. 4

.6

.7

. 7

. 4

. 4

. 4

. 2

. 1

.3

cedingsted 1

Serv-ices

6. 17.48.24. 13.66. 2

11. 38. 17.3

. 6

. 5

.4

.4

. 4

. 9

. 6

. 8

. 8

. 7

.8

.8

.5

Percent cseason<

Allitems

5. 55. 34. 84. 04.2

6. 19. 1

10. 09. 98. 48. 16.45.2

hange f really adju

Food

2. 21. 61. 8

-. 2. 0

2. 912. 414.617. 411. 812. 76.44.4

>m 3 montsted annu


5. 85.55.54.65.7

6. 78.07.46. 15.04.23.22.7

hs earlieral rates

Serv-ices

7.67.56. 65. 85. 1

7. 18.09. 89. 39.49.49.38.6

Percent cseasom

Allitems

5. 55.75.54.84.8

5.56.57. 18.08.79.08.16.8

hange frcilly adju

Food

2.63.83. 11.0.8

2.35.97. 09. 9

12. 113. 611.88. 1

>m 6 montsted annu


5.45. 55. 85.25.6

6. 16.36.56. 46.55. 8463.8

hs earlier;al rates

Serv-ices

7.47.07. 06.76. 3

6. 96. 97.48. 28. 79. 69. 39.0

Annual changes are from December to December (unadjusted). Source: Department of Labor, Bureau of Labor Statistics.

24


PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers fell 3 percent in the month ended August 1 5. Contributing most to the decline were lowerprices for soybeans, corn, hogs, broilers, and potatoes. Partially offsetting were higher prices for tobacco, oranges,and milk. Prices Pgjd by.f^^^^^^^^^^^^^^^^^^S^^ JU^V-^ level- ______ ,_ „_„„, __„

INDEX, 1967=100 (RATIO SCALE)

PRICES RECEIVED(ALL FARM PRODUCTS)

PRICES PAID(ALL ITEMS, INTEREST,

TAXES, AND WAGE RATES)

70 F

601969 ' 1970 I 1971 1972 1973 1974

J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.

SOURCE: DEPARTMENT Of AGRICULTURE

1975 1976 1977


Period

19691970197119721973197419751976 —

1976:Augl5Sept 15Oct 15_Nov 15Dec .15.

1977: Jan 15.-Feb 15. _ —Mar 15Apr 15__. - - -May 15June 15July 15AuglS

Prices i

All farmproducts

107110113125179192185186

186186178173178

183187190191194184180174

received by

Crops

97100108114175224201197

201204195186190

198203211214214198182172

'armers

Livestockand

products

Index, 11

117118118136183165172177

175172165162169

170174171172176173179177

PricesAll items,interest,

taxes, andwage rates

)67=100

108112118125144164180192

193193192192193

198200201204204204203202

paid by far

Familylivingitems

109114118123133151166176

177178179180181

182(3)(3)(3)(3)(3)(3)(3)

mers

Produc-tion

items

104108113121146166182193

194194192191193

196199201204205203201199

Parity

Actual

7372717491867671

7171686668

6869696970676564

ratio 1

Adjusted 2

7977757994877672

7272696768

6970707070676664

1 Percentage ratio of index of prices received by farmers to index of prices paid,interest, taxes, and wage rates on 1910-14=100 base.

* The adjusted parity ratio refects Government payments made directly tofarmers.

2 Index discontinued. Consumer price index (Department of Labor) substitutedin calculating total prices paid beginning Jaim&iy 1977.

Source: Department of Agriculture.

25


MONEY, CREDIT, AND SECURITYMONEY STOCKThe pace of growth in Mi moderated in August following July's rapid advance.

BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)

300

200 200

1969

*SEASONALLY ADJUSTED

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1977


[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]

Period

1972: Dec__.1973: Dec___1974: Dec___1975: Dec...1976: Dee___1976: Aug

Sept__..Oct___Nov-.Dec

1977: Jan___Feb...Mar__Apr___May__June__July..Aug".

Over

M,

255. 3270. 5283. 1294. 8312. 4306. 5306. 9310. 4310.4312.4313. 8314. 0315.4320. 5320. 7321.9326. 8328. 3

all measi

M2

525.3571.4612.4664. 3740.3710. 4716. 3725. 9732. 3740.3746.3750. 7756. 1764. 6767.6772.8783. 5787.7

ires 1

M3

844. 5919. 6981. 5

1, 092. 61, 237. 11, 180. 81, 193. 91, 210. 71, 223. 41, 237. 11, 248. 91, 258. 21, 268. 11, 281. 21, 289. 01, 299. 51, 316. 81, 329. 1

Cur-rency

56. 961.567.873.780. 578. 679.279.880. 280. 581. 181.882. 283. 183. 684. 085. 185.5

Deposi

Demand

198.4209. 0215. 3221.0231.9227.9227. 7230. 6230. 2231. 9232. 7232. 1233. 2237.4

1 237. 1238. 0241.6242.8

Compoii

ts at co]

Tim

Total

313. 5363.9418. 3451. 7491. 1468.9472. 5477. 8484. 2491. 1495. 6500. 0502. 8505. 7509. 2514. 8519. 5522. 5

ents anc

tnmercia

e and sa

LargeCDs

43.563. 089. 082. 163. 365.063. 162. 362. 263. 363. 163.362. 261. 662. 363.962.863.2

