Transcript
Appendix B
STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION
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CONTENTS
NATIONAL INCOME OR EXPENDITURE: Page
B-l. Gross national product, 1929-79 203B-2. Gross national product in 1972 dollars, 1929-79 204B-3. Implicit price deflators for gross national product, 1929-79 206B-4. Implicit price deflators and alternative price measures for gross na-
tional product and gross domestic product, 1929-79 208B-5. Gross national product by industry in 1972 dollars, 1947-78 209B-6. Gross national product by major type of product, 1929-79 210B-7. Gross national product by major type of product in 1972 dollars,
1929-79 211B-8. Gross national product: Receipts and expenditures by major eco-
nomic groups, 1929-79 212B-9. Gross national product by sector, 1929-79 214B-10. Gross national product by sector in 1972 dollars, 1929-79 215B-ll. Gross domestic product of nonfinancial corporate business,
1929-79 216B-l2. Output, costs, and profits of nonfinancial corporate business,
1948-79 217B-13. Personal consumption expenditures, 1929-79 218B-14. Gross private domestic investment, 1929-79 219B-15. Inventories and final sales of business, 1946-79 220B-16. Inventories and final sales of business in 1972 dollars, 1947-79 221B-l7. Relation of gross national product and national income, 1929-79 ... 222B-18. Relation of national income and personal income, 1929-79 223B-19. National income by type of income, 1929-79 224B-20. Sources of personal income, 1929-79 226B-21. Disposition of personal income, 1929-79 228B-22. Total and per capital disposable personal income and personal
consumption expenditures in current and 1972 dollars, 1929-79. 229B-23. Gross saving and investment, 1929-79 230B-24. Saving by individuals, 1946-79 231B-25. Money income (in 1978 dollars) and poverty status of families and
unrelated individuals by race of head, 1947-78 232
POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY:B-26. Population by age groups, 1929-79 233B-27. Noninstitutional population and the labor force, 1929-79 234B-28. Civilian employment and unemployment by sex and age, 1947-79.. 236B-29. Selected employment and unemployment data, 1948-79 237B-30. Unemployment rate by demographic characteristic, 1948-79 238B-31. Unemployment by duration, 1947-79 239B-32. Unemployment by reason, 1967-79 240B-33. Unemployment insurance programs, selected data, 1946-79 241
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POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY—Cont'dB-34. Wage and salary workers in nonagricultural establishments, ^aSe
1929-79 242B-35. Average weekly hours and hourly earnings in selected private non-
agricultural industries, 1947-79 244B-36. Average weekly earnings in selected private nonagricultural indus-
tries, 1947-79 245B-37. Productivity and related data, private business sector, 1947-79 246B-38. Changes in productivity and related data, private business sector,
1948-79 247
PRODUCTION AND BUSINESS ACTIVITY:B-39. Industrial production indexes, major industry divisions, 1929-79.... 248B-40. Industrial production indexes, market groupings, 1947-79 249B-41. Industrial production indexes, selected manufactures, 1947-79 250B-42. Capacity utilization rate in manufacturing, 1948-79 251B-43. New construction activity, 1929-79 252B-44. New housing units started and authorized, 1959-79 254B-45. Business expenditures for new plant and equipment, 1947-80 255B-46. Sales and inventories in manufacturing and trade, 1947-79 256B-47. Manufacturers' shipments and inventories, 1947-79 257B-48. Manufacturers' new and unfilled orders, 1947-79 258
PRICES:B-49. Consumer price indexes, major expenditure classes, 1929-79 259B-50. Consumer price indexes, selected expenditure classes, 1939-79 260B-51. Consumer price indexes by commodity and service groups,
1939-79 262B-52. Changes in consumer price indexes, major groups, 1948-79 263B-53. Changes in special consumer price indexes, 1958-79 264B-54. Producer price indexes by stage of processing, 1947-79 265B-55. Producer price indexes by stage of processing, special groups,
1974-79 267B-56. Producer price indexes by major commodity groups, 1929-79 268B-57. Changes in producer price indexes for finished goods, 1948-79 270
MONEY STOCK, CREDIT, AND FINANCE:B-58. Money stock measures, 1953-79 271B-59. Commercial bank loans and investments, 1939-79 272B-60. Liquid asset holdings of private domestic nonfinancial investors,
1952-79 273B-61. Total funds raised in credit markets by nonfinancial sectors,
1971-79 274B-62. Federal Reserve Bank credit and member bank reserves, 1929-79... 276B-63. Aggregate reserves and deposits of member banks, 1959-79 277B-64. Bond yields and interest rates, 1929-79 278B-65. Consumer credit outstanding and net change, 1950-79 280B-66. Consumer installment credit extended and liquidated, 1950-79 281B-67. Mortgage debt outstanding by type of property and of financing,
1939-79 282B-68. Mortgage debt outstanding by holder, 1939-79 283
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GOVERNMENT FINANCE: Page
B-69. Federal budget receipts, outlays, and debt, fiscal years 1970-81 284B-70. Federal budget receipts and outlays, fiscal years 1929-81 286B-71. Relation of Federal Government receipts and expenditures in the
national income and product accounts to the unified budget,1979-81 287
B-72. Government receipts and expenditures, national income and prod-uct accounts, 1929-79 288
B-73. Federal Government receipts and expenditures, national incomeand product accounts, 1953-81 289
B-74. State and local government receipts and expenditures, national in-come and product accounts, 1946-79 290
B-75. State and local government revenues and expenditures, selectedfiscal years, 1927-77 291
B-76. Interest-bearing public debt securities by kind of obligation,1967-79 292
B-77. Estimated ownership of public debt securities, 1967-79 293B-78. Average length and maturity distribution of marketable interest-
bearing public debt securities held by private investors, 1967-79. 294
CORPORATE PROFITS AND FINANCE:B-79. Corporate profits with inventory valuation and capital consumption
adjustments, 1946-79 295B-80. Corporate profits by industry, 1929-79 296B-81. Corporate profits of manufacturing industries, 1929-79 298B-82. Sales, profits, and stockholders' equity, all manufacturing corpora-
tions, 1950-79 300B-83. Relation of profits after taxes to stockholders' equity and to sales,
all manufacturing corporations, 1947-79 301B-84. Relation of profits after taxes to stockholders' equity and to sales,
all manufacturing corporations, by industry group, 1978-79 302B-85. Determinants of business fixed investment, 1955-79 303B-86. Sources and uses of funds, nonfarm nonfinancial corporate busi-
ness, 1946-79 304B-87. Current assets and liabilities of U.S. corporations, 1939-79 305B-88. State and municipal and corporate securities offered, 1934-79 306B-89. Common stock prices and yields, 1949-79 307B-90. Business formation and business failures, 1929-79 308
AGRICULTURE:B-91. Income of farm people and farmers, 1929-79 309B-92. Farm output and productivity indexes, 1929-79 310B-93. Farm input use, selected inputs, 1929-79 311B-94. Indexes of prices received and prices paid by farmers, 1940-79 312B-95. U.S. exports and imports of agricultural commodities, 1940-79 313B-96. Balance sheet of the farming sector, 1929-80 314
INTERNATIONAL STATISTICS:B-97. Exchange rates, 1973-79 315B-98. U.S. international transactions, 1946-79 316B-99. U.S. merchandise exports and imports by principal end-use
category, 1965-79 318
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INTERNATIONAL STATISTICS—Continued Page
B-100. U.S. merchandise exports and imports by area, 1973-79 319B-101. U.S. merchandise exports and imports by commodity groups,
1958-79 320B-102. International investment position of the United States at year-end,
selected years, 1970-78 321B-103. World trade: Exports and imports, 1965, 1970, and 1975-79 322B-104. World trade balance and current account balances, 1965, 1970,
and 1975-79 323B-105. International reserves, selected years, 1952-79 324B-106. Growth rates in real gross national product, 1960-79 325B-107. Industrial production and unemployment rate, major industrial
countries, 1960-79 326B-108. Consumer prices and hourly compensation, major industrial coun-
tries, 1960-79 327B-109. Summary of major U.S. Government net foreign assistance, July 1,
1945 to December 31, 1978 328
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:p Preliminary.—Not available (also, not applicable).
202
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NATIONAL INCOME OR EXPENDITURE
TABLE B-l.—Gross national product, 1929-79
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Year orquarter
1929...
1933 .. . .
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 *
1977.1IIIIIIV
19781IIIIIIV
19791IIIIIIV P
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
982.41,063.41,171.11,306.61,412.91,528.81,702.21,899.52,127.62,368.5
1,820.21,876.01,930.51,971.3
2,011.32,104.22,159.62,235.2
2,292.12,329.82,396.52,455.8
Personalcon-
sumptionexpendi-
tures
77.3
45.8
67.0
71.080.888.699.4
108.2119.5143.8161.7174.7178.1
192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8
324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7
618.8668.2733.0809.9889.6979.1
1,089.91,210.01,350.81,509.8
1,169.11,190.51,220.61,259.7
1,287.21,331.21,369.31,415.4
1,454.21,475.91,528.61,580.4
Grossprivate
domesticinvest-ment
16.2
1.4
9.3
13.117.99.95.87.2
10.630.734.045.935.3
53.859.252.153.352.768.471.069.261.977.6
76.474.385.290.296.6
112.0124.5120.8131.5146.2
140.8160.0188.3220.0214.6190.9243.0303.3351.5386.2
280.4300.0315.7316.9
327.0352.3356.2370.5
373.8395.4392.3383.3
Net exports of goods and
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
20.48.0
- 9 . 9-10 .3
- 3 . 5
- 9 . 2- 6 . 0- 6 . 3
-18 .1
-22.2-7 .6- 6 . 8- 4 . 5
4.0- 8 . 1- 2 . 3-7 .7
services
Exports
7.0
2.4
4.4
5.45.94.84.45.37.2
14.819.816.915.9
13.918.918.217.118.020.023.926.723.323.7
27.628.930.632.737.439.542.845.649.954.7
62.565.672.7
101.6137.9147.3163.3175.9207.2257.4
170.5178.6180.1174.2
184.4205.7213.8224.9
238.5243.7267.3280.0
Imports
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
131.9126.9155.4185.8217.5260.9
179.8184.7186.4192.3
206.6213.3220.6229.4
234.4251.9269.5287.7
Government
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
218.9233.7253.1269.5302.7338.4361.3396.2435.6476.1
380.0391.6400.5412.8
419.4428.3440.9453.8
460.1466.6477.8499.8
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
102.1102.2111.1123.1129.7144.4152.6166.3
138.2142.6145.6151.2
150.9148.2152.3159.0
163.6161.7162.9177.0
purchases of goods andservices
Federal
Nationaldefensel
1.2
2.213.749.479.787.473.514.89.0
10.713.2
14.033.545.848.641.138.440.244.045.645.6
44.547.051.150.349.049.460.371.576.976.3
73.570.273.573.577.083.786.493.799.0
108.3
91.693.193.996.4
97.698.299.0
101.2
103.4106.0109.0114.6
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
ST.310.412.714.316.217.818.519.521.221.2
22.126.028.628.734.139.443.350.653.658.0
46.649.551.754.8
53.350.053.357.8
60.255.753.962.4
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
123.2137.5151.0167.3191.5215.4231.6251.8283.0309.8
241.8249.0254.9261.6
268.5280.1288.6294.8
296.5304.9314.9322.8
Percentchangefrom
preced-ing
period,gross
nationalproduct2
-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
11.311.612.011.3
15.412.812.18.7
8.419.810.914.8
10.66.7
11.910.3
1 This category corresponds closely to the national defense classification in "The Budget of the United States Government, FiscalYear 1981."
2 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here.Source: Department of Commerce, Bureau of Economic Analysis.
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TABLE B-2.—Gross national product in 1972 dollars, 1929-79
[Billions of 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "
1977:|II '.IllIV
1978:1IIIIIIV
1979:1IIIIIIV
Grossnationalproduct
314.6
222.1
318.8
343.3398.5460.3530.6568.6560.0476.9
~468.3487.7490.7
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
1,075.31,107.51,171.11,235.01,217.81,202.31,273.01,340.51,399.21,431.1
1,315.71,331.21,353.91,361.3
1,367.81,395.21,407.31,426.6
1,430.61,422.31,433.31,438.4
Personal consumption expenditures
TntalIOI3I
215.6
170.7
220.3
230.4244.1241.7248.7255.7271.4301.4306.2312.8320.0
338.1342.3350.9364.2370.9395.1406.3414.7419.0441.5
453.0462.2482.9501.4528.7558.1586.1603.2633.4655.4
668.9691.9733.0767.7760.7774.6820.6861.7900.8924.5
849.2853.1863.7880.9
882.7894.8905.3920.3
921.8915 0925.9935.2
Durablenrtnricgooos
21.5
10.9
19.1
21.824.716.314.513.514.825.830.633.136.3
43.439.938.943.143.552.249.849.746.451.8
52.550.355.760.765.773.479.079.788.291.9
88.998.1
111.2121.8112.5112.7126.6138.2146.7147.0
135.8136.6138.2142.4
139.3147.8147.5152.1
150.2144 8146 9146.0
Non-HiirahloauraDiegoods
98.1
82.9
115.1
119.9127.6129.9134.0139.4150.3158.9154.8155.0157.4
161.8165.3171.2175.7177.0185.4191.6194.9196.8205.0
208.2211.9218.5223.0233.3244.0255.5259.5270.2276.4
282.7287.5299.3309.3303.9306.6321.5332.7343.3349.3
328.9329.6332.1340.0
337.3339.4344.7351.9
34813441349.2356.0
Services
96.1
76.8
86.1
88.791.895.5
100.1102.7106.3116.7120.8124.6126.4
132.8137.1140.8145.5150.4157.5164.9170.2175.8184.7
192.3200.0208.7217.6229.7240.7251.6264.0275.0287.2
297.3306.3322.4336.5344.3355.3372.5390.8410.8428.2
384.5386.9393.3398.5
406.1407.6413.1416.3
423 54261429 9433.2
Gross private domestic investment
Tntali oiai
55.9
8.4
33.6
44.655.829.618.119.827.871.070.182.365.6
93.794.183.285.683.4
104.1102.997.287.7
107.4
105.4103.6117.4124.5132.1150.1161.3152.7159.5168.0
154.7166.8188.3207.2183.6142.6173.4200.1214.3214.8
191.0199.6206.7203.0
209.0216.8214.0217.4
217 22217214 2206.2
Total
51.3
13.3
32.0
38.443.824.418.022.131.458.870.476.870.0
83.280.478.984.185.696.397.195.789.6
101.0
101.0100.7109.3116.8124.8138.8144.6140.7150.8157.5
150.4160.2178.8190.7175.6152.4166.8186.9200.2204.6
179.7186.2190.1191.7
192.5201.2201.8205.5
204 9203 5207 1203.0
Fixed investment
Total
37.0
10.4
20.7
25.730.317.614.018.727.642.048.951.046.0
50.052.952.156.355.461.265.266.058.962.9
66.065.670.973.581.095.6
106.1103.5108.0114.3
110.0108.0116.8131.0130.6113.6119.0129.3140.1148.2
126.3128.3130.8131.7
133.1140.3141.6145.5
147 2146 9150 7148.0
Nonresidential
Structures
20.6
4.9
8.6
9.911.96.74.25.58.3
18.817.318.417.8
19.120.620.622.523.525.328.128.126.426.8
28.829.330.830.833.339.642.541.142.044.0
42.841.742.545.542.537.138.339.143.947.9
37.539.039.940.1
40.243.945.146.5
45.847 948*749.3
Producers'durable
equipment
16.4
5.5
12.1
15.818.510.99.8
13.219.223.231.632.728.2
30.932.331.533.831.835.937.137.932.536.1
37.236.340.142.747.756.063.662.466.170.3
67.266.374.385.588.176.580.790.196.2
100.3
88.889.390.991.5
93.096.496.598.9
101.399 C
101998.7
See next page for continuation of table.
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TABLE B-2.—Gross national product in 1972 dollars, 1929-79—Continued
[Billions of 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Year or
quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "
1977:1IIIllIV
1978:1IIIllIV
1 9 7 9 :1||IIIIV P
Gross private domestic investment-continued
Fixed investment—continued
Residential
Total
14.3
2.9
11.3
12.813.56.84.03.43.8
16.821.525.824.0
33.227.526.827.830.235.131.929.730.638.1
35.035.138.443.243.843.238.537.242.843.2
40.452.262.059.745.038.847.857.760.156.5
53.557.959.360.1
59.460.960.260.0
57.756.756.555.0
Nonfarmstruc-tures
13.6
2.6
10.6
11.812.56.13.53.03.5
15.519.823.922.3
31.525.925.326.328.833.830.428.329.236.5
33.733.636.941.742.241.636.935.541.141.5
38.950.560.357.943.037.246.055.557.754.1
51.255.757.058.0
56.858.657.757.6
55.654.454.052.5
Farmstruc-tures
0.6
.2
.6
.8
.9
.6
.4
.4
.31.11.31.51.4
1.31.31.21.21.1.9
1.01.0.9
1.0
.81.0.9.9.9.8.9.9.8.9
.6
.7
.7
.5
.9
.7
.7
.91.0.9
1.01.01.0.7
1.1.8
1.01.0
.8
.91.01.1
Pro-ducers'durableequip-ment
0.1
.1
.1
.1
.2
.1
.0
.0
.1
.2
.3
.3
.3
.3
.3
.3
.3
.3
.4
.4
.4
.5
.6
.5
.5
.6
.6
.7
.7
.8
.8
.9
.9
.91.01.11.21.1.9
1.11.31.41.4
1.21.21.31.4
1.41.51.41.4
1.41.41.41.5
Changein
businessinven-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 . 86.6
13.114.110.2
11.313.416.611.3
16.515.612.212.0
12.318.17.13.2
Net exports of goods and
Netexports
2.2
.2
2.0
3.0.8
- 2 . 5- 7 . 3- 7 . 2- 4 . 511.616.68.58.8
4.07.44.92.04.54.77.38.93.5.9
5.56.75.87.3
10.98.24.33.5
- .4- 1 . 3
1.4- . 6
- 3 . 37.6
15.922.615.810.311.017.7
11.110.913.25.8
5.312.313.312.9
17.013.220.120.7
services
Exports
15.6
9.4
13.3
14,614.710.39.0
10.013.526.130.224.224.2
21.725.924.923.825.327.932.334.830.731.5
35.837.039.642.247.849.151.654.258.562.2
67.167.972.787.493.090.096.198.4
108.9119.8
96.599.4
100.597.3
100.7109.2111.9113.8
117.0116.0122.2123.9
Imports
13.4
9.3
11.4
11.514.012.816.317.318.014.613.615.715.4
17.718.520.021.820.823.225.026.027.230.6
30.330.333.935.036.941.047.350.758.963.5
65.768.575.979.977.167.580.488.297.9
102.0
85.488.587.391.4
95.496.998.5
101.0
100.0102.9102.1103.2
Government purchases ofgoods and services
Total
40.9
42.8
62.9
65.297.7
191.5271.2300.3265.3
93.075.484.196.2
97.7132.7159.5170.0154.9150.9152.4160.1169.3170.7
172.9182.8193.1197.6202.7209.6229.3248.3259.2256.7
250.2249.4253.1252.5257.7262.6263.3268.5273.2274.1
264.5267.6270.3271.5
270.7271.3274.7276.0
274.7272.4273.1276.3
Federal
7.0
10.9
22.8
26.761.0
157.4239.6269.7233.7
58.236.142.448.9
47.081.3
107.0114.695.286.985.989.892.891.8
90.895.6
103.1102.2100.6100.5112.5125.3128.3121.8
110.7103.9102.196.695.896.596.4
100.698.699.2
98.4100.3101.8101.8
99.996.698.599.3
101.198.197.4
100.4
Stateandlocal
33.8
31.9
40.2
38.536.734.131.630.631.634.739.341.847.4
50.751.352.555.459.764.066.570.376.478.9
82.087.190.095.4
102.1109.1116.8123.1130.9134.9
139.5145.5151.0155.9161.8166.1166.9167.9174.6174.9
166.0167.3168.5169.8
170.9174.7176.2176.6
173.6174.3175.6175.9
Percentchangefrom
preced-ing
period,gross
n<sti Anolnationalproduct *
- 2 . 2
7.6
7.716.115.515.37.1
- 1 . 5-14.8
- 1 . 84.1.6
8.78.13.83.9
- 1 . 36.72.11.8
- .26.0
2.32.55.84.05.35.95.92.74.42.6
- .33.05.75.5
- 1 . 4- 1 . 3
5.95.34.42.3
8.94.87.02.2
1.98.33.55.6
1.1- 2 . 3
3.11.4
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.
2052 9 » + - 2 8 9 O - 8 0 -
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-3.—Implicit price deflators for gross national product, 1929-79
[Index numbers, 1972 = 100, except as noted; quarterly data seasonally adjusted]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
1977:1IIIIIIV
1978:IIIIIIIV
1979:1IIIIIIV p
Gross
nationalproductl
32.87
25.14
28.48
29.1331.3434.3936.1837.0337.9243.9549.7053.1352.59
53.6457.2758.0058.8859.6960.9862.9065.0266.0667.52
68.6769.2870.5571.5972.7174.3276.7679.0282.5786.72
91.3696.02
100.00105.80116.02127.15133.71141.70152 05165.50
138.34140.93142.59144.82
147.05150.82153.45156.68
160.22163.81167.20170.74
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
100.0105.5116.9126.4132.8140.4150 0163.3
137.7139.6141.3143.0
145.8148.8151.3153.8
157.8161.3165.1169.0
Durablegoods
43.1
31.7
34.9
35.739.142.145.049.553.761.166.869.169.1
70.874.774.875.573.274.076.079.279.481.9
82.182.783.984.885.785.685.787.490.793.1
95.599.0
100.0101.6108.4117.7124.3129.4136 5144.8
128.4128.7129.5130.9
133.0135.6137.9139.4
142.4144.1145.3147.6
Nondurablegoods
38.4
26.8
30.5
30.933.639.143.746.247.852.158.762.360.3
60.765.866.666.366.666.367.369.471.071.4
72.673.373.974.975.877.380.181.985.389.4
93.696.6
100.0107.9123.8133.4138.1144.7154 6170.9
142.2144.3145.4146.8
150.0153.7155.7158.6
164.1168.9173.2177.3
.Services
31.6
26.1
29.2
29.530.832.434.236.137.338.941.744.446.1
47.449.952.655.457.258.560.262.264.266.0
68.069.170.471.772.874.376.578.882.086.1
90.595.8
100.0104.7113.6123.2131.2140.7150 9163.5
137.1139.4142.0144.1
146.8149.4152.3155.0
158.0161.0165.3169.4
Gross private domestic investment1
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
100.0106.0117.1132.3139.7150.5164 4179.7
145.3149.0151.6155.7
158.0162.3166.6170.3
173.0177.8182.4185.7
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
100.0103.8115.3132.2138.5146.6157 8171.3
142.4145.0147.7150.8
153.0156.0159.6162.3
165.4169.6173.8176.6
Nonresidential
Structures
24.1
19.1
22.8
23.124.728.132.033.433.636.343.748.448.0
48.854.755.856.855.957.061.864.463.363.6
63.162.763.063.564.465.968.871.875.381.1
88.094.4
100.0107.8128.1144.9149.5160.0174 3192.5
154.9159.0161.0164.9
166.5171.5176.5181.4
185.2189.0195.1200.3
Producersdurable
equipment
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
100.0101.7109.2126.0133.3140.7150 3161.2
137.1138.9141.9144.7
147.1149.0151.7153.4
156.4160.2163.6164.7
See next page for continuation of table.
206Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-3.—Implicit price deflators for gross national product, 1929-79—Continued
[Index numbers, 1972=100, except as noted; quarterly data seasonally adjusted]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 p
19771IIIIIIV
19781IIIIIIV
1979:1IIIIIIV P
Gross private domesticinvestment1—continued
Fixed investment—continued
Residential
Total
28.2
20.7
26.6
27.429.932.434.938.140.844.653.758.158.7
60.064.466.466.967.168.770.971.371.271.0
71.471.371.570.971.272.374.677.080.787.7
90.694.9
100.0110.8122.3132.8142.5159.3179.7201.7
152.2157.8160.1166.2
169.3176.7183.1189.5
192.6199 2205.5210.1
Non-farmstruc-tures
27.8
19.8
26.3
27.229.731.834.337.340.043.953.057.458.1
59.563.865.866.366.668.270.570.870.770.6
70.970.971.170.570.872.074.276.780.487.5
90.494.8
100.0111.0122.7133.2143.0160.0180.8203.4
152.8158.5160.9167.1
170.2177.9184.3190.8
194 0200 7207.3212.0
Farmstruc-tures
28.6
19.5
23.4
23.626.630.735.740.842.946.652.857.358.0
59.463.865.766.266.568.370.670.970.870.8
71.270.771.370.771.072.374.376.780.587.5
90.595.0
100.0110.7122.7132.9142.6159.7180.3203.3
153.5159.4161.7166.7
171.5176.8183.8189.3
192 7199 8206.0211.3
Pro-ducers'durableequip-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
100.0100.1105.3116.2121.9126.3132.3139.6
124.2125.9126.5128.2
129.2131.4133.0135.6
138 2139 5139.6140.8
Exports andimports ofgoods andservicesx
Exports
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
100.0116.2148.3163.6169.9178.7190.3214.9
176.7179.6179.1179.1
183.1188.4191.1197.6
203 92101218 7226.0
Imports
43.8
22.1
29.6
31.533.237.439.641.143.649.760.766.162.7
67.881.879.175.876.976.878.379.576.575.7
76.776.174.575.677.178.079.780.180.983.3
89.193.5
100.0118.2171.0188.0193.3210.7222.1255.7
210.5208.7213.4210.3
216.6220.2223.9227.2
234 5244 9264.0278.7
Government purchasesof goods and services
Total
21.6
19.3
21.5
21.725.531.232.832.331.229.633.838.039.9
39.445.347.448.548.949.752.154.456.157.2
58.059.261.162.664.066.069.272.676.781.0
87.593.7
100.0106.7117.5128.9137.2147.6159.4173.7
143.7146.3148.1152.0
154.9157.8160.5164.5
167 51713175.0180.9
Federal
20.5
19.4
22.7
22.127.833.034.033.131.930.235.139.441.8
39.947.148.950.250.451.153.455.758.158.7
59.160.061.863.364.867.070.172.676.480.0
86.492.6
100.0105.8115.9127.5134.6143.6154.8167.6
140.4142.1143.0148.6
151.1153.4154.6160.1
161.9164 8167.2176.3
Stateandlocal
21.8
19.2
20.7
21.021.722.923.824.925.928.632.536.638.0
39.042.444.245.146.647.850.452.853.855.4
56.858.360.361.963.365.168.472.576.981.9
88.394.5
100.0107.3118.4129.7138.8150.0162.1177.2
145.6148.9151.3154.1
157.1160.3163.8166.9
170.8174 9179*3183.6
Grossdomesticproduct
32.8
25.2
28.5
29.131.334.436.237.037.943.949.753.152.6
53.657.257.958.859.660.962.865.066.067.5
68.669.270.571.672.774.376.879.082.686.8
91.496.0
100.0105.7115.6126.8133.3141.2151.5164.6
137.8140.4142.0144.3
146.5150.2152.9156.1
159.51631166 2169.7
Percentfrom pr
per
Grossnationalproductimplicitprice
deflator
21
— 7
2.37.69.75.22.32.4
15.913.16.9
- 1 . 0
2.06.81.31.51.42.23.23.41.62.2
1.7.9
1.81.51.62.23.32.94.55.0
5.45.14.15.89.79.65.26.07.38.8
6.07.74.86.4
6.310.67.28.7
9.3938 58.7
changeecedingod2
Grossdomesticproductimplicitprice
deflator
- 2 . 0
- .7
2.37.69.75.22.32.4
15.913.06.9
- 1 . 0
2.06.71.31.51.42.23.23.41.62.2
1.7.9
1.91.51.62.23.33.04.55.1
5.35.14.15.79.39.75.15.97.38.7
5.77.84.76.6
6.210.67.28.7
9.192808.6
1 Separate deflators are not available for gross private domestic investment, change in business inventories, and net exports ofgoods and services.
2 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here. Quarterly dataare at annual rates.
Source: Department of Commerce, Bureau of Economic Analysis.
207Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-4.—Implicit price deflators and alternative price measures for gross national product and gross
domestic product, 1929- 79
[Quarterly data seasonally adjusted]
Year or quarter
1929 . .
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
19771IIIIIIV
19781IIIIIIV
19791IIIIIIV
Index numbers, 1972 = 100
Gross nationalproduct
Implicitprice
deflator
32.87
25.14
28.48
29.1331.3434.3936.1837.0337.9243.9549.7053.1352.59
53.6457.2758.0058.8859.6960.9862.9065.0266.0667.52
68.6769.2870.5571.5972.7174.3276.7679.0282.5786.72
91.3696.02
100.00105.80116.02127.15133.71141.70152.05165.50
138.34140.93142.59144.82
147.05150.82153.45156.68
160.22163.81167.20170.74
Fixed-weighted
priceindex(1972
weights)
68.'f"69.1
70.371.172.072.873.775.077.279.583.087.1
91.696.1
100.0106.0116.8127.7134.8143.5154.2168.7
140.1142.4144.2146.7
149.1152.6155.7159.0
162.8166.6170.6174.7
Gross domesticproduct
implicitprice
deflator
32.8
25.2
28.5
29.131.334.436.237.037.943.949.753.152.6
53.657.257.958.859.660.962.865.066.067.5
68.669.270.571.672.774.376.879.082.686.8
91.496.0
100.0105.7115.6126.8133.3141.2151.5164.6
137.8140.4142.0144.3
146.5150.2152.9156.1
159.5163.1166.2169.7
Fixed-weighted
priceindex(1972
weights)
68 069.1
70.271.172.072.873.775.077.279.683.087.1
91.796.2
100.0105.9116.4127.2134.4142.9153.7168.0
139.6141.9143.7146.2
148.7152.1155.2158.5
162.3166.0169.9173.8
Percent change from preceding periodx
Gross national product
Implicitprice
deflator
- 2 1
- 7
237697522324
15 913169
- 1 0
2068131514223234162.2
1.7.9
1.81.51.62.23.32.94.55.0
5.45.14.15.89.79.65.26.07.38.8
6.07.74.86.4
6.310.67.28.7
9.39.38.58.7
Fixed-weighted
priceindex(1972
weights)
1.6
1.71.11.31.11.21.82.93.04.35.0
5.24.94.06.0
10.29.35.66.47.59.4
7.46.65.17.2
6.89.68.38.9
9.99.5
10.09.9
Chainpriceindex
1.6
1.71.21.41.31.41.93.13.04.45.0
5.35.04.16.09.99.45.66.37.48.9
7.26.65.06.8
6.89.48.28.6
9.78.88.99.2
Gross domestic product
Implicitprice
deflator
- 2 0
- 7
237697522324
15 913 069
- 1 0
2067131514223234162.2
1.7.9
1.91.51.62.23.33.04.55.1
5.35.14.15.79.39.75.15.97.38.7
5.77.84.76.6
6.210.67.28.7
9.19.28.08.6
Fixed-weighted
priceindex(1972
weights)
1.6
1.71.21.31.11.21.83.03.04.45.0
5.24.94.05.99.99.35.66.47.59.3
7.16.85.07.3
6.89.78.38.9
9.99.49.69.7
Chainpriceindex
1.6
1.71.21.51.31.41.93.13.14.45.0
5.35.04.15.99.69.45.66.27.48.8
6.96.74.97.0
6.79.48.28.7
9.68.78.48.9
1 Changes are based on unrounded data and therefore may differ slightly from those obtained from published indexes shown here.Quarterly data are at annual rates.
Source: Department of Commerce, Bureau of Economic Analysis.
208Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-5.—Gross national product by industry in 1972 dollars, 1947-78
[Billions of 1972 dollars]
YearGross
nationalproduct
Agricul-ture,
forestry,and
fisheries
Con-struction
Manufacturing
Total
Durablegoodsindus-tries
Non-durablegoodsindus-tries
Transpor-tation,
commu-nication,
andutilities
Whole-saleand
retailtrade
Financeinsur-ance,andreal
estate
Services
Govern-mentand
govern-mententer-prises
Allother1
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
468.3487.7490.7
533.5576.5598.5621.8613.7
654.8668.8680.9679.5720.4
736.8755.3799.1830.7874.4
925.9981.0
1,007.71,051.81,078.8
1,075.31,107.51,171.11,235.01,217.8
1,202.31,273.01,340.51,399.2
26.128.027.8
29.128.229.030.331.1
31.931.430.832.030.9
32.232.332.332.832.1
33.031.332.632.433.0
34.336.135.435.935.7
37.036.238.338.7
22.926.526.5
29.332.533.834.836.0
38.240.940.942.145.5
46.146.648.349.853.7
57.059.059.562.561.2
57.157.158.058.356.0
49.853.856.659.2
114.9121.5115.0
131.3146.0150.7161.2149.6
165.8166.9167.8153.3170.7
172.0171.2186.2201.0215.7
235.1254.0254.1268.4276.2
260.6264.1288.8313.0291.9
277.1303.5325.8341.6
68.572.066.3
78.189.994.3
102.691.7
103.4102.5102.988.8
100.7
101.599.3
110.1119.0129.3
144.1157.0157.2165.5169.1
154.4155.3171.9189.0176.0
162.2178.4192.5203.8
46.449.648.8
53.256.156.458.657.9
62.464.464.964.570.0
70.572.076.282.186.4
91.097.096.9
102.9107.2
106.2108.7116.8124.1115.9
114.9125.2133.3137.8
38.338.736.4
39.644.244.345.945 6
49.452.353.452.255.7
58.059.162.165.668.9
74.380.082.388.292.9
95.197.3
103.6112.6112.4
113.5118.6124.9134.4
76.178.079.9
87.688.391.194.094.6
103.2106.2108.0107.9115.8
117.9119.2126.7131.7139.7
148.6156.9160.7170.6174.5
178.4186.8201.2212.0205.7
206.2218.9228.0239.1
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
182.3192.0205.8216.1
55.156.757.2
59.460.661.663.063.1
67.571.173.375.880.3
82.285.488.692.296.9
101.2106.5112.7116.3121.4
124.7126.6134.5143.1144.7
145.2151.9159.5169.1
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
162.7164.7165.5168.6
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
20.425.727.731.731.2
28.533.536.132.3
1 Mining, rest of the 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.
209Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-6.—Gross national product by major type of product, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 p.
1977:1IIIllI V
1978:1IIIllI V
1979:1IIIllIV P
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
982.41,063.41,171.11,306.61,412.91,528.81,702.21,899.52,127.62,368.5
1,820.21,876.01,930.51,971.3
2,011.32,104.22,159.62,235.2
2,292.12,329.82,396.52,455.8
Finalsales
101.7
57.4
90.4
97 8120.4156.5192.5211.5213.4203.2233.2254.4261.1
279.4319.9344.0365.7367.8393.3416.0441.4450.4481.2
502.2521.1557.3588.8629.9678.6738.7786 2860.8926.2
978.61,057.11,161.71,288.61,404.01,539.61,692.11,877.62,105.22,350.2
1,800.91,853.61,902.91,952.9
1,988.52,078.42,139.52,214.5
2,272.92,296.42,381.92,449.5
Inven-tory
change
1.7
-1.6
.4
2.24.51.8-.6
-1.0-1.06.4-.54.7
-3.1
6.810.33.1.4
-1.56.04.71.3
-1.55.2
3.82.26.5 16.05.89.514.310.17.79.4
3.86.49.417.98.9
-10.710.021.922.318.4
19.322.527.518.5
22.825.820.020.6
19.133.414.56.4
Goods
Total
Total
56.1
27.0
49.0
56 072.593.7120.4132.3128.9125.3139.8154.4147.7
162.4189.5194.6203.1196.1214.5223.3232.3228.2247.4
254.3256.5278.0289.7309.0336.6373.9387 3418.9446.2
456.2479.8526.0598.8638.6686.6762.7842.2930.0
1,030.5
812.2834.2855.5866.6
873.0922.5940.9983.8
1,011.81,018.11,036.01,056.2
Finalsales
54.4
28.6
48.6
53 868.091.9121.0133.3129.9118.9140.3149.7150.8
155.6179.2191.5202.7197.6208.5218.6231.0229.7242.2
250.6254.3271.5283.7303.2327.1359.6377 2411.2436.8
452.4473.5516.6580.9629.7697.3752.7820.2907.7
1,012.2
793.0811.8828.0848.2
850.2896.7920.8963.2
992.7984.6
1,021.51,049.9
Inven-tory
change
1.7
-1.6
.4
224.51.8-.6
-1.0-1.06.4-.54.7
-3.1
6.810.33.1.4
-1.56.04.71.3
-1.55.2
3.82.26.56.05.89.514.310.17.79.4
3.86.49.417.98.9
-10.710.021.922.318.4
19.322.527.518.5
22.825.820.020.6
19.133.414.56.4
Durable goods
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
89.190.298.4105.4115.0127.0139.0143.5157.4169.2
170.7179.8202.1229.6240.8267.9300.6333.9366.5409.7
329.8329.9336.7339.3
340.1364.9372.3388.9
407.1398.0417.1416.4
Inven-tory
change
1.4
-.5
.3
1?3.11.0.0
-.6-1.35.31.7.7
-2.1
4.16.91.1.9
-2.53.02.81.3
-2.82.7
2.4-.13.62.73.96.610.0535.06.1
.01.86.310.97.1
-8.95.311.913.913.7
8813.014.611.3
18.613.110.313.4
18.424 37.34.6
Nondurable goods
Finalsales
38.3
23.2
36.2
38.444.257.466.874.879.887.196.2102.8102.5
100.9116.7123.9131.2128.7130.3136.3143.7149.2154.8
161.4164.1173.2178.3188.2200.1220.6233 7253.8267.6
281.7293.7314.5351.3389.0429.4452.0486.3541.2602.5
463.1481.9491.3508.9
510.1531.8548.6574.3
585.5586.6604.4633.4
Inventorychange
0.3
-1.1
.1
101.4.7
-.6_ 3.21.1
-2.24.0
-1.0
2.73.42.0-.51.02.91.9.01.32.5
1.42.32.93.31.92.94.3482.83.3
3.74.63.27.01.8
-1.84.710.08.44.7
10 49.512.97.1
4.212.79.77.2
.7917.21.8
Services
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
193.2206.7221.5236.2254.4272.7297.73261356.6388.7
424.6465.5510.8560.5626.8697.6776.7866.4969.3
1,085.3
833 5851.7878.7901.9
934.1956.2981.7
1,005.3
1,041.41,064.21,100.61,135.0
Struc-tures
11.4
2.9
7.5
8.311.814.08.76.16.515.721.728.028.4
35.637.839.442.044.549.552.253.053.859.5
58.460.164.368.972.478.881.482 993.0100.7
101.6118.1134.3147.2147.4144.7162.7190.9228.2252.7
174 4190.1196.3202.8
204.2225.6237.0246.0
238.9247.5259.8264.6
Autooutput
7.38.912.0
15.513.412.216.314.921.517.219.614.619.6
21.618.122.925.626.531.831.128 836.636.8
30.642.245.150.742.945.662.472.377.576.1
72 771.570.674.2
73.979.675.880.6
84.377 571.271.4
Source: Department of Commerce, Bureau of Economic Analysis.
210Digitized 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, 1929-79
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Year orquarter
Grossnationalproduct
Finalsales
Inven-tory
change
Goods
Total
Total Finalsales
Inven-tory
change
Durable goods
Finalsales
Inven-tory
change
Nondurable goods
Finalsales
Inventorychange
ServicesStruc- Auto
output
1929..
1933..
1939..
1940..
1941..1942..1943..1944..1945..1946..1947..1948..1949..
1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "....
1977:I
1978:IIIIllI V
1979:IIIIllIV....
314.6
222.1
318.8
343.3
398.5460.3530.6568.6560.0476.9468.3487.7490.7
533.5576.5598.5621.8613.7654.8668.8680.9679.5720.4
736.8755.3799.1830.7874.4925.9981.0
1,007.71,051.81,078.8
1,075.31,107.51,171.11,235.01,217.81,202.31,273.01,340.51,399.21,431.1
1,315.71,331.21,353.91,361.3
1,367.81,395.21,407.31,426.6
1,430.61,422.31,433.31,438.4
310.0
226.9
317.2
337.1
386.4455.1530.5570.9563.6464.7468.5482.2495.1
522.9562.8594.2620.3615.8647.1663.0679.4681.3714.0
732.4752.4791.0823.0867.1914.6964.3995.7
1,043.11,068.2
1,071.01,100.91,161.71,218.51,209.91,212.11,266.41,327.41,385.11,421.0
1,304.41,317.81,337.31,350.0
1,351.31,379.61,395.11,414.6
1,418.41,404.11,426.21,435.2
4.6
-4 .9
1.6
6.2
12.05.2
.1- 2 . 3-3 .612.2- . 25.5
-4 .4
10.613.74.31.5
- 2 . 27.75.81.5
- 1 . 86.5
4.42.98.17.87.3
11.316.712.08.7
10.6
4.36.69.4
16.58.0
- 9 . 86.6
13.114.110.2
11.313.416.611.3
16.515.612.212.0
12.318.17.13.2
143.9
97.2
153.9
171.2
197.4221.1263.5286.8279.2238.0236.8244.2239.9
261.5283.1292.3306.9292.2316.3320.9321.8312.0332.5
337.1338.1362.0373.0394.0421.5455.6461.9481.1492.3
483.4491.6526.0569.0554.2538.3578.4615.6639.5652.9
605.0610.6622.5624.2
621.4637.2641.8657.3
658.6647.3651.3654.5
139.3
102.1
152.3
165.0
185.4215.9263.4289.1282.8225.8237.0238.7244.3
250.9269.4288.0305.4294.4308.6315.1320.3313.8326.1
332.8335.2353.8365.2386.7410.2438.9449.9472.4481.7
479.1484.9516.6552.5546.2548.0571.8602.4625.4642.8
593.7597.2605.9612.9
604.9621.6629.6645.3
646.3629.1644.2651.3
4.6
-4 .9
1.6
6.2
12.05.2
.1- 2 . 3- 3 . 612.2- . 25.5
-4 .4
10.613.74.31.5
- 2 . 27.75.81.5
- 1 . 86.5
4.42.98.17.87.3
11.316.712.08.7
10.6
4.36.69.4
16.58.0
- 9 . 86.6
13.114.110.2
11.313.416.611.3
16.515.612.212.0
12.318.17.13.2
40.7
17.6
35.6
43.1
57.576.0
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
179.1181.5202.1225.9222.7219.8233.2248.6261.4270.7
248.5246.9249.9249.0
248.5262.8263.6270.6
275.2265.1272.9269.5
3.5
-2 .1
3.4
8.23.5
.7- 1 . 8-3 .710.81.81.5
-3 .7
6.39.81.81.4
- 3 . 64.23.71.5
- 3 . 43.3
2.9- . 14.43.45.08.0
11.96.45.66.8
.11.86.2
10.65.6
- 7 . 03.78.08.67.6
6.18.59.67.6
11.87.96.38.5
10.813.23.72.7
98.6
84.5
116.7
121.8
127.9140.0144.1153.2161.0165.3162.1163.1168.2
166.5176.8187.4199.5192.7195.7201.6205.6209.0215.5
221.2222.7232.7236.8247.5257.7273.7283.3296.7298.4
300.0303.4314.5326.6323.5328.2338.6353.9364.0372.1
345.2350.3356.0364.0
356.4358.8366.0374.7
371.2364.1371.3381.8
1.1
- 2 . 8
2.8
3.81.7
- . 6- . 5
.11.3
- 2 . 04.0
4.23.92.5
.11.43.52.1
.01.63.2
1.53.03.74.32.33.34.85.63.23.7
4.24.83.25.92.4
-2.72.95.25.52.6
5.24.97.03.7
4.77.65.93.5
1.44.93.4
126.8
110.9
134.6
139.5
157.6192.7240.9263.6261.9199.7186.9190.9197.0
206.0229.0240.6245.5247.0257.6267.2279.3285.6298.0
310.7325.5339.9354.0372.2389.1410.2432.7449.9465.4
477.2491.1510.8531.1546.4560.1582.6604.4630.3649.8
596.2599.6608.2613.8
624.2627.9633.1636.0
645.2647.3652.0654.7
44.0
14.0
30.3
32.6
43.446.426.318.118.939.244.752.553.7
66.064.465.669.474.580.980.779.981.989.9
89.091.797.2
103.8108.1115.3115.2113.1120.9121.1
114.6124.9134.3134.8117.2104.0112.1120.5129.5128.4
114.5121.1123.2123.3
122.1130.1132.4133.3
126.8127.7130.0129.2
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
32.542.145.150.640.139.449.955.254.951.5
56.155.354.255.1
53.656.853.056.3
58.152.947.547.5
Source: Department of Commerce, Bureau of Economic Analysis.
211Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-8.—Cross national product: Receipts and expenditures by major economic groups, 1929-79
[Billions of dollars]
Year or quarter
1929
1933
1939
1940194119421943194419451946-194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "
Persons
Disposable personal income
Total1
82.3
45.5
69.9
75.292.0
116.5132.9145.5149.0158.6168.4187.4187.1
205.5224.8236.4250.7255.7273.4291.3306.9317.1336.1
349.4362.9383.9402.8437.0472.2510.4544.5588.1630.4
685.9742.8801.3901.7984.6
1,086.71,184.51,305.11,458.41,623.2
Less-.Inter-estpaidand
trans-fers2
1.9
.7
.9
1.01.1
.8
.7
.8
.91.41.72.12.3
2.72.93.34.04.34.85.65.96.06.5
7.47.78.39.4
10.511.712.613.314.115.6
16.617.318.921.523.423.926.130.235.640.6
Equals:Total
excludinginterestpaid andtransfers
80.4
44.8
69.1
74.391.0
115.6132.1144.6148.0157.3166.7185.3184.9
202.8221.9233.1246.6251.4268.6285.7301.0311.1329.6
342.0355.2375.6393.4426.5460.4497.8531.2574.0614.8
669.4725.5782.4880.2961.3
1,062.71,158.51,274.91,422.81,582.6
Personalcon-
sumptionexpendi-
tures
77.3
45.8
67.0
71.080.888.699.4
108.2119.5143.8161.7174.7178.1
192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8
324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7
618.8668.2733.0809.9889.6979.1
1,089.91,210.01,350.81,509.8
Per-sonalsaving
ordis-
saving(-)
3.1
-1.0
2.1
3.310.227.032.736.528.513.44.9
10.66.7
10.814.816.017.015.614.919.720.621.718.8
17.120.220.418.826.130.333.040.938.135.1
50.657.349.470.371.783.668.665.072 072.8
(
Net receipts
Tax andnontaxreceipts
oraccruals
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
302.6322.2367.4411.2455.1468.5538.3606.6685 7771.9
Less:Trans-fers,inter-estand
subsi-dies3
1.5
2.5
4.1
4.33.84.24.46.09.9
18.017.118.520.9
22.519.118.319.021.323.025.128.232.633.4
36.140.942.444.146.549.554.962.270.277.8
93.1106.8117.8135.4155.6194.4212.7229.9250 4281.8
Equals:Net
receipts
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
209.5215.5249.6275.8299.5274.1325.6376.7435 3490.1
lovernmen
Expenditures
Totalexpendi-
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
311.9340.5370.9404.9458.2532.8574.0626.1686 0757.9
Less:Trans-fers,inter-
fn'dsubsi-dies3
1.5
2.5
4.1
4.33.84.24.46.09.9
18.017.118.520.9
22.519.118.319.021.323.025.128.232.633.4
36.140.942.444.146.549.554.962.270.277.8
93.1106.8117.8135.4155.6194.4212.7229.9250 4281.8
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
218.9233.7253.1269.5302.7338.4361.3396.2435 6476.1
Surplusor
deficit(-),
nationalincome
andproduct
accounts
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 . 56.3
- 3 . 2-64.4-35.7-19 .5
_ 314.0
See next page for continuation of table.
212
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-8.—Gross national product: Receipts and expenditures by major economic groups, 1929-79—
Continued
[Billions of dollars]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
Business
Grossretained
earnings4
11.7
3.2
8.8
10.912.014.816.717.716.015.821.830.031.4
30.834.637.138.041.047.548.751.151.358.5
58.759.867.070.176.284.691.293.798.2
101.7
101.4115.7131.0140.2137.9176.2203.3230.7252.9276.0
Grossprivate
domesticinvest-ment5
16.2
1.4
9.3
13.117.99.95.87.2
10.630.734.045.935.3
53.859.252.153.352.768.471.069.261.977.6
76.474.385.290.296.6
112.0124.5120.8131.5146.2
140.8160.0188.3220.0214.6190.9243.0303.3351.5386.2
Excess ofearnings
or ofinvest-ment( — )
- 4 . 4
1.8
-.5
- 2 . 2- 5 . 8
4.910.910.55.4
-14 .9-12 .1-15 .8
- 3 . 8
- 2 3 . 0-24 .6-15 .1-15 .3-11 .7-20 .8- 2 2 . 3-18 .1-10 .6-19 .0
-17 .7- 1 4 . 5- 1 8 . 2-20 .1- 2 0 . 4-27 .4-33 .3-27 .1- 3 3 . 3-44 .5
-39.5-44.3-57.3-79.8-76.7-14.8-39.7-72.6-98.6
-110.2
International
Nettrans-
fers andinterestpaid toforeign-
ers •
0.4
.2
.2
.2
.2
.2
.2
.3
.82.92.64.55.6
4.03.52.62.52.32.52.52.52.42.6
2.62.83.03.13.23.33.53.73.63.8
4.35.56.57.78.58.58.79.7
13.315.8
Net exports of goods and
Exports
7.0
2.4
4.4
5.45.94.84.45.37.2
14.819.816.915.9
13.918.918.217.118.020.023.926.723.323.7
27.628.930.632.737.439.542.845.649.954.7
62.565.672.7
101.6137.9147.3163.3175.9207.2257.4
services
Less:Imports
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
131.9126.9155.4185.8217.5260.9
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
20.48.0
- 9 . 9- 1 0 3- 3 . 5
Excessof net
transfersand
interestor ofnet
exports( - ) 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 .9.7
19.623 519.3
Totalincome
orreceipts
102.3
55.1
89.4
98.9124.3159.1193.8207.8208.2208.9231.0260.3257.0
284.1326.2344.5362.8363.3396.8421.5442.6447.2486.7
506.7521.7559.8591.0633.5687.2749.8794.6869.1938.8
984.51,062.11,169.41,303.91,407.11,521.51,696.01,892.02,124.22,364.6
Statis-tical
discrep-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
.93.21.7
-.6- 3 . 3
- 2 . 11.31.72.65.87.46.17.53.34.0
Grossnationalproduct
orexpend-
itureiiure
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
982.41,063.41,171.11,306.61,412.91,528.81,702.21,899.52,127.62,368.5
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 ofgovernment enterprises, and disbursements less wage accruals.4 Undistributed corporate profits with inventory valuation and capital consumption adjustments, corporate and noncorporate capitalconsumption allowances with capital consumption adjustment, and private wage accruals less disbursements.
• 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.
213Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-9.—Gross national product by sector, 1929-79
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 *
19771IIillIV
19781IIIIIIV
19791IIIIIIV P
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
982.41,063.41,171.11,306.61,412.91,528.81,702.21,899.52,127.62,368.5
1,820.21,876.01,930.51,971.3
2,011.32,104.22,159.62,235.2
2,292.12,329.82,396.52,455.8
Total
102.6
55.5
90.5
99.6124.5157.9191.6210.1212.0209.0231.8257.9256.9
284.8328.7345.7364.6364.5397.3418.5440.5446.6484.0
503.5520.2560.2591.1631.4683.4748.8791.8863.7931.1
977.81,056.81,164.11,297.51,399.81,518.31,687.71,881.72,107.02,343.3
1,802.91,858.51,911.71,953.8
1,992.02,083.22,138.92,213.9
2,267.92,306.12,369.52,429.7
Total
95.4
49.1
80.6
89.4112.6139.9162.8174.2172.8183.8210.0234.9231.5
257.5294.4307.3324.9323.9354.0372.1390.8393.1427.7
442.5455.3490.4516.5550.7596.6651.1682.7742.2798.1
831.5896.9989.5
1,108.01,193.71,289.21,437.71,609.01,807.82,017.7
1,538.71,590.01,637.41,669.7
1,701.11,787.51,837.61,904.9
1,951.41,984.52,042.02,092.8
Sross domestic product
Business
Ni-mwon-
farm1
84.7
43.8
72.9
81.8103.1127.7149.3156.2152.7164.2188.0212.7211.7
235.5267.4282.5301.2301.3332.8354.3372.3370.7408.9
423.0433.4465.9492.2529.2573.8625.0658.8720.2776.2
807.6867.9955.8
1.055.21,139.91,232.61,385.21,552.21,745.01,944.2
1,481.41,533.51,582.11,612.0
1,641.81,725.81,774.81,837.5
1,880.81,915.21,964.8
Farm
9.7
4.6
6.3
6.58.9
13.015.315.316.018.920.223.318.8
20.022.922.220.319.618.818.618.420.719.1
20.220.220.520.519.322.022.922.222.625.2
25.927.732.050.148.049.246.449.259.569.5
48.247.947.653.2
56.359.458.963.3
70.070.668.968.3
Statis-ticalTICdl
discrep-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
.93.21.7
- .6- 3 . 3
- 2 . 11.31.72.65.87.46.17.53.34.0
9.18.67.74.6
3.02.33.94.1
.6- 1 . 3
8.3
House-holdsand
insti-tutions
2.9
1.7
2.3
2.42.52.93.23.74.14.55.15.65.9
6.46.97.27.88.19.19.8
10.511.412.3
13.814.415.516.617.819.221.123.926.429.2
31.634.737.240.544.850.556.462.669.677.2
60.461.463.265.4
67.368.970.372.1
74.875.877.980.4
Governmeni
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
114.7125.2137.4149.1161.4178.6193.5210.1229.6248.4
203.7207.1211.1218.7
223.6226.8231.0237.0
241.8245.8249.6256.6
Federal
0.9
1.2
3.4
3.55.0
10.620.927.229.814.69.48.9
10.0
10.716.218.918.617.818.419.019.620.520.9
21.722.624.125.227.028.332.435.639.341.8
44.746.850.151.954.959.062.466.471.877.0
65.265.365.669.6
70.270.771.574.8
75.575.876.380.6
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
106.5119.6131.2143.7157.8171.4
138.6141.7145.5149.1
153.4156.1159.4162.2
166.3170.0173.3175.9
Restof theworld
0.8
.3
.3
.4
.4
.4
.3
.4
.3
.5
.91.21.1
1.31.51.51.51.82.02.22.32.22.4
2.53.13.63.74.34.74.24.64.84.5
4.66.67.09.1
13.110.514.517.820.525.2
17.417.618.817.5
19.321.020.721.2
24.223.726.926.1
Percentchangefrom
preced-ing
period,gross
domesticproduct3
- 4 . 1
7.0
10.125.026.821.49.6
.9- 1 . 410.911.3- .4
10.915.45.25.5
-.09.05.35.21.48.4
4.03.37.75.56.88.29.65.79.17.8
5.08.1
10.111.57.98.5
11.211.512.011.2
15.012.912.09.1
8.119.611.114.8
10.16.9
11.510.6
1 Includes compensation of employees in government enterprises.2 Compensation of government employees.3 Changes are based on unrounded data and therefore may differ slightly from those obtained from data shown here. See Table B- l
for percent changes in gross national product.
Source: Department of Commerce, Bureau of Economic Analysis.
214Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-10.—Gross national product by sector in 1972 dollars, 1929-79
[Billions of 1972 dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
19771IIIIIIV
19781IIIIIIV
1979.IIIIIII V
Grossnationalproduct
314.6
222.1
318.8
343.3398.5460.3530.6568.6560.0476.9468.3487.7490.7
533.5576.5598.5621.8613.7654.8668.8680.9679.5720.4
736.8755.3799.1830.7874.4925.9981.0
1,007.71,051.81,078.8
1,075.31,107.51,171.11,235.01,217.81,202.31,273.01,340.51,399.21,431.1
1,315.71,331.21,353.91,361.3
1,367.81,395.21,407.31,426.6
1,430.61,422.31,433 31,438.4
Gross domestic product
Total
312.8
220.5
317.7
342.0397.2459.2529.7567.5559.2475.8466.7485.9488.8
531.5574.7596.7619.9611.4652.2666.1678.0676.5717.3
733.6751.2794.3825.8868.7919.9975.6
1,001.91,045.71,073.1
1,069.81,100.31,164.11,227.41,211.01,197.51,266.21,332.91,391.11,423.2
1,308.31,323.61,346.01,353.9
1,359.91,386.81,399.21,418.4
1,421.71,414.21425 31,431.7
Total
271.1
179.7
260.6
282.0326.3361.0385.2403.5397.9384.9392.8411.2409.4
448.6477.2492.8515.6508.0546.5557.2566.0561.9600.5
611.8625.6663.9692.0730.4776.4822.4839.8878.2901.5
898.3927.6989.5
1,050.41,031.21,013.61,079.71,143.71,197.51,227.7
1,120.91,135.61,155.91,162.4
1,167.51,193.61,205.11,223.9
1,226.91,219.01229 31,235.8
Business
hlnnnon-
farm1
244.2
152.1
230.7
253.8299.1336.0363.9372.7366.4362.2370.8387.2382.1
417.9445.9460.7480.6473.4512.5529.3538.7528.2569.6
580.5590.9629.6658.4697.1746.7791.1807.8850.6877.4
871.3894.9955.8
1,013.2993.7975.3
1,039.91,100.71,160.01,190.7
1,079.11,093.51,111.31,118.7
1,126.61,156.21,169.11,188.0
1,193.11,184.71 189 41,195.5
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
31.132.832.032.332.233.732.434.434.234.7
32.333.035.936.2
35.734.233.633.2
33.435.134 935.3
PociHKcSIQ-
ual2
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- .11.74.95.34.77.48.73.42.4
9.59.18.77.5
5.33.22.42.7
.4-.8505.0
House-holdsand
insti-tutions
15.6
12.2
15.1
16.115.916.415.215.115.015.116.016.717.3
18.318.718.619.319.421.422.523.124.224.9
26.827.228.329.029.931.132.834.835.936.6
36.336.637.238.138.039.440.742.243.645.0
41.441.742.543.2
43.043.443.944.1
44.444.745 445.7
Government3
Total
26.1
28.7
42.0
43.955.181.8
129.3149.0146.275.857.958.062.2
64.678.885.385.083.984.486.588.990.491.8
94.998.5
102.1104.8108.4112.4120.4127.2131.7135.0
135.2136.0137.4138.9141.9144.4145.8147.0149.9150.5
146.0146.2147.6148.3
149.4149.8150.2150.4
150.4150.5150 6150.3
Federal
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
55.252.550.148.348.648.548.548.749.149.1
48.648.648.748.7
48.949.049.249.3
49.249.149 249.0
Stateandlocal
20.9
22.0
25.1
25.325.525.024.423.824.526.128.128.830.9
31.932.633.735.536.738.440.843.145.847.3
49.752.353.956.660.063.667.570.073.676.8
80.183.587.390.693.396.097.398.4
100.8101.3
97.497.698.899.5
100.5100.8100.9101.1
101.2101.41015101.2
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
5.57.27.07.66.84.96.87.68.17.9
7.47.67.97.4
7.88.48.18.1
8.98.1806.7
Percentchangefrom
preced-ing
period,gross
domesticproduct4
- 2 . 2
7.7
7.716.115.615.47.2
-1 .5-14.9
-1 .94.1.6
8.78.13.83.9
-1 .46.72.11.8
_ 2
6!o2.32.45.74.05.25.96.12.74.42.6
- .32.85.85.4
- 1 . 3- 1 . 1
5.75.34.42.3
8.84.76.92.4
1.88.13.65.6
.9-2 .1
321.8
1 Includes compensation of employees in government enterprises.2 The difference between gross product in 1972 dollars measured as the sum of final products and that measured as the sum of
gross product by industry.3 Compensation of government employees.4 Changes are based on unrounded data and therefore may differ slightly 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.
215Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-ll .—Gross domestic product of nonfinancial corporate business, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year orquarter
1929..
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "
1977:1IIIllIV
1978:IIIIllIV
1979:1IIIllIV "
Grossdomes-
ticproduct
ofnon-
financialcorpo-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
560.6602.5671.0752.0808.8874.1988.0
1,106.31,246.91,388.3
1.054.61.093.31,128.91,148.6
116911,236.51,267.91,314.1
1,346.41,370.41,401.3
Capitalconsump-
tionallow-anceswith
capitalconsump-
tionadjust-ment
5.4
4.2
4.7
4.85.36.06.16.26.47.39.1
10.711.6
12.614.615.717.017.919.221.523.724.926.0
27.027.828.729.831.032.835.739.343.047.8
53.158.262.668.780.896.8
106.8116.0126.9140.8
111.7114.5117.5120.5
123 2125.8128.2130.5
133.4138.4143.4148.0
Net domestic product
Total
44.7
20.2
39.1
45.660.477.092.695.988.992.1
110.9126.5121.9
139.3159.9166.7178.1174.1197.5210.1218.5211.4239.7
250.3256.7282.3301.1326.6359.3394.9413.6455.4494.0
507.5544.2608.4683.3728.0777.3881.2990.3
1,120.01,247.5
942.9978.8
1,011.41,028.1
1045 81,110.81,139.71,183.5
1,213.01,232.01,257.9
Indi-rectbusi-nesstax,
etc.1
3.4
3.8
5.1
5.56.46.87.38.18.9
10.111.212.112.6
14.115.216.818.217.419.220.822.422.825.4
28.330.133.035.638.441.142.945.851.657.1
61.868.273.580.585.792.699.8
107.8117.2126.3
104.9106.3109.1111.1
113 2117.4117.5120.7
122.8124.2127.6130.7
Domestic income
Total
41.3
16.4
34.0
40.153.970.185.387.880.081.999.8
114.4109.3
125.2144.7149.8159.9156.6178.3189.2196.2188.6214.4
222.0226.5249.2265.6288.3318.2352.0367.9403.8437.0
445.7476.0534.8602.8642.3684.6781.5882.5
1,002.71,121.2
838.1872.5902.4917.0
932 6993.4
1,022.21,062.8
1,090.21,107.81,130.31,156.4
Compen-sation
ofemploy-
ees
32.3
16.7
28.2
31.239.851.062.265.161.967.279.187.885.3
94.7110.2118.3128.7126.5138.5151.4159.1155.9171.6
181.1185.1199.8210.7226.3246.1273.5291.9321.6357.4
377.1399.4443.8503.8552.9576.9650.2732.6834.7940.7
700.5723.6742.8763.4
791 4824.6846.5876.5
910.0928.4949.7974.5
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
51.658.772.076.059.576.9
100.9116.5128.3133.3
106.2116.4125.5117.8
104 3130.0135.1143.8
135.9133.9132.3
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
39.539.243.748.354.664.4(39.565.471.968.4
55.163.375.992.7
102.9101.3130.0143.5166.1190.8
137.4143.5145.4147.5
140 2167.3171.3185.7
189.5184.2192.7
Profits before tax
Prof-itstaxlia-
bility
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
19.219.520.622.824.027.229.521.133.633.3
27.329.933.539.642.740.652.559.668.875.4
57.459.960.260.9
56 569.571.277.9
74.771.876.3
Profits after tax
Total
7.3
.1
4.7
6.19.08.99.89.67.6
13.418.320.015.6
21.617.916.016.416.421.821.820.717.522.3
20.319.723.125.530.737.240.037.738.335.1
27.933.342.453.160.260.777.483.897.4
115.5
80.083.685.186.6
83 897.8
100.1107.8
114.8112.5116.3
Divi-dends
5.2
2.0
3.3
3.64.03.84.04.24.25.15.96.56.5
7.97.87.88.08.29.4
10.110.410.210.8
11.511.712.714.115.317.218.118.920.720.7
19.920.021.723.926.028.533.137.241.847.2
35.636.637.639.1
40 440.042.844.1
46.247.346.348 8
Undis-tributedprofits
2.0
- 1 . 9
1.4
2.54.95.15.75.43.48.3
12.413.59.1
13.610.18.18.48.2
12.411.610.37.3
11.5
8.78.0
10.311.415.420.021.918.817.614.4
8.013.320.729.234.232.244.346.655.568.3
44.547.047.547.5
43 357.757.363.7
68.665.270.0
Inven-tory
valua-tion
adjust-ment
0.5
- 2 . 1
- .7
_ 2-2^5- 1 . 2- .8- .3- .6
- 5 . 3- 5 . 9- 2 . 2
1.9
- 5 . 0- 1 . 2
1.0- 1 . 0- .3
- 1 . 7- 2 . 7- 1 . 5- .3- .5
.3
.1
.1- .2_ 5
-L9- 2 . 1- 1 . 7- 3 . 4- 5 . 5
- 5 . 1- 5 . 0- 6 . 6
-18 .6-40.4-12.4-14 .6-15 .2-25.2-41 .9
-18 .7-15.9
- 8 . 9-17.0
- 2 3 9-25 .1-23 .0-28 .8
-39 .9-36 .6-44 .0-46 .9
Panitali>apiiai
consump-tion
adjust-ment
- 1 . 3
- .5
- 1 . 0
- 1 . 1- 1 . 1- 1 . 0- .8- .2- .1
- 2 . 7- 3 . 3- 3 . 9- 3 . 8
- 3 . 9- 4 . 5- 4 . 4- 4 . 0- 3 . 2- 2 . 1- 3 . 0- 3 . 3- 3 . 4- 2 . 9
- 2 . 3- 1 . 8
1.01.92.63.63.83.63.63.5
1.5.5
2.71.8
- 3 . 0-11 .9-14.4-11 .8-12 .6-15 .6
-12 .5-11.2-10 .9-12.7
— 12 1-12 .1-13 .2-13 .1
-13 .6-13 .8-16 .4-18 .7
Netinter-est
1.4
1.7
1.5
1.41.31.31.11.01.0.7.8.9
1.0
.91.11.21.31.61.61.72.22.73.1
3.53.94.54.85.36.17.48.7
10.113.1
17.017.919.123.129.930.830.433.439.747.2
31.432.534.035.8
37 038.840.642.4
44.245.548.350.7
1 Indirect business tax and nontax liability plus business transfer payments less subsidies.Source: Department of Commerce, Bureau of Economic Analysis.
216Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-12.—Output, costs, and profits of nonfinancial corporate business, 1948-79
[Quarterly data at seasonally adjusted annual rates]
Year or quarter
19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979"
19771IIIIIIV
19781IIIIIIV
19791IIIII
Gross domesticproduct of
nonfinancialcorporate
business (billionsof dollars)
Currentdollars
137.3133.5
151.9174.5182 3195.0191.9
216.72316242.3236.3265.7
277.3284.5311.0330.9357.6
392.1430.7452.9498.4541.8
560.6602.5671.0752.0808.8
874.1988.0
1,106.31,246.91,388.3
1,054.61,093.31,128.91,148.6
1,169.11,236.51,267.91,314.1
1,346.41,370.41,401.3
1972dollars
229.7219.9
247.5270.2275 2292.0283 5
315.13241328.3313.4347.3
358.9366.7399.7425.4455.2
494.6532.9545.8581.6607.3
600.6619.3671.0720.4695.0
680.0730.4770.7818.7844.0
755.2766.1778.5782.9
789.8817.1826.3841.4
846.6841.0842.4
Current-dollar cost and profit per unit of output (dollars)l
Totalcostand
profit2
0.598.607
.614
.646663.668.677
.688715
.738
.754
.765
.773
.776
.778
.778
.786
.793
.808
.830
.857
.892
.933
.9731.0001.0441.164
1.2851.3531.4361.5231.645
1.3961.4271.4501.467
1.4801.5131.5351.562
1.5901.6291.664
Capitalcon-
sumptionallow-anceswith
capitalcon-
sumptionadjust-ment
0.047.053
.051
.054
.057
.058
.063
.061
.066
.072
.080
.075
.075
.076
.072
.070
.068
.066
.067
.072
.074
.079
.088
.094
.093
.095
.116
.142
.146
.151
.155
.167
.148
.149
.151
.154
.156
.154
.155
.155
.158
.165
.170
Indirectbusi-nesstax,
etc.3
0.053.057
.057
.056
.061
.062
.061
.061064.068.073.073
.079
.082
.083
.084
.084
.083
.080
.084
.089
.094
.103
.110
.110
.112
.123
.136
.137
.140
.143
.150
.139
.139
.140
.142
.143
.144
.142
.143
.145
.148
.151
Compen-sation
ofemploy-
ees
0.382.388
.383
.408
.430
.441
.446
.439
.467
.484
.497
.494
.505
.505
.500
.495
.497
.497
.513
.535
.553
.589
.628
.645
.661
.699
.796
.848
.890
.9511.0201.114
.928
.945
.954
.975
1.0021.0091.0241.042
1.0751.1041.127
Netinterest
0.004.004
.004
.004
.004
.004
.006
.005
.005
.007
.009
.009
.010
.011
.011
.011
.012
.012
.014
.016
.017
.022
.028
.029
.028
.032
.043
.045
.042
.043
.048
.056
.042
.042
.044
.046
.047
.047
.049
.050
.052
.054
.057
Corporate profits withinventory valuation and
capital consumptionadjustments
Total
0.112.105
.120
.124
.110
.102
.101
.121112
.106
.096
.114
.104
.102
.112
.118
.125
.134
.134
.123
.124
.109
.086
.095
.107
.105
.086
.113
.138
.151
.157
.158
.141
.152
.161
.150
.132
.159
.163
.171
.161
.159
.157
Profitstax
liability
0.051.042
.068
.079065.063055
.064062.058.052.060
.053
.053
.052
.054
.053
.055
.055
.051
.058
.055
.045
.048
.050
.055
.061
.060
.072
.077
.084
.089
.076
.078
.077
.078
.071
.085
.086
.093
.088
.085
.091
Profitsaftertax4
0.061.062
.051
.045046.039.046
.057050.048.044.055
.051
.049
.061
.064
.072
.079
.078
.072
.066
.055
.041
.046
.057
.050
.024
.053
.066
.074
.073
.069
.065
.074
.084
.073
.061
.074
.077
.078
.072
.074
.066
Output
u p e r thour of
allemploy-
ees(1972
dollars)
5.2015.428
5.5395.7155.9926.2386.475
6.6856.8286.9067.1337.154
7.1477.3897.6317.7907.492
7.7267.9738.0648.142
8.0638.0428.1108.059
8.0568.1388.1798.201
8.1598.1008.095
Compen-sation
per hourof all
employ-ees
(dollars)
2.5872.682
2.7952.8852.9963.0893.218
3.3253.5043.6943.9444.207
4.4874.7665.0475.4475.961
6.5547.0987.6668.302
7.4807.5967.7387.859
8.0718.2128.3798.544
8.7708.9419.127
1 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars.2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two
places to the left.3 Indirect business tax and nontax liability plus business transfer payments less subsidies.4 With inventory valuation and capital consumption adjustments.Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
217Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-13.—Personal consumption expenditures, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year orquarter
Personalcon-
sumptionexpendi-
tures
Durable goods1
Total
Motorvehicles
andparts
Furni-tureand
house-hold
equip-ment
Nondurable goods1
Total Food
Cloth-ingand
shoes
Gaso-lineand
Fueloilandcoal
Services1
TotalHous-ing2
Householdoperationx
TotalElec-tricityandgas
Transpor-tation
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 P
1977:IIIIllIV
1978:IIIIllIV
1979:IIIIllIV P
77.3
45.8
67.0
71.080.888.699.4108.2119.5143.8161.7174.7178.1
192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8
324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7
618.8668.2733.0809.9889.6979.1
1,089.91,210.01,350.81,509.8
1,169.11,190.51,220.61,259.7
1,287.21,331,21,369.31,415.4
1,454.21,475.91,528.61,580.4
9.2
3.5
6.7
7.89.76.96.56.78.015.820.422.925.0
30.829.829.132.531.838.637.939.336.842.4
43.141.646.751.456.362.867.769.680.085.5
84.997.1111.2123.7122.0132.6157.4178.8200.3212.8
174.3175.7178.9186.4
185.3200.3203.5212.1
213.8208.7213.4215.5
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
34.943.850.655.248.053.470.081.691.291.3
81.780.680.583.7
84.193.592.494.9
97.789.189.888.6
4.7
1.9
3.4
3.84.84.63.93.84.58.4
10.611.511.3
13.714.014.014.614.616.217.116.916.617.8
17.717.918.920.322.824.727.729.532.635.0
36.739.444.850.754.958.064.070.977.685.7
68.169.871.674.0
72.476.578.982.7
82.184.287.389.4
37.7
22.3
35.1
37.042.950.858.664.371.982.790.996.694.9
98.2108.8113.9116.5118.0122.9128.9135.2139.8146.4
151.1155.3161.6167.1176.9188.6204.7212.6230.4247.0
264.7277.7299.3333.8376.3408.9443.9481.3530.6597.0
467.7475.5483.0499.2
505.9521.8536.7558.1
571.1581.2604.7631.0
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
136.3140.6150.4168.1189.8209.6227.1246.7271.7301.9
283.8245.8248.0254.4
260.6267.7274.5283.9
292.9296.7303.1315.1
9.4
4.6
7.1
7.58.8
11.013.414.616.518.218.820.119.3
19.621.221.922.122.123.124.124.324.726.1
26.727.428.729.531.933.536.638.241.845.1
46.650.555.161.365.370.175.982.491.299.6
79.279.782.887.9
85.489.992.796.8
95.596.9
101.0105.0
1.8
1.5
2.2
2.32.62.11.31.41.83.44.04.85.3
5.56.16.87.47.88.69.4
10.210.611.3
12.012.012.612.913.514.716.017.018.420.4
22.023.424.927.836.439.542.946.750.965.1
46.546.646.447.3
48.149.051.555.0
58.460.268.373.4
5.45.56.37.79.6
10.212.013.114.018.3
13.412.813.013.1
14.614.413.413.6
15.417.220.420.0
30.3
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
269.1293.4322.4352.3391.3437.5488.5549.8619.8700.0
527.1539.3558.7574.1
596.0609.1629.1645.1
669.3686.0710.6733.9
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
94.0102.7112.3123.2136.5150.2166.2187.3212.2241.6
178.7184.3190.0196.1
202.5209.0215.0222.1
229.5236.3244.9255.7
4.0
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
38.341.645.950.256.164.572.882.091.4
102.0
80.678.784.084.8
90.488.992.593.7
99.199.7
103.5105.6
1.2
1.1
1.4
1.51.51.61.71.81.92.12.32.62.9
3.33.74.14.55.05.56.16.57.17.6
8.38.89.49.9
10.410.911.512.213.114.2
15.517.018.920.624.129.333.038.342.648.8
38.435.739.839.3
43.440.842.843.4
47.747.349.650.5
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
21.123.826.027.930.732.637.943.649.255.8
40.642.944.446.6
47.648.649.750.8
52.954.556.858.9
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.
218Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-14.—Gross private domestic investment, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933.
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 p
1977:1IIIIIIV
1978:1IIIIIIV
1979-1IIIIIIV
Grossprivate
domesticinvest-ment
16.2
1.4
9.3
13.117.99.95.87.2
10.630.734.045.935.3
53.859.252.153.352.768.471.069.261.977.6
76.474.385.290.296.6
112.0124.5120.8131.5146.2
140.8160.0188.3220.0214.6190.9243.0303.3351.5386.2
280.4300.0315.7316.9
327.0352.3356.2370.5
373.8395.4392.3383.3
Fixed investment
Total
14.5
3.0
8.8
10.913.48.16.48.1
11.724.334.441.138.4
47.048.949.052.954.362.466.367.963.472.3
72.772.178.784.290.8
102.5110.2110.7123.8136.8
137.0153.6178.8202.1205.7201.6233.0281.3329.1367.8
261.1277.5288.2298.5
304.1326.5336.1349.8
354.6361.9377.8376.9
Nonresidential
Total
10.5
2.4
5.8
7.59.46.05.06.8
10.116.822.926.224.3
27.131.131.234.334.038.343.746.741.645.3
47.747.151.253.659.771.381.482.189.398.9
100.5104.1116.8136.0150.6150.2164.9189.4221.1253.9
179.8186.1193.2198.6
203.7218.8225.9236.1
243.4249.1261.8261.3
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
37.739.342.549.054.553.857.362.676.592.3
58.162.164.266.2
66.975.279.784.4
84.990.595.098.7
Non-farm
4.8
.9
1.9
2.22.81.81.21.72.66.16.88.17.8
8.610.510.612.012.413.716.617.416.016.1
17.317.518.518.620.525.128.128.230.434.3
36.137.841.146.951.851.354.759.873.388.6
55.559.261.263.3
63.872.076.481.1
81.286.891.494.9
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
62.864.774.387.096.296.4
107.6126.8144.6161.6
121.7124.1129.0132.4
136.8143.6146.3151.8
158.5158.6166.7162.6
Non-farm
4.8
1.3
3.3
4.55.53.53.24.26.39.0
13.414.712.8
14.916.917.118.718.421.324.126.221.925.2
27.026.128.930.634.641.247.948.053.458.9
58.159.969.180.188.287.497.4
116.3132.6147.3
110.9113.6118.8121.8
126.4131.9133.5138.9
146.1144.5150.0148.5
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
36.649.662.066.155.151.568.191.9
108.0113.9
81.391.495.099.9
100.5107.7110.2113.7
111.2112.9116.0115.6
Non-farmstruc-tures
3.8
.5
2.8
3.23.71.91.21.11.46.8
10.513.812.9
18.716.616.617.519.223.021.420.020.725.8
» 23.923.826.329.429.929.927.427.233.136.3
35.147.960.364.352.749.565.788.8
104.4110.0
78.388.391.797.0
96.8104.3106.4110.0
107.8109.1112.0111.2
Farmstruc-tures
0.2
.0
.1
.2
.2
.2
.2
.1
.1
.5
.7
.9
.8
.8
.8
.8
.8
.7
.6
.7
.7
.7
.7
.6
.7
.6
.7
.7
.6
.7
.7
.6
.7
.6
.7
.7
.61.2.9
1.11.51.81.9
1.61.61.61.2
1.91.41.91.9
1.51.82.02.3
Pro-ducers'durableequip-ment
0.1
.0
.1
.1
.1
.1
.0
.0
.0
.2
.3
.3
.3
.4
.4
.4
.4
.4
.4
.5
.5
.5
.6
.5
.5
.5
.6
.6
.7
.7
.7
.8
.9
.91.01.11.21.21.11.31.61.92.0
1.51.51.61.7
1.92.01.91.9
1.92.02.02.1
Change inbusiness
inventories
Total
1.7
- 1 . 6
.4
2.24.51.8
- .6- 1 . 0- 1 . 0
6.4- .54.7
- 3 . 1
6.810.33.1
.4- 1 . 5
6.04.71.3
- 1 . 55.2
3.82.26.56.05.89.5
14.310.17.79.4
3.86.49.4
17.98.9
-10.710.021.922.318.4
19.322.527.518.5
22.825.820.020.6
19.133.414.56.4
Non-farm
1.8
- 1 . 4
.3
1.94.0
.7-.6- .6-.66.41.33.0
- 2 . 2
6.09.12.11.1
- 2 . 15.55.1
.8- 2 . 3
5.3
3.51.95.85.26.48.5
14.59.47.69.2
3.75.18.8
14.710.8
-14 .312.120.721.316.6
20.121.525.615.7
22.025.318.519.3
18.832.612.62.3
Source: Department of Commerce, Bureau of Economic Analysis.
219Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-15.—Inventories and final sales of business, 1946-79
[Billions of dollars, except as noted; seasonally adjusted]
Year and quarter
Fourth quarter:1946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979".
1977:1IIIIIIV
1978:1IIIIIIV
19791IIIIIIV P
Total
73.786.990.681.0
98.8112.1109.4110.1107.2
112.1121.8126.7128.9132.3
136.2138.4145.2151.5157.6
172.7189.1202.2215.3236.2
244.2261.9288.6355.8425.6
428.3460.5506.0586.9684.3
474.6479.2490.1506.0
526.4544.7563.2586.9
613.4635.1662.9684.3
Farm
21.825 823.419.5
24.226.523.121.620.5
17.618.320.924.923.6
24.825.026.626.925.7
29.728.929.230.433.4
31.736.844.666.261.9
64.360.861.576.781.8
61.557.657.161.5
66.169.071.576.7
79.881.279.981.8
Inventories1
Total
51.961167.261.4
74.685.686.388.586.7
94.6103.5105.8103.9108.7
111.3113.4118.6124.6131.8
143.0160.2173.0184.9202.8
212.5225.1243.9289.6363.7
364.0399.7444.5510.2602.5
413.0421.6433.0444.5
460.3475.7491.7510.2
533.5553.9583.0602.5
Nonfarm
Manufac-turing
26.731.834.831.0
37.446.247.349.347.0
51.457.557.956.057.5
58.159.562.564.868.5
73.783.491.197.4
107.1
110.8113.6120.4143.6186.4
187.9203.9222.5253.7305.3
208.7213.2217.4222.5
230.3237.0245.5253.7
267.4277.7294.4305.3
Whole-sale
trade
9.610.612.111.7
14.314.914.915.115.4
16.717.818.118.119.2
19.620.220.922.423.6
25.328.630.632.435.3
38.341.245.755.269.8
68.176.686.4
102.0118.6
80.281.083.486.4
90.994.297.1
102.0
106.9111.0116.3118.6
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
72.180.591.6
105.4118.7
83.685.788.991.6
95.098.8
102.0105.4
107.6111.6114.5118.7
Other
3.74.64.94.4
5.26.26.25.55.6
5.66.46.96.98.0
8.18.78.69.29.9
10.911.613.514.416.1
17.719.221.826.435.2
35.938.844.149.159.9
40.541.743.244.1
44.145.747.049.1
51.653.557.859.9
Finalsales2
192.0219.6235.7234.6
259.8295.6313.3325.8330.1
356.5377.0392.7405.0426.7
442.1465.3492.7524.2553.1
610.7647.5688.0757.6804.5
839.4915.2
1,019.91,120.51,216.0
1,355.11,480.91,651.31,884.32,086.5
1,519.51,567.61,609.91,651.3
1,678.31,761.71,817.61,884.3
1,932.21,951.12,027.52,086.5
Inventory—finalsales ratio
Total
0.384.396.384.345
.380
.379
.349
.338
.325
.315
.323
.323
.318
.310
.308
.297
.295
.289
.285
.283
.292
.294
.284
.294
.291
.286
.283
.318
.350
.316
.311
.306
.311
.328
.312
.306
.304
.306
.314
.309
.310
.311
.317
.325
.327
.328
Non-farm3
0.270.278.285.262
.287
.290
.275
.272
.263
.265
.274
.269
.257
.255
.252
.244
.241
.238
.238
.234
.247
.251
.244
.252
.253
.246
.239
.258
.299
.269
.270
.269
.271
.289
.272
.269
.269
.269
.274
.270
.271
.271
.276
.284
.288
.289
1 End of quarter.2 Annual rates.3 Ratio based on total final sales, which include a small amount of final sales by farms.Note.—The industry classification of inventories is on an establishment basis and is based on the 1972 Standard Industrial
Classification (SIC) beginning in 1948 and on the 1942 SIC prior to 1948.Source: Department of Commerce, Bureau of Economic Analysis.
220Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-16.—Inventories and final sales of business in 1972 dollars, 1947-79
[Billions of 1972 dollars, except as noted; seasonally adjusted]
Year and quarter
Fourth quarter:19471948 ....1949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979 p.
1977:1IIIIIIV
1978.1IIIIIIV
1979:1IIIIIIV
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
292.1298.7311.8325.9336.1
301.5304.8309.0311.8
315.9319.8322.9325.9
328.9333.5335.3336.1
Farm
25.726 726.2
27.529.130.430.231.1
31.530.731.432.432.4
32.833.234.535.735.1
36.236.036.837.037.3
37.739.239.842.141.8
43.041.141.041.342.3
40.740.740.741.0
41.041.041.241.3
41.441.541.742.3
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
249.1257.6270.8284.6293.8
260.8264.2268.2270.8
274.9278.8281.7284.6
287.6292.0293.5293.8
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
124.2126.8131.0136.3143.5
127.6129.3130.4131.0
132.6134.3135.6136.3
138.4141.1142.5143.5
Whole-sale
trade
13.816.116.1
18.318.919.219.419.7
21.422.021.921.823.7
24.325.025.927.829.1
30.533.735.536.638.2
40.442.044.447.450.6
47.250.353.758.259.5
51.451.852.853.7
55.556.356.858.2
59.359.460.059.5
Retailtrade
20.521.320.9
23.923.923.924.524.6
27.227.528.428.229.6
31.530.632.534.136.0
39.442.743.145.347.7
47.351.954.458.256.5
54.056.861.664.865.1
57.959.060.661.6
62.663.564.464.8
64.465.865.365.1
Other
8.78.67.8
8.79.59.68.78.8
8.49.29.89.8
10.5
10.711.411.412.012.8
13.814.316.316.818.0
18.819.521.322.724.5
23.623.624.525.325.8
23.824.124.424.5
24.324.724.925.3
25.525.725.725.8
Finalsales2 '
i
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
1,043.31,092.71,151.21,212.01,232.6
1,109.61,122.21,139.31,151.2
1.151.01,178.01,192.91,212.0
1,214.61,200.91,222.21,232.6
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
.280
.273
.271
.269
.273
.272
.272
.271
.271
.274
.271
.271
.269
.271
.278
.274
.273
Non-farm3
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
.239
.236
.235
.235
.238
.235
.235
.235
.235
.239
.237
.236
.235
.237
.243
.240
.238
1 End of quarter.2 Annual rates.3 Ratio based on total final sales, which include a small amount of final sales by farms.
Note.—The industry classification of inventories is on an establishment basis and is based on the 1972 Standard IndustrialClassification (SIC) beginning in 1948 and on the 1942 SIC prior to 1948.
Source: Department of Commerce, Bureau of Economic Analysis.
221291-289 O - 80 - 15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-17.—Relation of gross na^ onal product and national income, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929 . .
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 p
1977:1IIIIIIV
19781IIIIIIV
1979:1IIIIIIV P
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
982.41,063.41,171.11,306.61,412.91,528.81,702.21,899.52,127.62,368.5
1,820.21,876.01,930.51,971.3
2,011.32,104.22,159.62,235.2
2,292.12,329.82,396.52,455.8
Less:
Capitalconsump-
tionallowances
withcapital
consump-tion
adjustment
9.7
7.5
8.7
9.010.011.211.51' 3U.313.817.220.322.0
23.927.629.631.633.135.338.942.044.146.1
47.749.150.552.254.657.561.767.073.882.5
90.898.8
105.4117.7137.7162.0177.8195.4216.9243.0
186.9191.9198.7204.3
209.1214.4219.6224.6
229.9239.0247.9255.1
Equals:Net
nationalproduct
93.7
48.3
82.1
91.0114.9147.1180.5198.7200.0195.7215.6238.8236.1
262.3302.6317.6334.5333.2364.0381.8400.8404.8440.4
458.3474.2513.3542.5581.2630.6691.3729.3794.7853.1
891.6964.7
1,065.81,188.91,275.21,366.91,524.41,704.11,910.72,125.6
1,633.31,684.11,731.81,767.0
1,802.21,889.81,940.02,010.6
2,062.22,090.82,148.52,200.8
PIUS:
Subsidiesless
currentsurplus
ofgovern-
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
.41.71.81.11.71.62.51.61.31.8
2.72.43.63.91.02.31.03.14.22.3
1.51.22.86.8
4.34.62.85.1
1.82.63.21.5
Less:
Indirectbusinesstax andnontaxliability
7.1
7.1
9.4
10.111.311.812.814.215.517.118.420.121.3
23.425.327.729.729.632.235.137.538.741.8
45.448.051.654.658.862.665.370.278.886.4
94.0103.4111.0120.2128.6139.2151.4165.1178.1189.5
160.1162.7166.9170.6
173.6179.3177.2182.1
184.8186.9191.1195.2
Busi-ness
transfernav-
ments
0.6
.7
.5
.4
.5
.5
.5
.5
.5
.5
.6
.7
.8
.8
.91.01.21.11.21.41.51.61.8
2.02.02.12.42.72.83.03.13.43.8
4.04.24.75.45.97.68.08.79.2
10.2
8.68.78.98.9
8.99.09.29.5
9.69.9
10.410.8
Statis-tical
discrep-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
.93.21.7
-.6- 3 . 3
- 2 . 11.31.72.65.87.46.17.53.34.0
9.18.67.74.6
3.02.33.94.1
.6- 1 . 3
8.3
Equals:Nationalincome
84.8
39.9
71.3
79.7102.6135.7169.1181.9180.6178.3194.6219.0212.7
236.2272.3285.8299.7299.1328.0346.9362.3364.0397.1
412.0424.2457.4482.8519.2566.0622.2655.8714.4767.9
798.4858.1951.9
1,064.61,136.01,215.01,359.81,525.81,724.31,924.2
1,456.91,505.31,551.11,589.8
1,621.01,703.91,752.51,820.0
1,869.01,897.91,941.9
Source: Department of Commerce, Bureau of Economic Analysis.
222Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-18.—Relation of national income and personal income, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 P
1977:1IIIII .IV
1978:1IIIIIIV
1979:1IIIIIIV P
Nationalincome
84.8
39.9
71.3
79.7102.6135.7169.1181.9180.6178.3194.6219.0212.7
236.2272.3285.8299.7299.1328.0346.9362.3364.0397.1
412.0424.2457.4482.8519.2566.0622.2655.8714.4767.9
798.4858.1951.9
1,064.61,136.01,215.01,359.81,525.81,724.31,924.2
1,456.91,505.31,551.11,589.8
1,621.01,703.91,752.51,820.0
1,869.01,897.91,941.9
Less
Corporateprofitswith
inventoryvaluation
andcapital
consump-tion
adjust-ments
9.2
- 1 . 7
5.3
8.714.119.323.523.619.016.622.229.126.9
33.738.135.435.534.644.642.942.137.548.2
46.646.954.959.667.077.182.579.385.881.4
67.977.292.199.183.695.9
126.8150.0167.7178.5
137.1148.9160.8153.0
141.2169.4175.2184.8
178.9176.6180.8
Netinterest
4.7
4.1
3.6
3.33.33.12.72.42.21.62.12.12.2
2.32.73.03.44.34.85.26.58.08.8
9.811.212.814.315.918.521.924.326.830.8
37.542.847.052.369.078.683.894.0
109.5129.7
89.392.795.898.2
101.5106.8111.9117.6
122.6125.6131.5138.9
Contribu-tions for
socialinsurance
0.2
.3
2.1
2.32.83.54.55.26.16.15.85.45.9
7.18.59.09.1
10.111.512.914.915.218.0
21.121.924.327.328.730.038.843.448.154.9
58.764.873.691.5
103.8110.6126.0142.5164.1189.8
137.7140.7143.8147.6
158.3162.6165.7170.0
184.6187.7191.1195.9
Wageaccruals
lessdisburse-
ments
0.0
.0
.0
.0
.0
.0
.2- .2
.0- .0
.0
.0- .0
.0
.1- .0- .1
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.6
.0- . 1- .5
.0
.0
.0
.2- .2
.0
.0
.0
.0
.0
.0
.5
.4
.1- .9— 1
.2
Plus
Govern-ment
transferpayments
topersons
0.9
1.5
2.5
2.72.62.72.53.15.6
10.811.210.611.7
14.411.612.112.915.116.217.320.124.325.2
27.030.831.633.434.837.641.649.556.562.7
75.989.999.4
113.5134.9170.6185.8199.6214.9241.9
194.5195.6202.4206.0
208.5209.8219.1222.3
227.7233.7250.4255.8
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
103.0115.5127.0141.7163.3191.8
135.6140.2143.9147.2
152.2159.4167.2174.3
181.0187.6194.4204.3
Dividends
5.8
2.0
3.8
4.04.44.34.44.64.65.66.37.07.2
8.88.58.58.89.1
10.311.111.511.312.2
12.913.314.415.517.319.119.420.121.922.6
22.923.024.627.831.031.937.542.147.252.7
40.841.542.743.4
45.146.047.849.7
51.552.352.854.4
Businesstransfer
payments
0.6
.7
.5
.4
.5
.5
.5
.5
.5
.5
.6
.7
.8
.8
.91.01.21.11.21.41.51.61.8
2.02.02.12.42.72.83.03.13.43.8
4.04.24.75.45.97.68.08.79.2
10.2
8.68.78.98.9
8.99.09.29.5
9.69.9
10.410.8
Equals
Personalincome
84.9
46.9
72.4
77.895.3
122.4150.7164.4169.8177.3189.8208.5205.6
226.1253.7270.4286.1288.2308.8330.9349.3359.3382.1
399.7415.0440.7463.1495.7537.0584.9626.6685.2745.8
801.3859.1942.5
1,052.41,154.91,255.51,381.61,531.61,717.41,923.1
1,472.51,509.01,548.51,596.4
1,634.81,689.31,742.51,803.1
1,852.61,892.51,946.62,000.5
Source: Department of Commerce, Bureau of Economic Analysis.
223Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-19.—National income by type of income, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year orquarter
Nationalincome1
Compensationof employees
TotalWages
andsalaries
Supple-ments
towages
andsal-
aries 2
Proprietors' income with inventory valuation and capital consumptionadjustments
Total
Farm
Total Income3
Capitalconsump-
tionadjust-ment
Nonfarm
Total Income4
Inven-tory
valua-tion
adjust-ment
Capitalconsump-
tionadjust-ment
1929
1933
1939...
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 »
1977:
IIIllIV
1978:I
1979:IIIIV P
84.8
39.9
71.3
79.7102.6135.7169.1181.9180.6178.3194.6219.0212.7
236.2272.3285.8299.7299.1328.0346.9362.3364.0397.1
412.0424.2457.4482.8519.2566.0622.2655.8714.4767.9
798.4858.1951.9
1,064.61,136.01,215.01,359.81,525.81,724.31,924.2
1,456.91,505.31,551.11,589.8
1,621.01,703.91,752.51,820.0
1,869.01,897.91,941.9
51.1
29.5
48.1
52.164.885.3
109.5121.2123.1118.1129.2141.4141.3
154.8181.0195.7209.6208.4224.9243.5256.5258.2279.6
294.9303.6325.1342.9368.0396.5439.3471.9519.8571.4
609.2650.3715.1799.2875.8931.1
1,037.81,156.91,304.51,459.1
1,110.11,141.51,170.71,205.5
1,244.01,288.21,321.11,364.8
1,411.21,439.71,472.81,512.8
50.5
29.0
46.0
49.962.182.1
105.8116.7117.5112.0123.1135.5134.7
147.0171.3185.3198.5196.8211.7228.3239.3240.5258.9
271.9279.5298.0313.4336.1362.0398.4427.5469.5514.6
546.5580.0633.8701.2764.1805.9890.0984.0
1,103.51,227.3
945.8971.8995.0
1,023.4
1,052.01,090.01,117.41,154.7
1,189.41,211.51,238.01,270.3
0.6
2.1
2.32.73.23.84.55.66.06.15.96.6
7.89.7
10.411.011.613.215.217.217.720.6
23.024.127.129.531.834.540.944.450.356.8
62.770.381.498.0
111.7125.2147.8172.9201.0231.8
164.3169.7175.7182.1
192.0198.3203.7210.1
221.8228.2234.8242.6
14.9
5.8
11.7
12.917.424.029.030.231.736.635.840.736.1
38.442.842.941.340.842.543.645.047.447.2
47.048.349.650.352.256.760.361.063.466.2
65.167.776.192.486.287.089.3
100.2116.8130.0
96.997.698.6
107.6
109.1115.0117.4125.7
129.0129.3130.3131.5
6.2
2.6
4.4
4.56.49.8
11.711.612.214.915.217.512.7
13.515.814.912.912.311.311.211.013.110.7
11.411.811.911.610.312.613.612.112.013.9
13.914.318.032.025.423.518.319.627.732.1
19.217.916.824.7
25.727.726.131.3
34.233.730.929.5
6.3
2.5
4.4
4.56.5
10.312.212.212.615.115.618.113.4
14.116.615.713.712.911.911.811.813.911.6
12.312.712.812.511.213.514.613.213.315.4
15.316.020.034.227.927.122.324.032.637.5
23.122.121.329.4
30.432.531.136.4
39.339.036.235.5
- 0 . 1
- . 0
- . 0- . 0- . 5
-'.S- . 4- . 2- . 4- . 6- . 7
- . 7
- . 7- . 6- . 6- . 6
- . 9_ g-.9
- 1 . 0- . 9
- 1 . 0- . 9
- 1 . 0- 1 . 2- 1 . 3- 1 . 4
- 1 . 4- 1 . 7- 2 . 0- 2 . 2- 2 . 5- 3 . 7- 4 . 0- 4 . 3- 4 . 9- 5 . 4
-4.0-4.2-4.5-4.7
-4 .7-4 .9-5 .0-5 .1
- 5 . 1- 5 . 3- 5 . 3- 6 . 0
3.2
7.3
8.410.914.317.318.619.421.620.623.223.5
24.927.028.028.428.531.232.433.934.336.6
35.636.437.738.742.044.146.748.951.452.3
51.253.458.160.460.963.571.080.589.198.0
77.779.881.782.9
83.487.391.394.4
94.895.599.4
102.0
3.9
7.6
8.611.714.417.118.319.323.321.823.122.2
25.126.426.927.627.630.531.833.133.235.3
34.235.336.437.240.242.745.347.550.451.3
50.752.856.460.362.964.072.281.992.2
103.7
79.381.082.684.5
85.690.194.598.5
99.8100.5106.0108.6
0.1
- . 5
- . 2
- . 0- . 6- . 4- . 2- . 1- . 1
- 1 . 7- 1 . 5
- . 4.5
- 1 . 1- . 3
.2- . 2- . 0- . 2- . 5- . 3- . 1- . 1
.1- . 1- . 0- . 0- . 0- . 2- . 3- . 3- . 4- . 5
- . 5- . 4- . 7
- 1 . 7- 3 . 6- 1 . 2- 1 . 2- 1 . 3- 2 . 1- 3 . 0
- 1 . 7- 1 . 2
- 1 . 3
- 1 . 7- 2 . 0- 2 . 0- 2 . 4
- 3 . 1- 2 . 5- 3 . 1- 3 . 1
- 0 . 2
- . 2
- . 1
- . 1- . 1
.2
.3
.4
.2
.0
.4
.5
.9
.9
.9
.91.01.01.11.21.11.3
1.31.21.41.61.81.61.61.71.51.4
1.01.12.51.81.6
.6- . 0- . 1
- 1 . 0- 2 . 8
.1
.0- . 1- . 3
-.5
-1.1-1.6
-1.9-2 .5-3.4-3 .4
See next page for continuation of table.
224Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-19.—National income by type of income, 1929-79—Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 P
1977:1IIIIIIV
1978:IIIIllIV
1979:1
IllIV P
Rental income of persons
with capital consumption
Total
4.9
2.2
2.6
2.73.14.0444.54.65.55.35.76.17.17.78.8
10.011.011.311.612.212.913.2
13.814.315.015.716.117.118.219.418.618.1
18.620.121.521.621.422.422.124.725.926.9
23.624.625.225.5
25.224.426.827.1
27.326 826.627.0
adjustment
Rentalincome
ofpersons
5.7
2.3
3.1
3.33.95.0565.96.27.37.78.58.9
10.011.012.213.414.414.815.215.916.717.3
17.818.319.019.620.121.022.123.423.824.8
25.827.729.431.333.736.938.344.249.355.0
41.443.545.246.7
46.947.350.952.1
53.054156.056.8
Capitalcon-
sumptionadjust-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 .3-14.5-16.2-19 .5- 2 3 4-28.1
-17.8-18.9-20.0-21.2
-21.7-22.9-24.1-25.0
-25.7- 2 7 3-29 .5
29.8
Corporate profits with inventory valuation and capital consumption adjustments
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
67.977.292.199.183.695.9
126.8150.0167.7178.5
137.1148.9160.8153.0
141.2169.4175.2184.8
178.9176 6180.8
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
107.9141.3162.0180.8195.2
149.7160.3172.0166.0
153.6182.0189.0198.6
193.31913198.3
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
115.8126.9120.4156.0177.1206.0237.0
168.4176.2180.9183.0
177.5207 2212.0227.4
233.3227 9242.3
Profitstax
liability
1.4
.5
1.4
2.87.6
11.414112.910.79.1
11.312.410.2
17.922.619.420.317.622.022.021.419.023.6
22.722.824.026.228.030.933.732.539.439.7
34.537.741.548.752.449.863.872.684.592.7
69.272.573.775.1
70.884 787.595.1
91.388 794.0
Profits after tax
Total
8.6
.4
5.6
7.210.110.111.111.29.0
15.520.222.718.7
24.721.319.520.220.526.426.625.522.128.0
25.825.829.631.536.744.347.144.946.243.8
37.044.354.667.174.570.692.2
104.5121.5144.4
99.2103.7107.2107.9
106.7122 4124.6132.3
142.0139 3148^3
Divi-dends
5.8
2.0
3.8
4.04.44.3444.64.65.66.37.07.28.88.58.58.89.1
10.311.111.511.312.2
12.913.314.415.517.319.119.420.121.922.6
22.923.024.627.831.031.937.542.147.252.7
40.841.542.743.4
45.146 047.849.7
51.552 352.854 4
Undis-tributedprofits
2.8
- 1 . 6
1.8
3.25.75.9666.54.49.9
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
14.121.330.039.343.638.754.762.474.391.7
58.362.264.664.5
61.676 476.882.6
90.587 095^5
Inven-tory
valua-tion
adjust-ment
0.5
- 2 . 1
- .7_ 2
-2^5-1 .2
- .8- .3-.6
- 5 . 3-5 .9- 2 . 2
1.9- 5 . 0- 1 . 2
1.0- 1 . 0
- .3- 1 . 7- 2 . 7- 1 . 5
- .3- .5
.3
.1
.1-.2- .5
- 1 . 9- 2 . 1- 1 . 7- 3 . 4- 5 . 5
- 5 . 1-5 .0- 6 . 6
-18.6-40.4-12.4-14.6-15.2-25.2-41.9
-18.7-15.9
-8 .9-17.0
-23.9- 2 5 1-23.0-28.8
-39 .9- 3 6 6-44.0-46.9
Capitalcon-
sumptionadjust-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
1.22.12.83.83.93.73.73.51.5
.32.51.9
- 2 . 9-12.0-14 .5-12 .0-13 .1-16.7
-12.6-11.4-11.2-13.0
-12.4-12.6-13.8-13.8
-14 .5- 1 4 7- R 6-20 .1
Netinterest
4.7
4.1
3.6
3.33.33.12.72.42.21.62.12.12.22.32.73.03.44.34.85.26.58.08.89.8
11.212.814.315.918.521.924.326.830.8
37.542.847.052.369.078.683.894.0
109.5129.7
89.392.795.898.2
101.5106 8111.9117.6
122.6125 613L5138.9
1 National income is the total net income earned in production. It differs from gross national product mainly in that it excludesdepreciation charges and other allowances for business and institutional consumption of durable capital goods and indirect businesstaxes. See Table B-17.
2 Employer contributions for social insurance and to private pension, health, and welfare funds; workmen's compensation; directors'fees; and a few other minor items.3 With inventory valuation adjustment and without capital consumption adjustment.
4 Without inventory valuation and capital consumption adjustments.Source: Department of Commerce, Bureau of Economic Analysis.
225Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-20.—Sources of personal income, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "
1977:I||IIIIV
1978:|||IIIIV ...
1979:
II ....IllIV
Personalincome
84.9
46.9
72.4
77.895.3
122.4150.7164.4169.8177.3189.8208.5205.6
226.1253.7270.4286.1288.2308.8330.9349.3359.3382.1
399.7415.0440.7463.1495.7537.0584.9626.6685.2745.8
801.3859.1942.5
1,052.41,154.91,255.51,381.61,531.61 717.41,923.1
1,472.51 5 0 9 01,548.51,596.4
1,634.81689 31,742.51,803.1
1,852.61,892.51946 62,000.5
Wage and salary disbursementsl
Total
50.5
29.0
46.0
49.962.182.1
105.6116.9117.5112.0123.1135.5134.8
147.0171.3185.4198.6196.8211.7228.3239.3240.5258.9
271.9279.5298.0313.4336.1362.0398.4427.5469.5514.6
546.5579.4633.8701.3764.6805.9890.0984.0
1,103 31,227.5
945.89718995 0
1,023.4
1,052 01,090 01,116.81,154.3
1,189.31,212.41238 11,270.1
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
202.9208.3227.3254.3274.6275.0307.2343.1387.4435.2
327.9340 5348.1356.1
363.9383 4393.7408.6
423.0431.7438 3447.9
Manufac-turing
16.1
7.8
13.6
15.621.730.940.942.938.236.542.547.144.6
50.359.364.171.267.573.879.482.478.686.8
89.789.896.7
100.6107.1115.5128.0134.1145.8157.5
158.2160.3175.4196.2211.4211.0237.4266.0298 3330.9
254 8263 3269 4276.4
285 62941300.8312.7
324 8328.53319338^6
Distrib-utive
indus-tries
15.6
8.8
13.3
14.216.318.020.122.724.831.035.237.537.7
39.844.346.949.750.153.457.760.560.864.8
68.269.372.876.381.487.294.4
100.9109.9120.7
130.1139.3151.9168.1184.3195.3216.3239.1269.4300.8
230.0236 0241.8248.5
257 6265 9272.5281.6
2911295.8304 0312^2
Serviceindus-tries
8.4
5.2
7.1
7.58.19.09.9
10.911.914.316.117.918.5
19.821.523.124.926.128.631.333.635.638.5
41.444.147.250.254.458.964.771.879.889.4
97.5106.2117.2130.3145.1160.1178.5200.5228.7257.8
192 2196 8202.9210.0
218 2225 4231.9239.4
247 2252.826132693
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
116.0125.6137.3148.6160.5175.4188.0201.3217 8233.7
195.7198 5202 2208.8
212.3215 3218.7224.7
228.0232.1234 5240il
Otherlabor
income1
0.5
.4
.6
.6
.7
.91.11.51.82.02.42.72.9
3.74.65.25.96.17.08.09.09.4
10.6
11.211.813.014.015.717.819.921.725.128.2
32.036.242.048.755.665.177.491.8
106 5122.7
86 289 793 797.4
1011104 7108.2111.9
116.0120.3124 912916
Proprietors'income wnn
inventoryvaluation and
capitalconsumptionadjustments
Farm
6.2
2.6
4.4
4.56.49.8
11.711.612.214.915.217.512.7
13.515.814.912.912.311.311.211.013.110.7
11.411.811.911.610.312.613.612.112.013.9
13.914.318.032.025.423.518.319.611132.1
19 217 916 824.7
25 727 726.131.3
34 233.730 929^5
Nonfarm
8.8
3.2
7.3
8.410.914.317.318.619.421.620.623.223.5
24.927.028.028.428.531.232.433.934.336.6
35.636.437.738.742.044.146.748.951.452.3
51.253.458.160.460.963.571.080.589198.0
11179 881782.9
83 487 391.394.4
94.895.599 4
102^0
See next page for continuation of table.
226Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-20.—Sources of personal income, 1929-79—Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year orquarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "
1977:iIIIllIV
1978:1||IIIIV
1979:1||IIIIV P
Rental
incomeof
personswith
capitalcon-
sumptionadjust-ment
4.9
2.2
2.6
273.14.04.44.54.65.55.35.76.17.17.78.8
10.011.011.311.612.212.913.2
13.814.315.015.716.117.118.219.418.618.1
18.620.121.521.621.422.422.124.725 926.9
23 624.625.225.5
25.224 426.827.1
27.326 826.627.0
Divi-dends
5.8
2.0
3.8
404.44.34.44.64.65.66.37.07.28.88.58.58.89.1
10.311.111.511.312.2
12.913.314.415.517.319.119.420.121.922.6
22.923.024.627.831.031.937.542.147 252.7
40 841.542.743.4
45.146 047.849.7
51.552 352.854.4
Personalinterestincome
6.9
5.5
5.4
535.35.25.15.25.96.47.37.78.28.99.6
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
103.0115.5127.0141.7163 3191.8
135 6140.2143.9147.2
152.2159 4167.2174.3
181.0187 6194.4204.3
Transfer payments
Total
1.5
2.1
3.0
313.13.13.03.66.2
11.311.711.312.5
15.212.613.114.116.217.518.721.625.927.0
28.932.833.835.837.440.444.752.659.966.5
79.994.1
104.1118.9140.8178.2193.8208.4224 1252.1
203 1204.2211.3214.8
217.4218 8228.3231.8
237.3243 6260.8266.7
Old-age,survivors,disability,
andhealthinsur-ance
benefits
0.00
.1
.1
.2
.2
.3
.4
.5
.6
.71.01.92.23.03.64.95.77.38.5
10.2
11.112.614.315.216.018.120.825.530.232.9
38.544.549.660.470.181.492.9
104.9116 3132.4
99 6101.7108.4110.0
111.4112 4119.8121.5
123.8127 1138.7140.2
Govern-mentunem-
ploymentinsur-ance
benefits
0.45
.4
.4
.1
.1
.41.1
.8
.91.91.5
.91.11.02.21.51.51.94.12.83.04.33.13.02.72.31.92.22.12.24.05.85.64.36.6
17.415.512.5
929.3
14 712.611.411.2
10.5929.08.2
8.7889.6
10.0
Veteransbenefits
0.6
.6
.5
.5
.5
.5
.51.03.07.07.05.95.37.74.64.34.14.24.44.44.54.74.64.65.04.74.84.74.94.95.65.96.77.78.89.7
10.411.814.514.413.813 914.3
14 313.913.413.7
14.013 713.714.1
14.514 114.214.5
Govern-ment
employ-ee
retire-ment
benefits
0.1
.2
.33
.3
.3
.4
.4
.5
.7
.7
.7
.91.01.11.21.41.51.71.92.22.52.83.13.43.74.24.75.26.16.97.78.6
10.111.713.515.618.822.725.929.232 937.4
27 628.929.630.8
31.432 533.134.6
35.336 737.939.7
Aid tofamilies
withdepend-
entchildren(AFDC)
0.8
U
1./
1Jl iUU2.(2.C2.]
.3
.4
.5
.6
.6
.5
.5
.6
.6
.6
.7
.8
.91.01.11.31.41.51.71.92.32.83.54.86.26.97.27.99.2
10.110.610 711.0
10 410.610.710.7
10.710 810.710.7
10.710 810.911.5
Other
))
2.52.93.33.53.63.84.14.14.34.54.95.35.86.26.46.77.37.88.39.2
10.211.112.5
14.917.218.921.025.533.035.237.341 147.7
36 436737.838.5
39.540 34Z042.6
44.346 249.650.7
Less:Personalcontribu-tions for
socialinsurance
0.1
.2
.67
.81.21.82.22.32.02.12.22.22.93.43.84.04.65.25.86.76.9 i7.99.39.7
10.311.812.613.317.820.622.826.3
28.030.834.242.247.750.555.661.369 680.7
59 560.861.863.0
67.369 070.271.8
78.779 881.283.0
Nonfarmpersonalincome2
159.6171.5187.7189.9
209.3234.4252.0269.9272.7294.3316.4335.0342.6367.7
384.4399.0424.5447.0480.7519.5566.1609.1667.5725.8
780.7838.0917.3
1,011.91,119.31,220.81,350.61,498.11674 21,873.1
1439 91,477.51,517.6.1,557.3
1,594.51 646 61J00.61,755.3
1,801.31 8410U97.61,952.4
1 The total of wage and salary disbursements and other labor income differs from compensation of employees in Table B-19 in thatit excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.2 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest.
Note.—The industry classification of wage and salary disbursements and proprietors' income is on an establishment basis and isbased 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.
227Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-21.—Disposition of personal income, 1929-79
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "
19771IIIIIIV
1978-1IIIIIIV
1979:1IIIIIIV
Personal
income
84.9
46.9
72.4
77.895.3
122.4150.7164.4169.8177.3189.8208.5205.6
226.1253.7270.4286.1288.2308.8330.9349.3359.3382.1
399.7415.0440.7463.1495.7537.0584.9626.6685.2745.8
801.3859.1942.5
1,052.41,154.91,255.51,381.61,531.61,717.41,923.1
1,472.51,509.01,548.51,596.4
1,634.81,689.31,742.51,803.1
1,852.61,892.51,946.62,000.5
Less:Personaltax andnontax
payments
2.6
1.4
2.4
2.63.35.9
17.818.920.818.721.421.018.5
20.628.934.035.532.535.439.742.442.146.0
50.452.156.860.358.664.974.582.197.1
115.4
115.3116.3141.2150.8170.3168.8197.1226.4259.0299.9
222.4223.0225.3235.2
239.8252.1266.0278.2
280.4290.7306.6321.7
Equals:Dispos-
ablepersonalincome
82.3
45.5
69.9
75.292.0
116.5132.9145.5149.0158.6168.4187.4187.1
205.5224.8236.4250.7255.7273.4291.3306.9317.1336.1
349.4362.9383.9402.8437.0472.2510.4544.5588.1630.4
685.9742.8801.3901.7984.6
1,086.71,184.51,305.11,458.41,623.2
1,250.11,286.01,323.21,361.2
1,395.01,437.31,476.51,524.8
1,572.21,601.71,640.01,678.8
L
Total
79.1
46.5
67.8
72.081.889.4
100.1109.0120.4145.2163.5176.9180.4
194.7210.0220.4233.7240.1258.5271.6286.4295.4317.3
332.3342.7363.5384.0410.9441.9477.4503.7550.1595.3
635.4685.5751.9831.3913.0
1,003.01,115.91,240.21,386.41,550.4
1,197.61,220.21,251.31,291.7
1,320.41,366.11,405.61,453.4
1,493.01,515.81,569.71,622.9
.ess: Personal outlays
Personalcon-
sumptionexpendi-
tures
77.3
45.8
67.0
71.080.888.699.4
108.2119.5143.8161.7174.7178.1
192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8
324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7
618.8668.2733.0809.9889.6979.1
1,089.91,210.01,350.81,509.8
1,169.11,190.51,220.61,259.7
1,287.21,331.21,369.31,415.4
1,454.21,475.91,528.61,580.4
Interestpaid by
consum-ers tobusi-ness
1.5
.5
.7
.8
.9
.7
.5
.5
.5
.71.01.41.7
2.32.52.93.63.84.45.15.55.66.1
7.07.37.88.89.9
11.112.012.513.314.7
15.516.217.920.222.423.025.129.334.839.6
27.528.729.831.1
32.434.035.637.1
37.739.040.241.6
Parrer-
sonaltransfer
pay-ments
tofor-
eigners(net)
0.3
.2
.2
.2
.2
.2A.5.7.7.7.5
.4
.4
.4
.5
.5
.4
.5
.5
.4
.4
.4
.4
.5
.6
.6
.7
.6
.9
.8
.9
1.11.11.01.31.0
.9
.9
.9
.8
.9
1.01.0
.9
.9
.8
.9
.7
.9
1.1.9.9.9
Equals:Personalsaving
3.1
- 1 . 0
2.1
3.310.227.032.736.528.513.44.9
10.66.7
10.814.816.017.015.614.919.720.621.718.8
17.120.220.418.826.130.333.040.938.135.1
50.657.349.470.371.783.668.665.072.072.8
52.565.971.969.5
74.671.270.971.5
79.285.970.355.9
Percent of disposable
personal income
Personal outlays
Total
96.2
102.2
97.0
95.688.976.875.474.980.891.597.194.396.4
94.793.493.293.293.994.693.293.393.294.4
95.194.494.795.394.093.693.592.593.594.4
92.692.393.892.292.792.394.295.095.195.5
95.894.994.694.9
94.795.095.295.3
95.094.695.796.7
Consump-tion
expend-itures
93.9
100.7
95.8
94.387.776.174.874.480.290.696.193.295.2
93.492.191.891.692.292.891.391.491.392.5
93.092.392.593.091.691.191.190.091.192.0
90.290.091.589.890.390.192.092.792.693.0
93.592.692.292.5
92.392.692.792.8
92.592.193.294.1
Personalsaving
3.8
- 2 . 2
3.0
4.411.123.224.625.119.28.52.95.73.6
5.36.66.86.86.15.46.86.76.85.6
4.95.65.34.76.06.46.57.56.55.6
7.47.76.27.87.37.75.85.04.94.5
4.25.15.45.1
5.35.04.84.7
5.05.44.33.3
Source: Department of Commerce, Bureau of Economic Analysis.
228Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-22.—Total and per capita disposable personal income and personal consumption expenditures in
current and 1972 dollars, 1929-79
[Quarterly data at seasonally adjusted annual rates, except as noted]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
19771IIIIIIV
19781IIIIIIV
19791IIIIIIV
Disposable personal income
Total (billions ofdollars)
Currentdollars
82.3
45.5
69.9
75.292.0
116.5132.9145.5149.0158.6168.4187.4187.1
205.5224.8236.4250.7255.7273.4291.3306.9317.1336.1
349.4362.9383.9402.8437.0472.2510.4544.5588.1630.4
685.9742.8801.3901.7984.6
1,086.71,184.51,305.11,458.41,623.2
1,250.11,286.01,323.21,361.2
1,395.01,437.31,476.51,524.8
1,572.21,601.71,640.01,678.8
1972dollars
229.8
169.7
230.1
244.3278.1317.3332.2343.9338.6332.4318.8335.5336.1
361.9371.6382.1397.5402.1425.9444.9453.9459.0477.4
487.3500.6521.6539.2577.3612.4643.6669.8695.2712.3
741.6769.0801.3854.7842.0859.7891.8929.5972.5994.1
908.0921.5936.3951.8
956.6966.1976.2991.5
996.6993.0993.4993.4
Per capita(dollars)
Currentdollars
675
362
534
570690863972
1,0511,0651,1221,1681,2781,254
1,3551,4571,5061,5711,5741,6541,7311,7921,8211,898
1,9341,9762,0582,1282,2782,4302,5972,7402,9303,111
3,3483,5883,8374,2854,6465,0885,5046,0176,6727,363
5,7815,9366,0946,256
6,4016,5836,7486,954
7,1577,2757,4307,586
1972dollars
1,886
1,350
1,756
1,8492,0842,3532,4292,4852,4202,3512,2122,2882,253
2,3862,4082,4342,4912,4762,5772,6432,6502,6362,696
2,6972,7252,7962,8493,0093,1523,2743,3713,4643,515
3,6193,7143,8374,0623,9734,0254,1444,2854,4494,509
4,1994,2544,3124,374
4,3894,4254,4614,522
4,5364,5104,5014,489
Personal consumption expenditures
Total (billions ofdollars)
Currentdollars
77.3
45.8
67.0
71.080.888.699.4
108.2119.5143.8161.7174.7178.1
192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8
324.9335.0355.2374.6400.4430.2464.8490.4535.9579.7
618.8668.2733.0809.9889.6979.1
1,089.91,210.01,350.81,509.8
1,169.11,190.51,220.61,259.7
1,287.21,331.21,369.31,415.4
1,454.21,475.91,528.61,580.4
1972dollars
215.6
170.7
220.3
230.4244.1241.7248.7255.7271.4301.4306.2312.8320.0
338.1342.3350.9364.2370.9395.1406.3414.7419.0441.5
453.0462.2482.9501.4528.7558.1586.1603.2633.4655.4
668.9691.9733.0767.7760.7774.6820.6861.7900.8924.5
849.2853.1863.7880.9
882.7894.8905.3920.3
921.8915.0925.9935.2
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
3,0203,2273,5103,8494,1974,5845,0645,5796,1796,848
5,4065,4955,6225,789
5,9066,0976,2586,455
6,6196,7046,9267,142
1972dollars
1,769
1,358
1,681
1,7441,8301,7921,8191,8471,9392,1312,1242,1332,145
2,2292,2192,2362,2832,2842,3912,4152,4212,4062,493
2,5072,5162,5892,6492,7552,8722,9823,0353,1563,234
3,2653,3423,5103,6483,5893,6273,8133,9734,1214,193
3,9273,9383,9784,049
4,0504,0984,1374,197
4,1964,1564,1954,226
Popula-tion(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
204,878207,053208,846210,410211,945213,566215,203216,898218,594220,466
216,244216,643217,119217,586
217,942218,335218,814219,286
219,690220,166220,715221,291
1 Population of the United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annual data are forJuly 1 through 1973 and are averages of quarterly data beginning 1974. Quarterly data are average for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
229Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-23.—Gross saving and investment, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year orquarter
Gross saving
Total
Gross private saving
TotalPersonalsaving
Grossbusinesssaving1
Government surplus ordeficit ( - ) , nationalincome and product
accounts
Total FederalStateandlocal
Capitalgrants
receivedby theUnitedStates(net)*
Gross investment
Total
Grossprivate
domesticinvest-ment
Netforeigninvest-ment3
Statis-tical
discrep-ancy
1929
1933
1939
1940
194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 "....
1977:III
IV
1978:III
IV
1 9 7 9 :IIIIllIV P....
15.9
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
143.4155.4177.5216.8204.4195.4236.2276.1324.6364.0
253.3276.0291.6283.6
289.7329.2332.7346.9
362.2374.3367.3
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
151.9173.0180.4210.5209.5259.8271.9295.6324.9348.9
266.4292.7315.1308.4
308.9324.2330.4336.1
345.2360.5352.1
3.1
- 1 . 0
2.1
3.310.227.032.736.528.513.44.9
10.66.7
10.814.816.017.015.614.919.720.621.718.8
17.120.220.418.826.130.333.040.938.135.1
50.657.349.470.371.783.668.665.072.072.8
52.565.971.969.5
74.671.270.971.5
79.285.970.355.9
11.7
3.2
10.912.014.816.717.716.015.821.830.031.4
30.834.637.138.041.047.548.751.151.358.5
58.759.867.070.176.284.691.293.798.2
101.7
101.4115.7131.0140.2137.9176.2203.3230.7252.9276.0
213.9226.8243.2238.9
234.3253.0259.5264.6
266.0274.6281.9
1.0
- 1 . 4
- 2 . 2
- . 7- 3 . 8
-31.4-44 .1-51.8- 3 9 . 5
5.414.48.4
- 3 . 4
8.06.1
- 3 . 8- 6 . 9- 7 . 1
3.15.2
.9-12.6- 1 . 6
3.1- 4 . 3- 3 . 8
.7- 2 . 3
.5- 1 . 3
-14.2- 5 . 510.7
- 9 . 4-18 .3- 3 . 5
6.3-3 .2
-64.4-35.7-19 .5
- . 314.0
-13.1-16.6-23.5-24.8
-19.25.02.3
10.8
15.812.714.0
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
- 1 3
- 1 . 8-13.2
- 5 . 88.5
-12 .1-22.0-17 .3- 6 . 7
-10.7-70.6-53.6-46 .3-27.7-10 .5
-37.2-40.9-53.6-53.6
-49.4-24.6-20.4-16.3
-11.7- 7 . 0
-11 .3
-0 .2
- . 1
.61.31.82.52.72.61.91.0.1
- . 7
-1 .2- . 4- . 0
.1- 1 . 1- 1 . 3
- . 9- 1 . 4- 2 . 4
- . 4
.1- . 4
.5
.51.0
- . 0.5
- 1 . 1.3
2.1
2.83.7
13.713.07.66.2
17.926.827.424.4
24.224.230.128.8
30.229.622.727.1
27.619.725.3
0.9.7.7.0
4 - 2 . 0.0.0.0.0
1.1
17.0
1.6
10.1
14.6
19.09.73.55.19.2
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
141.4156.8179.2219.4210.1202.8242.3283.6327.9368.0
262.5284.7299.3288.1
292.7331.5336.5351.0
362.8373.1375.6360.4
16.2
1.4
9.3
13.117.99.95.87.2
10.630.734.045.935.3
53.859.252.153.352.768.471.069.261.977.6
76.474.385.290.296.6
112.0124.5120.8131.5146.2
140.8160.0188.3220.0214.6190.9243.0303.3351.5386.2
280.4300.0315.7316.9
327.0352.3356.2370.5
373.8395.4392.3383.3
0.8
1.51.1
- . 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 . 511.9- . 7
-19.6-23 .5-18.2
-17.9-15 .3-16.4-28 .8
-34.2-20 .8-19.6-19.4
-11.0-22 .3-16.7-22 .8
1.1
1.4
~'.B- 1 . 8
2.74.1
.71.8
- 1 . 21.0
2.04.02.73.33.02.5
- . 8.2
1.7- . 2
_ 7L64.03.72.2
.93.21.7
- 1 . 3- 2 . 1
1.31.72.65.87.46.17.53.34.0
9.18.67.74.6
3.02.33.94.1
.6- 1 . 3
8.3
1 Undistributed corporate profits with inventory valuation and capital consumption adjustments, corporate and noncorporate capitalconsumption allowances with capital consumption adjustment, and private wage accruals less disbursements.
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.4 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 . 0 billion entry incapital grants received by the United States, net.
Source: Department of Commerce, Bureau of Economic Analysis.
230Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-24.—Saving by individuals, 1946-79x
[Billions of dollars,- quarterly data at seasonally adjusted annual rates]
Year or quarter Total
Increase in financial assets
Total5
Cur-rencyand
demanddepos-
its
Sav-ingsac-
counts
Moneymar-ket
fundshares
Securities
Govern-ment
securi-ties3
Corpo-rateandfor-eign
bonds
Corpo-rateequi-ties4
Insur-anceand
pensionre-
serves 5
Net investment in
Non-farm
homes
Con-sumeidura-bles
Non-cor-
poratebusi-nessas-
sets6
Mort-gagedebton
non-farm
homes
Less: Net increase indebt
Con-sumercredit
Otherdebt 6 7
1946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
24.420.224.521.3
30.934.730.731.627.7
33.436.735.833.435.6
35.634.140.345.255.7
63.872.177.682.273.7
86.198.7
116.9138.4
1975....1976...1977....1978....
1977:
iniv
1978:IIIIll ,IV
1979:III
128.9
150.0164.6172.8198.2
162.4166.5189.7172.7
176.6196.7205.4214.2
170.5201.6194.1
18.813.29.19.9
13.719.123.222.822.2
28.030.228.631.637.4
32.535.940.647.356.1
59.058.470.476.264.5
78.8103.0128.8148.5142.4
167.2208.1241.7275.3
223.7236.8263.8242.6
243.4286.4288.6282.9
248.8300.4281.8
5.6.1
- 2 . 9- 2 . 0
2.64.61.61.02.2
1.21.8
- . 43.8
1.0- . 9
- 1 . 24.25.2
7.52.49.9
11.1- 2 . 5
8.912.213.914.17.1
4.014.922.718.3
23.731.125.510.4
26.717.214.714.7
-24.016.217.7
6.33.42.22.6
2.44.77.88.19.1
8.69.4
11.913.911.1
12.118.326.126.326.1
27.819.035.331.1
9.1
43.667.874.563.855.9
84.0109.3109.2105.2
115.8103.5120.696.9
91.2113.7117.198.8
90.083.2
108.5
— 9
28.831.633.1
- 1 . 51.61.31.8
- . 1- . 62.52.51.0
5.83.92.3
- 2 . 510.1
2.41.81.81.25.1
3.911.7- . 75.7
25.3
- 7 . 3- 1 0 . 1
1.924.127.8
22.912.018.330.2
5.613.17.7
46.9
35.332.526.527.1
52.251.1
-10.5
- 0 . 9
- . 1- . 4
.2- . 0- . 1- . 9
.51.1.9
1.2.4
.7- . 1- . 5
.2— .5
1.33.94.35.4
9.58.85.02.05.1
8.45.8
- 3 . 3- 1 . 4
4.9- 5 . 1- 4 . 7- 8 . 3
-8.91.5
-1.03.0
- 1 . 08.5
- 1 . 4
1.02.01.51.5.6
- . 5.3
- 2 . 0- 2 . 6
- . 1
- 2 . 1- . 6
- 4 . 2- 6 . 4- 3 . 6
- 1 . 5- 5 . 1- 5 . 6- 6 . 7- 2 . 2
- 3 . 6- 3 . 2- 6 . 1- 6 . 2
-11 .0- 3 . 5- 1 . 7- 8 . 3
- 8 . 8
-10 .2
-9.5-13.1-3.6
5.35.45.35.6
6.96.37.77.97.8
8.59.59.5
10.411.9
11.512.112.713.916.1
16.919.218.619.821.5
24.027.529.433.036.3
43.552.665.477.9
56.960.080.663.8
71.073.290.776.4
70.585.190.8
3.66.79.18.4
11.811.711.312.312.7
16.715.613.212.115.9
14.312.012.813.413.9
13.412.610.914.314.2
11.718.826.028.223.1
20.833.148.159.2
39.845.752.054.9
56.658.359.862.0
60.458.556.6
6.18.89.8
10.9
14.911.38.49.46.9
11.98.77.63.46.9
6.74.18.2
11.815.1
20.222.820.926.326.2
20.226.235.141.128.6
26.640.650.957.5
50.849.849.853.1
48.159.558.863.4
61.352.553.6
2.12.07.12.0
7.04.42.0
.81.5
2.4.5
2.12.33.4
3.13.36.38.57.7
11.29.48.59.4
11.4
9.813.517.720.3
2.8
- . 2- 1 . 0
5.96.9
5.35.26.7
10.4
7.06.74.6
3.64.74.64.4
6.76.66.27.68.7
12.211.28.99.5
12.8
11.712.214.116.217.5
17.013.812.517.118.5
14.126.441.547.135.4
38.161.393.2
103.8
77.593.5
101.6100.2
95.3102.8104.1113.2
111.5117.4101.5
3.13.73.23.2
4.81.65.34.21.5
7.23.92.9
.58.0
4.42.56.38.99.8
10.66.55.7
11.510.8
5.414.719.826.0
9.9
9.725.640.650.6
30.742.539.349.7
43.456.948.853.3
50.744.742.4
- 0 . 52.22.82.2
5.03.62.81.95.5
6.43.23.86.07.2
4.86.57.2
10.89.8
12.610.815.015.313.3
14.821.829.526.522.7
16.629.240.046.2
47.037.640.834.7
38.153.055.738.0
44.954.558.6
1 Saving by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.2 Includes commercial paper and miscellaneous financial assets, not shown separately.3 Consists of U.S. sayings bonds, other U.S. Treasury securities, U.S. Government agency securities and sponsored agency securities,
and State and local obligations.: Includes investment company shares.5 Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and pension reserves.6 Includes data for corporate farms.7 Other debt consists of security credit, policy loans, noncorporate business mortgage debt, and other debt.
Source: Board of Governors of the Federal Reserve System.
231Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-25.—Money income (in 1978 dollars) and poverty status of families and unrelated individuals byrace of head, 1947-78
Vaar
FAMILIES19471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741974*1975197619771978
UNRELATEDINDIVIDUALS
19471948194919501951.195219531954195519561957195819591960196119621963196419651966.19671968.1969197019711972197319741974 4
19751976.19771978
Total
Totalnumber
(mil-lions)
37 238.639.339.940.640.841.242.042 943 543 744.245.1
3 45.53 46.43 47.1347.53 48.0348.53 49.23 50.13 50.8351.63 52.2
53.354.455.155.755.756.256.757.257.8
8.2849.09.4919.79.59.7999.8
10.410 910 9
311 13 H 2311.0311 2312.1312.2312 5313.2313 9314.6315.5
16.316.818 318.918 920.221523124.6
Medianincome
$8 8488,6348,5008,9919,3109,557
10,34210,11010 759114681150511,47212,11912,37412,50012,83813,30913,81014,37815,13415,49316,17916,77816,56916,55917,32617,68316,97317,06016,62117,13417,22617,640
$2,8612 6992,8722,8302 9993,4623,4032,9653 2083,4203,4603 3513 4843 7873 8233,7783 8344,1694,4494 6014,6465 2225,2135,2685,3395,4886 0665,8706 0865,91561576 3566,705
Percent withincomes—
Belowpoverty
level
18.518.118.117.215.915.013.911.811.410.09.7
10.110.09.38.89.28.89.79.49.39.1
Belowpoverty
level
46 145 245 945.444 242.739 838 338134 034.032 931.629 025 625.524125.124 922 622.1
$25,000and
over1
40 838.938.142.018.14.04.95.15669637.08.59.4
10.611.112.413.514.816.818.220.422.611.111A25.225.422.625.623.624.926.327.9
$15,000and
over1
7.5597.07.7162.42.624303.141454748597.5788.39291
10112 111.912.512.613.414 913.213 813.413 914 816.6
White
Totalnumber
(mil-lions)
34135.3
38.239 039 539 740.240.941.141.942.442.743.143.544.144.845.446.046.547.648.548.949.549.449.950.150.550.9
7.273
83858.589929396969.597
10.410 510 711312 012.513.414.214 515 816.316 317.518 619 921.3
Medianincome
$9 2178,9658,8399,3319,687
10,10710,72310,5251123312 0011197311,95312,62412,84813,03613,44513,94714,41714,98615,72316,08116,75017,42017,18917,18318,00118,48117,66017,72917,28617,79718,01318,368
$3 0232 8523,1013,01931573,7313,59131913 4103 5123 7013 5903 7224 09441094,0434 0194,3904 6404 8384 8245 5335,4755 5135,5795 7316 26561306 30661786 42165977̂ 030
Percent withincomes—
Belowpoverty
level
15.214.914.813.912.812.211.19.39.08.07.78.07.97.16.67.06.87.77.17.06.9
Belowpoverty
level
44 143 043 242.742 040.738136136 532 232.130 829.627 123 723 221811111120 419.8
$25,000and
over1
43 341.440.444.619.64.35.35.66275697.59.2
10.111.412.013.414.516.018.119.421.624.024.023.826.827.024.227.125.126.527.929.5
$15,000and
over1
82648.184182.73227353447525254688.4879.2
10 210110 913 113.013 613.614 215 614 114 614 314 815 617.3
Black
Totalnumber
(mil-lions)
23123.3
2 3.82392402402 4.02 4.22 4.32 4.52 4.62 4.824.82 4.82 5.0
4.64.64.84.95.25.35.45.55.55.65.85.85.9
21.0210
2142142132152 1 62 1 62152I621.52 1 521.6217216
161 71.8171.9202223242426292.9
Medianincome
2$4 7112 4,7902 4,5142 5,06225,1012 5,74426,0122 5,8622 6 19526 3142 6 40126,12326,52127,1132 6,9552 7,1732 7,3792 8,0682 8,2532 9,425
9,52110,04610,67010,54410,36910,69910,66610,32410,58610,63610,58610,29010,879
2 $2 1782 2 1372 2,2412 2 2122 2 3322 2,5812 2 82422 1192 2 2772 2 6072 2 3522 2 4352 2 4042 2 3512 2 5232 2^7002 2 75823]0082 3 3832 3 042
34373 6813J463 5553,6234 0044 6294 0454 2543 9824 3174 7734,411
Percent withincomes—
Belowpoverty
level
48.12 49.02 49.02 48.02 43.72 40.02 39.7
35.533.929.427.929.528.829.028.127.826.927.127.928.227.5
Belowpoverty
level
57 0259 325272 62!l2 58 32 55.0250 7
54 449 346 346.748 346.042 937 941039 342139 837 038.6
$25,00Cand
over1
214 2213.1211.6212.2
2 3.42.62.72.72 62 92 7
21.421.42 2.52 3.222.72 3.42 4.22 4.52 5.4
6.17.88.89.79.1
11.110.18.5
10.89.9
10.711.113.4
$15,000and
over1
2312 1 7
2 5232
2 62 42 22 52 22 82 52 8
2 1 521421 722.72212 3.2230229
364 13.7485.173937380768295
11.3
^ o r families, restricted to "$10,000 and over" for the years 1947 to 1950 and "$15,000 and over" for the year 1951; for unrelatedindividuals restricted to "$10,000 and over" for the years 1947 to 1950.
2 Data for Black include "other" races.3 Revised using population controls based on the 1970 census. Such controls are not available by race.4 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—nonfarmresidence. The poverty thresholds are updated every year to reflect changes in the consumer price index. For further details see"Current Population Reports," Series P-60, No. 119, Bureau of the Census.
Source: Department of Commerce, Bureau of the Census.
232Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITY
TABLE B-26.—Population by age groups, 1929-79
[Thousands of persons]
July 1 TotalAge (years)
Under 5 5-15 16-19 20-24 25-44 45-64 65 andover
1929
1933
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
1960196119621963196419651966196719681969
19701971197219731974
19751976197719781979
121,767
125,579
130,880
132,122133,402134,860136,739138,397
139,928141,389144,126146,631149,188
152,271154,878157,553160,184163,026
165,931168,903171,984174,882177,830
180,671183,691186,538189,242191,889
194,303196,560198,712200,706202,677
204,878207,053208,846210,410211,901
213,559215,152216,880218,717220 584
11,734
10,612
10,418
10,57910,85011,30112,01612,524
12,97913,24414,40614,91915,607
16,41017,33317,31217,63818,057
18,56619,00319,49419,88720,175
20,34120,52220,46920,34220,165
19,82419,20818,56317,91317,376
17,14817,17716,99016,69416,288
15,87915,34515,24815,37815,649
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
41,95641,45940,57539,62338,643
9,127
9,302
9,822
9,8959,8409,7309,6079,561
9,3619,1199,0978,9528,788
8,5428,4468,4148,4608,637
8,7448,9169,1959,54310,215
10,68311,02511,18012,00712,736
13,51614,31114,20014,45214,800
15,27515,63515,94616,31016,590
16,79316,92816,96616,93516,838
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
19,22919,63020,07720,46120,726
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
53,73555,12956,70658,38060,161
21,076
22,933
25,823
26,24926,71827,19627,67128,138
28,63029,06429,49829,93130,405
30,84931,36231,88432,39432,942
33,50634,05734,59135,10935,663
36,20336,72237,25537,78238,338
38,91639,53440,19340,84641,437
41,97542,41342,78543,07743,319
43,54643,70743,79543,87643,910
6,474
7,363
8,764
9,0319,2889,5849,86710,147
10,49410,82811,18511,53811,921
12,39712,80313,20313,61714,076
14,52514,93815,38815,80616,248
16,67517,08917,45717,77818,127
18,45118,75519,07119,36519,680
20,08720,48820,89221,34621,833
22,42022,95423,51324,06424,658
Note. —Includes Armed Forces overseas beginning 1940. Includes Alaska and Hawaii beginning 1950.
Source: Department of Commerce, Bureau of the Census.
233Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-27.—Noninstitutional population and the labor force, 1929-79
[Monthly data seasonally adjusted, except as noted]
Year or month
1929
1933
1939
19401941194219431944
194519461947
194719481949
CO
CO
CO
CO
C
O
en en
en en
en
19551956195719581959
I9603
19611962319631964
19651966196719681969
1970197119723
1973 31974
19751976197719783
1979
Noninsti-tutionalpopula-tion1
ArmedForcesx
Civilian labor force
Total
Employment
Total Agri-cultural
Nonagri-cultural
Unem-ployment
Thousands of persons 14 years of age and over
100,380101,520102,610103,660104,630
105,530106,520107,608
260
250
370
5401,6203,9709,020
11,410
11,4403,4501,590
49,180
51,590
55,230
55,64055,91056,41055,54054,630
53,86057,52060,168
47,630
38,760
45,750
47,52050,35053,75054,47053,960
52,82055,25057,812
10,450
10,090
9,610
9,5409,1009,2509,0808,950
8,5808,3208,256
37,180
28,670
36,140
37,98041,25044,50045,39045,010
44,24046,93049,557
1,550
12,830
9,480
8,1205,5602,6601,070
670
1,0402,2702,356
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
153,449156,048158,559161,058163,620
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
3,1882,8162,4492,3262,229
2,1802,1442,1332,1172,088
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
100,420102,908
57,03858,34357,651
58,91859,96160,25061,17960,109
62,17063,79964,07163,03664,630
65,77865,74666,70267,76269,305
71,08872,89574,37275,92077,902
78,62779,12081,70284,40985,935
84,78387,48590,54694,37396,945
7,8907,6297,658
7,1606,7266,5006,2606,205
6,4506,2835,9475,5865,565
5,4585,2004,9444,6874,523
4,3613,9793,8443,8173,606
3,4623,3873,4723,4523,492
3,3803,2973,2443,3423,297
49,14850,71449,993
51,75853,23553,74954,91953,904
55,72257,51458,12357,45059,065
60,31860,54661,75963,07664,782
66,72668,91570,52772,10374,296
75,16575,73278,23080,95782,443
81,40384,18887,30291,03193,648
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,8404,3045,076
7,8307,2886,8556,0475,963
Unemploy-ment rate(percent
of civilianlabor
force)
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
8.57.77.06.05.8
55.756.057.258.758.6
57.255.856.8
58.358.858.9
59.259.359.058.958.8
59.360.059.659.559.3
59.459.358.858.758.7
58.959.259.659.660.1
60.460.260.460.861.2
61.261.662.363.263.7
83.784.385.686.487.0
84.882.684.0
86.486.686.4
86.486.586.386.085.5
85.385.584.884.283.7
83.382.982.081.481.0
80.780.480.480.179.8
79.779.179.078.878.7
77.977.577.777.977.9
28.228.731.336.036.5
35.931.231.0
31.832.733.1
33.934.634.734.434.6
35.736.936.937.137.1
37.738.137.938.338.7
39.340.341.141.642.7
43.343.343.944.745.6
46.347.348.450.051.0
See next page for continuation of table.
234Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-27.—Noninstitutional population and the labor force, 1929-79—Continued
[Monthly data seasonally adjusted, except as noted]
Year or month
1977:JanFebMarAprMayJune
JulyAugSeptOctNovDec
1978:Jan3
FebMarAprMayJune
JulyAugSeptOctNovDec
1979:JanFebMar
MayJune
JulyAugSeptOctNovDec
Noninsti-tutionalpopula-tion1
ArmedForces1
Civilian labor force
Total
Total
Employment
Agri-cultural
Nonagri-cultural
Unem-ployment
Thousands of persons 16 years of age and over
157,381157,584157,782157,986158,228158,456
158,68297,759
159,114159,334159,522159,736
159,937160,128160,313160,504160,713160,928
161,148161,348161,570161,829162,033162,250
162,448162,633162,909163,008163,260163,469
163,685163,891164,106164,468164,682164,898
2,1332,1372,1382,1322,1282,129
2,1352,1372,1312,1342,1322,129
2,1212,1242,1222,1182,1132,098
2,1162,1222,1232,1222,1172,108
2,0942,0942,0902,0822,0782,076
2,0822,0902,0922,0932,0922,089
95,68896,22596,54496,77697,15597,475
97,34497,75997,81298,13698,85998,758
99,11899,00999,28199,819
100,242100,458
100,656100,731100,944101,189101,610101,815
102,061102,379102,505102,198102,398102,476
103,093103,128103,494103,595103,652103,999
88,56688,95989,39789,84390,29190,429
90,60390,95891,17791,51492,22192,589
92,81392,92193,12893,76394,11694,556
94,42894,80294,97395,40195,72895,831
96,15796,49696,62396,25496,49596,652
97,18497,00497,50497,47497,60897,912
3,1423,1753,1813,2713,3963,288
3,2013,2133,1713,2363,3403,297
3,3883,2683,3153,2953,2983,415
3,3823,3453,3753,3773,2403,375
3,2603,3073,3203,2153,2463,243
3,2673,3153,3643,2943,3853,359
85,42485,78486,21686,57286,89587,141
87,40287,74588,00688,27888,88189,292
89,42589,65389,81390,46890,81891,141
91,04691,45791,59892,02492,48892,456
92,89793,18993,30393,03993,24993,409
93,91793,68994,14094,18094,22394,553
7,1227,2667,1476,9336,8647,046
6,7416,8016,6356,6226,6386,169
6,3056,0886,1536,0566,1265,902
6,2285,9295,9715,7885,8825,984
5,9045,8835,8825,9445,9035,824
5,9096,1245,9906,1216,0446,087
Unemploy-ment rate(percentof civilian
laborforce)
Civilian labor forceparticipation rate2
Total Males Females
Percent
7.47.67.47.27.17.2
6.97.06.86.76.76.2
6.46.16.26.16.15.9
6.25.95.95.75.85.9
5.85.75.75.85.85.7
5.75.95.85.95.85.9
61.661.962.062.162.262.4
62.262.462.362.462.862.7
62.862.762.863.063.263.2
63.363.363.363.463.563.6
63.663.863.763.563.563.5
63.863.763.963.863.863.9
77.377.677.577.577.677.8
77.677.777.377.878.078.0
77.977.777.877.877.977.9
77.877.877.777.878.078.0
78.278.278.177.977.877.7
77.977.778.077.777.677.6
47.647.948.148.348.448.5
48.448.648.848.649.248.9
49.349.149.349.750.050.1
50.350.250.450.450.550.6
50.650.850.950.650.750.7
51.151.251.251.351.351.5
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 population and about 350,000 to labor force, total employment, and agricultural employment. Beginning1960, inclusion of Alaska and Hawaii added about 500,000 to population, about 300,000 to labor force, and about 240,000 tononagricultural employment. Beginning 1962, introduction of 1960 census data reduced population by about 50,000 and labor force andemployment by about 200,000. Beginning 1972, introduction of 1970 census data added about 800,000 to civilian noninstitutionalpopulation and about 333,000 to labor force and employment. A subsequent adjustment based on 1970 census in March 1973 added60,000 to labor force and to employment. Beginning 1978, changes in sampling and estimation procedures introduced into thehousehold survey added about 250,000 to labor force and to employment. Unemployment levels and rates were not significantlyaffected.
Note.—Labor force data in Tables B-27 through B-32 are based on household interviews and relate to the calendar week includingthe 12th of the month. For definitions of terms, area samples used, historic comparability of the data, comparability with other series,etc., see "Employment and Earnings."
Source.- Department of Labor, Bureau of Labor Statistics.
235Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-28.—Civilian employment and unemployment by sex and age, 1947-79
[Thousands of persons 16 years of age and over; monthly data seasonally adjusted]
Year or month
Employment
Total
Males
Total 16-19years
20yearsandover
Females
Total 16-19years
20yearsandover
Unemployment
Total
Males
Total 16-19years
20yearsandover
Females
Total 16-19years
20yearsandover
194719481949
1950195119521953»1954
19551956195719581959
I960119611962l19631964
19651966196719681969
197019711972l1973»1974
1975197619771978»1979
1978:JanFebMar
fez:June
JulyAugSept \OctNovDec
1979:JanFebMar
liajZZZZZZZZJune
i««yAugSeptOctNovDec
57,03858,34357,651
58,91859,96160,25061,17960,109
62,17063,79964,07163,03664,630
65,77865,74666,70267,76269,305
71,08872,89574,37275,92077,902
78,62779,12081,70284,40985,935
84,78387,48590,54694,37396,945
92,81392,92193,12893,76394,11694,556
94,42894,80294,97395,40195,72895,831
96,15796,49696,62396,25496,49596,652
97,18497,00497,50497,47497,60897,912
40,99541,72540,925
41,57841,78041,68242,43041,619
42,62143,37943,35742,42343,466
43,90443,65644,17744,65745,474
46,34046,91947,47948,11448,818
48,96049,24550,63051,96352,518
51,23052,39153,86155,49156,499
54,91054,88454,97355,21155,40355,648
55,52955,66855,61155,82156,12356,087
56,32656,47656,44956,29456,37256,477
56,57056,40856,71456,62956,58056,734
2,2182,3452,124
2,1862,1562,1062,1351,985
2,0952,1642,1172,0122,198
2,3602,3142,3622,4062,587
2,9183,2523,1863,2553,430
3,4073,4703,7504,0174,074
3,8033,9044,1244,2794,326
4,2814,1914,2014,2124,2684,382
4,2934,3734,2954,3164,2794,226
4,3024,2654,2984,2454,2144,276
4,2454,0974,2614,1864,2064,256
38,77639,38238,803
39,39439,62639,57840,29639,634
40,52641,21641,23940,41141,267
41,54341,34241,81542,25142,886
43,42243,66844,29344,85945,388
45,55345,77546,88047,94648,445
47,42748,48649,73751,21252,264
50,62950,69350,77250,99951,13551,266
51,23651,29551,31651,50551,84451,861
52,02452,21152,15152,04952,15852,201
52,32552,31152,45352,44352,37452,478
16,04516,61716,723
17,34018,18118,56818,74918,490
19,55120,41920,71420,61321,164
21,87422,09022,52523,10523,831
24,74825,97626,89327,80729,084
29,66729,87531,07232,44633,417
33,55335,09536,68538,88240,446
37,90338,03738,15538,55238,71338,908
38,89939,13439,36239,58039,60539,744
39,83140,02040,17439,96040,12340,175
40,61440,59640,79040,84541,02841,178
1,6911,6831,588
1,5171,6111,6121,5841,490
1,5481,6541,6631,5701,640
1,7691,7931,8331,8491,929
2,1182,4692,4972,5252,686
2,7342,7252,9723,2193,329
3,2433,3653,4863,7023,748
3,5643,5463,5343,6493,7623,756
3,7433,8173,7503,7723,7693,800
3,8193,8233,8123,7443,7123,718
3,7413,5963,7153,7333,7803,776
14,35414,93715,137
15,82416,57016,95817,16417,000
18,00218,76719,05219,04319,524
20,10520,29620,69321,25721,903
22,63023,51024,39725,28126,397
26,93327,14928,10029,22830,088
30,31031,73033,19935,18036,698
34,33934,49134,62134,90334,95135,152
35,15635,31735,61235,80835,83635,944
36,01236,19736,36236,21636,41136,457
36,87337,00037,07537,11237,24837,402
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,8404,3045,076
7,8307,2886,8556,0475,963
6,3056,0886,1536,0566,1265,902
6,2285,9295,9715,7885,8825,984
5,9045,8835,8825,9445,9035,824
5,9096,1245,9906,1216,0446,087
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
4,3853,9683,5883,0513,018
3,2283,1963,2123,0873,0502,882
2,9942,9442,9672,9692,9173,035
2,9972,9582,9722,9992,9412,893
3,0273,0833,0983,0983,1243,089
270255352
318191205184310
274269299416398
425479407500487
479432448427441
599691707647749
957928861799795
791835833813772711
804767787830807837
830820
811724
773797816781789786
1,4221,3052,219
1,9221,029
9801,0192,035
1,5801,4421,5412,6812,022
2,0602,5182,0161,9711,718
1,4351,1201,060
993963
1,6362,0861,9281,5941,918
3,4283,0412,7272,2522,223
2,4372,3612,3792,2742,2782,171
2,1902,1772,1802,1392,1102,198
2,1672,1382,1642,1902,1302,169
2,2542,2862,2822,3172,3352,303
619717
1,065
1,049834698632
1,188
9981,0391,0181,5041,320
1,3661,7171,4881,5981,581
1,4521,3241,4681,3971,429
1,8532,2172,2052,0642,408
3,4453,3203,2672,9962,945
3,0772,8922,9412,9693,0763,020
3,2342,9853,0042,8192,9652,949
2,9072,9252,9102,9452,9622,931
2,8823,0412,8923,0232,9202,998
144152223
195145140123191
176209197262256
286349313383386
395404391412412
506567595579660
795773781760733
763766770750781745
809766763712750737
712723698746754735
722737728773723741
475564841
854689559510997
823832821
1,2421,063
1,0801,3681,1751,2161,195
1,056921
1,078985
1,016
1,3471,6501,6101,4851,748
2,6492,5462,4862,2362,213
2,3142,1262,1712,2192,2952,275
2,4252,2192,2412,1072,2152,212
2,1952,2022,2122,1992,2082,196
2,1602,3042,1642,2502,1972,257
1 See footnote 3, Table B-27.Note.—See Note, Table B-27.Source: Department of Labor, Bureau of Labor Statistics.
236Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 3-29.—Selected employment and unemployment data, 1948-79
[Percent;1 monthly data seasonally adjusted]
Year ormonth
19481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979
1978JanFebMar
I :June
JulyAugSeptOctNovDec
1979JanFebMar
MayJune
JulyAugSeptOctNovDec
Unemployment rate l
Allworkers
385.9
5.33.33.02.95.54.44.14.36.85.5
5.56.75.55.75.24.53.83.83.63.5
4.95.95.64.95.68.57.77.06.05.8
6.46.16.26.16.15.9
6.25.95.95.75.85.9
5.85.75.75.85.85.7
5.75.95.85.95.85.9
By sex and age
Bothsexes16-19years
9213.4
12.28.28.57.6
12.611.011.111.615.914.6
14.716.814.717.216.214.812.812.812.712.2
15.216.916.214.516.019.919.017.716.316.1
16.517.117.216.616.215.2
16.715.816.216.016.216.4
16.016.015.716.316.515.4
15.816.616.216.415.916.0
Males20 yearsand over
325.4
4.72.52.42.54.93.83.43.66.24.7
4.75.74.64.53.93.22.52.32.22.1
3.54.44.03.23.86.75.95.24.24.1
4.64.54.54.34.34.1
4.14.14.14.03.94.1
4.03.94.04.03.94.0
4.14.24.24.24.34.2
Females20 yearsand over
365.3
5.14.03.22.95.54.44.24.16.15.2
5.16.35.45.45.24.53.84.23.83.7
4.85.75.44.85.58.07.47.06.05.7
6.35.85.96.06.26.1
6.55.95.95.65.85.8
5.75.75.75.75.75.7
5.55.95.55.75.65.7
By selected groups
Experi-enced
wage andsalary
workers
436.8
6.03.73.33.26.24.84.44.67.25.7
5.76.85.65.55.04.33.53.63.43.3
4.85.75.34.55.38.27.36.65.65.4
5.95.75.85.65.75.5
5.75.45.65.45.35.5
5.45.35.45.45.45.3
5.45.75.55.65.55.5
Marriedmen2
35
46151417402826285136
37463634282419181615
2.63.22.82.32.75.14.23.62.82.7
3.02.93.02.82.92.8
2.72.72.72.62.42.6
2.62.62.62.72.52.7
2.82.92.92.92.92.8
Womenwhohead
families
4 9 '4444
5.47.37.27.07.0
10.010.09.38.58.3
8.37.78.7
10.09.18.7
9.88.08.17.57.87.9
8.08.38.28.38.69.0
8.17.97.78.48.48.4
Full-timeworkers3
5.4
5.02.62.5
...........
3.83.74.07.2
""6.7"
5.54.94.23.53.43.13.1
4.55.55.14.35.18.17.36.55.55.3
5.95.75.75.55.65.3
5.75.45.45.25.25.3
5.25.25.25.35.25.2
5.35.45.35.45.45.4
Blue-collar
workers4
428.0
7.23.93.63.47.25.85.16.2
10.27.6
7.89.2747.36.35.34.24.44.13.9
6.27.46.55.36.7
11.79.48.16.96.9
7.47.27.26.76.76.7
6.86.76.96.76.46.7
6.56.56.66.96.86.6
6.87.37.17.27.57.2
Employment as percent ofpopulation5
Total
55 854.6
55.255.755.455.353.855.156.155.754.254.8
54.954.254.254.154.555.055.655.856.056.5
56.155.556.056.957.055.356.157.158.659.3
58.058.058.158.458.658.8
58.658.858.859.059.159.1
59.259.359.359.059.159.1
59.459.259.459.359.359.4
White
54.054.354.855.455.755.956.5
56.255.756.457.357.555.956.857.959.360.0
58.858.858.859.259.359.5
59.359.559.559.759.859.8
60.060.260.159.959.959.9
60.159.960.260.160.160.2
Blackand
other
55.256.156.857.256.956.656.7
55.553.753.053.953.050.050.651.153.353.6
52.452.952.953.053.253.4
53.253.553.853.853.753.6
53.453.453.853.253.353.5
54.153.854.053.953.753.4
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.3 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.5 Civilian employment as percent of total noninstitutional population.Note.—See footnote 3 and Note, Table B-27.Source: Department of Labor, Bureau of Labor Statistics.
2372 9 4 - 2 8 9 0 - 8 0 - 1 6
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-30.—Unemployment rate by demographic characteristic, 1948-79
[Percent; * monthly data seasonally adjusted]
Year or month
19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979
1978JanFebMar
June
JulyAugSeptOctNovDec
1979JanFebMar
MayJune
JulyAugSeptOctNovDec
White
Total
3.55.6
493.12.82.75.0
3.93.63.86.14.8
4.96.04.95.04.6
4.13.33.43.23.1
4.55.45.04.35.0
7.87.06.25.25.1
5.55.45.35.35.35.0
5.35.15.25.05.05.1
5.04.95.05.05.04.9
5.05.35.15.15.15.1
Males
Total
3.45.6
4.72.6252.54.8
3.73.43.66.14.6
4.85.74.64.74.1
3.62.82.72.62.5
4.04.94.53.74.3
7.26.45.54.54.4
4.74.84.94.54.54.3
4.44.44.44.54.24.5
4.44.34.34.44.34.3
4.54.64.64.54.64.5
16-19years
13.4
11.310.511.515.714.0
14.015.713.715.914.7
12.910.510.710.110.0
13.715.114.212.313.5
18.317.315.013.513.9
13.114.214.013.712.711.8
13.513.113.214.313.314.4
14.013.813.813.914.412.6
13.614.914.413.814.113.7
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
6.25.44.63.73.6
4.03.94.03.73.73.6
3.63.63.63.53.33.5
3.53.43.43.53.43.5
3.63.73.73.73.73.7
Females
Total
3.857
5.34.23.33.15.5
4.34.24.36.25.3
5.36.55.55.85.5
5.04.34.64.34.2
5.46.35.95.36.1
8.67.97.36.25.9
6.66.36.16.36.46.2
6.66.26.25.76.06.1
5.95.95.95.96.05.9
5.86.25.86.05.86.0
16-19years
10.4
9.19.79.5
12.712.0
12.714.812.815.114.9
14.012.111.512.111.5
13.415.114.213.014.5
17.416.415.914.413.9
14.715.015.014.814.813.2
14.514.314.513.314.313.9
13.613.413.413.914.013.8
13.914.714.114.413.814.1
20yearsandover
5.1
3.93.73.85.64.7
4.65.74.74.84.6
4.03.33.83.43.4
4.45.34.94.35.0
7.56.86.25.25.0
5.65.25.05.35.45.3
5.65.25.24.85.05.1
5.05.05.05.05.04.9
4.85.24.85.0495.0
Black and other
Total
5.98.9
9.05.35.44.59.9
8.78.37.9
12.610.7
10.212.410.910.89.6
8.17.37.46.76.4
8.29.9
10.08.99.9
13.913.113.111.911.3
12.911.812.511.812.311.9
12.511.611.511.211.711.4
11.311.811.311.711.511.2
11.011.010.811.510 911.3
Males
Total
5.89.6
9.44.95.24.8
10.3
8.87.98.3
13.711.5
10.712.810.910.58.9
7.46.36.15.65.3
7.39.18.97.69.1
13.712.712.410.910.3
12.211.211.211.111.310.4
10.710.610.510.110.910.5
10.310.910.810.610.310.0
10.19.89.8
10.510 210.5
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
35.435.437.034.431.5
36.234.736.733.837.532.4
32.631.634.731.936.933.8
33.934.231.532.030.431.4
30.528.429.632.031133.2
20yearsandover
99
8.47.47.6
12.710.5
9.611.710.09.27.7
6.04.94.33.93.7
5.67.26.85.76.8
11.710.610.08.68.4
9.98.88.78.98.88.3
8.48.68.38.08.48.3
8.08.68.78.68.48.1
8.48.18.08.6848.6
Females
Total
6179
8461574192
8.58.97.3
10.89.4
9.411.911.011.210.7
9.28.79.18.37.8
9.310.811.310.510.7
14.013.614.013.112.3
13.612.514.012.513.413.5
14.412.612.512.412.712.4
12.412.711.812.912.812.5
11.912.411.912.511612.2
16-19years
20 6
19.222.820.228.427.7
24.829.230.234.731.6
31.731.329.628.727.6
34.435.438.534.534.6
38.539.039.938.435.7
42.641.241.136.637.940.6
41.036.336.336.535.635.6
31.935.631.636.842.535.9
32.737.535.438.434 635.4
20yearsandover
84
7.77.86.49.58.3
8.310.69.69.49.0
7.56.67.16.35.8
6.98.78.88.28.4
11.511.311.710.610.1
11.09.9
11.510.411.010.8
11.710.310.210.110.510.2
10.510.410.010.510.010.4
10.010.39.8
10.295
10.0
1 Unemployment as percent of civilian labor force in group specified.Note.—See footnote 3 and Note, Table B-27.Source: Department of Labor, Bureau of Labor Statistics.
238Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-31.—Unemployment by duration, 1947-79
[Monthly data seasonally adjusted1]
Year or month
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979
1978JanFebMarAprMayJune
JulyAugSeptOctNovDec
1979:JanFebMarMayJune
JulyAugsrNovDec
Totalunemploy-
ment Less than5 weeks
Duration of unemployment
5-14weeks
15-26weeks
27 weeksand over
Thousands of persons 16 years of age and over
2,3112,2763,637
3,2882,0551,8831,8343,532
2,8522,7502,8594,6023,740
3,8524,7143,9114,0703,786
3,3662,8752,9752,8172,832
4,0884,9934,8404,3045,076
7,8307,2886,8556,0475,963
6,3056,0886,1536,0566,1265,902
6,2285,9295,9715,7885,8825,984
5 9045,8835,8825,9445,9035,824
5,9096,1245,9906,1216,0446,087
1,2101,3001,756
1,4501,1771,1351,1421,605
1,3351,4121,4081,7531,585
1,7191,8061,6631,7511,697
1,6281,5731,6341,5941,629
2,1372,2342,2232,1962,567
2,8942,7902,8562,7932,869
2,7712,6712,8052,6992,9022,736
3,0052,7612,8072,7022,7972,858
2 7512,7792,7692,8762,8232,880
2,8203,1682,7782,9552,9192,916
704669
1,194
1,055574516482
1,116
815805891
1,3961,114
1,1761,3761,1341,2311,117
983779893810827
1,2891,5781,4591,2961,572
2,4522,1592,0891,8751,892
1,9001,8771,9081,8561,8241,933
1,8461,8951,8551,7881,8361,937
18811,8771,8601,8841,9191,808
1,9341,7382,0351,9631,8691,966
234193428
425166148132495
366301321785469
503728534535491
404287271256242
427665597475563
1,2901,003896746684
818882783795717709
684624684711683732
708700729687705656
615658644678660711
164116256
3571378478317
336232239667571
454804585553482
351239177156133
235517562337373
1,1931,3361,015633518
802656686668679619
646605608585518485
521539562536507496
452527508517531519
Average(mean)durationin weeks
8.610.0
12.19.78.48.011.8
13.011.310.513.914.4
12.815.614.714.013.3
11.810.48.88.47.9
8.711.312.010.09.7
14.115.814.311.910.8
13.012.612.412.412.012.1
11.911.511.511.811.110.6
11211.311.811.010.910.5
10.110.710.710.510.610.5
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.
239Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-32.—Unemployment by reason, 1967-79
[Monthly data seasonally adjusted1]
196719681969
19701971197219731974
19751976197719781979
1979:JanFebMarAprMayJune
JulyAugSeptOctNovDec.
196719681969
19701971197219731974
19751976197719781979
1979JanFebMar
MayJune
JulyAugSeptOctNovDec
Year or monthTotal
unemploy-ment
2,9752,8172,832
4,0884,9934,8404,3045,076
7,8307,2886,8556,0475,963
5,9045,8835,8825,9445,9035,824
5,9096,1245,9906,1216,0446,087
3.83.63.5
4.95.95.64.95.6
8.57.77.06.05.8
585.75.75.85.85.7
5.75.95.85.95.85.9
Job losers Job leavers
Thousands of persons 16 years o
1,2291,0701,017
1,8092,3132,0891,6662,205
4,3413,6253,1032,5142,555
2,4412,4752,4572,5202,3562,449
2,5262,6802,6322,7312,7292,728
438431436
549587635674756
812886889851854
900828864847940857
846875825835845800
Percent of civilian labor
1.61.31.2
2.22.82.41.92.4
4.73.83.22.52.5
2.42.42.42.52.32.4
2.52.62.52.62.62.6
06.5.5
.7
.7
.7
.8
.8
.9
.9
.9
.8
.8
.9
.8
.8
.8
.9
.8
.8
.8
.8
.8
.8
.8
Reentrants
f age and over
945909965
1,2271,4661,4441,3231,441
1,8651,8951,9261,8141,758
1,7211,7661,7661,7781,7671,753
1,7621,7881,7601,7621,6981,771
force
1.21.21.2
1.51.71.71.51.6
2.02.02.01.81.7
1.71.71.71.71.71.7
1.71.71.71.71.61.7
entrants
396407413
503627672642672
812882938867797
824858808800824781
726745801804736858
05.5.5
.6
.7
.8
.7
.7
.9
.91.0
.9
.8
.8
.8
.8
.8
.7
.7
.8
.8
.7
.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.
240Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-33.—Unemployment insurance programs, selected data, 1946-79
Year or month
194619471948194919501951195219531954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978"1979"1978-
JanFebMarAprMayJuneJulyAugSeptOctNovDec
1979JanFebMar
MayJuneJulyAugSeptOct"Nov" ....Dec"
All programs
Coveredemploy-ment1
Insuredunemploy-ment
(weeklyaver-
age)«»
Thousands
31,85633,87634,64633,09834,30836,33437,00638,07236,62240,01842,75143,43644,41145,72846,33446,26647,77648,43449,63751,58054,73956,34257,97759,99959,52659,37566,45869,89772,45171,03773,45976,419
8 88,804
2,8041,7931,4462,4741,6051,0001,0691,0672,0511,3991,3231,5713,2692,0992,0712,9941,946
71,9731,7531,4501,1291,2701,1871,1772,0702,6082,1921,7932,5584,9373,8463,3082,6452,619
3,7813,6383,2122,6592,3692,2972,5812,3942,0641,9992,1482,567
3,1983,2092,9212,6102,2302,1192,4292,3772,1642,2362,5593,034
Totalbenefitspaid
(millionsof
dollars)2 4
2,878.51,785.51,328.72,269.81,467.6
862.91,043.51,050.62,291.61,560.21,540.61,913.04,290.62,854.33,022.84,358.13,145.13,025.92,749.22,360.41,890.92,221.52,191.02,298.64,209.36,154.05,491.14,517.36,933.9
16,802.412,344.810,998.99,006.3
1,091.01,053.61,128.9
805.4753.9706.7663.8771.5595.6589.9605.6700.3
1,036.6972.1
1,043.0844.2793.2662.9715.1820.2656.1741.1
State programs
Insuredunem-
ployment
Initialclaims
Exhaus-tions5
Weekly average; thousands
1,295997980
1,9731,513
9691,044
9901,8701,2651,2151,4462,5261,6841,9082,2901,783
71,8061,6051,3281,0611,2051,1111,1011,8052,1501,8481,6322,2623,9862,9912,6552,3592,460
2,4632,4992,4582,3072,2662,2742,3712,4182,2952,2462,2322,259
2,3452,3292,3362,3812,3072,3202,4092,4922,4882,5402 6432,631
189187200340236208215218304226111270369111331350302
7 298268232203226201200296295261247363478386375346388
348373344336332342356344328327332342
352346359433355380390394394402405416
382420373616181534252023503331463230262115171616253935293781635539
484646484240363433303336
4040444442393836353535
Insuredunemploy-ment as
percentof
coveredemploy-
ment
4.33.13.06.24.62.82.92.85.23.53.23.66.44.44.85.64.44.33.83.02.32.52.22.13.44.13.52.73.56.04.63.93.33.0
3.63.63.63.33.23.23.33.43.23.03.03.1
3.03.03.03.02.92.92.93.03.03.0313.1
Benefits paid
Total(millions
ofdollars)4
1,094.9775.1789.9
1,736.01,373.1
840.4998.2962.2
2,026.91,350.31,380.71,733.93,512.72,279.02,726.73,422.72,675.42,774.72,522.12,166.01,771.32,092.32,031.62,127.93,848.54,957.04,471.04,007.65,974.9
11,754.78,974.58,357.27,716.6
909.4918.8
1,001.5708.0639.8580.0557.0677.8521.0517.8554.1649.0
972.8915.1975.6777.7725.2610.3665.7765.0606.3673.9
Averageweeklycheck
(dollars)6
18.5017.8319.0320.4820.7621.0922.7923.5824.9325.0427.0228.1730.5830.4132.8733.8034.5635.2735.9237.1939.7541.2543.4346.1750.3453.2356.7659.0064.2570.2375.1678.7983.67
84.1085.8085.4884.3382.7081.6980.7781.5381.9083.4283.8986.14
88.2890.3190.2889.2888.3787.2586.4088.5689.1090.59
*Monthly data are seasonally adjusted.1 Includes persons under the State, UCFE (Federal employee, effective January 1955), and RRB (Railroad Retirement Board)
programs. Beginning October 1958, also includes the UCX program (unemployment compensation for ex-servicemen).2 Includes State, UCFE, RR, UCX, UCV (unemployment compensation for veterans, October 1952-January 1960), and SRA
(Servicemen's Readjustment Act, September 1944-September 1951) programs. Also includes Federal and State extended benefitprograms. Does not include FSB (Federal supplemental benefits) and SUA (special unemployment assistance) 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 claims and insured unemployment beginning July 1963.
