ERP1978 Appendixes 2

Appendix B

STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION

251

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


CONTENTS

NATIONAL INCOME OR EXPENDITURE: P a g e

B-l. Gross national product, 1929-77 257B-2. Gross national product in 1972 dollars, 1929-77 258B-3. Implicit price deflators for gross national product, 1929-77 260B-4. Implicit price deflators and alternative price measures of gross

national product and gross domestic product, 1929-77 262B-5. Gross national product by industry in 1972 dollars, 1947-76 263B-6. Gross national product by major type of product, 1929-77 264B-7. Gross national product by major type of product in 1972 dollars,

1929-77 265B-8. Gross national product: Receipts and expenditures by major eco-

nomic groups, 1929-77 266B-9. Gross national product by sector, 1929-77 268B-10. Gross national product by sector in 1972 dollars, 1929-77 269B-ll . Gross domestic product of nonfinancial corporate business, 1929-77. . 270B-l2. Output, costs, and profits of nonfinancial corporate business, 1948-77. 271B-l 3. Personal consumption expenditures, 1929-77 272B-14. Gross private domestic investment, 1929-77 273B-l5. Inventories and final sales of business, 1946-77 274B-16. Inventories and final sales of business in 1972 dollars, 1947-77 275B-l7. Relation of gross national product and national income, 1929-77.... 276B-18. Relation of national income and personal income, 1929-77 277B-19. National income by type of income, 1929-77 278B-20. Sources of personal income, 1929-77 280B-21. Disposition of personal income, 1929-77 282B-22. Total and per capita disposable personal income and personal con-

sumption expenditures in current and 1972 dollars, 1929-77 283B-23. Gross saving and investment, 1929-77 284B-24. Saving by individuals, 1946-77 285B-25. Number and money income (in 1976 dollars) of families and unrelated

individuals by race of head, 1947-76 , . 286

POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:B-26. Population by age groups, 1929-77 287B-27. Noninstitutional population and the labor force, 1929-77 288B-28. Civilian employment and unemployment by sex and age, 1947-77. . 290B-29. Selected employment and unemployment data, 1948-77 291B-30. Unemployment rate by demographic characteristic, 1948-77 292B-31. Unemployment by duration, 1947-77 293B-32. Unemployment by reason, 1967-77 294B-33. Unemployment insurance programs, selected data, 1946-77 295B-34. Wage and salary workers in nonagricultural establishments, 1929-77. 296B-35. Average weekly hours and hourly earnings in selected private non-

agricultural industries, 1947-77 298B-36. Average weekly earnings in selected private nonagricultural indus-

tries, 1947-77 299B-37. Productivity and related data, private business economy, 1947-77. . . 300B-38. Changes in productivity and related data, private business economy,

1948-77 301

253

248-947 O - 78 - 17


PRODUCTION AND BUSINESS ACTIVITY: Page

B-39. Industrial production indexes, major industry divisions, 1929-77. .. . 302B-40. Industrial production indexes, market groupings, 1947-77 303B-41. Industrial production indexes, selected manufactures, 1947-77 304B-42. Capacity utilization rate in manufacturing, 1948-77 305B-43. New construction activity, 1929-77 306B-44. New housing units started and authorized, 1959-77 308B-45. Business expenditures for new plant and equipment, 1947-78 309B-46. Sales and inventories in manufacturing and trade, 1947-77 310B-47. Manufacturers' shipments and inventories, 1947-77 311B-48. Manufacturers' new and unfilled orders, 1947-77 312

PRICES:

B-49. Consumer price indexes by expenditure classes, 1929-77 313B-50. Consumer price indexes by commodity and service groups, 1939-77 . 314B-51. Consumer price indexes, selected commodities and services, 1939-77. 315B-52. Consumer price indexes for commodity groups, seasonally adjusted,

1974-77 316B-53. Consumer price indexes for service groups and selected expenditure

classes, seasonally adjusted, 1974-77 317B-54. Percent changes in consumer price indexes, major groups, 1948-77. . 318B-55. Wholesale price indexes by major commodity groups, 1929-77 319B-56. Wholesale price indexes by stage of processing and by special group-

ings, 1947-77 321B-57. Wholesale price indexes for selected groupings, seasonally adjusted,

1974-77 323B-58. Percent changes in wholesale price indexes, major groups, 1948-77. . 324

MONEY STOCK, CREDIT, AND FINANCE:

B-59. Money stock measures, 1947-77 325B-60. Commercial bank loans and investments, 1930-77 326B—61. Liquid asset holdings, private domestic nonfinancial investors, 1952—77. 327B-62. Total funds raised in credit markets by nonfinancial sectors, 1969-77. 328B-63. Federal Reserve Bank credit and member bank reserves, 1929-77. . . 330B-64. Aggregate reserves and deposits, member banks, 1959-77 331B-65. Bond yields and interest rates, 1929-77 332B-66. Instalment credit extensions and liquidations, 1971-77 334B-67. Mortgage debt outstanding by type of property and of financing,

1939-77 335B-68. Mortgage debt outstanding by holder, 1939-77 336B-69. Net public and private debt, 1929-76 337

GOVERNMENT FINANCE:

B-70. Federal budget receipts, outlays, and debt, fiscal years 1969-79 338B-71. Federal budget receipts and outlays, fiscal years 1929-79 340B-72. Relation of the Federal budget to the Federal sector of the national

income and product accounts, fiscal years 1977-79 341B-73. Receipts and expenditures of the government sector of the national

income and product accounts, 1929-77 342B-74. Receipts and expenditures of the Federal Government sector of the

national income and product accounts, 1952-79 343B-75. Receipts and expenditures of the State and local government sector of

the national incoms and product accounts, 1946-77 344B-76. State and local government revenues and expenditures, selected fiscal

years, 1927-76 345B-77. Interest-bearing public debt by kind of obligation, 1967-77 346

254


GOVERNMENT FINANCE—Continued PageB-78. Estimated ownership of public debt securities, 1967-77 347B-79. Average length and maturity distribution of marketable interest-

bearing public debt held by private investors, 1967-77 348

CORPORATE PROFITS AND FINANCE:B-80. Corporate profits with inventory valuation and capital consumption

adjustments, 1946-77 349B-81. Corporate profits by industry, 1929-77 350B-82. Corporate profits of manufacturing industries, 1929-77 352B-83. Sales, profits, and stockholders' equity, all manufacturing corpora-

tions, 1947-77 354B-84. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, 1947-77. . . 355B-85. Relation of profits after taxes to stockholders' equity and to sales, all

manufacturing corporations, by industry group, 1976-77 356B-86. Sources and uses of funds, nonfarm nonfinancial corporate business,

1946-77 357B-87. Current assets and liabilities of U.S. corporations, 1939-77 358B-88. State and municipal and corporate securities offered, 1934-77 359B-89. Common stock prices and yields, 1949-77 360B-90. Business formation and business failures, 1929-77 361

AGRICULTURE:B-91. Income of farm people and farmers, 1929-77 362B-92. Farm production indexes, 1929-77 363B-93. Farm population, employment, and productivity, 1929-77 364B-94. Indexes of prices received and prices paid by farmers and selected farm

resource prices, 1929-77 365B-95. Selected measures of farm resources and inputs, 1929-77 366B-96. Comparative balance sheet of the farming sector, 1929-78 367

INTERNATIONAL STATISTICS:B-97. U.S. international transactions, 1946-77 368B-98. U.S. merchandise exports and imports by principal end-use categories,

1965-77 370B-99. U.S. merchandise exports and imports by area, 1971—77 371B-100. International investment position of the United States at year-end,

1970-76. 372B-101. Summary of major U.S. Government net foreign assistance, July 1,

1945 to December 31, 1976 373B-102. International reserves, 1952, 1962, and 1973-77 375B-103. World trade: Exports and imports, 1965, 1970, and 1973-77 376B-104. World trade balance and current account balances, 1965, 1970,

and 1973-77 377B-105. Consumer prices and hourly compensation, major industrial coun-

tries, 1960-77 378B-106. Industrial production and unemployment rate, major industrial

countries, 1960-77 379B-107. Growth rates in real gross national product, 1961-77 380B-108. Exchange rates, 1970-77 381

255


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).

256


NATIONAL INCOME OR EXPENDITURE

T A B L E B-l.—Gross national product, 1929-77

IBillicns of dollars, except as ncted; quarterly data at seasonally adjusted annual rates]

Year or quarter

1929 .

1933

1939

194019411942.194319441945 .1946194719481949

1950195119521953195419551956 . .195719581959 .

1960196119621963196419651966196719681969

197019711972197319741975 . . _ „19761977 P

1975- 1IIIIIIV

1976: 1IIIIIIV . .

1977: 1IIIIIIV v

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, 306.61,412.91, 528.81, 706. 51,890.4

1, 453 01,496. 61,564.91,600.7

1, 651. 21,691.91, 727. 31,755.4

1,810.81, 869. 91.915.91,965.1

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 2464.8490 4535.9579.7

618.8668.2733 0809.9889 6980.4

1, 094 01,210 1

936 5965.9995.1

1, 024.1

1, 056.01, 078. 51,102.21,139. 0

1,172 41,194.01,218.91,255.3

Grossprivate

do-mesticinvest-ment

16.2

1.4

9.3

13.117 99.95.87 2

10.630.734.045.935.3

53.859.252.153.352.768 471.069.261.977.6

76 474.385.290.296 6

112.0124.5120 8131.5146.2

140.8160.0188 3220.0214.6189.1243.3294 3

175 1171.2205.4204.7

231.3244.4254.3243.4

271 8294.9303.6307.0

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

1.93.82.4.6

2.02.24.36.12.5.6

4.45.85.46.38.97.65.14.92.31.8

3.91.6

- 3 . 37.16.0

20.47.8

- 9 0

15 424.320.820.8

10.210.27.93.0

- 8 2- 9 . 7- 7 . 5

-10 .8

Ex-ports

7.0

2.4

4.4

5.45.94.84.45.37.2

14.819.816.915.9

13.918.918.217.118.020.023.926.723.323.7

27.628.930.632.737.439.542.845.649.954.7

62.565.672.7

101.6137.9147.3162.9175 6

147 4142.7146.9152.1

153.9160.6168.4168.5

170 4178.1179.9174.3

Im-ports

5.9

2.0

3.4

3.64.64.86.57.17.87.28.2

10.49.6

12.015.115.816.616.017.819.620.720.823.2

23.223.125.226.428.432.037.740.647.752.9

58.564.075.994.4

131.9126.9155.1184.7

131.9118.3126.1131.3

143.7150.4160.6165.6

178 6187.7187.4185.1

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

218.9233.7253.1269.5302.7338.9361.4395.0

326.0335.2343.5351.0

353.6358.9363.0370.0

374 9390.6400.9413.6

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

102.1102.2111.1123.3130.1145.4

119.6121.8123.8128.1

127.6128.5130.2134.2

136.3143.6148.1153.8

Na-tional

de-fense i

1.2

2.213.749.479.787.473.514.89.0

10.713.2

14.033.545.848.641.138.440.244.045.645.6

44.547.051.150.349.049.460.371.576.976.3

73.570.273.573.577.083.986.894.3

81.683.084.486.7

86.386.086.488.4

89 793.495.698.6

Non-defense

3.9

3.93.22.61.62.01.12.83.76.07.2

4.74.86.58.96.86.05.75.98.38.3

9.310.412.714.316.217.818.519.521.221.2

22.126.028.628.734.139.443.351.1

38.038.839.441.4

41.342.543.845.8

46.750.252.555.2

Stateandlocal

7.4

6.1

8.3

8.18.07.87.57.68.29.9

12.815.318.0

19.821.823.225.027.830.633.537.141.143.7

46.550.854.359.064.671.179.889.3

100.7110.4

123.2137.5151.0167.3191.5215.6231.2249.5

206.4213.3219.7222.9

225.9230.4232.7235.8

238.5247.0252.9259.8

Per-cent

changefrompre-

cedingperiod,grossna-

tionalprod-uct »

- 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

10.111.68.18.2

11.610.8

.212.519.59.5

13.210.28.66.7

13.213.710.210.7

1 This category corresponds closely to the national defense classification in "The Budget of the United States Govern-ment, Fiscal Year 1979."

' Changes are based on unrou nded data and therefore may differ slightly from those obtained from data shown here.

Source: Department of Commerce, Bureau of Economic Analysis.

257


T A B L E B-2.—Gross national product in 1972 dollars, 1929-77

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

Year or quarter

1929

1933

1939

19401941..19421943...1944.19451946194719481949

19501951195219531954195519561957 .19581959.

1960196119621963196419651966196719681969

19701971197219731974 . .197519761977 P _. .

1975:1IIIIIIV

1976: 1IIIIIIV . .

1977:1..IIIIIIV 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. 71051.81, 078. 8

1,075.31,107.51,171.11,235.01,217.81, 202.11,274.71,337.6

1,169.81,188. 21,220.71,229.8

1,256.01,271.51, 283 71, 287. 4

1,311.01 330 71,347.41,361.4

Personal consumption expenditures

Total

215.6

170.7

220.3

230.4244.1241.7248.7255.7271.4301.4306 2312.8320.0

338.1342.3350.9364.2370 9395.1406.3414.7419.0441.5

453 0462.2482 9501.4528.7558.1586 1603.2633.4655.4

668.9691.9733.0767.7760.7775.1821.3860.3

756.9770.4780.2792.8

807.2815.5822 7839.8

850.4854 1860.4876.4

Durablegoods

21.5

10.9

19.1

21.824.716 314.513.514.825.830 633.136.3

43.439.938 943.143 552.2'49.849.746.451.8

52 550.355 760.765.773.479 079.788.291.9

88.998.1

111.2121.8112.5112.7127.5138.0

106.2109.0115.4120.2

125.4126.6127 1130.7

136.9137 9136 5140.8

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

282.7287.5299.3309.3303.9307.6321.6333.3

301.8308.4308.6311.5

316.1319.3321 5329.4

329.7330 0332 4340.9

Services

96.1

76.8

86.1

88.791.895.5

100.1102.7106.3116.7120 8124.6126.4

132.8137.1140 8145.5150 4157.5164.9170.2175.8184.7

192 3200.0208.7217.6229.7240.7251 6264.0275.0287.2

297.3306.3322.4336.5344.3354.8372.2389.0

349.0353.0356.2361.2

365.6369.6374 0379.7

383.8386 3391 4394.7

Gross private domestic investment

Total

55.9

8.4

33.6

44.655.829.618.119.827.871.070.182.365.6

93.794.183.285.683.4

104.1102.997.287.7

107.4

105.4103.6117.4124.5132.1150.1161.3152.7159.5168.0

154.7166.8188.3207.2183.6141.6173.0195.6

133.0130.9153.1149.2

168.1175.2179 4169.2

186.7197 2200.8197.6

Fixed investment

Total

51.3

13.3

32.0

38.443.824.418.022.131.458.870.476.870.0

83.280.478.984.185.696.397.195.789.6

101.0

101.0100.7109.3116.8124.8138.8144.6140.7150.8157.5

150.4160.2178.8190.7175.6151.5164.5184.0

152.9148.9150.2153.8

158.4163.1165 6171.0

177.0184 0185 1190.0

Nonresidential

Total

37.0

10.4

20.7

25.730.317.614.018.727.642.048.951.046.0

50.052.952.156.355.461.265.266.058.962.9

66.065.670.973.581.095.6

106.1103.5108.0114.3

110.0108.0116.8131.0130.6112.7116.8127.1

116.6112.0111.0111.3

113.7115.9118 5119.0

124.3126 4127.6130.2

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

42.841.742.545.542.536.337.138.4

37.235.836.036.1

36.837.137 137.3

37.038 238.939.6

Pro-ducers'durableequip-ment

16.4

5.5

12.1

15.818.510.99.8

13.219.223.231.632.728.2

30.932.331.533.831.835.937.137.932.536.1

37.236.340.142.747.756.063 662.466.170.3

67.266.374.385.588.176.579.788.7

79.576.275.075.2

* 76.878.981.481.7

87.388.188.790.7

See footnotes at end of table.

258


TABLE B-2.—Gross national product in 1972 dollars, 1929-77— Continued

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

Year orquarter

1929

1933

1939

1940194119421943 . .194419451946194719481949.. .

1950195119521953195419551956..19571958..1959

196019611962.1963196419651966196719681969..

19701971197219731974197519761977 v

1975: 1III I I . . -IV

1976:1III I I . . -IV. . . . .

1977:1III I I . . . .IV p . . _

Gross private domesticinvestment—continued

Fixed investment—continued

Residential

Total

14.3

2.9

11.3

12.813.56.84.03.43.8

16.821.525.824.0

33.227.526.827.830.235.131.929.730.638.1

35.035.138.443.243.843.238.537.242.843.2

40.452.262 059.745.038.847 756.9

36.336.939.342.6

44.847.147.152.0

52.757.657.559.8

Non-farmstruc-tures

13.6

2.6

10.6

11.812.56.13.53.03.5

15.519.823.922.3

31.525.925.326.328.833.830.428.329.236.5

33.733.636.941.742.241.636.935.541.141.5

38.950.560 357.943.037 146 055.1

35.035.437.540 7

42.945.445.450.2

50.955.755.758.0

Farmstruc-tures

0.6

. 2

.6

.8

.9

.6

.4

.4

.3

1.31.51.4

1.31 31.21.21.1.9

1.01.0.9

1.0

.81.0.9. 9.9.8.9.9.8.9

.6

.77

.5

.9

.77

.7

.4

.6

.9

.9

.9

.7

.6

.7

.7

.8

.7

.6

Pro-duc-ers'dur-able

equip-ment

0.1

.1

.1

.1

.2

.1

.0

.0

'.2.3. 3. 3

.3

.3

.3

.3

.3

. 4

.4

.4

.5

.6

.5

.5

.6

.6

.7

. 7

.8

.8

.9

. 9

.91.01 l1.21.1.9

1 01.1

.9

.9

.91.0

1.01.01.01.1

1.11.11.11.2

Changein

busi-ness

inven-tories

4.6

- 4 . 9

1.6

6.212.05.2.1

- 2 . 3- 3 . 612.2- . 25.5

- 4 . 4

10.613.74.31.5

- 2 . 27.75.81.5

- 1 . 86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.58.0

-9 .98 5

11.6

-20.0-18.0

2.9-4 .6

9.712.113.8

- 1 . 8

9.713.215.77.7


Netex-

ports

2.2

. 2

2.0

3.0.8

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

4.07.44.92.04.54.77.38.93.5.9

5.56.75.87.3

10.98.24.33.5

- . 4- 1 . 3

1.4- . 6

- 3 37.6

15.922.516 010.7

20.524.522.722.3

16.816.417.013.8

10.69.4

12.210.6

Ex-ports

15.6

9.4

13.3

14.614.710.39.0

10.013.526.130 224.224.2

21.725 924.923.825 327.932.334.830.731.5

35 837.039.642.247.849.151.654.258.562.2

67.167.972 787.493.089.995 898.0

89.787.489.792.8

93.195.297.996.9

96.998.599.896.8

Im-ports

13.4

9.3

11.4

11.514.012.816.317.318.014.613.615.715.4

17.718.520.021.820.823.225.026.027.230.6

30.330.333.935.036.941.047.350.758.963.5

65.768.575.979.977.167.479 887.3

69.262.967.070.6

76.378.980.983.1

86.389.187.686.2

Government purchasesof goods and services

Total

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

250.2249.4253.1252.5257.7263.0264.4271.1

259.4262.3264.8265.4

263.9264.4264.6264.6

263.3270.0274.0276.8

Fed-eral

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

110.7103.9102.196.695.896.796 5

101.4

96.096.596.997.4

96.496.196.797.1

97.0101.1103.3104.1

Stateandlocal

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

139.5145.5151.0155.9161.8166.3167.9169.7

163.4165.8167.8168.0

167.5168.4168.0167.5

166.4168.9170.7172.8

Percentchange

frompre-

cedingperiod,gross

nationalproduct1

- 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 . 4- 1 . 3

6.04.9

- 9 . 66.4

11.43.0

8.85.13.91.2

7.56.25.14.2

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


259


TABLE B-3.—Implicit price deflators for gross national product, 1929-77

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

Year orquarter

1929

1933

1939

194019411942194319441945 . .1946194719481949

195019511952...195319541955.1956195719581959...

19601961196219631964 .19651966196719681969 . . . .

1970 . . . .19711972 . . .19731974197519761977 v, _

1975: 1I I . . .

IV.".""

1976: 1IIIIIIV

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

Grossnational

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 02127.18133 88141.32

124.21125.96128. 20130.17

131.47133. 06134.56136.35

138.13140. 52142.19144.34


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 9126.5133 2140.7

123.7125.4127.5129.2

130.8132.3134.0135.6

137.9139.8141.7143.2

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 4117.9124 7130.0

115.6117.2118.4120.1

122.2123.8125.3127.2

129.3129.5130.0131.2

Non-durablegoods

38.4

26.8

30.5

30.933.639.143.746.247.852.158.762.360.3

60.765.866.666 366.666.367 369.471.071.4

72.673.373.974.975.877.380.181.985.389.4

93.696.6

100.0107.9123.8133.1137 7144.1

130.6131.8134.5135.5

136.2136.9138.3139.3

141.5143.8144.9146.0

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

100.0104.7113.6123.5132.3141.5

120.3122.3124.5126.8

129.2131.1133.2135.4

137.8140.1142.9145.1

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

100.0106.0117.1132.4139.8150.3

128.9131.8133.5135.5

136.9138.6140.6142.9

145.8148.5151.3155.3

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

100.0103.8115.3132.3138.7146.0

128.5131.8133.6135.5

136.8137.8139.2140.9

142.5144.4146.9150.2

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

100.0107.8128.1145.8150.7160.3

143.5145.1146.7147.9

148.5150.4150.9152.8

156.6159.7160.9164.0

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

100.0101.7109.2125.9133.1139.8

121.4125.6127.2129.5

131.2131.9133.9135.4

136.5137.7140.8144.1


260


TABLE B-3.—Implicit price deflators for gross national product, 1929-77—Continued[Index numbers, 1972=100, except as noted; quarterly data seasonally adjusted]

Year orquarter

1929

1933

1939 . . .

1940194119421943194419451946194719481949 . . . .

1950195119521953195419551956195719581959

1960 . .196119621963196419651966196719681969

19701971197219731974197519761977 v

1975: 1 __ -IIIIIIV

1976: 1IIIIIIV

1977: 1IIIIII 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

100.0110.8122.3132.8142.5159.9

130.3131.7133.2135.4

137.1140.7144.1147.5

153.7157.6160.9166.5

Non-farmstruc-tures

27.8

19.8

26.3

27.229.731.834.337.340.043.953.057.4i,3.1

59.563.865.866.366.668.270.570.870.770.6

70.970.971.170.570.872.074.276.780.487.5

90.494.8

100.0111.0122.7133.2143.0160.5

130.7132.1133.6135.8

137.5141.0144.5148.0

154.3158.2161.5167.3

Farmstruc-tures

28.6

19.5

23.4

23.626.630.735.740.842.946.652.857.358.0

59.463.865.766.266.568.370.670.970.870.8

71.270.771.370.771.072.374.376.780.587.5

90.595.0

100.0110.7122.7132.9142.9159.4

129.6131.2133.0135.4

137.4141.3145.3148.9

153.7157.7160.6166.5

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

100.0100.1105.3116.7122.6126.8

114.0115.9117.4119.0

120.8122.4123.4123.8

125.2126.6127.6127.9

Exports andimports ofgoods andservices i

Ex-ports

45.0

25.5

33.3

36.840.246.549.252.653.656.765.869.865.5

64.073.173.071.971.271.873.976.475.775.4

77.178.077.377.578 380.582.884.085.387.9

93.196.6

100.0116.2148.3163.8170.0179.2

164.4163.2163.9163.8

165.3168.6172.0174.0

175.9180.8180.2180.0

Im-ports

43.8

22.1

29.6

31.533.237.439.641.143.649.760.766.162.7

67.881.879.175.876.976.878.379.576.575.7

76.776.174.575.677.178.079.780.180.983.3

89.193.5

100.0118.2171.0188.2194.3211.5

190.7188.1188.1186.0

188.2190.7198.4199.3

207.0210.6213.9214.6

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

100.0106.7117.5128.9136.7145.7

125.7127.8129.7132.3

134.0135.7137.2139.8

142.3144.6146.3149.4

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

100.0105.8115.9127.5134.8143.5

124.5126.3127.7131.5

132.4133.7134.7138.2

140.6142.0143.3147.8

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

100.0107.3118.4129.7137.7147.1

126.3128.6130.9132.7

134.9136.8138.6140.7

143.4146.2148.1150.4

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

100.0105.7115.6126.8133.4140.8

123.8125.6127.8129.8

131.0132.7134.1135.9

137.6140.0141.7143.8

Percentfrom pr

peri

Grossnationalproductimplicitprice

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

5.45.14.15.85.69.65.35.6

10.85.77.36.3

4.14.94.65.4

5.37.14.86.2

changeseeding)d2

Grossdo-

mesticproductimplicitprice

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

5.35.14.15.75.59.75.25.5

11.45.87.46.4

3.85.04.45.5

5.07.14.96.3

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.


261


TABLE B-4.—Implicit price deflators and alternative price measures of gross national productand gross domestic product, 1929-77

[Quarterly data seasonally adjusted]

Year orquarter

1929

1933 . .

1939

1940194119421943.194419451946194719481949

19501951 .195219531954 .19551956195719581959

1960196119621963196419651966196719681969

19701971197219731974197519761977 v,

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

1976:1I I . - .I I I . . .IV....

1977:1ll.__.I I I . . .IV p . .

Index numbers, 1972=100

Gross nationalproduct

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. 00105.80116.02127.18133. 88141.32

124.21125.96128.20130.17

131.47133.06134.56136. 35

138.13140. 52142.19144.34

Fixed-weighted

price index(1972

weights)

68.169.1

70.371.172.072.873.775.077.279.583.087.1

91.696.1

100.0106.0116.8127.7134.9143.2

124.5126.5128.8130.8

132.3133.9135.5137.5

139.9142.3144.0146.1

Gross domesticproduct

Implicitprice

detlator

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

100.0105.7115.6126.8133.4140.8

123.8125.6127.8129.8

131.0132.7134.1135.9

137.6140.0141.7143.8

Fixed-weighted

price index(1972

weights)

68.069.1

70.271.172.072.873.775.077.279.683.087.1

91.796.2

100.0105.9116.4127.3134.4142.6

124.1126.0128.3130.4

131.9133.5135.1137.1

139.4141.8143.4145.6

Percent change from preceding period »

Gross national product

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

5.45.14.15.89.79.65.35.6

10.85.77.36.3

4.14.94.65.4

5.37.14.86.2

Fixed-weighted

price index(1972

weights)

1.6

1.71.11.31.11.21.82.93.0

5.0

5.24.94.06.0

10.29.45.66.1

8.86.47.46.4

4.65.24.86.0

7.17.04.86.1

Chainpriceindex

1.6

1.71.21.41.31.41.93.13.0

5.0

5.35.04.16.09.99.55.66.0

9.56.57.46.1

4.95.34.65.9

6.97.04.36.0

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

1.91.51.62.23.33.0

5.1

5.35.14.15.79.39.75.25.5

11.45.87.46.4

3.85.04.45.5

5.07.14.96.3

Fixed-weighted

price index(1972

weights)

1.6

1.71.21.31.11.21.83.03.0

5.0

5.24.94.05.99.99.45.66.1

8.86.57.56.6

4.65.24.66.1

7.07.04.86.2

Chainpriceindex

1.6

1.71.2

l!31.41.93.13.1

5.0

5.35.04.15.99.69.55.65.9

9.66.67.46.2

4.85.44.56.0

6.77.04.36.0

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


262


TABLE B-5.—Gross national product by industry in 1972 dollars, 1947-76

[Billions of 1972 dollars]

Year

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

1965..196619671968.. ..."...1969

19701971197219731974

19751976

Grossna-

tionalproduct

468.3487.7490.7

533 5576.5598.5621.8613 7

654.8668.8680.9679.5720.4

736.8755.3799 1830.7874.4

925.9981.0

1,007.71,051.81, 078.8

1, 075.31,107.51.171.11,235.01,217.8

1, 202.11,274.7

Agri-culture,fores-

try,andfish-eries

26.128.027.8

29 128.229.030.331 1

31.931.430.832.030.9

32.232.332 332.832.1

33.031.332.632.433.0

34.336.135.435.935.7

37.136.8

Con-struc-tion

22.926.526.5

29.332.533.834.836.0

38 240 940 942 145.5

46 146.648 349 853 7

57.059 059.562.561.2

57.157.158.058.356.0

50.555.3

Manufacturing

Total

114.9121.5115.0

131.3146.0150.7161.2149.6

165.8166.9167.8153.3170.7

172.0171.2186.2201.0215.7

235.1254.0254.1268.4276.2

260.6264.1288.8313.0291.9

273.3304.9

Du-rablegoodsindus-tries

68.572.066.3

78.189.994.3

102.691.7

103.4102.5102.988.8

100.7

101.599.3

110.1119.0129.3

144.1157.0157.2165.5169.1

154.4155.3171.9189.0176.0

161.1180.6

Non-durablegoodsindus-tries

46.449.648.8

53.256.156.458.657.9

62.464.464.964.570.0

70.572.076.282.186.4

91.097.096.9

102.9107.2

106.2108.7116.8124.1115.9

112.1124.3

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

112.8116.9

Whole-saleand

retailtrade

76.178.079.9

87.688.391.194.094.6

103.2106.2108.0107.9115.8

117.9119.2126.7131.7139.7

148.6156.9160.7170.6174.5

178.4186.8201.2212.0205.7

208.7219.5

Finance,insur-ance,andreal

estate

55.457.160.7

64.466.771.174.077.7

82 085.789 893 598.1

101 9106.8115 3115 3119 3

127 2131 4136.5142 9149 3

152 9160.6167 3171.1180.3

182.6193.9

Serv-ices

55.156.757.2

59.460.661.663.063.1

67.571.173.375.880.3

82.285.488 692.296.9

101.2106.5112.7116.3121.4

124.7126.6134.5143.1144.7

145.0152.3

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

152.0153.1154.9157.3160.0

162.7164.0

Allother i

11.112.014.1

17.520.220.222.321.1

21.416.616.821.020.0

19.423.624.524.125.6

22.125.425.722.418.4

20.425.727.731.631.1

29.531.1

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

Note.—The industry classification is on an establishment basis and is based on the 1972 Standard Industrial Classification.Source: Department of Commerce, Bureau of Economic Analysis.

263


T A E L E E-6.—Gross natioral product by major type of product% 1929-77

[Billions of dollars; quarterly data at seasonally adjusted annual ratesl

Yearor

quar-ter

1929..

1933..

1939..

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

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

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

1970..1971..1972__1973..1974..1975..1976.,1977 v

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

1976:L -II. . .III..IV..

1977:L -IL -III..IV 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

982.41,063.41,171.11,306.61,412.91, 528.81, 706. 51,890.4

1,453.01,496.61,564. 91, 600. 7

1,651.21,691.91,727.31, 755. 4

1,810.81, 869. 91,915.91, 965.1

Finalsales

101.7

57.4

90.4

97.8120.4156.5192.5211.5213.4203.2233.2254.4261.1

279.4319.9344.0365.7367.8393.3416.0441.4450.4481.2

502.2521.1557.3588.8629.9678.6738.7786.2860.8926.2

978.61,057.11,161.71,288.61,404. 01, 540. 31, 693.11,872.7

1,475.01,521.71, 560.01,604.4

1,636.71, 673. 71,705.81,756. 3

1,797.01, 848. 21, 892. 21,953.2

Inven-tory

change

1.7

- 1 . 6

.4

2.24.51.8

- . 6- 1 . 0- 1 . 0

6.4- . 54.7

- 3 . 1

6.810.33.1.4

- 1 . 56.04.71.3

- 1 . 55.2

3.82.26.56.05.89.5

14.310.17.79.4

3.86.49.4

17.98.9

-11.513.317.8

-22.0-25 .1

4.9- 3 . 6

14.518.321.5- . 9

13.821.723.611.9

Goods

Total

56.1

27.0

49.0

56.072.593.7

120.4132.3128.9125.3139.8154.4147.7

162.4189.5194.6203.1196.1214.5223.3232.3228.2247.4

254.3256.5278.0289.7309.0336.6373.9387.3418.9446.2

456.2479.8526.0598.8638.6686.2764.2834.5

643.8667.8711.5721.6

744.6761.7776.0774.7

805.9827.1843.5861.5

Total

Finalsales

54.4

28.6

48.6

53.868.091.9

121.0138.3129.9118.9140.3149.7150.8

155.6179.2191.5202.7197.6208.5218.6231.0229.7242.2

250.6254.3271.5283.7303.2327.1359.6377.2411.2436.8

452.4473.5516.6580.9629.7697.7750.9816.8

665.8692.9706.6725.2

730.0743.4754.5775.6

792.1805.4819.9849.6

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 . 56.04.71.3

- 1 . 55.2

3.82.26.56.05.89.5

14.310.17.79.4

3.86.49.4

17.98.9

-11.513.317.8

-22.0-25.1

4.9- 3 . 6

14.518.321.5- . 9

13.821.723.611.9

Dur<goo

Finalsales

16.1

5.4

12.4

15.423.834.554.258.550.131.844.146.948.3

54.762.567.671.569.078.282.387.380.587.4

89.190.298.4

105.4115.0127.0139.0143.5157.4169.2

170.7179.8202.1229.6240.8267.5299.3333.2

250.6263.8272.5283.1

287.6294.9302.7312.0

326.6329.5332.1344.9

bleds

Inven-tory

change

1.4

- . 5

.3

1.23.11.0.0

- . 6- 1 . 3

5.31.7.7

- 2 . 1

4.16.91.1.9

- 2 . 53.02.81.3

- 2 . 82.7

2.4- . 13.62.73.96.6

10.05.35.06.1

.01.86.3

10.97.1

- 9 . 24.18.8

- 1 2 . 8- 1 1 . 7- 2 . 1

-10 .3

- 2 . 07.0

10.7.6

7.811.510.35.5

Nondigoc

Finalsales

38.3

23.2

36.2

38.444.257.466.874.879.887.196.2

102.8102.5

100.9116.7123.9131.2128.7130.3136.3143.7149.2154.8

161.4164.1173.2178.3188.2200.1220.6233.7253.8267.6

281.7293.7314.5351.3389.0430.2451.6483.5

415.2429.1434.2442.1

442.4448.5451.8463.6

465.6475.9487.8504.8

rableds

Inven-tory

change

0.3

- 1 . 1

.1

1.01.4.7

- . 6- . 3

.21.1

- 2 . 24.0

- 1 . 0

2.73.42.0

- . 51.02.91.9.0

1.32.5

1.42.32.93.31.92.94.34.82.83.3

3.74.63.27.01.8

- 2 . 29.39.0

- 9 . 2-13.4

7.06.7

16.611.210.9

- 1 . 6

6.010.213.46.4

Serv-ices

35.9

25.9

34.3

35.740.650.662.972.276.968.671.376.781.9

88.2102.9113.1121.0125.7135.3145.2157.5166.9179.5

193.2206.7221.5236.2254.4272.7297.7326.1356.6388.7

424.6465.5510.8560.5626.8699.2782.0868.4

670.5689.5708.4728.3

751.6770.8791.8813.8

833.7855.3881.6903.1

Struc-tures

11.4

2.9

7.5

8.311.814.08.76.16.5

15.721.728.028.4

35.637.839.442.044.549.552.253.053.859.5

58.460.164.368.972.478.881.482.993.0

100.7

101.6118.1134.3147.2147.4143.5160.2187.5

138.8139.3145.0150.8

155.0159.4159.6166.9

171.2187.5190.7200.4

Autoout-put

" 7 . 18.9

12.0

15.513.412.216.314.921.517.219.614.619.6

21.618.122.925.626.531.831.128.836.636.8

30.642.245.150.742.946.262.972.8

36.244.051.952.5

61.163.560.966.1

74.173.270.873.2


264


TABLE B-7.—Gross national product by major type of product in 1972 dollars, 1929-77

[Billions of dollars; quarterly data at seasonally adjusted annual ratesl

Yearor

quar-ter

1929..

1933..

1939..

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

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

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

1970..1971.1972..1973..1974..19751976..1977 v.

1975:

if".III..IV..

1976:1 . . .II —III.IV..

1977:1 . . .IL_.III..IV 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

1,075.31,107.51,171.11,235.01,217.81 202 11,'274.71,337.6

1,169.81,188.21,220.71,229.8

1,256.01,271.51,283.71,287.4

1,311.01,330.71,347.41,361.4

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

1,043.11,068.2

1,071.01,100.91,161.71,218.51,209.91 212 f)I] 266.21,326.1

1,189.71,206.21,217.81,234.4

1,246.31,259.41,269.81,289.2

1,301.21,317.51,331.81,353.8

Inven-tory

change

4.6

- 4 . 9

1.6

6.212.05.2.1

- 2 . 3- 3 . 612.2- . 25.5

- 4 . 4

10.613.74.31.5

- 2 . 27.75.81.5

- 1 . 86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.58.0

- 9 98.5

11.6

-20.0-18.0

2.9- 4 . 6

9.712.113.8

- 1 . 8

9.713.215.77.7

Goods

Total

143.9

97.2

153.9

171.2197.4221.1263.5286.8279.2238.0236.8244.2239.9

261.5283.1292.3306.9292.2316.3320.9321.8312.0332.5

337.1338.1362.0373.0394.0421.5455.6461.9481.1492.3

483.4491.6526.0569.0554.2538.8580.1612.9

516.8529.7553.9554.7

571.8579.8586.9581.9

602.4608.5617.0623.7

Total

Finalsales

139.3

102.1

152.3

165.0185.4215.9263.4289.1282.8225.8237.0238.7244.3

250.9269.4288.0305.4294.4308.6315.1320.3313.8326.1

332.8335.2353.8365.2386.7410.2438.9449.9472.4481.7

479.1484.9516.6552.5546.2548.7571.6601.3

536.7547.8551.0559.3

562.1567.6573.0583.7

592.7595.3601.3616.1

Inven-tory

change

4.6

- 4 . 9

1.6

6.212.05.2.9

- 2 . 3- 3 . 612.2- . 25.5

- 4 . 4

10.613.74.31.5

- 2 . 27.75.81.5

- 1 . 86.5

4.42.98.17.87.3

11.316.712.08.7

10.6

4.36.69.4

16.58.0

- 9 . 98.5

11.6

-20.0-18.0

2.9- 4 . 6

9.712.113.8

- 1 . 8

9.713.215.77.7

Durablegoods

Finalsales

40.7

17.6

35.6

43.157.576.0

119.3135.9121.960.574.975.676.1

84.492.6

100.6105.9101.7112.9113.5114.6104.8110.6

111.6112.6121.1128.4139.2152.6165.2166.6175.7183.3

179.1181.5202.1225.9222.7219.2232.4248.4

212.9216.9221.0226.1

228.1230.9233.5237.0

246.7247.4246.8252.7

Inven-tory

change

3.5

- 2 . 1

.7

3.48.23.5.7

- 1 . 8- 3 . 710.81.81.5

- 3 . 7

6.39.81.81.4

- 3 . 64.23.71.5

- 3 . 43.3

2.9- . 14.43.45.08.0

11.96.45.66.8

.11.86.2

10.65.6

- 7 . 22.85.9

-11 .4- 9 . 3- 1 . 1- 7 . 3

- 1 . 25.07.2.1

5.67.36.73.8

Nondurablegoods

Finalsales

98.6

84.5

116.7

121.8127.9140.0144.1153.2161.0165.3162.1163.1168.2

166.5176.8187.4199.5192.7195.7201.6205.6209.0215.5

221.2222.7232.7236.8247.5257.7273.7283.3296.7298.4

300.0303.4314.5326.6323.5329.5339.3353.0

323.8330.9330.0333.2

334.0336.8339.5346.7

346.0347.9354.5363.4

Inven-tory

change

1.1

- 2 . 8

.9

2.83.81.7

- . 6- . 5

.11.3

- 2 . 04.0

- . 8

4.23.92.5.1

1.43.52.1.0

1.63.2

1.53.03.74.32.33.34.85.63.23.7

4.24.83.25.92.4

- 2 . 75.75.7

- 8 . 6- 8 . 8

3.92.7

10.87.16.6

- 1 . 9

4.25.89.03.8

Serv-ices

126.8

110.9

134.6

139.5157.6192.7240.9263.6261.9199.7186.9190.9197.0

206.0229.0240.6245.5247.0257.6267.2279.3285.6298.0

310.7325.5339.9354.0372.2389.1410.2432.7449.9465.4

477.2491.1510.8531.1546.4560.7584.7606.7

552.3558.3563.5568.5

575.4581.7587.9593.6

597.1602.9611.1615.6

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

89.091.797.2

103.8108.1115.3115.2113.1120.9121.1

114.6124.9134.3134.8117.2102.7109.9118.0

100.7100.1103.3106.6

108.7110.1108.8111.9

111.5119.3119.4122.1

Autoout-put

~

12.914.718.9

24.020.418.423.922.931.324.425.820.024.7

26.822.627.530.331.137.436.733.540.640.0

32.542.145.150.640.139 850.155.7

32.238.444.744.0

49.951.148.251.2

56.856.454.654.9


265


T A B L E B—8.—Gross national product: Receipts and expenditures by majoreconomic groups, 1929-77

[Billions of dollars]

Year orquarter

1929 .

1933

1939

19401941 . . .19421943 .194419451946 . . .194719481949

19501951195219531954 .19551956195719581959 . . .

1960196119621963196419651966196719681969 . . .

19701971197219731974 . .197519761977 v

Persons

Disposable personalincome

Total«

82.3

45.5

69.9

75.292.0

116.5132.9145.5149.0158.6168.4187.4187.1

205.5224.8236.4250.7255.7273.4291.3306.9317.1336.1

349.4362.9383.9402.8437.0472.2510.4544.5588.1630.4

685.9742.8801.3901.7984.6

1,084.41,185.81,308.6

Less:Inter-

estpaidand

trans-fers a

1.9

.7

.9

1.0

'.B.7.8.9

1.41.72.12.3

2.72.93.34 04.34.85.65.96.06.5

7.47.78.39.4

10.511.712.613.314.115.6

16.617.318.921.523.423.825.930.7

Equals'.Total

exclud-ing in-terestpaidand

trans-fers

80.4

44.8

69.1

74.391.0

115.6132.1144.6148.0157.3166.7185.3184.9

202.8221.9233.1246.6251.4268.6285.7301.0311.1329.6

342.0355.2375.6393.4426.5460.4497.8531.2574.0614.8

669.4725.5782.4880.2961.3

1, 060.61,159.91,277.9

Per-sonalcon-

sump-tionex-

pendi-tures

77.3

45.8

67.0

71 080.888.699.4

108.2119.5143.8161.7174.7178.1

192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8

324 9335.0355.2374.6400.4430.2464.8490.4535.9579.7

618.8668.2733.0809.9889.6980.4

1, 094.01,210.1

Per-sonalsaving

ordis-

3.1

- 1 . 0

2.1

3 310.227.032 736.528 513.44.9

10 66.7

10.814 816.017 015.614.919.720.621 718.8

17.120.220.418.826.130 333.040.938.135.1

50.657.349.470.371.780.265.967.8

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

302.6322.2367.4411.2455.1468.0535.9600.8

Less:Trans-fers,inter-estandsub-

sidies*

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

93.1106.8117.8135.4155.6193.4210.1226.2

Equals:Netre-

ceipts

9.8

6.9

11.3

13 521.228.444.745.243 333.039.940.435.0

46.566 271.875 668.678.184.688.082.496.0

103.4103.9114.3124.4127.5138.9157.4166.0193.2218.5

209.5215.5249.6275.8299.5274.6325.8374.6

Expenditures

Totalex-

pendi-tures

10.3

10.7

17.6

18 428.864.093.3

103.092.745.642.550.559.3

61.079 293.9

101 697.098.0

104.5115.3127.6131.0

136.4149.1160.5167.8176.3187.8213.6242.4268.9285.6

311.9340.5370.9404.9458.2532.3571.5621.2

Less:Trans-fers,inter-estandsub-

sidies*

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

93.1106.8117.8135.4155.6193.4210.1226.2

Equals:Pur-

chasesof

goodsand

serv-ices

8.8

8.2

13.5

14 224.959.888.997.082.827.525.532.038.4

38.560 175.682 575.875.079.487.195.097.6

100.3108.2118.0123.7129.8138.4158.7180.2198.7207.9

218.9233.7253.1269.5302.7338.9361.4395.0

Sur-plusor

deficit

na-'tional

in-comeand

prod-uct ac-counts

1.0

- 1 . 4

- 2 . 2

- 7- 3 . 8

-31.4-44.1-51.8-39.5

5.414.48.4

- 3 . 4

8.06.1

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

3.15.2.9

-12.6- 1 . 6

3.1- 4 . 3- 3 . 8

- 2 . 3.5

- 1 . 3-14.2- 5 . 510.7

- 9 . 4-18 .3- 3 . 5

6.3- 3 . 2

-64.3-35.6-20 .4


266


TABLE B-8.—Gross national product: Receipts and expenditures by majoreconomic groups, 1929-77—Continued


Yearor

quarter

1929

1933

1939

1940. .1941 .1942194319441945 .1946194719481949

195019511952 .195319541955195619571958.. . .1959

196019611962.. . .19631964 .1965...19661967.19681969.. .

19701971 .19721973.19741975. .19761977 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

101.4115.7131.0140.2137.9179.2206 6226.9

Busines

Grosspri-vatedo-

mesticinvest-ment5

16.2

1.4

9.3

13 117.99 95.87.2

10 630.734.045 935.3

53.859 252 153.352 768.471 069.261.977 6

76 474.385.290.296.6

112.0124.5120.8131 5146.2

140.8160.0188.3220.0214.6189.1243 3294.3

j

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- 1 5 8- 3 . 8

-23 .0- 2 4 6-15 .1-15 .3-11 7-20 .8- 2 2 3-18 .1-10 .6-19.0

-17.7-14.5-18.2-20.1-20.4-27.4-33 .3-27 .1- 3 3 3-44 .5

-39 .5-44 .3-57 .3-79 .8-76.7- 9 . 9

-36.8- 6 7 . 4

International

Nettrans-

fers andinter-

estpaid to

for-eigners

(6)

0.4

.2

.2

2.2

2.2

'82.92.64 55.6

4.03 52.62.52 32.52 52.52.42.6

2 62.83.03.13.23.33.53.73 63.8

4.35.56.57.78.58.58.7

10.0


Ex-ports

7.0

2.4

4.4

5 45.94 84.45.37.2

14.819.816.915.9

13.918 918.217.118.020.023.926.723.323.7

27.628.930.632.737.439.542.845.649.954.7

62.565.672.7

101.6137.9147.3162.9175.6

Less:Im-

ports

5.9

2.0

3.4

3.64.64.86.57.17.87.28.2

10.49.6

12.015.115.816.616.017.819.620.720.823.2

23.223.125.226.428.432.037.740.647.752.9

58.564.075.994.4

131.9126.9155.1184.7

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

.62.02.24.36.12.5.6

4.45.85.46.38.97.65.14.92.31.8

3.91.6

- 3 . 37.16.0

20.47.8

- 9 . 0

Excessof

nettrans-fersand

inter-est

or ofnet ex-ports( - ) 7

-0 .7

- . 2

- . 9

-1 .5-1 .1

22.22.11.4

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

2.1- . 3

.21.9.3.3

- 1 . 8- 3 . 6- . 12.0

- 1 . 7- 3 . 0-2.4-3.2-5.7-4.3- 1 . 6- 1 . 2

1.42.0

.33.99.8

.62.5

-11 .8.9

19.1

Totalincomeor re-ceipts

102.3

55.1

89.4

98 9124.3159 1193.8207.8208 2208.9231.0260 3257.0

284.1326 2344.5362.8363.3396.8421.5442.6447.2486.7

506.7521.7559.8591.0633.5687.2749.8794.6869.1938.8

984.51,062.11,169.41,303.91, 407.11, 523.01,701.01,889.4

Statis-ticaldis-

crep-ancy

1.1

.7

1.4

1 i.5

— 8- 1 . 8

2.74.1.7

1.8- 1 . 2

1.0

2.04.02.73.33.02.5

- . 8.2

1.7- . 2

- . 71.64.03.72.2.9

3.21.7

- . 6- 3 . 3

- 2 . 11.31.72.65.85.95.51.0

Grossna-

tionalprod-uct

or ex-pendi-ture

103.4

55.8

90.8

100 0124.9158 3192.0210.5212 3209.6232.8259.1258.0

286.2330.2347.2366.1366.3399.3420.7442.8448.9486.5

506.0523.3563.8594.7635.7688.1753.0796.3868.5935.5

982.41,063.41,171.11, 306.61,412.91, 528.81,706. 51,890.4

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 Undistributed corporate profits with inventory valuation and capital consumption adjustments, corporate and non-

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

s See Table B-14.6 Net transfers to foreigners by persons and government and interest paid by government to foreigners.7 Capital grants received by the United States (net) less net foreign investment.


267


T A B L E B-9.—Gross national product by sector, 1929-77

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

Year or quarter

1929.. . .

1933

1939

1940194119421943 . .1944194519461947 .19481949

1950195119521953195419551956195719581959 . . .

I960 . . .196119621963196419651966196719681969 . .

19701971197219731974 .197519761977 P

1975: 1IIIIIIV

1976: 1IIIIIIV

1977: 1IIIII


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. 41,171.11,306.61,412.91, 528.81, 706. 51,890.4

1,453.01,496.61, 564.91,600. 7

1,651.21,691.91,727.31, 755.4

1,810.81,869.91,915.91,965.1


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

503.5520.2560.259L1631.4683.4748.8791.8863.7931.1

977.81, 056.81,164.11, 297. 51, 399.81,518.31, 692.11, 872.9

1, 443.21, 486.11,553.91, 590.0

1,637.01,678.41,712.01, 740. 9

1, 793. 21,851.41, 898. 21,948.8

Business

Total

95.4

49.1

80.6

89.4112.6139.9162.8174.2172.8183.8210.0234.9231.5

257.5294.4307.3324 9323.9354.0372.1390.8393.1427.7

442.5455.3490.4516.5550.7596.6651.1682.7742.2798.1

831.5896.9989.5

1,108.01, 193. 71, 289 61, 444.31,604.1

1, 222. 31, 260.11, 323.11, 353.1

1, 395. 81, 433. 31, 463.01, 485.1

1, 532. 31, 586. 41, 628.11,669. 5

Non-farm l

84.7

43.8

72.9

81.8103.1127.7149.3156.2152.7164.2188 0212.7211.7

235.5267.4282.5301 2301.3332.8354.3372.3370 7408.9

423.0433.4465.9492.2529.2573.8625.0658.8720.2776.2

807.6867.9955.8

1, 055. 21,139.91, 234.61, 390.91,552.8

1,173.21, 208. 41, 262. 81, 294.1

1, 343.11, 378. 01, 409. 41, 433. 4

1, 478.01, 536. 71, 580. 0

Farm

9.7

4.6

6.3

6.58.9

13.015.315.316.018.920.223.318.8

20.022.922.220 319.618.818.618.420.719.1

20.220.220.520.519.322.022.922.222.625.2

25.927.732.050.148.049 247.950.3

43.148.252.353.1

48.650.945.646.4

51.050.847.252.0

Sta-tis-ticaldis-

crep-ancy

1.1

.7

1.4

1.1.5

- . 8- 1 . 8

2.74.1

.71.8

- 1 . 21.0

2.04.02.73.33.02.5

- . 8.2

1.7- . 2

- . 71.64.03.72.2.9

3.21.7

- . 6- 3 . 3

- 2 . 11.31.72.65.85.95.51.0

6.03.58.05.9

4.24.58.05.3

3.3- 1 . 2

.9

House-holdsand

insti-tutions

2.9

1.7

2.3

2.42.52.93.23.74.14.55.15.65.9

6.46.97.27.88.19.19.8

10.511.412.3

13.814.415.516.617.819.221.123.926.429.2

31.634.737.240.544.850.456.263.0

48.549.551.052.7

54.455.556.458.3

60.462.063.666.0

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

114.7125.2137.4149.1161.4178.2191.6205.8

172.4176.5179.8184.2

186.8189.6192.6197.5

200.5203.1206.5213.2

Fed-eral

0.9

1.2

3.4

3.55.0

10.620.927.229.814.69.48.9

10.0

10.716.218.918.617.818.419.019.620.520.9

21.722.624.125.227.028.332.435.639.341.8

44.746.850.151.954.959.062.466.5

58.058.358.761.1

61.461.661.864.7

65.465.565.869.2

Stateandlocal

3.5

3.5

4.2

4.34.44.54.74.95.46.27.38.59.4

10.111.212.313 314.715.817.619.621.623.1

25.527.930.232.935.939.344.149.555.961.9

70.078.587.397.1

106.5119.2129.2139.4

114.4118.2121.1123.2

125.4128.1130.7132.8

135.1137.6140.7144.1

Restof theworld

0.8

.3

.3

4.4.4.3.4.3.59

1.21.1

1.31.51.51 51.82.02 22.32 22.4

2.53.13 63.74.34.74.24.64.84.5

4.66.67.09.1

13.110.514.417.5

9.810.511.010.8

14.213.515.314.4

17.618.417.716.3

Percentchangefrom

preced-ing

period,gross

domes-tic

prod-uct*

- 4 . 1

7.0

10 125.026.821.49.6

.9- 1 . 410 911.3

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

10.111.57.98.5

11.410.7

1.612.419.59.6

12.410.58.26.9

12.613.610.511.1

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

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

268


TABLE B-10.—Gross national product by sector in 1972 dollars, 1929-77

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

Year or quarter

1929

1933

1939

19401941194219431944... .19451946194719481949

195019511952195319541955 .1956195719581959

196019611962196319641965 . .1966196719681969

1970197119721973 .1974 _1975 . .19761977 v .

1975: 1IIIII.IV

1976: 1II—IIIIV

1977: 1 . . .II.. . .IIIIVP


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 11,235.01,217.81, 202.11, 274.71,337.6

1,169.81,188.21,220.71, 229.8

1,256.01,271.51,283.71, 287.4

1,311.01,330.71, 347.41,361.4

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

1,069.81,100.31,164.11,227.41,211.01,197.31,268.01,330.2

1,165. 51,183.41,215.61, 224.6

1, 249 21, 265.11, 276.71, 280.9

1, 303.31, 322.81, 340.11,354.8


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

1,050.41,031.21,013.71, 082.01,141.4

983.3999 8

1, 031. 51,040.1

1, 064 21, 079.31, 090.51, 093.9

1,116.21,134.91,150. 51,163.9

Non-farm i

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

1,013.2993.7974.3

1, 043. 81,103.8

946.2961.7989.4999.8

1, 026.41, 042.51,051.21,054.8

1, 077.81,099.81,112.71,125.0

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

31.132.832 032.332.233.833.035.9

31.834.334.634.4

33.332.332.234.1

35.134.936.237.4

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- . 11.74.95.35.65.21.7

5.33.87.55.9

4.54.57.04.9

3.4.2

1.61.6

House-

andinsti-utions

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

36 336 637 238 138.038.940 241.4

38.538 839.139.4

40 140.340.040 6

40.641.241.742.1

Government3

Total

26.1

28.7

42.0

43.955.181.8

129.3149.0146.275.857 958.062.2

64 678.885 385.083.984 486.538 990 491.8

94.998.5

102 1104.8108.4112 4120.4127.2131 7135 0

135 2136.0137 4138 9141.9144.6145 8147.5

143.7144 7145.0145.1

144 9145.5146.2146.4

146.5146.7147.9148.8

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

55 252 550 148 348.648.548.448.6

48.748 548.548.4

48.348.348.548.6

48.648.648.748.7

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

49.7b2.353 956.660.063 667.570.073 676 8

80 183.587 390.693.396.197.398.8

95.096.296.596.7

96.697.297.797.8

97.998.199.2

100.1

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 07.66.84.96 77.4

4.34 85.15.2

6.86.47.06.5

7.77.97.46.6

Percentchangefrom

preced-ing

period,gross

domesticproduct«

- 2 . 1

7.7

7 515.514.716 17.5

- 1 . 4- 1 4 . 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 . 3- 1 1

5 94.9

- 8 . 96 3

11.33.0

8 35.23.71.3

7.26.15.34.5

i Includes compensation of employees in government enterprises.* 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.


269

248-947 O - 78 •


TABLE B-ll.—Gross domestic product of nonfinancial corporate business, 1929—77

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

Yearor

quar-ter

1929..

1933..

1939..

1940..1941..1942..19431944..1945.1946..19471948..1949..

1950.1951..19521953..1954..1955..1956..195719581959..

