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Appendix B
STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION
251
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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
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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
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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
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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).
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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.
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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 . . .
Grossnationalproduct
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.
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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
Net exports of goodsand services
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.
Source: Department of Commerce, Bureau of Economic Analysis.
259
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Personal consumption expenditures
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
See footnotes at end of table.
260
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Commerce, Bureau of Economic Analysis.
261
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Commerce, Bureau of Economic Analysis.
262
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
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
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
Source: Department of Commerce, Bureau of Economic Analysis.
264
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Grossnationalproduct
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
Source: Department of Commerce, Bureau of Economic Analysis.
265
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
See footnotes at end of table.
266
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-8.—Gross national product: Receipts and expenditures by majoreconomic groups, 1929-77—Continued
[Billions of dollars]
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
Net exports of goodsand services
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.
Source: Department of Commerce, Bureau of Economic Analysis.
267
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Grossnationalproduct
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
Gross domestic product
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Grossnationalproduct
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
Gross domestic product
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.
Source: Department of Commerce, Bureau of Economic Analysis.
269
248-947 O - 78 •
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Commerce, Bureau of Economic Analysis.
270
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-13.—Personal consumption expenditures, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Source: Department of Commerce, Bureau of Economic Analysis.
273
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Commerce, Bureau of Economic Analysis.
274
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Commerce, Bureau of Economic Analysis.
275
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-17.—Relation of gross national product and national income, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949 . .
1950195119521953 . . . .195419551956195719581959 . .
1960196119621963196419651966196719681969
19701971197219731974 . _ _ _ _ _19751976 . __1977 v
1975:1| |IIIIV
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
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
Source: Department of Commerce, Bureau of Economic Analysis.
276
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-18.—Relation of national income and personal income, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
Source: Department of Commerce, Bureau of Economic Analysis.
277
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-19.—National income by type of income, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
See footnotes at end of table.
278
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-19.—National income by type of income, 1929-77—Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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.
Source: Department of Commerce, Bureau of Economic Analysis.
279
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-20.—Sources of personal income, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
See footnotes at end of table.
280
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B-20.—Sources of personal income, 1929-77—Continued
(Billions of dollars; quarterly data at seasonally adjusted annual rates]
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.
Source: Department of Commerce, Bureau of Economic Analysis.
281
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Source: Department of Commerce, Bureau of Economic Analysis.
282
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Personal consumption expenditures
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B-23.—Gross saving and investment, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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).
Source: Department of Commerce, Bureau of Economic Analysis.
284
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE "R-24.—Saving by individuals, 1946-771
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
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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.
Source: Department of Commerce, Bureau of the Census.
287
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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
Thousands of persons 16 years of age and over
103,418104,527105,611
106,645107,721108,823110,601111,671
112 732113,811115,065116,363117,881
119,759121,343122,981125,154127,224
129,236131,180133,319135,562137,841
140,182142,596145,775148,263150, 827
153,449156,048158, 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
See footnotes at end of table.
288
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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
Thousands of persons 16 years of age and over
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
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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.
Source: Department of Labor, Bureau of Labor Statistics.
290
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Labor, Bureau of Labor Statistics.
292
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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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-32.—Unemployment by reason, 1967-77
[Monthly data seasonally adjusted']
Year or month
196719681969
19701971197219731974
197519761977
1977•JanFebMarAprMay. .June
JulyAugSeptOctNovDec
1967 . . .19681969
19701971197219731974
197519761977
1977-JanFebMarApr .,MayJune
JulyAugSept . . . -OctNovDec
Totalunemployment
Joblosers
Jobleavers Reentrants New
entrants
Thousands of persons 16 years of age and over
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.
Source: Department of Labor, Bureau of Labor Statistics.
294
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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
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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
See footnotes at end of table.
296
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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."
Source: Department of Labor, Bureau of Labor Statistics.
297
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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
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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.
Source: Department of Labor, Bureau of Labor Statistics.
299
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Non-farmbusi-nesssector
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
Non-farmbusi-nesssector
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.
Source: Department of Labor, Bureau of Labor Statistics.
301
(248-947 O - 78 - 20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1976: JanFebMarAprMayJune
JulyAugSeptOctNovDec
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.