. related i

banks

vings

Other

270.0300. 9329. 3369.6427. 9403.9409.4415. 5422. 0427. 9432.5436.7440. 6444. 1446. 9450. 9456.7459.4

terns

Depositsat

nonbankthrift

institu-tions

319. 3348. 1369. 1428. 3496. 8470. 5477. 6484. 8491. 0496.8502. 6507.5512. 1516. 6521. 4526. 6533. 4541. 4

U.S. Gov-ernmentdemanddeposits

(unadjust-ed)

7. 46. 34. 94. 14. 73.75.04.04. 24. 74. 24.44. 55. 63. 85.23. 93.7

Perchai

Mt

9.26.04.74. 16.06.66. 05.84.66.25. 95.05.66.66.76. 28. 59.3

sentige 2

M2

11.48.87. 28. 5

11.49. 7

10. 110. 510.812.412. 011. 711. 410. 99. 99. 0

10. 210. 1

1 MI is currency plus demand deposits; Ms is MI plus time deposits at com-mercial banks other than large certificates of deposit (CDs); and M3 is Mz plusdeposits at nonbank thrift institutions.

3 Annual changes are from December to December and monthly changes arfrom 6 months earlier at a seasonally adjusted annual rate.

Source: Beard of Governors of the Federal Beserve system.

26


PRIVATE LIQUID ASSET HOLDINGS— HONFINJINCIAL INVESTORS[Averages of daily figures; billions of dollars, seasonally adjusted]

Period

1970: Dec1971: Dec1972: Dec1973: Dec1974: Dec1975: Dec1976: Dec

1976: AugSeptOct_NovDec

1977: JanFebMarApr_May _ _JuneJulyAug'

Totalliquidassets

769.5852. 5967.9

1, 079. 51, 166. 21, 289. 71, 425. 5

1, 378. 51, 388. 21, 404. 01, 414. 81, 425. 5

1, 440. 21, 454. 51, 464. 31, 478. 31,486.81, 499. 11, 514. 21, 525. 1

Total

632.4718.7817.0887.49445

1, 053. 31, 192. 1

1, 141. 31, 153. 21, 168. 91, 180. 01,192. 1

1, 205. 51, 214. 31, 223. 61, 237. 11, 244. 21, 253. 41, 270. 61, 282. 3

Curre

Cur-rency

49. 152.656.961. 567. 873.780.5

78.679.279. 880.280.5

81.181.882. 283.183.684.085. 185.5

ncy and c

Demanddeposits

151. 8161.5176.5183. 3186.5190. 7196.8

196. 3195.5197.8196.2196.8

198.9197.8198.5203.3202.4202.5205.8206.2

leposits

Time d

Com-mercialbanks

198.9233.6264.4294.4321. 1360.6418.1

395. 9401. 0406. 5412.6418.1

422.9427. 1430.7434 1436.8440.4446.3449. 1

eposits

Nonbankthrift

institu-

232. 7271. 1319.3348.1369. 1428. 3496.8

470.5477. 6484 8491. 0496.8

502.6507. 5512. 1516. 6521. 4526. 6533.4541.5

U.S. TJsecui

Savingsbonds

52. 054 357. £60.463.367.371.9

70.270.871.171.571.9

72.372.773. 073.473. 874274675.0

reasuryities

Short-term

market-able se-curities

41.931. 734543. 247.466. 366.9

71.469. 769.769.566.9

67.971.872. 172. 371. 770.868.767.2

Nego-tiablecertifi-

cates ofdeposit

21.827.636.254070.760. 0449

46.745.3448443449

44344. 643.242. 442.844543. 7442

Otherprivatemoneymarketinstru-ments

21.420.222.734540.442.849.7

48.849.249.549. 549.7

50.251. 152. 353. 154456. 156.756.3

Source: Board of Governors of the Federal Reserve System.

CONSUMER INSTALMENT CREDIT[Millions of dollars; monthly data seasonally adjusted]

Period

196919701971 _1972 -1973___19741975—1976

1976: July. ___AugSeptOctNov_Dec

1977: JanFeb.Mar.AprMayJune .July

Instalm

Total *

109, 146112, 296123, 826137, 117157, 863157, 200164, 169193, 328

15, 79616, 11816, 42015, 84416, 71217, 677

17, 07217, 41818, 35118, 60918, 32218, 61318, 416

ent credit e:

Auto-mobile

32, 55330, 09435, 82042, 70048, 39945, 42951, 41362, 988

5,0975,2045,2984, 8345, 3125,869

5,4405,7476, 1356,0375,9735,9785, C77

stended

Bankcreditcards

4,3986,7688,377

10,39013, 86317, 09820, 42825, 862

2, 1852,2092,2112,2662,2602,297

2, 1662, 3842, 3812,5472, 5892,6042,525

Instalmc

Total *

99, 786107, 444113, 784121, 926138, 156147, 920156, 665172, 795

14, 34914, 58914, 58914, 75315, 07715, 236

15, 08215, 59415, 50315, 84015, 80316, 33116, 098

jnt credit lie

Auto-mobile

29, 97430,44031, 61437, 18842, 64244, 92948, 40652, 750

4,3894,4514, 5324, 5004, 6304,667

4,7084, 7924, 8094, 8824, 7855,0804,871

juidated

Bankcreditcards

3, 0665,6157,6799,472

12, 43315, 65519, 20824, 012

2,0022,0922, 0072,0952,1482, 228

2, 1762, 1982, 1362,2882,4162, 3852,361

Net change

Total *

9, 3604,852

10, 04315, 19119, 7079,2807, 504

20, 533

1,4471,5281,8311,0911,6342,442

1, 9901, 8242,8482,7702,5192,2822,319

in amount <

Auto-mobile

2,579-3474,2075,5125,758

5003,007

10, 238

707753766334682

1,201

732955

1,3261,1551, 188

8981,005

3utstanding

Bankcreditcards

1.3321,153

699918

1,4301,4431,2201,850

18411720317111269

— 10186245259173219164

»Includes some items not shown separately. Source: Board of Governors of the Federal Eeserve System.