8 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.
241Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-34.— Wage and salary workers in nonagricultural establishments, 1929-79
[Thousands of persons; monthly data seasonally adjusted]
Year or month
Totalwageand
salarywork-
ers
Manufacturing
TotalDurablegoods
Non-durablegoods
Mining Construc-tion
Transpor-tation
andpublic
utilities
Whole-saleand
retailtrade
Finance,insur-ance,andreal
estate
Services
Government
FederalStateandlocal
1929
1933
1939...
1960196119621963.,1964
1965.1966..1967.1968.1969..
19701971197219731974
31,324 10,702
194019411942 „19431944
19451946194719481949
19501951195219531954
19551956195719581959
19751976197719781979 p
23,699
30,603
32,36136,53940,10642,43441,864
40,37441,65243,85744,86643,754
45,19747,81948,79350,20248,990
50,64152,36952,85351,32453,268
54,18953,99955,54956,65358,283
60,76563,90165,80367,89770,384
70,88071,21473,67576,79078,265
76,94579,38282,42386,44689,497
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
19,36718,62319,15120,15420,077
18,32318,99719,68220,47620,979
4,715
5,3636,9688,823
11,08410,856
9,0747,7428,3858,3267,489
8,0949,0899,349
10,1109,129
9,5419,8339,8558,8299,373
9,4599,0709,4809,6169,816
10,40511,28211,43911,62611,895
11,20810,63611,04911,89111,925
10,68811,07711,59712,24612,694
5,564
5,6226,2256,4586,5186,472
6,4506,9627,1597,2566,953
7,1477,3047,2847,4387,185
7,3417,4117,3217,1167,303
7,3377,2567,3737,3807,458
7,6567,9308,0078,1558,272
8,1587,9878,1028,2628,152
7,6357,9208,0868,2308,285
1,087
744
854
925957992925892
836862955994930
901929898866791
792822828751732
712672650635634
632627613606619
623609628642697
752779813851958
1,512
824
1,165
1,3111,8142,1981,5871,108
1,1471,6832,0092,1982,194
2,3642,6372,6682,6592,646
2,8393,0392,9622,8173,004
2,9262,8592,9483,0103,097
3,2323,3173,2483,3503,575
3,5883,7043,8894,0974,020
3,5253,5763,8514,2714,642
3,916
2,672
2,936
3,0383,2743,4603,6473,829
3,9064,0614,1664,1894,001
4,0344,2264,2484,2904,084
4,1414,2444,2413,9764,011
4,0043,9033,9063,9033,951
4,0364,1584,2684,3184,442
4,5154,4764,5414,6564,725
4,5424,5824,7134,9275,154
6,123
4,755
6,426
6,7507,2107,1186,9827,058
7,3148,3768,9559,2729,264
9,3869,742
10,00410,24710,235
10,53510,85810,88610,75011,127
11,39111,33711,56611,77812,160
12,71613,24513,60614,09914,705
15,04015,35215,94916,60716,987
17,06017,75518,51619,49920,140
1,494
1,280
1,447
1,4851,5251,5091,4811,461
1,4811,6751,7281,8001,828
1,8881,9562,0352,1112,200
2,2982,3892,4382,4812,549
2,6292,6882,7542,8302,911
2,9773,0583,1853,3373,512
3,6453,7723,9084,0464,148
4,1654,2714,4674,7274,964
3,425
2,861
3,502
3,6653,9054,0664,1304,145
4,2224,6975,0255,1815,240
5,3575,5475,6995,8355,969
6,2406,4976,7086,7657,087
7,3787,6207,9828,2778,660
9,0369,498
10,04510,56711,169
11,54811,79712,27612,85713,441
13,89214,55115,30316,22017,047
533
565
905
9961,3402,2132,9052,928
2,8082,2541,8921,8631,908
1,9282,3022,4202,3052,188
2,1872,2092,2172,1912,233
2,2702,2792,3402,3582,348
2,3782,5642,7192,7372,758
2,7312,6962,6842,6632,724
2,7482,7332,7272,7532,773
2,532
2,601
3,090
3,2063,3203,2703,1753,116
3,1373,3413,5823,7873,948
4,0984,0874,1884.3404,563
4,7275,0695,3995,6485,850
6,0836,3156,5506,8687,248
7,6968,2208,6729,1029,437
9,82310,18510,64911,06811,446
11,93712,13812,35212,72312,840
See next page for continuation of table.
242Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-34.— Wage and salary workers in nonagricultural establishments, 1929-79—Continued
[Thousands of persons; monthly data seasonally adjusted]
Year or month
Totalwageand
salarywork-
ers
Manufacturing
TotalDurablegoods
Non-durablegoods
Mininc Construc-tion
Transpor-tationand
publicutilities
4,6404,6524,6544,6794,7024,712
4,7194,7264,7564,7544,7694,781
4,7974,8294,8574,8954,9104,947
4,8994,9364,9415,0145,0385,054
5,0715,0945,1165,0245,1305,190
5,1695,1945,1805,2185,2275,224
Whole-saleand
retailtrade
18,06518,11718,21318,30918,39318,484
18,55118,63318,71018,78618,90018,981
19,07819,13819,22819,33319,41719,507
19,56219,61219,65319,74419,82919,858
19,96520,01620,05420,08820,12920,116
20,12220,12620,16920,24320,30320,300
Finance,insur-ance,andanorealreal
estate
4,3644,3744,4034,4234,4384,456
4,4674,4884,5114,5354,5614,583
4,6024,6354,6514,6724,6934,723
4,7434,7614,7744,7934,8274,847
4,8684,8844,8994,9154,9364,958
4,9725,0034,9975,0185,0415,070
Services
14,91914,94915,02515,09315,14715,230
15,30115,38615,52615,60615,67515,748
15,77715,86215,96616,06816,12416,196
16,23016,33516,42316,46416,55416,630
16,67016,76316,83316,88016,95417,051
17,09217,14117,19117,25717,31417,385
Government
Federal
2,7242,7242,7302,7242,7252,730
2,7212,7302,7282,7282,7272,725
2,7382,7392,7412,7472,7532,766
2,7632,7632,7552,7602,7572,734
2,7582,7572,7572,7582,7702,788
2,7852,8132,7622,7702,7712,787
Stateandlocal
12,20112,18212,19212,20312,25512,324
12,37712,39612,49112,50512,53612,557
12,59112,63912,69612,75912,79612,799
12,77912,75712,71912,70812,71512,738
12,71912,73812,75312,80612,82812,849
12,85012,88612,91112,90412,91112,948
1977:JanFebMarAprMayJune
JulyAugSeptOctNovDec
1978:JanFebMar
May"!!!!!!!!!!!!."!!!June
JulyAugSeptOctNovDec
1979:JanFebMar
May!!!!!!!!!!!!!!!!!!!!!!!June
JulyAugSeptOctNov.Dec".
80,56580,79481,23381,62281,98682,369
82,61682,84983,28783,54983,90884,125
84,42184,73585,24685,96186,22786,590
86,686
87,03287,42487,84088,133
88,43388,70089,03989,03689,39889,626
89,71389,76289,80389,98290,10990,426
19,27219,32419,45619,56819,65519,721
19,76119,78519,80519,85819,92720,055
20,14820,22620,31720,38920,41420,457
20,47420,47620,51120,63320,77220,881
20,95821,02521,07321,06621,05921,063
21,07920,95720,94920,89920,84620,954
11,30111,32011,42311,48511,55411,603
11,64911,68611,69911,74911,79411,896
11,97012,03012,08512,14412,16812,204
12,24712,26312,30812,41912,51012,583
12,64012,71512,75112,75212,73912,760
12,78612,71412,73712,65012,59712,660
7,9718,0048,0338,0838,1018,118
8,1128,0998,1068,1098,1338,159
8,1788,1968,2328,2458,2468,253
8,2278,2138,2038,2148,2628,298
8,3188,3108,3228,3148,3208,303
8,2938,2438,2128,2498,2498,294
801806819825827839
814802837840847696
691696710883882890
895899904910919922
927937940940944949
956968973979984999
3,5793,6663,7413,7983,8443,873
3,9053,9033,9233,9373,9663,999
3,9993,9714,0804,2154,2384,305
4,3414,3414,3524,3984,4294,469
4,4974,4864,6144,5594,6484,662
4,6884,6744,6714,6944,7124,759
Note.—Data in Tables B-34 through B-36 are based on reports from employing establishments and relate to full- and part-time wageand salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includesthe 12th of the month.
Not comparable with labor force data (Tables B-27 through B-32), which include proprietors, self-employed persons, domesticservants, and unpaid family workers; which count persons as employed when they are not at work because of industrial disputes, badweather, etc., even if they are not paid for the time off; and which are based on a sample of the working-age population, whereas theestimates in this table are based on reports from employing establishments.
For description and details of the various establishment data, see "Employment and Earnings."
Source: Department of Labor, Bureau of Labor Statistics.
243Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-35.—Average weekly hours and hourly earnings in selected private nonagricultural industries,
1947-79
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Year or month
Average weekly hours
Totalprivate
non-agricul-turaM
Manufac-turing
Con-struction
Whole-saleand
retailtrade
Average gross hourly earnings,current dollars
Totalprivate
non-agricul-tural >
Manufac-turing
Con-struction
Whole-saleand
retailtrade
Adjusted hourly earnings, totalprivate nonagriculturalz
Index,1967 = 100
Currentdollars dollars3
1967
Percent changefrom a year
earlier4
Currentdollars dollars
1967
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979 "
1978:JanFebMarAprMayJune
JulyAug.SeptOctNovDec
1979:JanFebMar
\Hvi~IZZ.June
JulyAugSeptOctNov"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
37.136.937.036.936.5
36.136.136.035.835.7
35.535.735.936.035.935.935.935.835.835.835.835.8
35.835.735.935.335.735.6
35.635.635.735.635.735.7
40.440.039.1
40.540.640.740.539.6
40.740.439.839.240.3
39.739.840.440.540.7
41.241.440.640.740.6
39.839.940.540.740.0
39.540.140.340.440.2
39.640.040.540.740.440.540.540.440.540.540.640.6
40.640.640.639.140.240.1
40.240.140.240.240.140.3
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
37.337.236.536.836.6
36.436.836.536.836.9
35.135.836.336.936.637.237.237.037.036.936.837.0
37.136.637.135.537.137.2
36.837.237.536.636.837.1
40.540.440.5
40.540.540.039.539.5
39.439.138.738.638.8
38.638.338.238.137.9
37.737.136.636.135.7
35.335.134.934.634.2
33.933.733.332.932.6
32.832.833.032.932.932.932.932.832.832.932.832.8
32.532.532.732.832.632.6
32.632.532.632.632.732.6
$1,1311.2251.275
1.3351.451.521.611.65
1.711.801.891.952.02
2.092.142.222.282.36
2.462.562.682.853.04
3.233.453.703.944.24
4.534.865.255.696.16
5.475.505.545.615.635.675.725.745.785.845.875.92
5.966.006.046.046.096.13
6.186.226.266.286.336.39
$1,2161.3271.376
1.4391.561.641.741.78
1.851.952.042.102.19
2.262.322.392.452.53
2.612.712.823.013.19
3.353.573.824.094.42
4.835.225.686.176.69
5.945.986.016.066.096.136.196.216.266.336.386.43
6.466.516.566.566.656.68
6.726.746.786.826.876.91
$1,5401.7121.792
1.8632.022.132.282.38
2.452.572.712.822.93
3.073.203.313.413.55
3.703.894.114.414.79
5.245.696.066.416.81
7.317.718.108.659.25
8.328.368.468.488.578.638.668.738.778.788.858.88
8.949.069.039.119.209.19
9.279.329.399.389.459.48
$0,9401.0101.060
1.1001.181.231.301.35
1.401.471.541.601.66
1.711.761.831.891.97
2.042.142.252.412.56
2.722.883.053.233.48
3.733.974.284.675.06
4.524.514.544.604.614.644.684.714.754.794.814.85
4.924.934.964.995.005.03
5.075.105.125.145.195.22
42.646.048.2
50.053.756.459.661.7
63.767.070.373.275.8
78.480.883.585.988.2
91.295.3
100.0106.2113.2
120.7129.2137.5146.0157.5
170.6183.0196.8212.9229.8
205.9206.6208.1210.1211.1212.4214.0214.9216.5218.1219.2220.9
222.6224.0225.2226.8227.5229.0
230.9232.2234.3234.9237.1239.1
63.763.867.5
69.369.070.974.476.6
79.482.383.484.586.8
88.490.292.293.795.0
96.698.0
100.0101.9103.1
103.8106.5109.7109.7106.7
105.9107.3108.4109.0105.6
109.8109.4109.4109.5109.1108.9109.1108.9108.9108.7108.6108.7
108.5107.8107.3106.9106.1105.7
105.6105.1104.9104.2104.1103.8
8.04.8
3.77.45.05.73.5
3.25.24.94.13.6
3.43.13.32.92.7
3.44.54.96.26.6
6.67.06.46.27.9
8.37.37.58.27.9
7.87.77.98.28.08.18.28.38.48.38.38.5
8.18.48.28.07.87.8
7.98.18.27.78.28.2
0.25.8
2.7- . 42.84.93.0
3.73.71.31.32.7
1.82.02.21.61.4
1.71.42.01.91.2
.72.63.0
.0- 2 .7
- . 71.31.0
.6- 3 . 1
1.01.21.21.4.8.7.5.4.1
- . 5- . 5- . 5
- 1 . 2- 1 . 5- 2 . 0- 2 . 4- 2 . 8- 2 . 9
- 3 . 2- 3 . 5- 3 . 6-4 .1- 4 . 1- 5 . 3
1 Also includes other private industry groups shown in Table B-34.2 Adjusted for overtime (in manufacturing only) and for interindustry employment shifts.3 Current dollar earnings index divided by the consumer price index (revised index for urban wage earners and clerical workers used
ieginning 1978).4 Monthly data are computed from indexes to two decimal places.
Note.—See Note, Table B-34.
Source: Department of Labor, Bureau of Labor Statistics.
244Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-36.—Average weekly earnings in selected private nonagricultural industries, 1947-79
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Year or month
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
197519761977 .19781979'
1978.JanFebMar
tJuneJulyAuga*NovDec
1979:JanFebMarAprMayJune
JulyAugSeptoct ::.:::: :.::.:::::::::::::::::::::::::Nov"Dec"
Average gross weekly earnings
Total privatenonagriculturall
Currentdollars
$45.5849.0050.24
53.1357.8660.6563.7664.52
67.7270.7473.3375.0878.78
80.6782.6085.9188.4691.33
95.4598.82
101.84107.73114.61
119.83127.31136.90145.39154.76
163.53175.45189.00203.70219.91
194.19196.35198.89201.96202.12203.55
205.35205.49206.92209.07210.15211.94
213 37214.20216.84213.21217.41218 23
220.01221.43223.48223.57225 98228.12
1967dollars2
$68.1367.9670.36
73.6974.3776.2979.6080.15
84.4486.9086.9986.7090.24
90.9592.1994.8296.4798.31
101.01101.67101.84103.39104.38
103.04104.95109.26109.23104.78
101.45102.90104.13104.30101.02
103.51104.00104.57105.30104.51104.38
104.66104.15104.03104.22104.14104.30
103 98103.13103.31100.48101.40100 75
100.60100.24100.0499.1999 2499.05
Manufac-turing
(currentdollars)
$49.1353.0853.80
58.2863.3466.7570.4770.49
75.3078.7881.1982.3288.26
89.7292.3496.5699.23
102.97
107.53112.19114.49122.51129.51
133.33142.44154.71166.46176.80
190.79209.32228.90249.27268.94
235.22239.20243.41246.64246.04248.27
250.70250.88253.53256.37259.03261.06
262 28264.31266.34256.50267.33267 87
270.14270.27272.56274.16275 49278.47
Construc-tion
(currentdollars)
$58.8365.2367.56
69.6876.9682.8686.4188.54
90.9096.38
100.27103.78108.41
112.67118.08122.47127.19132.06
138.38146.26154.95164.49181.54
195.45211.67221.19235.89249.25
266.08283.73295.65318.32341.33
292.03299.29307.10312.91313.66321.04
322.15323.01324.49323.98325.68328.56
33167331.60335.01323.41341.3234187
341.14346.70352.13343.31347 76351.71
Wholesaleand retail
(currentdollars)
$38.0740.8042.93
44.5547.7949.2051.3553.33
55.1657.4859.6061.7664.41
66.0167.4169.9172.0174.66
76.9179.3982.3587.0091.39
96.02101.09106.45111.76119.02
126.45133.79142.52153.64164.96
148.26147.93149.82151.34151.67152.66
153.97154.49155.80157.59157.77159.08
159 90160.23162.19163.67163.00163 98
165.28165.75166.91167.56169 71170.17
Percent change froma year earlier, total
privatenonagricultural3
Currentdollars
7.52.5
5.88.94.85.11.2
5.04.53.72.44.9
2.42.44.03.03.2
4.53.53.15.86.4
4.66.27.56.26.4
5.77.37.77.88.0
7.56.38.08.57.58.1
8.38.38.28.38.68.9
929.48.65.67.872
7.27.88.17.1727.4
1967dollars
- 0 . 23.5
4.7.9
2.64.3
5.42.9
.1- . 34.1
.81.42.91.71.9
2.7.7.2
1.51.0
- 1 . 31.94.1
- . 0- 4 . 1
- 3 . 21.41.2.2
- 3 . 1
.7- . 01.51.8.4.7
.5
.4- . 0- . 4- . 2
1
.5- 1 . 6- 4 . 6- 2 . 8
34
3.9- 3 . 8
3.8- 4 . 8
49- 5 . 3
1 Also includes other private industry groups shown in Table B-34.2 Earnings in current dollars divided by the consumer price index (revised index for urban wage earners and clerical workers used
beginning 1978).3 Based on unadjusted data.Note.—See Note, Table B-34.Source: Department of Labor, Bureau of Labor Statistics.
245Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-37.—Productivity and related data, private business sector. 1947-79
[1967 = 100; quarterly data seasonally adjusted]
Year orquarter
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979 "
1977:1IIIllIV
1978:IIIIllIV
1979:1IIIllIV
Output >
Privatebusinesssector
48.750.950.0
54.657.859.562.060.9
65.767.668.567.071.9
73.274.278.882.386.9
92.998.1
100.0105.1108.3
107.3110.3117.5124.4121.4
118.7126.4133.8140.7144.0
131.0132.8135.2136.1
136.9140.3141.8144.0
144.4143.4143.8144.4
Nonfarmbusinesssector
47.549.648.7
53.356.858.560.959.7
64.666.667.665.971.1
72.273.378.181.686.5
92.698.1
100.0105.3108.5
107.4110.2117.8124.9121.8
118.8126.9134.3141.5144.8
131.7133.4135.6136.4
137.3141.1142.7145.0
145.5144.2144.6145.2
Hours of allpersons2
Privatebusinesssector
90.991.588.5
89.592.192.293.290.1
93.594.993.589.392.8
92.991.592.993.494.9
97.8100.0100.0101.8104.6
103.0102.4105.5109.6110.3
105.6108.6112.8118.1122.0
110.6112.6113.2114.5
115.6117.9118.4120.2
121.5121.3122.0123.1
Nonfarmbusinesssector
79.180.477.3
79.783.484.386.483.5
86.989.188.785.088.7
89.388.390.291.193.2
96.599.8
100.0102.1105.5
104.2103.8107.0111.5112.3
107.4111.0115.6121.1125.4
113.2115.2116.2117.3
118.4121.1121.6123.4
124.8124.9125.7126.4
Output per hour ofall persons
Privatebusinesssector
53.655.656.5
61.062.764.566.567.6
70.371.273.275.177.5
78.781.184.888.191.6
95.098.0
100.0103.3103.5
104.2107.7111.4113.6110.1
112.4116.4118.6119.2118.1
118.5117.9119.4118.8
118.4119.0119.7119.8
118.9118.2117.8117.3
Nonfarmbusinesssector
60.161.763.0
66.968.169.470.471.5
74.374.776.277.580.1
80.983.086.689.692.8
95.998.4
100.0103.2102.9
103.0106.2110.1112.0108.5
110.5114.4116.2116.8115.5
116.4115.8116.7116.3
116.0116.5117.3117.6
116.6115.4115.0114.9
Compensation perhour3
Privatebusinesssector
36.039.039.7
42.446.649.652.854.5
55.859.563.466.269.0
71.974.678.181.085.3
88.794.9
100.0107.6114.9
123.1131.4139.7151.2164.9
181.3197.2213.0231.2252.8
207.7210.8215.3218.5
224.2228.5233.6238.4
244.8250.3255.6260.0
Nonfarmbusinesssector
38.441.742.9
45.449.452.155.056.7
58.762.365.968.371.1
74.276.679.782.586.3
89.494.8
100.0107.3114.1
121.7129.9138.4149.2162.8
178.9193.8209.3227.3247.6
204.1207.3211.2214.8
220.6224.6229.4234.3
240.2244.8249.9255.2
Unit labor cost
Privatebusinesssector
67.170.170.2
69.674.376.879.380.6
79.483.586.588.189.0
91.392.092.092.093.1
93.396.8
100.0104.1111.0
118.2122.0125.4133.1149.8
161.3169.4179.6194.0214.1
175.2178.8180.2183.8
189.4192.1195.2199.0
205.9211.7217.0221.5
Nonfarmbusinesssector
63.967.668.1
67.972.575.178.179.4
79.183.486.488.188.7
91.792.392.092.193.0
93.296.4
100.0104.0110.9
118.1122.3125.7133.2150.0
161.8169.4180.1194.5214.4
175.4179.0180.9184.7
190.2192.7195.6199.3
206.0212.1217.3222.2
Implicit pricedeflator4
Privatebusinesssector
65.170.669.8
70.876.077.177.978.6
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
157.5165.5174.8187.2203.8
170.5173.9176.0178.6
180.9185.8188.9192.9
197.2202.0206.1210.0
Nonfarmbusinesssector
62.367.568.0
69.173.675.276.877.8
79.481.984.685.988.0
89.289.890.591.592.9
94.196.8
100.0104.0108.7
114.0119.2122.9127.9141.4
156.4164.8174.5186.1202.2
169.8173.6176.2178.3
180.2184.7187.8191.4
195.1200.3204.7208.9
1 Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an
estimate of wages, salaries, and supplemental payments for the self-employed.4 Current dollar gross domestic product divided by constant dollar gross domestic product.
Source: Department of Labor, Bureau of Labor Statistics.
246Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-38.—Changes in productivity and related data, private business sector, 1948-79
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Voor nrTear orquarter
19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979"
19771IIIIIIV
19781IIIIIIV
19791IIIIIIV "
Outputx
Privatebusinesssector
4.5- 1 . 8
9.25.93.04.1
-1 .7
8.02.81.3
-2 .17.3
1.81.46.24.45.6
7.05.52.05.13.0
-.92.86.65.9
- 2 . 4
- 2 . 36.55.85.22.3
10.55.47.62.5
2.410.54.26.4
1.2- 2 . 9
1.11.8
Nonfarmbusinesssector
4.4-1 .8
9.46.53.04.1
- 2 . 0
8.23.01.5
- 2 . 57.9
1.61.56.54.55.9
7.16.01.95.33.0
-1 .12.66.96.0
-2 .5
- 2 . 56.95.85.42.3
11.15.36.62.4
2.711.54.56.8
1.2-3 .6
1.21.7
Hours of allpersons2
Privatebusinesssector
0.7- 3 . 3
1.12.9
.11.0
- 3 . 3
3.81.5
- 1 . 5- 4 . 5
3.9
.2- 1 . 6
1.6.5
1.5
3.12.3
.01.82.8
- 1 . 6- .63.03.9
.7
- 4 . 32.93.94.73.3
5.77.62.14.6
3.98.41.76.1
4.4- . 72.43.5
Nonfarmbusinesssector
1.6- 3 . 8
3.14.61.02.5
- 3 . 4
4.12.5
-.5-4 .1
4.4
.6- 1 . 1
2.11.12.3
3.63.3
.22.13.4
-1 .2_ 4314.2
.7
-4 .33.34.14.83.6
5.87.23.44.0
3.69.41.85.9
4.6.5
2.62.1
Output per hour ofall persons
Privatebusinesssector
3.81.6
7.92.82.83.11.6
4.01.32.82.53.2
1.63.14.53.84.0
3.83.22.03.3
.2
.73.33.51.9
- 3 . 0
2.13.51.9
.5-.9
4.6- 2 . 1
5.4- 2 . 0
- 1 . 52.02.4
.3
- 3 . 0- 2 . 2- 1 . 3- 1 . 6
Nonfarmbusinesssector
2.72.1
6.11.81.91.51.5
4.0.5
2.01.83.3
1.02.64.33.43.6
3.42.51.63.2
-.3
.13.13.71.7
-3 .1
1.93.51.6
.5- 1 . 2
5.1- 1 . 8
3.1- 1 . 5
- . 91.92.7
.8
-3 .2-4 .1- 1 . 4- . 4
Compensation perhour3
Privatebusinesssector
8.51.6
7.09.86.46.53.2
2.56.56.54.44.3
4.23.84.63.85.3
4.07.05.37.66.8
7.16.76.38.29.1
9.98.88.08.59.3
8.26.28.76.1
10.97.99.28.5
11.19.38.86.9
Nonfarmbusinesssector
8.63.0
5.88.75.55.63.1
3.66.05.73.84.0
4.43.34.03.54.6
3.56.15.57.36.3
6.76.76.57.89.1
9.98.38.08.68.9
8.76.47.77.0
11.47.58.88.8
10.47.98.58.9
Unit labor cost
Privatebusinesssector
4.5.1
- . 96.83.43.31.5
- 1 . 55.23.61.91.0
2.6.7.1
- .11.2
.23.83.34.16.6
6.43.32.86.2
12.5
7.75.06.08.0
10.4
3.48.53.18.3
12.65.86.68.1
14.611.810.38.7
Nonfarmbusinesssector
5.7.8
— 36̂ 83.54.01.6
-.45.53.62.0
.7
3.4.6
- .3.1
1.0
.13.53.84.06.7
6.53.52.86.0
12.7
7.94.76.38.0
10.2
3.48.44.58.6
12.45.46.08.0
14.012.510.19.3
Implicit pricedeflator*
Privatebusinesssector
8.4-1 .1
1.57.31.5
.1.0.9
1.53.03.21.82.0
1.4.6.9.9
1.4
1.63.22.93.94.7
4.74.43.65.89.8
10.15.05.67.18.9
5.28.44.76.1
5.311.26.98.7
9.310.18.37.8
Nonfarmbusinesssector
8.3.8
1.66.52.12.11.3
2.13.23.31.52.4
1.4.6.8
1.01.5
1.32.93.34.04.5
4.94.53.14.1
10.5
10.65.45.96.68.7
4.19.16.24.8
4.410.27.07.8
8.111.09.08.4
1 Output refers to gross domestic product originating in the sector in 1972 dollars.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily onestablishment data.
3 Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes anestimate of wages, salaries, and supplemental payments for the self-employed.4 Current doffar 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 on indexes in TableB—37.
Source: Department of Labor, Bureau of Labor Statistics.
247Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITY
TABLE B-39.—Industrial production indexes, major industry divisions, 1929-79
[1967 = 100; monthly data seasonally adjusted]
Year or month
1967 proportion
192919331939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 *
1978JanFebMarAprMayJune
JulyAugSeptOctNovDec
1979JanFebMar
MayJune
JulyAugSeptOctNovDec"
Totalindustrialproduction
100.00
21.613.721.7
25.031.636.344.047.440.735.039.441.138.8
44.948.750.654.851.958.561.161.957.964.8
66.266.772.276.581.789.897.8100.0106.3111.1
107.8109.6119.7129.8129.3117.8130.5138.2146.1152.2
140.0140.3142.1144.4144.8146.1
147.1148.0148.6149.7150.6151.8
151.5152.0153.0150.8152.4152.6
152.8151.6152.4152.2151.8152.2
Total
87.95
22.814.021.5
25.432.437.847.050.942.635.339.440.938.7
45.048.650.655.251.558.260.561.257.064.2
65.465.671.575.881.089.797.9100.0106.4111.0
106.4108.2118.9129.8129.4116.3130.3138.4146.8153.3
140.4140.7142.7144.9145.2146.4
147.7148.6149.6150.7151.6152.9
152.5153.3154.5151.6153.8153.9
154.1152.4153.5153.2152.6153.1
Manufacturing
Durable
51.98
22.59.117.7
23.531.439.954.259.945.231.637.739.335.7
43.548.951.958.751.859.261.161.653.961.9
62.961.868.673.178.389.098.9100.0106.5110.6
102.3102.4113.7127.1125.7109.3122.3130.0139.7146.3
132.1132.3135.0137.6137.9139.0
141.1141.8142.9144.6145.5146.8
146.8147.2148.6144.6147.6147.6
147.2144.2145.9145.8144.7144.8
Nondurable
35.97
23.219.926.1
27.533.334.637.138.638.539.741.342.742.0
46.748.349.251.251.657.260.161.161.667.7
69.371.575.880.085.290.996.7100.0106.2111.5
112.3116.6126.5133.8134.6126.4141.8150.5156.9163.3
152.4152.9153.8155.5155.8157.0
157.2158.4159.3159.5160.4161.7
160.7162.0163.0161.7162.8163.0
164.1164.3164.6163.9164.2165.1
Mining
6.36
43.130.642.1
46.849.751.352.556.255.154.261.364.457.1
63.870.069.471.269.977.982.082.175.378.7
80.380.883.186.489.993.298.2100.0104.2108.3
112.2109.8113.1114.7115.3112.8114.2118.2124.0125.1
114.5114.4119.5125.5126.5127.4
127.1126.2124.4127.9128.0127.4
123.8120.9122.3122.7122.8123.9
124.7126.4125.8127.8129.2130.8
Utilities
5.69
7.46.7
10.7
11.813.314.916.517.517.818.620.122.423.9
27.231.033.736.539.343.948.251.553.959.3
63.467.072.077.083.688.795.5100.0108.4117.3
124.5130.5139.4145.4143.7146.0151.7156.5161.4165.6
160.2159.9158.4158.5159.5160.6
162.0162.2163.0163.2163.7164.7
166.2167.7167.1167.4166.5164.2
164.8165.5165.3164.8164.6164.7
1 Preliminary estimates by Council of Economic Advisers.Source: Board of Governors of the Federal Reserve System, except as noted.
248Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-40.—Industrial production indexes, market groupings, 1947-79
[1967=100; monthly data seasonally adjusted]
Year or month
1967 proportion
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979 4
1978JanFebMarAprMayJune
JulyAugSeptOctNovDec
1979JanFebMar
tJune
JulyAugSeptOctNovDec"
Totalindustrial
production
100.00
39.441.138.8
44.948.750 654.851.9
58.561.161.957.964.8
66.266.711176.581.7
89.897.8
100.0106.3111.1
107.8109.6119.7129.8129.3
117.8130.5138.2146.1152.2
140.0140.3142.1144.4144.8146.1
147.1148.0148.6149.7150.6151.8
151.5152.0153.0150.8152.4152.6
152.8151.6152.4152.2151.8152.2
Final products
Total
47.82
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
118.2127.6135.9142.2147.0
136.0137.3139.9141.6141.4142.1
143.2144.2144.5145.1145.3146.1
146.1146.8148.2145.4147.8147.6
147.1145.6147.2146.8146.6147.3
Consumer goods1
Total
27.68
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
124.0137.1145.3149.1150.5
143.2145.2147.5149.5149.0149.3
149.8150.6150.8151.2151.3151.5
150.6151.5152.9149.1152.0151.8
150.8148.2149.7149.6148.9149.1
Auto-motive
products
2.83
45.347.447.0
59.152.347.159.555.4
73.660.663.550.563.3
72.566.180.187.791.9
113.3112.8100.0119.4118.1
98.8124.4141.4153.0132.8
125.8155.7175.6179.9168.2
157.6163.9176.4185.9181.2181.6
183.8183.5179.5187.6190.2186.9
181.4179.3186.8163.0182.7175.9
170.3147.3157.6159.5151.6146.0
Homegoods
5.06
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
118.8134.1141.9147.7148.6
141.8144.5147.1149.2148.4149.6
150.0149.2149.9148.6147.6147.7
148.6150.9150.6145.2148.1148.8
149.8147.7148.5148.4148.1148.6
Equipment2
Total
20.14
30.632.228.7
31.143.351.956.349.3
50.455.357.551.556.5
58.157.363.767.571.4
80.794.0
100.0106.5109.3
100.194.7
103.8114.5120.0
110.2114.6123.0132.8142.2
126.1126.5129.4130.7131.0132.3
134.0135.3135.9136.6137.1138.6
139.9140.4141.7140.4141.9141.9
142.1141.8143.9143.0143.5144.8
Business
12.63
38.039.534.5
37 045.251253.346.8
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
128.2135.4147.8160.3171.2
152.0153.6156.5158.0158.4160.1
161.7163.4163.8164.8165.0166.8
168.1169.0170.8168.7171.4171.5
171.4171.5173.6171.7172.1173.8
Inter-mediateproducts
12.89
41.944.342.0
48 851.350 954.554.3
61.764.464.463.069.5
70.071.475.779.985.2
90.696.2
100.0106.3112.9
112.9116.7126.5137.2135.3
123.1137.2145.1154.1159.9
150.5150.2150.4152.0152.4154.0
154.7155.6155.6156.4157.8159.9
160.8161.4160.4159.7159.5159.5
159.4160.6159.8159.6159.6159.5
Materials3
Total
39.29
39.541.237.6
45.049.850 556.151.8
61.362.862.856.565.2
66.166.272.176.782.9
92.4100.7100.0106.5112.5
109.2111.3122.3133.9132.4
115.5131.7138.6148.3155.9
141.3140.7142.2145.4146.5148.3
149.3150.2151.2153.2154.5156.2
155.0155.2156.3154.5155.7156.5
157.6156.0156.3156.4155.6155.8
Durablegoods
20.35
38.339.435.3
44.450.551.660.352.0
63.763.963.853.764.0
64.863.370.475.181.9
93.8103.3100.0106.2112.1
103.8104.9117.7134.6132.7
109.1128.0136.1149.0157.7
140.7139.7141.1144.7145.5147.7
150.5151.9153.4155.5157.0159.5
158.1158.0159.2155.7157.9159.5
160.7157.7157.6157.4155.5155.3
Non-durablegoods
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
126.6147.8155.6165.6174.8
158.7161.0162.9164.6164.8166.3
164.5165.3167.8168.8170.2171.9
171.0172.4173.1173.0173.8173.4
174.6175.8176.7177.2177.2178.7
1 Also includes clothing and consumer staples, not shown separately.2 Also includes defense and space equipment, not shown separately.3 Also includes energy materials, not shown separately.4 Preliminary estimates by Council of Economic Advisers.Source: Board of Governors of the Federal Reserve System, except as noted.
249Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-41.—Industrial production indexes, selected manufactures, 1947-79
[1967 = 100; monthly data seasonally adjusted]
Year or month
Durable manufactures
Primarymetals
TotalIronand
steel
Fabri-catedmetalprod-ucts
Non-elec-trical
machin-ery
Electri-cal
machin-ery
Transportationequipment
TotalMotor
vehiclesand
parts
Lumberand
prod-ucts
Nondurable manufactures
Apparelprod-ucts
Printingand
publish-ing
Chem-icalsand
prod-ucts
Foods
1967 proportion..
1947..19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979»
6.57 4.21 5.93 9.15 8.05 9.27 450 1.64 3.31 4.72 7.74 8.75
1978:JanFeb..Mar.MayJune.
July.AugSeptOctNov.Dec
1979:JanFebMarAprMayJune
JulyAugSeptOctNov"Dec"
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
96.4109.7111.1119.9121.5
110.4107.7108.0115.5116.0118.3
122.5124.9127.4129.4130.8132.1
123.4120.4123.7121.7121.0124.3
127.1121.0121.7118.7117.6117.5
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
95.8104.8103.8113.2113.9
102.697.398.4
110.2111.0113.1
116.5118.3121.3123.8124.4125.3
113.3110.8116.2115.8114.3118.1
119.0112.0115.0109.4108.9
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
109.9123.9131.0141.6148.6
136.4136.6137.6139.0140.2141.1
142.8143.7144.2144.9145.6147.1
149.1150.8150.2148.8150.3149.3
149.3147.6146.5147.5146.4147.4
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
125.1134.5143.6153.6163.7
148.2148.9149.8150.6151.4152.9
154.7155.5156.4157.5157.8158.1
161.2162.9164.0161.8164.3164.5
165.3166.2165.1162.3162.6163.3
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
116.5134.8145.4159.4174.6
149.5150.9154.4156.8157.6158.8
162.5161.5163.3164.2165.2167.7
170.9173.2174.2170.6174.7175.1
174.4171.7176.7177.0177.7179.0
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
97.4111.1122.2132.5135.3
118.8120.4128.4132.6131.0131.4
133.4134.2134.9139.7142.1142.9
141.2139.9143.7131.6141.9139.4
135.5124.7131.7133.5128.3126.0
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
111.1142.0161.1169.9159.9
150.4154.6166.2173.2169.1168.9
171.5171.6171.0178.9181.9182.1
177.9173.1179.7156.0176.3169.6
160.2138.5150.6150.6139.7134.8
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
107.6123.2131.2136.3137.4
134.0132.5134.0135.1134.4136.3
136.2136.0136.2138.1140.1144.0
137.3137.2137.7137.2136.1136.8
135.2138.0138.6138.7138.4
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
107.6125.7134.2134.2131.1
126.5129.8133.3135.3132.7133.7
132.71.37.7139.6136.8135.8136.5
130.3133.5136.5130.8128.2132.0
129.7130.1131.2128.5
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
113.3122.5127.6131.5136.9
130.5129.8130.2130.1129.8131.1
131.4131.9132.6132.6133.7134.4
135.6138.2137.3135.7136.8136.9
135.6137.7137.1136.9136.9137.8
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
147.2170.9185.7197.4209.8
190.7190.5191.2193.0194.1196.4
198.6199.3201.3202.7204.6207.2
206.5208.6207.4207.7209.7207.8
210.5213.1212.0211.0213.1
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
123.4133.0138.8142.7147.8
139.7140.6141.4143.1142.9142.8
143.1143.9143.7143.2143.7144.7
143.9145.5147.6147.0149.2149.5
149.4148.1148.8148.6143.3
1 Preliminary estimates by Council of Economic Advisers. Where unadjusted data are not available for 12 months, data are averages ofseasonally adjusted indexes shown.
Source: Board of Governors of the Federal Reserve System, except as noted.
250Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-42.—Capacity utilization rate in manufacturing, 1948-79
[Percent; quarterly data seasonally adjusted]
Year or quarter
19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979"
19741IIIIIIV
19751IIIIIIV
19761IIIIIIV
19771IIIIIIV
19781IIIIIIV
1979|II '.IllIV
FRB series'
Totalmanufac-
turing
82 574.2
82.885.885.489.280.3
87.186.483.775.281.9
80.277.481.683.585.6
89.691.186.987.186.2
79.378.483.587.683.8
72.979.581.984.485.7
85.585.585.179.1
70.370.774.676.1
78.479.580.080.0
80.782.182.482.6
82.083.985.286.4
86.785.985.484.6
Primaryprocess-
ing
87 376.2
88.590.284.989.480.6
92.189.784.775.483.4
79.877.981.683.887.8
91.191.485.787.788.5
82.982.388.292.587.8
73.781.984.086.987.8
90.890.389.480.8
69.970.476.278.4
81.081.982.682.1
82.284.484.584.7
84.086.387.989.5
88.787.988.086.6
Ad-vanced
process-ing
80 073.3
79.883.485.989.380.1
84.384.583.175.181.1
80.477.281.783.484.6
88.991.187.686.885.0
77.476.381.085.081.5
72.578.280.883.084.5
82.682.782.778.2
70.471.073.874.9
77.078.178.578.8
79.880.881.381.3
80.982.783.784.6
85.684.884.083.5
Commerce series2
Totalmanufac-
turing
8686848585
8180838683
77818384
84848478
75757979
82828081
83848282
84848384
848382
Durablegoods
8887838484
7878828582
76818484
83848476
74737877
81837981
84868282
84858385
858482
Non-durablegoods
8586858686
8383858684
79828283
85858480
76788081
82818282
82828282
83828283
838282
Primary-processed
goods
8988878687
8382858985
76828384
87878679
75737878
83838280
83848282
83848485
858483
Advancedproc-essedgoods
8585838484
7980828482
77818384
83838377
75767979
81827982
84848283
84848284
848381
Wharton series3
Totalmanufac-
turing
881
90 587 984 074 278 9
76 973 776 577 779 5
84.288.286.989.290.2
84.182.787.993.290.5
79.886.088.791.7
91.892.092.086.3
77.377.781.482.7
85.286.086.386.5
87.488.989.289.5
89.291.292.494.0
94.493.693.1
Durablegoods
85 3
88 385 381668 073 7
71967 771873 475 5
82.388.086.288.889.6
80.878.384.592.089.2
76.582.685.890.4
90.090.391.085.6
75.474.777.878.2
81.182.783.483.2
83.885.886.487.0
86.989.691.593.7
94.693.592.5
Non-durablegoods
92 0
93 691587 483 086 3
84182 583 383 885 2
86.988.587.989.891.1
88.889.092.994.992.4
84.590.993.093.6
94.594.493.487.4
80.282.086.789.1
91.190.990.691.1
92.693.293.293.0
92.493.693.894.5
94.293.893.9
1 For description of the series, see "Federal Reserve Measures of Capacity and Capacity Utilization," February 1978.2 Quarterly data are for last month in quarter. Annual data are averages of the four indexes, except for 1965 (December index) and
1966-67 (averages of June and December indexes). For description of the series, see "Survey of Current Business," 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 Economic Statistics Section,American Statistical Association.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau of Economic Analysis), and WhartonSchool of Finance.
251Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-43.—New construction activity, 1929-79
[Value put in place, billions of dollars; monthly data at seasonally adjusted annual rates]
Year or month
1929
1933
1939.
19401941194219431944
19451946
New series194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
Totalnew
construc-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
134.5151.1174.0206.2
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
51752.452.559.566.0
66.880.193.9
105.4100.2
93.7111.9135.8160.4
Residentialbuildings'
Total2
3.6
.5
2.7
3.03.51.7
.9
.8
1.36.2
9.913.112.4
18.115.915.816.618.2
21.920.219.019.824.3
23.023.125.227.928.0
27 925.725.630.633.2
31.943.354.359.750.4
46.560.581.093.4
housingunits
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
21719.419.024.025.9
24.335.144.950.140.6
34.447.365.775.8
Presidential buildings and otherconstruction *
Total
4.7
.8
1.7
2.12.71.71.11.4
2.15.8
6.98.28.0
8.610.310.211.311.5
12.914.716.114.815.1
15.916.217.217.619.3
23 826.727.028.932.8
34.936.839.645.749.8
47.251.454.967.0
Commer-cial3
1.1
.1
.3
.3
.4
.2
.0
.1
.21.2
1.01.41.2
1.41.51.11.82.2
3.23.63.63.63.9
4.24.75.15.05.4
7.89.4
9.811.613.515.515.9
12.812.814.818.6
Indus-trial
0.9
.2
.3
.4
.8
.3
.2
.2
.61.7
1.71.41.0
1.12.12.32.22.0
2.43.13.62.42.1
2.92.82.82.93.6
6.06.8
6.55.44.76.27.9
8.07.27.7
11.0
Other4
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
26.431.532.437.4
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
40.939.138.245.8
Federal
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
4040353.43.3
3.34.04.44.95.3
6.37.07.38.3
State andlocal *
2.3
1.1
3.1
2.42.01.3
.7
.6
.71.4
2.53.54.8
5.26.36.67.18.3
8.910.011.112.112.3
12.213.314.015.416.5
18 020 022124.224.7
24.825.925.827.733.0
34.632.130.937.5
See next page for continuation of table.
252Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-43.—New construction activity, 1929-79—Continued
[Value put in place, billions of dollars; monthly data at seasonally adjusted annual rates]
Year or monthTotalnew
construc-tion
Private construction
Total
Residentialbuildings1
Total2New
housingunits
Nonresidential buildings and otherconstruction'
Total Commer-cial3 Indus-
trial Other4
Public construction
Total Federal State andlocal5
1978:JanFeb.Mar
tJune
JulyAugSeptOctNovDec
1979:JanFebMar
MPay".ZJune
JulyAugSeptOctNov'
174.9181.0188.6198.3204.4206.2
212.8213.7215.3217.8220.0223.2
212.3210.9216.7216.4223.4224.3
231.1230.3232.6238.5235.3
137.3144.4149.4155.0158.6161.5
164.6165.1166.5168.5170.7173.8
165.9169.3172.7171.9175.0178.3
180.1180.6181.6185.6184.1
79.986.488.791.493.794.9
95.695.896.095.997.599.7
93.797.896.595.795.296.9
97.097.599.099.298.3
65.171.673.074.175.376.7
77.677.777.777.678.980.7
73.677.275.976.075.777.7
77.778.379.178.377.0
57.458.060.763.664.966.6
69.069.370.572.673.274.0
72.171.576.276.279.881.4
83.183.182.686.385.7
15.715.416.317.318.819.4
19.219.219.219.920.420.5
19.819.021.021.523.624.8
24.825.825.726.726.6
8.18.39.39.59.2
10.6
11.612.012.513.012.913.5
12.713.415.214.014.514.7
15.513.813.715.014.7
33.634.235.036.836.936.5
38.238.138.739.739.940.1
39.639.240.040.741.741.9
42.743.543.244.644.4
37.636.639.243.445.944.7
48.248.648.849.349.349.4
46.441.644.044.548.446.0
51.049.750.952.951.2
7.67.57.78:48.07.3
9.49.49.28.38.78.5
8.87.89.78.19.38.1
9.69.69.78.28.7
30.029.131.535.037.837.4
38.839.339.541.140.640.9
37.633.834.336.439.137.9
41.340.141.244.742.5
1 Beginning 1960, farm residential buildings included in residential buildings; prior to I960, included in nonresidential buildings andother construction.2 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.4 Religious, educational, hospital and institutional, miscellaneous nonresidential, farm (see also footnote 1), public utilities, and allother private.
5 Includes Federal grants-in-aid for State and local projects.Source: Department of Commerce (Bureau of the Census).
2 9 4 - 2 8 9 0 - 8 0 - 1 7253
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-44.—New housing units started and authorized, 1959-79
[Thousands of units]
Year or month
New housing units started
Private and public*
Total(farm andnonfarm)
Nonfarm
Private1
Total (farm and nonfarm)
Total
Type of structure
One unit2 to 4units
5 unitsor more
New private housing unitsauthorized2
Total
Type of structure
One unit2 t o 4units
5 unitsor more
1959
I960..1961196219631964
19651966196719681969
19701971197219731974
19751976197719781979"
1978:JanFeb.,Mar.
June
JulyAugSeptOctNovDec
1979:JanFebMarAprMayJune
July...Aug...Sept..Oct....Nov"Dec ".
1,553.7
1,296.11,365.01,492.51,634.91,561.0
1,509.71,195.81,321.91,545.41,499.5
1,469.02,084.52,378.52,057.51,352.5
1,171.41,547.61,989.82,023.31,746.6
88.6101.3172.3197.5211.1216.1
192.3190.9181.1192.1158.6121.4
88.484.7
153.3161.3189.1192.0
165.0171.4163.8169.0119.2
89.2
1,531.3
1,274.01,336.81,468.71,614.81,534.0
1,487.51,172.81,298.81,521.41,482.3
1,517.0
1,252.21,313.01,462.91,603.21,528.8
1,472.81,164.91,291.61,507.61,466.8
1,433.62,052.22,356.62,045.31,337.7
1,160.41,537.51,987.12,020.31,742.5
1,7441,6592,0112,1762,0372,093
2,1042,0042,0242,0542,1072,074
1,6791,3811,7861,7451,8351,923
1,7881,7931,9211,7641,5221,527
1,234.0
994.7974.3991.4
1,012.4970.5
963.7778.6843.9899.4810.6
812.91,151.01,309.21,132.0
888.1
892.21,162.41,450.91,433.31,193.3
283.0
257.4338.7471.5590.8
108.4 450.0
86.661.171.680.985.0
84.8120.3141.3118.3
68.1
64.085.9
121.7125.0122.3
422.5325.1376.1527.3571.2
535.9780.9906.2795.0381.6
204.3289.2414.4462.0426.9
1,208.3
998.01,064.21,186.61,334.71,285.8
1,239.8971.9
1,141.01,353.41,323.7
1,351.51,924.62,218.91,819.51,074.4
939.21,296.21,690.01,800.51,537.3
938.3
746.1722.8716.2750.2720.1
709.9563.2650.6694.7625.9
646.8906.1
1,033.1882.1643.8
675.5893.6
1,126.11,182.6
971.0
77.1
64.667.687.1
118.9100.8
84.861.073.084.385.2
88.1132.9148.6117.0
64.3
63.993.1
121.3130.6124.8
Seasonally adjusted annual rates
192.9
187.4273.8383.3465.6464.9
445.1347.7417.5574.4612.7
616.7885.7
1,037.2820.5366.2
199.8309.5442.7487.3441.5
1,2901,1711,4131,4821,4631,439
1,4551,4311,4321,4361,5021,539
1,139953
1,2661,2781,2261,288
1,2201,2391,2541,159985
1,071
1108812613892143
134137112135150119
12476116115119123
138156122139123106
344400472556482511
515436480483455416
416352404352490512
430398545466414350
1,7231,7051,7421,9141,7561,983
1,7651,7161,8381,8351,7891,827
1,4511,4251,6211,5171,6181,639
1,5281,6541,7751,5421,2631,204
1,1671,0971,1301,2751,1751,245
1,1401,1291,1841,2091,1721,268
929881
1,0561,0361,0471,012
1,0011,0301,015927751768
112119131124122169
116124131135134139
12595126119116132
13515115113799104
444489481515459569
509463523491483420
396449439362455495
392473609478413332
1 Units in structures built by private developers for sale upon completion to local public housing authorities under the Department ofHousing and Urban Development "Turnkey" program are classified as private housing. Military housing starts, including those financedwith mortgages insured by FHA under Section 803 of the National Housing Act, are included in publicly owned starts and excluded fromtotal private starts.
2 Authorized by issuance of local building permit: in 16,000 permit-issuing places beginning 1978; in 14,000 places for 1972-77; in13,000 places for 1967-71; in 12,000 places for 1963-66; and in 10,000 places 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 "Economic Report"for this earlier series.
Source: Department of Commerce, Bureau of the Census.
254Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-45.—Business expenditures for new plant and equipment, 1947-80x
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
197519761977197819793 .. ..1980 3
1978:1IIIIIIV
1979:1IIIIIIV 3
1980:I3II3
Total
19.3321.3018.98
20.2125.4626.4328.2027.19
29.5335.7337.9431.8933.55
36.7535.9138.3940.7746.97
54.4263.5165.4767.7675.56
79.7181.2188.4499.74112.40
112.78120.49135.80153.82176.37195 67
144.25150.76155.41163.96
165.94173.48179.33184.32
189.32195.76
Manufacturing
Total
8.449.017.12
7.3910.7111.4511.8611.24
11.8915.4016.5112.3812.77
15.0914.3315.0616.2219.34
23.4428.2028.5128.3731.68
31.9529.9931.3538.0146.01
47.9552.4860.1667.6278.3089 51
61.5767.2067.7573.24
71.5676.4280.2283.04
85.0289.11
Durablegoods
3.253.302.45
2.944.825.215.314.91
5.417.457.845.615.81
7.236.316.797.539.28
11.5014.0614.0614.1215.96
15.8014.1515.6419.2522.62
21.8423.6827.7731.6637.8943 76
28.7231.4032.2533.99
34.0036.8639.7240.16
42.3244.44
Non-durablegoods
5.195.714.68
4.455.896.246.566.33
6.487.958.686.776.95
7.858.028.268.70
10.07
11.9414.1414.4514.2515.72
16.1515.8415.7218.7623.39
26.1128.8132.3935.9640.4145 75
32.8635.8035.5039.26
37.5639.5640.5042.88
42.7044.68
Nonmanufacturing
Total
10.8912.2911.86
12.8214.7514.9816.3415.95
17.6420.3421.4319.5120.78
21.6621.5823.3324.5527.62
30.9835.3236.9639.4043.88
47.7651.2257.0961.7366.39
64.8268.0175.6486.1998.07106 16
82.6883.5687.6690.71
94.3897.0699.12101.28
104.29106.65
Mining
0.69.93.88
.841.111.211.251.28
1.311.641.691.431.36
1.301.291.401.271.34
1.461.621.651.631.86
1.892.162.422.743.18
3.794.004.504.785.526 45
4.454.814.994.98
5.465.315.425.91
4.95
Transportation
Rail-road
0.911.371.42
1.181.581.501.42.93
1.021.371.58.86
1.02
1.16.82
1.021.261.66
1.992.371.861.451.86
1.781.671.801.962.54
2.552.522.803.323.884 40
3.353.093.383.49
4.023.664.034.00
3.92
Air
0.17.10.12
.10
.14
.24
.24
.24
.26
.35
.41
.37
.78
.66
.73
.52
.401.02
1.221.742.292.562.51
3.031.882.462.412.00
1.841.301.622.303.343 44
2.672.082.202.39
3.353.263.103.74
5.09
Other
1.131.17.76
1.091.331.231.291.22
1.301.311.301.061.33
1.301.231.651.581.50
1.681.641.481.591.68
1.231.381.461.662.12
3.183.632.512.432.973 41
2.442.232.472.55
2.712.793.163.22
3.75
Publicutilities
1.542.543.10
3.243.563.744.343.99
4.034.525.675.525.14
5.245.004.904.985.49
6.137.438.74
10.2011.61
13.1415.3017.0018.7120.55
20.1422.2825.8029.4833.1834 39
27.9228.4629.6231.73
32.3533.2433.3333.76
33.07
Commu-nication
1.401.741.34
1.141.371.611.781.82
2.112.823.192.792.72
3.243.393.854.064.61
5.306.026.346.838.30
10.1010.7711.8912.8513.96
12.7413.3015.4518.1620.18
Commer-cial andother2
5.054.424.24
5.225.675.456.026.45
7.638.327.607.488.44
8.759.139.9910.9912.02
13.1914.4814.5915.1416.05
16.5918.0520.0721.4022.05
20.6020.9922.9725.7128.98
54 07
17.0718.1818.9018.46
18.7520.2920.41
50
24.7624.7126.0927.12
27.7328.5129.66
65
53 5?
1 Excludes agricultural business; real estate operators-, medical, legal, educational, and cultural services; and nonprofit organizations.These figures do not agree precisely with the nonresidential fixed investment data in the gross national product estimates, mainlybecause those data incTude investment by farmers, professionals, nonprofit institutions, and real estate firms, and certain outlayscharged to current account.
2 Commercial and other includes trade, service, construction, finance, and insurance.3 Planned capital expenditures as reported by business in late October-December 1979. Plans are adjusted when necessary forsystematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
255Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-46.—Sales and inventories in manufacturing and trade, 1947-79
[Amounts in millions of dollars; monthly data seasonally adjusted]
Year or month
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
1978.JanFebMar
£ :June
JulyAugSeptOctNovDec
1979JanFebMar
MayJune
JulyAugSeptOctNovDec"
Total manufacturing andtrade
Salesl
35,26033,788
38,59643,35644,84047,98746,443
51,69454,06355,87954,20159,729
60,82761,15965,66268,99573,682
80,28387,18790,34898,143105,042
107,475116,035130,049151,720175,350
179,982201,814224,686254,125
232,439238,873242,926249,868251,588252,380
252,728259,226260,099266,724269,792272,537
273,304274,579285,372275,936287,139283,388
289,206293,059296,394299,077298,433
Inven-tories2
52,50749,497
59,82270,24272,37776,12273,175
79,51687,30489,05287,09392,129
94,71395,594101,063105,480111,503
120,907136,790145,335156,166169,841
178,337188,563203,161234,163285,519
285,035310,736338,099379,630
341,516344,337349,407353,863357,248360,065
363,048366,574369,227372,404376,812379,630
384,190387,822391,893397,530401,504405,966
413,395416,956417,334421,205424,149
Ratio3
1.421.53
1.361.551.581.581.60
1.471.551.591.601.50
1.561.541.501.491.47
1.451.471.561.541.55
1.621.581.501.441.47
1.581.481.451.41
1.471.441.441.421.421.43
1.441.411.421.401.401.39
1.411.411.371.441.401.43
1.431.421.411.411.42
Manufacturing
Sales1
15,51317,31616,126
18,63421,71422,52924,84323,355
26,48027,74028,73627,24730,286
30,87930,92333,35735,05837,331
40,99544,87046,48750,26853,540
52,83255,92563,04272,95484,821
86,61798,810110,842124,714
114,287118,246120,048123,082122,895123,760
123,079127,029127,483130,415132,082133,796
135,301135,962142,503134,126142,288138,960
141,730142,532143,201145,551144,141
Inven-tories2
25,89728,54326,321
31,07839,30641,13643,94841,612
45,06950,64251,87150,24152,945
53,78054,88558,18660,04663,409
68,18577,95284,65990,61798,210
101,667102,677108,296124,672157,915
158,178170,156179,981198,041
181,322182,798184,066185,826187,536189,267
190,783192,412193,764194,500196,803198,041
200,908203,642205,589209,178211,085214,339
216,560219,137221,417223,450226,159
Ratio3
1.581.571.75
1.481.661.781.761.81
1.621.731.801.841.70
1.751.741.701.691.64
1.601.621.761.741.77
1.901.831.671.581.65
1.831.661.591.52
1.581.541.531.511.521.53
1.551.511.521.491.491.48
1.481.501.441.561.481.54
1.531.541.551.541.57
Merchant wholesalers
Sales1
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
44,63348,40853,50962,842
56,26057,72958,80361,64063,17162,656
63,42564,89464,53167,33867,55267,823
67,14867,49570,82470,44472,93772,625
75,10675,73376,26477,91578,117
Inven-tories2
7,9577,706
9,2849,88610,21010,68610,637
11,67813,26012,73012,73913,879
14,12014,48814,93616,04817,000
18,31720,76525,37726,60429,114
32,80335,82339,78646,25456,537
55,11361,30767,99880,771
69,19170,32572,62974,32774,77975,191
75,74476,33877,11378,62579,52680,771
81,54383,00584,07884,97385,25785,245
88,14488,72788,39388,78488,648
Ratio3
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
1.241.211.211.19
1.231.221.241.211.181.20
1.191.181.191.171.181.19
1.211.231.191.211.171.17
1.171.171.161.141.13
Retail trade
Sales1
10,20011,13511,149
12,26813,04613,52914,09114,095
15,32115,81116,66716,69617,951
18,29418,24919,63020,55621,823
23,67725,33024,41327,03028,893
30,70033,85337,42241,94444,692
48,73154,59760,33566,568
61,89262,89864,07565,14665,52265,964
66,22467,30368,08568,97170,15870,918
70,85571,12272,04571,36671,91471,803
72,37074,79476,92975,61176,17577,020
Inven-tories2
14,24116,00715,470
19,46021,05021,03121,48820,926
22,76923,40224,45124,11325,305
26,81326,22127,94129,38631,094
34,40538,07335,29938,94542,517
43,86750,06355,07963,23771,067
71,74479,27390,120100,818
91,00391,21492,71293,71094,93395,607
96,52197,82498,35099,279100,483100,818
101,739101,175102,226103,379105,162106,382
108,691109,092107,524108,971109,342
Ratio3
1.261.391.41
1.381.641.521.531.51
1.431.471.441.431.40
1.451.431.381.391.40
1.391.441.431.381.41
1.411.411.401.411.49
1.451.391.401.44
1.471.451.451.441.451.45
1.461.451.441.441.431.42
1.441.421.421.451.461.48
1.501.461.401.441.44
1 Monthly average for year and total for month.2 Seasonally adjusted, end of period.3 Inventory/sales ratio. For annual periods, ratio of weighted average inventories to average monthly sales; for monthly data, ratio of
inventories at end of month to sales for month.Note.—Earlier data are not strictly comparable with data beginning 1958 for manufacturing and beginning 1967 for wholesale and
retail trade.The inventory figures in this table do not agree with the estimates of change in business inventories included in the gross national
product since these figures cover only manufacturing and trade rather than all business, and show inventories in terms of current bookvalue without adjustment for revaluation.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
256Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-47.—Manufacturers' shipments and inventories, 1947-79
[Millions of dollars; monthly data seasonally adjusted]
Year or month
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
1978.JanFebMar
£JuneJulyAugSeptOctNovDec
1979-JanFebMar
tJuneJulyAugSeptOctNov
Shipments1
Total
15,51317,31616,126
18,63421,71422,52924,84323,355
26,48027,74028,73627,24730,286
30,87930,92333,35735,05837,331
40,99544,87046,48750,26853,540
52,83255,92563,04272,95484,821
86,61798,810110,842124,714
114,287118,246120,048123,082122,895123,760
123,079127,029127,483130,415132,082133,796
135,301135,962142,503134,126142,288138,960
141,730142,532143,201145,551144,141
Dura-ble
goodsindus-tries
6,6947,5797,191
8,84510,49311,31313,34911,828
14,07114,71515,23713,56315,609
15,88315,61617,26218,28019,637
22,22124,64925,26727,69829,477
28,21529,97334,04339,70344,253
43,67850,69758,01066,505
59,85662,55263,76465,55665,01865,593
65,10667,97268,47670,09671,39272,637
72,89773,64676,85570,99675,69872,629
73,58574,41674,01275,57073,657
Non-durablegoodsindus-tries
8,8199,7388,935
9,78911,22111,21611,49411,527
12,40913,02513,49913,68414,677
14,99615,30716,09516,77817,694
18,77420,22021,22022,57024,064
24,61725,95228,99933,25140,568
42,93948,11352,83258,210
54,43155,69456,28457,52657,87758,167
57,97259,05759,00760,31960,68961,159
62,40462,31665,64863,13066,59066,331
68,14568,11669,18969,98170,484
Total
25,89728,54326,321
31,07839,30641,13643,94841,612
45,06950,64251,87150,24152,945
53,78054,88558,18660,04663,409
68,18577,95284,65990,61798,210
101,667102,677108,296124,672157,915
158,178170,156179,981198,041
181,322182,798184,066185,826187,536189,267
190,783192,412193,764194,500196,803198,041
200,908203,642205,589209,178211,085214,339
216,560219,137221,417223,450226,159
Inventories'
Durable goods industries
Total
13,06114,66213,060
15,53920,99123,73125,87823,710
26,40530,44731,72830,25832,077
32,37132,54434,63235,86638,506
42,25749,92054,99658,87164,739
66,79066,31370,30881,426101,866
101,766109,095115,552129,226
116,467117,728118,731119,901121,426122,529
123,624124,952126,108126,715128,422129,226
131,699133,994135,278137,903139,502141,700
143,369144,966145,927148,042150,332
Mate-rialsand
supplies
8,9667,894
9,19410,41710,60810,03210,776
10,35310,27910,81011,06811,970
13,32515,48916,45417,38918,710
19,19819,77820,89326,06235,228
33,62936,56238,74541,468
38,36138,73338,72338,92339,42539,677
39,75140,20541,09340,86941,27641,468
42,03042,61543,57043,84844,50444,885
45,53846,49246,38247,73448,406
Workin
proc-ess
10,7209,721
10,75612,31712,83712,38713,063
12,77213,20314,15914,87116,191
18,07521,93925,00127,31430,377
29,83628,65430,81935,54642,683
42,92344,84346,99055,449
47,76148,66149,30050,13750,96351,558
52,52553,13753,32454,11454,88955,449
56,27557,26257,65658,99559,97561,461
62,00662,77663,82864,89266,096
Finishedgoods
6,2066,040
6,3487,5658,1257,8398,239
9,2459,0639,6629,92510,344
10,85412,49113,54214,16715,651
17,75617,88218,59719,81823,956
25,21427,69029,81632,309
30,34530,33530,70830,84131,03831,294
31,34731,61131,69131,73232,25632,309
33,39434,11734,05235,06035,02335,354
35,82535,69835,71735,41635,830
Nondurable goods industries
Total
12,83613,88113,261
15,53918,31517,40518,07017,902
18,66420,19520,14319,98320,868
21,40922,34123,55424,18024,903
25,92828,03229,66231,74633,471
34,87736,36437,98743,24556,048
56,41261,06164,43068,816
64,85565,07065,33565,92566,11066,739
67,15867,46067,65767,78568,38168,816
69,20969,64870,31171,27571,58372,639
73,19174,17175,49075,40875,827
Mate-rialsand
supplies
8,3178,167
8,5568,9718,7758,6629,080
9,0829,4939,8139,97810,131
10,44811,15511,71512,28912,726
13,15413,68014,67618,13423,689
23,19925,05625,22726,610
25,31025,38025,75825,72025,76226,184
26,03725,95626,05926,16526,42726,610
27,09827,29227,71228,08928,07928,400
28,51529,26629,36929,57730,044
Workin
proc-ess
2,4722,440
2,5712,7212,8642,8282,944
2,9463,1103,2963,4063,511
3,8064,2044,4234,8495,124
5,2755,6695,9836,7138,179
8,6929,57610,14210,717
10,15210,26810,23910,33410,31510,278
10,36610,37010,46910,66310,69510,717
10,83910,99010,98211,14911,24811,335
11,54811,59811,89011,98111,871
Finishedgoods
7,4097,415
7,6668,6228,6248,4918,845
9,3809,73810,44410,79611,261
11,67412,67313,52414,60815,621
16,44817,01517,32818,39824,180
24,52126,42929,06131,489
29,39329,42229,33829,87130,03330,277
30,75531,13431,12930,95731,25931,489
31,27231,36631,61732,03732,25632,904
33,12833,30734,23133,85033,912
1 Monthly average for year and total for month.2 Book value, seasonally adjusted, end of period, except as noted.Note.—Data beginning 1958 are not strictly comparable with earlier data.Source: Department of Commerce, Bureau of the Census.
257Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-48.—Manufacturers' new and unfilled orders, 1947-79
[Amounts in millions of dollars; monthly data seasonally adjusted]
Year or month
New orders1
Total
Durable goodsindustries
Total
Capitalgoodsindus-tries,non-
defense
Non-durablegoods
industries
Unfilled orders2
TotalDurablegoods
industries
Non-durablegoods
industries
Unfilled orders—shipmentsratio3
TotalDurablegoods
industries
Non-durablegoodsindus-tries
1947.19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
1978:Jan..Feb.Mar.
June.
July..Aug.SeptOctNov.Dec...
1979:JanFeb.MarMPayJune.
July..AugSept.OctNov....
15,25617,69315,614
20,11023,90723,20423,58622,335
27,46528,36827,55927,00230,724
30,23531,10433,43635,52438,357
42,10046,40247,06250,68453,967
52,06855,99064,16276,18387,157
85,08299,184112,451128,488
117,197121,220124,585126,896127,022126,651
124,076129,870131,608136,714137,794138,069
141,748144,036148,586139,332143,594142,269
140,508142,664147,154146,640146,569
6,3888,1266,633
10,16512,84112,06112,14710,768
14,99615,36514,11113,29016,003
15,30315,75917,37418,70920,652
23,27826,17725,83128,11329,887
27,41830,00435,05942,85346,740
41,95751,04759,56270,145
62,61165,54168,13869,24968,89568,313
65,93570,59372,39976,46376,91276,831
79,64781,31283,08876,09977,02775,820
72,54574,02977,56076,66375,417
7,0707,746
6,8007,5178,803
11,08912,737
10,77212,50115,08418,308
16,17317,19017,18217,27717,60817,608
17,45018,35819,83521,03220,75419,132
21,41022,86823,97820,76720,96521,753
20,23220,73721,81520,99921,419
9,5668,981
9,94511,06611,14311,43911,566
12,46913,00313,44813,71214,720
14,93215,34516,06116,81517,705
18,82320,22521,23122,57124,079
24,65025,98629,10433,33040,417
43,12548,13752,88958,343
54,58555,67956,44857,64758,12758,338
58,14159,27759,20860,25060,88261,238
62,10162,72465,49863,23366,56766,449
67,96368,63569,59469,97771,152
34,47330,73624,045
41,45667,26675,85761,17848,266
60,00467,37553,18347,37052,732
45,08047,40748,57754,32766,882
80,07198,401105,030109,912115,142
105,916106,772120,395159,468187,574
169,126173,646193,150238,652
196,061199,035203,575207,388211,514214,406
215,403218,244222,368228,667234,381238,652
245,113253,187259,267264,479265,782269,086
267,863267,994271,946273,047275,471
28,57926,61919,622
35,43563,39472,68058,63745,250
56,24163,88050,35244,55949,373
42,51444,37545,96551,27063,691
76,29894,575101,058105,935110,969
101,323101,744114,059152,089182,037
161,286165,509184,319228,181
187,075190,064194,440198,132202,009204,729
205,557208,178212,101218,468223,989228,181
234,943242,608248,839253,948255,273258,457
257,417257,029260,576261,679263,435
5,8944,1174,423
6,0213,8723,1772,5413,016
3,7633,4952,8312,8113,359
2,5663,0322,6123,0573,191
3,7733,8263,9723,9774,173
4,5935,0286,3367,3795,537
7,8408,1378,831
10,471
8,9868,9719,1359,2559,5069,677
9,84510,06610,26710,19910,39210,471
10,17010,57910,42810,53110,50910,629
10,44610,96511,37011,36812,036
3.42
3.633.873.353.093.01
2.782.632.692.803.10
3.333.813.713.843.74
3.643.373.293.874.12
3.693.203.173.35
3.313.223.233.203.293.29
3.323.233.273.313.353.35
3.443.513.413.713.533.65
3.573.563.633.563.66
4.12
4.274.554.003.693.54
3.373.133.243.373.72
3.954.554.424.644.48
4.384.043.894.584.94
4.423.833.773.92
3.953.823.833.803.923.91
3.953.813.843.903.943.92
4.064.134.014.424.194.34
4.274.223.744.224.34
0.96
1.121.04
.85
.86
.94
.72
.79
.68
.73
.72
.76
.73
.69
.69
.77
.77
.88
.93
.64
.83
.74
.73
.81
.76
.74
.74
.73
.75
.76
.76
.78
.81
.78
.79
.81
.76
.79
.75
.76
.73
.75
.71
.76
.79
.77
.82
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.Note.—Data beginning 1958 are not strictly comparable with earlier data.Source: Department of Commerce, Bureau of the Census.
258Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESTABLE B-49.—Consumer price indexes, major expenditure classes, 1929-79
[1967 = 100]
Year or month Allitems
Food andbeverages
Total * Food
Housing
Total2Rent,resi-
dential
Homeowner-
ship
Fuel andother
utilities3
Appareland
upkeepTrans-
portationMedical
careEnter-
tainment
Othergoodsand
services
Ener-gy4
192919331939
1940194119421943194419451946194719481949
1979:JanFebMar
51.338.841.6
42.044.148.851.852.753.958.566.972.171.4
1950195119521953195419551956195719581959
72.177.879.580.180.580.281.484.386.687.3
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979
1978:Jan...Feb...Mar..
88.789.690.691.792.994.5
June
JulyAugSeptOctNovDec
May"!MayJuneJulyAugSeptOctNovDec
97.2100.0104.2109.8
116.3121.3125.3133.1147.7161.2170.5181.5195.4217.4
187.2188.4189.8191.5193.3195.3
196.7197.8199.3200.9202.0202.9
204.7207.1209.1211.5214.1216.6
218.9221.1223.4225.4227.5229.9
100.0103.6108.8
114.7118.3123.2139.5158.7172.1177.4188.0206.3228.5
194.6197.3199.5202.6205.2208.5
209.7210.1210.3211.6212.5214.1
218.3222.4224.4226.3228.2229.3
230.7230.2231.0232.1233.1235.5
48.330.634.6
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
114.9118.4123.5141.4161.7175.4180.8192.2211.4234.5
199.2202.0204.2207.5210.3213.8
215.0215.4215.6216.8217.8219.4
223.9228.2230.4232.3234.3235.4
236.9236.3237.1238.2239.1241.7
52.252.453.756.256.858.159.160.665.269.870.9
72.877.278.780.881.782.383.686.287.788.6
90.290.991.792.793.894.997.2
100.0104.0110.4
118.2123.4128.1133.7148.8164.5174.6186.5202.8227.6
193.8195.0196.7198.3199.9202.0
203.8205.2207.5209.5210.6211.5
213.1215.6217.6219.8222.4225.5
228.4231.5234.6237.7240.8243.6
76.054.156.0
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
110.1115.2119.2124.3130.6137.3144.7153.5164.0176.0
158.8159.7160.5161.5162.7163.6
164.2165.1166.4167.4168.5169.5
170.3171.0171.3172.0173.8174.7
175.9177.5179.0181.4182.1182.9
75.076.377.078.381.783.584.4
86.386.987.989.090.892.796.3
100.0105.7116.0
128.5133.7140.1146.7163.2181.7191.7204.9227.2262.4
215.0216.4218.3220.4222.5225.3
228.3230.6234.2237.0238.8239.5
241.6245.6248.2251.7254.9258.8
263.0267.6271.9276.7282.4286.9
83.083.585.187.389.991.793.8
95.997.197.398.298.498.398.8
100.0101.3103.6
107.6115.0120.1126.9150.2167.8182.7202.2216.0239.3
208.5210.6212.6213.9215.5217.5
218.0218.1218.8220.1218.5219.9
221.5223.3225.9227.5232.2239.0
243.5247.2251.2252.9252.0255.1
48.536.942.4
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
116.1119.8122.3126.8136.2142.3147.6154.2159.6166.6
155.7154.5156.5158.4159.8159.9
158.0159.6161.9163.3164.1163.2
160.7161.4164.3165.4166.1165.7
164.3166.3169.8171.0171.7172.2
43.042.744.248.147.947.947.850.355.561.866.4
68.272.577.379.578.377.478.883.386.089.6
89.690.692.593.094.395.997.2
100.0103.2107.2
112.7118.6119.9123.8137.7150.6165.5177.2185.5212.0
179.0179.4179.9181.1183.2185.5
187.2188.1188.7189.7191.4192.6
193.9195.6198.1202.9207.7212.6
216.6219.6221.4222.7224.9227.7
36.736.837.038.039.941.142.144.448.151.152.7
53.756.359 361.463.464.867 269.973.276.4
79.181483.585.687 389593.4
100.0106.1113.4
120.6128.4132.5137.7150.5168.6184.7202.4219.4239.7
211.2213.3214.5215.7216.9217.9
219.4221.4222.6224.7227.0227.8
230.7232.6233.9235.1236.3237.7
239.9241.8243.7245.9248.0250.7
100.0105.7111.0
116.7122.9126.5130.0139.8152.2159.8167.7176.6188.5
171.9172.9174.1175.6176.2176.2
177.0177.4178.3179.3179.5180.9
182.3183.2184.8186.5187.8188.2
189.1190.2191.1192.0192.8193.4
100.0105.2110.4
116.8122.4127.5132.5142.0153.9162.7172.2183.3196.7
178.5179.0179.3179.8180.4181.0
183.1184.0187.8188.3188.8189.1
190.5191.9192.8193.2193.9194.5
195.2197.0201.7202.3202.9204.0
90.190.391.8
94.294.494.795.094.696 397.8
100.0101.5104.2
107.0111.2114.3123.5159.7176.6189.3207.3220.4275.9
211.8213.0214.3215.7217.7
220.7222.4223.7225.1226.5225.9228.3
231.5235.0241.2250.2260.8275.4
287.1296.3304.3307.5307.8313.7
1 Includes alcoholic beverages, not shown separately.2 Includes other items, not shown separately. Series beginning 1967 not comparable with series for earlier years.3 Gas (piped) and electricity; fuel oil, coal, and bottled gas; and other utilities and public services.4 Gas (piped) and electricity; fuel oil, coal, and bottled gas; and gasoline, motor oil, coolant, etc.Note.—Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.Source: Department of Labor, Bureau of Labor Statistics.
259Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-50.—Consumer price indexes, selected expenditure classes, 1939-79
[1967 = 100]
Year ormonth
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
I9601961196219631964196519661967L9681969
1970197119721973197419751976197719781979
1978:JanFebMar
tHayZ'Z.'.June
JulyAugSeptOctNovDec
1979:JanFebMarApr|y|3yJune
JulyAug
OctNovDec
Food and beverages
Total
100.0103.6108.8
114.7118.3123.2139.5158.7172.1177.4188.0206.3228.5
194.6197.3199.5202.6205.2208.5
209.7210.1210.3211.6212.5214.1
218.3222.4224.4226.3228.2229.3
230.7230.2231.0232.1233.1235.5
Food
Total
34 6
35 238 445150.349 650.758170.676 673.5
74.582 884 383.082.881.682 284.988.587.1
88.089189.991292.494.4991
100.0103.6108.9
114.9118.4123.5141.4161.7175.4180.8192.2211.4234.5
199.2202.0204.2207.5210.3213.8
215.0215.4215.6216.8217.8219.4
223.9228.2230.4232.3234.3235.4
236.9236.3237.1238.2239.1241.7
Athome
73.579.876.7
77.686.387 886.285.884.184.487.291.088.8
89.690.491.092.293.295.5
100.3100.0103.2108.2
113.7116.4121.6141.4162.4175.8179.5190.2210.2232.9
197.0200.1202.5206.5209.7213.9
214.7214.5214.1215.4216.1217.9
223.1228.0229.9231.7233.4234.2
235.5233.9234.7235.4236.0238.7
Awayfromhome
68.970.170.872 274.977.279.3
81.483 285.487.388.990.9951
100.0105.2111.6
119.9126.1131.1141.4159.4174.3186.1200.3218.4242.9
208.2210.5212.3214.0215.8217.8
219.9221.7223.2224.6225.9227.4
230.2233.4236.0238.4241.1242.7
244.9246.5247.6249.6251.3253.4
Homeownership
Total
75.076.377.078.381.783.584.4
86.386.987.989.090.892.796.3
100.0105.7116.0
128.5133.7
• 140.1146.7163.2181.7191.7204.9227.2262.4
215.0216.4218.3220.4222.5225.3
228.3230.6234.2237.0238.8239.5
241.6245.6248.2251.7254.9258.8
263.0267.6271.9276.7282.4286.9
Mnmopur-
chase
86.587.187.387 690.091391.3
91.892 393.294 295.797.098 6
100.0102.8109.5
118.3124.8130.0132.7142.7160.3168.4179.5196.7223.1
188.1189.0190.5191.7193.4195.3
197.4197.9201.2203.4204.8207.1
208.1210.9212.7215.4217.6220.9
224.0226.9229.8233.4237.3239.9
ing,"taxes,
andinsur-ance
100.0108.3123.7
142.3143.5150.8160.6181.1201.9212.8227.2257.8308.9
240.5242.4244.8247.7250.8254.7
259.3264.1268.9272.4274.7273.1
276.6283.5287.7292.1297.2302.2
308.6316.4323.0330.5340.1348.3
Mainte-nanceand
repair
71.272.474.177.280.581.883.2
84.685.986.587.789.591.395.2
100.0106.1115.0
124.0133.7140.7151.0171.6187.6199.6214.7233.0256.4
222.4223.5225.5228.4229.6231.9
234.4236.1237.5240.7242.3243.3
245.2245.9247.5250.6252.4255.5
257.9259.7262.5264.7266.4268.3
Total
83.083.585.187 389.991.793.8
95.997197.398 298.498.398 8
100.0101.3103.6
107.6115.0120.1126.9150.2167.8182.7202.2216.0239.3
208.5210.6212.6213.9215.5217.5
218.0218.1218.8220.1218.5219.9
221.5223.3225.9227.5232.2239.0
243.5247.2251.2252.9252.0255.1
Fuel arid other utilities
Household fuels
Total
100.01014103.4
107.9115.3120.1128.4160.7183.8202.3228.6247.4286.4
235.9239.2242.1244.2246.8250.2
250.7250.4251.5254.0250.6252.7
256.3259.3264.0266.8274.6286.2
293.8299.7306.6310.3307.0311.8
Gasand
elec-tricity
82 9
82181.481080.680 379.677 477.179181.0
81.281.582 684.285.387.588 489.392.494.7
98.699 499.499.499.499.499.6
100.0100.9102.8
107.3114.7120.5126.4145.8169.6189.0213.4232.6257.8
219.7223.3226.6229.2232.5236.5
237.2236.9237.9240.0234.9236.2
239.5241.2244.0245.3251.6259.9
264.5266.5270.1272.5267.3270.8
Fueloil,
coal,and
bottledgas
37 1
38 240 543145.247 148.051358.468 670.3
72.776 578 081581.282.385 990.388 789.8
89.291091.593 292.794.697 0
100.0103.1105.6
110.1117.5118.5136.0214.6235.3250.8283.4298.3403.1
295.2296.9297.2296.6295.6295.1
294.5294.2295.7300.1306.1311.8
316.4326.1339.5349.8364.3391.2
412.9438.6461.6470.8477.4488.0
Otherutili-tiesandpublicservices
100.0101.2104.0
107.4114.7120.6124.1130.3137.1145.4152.0158.3159.5
156.3156.8157.3157.7157.7157.9
158.4159.1159.2158.9159.7160.1
159.0159.C158.8158.8159.C159.2
159.4159.S159.8158.fi161.C161.9
See next page for continuation of table.
260Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-50.—Consumer price indexes, selected expenditure classes, 1939-79—Continued
[1967 = 100]
Year or month
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979
1978:JanFebMar
MPayJune
JulyAugSeptOctNovDec
1979-JanFebMar
MayJune
JulyAugSeptOctNovDec
Total
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
112.7118.6119.9123.8137.7150.6165.5177.2185 5212.0
179.0179.4179.9181.1183.2185.5
187.2188.1188.7189.7191.4192.6
193.9195.6198.1202.9207.7212.6
216.6219.6221.4222.7224.9227.7
Transportation
Private
Total
44.2
43.645.952.351451.451.354.361.568.272.3
72.575.880.882 480.378.980.184.787 491.1
90.691.393 093.494 796.397 5
100.0103.0106.5
111.1116.6117.5121.5136.6149.8164.6176.6185 0212.3
178.2178.6179.1180.3182.6185.0
186.8187.7188.3189.4191.1192.5
193.8195.5198.1203.2208.1213.3
217.4220.4222.0223.1225.0227.5
cars
43.2
43.346.6
69.275.682.8
83.487.494.995.894.390.993.598.4
1015105.9
104.5104.51041103.5103 2100.9991
100.0102.8104.4
107.6112.0111.0111.1117.5127.6135.7142.9153.8166.0
150.9151.2151.1151.2152.5153.5
153.9153.8153.5155.5158.5159.8
161.2162.3162.7164.3165.8166.3
166.7166.6166.1167.5170.6171.7
Usedcars
89.275.971.869.177.480 289.5
83.686.994 896.0
100199.497 0
100.0
103.1
104.3110.2110.5117.6122.6146.4167.9182.8186.5201.0
169.8170.0172.3177.3184.6191.5
195.9196.7195.9195.4194.7194.0
193.6193.4195.4200.0205.4208.9
209.2207.0202.9199.9198.4198.2
Gaso-line
49.0
48.150.553.454.054.253.854.962.270.472.3
71.873.975.880 382.583.686.590.088 889.9
92.591.491991.891494.997 0
100.0101.4104.7
105.6106.3107.6118.1159.9170.8177.9188.2196.3265.6
190.0189.5189.4190.2191.8194.4
197.2199.8201.5201.9203.5206.2
209.1213.0220.6234.7247.7265.0
280.0292.0301.0303.8306.9313.9
Mainte-nanceand
repair
43.1
43.044.948.849 450.050.452.056 459.661.1
62.367.068.672.374.876.579.582.483 785.5
87.289.390 491.692 894.596 2
100.0105.5112.2
120.6129.2135.1142.2156.8176.6189.7203.7220.6242.6
212.0214.1215.3216.3217.7219.5
220.9222.5224.4226.4228.2229.3
231.3233.9236.3238.2240.1242.0
244.0245.7247.1249.1250.8252.6
Other
100.0103.4109.7
119.2128.4129.1127.8132.4141.2163.1177.3184.6198.6
181.7182.5182.5182.6182.8183.4
183.9184.3185.3186.9189.0190.6
191.4192.5193.4194.8196.4197.3
198.5200.5201.7203.7205.5207.5
Publictranspor-
tation
33.1
33.133.133.333.433.533.534.436.040.745.2
48.954.057.561.365.567.470.072.776178.3
81.084.687 488.590191.995 2
100.0104.6112.7
128.5137.7143.4144.8148.0158.6174.2182.4187.8200.3
186.6186.8187.2187.3187.4187.2
187.7187.6188.2189.3189.7189.1
190.0190.7191.5192.6193.3194.0
197.1200.8205.2209.1216.5223.0
Medical care
Total
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
120.6128.4132.5137.7150.5168.6184.7202.4219.4239.7
211.2213.3214.5215.7216.9217.9
219.4221.4222.6224.7227.0227.8
230.7232.6233.9235.1236.3237.7
239.9241.8243.7245.9248.0250.7
Medi-cal
careserv-ices
32.5
32.532.733.735.436.937.940.143.546.448.1
49.251.755.057.058.760.462.865.568.772.0
74.977.780 282.684.687.392 0
100.0107.3116.0
124.2133.3138.2144.3159.1179.1197.1216.7235.4258.3
226.5228.7229.9231.3232.5233.5
235.4237.7239.1241.5244.1244.8
248.3250.4251.8253.1254.4255.9
258.5260.6262.8265.3267.6270.7
Medicalcarecom-
modities
71.1
70.871.473.073.574.374.876.281.886.187.4
88.591.091.892.693.794.796.799.3
102 8104.4
104.5103.31017100.8100.5100.2100 5100.0100.2101.3
103.6105.4105.6105.9109.6118.8126.0134.1143.5153.8
138.8140.1141.0141.8142.7143.4
144.0144.5145.1145.9147.0148.0
148.8150.1150.7151.6152.4153.3
154.1155.0155.8156.6157.8159.2
1 Not available.Note.—Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.Source: Department of Labor, Bureau of Labor Statistics.
261Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-51.—Consumer price indexes by commodity and service groups, 1939-79
[1967 = 100]
Year or month
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979
1978JanFebMar
May '.June
JulyAugSeptOctNovDec
1979:JanFebMarAprMay::.:.:::::::::::::::::June
July. *AugSept ...OctNov.. ..Dec
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
88.789.690.691.792.994.597.2100.0104.2109.8
116.3121.3125.3133.1147.7161.2170.5181.5195.4217.4
187.2188.4189.8191.5193.3195.3
196.7197.8199.3200.9202.0202.9
204.72071209.12115214.1216.6
218.9221.1223 4225.4227 5229.9
Commodities
Allcom-
modities
40.2
40.643.349.654.054.756.362.475.080.478.3
78.885.987.086.785.985.185.988.690.690.7
91.592.092.893.694.695.798.2100.0103.7108.4
113.5117.4120.9129.9145.5158.4165.2174.7187.1208.4
179.2180.2181.6183.5185.5187.5
188.6189.3190.5191.8192.9194.2
195.8198 3200.5203 3205.8208.4
210 5212.22141215.6217 4219.4
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
88.089.189.991.292.494.499.1100.0103.6108.9
114.9118.4123.5141.4161.7175.4180.8192.2211.4234.5
199.2202.0204.2207.5210.3213.8
215.0215.4215.6216.8217.8219.4
223.9228 2230.4232 3234.3235.4
236 9236.32371238.22391241.7
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
93.193.494.194.895.696.297.5100.0103.7108.1
112.5116.8119.4123.5136.6149.1156.6165.1174.7195.1
168.6168.8170.0171.3173.0174.4
175.4176.3177.8179.1180.3181.3
181.9183 7185^188 9191.6194.7
197 0199 52018203 4205 4207.2
Durable
48.5
48.151.458.460.365.970.974.180.386.287.4
88.495.196.495.793.391.591.594.495.997.3
96.796.697.697.998.898.498.5100.0103.1107.0
111.8116.5118.9121.9130.6145.5154.3163.2173.9191.1
166.6167.2168.3169.9172.0173.9
175.3175.9177.2178.8180.0181.2
182.0183 6184^187 2189.2191.1
192 6193 6194 5196 0198 4199.8
Non-durable
44.3
44.746.751.653.856.658.662.972.277.876.3
76.282.082.483.183.583.585.387.688.289.3
90.791.291.892.793.594.897.0100.0104.1108.8
113.1117.0119.8124.8140.9151.7158.3166.5174.3198.7
169.7169.6170.7171.8172.8173.7
174.1175.4177.1178.1179.1180.0
180.3182 2185J189 6193.2197.6
2011205 4209 6211.3212 9215.2
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
83.585.286.888.590.292.295.8100.0105.2112.5
121.6128.4133.3139.1152.1166.6180.4194.3210.9234.2
202.0203.5204.9206.5208.0209.9
211.7213.4215.6217.6218.6219.2
221.1223 3225.1227 0229.5232.1
234 7237 6240 7243 6246 2249.3
Services
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
91.792.994.095.095.996.998.2100.0102.4105.7
110.1115.2119.2124.3130.6137.3144.7153.5164.0176.0
158.8159.7160.5161.5162.7163.6
164.2165.1166.4167.4168.5169.5
170.31710171.3172 0173.8174.7
175 9177 5179 0181.4182 1182.9
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
81.983.985.587.389.291.595.3100.0105.7113.8
123.7130.8135.9141.8156.0171.9186.8201.6219.4244.9
209.8211.4213.0214.6216.2218.3
220.4222.2224.6226.7227.8228.2
230.4232 9235.0237 1239^242.6
245 6248 825212551258 2261.6
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
88.889.790.892.093.294.596.7100.0104.4110.1
116.7122.1125.8130.7143.7157.1167.5178.4191.2213.0
183.8184.7185.9187.4189.0190.6
192.0193.3195.1196.7197.8198.6
199.82018203^206 3208.9211.8
214 2216 9219 6221.82241266.4
Allitemsless
energy
83.986.387.0
88.389.390.491.692.994.397.3100.0104.4110.3
117.0122.0126.1133.8146.9160.2169.2179.8193.8213.1
185.6186.7188.2190.0191.7193.6
195.0196.1197.6199.2200.4201.3
202.9205 2206.9208 8210 7212.2
213 8215.4217 3219.22214223.6
Allitemslessfoodandener-gy
83.385.287.0
88.389.390.591.693.094.396.6100.0104.6110.7
117.6123.1126.9131.3142.2155.3165.5175.8188.7207.0
181.4182.2183.4184.9186.4188.0
189.3190.5192.4194.0195.3196.0
197.0198 8200.4202 3204.1205.8
207 3209 42115213.62161218.1
Note.—Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.Source: Department of Labor, Bureau of Labor Statistics.
262Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-52.—Changes in consumer price indexes, major groups, 1948-79
[Percent change]
Year or month
19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979
1978:JanFebMartJune
JulyAugSeptOctNovDec
1979:JanFebMarAprMayJune
JulyAugSeptOctNovDec
All items
Dec.to
Dec 1
27- 1 . 8
5.85.9.9.6
- .5
.42.93.01.81.5
1.5.7
1.21.61.2
1.93.43.04.76.1
5.53.43.48.8
12.2
7.04.86.89.0
13.3
Yearto
year
78- 1 . 0
1.07.92.2.8.5
- .41.53.62.7.8
1.61.01.11.21.3
1.72.92.94.25.4
5.94.33.36.2
11.0
9.15.86.57.7
11.3
Commodities
Total
Dec.to
Dec.1
17- 4 . 1
7.75.9
-.7- .6
- 1 . 4
- .42.62.61.3.6
1.10
1.01.4.8
1.62.52.53.85.5
4.02.93.4
10.412.7
6.33.36.18.9
13.0
Yearto
year
72- 2 . 6
.69.01.3
- .3- .9
- .9.9
3.12.3.1
.9
.5
.9
.91.1
1.22.61.83.74.5
4.73.43.07.4
12.0
8.94.35.87.1
11.4
Food
Dec.to
Dec.'
08- 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
8.011.810.2
Yearto
year
85- 4 . 0
1.411.11.8
- 1 . 5- .2
- 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
10.010.9
Commoditiesless food
Dec.to
Dec.1
53- 4 . 8
5.74.6
_ 5.2
- 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
6.25.14.97.7
14.3
Yearto
year
77- 1 . 5
_ i
is.9.2
- 1 . 1
- .71.03.11.11.3
.4
.3
.7
.7
.8
.61.42.63.74.2
4.13.82.23.4
10.6
9.25.05.45.8
11.7
Services
Dec.to
Dec.1
613.6
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
8.17.37.99.3
13.7
Yearto
year
634.8
3.25.34.44.33.3
2.02.54.03.82.9
3.32.01.92.01.9
2.23.94.45.26.9
8.15.63.84.49.3
9.58.37.78.5
11.0
All items lessfood
Dec.to
Dec.1
55-.8
4.15.01.71.7
0
.92.63.21.62.3
1.01.11.21.61.0
1.63.33.54.95.7
6.53.13.05.6
12.2
7.16.26.38.5
14.0
Yearto
year
721.0
1.16.52.41.9.6
.31.83.32.31.9
1.71.01.21.31-3,
1.42.33.44.45.5
6.04.63.03.99.9
9.36.66.57.2
11.4
Change from preceding month
Unad-justed
066799
10
768854
.91210111212
111010
99
1.1
Sea-sonally
ad-justed
0768889
.669866
.91.21.01.11.11.0
1.01.11.11.01.01.2
Unad-justed
05.68
101111
646767
.81.31.11.41.21.3
1.0.8.9.7.8.9
Sea-sonally
ad-justed
08.5.8.9.8.9
.4
.5
.8
.8
.78
1.11.21.11.2.9
1.0
.9
.91.1.8.9
1.1
Unad-justed
151.41.11.61.31.7
.6
.2
.1
.6
.57
2.11.91.0.8.9.5
.6- .3
.3
.5
.41.1
Sea-sonally
ad-justed
121.11.21.71.21.4
.1
.4
.7
.9
.610
1.41.61.11.0.7.2
.1
.0
.9
.8
.51.3
Unad-justed
0.1
'.7.8
1.0.8
.6
.5
.9
.7
.76
.31.01.21.61.41.6
1.21.31.2.8
1.0.9
Sea-sonally
ad-justed
07.2.6.5.6.6
.6
.6
.9
.7
.78
.91.01.11.31.11.3
1.21.31.2.8
1.11.1
Unad-justed
07.7.7.8.7.9
.9
.81.0.9.53
.91.0.8.8
1.11.1
1.11.21.31.21.11.3
Sea-sonally
ad-justed
06.8.8.9.9.9
.8
.8
.9
.9
.54
.51.1.9.9
1.31.0
1.11.21.11.21.11.3
Unad-justed
04.5.6.8.9.8
.7
.7
.9
.8
.64
.61.01.01.21.31.4
1.11.31.21.01.01.0
Sea-sonally
ad-justed
07.5.7.7.7.7
.7
.7
.8
.8
.66
.81.01.01.21.21.1
1.21.31.21.01.11.2
1 Changes from December to December are based on unadjusted indexes.Note.—Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.Source: Department of Labor, Bureau of Labor Statistics.
263Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B—53.—Changes in special consumer price indexes, 1958-79
[Percent change]
Voor nr mnnthTear or rnonin
19581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979
1978:janFebMar
May '.June
JulyAugSeptOctNovDec
1979JanFebMar
MayJune
JulyAugSeptOctNovDec
All items
Dec.to
Dec.3
181.5
157
121612
1934304761
55343488
12 2
70486890
13.3
Un-adjusted
0.6.6.7
coco
1.0
.7
.6
.8
.8
.5
.4
.91.21.01.11.21.2
1.11.01.0.9.9
1.1
Yearto
Year
2.7.8
1610111213
1729294254
59433362
110
91586577
11.3
Sea-sonally
adjusted
0.7.6.8.8.8.9
.6
.6
.9
.8
.6
.6
.91.21.01.11.11.0
1.01.11.11.01.01.2
All items lessfood
Dec.to
Dec.3
1.62.3
1.01.11.21.61.0
1.63.33.54.95.7
6.53.13.05.6
12.2
7.16.26.38.5
14.0
Un-adjusted
0.4
'.e.8.9.8
.7
.7
.9
.8
.6
.4
.61.01.01.21.31.4
1.11.31.21.01.01.0
Yearto
Year
231.9
1.71.01.21.31.3
1.42.33.44.45.5
6.04.63.03.99.9
9.36.66.57.2
11.4
All items lessenergy1
Dec.to
Dec.3
191*4
1.4.8
1.21.81.3
1.93.53.14.96.4
5.63.33.58.3
11.5
6.74.66.89.2
11.1
Yearto
Year
2.9
1.51.11.21.31.4
1.53.22.84.45.7
6.14.33.46.19.8
9.15.66.37.8
10.0
All items lessfood andenergy1
Dec.to
Dec.3
182.2
.81.51.11.81.2
1.53.33.95.16.1
6.63.13.04.7
11.3
6.76.16.48.5
11.3
Change from preceding month
Sea-sonally
adjusted
0.7
.7
.7
.7
.7
.7
.7
.8
.8
.6
.6
.81.01.01.21.21.1
1.21.31.21.01.11.2
Un-adjusted
0.7.6.8
1.0.9
1.0
.7
.6
.8
.8
.6
.4
.81.1.8.9.9.7
.8
.7
.9
.91.01.0
Sea-sonally
adjusted
0.7.5.9.8.8
1.0
.5
.7
.8
.8
.8
.7
.81.0.8.8.7.7
.6
.81.0.9
1.11.3
Un-adjusted
0.4.4.7
bo b
o
.9
.7
.61.0.8.7.4
.59.8.9.9.8
.71.01.01.01.2.9
Yearto
Year
2.3
1.51.11.31.21.5
1.42.43.54.65.8
6.24.73.13.58.3
9.26.66.27.39.7
Sea-sonally
adjusted
0.8.4.6.7.8.8
.7
.7
.8
.7
.7
.6
.89.7.8.8.8
.71.0.8
1.01.11.2
All items lesshome purchaseand finance2
Dec.to
Dec.3
4.35.5
4.73.73.39.0
12.2
6.75.16.38.1
11.3
Un-adjusted
0.5.6.8.9.9
1.0
.5
.5
.5
.7
.5
.5
.91.0.9
1.11.21.1
.9
.8
.8
.6
.6
.9
Yearto
Year
4.14.7
5.14.53.16.6
11.1
8.85.86.56.9
10.0
Sea-sonally
adjusted
0.6.4.8.7.7.9
.4
.6
.6
.8
.6
.7
1.0.8.9.9
1.11.0
.8
.9
.9
.6
.71.0
1 Seasonally adjusted data are estimates.2 All items less home purchase and financing, taxes, and insurance. All data are estimates.3 Changes from December to December are based on unadjusted indexes.Note.—Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.Source: Department of Labor, Bureau of Labor Statistics.
264Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-54.—Producer price indexes by stage of processing, 1947-79
[1967=100]
Year or month
194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
197519761977197819791
1978:Jan ....FebMar
tJuneJulyAugSeptOctNovDec
1979: *JanFebMarMayJuneJulyAugSeptOctNovDec
Finished goods
Totalfinishedgoods
74 079.977.6
79.086.586.085.185.3
85.587.991.193.293.0
93.793.794.093.794.1
95.798.8100.0102.9106.6
110.3113.7117.2127.9147.5
163.4170.3180.6194.6215.9
187 0188.5189.1191.5193.1194.5196.0195.6197.1199.6200.3202.5
205 4207.7209.1211.4212.7213.7
216.2217.3220.4223.7225.9227.8
Consumer foods
Total
82 890.483.1
84.795.294.389.488.7
86.586.389.394.590.1
92.191.792.591.491.9
95.4101.6100.0103.7110.0
113.5115.3121.7146.4166.9
181.0180.2189.1206.7226.3
195.0199.6200.2204.5206.8209.5210.4205.9209.4212.0211.7215.8
220 2225.1226.3227.8226.6223.6
224.9223.5227.8226.7230.5232.0
Crude
99 4107.1101.3
92.2105.9112.8105.294.7
98.898.797.4103.594.3
100.696.197.095.598.2
98.6104.8100.0107.5116.0
116.3115.8121.2160.7180.8
181.2194.8201.8215.5231.3
197.9210.2207.5220.2212.0211.7234.1212.8213.7212.9220.8232.1
236 7257.2244.6241.8226.7227.1
224.9231.7213.9215.4228.0227.8
Proc-essed
80 287.680.1
83.493.291.386.787.6
84.484.387.993.189.5
90.790.991.790.790.8
94.9101.0100.0103.0108.9
113.1115.1121.7143.9164.6
181.3177.4186.4204.1223.7
192.9196.9197.8201.4204.4207.3206.6203.4207.1209.9209.0212.5
216 9220.5222.8224.6224.4221.3
222.8220.7226.8225.4228.6230.1
Finished goods excluding consumer foods
Total
160F102.6105.4
109.1113.1115.4120.1139.3
156.2165.5176.2188.9210.6
182.7183.2183.8185.6186.9188.0189.6190.4191.4193.7194.8196.4
198 8200.2201.7204.2206.3208.5
211.4213.2215.9220.6222.2224.3
Consumer goods
Total
79 084.082.2
83.589.588.389.189.4
90.192.394.694.795.9
96.396.296.096.095.9
96.698.1100.0102.1104.6
107.7111.4113.4118.5138.6
153.1161.8172.1183.7208.1
177.4177.8178.3180.5181.9182.9184.8185.7186.5188.3189.0191.0
193 4194.9196.7199.3202.1205.2
208.9212.3215.9220.6222.4225.0
Durable
74 679.781.8
82.788.288.989.690.3
91.294.397.198.499.6
99.298.898.397.898.2
97.998.5100.0102.2104.0
106.9110.8113.2115.8126.3
138.2144.4152.2165.8181.5
158 5158.3159.0163.2165.0165.3167.7168.4169.1170.9170.7173.0
175 2176.2176.8178.4179.5180.4
181.6181.1182.0187.4188.5191.2
Non-durable
80 785.882.3
83.690.087.888.688.9
89.491.193.292.694.0
94.794.794.895.194.8
95.997.8100.0102.2105.0
108.3111.7113.6120.5146.8
163.0173.3185.4195.4225.8
189 9190.7191.1191.8192.9194.4195.9196.9197.8199.7201.1202.7
205 4207.2209.8213.1217.1221.7
227.1233.4238.9243.0245.2247.8
Capitalequipment
55 460.463.4
64.971.272.473.674.5
76.782.487.589.891.5
91.791.892.292.493.3
94.496.8100.0103.5106.9
112.0116.6119.5123.5141.0
162.5173.2184.5199.1216.6
193 0193.7194.6195.6196.9198.1199.2200.0201.1204.4206.1207.0
209 3210.8211.7214.0215.1215.8
217.2216.5217.7222.5223.8225.1
Totalconsumerfinishedgoods
80 586.582.5
83.991.890.789.289.1
88.589.892.494.493.6
94.594.394.694.194.3
96.199.4100.0102.7106.6
109.9112.9116.6129.2149.3
163.6169.0178.9192.6215.5
184 4186.2186.8189.7191.4193.0194.6193.6195.4197.5197.9200.5
203 7206.3207.9210.2211.6212.7
215.6217.5221.3224.1226.6228.8
See next page for continuation of table.
265Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-54.—Producer price indexes by stage of processing, 1947-79—Continued
[1967=100]
Year or month
Intermediate materials, supplies, and components
TotalFoodsand
feeds2Other
Materials andcomponents
Formanufac-
turing
Forcon-
struction
Proc-essedfuelsand
lubri-cants
Con-tainers
Supplies
Crude materials for further processing
Total
Food-stuffsandfeed-stuffs
Other
Total Fuel Other
194719481949
19501951195219531954
19551956195719581959
72.478.375.2
78.688.185.586.086.5
88.192.094.194.395.6
19601961196219631964
19651966196719681969
19701971197219731974
197519761977197819791
1978:JanFebMar
fKyZZZZZZZZJune
JulyAugSeptOctNovDec
1979:1
JanFebMar
fc::::=June
JulyAugSeptOctNovDec
95.695.094.995.295.5
96.899.2100.0102.3105.8
109.9114.1118.7131.6162.9
180.0189.3201.7215.5242.7
207.2208.9210.7212.5213.9215.1
216.0217.3218.7220.8222.0223.0
225.7228.5231.5235.8238.2240.3
244.6247.5250.7254.6256.1258.4
100.099.4
102.7
109.1111.7118.5168.4200.2
195.3186.6191.0201.0223.2
189.6189.9197.9200.6200.8201.9
201.5198.8203.4207.6207.7212.2
214.3218.2218.9220.7219.3223.0
231.0223.1226.6226.0227.0230.0
70.076.174.2
77.787.084.385.385.7
88.392.695.094.896.4
96.895.595.395.095.6
96.998.9
100.0102.6106.1
109.9114.3118.9128.1159.5
178.6189.5202.4216.4243.8
208.2210.1211.5213.3214.7215.9
216.8218.4219.6221.7222.9223.7
226.5229.1232.3236.7239.3241.3
245.4249.0252.1256.4257.8260.1
72.177.874.5
78.188.584.886.286.3
88.492.694.895.296.5
96.595.394.794.995.9
97.499.3
100.0102.2105.8
110.0112.8117.0127.7162.2
178.7185.6195.5208.3234.0
200.0202.2203.5205.5206.5207.4
208.2210.1211.7213.9215.0215.6
218.6221.6224.5229.0230.9232.1
236.0238.0240.5243.9245.2247.5
66.073.173.2
77.084.383.785.185.5
88.993.594.094.096.6
95.994.694.294.595.4
96.298.8
100.0104.9110.8
112.6119.7126.2136.7161.6
176.4188.0202.9224.4246.8
212.7216.3218.3220.8222.5224.3
226.2228.3229.1230.2232.1232.5
236.1239.0241.3244.5245.2245.6
247.4249.2251.6254.4253.8253.6
85.596.988.2
89.993.992.893.493.3
93.396.3
101.996.095.6
98.299.499.098.196.0
97.499.2
100.097.798.7
105.0115.2118.9131.5199.1
233.0250.8283.8296.4360.9
291.2291.7294.3294.8297.3299.9
298.1296.8296.8297.6297.6300.4
302.0304.8312.9323.9336.8349.5
364.8384.6399.4410.5416.5424.6
66.869.870.1
72.084.579.980.081.5
82.688.692.594.794.2
95.594.795.994.794.0
95.898.4
100.0102.4106.3
111.4116.6121.9129.2152.2
171.4181.5193.1212.5234.9
202.2204.3205.7206.6209.3211.7
213.5214.6216.4221.2221.7222.6
223.9224.3229.3231.8234.5234.9
235.4237.6237.1240.8243.5246.1
77.581.076.3
78.988.888.884.386.3
84.887.188.090.091.2
90.791.893.895.294.3
95.299.4
100.0101.2102.8
108.0111.0115.6140.6154.5
168.1179.1188.0196.9217.5
190.5189.8192.7194.0195.1195.8
197.1196.9199.0202.2204.0206.1
207.4209.6211.1212.8213.7216.1
219.6219.6220.8224.4226.0228.4
101.2110.996.0
104.6120.1110.3101.9101.0
97.197.699.8
102.099.4
97.096.597.595.494.5
99.3105.7100.0101.6108.4
112.3115.1127.6174.0196.1
196.9205.1214.3240.1282.2
219.6225.0230.5239.0241.2245.4
245.4240.2244.8249.2248.4252.5
260.2270.4276.6279.9282.3283.0
287.1281.7287.9289.2290.8296.7
111.7120.8100.3
107.6124.5117.2104.9104.9
95.193.197.2
103.096.2
95.193.895.792.990.8
97.1105.9100.0101.3109.3
112.0114.2127.5180.0189.4
191.8190.1190.9215.3247.1
194.0201.3206.3216.3219.1223.7
222.0213.2218.4224.0220.9224.8
233.0243.7247.4251.5251.9248.2
254.1243.7248.7247.1246.4249.7
100.0102.2106.8
112.7117.0128.0162.5208.9
206.9233.6258.4286.7348.3
267.8269.7276.2281.6282.6286.1
289.3291.2294.5296.7300.2304.8
311.5320.7331.6333.3339.6348.7
349.3353.6362.1368.9374.8385.8
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
271.5314.7400.4463.7568.2
430.3431.7441.9454.7458.3465.8
471.8470.8478.4480.1485.0495.1
504.3513.9525.2529.2556.8563.1
570.7586.2599.4611.4616.8641.8
90.6100.791.6
104.7120.7104.6100.198.2
103.8107.6106.2102.2105.8
101.4102.5102.0100.7102.4
104.5106.7100.0102.1106.9
109.8110.7121.9161.5205.4
188.3210.2217.3235.4284.6
220.7222.7228.1231.4231.7234.0
236.4239.1241.1243.5246.6249.6
255.6264.7275.5276.5276.6286.6
285.2286.1293.3298.6304.6311.5
1 Data have been revised through August 1979 to reflect the availability of late reports and corrections by respondents. All data aresubject to revision 4 months after original publication.
2 Intermediate materials for food manufacturing and manufactured animal feeds.
Source.- Department of Labor, Bureau of Labor Statistics.
266Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-55.—Producer price indexes by stage of processing, special groups, 1974-79
[1967=100]
Year or month
1974
197519761977197819792
1978:JanFebMar
June
JulyAug
8fc=NovDec
1979:2
JanFebMar
tJune
JulyAugSept..OctNovDec
Finished goods
Total
147.5
163.4170.3180.6194.6215.9
187.0188.5189.1191.5193.1194.5
196.0195.6197.1199.6200.3202.5
205.4207.7209.1211.4212.7213.7
216.2217.3220.4223.7225.9227.8
Food
166.9
181.0180.2189.2206.7226.3
195.0199.6200.2204.5206.8209.5
210.4205.9209.4212.0211.7215.8
220.2225.1226.3227.8226.6223.6
224.9223.5227.8226.7230.5232.0
Energy
215.2
252.4274.5305.0318.1438.1
311.3309.7308.2308.3310.2313.6
317.7321.4324.0327.6329.3336.0
340.8346.1356.7372.1392.4415.7
445.8474.1505.1525.8535.7546.7
Excluding food andenergy
Total
133.5
148.5156.7166.1178.6194.2
172.5173.1173.9175.7177.0177.9
179.3180.0180.8183.1184.1185.3
187.5188.8189.7191.4192.4193.3
194.5194.8195.8199.5200.6202.1
Capi-tal
equip-ment
141.0
162.5173.2184.5199.1216.6
193.0193.7194.6195.6196.9198.1
199.2200.0201.1204.4206.1207.0
209.3210.8211.7214.0215.1215.8
217.2216.5217.7222.5223.8225.1
Con-sumergoodsexclud-
ingfoodand
energy
129.1
141.0148.0156.1167.4182.1
161.2161.8162.5164.9166.2167.0
168.6169.2169.9171.5172.1173.6
175.8176.9177.8179.1180.2181.2
182.3183.2184.1187.2188.1189.8
Intermediate materials,supplies, and components
Total
162.9
180.0189.3201.7215.5242.7
207.2208.9210.7212.5213.9215.1
216.0217.3218.7220.8222.0223.0
225.7228.5231.5235.8238.2240.3
244.6247.5250.7254.6256.1258.4
Foodsand
feeds1
200.2
195.3186.6191.0201.0223.2
189.6189.9197.9200.6200.8201.9
201.5198.8203.4207.6207.7212.2
214.3218.2218.9220.7219.3223.0
231.0223.1226.6226.0227.0230.0
Energy
188.7
220.8237.3268.3281.2344.6
275.8276.3278.7279.3281.8284.3
283.0281.9282.0282.8282.8285.6
287.6290.2297.7308.3320.7333.7
348.1366.9382.2392.6399.6407.5
Other
156.7
174.7184.9196.0210.1233.9
201.7203.7205.0206.9208.2209.2
210.4212.2213.6215.7217.1217.7
220.5223.2225.9229.7231.4232.3
235.3237.4239.3242.9243.8245.6
Crude materials for furtherprocessing
Total
196.1
196.9205.1214.3240.1282.2
219.6225.0230.5239.0241.2245.4
245.4240.2244.8249.2248.4252.5
260.2270.4276.6279.9282.3283.0
287.1281.7287.9289.2290.8296.7
Food-stuffsand
feed-stuffs
189.4
191.8190.1190.9215.3247.1
194.0201.3206.3216.3219.1223.7
222.0213.2218.4224.0220.9224.8
233.0243.7247.4251.5251.9248.2
254.1243.7248.7247.1246.4249.7
Energy
223.0
266.9291.0344.9390.7479.4
367.4368.6375.6383.3386.0391.4
396.0396.1401.3403.1406.8413.0
419.4427.0433.7436.7455.3467.8
478.1492.9516.0528.8537.7559.8
Crudematerialsexcludingagricul-
turalproducts
andenergy
213.7
167.8192.5193.0216.4270.0
200.3205.1208.6213.8210.9214.4
217.6220.8221.3223.7228.2231.5
241.9259.6282.7282.9275.9282.2
274.1267.4262.4266.2271.4273.3
1 Intermediate materials for food manufacturing and manufactured animal feeds.2 Data have been revised through August 1979 to reflect the availability of late reports and corrections by respondents. All data are
subject to revision 4 months after original publication.
Source: Department of Labor, Bureau of Labor Statistics.
267Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-56.—Producer price indexes by major commodity groups, 1929-79
[1967=100]
Year or month
1929193319391940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 2
1978JanFebMarNfay '.June
JulyAugSeptOctNovDec
1979 2
JanFebMar
June
JulyAugSeptOctNovDec
Farm products and processedfoods and feeds
Total
94 3101.589 6
93 9106 9102 796 095.791290 693.798193 5
93 793 794 793 893 2971
103 5100 0102 4108 0
1117113 9122 4159.1177 4184 21831188 8206 6229 8
192 2196 8200 0205 5207 6210 4
210 3205 3209 4213 2212.3216 2
2211227 2229 02312230 8229 0
232 2227 52317230 6232 3234.5
Farmproducts
64.131.440.041.450.364.875.075.578.590.9109.4117.5101.6
106.7124.2117.2106.2104.798.296.999.5103.997.5
97.296.398.096.094.698.7105.9100.0102.5109.1
111.0112.9125.0176.3187.7186.7191.0192.5212.5241.4
192.2198.9204.2213.7215.8219.5
219.9210.3215.1219.4218.2222.7
230.4240.9242.8246.0245.4242.8
246.8238.5241.0239.5240.2242.5
Processedfoods andfeeds
82.988.780.6
83.492.791.687.488.985.084.987.491.889.4
89.591.091.992.592.395.5101.2100.0102.2107.3
112.1114.5120.8148.1170.9182.6178.0186.1202.6222.5
191.5194.9196.9200.2202.4204.6
204.2201.8205.5209.0208.2211.8
215.2218.9220.5222.3222.0220.6
223.3220.5225.7224.8227.1229.2
Industrial commodities
Total
48.637.843.344.047.350.751.552.353.058.070.876.975.3
78.086.184.184.885.086.990.893.393.695.3
95.394.894.894.795.296.498.5100.0102.5106.0
110.0114.1117.9125.9153.8171.5182.4195.1209.4236.3
201.6202.9204.1206.1207.4208.7
210.1211.4212.5214.7216.0217.2
220.0222.5225.4229.0231.6234.0
237.5240.6243.8248.5250.2252.8
Textileproducts
andapparel
103.6108.198.9
102.7114.6103.4100.898.698.798.798.897.098.4
99.597.798.698.599.299.8100.1100.0103.7106.0
107.1109.0113.6123.8139.1137.9148.2154.0159.8168.6
156.5157.0157.4157.9158.6159.2
160.0160.5161.3162.3163.2163.6
164.1164.2165.2166.4167.2168.4
169.3170.5171.3171.9172.4172.8
Hides,skins,leather,and
relatedproducts
48.936.342.845.248.452.852.752.252.961.183.384.279.9
86.399.180.181.377.677.381.982.082.994.2
90.891.792.790.090.394.3103.4100.0103.2108.9
110.3114.1131.3143.1145.1148.5167.8179.3200.0252.2
185.8187.2187.9191.9193.6195.3
197.3205.1210.7213.0215.8216.2
223.4232.2253.3258.9269.6268.0
261.9257.9250.7253.6248.5248.9
Fuels andrelated
products,and
powerl
59.447.652.351.454.656.257.859.560.164.476.990.586.2
87.190.390.192.691.391.294.099.195.395.3
96.197.296.796.393.795.597.8100.098.9100.9
106.2115.2118.6134.3208.3245.1265.6302.2322.5408.1
312.8312.9315.3317.3319.7323.2
324.5324.9326.7328.5329.7334.3
338.1342.5350.9361.5377.6393.7
411.8432.8454.4468.3476.7488.7
Chemicalsand alliedproductsl
47.'451.552.457.063.364.164.865.270.593.795.987.6
88.9101.796.597.798.998.599.1101.2102.0101.6
101.8100.799.197.998.399.099.4100.099.899.9
102.2104.1104.2110.0146.8181.3187.2192.8198.8222.1
194.1195.2196.1196.9198.6198.9
199.8199.5200.3201.6202.3202.3
205.0207.3209.9215.1218.0219.2
225.0228.5230.3233.5235.6238.1
See next page for continuation of table.
268Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-56. —Producer price indexes by major commodity groups, 1929-79—Continued[1967 = 100]
Year or month
192919331939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 2
1978:JanFebMar
JuneJulyAugSeptOctNovDec.
1979:2
JanFeuMara;JuneJulyAugSeptOctNovDec
Industrial commodities—Continued
Rubberand
plasticproducts
59 440.261.257 161571.673 672.770.570 870.572.870.585.9
105.495.589.190.4
102.4103.8103.4103.3102.9103.199.296.396.895.595.997.8
100.0103.4105.3108.3109.1109.3112.4136.2150.2159.2167.6174 8194.1
170.2170.2171.4172.8173.8174.5174.9175.7176.7178.1179.4179.7
180.8183.2185.9188.8190.8193.1195.5198.8200.3202.4204.3205.7
Lumberand
woodproducts
25 019.024.827.432 735.637 740.641.247 273.484.077.789.397.294.494.392.697.198.593.592.498.895.391.091.693.595.495.9
100.2100.0113.3125.3113.6127.3144.3177.2183.6176.9205.6236.3276.0300.3
256.4263.7266.2269.6273.4278.5277.5281.6282.8284.2290.0288.6
290.2293.9300.5304.9302.8299.8300.1304.7309.7308.8299.0289.8
Pulp,paper,
andallied
products
72.575.772.474.388.085.785.585.587.893.695.496.497.398.195.296.395.695.496.298.8
100.0101.1104.0108.2110.1113.4122.1151.7170.4179.4186.4195.6218.9
188.0188.6189.7191.9193.2193.5195.5195.8199.0202.4203.9205.2
207.0208.8212.3215.0216.2216.6218.3222.2222.8227.2229.3231.0
Metalsand
metalproducts
40 230.737.637.838 539.139 039.039.644 354.962.563.066.373.873.976.376.982.189.291.090.492.392.491.991.291.393.896.498.8
100.0102.6108.5116.6118.7123.5132.8171.9185.6195.9209.0227.1259.3
215.2219.1221.1223.9224.6225.9227.3231.0231.4234.1235.5236.6
241.9247.3251.7256.0256.2258.2260.8261.8263.6269.4270.9273.5
Machineryand
equipment
41.341.442142.842.442.142.246 453.758.261.063.170.570.672.273.475.781.887.689.491.392.091.992.092.292.893.996.8
100.0103.2106.5111.4115.5117.9121.7139.4161.4171.0181.7196.1213.8
189.3190.3191.6192.7193.9195.3196.5197.5198.8200.5202.7203.8
205.1206.5207.9209.8211.4212.4214.8216.0217.6219.6221.0222.9
Furnitureand
householddurables
55.844.652.653.857.261V861.463.163.267177.081.682.984.791.890.191.992.993.395.898.399.199.399.098.497.797.097.496.998.0
100.0102.8104.9107.5110.0111.4115.2127.9139.7145.6151.5160.4171.0
156.5156.7157.7158.4159.2159.5161.4161.8162.0162.9163.5164.6
166.6167.9168.3168.7169.6170.2170.7171.5171.7174.1175.6177.0
Non-metallicmineral
products
51247.249.149.150 252.352.453.555.759 366.371.673.575.480.180.183.385.187.591.394.895.897.097.297.697.697.197.397.598.4
100.0103.7107.7112.9122.4126.1130.2153.2174.0186.3200.5222.8248.3
212.9215.1215.9218.4219.3222.0224.7227.2228.2229.1230.0231.1
238.3240.5240.8243.4245.6246.9249.5249.9252.2255.6257.1259.2
Transpor-tationequip-ment:Motor
vehiclesand
equip-ment3
41.934.839.140.443.247.247.247.548.356 064.170.875.775.379.484.083.683.886.391.295.198.1
100.398.898.698.697.898.398.598.6
100.0102.8104.8108.7114.9118.0119.2129.2144.6153.8163.7176.0190.3
171.3171.8171.9172.9174.6175.0175.5175.8175.9181.8182.5182.8
185.0185.9186.1189.4189.8190.1190.8187.8188.1196.3197.0197.6
Miscella-neous
products
73.576.578.079.283.983.485.686.486.587.690.292.092.293.093.393.794.595.295.997.7
100.0102.2105.2109.9112.9114.6119.7133.1147.7153.7164.3184.3208.3
171.6171.3172.6181.4182.6184.3189.7191.3192.9190.8189.2193.6
197.7199.8200.6201.4203.3205.2207.0208.9212.3216.8219.0227.2
1 Prices for some items in this grouping are lagged and refer to 1 month earlier than the index month.2 Data have been revised through August 1979 to reflect the availability of late reports and corrections by respondents. All data aresubject to revision 4 months after original publication.
3 Index for total transportation equipment is not shown but is available beginning December 1968.Source.- Department of Labor, Bureau of Labor Statistics.
26929U-289 0 - 8 0 - 1 8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-57.—Changes in producer price indexes for finished goods, 1948-79
[Percent change]
Year or month
19481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979 2
1978:JanFebMarAprMayJune
JulyAugSeptOctNovDec
1979:2
JanFebMarAprMayJune
JulyAugSeptOctNovDec
Total finishedgoods
Dec.to
Dec.1
3.0-4 .6
10.42.9
-2 .2.5
- . 1
1.24.232
.5_ 4
1.8- . 5
.1- . 2
.5
3.32.21.63.14.8
2.23.23.8
11.818.3
6.63.36.69.2
12.5
Yearto
year
8.0- 2 . 9
1.89.5
- . 6- 1 . 0
.2
.22.8362.3
_ 2
.80.3
A
1.73.21.22.93.6
3.53.13.19.1
15.3
10.84.26.07.8
10.9
Consumerfinished foods
Dec.to
Dec.1
- 2 . 4-7 .4
13.35.3
-5 .9-2 .2- 1 . 9
- 2 . 93.653.4
- 3 7
5.2- 1 . 8
.5- 1 . 3
.4
9.11.4
- . 44.88.2
- 2 . 55.98.0
22.513.0
5.5- 2 . 5
6.611.97.5
Yearto
year
9.2- 8 . 1
1.912.4- . 9
-5 .2- . 8
- 2 . 5- . 2355.847
2.2- . 4
.9-1 .2
.5
3.86.5
-1 .63.76.1
3.21.65.6
20.314.0
8.4- . 44.99.39.5
Finished goods excluding consumer foods
Total
Dec.to
Dec.1
2.43.4
4.32.12.06.7
21.2
7.25.56.68.3
14.2
Yearto
year
2.62.7
3.53.72.04.1
16.0
12.16.06.57.2
11.5
Consumergoods
Dec.to
Dec.1
4.0- 4 . 5
8.2.9
- 1 . 11.6.3
1.72.51.7.2.8
.4- . 3- . 1
.1
.1
.91.72.12.02.9
3.92.02.07.4
20.5
6.74.96.18.4
17.8
Yearto
year
6.3- 2 . 1
1.67.2
- 1 . 3.9.3
.82.42.5
.11.3
.4- . 1- . 20
- . 1
.71.61.92.12.4
3.03.41.84.5
17.0
10.55.76.46.7
13.3
Capitalequipment
Dec.to
Dec.1
10.4- . 6
10.33.4
.82.31.1
5.68.34.31.31.0
.1
.2
.3
.9
1.53.93.13.04.6
4.92.42.05.3
22.6
8.26.47.28.08.7
Yearto
year
9.050
2497171712
3074622619
2142
10
1225333533
4841253.3
14.2
15.26.66.57.98.8
Percent change from preceding month
Unad-justed
0.8.8.3
1.3.8.7
.8- . 2
.81.3.4
1.1
1.41.1.7
1.1.6.5
1.2.5
1.41.51.0
.8
Sea-son-
justed
0.7.8.6
1.1.7.7
.7
.3
.8
.8
.71.0
1.31.11.0.9.4.5
1.11.01.41.01.3.8
Unad-justed
1.12.4
.32.11.11.3
.4- 2 . 1
1.71.2
_ j
L9
2.02.2.5.7
- . 5- 1 . 3
.6- . 61.9
- . 51.7.7
Sea-son-allyad-
justed
1.01.91.01.0
31.4
.1- . 4151.6.8
1.2
1.81.81.2
- . 4- 1 . 5-1 .2
.21.21.7
- . 12.6
- . 1
Unad-justed
0.7.3.3
1.07.6
.9
.4
.51.2.6.8
1.2.7.7
1.21.01.1
1.4.9
1.32.2
.7
.9
Sea-son-allyad-
justed
0.6.4.5
1.08.5
.9
.5
.6
.5
.71.0
1.1.9.9
1.31.11.1
1.4.9
1.31.4.8
1.2
Unad-justed
0.7.2.3
1.28.5
1.0.5.4
1.0.4
1.1
1.3.8.9
1.31.41.5
1.81.61.72.2
.81.2
Sea-son-
justed
0.5.3.5
1.38.4
1.0.5.5.4.6
1.2
1.2.9
1.11.31.51.4
1.81.71.81.61.01.3
Unad-justed
0.7.4.5.57.6
.6
.4
.61.6.8.4
1.1.7.4
1.1.5.3
.6- . 3
.62.2
.6
.6
Sea-son-allyad-
justed
0.6.6.5.78.8
.7
.4
.5
.6
.8
.6
1.0.9.6
1.2.6.6
.8- . 3
.61.2.5.9
Finishedenergy goods
Dec.to
Dec1
16.45.49.18.0
62.7
Yearto
year
17.38.8
11.14.3
37.7
Finished goodsexcluding food
and energy
Dec.to
Dec.1
6.15.46.38.29.1
Yearto
year
11.25.56.07.58.7
Unad-justed
0.0- . 5- . 5
.06
1.1
1.31.2.8
1.1.5
2.0
1.41.63.14.35.55.9
7.26.36.54.11.92.1
Sea-son-allyad-
justed
0.6- . 6- . 3
.31
.4
.3
.7
.91.71.12.4
2.11.53.34.54.95.3
6.25.86.74.72.52.4
Unad-justed
0.8.3.5
1.07.5
.8
.4
.41.3
.5
.7
1.2.7.5.9.5.5
.6
.2
.51.9.6.7
Sea-son-allyad-
justed
0.5.6.6
1.19.6
.9
.5
.5
.3
.7
.8
1.0.9.6.9.7.6
.8
.3
.61.0.6
1.0
1 Changes from December to December are based on unadjusted indexes.2 Data have been revised through August 1979 to reflect the availability of late reports and corrections by respondents. All data are
subject to revision 4 months after original publication.Source: Department of Labor, Bureau of Labor Statistics.
270
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY STOCK, CREDIT, AND FINANCE
TABLE B-58.—Money stock measures, 1953-79
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Year and month
Overall measures1
Ml M1 + M2 M3
Components and related items
Cur-rency
Deposits at commercial banks
Demand
Time and savings
Total
Time
LargeCDs2 Other
Savings!
Depos-its atnon-bankthrift
institu-tions4
Check-able
depositsat
nonbankthrift
institu-tions
(unad-justed) 5
U.S.Govern-ment
deposits(unad-
justed) 6
1953: Dec.1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec
I960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: Dec1974: Dec1975: Dec1976: Dec1977: Dec1978: Dec1979: Dec.
1978:Jan...FebMar
tJune.
July
NovDec
1979:JanFebMar
tJuneJulyAugSeptOctNovDec...
128.8132.3135.2136.9135.9141.1143.4
144.2148.7150.9156.5163.7171.4175.8187.4202.5209.0
219.7233.9255.3270.5283.2295.4313.8338.7361.5382.1
341.9342.4343.2347.9350.7352.5
354.4356.7360.7361.2360.7361.5
360.2359.4360.0365.5365.7370.3
373.5375.6379.2380.0380.5382.1
280.7297.7301.8
317.2345.7378.9397.9419.5456.8517.2560.6586.1592.7
564.6565.3566.4572.1576.1578.6
580.0583.4589.2589.4587.0586.1
581.9578.8578.3584.0583.1589.2
594.3597.6601.2598.8592.9592.7
210.9
217.1228.6242.9258.9277.1301.4318.2350.0383.3392.4
423.6471.8525.3571.3612.2664.8740.6809.4879.0952.6
816.0819.4822.6830.3836.7842.6
848.5856.5865.8870.8875.6879.0
879.0880.9883.9894.4898.4909.0
918.7927.1936.6943.3948.3952.6
303.8
319.3342.1369.2400.3434.4471.8495.5544.0589.9607.4
656.3745.1844.5919.0981.0
1,092.41,235.61,374.31,503.31,623.5
1,385.51,392.91,400.31,411.91,422.01,433.1
1,444.41,458.01,474.01,485.41,495.01,503.3
1,507.71,513.91,521.91,535.41,541.61,556.9
1,571.61,584.61,599.01,608.61,616.01,623.5
27.727.427.828.228.328.628.9
29.029.630.632.534.336.338.340.443.446.0
49.052.556.961.667.873.880.888.697.7
106.3
89.490.290.791.392.092.5
93.293.995.295.996.797.7
98.499.099.5
100.2100.7101.5
102.4103.6104.9105.4105.8106.3
101.1104.9107.4108.7107.6112.6114.5
115.2119.1120.3124.1129.5135.1137.5147.0159.0162.9
170.7181.5198.4209.0215.3221.7233.0250.1263.8275.8
252.5252.3252.5256.6258.8260.0
261.2262.8265.5265.3264.0263.8
261.8260.4260.5265.3265.0268.7
271.1272.1274.4274.6274.6275.8
44.548.350.051.957.465.467.4
72.982.797.6
112.0126.2146.4157.9183.3204.3194.4
229.2271.1313.5363.7418.1450.3489.2544.4614.1664.8
550.0555.9560.8565.9572.2576.8
582.1587.4593.5598.2610.2614.1
619.3623.6622.9623.9623.2623.6
629.8637.3645.4654.4662.8664.8
2.85.79.6
12.816.415.520.623.510.9
25.333.343.563.089.081.062.473.796.694.3
75.978.981.583.486.286.7
88.087.688.588.695.496.6
100.5102.199.095.090.684.9
84.785.988.191.195.094.3
67.4
72.979.992.0
102.3113.4130.0142.4
69.485.690.7
106.5126.2146.5173.6193.2208.6224.7251.0295.9363.2
253.7256.4258.5260.8263.2266.6
271.2275.8279.1284.2291.5295.9
300.1305.0308.5313.6318.6323.2
327.8332.9338.8347.9358.8363.2
93.395.292.8
97.4111.6123.5127.1135.9160.7202.1219.7221.6207.3
220.4220.6220.9221.7222.8223.5
222.9224.0225.8225.4223.4221.6
218.8216.5215.3215.3214.1215.6
217.4218.5218.5215.4209.1207.3
92.9
102.3113.4126.4141.4157.3170.4177.3194.0206.7214.9
232.6273.3319.1347.7368.7427.7495.0564.9624.4670.9
569.5573.5577.7581.5585.3590.5
595.9601.5608.5614.6619.5624.4
628.7633.0638.0641.0643.2647.9
652.9657.5662.4665.3667.7670.9
2.22.32.32.52.62.6
2.72.72.82.92.93.0
2.92.93.03.23.33.3
3.43.43.53.43.43.4
3.85.03.43.43.53.94.9
4.74.95.65.15.54.63.45.05.05.6
7.36.97.46.34.94.14.45.1
10.39.5
4.34.34.85.04.06.2
4.43.56.24.38.1
10.3
12.08.46.55.38.4
10.8
13.29.8
12.511.75.59.5
1 M l is currency plus demand deposits; M 1 + is M l plus savings deposits at commercial banks and checkable deposits at nonbankthrift institutions; M2 is Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3is M2 plus deposits at nonbank thrift institutions.
2 Negotiable time certificates of deposit (CDs) issued in denominations of $100,000 or more by large weekly reporting commercialbanks.3 Includes negotiable order of withdrawal (NOW) accounts at commercial banks.
4 Average of the beginning and end-of-month deposits of mutual savings banks, savings capital at savings and loan associations, andcredit union shares.
5 Includes negotiable order of withdrawal (NOW) accounts at thrift institutions, credit union share draft accounts, and demanddeposits at mutual savings banks.
6 Deposits at all commercial banks. Includes Treasury note balances beginning November 1978.Source-. Board of Governors of the Federal Reserve System.
271Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-59.-—Commercial bank loans and investments, 1939-79
[Billions of dollars]
Period
End of month*1939- Dec
1940: Dec1941- Dec1942: Dec1943: Dec1944- Dec1945- Dec1946- Dec1947: Dec1948: Dec
1948- Dec1949: Dec
1950: Dec1951- Dec1952: Dec1953: Dec1954- Dec1955: Dec1956- Dec1957: Dec1958- Dec1959: Dec
I960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec1970: Dec1971: Dec1972: DecAverage for month2
1972 Dec1973 Dec1974 Dec1975 Dec1976 Dec1977 Dec1978 Dec1979 Dec"1979
JanFebMar
May '.JuneJulyAugSeptOctNovDec"
Total loansand
investments
40.7
43.950 767.485.1
105.5124.0114 0116.3114.2
Loans
Total
17.2
18.821719.219.121626.131138.142.4
Commer-cial andindus-trial
Investments
U.S.Treasurysecurities
16.3
17.821.841.459.877.690.674.869.262.6
Othersecurities
7.1
7.4726.86.1637.38.19.09.2
Seasonally adjusted
113 0118.7
124.7130.2139.1143.1153.1157.6161.6166.4181.2188.7
197.4212.8231.2250.2272.3300.1316.1352.0390.2401.7435.5485.7558.0
566.1647.8713.6744.6804.3891.1
1,014.31,131.5
1,030.91,042.01,048.91,061.01,068.81,080.01,092.21,102.81,122.81,128.91,128.41,131.5
41542.0
51.156.562.866.269.180.688.191.595.6
110.5
116.7123.6137.3153.7172.9198.2213.9231.3258.2279.4292.0320.9378.9
386.2460.3519.9516.9554.8632.1747.8846.2
759.9770.0775.7786.6793.3803.1813.4823.3840.0844.8843.6846.2
39.4
42.143.947.652.158.469.578.686.295.9
105.7110.0116.2130.4
136.3165.6197.3189.8191.2211.2246.5288.9
252.6256.9259.8263.3266.8270.4275.5279.9285.9288.6288.3288.9
62 366.4
61.160.462.262.267.660.357.256.965.157.7
59.965.364.761.560.757.153.559.460.751.257.860.662.6
64.158.753.782.1
100.699.593.493.7
93.093.293.994.094.194.895.394.195.295.394.393.7
9210.3
12.413.414.214.716.416.816.317.920.520.5
20.823.929.235.038.744.848.761.371.371.185.7
104.2116.5
115.8128.8140.0145.7149.0159.6173.1191.6
178.0178.8179.3180.4181.4182.1183.5185.4187.6188.8190.5191.6
Loans plusloans soldto bankaffiliates
110.5
116.7123.6137.3153.7172.9198.2213.9231.3258.2283.3294.7323.7381.5
388.8464.6524.7521.3558.5636.9751.6
3 849.0
763.5773.5779.2790.3797.0806.9817.2827.0843.7848.4847.2
3 849.0
1 Data are for last Wednesday of month (except June 30 and December 31 call dates).2 Data are averages of Wednesday figures and are for domestically chartered banks and foreign-related institutions. Lease financing
receivables are included in the total loans and investments, total loans, and loans plus loans sold to bank affiliates.3 As of December 1979, loans sold to affiliates were reduced $0.8 billion as a result of data corrections. In addition, comparability of
the data may also be affected by bank mergers, liquidations, loan reclassifications, etc.Note.—Data adjusted to exclude all interbank loans beginning 1948 and domestic interbank loans only beginning January 1959.
Beginning January 1959, loans and investments are reported gross, without valuation reserves deducted, rather than net of valuationreserves, as in earlier periods. Effective June 1966, balances accumulated for payment of personal loans (then about $1.1 billion) areexcluded from loans at all commercial banks, and certain certificates of CCC and Export-Import Bank (then about $1 billion) areincluded in other securities rather than in loans. Beginning June 1969, data include all bank-premises subsidiaries and other significantmajority-owned domestic subsidiaries; earlier data include commercial banks only. Beginning June 1971, Farmers Home Administrationinsured notes (then about $0.7 billion) are classified as other securities rather than as loans.
Source: Board of Governors of the Federal Reserve System.
272
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-60.—Liquid asset holdings of private domestic nonfinancial investors, 1952-79
[Average outstanding; billions of dollars, seasonally adjusted]
Year and month
1952: Dec1953: Dec .1954: Dec
1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec
I960: Dec1961: Dec1962: Dec1963: Dec1964: Dec
1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: Dec1974: Dec
1975: Dec1976: Dec1977: Dec1978: Dec1979: Dec*
1978:Jan.Feb.Mar.Apr.MayJune
July.Aug.SeptOct.Nov.Dec.
1979:Jan.Feb.Mar.Apr.MayJune
July.Aug.SeptOct.Nov.Dec".
Totalliquidassets
269.1284.6295.3
314.8325.4338.0354.4373.3
386.84107442.1479.3515.5
559.6587.3638.3696.8722.7
769.8854.9966.8
1,086.11,174.2
1,295.61,428.41,598.71,775.31,957.7
1,614.81,626.51,636.71,653.61,668,61,681.2
1,694.51,707.21,726.21,737.21,757.11,775.3
1,791.01,804.11,815.91,832.21,845.31,865.9
1,881.91,895.51,915.01,933.11,947.91,957.7
Currency and deposits
Total
200.7210.9223.9
235.4246 2257.2277.5290.7
305.7326.3352.2382.2414.6
451.1474.3521.0565.6582.8
632.4721.1815.9886.5942.4
1,053.21,191.81,327.11,451.41,565.3
1,337.51,344.61,351.81,363.31,373.21,384.3
1,395.11,408.21,423.81,434,21,443.21,451.4
1,455.51,461.41,469.01,481.71,487.71,502.3
1,516.61,529.31,542.61,553.21,559.61,565.3
Currency1
27.327.727.4
27.828 228.328.628.9
29.029.630.632.534.3
36.338.340.443.446.1
49.052.556.961.667.8
73.880.888.697.7
106.3
89.490.290.791.392.092.5
93.293.995.295.996.797.7
98.499.099.5
100.2100.7101.5
102.4103.6104.9105.4105.8106.3
Demanddepositsl
91.592.896.2
98.499 597.9
102.3104.2
104.5106.3106.5109.7114.3
119.4121.9130.5141.2145.2
152.1162.1176.3183.9187.5
193.6201.2214.6224.9229.8
216.2216.0216.1219.9221.9223.1
224.0225.6227.9226.8225.1224.9
222.5221.0221.0225.0224.2227.2
229.2229.9231.3232.1230.6229.8
Time deposits
Com-mercialbanksl
39.141.945.1
46.849 054.661.864.7
69.977.088.898.6
108.8
125.0136.8156.1174.2176.7
198.7233.2263.6293.2318.4
358.2414.8459.0504.4558.3
462.4464.9467.3470.6474.0478.2
482.0487.2492.2496.9501.9504.4
505.8508.4510.5515.5519.5525.7
532.1538.3544.0550.4555.5558.3
Non-bankthrift
institu-tions2
42.848.655.2
62.369 576.484.892.9
102.3113.4126.4141.4157.3
170.4177.3194.0206.7214.9
232.6273.3319.1347.73687
427.7495.0564.9624.4670.9
569.5573.5577.7581.5585.3590.5
595.9601.5608.5614.6619.5624.4
628.7633.0638.0641.0643.2647.9
652.9657.5662.4665.3667.7670.9
U.S. Treasurysecurities
Savingsbonds3
49.249.349.9
50.250148.347.846.1
45746.546.948.149.0
49.650.251.251.851.7
52.054.357.560.463.3
67.271.976.680.679.9
77.077.477.878.278.678.9
79.279.579.880.180.380.6
80.780.680.680.680.680.6
80.680.680.680.580.279.9
Short-term
market-able
securi-ties4
18.423.120.1
27.727 430.627.635.5
32.432.033.435.033.0
35.837.834.840.953.2
41.931.534.343.347.8
67.366778.285.9
112.4
80.180.979.680.180.880.8
81.031.683.882.082.185.9
89.391.595.7
100.3108.4116.2
114.2110.3111.3111.71117112.4
"»?•certifi-cates
ofdepos-
it5
27"5.39.0
11.6
15.114.418721.78.3
21.827.535.953.269.4
57.042.750.762.147.0
51.652.854.456.759.359.1
59.457.557.356.161762.1
65.165.561.456.451745.7
44.343.644.345.948.847.0
Otherprivatemoneymarketinstru-ments 6
0.81.21.3
1.5171.91.61.1
2.93.34.25.17.2
7.810.612716.8267
21.720.623.042.851.3
50.955.366.195.2
153.1
68.470772.974.976.778.4
79.680.381.784.789795.2
100.4105.1109.1113.1117.0121.0
126.2131.7136.4141.8147.6153.1
1 Money stock components (see Table B-58) after deducting foreign holdings and holdings by domestic financial institutions. Thethree 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.4 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.6 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.
273Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-61.—Total funds raised in credit markets by nonfinancial sectors, 1971-79
[Billions of dollars]
Item 1971
153.9
24.9
5.1
124.0
11.4112.5
86.7
17.418.850.5
28.09.9
10.22.4
25.8
14.77.1
_ 4AA
124.0
17.744.961.4
4.511.745.2
33.811.4
153.9
88.6
93.7
13.779.1
.8
*
- 5 . 1
22.8
- 4 . 527.3
11.63.1
24.53.3
1972
176.8
15.1
4.0
157.7
10.9146.8
102.1
14.712.275.2
42.512.716.43.6
44.7
19.817.1
.86.9
157.7
14.565.178.1
5.814.158.2
47.210.9
176.8
122.7
106.7
21.583.6
1.6
21.6
- 5 . 6
14.6
3.810.8
2.6- . 426.311.0
1973
203.1
8.3
6.1
188.8
7.9180.9
105.1
14.79.2
81.2
46.410.418.95.5
75.8
26.037.1
2.510.3
188.8
13.280.195.5
9.612.973.0
65.27.9
203.1
140.3
101.2
14.575.7
11.0
45.7
-6 .7
6.4
3.03.4
11.2- 1 . 530.716.1
1974
191.6
11.8
15.4
164.4
4.1160.3
98.0
16.519.761.9
34.86.9
15.15.0
62.3
9.932.06.6
13.7
164.4
15.551.397.6
8.07.4
82.1
78.04.1
191.6
118.9
73.8
8.265.4
.2
47.3
- 2 . 2
22.1
10.311.7
19.5- 4 . 633.4
2.4
1975
210.8
85.4
13.3
112.1
9.9102.1
98.4
16.127.255.0
39.5
11.04.6
3.8
9.7-12.3-2 .6
9.0
112.1
13.749.748.6
8.82.0
37.9
28.09.9
210.8
140.4
98.1
12.684.0
1.6
45.8
- 3 . 5
2.1
-8 .710.8
24.92.8
39.7.9
1976
271.9
69.0
20.8
182.0
10.5171.5
123.5
15.722.885.0
63.71.8
13.46.1
48.0
25.64.04.0
14.4
182.0
15.290.576.3
10.94.7
60.7
50.210.5
271.9
168.5
131.9
16.1113.5
2.3
39.8
- 3 . 2
13.4
- 4 . 617.9
20.53.0
47.918.6
1977
338.5
56.8
13.9
267.9
2.7265.1
175.6
23.721.0
131.0
96.47.4
18.48.8
89.5
40.627.0
2.919.0
267.9
20.4139.9107.6
14.712.979.9
77.22.7
338.5
189.7
149.5
26.1121.0
2.4
46.4
- 6 . 1
43.2
1.242.0
19.5.9
58.726.5
1978
Total funds raised by nonfinancial sectors
U.S. Government
Foreign
Private domestic nonfinancial sectors
Corporate equitiesDebt instruments
Debt capital instruments
State and local government obligations...Corporate bondsMortgages
HomeMulti-family residential..CommercialFarm
Other debt instruments..
Consumer creditBank loans n.e.cOpen-market paperOther
By borrowing sector: Total...
State and local governments....Households....Nonfinancial business
FarmNonfarm noncorporateCorporate
Debt instrumentsEquities
Total funds suppled to nonfinancial sectors
Financed directly or indirectly by.-
Private domestic nonfinancial sectors..
Deposits
Demand deposits and currencyTime and savings depositsMoney market funds and repurchase agree-
ments
Credit market instruments
Corporate equities
Foreign funds
At banksCredit and equity instruments
U.S. Government—related loans, net.U.S. Government cash balancesPrivate insurance and pension reserves.Other sources
400.3
53.7
32.3
314.4
2.6311.8
196.6
28.320.1
148.2
104.510.223.310.2
115.2
50.637.3
5.222.2
314.4
23.6162.6128.2
18.115.494.7
92.22.6
400.3
217.0
151.8
22.2115.2
14.4
71.4
- 6 . 2
46.5
6.340.1
30.53.7
70.632.0
See next page for continuation of table.
274Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-61.—Total funds raised in credit markets by nonfinancial sectors, 1971-79—Continued
[Billions of dollars]
Item
1979 unadjusted quarterlyflows
I II
1979 seasonally adjustedannual rates
I
Total funds raised by nonfinancial sectors
U.S. Government
Foreign
Private domestic nonfinancial sectors
Corporate equities
Debt instruments
Debt capital instruments
State and local government obligationsCorporate bondsMortgages
Home mortgagesMulti-family residentialCommercialFarm
Other debt instruments
Consumer creditBank loans n.e.cOpen-market paperOther
By borrowing sector: Total
State and local governmentsHouseholdsNonfinancial business
FarmNonfarm noncorporateCorporate
Debt instruments
Equities
Total funds supplied to nonfinancial sectors
Financed directly or indirectly by:
Private domestic nonfinancial sectors
Deposits
Demand deposits and currencyTime and savings deposits
Money market funds and repurchase agreements
Credit market instruments
Corporate equities
Foreign funds
At banksCredit and equity instruments
U.S. Government-related loans, netU.S. Government cash balancesPrivate insurance and pension reservesOther sources
Source: Board of Governors of the Federal Reserve System.
75.3
10.7
-1 .6
66.2
.765.5
40.V
2.35.0
33.4
22.52.04.84.1
24.8
4.59.82.97.5
66.2
1.531.233.5
5.71.5
26.4
25.7.7
75.3
34.2
13.7
-25.228.410.4
21.3
12.7
-17.3- 4 . 6
3.4- 8 . 217.815.5
101.7
- 4 . 6
6.6
99.7
.799.1
57.9
6.46.3
45.2
31.42.07.04.9
41.1
15.014.92.78.5
99.7
5.846.347.7
7.64.6
35.5
34.8.7
101.7
57.0
33.5
12.710.99.9
27.5
- 4 . 0
- 5 . 7
5.7-11.4
11.19.7
19.110.5
112.9
12.4
14.9
85.6
.784.9
54.1
7.73.6
42.8
28.43.27.43.8
30.8
13.114.53.7
85.6
6.942.736.1
4.74.5
26.8
26.1.7
112.9
49.9
39.4
.728.010.8
11.7
- 1 . 3
19.4
10.88.7
12.76.1
18.95.9
371.6
25.2
4.4
342.0
2.9339.1
202.0
22.321.5
158.3
109.79.2
23.216.2
137.1
50.745.812.927.7
342.0
18.9165.3157.8
24.015.2
118.6
115.82.9
371.6
196.0
112.2
-13.984.441.7
93.3
- 9 . 5
49.5
79.9-30.4
31.4-14.1
68.140.8
401.4
29.05
26.3
346.1
2.8343.4
207.6
12.725.8
169.1
115.77.2
28.317.9
135.8
44.751.98.6
30.5
346.1
10.3171.7164.2
22.314.9
126.9
124.12.8
401.4
226.4
131.4
21.670.139.7
108.1
-13.1
.1
24.4- 2 4 . 4
26.18.2
79.361.4
433.9
34.0
60.2
339.7
2.9336.9
194.0
23.512.4
158.1
101.612.528.815.1
142.9
42.467.623.19.8
339.7
20.1159.9159.7
18.418.9
122.4
119.62.9
433.9
226.9
186.2
29.0114.243.0
44.4
- 3 . 7
59.1
20.438.7
43.311.973.819.0
275Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-62.—Federal Reserve Bank credit and member bank reserves, 1929-79
[Averages of daily figures; millions of dollars]
Year and month
1929- Dec1933: Dec1939: Dec
1940: Dec1941: Dec1942: Dec1943: Dec1944: Dec1945: Dec1946: Dec1947: Dec1948: Dec1949: Dec
1950: Dec1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec
I960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: Dec1974: Dec1975: Dec1976: Dec1977: Dec1978: Dec1979: Dec"
1979:JanFebMarAprMayJune
JulyAugsept"::":: ..:::.::: :OctNovDecp
Reserve Bank credit outstanding
Total
16432,6692,612
2,3052,4046,03511,91419,61224,74424,74622,85823,97819,012
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 85185,64293,96799,651107,632116,382129,330140,008
128,749125 953126 356127,462128 597129,035
131,585131 441133,505134 049136'696140,008
U.S.Governmentand Federalagencysecurities
4462,4322,510
2,1882,2195,54911,16618,69323,70823,76721,90523,00218,287
20,34523,40924,40025,63924,91724,60224,76523,98226,31227,036
27,24829,09830,54633,72937,12640,88543,76048,89152,52957,500
61,68869,15871,09479,70186,67992,108100,328107,948117,344126,276
113,192110 863112 992113,133113 575114,653
118,298120 158121J491122 189123'603126,276
Member bankborrowings
Total
801953
35490265334157224134118
142657
1,593441246839688710557906
87149304327243454557238765
1,086
321107
1,0491,29870312762558874
1,454
994973999897
1 7771,396
1,1791097l'3442 0221*9081,454
Seasonal
413213125413481
112114121134173188
16817716916114181
Othar1umer *
39614299
114180482658654702822729842607
1,1191,3801,3061,0271,1541,4121,7031,4941,5431,493
1,7251,9702,3682,5542,5042,5142,5472,1393,3165,514
4,6994,9904 7084,6436,5857,4167,2427,87611,11212,278
14,56314,11712 36513,43213 24512',986
12,10810,18610,6709,8381118512,278
Member bank reserves2
Tntal10131
2 3952,58811,473
14,04912,81213,15212,74914,16816,02716,51717,26119,99016,291
17,39120,31021,18019,92019,27919,24019,53519,42018,89918,932
19,28320,11820,04020,74621,60922,71923,83025,26027,22128,031
29,26531,3293135335,06836,94134,98935,13636,47141,57244,063
43,16740,70340 31640,54640,3824O'lO5
40,90040,68740,86842,4234297944,063
PomiiroHRequired
2,34731,8226,462
7,4039,42210,77611,70112,88414,53615,61716,27519,19315,488
16,36419,48420,45719,22718,57618,64618,88318,84318,38318,450
18,51419,55019,46820,21021,19822,26723,43824,91526,76627,774
28,99331,1643113434,80636,60234,72734,96436,29741,44743,560
42,86540,49440 05940'54840 09539^884
40,71040,49440,86342,0024277043,560
Cvroccexcess
483 7665,011
6,6463,3902,3761,0481,2841,491900986797803
1,027826723693703594652577516482
769568572536411452392345455257
272165219262339262172174125503
302209257_2287221
19019395421209503
1 Mainly float.2 Beginning December 1959, part of currency and cash held by member banks allowed as reserves; beginning November 1960 all
such currency and cash allowed.Beginning November 1972, includes reserve deficiencies on which Federal Reserve Banks were allowed to waive penalties for a
transition period in connection with bank adaptation to Regulation J as amended effective November 9, 1972. Transition period endedafter second quarter 1974.
Effective November 1975, includes reserve deficiencies on which penalties are waived over a 24-month period when a nonmemberbank merges into an existing member bank, or when a nonmember bank joins the Federal Reserve System.3 Data are for licensed banks only.
Source: Board of Governors of the Federal Reserve System.
276Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-63.—Aggregate reserves and deposits of member banks, 1959-79
[Averages of daily figures; billions of dollars, seasonally adjusted]
Year and month
1959: Dec
I960: Dec1961: Dec1962: Dec1963: Dec1964: Dec
1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: Dec1974: Dec
1975: Dec1976: Dec1977: Dec1978: Dec1979: Dec"
1978:Jan....FebMar...
t: .June..
July...Aug...Sept..Oct....Nov...Dec...
1979:Jan....Feb....Mar...Apr....May...June..
July...Aug...Sept..Oct....NovDec"
Member bank reserves *
Total
18.63
18.9219.7519.6620.3121.19
22.1823.2824.7627.0627.99
29.1131.1631.3434.9036.55
34.6734.8936.1041.2743.
36.6736.8836.6736.9337.2737.63
38.1137.9338.2138.3839.7541.27
41.4840.7540.8140.6540.4840.42
40.8241.0741.4642.3043.1343.53
Non-borrowed
17.68
18.8419.6119.4019.9820.92
21.7422.7524.5426.3126.87
28.7831.0330.2933.6035.83
34.5434.8335.5340.4042.06
36.1836.4836.3436.3836.0636.53
36.8036.7937.1537.1039.0540.40
40.4839.7839.8239.7338.7239.00
39.6539.9840.1240.2841.2242.06
Re-quired
18.12
18.1719.1619.0819.8220.78
21.7622.9424.3926.6327.70
28.8630.9831.0534.6036.30
34.4034.6135.9141.0443.13
36.4036.6436.4736.7937.0537.45
37.9237.7738.0238.2239.5341.04
41.2640.5440.6640.4740.3440.20
40.6140.8541.2742.0442.8843.13
Mone-tary
base2
48.3
48.750.251.153.756.5
59.662.866.471.875.4
79.685.390.198.6
106.7
111.0118.4127.8142.4153.8
129.3130.3130.6131.4132.6133.5
134.7135.3136.8137.8139.9142.4
143.4143.3143.9144.5144.9145.6
146.9148.4150.1151.6152 8153.8
Member bank deposits subject toreserve requirements3
Total
158.2
162.5175.5189.0203.2218.7
238.3246.3275.7299.8287.8
321.1360.2402.0442.2486.0
504.2528.6568.6616.7645.7
575.4577.3581.3585.8591.5595.8
600.5602.7607.0608.9616.9616.7
621.1619.7616.4618.6613.9613.1
618.7623.7630.5638.2644 2645.7
Timeand
savings
54.3
58.867.779.992.1
103.7
120.7128.7148.9164.5150.5
178.8210.5241.6279.2322.1
336.8354.1386.7429.4452.0
390.1394.6398.3400.7405.1407.4
410.8413.0416.8418.3427.5429.4
433.5436.1434.1432.0428.7425.9
429.4434.4439.8445.64518452.0
Demand
Private
99.0
99.1102.9103.3105.9109.1
112.8113.9121.3130.5132.1
136.1144.0154.4158.1160.6
164.5171.5178.5185.1192.0
182.1179.7179.7181.8183.6184.6
186.1186.5186.2187.2187.0185.1
185.6181.9180.5184.7183.5184.8
187.5187.1189.0190.8190 4192.0
U.S.Govern-
ment
4.8
4.64.95.75.25.9
4.93.75.54.95.2
6.25.86.14.83.3
2.93.03.52.31.8
3.23.03.43.32.73.8
3.63.34.03.52.32.3
1.91.81.81.81.72.4
1.82.21.81.8201.8
Adjusted for changes in reserverequirements4
Member bank reserves
Total
16.30
16.5617.2517.8418.4819.34
20.3220.6422.7924.5224.46
26.1728.3531.8634.3737.10
36.8337.2439.1841.5743.20
39.7740.0039.8340.1140.4740.87
41.3741.2041.5041.6741.5741.57
41.7741.0341.1040.9140.7540.70
41.1341.3841.7742.4842 6643.20
Non-borrowed
15.35
16.4917.1217.5818.1519.08
19.8820.1122.5723.7823.35
25.8328.2230.8133.0736.38
36.7037.1938.6140.7041.73
39.2839.6039.5039.5539.2639.77
40.0540.0640.4440.4040.8740.70
40.7640.0640.1139.9938.9839.28
39.9640.2940.4340.4640 7541.73
Re-quired
15.79
15.8216.6617.2717.9918.94
19.9020.3022.4224.1024.18
25.9228.1731.5834.0736.85
36.5736.9738.9941.3442.81
39.5039.7639.6339.9640.2640.69
41.1741.0341.3141.5141.3541.34
41.5540.8240.9440.7340.6140.48
40.9241.1541.5842.2242.4242.81
Mone-tarybase
46.01
46.3447.6549.3151.9054.62
57.7560.1164.4069.2971.92
76.6982.5290.6698.02
107.25
113.16120.80130.90142.69153.48
132.40133.40133.74134.61135.79136.76
137.97138.56140.12141.05141.75142.69
143.70143.62144.18144.75145.13145.88
147.24148.73150.45151.77152 38153.48
1 Series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D andM. In addition to earlier breaks in the series effective November 2, 1978, a supplementary reserve requirement of 2 percentage pointswas imposed on time deposits of $100,000, or more. This action increased required reserves approximately $3.0 billion in the weekbeginning November 16, 1978. Effective October 11, 1979, an 8 percentage point marginal reserve requirement was imposed on"managed liabilities." On October 25. 1979. reserves of Edge Act Corporations were included in member bank reserves. In the weekbeginning October 25,1979, these last two actions raised required reserves $320 million and $318 million, respectively.
2 {ncludes total reserves (member bank reserve balances in the current week DIUS vault cash held two weeks earlier); currencyoutside the U.S. Treasury, Federal Reserve Banks, and the vaults of commercial banks; and vault cash of nonmember banks.
3 Includes total time and savings deposits and net demand deposits as defined by Regulation D. Private demand deposits include alldemand deposits except those due to the U.S. Government, less cash items in process of collection and demand balances due fromdomestic commercial banks.
4 Reserve aggregates series have been adjusted to remove discontinuities associated with marginal reserve requirements, theinclusions of Edge Act Corporation Reserves, and other changes in Regulations D, K and M.
Source: Board of Governors of the Federal Reserve System.
277Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-64.—Bond yields and interest rates, 1929-79
[Percent per annum]
Year or month
U.S. Treasury securities
Bills(new
issues)x
3-month month
Constantmaturities2
years years
Corporatebonds
(Moody's)
Aaa Baa
High-grade
munici-pal
bonds(Stand-ard &
Poor's)
New-home
mortgageyields
(FHLBBP
Primecom-
mercialpaper,
months
Prime ratecharged by
banks4
Discountrate,
FederalReserveBank of
NewYork4
Federalfundsrate5
1929.
1933
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979
0.515
023
014103326373375
375375594
10401.102
1.2181.55217661.931953
1.7532 6583.2671.8393.405
2 9282.3782 77831573 549
3.9544.8814.3215.3396.677
6.4584 3484.0717.0417.886
5.8384.9895.2657.221
10.041
3.832
3.2472.6052.9083.2533.686
4.0555.0824.6305.4706.853
6.5624.5114.4667.1787.926
6.1225.2665.5107.572
10.017
2.47163
2.473.193.982.844.46
3.983.543.473.674.03
4.225.235.035.687.02
7.295.655.726.957.82
7.496.776.698.299.71
2.852.40
2.823.183.653.324.33
4.123.883.954.004.19
4.284.925.075.656.67
7.356.166.216.847.56
7.997.617.428.419.44
4.73
4.49
3.01
2.842.772.832.732.72
2.622.532.612.822.66
2.622.862.963.202.90
3.063.363.893.794.38
4.414.354.334.264.40
4.495.135.516.187.03
8.047.397.217.448.57
8.838.438.028.739.63
5.90
7.76
4.96
4.754.334.283.913.61
3.293.053.243.473.42
3.243.413.523.743.51
3.533.884.714.735.05
5.195.085.024.864.83
4.875.676.236.947.81
9.118.568.168.249.50
10.619.758.979.49
10.69
4.27
4.71
2.76
2.502.102.362 061.86
1.671.642.012.402.21
1.982.002.192.722.37
2.532.933.603.563.95
3.733.463.183.233.22
3.273.823.984.515.81
6.515.705.275.186.09
6.896.495.565.906.39
5.895.82
5.816.256.466.977.80
8.457.747.607.958.92
9.018.999.019.54
10.77
5.85
1.73
.59
.56
.5366.69.73
.75
.811.031.441.49
1.452.162.332.521.58
2.183.313.812.463.97
3.852.973.263.553.97
4.385.555.105.907.83
7.725.114.698.159.87
6.335.355.607.99
710.91
2.00
2.072.563.003.173.05
3.163.774.203.834.48
4.824.504.504.504.50
4.545.635.616.307.96
7.915.725.258.03
10.81
7.866.846.839.06
12.67
5.16
2.56
1.00
1.001.00
61.0061.0061.00
61.0061.00
1.001.341.50
1.591.751.751.991.60
1.892.773.122.153.36
3.533.003.003.233.55
4.044.504.195.175.87
5.954.884.506.457.83
6.255.505.467.46
10.28
1.782.733.111.573.30
3221.962.683.183.50
4.075.114.225.668.22
7.174.674.448.74
10.51
5.825.055.547.94
11.20
See next page for continuation of table.
278Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-64.—Bond yields and interest rates, 1929-79—Continued
[Percent per annum]
Year or month
U.S. Treasury securities
Bills(new
issues)1
3- 6-month month
Constantmaturities2
3 10years years
Corporatebonds
(Moody's)
Aaa
High-grade
munici-pal
bonds(Stand-ard &
Poor's)
New-home
mortgageyields
(FHLBB)3
Primecom-
mercialpaper,
months
Prime ratecharged by
banks4
Discountrate,
FederalReserveBank of
New York4
Federalfundsrate5
1977:JanFebMarAprfayJune
JulyAugSeptOctNovDec
1978:JanFebMarAprMayJune
JulyAugSeptOctNovDec
1979:JanFebMarAprMayJune
JulyAugSeptOctNovDec
4.5974.6624.6134.5404.9425.004
5.1465.5005.7706.1886.1606.063
6.4486.4576.3196.3066.4306.707
7.0747.0367.8368.1328.7879.122
9.3519.2659.4579.4939.5799.045
9.2629.450
10.18211.47211.86812.071
4.7834.8964.8834.7905.1935.198
5.3515.8105.9916.4106.4336.377
6.6856.7406.6446.7007.0197.200
7.4717.3637.9488.4939.2049.397
9.5019.3499.4589.4989.5319.062
9.1909.450
10.12511.33911.85611.847
6.226.446.476.316.556.39
6.516.796.847.197.227.30
7.617.677.707.858.078.30
8.548.338.418.629.049.33
9.509.299.389.439.428.95
8.949.149.69
10.9511.1810.71
7.217.397.467.377.467.28
7.337.407.347.527.587.69
7.968.038.048.158.358.46
8.648.418.428.648.819.01
9.109.109.129.189.258.91
8.959.039.33
10.3010.6510.39
7.968.048.108.048.057.95
7.947.987.928.048.088.19
8.418.478.478.568.698.76
8.608.698.899.039.16
9.259.269.379.389.509.29
9.209.239.44
10.1310.7610.74
9.089.129.129.079.018.91
8.878.828.808.898.958.99
9.179.209.229.329.499.60
9.609.489.429.599.839.94
10.1310.0810.2610.3310.4710.38
10.2910.3510.5411.4011.9912.06
5.705.755.765.615.645.53
5.505.465.375.535.385.48
5.605.515.495.715.976.13
6.185.985.935.956.036.33
6.256.196.166.146.105.99
6.056.106.406.987.197.09
9.058.998.958.948.968.98
9.009.029.049.079.079.09
9.159.189.269.309.379.46
9.579.709.739.839.87
10.02
10.1810.2010.3010.3610.4710.66
10.7811.0111.0211.2111.3711.65
4.744.824.874.875.355.49
5.415.846.176.556.596.64
6.796.806.806.867.117.63
7.917.908.449.03
10.2310.43
10.3210.019.969.879.989.71
9.8210.3911.6013.23
713.2612.80
6V4-6V46V4-6V4
66 y 4 6 %6%-6%
63/4-6%6%-77 - 7y 4
7
73/4-73/4
73/4-8
8 -8y8y2-9
9 -99 -9y
9%ioy4ioy2-iiy2
llV2-ll3/4
^ l P AH3/4-ll3/4H3/4-ll3/4ll%-H3/4
n%i2y4
I2y4-i3y2
I3y2-i5I 5 i 55y45y2I5y2-i5y4
5%5%-5%5%-66 -66 -6
6 -6y2
6y2-6y2
6y2-6y2
6y2-6y2
6y2-77 -7
7 -7y4
7y4-7%7%-88 -8y2
9y2-9y2
99
9y2-9y2
9y2-9y2
9y2-9y2
9y2-9y2
9y2-9y2
9y2-9y2
9y2-io10 - ioy 2
10V2-ll11 -1212 -1212 -12
4.614.684.694.735.355.39
5.425.906.146.476.516.56
6.706.786.796.897.367.60
7.818.048.458.969.76
10.03
10.0710.0610.0910.0110.2410.29
10.4710.9411.4313.7713.1813.78
1 Rate on new issues within period.2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.3 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and
assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates.4 Average effective rate for the year; opening and closing rate for the month.5 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, usuallythe one at which most transactions occurred.
6 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured by Governmentsecurities maturing in 1 year or less.
7 Beginning November 1979, data are for 6-months paper.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board (FHLBB),Moody's Investors Service, and Standard & Poor's Corporation.
279Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-65—Consumer credit outstanding and net change, 1950-79
[Millions of dollars]
Year and month
Amount outstanding (end of month)
Total
Installment credit1
TotalAuto-
mobileRevolv-ing 2
Mobilehome3 Other
Nonin-stallmentcredit4
Net change from preceding period
Total
Installmentcredit1
TotalAuto-mobile
Nonin-stallmentcredit4
1950: Dec1951: Dec1952: Dec1953: Dec1954: Dec1955: Dec1956: Dec1957: Dec1958: Dec1959: Dec
I960: Dec1961: Dec1962: Dec1963: Dec1964: Dec1965: Dec1966: Dec1967: Dec1968: Dec1969: Dec
1970: Dec1971: Dec1972: Dec1973: Dec1974: Dec1975: Dec1976: Dec1977: Dec1978: Dec
1978:JanFebMarAprMayJune
JulyAugSeptOctNovDec
1979:JanFeb....Mar...
June-
July....Aug....Sept...OctNov....
25,64127,26832,55136,73638,19245,34849,26852,19152,70260,741
65,10467,63573,91782,80592,591103,207109,749115,430126,949137,742
143,113157,795177,639203,077213,427223,497249,383289,398340,317
288,194289,170292,691297,708303,527310,589
314,400320,978325,209328,895333,151340,317
340,432341,579344,523349,779354,807359,515
362,801368,088372,641375,178
15,50316,22020,47024,25424,89130,26933,17135,44335,33941,123
45,05146,02750,99457,82965,57273,88179,33983,14891,681
101,161
105,528118,255133,173155,108164,594172,353193,992230,829275,629
230,126230,547233,842237,855243,371249,865
253,897259,614263,387265,814269,436275,629
275,337276,019278,453282,575287,315291,856
295,052299,813303,902305,217307,641
6,0155,9587,6359,6859,747
13,47114,48415,47214,25816,632
18,08317,59919,92422,84225,81729,35530,99231,13134,34836,946
36,32540,51947,86253,77254,26657,24267,70782,911
102,468
83,07583,82685,75787,74790,35993,261
95,28997,68799,062
100,159101,565102,468
102,890103,780105,426107,186109,211110,930
111,952113,351114,765114,876115,121
2,1053,720
5,1288,5289,70011,70913,68115,01917,18939,27447,051
38,79538,14338,03438,42638,96740,001
40,55341,62942,42042,57943,52347,051
46,51645,58645,24045,78146,48947,458
47,89449,27050,42250,88352,060
2,4617,2269,52613,58014,64214,43414,57315,14116,042
15,09215,07015,14915,28715,39615,532
15,66315,79915,91015,92516,01716,042
16,00416,00816,09216,19816,45316,607
16,71916,97217,10517,24417,349
9,48810,26212,83514,56915,14416,79818,68719,97121,08124,491
26,96828,42831,07034,98739,75544,52648,34752,01755,22860,495
61,61461,98266,08576,04782,00585,65894,52393,503110,068
93,16493,50894,90296,39598,649101,071
102,392104,499105,995107,151108,331110,068
109,927110,645111,695113,410115,162116,861
118,487120,220121,610122,214123,111
10,13811,04812,08112,48213,30115,07916,09716,74817,36319,618
20,05321,60822,92324,97627,01929,32630,41032,28235,26836,581
37,58539,54044,46647,96948,83351,14455,39158,56964,688
58,06858,62358,84959,85360,15660,724
60,50361,36461,82263,08163,71564,688
65,09565,56066,07067,20467,49267,659
67,74968,27568,73969,961
4,7891,6275,2834,1851,4567,1563,9202,923511
8,039
4,3632,5316,2828,8889,78610,6166,5425,68111,51910,793
5,37114,68219,84425,43810,35010,07025,88640,01550,919
3,271717
4,2503,784637
5,3782,9022,272-1045,784
3,928976
4,9676,8357,7438,3095,4583,8098,5339,480
4,36712,72714,91821,93549,4867,759
21,63936,83744,800
1,537- 5 71,6772,050
623,7241,013988
-1,2142,374
1,451-48 42,3252,9182,9753,5381,637139
3,2172,598
-6214,1947,3435,910494
2,97610,46515,20419,557
Seasonally adjusteds
2,7553,6204,2314,9224,7454,430
3,5764,3974,1274,7144,4074,499
4,3943,8634,4234,9973,7612,421
2,8872,7924,9223,586
2,4372,8634,0764,1064,2804,207
3,4663,6323,6803,3763,8324,399
3,0673,5633,6254,1053,3062,558
2,4432,4464,4462,1862,407
1,3261,3331,6341,8121,8771,642
1,7111,6041,5321,3751,7551,780
1,6811,5651,4861,3871,225
690616594
1,823487533
1,518910
1,033401819
1,7781,018
651615
2,255
4351,5551,3152,0532,0432,3071,0841,8722,9861,313
1,0041,9554,9263,503
8642,3114,2473,1786,119
318757155816465223
110765447
1,338575100
1,327300798892455
- 1 3 7
444346476
1,400
1 Installment credit covers most short- and intermediate-term credit extended to individuals through regular business channels,usually to finance the purchase of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to berepaid (or with the option of repayment) in two or more installments.
2 Consists of credit cards at retailers, gasoline companies, and commercial banks, and check credit at commercial banks. Prior to1968, included in "other," except gasoline companies, included in noninstallment credit prior to 1971. Beginning 1977, includes open-end credit at retailers, previously included in "other." Also beginning 1977, some retail credit was reclassified from commercial intoconsumer credit. Credit secured by real estate is generally excluded.
3 Not reported separately prior to July 1970.4 Noninstallment credit is credit scheduled to be repaid in a lump sum, including single-payment loans, charge accounts, and service
credit. Because of inconsistencies in the data and infrequent benchmarking, series is no longer published by the Federal Reserve Board on aregular basis. Data are shown here as a general indication of trends.
5 For installment credit, computed as the difference between extensions and liquidations (both seasonally adjusted); see also TableB-66. For noninstallment credit, computed as the change from one month to another in the seasonally adjusted amount outstanding.
Source: Board of Governors of the Federal Reserve System.
280Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-66—Consumer installment credit extended and liquidated, 1950-79
[Millions of dollars; monthly data seasonally adjusted]
Year or month
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973 , .19741975197619771978
1978:JanFebMarX :June
JulyAugSeptOctNovDec
1979JanFebMarAprMayJune
JulyAugSeptOctNov
Total
Ex-tended
22,13024 58330,61632,57932,26540,26340,88643,10141,13849,134
50,82750,59857,56264,66072,44579,91883,82189,058101,426109,422
115,132138,046151,749173,035172,765180,441211.028254 071298,351
21,98322,75823,92524,68225,10425,565
25,02225,66925,53725,76625,95626,516
25,54826,45226,53327,00927,90126,139
26,84827,58328,63427,69526,464
Liqui-dated
18,86123,86726,35528,79431,62534,88237,89940,75941,29043,395
47,02249,73552,60157,82264,61671,61678,36585,19492,07599,945
110,352127,789136,787152,817163,276172,676189,381218 793253,541
19,54619,89519,84920,57620,82421,358
21,55622,03721,85722,39022,12422,117
22,48122,88922,90822,90424,59523,581
24,40525,13724,18825,50924,057
Automobile
Ex-tended
8,4458,95111,61012,74011,74116,73215,57216,55414,28718,008
18,11216,47720,16422,61724,79227,91327,84427,62332,22833,686
30,85736,70643,70249,60646,51452,42063,74375 64188,987
6,5416,7307,0437,4347,5927,595
7,6527,7447,5427,5017,7887,833
7,5497,7567,7947,9998,2607,178
7,4477,6678,4307,6767,066
Liqui-dated
6,9069,0089,93210,68911,67913,00814,55915,56715,50115,638
16,66116,96017,84019,69921,81524,38626,20627,48229,01331.090
31,41432,51238,08143,69646,01949,44453,27860,43769,430
5,2155,3975,4095,6225,7155,953
5,9416,1406,0106,1266,0336,053
5,8686,1916,3086,6127,0356,488
6,8317,0736,6077,1896,533
Revolving1
Ex-tended
3,4816,182
8,68921,86224,65928,70233,21336,95643,93486,756104,587
7,9608,1478,3988,5238,5639,062
8,7009,0289,0068,8469,1769,424
9,4179,3579,7149,72210,03910,136
9,85610,37110,69910,42410,613
Liqui-dated
2,7264,567
7,27820,81823,48526,69931,24335,61641,76480,50896,811
7,5457,6987,5667,8407,9198,107
8,1008,2918,3848,5008,5118,555
8,9849,0408,9728,8049,2909,340
9,4279,5849,6429,7609,814
Mobile home 2
Ex-tended
6122,5215,1217,0615,7884,3284,85954256,067
447405493529527510
509531494604486502
369454518510668547
519655531582515
Liqui-dated
4781,7542,9754,1844,7204,5364,7194 8605,170
398389398417426440
426452422579411431
329398410428434445
447473442432412
Other
Ex-tended
13,68515,63219,00619,83920,52423,53125,31426,54726,02631,126
32,71534,12137,39842,04347,65352,00555,97761,43565,71769,554
74,98076,95778,26787,66687,25086,73798,49286 24998,710
7,0357,4767,9918,1968,4228,398
8,1618,3668,4958,8158,5068,757
8,2138,8858,5078,7788,9348,278
9,0268,8908,9749,0138,270
Liqui-dated
11,95514,85916,42318,10519,94621,87423,34025,19225,78927,757
30,36132,77534,76138,12342,80147,23052,15957,71260,33664,288
71,18872,70572,24678,23881,29483,08089,62072 98882,130
6,3886,4116,4766,6976,7646,858
7,0897,1547,0417,1857,1697,078
7,3007,2607,2187,0607,8367,308
7,7008,0077,4978,1287,298
1 Consists of credit cards at retailers, gasoline companies, and commercial banks, and check credit at commercial banks. Prior to1968, included in "other," except gasoline companies, included in noninstallment credit prior to 1971. Beginning 1977, includes open-end credit at retailers, previously included in other." Also beginning 1977, some retail credit was reclassified from commercial intoconsumer credit. Credit secured by real estate is generally excluded.
2 Not reported separately prior to July 1970.Note.—Installment credit covers most short- and intermediate-term credit extended to individuals through regular business channels,
usually to finance the purchase of consumer goods and services or to refinance debts incurred for such purposes, and scheduled to berepaid (or with the option of repayment) in two or more installments.
Liquidated credit includes repayments, chargeoffs, and other credit.See also Table B-65.Source: Board of Governors of the Federal Reserve System.
281Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-67.— Morti outstanding by type of property and of financing, 1939-79
[Billions of dollars]
End of yearor quarter
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
19771IIIIIIV
1978.1IIIIIIV
1979
IIIII
Allproper-
ties
35.5
36 537.636 735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.5171.8190.8
207.5228.0251.4278.5305.9
333.3356.5381.2410.9441.4
474.2526.5603.4682.3742.5
801.5889.2
1,023.51,172.7
911.7949.0986.5
1,023.5
1,051.71,092.31,133.51,172.7
1,206.31,252.51,295.4
Farmproper-
ties
6.6
656.4605.44.9
4.84.95.15.35.6
6.16.77.27.78.2
9.09.8
10.411.112.1
12.813.915.216.818.9
21.223.125.127.429.2
30.332.235.841.346.3
50.957.065.876.1
59.261.964.065.8
68.170.973.876.1
80.285.189.0
Nonfarm properties
Total
28.9
30 031.230.829.929.7
30.836.943.950.957.1
66.775.684.293.6
105.4
120.9134.6146.1160.7178.7
194.7214.1236.2261.7287.0
312.1333.4356.1383.5412.2
443.8494.3567.7641.1696.2
750.7832.2957.7
1,096.6
852.5887.1922.5957.7
983.71,021.41,059.71,096.6
1,126.11,167.41,206.4
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
490.8556.5656.6761.9
573.2601.7630.5656.6
676.4706.3734.7761.9
784.6817.0845.3
Multi-familyprop-erties
5.6
575.9585.85.6
5.76.16.67.58.6
10.111.512.312.913.5
14.314.915.316.818.7
20.323.025.829.033.6
37.240.343.947.352.3
60.170.182.893.1
100.0
100.6104.5111.8122.0
105.3107.6109.7111.8
113.7116.4119.4122.0
124.0125.9129.1
Com-mercialproper-ties1
7.0
697.0676.36.2
6.47.79.1
10.210.8
11.512.513.414.516.3
18.320.723.226.129.2
32.436.441.146.250.0
54.560.164.871.477.1
85.695.9
112.7131.7146.9
159.3171.2189.3212.7
174.0177.8182.3189.3
193.6198.7205.6212.7
217.5224.5232.1
Nonfarm properties by type of mortgage
Government underwritten
Total2
1.8
233.0374.14.2
4.36.39.8
13.617.1
22.126.629.332.136.2
42.947.851.655.159.3
62.365.669.473.477.2
81.284.188.293.4
100.2
109.2120.7131.1135.0140.2
147.0154.1161.7176.4
155.7158.7161.6161.7
165.3167.4174.7176.4
183.0187.1194.4
1- to 4-family houses
Total
1.8
233.0374.14.2
4.36.19.3
12.515.0
18.922.925.428.132.1
38.943.947.250.153.8
56.459.162.265.969.2
73.176.179.984.490.2
97.3105.2113.0116.2121.3
127.7133.5141.6153.4
134.9137.4139.9141.6
144.7146.7150.7153.4
158.4162.2168.3
FHAinsured
1.8
233.0374.14.2
4.13.73.85.36.9
8.69.7
10.812.012.8
14.315.516.519.723.8
26.729.532.335.038.3
42.044.847.450.654.5
59.965.768.266.265.1
66.166.568.071.4
66.967.867.968.0
68.669.269.971.4
73.976.479.1
VAguar-
anteed
0.22.45.57.28.1
10.313.214.616.119.3
24.628.430.730.430.0
29.729.629.930.930.9
31.131.332.533.835.7
37.339.544.750.056.2
61.667.073.682.0
68.069.671.973.6
76.177.680.882.0
84.585.889.2
Conventional3
Total
27.1
27 728.227125.825.5
26.530.634.137.340.0
44.649.054.961.569.2
78.086.894.6
105.5119.4
132.3148.5166.9188.2209.8
231.0249.3267.9290.1312.0
334.6373.5436.5506.0556.0
603.7678.0795.9920.2
696.8728.5761.0795.9
818.4853.9885.1920.2
943.1980.4
1,012.0
1- to 4-familyhouses
14.5
15115.414 513.713.7
14.316.918.920.822.6
26.328.833.138.043.6
49.355.160.467.677.0
85.595.6
107.1120.5134.1
147.4156.9167.4180.4192.7
200.8223.1259.2300.0328.1
363.0422.9515.0608.5
438.2464.4490.6515.0
531.7559.6584.0608.5
626.2654.8677.0
1 Includes negligible amount of farm loans held by savings and loan associations.2 Includes FHA insured multifamily properties, not shown separately.3 Derived figures. Total includes multifamily and commercial properties, not shown separately.Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organizations.
282Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-68.—Mortgage debt outstanding by holder, 1939-79
[Billions of dollars]
End of year or quarter
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
19771IIIIIIV
1978-1IIIIIIV
1979:IIIIll
Total
35.5
36.537.636.735.334.7
35.541.848.956.262.7
72.882.391.4
101.3113.7
129.9144.5156.5171.8190.8
207.5228.0251.4278.5305.9
333.3356.5381.2410.9441.4
474.2526.5603.4682.3742.5
801.5889.2
1,023.51,172.7
911.7949.0986.5
1,023.5
1,051.71.092.31,133.51,172.7
1206 31252 51,295.4
Major financial institutions
Total
18.6
19.520.720.720.220.2
21.026.031.837.842.9
51.759.566.975.185.7
99.3111.2119.7131.5145.5
157.6172.6192.5217.1241.0
264.6280.8298.8319.9339.1
355.9394.2450.0505.4542.6
581.2647.5745.0848.1
662.8690.5718.1745.0
764.6793.8822.0848.1
866 0894 5920.0
Savingsandloan
associa-tions
3.8
4.14.64.64.64.8
5.47.18.9
10.311.6
13.715.618.422.026.1
31.435.740.045.653.1
60.168.878.890.9
101.3
110.3114.4121.8130.8140.2
150.3174.3206.2231.7249.3
278.6323.0381.2432.9
333.6350.6366.8381.2
392.4408.0421.0432.9
44144566468.3
Mutualsavingsbanks
4.8
4.94.84.64.44.3
4.24.44.95.86.7
8.39.9
11.412.915.0
17.519.721.223.325.0
26.929.132.336.240.6
44.647.350.553.556.1
57.962.067.673.274.9
77.281.688.195.2
82.384.186.188.1
89.891.593.495.2
96197297.9
Commer-cial
banks*
4.3
4.64.94.74.54.4
4.87.29.4
10.911.6
13.714.715.916.918.6
21.022.723.325.528.1
28.830.434.539.444.0
49.754.459.065.770.7
73.382.599.3
119.1132.1
136.2151.3179.0214.0
155.2163.0171.2179.0
184.4194.5205.4214.0
22012296239.4
Lifeinsur-ancecom-
panies
5.7
6.06.46.76.76.7
6.67.28.7
10.812.9
16.119.321.323.326.0
29.433.035.237.139.2
41.844.246.950.555.2
60.064.667.570.072.0
74.475.576.981.486.2
89.291.696.8
106.2
91.892.994.196.8
97.999.9
102.2106.2
108 41111114.4
Other holders
Federaland
relatedagen-cies2
5.0
4.94.74.33.63.0
2.42.01.81.82.3
2.83.54.14.64.8
5.36.27.78.0
10.2
11.512.212.611.812.2
13.517.520.925.131.1
38.346.454.664.882.1
101.0116.6140.3170.5
121.5127.1133.7140.3
146.0152.6161.4170.5
18121924203.7
Individ-uals
others
11.9
12.012.211.711.511.5
12.113.815.316.617.5
18.419.320.421.723.2
25.327.129.132.335.1
38.443.146.349.552.7
55.258.261.465.971.2
79.985.998.9
112.2117.8
119.3125.1138.2154.1
127.4131.4134.7138.2
141.2145.8150.1154.1
159 0165 7171.7
1 Includes loans held by nondeposit trust companies, but not by bank trust departments.2 Includes former Federal National Mortgage Association (FNMA) and new Government National Mortgage Association (GNMA), as
well as Federal Housing Administration, Veterans Administration, Public Housing Administration, Farmers Home Administration, and inearlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, and Federal Farm Mortgage Corporation. Also includesGNMA Pools and U.S.-sponsored agencies such as new FNMA, Federal Land Banks, and Federal Home Loan Mortgage Corporation. OtherU.S. agencies (amounts small or current separate data not readily available) included with "individuals and others.
Source-. Board of Governors of the Federal Reserve System, based on data from various Government and private organizations.
283Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT FINANCE
TABLE B-69.—Federal budget receipts, outlays, and debt, fiscal years 1970-81
[Millions of dollars; fiscal years]
DescriptionActual
1970 1971 1972 1973 1974 1975
BUDGET RECEIPTS AND OUTLAYS:
Total receipts
Federal fundsTrust funds
Interfund transactions
Total outlays
Federal fundsTrust funds
Interfund transactions
Total surplus or deficit ( - )
Federal funds
Trust funds
OUTSTANDING DEBT, END OF PERIOD:
Gross Federal debtHeld by Government agenciesHeld by the public
Federal Reserve System..Other
193,743
143,15859,362-8,778
196,588
156,30049,066-8,778
-2,845
-13,14210,296
382,603
97,723284,880
57,714227,166
188,392
133,78566,193
-11,586
211,425
163,65159,360
-11,586
-23,033
-29,8666,833
409,467
105,140304,328
65,518238,810
208,649
148,84672,959
-13,156
232,021
178,11067,067
-13,156
-23,373
-29,2645,892
437,329
113,559323,770
71,426252,344
232,225
161,35792,193
-21,325
247,074
186,95181,448
-21,325
-14,849
-25,59410,745
468,426
125,381343,045
75,182267,863
264,932
181,219104,846-21,133
269,620
199,91890,835
-21,133
-4,688
-18,69914,011
486,247
140,194346,053
80,648265,405
280,997
187,505118,590-25,098
326,185
240,115111,168-25,098
-45,188
-52,6097,422
544,131
147,225396,906
84,993311,913
BUDGET RECEIPTS
Individual income taxes.Corporation income taxes.Social insurance taxes and contributions.Excise taxesEstate and gift taxes.Customs dutiesMiscellaneous receipts-
Deposits of earnings by Federal Reserve System..All other
BUDGET OUTLAYS
National defense..International affairs.General science, space, and technology.EnergyNatural resources and environment.AgricultureCommerce and housing credit.TransportationCommunity and regional development.Education, training, employment, and social services.HealthIncome securityVeterans benefits and services.Administration of justice.General governmentGeneral purpose fiscal assistance.InterestAllowancesUndistributed offsetting receipts.
Composition of undistributed offsetting receipts:Employer share, employee retirement.Interest received by trust funds.Rents and royalties on the Outer Continental
Shelf
193,743
90,41232,82945,29815,7053,6442,430
3,266158
196,588
78,5534,2974,507
9903,0615,1612,1087,0062,3918,625
13,05143,073
8,677952
1,857536
18,309
188,392
86,23026,78548,57816,6143,7352,591
3,533325
211,425
75,8084,0974,1801,0313,9094,2882,3588,0502,9169,839
14,71655,4269,7761,2992,020
53519,602
208,649
94,73732,16653,91415,4775,4363,287
3,252381
232,021
76,5504,6934,1731,2704,2355,2802,2168,3883,422
12,51917,46763,91310,730
1,6502,415
67320,563
232,225
103,24636,15364,54216,2604,9173,188
3,495426
247,074
74,5414,0664,0301,1794,7634,852924
9,0654,59512,73518,83272,96512,0132,1312,5687,351
22,782
264,932
118,95238,62076,78016,8445,0353,334
4,845524
269,620
77,7815,6813,977837
5,6702,2273,9259,1724,13412,34422,07384,43713,3862,4623,2436,890
28,032
-6,567
-2,444-3,936
-187
-8,427
-2,611-4,765
-1,051
-8,137
-2,768-5,089
-279
-12,318
-2,927-5,436
-3,956
-16,651
-3,319-6,583
-6,748
280,997
122,38640,62186,44116,5514,6113,676
5,777934
326,185
85,5526,9223,9892,1697,3361,6595,60710,3883,73715,87027,648108,61016,5972,9423,1357,187
30,911
-14,075
-3,980-7,667
-2,428
See next page for continuation of table.
284Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-69.—Federal budget receipts, outlays, and debt, fiscal years 1970-81—Continued
[Millions of dollars; fiscal years]
Description
Actual
1976Transi-
tionquarter
1977 1978 1979
Estimate
1980 1981
BUDGET RECEIPTS AND OUTLAYS:
Total receipts
Federal fundsTrust funds
Interfund transactions-
Total outlaysFederal fundsTrust fundsInterfund transactions.
Total surplus or deficit ( - ) . . . .
Federal funds...Trust funds
OUTSTANDING DEBT, END OF PERIOD:
Gross Federal debt
Held by Government agenciesHeld by the public
Federal Reserve SystemOther
300,005
201,099133,695
-34,789
366,439
269,943131,286-34,789
-66,434
-68,8432,410
631,866
151,566480,300
94,714385,586
81,773
54,08532,071-4,383
94,729
65,08934,023-4,383
-12,956
-11,004-1,952
646,379
148,052498,327
96,702401,625
357,762
241,312152,763-36,313
402,725
295,772143,267-36,313
-44,963
-54,4599,496
709,138
157,295551,843
105,004446,839
401,997
270,484168,012-36,498
450,836
332,016155,318-36,498
-48,839
-61,53312,694
780,425
169,477610,948
115,480495,468
465,940
316,351189,641-40,052
493,673
362,420171,305-40,052
-27,733
-46,06918,335
833,751
189,162644,589
115,594528,996
523,829
347,813222,196-46,179
563,583
405,653204,110-46,179
-39,754
-57,84018,086
892,812
203,923688,889
599,988
383,151265,107-48,270
615,761
429,700234,331-48,270
-15,773
-46,54930,776
939,357
217,368721,989
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
All other
BUDGET OUTLAYS...
National defenseInternational affairsGeneral science, space, and technologyEnergyNatural resources and environmentAgricultureCommerce and housing creditTransportationCommunity and regional developmentEducation, training, employment, and so-
cial servicesHealthIncome securityVeterans benefits and services....,Administration of justiceGeneral governmentGeneral purpose fiscal assistanceInterestAllowancesUndistributed offsetting receipts
Composition of undistributed offsettingreceipts:
Employer share, employee retirement.Interest received by trust fundsRents and royalties on the Outer
Continental Shelf
300,005
131,60341,40992,71416,9635,2164,074
5,4512,575
366,439
89,4305,5524,3703,1278,1242,5043,79213,4354,767
18,73733,448127,41218,4323,3202,9487,235
34,511
81,773
38,8018,460
25,7604,4731,4551,212
1,500112
94,729
22,3072,1931,161794
2,532581
1,3923,3041,340
5,1628,721
32,7973,962859883
2,0927,216
357,762
157,62654,892108,68817,5487,3275,150
5,908622
402,725
97,5014,8134,6774,17210,0005,532- 4 4
14,6366,348
20,98538,785137,91518,0383,6003,3129,499
38,009
401,997
180,98859,952123,41018,3765,2856,573
6,641772
450,836
105,1865,9224,7425,86110,9257,7313,32415,44511,039
26,46343,676146,21218,9743,8023,7379,601
43,966
-14,704
-4,242-7,800
-2,662
-2,567
-985-270
-1,311
-15,053
-4,548-8,131
-2,374
-15,772
-4,983-8,530
-2,259
465,940
217,84165,677141,59118,7455,4117,439
8,327910
493,673
117,6816,0915,0416,85612,0916,2382,56517,4599,482
29,68549,614160,19819,9284,1534,1538,372
52,556
-18,488
-5,271-9,950
-3,267
523,829
238,71772,303162,18126,3335,7777,600
10,058861
563,583
130,36810,4015,8897,75112,7764,6365,47619,6318,467
30,65456,563190,94820,7664,5304,8858,670
63,330100
-22,258
-5,919-11,539
-4,800
599,988
274,36771,574187,39740,2095,9388,403
10,8761,224
615,761
146,2419,6126,4428,10712,8192,802712
20,1598,820
31,98962,449
219,98221,7314,6994,9319,617
67,1972,570
-25,119
-6,161-12,958
- 6 , 0 0 0
Note.—Through fiscal year 1976, the fiscal year was on a July 1—June 30 basis. Beginning October 1976 (fiscal year 1977), thefiscal year is on an October 1—September 30 basis. The period July 1, 1976 through September 30, 1976 is a separate fiscal periodknown as the transition quarter.
See "Budget of the United States Government, Fiscal Year 1981" for additional information.
Sources: Department of the Treasury and Office of Management and Budget.
285
2 9 4 - 2 8 9 0 - 8 0 - 1 9
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-70.—Federal budget receipts and outlays, fiscal years 1929-81
[Millions of dollars]
1929 ..
1933
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
196519661967 .19681969
19701971197219731974
19751976Transition quarter197719781979
19801
1981 *
Fiscal year Receipts
3,862
1,997
4,979
6,3618,62114,35023,64944,276
45,21639,32738,39441,77439,437
39,48551,64666,20469,57469,719
65,46974,54779,99079,63679,249
92,49294,38999,676106,560112,662
116,833130,856149,552153,671187,784
193,743188,392208,649232,225264,932
280,997300,00581,773
357,762401,997465,940
523,829599,988
Outlays
3,127
4,598
8,841
9,45613,63435,11478,53391,280
92,69055,18334,53229,77338,834
42,59745,54667,72176,10770,890
68,50970,46076,74182,57592,104
92,22397,795106,813111,311118,584
118,430134,652158,254178,833184,548
196,588211,425232,021247,074269,620
326,185366,43994,729402,725450,836493,673
563,583615,761
Surplus ordeficit (-)
734
-2,602
-3,862
-3,095-5,013
-20,764-54,884-47,004
-47,474-15,856
3,86212,001
603
-3,1126,100
-1,517-6,533-1,170
-3,0414,0873,249
-2,939-12,855
269-3,406-7,137-4,751-5,922
-1,596-3,796-8,702
-25,1613,236
-2,845-23,033-23,373-14,849-4,688
-45,188-66,434-12,956-44,963-48,839-27,733
-39,754-15,773
1 Estimates.Note.—Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Government shifted beginning with
fiscal year 1977. Through fiscal year 1976, the fiscal year was on a July 1-June 30 basis; beginning October 1976 (fiscal year 1977),the fiscal year is on an October 1-September 30 basis. The 3-month period from July 1, 1976 through September 30, 1976 is aseparate fiscal period Known as the transition quarter.
Data for 1929-39 are according to the administrative budget and those beginning 1940 according to the unified budget.Refunds of receipts are excluded from receipts and outlays.See "Budget of the United States Government, Fiscal Year 1981" for additional information.Sources: Department of the Treasury and Office of Management and Budget.
286Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-71.—Relation of Federal Government receipts and expenditures in the national income and
product accounts to the unified budget, 1979-81
[Billions of dollars; fiscal years]
Receipts and expenditures
RECEIPTS
Total budget receipts
Government contribution for employee retirement (grossing)Other netting and grossingAdjustment to accrualsOther
Federal sector, national income and product accounts, receipts
EXPENDITURES
Total budget outlays
Lending and financial transactionsGovernment contribution for employee retirement (grossing)Other netting and grossingDefense timing adjustmentBonuses on Outer Continental Shelf land leasesOther
Federal sector, national income and product accounts, expenditures ,
1979
465.9
7.93.67.3
_ 9
483.7
493.7
- 7 . 27.93.6
- 1 . 31.94.9
493.6
Estimate
1980
523.8
8.83.8
- 4 . 8- 1 0
530.6
563.6
- 7 . 38.83.8
- 2 . 73.0
- 4 . 9
564.2
1981
600.0
9.44.3
- 4 . 9- 1 2
607.7
615.8
- . 49.44.3
- 2 . 23.9
- 4 . 4
626.3
Note.—See Note, Table B-70.See Special Analysis B, "Special Analyses, Budget of the United States Government, Fiscal Year 1981" for description of these
categories.
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management andBudget.
287Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-72.—Government receipts and expenditures, national income and product accounts, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Calendar year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
19771IIIIIIV
19781IIIIIIV
1979:1IIIIIIV
Total government
Receipts
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
302.6322.2367.4411.2455.1468.5538.3606.6685.7771.9
589.5599.0609.6628.5
642.4678.6696.3725.4
741.1754.0782.9
Expendi-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
311.9340.5370.9404.9458.2532.8574.0626.1686.0757.9
602.6615.6633.1653.3
661.7673.7694.1714.5
725.3741.3768.8796.2
Surplus ordeficit(-),
nationalincome
andproduct
accounts
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 . 56.3
- 3 . 2-64.4-35.7-19.5
- .314.0
-13.1-16.6-23.5-24.8
-19.25.02.3
10.8
15.812.714.0
Federal Government
Receipts
3.8
2.7
6.7
8.615.422.939.341.042.539.143.243.238.7
50.064.367.370.063.772.678.081.978.789.8
96.198.1
106.2114.4114.9124.3141.8150.5174.7197.0
192.1198.6227.5258.3288.6286.2331.4375.4432.1497.6
366.8370.8375.8388.2
397.8424.8442.1463.5
475.0485.8504.8
Expendi-tures
2.6
4.0
8.9
10.020.556.185.895.584.635.629.834.941.3
40.857.871.177.169.868.171.979.688.991.0
93.1101.9110.4114.2118.2123.8143.6163.7180.6188.4
204.2220.6244.7265.0299.3356.8385.0421.7459.8508.0
404.0411.6429.4441.8
447.3449.4462.6479.7
486.8492.9516.1536.4
Surplus ordeficit(-),
nationalincome
andproduct
accounts
1.2
- 1 . 3
- 2 . 2
- 1 . 3- 5 . 1
-33.1-46.6-54.5-42.1
3.513.48.3
- 2 . 6
9.26.5
-3 .7- 7 . 1- 6 . 0
4.46.12.3
-10.3-1 .1
3.0- 3 . 9- 4 . 2
.3- 3 . 3
.5- 1 . 8
-13.2- 5 . 8
8.5
-12.1-22.0-17.3
-6 .7-10.7-70.6-53.6-46.3-111-10.5
-37.2-40.9-53.6-53.6
-49.4-24.6-20.4-16.3
-11.7- 7 . 0
-11.3
Receipts
7.6
7.2
9.6
10.010.410.610.911.111.613.015.417.719.5
21.323.425.427.429.031.735.038.542.046.4
49.954.058.563.269.575.184.893.6
107.2119.7
134.9152.6177.4193.5210.4236.9268.0298.8331.0354.4
285.4293.7305.2310.7
319.0330.5331.8342.6
343.9345.9359.8
State and localgovernment
Expendi-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
132.2148.9163.7180.5202.8230.6250.1271.9303.6329.9
261.3269.5275.1281.9
288.8301.0309.1315.5
316.3326.1334.5342.8
Surplus ordeficit(-),
nationalincome
andproduct
accounts
- 0 . 2
1
.0
.61.31.82.52.72.61.91.0.1
-.7
- 1 . 2- .4- .0
.1- 1 . 1- 1 . 3- .9
- 1 . 4- 2 . 4- .4
.1- .4
.5
.51.0
- .0.5
-1 .1.3
2.1
2.83.7
13.713.07.66.2
17.926.827.424.4
24.224.230.128.8
30.229.611127.1
27.619.725.3
Note.—Federal grants-in-aid to State and local governments are reflected in Federal expenditures and State and local receipts. Totalgovernment receipts and expenditures have been adjusted to eliminate this duplication.
Source: Department of Commerce, Bureau of Economic Analysis.
288Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-73.—Federal Government receipts and expenditures, national income and product accounts,
1953-81
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
Receipts
Total
Personaltax andnontax
receipts
Corpo-rate
profitstax
accruals
Indirectbusinesstax andnontax
accruals
Contri-butions
forsocialinsur-ance
Expenditures
Total1
Pur-chases
ofgoods
andserv-ices
Transferpayments
Topersons
Toforeign-
ers
Grants-in-aid
toStateandlocal
govern-ments
Netinter-estpaid
Subsi-diesless
currentsurplus
ofgovern-
mententer-prises
Surplusor
deficit
nationalincome
andproductaccounts
Fiscal year:1953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980 2
1981 2
Calendar year:195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979 ".
1978:IIIIllIV
1979:|||
III
IV P
69.465.867.476.381.078.185.494.895.0104.0110.0115.6120.0132.7146.0160.0190.1194.9192.5213.5240.5271.8283.5313.9366.0414.7483.7530.6607.7
70.063.772.678.081.978.789.896.198.1106.2114.4114.9124.3141.8150.5174.7197.0192.1198.6227.5258.3288.6286.2331.4375.4432.1497.6
397.8424.8442.1463.5
475.0485.8504.8
31.430.329.733.636.736.338.242.543.647.349.650.751.457.564.471.490.093.687.5100.3107.3122.6127.1137.0166.0186.3223.5245.1279.7
32.229.031.435.237.436.839.943.644.748.651.548.653.961.767.579.694.892.289.9108.2114.6131.1125.4147.2169.6194.9229.9
178.9188.8200.9211.0
213.0223.4235.2248.1
19.717.318.921.520.817.921.422.320.022.723.325.727.130.830.333.237.033.032.034.241.043.742.151.759.167.778.476.577.1
19.516.921.120.920.418.022.521.421.522.524.626.128.931.430.036.336.230.833.536.643.045.942.854.661.872.078.3
60.272.274.681.2
77.274.979.4
10.710.410.010.811.711.612.013.213.314.215.015.616.915.515.817.118.619.220.019.920.721.422.224.324.527.229.438.553.0
10.99.7
10.711.211.811.512.513.413.614.615.316.216.515.616.318.019.019.320.420.021.221.723.923.425.128.130.0
26.628.028.429.3
29.429.930.030.7
7.67.88.7
10.311.712.313.916.718.119.922.123.624.528.935.538.444.549.252.959.171.584.292.1
100.9116.4133.5152.4170.5197.9
7.48.29.4
10.612.312.414.917.618.320.523.124.025.033.136.740.847.049.754.962.879.489.994.2
106.3118.9137.0159.3
132.2135.8138.2142.0
155.5157.5160.2164.2
75.974.367.270.076.082.891.291.398.1
106.2111.7117.2118.5132.7154.9172.2184.7195.6212.7232.9256.2278.8328.7371.1411.4450.1493.6564.2626.3
77169.868.171.979.688.991.093.1
101.9110.4114.2118.2123.8143.6163.7180.6188.4204.2220.6244.7265.0299.3356.8385.0421.7459.8508.0
447.3449.4462.6479.7
486.8492.9516.1536.4
56.453.944.345.548.151.154.852.955.861.063.765.964.672.486.095.098.097.094.8
100.9101.7104.6118.0125.7140.3150.7162.4185.6202.9
57.547.944.545.950.053.953.953.757.463.764.665.267.378.890.998.097.595.696.2
102.1102.2111.1123.1129.7144.4152.6166.3
150.9148.2152.3159.0
163.6161.7162.9177.0
9.210.512.112.814.417.819.920.623.625.126.527.428.431.837.242.748.755.067.776.187.1
101.7131.2153.5166.4178.5197.7230.9263.2
9.411.512.413.415.719.620.121.625.025.627.027.930.333.540.146.050.661.372.780.593.2
114.4146.0158.4169.5181.6205.7
176.4176.8185.3187.9
192.7198.0213.9217.9
2.11.72.11.81.91.71.81.82.12.12.12.22.22.32.22.12.22.02.32.82.73.03.13.03.23.54.04.24.4
2.01.82.01.91.81.81.81.92.12.22.22.22.22.32.22.12.12.22.62.72.63.23.13.23.23.73.9
3.43.93.54.2
4.03.93.74.0
2.82.93.03.23.74.76.26.96.97.68.39.8
10.912.714.817.819.222.626.832.640.441.648.457.666.374.779.384.390.7
2.82.93.13.34.25.66.86.57.28.09.1
10.411.114.415.918.620.324.429.037.540.643.954.661.167.577.380.1
74.476.777.680.7
77.877.781.883.0
4.54.64.64.85.35.45.66.86.46.47.17.78.28.79.6
10.512.113.614.214.115.919.821.925.228.433.140.449.252.2
4.64.64.65.15.55.26.26.86.26.87.38.08.49.29.8
11.412.914.314.014.618.220.923.226.829.034.843.0
32.534.035.637.1
40.042.643.546.0
.9
.81.21.72.62.42.52.43.34.14.04.14.34.85.24.14.65.46.86.49.18.05.76.26.99.69.8
10.012.9
.71.01.52.42.42.82.12.64.04.23.94.54.65.54.74.55.26.36.27.88.25.36.85.88.19.79.0
9.79.88.4
10.9
8.39.0
10.28.4
- 6 . 5- 8 . 5
.26.35.0
- 4 . 7- 5 . 8
3.4- 3 . 1- 2 . 2- 1 . 7- 1 . 5
1.4.0
- 8 . 9-12.2
5.4- . 6
-20.2-19 .5-15.7- 7 . 0
-45 .3-57.3-45.5-35.4
- 9 . 9-33.6-18.6
- 7 . 1-6 .0
4.46.12.3
-10.3- 1 . 1
3.0- 3 . 9-4 .2
.3- 3 . 3
.5- 1 . 8
-13.2- 5 . 8
8.5-12.1-22.0-17.3- 6 . 7
-10.7-70.6-53.6-46.3-27.7-10.5
-49.4-24.6-20.4-16.3
-11.7- 7 . 0
-11 .3
1 Includes an item for the difference between wage accruals and disbursements, not shown separately.2 Estimates.
Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.
289Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-74.—State and local government receipts and expenditures, national income and product accounts,
1946-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Calendar yearor quarter
Receipts
Total
Personaltax andnontax
receipts
Corpo-rate
profitstax
accruals
Indirectbusinesstax andnontax
accruals
Contribu-tions for
socialinsurance
Federalgrants-in-aid
Expenditures
Total1
Pur-chases
ofgoods
andservices
Trans-fer
pay-ments
toper-sons
Netinterest
paid
Subsi-diesless
currentsurplus
ofgovern-
mententer-prises
Surplusor
deficit( —)
nationalincome
andproduct
accounts
1946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979 ".
1977:|IIIllIV
1978:1IIIll .IV
1979:|IIIllIV
13.015.417.719.5
21323.425.427.429.0
31.735 038.542.046.4
49.954.058.563.269.5
75.184.893.6107.2119.7
134.9152.6177.4193.5210.4
236.9268.0298 8331.0354.4
285.4293.7305.2310.7
319.0330.5331.8342.6
343.9345.9359.8
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
43.449.956.864.169.9
54.656.357.458.9
60.963.365.067.2
67.367.371.473.7
0.5.6.7.6
1.01.01.01.01.2
1.21.31.51.71.8
2.02.22.53.13.4
3.74.25.05.76.5
7.19.3
10.912.514.3
10.310.811.111.3
10.612.512.913.9
14.113.714.7
9.310.712.213.3
14.615.917.418.819.9
21.623.825.727.229.3
32.034.437.039.442.6
46.149.754.060.867.4
74.783.191.099.0
106.9
115.4128.0140.0150.0159.5
135.8137.9141.3144.9
147.0151.3148.8152.8
155.5157.0161.1164.5
0.6.7
1.11.41.61.72.0
2.12.32.62.83.1
3.43.73.94.24.7
5.05.76.77.27.9
9.09.9
10.812.113.9
16.419.723.627.130.5
22.123.124.025.1
26.026.827.528.0
29.130.230.931.8
1.11.72.02.2
2.32.52.62.82.9
3.13.34.25.66.8
6.57.28.09.1
10.4
11.114.415.918.620.3
24.429.037.540.643.9
54.661.167.577.380.1
62.765.571.470.4
74.476.777.680.7
77.877.781.883.0
11.114.417.620.2
22.523.925.527.330.2
32.935.939.844.346.9
49.854.458.062.868.5
75.184.394.7
106.9117.6
132.2148.9163.7180.5202.8
230.6250.1271.9303.6329.9
261.3269.5275.1281.9
288.8301.0309.1315.5
316.3326.1334.5342.8
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
215.4231.6251.8283.0309.8
241.8249.0254.9261.6
268.5280.1288.6294.8
296.5304.9314.9322.8
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
24.527.430.233.336.3
29.129.830.531.3
32.133.033.834.4
35.035.736.537.9
0.2.1.1.1
.1
.0
.0
.0
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1- . 1
- . 3
- ! 9-1 .2- 1 . 6
- 2 . 0- 1 . 8- 2 . 1- 2 . 9- 4 .9
- 4 . 8- 4 . 1- 5 . 0- 7 . 1- 9 . 5
-4.3-4.6-5.2-5.9
- 6 . 4- 7 . 0- 7 . 3- 7 . 6
- 8 . 3- 9 . 0
-10.0-10.8
- 0 . 7- . 8- . 8- . 9
- . 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- 4 . 8- 5 . 0- 5 . 5- 6 . 7
-6.5-6.4-7.0-6.9
1.91.0.1
- . 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
13.713.07.6
6.217.926.827.424.4
24.224.230.128.8
30.229.622.727.1
27.619.725.3
1 Includes an item for the difference between wage accruals and disbursements, not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
290Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-75.—State and local government revenues and expenditures, selected fiscal years, 1927-77
[Millions of dollars]
Fiscal yearl
General revenues by source2
Total Propertytaxes
Salesand
grossre-
ceiptstaxes
Individ-ual
i.icometaxes
Corpo-ration
netincometaxes
Revenuefrom
FederalGovern-
ment
Allother3
General expenditures by function2
Total Educa-tion
High-ways
Publicwelfare
Allother4
1927
1932193419361938
19401942194419461948
1950195219531954
19551956195719581959
1960196119621963
1962-635
1963-6451964-655
1965-665
1966-675
1967-685
1968-695
1969-705
1970-715
1971-725
1972-735
1973-745
1974-755
1975-765
1976-775
7,271
7,2677,6788,3959,228
9,60910,41810,90812,35617,250
20,91125,18127,30729,012
31,07334,66738,16441,21945,306
50,50554,03758,25262,890
62,26968,44374,000
83,03691,197
101,264114,550130,756
144,927166,352190,214207,670228,171
256,176285,796
4,730
4,4874,0764,0934,440
4,4304,5374,6044,9866,126
7,3498,6529,3759,967
10,73511,74912,86414,04714,983
16,40518,00219,05420,089
19,83321,24122,583
24,67026,04727,74730,67334,054
37,85242,13345,28347,70551,491
57,00162,535
470
7521,0081,4841,794
1,9822,3512,2892,9864,442
5,1546,3576,9277,276
7,6438,6919,4679,82910,437
11,84912,46313,49414,456
14,44615,76217,118
19,08520,53022,91126,51930,322
33,23337,48842,04746,09849,815
54,54760,595
70
7480153218
224276342422543
788998
1,0651,127
1,2371,5381,7541,7591,994
2,4632,6133,0373,269
3,2673,7914,090
4,7605,8267,3088,90810,812
11,90015,23717,99419,49121,454
24,57529,245
92
7949113165
156272451447592
593846817778
744890984
1,0181,001
1,1801,2661,3081,505
1,5051,6951,929
2,0382,2272,5183,1803,738
3,4244,4165,4256,0156,642
7,2739,174
116
2321,016948800
945858954855
1,861
2,4862,5662,8702,966
3,1313,3353,8434,8656,377
6,9747,1317,8718,722
8,66310,00211,029
13,21415,37017,18119,15321,857
26,14631,25339,25641,82047,034
55,58962,575
1,793
1,6431,4491,6041,811
1,8722,1232,2692,6613,685
4,5415,7636,2526,897
7,5848,4659,2509,69910,516
11,63412,56313,48914,850
14,55615,95117,250
19,26921,19723,59826,11829,971
32,37435,82640,21046,54151,735
57,19161,673
7,210
7,7657,1817,6448,757
9,2299,1908,86311,02817,684
22,78726,09827,91030,701
33,72436,71140,37544,85148,887
51,87656,20160,20664,816
63,97769,30274,546
82,84393,350102,411116,728131,332
150,674166,873181,227198,959230,721
256,731274,388
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
97,216102,805
1,809
1,7411,5091,4251,650
1,5731,4901,2001,6723,036
3,8034,6504,9875,527
6,4526,9537,8168,5679,592
9,4289,844
10,35711,136
11,15011,66412,221
12,77013,93214,48115,41716,427
18,09519,01018,61519,94622,528
23,90723,105
151
444889827
1,069
1,1561,2251,1331,4092,099
2,9402,7882,9143,060
3,1683,1393,4853,8184,136
4,4044,7205,0845,481
5,4205,7666,315
6,7578,2189,857
12,11014,679
18,22621,07023,58225,08528,155
32,60435,941
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
103,004112,537
1 Fiscal years not the same for all governments. See footnote 5.2 Excludes revenues or expenditures of publicly owned utilities and liquor stores, and of insurance-trust activities. Intergovernmental
receipts and payments between State and local governments are also excluded.3 Includes licenses and other taxes and charges and miscellaneous revenues.4 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 unallocable expenditures.5 Data for fiscal year ending in the 12-month period through June 30. Data for 1963 and earlier years include local government
amounts grouped in terms of fiscal years ended during the particular calendar year.
Note.—Data are not available for intervening years.
Source: Department of Commerce, Bureau of the Census.
291Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-76.—Interest-bearing public debt securities by kind of obligation, 1967-79
[Millions of dollars]
End of year or month
Totalinterest-bearingpublicdebt
securities
Marketable
Total BillsTreasury
notesTreasurybonds»
Nonmarketable
TotalU.S.
savingsbonds
Foreigngovern-
mentand
publicseries2
Govern-ment
accountseries3
Other4
Fiscal year:196719681969
19701971197219731974
19751976197719781979
1978:JanFebMarAprMayJune
JulyAugSeptOctNovDec
1979:JanFeb.MarApr.MayJune.
JulyAugSeptOctNovDec
322,286344,401351,729
369,026396,289425,360456,353473,238
532,122619,254697,629766,971819,007
720,563728,474736,929733,074740,579748,002
749,462763,404766,971775,452782,048782,371
789,502791,249792,344795,434803,816799,863
806,508812,095819,007825,736832,730843,960
5 210,672226,592226,107
232,599245,473257,202262,971266,575
315,606392,581443,508485,155506,693
466,780470,766478,252472,193473,684477,699
481,041485,557485,155491,651493,337487,546
496,529497,976500,400504,585506,867499,343
506,994509,187506,693515,033519,573530,731
58,53564,44068,356
76,15486,67794,648
100,061105,019
128,569161,198156,091160,936161,378
161,221161,817165,652159,640159,391159,757
160,092160,615160,936161,227161,548161,747
162,286162,416165,459163,730163,076159,890
159,938160,489161,378161,692165,100172,644
49,10871,07378,946
93,489104,807113,419117,840128,419
150,257191,758241,692267,865274,242
257,077258,472262,179262,180261,612265,310
266,586268,531267,865272,610271,663265,791
272,807271,372270,803275,311276,123272,066
278,257277,582274,242280,832279,723283,379
97,41891,07978,805
62,95653,98949,13545,07133,137
36,77939,62645,72456,35571,073
48,48350,47750,42050,37352,68152,632
54,36356,41056,35557,81460,12560,007
61,43664,18964,13965,54467,66867,387
68,79971,11671,07372,51074,75174,708
111,614117,808125,623
136,426150,816168,158193,382206,663
216,516226,673254,121281,816312,314
253,783257,707258,677260,881266,895270,303
268,420277,847281,816283,801288,711294,825
292,973293,273291,944290,849296,949300,520
299,514302,909312,314310,703313,157313,229
51,21351,71251,711
51,28153,00355,92159,41861,921
65,48269,73375,41179,79880,440
76,98777,41577,80478,22078,64578,965
79,28179,54379,79880,09180,33180,546
80,41480,45980,41780,42680,43080,460
80,52480,50380,44080,17879,66979,517
1,5143,7414,070
4,7559,270
18,98528,52425,011
23,21621,50021,79921,68028,115
22,78722,59723,64923,43322,41921,460
20,81322,22421,68024,04226,62429,593
30,25728,15028,16125,41625,15826,807
28,01527,68828,11523,86023,89523,551
56,15559,52666,790
76,32382,78489,598
101,738115,442
124,173130,557140,113153,271176,360
136,364139,422137,956138,833144,394146,448
144,665149,047153,271152,685154,812157,522
155,237157,637153,765158,178164,552166,274
163,882167,301176,360175,267176,992177,460
2,7312,8283,051
4,0685,7593,6543,7014,289
3,6444,883
16,79727,06727,400
17,64418,27319,26720,39521,43623,430
23,66027,03227,06726,98326,94427,164
27,06527,02729,60126,82926,80926,981
27,09427,41827,40031,39832,60132,701
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 of dollar-denominated and foreign-
currency denominated issues.3 Includes Treasury deposit funds and some special issues formerly included in "Other."4 Includes depository bonds, retirement plan bonds, Rural Electrification Administration bonds, State and local bonds, and special
issues held only by U.S. Government agencies and trust funds and the Federal home loan banks.5 Includes $5,610 million in certificates not shown separately.
Note.—Through fiscal year 1976, the fiscal year was on a July 1—June 30 basis; beginning October 1976 (fiscal year 1977) thefiscal year is on an October 1—September 30 basis.
Source: Department of the Treasury.
292Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-77.—Estimated ownership of public debt securities, 1967-79
[Par values;1 billions of dollars]
End of year or month
Fiscal year:196719681969
1970 '1971197219731974
19751976197719781979
1978:JanFebMar
MayJune
JulyAugSeptOctNovDec
1979JanFebMar
MayJune
JulyAugSeptOctNovDec
Total public debt securities
Total2
322.9345.4352.9
370.1397.3426.4457.3474.2
533.2620.4698.8771.5826.5
721.6729.8738.0736.6741.6749.0
750.5764.4771.5776.4783.0789.2
790.5792.2796.8796.4804.8804.9
807.5813.1826.5826.8833.8845.1
Held byGovern-
mentaccounts
71.876.184.8
95.2102.9111.5123.4138.2
145.3149.6155.5168.0187.7
1515154.2152.7153.6159.1161.1
159.3163.7168.0166.3167.4170.0
167.7170.1166.3170.7177.1178.6
176.3178.6187.7185.7187.1187.1
Held byFederalReserveBanks
46.752.254.1
57.765.571.475.080.5
84.794.4
104.7115.3115.5
97.098.5
101.6103.5102.8110.1
108.9111.7115.3115.3113.3110.6
101.3103.5110.9108.6106.2109.7
111.4113.0115.5114.6118.1117.5
Held by private investors
Total3
204.4217.0214.0
217.2228.9243.6258.9255.6
303.2376.4438.6488.3523.4
473.1477.1483.7479.5479.7477.8
482.3489.0488.3494.7502.3508.6
521.4518.6519.6517.1521.5516.6
519.8521.5523.4526.5528.6540.5
Corn-banks4
55.559.755.3
52.661.060.958.853.2
69.092.599.896.392.3
1001101.7100.7100.398.499.1
97.996.896.395.394.594.7
93.394.495.696.297.694.0
93.492.792.393.595.0
Mutualsavingsbanksand
insur-ancecom-
panies
13.212.511.6
10.410.310.29.68.5
10.616.020.520.319.3
21321.821.120.420.619.9
20.320.320.320.520.219.9
20.120.220.119.719.819.1
19.219.219.319.318.8
Corpora-tions5
11.012.011.1
8.57.49.39.8
10.8
13.224.323.321.323.7
23.422.320.819.518.918.2
19.122.421.320.420.820.5
21.222.511122.624.922.8
21.220.723.724.124.0
State andlocal
govern-ments 6
23.625.126.4
29.025.926.928.828.3
31.739.353.069.068.9
55.357.760.660.159.763.7
62.970.769.068.370.470.1
69.269.871.471.771.770.5
69.970.168.969.768.2
Indi-viduals7
70.474.277.3
81.875.473.275.980.7
87.196.4
103.9109.4113.2
106 3107.0107.1107.3108.1108.2
108.6109.2109.4110.0110.3110.8
111.2111.6111.9112.3112.6112.5
112.7112.9113.2113.4113.7
Miscel-laneousinves-
tors3-8
30.733.432.3
35.049.163.276.074.2
91.5107.9138.1172.1205.9
166.6166.6173.5171.9173.9168.6
173.6169.7172.1180.2186.1192.7
206.2200.1197.9194.7195.0197.6
203.4205.9205.9206.4208.9
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 conformwith the Budget presentation. This adjustment applies to the 1967-79 data in this table.3 For comparability with 1975-79 published data, published data for 1967-74 have been adjusted to exclude notes of theInternational Monetary Fund. These adjustments amounted to $3.3 billion in 1967, $2.2 billion in 1968, and $0.8 billion in each year1969 through 1974. These adjustments were necessary in order to add to the total public debt figures as published by the Departmentof the Treasury.
4 Includes commercial banks, trust companies, and stock savings banks in the United States and Territories and island possessions;figures exclude securities held in trust departments. Since the estimates in this table are on the basis of par values and includeholdings of banks in United States Territories and possessions, they do not agree with the estimates in Table B-59, which are based onbook values and relate only to banks within the United States.
5 Exclusive of banks and insurance companies.6 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 international accounts inthe United States.
Note.—Through fiscal year 1976, the fiscal year was on a July 1—June 30 basis; beginning October 1976 (fiscal year 1977), thefiscal year is on an October 1—September 30 basis.
Source: Department of the Treasury.
293Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-78.—Average length and maturity distribution of marketable interest-bearing public debt securities
held by private investors, 1967-79
End of year or month
Amountout-
standing,privately
held
Maturity class
Withinlyear
I t o 5years
5 to 10years
10 to 20years
20 yearsand over
Average length
Fiscal year:19671968..1969
19701971197219731974
19751976197719781979
1978:JanFeb.MarAprMayJune-
JulyAugSeptOctNovDec...
1979:JanFeb.Mar
MPayJune.
JulyAugSeptOctNovDec...
Millions of dollars
150,321159,671156,008
157,910161,863165,978167,869164,862
210,382279,782326,674356,501380,530
355,374358,320362,693355,144356,892353,660
358,255359,919356,501362,443367,256365,239
382,556381,797380,060383,315388,001377,649
383,102384,771380,530389,074390,439402,226
56,56166,74669,311
76,44374,80379,50984,04187,150
115,677151,723161,329163,819181,883
177,642175,195178,474170,272166,094162,533
163,619163,512163,819165,337170,492174,231
184,277185,602186,967185,725188,018184,113
183,277182,891181,883182,297180,671190,408
53,58452,29550,182
57,03558,55757,15754,13950,103
65,85289,151113,319132,993127,574
123,692130,715132,501130,884135,524137,543
139,017136,462132,993136,064133,876128,293
133,992132,434129,454132,538130,576124,443
129,462130,607127,574134,205133,281133,168
21,05721,85018,078
8,28614,50316,03316,38514,197
15,38524,16933,06733,50032,279
32,71229,85329,41431,81631,75830,458
30,57333,60333,50033,47633,69533,604
33,69031,29931,24531,23533,57233,359
33,55532,39232,27932,32534,31936,592
6,1536,1106,097
7,8766,3576,3588,7419,930
8,8578,0878,42811,38318,489
9,7339,7199,6359,5719,8479,766
11,51211,40711,38312,74613,87913,833
15,28215,19515,14116,57817,32617,271
18,61718,54818,48919,93819,86619,796
12,96812,67012,337
8,2727,6456,9224,5643,481
4,6116,65210,53114,80520,304
11,59512,83812,66912,60113,66813,360
13,53314,93614,80514,82015,31415,278
15,31517,26717,25417,23918,50818,462
18,39020,33420,30420,30922,30222,262
Years Months
631
11
71137
11011011
13
244
109
Note.—All issues classified to final maturity.Through fiscal year 1976, the fiscal year was on a July 1—June 30 basis; beginning October 1976 (fiscal year 1977), the fiscal year
is on an October 1—September 30 basis.
