erp1979 appendixes 2

Appendix B

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION

177

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONTENTS

NATIONAL INCOME OR EXPENDITURE: P a g e

B-l. Gross national product, 1929-78 183B-2. Gross national product in 1972 dollars, 1929-78 184B-3. Implicit price deflators for gross national product, 1929-78 186B-4. Implicit price deflators and alternative price measures for gross

national product and gross domestic product, 1929-78 188B-5. Gross national product by industry in 1972 dollars, 1947-77 189B-6. Gross national product by major type of product, 1929-78 190B-7. Gross national product by major type of product in 1972 dollars,

1929-78 191B-8. Gross national product: Receipts and expenditures by major eco-

nomic groups, 1929-78 192B-9. Gross national product by sector, 1929-78 194B-10. Gross national product by sector in 1972 dollars, 1929-78 195B-ll . Gross domestic product of nonfinancial corporate business, 1929-78.. 196B-l2. Output, costs, and profits of nonfinancial corporate business, 1948-78. 197B-l3. Personal consumption expenditures, 1929-78 198B-14. Gross private domestic investment, 1929-78 199B-l5. Inventories and final sales of business, 1946-78 200B-16. Inventories and final sales of business in 1972 dollars, 1947-78 201B-l 7. Relation of gross national product and national income, 1929-78.... 202B-l8. Relation of national income and personal income, 1929-78 203B-l9. National income by type of income, 1929-78 204B-20. Sources of personal income, 1929-78 206B-21. Disposition of personal income, 1929-78 208B-22. Total and per capita disposable personal income and personal con-

sumption expenditures in current and 1972 dollars, 1929-78 209B-23. Gross saving and investment, 1929-78 210B-24. Saving by individuals, 1946-78 211B-25. Money income (in 1977 dollars) and poverty status of families and

unrelated individuals by race of head, 1947—77 212

POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:

B-26. Population by age groups, 1929-78 213B-27. Noninstitutional population and the labor force, 1929-78 214B-28. Civilian employment and unemployment by sex and age, 1947-78. . 216B—29. Selected employment and unemployment data, 1948—78 217B-30. Unemployment rate by demographic characteristic, 1948-78 218B-31. Unemployment by duration, 1947-78 219B-32. Unemployment by reason, 1967-78 220B-33. Unemployment insurance programs, selected data, 1946-78 221B-34. Wage and salary workers in nonagricultural establishments, 1929-78. 222B-35. Average weekly hours and hourly earnings in selected private non-

agricultural industries, 1947-78 224B-36. Average weekly earnings in selected private nonagricultural indus-

tries, 1947-78 225B-37. Productivity and related data, private business economy, 1947-78. . . 226B-38. Changes in productivity and related data, private business economy,

1948-78 227

179


PRODUCTION AND BUSINESS ACTIVITY: P a g e

B-39. Industrial production indexes, major industry divisions, 1929-78. .. . 228B-40. Industrial production indexes, market groupings, 1947-78 229B-41. Industrial production indexes, selected manufactures, 1947-78 230B-42. Capacity utilization rate in manufacturing, 1948-78 231B-43. New construction activity, 1929-78 232B-44. New housing units started and authorized, 1959-78 234B-45. Business expenditures for new plant and equipment, 1947-79 235B-46. Sales and inventories in manufacturing and trade, 1947-78 236B-47. Manufacturers5 shipments and inventories, 1947-78 237B-48. Manufacturers' new and unfilled orders, 1947-78 238

PRICES:

B-49. Consumer price indexes by expenditure classes, 1929-78 239B-50. Consumer price indexes by commodity and service groups, 1939-78. 240B-51. Consumer price indexes, selected commodities and services, 1939-78. 241B-52. Consumer price indexes for commodity groups, seasonally adjusted,

1975-78 242B-53. Consumer price indexes for service groups and selected expenditure

classes, seasonally adjusted, 1975-78 243B-54. Changes in consumer price indexes, major groups, 1948—78 244B-55. Producer price indexes by stage of processing, 1947—78 245B-56. Producer price indexes by stage of processing, seasonally adjusted,

1975-78 247B-57. Producer price indexes by major commodity groups, 1929-78 248B-58. Changes in producer price indexes for finished goods, 1948—78 250

MONEY STOCK, CREDIT, AND FINANCE:

B-59. Money stock measures, 1953-78 251B-60. Commercial bank loans and investments, 1930-78 252B-61. Liquid asset holdings of private domestic nonfinancial investors,

1952-78 253B-62. Total funds raised in credit markets by nonfinancial sectors, 1970-78. 254B-63, Federal Reserve Bank credit and member bank reserves, 1929-78. . . 256B-64. Aggregate reserves and deposits of member banks, 1959-78 257B-65. Bond yields and interest rates, 1929-78 258B-66. Consumer installment credit, 1970-78 260B-67. Mortgage debt outstanding by type of property and of financing,

1939-78 261B-68. Mortgage debt outstanding by holder, 1939-78 262

GOVERNMENT FINANCE:

B-69. Federal budget receipts and outlays, fiscal years 1929-80 263B-70. Federal budget receipts, outlays, and debt, fiscal years 1970-80 264B-71. Relation of Federal Government receipts and expenditures in the

national income and product accounts to the unified budget,1978-80 266

B-72. Government receipts and expenditures, national income and productaccounts, 1929-78 267

B-73. Federal Government receipts and expenditures, national income andproduct accounts, 1952-80 268

B-74. State and local government receipts and expenditures, national incomeand product accounts, 1946-78 269

B-75. State and local government revenues and expenditures, selected fiscalyears, 1927-77 270

B-76. Interest-bearing public debt securities by kind of obligation, 1967-78. 271

180


GOVERNMENT FINANCE—Continued PageB-77. Estimated ownership of public debt securities, 1967-78 272B-78. Average length and maturity distribution of marketable interest-

bearing public debt securities held by private investors, 1967-78. . 273

CORPORATE PROFITS AND FINANCE:B-79. Corporate profits by industry, 1929-78 274B-80. Corporate profits of manufacturing industries, 1929-78. 276B-81. Corporate profits with inventory valuation and capital consumption

adjustments, 1946-78 278B-82. Sales, profits, and stockholders' equity, all manufacturing corpora-

tions, 1947-78 279B-83. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, 1947-78 280B-84. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, by industry group, 1977-78 281B-85. Sources and uses of funds, nonfarm nonfinancial corporate business,

1946-78 282B-86. Current assets and liabilities of U.S. corporations, 1939-78 283B-87. State and municipal and corporate securities offered, 1934-78 284B-88. Common stock prices and yields, 1949-78 285B-89. Business formation and business failures, 1929-78 286

AGRICULTURE:B-90. Income of farm people and farmers, 1929-78 287B-91. Farm production indexes, 1929-78 288B-92. Farm population, employment, and productivity, 1929-78 289B-93. Indexes of prices received and prices paid by farmers and selected farm

resource prices, 1929-78 290B-94. Selected measures of farm resources and inputs, 1929-78 291B-95. Balance sheet of the farming sector, 1929-79 292

INTERNATIONAL STATISTICS:B-96. Exchange rates, 1971-78 293B-97. U.S. international transactions, 1946-78 294B-98. U.S. merchandise exports and imports by principal end-use categories,

1965-78 296B-99. U.S. merchandise exports and imports by area, 1972-78 297B—100. International investment position of the United States at year-end,

1970-77 298B-101. International reserves, 1952, 1962, and 1974-78 299B-102. Summary of major U.S. Government net foreign assistance, July 1,

1945 to December 31, 1977 300B-103. World trade: Exports and imports, 1965, 1970, and 1974-78 302B—104. World trade balance and current account balances, 1965, 1970,

and 1974-78 303B—105. Consumer prices and hourly compensation, major industrial coun-

tries, 1960-78 304B-106. Industrial production and unemployment rate, major industrial

countries, 1960-78 305B-107. Growth rates in real gross national product, 1960-78 306

181


General Notes

Detail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.

Symbols used:» Preliminary.__ Not available (also, not applicable).

182


NATIONAL INCOME OR EXPENDITURE

T A B L E B-l.—Gross national product, 1929-78

[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Yearo

1929

1933

1939

194019411942.1943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974197519761977.1978

1976-

1977-

1978-

r quarter

P

1II.I l lI V

1IIIIIIV

1IIIIIIV v

Grossnationalproduct

11,1,1,1,1,1,

11,1,1,

1,1,1,1,

1,

2,

103.4

55 8

90.8

100.0124.9158.3192.0210.5212.3209.6232.8259.1258.0

286.2330.2347 2366.1366.3399.3420.7442.8448.9486 5

506 0523.3563.8594.7635.7688.1753.0796.3868.5935.5

982.4063.4171.1306.6412.9528.8700.1887.2106.6

649.7685.4715.6749.8

806.8867.0916.8958.1

992.0087.5136.1210.8

Per-sonalcon-

sump-tionex-

pend-i tures

111

111

1111

1111

77.3

45.8

67.0

71.080.888.699.4

108.2119.5143.8161.7174.7178.1

192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8

324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7

618.8668.2733.0809.9889.6979.1

, 090. 2, 206. 5, 339.7

, 053. 8, 075.1098.4133.7

167.7188.6214.5255.2

276.7322.9356.9

, 402.2

Grossprivate

do-mesticinvest-ment

16.2

1.4

9.3

13.117.99.95.87.2

10.630.734.045.935.3

53.859.252.153.352.768.471.069.261.977 6

76.474.385.290.296.6

112.0124.5120.8131.5146.2

140.8160.0188.3220.0214.6190.9243.0297.8344.5

231.5243.5249.9247.1

272.5295.6309.7313.5

322.7345.4350.1359.9

Net exports of goodsand services

Netexports

1.1

. 4

1.1

1.71.3.0

- 2 . 0- 1 . 8- . 67.6

11.66.56.2

1.93.82.4.6

2.0

4.36.12.5

.6

4.45.85.46.38.97.65.14.92.31.8

3.91.6

- 3 . 37.16.0

20.47.4

- 1 1 . 1- 1 1 . 8

10.49.7'6.92.8

- 8 . 5- 5 . 9- 7 . 0

- 2 4 . 1- 5 . 5

- 1 0 . 7- 6 . 9

Ex-ports

7

?

4,

5.5.

0

4

4

49

4.84.57.

14.19.

43?88

16.915.9

1318.18.17.1820.

99?100

23.9?6?323.

27.?830.

737

696

32.73739.4?45.

4586

49.954

62.

7

565.672.7

101.137.

69

147.3163. ?175.5205.2

154160

47

168.2169.4

170.917818017?

181?05210223

181

7415

Im-ports

5.9

2.0

3.4

3.64.64.86.57.17.87.28.2

10.49.6

12.015.115.816.616.017.819.620.720.823.2

23.223.125.226.428.432.037.740.647.752.9

58.564.075.994.4

131.9126.9155.7186.6217.0

144.1150.9161.3166.6

179.4184.0187.8195.2

205.8210.9220.8230.4

Government purchases of goods andservices

Total

8. 8

8.2

13.5

14.24.59.

?

98

88.997.82.27.2532.

08550

38.4

38.560.175.82.75.

658

75.079.87.9597.

100.108118.123.129138.158180198207.

4106

3

07847

79

218.9233. 7253.1269.5302. 7338.4359. 5394.0434.2

354357360.366.

0

43

375.0388.839941?

4164?4439455.

55

7786

Tot<

1

5.

6.

\\

4

1

116.952.081.8974.17.

3466

12.716. 720.4

18. 738.352 457.54744.

95

45.9505353

535763

099

747

64.6656778909897

9596

102

f38905

6

1102.2111

129

119

145.1154.0

127.1127 8129.9134.6

13814?14615?

151147154163

398

5

04

Federal

Na-tional

de-fense i

1.2

2.213.749.479.787.473.514.89.0

10.713.2

14.033.545.848.641.138.440.244.045.645.6

44.547.051.150.349.049.460.371.576.976.3

73.570.273.573.577.083.786.894.399.5

85.985.686.589.1

91.993.794.497.1

97.998.699.6

102.1

Non-defense

3.9

3.93.22.61.62.01.12.83.76.07.2

4.74.86.58.96.86.05.75.98.38.3

9.310.412.714.316.217.818.519.521.221.2

22.126.028.628.734.139.443.150.854.5

41.242.243.445.5

46.449.352.455.1

53.648.654.561.3

Stateandlocal

7.4

6.1

8.3

8.18.07.87.57.68.29.9

12.815.318.0

19.821.823.225.027.830.633.537.141.143.7

46.550.854.359.064.671.179.889.3

100.7110.4

123.2137.5151.0167.3191.5215.4229.6248.9280.2

226.92?9.4230.5231.7

236.7245.9252.7260.3

265.2277.6285.8292.2

Per-cent

changefrompre-

cedingperiod,gross

na-tionalprod-uct'

- 4 2

6.9

10.124.926.821.39.6.9

- 1 . 311.111.3- . 4

10.915.45.15.5

.09.05.45.21.48 4

4.03.47.75.56.98.29.45.89.17.7

5.08.2

10.111.68.18.2

11.211.011.6

13.69.07.38.2

13.714.011.18.9

7.120.6

9.614.7

» This category corresponds closely to the national defense classification in "The Budget of the United States Govern-ment, Fiscal Year 1980."

1 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.

Source: Department of Commerce, Bureau of Economic Analysis.

183


TABLE B-2.—Gross national product in 1972 dollars, 1929-78

[Billions of 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Year or quarter

1929

1933

1939

19401941 .1942..19431944 . . . .1945194619471948 . .1949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973197419751976—19771978 P

1976:1IIIII _IV

1977:1IIIIIIV

1978:1IIIIIIV 9


314.6

222.1

318.8

343.3398.5460.3530.6568.6560.0476.9468.3487.7490.7

533.5576.5598.5621.8613.7654.8668.8680.9679.5720.4

736.8755.3799.1830.7874.4925.9981.0

, 007.7, 051.8, 078.8

, 075.31,107.51,171.1I, 235.01,217 8L, 202.31,271.0L,332.7I, 385.1

1,255.51, 268.0I, 276.51. 284.0

1, 306.71, 325.51, 343.91, 354.5

1 354.21, 382.61,391.41,412.2

Personal consumption expenditures

Total

215.6

170.7

220.3

230.4244.1241.7248.7255.7271.4301.4306.2312.8320.0

338.1342.3350.9364.2370.9395.1406.3414.7419.0441.5

453.0462.2482.9501.4528.7558.1586.1603.2633.4655.4

668.9691.9733.0767.7760 7774.6819.4857.7891.2

806.3814.0820.9836.2

846 6849.5858.0876.6

873 5886.3895.1910.0

Durablegoods

21.5

10.9

19.1

21.824.716.314.513.514.825.830.633.136.3

43.439.938.943.143.552.249.849.746.451.8

52.550.355.760.765.773.479.079.788.291.9

88.998.1

111.2121.8112 5112 7125.9137.8144.7

124.8125.2125.3128 5

134 9136.2136.9143.0

137 8145.8144.8150.2

Non-durablegoods

98.1

82.9

115.1

119.9127.6129.9134.0139.4150.3158.9154.8155.0157.4

161.8165.3171.2175.7177.0185.4191.6194.9196.8205.0

208.2211.9218.5223.0233.3244.0255.5259.5270.2276.4

282.7287.5299.3309.3303 9306.6320.2330.4339.1

314.6318.2320.5327.7

327.1327.2329.2338.1

333.3336.3340.4346.6

Services

96.1

76.8

86.1

88.791.895.5

100.1102.7106.3116.7120.8124.6126.4

132.8137.1140.8145.5150.4157. 5164.9170.2175.8184.7

192.3200.0208.7217.6229.7240.7251.6264.0275.0287.2

297.3306.3322.4336.5344.3355.3373.2389.5407.4

366.9370.6375.1380.0

384.6386.0391.8395.6

402.4404.2410.0413.2

Gross private domestic investment

Total

55.9

8.4

33.6

44.655.829.618.119.827.871.070.182.365.6

93.794.183.285.683.4

104.1102.997.287.7

107.4

105.4103.6117.4124.5132.1150.1161.3152.7159.5168.0

154.7166.8188.3207.2183.6142.6173.4196.3210.1

168.5174.7177.1173.4

186.1197.1201.7200.3

205.7213.1210.4211.1

Fixed investment

Total

51.3

13.3

32.0

38.443.824.418.022.131.458.870.476.870.0

83.280.478.984.185.696.397.195.789.6

101.0

101.0100.7109.3116.8124.8138.8144.6140.7150.8157.5

150.4160.2178.8190.7175.6152.4166.8187.4199.6

161.0164.6167.8173.6

180.3187.1189.5192.8

193.4200.4201.4203.4

Nonresidential

Total

37.0

10.4

20.7

25.730.317.614.018.727.642.048.951.046.0

50.052.952.156.355.461.265.266.058.962.9

66.065.670.973.581.095.6

106.1103.5108.0114.3

110.0108.0116.8131.0130.6113.6118.9129.8139.9

115.5117.8121.0121.4

126.8129.1130.8132.5

133.8140.5141.7143.5

Struc-tures

20.6

4.9

8.6

9.911.96.74.25.58.3

18.817.318.417.8

19.120.620.622.523.525.328.128.126.426.8

28.829.330.830.833.339.642.541.142.044.0

42.841.742.545.542.537.138.340.044.3

38.338.538.338.3

38.340.040.841.0

41.044.645.646.2

Pro-ducers'durableequip-ment

16.4

5.5

12.1

15.818.510.99.8

13.219.223.231.632.728.2

30.932.331.533.831.835.937.137.932.536.1

37.236.340.142.747.756.063.662.466.170.3

67.266.374.385.588.176.580.689.895.5

77.279.382.783.1

88.589.090.091.5

92.995.996.197.4

See next page for continuation of table.

184


TABLE B-2.—Gross national product in 1972 dollars, 1929-78— Continued


Year orquarter

1929

1933

1939

1940 .19411942 .1943 ._.194419451946194719481949 .

1950 .195119521953195419551956195719581959

19601961..19621963196419651966.196719681969

197019711972197319741975197619771978 P _

1976: 1| |I II . . . .IV

1977:1IIIIIIV..._

1978:1IIlll..__IV P

Gross private domesticinvestment—continued

Fixed investment—continued

Residential

Total

14.3

2.9

11.3

12.813.56.84.03.43.8

16.821.525.824.0

33.227.526.827.830.235.131.929.730.638.1

35.035.138.443.243.843.238.537.242.843.2

40.452.262.059.745.038.847.857.759.7

45.546.846.852.3

53.558.058.860.3

59.559.959.759.8

Non-farmstruc-tures

13.6

2.6

10.6

11.812.56.13.53.03.5

15.519.823.922.3

31.525.925.326.328.833.830.428.329.236.5

33.733.636.941.742.241.636.935.541.141.5

38.950.560.357.943.037.246.055.657.6

43.545.245.250.2

51.455.956.658.4

57.457.857.657.8

Farmstruc-tures

0.6

.2

.6

.8

.9

.6

.4

.4

.313

.54

33?

1.9

1.01.0.9

1.0

.81.0.9.9.9.8.9.9.8.9

.6

.7

.7

.5

.9

.7

.7

.9

.8

1.0.6.6.9

1.01.01.0.7

.8

.8

.8

.8

Pro-duc-ers'dur-able

equip-ment

0.1

.1

.1

.1

.2

.1

.0

.0

.1

.2

.3

.3

.3

.3

.3

.3

.3

.4

.4

.4

.5

.6

.5

.5

.6

.6

.7

.7

.8

.8

.9

.9

.91.01.11.21.1.9

1.11.21.3

1.11.01.11.1

1.11.11.21.2

1.31.41.31.3

Changein

busi-ness

inven-tories

4.6

- 4 . 9

1.6

6.212.05.2

- 2 . 3- 3 . 612.2- . 25.5

- 4 . 4

10.613.74.31.5

- 2 . 27.75.81.5

- 1 . 86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.58.0

- 9 . 86.78.9

10.4

7.510.19.3

5.810.012.27.5

12.312.79.07.7


Netex-

ports

2.2

.2

2.0

3.0.8

- 2 . 5- 7 . 3- 7 . 2- 4 . 511.616.68.58.8

4.07.44.92.04.54.77.38.93.5.9

5.56.75.87.3

10.98.24.33.5

- . 4- 1 . 3

1.4- . 6

- 3 . 37.6

15.922.615.49.58.6

16.516.116.113.1

11.211.012.53.1

2.911.39.2

11.0

Ex-ports

15.6

9.4

13.3

14.614.710.39.0

10.013.526.130.224.224.2

21.725.924.923.825.327.932.334.830.731.5

35.837.039.642.247.849.151.654.258.562.2

67.167.972.787.493.090.095.998.2

107.3

93.295.298.097.3

97.198.9

100.896.0

99.1108.4109.0112.6

Im-ports

13.4

9.3

11.4

11.514.012.816.317.318.014.613.615.715.4

17.718.520.021.820.823.225.026.027.230.6

30.330.333.935.036.941.047.350.758.963.5

65.768.575.979.977.167.580.588.798.7

76.779.281.984.2

85.987.988.292.9

96.297.199.7

101.6

Government purchasesof goods and services

Total

40.9

42.8

62.9

65.297.7

191.5271.2300.3265.393.075.484.196.2

97.7132.7159.5170.0154.9150.9152.4160.1169.3170.7

172.9182.8193.1197.6202.7209.6229.3248.3259.2256.7

250.2249.4253.1252.5257.7262.6262.8269.2275.2

264.3263.2262.5261.3

262.8267.9271.7274.5

272.1271.9276.7280.1

Fed-eral

7.0

10.9

22.8

26.761.0

157.4239.6269.7233.758.236.142.448.9

47.081.3

107.0114.695.286.985.989.892.891.8

90.895.6

103.1102.2100.6100.5112.5125.3128.3121.8

110.7103.9102.196.695.896.596.6

101.6100.5

96.295.996.897.5

98.7101.3102.9103.6

101.297.1

100.4103.3

Stateandlocal

33.8

31.9

40.2

38.536.734.131.630.631.634.739.341.847.4

50.751.352.555.459.764.066.570.376.478.9

82.087.190.095.4

102.1109.1116.8123.1130.9134.9

139.5145.5151.0155.9161.8166.1166.2167.6174.7

168.1167.3165.7163.8

164.1166.6168.8170.9

170.8174.8176.3176.8

Percentchange

frompre-

cedingperiod,gross

nationalproduct1

—2 2

7 6

7.716 115.515.37.1

- 1 . 5—14.8—1.8

4.1.6

8.78.13.83.9

- 1 . 36.72.11.8

26.0

2.32.55.84.05.35.95.92. 74.42.6

- . 33.05.75.5

- 1 . 4- 1 . 3

5.74.93.9

9.34.02.72.3

7.35.95.73.2

- . 18.72.66.1

1 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.Source: Department of Commerce, Bureau of Economic Analysis.

185


TABLE B-3.—Implicit pries deflators for gross national product, 1929-78

[Index numbers, 1972 = 100, except as noted; quarterly data seasonally adjusted]

Year orquarter

Grossnational

prod-uct *


TotalDur-able

goods

43.1

31.7

34.9

35.739.142.145.049.553.761.166.869.169.1

70.874.774.875.573.274.076.079.279.481.9

82.182.783.984.885.785.685.787.490.793.1

95.599.0

100.0101.6108.4117.7124.4129.5136.6

122.0123.6125.0126.8

128.4128.9129.5130.9

133.1135.7137.8139.5

Non-durablegoods

38.4

26.8

30.5

30.933.639.143.746.247.852.158.762.360.3

60.765.866.666.366.666.367.369.471.071.4

72.673.373.974.975.877.380.181.985.389.4

93.696.6

100.0107.9123.8133.4138.2145.0155.0

136.8137.4138.7139.9

142.4144.7145.7147.0

150.4154.4156.2158.9

Serv-ices

Gross private domestic investment *

Fixed investment

Total

Nonresidential

Total Struc-tures

Pro-ducers'durableequip-ment

1929

1933

1939—.

1940194119421943194419451946. . . .19471948.1949

1950...1951..195219531954.19551956...195719581959

196019611962196319641965196619671968...1969

1970.19711972197319741975197619771978 v

1S76:1IIIIIIV

1977:1IIIIIIV

1978:1IIIII

32.87

25.14

28.48

29.1331.3434.3936.1837.0337.9243.9549.7053.1352.59

53.6457.2758.0058.8859.6960,9862.9065.0266.0667.52

68.6769.2870.5571.5972.7174.3276.7679.0282.5786.72

91.3696.02100.00105.80116.02127.15133.76141.61152.09

131.40132.92134.39136.28

138.27140. 86142. 63144. 56

147.10150.98153.52156. 54

35.8

26.8

30.4

30.833.136.740.042.344.047.752.855.955.7

56.860.561.963.163.664.265.567.669.170.4

71.772.573.674.775.777.179.381.384.688.5

92.596.6100.0105.5116.9126.4133.1140.7150.3

130.7132.1133.8135.6

137.9139.9141.6143.2

146.2149.3151.6154.1

31.6

26.1

29.2

29.530.832.434.236.137.338.941.744.446.1

47.449.952.655.457.258.560.262.264.266.0

68.069.170.471.772.874.376.578.882.086.1

90.595.8

100.0104.7113.6123.2131.6141.0151.3

128.4130.3132.5134.9

137.4139.7142.3144.4

147.1149.9152.6155.3

28.2

22.4

27.6

28.530.633.435.636.937.141.348.953.654.8

56.560.862.162.963.464.868.370.970.871.6

71.971.672.072.172.873.876.278.782.186.9

91.195.9

100.0106.0117.1132.3139.6150.6164.7

136.7138.5140.3142.6

145.4148.9151.9155.9

158.2162.31K7.1170.8

28.2

22.8

28.2

29.130.933.835.736.636.639.946.851.352.8

54.358.959.961.061.462.667.070.770.672.0

72.271.872.372.973.674.576.879.382.686.6

91.396.4

100.0103.8115.3132.2138.4146.7158.7

136.6137.7138.9140.5

142.5145.0147.9151.2

153.6156.7160.6163.7

24.1

19.1

22.8

23.124.728.132.033.433.636.343.748.448.0

48.854.755.856.855.957.061.864.463.363.6

63.162.763.063.564.465.968.871.875.381.1

88.094.4

100.0107.8128.1144.9149.5159.6174.8

147.4149.4149.7151.4

154.9158.3160.2164.5

167.2171.8177.3182.0


186


TABLE B-3.—Implicit price deflators for gross national product, 1929-78—Continued[Index numbers, 1972=100, except as noted; quarterly data seasonally adjusted]

Year orquarter

1929

1933.

1939

1940194119421943194419451946194719481949 . . . .

1950195119521953195419551956195719581959

196019611962196319641965196619671968 . -.1969

197019711972 . . .1973197419751976 . - .19771978 P . . .

1976: 1IIIIIIV

1977: 1IIIllIV

1978: 1IIIllIV P . . . .

Gross private domesticinvestment1—continued

Fixed investment—continued

Residential

Total

28.2

20.7

26.6

27.429.932.434.938.140.844.653.758.158.7

60.064.466.466.967.168.770.971.371.271.0

71.471.371.570.971.272.374.677.080.787.7

90.694.9

100.0110.8122.3132.8142.5159.4178.7

137.2140.7143.8147.6

152.3157.6160.6166.1

168.6175.7182.6187.9

Non-farm

struc-tures

27.8

19.8

26.3

27.229.731.834.337.340.043.953.057.458.1

59.563.865.866.366.668.270.570.870.770.6

70.970.971.170.570.872.074.276.780.487.5

90.494.8

100.0111.0122.7133.2143.0160.0179.8

137.6141.1144.2148.1

152.9158.2161.3166.9

169.5176.7183.7189.1

Farmstruc-tures

28.6

19.5

23.4

23.626.630.735.740.842.946.652.857.358.0

59.463.865.766.266.568.370.670.970.870.8

71.270.771.370.771.072.374.376.780.587.5

90.595.0

100.0110.7122.7132.9142.6159.7178.9

137.2141.0144.4148.0

153.3158.7161.8167.5

168.9176.5182.8186.9

Pro-ducers'dur-able

equip-ment

77.2

58.8

61.1

59.663.871.371.475.084.695.2

105.6111.5107.9

107.4114.9114.6114.2112.4109.1104.3103.4101.9101.8

100.899.196.895.394.392.190.891.093.295.2

97.599.3

100.0100.1105.3116.2122.2126.2132.2

120.2121.8123.0123.6

124.3126.2126.6127.5

128.8131.8133.3135.1

Exports andimports ofgoods andservices i

Ex-ports

45.0

25.5

33.3

36.840.246.549.252.653.656.765.869.865.5

64.073.173.071.971.271.873.976.475.775.4

77.178.077.377.578.380.582.884.085.387.9

93.196.6

100.0116.2148.3163.6170.1178.7191.2

165.7168.7171.7174.0

176.1180.0179.4179.2

183.3189.4192.8198.4

Im-ports

43.8

22.1

29.6

31.533.237.439.641.143.649.760.766.162.7

67.881.879.175.876.976.878.379.576.575.7

76.776.174.575.677.178.079.780.180.983.3

89.193.5

100.0118.2171.0188.0193.5210.3219.9

187.8190.7197.0197.8

208.9209.3212.9210.2

213.8217.2221.5226.8

Government purchasesof goods and services

Total

21.6

19.3

21.5

21.725.531.232.832.331.229.633.838.039.9

39.445.347.448.548.949.752.154.456.157.2

58.059.261.162.664.066.069.272.676.781.0

87.593.7

100.0106.7117.5128.9136.8146.3157.8

134.0135.7137.3140.2

142.7145.1147.1150.3

153.2156.2158.9162.7

Fed-eral

20.5

19.4

22.7

22.727.833.034.033.131.930.235.139.441.8

39.947.148.950.250.451.153.455.758.158.7

59.160.061.863.364.867.070.172.676.480.0

86.492.6

100.0105.8115.9127.5134.4142.7153.2

132.1133.3134.2138.0

140.1141.1142.7146.9

149.6151.5153.4158.2

Stateandlocal

21.8

19.2

20.7

21.021.722.923.824.925.928.632.536.638.0

39.042.444.245.146.647.850.452.853.855.4

56.858.360.361.963.365.168.472.576.981.9

88.394.5

100.0107.3118.4129.7138.1148.5160.4

135.0137.1139.1141.5

144.3147.6149.7152.3

155.2158.8162.1165.2

Grossdo-

mesticprod-uct

32.8

25.2

28.5

29.131.334.436.237.037.943.949.753.152.6

53.657.257.958.859.660.962.865.066.067.5

68.669.270.571.672.774.376.879.082.686.8

91.496.0

100.0105.7115.6126.8133.3141.1151.5

131.0132.5133.9135.8

137.7140.3142.1144.1

146.6150.4153.0156.0

Percent changefrom preceding

period 2

Grossnationaproductimplicitprice

deflator

- 2 . 1

- 7

2 37 69 75.22 32 4

15.913 16.9

- 1 . 0

2.06.81.31.51.42.23.23.41.62.2

1.7.9

1.81.51.62.23.32.94.55.0

5.45.14.15.89.79.65.25.97.4

3.94.74.55.7

6.07.75.15.5

7.211.06.98.1

Grossdo-

mesticproductimplicitprice

deflator

- 2 . 0

_ 7

2 37 69 75 22 32 4

15 913 06 9

- 1 . 0

2 06.71 31 51.42.23 23.41.62 2

1.7.9

1.91.51.62.23.33.04.55.1

5.35.14.15.79.39.75.25.87.4

3.64.84.45.8

5.77.75.15.8

7.110.97.08.1

1 Separate deflators are not available for gross private domestic investment, change in business inventories, and netexports of goods and services.

3 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.Quarterly data are at annual rates.


187


TABLE B-4.—Implicit price deflators and alternative price measures for gross national productand gross domestic product^ 1929-78

[Quarterly data seasonally adjusted]

Year orquarter

1929

1933

1939

19401941194219431944194519461947 . . .19481949

195019511952.1953195419551 9 5 6 . . . . . . .195719581959

1960196119621963196419651966196719681969

197019711972197319741975197619771978 v

1976: 1IIIllIV

1977: 1III I I . . . .IV . . . .

1978: 1III l l — .IV p . . .

Index numbers, 1972=100

Gross nationalproduct

Implicitprice

deflator

32.87

25.14

28 48

29.1331.3434 3936.1837.0337.9243.9549.7053.1352.59

53.6457.2758.0058.8859.6960.9862.9065.0266.0667.52

68.6769.2870.5571.5972.7174.3276.7679.0282.5786.72

91.3696.02

100.00105.80116.02127.15133.76141.61152.09

131.40132.92134.39136.28

138.27140.86142.63144.56

147.10150.98153.52156.54

Fixed-weighted

price index(1972

weights)

68.169.1

70.371.172.072.873.775.077.279.583.087.1

91.696.1

100.0186.0116.8127.7134.9143.3154,3

132.2133.8135.5137.6

139.9142.5144.1146.5

149.0152.9155.8159.0

Gross domesticproduct

Implicitprice

deflator

32.8

25.2

28.5

29.131.334.436.237.037.943.949.753.152.6

53.657.257.958.859.660.962.865.066.067.5

68.669.270.571.672.774.376.879.082.686.8

91.496.0

100.0105.7115.6126.8133.3141.1151.5

131.0132.5133.9135.8

137.7140.3142.1144.1

146.6150.4153.0156.0

Fixed-weighted

price index(1972

weights)

68.069.1

70.271.172.072.873.775.077.279.683.087.1

91.796.2

100.0105.9116.4127.2134.4142.8153.8

131.8133.4135.0137.2

139.4142.0143.6146.0

148.5152.5155.3158.6

Percent change from preceding period l

Gross national product

Implicitprice

deflator

- 2 . 1

- . 7

2.37.69.75.22.32.4

15.913.16.9

- 1 . 0

2.06.81.31.51.42.23.23.41.62.2

1.7.9

1.81.51.62.23.32.94.55.0

5.45.14.15.89.79.65.25.9

3.94.74.55.7

6.07.75.15.5

7.211.06.98.1

Fixed-weighted

price index(1972

weights)

1.6

1.71.11.31.11.21.82.93.04.35.0

5.24.94.06.0

10.29.35.66.3

4.34.95.16.4

7.07.44.76.8

7.011.07.68.7

Chainpriceindex

1.6

1.71.21.41.31.41.93.13.04.45.0

5.35.04.16.09.99.45.66.2

4.55.05.26.3

6.67.34.66.5

7.110.87.68.5

Gross domestic product

Implicitprice

deflator

-2 .0

—.7

2.37.69.75.22.32.4

15.913.06.9

-1 .0

2.06.71.31.51 42.23.23.41.62.2

1.7.9

1.91.51.62.23.33.04.55.1

5.35.14.15.79.39.75.25.8

3.64.84.45.8

5.77.75.15.8

7.110.97.08.1

Fixed-weighted

price index(1972

weights)

i

I

L.6

L.71.21.3l . lL.21.8J.OJ.O1.45.0

5.21.9».O5.93.9a. 35.73.3

4.24.95.06.5

6.87.54.67.0

7.011.07.68.7

Chainpriceindex

•

i

L.6

L.7L.2L.5L.3L4L.9J.IJ.I1.4).O

5.35.0U5.9).6).45.75.1

4.55.05.16.4

6.47.44.56.7

7.110.97.58.4

i Changes are based on unrounded data and therefore may differ slightly from those obtained from published Indexesshown here. Quarterly data are at annual rates.


188


TABLE B-5.—Gross national product by industry in 1972 dollars•, 1947-77

[Billions of 1972 dollars]

Year

194719481949

1950. _..195119521953.1954

19551956195719581959

19601961196219631964

1965196619671968.1969

19701971197219731974

1975.19761977.

Grossna-

tionalproduct

468.3487 7490.7

533.5576.5598.5621.8613.7

654.8668.8680.9679.5720.4

736.8755.3799 1830.7874.4

925.9981.0

1,007.71,051.81,078.8

1,075.31,107.51,171.11,235.01,217.8

1,202.31 271.01,332.7

Agri-culture,fores-

try,andfish-eries

26.128 027.8

29.128.229.030.331.1

31.931.430.832 030.9

32.232.332 332.832.1

33.031.332.632.433.0

34.336.135.435.935.7

37.036 038.3

Con-struc-tion

22.926.526.5

29.332.533.834.836.0

38 240 940 942 145 5

46 146.648 349 853.7

57.059 059.562.561.2

57.157.158.058.356.0

49.853.456.9

Manufacturing

Total

114.9121.5115.0

131.3146.0150.7161.2149.6

165.8166.9167.8153.3170.7

172.0171.2186.2201.0215.7

235.1254.0254.1268.4276.2

260.6264.1288.8313.0291.9

277.1303 2322.3

Du-rablegoodsindus-tries

68.572.066.3

78.189.994.3

102.691.7

103.4102.5102.988.8

100.7

101.599.3

110.1119.0129.3

144.1157.0157.2165.5169.1

154.4155.3171.9189 0176.0

162.2178 1190.9

Non-durablegoodsindus-tries

46.449.648.8

53.256.156.458.657.9

62.464.464.964.570.0

70.572.076.282.186.4

91.097.096.9

102.9107.2

106.2108.7116.8124.1115.9

114.9125 0131.5

Trans-porta-tion,com-muni-cation,

andutili-ties

38.338.736.4

39.644.244.345.945.6

49.452.353.452.255.7

58.059.162.165.668.9

74.380.082.388.292.9

95.197.3

103.6112.6112.4

113.5119 7124.0

Whole-saleand

retailtrade

76.178.079.9

87.688.391.194.094.6

103.2106.2108.0107.9115.8

117.9119.2126.7131.7139.7

148.6156.9160.7170.6174.5

178.4186.8201.2212.0205.7

206.2218 0227.9

Finance,insur-ance,andreal

estate

55.457.160.7

64.466.771.174.077.7

82.085.789.893.598.1

101 9106 8115 3115 3119.3

127.2131 4136 5142.9149.3

152.9160 6167.3171 1180.3

182.3193 0204.0

Serv-ices

55.156 757.2

59.460.661.663.063.1

67.571.173.375 880.3

82.285.488.692.296.9

101.2106.5112.7116.3121.4

124.7126.6134.5143 1144.7

145.2151 6159.0

Gov-ern-mentand

govern-ment

enter-prises

68.569 073.1

75.489.896.696.494.9

95.497.6

100.1101.7103.6

107.2111.1115.1118.3122.6

127.4136 4143.5148.1151.8

152.0153.1154.9157.3160.0

162.7164 5165.7

Allother i

11.112 014.1

17.520.220.222.321.1

21.416.616.821 020.0

19.423.624 524.125.6

22.125.425.722.418.4

20.425.727.731 631.1

28.631 634.5

1 Mining, rest of the world, and residual (GNP in 1972 dollars measured as the sum of final products less GNP in 1972dollars measured as the sum of gross product by industry).

Note.—The industry classification is on an establishment basis and is based on the 1972 Standard Industrial Classification.


189

278-216 O - 79 - 13


T A B L E B-6.—Gross national product by major type of product, 1929-78

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

Yearor

quar-ter

1929..

1933..

1939..

1940..1941. .1942-.1943.-1944.-1945..1946..1947..1948.-1949..

1950..1951. .1952..1953..1954..1955..1956..1957-.1958-.1959. .

1960..1961. .1962..1963. .1964..1965..1966 . .1967..1968-.1969. .

1970..1971. .1972--1973. .1974..1975..1976..1977..1978 p.

1976:1 . . .II —III -IV..

1977:1 . . .II —III..IV. .

1978:1 . . .II —III..IV*.


103.4

55.8

90.8

100.0124.9158.3192.0210.5212.3209.6232.8259.1258.0

286.2330.2347.2366.1366.3399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7688.1753.0796.3868.5935.5

982.41,063.41,171.11,306.6lr 412.91, 528.81, 700.11, 887.22,106.6

1,649.71,685.41,715.61,749.8

1,806.81,867.01,916.81,958.1

1,992.02,087.52,136.12,210.8

Finalsales

101.7

57.4

90.4

97.8120.4156.5192.5211.5213.4203.2233.2254.4261.1

279.4319.9344.0365.7367.8393.3416.0441.4450.4481.2

502.2521.1557.3588.8629.9678.6738.7786.2860.8926.2

978.61,057.11,161. 71, 288.61, 404.01, 539.61, 689.91,871.62,090.9

1, 638.31,670.11,701.01, 750.4

1, 796.51,850.01, 894.91,945.0

1, 975.32,067.42,122.52,198.4

Inven-tory

change

1.7

- 1 . 6

.4

2.24.51.8

- . 6- 1 . 0- 1 . 0

6.4- . 54.7

- 3 . 1

6.810.33.1.4

- 1 . 56.04.71.3

- 1 . 55.2

3.82.26.56.05.89.5

14.310.17.79.4

3.86.49.4

17.98.9

-10.710.215.615.7

11.415.414.5- . 6

10.317.021.913.1

16.720.113.612.4

Goods

Total

Total

56.1

27.0

49.0

56.072.593.7

120.4132.3128.9125.3139.8154.4147.7

162.4189.5194.6203.1196.1214.5223.3232.3228.2247.4

254.3256.5278.0289.7309.0336.6373.9387.3418.9446.2

456.2479.8526.0598.8638.6686.6760.3832.6917.5

741.9758.0768.1772.9

800.2825.8844.7859.6

861.8912.2927.3968.6

Finalsales

54.4

28.6

48.6

53.868.091.9

121.0133.3129.9118.9140.3149.7150.8

155.6179.2191.5202.7197.6208.5218.6231.0229.7242.2

250.6254.3271.5283.7303.2327.1359.6377.2411.2436.8

452.4473.5516.6580.9629.7697.3750.1817.0901.8

730.5742.6753.6773.5

789.9808.8822.8846.5

845.1892.1913.7956.2

Inven-tory

change

1.7

- 1 . 6

.4

2.24.51.8

- . 6- 1 . 0- 1 . 0

6.4- . 54.7

- 3 . 1

6.810.33.1.4

- 1 . 56.04.71.3

- 1 . 55.2

3.82.26.56.05.89.5

14.310.17.79.4

3.86.49.4

17.98.9

-10.710.215.615.7

11.415.414.5- . 6

10.317.021.913.1

16.720.113.612.4

Durablegoods

Finalsales

16.1

5.4

12.4

15.423.834.554.258.550.131.844.146.948.3

54.762.567.671.569.078.282.387.380.587.4

89.190.298.4

105.4115.0127.0139.0143.5157.4169.2

170.7179.8202.1229.6240.8267.9299.3332.9364.8

288.4295.3303.1310.4

326.1330.0334.6341.1

336.3365.0369.8388.0

Inven-tory

change

1.4

- . 5

.3

1.23.11.0.0

- . 6- 1 . 3

5.31.7.7

- 2 . 1

4.16.91.1.9

- 2 . 53.02.81.3

- 2 . 82.7

2.4- . 13.62.73.96.6

10.05.35.06.1

.01.86.3

10.97.1

- 8 . 95.38.4

11.5

.16.59.35.2

6.19.1

11.96.3

14.810.810.210.1

Nondurablegoods

Finalsales

38.3

23.2

36.2

38.444.257.466.874.879.887.196.2

102.8102.5

100.9116.7123.9131.2128.7130.3136.3143.7149.2154.8

161.4164.1173.2178.3188.2200.1220.6233.7253.8267.6

281.7293.7314.5351.3389.0429.4450.7484.1537.0

442.1447.3450.4463.1

463.8478.8488.2505.4

508.7527.1543.9568.2

Inven-tory

change

0.3

- 1 . 1

.1

1.01.4.7

- . 6- . 3

.21.1

- 2 . 24.0

- 1 . 0

2.73.42.0

- . 51.02.91.9.0

1.32.5

1.42.32.93.31.92.94.34.82.83.3

3.74.63.27.01.8

- 1 . 84.97.24.2

11.38.95.3

- 5 . 8

4.27.9

10.06.8

1.99.33.42.4

Serv-ices

35.9

25.9

34.3

35.740.650.662.972.276.968.671.376.781.9

88.2102.9113.1121.0125.7135.3145.2157.5166.9179.5

193.2206.7221.5236.2254.4272.7297.7326.1356.6388.7

424.6465.5510.8560.5626.8697.6778.0862.8962.9

749.7766.9787.1803.1

832.3850.0875.3893.6

926.4952.0973.7999.4

Struc-tures

11.4

2.9

7.5

8.311.814.08.76.16.5

15.721.728.028.4

35.637.839.442.044.549.552.253.053.859.5

58.460.164.368.972.478.881.482.993.0

100.7

101.6118.1134.3147.2147.4144.7161.9191.8226.2

158.1160.5160.3168.7

174.3191.3196.8204.9

203.8223.4235.0242.8

Autoout-put

~

" 7 . 18.9

12.0

15.513.412.216.314.921.517.219.614.619.6

21.618.122.925.626.531.831.128.836.636.8

30.642.245.150.742.945.661.472.377.4

60.561.959.563.8

72.772.170.074.5

73.879.575.880.7


190


TABLE B-7.—Gross national product by major type of product in 1972 dollars, 1929-78

[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Yearor

quar-ter

1929..

1933..

1939..

1940..1941..1942..1943. .1944..1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..

I960. .1961..1962..1963..1964..19651966"1967..1968..1969..

1970..1971. .1972..1973..197419751"1976._1977_.1978 v.

1976:I . . .II—III..IV._

1977:l . _ .II—III..IV_.

1978:1 . . .II—IIL.IV ».


314.6

222.1

318.8

343.3398.5460.3530.6568.6560.0476.9468.3487.7490.7

533.5576.5598.5621.8613.7654.8668.8680.9679.5720.4

736.8755.3799.1830.7874.4925 9981.0

L, 007.71,051.81,078.8

1,075.31,107.51,171.11,235.0L 217 8,'202.3,271.0

L, 332.71,385.1

, 255.5, 268.0

1,276.5, 284.0

, 306.7, 325.5, 343.9, 354.5

1,354.21,382.61,391.41,412.2

Finalsales

310.0

226.9

317.2

337.1386.4455.1530.5570.9563.6464.7468.5482.2495.1

522.9562.8594.2620.3615.8647.1663.0679.4681.3714.0

732.4752.4791.0823.0867.1914 6964.3995.7

1,043.11,068.2

1,071.01,100.91,161.71,218.51 209 91,212.11,264.41,323.81,374.7

1,248.01,258.01,267.31,284.2

1,300.91, 315. 51,331.71,347.1

1,341.81,369.91,382.41,404. 5

Inven-tory

change

4.6

- 4 . 9

1.6

6.212.05.2.1

- 2 . 3- 3 . 612.2- . 25.5

- 4 . 4

10.613.74.31.5

- 2 . 27.75.81.5

- 1 . 86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.58 0

- 9 . 86.78.9

10.4

7.510.19.3

- . 2

5.810.012.27.5

12.312.79.07.7

Goods

Total

Total

143.9

97.2

153.9

171.2197.4221.1263.5286.8279.2238.0236.8244.2239.9

261.5283.1292.3306.9292.2316.3320.9321.8312.0332.5

337.1338.1362.0373.0394.0421.5455.6461.9481.1492.3

483.4491.6526.0569.0554.2538.3576.5608.4629.1

568.5576.3580.8580.3

596.0604.4613.3620.1

611.8627.7630.2646.8

Finalsales

139.3

102.1

152.3

165.0185.4215.9263.4289.1282.8225.8237.0238.7244.3

250.9269.4288.0305.4294.4308.6315.1320.3313.8326.1

332.8335.2353.8365.2386.7410.2438.9449.9472.4481.7

479.1484.9516.6552.5546.2548.0569.8599.6618.7

561.0566.2571.5580.5

590.1594.3601.1612.7

599.4615.0621.2639.1

Inven-tory

change

4.6

- 4 . 9

1.6

6.212.05.2.1

- 2 . 3- 3 . 612.2- . 25.5

- 4 . 4

10.613.74.31.5

-2 .27.75.81.5

- 1 . 86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.58.0

- 9 . 86.78.9

10.4

7.510.19.3

- . 2

5.810.012.27.5

12.312.79.07.7

Durablegoods

Finalsales

40.7

17.6

35.6

43.157.576.0

119.3135.9121.960.574.975.676.1

84.492.6

100.6105.9101.7112.9113.5114.6104.8110.6

111.6112.6121.1128.4139.2152.6165.2166.6175.7183.3

179.1181.5202.1225.9222.7219.8232.5248.0257.8

228.7231.1234.0236.2

246.5246.9248.0250.5

245.0260.2258.7267.6

Inven-tory

change

3.5

- 2 . 1

.7

3.48.23.5.7

- 1 . 8- 3 . 710.81.81.5

- 3 . 7

6.39.81.81.4

- 3 . 64.23.71.5

- 3 . 43.3

2.9- . 14.43.45.08.0

11.96.45.66.8

.11.86.2

10.65.6

- 7 . 03.65.87.2

.24.66.33.5

4.46.17.94.6

9.66.46.16.6

Nondurablegoods

Finalsales

98.6

84.5

116.7

121.8127.9140.0144.1153.2161.0165.3162.1163.1168.2

166.5176.8187.4199.5192.7195.7201.6205.6209.0215.5

221.2222.7232.7236.8247.5257.7273.7283.3296.7298.4

300.0303.4314.5326.6323.5328.2337.3351.6360.8

332.3335.2337.4344.3

343.6347.5353.1362.1

354.5354.8362.5371.5

Inven-tory

change

1.1

- 2 . 8

.9

2.83.81.7

- . 6- . 5

.11.3

- 2 . 04.0

- . 8

4.23.92.5.1

1.43.52.1.0

1.63.2

1.53.03.74.32.33.34.85.63.23.7

4.24.83.25.92.4

- 2 . 73.03.13.3

7.35.43.0

- 3 . 7

1.43.94.32.9

2.76.32.91.1

Serv-ices

126.8

110.9

134.6

139.5157.6192.7240.9263.6261.9199.7186.9190.9197.0

206.0229.0240.6245.5247.0257.6267.2279.3285.6298.0

310.7325.5339.9354.0372.2389.1410.2432.7449.9465.4

477.2491.1510.8531.1546.4560.1583.0602.9627.2

575.5580.5585.8589.9

596.3598.8606.9609.6

620.1625.6629.7633.3

Struc-tures

44.0

14.0

30.3

32.643.446.426.318.118.939.244.752.553.7

66.064.465.669.474.580.980.779.981.989.9

89.091.797.2

103.8108.1115.3115.2113.1120.9121.1

114.6124.9134.3134.8117.2104.0111.6121.3128.8

111.5111.2109.9113.8

114.5122.3123.7124.8

122.3129.3131.6132.2

Autoout-put

~

12.914.718.9

24.020.418.423.922.931.324.425.820.024.7

26.822.627.530.331.1V 436.733.540.640.0

32.542.145.150.640 139.449.255.255.2

49.750.147.349.7

56.255.653.755.4

54.157.053.556.3


191


TABLE B-8.—Gross national product: Receipts and expenditures by majoreconomic groups, 1929-78

[Billions of dollars]

Year orquarter

1929

1933..

1939 . .

1940 . .19411942194319441945. . . .1946194719481949

1950195119521953195419551956195719581959..

196019611962..196319641965.1966 . .196719681969

19701971197219731974 .197519761977 ___.1978*

Persons

Disposable personalincome

Total i

82.3

45.5

69.9

75.292.0

116.5132.9145.5149.0158.6168.4187.4187.1

205.5224.8236.4250.7255.7273.4291.3306.9317.1336.1

349.4362.9383.9402.8437.0472.2510.4544.5588.1630.4

685.9742.8801.3901.7984.6

1, 086.71,184.41, 303.01,451.2

Less:Inter-

estpaidand

trans-fers 2

1.9

.7

.9

1.01.1.8.7.8.9

1.41.72.12.3

2.72.93.34.04.34.85.65.96.06.5

7.47.78.39.4

10.511.712.613.314.115.6

16.617.318.921.523.423.926.129.634.8

Equals:Total

exclud-ing in-terestpaidand

trans-fers

80.4

44.8

69.1

74.391.0

115.6132.1144.6148.0157.3166.7185.3184.9

202.8221.9233.1246.6251.4268.6285.7301.0311.1329.6

342.0355.2375.6393.4426.5460.4497.8531.2574.0614.8

669.4725.5782.4880.2961.3

1,062.71,158.31,273.41,416.4

Per-sonalcon-

sump-tionex-

pendi-tures

77.3

45.8

67.0

71.080.888.699.4

108.2119.5143.8161.7174.7178.1

192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8

324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7

618.8668.2733.0809.9889.6979.1

1,090.21, 206.51, 339.7

Per-sonalsaving

ordis-

saving

3.1

- 1 . 0

2.1

3.310.227.032.736.528.513.44.9

10.66.7

10.814.816.017.015.614.919.720.621.718.8

17.120.220.418.826.130.333.040.938.135.1

50.657.349.470.371.783.668.066.976.7

Government

Net receipts

Taxandnon-taxre-

ceiptsor ac-cruals

11.3

9.3

15.4

17.725.032.649.251.253.251.056.958.955.9

69.085.290.194.689.9

101.1109.7116.2115.0129.4

139.5144.8156.7168.5174.0188.3212.3228.2263.4296.3

302.6322.2367.4411.2455.1468.5537.2603.3682.7

Less:Trans-fers,inter-estandsub-

sidies 3

1.5

2.5

4.1

4.33.84.24.46.09.9

18.017.118.520.9

22.519.118.319.021.323.025.128.232.633.4

36.140.942.444.146.549.554.962.270.277.8

93.1106.8117.8135.4155.6194.4210.9227.9250.0

Equals:Netre-

ceipts

9.8

6.9

11.3

13.521.228.444.745.243.333.039.940.435.0

46.566.271.875.668.678.184.688.082.496.0

103.4103.9114.3124.4127.5138.9157.4166.0193.2218.5

209.5215.5249.6275.8299.5274.1326.3375.4432.7

Expenditures

Totalex-

pendi-tures

10.3

10.7

17.6

18.428.864.093.3

103.092.745.642.550.559.3

61.079.293.9

101.697.098.0

104.5115.3127.6131.0

136.4149.1160.5167.8176.3187.8213.6242.4268.9285.6

311.9340.5370.9404.9458.2532.8570.4621.8684.2

Less:Trans-fers,inter-est,andsub-

sidies3

1.5

2.5

4.1

4.33.84.24.46.09.9

18.017.118.520.9

22.519.118.319.021.323.025.128.232.633.4

36.140.942.444.146.549.554.962.270.277.8

93.1106.8117.8135.4155.6194.4210.9227.9250.0

Equals:Pur-

chasesof

goodsand

serv-ices

8.8

8.2

13.5

14.224.959.888.997.082.827.525.532.038.4

38.560.175.682.575.875.079.487.195.097.6

100.3108.2118.0123.7129.8138.4158.7180.2198.7207.9

218.9233.7253.1269.5302.7338.4359.5394.0434.2

Sur-plusor

deficit<-),na-

tionalin-

comeand

prod-uct ac-counts

1.0

-1 .4

- 2 . 2

- . 7- 3 . 8

-31.4-44.1-51.8-39.5

5.414.48.4

- 3 . 4

8.06.1

- 3 . 8-6 .9- 7 . 1

3.15.2.9

-12.6-1 .6

3.1- 4 . 3- 3 . 8

.7- 2 . 3

.5- 1 . 3

-14.2-5 .510.7

- 9 . 4-18.3-3 .5

6.3- 3 . 2

-64.4-33.2-18.6-1 .5


192


TABLE B-8.—Gross national product: Receipts and expenditures by majoreconomic groups, 1929-78—Continued


Yearor

quarter

1929 . .

1933

1939.

19401941.19421943194419451946194719481949

1950195119521953195419551956 ----19571958 _.1959 ----

I960196119621963196419651966196719681969

19701971197219731974..197519761977..1978 P

Grossre-

tainedearn-ings4

11.7

3.2

8.8

10.912.014.816.717.716.015.821.830.031.4

30.834.637.138.041.047.548.751.151.358.5

58.759.867.070.176.284.691.293.798.2

101.7

101.4115.7131.0140.2137.9176 2202.6223.9243.6

Business

Grosspri-vatedo-

mesticinvest-ment5

16.2

1.4

9.3

13.117.99.95.87.2

10.630.734.045.935.3

53.859.252.153.352.768.471.069.261.977.6

76.474.385.290.296.6

112.0124.5120.8131.5146.2

140.8160.0188.3220.0214.6190 9243.0297.8344.5

Excessof earn-ings orof in-vest-ment(-)

-4.4

1.8

- .5

-2.2-5.8

4.910.910.55.4

-14 .9-12 .1-15 .8- 3 . 8

-23 .0-24 .6-15 .1-15 .3-11 .7-20 .8-22 .3-18 .1-10 .6-19 .0

-17 .7-14 .5-18 .2-20 .1- 2 0 . 4-27 .4- 3 3 . 3-27 .1-33 .3-44 .5

-39 .5- 4 4 . 3-57 .3-79 .8-76 .7— 14 8-40 .3-74 .0

-100.9

International

Nettrans-

fers andinter-est

paid tofor-

eigners(6)

0.4

.2

.2

.2

.2

.2

.2

.3

.82.92.64.55.6

4.03.52.62.52.32.52.52.52.42.6

2.62.83.03.13.23.33.53.73.63.8

4.35.56.57.78.58 58.79.7

13.0


Ex-ports

7.0

2.4

4.4

5 45.94.84.45.37.2

14.819.816.915.9

13.918.918.217.118 020.023.926.723.323.7

27.628.930.632.737.439.542.845.649.954.7

62.565.672.7

101.6137.9147 3163 2175.5205.2

Less:Im-

ports

5.9

2.0

3.4

3.64.64.86.57.17.87.28.2

10.49.6

12.015.115.816.616 017.819.620.720.823.2

23.223.125.226.428.432.037.740.647.752.9

58.564.075.994.4

131.9126 9155 7186.6217.0

Equals:Netex-

ports

1.1

.4

1.1

1.71.3.0

- 2 0- 1 . 8- . 67 6

11.66.56.2

1.93.82 4.6

2 02.24.36.12.5.6

4.45.85.46.38.97.65.14.92.31.8

3.91.6

- 3 . 37.16.0

20 47 4

-11 .1-11.8

Excessofnet

trans-fersand

inter-est

or ofnet ex-ports(_)7

- 0 . 7

- . 2

- . 9

- 1 . 5- 1 . 1

.22.22.11.4

- 4 . 6- 9 . 0- 2 . 0- . 6

2.1- . 3

.21.9.3.3

- 1 . 8- 3 . 6

i

2.0

- 1 . 7- 3 . 0- 2 . 4- 3 . 2- 5 . 7- 4 . 3- 1 . 6- 1 . 2

1.42.0

.33.99.8.6

2.511 91.2

20.924.8

Totalincomeor re-ceipts

102.3

55.1

89.4

98 9124 3159.1193 8207 8208.2208 9231 0260.3257 0

284 1326.2344 5362 8363 3396 8421. 5442.6447.2486.7

506.7521 7559.8591.0633.5687.2749.8794 6869 1938.8

984.51,062.11.169.41,303.91,407.11 521 51, 695.91, 882.42,105. 7

Statis-ticaldis-

crep-ancy

1.1

.7

1.4

1 i5

- . 8—1 8

2 74.1

71 8

- 1 . 21 0

2 04.02 73.33 02 5

- . 8.2

1.7- . 2

y1.64.03.72.2.9

3.21.7

- . 6- 3 . 3

- 2 . 11.31.72.65.87 44.24.7.9

Grossna-

tionalprod-uct

or ex-pendi-ture

103.4

55.8

90.8

100 0124 9158.3192 0210 5212.3209 6232.8259.1258.0

286 2330.2347 2366.1366 3399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7688.1753.0796.3868.5935.5

982.41,063.41,171.11,306.61,412.91 528 81, 700.11, 887.22,106.6

1 Personal income less personal tax and nontax payments (fines, penalties, etc.).3 Interest paid by consumers to business and net personal transfer payments to foreigners.3 Government transfer payments to persons and foreigners, net interest paid by government, subsidies less current

surplus of government enterprises, and disbursements less wage accruals.* Undistributed corporate profits with inventory valuation and capital consumption adjustments, corporate and non-

corporate capital consumption allowances with capital consumption adjustment, and private wage accruals lessdisbursements.

5 See Table B-14.6 Net transfers to foreigners by persons and government and interest paid by government to foreigners.7 Capital grants received by the United States (net) less net foreign investment.Source: Department ot Commerce, Bureau of Economic Analysis.

193


T A B L E B-9.—Gross national product by sector, 1929- 78

[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Year or quarter

1929

1933

1939

1940194119421943194419451946194719481949..

1950195119521953195419551956195719581959 .

I960196119621963196419651966196719681969

19701971197219731974197519761977 _1978 v

1976- 1IIIIIIV

1977: 1IIIII ^IV

1978: 1IIIIIIV v


103.4

55.8

90.8

100.0124.9158.3192.0210.5212.3209.6232.8259.1258.0

286.2330.2347.2366.1366.3399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7688.1753.0796.3868.5935.5

982.4lf 063.41,171.11,306.61,412.91, 528.81, 700.11,887.22,106.6

1,649.71,685.41,715.61,749.8

1, 806.81,867.01,916.81,958.1

1,992.02, 087.52,136.12,210.8


Total

102.6

55.5

90.5

99.6124.5157.9191.6210.1212.0209.0231.8257.9256.9

284.8328.7345.7364.6364.5397.3418.5440.5446.6484.0

503.5520.2560.2591.1631.4683.4748.8791.8863.7931.1

977.81, 056.81,164.11,297.51, 399.81,518.31,685.71,869.92,087.1

1,635.31,671.91, 700. 71, 734.9

1,789.71,849.01, 898.71, 942.2

1,973.82,066. 52,117.32,190.8

Business

Total

95.4

49.1

80.6

89.4112.6139.9162.8174.2172.8183.8210.0234.9231.5

257.5294.4307.3324.9323.9354.0372.1390.8393.1427.7

442.5455.3490.4516.5550.7596.6651.1682.7742.2798.1

831.5896.9989.5

1,108.01,193.71,289.21,436.71, 599.31, 789.1

1,392.81, 425.41, 450.71,478.1

1,527.81, 582.51,626.41,660.4

1,684.11,771.81,817.51,883.1

Non-farm *

84.7

43.8

72.9

81.8103.1127.7149.3156.2152.7164.2188.0212.7211.7

235.5267.4282.5301.2301.3332.8354.3372.3370.7408.9

423.0433.4465.9492.2529.2573.8625.0658.8720.2776.2

807.6867.9955.8

1,055.21,139.91, 232.61, 385.61,544.01, 730. 5

1,340.91, 373.51,401.01,427.1

1,474.91,528.01,571.61,601.6

1,628.91,714.91, 758.5

Farm

9.7

4.6

6.3

6.58.9

13.015.315.316.018.920.223.318.8

20.022.922.220.319.618.818.618.420.719.1

20.220.220.520.519.322.022.922.222.625.2

25.927.732.050.148.049.246.950.557.8

48.547.845.745.6

49.550.847.754.0

53.056.458.663.0

Sta-tis-ticaldis-

crep-ancy

1.1

.7

1.4

1.1.5

- . 8- 1 . 8

2.74.1

.71.8

- 1 . 21.0

2.04.02.73.33.02.5

- . 8.2

1.7- . 2

- . 71.64.03,72.2.9

3.21.7

- . 6- 3 . 3

- 2 . 11.31.72.65.87.44.24.7

.9

3.44.14.05.3

3.43.77.14.8

2.2.5.4

House-holdsand

insti-tutions

2.9

1.7

2.3

2.42.52.93.23.74.14.55.15.65.9

6.46.97.27.88.19.19.8

10.511.412.3

13.814.415.516.617.819.221.123.926.429.2

31.634.737.240.544.850.556.562.771.5

54.255.957.058.9

60.061.363.565.9

68.870.572.374.4

Government *

Total

4.3

4.7

7.6

7.89.4

15.125.632.235.220.816.717.419.4

20.927.431.231.932.534.236.639.142.144.0

47.150.554.358.062.967.676.585.195.2

103.7

114.7125.2137.4149.1161.4178.6192.5208.0226.5

188.3190.7193.0197.9

201.9205.2208.9215.9

221.0224.1227.5233.4

Fed-eral

0.9

1.2

3.4

3.55.0

10.620.927.229.814.69.48.9

10.0

10.716.218.918.617.818.419.019.620.520.9

21.722.624.125.227.028.332.435.639.341.8

44.746.850.151.954.959.062.466.471.1

61.561.661.864.6

65.265.465.769.5

69.970.170.574.0

Stateandlocal

3.5

3.5

4.2

4.34.44.54.74.95.46.27.38.59.4

10.111.212.313.314.715.817.619.621.623.1

25.527.930.232.935.939.344.149.555.961.9

70.078.587.397.1

106.5119.6130.1141.5155.4

126.8129.1131.2133.3

136.8139.8143.2146.4

151.1154.1157.0159.4

Restof theworld

0.8

.3

.3

.4

.4

. 4

. 3

.4

.3

. 5

.91.21.1

1.31.51.51.51.82.02.22.32.22.4

2.53.13.63.74.34.74.24.64.84.5

4.66.67.09.1

13.110.514.417.319.5

14.413.514.914.9

17.118.018.115.9

18.221.118.820.0

Percentchangefrom

preced-ing

period,gross

domes-tic

prod-uct?

- 4 . 1

7.0

10 125.026 821.49 6

9- 1 410 911 3- . 4

10.915.45.25.5

- 09.05 35.21.48.4

4.03.37 75.56.88.29.65.79.17.8

5.08.1

10.111.5

7.98.5

11.010.911.6

12.79.37.18.3

13.313.911.29.5

6.720.110.214.6

1 Includes compensation of employees in government enterprises.' Compensation of government employees.3 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.

See Table B-l for percent changes in gross national product.Source: Department of Commerce, Bureau of Economic Analysis.

194


TABLE B-10.—Gross national product by sector in 7972 dollars, 1929-78


Year or quarter

1929-.

1933—

1939—

1940—1941 —1942—1943-.1944—1945-1946-1947—1948-1949-

1950-1951-1952—1953-1954—1955-1956-1957-1958-1959-

1960-1961-1962—1963-1964—1965—1966—1967—1968-1969—

1970—1971..1972—1973—1974—1975—1976—1977—1978 v

1976: I . . .I I . .III.IV.

1977:III I I . . . .IV

1978: IIII I I —IV*

Grosslationaliroduct

314.6

222.1

318.8

343.3398.5460.3530.6568.6560.0476.9468.3487.7490.7

533.5576.5598.5621.8613.7654.8668.8680.9679.5720.4

736.8755.3799.1830.7874.4925.9981.0

., 007.7,051.8, 078.8

075.3107.5171.1235.0217.8202.3271.0332.7

,385.1

1,255.51,268.01,276.51,284.0

1,306.71,325.51,343.91,354.5

1,354.21,382.61,391.41,412."


Total

312.8

220.5

317.7

342.0397.2459.2529.7567.5559.2475.8466.7485.9488.8

531.5574.7596.7619.9611.4652.2666.1678.0676.5717.3

733.6751.2794.3825.8868.7919.9975.6

,001.9,045.7, 073.1

1,069.81.100.3, 164.1,227.4,211.0, 197.5,264.3i,325.3,377.2

,248.61,261.61,269.71,277.1

1.299.4,317.7,336.3,347.9

,346.6,373.9,383.9,404.'

Total

271.1

179.7

260.6

282.0326.3361.0385.2403.5397.9384.9392.8411.2409.4

448.6477.2492.8515.6508.0546.5557.2566.0561.9600.5

611.8625.6663.9692.0730.4776.4822.4839.8878.2901.5

898.3927.6989.5

,050.4,031.2,013.6,077.9, 135.9, 183.1

1,063.01 075.31,083.41,090.0

1,112.11,129.61,146.11,155.9

1,153.51,180.01,189.31,209.5

Business

Non-farm i

244.2

152.1

230.7

253.8299.1336.0363.9372.7366.4362.2370.8387.2382.1

417.9445.9460.7480.6473.4512.5529.3538.7528.2569.6

580.5590.9629.6658.4697.1746.7791.1807.8850.6877.4

871.3894.9955.8,013.2993.7975.3

, 040.1,, 094.21,146.0

[,025.5,039.61,045.71,049.6

1,072.71,088.91,102.61,112.4

1,115.41,145.21,151.81,171.5

!3.8

!5.0

25.3

24.726.328.727.827.325.825.823.925.725.5

26.925.826.327.628.329.228.828.129.328.2

29.529.629.530.029.230.128.529.629.429.9

31.132.832.032.332.233.732.234.432.5

34.130.531.532.6

32.934.134.536.1

32.530.533.33.7

:esid-l

4.42.7

1.85.14.83.64.0

- . 42.82.41.85.9

4.2- . 11.74.95.34.75.67.34.6

3.45.26.27.8

6.46.69.07.4

5.54.34.34.3

use-loldsandnsti-jtions

5.6

2.2

.5.1

[6.1[5.9[6.4[5.25.15.05.1.6.016.717.3

18.318.78.6

19.319.421.422.523.124.224.9

26.827.228.329.029.931.132.834.835.936.6

36.336.637.238.138.039.440.742.244.6

40.240.740.641.3

41.241.742.543.6

43.844.344.945.3

Government 3

Total

26.1

28.7

42.0

43.955.181.8.29.3[49.0[46.275.857.958.062.2

64.678.885.385.083.984.486.588.990.491.8

94.998.5

102.1104.8108.4112.4.20.411.1L31.735.0

.35.2

.36.0

.37.438.941.9.44.445.6.47.2.49.6

L45.4145.6145.145.8

146.1146.3147.7148.4

149.4149.149.8149.