19601961..1962..196319641965..1966..1967..1968..1969..

1970..19711972..1973..1974..1975..1976..1977 p.

1975:l-_-II . . .III..IV

1976:1 . - -11...III..IV..

1977:1 . . .II —IIL.

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 5671.0752.0808.8875.2991.0

1,104.9

824.8855.3899.5921 3

958.4983.6

1,004.71,017.2

1, 049. 31,094.91,124.8

Cap-ital

con-sump-

tionallow-anceswithcapi-tal

con-ump-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

53.158 262.668.780.897.3

107.0116.6

91.696.199.4

102 1

104.0105.6108.0110.2

112.5114.2118.2

Net domestic product

Total

44.7

20.2

39.1

45.660.477.092.695.988.992.1

110.9126.5121.9

139.3159.9166 7178.1174.1197. 5210.1218.5211 4239.7

250 3256.7282 3301.1326 6359.3394.9413.6455.4494.0

507.5544 2608.4683.3728.0778.0884.0988.3

733.2759.3800.2819 2

854.4877.9896.7907.0

936.8980.7

1, 006. 6

Indi-rect

busi-nesstax,

etc. 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

61.868 273.580.585.792.199.4

108.5

87.690.894.295 9

96.198.8

100.0102.5

105.3107.5109.4

Domestic income

Total

41.3

16 4

34.0

40.153.970.185.387.880.081.999.8

114.4109.3

125.2144.7149 8159. S156.6178.3189.2196.2188 6214.4

222 C226.5249 2265 6288 3318.2352 0367.9403.8437.0

445.7476 0534.8602.8642.3685.8784.6879.8

645.6668.5705.9723 2

758.3779.1796.6804.5

831.6873.3897.2

Com-pen-

sationof

em-ploy-ees

32.3

16.7

28.2

31.239.851.062.265.161.967.279.187.885.3

94.7110.2118 3128.7126.5138.5151.4159.1155 9171.6

181 1185.1199 8210 7226 3246.1273 5291.9321.6357.4

377.1399 4443.8503.8552.9576.6650.3732.7

561.7565.2580.3599 3

626.1643.3657.3674.4

700.6727.4741.2

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

51.658 772.076.059.578.3

101.9110.4

53.072.494.992 9

100.2103.6106.897.1

96.3109.8118.5

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

102.9102.3130.6141.9

80.593.4

116.6118 9

127.0133.5133.0128.7

132.4143.4142.0

Profitstaxiabil-'ty

1.2

.5

1.4

2.77.5

11.213 812.610.28.6

10 811.89.3

16.921.217.818.515.620.220.119.116 220.7

19 219.520 622.824 027.229 527.733.633.3

27.329 933.539.642.740.853.757.0

31.336.747.248 0

52.155.154.852.7

52.857.756.9

Profits after tax

Total

7.3

. 1

4.7

6.19.08.99.89.67.6

13.418.320.015.6

21.617.916.016.416.421.821.820.717.522.3

20.319.723 125.530 737.240 037.738.335.1

27.933 342.453.160.261.676.984.9

49.156.769.570 9

74.978.478.276.0

79.585.785.1

Divi-dends

5.2

2.0

3.3

3.64.03.84.04.24.25.15.96.56.5

7.97.87.88.08.29.4

10.110.410.210.8

11.511.712 714.115 317.218 118.920.720.7

19 920 021.723.926.029.032.438.2

29.128.929.228.8

28.332.133.236.0

35.237.239.4

Undis-tribu-

tedprofits

2.0

- 1 9

1.4

2.54.95.15.75.43.48.3

1? 413.59.1

13.610.18 18.48.2

12.411.610.37 3

11.5

8.78.0

10 311.415 420.021 918.817.614.4

8.013 320.729.234.232.544.546.6

20.127.840.242.1

46.546.345.040.0

44.348.545.7

Inven-toryvalu-ationad-

just-ment

0.5

- 2 1

-j

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

- ! 6- 5 . 3-5 .9-2 .2

1.9

-5 .0-1 .2

1.0-1 .0

- l ! 7-2 .7-1 .5

5

!i.1

—. 2

- 1 . 9- 2 1

-3^4- 5 . 5

- 5 . 1- 5 0- 6 . 6

-18 .6-40 .4-12 .0-14 .1- 1 4 . 5

-18 .3- 9 . 3- 8 . 8

-11 .8

-12.4-15 .5-11.7-16.9

-20.6-17.1

Capi-tal

con-sump-

tionad-

just-ment

- 1 . 3

- 5

- 1 . 0

- 1 . 1- 1 . 1- 1 . 0

g- . 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

2.71.8

- 3 . 0-12.0-14 .5-17 .0

- 9 1-11.7-13.0-14 .3

-14 .3-14.4-14 .5-14.7

-15.5-15.8-17.6

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

17.017.919.123.129.930.932.436.7

30.930.830.831.0

31.932.232.633.0

34.636.137.5

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


270


T A B L E B-12.—Output, costs, and profits of nonfinancial corporate business, 1948—77

[Quarterly data at seasonally adjusted annual rates]

Year orquarter

1948__ _1949

1950__ .1951195219531954 _

19551956195719581959

19601961196219631964 . _.

19651966 _ . .1967__ „19681969

19701971197219731974. . . .

19751976 _1977 p

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

1976: 1 . . .IIIIIIV..

1977:1 . . .IIIII.

Gross domesticproduct of

nonfinancialcorporatebusiness

(billions ofdollars)

Cur-rent

dollars

137.3133.5

151.9174.5182.3195.0191.9

216.7231.6242 3236.3265.7

277.3284.5311.0330.9357.6

392.1430.7452.9498.4541.8

560.6602.5671.0752.0808.8

875.2991.0

1,104.9

824.8855.3899.5921.3

958.4983.6

1004.71017.2

1049.31094.91,124.8

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

600.6619.3671.0720.4695.0

678.9731.0774.1

654.0669.4692.7699.5

719.4731.3736.6736.5

753.3771.7781.2

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

Totalcostand

profit2

0.598.607

.614

.646

.663

.668

.677

.688

.715

.738

.754

.765

.773

.776

.778

.778

.786

.793

.808

.830

.857

.892

.933

.9731.0001.0441.164

1.2891.3561.427

1.2611.2781.2991.317

1.3321.3451.3641.381

1.3931.4191.440

Capitalcon-

sump-tion

allow-anceswith

capitalcon-

sump-tion

adjust-ment

0.047.053

.051

.054

.057

.058

.063

.061

.066072

.080

.075

.075

.076

.072

.070

.068

.066

.067

.072

.074

.079

.088

.094

.093

.095

.116

.143

.146

.151

.140

.144

.143

.146

.145

.144

.147

.150

.149

.148

.151

In-directbusi-nesstax

etc. 3

0.053.057

.057

.056

.061

.062

.061

.061

.064

.068

.073

.073

.079

.082

.083

.084

.084

.083

.080

.084

.089

.094

.103

.110

.110

.112

.123

.136

.136

.140

.134

.136

.136

.137

.134

.135

.136

.139

.140

.139

.140

Com-pen-

sationof

em-ployees

0.382.388

.383

.408

.430

.441

.446

.439

.467

.484

.497

.494

.505

.505

.500

.495

.497

.497

.513

.535

.553

.589

.628

.645

.661

.699

.796

.849

.890

.947

.859

.844

.838

.857

.870

.880

.892

.916

.930

.943

.949

Netin-

terest

0.004.004

.004

.004

.004

.004

.006

.005

.005

.007

.009

.009

.010

.011

.011

.011

.012

.012

.014

.016

.017

.022

.028

.029

.028

.032

.043

.045

.044

.047

.047

.046

.044

.044

.044

.044

.044

.045

.046

.047

.048

I

Corporate profits withinventory valuation

and capitalconsumption adjust-

ments

Total

0.112.105

.120

.124

.110

.102

.101

.121

.112

.106

.096

.114

.104

.102

.112

.118

.125

.134

.134

.123

.124

.109

.086

.095

.107

.105

.086

.115

.139

.143

.081

.108

.137

.133

.139

.142

.145

.132

.128

.142

.152

Profitstax

lability

0.051.042

.068

.079

.065

.063

.055

.064

.062

.058

.052

.060

.053

.053

.052

.054

.053

.055

.055

.051

.058

.055

.045

.048

.050

.055

.061

.060

.073

.074

.048

.055

.068

.069

.072

.075

.074

.072

.070

.075

.073

Profitsaftertax*

0.061.062

.051

.045

.046

.039

.046

.057

.050048

.044

.055

.051

.049

.061

.064

.072

.079

.078

.072

.066

.055

.041

.046

.057

.050

.024

.055

.066

.069

.033

.053

.069

.064

.067

.066

.071

.060

.058

.068

.079

Outputper

hour ofall em-ployees(1972

dollars)

5.1105.333

5.4555.6345.9126.1676.427

6.6256.7776.8737.1057.139

7.1327.3747.5957.7817.506

7.7668.055

7.4907.7497.9357.892

7.9878.0678.1098.057

8.1718.2028.278

Compen-sationper

hour ofall em-ployees(dollars)

2.5412.635

2.7522.8442.9563.0543.195

3.2963.4783.6763.9294.198

4.4784.7575.0245.4415.972

6.5967.166

6.4326.5436.6476.761

6.9527.0967.2367.378

7.5997.7317.871

1 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars.3 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.4 With inventory valuation and capital consumption adjustments.

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

271


TABLE B-13.—Personal consumption expenditures, 1929-77


Yearor

quarter

1929. .

1933

1939

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

1950195119521953 . .1954195519561957-.19581959

19601961.196219631964..196519661967 . .19681969 . .

1970 . .19711972 .19731974197519761977P

1975:1II.III.. .IV. . . .

1976:1IIIII. .- .

1977:1IIIII

Per

son

al c

on

sum

pti

on

exp

end

itu

res

77.3

45.8

67.0

71.080.888.699.4

Durable goods1

2

9.2

3.5

6.7

7.89.76.96.5

108.2 6.7119.5143 8161 7174.7178.1

192.0207.1217 1229 7235.8253.7266.0280.4289 5310 8

324.9335.0355.2374 6400.4430.2464.8490.4535.9579.7

618.8668.2733.0809.9889.6980.4

1,094.01,210.1

936.5965.9995.1

1, 024.1

1,056.01,078.51,102.21,139.0

1,172.41,194.01,218.91,255.3

8.015 820 422.925.0

30.829.829 132.531.838.637.939.336 842.4

43.141.646.751.456.362.867.769.680.085.5

84.997.1

111.2123.7122.0132.9158.9179.4

122.8127.8136.7144.3

153.3156.7159.3166.3

177.0178.6177.6184.6

Q. .

T3

<D

O

Id

o"o

3.3

1.1

2.3

2.83.5.7.8.8

1.04.16.68.0

10.6

13.712.211.313.913.017.815.817.214.818.9

19.717.821.524.426.029.830.129.735.837.7

34.943.850.655.248.053.971.983.8

48.049.956.561.3

68.871.072.175.7

85.384.581.284.1

o

1o

J=

« E3 Q-

E °"

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

36.739.444.850.754.958.063 970.3

54.857.458.761.0

61.963.063.966.5

67.469.370.973.4

Nondurable goodsl

137.7

22.3

35.1

37.042.950.858.664.371.982.790.996.694.9

98.2108.8113 9116 5118.0122.9128.9135.2139 8146.4

151.1155.3161.6167.1176.9188.6204.7212.6230.4247.0

264.7277.7299.3333.8376.3409.3442 7480.1

394.0406.4415.0421.9

430.4437.1444.7458.8

466.6474.4481.8497.7

Lu

19.5

11.5

19.1

20.223.428.433.236.740.647 452.354.252.5

53.960.463 464.465.467.269.973.676 479.1

81.183.285.587.892.798.9

106.6109.6118.3126.1

136.3140.6150.4168.1189.8209.5225 5246.3

202.6207.9212.1215.4

219.3223.8227.0232.0

237.9244.8248.3254.2

1CO

DO

c

"oO

9.4

4.6

7.1

7.58.8

11.013.414.616.518 218.820.119.3

19.621.221 922.122.123.124.124.324.726.1

26.727.428.729.531.933.536.638.241.845.1

46.650.555.161.365.370.276.382.6

66.669.871.573.0

74.274.376.979.9

79.380.483.387.5

o

c

e>

1.8

1.5

2.2

2.32.62.11.31.41.83.44.04.85.3

5.56.16 87 47.88.69.4

10.210 611.3

12.012.012.612.913.514.716.017.018.420.4

22.023.424.927.836.439.141 444.8

38.239.139.139.8

40.640.341.243.5

44.144.344.246.4

So

IDtzCO

o

3u_

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

5.45.56.37.79.6

10.112 012.9

9.610.010.810.2

11.411.312.013.3

13.712.312.313.4

Services i

130.3

20.1

25.2

26.228.231.034.337.139.645 350 455.358.2

63.068.574 080 686.192.199.2

105.9112 8121.9

130.7138.1147.0156.1167.1178.7192.4208.1225.6247.2

269.1293.4322.4352.3391.3438.2492 3550.6

419.7431.7443.4457.9

472.4484.6498.2513.9

528.8541.1559.5572.9

O

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

94.0102.7112.3123.2136.5150.8167.9184.5

145.1148.5152.4157.2

161.5166.2170.4173.7

177.6181.9186.7191.6

Householdoperationl

I4.0

2.8

3.8

4.04.34.85.25.96.46 87 58.18.5

9.510.411 112 012.614.015.216.217 318 5

20.121.022.223 424.826.328.030.632.735.5

38.341.645.950.256.164.273.083.1

61.463.765.366.3

69.570.473.178.8

80.779.285.287.2

aT3

co

"o<uLU

1.2

1.1

1.4

1.51.51.61.71.81.92 12 32.62.9

3.33.74 14 55.05.56.16.57 17.6

8.38.89.49.9

10.410.911.512.213.114.2

15.517.018.920.624.129.033.339.4

27.629.029.729.8

31.531.432.837.6

38.736.141.041.7

c

o

c2

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

10.711.211.712.212.813.715.016.217.418.9

21.123.826.027.930.732.236.841.4

31.631.632.233.2

34.836.337.638.7

39.540.542.343.2

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.

272


TABLE B—14.—Gross private domestic investment, 1929-77

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

Year orquarter

1929..

1933

1939

1940..194119421943.1944 . . .1945 . . . . .1946 . .19471948 .1949

195019511952 .195319541955 . . .19561957 .19581959

1960 . . .1961 . . . .196219631964 . .19651966 . .1967 . .1968 . . .1969

1970197119721973197419751976..1977 v

1975: 1 . .IIIII — .IV

1976: 1III I I . . . .IV

1977: 1III I I . . . .IV». . .

Grossprivatedomes-

ticinvest-ment

16.2

1.4

9.3

13.117.99 95.87.2

10.630.734 045 935.3

53.859 252 153.352 768.471.069 261.977.6

76.474.385.290 296.6

112.0124.5120.8131.5146.2

140 8160.0188 3220 0214 6189.1243.3294 3

175.1171.2205.4204.7

231.3244.4254.3243.4

271.8294.9303.6307.0

Total

14.5

3.0

8.8

10.913.48 16.48.1

11.724.334.441.138.4

47.048 949.052.954.362.466.367.963.472.3

72.772.178.784.290.8

102.5110.2110.7123.8136.8

137.0153.6178.8202 1205.7200.6230.0276.6

197.1196.3200.5208.4

216.8226.1232.8244.3

258.0273.2280.0295.1

\"ixed in vest men

Nonresidential

Total

10.5

2.4

5.8

7.59.46.05.06.8

10.116.822.926.224.3

27.131.131.234.334.038.343.746.741.645.3

47.747.151.253.659.771.381.482.189.398.9

100.5104.1116.8136.0150.6149.1161.9185.6

149.8*147.7148.2150.7

155.4159.8164.9167.6

177.0182.4187.51S5.5

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

37.739.342.549.054.552.955.861.6

53.351.952.853.4

54.755.856.057.0

57.961.062.664.9

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

36.137.841.146.951.850.453.458.9

50.749.450.451.1

52.153.453.654.4

55.158.260.162.1

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

62.864.774.387 096.296.3

106.1124.0

96.595.795.497.4

100.8104.0109.0110.6

119.2121.4124.9130.7

Non-farm

4.8

1.3

3.3

4.55.53 53.24.26.39.0

13.414.712.8

14.916.917.118.718.421.324.126.221.925.2

27.026.128.930.634.641.247.948.053.458.9

58.159.969.180.188.287.195.9

112.9

87.686.586.687.7

90.593.898.4

100.7

107.8110.0114.0119.7

t

Residential

Total

4.0

.6

3.0

3.54.02.21.41.31.67.5

11.515.014.1

19.917.717.818.620.324.122.621.221.827.0

25.025.027.430.631.231.228.728.634.537.9

36.649.662.066.155.151.568.090.9

47.348.652.357.6

61.466.367.876.7

81.090.892.599.5

Non-farmstruc-tures

3.8

.5

2.8

3.23.71 91.21.11.46.8

10.513.812.9

18.716.616.617.519.223.021.420.020.725.8

23.923.826.329.429.929.927.427.233.136.3

35.147.960.364 352.749.565.788.4

45.746.850.155.3

58.964.165.774.3

78.588.289.997.0

Farmstruc-tures

0.2

.0

.1

2.2

.2

.1

.1

.57

.9

.8

.88

.3

.87

.6

.77

.7

.7

.6

.7

.6

.7

.7

.6

.7

.7

.6

.7

.6

.7

.7

.61.2.9

1.01.1

.5

.81.11.2

1.21.0.9

1.1

1.11.21.11.0

Pro-ducers'dur-able

equip-ment

0.1

.0

.1

.1

.1

.1

.0

.0

.0

.23

.3

.3

!5. 5.5.6

.5

.5

.5

.6

.6

.7

.7

.7

.8

.9

.91.01.11.21.21.11.31.4

1.01.01.11.2

1.21.21.21.3

1.41.41.51.5

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

14.310.1

7.79.4

3.86.49.4

17.98.9

- 1 1 . 513.317.8

- 2 2 . 0- 2 5 . 1

4.9- 3 . 6

14.518.321.5- . 9

13.821.723.611.9

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

- 2 . 35.3

3.51.95.85.26.48.5

14.59.47.69.2

3.75.18.8

14.710.8

- 1 5 . 114.917.5

- 2 5 . 9- 2 6 . 5

1.4- 9 . 2

15.920.422.0.14

14.122.423.110.4


273


TABLE B—15.—Inventories and final sales of business, 1946-77

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

Year andquarter

Fourth quarter:1946194719481949

19501951195219531954

195519561957 . .19581959 . .

1960196119621963 .1964

1965196619671968 . . . .1969

1970 . . .1971197219731974

197519761977 v

1975:1IIIIIIV

1976:1IIIIIIV

1977:1IIIllIV v

Total

73.786.990.681.0

98.8112.1109.4110.1107.2

112.1121.8126.7128.9132.3

136.2138.4145 2151.5157.6

172.7189.1202.2215.3236.2

244.2261.9288.6355.8425.6

427.3461 5504.7

417.9417 9427.3427.3

436 2449.1455.5461.5

478.6482.5492.0504.7

Farm

21.825.823.419.5

24.226.523.121.620.5

17.618.320.924.923.6

24.825.026 626.925.7

29.728.929.230.433.4

31.736.844.666.261.9

63.959.860.5

58.863 566.963.9

63 965.761.359.8

62.860.057.660.5

Inventories

Nonfarm

Total

51.961.167.261.4

74.685.686.388.586.7

94.6103.5105.8103.9108.7

111.3113.4118 6124.6131.8

143.0160.2173.0184.9202.8

212.5225.1243.9289.6363.7

363.4401 7444.1

359.1354.4360.4363.4

372.3383.4394.2401.7

415.8422.5434.4444.1

Manufac-turing

26.731.834.831.0

37.446.247.349.347.0

51.457.557.956.057.5

58.159.562 564.868.5

73.783.491.197.4

107.1

110.8113.6120.4143.6186.4

187.6206 1223.7

186.2183.7185.4187.6

190.7196.3201.7206.1

210.8213.7219.3223.7

Wholesaletrade

9.610.612.111.7

14.314.914.915.115.4

16.717.818.118.119.2

19.620.220.922.423.6

25.328.630.632.435.3

38 341.245 755.269.8

67.775 282.6

68.666 968.167.7

69 872.874.375.2

78.879.580.882.6

Retailtrade

11.914.115.314.3

17.718.317.918.518.7

20.921 822 922.924.1

25.625.126.728.229.8

33.136.637.840.744.4

45 651.055 964.472.3

72.681 294.5

69.969 772.572.6

75.777.780.481.2

86.088.591.994.5

Other

3.74.64.94.4

5.26.26.25.55.6

5.66 46.96.98.0

8.18.78.69.29.9

10.911.613 514.416.1

17.719.221.826.435.2

35.539 143.4

34.434.034.535.5

36.236.537.939.1

40.240.842.443.4

Finalsales»

192.0219.6235 7234.6

259 8295.6313.3325.8330.1

356.5377 0392 7405.0426.7

442 1465.3492 7524.2553.1

610.7647.5688 0757.6804.5

839.4915.2

,019.9,120.5,216.0

, 356.7,486 1,657.6

, 244.3, 285.2,318.2, 356.7

, 381.3,415.01,441.5I, 486.1

I, 518. 5L, 564.71,604.41,657.6

Inventory-finalsales ratio

Total

0.384.396.384.345

.380

.379

.349

.338

.325

.315

.323

.323

.318

.310

.308

.297

.295

.289

.285

.283

.292

.294

.284

.294

.291

.286

.283

.318

.350

.315

.311

.304

.336

.325

.324

.315

.316

.317

.316

.311

.315

.308

.307

.304

Non-farm 3

0.270.278285

.262

.287

.290

.275

.272

.263

.265274269

.257

.255

.252

.244241

.238

.238

.234

.247

.251

.244

.252

.253

.246

.239

.258

.299

.268

.270

.268

.289

.276

.273

.268

.270

.271

.273

.270

.274

.270

.271

.268

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

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


274


TABLE B-16.—Inventories and final sales of business in 1972 dollars, 1947-77

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

Year andquarter

Fourth quarter: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..1976..1977 ^

1975: I. . .II..III.IV..

1976: I. . .

IV..

1977: I.IIIIIIV v

Inventories1

Total

118.6124.1119.7

130.2143.9148.2149.7147.5

155.3161.1162.6160.8167.2

171.6174.5182.6190.4197.7

209.0225.7237.7246.4257.0

261.3267.9277.4293.9301.8

291.9300.4312.0

296.9292.3293.1291.9

294.3297.4300.8300.4

302.8306.1310.0312.0

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

37.739.239.842.141.8

43.041.441.6

42.142.242.643.0

42.742.42.041.4

41.341.241.341.6

Nonfarm

Total

93.097.393.5

102.7114.8117.9119.6116.5

123.7130.3131.2128.4134.8

138.8141.2148.1154.7162.6

172.8189.7200.9209.4219.7

223.6228.8237.6251.8260.1

248.9259.0270.4

254.8250.1250.5248.9

251.7255.2258.8259.0

261.5264.9268.7270.4

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

117.1115.4117.5123.6128.6

124.0128.1131.8

127.6125.7124.7124.0

124.4126.1127.7128.1

128.7130.3131.4131.8

Wholesaletrade

13.816.116.1

18.318.919.219.419.7

21.422.021.921.823.7

24.325.025.927.829.1

30.533.735.536.638.2

40.442.44.447.450.6

47.149.751.9

49.347.847.747.1

47.949.049.849.7

50.551.151.751.9

Retailtrade

20.521.320.9

23.923.923.924.524.6

27.227.528.428.229.6

31.530.632.534.136.0

39.442.743.145.347.7

47.351.954.458.256.5

54.557.762.9

54.053.454.754.5

55.956.758.057.7

58.860.062.062.9

Other

8.78.67.8

8.79.59.68.78.8

8.49.29.89.8

10.5

10.711.411.412.012.8

13.814.316.316.818.0

18.819.521.322.724.5

23.423.623.8

23.923.323.323.4

23.523.523.423.6

23.523.623.723.8

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

1,007.61,031.81, 005. 3

1, 044. 71, 095.71,156.3

1.003.21,017.91,028.61, 044.7

1, 054.51, 067.21,076.61,095.7

1,106.51,121.71,134. 81.156.3

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

.300

.279

.274

.270

.296

.287

.285

.279

.279

.279

.279

.274

.274

.273

.273

.270

Non-farm 3

0.234.236.225

.232

.241

.236

.232

.225

.226

.234

.232

.222

.226

.228

.221

.223

.221

.223

.218

.234

.240

.237

.246

.251

.245

.236

.244

.259

.238

.236

.234

.254

.246

.244

.238

.239

.239

.240

.236

.236

.236

.237

.234

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

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


275


TABLE B-17.—Relation of gross national product and national income, 1929-77


Year or quarter

1929

1933

1939

1940194119421943194419451946194719481949 . .

1950195119521953 . . . .195419551956195719581959 . .

1960196119621963196419651966196719681969

19701971197219731974 . _ _ _ _ _19751976 . __1977 v

1975:1| |IIIIV

1976:1IIIIIIV

1977:1IIIIIIV 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, 063.41,171.11,306.61,412.91, 528.81, 706. 51, 890.4

1, 453.01, 496.61, 564.91, 600. 7

1,651.21,691.91, 727.31, 755.4

1,810.81,869.91,915.91, 965.1

Less:Capital

consump-tion allow-ances with

capitalconsump-

tion adjust-ment

9.7

7.5

8.7

9.010.011.211.511.812.313.817.220.322.0

23.927.629.631.633.135.338.942.044.146.1

47.749.150.552.254.657.561.767.073.882.5

90.898.8

105.4117.7137.7162.5179.0197.0

153.9160.4165.6170.2

173.8177.0180.9184.5

189.0193.3199.8205.9

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

, 065.8,188.9,275.2

I, 366.3I, 527.4, 693.4

I, 299.1L, 336.21,399.21.430.6

1, 477.41,514.91, 546. 51, 570.9

1,621.81,676.61,716.01, 759.1

Plus:Subsidies

lesscurrentsurplus

of govern-mententer-prises

- 0 . 2

- . 0

.4

.4

.1

.1

.1

.6

.7

.9- . 2- . 1- . 3

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

.7

.71.1.1

.478176

> 5638

2.72.43.63.91.02.3.8

2.1

1.92.02.32.9

1.0.5

1.1.5

.5

.11.46.3

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

94.0103.4111.0120.2128.6138.7150.5165.2

132.7136.5141.4144.2

145.5149.1151.8155.5

160.1163.3166.9170.4

Businesstransfer

payments

0.6

.7

.5

.4

.5

.5

.5

.5

.5

.5

.6

.7

.8

.8

.91.0

?1?4

,568

2.02.02.12.42.72.83.03.13.43.8

4.04.24.75.45.97.08.19.0

6.36.87.37.6

7.88.08.28.4

8.78.99.19.4

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

1.7- . 2

- . 71.64.03.72.2.9

3.21.7

- . 6- 3 . 3

- 2 . 11.31.72.65.85.95.51.0

6.03.58.05.9

4.24.58.05.3

3.3- 1 . 2

.9

Equals:Nationalincome

84.8

39.9

71.3

79.7102.6135.7169.1181.9180.6178.3194.6219.0212.7

236.2272.3285.8299.7299.1328.0346.9362.3364.0397.1

412.0424.2457.4482.8519.2566.0622.2655.8714.4767.9

798.4858.1951.9

1,064.61,136.01,217.01, 364.11,520.3

1,156.01,191.41,244.91, 275.7

1,321.01, 353.91, 379.61, 402.1

1,450.21,505.71, 540.5


276


TABLE B-18.—Relation of national income and personal income, 1929-77


Year orquarter

Nationalincome

Less:

Corpo-rate

profitswith

inven-tory

valuationand

capitalcon-

sumptionadjust-ments

Netinterest

Contri-butions

forsocialinsur-ance

Wageaccruals

lessdis-

burse-ments

Plus:

Govern-ment

transferpay-

mentsto

persons

Personalinterestincome

Divi-dends

Businesstransfer

pay-ments

Equals:

Personalincome

1929

1933

1939

194019411942194319441945 ___1946...."19471948 ...1949....:

1950....19511952195319541955....1956J9571958....1959

1960196119621963196419651966196719681969

1970197119721973 ;1974197519761977*

1975: L._.II._III..IV..

1976: L._II._ML.IV..

1977: I...II._III..IV*.

84.8

39.9

71.3

79.7102.6135.7169.1181.9180.6178.3194.6219.0212.7

236.2272.3285.8299.7299.1328.0346.9362.3364.0397.1

412.0424.2457.4482.8519.2566.0622.2655.8714.4767.9

798.4858.1951.9

1, 064.61,136.01,217.01,364.11,520.3

1,156.01,191.41, 244.91, 275.7

1,321.01,353.91,379.61, 402.1

1, 450.21,505.71,540.5

9.2

-1.7

5.3

8.714.119.323.523.619.016.622.229.126.9

33.738.135.435.534.644.642.942.137.548.2

46.646.954.959.667.077.182.579.385.881.4

67.977.292.199.183.699.3128.1140.3

74.092.7115.6114.7

126.5129.2133.5123.1

125.4140.2149.0

4.7

4.1

3.6

3.33.33.12.72.42.21.62.12.12.2

2.32.73.03.44.34.85.26.58.08.8

9.811.212.814.315.918.521.924.326.830.8

37.542.847.052.369.079.188.4

100.9

76.477.679.982.3

85.086.590.192.0

95.398.9103.1106.4

0.2

.3

2.1

2.32.83.54.55.26.16.15.85.45.9

7.18.59.09.110.111.512.914.915.218.0

21.121.924.327.328.730.038.843.448.154.9

58.764.873.691.5103.8110.1123.8139.0

108.0108.5110.7113.3

120.3122.8124.7127.5

135.0138.0139.9143.1

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

113.5134.9169.8184.7197.8

157.6169.9174.2177.5

182.5180.8186.2189.5

194.8194.0199.5203.1

6.9

5.5

5.4

5.35.35.25.1b.25.96.47.37.78.2

8.99.6

10.311.412.713.815.317.418.820.9

23.324.627.130.233.337.241.845.049.655.9

64.369.374.684.1

103.0115.6130.3147.9

111.5113.3116.6121.0

125.0127.5132.2136.4

140.3145.4150.3155.6

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

12.913.314.415.517.319.119.420.12L922.6

22.923.024.627.831.032.435.841.2

32.032.232.932.5

33.635.036.038.4

38.540.342.343.6

0.6

.7

.5

.4

.5

.5

.5

.5

.5

.5

.6

.7

.91.01.21.11.21.41.51.61.8

2.02.02.12.42.72.83.03.13.43.8

4.04.24.75.45.97.08.19.0

6.36.87.37.6

7.88.08.28.4

8.78.99.19.4

84.9

46.9

72.4

77.895.3

122.4150.7164.4169.8177.3189.8208.5205.6

226.1253.7270.4286.1288.2308.8330.9349.3359.3382.1

399.7415.0440.7463.1495.7537.0584.9626.6685.2745.8

801.3859.1942.5

1,052.41,154.91,253.41,382.71,536.1

1, 205.11,234.71,269.71, 304.0

1,338.11,366.71,393.91,432.2

1, 476.81,517.21,549.81,600. 5


277


TABLE B-19.—National income by type of income, 1929-77


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949 . . . .

1950195119521953 . .195419551956195719581959

196019611962196319641965196619671968 .1969

1970197119721973197419751976.1977 v

1975: 1III I I . . -IV

1976: 1III I I . . . .IV

1977: 1IIIII. „IV v

Na-tional

in-come^

84.8

39.9

71.3

79.7102.6135.7169.1181.9180.6178.3194.6219.0212.7

236.2272.3285.8299.7299.1328.0346.9362.3364.0397.1

412.0424.2457.4482.8519.2566.0622.2655.8714.4767.9

798.4858.1951.9

1,064.61,136.01,217.01, 364.11,520.3

1,156.01,191.41, 244.91, 275. 7

1,321.01, 353. 91, 379.61, 402.1

1, 450.21, 505.71, 540. 5

Compensation ofemployee

Total

51.1

29.5

48.1

52.164.885.3

109.5121.2123.1118.1129.2141.4141.3

154.8181.0195.7209.6208.4224.9243.5256.5258.2279.6

294.9303.6325.1342.9368.0396.5439.3471.9519.8571.4

609.2650.3715.1799.2875.8930.3

1,036.31,155.8

904.6914.4936.7965.6

999.61,024.91,046.51,074.2

1,109.91,144.71,167.41,201.3

Wagesand

sala-ries

50.5

29.0

46.0

49.962.182.1

105.8116.7117.5112.0123.1135.5134.7

147.0171.3185.3198.5196.8211.7228.3239.3240.5258.9

271.9279.5298.0313.4336.1362.0398.4427.5469.5514.6

546.5580.0633.8701.2764.1805.7891.8989.5

785.1792.4810.5834.9

861.5882.4900.2923.2

951.3980.9998.9

1,027.1

i

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

111.7124.6144.5166.3

119.6122.1126.3130.7

138.1142.5146.3150.9

158.6163.8168.5174.2

Proprietors

Total

14.9

5.8

11.7

12.917.424.029.030.231.736.635.840.736.1

38.442.842.941.340.842.543.645.047.447.2

47.048.349.650.352.256.760.361.063.466.2

65.167.776.192.486.286.088.097.9

78.984.390.490.4

86.990.486.288.7

95.197.095.5

104.2

1 income with inventory valuation and capitalconsumption adjustments

Farm

Total

6.2

2.6

4.4

4.56.49.8

11.711.612.214.915.217.512.7

13.515.814.912.912.311.311.211.013.110.7

11.411.811.911.610.312.613.612.112.013.9

13.914.318.032.025.423.218.619.5

18.322.726.225.5

20.021.616.216.6

20.719.715.522.1

In-come'

6.3

2.5

4.4

4.56.5

10.312.212.212.615.115.618.113.4

14.116.615.713.712.911.911.811.813.911.6

12.312.712.812.511.213.514.613.213.315.4

15.316.020.034.227.926.822.824.2

21.326.130.129.7

24.125.820.320.8

25.024.220.327.4

Capi-tal

con-sump-

tionad-just-ment

- 0 . 1

.1

- . 0

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

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

- . 9- . 9

- 1 . 0- . 9

- 1 . 0- . 9

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

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

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

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

- 4 . 2- 4 . 5- 4 . 8- 5 . 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

51.253.458.160.460.962.869.478.4

60.661.664.264.9

66.968.870.072.0

74.377.380.082.0

In-come4

8.8

3.9

7.6

8.611.714.417.118.319.323.321.823.122.2

25.126.426.927.627.630.531.833.133.235.3

34.235.336.437.240.242.745.347.550.451.3

50.752.856.460.362.963.470.479.9

61.262.064.865.5

67.670.170.773.2

76.178.980.783.9

Inven-tory

valua-tionad-

just-ment

0.1

- . 5

- . 2

- . 0- . 6- . 4

- . 1__ |

-1 .7- 1 . 5- . 4

.5

-1 .1

.2

- . 0- . 2

- . 3- . 1

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

- . 5- . 4- . 7

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

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

-1 .0-1 .5-1 .1-1 .7

-2 .0-1 .7—. 6

-1 .4

Capi-tal

con-sump-tionad-

just-ment

- 0 . 2

- . 2

- . 1

- . 1- . 1

.2

.3

.4

.2

.0

.4

.5

.8

.9

.9

.9

.91.01.01.11.21.11.3

1.31.21.41.61.81.61.61.71.51.4

1.01.12.51.81.6.6.3

- . 1

.9

.6

.5

.5

.3

.2

.4

.5

.3

.0- . 1- . 4


278


TABLE B-19.—National income by type of income, 1929-77—Continued


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974 .197519761977 P . . . .

1975:1. . .II —III.IV..

1976:1. . .IIIII.IV..

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

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

18.620.121.521.621.422.323.325.3

22.122.322.222.6

23.022.923.324.1

24.524.925.526.4

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

25.827.729.431.333.736.840.045.3

35.836.637.037.9

38.939.440.341.5

42.944.645.748.1

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

-12.3-14.5-16.7-20.0

-13.7-14.3-14.8-15.3

-15.9-16.4-16.9-17.3

-18.4-19.7-20.2-21.7

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

67.977.292.199.183.699.3

128.1140.3

74.092.7

115.6114.7

126.5129.2133.5123.1

125.4140.2149.0

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

66.476.989.697.286.5

111.5142.7157.5

83.2104.6128.9129.2

141.1143.7148.2137.9

141.0156.2166.9

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

115.8126.9123.5156.9172.1

101.5113.9137.7141.0

153.5159.2159.9154.8

161.7174.0172.8

Profitstax

lability

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

34.537.741.548.752.450.264.769.2

40.845.756.357.9

63.166.165.963.9

64.469.769.3

Profits after tax

Total

8.6

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

37.044.354.667.174.573.492.1

102.9

60.868.281.483.1

90.493.194.090.9

97.2104.3103.6

Divi-dends

5.8

2.0

3.8

4.04.44.34.44.64.65.66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12.913.314.415.517.319.119.420.121.922.6

22.923.024.627.831.032.435.841.2

32.032.232.932.5

33.635.036.038.4

38.540.342.343.6

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

14.121.330.039.343.641.056.461.7

28.836.048.550.6

56.858.158.052.5

58.864.161.2

Inven-tory

valua-tion

adjust-ment

0.5

- 2 . 1

- . 7

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

3- ! 6

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

1.9

- 5 . 0- 1 . 2

1.0- 1 . 0

- L 7- 2 . 7- 1 . 5

.3

.1

.1- . 2- . 5

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

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

-18.6-40.4-12.0-14.1-14.5

-18.3- 9 . 3- 8 . 8

-11.8

-12.4-15.5-11.7-16.9

-20.6-17.8- 5 . 9

-13.8

Capitalcon-

sump-tion

adjust-ment

- 1 . 3

- . 5

- 1 . 0

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

2-".1

- 2 . 7- 3 . 4- 3 . 9- 3 . 8

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

- 2 . 3- 1 . 8

1.22.12.83.83.93.73.73.5

1.5.3

2.51.9

- 2 . 9-12.2-14.7-17.0

- 9 . 2-11.9-13.3-14.5

-14.6-14.6-14.7-14.8

-15.6-15.9-17.9-19.4

Netinter-est

4.7

4.1

3.6

3.33.33.12.72.42.21.62.12.12.2

2.32.73.03.44.34.85.26.58.08.8

9.811.212.814.315.918.521.924.326.830.8

37.542.847.052.369.079.188.4

100.9

76.477.679.982.3

85.086.590.192.0

95.398.9

103.1106.4

! National income is the total net income earned in production. It differs from gross national product mainly in that itnd other allowances for business and institutional consumption of durable capital goodsk Tohlo D_17

! National income is the total net incoexcludes depreciation charges and other alloand indirect business taxes. See Table B-17.

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

3 With inventory valuation adjustment and without capital consumption adjustment.* Without inventory valuation and capital consumption adjustments.


279


TABLE B-20.—Sources of personal income, 1929-77


Year or quarter

1929

1933

1939 . .

1940194119421943194419451946194719481949

1950195119521953195419551956 .1957 . . . .19581959

196019611962196319641965196619671968.1969

19701971. .197219731974197519761977*

1975: 1IIIIIIV

1976: 1IIIII .IV

1977: 1IIIIIIV p

Per-sonal

income

84.9

46.9

72.4

77.895.3

122.4150.7164.4169.8177.3189.8208.5205.6

226.1253.7270.4286.1288.2308.8330.9349.3359.3382.1

399.7415.0440.7463.1495.7537.0584.9626.6685.2745.8

801.3859.1942.5

1,052.41,154.91, 253. 41, 382. 71, 536.1

1 205 11, 234. 71, 269. 71, 304.0

1, 338.11, 366.71, 393.91, 432. 2

1, 476. 81,517.21, 549.81,600.5

Wage and salary disbursements1

Total

50.5

29.0

46.0

49.962.182.1

105.6116.9117.5112.0123.1135.5134.8

147.0171.3185.4198.6196.8211.7228.3239.3240.5258.9

271.9279.5298.0313.4336.1362.0398.4427.5469.5514.6

546.5579.4633.8701.3764.6805.7891.8989.5

785 1792.4810.5834.9

861.5882.4900.2923.2

951.3980.9998.9

1,027.1

Commodity-producingindustries

Total

21.5

9.8

17 4

19 727 539 149 050.445 946.054.261.157.8

64.876.382 089.685.793.1

100 6104.2100.0109.6

113.1113 7121.8126.9135 4146.0161.0168.3183.4199.6

202.9208.3227.3254.3274.6275.0308.5346.3

269.0269.0276.0285.9

298.6306.7310.8317.7

329.0345.4351.0359.7

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 4196.2211.4211.0238.2267.2

205 8206.6212.1219.6

230.6236.7240.2245.1

255.4265.9270.0277.5

Distrib-utive

indus-tries

15.6

8.8

13.3

14.216.318.020.122.724.831.035.237.537.7

39.844.346.949.750.153.457.760.560.864.8

68.269.372.876.381.487.294.4

100.9109.9120.7

130.1139.3151.9168.1184.3195.4217.1242.5

191 1192.2196.7201.6

208.2213.7220.2226.4

234.5240.5244.4250.7

Serviceindus-tries

8.4

5.2

7 1

7 58 19.09 9

10.911 914.316.117.918.5

19.821.523 124.926.128.631.333.635.638.5

41.444.147.250.254.458.964.771.879.889.4

97.5106.2117.2130.3145.1159.9179.0200.8

155.1157.5160.8166.3

172.0176.6180.9186.7

193.0197.7202.8209.7

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

116.0125.6137.3148.6160.5175.4187.2199.9

169.8173.7176.9181.2

182.7185.4188.2192.5

194.8197.2200.6206.9

Otherlaborin-

come1

0.5

.4

.6

.6

.7

.91.11.51.82.02.42.72.9

3.74.65.25.96.17.08.09.09.4

10.6

11.211.813.014.015.717.819.921.725.128.2

32.036.242.048.755.664.975.988.6

61.263.366.169.0

71.774.577.380.0

83.286.790.394.0

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

Farm

6.2

2.6

4.4

4 56 49.8

11 711.612 214.915.217.512.7

13.515.814 912.912.311.311 211.013.110.7

11.411.811.911.610.312.613.612.112.013.9

13.914.318.032.025.423.218.619.5

18.322.726.225.5

20.021.616.216.6

20.719.715.522.1

Non-farm

8.8

3.2

7 3

8 410.914.317 318.619 421.620.623.223.5

24.927.028 028.428.531.232 433.934.336.6

35.636.437.738.742.044.146.748.951.452.3

51.253.458.160.460.962.869.478.4

60.661.664.264.9

66.968.870.072.0

74.377.380.082.0


280


T A B L E B-20.—Sources of personal income, 1929-77—Continued


Year orquarter

1929

1933

1939....

1940....1941 . . . .1942..1943 . . . .1944....19451946 .1947....1948....1949....

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

I 9 6 0 . . . .1 9 6 1 . . . .1962 . . . .1963.. . .1964 . . . .1965 . . . .1966 . . . .1967 . . . .1968 . . . .1969 . . . .

1970 . . . .1971. . . .1972....1973197419751976____1977P.._

1975: LI I .IllIV.

1976:1.I I .illIV.

1977:1.11.IllIVr

Rentalincomeof per-

withcapital

con-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

18.620.121.521.621.422.323.325.3

22.122.322.222.6

23.022.923.324.1

24.524.925.526.4

Divi-dends

5.8

2.0

3.8

4.04.44.34.44.64.65.66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12.913.314.415.517.319.119.420.121.922.6

22.923.024.627.831.032.435.841.2

32.032.232.932.5

33.635.036.038.4

38.540.342.343.6

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

103.0115.6130.3147.9

111.5113.3116.6121.0

125.0127.5132.2136.4

140.3145.4150.3155.6

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

104.1118.9140.8176.8192.8206.9

163.9176.8181.5185.2

190.3188.7194.3198.0

203.5203.0208.7212.5

Old age,survivors,disability,and healthinsurancebenefits

0.0

.0

. 1

.1

.2

.2

. 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

38.544.549.660.470.181.492.9

105.0

76.777.984.886.3

88.189.395.898.4

99.9101.8108.5109.8

Transfer payments

Govern-ment

unem-ploy-

ment in-surancebenefits

0.4

.5

.4

.4

.1

.1

.41.1.8. 9

1.9

1.5.9

1.11.02.21.51.51.94.12.8

3.04.33.13.02.72.31.92.22.12.2

4.05.85.64.36.6

17.415.712.7

14.817.918.718.2

17.515.015.115.0

15.112.311.611.8

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

10.411.814.514.413.8

14.213.914.615.1

15.914.413.613.9

14.313.713.313.8

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

10.111.713.515.618.822.625.728.8

21.522.123.024.0

24.525.726.126.4

27.128.429.230.5

Aid tofamilieswith de-pendentchildren(AFDC)

0.

1

1

11.1.1.2.2.2.

. 3

.4

.5

.6

.6

.5

.5

.6

.6

.6

.7

.8

.9

1.01.11.31.41.51.71.92.32.83.5

4.86.26.97.27.99.29.9

10.3

8.89.09.49.7

9.89.9

10.010.0

10.010.210.310.5

Other

g

4

7

7888001

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

14.917.218.921.025.531.734.336.3

28.035.831.031.9

34.634.533.834.3

37.036.635.636.0

Less:Personalcontri-butions

forsocialinsur-ance

0.1

.2

.6

.7

.81.21.82.22.32.02.12.22.2

2.93.43.84.04.65.25.86.76.97.9

9.39.7

10.311.812.613.317.820.622.826.3

28.030.834.242.2M.I50.455.261.2

49.649.850.551.6

53.954.855.656.6

59.660.861.762.9

Non-farmper-sonal

in-come2

159.6171.5187.7189.9

209.3234.4252.0269.9272.7294.3316.4335.0342.6367.7

384.4399.0424.5447.0480.7519.5566.1609.1667.5725.8

780.7838.0917.3

1,011.91,119.31,218.81,351.31,502.3

1,175.61, 200. 81, 232.11,266.7

1,305.91,332.51, 364. 71, 402.1

1, 442. 41, 483. 51,519.91.563.4

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

3 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural netinterest.

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


281


T A B L E B—21.—Disposition cf personal income, 1929-77

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

Year orquarter

1929

1933 . .

1939

194019411942 .1943194419451946..194719481949

1950195119521953195419551956. .195719581959.

1960.1961196219631964... .1965196619671968... .1969

1970... .1971197219731974197519761977 v

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

1976: l . ._ .I I . . .III...IV.__

1977: I . . . .IL . . .III.. .IV P .

Per-sonal

income

84.9

46.9

72.4

77.895 3

122.4150.7164.4169.8177.3189 8208 5205.6

226.1253.7270 4286.1288.2308 8330.9349.3359.3382.1

399.7415.0440.7463.1495.7537.0584 9626.6685.2745.8

801.3859.1942.5

1, 052. 41,154.91,253.41,382.71,536 1

1, 205.11, 234. 71, 269. 71,304.0

1, 338.11, 366.71, 393.91, 432.2

1, 476.81,517.21, 549.81,600.5

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

115.3116.3141.2150.8170.3169.0196.9227.5

179.6142.5173.9179.9

184.8192.6200.6209.5

224.4224.8226.1234.6

Equals:Dispos-

ableper-sonal

income

82.3

45.5

69.9

75.292 0

116.5132.9145.5149.0158.6168 4187 4187.1

205 5224.8236 4250.7255.7273 4291.3306.9317.1336.1

349.4362.9383 9402.8437.0472 2510 4544 5588.1630.4

685.9742.8801.3901.7984.6

1, 084. 41,185.81,308.6

1, 025. 41, 092.21, 095. 71,124.1

1,153. 31,174.11,193.31, 222.6

1, 252.41, 292. 51, 323.81,365.9

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

635.4685.5751.9831.3913.0

1, 004.21,119.91, 240. 9

960.1989.1

1, 019.11, 048.6

1, 080.91,103.81,128.51,166. 3

1,201.01, 223.91, 250. 51, 288.1

Per-sonalcon-

sump-tion

expend-itures

77.3

45.8

67.0

71.080 888.699.4

108.2119.5143.8161 7174 7178.1

192.0207.1217 1229.7235.8253 7266.0280.4289.5310.8

324.9335.0355 2374.6400.4430 2464 8490 4535.9579.7

618.8668.2733.0809.9889.6980.4

1, 094.01,210.1

936.5965.9995.1

1, 024.1

1, 056.01,078. 51,102.21,139. 0

1,172.41,194.01,218.91,255.3

Interestpaid by

con-sumers

tobusi-ness

1.5

.5

.7

.89

.7

.5

.5

.5

.71 01.41.7

2.32.52.93.63.84.45.15.55.66.1

7.07.37.88.89.9

11.112 012.513.314.7

15.516.217.920.222.422.925.029.6

22.622.423.023.6

23.824.425.526.3

27.528.930.431.6

Per-sonal

transferpay-

mentsto for-eigners(net)

0.3

.2

.2

.22

.1

.2

.4

.5

.77

.7

.5

.4

.44

.5

.5

.4

.5

.5

.4

.4

.4

.4

.5

.6

.6

.76

.9

.8

.9

1.11.11.01.31.0.9.9

1.2

1.0.8

1.0.9

1.0.9.9

1.0

1.11.01.31.2

Equals:Per-

sonalsaving

3.1

- 1 . 0

2.1

3.310 227.032.736.528.513.44 9

10 66.7

10.814.816 017.015.614.919.720.621.718.8

17.120.220 418.826.130.333.040.938.135.1

50.657.349.470.371.780.265.967.8

65.4103.176.775.5

72.470.364.856.3

51.468.573.377.8

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

92.692.393.892.292.792.694.494.8

93.690.693.093.3

93.794.094.695.4

95.994.794.594.3

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

90.290.091.589.890.390.492.392.5

91.388.490.891.1

91.691.992.493.2

93.692.492.191.9

Per-sonalsaving

3.8

- 2 . 2

3.0

4.411 123.224.625.119.28.52 95 73.6

5.36.66 86.86.15 46.86.76.85.6

4.95.65 34.76.06.46.57.56.55.6

7.47.76.27.87.37.45.65.2

6.49.47.06.7

6.36.05.44.6

4.15.35.55.7


282


T A B L E B—22.— Total and per capita disposable personal income and personal consumption expendi-

tures in current and 1972 dollars, 1929-77

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

Year or quarter

1929

1933 . .

1939

1940.19411942 .1943194419451946194719481949

1950195119521953195419551956195719581959 . .

1960196119621963 . .196419651966 . .196719681969

197019711972197319741975 _ _19761977*

1975: 1II.IIIIV

1976: 1IIIIIIV

1977:1 . . _.IIIIIIVP . . _

Disposable personal income

Total (billionsof dollars)

Currentdollars

82.3

45.5

69.9

75.292.0

116.5132.9145.5149.0158.6168.4187.4187.1

205.5224.8236.4250.7255.7273.4291 3306.9317.1336.1

349 4362 9383 9402 8437.0472 2510 4544.5588 1630.4

685 9742.8801.3901.7384 fi

, 084.4,185 8, 308.6

, 025.4,092.2, 095.7, 124.1

1,153.31,174.11,193.31,222.6

1,252.4L 292.5I, 323.8L, 365.9

1972dollars

229.8

169.7

230.1

244.3278.1317 3332.2343.9338 6332.4318.8335.5336.1

361 9371 6382.1397 5402.1425.9444 9453.9459.0477.4

487 3500 6521 6539 2577.3612 4643 6669.8695 2712.3

741 6769.0801.3854.7842 0857.3890 3930.3

828.8871.1859.1870.2

881.5887.8890.7901.5

908.4924.5934.4953.6

Per capita(dollars)

Currentdollars

675

362

534

570690863972

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

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

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

3 3483,5883,8374,2854 6465,0775 5116|035

4,8175,1205,1255,247

5,3745,4625,5405,665

5,7935,9676,0986,279

1972dollars

1,886

1,350

1,756

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

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

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

3 6193,7143 8374,0623 9734,0144 1374,290

3,8934,0844,0184,062

4,1074,1304,1354,177

4,2024,2684,3054,383


Total (billionsof dollars)

Currentdollars

77.3

45.8

67.0

71.080.888 699.4

108.2119 5143.8161.7174.7178.1

192 0207 1217.1229 7235 8253.7266 0280 4289.5310.8

324 9335 0355 2374 6400.4430 2464 8490.4535 9579.7

618.8668.2733.0809.9889 6980.4

1,094.01,210.1

936.5965.9995.1

1,024.1

1.056.01,078.5L, 102.21,139.0

1,172.41,194.01,218.91,255.3

1972dollars

215.6

170.7

220.3

230.4244.1241 7248.7255.7271 4301.4306.2312.8320.0

338 1342.3350.9364 2370.9395.1406 3414.7419.0441.5

453 0462.2482 9501 4528.7558 1586.1603.2633.4655.4

668.9691.9733.0767.7760.7775.1821.3860.3

756.9770.4780.2792.8

807.2815.5822.7839.8

850.4854.1860.4876.4

Per capita(dollars)

Currentdollars

634

364

511

537605657727781854

1,0171,1221,1921,194

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

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

3,0203,2273,5103,8494,1974,5915,0845,580

4,3994,5294,6544,780

4,9215,0185,1175,278

5,4225,5135,6155,770

1972dollars

1,769

1,358

1,681

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

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

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

3,2653,3423,5103,6483,5893,6293,8173,967

3,5553,6123,6493,700

3,7613,7943,8203,891

3,9333,9433,9644,028

Popu-lation(thou-

sands) *

121, 875

125,690

131,028

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

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

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

204,878207,053208, 846210,410211,945213, 566215,191216, 856

212, 895213,298213,816214,258

214,608214, 948215,38C215, 827

216,206216,603217,073217,542

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

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

283


T A B L E B-23.—Gross saving and investment, 1929-77


Year orquarter

1929

1933

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

19601961....196219631964196519661967 119681969

19701971 . .1972197319741975....19761977 v

1975: I . .I I . . .III...-IV... .

1976: 1IIIII. . . .IV... .

1977: 1I L . . .I IL. . .IV v--

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 5216.8204 4195.1237.0274.3

175.6183.6209.8211.4

228.9242.1244.8232.2

251.4277.2284.5

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 4210.5209 5259.4272 5294.7

220.5278.3268.8270.0

276.0275.4277.2261.6

262.9292.1310.5

Per-sonalsaving

3.1

— 1 0

2 1

3.310 227.032 736.528.513.44 9

10 66.7

10 814.816.017.015.614.919 720.621 718.8

17.120.220 418 826 130.333.040.938 135 1

50 657 349 470.371 780.265 967.8

65.4103.176.775.5

72.470.364.856.3

51.468.573.377.8

Grossbusi-ness

savingi

11.7

3.2

8.8

10.912.014.816.717.716.015.821.830.031.4

30.834.637.138.041.047.548.751.151 358.5

58.759.867 070 176 284.691.293.798 2

101.7

101.4115 7131 0140.2137 9179.2206 6226.9

155.1175.2192.1194.5

203.6205.1212.4205.3

211.5223.6237.2

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- 3 2

-64 .3-35.6-20.4

-44.9-94.7-59.0-58.7

-47.1-33 .3-32.4-29.4

-11.5-14.9-26.0

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

.5- 1 . 8

-13.2- 5 . 8

8.5

-12.1-22.0-17 .3- 6 . 7

-10.7-70.2-54.0-49.6

-48.5-99.2-85.5-67.6

-60 .3-46.2-53 .5-55.9

-38 .8-40 .3-58 .9

Stateandlocal

- 0 . 2

- . 1

.0

.61.31.82.52.72.61.91.0.1

- . 7

- 1 . 2- . 4- . 0

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

- 1 . 4- 2 4- . 4

.1- . 4

55

1.0- . 0

.5- 1 . 1

2.1

2.83 7

13 713.07 65.9

18 429.2

3.74.56.68.9

13.312.921.126.5

27.325.432.9

Capitalgrants

receivedby theUnitedStates,(net) 2

-------

0.9

7.0

4 - 2 . 0.0.0.0

.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 2219.4210 1201.0242 5275.3

181.6187.2217.8217.2

233.1246.5252.8237.5

254.7276.1285.4284.9

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 3220.0214.6189.1243.3294.3

175.1171.2205.4204.7

231.3244.4254.3243.4

271.8294.9303.6307.0

Netforeigninvest-ment 3

0.8

.2

.9

1.51 l

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

4.69 02 0.6

- 2 1.3

- . 2- 1 . 9- . 3- . 31 83.6

1- 2 . 0

1.73.02 43 25.74.31.61.2

- 1 4- 2 . 0

.5—3 2- 9 0- . 6

- 4 . 511.8- . 9

-19.1

6.516.012.412.5

1.82.2

- 1 . 5- 5 . 9

-17 .1-18 .8-18.2-22 .1

Statis-ticaldis-

crep-ancy

1 l

.7

1.4

1.15

- . 8- 1 . 8

2.74.1.7

1 8- 1 . 2

1.0

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 72.65 85.95.51.0

6.03.58.05.9

4.24.58.05.3

3.3- 1 . 2

.9

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 in rupees under provisions of the Agricultural

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


284


TABLE "R-24.—Saving by individuals, 1946-771


Year orquarter

1946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

19751976

1976: l.._.II._.III. .IV._

1977: l.._II . .III.

