economic indicators: august 1976 - st. louis fed...333.2 343.2 353.8 354.7 362.0 /ernment total 67 3...

94th Congress, 2d Session

Economic Indicators

August 1976

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1976

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.)

HUBERT H. HUMPHREY, Minnesota, ChairmanRICHARD BOLLING, Missouri, Vice Chairman

SENATEJOHN SPARKMAN (Alabama)WILLIAM PROXMIRE (Wisconsin)ABRAHAM RIBICOFF (Connecticut)LLOYD M. BENTSEN, JR. (Texas)EDWARD M. KENNEDY (Massachusetts)JACOB K. JAVITS (New York)CHARLES H. PERCY (Illinois)ROBERT TAFT, Jx. (Ohio)PAUL J. FANNIN (Arizona)

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)

JOHN R. STAS.K, Executive Director

COUNCIL OF ECONOMIC ADVISERSALAN GREENSPAN, Chairman

PAUL W. MACAVOYBURTON G. MALKIEL

Economic Indicators prepared under supervision of FRANCES M. JAMBS

[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]

JOINT RESOLUTION [SJ. Res. 55]

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointEconomic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that asufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tothe libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required numbers of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.

Approved June 23, 1949.

Charts drawn by An 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. 20402Subscribers who wish to receive it at an earlier date after release may take advan-tage of provisions for airmail subscriptions. The domestic airmail subscriptionprice is $3.60 additional per year.


TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTAccording to revised estimates for the second quarter, gross national product rose $37.9 billion or at an annual rateof 9.6 percent. Real output (GNP adjusted for price changes) increased at a rate of 4.3 percent compared with 9.2percent in the first quarter. The inflation rate rose from a 3.2 percent to a 5.1 percent annual rate.

BILUONS OF DOLLARS (RATIO SCALE)1,800

1,600

1,400

1,200

BILLIONS OF DOLLARS {RATIO SCALE)1,800

1,600

1,400

1,200

1,000 1,000

1968 1969 1970 1971 1972 1973 1974 1975 1976

SOURCE! DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

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

Period

19651966196719681969197019711972_197319741975

1975: I!!___III..IV

1976: In...

Grossna-

tionalprod-uct

688. 1753. 0796.3868. 5935. 5982.4

1, 063. 41, 171. 11, 306. 61, 413. 21, 516. 3

1, 446. 21, 482. 31, 548. 71, 588. 2

1, 636. 21, 674. 1

Per-sonalcon-

sump-tionex-

pend-itures

430.2464.8490.4535.9579.7618. 8668. 2733.0809. 9887. 5973.2

933.2960.3987.3

1, 012. 0

1, 043. 61, 064. 7

Grossprivatedomes-

tieinvest-ment

112.0124. 5120.8131. 5146.2140.8160. 0188. 3220. 0215.0183. 7

172.4164.4196.7201.4

229.6239.2

Exportgood

Netex-

ports

7.65. 14.92.31.83.91.6

-3.37.17.5

20.5

15.024.421.421.0

8.48. 1

s and impIs and ser-<

Ex-ports

39. 542.845.649.954.762. 565.672.7

101.6144.4148. 1

147.5142. 9148.2153.7

154. 1159. 1

>orts of/ices

Im-ports

32.037.740.647.752.958.564.075.994.4

136.9127.6

132. 5118. 5126.8132.7

145.7151.0

Go^

Total

138.4158. 7180.2198.7207.9218.9233.7253. 1269.5303.3339.0

325. 6333.2343.2353.8

354.7362.0

/ernment

Total

67. 378. 890. 998. 097. 595.696.2

102. 1102. 2111.6124.4

120. 3122.4124.6130.4

129.2131.2

purchasesservices

Federal

Na-tional

de-fense 1

49. 460. 371.576.976.373. 570.273. 573. 577. 384. 3

82. 083.484. 687. 1

86.286.9

of goods

Non-de-

fense

17.818. 519. 521.221.222. 126.028.628.734. 340. 1

38.339.040. 043.2

42.944.2

and

Stateandlocal

71. 179. 889. 3

100. 7110.4123.2137. 5151. 0167. 3191. 6214. 5

205. 3210. 9218.6223.4

225.5230.9

Finalsales

678. 6738. 7786.2860. 8926. 2978. 6

I, 057. 11, 161. 71, 288. 61, 402. 51, 531. 0

1, 468. 41, 512. 31, 550. 61, 592. 5

1, 621. 41, 658. 1

» This category corresponds closely with budget outlays lor 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

1965196619671968___196919701971..1972197319741975

1975: I11—III—IV. _

1976: III...

Grossnationalproduct

925.9981.0

1, 007. 71, 051. 81, 078. 81, 075.31, 107. 51, 171. 11, 235. 01, 214. 01, 191. 7

1, 161. 11, 177. 11, 209. 31, 219. 2

1,246.31, 259. 4

Per-sonaleon-

sump-tion

expend-itures

558. 1586. 1603. 2633.4655. 4668.9691. 9733. 0767.7759. 1770. 3

754.6767. 5775.3783. 9

800.7808.6

Gross iu

Non-resi-

dentialfixed

95. 6106. 1103. 5108. 0114.3110.0108.0116.8131.0128. 5111.4

114.4110. 6110. 1110.5

112.6114.9

private doavestmeni

Resi-dential

fixed

43.238.537.242.843. 240.452. 262.059, 745. 038. 4

35.436.839.641. 9

44.145.7

mesticb

Changein busi-ness in-vento-

ries

11. 316.712.08. 7

10. 64. 36. 69.4

16. 58.5

-12.0

-20. 5-21.2

— 1.0-5.5

10.411.1

Expai

"NT«4-4.X Cvexports

8.24.33. 5

— . 4— 1. 3

1.4—. 6

-3.37.6

16. 522. 6

20. 124. 322. 823. 1

16.615.4

orts of goad service

Exports

49. 151. 654. 258. 562. 267. 167. 972. 787.497.290. 6

90.387. 790. 793.9

93.694.7

ods.-s

Imports

41.047.350.758.963.565.768.575.979.980. 768. 1

70. 263.467.970.8

77.079.3

Govern]gooc

Total

209. 6229. 3248. 3259. 2256. 7250.2249. 4253. 1252. 5256.4261. 0

257. 1259. 1262.4265.2

261.9263. 6

nent pures and ser

Federal

100,5112. 5125.3128. 3121. 8110.7103.9102. 196.695. 395.7

94.895. 395. 697.2

95.496.0

hases ofeices

Stateandlocal

109.1116.8123. 1130.9134. 9139. 5145. 5151. 0155. 9161. 1165.2

162.2163. 8166. 9168.0

166.6167.7

Finalsales

914. 6964. 3995. 7

1, 043. 11, 068. 21, 071. 01, 100. 91, 161. 71, 218. 51/205. 51, 203. 7

1, 181. 61, 198. 21, 210. 21, 224. 7

1, 235. 91, 248. 2

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

Period

1965 __.19661967 ..196819691970197119721973__19741975

1975:1IIIII., _IV

1976: I_II_ _

Grossnationalproduct

74. 3276.7679. 0282. 5786. 7291. 3696. 02

100. 00105. 80116. 41127. 25

124. 55125. 93128. 07130. 27

131. 29132. 93

Personal

Total

77. 179. 381. 384. 688. 592. 596.6

100. 0105. 5116. 9126. 3

123. 7125. 1127. 3129. 1

130. 3131.7

consumf

Durablegoods

85. 685.787. 490. 793. 195. 599. 0

100. 0101. 6108, 3117.7

115. 1117. 1118. 2120. 2

121.8123.8

)tion expe

Non-durablegoods

77.380. 181. 985. 389. 493. 696. 6

100. 0107.9124.0133.7

131. 2132. 1135. 1136.2

136.4136.9

mditures

Services

74.376.578.882. 086. 190. 595. 8

100. 0104.7113. 5122.7

119.7121. 5123. 6125. 9

128.0129.8

Grossdom

inves

Nonres-identi al

fixed

74.576.879. 382. 686. 691. 396.4

100. 0103. 8116. 1132. 1

129.4131.8132.7134,5

136.2137.5

privateestictment

Resi-dentialfixed

72. 374. 677.080. 787. 790. 694. 9

100. 0110. 8122. 3133.2

131.5132. 1132.8135. 9

139. 0142.9

Exporimports

and se

Exports

80. 582. 884. 085. 387. 993. 196. 6

100. 0116. 2148. 6163.4

163.4163. 0163. 4163. 7

164. 6168.0

ts andof goodsirvices

Imports

78. 079. 780. 180. 983. 389. 193. 5

100.0118. 2169. 6187.4

188. 9186. 9186.6187.3

189.2190.4

Governschases <

and se

Federal

67. 070. 172. 676. 480. 086.492. 6

100. 0105. 8117. 1130.0

126. 8128.4130. 4134,2

135.4136.7

aent pur-;>f goods^rvices

Stateand local

65. 168.472. 576. 981.988.394. 5

100.0107. 3119. 0129. 8

126.5128. 7131.0132.9

135.4137.7


2


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

Period

1965_ -1966- -1967__-1968.1969,-1970 - -1971-. - -1972--197319741975

1975:1IIIII..IV

1976: III

Cur-rentdol-lars

8.29.45.89.17.75.08.2

10.111. 68.27. 3

-.810.419. 110.6

12.69.6

Gross

Con-stant(1972)dol-lars

5.95.92.74.42.6

— . 33.05. 75. 5

— 1. 7i ft__ J^ Q

-9.95. 6

11.43. 3

9. 24.3

national

Im-plicitpricede-

flator

2.23.32.94.55.05.45. 14. 15.8

10. 09.3

10.14.57.07. 1

3.25. 1

product

Chainpriceindex

1.93. 13.04.45.05.35.04. 16.0

10. 09.2

9.25.47.36.4

4.35.4

Fixed-weight-

edpriceindex(1972

weights)

1.82.93.04. 35.05.24.94.06.0

10. 09.2

8.95.47.36.6

4.25.2

Cur-rentdol-lars

8.29.65.7.9. 17.85.08. 1

10. 111.57.87.7

.710. 119. 110. 8

12.210.1

Gross

Con-stant(1972)dol-lars

5.96.12.74.42.6

— . 32.85.85.4

-1.7-1.7

-9.25.4

11.33.4

9.04.6

domestic

Im-plicitpricede-

flator

2.23. 33.04.55. 15.35. 14. 15.79.69.5

10.94. 57.07. 1

3.05. 3

product

Chainpriceindex

1.93. 13. 1.4.45. 05. 35. 04. 15.99.79.3

9.45.57.46. 4

4.35.4

Fixed-weight-

edpriceindex(1972

weights)

1.83.03. 04. 45. 05. 24. 94.05. 99. 79. 2

0. 05. 57. 40. 7

4. 25.3

NOTE.—Annual changes from previous year and quarterly changes from pre-vious quarter.


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

Period

1965196619671968196919701971197219731974.19751975:1

II- —I I I__IV...

1976: III"..