27


BANK LOANS, INVESTMENTS, AND RESERVESBusiness loans at commercial banks rose at an annual rate of 11 percent from June through August.

BILLIONS OF DOLLARS*(RATIO SCALE) . BILLIONS OF DOLLARS*(RATIO SCALE)

ALL COMMERCIAL BANKS

40

60

401969 1970 1971 1972 1973 1974 1975 1976 1977

*"SEASONALLY ADJUSTED, END OF MONTHSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

Period

196919701971 _ _19721973197419751976

1976: Aug .SeptOctNovDec

1977: Jan*F e b » _ _ _ ..Mar v

Apr *>May vJune » _July *Augp _

Totalloans

invest-ments

401. 7435. 5485. 7558. 0633.4

4 690. 4721. 1784. 4

758. 0762.9771.6778. 87844

786. 6796.4803.0812. 4819. 4825. 5831. 8840. 4

[BillAllc

L(

1 otal ex-cludinginter-bank

279. 4292. 0320. 9378.9449. 0500. 2496. 9538.9

516. 0520. 8529. 6533. 1538.9

540. 9545. 4551. 0557. 7562. 1567.0574. 5582. 4

ions of dollsommercial b

mns

Commer-cial and

industrial

105. 7110. 0116. 1130.2156.4183. 3176. 0

5 179. 5

173. 1174. 1176.8179.0179.5

179. 8181. 2182. 9184. 9185. 9188. 3189. 6191. 6

irs, seasonalanks 1

Investn

U.S. Gov-ernmentsecurities

51. 257.860. 662. 654. 550. 479. 497. 3

95. 694. 994.495. 497. 3

96. 9101. 5103. 6102. 8104. 6105. 3102. 9102. 6

ly ad juste

lents

Othersecu-rities

71. 185. 7

104.2116. 5129. 9139. 8144. 8148.2

146. 4147. 2147.6150. 3148. 2

148. 8149.5148. 4151. 9152. 7153. 2154. 4155.4

d, except as

I

Total

27. 9429. 1231. 2231. 4134. 9436. 6034. 7334, 95

34.5134. 3434. 5134. 8534. 95

34. 7834. 4034. 3134. 6834. 7234. 8635. 3535. 64

noted]All me

leserves 2 3

Non-borrowed

26. 8228.7931. 1030. 3633. 6435. 8734. 6034. 90

34. 4134. 2734. 4134. 7834. 90

34. 7134. 3334. 2034.6134. 5234. 6035. 0334. 58

mber ban

Re-quired

27. 6628. 8731. 0431. 1234. 6436. 3434. 4634. 68

34. 3134. 1434.2934. 5934. 68

34. 5134. 2034. 0934.4934. 5134. 7135. 0835. 44 1

ksBorrow!lions ofunadji

Total

1, 086321107

1, 0491,298

70312762

10475668462

6179

11073

200262336

1,071

ngs (mil-dollars,isted) 2

Sea-sonal

41321312

2831322112

8121314315560

1011 Data are for end of period.2 Averages of daily figures. Annual data are for December.3 Member bank reserves series reflects actual reserve requirement percentages

with 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

i bank merger and were reduced $1.5 billion due to liquidation of a large bank.6 Loan ^classifications reduced these loans by $1.2 billion as of March 31,1976.Source: Eoard of Governors of the Federal Reserve System.


SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATEBUSINESS


Period

197(L_197119721973 _19741975 _ _1976

1976: IIIIIIIV __

,11977: I

II v

Total

104.2127. 2153. 0180. 7180.7148. 4213. 5

219. 8220. 5204. M209.5

274. 1222. 0

Inter-nal1

58.968. 680.883.875.7

107.8125. 8

125. 4125. 0130. 5122. 3

125.7131. 5

Total

45.358. 672. 296. 9

105. 040.687. 7

94. 495.573.887. 2

148.490. 5

Sources

Credi

Total

40. 544. 657.772. 781. 836.658.3

52. 160. 251.769. 4

77. 887.5

External

t market

Long-term 2

31. 940. 540.637. 239. 149. 348.6

50. 046. 751.046.7

36. 049. 5

funds

Short-term 3

8.74. 1

17. 035. 642. 6

-12.79.7

2. 113.4

. 622.7

42. 037.9

„,

Other

4.714.014. 524. 223. 24. 1

29. 4

42. 235. 322. 117.8

70. 63.0

Total

95.6114. 6136. 5162. 7163. 6133. 8197. 2

203. 2202.5192. 5190. 5

257. 3204. 9

Uses

Pur-chase

ofphysi-

calassets 4

80. 086. 0

100. 3123.4134.798. 6

140. 3

134.3143. 1150. 4133.4

153. 3170.5

In-crease

infinan-cial

assets

15. 628. 636. 239. 328. 935. 256. 9

,68.959. 442. 157. 1

104. 034.4

Dis-crep-ancy

(sourcesless

uses)

8.612.716. 518. 117. 114.716.3

16. 617.911. 719.0

16. 817.2

1 Undistributed profits (after inventory valuation and capital consumptionadjustments), capital consumption allowances, and foreign branch profits.2 Stocks, bonds, and mortgages.3 Bank loans, commercial paper, finance company loans, bankers' acceptances,and Government loans.