5.2

6.6

6.9

18.629.656.705.025.2.21.849.729.829.231.3

32.746.251.649.647.245.945.645.844.544.5

45.246.248.348.248.548.753.057.258.158.2

55.252.550.148.348.648.548.548.748.9

48.348.48.648.6

48.648.748.848.8

48.848.49.48.

Stateandlocal

lestof theworld

20.9

!2.0

!5.3!5.5!5.0!4.4!3.8!4.56.1

28.128.830.9

31.932.633.735.536.738.440.843.145.847.3

49.752.353.956.660.063.667.570.073.676.8

80.183.587.390.693.396.097.198.4

100.

97.097.197.197.1

97.597.699.99.

100.100.100.100.

1.9

1.6

1.2

1.31.21.11.01.0.8

1.11.61.81.9

1.91.81.82.02.32.52.72.93.03.2

3.24.14.84.95.76.15.45.86.15.7

5.57.27.07.66.84.96.87.37.9

7.06.46.86.8

7.47.87.66.

7.8.

i.

»ercentchangefromi reced-

ingperiod,gross>mesticoduct *

- 2 . 2

7.7

7.716.115.615.47.2

-1 .5-14.9- 1 . 9

4.1.6

8.78.13.83.9

-1 .46.72.11.8

- . 26.0

2.32.45.74.05.25.96.12.74.42.6

- . 32.85.85.4

- 1 . 3- 1 . 1

5.64.83.9

8.74.22.62.4

7.15.85.83.5

- . 48.33.06.1

1 Includes compensation of employees in government enterprises.2 The difference between gross product in 1972 dollars measured as the sum of final products and that measured as the

sum of gross product by industry.3 Compensation of government employees.* Changes are based on unrounded data and therefore may differ slig

See Table B-2 for percent changes in gross national product in 1972 c" "


195


T A B L E 35—11.—Gross domestic product of nonfinancial corporate business, 1929-78


Yearor

quar-ter

1929..

1933..

1939..

194019411942"19431944"19451946194719481949..

195019511952.19531954.19551956"195719581959..

I960. .196119621963..1964..19651966..19671968..1969..

1970..1971..1972..1973..1974..1975..1976..1977..1978*.

1976:l - ._II..III..IV..

1977:1 . . .II..111..IV..

1978:1 . . .II..III..

Grossdo-

mes-tic

prod-uctof

non-finan-cialcor-po-rate

busi-ness

50.1

24.4

43.7

50.465 682. S98.7

102.195.399.3

120 0137.3133.5

151.9174.5182.3195 0191.8216 7231*. 6242 3236.3265.7

277.3284 5311.0330.9357.6392.1430.7452 9498.4541.8

560.6602.5671.0752.0808.8874.1988.5

1,103.21,240.5

959.4982.0999.3

1,013.1

1, 048.51,093.31,124.61,146.3

1,161.61,233.01,260.6

Cap-italitai

con-sump-

tionallow-anceswithcapi-

tallai

sump-tionad-

just-ment

5.4

4.2

4.7

4.85.36.06.16.26.47.39.1

10.711.6

12.614.615.717.017. S19 ?21.5?3 724.926.0

27.027.828.729.831.032.835.739 343.047 8

53.158.262.668.780.896.8

106.7115.6126.5

103.6105.4107.7109.9

111.5114.6117.2119.0

121.6124.6128.6

Net domestic product

Total

44.7

20.2

39.1

45.660.477.092.695.988.992.1

110.9126.5121.9

139.3159.9166.7178.1174.1197 5210.1218.5211.4239.7

250.3256.7282.3301.1326.6359.3394.9413.6455.4494 0

507.5544.2608.4683.3728.0777.3881.8987.6

1,114.0

855.8876.6891.6903.2

936.9978.7

1,007.41,027.3

1, 040.01,108.51,132.0

Indi-rect

busi-nesstax,

etc.*

3.4

3.8

5.1

5.56.46.87.38.18.9

10.111.212.112.6

14.115.216.818.217.419 220.822.422.825.4

28.330.133.035.638.441.142.945.851.657 1

61.868.273.580.585.792.699.5

107.8117.9

96.498.9

100.5102.5

104.8106.8108.7110.9

113.5118.0118.4

Domestic income

Total

41.3

16.4

34.0

40.153.970.185.387.880.081.999.8

114.4109.3

125.2144.7149.8159.9156.6178.3189.2196.2188.6214.4

222.0226.5249.2265.6288.3318.2352.0367.9403.8437 0

445.7476.0534.8602.8642.3684.6782.2879.8996.1

759.4777.7791.1800.7

832.1871.9898.7916.4

926.5990.5

1,013.6

Com-pen-

sationof

em-ploy-ees

32.3

16.7

28.2

31.239.851.062.265.161.967.279.187.885.3

94.7110.2118.3128.7126.5138 5151.4159.1155.9171.6

181.1185.1199.8210.7226.3246.1273.5291.9321.6357 4

377.1399.4443.8503.8552.9576.9650.2732.1833.9

626.3642.9656.9674.8

699.5725.3741.6762.2

789.9826.0845.5

Corporate profits with inventory valuation and capital

Total

7.6

- 2 . 0

4.3

7.512.817.922.021.717.214.119.925.823.0

29.633.430.329.928.638.236.135.030.139.7

37.437.444.950.056.766.171.267.272.166 4

51.658.772.076.059.576.9

101.3113.9125.1

102.2104.2103.695.3

100.6113.5122.8118.7

100.9127.8130.6

consumption adjustments

Profits before tax

Total

8.4

.6

6.1

8.816.420.123.622.217.822.029.131.824.9

38.539.133.834.932.142.041.839.833.743.1

39.539.243.748.354.664.469.565.471.968 4

55.163.375.992.7

102.9101.3130.2143.5167.0

127.8134.1131.4127.3

135.4144.7145.3148.5

140.0169.5170.3

Profitstax

liabil-ity

1.2

.5

1.4

2.77.5

11.213.812.610.28.6

10.811.89.3

16.921.217.818.515.620 220.119.116.220.7

19.219.520.622.824.027.229.527.733.633.3

27.329.933.539.642.740.653.059.068.6

53.155.353.150.4

56.159.959.460.4

55.970.170.2

Profits after tax

Total

7.3

.1

4.7

6.19.08.99.89.67.6

13.418.320.015.6

21.617.916.016.416.421.821.820.717.522.3

20.319.723.125.530.737.240.037 738.335.1

27.933.342.453.160.260.777.284.598.4

74.878.878.376.9

79.384.885.988.0

84.299.4

100.1

Divi-dends

5.2

2.0

3.3

3.64.03.84.04.24.25.15.96.56.5

7.97.87.88.08.29 4

10.110.410.210.8

11.511.712.714.115.317.218.118.920.720 7

19.920.021.723.926.028.533.539.145.0

28.733.234.437.9

36.437.939.542.5

43.042.946.2

Undis-tribu-

tedprofits

2.0

- l . S

1.4

2.54.95.15.75.43.48.3

12.413.59.1

13.610.18.18.48.2

12.411.610.37.3

11.5

8.78.0

10.311.415.420.021.918.817.614.4

8.013.320.729.234.232.243.745.553.5

46.145.643.939.0

43.046.946.445.6

41.256.553.9

Inven-

toryationad-

just-ment

0.5

- 2 . 1

- . 7

- . 2- 2 . 5- 1 . 2- . 8- . 3- . 6

- 5 . 3- 5 . 9- 2 . 2

1.9

- 5 . 0- 1 . 2

1.0- 1 . 0- . 3

- 1 . 7- 2 . 7- 1 . 5

2- ! 5

.3

.1

.1- . 2- . 5

- 1 . 9- 2 . 1- 1 . 7- 3 . 4- 5 . 5

- 5 . 1- 5 . 0- 6 . 6

-18.6-40.4-12.4-14.5-14.8-24.3

-11.4-15.7-13.3-17.6

-20.3-16.6- 7 . 7

-14.8

-23.5-24.9-20.9

Capi-tal

con-sump-

tionad-

just-ment

- 1 . 3

- . 5

- 1 . 0

- 1 . 1- 1 . 1- 1 . 0- . 8- . 2- . 1

- 2 . 7- 3 . 3- 3 . 9- 3 . 8

- 3 . 9- 4 . 5- 4 . 4- 4 . 0- 3 . 2- 2 . 1- 3 . 0- 3 . 3- 3 . 4- 2 . 9

- 2 . 3- 1 . 8

1.01.92.63.63.83.63.63.5

1.5.5

2.71.8

- 3 . 0-11.9-14.3-14.7-17.7

-14.2-14.3-14.4-14.4

-14.5-14.7-14.8-15.0

-15.7-16.8-18.9

Netinter-

est

1.4

1.7

1.5

1.41.31.31.11.01.0.7.8.9

1.0

.91.11.21.31.61 61.7? 22.73.1

3.53.94.54.85.36.17.48.7

10.113 1

17.017.919.123.129.930.830.733.737.2

30.930.730.530.6

32.033.234.435.4

35.736.637.6

1 Indirect business tax and nontax liability plus business transfer payments less subsidies.


196


TABLE B-12.—Output, costs, and profits of nonfinancial corporate business, 1948-78

[Quarterly data at seasonally adjusted annual rates]

Year orquarter

1948.1949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969, __

197019711972.19731974

1975. . .197619771978 p . . . .

1976: I . . . .I I . . .I I I . .IV. . .

1 9 7 7 : 1 . . . .I I . . .I I L .IV. . .

1978: 1 .I I . . .I I I . .

Gross domesticproduct of

nonfinancialcorporatebusiness

(billions ofdollars)

Cur-rent

dollars

137.3133.5

151.9174.5182.3195.0191.9

216.7231.6242.3236.3265.7

277.3284.5311.0330.9357.6

392.1430.7452.9498.4541.8

560.6602.5671.0752.0808.8

874.1988.5

1,103. 21,240. 5

959.4982.0999.3

1,013.1

1, 048.51, 093. 31,124.61,146. 3

1,161.61, 233.01,260.6

1972dollars

229.7219.9

247.5270.2275.2292.0283.5

315.1324.1328.3313.4347.3

358.9366.7399.7425.4455.2

494.6532.9545.8581.6607.3

600.6619.3671.0720.4695.0

680.0730.0769.3810.3

722.1731.7733.5732.7

750.2766.9776.7783.6

783.6811.9814.9

Current-dollar cost and profit per unit of output (dollars

Totalcostand

profit2

0.598.607

.614

.646

.663

.668

.677

.688

.715

.738

.754

.765

.773

.776

.778

.778

.786

.793

.808

.830

.857

.892

.933

.9731.0001.0441.164

1.2851.3541.4341.531

1.3291.3421.3621.383

1.3981.4261.4481.463

1.4821.5191.547

Capitalcon-

sump-tion

allow-anceswith

capitalcon-

sump-tion

adjust-ment

0.047.053

.051

.054

.057

.058

.063

.061

.066

.072

.080

.075

.075

.076

.072

.070

.068

.066

.067

.072

.074

.079

.088

.094

.093

.095

.116

.142

.146

.150

.156

.143

.144

.147

.150

.149

.149

.151

.152

.155

.153

.158

In-directbusi-nesstax,

etc. 3

0.053.057

.057

.056

.061

.062

.061

.061

.064

.068

.073

.073

.079

.082

.083

.084

.084

.083

.080

.084

.089

.094

.103

.110

.110

.112

.123

.136

.136

.140

.145

.133

.135

.137

.140

.140

.139

.140

.142

.145

.145

.145

Com-pen-

sationof

em-ployees

0.382.388

.383

.408

.430

.441

.446

.439

.467

.484

.497

.494

.505

.505

.500

.495

.497

.497

.513

.535

.553

.589

.628

.645

.661

.699

.796

.848

.891

.9521.029

.867

.879

.896

.921

.932

.946

.955

.973

1.0081.0171.038

Netin-

terest

0.004.004

.004

.004

.004

.004

.006

.005

.005

.007

.009

.009

.010

.011

.011

.011

.012

.012

.014

.016

.017

.022

.028

.029

.028

.032

.043

.045

.042

.044

.046

.043

.042

.042

.042

.043

.043

.044

.045

.046

.045

.046

I1

Corporate profits withinventory valuation

and capitalconsumption adjust-

ments

Total

0.112.105

.120

.124

.110

.102

.101

.121

.112

.106

.096

.114

.104

.102

.112

.118

.125

.134

.134

.123

.124

.109

.086

.095

.107

.105

.086

.113

.139

.148

.154

.142

.142

.141

.130

.134

.148

.158

.151

.129

.157

.160

Profitstax

liability

0.051.042

.068

.079

.065

.063

.055

.064

.062

.058

.052

.060

.053

.053

.052

.054

.053

.055

.055

.051

.058

.055

.045

.048

.050

.055

.061

.060

.073

.077

.085

.073

.076

.072

.069

.075

.078

.076

.077

.071

.086

.086

Profitsaftertax*

0.061.062

.051

.045

.046

.039

.046

.057

.050

.048

.044

.055

.051

.049

.061

.064

.072

.079

.078

.072

.066

.055

.041

.046

.057

.050

.024

.053

.066

.071

.070

.068

.067

.069

.061

.059

.070

.082

.074

.057

.071

.074

Outputper

hour ofall em-ployees(1972

dollars)

5.1105.333

5.4555.6345.9126.1676.427

6.6256.7776.8737.1057.139

7.1327.3747.5957.7887.489

7.7217.9628.057

7.9177.9788.0067.9577.991

8.0258.1138.103

8.0538.1398.165

Compen-sationper

hour ofall em-ployees(dollars)

2.5412.635

2.7522.8442.9563.0543.195

3.2963.4783.6763.9294.198

4.4784.7575.0245.4465.958

6.5507.0937.667

6.8677.0107.1707.3297.451

7.5907.7467.881

8.1178.2818.471

1 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars.2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point

shifted two places to the left.3 Indirect business tax and nontax liability plus business transfer payments less subsidies.* With inventory valuation and capital consumption adjustments.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).

197


TABLE B-13.—Personal consumption expenditures, 1929-78


Yearor

quarter

1929

1933

1939

19401941. . . .19421943194419451946194719481949 . . . .

19501951195219531954 .19551956195719581959

19601961 . . .196219631964 . . . .1965 .19661967. . .19681969.

1970 . . . .1971 . .19721973197419751976 . . .19771978 v

1976: 1I I . . . .I I I . . .I V . . . .

1977:1III I I . . .I V . . . .

1978:1II —Ill—.IV *__

Pers

onal

con

sum

ptio

nex

pend

iture

s

77.3

45.8

67.0

71.080.888.699.4

108.2119.5143 8161.7174* 7178 1

192 0207.1217.1229 7235 8253.7266 0280 4289.5310 8

324.9335.0355.2374.6400.4430.2464 8490.4535.9579.7

618.8668.2733.0809.9889.6979.1

1,090.21,206.51,339.7

1,053.81,075.11,098.41,133.7

1,167.71,188.61,214.51,255.2

1,276.71,322.91,356.91,402.2

Durable goods l

1

9.2

3.5

6.7

7.89.76.96.56.78.0

15 820 422.9?s n

30.829.8?<H32.531.838.637.939.336.842.4

43.141.646.751.456.362.867.769.680.085.5

84.997.1

111.2123.7122.0132.6156.6178.4197.6

152.2154.7156.7162.8

173.2175.6177.4187.2

183.5197.8199.5209.6

•eCOa.

|o

1

3.3

1.1

2.3

2.83.5

.8

.81.04.16.68.0

10.6

13.712.211.313 q13.017.815.817.214.818.9

19.717.821.524.426.029.830.129.735.837.7

34.943.850.655.248.053.469.781.589.7

67.769.169.572.6

81.381.279.584.0

84.192.589.892.5

iiIf4.7

1.9

3.4

3.84.84.63.93.84.58.4

10.611.511.3

13.714.014.014.614.616.217.116.916.617.8

17.717.918.920.322.824.727.729.532.635.0

36.739.444.850.754.958.063.971.377.6

61.963.064.266.5

68.069.972.075.3

72.176.578.982.9

f

I37.7

22.3

35.1

37.042.950.858.664.371.982.790.996.694.9

98.2108.8113.9116.5118.0122.9128.9135.2139.8146.4

151.1155.3161.6167.1176.9188.6204.7212.6230.4247.0

264.7277.7299.3333.8376.3408.9442.6479.0525.8

430.3437.4444.5458.3

465.9473.6479.7496.9

501.4519.3531.7550.8

Nondurable goods *

I19.5

11.5

19.1

20.223.428.433.236.740.647.452.354.252.5

53.960.463.464.465.467.269.973.676.479.1

81.183.285.587.892.798.9

106.6109.6118.3126.1

136.3140.6150.4168.1189.8209.6225.8245.2269.2

219.4223.9227.4232.3

237.5244.5246.4252.6

257.7267.8272.0279.4

§

1Io

9.4

4.6

7.1

7.58.8

11.013.414.616.518.218.820.119.3

19.621.221.922.122.123.124.124.324.726.1

26.727.428.729 531.933.536.638.241.845.1

46.650.555.161.365.370.175.781.588.9

73.874.276.178.5

78.579.381.486.7

82.987.590.594.6

1|

1.8

1.5

2.2

2.32.62.11.31.41.83.44.04.85.3

5.56.16.87.47.88.69.4

10.210.611.3

12.012.012.612.913.514.716.017.018.420.4

22.023.424.927.836.439.542.846.551.1

41.441.943.045.1

46.146.246.047.5

48.349.151.555.6

1-o

I1.6

1.2

1.4

1.51.71.92.02.02.22.53.03.43.1

3.43.53.43.43.53.83.94.14.24.0

3.83.73.74.04.14.44.74.85.05.2

5.45.56.37.79.6

10.212.213.514.8

11.311.512.313.7

13.912.913.113.9

15.815.214.313.7

130.3

20.1

25.2

26.228.231.034.337.139.645.350.455.358.2

63.068.574.080.686.192.199?

105.9112.8121.9

130.7138.1147.0156.1167.1178.7192.4208.1225.6247.2

269.1293.4322.4352.3391.3437.5491.0549.2616.3

471.3483.0497.2512.6

528.6539.4557.5571.1

591.8605.8625.8641.8

Services

DO

j11.7

8.1

9.4

9.710.411.211.812.312.814.216.017.919.6

21.724.327.029.832.234.336.739.342.045.0

48.151.254.758.061.465.569.574.179.986.8

94.0102.7112.3123.2136.5150.2166.4184.6207.2

160.2164.7168.2172.3

177.3182.1186.9192.0

198.1204.1210.1216.6

I

Householdoperation1

I4.0

2.8

3.8

4.04.34.85.25.96.46.87.58.18.5

9.510.4U. 112.012.614.015 216.217.318.5

20.121.022.223.424.826.328.030.632.735.5

38.341.645.950.256.164.572.881.690.9

69.370.273.578.2

80.278.083.784.6

89.688.992.692.6

3"Oci1

1.2

1.1

1.4

1.51.51.61.71.81.92.12.32.62.9

3.33.74.14.55.05.56.16.57.17.6

8.38.89.49.9

10.410.911.512.213.114.2

15.517.018.920.624.129.333.038.042.7

31.331.033.036.8

38.035.039.539.3

43.341.543.342.7

1|

2.6

1.5

2.0

2.12.42.73.43.74.05 05.35.85.9

6.26 77 17.87 98.28.69 09.3

10.1

10.711?11.712.212.813.715.016.217.418.9

21.123.826.027.930.732.637.944.252.7

36 037.038.739.8

40.843.545.047.3

49.752.153.755.2

1 Total includes "other" category, not shown separately.> Includes imputed rental value of owner-occupied dwellings.Source: Department of Commerce, Bureau of Economic Analysis.

198


TABLE B-14.—Gross private domestic investment, 1929-78


Year orquarter

1929

1933

1939

1940..194119421943...19441945.1946194719481949

1950 . .1951.1952195319541955 . .1956195719581959

1960 . .19611962196319641965 .1966196719681969

19701971 . .1972197319741975197619771978 P

1976" 1II

1977: 1IIlll . ._-

1978: 1II

IV*"~

Grossprivatedomes-

ticinvest-ment

16.2

1.4

9.3

13.117.99.95.87.2

10.630.734.045.935.3

53.859.252.153.352.768.471.069.261.977.6

76.474.385.290.296.6

112.0124.5120.8131.5146.2

140.8160.0188.3220.0214.6190.9243 0297.8344.5

231 5243.5249.9247.1

272.5295.6309.7313.5

322.7345.4350.1359.9

Total

14.5

3.0

8.8

10.913.48.16.48.1

11.724.334.441.138.4

47.048.949.052.954.362.466.367.963.472.3

72.772.178.784.290.8

102.5110.2110.7123.8136.8

137.0153.6178.8202.1205.7201.6232 8282.3328.8

220 1228.1235.3247.6

262.2278.6287.8300.5

306.0325.3336.5347.4

f ixed investmen

Nonresidential

Total

10.5

2.4

5.8

7.59.46.05.06.8

10.116.822.926.224.3

27.131.131.234.334.038.343.746.741.645.3

47.747.151.253.659.771.381.482.189.398.9

100.5104.1116.8136.0150.6150.2164 6190.4222.0

157 7162.2168.1170.5

180.6187.2193.5200.3

205.6220.1227.5235.0

Structures

Total

5.0

.9

2.0

? 32.91.91 31.82.86.87.68.98.6

9 311.311.51? 813.214.417.418.116,717.0

18 ?18.419.419.621.526.1?9.229.531.635.7

37.739.342.549.054.553.857.363.977.5

56.457.657.357.9

59.363.465.467.4

68.576.680.984.0

Non-farm

4.8

.9

1.9

2.22.81.81.21.72.66.16.88.17.8

8.610.510.612.012.413.716.617.416.016.1

17.317.518.518.620.525.128.128.230.434.3

36.137.841.146.951.851.354.761.074.3

53.855.054.855.1

56.460.462.764.5

65.273.478.080.8

Producers'durable

equipment

Total

5.5

1.4

3.9

5.26.44.13.75.07.39.9

" 15.317.315.7

17.819.919.7

20.823.926.328.674.928.3

29.528.731.834.038.245.15?.?52.657.763.3

62.864.774.387.096.296.4

107.3126.5144.5

101.3104.6110.8112.6

121.4123.8128.1132.8

137.1143.5146.6151.0

Non-farm

4.8

1.3

3.3

4.55.53.53.24.26.39.0

13.414.712.8

14.916.917.118.718.421.324.126.221.925.2

27.026.128.930.634.641.247.948.053.458.9

58.159.969.180.188.287.497.5

116.7133.8

91.494.7

100.5103.3

111.0113.8118.6123.4

127.2132.9135.5139.7

t

Residential

Total

4.0

.6

3.0

3.54.02.21.41.31.67.5

11.515.014.1

19.917.717.818.620.324.122.821.221.827.0

25.025.027.430.631.231.2?8 728.634.537.9

36.649.662.066.155.151.568.291.9

106.8

62.465.967.377.1

81.691.494.3

100.2

100.3105.3109.0112.5

Non-farmstruc-tures

3.8

.5

2.8

3.23.71.91.21.11.46.8

10.513.812.9

18.716.616.617.519.223.021.420.020.725.8

23.923.826.329.429.929.927.427.233.136.3

35.147.960.364.352.749.565.888.9

103.6

59.863.865.174.4

78.688.491.297.5

97.3102.1105.7109.3

Farmstruc-tures

0.2

.0

.1

. 2

.2

.2

.2

.1

.1

.5

.7

.9

. 8

. 8

.8

.8

.8

.7

.6

.7

.7

.7

.7

.6

.7

.6

.7

.7

.6

.7

.7

.6

.7

.6

.7

.7

.61.2.9

1.11.51.4

1.3. 8.8

1.4

1.61.61.61.2

1.31.41.51.5

Pro-ducers'

dur-able

equip-ment

0.1

.0

.1

.1

.1

.1

.0

.0

.0

.2

.3

.3

.3

.4

.4

.4

.4

.4

.4

.5

.5

.5

.6

.5

.5

.5

.6

.6

.7

.7

.7

.8

.9

.9

.01

.2

.135

.7

.3

.3

.4

.4

.4

.5

.6

.7

.8

.7

.7

Change inbusiness

inventories

Total

1.7

- 1 6

.4

2.24.51.8

- . 6—1.0- 1 . 0

6.4- . 54.7

- 3 . 1

6.810.33.1

.4- 1 . 5

6.04.71.3

- 1 . 55.2

3.82.26.56.05.89.5

14.310.17.79.4

3.86.49.4

17.98.9

-10.710.215.615.7

11.415.414.5- . 6

10.317.021.913.1

16.720.113.612.4

Non-farm

1.8

- 1 4

.3

1.94 0.7

- . 6—.6- . 66.41.33.0

- 2 . 2

6.09.12.11.1

- 2 . 15.55.1.8

- 2 . 35.3

3.51.95.85.26.48.5

14.59.47.69.2

3.75.18.8

14.710.8

-14 .312.215.016.7

12.718.815.22.2

11.116.522.010.4

16.922.114.613.1


199


TABLE B-15.—Inventories and final sales of business, 1946-78

[Billions of dollars, except as noted; seasonally adjusted]

Year andquarter

Fourth quarter:1946194719481949

19501951195219531954

1955 .1956195719581959 . .

19601961196219631964

1965196619671968 . . .1969

19701971197219731974

1975 . .19761977-1978 v _ .

1976- 1II.IllIV

1977:1. .IIIII.IV . .

1978: 1||IIIIV v

Total

73.786.990.681.0

98.8112.1109.4110.1107.2

112.1121.8126.7128.9132.3

136.2138.4145.2151.5157.6

172.7189.1202.2215.3236.2

244.2261.9288.6355.8425.6

428.3459.7498.6571.0

435.9447.0451.8459.7

473.6476.4483.6498.6

520.7536.5548.5571.0

!

Farm

21.825.823.419.5

24.226.523.121.620.5

17.618.320.924.923.6

24.825.026.626.925.7

29.728.929.230.433.4

31.736.844.666.261.9

64.360.260.371.4

64.164.059.860.2

62.058.055.760.3

66.368.068.171.4

Inventories

Nonfarm

Total

51.961.167.261.4

74.685.686.388.586.7

94.6103.5105.8103.9108.7

111.3113.4118.6124.6131.8

143.0160.2173.0184.9202.8

212.5225.1243.9289.6363.7

364.0399.5438.3499.5

371.8383.0392.0399.5

411.6418.4428.0438.3

454.4468.5480.4499.5

Manufac-turing

26.731.834.831.0

37.446.247.349.347.0

51.457.557.956.057.5

58.159.562.564.868.5

73.783.491.197.4

107.1

110.8113.6120.4143.6186.4

187.9203.9219.2248.4

190.5195.3199.7203.9

208.7211.9215.5219.2

225.9232 0239.0248.4

Wholesaletrade

9.610.612.111.7

14.314.914.915.115.4

16.717.818.118.119.2

19.620.220.922.423.6

25.328.630.632.435.3

38.341.245.755.269.8

68.176.685.9

100.5

70.073.875.476.6

80.180.982.885.9

90.994.296.4

100.5

Retailtrade

11.914.115.314.3

17.718.317.918.518.7

20.921.822.922.924.1

25.625.126.728.229.8

33.136.637.840.744.4

45.651.055.964.472.3

72.180.289.9

103.4

74.676.578.6£0.2

82.984.887.589.9

94.397.599.0

103.4

Other

3.74.64.94.4

5.26.26.25.55.6

5.66.46.96.98.0

8.18.78.69.29.9

10.911.613.514.416.1

17.719.221.826.435.2

35.938.843.347.2

36.737.338.338.8

39.940.742.343.3

43.344.845.947.2

Finalsales:

192.0219.6235.7234.6

259 8295.6313.3325.8330.1

356.5377.0392.7405.0426.7

442.1465.3492.7524.2553.1

610.7647.5688.0757.6804.5

839.4915.2

1,019.91,120. 51,216.0

1, 355.11, 478. 61, 647.31,870.6

1,381.41,410.01, 436.11, 478. 6

1,517.51, 565. 51, 604. 51, 647. 3

1,667.31,751.71, 803.91, 870. 6

Inventory-finalsales ratio

Total

0.384.396.384.345

380.379.349.338.325

.315

.323

.323

.318

.310

.308

.297

.295

.289

.285

.283

.292

.294

.284

.294

.291

.286

.283

.318

.350

.316

.311

.303

.305

.316

.317

.315

.311

.312

.304

.301

.303

.312

.306

.304

.305

Non-farm 3

0.270278

.285262

287290

.275272

.263

.265

.274269

.257255

252.244.241.238.238

.234

.247

.251

.244

.252

.253

.246

.239

.258

.299

.269

.270

.266

.267

.269

.211

.273

.270

.271

.267

.267

.266

.273

.267

.266

.267

1 End of quarter.2 Annual rates.3 Ratio based on total final sales, which include a small amount of final sales by farms.

Note.—The industry classification of inventories is on an establishment basis and is based on the 1972 Standard Indus-trial Classificaticn (SIC) beginning in 1948 and on the 1942 SIC prior to 1948.


200


TABLE B-16.—Inventories and final sales of business in 1972 dollars, 1947-78

[Billions of 1972 dollars, except as noted; seasonally adjusted]

Year andquarter

Fourth quarter:194719481949

1950195119521953 .1954

19551956..19571958 .1959

1960 .1961196219631964 .

1965196619671968 .1969

197019711972- _ . . .19731974 .

1975..197619771978 p

1976:1IIIIIIV

1977:1IIIIIIV

1978-1III I I .I V P

Total

118.6124.1119.7

130.2143.9148.2149.7147.5

155.3161.1162.6160.8167.2

171.6174.5182.6190.4197.7

209.0225.7237.7246.4257.0

261.3267.9277.4293 9301.8

292.1298.7307.6318.0

293.9296.5298 8298.7

300.2302.7305.7307.6

310.7313.9316.1318.0

Farm

?5.726.726.2

27.529.130.430.231.1

31.530.731.432.432.4

32.833.234.535.735.1

36.236.036.837.037.3

37.739.239.842.141.8

43.041.140.640.0

42.74i.941.841.1

40.740.740.340.6

40.540.240.140.0

Total

93.097.393.5

102.7114.8117.9119.6116.5

123.7130.3131.2128.4134.8

138.8141.2148.1154.7162.6

172.8189.7200.9209.4219.7

223.6228.8237.6251.8260.1

249.1257.6267.0278.0

251.3254.5257.0257.6

259.5262.0265.4267.0

270.2273.6276.0278.0

Inventories i

Nonfarm

Manufac-turing

49.951.348.5

51.862.565.266.963.3

66.771.671.168.671.1

72.474.278.480.884.7

89.199.0

105.9110.7115.8

117.1115.4117.5123 6128.6

124.2126.9128.8133.2

124.3125.3126.3126.9

127.3128.3129.1128.8

129.9131.5132.9133.2

Wholesaletrade

13.816.116.1

18.318.919.219.419.7

21.422.021.921.823.7

24.325.025.927.829.1

30.533.735.536.638.2

40.442.044.447.450.6

47.250.453.757.8

48.049.650.350.4

51.451.952.753.7

55.756.656.857.8

Retailtrade

20.521.320.9

23.923.923.924.524.6

27.227.528.428.229.6

31.530.632.534.136.0

39.442.743.145.347.7

47.351.954.458.256.5

54.056.760.662.9

55.255.856.656.7

57.358.359.860.6

61.161.762.262.9

Other

8.78.67.8

8.79.59.68.78.8

8.49.29.89.8

10.5

10.711.411.412.012.8

13.814.316.316.818.0

18.819.521.322.724.5

23.623.623.924.1

23.823.923 723.6

23.523.523.823.9

23.423.924.124.1

Finalsales >

397.2412.0415.1

442.6476.5499.1516.2517.0

547.4557.6565.3577.2596.8

609.0636.6664.2699.3730.7

791.3809.2837.2882.8892.2

891.7935 n

1,007.61,031 8,005.3

, 043.31,090.3L, 148.4,201.8

, 055. 51,065 3I 074 1L, 090.3

1,106.21,119.61,133.91,148.4

L, 141.11,167.31,180.31,201.8

Inventory-finalsales ratio

Total

0.299.301.288

.294

.302

.297

.290

.285

.284

.289

.288

.279

.280

.282

.274

.275

.272

.271

.264

.279

.284

.279

.288

.293

.287

.275285

.300

280.274.268.265

.278

.278278

.274

.271

.270

.270

.268

.272

.269

.268

.265

Non-farm 3

0.234.236.225

.232

.241

.236

.232

.225

.226

.234

.232

.222

.226

.228

.221

.223

.221

.223

.218

.234

.240

.237

.246

.251

.245

.236244

.259

239.236233

.231

.238239239

.236

.235

.234

.234

.233

.237

.234

.234

.231

1 End of quarter.1 Annual rates.3 Ratio based on total final sales, which include a small amount of final sales by farms.

Note.—The industry classification of inventories is on an establishment basis and is based on the 1972 StandardIndustrial Classification (SIC) beginning in 1948 and on the 1942 SIC prior to 1948.


201


T A B L E B—17.—Relation of gross national product and national income, 1929— 78


Year or quarter

1929

1933

1939

1940194119421943194419451946.194719481949

19501951._19521953195419551956195719581959

19601961.1962196319641965.1966196719681969

197019711972197319741975197619771978 v

1976- 1IIIllIV

1977: 1. ~ .IIIIIIV

1978:1

nMlIV p


103.4

55.8

90.8

100.0124.9158.3192.0210.5212.3209.6232.8259.1258.0

286.2330.2347.2366.1366.3399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7688.1753.0796.3868.5935.5

982 41,063.41,171.1L, 306.61,412.9I, 528.8t, 700.1. 887.2

2,106.6

1,649.71,685.41,715.61,749.8

1,806.81,867.01,916.81,958.1

1,992.02,087.52,136.12,210.8

Less:Capital

consump-tion allow-ances with

capitalconsump-

tion adjust-ment

9.7

7.5

8.7

9.010.011.211.511.812.313.817.220.322.0

23.927.629.631.633 135.338.942.044.146.1

47.749.150.552.254.657.561.767.073.882.5

90 898.8

105 4117.7137.7162.0177.8195.2216.9

172.7175.8179 2183.4

187.3192 4198.5202.6

207.3213.3220.8226.3

Equals:Net

nationalproduct

93.7

48.3

82.1

91.0114.9147.1180.5198.7200.0195.7215.6238.8236.1

262.3302.6317.6334.5333.2364.0381.8400.8404.8440.4

458.3474.2513.3542.5581.2630.6691.3729.3794.7853.1

891.6964.7

1, 065.81.188.9I, 275.2, 366.9

L, 522.31,692.0, 889.7

1,477.0, 509.6

L, 536.31,566.4

1,619.5, 674.6

1,718.31,755.5

L, 784.7L, 874.21,915.3L, 984.5

Plus:Subsidies

lesscurrentsurplus

of govern-mententer-prises

- 0 . 2

- . 0

.4

.4

.1

.1

.1

.6

.7

.9- . 2- . 1- . 3

.1- . 1- . 3- . 5- . 3- . 0

.7

.71.1.1

.478

.1

.6> 5

6.38

2.72.43.63.91.02.3.7

2.83.7

.8

.4

.9

.8

1.01.12.76.3

4.14.32.14.4

Less:

Indirectbusinesstax andnontaxliability

7.1

7.1

9.4

10.111.311.812.814.215.517.118.420.121.3

23.425.327.729.729.632.235.137.538.741.8

45.448.051.654.658.862.665.370.278.886.4

94.0103.4111.0120.2128.6139.2151.3165.1178.2

146.4149.8152.9156.3

160.3163 3166.5170.1

173.3179.4177.7182.3

Businesstransfer

payments

0.6

.7

.5

.4

.5

.5

.5

.5

.5

.5

.6

.7

.8

.8

.91.01.21.11.21.41.51.61.8

2.02.02.12.42.72.83.03.13.43.8

4.04.24.75.45.97.68.39.6

10.7

8.18.28 28.5

9.29.49.9

10.0

10.210.510.911.3

Statisticaldiscrep-

ancy

1.1

.7

1.4

1.1

- . 8- 1 . 8

2.74.1.7

1.8- 1 . 2

1.0

2.04.02.73.33.02.5

- . 8

1.7- . 2

- . 71.64.03.72.2.9

3.2

.6- 3 . 3

- 2 . 1

L72.65.87.44.24.7.9

3.44.14.05.3

3.43.77.14.8

2.2.5.4

Equals:Nationalincome

84.8

39.9

71.3

79.7102.6135.7169.1181.9180 6178.3194.6219.0212.7

236.2272.3285.8299.7299 1328.0346.9362.3364.0397.1

412.0424.2457.4482.8519.2566.0622 2655.8714.4767.9

798 4858.1951.9

1,064.61,136.01,215.01,359 21,515.31, 703.6

1,319.81, 347.91,372 11, 397.0

1,447.51,499 31,537.61,576.9

1,603 11,688.11,728.4


202


TABLE B-18.—Relation of national income and personal income, 1929-78


Year orquarter

1929

1933

1939

19401941 _19421943194419451946 . . .19471948 . . . .1949

19501951 . .195219531954195519561957 .19581959

1960 . .19611962 . .1963196419651966196719681969

1970...197119721973. _19741975197619771978*-—

1976: l . _ .II —III..IV..

1977: l ._ .II —III-IV..

1978: l ._ .II —III..IVP.

Nationalincome

84.8

39.9

71.3

79 7102.6135.7169.1181.9180.6178.3194 6219.0212 7

236 2272.3285.8299.7299.1328.0346.9362.3364.0397.1

412.0424.2457.4482 8519.2566.0622.2655.8714.4767.9

798.4858.1951.9

1,064.61,136.01,215.01,359.21,515.31, 703. 6

1,319.81,347.91,372.11,397.0

1,447.51,499.31,537.61,576.9

1,603.11,688.11,728.4

Less:

Corpo-rate

profitswith

inven-tory

valuationand

capitalcon-

sumptionadjust-ments

9.2

- 1 . 7

5.3

8.714.119.323.523.619.016.622.229.126 9

33.738.135.435.534.644.642.942.137.548.2

46.646.954.959.667.077.182.579.385.881 4

67.977.292.199.183.695.9

127.0144.2160.0

126.8128.6130.0122.5

129.9143.7154.8148.2

132.6163.4165.2

Netinterest

4.7

4.1

3.6

3 33.33.12.72.42.21.62 12.12 2

2 32.73.03.44.34.85.26.58.08.8

9.811 212.814 315.918.521.924.326.830 8

37.542 847.052.369.078.684.395.4

106.1

80.182.086.288.9

91.793.797.399.0

101.7104.6107.4110.8

Contri-butions

forsocialinsur-ance

0.2

.3

2.1

2.32.83.54.55.26.16.15.85.45.9

7.18.59.09.1

10.111.512.914.915.218.0

21.121.924.327.328.730.038.843.448.154 9

58.764.873.691.5

103.8110.6125.1140.3164.3

121.7124.1126.1128.7

136.0139.1141.3145.0

157.4162.7166.2170.7

Wageaccruals

lessdis-

burse-ments

.0

.0

.0

.0

.0

.0

.2- . 2

.0- . 0

.0

.0- . 0

.0

.1- . 0- . 1

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.6

.0- . 1- . 5

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.2

.0

Plus:

Govern-ment

transferpay-

mentsto

persons

0.9

1.5

2.5

2.72.62.72.53.15.6

10.811.210.611.7

14.411.612.112.915.116.217.320.124.325.2

27.030.831.633.434.837.641.649.556.562.7

75.989.999.4

113.5134.9170.6185.6199.2215.2

182.1181.1188.1191.2

194.2194.6202.0205.9

208.9210.1219.6222.4

Personalinterestincome

6.9

5.5

5.4

5.35.35.25.1b.25.96.47.37.78.2

8.99.6

10.311.412.713.815.317.418.820.9

23.324.627.130.233.337.241.845.049.655.9

64.369.374.684.1

103.0115.5126.3141.2158.9

121.0123.5128.2132.5

135.9139.1143.6146.0

151.4156.3161.7166.3

Divi-dends

5.8

2.0

3.8

4.04.44.34.44.64.65.66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12.913.314.415.517.319.119.420.121.922.6

22.923.024.627.831.031.937.943.749.3

34.537.238.441.4

41.542.744.146.3

47.048.150.151.9

Businesstransfer

Pay-ments

0.6

.7

.5

.4

.5

.5

.5

.5

.5

.56

.7

.8

.8

.90

L.21

1.241.568

2.02.02.12.42.72.83.03.13.43.8

4.04.24.75.45.97.68.39.6

10.7

8.18.28.28.5

9.29.49.9

10.0

10.210.510.911.3

Equals:

Personalincome

84.9

46.9

72.4

77.895.3

122.4150.7164.4169.8177.3189.8208.5205.6

226.1253.7270.4286.1288.2308.8330.9349.3359.3382.1

399.7415.0440.7463.1495.7537.0584.9626.6685.2745.8

801.3859.1942.5

1,052.41,154.91, 255.51, 380.91,529.01,707. 3

1,336.91,363.21,392.81,430.5

1,470.71, 508.61, 543.71,593.0

1,628.91,682.41,731.71,786.4


203


T A B L E B-19.—National income by type of income, 1929-78


Year orquarter

1929

1933...

1939

194019411942.19431944194519461947.19481949

195019511952.. . .1953195419551956.. .195719581959

196019611962196319641965...1966196719681969..

1970.. . .19711972197319741975 . .19761977.. .1978 v

1976:1II .IllIV

1977:1IIIllIV

1978:1 . . .IIIllIV v .

Na-tional

in-come i

84.8

39.9

71.3

79.7102.6135.7169.1181.9180.6178.3194.6219 0212.7

236.2272 3285.8299 7299.1328 0346.9362 3364.0397.1

412 0424.2457.4482.8519.2566.0622.2655.8714.4767.9

798.4858.1951.9

,064 6, 136.0, 215.0, 359.2, 515.3, 703.6

,319.8, 347.9, 372.11,397.0

1,447.51,499.31,537.61,576.9

1,603.1L, 688.11,728.4

Compensation ofemployee

Total

51.1

29.5

48.1

52.164.885.3

109.5121.2123.1118.1129.2141.4141.3

154.8181.0195.7209.6208.4224.9243.5256.5258.2279.6

294.9303.6325.1342.9368.0396.5439.3471.9519.8571.4

609.2650 3715.1799 2875.8931.1

1,036 81,153.41, 301.2

1,001.71,026.01,046.11,073.3

1,107.91,140.51,165.81,199.7

1,241.01,287.81,317.11,358.9

Wagesand

sala-ries

50.5

29.0

46.0

49.962.182.1

105.8116.7117.5112.0123.1135.5134.7

147.0171.3185.3198.5196.8211.7228.3239.3240.5258.9

271.9279.5298.0313.4336.1362.0398.4427.5469.5514.6

546.5580.0633.8701.2764.1805.9890.1983.6

1,100.7

861.7881.5897.3919.9

946.4973.4993.6

1,021.2

1,050.81,090.21,113.41,148.5

Sup-ple-

mentsto

wagesand

sala-ries 2

0.6

.5

2.1

2.32.73.23.84.55.66.06.15.96.6

7.89.7

10.411.011.613.215.217.217.720.6

23.024.127.129.531.834.540.944.450.356.8

62.770.381.498.0

111.7125.2146.7169.8200.5

140.0144.6148.8153.4

161.5167.1172.2178.4

190.2197.6203.6210.4

Proprietors

Total

14.9

5.8

11.7

12.917.424.029.030.231.736.635.840.736.1

38.442.842.941.340.842.543.645.047.447.2

47.048.349.650.352.256.760.361.063.466.2

65.167.776.192.486.287.088.699.8

112.9

88.688.887.489.5

95.698.997.2

107.3

105.0110.1114.5121.9

' income with inventory valuation and capitalconsumption adjustments

Farm

Total

6.2

2.6

4.4

4.56.49.8

11.711.612.214.915.217.512.7

13.515.814.912.912.311.311.211.013.110.7

11.411.811.911.610.312.613.612.112.013.9

13.914.318.032.025.423.518.420.225.1

20.919.616.916.3

19.420.016.525.1

21.924.025.029.5

In-come 3

6.3

2.5

4.4

4.56.5

10.312.212.212.615.115.618.113.4

14.116.615.713.712.911.911.811.813.911.6

12.312.712.812.511.213.514.613.213.315.4

15.316.020.034.227.927.122.424.629.9

24.923.620.920.3

23.424.221.029.8

26.628.829.734.3

Capi-tal

con-sump-tionad-just-ment

- 0 . 1

.1

- . 0

- . 0- . 0

- . 5- . 6- . 4- . 2- . 4- . 6- . 7

- . 7- . 8- . 8- . 7- . 6- . 6- . 6- . 8- . 8- . 9

- . 9- . 9

- 1 . 0- . 9

- 1 . 0- . 9

- 1 . 0- 1 . 2- 1 . 3- 1 . 4

- 1 . 4- 1 . 7- 2 . 0- 2 . 2- 2 . 5- 3 . 7- 4 . 0- 4 . 4- 4 . 8

- 4 . 0- 4 . 0- 4 . 0- 4 . 0

- 4 . 0- 4 . 2- 4 . 5- 4 . 7

- 4 . 7- 4 . 8- 4 . 8- 4 . 8

Nonfarm

Total

8.8

3.2

7.3

8.410.914.317.318.619.421.620.623.223.5

24.927.028.028.428.531.232.433.934.336.6

35.636.437.738.742.044.146.748.951.452.3

51.253.458.160.460.963.570.279.587.8

67.769.370.573.2

76.178.980.882.3

83.186.189.692.4

In-come4

8.8

3.9

7.6

8.611.714.417.118.319.323.321.823.122.2

25.126.426.927.627.630.531.833.133.235.3

34.235.336.437.240.242.745.347.550.451.3

50.752.856.460.362.964.071.481.491.9

68.570.671.774.8

78.180.682.284.8

86.790.193.597.3

Inven-tory

valua-tionad-

just-ment

0.1

- . 5

- . 2

- . 0- . 6

- . 2- . 1- . 1

- 1 . 7- 1 . 5

- . 4.5

- 1 . 1- . 3

.2- . 2- . 0- . 2- . 5- . 3- . 1- . 1

.1- . 1- . 0- . 0- . 0- . 2- . 3- . 3- . 4- . 5

- . 5- . 4- . 7

- 1 . 7- 3 . 6- 1 . 2- 1 . 2- 1 . 3- 2 . 1

- . 9- 1 . 3- 1 . 1- 1 . 6

- 1 . 8- 1 . 4

- . 7- 1 . 3

- 2 . 1- 2 . 2- 1 . 8

2.3

Capi-tal

con-sump-tionad-

just-ment

- 0 . 2

- . 2

- . 1

- . 1- . 1

.2

.3

.4

.2

.0

.4

.5

.8

.9

.9

.9

.91.01.01.11.21.11.3

1.31.21.41.61.81.61.61.71.51.4

1.01.12.51.81.6.6

- . 0- . 6

- 2 . 0

.0

.0

.0

. 0

- . 1- . 3

- L 2

- 1 . 5- 1 . 8- 2 . 1- 2 . 6


204


T A B L E B-19.—National income by type of income, 1929-78—Continued


Year orquarter

1929

1933

1939

19401941!!!!!!194219431944194519461947 _19481949

1950195119521953195419551956.1957195819591960196119621963196419651966196719681969197019711972197319741975197619771978 p

1 9 7 6 : 1 . . . .I I . . .I I I . .I V . _

1 9 7 7 : 1 . . . .I I . . .I I I . .I V . _

1 9 7 8 : 1 . . . .I I . . .I I I . .IV P .

Rental i ncome of per-SOnS WIIII cdfJiuii

consumptionadjustmen

Total

4.9

2.2

2.62 73.14.04.44.54.65.55.35.76.17.17.78.8

10.011.011.311.612.212.913.213.814.315.015.716.117.118.219.418.618.118.620.121.521.621.422.422.522.523.422.522.422.422.822.522.422.422.722.822.224.324.4

Rentalincome

ofpersons

5.7

2.33.1

3 33.95.05.65.96.27.37.78.58.9

10.011.012.213.414.414.815.215.916.717.317.818.319.019.620.121.022.123.423.824.825.827.729.431.333.736.938.742.147.638.138.338.839.740.441.542.644.044.645.549.551.0

Capitalcon-

sump-tion

adjust-ment

- 0 . 8

- . 1

- . 6

- . 6- . 8

- 1 . 0- 1 . 2- 1 . 4- 1 . 6- 1 . 8- 2 . 5- 2 . 8- 2 . 8- 2 . 9-3 .3-3 .4- 3 . 4- 3 . 3-3 .5- 3 . 6- 3 . 6- 3 . 8- 4 . 0- 4 . 1-4 .0- 4 . 0- 3 . 9- 4 . 0- 3 . 9-3 .9- 4 . 0- 5 . 2- 6 . 7

- 7 . 1- 7 . 6- 7 . 9- 9 . 8

- 1 2 . 3- 1 4 . 5- 1 6 . 2- 1 9 . 6- 2 4 . 2- 1 5 . 6- 1 5 . 9- 1 6 . 3- 1 6 . 9- 1 7 . 9- 1 9 . 0- 2 0 . 2- 2 1 . 3

- 2 1 . 8- 2 3 . 3- 2 5 . 2- 2 6 . 6

Corporate profits with inventory valuation and capital consumptionadjustments

Total

9.2

- 1 . 75.3

8.714.119.323.523.619.016.622.229.126.933.738.135.435.534.644.642.942.137.548.246.646.954.959.667.077.182.579.385.881.467.977.292.199.183.695.9

127.0144.2160.0126.8128.6130.0122.5129.9143.7154.8148.2132.6163.4165.2

Profits

Total

10.5- 1 . 2

6.3

9.815.220.324.423.819.219.325.633.030.837.642.739.839.537.846.745.945.440.851.248.948.753.757.664.273.378.675.682.177.966.476.989.697.286.5

107.9141.4159.1178.1141.2143.0144.5137.0144.5158.5169.9163.5148.7180.6184.5

with inventory valuation adjustment and withoutcar.)ital consumption adjustment

Profits before tax

Total

10.01.0

7.0

10.017.721.525.124.119.724.631.535.228.942.643.938.940.538.148.448.646.941.151.648.548.653.657.764.775.280.777.385.683.471.582.096.2

115.8126.9120.4155.9173.9202.4152.6158.7157.8154.6164.8175.1177.5178.3172.1205.5205.4

Profitstax

liability

1.4

.5

1.4

2 87 6

11.414.112.9io! 7

11 312! 410.2

17.922.619.420.317! 622 022.021.419 023! 622.722.824.026.228.030! 933.732.539.439. 734.537.741.548.752.449.864.371.884.163.666.364.762.468.372.372.873.9

70.085.086.2

Profits after tax

Total

8.6

.4

5.67.2

10.110.111.111.29.0

15.520.222.718.724.721.319.520.220.526.426.625.522.128.025.825.829.631.536.744.347.144.946.243.837.044.354.667.174.570.691.7

102.1118.389.092.493.192.296.5

102.8104.8104.4102.1120.5119.2

Divi-dends

5.82.03.8

4.04.44.34.44.64.65.66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.212.913.314.415.517.319.119.420.121.922.622.923.024.627.831.031.937.943.749.334.537.238.441.441.542.744.146.347.048.150.151.9

Undis-tributedprofits

2.8- 1 . 6

1.83.25.75.96.66.54.49.9

13.915.711.515.912.811.011.511.416.115.514.010.815.813.012.515.216.019.425.227.624.724.221.214.121.330.039.343.638.753.858.469.154.555.254.750.855.060.160.658.155.172.469.2

Inven-tory

valua-tion

adjust-ment

0.5- 2 . 1

- . 7

- . 2- 2 . 5- 1 . 2

- . 8- . 3- . 6

-5 .3- 5 . 9- 2 . 2

1.9- 5 . 0- 1 . 2

1.0- 1 . 0

- . 3- 1 . 7- 2 . 7- 1 . 5- . 3- . 5

. 3

.1

.1- . 2- . 5

- 1 . 9- 2 . 1- 1 . 7- 3 . 4- 5 . 5- 5 . 1- 5 . 0- 6 . 6

- 1 8 . 6- 4 0 . 4- 1 2 . 4- 1 4 . 5- 1 4 . 8- 2 4 . 3- 1 1 . 4- 1 5 . 7- 1 3 . 3- 1 7 . 6- 2 0 . 3- 1 6 . 6- 7 . 7

- 1 4 . 8- 2 3 . 5- 2 4 . 9- 2 0 . 9- 2 7 . 8

Capitalcon-

sump-tion

adjust-ment

- 1 . 3

- . 5- 1 . 0- 1 1- 1 . 1- 1 . 0- . 8- . 2- . 1

- 2 . 7- 3 . 4- 3 . 9-3 .8- 4 . 0- 4 . 6- 4 . 5- 4 . 1- 3 . 2- 2 . 1- 3 . 0- 3 . 3- 3 . 4- 2 . 9- 2 . 3- 1 . 8

1.22.12.83.83.93.73.73.5

1.5.3

2.51.9

- 2 . 9- 1 2 . 0- 1 4 . 4- 1 4 . 9- 1 8 . 1- 1 4 . 4- 1 4 . 4- 1 4 . 5- 1 4 . 5- 1 4 . 6- 1 4 . 8- 1 5 . 0-15.3- 1 6 . 1- 1 7 . 2- 1 9 . 3- 1 9 . 9

Netinter-

est

4.74.13.6

3 33.33.12.72.42.21.62.12.12.22.32.73.03.44.34.85.26.58.08.8

9.811.212.814.315.918.521.924.326.830.837.542.847.052.369.078.684.395.4

106.180.182.086.288.991.793.797.399.0

101.7104.6107.4110.8

1 National income is the total net income earned in production. It differs from gross national product mainly in that itexcludes depreciation charges and other allowances for business and institutional consumption of durable capital goodsand indirect business taxes. See Table B-17.

2 Employer contributions for social insurance and to private pension, health, and welfare funds; workmen'scompensation; directors' fees; and a few other minor items.

3 With inventory valuation adjustment and without capital consumption adjustment.* Without inventory valuation and capital consumption adjustments.Source: Department of Commerce, Bureau of Economic Analysis.

205

278-216 O - 7 9 - 1 4Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

T A B L E B-20.—Sources of personal income, 1929-78


Year or quarter

1929

1933

1939 . . . .*.-.

194019411942 . . .19431944194519461947. .19481949

19501951.19521953195419551956195719581959

196019611962196319641965196619671968. .1969

1970.19711972197319741975...1976.19771978 P . .

1976: L. .IIIIIIV. .

1977:1II.III.IV

1978: LII.III..IV p

Per-sonal

income

84.9

46.9

72.4

77.895.3

122.4150.7164.4169.8177.3189.8208.5205.6

226.1253.7270.4286.1288.2308.8330.9349.3359.3382.1

399.7415.0440.7463.1495.7537.0584.9626.6685.2745.8

801.3859.1942.5

, 052 4, 154.9, 255.5,380 9, 529.0, 707. 3

, 336.9363 2

, 392.8, 430.5

,470.7, 508.6, 543.7,593.0

, 628.9, 682.4,731.7,786.4

Wage and salary disbursements*

Total

50.5

29.0

46.0

49.962.182.1

105.6116.9117.5112.0123.1135.5134.8

147.0171.3185.4198.6196.8211 7228.3239.3240.5258.9

271.9279 5298.0313 4336.1362.0398 4427.5469.5514.6

546 5579.4633.8701 3764.6805 9890 1983.6

, 100. 7

861.7881 5897 3919.9

946.4973 4993.6

,021.2

,050 8, 090.2,113.2, 148.5

Commodity-producingindustries

Total

21.5

9.8

17.4

19.727.539.149.050.445.946.054.261.157.8

64.876.382.089.685.793.1

100.6104.2100.0109.6

113.1113.7121.8126.9135.4146.0161.0168.3183.4199.6

202.9208.3227.3254.3274.6275.0307.5343.7390.1

298.4305.4309.8316.2

327.3342.0348.3357.1

365.9387.0396.4410.8

Manu-factur-

ing

16.1

7.8

13.6

15.621.730.940.942.938.236.542.547.144.6

50.359.364.171.267.573 879.482.478.686.8

89.789 896.7

100 6107.1115.5128 0134.1145 8157.5

158 2160.3175 4196 2211.4211 0237 5266.3299.7

230 2235 8239 5244.6

254.6264 1269.3277.3

286 9296.1302.0313.6

Distrib-utive

indus-tries

15.6

8.8

13.3

14.216.318.020.122.724.831.035.237.537.7

39.844.346.949.750.153.457.760.560.864.8

68.269.372.876 381.487.294 4

100.9109.9120.7

130 1139.3151.9168 1184.3195 3216 4239.1268.7

208.6213 9218 9224.4

231.2236 5241.2247.5

257 0266.4271.6279.9

Serviceindus-tries

8.4

5.2

7.1

7.58.19.09.9

10.911.914.316.117.918.5

19.821.523.124.926.128.631.333.635.638.5

41.444.147.250.254.458.964.771.879.889.4

97.5106.2117.2130.3145.1160.1178.6200.1225.8

171.0176.1180.5186.6

192.7196.8202.3208.5

216.5222.8228.5235.6

Govern-mentand

govern-ment

enter-prises

5.0

5.2

8.2

8.510.216.026.633 034.920.717.519.020.8

22.629.233.334.434.936 638.841.044.146.0

49.252.456.360.064.969.978 386.496.4

104.9

116.0125.6137.3148 6160.5175 4187 6200.8216.1

183.7186 1188.1192.6

195.2198.1201.7208.1

211.4213.9216.7222.2

Otherlabor

in-come1

0.5

.4

.6

.6

.7

.91.11.51.82.02.42.72.9

3.74.65.25.96.17.08.09.09.4

10.6

11.211.813.014.015.717.819.921.725.128.2

32.036.242.048 755.665.177.090.4

105.9

72.475.578.681.6

84.988.592.296.1

100.0104.0107.9111.8

Proprietors' in-come with inven-tory valuation andcapital consump-tion adjustments

Farm

6.2

2.6

4.4

4.56.49.8

11.711.612.214.915.217.512.7

13.515.814.912.912.311.311.211.013.110.7

11.411.811.911.610.312.613.612.112.013.9

13.914.318.032 025.423.518 420.225.1

20.919.616.916.3

19.420.016.525.1

21.924.025.029.5

Non-farm

8.8

3.2

7.3

8.410.914.317.318.619.421.620.623.223.5

24.927.028.028.428.531.232.433.934.336.6

35.636.437.738.742.044.146.748.951.452.3

51.253.458.160 460.963.570.279.587.8

67.769.370.573.2

76.178.980.882.3

83.186.189.692.4


206


TABLE B-20.—Sources of personal income, 1929-78—Continued


Year orquarter

1929

1933... .

1939....

19401941... .194219431944....19451946....1947....1948....1949....

1950....1951... .1952... .1953... .1954... .1955....1956....1957....1958....1959....

I960. . . .1961.. . .1962... .1963196419651966... .1967....1968....1969... .

1970... .1971.. . .1972197319741975....1976....1977....1978 p . . .

1976:1 . .II.IllIV.

1977:L.II..III.IV.

1978:1..II..III.IV v

Rentalncomeof per-

sonswith

capitalcon-

sump-ion ad-just-ment

4.9

2.2

2.6

2.73.14.04.44.54.65.55.35.76.1

7.17.78.8

10.011.011.311.612.212.913.2

13.814.315.015.716.117.118.219.418.618.1

18.620.121.521.621.422.422.522.523.4

22.522.422.422.8

22.522.422.422.7

22.822.224.324.4

Divi-dends

5.8

2.0

3.8

4.04.44.34.44.64.65.66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12.913.314.415.517.319.119.420.121.922.6

22.923.024.627.831.031.937.943.749.3

34.537.238.441.4

41.542.744.146.3

47.048.150.151.9

Personalinterestincome

6.9

5.5

5.4

5.35.35.25.15.25.96.47.37.78.2

8.99.6

10.311.412.713.815.317.418.8

^20.9

23.324.627.130.233.337.241.845.049.655.9

64.369.374.684.1

103.0115.5126.3141.2158.9

121.0123.5128.2132.5

135.9139.1143.6146.0

151.4156.3161.7166.3

Transfer payments

Total

1.5

2.1

3.0

3.13.13.13.03.66.2

11.311.711.312.5

15.212.613.114.116.217.518.721.625.927.0

28.932.833.835.837.440.444.752.659.966.5

79.994.1

104.1118.9140.8178.2193.9208.8226.0

190.3189.3196.3199.7

203.4204.0211.9215.9

219.2220.6230.4233.6

Old age,survivors,disability,and healthinsurancebenefits

0.0

.0

.1

\l

.3

.4

.5

.6

.7

1.01.92.23.03.64.95.77.38.5

10.2

11.112.614.315.216.018.120.825.530.232.9

38.544.549.660.470.181.492.9

105.0117.3

88.089.395.898.3

99.7101.8108.5110.1

112.1113.7121.1122.4

Govern-ment

unem-ploy-

ment m-surancebenefits

0.4

.5

.4

.4

.1

.1

.41.1.8.9

1.9

1.5.9

1.11.02.21.51.51.94.12.8

3.04.33.13.02.72.31.92.22.12.2

4. a5.85.64.36.6

17.415.512.58.9

17.014.815.214.8

14.812.011.411.5

10.48.58.78.0

Vet-eransbene-fits

0.6

.6

.5

.5

.5

.5

l'.O3.07.07.05.95.3

7.74.64.34.14.24.44.44.54.74.6

4.65.04.74.84.74.94.95.65.96.7

7.78.89.7

10.411.814.514.413.813.6

15.814.313.413.8

14.313.813.413.7

13.813.513.313.7

Govern-mentem-

ployeeretire-ment

benefits

0.1

.2

.3

.3

.3

.3

.4

.4

.5

.7

.7

.7

.9

1.0l.l1.2L.4L.5.7

1.92.22.52.8

3.13.43.74.24.75.26.16.97.78.6

10.111.713.515.618.822.725.728.832.8

24.525.726.126.5

27.228.429.230.5

31.332.533.234.4

Aid tofamilieswith de-pendentchildren(AFDC)

Other

0.R

1

1.

1.1.1.

1.

1..3.4.5

.6

.6

.5

.5

.6

.6

.6

.7

.8

.9

1.01.11.31.41.51.71.92.32.83.5

4.86.26.97.27.99.2

10.110.610.8

9.710.010.210.3

10.410.510.610.7

10.710.810.910.8

4

7

7888001

2.52.93.3

3.53.63.84.14.14.34.54.95.35.8

6.26.46.77.37.88.39.2

10.211.112.5

14.917.218.921.025.533.035.538.142.5

35.135.235.536.1

37.037.438.739.4

40.941.643.344.4

Less:Personalcontri-butions

forsocialinsur-ance

0.1

.2

.6

.7

.81.21.82.22.32.02.12.22.2

2.93.43.84.04.65.25.86.76.97.9

9.39.7

10.311.812.613.317.820.622.826.3

28.030.834.242.247.750.555.561.069.7

54.255.055.956.8

59.460.561.462.6

67.269.270.572.0

Non-farmper-

sonalin-

come3

159.6171.5187.7189.9

209.3234.4252.0269.9272.7294.3316.4335.0342.6367.7

384.4399.0424.5447.0480.7519.5566.1609.1667.5725.8

780.7838.0917.3

1,011.91,119.31, 220.81, 349.51, 494.41,666.5

1, 303.81,330.91, 362. 71,400.6

1,437.51,474.41,512.81, 552.9

1,591.81, 642.81,690.81,740.6

1 The total of wage and salary disbursements and other labor income differs from compensation of employees in TableB-19 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-ments.

2 Persona! income exclusive of farm proprietors' income, farm wages, other farm labor income, and agricultural netinterest.

Note.—The industry classification of wage and salary disbursements and proprietors' income is on an establishmentbasis and is based on the 1972 Standard Industrial Classification (SIC) beginning 1948 and on the 1942 SIC prior to 1948.


207


T A B L E B-21.—Disposition of personal income, 1929-78

(Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950.. . .195119521953195419551956195719581959

1960196119621963196419651966196719681969 . . . .

197019711972197319741975 . . . .197619771978 v

1976: l____I I . . .I I I . . .I V . . .

1977: 1I I . . .I I I . . .I V . . .

1978: L —I I . . .I I I . . .IV p . .