Gross cprodi

nonfincorpbusi

(billicdoll

Currentdollars

392. 1430. 7452. 9498. 4541. 8560. 6602. 5671. 0752. 0810. 0870. 4822. 3851. 1892. 0916. 1949. 0972. 6

omesticict oflaneialorateness>ns ofars)

1972dollars

494.6532. 9545.8581. 6607. 3600.6619.3671. 0720.4698.7676. 8653. 1668. 1688. 9696. 1713. 9725. f>

C

Totalcostand

profit 2

0. 793. 808.830. 857.892.933.973

1. 0001. 0441. 1591. 2861. 2591. 2741. 2951. 3161. 3291.341

urrcnt do

Capitalcon-

sumptionallow-anceswith

capitalcon-

sumptionadjust-ment

0. 066. 067.072. 074. 079. 088. 094. 093.095. 116. 143. 139. 142. 143. 146. 146. 147

tlar cost a

Indirectbusinesstaxes 3

0. 083. 080. 084. 089. 094. 103. 110. 110. 112. 123. 138. 135.138. 139. 140. 136.137

nd profit

Com-pen-

sationof

employ-ees

0.497. 513. 535.553. 589. 628.645.661. 699. 794.853. 863. 847. 842. 860.869.876

per unit

Netin-

terest

0. 012.014.016. 017. 022. 028. 029.028. 032. 041. 045. 046. 045. 045. 046. 047. 049

of outpu

Corpcinvent

capit£

Total

0. 134. 134. 123. 124. 109.086.095. 107. 105.085. 107. 076. 101. 126. 124. 131.132

t (dollars;

>rate profiory valuaal consurridjustmen

Profitstax

liability

0. 055. 055. 051. 058. 055. 045. 048.050. 055. 061. 059.046. 053. 066. 068. 072.074

1

ts withbion andiptionts

Profitsaftertax4

0. 079.078. 072. 066.055.041.046.057. 050. 024. 048. 030.049.059. 055. 059. 057

Outputper

hourof all

employ-ees

(1972dollars)

6. 62526. 77736. 87317. 14067. 21097. 24237. 53117. 79817. 98477. 74267. 96877. 67787. 95848. 12318. 09688. 1846

Com-pen-

sationper

hourof all

employ-ees

(dol-lars)

3. 29573. 47813. 67613. 94834. 24014. 54684. 85795. 15795. 58326. 14706. 79496. 62426. 74466. 84266. 96197. 1116

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

2 This is equal to the deflator for gross domestic product of nonfinancial cor-orate business with the decimal point shifted 2 places to the left.s Indirect business taxes and nontax liability pins business transfer paymentss 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

196519661967196819691970197119721973197419751975: I

IIIIIIV

1976: III*.

Na-tional

income

566.0622.2655.8714.4767.9798.4858. 1951.9

1, 064. 61, 135. 71, 207. 61, 149. 71, 182. 71, 233. 41, 264. 61, 304. 71, 336. 3

Com-pensa-tion of

em-ploy-ees l

396. 5439. 3471. 9519. 8571.4609. 2650. 3715. 1799.2875.8928.8904.0912. 9935. 2963. 1994.4

1, 017. 2

Propriineom<

inventortion anc

eonsuDadjust

Farm

12.613.612.112.013.913.914.318.032.025. 824.917.924 129. 228.321.927.5

etors'3 withy valua-capital

aptionments

Non-farm

44. 146.748.951.452.351.253.458. 160.461. 165.363.262. 766.369.071.472.8

Rentalincomeof per-

withcapital

con-sump-tion

adjust-ment

17. 118.219.418.618. 118.620. 121. 521. 621.022. 421. 922.322. 422. 923.323. 1

Corporand

Total

77. 182. 579. 385. 881.467.977. 292. 199. 184. 891. 669. 086. 6

105. 3105. 6115. 1115. 3

ate profitscapital co

Profitsvaluai

and "$eonsum

Total

73. 378.675.682. 177.966.476.989.697.287.8

103. 177.797.9

117.9119. 1129.6130. 7

with inv<nsumptioi

with inv<ion adjusidthout caption adji

Profitsbefore

tax

75.280.777.385.683.471. 582.096.2

115.8127.6114. 594.2

105.8126. 9131.3141.1145.3

3ntory vai adjustm

3ntorybmentpitalistment

Inven-tory

valua-

adjust-ment

-1.9-2. 1-1.7-3.4-5.5-5. 1-5.0-6.6

-18.6-39. 8-11.4-16.5-7.8-9.0

-12.3-11. 5-14.6

uationents

Capitalcon-

sump-tion

adjust-ment

3.83.93. 73. 73. 51. 5. 3

2. 51.9

-3.0-11. 5-8.6

-11.4— 12. 6-13. 5-14.5-15.4

Netinterest

18. 521.924. 326. 830.837.542. 847. 052. 367. 174. 673. 774.074. 975.878.680.3

1 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

196519661967__196819691970197119721973197419751975: I

IIIII...IV...

1976: III

Totalpersonal

con-sumptionexpendi-

tures

430.2464.8490.4535. 9579. 7618.8668.2733.0809. 9887. 5973.2933.2960. 3987. 3

1, 012. 01, 043. 61, 064. 7

D

Totaldurablegoods l

62.867. 769. 680. 085. 584. 997.1

111.2123. 7121. 6131. 7122. 1127.0136. 0141.8151.4155.0

urable goo

Motorvehicles

andparts

29.830. 129. 735.837. 734.943.850.655.247.953.247. 649.556. 359.268.070.4

ds

Furni-

andhouse-hold

equip-ment

24 727.729. 532. 635. 036.739.444.850. 754. 757. 654657. 058.260. 661.262.3

Totalnon-

durablegoods l

188.6204.7212. 6230. 7247. 0264. 7277. 7299. 3333. 8376. 2409. 13944405. 8414 6421. 6429. 14348

Nondura

Food

98.9106.6109.6118.3126. 1136. 3140. 6150.4168. 1189. 9209.5203. 2207.8211. 8215. 2219. 2223. 1

ble goods

Clothingand

shoes

33.536.638.241.845. 146. 650. 555. 161. 365. 170. 066.669.371.373.073. 573. 2

Gasolineand oil

14.716.017.018.420.422.023.424 927. 836. 338.937.938.639. 239.940. 140.3

Services

i.

178.7192.4208. 1225. 6247. 2269. 1293.4322. 4352. 3389. 6432.4416.7427.4436. 7448. 6463. 24749

Retailnew pacars (n

of ui

Do-mes-tics

1I

8.88.47. 68. 68. 57. 18. 79.39. 77. 57. 16. 76. 37. 67.78.98.7

sales ofssengerlillionslits)

Im-ports

0. 7. 8

1. 01. 11.31. 61.81. 61. 41. 61. 71.61. 71. 41. 31.5

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


SOURCES OF INCOMEPersonal income rose nearly $14 billion (annual rate) in July. Wage and salary disbursements increased $8 billionfollowing a slight decline in June. Transfer payments were up $5% billion, $4% billion of which resulted from acost-of-living increase in social security benefits.

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

1,4001,200

1,000

800

600

400

200

100

80

40

-40 I 1 1 1 t i t1968

WAGE AND SALARY DISBURSEMENTS

1969

-A—i

1970

-A

1971

OTHER INCOME

\ .....'V""'v*"""1

1972

TRANSFERPAYMENTS

1973T t I f t I t 11 1

19741 ! f T r f f t I T 1 r I tj t T f |j r \a_ 40

1,400

1,200

1,000

800

600

400

200

100

80

60

*SEASONALLY ADJUSTED ANNUAL RATES

SOURCE: DEPARTMENT OF COMMERCE

1975 I 1976

COUNCIL OF ECONOMIC ADVISERS

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

Period

19681969197019711972197319741975

1975: July^.Aug___Sept-.-OctNovDec

1976: JanFebMarAprMay___JuneJuly*__

Totalpersonalincome

685. 2745.8801. 3859. 1942. 5

1, 052. 41, 153. 31, 249. 71, 252. 01, 267. 51, 277. 11, 290. 81, 300. 21, 308. 2

1, 320. 81, 331. 41, 341. 91, 352. 51, 362. 91, 370. 41, 384. 3

Wageand

salarydisburse-ments l

469.5514.6546.5579.4633.8701. 3765. 0806.7

802.9813.0819. 1828. 5836.6844. 0

854. 2861.4868. 8876. 9883. 3883. 1891. 3

Otherlabor

income12

25. 128.232.036.242.048. 755. 562. 5

62. 663. 363. 964. 565. 265. 8

66.467. 167. 768.469. 069. 770. 5

Propriet

Farm

12. 013.913.914.318.032. 025. 824.9

28. 629. 629.429.228. 427. 3

24.621. 120. 023. 327. 531. 629.6

3rs' income3

Nonfarna

51.452.351.253.458. 160.461. 165.3

65.466.567.068.368.769.9

70.671.372.272. 772. 573.474. 0

Rentalincome

ofpersons 4

18.618. 118.620.121.521. 621. 022.4

22. 522.522. 422. 922. 922. 9

23. 223.423. 323. 323.422. 723. 5

Divi-dends

21.922.622.923.024.627.83as32.1

32. 332.632.932.932.930. 8

32. 933. 333. 033.433.935.935. 2

Persona]interestincome

49.655. 964.369.374. 684. 1

101.4110. 7

110. 1110. 9112. 1113. 2114. 4115. 5

116. 7117. 9119. 3120.0120.7121. 5122.8

Transferpay-

ments5

59.966.579.994 1

104. 1118.9140.3175.2

177.3179. 3180. 7182. 1182. 1183.4

185.3189.2191. 3188.7187. 1186.8192. 5

Less: Per-sonal con-tributionsfor socialinsurance

22.826.328. 030. 834. 242.247. 650. 0

49.850. 250.450. 751. 051. 4

53. 153. 453. 754. 154.454.354.9

Non-farm

personalincome 8

667.5725.8780. 7838.0917.3

1, Oil. 91, 117. 31, 213. 4

1, 212. 21, 226. 51, 236. 11, 249. 91, 260. 01, 269. 1

1, 284. 41, 298. 61, 310. 11, 317. 31, 323. 31, 326. 61, 342. 5

1 The total of wage and salary disbursements and other labor income differsfrom compensation of employees (see p. 4) in that it excludes employer contribu-tions for social insurance and the excess of wage accruals over wage disbursements.2 Consists of employer contributions to private pension, health, and welfarefunds; workmen's compensation; directors' fees; and a few other minor items.3 With Inventory valuation and capital consumption adjustments.4 With capital consumption adjustment.

5 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.



DISPOSITION OF PERSONAL INCOMEReal per capita disposable income rose at an annual rate of 4.0 percent in the second quarter of 1976.

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

—PER CAPITA DISPOSABLE PERSOhPO. INCOME

2,0001968 1969

*.SEASONALLY ADJUSTED ANNUAL RATES

SOURCfc DEPARTMENT OF COMMERCE

19762,000


Period

19671968196919701971197219731974. _ _ _ _1975______

1975: !__._IIiii._TV..

1976: ! _ _ _II __

Per-sonal

income

626.6685.2745. 8801. 3859. 1942. 5

1, 052. 41, 153. 31, 249. 7

1, 203. 11, 230. 31, 265. 51, 299. 71, 331. 31, 362. 0

Less:Per-sonaltaxandnon-tax

pay-ments

Bil

82.197. 1

115. 4115, 3116. 3141. 2150. 8170. 4168. 8

179. 3142. 2174. 0179. 8183. 8189.5

Equals :Dispos-

ableper-sonal

income

lions of d

544. 5ssa i630.4685. 9742. 8801. 3901.7982. 9

1, 080. 9

1, 023. 81, 088. 21, 091. 51, 119. 91, 147. 61, 172. 5

- . Less:Per-sonalout^lays l

ollars

503. 7550. 1595, 3635. 4685, 5751. 9831.3910. 7996. 9

Seas

956. 7983. 6

1, Oil. 11, 036. 21, 068. 01, 089. 6

Equals :Per-sonal

saving

40.938. 135. 150. 657. 349.470.372. 284. 0

onally ad.