* Plant and equipment, residential structures, inventory investment, and min-eral rights.

NOTE.—Series revised beginning 1967.Source: Board of Governors of the Federal Reserve System.

CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS[Billions of dollars]

End ofperiod

197019711972197319741975... -1976__ _

1975: III—III-I V _ _ _

1976 I—!!___Ill _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 l

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-ties 2

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 s

4.23.53. 43.53. 53. 64. 3

3. 23. 33.33. 6

3.63. 74. 34. 3

4. 6

3tS

Notesandac-

countsreceiv-

able

201. 9217. 6240. 0266. 1289. 7294. 6323. 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 4

35. 043. 848. 154. 456. 660. 069. 8

55. 457. 359. 060. 0

63. 663. 966.369. 8

74.3

Total

304. 9326. 0352. 2401. 0450. 6457. 5499. 9

438.0434. 2444.7457. 5

465.9475. 9484. 1499. 9

516. 6

Gur

Ad-vances

andpre-pay-

ments,U.S.Gov-ern-

ment 3

6.64. 94. 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. 0284. 7295. 9

302. 2

ilities

Fed-eralin-

cometax

liabili-ties

10. 013. 115. 118. 123. 220. 726. 8

21. 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. 9

260. 4269. 0271.8274. 1

287. 6299. 4307. 7316. 9

328.7

* Includes time certificates of deposit.2 Includes Federal agency issues.3 Receivables from and payables to the U.S. Government do not include

amounts 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.

4 Includes marketable investments (other than Government securities andtime certificates of deposit) as v ell as sundry current cssets.5 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


INTEREST RATES AND BOND YIELDSShort-term market interest rates rose about 30 basis points from late August to late September prompting increasesin the discount rate and prime rate.

PERCENT PER ANNUM PERCENT PER ANNUM

10

AcT— ' DIS

FERE

BANE\

^ i I i i 1 i i i i i¥ 1969

/V,r^y \\ x

\\" *.

COUNT (*•RATE \DERAL \•SERVENK OF¥ YORK

i i t i i 1 i i i i i1970

L /^ — |i ,J .. LI\ / \V '

•t 1 1 1 1 1 1 I ! 1 1

1971

/,-••/

. ,-yV

1 1 1 1 1 I-I-I 1 1 11972

CORPORATE ;(MOO

A•: \I \

JftJ£HJ

1 1 1 I ! 1 1 1 1 1

'1973

\aa BONDS>Y'S)

\ A%. -}/< •• \f \i '•r'j V I L

U- \AV y \

/

TREASURY i

! f t I I I I f l,l1974

v/^x"v-|

I

: I \

Ml hJILLS

t f r f f I i i*r-M

1975

v—» x"*s

"""x

•'-7T-Lw *\

\V

f f ? 1 1 ! i i n ?

1976

^

J[r*

* — /

1 1 I f 1 1 1 1 M l|

1977

10

SOURCE, SEE TABU BELOW COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]

Period

19711972 _19731974197519761976: Sept

OctNovDec

1977: JanFebMarAprMayJuneJulyAugSept.

Week ended:1977: Sept 2 _ _ _ _

916—23_.._30

U.S. Gove

3-monthTreasury

bills *

4.3484. 0717. 0417.8865.8384. 9895.0754.9304.8104.3554.5974. 6624. 6134. 5404. 9425. 0045. 1465. 5005.770

5.5745. 5545. 8875.8515.982

rnment seci

3-5 yearissues 2

5.775.856.927.817.556.946. 846.506.355.966. 496.696. 736. 586. 766.586.676. 90

6.846.866.936.93

irity yields

Taxablebonds *

5.745.636.306.996.986.786.706.656.626. 396.687. 157.207. 147. 176.996.977. 00

6.906.906.946.95

High-grademunicipal

bonds(Standard& Poor's)4

5.705.275. 186. 096.896.496.206.066.055.695. 705. 755. 765. 615. 645. 535.505.46

5.385.335. 375.37

CorporateA n nAaa

bonds(Moody's)

7.397.217.448.578.83a 438.388.328.257.987. 968. 048. 108. 048. 057.957.947.98

7.927.907.897.92

Prime com-mercialpaper,4-6

months

5. 114.698. 159.876.335.355. 455. 225.054.704.744.824.874.875. 355.495. 415.84

6.005.996. 196. 22

Discountrate

(N.Y.F.R.

Bank)8

4. 884.506.457.836.255.50

5K-5K5H-5H5&-5tf5&-5K5K-5tf5Ji-5«5H-5Y45&-5K5J£-5tf5l/i-5^5 -̂5^5y4-5%

5%~5%5%-5%5%-5%5%-5%

Primerate

chargedby

banks 5

5. 725. 258.03

10.817.866.84

7 -77 -6%6K-6Km-m®i-m6M-6M6&-6tf6tf-6«6^-6%6%-6%6%-6%6J4-7

7 -77 -77 -TJi7K-7J4

New-home

mortgageyields

(FHLBB)8

7. 747. 607. 958. 929. 018. 999. 089.079. 059. 109.058. 998.958.948. 968.989. 009. 02

1 Rate on new issues within period.2 Selected note and bond issues.8 April 1953 to date, bonds due or callable 10 years and after.* Weekly data are Wednesday figures.8 Average effective rate for year; opening and closing rate for month and week.

30

6 Effective rate (in the primary market) on conventicnal mortgages, reflectingfees and charges as well as contract rate and assumed, on the average, repaymentat end of 10 years. Rates beginning January 1973 not strictly comparable withprior rates.

Sources: Board of Governors of the Federal Reserve System, Federal HomeLoan Bank Board, Moody's Investors Service, and Standard & Poor'sCorporation.


COMMON STOCK PRICES AND YIELDSStock prices moved generally lower during September.

NDEX, DEC 31,1965=5080

70

INDEX, DEC 3; 1965=50180

70

60

COMPOSITE STOCK PRICE INDEXrs>/\

20

15

10

5

0"

_

>••!

1 1 1

1969

EARNINGS-PRICE RATIO ON COM(S&P)

^ \pX^x^ \

! I ! I l l 1 1 11970 I 1971 1972

MOK STOCKS

__^S~\^ ^

1 1 11973

Ar

I ! I1974

[V

N^ ^

i t i1975

— — *

\ \ \1976

.

-

I I 11977

20

15

10

SOURCES* NEW YORK STOCK EXCHANGE AND STANDARD 6 POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS

Period

1971197219731974197519761976: Aug

SeptOctNovDee

1977: JanFebMarAprMayJuneJulyAug

Week ended:1977: Aug 26

Sept 29

1623

New York

Composite

54.2260.2957.4243.8445.73544655. 1856. 2954.4354. 1756.3456. 2854.9354,6753.9253. 9654. 3054. 9453. 51

53.0853.0153.2552. 7252. 24

Stock Exch

Industrial

57.9265.7363.0848.0850.5260.4461. 1462.3560. 0759. 4561. 5461. 2659.6559. 5658.4758. 1358.4458. 9057.30

56. 9056. 9357. 1856. 5355.86

Comr

ange indexe

Transpor-tation

44.3550.1737.7431.8931.1039.5740. 6340. 3638. 3739.2841.7741.9340.5940. 5241.5143. 2543.2943. 5241.04

40.6340.6340. 6539. 9639. 59

non stock pi

3 (Dec. 31, 1

Utility

39. 5338.4837.6929.7931. 5036. 9737.5638.7738.3338. 8540. 6141. 1340.8640. 1840.2441. 1441. 5942. 4441.50

40. 9640. 5940. 9340.8740. 93

rices 1

L965=50) 2

Finance

70.3878.3570. 1249.6747. 1452. 9454. 2254. 5252. 7453. 2557.4557.8655.6554. 8454. 3054. 8055. 2957. 2956.52

56.2456. 0255.9655. 4154.92

Dow-Jones

industrialaverage 8

884.76950. 71923. 88759. 37802. 49974. 92981. 63994.37951. 95944. 58976. 86970. 62941. 77946. 11929. 10926. 31916. 56908. 20872. 26

861. 05864. 33868. 72857. 05844. 51

a , ,& Poor'scomposite

index(1941-43=

10) 4

98.29109. 20107. 4382.8586. 16

102. 01103. 29105. 45101. 89101. 19104. 66103. 81100. 96100. 5799.0598. 7699.29

100. 1897.75

96. 9796. 8797. 3496. 3995.39

Common s(perc

Dividend-priceratio

3. 142.843. 064.474. 313.773. 743. 713. 854. 043.933. 994.214.374.474. 574. 604. 594. 72

4. 754, 784. 724. 804.88

tock yieldsent) 5

Earnings-priceratio

5.415.507. 12

11.599. 158.90

9. 07

9.22

10.22

1 Averages oldaily closing prices.* Includes all the stocks (more than 1,500) listed on the NYSE.* Includes 30 stocks. * Includes 500 stocks.* 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

Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Stand-ard & Poor's Corporation. 31


In the first 11 months of fiscal 1977 (October 1976-Ausust 1977), there was a budget deficit of $46.6 billion. Ayear earlier the deficit was $61.2 billion.

BILLIONS OF DOLLARS500

400

300

200

50

0

-50

-100


RECEIPTS AND OUTLAYS

OUTLAYS

SURPLUS (+) OR DEFICIT (-)

,400

300

200

50-

-50

-1001969 1970 1971 1972 1973 1974

FISCAL YEARS

1975 1976 1977' 1978

SOURCESs 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 -1975__ '1976 ___Transition quarter _ __ ___1977 (estimates) :

Estimates, July 1977 2_ __Third Concurrent Resolution3.

1978 (estimates) :Estimates, July 1977 2 _ _Second Concurrent Resolution 4

October 1975-August 1976 ___October 1976-August 1977 5

Receipts

187. 8193.7188.4208. 6232.2264. 9281. 0299. 281. 7

358. 3356.6

401. 4397.0

276. 9320. 2

Outlays

184. 5196. 6211. 4232. 0247. 1269. 6326. 1365. 794. 6

406.4409. 2

462. 9458. 3

338. 1366. 8

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. 5-61. 3

-61. 2-46. 6

Federal debt (

Total 1

367. 1382. 6409. 5437. 3468. 4486. 2544. 1631.9646.4

727. 0

802.4

644. 4695. 5

end of period)

Held bythe public

279. 5284.9304.3323. 8343.0346. 1396. 9480. 3498. 3

571. 3

637.1

494. 4541.8

* Excludes non-interest-bearing public debt securities held by IMF.2 Estimates from Mid-Session Review of the Budget, Office of Management and

Budget, July 1,1977. (As of August 1,1977, fiscal year 1977 outlays were estimatedat $404.0 billion and the deficit at $45.7 billion; receipts estimates were unchanged.Revised outlays by function are not available.)

s Third Concurrent Eesolution on the Budget—Fiscal Year 1977. revised May17,1977.