Per-sonal

income

84.9

46.9

72.4

77.895.3

122.4150.7164.4169.8177.3189.8208.5205.6

226.1253.7270.4286.1288.2308.8330.9349.3359.3382.1

399.7415.0440.7463.1495.7537.0584.9626.6685.2745.8

801.3859.1942.5

1, 052.41,154.91,255. 51, 380. 91, 529.01,707.3

1, 336.91,363.21, 392.81,430.5

1,470.71, 508.61, 543.71,593.0

1,628.91,682.41,731.71,786.4

Less:Per-sonaltaxand

nontaxpay-

ments

2.6

1.4

2.4

2.63.35.9

17.818.920.818.721.421.018.5

20.628.934.035.532.535.439.742.442.146.0

50.452.156.860.358.664.974.582.197.1

115.4

115.3116.3141.2150.8170.3168.8196.5226.0256.2

184.4192.6200.0209.0

222.7223.3224.6233.3

237.3249.1263.2275.0

Equals:Dispos-

ableper-sonal

income

82.3

45.5

69.9

75.292.0

116.5132.9145.5149.0158.6168.4187.4187.1

205.5224.8236.4250.7255.7273.4291.3306.9317.1336.1

349.4362.9383.9402.8437.0472.2510.4544.5588.1630.4

685.9742.8801.3901.7984.6

1,086.71,184.41, 303.01,451.2

1,152.51,170.61,192.81,221.5

1, 248.01, 285.31, 319.11,359.6

1,391.61, 433.31,468.41,511.4

Less: Personal outlays

Total

79.1

46.5

67.8

72.081.889.4

100.1109.0120.4145.2163.5176.9180.4

194.7210.0220.4233.7240.1258.5271.6286.4295.4317.3

332.3342.7363.5384.0410.9441.9477.4503.7550.1595.3

635.4685.5751.9831.3913.0

1,003.01,116.31, 236.11, 374.4

1, 078.91,100.71,124.81,160.9

1,195.81,217.81,244.81, 285.9

1, 309.21, 357.01,392.51,439.2

Per-sonalcon-

sump-tion

expend-itures

77.3

45.8

67.0

71.080.888.699.4

108.2119.5143.8161.7174.7178.1

192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8

324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7

618.8668.2733.0809.9889.6979.1

1, 090.21, 206. 51, 339.7

1,053.81, 075.11, 098.41,133.7

1,167.71,188.61, 214.51,255.2

1, 276.71, 322.91, 356.91, 402.2

Interestpaid by

con-sumers

tobusi-ness

1.5

.5

.7

.8

.9

.7

.5

.5

.5

.71.01.41.7

2.32.52.93.63.84.45.15.55.66.1

7.07.37.88.89.9

11.112.012.513.314.7

15.516.217.920.222.423.025.128.633.8

24.124.825.526.2

27.128.229.329.8

31.533.034.636.0

Per-sonal

transferpay-

mentsto for-eigners(net)

0.3

.2

.2

.2

.2

.1

.2

.4

.5

.7

.7

.7

.5

. 4

.4

. 4

.5

.5

. 4

.5

.5

.4

. 4

.4

.4

.5

.6

.6

.7

.6

.9

.8

.9

1.11.11.01.31.0.9.9

1.01.0

1.0.9.9

1.0

1.01.0.9.9

1.01.1.9

1.0

Equals:Per-

sonalsaving

3.1

- 1 . 0

2.1

3.310.227.032.736.528.513.44.9

10.66.7

10.814.816.017.015.614.919.720.621.718.8

17.120.220.418.826.130.333.040.938.135.1

50.657.349.470.371.783.668.066.976.7

73.669.968.160.7

52.267.574.373.7

82.476.376.072.3

Percent of disposablepersonal income

Personaloutlays

Total

96.2

102.2

97.0

95.688.976.875.474.980.891.597.194.396.4

94.793.493.293.293.994.693.293.393.294.4

95.194.494.795.394.093.693.592.593.594.4

92.692.393.892.292.792.394.394.994.7

93.694.094.395.0

95.894.794.494.6

94.194.794.895.2

Con-sump-

tionexpend-itures

93.9

100.7

95.8

94.387.776.174.874.480.290.696.193.295.2

93.492.191.891.692.292.891.391.491.392.5

93.092.392.593.091.691.191.190.091.192.0

90.290.091.589.890.390.192.192.692.3

91.491.892.192.8

93.692.592.192.3

91.792.392.492.8

Per-sonalsaving

3.8

- 2 . 2

3.0

4.411.123.224.625.119.28.52.95.73.6

5.36.66.86.86.15.46.86.76.85.6

4.95.65.34.76.06.46.57.56.55.6

7.47.76.27.87.37.75.75.15.3

6.46.05.75.0

4.25.35.65.4

5.95.35.24.8


208


T A B L E B—22.—Total and per capita disposable personal income and personal consumption expendi-tures in current and 1972 dollars, 1929-78

[Quarterly data at seasonally adjusted annual rates, except as noted]

Year or quarter

1929

1933

1939

194019411942 . . . .1943194419451946194719481949

1950195119521953195419551956195719581959

I9601961196219631964 - . .19651966196719681969

197019711972197319741975197619771978 v

1976: 1||IIIIV

1977: 1 .__| |III „___IV

1978- 1IIIIIIV P

Disposable personal income

Total (billionsof dollars)

Currentdollars

82.3

45.5

69.9

75.292.0

116.5132.9145.5149.0158.6168.4187.4187.1

205.5224.8236.4250.7255.7273.4291.3306.9317.1336.1

349.4362 9383.9402 8437.0472.2510.4544.5588.1630.4

685.9742.8801.3901.7984.6

1,086.71,184.41,303.01,451.2

1,152.51,170.61,192.81,221.5

1,248.01,285.31, 319.11, 359.6

1,391.61,433.31, 468.41,511.4

1972dollars

229.8

169.7

230.1

244.3278.1317.3332 2343.9338.6332.4318.8335.5336.1

361.9371.6382.1397.5402.1425.9444.9453.9459.0477.4

487.3500.6521.6539 2577.3612.4643.6669.8695.2712.3

741.6769.0801.3854.7842.0859.7890.1926.3965.5

881.8886.3891.5900.9

904.8918.6931.9949.6

952.1960.3968.7980.9

Per capita(dollars)

Currentdollars

675

362

534

570690863972

1,0511,0651,1221,1681,2781,254

1,3551,4571,5061,5711,5741,6541,7311,7921,8211,898

1,9341,9762,0582,1282,2782,4302,5972,7402,9303,111

3,3483,5883,8374,2854,6465,0885,5046,0096,640

5,3705,4465,5385,660

5,7725,9346,0776,250

6,3876,5666,7126,893

1972dollars

1,886

1,350

1,756

1,8492,0842,3532,4292,4852,4202,3512,2122,2882,253

2,3862,4082,4342,4912,4762,5772,6432,6502,6362,696

2,6972,7252,7962,8493,0093,1523,2743,3713,4643,515

3,6193 7143,8374,0623,9734,0254,1364,2714,418

4,1094,1244,1394,174

4,1854,2414,2934,365

4,3704,3994,4284,474


Total (billionsof dollars)

Currentdollars

77.3

45.8

67.0

71.080.888.699 4

108.2119.5143.8161.7174.7178.1

192.0207.1217.1229.7235 8253.7266.0280.4289.5310.8

324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7

618.8668.2733.0809.9889.6979.1

1,090. 21, 206. 51, 339.7

1,053.81, 075.11, 098.41,133.7

1,167.71,188.61, 214. 51,255.2

1, 276.71, 322. 91,356.91,402.2

1972dollars

215.6

170.7

220.3

230.4244.1241.7248 7255.7271.4301.4306.2312.8320.0

338.1342.3350.9364.2370 9395.1406.3414.7419.0441.5

453.0462.2482.9501.4528.7558.1586.1603.2633.4655.4

668.9691.9733.0767.7760.7774.6819.4857.7891.2

806.3814.0820.9836.2

846.6849.5858.0876.6

873.5886.3895.1910.0

Per capita(dollars)

Currentdollars

634

364

511

537605657727781854

1.017,122

1,192,194

,266,342

1,3831,439L, 4521,5351,5811,6371,6621,755

1,798L8241,9041.9792', 0872,2142,3652,4682,6702,860

3,0203,2273,5103,8494,1974,5845,0665,5646,130

4,9105,0025,1005,253

5,4015,4875,5955,770

5,8596,0606,2036,395

1972dollars

1,769

1,358

1,681

1,7441,8301,7921,8191,8471,9392,1312,1242,1332,145

2,2292,2192,2362,2832,2842,3912,4152,4212,4062,493

2,5072,5162,5892,6492,7552,8722,9823,0353,1563,234

3,2653,3423,5103,6483,5893,6273,8083,9554,078

3,7573,7873,8123,874

3,9163,9223,9534,030

4,0094,0604,0924,150

Popu-lation(thou-

sands)1

121,875

125,690

131,028

132,122133, 402134, 860136, 739138, 397139, 928141,389144,126146,631149,188

151,684154,287156, 954159, 565162,391165, 275168,221171,274174,141177,073

180, 671183,691186,538189,242191, 889194,303196,560198,712200,706202,677

204,878207,053208, 846210,410211,945213,566215,191216, 856218, 554

214,608214,948215, 380215, 827

216, 206216,603217,073217, 541

217, 897218, 290218, 768219, 259

i Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annualdata are for July 1 through 1973 and are averages of quarterly data beginning 1974. Quarterly data are average for theperiod.

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

209


T A B L E B-23.—Gross saving and investment, 1929-78


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

197019711972197319741975197619771978 v .

1976: 1IIIII—.IV... .

1977: 1II.._III. . . .IV... .

1978: 1IIIII. . . .IVP .

Gross saving

Total

15.99

8.713 518.510.55.32 35.1

34.641 249.034 849.755.549.348.149 465.673.672.660 475.878.975.883 689.6

100.1115.4122 9120.3130.8147.5143.4155.4177.5216.8204.4195.4237.5272.2318.8

230.1240.9243.5235.6

251.8276.8285.5274.7284.2326.1326.2

Gross

Total

14.92 2

10.914 222.241.949.454 144.629.226 840.638 241.649.453.155.056 562.468.471.773 077.375.880.087 488.9

102.4114.9124 2134.6136.3136.8151.9173.0180.4210.5209.5259.8270.7290.8320.4

275.1270.8274.1262.7

259.6288.6310.7304.3305.4319.9325.7

private saving

Per-sonalsaving

3.1- 1 0

2.13 3

10.227.032.736 528.513.44 9

10 66 7

10.814.816.017.015 614.919.720.621 718.817.120 220 418.826.130 333 040.938.135.150.657.349.470.371.783.668.066.976.7

73.669.968.160.7

52.267.574.373.782.476.376.072.3

Grossbusi-ness

saving >

11.73 28.8

10 912.014.816.717 716.015.821 830.031 430.834.637.138.041 047.548.751.151 358.558.759.867 070.176.284.691 293.798.2

101.7101.4115.7131.0140.2137.9176.2202.6223.9243.6

201.5200.9206.0202.0

207.4221.1236.4230.6223.0243.6249.7

Government surplus ordeficit (—), nationalincome and product

accounts

Total

1.0— 1 4- 2 . 2

-j

- 3 . 8-31.4-44.1- 5 1 8-39 .5

5.414 48.4

- 3 48.06.1

- 3 . 8- 6 . 9- 7 1

3.15.2.9

-12 6- 1 . 6

3.1- 4 3- 3 8

.7- 2 . 3

.5- 1 3

-14.2- 5 . 510.7

- 9 . 4-18.3- 3 5

6.3- 3 . 2

-64.4-33.2

18 6- 1 . 5

-44.9-29.9-30.6-27.1

- 7 . 8-11.8-25.2-29.6-21.1

6.2.6

Fed-eral

1.2- 1 3- 2 . 2- 1 . 3- 5 . 1

-33.1-46.6-54 .5-42.1

3.513.48.3

- 2 69.26.5

- 3 . 7- 7 . 1- 6 0

4.46.12.3

- 1 0 3- 1 . 1

3.0- 3 . 9- 4 2

.3- 3 . 3

.5- 1 8

-13.2- 5 . 8

8.5-12 .1-22 .0-17 3- 6 . 7

-10.7-70.6-53 .8-48.1-29.4

-57.7-46.4-52.0-59.1

-37.3-40.3-56.4-58.6-52.6-23.6-22.8

Stateandlocal

- 0 . 2- l

.0

.61.31.82.52.72.61.91.0.1

- . 7- 1 . 2- . 4- . 0

.1- 1 . 1- 1 . 3- . 9

- 1 . 4- 2 4- . 4

.1- . 4

5. 5

1.0- . 0

.5- 1 . 1

.32.12.83.7

13.713.07.66.2

20.729.627.8

12.816.421.432.0

29.528.531.229.031.529.823.4

Capitalgrants

receivedby theUnitedStates(net) 2

0.9.7.7.0

4 - 2 . 0.0.0.0.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

.0

Gross investment

Total

17.01.6

10.114.619.09.73.55.19.2

35.342 947.835.951.759.551.951.452.468.072.872.862.075.578.277.387.693.4

102.3116.3126.1122.1130.2144.2141.4156.8179.2219.4210.1202.8241.7276.9319.7

233.5245.0247.5241.0

255.2280.4292.6279.5286.4326.6326.6339.1

Grossprivatedomes-tic in-vest-ment

16 21.49.3

13 117.99.95.87 2

10 630 734 045 935.353.859.252.153 352.768 471.069 261.977 676.474 385.290 296.6

112 0124.5120 8131.5146 2140.8160.0188 3220.0214.6190.9243 0297.8344.5

231.5243.5249.9247.1

272.5295.6309.7313.5322.7345.4350.1359.9

Netforeigninvest-ments

0.8.2.9

1 51.1

- . 2- 2 . 2- 2 1- 1 4

4 69 02 0

.6- 2 . 1

.3- . 2

- 1 9- . 321.83 6.1

- 2 01.73 02.43 25.74.31.61.2

- 1 . 4- 2 . 0

.5- 3 . 2- 9 . 0- . 6

- 4 . 511.9

- 1 . 2-20.9-24.8

2.01.5

- 2 . 4- 6 . 1

-17 .3-15.2-17.1-34.1-36 .3-18.9-23.5-20.7

Statis-ticaldis-

crep-ancy

1 l

.71.41 l.5

- . 8- 1 . 8

2 74 1

71 8

- 1 21.02.04 02.73 33.02 5

- . 82

1.7- 2- . 71 64.03.72.2

.93.21.7

- . 6- 3 . 3- 2 . 1

1.31.72.65.87.44 24.7.9

3.44.14.05.3

3.43.77.14.82.2.5.4

1 Undistributed corporate profits with inventory valuation and capital consumption adjustments, corporate and non-corporate capital consumption allowances with capital consumption adjustment, and private wage accruals less disburse-ments.

2 Allocations of special drawing rights (SDR), except as noted in footnote 4.s Net exports of goods and services less net transfers to foreigners and interest paid by government to foreigners plus

capital grants received by the United States, net.* In February 1974, the U.S. Government paid to India $2,010 million in rupees under provisions of the Agricultural

Trade Development and Assistance Act. This transaction is being treated as capital grants paid to foreigners, i.e., a —$2.0billion entry in capital grants received by the United States, net.


210


TABLE B-24.—Saving by individuals, 1946-78 1

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

Year orquarter

1946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

197519761977

1977: l . ._ .I I . . .III . .IV...

1978: I . . . .I I - . .III . .

Total

22.221.025.321.4

30.534.129.931.827.8

33.336.436.133.537.5

35.634.940.746.455.8

62.870.375.881.071.1

84.097.7

115.2134.0125.9

145.7154.4166.3

148.8146.2206.4163.7

161.2195.5180.8

Increase in financial assets

Total 2

18.913.29.1

10.0

13.719.223.122.822.1

28.130.128.631.637.2

32.635.940.147.756.2

59.158.470.976.464.2

79.1103.5128.3146.8138.8

166.4199.8235.7

218.7213.5283.0227.6

236.9278.8245.8

Cur-rencyandde-

mandde-

posits

5 6.1

- 2 9- 2 . 0

2.64.61.61.02.2

1.21.8

- . 43.8.8

1.0- . 9

- 1 . 24.25.2

7.52.49.9

11.1- 2 . 5

8.913.114.515.47.9

5.213.820.4

24.328.022.36.9

•22.223.517.9

Sav-ingsac-

counts

6.33.42.22.6

2.54.87.88.29.2

8.69.5

12.013.911.1

12.118.326.226.326.2

28.019.135.331.19.1

43.667.874.664.257.2

84.8108.1108.3

110.499.8

135.288.0

90.1111.8107.4

Securities

Gov-ern-mentsecu-rities*

- 1 . 51.61 31.8

- . 1- . 62.52.51.0

5.83.92.3

- 2 . 510.1

2.41.81.31 75.1

3.911.7—.75.7

25.3

- 7 . 2- 9 . 9

1.622.022.6

20.69.9

14.3

7.23.66.7

39.6

30.231.325.8

Corpo-rateandfor-eign

bonds

- 0 . 9- . 8- . 1- . 4

- . 8.2

- . 0- . 1- . 9

.71.0.9

1.2.4

.7- . 1- . 4

.1- . 5

.51.44.04.25.4

9.58.34.41.34.7

8.02.11.1

.9- . 03.5.2

- 1 . 0- 4 . 1- . 1

Corpo-rate

equi-ties*

1.11.11.0.7

.71.81.61.0.8

1.02.01.51.5.6

- . 5.3

- 2 . 1- 2 . 5- . 1

- 2 . 1-j

-4'. 2- 6 . 5- 3 . 7

- 1 . 6- 5 . 1- 5 . 7- 6 . 9- 2 . 2

- 3 . 6- 3 . 4- 5 . 1

- 9 . 6- 4 . 3- 5 . 7- . 8

.1- 8 . 8- 7 . 5

Insur-anceandpen-sionre-

serves(*)

5.35.45.35.6

6.96.37.77.97.8

8.59.59.5

10.411.9

11.512.112.713.916.1

16.919.219.020.221.3

24.427.329.333.036.0

43.452.963.6

54.649.991.658.4

59.072.865.9

Net investment in

Non-farmhomes

3.66.79.18.4

11.811.711.312.312.7

16.715.613.212.115.9

14.312.012.813.413.9

13.412.610.914.314.2

11.718.826.028.223.1

20.933.248.0

39.845.652.154.5

57.858.259.9

Con-sumer

du-rables

3.99.5

10.410.9

14.210.47.59.67.0

11.68.47.83.58.0

7.44.89.1

12 215.3

19.121.218.724.323.8

17.425.133.639.027.0

22.540.149.4

48.948.146.853.8

47.459.057.7

Non-cor-po-ratebusi-ness

assets

2 12.07 12.0

7.04.42.0.8

1 5

2 4

2.12.33.4

3.13.36.38.57.7

11.29.48.59.4

11.4

9.813 517.720.32.8

- . 3- 3 . 5

5.6

1.29.14.37.7

- 3 . 11.63.9

Less: Net increasein debt

Mort-gagedebton

non-farmhomes

3 64.74 64.4

6.76.66.27.68 7

12.211.28.99.5

12.8

11.712.214.116.217.5

17.013.812.517.118.5

14.127 041.647 135.4

38.161.393.0

75.992.9

102.4100.8

92.189.492.9

Con-sumercredit

2 73.22 92.9

4.11.24.83.91 1

6 43.52.6.2

6.4

4.61.85.87.98.5

9.66.44.5

10.010.4

5.913 117.123 810.2

9.423.635.0

33.238.332.636.2

38.051.643.4

Otherdebt6

- 0 02.63 02.4

5.43.83.02.25 8

6 93.54.06.37.8

5.57.17.5

11.211.2

13.411.116.116.213.6

13.923.031.729 420.2

16.330.344.4

50.738.844.942.9

47.761.150.3

1 Sav i ng by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.* Includes commercial paper and miscellaneous financial assets, not shown separately.2 Consists of U.S. savings bonds, other U.S. Treasury securities, U.S. Government agency securities and sponsored

agency securities, and State and local obligations.* Includes investment company shares.* Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and

pension reserves.* Security credit, policy loans, noncorporate business mortgage debt, and other debt.

Source: Board of Governors of the Federal Reserve System.

211


TABLE B-25.—Money income (in 1977 dollars) and poverty status of families and unrelatedindividuals by race of head, 1947-77

Year

FAMILIES19471948194919501951195219531954195519561957195819591960196119621963 . .19641965 . _.1966196719681969197019711972 ._ _. ___19731974197421975 __19761977

UNRELATEDINDIVIDUALS

1947194819491950195119521953.. .195419551956 . .195719581959196019611962196319641965 . _19661967196819691970..19711972...197319741974*19751976. .1977

Totalnum-ber

(mil-lions)

37.238.639 339.940 640.841 242.042 943 543.744.245.1

M5.5M6.4M7.1M7.5148.0M8.5U9.2150.1150.8151.6•52.253.354.455.155.755.756.256.757.2

8.28 49 09 49 19 79.59 79.99.8

10.410 910.9

i l l . lU l 2U1.0111.2112.1112.2U2.5U3.2U3.9114.6U5.5

16.316.818.318.918.920 221.523.1

Total

Medianincome

$8,2238,0247 8998,3568 6528,8819 6119,3969,999

10 65810,69210,66111,26211, 50011,61711,93112,36812, 83413, 36214,06414,39815, 03615, 59315, 39915, 38916,10216, 43315, 77315,85515,44715,92316, 009

$2,6592,5092 6692,6302,7873 2183,1622,7562,9813,1793,2153, 1153,2383,5193 5523,5113,5633,8744,1354,2764,3184,8534,8454,8964,9625,1005,6375,4555,6565,4975,7225,907

Percent withincomes

Belowpov-ertylevel

18.518.118.11/.215.9lb.O13.911.811.410.09.7

10.110.09.38.89.28.89.79.49.3

Belowpov-ertylevel

46.145.245 945.444.242.739.838.338.134.034.032.931.629.025.625.524.125 124.922.6

$25,000andover

3.23.84.04.35 44.85.46.67.48.48.89.8

10.711.813.414.616.718.818.218.020.520.918.921.419.420.822.4

$15,000andover

1.21 92.11.82.22.33.23 73.73.74 85.86.26.67.47.48.2

10.19.9

10.310.611.212.611.011.511 011.812.6

Totalnum-ber

(mil-lions)

34.135.3

38.239.039.539.740.240.941.141.942.442.743.143.544.144.845.446.046.547.648.548.949.549.449.950.150.5

7. 3

8.38.58.58.99.29.39.69.69.59.7

10.410.510.711.312.012.513.414.214.515.816.316.317.518.619.9

White

Medianincome

$8, 5668,3328,2158,6729,0039,3939,9659,781

10,43911,15311,12711,10811,73211,94012,11512,49512,96113, 39813, 92714,61114, 94515, 56716,19015, 97415, 96816, 72917,17516,41216, 47616, 06516, 53916, 740

$2,8092,6512,8812,8062,9343,4673,3382,9663,1693,2633,4403,3373,4593,8053,8193,7583,7354,0804,3124,4964,4835,1425,0885,1245,1855,3265,8235,6975,8605,7415,9686,131

Percent withincomes

Belowpov-ertylevel

15.214.914.813.912.812.211.19.39.08.07.78.0/ . 97.16.67.06.87.77.17.0

Belowpov-ertylevel

44.143.043 242.742.040.738.136.136.532.232.130.829.627.123.723.221.822.722.720.4

$25,000andover

3.64.14.34.75.85.35.87.28.09.29.5

10.611.512.814.515.617.720.019.319.121.922.420.222.720.722.223.9

$15,000andover

1.22.22.42.02.52.53.74.24.24.15 46.56.97.48.38.28.9

11.010.911.211.412.013.311.812.211.712.513.3

Black and other races

Totalnum-ber

(mil-lions)

3.13.3

3.83.94.04.04.04.24.34.54.64.84.84.85.05.05.15.25.45.75.96.16.36.36.46.66.7

1.01.0

1.41.41.31.51.61.61.51.61.51.51.61.71.61.81.82.01.92.12.32.52.62.62.72.93.2

Medianincome

$4,3784,4514,1954,7044,7415,3385,5875,4485,7575,8685,9495,6906,0606,6106,4636,6666,8577,4987,6708,7599,2469,737

10,23410,16910,04610, 29310,35810,15610, 54110, 49510, 45510,142

$2,0241,9862,0832,0562,1682,3982,6241, 9692,1162,4232,1862,2632, 2342,1852,3452,5092,5642,7963,1442,8273,3123,4823,5873,5013,4793,9564,3513,8704,0973,8193,9194,642

Percent withincomes

Belowpov-ertylevel

50.449.049.048.043.740.039.733.932.128.226.928.127.427.726.226.025.125.326.426.5

Belowpov-ertylevel

57.459.362 762.158.355.050.753.148.245.745.546.744.940.937.840.038.040.939.535.9

$25,000andover

0.5.4.5. 3.6.3

1.01.01.72.41.92.73.33.03.95.77.38.08.48.19.39.48.5

10.79.4

10.010.8

$15,000andover

0.6.4.3.5.2.7.3.6

1.01.11.42.01.22.21.82.13.34.13.63.44.76.17.96.16.96.47.08.1

1 Revised using population controls based on the 1970 census. Such controls are not available by race.2 Based on revised methodology procedures.Note.—The poverty level is based on the poverty index adopted by a Federal interagency committee in 1969. That index

reflects different consumption requirements for families based on size and composition, sex and age of family head, andfarm-nonfarm residence. The poverty thresholds are updated every year to reflect changes in the consumer price index.For further details, see "Current Population Reports," Series P-60, No. 116, Bureau of the Census.

Source: Department of Commerce, Bureau of the Census.

212


POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY

TABLE E-26.—Population by age groups, 1929-78

[Thousands of persons]

July 1

1929

1933

1939

19401941194219431944

194519461947 . .19481949 .

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

197019711972 .19731974

197519761977...1978

Total

121,767

125,579

130,880

132,122133, 402134, 860136, 739138, 397

139,928141,389144,126146, 631149,188

152,271154,878157, 553160 184163, 026

165, 931168, 903171, 984174,882177,830

180,671183,691186,538189, 242191,889

194, 303196, 560198,712200,706202,677

204, 878207, 053208, 846210, 410211,901

213, 559215, 152216, 863218, 548

Age (years)

Under 5

11,734

10,612

10,418

10, 57910,85011,30112,01612,524

12, 97913, 24414, 40614,91915, 607

16,41017,33317,31217, 63818, 057

18, 56619, 00319, 49419, 88720,175

20,34120, 52220, 46920,34220,165

19,82419, 20818, 56317,91317,376

17,14817,17716,99016, 69416, 288

15, 87915, 34515,24115,361

5-15

26, 800

26, 897

25,179

24,81124,51624, 23124, 09323,949

23, 90724,10324, 46825, 20925, 852

26,72127, 27928, 89430, 22731, 480

32,68233,99435, 27236, 44537, 368

38, 49439, 76541,20541,62642, 297

42,93843,70244. 24444,62244, 840

44, 77444, 44143,94843, 22742, 538

41, 95641, 45940, 57439, 598

16-19

9,127

9,302

9,822

9,8959,8409,7309,6079,561

9,3619,1199,0978,9528,788

8,5428,4468,4148,4608,637

8,7448,9169,1959,54310,215

10,68311,02511,18012,00712,736

13,51614,31114,20014,45214, 800

15,27515,63515,94616,31016, 590

16, 79316, 92816, 96616,921

20-24

10,694

11,152

11,519

11,69011,80711,95512, 06412,062

12, 03612, 00411,81411,79411,700

11,68011,55211,35011,06210,832

10,71410,61610, 60310,75610, 969

11,13411,48311,95912,71413, 269

13,74614,05015,24815,78616,480

17,18418,08918,03218, 34518, 741

19, 22919, 62920, 07620,441

25-44

35, 862

37,319

39, 354

39, 86840,38340,86141,42042,016

42, 52143, 02743,65744, 28844, 916

45, 67246,10346,49546, 78647, 001

47, 19447,37947, 44047, 33747, 192

47,14047, 08447, 01346, 99446, 958

46,91247,00147,19447,72148, 064

48,43548,81150, 25451,41152, 593

53, 73555, 13056, 70558, 320

45-64

21, 076

22,933

25, 823

26, 24926,71827,19627,67128,138

28, 63029,06429,49829,93130, 405

30, 84931, 36231, 88432,39432, 942

33, 50634, 05734, 59135, 10935, 663

36,20336,72237,25537,78238,338

38,91639, 53440,19340, 84641,437

41,97542,41342,78543, 07743,319

43, 54643, 70743, 79343, 852

65 andover

6,474

7,363

8,764

9,0319,2889,5849,86710,147

10, 49410,82811,18511,53811,921

12,39712, 80313, 20313,61714, 076

14,52514,93815, 38815, 80616, 248

16,67517,08917,45717,77818,127

18,45118,75519,07119, 36519,680

20, 08720,48820, 89221,34621,833

22, 42022,95423, 50724, 054

Note.—Includes Armed Forces overseas beginning 1940. Includes Alaska and Hawaii beginning 1950.


213


TABLE B-27.—Noninstitutional population and the labor force, 1929-78

[Monthly data seasonally adjusted, except as noted]

Year ormonth

1929

1933

1939

194019411942. _19431944

19451946.1947

194719481949. .

195019511952195331954

19551956195719581959

1960s19611962 319631964

19651966196719681969

197019711972 31973 31974

1975197619771978 3

Nonin-stitu-tionalpopu-lation i

ArmedForces i

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Non-agri-cul-tural

Unem-ploy-ment

Thousands of persons 14 years of age and over

100,380101,520102,610103,660104,630

105,530106,520107,608

260

250

370

5401,6203,9709,020

11,410

11,4403,4501,590

49,180

51, 590

55,230

55,64055,91056,41055,54054,630

53,86057,52060,168

47 630

38, 760

45, 750

47,52050,35053,75054,47053,960

52,82055, 25057,812

10 450

10, 090

9,610

9,5409,1009,2509,0808,950

8,5808,3208,256

37 180

28,670

36,140

37,98041,25044,50045,39045,010

44,24046,93049,557

1 550

12,830

9,480

8,1205,5602,6601,070

670

1,0402,2702,356


103,418104 527105,611

106,645107,721108,823110,601111,671

112,732113,811115,065116,363117,881

119,759121,343122,981125,154127, 224

129,236131,180133,319135,562137,841

140,182142,596145,775148,263150,827

153,449156,048158,559161, 058

1,5911 4591,617

1,6503,1003,5923,5453,350

3,0492,8572,8002,6362,552

2,5142,5722,8282,7382,739

2,7233,1233,4463,5353,506

3,1882,8172,4492,3262,229

2,1802,1442,1332,117

59,35060 62161,286

62,20862,01762,13863,01563,643

65,02366,55266,92967,63968,369

69,62870,45970,61471,83373,091

74,45575,77077,34778,73780,734

82,71584,11386,54288,71491,011

92,61394,77397, 401100,420

57,03858 34357,651

58 91859,96160 25061,17960,109

62,17063,79964,07163,03664,630

65,77865,74666,70267,76269,305

71,08872,89574,37275,92077,902

78,62779,12081,70284,40985,935

84,78387,48590, 54694,373

7,8907,6297,658

7,1606,7266,5006,2606,205

6,4506,2835,9475,5865,565

5,4585,2004,9444,6874,523

4,3613,9793,8443,8173,606

3,4623,3873,4723,4523,492

3,3803,2973,2443,342

49,14850 71449,993

51,75853, 23553,74954,91953,904

55,72257,51458,12357,45059,065

60,31860,54661,75963,07664,782

66,72668,91570,52772,10374,296

75,16575,73278,23080,95782,443

81,40384,18887,30291,031

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,3045,076

7,8307,2886,8556,047

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Civilian labor forceparticipation rate *

Total Males Females

Percent

3.2

24.9

17.2

14.69.94.71.91.2

1.93.93.9

3.93.85.9

5.33.33.02.95.5

4.44.14.36.85.5

5.56.75.55.75.2

4.53.83.83.63.5

4.95.95.64.95.6

8.57.77.06.0

55.756.057.258.758.6

57.255.856.8

58.358.858.9

59.259.359.058.958.8

59.360.059.659.559.3

59.459.358.858.758.7

58.959.259.659.660.1

60.460.260.460.861.2

61.261.662.363.2

83.784.385.686.487.0

84.882.684.0

86.486.686.4

86.486.586.386.085.5

85.385.584.884.283.7

83.382.982.081.481.0

80.780.480.480.179.8

79.779.179.078.878.7

77.977.577.777.9

28.128.731.336.036.5

35.931.231.0

31.832.733.1

33.934.634.734.434.6

35.736.936.937.137.1

37.738.137.938.338.7

39.340.341.141.642.7

43.343.343.944.745.6

46.347.348.450.0


214


TABLE E-27.—Noninstitutional population and the labor force, 1929-78— Continued

[Monthly data seasonally adjusted, except as noted]

Year or month

Nonin-stitu-tionalpopu-

lation 1

ArmedForces»

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Nqn-agri-cul-tural

Unem-ploy-ment

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Civilian labor forceparticipation rates

Total Males Females

Thousands of persons 16 years of age and over Percent

1 9 7 6 : J a n . . . .F e b . . . .M a r . . . .AprMay . . . .June_.

July—A u g . -S e p t . .O c t . . .N o v . . .D e c . . .

1977: J a n . . .F e b . . .M a r . .Apr.AprM a y . . . .Way.June

J u l y . .A u g . .Sept . .O c t . -N o v . .Dec . . .

1978: Jan 3 . .F e b . . .M a r . .A p r . . .M a y . .June . .

J u l y . .A u g . .S e p t . .O c t . . .N o v . .Dec . . .

154,915155,106155,325155,516155,711155,925

156,142156,367156,595156,788157,006157,176

157, 381157, 584157,782157,986158, 228158,456

158,682158,899159,114159,334159, 522159,736

159,937160,128160, 313160, 504160,713160,928

161,148161, 348161, 570161,829162,033162,250

2,1402,1462,1472,1442,1422,137

2,1402,1472,1452,1472,1492,146

2,1332,1372,1382,1322,1282,129

2,1352,1372,1312,1342,1322,129

2,1212,1242,1222,1182,1132,098

2,1162,1222,1232,1222,1172,108

93,61493,68393,90994, 35694,47594, 527

95,18895, 28595,14395,16395,74595, 840

95,77496,31696,65496,74997,06297, 508

97,31197,69897,81198,02898,83898,748

99,21599,13999,43599,767100,109100, 504

100,622100,663100,974101,077101, 628101, 867

86,22486,48886, 80587,13887,43887, 321

87,81887,90087,86387,84088,27888,454

88,65989,04889, 50389, 80590,16690, 500

90,60590,90391,18791,37492,20392, 561

92,92393,04793, 28293, 70493,95394,640

94, 44694,72395,01095, 24195, 75195, 855

3,3423,2753,2713,3983,3023,272

3,3203,3493,2573,2863,2433,231

3,1303,1883,1913,2613,3493,291

3,1983,2193,1883,2383,3643,304

3,3633,2803,3343,2743,2433,424

3,3773,3513,4063.3743,2753,387

82,88283,21383,53483,74084,13684,049

84,49884, 55184,60684,55485,03585,223

85, 52985, 86086,31286, 54486,81787, 209

87,40787,68487,99988,13688,83989,257

89, 56089,76789,94890, 43090,71091,216

91, 06991, 37291,60491, 86792, 47692, 468

7,3907,1957,1047,2187,0377,206

7,3707,3857,2807,3237,4677,386

7,1157,2687,1516,9446,8967,008

6,7066,7956,6246,6546,6356,187

6,2926,0926,1536,0636,1565,864

6,1765,9405,9645,8365,8776,012

7.97.77.67.67.47.6

7.77.87.77.77.87.7

7.47.57.47.27.17.2

6.97.06.86.86.76.3

6.36.16.26.16.15.8

6.15.95.95.85.85.9

61.361.261.361.561.561.5

61.861.861.661.561.861.8

61.762.062.162.162.262.4

62.262.362.362.462.862.7

62.962.762.963.063.163.3

63.363.263.363.363.663.6

77.477.377.377.777.677.3

77.677.677.577.577.677.5

77.477.677.677.577.677.8

77.677.677.377.878.077.9

78.077.877.977.877.978.0

77.877.777.777.778.078.0

46.846.947.047.147.147.3

47.647.747.347.347.747.7

47.647.948.248.348.448.5

48.348.648.848.549.249.0

49.249.249.449.749.950.1

50.350.250.550.350.650.7

i Not seasonally adjusted.* Civilian labor force as percent of civilian noninstitutional population.3 Not strictly comparable with earlier data due to population adjustments as follows: Beginning 1953, introduction of

1950 census data added about 600,000 to population and about 350,000 to labor force, total employment, and agriculturall 9 l k d H i i d d d b t 500000 t l t i b t 300000 t l b

1950 nsu data added about 600,000 to population and about 350,000 to l , t empyment, and agriculturalemployment. Beginning 1960, inclusion of Alaska and Hawaii added about 500,000 to population, about 300,000 to laborforce, and about 240,000 to nonagricultural employment. Beginning 1962, introduction of 1960 census data reduced popu-lation by about 50,000 and labor force and employment by about 200,000. Beginning 1972, introduction of 1970 censusdata added about 800,000 to civilian noninstitutional population and about 333,000 to labor force and employment. Asubsequent adjustment based on 1970 census in March 1973 added 60,000 to labor force and to employment. Beginning1978, changes in sampling and estimation procedures introduced into the household survey added about 250,000 to laborforce and to employment. Unemployment levels and rates were not significantly affected.

Note.—Labor force data in Tables B-27 through B-32 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historic comparability of the data,comparability with other series, etc., see "Employment and Earnings."

Source: Department of Labor, Bureau of Labor Statistics.

215


TABLE B-28.—Civilian employment and unemployment by sex and age, 1947—78

[Thousands of persons 16 years of age and over; monthly data seasonally adjusted]

Year ormonth

1 9 4 7 . . .1 9 4 8 . . .1 9 4 9 . . .

1950 . . .1 9 5 1 . . .19521953 L .1 9 5 4 . . .

1 9 5 5 . . .1956. .1 9 5 7 . . .1 9 5 8 . . .1 9 5 9 . . .

19601._1 9 6 1 . . .1 9 6 2 i _ _1 9 6 3 . . .1 9 6 4 . . .

1 9 6 5 . . .1 9 6 6 . . .1 9 6 7 . . .1 9 6 8 . . .1 9 6 9 . . .

1 9 7 0 . . .1 9 7 1 . . .1972119731. .1974 . . .

1 9 7 5 . . .1976 . . .1977. .19781. .

1977:J a n . .F e b . .Mar..Apr.May..June-

July. .Aug..Sept .Oct . .Nov_.D e c .

1978:J a n . .Feb . .Mar..Apr._May..June-

July..Aug..Sept.Oct . .Nov..D e c .

Employment

Total

57, 03858,34357,651

58,91859,96160, 25061,17960,109

62,17063,79964,07163, 03664,630

65, 77865, 74666,70267,76269,305

71,08872,89574,37275,92077,902

78,62779,12081,70284,40985, 935

84,78387, 48590, 54694, 373

88, 65989, 04889, 50389, 80590,16690,500

90, 60590, 90391,18791, 37492, 20392, 561

92, 92393, 04793, 28293, 70493, 95394, 640

94, 44694, 72395, 01095, 24195,75195, 855

Total

40,99541,72540,925

41,57841,78041,68242,43041,619

42,62143,37943,35742,42343,466

43,90443, 65644,17744,65745,474

46,34046,91947,47948,11448,818

48,96049,24550, 63051, 96352, 518

51,23052,39153, 86155, 491

52, 95953,11753, 33353, 47053, 59753,910

53, 90853, 98054, 04654, 36954, 70654, 922

54, 99254, 94355, 04255,18455, 37255, 766

55, 53155, 58055, 59455, 75456, 09656, 072

Males

16-19years

2,2182,3452,124

2,1862,1562,1062,1351,985

2,0952,1642,1172,0122,198

2,3602,3142,3622,4062, 587

2,9183,2523,1863,2553,430

3,4073,4703,7504,0174,074

3,8033,9044,1244,279

3,9413,9774,0224,0824,1334,147

4,1704,1314,1044,2224,2764,308

4,2874,1584,2014,1874,2534,429

4,3174,3654,3074,3064,2714,234

20yearsandover

38,77639,38238,803

39,39439,62639,57840, 29639,634

40, 52641,21641,23940,41141,267

41, 54341,34241,81542, 25142, 886

43,42243,66844,29344,85945,388

45,55345,77546,88047,94648,445

47,42748, 48649, 73751,212

49, 01849, 14049,31149, 38849, 46449,763

49, 73849, 84949, 94250,14750, 43050, 614

50, 70550, 78550, 84150, 99751,11951, 337

51,21451,21551, 28751, 44851, 82551,838

Total

16,04516,61716,723

17,34018,18118, 56818,74918,490

19,55120,41920,71420,61321,164

21,87422,09022,52523,10523,831

24,74825,97626,89327,80729,084

29,66729,87531.07232,44633,417

33,55335,09536,68538, 882

35, 70035, 93136, 17036, 33536, 56936, 590

36, 69736, 92337, 14137, 00537, 49737, 639

37, 93138,10438, 24038, 52038, 58138, 874

38,91539,14339, 41639, 48739, 65539, 783

Females

16-19years

1,6911,6831,588

1,5171,6111,6121,5841,490

1,5481,6541,6631,5701,640

1,7691,7931,8331,8491,929

2,1182,4692,4972,5252,686

2,7342,7252,9723,2193,329

3,2433,3653,4863,702

3,3323,4443,4633,4423,3403,533

3,5073,6613,4743,5143,5503,573

3,5733,5643,5623,6463,6953,776

3,7553,8313,7253,7613,7683,793

20yearsandover

14,35414,93715,137

15, 82416,57016,95817,16417,000

18,00218,76719,05219,04319,524

20,10520, 29620,69321,25721,903

22,63023, 51024, 39725,28126,397

26,93327,14928,10029,22830, 088

30,31031,73033,19935,180

32, 36832, 48732, 70732, 89333, 22933, 057

33, 19033,26233, 66733, 49133,94734, 066

34, 35834,54034, 67834, 87434, 88635, 098

35,16035, 31235, 69135, 72635, 88735, 990

Total

2,311

Total

1,6922,276 1,5593,637

3,288

2,572

2,2392,055 1,2211,8831,1851,834 1,2023,532

2,852

2,344

1,8542,750 1,7112,859 1,8414,602 3, 0983,740 2,420

3,852 2,4864,714 2,9973, 911 2,4234,070 2,4723,786

3,366

2,205

1,9142, 875 1, 5512,975 1,5082,817,1,4192,832

4,088

1,403

2,2354,993 2,7764.8402.6354, 304 2, 2405,076

7,8307,2886,8556,047

7,1157,268

2,668

4,3853,9683,5883,051

3,8493.948

7,15l|3; 7726, 944 3, 6276, 896 3, 6737,008

6,706

3,629

3,5066,795 3,5426, 624J3, 3526,654 3,4336,635 3,3316,187

6,292

3,146

3,2566,092 3,2216,153 3,2356, 063 3, 0966,156 3, 0325,864

6,176

2,816

2,9715,940 2,9375,964j2,9655,836 2,9715, 877 2, 9236,012 3,044

Unemployment

Males

16-19years

270255352

318191205184310

274269299416398

425479407500487

479432448427441

599691707647749

957928861799

866889895851871943

846875864828842759

792845841817768704

784756793826810849

20yearsandover

1,4221,3052,219

1,9221,029

9801,0192,035

1,5801,4421,5412,6812,022

2,0602,5182,0161,9711,718

1,4351,1201,060

993963

1,6362,0861,9281,5941,918

3,4283,0412,7272,252

2,9833,0592,8772,7762,8022,686

2,6602,6672,4882,6052,4892,387

2,4642,3762,3942,2792,2642,112

2,1872,1812,1722,1452,1132,195

Total

619717

1,065

1,049834698632

1,188

9981,0391,0181,5041,320

1,3661,7171,4881,5981,581

1,4521,3241,4681,3971,429

1,8532,2172,2052,0642,408

3,4453,3203,2672,996

3,2663,3203,3793,3173,2233,379

3,2003,2533,2723,2213,3043,041

3,0362,8712,9182,9673,1243,048

3,2053,0032,9992,8652,9542,968

Females

16-19years

144152223

195145140123191

176209197262256

286349313383386

395404391412412

506567535579660

795773781760

813781797802782838

757764796781780679

748759749756802754

792111769731746741

20yearsandover

475564841

854689559510997

823832821

1,2421,063

1,0801,3681,1751,2161,195

1,056921

1,078985

1,016

1,3471, 6501,6101,4851,748

2,6492,5462,4862,236

2,4532,5392,5822,5152,4412,541

2,4432,4892,4762,4402,5242,362

2,2882,1122,1692,2112,3222,294

2,4132,2312,2302,1342,2082,227

1 See footnote 3, Table B-27.Note.—See Note, Table B-27.


216


TABLE B-29.—Selected employment and unemployment data, 1948-78

[Percent1; monthly data seasonally adjusted]

Year or month

1948...1949

19501951 . .1952.1953 . .195419551956195719581959

196019611962 . . .19631964 .19651966196719681969

197019711972197319741975 . . . .19761977 . .1978

1977: JanFebMarAprMayJune

JulyAugSeptOctNovDec.

1978: JanFeb . . .MarAprMayJune

JulyAugSeptOctNov.Dec.

Unemployment rate'

Allwork-

ers

3.85.9

5.33.33.02.95.54.44.14.36.85.5

5.56.75.55.75.24.53.83.83.63.5

4.95.95.64.95.68.57.77.06.0

7.47.57.47.27.17.2

6.97 06.86.86.76.3

6 36.16.26.16.15.8

6.15.95.95.85.85.9

By sex and age

Bothsexes16-19years

9.213.4

12.28.28.57.6

12.611.011.111.615.914.6

14.716.814.717.216.214.812.812.812.712.2

15.216.916.214.516.019.919.017.716.3

18.818.418.418.018.118.8

17.317 418.017.217.215.4

16 417.217.016.716.515.1

16.315.716.316.216.216.5

Males20

yearsandover

3.25.4

4.72.52.42.54.93.83.43.66.24.7

4.75.74.64.53.93.22.52.32.22.1

3.54.44.03.23.86.75.95.24.2

5.75.95 55.35.45.1

5.15 14.74.94.74.5

4 64.54.54.34.24.0

4.14.14.14.03.94.1

Females20

yearsandover

3.65.3

5.14.03.22.95.54.44.24.16.15.2

5.16.35.45.45.24 53.84.23.83.7

4.85.75.44.85.58.07.47.06.0

7.07.27.37.16.87.1

6.97 06.96.86.96.5

6 25.85.96.06.26.1

6.45.95.95.65.85.8

By selected groups

Expe-riencedwageand

salarywork-

ers

4.36.8

6.03.73.33.26.24.84.44.67.25.7

5.76.85.65.55.04 33.53.63.43.3

4.85.75.34.55.38.27.36.65.6

7.07.26.96.76.76.6

6.46 56.36.46.35.9

5 95.75.75.65.75.4

5.75.55.65.45.45.6

Mar-ried

men*

3.5

4.61.51.41.74.02.82.62.85.13.6

3.74.63.63.42.82.41.91.81.61.5

2.63.22.82.32.75.14.23.62.8

4.04.13.83.73.73.5

3.43 53.33.53.33.1

3.12.93.02.82.92.7

2.72.82.62.62.42.5

Womenwhohead

families

4.94.44.4

5.47.37.27.07.0

10.010.09.38.5

9.59.59.89.49.09.4

9.19 8

10.29.39.27.8

8.27.78.7

10.19.38.8

9.88.08.07.57.77.7

Full-time

work-ers«

5.4

5.02.62.5

5.23.83.74.07.2

6.7

5.54.94.23.53.43.13.1

4.55.55.14.35.18.17.36.55.5

6.97.06.86.76.66.6

6.56 56.36.46.25.8

5 95.75.65.55.65.3

5.75.45.45.25.25.3

Blue-collarwork-ers <

4.28.0

7.23.93.63.47.25.85.16.2

10.27.6

7.89.27.47.36.35.34.24.44.13.9

6.27.46.55.36.7

11.79.48.16.9

8.68.88.58.18.08.0

8.08.27.67.97.57.07.37.27.26.76.76.6

6.76.96.86.86.46.8

Employment as percentof population5

Total

55.854.6

55.255.755.455.353.855.156.155.754.254.8

54.954.254.254.154.555.055.655.856.056.5

56.155.556.056.957.055.356.157.158.6

56.356.556.756.857.057.1

57.157.257.357.357.857.9

58.158.158.258.458.558.8

58.658.758.858.959.159.1

White

54.054.354.855.455.755.956.5

56.255.756.457.357.555.956.857.959.3

57.157.357.557.757.858.0

57.958.158.258.358.758.7

58.958.858.959.159.259.6

59.359.459.559.659.959.9

Blackand

other

55.256.156.857.256.956.656.7

55.553.753.053.953.050.050.651.153.3

50.850.950.850.950.751.2

50.850.751.050.951.552.6

52.4" 53.0

52.952.953.053.4

53.253.553.953.953.753.7

1 Unemployment as percent of civilian labo- force in group specified.2 Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March,s Data for 1949-61 are for May.* Includes craft and kindred workers, operatives, and nonfarm laborers. Data for 1948-57 are based on data for

January, April, July, and October.« Civilian employment as percent cf total noninstitutional population.

Note—See footnote 3 and Note, Table B-27.


217


T A B L E B—30.—Unemployment rate by demographic characteristic, 1948—78

[Percent»; monthly data seasonally adjusted]

Year or month

19481949

19501951195219531954

19551956195719581959

19601961 . . . .19621963 . . .1964

1965196619671968 .1969 . . .

19701971197219731974

1975197619771978

1977: JanFebMar. . . .Apr_. . .May. . . .J u n e . . .

July . . . .AugSept . . . .OctN o v . . . .D e c . . .

1978: JanF e b . . . .Mar. . . .A p r . . . .May. . . .J u n e . . .

July . . . .AugSept—.OctN o v . . . .D e c . . .

White

Total

3.55.6

4.93.12.82.75.0

3.93 63.86.14.8

4.96.04.95.04.6

4.13.33.43.23.1

4.55.45.04.35.0

7.87.06 25.2

6.86.86.66.46.36.4

6.06.16.05.95.85.4

5.55.45.35.25.35.0

5.25.25.25.15.05.2

Males

Total

4.8

3.73.43.66.14.6

4.85.74.64.74.1

3.62.82.72.62.5

4.04.94.53.74.3

7.26.45.54.5

6.16.25.95.75.75.7

5.35.35.15.15.04.7

4.84.84.84.54.44.2

4.44.44.54.54.24.5

16-19years

13.4

11.310.511.515.714.0

14.015.713.715.914.7

12.910.510.710.110.0

13.715.114.212.313.5

18.317.315.013.5

16.116.015.915.015.216.8

13.914.815.414.114.012.4

13.014.414.113.612.711.9

12.813.213.514.313.414.6

20yearsandover

4.4

3.33.03.25 54.1

4.25.14.03.93.4

7.92.27.12.01.9

3 74.03.62.93.5

6.25.44.63.7

5.25.34.94.94.84.6

4.54.44.24.34.14.0

4.03.93.93.73.73.5

3.63.63.63.53.43.5

Total

5.5

4.34 24.36.25.3

5.36.55.55.85.5

5.04.34.64.34.2

5.46.35.95.36.1

8.67 97 36 2

7.77.77.77.57.27.5

7.17.27.27.17.06.5

6.56.26.06.36.56.2

6.56.36.25.96.06.1

Female:

16-19years

10.4

9.19.79.5

12.712.0

12.714.812.815.114.9

14.012.111.512.111.5

13.415.114.213.014.5

17.416.415.914.4

17.716.616.916.716.815.9

15.314.716.015.615.412.8

14.614.814.714.715.012.9

14.514.414.813.714.313.8

>

20yearsandover

5.1

3.93.73.85.64.7

4.65.74.74.84.6

4.03.33.83.43 4

4.45.34.94.35.0

7.56.86.25.2

6.56.66.66.36.16.5

6.16.26.16.16.05.7

5.65.25.05.25.55.4

5.55.25.24.95.05.1

Black and other

Total

5.98.9

9.05.35.44.59.9

8.78.37.9

12.610.7

10.212.410.910.89.6

8.17.37.46.76.4

8.29.9

10.08.99.9

13.913.113.111.9

12.713.212.912.412.913.3

13.114.113.213.613.512.6

12.811.912.512.012.312.0

12.311.511.311.311.711.5

Males

Total

10.3

8.87.98.3

13.711.5

10.712.810.910.58.9

7.46.36.15.65.3

7.39.18.97.69.1

13.712.712.410.9

12.112.412.210.712.312.3

12.814.012.613.412.211.4

12.011.311.311.211.310.3

10.610.410.410.310.910.6

16-19years

14.4

13.415.018.426.825.2

24.026.822.027.324.3

n 321.323.922.1?1 4

?5 028.9?9 726.931.6

35.435.437.034.4

34.838.239.134.837.836.6

39.138.434.736.438.236.2

36.935.837.134.137.432.2

32.328.533.831.837.934.6

20yearsandover

9.9

8.47.47.6

12.710.5

9.611.710.09.27.7

6.04.94.33.93.7

5.67.26.85.76.8

11.710.610.08.6

10.010.09.88.6

10.010.0

10.211.410.511.29.68.9

9.68.88.88.98.88.2

8.38.78.28.38.38.4

Total

9.2

8.58.97.3

10.89.4

9.411.911.011.210.7

9.28.79.18.37.8

9.310.811.310.510.7

14.013.614.013.1

13.414.113.814.413.714.4

13.414.213.813.815.013.9

13.612.613.812.813.513.9

14.212.712.212.512.512.5

Females

16-19years

20.6

19.222.820.228.427.7

24.829.230.234.731.6

31.731.329.628.727.6

34.435.438.534.534.6

38.539.039.938.4

38.236.737.637.539.042.9

41.141.441.140.340.740.9

41.341.040.437.039.241.5

40.436.636.037.535.035.3

20yearsandover

8.4

7.77.86.49.58.3

8.310.69.69.49.0

7.56.67.16.35 8

6 98.78 88.28.4

11.511.311.710.6

11.212.211.812.311.711.6

10.911.711.311.312.611.4

11.110.011.310.610.911.1

11.410.310.010.110.310.2

i Unemployment as percent of civilian labor force in group specified.

Note.—See footnote 3 and Note, Table B-27.


218


TABLE B-31.— Unemployment by duration, 1947-78

[Monthly data seasonally adjusted ']

Year or month

194719481949

19501951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

1970 . . .1971197219731974

1975197619771978

1977:JanFebMarAprMay. _ _June. _

JulyAugSeptOctNovDec



Total un-employ-

ment Less than5 weeks

Duration of unemployment

5-14weeks

15-26weeks

Thousands of persons 16 years of age and (

2,3112,2763,637

3,2882,0551,8831,8343,532

2,8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,3045,076

7,8307,2886,8556,047

7,1157,2687,1516,9446,8967,008

6,7066,7956,6246,6546,6356,187

6,2926,0926,1536,0636,1565,864

6,1765,9405,9645,8365,8776,012

1 2101,3001,756

1,4501,1771,1351,1421,605

1,3351,4121,4081,7531,585

1,7191,8061,6631 7511,697

1,6281 5731,6341 5941,629

2,1372,2342,2232,1962,567

2,8942,7902,8562,793

2,8202,9282, 9133,0112,7273,115

2,7742,8392,7762,8222,8512,645

2,7422,6492,7892.7472,8622,772

2,9672,7952,7832,7192,8332,876

704669

1,194

1,055574516482

1,116

815805891

1,3961,114

1,1761,3761,1341,2311,117

983779893810827

1,2891,5781,4591,2961,572

2,4522,1592,0891,875

2,1532,1922,1681,9602,1702,045

2,0592,1522,0912,0811,9781,913

1,9031,8801,9091,8561,8421,908

1,8731,8951,8611,7891,7741,979

234193428

425166148132495

366301321785469

503728534535491

404287271256242

427665597475563

1,2901,003

896746

993954878822860850

891931882882890813

838894787809723674

668625663732685726

27 weeksand over

)ver

164116256

3571378478

317

336232239667571

454804585553482

351239177156133

235517562337373

1,1931,3361,015

633

1,1991,2021,1531,1191,059

978

965899924900871835

803665701677681592

646609605585511482

Average(mean)

durationin weeks

8.610.0

12.19.78.48.0

11.8

13.011.310.513.914.4

12.815.614.714.013.3

11.810.48.88.47.9

8.711.312. C10.09.7

14.115. J14.311. £

15.214. J14.514.515. C14.2

14.113. £13. S13.713.513.7

13.012.612.412.412.212. C

11.811.411.511.811.010.7

i Because of independent seasonal adjustment of the various series, detail will not add to totals.

Note.—See footnote 3 and Note, Table B-27.Source: Department of Labor, Bureau of Labor Statistics.

219


TABLE B-32.—Unemployment by reason, 1967-78

[Monthly data seasonally adjusted *]

Year or month Totalunemployment

Joblosers

Jobleavers Reentrants New

entrants


196719681969

19701971197219731974

1975197619771978

1978: Jan..Feb..Mar.Apr-May.June

July.Aug.Sept.Oct.Nov.Dec.

196719681969

19701971197219731974

1975197619771978

1978:Jan..Feb.Mar.Apr..May.June.

July.Aug.Sept.Oct..Nov.Dec.

2,9752,8172,832

4,0884,9934,8404,3045,076

7,8307,2886,8556,047

6,2926,0926,1536,0636,1565,864

6,1765,9405,9645,8365,8776,012

1,2291,0701,017

1,8092,3132,0891,6662,205

4,3413,6253,1032,514

2,7112,5892,5622,5562,6142,379

2,5362,4592,3622,4562,3722,442

438431436

549587635674756

812886889851

861896858877828853

855840849812825871

945909965

1,2271,4661,4441,3231,441

1,8651,8951,9261,814

1,8121,8021,8781,7501,7931,785

1,8701,7431,9301,7211,7541,937

396407413

503627672642672

812882938867

915880912905892816

871875816825872826

Percent of civilian labor force

3.83.63.5

4.95.95.64.95.6

8.57.77.06.0

6.36.16.26.16.15.8

6.15.95.95.85.85.9

1.61.31.2

2.22.82.41.92.4

4.73.83.22.5

2.72.62.62.62.62.4

2.52.42.32.42.32.4

0.6.5

.7

.7

.7

1.21.21.2

1.51.71.71.51.6

2.02.02.01.8

1.81.8.9.8.8.8

.9

.71.91.71.71.9

0.5.5.5

•6.7.8

'.7

.9

.91.0.9

.9

.9

.9

.9

.9

.8

. 9

. 9

.8

.8

.9

.8

1 Because of independent seasonal adjustment of the various series, detail will not add to totals.

Note.—See footnote 3 and Note, Table B-27.


220


TABLE B-33.—Unemployment insurance programs, selected data, 1946-78

Yearor month

All programs

Coveredemploy-ment1

Insuredunem-ploy-ment

(weeklyaver-age)"

Totalbenefits

paid(millionsof dol-lars^*

State programs

Insuredunem-ploy-ment

Initialclaims

Ex-haus-tions*

Insuredunem-ploy-

ment aspercent ofcoveredemploy-

ment

Benefits paid

Total(mil-lions

ofdol-lars) *

Averageweeklycheck(dol-lars)*

Thousands Weekly average; thousands

1946...1947...1948...1949...

195019511952195319541955195619571958

I960....1961....1962....1963.-.1964...1965...1966...1967...1968...1969...

1970...1971...1972...1973...1974...1975...1976...1977 *..1978 p.

1977: Jan..Feb..Mar..

31,85633,87634,64633; 098

34,30836,33437,00638,07236,62240,01842,75143,43644,41145,728

46,33446,26647,77648,43449,63751,58054,73956,34257,97759,999

59,52659,37566,45869,89772 45171,03773,459

»76,419

June..

July..Aug...

§cf!;:Nov...Dec...

1978: Jan.-.Feb....Mar...May."June..

July..Aug..

SfcNov*.D

2,8041,7931 4462,4741,6051,0001,0691,0672,0511,3991,3231,5713,2692,099

2,0712,9941,946

U,9731,7531,4501,1291,2701,1871,177

2,0702,6082,1921,7932,5584,9373,8463,1112,640

4,4424,4483,9723,5063,1052,9393,0652,7512,6432,6492,8533,2263,7813,6383,2122,6592 3692,2972,5812,3942,0641,9992,1482,545

2,878.51785.51,328.72,269.81,467.6

862.91,043.51,050.62,291.61,560.21,540.61,913.04,290.62,854.3

3,022.84,358.13,145.13,025.92,749.22,360.41,890.92,221.52,191.02,298.6

4,209.36,154.05,491.14,517.36,933.9

16,802.412,344.810,998.9

1,212.01,214.51,317.2

998.5886.4883.4

784.5824.8712.2712.9795.8896.2

1,091.01,053.61,128.9

805.4753.9706.7663.8771.5595.6597.4

1,295997980

1,9731,513969

1,044990

1,8701,2651,2151,4462,5261,6841,9082,2901,783

M,8061,6051,3281,0611,2051 111lilOl1,8052,1501,8481,6322,2623,9862,9912,6552,356

2,8352,8112,6782,6652,6272,6232,6102,6512,6052,5702,5512,4872,4822,5182,4522,3072,2232,2472,3742,4482,2922,2342,2302,252

189187200340236208215218304226227270369277331350302

T298268232203226201200296295261247363478386375342

*410427354381384370374371364360353351346368339338331347364345326325338339

4.33.13.06.24.62.82.92.85.23.53.23.66.44.44.85.64.44.33.83.02.32.52.22.1

3.44.13.52.73.56.04.63.93.3*

4.34.24.24.03.93.9

3.83.93.83.83.73.63.63.63.53.33.23.23.43.53.23.03.03.1

1,094.9775.1789.9

1,736.01,373.1

840.4998.2962.2

2,026.91,350.31,380.71,733.93,512.72,279.02,726.73,422.72,675.42,774.72,522.12,166.01,771.32,092.32,031.62,127.9

3,848.54,957.04,471.04,007.65,974.9

11,754.78,974.58,357.2

955.3975.6

1,034.1763.7666.0658.3592.4671.3565.2525.8599.5703.0909.4918.8

1,001.5708.0639.8580.0557.0677.8521.0515.2

18.5017.8319.0320.4820.7621.0922.7923.5824.9325.0427.0228.1730.5830.4132.3733.8034.5635.2735.9237.1039.7541.2543.4346.17

50.3453.2356.7659.0064.2570.2375.1678.77

78.6180.4879.6078.6377.6976.9075.9177.1677.7479.6080.2381.5484.1085.8085.4884.3382.7081.6980.7781.5381.9083.43

* Monthly data are seasonally adjusted.1 Includes persons under the State, UCFE (Federal employee, effective January 1955), and RRB (Railroad Retirement

Board) programs. Beginning October 1958, also includes the UCX program (unemployment compensation for ex-servicemen).2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), and

SRA (Servicemen's Readjustment Act, September 1944-September 1951) programs. Also includes Federal and Stateextended benefit programs. Does not include FSB (Federal supplemental benefits) and SUA (special unemploymentassistance) programs.

3 Covered workers who have completed at least 1 week of unemployment.* Annual data are net amounts and monthly data are gross amounts.* Individuals receiving final payments in benefit year.* For total unemployment only.7 Programs include Puerto Rican sugarcane workers for initial claims and insured unemployment beginning July 1963.« Latest data available for all programs combined. Workers covered by State programs account for about 97 percent of

the total.Source: Department of Labor, Employment and Training Administration.

221

278-216 O - 79 - 15Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE B—34.—Wage and salary workers in nonagricultural establishments•, 1929-78

[Thousands of persons; monthly data seasonally adjusted]

Year ormonth

Totalwageand

salarywork-

ers

Manufacturing

TotalDura-

blegoods

Non-dura-

blegoods

Min-ing Con-

struc-tion

Trans-porta-tionandpub-

licutili-ties

Whole-saleand

retailtrade

Fi-nance,insur-ance,andreal

estate

Serv-ices

Government

Fed-eral

Stateandlocal

2,532

2,601

3,090

3,2063,3203,2703,1743,116

3,1373,3413,5823,7873,948

4,0984,0874,1884,3404,563

4,7275,0695,3995,6485,850

6,0836,3156,5506,8687,248

7,6968,2208,6729,1029,437

9,82310,18510,64911,06811,446

11,93712,13812,35212, 723

1929

1933

1939

19401941194219431944

19451946194719481949

19501951195219531954

1955195619571S581959

19601961196219631964

1965196619671968...1969

1970197119721973. __1974

197519761977.1978 v _

31,324

23,699

30,603

32,36136, 53940,10642, 43441,864

40,37441,65243,85744,86643, 754

45,19747,81948, 79350,20248, 990

50,64152,36952, 85351, 32453,268

54,18953,99955, 54956, 65358, 283

60,76563,90165,80367, 89270,384

70, 88071,21473,67576, 79078,265

76,94579,38282,25685,760

10,702

7,397

10, 278

10,98513,19215, 28017,60217,328

15, 52414,70315, 54515, 58214,441

15,24116,39316,63317,54916,314

16,88217,24417,17615,94516,675

16,79616,32616,85316,99517,274

18,06119,21319,44719,78120,167

19,36618,62319,15120,15420,077

18, 32318, 99719,64720, 331

4,715

5,3636,9688,82311,08410,856

9,0747,7428,3858,3267,489

8,0949,0899,34910,1109,129

9,5419,8339,8558,8299,373

9,4599,0709,4809,6169,816

10,40511,28211,43911,62611, 895

11, 20810, 63611,04911, 89111,925

10,68811, 07711, 57312,159

5,564

5,6226,2256,4586,5186,472

6,4506,9627,1597,2566,953

7,1477,3047,2847,4387,185

7,3417,4117,3217,1167,303

7,3377,2567,3737,3807,458

7,6567,9308,0078,1558,272

8,1587,9878,1028,2628,152

7,6357,9208,0748,172

1,087

744

854

925957992925892

836862955994930

901929898866791

792822828751732

712672650635634

632627613606619

623609628642697

752779809837

1,512

824

1,165

1,3111,8142,1981,5871,108

1,1471,6832,0092,1982,194

2,3642,6372,6682,6592,646

2,8393,0392,9622,8173,004

2,9262,8592,9483,0103,097

3,2323,3173,2483,3503,575

3,5883,7043,8894,0974,020

3,5253,5763,8334,213

3,916

2,672

2,936

3,0383,2743,4603,6473,829

3,9064,0614,1664,1894,001

4,0344,2264,2484,2904,084

4,1414,2444,2413,9764,011

4,0043,9033,9063,9033,951

4,0364,1584,2684,3184,442

4,5154,4764,5414,6564,725

4,5424,5824,6964,858

6,123

4,755

6,426

6,7507,2107,1186,9827,058

7,3148,3768,9559,2729,264

9,3869,74210,00410,24710, 235

10,53510,85810,88610,75011,127

11,39111,33711,56611,77812,160

12,71613,24513,60614,09914,705

15,04015,35215,94916,60716,987

17,06017,75518,49219, 392

1,494

1,280

1,447

1,4851,5251,5091,4811,461

1,4811,6751,7281,8001,828

1,8881,9562,0352,1112,200

2,2982,3892,4382,4812,549

2,6292,6882,7542,8302,911

2,9773,0583,1853,3373,512

3,6453,7723,9081,046, 148

^ 165i271t,452,676

3,425

2,861

3,502

3,6653,9054,0664,1304,145

4,2224,6975,0255,1815,240

5,3575,5475,6995,8355,969

6,2406,4976,7086,7657,087

7,3787,6207,9828,2778,660

9,0369,49810, 04510, 56711,169

11,54811,79712,27612,85713,441

13,89214, 55115,24915,976

533

565

905

9961,3402,2132,9052,928

2,8082,2541,8921,8631,908

1,9282,3022,4202,3052,188

2,1872,2092,2172,1912,233

2,2702,2792,3402,3582,348

2,3782,5642,7192,7372,758

2,7312,6962,6842,6632,724

2,7482,7332,7272,754


222


TABLE B-34.—Wage and salary workers in nonagricultural establishments,1929-78—Continued

[Thousands of persons; monthly data seasonally adjusted]

Year ormonth

1976:Jan. . .Feb . . .Mar...Apr. . .May..June..

July...Aug.. .Sept . .Oct . . .Nov.. .Dec . . .

1977:Jan. . .Feb. . .Mar...Apr. . .May..June..


1978:Jan. . .Feb. . .Mar...Apr. . .May...June..

July...Aug.. .Sept...Oct. . . .NOVP. .Dec p . .

Totalwageand

salarywork-

ers

78,30578, 53078, 83179,16979,23679, 332

79,47879,59679,83679,80480,13380,306

80,48380,79681,26481, 65481,93482,277

82,45582,60382,97383,19983, 54983,719

83,87184,18884,72685,41885,61885,996

86,03386,14986,16386, 57387, 02087,270

Manufacturing

Total

18,70118,79918,90019,01519,00518,996

19,01319,02819,13619,02219,16019,190

19,28519, 34319,48119, 57519,64319,697

19,72219,69719,71519,76919,84919,984

20,06520,13920,23020,28220,29720, 316

20, 30220,27820,28620, 43620,60020, 724

Dura-ble

goods

10,81710,89010,97111, 04511,08711,092

11,10911,14011,19311,10211,22211,246

11,30811, 33611,44511,48711, 54111, 577

11,62311,62111,63711,69311, 74611, 851

11,91711,98612,04112,07612, 09312,109

12,13812,14612,16612, 30512,40912, 490

Non-dura-

blegoods

7,8847,9097,9297,9707,9187,904

7,9047,8887,9437,9207,9387,944

7,9778,0078,0368,0888,1028,120

8,0998,0768,0788,0768,1038,133

8,1488,1538,1898,2068,2048,207

8,1648,1328,1208,1318,1918,234

Min-ing

771771774774773777

785757790791793797

799807819825824835

810795830833840687

678684698867869879

882887887893902902

Con-struc-tion

3,5973,5763,5613,5863,5653,557

3,5723 5683,5633,5733,6013,592

3,5513,6543,7323,8053,8373,871

3,9023,8843,8963,9053,9283,955

3,9053,9013,9994,1644,1754,278

4,3174,2984,2984,3414,3684,413

Trans-porta-

tionand

pub-lic

utili-ties

4,5364,5464,5614,5684,5664,578

4,5904,5914,6024,5974,6094,636

4,6404,6524,6594,6734,6924,695

4,6984,6984,7274,7214,7364,749

4,7584,7824,8174,8474,8474,881

4,8274,8464,8554,9224,9454,965

Whole-saleand

retailtrade

17,41517, 51517, 59117,67617,74017,763

17,79717, 84817,90317,90517,93017,966

18,03018,12218, 22518,32518,39718,466

18,53118,60718,67218,73318,83018, 911

18,99119,07119,16919,25219, 33519,412

19,46919, 52319,54619,63219,69719,687

Fi-nance,insur-ance,andreal

estate

4,2144,2164,2294,2424,2484,264

4,2694,2744,2994,3154,3314,347

4,3644,3784,4034,4174,4264,443

4,4524,4684,4874,5084,5354,547

4,5634,5914,6054,6234,6374,670

4,6904,7074,7194,7374,7754,788

Serv-ices

14, 25314,29014,37014,45214,48314,544

14, 58914, 63414,67714,71414,77614,840

14,90314,94915,02515,09815,12315,187

15,22615,31515,44215, 51015, 56815,618

15, 59715,67015,77315, 86615,89615,963

15,98916,07416,12716,16916,26116,296

Government

Fed-eral

2,7492,7432,7352,7362,7322,728

2,7262,7292,7282,7272,7312,723

2,7222,7212,7282,7212,7252,735

2,7242,7302,7252,7282,7272,723

2,7362,7362,7392,7452,7532,772

2,7652,7652,7522,7602,7572,757

Stateandlocal

12,06912,07412,11012,12012,12412,125

12,13712,16712,13812,16012,20212,215

12,18912,17012,19212,21512,26712,348

12,39012,40912,47912,49212,53612, 545

12,57812,61412,69612,77212,80912,825

12,79212, 77112,69312, 68312,71512,738

Note—Data in Tables B-34 through B-36 are based on reports from employing establishments and relate to full- andpart-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part ofthe pay period which includes the 12th of the month.

Not comparable with labor force data (Tables B-27 through B-32), which include proprietors, self-employed personsdomestic servants, and unpaid family workers; which count persons as employed when they are not at work because ofindustrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample of theworking-age population, whereas the estimates in this table are based on reports from employing establishments.

For description and details of the various establishment data, see "Employment and Earnings."


223


TABLE B-35.—Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-78

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

Yearor

month

194719481949

1950 . .1951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

1970.1971197219731974

1975. .19761977..1978 v

1977: JanFeb.. .MarAprMayJune

JulyAugSeptOctNov. .Dec

1978: Jan.FebMar

May_"~..June

JulyAugSeptOctN O V P . . . .Dec*

Average weekly hours

Totalprivatenonag-ricul-tural i

40.340.039.4

39.839.939.939.639.1

39.639.338.838.539.0

38.638.638.738.838.7

38.838.638.037.837.7

37.136.937.036.936.5

36.136.136.035.8

35.836.136.136.136.136.0

36.035.935.936.136.035.9

35.535.736.036.135.935.9

35.935.835.835.935.835.8

Manu-factur-

ing

40.440.039.1

40.540.640.740.539.6

40.740.439.839.240.3

39.739.840.440.540.7

41.241.440.640.740.6

39.839.940.540.740.0

39.540.140.340.4

39.740.340.440.440.440.5

40.340.340.340.540.540.5

39.840.140.640.840.440.5

40.540.340.440.540.740.6

Con-struc-tion

38.238.137.7

37.438.138.937.937.2

37.137.537.036.837.0

36.736.937.037.337.2

37.437.737.737.337.9

37.337.236.536.836.6

36.436.836.536.7

35.437.337.037.036.836.4

36.536.136.236.336.436.2

34.335.636.937.336.637.3

37.337.137.036.936.736.9

Whole-saleand

retailtrade

40.540.440.5

40.540.540.039.539.5

39.439.138.738.638.8

38.638.338.238.138.0

37.737.136.636.135.7

35.335.134.934.634.2

33.933.733.332.8

33.333.433.433.333.433.2

33.333.233.233.433.133.1

32.732.733.033.032.932.8

32.932.832.832.932.832.7

Average gross hourly earningscurrent dollars

Totalprivate

non-agri-cul-

turali

$1.131,??5.?75

.335

.45

.52

.61

.65

.71

.80

.89

.952.02

2.092.142.222.282.36

2.462.562.682.853.04

3.233.453.703.944.24

4.534.865.245.68

5.075.105.145.185.205.23

5.275.275.315.365.395.41

5.465.495.545.615.625.66

5.715.735.775.825.865.90

Manu-factur-

ing

%\. 216.3?7.376

1.440.56.64.74.78

.85

.952.052.112.19

2.262.322.392.462.53

2.612.712.823.013.19

3.353.573.824.094.43

4.835.225.676.16

5.475.495.535.585.615.66

5.705.725.775.825.855.88

5.935.986.016.056.086.12

6.186.206.256.326.376.41

Con-struc-tion

$1,5401.7121.792

1.8632.022.132.282.39

2.452.572.712.822.93

3.083.203.313.413.55

3.703.894.114.414.79

5.245.696.066.416.81

7.317.708.098.62

7.997.978.018.038.038.09

8.088.118.158.198.208.24

8.308.358.478.478.598.65

8.668.728.758.778.838.89

Whole-saleand

retailtrade

$0.9401.0101.060

1.1001.181.231.301.35

1.401.471.541.601.66

1.711.761.831.891.97

2.042.142.252.412.56

2.722.883.053.233.48

3.733.974.274 66

4.144.164.194.224.244.26

4.294.304.334.364.394.42

4.514.504.554.604.604.63

4.674.704.734.774.814.83

Adjusted hourly earnings,total private nonagricultural 2

Index,1967=100

Cur-rentdol-lars

42.646.048.2

50.053.756.459.661.7

63.767.070.373.275.8

78.480.883.585.988.2

91.295.3

100.0106.2113.2

120.7129.2137.5146.0157.5

170.7183.0196.8212.6

191.1191.9193.0194.4195.5196.4

197.8198.3199.6201.5202.4203.5

206.0206.6208.3210.3211.0212.3

214.1214.6216.2218.0219.0220.2

1967dol-

lars 3

63.763.867.5

69.369.070.974.476.6

79.482.383.484.586.8

88.490.292.293.795.0

96.698.0

100.0101.9103.1

103.8106.5109.7109.7106.6

105.9107.3108.4

108.8108.2108.2108.1108.1108.0

108.4108.3108.6109.2109.3109.4

109.9109.5109.5109.6109.0108.7

109.0108.7108.7108.8108.7

Percentchangefroma year

earlier*

Cur-rentdol-lars

8 04.8

3.77.45.05.73.5

3.25.24.94.13.6

3.43.13.32.92.7

3.44.54.96.26.6

6.67.06.46.27.9

8.47.27.58 1

7.77.67.77.77.67.8

7.87.17.37.67.47.4

7.87.67.98.28.08.1

8.28.28.38.28.28.2

1967dol-lars

0.25.8

2.7—.42.84.93.0

3.73.71.31.32.7

1.82.02.21.61.4

1.71.42.01.91.2

.72.63.0.0

- 2 . 8

- . 71.31.0

2.41.51.2.9.8.9

1.0.4.6

1.0.6.6

1.01.11.21.4.9.6

.6

.4

.1- . 4- . 6

1 Also includes other private industry groups shown in Table B-34.2 Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.3 Current dollar earnings index divided by the consumer price index (revised index for urban wage earners and clerical

workers used beginning 1978).* Monthly data are computed from indexes to two decimal places.Note-See Note,Table B-34.Source: Department of Labor, Bureau of Labor Statistics.

224Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE B-36.—Average weekly earnings in selected private nonagricultural industries, 1947-78

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

Year or month

194719481949

19501951195219531954..

195519561957-.19581959

1960-19611962.19631964

19651966196719681969

1970197119721973.1974

19751976.19771978*


JulyAugSeptOct.NovDec


JulyAugSept . . . .OctNov*Dec v

Average gross weekly earnings

Total privatenonagricultural i

Currentdollars

$45.5849.0050.24

53.1357.8660.6563.7664.52

67.7270.7473.3375.0878.78

80.6782.6085.9188.4691.33

95.4598.82

101.84107.73114.61

119.83127.31136.90145.39154.76

163.53175.45188.64203.34

181.51184.11185.55187.00187.72188.28

189.72189.19190.63193.50194.04194.22

193.83195.99199.44202.52201.76203.19

204.99205.13206.57208.94209.79211.22

1967dollars 2

$68.1367.9670.36

73.6974.3776.2979.6080.15

84.4486.9086.9986.7090.24

90.9592.1994.8296.4798.31

101.01101.67101.84103.39104.38

103.04104.95109.26109.23104.78

101.45102.90103.93

103.37103.84104.01103.95103.77103.56

104.01103.33103.72104.93104.77104.42

103.38103.86104.86105.59104.21104.04

104.43103.92103.91104.26104.11

Manu-facturing

$49.1353.0853.80

58.2863.3466.7570.4770.49

75.3078.7881.5982.7188.26

89.7292.3496.5699.63

102.97

107.53112.19114.49122.51129.51

133.33142.44154.71166.46177.20

190.79209.32228.50248.86

217.16221.25223.41225.43226.64229.23

229.71230.52232.53235.71236.93238.14

236.01239.80244.01246.84245.63247.86

250.29249.86252.50255.96259.26260.25

Con-struc-tion

Current dollars

$58.8365.2367.56

69.6876.9682.8686.4188.54

90.9096.38

100.27103.78108.41

113.04118.08122.47127.19132.06

138.38146.65154.95164.49181. 54

195.45211.67221.19235.89249.25

266.08283.36295.29316.35

282.85297.28296.37297.11295.50294.48

294.92292.77295.03297. 30298.48298.29

284.69297.26312.54315.93314.39322.65

323.02323.51323.75323.61324.06328.04

Wholesaleand retail

trade

$38.0740.8042.93

44.5547.7949.2051.3553.33

55.1657.4859.6061.7664.41

66.0167.4169.9172.0174.86

76.9179.3982.3587.0091.39

96.02101.09106.45111.76119.02

126.45133.79142.19152.85

137.86138.94139.95140.53141.62141.43

142.86142.76143.76145.62145.31146.30

147.48147.15150.15151.80151.34151.86

153.64154.16155.14156.93157.77157.94

Percent change from ayear earlier, total private

nonagricultural 3

Currentdollars

7.52.5

5.88.94.85.11.2

5.04.53.72.44.9

2.42.44.03.03.2

4.53.53.15.86.4

4.66.27.56.26.4

5.77.37.57.8

5.57.27.78.47.58.0

7.97.17.78.37.67.4

7.36.17.88.37.57.9

8.18.58.08.18.48.7

1967 dollars

- 0 23.5

4.7.9

2.64.3

5.42.9

- . 34.1

.81.42.91.71.9

2.7

.21.51.0

- 1 . 31.94.1

- . 0- 4 . 1

- 3 . 21.41.0

.41.21.31.5.7

1.0

1.1

1.11.7.8.5

.5- . 21.31.7.4.5

.3

.6

.2- . 6- . 4

1 Also includes other private industry groups shown in Table B-34.2 Earnings in current dollars divided by the consumer price index (revised index for urban wage earners and clerical

workers used beginning 1978).3 Based on unadjusted data.

Note.—See Note, Table B-34.


225


TABLE B-37.—Productivity and related data, private business economy, 1947-78

[1967=100; quarterly data seasonally adjusted]

Year or quarter

194719481949

1950..1951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

1970 . - .19711972 . .19731974 . .

1975197619771978 v

1976: 1IIIll .IV

1977: 1IIIII .IV

1978:1II .IllIV*

Output *

Privatebusi-ness

sector.

48.650.949.9

54.557.759.261.960.8

65.767.568.466.971.8

73.174.278.882.286.8

92.998.0

100.0105.1108.3

107.3110.3117.6124.5121.5

118.8126.5133.2139 0

125.0126.2127.1127.6

130.5132.5134.2135.5

135.3138.7139.7142.2

Non-farmbusi-ness

sector

47.549.648.7

53.356.758.560.859.6

64.666.567.565.971.1

72.273.378.181.686.4

92.698.1

100.0105.4108.6

107.4110.2117.8125.0121.9

118.8127.0133.6139 9

125.2126.9127.7128.1

131.0133.0134.6135.8

136.1139.8140.6143.0

Hours of allpersons3

Privatebusi-ness

sector

90.991.588.5

89 592.192 293.290.1

93.594 993.589.392.8

93.091.593.093.594.9

97.8100.1100.0101.8104.6

103.0102.4105.5109.6110.3

105.6108.7112.6117.1

108.3108.7108.5108.9

110.7112.9112.9113.9

115.0117.6117.4118.9

Non-farmbusi-ness

sector

79.180.477.3

79 883.584 386.483.5

87.089 188.785.088.8

89.388.390.291 293.2

96.699.8

100.0102.1105.5

104.2103.8107.0111.6112.4

107.5111.0115.4120.1

110.8110.9110.9111.5

113.3115.5115.8116.7

117.8120.6120.5121.9

Output perhour of all

persons

Privatebusi-ness

sector

53.555.656.5

60.962.764 266.467.5

70.371 173.174.977.4

78.681.184.788.091.5

95.098.0

100.0103.3103.5

104.2107.8111.4113.6110.1

112.4116.4118.2118.7

115.4116.1117.1117.2

117.9117.4118.9119.0

117.6118.0119.0119.6

Non-farmbusi-ness

sector

60.061.663.0

66.868.069.370.471.4

74.274.676.177.580.0

80.883.086.689.592.7

95.998.3

100.0103.2102.9

103.1106.3110.1112.0108.5

110.5114.4115.8116.5

113.0114.4115.2114.9

115.6115.2116.2116.4

115.5116.0116.6117.3

Compensationper hour *

Privatebusi-ness

sector

36.039.039.6

42.446.649.552.854.4

55.859.463.366.168.9

71.974.678.181.085.2

88.694.9

100.0107.6114.9

123.1131.4139.7151.1164.8

181.2197.0213.0232.9

190.9194.8199.3203.6

207.5210.5215.3218.8

225.2229.6235.4240.3

Non-farmbusi-ness

sector

38.441.642.9

45.449.352 155.056.7

58.762.365.868.371.0

74.176.679.782.586.3

89.394.8

100.0107.3114.1

121.7129.9138.3149.1162.7

178.8193.7209.3228.9

187.6191.7195.8199.9

203.9207.1211.2215.1

221.4225.8231.0236.1

Unit laborcost

Privatebusi-ness

sector

67.270.270.2

69 674.377 279.480.6

79.483 686.688.289.1

91.492.192.192.093.2

93.396.8

100.0104.1111.0

118.1122.0125.3133.1149.7

161.2169.3180.2196.3

165.4167.7170.1173.8

176.0179.3181.1183.9

191.4194.6197.8200.9

Non-farmbusi-ness

sector

63.967.668.1

67 972.675 178.179.4

79.183 486.588.288.7

91.792.392.092.193.1

93.296.4

100.0104.0110.9

118.1122.3125.6133.1150.0

161.8169.4180.8196.6

166.0167.5170.1173.9

176.4179.8181.7184.8

191.7194.7198.1201.3

Implicit pricedeflator

Privatebusi-ness

sector

65.270.769.9

70 976.077.577.978.6

79.882.284.986.488.2

89.489.990.791.592.7

94.297.2

100.0103.9108.8

113.9118.9123.1130.2143.0

157.4165.4174.9187.9

162.4164.5166.3168.5

170.6174.0176.3178.4

181.3186.6189.9193.4

Non-farmbusi-ness

sector

62.467.668.1

69 273.775 276.877.8

79.582 084.786.088.0

89.389.890.691.592.9

94.196.8

100.0104.010816

114.0119.1122.8127.9141.3

156.3164.8174.6186.8

161.8163.4165.7168.2

170.0173.6176.4178.1

180.6185.3188.9192.2

i Output refers to gross domestic product originating in the sector in 1972 dollars.» Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based

primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also

i ncludes an estimate of wages, salaries, and supplemental payments for the self-employed.< Current dollar gross domestic product divided by constant dollar gross domestic product.Source: Department of Labor, Bureau of Labor Statistics.

226


TABLE B-38.—Changes in productivity and related data, private business economy, 1948-78

[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]

Year or quarter

OutpuU

rivatebusi-ness

sector

Non-farmbusi-ness

sector

Hours ofall persons^

Privatebusi-ness

sector

Non-farmbusi-ness

sector

Output per hourof all persons

rivatebusi-ness

sector

Non-farmbusi-ness

sector

Compensationper hours

rivatebusi-ness

sector

Non-farmbusi-ness

sector

Unit laborcost

Privatebusi-ness

sector

Non-farmbusi-ness

sector

Privatebusi-ness

sector

Implicit pricedeflator <

Non-farmbusi-ness

sector

1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959..

I960..1961..1962..1963..1964..

1965..1966..1967 _1968..1969..

1970..1971..1972..1973..1974..

1975.. .1976...1977...1978 P.

1976:1ItIllIV

1977:1IIIIIIV

1978: I.

ML.. .I V P

4.6-1 .8

9.25.92.54.6

-1 .7

8.02.81.3

-2 .27.3

1.81.56.24.45.6

7.05.52.05.13.0

- . 92.86.65.9

-2 .4

- 2 . 36.55.34.4

11.24.02.81.6

9.36.55.04.0

- . 610.53.07.1

4.4-1 .8

9.46.53.04.1

-2 .0

8.23.01.5

-2 .57.9

1.61.56.54.55.9

7.16.01.95.43.0

-1 .12.66.96.0

- 2 . 5

-2 .56.95.24.7

11.55.72.51.2

9.46.25.03.5

.711.6

2.17.1

0.7- 3 . 3

1.22.9

L0- 3 . 3

3.81.5

- 1 . 5- 4 . 5

3.9

- L 61.60.61.5

3.12.3

~L82.8

- 1 . 5- . 63.13.9.7

- 4 . 32.93.74.0

6.21.4

- . 81.6

6.68.3

- . 13.7

4.09.2

- . 45.0

1.7- 3 . 9

3.24.61.02.5

- 3 . 4

4.12.5

- . 5- 4 . 1

4.4

.6-1 .2

2.11.12.3

3.63.3.2

2.13.3

-1 .2- . 43.24.2.7

- 4 . 33.33.94.1

7.5.7

- . 22.1

6.87.71.33.0

3.99.8

4! 7

3.81.6

7.92.82.43.61.6

4.11.32.82.53.2

1.63.14.53.84.0

3.83.22.03.3.2

.73.43.41.9

-3 .0

2.13.51.6.4

4.72.63.6.1

2.5-1 .7

5.1.4

-4 .51.23.52.1

2.72.2

6.01.81.91.51.4

4.0.5

2.01.83.3

1.02.74.33.43.6

3.42.61.73.2

- . 3

.13.13.61.7

- 3 . 1

1.93.51.3.6

3.75.02.7

- . 9

2.4-1 .4

3.7.5

- 3 . 11.72.32.3

8.41.7

7.09.86.46.53.2

2.56.56.54.44.3

4.23.94.63.75.3

4.07.15.47.66.8

7.16.76.38.29.1

9.98.78.19.3

9.08.49.68.9

7.95.89.56.7

12.18.1

10.48.7

8.53.1

5.78.75.55.73.1

3.66.05.73.84.0

4.43.34.03.54.6

3.56.15.57.36.4

6.66.76.57.89.1

9.98 48.19.4

7.59.09.08.5

8.36.58.17.6

12.28.29.69.1

4.5.1

- . 96.83.92.81.5

- 1 . 55.23.61.91.0

2.6.7

0

.23.83.34.16.6

6.43.32.86.2

12.5

7.75.06.48.9

4.15.75.88.8

5.37.64.26.3

17.46.86.76.5

5.7

- . 36.83.54.01.6

- . 45.53.62.0.7

3.4.6

- . 3.1

1.0

3.'53.84.06.6

6.53.52.76.0

12.6

7.84.76.78.8

3.73.86.29.5

5.88.04.27.1

15.76.47.16.7

8.4- 1 . 1

1.57.31.9.6.9

1.53.03.21.92.0

1.4.6.9.9

1.4

1.63.22.93.94.7

4.74.43.65.89.8

10.15.15.77.5

3.25.24.45.4

5.28.25.24.9

6.712.17.37.7

8.3.8

1.66.52.12.11.3

2.13.23.31.52.4

1.4.6.8

1.01.5

1.32.93.34.04.5

4.94.53.14.1

10.5

10.65.45.97.0

4.94.15.86.1

4.48.76.54.0

5.810.88.17.1

1 Output refers to gross domestic product originating in the sector in 1972 dollars.2 H ours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based

pri marily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also

inc ludes an estimate of wages, salaries, and supplemental payments for the self-employed.* Current dollar gross domestic product divided by constant dollar gross domestic product.

Note.—Percent changes are based on original data and therefore may differ slightly from percent changes based onindexes in Table B-37.


227


PRODUCTION AND BUSINESS ACTIVITYTABLE B-39.—Industrial production indexes, major industry divisions, 1929-78

[1967=100; monthly data seasonally adjusted]

Year or month

1967 proportion _

192919331939

1940194119421943194419451946194719481949

19501951195219531954""" ._19551956 ._ . .1957 . -_19581959

19601961196219631964196519661967 __ _19681969 .

197019711972197319741975 ___ „19761977.19781

1977: JanFebMar . .AprMayJune

JulyAug.. __SeptOct _ . _ „Nov.Dec

1978: JanFebMarAprMayJ u n e " " : " " . : : : ' : : " " : :

JulyAugSeptSet — : ::Nov» _-Dec »

Totalindustrialproduction

100.00

21.613.721.7

25.031.636.344.047.440.735.039.441.138.8

44.948.750.654.851.958.561.161.957.964.8

66.266.772.276.581.789.897.8

100.0106.3111.1107.8109.6119.7129.8129.3117.8129.8137.1145.1

132.3133.2135.3136.1137.0137.8

138.7138.1138.5138.9139.3139.7

138.8139.2140.9143.2143.9144.9

146.1147.1147.8148.6149.5150.4

Total

87.95

22.814.021.5

25.432.437.847.050.942.635.339.440.938.7

45.048.650.655.251.558.260.561.257.064.2

65.465.671.575.881.089.797.9

100.0106.4111.0106.4108.2118.9129.8129.4116.3129.5137.1145.5

131.6132.6135.1135.8137.1137.8

138.5138.6139.0139.4139.9140.5

138.7139.4141.4143.5144.3145.5

146.7147.6148.7149.4150.3151.2

Manufacturing

Durable

51.98

22.59.1

17.7

23.531.439.954.259.945.231.637.739.335.7

43.548.951.958.751.859.261.161.653.961.9

62.961.868.673.178.389.098.9

100.0106.5110.6102.3102.4113.7127.1125.7109.3121.7129.5139.2

123.4124.0126.8128.0129.3130.5

131.6131.3131.7132.4132.7133.4

131.1131.5134.4136.9137.6139.0

141.1142.2142.8143.9145.0145.9

5

Nondurable

35.97

23.219.926.1

27.533.334.637.138.638.539.741.342.742.0

46.748.349.251.251.657.260.161.161.667.7

69.371.575.880.085.290i996.7

100.0106.2111.5112.3116.6126.5133.8134.6126.4140.9148.1154.7

143.4145.3147.0147.0148.5148.4

148.6149.4149.5149.6150.1150.9

149.8150.6151.4153.2154.0154.9

155.0155.6157.1157.5158.1158.9

Mining

6.36

43.130.642.1

46.849.751.352.556.255.154.261.364.457.1

63.870.069.471.269.977.982.082 175.378.7

80.380.883.186.489.993.298.2

100.0104.2108.3112.2109.8113.1114.7115.3112.8114.2117.8124.2

112.8116.3120.6119.2119.5122.8

119.8115.4118.0119.6118.8113.4

115.0114.4119.3127.2126.7128.0

127.1126.0124.1127.7127.9128.0

Utilities

5.69

7.46 7

10.7

11.813.314.916.517 517.818.620.122.423.9

27.231.033.736.539.343.948.251.553.959.3

63.467.072.077.083.688.795.5

100.0108.4117.3124.5130.5139.4145.4143.7146.0151.0156.5161.0

163.8160.3154.8154.0156.7156.8

161.4155.7154.1154.0154.2156.7

162.3163.5159.5156.0157.0158.6

159.9160.8162.3162.4162.6163.3

1 Preliminary estimates by Council of Economic Advisers.Source: Board of Governors of the Federal Reserve System, except as noted.

228


TABLE R-40.—Industrial production indexes, market groupings, 1947-78

(1967=100; monthly data seasonally adjusted]

Year ormonth

Totalindus-trialpro-duc-tion

Final products

Total

Consumer goodsl

TotalAuto-motiveprod-ucts

Homegoods

Equipment 2

Total Busi-ness

Inter-mediate

prod-ucts

Materials»

TotalDura-

blegoods

Non-dura-

blegoods

1967 pro-portion. __

1947..1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959..

I960..1961..1962..1963..1964..

1965..1966..1967..1968.1969.,

1970.1971.1972.1973.1974.

1975.1976.1977.

1977: Jan.Feb..Mar.Apr..May.June.

July..Aug..Sept.Oct..Nov.Dec..

1978: Jan..Feb..Mar.Apr..{/fay.June.

July..Aug..Sept..Oct...Now.Dec

100.00

39.441.138.8

44.948.750.654.851.9

58.561.161.957.964.8

66.266.772.276.581.7

89.897.8

100.0106.3111.1

107.8109.6119.7129.8129.3

117.8129.8137.1

132.3133.2135.3136.1137.0137.8

138.7138.1138.5138.9139.3139.7

138.8139.2140.9143.2143.9144.9

146.1147.1147.8148.6149.5150.

47.82 27.68 2.83 5.06 20.14 12.63 12.89 39.29 20.35

38.640.038.8

43.747.250.754.151.3

55.458.660.357.663.2

65.365.871.475.579.7

87.695.9

100.0106.2109.6

105.3106.3115.7124.4125.1

118.2127.2134.9

130.8131.6133.3134.1134.7135.4

136.8136.3136.8136.5137.0137.6

134.9136.4138.9140.5140.5141.1

142.2143.3143.7143.9144.8145.6

42.443.743.4

49.649.150.253.252.9

59.061.262.662.168.1

70.772.277.181.3

92.697.3

100.0105.9109.8

109.0114.7124.4131.5128.9

124.0136.2143.4

139.9140.5142.9142.9143.1143.8

145.4144.7144.9144.9145.2145.8

141.8143.8145.9147.5147.0147.0

147.7148.4149.0149.1149.8150.5

45.347.447.0

59.152.347.159.555.4

73.660.663.550.563.3

72.566.180.187.791.9

113.3112.8100.0119.4118.1

124.4141.4153.0132.8

125.8154.8174.2

164.2161.7178.3173.9172.8179.8

184.8177.2177.0179.4173.6172.4

157.5162.8175.8184.3180.0179.9

182.2182.1178.3186.2189.6186.3

37.539.136.2

49.943.043.048.644.9

53.055.754.551.459.0

59.461.366.571.878.4

88.997.9

100.0106.4113.2

110.2115.6129.5142.5136.8

118.8133.9141.3

134.8137.3137.9138.8140.6142.3

142.9142.1143.6144.2145.0146.6

140.3144.6147.2149.2148.9149.7

148.9150.0150.2148.5147.6149.6

30.632.228.7

31.143.351.956.349.3

50.455.357.551.556.5

58.157.363.767.571.4

80.794.0

100.0106.5109.3

100.194.7

103.8114.5120.0

110.2114.6123.2

118.4119.2120.0122.1123.2124.1

124.8124.9125.6125.0125.8126.2

125.4126.2129.1130.8131.6133.0

134.7136.3136.4136.9137."138.8

38.039.534.5

37.045.251.253.346.8

50.858.861.151.557.9

59.457.762.765.873.7

84.497.7

100.0105.5112.5

107.0104.1118.0134.2142.4

128.2136.3149.2

142.3143.5144.8147.1148.9150.1

151.2151.1152.1152.6153.5154.0

152.6154.2157.4159.3160.2161.8

163.8165.4165.8166.9167.9169.3

41.944.342.0

48.851.350.954.554.3

61.764.464.463.069.5

70.071.475.779.985.2

90.696.2

100.0106.3112.9

112.9116.7126.5137.2135.3

123.1137.2145.1

142.2141.6141.8142.3143.5144.7

146.3146.1146.5147.8148.4150.4

151.6151.4151.4152.1152.6154.7

155.6156.4157.0158.1159.160.5

39.541.237.6

45.049.850.556.151.8

61.362.862.856.565.2

66.166.272.176.782.9

92.4100.7100.0106.5112.5

109.2111.3122.3133.9132.4

115.5130.6136.9

131.1132.7135.5136.5137.8138.7

138.9137.6137.9138.9139.0138.8

139.2138.6139.9143.7145.1146.4

147.9148.6149."151.3152.2152.9

38.339.435.3

44.450.551.660.352.0

63.763.963.853.764.0

64.863.370.475.181.9

93.8103.3100.0106.2112.1

103.8104.9117.7134.6132.7

109.1126.8134.5

127.4128.4131.9133.8135.2136.4

136.8135.4135.7137.1137.2138.7

138.2137.0138.6142.7143.9145.4

148.7150.4152.1153.7154.6155.8

10.47

45.9

52.554.954.754.462.1

63.265.871.375.682.2

90.397.5

100.0108.8115.7

115.4120.2132.9142.2142.6

126.6146.3153.5

144.8150.4153.3153.7155.4154.7

154.1155.1153.9154.4155.4155.3

155.0158.5160.5162.0163.5164.1

162.5162.7164.4165.4166.5166.8

1 Also includes clothing and consumer staples, not shown separately.* Also includes defense and space equipment, not shown separately.1 Also includes energy materials, not shown separately.


229


TABLE B-41.-—Industrial production indexes, selected manufactures, 1947-78

(1967= 100; monthly data seasonally adjusted]

Yearor

month

1967 proportion.

194719481949

19501951195219531954

19551956 .195719581959

19601961196219631964

19651966196719681969

19701971 —197219731974

19751976 „ __1977

1977: Jan.FebMarAprMayJune

JulyAug.SeptOctNovDec

1978: JanFebMar.. . .

May'.IIIIJune

J u l y . . . . .AugS e p t . . . .OctNov P . . . .Dec P . . . .

Durable manufactures

Primary metals

Total

6.57

63.365.855.4

69.775.869.278.563.5

82.582.078.562.372.7

72.471.176.382.392.8

102.1108.4100.0104.3113.8

106.6100.2112.1126.7123.1

96.4108.9110.2

100.8100.2108.3112.2117 1114.7

114.4112.5109.0113.5111.2111.0

107.4106.2106.1114.3115.5117.5

123.0126.0127.9128.4128.9129.3

Ironandsteel

4.21

70.1

93.291.588.266.576.5

77.774.277.384.395.9

105.2108.4100.0103.2112.6

104.796.1

107.1122.3119.8

95.8104.9103.4

89.791.397.9

103.9111.0109.2

110.9110.6104.6107.7104.3103.8

99.596.396.4

109.0110.5114.5

119.0120.9123.2123.8123.9

Fabri-catedmetalprod-ucts

5.93

49.950.845.8

56.159.958.566.059.4

67.868.870.663.371.0

71.169.475.477.882.6

90.897.2

100.0105.6107.9

102.4103.5112.1124.7124.2

109.9123.3130.9

125.7125.8127.5127.6128 2130.8

132.0134.0133.6133 8135.8136.4

136.9136.9138.1139.5140.4142.3

144.0145.8146.3146.3146 8147.9

Non-elec-tricalma-

chin-ery

9.15

39.039.233.4

37.547.751.954.046.1

50.658.057.948.656.7

56.955.462.166.375.6

85.098.8

100.0101.8109.3

104.4100.2116.0133.7140.1

125.1135.0144.8

139.9139.8139.8142.9142 6144.0

145.7145.2147.4148.9149.7151.7

150.1150.1151.5152.2152.9154.6

156.1157.3158.7159.8160.7162.2

Elec-tricalma-

chin-ery

8.05

22.223.021.6

29.629.834.039.034.7

39.943.142.839.247.6

51.654.862.964.768.4

81.797.9

100.0105.5111.9

108.1107.7122.2143.1143.8

116.5131.6141.9

134.0137.6137.6139.6141.8142.6

143.6143.9144.6144 2146.0147.3

144.0146.4149.5152.3152.9154.1

157.9156.9158.3157.9159 2160.9

Transportationequipment

Total

9.27

31.834.834.9

41.846.654.268.059.2

68.066.070.755.863.2

65.461.571.178.080.0

95.1102.0100.0111.1108.4

89.597.9

108.2118.3108.7

97.4110.6121.1

113.5113.4120.5119.8120.3123.7

125.6124.3125.5124.3122.0122.2

116.2118.4126.5130.5130.1130.4

132.1133.4132.8136.9139 3138.6

Motorve-

hiclesand

parts

4.50

60.5

81.265.869.051.066.2

74.765.579.888.390.7

115.9113.9100.0120.3116.5

92.3118.6135.8148.8128.2

111.1140.7159.7

145.5145.4161.2158.1157.7163.2

166.2164.4165.6168.4163.0161.8

146.6153.1165.1171.7168.3167.7

169.7171.0168.9177.1181 3178.5

Lum-berand

prod-ucts

1.64

58.961.354.1

65.765.564.768.468.0

75.975.068.869.979.3

74.778.282.586.392.7

96.3100.0100.0105.5107.9

105.6113.8120.8126.0116.2

107.6125.1133.4

132.7132.2132.1130.6133.0132.4

132.9131.8137.1135.7137.5138.1

138.5135.5136.5136.9136.5138.7

138.1136.9139.2140.2141.6

Nondurable manufactures

AnAp-parelprod-ucts

3.31

57.860.359.7

64.363.166.367.266.4

73.375.074.972.880.1

81.782.285.589.192.2

97.499.9

100.0102.9106.7

101.4104.7109.4117.3114.3

107.6122.2124.2

123.0124.4122.2121.4123.5122.1

121.1124.1127.7129.0125.1125.8

118.6121.1122.8126.1125.8126.8

124.5127.2130.9130.6

Print-ingandpub-

lishing

4.72

43.345.446.6

48.949.749.752.054.1

59.563.265.463.968.2

71.071.373.977.882.6

87.994.6

100.0103.2107.4

107.0107.1112.7118.2118.2

113.3120.6124.7

124.7122.4124.8123.4124.4124.1

124.9125.0124.2125.7126.2127.5

129.9128.3129.1128.6128.2128.7

130.3129.5131.0130.3131.9132.9

Chem-icalsand

prod-ucts

7.74

19.721.321.0

26.229.731.133.634.1

39.842.745.246.654.3

56.459.265.771.878.8

87.895.7

100.0109.5118.4

120.4125.9143.6154.5159.4

147.2169.3180.7

172.2174.9180.0180.6182.8183.5

182.6182.6181.3182.3183.1183.0

184.4183.7185.2185.5188.1191.1

192.3192.2194.2195.8196.8

Foods

8.75

55.855.255.9

57.959.060.261.462.7

66.370.171.172.976.5

78.680.983.486.490.4

92.496.0

100.0102.6106.1

108.9112.8116.8120.9124.0

123.4132.3137.9

134.2136.4138.7138.0138.3136.9

138.3139.3138.3137.3139.4140.4

139.3140.8141.1143.1142.8141.8

142.9144.0144.4143.5144.1


230


TABLE B-42.—Capacity utilization rate in manufacturing, 1948—78[Percent; quarterly data seasonally adjusted]

Year orquarter

FRB series *

Totalmanu-fac-

turing

Primaryproc-essing

Ad-vanced

proc-essing

Commerce series *

Totalmanu-

fac-turing

Dur-able

goods

Non-dur-able

goods

Pri-mary-proc-essedgoods

Ad-vanced

proc-essedgoods

Wharton series»

Totalmanu-

fac-turing

Dur-able

goods

Non-dur-able

goods

19481949

19501951195219531 9 5 4 . . . .

1955195619571 9 5 8 . . . .1 9 5 9 . . . .

19601961. . ._196219631964

19651966196719681969

19701971197219731974

1975197619771978 P . . .

1973: I

III."IV..

1974: I

IV....

1975: I

III."!IV...

1976: I . . . .I I . . .M L .I V . .

1977: I . . . .I I . . .I I I . .I V . .

1978: L . _ .II —I I I . .

82.574.2

85.885.489.280.1

87.086.183.675.081.6

80.177.381.483.585.7

89.591.186.987.086.2

79.278.083.187.584.2

73.680.282.484.2

87.187.687.887.7

85.785.885.579.7

70.971.375.376.9

79.180.380.880.6

81.282.783.082.9

82.184.085.085.7

87.376.2

88.590.284.989.480.6

92.089.484.775.483.0

79.877.981.583.887.8

91.091.485.787.688.6

82.882.088.092.487.7

73.882.284.386.6

91.892.192.793.0

90.690.189.380.7

69.970.476.378.6

81.082.583.182.2

82.385.184.984.6

83.886.387.8

80.073.2

79.883.485.989.380.0

84.284.483.174.981.1

80.577.281.683.484.6

88.991.187.686.885.0

77.375.980.584.982.2

73.579.181.582.9

84.585.285.085.0

83.083.383.579.1

71.371.974.875.9

78.079.179.579.7

80.581.481.982.0

81.182.783.584.2

88.990.388.492.482.9

91.490.887.977.584.0

82.179.182.584.086.8

92.496.693.595.095.2

87.886.491.897.192.9

80.487.490.192.8

96.497.197.497.4

94.694.794.587.8

77.377.982.383.9

86.387.888.187.6

88.390.290.891.0

90.092.593.894.8

83.887.286.093.379.5

90.289.086.070.878.6

77.072.977.779.682.8

90.696.091.893.794.0

84.282.388.996.691.9

77.184.788.292.0

95.496.497.197.4

93.393.593.886.9

74.874.778.880.0

82.785.186.085.0

85.688.389.289.6

88.491.593.494.6

96.194.891.891.287.7

93.193.490.887.492.0

89.888.589.890.792.8

95.397.596.097.097.1

93.492.896.297.994.5

85.792.093.394.2

98.098.397.797.5

96.796.795.689.1

81.383.188.190.4

92.192.391.691.9

92.993.693.593.4

92.994.294.495.1

1 For description of the series, see "Federal Reserve Measures of Capacity and Capacity Utilization," February 1978.2 Quarterly data are for last month in quarter. Annual data are averages of the four indexes, except for 1965 (December

index) and 1966-67 (averages of June and December indexes). For description of the series, see "Survey of Current Busi-ness," July 1974.

3 Annual data are averages of quarterly indexes. For description of the series, see F. Gerard Adams and Robert Summers,"The Wharton Index of Capacity Utilization: A Ten Year Perspective," 1973 Proceedings of the Business and EconomicStatistics Section, American Statistical Association.

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

231


TABLE B-43.—New construction activity, 1929-78

[Value put in place, billions of dollars; monthly data at seasonally adjusted annual rates]

Year or month

1929._

1933

1939

194019411942 .1943 . . .1944

19451946 . . .

New series

1947..L948L949

19501951. ._ " . .1952 . .1 9 5 3 . . .1954

1955 . .19561957 . .1 9 5 8 . . .1959

I 9 6 0 . . .19611962 _19631964

1965196619671968 .1969

19701971 .19721973 . .1974

197519761977

Totalnewcon-

struc-tion

10.8

2.9

8.2

8.712.014.18.35.3

5.814.3

20.026.126.7

33.635.436.839.141.4

46.547.649.150.055.4

54.756.460.264.867.7

73.776 478.187.193.9

94.9110.0124.1137.9138.5

134.5148.8172.6

Private construction

Total

8.3

1.2

4.4

5.16.23.42.02.2

3.412.1

16.721.420.5

26.726.226.027.929.7

34.834.935.134.639.3

38.939.342.345.547.3

51.752.452.559.566.0

66.880.193.9

105.4100.2

93.7110.5134.7

Residentialbuildingsl

Total *

3.6

.5

2.7

3.03.51.7.9.8

1.36.2

9.913.112.4

18.115.915.816.618.2

21.920.219.019.824.3

23.023.125.227.928.0

27.925.725.630.633.2

31.943.354.359.750.4

46.560.581.0

Newhous-

ingunits

3.0

.3

2.3

2.63.01.4

.6

.74.8

7.810.510.0

15.613.212.913.414.9

18.216.114.715.419.2

17.317.119.421.721.8

21.719.419.024.025.9

24.335.144.950.140.6

34.447.365.7

Nonresidential buildings and otherconstruction *

Total

4.7

.8

1.7

2.12.71.71.11.4

2.15.8

6.98.28.0

8.610.310.211.311.5

12.914.716.114.815.1

15.916.217.217.619.3

23.826.727.028.932.8

34.936.839.645.749.8

47.249.953.8

Com-mer-cial

1.1

.1

.3

.3

.4

.2

.0

.1

.21.2

1.01.41.2

1.41.51.11.82.2

3.23.63.63.63.9

4.24.75.15.05.4

7.89.4

9.811.613.515.515.9

12.812.814.8

In-dus-trial

0.9

.2

.3

.4

.8

.3

.2

.2

.61.7

1.71.41.0

1.12.12.32.22.0

2.43.13.62.42.1

2.92.82.82.93.6

6.06.8

6.55.44.76.27.9

8.07.27.7

Other*

2.6

.5

1.2

1.31.51.2.9

1.1

1.33.0

4.25.55.9

6.16.76.87.37.2

7.38.09.08.89.0

8.98.79.29.7

10.3

15.116.6

18.619.821.524.025.9

26.430.031.3

Public construction

Total

2.5

1.6

3.8

3.65.8

10.76.33.1

2.42.2

3.34.76.3

6.99.3

10.811.211.7

11.712.714.115.516.1

15.917.117.919.420.4

22.124.025.527.628.0

28.129.930.232.538.3

40.938.337.8

Fed-eral

0.2

.5

.8

1.23.89.35.62.5

1.7.9

.81.21.5

1.63.04.24.13.4

2.82.73.03.43.7

3.63.93.94.03.9

4.04.03.53.43.3

3.34.04.44.95.3

6.36.87.4

Stateand

local*

2.3

1.1

3.1

2.42.01 3.7.6

.71.4

2.53.54.8

5.26.36.67.18.3

8.910.011.112.112.3

12.213.314.015.416.5

18.020.022.124.224.7

24.825.925.827.733.0

34.631.630.4


232


T A B L E B-43.—New construction activity, 1929-78— Continued

[Value put in place, billions of dollars; monthly data at seasonally adjusted annual rates]

Year or month

1977: JanF e b . . -M a r -A p r - . . .M a y -J u n e . . .

July—

SeptOctNov."'"Dec...

1978: Jan....Feb...M a r . . .

May"."-".J u n e . . .

July—Aug.._Sept-O c t —Nov*._

Totalnewcon-

struc-tion

152.5160.1165.3169.3173.4175.8

176.4176.4177.8176.7178.1179.0

171.4177.6185.4195.0201.3206.3

210.2208.7209.2209.9212.8

Private construction

Total

118.6123.6128.1131.8134.6136.6

137.3137.6138.3139.2140.6142.3

134.9141.9147.7153.5156.2161.1

161.8160.6161.3161.9165.5

Residentialbuildings i

Total s

67.071.975.879.081.982.6

82.982.983.084.285.287.4

79.485.388.192.294.395.4

95.995.094.293.695.8

NewFinitenous-ing

units

52.558.161.563.565.966.6

67.167.167.669.370.772.8

65.070.972.574.475.176.6

77.777.176.876.979.3

Nonresidential buildings and other

Total

51.751.752.252.852.753.9

54.454.755.455.055.454.9

55.656.659.661.361.965.7

65.965.667.068.369.7

construction i

Com-mer-cials

12.812.813.413.814.015.2

15.715.716.215.915.914.9

15.015.216.217.218.519.2

19.518.818.919.420.4

In-dus-trial

7.16.87.37.67.57.6

7.78.18.18.28.47.9

7.47.79.29.28.7

11.3

11.212.012.612.612.7

Other*

31.832.031.531.431.231.2

31.030.931.230.931.132.1

33.233.834.134.934.635.1

35.334.735.436.336.6

Public construction

Total

33.836.437.337.538.839.2

39.138.839.437.437.436.8

36.435.737.741.545.145.2

48.448.248.047.947.3

Fed-eral

7.37.67.47.57.46.7

8.07.98.66.67.37.3

8.18.18.08.57.87.4

9.49.69.87.78.5

Stateand

locals

26.528.829.930.031.432.5

31.130.930.830.830.129.4

28.327.629.633.137.337.8

39.038.538.240.238.8

1 Beginning I960, farm residential buildings included in residential buildings; prior to 1960, included in nonresidentialbuildings and other construction.

2 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.* Religious, educational, hospital and institutional, miscellaneous nonresidential, farm (see also footnote 1), public

utilities, and all other private.« Includes Federal grants-in-aid for State and local projects.

Source: Department of Commerce (Bureau of the Census).

233


TABLE B-44.—New housing units started and authorized, 1959-78

[Thousands of units]

Year or month

New housing units started

Private andpublic »

Total(farmandnon-

farm)

Non-farm

Private»

Total (farm and nonfarm)

Total

Type of structure

Oneunit

2 to 4units

5 unitsor

more

New private housing unitsauthorized»

Total

Type of structure

Oneunit

2 to 4units

5 unitsor more

1959

I9601961196219631964

19651966196719681969

19701971197219731974

1975197619771978

1977: JanFebMar....AprMay.June

JulyAug..SeptOct....NovDec.

1978: JanFebMar

May.".".""""June

JulyAugSeptOctN O V PDec*

1,553.7

1,296.11,365.01,492.51,634.91,561.0

1,509.71,195.81,321.91 545.41,499.5

1,469.02,084.52,378.52,057.51,352.5

1,171.41, 547.61,989.82,021.5

81.5112.7173.6182.4201.3197.8

189.8194.2177.8193.2155.9129.4

88.6101.3172.3197.5211.1216.1

192.3190.9181.1192.1157.7120.5

1,531.3

1,274.01,336.81,468.71,614.81,534.0

1,487.51,172.81,298.81,521.41,482.3

1,517.0

1,252.21,313.01,462.91,603.21,528.8

1,472.81,164.91,291.61, 507.61,466.8

1,433.62,052.22,356.62,045.31,337.7

1,160.41, 537.51,987.12,018.5

1,234.0

994.7974.3991.4

1,012.4970.5

963.7778.6843.9899.4810.6

812.91,151.01,309.21,132.0

888.1

892.21,162.41,450.91,432.7

283.0

257.4338.7471.5590.8

108.4 450.0

86.661.171.680.985.0

84.8120.3141.3118.368.1

64.085.9

121.7125.7

422.5325.1376.1527.3571.2

535.9780.9906.2795.0381.6

204.3289.2414.4460.2

1,208.3

998.01,064.21,186.61,334.71,285.8

1,239.8971.9

1,141.01,353.41,323.7

1,351.51,924.62,218.91, 819.51,074.4

939.21,296.21,690.01,658.4

938.3

746.1722.8716.2750.2720.1

709.9563.2650.6694.7625.9

646.8906.1

1, 033.1882.1643.8

675.5893.6

1,126.11,077.6

77.1

64.667.687.1

118.9100.8

84.861.073.084.385.2

88.1132.9148.6117.064.3

63.993.1

121.3124.0

192.9

187.4273.8383.3465.6464.9

445.1347.7417.5574.4612.7

616.7885.7

1,037.2820.5366.2

199.8309.5442.7456.8

Seasonally adjusted annual rates

1,3931,7512,0901,8991,9821,931

2,0722,0382,0122,1392,0962,203

1,5481,5692,0472,1652,0542,124

2,1192,0252,0752,1062,1552,125

1,0111,3621,4891,4331,4691,406

1,4531,4541,5081,5321,5441,574

1,1561,1031,4291,4921,4781,441

1,4531,4401,4631,4551,5581,533

104116114118120113

124119124127134153

1017912614289148

135139111139156133

278273487348393412

495465380480418476

291387492531487535

531446501512441459

,4541,5381,6631,6551,6561,739

1,6781,7701,6951,7811,8221,778

1,5261,5341,6471,7401,597L,821

1,632L, 5631,7311,7191,7241,680

9911,0591,138L.0881,0991,114

1,1141,1481,1391,1861,2181,188

1,032957

1,0371,1571,0581,123

1,0351,0201,0921,1271,1141,158

116113113113112119

120136123129144122

101107127117112156

107125125133131148

347366412454445506

444486433466460468

393470483466427542

490418514459479374

1 Units in structures built by private developers for sale upon completion to local public housing authorities under theDepartment of Housing and Urban Development "Turnkey" program are classified as private housing. Military housingstarts, including those financed with mortgages insured by FHA under Section 803 of the National Housing Act, are includedin publicly owned starts and excluded from total private starts.

2 Authorized by issuance of local building permit: in 14,000 permit-issuing places beginning 1972; 13,000 for 1967-71;12,000 for 1963-66; and 10,000 prior to 1963.

3 Not available separately beginning January 1970.

Note.—Only the series on private and public nonfarm housing units started is available prior to 1959. See 1976 "Eco-nomic Report" for this earlier series.


234


TABLE B-45.-—Business expenditures for new plant and equipment, 1947-79 1

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

Yearor quarter Total

Manufacturing Nonmanufacturing

TotalDura-

blegoods

Non-durablegoods

Total Mining

Transportation

Rail-road Air Other

Publicutili-ties

Com-muni-cation

Com-mer-cialand

others

194719481949

19501951195219531954

19551956195719581959

196019611962 „19631964

19651966196719681969

19701971197219731974

19751976 _.1977.1978319793

1976: l___.II...III...IV...

1977: l____II...III...IV...

1978: I....II...III...IV 3..

1979: 13...II3--

19.3321.3018.98

20.2125.4626.4328.2027.19

29.5335.7337.9431.8933.55

36.7535.9138.3940.7746.97

54.4263.5165.4767.7675.56

79.7181.2188.4499.74

112.40

112.78120.49135.80153.09170.20

114.72118.12122.55125.22

130.16134.24140.38138.11

144.25150.76155.41161.24

163.34167.82

8.449.017.12

7.3910.7111.4511.8611.24

11.8915.4016.5112.3812.77

15.0914.3315.0616.2219.34

23.4428.2028.5128.3731.68

31.9529.9931.3538.0146.01

47.9552.4860.1667.6576.99

49.2150.6454.7854.44

56.4359.4663.0261.41

61.5767.2067.7573.20

73.0276.28

3.253.302.45

2.944.825.215.314.91

5.417.457.845.615.81

7.236.316.797.539.28

11.5014.0614.0614.1215.96

15.8014.1515.6419.2522.62

21.8423.6827.7731.7536.89

21.6322.5424.5925.50

26.3027.2629.2328.19

28.7231.4032.2534.19

34.1335.89

5.195.714.68

4.455.896.246.566.33

6.487.958.686.776.95

7.858.028.268.70

10.07

11.9414.1414.4514.2515.72

16.1515.8415.7218.7623.39

26.1128.8132.3935.9040.11

27.5828.0930.2028.93

30.1332.1933.7933.22

32.8635.8035.5039.02

38.8940.40

10.8912.2911.86

12.8214.7514.9816.3415.95

17.6420.3421.4319.5120.78

21.6621.5823.3324.5527.62

30.9835.3236.9639.4043.88

47.7651.2257.0961.7366.39

64.8268.0175.6485.4493.20

65.5167.4867.7670.78

73.7474.7877.3676.70

82.6883.5687.6688.04

90.3191.53

0.69.93.88

.841.111.211.251.28

1.311.641.691.431.36

1.301.291.401.271.34

1.461.621.651.631.86

1.892.162.422.743.18

3.794.004.504.845.31

3.833.834.214.13

4.244.494.744.50

4.454.814.995.23

4.94

0.911.371.42

1.181.581.501.42.93

1.021.371.58.86

1.02

1.16.82

1.021.261.66

1.992.371.861.451.86

1.781.671.801.962.54

2.552.522.803.223.83

2.082.642.692.63

2.712.573.202.80

3.353.093.383.14

4.05

0.17.10.12

.10

.14

.24

.24

.24

.26

.35

.41

.37

.78

.66

.73

.52

.401.02

1.221.742.292.562.51

3.031.882.462.412.00

1.841.301.622.362.66

1.181.441.121.41

1.621.431.691.76

2.672.082.202.61

3.05

1.131.17.76

1.091.331.23.29.22

u 301.31.301.061.33

.30L23.65.58.50

.68

.64

.48

.59

.23

.38

.46

.662.12

3.183.632.512.392.67

3.294.163.443.49

2.962.961.962.32

2.442.232.472.40

2.99

1.542.543.10

3.243.563.744.343.99

4.034.525.675.525.14

5.245.004.904.985.49

6.137.438.74

10.2011.61

13.1415.3017.0018.7120.55

20.1422.2825.8029.1632.56

21.9121.8521.6723.46

25.3525.2926.2226.23

27.9228.4629.6230.59

30.70

1.401.741.34

1.141.371.611.781.82

2.112.823.192.792.72

3.243.393.854.064.61

5.306.026.346.838.30

10.1010.7711.8912.8513.96

12.7413.3015.4518.04

46. 7

5.054.424.24

5.225.675.456.026.45

7.638.327.607.488.44

8.759.139.99

10.9912.02

13.1914.4814.5915.1416.05

16.5918.0520.0721.4022.05

20.6020.9922.9725.42

12.5412.6213.6414.30

14.1915.3216.4015.82

17.0718.1818.90

44.07

44.59

20.6820.9420.9921.36

22.6722.7323.1423.27

24.7624.7126.09

1 Excludes agricultural business; real estate operators; medical, legal, educational, and cultural services; and nonprofitorganizations. These figures do not agree precisely with the nonresidential fixed investment data in the gross nationalproduct estimates, mainly because those data include investment by farmers, professionals, nonprofit institutions, andreal estate firms, and certain outlays charged to current account.

2 Commercial and other includes trade, service, construction, finance, and insurance.3 Planned capital expenditures as reported by business in late October-December 1978. Plans are adjusted when

necessary for systematic bias.Source: Department of Commerce, Bureau of Economic Analysis.


TABLE B-46.—Sales and inventories in manufacturing and trade, 1947-78

[Amounts in millions of dollars; monthly data seasonally adjused]

Year or month

1947..1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959..

I960..1961.1962..1963..1964..

1965..1966..1967..1968..1969..

1970..1971..1972..1973..1974..

1975..1976..1977..

1977:JanFebMar

May~_~_II I IJune



JulyA u g - . _ - _SeptOctNov p . . . .Dec*

Total manufacturingand trade

Sales i

35,26033,788

38,59643, 35644,84047,98746,443

51,69454,06355,87954, 20159,729

60,82761,15965,66268, 99573,682

Inven-tories 2

52,50749,497

59,82270,24272,37776,12273,175

79, 51687,30489,05287,09392,129

94,71395, 594101,063105,480111,503

80,283 120,90787,187 136, 79090, 348 145,30098,206 156, —105,190 169,

107,698 178,279116, 351 188, 508130,049-203,088151, 6471233,749175,200 285,064

179,621283,614200,760 309,238223, 793 334, 785

211,652 311,237216, 210 313, 488221,612 316,976220,835 320, —221, 559 322,222, 589 324,

230,294 337,238,165 340,242,627250,606 350i251, 869 354,252, 639

250, 853 359,:258, 306 •258,311265, 295268," —

0,2732, 250!4,051

221,991224, 404 327,225,305 330,228, 450 330,231, 550 333,186237,017

324,990-"', 639

1,3451,832J, 186

334,785

',6761,396

345, 839"~l, 545

i,226356,920

I, 301362, 815

258,311364,747— 295 367, 382

123 371,479

Ratios

1.421.53

3655585860

4755596050

5654504947

4547565455

6258504447

584844

474543454546

46464745

1.1.411.41

1.431.401.411.381.39

Manufacturing

Salss i

15,51317,31616,126

18,63421,71422, 52924,84323,355

26,48027,74028.73627,24730, 286

30, 87930,92333,35735,05837, 331

40,99544,87046,48750,26853,540

52, 832 101>55,925 102,63,04372, 95484, 821

86,61698,809 169;111,256 179,

105, 303 170,107,184111, 090 172|109,521 "109,641111,003

109, 827112,019112, 586114,091114,342117,938

44 114

114,322118,982

.. 43 121,10140 124, 537

123, 566124, 839

123,106127, 871127,919130, 614132,459

Inven-tories 2

25,89728,54326, 321

31,07839,30641,13643,94841,612

45,06950,64251,87150,24152,945

53,78054,88558,18660,04663, 403

68,18577,95284,62490, 55098,161

,609!,622

108,223124, 545157,811

157, 878'"1,886

1,714

,554171,575172, 536174,015175,716176, 468

177,297178, 082179,011179, 301179, 840179,714

180, 977182,393183,860185, 715187,689189, 557

191,167192,882194,063194, 735196, 525

Ratio 3

1.581.571.75

1.481.661.781.761.81

1.621.731.801.841.70

1.751.741.701.691.64

1.601.621.761.741.77

1.901.831.671.581.65

1.831.661.58

1.621.601.551.591.601.59

1.611.591.591.571.571.52

1.581.531.521.491.521.52

1.551.511.521.491.48

Merchant wholesalers

Sales.

6,8086,514

7,6958,5978,7829,0528,993

9,89310,51310,47510,25711,491

11,65611,98812,67413,38214, 529

15,61116,98719, 44820, 84622, 609

23,94326,25729, 58436, 82245, 836

44,63348,40853, 509

50,67851, 85752, 67253, 38553, 86653,73553, 49553, 20853, 30753, 63955, 55857,266

55, 98557, 63558, 87762,15264,01163, 235

63, 40464, 57364, 04567, 29267,483

7,9577,706

9,2849,88610,21010,68610,637

11,67813,26012,73012, 73913,879

14,12014,48814,93616,04817,000

18, 31720, 76525,37726,60429,114

32, 80335,82339, 78646, 25456, 537

55,11361,30767, 998

62,12363, 06264, 30065, 30164, 83864,947

64, 21065,09566,11966, 20967, 04767, 998

68, 99170, 36172, 88274, 86775, 47475, 820

75, 66476, 25377, 02078, 34679, 024

Ratios

1.131.19

1.071.161.121.171.18

1.131.191.231.241.15

1.221.201.161.151.14

1.151.151.251.251.23

1.291.301.271.171.12

1.241.211.21

1.231.221.221.221.201.21

1.201.221.241.231.211.19

1.231.221.241.201.181.20

1.191.181.201.161.17

Retail trade

Sales i

10,20011,13511,149

12,26813, 04613,52914,09114, 095

15,32115,81116,66716,69617,951

18, 29418, 24919,63020, 55621, 823

23,67725, 33024, 41327,09229,041

30, 92434,16937, 42241, 87144, 543

48, 37053,54259, 029

55,67157,16957, 85057,92958, 05257, 851

58,66959,17759, 41260, 72061,65061,813

59, 98761, 54862,64963,91764, 29264, 565

64, 34365, 86266,34767, 38968,18168, 889

Inven-tories ^

14, 24116,00715,470

19,46021,05021,03121,48820,926

22, 76923,40224,45124,11325,305

26,81326, 22127,94129,38631,094

34,40538, 07335, 29938, 94542,517

43, 86750,06355, 07962,95070,716

70,62378,04587,073

78,56078, 85180,14080,95781, 69682,636

83, 48384, 46285,21585, 32286, 29987,073

87, 70887, 64289, 09789, 96391, 06391, 543

92, 47093, 68093,66494, 301S5, 930

Ratio s

i Monthly average for year and total for month.3 Seasonally adjusted, end of period.3 Inventory /sales ratio. For annual periods, ratio of weighted average inventories to average monthly sales; for monthly

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

Note.—Earlier data are not strictly comparable with data beginning 1958 for manufacturing and beginning 1967 forwholesale and retail trade.

1 he inventory figures in this table do not agree with the estimates of change in business inventories included in the grossnational product since these figures cover only manufacturing and trade rather than all business, and show inventories interms of current book value without adjustment for revaluation.

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

236


T A B L E B—47.—Manufacturers' shipments and inventories, 1947—78

[Millions of dollars; monthly data seasonally adjusted]

Year or month

1947.1948.1949.

1950.1951.1952.1953.1954.

1955.1956.1957.1958.1959.

1960.1961.1962.1963.1964.

1965.1966.1967.1968.1969.

1970.1971197219731974

1975.19761977

1977: Jan...Feb..Mar..Apr..May..June..

July..Aug..Sept..Oct...Nov..D e c .

1978: Jan....Feb...Mar...Apr..,May...June...

July...Aug...Sept—Oct....Nov p..

Shipments1

Total

15,51317, 31616,126

18, 63421,71422, 52924,84323, 355

26,48027, 74028,73627, 24730,286

30,87930,92333, 35735,05837, 331

40,99544, 87046, 48750,26853, 540

52,83255,92563,04372,95484,821

86, 61698,809111,256

105, 303107,184111,090109, 521109,641111,003

109, 827112,019112, 586114,091114,342117,938

114, 32L118,982121,101124, 537123, 566124, 839

123,106127,871127,919130, 614132, 459

Dura-ble

goodsindus-tries

6,6947,5797,191

8,84510, 49311,31313, 34911,828

14,07114,71515, 23713, 56315,609

15,88315,61617, 26218, 28019,637

22.22124,64925,26727, 69829,477

28,21529,97334,04339,70444,253

43,67850,69758, 266

54, 53255,62058,42856,99957, 27358,049

57,46358,64959, 28560, 31660,22862,130

59,97363,07764,45766,49365, 41766,293

65.22268,68468,91670, 29271, 567

Nondurablegoodsindus-tries

8,8199,7388,935

9,78911,22111,21611,49411,527

12, 40913, 02513,49913,68414,677

14,99615, 30716,09516,77817,694

18,77420,22021, 22022, 57024,064

24,61725,""28,33,25040, 568

42,93948,11252,990

50,77151, 564

52, 52252,""52,

52, 364 177,53,37053, 30153,77554,11455,808

54, 34955,90556,64458,04458,14958, 546 189;

Inventories2

Total

25,89728, 54326,321

31, 07839, 30641,13643, 94841,612

45,06950,64251, 87150, 24152,945

53,78054, 88558,18660,04663,409

68,18577,95284,62490, 55098,161

101,609952 102,622999 108,223

124, 545157,811

157, 878 101169, 886179, 714

170, 554 109,1171,575

52, 662 172, 536"",522 174,015, 368 175, 716

1,609110,242110, 579111,133112,071

954 176,468 112,536

,297178,082179,011179, 301179,840 115i179,714

180,977182, 393183,860 118;185, 715187, 689 121"1,557

191,167192, 882

57, 88459,18759,003 194,' 06360,3221194,73560, 892 196, 525

Durable goods industries

Total

13,06114,66213,060

15, 53920,99123,73125, 87823, 710

26, 40530, 44731, 72830, 25832,077

32,37132, 54434,63235,86638, 506

42,25749,92054,97858,82564, 705

66,75266,27170,24481, 333101, 790

,580108, 968115,424

113,160113,917114,467114,448

•,212115,424

116,278117,511118,725119,848121,471122,688

123, 830125,206126,176

735 126, 784128, 293

Mate-rialsandsup-plies

8,9667,894

9,19410, 41710, 60810,03210,776

10, 35310,27910, 81011,06811,970

13, 32515, 48916, 44117, 36518,692

19,18419,76320, 87726,03935,221

33, 59936,54038, 719

36,62436,71037, 10437, 30438,21438,675

38, 54038,90139,07239,01138, 79338,719

38,17738, 53538, 54738, 79439, 48439,667

39, 72740, 34341,13340, 91641,125

Workin

process

10,7209,721

10,75612,31712, 83712,38713,063

12,77213, 20314,15914,87116,191

18,07521,93925,00527, 30230, 373

29,82428,63930, 78635, 50442,634

42,80444, 73546, 864

45,13845, 48945, 29645,67045, 21644, 884

45, 45245,91146, 22745,99646, 51546,864

47, 78548,69649, 49150, 33050, 96651, 684

52,76353, 29653, 37554, 21054, 849

Fin-ishedgoods

6,2066,040

6,3487,5658,1257,8398,239

9,2459,0639,6629,92510, 344

10, 85412, 49113, 53414,15715,639

17, 74517, 87118, 57719, 78823,934

25.17727,69329, 843

27, 84728, 04328.17828,16028, 64328,98029,16629,10729,16929, 44129, 90629, 843

30, 31630, 28030, 68730, 72431,02131, 337

31, 34031, 56731,66831,65832, 319

Nondurable goods industries

Total

12,83613.88113,261

15, 53918,31517,40518,07017.902

18, 66420,19520,14319,98320,868

21,40922, 34123,55424,18024.903

25,92828,03229,64631,72533, 456

34, 85736, 35137,97943,21256,021

56, 29860, 91864,290

60,94561, 33361,95762, 88263,64563,932

64,13764,16564, 54464, 85364,62864,290

64,69964.88265,13565, 86766,21866, 869

67, 33767,67667, £8767,95168, 232

Mate-rialsandsup-plies

8,3178,167

8,5568,9718,7758,6629,T"

9,0829,4939,8139,97810,131

10,44811,15511,70912,28312, 721

13,14713,67814,67218,11423,661

23,12324, 94525,102

24,85725,20025, 56425,99926,06326,162

25,85125,78725,72725,62325,29725,102

25,19025, 33225, 73025, 74225, 82526, 314

26,14526,02426,10826,17126, 393

Workin

process

2,4722,440

2,5712,7212,8642,8282,944

2,9463,1103,2963,4063,511

3,8064,2044,4204,8455,119

5,2715,6665,9826,7088,175

8,6759,55710,116

9,5529,5879,7849,8249,9189,862

9,9609,91910,01110,17810,16510,116

10,14510, 25810, 20810,35210, 35410, 277

10, 34810, 35210,48410, 75410, 644

Fin-ishedgoods

7,4097,415

7,6668,6228,6248,4918,845

9,3809,73810, 44410, 79611,261

11,67412,67313, 51814, 59915,612

16,44117,00417,32418, 38924,185

24,49926, 41629,071

26,53526, 54826,60827,05427,66327,909

28, 32428,46028,80529, 05429,16629, 071

29, 36429, 29229,19729, 77330, 03930, 278

30, 84431, 30031, 29531,02631,195

1 Monthly average for year and total for month.2 Book value, seasonally adjusted, end of period, except as noted.Note.—Data beginning 1958 are not strictly comparable with earlier data.Source: Department of Commerce, Bureau of the Census.

237


TABLE B-48.—Manufacturers* new and unfilled orders, 1947-78

(Amounts in millions of dollars; monthly data seasonally adjusted]

Year or month

194719481949

19501951195219531954

19551956195719531959

19601961196219631964

19651966196719681969

19701971197219731974

197519761977

1977: Jan..Feb..Mar-Apr..May.June.

July.Aug.Sept.Oct..Nov.Dec.

1978: Jan..Feb..Mar.Apr..May.June.

July.Aug.Sept.Oct-.NOVP

New orders >

Total

15,25617,69315,614

20,11023,90723,20423,58622,335

27,46528,36827,55927,00230, 724

30,23531,10433, 43635, 52438, 357

42,10046, 40247,06250,68454, 004

52,07856,01664,20176,22487, 200

85,05899,134112,842

107,256108,047112,190111,269111, 102112,141

108,868112,615113,680117, 331117, 024122,128

117,899122,544125,801128,175128, 450127, 580

123, 279130,952131,840137,162137, 520

Durable goodsindustries

Total

6,3888,1266,633

10,16512,84112,06112,14710, 768

14,99615,36514,11113, 29016, 003

15, 30315,75917,37418,70920, 652

23,27826,17725,83128,11329,925

27, 42930,03035,09842, 89446, 783

41,93350,99759,795

56, 35856,42659, 29458, 80058,83559, 111

56, 36759, 26960, 36463, 55662,82166,165

63, 33566,68169,01670,03370,04568, 840

65,18771, 58272, 64576,98476, 437

Capitalgoodsindus-tries,non-

dtfense

\-

7,0707,779

6,8077,5358,83211,11412,691

10, 78112,50115, 201

14, 67414, 31514,61114, 68714,89315, 490

13,93614, 52716,12416,09716,09016,988

16,51117, 88217, 50717, 40918,12418,155

17,07419, 34420,14922, 21920, 256

Non-dura-

blegoodsindus-tries

8,8689,5668,981

9,94511,06611,14311,43911,566

12,46913, 00313,44813, 71214, 720

14,93215, 34516,06116,81517, 705

18,82320, 22521, 23222, 57124,079

24,64925,98629,10433,32940, 417

43,12548,13753,047

50,89851, 62152, 89652, 46952, 26753,030

52,50153, 34653, 31653, 77554, 20355, 963

54, 56455, 86356,78558,14258, 40558,740

58, 09259, 3705C, 19560,17861, 083

Unfilled orders 2

Total

34,47330,73624,045

41,45667,26675,85761,17848,266

60,00467,37553,18347, 37052,732

45,08047,40748, 57754,32766, 882

80,07198, 401104,989109, 330115, 654

106, 519107,657121, 709161,194189, 678

170,686174, 553193, 659

176, 506177, 369178, 469180,217181, 678182, 816

181,857182, 453183, 547186,787189, 469193,659

197, 235200, 798205, 500209,133214,010216, 754

216,922219,999?23,921230,464235, 528

Dura-ble

goodsindus-tries

28,57926,61919,622

35,43563,39472,68058,63745,250

56,24163,88050,35244, 55949, 373

42,51444, 37545,96551,27063,691

76,29894, 575101,024105, 359111,487

101,931102, 633115,377Ib3, 824184,155

162,872166, 440184, 834

168,266169,072169,938171, 739173,301174, 363

173,267173, 887174,966178,206180, 799184, 834

188,194191, 798196, 359199, 895204, 516207, 067

207,026209, 922213, 650220, 341225, 213

Non-dura-ble

goodsindus-tries

5,8944,1174,423

6,0213,8723,1772,5413,016

3,7633,4952,8312,8113,359

2,5663,0322,6123,0573,191

3,7733,8263,9653,9714,167

4,5885,0246,3327,3705,523

7,8148,1138,825

8,2408,2978,5318,4788,3778,453

8,5908,5668,5818,5818,6708,825

9,0419,0009,1419,2389,4949,687

9,89610, 07710, 27110,12310, 315

Unfilled orders-shipments ratio 3

Total

3.42

3.633.873.353.093.01

2.782.632.692.803.10

3.333.813.713.823.76

3.663.403.333.924.16

3.723.223.15

3.263.233.113.173.193.17

3.173.123.113.143.173.15

3.333.223.233.183.283.29

3.333.223.283.333.35

Dura-ble

goodsindus-tries

4.124.274.554.003.693.54

3.373.133.243.373.72

3.954.554.424.614.50

4.414.083.934.645.00

4.473.853.75

3.903.853.693.793.803.78

3.783.733.703.733.773.75

3.963.823.833.773.943.90

3.963.793.843.923.94

Non-dura-ble

goodsindus-tries

0.96

1.121.04.85.86.94

.72

.79

.68

.73

.72

.76

.73

.69

.69

.77

.77

.88

.92

.63

.83

.74

.73

.75

.75

.75

.73

.73,73

.75

.73

.73

.73

.73

.73

.77

.74

.74

.72

.72

.76

.77

.77

.81

.77

.78

1 Monthly average for year and total for month.2 Seasonally adjusted, end of period.* Ratio of unfilled orders at end of period to shipments for period; excludes industries with no unfitlsd orders. Annual

figures relate to seasonally adjusted data for December.

Note.—Data beginning 1958 are not strictly comparable with earlier data.


238


PRICESTABLE B-49.—Consumer price indexes by expenditure classes, 1929—78

11967 = 1001

Year or month

1929 . .19331939194019411942....19431944194519461947194819491950.1951195219531954195519561957195819591960196119621963.196419651966196719681969197019711972197319741975197619771977:Jan

FebMarAprMayJuneJulyAugSeptOctNovDec

1978:Jan.FebMarAprMayJune

JulyAugSeptOctNov

Allitems

51.338 841 642 044.148.851 852.753.958.566.972.171.472.177.879 580 180 580 281 484 386 687 388.789.690 691.792.994 597.2

100.0104.2109.8116.3121.3125.3133.1147.7161.2170.5181.5175.3177.1178.2179.6180.6181.8182.6183.3184.0184.5185.4186.1187.2188.4189.8191.5193.3195.3196.7197.8199.3200.9202.0

Food andbeverages

Total i

100.0103.6108.8114.8118.3123.2139.5158.8172.1177.4188.0179.9183.8184.6186.8187.5189.3190.2190.8190.2190.1191.2191.9194.6197.3199.5202.6205.2208.5209.7210.1210.3211.6212.5

Food

48.330 634 635.238.445.150.349.650.758.170.676.673.5

74.582.884.383 082.881 682.284 988.587 188.089.189 991.292 494.499.1

100.0103.6108.9114.9118.4123.5141.4161.7175.4180.8192.2183.4187.7188.6190.9191.7193.6

194.6195.2194.5194.4195.6196.3199.2202.0204.2207.5210.3213.8215.0215.4215.6216.8217.8

Housing

Total 2

52 252.453.756.256.858.159.160.665.269.870.9

72.877.278.780 881.782 383.686 287.788 690.290.991 792.793 894.997.2

100.0104.0110.4118.2123.4128.1133.7148.8164.5174.6186.5180.3181.4182.6183.7184.6186.0187.4188.3189.5190.4191.4192.4193.8195.0196.7198.3199.9202.0203.8205.2207.5209.5210.6

Rent,resi-den-tial

76.054 156 056.257.258.558.558.658.859.261.165.168.0

70.473.276.280 383.284 385.987 589.190 491.792.994 095.095 996.998.2

100.0102.4105.7110.1115.2119.2124.3130.6137.3144.7153.5149.5150.2150.8151.6152.2152.9153.6154.4155.3156.1157.0157.9158.8159.7160.5161.5162.7163.6164.2165.1166.4167.4168.5

Homeowner-

ship

75 076.3V 078.381 783.584 486.386.987 989.090 892.796.3

100.0105.7116.0128.5133.7140.1146.7163.2181.7191.7204.9196.7198.1199.3201.0202.3203.9

206.2207.4209.1210.0211.5213.0215.0216.4218.3220.4222.5225.3228.3230.6234.2237.0238.8

Fueland

otherutili-ties a

83.083.585.187.389.991.793.895.997.197.398.298.498.398.8

100.0101.3103.6107.6115.0120.1126.9150.2167.8182.7202.2194.8196.4198.5199.4200.2201.8203.5204.5205.5206.8207.4207.6208.5210.6212.6213.9215.5217.5

218.0218.1218.8220.1218.5

Ap-parelandup-keep

48.536 942 442.844.852.354.658.561.567.578.283.380.1

79.086.185.384 684.584 185.887 387.588 289.690.490 991.992.793.796.1

100.0105.4111.5116.1119.8122.3126.8136.2142.3147.6154.2150.0150.8151.7152.3153.4153.9153.4154.8156.2157.2158.5158.2155.7154.5156.5158.4159.8159.9

158.0159.6161.9163.3164.1

Trans-porta-tion

43 042.744.248.147.947.947.850.355.561.866.4

68.272.577.379.578.311A78.883 386.089 689.690.692 593.094.395.997.2

100.0103.2107.2112.7118.6119.9123.8137.7150.6165.5177.2172.2173.2174.7176.7178.1179.1179.2178.8178.4178.6178.7178.8179.0179.4179.9181.1183.2185.5187.2188.1188.7189.7191.4

Medicalcare

36 736.837.038.039.941.142.144.448.151.152.753.756.359.361 463.464 867.269 973.276 479.181.483 585.687.389.593.4

100.0106.1113.4120.6128.4132.5137.7150.5168.6184.7202.4194.1195.8197.6199.1200.5201.8

203.5204.9206.3207.2208.1209.3211.2213.3214.5215.7216.9217.9219.4221.4222.6224.7227.0

Enter-tain-ment

100.0105.7111.0116.7122.9126.5130.0139.8152.2159.8167.7164.0164.8165.3165.5166.6167.7168.0168.6169.7170.3170.4171.0171.9172.9174.1175.6176.2176.2177.0177.4178.3179.3179.5

Othergoodsand

services

100.0105.2110.4116.8122.4127.5132.5142.0153.9162.7172.2168.3168.8169.2169.8170.4171.1171.7172.2174.4176.0177.2177.8178.5179.0179.3179.8180.4181.0183.1184.0187.8188.3188.8

1 Includes alcoholic beverages, not shown separately.2 Includes other items, not shown separately. Series beginning 1967 not comparable with series for earlier years.3 Gas (piped) and electricity; fuel oil, coal, and bottled gas; and other utilities and public services.Note.—Beginning January 1978 data are for all urban consumers; earlier data are for urban wage earners and clerical

workers.


239


TABLE B-50.—Consumer price indexes by commodity and service groups, 1939-78[1967 = 1001

Year ormonth

1939

1940194119421943194419451946194719481949

19501951195219531954195519561957...19581959..

196019611962 .196319641965.. . . . . .19661967..1968...1969

197019711972..1973197419751976___1977


J u l y . . . .AugSeptOctNovDec


JulyAugSeptOctNov

Allitems

41.6

42.044 148.851.852.753.958 566.972.171.4

72.177 879.580 180.580.281.484.386 687.3

88.789.690.691.792.994.597.2

100.0104.2109.8

116.3121.3125.3133.1147.7161.2170.5181.5

175.3177.1178.2179.6180.6181.8

182.6183.3184.0184.5185.4186.1

187.2188.4189.8191.5193.3195.3

196.7197.8199.3200.9202.0

Commodities

Allcom-modi-ties

40.2

40.643 349.654.054.756.362 475.080.478.3

78.885 987.086 785.985.185.988.690 690.7

91.592.092.893.694 695.798.2

100.0103.7108.4

113.5117.4120.9129.9145.5158.4165.2174.7

168.7170.9171.8173.3174.3175.4

175.8176.3176.6177.0177.9178.3

179.2180.2181.6183.5185.5187.5

188.6189.3190.5191.8192.9

Food

34.6

35.238 445.150.349.650.758 170.676.673.5

74.582.884.383 082.881.682.284.988.587.1

88.089.189.991.292.494.499.1

100.0103.6108.9

114.9118.4123.5141.4161.7175.4180.8192.2

183.4187.7188.6190.9191.7193.6

194.6195.2194.5194.4195.61S6.3

199.2202.0204.2207.5210.3213.8

215.0215.4215.6216.8217.8

Commodities less food

All

47.7

48.050.456.058.461.664.168 176.882.781.5

81.487.588.388.587.586.987.890.591 592.7

93.193.494.194.895 696.297.5

100.0103.7108.1

112.5116.8119.4123.5136.6149.1156.6165.1

160.6161.6162.6163.6164.7165.4

165.6166.0166.7167.4168.1168.4

168.6168.8170.0171.3173.0174.4

175.4176.3177.8179.1180.3

Dura-ble

48.5

48.151.458.460.365.970.974 180.386.287.4

88.495.196.495.793.391.591.594.495 997.3

96.796.697.697.998 898.498.5

100.0103.1107.0

111.8116.5118.9121.9130.6145.5154.3163.2

158.9159.7160.8162.2163.4163.9

164.3164.3164.5165.0165.5165.9

166.6167.2168.3169.9172.0173.9

175.3175.9177.2178.8180.0

Non-dura-

ble

44.3

44.746.751.653.856.658.662 972.277.876.3

76.282.082.483.183.583.585.387.688.289.3

90.791.291.892.793.594.897.0

100.0104.1108.8

113.1117.0119.8124.8140.9151.7158.3166.5

161.9163.1163.9164.7165.7166.6

166.6167.3168.4169.2170.1170.3

169.7lby.6170.7171.8172.8173.7

174.1175.4177.1178.1179.1

Services

Allservices

43.5

43.644 245.646.447.548.249 151.154.356.9

58.761.864.567.369.570.972.775.678.580.8

83.585.286.888.590.292.295.8

100.0105.2112.5

121.6128.4133.3139.1152.1166.6180.4194.3

187.4188.7190.0191.2192.2193.7

195.3196.3197.7198.5199.5200.5

202.0203.5204.9206.5208.0209.9

211.7.213.4215.6217.6218.6

Rent

56.0

56.257.258.558.558.658.859 261.165.168.0

70.473.276.280.383.284.385.987.589.190.4

91.792.994.095.095.996.998.2

100.0102.4105.7

110.1115.2119.2124.3130.6137.3144.7153.5

149.5150.2150.8151.6152.2152.9

153.6154.4155.3156.1157.0157.9

158.8159.7160.5161.5162.7163.6

164.2165.1166.4167.416 \ 5

Serv-iceslessrent

38.1

38.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768.270.173.376.479.0

81.983.985.587.389.291.595.3

100.0105.7113.8

123.7130.8135.9141.8156.0171.9186.8201.6

194.3195.6197.0198.4199.4201.1

202.8203.8205.3206.2207.2208.2

209.8211.4213.0214.6216.2218.3

220.4222.2224.6226.7227.8

Special indexes

Allitemslessfood

47.2

47.348 752.153.655.756.959 464.969.670.3

71.175.777.579.079.579.781.183.885 787.3

88.889.790.892.093.294.596.7

100.0104.4110.1

116.7122.1125.8130.7143.7157.1167.5178.4

172.9174.0175.1176.2177.3178.4

179.1179.8180.9181.6182.5183.1

183.8184.7185.9187.4189.0190.6

192.0193.3195.1196.7197.8

Allitemsless

shel-ter

39.7

39.942 4M.I51.352.253.659 068.573.972.6

73.179 280.881.081.080.681.784.486 987.6

88.989.990.992.193.294.697.4

100.0104.1109.0

114.4119.3122.9131.1146.1159.1168.3179.1

173.0175.0176.1177.5178.4179.6

180.2180.8181.2181.7182.5183.0

183.8185.0186.3188.1189.9191.8

192.7193.5194.5195.8196.7

Non-dura-

blecom-mod-ities

38.4

38.941.647.651.852.253.759.671.977.274.9

75.482.583.483.283.282.583.786.388.688.2

89.490.290.992.093.094.698.1

100.0103.9108.9

114.0117.7121.7132.8151.0163.2169.2178.9

172.4175.0175.9177.4178.3179.7

180.1180.8181.0181.4182.4182.9

183.9185.1186.8188.8190.7192.7

193.6194.4195.4196.6197.5

Note.—Beginning January 1978 data are for all urban consumers; earlier data are for urban wage- earners andclerical workers.


240


TABLE B-51.—Consumer price indexes, selected commodities and services, 1939-78[1967=100]

Year ormonth

Durable commodities Nondurable commodities less food

Total iNewcars

Usedcars Total

Ap-parelcom-mod-ities

Other

Total i

Gaso-line,

motor

cool-ant,etc.

Fueloil

coal,andbot-tledgas

Services less rent

Total i

Gas(piped)

andelec-tric-ity

Trans-porta-tion

serv-ices

Wedical-careserv-ices

Ener-gy2

1939 . . .

1940 . . .1941 . . .1942 . . .1943 . . .1944 . . .1945. . .1946. . .1947. . .1948 . . .1949 . . .

1950 . . .1951 . . .1952 . . .1953 . . .1954. . .1955 . . .1956. . .1957 . . .1958._.1959 . . .

1960 . . .1961 . . .1962 . . .1963 . . .1964 . . .1965. . .1966. . .1967. . .1968 . . .1969 . . .

1970. . .1971 . . .1972197319741975. . . .1976. . . .1977 . . .1977:

Jan . .Feb..Mar.Apr.Vlay.June..July...Aug...Sept..Oct . . .Nov...Dec.. .

1978:J a n . . .Feb.. .Mar.. .Apr. . .May...June..July...Aug...Sept..Oct . . .Nov...

A p r . . . .May . . . .

48.548.151.458.460.365.970.974.180.386.287.488.495.196.495.793.391.591.594.495.997.396.796.697.697.998.898.498.5

100.0103.1107.0111.8116.5118.9121.9130.6145.5154.3163.2

158.9159.7160.8162.2163.4163.9164.3164.3164.5165.0165.5165.9

175.3175.9177.2178.8180.0

43.243.346.6

69.275.682.883.487.494.995.894.390.993.598.4

101.5105.9104.5104.5104.1103.5103.2100.999.1

100.0102.8104.4

107.6112.0111.0111.1117.5127.6135.7142.9

141.1140.7140.9140.6141.4141.7141.6141.6141.1145.7148.2150.5

166.6167.2168.3169.9172.0173.9

150.9151.2151.1151.2152.5153.5153.9153.8153.5155.5158.5

44.3

44.746.751.653.56.658.6

43.0

43.545.853.5

62.972.277.876.3

55.959.863.0

46.346.848.451.1

3.580.485.482.0

53.254.755.58.266.272.372.4

89.275.971.869.177.480.289.583.686.994.896.0

100.199.497.0

100.0

104.3110.2110.5117.6122.6146.4167.9182.8

177.7179.1182.7187.8191.4192.2190.6186.4182.5178.0175.0170.7

169.8170.0172.3177.3184.6191.5195.9196.7195.9195.4194.7

76.282.082.483.183.583.585.387.688.289.390.791.291.892.793.594.897.0

100.0104.1108.8

113.1117.0119.8124.8140.9151.7158.3166.5

161.9163.1163.9164.7165.7166.6166.6167.3168.4169.2170.1170.3

169.7169.6170.7171.8172.8173.7174.1175.4177.1178.1179.1

81.188.787.7

5.786.385.887.388.288.289.090.390.891.292.092.893.696.0

100.0105.6111.9116.5120.1122.7127.1136.1141.2145.8151.6

147.6148.5149.3149.8150.9151.3150.6152.1153.5154.6155.9155.3

152.3150.7152.8154.8156.1156.1153.9155.5157.9159.3160.0

72.977.579.081.081.882.184.187.488.389.690.991.392.193.193.995.597.5

100.0103.3107.0111.2115.2118.2123.4143.8157.9165.7175.3

170.5171.8172.6173.5174.5175.6176.1176.3177.2177.9178.6179.3

179.7180.3181.0181.7182.6183.8185.5186.6188.0188.8190.0

90.689.490.593.092.092.692.491.394.496.8

100.0101.7105.1106.2107.3108.8118.8158.9169.7176.6186.7

180.0182.0183.4185.4187.5188.8189.2189.1188.9188.5188.4188.7

188.6188.2188.1188.9190.5193.0195.7198.3200.0200.4201.9

37.138.240.543.145.247.148.051.358.468.670.372.776.578.081.581.282.385.990.388.789.889.291.091.593.292.794.697.0

100.0103.1105.6110.1117.5118.5136.0214.6235.3250.8283.4

271.7278.3281.4282.0282.6283.1283.7284.1285.1287.2289.9291.9

295.2296.9297.2296.6295.6295.1294.5294.2295.7300.1306.1

38.138.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768.270.173.376.479.0

81.983.985.587.389.291.595.3

100.0105.7113.8123.7130.8135.9141.8156.0171.9186.8201.6

194.3195.6197.0198.4199.4201.1202.8203.8205.3206.2207.2208.2

209.8211.4213.0214.6216.2218.3220.4222.2224.6226.7227.8

82.982.181.481.080.680.379.677.477.179.181.081.281.582.684.285.387.588.489.392.494.798.699.499.499.499.499.499.6

100.0100.9102.8107.3114.7120.5126.4145.8169.6189.0213.4

204.2205.4208.5209.8210.9213.0216.0217.4218.0219.3219.5218.9

219.7223.3226.6229.2232.5236.5237.2236.9237.9240.0234.9

36.136.136.338.238.238.238.239.040.344.950.0

53.358.362.466.469.269.470.573.878.581.2

83.385.386.687.589.692.996.8

100.0104.0111.3123.1133.0136.0136.9141.9152.7174.3188.4

182.9183.3184.8186.7187.4188.7189.4190.0191.0191.3192.0192.9

193.7194.7194.9195.3195.5196.2196.9197.3198.7200.4202.2

32.532.532.733.735.436.937.940.143.546.448.149.251.755.057.058.760.462.865.568.772.0

74.977.780.282.684.687.392.0

100.0107.3116.0124.2133.3138.2144.3159.1179.1197.1216.7

207.6209.4211.5213.1214.6216.0217.9219.6221.1222.0223.0224.2

226.5228.7229.9231.3232.5233.5235.4237.7239.1241.5244.1

90.190.391.894.294.494.795.094.696.397.8

100.0101.5104.2107.0111.2114.3123.5159.7176.6189.3207.3

199.1201.3203.5205.1206.6208.1209.6210.1210.3210.9211.2211.3

211.8213.0214.3215.7217.7220.7222.4223.7225.1226.5225.9

1 Includes other items not shown separately.2 Gas (piped) and electricity; fuel oil, coal, and bottled gas; and gasoline, motor oil, coolant, etc.3 Not available.Note.—Beginning January 1978 data are for all urban consumers; earlier data are for urban wage earners and clerical

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

241


TABLE B—52.—Consumer price indexes for commodity groups, seasonally adjusted, 1975-78[1967=100, seasonally adjusted]

Year andmonth

1975: JanFebMar . . .AprMayJune

JulyAug__SeptOctNovDec

1976:JanFebMarApr.__MayJune __ .

JulyAugSeptOctNov - .Dec

1977-JanFeb. . . __MarAprMayJune

July ._AugSeptOctNovDec

1978-JanFeb.MarApr.. .MayJune

JulvAugSeptOct .Nov

Allcom-mod-ities

153.8154.5155.1155.8156.6157.8

159.5159.9160.3161.4161.9162.6

162.9162.7162.7163.4164.4165.0

165.4166.0166.5167.1167.3168.0

169.3171.3172.3173.7174.4175.1

175.2175.7176.2176.7177.5178.3

179.9180.8182.3184.0185.6187.2

187.9188.7190.1191.5192.7

Food

170.9171.2170.9171.3172.6174.8

177.6177.3177.7179.4180.2181.1

180.8179.6178.6179.7181.0181.2

181.1181.6181.7182.1181.5182.0

183.5187.4188.6191.5192.6193.8

193.5194.3194.7195.0196.0196.7

199.2201.6204.3208.1211.2214.0

213.9214.5215.6217.3218.0

Commodities less food

Total

144.5145.6146.6147.4147.9148.6

149.8150.4151.0151.6152.0152.6

153.2153.6154.1154.6155.4156.2

156.9157.6158.3159.0159.7160.5

161.7162.7163.4164.1164.6165.1

165.4165.7166.2166.8167.6168.4

169.5169.9170.9171.8172.8173.9

174.9175.7177.2178.5179.9

Durable commodities

Total i

140.0141.4143.0144.0144.7145.3

146.2146.8147.7148.3148.7149.3

149.9150 6151.4152.3153.4154.1

155.0155.7156.3157.2157.6158.4

159.9161.1161.9162.6163.3163.3

163.4163.6163.9164.4165.1166.0

167.6168.7169.5170.4171.8173.2

174.4175.2176.7178.1179.6

Newcars

122.0123.6126.8127.3l?7.0127.4

127.6128.3129.2129.3130.1132.5

132.8133.5134.0134.3134.8135.0

135.6136.1137.0138.4138.4138.5

139.6139.9140.4140.5141.7142.3

142.9143.5144.1145.0146.9148.4

149.3150.3150.5151.0152.8154.1

155.3155.8156.8154.7157.1

Usedcars

140.7142.3142.6142.1141.8143.9

147.2149.7150.5151.5151.6151.5

151.4154.8159.1164.0167.1169.0

170.2171.9173.0174.4177.0180.8

186.3191.3192.5193.1190.3187.2

182.7178.3175.3172.8173.3173.7

178.0181.6181.6182.2183.5186.5

187.8188.2188.2189.7192.8

Nondurables less food

Total i

147.9148 6149.1149.9150 4151.0

152 5153.0153.3154 1154.4155.0

155.5155 7156.0156.3157 0157.7

158.4159 0159.8160.4161.1161.8

162 8163.7164 5165.0165.8166.4

166.9167.2167.8168.6169.4169.9

170.6170.1171.2172.1172.8173.5

174.4175.2176.6177.4178.4

Apparelcom-mod-ities

140.1140 4140.5140.6140.6140.6

141 2141.9141.5141 8142.2142.5

143.1143.5143.9144.4144.9145.4

145.9146.8147.6147.5147.8148.4

149.3149.9150.2150.4150.8151.8

152.2152.7152.6152.9153.5153.8

154.0152.1153.6155.3156.0156.5

155.4156.1157.0157.6157.6

Gasoline,motor

oil, cool-ant, etc.

161.0161 3161.9163.2164 8167.8

173 5174.7175.8177 1177.2177.1

176.7174 8172.9171.9172.9175.3

176.1177.1178.2180.1181.3181.8

182.1184.0185.8187.3188.0186.8

186.0185.5186.3187.9189.4190.7

190.9190.3190.6190.8191.1190.9

192.4194.6197.2199.8202.9

Fuel oil,coal, andbottled

gas

225.0224 5225.0227.5230 2232.2

236 6239 6243.1246 1246.4246.6

245.0244 4244.5245.6246.7249.3

250.7253.0254.9255.4257.6262.2

267.7272.9278.2281.1283.4285.7

286.6288.1289.5289.5289.5289.6

290.8291.1294.0295.7296.5297.8

297.5298.4300.2302.5305.8

i Includes other items not shown separately.Note.—Beginning January 1978, data are for all urban consumers; earlier data are for urban wage earners and clerical


242


TABLE B-53.—Consumer price indexes for service groups and selected expenditure classes,seasonally adjusted, 1975-78

Yearand month

1975: Jan . . .Feb . .Mar...Apr. . .May...June..

July...Aug...Sept. .Oct . . .Nov...Dec—

1976: Jan . . .Feb. . .Mar...Apr.. .May...June..

July...Aug.__Sept. .Oct . . .Nov...Dec . . .

1977: J a n . . .Feb . . .Mar...Apr. . .May...June..


1978: J a n . . .Feb. . .Mar...Apr. . .May...June..

July...Aug.. .Sept . .Oct . . .Nov.. .

[1967=100, seasonally adjusted, except as notedj

Services

Allservices

161.0162.3163.1164.2165.0166.2

167.0167.8169.1170.1171.8172.8

174.6175.8177.2177.9179.0180.0

181.1182.3183.3184.2185.0185.6

187.3188.4190.0191.4192.9194.3

195.7196.8197.9198.7199.5200.3

201.5203.0204.7206.6208.7210.5

212.2214.0215.7217.5218.3

Rent,resi-

dential

134.3134.8135.3135.8136.4136.9

137.5138.1138.5139.3140.0140.5

141.1141.9142.6143.1143.8144.5

145.2145.7146.3147.0147.5148.2

149.4149.9150.7151.5152.2153.0

153.8154.6155.5156.2157.1157.9

158.8159.4160.3161.5162.7163.6

164.4165.3166.6167.6168.7

Total i

165.8167.2168.1169.3170.2171.4

172.3173.1174.7175.6177.5178.7

180.7182.0183.4184.2185.4186.4

187.6188.9190.0190.9191.7192.4

194.1195.4197.0198.6200.2201.7

203.3204.4205.6206.3207.1208.0

209.2210.9212.8214.8217.0219.0

220.9222.8224.7226.6227.3

Services less rent

Gas(piped)

andelectricity

159.4161.6162.8165.3166.8169.4

170. 8172.2175.0175.8177.4178.8

178.8180.8182.4183.4185.8187.9

189.9191.4193.2196.1196.7201.1

203.4204.2207.1208.8210.7213.0

216.4218.7219.1221.2220.2218.6

218.8222.0225.0228.1232.3236.5

237.7238.3239.1242.2235.6

Trans-porta-tion

services

146.1146.8147.7148.9149.6150.6

151.5152.5156.5157.4161.7163.1

166.5168.4170.6171.1172.3173.5

175.3176.4178.0179.3180.2180.4

181.3182.7184.2185.9187.4189.1

190.2191.0191.9191.8192.0192.5

193.2194.0194.2194.2195.5196.5

197.6198.4199.7201.0202.2

MoHiralivieuicai

careservices

170.7172.6174.3175.8177.1178.5

180.2181.3182.9184.7184.3186.0

188.1190.1192.1193.4194.8196.0

197.6199.0200.3201.9204.7206.0

207.7209.1211.1213.0214.8216.3

217.5219.1220.8222.2223.2224.7

226.6228.4229.6231.3232.7233.9

235.0237.3238.9241.8244.5

Selected expenditures classes

Homeowner-

ship

174.8176.8178.2179.9180.8182.0

182.5182.9183.5184.1186.1187.0

188.2188.3188.9189.3190.4191.2

192.3193.5194.0194.2194.2194.2

196.2197.8199.5201.5203.1204.5

206.4207.4208.7209.4210.9212.3

214.5216.0218.5220.9223.4226.0

228.6230.9233.9236.6238.3

Fueland

otherutili-ties2

159.5160.9161.9163.8165.3167.2

168.7170.0172.1173.3174.6175.6

175.5176.7177.8178.6180.2181.8

183.2184.8186.2188.0188.6191.7

193.9195.0197.4198.7200.4202.3

204.4205.8206.7208.1207.6207.1

207.7209.4211.5213.2215.5217.8

218.8219.4219.9221.5218.6

House-hold

furnish-ingsand

opera-tion

146.9147.9148.6149.5150.1150.7

151.1151.7152.5153.3153.8154.3

156.4157.3158.3158.9159.3159.8

160.4160.8161.4161.9162.6163.3

164.0164.7165.2165.7166.4167.3

167.9168.6169.1169.5170.0171.0

171.8172.2173.5174.6175.8177.5

178.3179.3180.4181.9182.8

Energy3

167.2168.5169.0170.9172.7175.9

180.1181.2182.9183.0183.7184.4

184.5184.6184.0183.9185.7188.7

190.5191.5192.5193.6194.6197.2

199.1201.3203.5205.1206.6208.1

209.6210.1210.3210.9211.2211.3

211.8213.0214.3215.7217'.7220.7

222.4223.7225.1226.5225.9

1 Includes other items not shown separately.2 Gas (piped) and electricity; fuel oil, coal, and bottled gas; and other utilities and public services.3 Gas (piped) and electricity; fuel oil, coal, and bottled gas; and gasoline, motor oil, coolant, etc. Index is not seasonally

adjusted.Note.—Beginning January 1978 data are for all urban consumers; earlier data are for urban wage earners and clerical

workers.


243


TABLE B-54.—Changes in consumer price indexes, major groups, 1948-78(Percent change]

Year ormonth

19481949

1950 . .19511952 . „19531954

1955 .19561957 .19581959 .

1960 .1961196219631964

19651966196719681969

19701971197219731974

197519761977

1977: Jan..Feb..Mar.

June.

July.Aug.Sept.Oct..Nov.Dec .

1978:Jan..Feb..Mar.Apr..May.June.

July.Aug.Sept.Oct..Nov.

All items

Dec.to

Dec.1

2.7- 1 . 8

5.85.9.9.6

- . 5

.42.93.01.81.5

1.5.7

1.21.61.2

1.93.43.04.76.1

5.53.43.48.8

12.2

7.04.86.8

Yearto

year

7.8- 1 . 0

1.07.92.2.8.5

- . 41.53.62.7.8

1.61.01.11.21.3

1.72.92.94.25.4

5.94.33.36.2

11.0

9.15.86.5

Food

Dec.to

Dec.'

- 0 . 8- 3 . 7

9.67.4

- 1 . 1- 1 . 3- 1 . 6

- . 93.12.82.2

- . 8

3.1- . 91.51.91.4

3.43.91.24.37.2

2.24.34.7

20.112.2

6.5.6

8.0

Yearto

year

8.5- 4 . 0

1.411.11.8

- 1 . 5- . 2

- 1 . 4

3.34.2

- 1 . 6

1.01.3.9

1.41.3

2.25.0.9

3.65.1

5.53.04.3

14.514.4

8.53.16.3

Commodities lessfood

Dec.to

Dec.i

5.3- 4 . 8

5.74.6

.2- 1 . 4

02.52.2.8

1.5

- . 3.6.7

1.2.4

.71.93.13.74.5

4.82.32.55.0

13.2

6.25.14.9

Yearto

year

7.7- 1 . 5

- . 17.5.9.2

- 1 . 1

- . 71.03.11.11.3

.4

.3

.7

.7

.8

.61.42.63.74.2

4.13.82.23.4

10.6

9.25.05.4

Services

Dec.to

Dec.i

6.13.6

3.65.24.64.21.9

2.33.14.52.73.7

2.71.91.72.31.8

2.64.94.06.17.4

8.24.13.66.2

11.3

8.17.37.9

Yearto

year

6.34.8

3.25.34.44.33.3

2.02.54.03.82.9

3.32.01.92.01.9

2.23.94.45.26.9

8.15.63.84.49.3

9.58.37.7

All itemsless food

Dec.to

Dec.t

5.5- . 8

4.15.01.71.70

.92.63.21.62.3

1.01.11.21.61.0

1.63.33.54.95.7

6.53.13.05.6

12.2

7.16.26.3

Yearto

year

7.21.0

1.16 52.41.9.6

.31 83.32.31.9

1.71.01.21.31.3

1.42.33.44.45.5

6.04.63.03.99.9

9.36.66.5

Change from preceding month

Un-adjusted

0.61.0.6.8.6.7

.4

.4

.4

.3

'A

.6

.6

.7

.9

.91.0

.7

.6

.8

.8

.5

Sea-sonally

adjusted

0.81.0.6.8.6.5

.3

.4

.4

.3

.4

.4

.8

.6

.8

.9

.9

.9

.5

.6

.8

.8

.5

Un-adjusted

0.92.3

L2.4

1.0

.5

.3- . 4

~'.S.4

1.51.41.11.61.31.7

.6

.2

.1

.6

.5

Sea-sonally

adjusted

0.82.1.6

!6.6

- . 2.4.2

.'5

.4

1.31.21.31.91.51.3

.0

.3

.5

.8

.3

Un-adjusted

0.0.6.6.6.7.4

.1

'.A. 4.4.2

.1

.1

.7

.81.0.8

.6

.5

.9

.7

.7

Sea-sonally

adjusted

0.7.6.4.4.3

.2

!3.4.5.5

.7

.2

.6

.5

.6

.6

.6

.5

.9

.'8

Un-adj usted

0.9.7.7.6.5.8

.8

'.7.4.5.5

.7

.7

.7

.8

.7

.9

.9

.81.0.9.5

Sea-sonally

adjusted

0.9.6.8.7.8.7

.7

.6

.6

.4

.4

.4

.6

.7

.8

.91.0.9

.8

.8

.8

.8

.4

Un-adjusted

0.4.6.6.6.6.6

.4

.4

.6

.4

.5

.3

.4

!6.8.9.8

.7

.7

.9

.8

.6

Sea-sonally

adjusted

0.8.6.6.6.5.5

.4

.4

.4

.3

.4

.4

.8

.5

.7

.7

.8

.7

.7

.7

'.%.6

i Changes from December to December are based on unadjusted indexes.Note.—Beginning January 1978 data are for all urban consumers; earlier data are for urban wage earners and clerical


244


T A B L E B—55.—Producer price indexes by stage of processing, 1947—78

[1967=100]

Year or month

194719481949

1950195119521953 .1954

195519561957 . .1958.. .1959

196019611962 .19631964

19651966 . _.196719681969

19701971197219731974.

1975197619771978

1977: JanFebMarAprMayJune.. _


1978: JanFeb.MarAprMay..June

JulyAugSept . . .OctNovDec

Finished goods

Totalfinishedgoods

74.079.977.6

79.086.586.085.185.3

85.587.991.193.293.0

93.793.794.093.794.1

95.798.8

100.0102.9106.6

110.3113.7117.2127.9147.5

163.4170.3180.6194.6

175.1176.6177.5178.8180.3180.5

181.3181.3181.9183.9184.6185.5

187.0188.5189.1191.5193.1194.5

196.0195.6196.9199 7200.6202.4

Consumer foods

Total

82.890.483.1

84.795.294.389.488.7

86.586.389.394.590.1

92.191.792.591.491.9

95.4101.6100 0103.7110.0

113.5115.3121.7146.4166.9

181.0180.2189.1206.8

181 5185.0186.6188.5192.3190.7

192.1189.9190.0189.9190.6192.9

195.0199.6200.2204.5206.8209.5

210.4205.9209.4212 5212.0215.8

Crude

99.4107.1101.3

92.2105.9112.8105.294.7

98.898.797.4

103.594.3

100.696.197.095.598.2

98.6104.8100.0107.5116.0

116.3115.8121.2160.7180.8

181.2194.8201.8216.5

220 0229.1223.6213.1200.0184.2

192.5191.2193.4189.9196.2188.6

197.9210.2207.5220.2212.0211.7

234.1212.8214.8220.1227.2230.0

Pro-cessed

80.287.680.1

83.493.291.386.787.6

84.484.387.993.189.5

90.790.991.790.790.8

94.9101.0100.0103.0108.9

113.1115.1121.7143.9164.6

181.3177.4186.4204.1

176.9179.9182.0184.9189.9189.4

190.2188.1188.0188.1188.4191.5

192.9196.9197.8201.4204.4207.3

206.6203.4207.1209.9208.9212.7

Finished goods excluding consumer foods

Total

100.0102.6105.4

109.1113.1115.4120.1139.3

156.2165.5176.2188.9

171 4172.2173.0174.0174 8175.6

176.1176.8177.6180.3180.9181.4

182.7183.2183.8185.6186.9188.0

189.6190.4191.1193 8195.1196.2

Consumer goods

Total

79.084.082.2

83.589.588.389.189.4

90.192.394.694.795.9

96.396.296.096.095.9

96.698.1

100.0102.1104.6

107.7111.4113.4118.5138.6

153.1161.8172.1183.7

167 4168.3169.2170.4171.1172.0

172.5173.0173.7175.5175.8176.2

177.4177.8178.3180.5181.9182.9

184.8185.6186.0188.6189.5190.8

Durable

74.679.781.8

82.788.288.989.690.3

91.294 397.198.499.6

99.298 898.397.898 2

97.998.5

100.0102.2104.0

106.9110.8113.2115.8126.3

138.2144.4152.2165.9

149 0149.3149.7150.6150.8151.4

151.5152.2152.2156.1156.4156.9

158.5158.3159.0163.2165.0165.3

167.7168.4168.3171.7172.1172.8

Nondurable

80.785.882.3

83.690.087.888.688.9

89.491 193.292.694.0

94.794 794.895.194.8

95.997.8

100.0102.2105.0

108.3111.7113.6120.5146.8

163.0173.3185.4195.4

179.6181.0182.3183.6184.8185.9

186.6187.0188.1188.5188.8189.1

189.9190.7191.1191.8192.9194.4

195.9196.9197.7199.6200.9202.6

Capitalequip-ment1

55.460.463.4

64.971.272.473.674.5

76.782.487.589.891.5

91.791.892.292.493.3

94.496.8

100.0103.5106.9

112.0116.6119.5123.5141.0

162.5173.2184.5199.0

179.6180.2180.7181.6182.4183.1

183.8184.8185.6189.8190.8191.6

193.0193.7194.6195.6196.9198.1

199.2200.0201.0204.1205.9206.9

con-sumer

finishedgoods

80.586.582.5

83.991.890.789.289.1

88.589.892.494.493.6

94.594.394.694.194.3

96.199.4

100.0102.7106.6

109.9112.9116.6129.2149.3

163.6169.0178.9192.6

173.2175.0176.1177.5179.4179.4

180.2179.8180.3181.4181.9183.0

184.4186.2186.8189.7191.4193.0

194.6193.6195.1197.8198.3200.3


245


TABLE B-55.—Producer price indexes by stage of processing, 1947-78—Continued

[1967=1001

Year or month

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971.197219731974

1975197619771978


JulyAugS e p t . . . .Oct .NovDec

1978:JanFeb .MarAprMayJune


Total

72.478.375 2

78.688.185.586 086.5

88.192.094 194.395 6

95.695 094.995.295 5

96 899.2

100.0102.3105.8

109.9114.1118.7131.6162.9

180.0189.3201.7215.5

195.0196.6198.7201.2202.1202.1

202.6203.4204.2204.4204.9205.4

207.2208.9210.7212.5213.9215.1

216.0217.3218.7220.7221.8222.8

Intermediate materials, supplies,

Foodsand

feeds

100.099.4

102.7

109.1111.7118.5168.4200.2

195.3186.6191.0201.0

192.3194.8198.3212.0211.0202.1

82.9177.7174.6173.186.286.4

89.689.997.900.600.801.9

01.598.803.407.607.412.3

Other

70.076.174.2

77.787.084.385.385.7

88 392.695.094 896 4

96.895 595.395.095.6

96 998.9

100.0102.6106.1

109.9114.3118.9128 1159.5

178 6189.5202.4?16.4

195.396.798.7

200.7201.6202.2

203.8204.9206.0206.3206.006.6

08 210.111.513.314.715.9

16.818.419.621.522.723.5

Materials andcomponents

Formanu-

fac-turing

72.177.874.5

78.188.584.886.286.3

88 492.694.895 296 5

96.595 394.794.995.9

97 499.3

100.0102.2105.8

110.0112.8117.0127 7162.2

178 7185.6195.5208.2

189.7190.8192.7194.6195.8195.5

196.6197.3197.8198.0198.2198.9

200 0202.1203.5205.5206.5207.4

208.2210.1211.7213.8214.7215.4

Forcon-

struc-tion

66.073.173.2

77.084.383.785.185.5

88.993.594.094.096 6

95.994 694.294.595.4

96 298.8

100.0104.9110.8

112.6119.7126.2136 7161.6

176 4188.0202.9224.4

195.1195.9197.8199.4200.3201.3

204.1206.1208.8208.5208.3209.5

212 7216.3218.3220.8222.5224.3

226.2228.3229.1230.2231.8232.5

and components

Proc-essedfuelsand

lubri-cants

85.596.988.2

89.993.992.893.493.3

93 396.3

101.996.0l 5 6

98.299 499.098.196.0

97 499.2

100.097.798.7

105.0115.2118.9131 5199.1

233 0250.8283 8296.4

262.7271.2276 3282.0283.9286.1

289.0291.9291.3292 4289.2289.3

291 2291.7294.3294.8297.3299.9

298.1296.7296.7297.9297.9299.9

Con-tain-ers

66.869.870.1

72.084.579.980.081.5

82 688.692.594.794 2

95.594 795.994.794.0

95 898 4

100.0102 4106.3

111.4116.6121.9129 252.2

171 4181.5193 i212.4

84.184.389 093.392.993.5

94.094.497.198.198.298.2

02 204.305.706.609.311.7

13.514.616.520.721.622.4

Sup-plies

77.581.076.3

78.988.888.884.386.3

84 887.188.090 091 2

90.791 893.895.294.3

95 299 4

100.0101.2102.8

108.0111.0115.6140 6154.5

168 1179.1188 096.9

186.6187.4188 5192.5191.9190.9

185.984.685.2

185.189.088.7

90 589.892.794.095.195.8

97.196.998.901.903.505.8

Crude materials for further processing

Total

101.2110.996.0

104.6120.1110.3101.9101.0

97 197.699.8

102 099 4

97.096 597.595.494.5

99 3105 7100.0101 6108.4

112.3115.1127.6174 0196.1

196 9205.1214 3240.2

208.1215.5219 9226.1224.4215.4

212.9207.7207.8207.6210.6215.5

19 625.030.539.041.2

245.4

45.440.244.949.948.652.4

Food-stuffsandfeed-stuffs

111.7120.8100.3

107.6124.5117.2104.9104.9

95.193.197.2

103.096 2

95.193 895.792.990.8

97 1105.9100.0101 3109.3

112.0114.2127.5180 0189.4

191 8190.1190 9215.4

189.7194.0197 1203.7201.8192.0

191.2181.3182.0182.7185.5190.0

194 0201.3206.3216.3219.1223.7

222.0213.2218.5224.4221.3224.7

Other

Total

100.0102.2106.8

112.7117.0128.0162 5208.9

206 9?33.6258.4?87.0

242.9256.0263 0268.5267.3259.5

253.9257.4256.4254.6257.9263.7

67 869.7

276.2281.6282.6286.1

289.791.694.998.200.605.1

Fuel

66.678.778.3

77.979.479.982.779.0

78.884.489.290.391.9

92.892.692.193.292.8

93.596.3

100.0102.3106.6

22.6139.048.7

164 5219.4

271 5314.7400.4464.0

342.8377.8383 9392.3404.5399.4

403.2412.3415.4416.2424.5432.0

430 3431.7441.9454.7458.3465.8

471.8470.8478.683.585.394.9

Other

90.6100.791.6

104.7120.7104.6100.198.2

103.8107.6106.2102.2105.8

101.4102.5102.0100.7102.4

104.5106.7100.0102.1106.9

109.8110.7121.9161.5205.4

188.3210.2217.3235.4

214.1220.8228.0232.7227.6219.0

210.6212.5210.3207.7209.5214.9

220.7222.7228.1231.4231.7234.0

236.4239.1241.1244.0246.5249.5

1 Formerly called producer finished goods.2 Intermediate materials for food manufacturing and manufactured animal feeds.Source: Department of Labor, Bureau of Labor Statistics.

246


TABLE B-56.—Producer price indexes by stage of processing, seasonally adjusted^ 1975-78

(1967 = 100, seasonally adjusted]

Year andmonth

1975: J a n . —Feb.—Mar....Apr.._.May. . .June

July . . .AugSept—Oct .—Nov. . . .D e c . . .

1976: J a n . —Feb.—Mar....A p r —May. . .J u n e -

July . . .AugSept—Oct .—Nov.. . .D e c . . .

1977: Jan . . . .Feb. . . .Mar. . .

May'."."June.. .

Ju ly . . .A u g . . .Sept . . .Oct . . . .N o v . . .D e c . . .

1978: J a n . . . .Feb. . . .Mar. . .Apr. . . .May. . .June.. .

Ju ly . . .A u g . . .Sept . . .Oct . . . .N o v . . .D e c . . .

Totalfin-

ishedgoods

158.6158.8159.0160.1161.4162.8

164.2165.0166.3167.5168.1168.2

168.4168.2168.3169.4169.6170.0

170.3170.0171.0171.5172.2173.8

174.8176.6178.0179.2180.6180.8

181.1181.5182.1183.2184.5185.3

186.6188.6189.6192.0193.4194.8

195.8195.8197.2198.9200.4202.1

Con-sum-

erfin-

ishedfoods

175.6174.6173.1175.3178.2181.1

183.7183.9186.0187.1186.6185.2

183.3180.8180.1183.1183.4182.0

180.3177.1177.4176.5177.0180.7

181.3185.9188.3189.6192.2190.3

189.9189.3189.2189.5191.9192.6

194.8200.7202.1205.8206.7209.1

208.1205.2208.6212.1213.4215.4

Finished goods

Finished goods excluding consumerfnn/lo

Total

151.6152.4153.3153.9154.5155.2

156.1157.1158.2159.4160.5161.3

162.0162.6163.0163.4163.6164.6

165.5166.2167.3168.3169.0169.9

171.0172.0173.0174.3175.2176.0

176.5177.2178.2179.5180.3181.2

182.2183.0183.9185.8187.3188.4

190.0190.8191.7192.9194.5196.0

IUUUO

Consumer goods

Total

149.1149.7150.2150.6151.1152.0

152.9154.2155.2156.4157.4158.3

158.8159.2159.3159.5159.6160.6

161.6162.5163.7164.2165.2165.6

167.2168.1169.2170.7171.5172.4

172.6173.2174.1174.8175.4176.1

177.1177.6178.4180.8182.3183.2

185.0185.9186.6187.8189.1190.7

Dur-able

135.0135.8136.6136.9137.1137.6

138.0138.6139.2140.1141.1141.5

142.0142.5142.8143.0143.3144.0

144.3144.9146.0146.0146.6146.9

148.0148.7149.4150.6151.3151.9

152.4153.7154.0154.9155.5156.1

157.4157.7158.7163.2165.5165.8

168.7170.1170.3170.3171.1171.9

Non-dura-ble

158.4158.8159.1159.7160.4161.4

162.7164.4165.8167.0168.2169.2

170.1170.3170.2170.4170.6172.0

173.3174.4175.5176.3177.6178.2

180.0181.2182.7184.2185.2186.1

186.2186.3187.5188.1188.8189.5

190.3190.9191.5192.4193.3194.6

195.5196.1197.1199.2200.9203.0

Capi-tal

equip-ment i

156.9158.2159.7160.7161.4162.0

162.9163.3164.5165.9166.8167.7

168.8169.7170.5171.2171.7172.5

173.3173.7174.9176.5177.0178.5

178.9179.9180.7181.7182.8183.7

184.5185.4186.4188.9189.9191.3

192.3193.5194.6195.7197.3198.7

199.9200.7201.8203.0205.0206.6

Totalcon-

sumerfin-

ishedgoods

159.1158.9158.7159.9161.3162.9

164.5165.3166.8167.9168.4168.3

168.0167.5167.4168.5168.6168.9

168.9168.4169.3169.3170.2171.8

173.0175.2176.8178.1179.6179.5

179.5179.7180.3180.8182.1182.7

184.2186.4187.5190.4191.6193.1

194.0193.6195.1197.1198.5200.2

Intermediate materi-• als, supplies, and

components

Total

179.5179.2178.4178.8178.3177.8

178.9180.0180.4182.3182.8183.2

184.3185.2186.0186.6187.3188.4

190.0190.1191.7192.4193.4194.4

195.7197.3199.3201.1202.0201.6

202.2202.6203.5204.3205.2206.0

207.9209.7211.3212.4213.7214.6

215.5216.4217.9220.6222.2223.5

Foodsand

feeds 2

218.7209.1197.4198.9192.0184.4

193.4195.8192.4192.3186.6180.5

180.7181.2183.1180.5188.5193.2

202.4184.1188.7184.9184.6187.0

189.7196.2201.9212.5216.9199.9

185.3176.2172.9172.8185.4183.3

187.2191.0201.1201.2206.4200.8

204.0197.1201.5207.1206.4208.8

Other

175.9176.4176.6177.0177.2177.3

177.6178.6179.3181.4182.5183.5

184.7185.6186.3187.1187.2188.3

189.4190.4192.0192.9193.9194.9

196.2197.5199.1200.5201.2201.8

203.2204.2205.3206.1206.4207.4

209.2210.9212.0213.1214.2215.4

216.2217.6218.9221.4223.2224.4

Crude materUfurther proce

Total

190.4187.4182.2189.9196.0195.2

199.6201.6204.3206.7204.8203.2

203.1202.3199.6205.2204.1208.2

208.6204.2203.7203.6208.6209.5

210.2219.0221.0222.5222.3213.4

209.8206.3205.7207.4214.4217.2

221.6228.7231.7238.5238.9243.1

241.7238.6242.3249.6253.3254.4

Food-stuffs

_ _ J

anafeed-

stuffs

183.5179.1172.6183.7191.1190.0

196.4199.3200.9204.2201.4196.5

195.3194.6188.2195.7193.1195.6

190.8187.1186.0181.6183.4188.3

192.0198.2198.7204.3200.0189.9

185.8180.2179.8182.2189.9191.1

196.4205.6208.0217.0217.1221.3

215.7211.9215.9223.7226.5226.1

ils forssing

Other

203.5203.9200.8201.7205.4205.5

205.9206.6210.8211.5211.1215.8

218.2216.6220.0223.4224.9232.2

242.8236.7236.9245.5255.9248.8

244.6258.8263.4265.5264.1257.9

255.4255.6254.4254.9260.9266.3

269.4272.1276.5278.8279.8284.2

291.0289.5292.5298.6304.1308.1

1 Formerly called producer finished goods.2 Intermediate materials for food manufacturing and manufactured animal feeds.Source: Department of Labor, Bureau of Labor Statistics.

247


TABLE B-57.—Producer price indexes by major commodity groups, 1929—78[1967=100]

Year or month

1929

1933

1939

1940 . .194119421943 . .194419451946 . .1947... . .19481949

19501951—19521953.1954...195519561957...19581959

19601961...196219631964...1965.1966...1967...19681969

1970197119721973197419751976 .19771978

1977: Jan..FebMarApr. _MayJune

JulyAug..SeptOctNov. .Dec__

1978: JanFeb. . . _Mar _.AprMayJune.. .

July__AugSeptOct.NovD e c -

Farm products and processedfoods and feeds

Total

94 3101.589.6

93.9106 9102 796.095 791.290 693 798.193.5

93.793 794.793 893 297.1

103.5100 0102 4108.0

111 7113.9122 4159.1177 4184.2183 1188 8206 7

184.8188.4190 9195.9196 8191 5

188.7184.3184.0184.0187.0189.4

192 2196.8200.0205 5207.6210.4

210.3205 3209.5213.6212.5216.1

Farmproducts

64.1

31.4

40.0

41.450.364.875.075.578 590.9

109.4117.5101.6

106.7124.2117.2106.2104.798.296.999.5

103.997.5

97.296.398.096.094.698.7

105.9100.0102 5109.1

111.0112.9125.0176.3187.7186.7191.0192.5212.7

193.5199.1202.5208.2204.3192.8

190.2181.8182.0182.0185.6188.3

192.2198.9204.2213.7215.8219.5

219.9210.3215.3220.7219.2222.4

Proc-essedfoodsand

feeds

82.988.780.6

83.492 791.687.488 985.084 987.491.889.4

89.591.091.992 592.395.5

101.2100.0102 2107.3

112 1114.5120.8148.1170 9182.6178.0186 1202.6

179.3181.9183.9188.5191.9190.1

187.2184.9184.4184.3186.9189.3

191.5194.9196.9200.2202.4204.6

204.2201.8205.5209.0208.1211.9

Industrial commodities

Total

48.6

37.8

43.3

44.047.350.751.552.353.058.070.876.975.3

78.086.184.184.885.086.990.893.393.695.3

95.394.894.894.795.296.498.5

100.0102.5106.0

110.0114.1117.9125.9153.8171.5182.4195.1209.4

188.4190.0191.7193.3194.2194.7

195.9196.9197.8199.1199.3200.0

201.6202.9204.1206.1207.4208.7

210.1211.4212.4214.7216.0217.0

Textileproducts

andapparel

103.6108.198.9

102.7114.6103.4100.898.698.798.798.897.098.4

99.597.798.698.599.299.8

100.1100.0103.7106.0

107.1109.0113.6123.8139.1137.9148.2154.0159.7

150.8151.7152.4153.7154.0154.6

154.5154.6155.1155.2155.3155.8

156.5157.0157.4157.9158.6159.2

160.0160.5161.1162.2163.0163.5

Hides,skins,

leather,and

relatedproducts

48.9

36.3

42.8

45.248.452.852.752.252.961.183.384.279.9

86.399.180.181.3

77 381.982.082.994.2

90.891.792.790.090.394.3

103.4100.0103.2108.9

110.3114.1131.3143.1145.1148.5167.8179.3200.1

175.3176.9177.9179.9181.9179.4

180.0180.2179.6179.2180.0181.5

185.8187.2187.9191.9193.6195.3

197.3205.1211.0213.3216.0216.5

Fuelsand

relatedproducts,

andpower1

59.4

47.6

52.3

51.454.656.257.859.560.164.476.990.586.2

87.190.390.192.691.391.294.099.195.395.3

96.197.296.796.393.795.597.8

100.098.9

100.9

106.2115.2118.6134.3208.3245.1265.6302.2322.5

278.8289.1293.7298.8302.4304.3

307.0309.5309.9310.7310.5312.0

312.8312.9315.3317.3319.7323.2

324.5324.9327.0328.9329.9334.1

Chemicalsand alliedproducts1

47 4

51.5

52.457.063.364.164.865.270.593.795.987.6

88.9101.796.597.798.998.599.1

101.2102.0101.6

101.8100.799.197.998.399.099.4

100.099.899.9

102.2104.1104.2110.0146.8181.3187.2192.8198.7

188.9190.1191.2192.9194.0193.9

193.6193.6193.2193.7193.9194.1

194.1195.2196.1196.9198.6198.9

199.8199.5200.2201.5202.3202.2



TABLE B-57.—Producer price indexes by major commodity groups, 1929-78—Continued11967=100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

197019711972 .197319741975._197619771978- - - .

1977: JanFeb..MarAprMayJune


1978: Jan .FebMar..AprMayJune

July.AugSeptOctNovDec

Rubberand

plasticproducts

59.4

40.2

61.2

57.161.571.673 672.770.570 870.572.870.5

85.9105.495.589.190.4

102.4103.8103.4103.3102.9

103.199.296.396.895.595.997.8

100.0103.4105.3

108.3109.1109.3112.4136.2150.2159.2167.6174.7

164.6164.2164 6165.7166.3167.5

168.9169.3169.5170 2170.2170.0

170.2170.2171.4172.8173.8174.5

174.9175.7176.6178.0179.2179.6

Lumberand

woodproducts

25.0

19.0

24.8

27.432.735.637 740.641.247.273.484.077.7

89.397.294.494.392.697.198.593.592.498.8

95.391.091.693.595.495.9

100.2100.0113.3125.3

113.6127.3144.3177 2183.6176.9205.6236.3275.9

222.8224.4229.0229.8229.5228.8

235.6242.7252.9247.8243.3249.2

256.4263.7266.2269.6273.4278.5

277.5281.6282.8284.1288.5288.7

Industrial commodities—Continue*

Pulp,paper,and

alliedproducts

72.575.772.4

74.388.085.785.585.587.893.695.496.497.3

98.195.296.395.695.496.298.8

100.0101.1104.0

108.2110.1113.4122.1151.7170.4179.4186.4195.5

182.9183.0183 6185.3186.2187.3

187.8187.8188.1188.7188.2187.6

188.0188.6189.7191.9193.2193.5

195. 5195.8199.1202.2203.7204.9

Metalsand

metalproducts

40.2

30.7

37.6

37.838 539.139 039 039.644 354.962.563.0

66.373.873.976.376.982.189.291.090.492.3

92.491.991.291.393.896.498.8

100.0102.6108.5

116.6118.7123.5132.8171.9185.6195.9209.0227.1

202.1203.2206.5208.2208.5207.7

210.6211.7212.6211.8212.0213.3

215.2219.1221.1223.9224.6225.9

227.3231.0231.5234.0235.4236.6

Machin-ery andequip-ment

41 3

41.442 142.842 442 142.246 453 758.261.0

63.170.570.672.273.475.781.887.689.491.3

92.091.992.092.292.893.996.8

100.0103.2106.5

111.4115.5117.9121.7139.4161.4171.0181.7196.0

176.7177.5178.2178.9180.0180.7

181.8182.8183.8185.6186.8187.5

189.3190.3191.6192.7193.9195.3

196.5197.5198.7200.4202.5203.6

Furni-ture andhouse-

holddurables

55.8

44 6

52 6

53.857 261.861 463 163.267 177.081.682.9

84.791.890.191.992.993.395.898.399.199.3

99.098.497.797.097.496.998.0

100.0102.8104.9

107.5110.0111.4115.2127.9139.7145.6151.5160.1

148.8149.1149.6150.1150.6151.5

151.4152.6152.7153.0153.8154.2

156.5156.7157.7158.4159.2159.5

161.4161.8161.3162.2162.9163.7

i

Nonme-tallic

mineralproducts

51.2

47 2

49 1

49.150 252.352 453 555.759 366 371.673.5

75.480 180.183.385.187.591.394.895.897.0

97.297.697.697.197.397.598.4

100.0103.7107.7

112.9122.4126.1130.2153.2174.0186.3200.5222.8

192.4193.6195.1198.6199.3200.6

201.7202.5204.3205.4205.7206.6

212.9215.1215.9218.4219.3222.0

224.7227.2227.8229.0229.8230.9

Trans-portation

equip-ment:Motor

vehiclesand

equip-ment2

41 9

34 8

39 1

40 443 247 247 247 548 356 064 170.875.7

75.379 484.083.683 886.391.295.198.1

100.3

98.898.698.697.898.398.598.6

100.0102.8104.8

108.7114.9118.0119.2129.2144.6153.8163.7175.9

159.2159.4160.7161.0161.4161.9

161.9163.2163.9170.7170.7170.9

171.3171.8171.9172.9174.6175.0

175.5175.8175.8181.3182.1182.5

Miscel-laneousproducts

73 576.578.0

79.283 983.485.686.486.587.690.292.092.2

93.093.393.794.595.295.997.7

100.0102.2105.2

109.9112.9114.6119.7133.1147.7153.7164.3184.7

160.2160.6161.0162.5163.1163.5

163.9164.2166.0168.4168.9169.7

171.6171.3172.6181.4182.6184.3

189.7191.3191.7193.5193.0193.8

* Prices for some items in this grouping are lagged and refer to 1 month earlier than the index month.2 Index for total transportation equipment is not shown but is available beginning December 1968.



TABLE B-58.—Changes in producer price indexes for finished goods, 1948-78

[Percent change]

Year or month

19481949 - -

19501951195219531954

1955195g195719581959

I9601961196219631964

19651966196719681969

19701971197219731974.

1975197619771978


JulyAug _-Sept.Oct . -NovDec


JulyAugS e p t . . .OctNov.Dec

Totalfinished

goods

Dec.to

Dec.*

3.0-4.6

10.42.9

-2.2.5

- . 1

1.24.23.2

- . 4

1.8

.1- . 2

.5

3.32.21.63.14.8

2.23.23.8

11.818.3

6.63.36.69.1

Yearto

year

8 0-2.9

1.89.5

- . 6-1.0

.22.83.62.3

- . 2

.80

3.4

1.73.21.22.93.6

3.53.13.19.1

15.3

10.84.26.07.8

Consumerfinished

foods

Dec.to

Dec*

-2 .4-7.4

13.35.3

-5.9-2.2-1.9

-2.93.65.3

-3 .7

5.2-1 .8

.5-1 .3

.4

9.11.4

4.88.2

-2 .55.98.0

22.513.0

5.5-2.5

6.611.9

Yearto

year

9 2-8 .1

1.912.4- . 9

-5 .2- . 8

-2 .5- . 23.55.8

-4.7

2.2

.9-1 .2

3.86.5

-1.63.76.1

3.21.65.6

20.314.0

8.4- . 44.99.4

Finished goods excluding consumer foods

Total

Dec.to

Dec.*

2.43.4

4.32.12.06.7

21.2

7.25.56.68.2

Yearto

year

2.62.7

3.53.72.04.1

16.0

12.16.06.57.2

Consumergoods

Dec.to

Dec*

4 0—4.5

8.2.9

-1 .11.6.3

1.72.51.7.2.8

.4- . 3

.1

.91.72.12.02.9

3.92.02.07.4

20.5

6.74.96.18.3

Yearto

year

6 3-2 .1

1.67.2

-1 .3.9.3

.82.42.5

1.3

.4- . 1- . 20

- . 1

.71.61.92.12.4

3.03.41.84.5

17.0

10.55.76.46.7

Capitalequipment

Dec.to

Dec*

10 4—.6

10.33.4

82.31 i

5 68.34 31.31.0

.1

.2

.3

.5

.9

1.53.93.13.04.6

4.92.42.05.3

22.6

8.26.47.28.0

Yearto

year

9.05.0

2.49.71.71.71.2

3.07.46.22.61.9

.2

.4

.21.0

1.22.53.33.53.3

4.84.12.53.3

14.2

15.26.66.57.9

Change from preceding month

Unad-justed

0.6.9

'.7.8.1

.40.3

1.1.4.5

.8

.8

.31.3.8.7

.8- . 2

l'.4.5.9

Sea-sonally

ad-justed

0.61.0.8

.'8

.1

.2

.2

.3

.6

.7

.4

.71.1

L3.7.7

0*.7.98

.8

Unad-justed

0.31.9.9

1.02.0

- . 8

.7-1 .1

.1- . 1

.41.2

1.12.4.3

2.11.11.3

-2! l1.71.5

- 21.8

Sea-sonally

ad-justed

0.32.51.3

L4-1.0

- . 2- . 3_ . l

.21.3.4

1.13.0

i.sL2

- . 5-1.4

1.71.7

6.9

Unad-justed

0.7.5

.'6

'.5

.3

.45

1.53

.3

7.3.3

1.0

!6

.9

.4

.41.4

.6

Sea-sonally

ad-justed

0.6.6.6.8.5.5

.3

.4

.6

.74

.5

.6

.4

.51.0.8.6

.8

.4

'.68

.8

Unad-justed

0.8.5.5

!4.5

.3

*41.0

2.2

7.2

\\l.8.5

1.0.4.2

1.4

.7

Sea-sonally

ad-justed

1.0.5.7.9.5.5

.1

!5.43

.4

6.3

L3.8.5

1.0.5.4. 6

7.8

Unad-justed

0.5.3.3.5.4.4

.4

.5

.42.3.5.4

.7

.4

.5

.5

!6

.6

.4

.51.5

9

Sea-sonally

ad-justed

0.2.6.4.6.6.5

.4

.5

.51.3.5.7

.5

.6

.6

.6

.8

.6

.4

".61.0.8

1 Changes from December to December are based on unadjusted indexes.


250


MONEY STOCK, CREDIT, AND FINANCET A B L E B-59.—Money stock'measures, 1953-78

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

Year andmonth

1953: Dec1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec...

1960: Dec1961: Dec1962: Dec""1963: Dec...1964: Dec1965: Dec .11966: Dec1967: Dec".".:1968: Dec...1969: Dec...

1970: D e c .1971: D e c .1972: D e c .1973: D e c .1974: D e c .1975: D e c .1976: D e c1977: D e c .1978: D e c .

1977: Jan . .Feb. .Mar..Apr..May..June.

July..Aug..Sept..Oct . .Nov..D e c .

1978: Jan.. .Feb...Mar..Apr...May..June..

July..Aug. .

S::Nov..Dec p.

(

Mi

128.8132.3135.2136.9135.9141.1143.4

144.2148.7150.9156.5163.7171.4175.8187.4202.5209.0

219.7234.0255.3270.5282.9295.2313.5338.5361.1

315.9317.3319.5323.2323.7325.6

328.7330.5333.0335.9336.2338.5

341.7341.8342.9348.5350.6352.8

354.2356.7360.9362.0360.6361.1

)verall measures i

Mi+

280.7297.7301.8

317.3345.8378.9397.7419.0456.4516.8560.2584.1

523.1527.0531.1536.8538.3540.3

544.6549.4553.7557.5557.7560.2

564.6565.0566.2572.6575.2577.1

577.8582.0587.9588.8585.3584.1

Mi

210.9

217.1228 6242.9258.9277.1301.4318.2350.0383.3392.5

423.7471.9525.3571.4612.2664.7740.5809.5872.0

747.4753.1759.2766.1769.8775.5

784.2789.2795.1801.4805.4809.5

815.9819.1822.6830.3835.2840.6

846.2853.5862.4867.4870.5872.0

M3

303.8

319.3342.1369.2400.3434.4471.8495.5544.0589.9607.4

656.3745.2844.4919.2981.2

1,092.51,236.51, 376.11,498.5

1,249.61,260.71,271.71,283.41,292.21, 303.3

1,318.51,331.31, 344.91,357.91, 367.11,376.1

1,386.61,393.11,400.31,411.41,419.91,429.8

1,441.01,455.11, 472.11,483.91,492.11,498.5

Components and related items

Cur-rency

27.727.427.828.228.328.628.9

29.029 630.632.534.336.338.340.443.446.1

49.152.656.861.567.873.780.788.697.5

81.381.982.483.183.884.2

85.185.586.387.187.788.6

89.490.190.791.292.192.8

93.394.095.296.096.797.5

Deposits at commercial banks

De-mand

101.1104.9107.4108.7107.6112.6114.5

115.2119.1120.3124.1129.5135.1137.5147.0159.0162.9

170.7181.5198.4209.0215.1221.5232.8249.9263.6

234.6235.4237.1240.0240.0241.4

243.6245.0246.6248.7248.5249.9

252.2251.7252.3257.3258.5259.9

260.9262.8265.7266.1263.9263.6

Time and savings

Total

44.548.350.051.957.465.467.4

72.982 797.6

112.0126.2146.4157.9183.3204.3194.4

229.2271.1313.5363.9418.3450.9489.7545.0607.8

494.6499.0502.0504.5508.9513.2

518.3521.9525.9531.9540.1545.0

550.6556.7561.7565.2571.6574.5

579.4583.0589.7593.6605.3607.8

Time

LargeCDs 3

2.85.79.6

12.816.415.520.623.510.9

25.333.343.563.089.081.362.774.097.0

63.163.362.261.662.963.3

62.863.263.866.470.974.0

76.379.482.083.487.186.7

87.486.388.188.295.497.0

Other

Sav-ings a

67.4

727992

102113130142

69.485.690.7

106.5126.2146.5173.9193.5209.1225.1251.5290.6

225.7227.5229.7230.9233.0236.9

241.4241.7243.3246.0249.7251.5

253.6256.4258.7260.1262.6266.1

271.1274.3277.4281.5288.0290.6

.9

.9

.0

.3

.4

.0

.493.395.292.8

97.4111.6123.5127.0135.8160.5201.9219.6220.2

205.8208.3210.1212.0213.0213.0

214.1217.0218.8219.6219.4219.6

220.7220.9221.0221.6222.0221.7

220.9222.4224.2223.9221.8220.2

De-positsat non-

bankthrift

institu-tions *

92.9

102.3113.4126.4141.4157.3170.4177.3194.0206.7214.9

232.6273.3319.2347.8369.1427.8496.0566.6626.5

502.2507.6512.5517.3522.4527.8

534.3542.1549.8556.5561.7566.6

570.7574.0577.7581.2584.7589.2

594.7601.6609.6616.5621.6626.5

Othercheck-

ablede-

posits(unad-

justed) «

0.1

.'3

.4

.71.42.12.8

1.41.41.51.61.61.7

1.81.81.92.02.12.1

2.22.32.32.52.62.6

2.72.82.82.82.82.8

U.S.Govern-

mentde-

posits(unad-justed)'

3.85.03.43.43.53.94.9

4.74.95.65.15.54.63.45.05.05.6

7.36.97.46.34.94.14.45.1

10.2

3.94.24.35.43.65.0

3.63.45.03.73.55.1

4.34.34.85.04.06.2

4.53.66.24.38.0

10.2

1 Mi is currency plus demand deposits; Mi+ is Mi plus savings deposits at commercial banks and checkable deposits atnonbank thrift institutions; M2 is Mi plus time and savings deposits at commercial banks other than large certificates ofdeposit (CDs); and M3 is M2 plus deposits at nonbank thrift institutions.

2 Negotiable time certificates of deposit (CDs) issued in denominations of $100,000 or more by large weekly reportingcommercial banks.

3 Includes negotiable order of withdrawal (NOW) accounts at commercial banks.4 Average of the beginning and end-of-month deposits of mutual savings banks, savings capital at savings and loanassociations, and credit union shares.

«Includes negotiable order of withdrawal (NOW) accounts at thrift institutions, credit union share draft accounts, anddemand deposits at mutual savings banks.

(Deposits at all commercial banks. Includes Treasury note balances beginning November 1978.Source: Board of Governors of the Federal Reserve System.


TABLE B-60.—Commercial bank loans and investments, 1930-78[Billions of dollars]

End of yearor month *

1930:June1933: June1939194019411942194319441945194619471948

194819491950195119521953195419551956195719581959 3

I960196119621963196419651966196719681969 5

1970197119721973 _197419751976...19771978 "1978: Jan. .

FebMarAprMay __June._ .

July P . _Aug pSept *>Oct pNov vDec p

Total loansand invest-

ments'

48.930.440.743.950.767.485.1

105.5124.0114.0116.3114.2

Loans

Total a

34.516.317.218.821.719.219.121.626.131.138.142.4

Commercialand

industrial

Investments

U.S. Treasurysecurities

5.07.5

16.317.821.841.459.877.690.674.869.262.6

Othersecurities

9.46.57.17.47.26.86.16.37.38.19.09.2

Loans plusloans sold to

bank affiliates 2

Seasonally adjusted

113 0118.7124.7130.2139 1143.1153.1157 6161.6166.4181.2188.7197.4212.8231.2250.2272.3300.1

* 316.1352.0390.2401.7435.5485.7558.0633.4691.1721.8785.1870.6967.3881.2887.7894.1909.0921.7932.2

940.7944.6952.4960.9966.5967.3

41.542.051.156.562.866.269.180.688.191.595.6

110.5116.7123.6137.3153.7172.9198.2

«213.9231.3258.2279.4292.0

8 320.9378.9449.0500.2496.9538.9617.0709.0625.1628.4637.2647.6659.7667.8

675.1680.2687.3696.8706.8709.0

39.442.143.947.652.158.469.578.686.295.9

105.7110.0116.2130.4156.6183.5176.2179.7201.4228.9203.8205.8209.8212.4217.9219.0

220.8222.8224.6227.0228.9228.9

62.366.461.160.462.262.267.660.357.256.965.157.759.965.364.761.560.757.153.559.460.751.257.860.662.654.551.180.198.095.688.496.599.496.198.397.9

100.2

100.697.997.295.290.388.4

9.210.312.413.414.214.716.416.816.317.920.520.520.823.929.235.038.744.8

M8.761.371.371.185.7

8104.2116.5129.9139.8144.8148.2158.0169.9159.6159.9160.8163.1164.1164.2

165.0166.5167.9168.9169.4169.9

110.5116.7123.6137.3153.7172.9198.2

* 213. S231.3258.2283.3294.7

«323.7381.5453.3

1505.0501.3542.7621.9712.8629.9633.0641.7652.1664.1672.3

679.7684.9691.9700.7710.5712.8

1 Data are for last Wednesday of month or year (except June 30 and December 31 call dates).2 Adjusted to exclude all interbank loans beginning 1948 and domestic interbank loans only beginning January 1959.* Beginning January 1959, loans and investments are reported gross, without valuation reserves deducted, rather than

net of valuation reserves, as in earlier periods.* Effective June 1966, balances accumulated for payment of personal loans (then about $1.1 billion) are excluded from

loans at all commercial banks, and certain certificates of CCC and Export-Import Bank (then about $1 billion) are includedin.other securities rather than in loans.

« Beginning June 1969, data include all bank-premises subsidiaries and other significant majority-owned domesticsubsidiaries; earlier data include commercial banks only.

e Beginning June 1971, Farmers Home Administration insured notes (then about $0.7 billion) are classified as othersecurities rather than as loans.

7 Beginning August 1974, reflects new definition of affiliates included and different group of reporting banks. Amount oftotal loans sold was reduced by $0.1 billion.

Note.—In addition to footnoted changes affecting comparability of the data, comparability may also be affected by bankmergers, liquidations, loan ^classifications, etc.


252


TABLE B-61.—Liquid asset holdings of private domestic nonfinancial investors, 1952-78

[Average outstanding; billions of dollars, seasonally adjusted]

Yearand

month

1952: Dec...1953: Dec1954: Dec

1955: Dec1956: Dec1957: Dec1958: Dec...1959: Dec

1960: Dec1961: D e c1962: Dec1963: Dec1964: D e c . _

1965: Dec1966: Dec1967: Dec1968: Dec1969: D e c .

1970: D e c1971: Dec __.1972: Dec1973: Dec1974: Dec _._

1975: Dec ____1976: Dec1977: Dec _1978: Dec p .

1977:JanFebMar..Apr..May..__ _ _June

JulyAug.SeptOct..Nov.Dec

1978: Jan.Feb.Mar. .Apr.MayJune

JulyAugSeptOct...Nov... .Dec »>.._

Totalliquidassets

269.1284.5295.2

314 7325.3337 9354.2373.2

386.6410.4441.8479.1515.2

559.4587 0638.1696 6722.5

769.7852.5967 2

1, 085.31,170.2

1, 290.61,424 61,591.01,757.0

1,438.11,453 01, 463.91, 476 21, 485.71,496.5

1,512.91, 527.01,542.71,561.21, 576.51,591.0

1,607.71,619.21,631.01,647.41, 662.31,674.2

1, 686. 21,699.21,720. 31,732.61,747. 51,757.0

Currency and deposits

Total

200.9211.0223.9

235.4246.2257.2277.4290 7

305.7326.2352.2382.2414.6

451.2474.4521.1565.6582.9

632.7719.0816.6887.7945.0

1,055.31,195.21,328.31,451.8

1, 206.91,217.91,228.31 240.31, 248.11,258.0

1,272.61, 284.01,297.81,311.21,319.21,328.3

1,339.11, 345.61,352.81,363.51,371.51,381.6

1, 393.81,407.81 424.31, 436.71,445.21,451.8

Cur-rency i

27.327.727.4

27 828.228 328.628.9

29.029.630.632.534.3

36.338.340.443.446.1

49.152.656 861.567.8

73.780.788.697.5

81.381 982.483 183.884.2

85.185.586.387.187.788.6

89.490 190.791.292.192.8

93.394.095 296.096.797.5

De-mand

de-posits i

91.692.896.2

98 599.597 9

102.2104.2

104.6106.3106.5109 7114.3

119.4121 9130.5141 2145.2

152.0161.8176 1183.7187.1

192.4200.0213.9226.4

201.4202 1203.4206 8206.0206.5

208.4208.5210.3213.0212.1213.9

216.6216.0216.3221.5222.1223.1

224.5226.2228 4228.5226.3226.4

Time deposits

Com-mer-cial

banksl

39.141.945.1

46 949.054 661 864.7

69.977.088.898.6

108.8

125.1136 9156.2174 3176.8

198.9233.6264 3294.4321.1

360.6417.3459.2501.6

422.0426 3430.0433 1436.0439.4

444.8447.8451.4454.6457.6459.2

462.4465 5468.1469.6472 5476.5

481.3486.1491 0495.7500.5501.6

Non-bankthrift

institu-tions 2

42.848.655.2

62 369.576 484.892.9

102.3113.4126.4141.4157.3

170.4177.3194.0206.7214.9

232.7271.1319 3348.1369.1

428.6497.3566.6626.4

502.2507 6512.5517 3522.4527.8

534.3542.1549.8556.5561.7566.6

570.7574.0577.7581.2584.7589.2

594.7601.6609 6616.5621.6626.4

U.S. Treasurysecurities

Sav-ings

bonds3

49 249.349.9

50 250 148 347.846.1

45.746.546.948.149.0

49.650 251.151 851.7

52.054.357.660.463.3

67.271.976.680.6

72.372 673.073 473.874.2

74.775.175.375.876.276.6

77.077.477.878.278.678.9

79.379.579.880.180.480.6

Short-term

market-ablesecu-rities *

18 423.120.1

27 727 430 627 635.5

32.432.033.435 033.0

35.837.734.740 953.2

41.931.534 343.447.1

66.366.577.682.7

66.970 070.470 168.967.9

69.271.773.375.577.177.6

79.580.179.880.781.681.7

80.180.783 683.182.182.7

Nego-tiablecertifi-catesof de-posit s

2.75.39 0

11.6

15.114 318.721 78.3

21 827.636 253.870.4

58.443 252.368.5

43.944 142.941 942.943.4

43.243.744.046.150.052.3

53.454.856.558.662.361.7

61.759.660 760.266.968.5

Otherprivatemoneymarketinstru-ments •

0 71.11.2

1 41 61 81 4

9

2.83.14.04 86.9

7.610 412.416 626.4

21.320.122 540.044.4

43.347.856.373.4

48.048 549.350.451.852.9

53.252.552.152.654.056.3

58.761.464.166.468.370.4

71.371.672.072.573.073.4

i Money stock components (see Table B-59) after deducting foreign holdings and holdings by domestic financial institu-tions. The three columns add to M2 held by domestic nonfinancial sectors.

* As published in money stock statistics.3 Series E and H savings bonds, other savings bonds, and savings notes held by individuals.* Short-term marketable U.S. Treasury securities excluding official, foreign, and financial institution holdings.«Certificates over $100,000 at weekly reporting banks, except foreign holdings.* Commercial paper, bankers' acceptances, Federal funds, security repurchase agreements, and money market mutual

fund shares held outside banks and other financial institutions.Source: Board of Governors of the Federal Reserve System.

253


TABLE B-62.—Total funds raised in credit markets by nonfinancial sectors, 1970-78


Item

Total funds raised

U.S. Government

Treasury issuesAgency issues and mortgages

Foreign

Corporate equities

Debt instruments

Private domestic nonfinancial sectors

Corporate equitiesDebt instruments

Debt capital instruments

State and local government obli-gations.

Corporate bondsMortgages _

Home...Multi-family residentialCommercialFarm

Other debt instruments

Consumer credit.Bank loans n.e.c.Open-market paperOther

By borrowing sector: Total

State and local governmentsHouseholds _Nonfinancial business._

FarmNonfarm noncorporateCorporate

Total funds advanced to nonfinancial sectors

Financed directly or indirectly by:


Deposits

Demand deposits and currency,.Time and savings accounts

At commercial banksAt savings institutions

Credit market instruments, net.

U.S. Government securitiesPrivate credit market instru-

ments _Corporate equities.Less security debt

Other sources:

Foreign fundsAt banksDirect..

Change in U.S. Government cashbalance

U.S. Government loansPrivate insurance and pension re-

serves.Other


1970 1971 1972 1973 1974 1975 1976

100.6

11.9

12.9-1 .0

2.7

2! 7

86.0

5.780.3

60.2

11.219.829.214.46.97.1

20.1

5.96.82.64.8

86.0

11.324.949.82.36.8

40.7

100.6

63.4

64.2

8.955.338.716.6

- 7 . 3

7.2-1 .6- . 9

4.2-6 .911.1

2.82.8

21.95.6

153.5

24.9

26.0-1 .1

5.2

.05.2

123.5

11.4112.0

86.8

17.418.850.528.6

9.79.82.4

25.3

13.18.1

- . 44.4

123.5

17.745.260.64.5

11.644.5

153.5

85.9

92.8

13.779.139.539.6

-6 .9

-10.7

11.0-5 .1

2.1

23.1-4 .127.2

3.22.8

24.414.2

176.0

15.1

14.3.8

4.0

- . 44.4

156.9

10.9146.0

102.3

14.712.275.442.612.716.53.6

43.7

17.118.9

.86.9

156.9

14.564.378.15.8

14.158.3

176.0

116.4

105.0

21.283.838.345.4

11.5

3.9

17.6-5 .7

4.3

15.54.6

10.8

- . 31.8

26.116.4

203.8

8.3

7.9.4

6.2

- . 26.4

189.3

7.9181.4

105.0

14.79.2

81.246.410.418.95.5

76.4

23.839.82.5

10.3

189.3

13.280.995.29.7

12.872.7

203.8

140.7

90.6

14.476.147.728.5

50.1

19.2

33.6-6 .9- 4 . 2

9.35.83.5

-1 .72.8

30.622.0

188.8

11.8

12.0- . 2

15.3

- . 215.6

161.6

4.1157.5

98.0

16.519.761.934.86.9

15.15.0

59.6

10.229.06.6

13.7

161.6

15.549.297.07.97.4

81.8

188.8

116.5

75.7

8.966.745.021.8

40.8

17.5

24.6- 2 . 2

28.616.811.7

- 4 . 69.7

33.25.4

208.1

85.4

85.8- . 4

13.2

.213.0

109.5

9.999.6

97.8

15.627.255.039.5

.011.04.6

1.8

9.4-14.0-2 .6

9.0

109.5

13.248.647.78.72.0

37.0

208.1

137.8

96.8

12.084.825.359.4

41.0

23.0

21.9-3 .6

.2

11.7.9

10.7

2.915.1

39.61.1

272.5

69.0

69.1- . 1

20.7

.320.4

182.8

10.5172.3

126.8

19.022.885.063.7

1.813.46.1

45.5

23.63.54.0

14.4

182.8

18.589.974.411.05.2

58.2

272.5

166.2

128.8

16.6112.243.768.5

37.5

19.6

24.6- 3 . 4

3.3

23.05.1

17.9

3.28.9

48.223.0

1977

340.5

56.8

57.6- . 9

12.3

.411.9

271.4

2.7268.7

181.1

29.221.0

131.096.47.4

18.48.8

87.6

35.030.62.9

19.0

271.4

25.9139.6106.014.712.678.7

340.5

197.7

144.3

24.2120.151.069.1

53.4

24.6

36.0-5 .1

2.0

53.811.642.2

1.111.8

57.019.1

254


TABLE B-62.— Total funds raised in credit markets by nonfinancial sectors, 1970-78—Continued[Billions of dollars]

Item

1978 unadjustedquarterly flows

III

1978 seasonallyadjusted annual rates

III

Total funds raised

U.S. Government

Treasury securities.—

Agency issues and mortgages

Foreign

Corporate equities

Debt instruments


Corporate equities

Debt instruments

Debt capital instruments

State and local government obligationsCorporate bondsMortgages

HomeMulti-familyCommercialFarm

Other debt instrumentsConsumer creditBank loans n.e.cOpen-market paperOther

By borrowing sector: Total

State and local governmentsHouseholdsNonfinancial business

Farm _Nonfarm noncorporateCorporate

Total funds advanced to nonfinancial sectors..

Financed directly or indirectly by:


Deposits

Demand deposits and currencyTime and savings accounts

At commercial banksAt savings institutions..

Credit market instruments, net

U.S. Government securitiesPrivate credit market instrumentsCorporate equities...Less security debt

Other sources:

Foreign funds..At banksDirect

Change in U.S. Government cash balance...U.S. Government loansPrivate insurance and pension reservesOther...

80.2

20.8

21.1- . 3

2.1

- . 32.5

57.2

.357.0

36.9

3.84.4

28.719.22.44.82.4

20.1

2.49.51.86.4

57.2

3.524.829.02.73.7

22.6

80.2

40.8

17.4

-16.834.217.716.5

23.4

13.71.1.3

14.4-2 .116.4

-6 .45.6

13.312.4

95.4

2.6

2.7- . 1

4.3

- . 0

4.4

88.6

.288.453.6

10.95.2

37.525.22.46.93.0

34.8

15.714.11.03.9

88.6

7.943.637.16.95.0

25.2

95.4

51.1

40.3

13.726.612.014.6

10.8

- . 114.2

-2 .01.3

- . 1.7

11.43.4

16.213.4

87.7

15.1

15.6- . 6

.6

- . 0.7

72.0

.271.8

53.4

10.14.5

38.826.12.87.02.9

18.4

13.52.5.8

1.7

72.0

9.637.425.04.44.2

16.4

87.7

40.8

21.5

-2 .524.17.6

16.4

19.3

11.99.8

- . 91.4

6.91.45.4

4.85.0

15.314.9

380.4

66.1

67.5-1 .4

13.3

- 1 . 314.6

301.0

1.0299.9

171.4

22.214.9

134.492.210.522.29.5

128.5

38.061.35.3

23.9

301.0

20.7142.7137.611.723.6

102.2

380.4

217.3

118.4

11.9106.554.252.3

99.0

44.755.3

.11.1

62.71.7

61.0

-19.328.752.638.3

362.4

51.5

51.9- . 5

14.3

K6

296.6

.7295.9

194.0

35.821.9

136.390.58.9

26.810.2

101.9

51.632.95.1

12.3

296.6

23.4152.8120.419.817.882.8

362.4

204.5

140.6

25.2115.457.957.5

63.9

22.955.1

-8 .85.3

2.12.4

- . 4

27.99.8

65.352.8

355.7

59.3

61.6- 2 . 3

5.1

- . 25.3

291.3

.8290.5

205.4

37.623.5

144.393.911.027.711.7

85.2

43.424.25.6

12.1

291.3

35.4142.1113.917.716.080.2

355.7

211.6

143.4

21.9121.548.573.0

68.2

37.943.5

- 7 . 55.7

21.64.0

17.5

12.216.659.534.4

I


255


TABLE B-63.—Federal Reserve Bank credit and member bank reserves, 1929-78[Averages of daily figures; millions of dollars]

Year and month

1929: Dec1933- Dec1939: Dec

1940: Dec1941: Dec1942- Dec1943: Dec1944- Dec1945- Dec1946: Dec1947- Dec1948- Dec1949: Dec

1950* Dec1951- Dec1952: Dec1953- Dec1954: Dec1955: Dec1956: Dec1957- Dec1958: Dec1959' Dec

I960- Dec1961: Dec1962: Dec . . . .1963- Dec1964: Dec1965: Dec1966: Dec1967: Dec . .1968- Dec1 9 6 9 : D e c . . .

1970: Dec1971- Dec1972: Dec1973: Dec. . . .1974: Dec1975: Dec.1976: Dec .1977: Dec1978: Decp__


JulyAugSeptOct . . .NovDec p

Reserve Bank credit outstanding

Total

1,6432,6692,612

2,3052,4046,035

11,91419,61224,74424,74622, 85823,97819,012

21 60625, 44627, 29927,10726,31726, 85327,15626,18628,41229, 435

29, 06031,21733,21836,61039, 87343, 85346, 86451,26856,61064,100

66,70874, 25576,85185,64293, 96799, 651

107, 632116, 382129, 430

118,598115,227114,848116,784119,603121,992

126, 958125, 955127,811133, 273129, 544129,430

U.S.Govern-ment se-curities

4462,4322,510

2,1882,2195,549

11,16618 69323, 70823, 76721,90523,00218, 287

20 34523, 40924, 40025 63924,91724, 60224, 76523, 98226,31227, 036

27, 24829,09830, 54633, 72937,12640, 88543, 76048, 89152, 52957, 500

61,68869,15871,09479,70186, 67992,108

100, 328107, 948117, 344

108,195106, 808107, 790109, 358111,314112,794

117,210117,463118,927123, 361119,352117,344

Member bankborrowings

Total

80195

3

354

90265334157224134118

142657

1,593441246839688710557906

87149304327243454557238765

1,086

321107

1,0491,298

70312762

558874

481405344539

1,2271,111

1,2861,1471,0681,261

722874

Seasonal

4132131254

134

3252474393

120

143188191221185134

Other

39614299

114180482658654702822729842607

1,1191,3801,3061,0271,1541,4121,7031,4941,5431,493

1,7251,9702,3682,5542,5042,5142,5472,1393,3165,514

4,6994,9904,7084,6436,5857,4167,2427,876

11,212

9,9228,0146,7146,8877,0628,087

8,4627,3457,8168,6519,470

11,212

Member bank reserves

Total

2,3952,588

11,473

14, 04912,81213,15212,74914,16816,02716,51717,26119,99016,291

17,39120,31021,18019,92019, 27919,24019, 53519,42018,899

2 18,932

19,28320,11820, 04020, 74621,60922, 71923, 83025, 26027,22128, 031

29, 26531,329

331,3533 35,0683 36, 941* 34, 98935,13636,47141,669

38,18536, 73836, 23136, 88037,11937, 262

38,18937, 66637, 68938, 43439, 72841, 669

Re-quired

2,347i l , 8 2 2

6,462

7,4039,422

10,77611,70112 88414, 53615,61716,27519,19315,488

16,36419,48420, 45719,22718, 57618,64618, 88318,84318, 38318,450

18,51419,55019,46820, 21021,19822, 26723, 43824,91526, 76627, 774

28,99331,16431,13434,80636, 60234, 72734,96436, 29741, 487

37, 88036. 60535, 92536, 81636, 86737,125

38, 04937, 40437, 61438, 22239, 42341,487

Excess

481766

5,011

6 6463,3902 3761,0481 2841 491

900986797803

1 027'826723693703594652577516482

769568572536411452392345455257272165

3 2193 2623 339*262

172174182

305133306

64252137

140262

75212305182

1 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.3 Beginning November 1972, includes $450 million of reserve deficiencies on which Federal Reserve Banks were allowed

to waive penalties for a transition period in connection with bank adaptation to Regulation J as amended effective Novem-ber 9, 1972. Beginning 1973, allowable deficiencies included are (beginning with first statement week of quarter): firstquarter, $279 million; second quarter, $173 million; third quarter, $112 million; fourth quarter, $84 million. Beginning1974, allowable deficiencies included are: first quarter, $67 million and second quarter, $58 million. Transition periodended after second quarter 1974.

4 Effective November 1975, includes reserve deficiencies on which penalties are waived over a 24-mcnth period when anonmember bank merges into an existing member bank, or when a nonmember bank joins the Federal Reserve System


256


TABLE B-64.—Aggregate reserves and deposits of member banks, 1959-78

[Averages of daily figures; billions of dollars, seasonally adjusted)

Year and month

1959* Dec

I960- Dec1961' Dec1962- Dec1963- Dec1964- Dec

1965- Dec1966- Dec1967- Dec1968: Dec1969- Dec

1970* Dec1971- Dec1972- Dec1973: Dec1974" Dec

19751 Dec1976- Dec -1977: Dec1978" Dec »




JulyAugSeptOct . . .NovDec*

Member bank reserves t

Total

18.63

18.9219.7519.6620.3121.19

22.1823.2824.7627.0627.99

29.1131.1731.3434.9136.57

34.6834.9336.1441.54

34.5634.5434.5434.7634.8034.82

35.2735.5035.5235.8135.9636.14

36.6136.9336 6736 9537.2637.73

38.1937 9138.1738.4339.7341.54

Nnn

borrowed

17.68

18.8419.6119.4019.9820.92

21.7422.7524.5426.3126.87

28.7831.0430.2933.6135.84

34.5534.8835.5740.67

34.4934.4634.4334.6934.5934.55

34.9534 4434.8934.5035.1035.57

36 1236.5236 3436 3936.0536.63

36.8836 7737.1137.1539.0340.67

Required

18.12

18.1719.1619.0819.8220.78

21.7622.9424.3926.6327.70

28.8630.9831.0634.6136.31

34.4234.6635.9541.27

34.2934.3434.3234.5734.5934.67

35.0035.3035.3135.6035.7135.95

36 3436.6936 4736 8037.0437.55

38.0037 7437.9738.2639.5041.27

Member bank deposits subject to reserverequirements2

Total

158.2

162.5175.5189.0203.2218.7

238.3246.3275.7299.8287.8

321.1360.2402.0442.2486.1

504.6529.0569.1617.3

532.5533.4536.1538.4538.7543.4

547.2550.5553.0558.5564.4569.1

575.8577.9582 1586 0592.0595.6

600.3601 1606.4608.1617.3617.3

Timeand

savings

54.3

58.867.779.992.1

103.7

120.7128.7148.9164.5150.5

178.8210.5241.6279.2322.1

337 1354.3387.0429.7

357.3360.1361.3361.4364.1366.3

368.9370 8373.0377.1383.5387.0

390 5395.4399 2400 7406.0407.1

410.5411 4416.0417.5427.9429.7

Demand

Private

99.0

99 1102.9103.3105.9109.1

112.8113.9121.3130.5132.1

136.1144.0154.4158.1160.6

164 5171.5178.5185.2

172.3170.5171 7173.3172.4173.8

175.3176 5176.7178.3178.0178.5

182 2179.5179 5182 0183.4184.6

186.1186 5186.3187.2187.2185.2

U.S. Gov-ernment

4.8

4 64 95 75.25.9

4.93 75 54.95 2

6 25 86 14.93.3

2 93 23.62.4

2.92 93 13 72 33.'2

3.03 23.33 13.03.6

3 13.03 43 32.63.9

3.73 34.13.52.32.4

1 Series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes inRegulations D and M.

2 Includes total time and savings deposits and net demand deposits as defined by Regulation D. Private demand depositsinclude all demand deposits except those due to the U.S. Government, less cash items in process of collection and demandbalances due from domestic commercial banks.


257


TABLE B-65.—Bond yields and interest rates, 1929-78

[Percent per annum]

Year ormonth

1929

1933

1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

1960 . . . .19611962 . . . .19631964

19651966196719681969

19701971197219731974

1975197619771978

U.S. Treasury securities

Bills(new

issues)^

3-month

0.515

.023

.014

.103

.326

.373

.375

.375

.375

.5941.0401.102

1.2181.5521.7661.931.953

1.7532.6583.2671.8393.405

2.9282.3782.7783.1573.549

3.9544.8814.3215.3396.677

6.4584.3484.0717.0417.886

5.8384.9895.2657.221

6-month

3.832

3.2472.6052.9083.2533.686

4.0555.0824.6305.4706.853

6.5624.5114.4667.1787.926

6.1225.2665.5107.572

Constantmaturi-ties 2

3years

2.471.63

2.473.193.982.844.46

3.983.543.473.674.03

4.225.235.035.687.02

7.295.655.726.957.82

7.496.776.698.29

10years

2.852.40

2.823.183.653.324.33

4.123.883.954.004.19

4.284.925.075.656.67

7.356.166.216.847.56

7.997.617.428.41

Corporatebonds

(Moody's)

/aa

4.73

4.49

3.01

2.842.772.832.732.72

2.622.532.612.822.66

2.622.862.963.202.90

3.063.363.893.794.38

4.414.354.334.264.40

4.495.135.516.187.03

8.047.397.217.448.57

8.838.438.028.73

Baa

5.90

7.76

4.96

4.754.334.283.913.61

3.293.053.243.473.42

3.243.413.523.743.51

3.533.884.714.735.05

5.195.085.024.864.83

4.875.676.236.947.81

9.118.568.168.249.50

10.619.758.979.49

High-grade

munic-ipal

bonds(Stand-ard &

Poor's)

4.27

4.71

2.76

2.502.102.362.061.86

1.671.642.012.402.21

1.982.002.192.722.37

2.532.933.603.563.95

3.733.463.183.233.22

3.273.823.984.515.81

6.515.705.275.186.09

6.896.495.565.90

New-homemort-gage

yields(FHLBB)

(3)

5.895.82

5.816.256.466.977.80

8.457.747.607.958.92

9.018.999.019.54

Primecom-mer-cial

paper,4-6

months

5.85

1.73

.59

.56

.53

.66

.69

.73

.75

.811.031.441.49

1.452.162.332.521.58

2.183.313.812.463.97

3.852.973.263.553.97

4.385.555.105.907.83

7.725.114.698.159.87

6.335.355.607.99

Primerate

chargedby

banks4

2.00

2.072.563.003.173.05

3.163.774.203.834.48

4.824.504.504.504.50

4.545.635.616.307.96

7.915.725.258.03

10.81

7.866.846.839.06

Dis-countrate,

FederalReserve

Bankof NewYork*

5 16

2.56

1.00

1.001 00

«1 00e 1.00fll 00

6 1.0081 00

1 001 341.50

1.591.751.751.991.60

1.892.773.122.153.36

3.533.003.003.233.55

4.044.504.195.175.87

5.954.884.506.457.83

6.255.505.467.46

Federalfundsrates

1.782.733.111.573.30

3.221.962.683.183.50

4.075.114.225.668.22

7.174.674.448.74

10.51

5.825.055.547.94


258


TABLE B-65.—Bond yields and interest rates, 7929-78—Continued

[Percent per annum]

Year ormonth

1976:JanFeb . . .Mar.. .ADr___May...June . .

July.. .Aug. . .Sept...Oct....Nov.. .Dec . .

1977:JanFeb . . .Mar...Apr . . .May...June . .

July.. .Aug.. .Sept...Oct....Nov..Dec . . .

1978:Jan. . . .Feb..__Mar. . .Apr. .May...June..

July.. .Aug..Sept..Oct.._Nov..D e c .

U.S. Treasury securities

Bills(new

issues)1

3-month

4.9614.8525.0474.8785.1855.443

5.2785.1535.0754.9304.8104.355

4.5974.6624.6134.5404.9425.004

5.1465.5005.7706.1886.1606.063

6.4486.4576.3196.3066.4306.707

7.0747.0367.8368.1328.7879.122

6-month

5.2385.1445.4885.2015.6005.784

5.5975.4165.3115.0734.9444.513

4.7834.8964.8834.7905.1935.198

5.3515.8105.9916.4106.4336.377

6.6856.7406.6446.7007.0197.200

7.4717.3637.9488.4939.2049.397

Constantmaturi-

ties 2

3years

6.997.067.136.847.277.32

7.126.866.666.246.095.68

6.226.446.476.316.556.39

6.516.796.847.197.227.30

7.617.677.707.858.078.30

8.548.338.418.629.049.33

10years

7.747.797.737.567.907.86

7.837.777.597.417.296.87

7.217.397.467.377.467.28

7.337.407.347.527.587.69

7.968.038.048.158.358.46

8.648.418.428.648.819.01

Corporatebonds

(Moody's)

Aaa

8.608.558.528.408.588.62

8.568.458.388.328.257.98

7.968.048.108.048.057.95

7.947.987.928.048.088.19

8.418.478.478.568.698.76

8.888.698.698.899.039.16

Baa

0.410.24

10.129.949.869.89

9.829.649.409.299.239.12

9.089.129.129.079.018.91

8.878.828.808.898.958.99

9.179.209.229.329.499.60

9.609.489.429.599.839.94

High-grademunic-

ipalbonds

(Stand-ard &Poor's)

6.806.916.866.626.876.85

6.646.286.206.066.055.69

5.705.755.765.615.645.53

5.505.465.375.535.385.48

5.605.515.495.715.976.13

6.185.985.935.956.036.33

New-homemort-gage

yieldsFHLBB)

8.998.938.938.928.978.89

8.979.029.089.079.059.10

9.058.998.958.948.968.98

9.009.029.049.079.079.09

9.159.189.269.309.379.46

9.579.709.739.839.87

10.02

Primecom-mer-cial

paper,4-6

months

5.275.235.375.235.545.94

5.675.475.455.225.054.70

4.744.824.874.875.355.49

5.415.846.176.556.596.64

6.796.806.806.867.117.63

7.917.908.449.03

10.2310.43

Primerate

chargedby

banks*

WAT &AWAT 6%6/4— 6%6/4— 6%6%— 6%7 -734

7lA~ 7lA7M- 77 - 77 _ fi3/

6^ -6M

634- 6 ^634- 6J^6M- 6%

6M- 6%6%- 77 - 7H7lA- 7%7*A-7%73X_ 73/

IVAT 88 - 88 - 88 - 88 _ 8i/£8^-9

9 - 99 - 9 ^934- 9%9/4-1034

103^-113^HJ/2-11%

Dis-countrate,

FederalReserve

Bankof NewYork*

5M53^- 5X653^-53^

51^-51^5^-5K

WT-VA

51^-51^

5M-5K

5M-5K534-534534-5 J4534-534534-5345^-534

53 -534534-5%

53/_g6 -66 -6

6 -63^614-63^6j -63>^

6^-77 -7

7 -7H7H-7H7%-Z8 -&A

9 !•£—91.

Federalfundsrate «

4.874.774.844.825.295.48

5.315.295.255.034.954.65

4.614.684.694.735.355.39

5.425.906.146.476.516.56

6.706.786.796.897.367.60

7.818.048.458.969.76

10.03

1 Rate on new issues within period.2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.3 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate

and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable withprior rates.

4 Average effective rate for the year; opening and closing rate for the month.5 Based on seven-day averages of daily effective rates for weeks ending Wednesday. Since July 19, 1975, the daily

effective rate is an average of the rates on a given day weighted by the volume of transactions at these rates. Prior tothat date, the daily effective rate was the rate considered most representative of the day's transactions, usually the oneat which most transactions occurred.

e From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured byGovernment securities maturing in 1 year or less.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan BankBoard (FHLBB), Moody's Investors Service, and Standard & Poor's Corporation.

259


TABLE B-66.—Consumer installment credit, 1970-78

[Millions of dollars; monthly data seasonally adjusted]

Year or month

19701971197219731974

1975197619771978 2

1977:Jan..Feb..Mar..Apr..May.June.

July..Aug .Sept.Oct..Nov..D e c .

1978: Jan.Feb..Mar.Apr..May.June.

July.Aug.Sept.Oct..Nov..Dec 2.

Installment credit

Total *

115,132138,046151, 749173,035172, 765

180, 441211,028254,071298, 700

19, 37919, 92720,80220,95320, 99120, 764

20, 79621, 40821, 52822, 27322, 48722, 832

21,98322, 75823,92524, 68225,10425, 565

25, 02225, 66925, 53725, 75826,21426, 033

extended

Auto-mobile

30,85736, 70643, 70249,60646, 514

52,42063, 74375,64188, 900

5,7976,0066,2616,1826,1846,212

6,2936,3326,4136,5036,7196,889

6,5416,7307,0437,4347,5927,595

7,6527,7447,5427,5017,7877,725

Revolv-ing

8,68921,86224,65928,70233, 213

36,95643,93486, 756

104, 993

6,3956,7246,9297,1247,3407,199

7,0107,2757,3337,6667,7167,985

7,9608,1478,3988,5238,5639,062

8,7009,0289,0068,8469,1769,112

Installment credit

Total i

110,352127, 789136, 787152,817163,276

172,676189, 381218,793254, 300

17,27217, 56617, 43417,86418, 09118, 200

18, 38918, 47318,68319,06618, 89119, 252

19, 54619, 89619, 84920, 57620, 82421,358

21, 55622, 03721,85722, 38422,11522,308

iquidated

-Auto-mobile

31,41432,51238,08143,69646,019

49,44453, 27860,43769, 700

4,7954,8554,8854,9544,9375,089

5,1355,0945,0825,2745,1795,252

5,2155,3975,4095,6225,7155,953

5,9416,1406,0106,1266,0326,125

Revolv-ing

7,27820,81823,48526,69931, 243

35,61641, 76480,50897, 515

6,4126,4296,2756,5036,7176,690

6,7306,7956,8656,9997,0247,226

7,5457,6987,5667,8407,9198,107

8,1008,2918,3848,5008,5118,582

Net change in amountoutstandin

Total i

4,78010, 25714,96220, 218

9,489

7,76521,64735, 27844, 400

2,1072,3613,3683,0892,9002,564

2,4072,9352,8453,2073,5963,579

2,4372,8624,0764,1064,2804,207

3,4663,6323,6803,3744,0993,725

Auto-mobile

- 5 5 74,1945,6215,910

495

2,97610,46515, 20419, 200

1,0021,1511,3761,2281,2471,123

1,1581,2381,3311,2291,5401,637

1,3261,3331,6341,8121,8771,642

1,7111,6041,5321,3751,7551,600

g

Revolv-ing

1,4111,0441,1742,0031,970

1,3402,1706,2487,478

-17295654621623509

280480468667692758

415449832683644955

600737622346665530

1 Includes other categories not shown separately.2 Preliminary; December by Council of Economic Advisers.Note: Consumer installment credit consists of short- and intermediate-term credit extended through regular business

channels to finance the purchase of goods and services for personal consumption, or to refinance debts incurred for suchpurposes, and scheduled to be repaid in two or more installments. Mortgage credit generally is excluded.

Source: Board of Governors of the Federal Reserve System (except as noted).


TABLE B-67.—Mortgage debt outstanding by type of property and of financing, 1939-78


End of yearor quarter

1939

19401941194219431944

19451946194719481949

1950 .19511952. . .19531954.

1955195619571958.1959

196019611962 .19631964.

1965196619671968.1969

1970.197119721973.1974.

197519761977

1976: 1IIIII.—IV..._

1977:1III I I . . . .I V . . . .

1978:1IIIII . . - .

Allprop-erties

35.5

36 537.636.735 334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

207.5228.0251.4278.5305.9

333.3356.5381.2410,9441.4

474.2526.5603.4682.3742.5

801.5889.2

1 023 4

818.4840.5865.6889.2

912.2950.5988.5

1,023.4

1,050.21,091.51,131.9

Farmprop-erties

6.6

6 56.46.05.44.9

4.84.95.15.35.6

6.16.77.27.78.2

9.09.8

10.411.112.1

12.813.915.216.818.9

21.223.125.127.429.2

30.332.235.841.346.3

50.957.065.7

52.253.855.557.0

59.261.964.065.7

68.170.973.8

Nonfarm properties

Total

28.9

30.031.230.829.929.7

30.836.943.950.957.1

66.775.684.293.6

105.4

120.9134.6146.1160.7178.7

194.7214.1236.2261.7287.0

312.1333.4356.1383.5412.2

443.8494.3567.7641.1696.2

750.7832.2957.7

766.2786.7810.2832.2

853.0888.6924.5957.7

982.11,020.61,058.1

1- to 4-familyhouses

16.3

17.418.418.217.817.9

18.623.028.233.337.6

45.251.758.566.175.7

88.299.0

107.6117.7130.9

141.9154.7169.3186.4203.4

220.5232.9247.3264.8282.8

298.1328.3372.2416.2449.4

490.8556.5657.2

503.3519.8538.8556.5

573.7603.2632.7657.2

674.8704.5731.7

Multi-familyprop-erties

5.6

5.75.95.85.85.6

5.76.16.67.58.6

10.111.512.312.913.5

14.314.915.316.818.7

20.323.025.829.033.6

37.240.343.947.352.3

60.170.182.893.1

100.0

100.6104.5111.5

101.8102.9103.9104.5

105.3107.6109.5111.5

113.9116.5119.2

Com-mer-cial

prop-erties i

7.0

6.97.06.76.36.2

6.47.79.1

10.210.8

11.512.513.414.516.3

18.320.723.226.129.2

32.436.441.146.250.0

54.560.164.871.477.1

85.695.9

112.7131.7146.9

159.3171.2189.0

161.2164.0167.5171.2

174.0177.8182.3189.0

193.4199.6207.1

Nonfarm properties by type of mortgage

Government underwritten

Total 2

1.8

2.33.03.74.14.2

4.36.39.8

13.617.1

22.126.629.332.136.2

42.947.851.655.159.3

62.365.669.473.477.2

81.284.188.293.4

100.2

109.2120.7131.1135.0140.2

147.0154.1161.7

148.3150.5150.8154.1

155.7158.7161.6161.7

165.3167.4174.7

1- to 4-family houses

Total

1.8

2.33.03.74.14.2

4.36.19.3

12.515.0

18.922.925.428.132.1

38.943.947.250.153.8

56.459.162.265.969.2

73.176.179.984.490.2

97.3105.2113.0116.2121.3

127.7133.5141.6

129.1131.2131.2133.5

134.9137.4139.9141.6

144.7146.7150.7

FHAin-

sured

1.8

2.33.03.74.14.2

4.13.73.85.36.9

8.69.7

10.812.012.8

14.315.516.519.723.8

26.729.532.335.038.3

42.044.847.450.654.5

59.965.768.266.265.1

66.166.568.0

66.267.166.466.5

66.967.867.968.0

68.669.269.9

VAguar-

anteed

0.22.45.57.28.1

10.313.214.616.119.3

24.628.430.730.430.0

29.729.629.930.930.9

31.131.332.533.835.7

37.339.544.750.056.2

61.667.073.6

62.964.164.867.0

68.069.671.973.6

76.177.680.8

Conventional 3

Total

27.1

27.728.227.125.825.5

26.530.634.137.340.0

44.649.054.961.569.2

78.086.894.6

105.5119.4

132.3148.5166.9188.2209.8

231.0249.3267.9290.1312.0

334.6373.5436.5506.0556.0

603.7678.0796.0

617.9636.2659.4678.0

697.3730.0763.0796.0

816.9853.2883.4

1- to 4-familyhouses

14.5

15.115.414.513.713.7

14.316.918.920.822.6

26.328.833.138.043.6

49.355.160.467.677.0

85.595.6

107.1120.5134.1

147.4156.9167.4180.4192.7

200.8223.1259.2300.0328.1

363.0422.9515.6

374.2388.6407.6422.9

438.7465.9492.8515.6

530.1557.8581.0

» Includes negligible amount of farm loans held by savings and loan associations.2 Includes FHA insured multifamily properties, not shown separately.3 Derived figures. Total includes multifamily and commercial properties, not shown separately.Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by various

Government and private organizations.

261


TABLE B-68.—Mortgage debt outstanding by holder, 1939-78



1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

19701971197219731974

197519761977

1976: 1IIIIIIV

1977: 1 _IIIII .IV

1978: 1 - - - - -| |III" . - „ -

Total

35.5

36.537.636 735.334.7

35.541 848 956.262.7

72.882 391 4

101.3113.7

129.9144 5156 5171 8190.8

207.5228 0251.4278 5305.9

333 3356.5381.2410.9441.4

474.2526 5603.4682.3742.5

801.5889.2

1, 023.4

818.4840.5865.6889.2

912.2950.5988.5

1,023.4

1,050.21,091.51,131.9

Major financial institutions

Total

18.6

19.520.720.720.220.2

21.026 031.837.842.9

51.759 566 975.185.7

99.3111 2119 7131.5145.5

157.6172 6192.5217 1241.0

264 6280.8298.8319.9339.1

355 9394 2450.0505.4542.6

581.2647.5745.0

593.2611.5630.0647.5

662.8690.5717.9745.0

764.6794.0822.2

Savingsandloan

associa-tions

3.8

4.14.64.64.64.8

5.47.18.9

10.311.6

13.715 618.422.026.1

31.435 740 045.653.1

60.168 878.890 9

101.3

110 3114 4121.8130.8140.2

150 3174 3206.2231.7249.3

278.6323.0381.2

286.3299.2311.8323.0

333.6350.6366.6381.2

392.4408.0421.0

Mutualsavingsbanks

4.8

4.94.84.64.44.3

4.24.44.95.86.7

8.39 9

11.412.915.0

17.519 721.223.325.0

26.929 132.336 240.6

44 647 350.553.556.1

57.962.067.673.274.9

77.281.688.1

77.978.880.281.6

82.384.186.188.1

89.891.593.4

Com-mercialbanks*

4.3

4.64.94.74.54.4

4.87.29.4

10.911.6

13.714 715.916.918.6

21.022 723.325.528.1

28.830 434.539 444.0

49 754.459.065.770.7

73.382.599.3

119.1132.1

136.2151.3179.0

139.6143.7147.8151.3

155.2163.0171.2179.0

184.4194.5205.4

Lifeinsurance

com-panies

5.7

6.06.46.76.76.7

6.67 28.7

10.812.9

16.119.321.323.326.0

29.433 035.237.139.2

41.844 246.950 555.2

60.064.667.570.072.0

74.475.576.981.486.2

89.291.696.8

89.489.790.291.6

91.892.9S4.196.8

98.0100.0102.4

Other holders

Federaland

relatedagencies2

5.0

4.94.74.33.63.0

2.42.01.81.82.3

2.83.54.14.64.8

5.36.27.78.0

10.2

11.512.212.611.812.2

13.517.520.925.131.1

38.346.454.664.882.1

101.0116.6140.3

105.0107.3112.3116.6

121.5127.1133.7140.3

146.1152.6160.8

Indi-viduals

andothers

11.9

12.012.211.711.511.5

12-113.815.316.617.5

18.419.320.421.723.2

25.327.129.132.335.1

38.443.146.349.552.7

55.258.261.465.971.2

79.985.998.9

112.2117.8

119.3125.1138.1

120.2121.8123.4125.1

127.9132.9136.9138.1

139.5144.9148.9

1 Includes loans held by nondeposit trust companies, but not by bank trust departments.2 Includes former Federal National Mortgage Association (FNMA) and new Government National Mortgage Association

(GNMA), as well as Federal Housing Administration, Veterans Administration, Public Housing Administration, FarmersHome Administration, and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, andFederal Farm Mortgage Corporation. Also includes GNMA Pools and U.S.-sponsored agencies such as new FNMA, FederalLand Banks, and Federal Home Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate datanot readily available) included with "individuals and others."

Source- Board of Governors of the Federal Reserve System, based on data from various Government and privateorganizations.

262


GOVERNMENT FINANCE

TABLE B-69.—Federal budget receipts and outlays, fiscal years 1929-80

[Millions of dollars)

1929

1933

1939

19401941194219431944

19451946194719481949

19501951 .19521953 . . ..1954

19551956 . .. . .195719581959

I96019611962 . ... .1963.1964

1965196619671968 . .1969

19701971197219731974

19751976Transition quarter197719781979 i19801

Fiscal year Receipts

3,862

1,997

4,979

6,3618,62114 35023,64944,276

45,21639,32738, 39441,77439,437

39,48551,64666,20469, 57469,719

65,46974,54779,99&79,63679,249

92,49294,38999,676106,560112,662

116,833130,856149,552153,671187,784

193,743188,392208,649232,225264,932

280, 997300, 00581, 773357, 762401,997455,989502,553

Outlays

3,127

4,598

8,841

9,45613,63435 11478, 53391,280

92,69055,18334 53229,77338,834

42, 59745 54667,72176,10770,890

68,50970,46076,74182,57592,104

92,22397,795106,813111,311118,584

118,430134,652158,254178,833184,548

196,588211,425232,021247,074269,620

326,185366,43994, 729402, 725450,836493,368531,566

Surplus ordeficit (-)

734

-2,602

-3,862

-3,095-5,013-20 764-54,884-47,004

-47,474-15,856

3,86212,001

603

-3,1126,100

-1,517-6, 533-1,170

-3,0414,0873,249

-2,939-12,855

269-3,406- 7 137-4,751-5,922

-1,596- 3 796-8,702

-25,1613,236

-2,845-23 033—23, 373-14, 849-4,688

-45 188-66,434-12,956-44,963-48,839-37,379-29,013

i Estimates.Note.—Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Government shifted

beginning with fiscal year 1977. Through fiscal year 1976, the fiscal year was on a July 1-June 30 basis; beginning October1976 (fiscal year 1977), the fiscal year is on an October 1-September 30 basis. The 3-month period from July 1, 1976,through September 30, 1976 is a separate fiscal period known as the transition quarter.

Data for 1929-39 are according to the administrative budget and those beginning 1940 according to the unified budget.Refunds of receipts are excluded from receipts and outlays.See "Budget of the United States Government, Fiscal Year 1980" for additional information.Sources: Department of the Treasury and Office of Management and Budget.

263


TABLE B-70.—Federal budget receipts, outlays, and debt, fiscal years 1970-80

[Millions of dollars; fiscal years]

DescriptionActual

1970 1971 1972 1973 1974 1975

BUDGET RECEIPTS AND OUTLAYS:

Total receipts

Federal fundsTrust fundsInterfund transactions..

Total outlays.

Federal fundsTrust fundsInterfund transactions.

Total surplus or deficit (—) .

Federal funds.Trust funds. _.

OUTSTANDING DEBT, END OF PERIOD:

Gross Federal debt

Held by Government agencies.Held by the public

Federal Reserve System..Other

193,743

143,15859, 362

- 8 , 7 7 8

196, 588

156, 30049,066

- 8 , 7 7 8

- 2 , 845

-13 ,14210,296

382,603

97, 723284,880

57,714227,166

188, 392

133,78566,193

-11 ,586

211,425

163,65159, 360

- 1 1 , 586

-23 ,033

- 2 9 , 8666,833

409, 467

105,140304, 328

65,518238,810

208,649

148, 84672,959

-13 ,156

232, 021

178,11067,067

-13 ,156

- 2 3 , 373

- 2 9 , 2645,892

437, 329

113,559323, 770

71,426252, 344

232,225

161, 35792,193

-21 ,325

247,074

186,95181,448

- 2 1 , 325

-14 ,849

- 2 5 , 59410, 745

468, 426

125,381343, 045

75,182267, 863

264, 932

181,219104,846

-21 ,133

269,620

199,91890, 835

- 2 1 , 1 3 3

- 4 , 688

-18,69914,011

486, 247

140,194346, 053

80,649265, 404

280,997

187, 505118,590

- 2 5 , 0 9 8

326,185

240,115111,168

-25 ,098

- 45 ,188

-52 ,6097,422

544,131

147,225396,906

84,993311,913

BUDGET RECEIPTS.

Individual income taxesCorporation income taxesSocial insurance taxes and contributions...Excise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:

Deposits of earnings by Federal Re-serve System

Allother

BUDGET OUTLAYS.

National defenseInternational affairsGeneral science, space, and technology....EnergyNatural resources and environmentAgricultureCommerce and housing creditTransportationCommunity and regional developmentEducation, training, employment, and social

servicesHealthIncome securityVeterans benefits and servicesAdministration of justiceGeneral governmentGeneral purpose fiscal assistanceInterestAllowancesUndistributed offsetting receipts

193,743

90, 41232, 82945, 29815,7053,6442,430

3,266158

196, 588

78, 5534,2974,507990

3,0615,1612,1087,0062,360

8,62513, 05143,0738,677952

1,888536

18, 309

188, 392

86,23026, 78548, 57816,6143,7352,591

3,533325

211,425

75, 8084,0974,1801,0313,9094,2882,3588,0502,833

9,83914, 71655, 4269,7761,2992,104535

19, 602

208, 649

94,73732,16653,91415, 4775,4363,287

3,252381

232,021

76, 5504,6934,1731,2704,2355,2802,2168,3883,388

12,51917, 46763, 91310,7301,6502,449673

20, 563

232, 225

103,24636,15364, 54216, 2604,9173,188

3,495426

247, 074

74, 5414,0664,0301,1794,7634,852924

9,0654,537

12,73518, 83272,96512,0132,1312,6267,351

22, 782

264, 932

118,95238,62076, 78016, 8445,0353,334

4,845524

269, 620

77, 7815,6813,977837

5,6702,2273,9259,1724,080

12, 34422,07384,43713, 3862,4623,2966,89028,032

Composition of undistributed offsetting re-ceipts:

Employer share, employee retirement-Interest received by trust fundsRents and royalties on the Outer Conti-

nental Shelf

- 6 , 567

- 2 , 4 4 4- 3 , 9 3 6

- 1 8 7

- 8 , 427

- 2 , 6 1 1- 4 , 765

- 1 , 0 5 1

- 8 , 1 3 7

- 2 , 768- 5 , 0 8 9

- 2 7 9

-12 ,318

- 2 , 927- 5 , 4 3 6

- 3 , 956

-16 ,651

- 3 , 3 1 9- 6 , 583

- 6 , 748

280,997

122,38640,62186,44116, 5514,6113,676

5,777934

326,185

85, 5526,9223,9892,1707,3351,6595,607

10, 3883,689

15, 87027,648

108, 61016, 5972,9423,1827,187

30,911

-14 ,075

- 3 , 9 8 0- 7 , 6 6 7

- 2 , 428


264


TABLE B-70.—Federal budget receipts, outlays, and debt, fiscal years 1970-80—Continued

[Millions of dollars; fiscal years]

DescriptionActual

1976 Transitionquarter 1977 1978

Estimate

1979 1980

BUDGET RECEIPTS AND OUTLAYS:

Total receipts


Total outlays.


Total surplus or deficit (—).

Federal funds.Trust funds

OUTSTANDING DEBT, END OF PERIOD:

Gross Federal debt

Held by Government agencies.Held by the public

Federal Reserve System.Other

300,005

201, 099133, 695

- 3 4 , 789

366, 439

269, 943131, 286

- 3 4 , 789

-66,434

- 6 8 , 8432,410

631, 866

151,566480, 300

94, 714385, 586

81, 773

54, 08532, 071

- 4 , 383

94, 729

65, 08934,023

- 4 , 383

-12 ,956

-11 ,004- 1 , 9 5 2

646, 379

148, 052498, 327

96, 702401, 625

357, 762

241,312152, 763

- 3 6 , 313

402, 725

295, 772143, 267

- 3 6 , 313

- 4 4 , 963

-54 ,4599,496

709,138

157, 295551, 843

105, 004446, 839

401, 997

270, 484168, 012

- 3 6 , 498

450, 836

332, 016155,318

- 3 6 , 498

- 4 8 , 839

-61 ,53312,694

780, 425

169, 477610, 948

114,965495,983

455, 989

306,135189, 496

- 3 9 , 641

493, 368

361,315171,694

- 3 9 , 641

- 3 7 , 379

-55 ,18017, 801

839,187

188, 238650, 948

502, 553

332, 798212, 208

- 4 2 , 452

531,566

381, 844192,175

- 4 2 , 452

- 2 9 , 013

-49 , 04620, 033

898,956

209, 008689, 948

BUDGET RECEIPTS

Individual income taxesCorporation income taxesSocial insurance taxes and contributions..Excise taxesEstate and gift taxes. _Customs duties...Miscellaneous receipts:

Deposits of earnings by Federal ReserveSystem..

All other.

BUDGET OUTLAYS

National defenseInternational affairs.__General science, space, and technologyEnergyNatural resources and environmentAgricultureCommerce and housing creditTransportationCommunity and regional developmentEducation, training, employment, and social

servicesHealthIncome securityVeterans benefits and services.Administration of justiceGeneral governmentGeneral purpose fiscal assistanceInterestAllowancesUndistributed offsetting receipts..

300,005

131,60341, 40992,71416,9635,2164,074

5,4512,575

366, 439

89, 4305,5524,3703,1278,1242,5043,79213, 4354,709

18, 73733, 448127,41218, 4323,3203,0067,23534,511

81, 773

38, 8018,46025, 7604,4731,4551,212

1,500112

94, 729

22, 3072,1931,161794

2,532581

1,3923,3041,340

5,1628,721

32, 7973,962859883

2,0927,216

357, 762

157, 62654, 892108,68817,5487,3275,150

5,908622

402, 725

97, 5014,8134,6774,17210, 0005,532-44

14, 6366,286

20, 98538, 785137,91518, 0383,6003,3749,49938, 009

401, 997

180, 98859, 952123, 41018, 3765,2856,573

6,641772

450, 836

105,1865,9224,7425,86110,9257,7313,32515, 44411, 000

26, 46343,676146, 21218, 9743,8023,7779,601

43, 966

455, 989

203,60270, 307141, 78918, 3955,6867,517

7,6001,093

493, 368

114,5037,3125,2268,63011,2076,2242,96817, 4499,063

30, 65649,136158, 86720, 3294,3514,4138,93652, 766

Composition of undistributed offsetting re-ceipts:

Employer share, employee retirement..Interest received by trust fundsRents and royalties on the Outer Con-

tinental Shelf

-14 ,704

- 4 , 242- 7 , 800

- 2 , 6 6 2

- 2 , 567

- 9 8 5- 2 7 0

- 1 , 3 1 1

- 1 5 , 0 5 3

- 4 , 548- 8 , 1 3 1

- 2 , 374

-15 ,772

- 4 , 983- 8 , 530

- 2 , 259

-18,670

- 5 , 388- 9 , 782

- 3 , 500

502, 553

227, 32270, 987

161,45318, 4556,0118,447

8,6001,278

531, 566

125, 8308,2135,4577,87811,4564,2693,39017, 6097,281

30,21053, 379179,12020,4614,3884,4128,814

57, 0221,398

- 1 9 , 0 2 1

- 5 , 482-10 ,940

-2,600

Note.—Through fiscal year 1976, the fiscal year was on a July 1-June 30 basis. Beginning October 1976 (fiscal year 1977),the fiscal year is on an October 1-September 30 basis. The period July 1, 1976 through September 30, 1976 is a separatefiscal period known as the transition quarter.

See "Budget of the United States Government, Fiscal Year 1980" for additional information.

Sources: Department of the Treasury and Office of Management and Budget.

265


TABLE B-71.—Relation of Federal Government receipts and expenditures in the national incomeand product accounts to the unified budget, 1978—80

[Billions of dollars; fiscal years]

Receipts and expenditures

RECEIPTS

Total budget receipts

Government contribution for employee retirement (grossing)Other netting and grossingAdjustment to accruals __ _ __ _. . ._Other

Federal sector, national income and product accounts, receipts

EXPENDITURES

Total budget outlays _____ _ __.

Lending and financial transactions -_ __Government contribution for employee retirement (grossing)Other netting and grossingDefense timing adjustment _ . __ __ _Bonuses on Outer Continental Shelf land leasesOther

Federal sector, national income and product accounts, expenditures__.

1978

402.0

7.13.02.8

- 1 . 0

413.8

450.8

- 8 . 47.13.02.71.2

- 5 . 8

450.6

Estimate

1979

456 0

7.93.5

- 1 . 9- 1 1

464.3

493.4

- 5 . 27.93.51.52.2

- 7 . 0

496.3

1980

502 6

8.36.3

- 2 . 0—1 3

513.8

531 6

- 3 . 78.36.31.81.1

- 6 2

539.2

Note—See Note, Table B-69.See Special Analysis B, "Special Analyses, Budget of the United States Government, Fiscal Year 1980" for description

of these categories.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Manage-ment and Budget.

266


TABLE B-72.—Government receipts and expenditures, national income and productaccounts, 1929-78


Calendar year or quarter

1929

1933

1939

19401941.1942 . .19431944.1945..194619471948. . .1949

195019511952.19531954.1955. . .1956195719581959

1960196119621963 . .19641965.196619671968. .1969

19701971197219731974..197519761977. . .1978 v

1976: 1 _ ___ __ _-.IIINIV

1977: 1IIIIIIV

1978: 1| |_ . _IIIIV v

Total government

Re-ceipts

11.3

9.3

15.4

17.725.032.649.251.253.251.056.958.955.9

69.085.290.194.689.9

101.1109.7116.2115.0129.4

139.5144.8156.7168.5174.0188.3212.3228.2263.4296.3

302.6322.2367.4411.2455.1468.5537.2603.3682.7

516.1532.8543.6556.4

587.4598.0605.2622.3

638.0676.3693.3

Ex-pendi-tures

10.3

10.7

17.6

18.428.864.093.3

103.092.745.642.550.559.3

61.079.293.9

101.697.098.0

104.5115.3127.6131.0

136.4149.1160.5167.8176.3187.8213.6242.4268.9285.6

311.9340.5370.9404.9458.2532.8570.4621.8684.2

561.1562.8574.2583.5

595.3609.8630.5651.9

659.1670.1692.7714.8

Sur-plus ordeficit<-),

nationalincome

andprod-

uct ac-counts

1.0

-1 .4

-2 .2

- . 7- 3 . 8

-31.4-44.1-51.8-39.5

5.414.48.4

- 3 . 4

8.06.1

- 3 . 8-6 .9- 7 . 1

3.15.2.9

-12.6-1 .6

3.1- 4 . 3-3 .8

.7- 2 . 3

. 5- 1 . 3

-14.2-5 .510.7

-9 .4-18.3-3 .5

6.3-3 .2

-64.4-33.2-18.6-1 .5

-44.9-29.9-30.6- 2 7 . 1

-7 .8-11.8-25.2-29.6

-21.16.2.6

Federal Government

Re-ceipts

3.8

2.7

6.7

8.615.422.939.341.042.539.143.243.238.7

50.064.367.370.063.772.678.081.978.789.8

96.198.1

106.2114.4114.9124.3141.8150.5174.7197.0

192.1198.6227.5258.3288.6286.2331.4374.5431.6

318.6329.4335.5342.3

366.6371.4374.3385.5

396.2424.7441.7

Ex-pendi-tures

2.6

4.0

8.9

10.020.556.185.895.584.635.629.834.941.3

40.857.871.177.169.868.171.979.688.991.0

93.1101.9110.4114.2118.2123.8143.6163.7180.6188.4

204.2220.6244.7265.0299.3356.8385.2422.6461.0

376.3375.8387.5401.4

403.9411.7430.7444.1

448.8448.3464.5482.3

Sur-plus ordeficit(-),

nationalincome

andprod-uct ac-counts

1.2

- 1 . 3

-2 .2

- 1 . 3- 5 . 1

-33.1-46.6-54.5-42.1

3.513.48.3

-2 .6

9.26.5

-3 .7- 7 . 1-6 .0

4.46.12.3

-10.3-1.1

3.0-3.9-4.2

.3-3.3

. 5-1 .8

-13.2-5 .8

8.5

-12.1-22.0-17.3-6 .7

-10.7-70.6-53.8-48.1-29.4

-57.7-46.4-52.0-59.1

-37.3-40.3-56.4-58.6

-52.6-23.6-22.8

State and localgovernment

Re-ceipts

7.6

7.2

9.6

10.010.410.610.911.111.613.015.417.719.5

21.323.425.427.429.031.735.038.542.046.4

49.954.058.563.269.575.184.893.6

107.2119.7

134.9152.6177.4193.5210.4236.9266.9296.2327.7

256.4262.6268.6280.2

283.0292.0301.8307.9

315.7327.4329.2

Ex-pendi-tures

7.8

7.2

9.6

9.39.1

. 8.88.48.59.0

11.114.417.620.2

22.523.925.527.330.232.935.939.844.346.9

49.854.458.062.868.575.184.394.7

106.9117.6

132.2148.9163.7180.5202.8230.6246.3266.6299.8

243.6246.2247.2248.2

253.5263.5270.7278.9

284.2297.7305.8311.6

Sur-plus ordeficit(-),

nationalincome

andprod-uct ac-counts

-0 .2

- . 1

.0

.61.31.82.52.72.61.91.0.1

- . 7

-1 .2- . 4- . 0

.1- 1 . 1- 1 . 3- . 9

- 1 . 4-2 .4- . 4

.1- . 4

.5

.51.0

- . 0.5

- 1 . 1. 3

2.1

2.83.7

13.713.07.66.2

20.729.627.8

12.816.421.432.0

29.528.531.229.0

31.529.823.4

Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and localreceipts. Total government receipts and expenditures have been adjusted to eliminate this duplication.


267


T A B L E R-73.—Federal Government receipts and expenditures, national income and product accounts1952-80


Year or quarter

Fiscal year:195219531954195519561957195819591960196119621963196419651966 . . -1967196819691970197119721973 . . .197419751976197719781979219802

Calendar year:1952 . .19531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978 p

1977: 1IIIIIIV

1978:1IIIIIIV V

Receipts

Total

65.269.465.867.476.381.078.185.494.895.0

104.0110.0115.6120.0132.7146 0160.0190.1194.9192.5213.5240.5271.8283.5313.9365.3413.8464.3513. 8

67.370.063.772.678.081.978 789.896.198.1

106.2114.4114.9124.3141.8150 5174.7197.0192.1198.6227.5258.3288.6286.2331.4374.5431.6366.6371.4374.3385.5396.2424.7441.7

Per-sonaltaxandnon-taxre-

ceipts

28.831.430.329.733.636.736.338.242.543.647.349.650.751.457.564.471.490.093.687.5

100.3107.3122.6127.136.9

165.9186.3206.6236.4

31.032.229.031.435.237.436.839.943.644.748.651.548.653.961.767.579.694.892.289.9

108.2114.6131.1125.4146.8169.4193.2168.3167.0167.6174.8176.8186.7199.7209.7

Corpo-rate

profitstaxac-

cruals

19.419.717.318.921.520.817.921.422.320.022.723.325.727.130.830 333.237.033.032.034.241.043.742.151.958.867.276.978.2

18.619.516.921.120.920.418.022.521.421.522.524.626.128.931.430.036.336.230.833.536.643.045.942.854.861.371.758.461.862.062.959.672.673.6

Indi-rectbusi-nesstaxandnon-taxac-

cru-als

9.710.710.410.010.811.711.612.013.213.314.215.015.616.915.515.817.118.619.220.019.920.721.422.224.224.527.229.030.4

10.310.99.7

10.711.211.811.512.513.413.614.615.316.216.515.616 318.019.019.320.420.021.221.723.923.425.027.924.424.825.425.626.527.928.229.0

Con-tribu-tionsfor

socialinsur-ance

7.37.67.88.7

10.311.712.313.916.718.119.922.123.624.528.935.538.444.549.252.959.171.584.292.100.9

116.133.151.868.8

7.47.48.29.4

10.612.312.414.917.618.320.523.124.025.033.136.740.847.049.754.962.879.489.994.2

106.4118.7138.7115.5117.7119.3122.2133.3137.6140.1144.0

Expenditures

TotaP

66.075.974.367.270.076.082.891.291.398.1

106.2111.7117.2118.5132.7154.9172.2184.7195.6212.7232.9256.2278.8328.7371.5412.0450.6496.3539.2

71.177.169.868.171.979.688.991.093.1

101.9110.4114.2118.2123.8143.6163.7180.6188.4204.2220.6244.7265.0299.3356.8385.2422.6461.0403.9411.7430.7444.1

448.8448.3464.5482.3

Pur-chases

ofgoodsandserv-ices

47.256.453.944.345.548.151.154.852.955.861.063.765.964.672.486.095.098.097.094.8

100.9101.7104.6118.0126.2140.7151.1166.0178.2

52.457.547.944.545.950.053.953.953.757.463.764.665.267.378.890.998.097.595.696.2

102.1102.2111.1123.1129.9145.1154.0138.3142.9146.8152.2151.5147.2154.0163.4

Transferpayments

Toper-sons

8.59.2

10.512.112.814.417.819.920.623.625.126.527.428.431.837.242.748.755.067.776.187.1

101.7131.2153.5166.4178.4196.6222.5

8.89.4

11.512.413.415.719.620.121.625.025.627.027.930.333.540.146.050.661.372.780.593.2

114.4146.0158.4169.5181.8165 6165.2172.0175.0176.9177.0185 5187.8

Tofor-

eign-ers

2.62.11.72.11.81.91.71.81.82.1Z.I2.12.22.22.32.22.12.22.02.32.82.73.03.13.03.23.43.63.9

2.12.01.82.01.91.81.81.81.92.12.22.22.22.22.32.22.12.12.22.62.72.63.23.13.23.23.53.03.03.73.4

3.33.73.43.6

Grants-in-aid

to Stateandlocal

govern-ments

2.52.82.93.03.23.74.76.26.96.97.68.39.8

10.912.714.817.819.222.626.832.640.441.648.457.566.274.678.278.9

2.62.82.93.13.34.25.66.86.57.28.09.1

10.411.114.415.918.620.324.429.037.540.643.954.661.167.476.662.165.470.971.173.975.977.579.1

Netin-ter-est

paid

4.54.54.64.64.85.35.45.66.86.46.47.17.78.28.79.6

10.512.113.614.214.115.919.821.925.228.433.741.645.2

4.54.64.64.65.15.55.26.26.86.26.87.38.08.49.29.8

11.412.914.314.014.618.220.923.226.829.135.528.128.828.930.7

33.234.636.337.9

Subsi-dieslesscur-rentsur-plusof

gov-ern-mententer-prises

0.8.9.8

1.21 72.62.42.52.43.34.14.04.14.34.85.24.14.65.46.86.49.18.05.76.27.09.4

10.310.5

.8

l'.O1.52.42.42.82.12.64.04.23.94.54.65.54.74.55.26.36.27.88.25.36.85.88.39.66.76.48.4

11.8

10.010.08.0

10.5

Sur-plusor

defi-cit

( - ) ,na-

tion-al in-comeand

prod-uctac-

counts

- 0 . 8-6 .5-8 .5

.26.35.0

-4 .7-5 .8

3.4-3 .1-2 .2-1 .7-1 .5

1.4.0

-8 .9-12.2

5.4- . 6

-20.2-19.5-15.7-7 .0

-45.3-57.6-46.7-36.8-32.0-25.4

-3 .7- 7 . 1- 6 . 0

4.46.12.3

-10.3-1 .1

3.0- 3 . 9- 4 . 2

.3-3 .3

.5-1 .8

-13.2- 5 . 8

8.5-12.1-22.0-17.3-6 .7

-10.7-70.6-53.8-48.1-29.4-37.3-40.3-56.4-58.6-52.6-23.6-22.8

11ncludes an item for the difference between wage accruals and disbursements, not shown separately.3 Estimates.Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.

268


TABLE B-74.—State and local government receipts and expenditures, national income and productaccounts, 1946-78

Calendaryear orquarter

1946194719481949

19501951 -195219531954 .

19551956195719581959

1960 . .196119621963 .1964

1965 .1966196719681969

1970 . .1971197219731974

1975197619771978 p

1976: 1IIIIIIV

1977: 1IIillIV.

1978: 1IIillIVP____

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

Receipts

Total

13.015.417.719.5

21.323.425.427.429.0

31.735.038.542.046.4

49.954.058.563.269.5

75.184.893.6

107.2119.7

134.9152.6177.4193.5210.4

236.9266.9296.2327.7

256.4262.6268.6280.2

283.0292.0301.8307.9

315.7327.4329.2

Per-sonaltaxandontaxceipts

1.51.72.12.4

2.52.83.03.23.5

3 94.55.05.46.1

6.77.48.28.8

10.0

10.912.814.617.420.6

23.126.433.036.139.2

43.449.756.662.9

46.748.750.352.9

54.556.257.058.5

60.562.563.565.3

Cor-porate>rofitstax

ccruals

0.5.6.7.6

.8

.9

.8

.8

.8

1.01.01.01.01.2

1.21.31.51.71.8

2.02.22.53.13.4

3.74.25.05.76.5

7.19.4

10.512.3

9.19.69.59.3

9.910.610.710.9

10.412.412.5

ndirectbusi-nesstaxandontax

ccruals

9.310.712.213.3

14.615.917.418.819.9

21.623.825.727.229.3

32.034.437.039.442.6

46.149.754.060.867.4

74.783.191.099.0

106.9

115.4128.0140.0150.3

123.7126.6129.2132.4

135.9138.5141.2144.6

146.8151.5149.5153.3

tontri-utionsfor

socialnsur-ance

0.6

.8

.9

1.11.41.61.72.0

2.12.32.62.83.1

3.43.73.94.24.7

5.05.76.77.27.9

9.09.9

10.812.113.9

16.418.721.725.5

18.018.519.019.5

20.521.422.022.8

24.125.226.126.7

Fed-eralrants-n-aid

1.11.72.02.2

2.32.52.62.82.9

3.13.34.25.66.8

6.57.28.09.1

10.4

11.114.415.918.620.3

24.429.037.540.643.9

54.661.167.476.6

58.859.260.566.1

62.165.470.971.1

73.975.977.579.1

Expenditures

Total i

11.114.417.620.2

22.523.925.527.330.2

32.935.939.844.346.9

49.854.458.062.868.5

75.184.394.7

106.9117.6

132.2148.9163.7180.5202.8

230.6246.3266.6299.8

243.6246.2247.2248.2

253.5263.5270.7278.9

284.2297.7305.8311.6

Pur-chases

ofgoodsandserv-ices

9.912.815.318.0

19.821.823.225.027.8

30.633.537.141.143.7

46.550.854.359.064.6

71.179.889.3

100.7110.4

123.2137.5151.0167.3191.5

215.4229.6248.9280.2

226.9229.4230.5231.7

236.7245.9252.7260.3

265.2277.6285.8292.2

Trans-fer

pay-ments

toper-sons

1.72.33.03.0

3.63.13.33.53.6

3.83.94.34.85.1

5.45.86.06.46.9

7.38.19.4

10.612.1

14.617.218.920.320.5

24.527.229.733.5

26.426.927.528.0

28.629.330.130.9

32.033.134.134.6

Netnterestpaid

0.2

.1

.1

.1

.0

.0

.0

.1

.1

.1

- . 1

- . 3- . 7- . 9

- 1 . 2- 1 . 6

- 2 . 0- 1 . 8- 2 . 1—2.9- 4 . 9

- 4 . 8- 5 . 4- 6 . 5- 7 . 9

- 4 . 9- 5 . 2- 5 . 7- 5 . 9

- 6 . 2- 6 . 4- 6 . 5- 6 . 8

- 7 . 1- 7 . 3- 8 . 2- 9 . 1

Sub-sidiesless

currentsurplusof gov-

ern-mententer-prises

- 0 . 78

- . 8- . 9

_ Q

n1L.2L.3

1 5

- 1 . 7—1 7- 2 . 0

—2 2- 2 . 3—2 5—2 8- 2 . 8

- 3 0- 3 . 0—3 1- 3 . 2- 3 . 3

- 3 . 6- 3 . 8- 4 . 2- 4 4- 4 . 3

- 4 . 5- 5 . 1- 5 . 6- 5 . 9

- 4 . 9- 4 . 9- 5 . 1- 5 . 5

- 5 . 7- 5 . 3- 5 . 7- 5 . 5

- 6 . 0- 5 . 7- 5 . 9- 6 . 1

Surplusor

deficit/ \nationalncomeand

prod-uct ac-counts

1.91 0.1

- . 7

- 1 . 2

— 0.1

1 i

1 39

- 1 . 42 4

- . 4

1

'55

1.0

— 0.5

1 i.3

2.1

2 83.7

13.713 07.6

6.220 729 627 8

12.816.421.432.0

29 528.531.229.0

31 529.823.4

1 Includes an item for the difference between wage accruals and disbursements, not shown separately.Source: Department of Commerce, Bureau of Economic Analysis.

269


T A B L E B-75.—State and local government revenues and expenditures, selected fiscal years, 1927-77

[Millions of dollars]

Fiscal year1

General revenues by source 2

TotalProp-erty

taxes

Salesand

grossre-

ceiptstaxes

Indi-vidualincometaxes

Corpo-ration

netincometaxes

Reve-nue

fromFederalGovern-

ment

Allothers

General expenditures by function 2

Total Edu-cation

High-ways

Publicwel-fare

Allother <

1927...

1932...1934...1936...1938...

1940...1942...1944...1946..1948..

1950..1952..1953..1954..

1955..1956-.1957..1958..1959-

1960..1961.-1962..1963..

1962-63 «_.1963-64 5.1964-65 6..

1965-66 6..1966-67 6..1967-68 6..1968-69 6.1969-70 6.

1970-716.1971-72 8.1972-73 «_1973-745..1974-75 6..

1975-76 6..1976-775..

7,271

7,2677,6788,3959,228

9,60910,41810,90812,35617,250

20,91125,18127,30729,012

31,07334,66738,16441,21945,306

50,50554,03758,25262,890

62,26968,44374,000

83,03691,197101,264114,550130,756

144,927166,352190,214207, 670228,171

256,176285, 796

4,730

4,4874,0764,0934,440

4,4304,5374,6044,9866,126

7,3498,6529,3759,967

10,73511,74912,86414,04714,983

16,40518,00219,05420,089

19,83321,24122,583

24,67026,04727,74730,67334,054

37,85242,13345,28347,70551,491

57,00162, 535

470

7521,0081,4841,794

70

153218

1,9822,3512,2892,9864,442

5,1546,3576,9277,276

224276342422543

788998

1,0651,127

7,6438,6919,4679,82910,437

11,84912,46313,49414,456

14,44615,76217,118

19,08520,53022,91126,51930,322

33,23337,48842,04746,09849,815

54,5460, 595

1,2371,5381,7541,7591,994

2,4632,6133,0373,269

3,2673,7914,090

4,7605,8267,3088,90810,812

11,90015,23717,99419,49121,454

24,57529,245

92

7949113165

156272451447592

593846817778

744890984

1,0181,001

1,180,266,308,505

,505,695,929

2,0382,2272,5183,1803,738

3,4244,4165,4256,0156,642

7,2739,174

116

2321,016948800

945858954855

1,861

2,4862,5662,8702,966

3,1313,3353,8434,8656,377

6,9747,1317,8718,722

8,66310,00211,029

13,21415,37017,18119,15321,857

26,14631,25339,25641, 82047, 034

55,58962,575

1,793

1,6431,4491,6041,811

1,8722,1232,2692,6613,685

4,5415,7636,2526,897

7,5848,4659,2509,69910,516

11,63412,56313,48914,850

14,55615,95117,250

7,210

7,7657,1817,6448,757

9,2299,1908,86311,02817,684

22,78726,09827,91030,701

33,72436,71140,37544,85148,887

51,87656,20160,20664,816

63,97769,30274, 546

19,26921,197 ...23,598 102,26,11829,971

82,84393,35002,411116,728131,332

32,37435,82640,21046,541 ___,51, 735 230,

150,674166,873181,227198,959~~~\, 721

57,191 256,731

2,235

2,3111,8312,1772,491

2,6382,5862,7933,3565,379

7,1778,3189,39010,557

11,90713,22014,13415,91917,283

18,71920,57422,21623,776

23,72926,28628, 563

33,28737,91941,15847,23852,718

59,41364,88669,71475, 83387,858

97,21661,673 274, 388 102, 805

1,809

1,7411,5091,4251,650

1,5731,4901,2001,6723,036

3,8034,6504,9875,527

6,4526,9537,8168,5679,592

9,4289,84410,35711,136

11,15011,66412,221

12,77013,93214,48115,41716,427

18,09519,01018,61519,94622,528

23,90723,105

151

444889827

1,069

1,1561,2251,1331,4092,099

2,9402,7882,9143,060

3,1683,1393,4853,8184,136

4,4044,7205,0845,481

5,4205,7666,315

6,7578,2189,857

12,11014,679

18,22621,07023, 58225,08528,155

32,604

3,015

3,2692,9523,2153,547

3,862

3,7374,5917,170

8,86710,34210,61911,557

12,19713,39914,94016,54717,876

19,32521,06322,54924,423

23,67825,58627,447

30,02933,28136,91541,96347, 508

54,94061,90769,31678,09692,180

103,00435,941 112,537

1 Fiscal years not the same for all governments. See footnote 5.2 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust activities.

Intergovernmental receipts and payments between State and local governments are also excluded.3 Includes licenses and other taxes and charges and miscellaneous revenues.* Includes expenditures for health, hospitals, police, local fire protection, natural resources, sanitation, housing and

urban renewal, local parks and recreation, general control, financial administration, interest on general debt, and un-allocable expenditures.

s Data for fiscal year ending in the 12-month period through June 30. Data for 1963 and earlier years include local govern-ment amounts grouped in terms of fiscal years ended during the particular calendar year.

Note.—Data are not available for intervening years.Source: Department of Commerce, Bureau of the Census.

270


TABLE B-76.—Interest-bearing public debt securities by kind of obligation, 1967-1S


End of yearor month

Fiscal year:196719681969

19701971197219731974

1975197619771978



1978: JanFebMarAprMay.June

July...Aug.Sept.Oct.NovDec

Totalin-

terest-bearingpublicdebt

securities

322,286344,401351,729

369,026396,289425,360456,353473,238

532,122619, 254697, 629766,971

652,980662, 320668,216668, 509670,958673, 389

671,386684, 081697,629696, 301706,973715, 227

720, 563728, 474736, 929733,074740, 579748, 002

749,462763,404766,971775,452782,048782, 371

Marketable

Total

5 210,672226,592226,107

232,599245,473257,202262,971266,575

315,606392,581443, 508485,155

423,995431,607435, 379434, 065431, 447431,149

430, 248438,146443,508447,435454, 862459,927

466,780470, 766478, 252472,193473, 684477, 699

481,041485, 557485,155491, 651493,337487, 546

Bills

58,53564,44068,356

76,15486,67794,648100,061105,019

128, 569161,198156, 091160, 936

164, 005164,175164,264161, 977157,931155, C64

154, 227154, 283156, 091156,174156,656161, 081

161,221161,817165, 652159, 640159, 391159,757

160,092160, 615160,936161, 227161, 548161,747

Treasurynotes

49,10871,07378,946

93,489104,807113,419117,840128,419

150,257191,758241,692267, 865

219, 474225, 856229,625230,655230,230232, 885

231,371238, 084241,692245, 587251,104251, 800

257,077258, 472262,179262,180261, 612265, 310

266, 586268, 531267,865272,610271,663265, 791

Treasurybonds1

97,41891,07978,805

62,95653,98949,13545,07133,137

36,77939,62645, 72456,355

40,51641, 57641, 49041, 43343, 28643, 200

44,65045, 77845,72445,67447,10247, 045

48, 48350, 47750, 42050, 37352, 68152,632

54, 36356,41056,35557, 81460,12560, 007

Non marketable

Total

111,614117,808125,623

136,426150,816168,158193,382206,663

216, 516226,673254,121281,816

228,985230, 714232,837234, 444239,511242, 240

241,138245,935254,121248, 866252,111255, 300

253,783257, 707258, 677260,881266, 895270, 303

268,420277, 847281,816283,801288,711294,825

U.S.savingsbonds

51,21351,71251,711

51,28153,00355,92159,41861,921

65,48269,73375,41179, 798

72, 23472,64073,03773, 45773,90874, 282

74, 80375, 05975,41175, 81676, 22476, 602

76,98777, 41577, 80478, 22078, 64578,965

79,28179, 54379,7S880, 09180, 33180, 546

Foreigngovern-ment

series2

1,5143,7414,070

4,7559,27018,98528, 52425,011

23,21621, 50021, 79921,680

22, 20922, 06922, 07821, 90321, 83121, 732

21,54521, 37021, 79921,12321, 66522,187

22, 78722, 59723, 64923, 43322, 41921, 460

20, 81322, 22421,68024,04226,62429, 593

Govern-ment

accountseries»

56,15559,52666,790

76,32382,78489,598101,738115,442

124,173130,557140,113153, 271

126, 810127, 770128,192128, 992133, 029134, 754

132,447136, 329140,113136, 890138, 580139, 774

136, 364139,422137,956138, 833144, 394146, 448

144,665149, 047153,271152,685154, 812157, 522

Other <

2,7312,8283,051

4,0685,7593,6543,7014,289

3,6444,88316, 79727,067

7,7318,2359,52910, 09210,74311,473

12, 34213,17616, 79715, 03915,64216,737

17,64418, 27319,26720,39521, 43623, 430

23,66027,03227,06726,98326, 94427,164

1 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds.2 Nonmarketable certificates of indebtedness, notes, bonds, and bills in the Treasury foreign series and foreign-currency-

series issues.* Includes Treasury deposit funds and some special issues formerly included in "Other."* Includes depository bonds, retirement plan bonds, Rural Electrification Administration bonds, State and local bonds,

and special issues held only by U.S. Government agencies and trust funds and the Federal home loan banks.*Includes $5,610 million in certificates not shown separately.

Note.—Through fiscal year 1976, the fiscal year was on a July 1-June 30 basis; beginning October 1976 (fiscal year 1977)'the fiscal year is on an October 1-September 30 basis.

Source: Department of the Treasury.

271


TABLE B-77.— Estimated ownership of public debt securities, 1967-78[Par values;1 billions of dollars]

End of year ormonth


19701971197219731974 . . .

1975197619771978

1977: JanFebMar .AprMayJune

JulyAugSept . _- - .OctNovDec

1978: Jan _ _FebMarAprMayJune


Total public debt securities

Totah

322.9345.4352.9

370.1397.3426.4457.3474.2

533.2620.4698.8771.5

653.9663.3669.2671.0672.1674.4

673.9685.2698.8697.4708.0718.9

721.6729.8738.0736.6741.6749.0

750.5764.4771.5776.4783.0789.2

Held, b y

Govern-ment

accounts

71.876.184.8

95.2102.9111.5123.4138.2

145.3149.6155.5168.0

144.1144.4144.9145.5149.4151.2

148.7151.9155.5152.2153.9154.8

151.5154.2152.7153.6159.1161.1

159.3163.7168.0166.3167.4170.0

Held byFederalReserveBanks

46.752.254.1

57.765.571.475.080.5

84.794.4

104.7115.3

94.195.896.099.897.4

102.2

98.698.4

104.794.696.5

102.8

97.098.5

101.6103.5102.8110.1

108.9111.7115.3115.3113.3110.6

Held by private investors

Totals

204.4217.0214.0

217.2228.9243.6258.9255.6

303.2376.4438.6488.3

415.7423.1428.3425.7425.3421.0

426.5434.9438.6450.6457.6461.3

473.1477.1483.7479.5479.7477.8

482.3489.0488.3494.7502.3508.6

Com-mercialbanks *

55.559.755.3

52.661.060.958.853.2

69.092.599.895.3

102.4104.4104.9104.1102.6102.8

100.7100.499.899.7

100.6101.4

100.9102.2101.1100.798.498.5

97.795.895.394.393.5

Mutualsavingsbanks

and in-surance

com-panies

13.212.511.6

10.410.310.29.68.5

10.616.020.520.5

18.618.818.918.919.019.0

19.420.220.520.620.921.0

20.920.820.620.420.520.2

20.620.620.520.720.4

Corpo-rations 5

11.012.011.1

8.57.49.39.8

10.8

13.224.323.321.5

29.731.029.229.227.624.3

23.525.023.323.222.822.7

23.422.320.819.919.719.0

20.022.421.521.020.9

Stateand localgovern-ments •

23.625.126.4

29.025.926.928.828.3

31.739.353.067.8

44.843.344.448.449.147.6

47.952.153.054.055.355.2

56.758.661.261.260.262.7

61.769.267.867.169.1

Indi-viduals *

70.474.277.3

81.875.473.275.980.7

87.196.4

103.9109.3

101.0101.5101.9102.2102.7103.0

103.4103.7103.9104.4104.9105.3

106.1106.6106.9107.1107.7108.1

108.5108.9109.3109.8110.2

Miscel-laneousinves-tors s. s

30.733.432.3

35.049.163.276.074.2

91.5107.9138.1173.9

119.2124.1129.0122.9124.3124.3

131.6133.5138.1148.7153.1155.7

165.1166.6173.1170.2173.2169.3

173.9172.1173,9181.?188.2

1 U.S. savings bonds, series A - F and J, and U.S. savings notes are included at current redemption value.2 As of July 31, 1974, public debt outstanding has been adjusted to exclude the notes of the International Monetary

Fund to conform with the Budget presentation. This adjustment applies to the 1967-78 data in this table.s For comparability with 1975-78 published data, published data for 1967-74 have been adjusted to exclude notes of

the International Monetary Fund. These adjustments amounted to $3.3 billion in 1967, $2.2 billion in 1968, and $0.8 billionin each year 1969 through 1974. These adjustments were necessary in order to add to the total public debt figures aspublished by the Department of the Treasury.

4 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and islandpossessions; figures exclude securities held in trust departments. Since the estimates in this table are on the basis of parvalues and include holdings of banks in United States Territories and possessions, they do not agree with the estimatesin Table B-60, which are based on book values and relate only to banks within the United States.

4 Exclusive of banks and insurance companies.• Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territories

and possessions.7 Includes partnerships and personal trust accounts.8 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,

certain government deposit accounts and government-sponsored agencies, and investments of foreign balances and inter-national accounts in the United States.

Note.—Through fiscal year 1976, the fiscal year was on a July 1-June 30 basis; beginning October 1976 (fiscal year1977), the fiscal year is on an October 1-September 30 basis.

Source: Department of the Treasury.

272


TABLE B-78.—Average length and maturity distribution of marketable interest-bearing publicdebt securities held by private investors, 1967—78

End of year cr month


19701971197219731974

1975197619771978

1977: JanFebMar. _AprMayJune _. .

July _ _AugS e p t . . .OctNov.Dec


JulyAugSeptOct.NovDec

Amountout-

standingprivately

held

Maturity class

Within1 year

I to5years

5 to 10years

10 to 20years

20 yearsand over

Millions of dollars

150,321159,671156, C08

157,910161,863165, 978167,869164, 862

210, 382279, 782326,674356, 501

313,497319,982323,604318,699318,619313,485

316,177325,001326,674338, 290343, 870343, 019

355,374358,320362,693355,144356, 892353,660

358,255359,919356, 501362,443367, 256365, 239

56,56166,74669,311

76, 44374, 80379, 50984,04187,150

115,677151, 723161, 329163, 819

162,633165, 942166,427162,419162,211157, 353

160,332161, 932161, 329167,699169, 552171,376

177,642175,195178,474170,272166, 094162, 533

163,619163, 512163,819165,337170, 492174,231

53,58452,29550,182

57,03558, 55757,15754,13950,103

65,85289,151

113,319132, 993

101,626106, 685109,983106, 929106,823107, 000

105, 255110,681113,319115,744121, 346118,975

123,692130,715132, 501130,884135, 524137, 543

139,017136,462132,993136,064133, 876128,293

21,05721,85018,078

8,28614, 50316, 03316, 38514,197

15, 38524,16933,06733, 500

33,68831,20431,15533,46932,65832,442

32, 52133, 26033,06735,91332, 85832,729

32, 71229,85329,41431, 81631, 75830,458

30,57333,60333, 50033, 47633, 69533,604

6,1536,1106,097

7,8766,3576,3588,7419,930

8,8578,0878,428

11,383

7,3427,2917,2367,1727,1807,092

8,4408,5128,4288,4068,3648,293

9,7339,7199,6359,5719,8479,766

11,51211,40711,38312, 74613, 87913,833

12,96812,67012,337

8,2727,6456,922< 5643,481

4,6116,652

10, 53114, 805

8,2088,8608,8038,7099,7469,598

9,62810, 61610, 53110,52911,75011,646

11,59512,83812,66912,60113,66813, 360

13, 53314, 93614, 80514, 82015, 31415,278

Average length

Years

544

33332

2223

2222

2

232232

232333

333333

Months

152

8631

11

g7

113

9999

1110

100

U100

11

110

11011

133

44

Note.—All issues classified to final maturity.Through fiscal year 1976, the fiscal year was on a July 1-June 30 basis, beginning October 1976 (fiscal year 1977), the

fiscal year is on an October 1-September 30 basis.

Source: Department cf the Treasury.

273


CORPORATE PROFITS AND FINANCE

T A B L E B-79.—Corporate profits by industry, 1929-78


Year orquarter

1929

1933

1939

19401 9 4 1 . . .19421 9 4 3 . . . _194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974197519761977.. _..1978 P

1976: 1

llf—IV....

1977: 1

llf—IV....

1978: 1

Corporate profits with inventory valuation adjustment and without capital consumption adjustment

Total

10.5

- 1 . 2

6.3

9.815.220.324.423.819.219.325.633.030.8

37.642.739.839.537.846 745.945.440.851.2

48.948.753.757.664.273.378.675.682.177.9

66.476.989.697.286.5

107.9141.4159.1178 1

141.2143.0144.5137.0

144.5158.5169.9163.5

148.7180.6184.5

Domestic industries

Total

10.2

- 1 . 2

6.1

9.615.020.124.123.518.918.924.932.229.9

36.741.538.738.436.445.144.143.539.149.4

47.046.351.154.961.070.175.972.678.974.2

62.672.484.790.476.9

101.8133.2149.5168 1

132.3135.4136.3128.7

134.8148.1159.5155.6

139.2168.9175.4

Total

1.3

.3

.8

1.01.11.21.31.61.72.11.72.63.1

3.13.64.04.54.64.85.05.25.76.8

7.27.07.36.86.97.58.59.0

10.411.3

12.614.115.416.214.413.017.520.925 4

15.817.018.319.1

19.719.921.921.9

22.724.326.0

Financial'

FederalReservebanks

0.0

.0

.0

.0

.0

.0

.0

.1

.1

.2

.2

.2

.3

.4

.4

.3

.5

.6

.6

.7

1.0.8.9

1.01.11.41.72.02.53.1

3.63.33.44.55.75.76.06.27 6

6.05.96.06.1

6.06.26.26.4

6.97.38.0

Other

1.3

.3

.8

.9,0

.36

1 62.01.62.32.9

3.03.33.74.14.34.54.54.65.16.0

6.26.36.45.85.86.26.87.07.98.2

9.010.812.111.78.77.3

11.614.617 8

9.911.112.313.0

13.713.715.715.5

15.717.018.0

Nonfinancial

Total

8.9

- 1 . 5

5.3

8.614.018.922.821.917.316.823.229.626.8

33.537.934.733.931.840.339.138.333.542.6

39.839.343.848.154.162.567.463.668.562.9

50.158.269.374.162.588.9

115.6128.6142 8

116.4118.4118.0109.7

115.1128.1137.6133.7

116.6144.6149.4

Manu-factur-ing 2

5.2

- . 4

3.3

5.59.5

11.813.813.29.79.0

13.617.616.2

20.924.621.722.019.926.024.724.019.426.2

23.923.026.028.731.938.341.637.941.236.8

27.132.440.644.136.648.365.674.784 7

67.067.565.961.9

66.477.474.780.2

69.887.887.1

Whole-saleand

retailtrade

1.0

- . 5

.7

1.21.42.23.03.23.33.84.65.54.5

5.05.04.83.83.85.04.54.44.65.9

4.94.95.75.97.47.98.08.9

10.110.1

9.411.713.314.712.920.724.024.0

25.524.524.521.4

20.622.830.622.1

16.722.025.8

Utilities 3

1.8

.0

1.0

1.32.03.44.43.92.71.82.23.03.0

4.04.64.95.04.75.65.95.85.97.0

7.47.88.49.39.9

11.011.810.710.710.2

8.28.39.08.35.69.2

13.716.1

12.414.314.913.3

15.414.517.517.1

17.319.320.7

Other

0.9

- . 7

.3

.6l . i1.51.61.61.52.12.93.63.1

3.63.73.33.13.43.64.14.03.63.5

3.53.63.84.24.95.36.06.16.55.8

5.35.86.47.07.4

10.712.413.8

11.512.212.713.0

12.713.514.714.3

12.815.415.8

Restof theworld

0.2

.0

.2

.2

.2

.2

.3

.4

.7

.8

.8

1.01.21.11.11.41.61.81.91.7U

1.92.22.62.63.13.2l.i3.03.23.5

3.84.64.16.(9.66.18.29.6

10. (

8.97.68.28.2

9.710.410.37.9

9.411.79.1


274


TABLE B-79.—Corporate profits by industry, 1929-78—Continued


Year orquarter

1929

1933

1939

1940 . .194119421943194419451946194719481949 . .

195019511952195319541955195619571958..1959

196019611962196319641965 . .1966196719681969

197019711972197319741975197619771978 v

1976: 1ll____III . . .IV....

1977: 1IL___III . . .IV....

1978: 1I I - . .III . . .

Corporate profits before deduction of capital consumption allowances, with inventory valuation adjustment

Total

14.7

2.6

10.1

13.619.525.429.729.925.524.031.440.038.7

46.553.051.352.752.864.164.966.362.974.8

74.175.384.290.098.7

110.8119.3119.7130.2130.9

123.0137.8157.4170.9168.1197.2238.5265.1292 5

235.1238.9242.6237.5

246.5263.5277.5272.8

260.0294.0299.9

Domestic industries

Total

14.4

2.6

9.9

13.419.325.229.529.625.323.630.739.237.9

45.551.850.251.651.462.663.164.461.273.0

72.272.981.587.495.6

107.5116.5116.7127.0127.2

119.2133.3152.6164.1158.5191.1230.3255.5282.5

226.2231.3234.4229.2

236.8253.1267.1265.0

250.6282.2290.8

Total

1.4

.4

.9

1.11.21.31.41.71.72.21.82.73.3

3.33.84.24.84.95.25.45.76.17.3

7.87.78.07.67.98.59.6

10.211.813.0

14.516.318.019.518.317.322.326.031 0

20.421.723.124.0

24.725.127.127.2

28.129.831.6

Financial1

FederalReservebanks

0.0

.0

.0

.0

.0

.0

.0

.1

.1

.1

.1

.2

.2

.3

.4

.4

.3

.3

.5

.6

.6

.7

1.0.8.9

1.01.21.41.72.02.53.1

3.63.43.44.55.75.76.06.27.7

6.05.96.06.1

6.06.26.26.4

7.07.38.0

Other

1.4

.4

.9

1.11.21.31.41.61.62.11.72.53.0

3.13.53.94.44.64.84.95.05.56.5

6.86.97.16.66.77.27.98.29.39.9

11.013.014.714.912.611.616.319.823 3

14.415.817.117.9

18.718.820.920.8

21.122.523.6

Nonfinancial

Total

13.0

2.2

9.0

12.318.123.928.127.923.621.428.936.534.6

42.248.046.046.846.557.457.758.755.065.7

64.465.373.679.887.799.0

106.9106.5115.1114.2

104.7116.9134.6144.6140.2173.8208.0229.5251 5

205.8209.6211.3205.3

212.1228.0240.0237.7

222.5252.4259.2

Manu-factur-

ing2

7.1

1.3

4.9

7.211.414.216.616.513.011.216.320.819.8

24.929.126.928.327.134.333.633.929.837.1

35.535.240.243.948.055.960.558.763.961.5

53.159.869.975.070.585.2

105.5118.6132.1

105.7106.6106.3103.4

108.7120.7119.4125.5

116.0134.8134.9

Whole-saleandretailtrade

1.3

- . 2

1.0

1.51.72.63.33.53.64.25.26.25.4

6.06.26.15.15.26.76.36.56.68.0

7.37.48.48.7

10.411.111.512.714.314.9

14.717.520.222.121.329.934.936.2

35.835.335.732.9

32.434.843.034.8

29.835.539.7

Utili-ties 3

2.9

1.1

2.0

2.33.14.85.85.54.63.03.64.74.8

6.17.17.68.18.29.8

10.310.510.912.5

13.314.015.416.817.919.621.321.021.922.4

21.423.226.327.426.732.338.542.9

36.438.939.938.8

40.941.144.844.8

45.347.749.5

Other

1.7

.0

1.1

1.41.92.22.42.42.32.93.84.84.6

5.25.65.45.35.96.67.47.87.68.0

8.48.89.6

10.411.412.313.614.115.015.4

15.516.418.320.221.726.429.131.8

27.928.829.530.2

30.231.432.832.6

31.434.435.0

Restof theworld

0.2

.0

.2

.2

.2

.2

.2

.3

.2

.4

.7

.8

.8

1.01.21.11.11.41.61.81.91.71.8

1.92.32.62.63.13.32.83.03.23.7

3.84.64.86.89.66.18.29.6

10. C

8.97.68.28.2

9.710.410.37.9

9.411.79.1

1 Consists of the following industries: Banking; credit agencies other than banks; security and commodity brokers,dealers, and services; insurance carriers; regulated investment companies; small business investment companies; andreal estate investment trusts.

2 See Table B-80 for industry detail.3Consists of transportation, communication, and electric, gas, and sanitary services.Note.—The industry classification is on a company basis and is based on the 1972 Standard Industrial Classification

(SIC) beginning 1948, and on the 1942 SIC prior to 1948.


275


TABLE B-80.—Corporate profits of manufacturing industries, 1929-78


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

197019711972197319741975197619771978 v

1976: 1 . . .ll__ML.IV..

1977: 1 . . .I L .III..IV..

1978: 1 . . .II . .IIL-

Corporate profits with inventory valuation adjustment and without capital consumption adjustment

Totalmanu-factur-

ing

5.2

- . 4

3.3

5.59.5

11.813.813.29.79.0

13.617.616.2

20.924.621.722.019.926.024.724.019.426.2

23.923.026.028.731.938.341.637.941.236.8

27.132.440.644.136.648.365.674.784.7

67.067.565.961.9

66.477.474.780.2

69.887.887.1

Nondurable goods

Total

2.6

.0

1.7

2.43.14.65.75.95.26.67.8

10.08.1

8.911.49.9

10.19.4

11.811.910.710.012.7

11.911.711.912.814.415.818.017.318.817.7

16.817.318.120.125.130.137.539.641.8

39.637.737.435.0

36.440.240.641.1

37.041.742.5

Foodand

kindredprod-ucts

1.91.6

1.61.41.71.81.62.21.81.82.12.6

2.12.32.32.72.82.63.33.13.22.9

3.53.32.82.23.07.97.35.7

8.47.08.15.8

4.55.77.05.7

4.35.46.6

Chem-icalsand

alliedprod-ucts

1.71.8

2.32.82.32.22.23.02.82.82.53.4

3.13.13.23.63.94.54.84.25.04.6

3.94.25.05.85.15.87.98.2

8.48.17.97.3

8.28.57.98.2

8.18.38.2

Petro-leumandcoal

prod-ucts

2.81.9

2.32.72.32.82.73.03.32.62.12.5

2.52.22.12.12.42.83.23.83.63.3

3.63.63.54.9

10.28.1

11.612.8

11.411.411.312.4

11.813.412.313.8

10.414.414.6

Other

3.72.8

2.74.43.63.32.93.64.13.63.34.2

4.24.04.34.55.35.86.76.27.06.9

5.86.26.87.26.88.2

10.612.9

11.511.210.19.6

12.012.613.413.4

14.313.713.2

Durable goods

Total

2.6

- . 4

1.7

3.16.47.28.17.44.52.45.87.58.1

12.013.211.711.910.514.312.813.39.3

13.5

12.011.314.115.917.522.623.520.622.419.2

10.315.122.524.011.518.328.135.142.9

27.429.728.526.9

29.937.234.239.1

32.846.144.6

Primarymetalindus-tries

1.61.5

2.33.11.92.51.72.93.03.01.92.3

2.11.51.61.92.43.13.62.72.01.4

.9

.51.62.04.92.92.01.8

2.32.81.71.0

1.02.9

.92.4

1.25.15.0

Fabri-catedmetal

products

0.8.7

1.11.31.01.0.9

1.01.11.1.9

1.1

.91.01.21.21.42.02.42.42.42.0

1.21.32.12.61.22.93.84.0

3.74.04.13.6

3.74.13.94.2

3.24.34.7

Machin-ery,

exceptelectri-

cal

1.21.3

1.62.32.31.91.71.72.12.01.42.1

1.81.82.32.43.13.84.44.04.13.6

2.72.73.94.51.54.35.67.1

5.45.45.76.0

5.96.87.38.5

6.49.27.4

Electricandelec-

tronicequip-ment

0.7.8

1.21.31.51.4

M

l'.51.31.7

1.31.31.51.51.62.53.02.92.82.2

1.11.82.92.6

2.'l2.73.9

2.72.62.62.7

3.33.94.14.4

4.34.85.8

Motorvehicles

andequip-ment

1.42.1

3.12.42.42.62.14.12.22.6

.92.9

3.02.54.04.94.76.15.13.95.54.8

1.44.95.95.8.2

1.77.49.5

6.97.97.67.1

8.811.09.29.1

7.910.810.2

Other

1.81.7

2.62.82.62.62.93.53.23.12.93.4

2.93.13.53.94.25.05.14.75.75.2

3.03.86.06.63.44.36.68.8

6.37.16.86.4

7.38.68.7

10.5

9.711.911.7


276


TABLE B-80.—Corporate profits of manufacturing industries, 1929-78—Continued


Year orquarter

1929

1933

1939

19401941194219431944..19451946194719481949

1950195119521953195419551956195719581959

196019611962196319641965. . . . .1966196719681969

197019711972197319741975197619771978 p

1976: L.II.III.IV.

1977: L.II.III.IV.

1978: 1II.Ill

Corporate profits before deduction of capital consumption allowances, with Inventory valuation adjustment

Totalnanu-actur-ing

7.1

1.3

4.9

7.211.414.216 616.513.011.216.320.819.8

24.929.126.928.327.134.333.633.929.837.1

35.535.240.243.948.055.960.558.763.961.5

53.159.869.975.070.585.2

105.5118.6132.1

105.7106.6106.3103.4

108.7120.7119.4125.5

116.0134.8134.9

Nondurable goods

Total

3.6

1.1

2.6

3.44.15.97 i7.57.07.99.3

11.810.1

11.113.912.713.213.116.016.515.715.418.4

17.818.019.120.522.624.427.227.129.329.2

29.030.432.235.140.847.256.560.965.1

57.956.556.754.8

56.761.362.263.2

59.664.866.1

Foodand

kindredprod-ucts

2.22.0

2.12.02.32.32.32.92.52.63.03.6

3.23.43.64.04.24.04.94.74.94.8

5.65.55.14.85.7

10.910.69.3

11.510.311.39.1

8.09.2

10.79.4

8.19.2

10.6

Chem-icalsand

alliedprod-ucts

2.02.1

2.73.22.82.83.03.93.83.83.64.6

4.44.54.85.35.76.56.86.37.37.1

6.67.18.29.08.69.7

12.513.5

12.712.612.712.1

13.213.713.213.7

13.714.214.2

Petro-leumandcoalprod-ucts

3.42.6

3.13.63.23.94.14.64.94.44.04.5

4.54.34.44.75.15.86.37.27.37.1

7.67.98.09.7

15.113.317.419.3

17.017.117.118.4

17.819.719.020.5

17.221.421.7

Other

4.23.4

3.35.14.44.13.84.65.24.94.75.7

5.85.76.26.57.58.19.28.99.9

10.2

9.29.9

10.811.611.513.316.018.8

16.616.515.615.2

17.718.719.319.5

20.620.019.6

Durable goods

Total

3.4

.2

2.3

3.87.28.49.59.06.03.36.99.09.7

13.715.314.215.014.118.317.218.214.418.7

17.717.221.123.325.531.433.331.634.632.3

24.129.437.639.929.738.049.057.767 0

47.750.149.648.6

52.059.357.262.4

56.470.068.8

Primarymetalindus-tries

1.91.9

2.83.62.63.52.94.24.34.53.23.6

3.42.93.33.74.35.15.75.04.54.0

3.53.14.14.78.16.35.65.8

5.96.45.44.8

4.96.94.96.5

5.49.49.3

Fabri-catedmetalroducts

1.0.9

.3

.5

.3

.2

.2

.4

.4

.51.3.5

1.4L.5L.81.92.12.73.13.33.43.0

2.32.43.33.82.64.55.65.9

5.45.85.85.4

5.55.96.06.2

5.36.46.8

Machin-ery

exceptelectri-

cal

1.51.6

1.92.62.72.32.22.32.82.72.22.9

2.72.83.43.54.35.25.85.76.05.7

5.25.46.87.64.97.99.7

11.5

9.39.39.8

10.2

10.211.311.912.9

11.114.012.3

Electricandelec-tronicequip-ment

0.8.9

1.41.51.71.61.51.51.62.01.82.2

1.81.92.12.22.33.33.93.94.13.7

2.83.75.14.93.05.05.77.3

5.75.65.75.9

6.67.27.58.0

7.98.49.4

Motorvehicles

andequip-ment

1.62.3

3.32.72.73.02.54.62.93.31.63.7

4.03.55.26.36.38.07.56.48.17.5

3.87.38.48.33.14.8

10.712.9

10.011.011.010.8

12.214.012.612.6

11.314.213.6

Other

2.22.1

3.03.33.33.33.74.44.24.24.24.8

4.44.65.35.76.27.17.37.38.68.4

6.57.59.9

10.68.19.5

11.714.3

11.412.011.811.5

12.614.114.316.1

15.417. 617.3

Note.—The industry classification is on a company basis and is based on the 1972 Standard Industrial Classification(SIC) beginning 1948, and on the 1942 SIC prior to 1948.

Source: Department of Commerce, Bureau cf Economic Analysis.

277278-216 O - 79 - 18


TABLE B-81.—Corporate profits with inventory valuation and capital consumption adjustments,1946-78


Year or quarter

19461947 . . .19481 9 4 9 . . .

1950.195119521953 . .1954

19551956.195719581959 . . .

I96019611962 . . . . . .19631964

19651966196719681969 . .

197019711972 . .19731974 . .

1975197619771978 P

1976: 1 - - - -IIIIIIV

1977: 1IIIII . _IV

1978: 1 _| |III

Corporateprofits withinventoryvaluation

and capitalconsumptionadjustments

16.622.229.126.9

33.738.135.435.534.6

44.642.942.137.548.2

46.646 954.959.667.0

77.182.579.385 881.4

67.977.292.199.183.6

95.9127.0144.2160.0

126.8128.6130.0122.5

129.9143.7154.8148.2

132.6163.4165.2

Corporateprofits

tax liability

9.111.312.410.2

17.922.619.420.317.6

22.022.021.419.023.6

22.722 824.026.228.0

30.933.732.539 439.7

34.537.741.548.752.4

49.864.371.884.1

63.666.364.762.4

68.372.372.873.9

70.085.086.2

Profits after tax with inventory valuationand capital consumption adjustments

Total

7.510.916.716.7

15.715.516.015.217.0

22.620.920.618.524.6

23.924 130.933.439.0

46.248.946.846 441.8

33.439.550.550.431.2

46.162.772.376.0

63.362.365.360.1

61.671.482.174.3

62.678.479.0

Dividends

5 66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12.913.314.415.517.3

19.119.420.121.922.6

22.923.024.627.831.0

31.937.943.749.3

34.537.238.441.4

41.542.744.146.3

47.048.150.1

Undistributedprofits withinventoryvaluation

and capitalconsumptionadjustments

2 04.69.79.5

6.97.07.56.47.9

12.29.89.17.2

12.4

11.010.816.517.921.7

27.129.426.724.419.2

10.516.525.922.6

.2

14.224.828.726.7

28.725.126.918.7

20.128.738.028.0

15.630.329.0


278


TABLE B-82.—Sales, profits, and stockholders1 equity, all manufacturing corporations, 1947-78[Billions of dollars]

Year orquarter

194719481949

1950195119521953.1954

19551956.1957.. .19581959.

19601961.196219631964.

1965.1966196719681969.. . .

1970.. .1971-19721973

1973: IV

New series:

1974197519761977. .

1973:1V

1974:1IIIllIV

1975: |IIIllIV

1976: 1 „||IIIIV.. . .

1977: 1IIIIIIV

1978: 1IIIII

Sales(net)

150.7165.6154.9

181.9245.0250.2265.9248.5

278.4307.3320.0305.3338.0

345.7356.4389.9412.7443.1

492.2554.2575.4631.9694.6

708.8751.4849.5

1,017.2

275.1

1,060.61,065.21,203.21,328.1

236.6

242.0269.4272.1277.0

247.1265.8271.0281.3

284.2307.6301.6309.8

311.5338.6331.7346.2

340.4377.9377.1

All manufacturingcorporations

Profits

Beforeincometaxes i

16.618.414.4

23.227.422.924.420.9

28.629.828.222.729.7

27.527.531.934.939.6

46.551.847.855.458.1

48.153.263.281.4

21.4

92.179.9

104.9115.1

20.6

21.225.925.020.1

15.420.221.722.6

24.529.326.224.9

25.632.427.329.9

26.936.133.5

Afterincometaxes

10.111.59.0

12.911.910 711.311.2

15.116.215.412.716.3

15.215.317.719.523.2

27.530.929.032.133.2

28.631.336.548.1

13.0

58.749.164.570.4

13.2

13.516.315.513.4

9.312.413.214.2

14.818 116.015.6

15.619.716.718.4

16.122.220.4

Stock-holders'equity 2

65.172.277.6

83.398.3

103 7108 2113.1

120.1131 6141.1147.4157.1

165.4172 6181.4189.7199.8

211 7230.3247.6265 9289.9

306 8320 9343.4374.1

386.4

395.0423.4462.7496.7

368.0

379.0389.9402.7408.4

410.7420.2427.4435.5

446.5460 1468.9475.3

479.8492.9502.4511.7

519.3534.1548.8


Sales(net)

66.675.370.3

86.8116.8122.0137.9122.8

142.1159.5166.0148.6169.4

173.9175.2195.5209.0226.3

257.0291.7300.6335.5366.5

363.1382.5435.8527.3

140.1

529.0521.1589.6657.3

122.7

120.3136.8134.8137.1

121.3132.4131.0136.3

137.8153.7146.2151.8

151.2169.5163.8172.7

169.1194.1188.7

Profits

Beforeincometaxes 1

7.68.97.5

12.915.412 914.011.4

16.516 515.811.415.8

14.013.616.718.521.2

26.229.225.730.631.5

23.026.533.643.6

10.8

41.135.350.757.9

10.1

9.512.610.58.6

7.09.39.1

10.0

11.314.812.212.4

12.516.913.015.5

13.619.917.1

Afterincometaxes

4.55.44.5

6.76.15 55.85.6

8.18.37.95.88.1

7.06.98.69.5

11.6

14.516.414.616.516.9

12.914.518.424.8

6.3

24.721.430 834.8

6.2

5.77.66.25.2

4.15.75.56.2

6.79.07.47.7

7.510.27.89.4

7.912.010.3

Stock-holders'equity 2

31.134.137.0

39.947.249.852.454.9

58.865.270.572.877.9

82.384.989.193.398.5

105.4115.2125.0135.6147.6

155.1160.6171.4188.7

194.7

196.0208.1224.3239.9

185.8

189.4194.1199.9200.8

201.7207.3209.7213.7

216.7223.4227.1229.9

230.8238.4243.1247.5

251.1259.9267.7

Nondurable goodsindustries

Sales(net)

84.190.484.6

95.1128.1128 0128.0125.7

136.3147 8154.1156.7168.5

171.8181.2194.4203.6216.8

235.2262.4274.8296 4328.1

345.7368.9413.7489.9

135.0

531.6544.1613.7670.8

113.9

121.7132.6137.3140.0

125.8133.3140.0145.0

146.3153.9155.4158.1

160.3169.1167.9173.5

171.3183.8188.5

Profits

Beforeincometaxes 1

9.09.57.0

10.312.110 010.49.6

12.113 212.411.313.9

13.513.915.116.418.3

20.322.622.024.826.6

25.226.729.637.8

10.6

51.044.654.357.2

10.5

11.713.314.511.5

8.410.912.712.6

13.214.514.012.6

13.015.514.314.3

13.316.216.4

Afterincometaxes

5.66.24.6

6.15.75 25 55.6

7.07 87.56.98.3

8.28.59.2

10.011.6

13.014.614.415.516.4

15.716.718.023.3

6.7

34.127.733.735.5

7.0

7.88.79.48.2

5.26.87.78.1

8.19.18.67.9

8.19.58.99.0

8.110.210.1

Stock-holders'equity >

34.038.140.6

43.551.153 955.758.2

61.366 470.674.679.2

83.187.792.396.3

101.3

106.3115.1122.6130.3142.3

151.7160.3172.0185.4

191.7

199.0215.3238.4256.8

182.1

189.6195.8202.8207.6

209.0212.9217.6221.8

229.8236.7241.7245.5

249.1254.5259.3264.2

268.2274.2281.1

1 In the old series, "income taxes" refers to Federal income taxes only, as State and local income taxes had alreadybeen deducted. In the new series, no income taxes have been deducted.

2 Annual data are average equity for the year (using four end-of-quarter figures).Note.—Data are not necessarily comparable from one period to another due to changes in accounting procedures,

industry classifications, sampling procedures, etc. For explanatory notes concerning compilation of the series, see "Quar-terly Financial Report for Manufacturing, Mining, and Trade Corporations," Federal Trade Commission.

Source: Federal Trade Commission.

279


T A B L E B-83.—Relation of profits after taxes to stockholders* equity and to sales, all manufac-turing corporations, 1947-78

Year or quarter

194719481949

1950. .1951195219531954

1955 .1956195719581959

19601961196219631964

196519661967 . .19681969

19701971 . . .19721973

1973: IV

New series:

197419751976 _ .1977

1973: IV

1974: 1II . .IllIV

1975: 1IIIIIIV

1976: 1II .IllIV _

1977: 1. .| |111IV

1978: 1. _II _.Ill .

Ratio of profits afterincome taxes (annual rate)

to stockholders' equity—percent»

Allmanufacturingcorporations

15.616.011.6

15.412.110.310.59.9

12.612.310.98 6

10.4

9.28.99.8

10.311.6

13.013.411 712.111.5

9.39.7

10.612.8

13.4

14.911.613.914.2

14.3

14.316.715 413.2

9.011.812.413.1

13.315.713.713.1

13.016.013.314.4

12.416.614.9

Durable

14.415.712.1

16.913.011 111.110.3

13 812.811.38 0

10.4

8 58.19.6

10 111.7

13.814.211 712 211.4

8.39.0

10.813.1

12.9

12.610.313.714.5

13.3

12.115.612.310.4

8.110.910.511.6

12.416.113 013.4

13.017.112.915.1

12.718.515.4

Nondurablegoods

industries

16.616.211.2

14.111.29.79.99.6

11.411.810.69.2

10.4

9.89.69.9

10.411.5

12.212.711 811.911.5

10.310.310.512.6

14.0

17 112.914.213.8

15.3

16.417.818.515.8

10.012.814.114.5

14.215.414 312.9

13.015.013 713.7

12.114.814.4

Profits after income taxesper dollar of sales—cents

Allmanufacturing

corporations

6.77.05.8

7.14.84.34.34.5

5.45.34.84 24.8

4 44.34.54 75.2

5.65.65 05 14.8

4.04.14.34.7

4.7

5.54.65.45.3

5.6

5.66.05 74.8

3.74.74.95.1

5.25.95.35.0

5.05.85.05.3

4.75.95.4

Durablegoods

industries

6.77.16.4

7.75.34.54.24.6

5.75.24.83.94.8

4.03.94.44.55.1

5.75.64.84.94.6

3.53.84.24.7

4.5

4.74.15.25.3

5.0

4.85.54.63.8

3.44.34.24.5

4.95.85 15.1

5.06.04.85.4

4.76.25.5

Nondurablegoods

industries

6.76.85.4

6.54.54 14.34.4

5.15.34.94 44.9

4.84.74.74.95.4

5.55,65.35.25.0

4.54.54.44.8

5.0

6.45.15.55.3

6.1

6.46.66.85.9

4.15.15.55.6

5.65.95.65.0

5.05.65.35.2

4.75.55.4

i Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equityat end of quarter only.

Note.—Based on data jn millions of dollars.See Note, Table B-82.

Source: Federal Trade Commission.

280


TABLE B-84.—Relation of profits after taxes to stockholders' equity and to sales, all manufactur-ing corporations, by industry group, 1977-78

Industry

Ratio of profits after incometaxes (annual rate) to stock-holders' equity—percent1

1977

III IV

1978

II III

Profits after income taxes perdollar of sales—cents

1977

III IV

1978

III

All manufacturing corporations


Stone, clay, and glass productsPrimary metal industries

Iron and steelNonferrous metals..

Fabricated metal productsMachinery, except electricalElectrical and electronic equipment.Transportation equipment2

Motor vehicles and ei, .Aircraft, guided missiles, and

parts

Instruments and related products..Other durable manufacturing prod-

ucts

Nondurable goods industries..

Food and kindred productsTobacco manufacturesTextile mill productsPaper and allied productsPrinting and publishingChemicals and allied products2

Industrial chemicals and syn-thetics

Drugs

Petroleum and coal productsRubber and miscellaneous plastics

productsOther nondurable manufacturing

products

13.3

12.9

17 5-1 .0

-4 .14.9

15.316.314.912.2

11.3

14.7

17.2

18.5

13.7

13.115.89.7

12.817.814.8

12.318.1

13.7

10.9

11.1

14.4

15.1

13.95.5

6.14.4

15.117.816.916.6

18.1

15.0

19.8

15.4

13.7

13.618.611.111.820.813.8

11.917.4

12.9

10.2

15.5

12.4

12.7

7.63.9

2.76.1

12.514.414.816.0

17.0

14.4

14.9

12.9

12.1

11.416.49.0

11.314.614.3

13.119.8

10.9

10.0

14.0

16.6

18.5

19.112.6

13.111.6

19.620.317.619.6

22.1

18.0

19.8

20.6

14.8

15.418.913.214.219.816.5

14.820.0

13.2

11.6

13.1

14.9

15.4

21.410.0

10.59.1

16.416.117.612.8

11.0

17.6

18.4

18.4

14.4

13.419.511.812.218.515.1

13.218.8

14.1

10.8

16.9

5.0

4.8

6.4- . 4

-1.72.5

4.77.55.23.9

3.8

4.3

9.1

4.8

5.3

3.18.12.85.46.07.1

6.012.1

7.7

3.6

2.3

5.3

5.4

5.32.4

2.52.1

4.68.05.84.7

5.2

4.1

10.3

4.0

5.2

3.29.23.04.96.56.8

6.011.7

7.0

3.3

3.3

4.7

4.7

3.31.6

1.12.9

4.06.75.24.7

5.1

4.2

8.2

3.7

4.7

2.79.02.64.94.96.8

6.212.9

6.2

3.3

3.2

5.9

6.2

6.74.7

4.65.0

5.68.65.95.2

6.0

5.0

10.0

5.2

5.5

3.59.93.65.76.47.4

6.713.5

7.3

3.5

2.9

5.4

5.5

7.53.9

3.93.9

4.87.16.14.0

3.6

5.1

9.3

4.8

5.4

3.110.13.25.06.17.1

6.312.5

7.5

3.4

3.5

1 Ratios based on equity at end of quarter.3 Includes other industries not shown separately.Source: Federal Trade Commission.

281


T A B L E B-85.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946-78

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

Year or quarter

1946 .194719481949

19501951195219531954 .

19551956195719581959

19601961196219631964

19651966 .19671968 . . .1969

197019711972 .19731974

197519761977 .

1977: 1I I . . .IllIV _

1978: 1II _III

Sources

Total

18.426.728.519.7

41.835.929.227.329.1

52.044.042.341.355.2

47.654.358.866.072.3

90.996.993.7

114.5118.4

104.3127.1161.7199.8190.8

143.8205.0239.0

244.3198.6266.0247.1

283.9274.1289.4

Internal1

7.812.618.819.3

17.819.721.221.123.5

28.828.730.429.635.0

34.735.341.644.550.1

56.160.561.362.361.7

58.968.680.883.875.7

106.8124.7135.3

123.8134.9145.5137.3

127.2144.1151.6

Total

10.614.19.8.4

24.016.28.06.15.7

23.215.411.911.720.2

12.919.117.221.422.2

34.936.432.452.156.7

45.558.580.9

115.9115.1

37.080.3

103.6

120.563.7

120.6109.9

156.7130.0137.8

EIxterna

Credit market funds

Total

6.98.46.53.1

8.110.69.55.76.4

10.212.912.310.512.5

11.912.412.312.514.7

20.525.529.331.838.2

40.744.558.372.781.8

37 058.278.7

75.963.780 195.2

102.282.880.2

Long-term 2

3.65.46.74.9

4.26.48.06.06.7

6.47.5

10.410.58.1

7.510.89.48.48.8

9.315.921.618.820.7

32.140.640 637.039.1

49 348.846.2

34.435.353 561.5

40.353.754.5

Short-terms

3.33.0

- . 2- 1 . 8

3.94.11.4

- . 3- . 3

3.85.41.9

- . 04.4

4.51.63.04.05.9

11.29.67.8

13.017.6

8 63.9

17 635.742.6

- 1 2 39.5

32.6

41.628 526 633.7

61.929.125.7

Other

3.75.83.3

- 2 . 7

15.95.6

- 1 . 4.5

- . 8

13.02.5

- . 41.27.7

1.06 74.99.07.4

14.410.93.1

20.318.5

4 814.122 743.333.4

o22.024.9

44.6— 040 514.7

54.547.257.6

Uses

Total

17.125.324.917.9

39.937.229.127.727.7

49.241.139 438.751.7

40.650 454.959.164.1

82 290 587.5

105.3113.1

95 9119.6145 8185.6179.0

131 9184.9212.3

214.6177 3234 6222.7

263.3260.8272.6

Pur-chase

ofphysi-

calassets4

18.517.019.914.4

23.629.824.525.422.8

32.737.135.227.937.5

38.037.243.844.950.7

62 075.773.077.284.3

80.386.0

100 3123.3134.7

99 9141.2164.6

152.5162 4175 2168.0

179.8199.9194.8

In-crease

infinan-cial

assets

- 1 . 48.45.03.5

16.47.44.62 34.9

16.54.04.2

10.814.2

2.713 211.114.213.4

20 214.814.528.228.8

15.633.645.662.344.4

32 043.747.8

62.114 959 454.7

83.561.077.8

Discrep-ancy

(sourcesless

uses)

1.31.43.61.9

1.9- 1 . 3

.1- . 51.4

2.83.02.92.53.5

7.03 93.96.98.2

8 86.46.29.15.3

8.47.5

15.914.211.8

11 920.126.7

29.621.331 424.4

20.613.216.8

* Undistributed profits (after inventory valuation and capital consumption adjustments), 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.4 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.Source: Board of Governors of the Federal Reserve System.

282


TABLE B-86.— Current assets and liabilities of U.S. corporations, 1939-78[Billions of dollars]


SEC series: *1939

194019411942 ___194319441945 __.1946194719481949

19501951195219531954195519561957 _19581959

19601961

SEC series:«1961...19621963196419651966196719681969

19701971197219731974

FTC-FRB series: t19741975 -19761977

1977- 1IL.IllIV.

1978: 1IL.

Total

54.5

60.372.983.693.897.297.4

108.1123.6133.0133.1

161.5179.1186.2190.6194.6224.0237.9244.7255.3277.3

289.0306.8

Cash*

10.8

13.113.917.621.621.621.722.825.025.326.5

28.130.030.831.133.434.634.834.937.436.3

37.241.1

Current assets

U.S.Govern-

mentsecuri-ties 2

2.2

2.04.0

10.116.420.921.115.314.114.816.8

19.720.719.921.519.223.519.118.618.822.8

20.120.0

Notesand

accountsreceiv-

able

22.1

24.028.027.326.926.525.930.738.342.443.0

56.861.567.468.573.688.997.7

102.2109.7120.6

129.2139.2

Inven-tories

Othercurrentassets

Current liabilities

Total

All corporations4

18.0

19.825.627.327.626.826.337.644.648.945.3

55.164.965.867.265.372.880.482.281.988.4

91.895.2

1.4

1.54334

> 47664

1.72.12.42.43.14.25.96.77.59.1

10.611.4

30.0

32.840.747.351.651.745.851.961.564.460.7

79.892.696.198.999.7

121.0130.5133.1136.6153.1

160.4171.2

Notesand

accountspayable

21.9

23.226.426.026.326.825.731.637.639.337.5

48.354.959.359.561.776.183.986.690.4

101.0

106.8114.6

Othercurrentliabil-ities

8.1

9.614.321.325.324.920.120.323.925.023.3

31.637.836.839.438.045.046.646.546.252.0

53.656.6

Network-

ingcapital

24.5

27.532.336.342.145.651.656.262.168.672.4

81.686.590.191.894.9

103.0107.4111.6118.7124.2

128.6135.6

Cur-rent

ratios

1 817

1.8381.7911.7671.8181.8802.1272.0832.0102.0652.193

2.0241.9341.9381.9271.9521.8511.8231.8381.8691.811

1.8021.792

Nonfinancial corporations 6

254.7269.7288.2305.6336.0364.0386.2426.5473.6

492.3529.6599.3697.8790.7

734.6756.3823.1900.1

842.0856.4880.3900.1

924.2953.6

34.837.139.840.542.841.945.548.247.9

50.253.359.066.371.1

73.080.086.894.2

80.883.183.494.2

88.590.9

16.516.816.715.814.413.010.311.510.6

7.711.010.612.812.3

11.319.626.020.9

26.822.121.520.9

20.919.7

97.9103.2110.5119.9134.1146.6155.3173.9197.0

206.1221.1248.2288.5322.1

265.5272.1292.4325.7

304.1312.8326.9325.7

338.3356.8

95.0100.5106.8113.1126.6142.8153.1166.0186.4

193.3200.4225.7263.9313.6

318.9314.7341.4375.0

352.1358.8367.5375.0

389.7399.1

10.512.114.416.318.119.722.026.931.6

35.043.855.866.471.7

65.969.976.484.3

78.379.681.084.3

86.887.0

123.7132.4145.5156.6178.8199.4211.3244.1287.8

304.9326.0375.6450.9530.4

451.8446.9487.5543.2

502.6509.5528.9543.2

570.4590.6

84.488.797.0

104.9121.5137.5147.1168.8199.2

211.3220.5282.9340.3402.3

272.3261.2273.2306.8

280.2286.8297.8306.8

317.2331.4

39.343.748.551.757.361.964.275.388.6

93.6105.592.7

110.7128.1

179.5185.7214.2236.3

222.4222.7231.1236.3

253.2259.2

131.0137.3142.7149.0157.2164.6174.9182.4185.7

187.4203.6223.7246.9260.3

282.8309.5335.6357.0

339.5346.9351.4357.0

353.8363.0

2.0592.0371.981

951.8798?f>

.878747

.646

.6156?S595

L.548491

.6?6693688

.657

675.681

1.6641.657

1.6201.615

1 Includes time certificates of deposit.8 Includes Federal agency issues.3 Total current assets divided by total current liabilities.« Excludes banks, savings and loan associations, and insurance companies.5 Based on data from "Statistics of Income," Department of the Treasury.6 Excludes banks, savings and loan associations, insurance companies, investment companies, finance companies

(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.7 Based on data from "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations," Federal

Trade Commission. See "Federal Reserve Bulletin," July 1978, for details regarding the series.

Note.—SEC series not available after 1974.Sources: Board of Governors of the Federal Reserve System, Federal Trade Commission, and Securities and Exchange

Commission.

283


T A B L E B-87.—State and municipal and corporate securities offered^ 1934—78


Year or quarter

State andmunicipalsecurities

offeredfor cash

(principalamounts)

Corporate securities offered for cash

Totalcorpo-

rateoffer-ings

Type of corporate security

Com-monstock

Pre-ferredstock

Bondsand

notes

Industry of corporate issuer

Manu-fac-

turing!

Elec-tric,gasand

water *

Trans-porta-tion *

Com-munica-

tionOther

1934..

1939..

1940..1941..1942.1943..1944..

1945..1946..1947..1948..1949..

1950..1951.1952..1953.1954..

1955..1956.1957.1958.1959.

1960.1961.1962.1963.1964.

1965.1966.1967.1968.1969..

1970..1971..1972..1973..1974..

1975..1976..1977..

1977: I...II..III.IV..

1978: I...

939

1,128

1,238956524435661

7951,1572,3242,6902,907

3,5323,1894,4015,5586,969

5,9775,4466,9587,4497,681

7,2308,3608,55810,10710, 544

11,14811,08914,28816,37411,460

17,76224, 37022,94122,95322, 824

29, 32633,84545,060

10,53313,35310,89110,283

10,31612, 75711,994

397

2,164

2,6772,6671,0621,1703,202

6,0116,9006,5777,0786,052

6,3627,7419,5348,8989,516

10, 24010,93912,88411,5589,748

10,15413,16510, 70512,21113,957

14,78217, 38524,01421,26125,997

37,45143,22939,70531,68037, 729

52, 53952, 29052,062

12,63613,02111,40814,997

9,98812,10710,887

19

87

1081103456163

397891779614736

8111,2121,3691,3261,213

2,1852,3012,5161,3342,027

1,6643,2941,3141,0112,679

1,4731,9011,9273,8857,640

7,0379,48510,7077,6423,979

7,4148,3048,135

1,8662,1671,0263,076

1,5241,7071,876

98

183167112124369

7581,127762492425

£3838564489816

635636411571531

409450422343412

724580881636691

1,3903,6833,3713,3412,253

3,4592,8033,878

840707

1,1891,142

4571,211341

372

1,979

2,3862,389917990

2,670

4,8554,8825,0365,9734,890

4,9205,6917,6017,0837,488

7,4208,0029,9579,6537,190

8,0819,4208,96910, 85610,865

12, 58514,90421, 20616,74017,666

29,02330, 06125,62820, 70031, 494

41, 66641,18240,050

9,93010,1489,19410,778

8,0079,1898,670

67

604

992848539510

1,061

2,0263,7012,7422,2261,414

1,2003,1224,0392,2542,268

2,9943,6474,2343,5152,073

2,1524,0773,2493,5143,046

5,4147,05611,0696,9586,346

10,64711,6516,3984,83210, 408

18, 65115, 49613,776

3,0303,4393,2524,055

2,2182,8982,534

133

1,271

1,2031,357472477

1,422

2,3192,1583,2572,1872,320

2,6492,4552,6753,0293,713

2,4642,5293,9383,8043,258

2,8513,0322,8252,6772,760

2,9343,6664,9355,2936,715

11,00911,72111,31410, 26912, 837

15, 89414 41413,711

3,0484,1262,6263,911

2,3673,7473,012

176

186

32436648161609

1,454711286755800

813494992595778

893724824824967

718694567957982

7021,4941,6391,5641,779

1,2531,148860811

1,005

2,6353,6261,802

388405502507

224677471

902571

399612760882720

1,1321,4191,4621,424717

1,0501,8341,3031,1052,189

9452,0031,9751,7752,172

5,2915,8404,8364,8723,930

4,4643,5624,442

1,4191,060643

1,320

844384

1,120

103

15996421109

211329293

1,008946

1,3001,0581,0682,1382,037

2,7572,6192,4261,9912,733

3,3833,5272,7613,9574,980

4,7873,1674,3965,6718,985

9,25212, 86716,29810,8979,551

10,89515,19018,333

4,7533,9904,3885,202

4,3354,3983,750

1 Prior to 1948, also includes extractive, radiobroadcasting, airline companies, commercial, and miscellaneous companyissues.

* Prior to 1948, also includes telephone, street railway, and bus company issues,s Prior to 1948, includes railroad issues only.

Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the UnitedStates in amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively tocommercial banks, intercorporate transactions, and issues to be sold over an extended period, such as employee-purchaseplans. Closed-end investment company issues are included beginning 1973.

Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle" and "The Bond Buyer."

284


TABLE B-88.—Common stock prices and yields, 1949-78

Yearor

quarter

1949

1950195119521953195419551956195719581959

1960196119621963196419651966. .196719681969

1970197119721973197419751976 - .19771978



1978: JanFebMar.AprMayJune


Common stock prices1

New York Stock Exchange indexes(December 31,1965=50)*

Com-posite

9.02

10 8713.0813.8113.6716.1921.5424.4023 6724.5630.73

30 0135.3733.4937.5143.7647 3946.1550.7755.3754.67

45.7254.2260.2957.4243.8445.7354.4653.6953.70

56.2854.9354.6753.9253.9654.30

54.9453.5152.6651.3751.8751.83

49.8949.4149.5051.7554.4954.83

54.6158.5358.5856.4052.7453.69

Indus-trial

46.1851.9758.0057.44

48.0357.9265.7363 0848.0850.5260.4457.8658.23

61 2659.6559 5658.4758 1358.44

58.9057.3056.4154.9955.6255.55

53.4552.8052.7755.4859.1459.63

59.3564.0764.2361.6057.5058.72

Trans-portation

50.2653.5150.5846.96

32.1444.3550.1737.7431.8931.1039.5741.0943.50

41.9340.5940.5241.5143.2543.29

43.5241.0439.9938.3339.3039.75

39.1538.9038.9541.1944.2144.19

44.7449.4550.1946.7041.8042.49

Utility

45.4145.4344.1942.80

37.2439.5338.4837.6929.7931.5036.9740.9239.22

41.1340.8640.1840.2441.1441.59

42.4441.5040.9340.3840.3340.36

39.0939.0239.2639.6939.4739.41

39.2840.2039.8239.4437.8838.09

Finance

44.4549.8265.8570.49

60.0070.3878.3570.1249.6747.1452.9455.2556.65

57.8655.6554.8454.3054.8055.29

57.2956.5255.3353.2454.0453.85

50.9150.6051.4455.0457.9658.31

57.9763.2863.2260.4254.9555.68

Dow-Jones

ndustrialaverage 3

179 48

216 31257.64270.76275.97333.94442.72493.01475.71491.66632.12

618.04691.55639.76714.81834.05910 88873.60879.12906.00876.72

753.19884.76950.71923.88759.37802.49974.92894.63820.23

970.62941.77946 11929.10926 31916.56

908.20872.26853.30823.96828.51818.80

781.09763.57756.37794.66838.56840.26

831.72887.93878.64857.69804.29807.94

Standard& Poor'somposite

index1941-43=

10)*

15 23

18 4022.3424.5024.7329.6940.4946.6244.3846.2457.38

55.8566.2762.3869.8781.3788 1785.2691.9398.7097.84

83.2298.29

109.20107.4382.8586.16

102.0198.2096.02

103.81100.96100.5799.0598.7699.29

100.1897.7596.2393.7494.2893.82

90.2588.9888.8292.7197.4197.66

97.19103.92103.86100.5894.7196.11

Common stock yields(percent) *

Dividend-priceratio •

6 59

6 576 135.805.804.954.084 094.353.973.23

3.472.983.373.173.013 003.403.203.073.24

3.833.142.843.064.474.313.774.625.28

3.994.214.374.474.574.60

4.594.724.824.975.025.11

5.325.495.625.425.205.19

5.254.934.975.115.455.39

Earnings-priceratio'

15 48

13 9911 829.47

10.268 577.957 557.896.235.78

5.904 625.825 505.325 596.635.735.676.08

6.455.415.507.12

11.599.158.90

10.79

10.24

10.37

11.09

11.45

12.25

11.79

11.36

1 Averages of daily closing prices, except New York Stock Exchange data through May 1964, are averages of weekly closingprices.

2 Includes all the stocks (more than 1,500) listed on the New York Stock Exchange.3 Includes 30 stocks.« Includes 500 stocks.5 Standard & Poor's series, based on 500 stocks in the composite index.6 Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-

day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.7 Ratio of quarterly earnings after taxes (seasonally adjusted annual rate) to price index for last day of quarter.

Annual ratios are averages of quarterly ratios.

Note.—All data relate to stocks listed on the New York Stock Exchange.Sources: New York Stock Exchange, Dow-Jones & Co., Inc., and Standard & Poor's Corporation.

285


TABLE B-89.—Business formation and business failures, 1929-78

Year or month

19291933 31939 31940 .194119421943194419451946194719481949

19501951 .195219531954 . .1955195619571958 . .1959

1960196119621963196419651966196719681969

19701971 . .1972 .19731974197519761977

1977:JanFeb. . .MarAprMay.June


1978:JanFebMarAprMayJune _ . . .

JulyAugSeptOct

Indexof net

businessformation

(1967=100)

112.687.8

93.193.398.294.491.399.195.290.489.596.8

92.488.390.793.397.298.698.2

100.0109.8116.2108.0111.0117.9117.9112.4108.9117.6127.4

Newbusiness

rations(num-ber)

132.916112,89796,34685,640

93,09283,77892,946

102,706117,411139,915141,163137,112150,781193,067

182,713181,535182,057186,404197,724203,897200,010206,569233,635274,267

264,209287,577316,601329,358319,149326, 345375,766436,170

Business failures l

nessfailurerates

103.9100.369.663.054.444.616.46.54.25.2

14.320.434.434.330.728.733.242.041.648.051.755.951.8

57.064.460.856.353.253.351.649.038.637.3

43.841.738.336.438.442.634.828.4

Seasonally adjusted

123.3123.0124.3122.4123.2125.8126.6130.6129.6132.0133.5134.8

135.1135.0131.8131.9132.2134.2

134.7133.8133.6133.3

34,51933,17335, 30033,39434,44237,229

35,74939, 52537,81238, 94338, 34439,674

36, 54739, 25337,60238,49838, 32039, 796

39, 40342,60541,82741, 945

28.429.632.331.730.230.824.129.727.024.227.024.7

21.624.024.624.123.421.9

22.029.8

Number of failures

Total

22,90919,85914,76813,61911,8489,4053,2211,222

8091,1293,4745,2509,2469,1628,0587,6118,862

11,08610,96912,68613,73914,96414,05315,44517,07515,78214,37413,50113,51413,06112,3649,6369,154

10,74810,3269,5669,3459,915

11, 4329,6287,919

664693858804724732513687560546621517

504559666594583519

459675

Liability sizeclass

Under$100,000

22,16518,88014,54113,40011,6859,2823,1551,176

7591,0033,1034,8538,708

8,7467,6267,0818,075

10,22610,11311,61512,54713,49912,707

13,65015,00613,77212,19211,34611,34010,83310,1447,8297,192

8,0197,6117,0406,6276,7337,5046,1764,861

418425515520440455325401342353353314

316319388335337301

244347

$100,000andover

744979227219163123664650

126371397538416432530787860856

1,0711,1921,4651,346

1,7952,0692,0102,1822,1552,1742,2282,2201,8071,962

2,7292,7152,5262,7183,1823,9283,4523,058

246268343284284277188286218193268203

188240278259246218

215328

Amount of currentliabilities (millions

of dollars)

Total

483.3457.5182.5166.7136.1100.845.331.730.267.3

204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6

1,090.11,213.61,352.61,329.21,321.71,385.71,265.2

941.01,142.1

1,887.81,916.92.000.22,298.63,053.14,380.23,011.33, 095.3

168.5194.2248.2207.3473.9305.9577.8338.397.0

115.7200.3168.3

168.3205.0324.4203.0160.4178.8

231.8206.4

Liability sizeclass

Under$100,000

261.5215.5132.9119.9100.780.330.214.511.415.763.793.9

161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3

269.3271.3258.8235.6256.9298.6257.8208.3

17.718.321.722.118.419.214.218.514.014.715.414.0

14.314.118.215.514.712.3

10.615.9

$100,000andover

221.8242.049.746.835.420.515.117.118.851.6

140.9140.7146.7

97.1128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.1

1,031.61,015.61,000.01,064.1

967.3699.9910.8

1,618.41,645.61,741.52,063.02,796.34,081.62,753.42, 887.0

ISO. 9175. S226.5185.2455.4286.7

563.6319.7

83. C100.9184.8154.3

154.0190.9306.2187.5145.7166.5

111.2190.5

i Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.

> Failure rate per 10,0001 sted enterprises.3 Series revised; not strictly comparable with earlier data.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.


AGRICULTURETABLE B-90.—Income of farm people and farmers, 1929-78

[Quarterly data at seasonally adjusted annual rates]

Year orquarter

192919331939 . . . .

1940194119421943194419451946194719481949

19501951195219531954 .19551956195719581959

1960196119621963196419651966196719681969

197019711972197319741975.. .19761977

1976: 1 __IL_.IIIIV..

1977: 1II _ .ML.IV

1978: 1IIIII.

Personal incomereceived by totalfarm population

Fromall

sources

Fromfarm

sources1

Fromnon-farm

sources2

Income received from farming3

Gross incomebefore inventory

adjustment

Total *

Cashreceipts

frommarket-

ings

Produc-tion ex-penses

Net to farmoperators

Beforeinven-tory

adjust-ment

Afterinven-tory

adjust-ment5

Billions of dollars

7.4

7.610.114.116.516.617.220.021.123.819.5

20 322.722.019 718.317.517 617.519 217 5

18.419.019.720.019.822.623.822.924.126.9

27.528.834.648.945.244.541.243.0

4.8

4 86.8

10.112 112.212.815 515.818.013.3

14 116 115.313 312 411.311 110.812 510 4

11 111.411.411.010.012.012.611.111.312 9

13.013.516.929.223.421.916 918.3

2.6

2.83.33.94.44.44.44.65.35.86.2

6 36.56.76 45.96.26.66.66 77.1

7.27.68.39.09.7

10.611.211.712.813.9

14.515.317.819.721.822.724.424.7

13.97.1

10.6

11.113.918.823.424.425.829.534.134.731.6

32 337.136.835 133.733.334.434.238 137.9

38.540.241.742.743.145.550.649.951.756.3

58.660.670.195.5

100.096.9

104.1108.1

102.5108.4102.8102.6

108.1106.7102.7114.8

115.8122.5122.5

11.35.37.9

8.411.115.619.620.521.724.829.630.227.8

28 532.932.531.029.829.530.429.733 533.6

34.235.236.537.537.339.443.442.844.248.2

50.552.961.287.192.488.294.596.1

93.398.993.292.6

97.695.791.399.6

102.2109.0109.5

7.74.46.3

6.97.8

10.011.612.313.114.517.018.818.0

19.522.322.821.521.822.222.723.725.827.2

27.428.630.331.631.833.736.538.239.542.1

44.447.452.365.672.275.983.088.0

79.585.084.582.9

87.587.086.091.4

93.596.096.0

6.32.74.3

4.26.18.8

11.812.112.815.017.115.913.6

12.814.814.013.611.911.111.710.512.310.7

11.111.611.411.111.311.914.011.712.214.214.113.217.829.927.721.121.120.1

23.023.418.319.7

20.619.716.723.4

22.326.526.5

6.22 64.4

4 56.59.9

11.711.712.315 115.417.712.8

13 615.915.013 012.411.311.311.113 210.7

11.512.012.111.810.512.914.012.312.314.3

14.214.618.733.326.124.518.820.5

21.519.917.116.5

19.620.216.825.5

22.324.525.5

Net income perfarm afterinventory

adjustment8

Currentdollars

1967dollars 7

Dollars

945379685

7061,0311,5881,9271,9502,0632,5432,6153,0442,233

2,4172,9362,8782,6042,5792,4292,4932,5363,1112,615

2,9073,1263,2673,2953,0353,8434,2863,9034,0134,7644,7995,0426,526

11,8139,3498,8456,8487,592

7,8507,2706,2506,030

7,2407,4606,2109,420

8,3209,1409,510

1,646

1 6812,3383,2543,7203,7003,8274,3473,9094,2223,127

3,3523,7743,6203,2513,2043,0293,0633,0083,5922,995

3,2773,4893,6063,5933,2674,0674,4093,9033,8514,3394,1264,1575,2088,8756,3305,4874,0164,183

4,6904,2903,6303,470

4,0904,1303.39C5, 08C

4,4104,7304,810

1 Net income to farm operators after inventory adjustment, less net income of nonresident operators, plus wages andsalaries and other labor income of farm resident workers, less contributions of farm resident operators and workers tosocial insurance.

2 Estimated income of farm residents from nonfarm sources; based on survey benchmarks with extrapolations to currentyear.

3 Includes government payments.< Also includes government payments and nonmoney income and other farm income furnished by farms, not shown

separately.«Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.«The 1969 farm definition is used.7 Income in current dollars divided by the consumer price index (Department of Labor).

Source: Department of Agriculture, except as noted.

287


TABLE B-91.—Farm production indexes, 1929-78

[1967=100]

Year

1929...

1933....

1939...

1940...1941...1942...1943...1944_-

1945_..1946...1947 ...1948...1949 ...

1950...1951...1952...1953...1954...

1955...1956...1957...1958...1959...

1960...1961...1962...1963...1964...

1965...1966...1967...1968...1969...

1970...1971...1972...1973...1974...

1975...1976...1977...1978 p..

Farmout-put i

53

51

58

6062706971

7071697674

7476797980

8282818788

9191929695

9895100102102

101

nono112106

114117121122

Crops2

Total »

62

55

64

6768767175

7377738379

7678818179

8282808989

9391929693

9995100103104

100112113119110

121121130131

Feedgrains

48

44

51

5256645962

6065507263

6459636164

6868748084

8778798675

88891009599

8911611211593

114120126135

Hayandfor-age

71

62

68

7675828079

8177747473

7881798181

8682898985

9090939394

989710099100

100105104109104

108102109115

Foodgrains

52

36

48

5260635467

7072858170

6564837667

6366629173

8780747786

888810010698

91107102114120

142141131124

Vege-tables

64

62

69

7273788480

8291808482

8378798281

8489868987

8994929289

9697100104101

989899100102

101101102107

Fruitsandnuts

74

75

95

9197968396

87104999195

9698959697

9397889698

9498989697

1009810098116

110118106126128

137136139133

Cot-ton

205

180

163

173148177158169

125120164206221

138209209227188

203184151157200

196196205211209

205130100148137

139145187175158

112142193146

To-bacco

76

69

96

7464727199

101118107101100

103119115105114

112111858891

99105118119113

94961008791

97868888101

no10897102

Oilcrops

11

8

25

2929404136

3634394745

4647464749

5360586964

6877788181

9597100114116

117121131155127

153132175180

Livestock and products *

Total *

53

57

59

6064717773

7371706872

7578787982

8484838488

8791929597

9597100100101

105106107105106

101105106108

Meatani-mals

52

58

59

6063728173

6968676669

7379797881

8583808187

8588909597

9296100101102

108109109108110

102105105107

Dairyprod-ucts

75

79

81

8387919091

9493928991

9290919597

981001009998

100102103102104

1041011009998

991011029899

98103105105

Poul-tryandeggs

33

32

35

3639455252

5451504954

5759606164

6369707476

7682828487

909610098100

105106109106106

103110111117

i Farm output measures the annual volume of net farm production available for eventual human use through sales fromfarms or consumption in farm households.

» Gross production.3 Includes sugarcrops, hay seeds, pasture seeds, cover-crop seeds, and some miscellaneous crop production, notincluded

in groups shown.< Includes clipped wool, mohair, and beginning 1950 honey and beeswax, r, not included in groups shown.Source: Department of Agriculture.

288


TABLE B-92.—Farm population, employment, and productivity, 1929-78

Year

Farm populationarm popula(April 1)

Num-ber

(thou-sands)

As per-cent of

totalpopu-

lation 2

Farm employme(thousands) 3

ment

Total Familyworkers

Hiredworkers

Farm output

Perunit oftotalinput

Per hour of farm work

Total CropsLive-stockand

products

Cropproduc-

tionper

acre *

1929..

1933..

1939..

1940..1941..1942..1943..1944..

1945..1946..1947..1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959.

1960.1961..1962.1963.1964.

1965.1966..1967.1968.1969.

1970.1971..1972.1973.1974.

1975.1976 .1977.1978 i

Index, 1967=100

30, 580

32,393

30, 840

30,54730,11828,91426,18624, 815

24,42025,40325, 82924, 38324,194

23,04821, 89021,74819, 87419,019

19,07818,71217,65617,12816,592

15, 63514,80314,31313,36712,954

12,36311,59510, 87510, 45410,307

9,7129,4259,6109,4729,264

8,8648,2537,8068,000

25.1

25.8

23.5

23.122.621.419.217.9

17.518.017.916.616.2

15.214.213.912.511.7

11.511.110.39.89.4

8.78.17.77.16.8

6.45.95.55.25.1

4.74.64.64.54.4

4.23.83.63.7

12, 763

12,739

11,338

10,97910,66910, 50410, 44610,219

10, 00010, 29510, 38210, 3639,964

9,9269,5469,1498,8648,651

8,3817,8527,6007,5037,342

7,0576,9196,7006,5186,110

5,6105,2144,9034,7494,596

4,5234,4364,3734,3374,389

4,3424,3744,1523,922

9,360

9,874

8,611

8,3008,0177,9498,0107,988

7,8818,1068,1158,0267,712

7,5977,3107,0056,7756,570

6,3455,9005,6605,5215,390

5,1725,0294,8734,7384,506

4,1283,8543,6503,5353,419

3,3483,2753,2283,1693,075

3,0262,9972,8562,672

3,403

2,865

2,727

2,6792,6522,5552,4362,231

2,1192,1892,2672,3372,252

2,3292,2362,1442,0892,081

2,0361,9521,9401,9821,952

1,8851,8901,8271,7801,604

1,4821,3601,2531,2131,176

1,1751,1611,1461,1681,314

1,3171,3771,2961,250

52

53

59

6062686667

6871687471

7171747576

7880808787

9091929695

10097100102103

102110110111106

115115118120

16

16

19

2021242424

2627283132

3435383942

4447515759

6567717781

8992100106110

115128136130136

152162173174

16

15

20

2123252425

2729293333

3635394042

4548536161

6668727779

9094100106108

111126135138128

142146157160

26

25

27

2728303130

3132333435

3739404143

4648505458

6266717782

8693100105112

121128137144156

160178189193

56

50

60

6263706468

6771677570

6970737271

7476778685

8992959795

10097100105106

104112115116104

112111116121

* Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationliving on farms, regardless of occupation.

2 Total population of United States as of July 1, including Armed Forces overseas.3 Includes persons doing farmwork on all farms. These data, published by the Department of Agriculture, Statistical

Reporting Service, differ from those on agricultural employment by the Department of Labor (see Table B-29) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."

< Computed from variable weights for individual crops produced each year.

Sources: Department of Agriculture and Department of Commerce (Bureau of the Census).

289


TABLE B-93.—,-Indexes of prices received and prices paid by farmers and selected farm resourceprices, 1929-78

[1967=100, except as noted)

Year or month

1929193319391940 11941 . ..194219431944194519461947194819491950...195119521953195419551956 .-1957195819591960196119621963196419651966 . ...19671968 . -.19691970 -. ..1971197219731974 . .19751976197719781977-Jan

FebMarAprMay ..JuneJulyAugSeptOctNovDec

1978:JanFebMarAprMayJuneJulyAugSeptOctNovDec

Prices received by farmers

Allfarmroducts

592838404964777983941101151001031211151029893929410096959698979598106100102107110113125179192185186183209183186189192192184180174174177178181186193200208215217215210215217215221

Crops

60313640486483889010211711310010311811910710810310410099989910110310710610310610010097100108114175224201197192203198201210214211196181172170178184183188190198208

CM

CO

C

N

CM

CM

C

N

202203200200203

Live-stockand

roducts

582539405062727177881051159910212211197908582899993929193898694106100104117118118136183165172177175216170174172173177173179177177176174180185196204209217219217217226232228237

Prices paid by farmers

Allitems,nterest,taxes,andwagerates

473236363944505356617076737582848181818184868788889091929499100103108112118125144164180191202219198200202204204204203201201201202203209211214216219220220220223224224226

Familylivingitems

483437384046525457637478757683848484848588898990909192939598100104109114118123133151166176

I(3)

(3)

(3)

(3)

C3)(3)

8

Produc-tionitems

5134424345525760616778878386959589898787909293929394959496100100100104108113121146166182193200216196199201204205203201198197198199199203206211214217218218217220222223225

Selected resource prices

Tractorsandself-pro-pelledma-

chinery

9296100104111116122128137161195217238259224224233233233241241241245245245245245245251251251260260260272272272272

Fertil-izer

1031021009487889194102167217185181180177177181181183183183183183182182179179179181181181181181181181179179179

Averagehourlywagerate,allhiredfarm

workers1

$0.73.68.69.77.81.82.81.82.86.88.92.95.97.991.011.051.081-14L 23L.3344

1.5564

ft*2.002.252.432.662.87

2.96

2.82

2.77

2.99

3.18

3.09

2.93

3.18

Averagefarmreal

estatevalueperacre2

271619191921232629323639414046515251535558616668697377828693100107113117122132150187213242283308

283

296

308

332

1 Without room or board.2 Average for 48 States. Annual data are for March 1 of each year through 1975 and for February 1 beginning 1976.

Monthly data are for first of month.3 Series discontinued. Consumer price index (Department of Labor) substituted in calculating total prices paid.Source: Department of Agriculture.

290


TABLE B-94.—Selected measures of farm resources and inputs, 1929-78

Year

1929

1933

1939

19401941194219431944

19451946194719481949

19501951195219531954

1955195619571958 _1959

19601961196219631964

19651966196719681969

19701971197219731974

19751976..19771978*

Cropshar-vested(mil-lionsof

acres) i

365

340

331

341344348357362

354352355356360

345344349348346

340324324324324

324302295298298

298294306300290

293305294321328

336337343336

Totalhoursof

farmwork(bil-lions)

23.2

22.6

20.7

20.520.020.620.320.2

18.818.117.216.816.2

15.115.214.514.013.3

12.812.011.110.510.3

9.89.49.08.78.2

7.36.96.76.46.2

5.95.75.45.35.2

5.04.84.74.7

Index numbers of inputs (1967=100)

Total

102

96

98

100100103104105

103101101103105

104107107106105

105103101100102

101100100100100

989810010099

100100100101100

100102103102

Farmlabor

329

321

294

293288296292289

271260246240231

217218208200192

185174162156151

145139133129122

1101031009793

8986828078

76737171

Farmreal

estate

103

97

102

1031021009898

98102103103104

105105105105105

105102102100101

100100100100100

99991009998

10199989795

96979797

Me-chani-cal

powerandma-

chinery

38

32

40

4244515557

5857647280

8490949696

9798979798

9794949393

9496100101101

100102101105109

113115116117

Agri-culturalchemi-cals 2

10

6

11

1314151720

2021232527

2932353637

3941414349

4953586571

7585100105111

115124131136140

127145151150

Feed,seed,andlive-stockpur-

chases3

31

28

41

4245485252

5453555661

6367696971

7275747984

8488909092

939710097101

104111113116107

101110110111

Taxesand

interest

73

75

72

7273737779

8081817982

8282858685

8887868793

9495969899

100100100101100

10099100100101

10110199100

Miscel-laneous

86

82

78

7879767982

8081838791

8793939290

94909498103

105105108109113

109104100106105

109108115111110

104115126110

i Acreage harvested plus acreages in fruits, tree nuts, and farm gardens.> Fertilizer, lime, and pesticides.3 Nonfarm constant dollar value of feed, seed, and livestock purchases.Source: Department of Agriculture.

291


TABLE E-95.—Balance sheet of the farming sector, 1929-79


Beginning ofyear

1929

1933

1939

19401941194219431944

1945194619471948 . .1949

1950195119521953 . . . .1954

19551956195719581959

1960 _ - . .1961196219631964

19651966 _ -196719681969

19701971197219731974

1975197619771978

1979 p

Assets

Total

53.054.862.973.684.0

93.8102 9115.9127.4134.6

134.5154.3170.1167.6164.6

168.8173.6182.8191.3208.4

210.2210.8219.3227.7235.8

243.8260.8274.2288.0302.8

314.9326.0351.8394.8478.5

517.5579.9654.9708.3

790.1

Realestate

48.0

30.8

34.1

33.634.437.541.648.2

53.96L068.573.776.6

77.689.598.4

100.198.7

102.2107.5115.7121.8131.1

137.2138.5144.5150.2158.6

167.5179.2189.1199.7209.2

215.8223.2239.6267.3327.7

368.5416.9483.8525.8

588.9

Live-stock i

6.6

3.0

5.1

5.15.37.19.69.7

9.09.7

11.913.214.4

12.917.119.514.811.8

11.210.611.013.917.7

15.315.616.417.315.9

14.517.619.018.920.2

23.523.727.334.142.4

24.629.529.132.0

Other physical assets

Ma-chin-eryand

motorvehi-cles

3.2

2.5

3.2

3.13.34.04.95.4

6.55.45.37.4

10.1

12.214.116.717.418.4

18.619.320.220.121.8

22.722.222.523.523.9

24.826.027.429.831.3

32.334.436.639.344.2

55.764.771.075.2

Cropss

2.73.03.95.16.1

6.76.37.19.08.5

7.67.98.89.09.2

9.68.38.37.69.3

7.78.08.89.39.8

9.29.7

10.09.6

10.6

10.910.711.814.522.1

23.321.322.024.6

163.4

House-hold

equip-mentand

furnish-ings

4.24.14.84.84.7

5.25.57.28.18.9

8.49.6

10.19.69.5

9.710.09.69.69.4

9.28.78.98.88.8

8.48.48.38.89.4

9.610.010.811.912.3

14.014.214.414.5

Financial assets

De-positsandcur-rency

3.23.54.25.56.6

7.99.4

10.29.99.6

9.19.19.49.49.4

9.49.59.49.5

10.0

9.28.78.89.29.2

9.610.010.310.911.5

11.912.413.214.014.9

15.115.616.016.3

16.7

U.S.savingsbonds

.3

.3

.51.12.2

3.44.24.24.44.6

4.74.74.74.64.7

5.05.25.15.15.2

4.74.64.54.44.2

4.24.03.93.83.8

3.73.63.74.04.1

4.34.44.44.4

21

1 nvest-mentsin co-opera-tives

.8

.9

.91.01.1

1.21 41.51.71.9

2.02.32.52.72.9

3.13.23.53.73.9

4.24.54.95.05.4

5.65.96.26.56.8

7.28.08.89.7

10.8

12.113.314.215.5

1

Claims

Total

53.054.862.973.684.0

93.8102.9115.9127.4134.6

134.5154.3170.1167.6164.6

168.8173.6182.8191.3208.4

210.2210.8219.3227.7235.8

?43.8260.8274.2?88.0302.8

314.9326.0351.8394.8478.5

517.5579.9654.9708.3

790.1

Realestatedebt

9.8

8.5

6.8

6.66.56 45.95.4

4.94 74.95.15.3

5.66.16.77.27.7

8.29.09.8

10.411.1

12.012.813.815.116.8

18.921.223.125.127.4

29.230.332.235.741.3

46.351.156.663.3

72.2

Otherdebt

3.43.94.14.03.5

3.43 23.64.26.1

6.86.98.08.99.2

9.49.89.5

10.012.5

12.813.414.716.317.6

17.919.521.022.323.1

23.824.226.929.632.8

35.539.746.155.6

63.7

Pro-prie-tors'equi-ties

43 044.452 463 775.1

85.595 0

107.4118.1123.2

122.1141.3155.4151.5147.7

151.2154.8163.5170.9184.8

185.4184.6190.8196.3201.4

207.0220.1230.1240.6252.3

261.9271.5292.7329.5404.4

435.7489.1552.2589.4

654.2

* Beginning with 1961, horses and mules are excluded.2 Includes all crops held on farms and crops held off farms by farmers as security for Commodity Credit Corporation

loans. The latter on January 1,1979 totaled approximately $2.1 billion.

Note.—Beginning 1960, data include Alaska and Hawaii.Source: Department of Agriculture.

292


INTERNATIONAL STATISTICS

TABLE B-96.—Exchange rates, 1971-78

[Cents per unit of foreign currency, except as noted]

Year and month

March 1973 rate

1971: MarJuneSeptDec





1976: Mar-June _SeptDec ._

1977: Mar.JuneSeptDec

1978: MarJune..SeptDec : . : : : :

March 1973 rate

1971: MarJuneSeptDec .

1972: MarJuneSeptDec__.


1974: Mar..June..SeptDec. . .

1975: MarJune.Sept.Dec

1976: Mar.JuneSeptDec

1977: MarJune..SeptDec


Belgianfranc

2.5377

2.01452.01092.09212.19862.27572.27582 27422.2670

2 53772.66432.70892.47262.50402 63662.53642. 7158

2.90832.86032.54852.53112.54802.52202 60462.7483

2.72582.77132.79102.96083 15893.05903.22073.3637

Netherlandsguilder

34.834

27.81628. 06529.30830. 50331. 38431.29630.96930.962

34.83436. 58238. 54235.61536. 35437. 75736.87039. 331

42.12441. 50237.22937.23437.14936.52438.39040.240

40.07940.32640.60442.95545.99444.71646.73349.120

Canadiandollar

100.333

99.36797.91398. 717

100.067100.152102.092101 730100.326

100 333100.16099.181

100.058102.877103 481101.384101.192

99.95497.42697.43798.627

101.431102.712102.55798.204

95.12594.54993 16891.13288 82389.14385.73984. 763

Swedishkrona

22.582

19. 36919. 37019. 73220.43420. 95621.10121.14621. 080

22. 58223. 74623.76922.02621.91522.88522. 33323.897

25.48125. 53222. 50122.68522. 70222.47522 99824. 051

23.72622.62520.60221.04421.69321.6S022.59222. 808

Frenchfranc

22.191

18.12918.09218.11218.54919.83519.93719 97719.657

22.19123.47223.46621.75720.74220 40820.83122.109

23.80424.97122.36722.42821.65721.10920.33420.055

20.07520.24020 31420.84421 25621.84122.90923.178

Swissfranc

31.084

23.25424.40925.11825.61525.97426. 32026.40326.526

31.08432.75733.14631.25232.49033.44933. 37138.442

40.27340.08636.90537.97038. 98040.48440.43140.823

39.20940.17042.11548.16852.69353 04663.76559.703

Germanmark

35.548

27.53828.47429.79430.59331.54531.56031 31831.262

35 54838. 78641.24637.62938.21139 60337.58040.816

43.12042 72638.19138.14439.06438.79740.16941.965

41.81242.45343.03446.49949.18147.98450.77853.217

UnitedKingdom

pound

247.24

241. 87241 87246.94252.66261.81256.91244.10234.48

247. 24257.62241.83231.74234.06239.02231.65232.94

241.80228. 03208.35202.21194.28176.40172.72167.84

171.74171.91174.31185.46190.55183.72195.95198.61

Italianlira

.17600

.16063

.16009

.16292

.16652

.17161

.1714217199

.17146

. 17600

.16792

. 17691

.15458

.1568715379

.15103

.15179

.15842

. 15982

.14740

.14645

.12113

. 1178011837

.11521

.11276

.11295

.11318

.1141611692

.11634

.12050

.11863

Japaneseyen

.38190

.27971

.27979

.29583

.31249

. 33054

.33070

. 33209

.33196

. 38190

. 37808

. 37668

. 35692

. 35454

. 35340

. 33439

. 33288

.34731

.34077

.33345

.32715

.33276

.33424

.34800

. 33933

. 35687

.36652

. 37486

.41491

.43148

.46744

.52656

.51038

United States dollar(March 1973=100)

Multilateraltrade-

weightedaverage

100.0

120 2119 3115.8112.3108.4108.2109.1110.1

100.096.595.1

101.5101.6100.0102.998.6

93.994.8

103.0103.5105.1107.1105.7105.3

105.2104.4103.898.494.894.789.588.5

Bilateraltrade-

weightedaverage

100.0

114 6114 8111.8108.7106 0105.2105.8106.9

100 098.598.3

102.2100.999.9

103.0101.0

98.5100.0104.9105.0104.6105.2104.0105.8

106.2105.6105.4101.9100.399.296.096.3


278-216 O - 79 - 19 293Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE B-97.— U.S. international transactions, 7946-78

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

Yearor

quar-ter

1946..1947..1948..1949..

1950..1951..1952..1953..1954..

1955..1956..1957..1958..1959..

I960..1961..1962..1963..1964..

1965.1966.1967 _1968.1969_

1970.1971..1972_.1973_.1974..

1975..1976..1977..

1 9 7 6 : 1 . . . .II.. . .III...IV._.

1977: III

IV...

1 9 7 8 : 1 . . . .I I . . . .

Merchandise i

Ex-ports

11,76416,09713,26512,213

10, 20314,24313,44912,41212.929

14, 42417,55619, 56216, 41416,458

19,65020,10820, 78122, 27225, 501

26, 46129, 31030, 66633, 62636, 414

42, 46943, 31949, 38171,41098, 306

107, 088114,694120, 576

27,00128, 38029, 60229, 711

29, 47730, 62931, 00929, 461

30, 66435, 06736.930

Imports

-5,067-5,973- 7 , 557-6,874

-9,081-11,176-10,838-10,975-10,353

-11,527-12,803-13,291-12,952-15,310

-14,758-14,537-16,260-17, 048-18,700

-21,510-25, 493-26, 866-32, 991-35, 807

-39, 866-45, 579-55, 797-70, 499-103,649

-98, 041-124,047-151,706

-28,352-29,963-32,418-33, 314

-36, 502-37,263-38, 277-39, 664

-41, 865-42, 869-44,975

Netbal-ance

6,69710,1245,7085,339

1,1223,0672,6111,4372,576

2,8974,7536,2713,4621,148

4,8925,5714,5215,2246,801

4,9513,8173,800

635607

2,603-2 ,260-6 ,416

911-5 ,343

9,047- 9 , 353-31,130

-1 ,351-1 ,583-2,816- 3 , 603

-7 ,025- 6 , 634- 7 , 268-10,203

-11,201- 7 , 802-8 ,045

Investment income 3

Re-ceipts

772

l|9211,831

2,0682,6332,7512,7362,929

3,4063,8374,1803,7904,132

4,6164,9985,6196,1576,823

7,4417,5318,0249,3770,920

1,7512, 688.4, 694!1,6977, 541

25, 35929, 24432,100

7,0277,3697,4287,420

7,7968,0888,2207,997

9,381.0, 0039,946

Pay-ments

-212-245-437-476

-559-583-555-624-582

-676-735-796-825

-1 ,061

-1,237-1 ,245-1,324-1,561-1 ,784

- 2 , 088-2,481- 2 , 747-3,378- 4 , 869

-5,516- 5 , 436- 6 , 544- 9 , 655-12,084

-12, 564-13,311-14, 593

- 3 , 405- 3 , 332- 3 , 293- 3 , 281

-3,197-3,60i-3,610-4,185

- 4 , 503-5,420-5,396

Net

56085;

1,4841, 35f

1,5092,0502,1962,1122,347

2,7303,1023,3842,9653,071

3,3793,7534,2954,5965,039

5,3535,0505,2775,9996,051

6,2357,2528,1502,042.5, 457

2, 795.5,933.7, 507

3,6224,0374,1354,139

4,5994,4874,6103,812

4,8784,5834,550

Netmili-tary

trans-actions

-493-455-799-621

-576-1,270-2,054-2,423-2,460

-2, 701-2, 788-2, 841-3,135-2, 805

-2,752-2, 596-2,449-2,304-2,133

-2,122-2, 935-3, 226-3,143-3, 328

-3, 354-2, 893-3,621-2,287-2, 080

-876312

1,334

- 6 4- 3 0237169

568295467

5

210592177

Nettraveland

trans-porta-

tion re-ceipts

733946374230

-120298

83-238-269

-297-361-189-633-821

-964-978,152,309,146

,280,331,750

-1 ,548- 1 , 763

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

- 2 , 522- 2 , 245- 3 , 044

-627-399-515-704

-907-759-677-701

-823-626-802

Otherserv-ices,nets

310145175208

24;25430930;305

299447482486573

579594809960

1,041

1,3871,3651,6121,6301,833

2,1902,5092,7893,1853,975

4,6174,7144,749

1,1511,1561,1861,222

1,1361,1711,2601,183

1,3611,4681,563

Bal-anceon

goodsand

serv-ices i «

11,6176,9426,511

2,1774,3993,1451,1952,499

2,9285,1537,1073,1451,166

5,1326,3456,0267,1689,603

8,2895,9665,7123,5733,401

5,6542,294

-2,12510, 7668,905

23, 0609,361

-10,585

2,7313,1812,2271,223

-1,630-1,440-1,609-5 ,903

- 5 , 576-1 ,785- 2 , 557

Remit-tances,

pen-sions,and

otheruni-

lateraltrans-fers i

-2,922-2,625- 4 , 525- 5 , 638

- 4 , 01- 3 , 515-2,531-2,481- 2 , 280

- 2 , 498-2,423-2,345-2,361-2,448

-2 , 308-2,524-2, 638-2,754-2,781

-2, 854-2, 932-3,125-2, 952-2, 994

-3 , 294-3,701-3 , 854-3 , 881-7,186

-4,615-5,022-4, 708

-1,028-1,040-1,908-1,047

-1,126-1,243-1,277- 1 , 064

-1,282-1,317-1,267

Bal-anceon

cur-rentac-

count

4,8858,9922,417

873

—1

-1

24,

-1,

840884614286219

430730762784282

2,8243,8213,3884,4146,822

5,4353,0342,587621406

2,360-1,407-5,9796,8851,719

18, 4454,33915, 292

1,7032,141319176

-2,756- 2 , 683- 2 , 886- 6 , 967

-6 , 858-3,102- 3 , 824

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

excluded from investment income and included in other services, net.4 In concept, the sum of balance on current account and allocations of special drawing rights is equal to net foreign

investment in the national income and product accounts, although the two may differ because of revisions, special handlingof certain items, etc.

(See next page for continuation of table.)

294


TABLE B-97.—U.S. international transactions, 1946-78—Continued

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

Year orquarter

19461947. . - -19481949 _ . -

1950 -1951195219531954

19551956195719581959

19601961196219631964

196519661967.19681969.

1970.19711972..19731974

1975.1976 -1977.

1976: 1I I . . . .I I I . . .IV

1977: 1I I . -I I I . . .IV.. . .

1978: l_—II- - . -III p . .

U.S. assets abroad, net(increase/capital outflow ( - ) l

Total

- 4 , 0 9 9- 5 , 5 3 8- 4 , 1 7 7- 7 , 2 7 1- 9 , 5 5 9

- 5 , 718- 7 , 3 2 1- 9 , 759

-10 ,987-11 ,593

- 9 , 3 4 0-12 ,475-14 ,461-22 ,823-34 ,712

-39 ,444-50 ,608-34 ,650

-12 ,365-11 ,740-10 ,269-16 ,235

- 1 , 3 3 4-12 ,003

- 6 , 6 1 5-14 ,700

-15 ,036- 6 , 1 3 4

-11 ,006

U.S.officialreserveassets6

- 6 2 3- 3 , 3 1 5- 1 736

- 2 6 6

1,758- 3 3

- 4 1 51 256

480

182- 8 6 9

- 1 1652,2921,035

2,145606

1,533377171

1,222568

52- 8 8 0

- 1 , 1 8 7

2,4772,348

32209

- 1 , 4 3 4

- 6 0 7

-*s- 7 7 3

- 1 , 5 7 8- 4 0 7

228

- 3 8 86

151

246329180

OtherU.S.

Govern-ment

assets

- 1 , 1 0 0- 9 1 0

- 1 , 0 8 5- 1 , 6 6 2- 1 , 6 8 0

- 1 , 6 0 5- 1 , 5 4 3- 2 , 4 2 3- 2 , 2 7 4- 2 , 2 0 0

- 1 , 5 8 9- 1 , 8 8 4- 1 , 5 6 8- 2 , 6 4 4

5 366

- 3 , 4 7 0- 4 , 2 1 3- 3 , 6 7 9

- 7 6 2- 9 3 2

- 1 , 340- 1 , 1 8 0

- 9 4 9- 7 9 5

- 1 , 0 9 8- 8 3 8

- 8 9 6- 1 , 1 7 6- 1 , 4 9 4

U.S.privateassets

- 5 , 1 4 4- 5 , 2 3 4- 4 , 6 2 4- 5 , 9 8 6- 8 , 0 4 9

- 5 , 3 3 5- 6 , 3 4 5- 7 , 3 8 7- 7 , 8 3 3- 8 , 2 0 6

-10 ,228-12 ,939-12 ,925- 2 0 , 388-33 ,643

-35 ,368-43 ,865- 3 0 , 740

-10 ,830- 9 , 2 3 0- 8 , 522

-15 ,283

- 1 1 , 2 1 '- 5 , 6 6 8

-13 ,862

-14 ,386- 5 , 2 8 7- 9 , 6 9 2

Foreign assets in the U.S., net[increase/capital inflow ( + ) ]

Total

2,2942,7051,9113 2173,644

7403,6597,3789,927

12, 701

6,35722,98721,69618,66334,677

15, 55036,96950,869

7,5907,9148,932

12,534

2,49014,06414,25120,065

18,095406

14,612

Foreign officialassets

Total

1,473765

1,2701,9861,661

132- 6 7 43,450- 7 7 6

- 1 , 3 0 1

6,90726,89510, 7056,299

10,981

6,90718,07337,124

3,8194,0173,0707,166

5,4517,8848,246

15, 543

15,760- 5 , 6 8 5

4,904

Assetsof

foreignofficialreserveagen-cies

1,258741

1,1181,5581,363

67- 7 8 73,367- 7 6 1

- 1 , 5 5 2

7,36227,40510, 3225,145

10,257

5,25913,08035,480

2,3233,3511,3206,086

4,9467,4677,914

15,153

14,956- 5 , 3 7 3

4,554

Otherforeignassets

8211,939

6411,2311,983

6074,3333,928

10,70314,002

- 5 5 0- 3 , 9 0 710,99112, 36423,696

8,64318,89713, 746

3,7713,8975,8625,367

- 2 , 9 6 26,1806,0054,522

2,3366,0909,708

Alloca-tions ofspecial

drawingrights(SDR)

867717710

Statisticaldiscrepancy

Total(sum of

theitemswithsignre-

versed)

- 1 , 0 1 9- 9 8 8

- 1 , 1 2 2- 3 6 0- 9 0 7

- 4 5 7628

- 2 0 6439

- 1 515

- 2 4 4- 9 , 8 2 2- 1 , 9 6 6- 2 , 7 2 5- 1 684

5,4499,300- 9 2 7

3,0731,6851,0183,525

1,600622

- 4 , 7511,602

3,7988,830

218

Ofwhich:Sea-sonal

adjust-ment

discrep-ancy

688215

- 2 , 6 3 61,734

131- 1 7 9

- 2 , 2 2 92,276

160

- 2 , 4 1 1

s Includes extraordinary U.S. Government transactions with India.«Consists of gold, special drawing rights, convertible currencies, and the U.S. reserve position in the International

Monetary Fund (IMF).

Note.—Quarterly data for changes in U.S. official reserve assets, U.S. private assets abroad, and foreign assets in theUnited States are not seasonally adjusted.


295


T A B L E B—98.—U.S. merchandise exports and imports by principal end-use categories, 1965—78

[Millions of dollars; quarterly data seasonally adjusted]

Year or quarter

19651966196719681969

19701971197219731974

1975 . _19761977

1977: 1IIIllIV

1978: 1IIIll »

Exports

Total

26,46129, 31030,66633,62636, 414

42,46943, 31949, 38171,41098,306

107,088114,694120, 576

29,47730, 62931, 00929,461

30, 66435, 06736, 930

Agricul-tural

6,3056,9496,4536,2976,096

7,3747,8319,513

17,97822,412

22, 24223,38124, 336

6,2196,4805,9745,663

6,5057,9947,922

Nonagricultural

Total

20,15622,36124,21327, 32930,318

35,09535,48839, 86853,43275, 894

84,84691,31396, 240

23,25824,14925, 03523, 798

24,15927, 07329, 008

Capitalgoods

8,0528,9079,934

11,11112, 369

14,65915, 37216,91421,99930,887

36,65939,06539, 807

9,5849,852

10,28610,085

9,96911,06212,465

Othergoods

12,10413,45414,27916, 21817,949

20,43620,11622,95431,43345,007

48,18752,24856, 433

13,67414, 29714, 74913,713

14,19016, 01116, 543

Imports

Total

21,51025, 49326,86632,99135, 807

39,86645, 57955,79770,499

103,649

98,041124,047151, 706

36, 50237,26338, 27739,664

41, 86542,86944,975

Petroleumand

products

2,0342,0782,0912,3842,649

2,9303,6504,6508,415

26,589

27,01734,57344,980

11, 57411,53611,30610, 564

9,94510,80710,823

Non- petroleum

Total

19,47623,41524,77530,60733,158

36,93641,92951,14762,08477,060

71,02489,474

106,726

24,92825,72726,97129,100

31, 92032,06234,152

Industrialsupplies

9,12310,2359,956

12,02711, 798

12,46713, 82416, 34919, 72527,975

24,21130,00036, 070

8,0959,1429,1829,651

10, 71011,17010,916

Othergoods

10,35313,18014,81918, 58021, 360

24,46928,10534,79842, 35949,085

46, 81359,4747C, 656

16,83316, 58517, 78919, 449

21,21020,89223, 236

Note.—Data are on an international transactions basis and exclude military shipments.Source: Department of Commerce, Bureau of Economic Analysis.

296


TABLE B-99.—U.S. merchandise exports and imports by area, 1972-78[Millions ot dollars]

Item 1972 1973 1974 1975 1976 1977 19781

Exports

Developed countries.

CanadaJapanWestern EuropeAustralia, New Zealand, and

South Africa

Developing countries..

OPEC2.Others.

Eastern Europe

Imports

Developed countries.

CanadaJapanWestern EuropeAustralia, New Zealand, and

South Africa


OPEC 2_Other 3_.

Easte rn Europe..

49, 381

34, 564

13,1094,963

14, 950

1,542

13, 917

2,55111, 366

900

55, 797

40, 643

14, 4939,076

15, 661

1,413

14, 791

2,97411,817

363

71,410

48, 529

16, 7108,356

21, 216

2,247

20, 834

3,414

17, 420

2,047

70, 499

48, 98517,6949,665

19, 774

1,852

20, 913

5,09715, 816

601

98, 306

64, 487

21, 84210, 72428,164

3,757

32, 082

6,21925, 863

1,737

103,649

61, 092

22, 39212,41424, 267

2,019

41, 580

17, 23424, 346

977

107, 088

66, 496

23, 5379,567

29, 884

3,508

37, 343

9,95627, 387

3,249

98, 041

55, 973

21,71011,25720, 764

2,242

41, 334

18, 89722, 437

734

114,694

72,339

26,33610,19631,887

3,920

38,254

11,56126,693

4,101

U24,047

67,488

26,47515, 53123,003

2,479

55, 375

27,40927,966

875

120, 576

76,712

28,29310, 56634, 076

3,777

40, 952

12, 87828, 074

2,912

151, 706

79, 247

29,66418, 56528, 226

2,792

70, 678

35, 77834,900

1,127

136, 881

84,427

30, 05912,15738,261

3,949

48, 540

14, 77933,761

4,467

U72,945

97, 572

32, 87524, 39536,120

4,183

73, 737

33,16340, 575

1,441

1 First 3 quarters at seasonally adjusted annual rate; preliminary. Detail will not add to totals because of seasonaladjustment discrepancy and rounding.

2 Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emiratesand Venezuela.

3 Latin American Republics, otherWestern Hemisphere,and other countries in Asia and Africa,less petroleum exportingcountries and the International Monetary Fund.

4 Includes imports of nonmonetary gold from International Monetary Fund, not in area detail.

Note.—Data are on an international transactions basis and exclude military shipments.


297


TABLE B-100.—International investment position of the United States at year-end, 1970-11


Type of investment 1970 1972 1974 1975 1976 1977

Net international position of the United States.

U.S. assets abroad

U.S. official reserve assets.

GoldSpecial drawing rights (SDR).Reserve position in the Ir

Fund ( I M F ) .Foreign currency reserves.

nternational Monetary

Other U.S. Government assets.

U.S. loans and other long-term assets _U.S. short-term assets other than reserves.

U.S. private assets.

Direct investments abroad (book value).Foreign securitiesClaims on foreigners reported by U.S. banks, not in-

cluded elsewhereClaims on unaffiliated foreigners reported by U.S.

nonbanks

Foreign assets in the United States.

Foreign official assets

U.S. Government securities1.Other U.S. Government liabilitiesLiabilities reported by U.S. banks, not included else-

where _Other official assets

Other foreign assets

Direct investments in the United States (book value)..Liabilities reported by U.S. banks, not included else-

where _U.S. Treasury securitiesOther U.S. securities2

Liabilities to unaffiliated foreigners reported by U.S.nonbanks.

58.6

165.5

14.5

11.1.9

1.9.6

32.1

29.72.5

118.8

75.521.0

13.8

8.5

106.8

26.1

17.71.7

6.7.0

80.7

13.3

22.71.2

34.78.8

37.1

199.0

13.2

10.52.0

. 5

. 2

36.1

34.12.0

149.7

89.927.6

20.7

11.4

161.8

63.2

52.91.6

8.5.2

£8.7

14.9

21.21.2

50.710.7

58.3

255.7

15.9

11.72.4

1.9.0

38.4

36.32.1

201.5

110.128.2

46.2

17.0

197.4

80.3

57.73.5

18.4.6

117.1

25.1

41.81.7

34.913.6

73.9

295.1

16.2

11.62.3

2.2.1

41.8

39.82.0

237.1

124.134.9

59.8

18.3

221.2

87.6

63.35.1

16.32.9

133.6

27.7

42.54.2

45.3

13.9

80.7

346.4

18.7

11.62.4

4.4.3

46.0

44.11.9

281.7

136.444.1

81.1

20.1

265.7

106.6

73.610.1

17.25.6

159.1

30.8

53.57.0

54.8

13.0

70.0

381.3

19.3

11.72.6

4.9.0

49.6

47.81.8

312.4

148.849.3

92.6

21.8

311.3

143.1

106.011.8

18.07.2

168.2

34.1

60.27.6

53.1

13.3

1 Includes Treasury and agency issues of securities.2 Corporate and other bonds and corporate stocks.

Note.—Gold is valued at SDR35 per ounce, throughout. The SDR value is converted to dollars at $1/SDR before Decem-ber 1971, at $1.08571/SDR from December 1971 through January 1973, at $1.20635/SDR from February 1973 throughJune 1974, and as measured by the basket valuation of the SDR beginning July 1974.


298


TABLE B-101.—International reserves, 1952, 1962, and 1974-78

[Millions of dollars; end of period]

Area and country

All countries.

Industrialized countries2..

United States.CanadaJapan

AustriaBelgiumFranceGermanyItalyNetherlandsScandinavian countries (Den-

mark, Norway, and Sweden).SwitzerlandUnited Kingdom

Other Europe

Australia, New Zealand, and SouthAfrica

Oil exporting countries.

IranNigeriaSaudi Arabia3..VenezuelaOther*

Other less developed areas

Other Western Hemisphere

Other Middle East

Other Asia

Other Africa _

1952

1 49,187

36,773

24, 7141,9441,101

1161,133686960722950

8171,6671,956

1,559

1,509

1,699

177500

443579

7,187

2,086

826

3,479

796

1962

62,659

49, 254

17,2202,5612,021

1,0811,7534,0496,9574,0681,944

1,3622,9193,308

2,966

2,066

2,030

211289268583679

6,343

1,700

992

2,663

1974

219,799

119,908

16,0585,82513,519

3,4305 3458,85232,3986,9416,957

4,6009,0116,939

15,138

6,068

46,995

8,3835,62614,2856,51312,188

31,691

11,905

4,754

12, 055

2,977

1975

226,852

121,880

15,8835,32612,815

4,4395,79712, 59331,0344,7747,109

6,19110,4285,459

13,046

4,900

56,533

8,8975,60923,3198,8619,847

30,496

10, 021

5,186

12, 513

2,777

1976

257,402

131,849

18,3205,84316,605

4,4105,2069,72834,8016,6547,387

5,63612,9934,230

13,734

4,602

65,233

8,8335,20327,0258,57815, 594

41, 983

15,215

5,778

17,912

3,078

1977

317,847

169,356

19,3924,608

23,2614,2445,76110,19439, 73711,6298,065

7,53913,83021,057

15,668

3,657

75,495

12,2664,259

30,0348,214

20,722

53,670

20,296

7,472

22,141

3,763

1978

November

347,874

198,808

18,6054,48732,730

5,3455,82013,31952,30114,1236,930

9,95518,38116,770

21, 296

4,018

59, 326

1,61919,7616,526

64,427

26, 716

8,547.

25, 390

3,776

1 Includes Cuba.2 Includes Luxembourg.3 Data beginning April 1978 exclude the foreign exchange cover against the note issue.* Algeria, Indonesia, Iraq, Kuwait, Libya, Oman, Qatar, and United Arab Emirates.Note.—International reserves is comprised of monetary authorities' holdings of gold, special drawing rights (SDR),

reserve positions in the International Monetary Fund, and foreign exchange. Data exclude U.S.S.R., other Eastern Europeancountries, Mainland China, and Cuba (after 1960).

Source: International Monetary Fund, "International Financial Statistics."

299


TABLE B—102.—Summary of major U.S. Government net foreign assistance, July 1, 1945 to' December 31. 1977

[Millions of dollars] >

Type and geographic distribution

Yearly average or calendar year

1945-492 1950-54 1955-59 1960-64 1965-69

Total .net

Investment in 6 international financial institutions 3_.

Under assistance programs, net

Net new military grantsGross new grantsLess: Reverse grants and returns

Other grants, credits, and other assistance (through netaccumulation of foreign currency claims), net

Net new economic and technical aid grants *Gross new grantsLess: Reverse grants and returns

Net new credits < sNew creditsLess: Principal collections

Other assistance (through net accumulation of foreigncurrency claims)«

5,540

141

5,399

325340

15

5,074

3,3123,486

174

1,7621,986

224

5,059

Currency claims acquiredSales of farm productsSecond-stage operations7 .

5,059

2,4622,494

32

2,597

2,4062,512

106

148544396

42

Less: Currencies disbursedEconomic grants and credits to purchasing

countryOther uses

Geographic distribution of net nonmilitary assistance

Developing countries,* net total

Net new economic and technical aid grantsNet new creditsOther assistance (through net accumulation of foreign

currency claims)

904

752152

Developed countries,8 net total.


currency claims)

4,170

2,5601,610

1,032

772240

20

1,564

1,634- 9 2

22

4,772

7

4,764

2,4382,451

14

2,327

1,7101,759

48

210827617

407

965963

2

558

413145

2,211

1,470386

355

116

240- 1 7 6

4,664

124

4,540

1,5941,629

35

2,946

1,8501,872

22

8711,843

972

225

1,2301,186

44

1,005

807198

3,316

1,8171,310

189

- 3 7 1

32- 4 3 9

36

5,899

81

5,818

2,1902,196

3,628

1,7761,780

4

1,9503,0821,132

- 9 8

814691122

912

716196

3,611

1,7651,926

17

1124

-18

1 Negative figures (—) occur when the total of grant returns, principal repayments, and/or foreign currencies disbursedby the Government exceeds new grants and new credits utilized and/or acquisitions of foreign currencies through new salesof farm products.

2 July 1,1945, through December 31,1949. Yearly average is for 4 ^ years.s Includes paid-in capital subscriptions and contributions to the special funds of the African Development Fund, Asian

Development Bank, Inter-American Development Bank, International Bank for Reconstruction and Development, Inter-national Development Association, and International Finance Corporation.

4 Net new grants are not adjusted for settlements of postwar relief and other grants under agreements, and net newcredits exclude prior grants converted into credits. Repayments on these settlements are included in net new credits.

« Outstanding credits on December 31, 1977, totaled $41,610 million, representing net credits extended since organi-zation of Export-Import Bank, February 12, 1934, less chargeoffs and net adjustments due to exchange rates ($1,537million), and excluding World War I debts. The amount repayable in dollars at U.S. Government option was $39,018 mil-l ion; the remainder was repayable in foreign currencies, commodities, or services, at the option of the borrowers.

(See next page for continuation of table.)

300


TABLE B-102.—Summary of major U.S. Government, net foreign assistance, July. / , 1945 toDecember 31, 1977—Continued

[Millions of dollars] >

Type and geographic distribution

Yearly average or calendar year

1970-74 1975 1976 1977 P

Total, net

Investment in 6 international financial institutions3..

Under assistance programs, net

Net new military grantsGross new grantsLess: Reverse grants and returns

Other grants, credits, and other assistance (through netaccumulation of foreign currency claims), net

Net new economic and technical aid grants4

Gross new grantsLess: Reverse grants and returns

Net new credits45

New creditsLess: Principal collections

Other assistance (through net accumulation of foreigncurrency claims)6

Currency claims acquiredSales of farm productsSecond-stage operations7

Less: Currencies disbursedEconomic grants and credits to purchasing

countryOther uses

7,146

332

6,814

3,3103,314

5

3,504

2,4862,534

48

1,1903,8362,646

- 1 7 1

742106635

913

709204

8,671

654

8,017

2,8912,895

4

5,126

2,2472,249

2

2,8495,2932,444

30

1895

184

159

21138

Geographic distribution of net nonmilitary assistance

Developing countries,* net total


currency claims)

Developed countries,* net total..


currency claims)

3,614

2,5291,234

- 1 4 9

- 1 1 0

- 4 4- 4 4

- 2 2

5,017

2,2482,711

58

109

- 1138

- 2 8

7,930

1,102

6,828

1,3391,342

3

5,488

2,2662,272

6

3,2755,8372,563

-53

129

182

42140

5,329

2,2663,093

-30

158

ill-23

6,723

870

5,853

7577603

5,096

2,2752,275

2,8605,5462,686

-39

175

214

16198

5,284

2,2733,017

- 6

-188

2-157

-33

e Equivalent value of currencies still available to be used, including some funds advanced from foreign governments andafter loss by exchange rate fluctuations ($1,962 million), was $555 million on December 31, 1977.

i Includes foreign currencies acquired from triangular trade operations and principal and interest collections on credits,originally extended under Public Law 83-480, which—since enactment of Public Law 87-128—are available for thesame purposes as Public Law 83-480 currencies.

s Developed countries include Australia, Canada, Japan, New Zealand, Republic of South Africa, and all countries inEurope except Cyprus. Gibraltar, Greece, Malta, Portugal, Spain, Turkey, and Yugoslavia. Developing countries includeall other countries. This classification is on the basis of the standard list of less developed countries used by the Develop-ment Assistance Committee of the Organization for Economic Cooperation and Development.

•Less than plus or minus $500,000.Source: Department of Commerce, Bureau of Economic Analysis, based on information made available by operating

agencies.

301


TABLE B-103.—World trade: Exports and imports, 1965, 1970, and 1974-78

[Billions of U.S. dollars]

Area and country 1965 1970 1974 1975 1976 1977 1978i

Exports, f.a.s.2

Developed countries3

United StatesCanadaJapan

European Community4

FranceWest GermanyItalyUnited Kingdom

Other developed countries

Developing countries

OPEC5

O t h e r . . . .

Communist countries6

U.S.S.REastern EuropeChina

TOTAL

Developed countries3

United StatesCanadaJapan.

European Community4

FranceWest GermanyItalyUnited Kingdom..



OPEC5

Other

Communist countries6

U.S.S.REastern EuropeChina

TOTAL . . .

129.7

27.58.58.5

64.8

10.217.97.2

13.8

20.4

35.2

10.724.5

23.2

8.211.82.0

188.1

225.9

43.216.719.3

113.0

18.134.213.219.6

33.6

54.3

17.636.7

34.7

12.818.22.1

314.9

547.9

98.534.555.6

276.9

46.389.330.539.4

82.4

216.8

120.596.3

75.5

27.437.66.7

840.2

583.3

107.634.155.8

298.4

53.190.234.844.5

87.4

203.7

111.592.2

90.4

33.445.37.2

877.4

647.3

115.040.567.3

328.8

57.2102.237.346.7

95.7

248.6

135.3113.3

99.1

37.349.57.3

995.0

734.8

121.243.481.1

382.0

65.0118.145.058.2

107.1

283.3

147.6135.7

115.8

45.256.97.9

1,133.9

Imports, c.i.f.7

136.7

23.28.78.2

69.3

10.417.67.4

16.1

27.3

37.0

6.530.5

22.6

8.111.61.8

196.3

235.3

42.414.318.9

116.9

19.129.915.022.0

43.0

56.6

10.046.6

34.2

11.718.52.2

326.1

608.6

108.034.462.1

295.9

52.969.641.155.0

108.2

163.3

33.4129.9

79.2

24.942.37.4

851.1

610.9

103.436.257.9

301.9

54.074.938.454.2

111.5

189.5

52.7136.8

100.8

37.151.37.4

901.1

701.5

129.640.364.9

345.6

64.488.443.456.6

121.2

207.2

64.1143.1

105.1

38.255.66.0

1,013.8

793.3

157.642.171.3

389.7

70.5101.547.664 6

132.7

249.1

87.5161.6

115.3

40.961.76.9

1,157.7

853.4

140.247.599.9

444.0

79.5142.152.571.2

121.8

296.1

145.0151.1

133.3

52.963.89.9

1, 282. 8

889.2

184.045.880.2

440.9

80.7121.252.477.8

138.2

291.3

104.1187.2

133.5

49.067.710.1

1,314.0

1 Preliminary estimates.2 Free-alongside-ship value.s Includes the OECD countries, South Africa, and non-OECD Europe.4 Includes Belgium-Luxembourg, Denmark, Ireland, and the Netherlands, not shown separately,s Includes Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Oman, Qatar, Saudi Arabia, United

Arab Emirates, and Venezuela.«Includes North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia, not shown separately.7 Cost, insurance, and freight value.

Sources: International Monetary Fund, Organization for Economic Cooperation and Development, and Council ofEconomic Advisers.

302


TABLE B-104.—World trade balance and current account balances, 1965, 1970, and 1974-78

[Billions of U.S. dollars]

Area and country 1965 1970 1974 1975 1976 1977 1978i

Developed countries >.


European Community*.

FranceWest Germany...ItalyUnited Kingdom..


Developing countries

OPEC «_.Other...

Communist countries *.

U.S.S.REastern Europe..China

TOTAL *

OECD.


European Community*

FranceWest Germany...ItalyUnited Kingdom..


OPEC »_.Other...

Other i ° .

TOTAL..

3.8

5.4-1 .1

.9

.9

- L 62.2

_ i

World trade balances

-6 .9

4.3

'.Z

-4 .5

- . 2.3

-l!3-6 .8

-1 .8

4.2-6 .0

.5

.1

.2

.2

- 8 . 2

-9 .6

.82.5.4

- 3 . 9

- 1 . 04.3

-1 .8-2 .4

-9 .4

- 2 . 3

7.6-9 .9

.5

1.1- . 4

-11.4

-60.7

-9 .5

- 6 ! 5

-19.0

-6 .719.7

-10.6-15.6

-25.8

53.4

87.0-33.6

-3 .7

2.5-4 .7

-11.0

-27.6

4.2-2 .1-2 .1

-3 .5

- . 815.2

-3 .6-9 .6

-24.1

14.3

58.9-44.6

-10.4

-3 .7-6 .0

-23.7

-54.2

-14.6

2*. 4

-16.8

- 7 . 213.7

-6 .2-9 .9

-25.5

41.3

71.2-29.9

-6 .0

- . 9-6 .1

1.3

-18.9

-58.5

-36.31.39.8

-7 .7

-5 .516.6

-2 .5-6 .4

-25.7

34.2

60.1-25.9

.5

4.3-4 .8

1.0

-23.8

Current account balances8

6.7

2.41.12.0

3.2

!91.11.8

-8 .5

- 8.'0

-2 .8

-4 .5

-25.3

1.7-1 .5-4 .7

-12.4

-6 .09.8

-8 .0-8 .6

34.8

59.3-24.5

-9 .8

- . 3

0.3

18.4-4 .7- . 7

.4

l!o- . 8

-4 .1

-11.2

27.3-38.5

-18.5

-29.5

-19.0

4.3-3 .8

3.7

-6 .6

-6 .13.8

-2 .8-2 .0

11.0

37.0-26.0

-12.8

-20.8

-27.5

-15.3-3 .910.9

.8

-3 .33.72.3.5

7.5

31.5-24.0

-10.0

-30.0

-35 .8

-43.81.7

19.7

3.1

- 1 . 320.9

.2

-6 .6

-16.4

4.840.9

-36.1

- . 2

3.9-3 .9

-31.2

0.5

-17.0-4 .020.0

9.8

2.06.05.5

- . 5

-23 .0

11.0-34.0

-10.8

-33.3

* Preliminary estimates.2 Exports f.a.s. (free alongside ship) less imports c.i.f. (cost, insurance, and freight),s Includes the OECD countries, South Africa, and non-OECD Europe.* Includes Belgium-Luxembourg, Denmark, Ireland, and the Netherlands, not shown separately.«Includes Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Oman, Saudi Arabia, United Arab

Emirates, and Venezuela.« Includes North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia, not shown separately.7 Asymmetries arise in global payments aggregations because of discrepancies in coverage, classification, timing, and

valuation in the recording of transactions by the countries involved.8 OECD basis.9 Consists of countries in footnote 4 plus Bahrain and Qatar.10 Includes Communist countries and non-OECD developed countries.

Sources: International Monetary Fund, Organization for Economic Cooperation and Development, and Council ofEconomic Advisers.

303


T A B L E B—105.—Consumer prices and hourly compensation, major industrial countries, 1960—78

[1967=100)

Year or quarter

1960 . . .19611962 - - .19631964 - -

1965196619671968 . .1969

197019711972 -19731974 .

197519761977

1977: 1II. .IIIIV

1978" 1IIIII

19601961 -19621963 _ _-1964

1965196619671968 _ -1969

1970 -197119721973 - -1974

197519761977

UnitedStates Canada Japan France West

Germany Italy UnitedKingdom

Consumer prices

88.789.690.691.792.9

94.597.2

100.0104.2109.8

116.3121.3125.3133.1147.7

161.2170.5181.5

176.9180.7183.3185.3

188.5193.4197.9

77.179.582.685.288.9

91.095.3

100.0107.1113.9

121.7129.5136.6146.4161.1

180.1195 1212.2

85.986.787.789.390.9

93.196.6

100.0104.1108.8

112.4115.6121.2130.3144.5

160.1172.1185.9

179.7183.9188.0192.0

195 6200.3205.4

fO. 378.977 079.082.0

86.293.0

100 0107.4115.5

128.2142.6156.8170.6201.7

222.1261 3268.4

67.771.376.181.985.0

91.596.2

100.0105.3110.8

119.3126.5132.3147.9184.0

205.8224.9243.0

237.3243.7244.4246.5

247.5252.6254.3

78.881.485.389.492.5

94.897.2

100.0104.5111.3

117.1123.5131.1140.7160.0

178.9196.1214.5

205.6211.9216.9221.1

224.6230.9237.1

82.884.787.389.892.0

94.998.3

100.0101.5103.4

107.1112.7119.0127.2136.1

144.2150.7156. 6

154.8156.9157.3157.6

159.6161.1161.0

Hourly compensation'

43.450.357.564.172.0

81.189.2

100.0116.9139.3

165.9197.3259.2353.7431.2

497.2538.3650.5

56 061.767 975.080.7

86.992.5

100 0112.6111.6

117.2131.3159.9208.1229.6

304.7312 5348.6

51.860.568 873.679.5

85.794.3

100.0105.9117.3

145.9173.4211.4289.3342.5

406.2420 1497.5

74.175.779.285.190.1

94.296.4

100.0101.4104.1

109.2114.4121.0134.0159.7

186.8218.1255.2

242.9252.1258.5267.2

274.1282.6289.3

46 851.861 172.380.4

86.089.8

100 0106.8121.1

145.0169.7206.0261.7291.6

374.7352 6391.0

78.981.685.186.889.6

93.997.6

100.0104.7110.4

117.4128.5137.7150.2174.3

216.5252.4292.4

279.7292.1296.8301.1

306.2314.6320.0

65.970.874.677.983.2

91.298.7

100.093.3

100.6

115.1133.4153.3167.7204.5

247.8237.8252.9

not compensation to employees, but are labor costs to employers.Source: Department of Commerce (Bureau of International Economic Policy and Research) and Department of Labor

(Bureau of Labor Statistics).

304


TABLE B-106.—Industrial production and unemployment rate, major industrial countries91960-78

[Quarterly data seasonally adjusted]

Year or quarter

19601961196219631964

1965196619671968.1969

19701971197219731974 _ _

1975197619771978 P

1977:1IIIIIIV

1978:1MIIIIV v

19601961 _196219631964

19651966 _. ._19671968 . . „1969.

1 9 7 0 . . . _197119721973. __1974

1975.19761977.1978*

1977:1II . .IllIV . . .

1978:1| | „

IIIIV '

UnitedStates

66.266.772.276.581.7

89.897.8

100.0106.3111.1

107.8109.6119.7129.8129.3

117.8129.8137.1145.1

133.6137.0138.4139.3

139.6144.0147.0149.5

Canada

63.065.671.175.782.6

89.696.3

100.0106.4113.7

115.3121.5130.7143.0147.5

139.6146.7152.6

151.4151.7152.7154.8

155.8157.8160.4

JapanEuropean

Com-munity *

France

Industrial production (1967=

43.051.355.461.771.4

74.283.9

100.0115.2133.4

151.7155.8167.2190.5183.1

163.9182.0189.5

189.2188.9188.7191.2

196.7200.2201.6

74.778.181.384.891.0

94.798.4

100.0107.4117.6

123.3126.1131.7141.4142.3

132.8142.5145.0

149147144144

146146

7175798390

9398

100104114

120128135145148

139149152

153152151149

152155154

WestGermany

100)2

77.682.086.489.496.6

102.1103.0100.0109.2123.1

131.1133.6138.7147.7145.1

137.1149.1152.7

153151152153

153153157

Italy

60.065.771.977.979.1

83.092.3

100.0106.4110.5

117.6117.5122.7134.6140.6

127.6143.5145.1

154.5143.6142.5139.5

146.0144.6145.2

UnitedKingdom

84.084.084.888.495.0

97.799.2

100.0106.8110.3

110.9110.6113.2123.0120.0

114.3117.4123.1

123.2123.0123.6122.3

124.1128.0128.3

Unemployment rate (percent)3

5.56.75.55.75.2

4.53.83.83.63.5

4.95.95.64.95.6

8.57.77.06.0

7.57.26.96.6

6.26.06.05.8

7.07.15.95 54.7

3.93.43.84.54.4

5.76.26.25.65.4

6.97.18.18.4

7.98.18.28.4

8.48.68.58.2

1.71.51.31.31.2

1.21.41.31.21.1

1.21.31.41.31.4

1.92.02.0

«2.3

1.92.12.12.1

2.12.32.3

1.81.61.51.31.5

1.61.92.02.62.4

2.62.82.92.73.0

4.34.75.1

<5.5

4.95.15.34.9

5.05.16.0

1.1.6.6.5.4

.3

.31.31.4.9

.8

.8

.8

.81.7

3.63.63.63.4

3.53.53.63.5

3.53.43.43.4

3.83.22.82.42.6

3.53.83.43.43.3

3.13.13.63.42.8

3.23.63.43.5

3.43.43.53.4

3.53.53.63.6

2.22.02.83.42.5

2.22.33.43.33.0

3.13.74.12.92.9

4.15.56.26.1

6.06.06.36.4

6.36.26.15.9

i Consists of Belgium-Luxembourg, Denmark, France, Ireland, Italy, Netherlands, United Kingdom, and West Germany.* All data exclude construction.> Unemployment rates adjusted to U.S. concepts. Data for United Kingdom exclude Northern Ireland.< 11-month average, seasonally adjusted.Sources: Department of Commerce (Bureau of International Economic Policy and Research) and Department of

Labor (Bureau of Labor Statistics).

305


TABLE B-107.—Growth rates in real gross national product, 1960-78

[Percent change]

Area and country

OECO countries .__

United StatesCanadaJapan..

European Community3

FranceWest GermanyItaly. _ _United Kingdom

Other OECD *

Communist countries s . .

U.S.S.R.Eastern Europe _ _China

Less developed countries..

OPECOther.

TOTAL

1960-73annualaverage

4.8

3.95.4

10.5

4.7

5.74.85.23.2

5.4

«5.3

«5.0M.I«6.2

7 9.076.1

1974

0.4

- 1 . 43.5

- 1 . 0

1.7

2.6

1 9- . 6

3.6

4.6

3.84.73.7

8.05.3

1975

- 0 . 6

- 1 . 31.22.4

- 1 . 8

-2.6- 3 . 5- 1 . 6

.0

3.7

1.94.16.9

.14.1

1976

5.2

5.75.86.0

5.0

5.65.65.62.6

3.5

3.4

4.34.3.1

12.94.8

1977

3.7

4.92.75.2

2.3

3.02.61.71.6

1.8

4.6

3.34.09.0

6.34.9

19781

3.5

3.93.55.8

2.8

3.03.02.03.0

2.3

3.2

10.5

U.S. dollarvalue in

1977(billions)2

4,917.8

1,887.2197.6690.5

1,573.0

380.7516.3196.0245.2

569.5

1,870.0

1,047.9348.0372.0

1,130.0

8 7,960.0

* Preliminary estimates.2 Estimates based on conversion at average rates of exchange for 1977, except for those of the Communist countries,

which were converted at U.S. purchasing power equivalents.3 Includes Belgium-Luxembourg, Denmark, Ireland, and the Netherlands, not shown separately.* Growth rates are for OECD countries other than the Big Seven (United States, Canada, Japan, France, West Germany,

Italy, and the United Kingdom).5 Includes North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia, not shown separately.«1961-73 annual average.71967-73 annual average.s Sum of OECD countries, Communist countries, and less developed countries plus a residual of $42.2 billion attribu-

table to non-OECD developed countries.

Note.—For Italy and United Kingdom, data relate to real gross domestic product. For France, data relate to gross domes-tic product excluding nonmarket activity such as compensation of employees in the government sector.

Sources: Department of Commerce, International Monetary Fund, Organization for Economic Cooperation and Develop-ment (OECD), and Council of Economic Advisers.

306

U. S. GOVERNMENT PRINTING OFFICE : 1979 O - 278-216


erp1979 appendixes 2

Documents