Source: Board of Governors of the Federal Reserve System.
302
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-40.—Industrial production indexes, market groupings, 1947-77
[1967=100; monthly data seasonally adjusted]
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.
Source: Board of Governors of the Federal Reserve System.
303
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-41.—Industrial production indexes, selected manufactures, 1947-77
[1967=100; monthly data seasonally adjusted]
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
Source: Board of Governors of the Federal Reserve System.
304
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
See footnotes at end of table.
306
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1976:JanFebMarAprMayJune
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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...
1977: Jan..Feb..Mar..Apr..May..June.
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.
Source: Department of Commerce, Bureau of the Census.
308
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-45.-—Business expenditures for new plant and equipment, 1947-78 l
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
JulyAugSeptOctNovDec
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.
Source: Department of Commerce, Bureau of the Census.
311
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Commerce, Bureau of the Census.
312
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Source: Department of Labor, Bureau of Labor Statistics.
313
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-50.—Consumer price indexes by commodity and service groups, 1939-77
For urban wage earners and clerical workers
[1967=1001
Year ormonth
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
I960196119621963196419651966 . . .196719681969
19701971197219731974197519761977
1976: JanFebMarAprMayJune
JulyAugSeptOctNovDec
1977: JanFebMarAprMayJune
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
Source: Department of Labor, Bureau of Labor Statistics.
314
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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"
1977:JanFebMarAprMayJune
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—52.—Consumer price indexes for commodity groups, seasonally adjusted, 1974-77
For urban wage earners and clerical workers
!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.
Source: Department of Labor, Bureau of Labor Statistics.
316
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
JulyAugSeptOctNovDec
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.
Source: Department of Labor, Bureau of Labor Statistics.
318
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1976: JanFebMarAprMayJune
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
JulyAugSeptOctNovDec
Industrial commodities—Continued
Rubberand
plasticproducts
59.4
40.2
61.2
57.161.571.673 672.770.570.870.572.870.5
85 9105.495.589 190 4
102.4103.8103.4103.3102.9
103.199.296.396.895.595.997.8
100 0103 4105.3
108.3109.1109 3112.4136 2150 2159.2167.5
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.
Source: Department of Labor, Bureau of Labor Statistics.
320
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
See next page for continuation of table and for footnotes.
321
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1976: JanFebMarAprMayJune
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-57.—Wholesale price indexes for selected groupings, seasonally adjusted\ 1974-77
[1967=100, seasonally adjusted]
Year andmonth
1974: JanFebMarAprM a y . —June
JulyAugSeptOctNovDec
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.
Source: Department of Labor, Bureau of Labor Statistics.
323
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Labor, Bureau of Labor Statistics.
324
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 . . .
1976:JanFebMarAprMayJune
JulyAugSeptOct . .NovDec
1977:JanFebMarAprMayJune
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.
Source: Board of Governors of the Federal Reserve System.
325
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Board of Governors of the Federal Reserve System.
326
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: Dec .1974: Dec
1975: Dec .1976: Dec1977: Deep
1976: JanFebMarAprMayJune .
JulyAugSeptOctNovDec _
1977: JanFebMarAprMayJune
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.
Source: Board of Governors of the Federal Reserve System.
327
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-62.—Total funds raised in credit markets by nonfinancial sectors, 1969-77
[Billions of dollars]
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
See footnotes at end of table.
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Private domestic nonfinancial sectors
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:
Private domestic nonfinancial sectors
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
Source: Board of Governors of the Federal Reserve System.
329
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Board of Governors of the Federal Reserve System.
330
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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. _
1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971* Dec1972: Dec1973: Dec1974: Dec
1975: Dec1976- Dec1977- Dec v
1976- JanFebMarAprMayJune
JulyAug . . . .Sept .OctNov .Dec
1977: JanFebMarAprMayJune
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.
Source: Board of Governors of the Federal Reserve System.
331
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
See next page for continuation of table and for footnotes.
332
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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*
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 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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-68.—Mortgage debt outstanding by holder, 1939-77
[Billions of dollars]
End of yearor quarter
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-69.—Net public and private debt, 1929-76 l
[Billions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
See next page for continuation of table and for footnotes.
338
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
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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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-73.—Receipts and expenditures of the government sector of the national income and productaccounts, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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.