* Second Concurrent Resolution on the Budget—Fiscal Year 1978, Septem-ber 15, 1977.

f First 11 months of fiscal year 1977.NOTE.—See Note, p. 33.Sources: Department of the Treasury and Office of Management and Budget,

except as noted.

32


BUDGET BYOUTLAYS BYIn the first 11 months of fiscal 1977 (October 1976-August 1977), bucket receipts were $43.3 billion hisher than ayear earlier and budget outlays, $28.7 billion higher.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

200

100

_ RECEIPTS -

§ """" ' /OTHER RECEIPTS

INDIVIDUAL INCOME TAXES

^

CORPORATION INCOME TAXES

200

100

400

300

200

100

.400

300

200

100

OUTLAYS

NONDEFENSE

1969 1970 1971 1972

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

1973 1974

FISCAL YEARS

1975 1976 197.7 1978


[Billions of dollars]

Period

Fiscal year or period:1969.1970 _19711972_ _ _1973_ _1974_ _ _ _ _1975_ _ _1976_Transition quarter.1977 1 _ „1978 ! _ _ _

October 1975- August 1976__October 1976- August 1977 2_

1

Total

187.8193.7188. 4208, 6232. 2264. 9281. 0299.281. 7

358.3401.4

276. 9320. 2

Rece

Indi-vidualIncometaxes

' 87. 290. 486. 294. 7

103. 2119.0122. 4130. 838. 7

158. 3178.2

120. 4139. 4

ipts

Corpo-rationincometaxes

36.732.826. 832. 236.238.640. 641. 4

8. 554. 659. 7

35. 646. 5

Other

63. 970. 575. 481.792. 8

107. 4118. 0127. 034. 5

145. 4163.5

120. 9134. 3

Total

184. 5196.6211. 4232. 0247. 1269. 6326. 1365.794. 6

406. 4462. 9

338. 1366. 8

Nationa

Total

80. 279. 376.877.475. 178. 686.690.022. 596. 9

113. 0

82.987. 7

(

i defense

Depart-ment ofDefense,military

77. 977.274.575.273. 377. 685. 088.021. 996. 0

109. 3

80. 787.7

)utlays

Interna-tionalaffairs

3. 83.63. 13. 93. 54. 85. 95. 12.06.57. 1

5.54.8

Healthand

incomesecurity

49. 056. 170. 181.491. 8

106. 5136. 3160. 041. 4

176. 5191. 1

150. 0161. 3

In-terest

15.818. 319. 620.622. 828. 131. 034. 6

7. 238. 041.7

33. 235.4

Other

35.739. 341.848. 853. 951.766.476. 021. 588.5

110.0

66. 477.6

1 Estimates from Mid-Session Review of the 1978 Budget, July 1, 1977. See alsofootnote 2, page 32.

2 First 11 months of fiscal year 1977.NOTE.—Figures beginning 1976 reflect recent definitional change: Earned

income credit payments in excess of an individual's tax liability, formerly treatedas outlays, now classified as income tax refunds. Deficit figures are not affected.

Source: Department of the Treasury and Office of Management and Budget-

33


FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISAccording to revised estimates for the second quarter, Federal receipts rose $6.3 billion (annual rate) andexpenditures $7.8 billion, yielding a deficit of $40.3 billion, $1.5 billion more than the deficit in the first quarter.



40

-40

-80

-120

SURPLUS

PHI |:j:;|j |̂ 3 fs«n

DEFICIT

1969

m ^ 1

1970

iiii

1971

^ H m H

1972

£^j kZd k^3 t^

1973

\C£A \//\ %//A Y/A

1974

|"iIi

197

Ii5

Ii

Iij!

WL

1976

11I1

1977

40

-40

-80

-120

CALENDAR YEARS

SOURCE! DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS


Period

Fiscal year:197419751976Calendar

year:197219731974_ _ _19751976

1976: III—III..IV...

1977:1II..-

Total

271.8283. 6314. 1

227.5258. 3288. 6286.9332. 3

318.4329. 1337. 1344.5

364. 9371.2

Federal C

Personaltax andnont/axreceipts

122. 6127.3137.2

108.2114. 6131. 1125. 6147. 3

138.0143.9150.3157. 1

170.0168.6

•rovernncu

Corpo-rate

profitstax

accruals

43. 742. 152.2

36.643. 045. 943. 155.9

54.457. 056. 955. 1

55.459.9

3nt receip

Indirectbusinesstax andnontaxaccruals

21.422. 124.2

20. 021. 221. 724. 023.4

22. 723.223. 723.8

24.224.6

bs

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 expei

Netinterest

paid

19. 821. 925.4

14. 618.220.923.327.2

26.226.727.328. 5

28. 629. 1

aditures

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. 8-40.3

iSources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.

34


INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR

INDUSTRIAL COUNTRIES[1967=100]

Period

19701971 _-197219731974197519761977: Jan. __

Feb___Mar__AprMay__June...July...Aug...

In

UnitedStates

107.8109. 6119. 7129. 8129. 3117.8129. 8132.3133. 2135.3136. 1137.0137.9138.9138.2

dustria

Can-ada

114. 1122. 0130.9142.7147.2140. 1147.2152.0151. 0151.4151.0152. 1152.9151.2

. produc

Ja-pan

151.6155.8167. 0193. 1187. 6167. 4190. 0198. 3194.8199. 1200. 8196.7199. 4

3tion (se<

France

122127137147151138152159157159156154

asonally

Ger-many

131. 3133.3139. 0149. 1146. 9137. 9147. 8157. 7152. 3152.4155. 7153. 0151. 6151. 1

adjuste

Italy

116. 9116. 8121. 8133.7139. 6126. 8142. 5152. 2152. 9153.2143.3147.0135. 6

d)

UnitedKing-dom

110110114122120113116120119119119116

UnitedStates

116.3121. 3125.3133. 1147.7161.2170. 5175. 3177. 1178. 2179.6180. 6181.8182. 6183.3

Con

Can-ada

112.4115. 6121.2130. 3144. 5160. 1172. 1178. 0179.7181. 5182. 5184. 0185. 3187. 1187.9

sumer i

Japan

119. 3126. 5132.3147. 9184. 0205. 8224.9236. 0237.2238.7242. 6244. 9243. 6243.0

>riees (ui

France

117. 1123.5131. 1140.7160.0178.9196.1204. 1205. 5207.3210.0212.0213.6215.5

mdjustec

Ger-many

107. 1112.7119.0127.2136. 1144.2150.7154. 0154. 9155. 5156. 2156.9157. 6157.4157.3

i)

Italy

109.2114.4121. 0134. 1159.7186.8218. 1238.8243.4246. 5249.5252. 6254.3259. 3

UnitedKing-dom

117. 4128. 5137.6150.3174.4216.5252.4276.9279.7282.4289.6291. 9294.9295.3296.7

Source: National sources as reported by Department of Commerce, Bureauof International Economic Policy and Besearcn, International Trade AnalysisStaff, in International Economic Indicators.

U.S. MERCHANDISE EXPORTS AND IMPORTS[Millions of dollars; monthly data seasonally adjusted]

Period

Monthlyaverage :

19731974

1974197519761976: Aug

Sept.__OctNovDec

1977: JanFebMarAprMayJuneJuly___Aug

Totaldomes-tic andforeign

ex-ports

5,9028,159

8, 1598, 9289, 5679, 7339,7969,6989, 594

10, 397

9,5999,808

10, 0729,970

10, 39510, 11210, 1509, 563

Merch

I

Total * 2

F.

5,8118,045

8,0458,8039,427

andise 63

Domestic

Food,bever-ages,

and to-bacco

a.s. valu

1,0781,269

1,2691,3991,4361,4761,4421,6391,3981,379

1,2501,2651,4511,3501,3761,3151,3661,305

sports

exports

Crudemate-rialsandfuels

B 5

8951,317

1,3171,2661,3411,2831,4901,4701,4821,,475

1,4091, 5741,4821,6841,7891,5751,6071,247

Manu-fac-turedgoods

3,7285,294

5,2945, 9136,4376, 5456,4486,2846,4627,324

6,4596,4836,7456,4796,7946,7006,6956, 531

Total 2

5,7908,416

8,3548,010

10, 05710, 47710, 65110, 55510, 62311, 020

11, 26911, 67412, 45912, 59311,61612, 93212, 47612, 232

Mere!

Ge

Food,bever-ages,

and to-bacco

Custom

770892

F.a.s. '892827991972998986

1, 0301, 142

1, 1501,2611,2911,4681,3541, 1701, 1071,071

landise i

neral im]

Crudemate-rialsandfuels

s value

1, 1202,653

value 5

2,6722,7163,4563,7613, 7473,7883,9053,808

3,9464, 1114,9644,5723,9744,8294,4594,231

mports

:>orts 3

Manu-fac-

turedgoods

3,7504,684

4,6024, 2575, 3985, 5465, 6655, 5095, 7245,832

5, 8615,9206, 0696,2446,3136, 6296,6316,724

Total(c.i.f.

value) 4

6,1319,000

9,0008,616

10, 79711,25311,44911, 30811, 38111, 789

12, 05912, 46313, 28313, 41912, 40413, 81013, 33013, 051

Mer

Ex-ports(f.a.s.)lessim-

ports(cus-tomsvalue)

112-257

-257852

— 583-835-965-925

-1, 124— 720

-1,758-1,956-2, 484-2, 707- 1, 326-2, 934-2, 408-2, 721

chandisebalance

Ex-ports(f.a.s.)lessim-

ports(f.a.s.)

-195

-195918

-490-744-855-857

-1, 029-623

-1,670-1, 866-2, 387-2, 623-1,221-2, 820-2, 326-2, 670

trade

Exports(f.a.s.)less

imports(c.Lf.)

-229-841

-841312

-1,230— 1, 520-1,653-1,611-1, 787-1,392

—2, 460-2, 655-3,212-3, 449-2, 009-3, 698-3, 180-3,488

1 Total excludes Department of Defense shipments of grant-aid military sup-plies and equipment under the Military Assistance Program.

* Total includes commodities and transactions not classified according to kind.* Total arrivals of imported goods other than intransit shipments.4 C.i.f. (cost, insurance, and freight) import value at first port of entry in tbt

'United 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.

Source: Department of Commerce, Bureau of the Census.

35


U.S. INTERNATIONAL TRANSACTIONSThe U.S. current account balance fell in the second quarter to a deficit of $4.6 billion, reflecting a slightly larger declinein the merchandise trade balance. Although merchandise exports rose modestly, imports registered a larger increase.



1969 1970.

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]

Period

19701971197219731974197519761975: III___

IV_._1976: I

I L _ _ _III__-1 V _ _ _

1977:1II *>___

M€

Ex-ports

42, 46943, 31949, 38171, 41098, 306

107, 088114, 69426, 56227, 65727, 00028, 38029, 60329, 71129, 45830, 488

rchandise

Im-ports

-39, 866-45, 579- 55, 797— 70, 499-103,673— 98, 043-124,014— 24, 483-25,431-28,343-29, 955-32,411-33, 305-36, 561-38,347

1 2

Netbal-ance

2, 603-2,260— 6, 416

911-5, 367

9,045-9,320

2,0792, 226

-1,343-1, 575-2, 808-3, 594-7, 103-7,859

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, 228-1,237-1,222-1,329-1,403

ry trans

Sales

1, 5011,9261, 1632, 3422, 9523,9195,213

9571,1641,0951,1891,4721, 4571,8451,867

actions

Netbal-ance

-3, 355-2,893-3, 621-2,287-2, 083

-876366

-139-34-65-39235235516464

Net iiment i

Pri-vate 3

3,6055, 5756, 0747,806

11, 9789,377

13, 0412,4352,4043,2103, 0253,4553, 3514, 1214,295

ivest-ncome

U.S.Gov-ern-

ment

-112-956

-1,888-3,010-3,234-3,423-3,233

-816— 807-773-745-788— 927-869-894

Net-traveljandtrans-porta-tion

receipts

-2, 023-2, 315-3, 028-3, 086-3, 105-2, 552-2, 145

-604-684-669-337-458-681-953-737

Otherserv-ice?,net3

2, 1902, 5092, 7893, 1853, 9704, 5944, 8881, 1801, 1841,1921, 1761,2391,2791,2931,366

Bal-anceon

goodsand

serv-ices l

2,912-340

-6, 0883, 5202,160

16, 1643,5964, 1354,2891,5521,505

875-337

-2, 995-3, 365

Remit-tances,

pen-sions,and

otheruni-

lateraltrans-fers l

-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, 163-1,240

Bal-anceon

cur-rentac-

count

-382-4,041-9, 942

-367-5,02811, 552

-1,4273,0653, 051

523490

-1,061-1,382-4, 158-4, 605

1 Excludes military grants.2 Adjusted from Census data for differences in timing and coverage.3 Fees and royalties from U.S. direct investments abroad or from foreign direct

investments in the United States are excluded from net investment income Midincluded in other services, net.

NOTE.—Data revised beginning 1976.Source: Department of Commerce, Bureau of Economic Analysis.

36


U.S. INTERNATIONAL TRANSACTIONS—ContinuedThe growth of foreign assets in the United States and U.S. assets abroad resumed more normal rates in the secondquarter, following a slight decline in U.S. assets abroad and only a very small increase in foreign assets in the U.S.during the first quarter.


20

10

-10

-20

-30


SEASONALLY ADJUSTED

CHANGE INFOREIGN ASSETSIN THE U.S., NET

\

20

10

1969 1977

-10

-20

-30

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted]

Period

19701 9 7 1 _ _ _ - _ _ -19721973197419751976

1975: I I I _ _ _IV_.__

1976: IIII I I _ _ _IV

1977: III * > _ _

U.£[increE

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

331-11,774

3. assetsise/capita

U.S.officialreserveassets 1 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

-909-827

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

6,59713,108

1,627-10,952

Forei[mere

Total

5, 92322, 44521, 12717, 75333, 61214, 33634, 520

2,4165,814

6, 8567, 3858,201

12, 079

2,51012, 991

5n assetsase/capitf

Foreignass

Total

6, 90726, 89510, 7056,299

10, 9816,960

17, 945

- 1, 6032,832

3, 8474, 0513, 0706, 977

5, 7196, 935

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

5, 0076, 628

S., net(+)]*

Otherforeignassets

-984-4,45010, 42211, 45422, 6317,376

16, 575

4,0192,982

3,0093, 3335, 1315, 102

-3,2096,056

Alloca-tions

ofspecial

drawingrights(SDR)

867717710

Statidiscre

TYi+ol

(sum ofthe

itemswith signreversed)

-244-9,822-1,966-2, 720-1, 555

5, 6609,866

-2,4002,971

3, 3721,9051, 2683,325

1,3173,388

sticalpancy

Ofwhich :

Seasonaladjust-ment

discrep-

-2, 4751,316

717129

-2, 6221,780

524-205

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 (SDE), convertible currencies, andhe U.S. reserve position in the IMF.3 Quarterly data are not seasonally adjusted.

NOTE.—Data revised beginning 1976.Sources: Department ot 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 2Implicit Price Deflators for Gross National Product — 2Changes in GNP and GNP Price Measures .. .„ .-. ..-.. , . 3Nonfinancial Corporate Business—Output, Costs, and Profits , 3National Income. , ,. • • 4Personal 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 %. . * 14Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries. . ... ... . 15Average Weekly Earnings—Private Nonagricultural Industries .. 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 ... 27Consumer Instalment Credit . . 27Bank Loans, Investments, and Reserves .... -.._.»_ .-........... _ ... *~....-..-. ,.......,-.. .~. _. _.. „...... 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business 29Current Assets and Liabilities of Nonfinancial Corporations .... ..- 29Interest Rates and Bond Yields _._,_.. . ........... ̂ ...... .-. . _. ^. 30Common Stock Prices and Yields -.... M . .-. _. 31

FEDERAL FINANCEFederal Budget Receipts and Outlays and Debt. . 32Federal Budget Receipts by Source and Outlays by Function.........._. _ ,~. „ ._.._. _....... „.._. _ ... ̂ .._....... 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. -. ...... _ _ _ ^.. . _ _.. ^.... ^. ^. M .̂. „, .̂. ̂ . ̂ . ̂ . _ .̂. ̂ 36

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