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94th Congress, 2d Session
Economic Indicators
August 1976
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1976
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOINT ECONOMIC COMMITTEE(Created pursuant to Sec 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, ChairmanRICHARD BOLLING, Missouri, Vice Chairman
SENATEJOHN SPARKMAN (Alabama)WILLIAM PROXMIRE (Wisconsin)ABRAHAM RIBICOFF (Connecticut)LLOYD M. BENTSEN, JR. (Texas)EDWARD M. KENNEDY (Massachusetts)JACOB K. JAVITS (New York)CHARLES H. PERCY (Illinois)ROBERT TAFT, Jx. (Ohio)PAUL J. FANNIN (Arizona)
HOUSE OF REPRESENTATIVESHENRY S. REUSS (Wisconsin)WILLIAM S. MOORHEAD (Pennsylvania)LEE H. HAMILTON (Indiana)GILLIS W. LONG (Louisiana)OTIS G. PIKE (New York)CLARENCE J. BROWN (Ohio)GARRY BROWN (Michigan)MARGARET M. HECKLER (Massachusetts)JOHN H. ROUSSELOT (California)
JOHN R. STAS.K, Executive Director
COUNCIL OF ECONOMIC ADVISERSALAN GREENSPAN, Chairman
PAUL W. MACAVOYBURTON G. MALKIEL
Economic Indicators prepared under supervision of FRANCES M. JAMBS
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—1st SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the JointEconomic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that asufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant atArms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies tothe libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required numbers of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by An Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copyor by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON D.C. 20402Subscribers who wish to receive it at an earlier date after release may take advan-tage of provisions for airmail subscriptions. The domestic airmail subscriptionprice is $3.60 additional per year.
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TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTAccording to revised estimates for the second quarter, gross national product rose $37.9 billion or at an annual rateof 9.6 percent. Real output (GNP adjusted for price changes) increased at a rate of 4.3 percent compared with 9.2percent in the first quarter. The inflation rate rose from a 3.2 percent to a 5.1 percent annual rate.
BILUONS OF DOLLARS (RATIO SCALE)1,800
1,600
1,400
1,200
BILLIONS OF DOLLARS {RATIO SCALE)1,800
1,600
1,400
1,200
1,000 1,000
1968 1969 1970 1971 1972 1973 1974 1975 1976
SOURCE! DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
19651966196719681969197019711972_197319741975
1975: I!!___III..IV
1976: In...
Grossna-
tionalprod-uct
688. 1753. 0796.3868. 5935. 5982.4
1, 063. 41, 171. 11, 306. 61, 413. 21, 516. 3
1, 446. 21, 482. 31, 548. 71, 588. 2
1, 636. 21, 674. 1
Per-sonalcon-
sump-tionex-
pend-itures
430.2464.8490.4535.9579.7618. 8668. 2733.0809. 9887. 5973.2
933.2960.3987.3
1, 012. 0
1, 043. 61, 064. 7
Grossprivatedomes-
tieinvest-ment
112.0124. 5120.8131. 5146.2140.8160. 0188. 3220. 0215.0183. 7
172.4164.4196.7201.4
229.6239.2
Exportgood
Netex-
ports
7.65. 14.92.31.83.91.6
-3.37.17.5
20.5
15.024.421.421.0
8.48. 1
s and impIs and ser-<
Ex-ports
39. 542.845.649.954.762. 565.672.7
101.6144.4148. 1
147.5142. 9148.2153.7
154. 1159. 1
>orts of/ices
Im-ports
32.037.740.647.752.958.564.075.994.4
136.9127.6
132. 5118. 5126.8132.7
145.7151.0
Go^
Total
138.4158. 7180.2198.7207.9218.9233.7253. 1269.5303.3339.0
325. 6333.2343.2353.8
354.7362.0
/ernment
Total
67. 378. 890. 998. 097. 595.696.2
102. 1102. 2111.6124.4
120. 3122.4124.6130.4
129.2131.2
purchasesservices
Federal
Na-tional
de-fense 1
49. 460. 371.576.976.373. 570.273. 573. 577. 384. 3
82. 083.484. 687. 1
86.286.9
of goods
Non-de-
fense
17.818. 519. 521.221.222. 126.028.628.734. 340. 1
38.339.040. 043.2
42.944.2
and
Stateandlocal
71. 179. 889. 3
100. 7110.4123.2137. 5151. 0167. 3191. 6214. 5
205. 3210. 9218.6223.4
225.5230.9
Finalsales
678. 6738. 7786.2860. 8926. 2978. 6
I, 057. 11, 161. 71, 288. 61, 402. 51, 531. 0
1, 468. 41, 512. 31, 550. 61, 592. 5
1, 621. 41, 658. 1
» This category corresponds closely with budget outlays lor national defense,shown on p. 33.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT IN 1972 DOLLARS[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
1965196619671968___196919701971..1972197319741975
1975: I11—III—IV. _
1976: III...
Grossnationalproduct
925.9981.0
1, 007. 71, 051. 81, 078. 81, 075.31, 107. 51, 171. 11, 235. 01, 214. 01, 191. 7
1, 161. 11, 177. 11, 209. 31, 219. 2
1,246.31, 259. 4
Per-sonaleon-
sump-tion
expend-itures
558. 1586. 1603. 2633.4655. 4668.9691. 9733. 0767.7759. 1770. 3
754.6767. 5775.3783. 9
800.7808.6
Gross iu
Non-resi-
dentialfixed
95. 6106. 1103. 5108. 0114.3110.0108.0116.8131.0128. 5111.4
114.4110. 6110. 1110.5
112.6114.9
private doavestmeni
Resi-dential
fixed
43.238.537.242.843. 240.452. 262.059, 745. 038. 4
35.436.839.641. 9
44.145.7
mesticb
Changein busi-ness in-vento-
ries
11. 316.712.08. 7
10. 64. 36. 69.4
16. 58.5
-12.0
-20. 5-21.2
— 1.0-5.5
10.411.1
Expai
"NT«4-4.X Cvexports
8.24.33. 5
— . 4— 1. 3
1.4—. 6
-3.37.6
16. 522. 6
20. 124. 322. 823. 1
16.615.4
orts of goad service
Exports
49. 151. 654. 258. 562. 267. 167. 972. 787.497.290. 6
90.387. 790. 793.9
93.694.7
ods.-s
Imports
41.047.350.758.963.565.768.575.979.980. 768. 1
70. 263.467.970.8
77.079.3
Govern]gooc
Total
209. 6229. 3248. 3259. 2256. 7250.2249. 4253. 1252. 5256.4261. 0
257. 1259. 1262.4265.2
261.9263. 6
nent pures and ser
Federal
100,5112. 5125.3128. 3121. 8110.7103.9102. 196.695. 395.7
94.895. 395. 697.2
95.496.0
hases ofeices
Stateandlocal
109.1116.8123. 1130.9134. 9139. 5145. 5151. 0155. 9161. 1165.2
162.2163. 8166. 9168.0
166.6167.7
Finalsales
914. 6964. 3995. 7
1, 043. 11, 068. 21, 071. 01, 100. 91, 161. 71, 218. 51/205. 51, 203. 7
1, 181. 61, 198. 21, 210. 21, 224. 7
1, 235. 91, 248. 2
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1972=100]
Period
1965 __.19661967 ..196819691970197119721973__19741975
1975:1IIIII., _IV
1976: I_II_ _
Grossnationalproduct
74. 3276.7679. 0282. 5786. 7291. 3696. 02
100. 00105. 80116. 41127. 25
124. 55125. 93128. 07130. 27
131. 29132. 93
Personal
Total
77. 179. 381. 384. 688. 592. 596.6
100. 0105. 5116. 9126. 3
123. 7125. 1127. 3129. 1
130. 3131.7
consumf
Durablegoods
85. 685.787. 490. 793. 195. 599. 0
100. 0101. 6108, 3117.7
115. 1117. 1118. 2120. 2
121.8123.8
)tion expe
Non-durablegoods
77.380. 181. 985. 389. 493. 696. 6
100. 0107.9124.0133.7
131. 2132. 1135. 1136.2
136.4136.9
mditures
Services
74.376.578.882. 086. 190. 595. 8
100. 0104.7113. 5122.7
119.7121. 5123. 6125. 9
128.0129.8
Grossdom
inves
Nonres-identi al
fixed
74.576.879. 382. 686. 691. 396.4
100. 0103. 8116. 1132. 1
129.4131.8132.7134,5
136.2137.5
privateestictment
Resi-dentialfixed
72. 374. 677.080. 787. 790. 694. 9
100. 0110. 8122. 3133.2
131.5132. 1132.8135. 9
139. 0142.9
Exporimports
and se
Exports
80. 582. 884. 085. 387. 993. 196. 6
100. 0116. 2148. 6163.4
163.4163. 0163. 4163. 7
164. 6168.0
ts andof goodsirvices
Imports
78. 079. 780. 180. 983. 389. 193. 5
100.0118. 2169. 6187.4
188. 9186. 9186.6187.3
189.2190.4
Governschases <
and se
Federal
67. 070. 172. 676. 480. 086.492. 6
100. 0105. 8117. 1130.0
126. 8128.4130. 4134,2
135.4136.7
aent pur-;>f goods^rvices
Stateand local
65. 168.472. 576. 981.988.394. 5
100.0107. 3119. 0129. 8
126.5128. 7131.0132.9
135.4137.7
Source: Department of Commerce, Bureau of Economic Analysis.
2
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CHANGES IN GNP AND GNP PRICE MEASURES[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Period
1965_ -1966- -1967__-1968.1969,-1970 - -1971-. - -1972--197319741975
1975:1IIIII..IV
1976: III
Cur-rentdol-lars
8.29.45.89.17.75.08.2
10.111. 68.27. 3
-.810.419. 110.6
12.69.6
Gross
Con-stant(1972)dol-lars
5.95.92.74.42.6
— . 33.05. 75. 5
— 1. 7i ft__ J^ Q
-9.95. 6
11.43. 3
9. 24.3
national
Im-plicitpricede-
flator
2.23.32.94.55.05.45. 14. 15.8
10. 09.3
10.14.57.07. 1
3.25. 1
product
Chainpriceindex
1.93. 13.04.45.05.35.04. 16.0
10. 09.2
9.25.47.36.4
4.35.4
Fixed-weight-
edpriceindex(1972
weights)
1.82.93.04. 35.05.24.94.06.0
10. 09.2
8.95.47.36.6
4.25.2
Cur-rentdol-lars
8.29.65.7.9. 17.85.08. 1
10. 111.57.87.7
.710. 119. 110. 8
12.210.1
Gross
Con-stant(1972)dol-lars
5.96.12.74.42.6
— . 32.85.85.4
-1.7-1.7
-9.25.4
11.33.4
9.04.6
domestic
Im-plicitpricede-
flator
2.23. 33.04.55. 15.35. 14. 15.79.69.5
10.94. 57.07. 1
3.05. 3
product
Chainpriceindex
1.93. 13. 1.4.45. 05. 35. 04. 15.99.79.3
9.45.57.46. 4
4.35.4
Fixed-weight-
edpriceindex(1972
weights)
1.83.03. 04. 45. 05. 24. 94.05. 99. 79. 2
0. 05. 57. 40. 7
4. 25.3
NOTE.—Annual changes from previous year and quarterly changes from pre-vious quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]
Period
1965196619671968196919701971197219731974.19751975:1
II- —I I I__IV...
1976: III"..
Gross cprodi
nonfincorpbusi
(billicdoll
Currentdollars
392. 1430. 7452. 9498. 4541. 8560. 6602. 5671. 0752. 0810. 0870. 4822. 3851. 1892. 0916. 1949. 0972. 6
omesticict oflaneialorateness>ns ofars)
1972dollars
494.6532. 9545.8581. 6607. 3600.6619.3671. 0720.4698.7676. 8653. 1668. 1688. 9696. 1713. 9725. f>
C
Totalcostand
profit 2
0. 793. 808.830. 857.892.933.973
1. 0001. 0441. 1591. 2861. 2591. 2741. 2951. 3161. 3291.341
urrcnt do
Capitalcon-
sumptionallow-anceswith
capitalcon-
sumptionadjust-ment
0. 066. 067.072. 074. 079. 088. 094. 093.095. 116. 143. 139. 142. 143. 146. 146. 147
tlar cost a
Indirectbusinesstaxes 3
0. 083. 080. 084. 089. 094. 103. 110. 110. 112. 123. 138. 135.138. 139. 140. 136.137
nd profit
Com-pen-
sationof
employ-ees
0.497. 513. 535.553. 589. 628.645.661. 699. 794.853. 863. 847. 842. 860.869.876
per unit
Netin-
terest
0. 012.014.016. 017. 022. 028. 029.028. 032. 041. 045. 046. 045. 045. 046. 047. 049
of outpu
Corpcinvent
capit£
Total
0. 134. 134. 123. 124. 109.086.095. 107. 105.085. 107. 076. 101. 126. 124. 131.132
t (dollars;
>rate profiory valuaal consurridjustmen
Profitstax
liability
0. 055. 055. 051. 058. 055. 045. 048.050. 055. 061. 059.046. 053. 066. 068. 072.074
1
ts withbion andiptionts
Profitsaftertax4
0. 079.078. 072. 066.055.041.046.057. 050. 024. 048. 030.049.059. 055. 059. 057
Outputper
hourof all
employ-ees
(1972dollars)
6. 62526. 77736. 87317. 14067. 21097. 24237. 53117. 79817. 98477. 74267. 96877. 67787. 95848. 12318. 09688. 1846
Com-pen-
sationper
hourof all
employ-ees
(dol-lars)
3. 29573. 47813. 67613. 94834. 24014. 54684. 85795. 15795. 58326. 14706. 79496. 62426. 74466. 84266. 96197. 1116
1 Output is measured by gross domestic product of nonfinancial corporatebusiness in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinancial cor-orate business with the decimal point shifted 2 places to the left.s Indirect business taxes and nontax liability pins business transfer paymentss subsidies.
«With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and De-partment of Labor (Bureau of Labor Statistics).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
196519661967196819691970197119721973197419751975: I
IIIIIIV
1976: III*.
Na-tional
income
566.0622.2655.8714.4767.9798.4858. 1951.9
1, 064. 61, 135. 71, 207. 61, 149. 71, 182. 71, 233. 41, 264. 61, 304. 71, 336. 3
Com-pensa-tion of
em-ploy-ees l
396. 5439. 3471. 9519. 8571.4609. 2650. 3715. 1799.2875.8928.8904.0912. 9935. 2963. 1994.4
1, 017. 2
Propriineom<
inventortion anc
eonsuDadjust
Farm
12.613.612.112.013.913.914.318.032.025. 824.917.924 129. 228.321.927.5
etors'3 withy valua-capital
aptionments
Non-farm
44. 146.748.951.452.351.253.458. 160.461. 165.363.262. 766.369.071.472.8
Rentalincomeof per-
withcapital
con-sump-tion
adjust-ment
17. 118.219.418.618. 118.620. 121. 521. 621.022. 421. 922.322. 422. 923.323. 1
Corporand
Total
77. 182. 579. 385. 881.467.977. 292. 199. 184. 891. 669. 086. 6
105. 3105. 6115. 1115. 3
ate profitscapital co
Profitsvaluai
and "$eonsum
Total
73. 378.675.682. 177.966.476.989.697.287.8
103. 177.797.9
117.9119. 1129.6130. 7
with inv<nsumptioi
with inv<ion adjusidthout caption adji
Profitsbefore
tax
75.280.777.385.683.471. 582.096.2
115.8127.6114. 594.2
105.8126. 9131.3141.1145.3
3ntory vai adjustm
3ntorybmentpitalistment
Inven-tory
valua-
adjust-ment
-1.9-2. 1-1.7-3.4-5.5-5. 1-5.0-6.6
-18.6-39. 8-11.4-16.5-7.8-9.0
-12.3-11. 5-14.6
uationents
Capitalcon-
sump-tion
adjust-ment
3.83.93. 73. 73. 51. 5. 3
2. 51.9
-3.0-11. 5-8.6
-11.4— 12. 6-13. 5-14.5-15.4
Netinterest
18. 521.924. 326. 830.837.542. 847. 052. 367. 174. 673. 774.074. 975.878.680.3
1 Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Period
196519661967__196819691970197119721973197419751975: I
IIIII...IV...
1976: III
Totalpersonal
con-sumptionexpendi-
tures
430.2464.8490.4535. 9579. 7618.8668.2733.0809. 9887. 5973.2933.2960. 3987. 3
1, 012. 01, 043. 61, 064. 7
D
Totaldurablegoods l
62.867. 769. 680. 085. 584. 997.1
111.2123. 7121. 6131. 7122. 1127.0136. 0141.8151.4155.0
urable goo
Motorvehicles
andparts
29.830. 129. 735.837. 734.943.850.655.247.953.247. 649.556. 359.268.070.4
ds
Furni-
andhouse-hold
equip-ment
24 727.729. 532. 635. 036.739.444.850. 754. 757. 654657. 058.260. 661.262.3
Totalnon-
durablegoods l
188.6204.7212. 6230. 7247. 0264. 7277. 7299. 3333. 8376. 2409. 13944405. 8414 6421. 6429. 14348
Nondura
Food
98.9106.6109.6118.3126. 1136. 3140. 6150.4168. 1189. 9209.5203. 2207.8211. 8215. 2219. 2223. 1
ble goods
Clothingand
shoes
33.536.638.241.845. 146. 650. 555. 161. 365. 170. 066.669.371.373.073. 573. 2
Gasolineand oil
14.716.017.018.420.422.023.424 927. 836. 338.937.938.639. 239.940. 140.3
Services
i.
178.7192.4208. 1225. 6247. 2269. 1293.4322. 4352. 3389. 6432.4416.7427.4436. 7448. 6463. 24749
Retailnew pacars (n
of ui
Do-mes-tics
1I
8.88.47. 68. 68. 57. 18. 79.39. 77. 57. 16. 76. 37. 67.78.98.7
sales ofssengerlillionslits)
Im-ports
0. 7. 8
1. 01. 11.31. 61.81. 61. 41. 61. 71.61. 71. 41. 31.5
* Total includes other items not shown separately. Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF INCOMEPersonal income rose nearly $14 billion (annual rate) in July. Wage and salary disbursements increased $8 billionfollowing a slight decline in June. Transfer payments were up $5% billion, $4% billion of which resulted from acost-of-living increase in social security benefits.
BltUQNS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)
1,4001,200
1,000
800
600
400
200
100
80
40
-40 I 1 1 1 t i t1968
WAGE AND SALARY DISBURSEMENTS
1969
-A—i
1970
-A
1971
OTHER INCOME
\ .....'V""'v*"""1
1972
TRANSFERPAYMENTS
1973T t I f t I t 11 1
19741 ! f T r f f t I T 1 r I tj t T f |j r \a_ 40
1,400
1,200
1,000
800
600
400
200
100
80
60
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1975 I 1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
19681969197019711972197319741975
1975: July^.Aug___Sept-.-OctNovDec
1976: JanFebMarAprMay___JuneJuly*__
Totalpersonalincome
685. 2745.8801. 3859. 1942. 5
1, 052. 41, 153. 31, 249. 71, 252. 01, 267. 51, 277. 11, 290. 81, 300. 21, 308. 2
1, 320. 81, 331. 41, 341. 91, 352. 51, 362. 91, 370. 41, 384. 3
Wageand
salarydisburse-ments l
469.5514.6546.5579.4633.8701. 3765. 0806.7
802.9813.0819. 1828. 5836.6844. 0
854. 2861.4868. 8876. 9883. 3883. 1891. 3
Otherlabor
income12
25. 128.232.036.242.048. 755. 562. 5
62. 663. 363. 964. 565. 265. 8
66.467. 167. 768.469. 069. 770. 5
Propriet
Farm
12. 013.913.914.318.032. 025. 824.9
28. 629. 629.429.228. 427. 3
24.621. 120. 023. 327. 531. 629.6
3rs' income3
Nonfarna
51.452.351.253.458. 160.461. 165.3
65.466.567.068.368.769.9
70.671.372.272. 772. 573.474. 0
Rentalincome
ofpersons 4
18.618. 118.620.121.521. 621. 022.4
22. 522.522. 422. 922. 922. 9
23. 223.423. 323. 323.422. 723. 5
Divi-dends
21.922.622.923.024.627.83as32.1
32. 332.632.932.932.930. 8
32. 933. 333. 033.433.935.935. 2
Persona]interestincome
49.655. 964.369.374. 684. 1
101.4110. 7
110. 1110. 9112. 1113. 2114. 4115. 5
116. 7117. 9119. 3120.0120.7121. 5122.8
Transferpay-
ments5
59.966.579.994 1
104. 1118.9140.3175.2
177.3179. 3180. 7182. 1182. 1183.4
185.3189.2191. 3188.7187. 1186.8192. 5
Less: Per-sonal con-tributionsfor socialinsurance
22.826.328. 030. 834. 242.247. 650. 0
49.850. 250.450. 751. 051. 4
53. 153. 453. 754. 154.454.354.9
Non-farm
personalincome 8
667.5725.8780. 7838.0917.3
1, Oil. 91, 117. 31, 213. 4
1, 212. 21, 226. 51, 236. 11, 249. 91, 260. 01, 269. 1
1, 284. 41, 298. 61, 310. 11, 317. 31, 323. 31, 326. 61, 342. 5
1 The total of wage and salary disbursements and other labor income differsfrom compensation of employees (see p. 4) in that it excludes employer contribu-tions for social insurance and the excess of wage accruals over wage disbursements.2 Consists of employer contributions to private pension, health, and welfarefunds; workmen's compensation; directors' fees; and a few other minor items.3 With Inventory valuation and capital consumption adjustments.4 With capital consumption adjustment.
5 Consists mainly of social insurance benefits, direct relief, and veterans pay-ments.6 Personal income exclusive of farm proprietors' income, farm wages, farm otherlabor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEReal per capita disposable income rose at an annual rate of 4.0 percent in the second quarter of 1976.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALQ
—PER CAPITA DISPOSABLE PERSOhPO. INCOME
2,0001968 1969
*.SEASONALLY ADJUSTED ANNUAL RATES
SOURCfc DEPARTMENT OF COMMERCE
19762,000
COUNCIL OF ECONOMIC ADVISERS
Period
19671968196919701971197219731974. _ _ _ _1975______
1975: !__._IIiii._TV..
1976: ! _ _ _II __
Per-sonal
income
626.6685.2745. 8801. 3859. 1942. 5
1, 052. 41, 153. 31, 249. 7
1, 203. 11, 230. 31, 265. 51, 299. 71, 331. 31, 362. 0
Less:Per-sonaltaxandnon-tax
pay-ments
Bil
82.197. 1
115. 4115, 3116. 3141. 2150. 8170. 4168. 8
179. 3142. 2174. 0179. 8183. 8189.5
Equals :Dispos-
ableper-sonal
income
lions of d
544. 5ssa i630.4685. 9742. 8801. 3901.7982. 9
1, 080. 9
1, 023. 81, 088. 21, 091. 51, 119. 91, 147. 61, 172. 5
- . Less:Per-sonalout^lays l
ollars
503. 7550. 1595, 3635. 4685, 5751. 9831.3910. 7996. 9
Seas
956. 7983. 6
1, Oil. 11, 036. 21, 068. 01, 089. 6
Equals :Per-sonal
saving
40.938. 135. 150. 657. 349.470.372. 284. 0
onally ad.
67. 2104. 580. 583.779.582.9
Per cdispc
persona
Currentdollars
2, 7402, 9303, 1113, 3483, 5883, 8374, 2854, 6395, 062
usted anc
4, 8095, 1025, 1055, 2275, 3475,455
;apita>sable. income
1972dollars
Dol
3,3713,4643, 5153, 6193, 7143, 8374, 0623,9684, 007
ual rates
3, 8894, 0784, 0094, 0494, 1034, 143
Per cay:sonal c(
tion exp
Currentdollars
lars
2,4682, 6702, 8603, 0203, 2273, 5103, 8494, 1884,558
4, 3834, 5034, 6184, 7244, 8634,954
>ita per-msump-enditures
1972dollars
3,0353, 1563,2343,2653, 3423, 5103,6493, 5823, 607
3, 5443, 5993, 6263, 6593, 7313,762
Percentchangein real
percapitadispos-
ableper-sonal
income
3.02.81. 53.02.63.35.9
-2.31.0
-3.420. 9
-6.64. 15.44.0
Savingas per-cent ofdispos-
ableper-sonal
income
• 7.56.55.67. 47. 76.27.87.37.8
• 6. 69.67.47.56.97.1
Popula-tion
(thou-, sands) 2
198, 712200, 706202, 677204, 878207, 053208, 846210, 410211, 901213, 540
212, 897213, 278213, 805214, 245214, 599214, 926
1 Ineludes personal consumption expenditures, interest paid by consumersto business, and personal transfer payments to foreigners (net).2 Includes Armed Forces abroad. Annual data are for July 1; quarterly dataare for middle of period, interpolated from monthly data.
Source: Department of Commerce (Bureau of Economic Analysis and Bureauof the Census).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEFarm income including inventory change rose $5.7 billion (annual rate) nthe second quarter; excluding inventorychange the increase was $9.1 billion.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCAL^
120
100
80
60
40
REALIZED GROSSFARM INCOME
20
101968
_J L.1969 1970
NET FARM INCOMEINCLUDING NET INVENTORY
CHANGE
L\ /
J. I L.1971
? ! t.1972
_J L.1973
\
1974
/
V
1975
V
1 t L_
120
100
80
60
40
20
101976
•SEASONALLY ADJUSTED ANNUAL RATESSOURCEi DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Period
19681969197019711972197319741975 _
1975:1IIIII....IV.
1976: III..
Personaby total
Fromall
sources
24. 126. 927.428. 734. 448. 645. 145.5
.
1 incomefarm po
Fromfarm
sources
11.312. 913. 013.416.829. 023.522. 8
receivedpulation
Fromnonfarmsources
12. 813. 914.415.317. 619. 521. 522. 7
Total1
51. 756. 358. 660.670. 195. 5
100.298. 2
88. 499.6
105. 299. 6
100. 0110.8
Realiz*
Casti
Total
Bfflior44. 248. 250. 552. 961. 287. 192. 689. 6
80. 091. 196. 590. 8
90. 9101. 5
3d gross
i receiptsnarketing
Live-stockand
productsis of dolla
25. 528. 629. 630. 635. 745. 941. 442. 9
36. 343. 945. 046. 4
46.050.4
[ncome re
froms
Crops
rs
18.719.621. 022. 325. 541. 151. 346. 7
43.747.251. 544. 4
44. 951. 1
ceived fro
Produc-tion ex-penses
39. 542. 144. 447. 452. 365. 672. 475. 5
73. 476. 176. 875. 7
79. 381. 0
m f armin
Net t<oper
Exclud-ing netinven-tory
change
12. 214. 214.213. 217. 829. 927. 822. 7
15. 023. 528. 423. 9
20. 729. 8
g
3 farmators
Includ-ing netinven-tory
change 2
12. 314.314. 214.618.733. 326. 525. 6
18. 5 124. 830. 029. 1
22. 728. 4
Net incfarm inclinventor
Currentdollars
Dol
4,0134,7664, 7905,0306,504
11, 7279, 3719, 100
6, 5908, 830
10, 68010, 360
8, 15010, 190
ome peruding nety change 3
1967dollars *
lars
3,8594,3724,2024,2635,2888,8176, 2065,482
4,0705,3806, 3206,060
4, 7405,860
1 Cash receipts from marketings, Government payments, and nonmoney in-come furnished by farms.3 Inventory of crops and livestock valued at the average price for the year.
* Based on Census of Agriculture definition of a farm. The number of farms Isnela constant within a year.
* Income in current dollars divided by the index of prices paid by farmersforfamily living items on a 1967 base.
Source: Department of Agriculture;
75-898°—76
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSProfits before fax rose $4.2 billion (annual rate) in the second quarter, according to preliminary estimates, whileprofits with inventory valuation adjustment rose $1.1 billion.
BILLIONS OF DOLLARS WILIONS Of DOLLARS
40 40
1968 1976
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF fCONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1965196619671968196919701971197219731974__1975___
1975: IIIIII __IV
1976:1. _ _ -II"
Profit
Total 2
73. 378.675.682. 177.966. 476. 989. 697. 287. 8
103. 1
77.797.9
117.9119. 1
129. 6130.7
s (before
Total
70. 175. 972. 678. 974. 262. 672. 484.790.476.797.0
72. 191. 7
111. 4112.7
121.9124. 7
tax) wit!adjustn
Domes
Finan-cial
7. 58. 59. 0
10. 411. 312. 614. 115. 416. 214. 112. 9
13. 912. 512. 112. 9
14.013.7
a inventclent l
stic indu
N
Total 3
62. 567.463. 668. 562. 950. 158. 269.374. 162. 684. 1
58. 279. 299. 399.8
107.9111.0
>ry valus
stries
onfinanci
Manu-fac-tur-mg
38. 341. 637. 941.236. 827. 132. 440. 644. 136. 946. 4
29. 743. 557. 055. 3
61. 2
ition
lal
Whole-saleand
retailtrade
7. 98. 08. 9
10. 110. 19. 4
11.713. 314. 712. 420. 9
14. 519. 624. 425.0
29. 0
Profitsbefore
tax
75. 280. 777. 385. 683. 471. 582. 096. 2
115. 8127. 6114. 5
94. 2105. 8126. 9131. 3
141. 1145. 3
Taxlia-
bility
30. 933. 732. 539. 439. 734. 537. 741. 548. 752. 449. 2
40. 244. 854. 857. 2
61. 464. 1
Pro
Total
44. 347. 144. 946. 243. 837. 044. 354. 667. 175. 265. 3
54. 061. 072. 174. 1
79.781. 1
fits after
Divi-dends
19. 119. 420. 121. 922. 622. 923. 024. 627. 830. 832. 1
31. 731. 932. 632.2
33. 134.4
tax
TT_r»Un-dis-trib-utedprof-
its
25. 227. 624. 724. 221.214. 121. 330. 039. 344.433. 2
22. 329. 139.541.9
46.646. 8
Inven-tory
valua-tion
adjust-ment
-1. 9-2. 1-1.7-3.4-5.5-5. 1-5.0-6. 6
-18. 6-39. 8-11.4
-16.5-7. 8-9. 0
-12. 3
-11. 5-14.6
1 See p. 4 for profits with inventory valuation and capital consumption adjust-ments.2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.Source: Department of Commerce, Bureau of Economic Analysis.
8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENTBusiness fixed investment rose at an annual rate of $4.5 billion in the second quarter, while residential outlays increased$4.0 billion Inventory investment, at $16.0 billion, was up $1.2 billion from the first quarter level.
BILLIONS OF DOLLARS* (RATIO
300
BILLIONS OF DOLLARS* [RATIO SCALE)
120
14&
BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* (RATIO SCALE)
40
20
-20
An
-CHANGE W
x*—
-
1 1 !1972
BUSINESS INV
^\I i I
1973
ENTORIES
-̂1\
1 1 11974
j\rI 1 !
1975
r-
i i . i1976 1972
*SEASONALLY ADJUSTED ANNUAL RATESSOURCE; DEPARTMENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1965196619671968196919701971197219731974___19751975: I
IIIIIIV _
1976: III
Grossprivatedomes-
ticinvest-ment
112.0124.5120.8131.5146.2140. 8160. 0188. 3220. 0215. 0183.7172.4164.4196. 7201.4229. 6239.2
Noi
Total
71.381.482. 189. 398.9
100. 5104. 1116. 8136. 0149. 2147. 1148. 0145.8146. 1148.7153.4157.9
iresident
Struc
Total
26. 129. 229.531. 635.737.739. 342. 549. 054. 152. 053. 151.251.852. 153.254.9
ial fixed
tures
Non-farm
25. 128. 128. 230.434. 336. 137. 841. 146. 951. 849.850.948.849 649. 951. 052.5
mvestmc
Prodidur
equip
Total
45. 152.252. 657. 763. 362. 864.774. 387.095. 195. 194. 994. 694. 396. 6
100.2103.0
3nt
ucers'ablement
Non-farm
41.247.948. 053.458.958. 159.969.180.187.286.986. 586.286. 788. 091. 394. 1
Resid
Total
31. 228. 728. 634. 537. 936. 649. 662.066. 155.151.246. 648. 652. 657. 0
61. 365. 3
ential fis
Non-farmstruc-tures
29.927.427.233. 136.335. 147.960. 364.352. 749. 044.946.750.254.258.662.9
ed inves
Farmstruc-tures
0 6776767
76
1 0856
1 01 41 2
9
tment
PTT\
ducers'dur-able
equip-ment
0.7. 7.7. 8. 9. 9
1.01. 11.21.31.31.21.31.41.41. 51.5
Changeness inv
Total
9. 514.310. 17.79.43. 86.49.4
17.910. 7
-14.6-22. 2-30. 0-2. 0-4.314.816.0
in busi-entories
Non-farm
8.514. 59.47.69.23.75. 18. 8
14.712. 2
— 17. 6-25. 6— 31. 2-4. 2-9. 512. 717. 3
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR PLANT AND EQUIPMENTBusiness plans to increase capital spending nearly 71/s percent in 1976, according to the survey conducted in lateApril and May, or slightly more than the expected increase reported in March.
WLUONS OF DOLLARS (RATIO SCALE)ISO
160
140
•120
100
80
60
TOTAL NEW PLANT AND EQUIPMENT
40
20
SEASONALLY ADJUSTED ANNUAL RATES
_J
1968 1969
J/ SEE FOOTNOTE 4 BELOW.
SOURCE* DEPARTMENT OF COMMERCE
1970
NONMANUFACTURING
A—X'11"
J J_
MANUFACTURING
\,
t 1 I1971 1972
,„,.,».«"""
! I I
1973
,„.«»"•""„..,.,.«'•"*•"
BILLIONS OF DOLLARS (RATIO SCALE)180
160
140
120
100
80
60
I 1 11974
"'"*...„«...
1975
J/ J/ J/1 1 ]
40
201976
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19691970197119721973197419751976 4
1975: 1IIIII._ —IV
1976: I
II 4 _ _ _III 4 _ _IV 4_
Total i
75. 5679.7181. 2188. 4499. 74
112. 40112. 78121. 08114. 57112. 46112. 16111.80114. 72
121. 14123. 00IS 4- 40
M
Total
31.6831. 9529. 9931. 3538. 0146. 0147.9562. 5249. 0548. 7847. 3946. 8249. 21
62.2854. 0654- 08
E:
anufactur
Dur-able
goods
15. 9615. 8014. 1515. 6419. 2522. 6221. 8422. 7422. 8622. 5921. 0121. 0721. 63
22. 6823. 4223. 12
spenditurc
mg
Non-durablegoods
15. 7216. 1515. 8415. 7218. 7623. 3926. 1129. 7826. 2026. 1926. 3825., 7527.- 58
29. 6030.64SO. 95
?s for plan
Total
43. 8847. 7651. 2257. 0961. 7366. 3964.8268.5065. 5263. 6864. 7664.9865. 51
68. 8668.9370.34
t and eqL
N
Mining
1.861. 892. 162.422. 743. 183.793. 813.763. 783. 823.823. 83
3. 683.85
ipment
onmanuf
Trans-porta-tion
6.056. 044. 935. 726. 036.667.576. 517. 307. 057. 867. 606.55
6. 956. 78
acturing
Publicutili-ties
11. 6113. 1415. 3017. 0018. 7120. 5520. 1423. 0720. 2819. 5219. 7920.9121. 91
22. 8122.90
Com-muni-cation
8.3010. 1010. 7711.8912. 8513. 9612. 7413. 8313. 3612. 5012. 9512.2212. 54
35.35.
Com-mer-cialand
other 2
16.0516. 5918. 0520. 0721.4022. 0520.6021.2820. 8220.8320.3420.4420. 68
4241
Starts cand equ
proje
Manu-factur-
ing
34.0729. 1828.0035.2147. 5752. 4948. 24
12. 1212. 8011. 2912. 1611. 64
f plantipmentcts 3
Publicutili-ties
• 15. 1617. 2022.2228. 6038. 1345. 7434.50
5. 349. 19
14. 825. 841. 30
1 Excludes agricultural business; real estate operators; medical, legal, educa-tional, and cultural service; and nonprofit organizations. These figures do notagree precisely with the nonresidential fixed investment data in gross nationalproduct estimates, mainly because those data include investment by farmers,professionals, institutions, and real estate firms, and certain outlays charged tocurrent account.2 Includes trade, service, construction, finance, and insurance.
» Starts are estimated by adding changes in carryover to expenditures during
10
given period.* Expenditures estimates based on expected capital expenditures as reported by
business in late April and May 1976.NOTE.—Annual total is the sum of unadjusted quarterly totals.Estimates (as noted in footnote 4) include adjustments when necessary for sys
tematic biases in expectations data.Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCESeasonally adjusted civilian employment increased by 407,000 in July and unemployment increased by 283,000.The civilian labor force has increased by 2.2 million persons (4.1 percent annual rate) since December.
MILLIONS OF PERSONS*TOO
MILLIONS OF PERSONS*100
90
1968 19.69 1970 1971 1972 1973 1974 1975 1976
*16 YEARS OF AGE AND OVERSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over]
Period
19711972*1973*19741975
1975:JulyAugSeptOctNo vD e c _ _ _ _
1976:JanFebMarAprMayJuneJuly — _
Nonin-stitu-tional
popula-tion
142, 596145, 775148, 263150, 827153, 449
U
153, 585153, 824154, 052154, 256154, 476154, 700
154, 915155, 106155, 325155, 516155, 711155, 925156, 142
Civilianemploy-
ment
79, 12081, 70284, 40985, 93684, 783
aadjusted
86, 65086, 61285, 27486, 02385, 55685, 536
84, 49184, 76485, 58886, 58487, 27888, 46089, 608
Unem-ploy-ment
4, 9934, 8404, 3045, 0767,830
8,2097,6967, 5227,2447,2317, 195
8, 1748, 0337, 5256,8906,3047,6557, 577
Totallaborforce
(includ-ing
ArmedForces)
86, 92988, 99191, 04093, 24094, 793
95, 24995, 39795, 29895, 37795, 27295, 286
95, 62495, 60195, 86696, 58396, 69996, 78097, 473
Civilianlaborforce
84, 11386, 54288, 71491, Oil92, 613
93, 06393, 21293, 12893, 21393, 11793, 129
93, 48493,. 45593, 71994, 43994, 55794, 64395, 333
C
Total
79, 12081, 70284, 40985, 93684, 783
84, 96785, 28885, 15885, 15185, 17885, 394
86, 19486, 31986, 69287, 39987, 69787, 50087, 907
ivilian ei
Agri-cul-tural
3, 3873,4723, 4523, 4923, 380
Seas<
3,4393,4643, 5123, 4083, 3013,236
3, 3433, 1703, 1793,4173, 3293,2943,341
uploymer
Nonagri
TPr^-f ol
75, 73278, 23080, 95782, 44381, 403
mally adj
81, 52881, 82481, 64681, 74381, 87782, 158
82, 85183, 14983, 51383, 98284, 36884, 20684, 566
it
cultural
Part-timefor eco-nomic
reasons 1
2,4402,4082, 3112, 7093, 490
usted
' 3, 2773, 2343, 2913, 3613, 3533,243
3,4823,2623, 2663, 2483, 3823,080
•3, 012
Unempl
Total
4,9934, 8404, 3045,0767, 830
8, 0967, 9247, 9708, 0627, 9397, 735.7,2907, 1367,0277,0406,8607,1437,426
Dyment
15weeksandover
1, 1821, 158
812937
2, 483
2,9542,8782, 9342, 7193, 0043, 080
2,7852,5152, 2942,0351, 9982,2152, 317
Laborforce
partici-pationrate(per-
cent)2
61. 061.061.461. 861.8
62.062.061. 961. 861.761.6
!
61. 761.661.762. 162. 162. 162.4
1 Persons at work in nonagricultural industries.2 Total labor force as percent of noninstitutional population
over.Source: Department of Labor, Bureau of Labor Statistics.-
*Data beginning January 1972 not strictly comparable with prior data becauseof adjustment to 1970 Census data, which added about 800,000 to the civiliannoninstitutional population, 333,000 to the civilian labor force, and 301,000 tocivilian employment. A further adjustment in March 1973 added 60,000 to thelabor force and to employment.
16 years of age and
11
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SELECTED UNEMPLOYMENT RATESThe seasonally adjusted unemployment rate increased by 0.3 percentas^ point to 7.8 percent in July. The ratereturned to the January level.
PERCENT* (SEASONALLY ADJUSTED) URGENT* (SEASONALLY ADJUSTED)
^UNEMPLOYMENT AS PERCENT Of1 CIVILIAN LABOR FORCE IN GROUP SPECIFIED.SOURCE] DEPARTMENT Of LABOR
1975 1976
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1971 -_19721973197419751975: JulY_.
AugSept _ _OctNov.Dec
1976: Jan -Feb..MarAprMayJuneJuly
Total(all
civil-ian
work-ers)
5.95.64.95.68.58.78.58.68.68.58.37.87.67.57.57.37; 57.8
Unenr
By s
Men20
yearsandover
4.44.03.23.86.77.16.87.27.27.16.65. 85.75.65.45a6&06.1
tploymer
ex and a
Women20
yearsandover
5.75.44.85.58.08.07.97.87.97.98.07.57.57.37.36.87.17.6
it rate (t
ge
Bothsexes16-19years
16.916.214.516.019.920.520.719.419.819.019.619.919.219. 119.218. 518.4iai
jercent o
Bye
White
5.45.04.35.07.88.17.87.88.07.87.67.16.86.86. 76. 66.87.1
f civilian
;olor
Blackand
other
9.910. 08.99.9
13. 913.414.314.414.313.913.813.213.712. 513. 012.213.312.9
labor fo
I
Expe-riencedwageand
salaryworkers
5.75.34. 55.38.28.48.38.38.48.38. 17.47.47. 17.27.27.27.4
rce in gr
5y select
House-hold
heads
3.63.32.93.35.86.15.76.06.05.85.75.14.95.04.84.85.15.4
oup)
ed group
Full-time
work-ers
5.55. 14.35. 18.1as8.18.48.58.37.97.37. 17. 07. 06.87.47.3
s
Part-time
work-ers
8.78.67.98.6
10.39.9
10.39.9
10.410.210.510.510.410.310.710.29.0
10.7
Laborforcetimelost(per-
cent) *
6.46,05.26. 19. 18.98.99. 19.49.38.98.48. 18.28.28.17.77.9
1 Aggregate hours lost by the unemployed and persons on part-time for eeo-nomic reasons as percent of potentially available labor force hours.
12Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSUR-ANCE PROGRAMSThe proportion of the unemployed who had lost their job or voluntarily left their job increased in July. The increasedproportion of persons recently unemployed lowered the average duration of unemployment.
PERCENT DISTRIBUTION* PERCENT DISTRIBUTION*
60
40
20
REASON FOR UNEMPLOYMENT
JOB LOSIiS
.̂ A-
NEW ENTRANTS
0 1 > t t i i I i t t M r j j t t T t j i
/'
1973 1 1974
^SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
REENTRANTS
JOB LEAVERS
1975
20
1973 1975 I 1976
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
1971197219731974__1975_1975: July._
Aug__Sept-Oct..Nov..Dec.-
1976: Jan...Feb.-Mar_-Apr.«May__June"July >„
TTUnem-_i ___ploy-ment(thou-sands)
4,9934,8404,3045,0767,8308,0967,9247,9708,0627,9397,7357,2907, 1367,0277,0406,8607, 1437,426
PercerPi
Joblosers
46. 343.238.743.455.457.756.258. 256.055.651.748.349. 150.249.649.651.051. 5
it distriboyment
Jobleavers
11.813. 115.714.910.410.09. 7
10.010. 210.911. 311.812. 110.911.812.612.412.9
ution ofby reasoi
Reen-trants
29.429.830.728.423.822. 122.921.923.423. 125.827.626.626.626.025. 525.324.9
unem-i1
Newen-
trants
12.613.914.913.310.410.211. 19.9
10.410.511.312. 312.112.212.712.311.310.7
Percerplo
Lessthan 5weeks
44.745.951.050.637.036.034.134.436.932.533.235.738.138.343.242.036.940.4
it distribyment b
5-14weeks
31.630. 130. 131.031.326.930.329.829.930.428. 127.626. 328.027.328. 631.927.8
ution ofy duratic
15-26weeks
13. 312.311.011. 116.520. 117.716. 515.115.817.715.213.613.39.7
12.212.915.3
unem-jf t*
27weeksandover
10.411.67.87.3
15.217.017.919.318. 121. 220.921.522. 120.419.817.2ias16.5
State p]
Insuredunem-ploy-ment
Wee
2, 1501, 8481,6322,2623,9734,1874, 1084, 0873,9183,5873,1992,9382,8072,7422,7212,8412,9593,070
rograms
Initialclaims
jkly aver
295261246363472446460454460410390346322349358395405428
Insuredunem-ploy-ment,
allregular
pro-grams 2(unad-justed)
age, thou
2,6082, 1921,7932,5584, 9424,9794,5764,2384,0394,1204,4614,9624,7214,3663,9173,5643,4583,639
Specialunem-ploy-ment
benefitclaims 3(unad-justed)
sands
1,4891,5021,3121, 2841,3401,4111,4821,4281, 3391, 125
9931, 1451,379
1 Detail may not add to 100 percent because of rounding.2 Includes State (50 States, District of Columbia, and Puerto Rico), ex-serYiee-
men (UCX), Federal (TJCFE), and railroad (BE) programs. Also includesFederal and State extended benefit programs. Does not include FSB (FederalSupplemental Benefits) and SUA (Special Unemployment Assistance).
FSB and SUA. These programs started January 1975 and regular reportingbegan March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employmentand Training Administration). « ̂
1O
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTNonfarm payroll employment increased by 221,000 in July. There were only small changes in the goods-producingsectors. Nearly all of the increased employment can be accounted for by increases in trade, services, and State andlocal governments.
MILLIONS OF PERSONS'901 r
MILLIONS OF PERSONS1 [ENLARGED SCALE)
SO
70
«
50
40
30
20
AIL NONAGRICULTURALESTABLISHMENTS
SERVICE-PRODUCINGINDUSTRIES
\
GOODS-PRODUCING-INDUSTRIES
,„,„«»•»»»»••• """"•""'"«"»»„
1972 1973 1?74•SEASONAU.Y ADJUSTEDSOURCS, DEPMIMINI OF US3H ,
1975I 'l } 1 1 1 1 IV
%1976
•J2
20
4
-
-^~^
JK t 1 1 1 1 ! 1 t ! It
~" " ••«
CON
/n 1 1 1 1 1 1 1 1 1
' 1972
*'**
! f t H f ! ! tl!
f 7—TRACT CONS
1 1 1 1 1 It 1 1 1 11973
WANUFACTU
\'i
1 1 1 1 1 1 1 j 1 1 (
| ^^=RUCTIOM
I M ! ! ' ' H M1974
?1NG
.\ ««•*
! 1 ! t t ! t t 1 t 1
r f 1 1 1 ! 1 1 n <1975
-
-»*"•"" "
f M H \ n 1 1 1*: . T
-
1 ' M 1 1 ' ' M 'J1976
COUNCH OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Period
1971.1972__1973197419751975: July..
Aug.—Sept-.
. Oct.. .Nov..Deo.__
1976: Jan. _ I. ' Feb-_
' _Mar_ -Apr.- _May_June".July-
Totalnonagri-culturalemploy-, ment .
71, 22273, 71476, 89678, 41376, 98576, 67977, 02377, 31077, 55577, 57477, 79678, 17978, 36878, 63078, 96378, 92378, 90079, 121
G
Total8
22, 82023, 54624, 72724, 69722, 54922, 22222, 41822, 60122, 66922, 65722, 74322, 91422, 90123, 01323, 14423, 12323, 07323, 081
oods-prc
Con-tractcon-
struc-tion
3,6393,8314,0153,9573,4573, 3953,4153, 4323, 4023,4093,4063, 4283,3753,3663, 3993, 3863, 3553, 360
ducing i
Ma
Total
18, 57219, 09020, 06820, 04618, 34718, 08418, 25418, 41718, 493 •18, 48218, 56818, 72218, 76318, 87718, 97318, 96418, 93818, 931
ndustries
nufaetur
Durablegoods
10, 59711, 00611, 83911, 89510, 67910, 46510, 56310, 65010, 66110, 65310, 71710, 82010, 84610, 93711, 00011, 04611, 05011, 024
>
ing
Non- ,durablegoods
7,9758, 0848,2298, 1517,6687,6197, 691 '7, 7677,8327,8297,8517,9027,9177,9407,9737,9187,8887, 907
Total
48, 40150, 16752, 16953, 71554, 43654, 45754, 60554, 70954, 88654, 91755, 05355, 26555, 46755, 61755, 81955, 80055, 82756,040
S
Trans-porta-
4.- __cionand
publicutilities
4,4574,5174,6444,6964, 4984,4644,4664,4674,4764,4964, 4774,4944,5174,4984, 5104, 4984, 4874,496
ervice-pr
Whole-saleand
retailtrade
15, 35215, 97516, 67417, 01716, 94716, 98417, 01617, 04517, 04317, 01017, 08017, 23317, 32617, 38617, 44417, 43917, 45217, 518
oducing
Finance,insur-ance,andreal
estate
3, 8023, 9434, 0914,2084, 2234,2034,2184,2394,2464, 2484,2644,2664,2664,2764,2934,2784,3004,305
Industrie
Services
11, 90312, 39213, 02113, 61713, 99513, 99014, 05014, 11314, 15714, 18814, 22914, 30714, 36014, 42214, 49814, 51414, 52714, 574
s
Gover
Federal
2,6962,6842, 6632, 7242,7482,7452,7562,7652,7672, 7612, 7552,7462,7402,7322,7302,7272, 7252,719
nment
Stateandlocal
10, 19210, 65611,07511, 45312, 02512, 07112, 09912, 08012, 19712, 21412, 24812, 21912, 25812, 30312, 34412, 34412, 33612, 428
i Includes all full- and pstt-time wage and salary workers in nonagriculturalestablishments who worfeed during or received pay for any part of the pay periodwhich includes the 12th of the month. Excludes proprietors, self-employed per-sons, domestic servants, and personnel of tee Armed forces. Total derived fromthis tahle not comparable •vrfth> estimates of nonagricultural employment of the -civilian labor force, shown on p. 11, which include proprietors; self-employedpersons, and domestic servants; which count persons as employed when they
14
.are not at work because of industrial disputes; and which are based on a sampleof the wortdng-age population, whereas the estimates in this table are based onreports from employing establishments.
> Includes mining, not shown separately.Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY HOURS AND HOURLY EARNINGSPRIVATE NONHGRICUIiTURftfc INDUSTRIES
[For production or nonsupervlsory workers; monthly data seasonally adjusted]
Period
1967 — —19681969.1970 .1971.. -1972197319741975
1975: JulyAugSept.OctNov. ...Dec
1976: JanFebMarApr .•MayJune *July*...--
Aver
Totalprivatenonagri-cultural l
38.037.837.737. 137. 037. 137. 136. 636.1
36. 036.236. 136.236. 336.4
36.536.436.236.136.236.136.2
age weekly ;
Manufa
Total
40.640.740.639.839.940. 640. 740.039.4
39. 439.739. 839.839.940. 3
40.540.340.239.440.240.240. 1
lours
tcturing
Overtime
3.43.63.63.02.93. 53.83.22.6
2.62.82.82.82.83.0
3.03.13.22.53.23. 13.1
Averaghourly c
Totalprivatenonagri-cultural 1
$2.682.853. 043. 223. 443.673.924. 224.54
4.544.574.604.634.684.68
4.734.754.774.784.834.844.86
e grossjarnings
Manufac-turing
$2. 833. 013. 193. 363. 573. 814. 084. 414. 81
4.824.864.884.904.934.96
5.005.045. 085.065. 135. 165,19
Adjusted h
Index, li
Currentdollars
100.0106.3113. 3120. 8129.4137. 8146.6158.6172.7
173. 1174.6175.2176.7178.2178.6
179.6180.8181.4182.2183.7184.5185.6
ourly earninnonagric
567=100
1967dollars 3
100.0102. 0103.2103.9106. 7110.0110. 1107.4107.1
106. 7107. 3107.2107.4107. 6107.3
107.5108.1108.2108.3108.5108. 5108. 6
gs index — tcultural 2
Percent cha year <
Currentdollars
4.86.36.66.67.16.56.48.28.9
8.8as8. 18.28.57.9
8.07.87.37.67.77.17.3
)tal private
tange fromsarlier 4
1967dollars
1.9-2.01.2.7
2.73.1.1
-2.5-.3
-.8. 1.2.5
1. 1. 8
1.21.31.11.41.51. 11.8
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted]
Period
1967.1968 .19691970..1971197219731974 ._1975 _
1975: July _Aug.SeptOct__.NovBee . .
1976: JanFebMarAprMayJune vJuly*
Total priagricu
Currentdollars
$101. 84107. 73114. 61119. 46127. 28136. 16145. 43154. 45163. 89
163. 44165. 43166. 06167. 61169. 88170. 35
172. 65172. 90172. 67172. 56174. 85174.72175. 93
Average
vate non-Itural i
1967dollars 3
$101. 84103. 39104. 38102. 72104. 93108. 67109. 26104. 57101. 67
100. 76101. 62101. 57101. 89102. 65102. 37
103. 32103. 35103. 03102. 53103. 28102. 72102. 94
gross weekly
Manufac-turing
$114. 90122. 51129. 51133. 73142. 44154. 69166. 06176. 40189. 51
189. 91192. 94194.22195. 02196. 71199. 89
202. 50203. 11204. 22199. 36206. 23207. 43208. 12
earnings
Contractconstruction
Current dollar
$154. 95164. 49181. 54195. 45211. 67222. 51235. 69249. 08265. 35
265. 35267. 91268. 64267. 91272. 69278. 26
281. 24282. 73272. 48283. 50284. 58285. 67284. 02
Retailtrade 5
3
$70. 9574. 9578. 6682. 4786. 6190. 9995. 57
101. 04108. 22
107. 55108. 85108. 84110. 14110. 83110. 81
112. 45112. 08112. 06113. 43113. 37112. 64114. 56
Percent chiyear e
total priiagnct
Currentdollars
3. 15.86.44.26.57.06.86.26.1
5.05.95.65.87.97.1
8. 18. 17.87.58.57.67.6
mge from aarlier,/ate non-iltural
1967dollars
0.21.51.0
-1.62. 23.6.5
-4. 3-2.8
-4.2-2. 6—2.2— 1. 7
.5
.1
1. 31. 71. 61.42.2Ij62.2
1 Also includes other private industry groups shown on p. 14.3 Adjusted for interindustry employment shifts and for overtime in manu-facturing.
s Current dollar index (or earnings) divided by the consumer price index.
75-898°—T6 3
* Monthly changes based on indexes to 2 decimal places.* Includes eating and drinking places.Source: Department of Labor, Bureau of Labor Statistics.
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS ECONOMY
Period
19651966 -1967 ._19681969-- _
19701971197219731974
1975
1974: IIIIV
1975: I 1IIIII..__IV
1976: III*
1965 ...19661967 ...1968_._1969— _ _
1970_1971_1972 _1973_1974_._
1975...