Source: Department of Commerce, Bureau of Economic Analysis.
342
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-75.—-Receipts and expenditures of the State and local government sector of the nationalincome and product accounts, 1946—77
(Billions of dollars; quarterly data at seasonally adjusted annual rates]
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.
Source: Department of Commerce, Bureau of Economic Analysis.
344
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
T A B L E B-76.—State and local government revenues and expenditures^ selected fiscal years\ 1927-76
[Millions of dollars]
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.
Source: Department of Commerce, Bureau of the Census.
345
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-77.—Interest-bearing public debt by kind of obligation, 1967-77
[Millions of dollars]
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
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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.
Source: Department of the Treasury.
347
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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.
July..Aug..Sept.Oct..Nov..Dec.
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.
Source: Department of the Treasury.
348
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CORPORATE PROFITS AND FINANCE
TABLE B-80.—Corporate profits with inventory valuation and capital consumption adjustments,1946-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
Source: Department of Commerce, Bureau of Economic Analysis.
349
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T A B L E B-81.—Corporate profits by industry, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
See footnotes at end of table.
350
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TABLE B-81 .—Corporate profits by industry, 1929-77— Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-82.—Corporate profits of manufacturing industries, 1929-77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
See footnotes at end of table.
352
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-82.—Corporate profits of manufacturing industries, 1929-77—Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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.
Source: Department of Commerce, Bureau of Economic Analysis.
353
248-947 O - 78 - i
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-83.-—Sales, profits, and stockholders* equity, all manufacturing corporations, 1947-77
[Billions of dollars]
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
Stock-holders'equity 2
31.134.137.0
39.947.249.852.454.9
58.865.270.572.877.9
82.384.989.193.398.5
105.4115.2125.0135.6147.6
155.1160.6171.4188.7
194.7
196.0208.1224.3
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
Stock-holders'equity 2
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—86.—Sources and uses offunds, nonjarm nonfinancial corporate business, 1946—77
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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.
Source: Board of Governors of the Federal Reserve System.
357
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-87.— Current assets and liabilities of U.S. corporations, 1939-77[Billions of dollars]
End of yearor quarter
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-88. —State and municipal and corporate securities offered, 1934-77
[Millions of dollars]
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Yearor
quarter
1949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969...
1970 .1971 . .19721973197419751976 . .1977
1976' JanFebMarAprMayJune . _
JulyAugSeptOctNovDec
1977- JanFebMarAprMayJune
JulyAugSeptOctNovDec
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
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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
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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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Agriculture.
365
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Source: Department of Agriculture.
367
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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
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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.
Source: Department of Commerce, Bureau of Economic Analysis.
369
248-947 O - 78 - 24
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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
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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
Developing countries
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
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TABLE B-100.—International investment position of the United States at year-end, 1970-76
[Billions of dollars]
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.
Source: Department of Commerce, Bureau of Economic Analysis.
372
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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.
Net new economic and technical aid grantsNet new creditsOther assistance (through net accumulation of foreign
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
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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
Net new economic and technical aid grantsNet new creditsOther assistance (through net accumulation of foreign
currency claims)
Developed countries,* net total
Net new economic and technical aid grantsNet new creditsOther assistance (through net accumulation of foreign
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
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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
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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.
United States.CanadaJapan
European Community.
FranceWest Germany...ItalyUnited Kingdom.
Other developed countries..
Developing countries—
OPEC*.Other..
Communist countries5.
U.S.S.REastern Europe..China
TOTAL..
Developed countries3
United States.CanadaJapan
European Community.
FranceWest Germany...ItalyUnited Kingdom..
Other developed countries..
Developing countries
OPECOther.
Communist countries5.
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
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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
Other developed countries..
Developing countries..
OPEC*.Other...
Communist countries5.
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
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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.
Source: Department of Labor, Bureau of Labor Statistics.
378
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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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
1973: MarJuneSeptDec
1974: MarJuneSeptDec
1975: Mar. .June __ _ _SeptDec
1976- MarJuneSeptDec
1977: 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.
Source: Board of Governors of the Federal Reserve System.
381
U. S. GOVERNMENT PRINTING OFFICE : 1978 O - 248-947
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis