ERP1977 Appendixes 2

Appendix B

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT. AND PRODUCTION

181

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


CONTENTS

NATIONAL INCOME OR EXPENDITURE: Page

B-l. Gross national product, 1929-76 187B-2. Gross national product in 1972 dollars, 1929-76 188B-3. Implicit price deflators for gross national product, 1929-76 190B-4. Implicit price deflators and alternative price measures of gross

national product and gross domestic product, 1929-76 192B-5. Gross national product by industry in 1972 dollars, 1947-75 193B-6. Gross national product by major type of product, 1929-76 194B-7. Gross national product by major type of product in 1972 dollars,

1929-76 195B-8. Gross national product: Receipts and expenditures by major eco-

nomic groups, 1929-76 196B-9. Gross national product by sector, 1929-76 198B-10. Gross national product by sector in 1972 dollars, 1929-76 199B-ll . Gross domestic product of nonfinancial corporate business, 1929-76. . 200B-l2. Output, costs, and profits of nonfinancial corporate business, 1948-76. 201B-l3. Personal consumption expenditures, 1929-76 202B-14. Gross private domestic investment, 1929-76 203B-l5. Inventories and final sales of business, 1946-76 204B-l6. Inventories and final sales of business in 1972 dollars, 1947-76 205B-l 7. Relation of gross national product and national income, 1929-76.... 206B-l8. Relation of national income and personal income, 1929-76 207B-l9. National income by type of income, 1929-76 208B-20. Sources of personal income, 1929-76 210B-21. Disposition of personal income, 1929-76 212B-22. Total and per capita disposable personal income and personal con-

sumption expenditures in current and 1972 dollars, 1929-76 213B-23. Gross saving and investment, 1929-76 214B-24. Saving by individuals, 1946-76 215B-25. Number and money income (in 1975 dollars) of families and unrelated

individuals, by race of head, 1947-75 216

POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:

B-26. Population by age groups, 1929-76 217B-27. Noninstitutional population and the labor force, 1929-76 218B-28. Civilian employment and unemployment by sex and age, 1947-76. . 220B-29. Selected unemployment rates, 1948-76 221B-30. Unemployment by duration, 1947-76 222B-31. Unemployment insurance programs, selected data, 1946-76 223B-32. Wage and salary workers in nonagricultural establishments, 1929-76. 224B-33. Average weekly hours and hourly earnings in selected private non-

agricultural industries, 1947-76 226B-34. Average weekly earnings in selected private nonagricultural indus-

tries, 1947-76 227B-35. Productivity and related data, private business economy, 1947-76. . . 228B-36. Changes in productivity and related data, private business economy,

1948-76 229

183


PRODUCTION AND BUSINESS ACTIVITY: PageB-37. Industrial production indexes, major industry divisions, 1929-76. .. . 230B-38. Industrial production indexes, market groupings, 1947-76 231B-39. Industrial production indexes, selected manufactures, 1947-76 232B-40. Capacity utilization rate in manufacturing, 1948-76 233B-41. New construction activity, 1929-76 234B-42. New housing units started and authorized, 1959-76 236B-43. Business expenditures for new plant and equipment, 1947-77 237B-44. Sales and inventories in manufacturing and trade, 1947-76 238B-45. Manufacturers' shipments and inventories, 1947-76 239B-46. Manufacturers' new and unfilled orders, 1947-76 240

PRICES:B-47. Consumer price indexes by expenditure classes, 1929-76 241B-48. Consumer price indexes by commodity and service groups, 1939-76. 242B-49. Consumer price indexes, selected commodities and services, 1939-76. 243B-50. Consumer price indexes, for commodity groups, seasonally adjusted,

1973-76 244B-51. Consumer price indexes for service groups and selected expenditure

classes, seasonally adjusted, 1973-76 245B-52. Percent changes in consumer price indexes, major groups, 1948-76. . 246B-53. Wholesale price indexes by major commodity groups, 1929-76 247B-54. Wholesale price indexes by stage of processing and by special group-

ings, 1947-76 249B-55. Wholesale price indexes for selected groupings, seasonally adjusted,

1973-76 251B-56. Percent changes in wholesale price indexes, major groups, 1948-76. . 252

MONEY STOCK, CREDIT, AND FINANCE:B-57. Money stock measures, 1947-76 253B-58. Commercial bank loans and investments, 1930-76 254B-59. Private liquid asset holdings, nonfinancial investors, 1959-76 255B-60. Total funds raised in credit markets by nonfinancial sectors, 1968-76. 256B-61. Federal Reserve Bank credit and member bank reserves, 1929-76. . . 258B-62. Aggregate reserves and member bank deposits, 1959-76 259B-63. Bond yields and interest rates, 1929-76 260B-64. Instalment credit extensions and liquidations, 1971-76 262B-65. Mortgage debt outstanding by type of property and of financing,

1939-76 263B-66. Mortgage debt outstanding by holder, 1939-76 264B-67. Net public and private debt, 1929-75 265

GOVERNMENT FINANCE:B-68. Federal budget receipts, outlays, and debt, fiscal years 1968-78 266B-69. Federal budget receipts and outlays, fiscal years 1929-78 268B-70. Relation of the Federal budget to the Federal sector of the national

income and product accounts, fiscal years 1976-78 269B-71. Receipts and expenditures of the government sector of the national

income and product accounts, 1929-76 270B-72. Receipts and expenditures of the Federal Government sector of the

national income and product accounts, 1949-78 271B-73. Receipts and expenditures of the State and local government sector of

the national income and product accounts, 1946-76 272B-74. State and local government revenues and expenditures, selected fiscal

years, 1927-75 273B-75. Interest-bearing public debt by kind of obligation, 1967-76 274

184


Page

B-76. Estimated ownership of public debt securities, 1967-76 275B-77. Average length and maturity distribution of marketable interest-

bearing public debt held by private investors, 1967-76 276

CORPORATE PROFITS AND FINANCE:B-78. Corporate profits with inventory valuation and capital consumption

adjustments, 1946-76 277B-79. Corporate profits by industry, 1929-76 278B-80. Corporate profits of manufacturing industries, 1929-76 280B-81. Sales, profits, and stockholders5 equity, all manufacturing corpora-

tions, 1947-76 282B-82. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, 1947-76 283B-83. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, by industry group, 1975-76 284B-84. Sources and uses of funds, nonfarm nonfinancial corporate business,

1946-76 285B-85. Current assets and liabilities of U.S. corporations, 1939-76 286B-86. State and municipal and corporate securities offered, 1934-76 287B-87. Common stock prices and yields, 1949-76 288B-88. Business formation and business failures, 1929-76 289

AGRICULTURE:B-89. Income of farm people and farmers, 1929-76 290B-90. Farm production indexes, 1929-76 291B-91. Farm population, employment, and productivity, 1929-76 292B-92. Indexes of prices received and prices paid by farmers and selected farm

resource prices, 1929-76 293B-93. Selected measures of farm resources and inputs, 1929-76 294B-94. Comparative balance sheet of the farming sector, 1929-77 295

INTERNATIONAL STATISTICS:B-95. U.S. international transactions, 1946-76 296B-96. U.S. merchandise exports and imports by commodity groups,

1958-76 298B-97. U.S. merchandise exports and imports by area, 1970-76 299B-98. U.S. overseas loans and grants, by type and area, fiscal years, 1962-75. 300B-99. International reserves, 195?, 1962, and 1972-76 301B-100. U.S. reserve assets, 1946-76 302B-101. International investment position of the United States at year-end,

1971-75 303B-102. Price changes in international trade, 1968-76 304B-103. Consumer price indexes in the United States and other major indus-

trial countries, 1955-76 305

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).

185Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


NATIONAL INCOME OR EXPENDITURE

T A B L E B-l.—Gross national product, 1929-76

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

Year or quarter

1929..

1933

1939...

1940..194119421943 .19441945194619471948.1949

195019511952.1953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974

19751976 v

1974: 1 -IIIIIIV

1975: 1IIIIIIV

1976: 1IIIll

Grossnationalproduct

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

982.41,063.41,171.11 306.61,413.2

1,516.31, 692.4

1,372.71,399.41,431.61,449.2

1, 446.21, 482.31,548.71,588.2

1,636.21,675.21,709.81,748. 5

Per-sonalcon-

sump-tionex-

pend-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 4430.2464.490.4535.9579.

618668.733.809.887.

973.1,078.

853.878.906.911.

933.960.987.

1,012.

1, 043.1,064.1,088.1,117.

Gross)rivate

do-mesticn vest-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 8160.0188.3220.0215.0

183.7241.2

216.4218.8213.3211.5

172.4164.4196.7201.4

229.6239.2247.0249.0

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

62.02.24.36 12.5.6

4.45 85.46.38 97.65.14.92.31.8

3.91.6

- 3 . 37.17.5

20.56.9

15.03.92.98.1

15.024.421.421.0

8.49.34.75.2

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

101.6144.4

148.1161.9

133.2142.2148.4153.8

147.5142.9148.2153.7

154.1160.3167.7165.6

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

136.9

127.6155.1

118.2138.3145.5145.7

132.5118.5126.8132.7

145.7151.0163.0160.4

Government purchases of goods andservices

Total

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

218.9233.7253.1269.5303.3

339.0365.8

288.0298.0308.6318.5

325.6333.2343.2353.8

354.7362.0369.6376.8

Federal

Total

1.4

2.1

5.2

6.116.952.081.389.474.617.612.716.720.4

18.738.352.457.547.944.545.950.053.953.9

53.757.463.764.665.267.378.890.998.097.5

95.696.2

102.1102.2111.6

124.4133.4

106.1108.9113.5118.1

120.3122.4124.6130.4

129.2131.2134.5138.9

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. 3

84.388.2

74.975.978.280.2

82.083.484.687.1

86.286.988.591.3

Non-et en se

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

22.126.028.628.734.3

40.145.2

31.233.035.337.9

38.339.040.043.2

42.944.246.047.6

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

123.2137.5151.0167.3191.6

214.5232.3

181.9189.1195.1200.4

205.3210.9218.6223.4

225.5230.9235.0238.0

Per-centhangefrompre-

ceding>eriod,grossna-

tionalpro-

duct2

- 4 . 2

6.9

10.124.926.821.39.6

9- 1 311.111.3- 4

10 915 45.15 5.0

9.05.45 21.48.4

4.03 47.75.56 98.29.45.89.17.7

5.08.2

10.111.68.2

7.311.6

5.38.09.55.0

- . 810.419.110.6

12.69.98.59.4

1 This category corresponds closely to the national defense classification in "The Budget of the United States Govern-ment, Fiscal Year 1978."

2 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.


TABLE B-2.—Gross national product in 1972 dollars, 1929-76

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

Year or quarter

1929

1933

1939

1940194119421943..194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970 .197119721973197419751976 v

1974: 1IIIllIV

1975- 1IIIIIIV

1976: 1IIIllIV* . .


314.7

222.1

319.7

343.6396.6454.6527.3567.0559.0477.0468.3487.7490.7

533.5576.5598.5621.8613.7654.8668.8680.9679.5720.4

736.8755.3799.1830.7874.4925.9981.0

1,007.71,051.81,078.8

1,075. 31,107 51,171.11,235 01,214.01,191.71,265.0

1,230.41, 220.81,212.91,191.7

1,161.11,177.11,209.31, 219.2

1, 246. 31, 260. 01, 272.21,281.5

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 7759.1770.3812.9

761.8761.9764 7748.1

754.6767.5775.3783,9

800.7808.6815.7826.6

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 8112.3111.9125.7

114.9115.0116 1103.1

106 0108.4115.1118.0

124.3125.2126 2127.0

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

282.7287.5299.3309.3303.5306.1319.1

305.1304.0304.9299.8

300.6307.2306.8309.5

314.6317.6318.9325.5

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

297.3306.3322.4336.5343.4352.4368.1

341.8342.9343.7345.1

348.0351.8353.4356.4

361.8365.8370.6374.2

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

154.7166.8188.3207.2182.0137.8171.9

194.8187.9176.2169.1

129.3126.2148.7147.0

167.1171.7175.2173.7

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

150.4160.2178.8190.7173.5149.8162.8

183.4178.5171.1161.1

149.8147.4149.7152.5

156.7160.6165.0169.1

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

110.0108.0116.8131.0128.5111.4115.7

133.5131.6127.3121.8

114.4110.6110.1110.5

112.6114.9117.5117.8

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

42.841.742.545.542.136.738.1

44.643.540.339.8

37.536.136.636.7

37.137.938.439.0

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

67.266.374.385.586.574.777.6

88.988.186.982.0

76.974.573.573.8

75.577.079.278.8

See footnotes at end of table.


TABLE B-2.—Gross national product in 1972 dollars, 1929-76—Continued

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

Year orquarter

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

40.452.262.059.745.038.447.1

49.947.043.939.3

35.436.839.641.9

44.145.747.451.3

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

38.950.560.357.942.936.645.1

47.844.941.937.1

34.035.237.639.7

42.043.945.549.2

Farmstruc-tures

0.6

.2

.6

.8

.9

.6

.4

.4

.31.11.31.51.4

1.31.31.21.21.1.9

1.01.0.9

1.0

.81.0.9.9.9.8.9.9.8.9

.6

.7

.7

.5

.8

.6

.7

.9

.7

.71.0

.4

.4

.71.0

.9

.6

.7

.8

Pro-duc-ers'dur-able

equip-ment

Changein

busi-ness

inven-tories


Netex-

portsEx-

portsIm-

ports

Government purchasesof goods and services

Total Fed-eral

Stateand

local

Percentchange

frompre-

cedingperiod,gross

nationalproduct *

1929

1933

1939

19401941194219431 9 4 4 . . . . .19451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973197419751976 P

1974 :1 . . . .I I . . .I I I . .IV...

1975 :1 . . . .I I . . .I I I . .IV..

1976:1 . . . .I I . .I I I . .IV v

0.1

.1

. 9

. 9

.91.01.11.21.31.21.3

1.31.31.31.2

1.01.11.21.2

1.31.21.31.4

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

16.58.5

-12.09.1

11.49.45.18.0

-20.5-21.2-1 .0- 5 . 5

10.411.110.24.7

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

16.522.615.9

18.414.914.917.7

20.124.322.823.1

16.616.015.715.3

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

67.167.972.787.497.290.695.7

97.898.796.495.9

90.387.790.793.9

93.695.498.095.8

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

65.768.575.979.980.768.179.8

79.483.881.578.2

70.263.467.970.8

77.079.482.380.5

40.9

42.8

63.8

65.595.9

185.8267.9298.8264.393.175.484.196.2

97.7132.7159.5170.0154.9150.9152.4160.1169.3170.7

172.9182.8193.1197.6202.7209.6229.3248.3259.2256.7

250.2249.4253.1252.5256.4261.0264.2

255.4256.1257.1256.9

257.1259.1262.4265.2

261.9263.6265.5265.8

6.9

10.8

22.6

26.358.6

151.5236.3268.2232.758.436.142.448.9

47.081.3

107.0114.695.286.985.989.892.891.8

90.895.6

103.1102.2100.6100.5112.5125.3128.3121.8

110.7103.9102.196.695.395.796.7

95.394.795.895.4

94.895.395.697.2

95.496.097.398.1

33.9

32.0

41.2

39.237.334.331.630.631.634.839.341.847.4

50.751.352.555.459.764.066.570.376.478.9

82.087.190.095.4

102.1109.1116.8123.1130.9134.9

139.5145.5151.0155.9161.1165.2167.5

160.1161.4161.3161.5

162.2163.8166.9168.0

166.6167.7168.2167.7

- 2 . 1

7.6

7.515.414.616.07.5

-1 .4-14.7- 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 .7- 1 . 8

6.2

-3 .9- 3 . 1-2 .6- 6 . 8

-9 .95.6

11.43.3

9.24.53.93.0

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.

189

224-250 O - 77 - 13


TABLE B-3.—Implicit price deflators for gross national product, 1929-76

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

Year orquarter

1929

1933..

1939

19401941194219431944..1945.1946194719481949

19501951. .19521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973197419751976 v

1974- 1||IIIIV..

1975- 1IIIllIV

1976:1IIIllI V P — _

Grossnationalprod-uct1

32.87

25.13

28.40

29 1031.4934.8236 4137.1337.9943.8849.7053.1352.59

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

100.00105.80116.41127.25133.79

111 56114.64118.03121.60

124. 55125. 93128.07130.27

131.29132.96134.40136.44


Total

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

92.596.6

100.0105.5116.9126.3132.7

112 0115.3118.6121.8

123.7125.1127.3129.1

130.3131.7133.4135.2

Dur-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

100.0101.6108.3117.7124.4

103 2106 5110.2113.8

115.1117.1118.2120.2

121.8123.8124.9127.0

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

100.0107.9124.0133.7138.0

118.2122.3125.9129.6

131.2132.1135.1136.2

136.4136.9138.5139.9

Serv-ices

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

100.0104.7113.5122.7130.9

109.5112.1114.9117.4

119.7121.5123.6125.9

128.0129.8132.0133.8

Gross private domestic investmentl

Fixed investment

Total

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

100.0106.0117.7132.4140.3

111.1115.3120.3125.2

129.9131.9132.7134.9

137.0139.0140.6142.6

Nonresidential

Total

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

100.0103.8116.1132.1138.3

108.7113.2118.6124.7

129.4131.8132.7134.5

136.2137.5138.7140.5

Struc-tures

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

100.0107.8128.7141.6145.5

117.5126.0134.1138.6

141.6141.5141.4142.0

143.3145.0146.1147.4

Pro-ducers'durableequip-ment

33.4

26.2

32.0

32.834.937.337.338.037.942.848.552.955.9

57.661.662.563.765.466.571.075.476.578.2

79.379.279.479.680.180.682.184.387.390.0

93.497.6

100.0101.7110.0127.4134.7

104.3106.9111.4118.0

123.5127.1128.3130.8

132.8133.8135.1137.1


190


TABLE B-3.—Implicit price deflators for gross national product, 1929-76—Continued[Index numbers, 1972=100, except as noted; quarterly data seasonally adjusted]

Year orquarter

1929..

1933

1939

194019411942194319441945 . . .194619471948.1949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973197419751 9 7 6 P .

1974: 1IIIIIIV

1975: 1IIIIIIV

1976: 1III l lI V P

Gross private domesticinvestment*—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

100.0110.8122.3133.2143.8

117.5121.0125.3126.7

131.5132.1132.8135.9

139 0142.9145.3147.3

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

100.0111.0122.8133.7144.4

118.0121 6125.9127.2

132.1132.7133.3136.4

139 6143.4145.9148.0

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

100.0110.7122.8133.6143.9

117.8121.2125.0126.6

130.9131.6132.6136.2

138 8143.8145.5147.8

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 3116.3122.4

101.3103.3106.8110.6

113.6115.6117.0118.8

120 1122.4123.2124.0

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

100.0116.2148.6163.4169.2

136.2144 1154.0160.4

163.4163.0163.4163.7

164 6168.1171.1172.9

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

100.0118.2169.6187.4194.3

148.9164.9178.6186.3

188.9186.9186.6187.3

189 2190.4198.1199.4

Government purchasesof goods and services

Total

21.6

19.3

21.2

21.626.032.233.232.531.329.433.838.039.9

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

100.0106.7118.3129.9138.4

112.7116.4120.0124.0

126.7128.6130.8133.4

135 4137.3139.2141.8

Fed-eral

20.7

19.6

22.9

23.128.934.334.433.332.129.935.139.441.8

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

100.0105.8117.1130.0138.0

111.3114.9118.4123.8

126.8128.4130.4134.2

135.4136.7138.3141.5

Stateandlocal

21.8

19.1

20.2

20.621.422.823.824.925.928.632.536.638.0

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

100.0107.3119.0129.8138.7

113.6117.2121.0124.1

126.5128.7131.0132.9

135.4137.7139.7141.9

Grossdo-

mesticprod-uct

32.8

25.2

28.4

29.131.534.836 437.138.043.949.753.152.6

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

100.0105.7115.9126.9133.4

111.1114.1117.4121.0

124.2125.6127.7129.9

130.9132.6133.9136.0

Percent changefrom preceding

period 2

Grossnationalproductdeflator

- 2 . 2

- . 7

2 58.2

10.64 62 02.3

15.713.16.9

- 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

5.45.14.15.8

10.09.35.1

9.511.512.412.7

10.14.57.07.1

3.25.24.46.2

Grossdo-

mesticproductdeflator

- 2 . 1

- . 7

2 58.2

10.64 52 02.3

15.613.16.9

- 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

5.35.14.15.79.69.55.1

8.511.312.112.8

10.94.57.07.1

3.05.34.26.3

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

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


191


TABLE B-4.—Implicit price deflators and alternative price measures of gross national productand gross domestic product, 1929-76

Year orquarter

1929

1933

1939

19401941. . . .194219431944. . . .19451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973197419751976 v

1974:1I I . . . .III..-.IV.. . .

1975:1IIIII....IV.. . .

1976:1IIIII....I V P . .

Gross national product pricemeasures, 1972 = 100

Total

Implicitprice

deflator

32.87

25.13

28.40

29.1031.4934.8236.4137.1337.9943.8849.7053.1352.59

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. 80116.41127.25133.79

111.56114.64118.03121.60

124. 55125.93128. 07130. 27

131.29132.96134. 40136.44

Fixed-weighted

price index(1972

weights)

68.169.1

70.371.172.072.873.775.077.279.583.087.1

91.696.1

100.0106.0116.6127.3134.2

111.8114.8118.2121.8

124.4126.0128.3130.4

131.7133.4134.9136.8

Gross domesticproduct

Implicitprice

deflator

32.8

25.2

28.4

29.131.534.836.437.138.043.949.753.152.6

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

100.0105.7115.9126.9133.4

111.1114.1117.4121.0

124.2125.6127.7129.9

130.9132.6133.9136.0

Fixed-weighted

price index(1972

weights)

68.069.1

70.271.172.072.873.775.077.279.683.087.1

91.796.2

100.0105.9116.2126.8133.8

111.5114.4117.7121.3

123.9125.6127.8129.9

131.3133.0134.4136.3

Percent change from preceding period l

Total

Implicitprice

deflator

- 2 . 2

- . 7

2.58.2

10.64.62.02.3

15.713.16.9

- 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

5.45.14.15.8

10.09.35.1

9.511.512.412.7

10.14.57.07.1

3.25.24.46.2

Fixed-weighted

price index(1972

weights)

1.6

1.71.11.31.11.21.82.93.04.35:0

5.24.94.06.0

10.09.25.4

10.511.012.512.6

8.95.47.36.6

4.25.24.65.8

Chainpriceindex

i.6

1.71.21.41.31.41.93.13.04.45.0

5.35.04.16.0

10.09.25.3

10.711.212.812.7

9.25.47.36.4

4.35.44.65.8

Gross domestic product

Implicitprice

deflator

- 2 . 1

- . 7

2.58.2

10.64.52.02 3

15.613.16.9

- 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

5.35.14.15.79.69.55.1

8.511.312.112.8

10.94.57.07.1

3.05.34.26.3

Fixed-weighted

price index(1972

weights)

1.6

1.71.21.31.11.21.83.03.04.45.0

5.24.94.05.99.79.25.5

10.010.512.312.6

9.05.57.46.7

4.25.34.45.9

Chainpriceindex

1.6

1.71.2

1.31.41.93.13.14.45.0

5.35.04.15.99.79.35.5

10.210.512.512.7

9.45.57.46.4

4.35.44.45.8

i Changes are based on unrounded data and therefore may differ slightly from those obtained from published indexeshown here.


192


TABLE B~5.—Gross national product by industry in 1972 dollars, 1947-75

[Billions of 1972 dollars]

Year

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974_.

1975

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

1,075.31,107.51,171.11,235.01,214.0

1,191.7

Agri-culture,fores-tsandfish-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

34.336.135.435.935.6

37.7

Con-tractcon-

struc-tion

22.726.226.2

28.932.233.534.535.6

37.840.440.541.744.9

45.646.147.749,253.1

56.358.458.961.860.4

56.256.156.657.251.6

49.0

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

260.6264.1288.8313.0296.8

270.0

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

154.4155.3171.9188.9176.2

159.2

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

106.2108.7116.8124.1120.6

110.9

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

111.5

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

178.4186.8201.2212.0207.2

211.1

Finance,insur-ance,andreal

estate

55.657.360.9

64.767.071 574.478.1

82.486.290.294.098.7

102.3107.4115.9115.9119.8

127.8132.0137.1143.7150.2

153.7161.7168.6172.3173.9

180.2

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

124.7126.6134.5143.1143.1

144.4

Gov-ern-mentand

govern-mententer-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

152.0153.1154.9157.3159.8

162.3

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

20.425.727.731.633.6

25.4

1 Mining, rest of world, and residual,.measured as the sum of gross product by industry).


ucts less GNP in 1972 dollars

193


T A B L E B~6.—Gross national product by major type of product, 1929—76

[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.

1960.1961.1962.1963.1964.1965.19661967.1968.1969.

1970.1971.1972.1973.1974.19751976?

1974:1 . . .II . . .III..IV..

1975:1II . .ML.IV..

1976:1 . . .IIIIIIV*


103.4

55.8

90.8

100.0124.9158.3192.0210.5212.3209.6232.8259.1258.0

286.2330.2347.2i 66.1366.3399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7688.1753 0796.3868.5935.5

982.4, 063. 4,171.1, 306.6,413.2,516.3,692.4

, 372. 7, 399. 4,431.6, 449.2

,446.2, 482. 3, 548. 7, 588. 2

,636.2, 675. 2, 703. 8, 748. 5

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

978.61,057.11,161.7, 288.6, 402.5,531 0, 679.0

, 360.0, 386. 4, 424.2, 439.4

, 468.4,512.3, 550. 6, 592.5

,621.4, 659. 2, 694. 7,740.6

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.C4.71.3

5.2

3.82.26.56.C5.89.1

14 c

10.17.79.4

3.86.49.4

17. S10.7

- 1 4 t13. *

12. e13. G7.39.7

- 2 2 . 2- 3 0 . C

- 2 . C- 4 . -

14.816.015.1

7.Si

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

456.2479.8526.0598.8639.7681.7761.5

621.0634.8650.4652.5

642.6661.0703.5719.7

742.3758.4766.1779.2

Finalsales

54.4

28.6

48.6

53.868.091.9

121.0133.3129.9118.9140.3149.7150.1

155.6179.2191.5202.7197. (208.5218.6231.0229.7242.2

250.6254.3271.5283.7303.2327.1359.6377.2411.2436.8

452.4473.5516.6580.9629.0696.3748.0

608.4621.9643.0642.8

664.8691.0705.4724.0

727.5742.4751.0771.2

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

17.910.7

-14 .613.5

12.613.07.39.7

-22 .2-30 .0- 2 . 0- 4 . 3

14.816.015.17.9

Durable goods

Total

17.5

4.9

12.7

16.626.835.554.257.948.937.245.847.646.2

58.869.568.772.466.481.385.188.577.790.1

91.590.0

102.0108.0118.9133.6149.1148.7162.4175.3

170.8181.6208.4240.5247.2254.4301.0

238.9242.8252.6254.7

234.1248.5265.0270.0

282.7301.2308.2311.8

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

105.411!). 0127.0139.0143.5157.4169.2

170.7179.8202.1229.6240.2266.5297.4

232.3240.6247.6240.2

249.5263.8272.0280.6

286.3295.8301.4306.3

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.C2.81.3

- 2 . 82.7

2.4- . 13.62.73.96.6

10.05.35.06.1

.01.86.3

10.97.1

-12 .13.5

6.62.25.1

14.5

-15 .4-15 .3- 7 . 0

- 1 0 . 6

- 3 . 65.46.85.5

Nondurable goods

Total

38.6

22.1

36.3

39.445.658.166.274.480.088.194.0

106.7101.5

103.6120.0125.9130.8129.6133.2138.1143.7150.5157.4

162.8166.5176.1181.6190.1203.1224.9238.5256.5270.9

285.4298.3317.7358.3392.4427.3460.5

382.1392.1397.7397.8

408.5412.5438.4449.7

459.6457.1457.9467.4

Finalsales

38.3

23.2

36.2

38.444.257.466.874.879.887.196.2

10^.8102.5

100.9116.7123.9131.2128.7130.3136.3143.7149.2154.8

161.4164.1173.2178.3188.2200.1220.6233.7253.8267.6

281.7293.7314.5351.3388.9429.8450.6

376.1381.3395.4402.6

415.3427.2433.4443.3

441.1446.6449.6464.9

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

5i!o2.91.9.0

1.32.5

1.42.32.93.31.92.94.34.82.83.3

3.74.63.27.03.6

-? 69.9

6.010.82.3

- 4 . 7

- 6 . 8-14 .7

5.06.3

18.510.68.32.5

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

424.6465.5510.8560.5626.6692.5771.3

605.1614.6633.8652.8

666.3684.2700.2719.5

742.6759.6781.5801.4

Struc-tures

11.4

2.9

7.5

8.311.814.08.76.16.5

15.721.728.028.4

35.637.*39.442.044.549.552.253.053.859.5

58.460.164.368.972.478.881 482.993.0

100.7

101.6118.1134.3147.2146.9142 1159.7

146.5150.0147.4143.8

137.2137.1145.0149.1

151.3157.3162.2168.0

Autoout-put

"~7~38.9

12.0

15.513.412.216.314.921.517.219.614.619.6

21.618.122.925.626.531.81̂ 1

28.836.636.8

30.642.245.150.742.745 862.8

39.142.148.241.4

36.344.152.051.0

61.264.361.064.4


194


TABLE B-7.—Gross national product by major type qj product in 1972 dollars, 1929-76


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 v

1974:

if"i i i .IV.

1975

ii"III.IV.

19761..II..III.IV*


314.7

222.1

319.7

343.6396.6454.6527.3567.0559.0477.0468.3487.7490.7

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

,075.3,107.5,171.1, 235.0

1,214.01,191.71,265.0

1, 230.41 220 81,212.91,191.7

1,161.11,177.11, 209. 31,219.2

1, 246.31,260.01,272.21,281.5

Finalsales

310.0

227.0

318.1

337.4384.6449.4527.3569.3562.6464.9468.5482.2495.1

522.9562.8594.2620.3615.8647.1663.0679.4681.3714.0

732.4752.4791.0823.0867.1914=6964.3995.7

,043.1,068.2

,071.0,100.9,161.7,218.5

1, 205. 51,203.71, 255.9

1,219.11 211 41, 207.81,183.7

1,181.61,198.21,210.21, 224. 7

1,235.91, 248.81,262.01,276.8

nven-toryhange

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

16.58.5

-12.09.1

11.49 45.18.0

-20.5-21.2

- 1 .- 5 .

10.11.10.4.

Goods

Total

Total

43.9

97.2

53.9

71.297.421.163.586.879.238.036.844.239.9

61.583.192.306.992.216.320.921.812.032.5

37.138.162.073.094.021.5

455.6461.9481.1492.3

483.4491.6526.0569.0552.9532.6576.3

560.6558 1555.6537.4

512.2522.5546.0549.9

569.5576.0579.1580.8

Finalsales

39.3

02.1

52.3

65.085.415.963.489.182.825.837.038.744.3

50.969.488.005.494.408.615.120.313.826.1

32.835.253.865.286.710.238.949.972.481.7

479.1484.9516.6552.5544.4544.7567.2

549.2548 7550.5529.3

532.7543.7547.0555.4

559.1564.8568.9576.2

nven-torylange

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

16.58.5

-12,09.1

11.49 45.18.0

-20.5-21.2

- 1 .- 5 .

10.11.10.4.

Durable goods

Total

44.2

15.5

36.4

46.565.779.5

119.9134.1118.271.376.777.172.4

90.7102.4102.3107.398.1

117.1117.2116.1101.4113.8

114.4112.5125.5131.8144.2160.6177.1173.0181.3190.1

179.2183.4208.4236.5224.1204.7230.2

228.4224 3226.3217.4

193.3200.212.213.

221.230.234.233.

Finalsales

40.7

17.6

35.6

43.157.576.019.335.921.960.574.975.676.1

84.492.600.605.901.712.913.514.604.810.6

11.612.621.128.439.252.665.266.675.783.3

79.181.5

202.1225.9218.6214.1227.9

222.4222.8222.7206.8

206.8211.9216.8220.7

224.3226.7230.0230.5

nven-toryhange

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

2.9j

4*. 43.45.08.0

11.96.45.66.8

.11.86.2

10.65.5

- 9 . 42.3

6.11 53.7

10.7

-13 .-11.9

- 4 .- 7 .

- 2 .3.4.3.

Nondurable goods

Total

99.7

81.7

17.5

24.731.741.743.552.761.066.760.167.167.5

70.780.789.999.694.199.203.705.710.618.7

22.725.636.541.149.961.078.588.999.802.2

304.2308.2317.7332.5328.8327.9346.1

332.2333.7329.3319.9

318.9322.4333.9336.6

347.6345.5344.5347.0

Finalsales

98.6

84.5

16.7

21.827.940.044.153.261.065.362.163.168.2

66.576.887.499.592.795.701.605.609.015.5

21.222.732.736.847.557.773.7

283.3296.7298.4

300.0303.4314.5326.6325.8330.6339.4

326.8325.9327.9322.6

325.9331.7330.2334.7

334.8338.2338.9345.7

nven-toryhange

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

.01.63.2

1.53.03.74.32.33.34.85.63.23.7

4.24.83.25.93.0

- 2 . 76.8

5.37.81.4

- 2 . 6

- 7 . 0- 9 . 3

3.71.9

12.87.35.61.3

Serv-ices

26.8

10.9

34.6

39.557.692.740.963.661.999.786.990.997.0

06.029.040.645.547.057.6

.67.2279.3285.6298.0

310.7325.5339.9354.0372.2389.1410.2432.7449.9465.4

477.2491.1510.8531.1545.0556.6578.6

545.754? 1544.6547.5

549.6555.4558.7562.8

570.3575.3582.1586.9

Struc-tures

44.0

14.0

31.2

32.941.540.723.016.617.939.444.752.553.7

66.064.465.669.474.580.980.779.981.989.9

89.091.797.203.808.115.3

115.2113.1120.9121.1

114.6124.9134.3134.8116.1102.4110.0

124.2120.6112.7106.9

99.399.2

104.6106.4

106.6108.7111.0113.8

Autoout-put

I2.~914.718.9

24.020.418.423.922.931.324.425.820.024.7

26.822.627.530.331.137.436.733.540.640.0

32.542.145.150.640.039.750.2

39.040.244.136.8

32.738.645.042.6

50.451.848.750.1


195


TABLE B-8.—Gross national product: Receipts and expenditures by majoreconomic groups, 1929-76

[Billions of dollars]

Year orquarter

1929. .

1933

1939

194019411942... .1943194419451946 . .194719481949

1950195119521953 .195419551956...19571958..1959 . . . .

196019611962196319641965... .19661967 .19681969 .

1970197119721973197419751976 v

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

685.9742.8801.3901.7982.9

1, 080.91,181.8

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

16.617.318.921.523.223.725.4

Equals:Total

exclud-ing interestpaidand

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

669.4725.5782.4880.2959.7

1,057.21,156.3

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

618.8668.2733.0809.9887.5973.2

1, 078.6

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

50.657.349.470.372.284.077.8

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

302.6322.2367.4411.2454.6466.4530.8

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

93.1106.8117.8135.4155.6191.8209.5

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

209.5215.5249.6275.8299.0274.6321.3

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

311.9340.5370.9404.9458.8530.8575.3

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

93.1106.8117.8135.4155.6191.8209.5

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

218.9233.7253.1269.5303.3339.0365.8

Sur-plusor

deficit(-),na-

tionalin-

comeand

prod-uct ac-counts

1.0

- 1 . 4

- 2 . 2

1- 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- 4 . 2

-64 .4-44 .5


196


TABLE B-8.—Gross national product: Receipts and expenditures by majoreconomic groups, 1929-76—Continued


Yearor

quarter

1929

1933 . .

1939

194019411942 . . .1943194419451946. . . .194719481949 . . . .

19501951195219531954 . .19551956195719581959

1960196119621963196419651966196719681969

1970197119721973197419751976 P. .

Grossre-

tainedearn-ings*

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

101.4115.7131.0140.2139.4171.6198.6

Business

Grosspri-vatedo-

mesticinvest-ment8

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

140.8160.0188.3220.0215.0183.7241.2

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 2-20.1-20.4-27.4—33 3-27.1-33.3-44.5

-39.5-44.3-57.3-79 .8-75 .6-12 .1-42 .6

International

Nettrans-

fers andinter-

estpaid to

for-eigners

0.4

.2

.2

.2

.2

\l.3.8

2 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

4.35.56.57.78.58.58.6


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

101.6144.4148.1161.9

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

136.9127.6155.1

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 . 37.17.5

20.56.9

Excessof

nettrans-

fersand

inter-est

or ofnet ex-portsl-V

-0 .7

- . 2

- . 9

-1 .5-1 .1

2.22.11.4

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

2.1- . 3

l'.9.3.3

-1 .8-3 .6- . 12.0

-1 .7- 3 . 0- 2 . 4- 3 . 2-5 .7- 4 . 3—1.6- 1 . 2

1.42.0

.33.99.8

.61.0

-11 .91.7

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

984.51,062.11,169.41,303.91,406.61,511.91, 684. 8

Statis-ticaldis-

crep-ancy

1.1

.7

1.4

1.1

-is- 1 . 8

2.74.1

71.8

- 1 . 21.0

2.04 02.73.33.02.5

- . 8.2

1.7

- . 71.64.03.72.2.9

3 21.7

- . 6- 3 . 3

- 2 . 11.31.72.66.64.47.6

Grossna-

tionalprod-

uctor 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

982.41,063.41,171.11,306.61,413.21,516.31, 692.4

1 Personal income less personal tax and nontax payments (fines, penalties, etc.).2 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.4 Capital consumption allowances with capital consumption adjustment, corporate inventory valuation adjustment,

undistributed corporate profits with capital consumption adjustment, and private wage accruals less disbursements.s Private business investment, purchases of capital goods by private nonprofit institutions, and residential housing

and equipment. See Table B-14.« Net transfers to foreigners by persons and government and interest paid by government to foreigners.* Capital grants received by the United States (net) less net foreign investment.


197


TABLE B-9.—Gross national product by sector, 1929-76

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

Year or quarter

1929

1933

1939. .

19401941194219431944.19451946194719481949

1950..1 9 5 1 . . . .1952195319541955195619571958 . . . .1959

I96019611962 . .196319641965 . .1966196719681969

19701971 . .19721973197419751976 v

1974: 1IIIIIIV

1975: 1IIIIIIV

1976: 1IIIIIIV V


103.4

55.8

90.8

100.0124.9158.3192.0210.5212.3209.6232 8259.1258.0

286.2330.2347 2366.13b6.3399 3420.7442.8448.9486.5

506.0523.3563.8594.7635.7688.1753.0796.3868.5935.5

982.41, 063.41 171 11,306.61,413.21,516.31, 692.4

1,372.71,399.41,431.61, 449.2

1, 446.21,482.31, 548.71,588.2

1,636.21,675.21,709.81, 748. 5


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

977.81,056.81,164.11,297.51,398.71, 505.71, 679.1

1, 355.51,387.01,417.81,434.4

1,436.71,471.71, 537.41,577.1

1,623.21,662.81,696.11,734.3

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

831.58%. 9989 5

1,108.01,192 41,277.51,428.4

1,156.11,183.81,209.61,219.9

1,216.31,246.41,306.81,340.4

1,380.71,415.51,443.11, 474.2

Non-farm x

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

1,055.31 137.31, 222.81,370.0

1,100.61,130.11,155.11,163.4

1,167.41,197.41, 246. 71,279.6

1,324.81, 354.71,384.4

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

25.927.732 050.148.550.350.8

53.146.646.947.2

42.549.055.054.8

48.755.050.049 4

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 72.66.64.47.6

? 47.17.79.3

6.4.1

5.16.1

7.25.88.7

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

31.634.737 240.544.749.755.9

42.744.045.746.4

48.149.050.451.5

53.354.857.058.6

Government 2

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 4149.1161.6178.5194.8

156.7159.2162.5168.1

172.4176.3180.1185.2

189.2192.5196.0201.4

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

44.746.850 151.954.959.363.4

53.754.054.657.4

58.258.459.161.5

62.262.563.265.6

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

106.7119.2131.4

102.9105.2107.9110.7

114.2117.9121.1123.7

127.0130.0132.8135.8

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

14.510.613.3

17.212.413.814.8

9.410.611.311.1

13.012.413.714.2

Percentchangefrom

preced-ing

period,gross

domes-tic

prod-ucts

- 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

10.111.57.87.7

11.5

3.19.69.24.8

.710.119.110.8

12.210.18.29.3

1 Includes compensation of employees in government enterprises.2 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.

198


TABLE B-10.—Gross national product by sector in 1972 dollars, 1929-76

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

Year or quarter

1929

1933

1939

1940...19411942194319441945 .1946194719481949 .

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974 . .19751976 ^

1974' 1IIIllIV

1975- 1II . .IIIIV

1976: 1IIIIIIV v


314.7

222.1

319.7

343.6396.6454.6527.3567.0559.0477.0468.3487.7490.7

533.5576.5598.5621.8613.7654.8668.8680.9679.5720.4

736.8755.3799.1830.7874.4925.9981.0

1, 007. 71,051.81, 078.8

1,075.31,107.51,171.11,235.01,214.01,191.71,265.0

1,230.41, 220.81,212.91,191.7

1,161.11,177.11,209.31,219.2

1,246.31,260.01,272.21,281.5


Total

312.8

220.5

318.6

342.3395.4453.5526.4566.0558.1475.9466.7485.9488.8

531.5574.7596.7619.9611.4652.2666.1678.0676.5717.3

733.6751.2794.3825.8868.7919.9975.6

1,001.91,045.71, 073.1

1,069.81,100.31,164.11,227.41,206.91,186.81, 259.1

1,219.81,215.31, 207.31,185.3

1,157.01,172.21,204.01, 214.1

1,240.41,254.31, 266.21,275.3

Business

Total

271.1

179.7

261.5

282.4324.4355.3381.9401.9396.9385.1392.8411.2409.4

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

1,050.41,027.31, 004.11,072.0

1,040.91,036.01, 027.01, 005.0

975.6989.9

1,020.81,030.2

1,055.11,068.01,078.21,086.9

Non-farm *

244.2

152.1

231.6

254.1297.2330.3360.6371.2365.3362.3370.8387.2382.1

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

1,013.2987.7968.1

1, 033.9

1,005.6994.6986.6964.1

938.8956.6983.0994.1

1,018.01,031.51,039.41,046.7

Farm

23.8

25.0

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

31.132.832.032.332.034.135.2

30.632.832.232.5

31.834.636.034.2

34.334.935.036.4

Resid-ual 2

3.1

2.6

4.7

3.6.9

- 3 . 8- 6 . 6

3.55.8

- 3 . 0- 1 . 9- 1 . 7

1.8

3.85.55.77.36.24.8

- . 9- . 84.42.7

1.85.14.83.64.0

- . 42.82.4

- 1 . 8- 5 . 9

- 4 . 2- . 11.74.97.51.83.0

4.78.68.38.4

4.9- 1 . 3

1.81.9

2.81.63.83.8

House-holdsand

insti-tutions

15.6

12.2

15.1

16.115.916.415.215.115.015.116.016 717.3

18.318.718.619.319.421.422.523.124.224.9

26.827.228.329.029.931.132.834.835.936.6

36.336.637.238.138.238.540.7

38.238.138.537.9

38.338.438.538.8

39.840.441.541.4

Governments

Total

26.1

28.7

42.0

43.955.181.8

129.3149.0146.275.857.958.062.2

64.678.885.385.083.984.486.588.990.491.8

94.998.5

102.1104.8108.4112.4120.4127.2131.7135.0

135.2136.0137.4138.9141.5144.2146.3

140.7141.1141.9142.4

143.1143.9144.7145.1

145.5146.0146.6147.0

Fed-eral

5.2

6.6

16.9

18.629.656.7

105.0125.2121.849.729.829.231.3

32.746.251.649.647.245.945.645.844.544.5

45.246.248.348.248.548.753.057.258.158.2

55.252.550.148.348.448.248.1

48.448.348.448.4

48.448.248.248.1

48.148.048.148.1

Stateandlocal

20.9

22.0

25.1

25.325.525.024.423.824.526 128.128 830.9

31 932.633 735.536.738.440.843.145.847.3

49.752.353.956 660.063 667 570.073 676.8

80.183.587.390.693.196.098.2

92.392.893.494.0

94 795.796.597.0

97.497.998.498.9

Restof theworld

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

5.57.27.07.67.04.85.9

10.75.55.66.4

4.14.85.35.1

5.95.66.06.2

Percentchangefrom

preced-ing

period,gross

domesticproduct*

- 2 . 1

7.7

7.515.514.716.17.5

- 1 . 4-14.7- 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 . 7- 1 . 7

6.1

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

- 9 . 25.4

11.33.4

9.04.63.82.9

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 from those obtained from data shown here. See Table

B-2 for percent changes in gross national product in 1972 dollars.Source: Department of Commerce, Bureau of Economic Analysis.

199


TABLE B-ll.—Gross domestic product of nonfinancial corporate business, 1929-76


Yearor

quarter

1929

1 9 3 3 . . . .

1 9 3 9 . . . .

1 9 4 0 . . . .194119421943194419451 9 4 6 . . . .1 9 4 7 . . . .1 9 4 8 . . . .1 9 4 9 . . . .

1950195119521 9 5 3 . . . .1 9 5 4 . . . .1 9 5 5 . . . .1 9 5 6 . . . .1 9 5 7 . . . .19581 9 5 9 . . . .

I 9 6 0 . . . .19611 9 6 2 . . . .1 9 6 3 . . . .1 9 6 4 . . . .1 9 6 5 . . . .19661 9 6 7 . . . .19681 9 6 9 . . . .

1 9 7 0 . . . .1 9 7 1 . . . .1 9 7 2 . . . .1 9 7 3 . . . .1 9 7 4 . . . .1 9 7 5 . . . .1976 *__.

1974:

i f . " "IllIV

1975:1III I I . . . .IV

1976:

i f . " "III.—

Grossdo-

mes-tic

prod-uctof

non-finan-cialcor-po-ratebusi-ness

50.1

24.4

43.7

50.465.682.998.7

102.195.399.3

120.0137.3133.5

151.9174.5182.3195.0191.9216.7231.6242.3236.3265.7

277.3284.5311.0330.9357.6392.1430.7452.9498.4541.8

560.6602.5671.0752.0810.0870.4982.6

787.9807.5821 5823.3

822.3851.1892.0916.1

949.0972.8993.8

Cap-J4.nlnaicon-sump-tion

allow-anceswithcapi-tal

con-sump-

tionad-

just-ment

5.4

4.2

4.7

4.85.36.06.16.26.47.39.1

10.711.6

12.614.615.717.017.919.221.523.724.926.0

27.027.828.729.831.032.835.739.343.047.8

53.158.262.668.780.896.607.9

75.278.782 686.6

90.995.098.701.9

104.2106.8108.9

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

507.5544.2608.4683.3729.3773.8874.8

712.8728.7738 9736.6

731.5756.1793.3814.2

844.8866.1885.0

Indi-rect

busi-ness

taxes i

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

61.868.273.580.586.193.4

100.5

83.085.687 987.7

88.492.095.697.5

97.499.7

101.2

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

445.7476.0534.8602.8643.2680.4774.2

629.8643.1651 0649.0

643.1664.2697.7716.7

747.4766.4783.7

Com-pen-

sationof

em-ploy-ees

32.3

16.7

28.2

31.239.851.062.265.161.967.279.187.885.3

94.7110.2118.3128.7126.5138.5L51.4159.1155.9171.6

181.1185.1199.8210.7226.3246.1273.5291.9321.6357.4

377.1399.4443.8503.8554.7577.1641.5

536.6549.9564 3568.0

563.4566.2580.3598.5

620.3635.4646.9

Domestic income

Corporate profits with inventory valuation and capitalconsumption adjustments

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

51.658.772.076.059.672.597.0

66.364.957 050.1

49.667.886.686.1

93.295.7

100.3

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

102.395.5

127.2

96.9103.4113.995.1

74.887.0

108.3112.0

119.4125.6128.6

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

27.329.933.539.642.639.752.1

40.643.347 539.0

30.235.445.847.6

51.153.454.7

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

27.933.342.453.159.855.875.1

56.460.266.456.1

44.551.762.564.4

68.372.273.9

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

19.920.021.723.930.429.032.0

26.933.233.228.1

29.529.029.128.6

28.231.932.9

Undis-tribu-ted

profits

2.0

- 1 . 9

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

8.013.320.729.229.426.743.1

29.526.933.228.0

15.022.733.435.9

40.140.341.0

Inven-

toryvalu-ationad-

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- . 3- . 5

.3

.1

.1- . 2- . 5

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

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

-18.6-39.8-11.4-14.6

-30.4-36.6-53.4-38.8

-16.5- 7 . 8- 9 . 0

-12.3

-11.5-14.4-12.6

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 . 0-11.6-15.6

- . 3- 1 . 9- 3 . 5- 6 . 3

- 8 . 6-11.4-12.7-13.6

-14.7-15.5-15.7

Netinter-est

1.4

1.7

1.5

1.41.31.31.11.01.0.7.8.9

1.0

.91.11.21.31.61.61.72.22.73.1

3.53.94.54.85.36.17.48.7

10.113.1

17.017.919.123.129.030.835.8

26.828.4?9 730.9

30.030.230.832.0

33.935.236.5

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


200


TABLE B-12.—Output, costs, and profits of nonjinancial corporate business, 1948-76

[Quarterly data at seasonally adjusted annual rates]

Year orquarter

19481949

19501951_ . _195219531954

19551956195719581959

196019611962. __.19631964

1965 _1966196719681969 „__

1970197119721973 . . . .1974

19751976 v

1974: L . . .I I . . .ML.IV...

1975: I . . . .I I . . .ML.IV...

1976: l____I I . . .ML.

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

560.6602.5671.0752.0810.0

870.4982.6

787.9807.5821.5823.3

822.3851.1892.0916.1

949.0972.8993.8

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 3671.0720.4698.7

676.8726.8

717.1707.8696.9675.2

653.1668.1688.9696.1

713.9725.7731.5

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

.776778

.778

.786

.793

.808

.830

.857

.892

.933973

1.0001.0441.159

1.2861,352

1.0991.1411.1791.219

1.2591.2741.2951.316

1.3291.3411.359

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

.143

.148

.105

.111

.118

.128

.139

.142

.143

.146

.146

.147

.149

In-directbusi-ness

taxes 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

.138

.138

.116

.121

.126

.130

.135

.138

.139

.140

.136

.137

.138

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

.794

.853

.883

.748

.777

.810

.841

.863

.847

.842

.860

.869

.876

.884

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

.041

.045

.049

.037

.040

.043

.046

.046

.045

.045

.046

.047

.049

.050

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

.085

.107

.133

.093

.092

.082

.074

.076

.101

.126

.124

.131

.132

.137

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

.059

.072

.057

.061

.068

.058

.046

.053

.066

.068

.072

.074

.075

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

.048

.062

.036

.031

.014

.016

.030

.049

.059

.055

.059

.058

.062

Outputper

hour ofall em-ployees(1972

dollars)

5.1105.333

5.4555.6345.9126.1676.427

6.6256.7776.8737.1417.211

7.2427.5317.7987.9857.743

7.969

7.8807.8077.6937.612

7.6787.9588.1238.097

8.1878.2898.341

Compen-sation

perhour ofall em-ployees(dollars)

2.5412.635

2.7522.8442.9563.0543.195

3.2963.4783.6763.9484.240

4.5474.8585.1585.5836.147

6.795

5.8976.0656.2296.403

6.6246.7456.8436.962

7.1137.2587.370

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).

201


TABLE B-13.—Personal consumption expenditures, 1929-76


Yearor

quarter

1929. . . .

1933

1939

1940 .194119421943194419451946194719481949

1950195119521953 .195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973 .197419751976 P

1974* 1IIIII . . . .IV. . . .

1975:1I I . . . .III . . . .IV . . . .

1976:111III . . . .IV p . .

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 0809.9887 5973 2

1,078 6

853 3878.7906.8911.1

933.2960.3987.3

1,012.0

1,043.61,064.71, 088. 51,117.5

Durable goods1

I9.?

3.5

6.7

7,89.76.96.56.78.0

15.820.4?? 925 0

30.829.8?9 13? 531.838.637 939.336.84? 4

43.141.646.751.456.362.867.769.680.085. 5

84.997.1

111.?123.7121.6131.7156 3

118.6122.5128.0117.4

122.1127.0136.0141.8

151.4155.0157.6161.2

|

f&13.3

1.1

2.3

2.83.5

.7

.8

.81.04.16.68.0

10.6

13.712.211.313.913.017.815.817.214.818.9

19.717.821.524.426.029.830.129.735.837.7

34.943.850.655.247.953.270.6

46.248.553.043.7

47.649.556.359.2

68.070.471.772.4

1Iisa> E~51 ®

4.7

1.9

3 4

3.84.84.63.93.84.58 4

10 611.511.3

13.714 014.0i4 614 616 217 116.916 617 8

17.717.918.920.322.824.727.729.532.635.0

36.739.444.850.754.757.662.9

53 754.955.754.4

54.657.058.260.6

61.262.362.965.1

Nondurable goods»

37.7

22.3

35.1

37.042.950.858.664.371.982.790.996.694.9

98.208 8L13.916. 518 0122.9128.9135.2L39.8146.4

151.1155.3161.6L67.1L76.9188.6204.7212.6230.4247.0

264.7277.7299.3333.8376.2409.1440.3

360 6371.9383.8388.5

394.4405.8414.6421.6

429.1434.8441.8455.5

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

136.3140.6150.4168.1189.9209.5224.5

181 5186.4193.7198.0

203.2207.8211.8215.2

219.2223.1225.2230.4

v>"O

DOC

S

9.4

4.6

7.1

7.58.8

11.013.414.616.518 218.820.119.3

19.621 ?21.922.122.123.124.124.324.726.1

26.727.428.729.531.933.536.638.241.845.1

46.650.555.161.365.170.075.3

64.265.066.265.0

66.669.371.373.0

73.573.275.978.5

:=o

CO©

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

22.023.424.927.836.338.941.4

31.836.238.039.3

37.938.639.239.9

40.140.341.643.6

1•o

.-=o

U-

1.6

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

5.45.56.37.79.5

10.111.8

9.09.39.89.9

9.59.9

10.810.2

11.211.011.913.2

I30.3

20.1

25.2

26.228.231.034.337.139.645.350.455.358.2

63.068.574.080.686.192.199.205.9112.8121.9

130.7138.1L47.0156.1167.1L78.7192.4208.1225.6247.2

269.1293.4322.4352.3389.6432.4482.0

374.1384.3394.9405.2

416.7427.4436.7448.6

463.2474.9489.1500.8

Servicesl

CS>3OX

11.7

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

94.0L02.7L12.3L23.2136.4150.2165.8

131.8134.6137.8141.3

145.0148.4151.8155.8

159.7163.9167.8171.7

Householdoperationl

I4.0

2.8

3.8

4.04.34.85.25.96.46.87 58 18 5

9.510 411 1l ? 012 614.015?16.217 318.5

20.121.02? ?23.424 826.328.030.632.735.5

38.341.645.950.256.163.971.6

52.855.357.559.1

61.263.765.065.9

68.469.672.87,4

I•oc

CO

:§

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

15.517.018.920.624.028.932.1

21.623.324.826.3

27.628.929.529.6

31.030.632.634.1

-.3

|

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

10.711.211.712.212.813.715. G16.217.418.9

21.123.826. C27. S31.134.037.4

29.730.631.632.5

33.333.634.135.0

36.537. C37.838.6

1 Total includes "other" category, not shown separately.2 Includes imputed rental value of owner-occupied dwellings.Source: Department of Commerce, Bureau of Economic Analysis.

202


TABLE B-14.—Gross private domestic investment, 1929-76


Year orquarter

1929

1933

1939..

194019411942194319441945..1946194719481949

1950195119521953195419551956195719581959

I96019611962 . . . .196319641965 . .1966196719681969 . .

1970 . .197119721973197419751976"

1974: 1IIIII . . . .I V . . . .

1975: 1III I I . . -IV

1976: 1IIIII . . . .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

140.8160.0188.3220.0215 0183.7241.2

216.4218.8213.3211.5

172.4164.4196.7201.4

229.6239.2247.0249.0

Fixed investment

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

137.0153.6178.8202.1204.3198.3227.7

203.8205.8206.0201.7

194.6194.3198.6205.7

214.7223.2231.9241.1

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

100.5104.1116.8136.0149.2147.1160.0

145.1149.0150.9151.9

148.0145.8146.1148.7

153.4157.9163.0165.5

Structures

Total

5.0

.9

2.0

2.32.91.91.31.82.86.87.68.98.6

9.311.311.512.813.214.417.418.116.717.0

18.218.419.419.621.526.129.229.531.635.7

37.739.342.549.054.152.055.4

52.454.854.155.2

53.151.251.852.1

53.254.956.057.5

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

36.137.841.146.951.849.853.1

50.152.351.952.9

50.948.849.649.9

51.052.553.755.1

Producers'durable

equipment

Total

5.5

1.4

3.9

5.26.44.13.75.07.39.9

15.317.315.7

17.819.919.721.520.823.926.328.624.928.3

29.528.731.834.038.245.152.252.657.763.3

62.864.774.387.095.195.1

104.5

92.794.296.896.7

94.994.694.396.6

100.2103.0107.0108.0

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

58.159.969.180.187.286.995.6

85.586.589.088.0

86.586.286.788.0

91.394.198.098.8

Residential

Total

4.0

,6

3.0

3.54.02.21.41.31.67 5

11.515.014 1

19.917 717 818.620.324.1??,621.221.827.0

25.025.027.430.631.231.228.728.634.537.9

36.649.662.066.155.151.267.8

58.756.855.049.8

46.648.652.657.0

61.365.368.975.6

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

35.147.960.364.352.749.065.1

56.454.652.747.2

44.946.750.254.2

58.662.966.372.7

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

.6

.7

.7

.61.0.8

1.1

1.0.9.9

1.3

.5

.61.01.4

1.2.9

1.01.2

Pro-ducers'dur-able

equip-ment

0.1

.0

.1

.1

1.0.0.0.2

33

4.4.4.4.4.4.5.5.5.6

.5

.5

.5

.6

.6

.7

.7

.7

.8

.9

.9ni?

.6

1.31.41.4L.3

L.21.3L.4L.4

1.51.51.61.7

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

- 1 . 56.04.71.3

- 1 . 55.2

3 82.26.56.05 89.5

14.310.17.79.4

3.86.49.4

17.910.7

-14 .613.5

12.613.07.39.7

-22 .2-30 .0- 2 . 0- 4 . 3

14.816.015.17.9

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 . 3

5.3

3.51.95.85.26 48.5

14.59.47.69.2

3.75.18.8

14.712.2

-17 .613.6

14.513.97.4

12.9

-25 .6-31 .2- 4 . 2- 9 . 5

12.717.315.68.9


203


TABLE B-15.—Inventories and final sales of business, 1946-76

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

Year andquarter

Fourth quarter:1946194719481949

19501951195219531954 . .

19551956 .195719581959 . .

1960196119621963 . .1964

1965 . . .1966196719681969

1970 . . . .1971197219731974

19751976 v

1974:1II.Ill .IV

1975:1IIIIIIV

1976-1IIIIIIV p . .

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 8428.0

426.8462.1

374.6392.0419.9428.0

419 0417.7426.8426.8

434.9445.4452.9462.1

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

31.736.844 666.261.7

63.361.1

64.759.265.961.7

58.563.266.363.3

64.265.462.361.1

Inventories I

Nonfarm

Totalnon-farm

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

212.5225.1243.9289.6366.3

363.5401.0

309.9332.7354.0366.3

360.5354.5360.5363.5

370.7380.0390.6401.0

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

110.8113.6120.4143.6188.7

188.5206.3

155.7170.0182.3188.7

187.7184.8186.4188.5

190.6194.7199.7206.3

Wholesaletrade

9.610.611.310.9

13.414.014.014.214.5

15.616.716.916.918.0

18.419.019.721.222.3

24.027.229.230.933.8

36.839.443.652.867.0

64.772.5

57.261.264.967.0

66.064.165.064.7

66.669.070.472.5

Retailtrade

11.914.116.115.0

18.619.218.819.519.7

21.922.924.024.125.3

26.826.327.929.431.1

34.438.039.242.245.9

47.152.958.066.876.3

74.782.6

68.470.774.076.3

73.272.375.074.7

77.279.482.282.6

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

17.719.221.826.434.4

35.639.5

28.630.932.834.4

33.633.334.135.6

36.336.938.339.5

Finalsales2

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, 210.1

1, 344.71,466.3

lf 143.51,170.81, 202.31, 210.1

1,238.51, 276.41,308.81,344.7

1,365.91, 399.51,428.01,466.3

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

.354

.317

.315

.328

.335

.349

.354

.338

.327

.326

.317

.318

.318

.317

.315

Non-farm'

0.270.278.285.262

.287

.290

.275

.272

.263

.265

.274

.269

.257

.255

.252

.244

.241

.238

.238

.234

.247

.251

.244

.252

.253

.246

.239

.258.303

.270

.273

.271

.284

.294

.303

.291

.278

.275

.270

.271

.272

.274

.273

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


204


TABLE B-16.—Inventories and final sales of business in 1972 dollars, 1947-76

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

Year andquarter

Fourth quarter:1947 .19481949

1950 .1951195219531954

1955 . . . .1956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

19751976 P

1974:1IIIllIV

1975:1IIIllIV

1976:1IIIIIIV x»

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

261.3267.9211A293.9302.3

290.3299.4

296.7299.1300.3302.3

297.2291.9291.7290.3

292.9295.7298.2299.4

Farm

25.726.726.2

27.529.130.430.231.1

31.530.731.432.432.4

32.833.234.535.735.1

36.236.036.837.037.3

37.739.239.842.141.7

42.642.5

41.941.941.841.7

41.942.042.242.6

43.042.742.742.5

Inventories I

Nonfarm

Totalnon-farm

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

223.6228.8237.6251.8260.7

247.7256.9

254.8257.2258.5260.7

255.3249.9249.4247.7

249.9252.9255.5256.9

Manufac-turing

49.951.348.6

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

117.1115.4117.5123.6129.7

124.1127.5

125.7127.4128.6129.7

128.7126.6125.0124.1

124.1125.4126.4127.5

Wholesaletrade

13.815.015.0

17.017.517.918.118.4

19.920.520.320.322.1

22.723.424.326.227:5

28.932.033.934.936.5

38.740.142.445.348.5

44.947.8

46.647.748.048.5

47.345.745.544.9

45.746.847.447.8

Retailtrade

20.522.522.0

25.225.325.325.826.0

28.729.030.029.731.1

33.032.234.035.737.6

41.044.444.847.049.4

49.053.756.560.359.2

55.657.9

59.659.258.959.2

56.455.256.255.6

56.857.258.257.9

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

18.819.521.322.723.4

23.123.7

22.922.923.023.4

22.922.522.623.1

23.323.523.523.7

Finalsales 2

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

891.7935.0

1, 007.61,031.8

997.0

1,035.71, 082. 2

1,029.51, 026.71,022.0

997.0

996.11,011.11,021.81,035.7

1,044.71,059.91,068.01,082.2

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

.275

.285

.303

.280

.277

.288

.291

.294

.303

.298

.289

.285

.280

.280

.279

.279.277

Non-farm3

0.234.236.225

.232

.241

.236

.232

.225

.226

.234232

.222

.226

.228

.221

.223221

.223

218.234.240.237.246

.251

.245

.236

.244

.261

.239

.237

.247

.251

.253

.261

.256

.247

.244

.239

.239

.239

.239

.237

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


205

224-250 O - 77 - 14


TABLE B-17.—Relation of gross national product and national income, 1929-76


Year or quarter

1929

1933_

1939

1940194119421943194419451946194719481949

195019511952 . .195319541955 - . .1956195719581959

I96019611962 . .1963196419651966196719681969

1970197119721973197419751976 v _ _

1974: 1IIIIIIV

1975: 1IIIIIIV

1976: 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 41, 063.41 171.11,306.61,413.21,516.31, 692. 4

1,372.71,399.41,431.61,449. 2

1, 446. 21, 482.31,548.71, 588.2

1, 636.21,675.21,709.81, 748. 5

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

105.4117.7137.7161.4179.8

128.5134.5140.6147.2

152.9158.7164.4169.5

173.6177.7181.6186.2

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. 81,188.91,275.51,355.01,512.7

1, 244. 21,265.01,291.01,301.9

1,293.31,323.61,384.31,418.7

1,462.61,497.61, 528. 21, 562. 3

Plus:Subsidies

lesscurrentsurplus

of govern-mententer-prises

-0 .2

- . 0

.4

.4

.1

.1

.1

.6

.7

.9- . 2- . 1- . 3

.1- . 1

- . 5- . 3- . 0

.7

.71.1.1

.41 71.81.11.71.62.51.61.31.8

2 72.43.63.9.8

2.01.2

1.3.8.9.3

1.41.92.12.7

.9

.71.21.9

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

94.0103.4111.0120.2128.4138.7149.7

124.0127.5131.0131.0

132.6136.5141.5144.1

144.9148.2151.0154.8

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

4.04.24.75.45.66.37.1

5.65.55.65.7

5.96.26.46.6

6.87.07.27.4

Statisticaldiscrep-

ancy

1.1

.7

1.4

1.1.5

- . 8-1 .8

2.74.1.7

1.8-1 .2

1.0

2.04.02.73.33.02.5

- . 8.2

1.72

- . 71.64.03.72.2.9

3.21.7

- . 6- 3 . 3

- 2 . 11.31.72.66.64.47.6

2.47.17.79.3

6.4

5.16.1

7.25.88.7

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, 064.61,135.71,207.61, 349. 4

1,113.51,125.61,147.61,156.3

1,149.71,182.71,233.41,264.6

1,304.71,337.41, 362. 5


206


TABLE B-18.—Relation of national income and personal income', 1929-76


Year orq uarter

1929.

1933

1939 _ .

194019411942 .1943194419451946194719481949

1950195119521953195419551956195719581959

196019611962196319641965196619671968 . . .1969

197019711972197319741975 _ _1976 v

1974: 1 . . .II.. .III..IV..

1975: l__-II. . .III..IV..

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

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. 61,135.71,207.61,349.4

1,113.51,125.61,147. 61,156.3

1,149.71,182.71,233.41,264.6

1,304.71, 337.41, 362. 5

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

67.977.292.199.184.891.6

118.7

95.787.881.774.1

69.086.6

105.3105.6

115.1116.4122.0

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

37.542.847.052.367.174.682.1

59.465.970.073.2

73.774.074.975.8

78.680.383.586.0

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

103.4109.7122.8

100.4102.4105.0105.9

107.6108.1110.3112.6

119.3121.4123.7126.8

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- . 6

- 1 . 5.0

.0

.0

.0

.0

.0

.0

.0

.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

113.5134.6168.9184.2

123.2130.8138.5146.0

157.8169.3172.7176.0

181.8180.6185.2189.2

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

101.4110.7123.1

92.999.7

104.8108.2

108.2109.0111.0114.4

118.0120.7125.0128.7

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

22.923.024.627.830.832.135.1

29.930.731.331.1

31.731.932.632.2

33.134.435.437.7

Businesstransfer

pay-ments

0.6

.7

.5

.4

.5

.5

.5

.5

.5

.5

.6

.7

.8

.8

.9L.O

?1?

1.45

1.68

2.02.02.12.42.72.83.03 13.43.8

4.04.24.75.45.66.37.1

5.65.55.65.7

5.96.26.46.6

6.87.07.27.4

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

1,052.41,153.31,249.71,375.4

1,109.71,136.81,172.51,194.1

1, 203.11,230.31, 265. 51,299.7

1,331.31, 362.01, 386. 01,422.1


207


T A B L E B-19.—National income by type of income, 1929-76


Year orquarter

1929

1933

1939..

19401941.194219431944..1945.. .19461947..19481949

195019511952..195319541955..1956195719581959..

1960 .1961196219631964 .19651966 .19671968.. . .1969

19701971..19721973..197419751976*»

1974: 1II .illIV

1975: 1IIIllIV

1976: 1IIIllIV 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

1, 064.61,135. 71,207.61, 349.4

1.113.51,125.61,147.61,156.3

1,149.71,182.71,233.41,264.6

1,304.71,337.41,362.5

Compensation of(

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

609.2650.3715.1799.2875.8928.8,028.4

846.3866.3888.8901.8

904.0912.9935.2963.1

994.4,017.2,037.5,064.5

employees

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

546.5580.0633.8701.2764.5806.7890.4

739.7756.7775.6786.0

785.8792.8811.7836.4

861.5881.1897.8921.0

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

111.3122.1138.0

106.6109.6113.3115.8

118.2120.1123.5126.7

132.9136.2139.6143.5

Proprietors' income with inventory valuation and capitalconsumption adjustments

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

65.167.776.192.486.990.296.7

91.285.086.085.5

81.186.895.597.2

93.2100.396.197.1

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

13.914.318.032.025.824.922.8

31.624.623.823.3

17.924.129.228.3

21.927.521.720.3

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

15.316.020.034.228.428.627.0

33.926.926.426.4

21.427.833.132.3

26.131.725.924.5

Capi-tal

con-sump-tionad-just-ment

- 0 . 1

.1

- . 0

—.0- . 0- . 5- . 5- . 6- . 4—.2

- . 6

- . 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 . 6- 3 . 8- 4 . 2

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

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

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

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

51.253.458.160.461.165.373.8

59.660.462.262.2

63.262.766.369.0

71.472.874.476.8

In-come*

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

50.752.856.460.363.165.274.1

60.761.865.464.6

63.062.366.169.2

71.173.274.677.5

Inven-tory

valua-tionad-

just-ment

0.1

- . 5

- . 2

- . 0- . 6- . 4- . 2- . 1- . 1

- 1 7- 1 . 5- . 4

.5

- 1 . 1- . 3

.2_ o

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

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

- . 5- . 4- . 7

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

- 2 . 8- 3 . 0- 4 . 8- 3 . 9

- 1 . 3- . 9

- 1 . 1- 1 . 2

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

Capi-tal

con-sump-

tionad-

just-ment

- 0 . 2

- . 2

- . 1

jY

.2

.3

.4

.2

.0

.4

.5

.8

.9

.9

.9

.91 01 01 11 ?1 1

1 31 ?

1 61 8.6fi

54

0.1

) 5.8.63

.9

7.6.6

L.6

1.5L.4L.21.0

.9

.9

. 9

.9


208


T A B L E B-19.—National income by type of income, 1929-76—Continued


Year orquarter

1929

1933

1939

1940. . .1941194219431944... .1945194619471948...1949

1950..195119521953..195419551956.195719581959

19601961196219631964196519661967 . .19681969

1970197119721973197419751976*..—

1974:1.. . .I I . . .III...IV...

1975:1.. . .I I . . .III...IV...

1976:1. . . .I I . . .Ml...IV p.

Rental i ncome of per-sons with capital

consumptionadjustment

Total

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

18.620.121.521.621.022.423.5

20.920.621.021.5

21.922.322.422.9

23.323.123.424.3

Rentalincome

ofpersons

5.7

2.3

3.1

3.33.95.05.65.96.27.37.78.58.9

10.011.012.213.414.414.815.215.916.717.3

17.818.319.019.620.121.022.123.423.824.8

25.827.729.431.333.337.040.5

32.432.633.534.6

35.636.637.338.4

39.639.640.642.1

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

-12.3-14.6-17 .0

-11.5-12.0-12.5-13.1

-13.6-14.2-14.9-15.5

-16 .3-16.5-17.2-17 .8

Corporate profits with inventory valuation and capital consumptionadjustments

Total

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

67.977.292.199.184.891.6

118.7

95.787.881.774.1

69.086.6

105.3105.6

115.1116.4122.0

Profits with inventory valuation adjustment and withoutcapital 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

66.476.989.697.287.8

103.1

95.989.785.280.4

77.797.9

117.9119.1

129.6131.8137.6

Profits before tax

Total

10.0

1.0

7.0

10.017.721.525.124.119.724.631.535.228.9

42.643.938.940.538.148.448.646.941.151.6

48.548.653.657.764.775.280.777.385.683.4

71.582.096.2

115.8127.6114.5

126.3126.4138.6119.2

94.2105.8126.9131.3

141.1146.2150.2

Profitstax

liability

1.4

.5

1.4

2.87.6

11.414.112.910.79.1

11.312.410.2

17.922.619.420.317.622.022.021.419.023.6

22.722.824.026.228.030.933.732.539.439.7

34.537.741.548.752.449.264.7

50.553.057.648.6

40.244.854.857.2

61.463.565.1

Profits after tax

Total

8.6

.4

5.6

7.210.110.111.111.29.0

15.520.222.718.7

24.721.319.520.220.526.426.625.522.128.0

25.825.829.631.536.744.347.144.946.243.8

37.044.354.667.175.265.3

75.873.381.070.6

54.061.072.174.1

79.782.785.1

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

22.923.024.627.830.832.135.1

29.930.731.331.1

31.731.932.632.2

33.134.435.437.7

Undis-tributedprofits

2.8

- 1 . 6

1.8

3.25.75.96.66.54.49.9

13.915.711.5

15.912.811.011.511.416.115.514.010.815.8

13.012.515.216.019.425.227.624.724.221.2

14.121.330.039.344.433.2

45.942.649.739.5

22.329.139.541.9

46.648.349.7

Inven-tory

tionadjust-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

-18.6-39.8-11.4

-30.4-36.6-53.4-38.8

-16.5- 7 . 8- 9 . 0

-12.3

-11.5-14.4-12.6

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

- 3 . 0-11.5

- . 2- 1 . 9- 3 . 5- 6 . 3

- 8 . 6-11 .4-12.6-13.5

-14.5-15.4-15.7

Netinter-est

4.7

4.1

3.6

3.33.33.12.72.42.2l.fi2.12.12.2

2.3?J3.03.44.34.85.26.58.08.8

9.811.?1?.R14.315.918.521.924.326.830.8

37.547.847.052.367.174.682.1

59.465.970.073.2

73.774.074.975.8

78.680.383.586.0

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.

8 With inventory valuation adjustment and without capital consumption adjustment.4 Without inventory valuation and capital consumption adjustments.Source: Department of Commerce, Bureau of Economic Analysis.

209


TABLE B-20.—Sources of personal income, 1929-76


Year or quarter

1929

1933.

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966.196719681969

1970197119721973197419751976 v

1974: I . . .II...III..IV..

1975: I . . .II.ML.IV..

1976: I . . .II...II!IV*

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. 41,153.31, 249. 71,375.4

1,109. 71,136.81,172.51,194.1

1, 203.11, 230. 31, 265. 51, 299. 7

1,331.31, 362.01, 386. 01,422.1

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

546.5579.4633.8701.3765.0806.7890.4

739.7757.3777.1786.0

785.8792.8811.7836.4

861.5881.1897.8921.0

Commodity-producingindustries

Total

21.5

9.8

17.4

19.727.539.149.050.445.946.054.260.957.7

64.676.181.989.485.592.9

106.4104.099.8

109.3

112.9113.4121.5126.6135.1145.7160.7168.0183.0199.1

202.5207.8226.7253.5273.9275.3304.8

266.6271.9278.8278.1

269.9269.1276.2285.8

295.3302.9307.0314.0

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

158.2160.3175.4196.2211.4211.7237.0

205.2209.6215.6215.2

206.8206.9212.5220.3

229.6235.6238.9243.8

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

130.1139.3151.9168.1184.4195.6214.9

178.0183.0187.3189.3

191.0192.5196.8202.3

208.3212.8216.5221.8

Serviceindus-tries

8.4

5.2

7.1

7.58.19.09.9

10.911.914.316.118.018.6

20.021.723.325.026.328.831.533.835.838.8

41.744.447.550.654.759.265.072.280.289.9

97.9106.8117.9131.0145.9159.9180.0

139.6143.7148.3151.8

154.8157.4161.3166.1

172.4176.7182.7188.3

Govern-mentand

govern-mententer-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

116.0125.6137.3148.6160.9175.8190.7

155.5158.7162.7166.7

170.0173.8177.3182.2

185.4188.7191.7197.0

Otherlabor

in-come i

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

32.036.242.048.755.562.570.1

52.654.556.458.5

60.061.463.365.2

67.169.071.173.2

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

13.914.318.032.025.824.922.8

31.624.623.823.3

17.924.129.228.3

21.927.521.720.3

Non-farm

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

51.253.458.160.461.165.373.8

59.660.462.262.2

63.262.766.369.0

71.472.874.476.8


210


TABLE B-20.—Sources of personal income, 1929-76—Continued

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

Year orquarter

1929

1933

1939....

1940194119421943194419451946....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... .19741975....1976 P. . .

1974:1..II.III.IV.

1975: L .II..ill.IV.

1976: L .II..III.IV v

Rentalincomeof per-

sonswith

capitalcon-

sump-tion 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

18.620.121.521.621.022.423.5

20.920.621.021.5

21.922.322.422.9

23.323.123.424.3

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

22.923.024.627.830.832.135.1

29.930.731.331.1

31.731.932.632.2

33.134.435.437.7

Personalinterestincome

6.9

5.5

5.4

5.35.35.25.15.25.96.47.37.78.2

8.99.6

10.311.412.713.815.317.418.820.9

23.324.627.130.233.337.241.845.049.655.9

64.369.374.684.1

101.4110.7123.1

92.999.7

104.8108.2

108.2109.0111.0114.4

118.0120.7125.0128.7

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

104.1118.9140.3175.2191.3

128.8136.3144.2151.8

163.7175.5179.1182.5

188.6187.6192.4196.6

Old age,survivors,disability,and healthinsurancebenefits

0.0

.0

.1

.1

\l.3.4.5.6.7

1.01.92.23.03.64.95.77.38.5

10.2

11.112.614.315.216.018.119.825.530.232.9

38.544.549.660.470.181.493.0

63.769.172.675.0

76.777.884.786.3

88.189.595.898.4

Transfer payments

Govern-ment

unem-ploy-

ment in-surancebenefits

0.4

.5

l!l.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

4.05.85.64.36.6

17.315.6

5.46.16.68.5

15.018.118.417.7

17.715.314.714.7

Vet-eransbene-fits

0.6

.6

.5

.5

.5

.5

.51.03.07.07.05.95.3

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

10.411.814.515.0

10.811.012.113.5

14.613.914.215.0

16.014.714.414.9

Govern-mentem-

ployeeretire-ment

benefits

0.1

.2

.3

.3

.3

.3

.4

.4

.5

.7

.7

.7

.9

1.01.11.21.41.51.71.92.22.52.8

3.13.43.74.24.75.26.16.97.78.6

10.111.713.515.618.622.125.0

17.518.019.119.9

21.021.622.423.3

23.824.925.525.9

Aid tofamilieswith de-pendentchildren(AFDC)

o1

1

1111

Other

.8

4

7

788R

2.n22

.'4

.5

.6

.6

.5

'.6.6.6.7.8.9

1.01.11.31.41.51.71.92.32.83.5

4.86.26.97.27.99.29.8

7.57.78.18.4

8.79.09.49.7

9.89.79.9

10.0

01

2.52.93.3

3.53.63.84.14.14.34.54.95.35.8

6.26.46.77.37.88.3

10.210.211.112.5

14.917.218.921.025.230.832.9

23.924.525.726.6

27.735.130.030.5

33.233.432.232.6

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

28.030.834.2 !

42.247.650.054.9

46.4 '47.348.248.5 1

49.4 149.550.151.0 ,

53.4 154.355.256.6

Non-farmper-sonal

in-come 2

159.6171.5187.7189.9

209.3234.3252.4269.0272.6294.7316.4335.0342.9367.7

384.4399.0424.5447.0480.7519.5566.1609.1667.5725.8

780.7838.0917.3

1,011.91,117.31,213.41,340.1

1,068.41,102.21,138.51,160.1

1,174.01,195.21,224.91,259.7

1,297.71,322.41,351.71,388.6

* The total of wage and salary disbursements and other labor income differs from compensation of employees in Table6-19 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-ments.

2 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural neti nterest.


211


TABLE B-21.—Disposition of personal income, 1929-76

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

Year orquarter

1929

1933

1939

19401941.. . .194219431944.194519461947.19481949

19501951 . .1952.. . .19531954.195519561957.. . .19581959..

19601961196219631964196519661967.. .19681969

1970197119721973197419751976 v

1974:1 . . . .II . . . .III...IV.. .

1975:1 . . . .II.—III...IV.. .

1976: 1II . . . .III...IV*>_.

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, 052.41,153.31, 249.71, 375.4

1,109.71,136.81,172.51,194.1

1,203.1lf 230. 31,265. 51, 299.7

1,331.31, 362. 01, 386.01, 422.1

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

115.3116.3141.2150.8170.4168.8193.6

161.3167.4174.5178.3

179.3142.2174.0179.8

183.8189.5195.8205.3

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

685.9742.8801.3901.7982.9

1, 080.91,181.8

948.4969.5998.0

1,015.8

1,023.81, 088.21,091.51,119.9

1,147.61,172.51,190.21,216.9

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

635.4685.5751.9831.3910.7996.9

1,104.0

875.8901.6930.4935.0

956.7983.6

1,011.11, 036.2

1, 068.01, 089.61,114.31,144. 0

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

618.8668.2733.0809.9887.5973.2

1,078.6

853.3878.7906.8911.1

933.2960.3987.3

1,012.0

1,043.61,064.71, 088.51,117.5

Interestpaid by

con-sumers

tobusi-ness

1.5

.5

.7

.8

.9

.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

15.516.217.920.222.222.824.4

21.421.922.622.9

22.522.422.823.3

23.423.924.825.5

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

.5

.5

.4

.4

.4

.4

.5

.6

.6

.7

.6

.9

.8

.9

1.11.11.01.31.0.9

1.1

1.11.01.01.0

.9

.9

.9

.9

1.01.01.11.1

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

50.657.349.470.372.284.077.8

72.667.867.680.8

67.2104.580.583.7

79.582.975.872.9

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

92.692.393.892,292.792.293.4

92.393.093.292.0

93.490.492.692.5

93.192.993.694.0

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

90.290.091.589.890.390.091.3

90.090.690.989.7

91.288.290.590.4

90.990.891.591.8

Per-sonal

saving

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

7.47.76.27.87.37.86.6

7.77.06.88.0

6.69.67.47.5

6.97.16.46.0


212


TABLE B-22.—Total and per capita disposable personal income and personal consumption expendi-tures in current and 1972 dollars, 1929-76

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

Year or quarter

Disposable personal income

Total (billionsof dollars)

Currentdollars

1972dollars

Per capita(dollars)

Currentdollars

1972dollars


Total (billionsof dollars)

Currentdollars

1972dollars

Per capita(dollars)

Currentdollars

1972dollars

Popu-lation(thou-sands) l

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..1965..1966.1967.1968.1969.

1970...1971...1972...1973...1974...1975...1976 P..

1974:1I I -III.IV..

1975:1—II..111.IV..

1976:1..II.

IV *

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

685.9742.8801.3901.7982.9

1,080.91,181.8

948.4969.5998.0

1,015.8

1, 023. 8"., 088.2., 091.5,119.9

,147.6, 172.5, 190.2

1,216.9

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

741.6769.0801.3854.7840.8855.5890.7

846.7840.6841.7834.0

827.9869.7857.1867.5

880.4890.5892.0900.2

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

3,3483,5883,8374,2854,6395,0625,494

4,4874,5794,7054,779

4,8095,1025,1055,227

5,3475,4555,5265,639

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 7143,8374,0623,9684,0074,141

4,0063,9703,9683,923

3,8894,0784,0094,049

4,1034,1434,1424,171

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

618.8668.2733.0809.9887.5973.2

1,078.6

853.3878.7906.8911.1

933.2960.3987.3

1,012.0

1,043.61, 064.71, 088. 51,117.5

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

668.9691.9733.0767.7759.1770.3812.9

761.8761.9764.7748.1

754.6767.5775.3783.9

800.7808.6815.7826.6

634

364

511

537605657727781854

1,0171,1221,1921,194

1,2661,3421,3831,4391,4521,5351,5811,6371,6621,755

4,0374,1514,2754,286

4,3834,5034,6184,724

4,8634,9545,0545,178

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

1,7981,8241,9041,9792,0872,2142,3652,4682,6702,860

3,0203,2273,5103,8494,1884,5585,014

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

3,2653,3423,5103,6483,5823,6083,779

3,6043,5993,6053,519

3,5453,5993,6263,659

3,7313,7623,7883,830

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, 846210,410211,901213, 540215,118

211,361211, 705212,134212, 578

212, 897213, 278213, 805214, 245

214, 599214,926215, 355215, 805

» Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annualdata are for July 1; quarterly data are for middle of period, interpolated from monthly data.

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

213


T A B L E B-23.—Gross saving and investment, 1929-76


Year orquarter

1929

1933

1939...

1940194119421943194419451946194719481949

1950195119521953195419551956 . . . .195719581959

1960196119621963196419651966196719681969

197019711972197319741975 . .1976P

1974: 1

in".".".".IV... .

1975: 1I I . . . .III....IV....

1976: 1IIIII....

Gross saving

Total

15.9

.9

8 7

13.518.510.55.32.35.1

34 641.249 034.8

49.755.549 348.149 465.673.672.660 475.8

78 975 883 689 6

100 1115.4122.9120 3130 8147 5

143.4155 4177.5216.8205.3191.2231.9

213.0206.5200.0201.7

172.1180.2204.6208.0

222.1234.2234.2

Gross private saving

Total

14.9

2.2

10.9

14.222.241.949.454.144.629.226.840.638.2

41.649.453 155.056 562.468.471.773.077.3

75.880.087.488.9

102.4114.9124.2134.6136 3136.8

151.9173.0180.4210. 5211.6255.6276.4

216.4206.4201.0222.4

217.0273.2262.7269.4

273.8279.1278.9273.6

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

50.657 349.470.372.284.077.8

72.667.867.680.8

67.2104.580.583.7

79.582.975.872.9

Grossbusi-ness

saving*

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 7131.0140.2139.4171.6198.6

143.8138.6133.4141.6

149.8168.7182.2185.7

194.3'96. 2203.1

1

Government surplus ordeficit ( - ) , nationalincome and product

accounts

Total

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- 4 . 2

-64 .4-44.5

4.7

-l'.O-20 .8

-45.0-92.9-58 .1-61.5

-51.6-44 .9-44.7

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 . 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

-13 .2- 5 . 8

8.5

-12.1-22 .0-17 .3- 6 . 7

-11 .5—71.2-58 .3- 4 . 1- 7 . 6- 9 . 0

-25.3

-49 .8-99.9-66 .0-69.4

—63.8-54.1-57.4

Stateandlocal

- 0 . 2

- . 1

.0

.61.31.82.52.72.61.91.0

- . 7

- 1 . 2

- . 0.1

- 1 . 1- 1 . 3- . 9

- 1 . 4- 2 . 4- . 4

.1- . 4

.5

.51.0

- . 0

- 1 . 13

2.1

2.83.7

13.713.07.36.9

13.9

8.77.88.04.5

4.76.97.97.9

12.29.2

12.7

Capitalgrants

receivedby theUnitedStates,(net) 2

0.9.7.7.0

4-2.0.0.0

4-8.0.0.0.0

.0

.0

.0

.0

.0

.0

.0

.0

Gross investment

Total

17.0

1.6

10.1

14.619.09.73.55.19.2

35.342.947.835.9

51.759.551.951.452.468.072.872.862.075.5

78.277.387.693.4

102.3116.3126.1122.1130.2144.2

141.4156.8179.2219.4211.9195.6239.5

215.4213.6207.7211.0

178.5180.3209.8214.0

229.4240.0242.9245.8

Grossprivatedomes-tic in-vest-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

140.8160.0188.3220.0215.0183.7241.2

216.4218.8213.3211.5

172.4164.4196.7201.4

229.6239.2247.0249.0

Netforeigninvest-ment3

0.8

.2

.9

1.51.1

-1.1- 2 . 1- 1 . 4

4.69.02.0.6

- 2 . 1

2- 1 . 9_ 3

~L83.6

- 2 . 0

1.73.02.43.25.74.31.61.2

- 1 . 4- 2 . 0

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

- 3 . 011.9

- 1 . 7

- 1 . 0- 5 . 2- 5 . 6- . 5

6.115.913.112.6

- . 2.8

- 4 . 1- 3 . 2

Statis-ticaldis-

crep-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 02.5g

21 7

11.64 03.72.2

.93.21.7

— 6- 3 . 3

- 2 . 11 31.72.66.64.47.6

2.47.17.79.3

6.4

5*.l6.1

7.25.88.7

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 4.3 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 (quarterly rate) in rupees under provisions of the

Agricultural Trade Development and Assistance Act. This transaction is being treated as capita! grants paid to foreigners,and is included in the first quarter of 1974 as—$8.0 (annual rate) in capital grants received by the United States.


214


TABLE B-24.—Saving by individuals, 1946-76 l


Year orquarter

1946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969 . .

19701971197219731974

1975

1975: 1IIlitIV

1976: 1II . .IN. . .

Total

16.520 618.714.3

19.126.325.626.724.3

29.732.631.830.533.3

30.730.935 740.048.7

55.062.964.267.657.9

74.791.5

102.0121.7115.3

131.2

108.7149.1134.5132.9

135.2131.2123.9

Increase in financial assets

Total 2

18.913.29.09.9

13.719.1?3 1??.622.1

?7.930.028.631.637.1

31.935.839 646 555.2

58.459.467.973.261.5

78.7104.4127.6143.0137.7

167.8

134.8187.2163.9185.9

176.4180.1182.7

f

Cur-rencyandde-

mandde-

posits

5.6

- 2 . 9- 2 . 0

2.64.61.61.02.2

1.21.8

- . 43.8.8

1.0- . 9

- 1 . 2- . 54.9

7.52.49.9

11.12.5

8.99.1

14.812.75.1

6.9

-14.840.811.5

-10.0

8.9- 1 . 4

3.8

Sav-ingsac-

counts

6.33.4?.?2.6

?.54.87.88 ?9.2

8 69.5

12.013.911.1

] ? . ]18.326.226.326.2

28.019.135.331.19.1

43.667.871.067.957.9

84.9

80.683.174.5

101.5

87.279.2

112.5

Securities

Gov-ern-mentsecu-rities'

- 1 . 41.61.31.8

^-.1- . 62.52.51.0

5.83.92.3

- 2 . 59.1

3.31.91.36.45.4

4.011.0- . 65.6

19.9

- 8 . 9-10.7

1.723.518.3

14.4

- 4 . 99.4

28.524.5

13.927.610.8

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

9.58.34.2.9

5.3

10.4

15.012.18.56.0

2.39.72.3

Corpo-rateequi-ties'

1.11.11.0.7

.71.81.61.0.8

1.02.01.51.5.6

- . 5

-2'.1- 2 . 5- . 1

- 2 . 1- . 7

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

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

- 1 . 8

- 4 . 21.4

- 3 . 7- . 6

- 7 . 73.8

- 7 . 9

Insur-anceandpen-sionre-

serves(5)

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

24.427.329.232.836.0

43.7

40.041.843.550.2

52.648.849.1

Net investment in

Non-farmhomes

- 3 . 09.76.36.8

8.311.011.812.113.2

16.115.513.312.515.4

14.112.512.613.613.6

13.512.012.013.913.8

12.418.925.927.923.2

20.4

18.218.521.024.0

29.432.535,1

Con-sumer

du-rables

5.87 36.96.7

9.34.93.04.73.5

8.04.63.3.4

4.0

3.3.9

4 56.98.8

12.012.910.214.413.7

7.913.921.525.411.1

8.1

3.55.0

10.413.4

19.218.817.8

Non-cor-po-ratebusi-ness

assets

1.27

7.1.6

4.13.11.9.9

1.4

2.8.7

2.12 13.8

3.23.16 48.47.9

11 29.77.99 3

11.0

8.813.017.219.43.3

- 2 . 4

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

.5- 4 . 5- 6 . 2

Less:Increase innet debt

Mort-gagedebton

non-farm

homes

3.64 74.64.4

fi,76.66.67.59 1

11.711.29.09 8

12 4

11.612.613 916.417.2

17 113.413.416 818.2

14.727.141.547.035.3

39.4

28.538.542.248.2

51.553.260.6

Con-sumercredit

2.73 22.92 9

4.11 24.83.91 l

6.43.52 6

?6 4

4.61.85 8i. 98.5

9 66.44.5

10 010.4

5.911.618.621.79.8

8.5

.91.3

14.317.7

18.120.619.2

Otherdebt*

0.12 53.22 4

5.43 9? 82.35 7

7.03.54.06 28 0

5.66.97 6

11.111.1

13 511.415.816 413.5

12.519.930.225.415.0

14.8

16.417.42.4

23.1

20.721.825.6

1 Saving by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.2 Includes commercial paper and miscellaneous financial assets, not shown separately.3 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.4 Includes investment company shares.6 Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and

pension reserves.6 Security credit, policy loans, noncorporate business mortgage debt, and other debt.

Source: Board of Governors of the Federal Reserve System.

215


TABLE B~25.- -Number and money income {in 1975 dollars) ojfamilies and unrelated individualsby race of head, 1947-75

Year

FAMILIES19471948194919501951195219531954195519561957. . . . .1958195919601961 . . . .1962196319641965.196619671968196919701971197219731974197421975.

UNRELATEDINDIVIDUALS194719481949195019511952195319541955195619571958195919601961196219631964 . . . .19651966196719681969197019711972 . .1973197419742..1975

Total

Totalnum-ber

(mil-ions)

37 238.639.339.940 640.841.242 042.943.543.744.245.145.546.447.147.548.048.549.250.150.851.652.253.354.455.155.755.756.2

8.28.49.09.49.19.79.59 79 99.8

10 410.910.9

U l . lU1.2U1.0111.2U2.1112.2U2.5113.2U3.9114.6U5.516.316.818.318.918.920.2

Medianincome

$7, 3037,1267,0167,4227 6847,8888,5368 3458,8819,4669,4969,469

10, 00310,21410,31810, 59710, 98411,39811,86712, 49112,78813,35413, 84913,67613, 66814,30114, 59514, 00914, 08213,719

$2, 3622,2282,3702,3362 4752,8582,8092 4472 6482,8232 8562,7662,8753,1263,1553,1193,1653,4413,6723,7983,8354,3104,3034,3484,4074,5305,0074,8455,0254,882

Percent withincomes

Be-low

$5,000

29 330.531.829.427.025.523.925 322.920.921.221.320.119.719.718.417.516.615.613.613.311.811.412.011.911.210.811.511.112.0

Be-low

$3, 000

58.260.057.256.854 651.851.955 954 452 151 652.551.649.349.049.348.746.343.642.542.238.237.937.436.434.330.731.229.829.7

Belowpov-ertylevel

18.518.118.117.215.915.013.911 811.410.09.7

10.110.09.38.89.28.89.7

Belowpov-ertylevel

46.145.245.945.444.242.739.838.338.134.034.032.931.629.025.625.524.125.1

White

Totalnum-ber

(mil-lions)

34 135 3

38 239 039 539.740.240.941.141.942.442.743.143.544 144.845.446.046.547.648.548.949.549.449.9

7.27.3

8.38 58.58 99.29.39.69.69.59.7

10.410.510.711.312.012.513.414.214.515.816.316.317.5

Medianincome

$7 6081 4007'2967 7027 9968'3438* 8518 6879 2719 9069 8829 866

10, 42010, 60410, 76011,09811,51111,90012,37012 97713,27313, 82614, 37914,18814,18214, 85815,25414, 57714,63314,268

$2, 4952,3542,5592,4922 6063,0792 9642 6342 8152 8983 0552,9643,0723 3803,3923,3373,3183,6243,8303,9943,9824,5674,5194,5514,6054,7315,1725,0605,2055,099

Percent withincomes

Be-low

$5,000

26 027 428 826 523 922 221 422 820 318 118 418.517.217.217.115.914.914.513.511 811.610.29.9

10.310.39.59.19.69.2

10.2

Be-low

$3, 000

56.158.355.155.253.549.350.454.052 351.249 850.649.747.246.646.947.044.742.240.640.736 636.235.734.532.6?9.029.027.827.4

Belowpov-ertylevel

15.214.914.813.912.812.211.1

9 39.08.07.78.07.97.16.67.06.87.7

Belowpov-ertylevel

44.143.043.242.742.040.738.136.136.532.232.130.829.627.123.723.221.822.7

Black and other race

Totalnum-ber

(mil-lions)

3 13 3

3 83 94 04 04.04.24.34.54.64.84.84.85 05.05.15.25.45.75.96.16.36.36.4

1.01.0

1.41.41.31.51.61.61.51.61.51.51.61.71.61.81.82.01.92.12.32.52.62.62.7

Medianincome

$3 8883'9533 7264 1784 2104 7414 9624 8395 1135' 2115 2845,0545,3825,8715,7415,9216,0906,6606,8127 7808,2128,6489,0899,0328,9239,1429,2009,0209,3619,321

$1,7981,7641,8501,8261,9252,1302,3311,7491,8802,1521,9412,0101,9841,9402,0822,2282,2772,4832,7922,5112,9423,0933,1863,1093,0903,5143,8653,4373,6383,528

s

Percent withincomes

Be-low

$5,000

64 363 465 960 459 353 450 551 449 148 248 149 847.143.444.541.840.935.834.530 028.926.025.026.026.126.125.126.625.726.3

Be-low

$3, 000

72.371.869.567.561.266.359.265.666.457.562.863.863.462.863.363.560.456.052.755.251.249.048.349.149.244.541.444.942.644.4

Belowpov-ertylevel

50.449.049.048.043.740.039.733 932.128.226.928.127.427.726.226.025.125.3

Belowpov-ertylevel

57.459. 362.762.158 355.050.753.148.245.745.546.744.940.937.840.038.040.9

1 Revised using population controls based on the 1970 Census. Such controls 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,and farm-nonfarm residence. The poverty threshold is updated every year to reflect changes in the consumer price index.For further details, see "Current Population Reports," Series P-60, No. 103, Bureau of the Census.

Source: Department of Commerce, Bureau of the Census.


POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY

TABLE B-26.—Population by age groups, 1929-76

[Thousands of persons]

July 1

1929

1933 .

1939

19401941194219431944

194519461947 . . . .19481949

195019511952 ..19531954

19551956195719581959 .

1960 .1961....19621963 _._1964

19651966196719681969

1970197119721973 ...1974

19751976

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, 540215,118

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, 88215, 339

5-15

x 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, 454

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, 934

Age (years)

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, 630

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, 73355,120

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, 54243, 707

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, 40522, 934

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


217


TABLE B-27.—Noninstitutional population and the labor force, 1929-76

[Monthly data seasonally adjusted, except as noted]

Year or month

1929

1933

1939

1940..1941194219431944

19451946 _.1947

194719481949

1950..195119521953 21954

19551956195719581959

I9602

19611962 219631964

196519661967 .19681969

1970197119722..1973 21974 .

1975 . . ._1976

Nonin-stitu-tionalpopu-lation i

Totallaborforce

(includ-ing

ArmedForces)

ArmedForces 1

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

49,440

51, 840

55, 600

56,18057,53060,38064,56066,040

65,30060,97061,758

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

Thousands of persons 16 years of age and over

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

153,449156,048

60,94162 08062,903

63,85865,11765 73066,56066,993

68 07269,40969,72970, 27570,921

72,14273,03173,44274,57175,830

77 17878,89380, 79382 27284, 240

85 90386,92988,99191,04093, 240

94,79396,917

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

2,1802,144

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

92,61394,773

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

84,78387,485

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

3,3803,297

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

81,40384,188

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

7,8307,288

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Laborforce

partici-pationrate

(totallabor

force aspercentof non-institu-tionalpopu-lation)

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

8.57.7

56.056.758.862.363.1

61.957.257.4

58.959.459.6

59.960.460.460.260.0

60.461.060.660.460.2

60.260.259.759.659.6

59 760.160.660.761.1

61.361.061.061.461.8

61.862.1


218


TABLE B-27.—Noninstitutional population and the labor force, 1929-76—Continued

(Monthly data seasonally adjusted, except as noted]

Year or month

Nonin-stitu-tionalpopu-lation i

Totallaborforce

(includ-ing

ArmedForces)

ArmedForces 1

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Non-agri-cul-tural

Unem-ploy-ment

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Laborforce

partici-pationrate

(totallabor

force aspercentof non-institu-tionalpopu-lation)

Thousands of persons 16 years cf age and over Percent

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.

152, 230152,152,152,153,153,

153,153,154,154,

445646840051278

585824052256

154,476154

154155,155155

700

915106325516

155,711155,925

156156156156157157

142367595788006176

94,14693, 81994, 21894,40594, 97094, 773

95,10395,22095, 29695, 29995,18095, 305

95, 61395, 74396,00996, 52096,69396, 841

97, 32997, 49897,38797, 44998,02098,106

2,2,2,2,2,2,

2,2,2,2,2,2,

193198198195181178

186185170164155157

2,1402,2222

2

146148144142137

1402,1472222

145147149146

91,91,92,92,92,92,

92,93,

953621020210789595

917035

93,1269393,93

9393

135025148

473597

93, 862949494

959595959595

376551704

189351242302871960

84, 67384, 25984, 24384, 24684,47584, 496

84, 85685,11485,11585,08785, 21285, 443

86, 22686,47186, 84587, 32987, 64087, 533

87, 78387, 83487, 79487, 73888,22088, 441

3,3373,2863,3013,2833,5353,361

3,4353,4173,5063,3893,3153,255

3,3053,1983,2153,3983,3323,313

3,3333,3723,2783,3103,2483,257

81,80,80,80,80,81,

81,81,81,81,81,82

828383838484

84

336973942963940135

421697609698897188

921273630931308220

45084, 46284848485

516428972184

7,2807,3627,7777,9648,3148,099

8,0617,9218,0118,0487,8137,705

7,2477,1267,0177,0476,9117,171

7,4067,5177,4487,5647,6517,519

7.98.08.58.69.08.7

8.78.58.68.68.48.3

7.87.67.57.57.37.6

7.87.97.87.98.07.8

61.861.561.761.862.161.8

61.961.961.961.861.661.6

61.761.761.862.162.162.1

62.362.462.262.262.462.4

1 Not seasonally adjusted.2 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 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. Overallcategories of the labor force other than those noted were not appreciably affected.

Note.—Labor force data in Tables B-27 through B-30 are based on household interviews and relate to the calendarweek including the 12th of the month. For definitions of terms, area samples used, historical comparability of the data,comparability with other series, etc., see "Employment and Earnings."

Source: Department of Labor, Bureau of Labor Statistics.

219


TABLE B-28.—Civilian employment and unemployment by sex and age 1947-76

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

Year ormonth

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

1950...1951. . .1952. . .19531..1954. . .

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

19601..1961 . . .1962 i._1963.. .1964. . .

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

1970 .1971. . .19721..19731..1974.. .

1975. . .1976. . .

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..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, 936

84,78387, 485

84, 67384, 25984, 24384, 24684, 47584, 496

84, 85685,11485,11585, 08785,21285, 443

86,22686, 47186, 84587, 32987, 64087, 533

87, 78387,83487, 79487, 73888, 22088, 441

Total

40, 99441,72640, 926

41,58041,78041,68442,43141,620

42,62143,38043, 35742,42343,466

43, 90443, 65644,17744,65745,474

46, 34046,91947,47948,11448,818

48,96049,24550, 63051,96352, 519

51,23052, 391

51, 39951, 19251, 06750, 96051,13851, 024

51,26751,36551^29651,24451, 32451, 401

51,78951,94252, 07852, 39752, 49052, 332

52, 50752,59652, 54652,57652, 64352,799

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

3,8033,904

3,8503,8063,8053,7533,8513,758

3,7993,7753,8203,7853,8123,794

3,8483,8633,8773,9423,9483,889

3,9633,9583,8453,8923,8703,940

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, 486

47, 54947, 38647, 26247, 20747, 28747,266

47, 46847, 59047,47647, 45947,51247, 607

47,94148, 07948, 20148, 45548, 54248, 443

48, 54448, 63848, 70148, 68448, 77348, 859

Total

16,04516,61816,723

17,34018,18218,57018,75018,490

19,55020,42220,71420,61321,164

21,87422, 09022,52523,10523,831

24,74825, 97626,89327, 80729,084

29,66729,87531.07232,44633,417

33, 55335, 095

33,27433, 06733,17633,28633, 33733, 472

33, 58933, 74933, 81933, 84333, 88834, 042

34,43734, 52934, 76734, 93235,15035,201

35, 27635, 23835, 24835,16235, 57735, 642

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

2,734

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

26.9332,725j 27! 1492.9723,2193,329

3,2433,365

3,2983,2323,2013,2233,2443,245

3,2093,2453,2723,2213,2283,275

3,2963,3013,3533,3863,4793,400

3,4233,3553,3423,3513,3693,302

28.10029,22830, 088

30,31031,730

29, 97629, 83529,97530, 06330, 09330, 227

30, 38030, 50430, 54730, 62230, 66030, 767

31,14131, 22831,41431, 54631,67131,801

31, 85331,88331,90631,81132,20832,340

Total

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

7,8307,288

7,2807,3627,7777,9648,3148,099

8,0617,9218,0118,0487,8137,705

7,2477,1267,0177,0476,9117,171

7,4067,5177,4487,5647,6517,519

Total

1,6921,5592,572

2,2391,2211,1851,2022,344

1,8541,7111,8413,0982,420

2,4862,9972,4232,4722,205

1,9141,5511,5081,4191,403

2,2352,7762.6352,2402,668

4,3853,968

3,9194,0704,2894,4454,6654,602

4,6134,4584,6154,5984,4304,256

3,9493,8583,7983,8123,8303,931

4,0203,9684,0604,1784,2444,152

Unemployment

Males

16-19years

270255352

318191205184310

274269299416398

425479407500487

479432448427441

599691707647749

957928

924943951972955

1,066

1,009988932935892922

946920924990937882

889908910950951933

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

3,4283,041

2,9953,1273,3383,4733,7103,536

3,6043,4703,6833,6633,5383,334

3,0032,9382,8742,8222,8933,049

3,1313,0603,1503,2283,2933,219

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

3,4453,320

3,3613,2923,4883,5193,6493,497

3,4483,4633,3963,4503,3833,449

3,2983,2683,2193,2353,0813,240

3,3863,5493,3883,3863,4073,367

Female

16-19years

144152223

195145140123191

176209197262256

286349313383386

395404391412412

506567595579660

795773

802755805751855769

800825799802765821

779775775768753763

752870754753767769

j

20yearsandover

47E564841

854689559510997

823832821

1,2421,063

l,08C1,3681.17E1,2161.19E

1,056921

1, 07f98E

i ,oie

1.34J1,65(1.6K1,48!1,741

2,64<2,54(

2,55(

2,532,682,762,79/2,72!

2,64*2,63?2,59'2,64?2,6112,62

2,512,492,442,462,322,47

2,632,67<2,632,632,642,59

1 See footnote 2, Table B-27.

Note.—See Note, Table B-27.


220


TABLE B-29.—Selected unemployment rates, 1948-76

[Percent1; monthly data seasonally adjusted]

Year or month

19481949

1950195119521953195419551956195719581959 . . .

196019611962196319641965196619671968...1969

1970197119721973197419751976

1975: JanFebMarApr.MayJune

JulyAugSeptOctNovDec

1976: JanFebMarAprMayJune

JulyAugS e p t . . . .OctNovDec

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 7

7.98.08.58 69 08.7

8.78 58.68.68.48.3

7.87.67.57.57.37.6

7.87.97.87.98.07.8

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 0

19.519.420.019 820 320.8

20.520 519.619.919.119.8

19.419.119.019.318.518.4

18.219.618.819.019.219.0

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 9

5.96.26.66 97 37.0

7.16 87.27.26.96.5

5.95.85.65.55.65.9

6.15.96.16.26.36.2

:emales20

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 4

7.97.88.28 48 58.3

8.08 07.88.07.97.9

7.57.47.27.36.87.2

7.67.87.67.67.6, 4

By color

White

3.55.6

4.93.12.82.75.03.93.63 86.14.8

4.96.04.95.04 64.13 43.43.23.1

4.55.45.04 35.07 87 0

7.37.37.87 98 38.1

8.07 87.87.97.77.6

7.16.86.86.86.76.8

7.17.17.27.27.37.1

Blackand

other

5.98.9

9.05.35.44.59.98.78.37 9

12.610.7

10.212.410.910.89.68.17 37.46.76.4

8.29.9

10.08 99 9

13.913 1

13.013.313.914 214 314.1

13.5U 314.514.213.813.6

13.213.612.613.012.313.4

12.913.612.813.413.513.4

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 3

7.77.78.28 58 98.6

8.48 38.48.48.28.0

7.57.37.17.17.17.2

7.47.57.47.57.67.4

House-hold

heads

3.73.22.72.22.11.91.8

2.93.63.32.93.35.85 1

5.25.35.75 96 26.1

6.05 86.06.05.75.6

5.25.05.04.84.95.1

5.35.25.55.45.35.1

Mar-ried

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 2

4.44.75.05 45 75.5

5.45 35.45.35.04.8

4.14.24.14.04.14.3

4.44.34.54.44.54.3

Full-time

work-ers 3

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 3

7.57.78.18 48 78.4

8.48 28.48.48.27.9

7.37.17.07.06.97.2

7.37.57.57.67.67.5

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 4

10.610.712.012 412 812.5

12.412 012.011.711.210.6

9.49.39.18.99.09.3

9.79.89.89.89.79.6

Laborforce*timelost *

4.85.15.38.16.6

6.78.06.76.45.85.04.24.24.03.9

5.36.46.05.26 19.18 3

8.78.79.29.39.79.1

9.19 C9.29.29.18.8

8.48.18.18.18.17.9

8.18.48.48.68.6S A

1 Unemployment as percent of civilian labor force in group specified, except as noted.* Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March.» Data for 1949-61 are for May.4 Includes craft and kindred workers, operatives, and nonfarm laborers. Data for 1948-57 are based on data for

January, April, July, and October.4 Aggregate hours lost by the unemployed and persons on part-time for economic reasons as a percent of potentially

available labor force hours.

Note.—See footnote 2 and Note, Table B-27.


221

224-250 O - 77 - 15Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE B-30.— Unemployment by duration, 1947-76

[Monthly data seasonally adjusted i]

1

Year or month

194719481949

19501951195219531954

19551956 . .195719581959

1960 . . . .1961196219631964

19651966196719681969

19701971197219731974

1975. .1976

1975- JanFeb ---MarApr - - -MayJune -

JulyAueSept .OctNovDec

1976"JanFebMarApr _May .June

JulyAugSeptOct . .NovDec

Total un-employ-

ment Less than5 weeks

Duration of unemployment

5-14weeks

Thousands of persons 16 year

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

7,8307,288

7,2807,3627,7777,9648,3148,099

8,0617,9218,0118,0487,8137,705

7,2477,1267,0177,0476,9117,171

7,4067,5177,4487,5647,6517,519

1,2101,3001,756

1,4501,1771,1351,1421,605

1,3351,4121.408

7531,585

7191,806

663751

1,697

1,6281,5731,6341,5941,629

2,1372,2342, 2232,1962,567

2,8942,790

3,1962,8183,1982,9363,0382,829

2,8502,7832,8392,9602,6622,651

2,6352,6372,6302,9882,7952,730

2,9312,8672,8522,9522,7592,765

704669

1,194

1,055574516482

1,116

815805891

1,3961,114

1,1761,3761,1341,2311,117

983779893810827

1,2891,5781,4591,2961,572

2,4522,159

2,5782,5362,5582,6212,6212,465

2,2002,4452,4192,4482,3732,200

2,0651,8901,9151,9021,9782,215

2,0932,4332,4262,3672,4942,319

15-26weeks

27 weeksand over

5 of age and over

234193428

425166148132495

366301321785469

503728534535491

404287271256242

427665597475563

1,2901,003

9391,1221.234

404515

,467

535,405341

1,2611,2531,349

1,165968870715850902

1,0581,1271,1181,0941,1881,130

164116256

3571378478

317

336232239667571

454804585553482

351239177156133

235517562337373

1,1931,336

627721767952

1,0711,251

1,3441,4181,5811,4731,6961,632

1,6161,5631,4551,3881,1921,271

1,1891,2141,1931,2661,3291,384

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

8.711.312.010.09.7

14.115.8

10.811.711.512.913.515.3

14.915.416.115.516.816.9

16.916.316. C15.815.116. S

15.615.415.415.315.515.6

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

Note.—See footnote 2 and Note, Table B-27.


222


TABLE B-31—Unemployment insurance programs, selected data, 1946-76

Yearor month

All programs

Coveredemploy-ment1

Insuredunem-ploy-ment

(weeklyaver-a g e ^

Totalbenefits

paid(millions

of dol-lars^*

State programs

nsuredunem-ploy-ment

Initialclaims

Ex-haus-tions'

Insuredunem-ploy-

ment aspercentof cov-

eredemploy-ment

Benefits paid

Total(mil-lions

ofdol-lars) *

Averageweeklycheck(dol-lars) 8

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*..

1975:Jan. . .Feb___Mar . . .A p r . . .M a y -June..July..".Aug. . .Sept. .Oc t . . .Nov. . .Dec . . .

1976: Jan._.Feb.._Mar.. .Apr. . .May__June..July..Aug...Sept*.O t

Thousands Weekly average; thousands

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, 89772,4516 71,037

Dec*.

2,8041,7931,446.2, 474

1,6051,0001,0691,0672,0511,3991,3231,5713,2692,0992,0712,9941,946

7 1,9731,7531,4501,1291,2701,1871,1772,0702,6082,1921,7932,5584,9433,822

5,2135,7515,8865,6475,2024,8924,9794,5764,2384,0374,1204,4614,9624,7214,3663,9173,5643,4573,6423,4463,2363,2273,453

2,878.51.785.51,328.72,269.81,467.6

862.91,043. 51,050.62,291.81, 560.21,540.61,913.04.290.62, 854.33, 022.84, 358.13.145.13,025.92.749.22,360.41,890.92,221. 52,191.02, 298.64.209.36,214.95, 491.14,517.36,933.9

16,802.4

256.6312.3490.4539.7395.2256.7365. 5218.4126.5115.8972.5231.9

,344.9,231.9, 334.4,150.7945.7981.7960.5951.5892.8821.6

1,295997980

1,9731,513

9691,044

9901,8701,2651,2151,4462,5261,6841,9082,2901,783

71, 8061,6051,3281,0611,2051,1111,1011,8052,1501,8481,6322,2623,9922,968

3,6033,8324,1254,2714,4804,3314,2104,1304,0703,9403,5763,2422,9612,8592,7592,7172,8622,9473,0863,2033,2613,3283,1652,933

189187200340236208215218304226227270369111331350302

7 298268232203226201200296295261246363478382

543530534508504494456473463445392362371343350361398397403417427437385356

50586684921041069884767373

767471696664

61595653

4.33.13.06.2

4.62.82.92.85.23.53.23.66.44.4

4.85.64.44.33.83.02.32.52.22.1

3.44.13.52.73.56.04.5*

5.55.86.36.46.76.56.36.26.15.95.44.9

4.54.34.24.14.44.5

4.74.95.05.14.8

1,094.9775.1789.9

1,736.0

1,373.1840.4998.2962.2

2,026.91, 350.31,380.71,733.93,512.72,279.0

2,726.73,422.72,675.42,774.72,522.12,166.01,771.32,092.32,031.62,127.9

3, 848.54,957.04,471.04,007.65,974.911 754.7

1,128.21,164.21,290.61,301.21,145.1984.0

1,037.1891.4779.4759.5677.8893.2

1,018.6945.1

1,018.2869.6698.7719.3711.5698.7640.8610.5

18.5017.8819.0320.4320.7621.0922.7923.5824.9325.0427.0228.1730.5830.4132.8733.8034.5635.2735.9237.1939.7541.2543.4346.17

50.3453.2356.7659.0064.2570.23

67.8368.7369.0769.0869.3369.5871.5671.0671.3272.3773.1173.6474.7175.6675.6975.6174.7974.1673.6673.8374.1975.50

4.5* 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).a 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.

1 Covered workers who have completed at least 1 week of unemployment.4 Annual data are net amounts and monthly data are gross amounts.* Individuals receiving final payments in benefit year.0 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 92 percent of

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


TABLE B-32.—Wage and salary workers in nonagricultural establishments, 1929-76

[Thousands of persons; monthly data seasonally adjusted]

Year ormonth

Totalwageand

salarywork-

ers

Manufacturing

TotalDura-

blegoods

Non-dura-

blegoods

Min-ing

Con-tractcon-

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

7,6968,2278,6799,1099,444

9,83010,19210, 65611,07511,453

1929..

1933..

1939..

1940..1941..1942..4943..;1944_.

1945..1946-1947..

'1948..1949..

1950..1951..1952..

fl953_.1954..

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

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

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

1970..1971..1972..1973 .

fl974_.

1975..1976P.

31,339

23,711

30,618

32,37636,55440,12542,45241,883

40, 39441,67443,88144,89143,778

45, 22247,84948,82550, 23249,022

50,67552,40852,89451,36353,313

54,23454,04255,59656,70258,331

60,81563, 95565, 85767, 95170,442

70, 92071,22273,71476, 89678, 413

76, 98579,115

10,702

7,397

10,278

10, 98513,19215, 28017,60217,328

15, 52414,70315, 54515, 58214, 441

15,24116,39316,63217,54916,314

16,88217,24317,17415,94516,675

16,79616,32616,85316,99517,274

18, 06219,21419,44719,78120,167

19, 34918, 57219, 09020, 06820, 046

18, 34718,954

4,715

5,3636,9688,82311,08410, 856

9,0747,7428,3858,3267,489

8,0949,0899,34910,1109,129

9,5419,8349,8568,8309,373

9,4599,0709,4809,6169,816

10, 40611,28411,43911,62611,895

11,19510, 59711,00611,83911,895

10, 67911,028

5,564

5,6226,2256,4586,5186,472

6,4506,9627,1597,2566,953

7,1477,3047,2847,4387,185

7,3407,4097,3197,1167,303

7,3367,2567,3737,3807,458

7,6567,9308,0088,1558,272

8,1547,9758,0848,2298,151

7,6687,926

1,087

744

854

925957992925892

836862955994930

901929898866791

792822828751732

712672650635634

632627613606619

623609625644694

745783

1,497

809

1,150

1,2941,7902,1701,5671,094

1,1321,6611,9822,1692,165

2,3332,6032,6342,6232,612

2,8022,9992,9232,7782,960

2,8852,8162,9022,9633,050

3,1863,2753,2083,3063,525

3,5363,6393,8314,0153,957

3,4573,370

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

4,0364,1514,2614,3114,435

4,5044,4574,5174,6444,696

4,4984,507

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, 704

15,04015,35215,97516,67417,017

16, 94717,490

1,509

1,295

1,462

1,5021,5491,5381,5021,476

1,4971,6971,7541,8291,857

1,9191,9912,0692,1462,234

2,3352,4292,4772,5192,594

2,6692,7312,8002,8772,957

3,0233,1003,2253,3813,562

3,6873,8023,9434,0914,208

4,2234,316

3,440

2,873

3,517

3,6813,9214,0844,1484,163

4,2414,7195,0505,2065,264

5,3825,5765,7305,8676,002

6,2746,5366,7496,8067,130

7,4237,6648,0288,3258,709

9,0879,55110,09910,62211,228

11,62111,90312, 39213,02113,617

13,99514, 607

533

565

905

996l,a402,2132,9052,928

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

2,748 112,0252,736 12,352


224


TABLE B-32.—Wage and salary workers in nonagricultural establishments,1929-76—Continued

(All employees; thousands of persons; monthly data seasonally adjusted!

Year ormonth

1974: Jan._.Feb.. .Mar...Apr...May...Jun._.

July...Aug...Sep . . .Oct . . .Nov.-Dec.. .

1975: Jan._.Feb.. .Mar...Apr...May—Jun.__

July. .Aug.-Sep . . .Oct . . .Nov...Dec. . .

1976: Jan._.Feb.. .Mar._.Apr...May...Jun.__

July...Aug...Sep . . .Oct._.NOVP.Decp..

Totalwageand

salarywork-

ers

78, 03378, 20578, 27578, 42378, 55978, 628

78, 66078, 70978, 77478,71878, 33977, 703

77, 30076, 80476,51876, 49176, 57776, 444

76, 70676,98877, 23977, 47077, 54277,764

78,14278, 35878,69279,01179, 00679, 043

79,18379,27879, 57279,46779,70079,957

Manufacturing

Total

20, 30520,22020,19620, 23520, 22020, 234

20,20920,12820,07419, 93819, 63519,183

18,78418, 37518, 23718,18318,19218,131

18,11518,27218,39518,45218,47218, 555

18,70418,77418,89719, 00819, 00018,984

18, 94518, 97919,10018, 94119, 05719,093

Dura-ble

goods

12,03711, 96711,95712,00911,98912,020

12,02611,95411,92711, 85611,65811,353

11,09210,81610, 73710, 65010, 60710,539

10, 48810, 57810,64510,64410,65210, 709

10,81010, 85710,95611,01611,06211,059

11,03411,08311,14611,01811,13411,181

Non-dura-

blegoods

8,2688,2538,2398,2268,2318,214

8,1838,1748,1478,0827,9777,830

7,6927,5597,5007,5337,5857,592

7,6277,6947,7507,8087,8207,846

7,8947,9177,9417,9927,9387,925

7,9117,8967,9547,9237,9237,912

Min-ing

673679680688692694

700703707714718684

725728732734741743

745750753759761766

767767773775776781

791752798800808806

oon-tractcon-

struc-tion

4,0504,1214,0984,0624,0373,985

3,9213,9343,8913,8693,8183,759

3,7323,5963,4833,4553,4463,405

3,4043,4123,4203,3993,4063,392

3,4093,3793,3803,4133,3933,375

3,3823,3493,3303,3403,3533,349

Trans-porta-tionandpub-

licutili-ties

4,7054,7164,7114,7074,7084,704

4,6994,7034,6834,6864,6744,659

4,5994,5564,5114,5084,4964,474

4,4734,4664,4724,4724,4824,477

4,4894,5044,5074,5104,5034,482

4,5084,5014,5284,5064,5104,537

Whrvlnwnoie-

saleand

retailtrade

16, 86416,87816,91116,96817,02917,051

17,11117,12517,13917,14217, 04916, 939

16,90316, 87816, 86416, 85616,87316, 882

16, 94916,96817,01617, 04317, 02717, 084

17,20717, 30814, 39917, 46517, 46117,460

17,53117, 55417,62517,61017, 58517,685

Fi-nance,insur-ance,andreal

estate

4,1724,1864,1964,2024,2094,210

4,2104,2174,2204,2244,2264,225

4,2194,2104,2074,2054,2084,206

4,2114,2184,2354,2424,2484,260

4,2664,2664,2764,2894,2824,301

4,3124,3124,3384,3594,3814,403

Serv-ices

13,31313,40013,45313, 48813,57313, 621

13, 65613,69613,75313,79713, 82213, 833

13,85713,86513, 86413, 87813,90313, 885

13, 99014,05014,09914,15714,18814,229

14,30714,36014,42214,49814, 52914, 571

14,62314,70914,75814,78114,84414,897

Government

Fed-eral

2,6832,6992,7022,7112,7172,723

2,7292,7342,7422,7402,7402,738

2,7362,7352,7352,7352,7362,741

2,7482,7532,7572,7612,7562,753

2,7492,7422,7352,7332,7302,728

2,7232,7322,7282,7302,7342,736

Stateandlocal

11,26811,30611,32811,36211,37411,406

11,42511,46911,56511,60811,65711,683

11,74511,86111,88511,93711,98211,977

12,07112,09912,09212,18512, 20212,248

12,24412,25812,30312,32012, 33212,361

12,36812, 39012, 36712,40012,42812,451

Note.—Data in Tables B-32 through B-34 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-30), which include proprietors, self-employed persons,domestic servants, and unpaid family workers; which count persons as employed when they are not at work becauseof industrial disputes, bad weather, etc.; and which are based on a sample of the working-age population, whereas theestimates in this table are based on reports from employing establishments.

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


225


TABLE B-33.—Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-76

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

Yearor

month

194719481949

1950 . . . .195119521953 . .1954

19551956195719581959

19601961 . .196219631964

1965 . .1966196719681969

19701971 . . .197219731974

19751976 P


JulyAug.SeptOctNovDec

1976:JanFebMarAprMayJune

JulyAugSeptOct . .Nov *.--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

37.137.037.137.136 6

36.136.2

36.236.035.935.936.036.0

36.036.136.136.236.336.4

36.436.436.236.136.336.2

36.236.136.036.136.236.3

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

41.241.340.640.740.6

39.839.940.640.740.0

39.440.1

39.138.938.939.039.139.3

39.439.739.839.839.940.3

40.440.340.339.440.340.2

40.140.039.739.940.140.1

Con-tractcon-

struc-tion

38.238.137.7

37.438.138.937.937.2

37.137.537.036.837.0

36.736.937.037.337.2

37.437.637.737.337.9

37.337.236.937.036.9

36.637.1

37.136.634.936.736.836.0

36.436.736.736.736.937.2

37.637.736.037.437.137.3

36.936.835.937.337.437.3

Retailtrade 2

40.340.240.4

40.440.439.839.139.2

39.038.638.138.138.2

38.037.637.437.337.0

36.635.935.334.734.2

33.833.733.733.332.7

32.432.2

32.332.332.532.332.432.4

32.332.432.332.432.432.4

32.532.332.232.532.232.0

32.132.032.132.032.032.2

Average gross hourly earnings,current dollars

Totalprivate

non-agri-cul-

tural 1

$1,1311.2251.275

1.3351.451.521.611.65

1.711.801.891.952.02

2.092.142.222.282.36

2.452.562.682.853.04

3.223.443.673.924.22

4.544.86

4.414.434.454.474.494.52

4.554.584.604.634.674.68

4.724.744.774.794.834.85

4.884.904.924.954.995.01

Manu-factur-

ing

$1,2171.3281.378

1.4401.561.651.741.78

1.861.952.052.112.19

2.262.322.392.462.53

2.612.722.833.013.19

3.363.573.814.084.41

4.815.19

4.654.684.724.734.754.78

4.824.854.884.904.934.96

5.005.045.085.085.135.16

5.215.255.295.295.345.37

Con-tractcon-

struc-tion

$1.5411.7131.792

1.8632.022.132.282.39

2.452.572.712.822.93

3.083.203.313.413.55

3.703.894.114.414.79

5.245.696.036.376.75

7.257.67

7.046.987.187.187.167.26

7.327.307.327.347.407.45

7.487.477.577.577.667.68

7.777.747.717.767.817.85

Retailtrade 2

$0.838.901.951

.9831.061.091.161.20

1.251.301.371.421.47

1.521.561.631.681.75

1.821.912.012.162.30

2.442.572.702.873.09

3.343.55

3.233.263.273.283.303.32

3.343.373.383.403.423.43

3.463.473.483.493.513.52

3.553.573.603.633.663.67

Adjusted hourly earnings,total private nonagricultural 3

Index,1967 = 100

Cur-rentdol-lars

42.646.048.2

50.053.756.459.661.7

63.767.070.373.275.8

78.480.883.585.988.3

91.695.4

100.0106.3113.3

120.8129.4137.8146.6158.6

172.7184.7

166.0167.4168.9169.3170.3171.8

172.7174.2174.8176.2177.6178.0

179.4180.3181.1182.1183.3184.0

185.2186.4187.2188.2189.2190.0

1967dol-

lars *

63.763.867.5

69.369.070.974.476.6

79.482.383.484.586.8

88.490.292.293.795.1

97.098.1

100.0102.0103.2

103.9106.7110.0110.1107.4

107.1

106.1106.4107.0106.7106.8106.9

106.5107.0106.9107.1107.3107.0

107.3107.8108.0108.2108.3108.1

108.4108.5108.5108.7109.0

Percentchangefroma year

earlier»

Cur-rentdol-lars

8 04 8

3 77.45 05 73.5

3 25.24 94.13.6

3.43 13.32.92.8

3.74.14.86.36.6

6.67.16.56.48.2

8.96.9

9.59.8

10.09.69.08.6

8.78.88.18.28.47.9

8.07.77.27.67.77.1

7.37.07.16.86.56 7

1967dol-lars

0 25 8

2.7- . 42 84 93.0

3.73.71 31.32.7

1.82.02.21.61.5

2.01.11.92.01.2

.72.73.1

.1- 2 . 5

- . 3

- 1 . 9- 1 . 1- . 3- . 6- . 5- . 8

- . 9.1.1.5

1.0.8

1.21.31.01.41.41.1

1.81.41.51.51.6

1 Also includes other private industry groups shown in Table B-32.3 Includes eating and drinking places.3 Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.4 Current dollar earnings index divided by the consumer price index.* Monthly data are computed from indexes to two decimal places.Note.—See Note, Table B-32.Source: Department of Labor, Bureau of Labor Statistics.

226


TABLE B-34.—Average weekly earnings in selected private nonagricultural industries, 1947-76

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

Year or month

194719481949

19501951 . .195219531954

1955195619571958 .1959

19601961196219631964

19651966196719681969

19701971197219731974

19751976 v

1975: JanFebMarAprMayJune _ _.

JulyAugSeptOctNov...Dec .

1976: Jan.._FebMar..AprMayJune

JulyAugSept . .OctNov pDec v

Average gross weekly earnings

Total privatenonagricultural1

Currentdollars

$45.5849.0050.24

53.1357.8660.6563.7664.52

67.7270.7473.3375.0878.78

80 6782 6085.9188.4691 33

95.0698.82

101.84107.73114.61

119.46127.28136.16145.43154.45

163.89175.93

159.64159.48159 76160.47161.64162.72

163.80165. 34166.06167.61169.52170.35

171.81172.54172.67172.92175.33175 57

176.66176 89177.12178.70180. 64181. 86

1967dollars 2

$68.1367.9670.36

73.6974.3776.2979.6080.15

84.4486.9086.9986.7090.24

90.9592.1994.8296.4798.31

100.59101.67101.84103.39104.38

102.72104.93108.67109.26104.57

101.67

102.01101.39101.17101.12101.34101.32

100.99101.56101.57101.89102.43102.37

102.82103.13103.03102.74103.56103 22

103.37102 96102.68103. 24104.06

Manu-facturing

$49.1753.1253.88

58.3263.3467.1670.4770.49

75.7078.7881.5982.7188.26

89.7292.3496.5699.63

102.97

107.53112.34114.90122.51129.51

133.73142.44154.69166.06176.40

189. 51208.12

181.82182.05183.61184.47185.73187.85

189.91192.55194.22195.02196. 71199.89

202.00203.11204.72200.15206.74207.43

208.92210.00210.01211.07214.13215. 34

Contractconstruc-

tion

Current dollars

$58.8765.2767.56

69.6876.9682.8686.4188.91

90.9096.38

100.27103. 78108.41

113.04118. 08122.47127.19132.06

138. 38146.26154.95164.49181.54

195.45211.67222.51235.69249.08

265.35284. 56

261.18255.47250. 58263.51263.49261.36

266.45267.91268. 64269.38273.06277.14

281.25281.62272. 52283.12284.19286.46

286.71284.83276.79289.45292.09292.81

Retailtrade 3

$33.7736.2238.42

39.7142.8243.3845.3647.04

48.7550.1852.2054.1056.15

57.7658.6660.9662.6664.75

66.6168.5770.9574.9578.66

82.4786.6190.9995.57

101.04

108.22114.31

104.33105.30106.28105.94106.92107.57

107.88109.19109.17110.16110.81111.13

112.45112.08112.06113.43113.02112.64

113.96114.24115.56116.16117.12118.17

Percent change from ayear earlier, total private

nonagricultural4

Currentdollars

7.52.5

5.88.94.85 11.2

5.04.53.72.44.9

2.42.44.03.03.2

4.14.03.15.86.4

4.26.57.06.86.2

6.17.3

6.86.25.97.0

5.4

5.15.95.55.87.67.1

8.28.17.97.58.57.6

7.97.06.66.96.56.8

1967 dollars

- 0 . 23.5

4 7.9

2.64 3

7

5.42 9.1

- . 34.1

.81.42.91.71.9

2.31.1.2

1.51.0

- 1 . 62.23.6.5

- 4 . 3

- 2 . 8

- 4 . 4- 4 . 4- 4 . 0- 2 . 9- 4 . 0- 3 . 6

- 4 . 2- 2 . 5- 2 . 2- 1 . 7

.3

.1

1.31.71.61.42.11.6

2.31.31.01.51.5

1 Also includes other private industry groups shown in Table B-32.2 Earnings in current dollars divided by the consumer price index.3 Includes eating and drinking places.* Based on unadjusted data.

Note.—See Note, Table B-32.


227


TABLE B-35.—Productivity and related data, private business economy, 1947-76

[1967 = 100; quarterly data seasonally adjusted]

Year or quarter

194719481949 |

19501951195219531954

19551956195719581959

I9601961196219631964 -

19651966196719681969

19701971197219731974

1975 --

1974:1 -.IIIIIIV

1975:1 .IIIIIIV

1976:1IIIII

Output i

Totalprivatebusi-ness

48.650.849.9

54.557.759.161.960.8

65.667.568.466.971.8

73.174.178.882.286.8

92.998.0

100.0105.1108.3

107.4110.3117.6124.5120.8

118.1

123.0121.8120.6117.7

114.2116.7120.1121.2

124.2125.8126.9

Privatenon-farmbusi-ness

47.549.548.7

53.256.758.460.859.6

64.566.567.565.871.0

72.273.378.181.686.4

92.698.1

100.0105.4108.6

107.4110.3117.9125.0121.1

118.0

123.7122.1121.0117.9

114.4116.6119.9121.3

124.3126.0127.1

Hours of allpersons2

Total)rivatebusi-ness

92.993.590.3

91.293.993.994.791.5

94.896.294.690.293.4

93.692.093.493.895.1

98.1100.3100.0101.7104.5

102.8102.3106.0110.1110.6

105.9

111.3111.3110.9109.3

105.7104.8105.7107.0

107.7108.2108.2


80.982.178.9

81.385.085.887.984.7

88.190.389.785.889.3

89.988.790.591.493.3

96.8100.0100.0102.1105.3

104.0103.7107.6112.2112.7

107.9

113.2113.5113.3111.5

107.9106.7107.4109.2

110.4110.4110.6

Output perhour of all

persons


52.354.455.3

59.761.563.065.366.5

69.270.272.374.276.8

78.180.684.487.791.3

94.797.8

100.0103.3103.7

104.5107.8110.9113.1109.2

111.5

110.5109.4108.7107.6

108.1111.4113.6113.2

115.3116.3117.2


58.760.361.7

65.566.768.169.270.3

73.273.675.376.879.6

80.382.686.289.392.6

95.798.1

100.0103.2103.1

103.2106.3109.5111.4107.5

109.4

109.3107.6106.7105.7

106.0109.2111.6111.0

112.6114.1114.9

Compensationper hour*


35.138.138.8

41.645.648.651.853.5

54.958.662.565.568.5

71.474.277.780.785.1

88.494.7

100.0107.6115.1

123.3131.5138.9150.3164.3

180.2

157.1161.8166.7170.7

176.0179.0181.3185.0

189.8193.3196.7


37.540.742.0

44.548.451.054.055.8

57.861.465.067.770.6

73.776.279.482.386.2

89.194.5

100.0107.3114.2

121.9129.9137.4148.1162.0

177.7

155.3159.6164.0168.3

173.1176.4179.3182.2

186.4190.4193.6

Unit laborcosts


67.170.170.2

69.674.377.179.380.5

79.383.586.588.289.1

91.492.192.192.093.2

93.496.8

100.0104.1111.0

118.1121.9125.2132.9150.4

161.6

142.1147.9153.3158.6

162.9160.7159.5163.4

164.7166.1167.8


63.967.568.1

67.972.575.078.079.3

79.083.386.488.188.8

91.792.392.092.293.1

93.296.4

100.0103.9110.9

118.1122.2125.5133.0150.8

162.4

142.1148.3153.6159.3

163.3161.6160.6164.1

165.5166.9168.5

Implicit pricedeflator*


65.170.669.8

70.876.077 477.978.6

79 882.284.886 488.1

89.389 890.691.492.7

94.297.2

100 0103.9108.8

113 9118.9123.2130 3143.8

157.5

137.4141.5146.0150.4

154.5155 9158.4160.9

161.7163.8165.4


62.367.568.0

69.173.775 276 877.8

79 481 984 685 988 0

89.289 890 591.592.9

94 196.8

100 0104 0108.7

114 0119.2122.9128 0142.0

156.4

134.7140.1144.6149.2

154.0155.0157.0159.3

161.0162.5164.8

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

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

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


228


TABLE B-36.—Changes in productivity and related data, private business economy, 1948-76

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

Year or quarter

1948 . -1949

19501951195219531954

19551956 . . . .195719581959 - . - .

19601961196219631964

19651966196719681969

19701971 - .197219731974

1975

1974: 1II . .IIIIV

1975: 1IIIII. . .IV

1976: 1IIIII

Output i


4.6- 1 . 8

9.25.92.54.6

- 1 . 7

8.02.81.3

- 2 . 17.3

1.81.56.24.45.6

7.05.52.05.13.0

g2.86.65.9

- 3 . 0

- 2 . 3

- 6 . 4- 3 . 8-3 .9-9 .4

-11.28.9

12.33.6

10.25.53.4


4.4- 1 . 7

9.46.53.04.1

- 1 . 9

8.23.11.5

- 2 . 47.9

1.61.56.54.55.9

7.16.01.95.43.0

- 1 . 12.76.96.0

- 3 . 1

- 2 . 6

- 5 . 2- 4 . 8- 3 . 8- 9 . 9

-11 .37.9

12.14.5

10.55.43.4

Hours ofall persons2


0.6- 3 . 4

1.12.9

.0

.9- 3 . 5

3.71.4

- 1 . 6- 4 . 7

3.6

.2- 1 . 7

1.5.4

1.4

3.12.3

- . 31.72.7

- 1 . 6- . 43.63.9

.4

-4 .2

.3- . 0

- 1 . 4-5 .7

-12.7-3 .3

3.55.2

2.61.6.2


1.6- 4 . 0

3.14.61.02.4

- 3 . 6

4.02.4

- . 7- 4 . 3

4.1

.6- 1 . 3

2.11.02.1

3.73.3

- . 02.13.2

- 1 . 2- . 33.74.3

.4

-4 .3

- . 91.2

- . 6-6 .2

-12.4- 4 . 1

2.56.9

4.4.1.5

Output per hourof all persons


3.91.7

8.02.92.53.71.8

4.11.43.02.73.6

1.63.34.64.04.1

3.73.22.33.3.3

.73.22.91.9

- 3 . 4

2.1

-6 .6-3 .8-2 .6-4 .0

1.612.78.5

- 1 . 5

7.43.83.1


2.82.3

6.11.82.01.61.7

4.1.6

2.22.03.6

1.02.84.43.53.7

3.32.51.93.2

- . 2

.22.93.01.7

- 3 . 5

1.8

- 4 . 3- 5 . 9- 3 . 2- 3 . 9

1.312.69.3

- 2 . 2

5.85.42.9

Compensationper hour'

Totalprivate

busi-ness

8.61.8

7.19.86.46.63.4

2.66.76.74.74.6

4.24.04.73.95.4

3.97.05.67.67.0

7.26.65.78.29.3

9.7

8.012.712.69.9

13.16.95.28.3

10.97.57.3


8.73.2

5.88.75.65.73.3

3.76.25.94.04.4

4.33.54.13.74.8

3.46.15.87.36.5

6.76.65.87.89.4

9.7

9 311.511.510.9

11.87.96.86.6

9.58.96.9

Unit laborcosts


4.5.1

- . 86.73.82.91.5

- 1 . 55.23.71.91.0

2.6.7.1

- . 11.3

.23.73.34.16.6

6.43.22.76.2

13.2

7.5

15.617.115.514.5

11.3- 5 . 1- 3 . 010.0

3.23.64.1

Privatenon-farmbus-ness

5.8.8

- . 36.73.54.01.6

- . 45.53.72.0.7

3.3.6

- . 3.1

1.0

.13.43.83.96.6

6.53.52.76.0

13.4

7.7

14 318.515.215.5

10.4-4 .2- 2 . 2

9.0

3.53.33.9

Implicit pricedeflator*


8.4- 1 . 1

1.57 31.9.69

1.53.03.21.92.0

1.4.6.9.9

1.4

1.63.22.93.94.7

4.74.43.65.8

10.3

9.5

9.112 513.212.9

11.33.56.66.6

2 15.23.9

Privatenon-farm

busi-ness

8.3.7

1.66 52 12.11 3

2 13. 23.31 52. 4

1 46

.81 01 5

1.32 93.34.04.5

4 94.53.14 1

11.0

10.1

9 417 013.413.5

13 52.65 36.2

4 33.65.8

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

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

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

Note.—Percent changes are based on original data and therefore may differ slightly from percent changes based onindexes in Table B-35.



PRODUCTION AND BUSINESS ACTIVITY

TABLE B~37.—Industrial production indexes, major industry divisions, 1929-76

[1967 = 100; monthly data seasonally adjusted]

Year or month

1967 proportion

1929

1933

1939 .

1940 .19411942 .1943194419451946194719481949

19501951195?1953 . . . .195419551956195719581959

I9601961196219631964196519661967 . .19681969 .

1970197119721973 . _ _197419751976 P . _.

1975- JanFeb.. .MarADrMayJune

JulyAugSeDtOctNovDec

1976: Jan..FebMarAprMayJune

JulyAugSeptOctNov pDec p

Totalindustrialproduction

100.00

21.6

13.7

21.7

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

100.0106.3111.1107.8109.6119.7129.8129.3117.8129.8115.2112.7111.7112.6113.7lib. 4118.4121.0122.1122.2123.5124.4125.7127.3128.1128.4129.6130.1

130.7131.3130.8130.4131.9132.8

Total

87.95

22.8

14.0

21.5

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

100.0106.4111.0106.4108.2118.9129.8129.4116.3129.7113.4110.8109.3110.9111.8114.6117.0119.7121.4121.2122.7123.6125.2127.0127.9128.5129.6130.2

131.0131.6130.7130.0131.8132.7

Manufacturin

Durable

51.98

22.5

9.1

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

100.0106.5110.6102.3102.4113.7127.1125.7109.312.. 5109.0105.6104.7105.4105.5107.0109.3112.3113.5112.7113.4114.4115.8117.9119.0120.1121.7122.3124.2125.1122.4121.4123.8124.8

g

Nondurable

35.97

23 2

19.9

26.1

27.533.334.637.138.638.539.741.342.742.0

46.748.349.251.251.657.260.161.161.667.7

69.371.575.880.085.290.996.7

100.0106.2111.5112.3116.6126.5133.8134.6126.4141.4119.8118.4116.1118.8120.8125. 5128.1130.5132.9133.6136.2136.9138.4140.2140.7140.7140.9141.3141.1140.9142.6142.3143.4144.2

Mining

6.36

43 1

30.6

42 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

100.0104.2108.3112.2109.8113.1114.7115.3112.8114.6113.8114.1113.7112.9111.8113.3110.8111.6111.6113.8114.2112.9113.6112.7113.9113.5113.0114.4112.5114.4115.7117.4116.8116.8

Utilities

5.69

7 4

6 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. 3124.5130.5139.4145.4143.7146.0151.7144.4145.1146.8143.3144.5148.1145.5148.3144.6143.8148.8147.2152.0152.5151.4150.8153.0151.2150.8151.3150.1150.8151.9154.4


230


TABLE B—38.—Industrial production indexes, market groupings, 1947—76

[1967 = 100; monthly data seasonally adjusted]

Year ormonth

Totalindus-trialpro-duc-tion

Final products

Total

Consumer goodsl

Total

Auto-motiveprod-

Homegoods

Equipment

Total Busi-

Inter-mediate

prod-ucts

Materials 2

TotalDura-

blegoods

Non-dura-

blegoods

1967 pro-portion...

19471948.1949

1950.1951.195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

1975

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

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

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

July..Aug. .Sept..Oct.,.Nov p.Decp.

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

117.8

115.2112.7111.7112.6113.7116.4

118.4121.0122.1122.2123.5124.4

125.7127.3128.1128.4129.6130.1

130.7131.3130.8130.4131.9132.8

47.82 27.68 2.83 5.06 20.14 12.63 12.89

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

118.2

115.2113.5113.4114.7115.6118.2

119.7120.8121.5120.9122.3123.5

123.9125.3126.4126.3127.3127.6

127.6128.3127.4127.3129.5131.3

42.443.743.4

49.649.150.253.252.9

59.061.262.662.168.1

70.772.277.181.385.9

92.697.3

100.0105.9109.8

109.0114.7124.4131.5128.9

124.0

117.0116.1117.0119.0120.4124.3

126.6127.5129.0128.7131.1132.3

133.1134.9136.1136.1137.4137.8

136.8137.5136.2136.9138.7141.4

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

98.8124.4141.4153.0132.8

125.8

98.695.6

108.4118.1122.4128.9

137.0139.1142.1140.8143.2147.7

142.8148.9155.1155.2154.0156.6

155.9158.4147.4147.7161.9181.0

37.539.136.2

49.943.043.048.644.9

53.055.754.551.459.0

59.461.366.571.878.4

97.9100.0106.4113.2

110.2115.6129.5142.5136.8

118.8

110.4109.7108.0113.2115.5117.3

120.8123.5126.7127.0126.5126.4

130.3131.7132.0133.1137.2137.4

133.8135.6133.3133.5133.5134.3

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

110.2

112.7110.0108.6108.7109.2109.8

110.0111.4111.3110.0110.0111.5

111.2112.1112.9112.9113.5113.8

114.9115.7115.2114.4116.7117.7

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

128.2

130.8128.0125.7125.6126.0126.6

127.3129.9129.2128.8129.6131.6

131.0132.6134.0134.1134.6135.0

136.9137.7137.5136.0139.5140.9

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

123.1

119.5117.9115.9116.9118.1120.8

125.0127.9127.6128.0129.3129.9

133.6135.3134.9134.7135.0135.9

137.6137.8138.7138.4139.3140.4

39.29

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

115.5

113.7110.1108.3108.8109.8112.6

114.5119.0121.0122.0123.1123.3

125.3127.3128.2129.2130.6131.1

132.2133.0132.5131.6132.3132.3

20.35

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

109.1

110.6105.3103.0103.2102.9104.3

107.3112.9114.5114.6115.2115.5

118.3121.6122.4124.5126.8127.0

130.6131.4130.0128. 5129.1128.1

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

126.6

116.6113.9110.8115.2118.7123.2

127.1131.6138.8140.3141.3142.6

142.9145.5146.7146.9146.2147.5

146.0146.1147.8147.0148.1148.6

1 Also includes clothing and consumer staples, not shown separately.2 Also includes energy materials, not shown separately.


231


TABLE B-39.—Industrial production indexes, selected manufactures, 1947-76

[1967=100; monthly data seasonally adjusted]

Period

1967 proportion.

194719481949

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..

1975: Jan.._.Feb.. .M a r . . .A p r . . .M a y . . .June...

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

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

July . . .A u g . . .Sept . . .O c t . . . .Nov p..Dec p. .

Durable manufactures

'rimary 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

96.4

105.5103.498.495.090.890.6

92.397.797.995.498.192.6

9S.1103.9101.4105.4113.2111.5

116.9118.6114.1109.8106.7100.4

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

95.8

107.7108.7104.497.989.489.4

87.092.793.492.096.589.1

92.9100.997.7

103.5110.7110.0

115.3116.2110.3105.1102.794.6

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

109.9

105.9104.1103.9106.4106.2106.7

108.9113.8115.3114.4116.3117.3

116.6120.9120.2121.5121.4124.0

124.6125.8126.6123.5126.2126.6

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

125.1

128.4125.7122.7122.1122.0122.6

123.9126.2125.5125.4126.6128.6

129.0131.5132.9133.5134.0133.5

135.0136.4136.8134.4137.2138.0

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

116.5

118.4113.5110.6112.7112.4112.4

116.5118.0120.2120.1120.1122.7

124.7126.5127.8130.0131.8132.0

131.0135.3133.7134.8135.6137.0

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

97.4

88.783.388.590.894.697.9

101.1105.0105.9104.4104.7106.7

105.8109.0111.2110.6112.9112.6

113.3115.0104.4104.3113.0120.9

Motorve-

hiclesandparts

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

111.1

91.784.795.2

101.7104.9110.2

116.3123.7126.8126.5127.1130.1

126.7135.2140.8141.3144.3146.5

148.5150.6130.2128.3145.6161.1

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

107.6

95.096.798.0

100.8105.4108.6

110.6113.6115.8116.8114.1116.4

123.5123.9121.1122.8123.0120.3

124.6128.1128.7130.7131.7

Nondurable manufactures

Ap-parelprod-ucts

3.31

57.860.359.7

64.363.166.367.266.4

73.375.074.972.880.1

81.782.285.589.L92.2

97.499.9

100.0102.9106.7

101.4104.7109.4117.3114.3

107.6

96.6102.497.6

100.4104.5105.1

106.3112.8111.5115.9118.3121.2

123.8128.0126.3126.1130.3126.8

125.6123.7122.5126.6

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

113.3

111.7111.5109.9108.5111.4113.3

115.5115.3114.7113.2115.4118.4

120.0121.0121.0122.0120.5119.7

122.0120.6120.6119.2121.3

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

147.3

141.7136.9134.6136.4139.5144.7

147.1150.8154.4157.5161.9163.3

162.9167.6170.6168.7166.6170.0

167.6170.4170.5170.1172.8

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

123.4

117.8117.9116.6120.2121.1124.3

125.4125.8126.2126.4128.8128.5

129.2130.8128.3129.2131.2130.5

131.8133.4135.7136.1135.8


232


TABLE B-40.—Capacity utilization rate in manufacturing, 1948—76

[Percent; quarterly data seasonally adjusted]

Year orquarter

FRB series *

Totalmanu-fac-

turing

Primaryproc-essing

Ad-vanced

proc-essing

Commerce series 2

Totalmanu-

fac-turing

Dur-able

goods

Non-dur-able

goods

Pri-mary-proc-essedgoods

Ad-vanced-

proc-essedgoods

Wharton series3

Totalmanu-

fac-turing

Dur-able

goods

Non-dur-able

goods

1948 _.1949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

1975

1971: IIL.. .I I I . . .IV....

1972: L.__.IL...I I I . . .IV....

1973: I.....IL__.III...IV...

1974: I

III."!IV. . . .

1975: !..._.

III."."IV.. . .

1976: I . . . . .I I —III*.

82.574.2

82.885.885.489.280.1

87.086.183.675.081.6

80.177.381.483.585.7

89.591.186.987.086.2

79.278.083.187.584.2

73.6

77.577.977.879.0

80.982.483.485.8

87.187.687.887.7

85.785.885.579.7

70.971.375.376.8

79.080.2

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. C88.092.487.5

73.4

81.782.981.182.4

85.287.288.691.1

91.892.192.793. G

90.590.089.080.4

69.570.075.878.1

80.281.582.5

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

77.375.980.584.982.3

73.7

75.375.275.977.1

78.679.880.683.1

84.585.285.085.0

83.083.483.679.3

71.572.175.076.1

78.279.279.6

88.990.388.492.482.9

91.490.888.077.584.0

82.179.182.584.086.8

92.496.693.595.095.3

87.986.491.897.193.0

80.4

86.286.386.087.2

89.390.992.194.9

96.497.297.497.5

94.794.894.687.8

77.477.982.484.0

86.487.888.0

83.787.286.093.379.5

90.289.186.170.878.6

77.072.977.779.682.9

90.696.091.893.794.0

84.282.388.996.691.9

77.1

82.582.581.482.8

85.687.789.393.1

95.496.497.197.4

93.393.593.986.9

74.874.778.880.0

82.684.985.7

96.194.891.891.287.7

93.193.490.887.492.0

89.888.589.890.892,8

95.397.596.097.097.2

93.592.996.398.094.7

86.0

92.092.393.194.1

95.196.096.497.8

98.198.597.997.6

96.996.895.789.2

81.583.388.390.7

92.792.691.8

1 For description of the series, see "Federal Reserve Bulletin," November 1976.2 Quarterly data ate 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.

233


T A B L E B-41.—New construction activity, 1929-76

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

Year or month

1929

1933 . . . .

1939

1940194119421943 .1944

19451946

New series

194719481949.

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

1955 . .195619571958.. .1959.. .

1960.. .196119621963- .1964.. .

19651966196719681969...

1970. .197119721973..- _ _1974

1975...

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

132.0

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

93.0

Residentialbuildings1

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

46.5

Newhous-

ingunits

3.0

.3

2.3

2.63.01.4.7.6

.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

34.4

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

46.6

Com-mer-cial 3

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

12.8

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

8.0

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

18.619.821.524.026.0

25.7

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

39.0

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

6.1

Stateand

local 5

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

18.020.0

"24 224.7

24.825.925.827.733. C

32.9


234


TABLE B-41.—New construction activity, 1929-76—Continued

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

Year or month


J u l y . . . .AugS e p t . . . .OctNovDec

1976:JanFebMarAprM a y . . . .June

J u l y . . . .AugS e p t . . . .OctNov*—

Totalnewcon-

struc-tion

130.2127.4123.7126.2127.1129.7

133.1132.2136.3136.2138.0137.8

136.7139.0145.1144.5143.4145.4

141.1142.0146.3146.7150.2

Private construction

Total

93.891.189.589.289.990.6

92.092.195.495.697.398.1

99.3102.6107.1106.6107.2106.5

104.3104.7108.7112.8116.3

Residentialbuildings i

Total J

44.042.842.743.243.944.7

46.146.348.449.450.452.1

52.855.258.158.958.858.7

57.255.458.763.566.6

Newnous-

ingunits

33.431.931.431.331.532.2

33.433.635.737.538.939.9

39.341.143.844.243.945.4

46.946.548.851.152.9

Nonresidential buildings and other

Total

49.848.346.846.145.945.9

45.845.747.046.246.946.0

46.647.448.947.748.447.8

47.149.349.949.349.7

construction i

Com-mer-cials

15.114.513.412.712.312.2

12.312.412.412.412.412.2

11.512.813.312.612.312.0

12.613.012.812.612.4

In-dus-trial

8.58.48.18.08.48.1

8.28.07.97.67.77.6

7.57.87.67.27.06.7

6.16.96.96.46.5

Other *

26.225.425.325.325.225.5

25.325.326.726.226.826.2

27.626.828.027.929.129.1

28.429.430.330.430.7

Public construction

Total

36.436.334.237.037.239.1

41.140.140.940.640.739.8

37.436.438.037.936.238.9

36.837.337.634.033.9

Fed-eral

5.76.05.95.85.85.8

6.26.36.35 96.66.6

6.26.76.16.66.06.4

6.46.47.65.77.0

Stateand

local*

30.730.228.431.231.433.3

35.033.934.634.734.133.2

31.229.732.031.330.232.6

30.430.930.028.226.9

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.5 Includes Federal grants-in-aid for State and local projects.

Source: Department of Commerce (Bureau of the Census), except as noted.

235


TABLE B-42.—New housing units started and authorized, 1959-76

[Thousands of units]

Year or month

New housing units started

Private andpublic 1

Total(farmandnon-

farm)

Non-farm

Private 1

Total (farm and nonfarm)

Total

Type of structure

Oneunit

2 to 4units

5 unitsor

more

New private housing unitsauthorized2

Total Oneunit

2 to 4units

5 unitsor more

1959_.

1960_.1961_.1962_.1963_.1964_.

1965..1966..1967..1968-.1969_.

1970..1971.1972_1973.1974_

1975.

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

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

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

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

., 553.7

., 296.1

., 365.0, 492.5., 634.9., 561.0

., 509.71,195.81,321.9., 545.4, 499. 5

1, 469.02,084.52, 378. 52,057. 5" 352.5

1,171.4

56.956.281.198.4117.0110.9

120.1118.7112.8125.097.277.1

72.991.6

118.8137.4148.3155.1

137.5147.6153.1150.2128.2

,531.3

., 274.01,336.8,468.7,614.8, 534.0

., 487.5,172.8, 298.8,521.4, 482.3

517.0

252.2313.0462.9603.2528.8

472.8164.9291.6507.6466.8

, 433.6,052.2, 356.6, 045.3, 337. 7

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

283.0

257.4338.7471.5590.8

108.4 450.0

86.661.171.680.985.0

84.8120.3141.3118.368.1

160.4 892.2

422.5325.1376.1527.3571.2

535.9780.9906.2795.0381.6

64.0 204.3

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

939.2

938.3

746.1722.8716.2750.2720.1

709.9563.2650.6694.7625.9

646.8906.1

1, 033.1882.1643.8

675.5

77.1

64.667.687.1

118.9100.8

84.861.073.084.385.2

88.1132.9148.6117.064.3

63.9

192.9

187.4273.8383.3465.6464.9

445.1347.7417.5574.4612.7

616.7885.7

1, 037.2820.5366.2

199.8

Seasonally adjusted annual rates

1,005953986982

1,0851,080

1,2071,2641,3041,4311,3811,283

1,2361,5471,4171,3671,4221,510

1,3821,5371,8401,8131,705

748722763774853874

916979966

1,0931,048962

9571,2951,1101,0551,0651,139

1,1231,1711,2801,3401,237

414846455356

7667761037977

706280769476

698411410294

216183177163179150

215218262235254244

209190227236263295

190282446371374

718729721843903938

1,016998

1,0921,1111,1271,091

1,1471,1651,1881,0821,1581,150

1,2151,2961,5041,4921,585

525529541605647667

699725772794814812

851863882803807829

870874926998

1,085

455744615762

726171848372

717677717572

7393106110109

148143136177199209

245212249233230207

225226229208276249

272329472384391

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 but 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.


236


TABLE B-43.-—Business expenditures for new plant and equipment, 1947-77l

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

Yearor quarter

194719481949

19501951 .195219531954

19551956 .195719581959

196019611962 . .19631964

196519661967 . . .19681969

197019711972.. .19731974

19751976 3

1977 3

1974: 1I I . . . .I I I . . .IV. . . .

1975: 1I I . . . .III . . . .

1976: 1I L . . .III . . . .

IV 3 . . .

1977: | 3 . . _ _113

Total

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

112.78121.23

134.95

107.27111.40113.99116.22

114.57112.46112.16111.80

114.72118.12122.55

127.87

129.38131.28

Manufacturing

Total

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

47.9552.98

59 58

42.9645.3247.0448.08

49.0548.7847.3946.82

49.2150.6454.78

56.23

56.9957.58

Dura-ble

goods

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

21.8423.60

26 47

21.4322.5023.0823.28

22.8622.5921.0121.07

21.6322.5424.59

25.23

25.5226.45

Non-durablegoods

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

26.1129.38

33.11

21.5322.8223.9624.80

26.2026.1926.3825.75

27.5828.0930.20

31.00

31.4731.12

Total

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

64.8268.25

75.37

64.3166.0866.9468.14

65.5263.6864.7664.98

65.5167.4867.76

71.64

72.3873.70

Mining

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

3.793.97

4.41

2.803.073.273.56

3.763.783.823.82

3.833.834.21

4.03

4.22

Nonmanufacturing

Transportation

Rail-road

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

2.552.35

2.59

2.102.422.683.05

2.392.702.752.39

2.082.642.69

1.98

2.22

Air

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

1.841.32

1.67

2.132.211.841.81

2.091.602.121.65

1.181.441.12

1.51

1.45

Other

1.131.17.76

1.091.331.231.291.22

1.301.311.301.061.33

1.301.231.651.581.50

1.681.641.481.591.68

1.231.381.461.662.12

3.183.58

2.56

1.631.842.162.71

2.822.752.993.56

3.294.163.44

3.34

2.67

Publicutili-ties

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

20.1422.44

25.60

20.1220.9720.1620.93

20.2819.5219.7920.91

21.9121.8521.67

24.05

24.57

Com-muni-cation

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

12.7413.63

* •

38.

13.8313.9414.0114.04

13.3612.5012.9512.22

12.5412.6213.64

36

37

Com-mer-cialand

others

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

20.6020.96

54

21.6921.6322.8422.04

20.8220.8320.3420.44

20.6820.9420.99

73

26

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

real estate firms, and certain outlays charged to current account.2 Commercial and other includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures reported by business in October-December 1976. Includes adjust-

ments when necessary for systematic tendencies in expectations data.Note.—Annual total is the sum of unadjusted expenditures; it does not necessarily coincide with the average of season-

ally adjusted figures.


237224-250 O - 77 - 16Digitized for FRASER

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

TABLE B-44.—Sales and inventories in manufacturing and trade, 1947-76

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

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..




JulyAugSeptOct

Dec*

Total manufacturingand trade

Sales i

35,26033,788

38, 59643,35644, 84047,98746,443

51,69454, 06355, 87954, 20059,728

60,82861,16065,66068, 99573, 682

52, 50749,497

59,82270, 24272,37776,12273,175

79,51687,30489, 05287, 09492,132

94, 71895, 596101, 064105,482111,501

80, 283 120,91287,186 136,78989,746 145, "97,124 155,103,120 168, 297

166,596 ,168,070 277,164,116167, 687167,995 .170, 625 273,

193,704194,672194, 261192,963196,942

Inven-tories 2

145,364-".,364

\, 708 175, 418!, 323 184, 756

104,112, __ ,125, 269 198, 045145,297166, 771

227,926278, 386

172, 525 275, 484

278, 710277, 867276, 634275, 628274,139""1,418

173, 802176, 001177, 475178,621 ....178,119 276, 804181,647

273,277274, 906275, 576277, 680

275, 484

183, 818 277, 057186,968 279, 008190, 224 281, 256191, 745 283,062190, 800 285,693193, 700 289,138

290, 866293, 308296, 537298,179298,490

Ratio 3

1.421.53

1.361.551.581.581.60

1.471.551.591.601.50

1.561.541.501.491.47

1.451.481.571.551.57

1.641.611.521.461.51

1.60

1.671.651.691.641.631.60

1.571.561.551.551.551.52

1.511.491.481.481.501.49

1.501.511.531.551.52

Manufacturing

Sales i

15,51317,31616,126

18,63421,71422, 52924,84323,355

26,48027, 74028,73627, 24730,286

30, 87930,92333, 35735,05837, 330

40,99544, 86946,48750, 26953, 540

Inven-tories 2

25,89728, 54326,321

31,07839,30641,13643,94841,612

45,06950,64251,87150, 24252,948

53, 78554,88758,18760, 04863, 407

68,19077, 95184, 52790,39498,011

52,831 101, 50255,925 102, 49063, 042 108,07272,954 124, 39584, 612 157,971

87, 240 155, 693

83,93783, 996 159;82, 56485,51184, 38285, 787

87, 824 155,89,06190, 22791,17790, 54992, 553 155i

94,067 ]95, 551 197,786 157;!98, 519 198, 546 1

99,334 162,99, 44898,78097, 653

100, 458

159, 271159, 677159,087158, 392157,659156, 582

1,926155,426155, 534155,984156,121'".,693

156,120156,458157, 560158,134159,488

98; 937 161,118

!,144163,184164,966166,674166,915

Ralio 3

1.581.571.75

4866787681

6273808470

7674706964

6062767476

8983675866

.90

.90

.93

.85

.87

.83

.78

.75

.72

.71

.72

.68

.66

.64

.61

.61

.62

.63

.63

.64

.67

.711.66

Merchant wholesalers

Sales i

6,8086,514

7,6958,5978,7829,0528,993

9,89310,51310,47510, 25711,491

11,65611,98812,67413, 38214,529

15,61116,98717,10818,36619, 756

20, 58322,32724,86230, 40037,344

36,583

36.67537,12035,59035,22835,44236,186

36,56737,16637,60437,44937,C1837,36C

38,15938,81639,09439,53039,38640,780

40,61640,58141,38140.67640,827

Inven-tories 2

7,9577,706

9,2849,88610,21010,68610,637

11,67813, 26012,73012, 73913,879

14,12014,48814,93616, 04817,000

18,31720,76521,88522,99724,910

27,29029,69532,81738.30246,564

45,115

46,19745,95145,52745,30344,55844,850

44,65345,5C145,62545,71545,55445,115

45,64546,30746,39846,82647,79948,645

48,80549,00649,72349,84750,165

Ratio 3

1.131.19

1.071.161.121.171.18

1.131.191.231.241.15

1.221.201.161.151.14

1.151.151.231.221.21

1.261.271.241.161.13

1.24

1.261.241.281.291.261.24

1.221.221.211.221.231.21

1.201.191.191.181.211.19

1.201.211.201.231.23

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

23,67725,33026,15128,49029,824

31,29434,07137, 36541,94344,815

48,702

45,98446,95445,96246,94848,17148,652

49,41149,77449,64449,99550,55251,734

51,59252,60153,34453,69652,86853,983

53,75454,64354,10054,63455,65757,371

Inven-tories 2

14,24116,00715,470

19,46021,05021, 03121,48820,926

22,76923,40224,45124,11325,305

26, 81326, 22127,94129,38631,094

34,40538,07338,95241,97345,376

46,62652,57157,15665,22973,851

74,676

73,24272,23972,02071,93371,92271,986

72,69873,97974,41775,98175,12974,676

75,29276,24377,29878,10278,40679,375

79,91781,11881,84881,65881,410

Ratio 3

1.261.391.41

1.381.641.521.531.51

1.431.471.441.431.40

1.451.431.381.391.40

1.391.441.461.431.46

1.471.471.461.461.53

1.51

1.591.541.571.531.491.48

1.471.491.501.521.491.44

1.461.451.451.451.481.47

1.491.481.511.491.46

1 Monthly average for year and total for month.2 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.—The inventory figures in this table do not agree with the estimates of change in business inventories includedin the gross national product since these figures cover only manufacturing and trade rather than all business, and showinventories in terms of current book value without adjustment for revaluation.

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

238


TABLE B-45.—Manufacturers9 shipments and inventories, 1947-76

[Millions of dollars; monthly data seasonally adjusted]

Year or montl

Shipments *

Total

Durable

goodsindus-tries

Non-durablegoodsindus-tries

Inventories1

Total

Durable goods industries

Total

Mate-rialsandsup-plies

Workin

process

Fin-ishedgoods

Nondurable goods industries

Total

Mate-rialsand

sup-plies

Workin

process

Fin-ishedgoods

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.. .

1975: J a n . . . . ,FebMarAprMayJune

Ju l y . . . .AugSept. . . .OctNovDec

1976: JanFebMarAprMay. . . .June

Ju l y . . . .AugSept. . . .OctN

15,5117,31116,121

18,63421,71422,52S24,84323,35!

26,48027,74028,73627, 24730, 286

30,87930,92333,35735,05837, 330

40, 99544, 86946, 48750,26953, 540

>2, 83115,925i3, 042r2, 954!4, 612

37, 240

83, 93783, 99682, 56485,51184, 382B5, 787

87, 82489, 06190, 22791,17790, 54992, 553

94,06795, 55117, 786'8, 519

38, 54698, 937

99, 33499,44898,78017,65310,458

6,6947,5797,19

8,84!10,49;11 3113,34'11,82.

14,0714,71515,23713, 56315, 609

15,88315,61617, 26218, 28019,637

22, 22124, 64825, 26727,69829,477

28,21529, 97334,04239, 70444, 043

43, 911

43, 05842, 86442,24243,40642, 56842, 963

43,96244, 55245,29245, 24344, 54846, 772

47, 28948,43050, 38250,14650, 55830, 606

1, 0901, 648

30, 06019, 267il,365

8,81!9,7318,93!

9,78S11,22111,21611,49411,527

12,40913,02513,49913, 68414, 677

14, 99615,30716,09516, 77817,693

18, 77320, 22021, 22022, 57024,064

24,61625,95328, 99933, 25040, 569

43, 328

41,13240, 32242,10441, 81342, 824

43, 86244, 50944, 93545, 93446, 00145, 781

46, 77847,12147, 40448, 37447, 98848, 331

48, 24447, 79948, 72048,38649, 093

25,89!28,54:26,32!

31,07139, 30641,13643,94841,612

45,06950,64251,87150, 24252, 948

53, 78554, 88758,18760,04863, 407

68,19077, 95184, 52790, 39498,011

.01, 50202, 49008, 07224, 395.57, 971

55, 693

59, 27159, 67759, 08758, 39257, 659.56, 582

55, 92655, 42655, 53455, 98456,12155, 693

56,12056,458.57, 56058,13459, 48861,118

62,14463,18464, 966:66, 67466, 915

13,06!14,66:13,061

15,53920,99:23,73:25,87823,710

26,40130,44731,72830,25932,077

32, 37532, 54434, 63235,86738, 506

42,26449, 92254,88558,67564, 561

66,64866,14970, 09881,218

.01, 780

00, 310

[02, 828:03, 808.03, 70503, 88003, 73003, 216

02, 79601,97601, 40301,22101,01600, 310

99, 98099, 94200, 74001, 03301, 50202, 429

02,85603, 28204,11705, 58906,011

12,83613,88113,261

15,539

8,9667,894

9,19410,41710,60810, 04110, 78:

10,35410, 27610, 80211,06211,958

13,31115, 03316, 39717,31418, 638

19,12319,68120, 75225,89235, 809

33,145

36, 54036, 93836,66336,16635,68135, 470

35, 02534, 65034, 25933, 89933, 75433,145

33, 55133, 26933, 54133, 41633,66933, 927

34,06433, 82234,11335, 04735,329

10,7209,721

10,75612,31712 83712, 39113, 065

12,77713, 21014,17014,88516, 209

18, 09822, 58324, 98427, 26530, 329

29, 78528, 58630, 73835, 44041, 254

41, 304

41,06941,35841, 28641, 76641, 88941, 866

42, 03041, 62241, 36241, 38441, 41241,304

40, 91040, 56840, 74540, 91040, 97841,411

41, 49941, 74341,98742,62742, 889

6,2066,040

6,3487,5658,1257,8298,232

9,2439,0589,6599,92010, 342

10, 85312, 30513, 50514,12115,606

17,71417,83918, 55619,81224, 613

25, 747

25,07625, 38925, 71425, 96226, 23126, 026

25, 86725, 79425, 83525, 93925,79325, 747

25, 37125,43825, 55825, 85526, 04526, 344

26,49526, 86227,11427, 91527, 793

18,31517,40518,07017,902

18,66420,19520,14319, 98320,871

21,41022, 34323, 55524,18224, 901

25, 92628,02929, 64131,71933, 450

34, 85436,34137, 97443,17756,191

55, 382

56,44255, 86955, 38254, 51253, 92853, 366

53,12953,45054,13154, 76355,10555, 382

56,14056, 51656, 82057,10157, 98658, 689

59, 28859,90260, 85061,08560, 904

8,3178,167

8,5568,9718,7758,6749,097

9,1049,5199,84410, 00510,151

10, 46411,16311,71412, 28712,718

13,13913,66114, 65517, 88223, 963

23, 023

23,88123, 55923, 35122, 83822,63022,077

22,10521, 94822, 20022, 66322, 83723,023

23, 28823,46023,66623, 76524, 36624,453

24,90025,02325, 50226,88027, 354

2,4722,440

2,5712,7212,8642,8352,950

2,9493,1093,2973,4103,522

3,8204,2224,4324,8515,117

5,2695,6766,0096,7518,503

8,234

8,2148,1618,0308,0017,8797,929

7,9908,0598,1528,1508,2558,234

8,3918,5208,6408,6778,7058,873

8,9299,0049,0968,5248,507

7,4097,415

7,6668,6228,6248,4748,825

9,3579,71510,41410,76411,229

11,64312,64513,49614,58115,612

16,44717,00317,30618, 54523, 726

24,124

24,34524,14924, 00123,67223,42023,359

23,03623,44423, 77823,95024,01424,124

24,46124, 53624,51224,66024,91325,364

25,46025,87526, 25025,68125,043

* Monthly average for year and total for month.s Book value, seasonally adjusted, end of period, except as noted.

MOte.—Data are as published by Bureau of the Census, but beginning 1968 detail for durable goods inventories doesnot add to totals. Correction will be published later by Census.



TABLE B-46.'—Manufacturers1 new and unfilled orders, 1947-76

[Amounts in millions of dollars; monthly data seasonally adjusted!

Year or month

New orders'

Total

Durable goodsindustries

Total

Capitalgoodsindus-tries,non-

defense

Non-dura-

blegoodsindus-tries

Unfilled orders»

Total

Dura-ble

goodsindus-tries

Non-dura-

blegoodsindus-tries

Unfilled orders-shipments ratio 3

Total

Dura-ble

goodsindus-tries

Non-dura-ble

goodsindus-tries

1947.1948.1949.

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

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

1960..1961..1962..1963..1984..

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

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

1975..

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

July..Aug._Sept..Oct...Nov..Dec.

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

July...Aug...Sept...Oct....NOVP_.

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, 72054,014

52, 09655,93764, 24676,21786, 988

85,673

80, 76081,15678, 96682,96883,11483, 486

87,72088, 20589, 53390, 39290,62091, 816

92, 82295,04498, 55098, 75699, 37999, 476

99, 21497, 92498, 86999,701100,888

6,3888,1266,633

10,16512,84112,06112,14710, 768

14,99615,36514,11113, 29016, 003

15, 30315,75917,37418, 70920, 652

23, 27826,17725,83128,14929, 934

27, 44729,95135,14242, 888

46, 570

42.164

40,15640.16538, 59040, 72341,15640, 37343, 53443, 36844,18143, 84044, 28245, 98545, 90447, 93051,11150, 24551, 35451, 249

51,18050, 38050, 06851, 07851, 986

7,0797,821

7,0537,5758,94711,16912,656

10,899

11,61910, 59310,15210, 75010, 56310, 305

11,31910, 91511, 07011, H211, 36911,054

11,66311, 90012,17312, 47612, 66612, 607

13, 77812,69013,46814, 30212, 799

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, 418

43, 509

40, 60440, 99140, 37542, 24541, 95843.113

44,18644, 83745, 35246, 55246, 33745, 830

46, 91847.11447, 43948,51148, 02548, 227

48, 03347, 54448,80148,62448,902

34,47330,73624,045

41,45667,26675,85761,17848,266

60,00467, 37553,18347, 28052, 571

45,06147, 38448, 60054,38467, 001

80,17498, 519105,114110,537116,330

107, 460107,656122,362161, 766190, 271

171, 438

187, 094184, 255180, 656178,114176, 846174, 545

174, 441173, 584172, 890172,104172,175171,438

170,193169, 686170, 450170, 687171, 520172,059

171, 938170, 414170, 503172, 553172, 992

28, 57926,61919,622

35,43563, 39472,68058,63745,250

56,24163, 88050, 35244, 46549, 207

42, 49144, 34545,98351,32163, 806

76, 39594, 689101,144106, 563112,158

102,867102, 623116, 004154,361184, 697

163, 582

181, 795179, 097175, 445172, 762171, 350168, 760

168, 332167,148166, 037164,634164, 368163, 582

162,197161, 697162,426162, 525163, 322163, 965

164, 055162,787162, 795164, 607165, 234

5,8944,1174,423

6,0213,8723,1772,5413,016

3,7633,4952,8312,8153,364

2,5703,0392,6173,0633,195

3,7783,8303,9703,9744,172

4,5935,0336,3587,4045,575

7,856

5,2995,1585,2115,3515,4965,784

6,1086,4366,8537,4707,8067,856

7,9967,9898,0248,1628,1988, 094

7,8837,6277,7087,9467,758

3.42

3.633.873.353.073.00

2.782.642.682.813.10

3.343.803.733.853.76

3.703.393.353.944.23

3.63

4.174.114.123.994.023.96

3.893.813.733.703.723.63

3.533.463.373.393.353.38

3.383.313.333.433.37

4.124.274.554.003.673.53

3.363.143.213.383.71

3.974.544.444.644.50

4.454.063.964.665.09

4.40

5.044.994.994.844.904.81

4.734.624.514.474.524.40

4.264.194.064.084.024.06

4.043.974.024.124.05

0.96

1.121.04

.85

.86

.94

.72

.79

.68

.73

.72

.76

.73

.69

.69

.77

.78

.88

.93

.64

.78

.60

.58

.60

.60

.61

.64

.66

.69

.72

.77

.79.77

.79

.77

.77

.77

.78.77

.76

.73

.72

.77

.74

1 Monthly average for year and total for month.2 Seasonally adjusted, end of period.3 Ratio of unfilled orders at end of period to shipments for period; excludes industries with no unfilled orders. Annual

figures relate to seasonally adjusted data for December.



PRICES

T A B L E B-47.—Consumer price indexes by expenditure classes, 1929-76

For urban wage earners and clerical workers

[1967 = 100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953 . .195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973 .19741975

1975: JanFebMar..AprMayJune


1976: J a n . . . _FebMar.Apr__ _MayJune

JulyAugSeptOctNov

Allitems

51 3

38 8

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 3133.1147.7161.2

156.1157.2157.8158.6159.3160.6

162.3162.8163 6164.6165.6166.3

166.7167.1167.5168.2169.2170.1

171.1171.9172.6173.3173.8

Food

48 3

30 6

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. i89.991.292.494.499.1

100.0103.6108.9

114.9118.4123.5141.4161.7175.4

170.9171.6171.3171.2171.8174.4

178.6178.1177.8179.0179.8180.7

180.8180.0178.7179.2180.0180.9

182.1182.418L6181 6181.1

Housing

Total

52.2

52.453.756.256.858.159.160.665.269.870.9

72.877.278.780.881.782.383.686.287.788.6

90.290.991.792.793.894.997.2

100.0104.2110.8

118.9124.3129.2135.0150.6166.8

161.3162.8163.6164.7165.3166.4

167.1167.7168.9169.8171.3172.2

173.2173.8174.5174.9175.6176.5

177.5178.4179.5180 1180.7

Rent

76.0

54.1

56.0

56.257.258.558.558.658.859.261.16§. 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

110.1115.2119.2124.3130.6137.3

134.5135.1135.5135.9136.4136.9

137.3138.0138.4139.3139.9140.6

141.2142.1142.7143.2143.8144.4

145.0145.6146.2146 9147.5

Appareland

upkeep

48.5

36.9

42.4

42.844.852.354.658.561.567.578.283.380.1

79.086.185.384.684.584.185.887.387.588.2

89.690.490.991.992.793.796.1

100.0105.4111.5

116.1119.8122.3126.8136.2142.3

139.4140.2140.9141.3141.8141.4

141.1142.3143.5144.6145.5145.2

143.3144 0145.0145.7146.8146.9

146 5148.1150.2150 9151.9

Trans-porta-tion

43.0

42.744.248.147.947.947.850.355.561.866.4

68.272.577.379.578.311A78.883.386.089.6

89.690.692.593.094.395.997.2

100.0103.2107.2

112.7118.6119.9123.8137.7150.6

143.2143.5144.8146 2147.4149.8

152.6153.6155 4156.1157.4157.6

158.1158 5159.8161.3163.5165.9

167 6168.5169.5170 9171.4

Medicalcare

36.7

36.837.038.039.941.142.144.448.151.152.7

53.756.359.361.463.464.867.269.973.276.4

79.181.483.585.687.389.593.4

100.0106.1113.4

120.6128.4132.5137.7150.5168.6

161.0163.0164.6165.8166.8168.1

169.8170.9172.2173.5173.3174.7

176.6178 8180.6181.6182.6183.7

185.5186.8187.9188 9191.3

Personalcare

40.3

40.241.245.249.953.455.159.066.068.568.3

68.374.775.676.376.677.981.184.186.988.7

90.190.692.293.494.595 297.1

100.0104.2109.3

113.2116.8119.8125.2137.3150.7

146.5147.8148.9149.5149.9150.3

151.2151.4152.1152.9153.6154.6

155.7157 0157.4158.3158.9159.8

160 5161.6

.162.8163 9164.8

Readingand

recrea-tion

45.3

46.147 750 054.160.062.464.568.772.274.9

74 476.676.977.776.976.777.880.783.985.3

87.389.391.392.895.095.997.5

100.0104.7108.7

113.4119.3122.8125.9133.8144.4

141.0141.8142.0143.5143.8144.1

144.4144.7146.0146.6147.0147.5

148.2148.5149.0149.5150.3150.9

151.2151.4152.8153.5154.1

Othergoodsand

services

46.9

48.349.250.753.354.756.958 863.866.868.7

69.972.876.678.579.879.881 083.384.486 1

87 888.589.190 692.094 297.2

100.0104.6109.1

116.0120.9125.5129.0137 2147.4

144.8145.9146.5146 8147.1147 3

147.6148.1148 0148.5148.9149.8

150.5151.3151.8152.5152.9153.2

153.6153.8153.9154.4155.3



TABLE B-48.—Consumer price indexes by commodity and service groups, 1939-76


(1967=1001

Year ormonth

1939

1940 .194119421943 . . .194419451946194719481949

1950 . . . .19511952195319541955 . . .1956195719581959

1960196119621963196419651966196719681969

197019711972197319741975

1975: JanFebMar .AprMay. . . .June


1976: JanFebMarAprMay . . . .June

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

116.3121.3125.3133.1147.7161.2

156.1157.2157.8158.6159.3160.6

162.3162.8163.6164.6165.6166.3

166.7167.1167.5168.2169.2170.1

171.1171.9172.6173.3173.8

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

113.5117.4120.9129.9145.5158.4

153.4154.4155.0155.7156.5157.9

160.1160.4160.8161.7162.2162.7

162.4162.3162.3163.1164.2165.2

166.0166.6167.0167.4167.7

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

114.9118.4123.5141.4161.7175.4

170.9171.6171.3171.2171.8174.4

178.6178.1177.8179.0179.8180.7

180.8180.0178.7179.2180.0180.9

182.1182.4181.6181.6181.1

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

112.5116.8119.4123.5136.6149.1

143.9144.9146.0147.2148.1148.9

149.9150.7151.4152.2152.6152.8

152.3152.7153.3154.2155.5156.5

157.1158.0158.9159.6160.3

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

111.8116.5118.9121.9130.6145.5

139.3140.3142.1143.6144.8145.8

146.9147.5148.2148 9149.2149.3

149.0149.3150.4151.9153.5154.7

155.8156.4156.9157.8158.0

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

113.1117.0119.8124.8140.9151.7

147.2148.2148.8149.8150.5151.2

152.2153.0153.8154 6155.1155.4

154.7155.2155.5156.0157.0157.9

158.1159.1160.4161.0161.9

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

121.6128.4133.3139.1152.1166.6

161.3162.6163.2164.1164.5165.7

166.6167.4169.1170 1172.0173.1

174.9176.1177.2177.7178.4179.5

180.7181.8183.2184.1185.1

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 1115.2119.2124.3130.6137.3

134.5135.1135.5135.9136.4136.9

137.3138.0138.4139.3139.9140.6

141.2142.1142.7143.2143.8144.4

145.0145.6146.2146.9147.5

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 7130.8135.9141.8156.0171.9

166.2167.5168.3169.2169.6170.9

171.9172.7174.6175.7177.7179.0

181.0182.2183.4184.0184.7185.8

187.2188.4189.8190.8191.8

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

116.7122.1125.8130.7143.7157.1

151.9153.0153.9154.9155.6156.6

157.6158.3159.5160.4161.5162.1

162.6163.4164.2165.0166.0167.0

167.9168.9170.0170.8171.6

Allitemsless

shel-ter

39.7

39.942.447.751.352.253.659 068 573.972.6

73.179 280.881.081.080.681 784.486 987.6

88 989.990 992.193.294.697.4

100.0104.1109.0

114.4119.3122.9131.1146.1159.1

154.1155.0155.6156.3157.0158.4

160.3160.8161.6162.6163.4164.1

164.4164.9165.3166.1167.1168.1

169.0169.7170.4171.0171.6

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

114.0117.7121.7132.8151.0163.2

158.7159.6159.7160.1160.8162.4

165.0165.2165.4166.4167.1167.6

167.3167.2166.7167.2168.2169.0

169.7170.4170.7171.0171.3



TABLE B-49.—Consumer price indexes, selected commodities and services, 1939-76

For urban wage earners and clerical workers[1967=100]

Year or month

1939... .

19401941...194219431944194519461947 . .19481949

1950195119521953195419551956195719581959

196019611962196319641965 .1966196719681969

19701971..1972197319741975




JulyAugSeptOctNov

Durable commodities

Total i

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

111.8116.5118.9121.9130.6145.5

139.3140.3142.1143.6144.8145.8

146.9147.5148.2148.9149.2149.3

149.0149.3150.4151.9153.5154.7

155.8156.4156.9157.8158.0

Newcars

43.2

43.346.6

69.275.682.8

83.487.494.995.894.390.993.598.4

101.5105.9

104.5104.5104.1103.5103.2100.999.1

100.0102.8104.4

107.6112.0111.0111.1117.5127.6

123.4124.5127.3127.5126.8127.0

126.6126.8126.5129.9131.3134.0

134.2134.3134.5134.4134.5134.5

134.4134.4134.2139.1139.7

Usedcars

"89." 275.971.869.177.480.289.5

83.686.994.896.0

100.199.497.0

100.0(i)

103 1

104.3110.2110.5117.6122.6146.4

134.9133.5135.3138.1142.2147.5

153.2156.1156.6156.5153.7149.6

144.6144.9150.9159.4167.8173.4

177.5179.6180.1179.9179.0

House-holddura-bles

56.6

55.959.866.969.576.081.886.595.6

101.799.0

100.2109.8106.9105.7102.9100.199.7

101.4102.1102.0

101.9100.7100.6100.3100.298.798.6

100.0103.3107.4

110.2112.9115.0118.8128.9140.3

136.8137.3138.3139.4140.0140.3

140 6141.0141.7142.3142.9143.0

143.3144.0144.8145.5145.8146.1

146.5146.3146.7147.2147.8

Nondurable commod-ities less food

Total

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

113.1117.0119.8124.8140.9151.7

147.2148.2148.8149.8150 5151.2

152 2153.0153.8154.6155.1155.4

154.7155.2155.5156.0157.0157.9

158.1159.1160.4161.0161.9

Ap-parelcom-mod-ities

43.0

43.545.853.555.959.863.069.580.485.482.0

81.188.787.786.786.385.887.388.288.289.0

90.390.891.292.092.893.696.0

100.0105 6111.9

116.5120.1122.7127.1136.1141.2

138.6139.2139.9140.3140.8140.3

139 8141.1142.3143.5144.4143.9

141.5142.2143.1143.9145.1145.0

144.4146.2148.5149.2150.1

Non-dura-bleslessfoodand

apparel

46.3

46.848.451.153.254.755.858.266.272.372.4

72.977 579.081.081.882.184.187.488.389.6

90.991.392.193.193 995.597.5

100.0103 3107.0

111.2115.2118.2123.4143.8157.9

152.3153.6154.2155.4156.3157.7

159 5160.1160.7161.3161.5162.2

162.6162.9162.8163.2164.2165.6

166.3166.8167.4168.1169.0

Services less rent

Total

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

123.7130.8135.9141.8156.0171.9

166.2167.5168.3169.2169.6170.9

171.9172.7174.6175.7177.7179.0

181.0182.2183.4184.0184.7185.8

187.2188.4189.8190.8191.8

House-holdserv-iceslessrent

"iV.i75.479.481.6

85.086.087.189.090.492.195.7

100.0105.9115.3

126.8132.6139.2146.8166.0184.7

179.0180.4180.8181.7182.1183.9

184.8185.6187.0188.2190.7192.0

193.7194.4195.1195.4196.1197.3

198.7200.1201.5202.3202.6

Trans-porta-tion

serv-ices

36.1

36.136.338.238.238.238.239.040.344.950.0

53.358.362.466.469.269.470.573.878.581.2

83.385.386.687.589.692.996.8

100.0104.0111.3

123.1133.0136.0136.9141.9152.7

146.5147.2148.3149.5149.6150.4

151.1151.9156.1157.0161.7163.2

167.0168.9171.1171.7172.3173.2

174.7175.5177.3178.9180.2

Med-icalcareserv-ices

32.5

32.532.733 735.436.937.940.143.546.448.1

49.251.755.057.058.760.462.865.568.772.0

74.977.780.282.684.687.392.0

100.0107.3116.0

124.2133.3138.2144.3159.1179.1

170.7172.9174.7175.9177.0178.4

180.4181.7183.2184.6184.2185.8

188.0190.4192.5193.5194.6195.8

197.9199.4200.6201.7204.5

Other 3

7l7l73.976.278.0

80.883.485.687.790.192.696.2

100.0105.6110.6

116.7122.5125.8131.6141.6152.1

148.8149.7150.1150.6151.0151.4

152.0152.4153.8154.4155.2155.7

156.6157.4158.4159.1159.7160.5

161.2162.0163.6164.3165.2

1 Also includes the "other durables" group.1 Includes the services components of apparel, personal care, reading and recreation, and other goods and services.»Not available.Source: Department of Labor, Bureau of Labor Statistics.


TABLE B—50.—Consumer price indexes, for commoditity groups, seasonally adjusted, 1973—76


[1967 = 100, seasonally adjusted]

Year andmonth

1973:Jan.__Feb...Mar „Apr...May..June..

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

1974:Jan___Feb...Mar...Apr...May..June -

July...Aug...Sept..Oc t . -Nov...Dec...

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

July_.Aug_.Sept..Oct—Nov..D e c .

1976: Jan—Feb_.Mar__Apr..May..June..

July__Aug.Sept.Oct.-Nov.

Allcom-mod-ities

123.8124.8126.1127.3128.3129.1

129.3132.5132.6133.3134.6135.8

137.6139.5141.0141.7143.3144.4

145.2147.4149.2150.5151.9153.1

154.0154.6155.0155.6156.5157.6

159.6160.1160.6161.5162.2162.9

163.1162.7162.4163.1164.3164.9

165.6166.4166.8167.3167.6

Food

129.0130.8134.0136.3138.3139.7

140.0148.6148.2148.9150.8152.1

154.2157.2158.4158.4160.1160.3

159.8162.2165.2166.8168.7170.4

171.3171.1170.6171.0172.5174.6

177.8177.5178.0179.6180.6181.6

181.2179.4177.9178.9180.6181.0

181.2181.8181.8182.3181.9

Commodities less food

Total

121.0121.5121.9122.5122.9123.3

123.5123.9124.1124.9125.9127.0

128.6129.9131.6132.7134.3135.9

137.4139.3140.6141.7142.9143.8

144.7145.7146.6147.4147.9148.5

149.8150.7151.2151.7152.2152.8

153.1153.5153.9154.4155.3156.0

156.9157.9158.5159.115J.8

Durable commodities

Totall

120.2120.7121.0121.4121.7121.8

121.8122.3122.4122.6122.8123.1

123.7124.3125.1126.1127.6129.3

130.8132.7134.4136.0137.4138.7

140.0141.6143.2144.4144.8145.4

146.2147.0147.6148.1148.5149.2

149.7150.6151.7152.7153.6154.1

155.0155.7156.3156.8157.4

House-holddur-ables

116.4116.7117.1117.7118.4118.9

119.2119.4119.8120.2120.6121.1

122.2123.1124.1125.2126.4127.9

129.2131.3132.6133.8135.2136.1

137.3138.0138.7139.6139.9140.0

140.3140.8141.3142.1142.7143.2

143.7144.7145.2145.6145.7145.8

146.2146.0146.3146.9147.7

Newcars

109.8110.2110.4110.9111.1111.0

111.2111.7111.6111.5111.5111.4

111.8112.1112.5113.2114.7116.4

118.3119.0120.8123.3123.7124.2

122.4124.0127.0127.4127.0127.1

126.9127.7129.0129.5130.5133.4

133.1133.8134.2134.3134.8134.6

134.7135.3136.8138.7138.9

Usedcars

116.4118.8119.6120.8120.3119.5

118.8118.0116.7114.7113.5112.4

110.8109.3108.0110.7114.6119.5

123.7128.0131.1134.4138.2138.2

139.9142.0143.3143.3142.7144.3

148.0151.2150.8150.7150.1149.4

150.0154.1159.9165.4168.5169.7

171.5173.9173.5173.3174.8

Nondurabies less food

Totall

121.5122.0122.5123.3123.7124.4

124.7125.0125.3126.6128.1129.7

132.0134.0136.2137.5139.1140.6

142.0144.1145.1145.8146.8147.4

148.1148.7148.9149.5150.0150.7

152.4153.4153.7154.4154.8155.3

155.6155.7155.6155.7156.6157.4

158.4159.6160.2160.8161.6

Apparelcom-mod-ities

124.5124.8125.5126.3126.7127.2

127.2127.8128.1128.6128. 9129.4

130.2131.5132.6133.7134.6135.6

136.2139.2139.1139.4140.2140.3

140.5140.5140.5140.4140.4140.3

141.2142.3141.6141.9142.4142.7

143.3143.6143.6143.9144.6145.0

145.8147.4147.7147.5147.9

Gaso-line and

motoroil

112.2112.8112.9114.4115.2117.8

118.2118.7118.2123.1128.5134.0

140.7147.7157.2159.2162.2162.9

164.2164.1164.0161.8161.4161.7

161.0160.6160.2160.9162.8166.6

173.9176.3177.9179.4179.4179.1

176.2173.6170.6169.0170.5174.0

176.6179.2180.4182.7184.0

Fueloilandcoal

118.8124.4125.4126.6128.4131.8

133.1135. 6137.1144.0156.5172.3

191.2197.0197.4203.6209.4214.6

221.1226.3229.2230.6230.6227.8

224.5223.3223.4225.6228.4231.1

237.0241.8246.2249.1248.1247.5

244.0242.6242.3243.0244.2247.8

251.1255.7258.6259.1259.6

1 Includes certain groups not shown separately.


244


TABLE B-51.—Consumer price indexes for service groups and selected expenditure classes,seasonally adjusted, 1973-76


[1967=100, seasonally adjusted]

Yearand month

1973: J a n . . .Feb . . .Mar...Apr. . .May...June. .

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

1974: J a n . . .Feb . . .Mar...Apr. . .May...June..

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

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

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

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

July..Aug...

IT::.Nov...

Services

A l lAM

services

135.4136.0136.6137.1137.8138.3

138.6139.4140.6142.1142.8143.6

144.7145.8147.1148.2149.8151.2

152.8154.3155.8157.2158.4159.7

161.1162.4163.3164.3164.9166.0

166.9167.6169.0170.0171.7172.8

174.7176.0177.2178.0178.8179.9

181.0182.0183.0184.0184.7

Rent

121.6122.1122.6123.1123.7124.0

124.5125.0125.5125.9126.4126.9

127.6128.3128.6129.1129.6130.2

130.7131.2131.9132.5133.2133.7

134.4135.0135.4135.8136.4136.9

137.5138.1138.5139.4140.1140.7

141.1142.0142.6143.1143.8144.4

145.1145.6146.3147.0147.6

Total i

137.9138.4139.1139.6140.3140.9

141.1141.9143.3145.0145.7146.5

147.7148.9150.4151.6153.3154.9

156.7158.4160.1161.5162.8164.3

165.9167.3168.3169.4170.0171.2

172.1172.9174.4175.4177.3178.5

180.7182.1183.5184.3185.1186.3

187.5188.5189.6190.7191.4

Services less rent

House-hold

servicesless rent

141.8142.5143.3144.0144.7145.5

145.7147.0149.2151.4152.5153.6

155.3156.9159.0160.6162.8164.7

167.0169.2171.3173.4174.8176.6

178.5180.1181.0182.3182.9184.7

185.4186.0186.9187.8189.8191.1

193.1194.2195.3196.0196.9198.3

199.3200.5201.3201.9201.6

Trans-porta-tion

services

135.5135.8136.1136.2136.6136.9

136.9137.2137.4137.6137.6138.1

138.5139.0139.5140.0140.6141.4

142.3142.7143.5144.2145.1145.9

146.3147.2148.3149.4149.8150.3

151.1151.9156.2157.2162.0163.1

166.7168.9171.1171.5172.5173.2

174.7175.5177.5179.1180.6

Medicalcare

services

141.2141.5142.0142.6143.1143.5

143.8144.0144.9147.8148.3148.9

150.0151.2152.6153.7155.6158.0

160.1162.5164.2165.5167.1168.7

171.0173.0174.5176.0177.3178.4

180.3181.4182.9184.6184.3186.1

188.4190.4192.3193.7194.8195.8

197.9199.0200.2201.7204.7

Selected expenditure classes

Fuelandutili-ties

122.3123.1123.6124.2124.9125.6

126.1127.1127.8129.8132.5136.0

140.2142.2143.8145.8148.0149.4

151.5153.6155.4156.8157.6158.5

159.8160.7161.7163.3164.7166.9

168.8170.1172.5173.8175.1176.3

175.6176.1177.5177.9179.3181.7

183.4185.0186.8188.6189.0

House-hold

furnish-ingsand

opera-tion

122.6123.0123.2123.6123.7124.5

124.9125.2125.8126.4127.2128.0

129.6130.7132.9134.0136.8139.0

141.3143.9146.2148.6150.6152.3

153.9155.5156.0156.9157.2157.9

158.2158.8159.7160.5161.2162.0

164.4166.0167.1167.4167.7168.2

168.9169.1169.7170.4171.2

Appareland

upkeep

124.2124.3125.1125.8126.3126.7

126.9127.5127.8128.4128.9129.4

130.3131.3132.6133.7134.6135.7

136.4139.2139.3139.7140.5140.7

141.0141.2141.4141.4141.5141.4

142.3143.4142.8143.2143.6144.1

145.0145.0145.4145.8146.5146.9

147.8149.1149.5149.4150.0

Trans-porta-tion

121.2121.9122.1122.9123.2123.7

123.9123.9124.1124.8125.8127.1

128.5130.5132.8134.1136.1137.8

139.4140.5142.3142.6143.4144.0

143.7144.9145.7146.6147.1148.6

151.2152.7155.5155.9157.4158.3

158.7160.1160.8161.8163.2164.6

166.1167.5169.7170.7171.4

1 Also includes the "other services" group.


245


TABLE B-52.—Percent changes in consumer price indexes > major groups', 1948-76

[Percent change]

Year or month

19481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

1975

1975: Jan.FebMarAprMay __ _ _June


1976- JanFebMarAprMayJune

JulyAugSept. . . _OctNov

All items

Dec.to

Dec*

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

7.0

Yearto

year

7.8- 1 . 0

1.07.92.2

.8

.5

- . 41.53.62.7.8

1.61.0

1.2

1.72.92.94.25.4

5.94.33.36.2

11.0

9.1

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

Yearto

year

8.5- 4 . 0

1.411.11.8

- 1 . 52

- 1 . 4.7

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

8.5

Commodities lessfood

Dec.to

Dec*

5.3- 4 . 8

5.74.6

.2- 1 . 4

02 52.2

.81.5

- . 3.6

1.2.4

.71.93.13.74.5

4.82.32.55.0

13.2

6.2

Yearto

year

7.7- 1 . 5

- . 17.5.9.2

- 1 . 1

11.03.11.11.3

.4

.3

.7

.8

.61.42.63.74.2

4.13.82.23.4

10.6

9.2

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

8.1

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

9.5

Change from preceding month

Un-adjusted

0.5.7.4.5.4.8

1.1.3.5.6.6.4

.2

.2

.2

.4

.6

.5

.6

.5

.4

.4

.3

Seasonallyadjusted

0.7.5.4.5.5.7

1.0.4.4.6.6.5

4.1.2.4.6.5

.5

.5

.4

.3

.3

Un-adjusted

0.7.4

- . 2- . 1

.41.5

2.4- . 3

2

.4

.5

. 1- . 4- . 7

.3

.4

.5

.7

.2- . 40

- . 3

Seasonallyadjusted

0.5- . 1- . 3

.2

.91.2

1.8- . 2

. 9

.6

.6

- . 2- 1 . 0

- . 8.6

1.0.2

.1

.30.3

- . 2

Un-adjusted

0.7

oooo

.6

.5

.7

.5

.5

.5

.3

. 1

- . 3.3

.6

.8

.6

.4

.6

.6

.4

.4

Seasonallyadjusted

0.6.7.6.5.3.4

.9

.6

.3

.3

.3

.4

.2

.3

.3

.6

.5

.6

.6

.4

.4

.4

Un-adjusted

0.7.8.4.6.2.7

.5

.51.0.6

1.1.6

1.0

.6

.3

.4

.6

.7

.6

.8

.5

.5

Seasonallyadjusted

0.9. 8.6.6

\l

.5

.4

.8

.61.0.6

1.1.7.7.5.4.6

.6

.6

.5

.5

.4

1 Changes from December to December are based on unadjusted indexes.


246


TABLE B-53.—Wholesale price indexes by major commodity groups, 1929-76[1967=100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953 . - . . .195419551956195719581959- .

I960196119621963196419651966196719681969

197019711972 . .1973197419751976

1975: JanFeb....MarAprMayJune


1976: JanFebMar.AprMayJune.

JulyAug .Sept... _OctNov.. .Dec

All com-modities

49.1

34.0

39 8

40 545.150 953 353.654 662 376.582.878.7

81.891.188.687.487.687.890.793.394.694.8

94.994 594.894.594.796.699 8

100.0102.5106.5

110 4114 0119.1134 7160.1174.9182.9

171.8171.3170.4172.1173.2173.7

175 7176.7177.7178.9178.2178.7

179.3179.3179.6181.3181 8183.1

184.3183.7184.7185.2185.6187.1

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

111.7113.9122.4159.1177.4184.2183.1

183.8179.5174.9178.8181.2182.3

188.2189.0190.4190.5186.1186.0

184.6182.0180.3183.7184.9187.5

188.1181.7182.7179.4178.4183.9

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

111.0112.9125.0176.3187.7186.7191.1

179.7174.6171.1177.7184.5186.2

193.7193.2197.1197.3191.7193.8

192.8191.0187.2192.9192 6196.5

196.9189.3191.8186.6183.6191.6

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 1114.5120.8148.1170.9182.6178.0

186.4182.6177.3179.4179.0179.7

184.6186.3186.1186.2182.6181.0

179.4176.4175.8178.0179.9181.8

182.6176.8177.1174.9174.8179.0

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

110.0114.1117.9125.9153.8171.5182.3

167.5168.4168.9169.7170.3170.7

171.2172.2173.1174.7175.4176.1

177.3178.0178.9180.0180 4181.3

182.6183. 6184.7186.3187.0187.4

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

107.1109.0113.6123.8139.1137.9148.0

137.5136.5134.3134.4135.2135.9

136.8137.6138.4141.3143.2144.0

145.1146.3146.7147.4147.0148.1

149.0149.2149.0149.3149.8149.5

Hides,skins,

leather,and

relatedproducts

48.9

36.3

42.8

45.248.452.852.752.252.961.183.384.279.9

86.399.180.181.377.677.381.982.082.994.2

90.891.792.790.090.394.3

103.4100.0103.2108.9

110.3114.1131.3143.1145.1148.5167.4

142.1141.7143.2147.5147.7148.7

149.3149.3151.3152.4154.4154.6

157.5159.9162.0165.4169.6167.4

169.8171.3173.6170.8169.7171.5

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. 3245.1265.5

232.2232.3233.0

. 236. 5238.8243.0

246.6252.4254.9256.5257.0258.0

257.3255.7255.7256.9257.2260.3

265.0269.1270.9277.0281.8278.8

Chemicalsand alliedproductsi

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

102.2104.1104.2110.0146.8181.3187.0

176.0178.1181.8182.4182.1181.2

181.4182.1182.2182.3182.9183.4

184.2184.9185.6187.1186.9187.1

187.0187.7188.5188.4188.7188.4

See next page for continuation of table and for footnotes.

247


TABLE B—53.~—Wholesale price indexes by major commodity groups, 1929-76—Continued[1967=100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960 . . .196119621963 . . .196419651966196719681969

19701971 . .197219731974197519761975:Jan .

FebMarAprMay__June

July.AugSeptOctNovDec

1976: JanFebMarAprMay .June

JulyAugSeptOctNovDec.

Industrial commodities—Continued

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

108.3109.1109.3112.4136.2150.2159.2149.6150.0149.7149.4148.9148.6

150.1150.0150.8151.5151.8151.9

152.4154.2155.5156.7157.1157.2

158.2161.0163.6164.5164.8164.6

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 2183.6176.9205.6164.7169.3169.6174.9183.0181.0

179.6179.7179.9179.1178.3183.1

190.5196.0202.3203.3203.3199.8

203.7207.5212.7213.6214.3219.9

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

108.2110.1113.4122.1151.7170.4179.4169.8169.8170.0169.7169.8169.8

170.0170.0170.3170.9171.3173.1

174.8175.8176.9178.5179.2179.5

180.5181.0181.6181.4181.7182.0

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

116.6118.7123.5132.8171.9185.6195.8185.5186.3186.1185.7185.1184.5

183.4184.3185.5187.2187.0187.1

187.7189.2190.6192.9194.0196.4

198.7199.0200.0199.9199.9200.8

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

111.4115.5117.9121.7139.4161.4170.9156.6157.7158.8159.7160.4161.0

161.7162.2163.1164.1165.3165.8

167.0167.7168.2168.9169.4170.2

171.0171.4172.9174.2174.7175.5

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

107.5110.0111.4115.2127.9139.7145.5138.8139.1138.5138.5138.6139.0

139.2139.8140.1141.1141.5142.0

143.1143.4143.9144.4144.8145.3

145.7146.1146.5147.0147.4147.8

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

112.9122.4126.1130.2153.2174.0186.0168.5170 3170.8173.0173.1173.3

174.7175.8176.1177.1177.7178.0

181.1181.3182.5185.2185.6186.0

186.9187.7188.2189.1189.1189.5

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

108.7114.9118.0119.2129.2144.6153.8140.2141.5143.0143.0142.9143.1

143.1143.5143.9150.0150.6150.9

151.3151.3151.7151.9151.6151.6

151.7152.8153.5159.0159.1159.5

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

109.9112.9114.6119.7133.1147.7153.7145.5146.4146.8147.2147.5147.5

147.7147 A148.2147.6148.6151.1

151.8152.]152.6152. i152.7154 .t

153.8153. E153. £154.:156.:157. C

* Prices for most items in this grouping are lagged and refer to 1 or 2 months earlier than the index month.3 Index for total transportation equipment is not shown but is available beginning December 1968.


248


TABLE B-54.— Wholesale price indexes by stage of processing and by special groupings, 1947-76

[1967=100]

Year or monthAll

com-modi-ties

Crude materialsfor 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

196.9205.1

189.3185.8182.4189.4196.7197.1

203.0204.1207.5206.8199.8201.3

201.2199.5199.1205.3205.7210.2

211.8205.9206.4204.0204.5207.9

Food-stuffsand

feed-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

191.8190.2

182.4177.1172.9181.7190.9192.1

202.1201.9204.92C4.6195.4195.1

193.2191.6188.3194.5194.1197.8

196.3188.6189.0182.2178.8187.4

Non,food

mate-rials

exceptfuel

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

188.3210.3

184.1184.7184.4186.2188.1187.6

183.8189.6194.2192.7190.6193.8

199.8196.3200.5207.0208.7214.3

222.8216.4217.2213.1213.3213.7

Fuel

Intermediate materials, supplies, and components »

Total

Materials and components formanufacturing

Total

Materials

Forfood

manu-factur-

ing

Fornon-

durablemanu-factur-

ing

Fordurablemanu-factur-

ing

Com-ponents

Mate-rialsand

com-ponentsfor con-struc-tion

19471948...1949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

19751976

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

July...Aug. . .Sept_.O c t . . .Nov...Dec. . .

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

July..Aug. .Sept..Oct_._Nov..Dec...

76.582.878.7

81.891.188.687.487.6

87.890.793.394.694.8

94.994.594.894.594.7

96.699.8

100.0102.5106.5

110.4114.0119.1134.7160.1

174.9182.9

171.8171.3170.4172.1173.2173.7

175.7176.7177.7178.9178.2178.7

179.3179.3179.6181.3181.8183.1

184.3183.7184.7185.2185.6187.1

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

122.6139.0148.7164.5219.4

271.5314.7

266.7265.2256.6266.3276.4274.1

278.0273.2275.6274.8270.0281.3

279.3278.5286.2291.6293.3301.8

306.0315.8316.0356.7390.4361.2

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

180.0189.2

179.1178.8178.1179.0178.4178.4

179.3180.9181.0182.2182.3182.6

183.7184.5185.6186.8187.5188.9

190.4190.8192.4192.6193.0193.9

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

178.7185.4

180.1179.7178.0177.9177.0176.3

177.4178.8178.6180.0180.1179.9

180.6181.4182.2183.6184.2185.1

186.6186.9188.0188.3188.6189.1

94.096.983.3

86.796.692.993.092.2

89.389.791.393.490.0

91.194.092.096.695.2

97.6101.9100.0101.5107.1

112.9116.5119.9146.0209.2

209.4180.6

245.1236.4220.0213.7200.6194.1

204.0210.7204.1200.0195.3189.2

186.3183.0183.7182.9183.6182.1

186.8178.0176.5174.4174.7175.5

95.2100.891.9

96.5111.7100.699.898.2

98.6100.1101.4100.4102.1

102.199.999.398.499.1

100.0100.8100.0101.3102.4

103.8105.3109.4121.2155.2

174.7183.5

172.2172.4171.9172.7173.5173.3

174.0175.2175.9177.4178.7179.5

180.3181.0181.7183.2183.4183.5

184.4184.6185.1184.8185.1184.7

54.461.463.1

66.774.174.377.679.3

83.388.591.92.094.2

94.393.092.993.094.8

96.898.6

100.0103.3109.1

114.7118.2123.8133.7171.7

188.4202.2

187.1186.9186.9187.6187.7187.3

187.1187.6188.1191.4191.2191.4

192.5194.6195.9198.0199.4202.0

204.2205.4207.3208.3208.5209.9

58.363.064.2

66.675.675.777.177.5

80.988.391.892.593.6

93.192.291.591.592.3

93.897.1

100.0102.3105.5

111.1114.8117.6121.4139.9

158.3165.4

155.4157.3157.2157.3157.4157.9

158.1158.6159.0159.6160.5160.7

161.5162.0162.4163.0163.4164.0

164.6166.4168.0169.2169.5170.2

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

176.4187.9

171.9173.7173.9175.2177.0177.0

176.9177.2177.6178.4178.5179.8

181.7182.9184.6185.5186.0186.5

188.2189.6191.5192.1192,4193.6


249


TABLE B-54.—Wholesale price indexes by stage of processing and by special groupings t 1947-76—Continued[1967=1001

Year or month

194719481949

19501951195219531954

19551956195719581959

I960 .1961196219631964

19651966196719681969

19701971 .197219731974197519761975- Jan

FebMarAprMayJuneJulyAugSeptOctNovDec

1976: JanFebMar.AprMayJune...JulyAugSeptOctNovDec

Finished goods

Total

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

110.3113.7117.2127.9147.5163.4170.2159.3159.3158.9160.0161.2162.5164.5164.9166.2168.0168.0168.5168.7168.2167.9169.0169.3169.8170.5170.0170.7172.2172.4174.1

Consumer finished goods

Total

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

109.9112.9116.6129.2149.3163.6168.9159.8159.4158.5159.7161.1162.6165.0165.3166.7168.3168.1168.5168.3167.4166.8168.0168.4168.8169.5168.6169.2169.9170.1172.0

Foods

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

113.5115.3121.7146.4166.9181.0180.2177.0175.5172.6174.9177.7180.3184.8183.9186.5187.3185.5185.6183.7180. 2178.6182.1183.2182.1182.2177.9178.1176.8176.0180.9

Othernon-dura-

blegoods

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

108.3111.7113.6120.5146.8163.0173.2158.2158.8158.9159.5160.4161.6163.2165.1166.1167.2168.0168.9169.5170.2169.9170.2170.1171.7173.5174.9176.0176.7177.5178.0

Dura-ble

goods

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

106.9110.8113.2115.8126.3138.2144.3135.9136.3136.9137.0137.0137.3137.4137.4137.7141.1141.8142.2142.9142.9143.1142.9142.9143.5143.5143.5144.1147.1147.4147.8

Pro-ducerfin-

ishedgoods

55.469.463.4

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

112.0116.6119.5123.5141.0162.5173.2157.4158.3159.7160.7161.2161.7162.4163.0164.0166.5167.4168.0169.5169.9170.5171.1171.3172.0172.6173.1174.2177.4177.8178.9

Special groupings

Crudemate-rials 2

79.292.584.0

93.6102.993.192.488.0

96.6102.3100.996.9

102.3

98.397.295.694.397.1

100.9104.5100.0102.0110.6

118.9122.7131.1155.2219.1225.1250.0219.4221.0218.4222.7225.8226.3223.4225.8231.5228.6226.5231.2233.9231.8237.9246.0246.2248.6254.2254.9253.0261.5269.6262.3

Inter-me-diatemate-rials,sup-plies,and

com-po-

nents 3

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

109.9114.3118.9128.1159.5178.6189.4175.0175.9176.4177.3177.7177.8178.3179.3179.9181.4182.0182.6183.7184.8185.9187.3187.8188. 7190.0191.2192.6193.1193.5194.1

Con-sumer

fin-ishedgoods

exclud-ing

foods

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

107.7111.2113.5118.6138.6153.1161.7149.4149.8150.2150.6151.1152.0152.9154.1154.8156.8157.6158.3158.9159.4159.3159.3159.3160.5161.5162.3163.2164.9165.5165.9

Manufacturedgoods

Total

72 378.275.5

78.487 085 185.085.7

86.690.092 893.894.6

94.894.494.594.394.8

96.399.1

100.0102.6106.3

110.2113.9117.9129.2154.1171.1178.9168.2168.0167.8168.7169.5170.1171.4172.3173.0174.5174.4174.7175.3175.6176.0177.0177.6178.7179.7179.7180.8181.5181.9183.2

Dura-ble

59 465.467.3

69.676 376 778 479.4

82 287.590 992 294.0

94.193 693 593.594.6

95.897.9

100.0103.5107.7

112.0117.0121.1127.4148.6165.6175.5162.0163.2163.7164.4164.9165.1165.2165.7166.2168.2168.8169.4170.7171.4172.3173.1173.6174.6175.6176.4177.7179.7180.0181.0

iIncludes, in addition to subgroups shown, processed fuels and lubricants, containers, and supplies.> Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.» Excludes intermediate materials for food manufacturing and manufactured animal feeds.

Note.—For a listing of the commodities included in each sector, see monthly report, "Wholesale Prices and PriceIndexes," January-February 1967.



TABLE B-55.—Wholesale price indexes for selected groupings, seasonally adjusted^ 1973-76

[1967 = 100, seasonally adjusted]

Year andmonth









Farm products andprocessed foods

Total

136.4141.1148.5148.6155.8163.2

154.5183.1172.9168 3167.0169.2

176.9178.8175.7170.3168.7161.7

170.7182.2178.7186.1190.9187.3

182.7177.8174.5179.7183.0182.0

185.4187.8189.8191.7188.9187.8

183.8180.3179.9184.9186.8187.5

185.7180.3182.1180.4180.8185.6

md feed:

Farmprod-ucts

144.1148.6159.3161.0170.6180.6

169.8212.0199.9191 2188.3189.6

201.9202.3195.5186.4181.4167.3

178.0188.4182.6189.9191.7186.1

178.8171.7169.7178.1186.0184.5

189.9192.7196.9199.9196.1197.2

192.6187.7185.9193.8194.9195.4

193.4187.7191.2188.9188.0194.9

Proc-essedfoodsand

feeds

131.5136.3141.5140.7146.4152.1

144.7164.7155.7153.7153.4156.2

160.9163.9163.1160.1160.6158.2

166.0178.2176.2183.7190.4188.1

185.1181.6177.5180.7181.0180.4

182.5184.8185.3186.6184.3181.8

178.3175.5175.9179.3181.6182.4

180.8175.6176.4175.1176.2179.7

Crudemate-rials i

139.8141.2141.4144.6147.7151.6

154.3156.5162.0166.5174.9182.5

189.7201.3210.7221.7213.3215.6

229.8230.2231.0231.5229.6224.8

221.4219.2217.1219.6222.5224.1

224.5226.5232.9231.4227.4235.4

236.0230.0236.5242.6242.6246.1

255.5255.7254.5264.7270.7267.1

Inter-medi-

atemate-rials,sup-plies,and

com-po-

nents 3

121.9123.0124.9125.9127.1128.0

127.7128.7129.7131 1133.2136.2

138.9141.2146.1150.3155.2158.8

163.4168.6170.1172.3174.0174.9

176.4176.8176.8176.8176.5176.9

177.1178.2179.4181.6183.3184.6

185.2185.7186.3186.7186.5187.8

188.7190.1192.0193.3194.9196.3

Pro-ducerfin-

ishedgoods

120.3121.1121.7122.4123.2123.5

123.6124.0124.4124.9125.6126.6

128.1129.3131.0132.6136.0138.8

141.7145.3148.3151.6153.8155.2

157.1158.4159.9160.9161.3161.8

162.6163.1164.3166.3167.1167.9

169.1170.0170.7171.3171.4172.1

172.9173.2174.5177.0177.4178.7

Special groupings


Total

120.8122.1125.0126.4127 3128.7

128.3133.9133.5133 5134.7136.0

139.4142.3143.1144.9146.4145.6

149.1151.7153.5156.3159.7159.5

159.2158.5157.7160.0161.6162.9

164.2164.9167.1168.7169.2169.4

167.9166.7166.0168.4168.9169.0

168.6167.9169.5170.1171.3173.0

Foods

130.6132.2138.7141.3142 9145.8

144.3158.0156.3154 8155.5156.6

161.1164.6162.8163.9163.8158.2

163.3167.1168.8172.1179.4177.3

175.1173.2170.6175.9179.6181.7

183.6183.2186.6187.9187.6187.0

182.0178.1176.6183.4185.3183.6

180.4176.4177.7177.0178.4182.7

Othernon-dura-ble

goods

115.7117.4118.0118.6119.1119.6

120.0120.5121.2123 0125.0127.2

130.7134.1137.7140.9143.9147.0

149.9152.4154.4156.2157.1157.8

158.8159.0158.7159.2159.9160.8

162.4164.4166.3167.9169.0170.1

170.2170.4169.7169.9169.6170.8

172.6174.2176.2177.4178.6179.3

Dura-ble

goods

113.3113.7114.4115.2115.7116.0

116.1116.5116.7116.4117.0117.5

119.2120.1120.9122.0123.7125.1

126.8127.7129.4132.6133.8134.9

135.5136.2136.9137.0137.0137.3

137.4137.8138.8140.7141.8141.9

142.5142.8143.1142.9142.9143.5

143.5143.9145.3146.7147.4147.5

Manufacturedgoods

Total

121.6123.6125.4126.5128.0129.8

128.5132.7131.5132.3133.6135.8

138.7141.0143.5146.3149.2151.2

155.6161.0162.1165.4167.0167.9

168.4168.3167.6169.0169.3169.8

170.5171.4172.7174.7175.3175.8

175.5176.0175.8177.4177.4178.3

178.8178.8180.4181.7182.8184.3

Dura-ble

goods

122.8123.8125.4126.4127.3127.3

127.1127.6128.2129.1130.6132.4

134.3135.3138.2141.0145.2147.7

151.1154.2156.4158.8160.2161.3

162.7163.5164.0164.2164.2164.3

164.5165.0166.0168.4169.5170.6

171.4171.7172.6172.9172.9173.7

174.9175.7177.5179.9180.7182.3

1 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.2 Excludes intermediate materials for food manufacturing and manufactured animal feeds.Source: Department of Labor, Bureau of Labor Statistics.

251


TABLE B-56.—Percent changes in wholesale price indexes, major groups\ 1948-76

(Percent change]

Year or month

19481949

19501951195219531954

1955 . . . .1956195719581959

19601961196219631964

196519661S6719681969

19701971197219731974

19751976



1976: JanFebMarA p r . . . .MayJune

JulyAugS e p t . . . .OctNovDec

Allcommodities

Dec.to

Dec.1

1 5- 6 . 1

14.71.2

- 3 . 4.5

- . 6

1.64.52.0.5

.5- . 20

- 1. 4

3 41.71 02.84.8

2 24.16 3

15.420.9

4 24.7

Yearto

year

8.2- 5 . 0

3.911.4

- 2 . 7- 1 . 4

.2

.23.32.91.4.2

.1- . 4

.3- 3

.2

2 03.3

22.53.9

3 73.34 5

13.118.9

9 24.6

Industrialcommodities

Dec.to

Dec1

5 0- 5 . 0

14.0.4

- 1 . 41.4.2

4.34.21.1.9

1.2

- . 6- . 1

'5.6

1 42.21 92.73.9

3 63.43 4

10.725.6

6 06.4

Yearto

year

8.6- 2 . 1

3.610.4

- 2 . 3.8.2

2.24.52.8

. 31.8

0- 50

_ 1.5

1.32.21 52.53.4

3 83.73 36.8

22.2

11 56.3

Farm productsand processed

foods and feeds

Dec.to

Dec1

- 6 . 8- 8 . 9

17.03.5

- 8 . 2- 2 . 3- 2 . 6

- 6 . 46.04.2

2-4." 4

3.9- . 6

.6- 2 . 1

0

9.5.2

- 1 . 83.57.5

- 1 46.0

14 426.711.0

- . 3- 1 . 1

Yearto

year

7.6- 1 1 . 7

4.813.8

- 3 . 9- 6 . 5- . 3

- 4 . 7- . 73.44.7

- 4 . 7

.201.1

- 1 . 0- . 6

4.26.6

- 3 . 42.45.5

3.42.07.5

30.011.5

3.8- . 6


Total

Dec.to

Dec.'

1.2- 5 . 6

10.22.7

- 3 . 1- . 1- . 6

- . 13.13.0

.2- . 7

2.1- . 8

.1- . 4

.2

4.01.61.?3.14.9

1.43.54.3

13.617.1

6.22.1

Yearto

year

7.5- 4 . 6

1.79.4

- 1 . 2- 1 . 7- . 1

- . 71.52.92.2

- . 8

1.0- . 2

.3- . 5

.2

1.93.4

.62.73.8

3.12.73.3

10.815.6

9.63.2

Foods

Dec.to

Dec1

- 2 . 4- 7 . 4

13.35.3

- 5 . 9- 2 . 2- 1 . 9

- 2 . 93.65.3.4

- 3 . 7

5.2- 1 . 8

.5- 1 . 3

.4

9.11.4

- . 44.88.2

- 2 . 55.98.0

22.513.0

5.5- 2 . 5

Yearto

year

9 2- 8 . 1

1.912.4

g- 5 . 2- . 8

- 2 . 5- . 23.55.8

- 4 . 7

2.2- . 4

.9- 1 . 2

.5

3.86.5

- 1 . 63.76.1

3.21.65.6

20.314.0

8.4- . 4

All except foods

Dec.to

Dec.1

4 C- 4 . 5

8 2.9

- 1 . 11 6.3

1.72.51.7.2.8

.4- . 3- . 1

1.1

.91.72 12.02.9

3 91.82.27.4

20.5

6.74.8

Yearto

year

6 3- 2 1

1 67.2

- 1 . 39

.3

82.42 5

.11.3

.4

- . 20

- . 1

71.61 92.12.4

3 03.22 14.5

16.9

10.55.6

Change from preceding month

Unad-justed

0.2

l'.O.6.3

1.2.66

.743

. 3

o o. 9. 3.7

.7- . 3

.5

.3

.2

.8

Sea-sonally

ad-justed

- 0 . 2- . 7- . 5

!6.0

.8

.99

1.113

- . 2- . 4

2.8.3.4

.3- . 1

.9

.6

.6

.9

Unad-justed

0.8.5.3.5.4.2

.3

.65944

.7

.45

.6

.2

.5

.7

.5

.6

.9

.4

.2

Sea-sonally

ad-justed

0.8

'.2.2.2

.4

.7

1.276

.4

.13

.3

.1

.5

.7

.7

.91.0.8.3

Unad-justed

- 1 . 4- 2 . 3- 2 . 6

2.21.3.6

3.2.4.7.1

- 2 3- . 1

- . 8- 1 . 4- . 91.9

K4

.3- 3 . 4

.6- 1 . 8- . 63.1

Sea-sonally

ad-justed

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

3.01.8

- . 5

1.91.31.11.0

- 1 . 5- . 6

- 2 . 1- 1 . 9- . 22.81.0.4

- 1 . 0- 2 . 9

1.0- . 9

2'. 7

Unad-justed

0.7- . 3- . 6

.8

.9

.9

1.5.2.8

1.0- . 1

.2

- ! 5- . 4

.7

.2

.2

.4- . 5

.4

.4

.11.1

Sea-sonally

ad-justed

- 0 . 2- . 4- . 51.51.0.8

.8

.41.31.0.3.1

- . 9- . 7- . 41.4.3.1

- . 2- . 41.0.4.7

1.0

Unad-justed

0.6- . 8

- 1 . 71.31.61.5

2.5- . 51.4.4

- 1 . 0.1

- 1 . 0- 1 . 9- . 92.0

.6- . 6

.1- 2 . 4

.1- . 7- . 52.8

Sea-sonally

ad-justed

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

3.12.11.2

1.0

.7- . 2- . 3

- 2 . 7- 2 . 1- . 83.91.0

- . 9

- 1 . 7- 2 . 2

- ' . 4.8

2.4

Unad-justed

0.7.3.3.3.3.6

.6

.8

.51.3

.4

.4

.3- . 100

.8

.6

.5

.61.0.4.2

Sea-sonally

ad-justed

0.5.2.1. 2. 3.5

.7

.91.01.0.8.4

.1

.2- . 2- . 10

.6

.7

.61.1.7.7.2

1 Changes from December to December are based on unadjusted indexes.



MONEY STOCK, CREDIT, AND FINANCET A B L E B-57.—Money stock measures, 1947-76

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

Year andmonth

1947: Dec...1948' Dec1949- Dec

1950- Dec1951: Dec.[952: Dec[953: DecV[954: Dec1955: Dec"'..".[956: Dec .1957: Dec1958: Dec""]..1959: Dec. . . I . .

I960* Dec1961: Dec1962: Dec1963: Dec . . .1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec

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

1975: JanFeb_. .MarAprMayJune



JulyAugSep t . . . .OctNovDec »

Overall measures

M!Currency

plusdemanddeposits)

113 1111.5111.2

116.2122.7127.4128.8132 3135.2136.9135 9141. 1143.4

144.2148.7150.9156.5163.7171.3175.7187.3202.2208.8

219.6233.8255.3270.5283.1294.8311.9

281.9281.9284.1284.9287.6291.0

291.9293.2293.6293.4295.6294.8

295.1296.6298.1301.8303.5303.2

304.9306.4306.3309.8309.8311.9

M2(M, plus

timedepositsat com-mercialbanks

other thanarge CDs)

210.9

217.1228.6242.9258.9277.1301.3318.1349.9382.9392.3

423.5471.7525.3571.4612.4664.3739.5

614.5618.2623.0626.7633.7642.4

647.5650.6652.9655.8662.1664.3

670.0677.9682. 6690.8695.7698.5

705.4710.8716.4725.8732.0739.5

M3

(IV! 2 plusdepositsat non-

bankthrift

institu-tions)

303.8

319.3342.1369.2*00.3434.4471.7495.4543.9589.6607.3

656.2745.1844.9919.5981.6

1,092.91, 236. 3

986.7994.0

1,003.71,012.71,C25.31,040.2

1.C51.61,060.61,068.11,075.81.C86.51,092.9

1,103.51,116.71,126.51,140.01,150.01,157.4

1,169.91,182.31,195.31,211.71,223.41, 236.3

Cur-rency l

26 425 825.1

25 026.127 327 727 427*828.228 328*628.9

29 029.630.632.534.336.338.340.443.446.1

49.152.656.961.567.873.780.7

68.268.769.469.570.271.0

71.371.972.072 673.473.7

74.275.075.776.777. 377.6

78.178.679.179.880.380.7

Components and related

Deposits at commercial

De-mand 2

86.785.886.0

91.296.5

100.1101.1104.9107.4108.7107.6112.6114.5

115.2119.1120.3124.1129.5134.9137.3146.9158.7162.8

170.5181.3198.4209.0215.3221.0231.2

213.7213.2214.7215.4217.4220.0

220.6221.3221.6220.8222.1221.0

220.9221.6222.4225.2226.2225.6

226.8227.8227.2230.0229.5231.2

banks

Time and savings 3

Total

35.436.036.4

36.738.241.144.548.350.051.957.465.467.4

72.982.797.6

112.0126.2146.4157.9183.3204.3194.4

229.2271.2313.6364.4419.1452.4491.5

425.4428.3428.7430.1431.2435.5

437.6436.2438.3443.3448.3452.4

454.1456.7457.6460.4460.4465.9

470.0468.7472.5478.0484.2491.5

LargeCDs<

2.85.79.6

12.816.415.520.623.510.9

25.333.343.663.589.882.963.8

92.792.189.888.485.184.1

82.178.879.180.981.882.9

79.275.473.271.568.270.6

69.664.462.462.062.163.8

Other

67.4

72.979.992.0

102.3113.4130.0142.4162.6180.8183.5

204.0237.8270.0300.9329.3369.6427.6

332.6336.2339.0341.8346.1351.4

355.5357.4359.2362.4366.5369.6

374.9381.3384.4388.9392.2395.3

400.4404.4410.1416.0422.2427.6

items

Depositsat non-

bankthrift

institu-tions 8

92.9

102.3113.4126.4141.4157.3170.4177.3194.0206.7214.9

232.7273.4319.6348.0369.2428.6496.8

372.2375.9380.7386.0391.6397.8

404.1410.0415.2420.0424.4428.6

433.5438.8444.0449.3454.3458.9

464.5471.6478.9485.8491.4496.8

U.S.Govern-

mentdemanddeposits(unad-justed)*

1.01.82.8

2.42.74.93.85.03.43.43.53.94.9

4.74.95.65.15.54.63.45.05.05.6

7.36.97.46.34.94.14.4

4.03.33.84.04.14.23.42.73.93.43.54.1

3.84.63.93.93.84.8

3.43.64.93.84.04.4

1 Currency outside the Treasury, the Federal Reserve Banks, and the vaults of all commercial banks.2 Demand deposits other than those due to domestic commercial banks and the U.S. Government, less cash items in

process of collection and Federal Reserve float, plus foreign balances at Federal Reserve Banks.3 Time and savings deposits other than those due to domestic commercial banks and the U.S. Government. Effective

June 1966, excludes balances accumulated for payment of personalloans(about $1.1 billion).« Negotiable time certificates of deposit (CDs) issued in denominations of $100,000 or more by large weekly reporting

commercial banks.* Average of the beginning- and end-of-month deposits of mutual savings banks, savings capital at savings and loan

associations, and credit union shares.6 Deposits at all commercial banks.Source: Board of Governors of the Federal Reserve System.

253

224-250 O - 77 - 17


TABLE B-58.—Commercial bank loans and investments, 1930-76[Billions of dollars]

End of yearor month i

1930:June1933: June1939

194019411942194319441945194619471948

194819491950195119521953195419551956195719581959 319601961196219631964 .19651966196719681969 *1970197119721973_197419751976 p1976: Jan p .

Feb vMar vApr vMay pJune *» _ _

July pAug pSept pOct pNov pDec p

Total loansand invest-

ments 2

48.930.440.743.950.767.485.1

105.5124.0114.0116.3114.2

Loans

Total J

34.516.317.218.821.719.219.121.626.131.138.142.4

Commercialand

industrial

Investments

U.S. Govern-ment securities

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 »

Seasonally adjusted

113.0118.7124.7130.2139.1143.1153.1157.6161 6166.4181.2188.7197 4212 8231 2250 2272.3300 1

«316.1352 0390 2401.7435.5485.7558.0633.48 690.4721.1767.5723.3726.7731.2734.5737.6738.8

743.1748.7752.5760.3766.3767.5

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

e 320.9378.9449.0

8 500.2496.9521.6497.3497.8499.7500.5500.6500.7

504.7507.6511.4519.3521.8521.6

39.442 143.947 652.158.469.578.686.295 9

105.7110.0116.1

7 130.2156.48183.3176.0176.2176.6175.1

«>171.4170.5170.7170.2

171.0171.0172.0174.8176.7176.2

62.366.461.160.462.262.267.660.357.256.965.157.759.965.364.761.560.757.153.559.460.751.257.860.662.654.550.479.496.581.084.488.290.093.094.0

92.795.094.093.594.396.5

9.210.312.413.414.214.716.416.816.317.920.520.520.823.929.235.038.744.8

«48.761.371.371.185.7

«104.2116.5129.98 139.8144.8149.4145.0144.5143.3144.0144.0144.1

145.7146.1147.1147.5150.2149.4

283.3294.7

«323.7381.5453.38» 505.0501.3525.4501.6502.3503.9504.7505.0505.2

509.2511.6515.3523.1525.6525.4

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 bank loans only beginning January 1959.1 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 (about $1.1 billion) are excluded from loans

at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included inother 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.

« Beginning June 1971, Farmers Home Administration insured notes totaling about $0.7 billion are classified as othersecurities rather than as loans.

7 Beginning June 1972, commercial and industrial loans were reduced by about $0.4 billion due to loan ^classificationsat one large bank.

8 Beginning June 1974, the merger of a large mutual savings bank and a nonmember commercial bank increased totalloans and investments by $0.6 billion, loans by $0.5 billion, and other securities by $0.1 billion.

Beginning November 1974, the liquidation of one large bank reduced total loans and investments by $1.5 billion, totalloans by $1 0 billion, commercial and industrial loans by $0.6 billion, and other securities by J0.5 billion. In addition, com-mercial and industrial loans were increased by $0.1 billion due to loan ^classifications at one large bank.

9 Beginning August 1974, reflects new cefinition of affiliates included and different group of reporting banks. Amount oftotal loans sold was reduced by $0.1 billion.

*° Loan reclassifications reduced these loans by $1.2 billion as of March 1976.



TABLE B-59.—Private liquid asset holdings, nonfinancial investors, 1959—76

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

Yearand

month

1959: Dec.

1960: Dec.1961: Dec__1962: Dec._1963: Dec__1964: Dec.

1965: Dec.1966: Dec.1967: Dec.1968: Dec._1969: Dec.

1970: Dec.1971: Dec_1972: Dec.1973: Dec.1974: Dec.

1975: Dec__

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 p.

Totalliquidassets

372.9

386.2410.3441.8479.1515.2

559.2587.1638.6697.2723.2

770.9857.4972.0

1,083.61,175.2

1,301.8

1,183.51,191.51, 199. 51, 208. 31,218.21, 233.1

1,245.41,254.01,262.61,274.91,291.51,301.8

1,311.31, 322. 31,331.31, 345. 31,355.01, 366. 5

1, 380.91, 388. 71, 398. 31,414.21, 427.1

Currency and deposits

Total

290.6

305.7326.3352.2382.3414.6

451.1474.3521.0565.3582.8

632.5721.0817.4887.4944.6

1,053.3

949.4956.1965.0973.5985.6

1, 000. 5

1,012.21,021.41, 028. 81, 036. 81, 047. 51, 053. 3

1, 064. 51, 078.11, 087. 6',101.6,112.2,118.9

,131.2, 144. 0,156.4,171.8, 183. 3

Cur-rency i

De-mandde-

posits l

28.9

29.029.630.632.534.3

36.338.340.443.446.1

49.152.656.961.567.8

73.7

68.268.769.469.570.271.0

71.371.972.072.673.473.7

74.275.075.776.777.377.6

78.178.679.179.880.3

104.2

104.6106.3106.5109.7114.3

119.3121.7130.3140.9145.0

151.8161.5176.5183.3186.6

190.6

185.2184.7185. 6186.3187.9190.2

190.8191.7192.0191. 2192.5190.6

191.0191.8192.0194.5196.0195.0

195.9196.7195.7198.2197.5

Time deposits

Com-mer-cial

banks i

64.7

69.977.088.898.6

108.8

125.1136.9156.2174.3176.8

198.9233.6264.4294.4321.1

360.3

323.8326.9329.3331.7335.9341.5

345.9347.8349.6353.0357.1360.3

365.8372.5375.9381.1384.6387.4

392.7397.1402.7408.0414.0

Non-bankthrift

institu-tions2

92.9

102.2113.5126.4141.5157.3

170.4177.3194.0206.7214.9

232.7273.4319.6348.0369.2

428.6

372.2375.9380.7386.0391.6397.8

404.1410.0415.2420.0424.4428.6

433.5438.8444.0449.3454.3458.9

464.5471.6478.9485. 8491.5

U.S. Treasurysecurities

Sav-ings

bonds3

46.1

45.746.546.948.149.0

49.650.251.251.851.7

52.054.357.660.463.3

67.3

63.663.964.264.564.865.2

65.665.966.266.666.967.3

67.668.068.368.669.069.4

69.770.370.871.171.5

Short-term

market-able

secu-rities 4

35.3

32.131.933.435.033.0

35.837.834.840.953.2

42.031.734.543.247.1

65.7

48.048.749.049.650.752.2

54.657. 158.260. b64.065.7

66.566.867.868.569.170.0

72.071.469.669.068.8

Nego-tiablecertifi-catesof de-posit s

2.75.39.0

11.6

15.114.619.322.59.1

23.030.239.858.179.8

72.9

82.682.179.778.575.173.6

71.969.069.170.671.672.9

69.566.164.162.358.961.1

60.054.953.453.754.0

Otherprivatemoneymarketinstru-ments 8

0.9

2.83.14.04.86.9

7.510.312.416.626.4

21.420.222.734.640.4

42.7

39.940.641.742.142.041.6

41.240.640.240.441.542.7

43.143.343.644.445.847.2

48.048.248.348.749.5

1 Money stock components (see Table B-57) after deducting foreign holdings and holdings by domestic financial institu-tions. The three columns add to M2 held by domestic nonfinancial sectors.

2 As published in money stock statistics.3 Series E and H savings bonds, other savings bonds, and savings notes held by individuajs.4 Short-term marketable U.S. Treasury securities excluding official, foreign, and financial institution holdings.6 Certificates over $100,000 at weekly reporting banks, except foreign holdings.6 Commercial paper, bankers' acceptances, Federal funds, security repurchase agre<

fund shares held outside banks and other financial institutions.


[reements, and money market mutual

255


TABLE B-60.—Total funds raised in credit markets by nonfinancial sectors, 1968-76


Item 1968 1969 1970 1971 1972 1973 1974 1975

Total funds raised

U.S. Government.

Public debt securitiesAgency issues and mortgages.

Foreign-

Corporate equities.Debt instruments. _

Private domestic nonfinancial sectors-

Corporate equities.Debt instruments...

Debt capital instruments..

State and local government obli-gations

Corporate bondsMortgages

Home.Multi-family residentialCommercialFarm

Other debt instruments..

Consumer creditBank loans n.e.c. . . .Open-market paper.Other

By borrowing sector: Total.

State and local governments.Households..Nonfinancial business

FarmNonfarm noncorporate...Corporate

Total funds advanced to nonfinancial sectors

Financed directly or indirectly by:

Private domestic nonfinancial sectors

Deposits

Demand deposits and currency..Time and savings accounts

At commercial banks..At savings institutions

Credit market instruments, net

U.S. Government securitiesPrivate credit market instru-

mentsCorporate equitiesLess security debt

Other sources :

Foreign funds.At banks..Direct

Change in U.S. Government cashbalance

U.S. Government loansPrivate insurance and pension re-

servesOther

98.3

13.6

10.53.1

2.8

.22.7

81.9

- . 282.1

51.8

9.512.929.417.33.46.62.2

30.2

10.013.81.55.0

81.9

9.832.140.02.85.3

31.9

98.3

61.6

48.5

14.833.720.713.0

13.2

8.6

11.9- 6 . 5

.8

5.12.62.5

- 1 . 25.2

18.98.6

93.5

- 3 . 7

- 1 . 3- 2 . 4

3.7

.5

93.5

3.490.1

52.5

9.912.030.618.14.95.71.8

37.6

10.415.51.89.9

93.5

10.733.848.93.17.5

38.4

93.5

46.9

5.1

7.3- 2 . 2-10.6

8.4

41.8

17.5

27.2- 4 . 5- 1 . 6

11.09.61.3

.53.1

19.712.4

100.7

11.9

12.9- 1 . 0

2.7

.12.7

5.780.4

60.2

11.219.829.214.46.97.1

20.1

5.96.72.65.0

86.1

11.325.349.42.35.7

41.5

100.7

64.0

64.2

8.955.338.716.6

- . 2

- 7 . 1

6.8- . 8- . 9

2.8- 8 . 110.9

2.82.8

21.96.4

151.0

24.7

26.0- 1 . 3

5.2

.05.2

121.1

11.4109.7

86.8

17.518.850.528.69.79.82.4

22.8

11.66.5

- . 45.1

121.1

17.842.161.24.5

10.346.4

151.0

87.0

92.8

13.779.139.539.6

- 5 . 8

-10.8

10.9-3 .7

2.1

23.3- 3 . 927.2

3.22.8

24.410.3

176.9

15.2

14.31.0

4.0

- . 44.4

157.7

10.9146.8

102.8

15.412.275.242.612.716.43.6

44.0

18.618.1

.86.5

157.7

15.264.877.75.8

13.158.8

176.9

120.1

105.3

21.683.738.345.4

14.8

4.2

19.5- 4 . 5

4.3

16.15.3

10.8

- . 31.8

26.113.0

197.6

8.3

7.9

.4

6.2

- . 26.4

183.17.9

175.3

106.7

16.39.2

81.246.410.418.95.5

68.6

21.734.82.59.6

183.1

14.873.594.89.7

12.372.9

197.6

134.8

90.3

14.176.247.828.4

44.5

19.4

27.8- 6 . 9- 4 . 2

10.56.93.6

- 1 . 72.8

30.620.5

188.8

12.0

12.0- . 0

15.3

- . 215.5

161.6

4.1157.5

101.2

19.619.761.934.67.0

15.15.1

56.3

9.826.26.8

13.5

161.6

18.645.297.87.96.7

83.1

188.8

123.3

75.7

8.367.445.022.4

47.6

17.9

30.1- 1 . 2- . 8

26.314.511.7

- 4 . 6

33.2

210.4

85.2

85.8- . 6

13.0

12! 8

112.2

9.9102.3

101.3

17.327.256.840.8

10! 95.2

1.0

8.5-14.5- 2 . 2

9.1

112.2

14.949.747.69.41.2

37.1

210.4

146.5

96.7

11.984.825.759.2

49.8

23.0

30.7- 1 . 8

2.2

10.3- . 410.7

2.915.1

40.0- 4 . 4



TABLE B- 60.—Total funds raised in credit markets by nonfinancial sectors, 1968—76—Continued[Billions of dollars]

Item

1976 unadjustedquarterly flows

III

1976 seasonallyadjusted annual rates

III

Total funds raised

U.S. Government

Public debt securities r

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

FarmNonfarm noncorporateCorporate

Total funds advanced to nonfinancial sectors

Financed directly or indirectly by:


Deposits

Demand deposits and currencyTime and savings accounts.

At commercial banks.At savings institutions

Credit market instruments, net

U.S. Government securitiesPrivate credit market instrumentsCorporate equitiesLess security debt

Other sources:

Foreign fundsAt banksDirect

Change in U.S. Government cash balanceU.S. Government loansPrivate insurance and pension reservesOther

Source: Board of Governors of the Federal Reserve System,

50.8

24.1

24.1- . 0

3.7

.13.6

23.0

3.219.9

23.2

1.86.5

14.911.3

L91.5

- 3 . 3

- 1 . 1- 8 . 5

1.64.7

23.0

2.89.2

11.02.6

- . 48.9

50.8

30.6

16.3

-12.729.07.4

21.6

14.4

9.06.0

- . 4.3

2.6- 2 . 4

5.0

- . 72.8

12.03.6

63.5

9.4

9.4- . 0

4.6

.14.6

49.6

3.546.1

33.1

7.35.0

20.915.4

.23.41.9

12.9

6.82.21.62.3

49.6

5.520.623.54.62.2

16.7

63.5

39.5

27.4

7.619.84.4

15.4

12.1

3.110.3

.41.7

5.02.03.0

6.9.2

10.91.2

62.2

18.0

17.3.2

3.6

.13.6

40.6

1.539.1

30.5

4.73.9

21.816.6

.73.11.5

8.7

6.5- . 2- . 42.7

40.6

5.023.112.63.21.77.7

62.2

28.5

14.0

- 7 . 821.77.3

14.5

14.6

9.86.8

- 1 . 3.7

3.7g4'. 5

1.43.3

11.014.3

233.6

73.4

73.4- . 0

16.6

.416.2

143.6

12.6131.0

105.3

8.125.871.453.61.3

10.36.1

25.7

18.1-16.4

7.516.5

143.6

12.071.160.510.74.4

45.4

233.6

153.7

109.4

17.991.417.474.0

44.3

22.230.9

- 7 . 71.2

15.2- 7 . 923.2

.212.047.94.7

250.3

74.2

74.4- . 2

14.7

.214.5

161.4

14.0147.4

118.3

28.615.574.255.2

12! 75.8

29.1

20.6- 9 . 0

8.88.6

161.4

21.474.665.511.36.0

48.1

250.3

156.0

7.673.215.357.9

75.3

36.941.23.86.7

19.97.8

12.1

21.4—.243.79.5

258.8

78.9

78.1.8

18.0

17] 8

161.8

6.1155.7

118.6

18.018.182.461.92.5

11.56.5

37.2

19.27.3

- 3 . 914.6

161.8

18.987.056.011.86.2

38.0

258.8

152.2

107.7

- 3 . 2111.040.370.7

44.4

26.928.1

- 7 . 92.7

8.9- 2 . 010.9

3.312.143.938.5

257


TABLE B-61.—Federal Reserve Bank credit and member bank reserves, 1929-76[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: Dec.1954: Dec1955: Dec1956: Dec. .1957: Dec1958: Dec1959: Dec . . . .

1960: Dec .1961- Dec1962: Dec1963: Dec1964- Dec1965: Dec1966: Dec1967- Dec1968: Dec . . .1969- Dec

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

1975: JanFebMarAprMayJuneJulyAug .SeptOctNovDec

1976: JanFeb . . .MarAprMayJune

JulyAugSept. . .OctNovDec 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, 757

93,00291,16890, 81993,21497,84595,11994,14492, 39595,27796,93197,81799,651

100,172101, 369101,336100, 317102,951103,106104, 799105, 393105, 880107, 270106, 522107, 757

U.S.Govern-ment se-curities

4462,4322,5102 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, 32886,03984,74484, 84787,08091,91888,91288,16686, 82989,19190,47690,93492,108

92, 99894, 61094, 88093, 24395,96795, 592

97,10598, 45898, 797

100, 37499,507

100, 328

Member bankborrowings

Total

80195

3354

90265334157224134118142657

1 593441246839688710557906

87149304327243454557238765

1,086

321107

1,0491,298

703127

6239014710611060

27126121139619161

127

79765844

12112012310475668462

Seasonal

41321313

1310

79

11

173861652813

9118

111120242831322113

Allother,mainlyfloat

39614299

114180482658654702822729842607

1,1191,3801,3061,0271,1541,4121,7031,4941,5431,4931,7251,9702,3682,5542,5042,5142,5472,1393,3165,5144,6994,9904,7084,6436,5857,4167,3676,5736,2775,8666,0245,8675,9365,7175,3555,6906,2646,8227,416

7,0956,6836,3987,0306,8637,3947,5716,8317,0086,8306,9317,367

Member bank reserves

Total

2 3952,588

11,47314 04912 81213,15212 74914 16816 02716 51717,26119,99016, 29117,39120,31021,18019,92019, 27919,24019, 53519,42018, 899

2 18,932

19,28320,11820,04020, 74621,60922, 71923,83025,26027,22128, 031

29,26531,329

'31,3533 35,0683 36,941* 34, 989

35, 25837,49235,56534,77935,13434, 49234,97634,65534,48234,64634, 56734, 571

«34, 989

35, 57533,95333,96734,06334, 22833,774

34,14634,14133,97934, 30534,79735, 258

Re-quired

2 34711,8226,4627 4039 422

10 77611 70112 88414, 53615 61716 27519,19315,488

16, 36419,48420,45719,22718, 57618,64618,88318,84318, 38318,45018, 52719, 55019,46820,21021,19822,26723,43824,91526,76627, 774

28,99331,16431,13434,80636, 60234,72734, 96737, 55635, 33334, 51335,01434,49334, 42834,68734, 26534,44734,41134,28134, 727

35, 36633,93933, 53133,97433, 84633,657

34, 07633, 84433,69234,11634,43334,967

Excess

481766

5,0116 6463 3902 3761 0481 2841 491

900986797803

1 027826723693703594652577516482

756568572536411452392345455257272165

32193 2623 339<262

291- 6 4232266120- 1548

-32217199156290

4 262

20914

43689

38211770

297287189364291

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, $17? 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-month period when anonmember bank merges into an existing member bank, or when a nonmember bank joins the Federal Reserve System.


258


T A B L E B—62.—Aggregate reserves and member bank deposits, 1959—76

[Averages of daily figures; 1 billions of dollars, seasonally adjusted]

Year andmonth

1959: Dec

i960: Dec1961: Dec1962: Dec1963: Dec1964: Dec

1965: Dec1966: Dec1967: Dec .1968: Dec1969: Dec

1970: Dec1971: Dec1972: Dec...1973: Dec1974: Dec

1975: Dec1976: Dec *

1975:JanFeb . . .MarApr _ _.MayJune

JulyAugSeptOct „NovDec . _

1976:JanFeb . _MarAprMayJune

JulyAugSeptOctNovDec v

Member bank reserves 2

Total

18.63

18.9219.7519.6620.3121.19

22.1823.2824.7627.0527.93

29.1131.2431.4434.9836.63

34.7535.02

36.3735.4934.9935.0834.7435.07

34.9834.8834.9934.7934.7334.75

34.3234.0534.0034.0234.1434.34

34.3934.5234.3634.4934.8835.02

Non-borrowed

17.68

18.8419.6119.4019.9820.92

21.7422.7524.5326.3026.81

28.7731.1230.3933.6935.90

34.6234.97

35.9735.3434.8834.9734.6734.85

34.6834.6734.5934.6034.6734.62

34.2433.9733.9533.9834.0234.21

34.2534.4234.3034.3934.8134.97

Required

18.12

18.1719.1619.0819.8220.78

21.7622.9424.3826.6227.65

28.8631.0631.1634.6836.37

34.4934 72

36.2235.3034.7934.9234.5834.87

34.7934.6934.8034.5834.4434.49

34.0833.8333.7833.8733.9334.12

34.1534.3234.1634.2734.6234.72

Deposits subject to reserve requirements3

Total

158.2

162.5175.5189.0203.2218.7

238.3246.3275.6299.7287.5

320.8360.1402.3442.8486.9

506.0530.1

490.1490.9493.4494.1493.7499.5

498.3496.3498.4500.1505.9506.0

506.2507.6507.8509.8507.8513.9

514.9513.6515.3519.6525.3530.1

Timeand

savings

54.3

58.867.779.992.1

103.7

120.7128.7148.9164.5150.5

178.8210.5241.7279.7322.9

338.7355.5

328.2329.1329.2329.7328.6330.5

330.8328.4329.8333.1336.1338.7

338.9339.5339.4340.2338.3342.3

344.2341.1342.6345.9350.0355.5

Demand

Private

99.0

99.1102.9103.3105.9109.1

112.8113.9121.2130.4131.9

135.9143.7154.4158.1160.6

164.4171.3

159.3159.9161.7161.7162.6165.8

164.9165.1165.6164.0165.9164.4

164.7165.5165.8167.2167.2167.9

168.0168.7168.9170.3170.8171.3

U.S. Gov-ernment

4.8

4.64.95.75.25.9

4.93.75.54.95.2

6.25.86.25.03.4

3.03.2

2.61.92.52.72.53.2

2.62.83.03.03.93.0

2.62.62.52.52.33.7

2.73.93.83.44.53.2

Totalmember

bankdeposits

plusnon-

deposititems *

158.2

162.5175.5189.0203.4220.1

239.9250.4280.0306.8306.8

332.9365.0406.6449.4495.3

514.4539.2

497.7497.4499.9500.8501.2506.5

505.1503.3505.5508.0514.1514.4

514.1515.6516.0517.3515.3522.3

523.6522.5523.5528.6534.4539.2

* Except as noted in footnote 4.2 Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the

effect of changes in Regulations D and M.3 Deposits subject to reserve requirements include total time and sayings deposits and net demand deposits as defined

by Regulation D. Private demand deposits include all demand deposits except those due to the U.S. Government, lesscash items in process of collection and demand balances due from domestic commercial banks.

* Total member bank deposits subject to reserve requirements, plus Eurodollar borrowings, loans sold to bank-relatedinstitutions (data relate to Wednesday figures), and certain other nondeposit items. This series for deposits is referred toas "the adjusted bank credit proxy."


259


TABLE B-63.—Bond yields and interest rates, 1929-76

[Percent per annum]

Year or month

1929

1933

1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969 .

1970...1971 . .197219731974

19751976

U.S. Government securities

3-monthTreas-

urybills i

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

5.8384.989

3-5year

issues2

2.66

.59

.50

.731 461.341.33

1.181.161.321 621.43

1 501.932 132.561.82

2 503.123.622 904.33

3.993 603.573.724.06

4.225.165.075.596.85

7.375.775.856.927.81

7.556.94

Taxablebonds 3

2.462.472.48

2.372.192.252.442.31

2.322.572.682.942.55

2.843.083.473.434.07

4.013.903.954.004.15

4.214.664.855.256.10

6.595.745.636.306.99

6.986.78

Corporatebonds

(Moody's)

Aaa

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

8.838.43

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

10.619.75

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

6.896.49

Averagerate onshort-termbankloans

to busi-ness -

selectedcities

2.1

2.12.02.22.62.4

2.22.12.12.52.68

2.693.113.493.693.61

3.704.204.624.34

»5.00

5.164.975.005.014.99

5.066.00

»6.006.688.21

8.488 6.32

5.828.30

11.28

8.657.52

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

6.335.35

Dis-countrate,

FederalReserve

Bankof NewYork*

5 16

2.56

1.00

1.001.00

7 1 0071.0071.0071.0071.00

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

6.255.50

Federalfundsrate*

1.782.733.111.573.30

3.221.962.683.183.50

4.075.114.225.668.21

7.174.674.448.74

10.51

5.825.05

New-homemort-gageyields

(FHLBB)(«)

5.935.86

5.816.256.466.977.81

8.457.747.607.958.92

9.018.99


260


TABLE B-63.—Bond yields and interest rates, 1929-76—Continued

[Percent per annum]

Year or month

1974: Jan .FebMarApr . . .MayJune

JulyAug _ .SeptOctNovDec


JulyAugSeptOctNov . .Dec

1976-JanFebMarAprMayJune.

JulyAugSept.OctNovDec

U.S. Government securities

3-monthTreas-

urybills i

7.7557.0607.9868.2298.4308.145

7.7528.7448.3637.2447.5857.179

6.4935.5835 5445.6945.3155.193

6.1646.4636 3836.0815.4685 504

4.9614.8525.0474.8785.1855.443

5.2785.1535.0754.9304.8104.354

3-5year

issues2

6.946.777.337.998.248.14

8.398.648.387.987.657.22

7.296.857.007.767.497.26

7.728.128.227.807.517.50

7.187.187.256.997.357.40

7.247.046.846.506.355.96

Taxablebondss

6.566.546.817.047.077.03

7.187.337.307.226.936.78

6.686.616.737.036.996.86

6.897.067.297.297.217.17

6.946.926.876.736.996.92

6.856.796.706.656.626.39

Corporatebonds

(Moody's)

Aaa

7.837.858.018.258.378.47

8.729.009.249.278.908.89

8.838.628.678.958.908.77

8.848.958.958.868.788.79

8.608.558.528.408.588.62

8.568.458.388.328.257.98

Baa

8.488.538.628.879.059.27

9.489.77

10.1810.4810.6010.63

10.8110.6510.4810.5810.6910.62

10.5510.5910 6110. 6210.5610.56

10.4110.2410.129.949.869.89

9.829.649.409.299.239.12

High-grademunic-

ipalbonds

(Stand-ard &Poor's)

5.205.195.365.675.966.08

6.546.586.656.466.476.93

6.666.306.616.836.816.76

6.947.027.237.227.217.06

6.806.916.866.626.876.85

6.646.286.206.066.055.69

Averagerate onshort-termbankloans

to busi-ness-

selectedcities

9.91

11.15

12.40

11.64

9.94

8.16

8.22

8.29

7.54

7.44

7.80

7.28

Primecom-mer-cial

paper,4-6

months

8.667.838.429.79

10 6210.96

11.7211.6511.239.368.818.98

7.306.336.066.155.825.79

6.446.706 866.485.915.97

5.275.235.375.235.545.94

5.675.475.455.225.054.70

Dis-countrate,

FederalReserve

Bankof NewYork*

iy-iy2

1}4-8 2

8 - 88 -8

8 -88 -88 -88 -88 -88 -7%

7l/-&/i6^-634634-6146y~66 -6

6 -66 -66 -66 -66 -66 -6

6 -53^by-bybV-b\4by-bVo

im%ly-ly2by~bY

Federalfundsrates

9.658.979.35

10.5111 3111.93

12.9212.0111 3410.069.458.53

7.136.245 545.495.225.55

6.106.146.245.825.225.20

4.874.774.844 825.295.48

5.315.295.255.034.954.65

New-homemort-gageyields

(FHLBB)

8 528.628.648 678 748.85

8.969 099 199 179.279 37

9 339 129 068 968 908.96

8.898.898 949 019 019 01

8 998 938 938 928.978.89

8 979.029.089 079.059.10

1 Rate on new issues within period. First issued in December 1929.2 Selected note and bond issues.s First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as

follows: April 1953 to date, 10 years; April 1952-March 1953,12 years; November 1941-March 1952, 15 years.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 to that date,the daily effective rate was the rate considered most representative of the day's transactions, usually the one at whichmost transactions occurred.

6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rateand assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable withprior rates.

7 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 jess.

« Series revised. Not strictly comparable with earlier data.

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.

261


TABLE B-64,—Instalment credit extensions and liquidations, 1971-76l

[Millions of dollars; monthly data seasonally adjusted]

Year or month Total Auto-mobile

Mobilehome

Homeimprove-

ment

Revolving

Bankcreditcard

Bankcheckcredit

Allother

Extensions:1971. . .1972. . .1973. . .1974. . .1975. . .19762...

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...Dec2..

Liquidations:

1971197219731974197519762.

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

July..Aug...Sept..Oct...Nov...D e c —

1976: Jan...Feb...M a r -Apr...May..June..

July..Aug...Sept..Oct...Nov...Dec 2..

123,086140,072160,228160,008163,483185,900

12,43512,93712, 59312,83713,02213,187

14,08914,04814,19414,60914, 57915,228

15,13215,04515, 52115,00315, 04115, 592

15, 24015,68515, 77516,05515, 76316, 275

113,788124, 513140, 552151,056156,640169,463

12, 58112,62112, 86012,82013, 32512, 738

12,80313.21113,20113,42913,25513, 738

14, 02913,92314, 04813, 57613,56614, 261

13,93714, 28214,29414,49114, 52014,670

34,77840,26646,10543,20948,10355,439

3,4444,0023,6373,6123,6993,865

4,1044,1434,3304,3544,4414,642

4,5054,5234,6894,5834,4714,600

4,4774,7124,7694,5874,6324,820

31, 30334,70540,13742,88345, 47248,311

3,6223,6573,8733,7483,7773,727

3,7193,8843,8693,8603,8353,883

3,9663,9094,0263,8513,8194,074

3,9224,0904,1654,0594,1554,190

2,6285,0366,0114,8993,4523,101

307271275280281270

284268292289345313

272266296247231272

282240253236261255

1,7512,9053,6344,0993,7933,792

308313307305316312

314317306329322344

364353314309286315

319292322307320315

3,1703,9154,4144,5714,3985,038

334333354336350373

372371382384408421

440405414413385410

381400434463464470

2,9393,2383,3813,7674,1504,249

368334349347341359

321328334356334353

331348344374314330

362361369390360370

8,37710, 39013,86317, 09820,42825, 493

1,5851,5701,5851,6271,6001,678

1,6841,7431,8061,7811,8421,839

1,9212,0122,1181,9852,1032,088

2,1522,1832,1652,1982,1812,245

7,6799,472

12, 43315,65519,20823, 754

1,4381,4831,5151,5271,5291,555

1,5911,6341,6701,6961,7621,832

1,8151,8811,9261,8461,9111,990

1,9812,0972,0002,0742,1102,105

2,0262,4893,3734,2274,0244,823

330322314320313302

336342339352341396

361392380394422435

401413375413410435

1,9012,1752,8943,6844,0104,636334334335331343330

319327320324336386

372374364359378421

374419358386404425

72,10777,97686,46286,00483,07992,006

6,4356,4406,4286,6626,7806,700

7,3097,1817,0457,4507,2037,618

7,6337,4477,6247,3827,4297,786

7,5467,7377,7798,1587,8158,050

68,21572,01778,07280,96980,00784,719

6,5116,4996,4816,5647,0196,456

6,5396,7216,7026,8646,6676,940

7,1817,0587,0746,8366,8597,132

6,9797,0237,0817,2747,1707,265

1 Excludes 30-day charge credit held by retailers, oil and gas companies, and travel and entertainment companies.2 Preliminary; December by Council of Economic Advisers.Note.—Consumer instalment 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 instalments. Mortgage credit is excluded.

Source: Board of Governors of the Federal Reserve System (except as noted).

262


TABLE B-65.—Mortgage debt outstanding by type of property and of financing, 1939-76


End of yearor quarter

1939

19401941.194219431944

1945..19461947.19481949..

19501951..195219531954

195519561957.. . .19581959..

I960.. _.1961..196219631964 .

19651966 . . . .196719681969

197019711972 . . . . .19731974 . .

1975...

1974: 1II . _IllIV

1975: 1IIIIIIV

1976: 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

801.5

696.8717.0731.9742.5

752.2768.6785.4801.5

817.4839.2861.7

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

50.9

42.143.845.246.3

47.649.250.250.9

52.454.255.7

r

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

750.7

654.7673.2686.7696.2

704.6719.4735.2750.7

765.1784.9806.0

^onfarm r.

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

298.1328.9372.8416.9449.9

491.7

424.7436.5444.7449.9

455.2467.4480.0491.7

503.4519.6536.6

)ropertie;

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

60.169.882.692.999.9

100.3

95.196.998.699.9

100.5100.4100.5100.3

•100.7101.0101.8

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

85.695.5

112.3131.3146.4

158.6

135.0139.8143.4146.4

148.9151.6154.7158.6

161.0164.4167.5

Nonfarm properties by type of mortgage

Government underwritten

Total

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

147.0

136.6137.7138.7140.2

142.0142.9145.0147.0

148.3150.5

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

127.7

117.7118.4119.7121.3

123.3123.7125.7127.7

129.1131.2

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

66.1

66.065.565.165.1

65.565.865.966.1

66.267.1

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

61.6

51.752.954.556.2

57.758.059.861.6

62.964.1

Conventional2

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

603.7

518.1535.5548.1556.0

562.6576.4590.2603.7

616.8634.4

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

200.9223.7259.8300.6328.6

364.0

307.0318.1325.1328.6

332.0343.6354.3364.0

374.3388.4

i Includes negligible amount of farm loans held by savings and loan associations.» Derived figures.

Source: Board of Governors of the Federal Reserve System, estimated and compiled from data supplied by variousGovernment and private organizations.

263


TABLE B - 6 6 . — Mortgage debt outstanding by holder, 1939-76


End of yearor quarter otal

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. b381.2410.9441.4

474.2526.5603.4682.3742.5

801.5

696.8717.0731.9742.5

752.2768.6785.4801.5

817.4839.2861.7

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

581.3

514.1528.2537.4542.6

546.7558.1569.9581.3

592.1609.1626.0

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

278.7

236.1243.4247.6249.3

252.4261.3270.6278.7

286.6299.6312.2

Mutualsavingsbanks

4.8

i

1.91.81.61.41.3

1.21.44.95.86.7

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

77.2

73.974.274.874.9

75.275.876.577.2

77.778.779.8

Com-mercialbanks i

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

136.2

121.9127.3130.6132.1

131.9133.0134.5136.2

138.0141.1144.0

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

89.2

82.283.284.486.2

87.288.088.389.2

89.889.790.0

Other holders

Federaland

relatedagencies'

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

101.0

67.572.077.282.1

86.391.095.9

101.0

105.0107.4111.9

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

119.2

115.2116.9117.3117.8

119.2119.4119.5119.2

120.3122.7123.9

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.

1965.1966.1967.1968.1969.

1970.1971.1972.1973.1974.

1975..

1974: II I . .I I I .IV.

1975:1I I . .III.IV.

1 9 7 6 : 1 . . .I I . .Ill

i Includesloans held by nondeposit trust companies, but not by bank trust departments.»I ncludes former Federal National Mortgage Association and new Government National Mortgage Association, as well as

Federal Housing Administration, Veterans Administration, Public Housing Administration, Farmers Home Administration,and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, and Federal Farm MortgageCorporation. Also includes GNMA Pools and U.S.-sponsored agencies such as new FNMA, Federal Land Banks, andFederal Home Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate data not readilyavailable) included with "individuals and others."

Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organiza-tions.

264


TABLE B-67.—Net public and private debt, 1929-751


End of year

1929.

1933

1939

19401941 .194219431944

194519461947 . . .19481949 .

19501951 _.19521953 .1954

195519561957 . . .19581959 . .

1960 _. .19611962 .19631964 . .

196519661967 . . .19681969

19701971197219731974

1975

Total

191.9

168.5

183.3

189.8211.4258 6313.2370.6

405.9396.6415 7431.3445.8

486 2519.2550 2581 6605.9

665 8698 4728.3769 6833.0

874.2930 3996.0

1,070.91,151.6

1, 245. 01,339.91, 439. 61, 583. 41 737.6

1, 869.62, 050.72,275.92, 532.12, 768.6

2,997.1

Public

Fed-oralGov-ern-

ment2

16.5

24.3

42.6

44.856.3

101.7154.4211.9

252.5229.5221.7215.3217.6

217.4216.9221.5226.8229.1

229.6224.3223.0231.0241.4

239.8246.7253.6257.5264.0

266.4271.8286.4291.9289.3

301.1325.9341.2349.1360.8

446.3

Fed-erallyspon-soredcreditagen-cies'

6.7.6.7

.71.31.31.41.3

2.92.42.42.53.7

3.54.05.37.27.5

8.911.29.0

21.530.6

38.839.941.459.876.4

78.8

Stateandlocalgov-ern-

ments

13.6

16.3

16.4

16.416.115.414.513.9

13.413.715.017.019.1

21.724.227.030.735.5

41.144,548.653.759.6

64.970.577.083.990.4

98.3104.7112.8122.7133.3

144.8162.8176.9189.5206.4

216.1

Private

Total

161.8

127.9

124.3

128.6139.0141.5144.3144.8

140.0153.4178.3198.4208.4

246.4276.8300.4322.7340.0

392.2427.2454.3482.4528.3

566.1609.1660.1722.3789.7

871.4952.1

1,031.51,147.41, 284.4

1, 384.91, 522.11,716.51,933.72,124.9

2,255.9

Cor-porate

88.9

76.9

73.5

75.683.491.695.594.1

85.393.5

108.9117.8118.0

142.1162.5171.0179.5182.8

212.1231.7246.7259.5283.3

302.8324.3348.2376.4409.6

454.3506.6553.6631.5734.2

797.3871.3975.3

1,106.71, 239.0

1, 306.2

Individual and noncorporate

Total

72.9

51.0

50.8

53.055.649.948.850.7

54.759.969.480.690.4

104.3114.3129.4143.2157.2

180.1195.5207.6222.9245.0

263.3284.8311.9345.8380.1

417.1445.5477.9515.9550.2

587.7650.8741.2827.0885.9

949.7

Farm4

12.2

9.1

8.8

9.19.39.08.27.7

7.37.68.6

10.812.0

12.313.715.216.817.5

18.719.420.223.223.8

25.127.530.233.236.0

39.342.247.951.755.2

57.862.568.279.089.2

98.0

Nonfarm

Total

60.7

41.9

42.0

43.946.340.940.542.9

47.452.360.769.778.4

92.0100.6114.2126.4139.7

161.4176.1187.4199.7221.2

238.2257.3281.7312.6344.1

377.8403.3429.9464.2495.0

529.8588.3673.0748.1796.6

851.7

Mort-gage

31.2

26.3

25.0

26.127.126.826.126.0

27.031.837.242.447.1

54.861.768.976.786.4

98.7109.4118.1128.1141.0

151.3164.5180.3198.6218.9

236.8251.6267.0284.9303.9

332.4372.6426.2482.8523.7

566.1

Com-mer-cialand

finan-cial*

22.4

11.7

9.8

9.510.08.19.5

11.8

14.712.111.912.913.9

15.816.217.818.420.8

24.024.424.326.528.7

30.834.837.642.345.0

51.155.462.268.570.0

70.376.588.984.581.5

88.8

Con-sumer

7.1

3.9

7.2

8.39.26.04.95.1

5.78.4

11.614.417.4

21.522.727.531.432.5

38.842.345.045.151.5

56.158.063.871.780.3

89.996.2

100.8110.8121.1

127.2139.1157.9180.8191.5

196.7

1 Net public and private debt is a comprehensive aggregate of the indebtedness of borrowers after eliminating certaintypes of duplicating government and corporate debt.

2 Net Federal Government debt is the outstanding debt held by the public, as defined in "The Budget of the UnitedStates Government, Fiscal Year 1978."

3 Debt of agencies in which there is no longer any Federal proprietary interest. The obligations of the Federal LandBanks are included beginning with 1947, the debt of the Federal Home Loan Banks is included beginning with 1951, andthe debts of the Federal National Mortgage Association, Federal Intermediate Credit Banks, and Banks for Cooperativesare included beginning with 1968.

< Farm mortgages andf arm production loans. Farmers' financial and consumer debt is included in the nonfarm categoriess Debt to banks (other than consumer credit), security credit, policy loans, and some single-payments loans.

Source: Department of Commerce (Bureau of Economic Analysis), based on data from various Federal agencies andother sources.

265


GOVERNMENT FINANCE

TABLE B-68.—Federal budget receipts, outlays, and debt, fiscal years 1968-78

[Millions of dollars; fiscal years]

Description

Actual

1968 1969 1970 1971 1972 1973

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 YEAR:

Gross Federal debt

Held by Government agencies..Held by the public

Federal Reserve System-Others

153,671

114,72644,716-5,771

178,833

143,10541,499-5,771

-25,161

-28, 3793,217

369,769

79,140290,629

52, 230238, 399

187,784

143,32152, 009- 7 , 547

184,548

148,81143, 284

- 7 , 547

3,236

-5,4908,725

367,144

87,661279, 483

54, 095225, 388

193,743

143,15859,362

- 8 , 7 7 8

196,588

156,30149,065

- 8 , 7 7 8

-2,845

-13 ,14310, 297

382,603

97,723284,880

57,714227,166

188, 392

133,78566,193

-11 ,586

211,425

163,65159,361

-11 ,586

-23,033

- 2 9 , 8666,832

409,467

105,140304,328

65,518238,810

208,649

148,84672, 959

-13 ,156

232,021

178,10467,073

-13 ,156

-23,372

- 2 9 , 2585,886

437,329

113,559323, 770

71,426252,344

232, 225

161,35792,193

-21 ,325

247,074

186,95181, 447

-21 ,325

-14 ,849

- 2 5 , 59410,746

468,426

125, 381343,045

75,182267,863

BUDGET RECEIPTS.

Individual income taxesCorporation income taxesSocial insurance taxes and contributions...Excise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:

Deposit of earnings by Federal Re-serve System

Allother

BUDGET OUTLAYS.

National defenseInternational affairsGeneral science, space, and technologyNatural resources, environment, and energy.AgricultureCommerce and transportation—Community and regional developmentEducation, training, employment, and

social servicesHealthIncome securityVeterans benefits and servicesLaw enforcement and justiceGeneral governmentRevenue sharing and general purpose fiscal

assistanceInterestAllowancesUndistributed offsetting receipts

153,671

68,72628, 66534,62214,0793,0512,038

2,091400

178,833

79,4094,6125,5224,0104,54110,6371,891

7,0049,70833,6806,882650

1,684

31113,751

187,784

87, 24936, 67839, 91815, 2223,4912,319

2,662247

184, 548

80,2073,7845,0163,9015,7797,0652,224

6,87111,75837,2817,640761

1,649

36515, 793

193,743

90,41232,82945,29815,7053,6442,430

3,266158

196, 588

79,2843,5644,5084,0435,1649,0903,166

7,88813,05143, 0668,677952

1,940

45118,312

188, 392

86, 23026,78548,57816,6143,7352,591

3,533325

211,425

76, 8073,0934,1804,9414,28810,3963,632

9,04514,71655, 4239,7761,2992,159

48819,609

208,649

94,73732,16653,91415,4775,4363,287

3,252381

232,021

77, 3563,8684,1745,5215,27910,6014,325

11,69417,47163,91110,7301,6502,466

53120,582

232,225

103, 24636,15364,54216, 2604,9173,188

3,495426

247,074

75,0723,5044,0305,9474,8559,9305,529

11,87418,83272,95812, 0132,1312,682

7,22222,813

Composition of undistributed offsetting receipts:

Employer share, employee retirement..Interest received by trust fundsRents and royalties on the Outer Conti-

nental Shelf . . .

-5,460

- 1 , 8 2 5- 2 , 6 7 4

- 9 6 1

- 5 , 545

- 2 , 0 1 8- 3 , 0 9 9

-428

- 6 , 567

- 2 , 444- 3 , 9 3 6

- 1 8 7

- 8 , 427

- 2 , 6 1 1- 4 , 7 6 5

- 1 , 0 5 1

- 8 , 1 3 7

- 2 , 7 6 8- 5 , 0 8 9

- 2 7 9

-12 ,318

- 2 , 9 2 7- 5 , 4 3 6

- 3 , 9 5 6


266


TABLE B-68.—Federal budget receipts, outlays, and debt, fiscal years 1968-78—Continued

[Millions of dollars; fiscal years)

Description

Actual

1974 1975 1976 ransitionquarter

Estimate

1977 1978

BUDGET RECEIPTS AND OUTLAYS:

Total receipts


Total outlays


Total surplus or deficit ( — ) .

Federal funds.Trust f u n d s . . .

OUTSTANDING DEBT, END OF YEAR:

Gross Federal debt

Held by Government agencies.Held by the public

Federal Reserve System.Others. . .

264,932

181,219104,846-21,133

269,620

199,92090,833

-21,133

-4,688

-18,70114,013

486,247

140,194346,053

80,649265,404

280,997

187, 505118,590-25, 098

326,105

240, 031111,171

-25 ,098

-45 ,108

- 5 2 , 5267,419

544,131

147, 225396,906

84,993311,913

BUDGET RECEIPTS.

Individual income taxesCorporation income taxes. ._Social insurance taxes and contributions..Excise taxesEstate and gift taxesCustoms dut ies . .Miscellaneous receipts:

Deposit of earnings by Federal ReserveSystem.

Allother

BUDGET OUTLAYS.

National defenseInternational affairsGeneral science, space, and technologyNatural resources, environment, and energy.Agriculture.Commerce and transportation _.Community and regional developmentEducation, training, employment, and

social servicesHealthIncome security _Veterans benef ts and services _.Law enforcement and justiceGeneral government•Revenue sharing and general purpose fiscal

assistanceInterestAllowancesUndistributed offsetting receipts

264,932

118,95238,62076,78016,8445,0353,334

4,845524

269,620

78,5694,8213,9776,5712,23013,0£64,911

11,55822,07484,43113,3862,4623,327

6,74628,072

280,997

122,38640, 62186, 44116, 5514,6113,676

5,777934

326,105

86, 5855,8623,9899,5371,66016,0104,431

15,24827,647108, 60516, 5972,9423,089

7,00530,974

300, 005

201, 099133, 695

-34, 789

366, 466

269, 969131,286-34, 789

-66, 461

-68, 8702,410

631,866

151, 566480,300

94,714385, 586

300, 005

131, 60341, 40992, 71416,9635,2164,074

5,4512,575

366,466

89, 9965,0674,37011,2822,50217, 2485,300

18,16733, 448127, 4C618, 4323,3202,927

7,119

34, 589

81, 773

54, 08532,071- 4 , 383

94, 746

65,10634, 023- 4 , 383

-12, 973

-11,021-1,952

646, 379

148,052498,327

96, 702401,625

81, 773

38, 8018,460

25, 7604,4731,4551,212

1,500112

94, 746

22, 5181,9971,1613,324

5844,7001,530

5,0138,720

32, 7963,962

859878

2,0247,246

354,045

237, 405153, 558

- 3 6 , 918

411,243

303,136145, 026

-36,918

-57,198

- 6 5 , 7308,532

716,725

156, 398560,327

354, 045

153, 09756, 604

108, 88317, 926

5,9074,713

6,000915

411,243

100,0757,1504,434

17,0502,899

16,1C67,695

21,11439, 251

138,11818, 3883,7123,731

8,92637,987

Composition of undistributed offsettingreceipts:

Employer share, employee retirement.Interest received by trust fundsRents and royalties on the Outer Con-

tinental Shelf.

-16 ,651

- 3 , 3 1 9- 6 , 5 8 3

- 6 , 7 4 8

-14 ,075

- 3 , 9 8 0-7 ,667

- 1 4 , 704

- 4 , 242- 7 , 8 0 0

-2,428 j -2,662

- 2 , 567

- 9 8 5- 2 7 0

-1 ,311

- 1 5 , 393

- 4 , 592-8 ,201

- 2 , 600

393,017

258,926170, 515

- 3 6 , 425

439, 967

319, 335157, 057

- 3 6 , 425

- 4 6 , 950

- 6 0 , 40913, 459

784, 973

169,146615,827

393, 017

171,21758,910

126, 06818, 5135,8065,262

6,400841

439,967

112,2627,2814,72519, 7472,33319, 2527,868

19, 35843, 205143, 89218, 2793,7893,930

8,08939, 7352,651

-16,429

-4,670-8,659

-3,100

Note.—Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Governmentshifted beginning with fiscal year 1977. Through fiscal year 1976, the fiscal year runs from July 1 throughJune 30; starting in October 1976 (fiscal year 1977) , the fiscal year runs from October 1 through September 30 .The 3-month period from July 1 , 1976 through September 30 , 1976 is a separate fiscal period known as thetransition quarter.

Sources: Department of the Treasury and Office of Management and Budget.


TABLE B-69.—Federal budget receipts and outlays, fiscal years 1929-78

[Millions of dollars]

1929

1933

1939

1940 . . ..1941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

196019611962 . . ..19631964

1965 . ..1966196719681969

19701971197219731974

19751976Transition quarter ...1977 i._1978 i

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 99079,63679, 249

92 49294,38999,676106,560112,662

116 833130,856149,552153,671187,784

193,743188 392208, 649232 225264,932

280 997300, 00581,773

354, 045393, 017

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 105366, 46694,746411,243 !439, 967

Surplus ordeficit ( - )

734

-2,602

-3,862

- 3 , 0 9 5- 5 , 0 1 3

- 2 0 , 764- 5 4 , 884- 4 7 , 004

-47 ,474-15 ,856

3,86212,001

603

- 3 , 1 1 26,100

- 1 , 5 1 7- 6 , 5 3 3- 1 , 1 7 0

- 3 , 0 4 14,0873,249

- 2 , 9 3 9-12 ,855

269- 3 , 406- 7 , 1 3 7- 4 , 7 5 1- 5 , 9 2 2

- 1 , 5 9 6- 3 , 7 9 6- 8 , 702

-25 ,1613,236

- 2 , 8 4 5-23 ,033- 2 3 , 372- 1 4 , 849

- 4 , 688

-45 ,108- 6 6 , 461-12 ,973-57 ,198- 4 6 , 950

i Estimate.

Note.—Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Government shiftedbeginning with fiscal year 1977. Through fiscal year 1976, the fiscal year runs from July 1 through June 30; starting inOctober 1976 (fiscal year 1977), the fiscal year runs from October 1 through September 30. The 3-month period fromJuly 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.Certain interfund transactions are excluded from receipts and outlays beginning 1932. For years prior to 1932 the amounts

of such transactions are not significant.Refunds of receipts are excluded from receipts and outlays.

Sources: Department of the Treasury and Office of Management and Budget.

268


TABLE B-70.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years, 1976-78

[Billions of dollars; fiscal years]

Receipts and expenditures 1976 Transitionquarter

Estimate

1977 1978

RECEIPTS

Total budget receipts..

Government contribution for employee retirement (grossing)..Other netting and grossingAdjustment to accrualsOther

Federal sector, national income and product accounts, receipts.

EXPENDITURES

Total budget outlays

Lending and financial transactionsGovernment contribution for employee retirement (grossing)..Other netting and grossingDefense timing adjustmentBonuses on Outer Continental Shelf land leases._Other

Federal sector, national income and product accounts, expenditures

300.0

6.02.36.0

- . 8

313.6

366.5

- 4 . 86.02.32.62.1

-1 .7

373.0

81.8

1.6.6

2.3- . 2

86.2

94.7

- 1 . 31.6.6.8

1.1- . 9

96.7

354.0

6.82.7

-1 .8-1 .1

360.7

411.2

- 3 . 26.82.72.01.9

- 1 . 5

419.9

393.0

7.53.03.2

- 1 . 0

405.7

440.0

- 3 . 87.53.01.02.3

- 2 . 8

447.1

Note.-See Note, Table B-69.See Special Analysis A, "Special Analyses, Budget of the United States Government, Fiscal Year 1978" for description

of these categories.Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Manage-

ment and Budget.


TABLE B-71.—Receipts and expenditures of the government sector of the national income and productaccounts, 1929-76


Calendar year or quarter

1929

1933

1939

1940194119421943.194419451946194719481949

19501951195219531954 .19551956195719581959

1960 . . .196119621963..196419651966196719681969

1970197119721973 . .197419751976 v

1974: 1| |IIIIV

1975: 1IIIllIV

1976: 1 ____IIIIIIVP

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

302.6322.2367.4411.2454.6466.4530.8

436.1450.3468.1463.8

459.6431.6480.7493.7

509.3522.6535.6

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 5370.9404.9458.8530.8575.3

431.4450.2469.1484.6

504.7524.5538.7555.2

560.9567.4580.3592 5

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- 4 . 2

-64 .4-44 .5

4.7.2

- 1 . 0-20 .8

-45 .0-92 .9-58 .1-61 .5

-51 .6-44 .9-44 .7

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

192.1198.6227.5258.3288.2286.5330.6

276.7285.8297.5292.9

287.2254.4297.7306.7

316.5324.6333.8

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

204.2220.6244.7265.0299.7357.8388.9

280.7293.4306.5318.2

337.0354.3363.7376.0

380.3378.7391.1405.6

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 . 3.5

- 1 . 8-13 .2- 5 . 8

8.5

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

-11 .5-71 .2-58 .3

- 4 . 1- 7 . 6- 9 . 0

-25 .3

-49 .8-99 .9-66 .0-69 .4

-63 .8-54 .1-57 .4

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

134.9152.6177.4193.5210.2234.3260.5

201.9208.0214.5216.6

222.2230.4239.7245.0

251.6254.3262.0

Ex-pendi-tures

7.8

7.2

9.6

9.39.18.88.48.59.0

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

132.2148.9163.7180.5203.0227.5246.6

193.2200.2206.5212.0

217.5223.4231.8237.2

239.5245.0249.3252.4

Sur-plus ordeficit(-),

nationalincome

andprod-uct ac-counts

- 0 . 2

- . 1

.0

.61.31.82.52.72.61.91.0.1

- 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

13.713.07.36.9

13.9

8.77.88.04.5

4.76.97.97.9

12.29.2

12.7

Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and localreceipts and expenditures. Total government receipts and expenditures have been adjusted to eliminate this duplication.



TABLE E-72.—Receipts and expenditures of the Federal Government sector of the national incomeand product accounts, 1949-78


Year or quarter

Fiscal year:1951195219531954195519561957195819591960196119621963. . .1964196519661967196819691970197119721973.1974197519761977219782

Calendar year:19491950195119521953 . . . .19541955195619571958 . . .1959196019611962196319641965196619671968 . . .19691970 . . .197119721973197419751976*

1975" 1IIIIIIV

1976: 1IIIIIIV*____

Receipts

Total

61.165.269.465.867.476.381.078.185.494.895.0

104.0110.0115.6120.0132.7146.0160.0190.1194.9192.5213.5240.5271.9283.2313.6360.7405.7

38.750.064.367.370.063.772.678 081.978.789 896.198.1

106.2114.4114 9124.3141.8150.5174.7197.0192.1198.6227.5258.3288.2286.5330.6287.2254.4297.7306.7316.5324.6333.8

Per-sonaltaxandnon-taxre-

ceipts

23.228.831.430.329.733.636.736.338.242.543.647.349.650.751.457.564.471.490.093.687.500.307.322.627.337.258.677.5

16.118.126.131.032.229.031.435.237.436.839.943.644.748.651.548.653.961.767.579.694.892.289.9

108.2114 6131.2125.7145.3137.699.7

130.5135.1137.7141.9147.2154.5

Cor-po-rate

profitstaxac-

cruals

21.719.419.717.318.921.520.817.921.422.320.022.723.325.727.130.830.333.237.033.032.034.241.043.841.651.060.665.5

9.617.221.718.619.516.921.120.920 418.022.521.421.522.524.626 128.931.430.036.336.230.833.536.643 045.642.655.934.838.747.449.453.154.856.2

Indi-rect

bus;-nesstaxandnon-taxac-cru-als

9.59.7

10.710.410.010.811.711.612.013.213.314.215.015.616.915.515.817.118.619.220.019.920.721.422.124.524.626.1

8.08.99.4

10.310.99.7

10.711.211.811.512.513.413.614.615.316.216.515.616.318.019.019 320.420.021 221.723.923.521.923.225.225.522.823.323.824.1

Con-tribu-tionsfor

socialinsur-ance

6.77.37.67.88.7

10.311.712.313.916.718.119.922.123.624.528.935.538.444.549.252.959.171.584.192.2

100.9116.9136.6

5.05.97.17.47.48.29.4

10.612.312.414.917.618.320.523.124.025.033.136.740.847.049.754.962.879.489.894.3

105.892.892.994.796.6

102.9104.6106.6109.3

Expenditures

Total i

44.766.075.974.367.270.076.082.891.291.398.1

106.2111.7117.2118.5132.7154.9172.2184.7195.6212.7232.9256.2278.9329.5373.0419.9447.1

41.340.857.871.177.169.868.171.979.688.991.093.1

101.9110.4114.2118.2123.8143.6163.7180.6188.4204.2220.6244.7265 0299.7357.8388.9337.0354.3363.7376.0380.3378.7391.1405.6

Pur-chases

ofgoodsand

serv-ices

25.747.256.453.944.345.548.151.154.852.955.861.063.765.964.672.486.095.098.097.094.8

100.9101.7104.8119.0127.2144.8160.0

20.418.738.352.457.547.944.545.950.053.953.953.757.463.764.665.267.378.890.998.097.595.696.2

102.1102.2111.6124.4133.4120.3122.4124.6130.4129.2131.2134.5138.9

Transferpayments

Toper-sons

8.18.59.2

10.512.112.814.417.819.920.623.625.126.527.428.431.837.242.748.755.067.776.187.1

101.7131.0153.6167.7175.9

8.710.88.58.89.4

11.512.413 415 719.620.121.625.025.627.027.930.333.540.146.050.661.372.780.593 2

114.3145.8159.0135.7146.6149.2151.8157.2155.6159.8163.3

Tofor-

eign-ers

3.12.62.11.72.11.81.91.71 81.82.12.12.12.22.22.32.22.12.22.02 32.82.73.03.13.13.33.5

5.13.63.12.12.01.82.01 91 81.81 81.92.12.22.22.22.22.32.22.12.12.22.62.72.63.23.13.23.03.12.93.23.13.13.43.2

Grants-in-aid

to Stateandlocal

govern-ments

2.42.52.82.93.03.23.74.76.26.96.97.68.39.8

10.912.714.817.819.222.626 832.640.441.648.357.568.069.6

2.22.32.52 62.82.93.13.34.25.66.86.57.28.09.1

10.411.114.415.918.620.324.429.037.540 643.954.460.249.853.256.858.058.856.360.165.5

Netin-ter-est

paid

4.44 54.54.64.64.85 35.45 66.86.46.47.17.78.28.79.6

10.512.113.614 214.115.919.821-9223

/

3.83.83.0

1.3i 41.4\ 51.61 fi4.65 15 55.26 26.86.26.87.38 08.49.29.8

11.412.914 314.014.618 220.923.527.522.222.623.625.626.627.427.728.4

Subsi-dieslesscur-rentsur-plusof

gov-ern-mententer-prises

1 08

.9

.81.21 72 62.42 52 43 34.14.04.14.34 85.24.14.65.46 86.49.17.95 75.87.38.1

.61 0.98

i!o1.52 42 42^82 12.64.04.23.94 54.65.54.74 55.26 36.27.88 25.26.55.66.06.46.77.15.45.25.66.3

Sur-plusor

defi-cit

( - ) ,na-

tion-al in-comeand

prod-uctac-

counts

16 4— 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- 1 2 . 2

5.4- . 6

—20 2- 1 9 . 5- 1 5 . 7

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

- 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! 3.5

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

8.5- 1 2 . 1- 2 2 . 0- 1 7 . 3- 6 . 7

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

49 8- 9 9 . 9- 6 6 . 0- 6 9 . 4- 6 3 . 8- 5 4 . 1- 5 7 . 4

iWage accruals less disbursements have been subtracted from total. These "were (in billions of dollars at seasonallyadjusted annual rates) .0 in each of the quarters of 1975 and 1976.

2 Estimates.Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.

271


T A B L E B-73.—Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946-76

Calendaryear orquarter

1946194719481949 .

19501951 .195219531954 .

19551956 .195719581959 . -

19601961196219631964

19651966196719681969

19701971 .197219731974

19751976*

1974: 1IIIIIIV.

1975: 1IIIllIV

1976: 1IIIIIIVP

[Billions of dollar >; 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

134.9152.6177.4193.5210.2

234.3260.5

201.9208.0214.5216.6

222.2230.4239.7245.0

251.6254.3262.0

Per-sonaltaxand

nontaxeceipts

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

43.148.3

37.338.340.241.1

41.742.543.544.7

46.147.648.650.8

Cor-porateprofits

taxaccruals

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

3.74.25.05.76.8

6.78.8

6.66.97.56.3

5.46.17.57.7

8.38.78.9

Indirectbusi-nesstaxand

nontaxaccruals

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

106.7

114.7126.2

102.5105.9109.1109.2

110.7113.3116.3118.7

122.0124.9127.2130.7

Contri-butions

forsocialinsur-ance

0.6.7.8.9

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

10.812.113.7

15.417.0

13.013.413.914.3

14.715.215.716.0

16.416.817.217.5

Fed-eral

grants-in-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

54.460.2

42.543.443.845.7

49.853.256.858.0

58.856.360.165.5

Expenditures

Total»

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

132.2148.9163.7180.5203.0

227.5246.6

193.2200.2206.5212.0

217.5223.4231.8237.2

239.5245.0249.3252.4

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

123.2137.5151.0167.3191.6

214.5232.3

181.9189.1195.1200.4

205.3210.9218.6223.4

225.5230.9235.0238.0

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

14.617.218.920.320.3

23.125.2

19.320.020.721.3

22.122.723.524.2

24.625.025.425.9

Netinterest

paid

0.2.1.1.1

.1

.0

.0

.0

.1

.1

.1

.1

.1

.1

.1

.1

.1

.1- . 1

- . 3- . 7- . 9

-1 .2-1 .6

-2 .0-1 .8-2 .1-2 .9-4 .6

-5 .7-6 .6

-3 .9-4 .5- 4 . 8-5 .2

- 5 . 3-5 .6-5 .8-6 .0

-6 .2-6 .4-6 .6-7 .0

Sub-sidiesless

currentsurplusof gov-

ern-mententer-prises

0 7- . 8

89

91 0

-1 .11 2

- 1 . 3

1 5-1 .6-1 .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 .4

-4 .5-4 .4

-4 .2-4 .4- 4 . 5-4 .5

-4 .6-4 .5-4 .5- 4 . 4

-4 .4-4 .4-4 .4-4 .4

Surplusor

deficit

nationalincome

andprod-uct ac-counts

1 91.0

7

1 24

- . 0

-1 .1

1 39

- 1 42 4

4

1- . 4

55

1.0

— 05

1 i3

2 1

2 83.7

13 713 07.3

6 913.9

8 77.88.04.5

4 76.97.97.9

12.29.2

12.7

1 Wage accruals less disbursements have been subtracted from total. These were (in billions of dollars, at seasonallyadjusted annual rates) .0 in each of the quarters of 1974,1975, and 1976.


272


TABLE B-74.—State and local government revenues and expenditures, selected fiscal years, 1927-75

(Millions of dollars]

Fiscal year 1

General revenues by source »

Total»rop-erty

taxes

Salesand

grossre-

ceiptstaxes

Indi-vidualincometaxes

Corpo-ration

netincometaxes

Reve-nue

fromederalloversment

Allother '

General expenditures by function 3

TotalEdu-

cationHigh-ways

Publicwel-fare

Allother <

1927..

1932..1934..1936..1938..

1940..1942..1944..1946..1948..

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

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

I960..1961..1962.1963.

1962-63«_.1963-64 5 . .1964-65 5 . .

1965-66 6 . .1966-67 5 . .1967-68 6. .1968-69 5 . .1969-70 6. .

1970-715..1971-72 5..1972-73 5..1973-74 5..1974-75 5. .

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, 50!54,0358,25262,890

62, 26!68,44374,00C

83,03691,197

101,26-114,551130,751

144,92]166,35:190, 21'207, 67(228,19!

4,730

4,4874,0764,0934,440

4,4304,5374,6044,9866,126

7,3498,6529,3759,96-

10,73511,74912,86414,04"14,98:

16,40518,00219,05420,089

19,83321,24122,58:

24,67126,0427,7430,67:34,05-

37( 85!42,1345, 28347,70551, 491

470

7521,0081,4841,794

1,9822,3512,2892,9864,442

5,1546,3576,9277,276

7,6438,6919,4679,82910,437

11,84!12,46:13,49414,456

14,44615,76217,11

19,08E20,53C22,9126, 51!30,32;

33,23:37,48142,04;46, 09!49, 81!

70

7480153218

22427634242!543

788998

1,0651,127

1,2371,5381,7541,7591,994

2,46:2,61:3,03;3,26!

3,26!3,7914.09C

4,7605,8267,3088,90810,812

11.90C15,23717,99419, 49121,45-

92

7949113165

156272451447592

59384681778

74890984

1,0181,00'

1,1801,2661,3081,50!"

1,50!1,69!1,929

2,03J2,2272,513,1803,738

3,42-4,415,42;6,016,64:

116

2321,016948800

945858954855

1,861

2,4862,5662,8702,966

3,1313,3353,8434,8656,377

6,9747,13*7,878,722

8,66310,00211,029

13,21-15,37117,18119,15:21,85;

26,14631,2539,25641, 82047,05

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

14,55615,95117,25C

19,26!21,19

7,210

7,7657,1817,6448,757

9,2299,1908,863

11,02817,684

22,78726,09827,91030,701

33,7?436,71140,37544,85148,887

51,87656,20160,20664,816

63,9769,30274,546

82,84393,350

23,598 102,4126,118 116,72829,971131,332

32,374 150,67435,826jl66,87r40,210 181,2246, 541 198,951,739 230, 448

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

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

11,15011,66412,22'

12,77013,93r14,4815,4116,42;

18,09!19,01118, 61L19, 91622,528

151

444889827

1,069

1,1561,2251,1331,4092,099

2,9402,7882,9143,060

3,1683,1393,4853,8184,136

4,4044,7205,084548#

5,4205,7666,315

6,7578,2189,857

12,11014,679

18,22621,07023, 58225, 08528,155

3,015

3,2692,9523,2153,547

3,8623,8893,7374,5917,170

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, 09691,907

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.

5 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.See Table B-67 for net debt of State and ocal governments.


273


TABLE B-75.—Interest-bearing public debt by kind of obligation, 1967-76

(Millions of dollars)

End of yearor month

Fiscal year:1967...1968...1969....

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

1975..1976.. .

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.

Totalin-

terest-bearingpublicdebt

322,286344, 401351, 729

369,026396, 289425, 360456,353473,238

532,122619, 254

493,128498,661508, 581515,752527, 030532,122

537, 211546, 722552,604561,063565, 791575, 657

581, 861592,874599, 224600,927608,077619, 254

623, 580632,291633,560635,062643, 643652, 457

Marketable

Total

5210,672226, 592226,107

232, 599245,473257, 202262,971266,575

315,606392,581

286,133289, 827299, 989307, 202314,886315, 606

323, 701331, 080338,94F350, 906355, 879363,191

369, 316378, 773385,296386,444388,021392,581

397, 719404, 314407, 663408, 590415,399421, 276

Bills

58, 53564, 44068, 356

76,15486,67794, 648100,061105,019

128, 569161,198

121,044122,995123, 972126,907131, 541128,569

133,445138, 086142, 803147, 053151.139157, 483

159,645162,088163.140161,764161, 840161,198

161, 399161,433161, 505161,545161,711163, 992

Treasurynotes

49,10871,07378, 946

93, 489104, 807113,419117,840128,419

150, 257191, 758

131, 790132,683141,915144,997146, 505150, 257

153,556155, 239158, 488166, 255166,051167,077

171,110177,576183,143185,757186, 473191,758

197, 204202,979206,319207, 275212, 986216, 669

Treasurybonds i

97,41891,07978,805

62,95653,98949,13545, 07133,137

36, 77939,626

33,29834,14934,10335, 29836, 83936, 779

36, 70137,75537, 65537, 59838, 68938, 63138, 56239,11039,01438, 92239, 70839, 626

39,11539,90239, 83939, 76940, 70240, 615

Non marketable

Total

111,614117,808125,623

136, 426150,816168,158193,382206, 663

216,516226, 673

206,995208, 834208, 592208, 550212,144216,516

213,510215,642213,658210,157209,911212, 466

212, 544214,100213, 928214,484220,056226, 673

225,861227, 977225, 897226,472228, 243231,181

U.S.savingsbonds

51,21351,71251,711

51,28153,00355,92159, 41861,921

65, 48269, 733

63, 72564, 03664,37164, 73065, 09465, 482

65, 87266.17666, 47366, 81267.17767, 464

67, 82668,17068, 56768, 96869,39469, 733

70, 42871,07970,75271,11371, 50671,853

Foreigngovern-

mentseries 2

1,5143,7414,070

4,7559,27018,98528, 52425,011

23, 21621, 500

22, 96223, 29823, 96923, 59623, 50323,216

22, 20321, 55121,46821,22021, 28321, 565

21,60121, 68921,66921,61221,51521,500

21,35720,96720,81422, 29022, 48722, 299

Govern-ment

accountseries 3

56,15559, 52666, 790

76, 32382, 78489, 598101,738115,442

124,173130, 557

116,870118,057116,812116,781120, 060124,173

[21,710124, 084[21,865[18,220L17,486[19,385

L19,041[20,105L19,438L19,453L24, 570[30, 557

[28,912[30, 59128, 640,27,162.27, 405.29, 744

Other «

2,7312,8283,051

4,0685,7593,6543,7014,289

3,6444,883

3,4383,4423,4403,4433,4873,644

3,7263,8303,8503,9043,9644,052

4,0764,1384,2544,4494,5774,883

5,1645,3405,6905,9066,8457,285

1 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds.2 Nonmarketable certificates of indebtedness, notes, and bonds in the Treasury foreign series and foreign-currency-

series issues.3 Includes Treasury deposit funds and some special issues formerly included in "Other".4 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.5 Includes $5,610 million in certificates not shown separately.

Source: Department of the Treasury.


TABLE B-76.—Estimated ownership of public debt securities^ 1967-76

[Par values;1 billions of dollars)

End of year ormonth

Fiscal year:196719681969

197019711972. .19731974

19751976

1975: JanFeb..MarAprMay.June

July...Aug . .Sept. .OctNov . .Dec . . .

1976: JanFebMar . . .Apr . . . .MayJune

JulyAugSeptOct...NovDec p

Total public debt securities

Total 2

322.9345.4352.9

370.1397.3426.4457.3474.2

533.2620.4

494.1499.7509 7516.7528.2533.2

538.2547.7553.6562.0566.8576.6

584.4593.9600.5602.0610.7620.4

624.5633.3634.7637.6644.6653.5

Held

Govern-ment

accounts

71.876.184.8

95.2102.9111.5123.4138.2

145.3149.6

139.0139.8138.5138.0140.9145.3

142.5144.8142.3138.9137 7139.3

139.3139.8139.1139.1143.7149.6

147.6148.0146.1144.6144.9145.0

Held byFederalReserveBanks

46.752.254.1

57.765.571.475.080.5

84.794.4

81.381.181.487.885.684.7

81.982.587.087.285.187.9

89.889.089.891.890.594.4

90.794.096.495.791.797.0

Held by private investors

Totals

204.4217.0214.0

217.2228.9243.6258.9255.6

303.2376.4

273.8278.9289.8290.9301.7303.2

313.8320.4324.4336.0343.9349.4

355.3365.0371.7371.0376.4376.4

386.2391.3392.2397.3408.1411.5

Com-mercialbanks *

55.559.755.3

52.661.060.958.853.2

69.091.8

54.656.561.864.167.769.0

71.874.878.379.382.285.1

86.087.291.991.791.691.8

94.092.593.394.899.8

Mutualsavingsbanks

and in-surance

com-panies

13.212.511.6

10.410.310.29.68.5

10.615.6

8.99.09.5

10.010.510.6

11.111.411.712.113.213.8

14.715.015.515.415.715.6

16.417.016.917.417.6

Corpo-rations 5

11.012.011.1

8.57.49.39.8

10.8

13.225.0

11.311.412.012.513.713.2

16.216.015.017.520.020.2

21.223.223.023.826.025.0

27.027.825.724.724.2

Stateand localgovern-ments «

23.625.126.4

29.025.926.928.828.3

29.639.5

30.030.529.729.829.829.6

31.331.232.233.833.933.8

34.636.437.837.737.639.5

37.238.739.141.542.1

Indi-viduals 7

70.474.277.3

81.875.473.275.980.7

87.196.4

85.385.385.786.186.687.1

87.688.789.690.691.091.4

91.793.994.594.795.996.4

97.199.799.7

100.0100.7

Miscel-laneousinves-tors 3 8

30.733.432.3

35.049.163.276.074.2

93.6108.0

83.886.291.188.593.493.6

95.898.497.7

102.7103.6105.1

107.2109.5108.9107.6109.7108.0

114.7115.5117.5118. £123.7

* 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 1967-76 data in this table.3 For comparability with 1975-76 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-58, which are based on book values and relate only to banks within the United States.

8 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 goveinment-sponsoied agencies, and investments of foreign balances and inter-national accounts in this country.



TABLE B-77.—Average length and maturity distribution of marketable interest-bearingpublic debt held by private investors, 1967—76

End of year or month

Fiscal year:1967..1968..1969..

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

1975. . .1976.. .

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.

Amountout-

standing

Maturity class

Within1 year

I to5years

5 to 10years

10 to 20years

20 yearsand over

Millions of dollars

150,321159, 671156, 008

157, 910161, 863165, 978167, 869164,862

210, 382279, 782

183,411189, 375198, 298198, 857209,149210, 382

221, 630228, 446232, 246243, 786251,159255, 860

259, 831270, 625276, 434275, 520278, 929279, 782

289, 044293, 627294, 595296,211307, 309307, 843

56, 56166, 74669,311

76, 44374, 80379, 50984, 04187,150

115,677150,296

101,258105, 341108, 627108, 820115,374115,677

123,466129, 571130, 641136, 249145, 336150,116

152,077151,875154,258153, 441153,464150,294

156,595153,304153, 302155, 179158, 422157, 469

53, 58452, 29550,182

57, 03558, 55757,15754,13950,103

65, 85290, 578

55, 80356, 76561,08661, 67064, 51065, 852

69,31869, 17672, 22378,16474,51774, 657

75,17982, 48486, 21486, 19886, 24290, 578

91,04293, 39694, 84591,795101,684103, 747

21,05721,85018, 078

8,28614, 50316, 03316, 38514,197

15, 38524, 169

13, 48713,19015, 33014, 20915, 63015, 385

15, 42715,61115,51415, 54116,77116, 689

18,31021,70721,53821,59724, 33624,169

26, 69431,52331,24733, 92231, 34931,019

6,1536,1106,097

7,8766,3576,3588,7419,930

8,8578,087

8,6659,8349,17710,1818,9028,857

8,8138,7388,6478,6378,5898,524

8,4668,4178,3508,2428,1728,087

8,0597,9867,9397,8977,5117,399

12,96812, 67012,337

8,2727,6456,9224,5643,481

4,6116,652

4,1984,2454,0793,9784,7334,611

4,6065,3505,2225,1965,9465,876

5,8006,1426,0746,0426,7166,654

6,6547,4187, 2627,4198,3458,209

Average length

Years Months

631

11

96

677665

565577

61099

109

Note.—All issues classified to final maturity.



CORPORATE PROFITS AND FINANCE

TABLE B-78.—Corporate profits with inventory valuation and capital consumption adjustments,

1946-76


Year or quarter

19461947 .19481949

19501951195219531954

19551956195719581959

I960196119621963 .1964

1965196619671968..1969 . .

19701971197219731974 . .

19751976*

1974: 1IIIIIIV

1975: 1 .

IIIIV

1976: 1IIIII . . .

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

67.977.292.199.184.8

91.6118.7

95.787.881.774.1

69.086.6

105.3105.6

115.1116.4122.0

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

49.264.7

50.553.057.648.6

40.244.854.857.2

61.463.565.1

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

33 439.550.550.432.4

42.453.9

45.234.824.125.5

28.841.850.448.4

53.752.956.8

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

22.923.024.627.830.8

32.135.1

29.930.731.331.1

31.731.932.632.2

33.134.435.4

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

1.7

10 318.8

15.34.1

- 7 . 2- 5 . 6

- 2 . 99.9

17.916.2

20.618.521.4


277

224-250 O - 77 - 19


TABLE B-79.—Corporate profits by industry, 1929-76


Year orquarter

1929 . .

1933 .

1939 ._

1940194119421943.1944. . .19451946 .194719481949

1950195119521953 .195419551956195719581959

1960196119621963196419651966196719681969

197019711972197319741975 . . -1976 v

1974: 1IL.__IIIIV

1975: 1IL. ._I I I . . .IV....

1976: 1ll_-_-III...

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

66.476.989.697.287.8

103.1134 2

95.989.785.280.4

77.797.9

117.9119.1

129.6131.8137.6

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

62.672.484.790.476.797.0

126 8

81.480.875.169.5

72.191.7

111.4112.7

121.9125.0130.5

Financial1

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

12.614.115.416.214.112.914 3

14.814.014.613.1

13.912.512.112.9

14.013.814.4

FederalReservebanks

0.0

.0

.0

.0

.0

.0

.0

.1

.1

.1

.1

.2

.2

.2

.3

.4

.4

.3

.3

.5

.6

.6

.7

1.0.8.9

1.01.11.41.72.02.53.1

3.63.33.44.55.75.76 0

5.45.75.96.0

5.85.75.45.8

6.15.95.9

Other

1.3

.3

.8

.91.01.21.31.61.62.01.62.32.9

3.03.33.74.14.34.54.54.65.16.0

6.26.36.45.85.86.26.87.07.98.2

9.010.812.111.78.47.28 3

9.48.38.77.1

8.16.86.77.1

7.97.98.5

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

50.158.269.374.162.684.1

112 5

66.666.860.556.3

58.279.299.399.8

107.9111.2116.0

Nonfinancia

Manu-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

27.132.440.644.136.946.466.3

39.439.037.731.6

29.743.557.055.3

61.266.467.2

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

9.411.713.314.712.420.9

15.114.49.4

10.6

14.519.624.425.0

29.026.628.8

L

Trans-porta-tion,com-

munica-tion,andserv-ices3

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

8.28.39.08.36.07.9

5.76.46.35.7

5.07.39.59.7

8.69.5

10.7

Other

0.9

- . 7

.3

.61.11.51.61.61.52.12.93.63.1

3.63.73.33.13.43.64.14.03.63.5

3.53.63.84.24.95.36.06.16.55.8

5.35.86.47.07.29.0

6.37.07.28.3

9.08.98.49.7

9.18.89.3

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

3.84.6A A6.8

11.26.27.:

14.69.C

10.1l l . C

5.J6.C6.E6.4

7 JS.Il.'t



T A B L E R-79.—Corporate profits by industry, 1929-76— Continued


Year orquarter

1929. . .

1933 . . .

1939

194019411942..194319441945 . . .1946..194719481949

1950195119521953195419551956195719581959

196019611962 . .196319641965196619671968. . .1969

197019711972197319741975 . . .1976 p

1974: 1I I . . . .I I I . . .IV.. . .

1975: 1I I . . . .I I I . . .IV.. . .

1976: 1I L . . .I I I . . .

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

123.0137.8157.4170.9169.4192.6231.5

174.4170.2168.2164.8

164.1185.8208.4211.9

223.9228.0235.9

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

119.2133.3152.6164.1158.2186.4224.1

159.8161.3158.1153.8

158.5179.5201.9205.6

216.2221.2228.7

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

14.516.318.019.517.917.319.3

18.317.718.517.1

18.116.816.617.6

18.818.719.5

Financial

FederalReservebanks

0.0

.0

.0

.0

.0

.0

.0

.1

.1

.1

.1

.2

.2

.4

.4

g.5.6.6.7

1.0.8.9

1.01.21.41.72.02.53.1

3.63.43.44.55.75.76.0

5.45.75.96.0

5.85.75.45.8

6.16.05.9

L

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

11.013.014.714.912.211.613.3

13.012.012.511.2

12.311.111.211.8

12.712.813.6

Nonfinancia!

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

104.7116.9134.6144.6140.3169.1204.8

141.5143.6139.6136.7

140.5162.8185.3188.0

197.4202.5209.2

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

53.159.869.975.070.983.1

105.9

72.372.672.466.3

65.479.694.293.4

99.7105.5107.2

Whole-saleand

retailtrade

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

14.717.520.222.120.730.0

23.022.617.819.3

23.328.633.734.5

38.636.438.9

Trans-porta-tion,com-

munica-tion,and

serv-ices 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

21.423.226.327.427.331.3

26.027.327.827.9

27.630.233.134.1

33.334.836.4

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

15.516.418.320.221.524.7

20.221.121.623.2

24.124.424.326.0

25.825.726.7

Restof theworld

0.2

.0

.2

.2

.2

.2

.3

.2

.4

.7

.8

.8

1.0?

.14

.6

.8

.9

.71.8

1.92.32.62.63.13.32.83.03.23.7

3.84.64.86.8

11.26.27.3

14.69.0

10.111.0

5.56.36.56.4

7.76.87.2

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.3 Services consists of electric, gas, and sanitary services.Note.—The industry classification is en a ccrrpsny basis and is based en the 1867 Standard Industrial Classification

beginning with 1948 and en the 1942 Standard Industrial Classification prior to 1948.Source: Department of Commerce, Bureau of Economic Analysis.

279


TABLE B—80.—-Corporate profits of manufacturing industries, 1929—76


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970197119721973197419751976 v

1974: 1—II..III.IV..

1975: 1...II..III.IV..

1976: 1...II..III.

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.fi16.2

20.924.6?1 72?.O19.926.024.724.019.426.2

23,923.026.028 731.938.341.637.941.?36.8

?7.132.440.644.136 946.466.3

39,439.037.731.6

29.743.557.055.3

61.266.467.2

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

11.911.711.91?.814.415.818.017.318.817.7

16.817.318.120.125.129.237.5

23.826.927.022.6

21.328.732.634.3

37.535.637.6

Nondurable goods

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

3.53.32.82.22.65.8

2.84.21.81.6

5.06.06.36.0

7.36.18.0

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

3.94.25.05.84.95.7

5.65.34.83.9

3.55.36.87.3

8.38.28.5

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

10.19.3

7.410.013.59.7

7.510.19.2

10.4

11.210.410.1

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

5.86.26.87.27.58.4

8.07.47.07.4

5.37.3

10.410.6

10.810.810.9

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

10.315.122.524.011.917.228.8

15.6l?. l10.79.0

8.414.824.321.1

23.730.729.6

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

.51.62.04.93.6

2.74.56.75.9

5.92.92.72.7

3.34.53.5

Fabri-catedmetal

products

0.8.7

1.11.31.0.9.9

1.01.01.1.9

1.0

.91.01.11.21.41.92.32.32.21.9

1.21.32.12.61.53.1

1.81.7.5

1.8

1.83.14.13.5

3.64.34.1

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

2.72.73.94.51.74.6

3.62.0

.01.0

3.04.35.85.2

5.95.96.5

Electri-cal

equip-mentand

supplies

0.7.8

1.2.3.5.4.2.1.2.5

1.31.7

1.31.31.51.51.62.63.02.92.82.2

1.11.83.02.6

.41.2

1.6.7

- . 3- . 3

.41.31.71.4

1.82.52.6

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

.9

- . 1- . 71.6.0

-3 .4.2

3.92.8

4.66.15.5

Other

1.91.7

?.62.8? /?.72.93.53.?3.1?.f3.4

?.93.13.63.?4.35.05.24.85.f5.2

3.03.86.C6.63.?3.8

5.94.02.2.7

.73.26.15.4

4.El.i7.3


280


TABLE B-80.—Corporate profits of manufacturing industries, 1929-76—Continued


Year orquarter

1929

1933

1939.. .

1940.194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970 .197119721973197419751976 P

1974:1. . .II...III..IV..

1975:1. . .II...ML.IV..

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

Corporate profits before deduction of capital consumption allowances, with inventory valuation adjustment

Totalmanu-factur-

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

53.159.869.975.070.983.1

72.372.672.466.3

65.479.694.293.4

99.7105.5107.2

Total

3.6

1.1

2.6

3.44 15.97.17.57.07.99.3

11.810.1

11.113.912.713.213.116.016.515.715.418.4

17.818.019.120.522.624.4?7.?27.129.329.2

29.030.43?.?35.140.946.3

39. 342.442.839.1

37.745. 550.152.1

55.553.856.1

Nondurable goods

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

5.65.55.14.85.38.8

5.56.94.64.4

7.98.99.39.0

10.39.2

11.1

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

6.67.18.29.08.39.4

8.88.88.37.5

7.19.0

10.511.1

12.212.212.6

Petro-leumandcoal

prod-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

15.114.7

12.414.618.315.1

12.515.414.816.1

16.916.216.0

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

10.811.612.113.4

12.6l? . l11.712.1

10.212.115.515.9

16.016.216.3

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

24.129.437.639.930.036.8

33.030.229.627.2

27.734.244.141.3

44.251.751.1

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

3.53.14.14.68.26.9

5.77.7

10.09.2

9.46.16.16.0

6.67.96.9

Durable goods

Fabri-catedmetal

products

1.0.9

1.31.51.21.21.21.31.41.51.31.5

1.41.51.81.82.02.73.03.23.23.0

2.32.43.23.82.84.6

3.13.11.93.2

3.34.55.65.0

5.15.95.7

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

5.25.46.87.65.08.3

6.95.33.64.3

6.58.09.69.0

9.910.010.7

Electri-cal

equip-ment andupplies

0.8.9

1.41.51.71.61.51.51.62.01.82.2

1.81.92.12.32.33.44.04.04.13.7

2.93.85.14.93.14.0

4.23.32.42.4

3.24.04.54.2

4.75.55.6

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

3.87.38.48.33.24.3

2.82.54.72.6

- . 13.57.26.6

8.39.99.4

Other

2.22.2

3.03.33.33.43.74.44.24.34.34.8

4.44.65.35.86.27.27.47.48.78.5

6.57.59.9

10.67.78.8

10.38.36.9b.4

5.48.0

11.110. b

9.612. b12.7


281


TABLE B1-81.—Sales, profits, and stockholders' eqmtv, all manufacturing corporations, 1947-76


Year orquarter

194719481949

19501951195219531954

1955.1956195719581959

1960196119621963 . . . .1964

196519661967 . .19681969

1970197119721973

1973: IV

New series:8

19741975

1973: IV

1974:1IIIllIV

1975: |IIIllIV

1976: 1IIIll

1

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, 065.2

236.6

242.0269.4272.1277.0

247.1265.8271.0281.3

284.1307.5301.6

Ml 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

20.6

21.225.925.020.1

15.420.221.722.6

24.429.326.1

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

58.749.1

13.2

13.516.315.513.4

9.312.413.214.2

14.818.016.0

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

395.0423.4

368.0

379.0389.9402.7408.4

410.7420.2427.4435.5

445.3458.9467.7

Durable goods industries

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

529.0521.1

122.7

120.3136.8134.8137.1

121.3132.4131.0136.3

138.4154.4146.9

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

41.135.3

10.1

9.512.610.58.6

7.09.39.1

10.0

11.214.812.2

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

24.721.4

6.2

5.77.66.25.2

4.15.75.56.2

6.79.07.4


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

196.0208.1

185.8

189.4194.1199.9200.8

201.7207.3209.7213.7

217.6224.3228.0

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

531.6544.1

113.9

171.7132.6137.3140.0

125.8133.3140.0145.0

145.7153.1154.7

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

51.044.6

10.5

11.713.314.511.5

8.410.912.712.6

13.214.513.9

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

34.127.7

7.0

7.88.79.48.2

5.26.87.78.1

8.19.18.6


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

199.0215.3

182.1

189.6195.8202.8207.6

209.0212.9217.6221.8

227.7234.6239.7

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 ha/e been dedicted.

2 Annual data are average equity for the year (using four end-of-quarter figures).3See "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.Note.—Data are not necessarily comparable from one period to another due to changes in accounting prccedures,

industry classifications, sampling prccedures, etc. For explanatory notes concerning ccrr pilaticn cf the series, see "Quar-terly Financial Report for Manufacturing Corporations," Federal Trade Ccrrrrissicn.

Source: Federal Trade Commission.

282


TABLE B-82.—Relation of profits after taxes to stockholders' equity and to sales, all manufac-turing corporations, 1947—76

Year or quarter

194719481949

19501951195219531954

19551956195719581959 . .

19601961196219631964

19651966196719681969

1970197119721973

1973: IV

New series: *

19741975

1973- IV

1974: 1| |IIIIV

1975: 1IIIllIV _. _ _

1976: 1 _._II . .Ill

Ratio of profits afterincome taxes (annual rate)

to stockholders' equity—percent1

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

14.911.6

14.3

14.316.715.413.2

9.011.812.413.1

13.315.713.7

Durablegoods

industries

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

12.610.3

13.3

12.115 612.310.4

8.110.910.511.6

12.316.012.9

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

17.112.9

15.3

16.417.818.515.8

10.012.814.114.5

14.315.514.4

Profits after income taxesper dollar of sales—cents

Allmanufacturingcorporations

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

5.54.6

5.6

5.66.05.74.8

3.74.74.95.1

5.25.95.3

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

4.74.1

5.0

4.85.54.63.8

3.44.34.24.5

4.85.85.0

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

6.45.1

6.1

6.46.66.85.9

4.15.15.55.6

5.65.S5.6

I

1 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equityat end of quarter only.

3 See "Quarterly Financial Report for Manufacturing Corporations, First Quarter 1974," Federal Trade Commission.

Note.—Based on data in millions of dollars.See also Note, Table B-81.


283


TABLE B-83.—Relation of profits after taxes to stockholders' equity and to sales, all manufactur-ing corporations, by industry group, 1975-76

Industry

Ratio of profits after incometaxes (annual rate) to stock-holders' equity—percent1

1975

III

12.4

10.5

14.86.5

8.73.1

14.813.28.37.5

5.5

12.1

15.1

10.9

14.1

17.218.47.8

12.613.415.5

13.718.1

13.3

9.4

14.5

IV

13.1

11.6

10.87.5

10.03.6

12.614.510.511.6

12.5

10.9

14.2

10.4

14.5

14.615.310.414.715.715.2

15.515.6

14.6

11.0

16.5

1976

1

13.3

12.3

4.87.1

8.15.3

15.014.910.216.8

18.8

12.3

12.2

10.1

14.3

13.315.210.014.512.316.6

16.218.8

14.7

10.6

13.7

II

15.7

16.0

15.510.7

11.39.5

17.716.213.520.7

23.1

14.0

16.3

17.5

15.5

16.316.010.116.316.317.2

16.318.2

14.8

13.4

13.6

III

13.7

12.9

16.18.1

8.77.0

15.815.511.910.5

9.1

13.0

16.3

15.2

14.4

16.816.96.6

13.616.315.3

13.518.7

14.0

7.6

14.5

Profits after income taxes perdollar of sales—cents

1975

III

4.9

4.2

6.03.4

4.12.0

4.76.33.02.5

2.1

3.3

8.4

3.4

5.5

3.711.12.55.54.97.6

7.012.4

8.0

3.5

3.1

IV

5.1

4.5

4.64.0

4.82.2

4.06.83.73.6

4.3

2.9

7.7

3.3

5.6

3.28.03.06.25.47.6

7.810.7

8.6

4.0

3.3

1976

1

5.2

4.8

2.33.5

3.83.1

4.87.23.75.1

6.0

3.4

6.9

3.2

5.6

3.18.23.06.14.48.0

7.812.3

8.7

3.9

3.0

II

5.9

5.8

6.24.8

4.84.7

5.37.54.65.8

6.9

3.6

8.6

5.0

5.9

3.79.02.96.75.68.1

7.612.7

9.0

4.5

2.9

III

5.3

5.0

6.23.9

3.93.7

4.97.74.23.5

3.3

3.7

8.6

4.4

5.6

3.89.22.05.75.47.5

6.712.6

8.3

2.8

3.1

All manufacturing corporations

Durable goods industries.._

Stone, clay, and glass productsPrimary metal industries

Iron and steelNonferrous metals

Fabricated metal productsMachinery, except electricalElectrical and electronic equipment-Transportation equipment.

Motor vehicles and equipment.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 products

Industrial chemicals and syn-thetics

Drugs

Petroleum and coal productsRubber and miscellaneous plastics

productsOther nondurable manufacturing

products

1 Ratios based on equity at end of quarter.


284


T A B L E B—84.—Sources and uses of funds, nonfarm nonfinancial corporate business, 1946—76


Period

194619471948. .1949

1950 .1951 _.195219531954 .

19551956 .195719581959 . _

19601961 _196219631964 _.

19651966 . .196719681969 .

19701971197219731974

1975

1975- 1IIIllIV

1976- 1IIIII

Sources

Total

18.426.728.419.7

41.835.928.927.328.2

51.443.841 841.155.4

47 654.158.965 972.6

90.896.993.3

114.5118.6

105.1129.0154.0181.7183.0

145.5

nternaP

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

58.968.680.883.877.6

103.4

External

Total

10.614.19.7

.4

24.016.27.86.24.7

22.615.111.411.520.4

12.918.817.321.422.5

34.736.432.052.256.9

46.260.473.297.8

105.4

42.1

Credit market funds

Total

6.88.36.43.0

8.010.69.25.75.5

9.512.611.810.312.7

11.912.112.412.415.0

20.425.628.931.938.4

41.546.458.872.983.1

37.1

Long-erm 2

3.55.36.64.8

4.16.47.86.15.7

5.77.39.9

10.38.3

7.510.59.58.38.9

9.216.021.018.920.8

32.641.641.437.439.6

49.8

Short-terms

3.33.0

- . 2- 1 . 8

3.94.21.4

- . 3- . 3

3.85.41.9

- . 04.4

4.51.62.94.16.1

11.29.67.9

13.017.7

8.94.7

17.335.543.5

-12 .8

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

4.814.014.425.022.2

5.0

Uses

Total

24.623.627.720.8

46.339.328.827.726.5

48.340.738.738.451.9

40 650.154.958 964.2

82.188.689.4

106 4113.4

96 1115.1137.5165 5169.9

130.9

Pur-chase

ofphysi-

calassets *

26.015.222.717.3

29.931.924.225.421.6

31.836.734.527.637.7

38.036.943.844 850.8

61 976.072.677 685.0

80 686.2

101.0124 4134.6

95.7

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

20 212.616.828 828.4

15 428.836.541 135.3

35.2

Discrep-ancy

(sourcesless

uses)

-6 .23.1.8

- 1 . 2

-4 .5- 3 . 4

.2- . 41.7

3.13.13.12.63.6

7.04.04.06.98.4

8.78.33.98 15.2

9.013.916.416.113.1

14.5

Seasonally adjusted annual rates

83.5130.7171.0196.7

200.9200.1198.5

83.5101.5113.6114.9

120.6121.3128.1

0.029.257.481.8

80.378.870.4

35.032.131.150.0

45.448.138.0

52.954.437.954.0

48.643.037.7

- 1 8 . 0-22 .2- 6 . 8- 4 . 0

- 3 . 15.0.2

- 3 5 . 0- 2 . 926.331.7

34.830.632.4

68.6115.3157.9182.2

190.9195.4189.2

89.880.9

106.8105.5

129.3140.5143.7

-21.234.451.176.7

61.654.945.5

14.915.413.214.6

9.94.69.3

1 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.* Plant and equipment, residential structures, inventory investment, and mineral rights.Source: Board of Governors of the Federal Reserve System.

285


TABLE B-85.—Current assets and liabilities of U.S. corporations, 1939-76[Billions of dollars]

End of yearor quarter

193919401941194219431944194519461947 .19481949195019511952195319541955195619571958195919601961

19611962196319641965196619671968 . . . .1969197019711972 . . . . . .1973197419751975: 1.

IIIIIIV... .

1976: 1.II.Ill

Current assets

Total

Cashon

handandin

banks*

U.S.Gov-ern-ment

securi-ties a

Re-ceiv-ablesfromU.S.Gov-ern-

ment3

Notesandac-

countsreceiv-able

In-ven-tories

Othercur-rentas-

sets*

Current liabilities

Total

Ad-vances

andpre-pay-

ments,U.S.Gov-ern-

ment3

Notesandac-

countspay-able

Fed-eralin-

cometax

liabili-ties

Othercur-rentlia-bili-ties 5

Network-ing

capi-tal

All corporations«

54.560.372.983.693.897.297.4

108.1123.6133.0133.1161.5179.1186.2190.6194.6224.0237.9244.7255.3277.3289.0306.8

254.7269.7288.2305.6336.0364.0386.2426.5473.6492.3529.6573.5643.3712.2731.6698.4703.2716.5731.6753.5775.4791.8

10.813.113.917.621.621.621.722.825.025.326.528.130.030.831.133.434.634.834.937.436.337.241.1

34.837.139.840.542.841.945.548.247.950.253.357.561.662.768.160.663.765.668.168.470.871.1

2.22.04.0

10.116.420.921.115.314.114.816.819.720.719.921.519.223.519.118.618.822.820.120.0

16.516.816.715.814.413.010.311.510.67.7

11.09.3

11.011.719.412.112.714.319.421.723.323.9

0.1.6

4.05.04.72.7

3*4242

1 12.72.82.62.42.32.62.82.82.93.13.4

3.43.73.63.43.94.55.15.14.84.23.53.43.53.53.63.23.33.33.63.63.74.3

22.123.927.423.321.921.823.230.0

1.3.4.0

55.758.864.665.971.286.695.199.4

106.9117.7126.1135.8

18.019.825.627.327.626.826.337.644.648.945.355.164.965.867.265.372.880.482.281.988.491.895.2

1.41.51.41.3

3.4

> 4,7.6.64

1.72.12.42.43.14.25.96.77.59.1

10.611.4

30.032.840.747.351.651.745.851.961.564.460.779.892.696.198.999.7

121.0130.5133.1136.6153.1160.4171.2

Nonfmancial corporation:

94.599.5

106.9116.5130.2142.1150.2168.8192.2201.9217.6240.0266.1289.7294.6281.9284.8294.7294.6307.3318.1324.2

95.0100.5106.8113.1126.6142.8153.1166.0186.4193.3200.4215.2246.7288.0285.8285.2281.4279.6285.8288.8295.6302.1

10.512.114.416.318.119.722.026.931.635.043.848.154.456.660.055.457.359.060.063.663.966.3

123.7132.4145.5156.6178.8199.4211.3244.1287.8304.9326.0352.2401.0450.6457.5438.0434.2444.7457.5465.9475.9484.1

0.6.8

2.02.21.8.9.1

373931

.41.32.32.22.42.32.42.31.71.71.81.8

,7

1.82.02.52.73.14.45.86.47.36.64.94.04.35.26.45.35.86.26.46.46.87.0

21.922.625.624.024.125.024.831.5

.6

.3

.547.953.657.057.359.373.881.584.388.799.3

105.0112.8

82.686.794.5

102.2118.4133.1141.3162.4191.9204.7215.6230.4261.6287.5281.6271.2270.1273.4281.6280.5287.0284.7

1.22.57.1

12.616.615.510.48.5

10.711.59.3

16.721.318.118.715.519.317.615.412.915.013.514.1

13.314.315.716.218.317.413.214.312.610.013.115.118.123.220.721.817.719.420.723.922.024.9

6.97.17.28.78.79.49.7

11.813.213.514.014.916.518.720.722.525.729.031.133.337.040.142.5

26.029.432.835.539.044.551.061.076.083.692.4

102.6117.0134.8148.8139.8140.6145.6148.8155.0160.1167.5

24.527.532.336.342.145.651.656.262.168.672.481 686.590.191.894.9

103.0107.4111.6118.7124.2128.6135.6

131.0137.3142.7149.0157.2164.6174.9182.4185. 7187.4203.6221.3242.3261.5274.1260.4269.0271.8274.1287.6299.4307.7

» Includes time certificates of deposit.i Includes Federal agency issues.3 Receivables from and payables to the U.S. Government do not include amounts offset against each other on corpora-

tions'books or amounts arisingfrom subcontracting which are not directly due from or to the U.S. Government. Whereverpossible, adjustments have been made to include U.S. Government advances offset against inventories on corporations'books.

* Includes marketable investments (other than Government securities and time certificates of deposit) as well as sundrycurrent assets.

s Includes commercial paper outstanding, the portion of long-term debt due in less than 1 year, and miscellaneouscurrent liabilities not elsewhere classified.

e Excludes banks, savings and loan associations, and insurance companies.7 Excludes banks, sayings and loan associations, insurance companies, investment companies, finance companies

(personal and commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.

Note.—Year-end data through 1971 are based on "Statistics of Income" (Department of the Treasury), covering virtuallyall corporations in the United States. "Statistics of Income" data may not be strictly comparable from year to year becauseof changes in the tax laws, basis for filing returns, and processing of data for compilation purposes. All other figures shownare estimates based on data compiled from many different sources, including data on corporations registered with theSecurities and Exchange Commission.

Source: Securities and Exchange Commission.


TABLE B-86.—State and municipal and corporate securities offered, 1934-76


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

water3

Trans-porta-tion »

Com-munica-

tionOther

1934 . . . .

1939 . . . .

1940 . . . .1 9 4 1 . . . .1942 . . . .19431944

19451946 . . . .1947 . . . .1 9 4 8 . . . .1949 . . . .

1950 . . . .1 9 5 1 . . . .1 9 5 2 . . . .1 9 5 3 . . . .1954

19551956195719581959

I 9 6 0 . . . .1 9 6 1 . . . .196219631964

1 9 6 5 . . . .1966 . . . .1967 . . . . .19681969. . . . .

19701971197219731974

1975

1975: I . .II .IllIV.

1976: I . .II .III

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, 37023, 07022,95322,824

29, 326

6,5267,7968,2366,768

8,2748,6147,854

397

2,164

2,6772,6671,0621,1703,202

6,0116,9006,5777,0786,052

6,3627,7419,534

9,516

10,24010,93912,88411,5589,748

10,15413,16510, 70512,21113,957

14,78217,38524,01421,26125,997

37,45143, 21939, 70431, 68437, 737

52, 527

15,11815,3019,23212,876

13, 74413,85210, 789

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

7,0379,50210, 7077,6433,986

7,402

1,4312,6761,4191,876

2,7882,4031,423

183167112124369

7581,127762492425

631838564489816

635636411571531

409450422343412

724580881636691

1,3903,6823,3703,3412,254

3,459

662924635

1,238

764720439

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

29,02330,03525, 62720, 70031, 497

41,666

13, 02511,7007,1799,762

10,19110, 7298,929

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

10,64711,6256,4004,83510, 410

18, 649

6,0516,6982,4203,480

4,4963,7012,972

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, 74611,31410, 27012, 835

15, 893

4,7364,4073,3263,424

4,0453,1393,315

176

186

32436648161609

1,454711286755800

813494992595778

893724824824967

718694567957982

7021,4941,6391,5641,779

1,2531,166859811

1,004

2,636

85507291

1,753

1,087605

1,193

902571

399612760882720

,132,419,462,424717

,050,8341,3031,1052,189

9452,0031,9751,7752,172

5,2915,8154,8354,8673,928

4,463

1,3811,190678

1,214

7651,876377

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, 29710, 8999,559

10,884

2,8652,4982,5163,004

3,3514,5292,933

1 Prior to 1948, also includes extractive, radiobroadcasting, airline companies, commercial, and miscellaneous companyissues.

2 Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.

Note.—Covers substantially all new issues of State, rrunicipal. and corporate securities offered for cash sale in the UnitedStates in amounts over $100,COO 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 1971.

Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle," and "The Bond Buyer."

287


Period

1949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

1970 . . . .197119721973197419751976

1975- JanFebMarAprMayJune


1976" JanFebMar. .AprMayJune


TABLE B-87.—Common stock prices and yields, 1949-76

Common stock prices *

New York Stock Exchange indexes(December 31,1965=50)2

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 46

38 5642.4844.3544 9147 7649.22

49 5445 7144.9746.8747 6446.78

51 3153.7354.0154 2853 8754.23

55 6855.1856.2954 4354 1756.34

Indus-trial

46.1851.9758.0057.44

48.0357.9265.7363.0848.0850.5260 44

41 2946.0048.6349.7453 2254.61

54 9650 7150.0552.2652.9151.89

57 0059.7960.3060 6260 2260.70

62 1161.1462.3560 0759 4561.54

Trans-portation

50.2653.5150.5846.96

32.1444.3550.1737.7431.8931.1039.57

28.1230.2131.6231.7032.2832.38

32.9030 0829.4630.7932.0931.61

35.7838.5339.1738.6639.7140.41

42.1240.6340.3638.3739.2841.77

Utility

45.4145.4344.1942.80

37.2439.5338.4837.6929.7931.5036.97

29.5531.3131.0430.0131.0232.79

32.9831 0230.6531.8732.9932.75

35.2336.1235.4335.6935.4035.16

36.4937.5638.7738.3338 8540.61

Finance

44.4549.8265.8570.49

60.0070.3878.3570.1249.6747.1452.94

44.8547.5947.8347.3550.0652.20

52.5146 5543.3844.3645.1043.86

48.8352.0652.6152.7150.9951.82

54.0654.2254.5252.7453.2557.45

Dow-Jones

industrialaverage 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

753.20884.76950.71923.88759.37802.49974.92

659.09724.89765.06790.93836. 56845.70

856.28815. 51818.28831.26845. 51840.80

929.34971. 70988. 55992. 51988.82985.59

993.20981.63994.37951.95944. 58976.86

Standard& Poor's

compositeindex

0941-43=lO)*

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

102.01

72.5680.1083.7884.7290.1092.40

92.4985 7184.6788.5790.0788.70

96.86100.64101.08101.93101.16101.77

104.20103.29105.45101.89101.19104. 66

Common stock yields(percent)«

Dividend-priceratio«

6.59

6 576.135.805 804.954 084 G94.353.973.23

3.472.983 373.173.013 003.403.203.073.24

3.833.142.843.064.474.313.77

5.074.614.424.344.084.02

4.024.364.394.224.074.14

3.803.673.653.663.763.75

3.643.743.713.854.043.93

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

11.599.04

10.10

8.30

9.13

8.64

8.29

8.76

9.02

* 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.« Standard and Poor's series, based on 500 stocks in the composite index.e 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 (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.

288


TABLE B-88.—Business formation and business failures, 1929-76

Year or month

192919333 . . . .1939 3 . . . .1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960. .1961...196219631964196519661967 . . . .19681969

197019711972197319741975

1975: JanFebMarAprMayJuneJulyAugSept - .OctNovDec

1976: JanFeb . . .Mar _AprMayJune

JulyAugSeptOct .Nov

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

100.0109.8116.2

108.0111.0117.9117.9112.4108.9

Newbusiness

rations(num-hnr\Der>

132,916112,89796,34685,640

93,09283,77892,946

102, 706117,411139,915141,163137,112150,781193,067

182,713181,535182,057186,404197, 724203,897200,010206,569233,635274,267264,209287, 577316,601329,358319,149326, 345

Business failures *

nessfailure

103.9100.369.663.054.444.616.46.54.25.2

14.320.434.4

34.330.728.733.242.041.648.051.755.951.8

57.064.460.856.353.253.351.649.038.637.343.841.738.336.438.442.6

Seasonally adjusted

102.9101.7103.0103.4104.8110.7113.7112.6113.1112.0112.5116.0

115.4114.5116.3115.7114.9118.6

117.8117 8118.3120.0

24, 40624,29824,92226, 50626,63426, 231

28,57128, 63229,00029,46928, 79529, 704

29, 60428,97330,91029, 87628,63731, 600

30,11432,74632, 36832,88733,574

46.844.946.349.143.436.541.941.442.244.937.035.4

36.938.236.335.435.032.7

31.235.734.934.7

Number of failures

Total

22,90919,85914,76813,61911,8489,4053,2211,222

8091,1293,4745,2509,246

9,1628,0587,6118,862

11,08610,96912,68613, 73914,96414,053

15,44517,07515, 78214,37413, 50113,51413,06112,3649,6369,154

10,74810,3269,5669,3459,915

11, 432

1,080963

1,1451,2021,045

805904891853987801756886867965888835775689798714745

Liability sizeclass

Under$100,000

22,16518, 88014,54113,40011,6859,2823,1551,176

7591,0033,1034,8538,708

8,7467f 6267,0818,075

10,22610,11311,61512, 54713,49912,707

13,65015,00613,77212,19211,34611,34010,83310,1447,8297,192

8,0197,6117,0406,6276,7337,504

677627774756728572

553608559645521484530572618587546498458498454496

$100,000andover

744979227219163123664650

126371397538416432530787860856

1,0711,1921,4651,3461,7952,0692,0102,1822,1552,1742,2282,2201,8071,962

2,7292,7152,5262,7183,1823,928

403336371446317233351283294342280111356295347301289111231300260249

Amount of currentliabilities (millions

of dollars)

Total

483.3457.5182.5166.7136.1100.845.331.730.267.3

204.6234.6308.1

248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8

938.61,090.11,213.61,352.61,329.21,321.71,385.71,265.2

941.01,142.1

1,887.81,916.92,000.22,298.63,053.14, 380.2

391.1384.8343.3372.1357.8175.9

242.0222.4205.5

4 1,295.4252.9136.9

257.1211.8247.7206.4233.3373.6

305.6264.0250.3183.6

Liability sizeclass

Under$100,000

261.5215.5132.9119.9100.780.330.214.511.415.763.793.9

161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9298.6

25.525.030.229.929.222.521.723.122.725.422.420.922.023.926.023.123.320.319.121.518.420.4

$100, 000andover

221.8242.049.746.835.420.515.117.118.851.6

140.9140.7146.797.1

128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.1

1,031.61,015.61,000.01,064.1

967.3699.9910.8

1,618.41,645.61,741.52,063.02,796.34,081.6

365.7359.8313.2342.2328.6153.4220.4199.3182.8

1,270.0230.4115.9235.1187.8221.6183.3210.0353.3286.5242.4231.9163.2

* 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.

3 Failure rate per 10,000 listed enterprises.»Series revised; not strictly comparable with earlier data.«Excluding W. T. Grant, current liabilities were $264.9 billion.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.

289


AGRICULTURETABLE B-89.—Income of farm people and farmers, 1929-76

[Quarterly data at seasonally adjusted annual rates]

Year orquarter

19291933

1939

19401941 . . .1942194319441945 . . .1946194719481949

1950195119521953 . . . .195419551956195719581959.

19601961196219631964 .19651966196719681969 . .

1970 . . .19711972.1973197419751976*

1974: 1 . .II. . .IllIV. . .

1975: 1II.. . . . .IllIV

1976: 1IIIII

Personal incomereceived by totalfarm population

Fromall

sources

Fromfarm

sources1

Fromnon-farm

sources 2

Income received from farming

Realized gross

Total *

Cashreceipts

frommarket-

ings

Produc-tion ex-penses

Net to farmoperators

Exclud-ing netinven-tory

change

Includ-ing netinven-tory

change4

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

27.428.734.448.645.145.544.0

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

13.013.416.829.023.522.820.0

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

14.415.317.619.521.522.724.0

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

100.298.2

106.897.597 099.5

88.499.6

105.299 6

101.5111 1103.3

11.35.3

7.9

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

50.552.961.287.192.689.6

99.490.089.391.7

80.091.196.590.8

92.4101 893.8

7.74.4

6.3

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

44.447.452.365.672.475.5

72.671.572.772.8

73.476.176.875.7

79.082.581.5

6.32.7

4.3

4.26.18.8

11.812.112.815.017.115.913.6

12.814.814.013.611.911.111 710.512 310.7

11.111.611 411.111.311.914.011.712.214.2

14.113.217.829.927.822.7

34.226.024.326.7

15.023.528.423.9

22.528.621.8

6.22.6

4.4

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

14.214.618.733.326.525.6

32.725.224.323.8

18.524.830.029.1

22.525.620.8

Net income perfarm including

net inventorychange

Currentdollars

1967dollars *

Dollars

945379

685

7061,0311,5881,9271 9502,0632,5432,6153,0442,233

2,4172,9362,8782,6042,5792,4292,4932,5363,1112,615

2,9073,1263,2673,2953,0353,8434,2863,9034,0134,766

4,7905,0306,504

11,7279,3719,100

11,5508,9008,5908,410

6,5908,830

10,68010,360

8,1009,2107,490

1,9691,115

1,851

1 8582,5783,4523,7063 6113 6194 0373,5343,9032,977

3,1803,5373,4263,1003,0702,8922 9332,8823 4962,938

3,2303,4733 5903,5823,2634,0454,3733,9033,8594,372

4,2024,2635,2888,8176,2065,482

8,0805,9305,5805,320

4,0705,3806,3206,060

4,7105,3004,230

1 Net income to farm operators including net inventory change, 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 Consists of income received by farm residents from nonfarm sources, such as wages and salaries from nonfarm em-ployment, nonfarm business and professional income, rents from nonfarm real estate, dividends, interest, royalties,unemployment compensation, and social security payments.

3 Cash receipts from marketings, Government payments, and nonmoney and other farm income furnished by farms(excluding net inventory change).

* Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.1 Income in current dollars divided by the index of prices paid ty farmers for family living items on a 1967 base.

Source: Department of Agriculture.

290


TABLE B-90.— Farm production indexes, 1929-76

[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 p..

Farmout-put i

54

51

58

6063706971

7072697674

7476798080

8383818789

9192929695

9895100102102

101111110112108

111111

Total*

62

56

64

6768767275

7377738479

7778828180

8382818989

9392929693

9995100103104

101112113120110

122118

Feedgrains

48

44

51

5256645862

6065507263

6459636164

6868748084

8778798675

88891009599

8911611211593

113117

Hayandfor-age

71

62

68

7675828079

8177747473

7881798181

8682898985

9090939394

989710099100

99105104109104

108100

Foodgrains

52

36

48

5260635467

7072858170

6564837667

6366629173

8780747786

888810010698

91107102112120

141138

Crop:

Vege-tables

73

65

72

7475798682

8493818683

8580808482

8591889089

9096949490

9697100104101

101100101102103

100100

Fruitsandnuts

70

72

91

8893928092

84100958792

9394919393

9397899699

9397979595

1009810098116

109116104130124

131139

Cot-ton

204

178

162

173148176157168

124119163205220

137208208208226

188202183150157

170195204211232

205130100148137

139145187175158

112133

To-bacco

78

70

97

7464727199

101118107101100

103119114105114

112111858891

99105118119113

94961008791

97868888101

111105

Oilcrops

11

9

25

2729404136

3534394745

4647464749

5360586964

6877788181

9597100114116

117121131155127

151128

Livestock and products 2

Total»

54

57

59

6164717774

7371706872

7578798082

8485838589

8891929598

9597100100101

105108108105106

100103

Meatani-mals

52

58

59

6063728173

7068676669

7479797881

8683808288

8589909598

9296100101102

108112110108110

101102

Dairyprod-ucts

76

80

82

8589929193

9594939093

9392929798

99101101101100

101104105104105

1041011009998

1001011029898

98101

Poul-tryandeggs

32

32

35

3639455252

5450504954

5759606164

6369707476

7682828487

909610098100

106107109106106

102109

1 Farm output measures the annual volume of net farm production available for eventual human use through sales fromfarms or consumption in farm households.

3 Gross production.* Includes certain items not shown separately.


291


TABLE B-91.—Farm population, employment, and productivity, 1929-76

Year

Farm population(April l ) i

Num-ber

(thou-sands)

As per-cent of

totalpopu-lation »

Farm employment(thousands)»

Total Familyworkers

Hiredworkers

Farm output

Perunit oftotalinput

Per hour of farm work

Total Crops

Live-stockand

products

Cropproduc-

tionper

acre 4

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..

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

1970..1971..1972.1973.1974.

1975 ...1976 P..

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

8,8648,300

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

4.23.9

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

4,3574,376

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

3,0342,997

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

1,3241,379

54

55

60

6264696869

6972707572

7373757677

8081828989

9293949897

10297100101102

101110109110107

113110

16

16

19

2022242424

2628283132

3435384042

4548515760

6568717781

8992100106110

112126129133132

141140

116

16

20

2123252425

2729293333

3635394042

4548536161

6669727779

9094100106108

110120124128118

131130

26

25

27

2728303131

3132333435

3739404243

4649505459

6266717783

8693100105112

121130138144156

160161

56

50

60

6263706468

6771677570

6970737271

7476778685

8992959795

10097100105106

104112115115103

114109

Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationving on farms, regardless of occupation.'Total population of United States as of July 1 including Armed Forces overseas.

ncludes persons doing farmwork on all farms These data published by the D

Farliving o

'Total population of United States as of July 1 including Armed Forces overseas.* 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 Cc nsus).

292


TABLE B-92.—Indexes of prices received and prices paid by farmers and selected farmresource prices, 1929—76

[1967=100, except as notedj

Year or month

192919331939

1940194119421943194419451946194719481949

19501951 . .19521953195419551956195719581959

I960196119621963196419651966196719681969

1970197119721973197419751976

1975* Jan 15Feb 15Mar 15Apr 15May 15 . .June 15"July 15Augl5Sept 15Octl5Nov 15Dec 15

19761 Jan 15Feb 15Mar 15Apr 15May 15June 15July 15Augl5Sept 15Oct 15Nov 15Dec 15

Prices received by farmers

Allfarm

products

592838

40496477798394110115100

1031211151029893929410096

959698979598106100102107

110113125179192186186

182176172178183186191194199195184186

186187186189191196195187187178173179

Crops

603136

404864838890102117113100

1031181191C71081031041009998

9910110310710610310610010097

100108114175224201198

216204195201198198203212210203189188

191193195193198211215201204195187191

Live-stockand

roducts

582539

4050627271778810511599

10212211197908582899993

929193898694106100104117

118118136183165172177

153151152158171176181180189189181184

183183178186185184179175172165162169

Prices paid by farmers

Allitems,nterest,taxes,andwagerates

473236

36394450535661707673

75828481818181848687

88889091929499100103108

112120125144166181194

175174174179180183183184186184184184

190191192193193195196195195194193195

Familylivingitems

483437

38404652545763747875

76838484848485888989

90909192939598100104109114118123133151166176

161162163163164166168169169170171171

172172173174174175177177178179180181

Produc-tionitems

513442

43455257606167788783

86959589898787909293

929394959496100100100104

108113121146166182196

176173173181183186184186189186184186

191193194197196199199198197195194196

Selected resource prices

Tractorsandself-pro-pelledma-

chinery

9296100104111

116122128137161195

185

199

204

209

211

220

224

Ferti-lizer

1031021009487

889194102167217185

231

200

182

177

Averagehourlywagerate,allhiredfarm

workers1

$0 73.'68

.69

.7781

.82

.8182.86.8892.95

.97

.991.011 051.081.141 231.331.441.55

1.641.731.842.002.252.43

2.47

2.42

2.29

2.63

2.75

2.66

2.53

2.80

Averagefarmreal

estatevalueperacre2

271619

19192123262932363941

40465152515355586166

68697377828693100107113

117122132150187214244

214

230

244

269

1 Without room or board; on or about the first of January, April, July, and October.2 Average for 48 States. Annual data are for March 1 of each year through 1975 and for February 1 for 1976. Monthly

data are for first of month.Source: Department of Agriculture.

293

224-250 O - 77 - 20Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLI

Year

1929

1933 ... .

1939

19401941194219431944 ..

19451946 . . .194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

19751976 v

. B-93.—Selected measures of farm resources and inputs,

Cropshar-

vested(mil-lionsof

acres) i

365

340

331

341344348357362

354352355356360

345344349348346

340324324324324

324302295298298

298294306300290

293305293321330

336336

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

6.05.95.75.65.5

5.35.3

1929-76

Index numbers of inputs (1967=100)

Total

99

93

97

9898101103104

101100100101103

102105105104103

1031029999100

9998989898

9698100101100

100101101101101

99101

Farmlabor

329

320

294

292288295291289

271260246239231

217217207200192

185174162155151

145139133128122

1091031009793

9089858583

8181

Farmreal

estate

103

97

102

1041021009998

99103103104105

105106105105105

105103102101102

100100101100101

1001001009998

9796949494

9494

Me-chani-cal

powerandma-

chinery

39

32

40

4244525558

5958647380

8591959797

9899989899

9895959494

9597100101101

10010099103102

104103

Agri-culturalchemi-cals 2

10

6

12

1314151720

2021242628

3033363738

4041414450

5054596672

7786100106110

110119125130136

126136

Feed,seed,andlive-stockpur-

chases 3

30

27

40

4145475151

5352545560

6266686770

7174737882

8286888991

9297100101103

108108109106105

101104

Taxesand

interest

71

73

70

7071717577

7879797780

8080828483

8585848590

9192939597

9799100102102

10210010210097

9595

Miscel-laneous

67

64

76

7778757881

7980818690

8692919188

92889297101

103103106107111

107103100106105

108107114110101

9296

* Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts,and farm gardens.2 Fertilizer, lime, and pesticides.3 Feed, seed, and livestock purchases from nonfarm sources.Source: Department of Agriculture.

294


TABLE B-94.—Comparative balance sheet of the farming sector, 1929-77

(Billions of dollars]

Beginning ofyear

1929

1933

1939.

19401941.1942.. .19431944.

1945.1946.194719481949.

19501951.1952....19531954.

19551956.1957_ . . . .19581959.

19601961.1962.19631964

19651966. .196719681969

1970.19711972.1973.1974

19751976

1977*

Assets

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

132.5151.5167.0164.3161.2

165.1169.6177.9185.8202.1

204.0204.8213.3222.0229.8

238.0254.7267.6281.0295.3

306.2317.7343.3387.8476.3

520.6585.4

634.0

Realestate

48.0

30.8

34.1

33.634.437.541.648.2

53.961.068.573.776.6

75.386.695.196.595.0

98.2102.9110.4115.9124.4

130.6132.2138.4144.3152.6

161.5172.8182.3192.5201.4

206.9215.0231.5260.6325.3

371.1422.3

460.3

Live-stock J

6.6

3.0

5.1

5.15.37.19.69.7

9.09.7

11.913.314.4

12.917.119.514.811.7

11.210.611.013.917.7

15.315.616.417.315.9

14.517.619.018.820.2

23.523.727.334.142.4

24.629.5

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

18.619.320.220.221.8

22.722.222.523.523.9

24.826.027.429.831.3

32.334.436.639.344.3

56.565.9

Crops2

2.73.03.85.16.1

6.76.37.19.08.6

7.67.98.89.09.2

9.68.48.37.69.3

7.78.08.89.39.8

9.29.7

10.09.6

10.6

10.910.711.814.522.1

23.319.8

House-hold

equip-mentand

furnish-ings

4.24.24.95.05.3

5.66.17.78.59.1

8.69.7

10.39.99.9

10.010.510.09.99.8

9.68.99.19.08.8

8.68.68.59.19.7

9.810.311.212.713.6

15.316.2

140.3

Financial assets

De-positsandcur-rency

3.23.54.25.46.6

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

15.015.6

U.S.savingsbonds

0.2.4.5

1.12.2

3.44.24.24.44.6

4.74.74.74.64.7

5 25.15.15.2

4.74.64.54.44.2

4.24.13.93.83.8

3.73.63.74.04.2

4.34.4

33.4

1 nvest-mentin co-opera-tives

0.8.9.9

1.01.1

1.21.41.51.71.9

2.12.32.52.72.9

3.13.23.53.73.9

4.24.54.85.05.4

5.65.96.26.56.8

7.27.68.08.69.5

10.511.7

Claims

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

132.5151.5167.0164.3161.2

165.1169.6177.9185.8202.1

204.0204.8213.3222.0229.8

238.0254.7267.6281.0295.3

306.2317.7343.3387.8476.3

520.6585.4

634.0

Realestatedebt

9.8

8.5

6.8

6.66.56.46.05.4

4.94.84.95.15.3

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

29.230.332.235.841.3

46.350.9

56.7

Otherdebt

3.43.94.14.03.5

3.43.23.64.26.1

6.87.08.08.99.2

9.49.89.5

10.012.5

12.813.414.716.317.6

17.919.521.022.323.1

23.824.126.929.632.8

35.539.7

44.9

Pro-prie-tors'equi-ties

42 944 652.463 775.7

85 995.5

107.9118 6123.5

120.1138.4152.3148.2144.3

147.5150.8158.6165.4178.5

179 2178.6184.8190.6195.4

201.2214.0223.5233.6244.8

253.2?63. 3284.2322.4402.2

438.8494.8

532.4

1 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 1,1977 totaled approximately $0.5 billion.

Note.—Beginning 1960, data include Alaska and Hawaii.


295


INTERNATIONAL STATISTICSTABLE B-95.—U. S. international transactions, 1946-76

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

Yearor

quar-ter

Merchandise12

Ex-ports Imports

Netbal-ance

Directexpend-

itures

Military transactions

SalesNetbal-

Net invest-ment income

Pri-vates

U.S.Gov-

ment

Nettraveland

trans-porta-

tion re-ceipts

Otherserv-ices,nets

Bal-anceon

goodsand

serv-ices i«

Remit-tances,

pen-sions,and

otheruni-

lateraltrans-fers^

Bal-anceon

cur-rentac-

count

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...

1974:

I V . . .

1975:

IV..

1976:

ll.T"III p.

11,76416,09713, 26512,213

10,20314, 24313,44912,41212, 929

14,42417, 55619, 56216, 41416,458

19,65020,10820, 78122,27225, 501

26,46129,31030,6f.633, 62636,414

8 42,4fa9 843, 31949, 38171,41098,310

107,088

22,46024, 21225,03626,602

27, 01825,85126, 56227,657

26,83628, 42829, 581

-5,067-5,973- 7 , 557- 6 , 874

-9,081-11,176-10,838-10,975-10,353

-11,527-12,8C3-13, 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, 579-55,797-70,499-103,679

-98,058

-22,605-25, 700-27,374-28,000

-25, 570-22, 568-24,483-25,437

-28, 510-29,771-32, 614

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

8 2,603-2,260-6, 416

911-5,369

9,030

-145-1,488-2,338-1,398

1,4483,2832,0792,220

-1,674-1, 343-3, 033

-493-455-799-621

-576-1,270-2,054-2,615-2,642

-2,901-2, 949-3, 216-3,435-3,107

-3,087-2, 998-3,105-2,961-2,880

-2, 952-3, 764-4,378-4,535-4, 856

-4,855-4,819-4, 784-4,629-5,035

-4,780

-1,153-1,298-1,265-1,319

-1,317-1,185-1,093-1,185

-1,150-1,215-1,221

1,1521,3921,528

1,5011,9261,1632,3422,952

638683781850

915807978

1,197

1,1451,0731,587

-493-455-799-621

-576-1,270-2,054-2, 423-2,460

-2,701-2, 788-2, 841-3,135-2,805

-2,753-2, 596-2,448-2, 304-2,133

-2,122-2, 935-3,226-3,143-3, 328

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

-883

-515-615-484-469

-402-378-115

12

-146366

554807975989

1,1461,3171,2671,2831,594

1,7752,0542,1742,0082,147

2,2702,8323,1773,2273,926

4,1433,5433,8653,9413,471

3,6315,6596,2088,18813,461

9,430

4,0562,7963,1733,436

2,1092,3492,4872,485

3,0663,1953,480

6508573

78151140166213

180404

16868

1710513498

26554163

156

-112-956

-U-3,010-3,234-3,423

-772-759-816-887

-985-818-805-815

-787-735-768

733946374230

-12029883

-238-269

-297-361-189-633-821

-964-978

-1,152-1,309-1,146

-1,280-1,331-1,750-1,548-1,763

-2,023-2,315-3,028-3,086-3,107

-2,503

-680-793-771-863

-687-498-568-750

-754-396-485

310145175208

242254309307305

299447482486573

579594809960

1,041

1,3871,3651,6121,6301,833

2,1902,5092,7893,1883,919

4,666

875913

1.C211,110

1,1251,1461,1871,205

1,2121,1611,309

7,80711,6176,5186,218

1,8923,8172,356

5321,959

2,1534,1455,9012,35b

310

4,0405,5295,0425,8978,499

7,1054,5144,3401,578

977

2,938-256

-5,9543,9053,586

16,316

2,81954

-215929

2,6085,0844,2654,357

1,0581,736

869

-2,922-2,625-4,525-5,638

-4,017-3,515-2, 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

-2,854-2,932-3,125-2,951-2,994

-3,294-3,701-3,848-3,883-7,184

-4,620

-2,977-1,850-1,261-1,098

4,8858,9921,993

580

-2,125302

-175-1,949

-321

-3451,7223,556

-2,138

1,7323,0052,4043,1435,718

4,2511,5821,215-1,374-2,017

-356-3,957-9,802

22-3, 598

11,697

-158-1,796-1,476

-169

-1,179-1,146-1,044-1,251

1,4293,9383,2213,106

-1,118-920

-1,925

-60816

-1,056

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 net 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.

(Footnotes continued on following page.)

296


TABLE B-95.—U.S. international transactions, 1946-76—Continued

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

Year orquarter

1946194719481949 . . .

19501951 . . .195219531954. . .

19551956 . . .195719581959

I9601961196219631964

19651966196719681969

19701971197219731974

1975

1974: l . ._ .I I . . .III . .IV...

1975:1 . . . .I I . . .III . .IV...

1976:1 . . . .I I . . .Illi'.IV*.

U.S. assets abroad, net[increase/capital outflow (—)|

Total

- 2 , 8 3 3- 4 , 4 8 4- 2 , 9 7 9- 5 , 764- 8 , 1 2 8

- 4 , 1 7 6- 5 , 530- 8 , 025- 8 , 572- 8 , 8 2 3

- 6 , 032- 9 , 596

- 1 0 , 245-16 ,434-33 ,392

-31 ,593

- 7 , 9 1 5-10 ,013- 5 , 2 1 0

-10 ,252

- 8 , 001- 7 , 943- 4 , 4 1 1

-11 ,238

-10,007- 9 , 8 7 5- 8 , 9 0 1

U.S.officialreserveassets «

- 6 2 3- 3 , 3 1 5- 1 , 7 3 6

- 2 6 6

1,758- 3 3

- 4 1 51,256

480

182- 8 6 9

- 1 , 1 6 52,2921,035

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

- 2 1 0- 3 5 8

- 1 , 003137

- 3 2 5- 2 9

- 3 4 289

- 7 7 3- 1 , 5 7 8

- 4 0 7

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 , 423- 2 , 274- 2 , 200

- 1 , 5 8 9- 1 , 8 8 4- 1 , 5 6 8- 2 , 645

"365

- 3 , 4 6 3

91, 389267

- 3 5 4- 9 3 7

- 8 9 9- 8 4 0-111- 9 5 2

- 6 8 4- 1 , 0 0 8- 1 , 4 5 4

U.S.privateassets

- 3 , 8 7 8- 4 , 1 8 0- 3 , 4 2 6- 4 , 4 7 9- 6 , 6 1 8

- 3 , 793- 4 , 554- 5 , 6 5 3- 5 , 418- 5 , 436

- 6 , 9 2 0-10 ,060

- 8 , 708-13 ,998-32 ,323

- 2 7 , 523

- 9 , 094- 9 , 9 2 2- 3 , 8 5 4- 9 , 453

- 6 , 777- 7 , 074- 3 , 297

- 1 0 , 375

- 8 , 550- 7 , 288- 7 , 0 4 0

Foreign assets in the U.S., net[increase/capital inflow (-l-)l

Total

2,1202,4671,6972,9813,317

3823,3206,9389,439

12,270

5,92322, 44521,12718,51932,433

15, 326

5,90611,0497,6127,867

2,8373,9072,7085,874

5,3967,33C8,471

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

6,899

- 1 , 0724,6483,1494,256

3,4022,331

- 1 , 6 0 62,771

3,9424,1053,013

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

5,166

- 1 , 1 3 84,4902,7314,174

2,9581,913

- 1 , 9 7 72,272

2,4603,3081,258

Otherforeignassets

6471,701

427995

1,656

2493,9943,488

10, 21513, 571

- 9 8 4- 4 , 45010, 42212, 22021,452

8,427

6,9776,4014,4623,611

- 5 6 51,5764,3133,103

1,4543,2255,458

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

- 1 2 8507

- 1 , 430

- 4 0 2- 9 , 609- 1 , 7 9 0- 2 , 1 0 7

4,557

4,570

2,167761

- 9 2 52,554

3,73598

- 1 , 5 1 72,258

4,6711,7291,485

Ofwhich:Sea-sonal

adjust-ment

discrep-ancy

1,191- 2 3 5

- 2 , 4 9 81,542

1,328- 3 9

- 2 , 5611,275

1,349- 7 6

- 2 , 8 2 9

U.S.officialreserveassets,

net(unad-justed,end ofperi-od)*8

20,70624,02125,75826,024

24,26524,29924,71423,45822,978

22, 79723,66624,83222, 54021, 504

19,35918, 75317,22016, 84316,672

15, 45014,88214,83015,71016, 964

14, 48712,16713,15114, 37815,883

16, 226

14, 58814, 94615,893

. 15,883

16, 25616, 24216, 29116, 226

16,94118,47718, 94518, 747

5 Consists of gold, special drawing rights, convertible currencies, and the U.S. reserve position in the InternationalMonetary Fund (IMF).

0 Includes increases (in millions) as follows: for 1969, $67 resulting from revaluation of the German mark in October1969; for 1971, $28 in dollar value of foreign currencies revalued to reflect market exchange rates as of December 31,1971; for 1972, $1,016 resulting from change in par value of the dollar on May 8,1972; and for 1973, $1,436 resulting fromchange in par value of the dollar on October 18,1973.

Beginning July 1974, valuation of SDR and reserve position in the IMF based on a weighted average of exchange ratesfor the currencies of 16 member countries. On a pre-July 1974 basis, reserve assets for December 31, 1974 are $15,812million; for December 31,1975, $16,366 million; and for December 31,1976, $18,895 million.

7 Not available separately.8 Data beginning 1970 not strictly comparable with earlier data.9 Includes extraordinary U.S. Government transactions with India.

Note.—Quarterly data for changes in U.S. official reserve assets, U.S. private assets abroad, and foreign assets in theU.S. are not seasonally adjusted.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.

297


TABLE B-96.—U.S. merchandise exports and imports by commodity groups, 1958-76(Millions of dollars; monthly data seasonally adjusted]

Year ormonth

Merchandise exports1

Totaldo-

mesticand

Foreignex-

ports 2

Domestic exports

Tota l "

Food,bever-ages,

and to-bacco

Crudemate-rialsand

fuels«

Man-ufac-turedgoods5

Merchandise imports

General imports'

Totals

Food,bever-ages,

and to-bacco

Crudemate-rialsand

fuels*

Man-ufac-turedgoods'

Total,ci.f.

value7

Merchandise tradebalance

Ex-portslessim-

ports,cus-tomsvalue

Ex-portslessim-

ports,f.a.s.

Exportsless

imports,ci.f.

F.a.s. value« Customs value

1958..1959..

1960.1961.1962.1953.1964.

1965.1966.1967.1968.1969.

1970.1971.1972.1973.1974.

1974.1975.

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

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

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

July.Aug.Sept.Oct..Nov.

16,37516,426

19,65920, 22620, 98622,46725,832

26, 74229,49031, 03034, 06337, 332

42,65943, 54949,19970,82397,908

97, 908107,130

9,3748,7568,6818,6498,2228,716

8,8718,9809,1049,2269,4099,250

9,1038,8008,9569,3949,5789,716

10, 0229,6889,8729,7289,625

16,21116,243

19,45919, 98220, 71722,18225,479

26, 39929,05430, 64633,62636, 788

42,02542,91148,39969, 73096,545

96, 545105,641

2,6882,852

3,167,3, 4663,7434,1884,637

4,5195,1864,7104,5924,446

5,0585,0766,569.2,938.5,233

5,233

29, 34430,44333,740

10, 735 44, 73115,802 63,523

6,793 15,197 70,951

1,7231,5301,3751,3641,1451,182

1,2951,3791,3581,5101,4931,409

1,5101,3371,3051,5211,4271,439

1,5631,6151,4371,5981,257

3,0522,996

3,9423,8643,3563,7754,337

4,273 .7,433.. ... 19,2184, 726 20, 844" — 23,818

26, 785

4,404

4,8655,006

6,6926,4417,091

5, 802 63, 523

1,5771,3101,3241,1871,1931,147

1,2581,3221,1991,1981,3301,222

1,2231,1381,1651,2841,3771,33:

1,3741,2501,5011,5031,501

.1, 5471,179

.2, 583

.2, 784

.3,668

.4,297

.6, 529

13,39215,690

15,07314, 76116, 46417,20718, 749

21, 42725, 61826,88933,22636,043

39, 95145, 56355, 58369,476[00,997

3,5503,580

3,3923,4553,6743,8634,022

4,0134,5904,7015,3655,308

4,1644,615

4,4184,3344,6914,7555,029

5,3676,0316,391

6,2306,4047,379 .9, 235 13,446 45,10,701

5,3117,117

6,8636,5377,6498,070|9,106

5,440 11,2445,718 14,446

15, 75620,62423,011

25,9076,5427,268 30,4148,838 37, 767[3,446 45,00131,842 56,202

F.a.s. value 8

.00,25110,709 32,064 55,223

5,7505,6805,5515,7275,5866,038

6,0756,0006,0496,3046,1896,291

5,9716,0356,0886,1916,4436,557

6,6696,5676,50;6,2666,578

96,116

9,6337,9277,4677,9597,2637,103

7,8327,8778,1968,1698,2018,522

9,1768,9419,6079,5969,18210,094

10, 84910, 44610,65110,42410, 531

9,923 32,596 51,080

784795826785740856

819777

1,020855867825

872889

1,053896932

1,062

1,068982994943

1,012

3,6252,4951,8872,9522,4891,978

2,7062,7163,0052,9122,8962,852

3,2332,9132,8853,4922,7593,409

3,8813,7583,7243,7603,909

4,7434,3514,3954,1613,8943,990

4,1294,1784,0524,2884,3624,582

4,7144,7825,1835,3075,1965| 338

5,7225,5135,6255,5445,687

28,74535,32038,241

42,42948,34258,86273,573107,996

107,996103,389

10,3758,5018,0398,5477,8147,651

8,4138,4788,8208,7948,8289,161

9,59310, 30110,3029,87310, 889

11,65011,21911, 44811,16611,282

2,983736

4,5865,4654,5225,2607,083

5,3153,8724 141

8371,289

2,708-2,014-6, 384

1,348-3,f "

-3 ,C10, 228

- 2 9 7791

1,126615876

1,529

9831,054

843981

1,134671

- 1 3 2- 2 1 3- 7 3 4- 3 0 2

282- 5 1 6

- 9 1 7- 8 4 8- 8 8 8- 7 6 2

-1 ,000

- 2 , 34311,014

2,283- 1 , 2 5 7

- 9 0 9

230- 4 , 7 9 3- 9 , 6 6 3- 2 , 7 5 2

-10,088

-10,0883,741

- 2 5 9829

1,215690958

1,613

1,0391,103

9081,0561,208

728

- 1 , 0 0 1255642102408

1,064

45850228443258189

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

396- 3 7 7

- 8 2 7- 7 5 8- 7 7 9- 6 9 6- 9 0 6

- 7 7 6- 7 9 3

- 1 , 3 4 5- 9 0 8- 2 9 5

- 1 , 1 7 3

- 1 , 6 2 8- 1 , 5 3 1- 1 , 577- 1 , 4 3 8- 1 , 6 5 7

1 Beginning 1860, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military

Assistance Program.3 Total includes commodities and transactions not classified according to kind.4 Includes fats and oils.s Includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these

items include military grant-aid shipments.0 Total arrivals of imported goods other than intransit shipments.7 Ci.f. (cost, insurance, and freight) import value at first port of entry into United States. Data for 1967-73 are estimates.8 F.a.s. (free alongside ship) value basis at U.S. por+ of exportation for exports and at foreign port of exportation for

imports.Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and bullion reported separately

prior to 1969. Export statistics coyer all merchandise shipped from the U.S. customs area, except supplies for the U.S.Armed Forces. Exports include shipments under Agency for International Development and Food for Peace programs aswell as other private relief shipments.

Source: Department of Commerce (Bureau of the Census and Bureau of International Economic Policy and Research).

298


TABLE B-97.— U.S. merchandise exports and imports by areat 1970-76


Area 1970 1971 1972 1973 1974 1975 1976Jan.-Nov.

Exports (domestic and foreign and special categoryshipments)

Developed countries.

Canada iWestern Europe2

JapanAustralia, New Zealand, and Republic of

South Africa

Developing countries s.

Petroleum exporting countries.Other countries

Other Western Hemisphere.Near East.East and South AsiaDeveloping Africa

Socialist areas in Europe and Asia.Unidentified countriesi

43,224

30,877

9,07914, 4634,652

1,683

12,993

2,65910, 334

6,5321,4234,029

940

354

44,130

30, 335

10, 36514,1784,055

1,737

13,410

2,93210,478

6,4851,8164,0471,009

384

49, 759

34, 319

12,41515, 3614,963

1,580

14, 556

3,37511,181

7,2751,9544,373898

883

General imports.

Developed countries.

CanadaWestern Europe2

JapanAustralia, New Zealand, and Republic of

South Africa

Developing countries3.

Petroleum exporting countries.Other countries

Other Western Hemisphere.Near East.East and South AsiaDeveloping Africa

Socialist areas in Europe and Asia-Unidentified countries4

39,952

29,259

11,09211,1695,875

1,123

10,442

2,5167,929

5,836371

3,3978G0

22724

45, 563

33, 744

12,69112,6587,259

1,136

11,549

3,0608,489

6,038593

3,941930

22941

55, 583

40, 822

14,92715, 4239,064

1,408

14, 356

3,72910, 627

7,003773

5,2641,253

35451

71, 339

47, 209

15,10421, 359

8,313

2,432

20,9634,54016,4239,9293,0416,6001,334

2,491677

69, 476

48, 530

17,71519, 2869,676

1,853

20,313

6,30910,004

9,6071,3967,0432,180

59340

98, 507

63,021

19, 93628,63710,679

3,769

32,695

8,14024,555

15,8095,5579,1962,044

2,239552

100,251

59,786

21,92923, 52112,338

2,000

39,443

20,48818,955

18,4034,740

10, 2425,941

1,00715

107, 592

64, 780

21,74429,9459,563

3,529

39, 215

12, 56726,648

17, 0998,946

10,0932,964

3,092505

96,116

55,966

21,72920, 73711,268

2,232

39,252

21,41717,835

16, 0445,431

10, 2247,436

88711

104, 264

64, 006

22, 06029,1259,245

3,577

36, 516

13,11123,405

15,3199,0279,3702,717

3,369374

109, 240

60, 820

23, 80120, 68514, 092

2,242

47,440

26, 25521,185

15, 3378,254

13, 36610, 365

9755

1 Beginning January 1973, transshipments of certain grains and oilseeds through Canada are shown as exports to uniden-tified countries.

2 Includes Finland, Yugoslavia, Greece, and Turkey.3 Includes developing countries in Oceania.< Consists of certain low-valued shipments not identified by country.

NOte—Exports are f.a.s. (free alongside ship); 1959-73 imports are Customs values, generally the market value in theforeign country; and 1974-76 imports are transaction values f.a.s. Petroleum exporting developing countries are as follows:OPEC (Organization of Petroleum Exporting Countries)—Algeria, Ecuador, Gabon, Indonesia, !ra,,, Iraq, Kuwait, Libya,Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela; and other petroleum exporting developing countries-Angola, Bahamas, Bahrain, Brunei, Egypt, Leeward and Windward Islands, Netherlands Antilles, Oman, Trinidad andTobago, and Tunisia.

Source: Department of Ccmmerce (Bureau of the Census and Bureau of International Economic Policy and Research).


TABLE B-98.—U.S. overseas loans and grants, by type and area, fiscal years, 1962-75[Millions of dollars]

Type of program and fiscal period

TOTAL ECONOMIC LOANS AND GRANTS (OBLI-GATIONS AND LOAN AUTHORIZATIONS)!

1962-74 averageLoansGrants

1975 „_Loans _Grants

OFFICIAL DEVELOPMENT ASSISTANCE TO LESSDEVELOPED COUNTRIES*

Obligations and loan authorizations:1962-74 average1975

Loan repayments and interest receipts:1962-74 average1975

Agency for International DevelopmentObligations and loan authorizations:

1962-74 average1975

Loan repayments and interest receipts:1962-74 average. . .1975

Food for PeaceObligations:

1962-74 average1975


Contributions and subscriptions to internationalfinancial institutions 3

Obligations:1962-74 average1975

Other official development assistance, includingPeace Corps *


OTHER ECONOMIC LOANS AND GRANTS TO LESSDEVELOPED COUNTRIES



TOTAL ECONOMIC LOANS AND GRANTS TO DE-VELOPED COUNTRIES


Total

5,4963,1792,318

7,6594,4293,230

3,9814,892

675783

2,1602,505

290374

1,2461,328

357409

364784

211275

8662,026

5131,215

649740

NearEastand

SouthAsia

1,324961363

2,0061,277

730

1,1441,785

421330

5781,012

170153

555767

247177

106

180221

105384

LatinAmerica

1,163740423

1,466931535

867776

75144

463239

42115

127128

1729

204348

7161

296690

285416

EastAsia

1,244548696

1,7431,285

457

969737

93103

597507

3545

345217

5658

2713

157783

44154

118223

Africa

413213202

583336248

336334

3471

189171

2342

125135

929

2228

79249

2380

Europe

62159527

50448913

4913

48133

413

1918

44

28115

14983

56179

423408

Otherand

inter-regional

726119607

1,356109

1,247

6161,247

41

329563

11

4881

159436

80167

2

2

108109

1 Some data are preliminary.3 Official development assistance is defined as concessional aid for development purposes. Countries have been classified

"less developed" on the basis of the standard list of less developed countries used by the Development Assistance Com-mittee of the Organization for Economic Cooperation and Development. On this basis, "less developed" countries includeall countries receiving U.S. loans or grants except the following which are considered "developed": Japan, Australia, NewZealand, Republic of South Africa, Canada, and all of Europe except Malta, Spain, and Yugoslavia.

3 Includes paid-in capital subscriptions and contributions to the Inter-American Development Bank, the InternationalBank for Reconstruction and Development, the International Development Association, and the Asian Development Bank.

* Data for certain programs from Department of Commerce, Bureau of Economic Analysis.

Source: Agency for International Development (except as noted).


TABLE B-99.—International reserves, 1952, 1962, and 1972-16

[Millions of SDRs * ; end of period]

Area and country 1952 1962 1972 1973 1974 19751976

November

All countries.

Industrialized countries3..

United States.CanadaJapan..

AustriaBelgiumFranceGermanyItalyNetherlandsScandinavian countries (Den-

mark, Norway, and Sweden).SwitzerlandUnited Kingdom

Other Europe

Australia, New Zealand, and SouthAfrica

Oil exporting countries.

IranNigeriaSaudi Arabia..Venezuela....Other 4

Other less developed areas

Other Western Hemisphere...

Other Middle East

Other Asia

Other Africa

2 49,311

36,760

24,7141,9441,101

1061,133686960722950

8171,6671,956

1,559

1,509

1,699

177500

443579

7,324

2,224

826

3,478

796

62,619

49,249

17, 2202,5612,022

1,0771,7534,0496,9574,0681,943

1,3622,9193,308

2,966

2,066

2,030

211289268583679

6,308

1, 6G5

992

2,663

988

146, 519

97,461

12,1125,57216,915

2, 5033,5649,22421,9075,6054,407

3,4596,9605,201

11,748

7,612

10, 043

884346

2,3031,595

4,915

19, 655

7,492

2,695

7,554

1,915

152, 240

95,750

11,9194,78210,151

2,3824,2287,07027,4975,3355,427

4,4997,0635,368

13,421

6,486

12, 041

1,025483

3,2141,9995,320

24, 542

9,950

3,604

8,791

2,197

180, 068

97,935

13,1164,75811, 042

2,8014,3667,23026,4615,6695,682

3,7577,3605,667

12, 273

4,956

38, 407

6,8474,59511,6675,3209,978

26,498

9,709

3,884

10, 456

2,449

194, 275

104,112

13, 5684,54910,947

3,7924,95210,75726, 5104,0786,073

5,2888,9084,663

11,168

4,186

48, 285

7,4294,957

19,9207,5698,410

26, 525

8,519

4,424

11,188

2,394

111,491

16,4154,418

14,547

3,5504,2258,341

30,1185,6306,271

4,5628,8444,540

3,518

7,9354,42123,2057,320

i Special drawing rights. For conversion to U.S. dollars, use the following U.S. dollars per SDR for end of period: 1952—1.00000; 1962—1.00000; 1972-1.08571; 1973-1.20635; 1974-1.22435; 1975—1.17066; 1976: Nov.—1.14982.

2Includes Cuba,a Includes Luxembourg.* 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."

301


TABLE B-100.—U.S. reserve assets, 1946-76[Millions of dollars]

End of year ormonth

194619471948 .1949

1950195119521953195419551956195719581959

196019611962196319641965 . .1966196719681969

1970197119721973197419751976

1976: JanFebMar .AprMayJune

JulyAugSeptOctNovD e c .

Total reserveassets

20, 70624, 02125, 75826, 024

24, 26524, 29924, 71423, 45822,97822, 79723,66624, 83222, 54021, 504

19, 35918,75317, 22016,84316, 67215, 45014, 88214,83015,710

7 16,964

14, 4877 12,1677 13,1517 14,378«15,883U6,226818, 747

16, 62216,66116,94117,43817,95818, 477

18, 24618, 58618, 94519.01319,416

8 18. 747

Gold stock i

Total

20,70622, 86824, 39924, 563

22, 82022, 87323, 25222,09121, 79321.75322, 05822, 85720, 58219, 507

17, 80416,94716, 05715, 59615,471

« 13, 80613, 23512, 06510, 89211, 859

11,07210, 206

710,487M l , 652

11,65211,59911,598

11,59911,59911,59911,59911,59811, 598

11,59811, 59811,59811,59811,59811,598

Treasury2

20, 52922,75424, 24424, 427

22, 70622,69523.18722, 03021,71321, 69021,94922,78120, 53419, 456

17, 76716, 88915,97815, 51315, 388

6 13,73313,15911,98210, 36710 367

10, 73210,132

710,410711,567

11 65211,59911,598

11,59911,59911,59911, 59911,59811, 598

11,59811, 59811,59811, 59811, 59811, 598

Specialdrawingrights

(SDR) 3

8511,100

71,9587 2,166»2 3748 2,3358 2,395

2,3762,3762,3512,3252 3092,316

2,3182,3252,3572 3522,365

s 2,395

Convertibleforeign

currencies*

lie99

212432781

1,3212 3453,528

7 2 781

6297 276

24185

80320

333296571936938

1,365

864845

1,0381 0661,146

320

Reserveposition in

InternationalMonetary Fund*

1 1531 3591,461

1 4451 4261 4621 3671 1851 0441 6081 9751 9581 997

1 5551*6901 064l' 035

7696 863

326420

1 2902 324

1,935585

7 4657 552

81 8528 2,'2128 4, 434

2,3142,3902,4202,5783 1133,198

3,4663,8183,9523 9974 307

8 4, 434

1 Includes gold sold to the United States by the International Monetary Fund (IMF) with the right of repur-chase and gold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreigncountries for gold subscriptions on increased IMF quotas.

2 Prior to December 1974, excludes gold held by the Exchange Stabilization Fund (ESF). In December 1974,the Treasury acquired all the gold held by the ESF.

3 Includes initial allocation on January 1, 1970 of $867 million, second allocation on January 1, 1971 of$717 million, and third allocation on January 1, 1972 of $710 million of special drawing rights (SDR)in the Special Drawing Account in the IMF, plus or minus transactions in SDR.

4 Includes holdings of Treasury and Federal Reserve System.5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the

Fund automatically if needed. Under appropriate conditions the United States could purchase additional amountsequal to the United States quota.

6 Reserve position includes, and gold stock excludes, $259 million gold subscription to the fund in June 1965for a U.S. quota increase which became effective on February 23, 1966.

7 Includes increase (in millions as follows: for 1969, $67 resulting from revaluation of German mark inOctober 1969 ($13 in mark holdings); for 1971, $28 in dollar value of foreign currencies revalued to reflectmarket exchange rates as of December 3 1 , 1971; for 1972, $1,016 in total assets resulting from the changein par value of the U.S. dollar on May 8, 1972 ($828 total gold stock, $822 Treasury gold stock, $155 SDR,and $33 reserve position); for 1973, $1,436 in total assets resulting from the change in par value of thedollar on October 18, 1973 ($1,165 total gold stock, $1,157 Treasury gold stock, $217 SDR, and $54reserve position).

8 Beginning July 1974, the IMF adopted a technique for valuing the SDR based on a weighted average ofexchange rates for the currencies of 16 member countries. SDR holdings and reserve position in the IMF arealso valued on this basis beginning July 1974. At valuation used prior to July 1974 SDR1 = $1.20635), end ofmonth values are (in millions of dollars):

Total Reservereserve SDR positionassets in IMF

1974: Dec 15,812 2,338 1,8171975: Dec 16,366 2,404 2,2831976: Dec 18,895 2,482 4,495

Note.—Gold held under earmark at Federal Reserve Banks for foreign and international accounts is not included inthe gold stock of the United States.

Sources: Department of the Treasury and Board of Governors of the Federal Reserve System.

302


TABLE R-101.—International investment position of the United States at year-end, J971-75


Type of investment 1971 1972 1973 1974 19751

Net international position of the United States..

U.S. assets abroad

U.S. official reserve assets2

GoldSpecial drawing rights (SDR)Reserve position in International Monetary Fund

(IMF)Foreign currencies

Other U.S. Government assetsU.S. loans and other long-term assets 3U.S. foreign currency holdings and U.S. short-term

assets

U.S. private assetsDirect investments abroadForeign securitiesU.S. claims on unaffiliated foreigners reported by

U.S. nonbanking concernsU.S. claims reported by U.S. banks, n.e.c

Foreign assets in the United States..

Foreign official assetsU.S. Government securitiesOther U.S. Government liabilitiesU.S. liabilities reported by U.S. banks, n.e.c.Other foreign official assets

Other foreign assetsDirect investments in the United StatesU.S. securities other than U.S. Treasury securities.U.S. liabilities to unaffiliated foreigners reported by

U.S. nonbanking concernsU.S. liabilities reported by U.S. banks:

Long-term liabilitiesU.S. Treasury securities and other short-term

liabilities

56.1

179.5

12.210.21.1. 6. 3

34.231.8

2.4

133.183.023.5

9.616.9

123.3

52.544.41.26.8

70.913.930.1

9.2

16.9

49.6

199.5

13.210.52.0

.5

.2

36.134.1

2.0

150.390.527.6

11.420.7

149.9

63.252.91.68.5.2

86.714.938.8

10.7

.9

21.5

61.9

225.2

14.411.72.2

.6

.0

38.836.2

2.6

172.0103.727.8

13.826.7

163.3

69.653.82.8

12.6.5

93.718.336.8

11.7

1.2

25.7

77.4

264.8

15.911.72.4

1.9.0

38.436.3

2.1

210.6118.828.6

17.046.2

187.4

80.357.73.5

18.4.6

107.122.427.8

13.4

1.2

42.3

93.6

304.1

16.211.62.3

2.2

41.839.8

2.0

246.1133.235.2

18.359.5

210.5

87.063.25.2

15.92.7

123.626.736.5

13.5

46.0

1 Preliminary.2 Reserve assets include increases from changes in the par value of the dollar, as officially implemented: on May 8,1972,

the increase totaled $1,016 million, consisting of $828 million gold stock, $155 million SDR, and $33 million reserve positionin IMF; on October 18, 1973, the increase was $1,436 million, consisting of $1,165 million gold stock, $217 million SDR,and $54 million reserve position in IMF. Beginning July 1974 U.S. holdings of special drawing rights and the reserveposition include changes in the SDR based on changes in a weighted average of exchange rates for currencies of 16member countries of the IMF.

3 Includes loans repayable in dollars, such as paid-in subscriptions to international financial institutions and othermiscellaneous claims, and indebtedness that the borrower may repay with its currency, with a third-party currency, or bydelivery of materials or transfer of services.


303


TABLE B-102.—Price changes in international trade, 1968-76

[1970=100]

Area or commodity class 1968 1969 1970 1971 1972 1973 1974 1975

1976

Thirdquarter

Developed areas

Total:

ExportsTerms of trade *_.

United States:

ExportsTerms of t rade l .

Developing areas

Total:

ExportsTerms of trade1 .

Latin America:

ExportsTerms of trade

Southern and Eastern Asia:

ExportsTerms of t rade l .

Primary commodities: Total

Foodstuffs —

Coffee, tea, and cocoa.Cereals

Other agricultural com-moditiess

Fats, oils, and oilseeds.Textile fibers

WoolRubber

Minerals.

Metal ores.Fuels

Manufactured goods: Total*

Nonferrous base metals*.. .

Unit value indexes by area

9199

92101

94100

9096

9?96

9499

95101

97101

9297

9799

100100

100100

100100

100100

100100

10599

10398

106101

10198

100100

114100

10694

115101

110100

106

13899

12493

155111

154116

143

17287

15879

310156

251135

209

19289

17682

327143

255128

World export price indexes

92

91

82106

94

8410611794

92

8995

91

84

97

95

8799

101

87107117128

96

9596

94

97

100

100

100100

100

oo

oo

100

100100

100

100

110

106

89102

104

1031029180

119

101125

105

87

127

122

98111

122

10213916481

131

107140

113

87

182

175

130184

196

187256353168

173

130189

133

121

308

232

155262

224

262245249176

473

175577

162

153

303

219

159232

196

190199204136

494

206588

182

120

193

18482

342145

2 2702 131

313

206

217204

225

201252230220

507

213610

181

141

1 Terms of trade indexes are unit value indexes of exports divided by unit value indexes of imports.2 Data are for second quarter 1976.* Includes forest products.< Data for manufactured goods are unit value indexes.

Note.—Data exclude trade of socialist areas in Eastern Europe (except Yugoslavia) and Asia.

Sources: United Nations and Department of Commerce (Bureau of International Economic Policy and Research).

304


TABLE B-103.—Consumer price indexes in the United States and other major industrial countries.1955-76

[1970=100)

Period

1955195619571958. .1959

I960196119621963 .1964

19651966196719681969

19701971.. .19721973 .1974

1975..

1974: 1IIIllIV

1975: 1IIIllIV

1976: 1IIIII

OctNov

UnitedStates

69.070.072.574.575.1

76.377.077.978.879.9

81.383.686.089.694.4

100.0104.3107.7114.4127.0

138.6

121.6125.0128.9132.6

135.0137.1140.1142.3

143.7145.5147.8

149.0149.4

Canada

69.970.973.275.075.9

76.777.178.079.480.8

82.885.988.992.696.8

100.0102.9107 8116.0128.6

142.5

122.7126.8130.6134.2

137.1140.1144.9147.9

149.8152.1154.3

156.1

Japan

52.652.854.454.254.7

56.759.763.869.271.9

76.780.683.888.392.9

100.0106.3111.5124.5153.4

171.4

144.1150.5156.1162.7

165.3171.0172.7176.7

180.4186.6189.0

192.8

France

50.451.453.261.265.0

67.369.572.976.479.0

81.083.285.489.395.0

100.0105.5111.7119.9136.3

152.2

129.0134.3138.7143.1

147.0150.6153.9157.3

161.1164.8168.6

171.8

Germany

70.171.973.375.075.7

76.778.580.983.385.2

88.191.292.593.996.4

100.0105.3111.1118.8127.1

134.7

124.6126.6127.8129.5

132.0134.5135.5136.7

139.0141.1141.2

141.5

Italy

62.264.365.267.066.7

68.269.772.978.383.0

86.788.891.692.895.2

100.0105.0110.9122.4146.2

171.3

133.6140.8150.4160.0

164.9169.3172.9178.1

184.8196.5201.7

211.6

Nether-lands

57.858 962.763 864.3

66 467.068 370.974.8

78 783.386 089.195.8

100.0107.5115 9125.2137.3

151.3

131.9135.9138.3142.8

145.8149.9152.9156.3

159.0164.3165.4

169.5

UnitedKingdom

59.061 964.266 266.5

67 269.572 573 976.3

80 083.185 289.294.0

100.0109.5117 0126.7147.0

182.5

137.2145.3149 4156.1

165.6180.7188.7195.2

200.9208.0214.0

219.9

Sources: Department of Labor and Organization for Economic Cooperation and Development.

305

U. S. GOVERNMENT PRINTING OFFICE : 1977 O - 224-250


Documents

ERP1977 Appendixes 2