1974: IIIIV
1975: I.IIIIIIV
1976: III*
Outi
Totalprivatebusiness
92.797.9
100. 0105.0ioao107.1110.1117. 5124.5120.8
117.3
120. 6117. 6
114. 2116. 7120.1121. 1
124. 1125. 8
6.65.62.25.02.9
—.92. 86. 85. 9
-3.0
-2.9
-3.9-9.4
-11.28.9
12. 33. 6
10. 25.4
Hit1
Privatenon-farm
business
92.397.9
100. 0105. 2108. 2
107. 1110.0117. 8124.9121.1
117.2
120. 9117. 8
114. 3116. 5119. 9121. 2
124. 3
6.76.02. 15.22.9
-1.02. 77.16.0
-3.1
-3.2
-3.8-9.9
-11.37.9
12. 14.5
10.5
Hourspers
Totalprivatebusiness
98.1100. 3100. 0101.7104. 5
102. 8102. 3106.0110. 1110.6
105.9
110.9109. 3
105.7104.8105.7107. 1
107. 7108.2
Percei
3.12. 3-.31. 72.7
-1. 6— . 43.63.9. 4
-4.2
-1.4-5.7
— 12.7— 3.3
3.55.2
2.51.8
of allons2
Privatenon-farm
business
1967 =
96. 8100.0100. 0102 1105. 3
104.0103. 7107.6112. 2112. 7
107. 9
113. 3111.5
107.9106. 7107.4109. 2
110. 4
it change
3.73.3. 0
2. 13. 2
-1.2— . 33.74.3. 4
-4.3
-. 6-6. 2
-12.4-4. 2
2.56.9
4.4
Output ]of all p
Totalprivatebusiness
= 100; quai
94. 597.6
100. 0103. 2103.4
104.2107. 6110.9113.0109. 2
110. 7
108.7107.6
108. 0111. 3113. 6113. 2
115. 2116.2
; quarterly
3. 43.32.53. 2. 2
. 83. 33. 11. 9
-3.4
1. 4
-2. 6-4. 0
1. 612. 78. 5
-1. 6
7. 53.6
Der hour>ersons
Privatenon-farm
business
rterly dat
95. 497. 9
100. 0103. 1102. 7
103.0106. 1109. 5111. 3107. 4
108.7
106.7105. 6
106. 0109. 2111. 6111. 0
112. 6
f data at
2.92. 62. 13. 1
o
. 23. 03. 21. 7
-3. 5
1.2
-3.2-3. 9
1. 312. 69. 3
-2. 2
5.8
Compeper 1
Totalpri-vate
business
a season*
88.494.7
100. 0107.6115. 1
123. 3131. 5138. 9150. 3164.3
180. 2
166. 7170. 7
176.0179. 0181. 3185. 0
189. 8193. 2
seasonall
3. 97. 05.67. 67. 0
7. 26.65. 78.29. 3
9.7
12. 69. 9
13. 16. 95. 28. 3
10. 97. 3
nsationlour 3
Privatenon-farm
business
illy adjusi
89. 194. 5
100. 0107.3114.2
121. 9129.9137.4148. 1162.0
177. 7
164.0168.3
173. 1176.4179. 3182. 2
186.4
y ad juste
3. 46.15.87.36. 5
6.76. 65.87.89. 4
9.7
11. 510. 9
11. 87. 96.86.6
9.5
UnitCO
Totalpri-vate
business
bed
93.697.0
100. 0104. 3111. 3
118. 4122. 2125. 2132. 9150.4
162. 7
153.4158.6
162. 9160. 8159. 6163. 5
164. 7166. 2
d annual
0.53.73. 14. 36.7
6.43.22. 56.2
13.2
8.2
15. 514. 5
11. 3-5. 1-3.010. 1
3.23.6
laborsts
Privatenon-farm
business
93.496.6
100. 0104 1111. 2
118. 4122. 5125. 5133. 0150. 8
163. 5
153.7159. 3
163. 3161. 6160. 7164. 2
165.6
rates
0. 53.43. 64. 16.8
6. 53. 42. 56. 0
13.4
8.4
15.215. 5
10. 4-4. 2-2.2
9. 0
3.5
ImpHc]defla
Totalpri-vate
business
94.497.4
100. 0104. 1109. 1
114.2119.2123.2130.4143. 8
158.2
146. 0150. 5
154. 6155. 9158. 4160.9
161.8163. 7
2.03. 12.74. 14. 8
* 474 33.45.8
10.3
10.0
13. 212.9
11.33. 56. 66. 6
2. 14 8
t pricetor *
Privatenon-farm
business
94397.0
100.0104 0109.0
1143119.4122.9128.0142. 1
157.1
144 6149. 2
154 §155.0157. 0159.4
161. 1
1.72.93. 14 147
494 52.94 1
11.0
10.6
13.413.5
13.52.65.36.2
43
1 Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons in private industry engaged in production, includinghours of proprietors and unpaid family workers. Estimates based primarilyon establishment data.
3 Wages and salaries of employees plus employers' contributions for socialinsurance and private benefit plans. Also includes an estimate of wages, salaries,and supplemental payments for the self-employed.
* Current dollar gross domestic product divided by constant dollar gross domes-tic product.
NOTE.—Percent changes are from preceding period and are based on originaldata; they therefore may differ slightly from percent changes based on indexesshown here.
Source: Department of Labor, Bureau of Labor Statistics.
16
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production increased 0.2 percent in July following rises of 0.4 percent in June and 0.9 percent in May.Most major market groups showed little change or small increases in July. Output was also dampened somewhat byincreased strike activity/notably in coal mining.
INDEX, 1967«100* (RATIO SCALE)
140
120
100
TOTAL INDUSTRIAL PRODUCTION
1972 1973 1974 1975
INDEX, 1967=100* (RATIO SCALE)180
1976
MANUFACTURING PRODUCTION
160
140
120
100
UTILITIES AND MINING PRODUCTION
ilni1972 1973
PERCENT (RATIO SCALE)
1974
UTILITIES
MINING
1975I t I I t I I I ! |
1976
100 -
1972 1973 1976
_ MANUFACTURING CAPACITYUTILIZATION RATE
70
601972
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1976
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Period
1967 'proportion1970197119721973197419751975: July
Aug.Sept _ _OctNov__Dec
1976: JanFebMarAprMayJune *_July*
Total iiprodi
Index,1967=
100
WO. 00107. 8109. 6119. 7129. 8129. 3117. 8118.4121. 0122. 1122. 2123. 5124. 4125. 7127. 3128. 1128. 4129. 6130. 1130. 4
idustrialiction
Per-cent
changefromyear
earlier
-3. 01. 79. 28. 4
— . 4-8. 9
-10. 2-8. 1-7. 4-5.6— 1. 1
4.39. 1
13. 014. 714. 014. 011. 810. 1
InduslM,
Total
87.95106. 4108. 2118. 9129. 8129. 4116. 3117. 0119. 7121. 4121. 2122. 7123. 6125. 2127. 0127.9128. 5129. 3130. 0130.4
,ry produinufactun
Dur-able
51.98102. 3102. 4113. 7127. 1125. 7109. 3109. 3112. 3113. 5112. 7113. 4114. 4115. 8117. 9119. 0120. 1121. 5122. 5123. 1
ction indng
Non-dur-able
35.97112. 3116. 6126. 5133. 8134. 6126.4128. 1130.5132. 9133. 6136. 2136.9138. 4140. 2140. 7140. 7140. 6140. 8140.8
exes, 196'
Mining
6. 36112. 2109. 8113. 1114. 7115. 3112. 8110. 8111. 6111. 6113. 8114. 2112. 9113. 6112. 7113. 9113. 5113. 6114. 2112. 8
r=ioo
Utili-ties
6. 69124. 5130. 5139.4145. 4143.7146. 0145. 5148. 3144. 6143.8148. 8147. 2152. 0152. 5151.4150. 8153.0152. 7153. 0
Manuf
Federalseri(
Totalmanu-factur-
ing
78.375.078.683.078.968.7
69. 0
70. 7
72. 1
73.0
acturing (rate, p<
Reserve3S2
Mate-rials
84. 383. 188. 092. 587.773. 5
74.8
77.0
78.9
80.6
japacity i3rcent l
Com-merceseries 3
818083868377
79
79
82
itilization
Whar-ton
series 2
87. 985. 389. 695. 891. 379. 3
79. 8
81. 9
83. 7
1 Output as percent of capacity.2 Quarterly data entered in last month of quarter. Annual data are averages ofquarterly data.3 Quarterly data are f®r last month in quarter. Annual data are averages of fourmonthly indexes.
Sources: Board of Governors of the Federal Reserve System, Department ofCommerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Period
1 967 proportion1968 __„- —1969 _.19701971 - -1972 _ _1973 „..__ • -1974 -19751975: July...
Aug . .-_Sept.-GetNov »_Dec.»
1976: JanFebMar . - — _AprMayJune 9July '9
Total
47.82106.2109.6105.3106. 3115.7124.4125. 1118.2119.7120. 8121. 5120.9122. 3123. 5123. 9125. 3126. 4126.3127. 2127.2127.4
Cor
Total
27.68105.9109. 8109. 0114. 7124.4131, 5128. 9124. 0126. 6127. 5129.0128.7131. 1132. 3133. 1134.9136. 1136. 1137.3137.3137. 3
Final pi
isumer go
Durablegoods
7.89111. 1115. 0106.1118.8133.8146. 2135. 3121. 4126.6129. 2132. 2131.9132. 5134. 0134.7137. 9140.4141. 1143.3144.2144. 3
Prod
roducts
ods
Non-durablegoods
19.79103. 9107.7110. 1113. 1120. 6125. 6126. 3125. 1126.7126. 9127.6127.4130. 6131. 5132.5133. 9134. 4134. 0134. 8134.6134. 5
ucts
Equip
Total
so. 14106. 5109.3100. 194. 7
103.8114. 5120. 0110. 2110. 0111.4111. 3110. 0110.0111. 5111. 2112. 1112.9112. 9113.2113.4113.8
>ment
Busi-ness
12. es105. 5112. 5107. 0104. 1118.0134.2142,4128.2127. 3129.9129.2128. 8129. 6131. 6131. 0132. 6134.0134.1134. 8135. 2135.6
Interirprod
Total
12.89106. 3112. 9112. 9116. 7126. 5137.2135.3123. 1125. 0127. 9127. 6128.0129.3129. 9133. 6135. 3134. 9134. 7135. 0136.4136.8
lediateucts
Con-structionsupplies
6. 42106.6112. 3111. 0116. 8128.4139. 8134. 5116. 3116.8121.3122.3122.7123. 1124. 1126. 8129. 6128.7128.0130. 1131.4131. 9
Ma-terials
39. 29106. 5112. 5109.2111. 3122.3133. 9132. 4115. 5114. 5119.0121. 0122.0123. 1123.3125. 3127.3128. 2129.2131.0131. 6132.0
Sup-pi6"
ment-ary
group:Energytotal
12. 2$
125. 5125. 2126.7124.5124.5127. 1126. 6128. 8127. 5128. 6128.2129. 4130. 4129.3
[1967=100, seasonally adjusted]
Period
1967 proportion1968__.196919701971197219731974 _1975 ._
1975: July... ._AugSeptOctNovDec
1976: Jan___FebMarAprMayJune *July"
Primary
Total
6.57104. 3113. 7106.6100.2112. 1126.7123. 196.4
92.397.797. 995. 498. 192. 6
98. 1103.9101, 4105.4114.0114.6117.3
r metals
Ironandsteel
4. 21103.2112. 5104.796. 1
107. 1122. 3119.895.8
87, 092. 793.492.096. 589. 1
92. 9100. 997. 7
103. 5112.0114. 1116.3
Di
Fabri-catedmetalprod-ucts
5.93105.6107.9102. 4103.5112. 0124.7124. 2109. 9
108. 9113. 8115. 3114. 4116. 3117. 3
116. 6120. 9120. 2121. 5121. 4123. 8122. 9
irable rtu
Non-elec-tricalma-chin-ery
9. 15101. 7109.3104. 4100.2116.0133.7140.2125. 1
123. 9126. 2125. 5125.4126.6128.6
129. 0131. 5132. 9133. 5134. 0133.8135.0
inufactu
Elec-tricalma-chin-ery
8.05105. 5111. 9108. 1107. 7122. 2143. 1143.8116. 5
116. 5118. 0120. 2120. 1120. 1122. 7
124. 7126.5127.8130. 0131.6131.7132.2
res
Transpcequip
_
Total
9. 27111. 1108. 489. 597. 9
108. 2118. 3108. 897.4
101. 1105.0105. 9104. 4104. 7106. 7
105. 8109. 0111. 2110. 6112.9113.2111. 5
stationment
Motorve-
hiclesand
parts
4. 50120. 3116. 592.3
118. 6135. 8148. 8128. 2111. 1
116. 3123. 7126. 8126. 5127. 1130. 1
126. 7135. 2140. 8141. 3144. 3146.7142. 7
Lum-berand
prod-ucts
1. 64105. 5107. 9105. 6113.8120. 8126. 0116. 2107. 6
110.6113.6115.8116. 8114. 1116. 4
123. 5123. 9121. 1122.8123. 0122.6
Non
Ap-parel_^_,_ jprod-ucts
3.31102. 9106. 7101.4104.7109.4117.4114. 3107. 6
106. 3112. 8111. 5115. 9118. 3121. 2
123. 8128. 0126. 3126. 1131. 0
durable ]
Print-ingandpub-
lishing
4.72103.2107.4107. 0107. 1112. 7118.2118. 2113.4
115.5115.3114. 7113.2115. 4118. 4
120. 0121. 0121. 0122. 0120.5120.5119.3
cnanufad
Chem-icalsand
prod-ucts
7. 74109.5118. 4120. 4125. 9143. 6154. 4159.4147. 3
147. 1150.8154. 4157. 5161. 9163. 3
162. 9167. 6170.6168. 7167. 5170. 1
iures
Foods
8. 75102.6106.2109.0112.8116. 9120.8124.0123.4
125.4125. 8126. 2126.4128.8128.5
129.2130. 8128.3129.2131.2130.6
Source: Board of Governors of the Federal Reserre System.
18
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NEW CONSTRUCTION
Period
19691970197119721973...19741975 ..
1975: JuneJulyAugSeptOctNovDec
1976: JanFebMarAprMay 9June p
Total newconstruc-
tionexpendi-
tures
93. 994. 9
110.0124. 1137.9138. 5132. 0
129. 7133. 1132. 2136. 3136 2138. 0137. 8136.9139. 3144 5142. 0140.3142. 5
Total
66.066.880.193.9
105.4100.293. 0
90.692. 092. 195. 495. 697. 398. 199. 5
102. 9106. 4104. 1104. 1103. 9
Resid
Total J
Bil
33.231. 943. 354.359.750.446.5
Seasonally
44.746.146.348.449.450.452. 153. 155. 657.556. 055. 156. 1
Private
ential
Newhousing
units
Llions of doll
25.924. 335. 144.950. 140.634.4
/ adjusted an
32.233.433. 635.737.538.939.939.341. 143.844.244.045.0
Commer-cial and
industrial
ars
16.216. 317.018. 121. 723.820.8
mual rates
20. 320.520.420.320.020. 119.819.020. 621.019.819.318.5
Other
16.618. 619.821. 524. 026. 025. 7
25. 525.325.326. 726. 226.826. 227.426.628. 028. 229.729.4
Federal,State,andlocal
28.028. 129.930.232. 538.339. 0
39. 141. 140. 140.940. 640. 739.837.436.438.037.936.238.6
Construction
Total valueindex
(1967=100)
123.7123. 1145. 4165.3179.5169. 7166. 0
Seasonallyadjusted
201165208157166148137183170185189205187
contracts 2
Commer- ,cial andindustrial
floor space(millions ofsquare feet)
883743727854
1, 010840569
Seasonallyadjustedannualrates
606631519601649504609462496653648657693
1 Includes nonhousekeeping residential construction and additions and alter-ations, not shown separately.
2 P. W. Dodge series. Eelates to 50 States beginning 1969 for value index andbeginning 1971 for floorspace.
Note.—New construction expenditures data prior to 1973 not comparable withlater data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill jInformation Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]
Period
1969197019711972197319741975_.__
1975: JulyAugSeptOctNovDec
1976: JanFebMarAprMay *June »July »
Units
Total
1, 466. 81, 433. 62, 052. 22, 356. 62, 045. 31, 337. 71, 160, 4
1,2071,2641, 3041,4311, 3811,2831, 2361,5471,4171,3671,4221,5271,387
*
started, by
1 unit
810.6812. 9
1, 151. 01, 309. 21, 132. 0
888. 1892.2
916979966
1,0931, 048
962957
1,2951, 1101, 0551,0651, 1491,128
sTew private
type of stri
2-4units
85.084. 8
120. 3141. 3118. 368. 164.0
Seasonally
766776
103797770628076947665
housing unii
icture
5 or moreunits
571. 2535. 9780. 9906. 2795. 0381. 6204.3
adjusted ar
215218262235254244209190227236263302194
bs
Unitsauthor-
ized
1, 323. 71, 351. 51, 924. 62, 218. 91, 819. 51, 074 4
939. 2
mual rates
1, 016998
1, 0921, 1111, 1271, 0911, 1471, 1651, 1881,0821, 1581, 1501,219
Unitscompleted
1, 399. 01, 418. 41, 706. 11, 971. 52, 013. 81, 691. 71, 296. 8
1,2611,2671,3151, 1151,3861,3291,2131,2991, 3991,2661,3511,343
New priv
Homessold
448485656718620501544
548573571610660641573679573630541580
ate homes
Homes forsale atend ofperiod 1
222220287409450402378
381378384389381378379384389394398406
Vacancyrate forrental
housingunits
(percent) 2
5. 55.35.45. 65.86.26.0
6.2
5.4
5.5
5.8
1 Seasonally adjusted.2 Quarterly data entered in last month of quarter.
Source: Department of Commerce, Bureau of the Census.
19
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BUSINESS SALES AND INVENTORIES—TOTAL AND TRADEBusiness inventories increased $3.5 billion in June, with manufacturing stocks accounting for more than half of theincrease. Business sales rose 1.4 percent. According to preliminary estimates, retail sales fell in July, following arise in June.
BILLIONS OF DOLLARS? (RATIO SCALI) BILLIONS OF DOLLARS? (RATIO SCALE)
- NVENTORY-SALES RATIO
100
1972
'SEASONALLY ADJUSTEDSOURCE: DEPART/WENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
Period
1970197119721973197419751975: June __ _ _._
JulyAug _ _SeptOctNov __Dec
1976: JanFebMar_ _ _ _Apr_MayJune vJuly » __ _
Total bi
Q«1*-K-i 2bales *
104, 736112, 315124, 289143, 823163, 991168, 009165, 877169, 007172, 150173, 448174, 847174, 085176, 259179, 027182, 329185, 488187, 074186, 341188, 944
isiness 1
Inven-tories 3
175, 561184, 711197, 692224, 401271, 050264, 770263, 749263, 345264, 662265, 087266, 867266, 064264, 770266, 285267, 979269, 637270, 599272, 548275, 999
Whol
QJI 2bales *
Millions
20, 58322, 32724, 86230, 40037, 34436, 58336, 18636, 56737, 16637, 60437, 44937, 01837, 36038, 15938, 81639, 09439, 53039, 38640, 853
esale 1
Inven-tories 3
of doll
27, 29029, 69532, 81738, 30246, 56445, 11544, 85044, 65345, 50145, 62545, 71545, 55445, 11545, 64546, 30746, 39846, 82647, 79948, 417
T'rvfal
ars, seas
31, 29434, 07137, 36541, 94344, 81548, 70248, 65249, 41149, 77449, 64449, 99550, 55251, 28351, 59252, 60153, 34453, 69652, 86853, 84753, 205
Sales 2
Dur-ablegoodsstores
onally a
9, 52410, 98512, 47214, 19013, 94315, 06015, 00615, 37215, 41015, 41715, 77215, 90416, 23916, 73017, 39717, 40318, 04617, 41917, 75117, 435
Re
Non-durablegoodsstores
d justed
21, 77023, 08624, 89327, 75430, 87233, 64233, 64634, 03934, 36434, 22734, 22334, 64835, 04434, 86235, 20435, 94135, 65035, 44936, 09635, 770
bail
In
Tntol
46, 62652, 57157, 15665, 22974, 08273, 08170, 84071, 50372, 57873, 04974, 64273, 83973, 08173, 61074, 34475, 08975, 652(75, 71076, 671
ventories
Dur-ablegoodsstores
20, 34523, 86426, 05629, 59334, 64933, 59231, 90932, 27033, 32433, 47133, 81333, 71233, 59233, 51033, 49033, 92033, 99433, 93634, 150
, 3
Non-durablegoodsstores
26, 28128, 70731, 10035, 63639, 43339, 48938, 93139, 23339, 25439, 57840, 82940, 12739, 48940, 10040, 85441, 16941, 65841, 77442, 521
Inventcrat
Totalbusi-ness 1
1.641.611. 531.461. 501. 591. 591. 561. 541. 531. 531. 531. 501.491.471. 451. 451.461.46
>ry-salesio 4
Retail
1.471,471.461.461. 541.491.461.451.461.471.491.461. 431. 431.411. 411. 411.431.42
1 The term "business" also includes manufacturing (see page 21).2 Monthly average for year and total for month.3 Book value, end of period, seasonally adjusted.* For annual periods, rati9 of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce (Bureau of Economic Analysis and Bureauof the Census).
20
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MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERSManufacturers1 inventories increased $1.9 billion in June, twice as much as in May and the largest increase sinceDecember 1974. Unfilled orders rose 1.1 percent in June, continuing the uptrend that began in March. Shipmentsand new orders were practically unchanged from their May levels.
BILLIONS OF DOLLARS* (RATIO SCALE)BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALf
100
80
INVENTORY-SHIPMENTS RATIO
201972
*SEASONAIJ.Y ADJUSTEDSOURCEj DEPARTMENT OF COMMERCE
1976
COUNCIL OF ECONOMIC ADVISERS
Period
197019711972_1973197419751975: June-
July __Aug___Sept__Oct_._Nov__Dec__
1976: Jan___Feb__MarApr _ _MayJune__July *_
Manufa
Total
52, 85955, 91762, 06271, 48081, 83282, 72481, 03983, 02985, 21086, 20087, 40386, 51587, 61689, 27690, 91293, 05093, 84894,. 08794, 244
cturers7 st
Durablegoods
28, 22929, 94833, 48938, 80642, 74441, 52740, 75741, 35442, 44443, 19243, 60742, 35243, 68144, 57045, 70047, 54647, 74148, 32148, 47548, 585
dpments l
Non-durablegoods
24, 62925, 96928, 57332, 67439, 08941, 19740, 28241, 67542, 76643, 00843, 79644, 16343, 93544, 70645, 21245, 50446, 10745, 76645, 769
Manufac
Total
Millie101, 645102, 445107, 719120, 870150, 404146, 574148, 059147, 189146, 583146, 413146, 510146, 671146, 574147, 030147, 328148, 150148, 121149, 039150, 911
turers' im
Durablegoods
>ns of doll66, 76866, 05070, 21879, 44197, 96795, 75498, 79698, 18997, 19996, 64096, 21595, 95395, 75495, 66495, 69696, 19396, 13396, 57997, 616
rentories 2
Non-durablegoods
ars, seaso34, 87736, 39537, 50141, 42952, 43750, 82049, 26349, 00049, 38449, 77350, 29550, 71850, 82051, 36651, 63251, 95751, 98852, 46053, 295
Mai
Total
nally adj52, 14655, 75463, 01573, 99283, 51181, 35179, 78983, 30485, 13785, 48286, 33686, 35186, 75488, 08390,20193, 38994, 09095,37895, 596
aufactur*Durafc
Total
usted27, 51429, 77334, 36841, 25344, 50240, 04839, 28241, 43542, 17642, 25642, 30741, 98842, 83743, 17744, 97547, 89547, 79049, 56549, 92649, 688
3rs' new ole goodsCapitalgoodsindus-tries,non-
defense
7, 0557,3248,487
10, 31011, 49410, 26110, 13810, 72810, 39210, 21410, 68910, 69010, 15610, 35110, 71010, 98411, 53011, 66411, 83513, 509
rders 1
Non-durablegoods
24, 63225, 98128, 64832, 73839, 00941, 30240, 50741, 86942, 96143, 22644, 02944, 36343, 91744, 90645, 22645, 49446, 30045, 81345, 670
Manu-fac-
turers'unfilledorders 3
77, 09375, 08186, 608
117, 034137, 328120, 659123, 271123, 545123, 477122, 761121, 697121, 530120, 659119, 468118, 757119, 093119, 340120, 624121, 974
Manu-fac-
turers'inven-tory —ship-mentsratio 4
1.891.821.691.581. 641.801.831. 771. 721.701. 681. 701.671. 651. 621. 591. 581. 581.60
1 Monthly average for year and total for month. Shipments are the same as sales. shipments; for monthly data, ratio of inventories at end of month to shipments for2 Book value, end of period. month.» End of period.* For annual periods, ratio of weighted average inventories to average monthly Source: Department of Commerce Bureau of the Census.
21
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PRICESWHOLESALE PRICESIn July, the wholesale price index rose 0.7 percent (0.3 percent after seasonal adjustment). Prices of farm productsand processed foods and feeds increased 0.3 percent (declined 1.0 percent seasonally adjusted). Industrial commodityprices were up 0.7 percent (also 0.7 percent seasonally adjusted).
INDEX, 1967= 100 (RATIO SCALE)220
INDEX, 1967= 100 {RATIO SCALE)220
200
FARM PRODUQS AND l\ / /PROCESSED FOODS AND FEEDS I \
100 100
1968 1976
SOURCE: DEPARTMENT OF tABOR COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1968_-_ _1969197019711972.1973-19741975
1975: JulyAugSeptGetNov_Dec
1976: Jan. Feb. Mar• AprMayJune
1 July
Allcom-modi-ties
102.5106.5110. 4113.9119. 1134.7160. 1174. 9
175. 7176. 7177. 7178.9178. 2178. 7179.3179. 3179.6181.3181. 8183. 1184. 3
Farmproducts
andprocessed
foodsand
feeds
102. 4108. 0111.7113. 8122. 4159. 1177. 4184. 2
Unadjusted188. 2189. 0190.4190. 5186. 1186.0184. 6182. 0180.3183.7184. 9187.5188. 1
Indus-trial
commod-ities
102. 5106.0110. 0114.0117.9125.9153. 8171. 5
171.2172. 2173. 1174. 7175.4176. 1177. 3178. 0178.9180. 0180.4181.3182.6
Farmpro-
ducts
102. 5109. 1111. 0112.9125. 0176.3187.7186. 7
189. 9192. 7196.9199.9196. 1197.2192.6187.7185.9193.8194. 9195.4193.4
Pro-cessedfoodsandfeeds
102. 2107.3112. 1114. 3120. 8148. 1170.9182. 6
182. 5184. 8185. 3186.6184. 3181.8178. 3175.5175.9179.3181.6182.4180.8
Crudemate-rials 1
102.0110.6118.8122. 7131. 1155. 2219. 1225. 1
Seas224. 5226. 5232. 9231.4227.4235.4236. 0230.0236. 5242.6242. 6246. 1255.5
Inter-mediatemate-rials 2
102. 6106. 1110. 0114. 3118. 9128. 1159. 5178.6
onally ad.177. 1178.2179.4181. 6183. 3184.6185. 2185.7186. 3186.7186.5187.8188.7
Special g
Produc-er fin-ishedgoods
103. 5106.9111. 9116. 6119. 5123. 5141. 0162. 5
usted162. 6163. 1164. 3166. 3167. 1167. 9169. 1170. 0170. 7171. 3171.4172. 1172.9
groupings
Consunex(
Total
102. 1104.6107. 7111. 2113. 5118. 6138.6153. 1
152. 6153.9155. 4157. 0158. 2158. 9159. 1159.4159. 1159.0159. 0160. 0161.2
ler finishe3luding fo<
Durable
102.2104.0107. 0110. 9113. 2115. 8126. 3138. 2
137.4137.8138. 8140. 7141. 8141. 9142. 5142. 8143. 1142.9142. 9143. 5143. 5
d goodsDds
Non-durable
102.2105. 0108. s111.3113. &120. 5146. 8-163. 0
162.4164.4166. 3167.9169. 0170. 1170.2170.4169.7169.9169. a170. 8172. 6
1 Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, andleaf tobacco.
222 Includes supplies and components; excludes intermediate materials for food
manufacturing and manufactured animal feeds.
Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICESV^^K^ANlfc^ W ATAJ—EXV * J.^*^^ • "».* •In July, the consumer price index rose 0.6 percent (0.5 percent seasonally adjusted). Food prices increased 0.7 percen*(0.1 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (0.6 percent seasonally adjusted)and services prices were up 0.7 percent (0.6 percent seasonally adjusted).
INDEX, 1967*= 100 (RATIO SCALE)220
200
INDEX, 1967=100 (RATIO SCALE)'220
200
COMMODITIESLESS FOOD
t i l l I,I H T ! ! I I , I t I I I I ! M, 1 f . t M I I I I ! ! i , II ! t 1 1 !,.!.,!, 1.1 M M I I 1 M l..t I 1.1,1.1.1 1 1 I 1 1 I I t U I 1 1 I t 1 I M 1 1 I I M 1.1 I I II t I I I I ,H
1968 1 1969 1970 I 1971 I 1972 1 1973 * 1974 1975 * 1976
100
120
100
SOURCE* DEPARTMENT OF U6OR COUNCIL Of ECONOMIC AI3YJSERS
[1967=100]
Period
19681969197019711972197319741975
1975: July. _ .Aug.—.Sept...Oet--.-.NovDec
1976: JanFeb...Mar .AprMay___June__,.July...
Allitems
104. 2109. 8116. 3121. 3125. 3133. 1147. 7161. 2
162. 3162. 8163.6164.6165. 6166.3
166. 7167. 1167. 5168.2169. 2170. 1171. 1
Food
103. 6108. 9114. 9118. 4123. 5141.4161. 7175.4
Unac
178. 6178. 1177. 8179. 0179. 8180.7
180. 8180. 0178. 7179. 2180. 0180. 9182.1
Com-modi-tieslessfood
103. 7108. 1112.5116.8119.4123. 5136.6149. 1
[justed
149.9150. 7151.4152.2152. 6152.8
152. 3152. 7153. 3154.2155. 5156. 5157. 1
Serv-ices
105.2112. 5121. 6128.4133.3139. 1152. 1166.6
166.6167.4169. 1170. 1172. 0173. 1
174.9176. 1177. 2177.717&4179.5180.7
Allcom-modi-ties
103.7108. 4113.5117.4120. 9129. 9145. 5158.4
159.6160. 1160.6161.5162. 2162.9
163. 1162. 7162.4163. 11643164.9165.6
All
103.6108. 9114. 9118. 4123. 5141. 4161. 7175.4
177.8177.5178.0179.6180.6181.6
181.2179.4177.9178. 9180.6181.0181.2
Food
Foodat
home
103. 2108. 2113. 7116. 4121. 6141. 4162, 4175. 8
178.6178. 1178.4180. 2181. 2182. 1
181.4178. 6176. 5 •177.7179.5179.8179.8
Foodawayfromhome
105. 2111. 6119.9126. 1131. 1141. 4159.4174. 3
Seasonal
174. 5175. 3176. 4177. 5 •178. 6179. 5
180.9182. 4183. 4184.0185.0186. 0187.1
Comr
All
103. 7108. 1112. 5116.8119. 4123. 5136. 6149. 1
y adjust
149.8150. 7151. 2151. 7152. 2152.8
153. 1153. 5153. 9154.4155. 3156. 0156.9
aodities le
Dur-able
103. 1107. 0111. 8116. 5118. 9121. 9130. 6145. 5
ed
146. 2147. 0147. 6148. 1148. 5149. 2
149. 7150. 6151. 7152.7153. 6154. 1155.0
ss food
'' Non-dur-able
104. 1108. 8113. 1117. 0119. 8124.8140.9151.7
152.4153. 4153. 7154. 4154. 8155. 3
155. 6155.7155. 6155. 7156. 6157.4158.4
Serv-ices
105. 2112. 5121. 6128.4133. 3139. 1152. 1166. 6
166. 9167. 6169. 0170. 0171. 7172.8
174, 7176. 0177.2178. 0178. 8179. 9181. 0
Source: Department ol Labor, Bureau of Labor Statistics.
75-898°—7623
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN WHOLESALE PRICES
Period
196719681969__.1970™19711972.197319741975
1975: July-Aug_-Sept-_Oet__Nov..Dec._
1976: Jan...Feb_._Mar__Apr___May..June.July..
Pereenperio
AUcom-modi-ties
1. 02.84.82.24.06.5
15.420.94.2
.8
.9
.91. 1. 1. 3
-.2-. 4
.2
.8
.3
. 4
.3
t changed; seasoi
Farmprod-ucts
-2.74.48.4
-4.78. 1
18.736. 1
-1.95.5
2.91.52.21.5
-1.9.6
-2.3-2. 5-1.0
4.2.6.3
-1.0
from pretally adjus
Proc-essedfoodsand
feeds
-1.23. 06.8.8
4.711.620. 32a9
-3.8
1.21.3;3.7
— 1.2-1.4
-1.9— 1.6
.21.91.3.4
-.9
ceding*ted l
Indus-trialcom-modi-ties
1.92.73.93.63.23. 6
10. 725.66.0
.4
.7
.91.2:7;6
:4. 1;3.3. 1.5.7
Percent clseasons
AUcom-modi-ties
5.96.9
10.812.28.96.5
.9-1. 1-1.8
2.55.56.64,5
lange froilly adju{
Farmprod-ucts
29.315.229.722.87.2.6
1 q axo. o-16. 1-21. 0
2.516.222. 1-.8
m 3 montlsted annm
Proc-essedfoodsand
feeds
4.08.7
11.39.3
-1. 1-7.3
-16.6-17.8-12.4
2.314,615. 63.4
is earlier;d rates
Indus-trialcom-modi-ties
2.95. 18.0
11.811.910.8
7.34. 43. 23.02.93.65.2
Percent cseason
AUcom-modi-ties
2.55.78.69.07.98.6
6.43.82. 31.72. 12.33.5
shange froally adjus
Farmprod-ucts
12.826.034.626.011.214.2
2. 9-5. 1
-10.9-§.0— 1.2-1.8
.8
m 6 montted annua
Proc-essedfoodsand
feeds
-2.83.69.06.63.71.6
-4.5-9.8-9.9-7.7-2.9
.72.8
bs earlier;1 rates
Indus-trialcom-modi-ties
2. 13.35. 07.28.49.4
9. 58. 16.95. 13.73.441
i Annual changes are from December to December (unadjusted). Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Period
1967196819691970___1971__1972197319741975
1975: July...Aug...SeptOct...Nov...Bee—
1976: Jan...Feb...MarApr...May —June. .July...
Percenperio
AUitems
3.04.76. 15.53.43.48.8
12.27.0
1.0.4.4.6.6.5
.4
. 1:2.4.6.5.5
t changed; seasor
Food
1.24.37.22.24.347
20. 112.26.5
1.8—.2
.3
.9
.6,6
—.2-1.0-28
.610.2.1
from pretally adjus
Com-mod-itieslessfood
3.13.74.54.82.32.55.0
13.26.2
.9
.6
.3
.3
.3
.4
.2
.3:3.3.6.5.6
cedingsted1
Serv-ices
4.06.17.48.2413.66.2
11.38. 1
.5
.4
.8
.61.0.6
1.1.7sT.5.4.«.6
Percent ciseasona
AUitems
9.18. 57.45.86.87.3
6.54.42.92.9496.1as
lange froJly adjus
Food
16.912.18.0417.28.3
ae-2.6-7.9-5.0
2.77.242
m 3 montsted annu
Com-mod-itieslessfood
6.77.87.55.24043
a73.52.93.4485.66.6
is earlier;aJ rates
Serv-ices
a56.77.47.6
ia29.3
11.510.410.67.Sas6.26.9
Percent cseasona
AUitems
7.47. 17.27.47.77.4
6.15.65.147464546
mnge froilly adjus
Food
7.77.6a9
10.39.68.2
3.92.2
— . 1-.8
.0_. 7
.0
m 6 montsted annuj
Com-mod-itieslessfood
7.27.06.45.95.95.9
45asa 6as41425.0
is earlier;a! rates
Serv-ices
7.36.57. 17.18.48.4
9.610.39.99.68.48.47.3
1 Annual changes are from December to December (unadj
Recommended