Total

22.321.025.221.4

30.434.029.931.527 8

33.236.336.133.537.4

34.934.740.245.254.9

62.072.072.778,069.6

82.697.9

112.8132.0127.6

143.0149.6

148.6158.6146.4144.5

139.9154.7165.2

Increase in financial assets

Total 2

18.913.29.09.9

13.719.123.122.622 1

27.930.028.631.637 1

31 935.739.646.555.2

58.360.167.873.462.7

77.7103.7128.1142.8140.5

165.1191.4

186.7196.0194.0188.6

213.6220.5242.9

Cur-rencyandde-

mandde-

posits

5.6.1

- 2 . 9- 2 . 0

2.64.61.61.02 2

1.21.8

- . 43.8.8

1.0- . 9

- 1 . 2- . 54.9

7.52.49.9

11.12.5

8.99.1

14.812.95.6

7.18.0

14.41.68.77.3

8.522.65.7

Sav-ingsac-

counts

6.33.42.22.6

2.54.87.88.29.2

8.69.5

12.013.911.1

12 118.326.226.326.2

28.019.135.331.19.1

43 667.871.067.857.2

84.9108.8

96.3101.8114.3122.8

116.688.9

123.4

Securities

Gov-ern-mentsecu-rities a

- 1 . 41.61.31.8

- . 1- . 62.52.51.0

5.83.92.3

- 2 . 59.1

3.41.81.36.45.4

3.911.7- . 75.7

20.3

- 9 . 2- 9 . 9

1.922.822.6

20.73.2

7.07.0

- 1 . 4.1

23.55.5

31.0

Corpo-rateandfor-eign

bonds

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

- . 8.2

- . 0

- ! 9

.71.0.9

1.2.4

.7- . 1- . 4

.1- . 5

.51.44.G4.25.4

9.58.34.41.34.7

8.24.0

5.24.66.8

- . 7

- 6 . 77.41.2

Corpo-rate

equi-ties*

1.11.11.0J

.71.81.61.0.8

1.02.01.51.5.6

- 5.3

- 2 . 1- 2 . 5

- 2 . 1- . 7

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

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

- 4 . 1- 3 . 8

- 9 . 1.0

- 4 . 1- 2 . 1

- . 42.0

- 5 . 6

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

24.427.329.333.036.0

42.853.6

53.454.451.055.4

55.373.265.9

Net investment in

Non-farmhomes

3.66.79.18.4

11.811.711.312.312.7

16.715.613.212.115.9

14.312.012.813.413.9

13.412.610.914.314.2

11.718.825.928.223.1

20.832.8

28.531.633.537.9

40.346.252.7

Con-sumer

du-rables

3.99.5

10.410.9

14.210.47.59.67.0

11.68.47.83.58.0

7 44.89.1

12.215.3

19.121.218.724.323.8

17.425.133.639.027.0

22.742.3

39.542.442.444.8

50.948.242.8

Non-cor-po-ratebusi-ness

assets

i\2:07.12.0

7.04.42.0.8

1 5

2.4.5

2.12.33 4

3 13.36.38.57.7

11.29.48.59.4

11.4

9 813.517.820.32.8

- . 8- 2 . 5

- 1 . 9- 2 . 6- 1 . 4- 4 . 3

- 1 . 1- . 4

- 4 . 7

Less: Net increasein debt

Mort-gagedebton

non-farmhomes

3.64.74. a4.4

6.76.66.27.68.7

12.211.28.99.5

12 8

11 712 214.116.217.5

17.013.812.517.118.5

14 127.041.647.135.4

38.061.2

54.854.166.969.3

73.490.396.4

Con-sumercredit

2,73.22.92.9

4.11.24.83.91.1

6.43.52.6.2

6.4

4 61 85.87.98.5

9.66.44.5

10.010.4

5 913.118.922.010.2

9.423.6

22.723.123.325.1

35.534.832.1

Otherdebt*

-O.02.63.02.4

5.43.83.02.25.8

6.93 54.06.37.8

5 57 17.5

11.211.2

13.411.116.116.213.6

13 923.032.129.120.2

17.429.6

26.731.731.928.2

55.034.840.0

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.5 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.

285

248-947 O - 78 - 19


TABLE B-25.—Number and money income {in 1976 dollars) oj'families and unrelated individualsby race of head, 1947-76

Year

FAMILIES

19471948 -1949195019511952195319541955195619571958195919601961 _ _ „19621963196419651266196719681969197019711972197319741974 219751976

UNRELATEDINDIVIDUALS

1947194819491950195119521953195419551956195719581959196019611S621S6319641S65 ._1S66196719681969197019711972 . _197319741974 -'19751976

Total

Totalnum-ber

(mil-ions)

37.238.639.339.940.640.841.242.042.943.543.744.245.145.546.447.147.548.048.549.250.150.851.652.253.354.455.155.755.756.256.7

8 28.49.09.49 19.79 59.79 99.8

10.410 910 9

111.1i l l 2ill.OiH.2

U2! 2U2.5113.2113.9il4.6115.5

16 316.818.318.918.920.221.5

Medianincome

$7, 7247,5387,4217,8508,1288,3439,0298,8269,393

10,01210, 04410,01510, 58010, 80310,91311,20811,61812,05612, 55213,21213, 52614, 12414, 64814, 46514, 45715,12615, 43714,81714, 89414, 51014,958

$2 4982,3562,5072,4702 6183,0232 9712,5892 8012,9863,0212 9263'0413,3063 3373,2993,3483,6393,8844,0174,0564,5594,5514,5994,6614,7915,2965,1245,3135,1645,375

Percent withincomes

Be-low

$5,000

26.827.829.127.025.223.922.524.021.619.619.919.918.618.518.517.216.415.514.512.712.210.710.511.011.010.39.8

10.410.011.010.3

Be-low

$3, 000

56 458.355.755.453 550.350 754.652.950.549.950 849 847.947.247.346.844.741.740.640.336.335.935.334.132.028.528.827.327.727.2

Belowpov-ertylevel

18.518.118.117.215.915.013.911.811.410.09.7

10.110.09.38.89.28.89.79.4

Belowpov-ertylevel

46.145.245.945.444.242.739.838.338.134.034.032.931.629.025.625.524.125.124.9

White

Totalnum-ber

(mil-lions)

34.135.3

38.239.039.539.740.240 941.141.942.442.743.143.544.144.845.446.046.547.648.548.949.549.449.950.1

7 27.3

8.38.58.58.99 29.39.69.69.59.7

10.410.510.711.312.012.513.414.214.515.816.316.317.518.6

Medianincome

$8 0467,8277,7178 1468,4578,8249,3629,1889,806

10, 47710, 45210, 43511 02111,21611,38011,73812,17612, 58613, 08313, 72614, 03914, 62315, 20815, 00615,00115,71516,13415,41815,47815, 09115, 537

$2 6392,4902,7072,6362 7563,2573 1352,7862,9773,0663,2313 1353 2493,5753,5873,5303,5093,8334,0514,2244,2114,8304,7804,8134,8705,0035,4705,3515,5055,3935,606

Percent withincomes

Be-low

$5,000

23.424.826.224.422.220.820.121.519.016.917.217.015.916.015.914.813.913.512.510.910.69.29.19.59.38.68.18.78.39.38.4

Be-low

$3,000

54.456.653.653.952.447.949.252.650.849.648.049.047.945.744.745.045.043.140.338.738.934.634.233.632.230.326.826.525.225.425.1

Belowpov-ertylevel

15.214.914.813.912.812.211.19.39.08.07.78.07.97.16.67.06.87.77.1

Belowpov-ertylevel

44.143.043.242.742.040.738.136.136.532.232.130.829.627.123.723.221.822.722.7

Black and other races

Totalnum-ber

(mil-lions)

3 13 3

3 83.94 04 04.04 24.34.54.64.84.84.85.05.05.15.25.45.75.96.16.36.36.46.6

1 01.0

.44

!566

fi1.51.51.61.71.61.81.82.01.92.12.3? 52.62.6? 12.9

Medianincome

$4 1124 1813,9414 4194 4535 0145 2495 1185 4085 5125 5895 3455 6936,2096,0726,2626,4427,0447,2058,2298,6859,1479,6149,5539,4379,6699,7309,5419,9029,8599,821

$1 9011,8661,9571,9312 0362,2532,4651,8501,9882,2762,0532 1262,0992,0522,2032,3572,4082,6262,9542,6563,1123,2713,3703,2883,2683,7164,0883,6353,8493,5883,882

Percent withincomes

Be-low

$5,000

61 559 962 557 156 650 547 949*446 945 745 847 644 841.442.339.438.433.832.328.226.823.623.024.224.424.423.124.623.824.424.5

Be-low

$3,000

69 970.067.765.960.164.157.564.664.856.261.262.261.061.761.761 758.654.650.953, 649.447.146.547.146.84? 639.242.940.542.340.8

Belowpov-ertylevel

50 449.049.048.043.740.039.733.932.128.226.928.127.427.726.226.025.125.326.4

Belowpov-ertylevel

57.459.362.76?.l58.355.050.753.148.245.745.546.744.940,937.840. Q38.040.939.5

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

index reflects different consumption requirements for families based on size and composition, sex and age of family head,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. 107, Bureau of the Census.

Source: Department of Commerce, Bureau of the Census.

286


POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITY

TABLE B-26.—Population by age groups, 1929-77

[Thousands of persons]

July 1

1929

1933

1939

194019411942 . .19431944

19451946194719481949

195019511952 .19531954

19551956 .195719581959

19601961196219631964

19651966196719681969

19701971..197219731974 .

1975 _19761977__

Total

121,767

125, 579

130, 880

132,122133,402134, 860136, 739138, 397

139,928141,389144,126146,631149,188

152 271154,878157, 553160 184163, 026

165 931168, 903171,984174 882177, 830

180,671183,691186,538189, 242191,889

194,303196,560198,712200, 706202,677

204, 878207,053208, 846210,410211,901

213,559215, 142216,817

Age (years)

Under 5

11,734

10,612

10,418

10, 57910,85011,30112,01612,524

12,97913, ?4414,40614,91915,607

16 41017,33317,31217, 63818, 057

18, 56619, 00319, 49419, 88720,175

20,34120, 52220, 46920, 34220,165

19,82419,20818,56317,91317,376

17,14817,17716,99016,69416, 288

15, 87915, 34315,236

5-15

26, 800

26, 897

25,179

24,81124,51624, 23124, 09323, 949

23, 90724,10324, 46825, 20925, 852

26, 72127,27928, 89430, 22731, 480

32,68233, 99435, 27236, 44537, 368

38,49439, 76541,20541,62642,297

42,93843,70244, 24444,62244,840

44, 77444, 44143,94843,22742, 538

41,95641, 45940, 572

16-19

9,127

9,302

9,822

9,8959,8409,7309,6079,561

9,3619,1199,0978,9528,788

8,5428,4468,4148,4608,637

8,7448,9169,1959,54310,215

10,68311,02511,18012,00712,736

13,51614,31114,20014,45214,800

15,27515,63515,94616,31016, 590

16, 79316, 92816, 966

20-24

10,694

11,152

11,519

11,69011,80711,95512,06412,062

12,03612,00411,81411,79411,700

11,68011,55211,35011,06210,832

10,71410,61610,60310,75610, 969

11,13411,48311,95912,71413,269

13,74614,05015,24815,78616,480

17,18418, 08918,03218,34518,741

19, 22919, 62920, 073

25-44

35, 862

37,319

39, 354

39, 86840, 38340, 86141,42042,016

42, 52143, 02743,65744, 28844,916

45, 67246,10346, 49546, 78647, 001

47,19447, 37947,44047, 33747, 192

47,14047, 08447,01346,99446,958

46,91247,00147,19447,72148, 064

48, 43548,81150,25451,41152, 593

53, 73555, 13056, 692

45-64

21,076

22, 933

25, 823

26, 24926,71827,19627,67128,138

28,63029, 06429, 49829, 93130, 405

30, 84931,36231, 88432,39432,942

33, 50634, 05734,59135, 10935, 663

36, 20336,72237,25537,78238, 338

38,91639, 53440,19340, 84641,437

41,97542,41342,78543, 07743, 319

43, 54643, 70543, 784

65 andover

6,474

7,363

8,764

9,0319,2889,5849,86710,147

10, 49410,82811,18511,53811,921

12,39712,80313, 20313,61714, 076

14,52514, 93815, 38815, 80616, 248

16,67517, 08917,45717,77818,127

18,45118,75519,07119, 36519,680

20, 08720, 48820, 89221,34621,833

22, 42022, 94723, 494

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


287


TABLE B-27.—Noninstitutional population and the labor force, 1929-77

[Monthly data seasonally adjusted, except as noted]

Year ormonth

1929

1933

1939

19401941194219431944

194519461947

194719481949

195019511952195331954

19551956 _1957 . .19581959

I960 3 . . . . .19611962 319631964

1965....__1966196719681969

197019711972 3 ____197331974

197519761977

Nonin-stitu-tionalpopu-

lation *

100, 380101,520102,610103,660104,630

105,530106,520107,608

ArmedForcesi

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Non-agri-cul-tural

Thousands of persons 14 years of age and over

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

i

Unem-ploy-ment

1 550

12, 830

9,480

8,1205,5602,6601,070

670

1,0402,2702,356


103,418104,527105,611

106,645107,721108,823110,601111,671

112 732113,811115,065116,363117,881

119,759121,343122,981125,154127,224

129,236131,180133,319135,562137,841

140,182142,596145,775148,263150, 827

153,449156,048158, 559

1,5911,4591,617

1,6503,1003,5923,5453,350

3 0492,8572,8002,6362,552

2,5142,5722,8282,7382,739

2,7233,1233,4463,5353,506

3,1882,8172,4492,3262,229

2,1802,1442,133

59,35060,62161,286

62,20862,01762,13863,01563,643

65 02366,55266,92967,63968,369

69,62870,45970,61471,83373,091

74,45575,77077,34778,73780,734

82,71584,11386, 54288,71491,011

92,61394,77397, 401

57,03858,34357,651

58,91859,96160,25061,17960,109

62 17063,79964,07163,03664,630

65,77865,74666, 70267,76269,305

71,08872,89574,37275,92077,902

78, 62779,12081,70284,40985,935

84,78387,48590, 546

7,8907,6297,658

7,1606,7266,5006,2606,205

6 4506,2835,9475,5865,565

5,4585,2004,9444,6874,523

4,3613,9793,8443,8173,606

3,4623,3873,4723,4523,492

3,3803,2973,244

49,14850,71449,993

51,75853, 23553,74954,91953,904

55 72257,51458,12357,45059,065

60,31860,54661,75963,07664,782

66,72668,91570,52772,10374, 296

75,16575,73278,23080,95782,443

81,40384,18887, 302

2,3112,2763,637

3,2882,0551,8831,8343,532

2 8522,7502,8594,6023,740

3,8524,7143,9114,0703,786

3,3662,8752,9752,8172,832

4,0884,9934,8404,3045,076

7,8307,2886,855

Unem-ploy-mentrate

(percentof

civilianlaborforce)

Civilian labor forceparticipation rate2

Total Males Females

Percent

3.2

24.9

17.2

14.69.94.71.91.2

1.93.93.9

3.93.85.9

5.33.33.02.95.5

4.44.14.36.85.5

5.56.75.55.75.2

4.53.83.83.63.5

4.95.95.64.95.6

8.57.77.0

55.756.057.258.758.6

57.255.856.8

58.358.858.9

59.259.359.058.958.8

59.360.059.659.559.3

59.459.358.858.758.7

58.959.259.659.660.1

60.460.260.460.861.2

61.261.662.3

83.784.385.686.487.0

84.882.684.0

86.486.686.4

86.486.586.386.085.5

85.385.584.884.283.7

83.382.982.081.481.0

80.780.480.480.179.8

79.779.179.078.878.7

77.977.577.7

28.128.731.336.036.5

35.931.231.0

31.832.733.1

33.934.634.734.434.6

35.736.936.937.137.1

37.738.137.938.338.7

39.340.341.141.642.7

43.343.343.944.745.6

46.347.348.4


288


TABLE B-27.—Noninstitutional population and the labor force, 1929-77—Continued

[Monthly data seasonally adjusted, except as noted]

Year or month

1975:Jan. ._.F e b . . . .Mar . . . .Apr . . . .May. . . .June.. .

July... .Augs o e c ? ! : : :Nov.. . .Dec. . ! .

1976:Jan. . . .Feb. . . .Mar. . . .AprMay....June...

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

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

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

Nonin-stitu-tionalpopu-

lation^

ArmedForcesi

Civilian labor force

Total

Employment

TotalAgri-cul-tural

Nqn-agri-cul-tural


Unem-ploy-ment

152,230152,445152,646152,840153,051153,278

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

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

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

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

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

2,1932,1982,1982,1952,1812,178

2,1862,1852,1702,1642,1552,157

2,1402,1462,1482,1442,1422,137

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

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

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

92,00891,69492,05392,23492,82192,433

92,83392,87792,97993, 00292,96693,182

93,65293,75793,93694,39194, 56894, 549

95,17695,20895,08995,19795,74195,936

95,71996,32096,62396,74697,16197, 552

97,30797,61497,75698,07198,87798,919

84,64284,26384,18084,15384,37984, 382

84,81385,06385,12085,18885,28185,495

86,29386, 55286,82887,21787, 52787,432

87,80187,80687,77787,84488,25588,446

88,65389,04789,47889,87790,26790,648

90,58890,79391,08891,38392, 21492,609

3,3613,3403,3323,2783,5043,350

3,4283,4053,4933,3743,3053,244

3,3373,2653,2663,3923,2953,298

3,3243,3533,2653,2903,2383,240

3,1213,1643,1793,2563,3353,330

3,2063,2243,1993,2433,3573,323

81,28180,92380,84880,87580,87581,032

81, 38581,65881,62781,81481,97682,251

82,95683,28783, 56283,82584, 23284,134

84,47784,45384,51284, 55485,01785,206

85, 53285,88386, 29986,62186,93287,318

87,38287, 56987,88988,14088,85789,286

7,3667,4317,8738,0818,4428,051

8,0207,8147,8597,8147,6857,687

7,3597,2057,1087,1747,0417,117

7,3757,4027,3127,3537,4867,490

7,0667,2737,1456,8696,8946,904

6,7196,8216,6686,6886,6636,310

Unem-ploy-mentrate

[percentof

civilianlaborforce)

Civilian labor forceparticipation rate 2

Total Males Females

Percent

8.08.18.68.89.18.7

8.68.48.58.48.38.2

7.97.77.67.67.47.5

7.77.87.77.77.87.8

7.47.67.47.17.17.1

6.97.06.86.86.76.4

61.61.61.61.61.61.

61.61.61.61.61.61.

61.61.61.61.6161

616161616161

6162626262

302252

322101

333565

876689

70112

62.4

62.262.362626262

3.4.8.8

78.278.078.178.078.377.9

78.177.877.877.577.577.3

77.577.477.477.777.677.4

77.677.577.477.577.677.7

77.477.777.677.577.677.9

77.577.577.277.878.178.1

46.245.846. 146.246. 546.3

46.446.446.446.546.346.6

46.846.947.047.147.247.3

47.647.647.447.347.747.7

47.547.948.148.348.548.5

48.448.648.948.649.249.0

1 Not seasonally adjusted.2 Civilian labor force as percent of civilian noninstitutional population.3 Not strictly comparable with earlier data due to population adjustments as follows: Beginning 1953, introduction of

1950 census data added about 600,000 to popu\ation 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-32 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.

289


TABLE B-28.—Civilian employment and unemployment by sex and age, 1947—77

[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...

I9601..1961...19621..1963...1964...

1965...196619671968___1969...

1970...1971...1972119731..1974...

1975. .1976...1977...

1976:Jan_.Feb._Mar..Apr..May..June.

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

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

July..Aug_.Sept.Oct..Nov..Dec.

Employment

Total

57,03858,34357,651

58,91859,96160, 25061,17960,109

62,17063,79964,07163,03664,630

65,77865,74666,70267,76269,305

71,08872,89574,37275,92077,902

78,62779,12081,70284,40985,935

84,78387, 48590, 546

86, 29386, 55286, 82887,21787, 52787, 432

87,80187,80687, 77787, 84488, 25588, 446

88,65389, 04789, 47889, 87790, 26790, 648

90, 58890, 79391, 08891, 38392, 21492,609

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, 518

51,23052, 39153, 861

51,81951, 99052, 08452, 34152,43252,286

52, 48552, 56752, 54352,62252,67952,816

52,96253, 09453, 30153, 48253, 64454, 006

53, 90153, 94253,96454,34154, 74555, 012

Males

16-19years

2,2182,3452,124

2,1862,1562,1062,1351,985

2,0952,1642,1172,0122,198

2,3602,3142,3622,4062,587

2,9183,2523,1863,2553,430

3,4073,4703,7504,0174,074

3,8033,9044,124

3,8573,8853,8893,9103,9083,877

3,9843,9703,8563,9063,8843,953

3,9553,9584,0044,0634,1394,156

4,1734,1554,0764,2234,2864,324

20yearsandover

38,77639,38238,803

39,39439,62639,57840,29639,634

40,52641,21641,23940,41141,267

41,54341,34241,81542,25142,886

43,42243,66844,29344,85945,388

45,55345,77546.88047,94648,445

47.42748, 48649, 737

47, 96248,10548,19548,43148, 52448, 409

48, 50148, 59748, 68748, 71648, 79548, 863

49, 00749,13649, 29749, 41949, 50549, 850

49, 72849, 78749, 88850,11850,45950,688

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

33,55335,09536, 685

34, 47434, 56234, 74434,87635, 09535,146

35, 31635,23935,23435,22235, 57635, 630

35, 69135, 95336,17736, 39536, 62336, 642

36, 68736,85137,12437, 02437, 46937, 597

Females

16-19years

,691,6831,588

1,5171,6111,6121,5841,490

1,5481,6541,6631,5701,640

1,7691.7931,8331,8491,929

2,1182,4692,4972,5252,686

2,7342,7252.9723,2193,329

3,2433,3653,486

3,3083,2913,3393,3703,4543,380

3,4983,3623,3233,3633,3743,301

3,3193,4213,4353,4413,3743,563

3,5273,6883,4343,5053,5463,588

20yearsandover

14,35414,93715,137

15,82416,57016,95817,16417,000

18,00218.76719,05219,04319,524

20,10520,29620,69321,25721,903

22.63023,51024,39725,28126,397

26,93327,14928.10029,22830,088

30,31031, 73033,199

31,16631,27131, 40531, 50631,64131, 766

31,81831, 87731,91131, 85932, 20232, 329

32, 37232, 53232,74232, 95433, 24933, 079

33,16033,16333,69033, 53733,92334, 009

Unemployment

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

7,8307,2886,855

7,3597,2057,1087,1747,0417,117

7,3757,4027,3127,3537,4867,490

7,0667,2737,1456,8696,8946,904

6,7196,8216,6686,6886,6636,310

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

4,3853,9683,588

4,0733,9233,8983,9333,8543,902

3,9773,8813,9493,9724,1254,113

3,8393,9783,8123,5923,6383,543

3,4983,5333,3543,4693,3523,213

Males

16-19years

270255352

318191205184310

274269299416398

425479407500487

479432448427441

599691707647749

957928861

946924922

1,009948828

901910918952943939

829905914864870882

851875876848840779

20yearsandover

1,4221,3052,219

1,9221,029980

1,0192,035

1,5801,4421,5412,6812,022

2,0602.5182,0161,9711,718

1,4351,1201,060993963

1,6362,0861.9281,5941,918

3,4283,0412,727

3,1272,9992,9762,9242,9063,074

3,0762,9713,0313,0203,1823,174

3,0103,0732,8982,7282,7682,661

2,6472,6582,4782,6212,5122,434

Total

619717

1,065

1,049834698632

1,188

9981,0391,0181,5041,320

,3661,7171,4881,598L.581

1,4521,3241,4681,3971,429

1,8532,2172.2052,0642,408

3,4453,3203,267

3,2863,2823,2103,2413,1873,215

3,3983,5213,3633,3813,3613,377

3,2273,2953,3333,2773,2563,361

3,2213,2883,3143,2193,3113,097

Females

16-19years

144152223

195145140123191

176209197262296

286349313383386

395404391412412

506567595579660

795773781

760781769766752751

761873750758772791

811783797803794811

762765801

m783688

20yearsandover

475564841

854689559510997

823832821

1.2421,063

1,0801,368L. 1751,2161,195

1,056921

1,078985

1,016

1,347.6501.610,4851,748

2,6492,5462,486

2,5262,5012,4412,4752,4352,464

2,6372,6482,6132,6232,5892,586

2,4162,5122,5362,4742,4622,550

2,4592,5232,5132, 4472,5282,409

iSee footnote 3, Table B-27.

Note.-See Note, Table B-27.


290


TABLE B-29.—Selected employment and unemployment data, 1948-77

(Percent1; monthly data seasonally adjusted]

Year or month

1948.1949

1950195119521953195419551956195719581959

196019611962196319641965 . . . .1966196719681969

19701971197219731974197519761977 . .

1976: JanFeb_ . .MarAprMayJune

JulyAugSeptOctNovDec

1977: JanFebMarApr _ __MayJune

JulyAugSeptOctNov . . _Dec

Unemployment rate1

Allwork-

ers

3.85.9

5.33.33 02.95.54.44.14.36.85.5

5.56.75.55.75.24.53.83.83.63.5

4.95.95.64.95.68.57.77.0

7.97.77.67.67.47.5

7.77 87.77.77 87.8

7.47.67.47.17.17.1

6.97.06.86.86.76.4

By sex and age

Bothsexes16-19years

9.213.4

12.28.28.57.6

12.611.011.111.615.914.6

14.716.814.717.216.214.812.812.812.712.2

15.216.916.214.516.019.919.017.7

19.219.219.019.618.817.9

18.219 618.919.019 119.3

18.418.618.718.218.118.0

17.317.318.317.317.215.6

Males20

yearsandover

3.25.4

4.72.52.42.54.93.83.43.66.24.7

4.75.74.64.53.93.22.52.32.22.1

3.54.44.03.23.86.75.95.2

6.15.95.85.75.76.0

6.05 85.95.86 16.1

5.85.95.65.25.35.1

5.15.14.75.04.74.6

: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

4.85.75.44.85.58.07.47.0

7.57.47.27.37.17.2

7.77 77.67.67 47.4

6.97.27.27.06.97.2

6.97.16.96.86.96.6

By selected groups

Expe-riencedwageand

salarywork-

ers

4.36.8

6.03.73 33.26.24.84.44.67.25.7

5.76.85.65.55.04.33.53.63.43.3

4.85.75.34.55.38.27.36.6

7.67.37.27.27.17.2

7.57 57.37.47 47.4

7.07.16.96.66.76.5

6.46.56.36.56.36.0

House-hold

heads

3.73.22.72.22.11.91.8

2.93.63.32.93.35.85.14.5

5.35.05.05.04.95.1

5.45 25.35.25 25.1

4.94.94.74.54.54.3

4.44.54.44.44.23.9

Mar-ried

men?

4.61.51.41.74.02.82.62.85.13.6

3.74.63.63.42.82.41.91.81.61.5

2.63.22.82.32.75.14.23.6

4.24.24.24.14.14.3

4.44.24.44.34 44.2

3.84.13.83.73.63.4

3.43.53.33.63.33.2

Full-time

work-ers 3

"~5.T

5.02.62.5

5.23.83.74.07.2

6.7

5.54.94.23.53.43.13.1

4.55.55.14.35.18.17.36.5

7.47.27.17.17.07.3

7.27 47.47.47 37.4

6.96.96.86.66.66.5

6.56.66.46.46.25.9

Blue-collarwork-ers*

4.28.0

7.23.93.63.47.25.85.16.2

10.27.6

7.89.27.47.36.35.34.24.44.13.9

6.27.46.55.36.7

11.79.48.1

9.59.49.29.09.09.4

9.69.79.89.59 49.6

8.58.88.57.98.07.8

8.18.37.88.07.67.2

Employment as percentof population 5

Total

55.854.6

55.255.755 455.353.855.156.155.754.254.8

54 954.254.254.154.555.055.655.856.056.5

56.155.556.056.957.055.356.157.1

55.755.855.956.156.256.1

56.256.256.156.056.256.3

56.356.556.756.957.057.2

57.157.157.257.457.858.0

White

54.054.354.8 '55.455.755.956.5

56.255.756.457.357.555.956.857.9

56.456.656.656.856.956.9

57.056 956.856.956 957.1

57.157.357.557.757.958.0

57.958.058.158.358.758.7

Blackand

other

55.256.156.857.256.956.656.7

55.553.753.053.953.050.050.551.1

50.349.451.051.050.250.5

50.550.550.550.350.950.8

50.951.050.950.950.851.3

50.450.651.050.851.352.7

1 Unemployment as percent of civilian labor force in group specified.2 Married men living with their wives. Data for 1949 and 1951-54 are for April; 1950, for March,s Data for 1949-61 are for May.4 Includes craft and kindred workers, operatives, and nonfarm laborers. Data for 1948-57 are based on data for

January, April, July, and October,s Civilian employment as percent of total noninstitutional population.

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

Sou rce: Department of Labor, Bureau of Labor Statistics.

291


T A B L E B—30.—Unemployment rate by demographic characteristic, 1948—77

[Percent •; monthly data seasonally adjusted]

Year or month

19481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

197519761977

1976: JanFebMarA p r . . . .May. . . .J u n e . . .

JulyAugSept. . . .OctNov. . . .D e c . . .

1977: JanF e b . . . .Mar. . . .Apr . . . .May.—J u n e . . .

JulyAugSept.. . ,OctNov.—D e c . . .

White

Total

3 55.6

4 93.12.82 75.0

3.93.63.86.14.8

4.96.04.95 04.6

4.13.33.43.23.1

4.55.45.04.35.0

7.87.06.2

7.97.77 67.67.47.5

7 77.87.77.77.87.8

7.47.67.47.17.17.1

6.97.06.86.86.76.4

Males

Total

4.8

3.73.43.66.14.6

4.85.74.64 74.1

3.62.82.72.62.5

4.04.94.53.74.3

7.26.45.5

7.26.96 86.96.86.8

7 l7.17.17.17.17.0

6.76.86.66.46.36.3

6.16.16.06.05.95.5

16-19years

13.4

11.310.511.515.714.0

14.015.713.715 914.7

12.910.510.710.110.0

13.715.114.212.313.5

18.317.315.0

18.617.317 718.417.615.5

16 916.616.817.517.917.2

15.916.216.315.515.115.6

13.714.815.514.514.012.5

20yearsandover

4.4

3.33.03.25.54.1

4.25.14.03 93.4

2.92.22.12.01.9

3.24.03.62.93.5

6.25.44.6

5.55.15 25.15.25.4

5 55.45.65.55.55.4

5.25.35.04.84.74.5

4.54.44.24.44.14.0

Total

5.5

4.34.24.36.25.3

5.36.55.55 85.5

5.04.34.64.34.2

5.46.35.95.36.1

8.67.97.3

8.17.97 77.87.57.6

8 08.37.98.08.07.9

7.77.67.67.47.27.5

7.27.37.37.17.16.6

Females

16-19years

10.4

9.19.79.5

12.712.0

12.714.812.815 114.9

14.012.111.512.111.5

13.415.114.213.014.5

17.416.415.9

16.517.116 216.015.215.8

15 418.016.216.216.417.3

17.716.7-16.917.016.915.7

15.014.516.215.415.512.8

20yearsandover

5.1

3.93.73.85.64.7

4.65.74.74 84.6

4.03.33.83.43.4

4.45.34.94.35.0

7.56.86.2

7.06.76 76.76.56.6

7 07.06.97.06.96.8

6.46.46.56.26.06.5

6.26.36.26.16.15.9

Black and other

Total

5.98.9

9.05.35.44.59.9

8.78.37.9

12.610.7

10.212.410.910.89.6

8.17.37.46.76.4

8.29.9

10.08.99.9

13.913.113.1

13.313.612.713.012.313.4

13 013.412.813.313.313.5

12.613.112.912.312.913.2

13.314.313.113.713.712.7

Males

Total

10.3

8.87.98.3

13.711.5

10.712.810.910 58.9

7.46.36.15.65.3

7.39.18.97.69.1

13.712.712.4

13.013.112 312.411.913.1

12 312.512.212.913.413.4

12.112.212.110.612.311.8

13.014.212.613.512.611.6

16-19years

14.4

13.415.018.426.825.2

24.026.822.027.324.3

23.321.323.922.121.4

25.028.929.726.931.6

35.435.437.0

33.135.232.635.936.139.3

29.836.938.437.735.235.2

34.538.440.034.438.535.7

40.037.934.535.838.436.1

20yearsandover

9.9

8.47.47.6

12.710.5

9.611.710.09.27.7

6.04.94.33.93.7

5.67.26.85.76.8

11.710.610.0

11.111.010.410.19.6

10.8

10.710.29.8

10.511.311.3

10.19.99.68.6

10.09.6

10.211.710.511.310.09.1

Total

9.2

8.58.97.3

10.89.4

9.411.911.011.210.7

9.28.79.18.37.8

9.310.811.310.510.7

14.013.614.0

13.514.213.113.712.813.9

13.914.413.513.713.313.6

13.214.113.814.213.614.7

13.614.313.713.914.913.9

-"emales

16-19years

20.6

19.222.820.228.427.7

24.829.230.234.731.6

31.731.329.628.727.6

34.435.438.534.534.6

38.539.039.9

37.836.539.041.339.943.1

39.042.737.438.537.635.3

38.236.337.437.438.444.8

41.741.440.840.539.940.4

20yearsandover

8.4

7.77.86.49.58.3

8.310.69.69 49.0

7.56.67.16.35.8

6.98.78.88.28.4

11.511.311.7

11.212.110.611.010.211.3

11.611.711.411.511.111.7

11.012.211.812.211.611.8

11.111.811.211.412.611.5

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

Note.—See Note, Table B-27.


292


TABLE B-31.— Unemployment by duration, 1947-77

[Monthly data seasonally adjusted!]

Year or month

1947.1948..1949

19501951..195219531954

1955195619571958 . .1959

19601961196219631964

1965 .1966196719681969

197019711972 . .19731974

1975..1976.1977

1976: JanFebMar ._AprMayJune

JulyAugSeptOct . .NovDec . - . ._

1977:JanFebMarAprMay. __ ._June _ ._

July „AugSeptOctNov _.._ _ „Dec

Total un-employ-

ment Less than5 weeks

Duration of unemployment

5-14weeks

Thousands of persons 16 yean

2,3112 2763,637

3,2882 0551,8831,8343,532

2,8522 7502,8594 6023,740

3,8524,7143,9114,0703,786

3 3662,8752 9752,8172,832

4 0884,9934,8404,3045,076

7 8307,2886,855

7,3597,2057,1087 1747,0417,117

7,3757,4027,3127,3537 4867,490

7,0667,2737,1456,8696,8946,904

6,7196,8216,6686,6886,6636,310

1,2101 3001,756

1,4501 1771,1351,1421,605

1,3351,4121,4081 7531,585

1,7191,8061,6631,7511 697

1 6281,5731 6341,5941,629

2 1372,2342,2232 1962,567

2 8942,7902,856

2,6652,6872,5862 9342,8132,729

2,9232,8552,8492,8812,7612,843

2,7842,8632,9443,0412,7893,076

2,8202,8652,7842,8042,8512,628

704669

1 194

1 055'574516482

1,116

815805891

1 3961,114

1,1761,3761 1341,2311,117

983779893810827

1 2891,5781,4591,2961,572

2,4522,1592,089

2,0961,9211,9461 9392,0042,249

2,1592,3422,3372,2742,4202,298

2,1182,1422,1401,8992,1282,050

2,0502,2372,1522,1172,0371,937

15-26weeks

27 weeksand over

of age and over

234193428

425166148132495

366301321785469

503728534535491

404287271256242

427665597475563

1,2901,003

896

1,145981963721860930

1,0231,0851,0781,0951,1101,124

1,020959859720812826

881933908920936941

164116256

3571378478

317

336232239667571

454804585553482

351239177156133

235517562337373

1,1931,3361,015

1,5931,5351,4491,3961,2111,306

1,2211,2481,1941,2431,2791,338

1,2241,2091,1491,1081,057

962

943867926928893856

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

14.115.814.3

16.716.316.415.915.116.8

15.615.515.315.315.415.3

15.314.714.414.414.914.3

14.113.714. C13.813.713.8

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

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

293


TABLE B-32.—Unemployment by reason, 1967-77

[Monthly data seasonally adjusted']

Year or month

196719681969

19701971197219731974

197519761977

1977•JanFebMarAprMay. .June


1967 . . .19681969

19701971197219731974

197519761977

1977-JanFebMarApr .,MayJune

JulyAugSept . . . -OctNovDec

Totalunemployment

Joblosers

Jobleavers Reentrants New

entrants


2,9752,8172,832

4,0884,9934,8404,3045,076

7,8307,2886,855

7,0667,2737,1456,8696,8946,904

6,7196,8216,6686,6886,6636,310

1 2291,0701,017

1,8092 3132,0891,6662,205

4 3413,6253,103

3,2643,4253,2123,0433,0802,972

3,0423,1973,0553,0352,9692,748

438431436

549587635674756

812886889

932881916868913938

842891869876881877

945909965

1,2271 4661,4441,3231,441

1 8651,8951,926

1,9811 9722,0001 9931,9611,917

1,8601,8721,8791,9061,8911,886

396407413

503627672642672

812882938

915942999985890

1,087

973947935857901820

Percent of civilian labor force

3.83.63.5

4.95.95.64.95.6

8.57.77.0

7.47.67.47.17.17.1

6.97.06.86.86.76.4

1.61.31.2

2.22.82.41.92.4

4.73.83.2

3.43.63.33.13.23.0

3.13.33.13.13.02.8

0.6

.5

.7

.7

.7

.8

.8

.9

.9

.9

1.0.9.9.9.9

1.0

.9

.9

.9

.9

.9

.9

1.21.21.2

1.51.71.71.51.6

2.02.02.0

2.12.02.12.12.02.0

1.91.91.91.91.91.9

0.5.5.5

.6

.7

.8

.7

.7

.9

.91.0

1.01.01.01.0.9

1.1

1.01.01.0.9.9.8

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

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


294


T A B L E B—33.—Unemployment insurance programs, selected data, 1946—77

Yearor month

All programs

Coveredemploy-ment1

Insuredunem-ploy-ment

(weeklyaver-a g e ^

Totalbenefits

paid(millionsof dol-lars^*

State programs

nsuredunem-ploy-ment

Initialclaims

Ex-haus-tions'

Insuredunem-ploy-

ment aspercentof cov-ered

employ-ment

Benefits paid

Total(mil-lions

ofdol-lars) *

Averageweeklycheck(dol-lars) s

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..1977 v..

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

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

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

July..Aug...Sept..Octp..NOVP_.Dec p..

Thousands Weekly average; thousands

31,85633,87634,64633,098

34,30836,33437,00638,07236,62240,01842,75143,43644,41145,72846,33446,26647,77648,43449,63751,58054,73956, 34257,97759,99959,52659,37566, 45869, 89772,45171,037

8 73,459

2,8041,7931,4462,4741,6051,0001,0691,0672,0511,3991,3231,5713,2692,0992,0712,9941,946

71,9731,7531,4501,1291,2701,1871,1772,0702,6082,1921,7932,5584,9373,8463,112

4,9624,7214,3663,9173,5643,457

3,6423,4463,2353,2173,4533,884

4,4424,4483,9723,5063,1052,939

3,0652,7512,6432,6492,8533,225

2,878.51,785.51,328.72,269.8

1,467.6862.9

1,043.51,050.62,291.61,560.21,540.61,913.04,290.62,854.33,022.84,358.13.145.13,025.92.749.22,360.41,890.92,221.52,191.02,298.64, 209.36.154.05.491.14,517.36,933.9

16,802.412,344. 8

1, 344.91,231.91, 338.71,141.5

938.3977.8

950.4947.8886.3821.2909.2

1,074. 8

1,212.01, 214. 51,322.0

998.5887.0882.8

784.5824.8712.2774.6

1,295997980

1,9731,513

9691,044

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

11,8061,6051,3281,0611,2051,1111,1011,8052,1501,8481,6322,2623,9862,9912,473

3,0122,8652,8152,8072,8882,950

3,0173,1103,1343,1273,0852,915

2,8232,8222,6362,5652,5652,568

2,6262,7332,6642,6242,6022,516

189187200340236208215218304226227270369277331350302

*298268232203226201200296295261247363478386375*367

345354373394401

404403409411391365

407430344374383372

385385368361354346

4.33.13.06.24.62.82.92.85.23.53.23.66.44.44.85.64.44.33.83.02.32.52.22.13.44.13.52.73.56.04.63.6

*4.64.44.34.24.34.4

4.54.74.74.74.64.4

4.24.24.03.83.83.8

3.94.03.93.83.83.7

1,094.9775.1789.9

1,736. 0

1, 373.1840.4998.2962.2

2,026.91.350.31,380.71,733.93,512.72,279.02,726.73,422.72.675.42,774.72,522.12,166.01,771.32,092.32,031.62,127.93.848.54,957.04,471.04,007.65,974.9

11,754.78,974. 5

1,018.6945.1

1,022.4860.5691.3715.2

703.0695.8633.7590.6666.7819.0

955.3975.6

1, 038. 5763.1666.0658.3

592.4671.3565.2584.2604.6

18.5017.8319.0320.4820.7621.0922.7923.5824.9325.0427.0228.1730.5830.4132.8733.8034.5635.2735.9237.1939.7541.2543.4346.1750.3453.2356.7659.0064.2570.2375.16

74.7175.6675.7175.5074.9774.27

73.6673.9174.4075.4775.9577.29

78.6180.4879.6078.6377.6976.90

75.9177.1677.7577.0879.37

* 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 (unemploymentcompensation for ex-servicemen).2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), and

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

3 Covered workers who have completed at least 1 week of unemployment.4 Annual data are net amounts and monthly data are gross amounts.5 Individuals receiving final payments in benefit year.6 For total unemployment only.7 Programs include Puerto Rican sugarcane workers for initial claii lusiamo muuuc rucnu r\n,du 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 94 percent of

the total.

Source: Department of Labor, Employment and Training Administration.

295


T A B L E B—34.—Wage and salary workers in nonagricultural establishments, 1929—77

[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

1929

1933

1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

197519761977*

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, 41377, 05179, 44382,140

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, 34718,95619, 555

4,715

5,3636,9688,823

11,08410, 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, 02611,480

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

7,6687,9308,075

1,087

744

854

925957992925892

836862955994930

901929898866791

792822828751732

712672650635634

632627613606619

623609625644694

745783831

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

3,5123,5943,845

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

4,4984,5094,590

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

17, 00017, 69418,281

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

4,2234,3164,509

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

14, 00614, 64415,334

533

565

905

9961,3402,2132,9052,928

2,8082,2541,8921,8631,908

1,9282,3022,4202,3052,188

2,1872,2092,2172,1912,233

2,2702,2792,3402,3582,348

2,3782,5642,7192,7372,758

2,7312,6962,6842,6632,724

2,7482,7332,727

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

11,97312,21512,468


296


TABLE B-34.—Wage and salary workers in nonagricultural establishments,1929-77— Continued

[Thousands of persons; monthly data seasonally adjusted!

Year ormonth

1975: Jan._.Feb...Mar...Apr...May__June..

Ju ly . .Aug...Sept..Oct—Nov...Dec...

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

Ju ly . .Aug...Sept..Oct—Nov...Dec...

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

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

Totalwageand

salarywork-

ers

77,28076, 83276, 50776, 44176, 52476, 460

76, 72077, 06477, 38477, 62677, 74978, 032

78, 41378, 65078, 92979, 22879, 26379, 402

79, 52079, 60679, 89579, 83580,12780, 370;

80, 57480, 87081,33181, 62081, 83782,157

82, 40782, 47482, 76382, 90283, 22283, 439

Manufacturin

Total

18, 78318, 39418, 23718,16618,17518,118

18,11418, 25418, 39618, 47718, 47918, 570

18, 70718, 79718, 89718, 98318, 97518, 973

18, 95618, 95819, 06418,97019, 07019,114

19, 21919, 27819,41719, 49919, 56619,611

19, 66619, 59419, 61219, 66619,71719, 876

Dura-ble

goods

11,08810, 82810, 73510, 64210, 59710, 533

10, 49110, 56310, 64910, 66410, 65210,713

10, 80910, 87010, 95011,00411,05211,053

11, 04611,06911,11911, 04611,12611,165

11,23611,26111,37311,40411,45111,484

11, 54811, 52711,5451.1, 60411,62711, 746

g

Non-dura-

blegoods

7,6957,5667,5027,5247,5787,585

7, 6237,6917,7477,8137,8277,857

7,8987,9277,9477,9797,9237,920

7,9107,8897,9457,9247,9447,949

7,9838,0178,0448,0958,1158,127

8,1188,0678,0678,0628,0908,130

Min-ing

725729731734741743

745750752759762767

767767772775776782

790753798800805809

817824841847845856

833818856859863713

tractcon-

struc-tion

3,7243,6053,4793,4483,4423,412

3,4343,4743,5173,5233,5483,571

3,5953,5793,5753,6133,6023,602

3,6053,5823,5723,5863,6093,605

3,5493,6613,7593,8303,8533,888

3,9133,8933,8923,9113,9463,964

Trans-porta-tionandpub-

licutili-ties

4,5944,5564,5064,5084,4964,478

4,4734,4714,4674,4764,4874,473

4,4854,5044,5034,5104,5034,491

4,5084,5064,5244,5114,5234,549

4,5444,5534,5634,5754,5864,588

4,5724,5814,6164,6104,6304,660

Whole-saleand

retailtrade

16, 90316, 86516, 85116, 83016, 84816, 899

16,97917,05517,13317,15017,18817, 282

17, 40117, 46917, 53717, 60817,64517,682

17, 73717, 77817, 83917, 80717, 84817,925

17, 99418,03918,11818,17518, 20218, 264

18, 32218, 37718, 43118,41418, 48618,511

Fi-nance,insur-ance,andreal

estate

4,2154,2104,2084,2054,2124,206

4,2114,2224,2354,2424,2484,256

4,2614,2664,2764,2894,2824,305

4,3124,3164,3384,3594,3814,398

4,4194,4314,4534,4634,4814,494

4,5064,5244,5454,5724,6004,618

Serv-ices

13,84313, 86513, 86413,87813, 90313, 898

13,99714, 04914,11814,18214,21814, 265

14, 34214, 39714, 46014, 53614, 56714, 625

14, 66414, 73614, 78314, 80514,85814,936

15,01015,06815,14915,18215,19715, 260

15, 37215, 44815, 48215, 53315,60115,676

Government

Fed-eral

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

2,7502,7532,7572,7592,7562,752

2,7492,7422,7352,7352,7322,728

2,7232,7292,7282,7272,7312,720

2,7212,7212,7252,7212,7252,735

2,7212,7322,7282,7302,7272,722

Stateandlocal

11,75711,87311,89611,93711,97111,965

12,01712, 03612, 00912, 05812, 06312, 096

12,10612,12912,17412,17912,18112,214

12,22512, 24812,24912,27012, 30212, 314

12, 30112,29512, 30612, 32812, 38212, 461

12, 50212, 50712, 60112, 60712,65212,699

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

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

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


297


TABLE B-35.—Average weekly hours and hourly earnings in selected private nonagriculturalindustries, 1947-77

(For production or nonsupervisory workers; monthly data seasonally adjusted)

Yearor

month

Average weekly hours

Totalprivatenonag-ricul-tural1

Manu-factur-

ing

Con-tractcon-

struc-tion

Whole-saleand

retailtrade

Average gross hourly earnings,current dollars

Totalprivate

non-agri-cul-

tural i

Manu-factur-

ing

Con-tractcon-

struc-tion

Whole-saleand

retailtrade

Adjusted hourly earnings,total private nonagricultural J

Index,1967 = 100

Cur-rentdol-lars

1967dol-lars 3

Percentchangefrom

a yearearlier4

Cur-rentdol-lars

1967dol-lars

19471948.1949

19501951195219531954

19551956195719581959

1960196119621963.1964.

196519661967. . . . . . .19681969

19701971197219731974

197519761977 v

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

July.Aug.

8£

1977:

Nov....Dec.._.

Jan_._.Feb....Mar....AprMay...June...

July.. .Aug...Sept.-.Oct.__.Nov p..Dec*...

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

36.136.236.1

36.436.436.136.136.336.1

36.136.136.036.236.236.2

35.836.236.236.236.336.2

36.136.036.036.236.136.0

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

39.440.040.3

40.440.340.239.440.340.2

40.140.039.739.940.140.0

39.540.340.440.340.440.5

40.240.340.340.440.540.3

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

36.637.136.8

37.637.636.037.437.037.3

37.036.936.137.337.337.2

35.437.537.237.337.436.8

36.936.536.436.836.936.5

40.540.440.5

40.540.540.039.539.5

39.439.138.738.638.8

38.638.338.238.137.9

37.737.136.536.035.6

35.335.135.134.734.1

33.833.633.7

33.933.833.533.933.733.5

33.633.633.633.633.433.6

33.333.433.433.433.533.3

33.333.233.233.533.333.2

$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

4.544.875.24

4.724.754.774.794.834.85

4.884.904.934.965.005.02

5.075.105.135.175.205.22

5.275.285.325.385.395.41

$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

4.815.195.63

5.005.055.085.085.135.16

5.215.245.295.295.345.38

5.435.455.495.535.575.61

5.665.685.735.795.815.82

$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

7.257.688.04

7.467.487.607.577.667.67

7.737.737.717.777.817.83

7.927.907.917.957.978.04

8.068.088.098.178.168.17

$0.9401.0101.060

1.1001.181.231.301.35

1.401.471.541.601.66

1.711.761.831.891.96

2.032.132.242.402.55

2.712.863.013.203.47

3.753.974.28

3.873.883.903.913.943.95

3.984.004.034.054.084.11

4.154.174.204.234.244.26

4.304.314.334.374.384.42

42.646.048.2

50.053.756.459.661.7

63.767.070.373.275.8

78.480.883.585.988.2

91.295.3

100.0106.2113.2

120.7129.2137.7146.5158.5

172.5185.0198.5

179.6180.5181.4182.4183.6184.2

185.5186.6187.5188.4189.7190.7

192.6193.2194.2195.6196.4197.4

199.4199.9201.2203.3204.0204.8

63.763.867.5

69.369.070.974.476.6

79.482.383.484.586.8

88.490.292.293.795.0

96.698.0

100.0101.9103.1

103.8106.5109.9110.0107.3

107.0108.5109.4

107.5107.9108.2108.3108.3108.2

108.5108.6108.7108.9109.3109.5

109.7109.0108.8108.8108.6108.5

109.2109.1109.5110.3110.1110.2

8.04.8

3.77.45.05.73.5

3.25.24.94.13.6

3.43.13.32.92.7

3.44.54.96.26.6

6.67.06.66.48.2

8.87.27.3

8.17.87.37.67.77.1

7.37.17.16.86.76.9

7.27.07.07.27.07.1

7.57.17.37.97.57.4

0.25.8

2.7- . 42.84.93.0

3.73.71.31.32.7

1.82.02.21.61.4

1.71.42.01.91.2

.72.63.2

- 2 . 5

- . 31.4

1.41.11.5

•1.31.1

1.81.41.51.51.62,0

2.01.0.6.4.2.3

.7

.4

.71.3.7.6

1 Also includes other private industry groups shown in Table B-34.2 Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.3 Current dollar earnings index divided by the consumer price index.* Monthly data are computed from indexes to two decimal places.Note—See Note,Table B-34.Source: Department of Labor, Bureau of Labor Statistics.

298


TABLE B-36.—Average weekly earnings in selected private nonagricultural industries, 1947-77

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

Year or month

194719481949

19501951195219531954

19551956..195719581959.

19601961.196219631964

19651966196719681969

19701971197219731974

197519761977 v

1976: JanFebMarAprMayJune

JulyAug.SeptOctNovDec

1977:JanFebMarAprMayJune

JulyAugSeptOctNOVPDec p

Average gross weekly earnings

Total privatenonagricultural i

Currentdollars

$45.5849.0050.24

53.1357.8660.6563.7664.52

67.7270.7473.3375.0878.78

80.6782.6085.9188.4691.33

95.0698.82

101.84107.73114.61

119.46127.28136.16145.43154. 45

163.89176. 29189.16

171.81172.90172. 20172. 92175. 33175. 09

176.17176. 89177. 48179. 55181. 00181. 72

181.51184. 62185. 71187.15188. 76188. 96

190. 25190. 08191. 52194. 76194. 58194.76

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

101.67103. 40104.22

102.82103.35102.68102. 68103. 44102. 87

103. 02102.96102.95103. 79104. 32104. 32

103. 37104.13104.10104. 09104. 34103. 88

104.19103. 76104. 20105. 68105.06104.77

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. 51207. 60226. 89

202.00203.52204. 22200.15206. 74207. 43

208.92209. 60210. 01211.07214.13215. 20

214. 49219. 64221. 80222. 86225. 03227. 21

227. 53228. 90230. 92233. 92235. 31234.55

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

265.35284.93295. 87

280. 50281.25273. 60283.12283. 42286. 09

286. 01285. 24278. 33289. 82291. 31291. 28

280. 37296. 25294. 25296. 54298. 08295. 87

297. 41294. 92294. 48300. 66301.10298. 21

Wholesaleand retail

trade

$38.0740.8042.93

44.5547.7949 2051 3553 33

55 1657 4859.6061.7664 41

66.0167 4169.9172 0174.28

76 5379.0281.7686 4090.78

95.66100.39105.65111.04118.33

126.75133. 39142. 52

131.19131.14130. 65132. 55132. 78132. 33

133. 73134. 40135.41136. 08136. 27138.10

138. 20139. 28140. 28141. 28142. 04141. 86

143.19143. 09143. 76146. 40145. 85146. 74

Percent change from ayear earlier, total private

nonagricultural 3

Currentdollars

7.52.5

5.88.94.85.11.2

5.04.53.72.44.9

2.42.44.03.03.2

4.14.03.15.86.4

4.26.57.06.86.2

6.17.67.3

8.28.18.17.58.77.8

7.97.06.66.96.56.7

5.67.17.78.37.57.6

7.77.38.18.47.97.2

1967 dollars

- 0 . 23.5

4.7.9

2 64.3

5.42.9

- . 34.1

.81.42.91.71.9

2.31.1.2

1.51.0

- 1 . 62.23.6.5

- 4 . 3

- 2 . 81.7.8

1.31.7l.S1.32.4l.S

2.31.3l.C1.51.51.8

.4l.C1.21.5.7.7

1.0.6

1.41.81.1A

1 Also includes other private industry groups shown in Table B-34.2 Earnings in current dollars divided by the consumer price index.> Based on unadjusted data.

Note.—See Note, Table B-34.


299


T A B L E B-37.—Productivity and related data, private business economy^ 1947—77

[1967 = 100; quarterly data seasonally adjusted]

Year or quarter

1947 .19481949

1950—1951195219531954-

1955195619571958...1959

19601961.. .196219631964

19651966 . . . .196719681969.

19701971 .197219731974

1975 . . . .19761977 v

1975: 1IIIIIIV . . .

1976: 1IIIIIIV

1977: 1IIIIII V P

Output1

Privatebusi-ness

sector

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

107.4110.3117.6124.5121.5

118.7126.9134 6

115.1117.2120 6121.8

124.9126.7127.7128 4

131.3134.0135.7137.3

Non-farmbusi-ness

sector

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

107.4110.3117.9125.0121.9

118.7127.4134.9

115.3117.1120 6121.8

125.2127.2128.3128.7

131.6134.5136.0137.5

Hours of allpersons2

Privatebusi-ness

sector

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

106.1108.9112.8

105.7104.9106 0107.5

108.2108.9109.0109.6

110 4113.0112.9113.9

Non-farmbusi-ness

sector

80.982.178.9

81.385.085.887 984.8

88.190.389.785.889.3

89.988.790 591.493.3

96.8100.0100 0102.1105.3

104.0103.7107.6112.2112.7

108.1111.4115.7

107.8106.8107.7109.7

111.0111.2111.4112.3

113.4115.6115.9116.8

Output perhour of all

persons

Privatebusi-ness

sector

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

104.5107.8111.0113.1109.9

111.8116.5119.3

108.9111.7113.8113.3

115.4116.4117.2117.2

118.9118.6120.2120.6

Non-farmbusi-ness

sector

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

103.3106.3109.5111.4108.1

109.9114.3116.7

106.9109.6112.0111.0

112.9114.5115.2114.6

116.1116.3117.4117.8

Compensationper hour3

Privatebusi-ness

secto r

35.138.138.8

41.645.648.651.853.5

54.958.662.565.468.5

71.474.277.780.785.1

88.494.7

100.0107.6115.1

123.3131.5138.9150.3164.3

180.2196.5213.6

176.2179.2181.1184.6

190.5194.5198.6202.7

208.4211.7216.0219.7

Non-farmbusi-ness

sector

37.540.742.0

44.548.451.054.055.8

57.861.465.067.670.6

73.776.279.482.386.2

89.194.5

100.0107.3114.3

121.9129.9137.4148.1162.0

177.6193.1209.6

173.2176.3179.1181.9

186.9191.3195.2198.7

204.3208.1211.9215.7

Unit laborcosts

Privatebusi-ness

sector

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

118.1121.9125.2132.9149.5

161.1168.7179.0

161.7160.4159.1163.0

165.1167.1169.4173.0

175.2178.5179.7182.2

Non-farmbusi-ness

sector

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

118.1122.2125.5133.0149.8

161.7168.9179.7

162.0160.9160.0163.9

165.6167.1169.5173.3

176.0178.9180.5183.2

Implicit pricedeflator4

Privatebusi-ness

sector

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 9118.9123.2130.3143.1

158.0165.6174 2

154.2156.5159.4161.6

162.9164.8166.5168.3

170.1173.1175.4177.7

Non-farmbusi-ness

sector

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 0119.2122.9128.0141.5

156.9165.0174 0

153 4155.6158 1160.3

162.1163 6166.0168 1

169 6172.7175.6177.7

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 z.id 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.Source: Department of Labor, Bureau of Labor Statistics.

300


TABLE B-38.—Changes in productivity and related data, private business economy, 1948-77

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

Year or quarter

19481949

19501951. .195219531954. . . .

19551956..1957...19581959

19601961 .196219631964

19651966196719681969

19701971197219731974

197519761977P

1975:1IIIIIIV

1976:1... .11IIIIV

1977:1IIIIIIVP

Output*

Privatebusi-ness

sector

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

- . 92.86.65.9

- 2 . 4

- 2 . 47 06 0

-11 .67.5

12.23.9

10.85.93.12.1

9.68.55.24.8

Non-farmbusi-nesssector

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

- 2 . 5

- 2 . 67 35 9

-11 .66.5

12.54.1

11.76.63.21.3

9.58.84.84.5

Hours ofall persons ^

Privatebusi-ness

sector

0.6- 3 . 4

i . l2.9.0.9

- 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 . 12 73.6

-12 .7- 2 . 8

4.25.9

2.82.3.3

2.2

3.39.5

- . 23.4

Non-farmbusi-ness

sector

1.6- 4 . 0

3.14.61.02.4

- 3 . 6

4.02.4

- . 7- 4 . 3

4.1

.6- 1 . 3

2 1.9

2.1

3.73.3

- . 02.13.2

- 1 . 20

3'. 74.3.4

- 4 . 13 13 8

-12 .5- 3 . 6

3.37.6

4.6.8.6

3.3

4.27.9.9

3.2

Output per hourof all persons

Privatebusi-ness

sector

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

- 2 . 8

1.84 22 4

1.310.67.7

- 1 . 9

7.83.52.8

- . 1

6.1- 1 . 0

5.41.4


2.82.3

6.11.82 01.61.7

4.1.6

2.22.03.7

1.02 84 43.53 7

3.32.51.93 2

2

.22.93.01.7

- 2 . 9

1.64 12 0

1.010.58.9

- 3 . 3

6.85.72.6

- 1 . 9

5.1.8

3.81.2

Compensationper hours

Privatebusi-ness

sector

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

7.26.65.78.29.4

9.69 18.7

13.16.94.48.1

13.38.68.78.5

11.86.58.57.0

Non-farmbusi-ness

sector

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

9.68.78.5

12.17.46.56.4

11.49.78.57.3

11.77.77.57.5

Unit laborcosts

Privatebusi-ness

sector

4.5.1

- . 86.73.82.91.5

- 1 . 55.23.71.91.0

2.6.71

- . 11.3

.23.73.34.16.6

6.43.22.76.2

12.5

7.74 76 1

11.7- 3 . 3- 3 . 010.2

5.14.95.88.6

5.47.62.95.6


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

12.7

7.94 56 4

10.9- 2 . 8- 2 . 210.0

4.33.85.79.4

6.36.83.56.1

Implicit pricedeflator*

Privatebusi-ness

sector

8.4- 1 . 1

1.57.31.9.6.9

1.53.03.21.92.0

1.4.69

.91.4

1.63.22.93.94.7

4.74.43.65.89.8

10.44 85.1

12.96.27.55.9

3.14.84.14.6

4.47.25.25.5

Non-farmbusi-ness

sector

8.3.7

1.66.52.12.11.3

2.13.23.31.52.4

1.4.68

1.01.5

1.32.93.34 04.5

4.94.53.14.1

10.5

10.95.15.5

14.25.76.65.8

4.43.86.05.3

3.57.57.04.8

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

Estimates based primarily on establishment data.'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-37.


301

(248-947 O - 78 - 20


PRODUCTION AND BUSINESS ACTIVITY

TABLE E-39.—Industrial production indexes, major industry divisions, 1929-77

[1967=100; monthly data seasonally adjusted]

Year or month

1967 proportion

1929

1933

1939 .

1940194119421943194419451946194719481949

1950195119521953 . . . .195419551956195719581959

1960 - -1961196219631964 .19651966196719681969...

19701971 .19721973 .19741975... . „19761977 1



1977: JanFeb.MarAprMay_June

JulyAugSeptOct .Nov PDec*

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

100.0106.3111.1

107.8109.6119.7129.8129.3117.8129.8137.1

125.9127.6128.3128.7129.7129.8

130.7131.3130.6130 2131.5133.0

132.3133.2135 3136.1137.0137.8

138. 7138.1138.5138.8P9.3139.6

Manufacturing

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

100.0106.4111.0

106.4108.2118.9129.8129.4116.3129.5137.1

124.8127.1128.0128.4129.7129.8

130.7131.2130.5129.8131.4132.5

131.6132.6135.1135.8137.1137.8

138.5138.6139.0139.2139.6140.4

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

100.0106.5110.6

102.3102.4113.7127.1125.7109.3121 7129.4

116.0118.4119 5120.3122.2122.4

124 0125.0122.4121 4123.4125.0

123.4124.0126 8128.0129.3130 5

131.6131.3131.7132.3132 2133.0

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

100.0106.2111.5112.3116.6126.5133.8134.6126.4140.9148.1

137.5139.9140.3140.4140.6140.6

140.3140.4142.3141.9143.0143.3

143.4145.3147.0147.0148.5148.4

148.6149.4149.5149.4150.3151.1

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

100.0104.2108.3112.2109.8113.1114.7115.3112.8114.2117.8

113.2113.6113.8112.6113.8114.6

112.7114.0115.5116.1115.3115.4

112.8116.3120.6119.2119.5122.8

119.8115.4118.0119.1118.3113.4

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

100.0108.4117.3124.5130.5139.4145.4143.7146.0151.0156.8

151.9152.4149.5147.6149.1148.7

150.0150.5149.6150.8154.6157.9

163.8160.3154.8154.0156.7156.8

161.4155.7154.1153.5155.7157.4

1 Preliminary; annual by Council of Economic Advisers.


302


TABLE B-40.—Industrial production indexes, market groupings, 1947-77


Year ormonth

Totalindus-trialpro-duc-tion

Final products

Total

Consumer goods i

Total

Auto-motiveprod-ucts

Homegoods

Equipment

TotalBusi-ness

Inter-mediate

prod-ucts

Materials 2

TotalDura-

blegoods

Non-dura-

blegoods

1967 pro-por t ion . . .

1947.19481949

19501951195219531954

19551956195719581959 ,

1960196119621 9 6 3 . . . . . . .1964

19651966196719681969

19701971197219731974

19751976

1976: J a n . .F e b . .M a r . .A p r . .May . .June.

July._A u g . .Sept. .O c t . .Nov . .D e c

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

July_.Aug__Sept. .O c t . .Nov p.Dec p.

100.00

39.441.138.8

44.948.750.654.851.9

58.561.161.957.964.8

66.266.772.276.581.7

89.897.8

100.0106.3111.1

107.8109.6119.7129.8129.3

117.8129.8

125.9127.6128.3128.7129.7129.8

130.7131.3130.6130.2131.5133.0

132.3133.2135.3136.1137.0137.8

138.7138.1138.5138.8139.3139.6

47.82 27.68 2.83 5.06 20.14 12.63 12.89 39.29 20.35

38.640.038.8

43.747.250.754.151.3

55.458.660.357.663.2

65.365.871.475.579.7

87.695.9

100.0106.2109.6

105.3106.3115.7124.4125.1

118.2127.2

124.1125.6126.1126.1126.9126.8

127.4128.0126.9126.7129.3131.5

130.8131.6133.3134.1134.7135.4

136.8136.3136.8136.6137.0137.6

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

124.0136.2

132.6134.6135.2135.4136.5136.0

136.1137.0135.7135.9138.4141.3

139.9140.5142.9142.9143.1143.8

145.4144.7144.9145.2145.7146.2

45.347.447.0

59.152.347.159.555.4

73.660.663.550.563.3

72.566.180.187.791.9

113.3112.8100.0119.4118.1

124.4141.4153.0132.8

125.8154.8

142.5149.6155.0155.5153.5155.9

156.1157.8147.6147.8161.6178.8

164.2161.7178.3173.9172.8179.8

184.8177.2177.0180.1173.7173.5

37.539.136.2

49.943.043.048.644.9

53.055.754.551.459.0

59.461.366.571.878.4

88.997.9

100.0106.4113.2

110.2115.6129.5142.5136.8

118.8133.9

130.9131.5132.3133.0137.0135.3

133.4136.5133.8133.9133.7134.5

134.8137.3137.9138.8140.6142.3

142.9142.1143.6144.4145.3146.2

30.632.228.7

31.143.351.956.349.3

50.455.357.551.556.5

58.157.363.767.571.4

80.794.0

100.0106.5109.3

100.194.7

103.8114.5120.0

110.2114.6

112.4113.2113.8113.5113.7114.2

115.3115.6114.8114.2116.8118.0

118.4119.2120.0122.1123.2124.1

124.8124.9125.6124.9125.3126.0

38.039.534.5

37.045.251.253.346.8

50.858.861.151.557.9

59.457.762.765.873.7

84.497.7

100.0105.5112.5

107.0104.1118.0134.2142.4

128.2136.3

131.4132.8134.2134.4134.8136.2

137.9137.6137.0135.7140.1142.3

142.3143.5144.8147.1148.9150.1

151.2151.1152.1152.3152.7153.3

41.944.342.0

48.851.350.954.554.3

61.764.464.463.069.5

70.071.475.779.985.2

90.696.2

100.0106.3112.9

112.9116.7126.5137.2135.3

123.1137.2

134.1136.0134.6135.1136.2136.7

138.4138.4138.7138.8139.0140.5

142.2141.6141.8142.3143.5144.7

146.3146.1146.5147.0147.9149.2

39.541.237.6

45.049.850.556.151.8

61.362.862.856.565.2

66.166.272.176.782.9

92.4100.7100.0106.5112.5

109.2111.3122.3133.9132.4

115.5130.6

125.4127.6129.0129.7130.8131.0

132.1133.0132.4131.8131.9132.0

131.1132.7135.5136.5137.8138.7

138.9137.6137.9138.8139.2139.1

38.339.435.3

44.450.551.660.352.0

63.763.963.853.764.0

64.863.370.475.181.9

93.8103.3100.0106.2112.1

103.8104.9117.7134.6132.7

109.1126.8

118.4121.9123.6125.4127.3128.0

131.0131.4129.9128.3128.2128.7

127.4128.4131.9133.8135.2136.4

136.8135.4135.7137.0137.3138.3

10.47

45.9

52.554.954.754.462.1

63.265.871.375.682.2

90.397.5

100.0108.8115.7

115.4120.2132.9142.2142.6

126.6146.3

142.8144.8147.2147.3147.1146.5

145.1146.3147.6147.5147.3145.8

144.8150.4153.3153.7155.4154.7

154.1155.1153.9154.7155.7156.7

* Also includes clothing and consumer staples, not shown separately.3 Also includes energy materials, not shown separately.


303


TABLE B-41.—Industrial production indexes, selected manufactures, 1947-77


Yearor

month

1967 proportion.

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..

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

July . .Aug . .Sept._Oct___Nov..Dec...

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

July . .Aug . .Sept. .Oct . . .N O V P .Dec p.

Durable manufactures

Primary metals

Total

6.57

63.358

63.365.855.4

69.775.869.278.563.5

82.582.078.562.372.7

72.471.176.382.392.8

102.1108.4100.0104.3113.8

106.6100.2112.1126.7123.1

96.4108.9

98.2104.0104.9107.9113.9113.5

117.7118.3113.0109.9104.6101.5

100.8100.2108.3112.2117.1114.7

114.4112.5109.0113.7111.9111.2

Ironandsteel

4.21

70.1

93.291.588.266.576.5

77.774.277.384.395.9

105.2108.4100.0103.2112.6

104.796.1

107.1122.3119.8

95.8104.9

92.8100.799.4

105.0111.2112.5

115.0116.0108.6105.1100.393.4

89.791.397.9

103.9111.0109.2

110.9110.6104.6108.1105.6

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

109.9123.3

116.6120.9120.3121.4121.4124.0

124.6125.8126.5123.5126.7128.1

125.7125.8127.5127.6128.2130.8

132.0134.0133.6134.4135.2136.0

Non-elec-tricalma-

chin-ery

9.15

39.039.233.4

37.547.751.954.046.1

50.658.057.948.656.7

56.955.462.166.375.6

85.098.8

100.0101.8109.3

104.4100.2116.0133.7140.1

125.1135.0

129.4131.5133.0133.5134.1134.1

137.9136.4136.8134.3137.5141.5

139.9139.8139.8142.9142.6144.0

145.7145.2147.4148.2148.9150.4

Elec-tricalma-

chin-ery

8.05

22.223.021.6

29.629.834.039.034.7

39.943.142.839.247.6

51.654.862.964.768.4

81.797.9

100.0105.5111.9

108.1107.7122.2143.1143.8

116.5131.6

125.1126.6127.9129.9131.7131.5

131.4135.4133.9135.0135.7135.1

134.0137.6137.6139.6141.8142.6

143.6143.9144.6144.2145.1146.6

Transportationequipment

Total

9.27

31.834.834.9

41.846.654.268.059.2

68.066.070.755.863.2

65.461.571.178.080.0

95.1102.0100.0111.1108.4

89.597.9

108.2118.3108.7

97.4110.6

105.8109.1111.0110.8112.6112.8

112.8114.6104.7104.3112.7117.4

113.5113.4120.5119.8120.3123.7

125.6124.3125.5124.1121.9122.2

Motorve-

hiclesand

parts

4.50

60.5

81.265.869.051.066.2

74.765.579.888.390.7

115.9113.9100.0120.3116.5

92.3118.6135.8148.8128.2

111.1140.7

127.0135.3140.5141.4144.1146.9

147.5149.7130.6128.4145.5155.0

145.5145.4161.2158.1157.7163.2

166.2164.4165.6167.9163.0161.9

Lum-berand

prod-ucts

1.64

58.961.354.1

65.765.564.768.468.0

75.975.068.869.979.3

74.778.282.586.392.7

96.3100.0100.0105.5107.9

105.6113.8120.8126.0116.2

107.6125.1

122.5123.3121.1122.8123.0120.3

124.6127.9128.7129.6129.5128.1

132.7132.2132.1130.6133.0132.4

132.9131.8137.1136.2137.4

Nondurable manufactures

Ap-parelprod-ucts

3.31

57.860.359.7

64.363.166.367.266.4

73.375.074.972.880.1

81.782.285.589.192.2

97.499.9

100.0102.9106.7

101.4104.7109.4117.3114.3

107.6122.2

120.6122.0121.2122.7126.9124.5

120.2117.5119.5122.9122.7124.9

123.0124.4122.2121.4123.5122.1

121.1124.1127.7129.2

Print-ingandpub-

lishing

4.72

43.345.446.6

48.949.749.752.054.1

59.563.265.463.968.2

71.071.373.977.882.6

87.994.6

100.0103.2107.4

107.0107.1112.7118.2118.2

113.3120.6

120.0121.0121.0122.0120.5119.7

121.2120.6120.6119.3119.7123.0

124.7122.4124.8123.4124.4124.1

124.9125.0124.2124.8124.7126.5

Chem-icalsand

prod-ucts

7.74

19.721.321.0

26.229.731.133.634.1

39.842.745.246.654.3

56.459.265.771.878.8

87.895.7

100.0109.5118.4

120.4125.9143.6154.5159.4

147.2169.3

163.4166.5169.6168.7167.2169.2

167.6169.7171.3170.7173.7173.1

172.2174.9180.0180.6182.8183.5

182.6182.6181.3180.8183.0

Foods

8.75

55.855.255.9

57.959.060.261.462.7

66.370.171.172.976.5

78.680.983.486.490.4

92.496.0

100.0102.6106.1

108.9112.8116.8120.9124.0

123.4132.3

129.2130.7128.7129.4132.0131.4

134.5134.8134.6134.8134.3132.9

134.2136.4138.7138.0138.3136.9

138.3139.3138.3137.6138.4


304


TABLE B-42.—Capacity utilization rate in manufacturing, 1948-77

[Percent; quarterly data seasonally adjusted]

Year orquarter

FRB series 1

Totalmanu-fac-

turing

Primaryproc-essing

Ad-vancedproc-essing

Commerce series2

Totalmanu-fac-

turing

Dur-able

goods

Non-dur-able

goods

Pri-mary-proc-essedgoods

Ad-vanced-

proc-essedgoods

Wharton series»

Totalmanu-fac-

turing

Dur-able

goods

Non-dur-able

goods

19481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

197519761977 »_.__

1972: I . . .I I . .III.IV.

1973: I . . .IL_III.IV.

1974: I . . .

IV. . . .

1975: Il l_-_.I I I . . .IV.. . .

1976: IIL._.III...IV...

1977: l . . _ _I I . . .I I I . . .IV p . .

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

73.680.282.4

80.982.483.485.8

87.187.687.887.7

85.785.885.579.7

70.971.375.376.9

79.180.380.880.6

81.282.783.082.8

87.376.2

88.590.284.989.480.6

92.089.484.775.483.0

79.877.981.583.887.8

91.091.485.787.688.6

82.882.088 092.487.7

73.882.284.3

85.287.288.691.1

91.892.192.793.0

90.690.189.380.7

69.970.476.378.6

81.082.583.182.2

82.385.185.084.8

80.073.2

79.883.485.989.380.0

84.284.483.174.981.1

80.577.281.683.484.6

88.991.187.686.885.0

77.375.980.584.982.2

73.579.181.4

78.679.880.683.1

84.585.285.085.0

83.083.383.579.1

71.371.974.875.9

78.079.179.579.7

80.581.481.981.8

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

80.487.590.2

89.390.992.194.9

96.497.197.497.5

94.794.894.687.8

77.377.982.484.0

86.387.988.287.7

88.490.490.991.0

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

77.184.788.1

85.687.789.393.1

95.496.497.197.4

93.393.593.986.9

74.874.778.880.0

82.785.186.085.0

85.688.389.289.4

96.194.891.891.287.7

93.193.490.887.492.0

88.589.890.892.8

95.397.596.097.097.2

93.592.996.398.094.6

85.992.293.6

95.196.096.497.8

98.198.497.897.6

96.896.895.789.2

81.483.288.390.6

92.392.591.892.1

93.193.893.893.7

1 For description of the series, see "Federal Reserve Bulletin," November 1976.2 Quarterly data are for last month in quarter. Annual data are averages of the four indexes, except for 1965 (December

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

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

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

305


T A B L E B-43.—New construction activity, 1929-77

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

Year or month

1929

1933

1939

1940194119421943.1944

19451946New series

19471948 . .1949

19501951. .- . . .1952 . .19531954

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

1960 _19611962. .19631964 _

1965 .1966196719681969

19701971 -197219731974 .

19751976

Totalnewcon-

struc-tion

10.8

2.9

8.2

8.712.014.18.35.3

5.814.3

20.026.126.7

33.635.436.839.141.4

46.547.649.150.055.4

54.756.460.264 867.7

73.776 478.187.193.9

94.9110.0124.1137.9138.5

134.3147.5

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

93.6109.5

Residentialbuildings1

Total a

3.6

.5

2.7

3.03.51.7.9.8

1.36.2

9.913.112.4

18.115.915.816.618.2

21.920.219.019.824.3

23.023.125.227.928.0

27.925.725.630.633.2

31.943.354.359.750.4

46.560.5

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

34.447.3

Nonresidential buildings and otherconstruction1

Total

4.7

.8

1.7

2.12.71.71.11.4

2.15.8

6.98.28.0

8.610.310.211.311.5

12.914.716.114.815.1

15.916.217.217.619.3

23.826 727.028.932.8

34.936.839.645.749.8

47.249.0

Com-mer-cial

1.1

.1

.3

.3

.4

.2

.0

.1

.21.2

1.01.41.2

1.41.51.11.82.2

3.23.63.63.63.9

4.24.75.15.05.4

7.89.4

9.811.613.515.515.9

12.812.8

In-dus-trial

0.9

.2

.3

.4

.83

.2

.2

.61.7

1.71.41.0

1.12.12.32.22.0

2.43.13.62.42.1

2.92.82.82.93.6

6.06.8

6.55.44.76.27.9

8.07.2

Other*

2.6

.5

1.2

1.31.51.2.9

1.1

1.33.0

4.25.55.9

6.16.76.87.37.2

7.38.09.08.89.0

8.98.79.29.7

10.3

15.116.6

18.619.821.524.025.9

26.329.0

Public construction

Total

2.5

1.6

3.8

3.65.8

10 76.33.1

2.42.2

3.34.76.3

6.99.3

10.811.211.7

11.712.714.115.516.1

15.917.117.919.420.4

22.124.025.527.628.0

28.129.930.232.538.3

40.738.0

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

6.16.4

Stateand

local »

2.3

1 l

3.1

2.42.01 3.7.6

.71.4

2.53.54.8

5.26.36.67.18.3

8.910.011.112.112.3

12.213 314.015 416.5

18.020 022.124.224.7

24.825.925.827.733.0

34.631.6


306


T A B L E B-43.—New construction activity, 1929-77—Continued

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

Year or month


July . . . .Aug. . . . .Sept . . . .OctNovDec

1977:JanFebMarAprMay. . . .June

July . . . .AugS e p t . . -OctN o v . . . .

Totalnewcon-

struc-tion

141.9144.5148.0147.2147.8149.6

145.8141.8145.2150.1153.8155.4

148.1156.9163.8167.5172.1174.6

173.0172.0175.9177.9178.0

Private construction

Total

101.8104.7107.9107.2108.2109.7

107.1103.6107.4114.8119.0121.2

116.2122.4128.4131.3133.7135.2

133.8133.8136.7140.2142.1

Residentialbuildings i

Total >

53.556.358.658.759.261.0

59.254.557.765.569.671.1

66.572.176.779.582.482.5

80.880.782.485.887.9

Newhnucnous-

inoingunits

40.142.444.445.145.445.8

46.347.148.750.952.754.8

52.158.362.263.565.866.0

65.165.166.468.970.7

Nonresidential buildings and other

Total

48.348.449.348.549.048.7

47.949.049.749.349.450.1

49.650.351.751.951.352.7

53.053.154.354.454.2

construction i

Com-mer-cial'

12.112.613.112.812.812.6

13.012.912.812.712.612.8

12.512.513.713.913.815.2

15.515.316.115.815.5

In-dus-trial

7.87.97.87.67.27.2

6.67.27.16.96.76.6

6.26.37.27.37.27.1

7.27.67.57.67.3

Other'

28.427.928.428.129.028.9

28.329.029.729.730.130.7

30.931.530.930.730.430.4

30.230.230.831.031.3

Public construction

Total

40.239.840.140.139.639.9

38.738.237.935.334.934.3

32.034.535.436.238.439.4

39.238.239.337.735.9

r6Q-

eral

6.57.06.46.66.26.4

6.46.37.45.56.66.3

6.77.26.97.26.86.3

7.57.68.56.16.8

Stateand

local «

33.632.933.733.433.433.5

32.331.930.429.828.328.0

25.227.328.529.031.633.0

31.730.630.731.629.2

* Beginning I960, farm residential buildings included in residential buildings; prior to I960, 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).

307


TABLE B—44.—New- housing units started and authorized, 1959—77

[Thousands of units]

Year or month

New housing units started

Private andpublic 1

Total(farmandnon-

farm)

Non-farm

Private»

Total (farm and nonfarm)

Total

Type of structure

Oneunit

2 to 4units

5 unitsor

more

New private housing unitsauthorized2

Total Oneunit

938.3

> 746.1722.8716.2750.2720.1

709.9563.2650.6694.7625.9

646.8906.1

1, 033.1882.1643.8

675.5893.6

1,125.8

2 to 4units

77.1

64.667.687.1118.9100.8

84.861.073.084.385.2

88.1132.9148.6117.064.3

63.993.1114.6

5 unitsor more

1959_.

I960..1961..1962.1963.1964.

1965.1966.1967.1968-1969.

1970-1971_1972.1973-1974.

1975.1976.1977*

1,553.7

1, 296.11,365.01,492.51,634.91,561.0

1, 509.71,195.81,321.91, 545.41, 499.5

1, 469.02, 084. 52, 378. 52, 057.51,352.5

1,171.41,547.61, 989.1

1,531.3

, 274.01,336.81,468.71,614.81, 534.0

1, 487.51,172.81, 298.81,521.41,482.3

1,517.0

1, 252.21,313.01,462.91, 603.21, 528. 8

1,472.81,164.91,291.61, 507.61,466.8

1,433.62, 052.22,356.62,045.31,337.7

1,160.41, 537.51,986.4

1,234.0

994.7974.3991.4

1,012.4970.5

963.7778.6843.9899.4810.6

812.91,151.01,309.21,132.0

888.1

892.21,162.41,451.3

283.0

257.4338.7471.5590.8

108.4 450.0

86.661.171.680.985.0

84.8120.3141.3118.368.1

64.085.9

122.0

422.5325.1376.1527.3571.2

535.9780.9906.2795.0381.6

204.3289.2413.1

1,208.3

998.01,064.21,186.61,334.71,285.8

1,239.8971.9

1,141.01,353.41,323.7

1,351.51,924.62,218.91,819.51,074.4

939.21,296.21,680.0

192.9

187.4273.8383.3465.6464.9

445.1347.7417.5574.4612.7

616.7885.7

1,037.2820.5366.2

199.8309.5439.7

Seasonally adjusted annual rates

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

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


July..Aug..Sept.Oct..NOVPDec*

72.991.6

118.8137.4148.3155.1

137.5146.8153.1149.8128.2108.1

81.5112.7173.6182.4201.3197.8

189.8194.2177.8193 2If6.0128.6

1,1,1,1,1,1,

1,1,1,1,1,1,

1,1,2,1,1,1,

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

259476426385435494

413530768715706889

384802089880937897

083029065203121295

1,1,1,1,1,

1,1,1,1,1,1,

1,1,1,\\,1,

1,1,1,1,1,1,

973216124071091122

129172254269236324

006424503413455389

437453523562543605

766480778875

72831069898120

103120113116120105

127113128132136169

210196111237256297

212275408348372445

275258473351362403

519463414509442521

1,1,1,1,lf1,

1,1,1,1,1,1,

1,1,1,1,1,1,

1,1,1,1,1,1,

185176181120183170

229308481481583532

333526687605615678

639772695850893858

854858866819817834

866876914987

1,0551,047

9301,0601,1881,0511,0771,105

1,0891,1561,1351,2161,2571,223

788282778281

79102114116124114

10110711210599105

112127114131151125

253236233224284255

284330453378404371

302359387449439468

438489446503485510

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

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

3 Not available separately beginning January 1970.

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


308


TABLE B-45.-—Business expenditures for new plant and equipment, 1947-78 l


Yearor quarter Total

Manufacturing

TotalDura-

blegoods

Non-durablegoods

Nonmanufacturing

Total Mining

Transportation

Rail-road Air Other

Publicutili-ties

Com-muni-cation

Com-mer-cialand

other 2

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

197519761977 3....1978 3...

1975: I

1 9 7 6 : IIII I I . . - .

1977: I

IV 3___

1978:

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

79.7181.2188.4499.74112.40

112.78120. 49137. 02150.89

114.57112.46112.16111.80

114.72118.12122.55125. 22

130.16134.24140. 38142.38

146.26149. 86

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

47.9552.4861.0367.35

49.0548.7847.3946.82

49.2150.6454.7854.44

56.4359.4663.0264.42

64.1467.73

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

21.8423.6828.2631.57

22.8622.5921.0121.07

21.6322.5424.5925.50

26.3027.2629.2329.88

30.4631.82

5.195.714.68

4.455.896.246.566.33

6.487.958.686.776.95

7.858.028.268.70

10.07

11.9414.1414.4514.2515.72

16.1515.8415.7218.7623.39

26.1128.8132.7735.78

26.2026.1926.3825.75

27.5828.0930.2028.93

30.1332.1933.7934.54

33.6835.91

10.8912.2911.86

12.8214.7514.9816.3415.95

17.6420.3421.4319.5120.78

21.6621.5823.3324.5527.62

30.9835.3236.9639.4043.88

47.7651.2257.0961.7366.39

64.8268.0175.9983.54

65.5263.6864.7664.98

65.5167.4867.7670.78

73.7474.7877.3677.96

82.1282.13

0.69.93

.841.111.211.251.28

1.311.641.691.431.36

1.301.291.401.271.34

1.461.621.651.631.86

1.892.162.422.743.18

3.794.004.445.27

3.763.783.823.82

3.833.834.214.13

4.244.494.744.30

4.61

0.911.371.42

1.181.581.501.42.93

1.021.371.58.86

1.02

1.16.82

1.021.261.66

1.992.371.861.451.86

1.781.671.801.962.54

2.552.522.903.34

2.392.702.752.39

2.082.642.692.63

2.712.573.203.18

3.80

0.17.10.12

.10

.14

.24

.24

.24

.26

.35

.41

.37

.78

.66

.73

.52

.401.02

1.221.742.292.562.51

3.031.882.462.412.00

1.841.301.682.17

2.091.602.121.65

1.181.441.121.41

1.621.431.692.01

2.39

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

3.183.632.411.88

2.822.752.993.56

3.294.163.443.49

2.962.961.961.98

1.83

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

20.1422.2826.1429.27

20.2819.5219.7920.91

21.9121.8521.6723.46

25.3525.2926.2227.41

28.72

1.401.741.34

1.141.371.611.781.82

2.112.823.192.792.72

3.243.393.854.064.61

5.306.026.346.838.30

10.1010.7711.8912.8513.96

12.7413.3015.36

41.61

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

20.6020.9923.06

13.3612.5012.9512.22

12.5412.6213.6414.30

14.1915.3216.40

39.09

40.76

20.8220.8320.3420.44

20.6820.9420.9921.36

22.6722.7323.14

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

2 Commercial and other includes trade, service, construction, finance, and insurance.3 Estimates based on expected capital expenditures reported by business in October-December 1977. Includes adjust-

ments when necessary for systematic tendencies in expectations data.Source: Department of Commerce, Bureau of Economic Analysis.

309


TABLE E-46.—Sales and inventories in manufacturing and trade, 1947-77

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

Year or mcnth

Total manufacturingand trade

Sales tInven-tories 2 Ratio

Manufacturing

SalesInven-tories 2 Ratio»

Merchant wholesalers

Sales »Inven-tories 2 Ratio s

Retail trade

Sales » Inven-tories 2 Ratio i

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.. .

mi...1973.. .1974.. .1975.. .1976...1977*..

1 9 7 6 : J a n . . .Feb__.Mar . . .A p r . . .M a y . .June..

July. .Aug . .Sept . .O c t . .Nov__Dec__

1 9 7 7 : J a n . .Feb__.Mar . . .Apr__.May . .June..

July _Aug _SeptOct _NovD e c *

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, 28387,18690,34998,207105,190

120, 912136,789146,154

207 156,641170,116

107,697116,351130,049151,647174, 991

.78,28188,180202,291233,340285,275

180,229200,118221,668

281,837118 306,325

332,049

191,810194, 335196, 915 287]198,492197,848200,067

283,369285, 273287, 634289,807292,554296,083

200,482 2 ,200,823 300,201, 093 303,199, 569 305,203, 731212, 095 3O6i

297,899"1,428

1,468i, 234

306,151~\ 325

209,950 309,215, 281221,903 314;221,167221, 327 320',222,240 322,

J, 063311,232314, 875317,873"1,492

,899

221,255 324223,604224,242227, 536 330;229, 848

,, 107326,849329, 510330,460332,049

1.421.53

1.361.551.581.581.60

1.471.551..591.601.50

1.561.541.501.491.47

1.451.481.571.541.56

1.621.581.491.431.48

1.571.471.45

1.481.471.461.461.481.48

1.491.501.511.531.501.44

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

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 ,55,925 102,63,042 108,07272, 954 124, " "84,612

101,502"!,490

1,072i,395

157,971

155,69398', 168 166, 587

177,162

87,22698,168.09,962

93,88495,26297,502 157;98,17898,19198,597

156,120156,458157,560158,134159,488161,118

98,93299, 07898,387 ,97, 043 166,99,919 167,LO4, 475

162,144163,184164, 966'-1,674

,114166, 587

167,482168,449169, 379

640 170, 747172, 629

03, 569LO6, 133111,241.09,""" 1 , 458

1.471.451.421.441. 45 109;1.45 110, 680 173; 818

46109,208 174,57146111,376 175,10447 111, 921 176,16445113,119 176,789

177,162

1.

L47

l'. 44 113;

1.581.571.75

1.481.661.781.761.81

1.621.731.801.841.70

1.761.741.70

.69

.64

6062767476

8983675866

64,57

666462616263

1.64L. 65.68.72

, 6 7.59

.62

.59

.52

.56

.58

.57

.60

.57.57.56

1.56

6,8086,514

7,6958,5978,7829,0528,993

9,89310, 51310, 47510,25711,491

11,65611,98812,67413, 38214,529

15,61116,98719,44820,84622,609

23,94326,25729, 58436,82245,836

44,63348, 40853,179

46,25746,99747,23947,71447,35948, 554

48,60448,54849, 33648, 35548,99050,935

50,67851,85752,67253, 38553, 86653,735

53,49553,20853, 30753, 63955,126

7,9577,706

9,2849,88610, 21010,68610,637

11,67813,26012, 73012, 73913,879

14,12014,48814,93616,04817,000

18,31720,76525,37726,60429,114

32,80335,82339,78646,25456,537

55,11361,30766,422

55,68356, 26356, 53157,32658, 30859,427

59,70359, 91360, 44060, 55361,04961, 307

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

64,21065,09566,11966, 20966,422

1.131.19

1.071.161.121.171.18

1.131.191.231.241.15

1.221.201.161.151.14

1.151.151.251.251.23

1.291.301.271.171.12

1.241.211.22

1.201.201.201.201.231.22

1.231.231.231.251.251.20

1.231.221.221.221.201.21

1.201.221.241.231.20

10, 20011,13511,149

12,26813,04613,52914,09114,095

15,32115,81116,66716,69617,951

18,29418,24919,63020, 55621,823

23,67725,33024,41327,09229,041

30,92434,16937,42241,87144,543

48,37053, 54258, 527

51,66952,07652,17452,60052,29852,916

52,94653,19753, 37054,17154,82256,685

55,70357,29157, 99058,14258,00357,825

58,55259,02059, 01460, 77861,48261,048

14,24116,00715,470

19,46021,05021,03121,48820,926

22,76923,40224,45124,11325,305

26,81326,22127,94129,38631,094

34,40538,07336,25039,64342,991

43,97649,86754, 43362,69170,767

71, 03178,43188,465

71,56672,55273,54374, 34774,75875, 538

76,05277, 33178,06278,00777,98878,431

79,45879,72181,19681, 82583,02584,134

85,32686,65087,22787,46288,465

1.261.391.41

1.381.641.521.531.51

1.431.471.441.431.40

1.451.431.381.391.40

1.391.441.471.411.42

1.411.391.381.401.49

1.451.411.43

1.391.391.411.411.431.43

1.441.451.461.441.421.38

1.431.391.401.411.431.45

1.461.471.481.441.44

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

data, ratio of inventories at end ot month to sales for month.4 Based on seasonally adjusted data through November.

Note.—The inventory figures in this table do not agree with the estimates of change in business inv entories 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).

310


TABLE B-47.—Manufacturers' shipments and inventories, 1947-77

[Millions of dollars; monthly data seasonally adjusted]

Year or month

Shipments1

Total

Dura-ble

goodsindus-tries

Non-durablegoodsindus-tries

Inventories2

Total

Durable goods industries

Total

Mate-rialsandsup-plies

Workin

process

Fin-ishedgoods

Nondurable goods industries

Total

Mate-rialsandsup-plies

Workin

process

Fin-ishedgoods

19471948...1949

1950..195119521953..1954

1955.1956195719581959

19601961196219631964

19651966196719681969

1970197119721973.1974

1975197619773

1976: JanFebMarAprMay . .__June


1977: Jan ___FebMarAprMay . .__June

JulyAugSept_.__OctNov

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

52, 83155, 92563, 04272, 95484, 612

87, 22698,168[09, 962

93, 88495, 26297, 50298, 17898,19198, 597

98, 93299, 07898, 38797, 04399, 919.04, 47503, 56906, 13311,24109, 64009, 45810, 680

09, 208.11,37611,92113,11913, 240

6,6947,5797,191

8,84510, 49311,31313, 34911,828

14,07114,71515, 23713, 56315, 609

15, 88315,61617, 26218, 28019, 637

22, 22124, 64825, 26727, 69829, 477

28, 21529, 97334, 04239, 70444, 043

43, 91250, 37657, 261

47, 28948, 43050, 38250, 14650, 55850, 606

51, 09051, 64850, 06049, 02951,23855, 295

53, 34154, 70358, 84956, 76456, 71757, 570

56, 82058, 08758, 60859, 26259,154

8,8199,7388,935

9,78911,22111,21611,49411,527

12, 40913, 02513, 49913, 68414, 677

14, 99615, 30716, 09516,77817, 693

18, 77320, 22021,22022, 57024, 064

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

24, 61625, 953 102i28, 99933, 250 124;40, 569

101, 502' 1,490

108, 072124, 395157, 971

13, 06114,66213,060

15, 53920, 99123, 73125, 87823, 710

26, 40530, 44731, 72830, 25932, 077

32,37532, 54434, 63235, 86738, 506

42, 26449, 92254, 88558, 67564, 561

66, 64866,14970, 09881,218101, 780

43, 313 155, 693 100,47, 79252, 701

166, 587177, 162

1,310105, 729112,548

46, 59546, 83247,12048, 03347, 63447, 990

47, 84247, 43048, 32848, 01448, 68149, 180

50, 22851, 43052, 39252,87652, 74153,110

52, 38853, 28953, 31353, 85754, 086

156,120156, 458157, 560158, 134159, 488161,118

162, 144163, 184164, 966166, 674167,114166, 587

167, 482168, 449169, 379170, 747172,629173, 818

174,571175,104176,164176, 789177,162

99, 98099, 942100, 740101,033101, 502102, 429

.02, 856

.03, 282

.04,117

.05, 589

.06,128

.05, 729

.06, 562

.07, 22207, 68508, 19009,15410,421

10,97811,45211,78711,90412,548

12, 83613,88113, 261

15, 53918, 31.r

8,9667,894

9,19410,41710, 60810,04110, 781

10, 35410, 27610, 80211,06211,958

13,31115, 03316, 39717,31418, 638

19,12319, 68120, 75225, 89235, 809

33,14534, 62137, 147

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

34, 06433, 82234,11335, 04735, 32034, 621

35, 14135, 22935, 79835, 75836,61537, 289

37, 20937, 31237, 53837, 39437,147

10, 7209,721

10, 75612,31"12, 8312,39113, 065

12, 77713,21014, 17014, 88516, 209

18, 09822, 58324, 98427, 26r

30, 329

29, 78528, 58630, 73835, 44041,254

41, 30443, 02044, 938

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

41, 49941, 74341, 98742, 62743, 00543, 020

43, 23543,61143, 34343, 80543, 33943, 584

44,12044, 52944, 75044, 43044, 938

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, 74728, 08830, 463

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

26, 49526, 86227,11427,91527, 80328, 088

28, 18628, 38228, 54428, 62729, 20029, 548

29, 64929,61129, 49930, 08030, 463

17, 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, 38260, 85864,614

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

59, 28859, 90260, 85061, 08560, 98660, 858

60, 92061,22761, 69462, 55763, 47563, 397

63, 59363, 65264,37764, 88564, 614

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

23,02326, 01326, 353

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

24, 90025, 02325, 50226, 88025, 84326, 013

25,67825, 98826, 40526, 81027, 06826, 842

26, 70126, 57926, 76526, 69626, 353

2,47!2,440

2,5712,7212,2,8352,950

2,9493,1093,2973,4103,522

3,8204,2224,4324,8515,117

5,2695,6766,0096,7518,503

8,2349,1829,761

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

8,9299,0049,0968,5249,1719,182

9,0679,1419,3569,3799,4229, 429

9,5749,5479,6299,7419,761

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

24,12425, 66328, 500

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

25, 46025, 87526, 25025, 68125, 97225, 663

26,17526, 09825, 93326, 36826, 98527,126

27,31827, 52627, 98328, 44828, 500

1 Monthly average for year and total for month.2 Book value, seasonally adjusted, end of period, except as noted.3 Based on seasonally adjusted data through November.

Note.—Data are as published by Bureau of the Census, but for 1968-75 detail for durable goods inventories does notadd to totals. Correction will be published later by Census.


311


TABLE B-48.—Manufacturers1 new and unfilled orders, 1947-77

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

Year or month

194719481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

1970197119721973 .1974

1975197619774

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

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

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

July.Aug.SeptOct..Nov.

New orders i

Total

15,25617,69315,614

20,11023,90723,20423,58622,335

27,46528, 36827, 55927, 00230, 724

30,23531,10433, 43635, 52438, 357

42,10046, 40247, 06250, 72054,014

52,09655, 93764, 24676, 21786, 988

85, 65998, 497111,233

92, 63994,75598, 26798, 41599, 02599,135

98, 81197, 55498, 47699, 006

100, 784106, 600

105, 288106, 575111,788111,547111,693111,524

108, 598111,494112,441116, 543116, 068

Durable goodsindustries

Total

6,3888,1266,633

10,16512,84112, 06112,14710, 768

14,99615,36514,11113, 29016, 003

15,30315,75917, 37418, 70920, 652

23, 27826,17725,83128,14929, 934

27, 44729, 95135,14242, 88846, 570

42,16450, 68158, 488

45, 90447, 93051,11150, 24551, 35451, 249

51,18050, 38050, 06850, 75452,23557, 040

55, 03755,13359,16058, 65259,17658, 378

56, 03158, 27059, 04862, 50361, 984

Capitalgoodsindus-tries,non-

defense

7,0797,821

7,0537,5758,94711,16912,656

10, 89912, 82015,119

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

13,77812, 69013, 46814,12412, 73413, 835

14, 62114, 24914, 56114, 67915, 00015, 535

14, 40914, 67816,18916, 50215, 883

Non-dura-

blegoodsindus-tries

9,5668,981

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, 49547,81652,744

46, 73546, 82547, 15548,17047, 67047, 886

47, 63147,17448, 40948, 25248, 54949, 560

50, 25151,44252, 62852, 89552, 51753,146

52, 56753, 22453, 39354, 04054, 084

Unfilled orders 2

Total

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

171,438175,453189,416

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

171,938170, 414170, 503172,468173, 333175, 453

177,179177,623178,167180, 065182, 301183,150

182,541182, 646183,166186, 590189,416

Dura-ble

goodsindus-tries

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, 582167,261180, 750

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

164, 055162, 787162, 795164, 522165,519167, 261

168, 962169, 394169,704171,587174, 047174, 859

174, 072174, 245174, 682177, 923180, 750

Non-dura-ble

goodsindus-tries

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

7,8568,1928,666

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

7,8837,6277,7087,9467,8148,192

8,2178,2298,4638,4788,2548,291

8,4698,4018,4848,6678,666

Unfilled orders-shipments ratio s

Total

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

3.633.283.22

3.533.463.373.393.353.38

3.383.313.333.453.393.28

3.343.293.113.203.233.22

3.233.173.153.193.22

Dura-ble

goodsindus-tries

4.12

4.274.554.003.673.53

3.363.143.213.383.71

3.974.544.444.644.50

4.454.063.964.665.09

4.403.933.85

4.264.194.064.084.024.06

4.043.974.024.144.073.93

4.023.963.713.863.893.88

3.883.813.783.813.85

Non-dura-ble

goodsindus-tries

0.96

1.121.04.85.86.94

.72

.79

.68

.73

.72

.76

.73

.69

.69

.77

.78

.88

.93

.64

.78

.75

.73

.79

.77

.77

.77

.78

.77

.76

.73

.72

.77

.75

.75

.75

.73

.73

.72

.70

.71

.73

.70

.71

.73

.73

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.* Based on seasonally adjusted data through November.


312


PRICES

TABLE B-49.—Consumer price indexes by expenditure classes, 1929-77

For urban wage earners and clerical workers

[1967=100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949 .

1950195119521953195419551956195719581959

19601961 . . .1962196319641965 . . .196619671968 .1969

19701971197219731974197519761977 _

1976: JanFebMarAprMay _June

July .AugSeptOctNovDec

1977: JanFebMar .AprMayJune

JulyAugSeptOct __NovDec

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 2170 5181.5

166.7167 1167.5168 2169.2170.1

171.1171.9172 6173.3173.8174.3

175.3177 1178 2179.6180.6181.8

182.6183.3184 0184.5185.4186.1

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

88 089 189.991.292 494.499.1

100 0103.6108.9

114.9118.4123.5141.4161.7175.4180 8192.2

180.8180.0178.7179.2180.0180.9

182.1182.4181 6181.6181.1181.7

183.4187 7188 6190.9191.7193.6

194.6195.2194 5194.4195.6196.3

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 8177 2189.6

173.2173 8174.5174 9175.6176.5

177.5178.4179 5180.1180.7181.6

183.1184 3185 5186.7187.6189.0

190.5191.4192 7193.6194.6195.7

Rent

76.0

54.1

56.0

56.257 258 558.558.658 859 261.165.168.0

70.473 276 280.383 284 385.987.589 190 4

91 792 994.095.095 996 998.2

100 0102.4105.7

110 1115.2119.2124.3130 6137.3144 7153.5

141.2142 1142.7143 2143.8144.4

145.0145.6146 2146.9147.5148.3

149.5150 2150 8151.6152.2152.9

153.6154.4155 3156.1157.0157.9

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 2142.3147 6154.2

143.3144 0145.0145 7146.8146.9

146.5148.1150 2150.9151.9151.8

150.0150 8151 7152.3153.4153.9

153.4154.8156 2157.2158.5158.2

Trans-porta-tion

43.0

42.744 248 147.947.947 850 355.561.866.4

68.272 577 379.578 377 478.883.386 089 6

89 690 692.593.094 395 997.2

100 0103 2107.2

112.7118.6119.9123.8137 7150.6165 5177.2

158.1158 5159.8161.3163.5165.9

167.6168.5169 5170.9171.4171.4

172.2173 2174 7176.7178.1179.1

179.2178.8178 4178.6178.7178.8

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

120.6128.4132.5137.7150.5168.6184 7202.4

176.6178.8180.6181.6182.6183.7

185.5186.8187 9188.9191.3192.3

194.1195 8197 6199.1200.5201.8

203.5204.9206.3207.2208.1209.3

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

113.2116.8119.8125.2137.3150.7160.5170.9

155.7157.0157.4158.3158.9159.8

160.5161.6162.8163.91P4.8165.2

166.2166.7167.3168.4169.5170.6

171.3172.1172.8173.9175.5176.3

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

113.4119.3122.8125.9133.8144.4151.2157.9

148.2148.5149.0149.51^0.3150.9

151.2151.4152.8153.5154.1154.4

154.9155.5155.8156.0156.8157.6

157.7158.1159.8160.6160.9161.3

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

116.0120.9125.5129.0137.2147.4153.3159.2

150.5151.3151.8152.5152.9153.2

153.6153.8153.9154.4155.3155.9

156.7156.9157.3157.7158.0158.4

159.1159.1160.6161.5162.4162.7


313


TABLE B-50.—Consumer price indexes by commodity and service groups, 1939-77


[1967=1001

Year ormonth

1939

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

I960196119621963196419651966 . . .196719681969

19701971197219731974197519761977




July. . . .AugSept_._.OctNovDec

Allitems

41.6

42.044 148.851.852.753 958.566.972 171.4

72.177.879.580.180.580.281.484.386.687.3

88.789.690.691.792.994.597.2

100.0104.2109.8

116.3121.3125.3133.1147.7161.2170.5181.5

166.7167.1167.5168.2169.2170.1

171.1171.9172.6173.3173.8174.3

175.3177.1178.2179.6180.6181.8

182.6183.3184.0184.5185.4186.1

Commodities

Allcom-modi-ties

40.2

40.643 349.654.054.756 362.475.080 478.3

78.885.987.086.785.985.185 988.690.690.7

91.592.092.893.694.695.798.2

100.0103.7108.4

113.5117.4120.9129.9145.5158.4165.2174.7

162.4162.3162.3163.1164.2165.2

166.0166.6167.0167.4167.7168.1

168.7170.9171.8173.3174.3175.4

175.8176.3176.6177.0177.9178.3

Food

34.6

35.238 445.150.349.650.758.170.676.673.5

74.582.884.383.082.881.682.284.988.587.1

88.089.189.991.292.494.499.1

100.0103.6108.9

114.9118.4123.5141.4161.7175.4180.8192.2

180.8180.0178.7179.2180.0180.9

182.1182.4181.6181.6181.1181.7

183.4187.7188.6190.9191.7193.6

194.6195.2194.5194.4195.61S6.3

Commodities less food

All

47.7

48.050.456.058.461.664.168.176.882.781.5

81.487.588.388.587.586.987.890.591.592.7

93.193.494.194.895.696.297.5

100.0103.7108.1

112.5116.8119.4123.5136.6149.1156.6165.1

152.3152.7153.3154.2155.5156.5

157.1158.0158.9159.6160.3160.6

160.6161.6162.6163.6164.7165.4

165.6166.0166.7167.4168.1168.4

Dura-ble

48.5

48.151.458.460.365.970.974.180.386.287.4

88.495.196.495.793.391.591.594.495.997.3

96.796.697.697.998.898.498.5

100.0103.1107.0

111.8116.5118.9121.9130.6145.5154.3163.2

149.0149.3150.4151.9153.5154.7

155.8156.4156.9157.8158.0158.4

158.9159.7160.8162.2163.4163.9

164.3164.3164.5165.0165.5165.9

Non-dura-

ble

44.3

44.746.751.653.856.658.662.972.277.876.3

76.282.082.483.183.583.585.387.688.289.3

90.791.291.892.793.594.897.0

100.0104.1108.8

113.1117 0119.8124.8140.9151.7158.3166.5

154.7155.2155.5156.0157.0157.9

158.1159.1160.4161.0161.9162.3

161.9163.1163.9164.7165.7166.6

166.6167.3168.4169.2170.1170.3

Services

Allservices

43.5

43.644 245.646.447.548 249.151.154.356.9

58.761.864.567.369.570.972 775.678.580.8

83.585.286.888.590.292.295.8

100.0105.2112.5

121.6128 4133.3139.1152.1166.6180.4194.3

174.9176.1177.2177.7178.4179.5

180.7181.8183.2184.1185.1185.8

187.4188.7190.0191.2192.2193.7

195.3196.3197.7198.5199.5200.5

Rent

56.0

56.257.258.558.558.658.859.261.165.168.0

70.473.276.280.383.284.385.987.589.190.4

91.792.994.095.095.996.998.2

100.0102.4105.7

110.1115 2119.2124.3130.6137.3144.7153.5

141.2142.1142.7143.2143.8144.4

145.0145.6146.2146.9147.5148.3

149.5150.2150.8151.6152.2152.9

153.6154.4155.3156.1157.0157.9

Serv-iceslessrent

38.1

38.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768.270.173.376.479.0

81.983.985.587.389.291.595.3

100.0105.7113.8

123.7130.8135.9141.8156.0171.9186.8201.6

181.0182.2183.4184.0184.7185.8

187.2188.4189.8190.8191.8192.6

194.3195.6197.0198.4199.4201.1

202.8203.8205.3206.2207.2208.2

Special indexes

Allitemslessfood

47.2

47.348.752.153.655.756.959.464.969.670.3

71.175.777.579.079.579.781.183.885.787.3

88.889.790.892.093.294.596.7

100.0104.4110.1

116.7122.1125.8130.7143.7157.1167.5178.4

162.6163.4164.2165.0166.0167.0

167.9168.9170.0170.8171.6172.2

172.9174.0175.1176.2177.3178.4

179.1179.8180.9181.6182.5183.1

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

114.4119.3122.9131.1146.1159.1168.3179.1

164.4164.9165.3166.1167.1168.1

169.0169.7170.4171.0171.6172.2

173.0175.0176.1177.5178.4179.6

180.2180.8181.2181.7182.5183.0

Non-dura-ble

com-mod-ities

38.4

38.941.647.651.852.253.759.671.977.274.9

75.482.583.483.283.282.583.786.388.688.2

89.490.290.992.093.094.698.1

100.0103.9108.9

114.0117.7121.7132.8151.0163.2169.2178.9

167.3167.2166.7167.2168.2169.0

169.7170.4170.7171.0171.3171.7

172.4175.0175.9177.4178.3179.7

180.1180.8181.0181.4182.4182.9


314


TABLE B-51.—Consumer price indexes, selected commodities and services, 1939-77

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

Year or month

1939

194019411942 . .1943194419451946 .194719481949

195019511952 .1953195419551956195719581959

1960 . .19611962196319641965 . . .19661967196819691970 .1971.197219731974197519761977

1976:JanFebMarAprMayJuneJulyAugSeptOct

Dec I"


July.AugSeptOctNovDec

Durable commodities

Total i

48.5

48.151.458.460.365.970.974.180.386.287.488.495.196.495.793.391.591.594.495.997.396.796.697.697.998.898.498.5

100.0103.1107.0

111.8116.5118.9121.9130.6145.5154.3163.2149.0149.3150.4151.9153.5154.7155.8156.4156.9157.8158.0158.4

158.9159.7160.8162.2163.4163.9

164.3164.3164.5165.0165.5165.9

Newcars

43.2

43.346.6

69.275.682.883.487.494.995.894.390.993.598.4

101.5105.9104.5104.5104.1103.5103.2100.999.1

100.0102.8104.4107.6112.0111.0111.1117.5127.6135.7142.9134.2134.3134.5134.4134.5134.5134.4134.4134.2139.1139.7140.4141.1140.7140.9140.6141.4141.7141.6141.6141.1145.7148.2150.5

Usedcars

89.275.971.869.177.480.289.5

83.686.994.896.0

100.199.497.0

100.0(3)

103.1104.3110.2110.5117.6122.6146.4167.9182.8144.6144.9150.9159.4167.8173.4177.5179.6180.1179.9179.0178.0177.7179.1182.7187.8191.4192.2190.6186.4182.5178.0175 o170.7

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

101.4102.1102.0101.9100.7100.6100 3100.298.798.6

100.0103.3107.4110.2112.9115.0118 8128.9140.3146 0151.5143.3144.0144.8145.5145.8146.1146.5146.3146.7147.2147.8148.2148.4148.8149.7150.7151.2151.6151.8152.3152.8153 2153.7154.2

Nondurable commod-ities less food

Total

44.3

44.746.751.653.856.658.662.972.277.876.376.282.082.483.183.583.585.387.688.289.3

90.791.291.892 793.594.897.0

100.0104.1108.8

113.1117.0119.8124 8140.9151.7158 3166.5154.7155.2155.5156.0157.0157.9158.1159.1160.4161.0161.9162.3161.9163.1163.9164.7165.7166.6166.6167.3168.4169 2170.1170.3

Ap-parelcom-mod-ities

43.0

43.545.853.555.959.863.069.580.485.482.081.188.787.786.786.385.887.388.288.289.090.390.891.292.092.893.696.0

100.0105.6111.9

116.5120.1122.7127.1136.1141.2145.8151.6141.5142.2143.1143.9145.1145.0144.4146.2148.5149.2150.1149.9147.6148.5149.3149.8150.9151.3150.6152.1153.5154.6155.9155.3

Non-dura-bleslessfoodand

apparel

46.3

46.848.451.153.254 755.858.266.272.372.4

72.977 579.081.081.882.184.187.488 389.690.991.392.193 193 995 597.5

100.0103 3107.0111.2115.2118.2123 4143.8157.9165 7175.3162.6162.9162.8163.2164.2165.6166.3166.8167.4168.1169.0169.7170.5171.8172.6173.5174.5175.6176.1176.3177.2177.9178.6179.3

Services less rent

Total

38.1

38.138.640.342.144.245.146.749.051.954.5

56.059.362.264.866.768.270.173.376.479.081.983.985.587.389.291.595.3

100.0105.7113.8123.7130.8135.9141.8156.0171.9186.8201.6181.0182.2183.4184.0184.7185.8187.2188.4189.8190.8191.8192.6194.3195.6197.0198.4199.4201.1202.8203.8205.3206.2207.2208.2

House-holdserv-iceslessrent

~~71.T75.479.481.685.086.087.189.090.492.195.7

100.0105.9115.3126.8132.6139.2146.8166.0184.7198.4213.8193.7194.4195.1195.4196.1197.3198.7200.1201.5202.3202.6203.5205.7206.8208.4209.7210.8212.9215.4216.6218.1219.2220.4221.4

Trans-porta-tion

serv-ices

36.1

36.136.338.238.238 238.239.040.344.950.053.358.362.466.469.269.470.573.878 581.283.385.386.687.589.692.996.8

100.0104.0111.3123.1133.0136.0136.9141.9152.7174.3188.4167.0168.9171.1171.7172.3173.2174.7175.5177.3178.9180.2180.8182.9183.3184.8186.7187.4188.7189.4190.0191.0191.3192.0192.9

Med-icalcareserv-ices

32.5

32 532 733.735.436 937.940.143.546.448.149.251.755.057.058.760.462.865.568 772.0

74.977.780.282 684 687.392.0

100.0107.3116.0

124.2133.3138.2144 3159.1179.1197.1216.7188.0190.4192.5193.5194.6195.8

197.9199.4200.6201.7204.5205.7

207.6209.4211.5213.1214.6216.0

217.9219.6221.1222.0223 0224.2

Other 2

. . . . . . .

73.976.278.080.883.485.687.790.192.696.2

100.0105.6110.6116.7122.5125.8131.6141.6152.1161.1171.1156.6157.4158.4159.1159.7160.5161.2162.0163.6164.3165.2165.7166.7167.5168.1168.9169.6170.5171.2171.8173.6174.3175.3176.0

1 Also includes the "other durables" group.»Includes the services components of apparel, personal care, reading and recreation, and other goods and services.3 Not available.Source: Department of Labor, Bureau of Labor Statistics.

315


TABLE B—52.—Consumer price indexes for commodity groups, seasonally adjusted, 1974-77


!I"967-100, seasonally adjusted]

Year andmonth

1974:Jan...F e b _Mar...

May."June..

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

1975:Jan...F e b , .Mar..

May."June..

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

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

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

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

July. .Aug_.S e p t .Oct. . .Nov. .Dec.. .

Allcom-mod-ities

137,413&5141.114*. *143.4144.5

145.2147.3149.1150.4151.8152.9

153.9154.7155.2155.8156.6157.8

159.6160.0160.4161.3161.9162.5

163.0162.7162.6163.3164.4165.0

165.5166.2166.6167.1167.4168.0

169.4171.4172.2173.6174.5175.3

175.5176.0176.3176.7177.6178.3

Food

154.0157.3158.81516160.1160.3

159.8162.1165.1166.6168.4170.0

171.1171.2171.0171.3172.5174.6

177.8177.5177.9179.5180.3181.0

181.1179.5178.5179.4180.8181.2

181.4181.8181.9182.2181.7181.9

183.5187.1188.2191.0192.4193.9

194.0194.5194.7194.9196.1196.5

Commodities less food

Total

128.5129.913L6132.8134.4136.0

137.4139.2140.5141.6142.8143.7

144.7145.8146.7147.5148.0148.6

149.8150.5151.0151.6152.0152.6

153.2153.7154.1154.6155.6156.2

156.9157.8158.3159.0159.6160.5

161.6162.7163.4164.0164.7165.1

165.3165.8166.2166.7167.5168.3

Durable commodities

Total i

123.7124.2125.1126.1127.5129.4

130.9132.7134.4135.9137.4138.7

140.0141.6143.3144.3144.9145.5

146.2146.9147.6147.9148.5149.2

149.9150.7151.8152.7153.7154.2

155.0155.6156.1156.6157.3158.4

159.9161.4162.4163.2163.5163.4

163.4163.5163.8163.8164.8165.9

House-holddur-ables

122.1123.0124.0125.1126.3128.0

129.3131.3132.7133.8135.2136.1

137.3138.0138.7139.4139.9140.1

140.4140.8141.4142.0142.6143.1

143.8144.7145.2145.5145.7145.9

146.3146.2146.4146.9147.5148.4

148.8149.5150.2150.7151.0151.4

151.6152.1152.5152.9153.4154.4

Newcars

111.7112.0112.5113.1114.7116.6

118.5119.3120.9123.0123.6123.9

122.3123.9127.0127.3127.0127.3

127.2128.1129.1129.1130.2132.8

133.1133.8134.3134.2134.8134.8

135.1135.9136.9138.2138.6139.2

140.0140.1140.6140.5141.7142.0

142.3143.2144.0144.8147.0149.2

Usedcars

111.0109.4108.1110.6114.7119.7

123.4127.3130.6134.2138.2138.7

140.5142.5143.7143.3142.9144.6

147.5150.0149.9150.3150.0149.9

150.9155.0160.6165.7168.8170.0

170.7172.3172.1172.6174.8178.7

185.5191.6194.4195.2192.6188.4

183.3178.9174.5170.8170.9171.4

Nondurables less food

Total i

131.9133.9136.2137.6139.3140.8

142.1143.9144.9145.7146.6147.3

148.0148.8149.1149.8150.3150.9

152.3153.2153.4154.2154.5155.0

155.6155.8155.7156.0156.9157.6

158.4159.3159.9160.6161.3162.0

162.8163.7164.2164.7165.6166.3

166.8167.5168.0168.8169.5170.1

Apparelcom-mod-ities

130.1131.4132.5133.7134.7135.7

136.3139.0139.0139.4140.2140.1

140.4140.6140.5140.5140.6140.5

141.3142.1141.4141.8142.2142.5

143.4143.7143.7144.2144.9145.3

145.9147.2147.5147.5147.8148.5

149.4150.0149.9150.1150.7151.6

152.1153.1152.5152.8153.5153.8

Gaso-line andmotor

oil

140.6148,0157.9160.2163.3163.8

163.8163.1162.8161.1160.6160.9

161.1161.3161.2162.2164.4167.4

173.2174.8176.4178.3178.4178.1

176.5174.5171.7170.4172.2174.7

175.8177.5179.0181.7183.0183.1

181.8183.5184.3185.4186.9186.2

185.7186.1187.2189.8191.3192.0

Fueloilandcoal

191.1197.6198.6204.8210.6215.3

221,0225.2in A228.9228.9226.7

224.8224.5225.4227.5230.2232.2

236.9240.3243.7246.7245.7245.9

244.3243.8244.7245.3246.5249.3

251.2254.2256.0256.5257.0261.4

266.6272.0278.1280.6282.9285.4

287.1289.6290.9291.0288.7288.4

i Includes certain groups not shown separately.


316


TABLE B-53.—Consumer price indexes JOT service groups and selected expenditure classes,seasonally adjusted, 1974-77

For urban wage earners and clerical workers(1967=100, seasonally adjusted]

Yearand month

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

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

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

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

1976: J a n . . .Feb.._Mar...Apr. . .May..June..

July...Aug.. .Sept . .Oct.._Nov...D e c -

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

July...Aug.. .Sept . .O c t - -Nov...Dec . . .

Services

AllMil

services

144.6145.6146.9148.0149.7151.2

152.9154.5155.9157.2158.4159.7

161.1162.3163.1164.2164.9166.1

167.0167.7169.0170.0171.6172.7

174.6175.8177.1177.9178.9179.9

181.1182.2183.2184.0184.8185.5

187.0188.4189.9191.4192.6194.2

195.7196.7197.7198.4199.2200.1

Rent

127.6128.1128.5129.1129.6130.2

130.7131.3131.9132.5133.2133.6

134.5134.9135.4135.8136.4136.9

137.5138.1138.5139.3139.9140.5

141.2141.8142.6143.1143.8144.5

145.2145.7146.4147.0147.6148.3

149.5149.9150.6151.6152.2152.9

153.8154.6155.5156.1157.2157.9

Total i

147.6148.8150.2151.4153.3155.0

156.8158.6160.1161.6162.9164.3

165.8167.2168.1169.3170.0171.3

172.2173.0174.4175.4177.3178.4

180.6181.9183.2184.1185.1186.2

187.5188.7189.7190.6191.4192.2

193.9195.4196.8198.6199.8201.6

203.3204.2205.3206.1206.8207.7

Services less rent

House-hold

servicesless rent

155.2156.8158.8160.5162.7164.7

167.1169.4171.4173.4174.9176.6

178.4180.1180.8182.3182.9184.7

185.5186.1186.9187.7189.9191.0

193.1194.1195.1196.0196.9198.2

199.5200.7201.5201.8201.8202.5

205.1206.4208.4210.3211.6213.8

216.3217.3218.1218.8219.5220.3

Trans-porta-tion

services

138.2138.6139.2139.7140.6141.6

142.6143.2143.8144.3145.0145.8

145.9146.8147.9149.1149.7150.6

151.5152.5156.5157.3161.7162.9

166.3168.4170.6171.2172.5173.5

175.2176.3177.8179.2180.2180.6

182.2182.8184.2186.1187.6189.1

190.0191.0191.6191.7192.0192.7

Medicalcare

services

149.9151.0152.4153.5155.5158.0

160.0162.4164.1165.6167.3168.9

171.1172.9174.4175.9177.2178.5

180.1181.2182.8184.7184.5186.3

188.4190.4192.1193.5194.9195.9

197.6198.9200.1201.9204.9206.4

208.0209.4211.1213.1215.0216.2

217.7218.9220.7222.2223.4224.9

Selected expenditure classes

Fuelandutili-ties

140.2142.2143.9146.0148.2149.5

151.5153.6155.1156.4157.5158.2

159.9160.8161.9163.7165.1167.0

168.7170.0172.0173.3174.8175.8

175.6176.4177.8178.4179.8181.9

183.3184.9186.3187.9188.7191.8

194.0194.6197.3198.4199.8202.0

204.3205.9206.9208.3208.0207.4

House-hold

furnish-ingsand

opera-tion

129.3130.6132.7133.9136.8139.0

141.4144.0146.3148.7150.7152.2

153.7155.4155.8156.7157.2157.9

158.4159.0159.8160.5161.2161.9

164.2165.9166.8167.3167.7168.3

169.0169.3169.9170.6171.4172.2

173.1174.3174.8175.4175.7176.9

177.6178.3178.5179.1179.7180.9

Appareland

upkeep

130.0131.3132.6133.7134.7135.8

136.5138.8139.2139.7140.5140.7

140.9141.3141.4141.5141.6141.6

142.4142.9142.8143.1143.5143.9

144.9145.2145.6146.0146.6147.1

147.8148.7149.4149.4149.9150.6

151.7152.0152.3152.6153.2154.2

154.8155.4155.4155.6156.3156.9

Trans-porta-tion

128.7130.3132.8134.3136.2137.9

139.4140.4141.9142.3143.1143.8

144.2144.9145.9147.0147.4148.9

151.2152.5154.9155.4157.0158.0

159.3160.1161.1162.2163.6164.8

166.0167.3168.9170.2171.0171.9

173.6174.9176.1177.8178.3178.0

177.4177.6177.7177.9178.3179.3

* Also includes the "other services" group.Source: Department of Labor, Bureau of Labor Statistics.

317

248-947 O - 78 - 21


TABLE B-54.—Percent changes in consumer price indexes, major groups, 1948-77

[Percent change]

Year or month

1948. .1949

19501951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

19701971197219731974

197519761977

1976: Jan . .FebMar.._AprMayJune

JulyAugSeptOct..._NovDec

1977: JanFebMar.Apr . . .MayJune


All items

Dec.to

Dec*

2.7- 1 . 8

5.85.9.9.6

.42.93.01.81.5

1.5

1.21.61.2

1.93.43.04.76.1

5.53.43.48.8

12.2

7.04.86.8

Yearto

year

7.8- 1 . 0

1.07.92.2.8.5

- . 41.53.62.7.8

1.61.01.1

1.3

1.72.92.94.25.4

5.94.33.36.2

11.0

9.15.86.5

Food

Dec.to

Dec*

- 0 . 8- 3 . 7

9.67.4

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

- . 93.12.82.2

- . 8

3.1- . 91.51.91.4

3.43.91.24.37.2

2.24.34.7

20.112.2

6.5.6

8.0

Yearto

year

8.5- 4 . 0

1.411.11.8

- 1 . 5

- 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

8.53.16.3

Commodities lessfood

Dec.to

Dec*

5.3- 4 . 8

5.74.6

.2- 1 . 4

02.52.2.8

1.5

- . 3.6.7

1.2.4

.71.93.13.74.5

4.82.32.55.0

13.2

6.25.14.9

Yearto

year

7.7- 1 . 5

- . 17.5.9

- 1 . 1

- . 71.03.11.11.3

.4

.3

.7

.8

.61.42.63.74.2

4.13.82.23.4

10.6

9.25.05.4

Services

Dec.to

Dec. i

6.13.6

3.65.24.64.21.9

2.33.14.52.73.7

2.71.91.72.31.8

2.64.94.06.17.4

8.24.13.66.2

11.3

8.17.37.9

Yearto

year

6.34.8

3.25.34.44.33.3

2.02.54.03.82.9

3.32.01.92.01.9

2.23.94.45.26.9

8.15.63.84.49.3

9.58. A7.7

Change from preceding month

Un-adjusted

0.2.2.2.4.6.5

.6

.5

.4

.4

.3

.3

.61.0.6.8.6.7

.4

.4

.4

.3

.5

.4

Seasonallyadjusted

0.6.1.2.4.7.4

.5

.5

.3

.3

.3

.4

.81.0.6.8.6.6

.4

.3

.3

.3

.5

.4

Un-adjusted

0.1- 4- . 7

.3

.4

.5

.7

.2- . 40

- . 3.3

.92.3.5

1.2.4

1.0

.5

.3

- . 1.6.4

Seasonallyadjusted

0.1- . 9- . 6

.5

.8

.2

.1

.2

.1

.2- . 3

.92.0.6

1.5.7.8

.1

.3

.1

.6

.2

Un-adjusted

- 0 . 3.3.4.6.8.6

.4

.6

.6

.4

.4

.2

.0

.6

.6

.6

.7

.4

.1

.2

.4

.4

.4

.2

Seasonallyadjusted

0.4.3.3.3.6.4

.4

.6

.3

.4

.4

.6

.7

.7

.4

.4

.4

.2

.1

.3

.2

.3

.5

.5

Un-adjusted

1.0.7.6.3.4.6

.7

.6

.8

.5

.5

.4

.9

.7

.7

.6

.5

.8

.8

.5

.7

.4

.5

.5

Seasonallyadjusted

1.1.7.7.5.6.6

.7

.6

.5

.4

.4

.4

.8

.7

.8

.8

.6

.8

.8

.5

.5

.4

.4

.5

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


318


TABLE B—55.— Wholesale price indexes by major commodity groups, 1929—77

[1967=100]

Year or month

1929

1933

1939.. . . .

1940194119421943194419451946194719481949

1950 . . .195119521953195419551956195719581959

1960196119621963 . .19641965.19661967 . . . .19681969

19701971197219731974197519761977


JulyAugSept _OctNovDec

1977- JanFebMar ___.AprMayJune

JulyAugSept.OctNovDec

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 9183.0194.2

179.4179.4179 7181.3181.9183.2

184.4183 8184.8185.3185 6187.1

188.1190.2192.0194.3195.2194.5

194 8194.6195.3196.3197.0198.2

Farm products and processedfoods and feeds

Total

94 3101.589.6

93 9106.9102.796 095.791.290.693 798.193.5

93.793.794.793.893.297.1

103 5100.0102.4108.0

111.7113 9122.4159 1177.4184 2183.1188.8

184.6181.9180 0183.7184.8187.4

188.1181 7182.9179.5178 3183.9

184 8188.4190.9195.9196 8191.5

188 7184.2183.9184.2186.8189.5

Farmproducts

64.1

31.4

40.0

41.450 364 875 075.578 590 9

109.4117.5101.6

106.7124.2117.2106 2104.798.296.999 5

103.997.5

97.296.398.096.094.698.7

105 9100.0102.5109.1

111.0112 9125.0176 3187 7186 7191.0192.5

192.8190.7186 5192.9192.6196.5

196.9189 7191.9186.7183 6191.6

193 5199.1202.5208.2204 3192.8

190 2181 2181.9182.41P5 5188.3

Proc-essedfoodsand

feeds

82.988.780.6

83.492.791.687 488.985.084.987.491.889.4

89.591.091.992.592.395.5

101 2100.0102.2107.3

112.1114 5120.8148 1170 9182 6178.0186.1

174.4176.4175 8178.0179.9181.8

182.6176 7177.2174.9174 8179.0

179 3181.9183.9188.5191 9190.1

187 2185 1184.2184.5186 7189.3

Industrial commodities

Total

48.6

37.8

43.3

44.047.350.751.552.353.058.070.876.975.3

78.086.184.184.885.086.990.893.393.695.3

95.394.894.894.795.296.498.5

100.0102.5106.0

110.0114 1117.9125.9153.8171 5182.4195.1

177.4178.1179 0180.1180.5181.5

182.7183 8184.8186.3187 1187.4

188 4190.0191.7193.3194 2194.7

195 9196.9197.8199.1199 2200.0

Textileproducts

andapparel

103.6108.198.9

102.7114.6103.4100.898.698.798.798.897.098.4

99.597.798.698.599.299.8

100 1100.0103.7106.0

107.1109 0113.6123.8139.1137 9148.2154.0

145.6146.3146 8147.3147.3148.3

149.0149.5149.0149.3150 1149.9

150.8151.7152.4153.7154.0154.6

154 5154.4155.1155.2155.3155.9

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 5167.8179.5

158.2160.8162.9166.1170.1168.1

170.3171.6173.6170.9169.8171.5

175.3176.9177.9179.9181.9179.4

180.0180.5179.9179.6180.3181.8

Fuelsand

relatedproducts,

andpower *

59.4

47.6

52.3

51.454 656.257.859.560.164.476.990.586.2

87.190.390.192.691.391.294.099.195.395.3

96.197.296.796.393.795.597.8

100.098.9

100.9

106.2115.2118.6134.3208.3245.1265.6302.2

257.2255.6255.8257.0257.2260.5

265.3269.2271.2277.1281.6279.0

278.8289.1293.7298.8302.4304.3

307.0309.5309.7310.6310.4311.9

Chemicalsand alliedproducts i

47.4

51.5

52.457 063.364.164.865.270.593.795.987.6

88.9101.796.597.798.998.599.1

101.2102.0101.6

101.8100.799.197.998.399.099.4

100.099.899.9

102.2104.1104.2110.0146.8181.3187.2192.7

184.5185.1185.8187.0187.1187.3

187.1188.0188.6188.6188.6188.2

188.9190.1191.2192.9194.0193.9

193.6193.5193.2193.5193.8193.9

See next page for continuation of table and for footnotes.

319


TABLE B-55.— Wholesale price indexes by major commodity groups, J929-77—Continued11967=100]

Year or month

1929

1933

1939

1940194119421943194419451946194719481949

19501951195219531954 . . . .19551956195719581959

1960196119621963196419651966 . . . .196719681969

19701971197219731974197519761977-

1976: Jan _FebMarApr .May __June

JulyAugSeptOctNov _. _Dec

1977: Jan __FebMarAprMay _.June


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 2159.2167.5

152.3154.1155 5156.7157.1157.1

158.3161.1163.9164.6164.8164.7

164.6164.2164 6165 7166.3167.5

168 9169 1169 4170 0170.0169.8

Lumberand

woodproducts

25.0

19.0

24.8

27.432.735.637 740.641.247.273.484.077.7

89 397.294.494 392 697.198.593.592.498.8

95.391.091.693.595.495 9

100.2100 0113 3125.3

113.6127.3144 3177.2183 6176.9205.6236.2

190.7196.3202.5203.3202.4199.9

203.7207.5212.8213.6214.3220.0

222.8224.4229 0229.8229.5228.8

235.6242 7252 4247 3243.2249.1

Pulp,paper,and

alliedproducts

72.575.772.4

74.388.085.785.585.587.893.695.496.497.3

98.195.296.395.695.496 298.8

100 0101.1104.0

108.2110.1113 4122.1151 7170.4179.4186.4

174.8175.7176 9178.6179.3179.6

180.5181.0181 6181 6181.5181.8

182 9183.0183 6185 3186.2187.3

187 8187 8188 5188 8188 3187.6

Metalsand

metalproducts

40.2

30.7

37.6

37.838 539.139 039 039 644.354.962.563.0

66 373 873.976 376 982.189.291.090.492.3

92.491.991 291.393.896 498.8

100 0102.6108.5

116.6118.7123 5132.8171 9185.6195.9209.0

187.8189.2190 7193.0194.2196.6

198.9199.5200 1200.0200.1200.9

202.1203.2206 5208.2208.5207.7

210.6211 7212 6211 8212.0213.3

Machin-ery andequip-ment

41.3

41.442.142.842 442 142 246.453.758 261.0

63 170.570.672 273 475.781.887.689.491.3

92.091.992 092.292.893 996.8

100 0103 2106.5

111.4115.5117 9121.7139 4161.4171.0181.7

167.1167.8168 4169.2169.6170.4

171.2171.6172.8174.0174.5175.4

176.7177.5178 2178.9180.0180.7

181.8182 8183 9185 7186.7187.3

Furni-ture andhouse-hold

durables

55.8

44.6

52.6

53.857.261.861 463 163.267.177.081.682.9

84.791.890.191 992.993.395.898.399.199.3

99.098.497.797.097.496.998.0

100.0102.8104.9

107.5110.0111.4115.2127 9139.7145.6151.4

143.3143.7144.0144.5144.9145.3

145.7146.1146.7147.2147.5147.9

148.8149.1149.6150.1150.6151.5

151.4152.4152.5153.0153.6154.0

Nonme-tallic

mineralproducts

51.2

47.2

49.1

49.150.252.352 453 555.759.366.371.673.5

75 480.180.183 385 187.591.394.895.897.0

97.297.697.697.197.397.598.4

100 0103 7107.7

112.9122.4126 1130.2153 2174.0186.3200.4

181.2181.5182.7185.4186.0186.3

187.3188.0188.6189.4189.5189.6

192.4193.6195.1198.6199.3200.6

201.7202.4204.2205.3205.6206.5

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 0119.2129.2144.6153.8163.7

151.3151.4151.6151.8151.6151.8

151.7152.8153.5159.0159.2159.5

159.2159.4160.7161.0161.4161.9

161.9163.1163.8170.8170.6170.9

Miscel-laneousproducts

73.576 578.0

79 283.983.485 686.486.587.690.292.092.2

93.093.393.794.595.295.997.7

100 0102.2105.2

109.9112.9114.6119.7133.1147.7153.7164.4

151.9152.2152.6152.5152.7154.4

153.8153.5153.9154.1156.1157.0

160.2160.6161.0162.5163.1163.5

163.9164.2166.5168.4168.9169.6

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


320


TABLE B-56.— Wholesale price indexes by stage of processing and by special groupings, 1947-77

[1967=1001

Year or month

19471948 .1949

1950 . _ .1951 .195219531954

19551956195719581959 _.__

I9601961..196219631964

19651966 .196719681969

1970... _. . . ___197119721973...1974

1975 _ _19761977

1976- JanFebMarAprMayJune

JulyAug _- __SeptOctNovDec

1977: Jan ._FebMarAprMayJune

JulyAug _ _SeptOctNovDec

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

196.9205.1214.3

201.2199.3198.5205.3205.7210.2

211.8206.2206.4204.1204.5207.9

208.1215.5219.9226.1224.4215.4

212.9207.3207.8208.0210.5215.6

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

191.8190.1190.9

193.2191.3187.4194.5194.1197.8

196.3188.6189.0182.3178.8187.4

189.7194.0197.1203.7201.8192.0

191.2181.4182 0182.6185.4189.9

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

188.3210.2217.3

198.7196.3200.5206.9208.7214.3

222.7217.5217.3213.1213.2213.7

214.1220.8228.0232.7227.6219.0

210.6210.7210 4209.1209.6215.1

Fuel

66.678.778.3

77.979.479.982.779.0

78.884.489.290.391.9

92.892.692.193.292.8

93.596.3

100.0102.3106.6

122.6139 0148.7164.5219.4

271.5314.7400.5

279.3278.5286.1291.5293.4301.7

305.9315.8316.0356.8390.4361.3

342.8377.8383.9392.3404.5399.4

403.2412.4415 6416.8424.5432.2

Intermediate material

Total

72.478.375.2

78.688.185.586.086.5

88.192.094.194.395.6

95.695.094.995.295.5

96.899.2

100.0102.3105.8

109.9114.1118.7131.6162.9

180.0189.3201.7

183.8184.6185.7186.9187.7189.1

190.6191.1192.6192.7193.1194.0

195.0196.6198.7201.2202.1202.1

202.6203.4204 2204.4204.8205.3

$, supplies, and components •

Materials and components formanufacturing

Total

72.177.874.5

78.188.584.886.286.3

88.492.694.895.296.5

96.595.394.794.995.9

97.499.3

100.0102.2105.8

110.0112.8117.0127.7162.2

178.7185.6195.5

180.7181.6182.5183.6184.4185.3

186.8187.2188.2188.4188.7189.2

189.7190.8192.7194.6195.8195.5

196.6197.3197.8197.9198.2198.8

Materials

Forfood

manu-factur-

ing

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

209.4180.6181.7

186.4183.0183.6182.9183.5182.2

187.0177.6176.6174.5174.7175.5

174.5178.5182.0189.0191.1185.6

179.9179.9175.8177.5181.1185.8

Fornon-

durablemanu-factur-

ing

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

174.7183.6189.2

180.4181.3181.9183.2183.5183.7

184.5184.9185.4184.9185.2184.8

184.9185.8187.1189.3190.7190.8

190.8190.6190.2190.4190.2190.1

Fordurablemanu-factur-

ing

54.461.463.1

66.774.174.377.679.3

83.388.591.492.094.2

94.393.092.993.094.8

96.898.6

100.0103.3109.1

114.7118.2123.8133.7171.7

188.4202.3218.9

192.7194.7196.2198.1199.6202.3

204.4205.7207.3208.4208.6210.0

211.2212.4215.0216.6217.6216.8

220.9222.2224.1223.2223.0224.0

Com-ponents

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

158.3165.6175.9

161.7162.2162.6163.2163.8164.4

165.0166.9168.3169.3169.7170.3

170.9171.2172.9173.4174.2175.1

176.1177.5179.0179.7180.4180.6

Mate-rialsand

com-)onentsor con-struc-tion

66.073.173.2

77 084.383.785.185.5

88 993.594.094 096.6

95.994 694.294.595.4

96.298.8

100 0104.9110.8

112.6119 7126.2136.7161.6

176.4188.0202.9

181.8183.0184.7185.5186.2186.6

188.3190.0191.7192.2192.6193.6

195.1195.9197.8199.4200.3201.3

204.1206.2208.7208.4208.3209.6


321


T A B L E B-56.—Wholesale price indexes by stage of processing and by special groupings, 1947—77—Continued

[1967=1001

Year or month

194719481949

19501951 . . . .195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974197519761977


JulyAug...

OctNovDec

1977: JanFeb .MarAprMay...June

July..AugSeptOct...NovDec...

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

110.3113.7117.2127.9147.5163.4170.3180.6

168.8168.2168.0169.0169.4169.9

170.5170.0170.7172.2172.3174.0

175.1176.6177.5178.8180.3180.5

181.3181.3181.8183.9184.5185.5

(

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

109.9112.9116.6129.2149.3163.6169 0178.9

168.4167.4166.8168.0168.5168.9

169.6168.7169.3170.0170.1172.0

173.2175.0176.1177.5179.4179.4

180.2179 7180.2181.4181.8182.9

Consume

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 2189.1

183.7180.2178.6182.0183.2182.1

182.2177.8178.1177.0176.0180.9

181.5185.0186.6188.5192.3190.7

192.1190 0189.7189.8190 4192.9

r finished goods

Excluding foods

Total

79.084.082.2

83.589.588.389.189.4

90.192.394.694.795.9

96.396.296.096.095.9

96.698.1

100.0102.1104.6

107.7111.4113.4118.5138.6153.1161.8172.1

159.1159.4159.3159.3159.4160.7

161.6162.5163.2164.9165.6166.0

167.4168.3169.2170.4171.1172.0

172.5172.9173.7175.5175.8176.2

Non-dur-able

goods

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

108.3111.7113.6120.5146.8163.0173.3185.4

169.8170.1169.9170.1170.3172.0

173.6175.1176.0176.7177.6178.0

179.6181.0182.3183.6184.8185.9

186.6186.8188.2188.4188.7189.1

Dur-able

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

106.9110.8113.2115.8126.3138.2144.4152.1

143.0143.1143.1143.0143.0143.6

143.6143.6144.2147.2147.5147.8

149.0149.3149.7150.6150.8151.4

151.5152.1152.1156.1156.3156.8

Pro-ducerfin-

ishedgoods

55 460.463.4

64.971.272.473 674.5

76.782 487.589.891.5

91.791.892.292.493.3

94.496.8

100.0103.5106.9

112.0116.6119.5123.5141.0162.5173.2184.5

169.5170.0170.6171.3171.4172.1

172.6173.1174.0177.2177.6178.7

179.6180.2180.7181.6182.4183.1

183.8184.7185.6189.9190.8191.5

Special

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

110.2113.9117.9129.2154.1171.1179.0190.1

175.4175.6176.0177.1177.7178.9

179.8179.8180.9181.5181.9183.2

184.2185.4186.9188.9190.2190.4

190.9191.1191.9193.1193.7194.5

Dur-able

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 0121.1127.4148.6165.6175.6188.0

170.7171.5172.4173.2173.8174.8

175.7176.6177.8179.7180.0181.0

182.1182.9184.3185.4186.2186.7

188.3189.5190.9192.8193.2194.0

grouping

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

118.9123 1131.1155.2219.1225.1249.9280.4

233.8231.7237.9245.8246.2248.6

254.2254.9252.9261.4269.6262.3

259.4273.7279.6283.1284.5279.5

279.1283.4283.7282.3284.6292.4

s

Inter-me-diatemate-rials,SUD-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 5202.4

183.8184.9186.1187.3188.0188.8

190.1191.4192.8193.2193.6194.2

195.3196.7198.7200.7201.6202.2

203.8204.9206.0206.2206.0206.5

* Includes, 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.1 Excludes intermediate materials for food manufacturing and manufactured animal feeds.Source: Department of Labor, Bureau of Labor Statistics.

322


TABLE B-57.—Wholesale price indexes for selected groupings, seasonally adjusted\ 1974-77

[1967=100, seasonally adjusted]

Year andmonth

1974: JanFebMarAprM a y . —June


1975: JanFebMarAprMay_. . .June

JulyAugS e p t . . . .OctNovDec

1976: JanFebMar

May"-"--"June

Ju ly . . . .A u g . - - -SeptOctNovDec

1977: JanFebMar

May"---1June

JulyAugSept.—OctNovDec

Farm products andprocessed foods

and feeds

Total

77.279.876.870.968.361.5

70.982.277.785.790.686.4

83.178.875.680.382.481.6

85.788.0

188.8191.4188.3186.1

184.4181.6181.2185.4186.3187.0

185.8180.5181.1180.1180.1184.0

184.5188.2192.2197.8198.2191.0

186.4183.1182.3184.7188.9189.7

Farmprod-ucts

02.304.197.087.481.067.6

79.188.080.689.291.183.9

79.373.471.279.185.3

184.6

191.292.4

195.0199. 2195.4194.2

193.3189.8187.3195.0194.3195.3

194.2187.7189.2188.2187.1191.9

194.0198.3203.5210.4205.5191.4

187.6179.9179.6184.0189.5189.0

Proc-essedfoodsand

feeds

61.264.464.060.460.257.6

65.878.675.883.590.287.9

85.5182.3178.4181.1180.5179.7

182.3185.3184.9186.4183.8180.9

178.7176.5177.2179.5181.1181.6

180.5175.9176.0174.9175.6178.8

178.5181.9185.3190.1193.4190.1

185.0184.2183.1184.5187.7189.3

Finished goods

Consumer finished goods

Total

39.342.343.445.046.5

145.9

149.5152.0153.3155.9158.9158.6

159.3158.7158.3160.3161.9163.3

164.6165.3166.7168.0168.0168.2

168.2167.0166.7168.8169.3169.5

169.2168.5169.3169.6169.9171.9

173.0174.6176.0178.4180.3180.0

179.7179.5180.1181.0181.6182.7

Foods

61.264.963.664.063.858.5

63.967.568.471.578.075.8

175.6174.0171.9176.4179.6182.2

184.2184.0185.9186.9185.6184.9

182.7179.4178.1184.3185.5183.7

181.0177.1177.1176.4175.7180.7

180.6184.2186.2190.8194.6192.3

190.9189.2188.6189.2190.0192.8

Excluding foods

Total

25.928.330.933.536.038.5

40.842.744.346.647.248.1

49.549.750.250.751.1

151.8

152.8154.1155.1156.5157.6158.1

159.3159.2159.3159.4159.5160.7

161.5162.5163.7164.6165.5165.8

167.5168.1169.3170.5171.3172.0

172.4172.9174.1175.1175.6176.0

Non-dur-able

goods

30.634.037.841.244.247.4

50.052.454.055.756.757.2

58.858.859.1

159.7160.4161.3

162.5164.3165.8167.2168.3169.2

170.7170.1170.2170.3170.3171.8

173.1174.2175.6176.7178.0178.4

180.5181.0182.7183.8184.8185.7

186.0185.9187.8188.4189.1189.5

Dur-able

goods

18.919.720.721.923.825.3

27.128.229.632.633.334.6

35.2135.9136.6137.0137.1137.6

137.8138.5139.1140.4141.1141.4

142.1142.7142.8143.0143.3143.9

144.2144.9145.7146.5146.8146.9

148.1148.9149.4150.6151.1151.7

152.1153.5153.6155.3155.5155.9

roducerinishedgoods

127.9129.2130.9132.5136.1138.9

141.8145.4148.3151.4153.7155.0

157.0158.3159.8160.8161.4161.9

162.9163.2164.4165.9166.9167.7

169.0169.8170.7171.5171.8172.5

173.1173.6174.5176.3177.0178.4

179.0180.1180.8181.8182.8183.5

184.4185.2186.1188.9190.2191.2

Manufac-tured goods

Total

38.541.043.746.349.351.5

155.8161.0161.9165.0166.5167.2

168.2168.3168.3169.2169.7170.1

170.7171.6172.3174.2174.6174.9

175.4176.1176.7177.8178.1179.1

179.3179.1180.2181.0182.1183.4

184.2186.0187.7189.7190.6190.6

190.3190.3191.1192.5193.9194.7

Dur-able

33.935.337.941.045.248.0

51.254.356.658.459.960.9

62.3163.5163.9164.4164.6164.6

164.7165.2166.2167.9169.1170.1

171.0172.0172.7173.2173.5174.5

175.3176.2177.8179.3180.4181.7

182.5183.5184.7185.4185.8186.3

187.9189.1190.9192.4193.6194.8

rudemate-ials1

90.301.511.121.714.115.8

28.0229.3230.2230.4230.3224.3

222.0220.1217.9220.0223.7224.7

222.3225.3231.7229.7228.3234.4

237.0231.1237.6242.9244.1246.8

252.7254.4253.1262.4271.6265.9

262.6273.0279.3280.1282.3277.8

277.7283.0283.9283.2286.8296.0

niter-mediate

mate-rials,

upplies,and .

compo-nents 2

138.6141.2145.9150.5155.3159.0

163.7168.6170.1172.2173.7174.4

176.1176.6176.8177.1177.0177.1

177.3178.3179.1181.6182.7183.9

184.9185.8186.6187.2187.4188.2

189.1190.3192.0193.3194.3195.5

196.4197.6199.3200.5200.9201.5

202.7203.7205.2206.3206.7207.8

i Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and leaf tobacco.1 Excludes intermediate materials for food manufacturing and manufactured animal feeds.


323


TABLE B-58.—Percent changes in wholesale price indexes, major groups, 1948-77

IPercent change!

Year or month

19481949

19501951195219531954

195519561957 . .19581959

19601961196219631964

196519661967 . . .19681969

19701971. - . .19721973 . .1974

197519761977

1976: JanFebMar

fc:June

JulyAu*Sept___.OcttNovDec

1977: JanFebMarApr . . . . .M a y . . . .June

J u l y . . . .A u g . . .

SfcrN o v . . . .D e c . . .

Farm productsand processed

foods and feeds

Dec.to

Dec.»

- 6 . 8- 8 . 9

17.03.5

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

- 6 . 46.04.2

- 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

3.0

Yearto

year

7.6- 1 1 . 7

4.813.8

- 3 . 9- 6 . 5

- 4 . 7

3*. 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- . 63.1

Industrialcommodities

Dec.to

Dec.i

5 0- 5 . 0

14.0.4

- 1 . 41.4

4.34.21.1.9

1.2

- . 6- . 1- . 2

!6

1.42.21 92.73.9

3.63.43.4

10 725.6

6 06.46.7

Yearto

year

8.6- 2 . 1

3.610.4

- 2 . 3.8

2.24.52.8.3

1.8

0- . 50

- . 1.5

1.32.21.52.53.4

3.83 73.36 8

22.2

11 56.47.0

Totalfinished goods

Dec.to

Dec.i

3.0- 4 . 6

10.42.9

- 2 . 2

- . 1

1.24.23.2

- . 4

1.8- . 5

.1- . 2

.5

3.32.21.63.14.8

2.23.23.8

11.818.3

6.63.36.6

Yearto

year

8 0- 2 . 9

1 89.5

- . 6- 1 . 0

.2

.22.83.62.3

- . 2

.80.3

- . 3.4

1.73.21.22.93.6

3.53.13.19 1

15.3

10 84.26.0

Consumer finished goods

Foods

Dec.to

Dec.i

- 2 . 4- 7 . 4

13.35.3

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

- 2 . 93.65.3.4

- 3 . 7

5.2- 1 . 8

- 1 . 3.4

9.11.4

—.44.88.2

- 2 . 55.98.0

22.513.0

5.5- 2 . 5

6.6

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- . 44.9

All except food

Dec.to

Dec.i

4.C- 4 . 5

8 2.9

- 1 . 11.6

1.72.51.7

.4- . 3- . 1

.1

.1

.91.72.12.02.9

3.92.02.07.4

20.5

6.74.96.1

Yearto

year

6.3- 2 . 1

1.67.2

- 1 . 3.9

2.42.5.1

1.3

.4- . 1

0- . 1

.71.61.92.12.4

3.03.22.14.5

16.9

10.55.76.4

Producerfinished goods

Dec.to

Dec.i

10 4- . 6

10 33 4.8

2 31.1

5.68.34.31 31.0

.1

'3

19

1.53.93.13.04.6

4.92.42.05 3

22.6

8 26.47.2

Yearto

year

9 05.0

2 49 71.71 71.2

3.07.46.22 61.9

2.14

.21.0

1.22.53 33.53.3

4.84.12.53 3

14.2

15 26.66.5

Change from preceding month

Unad-justed

- 0 . 8—1.5- 1 . 0

2.1.6

1 4

.4- 3 . 4

.7- 1 . 9

- . 73.1

.51.91.32.6

.5- 2 . 7

- 1 . 5- 2 . 7

~'.21.41.4

Sea-sonally

ad-justed

- 0 . 9- 1 . 5

- . 22.3

4

- . 6- 2 . 9

.3- . 602.2

. 32.02.12.9

-3*. 6

- 2 . 4- 2 . 1- . 4

1.32.3

Unad-justed

0.7.4.5.6.2.6

.7

.6

.5

.8

.4

.2

.5

.8

.9

.8

'.3

.6

.6

.5

.7

.1

Sea-sonally

ad-justed

0.7.2.4.4.2.6

.6

.6

'.9.6.3

.5

.7

.7

.6

.4

.3

.5

.5

.8

.6

.4

.5

Unad-justed

0.2- . 4

~ ! 6.2.3

.4- . 3

.4

.9

.11.0

.69

.5

.7

.8

.1

.40.3

1.2

'.5

Sea-sonally

ad-justed

0.2- . 401.1.22

- . 1- . 2

.5

.5

.31.0

.6

.8

1.1.9

0

0.1

'.8.4.7

Unad-justed

- 1 . 0- 1 . 9- . 91.9.7

- . 6

.1- 2 . 4

.2- . 6- . 62.8

.31.9.9

1.02.0

- . 8

.7- 1 . 2- . 2

.1

L3

Sea-sonally

ad-justed

- 1 . 2- 1 . 8- . 73.5.7

- 1 . 0

- 1 . 5- 2 . 2

0

l !8

- . 12.01.12.52.0

- 1 . 2

- . 9- . 3

.3

.41.5

Unad-justed

0.5.2

- . 10

.8

.6

.6

.41.0

\l

.8

.5

.5

'A.5

.2

.3

.51.0

'.2

Sea-sonally

ad-justed

0.8- . 1

! l.1.8

.5

.6

.7

.5

.5

.2

1.0.4.7

!5.4

.2

.3

.7

.6

.3

.2

Unad-justed

0.9.3.4.4.1.4

.3

.3

l'.8.2.6

.5

]3.5.4.4

.4

.5

.52.3.5.4

Sea-sonally

ad-justed

0.8.5.5.5.2.4

.3

.3

r.o.4.8.3.6.4.6.6.4

.5

.4

.51.5

.5

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


324


MONEY STOCK, CREDIT, AND FINANCET A B L E B-59.— Money stock measures, 1947-77

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

Year andmonth

1947: Dec1948: Dec1949: Dec . , .

1950: Dec1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec. . . .1959: Dec

1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec

1970: Dec1971: Dec1972: Dec1973: Dec1974: Dec1975: Dec1976: Dec1977: D e e p . . .


JulyAugSeptOct . .NovDec


JulyAugSeptOctNovDec p

Overall measures

Mi(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

219.6233.8255.3270.5283.1294.8312.4335.4

295.3296.8298.1301 8303.5303.2

305.0306.5306.9310.4310.4312.4

313.8314.0315.4320.5320.7321.9

326.8328.4330.4333.7333.3335.4

M2(Mi plus

timedepositsat com-mercialbanks

ther thanarge CDs)

210.9

217.1228.6242.9258.9277.1301.3318.1349.9382.9392.3

423.5471.7525.3571.4612.4664.3740.3806.5

670.3678.2682.6690 6695.7698.2

705.2710.4716.3725 9732.3740.3

746.3750.7756.1764.6767.6772.8

783.5787.7792.9799.6802.7806.5

M3(M 2 plusdepositsat non-

bankthrift

institu-tions)

303.8

319.3342.1369.2400.3434.4471.7495.4543.9589.6607.3

656.2742.8844.5919.6981.5

1, 092.61, 237.11, 373.9

1,103.61,117.11,126. 51,139.71,149.71,156. 5

1,168. 81,180.81,193.91,210.71,223.41, 237.1

1, 248.91,258.21, 268.11, 281. 21, 289.01, 299. 5

1,316.91, 329. 51, 343.11, 357.11, 365. 61, 373.9

Components and related items

Cur-ency 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

49.152.656.961.567.873.780.588.4

74.375.075.776 677.377.5

78.178.679.279.880.280.5

81.181.882.283.183.684.0

85.185.586.487.187.888.4

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

170.5181.3198.4209.0215.3221.0231.9247.0

221.1221.8222.4225 2226.2225.6

226.9227.9227.7230.6230.2231.9

232.7232.1233.2237.4237.1238.0

241.7242.9244.0246.6245.5247.0

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

229.2271.1313.5363.9418.3451.7491.1545.8

453.3456.7457.8460.0460.7465.3

469.0468.9472.5477.8484.2491.1

495.6500.0502.8505.7509.2514.8

519.5522.5525.8532.25<0.3545.8

LargeCDs *

2.85.79.6

12.816.415.520.623.510.9

25.333.343.563.089.082.163.374.7

78.475.473.471 268.670.2

68.965.063.162.362.263.3

63.163.362.261.662.363.9

62.863.263.266.470.974.7

Other

67.4

72.979.992.0

102.3113.4130.0142.4162.6180.8183.5

204.0. 237.8270.0300.9329.3369.6427.9471.1

374.9381.3384.4388.9392.1395.1

400.1403.9409.4415.5422.0427.9

432.5436.7440.6444.1446.9450.9

456.7459.3462.6465.9469.4471.1

Depositsat non-bankthrift

institu-tions 5

92.9

102 3113.4126.4141.4157.3170.4177.3194.0206.7214.9

232.7271.1319.3348.1369.1428.3496.8567.4

433.4438.9443.9449.1454.0458.2

463.6470.5477.6484.8491.0496.8

502.6507.5512.1516.6521.4526.7

533.5541.7550.2557.5563.0567.4

U.S.Govern-

mentdemanddeposits(unad-justed) 6

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

7.36.97.46.34.94.14.75.5

3.84.53.93.9

3.53.75.04.04.24.7

4.24.44.55.63.85.2

3.93.75.44.13.85.4

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 personal loans (about $1.1 billion).4 Negotiable time certificates of deposit (CDs) issued in denominations of $100,000 or more by large weekly reporting

commercial banks.4Average 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.


325


TABLE B-60.—Commercial bank loans and investments, 1930-77[Billions of dollars]

End of yearor month 1

1930:June1933: June1939194019411942194319441945194619471948

19481949 .1950195119521953195419551956195719581959 s

1960196119621963196419651966196719681969 6197019711972197319741975.19761977 P

1977:JanFeb . .MarApr. . .MayJune ._

July*.- .Aug »Sept*Oct*NOVPDec*

Total loansand invest-

ments *

48.930.440.743.950.767.485.1

105.5124.0114.0116.3114.2

Loans

Total»

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 2

Seasonally adjusted

113.0118.7124.7130.2139.1143.1153.1157.6161.6166 4181.2188.7197.4212.8231.2250.2272.3300.1

4 316.1352.0390 2401.7435.5485.7558.0633.4690.4721.1784.4865.4787.3797.9805.1815.7823.9830.5

837.0845.6848.4857.9866.1865.4

41.542.051.156.562.866.269.180.688.191 595.6

110.5116.7123.6137.3153 7172.9198.2

4 213 9231.3258 2279.4292.0

e 320.9378.9449.0500.2496.9538.9612.9541.4546.6552.9560.7566.1572.4

579.0587.0592.2602.5611.2612.9

39.442.143.947.652.158.469.578.686.295.9

105.7110.0116.1130.2156.4183.3176.0179.5

8 202.2180.4182.2184.4186.7188.2190.2

192.4194.6195.1199.3201.6

6 202.2

62.366.461.160.462.262.267.660.357.256 965.157.759.965.364.761.560.757.153.559.460 751.257.860.662.654.550.479.497.393.597.0

101.7103.8103.2105.1105.2

103.6103.1100.197.895.093.5

9.210.312.413.414.214.716.416.816.317.920.520.520.823.929.235.038.744.8

4 48.761.371.371.185.7

«104.2116.5129.9139.8144.8148.2159.0148.9149.6148.4151.8152.7152.9

154.4155.5156.1157.6159.9159.0

283.3294.7

• 323.7381.5453.3

7 505.0501.3542.7617.5545.4550.5556.9564.7570.1576.4

583.1591.1596.2606.6615.6617.5

> Data are for last Wednesday of month or year (except June 30 and December 31 call dates).1 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 (then about $1.1 billion) are excluded from

loans at all commercial banks, and certain certificates of CCC and Export-Import Bank (then about $1 billion) are includedin other securities rather than in loans.

* Beginning June 1969, data include all bank-premises subsidiaries and other significant majority-owned domesticsubsidiaries; earlier data include commercial banks only.

6 Beginning June 1971, Farmers Home Administration insured notes (then about $0.7 billion) are classified as othersecurities rather than as loans.

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

» Loan ^classifications reduced these loans by $0.3 billion in December 1977.Note.—Data may not be strictly comparable because of bank mergers, liquidations, loan ^classifications, etc.


326


TABLE B-61.—Liquid asset holdings, private domestic nonfinancial investors, 1952-77

[Month by average outstandings; billions of dollars, seasonally adjusted]

Yearand

month

1952: Dec1953: Dec1954: Dec

1955: Dec1956: Dec1957: Dec „__1958: Dec1959: Dec . . .

1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec


1970: Dec1971: Dec1972: Dec1973: Dec .1974: Dec

1975: Dec .1976: Dec1977: Deep

1976: JanFebMarAprMayJune .

JulyAugSeptOctNovDec _


JulyAugSeptOctNov. _ . .Dec*

Totalliquidassets

269.1284.5295.2

314 7325.3337.9354.2373.2

386.6410.4441.8479.1515.2

559.2586.9638.0696.4722.4

769.5851.8967.4

1, 079 21,166.9

1 290 41, 423 71,599.6

1, 300 41,311.71, 320.11,333 11, 343.71, 354.1

1 367 51 376 71, 386 91 402 81, 413.01, 423. 7

1, 438. 51 453 61, 464. 31, 478 61, 486.81, 499.6

1,519.41, 534.11, 549. 71, 570.21, 585.11,599.6

Currency and deposits

Total

200 9211.0223.9

235 4246 2257 2277.4290.7

305.7326.2352.2382.2414.6

451.1474.3521.0565.3582.8

632.4718.9817.0887 5945.2

1 054 41,194. 21, 330.8

1 065.91, 079. 51, 088.41 101 41,111.71,118.0

1 130 21 142 91,155 11 171 01,182. 21,194.2

1, 207. 61 216 71, 226. 01 239 41, 246. 31, 256.0

1,273.41,284.71, 299.01, 313. 51,321.41, 330.8

Cur-rency i

27 327.727.4

27 828 228 328.628.9

29.029.630.632.534.3

36.338.340.443.446.1

49.152 656.961 567.8

73 780 588.4

74 375.075.776 677.377.5

78 178 679 279 880.280.5

81.181 882.283 183.684.0

85.185.586.487.187.888.4

De-mand

de-posits i

91 692 896.2

98 599 597 9

102.2104.2

104.6106.3106.5109.7114.3

119.3121.7130.3140.9145.0

151.8161 6176.4183 3187.2

191 7198 8214.7

192 2193.0192.9195 2196.5195.5

196 7198 0197.4199 8198.3198.8

200.9200 1200.9205 5204.5205.0

208.72C8.6209.9213.3212.4214.7

Time deposits

Com-mer-cial

banksi

39 I41 945.1

46 949 054 661.864.7

69.977.088.898.6

108.8

125.1136.9156.2174.3176.8

198.9233 6264.5294 5321.2

360 6418 1460.3

366 1372.6375.9380 6383.9386.8

391 8395 9401 0406 5412.7418.1

423.0427 2430.8434 2436.8440.4

446.1448.9452.5455.7458.5460.3

Non-bankthrift .

institu-tions 2

42 848 655.2

62 369 576 484.892.9

102.3113.4126.4141.4157.3

170.4177.3194.0206.7214.9

232.7271 1319.3348 1369.1

428 3496 8567.4

433 4438.9443.9449 1454.0458.2

463 6470 5477.6484 8491.0496.8

502.6507 5512.1516 6521.4526.7

533.5541.7550.2557.5562.7567.4

U.S. Treasurysecurities

Sav-ings

bonds3

49 249 349.9

50 250 148'347.846.1

45.746.546.948.149.0

49.650.251.251.851.7

52.054 357.660 463.3

67 271 976.6

67 668.068.368.769.069.4

69 870 470.771.171.571.9

72.372 673.073 473.874.2

74.775.175.475.876.276.6

Short-term

market-ablesecu-rities *

18 423.120.1

27 727 430 627.635.5

32.432.033.435.033.0

35.837.834.840.953.2

41.931 334.443 347.5

66 566 176.4

67 267.268.068.569.170.1

70.969 968.768.968.566.1

66.970 370.370.069.268.4

69.871.872.574.475.876.4

Nego-tiablecertifi-catesof de-posit5

2.75.39.0

11.6

15.114.418.721.78.3

21.827.736.353 870.4

59 444.255.0

56.253.752.250.749.050.6

49.746.144.644.043.444.2

43.644.243.342.542.844.3

43.443.843.546.851.355.0

Otherprivatemoneymarketinstru-ments fl

0.71.11.2

1 41 61.81.4.9

2.83.14.04.86.9

7.510.312.416.626.4

21.419.622.234 340.5

43 047.460.9

43.543.443.243.844.946.1

46.947.447.847.847.547.4

48.149.751.753.354.756.6

58.158.759.359.960.460.9

1 Money stock components (see Table B-59) after deducting foreign holdings and holdings by domestic financial institu-tions. The three columns add to M2 held by domestic nonfinancial sectors.

2 As published in money stock statistics.3 Series E and H savings bonds, other savings bonds, and savings notes held by individuals.• Short-term marketable U.S. Treasury securities excluding official, foreign, and financial institution holdings.5 Certificates over $100,000 at weekly reporting banks, except foreign holdings.e Commercial paper, bankers' acceptances, Federal funds, security repurchase agreements, and money market mutual

fund shares held outside banks and other financial institutions.


327


TABLE B-62.—Total funds raised in credit markets by nonfinancial sectors, 1969-77


Item

Total funds raised

U.S. Government

Treasury issues..Agency issues and mortgages

Foreign

Corporate equities.

Debt instruments

Private domestic nonfinancial sectors..

Corporate equities.Debt instruments..

Debt capital instrumentsState and local government obli-

gationsCorporate bondsMortgages.

HomeMulti-family residentialCommercialFarm

Other debt instruments

Consumer 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:

Private domestic nonfinancial sectors

Deposits

Demand deposits and currency..Time and savings accounts

At commercial banksAt savings institutions

Credit market instruments, net

U.S. Government securitiesPrivate credit market instru-

mentsCorporate equitiesLess security debt

Other sources:

Foreign fundsAt banksDirect

Change in U.S. Government cashbalance

U.S. Government loansPrivate insurance and pension re-

servesOther


1969 1970 1971 1972 1973 1974 1975 1976

93.7

-3 .7

-1 .3-2 .4

3.7

.5

93.6

3.490.2

52.5

9.912.030.618.14.95.71.8

37.8

10.415.71.89.9

93.6

10.734.448.63.07.3

38.2

93.7

48.1

5.1

7.3- 2 . 2-10.6

8.4

42.9

17.7

27.3-3 .7-1 .6

10.89.61.1

.53.1

19.711.6

100.6

11.9

12.9-1 .0

2.7

.12.7

86.0

. 5.780.3

60.2

11.219.829.214.46.97.1

20.1

5.96.82.64.8

86.0

11.324.949.82.36.8

40.7

100.6

63.4

64.2

8.955.338.716.6

-7.3

7.2-1 .6

3.0-8 .111.1

2.82.8

21.96.7

153.5

24.9

26.0-1 .1

5.2

.05.2

123.5

11.4112.0

86.8

17.418.850.528.69.79.82.4

25.3

13.18.1

- . 44.4

123.5

17.745.260.64.5

11.644.5

153.5

85.9

92.8

13.779.139.539.6

-6 .9

-10.7

11.0-5 .1

2.1

23.3-3.927.2

3.22.8

24.414.0

177.8

15.1

14.3.8

4.0

- . 44.4

158.7

10.9147.8

102.3

14.712.275.442.612.716.53.6

45.5

18.918.9

.8

158.7

14.566.677.65.8

14.157.7

177.8

119.6

105.2

21.483.838.345.4

14.4

3.9

19.4-4 .5

4.3

16.15.3

10.8

- . 31.8

26.114.3

202.0

8.3

7.9

6.2

- . 26.4

187.5

7.9179.7

105.0

14.79.2

81.246.410.418.95.5

74.6

22.039.82.5

10.3

187.5

13.279.195.29.7

12.872.7

202.0

133.3

90.4

14.376.147.728.5

42.9

19.5

26.0-6 .9- 4 . 2

10.46.93.5

-1 .72.8

30.626.6

189.6

11.8

12.0

15.4

- . 215.7

162.4

4.1158.3

98.7

17.119.761.934.86.9

15.15.0

59.6

10.229.16.6

13.7

162.4

16.249.297.07.97.4

81.8

189.6

120.2

75.7

8.966.745.021.8

44.5

18.2

27.7-2.2

26.314.511.7

-4.69.8

33.24.7

205.6

85.4

85.8- . 4

13.2

n'.o107.0

9.997.1

95.8

13.627.255.039.5

.011.04.6

1.3

9.4-14.5-2 .6

9.0

107.0

11.248.647.38.72.0

36.6

205.6

138.1

97.1

12.384.825.359.4

41.0

22.2

23.1-4 .1

10.4- . 410.7

2.915.1

39.1.1

268.3

69.0

69.1- . 1

20.3

.020.3

179.0

10.5168.4

122.7

15.122.884.863.6

1.613.46.1

45.7

23.63.74.0

14.4

179.0

14.689.874.611.05.2

58.3

268.3

166.9

130.1

17.2113.043.969.1

36.8

19.4

24.5-3.8

3.3

21.03.1

18.0

3.28.9

48.819.5

328


TABLE B-62.—Total funds raised in credit markets by nonfinancial sectors, 1969-77—Continued[Billions of dollars]

Item

1977 unadjustedquarterly flows

III

1977 seasonallyadjusted annual rates

III

Total funds raised

U.S. Government

Treasury securit ies..

Agency issues and mortgages

Foreign

Corporate equities

Debt instruments


Corporate equities

Debt instruments

Debt capital instruments

State and local government obligations.Corporate bondsMortgages

HomeMulti-familyCommercialFarm

Other debt instrumentsConsumer creditBank loans n.e.c.Open-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 an d 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 balance.. .U.S. Government loansPrivate insurance and pension reservesOther

65.0

17.6

17.8

.4

.2

.2

46.9

1.545.4

30.2

2.45.4

22.416.4

3".O2.2

15.2

2.65.6.8

6.1

46.9

2.221.623.13.91.4

17.8

65.0

40.4

22.7

-15.838.517.521.1

17.7

7.99.51.31.0

3.8- 4 . 4

8.2

-2 .81.2

12.79.7

81.3

-1 .1

-1 .0

2.9

.12.8

79.6

2.677.0

51.5

11.15.8

34.625.31.65.02.7

25.5

10.810.91.32.5

79.6

8.036.834.85.72.8

26.2

81.3

42.2

36.4

13.323.15.8

17.3

5.8

-6 .512.2

.1- . 1

8.51.96.7

7.41.1

16.15.9

90.0

19.6

20.1- . 5

4.3

.43.9

66.1

1.564.6

47.7

8.63.8

35.326.32.05.02.0

16.9

10.63.1

- . 03.2

66.1

9.736.619.73.81.6

14.3

90.0

47.4

21.4

-5.727.19.6

17.5

25.9

16.810.0- . 5

.4

10.81.29.6

1.14.7

14.411.6

300.4

41.4

42.1- . 7

2.2

.81.4

256.8

6.2250.7

135.8

13.118.1

104.676.53.6

15.49.1

114.9

35.553.03.4

23.1

256.8

12.1128.9115.816.712.486.6

300.4

200.5

142.7

18.2124.655.768.9

57.7

25.137.2- . 44.2

17.7-15.7

33.4

-4 .38.5

50.427.7

318.9

39.2

39.6- . 4

6.7

.46.3

273.0

10.3262.6

191.2

41.321.1

128.894.85.5

19.19.3

71.4

34.821.46.68.6

273.0

29.1130.4113.517.18.8

87.7

318.9

163.3

111.4

22.888.622.865.8

51.9

-3 .152.82.0

- . 2

37.17.5

29.5

17.53.3

64.533.1

369.9

83.8

85.8-2 .1

21.6

1.620.1

264.5

6.1258.4

186.2

32.520.5

133.297.77.8

19.38.3

72.1

32.124.3- . 516.2

264.5

37.0140.587.015.26.2

65.5

369.9

234.2

146.6

6.7139.956.883.0

87.6

57.137.7

- 5 . 61.6

38.65.4

33.2

- . 315.956.425.1


329


TABLE B-63.—Federal Reserve Bank credit and member bank reserves. 1929-77[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: Dec . .1951: Dec1952: Dec1953: Dec . . .1954* Dec1955- Dec1956: Dec1957: Dec1958: Dec . . .1959- Dec

I960- Dec1961: Dec1962: Dec1963' Dec1964: Dec1965: Dec1966: Dec1967- Dec1968- Dec1969: Dec

1970: Dec . . .1971- Dec1972- Dec1973: Dec1974: Dec1975: Dec1976: Dec1977: Dec

1977: JanFebMarAprMayJune _

JulyAugSeptOctNovDec?

Reserve Bank credit outstanding

Total

1,6432,6692,612

2,3052,4046,035

11,91419,61224,74424, 74622,85823, 97819,012

21,60625,44627,29927,10726,31726, 85327,15626,18628,41229, 435

29, 06031,21733,21836,61039,87343, 85346, 86451,26856,61064,100

66,70874,25576,85185,64293, 96799, 651

107, 632116,382

108, 700109,021108, 085108, 558112,694109, 453

113,886110,886112,171113, 279110,650116,382

U.S.Govern-ment se-curities

4462,4322,510

2,1882,2195,549

11,16618,69323, 70823, 76721,90523, 00218, 287

20,34523,40924, 40025, 63924,91724, 60224, 76523,98226,31227,036

27, 24829, 09830, 54633, 72937,12640,88543, 76048,89152, 52957, 500

61,68869,15871,09479,70186, 67992,108

100, 328107,948

101, 397102,689102, 092102,129106, 282102, 649

105,970103, 389105, 037105, 426102, 776107,948

Member bankborrowings

Total

80195

3

354

90265334157224134118

142657

1,593441246839688710557906

87149304327243454557238765

1,086321107

1,0491,298

70312762

558

6179

11073

200262

3361,071

6341,319

840558

Seasonal

4132131254

81213143155

601011121148354

Other

39614299

114180482658654702822729842607

,1191,380,306

1,0271,1541,412,703,494,543,493

,7251.9702,3682,5542,5042,5142,5472,1393,3165,514

4,6994,9904,7084,6436,5857,4167,2427,876

7,2426,2535,8836,3566,2126,542

7,5806,4266,5006,5347.0347,876

Member bank reserves

Total

2,3952,588

11,473

14,04912,81213,15212,74914,16816,02716,51717,26119,99016,291

17,39120,31021,18019, 92019,27919, 24019, 53519,42018,899

2 18,932

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

29, 26531,329

831,3533 35,0683 36,9414 34,98935,13636, 471

36, 29034,19934,13534, 61334, 73234, 406

35, 39135,18635,15635, 86035, 78236, 471

Re-quired

2,347U,822

6,462

7,4039,422

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

16, 36419,48420, 45719, 22718, 57618,64618,88318, 84318,38318,450

18,51419, 55019,46820,21021,19822, 26723,43824,91526,76627, 774

28,99331,16431,13434,80636, 60234,72734, 96436, 296

35, 79634, 23433, 87034, 60234, 46034, 293

35, 04334, 98734, 96535,52135,64736, 296

Excess

481766

5,011

6 6463,3902,3761 0481)2841,491

900986797803

1,027826723693703594652577516482

769568572536411452392345455257

272165

3 2193 2623 3394 262

172175

494-35265

11272113

348199191339135175

1 Data are for licensed banks only.2 Beginning December 1959, total reserves held include vault cash allowed.s Beginning November 1972, includes $450 million of reserve deficiencies on which Federal Reserve Banks were allowed

t o waive penalties for a transition period in connection with bank adaptation to Regulation J as amended effective Novem-ber 9,1972. Beginning 1973, allowable deficiencies included are (beginning with first statement week of quarter): firstquarter, $279 million; second quarter, $173 million; third quarter, $112 million; fourth quarter, $84 million. Beginning1974 allowable deficiencies included are: first quarter, $67 million and second quarter, $58 million. Transition periode nded 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.


330


TABLE B-64.—Aggregate reserves and deposits, member banks, 1959-77

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

Year and month

1959: Dec

1960: Dec1961: Dec1962: Dec1963: Dec1964: Dec. _


1970: Dec1971* Dec1972: Dec1973: Dec1974: Dec

1975: Dec1976- Dec1977- Dec v


JulyAug . . . .Sept .OctNov .Dec


JulyAugSeptOctNov . .Dec v

Member bank reservesi

Total

18.63

18.9219.7519.6620.3121.19

22.1823.2824.7627.0527.94

29.1231.2231.4134.9436.60

34.7334.9536.21

34.3134.0734.0234 0534.1734.29

34.3434.5134.3434.5134.8534.95

34.7834.4034.3134.6834.7234.86

35.3535.6435.6335.9036.0136.21

Non-borrowed

17.68

18.8419.6119.4019.9820.92

21.7422.7524.5426.3126.82

28.7931.1030.3633.6435.87

34.6034.9035.64

34.2333.9933.9734.0034.0534.16

34.2134.4134.2734.4134.7834.90

34.7134.3334.2034.6134.5234.60

35.0334.5835.0034.5935.1535.64

Required

18.12

18.1719.1619.0819.8220.78

21.7622.9424.3926.6327.66

28.8731.0431.1234.6436.34

34.4634.6836.02

34.0733.8533.8033.8933.9634.07

34.1134.3134.1434.2934.5934.68

34.5134.2034.0934.4934.5134.71

35.0835.4435.4235.6935.7636.02

Member bank deposits subject to reserverequirements2

Total

158.2

162.5175.5189.0203.2218.7

238.3246.3275.7299.8287.8

321.1360.2402.1442.3486.2

505.4529.6569.8

506.0507.9508.0509.7508.1513.0

514.1514.2515.6520.0524.9529.6

532.5532.0535.2538.4537.6544.5

547.7551.4552.9559.4564.6569.8

Timeand

savings

54.3

58.867.779 992.1

103.7

120.7128.7148.9164.5150.5

178.8210.5241.6279.2322.1

337.9355.0387.7

338.1339.5339.7339.9338.7341.9

343.5341.7343.3346.2350.2355.0

357.3360.1361.3361.4363.1367.0

369.2370.8372.4377.1383.5387.7

Demand

Private

99.0

99 1102.9103 3105 9109.1

112 8113.9121 3130 5132.1

136.1144.0154 4158.1160.6

164.5171.4178.4

165.2165.6165.8167 2167.1167.5

167.9168.6168.7170.4170.7171.4

172.5169.5171.1173.4172.3173.8

175.8177.0176.9179.0177.6178.4

U.S. Gov-ernment

4.8

4 64.95 75 25.9

4 93.75 54 95.2

6 25.86 25 03.5

3.03 23.7

2.72 72.52 62 33.6

2.73.93.63.44.03.2

2.72.52.83.62.13.7

2.83.63.73.33.53.7

1 Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate theeffect of changes in Regulations D and M.

2 Deposits subject to reserve requirements include total time and savings deposits and net demand deposits as definedby 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.


331


TABLE B-65.—Bond yields and interest rates, 1929-77

[Percent per annum]

Year or month

1929

1933

1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959 . .

19601961196219631964

19651966.._19671968 . . . . .1969

1970 . . .1971197219731974

19751976. .1977

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

5.8384.9895.265

3-5year

issues 2

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

7.556.946.85

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

6.986.787.06

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

8.838.438.02

Baa

5.90

7.76

4.96

4.754.334.283.913.61

3.293.053.243.473.42

3.243.413.523.743.51

3.533.884.714.735.05

5.195.085.024.864.83

4.875.676.236.947.81

9.118.568.168.249.50

10.619.758.97

High-grademunic-

ipalbonds

(Stand-ard &Poor's)

4.27

4.71

2.76

2.502.102.362.061.86

1.671.642.012.402.21

1 982.002.192.722.37

2.532.933.603.563.95

3.733.463.183.233.22

3.273.823.984.515.81

6.515.705.275.186.09

6.896.495.56

Averagerate onshort-termbankloans

to busi-ness

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

8 5.00

5.164.975.005.014.99

5.066.00

8 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

6.335.355.60

Dis-countrate,

FederalReserve

Bankof NewYork *

5 16

2.56

1.00

1 001.001 00i on1.00

1 001.001.001.341 50

1 591 751.751.991 60

1.892.773.122.153.36

3.533.003.003.233.55

4.044.504.195.175.87

5.954.884.506.457.83

6.255.505.46

Federalfundsrates

1.782.733.111.573.30

3.221.962.683.183.50

4.075.114.225.668.22

7.174.674.448.74

10.51

5.825.055.54

New-homemort-gageyields

(FHLBB)(6)

5.935.86

5.816.256.466.977.81

8.457.747.607.958.92

9.018.999.01


332


TABLE B-65.—Bond yields and interest rates, 1929-77— Continued

[Percent per annum]

Year or month

1975: JanFebMarAprMay....June

July .AugSeptOctNov . .Dec

1976:Jan .FebMarAprMayJune

JulyAugSeptOct .NovDec

1977-JanFebMar..Apr . . .MayJune

JulyAugSeptOct . . . .NovDec

U.S. Government securities

3-monthTreas-

urybills i

6.4935.5835.5445.6945.3155.193

6.1646.4636.3836.0815.4685.504

4.9614.8525.0474.8785.1855.443

5.2785.1535.0754.9304.8104.355

4.5974.6624.6134.5404.9425.004

5.1465.5005.7706.1886.1606.063

3-5year

issues2

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. £6

6.496.696.736.586 766.58

6 676.906.927.237.287.40

Taxablebonds 3

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

6.687.157.207.147.176.99

6.977.006.947.087.147.23

Corporatebonds

(Moody's)

Aaa

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

7.968.048.108.048.057.95

7.947.987.928.048.088.19

Baa

10.8110.6510.4810.5810.6910.62

10.5510.5910.6110.6210.5610.56

10.4110.2410.129. £49.869.89

9.829.649.409.299.239.12

9.089.129.129.079.018.91

8.878.828.808.898.958.99

High-grademunic-

ipalbonds

(Stand-ard &Poor's)

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

5.705.755.765.615.645.53

5.505.465.375.535.385.48

Averagerate onshort-termbankloans

to busi-ness

9.94

8.16

8.22

8.29

7.54

7.44

7.80

7.28

8 7.48

7.37

7.87

Primecom-mer-cial

paper,4-6

months

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

4.744.824.874.875.355.49

5.415.846.176.556.596.68

Dis-countrate,

FederalReserve

Bankof NewYork*

7H-7K7 ]/-&%.6%-6J46^-6346^-66 -6

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

6 -5K

51^-51^5J*-5H

i l l5 J/-5 */5^-534

514-5345K-534

534-5 !4

ty~%A6 4-66 -6

Federalfundsrates

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

4.614.684.694.735.355.39

5.425.906.146.476.516.56

New-homemort-

yields(FHLBB)

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

9.058.998.958.948.968.98

9.009.029.049.079.079.08

1 Rate on new issues within period. First issued in December 1929.2 Selected note and bond issues.* 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, refecting fees and charges as well as ccntract rateand assumed, on the average, repayment at end of 10 years. Rates beginning January 1S73 not strictly ccmparable 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 less.

s Series revised. Not strictly comparable with earlier data. Beginning 1977, data are for short-term commercial andindustrial loans (other than construction and land development) and are from survey of terms of bank lending.

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.

333


TABLE B-66.—Instalment credit extensions and liquidations, 1971-77 *(Millions of dollars; monthly data seasonally adjusted]

Year or month

Extensions:1971197219731974197519761977»

1976: Jan..Feb..Mar..

May."June.

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

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

July..Aug..Sept.Oct..Nov..Oec>.

Liquidations:1971..197219731974197519761977*



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

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

Total

123,826137,117157,863157, 200164,169193, 328225,974

15,33215,76215,69315, 42515,61615,989

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

17,24117, 59518, 49618, 78418, 50318, 810

18, 63119, 20419,16419, 78719,68020,079

113,784121,926138,156147,920156,665172, 795195,115

14, 00114,00013,98913, 51413, 85514, 454

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

15,08415,61015,52515, 88615, 84916, 388

16,16716, 55316, 81417,16016,82617,253

Auto-mobile

35,82042,70048,39945,42951,41362,98872,946

5,0795,1535,2555,2335,2235,245

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

5,5115,8196,1996,1066,0486,063

5,9666,1586,1096,0836,3306,554

31,61437,18842,64244,92948, 40652, 75059, 526

4,1324,1944,2644,2054,1914,456

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

4,7124,8014,8164,9014,8015,100

4,8975,1045,0055,2345,0895,066

Mobilehome

2,6305,1227,0615,7824,3234,8415,272

441421435385372410

399380393361403470

372383445479415420

455479424457464479

1,7532,9664,1824,7154,5174,6914,862

398413390372360395

391379407386406385

393412391414421386

397424392413390429

Homeimprove*

ment

3,1704,1264,7715,2115,5566,7388,110

519536545557534541

547560584549622624

571577648668636686

671733679718761762

2,9393,3963,5724,1174,6755,1516,105

390405407429387415

432443450469459463

463478480480502505

506551536517550537

Revolving

Bankcreditcard

8,37710,39013,86317,09820,42825, 86231,563

1,9162,0092,0862,0012,1062,105

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

2,1822,4082,4062,5762,6212,640

2,5662,7112,8472,9732,8282,805

7,6799,47212,43315,65519, 20824,01228,910

1,8541,8581,9031,8441,9212,003

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

2,1762,2012,1422,2982,4302,403

2,3822,3962,5672,6872,5852,643

Bankcheckcredit

2,0262,4893,3734,2274,0244,7835,877

361364361369385398

71,80372,28980,39679,45378,42588,117102,202

7,0177,2797,0116,8816,9967,290

404419394421430441

465465475475506521

499510485487492497

1,9012,1752,8943,6844,0104,5525,235

358367361359363399

369401356383403415

421420422415402431

459450436430466483

Allother

7,1647,3457,5397,4127,6867,977

8,1397,9428,3238,4808,2778,480

8,4768,6128,6209,067

8,982

67,89866,72972,43474,82175, 84981,63890,479

6,8696,7636,6646,3066,6326,786

6,7666,8236,8366,9207,0317,078

6,9217,2977,2747,3797,2927,564

7,5257,6287,8777,8807,7478,095

t 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).

334


TABLE B-67.—Mortgage debt outstanding by type of property and of financing, 1939-77

(Billions of dollars]

End of yearor quarter

1939

19401941194219431944 . .

19451946194719481949. .

19501951195219531954

19551956195719581959

19601961196219631964

1965196619671968 .1969

1970 .1971197219731974

19751976

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

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

1977:1ll.-__III.--

Allprop-erties

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

207.5228.0251.4278.5305.9

333.3356.5381.2410.9441.4

474 2526 5603.4682 3742 5

801 5889.1

752.2768.5785.3801.5

818.4840.6865.7889.1

911.3947.1983.2

Farmprop-erties

6.6

6.56.46.05.44.9

4.84.95.15.35.6

6.16.77.27.78.2

9.09.8

10.411.112.1

12.813.915.216.818.9

21.223.125.127.429.2

30.332.235.841 346.3

50.957.1

47.649.250.250.9

52.253.855.557.1

59.361.863.9

Nonfarm properties

Total

28.9

30.031.230.829.929.7

30.836.943.950.957.1

66.775.684.293.6

105.4

120.9134.6146.1160.7178.7

194.7214.1236.2261.7287.0

312.1333.4356.1383.5412.2

443.8494.3567.7641.1696.2

750 7832.0

704.6719.3735.1750.7

766.2786.8810.3832.0

852.1885.3919.4

1- to 4-familyhouses

16.3

17.418.418.217.817.9

18.623.028.233.337.6

45.251.758.566.175.7

88.299.0

107.6117.7130.9

141.9154.7169.3186.4203.4

220.5232.9247.3264.8282.8

298.1328.3372.2416.2449.4

490.8556.3

454.6466.6479.2490.8

503.3519.8538.8556.3

572.7599.2626.3

Multi-familyprop-erties

5.6

5.75.95.85.85.6

5.76.16.67.58.6

10.111.512.312.913.5

14.314.915.316.818.7

20.323.025.829.033.6

37.240.343.947.352.3

60.170.182.893.1

100.0

100.6104.3

100.6100.6100.6100.6

101.8102.9103.9104.3

105.0106.7108.6

Com-mer-cial

prop-erties i

7.0

6.97.06.76.36.2

6.47.79.1

10.210.8

11.512.513.414.516.3

18.320.723.226.129.2

32.436.441.146.250.0

54.560.164.871.477.1

85.695.9

112.7131.7146.9

159.3171.4

149.4152.1155.3159.3

161.2164.1167.5171.4

174.4179.4184.4

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

147.0154.1

142.0142.9145.0147.0

148.3150.5150.8154.1

155.7158.7161.5

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

127.7133.5

123.3123.7125.7127.7

129.1131.2131.2133.5

134.9137.4139.8

FHAin-

sured

1.8

2.33.03.74.14.2

4.13.73.85.36.9

8.69.7

10.812.012.8

14.315.516.519.723.8

26.729.532.335.038.3

42.044.847.450.654.5

59.965.768.266.265.1

66.166.5

65.565.865.966.1

66.267.166.466.5

66.967.867.9

VAguar-

anteed

0.22.45.57.28.1

10.313.214.616.119.3

24.628.430.730.430.0

29.729.629.930.930.9

31.131.332.533.835.7

37.339.544.750.056.2

61.667.0

57.758.059.861.6

62.964.164.867.0

68.069.671.9

Conventional'

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

603.7677.9

562.6576.4590.1603.7

617.9636.3659.5677.9

696.4726.6757.9

1- to 4-familyhouses

14.5

15.115.414.513.713.7

14.316.918.920.822.6

26.328.833.138.043.6

49.355.160.467.677.0

85.595.6

107.1120.5134.1

147.4156.9167.4180.4192.7

200.8223.1259.2300.0328.1

363.0422.8

331.3342.9353.5363.0

374.2388.7407.7422.8

437.8461.8486.5

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.

335


TABLE B-68.—Mortgage debt outstanding by holder, 1939-77



1939

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

I9601961196219631964

196519661967.19681969

19701971197219731974

19751976

1975: 1IIIIIIV

1976: 1IIIIIIV

1977: 1IIIII. . . .

Total

35.5

36.537.636.735.334.7

35.541.848.956.262.7

72.882.391.4

101.3113.7

129.9144.5156.5171.8190.8

207.5228.0251.4278.5305.9

333.3356. b381.2410.9441.4

474.2526.5603.4682.3742.5

801.5889.1

752.2768.5785.3801.5

818.4840.6865.7889.1

911.3947.1983.2

Major financial institutions

Total

18.6

19.520.720.720.220.2

21.026.031.837.842.9

51.759.566.975.185.7

99.3111.2119.7131.5145.5

157.6172.6192.5217.1241.0

264.6280.8298.8319.9339.1

355.9394.2450.0505.4542.6

581.2647.7

546.7558.1569.9581.2

593.2611.5630.1647.7

662.4688.8715.2

Savingsandloan

associa-tions

3.8

4.14.64.64.64.8

5.47.18.9

10.311.6

13.715.618.422.026.1

31.435.740.045.653.1

60.168.878.890.9

101.3

110.3114.4121.8130.8140.2

150.3174.3206.2231.7249.3

278.6323.1

252.4261.3270.5278.6

286.3299.3311.8323.1

333.7350.8367.0

Mutualsavingsbanks

4.8

4.94.84.64.44.3

4.24.44.95.86.7

8.39.9

11.412.915.0

17.519.721.223.325.0

26.929.132.336.240.6

44.647.350.553.556.1

57.962.067.673.274.9

77.281.6

75.275.876.577.2

77.978.880.281.6

82.384.186.1

Com-mercialbanks»

4.3

4.64.94.74.54.4

4.87.29.4

10.911.6

13.714.715.916.918.6

21.022.723.325.528.1

28.830.434.539.444.0

49.754.459.065.770.7

73.382.599.3

119.1132.1

136.2151.3

131.9133.0134.5136.2

139.6143.7147.8151.3

154.6161.1168.5

Lifeinsurance

com-panies

5.7

6.06.46.76.76.7

6 67.28.7

10.812.9

16.119.321.323.326.0

29.433.035.237.139.2

41.844.246.950.555.2

60.064.667.570.072.0

74.475.576.981.486.2

89.291.6

87.288.088.389.2

89.489.790.291.6

91.892.993.6

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

101.0116.6

86.391.095.9

101.0

105.0107.3112.3116.6

121.5127.0133.5

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

119.3124.9

119.2119.4119.5119.3

120.2121.8123.4124.9

127.4131.3134.5

1 Includes loans held hy nondeposit trust companies, but not by bank trust departments.2 Includes former Federal National Mortgage Association (FNMA) and new Government National Mortgage Association

(GNMA), as well as Federal Housing Administration, Veterans Administration, Public Housing Administration, FarmersHome Administration, and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, andFederal Farm Mortgage Corporation. Also includes GNMA Pools and U.S.-sponsored agencies such as new FNMA, FederalLand Banks, and Federal Home Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate datanot readily available) included with "individuals and others."

Source: Board of Governors of the Federal Reserve System, based on data from various Government and privateorganizations.

336


TABLE B-69.—Net public and private debt, 1929-76 l


End of year

1929

1933

1939

1940 .1941194219431944

19451946194719481949 . . .

19501951 .195219531954 . . . .

19551956 . . . .195719581959

1960 .1961196219631964

1965 . _ . .1966196719681969

19701971197219731974

19751976

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

, 070.9,151.6

1,252.5L, 349.11,450.8I, 596.8L. 753.4

1, 881.92,067. 32, 299. 82, 562. 32, 793.5

3,028.83,354.9

Public

Fed-eralGov-ern-

ment >

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

446.3515.8

Fed-erallyspon-soredcreditagen-cies 3

"~6.T.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

78.881.4

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

144.8162.7178.0192.3211.2

222.7236.3

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

878.9961.3

1,042.71,160.91, 300.2

1,397.21, 538.81,739.21,961.12,145.1

2,281.02, 521. 5

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

454.3506.6553.6631.5734.1

797.3871.3975.3

1,106.71,223.0

1, 286.61, 414.7

Individual and unincorporated enterprise

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

424.6454.7489.1529.3566.2

600.0667.5763.9854.4922.1

994.41,106.8

Farm*

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

98.2108.5

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

385.3412.5441.1477.6511.0

542.1604.9695.8775.5832.9

896.2998.3

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

244.3260.9278.2298.4319.8

344.9389.3448.7510.4561.0

612.8684.1

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

70.377.089.886.183.1

86.296.4

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

127.0138.6157.2179.0188.7

197.3217.8

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 1979."

»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 categories.«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 andther sources.

337


GOVERNMENT FINANCE

TABLE B-70.—Federal budget receipts, outlays, and debt, fiscal years 1969-79

[Millions of dollars; fiscal years]

Description

BUDGET RECEIPTS AND OUTLAYS:

Total receipts....

Federal fundsTrust fundsInterfund transactions..

Total outlays

Federal fundsTrust funds ~Interfund transactions.

Total surplus or deficit (—).

Federal funds.Trust funds...

OUTSTANDING DEBT, END OF PERIOD:

Gross Federal debt

Held by Government agencies..Held by the public

Federal Reserve System..Other

Actual

1969

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

1970

193,743

143,15859,362-8, 778

196, 588

156,30149, 065-8, 778

-2,845

-13,14310,297

382,603

97,723284, 880

57, 714227,166

1971

188,392

133, 78566,193

-11,586

211,425

163,65159,361

-11, 586

-23,033

-29, 8666,832

409, 467

105,140304, 328

65, 518238,810

1972

208,649

148, 84672,959

-13,156

232, 021

178,10467,073

-13,156

-23, 373

-29,2595,886

437, 329

113, 559323,770

71,426252,344

1973

232,225

161, 35792,193

-21,325

247,074

186,95181,447

-21, 325

-14,849

-25, 59410,746

468, 426

125, 381343,045

75,182267,863

1974

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

BUDGET RECEIPTS.

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

Deposits of earnings by Federal Re-serve System

Allother

BUDGET OUTLAYS..

National defenseInternational affairsGeneral science, space, and technologyEnergyNatural resources and environmentAgricultureCommerce and housing creditTransportationCommunity and regional developmentEducation, training, employment, and social

servicesHealthIncome securityVeterans benefits and servicesAdministration of justiceGeneral governmentGeneral purpose fiscal assistanceInterestAllowancesUndistributed offsetting receipts

187,784

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

2,662247

184, 548

79, 4184,5735,0161,0012,8485,779533

6,5311,545

7,53811,75837,2817,640761

1,649430

15, 793

193,743

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

3,266158

196, 588

78, 5534,2954,508990

3,0035,1642,0777,0132,395

8,62413,05143,0668,677952

1,940536

18,312

188, 392

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

3,533325

211,425

75, 8084,0924,1801,0313,8554,2882,3398,0572,846

9,83914,71655,4239,7761,2992,159

53519, 609

208,649

94,73732,16653,91415, 4775,4363,287

3,252381

232,021

76, 5504,6744,1741,2704,1955,2792,2068,3953,413

12, 51917, 47163,91110,7301,6502,466673

20, 582

232,225

103,24636,15364, 54216, 2604,9173,188

3,495426

247,074

74,5414,0364,0301,1804,7144,855860

9,0704,593

12,73518,83272,95812,0132,1312,6827,35122,813

Composition of undistributed offsetting re-ceipts:

Employer share, employee retirement..Interest received by trust fundsRents and royalties on the Outer Conti-

nental Shelf

-5,545

-2,018-3,099

-428

- 6 , 567

- 2 , 444- 3 , 9 3 6

- 1 8 7

- 8 , 427

- 2 , 6 1 1- 4 , 765

- 1 , 0 5 1

- 8 , 1 3 7

- 2 , 7 6 8- 5 , 0 8 9

-279

-12 ,318

- 2 , 9 2 7- 5 , 4 3 6

- 3 , 9 5 6

264,932

118, 95238,62076, 78016, 8445,0353,334

4,845524

269,620

77,7505,6403,977843

5,6642,2303,9209,1764,084

12,34422, 07484, 43113,3862,4623,3276,89028,072

-16,651

-3,319-6, 583

-6,748


338


TABLE B-70.—Federal budget receipts, outlays, and debt, fiscal years 1969-79—Continued

[Millions of dollars; fiscal years]

DescriptionActual

1975 1976 ransitionquarter 1977

Estimate

1978 1979

BUDGET RECEIPTS AND OUTLAYS:Total receipts

Federal fundsTrust fundsInterfund transactions.

Total outlays.

Federal fundsTrust fundsI nterfund transactions.

Total surplus or deficit ( - ) _

Federal funds.Trust funds. . .

OUTSTANDING DEBT, END OF PERIOD:Gross Federal debt

Held by Government agencies.Held by the public

Federal Reserve System.Other

280,997

187,505118,590

-25,098

326,092

240,018111,171

-25,098

-45,095

-52,5147,419

544,131

147,225396,906

84,993311,913

299,197

200,291133,695-34,789

365, 643

269,146131,286-34, 789

-66,446

-68,8552,410

631,866

151, 566480,300

94,714385, 586

81,687

53,99932,071-4,383

94, 657

65,01734,023-4, 383

-12,970

-11,018-1,952

646, 379

148,052498,327

96,702401,625

356, 861

240, 412152, 763-36, 313

401, 902

294, 948143,267-36, 313

-45, 040

-54, 5369,496

709,138

157, 295551,843

105,004446, 839

400, 387

267, 889168,490-35,992

462,234

340, 036158,190-35,992

-61, 847

-72,14710, 300

785, 583

167, 740617,843

439, 588

289,095187,991-37,497

500,174

363, 580174,092-37,497

-60, 586

-74, 48513,899

873,668

182,826690, 843

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

Deposits of earnings by Federal ReserveSystem

Allother

BUDGET OUTLAYSNational defenseInternational affairsGeneral science, space, and technologyEnergyNatural resources and environment..AgricultureCommerce and housing creditTransportationCommunity and regional developmentEducation, training, employment, and social

services...HealthIncome security.Veterans benefits and servicesAdministration of justice.General governmentGeneral purpose fiscal assistance...InterestAllowances..Undistributed offsetting receipts

280,997122,38640,62186,44116, 5514,6113,676

5,777934

326,09285,5506,8613,9892,1797,3291,6605,604

10, 3923,692

15,87027,647

108,60516, 5972,9423,0897,187

30,974

299,197130,79441,40992,71416,9635,2164,074

5,4512,575

365,64389, 4305,5674,3703,1278,1242,5023,795

13,4384,709

18, 73733,448

126, 59818,4323,3202,9277,23534, 589

81, 68738,715

25, 7604,4731,4551,212

1,500112

94,657

22,3072,1801,161794

2,532584

1,3913,3061,340

5,1628,72032,7103,962859878

2,0927,246

356, 861

156, 72554, 892108,68817, 5487,3275,150

5,908622

401, 902

97, 5014,8314,6774,17210,0005,526-31

14, 6366,283

20,98538,785137, 00418,0383,6003,3579,49938,092

400, 387

178,82858,949124,12220,1505,6185,792

6,200728

462, 234

107, 6266,7474,7577,83712,1259,1063,52316, 3109,694

27,47144, 261147,64018,9164,0194,1199,86043,841

Composition of undistributed offsettingreceipts:

Employer share, employee retirement-Interest received by trust fundsRents and royalties on the Outer Con-

tinental Shelf.

-14,075

-3 ,980-7,667

- 2 , 4 2 8

-14,704

-4,242-7,800

-2,662

- 2 , 567

-985-270

-1,311

-15,053

- 4 , 548-8,131

- 2 , 374

-15,619

-5,024- 8 , 595

- 2 , 000

439,588190,07762,487

141,88925,4756,0676,390

6,300902

500,174117,779

7,6915,0779,634

12,2225,4332,969

17, 3998,669

30, 42149,677

160,02419, 2574,2114,3049,636

48,9912,800

-16,021

-5,157-9,064

-1,800

Note.—Through fiscal year 1976, the fiscal year runs from July 1 through June 30; starting in October1976 (fiscal year 1977), the fiscal year runs from October 1 through September 30. The period July 1 , 1976through September 30, 1976 is a separate fiscal period known as the transition quarter.

Earned income credit payments in excess of an individual's taxable liability are classified as income tax refunds beginning1976 and as outlays prior to 1976.

Sources: Department of the Treasury and Office of Management and Budget.

339


TABLE B-71.—Federal budget receipts and outlays, fiscal years 1929-79

[Millions of dollars]

1929

1933

1939 .

19401941194219431944

19451946194719481949

19501951195219531954

19551956195719581959

I960196119621963..1964

19651966196719681969

19701971197219731974

19751976Transition quarter19771978119791

Fiscal year Receipts

3,862

1,997

4,979

6,3618 621

14,35023,64944,276

45,21639,32738,39441,77439,437

39 ^8551 64666,20469, 57469,719

65,46974,54779 99079,63679,249

92,49294,38999,676

106,560112,662

116,833130 856149,552153,671187,784

19^, 743188,392208, 649232,225264,932

280, 997299,19781,687

356,861400,387439,588

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

92,22397,795

106,813111,311118,584

118,430134 652158,254178,833184,548

196,588211,425232,021247,074269,620

326, 092365,64394,657

401,902462,234500,174

Surplus ordeficit ( - )

734

- 2 , 6 0 2

- 3 , 8 6 2

- 3 , 0 9 5- 5 , 0 1 3

-20,7R4- 5 4 , 8 8 4- 4 7 , 0 0 4

-47 ,474-15 ,856

3,86212,001

603

- 3 1126,100

- 1 , 5 1 7- 6 , 533- 1 , 1 7 0

- 3 , 0 4 14,0873,249

- 2 , 9 3 9-12 ,855

269- 3 , 4 0 6- 7 137- 4 , 7 5 1- 5 , 9 2 2

- 1 , 5 9 6- 3 796- 8 ! 702

-25 ,1613,236

- 2 , 8 4 5-23 ,033- 2 3 , 3 7 3- 1 4 , 849- 4 , 6 8 8

-45 ,095-66 ,446-12 ,970-45 ,040-61 ,847-60 ,586

i Estimate.Note.—Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Government shifted

beginning with fiscal year 1977. Through fiscal year 1976, the fiscal year ran from July 1 through June 30; starting inOctober 1976 (fiscal year 1977), the fiscal year ran 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.

See Note, Table B-70 regarding treatment of earned income credit payment.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.

340


TABLE B-72.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years 1977-79

[Billions of dollars; fiscal years]

Receipts and expenditures 1977Estimate

1978 1979

Total budget receiptsRECEIPTS

356.9 400.4

Government contribution for employee retirement (grossing).Other netting and grossingAdjustment to accrualsOther

6.43.7

- 1 . 9- 1 . 0

7.13.9.5

- 1 . 1

Federal sector, national income and product accounts, receipts

EXPENDITURESTotal budget outlays

364.0

401.9

410.8

462.2

Lending and financial transactionsGovernment contribution for employee retirement (grossing)...Other netting and grossingDefense timing adjustment.Bcnuses en Outer Continental Shelf land leases. ._.Other

-1 .36.43.72.71.5

-3 .2

-7 .17.13.9.3

1.2- 4 . 0

Federal sector, national income and product accounts, expenditures.- 411.8 463.6

439.6

7.54.41.1

-1 .2

451.4

500.2

-4 .77.54.4

- . 2.9

-4 .1

504.0

Note.-See Note, Table B-71.See Special Analysis A, "Special Analyses, Budget of the United States Government, Fiscal Year 1979" for description

of these categories.Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Manage-

ment and Budget.

341

248-947 O - 78 - 22


TABLE B-73.—Receipts and expenditures of the government sector of the national income and productaccounts, 1929-77


Calendar year or quarter

1929

1933

1939

19401941194219431944.1945194619471948.1949

19501951195219531954195519561957..19581959..

1960196119621963..19641965 .1966196719681969

19701971 . . . .197219731974..197519761977P

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

1976: l__IIIllIV.

1977: 1I I . . .IllIV*

Total government

Re-ceipts

11.3

9.3

15.4

17.725.032.649.251.253.251.056.958.955.9

69.085.290.194.689.9

101.1109.7116.2115.0129.4

139.5144.8156.7168.5174.0188.3212.3228.2263.4296.3

302.6322.2367.4411.2455.1468.0535.9600.8

461.1433.2482.3495.4

513.7530.7543.0556.5

583.9595.7602.2

Ex-pendi-tures

10.3

10.7

17.6

18.428.864.093.3

103.092.745 642.550.559.3

61.079.293.9

101.697.098.0

104.5115.3127.6131.0

136.4149.1160.5167.8176.3187.8213.6242.4268.9285.6

311.9340.5370.9404.9458.2532.3571.5621.2

505.9527.9541.2554.0

560.7564.0575.4586.0

595.4610.5628.1650.7

Sur-plus ordeficit(-).

nationalincome

andprod-

uct ac-counts

1.0

- 1 . 4

- 2 . 2

- . 7- 3 . 8

- 3 1 . 4- 4 4 . 1-51.8-39.5

5 414.48.4

- 3 . 4

8.06.1

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

3.15.2.9

-12.6- 1 . 6

3.1- 4 . 3- 3 . 8

.7- 2 . 3

.5- 1 . 3

-14.2- 5 . 510.7

-9 .4-18.3-3 .5

6.3-3 .2

-64.3-35.6-20.4

-44.9-94.7-59.0-58.7

-47.1-33.3-32.4-29.4

-11.5-14.9-26.0

Federal Government

Re-ceipts

3.8

2.7

6.7

8.615.422.939.341.042.539.143.243.238.7

50.064.367.370.063.772.678.081.978.789.8

96.198.1

106.2114.4114.9124.3141.8150.5174.7197.0

192.1198.6227.5258.3288.6286.9332.3373.9

287.4255.1298.2307.0

318.4329.1337.1344.5

364.9371.2373.2

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

204.2220.6244.7265.0299.3357.1386.3423.5

335.9354.3363.7374.5

378.7375.3390.6400.4

403.7411.5432.1446.7

Sur-plus ordeficit(->,

nationaincome

andprod-

uct ac-counts

1.2

- 1 . 3

- 2 . 2

- 1 . 3-5 .1

-33.1-46.6-54.5-42.1

3.513.48.3

- 2 . 6

9.26.5

-3 .7- 7 . 1- 6 . 0

4.46.12.3

-10.3-1 .1

3.0-3 .9- 4 . 2

.3- 3 . 3

.5-1 .8

-13.2-5 .8

8.5

-12.1-22.0-17.3-6 .7

-10.7-70.2-54.0-49.6

-48.5-99.2-65.5-67.6

-60.3-46.2-53.5-55.9

-38.8-40.3-58.9

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

134.9152.6177.4193.5210.4235.7264.7294.5

223.7231.8240.8246.4

253.8258.4269.0277.5

281.0288.1301.6

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

132.2148.9163.7180.5202.8229.8246.2265.3

220.0227.3234.2237.5

240.5245.5247.9251.1

253.7262.6268.7276.2

Sur-plus ordeficit(-),

nationalincome

andprod-

uct ac-counts

- 0 . 2

- . 1

.0

.61.31.82.52.72.61.91.0.1

- . 7

- 1 . 2- . 4- . 0

.1—1.1- 1 . 3—.9

- 1 . 4- 2 . 4—.4

.1- . 4

.5

.51.0

- . 0.5

-1 .1.3

2.1

2.83.7

13.713.07.65.9

18.429.2

3.74.56.68.9

13.312.921.126.5

27.325.432.9

Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and localreceipts. Total government receipts and expenditures have been adjusted to eliminate this duplication.


342


T A B L E B-74.—Receipts and expenditures of the Federal Government sector of the national incomeand product accounts, 1952-79

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

Year or quarter

Fiscal year:1952195319541955195619571958195919601961196219631964196519661967196819691970.19711972197319741975197619771978219792

Calendar year:19521953.. . .1954.. . .19551956195719581959I960. . . .19611962. .19631964.1965196619671968 . .196919701971197219731974197519761977*

1976:1.I I . . .IllIV

1977:l__ _IIIIIIVP

Total

65.269.465.867.476.381.078.185.494.895.0

104.0110.0115.6120.0132.7146.0160.0190 1194.9192.5213.5240.5271.8283.6314.1364.0410.8451.4

67.370.063.772.678.081.978.789.896.198.1

106.2114.4114.9124.3141.8150.5174.7197 0192.1198.6227.5258.3288.6286.9332.3373.9

318.4329.1337.1344.5

364.9371.2373.2

\

Per-sonaltaxandnon-taxre-

ceipts

28.831.430.329.733.636.736.338.242 543.647.349.650.751.457.564.471.490 093.687.5

100.3107.3122.6127.3137.2165.5185.5195.6

31.032.229.031.435.237.436.839.943.644.748.651.548.653.961.767.579.694.892.289.9

108.2114.6131.1125.6147.3170.7

138 0143 9150.3157.1

170.0168.6168.6175 5

Receipts

Corpo-rate

profitstaxac-

cruals

19.419.717.318.921.520.817.921.422 320 022.723.325.727.130.830.333.237 033.032.034.241.043.742.152.257.463.169.7

18 619.516.921.120 920.418.022 521.421 522.524 626.128.931.430.036.336 230.833.536 643 045.943.155.959.5

54 457 056.955.1

55.459.959.5

Indi-rect

busi-nesstaxandnon-taxac-

cru-als

9.710.710.410.010.811.711.612.013 213 314.215.015.616.915.515.817.118 619.220.019.920.721.422.124.224.628.534.8

10 310.99.7

10.711 211.811.512 513.413 614.615 316.216.515.616.318 019 019.320.420 021 221.724.023.424.8

22 723 223.723.8

24.224.625.425.2

Con-tribu-tionsfor

socialinsur-ance

7.37.67.88.7

10.311.712.313.916 718.119.922.123.624.528.935.538.444 549.252.959.171.584.292.1

100.5116.5133.7151.3

7.47.48.29.4

10 612.312.414 917.618 320.523 124 025.033.136.740.847 049.754.962 879 489.994.2

105.7118.9

103 2105 0106.2108.4

115.4118.1119.7122.4

Expenditures

TotaM

66.075.974.367.270.076.082.891.291.398.1

106.2111.7117.2118.5132.7154.9172.2184.7195 6212.7232.9256.2278.8328.7372.3411.8463.6504.0

71.177.169.868.171.979.688.991 093.1

101.9110.4114.2118.2123.8143.6163.7180.6188 4204.2220.6244 7265 0299.3357.1386.3423.5

378 7375 3390.6400.4

403.7411.5432.1446.7

Pur-chases

ofgoodsand

serv-ices

47.256.453.944.345.548.151.154.852.955.861.063.765.964.672.486.095.098.097.094.8

100.9101.7104.6117.9126.5140.7158.4171.6

52.457.547.944.545 950.053.953 953.757.463.764.665.267.378.890.998.097 595.696.2

102 1102 2111.1123.3130.1145.4

127 6128 5130.2134.2

136.3143.6148.1153.8

Transferpayments

Toper-sons

8.59.2

10.512.112.814.417.819.920.623.625.126.527.428.431.837.242.748 755.067.776.187.1

101.7131.1153.9[66.5.80. 7,98.0

8.89.4

11.51? 413.415.719.620.121.625.025.627.027.930 333.540 146.050.661.37? 780.593.2

114.4146.1158.8169.4

157 1155 0160.0163.1

167.8166.4171.2174.0

Tofor-

eign-ers

2.62.11.72-1

81.91.7

8ft

2.12.12.12.22.22.32.22.12.22.02.32.82.73.03.13.03.23.53.8

2.12.01.82.01 91.81.81.81.92.12.22.22.22.22.32.22.12.12.22.62.72.63.23.13.23.2

3 02 73.93.2

2.92.93.63.6

Grants-in-aid

to Stateandlocal

govern-ments

2.52.82.93.03.23.74.76.26.96.97.68.39.8

10.912.714.817.819.222.626.832.640.441.648.457.566.077.081.6

2.62.82.93.13.34.25.66.86.57.28.09.1

10.411.114.415.918.620.324.429.037.540.643.954.661.067.6

58 556 863.165.5

62.063.672.772.2

Netin-ter-est

paid

4.54.54.64.64.85.35.45.66.86.46.47.17.78.28.79.6

10.512.113.614.214.115.919.821.925.429.334.539.8

4.54.64.64.65.15.55.26.26.86.26.87.38.08.49.29.8

11.412.914.314.014.618.220.923.327.229.5

26 226.727.328.5

28.629.129.430.9

Subsi-dieslesscur-rentsur-plusof

gov-ern-mententer-prises

0.8.9.8

1.21.72.62.42.52 43.34.14.04.14.34.85.24.14 65.46.86.49.18.05.76.16.19.59.2

.8

.71.01.52.42.42.82.12.64.04.23.94.54.65.54,74.55.26.36.27.88.25.36.75.97.9

6.25.56.16.0

6.15.97.2

12.3

Sur-plusor

defi-cit

(->,na-

tion-al in-comeand

prod-uctac-

counts

- 0 . 8- 6 . 5- 8 . 5

.26.35.0

-4 .7- 5 . 8

3.4-3 .1- 2 . 2-1 .7-1 .5

1.4.0

-8 .9-12.2

5.4- . 6

-20.2-19.5-15.7-7 .0

-45.0-58.2-47.8-52.8-52.6

-3 .7-7 .1-6 .0

4.46.12.3

-10.3- 1 . 1

3.0- 3 . 9- 4 . 2

.3- 3 . 3

.5- 1 . 8

-13.2- 5 . 8

8.5-12.1-22.0-17.3-6 .7

-10.7-70.2-54.0-49.6

-60.3-46.2-53.5-55.9

-38.8-40.3-58.9

» Excludes wape accruals less disbursements not shown separately. These were (in billions of dollars at seasonallyadjusted annual rates) .0 in each of the quarters of 1976 and 1977.

2 Estimates.

Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.

343


TABLE B-75.—-Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946—77


Calendaryear orquarter

Receipts

Total

Per-sonaltaxand

nontaxreceipts

Cor-porateprofits

taxaccruals

ndirectbusi-nesstaxand

nontaxaccruals

Contri-butions

forsocialinsur-ance

Fed-eral

grants-in-aid

Expenditures

Total i

Pur-chases

ofgoodsandserv-ices

Trans-fer

pay-ments

toper-sons

Netnterestpaid

Sub-sidiesless

currentsurplusof gov-

ern-ment

enter-prises

Surplusor

deficit<-),

nationalincome

andprod-uct ac-counts

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

1950...1951—1952...1953...1954...

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

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

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

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

1975...1976...1977 *>_

1975: IIIIllIV

1976: I.IIIllIV

1977: I.IIIllIV *____.

13.015.417.719.5

21.323.425.427.429.0

31.735.038.542.046.4

49.954.058.563.269.5

75.184.893.6

107.2119.7

134.9152.6177.4193.5210.4

235.7264.7294.5

223.7231.8240.8246.4

253.8258.4269.0277.5

281.0288.1301.6

1.51.72.12.4

2.52.83.03.23.5

3.94.55.05.46.1

6.77.48.28.8

10.0

10.912.814.617.420.6

23.126.433.036.139.2

43.449.656.8

42.142.843.844.9

46.848.750.352.5

54.456.257.559.1

0.5.6.7,6

.9

'.8.8

.0

.0

.0

.0

.2

1.2

'.5

L8

2.02.22.53.13.4

3.74.25.05.76.5

7.18.99.7

5.76.48.08.2

8.69.19.08.8

9.09.89.8

9.310.712.213.3

14.615.917.418.819.9

21.623.825.727.229.3

32.034.437.039.442.6

46.149.754.060.867.4

74.783.191.099.0

106.9

114.7127.1140.3

110.8113.3116.2118.7

122.7126.0128.1131.7

135.9138.6141.5145.2

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

10.812.113.9

15.918.120.1

15.215.716.116.6

17.217.818.519.1

19.519.920.220.7

1.11.72.02.2

2.32.52.62.82.9

3.13.34.25.66.8

6.57.28.09.1

10.4

11.114.415.918.620.3

24.429.037.540.643.9

54.661.067.6

50.053.756.758.0

58.556.863.165.5

62.063.672.772.2

11.114.417.620.2

22.523.925.527.330.2

32.935.939.844.346.9

49.854.458.062.868.5

75.184.394.7

106.9117.6

132.2148.9163.7180.5202.8

229.8246.2265.3

220.0227.3234.2237.5

240.5245.5247.9251.1

253.7262.6268.7276.2

9.912.815.318.0

19.821.823.225.027.8

30.633.537.141.143.7

46.550.854.359.064.6

71.179.889.3

100.7110.4

123.2137.5151.0167.3191.5

215.6231.2249.5

206.4213.3219.7222.9

225.9230.4232.7235.8

238.5247.0252.9259.8

1.72.33.03.0

3.63.13.33.53.6

3.83.94.34.85.1

5.45.86.06.46.9

7.38.19.4

10.612.1

14.617.218.920.320.5

23.825.928.0

22.623.324.225.0

25.325.826.226.5

27.027.728.329.0

0.2.1.1.1

.1

.0

.0

.0

.1

.1

.1

.1

.1

.1

.1

.1

.1

.1

- . 3- . 7

g- L 2-1 .6

-2 .0-1 .8-2 .1- 2 . 9-4 .9

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

-4.7-5.0-5.2-5.6

-5.6-5.7-6.0-5.7

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

-0.7- . 8

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

-4.5-5.2-5.8

-4.3-4.4-4.5-4.8

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

-5.7-5.7-5.8-5.9

1.91.0.1

- . 7

- 1 . 2- . 4- . 0

- L I

- 1 . 3- . 9

- 1 . 4- 2 . 4- . 4

.1- . 4

.5

l'.O

-1 .1

2.1

2.83.7

13.713.07.6

5.918.429.2

3.74.56.68.9

13.312.921.126.5

27.325.432.9

1 Excludes wage accruals less disbursements not shown separately. These were (in billions of dollars, at seasonallyadjusted annual rates) .0 in each of the quarters of 1975,1976, and 1977.


344


T A B L E B-76.—State and local government revenues and expenditures^ selected fiscal years\ 1927-76


Fiscal year »

General revenues by source*

TotalProp-erty

taxes

Salesand

grossre-

ceiptstaxes

Indi-vidualncometaxes

Corpo-ration

netincometaxes

Reve-nue

fromederal

iovern-ment

Allothers

General expenditures by functionJ

Total Edu-cation

High-ways

Publicwel-fare

Allother«

1927...

1932...1934..1936..1938..

1940..1942..1944..1946..1948..

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

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

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

1962-63 8...1963-64 5...1964-65«...

1965-66«_.1966-67 8..1967-68«_.1968-69 5..1969-70 5..

1970-715..1971-72 5..1972-73»..1973-74 5...1974-75 5...

1975-76 5

7,271

7,2677,6788,3959,228

9,60910,41810,90812,35617,250

20,91125,18127,30729, or31,07334,66738,16441,21945,306

50,50554,03758,25262,890

62.26S68,44374,00C

83,03691,197

101,264114,55C130,756

144,92;166,35;190, 21<207, 671228,17

256,17

4,730

4,4874,0764,0934,440

4,4304,5374,6044,9866,126

7,3498,6529,3759,967

10,73511,74912,86414,04714,983

16,40518,00219,05420,089

19,83!21,2422,582

24,67126,0427, 74]30,67334,054

37,85142,13!45,28!47, 70!51,49

57,00

470

7521,0081,4841,794

1,9822,3512,2892,9864,442

5,1546,3576,9277,276

7,6438,69"9,469,829

10,437

11,84912,46313,49414,456

14,44615,76217,11

19,08!20,53122,91:26,51!30,32;

33,23:37,48!42,04;46, 09149, 81!

54, 54

70

7480

153218

224276342422543

788998

1,0651,127

1,23;1,5381,754l,75f1,99'

2,46,2,61:3,03;3,26!

3,26'3,7914,09C

4,7605,8267,30?8,90*

10,81;

ll,90C15,23717,99'19, 49!21, 45̂

24,57

92

7949113165

156272451447592

593846817778

744890984

1,0181,001

1,1801,2661,3081,505

1,5051,6951,929

2,03?2,22'2,51J3.18C3,73.r

3,42'4,415,42!6,016,64;

7,27:

116

2321,016

948800

945858954855

1,861

2,4862,5662,8702,966

3,1313,3353,8434,8656,377

6,97<7,13;7,8718,722

8,66310,00211,029

13,21415,37f17,18:19,15;21,85'

26,14131,25339, 25641, 82047,034

55, 589

1,793

1,6431,4491,6041,811

1,8722,1232,2692,6613,685

4,5415,7636,2526 , " "

7,5848,4659,2509,69910,516

11,63412,56313,48914,850

14,55615,95117,250

19,26921,19723,59826,lir29,97

32,3735,82i40,2H46,5451, 73*

57,19

7,210

7,7657,1817,6448,757

9,2299,1908,86311,02817,684

22,78726,09827,91030,701

33,72436,71140,37544,85148,887

51,87656,20160,20664,816

63,9769,30274,546

82,84393,350102,411116,728131,33f

150,67166,873181,227198,959230, 721

256,73:

2,235

2,3111,8312,1772,491

2,6382,5862,7933,3565,379

7,1778,3189,39010, 557

11,90713,22014,13415,91917,283

18,71920,57422,21623,776

23,72926.28628,563

33.28737,91941,15847,23852,718

59,41364,88669,71475, 83387, 858

97, 216

1,809

1,7411,5091,4251,650

1,5731,4901,2001,6723,036

3,8034,6504,9875,527

6,4526,9537,8168,5679,592

9,4289,84410,35711,136

11,15011,66412,221

12,77013,93214,48115,41"16,42

18,09519,01018,61519, 94622,528

23,907

151

444889827

1,069

1,1561,2251,1331,4092,099

2,9402,7882,9143,060

3,1683,1393,4853,8184,136

4,4044,7205,0845,481

5,4205,7666,315

6,7578,2189,85712,11014,679

18,22621,07023, 58225,08528,155

32,604

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

54,94061,90769,31678,09692,180

103,004

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.

* 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-69 for net debt of State and local governments.


345


TABLE B-77.—Interest-bearing public debt by kind of obligation, 1967-77


End of yearor month

Totalin-

terest-bearingpublicdebt

Marketable

Total Bills Treasurynotes

Treasurybonds *

Nonmarketable

TotalU.S.

savingsbonds

Foreigngovern-

mentseries2

Govern-ment

accountseries *

Other«

Fiscal year:1967. . . .1968. . . .1969. . . .

1970.1971.1972.1973.1974.

1975.1976.1977.

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

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

1977: Jan..Feb..Mar..Apr__May..June.

July..Aug..Sept.Oct..Nov_.Dec .

322,286344,401351,729

369,026396,289425,360456,353473,238

532,122619,254697,629

581,861592,874599, 224600,927608,077619,254

623,580632,291633,560635,062643, 643352, 457

552,980562,320568,216568, 509570,958573, 389

371, 386584, 081597,629596, 301706,973'15, 227

210,672226, 592226,107

232, 599245,473257,202262,971266,575

315.606392,581443,508

369,316378,773385,296386,444388,021392,581

397,719404, 314407,663408, 590415, 399421,276

423,995431.607435, 379434, 065431, 447431,149

430, 248438,146443, 508447, 435454, 862459, 927

58, 53564,44068,356

76,15486,67794,648100,061105,019

128,569161,198156, 091

159, 645162,088163,140161,764161, 840161,198

161, 399161,433161, 505161, 545161,711163,992

164,005164,175164,264161,977157,931155, 064

154, 227154, 283156, 091156,174156, 656161, 081

49,10871,07378,946

93,489104, 807113,419117,840128,419

150,257191,758241,692

171,110177,576183,143185.757186, 473191.758

197, 204202, 979206, 319207,275212, 986216,669

219,474225, 856229,625230,655230, 230232,885

231, 371238, 084241, 692245, 587251,104251, 800

97,41891,07978,805

62,95653,98949,13545,07133,137

36,77939,62645, 724

38,56239,11039,01438,92239,70839,626

39,11539,90239,83939, 76940, 70240, 615

40, 51641, 57641,49041, 43343, 28643, 200

44, 65045, 77845, 72445,67447,10247, 045

.11,61417,808.25,623

136,426150, 816168,158193,382206,663

216,516226,673254,121

212, 544214,100213,928214, 484220,056226,673

225,861227, 977225,897226,472228, 243231,181

228,985230,714232, 837234, 444239, 511242, 240

241,138245, 935254,121248, 866252, 111255, 300

51,21351,71251,711

51, 28153,00355,92159,41861,921

65,48269,73375,411

67,82668,17068, 56768,96869,39469,733

70, 42871,07970,75271,11371, 50671, 853

72,23472,64073, 03773, 45773, 90874, 282

74, 80375, 05975,41175, 81676, 22476,602

1,5143,7414,070

4,7559,27018,98528, 52425,011

23, 21621, 50021, 799

21,60121,68921,66921,61221,51521, 500

21,35720,96720,81422,29022, 48722, 299

22, 20922, 06922, 07821, 90321, 83121, 732

21, 54521,37021, 79921,12321,66522,187

56,15559, 52666,790

76,32382,78489,598101, 738115,442

124,173130, 557140,113

119,041120,105119,438119,453124,570130,557

128,912130,591128,640127,162127,405129,744

126,810127, 770128,192128, 992133, 029134, 754

132,447136, 329140,113136, 890138, 580139,774

2,7312,8283,051

4,0685,7593,6543,7014,289

3,6444,883

16, 797

4,0764,1384,2544,4494,5774,883

5,1645,3405,6905,9066,8447,284

7,7318,2359,52910, 09210, 74311,473

12, 34213,17616,79715, 03915,64216, 737

1 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds.2 Nonmarketable certificates of indebtedness, notes, bonds, and bills in the Treasury foreign series and foreign-currency-

series issues.» Includes Treasury deposit funds and some special issues formerly included in "Other."< Includes depository bonds, retirement plan bonds, Rural Electrification Administration bonds, State and local bonds,

and special issues held only by U.S. Government agencies and trust funds and the Federal home loan banks.* Includes $5,610 million in certificates not shown separately.

Note.—Through fiscal year 1976, the fiscal year runs from July 1 through June 30; starting in October 1976 (fiscal year1977), the fiscal year runs from October 1 through September 30.

Source: Department of the Treasury.

346


TABLE B-78.— Estimated ownership of public debt securities, 1967-77[Par values;1 billions of dollars]

End of year ormonth

Fiscal year:196719681969

19701971197219731974

197519761977

1976: Jan_FebMarAprMayJune

JulyAugSeptOct . . _._NovDec

1977: JanFebMarAprMayJune -.

July - . _Aug _. . _SeptOctNovDec*

Total public debt securities

Total 2

322.9345.4352.9

370.1397.3426.4457.3474.2

533.2620.4698.8

584.4593.9600.5602.0610 7620.4

624.5633.3634.7637.6644 6653 5

653.9663.3669.2671 0672.1674.4

673.9685.2698.8697.4708.0718.9

Held

Govern-ment

accounts

71.876.184.8

95.2102.9111.5123.4138.2

145.3149.6155.5

139.3139.8139.1139.1143.7149.6

147.6148.0146.1144.6144.9147.1

144.1144.4144.9145.5149.4151.2

148.7151.9155.5152.2153.9154.8

Held byFederalReserveBanks

46.752.254.1

57.765.571.475.080.5

84.794.4

104.7

89.889.089.891.890.594.4

90.794.096.495.791.797.0

94.195.896.099.897.4

102.2

98.698.4

104.794.696.5

101.2

Held by private investors

Total 3

204.4217.0214.0

217.2228.9243.6258.9255.6

303.2376.4438.6

355.3365.0371.7371.0376.4376.4

386.2391.3392.2397.3408.1409.5

415.7423.1428.3425.7425.3421.0

426.5434.9438.6450.6457.6462.9

Com-mercialbanks «

55.559.755.3

52.661.060.958.853.2

69.092.5

101.0

88.887.590.390.991.592.5

94.593.595.396.8

100.7103.8

102.4104.7106.3103.5102.2102.4

100.1100.0101.0100.5101.4

Mutualsavingsbanks

and in-surance

com-panies

13.212.511.6

10.410.310.29.68.5

10.616.020.6

14.915.215.715.816.016.0

16.817.517.417.918 318.2

18.118.618.818.819.020.2

20.120.120.620.721.3

Corpo-rations5

11.012.011.1

8.57.49.39.8

10.8

13.224.323.9

20.622.622.323.325.524.3

26.827.625.324.524.026.5

28.529.827.727.425.823.8

23.524.523.923.823.4

Stateand localgovern-ments «

23.625.126.4

29.025.926.928.828.3

31.739.353.5

34.835.936.836.937.039.3

37.438 238.740.541 541 6

44.843.344.448.449.147.6

47.852.753.554.555.6

Indi-viduals 7

70.474.277.3

81.875.473.275.980.7

87.196.4

103.9

91.793.994.594.795.996.4

97.199.799.7

100.0100 7100.8

101.0101.5101.9102.2102.7103.0

103.4103.7103.9104.4104.9

Miscel-laneousinves-tors 3 8

30.733.432.3

35.049.163.276.074.2

91.5107.9135.8

104.5109 9112.0109.4110 5107 9

113.7114 7115 8117 4123 0118 6

120.9125.2129.4125 4126.7123.9

131.7134.0135.8146.7151.0

1 U.S. savings bonds, series A-F and J, and U.S. savings notes are included at current redemption value.2 As of July 31, 1974, public debt outstanding has been adjusted to exclude the notes of the International Monetary

Fund to conform with the Budget presentation. This adjustment applies to the 1967-77 data in this table.3 For comparability with 1975-77 published data, published data for 1967-74 have been adjusted to exclude notes of

the International Monetary Fund. These adjustments amounted to $3.3 billion in 1967, $2.2 billion in 1968, and $0.8 billionin each year 1969 through 1974. These adjustments were necessary in order to add to the total public debt figures aspublished by the Department of the Treasury.

4 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and islandpossessions; figures exclude securities held in trust departments. Since the estimates in this table are on the basis of parvalues and include holdings of banks in United States Territories and possessions, they do not agree with the estimatesin Table B-60, which are based on book values and relate only to banks within the United States.

8 Exclusive of banks and insurance companies.e Includes trust, sinking, and investment funds of State and local governments and their agencies, and of Territories

and possessions.7 Includes partnerships and personal trust accounts.8 Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers,

certain government deposit accounts and government-sponsored agencies, and investments of foreign balances and inter-national accounts in the United States.

Note.—Through fiscal year 1976, the fiscal year runs from July 1 through June 30; starting in October 1976 (fiscal year1977), the fiscal year runs from October 1 through September 30.


347


TABLE B-79.—Average length and maturity distribution of marketable interest-bearingpublic debt held by private investors, 1967-77

End of year or monthAmount

out-standing

Maturity class

Within1 year

Ho 5years

5 to 10years

10 to 20years

20 yearsand over

Average length

Millions of dollars Years

Fiscal year:1967...1968..1969._

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

1975.. .1976...1977.. .

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


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

July..Aug..Sept.Oct_.Nov..Dec.

150, 321159, 671156,008

157,910161,863165,978167, 869164, 862

210,382279, 782326, 674

259, 831270, 625276, 434275,520278, 929279, 782

289,044293, 627294, 595296,211307, 309307, 820

313,497319, 982323,604318,699318, 619313, 485

316,177325, 001326,674338,290343, 870344, 314

56, 56166, 74669,311

76,44374,80379, 50984, 04187,150

115,677151, 723161, 329

152,077151,875154, 258153,441153,464151, 723

156,595153, 304153, 302155,179158, 422157, 453

162,633165, 942166,427162,419162,211157, 353

160, 332161, 932161, 329167,699169, 552172, 084

53, 58452,29550,182

57,03558, 55757,15754,13950,103

65,85289,151113,319

75,17982,48486, 21486,19886, 24289,151

91,04293, 39694,84591,795101, 684103, 742

101,626106, 685109, 983106,929106, 823107, 000

105, 255110,681113, 319115,744121, 346119,463

21, 05721,85018,078

8,28614, 50316,03316,38514,197

15,38524,16933,067

18, 31021, 70721, 53821, 59724, 33624,169

26,69431, 52331, 24733,92231, 34931, 017

33,68831, 20431,15533, 46932, 65832,442

32, 52133, 26033, 06735,91232, 85832, 796

6,1536,1106,097

7,8766,3576,3588,7419,930

8,8578,0878,428

8,4668,4178,3508,2428,1728,087

8,0597,9867,9397,8977,5117,399

7,3427,2917,236

- 7,1727,1807,092

8,4408,5128,4288,4068,3648,294

12,96812,67012,337

8,2727,6456,9224,5643,481

4,6116,652

10, 531

5,8006,1426,0746,0426,7166,652

6,6547,4187,2627,4198,3458,209

8,2088,8608,8038,7099,7469,598

9,62810, 61610, 53110,52911,75111,677

Months

631

11

87

11

565577

61099

109

9999

1110

100

11100

11

Note.—All issues classified to final maturity.Through fiscal year 1976, the fiscal year runs from July 1 through June 30; starting in October 1976 (fiscal year 1977),

the fiscal year runs from October 1 through September 30.


348


CORPORATE PROFITS AND FINANCE

TABLE B-80.—Corporate profits with inventory valuation and capital consumption adjustments,1946-77


Year or quarter

1946. . .19471948 .1949. . .

1950. . .195119521953 .1954

1955 . .1956. . .19571958.1959

1960.. .1961 .19621963. . .1964

1965. . . .19661967.. .19681969..

19701971197219731974

197519761977 P

1975: 1IIIII .IV

1976: 1II _IIIIV _

1977: l._ _II ._ _.Ill

Corporateprofits withinventoryvaluation

and capitalconsumptionadjustments

16 622.229.126.9

33.738 135 435.534.6

44.642 942.137.548.2

46 646 954.959.667.0

77 182.579 385.881.4

67 977.292.199 183.6

99.3128.1140.3

74 092.7

115.6114.7

126.5129.2133 5123.1

125.4140.2149.0

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

50.264.769.2

40 845.756.357.9

63.166.165 963.9

64.469.769.3

Profits after tax with inventory valuationand capital consumption adjustments

Total

7 510 916.716.7

15.715 516.015.217.0

22.620 920 618.524.6

23 924 130.933.439.0

46 248 946 846 441.8

33 439.550.550 431.2

49.163.371.1

33 247.059.456.8

63.463.167 659.2

61.070.679.7

Dividends

5 66.37.07.2

8.88.58.58.89.1

10.311.111.511.312.2

12 913.314.415.517.3

19 119.420 121.922.6

22.923.024.627.831.0

32.435.841.2

32 032.232.932.5

33.635.036.038.4

38.540.342.3

Undistributedprofits withinventoryvaluation

and capitalconsumptionadjustments

2 04.69.79.5

6.97 07.56.47.9

12.29.89.17.2

12.4

11.010.816.517.921.7

27.129.426 724.419.2

10.516.525.922.6

.2

16.727.629.9

1.214.826.524.3

29.828.031,620.8

22.530.337.4


349


T A B L E B-81.—Corporate profits by industry, 1929-77


Year orquarter

1929

1933

1939 .

194019411942.. .194319441945 . . .1946194719481949

1950195119521953195419551956195719581959

196019611962196319641965196619671968.1969

197019711972197319741975 . .19761977 v

1975: 1ll_.__III. . .IV....

1976: 1IL.._III. . .IV....

1977: 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

66.476.989.697 286.5

111.5142.7157.5

83.2104.6128.9129.2

141.1143.7148.2137.9

141.0156.2166.9

Domestic industries

Total

10.2

- 1 . 2

6.1

9.615.020.124.123.518.918.924.932.229.9

36.741.538.738.436.445.144.143.539.149.4

47.046.351.154.961.070.175.972.678.974.2

62.672.484.790 476 9

105.4134.6147 9

77.298.4

122.6123.2

132.4136.1139.8130.2

131.0145.5157.4

Total

1.3

.3

.8

1.01.11.21.31.61.72.11.72.63.1

3.13.64.04.54.64.85.05.25.76.8

7.27.07.36.86.97.58.59.0

10.411.3

12.614.115.416.214.415.018.220.6

15.114.314.716.1

17.818.118.418.4

19.219.921.2

Financial1

FederalReservebanks

0.0

.0

.0

.0

.0

.0

.0

.1

.1

.1

.1

.2

.2

.3

.4

.4

.3

.3

.5

.6

.6

1.0.8.9

1.01.11.41.72.02.53.1

3.63.33.44.55.75.76.06.2

5.85.75.55.8

6.05.95.96.1

6.16.26.2

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

9.010.812.111.78.79.4

12.214.4

9.38.69.2

10.3

11.812.212.512.3

13.113.715.1

Nonfinancial

Total

8.9

- 1 . 5

5.3

8.614.018.922.821.917.316.823.229.626.8

33.537.934.733.931.840.339.138.333.542.6

39.839.343.848.154.162.567.463.668.562.9

50.158.269.374.162.590.3

116.4127.3

62.184.1

107.9107.1

114.6118.0121.3111.8

111.8125.5136.1

Manu-factur-ing 2

5.2

- . 4

3.3

5.59.5

11.813.813.29.79.0

13.617.616.2

20.924.621.722.019.926 024.724.019.426.2

23.923.026.028.731.938.341.637.941.236.8

27.132.440.644 136 647.966.374 7

29.443.459.659.1

65.368.768.462.9

65.276.477.6

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

9.411.713.314 712 922 127.1

17.521.325.824.0

26.525.529.127.4

24.025.431.2

Utilities 3

1.8

.0

1.0

1.32.03.44.43.92.71.82.23.03.0

4.04.64.95.04.75.65.95.85.97.0

7.47.88.49.39.9

11.011.810.710.710.2

8.28.39.08.35.69.3

11.5

5.38.5

11.112.1

11.112.112.210.4

11.611.514.1

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

5.35.86.47.07.4

11.011.5

9.910.911.411.9

11.711.711.611.1

11.012.213.2

Restof theworld

0.2

.0

.2

.2

.2

.2

.3

.2

.4

.7

.8

.8

1.01.21.11.11.41.61.81.91.71.8

1.92.32.62.63.13.32.83.03.23.7

3.84.64.86.89.66.18.19.6

6.06.26.36.0

8.67.68.47.7

10.110.79.6


350


TABLE B-81 .—Corporate profits by industry, 1929-77— Continued


Year orquarter

1929

1933...

1939 ,

19401941 .1942...19431944 . .19451946..194719481949 . . . .

1950 _195119521953 . .195419551956195719581959

19601961196219631964196519661967 .19681969

19701971197219731974197519761977 v

1975: 1ll_.__III..IV...

1976: l..._ll_._III .IV...

1977: I . . . .IL__IIL.

Corporate profits before deduction of capital consumption allowances

Total

14.7

2.6

10.1

13 619.525.429 729.925.524.031.440.038.7

46.553.051.352.752.864 164.966.362.974.8

74.175.384.290 098.7

110.8119.3119.7130.2130.9

123.0137.8157.4170 9168.1201.0239.9262.2

169.8193.2219.5221.4

235.2239.6246.4238.3

243.0259.7272.7

, with inventory valuation adjustment

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 1158.5194.8231.8252.7

163.8187.0213.2215.4

226.5232.0238.0230.6

232.9249.0263.1

Financiall

Total

1.4

.4

.9

1 l1.21.31 41.71.72.21.82.73.3

3.33.84.24.84.95 25.45.76.17.3

7.87.78.07.67.98.59.6

10.211.813.0

14.516.318.019 518.319.322.925.7

19.218.418.920.5

22.322.723.223.3

24.225.026.4

FederalReservebanks

0.0

.0

.0

.0

.0

.0

.0

.1

.1

.1

.1

'.2

.2

.3

.4

.4

.3

.3

.5

.6

.6

.7

1.0.8.9

1 01.21.41.72.02.53.1

3.63.43.44.55.75.76.06.2

5.85.75.55.8

6.05.95.96.1

6.16.36.2

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

11.013.014.714.912.613.616.919.5

13.412.713.514.7

16.316.817.217.2

18.118.720.3

Nonfinancial

Total

13.0

2.2

9.0

12.318.123.928.127.923.621.428.936.534.6

42.248.046.046.846.557.457.758.755.065.7

64.465.373.679.887.799.0

106.9106.5115.1114.2

104.7116.9134.6144.6140.2175.6208.9226.9

144.6168.5194.3195.0

204.2209.3214.8207.3

208.7224.0236.7

Manu-factur-

ing 2

7.1

1.3

4.9

7.211.414.216.616.513.011.216.320.819.8

24.929.126.928.327.134.333.633.929.837.1

35.535.240.243.948.055.960.558.763.961.5

53.159.869.975.070.585.0

106.3117.6

65.380.397.297.0

104.2108.0108.8104.2

107.2119.0120.8

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

14.717.520.222.121.331.537.4

26.530.535.233.7

36.435.639.638.1

34.836.442.6

Utili-ties 3

2.9

1.1

2.0

2.33.14.85.85.54.63.03.64.74.8

6.17.17.68.18.29.8

10.310.510.912.5

13.314.015.416.817.919.621.321.021.922.4

21.423.226.327.426.732.636.9

27.931.534.736.2

35.637.437.936.7

38.338.842.0

Other

1.7

.0

1 l

1 41.92.22 42.42.32.93.84.84.6

5.25.65.45.35.96.67.47.87.68.0

8.48.89.6

10.411.412.313.614.115.015.4

15.516.418.320.221.726.628.3

24.926.327.128.0

28.128.328.528.4

28.529.931.4

Restof theworld

0.2

.0

2

2.2.22

.3

.2

.4

.7

.8

.8

1.01.2

1

4B8

.97R

1.92.32.62.63.13.32.83.03.23.7

3.84.64.86.89.66.18.19.6

6.06.26.36.0

8.67.68.47.7

10.110.79.6

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-82 for industry detail.3 Consists of transportation, communications, electsic, gas, and sanitary services.Note.—The industry classification is on a company basis and is based on the 1972 Standard Industrial Classification

(SIC) beginning 1948, and on the 1942 SIC prior to 1948.Source: Department of Commerce, Bureau of Economic Analysis.

351


TABLE B-82.—Corporate profits of manufacturing industries, 1929-77


Year orquarter

1929

1933 .

1939 .

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969

19701971197219731974197519761977 *

1975: 1—II-III.IV.

1976: l_.II..III.IV.

1977: 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

13.617.616.2

20.924.621.722.019.926.024.724.019.426.2

23.923.026.028.731.938.341.637.941.236.8

27.132.440.644.136.647.966.374 7

29.443.459.659.1

65.368.768.462.9

65.276.477.6

Nondurable goods

Total

2.6

.0

1.7

2.43.14.65.75.95.26.67.8

10.08.1

8.911.49.9

10.19.4

11.811.910.710.012.7

11.911.711.912.814.415.818.017.318.817.7

16.817.318.120.125.129.436.437.7

20.428.133.735.3

38.136.237.433.9

33.737.040.1

Foodand

kindredprod-ucts

1.9L.6

1.6.4.7.8.6

> 2L81.8>.i>.6

11l.ll.Z2.72.82.63.3J.I3.22.9

3.53.32.82.23.07.48.3

5.87.68.27.9

8.77.79.77.1

5.15.68.0

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

3.94.25.05.85.15.97.4

3.95.46.77.4

8.07.87.36.6

7.78.38.1

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

10.27.89.9

5.67.68.79.2

10.49.99.39.9

9.210.59.9

Other

3.72.8

2.74.43.63.32.93.64.13.63.34.2

4.24.04.34.55.35.86.76.27.06.9

5.86.26.87.26.88.4

10.8

5.07.5

10.110.8

11.010.911.210.3

11.712.614.2

Durable goods

Total

2.6

- . 4

1.7

3.16.47.28.17.44.52.45.87.58.1

12.013.211.711.910.514.312.813.39.3

13.5

12.011.314.115.917.522.623.520.622.419.2

10.315.122.524.011.518.529.937.0

9.015.425.923.8

27.232.531.029.0

31.539.437.5

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

.51.62.04.93.32.4

5.92.72.52.1

2.93.52.21.1

1.02.7

.3

Fabri-catedmetal

products

0.8.7

1.11.31.01.0.9

1.01.11.1.9

1.1

.91.01.21.21.42.02.42.42.42.0

1.21.32.12.61.22.93.5

1.72.93.93.2

3.43.83.73.0

3.24.14.3

Machin-ery,

exceptelectri-

cal

1.21.3

1.62.32.31.91.71.72.12.01.42.1

1.81.82.32.43.13.84.44.04.13.6

2.72.73.94.51.54.35.9

2.44.15.35.2

5.25.76.36.6

6.87.78.9

Electricandelec-

tronicequip-ment

3.7.8

1.21.31.5.4

'.\.2

'.ZL.7

.3

:;5L.51.62.53.02.92.82.2

1.11.82.92.6.3

2.03.7

.71.92.72.7

3.13.93.94.0

4.65.35.0

Motorvehicles

andequip-ment

1.42.1

3.12.42.42.62.14.12.22.6.9

2.9

3.02.54.04.94.76.15.13.95.54.8

1.44.95.95.8.2

2.07.2

- 3 . 0

5! 64.8

6.87.87.36.9

8.09.88.5

Other

1.91.7

2.62.82.62.62.93.53.23.12.93.4

2.93.13.53.94.25.05.14.75.75.2

3.03.86.06.63.44.17.2

1.33.16.15.9

5.87.77.77.4

7.99.8

10.4


352


TABLE B-82.—Corporate profits of manufacturing industries, 1929-77—Continued


Year orquarter

1929

1933

1939.

1940.1941. .1942 . . .19431944.1945. . .1946194719481949

195019511952L9531954L955L956195719581959

196019611962L963L96419651966196719681969

19701971L97219731974.. .197519761977 p

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

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

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

Corporate profits before deduction of capita! 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

24.929.126.928.327.134.333.633.9?9.837.1

35.535.240.243.948.055.960.558.763.961.5

53 159.869.975.070.585.0

106.3

65.380 397.297.0

104 ?108,0108.8104.2

107.?119.0120.8

Nondurable goods

Total

3.6

1.1

2.6

3.44.15.97.17.57.07.99.3

11.810.1

11.113.91?.713.213.116.016.515.715.418.4

17.818.019.120.522.624.427.227.129.329.2

29.030.432.?35.140.846.655.2

36.94 5 ?51.353.0

56.354 856 553.3

53 557.?60.7

Food

kindredprod-ucts

2.22.0

2.12.02.32.32.32.92.52.63.03.6

3.23.43.6

.0

.2

.0

.9

.7

.91.8

5.65.55.14.85.7

10.411.7

8.710.711.211.0

11.911.013.210.6

8.79.3

11.8

Chem-icalsand

alliedprod-ucts

2.02.1

2.73.22.82.83.03.93.83.83.64.6

4.44.54.85.35.76.56.86.37.37.1

6 67.18.29.08.69.8

11.9

7.79.3

10.711.5

12.412.211.911.2

12.513.213.2

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

15.113.015.3

10.512.814.114.6

15.715.214.715.5

14.816.115.5

Other

4.23.4

3.35.14.44.13.84.65.24.94.75.7

5.85.76.26.57.58.19.28.99.9

10.2

9 29.9

10.811.611.513.416.3

9.91? 415. 316.0

16 316.316.816.0

17.618.620.2

Durable goods

Total

3 4

.2

2 3

3 87 28 49 59 06.03 36 99.09.7

13.715.314.?15.014.118.317.?18.214.418.7

17.717.?21.1?3.3?5.531.433.331.634.632.3

24 1?9.437.639.929.738 351.1

?8.535.145.944.0

47 953.?5?. 350.9

53.661.860.1

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 53.14.14.78.16.76.1

9.36.05.95.5

6.57.26.04.9

4.96.74.4

Fabri-catedmetal

products

1.0.9

1.31.51.31.21.21.41.41.51.31.5

1.41.51.81.92.12.73.13.33.43.0

2 32.43.33.82.64.55.2

3.24.45.44.8

5.15.55.44.7

4.95.86.1

Machin-

eryexceptelectri-

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 25.46.8

, 7.64.97.89.6

5.97.88.98.7

8.99.3

10.010.3

10.511.512.7

Electricandelec-tronicequip-ment

6.8.9

1.41.51.71.61.51.51.62.01.82.2

1.81.92.12.22.33.33.93.94.13.7

2 83.75.14.93.04.86.6

3.54.85.55.5

6.06.86.87.0

7.68.38.0

Motor

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 87.38.48.33.15.1

10.7

.23.78.68.1

10.011.110.810.8

11.913.612.3

Other

2.22.1

3.03.33.33.33.74.44.24.24.24.8

4.44.65.35.76.27.17.37.38.68.4

6 57.59.S

10.68.19.4

12.8

6.38.4

11.511.3

11.413.313.313.3

13.9lb.916. b

Note.—The industry classification i> on a company basis and is based on the 1972 Standard Industrial Classification(SIC) beginning 1948, and on the 1942 SIC prior to 1948.


353

248-947 O - 78 - i


TABLE B-83.-—Sales, profits, and stockholders* equity, all manufacturing corporations, 1947-77


Year orquarter

194719481949

19501951195219531954

19551956195719581959

1960 . .1961196219631964

19651966196719681969 . .

1970197119721973

1973:IV....

New series:3

1974....197519 76

19 73: IV

1974: |IIIII.. . .IV. . . .

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

1976: 1IIIII.....IV

1977: 1IIIII

All manufacturingcorporations

Sales(net)

150.7165.6154.9

181.9245.0250.2265.9248.5

278.4307.3320.0305.3338.0

345.7356.4389.9412.7443.1

492.2554.2575.4631.9694.6

708.8751.4849.5

1,017.2

275.1

1,060.61,065.21,203.2

236.6

242.0269.4272.1277.0

247.1265.8271.0281.3

284.2307.6301.6309.8

312.3339.6332.4

Profits

Beforeincometaxes *

16.618.414.4

23.227.422.924.420.9

28.629.828.222.729.7

27.527.531.934.939.6

46.551.847.855.458.1

48.153.263.281.4

21.4

92.179.9

104.9

20.6

21.225.925.020.1

15.420.221.722.6

24.529.326.224.9

25.632.427.3

Afterincometaxes

10.111.59.0

12.911.910.711.311.2

15.116.215.412.716.3

15.215.317.719.523.2

27.530.929.032.133.2

28.631.336.548.1

13.0

58.749.164.5

13.2

13.516.315.513.4

9.312.413.214.2

14.818.116.015.6

15.619.716.8

Stock-holders'equity 2

65.172.277.6

83.398.3

103.7108.2113.1

120.1131.6141.1147.4157.1

165.4172.6181.4189.7199.8

211.7230.3247.6265.9289.9

306.8320.9343.4374.1

386.4

395.0423.4462.7

368.0

379.0389.9402.7408.4

410.7420.2427.4435.5

446.5460.1468.9475.3

480.3493.5502.8

Durable goods industries

Sales(net)

66 675. 370.3

86.816.8

122.037 9?? 8

4? 159 5

166.0148.6169.4

173.9175 ?195.5209.0226.3

257.0791 7300.6335.5366.5

363.1382.5435.8527.3

140.1

529.0521.1589.6

122.7

120.3136.8134.8137.1

121.3132.4131.0136.3

137.8153.7146.2151.8

152.6171.3165.3

Profits

Beforeincometaxes 1

7.68.97.5

12.915.412.914.011.4

16.516.515.811.415.8

14.013.616.718.521.2

26.229.225.730.631.5

23.026.533.643.6

10.8

41.135.350.7

10.1

9.512.610.58.6

7.09.39.1

10.0

11.314.812.212.4

12.617.013.1

Afterincometaxes

4.55.44.5

6.76.15.55.85.6

8.18.37.95.88.1

7.06.98.69.5

11.6

14.516.414.616.516.9

12.914.518.424.8

6.3

24.721.430.8

6.2

5.77.66.25.2

4.15.75.56.2

6.79.07.47.7

7.510.37.9


31.134.137.0

39.947.249.852.454.9

58.865.270.572.877.9

82.384.989.193.398.5

105.4115.2125.0135.6147.6

155.1160.6171.4188.7

194.7

196.0208.1224.3

185.8

189.4194.1199.9200.8

201.7207.3209.7213.7

216.7223.4227.1229.9

232.5240.3244.9

Nondurable goodsindustries

Sales(net)

84.190.484.6

95.1128.1128.0128.01?f> 7

136.3147.8154.1156.7168.5

171.8181.2194.4203.6716.8

235.2262.4274.8296.4328.1

345.7368.9413.7489.9

135.0

531.6544.1613.7

113.9

121.7132.6137.3140.0

125.8133.3140.0145.0

146.3153.9155.4158.1

159.7168.4167.1

Profits

Beforeincometaxes 1

9.09.57.0

10.312.110.010.49.6

12.113.212.411.313.9

13.513.915.116.418.3

20.322.622.024.826.6

25.226.729.637.8

10.6

51.044.654.3

10.5

11.713.314.511.5

8.410.912.712.6

13.214.514.012.6

13.015.414.3

Afterincometaxes

5.66.24.6

6.15.75.25.55.6

7.07.87.56.98.3

8.28.59.2

10.011.6

13.014.614.415.516.4

15.716.718.023.3

6.7

34.127.733.7

7.0

7.88.79.48.2

5.26.87.78.1

8.19.18.67.9

8.19.58.8


34 038.140.6

43.551 153.955.758.2

61.366.470 674.679.2

83.187.792 396.3

101.3

106.3115.1122.6130.3142.3

151.7160.3172.0185.4

191.7

199.0215.3238.4

182.1

189.6195.8202.8207.6

209.0212.9217.6221.8

229.8236.7241.7245.5

247.8253.2257.9

* In the old series, "income taxes" refers to Federal income taxes only, as State and local income taxes had alreadybeen deducted. In the new series, no income taxes have been deducted.

2 Annual data are average equity for the year (using four end-of-quarter figures).3 See "Quarterly Financial Report," first quarter 1974, Federal Trade Commission.Note.—Data are not necessarily comparable from one period to another due to changes in accounting procedures,

industry classifications, sampling procedures, etc. For explanatory notes concerning compilation of the series, see "Quar-terly Financial Report," Federal Trade Commission.

Source: Federal Trade Commission.

354


TABLE B-84.—Relation of profits after taxes to stockholders' equity and to sales, all manufac-turing corporations, 1947-77

Year or quarter

19471948 .1949

19501951195219531954

1955195619571958 . .1959

19601961196219631964

196519661967 . - . .19681969

1970197119721973

1973: IV

New series: 2

19741975.1976

1973: IV . . . .

1974: 1.

III .IV

1975: 1. . . .IIIIIIV

1976: 1I I . . .IllIV

1977: 1. .

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

14.911.613.9

14.3

14.316 715.413.2

9.011 812.413.1

13.315.713.713.1

13.016.013.3

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

12.610.313.7

13.3

12.115 612.310.4

8.110.910.511.6

12 416.113 013.4

13.017.112.9

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

17.112.914.2

15.3

16.417.818.515.8

10.012.814.114.5

14 215.414 312.9

13.015.013.7

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

5.54.65.4

5.6

5.66.05.74.8

3.74.74.95.1

5.25.95.35.0

5.05.85.0

Durablegoods

industries

6.77.16.4

7.75.34.54.24.6

5.75.24.83 94.8

4.03.94.44.55.1

5.75.64.84.94.6

3.53.84.24.7

4.5

4.74.15.2

5.0

4.85.54.63.8

3.44.34.24.5

4.95.85.15.1

4.96.04.8

Nondurablegoods

industries

6.76.85.4

6.54.54.14.34.4

5.15.34.94.44.9

4.84.74.74.95.4

5.55.65.35.25.0

4.54.54.44.8

5.0

6.45.15.5

6.1

6.46.66.85.9

4.15.15.55.6

5.65.95.65.0

5.05.65.3

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.

2 See "Quarterly Financial Report," first quarter 1974, Federal Trade Commission.

Note.—Based on data in millions of dollars.See also Note, Table B-83.

Source: Federal Trade Commission.

355


TABLE B-85.—Relation of profits after taxes to stockholders9 equity and to sales, all manufactur-ing corporations, by industry group, 1976-77

Industry

Ratio of profits after incometaxes (annual rate) to stock-holders' equity—percent1

1976

III

1977

I II III

Profits after income taxes perdollar of sales—cents

1976

111 IV

1977

III

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 equipment2

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 products2

Industrial chemicals and syn-thetics

Drugs..

Petroleum and coal productsRubber and miscellaneous plastics

productsOther nondurable manufacturing

products

13.7

13.0

16.18.3

8.77.4

15.815.412.310.5

9.1

13.0

16.3

15.2

14.3

16.816.96.6

13.616.315.3

13.518.7

13.7

7.6

14.5

13.1

13.4

11.17.3

7.96.1

12.915.514.515.4

16.9

12.0

13.9

13.8

12.9

13.115.45.3

10.915.412.8

11.016.5

13.8

11.4

11.4

13.0

13.0

5.15.1

3.58.1

13.714.812.518.6

21.0

14.0

15.0

12.6

13.0

11.416.56.8

11.212.714.9

13.718.4

13.9

12.4

10.6

16.0

17.1

17.09.6

11.1

18.817.816.422.1

24.4

16.1

15.4

17.9

15.0

15.019.07.0

14.118.416.8

16.018.8

13.9

15.0

15.6

13.3

12.9

17.5- . 8

- 4 . 45.5

15.416.214.912.2

11.3

14.7

17.2

18.2

13.7

13.115.89.7

12.717.814.8

12.118.1

13.7

10.9

11.1

5.3

5.1

6.23.9

3.93.8

4.97.54.43.5

3.3

3.7

8.6

4.4

5.6

3.99.22.05.75.47.5

6.712.6

8.1

2.8

3.1

5.0

5.1

4.63.6

3.83.1

4.17.54.94.6

5.3

3.2

7.5

4.0

5.0

3.17.51.64.75.06.4

5.511.0

7.8

4.0

2.4

5.0

4.9

2.42.4

1.64.0

4.47.14.55.4

6.2

4.0

8.4

3.8

5.0

2.78.72.04.84.27.0

6.512.1

7.7

4.3

2.4

5.8

6.0

6.33.9

3.54.8

5.67.95.76.0

6.8

4.3

8.0

4.9

5.6

3.510.21.85.95.97.7

7.312.3

7.7

4.8

3.4

5.0

4.8

6.4- . 3

- 1 . 82.8

4.77.55.23.9

3.8

4.3

9.1

4.9

5.3

3.18.12.85.46.07.1

5.912.1

7.7

3.6

2.3

1 Ratios based on equity at end of quarter.2 Includes other industries not shown separately.Source: Federal Trade Commission.

356


TABLE B—86.—Sources and uses offunds, nonjarm nonfinancial corporate business, 1946—77


Year or quarter

1946194719481949 . . . _.

19501951 . . . .195219531954 . .

195519561957 . . _19581959

19601961196219631964

19651966 . .196719681969

19701971197219731974

19751976

1976- 1IIIIIIV

1977: 1IIIII

Total

18.426 728.519.7

41.835.929.227.329.1

52 044.042.341.355.2

47.654.358.866.072.3

90.996.993.7

114.5118.4

104.3127.1152.9180.7180.7

148.4213.5

219.8220.4204.3209.5

268.6240.4240.7

nternal1

7.812.618.819.3

17.819.721.221.123.5

28.828.730.429.635.0

34.735.341.644.550.1

56.160.561.362.361.7

58.968.680.883.875.7

107.8125.8

125.4125.0130.5122.3

125.7134.8145.3

Sources

External

Total

10.614.19.8

.4

24.016.28.06.15.7

23.215.411.911.720.2

12.919.117.221.422.2

34.936.432.452:156.7

45.558.572.296.9

105.0

40.687.7

94.495.573.887.2

143.0105.695.4

Credit market funds

Total

6.98.46.53.1

8.110.69.55.76.4

10.212.912.310.512.5

11.912.412.312.514.7

20.525.529.331.838.2

40.744.557.772.781.8

36.658.3

52.160.251.769.4

86.687.765.5

Long-term 2

3.65.46.74.9

4.26.48.06.06.7

6.47.5

10.410.58.1

7.510.89.48.48.8

9.315.921.618.820.7

32.140.640.737.039.1

49.348.6

50.146.351.046.6

42.455.849.3

Short-term 3

3.33.0

- . 2- 1 . 8

3.94.11.4

- . 3- . 3

3.85.41.9

- . 04.4

4.51.63.04.05.9

11.29.67.8

13.017.6

8.63.9

17.035.742.7

-12.79.7

2.113.4

.722.8

44.331.816.2

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

4 814.114.524.223.2

4.129.4

42.33b. 322.117 8

56.317.929.9

Uses

Total

17.125.324.917.9

39.937.229.127.727.7

49 2- 41.1

39.438.751.7

40.650.454.959.164.1

82.288.389.7

105.8112.6

95.9114.6136.5162.6163.5

132.3197.2

203.2202.5192.6190.5

257.4233.6232.0

Pur-chase

ofphysi-

calassets*

18.517 019.914.4

23.629.824.525.422.8

32 737.135.227.937.5

38.037.243.844.950.7

62.075.773.077.284.3

80.386.0

100.3123.3134.7

98.6140.3

134.3143.1150.4133.4

153.7169.5173.7

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

20.212.616.728.728.3

15.628.636.239.328.9

33.756.9

68.959.442.157.1

103.764.158.3

Discrep-ancy

(sourcesless

uses)

1 31 43.61.9

1.9- 1 3

1- . 51.4

2 83.02.92 53.5

7.03 93.96.98.2

o o8.64 08.65.8

8 412.516 518.117.1

16.216.3

16.617.911.719 0

11.36.88.7

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.


357


TABLE B-87.— Current assets and liabilities of U.S. corporations, 1939-77[Billions of dollars]


19391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961

196119621963196419651966 . .196719681969197019711972 .19731974 . . . .197519761976- 1

IIIIIIV

1977: 1IIIII

Current assets

Total

Cashon

handandin

banks*

U.S.Gov-ern-ment

securi-ties 2

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 s

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

254.7269.7288.2305.6336.0364.0386.2426.5473.6492.3529.6573.5643.3712.2731.6816.8753.5775.4791.8816.8845.3874.7909.8

10.813.113.917.621.621.621.722.825.025.326.528.130.030.831.133.434.634.834.937.436.337.241.1

34.837.139.840.542.841.945.548.247.950.253.357.561.662.768.177.068.470.871.177.075.077.979.1

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

11.011.719.426.421.723.323.926.427.324.124.1

0.1.6

4.05.04.72.7.7

384243

1.12.72.82.62.42.32.62.82.82.93.13.4

3.43.73.63.43.94.55.15.14.84.23.53.43.53.53.64.33.63.74.34.34.64.85.3

22.123.927.423.321.921.823.230.0

.3

.4

.055.758.864.665.971.286.695.199.4

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

1.41.51.41.31.31.42.41.71.61.61.41.72.12.42.43.14.25.96.77.59.1

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

Nonfinancial corporations

94.599.5

106.9116.5130.2142.1150.2168.8192.2201.9217.6240.0266.1289.7294.6323.9307.3318.1324.2323.9342.0356.6373.8

95.0100.5106.8113.1126.6142.8153.1166.0186.4193.3200.4215.2246.7288.0285.8315.4288.8295.6302.1315.4322.1332.5343.1

10.512.114.416.318.119.722.026.931.635.043.848.154.456.660.069.863.663.966.369.874.378.884.5

123.7132.4145.5156.6178.8199.4211.3244.1287.8304.9326.0352.2401.0450.6457.5499.9465.9475.9484.1499.9516.6532.0556.3

0.6.8

2.02.21.8.9.1

31

21.922.625.624.024.125.024.831.5

.639.337

.41.32.32.22.42.32.42.31.71.71.81.8

1.82.02.52.73.14.45.86.47.36.64.94.04.35.26.47.06.46.87.07.06.85.76.2

.547.953.657.057.359.373.881.584.388.799.3

105.0112.8

82.686.794.5

102.2118.4133.1141.3162.4191.9204.7215.6230.4261.6287.5281.6295.9280.5287.0284.7295.9302.2313.2323.6

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

13.314.315.716.218.317.413.214.312.610.013.115.118.123.220.726.823.922.024.926.828.624.526.9

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

102.6117.0134.8148.8170.2155.0160.1167.5170.2179.0188.6199.7

24 527.532.336.342.145.651.65fi ?62.168.672.481.686.590.191.894.9

103.0107.4111.6118.7124.2128.6135.6

131.0137 3142 7149.0157.2164.6174.9182.4185.7187.4203.6221.3242.3?fi1 5274.1316.9287.6299.4307.7316.9328.7342.7353.5

1 Includes time certificates of deposit.* 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.

* I ncludes marketable investments (other than Government securities and time certificates of deposit) as well assundrycurrent assets.

5 Includes commercial paper outstanding, the portion of long-term debt due in less than 1 year, and miscellaneouscurrent liabilities not elsewhere classified.

6 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 cf 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 rr.any different sources, including data on corporations registered with theSecurities and Exchange Commission.

Source: Federal Trade Commision.

358


TABLE B-88. —State and municipal and corporate securities offered, 1934-77


Year or quarter

State andmunicipalsecuritiesofferedfor cash

(principalamounts)

Corporate securities offered for cash

Totalcorpo-

rateoffer-ings

Type of corporate security

Com-monstock

Pre-ferredstock

Bondsandnotes

Industry of corporate issuer

Manu-fac-

turing^

Elec-tric,gasand

water *

Trans-porta-t i on '

Com-munica-

tionOther

1934....

1939

194019411942....1943....1944....

1945....1946....1947....1948194919501951....1952....1953....1954

19551956195719581959

I960....1961....19621963....1964....

1965....1966....196719681969

19701971197219731974

19751976

1976: I.II.IIIIV

1977: I.II.Ill

939

1,128

1,238956524435661

7951,1572,3242,6902,907

3,5323,1894,4015,5586,969

5,9775,4466,9587,4497,681

7,2308,3608,55810,10710, 544

11,14811,08914,28816,37411,460

17,76224, 37022, 94122,95322, 824

29, 32633,845

8,2748,6147,8549,102

10, 53313, 35310, 891

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, 22939,70531, 68037, 729

52, 53952,161

13, 74313,91010,81113,698

12,09512, 26310,624

19

87

1081103456163

397891779614736

8111,2121,3691,3261,213

2,1852,3012,5161,3342,027

1,6643,2941,3141,0112,679

1,4731,9011,9273,8857,640

7,0379,48510, 7077,6423,979

7,4148,305

2,7892,4011,4221,693

1,8662,1671,026

98

183167112124369

7581,127762492425

631838564489816

635636411571531

409450422343412

724580881636691

1,3903,6833,3713,3412,253

3,4592,789

764720439866

751707852

372

1,979

2,3862,389917990

2,670

4,8554,8825,0365,9734,890

4,9205,6917,6017,0837,488

7,4208,0029,9579,6537,190

8,0819,4208,96910,85610,865

12,58514,90421,20616,74017,666

29,02330,06125,62820, 70031, 494

41, 66641,069

10,19110, 7878,95111,140

9,4799,3898,745

67

604

992848539510

1,061

2,0263,7012,7422,2261,414

1,2003,1224,0392,2542,268

2,9943,6474,2343,5152,073

2,1524,0773,2493,5143,046

5,4147,05611,0696,9586,346

10,64711, 6516,3984,83210, 408

18, 65115, 479

4,4973,7572,9824,244

2,7743,1822,826

133

1,271

1,2031,357472477

1,422

2,3192,1583,2572,1872,320

2,6492,4552,6753,0293,713

2,4642 5293,9383,8043,258

2,8513,0322,8252,6772,760

2,9343,6664,9355,2936,715

11,00911,72111,31410, 26912, 837

15, 89414, 395

4,0443,1403,3173,897

3,0193,8522,482

176

186

32436648161609

1,454711286755800

813494992595778

893724824824967

718694567957982

702,494,639,564,779

,253,148860811

1,005

2,6353,596

1,087605

1,200704

354357486

902571

399612760882720

1,1321,4191,4621,424717

1,0501,8341,3031,1052,189

9452,0031,9751,7752,172

5,2915,8404,8364,8723,930

4,4643,561

7651,878378541

1,4151,044644

103

15996

21109

211329293

1,008946

1,3001,0581,0682,1382,037

2,7572,6192,4261,9912,733

3,3833,5272,7613,9574,980

4,7873,1674,3965,6718,985

9,25212,86716,29810, 8979,551

10,89515,129

3,3494,5312,9364,313

4,5363,8284,184

1 Prior to 1948. also includes extractive, radio broadcasting, airline companies, commercial, and miscellaneous companyissues.

« Prior to 1948, also includes telephone, street railway, and bus company issues,s Prior to 1948, includes railroad issues only.

Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the UnitedStates in amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively tocommercial banks, intercorporate transactions, and issues to be sold over an extended period, such as employee-purchaseplans. Closed-end investment company issues are included beginning 1973.

Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle." and "The Bond Buyer."

359


Yearor

quarter

1949

1950195119521953195419551956195719581959

1960196119621963196419651966196719681969...

1970 .1971 . .19721973197419751976 . .1977

1976' JanFebMarAprMayJune . _




TABLE B-89.—Common stock prices and yields, 1949-77

Common stock pricesl

Com-posite

9.02

10 8713.0813 8113 6716.1921 5424 4023 6724 5630 73

30 0135.3733.4937 5143 7647.3946.1550.7755.3754.67

45.7254.2260.2957.4243.8445.7354.4653.69

51.3153 7354.0154 2853*8754.23

55 6855 1856.2954.4354 1756.34

56.2854.9354.6753.9253.9654.30

54 9453.5152.6651.3751.8751.83

New York Stock Exchange indexes(December 31,1965=50)2

Indus-trial

46.1851.9758.0057.44

48.0357.9265.7363.0848.0850.5260.4457.86

57.0059.7960.3060 6260 2260.70

62 1161 1462.3560.0759 4561.54

61.2659.6559.5658.4758.1358.44

58 9057.3056.4154.9955.6255.55

Trans-portation

50.2653.5150.5846.96

32.1444.3550.1737.7431.8931.1039.5741.09

35.7838.5339.1738 6639.7140.41

42 1240 6340.3638.3739 2841.77

41.9340.5940.5241.5143.2543.29

43 5241.0439.9938.3339.3039.75

Utility

45.4145.4344.1942.80

37.2439.5338.4837.6929.7931.5036.9740.92

35.2336.1235.4335 6935.4035.16

36 4937 5638.7738.3338 8540.61

41.1340.8640.1840.2441.1441.59

42 4441.5040.9340.3840.3340.36

Finance

44.4549.8265.8570.49

60.0070.3878.3570.1249.6747 1452.9455.25

48.8352 0652.6152 7150 9951.82

54 0654 2254.5252.7453 2557.45

57.8655.6554.8454.3054.8055.29

57 2956.5255.3353.2454.0453.85

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

753.19884.76950.71923.88759. 37802.49974. 92894. 63

929. 34971 70988. 55992 51988 82985.59

993 20981 63994. 37951.95944 58976.86

970. 62941.77946.11929.10926.31916.56

908 20872.26853.30823.96828. 51818. 80

Standard& Poor's

compositeindex

(1941-43 =10)*

15.23

18 4022.3424.5024 7329.6940.4946.6244 3846.2457.38

55.8566 2762.3869.8781.3788.1785.2691.9398.7097.84

83.2298.29

109.20107.4382.8586.16

102.0198.20

96.86100 64101.08101 93101.16101.77

104. 20103 29105.45101.89101 19104.66

103.81100.96100. 5799.0598.7699.29

100 1897.7596.2393.7494.2893.82

Common stock yields(percent)«

Dividend-priceratio«

6.59

6 576.135.805 804.954.084.C94.353.973.23

3.472.983.373.173.013.003.403.203.073.24

3.833.142.843.064.474.313.774.62

3.803.673.653.663.763.75

3.643.743.713.854 043.93

3.994.214.374.474.574.60

4 594.724.824.975.025.11

Earnings-priceratio7

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

11.599.048.90

8.43

8.87

9.07

9.22

10.23

10.37

1 Averages of daily closing prices, except New York Stock Exchange data through May 1964 are averages of weekly closingprices.

2 Includes all the stocks (more than 1,500) listed on the New York Stock Exchange,s Includes 30 stocks.4 Includes 500 stocks.s Standard & Poor's series, based on 500 stocks in the composite index.6 Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednes-

day closing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.7 Ratio of quarterly earnings (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.

360


TABLE B-90.—-Business formatior

Year or month

19291933»1939»19401941 .19421943194419451946194719481949

1950 . . . .195119521953195419551956195719581959

1960196119621963 .1964 . . .19651966196719681969

1970 .1971197219731974 .19751976

1976: JanFeb. .MarAprMayJune

JulyAug."::::"":::SeptOct. .NovDec. .

1977: Jan.FebMarApr _.MayJune.. _ _July _ ._Au?Sept _OctNOVP. .

Indexof net

businessformation

(1967-100)

112.687.893.193.398.294.491.399.195.290.489.596.892.488.390.793.397.298.698.2

100.0109.8116.2108.0111.0117.9117.9112.4108.9117.6

Newbusiness

rations(num-ber)

132.916112,89796,34685,64093,09283,77892,946

102,706117,411139,915141,163137,112150,781193,067182,713181,535182,057186,404197,724203,897200,010206,569233,635274,267264,209287,577316,601329,358319,149326, 345375,766

i and business failures, 1929—77

Business failures1

nessfailurerates

103.9100.369.663.054.444.616.46.54.25.2

14.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.438.442.634.8

Seasonally adjusted

115.4114.5116.3115.7114.9118.6117.8117.8118.3120.1121.3121.0

123.3123.0124.3122.4123.2125.8126.6130.6129.6131 9

29,63929, 04331,02729,87628, 63731, 60030,11432, 74632, 36832,88733,49633,495

34, 51933,17335,00033, 39434,44237,22935,74939,52537,81238 94338|472

36.938.236.335.435.032.731.235.734.934.733.832.0

28.429.632.331.830.230.824.129.727.0

Number of failures

Total

22,90919,85914,76813,61911,8489,4053,2211,222

8091,1293,4745,2509,2469,1628,0587,6118,862

11,08610,96912,68613,73914,96414,05315,44517,07515,78214,37413,50113,51413,06112,3649,6369,154

10,74810,3269,5669,3459,915

11,4329,628

886867965888835775689798714745770696

664693858804724732513687560

Liability sizeclass

Under$100,000

22,16518,88014,54113,40011,6859,2823,1551,176

7591,0033,1034,8538,7088,7467,6267,0818,075

10,22610,11311,61512,54713,49912,70713,65015,00613,77212,19211,34611,34010,83310,1447,8297,1928,0197,6117,0406,6276,7337,5046,176

530572618587546498458498454496509410

418425515520440455325401342

$100,000andover

744979in219163123664650

126371397538416432530787860856

1,0711,1921,4651,3461,7952,0692,0102,1822,1552,1742,2282,2201,8071,9622,7292,7152,5262,7183,1823,9283,452

356295347301289277231300260249261286

246268343284284277188286218

Amount of currentliabilities (millions

of dollars)

Total

483.3457.5182.5166.7136.1100.845.331.730.267.3

204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.6

1,090.11,213.61,352.61,329.21,321.71,385.71,265.2

941.01,142.11,887.81,916.92,000.22,298.63,053.14, 380.23,011.3

257.1211.8247.7206.4233.3373.6305.6264.0250.3183.6277.6200.4

168.5194.2248.2207.3473.9305.9577.8338.397.0

Liability sizeclass

Under$100,000

261.5215.5132.9119.9100.780.330.214.511.415.763.793.9

161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6256.9298.6257.8

22.023.926.023.123.320.319.121.518.420.421.118.6

17.718.321.722.118.419.214.218.514.0

$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

1,618.41,645.61,741.52,063.02,796.34,081.62,753.4

235.1187.8221.6183.3210.0353.3286.5242.4231.9163.2256.5181.9150.9175.9226.5185.2455.4286.7563.6319.783.0

i Commercial and industrial failures only. Excludes failures of banks end railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.

» Failure rate per 10,000 listed enterprises.s Series revised; not strictly comparable with earlier data.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet. Inc.

361


AGRICULTURETABLE B-91.—Income of farm people and farmers, 1929-77

[Quarterly data at seasonally adjusted annual rates]

Year orquarter

192919331939

1940194119421943 . .1944194519461947 . . .19481949

1950195119521953195419551956 . .195719581959

1960196119621963196419651966196719681969

197019711972 . . .19731974197519761977 v

1975" 1

IIIIV

1976- 1

IIIIV

1977: 1IIIII

Personal incomereceived by totalfarm population

Fromall

sources

Fromfarm

sources1

Fromnon-farm

sources 2

Income received from farming

Realized gross

Total s

Cashreceipts

frommarket-

ings

Produc-tion ex-penses

Net to farmoperators

Exclud-ing netinven-tory

change

Includ-ing netinven-tory

change*

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

27.428.734.448.644.744.342.044.5

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

13.013.416.829.023.121.517.818.6

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

14.415.317.619.521.622.824.225.9

13.97.1

10.6

11.113.918.823.424.425.829.534.134.731.6

32.337.136.835.133.733.334.434.238.137.9

38.540.241.742.743.145.550.649.951.756.3

58.660.670.195.5

100.096.7

103.6

87.497.9

103.498.1

102 1109 6100 9101.9

105.8107 599.5

11.35.37.9

8.411.115 619 620.521.724 829.630.227.8

28.532.932.531.029.829 530.429.733.533.6

34.235.236.537.537.339.443.442.844.248.2

50.552.961.287.192.488.194.3

79.789.594.189.0

93 0100 491 592.4

96.197 789.3

7.74.46.3

6.97.8

10.011.612.313.114.517.018.818.0

19.522.322.821.521.822 222.723.725.827.2

27.428.630.331.631.833.736.538.239.542.1

44.447.452.365.672.275.981.7

72.475.778.876.7

79 184 282 381.2

83.587 583.3

6.32.74.3

4.26.18.8

11.812.112.815.017.115.913.6

12.814.814.013.611.911.111.710.512.310.7

11.111.611.411.111.311.914.011.712.214.2

14.113.217.829.927.720.821.9

15.022.224.621.4

23 025 418 620.7

22.320 016.2

6.22 64.4

4.56.59 9

11 711.712.315 115.417.712.8

13.615.915.013.012.411.311.311.113.210.7

11.512.012.111.810.512.914.012.312.314.3

14.214.618.733.326.124.320.0

19.023.727.526.9

21.523.217.618.0

21.820.517.2

Net income perfarm includingnet inventory

change

Currentdollars

1967dollars'

Dollars

945379685

7061,0311,5881,9271,9502,0632,5432,6153,0442,233

2,4172.9362,8782,6042, 5792,4292,4932,5363,1112,615

2,9073,1263,2673,2953,0353,8434,2863,9034,0134,766

4,7905,0306,504

11,7279,2328,6377,203

6,7708,4409,7909,580

7,7408,3506,3306,480

7,9207,4506,250

1,9691 1151,851

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

4,2024,2$35,2888,8176,1145,2034,093

4,1805,1205,7905,600

4,5004,8003,5803,600

4,3204,0003,290

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).

4 Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.5 Income in current dollars divided by the index of prices paid by farmers for family livinp items on a 1S67 base. As of

January 1977 movement of the index is based on the overall change in the consumer price index (Department of Labor)Source: Department of Agriculture, except as noted.

362


TABLE B-92.—Farm production indexes, 1929-77

[1967 = 100]

Y«ar

1929....

1933....

1939....

1940...1941...1942...1943...1944...

1945...1946...1947...1948...1949...

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

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

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

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

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

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

Farmout-put»

53

51

58

6062706971

7071697674

7476797980

8282818788

9191929695

9895100102102

101111110112106

114117121

Crops2

TotaP

62

55

64

6768767175

7377738379

7678818179

8282808989

9391929693

9995100103104

101112113119109

121121129

Feedgrains

48

44

51

5256645962

6065507263

6459636164

6868748084

8778798675

88891009599

8911611211593

114120124

Hayandfor-age

71

62

68

7675828079

8177747473

7881798181

8682898985

9090939394

989710099100

99105104109104

108102108

Foodgrains

52

36

48

5260635467

7072858170

6564837667

6366629173

8780747786

888810010698

91107102113122

142140131

Vege-tables

64

62

69

7273788480

8291808482

8378798281

8489868987

8994929289

9697100104101

100100101103102

101106107

Fruitsandnuts

74

75

95

9197

, 968396

87104999195

9698959697

9397889698

9498989697

1009810098116

109116104124125

135130136

Cot-ton

205

180

163

173148177158169

125120164206221

138209209227188

203184151157200

196196205211209

205130100148137

139145187175158

112142195

To-bacco

76

69

96

7464727199

101118107101100

103119115105114

112111858891

99105118119113

94961008791

9786888>101

11010998

Oilcrops

11

8

25

2929404136

3634394745

4647464749

5360586964

6877788181

9597100114116

117121131155127

153132171

Livestock and products'

Total 3

53

57

59

6064717773

7371706872

7578787982

8484838488

8791929597

9597100100101

105108108105106

101105108

Meatani-mals

52

58

59

6063728173

6968676669

7379797881

8583808187

8588909597

9296100101102

108112110108110

102106108

Dairyprod-ucts

75

79

81

8387919091

9493928991

9290919597

981001009998

100102103102104

1041011009998

1001011029899

98103105

Poul-tryandeggs

33

32

35

3639455252

5451504954

5759606164

6369707476

7682828487

909610098100

106107109106106

103110111

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.3 Includes certain items not shown separately.

Source: Department of Agriculture.

363


TABLE B-93.—Farm population, employment^

Year

1929

1933

1939

1940 . . . .1941194219431944

19451946194719481949 .

19501951195219531954

19551956195719581959

I9601961196219631964

19651966196719681969

19701971197219731974

197519761977 p

Farm population(April l ) i

Mum

ber(thou-sands)

30, 580

32,393

30, 840

30, 54730,11828,91426,18624, 815

24, 42025, 40325, 82924,38324,194

23, 04821, 89021,74819, 87419,019

19,07818,71217,65617,12816, 592

15, 63514,80314,31313,36712,954

12, 36311, 59510, 87510, 45410, 307

9,7129,4259,6109,4729,264

8,8648,2537,800

As per-cent of

totalpopu-

lation 2

25.1

25.8

23.5

23.122.621.419.217.9

17.518.017.916.616.2

15.214.213.912.511.7

11.511.110.39.89.4

8.78.17.77.16.8

6.45.95.55.25.1

4.74.64.64.54.4

4.23.83.6

Farm employment(thousands) 3

Total

12,763

12, 739

11,338

10,97910,66910,50410, 44610, 219

10,00010, 29510, 38210, 3639,964

9,9269,5469,1498,8648,651

8,3817,8527,6007,5037,342

7,0576,9196,7006,5186,110

5,6105,2144,9034,7494,596

4,5234,4364,3734,3374,389

4,3424,3764,140

Familyworkers

9,360

9,874

8,611

8,3008,0177,9498,0107,988

7,8818,1068,1158,0267,712

7,5977,3107,0056,7756,570

6,3455,9005,6605,5215,390

5,1725,0294,8734,7384,506

4,1283,8543,6503,5353,419

3,3483,2753,2283,1693,075

3,0262,9992,849

Hiredworkers

3,403

2,865

2,727

2,6792,6522,5552,4362,231

2,1192,1892,2672,3372,252

2,3292,2362,1442,0892,081

2,0361,9521,9401,9821,952

1,8851,8901,8271,7801,604

1,4821,3601,2531,2131,176

1,1751,1611,1461,1681,314

1,3171,3771,291

and productivity, 1929- 77

Per

unit oftotalinput

52

53

59

6062686667

6871687471

7171747576

7880808787

9091929695

10097

100102103

102111110111105

115116119

Farm output

Per hour of farm work

Total Crops

Index, 1967 =

16

16

19

2021242424

2627283132

3435383942

4447515759

6567717781

8992

100106110

112126129133129

144152155

16

15

20

2123252425

2729293333

3635394042

4548536161

6668727779

9094

100106108

110120124127117

130133134

Live-stockand

products

100

26

25

27

2728303130

3132333435

3739404143

4648505458

6266717782

8693

100105112

121130138144156

160175180

Cropproduc-

tionper

acre 4

56

50

60

6263706468

6771677570

6970737271

7476778685

8992959795

10097

100105106

104112115115103

112l i l117

1 Farm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian populationliving on farms, regardless of occupation

3 Total population of United States as of July 1 including Armed Forces overseas.2 Includes persons doing farmwork on all farms. These data, published by the Department of Agriculture, Statistical

Reporting Service, differ from those on agricultural employment by the Department of Labor (see Table B-29) because ofdifferences in the method of approach, in concepts of employment, and in time of month for which the data are collected.See monthly report on "Farm Labor."

* Computed from variable weights for individual crops produced each year.

Sources: Department of Agriculture and Department of Commerce (Bureau of the Census).

364


TABLE B-94.—Indexes of prices received and prices paid by farmers and selected farmresource prices, 1929-77

(1967=100, except as noted]

Year or month

192919331939..

1940194119421943194419451946194719481949

1950195119521953195419551956195719581959

I960196119621963196419651966196719681969

1970 . .197119721973 .19741975197619771976: Jan 15

Febl5Mar 15Apr 15May 15June 15__

July 15Augl5Sept 15Oct 15Novl5Dec 15

1977: Jan 15Feb 15Mar 15Apr 15May 15June 15

July 15Augl5Sept 15Oct 15Novl5Dec 15

Prices received by farmers

Allfarm

products

592838

40496477798394110115100

1031211151029893929410096

959698979598106100102107

110113125179192185186183

186187185190191195

194186186178173178

183187190191194184

180175174178179181

Crops

603136

404864838890102117113100

1031181191071081031041009998

9910110310710610310610010097

100-108114175224201197193

191193194193198209

214201204195186190

198203211213214198

182173171178185183

Live-stockand

products

582539

4050627271778810511599

10212211197908582899993

929193898694106100104117

118118136183165172177175

181182178186185184

179175172165162169

170174171172176173

179177177177174180

Prices paid by farmers

Allitems,

interest,taxes,andwagerates

473236

36394450535661707673

75828481818181848687

88889091929499100103108

112118125144164180192202

189191191191191193

194193193192192193

198200201204204204

203202201201202203

Familylivingitems

483437

38404652545763747875

76838484848485888989

90909192939598100104109

114118123133151166176

(3)172172173174174175

17717717817918018118?

B333 3

3333

(3)

(3)

Produc-tionitems

513442

43455257606167788783

86959589898787909293

929394959496100100100104

108113121146166182193200

190192193193193196

196194194192191193

196199201204205203

201199197198199200

Selected resource prices

Tractorsandself-pro-pelledma-

chinery

9296100104111

116122128137161195217238

211

220

224

233

241

245

Fertil-izer

1031021009487

889194102167217185181

182

177

181

183

182

179

Averagehourlywagerate,allhiredfarm

workers1

$0.73.68

.6977.81.82.81.8286.88.9295

979901n1)n«14

1.23L.33L.44L.55

1.64L.73HA

2.002.292.432.66

2 75

2 66

2.53

2 80

2 96

2 82

2.77

2.99

Averagefarmreal

estatevalueperacre2

271619

19192123262932363941

40465152515355586166

68697377828693100107113

117122132150187213242283

242

267

283

296

1 Without room or board.> Average for 48 States. Annual data are for March 1 of each year through 1975 and for February 1 beginning 1976.

Monthly data are for first of month.3 Series discontinued. Consumer price index (Department of Labor) substituted in calculating total prices paid.


365


T A B L E B-95.—Selected measures of farm resources and inputs.

Year

1929

1933

1939

1940.1941194219431944

194519461947.19481949

19501951195219531954

19551956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

197519761977 P. _

Cropshar-vested(mil-lionsof

acres) i

365

340

331

341344348357362

354352355356360

345344349348346

340324324324324

324302295298298

298294306300290

293305293321330

337338347

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

5.35.15.2

1929-77

Index numbers of inputs (1967=100)

Total

102

96

98

100100103104105

103101101103105

104107107106105

105103101100102

101100100100100

989810010099

99100100101101

100101102

Farmlabor

329

321

294

293288296292289

271260246240231

217218208200192

185174162156151

145139133129122

1101031009793

9089858583

807878

Farmreal

estate

103

97

102

1031021009898

98102103103104

105105105105105

105102102100101

100100100100100

99991009998

9896959493

939494

Me-chani-cal

powerandma-

chinery

38

32

40

4244515557

5857647280

8490949696

9798979798

9794949393

9496100101101

100102101105109

112113114

Agri-culturalchemi-cals 2

10

6

11

1314151720

2021232527

2932353637

3941414349

4953586571

7585100105111

115124131136140

127141146

Feed,seed,andlive-stockpur-

chases 3

31

28

41

4245485252

5453555661

6367696971

7275747984

8488909092

939710097101

104111113116107

100107109

Taxesand

interest

73

75

72

7273737779

8081817982

8282858685

8887868793

9495969899

100100100101100

10099100100101

101100101

Miscel-laneous

86

82

78

7879767982

8081838791

8793939290

94909498103

105105108109113

109104100106105

109108115111110

104116113

i Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts, and farm gardens.* Fertilizer, lime, and pesticides.s Nonfarm constant dollar value of feed, seed, and livestock purchases.Source: Department of Agriculture.

366


TABLE B-96.—Comparative balance sheet of the farming sector, 1929-78

(Billions of dollars]

Beginning ofyear

1929

1933.

1939

194019411942.19431944

19451946194719481949

19501951195219531954

195519561957.19581959

19601961.196219631964 .

19651966196719681969 . .

1970 .1971197219731974

1975 _ .19761977

1978 P

Assets

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

134.7154.4170 4168.0164.9

169.1174.1183.2191 6208.8

210 6211 1219.5227 9235.8

244 0261 1274.4288 3303.1

315.3326.6353.2398.2486.2

527.5592.8670.9

729.6

Realestate

48.0

30.8

34.1

33.634 437.541.648.2

53.961.068.573.776.6

77.689.598 5

100 198.7

102.2107.5115 7121 8131.1

137 2138 5144.5150 2158.6

167 5179 2189.1199 7209.2

215.9223.9241.4271.0335.4

378.7429.1497.2

546.9

Live-stock i

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

24.629.529.1

Other physical assets

Ma-chin-eryand

motorvehi-cles

3.2

2.5

3.2

3.13.34.04.95.4

6.5

H7.4

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

32.334.436.639.344.2

55.765.072.3

Crops*

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

23.321.321.8

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

8.68.68.59.29.7

9.810.311.212.713.6

15.316.217.4

148.0

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

15.115.615.9

U.S.savingsbonds

0.2.4.5

1.12.2

3.41.2\ 7\ 41.6

1.71.7

7161.7

U5.15.15.2

4.74.64.54.44.2

4.24.13.93.83.8

3.73.63.74.04.1

4.34.44.4

34.7

Invest-mentin co-opera-tives

0.8.9.90

?1.4

«>79

2.02.32.52.72.9

3.13.23.53.73.9

4.24.54.95.05.4

5.65.96.26.56.8

7.27.68.08.69.5

10.511.712.8

Claims

Total

52.955.062.973.784.6

94.2103.5116.4127.9134.9

134.7154.4170 4168.0164.9

169.1174.1183.2191 6208.8

210 6211 1219.5227 9235.8

244 0261 1274.4288 3303.1

315.3326.6353.2398.2486.2

527.5592.8670.9

729.6

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

29.230.332 235.741 3

46.351.156.6

64.5

Otherdebt

3.43.94.14.03.5

3.43.23.64.26.1

6.86.98.08.99.2

9.49.89.5

10.012.5

12.813.414.716.317.6

17 919 521.022.323.1

23.824.126.929.632 8

35.539.746.1

54.2

Pro-prie-tors'equi-ties

42.944 652 463 775.7

85 995.5

107 9118 6123.5

122 3141 4155 7151 9148.0

151.4155.3163 8171 2185.2

185 8184 9191.1196 5201.4

207 2220 4230.4240 9252.6

262.3272.1294 1332.9412 1

445.7502.0568.2

610.9

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 1,1978 totaled approximately $1.7 billion.

Note.—Beginning 1960, data include Alaska and Hawaii.


367


INTERNATIONAL STATISTICSTABLE B-97.—U.S. international transactions, 1946-77

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

Yearor

quar-ter

1946194719481949

1950 ._19511952 __19531954

1955 __1956195719581959

19601961196219631964

19651966196719681969

19701971197219731974

19751976

1975: I . . . .II.__III. . .

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

1977: I . . . .I I . - .Ill p..

Merchandise'2

Ex-ports

11,76416,09713,26512,213

10, 20314,24313,44912,41212, 929

14, 42417, 55619,56216, 41416, 458

19,65020,10820, 78122,27225,501

26, 46129, 31030, 66633, 62636, 414

42, 46943, 31949, 38171,41098, 306

107, 088114, 694

27, 01825, 85126, 56227,657

27, 00028, 38029, 60329,711

29, 45830, 59030, 869

Imports

-5,067-5,973-7,557-6,874

-9,081-11,176-10,838-10,975-10,353

-11,527-12,803-13,291-12,952-15,310

-14,758-14,537-16,260-17, 048-18,700

-21, 510-25,493-26, 866-32, 991-35, 807

-39, 866-45, 579-55, 797-70, 499-103, 673

-98, 043-124, 014

-25, 563-22, 566-24, 483-25, 431

-28, 343-29, 955-32,411-33, 305

-36, 561-38, 347-38, 378

Netbal-ance

6,69710,1245,7085,339

1,1223,0672,6111,4372,576

2,8974,7536,2713,4621,148

4,8925,5714,5215,2246,801

4,9513,8173,800

635607

2,603- 2 , 260-6,416 10,161

911 13, 540-5, 367 19, 763

9, 045 17, 330-9, 320 21, 369

1,4553,2852,0792,226

-1, 343-1,575-2 , 808-3, 594

-7,103-7, 757-7, 509

Investment income3

Re-ceipts

7721,1021,3401,395

1,5931,8821,8281,9102,227

2,4442,6622,8172,8453,043

3,3503,9444,4214,6505,392

5,8995,7406,2676,9378,090

8,5759,512

4,2834,3064,4034,338

5,2985,1675,4835,421

6,1336,6606,430

Pay-ments

-212-245-280-333

-369-414-421-461-420

-568-639-669-828

-1,063-1,007-1,110-1,325-1,457

-1, 730-2,142- 2 , 307- 2 , 890-4, 438

-5, 082-4, 893-5,975-8, 744-11,019

-11,376-11,561

-3, 052- 2 , 799- 2 , 784- 2 , 741

-2 , 861-2 , 887- 2 , 816-2 , 997

- 2 , 881-3,156-3,215

Net

560857,060,062

,224,468,4071,4491,807

1,9552,0942,1782,1762,215

2,2872,9373,3113,3253,935

4,1693,5983,9604,0473,652

3,4934,6194,1864,7968,744

5,9549,808

1,2311,5071,6191,597

2,4372,2802,6672,424

3,2523,5043,215

Netmili-tary

trans-actions

-493-455-799-621

-576-1,270-2,054-2,423-2, 460

-2, 701-2, 788-2, 841-3,135-2,805

-2,752-2, 596-2,449-2,304-2,133

-2,122-2, 935-3, 226-3,143-3, 328

-3, 354-2, 893-3,621-2, 287-2, 083

-876366

-393-311-139-34

-65-39235235

516311577

Nettraveland

trans-porta-tion re-ceipts

733946374230

-12029883

-238-269

-297-361-189-633-821

-964-978,152,309,146

,280,331,750,548,763

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

- 2 , 552-2,145

-685-579-604-684

-669-337-458-681

-953-785-727

Otherserv-ices,

310145175208

242254309307305

299447482486573

579594809960

1,041

1,3871,3651,6121,6301,833

2,1902,5092,7893,1853,970

4,5944,888

1,1001,129i, 1801,184

1,1921,1761,2391,279

1,2931,3381,494

Bal-anceon

goodsand

serv-ices i *

7,80711,6176,5186,218

1,8923,8172,356

5321,959

2,1534,1455,9012,356

310

4,0405,5295,0425,8978,499

7,1054,5144,3951,6211,002

2,912-340

-6, 0883,5202,160

16,1643,596

2,7085,0314,1354,289

1,5521,505875

-337

- 2 , 995-3, 389-2 , 950

Remit-tances,

pen-sions,and

otheruni-

lateraltrans-fers i

-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 , 952- 2 , 994

-3, 294-3, 701-3, 854-3, 887i-7,188

- 4 , 6 1 2- 5 , 023

- 1 , 1 9 5- 1 , 1 1 0- 1 , 0 7 0- 1 , 238

- 1 , 0 2 9- 1 , 0 1 5- 1 , 9 3 6- 1 , 045

- 1 , 1 6 3- 1 , 2 1 5- 1 , 3 5 2

Bal-anceon

cur-rentac-

count

4,8858,9921,993

580

- 2 , 1 2 5302

- 1 7 5- 1 , 9 4 9

- 3 2 1

- 3 4 51,7223,556

- 2 , 1 3 8

1,7323,0052,4043,1435,718

4,2511,5821,270

-1, 331-1, 993

-382-4, 041-9,942-367

-5, 028

11,552-1, 427

1,5133,9213,0653,051

523490

-1,061-1, 382

-4,158-4, 604-4, 302

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

excluded from investment income and included in other services, net.* 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.)

368


TABLE B-97.—U.S. international transactions, 1946-77—Continued

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

Year orquarter

1946194719481949

195019511952. _19531954

195519561957 ._19581959

19601961196219631964

19651966196719681969

19701971197219731974

19751976

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

1976:1IIIII.—IV.__.

1977:1II . . .U K .

U.S. assets abroad, net[increase/capital outflow (—)]

Total

- 2 , 8 3 3-4 .484-2 ,979- 5, 764-8 ,128

-4 ,176-5 ,530-8 ,002- 8 , 547-8 ,763

-6 ,164- 9 , 299-9 ,929

-14,666- 2 7 , 029

- 3 1 , 548- 4 2 , 959

- 8 , 749- 7 , 881-3 ,081

-11,836

-10,751- 9 , 779- 8 , 409

-14,022

331- 1 0 , 283

- 3 , 396

U.S.officialreserveassets6

- 6 2 3-3 ,315- 1 736

- 2 6 6

1,758- 3 3

- 4 1 51,256

480

182-869

- 1 1652,2921,035

2,145606

1,533377171

1,22256852

-880-1 ,187

2,4772.348

209-1 ,434

-607- 2 , 5 3 0

-325- 2 9

- 3 4 289

- 7 7 3-1 ,578

-407228

- 3 8 86

151

OtherU.S.

Govern-mentassets

-1 ,100-910

-1 ,085-1 ,662-1 ,680

-1 ,605- 1 , 5 4 3- 2 , 423- 2, 274- 2 , 200

-1 ,589-1 ,884-1 ,568- 2 , 645

5 365

- 3 , 463-4 ,213

- 8 7 4-867-745-977

- 7 2 3-944

-1 ,405- 1 , 1 4 2

-909-825

-1 ,175

U.S.privateassets

- 3 , 8 7 8-4 ,180- 3 , 426-4 ,479- 6 , 6 1 8

-3 ,793- 4 , 554-5 ,630- 5 , 393-5 ,376

- 7 , 0 5 2- 9 , 763-8 ,392

-12,230-25,960

- 27, 478- 3 6 , 216

- 7 , 550- 6 , 985-1 ,994

-10,948

-9 ,254- 7 , 257- 6 , 597

-13,108

1,627- 9 , 464-2 ,372

Foreign assets in the U.S., net[increase/capital inflow (+)1

Total

2,1202,4671,6972,9813,317

3823,3206,9389,439

12,270

5,92322, 44521,12717, 75333,612

14, 33634, 520

2,4433,6632,4165, 814

6,8567,3858,201

12, 079

2,51013, 78112, 923

Foreign officialassets

Total

1,473765

1,2701,9861,661

132-6743,450- 7 7 6

-1 ,301

6,90726, 89510,7056,299

10,981

6,96017, 945

3,4522,279

-1 ,6032,832

3,8474,0513,0706,977

5,7197,9088,243

Assetsof

foreignofficialreserveagen-cies

1,258741

1,1181,5581,363

67-7873,367-761

- 1 , 552

7,36227, 40510,3225,145

10,257

5,25913, 007

3,0241,884

-1 ,9772,328

2,3233,3081,2516,125

5,0077,4527,924

Otherforeignassets

6471,701

427995

1,656

2493,9943,488

10, 21513,571

-984- 4 , 45010, 42211,45422,631

7,37616, 575

-1 ,0091,3844,0192,982

3,0093; 3335,1315,102

-3 ,2095,8734,680

Alloca-tions ofspecialdrawing

rights(SDR)

867717710

Statisticaldiscrepancy

Total(sum of

theitemswithsignre-

versed)

-1 ,019- 9 8 8

-1 ,122-360-907

-457628

-206439

-1 ,515

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

5,6609,866

4,793297

- 2 , 4002,971

3,3721,9051,2683,325

1,3171,106

- 5 , 225

OfwhichSea-sonal

adjust-ment

discrep-ancy

1,12138

- 2 , 4751,316

717129

-2 ,6221,780

524- 2 1 5

- 2 , 506

5 Includes extraordinary U.S. Government transactions with India.6 Consists of gold, special drawing rights, convertible currencies, and the U.S. reserve position in the International

Monetary Fund (IMF).

Note.—Quarterly data for changes in U.S. official reserve assets, U.S. private assets abroad, and foreign assets in theU.S. are not seasonally adjusted.


369

248-947 O - 78 - 24


TABLE B-98.—U.S. merchandise exports and imports by principal end-use categories, 1965-77

Millions of dollars; quarterly data seasonally adjusted]

Year or quarter

1965 . .196619671968 . .1969

19701971 . .197219731974

19751976

1976: 1IIIII...IV

1977: 1II.III...

Exports

Total

26,46129,31030,66633,62636,414

42,46943,31949, 38171, 41098,306

107,088114,694

27, 00028, 38029,60329,711

29,45830, 59030,869

Agricul-tural

6,3056,9496,4536,2976,096

7,3747,8309,514

17,97822,411

22,24223, 381

5,4105,8466,2395,886

6,1186,6996,019

Nonagricultural

Total

20,15622,36124,21327,32930, 318

35,09535,48939,86753,43275, 895

84, 84691, 313

21, 59022, 53423,36423, 825

23,34023, 89124, 850

Capitalgoods

8,0528,9079,934

11,11112,369

14,58815, 30216, 81621, 84830, 410

35,84138, 716

9,1059,5319,864

10,216

9,4279,728

10,233

Othergoods

12,10413, 45414, 27916, 21817,949

20, 50720,18723, 05131, 58445, 485

49, 00552,597

12, 48513, 00313,50013,609

13,91314,16314,617

Imports

Total

21,51025, 49326, 86632,99135, 807

39,86645,57955, 79770, 499

103,673

98, 043124,014

28, 34329,95532,41133,305

36, 56138, 34738, 378

Petroleumand

products

2,0342,0782,0912,3842,649

2,9293,6494,6518,414

26, 591

27, 01834, 573

7,5718,2529,4089,342

11,03211,93411, 456

Non-petroleum

Total

19,47623,41524, 77530,60733,158

36,93741,93051,14662,08577, 082

71,02589, 441

20,77221,70323,00323,963

25, 52926, 41326,922

Industrialsupplies

9,12310,2359,956

12,02711, 798

12, 51513,87816, 41319,79728, 095

24, 35530,154

6,4807,4628,0038,209

8,0709,2949,597

Othergoods

10,35313,18014, 81918,58021, 360

24, 42228, 05234,73342,28848,987

46,67059, 287

14, 29214,24115, 00015,754

17,45917,11917,325

Note.—Data are on an international transactions basis and exclude military grant shipments.Source: Department of Commerce, Bureau of Economic Analysis.

370


TABLE B-99.—U.S. merchandise exports and imports by area, 1971-77[Millions ot dollars]

Exports

Developed countries..

CanadaJapanWestern EuropeAustralia, New Zealand, and South

Africa

Developing countries

OPEC1.Other2_

Eastern Europe

Imports

Developed countries.

CanadaJapanWestern EuropeAustralia, New Zealand, and South

Africa


OPEC iOther2

Eastern Europe..

1971

43, 319

30, 262

10, 9274,05313, 589

1,693

12, 637

2,12710, 510

420

45, 579

33, 463

12,2147,27812, 813

1,158

11, 891

2,2659,626

225

1972

49, 381

34, 564 .

13,1094,96314, 950

1,542

13,917

2,55111,366

900

55, 797

40, 643

14, 4939,07615,661

1,413

14, 791

2,97411,817

363

1973

71,410

48, 529

16, 7108,35621,216

2,247

20, 834

3,41417, 420

2,047

70, 499

48, 985

17,6949,66519, 774

1,852

20, 913

5,09715, 816

601

1974

98,306

64, 487

21, 84210, 72428,164

3,757

32, 082

6,21925, 863

1,737

103, 673

61, 092

22, 39212,41424, 267

2,019

41, 604

17, 25024, 354

977

1975

107,088

66, 496

23, 5379,567

29, 884

3,508

37, 343

9,95627, 387

3,249

98, 043

55, 974

21,71111,25720, 764

2,242

41,335

18, 89722, 438

734

1976

114, 694

72, 386

26, 33610,19631, 934

3,920

38, 251

11,55826, 693

4,057

4124, 014

67, 455

26, 44215, 53123, 003

2,479

55, 375

27, 40927, 966

875

1977 3

121,223

77, 588

28, 23210,48135,080

3,795

40,922

12,96527,957

2,728

U51,048

78, 517

29,62818, 36727, 779

2,744

71,439

36,60734, 832

1,111

1 Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates,and Venezuela.

2 Latin American Republic, other Western Hemisphere, and other countries in Asia and Africa, less petroleum exportingcountries and the International Monetary Fund.

3 Average of first 3 quarters at seasonally adjusted annual rate. Detail may not add to totals because of seasonal ad-justment discrepancy.

4 Includes imports of nonmonetary gold from International Monetary Fund not in area detail.Note.—Data are on an international transactions basis and exclude military grant shipments.Source: Department of Commerce, Bureau of Economic Analysis.

371


TABLE B-100.—International investment position of the United States at year-end, 1970-76


Type of investment 1970

165.5

46.6

.9

1.9.6

11.129.72.5

118.8

75.521.013.8

8.5

106.8

26.1

17.71.76.7.0

80.7

13.322.71.2

34.7

8.8

58.6

1972

199.0

49.3

2.0

.5

.210.534.12.0

149.7

89.927.620.7

11.4

161.8

63.2

52.91.68.5.2

98.7

14.921.21.2

50.7

10.7

37.1

1974

256.2

54.2

2.4

1.9.0

11.736.32.1

202.0

110.228.646.2

17.0

197.4

80.3

57.73.518.4.6

117.1

25.141.81.7

34.9

13.6

58.8

1975

295.6

58.0

2.3

2.2.1

11.639.82.0

237.6

124.235.259.8

18.4

221.0

87.5

63.35.216.32.7

133.6

27.742.54.245.3

13.8

74.6

1976

U.S. assets abroad

U.S. Government assets

Special drawing rights (SDR)Reserve position in the International Monetary

Fund (IMF)Foreign currency reservesGoldU.S. loans and other long-term assetsU.S. short-term assets other than reserves

U.S. private assets

Direct investments abroad (book value)Foreign securitiesClaims on foreigners reported by U.S. banksClaims on unaffiliated foreigners reported by U.S.

nonbanks

Foreign assets in the United States

Foreign official assets

U.S. Government securities iOther U.S. Government liabilitiesLiabilities reported by U.S. banksOther official assets

Other foreign assets

Direct investments in the United States (bookvalue)

Liabilities reported by U.S. banksU.S. Treasury securitiesOther U.S. securities2

Liabilities to unaffiliated foreigners reported byU.S. nonbanks

Net foreign wealth (including official gold holdings) of theUnited States

347.4

64.7

2.4

4.4.3

11.644.11.9

282.6

137.244.680.7

20.1

264.8

106.3

73.610.117.25.5

158.5

30.253.57.0

54.8

13.0

82.5

1 Includes Treasury and agency issues of securities.2 Corporate and other bonds and corporate stocks.Note.—Gold is valued at SDR35 per ounce, throughout. The SDR value is converted to dollars at $1/SDR before Decem-

ber 1971, at $1.08571/SDR from December 1971 through January 1973, at $1.20635/SDR from February 1973 throughJune 1974, and as measured by the basket valuation of the SDR beginning July 1974.


372


TABLE B—101.—Summary of major U.S. Government net foreign assistance, July 1, 1945 toDecember 31, 1976

[Millions of dollars] i

Type and geographic distributionYearly average or calendar year

1945-492 1950-54 1955-59 1960-64

Total.net

Investment in 6 international financial institutions3..

Under assistance programs, net

Net new military grantsGross new grantsLess: Reverse grants and returns

Other grants, credits, and other assistance (through netaccumulation of foreign currency claims), net

Net new economic and technical aid grants4.Gross new grantsLess: Reverse grants and returns

Net new credits <«New creditsLess: Principal collections

Other assistance (through net accumulation of foreigncurrency claims) «

5,540

141

5,399

325340

15

5,074

3,3123,486

174

1,7621,986

224

5,059

Currency claims acquiredSales of farm productsSecond-stage operations7

Less: Currencies disbursedEconomic grants and credits to purchasing

countryOther uses

5,059

2,4622,494

32

2,597

2,4062,512

106

148544396

42

Geographic distribution of net nonmilitary assistance

Developing countries,8 net total

Net new economic and technical aid grantsNet new creditsOther assistance (through net accumulation of foreign

currency claims)

904

752152

Developed countries,8 net total.


currency claims)

4,170

2,5601,610

1,032

772240

20

1,564

1,634- 9 2

22

4,772

7

4,764

2,4382,451

14

2,327

1,7101,759

48

210827617

407

965963

2

558

413145

2,211

1,470386

355

116

240- 1 7 6

52

4,664

124

4,540

1,5941,629

35

2,946

1,8501,872

22

8711,843

972

225

1,2301,186

44

1,005

807198

3,316

1,8171,310

189

- 3 7 1

32- 4 3 9

36

1 Negative figures (—) occur when the total of grant returns, principal repayments, and/or foreign currencies disbursedby the Government exceeds new grants and new credits utilized and/or acquisitions of foreign currencies through new salesof farm products.

2 July 1,1945, through December 31, 1949. Yearly average is for 4>£ years.3 Includes paid-in capital subscriptions and contributions to the special funds of the African Development Fund, Asian

Development Bank, Inter-American Development Bank, International Bank for Reconstruction and Development, Inter-national Development Association, and International Finance Corporation.

4 Net new grants are not adjusted for settlements of postwar relief and other grants under agreements, and net newcredits exclude prior grants converted into credits. Repayments on these settlements are included in net new credits.

s Outstanding credits on December 31, 1976, totaled $38,821 million, representing net credits extended since organi-zation of Export-Import Bank, February 12, 1S34, less chargeoffs and net adjustments due to exchange rates ($1,465million), and excluding World War I debts. The amount repayable in dollars at U.S. Government option was $36,002 mil-lion; the remainder was repayable in foreign currencies, commodities, or services, at the option of the borrowers.

373


TABLE B-101.—Summary of major U.S. Government net foreign assistance, July 1, 1945 toDecember 31, 1976—Continued

[Millions of dollarsp

Type and geographic distribution

Yearly average or calendar year

1965-69 1970-74 1975 1976

Total, net

Investment in 6 international financial institutions3

Under assistance programs, net

Net new military grantsGross new grantsLess: Reverse grants and returns

Other grants, credits, and other assistance (through netaccumulation of foreign currency claims), net

Net new economic and technical aid grants4

Gross new grantsLess: Reverse grants and returns

Net new credits *«New creditsLess: Principal collections

Other assistance (through net accumulation of foreigncurrency claims) •

Currency claims acquiredSales of farm productsSecond-stage operations7

Less: Currencies disbursedEconomic grants and credits to purchasing

countryOther uses

Geographic distribution of net nonmilitary assistance

Developing countries,* net total


currency claims)

Developed countries,* net total


currency claims)

5,899

81

5,818

2,1902,196

3,628

1,7761,780

4

1,9503,0821,132

- 9 8

814691122

912

716196

7,146

332

6,814

3,3103,314

5

3,504

2,4862,534

48

1,1903,8362,646

-171

742106635

913

709204

3,611

1,7651,926

17

-18

3,614

2,5291,233

-149

-109

-44-43

-22

8,681

654

8,027

2,9012,905

4

5,126

2,2472,249

2,8495,2932,444

30

1895

184

159

21138

5,017

2,2482,710

58

109

-1139

-28

7,940

1,102

6,838

1,3541,356

3

5,485

2,2662,266

3,2725,8232,550

-53

129

129

182

42140

5,320

2,2603,089

-31

165

6183

-23

« Equivalent value of currencies still available to be used, including some funds advanced from foreign governments andafter loss by exchange rate fluctuations ($1,355 million), was $645 million on December 31, 1976.

7 Includes foreign currencies acquired from triangular trade operations and principal and interest collections on credits,originally extended under Public Law 83-480, which—since enactment of Public Law 87-128—are available for thesame purposes as Public Law 83-480 currencies. .

s Developed countries include Australia, Canada, Japan, New Zealand, Republic of South Africa, and all countries inEurope except Malta Portugal, Spam, and Yugoslavia. Developing countries include all other countries. This classificationis on the basis of the standard list of less developed countries used by the Development Assistance Committee of theOrganization for Economic Cooperation and Development.

•Less than plus or minus $500,000.Source: Department of Commerce, Bureau of Economic Analysis, based on information made available by operating

agencies.

374


TABLE B-102.—International reserves, 1952, 1962, and 1973-77

[Millions of dollars; end of period]

Area and country 1952 1962 1973 1974 1975 19761977

November

All countries.

Industrialized countries2

United States.CanadaJapan

AustriaBelgiumFranceGermanyItalyNetherlandsScandinavian countries (Den-

mark, Norway, and Sweden).SwitzerlandUnited Kingdom

Other Europe

Australia, New Zealand, and SouthAfrica

Oil exporting countries.

IranNigeriaSaudi Arabia..Venezuela....Others

Other less developed areas

Other Western Hemisphere

Other Middle East

Other Asia _

Other Africa

U9.263

36,760

24,7141,9441,101

1061,133686960722950

8171,6671,958

1,559

1,509

1,699

177500

443579

7,276

2,175

826

3,479

796

62,585

49,248

17,2202,5612,021

1,0771,7534,0496,9574,0681,943

1,3622,9193,308

2,966

2,066

2,030

211289268583679

6,275

1,631

992

2,664

988

183,680

115,505

14, 3785,76812, 246

2,8745,1008,52933,1716,4366,547

5,4288,5206,476

16,191

7,824

14, 514

1,236583

3,8772,4126,406

29, 644

12,009

4,340

10,643

2,651

220, 600

119,908

16, 0585,82513, 519

3,4305,3458,85232, 3986,9416,957

4,6009,0116,939

15,141

6,068

46,997

8,3835,626

14, 2856,513

12,190

32, 487

11,898

4,754

12, 835

3,000

227,657

121, 880

15, 8835,326

12, 815

4,4395,797

12, 59331, 0344,7747,109

6,19110,4285,459

13, 049

4,900

56, 529

8,8975,603

23, 3198,8619,849

31, 302

10, 026

5,186

13, 287

2,804

258, 300

131, 849

18, 3205,843

16,605

4,4105,2069,728

34, 8016,65471387

5,63612,9934,230

13, 737

4,602

65, 236

8,8335,203

27,0258,578

15, 597

42, 875

15,175

5,778

18, 849

3,073

306,602

162,161

18,9334,191

22, 5514,0145,756

10,00236,83711,6848,418

8,42110,62320,695

14,897

3,770

75,025

11,5114,373

30,9048,425

19,812

50,749

18,010

6,772

22,405

3,562

1 Includes Cuba.2 Includes Luxembourg.3 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."

375


TABLE B-103.—World trade: Exports and imports, 1965, 1970, and 1973-77

[Billions of U.S. dollars]

Area and country 1965 1970 1973 1974 1975 1976 19771

Developed countries 3.


European Community.

FranceWest Germany...ItalyUnited Kingdom.

Other developed countries..

Developing countries—

OPEC*.Other..

Communist countries5.

U.S.S.REastern Europe..China

TOTAL..

Developed countries3


European Community.

FranceWest Germany...ItalyUnited Kingdom..



OPECOther.


U.S.S.REastern Europe..China..

TOTAL..

Exports, f.a.s.2

129.8

27.58.58.5

64.8

10.217.97.2

13.8

20.5

35.6

11.024.6

23.2

8.211.82.0

188.5

225.7

43.216.719.3

112.8

18.134.213.219.4

33.6

54.3

17.636.8

34.7

12.818.22.1

314.8

411.0

71.326.437.1

212.0

36.767.622.230.7

64.1

106.4

39.666.8

61.0

21.331.75.0

578.4

547.5

98.534.555.6

276.4

46.389.330.538.9

82.5

215.6

118.896.8

76.0

27.438.26.6

839.0

582.8

107.634.055.8

298.0

53.190.234.844.1

87.4

203.0

109.793.3

90.0

33.345.27.0

875.8

646.3

115.040.367.3

327.9

57.2102.237.046.2

95.8

246.3

133.1113.3

96.7

37.247.57.2

989.4

Imports, c.i.f.6

136.7

23.28.78.2

69.3

10.417.67.4

16.1

27.3

37.0

6.530.5

22.6

8.111.61.8

196.3

235.3

42.414.418.9

116.6

19.129.915.021.7

43.0

56.8

10.046.8

34.2

11.718.52.2

326.3

427.2

73.624.838.4

216.4

37.754.927.838.8

74.0

99.4

20.379.1

62.0

21.032.85.1

588.6

608.2

108.034.462.1

295.3

52.969.641.154.4

108.3

162.6

32.8129.8

79.2

24.943.07.4

849.9

610.4

103.436.257.9

301.3

54.074.938.453.5

111.7

191.6

54.5137.0

100.6

36.951.27.4

902.5

700.9

129.640.364.9

345.0

64.488.443.455.9

121.2

211.1

69.2141.9

102.4

38.552.86.0

1,014.4

713.7

122.443.7

375.1

65.2116.443.356.9

91.9

282.7

147.0135.7

113.6

44.056.47.5

1,110. 0

776.5

158.842.471.8

385.6

70.2102.046.463.4

117.9

243.8

83.1160.8

110.8

42.056.86.5

1,131.1

1 Preliminary estimates.2 Free-alongside-ship value.3 Includes the OECD countries, South Africa, ane non-OECD Europe.* Includes Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United

Arab Emirates, and Venezuela.5 Includes U.S.S.R., Eastern Europe, China, North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia.•Cost, insurance, and freight value.Sources: International Monetary Fund, Organization for Economic Cooperation and Development, and Council of

Economic Advisers.

376


TABLE E-1C4.— World trade balance and current account balances, 1965, 1970, and 1973-77

[Billions of U.S. dollars]

Area and country 1965 1970 1973 1974 1975 1976 1977

Developed countries3

United StatesCanadaJapanEuropean Community.

FranceWest GermanyItaly..United Kingdom


Developing countries..

OPEC*.Other...


U.S.S.REastern Europe..China

TOTAL«..

OECD.

United StatesCanada....Japan.European Community.

FranceWest Germany. _.ItalyUnited Kingdom..

Developing countries..

OPEC K.Other...

Other10..

TOTAL 8..

2.4

4.3- 1 . 0

.9

.9

.4- 1 . 6

2.2- . 2

World trade balance2

-6.9

4.3-.1

.3-4.5

- . 2.32

-2". 3-6.8-1.4

4.5-5.9

.5

.1

.2

.2

-7.9

- 9 . 6

.82.4.4

- 3 . 8

- 1 . 04.3

- 1 . 8- 2 . 3- 9 . 4

- 2 . 4

7.5-10 .0

.5

1.1- . 4- . 2

-11 .5

-16 .2

- 2 . 21.7

- 1 . 4- 4 . 4

- 1 . 112.7

- 5 . 6- 8 . 2- 9 . 9

7.0

19.3- 1 2 . 3

- . 9

.3- 1 . 1- . 2

-10 .2

-60 .7

- 9 . 5.1

- 6 . 6-18 .9

- 6 . 719.7

-10 .6-15 .5-25 .8

53.0

85.9-32 .9

- 3 . 2

2.5- 4 . 7- . 8

-10 .9

-27 .6

4.2- 2 . 2- 2 . 0- 3 . 3

- . 815.2

- 3 . 6- 9 . 4

-24 .3

11.4

55.2-43 .8

-10 .5

- 3 . 7- 6 . 0

3

-26 .7

-54 .6

-14 .6

2! 4-17 .0

- 7 . 213.7

- 6 . 5- 9 . 6

-25 .3

35.3

63.9-28 .6

- 5 . 7

- 1 . 3- 5 . 3

1.2

-25 .0

Current account balances7

4.0

41.12.03.2

.1

.91.11.6

- 4 . 8

2.0- 6 . 8

- 1 . 5

- 2 . 3

2.8

- . 4.0

- . 11.7

- . 74.3

- 2 . 7- 2 . 2

1.0

9.0- 8 . 0

- 5 . 5

- 1 . 7

-32.8

s -2 .3-1.5-4.7

-11.3

-6.09.7

-8.0-8.1

37.3

61.8-24 .5

- 9 . 8

- 5 . 3

- 6 . 3

11.6- 4 . 7- . 7

.7

- . 13.8

- . 8- 3 . 7

- 9 . 3

30.8-40 .0

-18 .0

-33 .5

-26 .5

- 1 . 4- 4 . 2

3.7- 7 . 8

- 6 . 13.4

- 2 . 8- 2 . 5

16.0

42.3-26 .3

-13 .3

-23 .8

-62 .8

-36 .41.38.8

-10 .5

- 5 . 014.4

- 3 . 1- 6 . 5

-26 .0

38.9

63.9-25 .0

2.8

2.0- . 41.0

-21 .2

-32 .0

-18 .0- 4 . 310.0

.3

- 3 . 02.31.0.7

17.5

40.0-22 .5

- 1 1 . 3

-25 .8

1 Preliminary estimates.2 Exports f.a.s. (free alongside ship) less imports c.i.f. (cost, insurance, and freight).3 Includes the OECD countries, the South Africa, and non-OECD Europe.4 Includes Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Oman, Saudi Arabia, United Arab

Emirates, and Venezuela.5 Includes U.S.S.R., Eastern Europe, China, North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia.e Asymmetries arise in global payments aggregations because of discrepancies in coverage, classification, timing, and

valuation in the recording of transactions by the countries involved.7 OECD basis.s Excludes cancellation of Indian debt (—$2.0 billion) and extradordinary grants (—$0.7 billion).9 Consists of countries in footnote 4 plus Bahrain.10 Includes Communist countries and non-OECD developed countries.

Sources: International Monetary Fund, Organization for Economic Cooperation and Development, and Council ofEconomic Advisers.

377


TABLE 105.—Consumer prices and hourly compensation, major industrial countries, 1960-77

[1967=100]

Year or quarter

19601961 __ .1962 __ .19631964 - -

1965196619671968 _ . .1969

1970 .__1971197219731974

197519761977 v

1976: 1II. .IllIV

1977: 1IIIII. . _ _IV*

19601961196219631964 .

19651966196719681969

19701971 ,197219731974

197519761977 v

UnitedStates Canada Japan France West

Germany Italy UnitedKingdom

Consumer prices

88.789.690.691.792.9

94.597.2

100 0104.2109.8

116.3121.3125.3133.1147.7

161.2170.5181.5

167 1169.2171.9173.8

176.9180.7183.3185.3

77.079.382.5,85.188.9

90.995 2

100.0107.0114.0

121 7129.8137.0147.0161.4

179.4194.8211.9

85.986.787.789.390.9

93.196.6

100.0104.1108.8

112.4115.6121.1130.3144.5

160.1172.1

168 3170.9173.4175.9

179.7184.0187.9

80.378.977.079.082.0

86.293.0

100.0107.4115.5

128.2142.6156.8170.7201.8

222.2257.1

67.771.376.181.985.0

91.596.2

100 0105.3110.8

119.3126.8133.0148.5183.0

204.5223.7

215 7222.6225.4230.9

236.0242.5243.5

78 881.485.389 492.5

94.897.4

100 0104.5111.3

117.1123.5131.1140.7160.0

178.9196.1

188 7192.9197.4202.4

205.7211.9216.9

82 884.787.389.892.0

94.998.3

100 0101.5103.4

107.0112.6118.9127.1136.0

144.1150.6

148.7150.9151.1151.8

154.7156.8157.1

Hourly compensation'

43 450.3,57.564 172.0

81.189.2

100.0116.9139.3

166 0198.2262.3358.2437.6

494.2538.3

56 161.868.175 280.9

87.092.5

100.0112.5114.0

119 9134.5164 3211.9232.1

308.8313.0

51.960.268.373 279.1

86.594.2

100.0105.8117.4

145 4173.8211 7288.7342.6

402.3413.4

74 175.779.285 190.1

94.296.4

100 0101.4104.1

109.2114.5121.0134.2159.8

186.9218.3

202 1214.9220.9235.0

246.0255 4

49.852.861.873.582.3

88.991 3

100.0107.3117.0

140.4167.5202.3255.0285.4

370.0344.2

78.981.685.186 889.6

93.997.6

100 0104.7110.4

117.4128.5137.6150.3174.3

216.5252.4

240.0248.8254.6266.3

279.7292.1296.7

65.970.874.677.983.2

91.298.7

100.093.3

100.6

115.6134.8152.8171.9201.1

247.4233.6

i Hourly compensation in manufacturing, U.S. dollar basis. Data relate to all employed persons (wage and salaryearners, the self-employed, and unpaid family workers) in the United States and Canada and to all employees (wageand salary earners) in the other countries. For france and United Kingdom compensation adjusted to include changesin employment taxes that are not compensation to employees, but are labor costs to employers.


378


TABLE B-106.—Industrial production and unemployment rate, major industrial countries, 1960—77

[Quarterly data seasonally adjusted]

Year or quarter

1960.1961196219631964

1965.19661967 _. _19681969

1970 _197119721973 - . ~ -1974

19751 9 7 6 . . .1977 v

1976: 1IIIIIIV

1977: 1IIIIIIV*

19601961196219631964

19651966196719681969

19701971197219731974

197519761977 P

1976* 1

IIIIV

1977: 1IIIIIIV p

UnitedStates

66.266.772.276.581.7

89.897.8

100.0106.3111.1

107.8109.6119.7129.8129.3

117.8129.8137.1

127.3129.4130.9131.6

133.6137.0138.5139.2

Canada

63.065.671.175.782.6

89.696.3

100.0106.4113.7

115.3121.5130.0141.7145.8

139.0145.4

144.5147.1146.5147.6

150.8151.3151.1

JapanEuropean

Com-munity!

France

Industrial production (1967 =

43.051.355.461.771.4

74.283.9

100.0115.2133.4

151.7155.8167.2193.3187.4

167.5190.3

181.8189.7192.7196.2

197.4199.0197.2

74.778.181.384.891.0

94.798.4

100.0107.4117.6

123.3126.1131.7141.4142.3

132.9142.4

139142142146

149146143

7175798390

9398

100104114

120128135145148

137149

147148151149

155153151

WestGermany

100)2

77.682.086.489.496.6

102.1103.0100.0109.2123.1

131.1133.6138.7147.7145.1

137.1149.1

145148149151

153152153

Italy

60.065.771.977.979.1

83.092.3

100.0106.4110.5

117.6117.5122.7134.6140.6

127.6143.5

136.4141.5141.0149.5

152.9141.8136.5

UnitedKingdom

84.084.084.888.495.0

97.799.2

100.0106.8110.3

110.9110.8113.2122.5120.3

114.5116.0

114.1116.5115.9117.6

119.1117.1117.6

Unemployment rate (percent)3

5.56.75.55.75.2

4.53.83.83.63.5

4.95.95.64.95.6

8.57.77.0

7.77.57.77.8

7.47.16 96.6

7.07.15.95.54.7

3.93.43.84.54.4

5.76.26.25.65.4

6.97.18.1

6.97.17.37.4

7.88.18.28.4

1.71.51.31.31.2

1.21.41.31.21.1

1.21.31.41.31.4

1.92.0

42.0

2.02.12.11.9

1.92.12.1

1.81.61.5

1.5

1.61.92.02.62.4

2.62.82.82.73.0

4.24.6

45.2

4.54.64.74.6

4.85.35.8

1.1.6.6

.4

.3

.31.31.4.9

.8

.8

.8

.81.7

3.73.63.5

3.83.63.63.5

3.43.53.63.5

3.83.22.82.42.6

3.53.83.43.43.3

3.13.13.63.42.8

3.23.63.3

3.43.63.73.6

3.23.23.53.3

2.22.02.83.42.5

2.22.33.43.33.0

3.13.94.23.22.8

4.76.47.0

6.26.56.56.6

6.87.07.27.2

1 Consists of Belgium-Luxembourg, Denmark, France, Ireland, Italy, Netherlands, United Kingdom, and West Germany.2 All data exclude construction.3 Unemployment rates adjusted to U.S. concepts. Data for United Kingdom exclude Northern Ireland.< 11-month average, seasonally adjusted.

Sources: Department of Commerce (Bureau of International Economic Policy and Research) and Department ofLabor (Bureau of Labor Statistics).

379


TABLE B-107.—Growth rates in real gross national product, 1961-77

[Percent change]

Area and country

OECD countries

United StatesCanadaJapan..European Community

FranceWest GermanyItalyUnited Kingdom

Other OECD

Communist countries ._

U.S.S.REastern Europe _____China

Less developed countries

OPECOther. _

TOTAL

1961to

1972annual

average

5.2

4.35.9

11.34.9

6.25.15.53.0

5.6

4.8

4.74.15.8

5.6

3 9.03 6.1

1973

5.9

5.47.29.85.2

5.35.16.86.0

4.5

7.6

7.44.5

12.8

8.2

10.76.7

1974

0.2

- 1 . 63.2

- 1 . 11.8

2.9

3. A.3

2.6

4.7

3.84.63.7

10.1

8.75.2

1975

- 0 . 9

- 1 . 31.12.4

- 1 . 8

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

- . 6

3.4

2.04.56.8

3.7

3.03.4

1976

5.2

6.04.96.34.7

5.25.75.62.1

2.9

3.5

3.94.0

5.6

11.75.1

19771

3.5

4.82.36.02.3

2.72.82.1.4

1.5

3.1

U.S. dollarvalue in

1976(billions) 2

4,346.4

1 706 5189.2555.4

1, 389.9

346.8451.3170.8216.9

505.4

1,651.9

921.7316.0323.7

1,143

* 7,255

1 Preliminary estimates.2 Estimates based on conversion at average rates of exchange for 1976, except for those of the Communist countries,

which were converted at U.S. purchasing power equivalents.3 Percent change from 1967 to 1972.4 Sum of OECD, Communist countries, and less developed countries, plus an estimate of $114 billion for non-OECD

developed countries.Note.—For Italy and United Kingdom, data relate to real gross domestic product. For France, data relate to gross domes-

tic product excluding nonmarket activity such as compensation of employees in the government sector.Sources: Department of Commerce and Organization for Economic Cooperation and Development (OECD).

380


TABLE B-108.—Exchange rates, 1970-77

[May 1970 parities=100J

Year and month

May 1970 rate»

1970: MarJune __ _ _.SeptDec

1971: MarJune __ _SeptDec

1972: MarJune _ _ __ -SentDec

1973: Mar „JuneSept - _ _Dec

1974' MarJuneSeptDec

1975- MarJune _SeDtDec

1976- MarJune _ _ _SeDtDec

1977: Mar -June _SeptDec

May 1970 rate*

1970: MarJuneSeptDec

1971: Mar . .JuneSept. . .Dec

1972- MarJuneSept. _ _ _Dec



1975: Mar. .June __ _ _SeptDec

1976- MarJuneSeptDec


Belgianfranc

2.0000

2 01332.01422.01452.01372.01452.01092 09212.1986

2.27572.27582.27422.26702.53782.66432.70892.4726

2.50402.63662.53642.71582.90832.86032.54852.5311

2.54802.52202.60462.74832. 72582.77132.79102.9608

Netherlandsguilder

27.624

27.52527.58827.78527.76327.81628.06529. 30830. 503

31.38431.29630. 96930.96234.33436. 58238. 54235.615

36.35437. 75736.87039. 33142.12441. 50237.22937.234

37.14936. 52438.39040. 24040. 07940 32640.60442.955

Canadiandollar

92.50

93 21296.27398 42298.27699 36797.91398 717

100.067

100.152102.092101 730100.326100.333100.16099.181

100.058

102.877103.481101.384101.19299.95497.42697.43798.627

101.431102.71102.5698.20495.12594.54993.16891.132

Swedishkrona

19.331

19.23219.26619.22519.34019. 36919.37019.73220. 434

20. 95621.10121.14621.08022.58223.74623. 76922.026

21.91522.88522. 33323. 89725.48125. 53222.50122.685

22.70222 47522.99824. 05123.72622.62520.60221.044

Frenchfranc

18.004

18 03818.11118 11218.10718.12918.09218 11218.549

19.83519.93719 97719.65722.19123.47223.46621. 757

20.74220.40820.83122.10923.80424.97122.36722.428

21. 65721.10920.33420.05520.07520.24020.31420.844

Swissfranc

22.868

23.20223.17123.21923.18723.25424 40925.11825.615

25. 97426. 32026.40326. 52631. 08432.75733.14631.252

32.49033.44933.37138.44240.27340.08636.90537.970

38.98040 48440.43140. 82339. 20940.17042.11548.168

Germanmark

27.332

27 22527.52827 53727.43727 53828.47429 79430.593

31 54531.56031 31831. 26235.54838. 78641. 24637.629

38.21139.60337.58040.81643.12042.72638.19138.144

39. 06438 79740.16941.96541 81242.45343.03446.499

UnitedKingdom

pound

240.00

240. 58239.77238. 53239.06241. 87241 87246.94252.66

261. 81256.91244.10234. 48247. 24257.62241. 83231.74

234.06239.02231.65232.94241. 80228.03208. 35202.21

194. 28176. 40172.72167. 84171.74171.91174.31185.46

Italianlira

0.16000

15897.15897. 16005. 16039.16063. 16009

16292.16652

.17161

.1714217199

. 17146

.17604

.16792

.17691

. 15458

. 15687

.15379

.15103

.15179

.1584215982

.14740

. 14645

.1211311780

.11837

.1152111276

.11295

.11318

.11416

Japaneseyen

0.27778

28963.2786427935

.2795927971

.2797929583

.31249

33054.33070332093319638190

. 37808

. 37668

. 35692

35454. 35340. 33439. 33288. 3473134077

. 33345

.32715

.3327633424

.34800

. 339333568736652

.37486

.41491

United States dollar

Multilateraltrade-

weightedaverage

100.0

99 499.399.099.198.798 095.192.3

89.189.089.890 782.779.979.184 2

84.383.185.482.278.579.486.186.6

88.891.090.290.590.489.989.585.5

Bilateraltrade-

weightedaverage

100.0

98 898.297.397.396.796 494.991.8

89.588.989.490.384.983.883.886.8

85.785.087.586.184.386.089.589.6

89.690.389.591.591.991.591.689.3

1 Cents per unit of foreign currency.


381

U. S. GOVERNMENT PRINTING OFFICE : 1978 O - 248-947


Documents

ERP1978 Appendixes 2