67. 2104. 580. 583.779.582.9

Per cdispc

persona

Currentdollars

2, 7402, 9303, 1113, 3483, 5883, 8374, 2854, 6395, 062

usted anc

4, 8095, 1025, 1055, 2275, 3475,455

;apita>sable. income

1972dollars

Dol

3,3713,4643, 5153, 6193, 7143, 8374, 0623,9684, 007

ual rates

3, 8894, 0784, 0094, 0494, 1034, 143

Per cay:sonal c(

tion exp

Currentdollars

lars

2,4682, 6702, 8603, 0203, 2273, 5103, 8494, 1884,558

4, 3834, 5034, 6184, 7244, 8634,954

>ita per-msump-enditures

1972dollars

3,0353, 1563,2343,2653, 3423, 5103,6493, 5823, 607

3, 5443, 5993, 6263, 6593, 7313,762

Percentchangein real

percapitadispos-

ableper-sonal

income

3.02.81. 53.02.63.35.9

-2.31.0

-3.420. 9

-6.64. 15.44.0

Savingas per-cent ofdispos-

ableper-sonal

income

• 7.56.55.67. 47. 76.27.87.37.8

• 6. 69.67.47.56.97.1

Popula-tion

(thou-, sands) 2

198, 712200, 706202, 677204, 878207, 053208, 846210, 410211, 901213, 540

212, 897213, 278213, 805214, 245214, 599214, 926

1 Ineludes 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; quarterly dataare for middle of period, interpolated from monthly data.

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


FARM INCOMEFarm income including inventory change rose $5.7 billion (annual rate) nthe second quarter; excluding inventorychange the increase was $9.1 billion.

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

120

100

80

60

40

REALIZED GROSSFARM INCOME

20

101968

_J L.1969 1970

NET FARM INCOMEINCLUDING NET INVENTORY

CHANGE

L\ /

J. I L.1971

? ! t.1972

_J L.1973

\

1974

/

V

1975

V

1 t L_

120

100

80

60

40

20

101976

•SEASONALLY ADJUSTED ANNUAL RATESSOURCEi DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

[Quarterly data at seasonally adjusted annual rates]

Period

19681969197019711972197319741975 _

1975:1IIIII....IV.

1976: III..

Personaby total

Fromall

sources

24. 126. 927.428. 734. 448. 645. 145.5

.

1 incomefarm po

Fromfarm

sources

11.312. 913. 013.416.829. 023.522. 8

receivedpulation

Fromnonfarmsources

12. 813. 914.415.317. 619. 521. 522. 7

Total1

51. 756. 358. 660.670. 195. 5

100.298. 2

88. 499.6

105. 299. 6

100. 0110.8

Realiz*

Casti

Total

Bfflior44. 248. 250. 552. 961. 287. 192. 689. 6

80. 091. 196. 590. 8

90. 9101. 5

3d gross

i receiptsnarketing

Live-stockand

productsis of dolla

25. 528. 629. 630. 635. 745. 941. 442. 9

36. 343. 945. 046. 4

46.050.4

[ncome re

froms

Crops

rs

18.719.621. 022. 325. 541. 151. 346. 7

43.747.251. 544. 4

44. 951. 1

ceived fro

Produc-tion ex-penses

39. 542. 144. 447. 452. 365. 672. 475. 5

73. 476. 176. 875. 7

79. 381. 0

m f armin

Net t<oper

Exclud-ing netinven-tory

change

12. 214. 214.213. 217. 829. 927. 822. 7

15. 023. 528. 423. 9

20. 729. 8

g

3 farmators

Includ-ing netinven-tory

change 2

12. 314.314. 214.618.733. 326. 525. 6

18. 5 124. 830. 029. 1

22. 728. 4

Net incfarm inclinventor

Currentdollars

Dol

4,0134,7664, 7905,0306,504

11, 7279, 3719, 100

6, 5908, 830

10, 68010, 360

8, 15010, 190

ome peruding nety change 3

1967dollars *

lars

3,8594,3724,2024,2635,2888,8176, 2065,482

4,0705,3806, 3206,060

4, 7405,860

1 Cash receipts from marketings, Government payments, and nonmoney in-come furnished by farms.3 Inventory of crops and livestock valued at the average price for the year.

* Based on Census of Agriculture definition of a farm. The number of farms Isnela constant within a year.

* Income in current dollars divided by the index of prices paid by farmersforfamily living items on a 1967 base.

Source: Department of Agriculture;

75-898°—76


CORPORATE PROFITSProfits before fax rose $4.2 billion (annual rate) in the second quarter, according to preliminary estimates, whileprofits with inventory valuation adjustment rose $1.1 billion.

BILLIONS OF DOLLARS WILIONS Of DOLLARS

40 40

1968 1976

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF fCONOMIC ADVISERS

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

Period

1965196619671968196919701971197219731974__1975___

1975: IIIIII __IV

1976:1. _ _ -II"

Profit

Total 2

73. 378.675.682. 177.966. 476. 989. 697. 287. 8

103. 1

77.797.9

117.9119. 1

129. 6130.7

s (before

Total

70. 175. 972. 678. 974. 262. 672. 484.790.476.797.0

72. 191. 7

111. 4112.7

121.9124. 7

tax) wit!adjustn

Domes

Finan-cial

7. 58. 59. 0

10. 411. 312. 614. 115. 416. 214. 112. 9

13. 912. 512. 112. 9

14.013.7

a inventclent l

stic indu

N

Total 3

62. 567.463. 668. 562. 950. 158. 269.374. 162. 684. 1

58. 279. 299. 399.8

107.9111.0

>ry valus

stries

onfinanci

Manu-fac-tur-mg

38. 341. 637. 941.236. 827. 132. 440. 644. 136. 946. 4

29. 743. 557. 055. 3

61. 2

ition

lal

Whole-saleand

retailtrade

7. 98. 08. 9

10. 110. 19. 4

11.713. 314. 712. 420. 9

14. 519. 624. 425.0

29. 0

Profitsbefore

tax

75. 280. 777. 385. 683. 471. 582. 096. 2

115. 8127. 6114. 5

94. 2105. 8126. 9131. 3

141. 1145. 3

Taxlia-

bility

30. 933. 732. 539. 439. 734. 537. 741. 548. 752. 449. 2

40. 244. 854. 857. 2

61. 464. 1

Pro

Total

44. 347. 144. 946. 243. 837. 044. 354. 667. 175. 265. 3

54. 061. 072. 174. 1

79.781. 1

fits after

Divi-dends

19. 119. 420. 121. 922. 622. 923. 024. 627. 830. 832. 1

31. 731. 932. 632.2

33. 134.4

tax

TT_r»Un-dis-trib-utedprof-

its

25. 227. 624. 724. 221.214. 121. 330. 039. 344.433. 2

22. 329. 139.541.9

46.646. 8

Inven-tory

valua-tion

adjust-ment

-1. 9-2. 1-1.7-3.4-5.5-5. 1-5.0-6. 6

-18. 6-39. 8-11.4

-16.5-7. 8-9. 0

-12. 3

-11. 5-14.6

1 See p. 4 for profits with inventory valuation and capital consumption adjust-ments.2 Includes rest of the world, not shown separately.

3 Includes industries not shown separately.Source: Department of Commerce, Bureau of Economic Analysis.

8


GROSS PRIVATE DOMESTIC INVESTMENTBusiness fixed investment rose at an annual rate of $4.5 billion in the second quarter, while residential outlays increased$4.0 billion Inventory investment, at $16.0 billion, was up $1.2 billion from the first quarter level.

BILLIONS OF DOLLARS* (RATIO

300

BILLIONS OF DOLLARS* [RATIO SCALE)

120

14&

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

40

20

-20

An

-CHANGE W

x*—

-

1 1 !1972

BUSINESS INV

^\I i I

1973

ENTORIES

-̂1\

1 1 11974

j\rI 1 !

1975

r-

i i . i1976 1972

*SEASONALLY ADJUSTED ANNUAL RATESSOURCE; DEPARTMENT OF COMMERCE

1976



Period

1965196619671968196919701971197219731974___19751975: I

IIIIIIV _

1976: III

Grossprivatedomes-

ticinvest-ment

112.0124.5120.8131.5146.2140. 8160. 0188. 3220. 0215. 0183.7172.4164.4196. 7201.4229. 6239.2

Noi

Total

71.381.482. 189. 398.9

100. 5104. 1116. 8136. 0149. 2147. 1148. 0145.8146. 1148.7153.4157.9

iresident

Struc

Total

26. 129. 229.531. 635.737.739. 342. 549. 054. 152. 053. 151.251.852. 153.254.9

ial fixed

tures

Non-farm

25. 128. 128. 230.434. 336. 137. 841. 146. 951. 849.850.948.849 649. 951. 052.5

mvestmc

Prodidur

equip

Total

45. 152.252. 657. 763. 362. 864.774. 387.095. 195. 194. 994. 694. 396. 6

100.2103.0

3nt

ucers'ablement

Non-farm

41.247.948. 053.458.958. 159.969.180.187.286.986. 586.286. 788. 091. 394. 1

Resid

Total

31. 228. 728. 634. 537. 936. 649. 662.066. 155.151.246. 648. 652. 657. 0

61. 365. 3

ential fis

Non-farmstruc-tures

29.927.427.233. 136.335. 147.960. 364.352. 749. 044.946.750.254.258.662.9

ed inves

Farmstruc-tures

0 6776767

76

1 0856

1 01 41 2

9

tment

PTT\

ducers'dur-able

equip-ment

0.7. 7.7. 8. 9. 9

1.01. 11.21.31.31.21.31.41.41. 51.5

Changeness inv

Total

9. 514.310. 17.79.43. 86.49.4

17.910. 7

-14.6-22. 2-30. 0-2. 0-4.314.816.0

in busi-entories

Non-farm

8.514. 59.47.69.23.75. 18. 8

14.712. 2

— 17. 6-25. 6— 31. 2-4. 2-9. 512. 717. 3



EXPENDITURES FOR PLANT AND EQUIPMENTBusiness plans to increase capital spending nearly 71/s percent in 1976, according to the survey conducted in lateApril and May, or slightly more than the expected increase reported in March.

WLUONS OF DOLLARS (RATIO SCALE)ISO

160

140

•120

100

80

60

TOTAL NEW PLANT AND EQUIPMENT

40

20

SEASONALLY ADJUSTED ANNUAL RATES

_J

1968 1969

J/ SEE FOOTNOTE 4 BELOW.

SOURCE* DEPARTMENT OF COMMERCE

1970

NONMANUFACTURING

A—X'11"

J J_

MANUFACTURING

\,

t 1 I1971 1972

,„,.,».«"""

! I I

1973

,„.«»"•""„..,.,.«'•"*•"

BILLIONS OF DOLLARS (RATIO SCALE)180

160

140

120

100

80

60

I 1 11974

"'"*...„«...

1975

J/ J/ J/1 1 ]

40

201976


Period

19691970197119721973197419751976 4

1975: 1IIIII._ —IV

1976: I

II 4 _ _ _III 4 _ _IV 4_

Total i

75. 5679.7181. 2188. 4499. 74

112. 40112. 78121. 08114. 57112. 46112. 16111.80114. 72

121. 14123. 00IS 4- 40

M

Total

31.6831. 9529. 9931. 3538. 0146. 0147.9562. 5249. 0548. 7847. 3946. 8249. 21

62.2854. 0654- 08

E:

anufactur

Dur-able

goods

15. 9615. 8014. 1515. 6419. 2522. 6221. 8422. 7422. 8622. 5921. 0121. 0721. 63

22. 6823. 4223. 12

spenditurc

mg

Non-durablegoods

15. 7216. 1515. 8415. 7218. 7623. 3926. 1129. 7826. 2026. 1926. 3825., 7527.- 58

29. 6030.64SO. 95

?s for plan

Total

43. 8847. 7651. 2257. 0961. 7366. 3964.8268.5065. 5263. 6864. 7664.9865. 51

68. 8668.9370.34

t and eqL

N

Mining

1.861. 892. 162.422. 743. 183.793. 813.763. 783. 823.823. 83

3. 683.85

ipment

onmanuf

Trans-porta-tion

6.056. 044. 935. 726. 036.667.576. 517. 307. 057. 867. 606.55

6. 956. 78

acturing

Publicutili-ties

11. 6113. 1415. 3017. 0018. 7120. 5520. 1423. 0720. 2819. 5219. 7920.9121. 91

22. 8122.90

Com-muni-cation

8.3010. 1010. 7711.8912. 8513. 9612. 7413. 8313. 3612. 5012. 9512.2212. 54

35.35.

Com-mer-cialand

other 2

16.0516. 5918. 0520. 0721.4022. 0520.6021.2820. 8220.8320.3420.4420. 68

4241

Starts cand equ

proje

Manu-factur-

ing

34.0729. 1828.0035.2147. 5752. 4948. 24

12. 1212. 8011. 2912. 1611. 64

f plantipmentcts 3

Publicutili-ties

• 15. 1617. 2022.2228. 6038. 1345. 7434.50

5. 349. 19

14. 825. 841. 30

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, institutions, and real estate firms, and certain outlays charged tocurrent account.2 Includes trade, service, construction, finance, and insurance.

» Starts are estimated by adding changes in carryover to expenditures during

10

given period.* Expenditures estimates based on expected capital expenditures as reported by

business in late April and May 1976.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 FORCESeasonally adjusted civilian employment increased by 407,000 in July and unemployment increased by 283,000.The civilian labor force has increased by 2.2 million persons (4.1 percent annual rate) since December.

MILLIONS OF PERSONS*TOO

MILLIONS OF PERSONS*100

90

1968 19.69 1970 1971 1972 1973 1974 1975 1976

*16 YEARS OF AGE AND OVERSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over]

Period

19711972*1973*19741975

1975:JulyAugSeptOctNo vD e c _ _ _ _

1976:JanFebMarAprMayJuneJuly — _

Nonin-stitu-tional

popula-tion

142, 596145, 775148, 263150, 827153, 449

U

153, 585153, 824154, 052154, 256154, 476154, 700

154, 915155, 106155, 325155, 516155, 711155, 925156, 142

Civilianemploy-

ment

79, 12081, 70284, 40985, 93684, 783

aadjusted

86, 65086, 61285, 27486, 02385, 55685, 536

84, 49184, 76485, 58886, 58487, 27888, 46089, 608

Unem-ploy-ment

4, 9934, 8404, 3045, 0767,830

8,2097,6967, 5227,2447,2317, 195

8, 1748, 0337, 5256,8906,3047,6557, 577

Totallaborforce

(includ-ing

ArmedForces)

86, 92988, 99191, 04093, 24094, 793

95, 24995, 39795, 29895, 37795, 27295, 286

95, 62495, 60195, 86696, 58396, 69996, 78097, 473

Civilianlaborforce

84, 11386, 54288, 71491, Oil92, 613

93, 06393, 21293, 12893, 21393, 11793, 129

93, 48493,. 45593, 71994, 43994, 55794, 64395, 333

C

Total

79, 12081, 70284, 40985, 93684, 783

84, 96785, 28885, 15885, 15185, 17885, 394

86, 19486, 31986, 69287, 39987, 69787, 50087, 907

ivilian ei

Agri-cul-tural

3, 3873,4723, 4523, 4923, 380

Seas<

3,4393,4643, 5123, 4083, 3013,236

3, 3433, 1703, 1793,4173, 3293,2943,341

uploymer

Nonagri

TPr^-f ol

75, 73278, 23080, 95782, 44381, 403

mally adj

81, 52881, 82481, 64681, 74381, 87782, 158

82, 85183, 14983, 51383, 98284, 36884, 20684, 566

it

cultural

Part-timefor eco-nomic

reasons 1

2,4402,4082, 3112, 7093, 490

usted

' 3, 2773, 2343, 2913, 3613, 3533,243

3,4823,2623, 2663, 2483, 3823,080

•3, 012

Unempl

Total

4,9934, 8404, 3045,0767, 830

8, 0967, 9247, 9708, 0627, 9397, 735.7,2907, 1367,0277,0406,8607,1437,426

Dyment

15weeksandover

1, 1821, 158

812937

2, 483

2,9542,8782, 9342, 7193, 0043, 080

2,7852,5152, 2942,0351, 9982,2152, 317

Laborforce

partici-pationrate(per-

cent)2

61. 061.061.461. 861.8

62.062.061. 961. 861.761.6

!

61. 761.661.762. 162. 162. 162.4

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

over.Source: Department of Labor, Bureau of Labor Statistics.-

*Data beginning January 1972 not strictly comparable with prior data becauseof adjustment to 1970 Census data, which added about 800,000 to the civiliannoninstitutional population, 333,000 to the civilian labor force, and 301,000 tocivilian employment. A further adjustment in March 1973 added 60,000 to thelabor force and to employment.

16 years of age and

11


SELECTED UNEMPLOYMENT RATESThe seasonally adjusted unemployment rate increased by 0.3 percentas^ point to 7.8 percent in July. The ratereturned to the January level.

PERCENT* (SEASONALLY ADJUSTED) URGENT* (SEASONALLY ADJUSTED)

^UNEMPLOYMENT AS PERCENT Of1 CIVILIAN LABOR FORCE IN GROUP SPECIFIED.SOURCE] DEPARTMENT Of LABOR

1975 1976


[Monthly data seasonally adjusted]

Period

1971 -_19721973197419751975: JulY_.

AugSept _ _OctNov.Dec

1976: Jan -Feb..MarAprMayJuneJuly

Total(all

civil-ian

work-ers)

5.95.64.95.68.58.78.58.68.68.58.37.87.67.57.57.37; 57.8

Unenr

By s

Men20

yearsandover

4.44.03.23.86.77.16.87.27.27.16.65. 85.75.65.45a6&06.1

tploymer

ex and a

Women20

yearsandover

5.75.44.85.58.08.07.97.87.97.98.07.57.57.37.36.87.17.6

it rate (t

ge

Bothsexes16-19years

16.916.214.516.019.920.520.719.419.819.019.619.919.219. 119.218. 518.4iai

jercent o

Bye

White

5.45.04.35.07.88.17.87.88.07.87.67.16.86.86. 76. 66.87.1

f civilian

;olor

Blackand

other

9.910. 08.99.9

13. 913.414.314.414.313.913.813.213.712. 513. 012.213.312.9

labor fo

I

Expe-riencedwageand

salaryworkers

5.75.34. 55.38.28.48.38.38.48.38. 17.47.47. 17.27.27.27.4

rce in gr

5y select

House-hold

heads

3.63.32.93.35.86.15.76.06.05.85.75.14.95.04.84.85.15.4

oup)

ed group

Full-time

work-ers

5.55. 14.35. 18.1as8.18.48.58.37.97.37. 17. 07. 06.87.47.3

s

Part-time

work-ers

8.78.67.98.6

10.39.9

10.39.9

10.410.210.510.510.410.310.710.29.0

10.7

Laborforcetimelost(per-

cent) *

6.46,05.26. 19. 18.98.99. 19.49.38.98.48. 18.28.28.17.77.9

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

12Source: Department of Labor, Bureau of Labor Statistics.


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSUR-ANCE PROGRAMSThe proportion of the unemployed who had lost their job or voluntarily left their job increased in July. The increasedproportion of persons recently unemployed lowered the average duration of unemployment.

PERCENT DISTRIBUTION* PERCENT DISTRIBUTION*

60

40

20

REASON FOR UNEMPLOYMENT

JOB LOSIiS

.̂ A-

NEW ENTRANTS

0 1 > t t i i I i t t M r j j t t T t j i

/'

1973 1 1974

^SEASONALLY ADJUSTED

SOURCE: DEPARTMENT OF LABOR

REENTRANTS

JOB LEAVERS

1975

20

1973 1975 I 1976


[Monthly data seasonally adjusted, except as noted]

Period

1971197219731974__1975_1975: July._

Aug__Sept-Oct..Nov..Dec.-

1976: Jan...Feb.-Mar_-Apr.«May__June"July >„

TTUnem-_i ___ploy-ment(thou-sands)

4,9934,8404,3045,0767,8308,0967,9247,9708,0627,9397,7357,2907, 1367,0277,0406,8607, 1437,426

PercerPi

Joblosers

46. 343.238.743.455.457.756.258. 256.055.651.748.349. 150.249.649.651.051. 5

it distriboyment

Jobleavers

11.813. 115.714.910.410.09. 7

10.010. 210.911. 311.812. 110.911.812.612.412.9

ution ofby reasoi

Reen-trants

29.429.830.728.423.822. 122.921.923.423. 125.827.626.626.626.025. 525.324.9

unem-i1

Newen-

trants

12.613.914.913.310.410.211. 19.9

10.410.511.312. 312.112.212.712.311.310.7

Percerplo

Lessthan 5weeks

44.745.951.050.637.036.034.134.436.932.533.235.738.138.343.242.036.940.4

it distribyment b

5-14weeks

31.630. 130. 131.031.326.930.329.829.930.428. 127.626. 328.027.328. 631.927.8

ution ofy duratic

15-26weeks

13. 312.311.011. 116.520. 117.716. 515.115.817.715.213.613.39.7

12.212.915.3

unem-jf t*

27weeksandover

10.411.67.87.3

15.217.017.919.318. 121. 220.921.522. 120.419.817.2ias16.5

State p]

Insuredunem-ploy-ment

Wee

2, 1501, 8481,6322,2623,9734,1874, 1084, 0873,9183,5873,1992,9382,8072,7422,7212,8412,9593,070

rograms

Initialclaims

jkly aver

295261246363472446460454460410390346322349358395405428

Insuredunem-ploy-ment,

allregular

pro-grams 2(unad-justed)

age, thou

2,6082, 1921,7932,5584, 9424,9794,5764,2384,0394,1204,4614,9624,7214,3663,9173,5643,4583,639

Specialunem-ploy-ment

benefitclaims 3(unad-justed)

sands

1,4891,5021,3121, 2841,3401,4111,4821,4281, 3391, 125

9931, 1451,379

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

men (UCX), Federal (TJCFE), and railroad (BE) programs. Also includesFederal and State extended benefit programs. Does not include FSB (FederalSupplemental Benefits) and SUA (Special Unemployment Assistance).

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). « ̂

1O


NONAGRICULTURAL EMPLOYMENTNonfarm payroll employment increased by 221,000 in July. There were only small changes in the goods-producingsectors. Nearly all of the increased employment can be accounted for by increases in trade, services, and State andlocal governments.

MILLIONS OF PERSONS'901 r

MILLIONS OF PERSONS1 [ENLARGED SCALE)

SO

70

«

50

40

30

20

AIL NONAGRICULTURALESTABLISHMENTS

SERVICE-PRODUCINGINDUSTRIES

\

GOODS-PRODUCING-INDUSTRIES

,„,„«»•»»»»••• """"•""'"«"»»„

1972 1973 1?74•SEASONAU.Y ADJUSTEDSOURCS, DEPMIMINI OF US3H ,

1975I 'l } 1 1 1 1 IV

%1976

•J2

20

4

-

-^~^

JK t 1 1 1 1 ! 1 t ! It

~" " ••«

CON

/n 1 1 1 1 1 1 1 1 1

' 1972

*'**

! f t H f ! ! tl!

f 7—TRACT CONS

1 1 1 1 1 It 1 1 1 11973

WANUFACTU

\'i

1 1 1 1 1 1 1 j 1 1 (

| ^^=RUCTIOM

I M ! ! ' ' H M1974

?1NG

.\ ««•*

! 1 ! t t ! t t 1 t 1

r f 1 1 1 ! 1 1 n <1975

-

-»*"•"" "

f M H \ n 1 1 1*: . T

-

1 ' M 1 1 ' ' M 'J1976

COUNCH OF ECONOMIC ADVISERS

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

Period

1971.1972__1973197419751975: July..

Aug.—Sept-.

. Oct.. .Nov..Deo.__

1976: Jan. _ I. ' Feb-_

' _Mar_ -Apr.- _May_June".July-

Totalnonagri-culturalemploy-, ment .

71, 22273, 71476, 89678, 41376, 98576, 67977, 02377, 31077, 55577, 57477, 79678, 17978, 36878, 63078, 96378, 92378, 90079, 121

G

Total8

22, 82023, 54624, 72724, 69722, 54922, 22222, 41822, 60122, 66922, 65722, 74322, 91422, 90123, 01323, 14423, 12323, 07323, 081

oods-prc

Con-tractcon-

struc-tion

3,6393,8314,0153,9573,4573, 3953,4153, 4323, 4023,4093,4063, 4283,3753,3663, 3993, 3863, 3553, 360

ducing i

Ma

Total

18, 57219, 09020, 06820, 04618, 34718, 08418, 25418, 41718, 493 •18, 48218, 56818, 72218, 76318, 87718, 97318, 96418, 93818, 931

ndustries

nufaetur

Durablegoods

10, 59711, 00611, 83911, 89510, 67910, 46510, 56310, 65010, 66110, 65310, 71710, 82010, 84610, 93711, 00011, 04611, 05011, 024

>

ing

Non- ,durablegoods

7,9758, 0848,2298, 1517,6687,6197, 691 '7, 7677,8327,8297,8517,9027,9177,9407,9737,9187,8887, 907

Total

48, 40150, 16752, 16953, 71554, 43654, 45754, 60554, 70954, 88654, 91755, 05355, 26555, 46755, 61755, 81955, 80055, 82756,040

S

Trans-porta-

4.- __cionand

publicutilities

4,4574,5174,6444,6964, 4984,4644,4664,4674,4764,4964, 4774,4944,5174,4984, 5104, 4984, 4874,496

ervice-pr

Whole-saleand

retailtrade

15, 35215, 97516, 67417, 01716, 94716, 98417, 01617, 04517, 04317, 01017, 08017, 23317, 32617, 38617, 44417, 43917, 45217, 518

oducing

Finance,insur-ance,andreal

estate

3, 8023, 9434, 0914,2084, 2234,2034,2184,2394,2464, 2484,2644,2664,2664,2764,2934,2784,3004,305

Industrie

Services

11, 90312, 39213, 02113, 61713, 99513, 99014, 05014, 11314, 15714, 18814, 22914, 30714, 36014, 42214, 49814, 51414, 52714, 574

s

Gover

Federal

2,6962,6842, 6632, 7242,7482,7452,7562,7652,7672, 7612, 7552,7462,7402,7322,7302,7272, 7252,719

nment

Stateandlocal

10, 19210, 65611,07511, 45312, 02512, 07112, 09912, 08012, 19712, 21412, 24812, 21912, 25812, 30312, 34412, 34412, 33612, 428

i Includes all full- and pstt-time wage and salary workers in nonagriculturalestablishments who worfeed during or received pay for any part of the pay periodwhich includes the 12th of the month. Excludes proprietors, self-employed per-sons, domestic servants, and personnel of tee Armed forces. Total derived fromthis tahle not comparable •vrfth> estimates of nonagricultural employment of the -civilian 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 wortdng-age population, whereas the estimates in this table are based onreports from employing establishments.

> Includes mining, not shown separately.Source: Department of Labor, Bureau of Labor Statistics.


AVERAGE WEEKLY HOURS AND HOURLY EARNINGSPRIVATE NONHGRICUIiTURftfc INDUSTRIES

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

Period

1967 — —19681969.1970 .1971.. -1972197319741975

1975: JulyAugSept.OctNov. ...Dec

1976: JanFebMarApr .•MayJune *July*...--

Aver

Totalprivatenonagri-cultural l

38.037.837.737. 137. 037. 137. 136. 636.1

36. 036.236. 136.236. 336.4

36.536.436.236.136.236.136.2

age weekly ;

Manufa

Total

40.640.740.639.839.940. 640. 740.039.4

39. 439.739. 839.839.940. 3

40.540.340.239.440.240.240. 1

lours

tcturing

Overtime

3.43.63.63.02.93. 53.83.22.6

2.62.82.82.82.83.0

3.03.13.22.53.23. 13.1

Averaghourly c

Totalprivatenonagri-cultural 1

$2.682.853. 043. 223. 443.673.924. 224.54

4.544.574.604.634.684.68

4.734.754.774.784.834.844.86

e grossjarnings

Manufac-turing

$2. 833. 013. 193. 363. 573. 814. 084. 414. 81

4.824.864.884.904.934.96

5.005.045. 085.065. 135. 165,19

Adjusted h

Index, li

Currentdollars

100.0106.3113. 3120. 8129.4137. 8146.6158.6172.7

173. 1174.6175.2176.7178.2178.6

179.6180.8181.4182.2183.7184.5185.6

ourly earninnonagric

567=100

1967dollars 3

100.0102. 0103.2103.9106. 7110.0110. 1107.4107.1

106. 7107. 3107.2107.4107. 6107.3

107.5108.1108.2108.3108.5108. 5108. 6

gs index — tcultural 2

Percent cha year <

Currentdollars

4.86.36.66.67.16.56.48.28.9

8.8as8. 18.28.57.9

8.07.87.37.67.77.17.3

)tal private

tange fromsarlier 4

1967dollars

1.9-2.01.2.7

2.73.1.1

-2.5-.3

-.8. 1.2.5

1. 1. 8

1.21.31.11.41.51. 11.8

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted]

Period

1967.1968 .19691970..1971197219731974 ._1975 _

1975: July _Aug.SeptOct__.NovBee . .

1976: JanFebMarAprMayJune vJuly*

Total priagricu

Currentdollars

$101. 84107. 73114. 61119. 46127. 28136. 16145. 43154. 45163. 89

163. 44165. 43166. 06167. 61169. 88170. 35

172. 65172. 90172. 67172. 56174. 85174.72175. 93

Average

vate non-Itural i

1967dollars 3

$101. 84103. 39104. 38102. 72104. 93108. 67109. 26104. 57101. 67

100. 76101. 62101. 57101. 89102. 65102. 37

103. 32103. 35103. 03102. 53103. 28102. 72102. 94

gross weekly

Manufac-turing

$114. 90122. 51129. 51133. 73142. 44154. 69166. 06176. 40189. 51

189. 91192. 94194.22195. 02196. 71199. 89

202. 50203. 11204. 22199. 36206. 23207. 43208. 12

earnings

Contractconstruction

Current dollar

$154. 95164. 49181. 54195. 45211. 67222. 51235. 69249. 08265. 35

265. 35267. 91268. 64267. 91272. 69278. 26

281. 24282. 73272. 48283. 50284. 58285. 67284. 02

Retailtrade 5

3

$70. 9574. 9578. 6682. 4786. 6190. 9995. 57

101. 04108. 22

107. 55108. 85108. 84110. 14110. 83110. 81

112. 45112. 08112. 06113. 43113. 37112. 64114. 56

Percent chiyear e

total priiagnct

Currentdollars

3. 15.86.44.26.57.06.86.26.1

5.05.95.65.87.97.1

8. 18. 17.87.58.57.67.6

mge from aarlier,/ate non-iltural

1967dollars

0.21.51.0

-1.62. 23.6.5

-4. 3-2.8

-4.2-2. 6—2.2— 1. 7

.5

.1

1. 31. 71. 61.42.2Ij62.2

1 Also includes other private industry groups shown on p. 14.3 Adjusted for interindustry employment shifts and for overtime in manu-facturing.

s Current dollar index (or earnings) divided by the consumer price index.

75-898°—T6 3

* Monthly changes based on indexes to 2 decimal places.* Includes eating and drinking places.Source: Department of Labor, Bureau of Labor Statistics.

15


PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY

Period

19651966 -1967 ._19681969-- _

19701971197219731974

1975

1974: IIIIV

1975: I 1IIIII..__IV

1976: III*

1965 ...19661967 ...1968_._1969— _ _

1970_1971_1972 _1973_1974_._

1975...

1974: IIIIV

1975: I.IIIIIIV

1976: III*

Outi

Totalprivatebusiness

92.797.9

100. 0105.0ioao107.1110.1117. 5124.5120.8

117.3

120. 6117. 6

114. 2116. 7120.1121. 1

124. 1125. 8

6.65.62.25.02.9

—.92. 86. 85. 9

-3.0

-2.9

-3.9-9.4

-11.28.9

12. 33. 6

10. 25.4

Hit1

Privatenon-farm

business

92.397.9

100. 0105. 2108. 2

107. 1110.0117. 8124.9121.1

117.2

120. 9117. 8

114. 3116. 5119. 9121. 2

124. 3

6.76.02. 15.22.9

-1.02. 77.16.0

-3.1

-3.2

-3.8-9.9

-11.37.9

12. 14.5

10.5

Hourspers


98.1100. 3100. 0101.7104. 5

102. 8102. 3106.0110. 1110.6

105.9

110.9109. 3

105.7104.8105.7107. 1

107. 7108.2

Percei

3.12. 3-.31. 72.7

-1. 6— . 43.63.9. 4

-4.2

-1.4-5.7

— 12.7— 3.3

3.55.2

2.51.8

of allons2

Privatenon-farm

business

1967 =

96. 8100.0100. 0102 1105. 3

104.0103. 7107.6112. 2112. 7

107. 9

113. 3111.5

107.9106. 7107.4109. 2

110. 4

it change

3.73.3. 0

2. 13. 2

-1.2— . 33.74.3. 4

-4.3

-. 6-6. 2

-12.4-4. 2

2.56.9

4.4

Output ]of all p


= 100; quai

94. 597.6

100. 0103. 2103.4

104.2107. 6110.9113.0109. 2

110. 7

108.7107.6

108. 0111. 3113. 6113. 2

115. 2116.2

; quarterly

3. 43.32.53. 2. 2

. 83. 33. 11. 9

-3.4

1. 4

-2. 6-4. 0

1. 612. 78. 5

-1. 6

7. 53.6

Der hour>ersons

Privatenon-farm

business

rterly dat

95. 497. 9

100. 0103. 1102. 7

103.0106. 1109. 5111. 3107. 4

108.7

106.7105. 6

106. 0109. 2111. 6111. 0

112. 6

f data at

2.92. 62. 13. 1

o

. 23. 03. 21. 7

-3. 5

1.2

-3.2-3. 9

1. 312. 69. 3

-2. 2

5.8

Compeper 1

Totalpri-vate

business

a season*

88.494.7

100. 0107.6115. 1

123. 3131. 5138. 9150. 3164.3

180. 2

166. 7170. 7

176.0179. 0181. 3185. 0

189. 8193. 2

seasonall

3. 97. 05.67. 67. 0

7. 26.65. 78.29. 3

9.7

12. 69. 9

13. 16. 95. 28. 3

10. 97. 3

nsationlour 3

Privatenon-farm

business

illy adjusi

89. 194. 5

100. 0107.3114.2

121. 9129.9137.4148. 1162.0

177. 7

164.0168.3

173. 1176.4179. 3182. 2

186.4

y ad juste

3. 46.15.87.36. 5

6.76. 65.87.89. 4

9.7

11. 510. 9

11. 87. 96.86.6

9.5

UnitCO

Totalpri-vate

business

bed

93.697.0

100. 0104. 3111. 3

118. 4122. 2125. 2132. 9150.4

162. 7

153.4158.6

162. 9160. 8159. 6163. 5

164. 7166. 2

d annual

0.53.73. 14. 36.7

6.43.22. 56.2

13.2

8.2

15. 514. 5

11. 3-5. 1-3.010. 1

3.23.6

laborsts

Privatenon-farm

business

93.496.6

100. 0104 1111. 2

118. 4122. 5125. 5133. 0150. 8

163. 5

153.7159. 3

163. 3161. 6160. 7164. 2

165.6

rates

0. 53.43. 64. 16.8

6. 53. 42. 56. 0

13.4

8.4

15.215. 5

10. 4-4. 2-2.2

9. 0

3.5

ImpHc]defla

Totalpri-vate

business

94.497.4

100. 0104. 1109. 1

114.2119.2123.2130.4143. 8

158.2

146. 0150. 5

154. 6155. 9158. 4160.9

161.8163. 7

2.03. 12.74. 14. 8

* 474 33.45.8

10.3

10.0

13. 212.9

11.33. 56. 66. 6

2. 14 8

t pricetor *

Privatenon-farm

business

94397.0

100.0104 0109.0

1143119.4122.9128.0142. 1

157.1

144 6149. 2

154 §155.0157. 0159.4

161. 1

1.72.93. 14 147

494 52.94 1

11.0

10.6

13.413.5

13.52.65.36.2

43

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, includinghours of proprietors and unpaid family workers. Estimates based primarilyon establishment data.

3 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 indexesshown here.

Source: Department of Labor, Bureau of Labor Statistics.

16


PRODUCTION AND ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production increased 0.2 percent in July following rises of 0.4 percent in June and 0.9 percent in May.Most major market groups showed little change or small increases in July. Output was also dampened somewhat byincreased strike activity/notably in coal mining.

INDEX, 1967«100* (RATIO SCALE)

140

120

100

TOTAL INDUSTRIAL PRODUCTION

1972 1973 1974 1975

INDEX, 1967=100* (RATIO SCALE)180

1976

MANUFACTURING PRODUCTION

160

140

120

100

UTILITIES AND MINING PRODUCTION

ilni1972 1973

PERCENT (RATIO SCALE)

1974

UTILITIES

MINING

1975I t I I t I I I ! |

1976

100 -

1972 1973 1976

_ MANUFACTURING CAPACITYUTILIZATION RATE

70

601972

* SEASONALLY ADJUSTED

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1976


[Seasonally adjusted]

Period

1967 'proportion1970197119721973197419751975: July

Aug.Sept _ _OctNov__Dec

1976: JanFebMarAprMayJune *_July*

Total iiprodi

Index,1967=

100

WO. 00107. 8109. 6119. 7129. 8129. 3117. 8118.4121. 0122. 1122. 2123. 5124. 4125. 7127. 3128. 1128. 4129. 6130. 1130. 4

idustrialiction

Per-cent

changefromyear

earlier

-3. 01. 79. 28. 4

— . 4-8. 9

-10. 2-8. 1-7. 4-5.6— 1. 1

4.39. 1

13. 014. 714. 014. 011. 810. 1

InduslM,

Total

87.95106. 4108. 2118. 9129. 8129. 4116. 3117. 0119. 7121. 4121. 2122. 7123. 6125. 2127. 0127.9128. 5129. 3130. 0130.4

,ry produinufactun

Dur-able

51.98102. 3102. 4113. 7127. 1125. 7109. 3109. 3112. 3113. 5112. 7113. 4114. 4115. 8117. 9119. 0120. 1121. 5122. 5123. 1

ction indng

Non-dur-able

35.97112. 3116. 6126. 5133. 8134. 6126.4128. 1130.5132. 9133. 6136. 2136.9138. 4140. 2140. 7140. 7140. 6140. 8140.8

exes, 196'

Mining

6. 36112. 2109. 8113. 1114. 7115. 3112. 8110. 8111. 6111. 6113. 8114. 2112. 9113. 6112. 7113. 9113. 5113. 6114. 2112. 8

r=ioo

Utili-ties

6. 69124. 5130. 5139.4145. 4143.7146. 0145. 5148. 3144. 6143.8148. 8147. 2152. 0152. 5151.4150. 8153.0152. 7153. 0

Manuf

Federalseri(

Totalmanu-factur-

ing

78.375.078.683.078.968.7

69. 0

70. 7

72. 1

73.0

acturing (rate, p<

Reserve3S2

Mate-rials

84. 383. 188. 092. 587.773. 5

74.8

77.0

78.9

80.6

japacity i3rcent l

Com-merceseries 3

818083868377

79

79

82

itilization

Whar-ton

series 2

87. 985. 389. 695. 891. 379. 3

79. 8

81. 9

83. 7

1 Output as percent of capacity.2 Quarterly data entered in last month of quarter. Annual data are averages ofquarterly data.3 Quarterly data are f®r last month in quarter. Annual data are averages of fourmonthly indexes.

Sources: Board of Governors of the Federal Reserve System, Department ofCommerce (Bureau of Economic Analysis), and Wharton School of Finance.

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[1967=100, seasonally adjusted]

Period

1 967 proportion1968 __„- —1969 _.19701971 - -1972 _ _1973 „..__ • -1974 -19751975: July...

Aug . .-_Sept.-GetNov »_Dec.»

1976: JanFebMar . - — _AprMayJune 9July '9

Total

47.82106.2109.6105.3106. 3115.7124.4125. 1118.2119.7120. 8121. 5120.9122. 3123. 5123. 9125. 3126. 4126.3127. 2127.2127.4

Cor

Total

27.68105.9109. 8109. 0114. 7124.4131, 5128. 9124. 0126. 6127. 5129.0128.7131. 1132. 3133. 1134.9136. 1136. 1137.3137.3137. 3

Final pi

isumer go

Durablegoods

7.89111. 1115. 0106.1118.8133.8146. 2135. 3121. 4126.6129. 2132. 2131.9132. 5134. 0134.7137. 9140.4141. 1143.3144.2144. 3

Prod

roducts

ods

Non-durablegoods

19.79103. 9107.7110. 1113. 1120. 6125. 6126. 3125. 1126.7126. 9127.6127.4130. 6131. 5132.5133. 9134. 4134. 0134. 8134.6134. 5

ucts

Equip

Total

so. 14106. 5109.3100. 194. 7

103.8114. 5120. 0110. 2110. 0111.4111. 3110. 0110.0111. 5111. 2112. 1112.9112. 9113.2113.4113.8

>ment

Busi-ness

12. es105. 5112. 5107. 0104. 1118.0134.2142,4128.2127. 3129.9129.2128. 8129. 6131. 6131. 0132. 6134.0134.1134. 8135. 2135.6

Interirprod

Total

12.89106. 3112. 9112. 9116. 7126. 5137.2135.3123. 1125. 0127. 9127. 6128.0129.3129. 9133. 6135. 3134. 9134. 7135. 0136.4136.8

lediateucts

Con-structionsupplies

6. 42106.6112. 3111. 0116. 8128.4139. 8134. 5116. 3116.8121.3122.3122.7123. 1124. 1126. 8129. 6128.7128.0130. 1131.4131. 9

Ma-terials

39. 29106. 5112. 5109.2111. 3122.3133. 9132. 4115. 5114. 5119.0121. 0122.0123. 1123.3125. 3127.3128. 2129.2131.0131. 6132.0

Sup-pi6"

ment-ary

group:Energytotal

12. 2$

125. 5125. 2126.7124.5124.5127. 1126. 6128. 8127. 5128. 6128.2129. 4130. 4129.3

[1967=100, seasonally adjusted]

Period

1967 proportion1968__.196919701971197219731974 _1975 ._

1975: July... ._AugSeptOctNovDec

1976: Jan___FebMarAprMayJune *July"

Primary

Total

6.57104. 3113. 7106.6100.2112. 1126.7123. 196.4

92.397.797. 995. 498. 192. 6

98. 1103.9101, 4105.4114.0114.6117.3

r metals

Ironandsteel

4. 21103.2112. 5104.796. 1

107. 1122. 3119.895.8

87, 092. 793.492.096. 589. 1

92. 9100. 997. 7

103. 5112.0114. 1116.3

Di

Fabri-catedmetalprod-ucts

5.93105.6107.9102. 4103.5112. 0124.7124. 2109. 9

108. 9113. 8115. 3114. 4116. 3117. 3

116. 6120. 9120. 2121. 5121. 4123. 8122. 9

irable rtu

Non-elec-tricalma-chin-ery

9. 15101. 7109.3104. 4100.2116.0133.7140.2125. 1

123. 9126. 2125. 5125.4126.6128.6

129. 0131. 5132. 9133. 5134. 0133.8135.0

inufactu

Elec-tricalma-chin-ery

8.05105. 5111. 9108. 1107. 7122. 2143. 1143.8116. 5

116. 5118. 0120. 2120. 1120. 1122. 7

124. 7126.5127.8130. 0131.6131.7132.2

res

Transpcequip

_

Total

9. 27111. 1108. 489. 597. 9

108. 2118. 3108. 897.4

101. 1105.0105. 9104. 4104. 7106. 7

105. 8109. 0111. 2110. 6112.9113.2111. 5

stationment

Motorve-

hiclesand

parts

4. 50120. 3116. 592.3

118. 6135. 8148. 8128. 2111. 1

116. 3123. 7126. 8126. 5127. 1130. 1

126. 7135. 2140. 8141. 3144. 3146.7142. 7

Lum-berand

prod-ucts

1. 64105. 5107. 9105. 6113.8120. 8126. 0116. 2107. 6

110.6113.6115.8116. 8114. 1116. 4

123. 5123. 9121. 1122.8123. 0122.6

Non

Ap-parel_^_,_ jprod-ucts

3.31102. 9106. 7101.4104.7109.4117.4114. 3107. 6

106. 3112. 8111. 5115. 9118. 3121. 2

123. 8128. 0126. 3126. 1131. 0

durable ]

Print-ingandpub-

lishing

4.72103.2107.4107. 0107. 1112. 7118.2118. 2113.4

115.5115.3114. 7113.2115. 4118. 4

120. 0121. 0121. 0122. 0120.5120.5119.3

cnanufad

Chem-icalsand

prod-ucts

7. 74109.5118. 4120. 4125. 9143. 6154. 4159.4147. 3

147. 1150.8154. 4157. 5161. 9163. 3

162. 9167. 6170.6168. 7167. 5170. 1

iures

Foods

8. 75102.6106.2109.0112.8116. 9120.8124.0123.4

125.4125. 8126. 2126.4128.8128.5

129.2130. 8128.3129.2131.2130.6

Source: Board of Governors of the Federal Reserre System.

18


NEW CONSTRUCTION

Period

19691970197119721973...19741975 ..

1975: JuneJulyAugSeptOctNovDec

1976: JanFebMarAprMay 9June p

Total newconstruc-

tionexpendi-

tures

93. 994. 9

110.0124. 1137.9138. 5132. 0

129. 7133. 1132. 2136. 3136 2138. 0137. 8136.9139. 3144 5142. 0140.3142. 5

Total

66.066.880.193.9

105.4100.293. 0

90.692. 092. 195. 495. 697. 398. 199. 5

102. 9106. 4104. 1104. 1103. 9

Resid

Total J

Bil

33.231. 943. 354.359.750.446.5

Seasonally

44.746.146.348.449.450.452. 153. 155. 657.556. 055. 156. 1

Private

ential

Newhousing

units

Llions of doll

25.924. 335. 144.950. 140.634.4

/ adjusted an

32.233.433. 635.737.538.939.939.341. 143.844.244.045.0

Commer-cial and

industrial

ars

16.216. 317.018. 121. 723.820.8

mual rates

20. 320.520.420.320.020. 119.819.020. 621.019.819.318.5

Other

16.618. 619.821. 524. 026. 025. 7

25. 525.325.326. 726. 226.826. 227.426.628. 028. 229.729.4

Federal,State,andlocal

28.028. 129.930.232. 538.339. 0

39. 141. 140. 140.940. 640. 739.837.436.438.037.936.238.6

Construction

Total valueindex

(1967=100)

123.7123. 1145. 4165.3179.5169. 7166. 0

Seasonallyadjusted

201165208157166148137183170185189205187

contracts 2

Commer- ,cial andindustrial

floor space(millions ofsquare feet)

883743727854

1, 010840569

Seasonallyadjustedannualrates

606631519601649504609462496653648657693

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

2 P. W. Dodge series. Eelates to 50 States beginning 1969 for value index andbeginning 1971 for floorspace.

Note.—New construction expenditures data prior to 1973 not comparable withlater data.

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill jInformation Systems Company, F. W. Dodge Division.

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

Period

1969197019711972197319741975_.__

1975: JulyAugSeptOctNovDec

1976: JanFebMarAprMay *June »July »

Units

Total

1, 466. 81, 433. 62, 052. 22, 356. 62, 045. 31, 337. 71, 160, 4

1,2071,2641, 3041,4311, 3811,2831, 2361,5471,4171,3671,4221,5271,387

*

started, by

1 unit

810.6812. 9

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

888. 1892.2

916979966

1,0931, 048

962957

1,2951, 1101, 0551,0651, 1491,128

sTew private

type of stri

2-4units

85.084. 8

120. 3141. 3118. 368. 164.0

Seasonally

766776

103797770628076947665

housing unii

icture

5 or moreunits

571. 2535. 9780. 9906. 2795. 0381. 6204.3

adjusted ar

215218262235254244209190227236263302194

bs

Unitsauthor-

ized

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

939. 2

mual rates

1, 016998

1, 0921, 1111, 1271, 0911, 1471, 1651, 1881,0821, 1581, 1501,219

Unitscompleted

1, 399. 01, 418. 41, 706. 11, 971. 52, 013. 81, 691. 71, 296. 8

1,2611,2671,3151, 1151,3861,3291,2131,2991, 3991,2661,3511,343

New priv

Homessold

448485656718620501544

548573571610660641573679573630541580

ate homes

Homes forsale atend ofperiod 1

222220287409450402378

381378384389381378379384389394398406

Vacancyrate forrental

housingunits

(percent) 2

5. 55.35.45. 65.86.26.0

6.2

5.4

5.5

5.8

1 Seasonally adjusted.2 Quarterly data entered in last month of quarter.

Source: Department of Commerce, Bureau of the Census.

19


BUSINESS SALES AND INVENTORIES—TOTAL AND TRADEBusiness inventories increased $3.5 billion in June, with manufacturing stocks accounting for more than half of theincrease. Business sales rose 1.4 percent. According to preliminary estimates, retail sales fell in July, following arise in June.

BILLIONS OF DOLLARS? (RATIO SCALI) BILLIONS OF DOLLARS? (RATIO SCALE)

- NVENTORY-SALES RATIO

100

1972

'SEASONALLY ADJUSTEDSOURCE: DEPART/WENT OF COMMERCE

1976


Period

1970197119721973197419751975: June __ _ _._

JulyAug _ _SeptOctNov __Dec

1976: JanFebMar_ _ _ _Apr_MayJune vJuly » __ _

Total bi

Q«1*-K-i 2bales *

104, 736112, 315124, 289143, 823163, 991168, 009165, 877169, 007172, 150173, 448174, 847174, 085176, 259179, 027182, 329185, 488187, 074186, 341188, 944

isiness 1

Inven-tories 3

175, 561184, 711197, 692224, 401271, 050264, 770263, 749263, 345264, 662265, 087266, 867266, 064264, 770266, 285267, 979269, 637270, 599272, 548275, 999

Whol

QJI 2bales *

Millions

20, 58322, 32724, 86230, 40037, 34436, 58336, 18636, 56737, 16637, 60437, 44937, 01837, 36038, 15938, 81639, 09439, 53039, 38640, 853

esale 1

Inven-tories 3

of doll

27, 29029, 69532, 81738, 30246, 56445, 11544, 85044, 65345, 50145, 62545, 71545, 55445, 11545, 64546, 30746, 39846, 82647, 79948, 417

T'rvfal

ars, seas

31, 29434, 07137, 36541, 94344, 81548, 70248, 65249, 41149, 77449, 64449, 99550, 55251, 28351, 59252, 60153, 34453, 69652, 86853, 84753, 205

Sales 2

Dur-ablegoodsstores

onally a

9, 52410, 98512, 47214, 19013, 94315, 06015, 00615, 37215, 41015, 41715, 77215, 90416, 23916, 73017, 39717, 40318, 04617, 41917, 75117, 435

Re

Non-durablegoodsstores

d justed

21, 77023, 08624, 89327, 75430, 87233, 64233, 64634, 03934, 36434, 22734, 22334, 64835, 04434, 86235, 20435, 94135, 65035, 44936, 09635, 770

bail

In

Tntol

46, 62652, 57157, 15665, 22974, 08273, 08170, 84071, 50372, 57873, 04974, 64273, 83973, 08173, 61074, 34475, 08975, 652(75, 71076, 671

ventories

Dur-ablegoodsstores

20, 34523, 86426, 05629, 59334, 64933, 59231, 90932, 27033, 32433, 47133, 81333, 71233, 59233, 51033, 49033, 92033, 99433, 93634, 150

, 3

Non-durablegoodsstores

26, 28128, 70731, 10035, 63639, 43339, 48938, 93139, 23339, 25439, 57840, 82940, 12739, 48940, 10040, 85441, 16941, 65841, 77442, 521

Inventcrat

Totalbusi-ness 1

1.641.611. 531.461. 501. 591. 591. 561. 541. 531. 531. 531. 501.491.471. 451. 451.461.46

>ry-salesio 4

Retail

1.471,471.461.461. 541.491.461.451.461.471.491.461. 431. 431.411. 411. 411.431.42

1 The term "business" also includes manufacturing (see page 21).2 Monthly average for year and total for month.3 Book value, end of period, seasonally adjusted.* For annual periods, rati9 of weighted average inventories to average monthly

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

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

20


MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERSManufacturers1 inventories increased $1.9 billion in June, twice as much as in May and the largest increase sinceDecember 1974. Unfilled orders rose 1.1 percent in June, continuing the uptrend that began in March. Shipmentsand new orders were practically unchanged from their May levels.

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

BILLIONS OF DOLLARS*(RATIO SCALf

100

80

INVENTORY-SHIPMENTS RATIO

201972

*SEASONAIJ.Y ADJUSTEDSOURCEj DEPARTMENT OF COMMERCE

1976


Period

197019711972_1973197419751975: June-

July __Aug___Sept__Oct_._Nov__Dec__

1976: Jan___Feb__MarApr _ _MayJune__July *_

Manufa

Total

52, 85955, 91762, 06271, 48081, 83282, 72481, 03983, 02985, 21086, 20087, 40386, 51587, 61689, 27690, 91293, 05093, 84894,. 08794, 244

cturers7 st

Durablegoods

28, 22929, 94833, 48938, 80642, 74441, 52740, 75741, 35442, 44443, 19243, 60742, 35243, 68144, 57045, 70047, 54647, 74148, 32148, 47548, 585

dpments l

Non-durablegoods

24, 62925, 96928, 57332, 67439, 08941, 19740, 28241, 67542, 76643, 00843, 79644, 16343, 93544, 70645, 21245, 50446, 10745, 76645, 769

Manufac

Total

Millie101, 645102, 445107, 719120, 870150, 404146, 574148, 059147, 189146, 583146, 413146, 510146, 671146, 574147, 030147, 328148, 150148, 121149, 039150, 911

turers' im

Durablegoods

>ns of doll66, 76866, 05070, 21879, 44197, 96795, 75498, 79698, 18997, 19996, 64096, 21595, 95395, 75495, 66495, 69696, 19396, 13396, 57997, 616

rentories 2

Non-durablegoods

ars, seaso34, 87736, 39537, 50141, 42952, 43750, 82049, 26349, 00049, 38449, 77350, 29550, 71850, 82051, 36651, 63251, 95751, 98852, 46053, 295

Mai

Total

nally adj52, 14655, 75463, 01573, 99283, 51181, 35179, 78983, 30485, 13785, 48286, 33686, 35186, 75488, 08390,20193, 38994, 09095,37895, 596

aufactur*Durafc

Total

usted27, 51429, 77334, 36841, 25344, 50240, 04839, 28241, 43542, 17642, 25642, 30741, 98842, 83743, 17744, 97547, 89547, 79049, 56549, 92649, 688

3rs' new ole goodsCapitalgoodsindus-tries,non-

defense

7, 0557,3248,487

10, 31011, 49410, 26110, 13810, 72810, 39210, 21410, 68910, 69010, 15610, 35110, 71010, 98411, 53011, 66411, 83513, 509

rders 1

Non-durablegoods

24, 63225, 98128, 64832, 73839, 00941, 30240, 50741, 86942, 96143, 22644, 02944, 36343, 91744, 90645, 22645, 49446, 30045, 81345, 670

Manu-fac-

turers'unfilledorders 3

77, 09375, 08186, 608

117, 034137, 328120, 659123, 271123, 545123, 477122, 761121, 697121, 530120, 659119, 468118, 757119, 093119, 340120, 624121, 974

Manu-fac-

turers'inven-tory —ship-mentsratio 4

1.891.821.691.581. 641.801.831. 771. 721.701. 681. 701.671. 651. 621. 591. 581. 581.60

1 Monthly average for year and total for month. Shipments are the same as sales. shipments; for monthly data, ratio of inventories at end of month to shipments for2 Book value, end of period. month.» End of period.* For annual periods, ratio of weighted average inventories to average monthly Source: Department of Commerce Bureau of the Census.

21


PRICESWHOLESALE PRICESIn July, the wholesale price index rose 0.7 percent (0.3 percent after seasonal adjustment). Prices of farm productsand processed foods and feeds increased 0.3 percent (declined 1.0 percent seasonally adjusted). Industrial commodityprices were up 0.7 percent (also 0.7 percent seasonally adjusted).

INDEX, 1967= 100 (RATIO SCALE)220

INDEX, 1967= 100 {RATIO SCALE)220

200

FARM PRODUQS AND l\ / /PROCESSED FOODS AND FEEDS I \

100 100

1968 1976

SOURCE: DEPARTMENT OF tABOR COUNCIL OF ECONOMIC ADVISERS

[1967=100]

Period

1968_-_ _1969197019711972.1973-19741975

1975: JulyAugSeptGetNov_Dec

1976: Jan. Feb. Mar• AprMayJune

1 July

Allcom-modi-ties

102.5106.5110. 4113.9119. 1134.7160. 1174. 9

175. 7176. 7177. 7178.9178. 2178. 7179.3179. 3179.6181.3181. 8183. 1184. 3

Farmproducts

andprocessed

foodsand

feeds

102. 4108. 0111.7113. 8122. 4159. 1177. 4184. 2

Unadjusted188. 2189. 0190.4190. 5186. 1186.0184. 6182. 0180.3183.7184. 9187.5188. 1

Indus-trial

commod-ities

102. 5106.0110. 0114.0117.9125.9153. 8171. 5

171.2172. 2173. 1174. 7175.4176. 1177. 3178. 0178.9180. 0180.4181.3182.6

Farmpro-

ducts

102. 5109. 1111. 0112.9125. 0176.3187.7186. 7

189. 9192. 7196.9199.9196. 1197.2192.6187.7185.9193.8194. 9195.4193.4

Pro-cessedfoodsandfeeds

102. 2107.3112. 1114. 3120. 8148. 1170.9182. 6

182. 5184. 8185. 3186.6184. 3181.8178. 3175.5175.9179.3181.6182.4180.8

Crudemate-rials 1

102.0110.6118.8122. 7131. 1155. 2219. 1225. 1

Seas224. 5226. 5232. 9231.4227.4235.4236. 0230.0236. 5242.6242. 6246. 1255.5

Inter-mediatemate-rials 2

102. 6106. 1110. 0114. 3118. 9128. 1159. 5178.6

onally ad.177. 1178.2179.4181. 6183. 3184.6185. 2185.7186. 3186.7186.5187.8188.7

Special g

Produc-er fin-ishedgoods

103. 5106.9111. 9116. 6119. 5123. 5141. 0162. 5

usted162. 6163. 1164. 3166. 3167. 1167. 9169. 1170. 0170. 7171. 3171.4172. 1172.9

groupings

Consunex(

Total

102. 1104.6107. 7111. 2113. 5118. 6138.6153. 1

152. 6153.9155. 4157. 0158. 2158. 9159. 1159.4159. 1159.0159. 0160. 0161.2

ler finishe3luding fo<

Durable

102.2104.0107. 0110. 9113. 2115. 8126. 3138. 2

137.4137.8138. 8140. 7141. 8141. 9142. 5142. 8143. 1142.9142. 9143. 5143. 5

d goodsDds

Non-durable

102.2105. 0108. s111.3113. &120. 5146. 8-163. 0

162.4164.4166. 3167.9169. 0170. 1170.2170.4169.7169.9169. a170. 8172. 6

1 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, andleaf tobacco.

222 Includes supplies and components; excludes intermediate materials for food

manufacturing and manufactured animal feeds.

Source: Department of Labor, Bureau of Labor Statistics.


CONSUMER PRICESV^^K^ANlfc^ W ATAJ—EXV * J.^*^^ • "».* •In July, the consumer price index rose 0.6 percent (0.5 percent seasonally adjusted). Food prices increased 0.7 percen*(0.1 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (0.6 percent seasonally adjusted)and services prices were up 0.7 percent (0.6 percent seasonally adjusted).

INDEX, 1967*= 100 (RATIO SCALE)220

200

INDEX, 1967=100 (RATIO SCALE)'220

200

COMMODITIESLESS FOOD

t i l l I,I H T ! ! I I , I t I I I I ! M, 1 f . t M I I I I ! ! i , II ! t 1 1 !,.!.,!, 1.1 M M I I 1 M l..t I 1.1,1.1.1 1 1 I 1 1 I I t U I 1 1 I t 1 I M 1 1 I I M 1.1 I I II t I I I I ,H

1968 1 1969 1970 I 1971 I 1972 1 1973 * 1974 1975 * 1976

100

120

100

SOURCE* DEPARTMENT OF U6OR COUNCIL Of ECONOMIC AI3YJSERS

[1967=100]

Period

19681969197019711972197319741975

1975: July. _ .Aug.—.Sept...Oet--.-.NovDec

1976: JanFeb...Mar .AprMay___June__,.July...

Allitems

104. 2109. 8116. 3121. 3125. 3133. 1147. 7161. 2

162. 3162. 8163.6164.6165. 6166.3

166. 7167. 1167. 5168.2169. 2170. 1171. 1

Food

103. 6108. 9114. 9118. 4123. 5141.4161. 7175.4

Unac

178. 6178. 1177. 8179. 0179. 8180.7

180. 8180. 0178. 7179. 2180. 0180. 9182.1

Com-modi-tieslessfood

103. 7108. 1112.5116.8119.4123. 5136.6149. 1

[justed

149.9150. 7151.4152.2152. 6152.8

152. 3152. 7153. 3154.2155. 5156. 5157. 1

Serv-ices

105.2112. 5121. 6128.4133.3139. 1152. 1166.6

166.6167.4169. 1170. 1172. 0173. 1

174.9176. 1177. 2177.717&4179.5180.7

Allcom-modi-ties

103.7108. 4113.5117.4120. 9129. 9145. 5158.4

159.6160. 1160.6161.5162. 2162.9

163. 1162. 7162.4163. 11643164.9165.6

All

103.6108. 9114. 9118. 4123. 5141. 4161. 7175.4

177.8177.5178.0179.6180.6181.6

181.2179.4177.9178. 9180.6181.0181.2

Food

Foodat

home

103. 2108. 2113. 7116. 4121. 6141. 4162, 4175. 8

178.6178. 1178.4180. 2181. 2182. 1

181.4178. 6176. 5 •177.7179.5179.8179.8

Foodawayfromhome

105. 2111. 6119.9126. 1131. 1141. 4159.4174. 3

Seasonal

174. 5175. 3176. 4177. 5 •178. 6179. 5

180.9182. 4183. 4184.0185.0186. 0187.1

Comr

All

103. 7108. 1112. 5116.8119. 4123. 5136. 6149. 1

y adjust

149.8150. 7151. 2151. 7152. 2152.8

153. 1153. 5153. 9154.4155. 3156. 0156.9

aodities le

Dur-able

103. 1107. 0111. 8116. 5118. 9121. 9130. 6145. 5

ed

146. 2147. 0147. 6148. 1148. 5149. 2

149. 7150. 6151. 7152.7153. 6154. 1155.0

ss food

'' Non-dur-able

104. 1108. 8113. 1117. 0119. 8124.8140.9151.7

152.4153. 4153. 7154. 4154. 8155. 3

155. 6155.7155. 6155. 7156. 6157.4158.4

Serv-ices

105. 2112. 5121. 6128.4133. 3139. 1152. 1166. 6

166. 9167. 6169. 0170. 0171. 7172.8

174, 7176. 0177.2178. 0178. 8179. 9181. 0

Source: Department ol Labor, Bureau of Labor Statistics.

75-898°—7623


CHANGES IN WHOLESALE PRICES

Period

196719681969__.1970™19711972.197319741975

1975: July-Aug_-Sept-_Oet__Nov..Dec._

1976: Jan...Feb_._Mar__Apr___May..June.July..

Pereenperio

AUcom-modi-ties

1. 02.84.82.24.06.5

15.420.94.2

.8

.9

.91. 1. 1. 3

-.2-. 4

.2

.8

.3

. 4

.3

t changed; seasoi

Farmprod-ucts

-2.74.48.4

-4.78. 1

18.736. 1

-1.95.5

2.91.52.21.5

-1.9.6

-2.3-2. 5-1.0

4.2.6.3

-1.0

from pretally adjus

Proc-essedfoodsand

feeds

-1.23. 06.8.8

4.711.620. 32a9

-3.8

1.21.3;3.7

— 1.2-1.4

-1.9— 1.6

.21.91.3.4

-.9

ceding*ted l

Indus-trialcom-modi-ties

1.92.73.93.63.23. 6

10. 725.66.0

.4

.7

.91.2:7;6

:4. 1;3.3. 1.5.7

Percent clseasons

AUcom-modi-ties

5.96.9

10.812.28.96.5

.9-1. 1-1.8

2.55.56.64,5

lange froilly adju{

Farmprod-ucts

29.315.229.722.87.2.6

1 q axo. o-16. 1-21. 0

2.516.222. 1-.8

m 3 montlsted annm

Proc-essedfoodsand

feeds

4.08.7

11.39.3

-1. 1-7.3

-16.6-17.8-12.4

2.314,615. 63.4

is earlier;d rates


2.95. 18.0

11.811.910.8

7.34. 43. 23.02.93.65.2

Percent cseason

AUcom-modi-ties

2.55.78.69.07.98.6

6.43.82. 31.72. 12.33.5

shange froally adjus

Farmprod-ucts

12.826.034.626.011.214.2

2. 9-5. 1

-10.9-§.0— 1.2-1.8

.8

m 6 montted annua

Proc-essedfoodsand

feeds

-2.83.69.06.63.71.6

-4.5-9.8-9.9-7.7-2.9

.72.8

bs earlier;1 rates


2. 13.35. 07.28.49.4

9. 58. 16.95. 13.73.441

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

CHANGES IN CONSUMER PRICES

Period

1967196819691970___1971__1972197319741975

1975: July...Aug...SeptOct...Nov...Bee—

1976: Jan...Feb...MarApr...May —June. .July...

Percenperio

AUitems

3.04.76. 15.53.43.48.8

12.27.0

1.0.4.4.6.6.5

.4

. 1:2.4.6.5.5

t changed; seasor

Food

1.24.37.22.24.347

20. 112.26.5

1.8—.2

.3

.9

.6,6

—.2-1.0-28

.610.2.1

from pretally adjus

Com-mod-itieslessfood

3.13.74.54.82.32.55.0

13.26.2

.9

.6

.3

.3

.3

.4

.2

.3:3.3.6.5.6

cedingsted1

Serv-ices

4.06.17.48.2413.66.2

11.38. 1

.5

.4

.8

.61.0.6

1.1.7sT.5.4.«.6

Percent ciseasona

AUitems

9.18. 57.45.86.87.3

6.54.42.92.9496.1as

lange froJly adjus

Food

16.912.18.0417.28.3

ae-2.6-7.9-5.0

2.77.242

m 3 montsted annu


6.77.87.55.24043

a73.52.93.4485.66.6

is earlier;aJ rates

Serv-ices

a56.77.47.6

ia29.3

11.510.410.67.Sas6.26.9

Percent cseasona

AUitems

7.47. 17.27.47.77.4

6.15.65.147464546

mnge froilly adjus

Food

7.77.6a9

10.39.68.2

3.92.2

— . 1-.8

.0_. 7

.0

m 6 montsted annuj


7.27.06.45.95.95.9

45asa 6as41425.0

is earlier;a! rates

Serv-ices

7.36.57. 17.18.48.4

9.610.39.99.68.48.47.3

1 Annual changes are from December to December (unadj