Source: Department of the Treasury.
294Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITS AND FINANCE
TABLE B-79.—Corporate profits with inventory valuation and capital consumption adjustments, 1946-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979".
1977:III .IllIV
1978:1IIIIIIV
1979:I||III
Corporateprofits with
inventoryvaluation
and capitalconsumptionadjustments
16.622.229.126.9
33.738.135.435.534.6
44.642.942.137.548.2
46.646.954.959.667.0
77.182.579.385.881.4
67.977.292.199.183.6
95.9126.8150.0167.7178.5
137.1148.9160 8153.0
141.2169.4175.2184.8
178.9176 6180.8
Corporateprofits tax
liability
9.111.312.410.2
17.922.619.420.317.6
22.022.021.419.023.6
22.722.824.026.228.0
30.933.732.539.439.7
34.537.741.548.752.4
49.863.872.684.592.7
69.272 573 775.1
70.884.787.595.1
91388 794.0
Profits after tax with inventory valuation andcapital consumption adjustments
Total
7.510.916.716.7
15.715.516.015.217.0
22.620.920.618.524.6
23.924.130.933.439.0
46.248.946.846.441.8
33.439.550.550.431.2
46.163.077.383.285.8
67 876 487 277.9
70.484.787.889.8
87.688 0867
Dividends
5.66.37.07.2
8.88.58.58.89.1
10.311.111.511.312.2
12.913.314.415.517.3
19.119.420.121.922.6
22.923.024.627.831.0
31.937.542.147.252.7
40.841.542 743.4
45.146.047.849.7
51.552 35Z8
Undistributedprofits with
inventoryvaluation
and capitalconsumptionadjustments,
2.04.69.79.5
6.97.07.56.47.9
12.29.89.17.2
12.4
11.010.816.517.921.7
27.129.426.724.419.2
10.516.525.922.6
.2
14.225.535.236.033.1
27.034.944 534.5
25.338.740.040.1
36.135 634.0
Source-. Department of Commerce, Bureau of Economic Analysis.
295Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-80.—Corporate profits by industry, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
19771IIIIIIV
19781IIIIIIV
1979:1IIIII
Corporate profits with inventory valuation adjustment and without capital consumption adjustment
Total
10.5
- 1 . 2
6.3
9.815.220.324.423.819.219.325.633.030.8
37.642.739.839.537.846.745.945.440.851.2
48.948.753.757.664.273.378.675.682.177.9
66.476.989.697.286.5
107.9141.3162.0180.8195.2
149.7160.3172.0166.0
153.6182.0189.0198.6
193.3191.3198.3
Domestic industries
Total
10.2
- 1 . 2
6.1
9.615.020.124.123.518.918.924.932.229.9
36.741.538.738.436.445.144.143.539.149.4
47.046.351.154.961.070.175.972.678.974.2
62.672.484.790.476.9
101.8133.1152.1170.6181.9
139.9150.5161.2156.9
143.5171.0178.8189.0
181.4179.6182.5
Total
1.3
.3
.8
1.01.11.21.31.61.72.11.72.63.1
3.13.64.04.54.64.85.05.25.76.8
7.27.07.36.86.97.58.59.0
10.411.3
12.614.115.416.214.413.017.823.829.733.0
21.322.924.826.4
27.228.930.632.1
31.932.033.8
Financial'
CpHpralrcQcldl
Re-servebanks
0.0
.0
.0
.0
.0
.0
.01
.1
.11
.2
.2
.2
.3
.4
.4
.3
.3
.5
.6
.6
.7
1.0.8.9
1.01.11.41.72.02.53.1
3.63.33.44.55.75.76.06.27.79.6
6.06.26.26.4
6.97.48.08.6
8.89.29.7
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
9.010.812.111.78.77.3
11.817.621.923.4
15.216.718.620.0
20.321.522.623.5
23.122.824.1
Total
8.9
- 1 . 5
5.3
8.614.018.922.821.917.316.823.229.626.8
33.537.934.733.931.840.339.138.333.542.6
39.839.343.848.154.162.567.463.668.562.9
50.158.269.374.162.588.9
115.3128.3140.9149.0
118.7127.6136.4130.5
116.3142.1148.3156.9
149.6147.7148.7
Nonfinancial
Manufac-turing2
5.2
- .4
3.3
5.59.5
11.813.813.29.79.0
13.617.616.2
20.924.621.722.019.926.024.724.019.426.2
23.923.026.028.731.938.341.637.941.236.8
27.132.440.644.136.648.365.773.581.789.3
68.375.172.578.1
67.683.485.190.6
94.190.686.4
Whole-saleand
retailtrade
1.0
- .5
.7
1.21.42.23.03.23.33.84.65.54.5
5.05.04.83.83.85.04.54.44.65.9
4.94.95.75.97.47.98.08.9
10.110.1
9.411.713.314.712.920.723.324.123.0
21.523.431.020.5
17.911125.525.8
18.622.426.5
Utili-ties3
1.8
.0
1.0
1.32.03.44.43.92.71.82.23.03.0
4.04.64.95.04.75.65.95.85.97.0
7.47.88.49.39.9
11,011.810.710.710.2
8.28.39.08.35.69.2
13.816.820.3
16.315.318.117.5
17.120.121.222.7
21.718.518.0
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
10.712.413.916.0
12.613.814.814.4
13.716.016.517.9
15.116.117.8
Restof theworld
0.2
.0
.2
.2
.2
.2
.2
.3
.2
.4
.7
.8
.8
1.01.21.11.11.41.61.81.91.71.8
1.92.32.62.63.13.32.83.03.23.7
3.84.64.86.89.66.18.29.8
10.213.3
9.89.8
10.79.1
10.111.010.29.6
11.911.715.8
See next page for continuation of table.
296Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-80.—Corporate profits by industry, 1929-79—Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979 p
1977.1IIIIIIV
19781IIIIIIV
19791IIIll
Corporate profits before deduction of capital consumption allowances, with inventory valuation adjustment
Total
14.7
2.6
10.1
13.619.525.429.729.925.524.031.440.038.7
46.553.051.352.752.864.164.966.362.974.8
74.175.384.290.098.7
110.8119.3119.7130.2130.9
123.0137.8157.4170.9168.1197.2238.5271.3300.6326.1
253.8268.6283.7279.0
270.1301.1309.6321.7
318.8321.7331.1
Domestic industries
Total
14.4
2.6
9.9
13.419.325.229.529.625.323.630.739.237.9
45.551.850.251.651.462.663.164.461.273.0
72.272.981.587.495.6
107.5116.5116.7127.0127.2
119.2133.3152.6164.1158.5191.1230.2261.4290.4312.9
244.0258.8272.9269.9
260.0290.1299.4312.1
306.9310 0315.3
Financial1
Total
1.4
.4
.9
1.11.21.31.41.71.72.21.82.73.3
3.33.84.24.84.95.25.45.76.17.3
7.87.78.07.67.98.59.6
10.211.813.0
14.516.318.019.518.317.322.528.935.238.7
26.228.029.931.6
32.534.336.137.8
37.537 739.6
PoHoralreoerai
Re-servebanks
0.0
.0
.0
.0
.0
.0
.0
.1
.1
.1
.1
.2
.2
.2
.3
.4
.4
.3
.3
.5
.6
.6
.7
1.0.8.9
1.01.21.41.72.02.53.1
3.63.43.44.55.75.76.06.27.89.6
6.06.26.26.4
7.07.48.08.6
8.8929.7
Other
1.4
.4
.9
1.11.21.31.41.61.62.11.72.53.0
3.13.53.94.44.64.84.95.05.56.5
6.86.97.16.66.77.27.98.29.39.9
11.013.014.714.912.611.616.522.727.429.2
20.221.823.725.2
25.626.928.129.1
28.828 529.9
Nonfinancial
Total
13.0
2.2
9.0
12.318.123.928.127.923.621.428.936.534.6
42.248.046.046.846.557.457.758.755.065.7
64.465.373.679.887.799.0
106.9106.5115.1114.2
104.7116.9134.6144.6140.2173.8207.7232.5255.2274.1
217.8230.9243.0238.3
227.5255.8263.3274.4
269.4272 3275.7
Manufac-turing2
7.1
1.3
4.9
7.211.414.216.616.513.011.216.320.819.8
24.929.126.928.327.134.333.633.929.837.1
35.535.240.243.948.055.960.558.763.961.5
53.159.869.975.070.585.2
105.7119.9132.1145.1
112.2121.0120.3126.2
117.0133.7135.5142.2
147.2145 9143.0
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
14.717.520.222.121.329.934.336.036.2
33.135.243.032.8
30.635.738.939.5
32.536 741.1
Utili-ties3
2.9
1.1
2.0
2.33.14.85.85.54.63.03.64.74.8
6.17.17.68.18.29.8
10.310.510.912.5
13.314.015.416.817.919.621.321.021.922.4
21.423.226.327.426.732.338.543.349.7
41.741.745.244.8
45.749.451.052.7
52.250 450.0
Other
1.7
.0
1.1
1.41.92.22.42.42.32.93.84.84.6
5.25.65.45.35.96.67.47.87.68.0
8.48.89.6
10.411.412.313.614.115.015.4
15.516.418.320.221.726.429.233.237.3
30.933.034.534.6
34.337.037.939.9
37.539 441.5
PoetKesi
of theworld
0.2
.0
.2
.2
.2
.2
.2
.3
.2
.4
.7
.8
.8
1.01.21.11.11.41.61.81.91.71.8
1.92.32.62.63.13.32.83.03.23.7
3.84.64.86.89.66.18.29.8
10.213.3
9.89.8
10.79.1
10.111.010.29.6
11.911715.8
1 Consists of the following industries: Banking; credit agencies other than banks; security and commodity brokers, dealers, andservices; insurance carriers; regulated investment companies; small business investment companies; and real estate investment trusts.2 See Table B-81 for industry detail.3 Consists of transportation, communication, and electric, gas, and sanitary services.
Note.—The industry classification is on a company basis and is based on the 1972 Standard Industrial Classification (SIC) beginning1948, and on the 1942 SIC prior to 1948.
Source: Department of Commerce, Bureau of Economic Analysis.
297Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-81.—Corporate profits of manufacturing industries, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
1977-1IIIIIIV
19781IIIIIIV
19791IIIII
Corporate profits with inventory valuation adjustment
, Totalmanufac-
turing
5.2
- . 4
3.3
5.59.5
11.813.813.29.79.0
13.617.616.2
20.924.621.722.019.926.024.724.019.426.2
23.923.026.028.731.938.341.637.941.236.8
27.132.440.644.136.648.365.773.581.789.3
68.375.172.578.1
67.683.485.190.6
94.190.686.4
Nondurable goods
Total
26
0
17
24314.657595.26678
10 08.1
8.911.49.9
10.19.4
11.811.910.710.012.7
11.911.711.912.814.415.818.017.318.817.7
16.817.318.120.125.130.137.539.341.451.3
37.339.539.440.9
36.741.042.745.1
48.249.453.8
Foodandkin-dredprod-ucts
191.6
1.61.41.71.81.62.21.81.82.12.6
2.12.32.32.72.82.63.33.13.22.9
3.53.32.82.23.07.97.36.25.7
5.46.27.25.9
4.65.56.56.4
5.77.67.8
Chemi-calsand
alliedprod-ucts
171.8
2.32.82.32.22.23.02.82.82.53.4
3.13.13.23.63.94.54.84.25.04.6
3.94.25.05.85.15.88.07.67.9
7.87.87.37.4
7.47.67.88.9
9.08.07.1
Petro-leumandcoalprod-ucts
281.9
2.32.72.32.82.73.03.32.62.12.5
2.52.22.12.12.42.83.23.83.63.3
3.63.63.54.9
10.28.1
11.712.213.0
11.812.611.413.0
10.013.314.114.8
16.419.521.8
Other
372.8
2.74.43.63.32.93.64.13.63.34.2
4.24.04.34.55.35.86.76.27.06.9
5.86.26.87.26.88.2
10.613.414.7
12.312.913.514.7
14.814.714.415.1
17.114.217.1
and without capital consumption adjustment
Durable goods
Total
26
- 4
17
3164728 174452458758.1
12.013.211.711.910.514.312.813.39.3
13.5
12.011.314.115.917.522.623.520.622.419.2
10.315.122.524.011.518.328.234.240.338 0
31.035.533.137.2
30.942.342.445.5
46.041.232.6
Pri-marymetalindus-tries
161.5
2.33.11.92.51.72.93.03.01.92.3
2.11.51.61.92.43.13.62.72.01.4
.9
.51.62.04.92.92.01.32.5
1.31.8.6
1.6
.73.23.12.9
3.84.24.0
Fabri-catedmetalprod-ucts
08.7
1.11.31.01.0.9
1.01.11.1
.91.1
.91.01.21.21.42.02.42.42.42.0
1.21.32.12.61.22.93.94.34.6
4.04.44.24.6
3.84.84.95.1
5.05.44.8
Machin-ery,
exceptelectri-
cal
121.3
1.62.32.31.91.71.72.12.01.42.1
1.81.82.32.43.13.84.44.04.13.6
2.72.73.94.51.54.35.67.18.3
6.16.87.48.1
6.19.47.89.8
8.27.67.9
Electricandelec-
tronicequip-ment
07.8
1.21.31.51.41.21.11.21.51.31.7
.1.31.31.51.51.62.53.02.92.82.2
1.11.82.92.6
.32.12.74.25.2
3.54.14.34.8
4.74.96.15.1
5.55.25.1
Motorvehicles
andequip-ment
142.1
3.12.42.42.62.14.12.22.6
.92.9
3.02.54.04.94.76.15.13.95.54.8
1.44.95.95.8
.21.77.49.18.9
8.910.48.58.7
7.09.69.59.3
11.47.4
- .5
Other
181.7
2.62.82.62.62.93.53.23.12.93.4
2.93.13.53.94.25.05.14.75.75.2
3.03.86.06.63.44.36.78.2
10.8
7.28.08.29.4
8.610.511.013.3
12.011.311.2
See next page for continuation of table.
298Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-81.—Corporate profits of manufacturing industries, 1929-79—Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1929
1933
1939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979"
19771IIIIIIV
19781IIIIIIV
19791IIIII
Corporate profits before deduction of capital consumption
Totalmanufac-
turing
7.1
1.3
4.9
7.211.414.216.616.513.011.216.320.819.8
24.929.126.928.327.134.333.633.929.837.1
35.535.240.243.948.055.960.558.763.961.5
53.159.869.975.070.585.2
105.7119.9132.1145.1
112.2121.0120.3126.2
117.0133.7135.5142.2
147.2145.9143.0
Nondurable goods
Total
36
11
26
3441597175707993
118101
11.113.912.713.213.116.016.515.715.418.4
17.818.019.120.522.624.427.227.129.329.2
29.030.432.235.140.847.256.662.166.378.8
58.562.262.964.7
61.065.967.670.7
74.476.981.6
Foodandkin-dredprod-ucts
2220
2.12.02.32.32.32.92.52.63.03.6
3.23.43.64.04.24.04.94.74.94.8
5.65.55.14.85.7
10.910.610.09.9
9.09.9
11.19.8
8.69.5
10.610.7
10.112.212.5
Chemi-calsand
alliedprod-ucts
2021
2.73.22.82.83.03.93.83.83.64.6
4.44.54.85.35.76.56.86.37.37.1
6.67.18.29.08.69.7
12.512.813.6
12.813.012.512.8
12.813.213.514.9
15.214.513.5
Petro-leumandcoal
prod-ucts
3426
3.13.63.23.94.14.64.94.44.04.5
4.54.34.44.75.15.86.37.27.37.1
7.67.98.09.7
15.113.317.519.921.7
18.620.019.721.2
18.422.022.723.5
25.429.031.4
Other
4234
3.35.14.44.13.84.65.24.94.75.7
5.85.76.26.57.58.19.28.99.9
10.2
9.29.9
10.811.611.513.316.019.521.2
18.119.319.621.0
21.121.120.921.5
23.821.124.2
allowances, with inventory valuation adjustment
Durable goods
Total
34
2
23
3872849.5906033699097
13.715.314.215.014.118.317.218.214.418.7
17.717.221.123.325.531.433.331.634.632.3
24.129.437.639.929.738.049.157.965.866 3
53.758.857.461.4
56.067.967.971.6
72.769.161.4
Pri-marymetalindus-tries
1919
2.83.62.63.52.94.24.34.53.23.6
3.42.93.33.74.35.15.75.04.54.0
3.53.14.14.78.16.35.45.26.7
4.95.74.55.6
4.97.37.37.2
8.18.68.8
Fabri-catedmetalprod-ucts
109
1.31.51.31.21.21.41.41.51.31.5
1.41.51.81.92.12.73.13.33.430
2.32.43.33.82.64.55.66.46.9
5.96.46.46.8
6.07.07.27.4
7.58.17.5
Machin-ery,
exceptelectri-
cal
15'16
1.92.62.72.32.22.32.82.72.22.9
2.72.83.43.54.35.25.85.76.057
5.25.46.87.64.97.99.7
11.613.2
10.411.412.112.6
10.814.212.814.9
13.313.013.4
Electricandelec-tronicequip-ment
089
1.41.51.71.61.51.51.62.01.82.2
1.81.92.12.22.33.33.93.94.137
2.83.75.14.93.05.05.87.89.0
6.97.67.98.6
8.48.99.98.9
9.59.49.4
Motorvehicles
andequip-ment
1623
3.32.72.73.02.54.62.93.31.63.7
4.03.55.26.36.38.07.56.48.175
3.87.38.48.33.14.8
10.713.213.3
12.814.112.813.0
11.614.313.813.5
16.012.04.6
Other
2221
3.03.33.33.33.74.44.24.24.24.8
4.44.65.35.76.27.17.37.38.68.4
6.57.59.9
10.68.19.5
12.013.716.8
12.713.613.714.9
14.316.216.919.8
18.417.917.7
Note.—The industry classification is on a company basis and is based on the 1972 Standard Industrial Classification (SIC) beginning1948, and on the 1942 SIC prior to 1948.
Source: Department of Commerce, Bureau of Economic Analysis.
299Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-82.—Sales, profits, and stockholders' equity, all manufacturing corporations, 1950-79
[Billions of dollars]
Year or quarter
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
1970197119721973
1973 IV
New series19741975197619771978
1973 IV
19741IIIIIIV
19751IIIIIIV
1976
II '.IllIV
1977
IIIIIIV
19781IIIIIIV
19791IIIII
All manufacturing corporations
Sales/n_x\(net;
181.9245.0250.2265.9248.5
278.4307.3320.0305.3338.0
345.7356.4389.9412.7443.1
492.2554.2575.4631.9694.6
708.8751.4849.5
1,017.2
275.1
1,060.61,065.21,203.21,328.11,496.4
236.6
242.0269.4272.1277.0
247.1265.8271.0281.3
284.2307.6301.6309.8
311.5338.6331.7346.2
340.3377.5376.9401.8
406.2436.4437.5
Profits
Beforeincometaxes'
23.227.422.924.420.9
28.629.828.212.129.7
27.527.531.934.939.6
46.551.847.855.458.1
48.153.263.281.4
21.4
92.179.9
104.9115.1132.5
20.6
21.225.925.020.1
15.420.221.722.6
24.529.326.224.9
25.632.427.329.9
26.936.033.436.3
36.542.638.3
Afterincometaxes
12.911.910.711.311.2
15.116.215.412.716.3
15.215.317.719.523.2
27.530.929.032.133.2
28.631.336.548.1
13.0
58.749.164.570.481.1
13.2
13.516.315.513.4
9.312.413.214.2
14.818.116.015.6
15.619.716.718.4
16.022.120.422.6
22.626.824.8
Stock-holders'equity2
83.398.3
103.7108.2113.1
120.1131.6141.1147.4157.1
165.4172.6181.4189.7199.8
211.7230.3247.6265.9289.9
306.8320.9343.4374.1
386.4
395.0423.4462.7496.7539.4
368.0
379.0389.9402.7408.4
410.7420.2427.4435.5
446.5460.1468.9475.3
479.8492.9502.4511.7
518.7531.8546.3560.8
574.2592.0609.2
Durable goods industries
Sales
(net)
86.8116.8122.0137.9122.8
142.1159.5166.0148.6169.4
173.9175.2195.5209.0226.3
257.0291.7300.6335.5366.5
363.1382.5435.8527.3
140.1
529.0521.1589.6657.3760.7
122.7
120.3136.8134.8137.1
121.3132.4131.0136.3
137.8153.7146.2151.8
151.2169.5163.8172.7
170.1195.0189.7205.9
208.1223.3214.6
Profits
Beforeincometaxes*
12.915.412.914.011.4
16.516.515.811.415.8
14.013.616.718.521.2
26.229.225.730.631.5
23.026.533.643.6
10.8
41.135.350.757.969.6
10.1
9.512.610.58.6
7.09.39.1
10.0
11.314.812.212.4
12.516.913.015.5
13.619.817.019.1
18.821.716.4
Afterincometaxes
6.76.15.55.85.6
8.18.37.95.88.1
7.06.98.69.5
11.6
14.516.414.616.516.9
12.914.518.424.8
6.3
24.721.430.834.841.8
6.2
5.77.66.25.2
4.15.75.56.2
6.79.07.47.7
7.510.27.89.4
7.912.010.311.6
11.513.310.4
Stock-holders'equity2
39.947.249.852.454.9
58.865.270.572.877.9
82.384.989.193.398.5
105.4115.2125.0135.6147.6
155.1160.6171.4188.7
194.7
196.0208.1224.3239.9261.5
185.8
189.4194.1199.9200.8
201.7207.3209.7213.7
216.7223.4227.1229.9
230.8238.4243.1247.5
250.3257.6265.2272.9
281.1290.1297.8
Nondurable goods industries
Sales(not\(net;
95.1128.1128.0128.0125.7
136.3147.8154.1156.7168.5
171.8181.2194.4203.6216.8
235.2262.4274.8296.4328.1
345.7368.9413.7489.9
135.0
531.6544.1613.7670.8735.7
113.9
121.7132.6137.3140.0
125.8133.314C.0145.0
146.3153.9155.4158.1
160.3169.1167.9173.5
170.3182.4187.2195.9
198.1213.0223.0
Profits
Beforeincometaxesl
10.312.110.010.49.6
12.113.212.411.313.9
13.513.915.116.418.3
20.322.622.024.826.6
25.226.729.637.8
10.6
51.044.654.357.262.9
10.5
11.713.314.511.5
8.410.912.712.6
13.214.514.012.6
13.015.514.314.3
13.316.216.417.1
17.721.021.8
Afterincometaxes
6.15.75.25.55.6
7.07.87.56.98.3
8.28.59.2
10.011.6
13.014.614.415.516.4
15.716.718.023.3
6.7
34.127.733.735.539.3
7.0
7.88.79.48.2
5.26.87.78.1
8.19.18.67.9
8.19.58.99.0
8.110.110.111.0
11.213.414.4
Stock-holders'equity2
43.551.153.955.758.2
61.366.470.674.679.2
83.187.792.396.3
101.3
106.3115.1122.6130.3142.3
151.7160.3172.0185.4
191.7
199.0215.3238.4256.8277.9
182.1
189.6195.8202.8207.6
209.0212.9217.6221.8
229.8236.7241.7245.5
249.1254.5259.3264.2
268.4274.2281.1287.8
293.1301.9311.4
1 In the old series, "income taxes" refers to Federal income taxes only, as State and local income taxes had already been deducted.In the new series, no income taxes have been deducted.
2 Annual data are average equity for the year (using four end-of-quarter figures).Note.—Data are not necessarily comparable from one period to another due to changes in accounting procedures, industry
classifications, sampling procedures, etc. For explanatory notes concerning compilation of the series, see "Quarterly Financial Report forManufacturing, Mining, and Trade Corporations, Federal Trade Commission.
Source: Federal Trade Commission.
300Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-83.—Relation of profits after taxes to stockholders' equity and to sales, all manufacturing
corporations, 1947-79
Year or quarter
Ratio of profits after income taxes (annualrate) to stockholders' equity—percent1
Allmanufacturingcorporations
Durablegoods
industries
NondurableRoods
industries
Profits after income taxes per dollar ofsales—cents
Allmanufacturingcorporations
Durablegoods
industries
Nondurablegoods
industries
1947.1948.1949.
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
1970197119721973
1973: IV
New series:
19741975197619771978
1973:IV
1974:IIIIllIV
1975:IIIIllIV
1976:|||IIIIV
1977:|II...IllIV
1978:|IIIllIV
1979:III
15.616.011.6
15.412.110.310.59.9
12.612.310.98.6
10.4
9.28.99.8
10.311.6
13.013.411.712.111.5
9.39.7
10.612.8
13.4
14.911.613.914.215.0
14.3
14.316.715.413.2
9.011.812.413.1
13.315.713.713.1
13.016.013.314.4
12.416.714.916.1
15.818.116.3
14.415.712.1
16.913.011.111.110.3
13.812.811.38.0
10.4
8.58.19.6
10.111.7
13.814.211.712.211.4
8.39.0
10.813.1
12.9
12.610.313.714.516.0
13.3
12.115.612.310.4
8.110.910.511.6
12.416.113.013.4
13.017.112.915.1
12.718.715.517.0
16.318.413.9
16.616.211.2
14.1U.29.79.99.6
11.411.810.69.2
10.4
9.89.69.9
10.411.5
12.212.711.811.911.5
10.310.310.512.6
14.0
17.112.914.213.814.2
15.3
16.417.818.515.8
10.012.814.114.5
14.215.414.312.9
13.015.013.713.7
12.114.814.415.3
15.317.818.5
6.77.05.8
7.14.84.34.34.5
5.45.34.84.24.8
4.44.34.54.75.2
5.65.65.05.14.8
4.04.14.34.7
4.7
5.54.65.45.35.4
5.6
5.66.05.74.8
3.74.74.95.1
5.25.95.35.0
5.05.85.05.3
4.75.95.45.6
5.66.15.7
6.77.16.4
7.75.34.54.24.6
5.75.24.83.94.8
4.03.94.44.55.1
5.75.64.84.94.6
3.53.84.24.7
4.5
4.74.15.25.35.5
5.0
4.85.54.63.8
3.44.34.24.5
4.95.85.15.1
5.06.04.85.4
4.76.25.45.6
5.56.04.8
6.76.85.4
6.54.54.14.34.4
5.15.34.94.44.9
4.84.74.74.95.4
5.55.65.35.25.0
4.54.54.44.8
5.0
6.45.15.55.35.3
6.1
6.46.66.85.9
4.15.15.55.6
5.65.95.65.0
5.05.65.35.2
4.85.65.45.6
5.66.36.5
1 Annual ratios based on average equity for the year (using four end-of-quarter figures). Quarterly ratios based on equity at end ofquarter only.
Note.—Based on data in millions of dollars.See Note, Table B-82.Source: Federal Trade Commission.
301
2 9 4 - 2 8 9 0 - 8 0 - 2 0
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 manufacturing
corporations, by industry group, 1978-79
Industry
All manufacturing corporations....
Durable goods industries
Stone, clay, and glass productsPrimary metal industries
Iron and steelNonferrous metals
Fabricated metal productsMachinery, except electricalElectrical and electronic equipmentTransportation equipment2
Motor vehicles and equipmentAircraft, guided missiles, and parts
Instruments and related productsOther durable manufacturing products
Nondurable goods industries
Food and kindred productsTobacco manufactures-Textile mill productsPaper and allied productsPrinting and publishingChemicals and allied products2
Industrial chemicals and syntheticsDrugs
Petroleum and coal productsRubber and miscellaneous plastics productsOther nondurable manufacturing products
Ratio of profits after income taxes (annualrate) to stockholders' equity—percent*
1978
ill
14.9
15.5
21.39.9
10.39.0
16.416.118.312.8
10.917.9
18.418.4
14.3
13.518.712.012.218.315.2
13.218.9
14.010.716.9
IV
16.1
17.0
17.811.1
9.813.4
15.419.117.917.8
17.819.0
18.318.2
15.3
15.318.311.714.121.116.3
17.217.0
14.88.3
14.3
1979
1
15.8
16.3
7.712.7
10.216.9
15.816.317.820.1
21.817.6
16.716.4
15.3
12.218.59.0
16.316.017.6
16.920.7
15.714.112.6
II
18.1
18.4
19.417.2
15.619.9
18.917.818.719.1
18.720.6
17.419.6
17.8
15.618.412.816.819.018.3
17.120.5
20.113.412.7
III
16.3
13.9
19.313.2
11.715.7
15.815.916.3
5.1
18.1
16.219.7
18.5
17.321.613.420.520.116.1
13.518.6
21.28.8
19.1
Profits after income taxes perdollar of sales—cents
1978
III
5.4
5.4
7.53.6
3.53.8
4.77.16.14.0
3.65.1
9.44.8
5.4
3.110.53.25.06.27.2
6.312.7
7.43.43.5
IV
5.6
5.6
6.63.9
3.25.5
4.48.05.84.8
4.95.1
9.44.7
5.6
3.59.63.15.77.07.7
8.111.3
7.62.53.0
1979
1
5.6
5.5
3.34.2
3.26.2
4.57.05.85.5
6.14.7
8.84.6
5.6
2.811.0
2.66.75.67.9
7.413.9
7.84.12.9
II
6.1
6.0
6.95.4
4.67.2
5.27.25.85.3
5.55.5
9.05.0
6.3
3.510.9
3.36.66.48.1
7.314.2
9.53.82.7
III
5.7
4.8
6.74.4
3.76.0
4.56.75.31.7
- . 25.2
8.45.2
6.5
3.913.13.78.26.87.3
6.012.7
9.02.73.7
1 Ratios based on equity at end of quarter.2 Includes other industries not shown separately.
Source: Federal Trade Commission.
302Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-85.—Determinants of business fixed investment, 1955-79
[Percent, except as noted]
Year
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979: First 3 quarters6
Ratio ofreal
invest-ment toreal GNP
9.39.79.78.78.7
9.08.78.98.89.3
10 310.810.310.310.6
10.29.8
10.010.610.7
9.49.39.6
10.010.4
Capacityutilization
rate inmanufac-turing1
87.186.483.775.281.9
80.277.481.683.585.6
89 691.186.987.186.2
79.378.483.587.683.8
72.979.581.984.486.0
Nonfinancial corporations
Cashflowas
per-cent
nfOI
GNP2
9.38.98.98.69.2
9.08.89.49.6
10.0
10.410.39.99.48.6
7.98.28.68.06.9
8.79.19.18.88.5
Rateof
returnon
depre-ciable
as-sets3
14.412.411.29.5
12.1
11.211.012.713.614.6
15 815.713.813.611.9
9.49.7
10.710.37.8
8.39.39.79.7
- 9 . 2
Rate ofreturn
onstock-
holders'equity4
6.25.55.03.94.9
5.04.55.96.47.6
939.18.07.87.1
4.65.46.69.28.8
5.44.86.37.17.7
Ratio ofmarket
value toreplace-
mentcost of
netassets5
0.922.918.849.869
1.041
1.0171.1411.0881.1971.287
13521.1981.2121.2521.116
.906
.9961.0681.008
.750
.712
.801
.729
.678
.654
1 Federal Reserve Board index.2 Cash flow calculated as after-tax profits plus capital consumption allowance plus inventory valuation adjustment.3 Profits before taxes plus capital consumption adjustment and inventory valuation adjustment plus net interest paid divided by the
stock of depreciable assets valued at current replacement cost.4After-tax profits corrected for inflation effects divided by net worth (physical capital component valued at current replacement
cost).5 Equity plus interest-bearing debt divided by current replacement cost of net assets.6 Seasonally adjusted.Sources: Department of Commerce (Bureau of Economic Analysis), Board of Governors of the Federal Reserve System, and Council of
Economic Advisers.
303
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-86.—Sources and uses of funds, nonfarm nonfinanciaI corporate business, 1946-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or quarter
1946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
1977:
IIIII.IV
19781IIIIIIV
1979:I||III
Sources
Total
18.426.728.519.7
41.835.929.227.329.1
52.044.042.241.355.2
47.654.558.866.072.6
91.196.893.9
114.6118.6
104.4127.8161.6200.0191.3
150.0209.7242.3295.7
223.4221.3268.0256 4
259.6297.7303.5322.1
345.5324.1335.3
Internal'
7.812.618.819.3
17.819.721.221.123.5
28.828.730.429.635.0
34.735.341.644.550.1
56.160.561.362.361.7
58.968.680.883.875.7
106.8125.3139.9148.8
129.1138.5150.01421
135.0150.5153.8155.9
154.4159.0167.8
External
Total
10.614.19.8
.4
24.016.28.06.15.6
23.215.311.811.720.1
12.919.217.221.522.5
35.136.332.752.257.0
45.559.380.8
116.2115.6
43.284.4
102.3146.9
94.382.7
118.0114 3
124.5147.2149.7166.2
191.1165.1167.5
Credit market funds2
Total
6.98.36.53.1
8.110.59.55.66.5
10.212.812.210.512.2
11.912.512.812.214.8
20.625.429.831.838.6
40.745.258.273.082.1
37.960.779.994.7
63.271.583.8
101 1
94.792.790.4
101.1
118.6126.9122.4
Long-term
4.66.46.44.2
5.38.08.25.86.1
7.89.8
11.010.29.4
8.611.010.79.7
10.9
13.519.623.822.625.7
34.241.945.349.251.6
44.149.153.061.5
41.042.056.572 5
51.265.263.166.5
69.376.968.9
Short-term
2.32.0
.1- 1 . 1
2.82.51.3
- . 2.3
2.43.11.3
2̂ 8
3.31.52.12.63.9
7.25.85.99.2
12.9
6.53.3
12.923.830.6
- 6 . 311.626.933.2
22.229.527.328 6
43.527.527.334.6
49.350.053.6
Other
3.75.83.3
- 2 . 7
15.95.7
- 1 . 5.5
- . 8
13.12.5
- . 41.27.9
1.06.74.39.37.7
14.410.92.9
20.418.4
4.914.122.643.133.4
5.323.822.452.2
31.111.334.313 2
29.854.559.365.1
72.538.245.1
Uses
Total
17.125.324.917.9
39.937.229.127.727.7
49.241.139.438.751.7
40.650.454.959.164.1
82.290.587.5
105.3113.1
95.9119.6145.8185.6179.0
133.0183.3216.8274.3
205.5191.7237.0233 1
232.5281.3284.4298.9
321.4296.5310.2
Purchaseof
physicalassets 3
18.517.019.914.4
23.629.824.525.422.8
32.737.135.227.937.5
38.037.243.844.950.7
62.075.773.077.284.3
80.386.0
100.3123.3134.7
99.9139.0169.9195.9
158.8168.5180.2172 0
177.0203.2199.9203.6
213.0229.1228.6
Increasein
financialassets
- 1 . 48.45.03.5
16.47.44.62.34.9
16.54.04.2
10.814.2
2.713.211.114.213.4
20.214.814.528.228.8
15.633.545.662.344.4
33.244.346.978.3
46.723.156.8611
55.578.184.495.2
108.467.481.6
Discrep-ancy
(sourcesless uses)
1.31.43.61.9
1.9- 1 . 3
.1- . 51.4
2.82.92.92.53.5
7.04.13.96.98.5
9.06.36.49.25.6
8.58.2
15.814.412.2
16.926.425.5214
17.929.631.023 3
27.016.419.123.2
24.227.625.1
1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreignbranch profits.
2 Maturity split is aproximate: Long-term consists of stocks, bonds, multi-family and commercial mortgages, and 40 percent of bankloans. Short-term consists of home mortgages, 60 percent of bank loans, commercial paper, finance company loans, bankers'acceptances, and U.S. Government loans.
3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.Source: Board of Governors of the Federal Reserve System.
304Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-87.—Current assets and liabilities of U.S. corporations, 1939-79
[Billions of dollars]
End of yearor quarter
SEC series:5
1939 . . .
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
19601961
SEC series:5
196119621963196419651966196719681969
19701971197219731974
FTC-FRB series:7
19741975197619771978
19781IIIIIIV
1979:III
Total
54.5
60.372.983.693.897.297.4
108.1123.6133.0133.1
161.5179.1186.2190.6194.6224.0237.9244.7255.3277.3
289 0306.8
Cash1
10.8
13.113.917.621.621.621.722.825.025.326.5
28.130.030.831.133.434.634.834.937.436.3
37 241.1
Current
U.S.Govern-ment
securities2
2.2
2.04.0
10.116.420.921.115.314.114.816.8
19.720.719.921.519.223.519.118.618.822.8
20120.0
assets
Notesand
accountsreceiv-able
22.1
24.028.027.326.926.525.930.738.342.443.0
56.861.567.468.573.688.997.7
102.2109.7120.6
129 2139.2
Inven-tories
Othercurrentassets
All corporations
18.0
19.825.627.327.626.826.337.644.648.945.3
55.164.965.867.265.372.880.482.281.988.4
91895.2
1.4
1.51.41.31.31.42.41.71.61.61.4
1.72.12.42.43.14.25.96.77.59.1
10 611.4
Current liabilities
Total
i
30.0
32.840.747.351.651.745.851.961.564.460.7
79.892.696.198.999.7
121.0130.5133.1136.6153.1
160 4171.2
Notesand
accountspayable
21.9
23.226.426.026.326.825.731.637.639.337.5
48.354.959.359.561.776.183.986.690.4
101.0
106 8114.6
Othercurrentliabil-ities
8.1
9.614.321.325.324.920.120.323.925.023.3
31.637.836.839.438.045.046.646.546.252.0
53 656.6
Networkingcapital
24.5
27.532.336.342.145.651.656.262.168.672.4
81.686.590.191.894.9
103.0107.4111.6118.7124.2
128 6135.6
Currentratio3
1.817
1.8381.7911.7671.8181.8802.1272.0832.0102.0652.193
2.0241.9341.9381.9271.9521.8511.8231.8381.8691.811
18021.792
Nonfinancial corporations6
254.7269.7288.2305.6336.0364.0386.2426.5473.6
492.3529.6599.3697.8790.7
735.4759.0826.3900.9
1,028.1
925.0954.2992.6
1,028.1
1,078.61,110.2
34.837.139.840.542.841.945.548.247.9
50.253.359.066.371.1
73.282.187.394.3
103.5
88.891.391.6
103.5
102 4100.1
16.516.816.715.814.413.010.311.510.6
7.711.010.612.812.3
11.119.023.618.717.8
18.617.316.117.8
19.220.8
97.9103.2110.5119.9134.1146.6155.3173.9197.0
206.1221.1248.2288.5322.1
265.8272.1293.3325.0381.9
337.4356.0376.4381.9
405 3418.8
95.0100.5106.8113.1126.6142.8153.1166.0186.4
193.3200.4225.7263.9313.6
319.5315.9342.9375.6428.3
390.5399.3415.5428.3
452 6468.9
10.512.114.416.318.119.722.026.931.6
35.043.855.866.471.7
65.969.979.287.396.5
89.690.392.996.5
991101.4
123.7132.4145.5156.6178.8199.4211.3244.1287.8
304.9326.0375.6450.9530.4
453.4451.6492.7546.8662.2
574.2593.5626.3662.2
7019723.7
84.488.797.0
104.9121.5137.5147.1168.8199.2
211.3220.5282.9340.3402.3
269.8264.2282.0313.7375.1
325.2337.9356.2375.1
392 6410.5
39.343.748.551.757.361.964.275.388.6
93.6105.592.7
110.7128.1
183.6187.4210.6233.1287.1
249.0255.6270.0287.1
309 2313.1
131.0137.3142.7149.0157.2164.6174.9182.4185.7
187.4203.6223.7246.9260.3
282.0307.4333.6354.1365.9
350.7360.7366.3365.9
376.7386.5
2.0592.0371.9811.9511.8791.8251.8281.7471.646
1.6151.6251.5951.5481.491
1.6221.6811.6771.6481.552
1.6111.6081.5851.552
15371.534
1 Includes time certificates of deposit.2 Includes Federal agency issues.3 Total current assets divided by total current liabilities.4 Excludes banks, savings and loan associations, and insurance companies.5 Based on data from "Statistics of Income," Department of the Treasury.6 Excludes banks, savings and loan associations, insurance companies, investment companies, finance companies (personal and
commercial), real estate companies, and security and commodity brokers, dealers, and exchanges.7 Based on data from "Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations," Federal Trade Commission. See
"Federal Reserve Bulletin," July 1978, for details regarding the series.Note.—SEC series not available after 1974.Sources: Board of Governors of the Federal Reserve System, Federal Trade Commission, and Securities and Exchange Commission.
305Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-88.—State and municipal and corporate securities offered, 1934-79
[Millions of dollars]
Year or quarter
Stateand
municipalsecurities
offeredfor cash(princi-
palamounts)
Corporate securities offered for cash
Totalcorporateofferings
Type of corporate security
Commonstock
Preferredstock
Bondsand
notes
Industry of corporate issuer
Manufac-turing *
Electric,gas, andwater2
Transpor-tation3 Communi-
cation Other
1934...
1939...
1940.1941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
197519761977...1978...
1978:
II.IllI V
1979:III...
939
1,128
1,238956524435661
7951,1572,3242,6902,907
3,5323,1894,4015,5586,969
5,9775,4466,9587,4497,681
7,2308,3608,55810,10710,544
11,14811,08914,28816,37411,460
17,76224,37022,94122,95322,824
29,32633,84545,06046,215
10,31612,75711,99211,152
9,72210,54610,097
397
2,164
2,6772,6671,0621,1703,202
6,0116,9006,5777,0786,052
6,3627,7419,5348,8989,516
10,24010,93912,88411,5589,748
10,15413,16510,70512,21113,957
14,78217,38524,01421,26125,997
37,45143,22939,70531,68037,729
52,53952,29051,83646,749
10,54412,71711,55011,938
11,94914,60412,459
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
7,0379,485
10,7077,6423,979
7,4148,3048,0477,941
1,5211,7071,8882,825
1,9161,4552,250
98
183167112124369
7581,127762492425
631838564489816
635636411571531
409450422343412
724580881636691
1,3903,6833,3713,3412,253
3,4592,8033,9162,832
5071,234456635
603607
1,491
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
41,66641,18239,87935,976
8,5169,7769,2068,478
9,43012,5428,718
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
5,4147,056
11,0696,9586,346
10,64711,6516,3984,832
10,408
18,65115,49613,75411,070
2,5623,1482,6992,661
2,0963,3083,668
133
1,271
1,2031,357
472477
1,422
2,3192,1583,2572,1872,320
2,6492,4552,6753,0293,713
2,4642,5293,9383,8043,258
2,8513,0322,8252,6772,760
2,9343,6664,9355,2936,715
11,00911,72111,31410,26912,837
15,89414,41413,70412,336
2,4333,8033,0493,051
3,3343,3733,007
176
186
32436648161609
1,454711286755800
813494992595778
893724824824967
718694567957982
7021,4941,6391,5641,779
1,2531,148860811
1,005
2,6353,6261,8011,763
230689489354
577803717
902571
399612760882720
1,1321,4191,4621,424717
1,0501,8341,3031,1052,189
9452,0031,9751,7752,172
5,2915,8404,8364,8723,930
4,4643,5624,4423,640
854424
1,1431,219
1,569779
1,103
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
10,89515,19018,13917,944
4,4674,6514,1734,652
4,3716,3423,966
1 Prior to 1948, also includes extractive, radio broadcasting, airline companies, commercial, and miscellaneous company issues.2 Prior to 1948, also includes telephone, street railway, and bus company issues.3 Prior to 1948, includes railroad issues only.Note.—Covers substantially all new issues of State, municipal, and corporate securities offered for cash sale in the United States in
amounts over $100,000 and with terms to maturity of more than 1 year; excludes notes issued exclusively to commercial banks,intercorporate transactions, and issues to be sold over an extended period, such as employee-purchase plans. Closed-end investmentcompany issues are included beginning 1973.
Sources: Securities and Exchange Commission, "The Commercial and Financial Chronicle" and "The Bond Buyer."
306Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-89.—Common stock prices and yields, 1949-79
Year or quarter
1949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979
1978:JanFebMar
MayJune
JulyJUIJ
AugSeptOctNovDec
1979JanFebMar
MayJune
JulyJUIJ
AugSeptOctNovDec
Common stock prices1
New York Stock Exchange indexes (Dec. 31,
Composite
9.02
10.8713.0813.8113.6716.1921.5424.4023.6724.5630.73
30.0135.3733.4937.5143.7647 3946.1550.7755.3754.67
45.7254.2260.2957.4243.8445.7354.4653.6953.7058.32
49.8949 4149.50517554 4954.83
54.6158 5358.5856.4052.7453.69
55 7755 0856.1957.5056 2157.61
58 3861.1961.8959 2759.0261.75
1965=50) 2
Industrial
46.1851.9758.0057.44
48.0357.9265.7363.0848.0850.5260.4457.8658.2364.76
53 4552 8052.7755 4859.1459.63
59.3564 0764.2361.6057.5058.72
61.3160 3761.8963.6362 2163.57
64 2467.7169.1766.6866.4569.83
Transpor-tation
50.2653.5150.5846.96
32.1444.3550.1737.7431.8931.1039.5741.0943.5047.34
391538 9038.95411944.2144.19
44.7449 4550.1946.7041.8042.49
43 6942 2743.2245.9245 6047.54
48 8552.4852.2148 0947.6150.59
Utility
45.4145.4344.1942.80
37.2439.5338.4837.6929.7931.5036.9740.9239.2238.21
39 0939 0239.2639 6939.4739.41
39.2840 2039.8239.4437.8838.09
38.8339 2138.9438.6337 4838.44
38 8839.2638.3936 5836.5537.29
Finance
44.4549.8265.8570.49
60.0070.3878.3570.1249.6747.1452.9455.2556.6561.42
50.9150 6051.4455 0457.9658.31
57.9763 2863.2260.4254.9555.68
57.5956 0957.6559.5058 8061.87
64 4368.4067.21616460.6463.21
Dow-Jones
industrialaverage3
179.48
216.31257.64270.76275.97333.94442.72493.01475.71491.66632.12
618.04691.55639.76714.81834.05910.88873.60879.12906.00876.72
753.19884.76950.71923.88759.37802.49974.92894.63820.23844.40
781.09763 57756.37794 66838.56840.26
831.71887 93878.64857.69804.29807.94
837.39825 18847.84864.96837 41838.65
836 95873.55878.50840 39815.78836.14
Standard& Poor'scomposiieindex(1941-
43 = 10) 4
15.23
18.4022.3424.5024.7329.6940.4946.6244.3846.2457.38
55.8566.2762.3869.8781.37881785.2691.9398.7097.84
83.2298.29109.20107.4382.8586.16102.0198.2096.02103.01
90.2588 9888.8292 7197 4197.66
97.19103 92103.86100.5894.7196.11
99 7198 23100.11102.0799 73101.73
102 71107.36108.60104 47103 66107.78
Common stock yields(percent)5
Dividend-priceratio6
6.59
6.576.135.805.804.954.084.094.353.973.23
3.472.983.373.173.013.003.403.203.073.24
3.833.142.843.064.474.313.774.625.285.45
5.325 495.625 425.205.19
5 254 934.975.115.455.39
5 285 435.365.355 585.53
5 505.305.315.565.715.53
Earnings-priceratio7
15.48
13.9911.829.4710.268.577.957.557.896.235.78
5.904.625.825.505.325.596.635.735.676.08
6.455.415.507.1211.599.158.9010.7912.03
12.24
11.76
11.28
12.83
13.09
13.58
13.27
1 Averages of daily closing prices, except New York Stock Exchange data through May 1964 are averages of weekly closing prices.2 Includes all the stocks (more than 1,500) listed on the New York Stock Exchange.3 Includes 30 stocks.4 Includes 500 stocks.5 Standard & Poor's series, based on 500 stocks in the composite index.6 Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednesday closing
prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.7 Ratio of quarterly earnings after taxes (seasonally adjusted annual rate) to price index for last day of quarter. Annual ratios are
averages of quarterly ratios.Note.—All data relate to stocks listed on the New York Stock Exchange.Sources: New York Stock Exchange, Dow-Jones & Co., Inc., and Standard & Poor's Corporation.
307Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-90.—Business formation and business failures, 1929-79
Year or montn
192919333
19393
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
197019711972197319741975197619771978
1978:JanFebMar
May '.June
JulyAugSeptOctNovDec
1979:JanFebMar
JuneJulyAugSeptOct
Indexof net
businessformation(1967 —100)
104 886.4
90 890.194 592 490 898.295.491.491.198.1
94.591.192.894.798.099.598.9100.0107.6113.5
107.1109.5115.5115.5111.2108.9117.2126.5132.9
Newbusinessincorpor-ations
(number)
132,916112,89796,34685,640
93,09283,77892,946102,706117 411139,915141,163137,112150,781193,067
182,713181,535182,057186,404197,724203,897200,010206,569233,635274,267
264,209287,577316,601329,358319,149326,345375,766432,172477,827
Seasonally adjusted
133.6133.7130.5130.7131.0132.9
133.4133.0133.0135.5133.6133.5
131.4132.4132.2130.4130.1131.0132.3131.3133.1134.0
36,54739,25337,60238,49838,32039,796
39,40342,60541,82741,94541,56842,461
42,84742,06142,20642,76343,74142,63445,04943,21344,96146,346
Business failures1
Businessfailurerate2
103 9100.369.663.054.444.616.46.54.25.2
14.320.434.4
34.330.728.733.242 041.648.051.755.951.8
57.064.460.856.353.253.351.649.038.637.3
43.841.738.336.438.442.634.828.423.9
21.624.024.624.123.421.9
22.029.822.622.525.226.4
27.424.427.930.829.126.227.5
Number of failures
Total
22,90919,85914,76813,61911,8489,4053,2211,222809
1,1293,4745,2509,246
9,1628,0587,6118,86211,08610,96912,68613,73914,96414,053
15,44517,07515,78214,37413,50113,51413,06112,3649,6369,154
10,74810,3269,5669,3459,91511,4329,6287,9196,619
504559666594583519
459675458511556535
642545732734708602565
Liability size class
Under$100,000
2216518,88014,54113,40011,6859,2823,1551,176759
1,0033,1034,8538,708
8,7467,6267,0818,07510 22610,11311,61512,54713,49912,707
13,65015,00613,77212,19211,34611,34010,83310,1447,8297,192
8,0197,6117,0406,6276,7337,5046,1764,8613,712
316319388335337301
244347266283296280
355291379397380307285
$100,000and over
744979111219163123664650126371397538
416432530787860856
1,0711,1921,4651,346
1,7952,0692,0102,1822,1552,1742,2282,2201,8071,962
2,7292,7152,5262,7183,1823,9283,4523,0582,907
188240278259246218
215328192228260255
287254353337328295280
Amount of current liabilities(millions of dollars)
Total
483 3457.5182.5166.7136.1100.845.331.730.267.3
204.6234.6308.1
248.3259.5283.3394.2462 6449.4562.7615.3728.3692.8
938.61,090.11,213.61,352.61,329.21,321.71,385.71,265.2941.0
1,142.1
1,887.81,916.92,000.22,298.63,053.14,380.23,011.33,095.32,656.0
168.3205.0324.4203.0160.4178.8
231.8206.4127.0475.3178.9196.5
182.2177.1187.8242.8200.4273.2212.2
Liability size class
Under$100,000
2615215.5132.9119.9100.780.330.214.511.415.763.793.9161.4
151.2131.6131.9167.52114206.4239.8267.1297.6278.9
327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3
269.3271.3258.8235.6256.9298.6257.8208.3164.7
14.314.118.215.514.712.3
10.715.911.412.412.812.6
15.112.818.016,816.813.813.9
$100,000and over
2218242.049.746.835.420.515.117.118.851.6140.9140.7146.7
97.1128.0151.4226.62512243.0322.9348.2430.7413.9
611.4720.0867.1
1,031.61,015.61,000.01,064.1967.3699.9910.8
1,618.41,645.61,741.52,063.02,796.34,081.62,753.42,887.02,491.3
154.0190.9306.2187.5145.7166.5
221.2190.5115.6463.0166.1183.9
167.1164.3169.8226.0183.7259.4198.3
1 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate, insurance,holding, and financial companies, steamship lines, travel agencies, etc.
2 Failure rate per 10,000 listed enterprises.3 Series revised; not strictly comparable with earlier data.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Bradstreet, Inc.
308Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AGRICULTURE
TABLE B-91.—Income of farm people and farmers, 1929-79
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Year or QUdrier
192919331939
1940194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
197019711972197319741975197619771978
19771IIIIIIV
19781IIIIIIV
19791IIIll
Personal income received by
total farm population
Fromall
sources
7476
10114.116.516.617.220.021.123.819.5
20.322.722.019.718.317.517.617.519.217.5
18.419.019.720.019.822.623.822.924.126.9
27.528.834.648.945.244.540.342.954.0
Fromfarm
sources *
484868
10.112.112.212.815.515.818.013.3
14.116.115.313.312.411.311.110.812.510.4
11.111.411.411.010.012.012.611.111.312.9
13.013.516.929.223.421.916.818.025.2
Fromnonfarmsources2
2628333.94.44.44.44.65.35.86.26.36.56.76.45.96.26.66.66.77.17.27.68.39.09.7
10.611.211.712.813.9
14.515.317.819.721.811123.524.928.8
Income received from farming3
GrOSS inhume UCIUIC iiiveuiuiy
Total4
13.97.1
10.6
11.113.918.823.424.425.829.534.134.731.6
32.337.136.835.133.733.334.434.238.137.9
38.540.241.742.743.145.550.649.951.756.3
58.660.670.195.5
100.096.9
104.2107.5124.9
107.0104.5103.4115.0
119.8124.3122.2133.4
141.9144 3143.2
adjustment
Cash receipts from1
Total
11.35.37.98.4
11.115.619.620.521.724.829.630.227.8
28.532.932.531.029.829.530.429.733.533.6
34.235.236.537.537.339.443.442.844.248.2
50.552.961.287.192.488.294.895.7
111.0
96.893.892.199.9
106.2111.0109.0118.0
128.9130 7129.9
idincuug:.
stockand
prod-ucts
6.22.84.54.96.59.0
11.511.412.013.816.517.115.4
16.119.618.216.916.316.016.417.419.218.9
19.019.520.220.019.921.925.024.425.528.6
29.630.635.745.941.443.046.147.459.0
46.445.747.150.6
53.958.360.463.4
70.068 265.0
>
Crops
5.12.53.33.54.66.58.19.29.7
11.013.113.112.4
12.413.214.314.113.613.514.012.314.214.7
15.315.716.317.417.217.518.418.418.719.6
21.022.325.541.151.145.148.748.252.1
50.448.144.949.4
52.452.748.654.6
58.962 564.9
Produc-tionex-
penses
7.74.46.36.97.8
10.011.612.313.114.517.018.818.0
19.522.322.821.521.822.222.723.725.827.2
27.428.630.331.631.833.736.538.239.542.1
44.447.452.365.672.275.983.188.898.1
86.787.588.592.4
95.097.097.4
103.0
109.0112 0116.0
Not trnei TO i at in
operators afterinventory
adjustment5
Currentdollars
6.22.64.44.56.59.9
11.711.712.315.115.417.712.8
13.615.915.013.012.411.311.311.113.210.7
11.512.012.111.810.512.914.012.312.314.3
14.214.618.733.326.124.518.719.827.9
19.318.016.924.8
25.827.826.331.6
34.934 830.7
1967dollars6
12.06.6
10.6
10.714.720.222.722.222.825.823.024.517.9
18.920.518.816.215.414.113.813.115.212.3
13.012.313.312.811.313.714.412.311.813.4
12.212.114.925.117.715.211.010.914.3
10.910.09.2
13.4
13.714.413.315.6
16.816 313.9
1 Net income to farm operators after inventory adjustment, less net income of nonresident operators, plus wages and salaries andother labor income of farm resident workers, less contributions of farm resident operators and workers to social insurance.2 Estimated income of farm residents from nonfarm sources; based on survey benchmarks with extrapolations to current year.3 Includes government payments.4 Also includes government payments and nonmoney income and other farm income furnished by farms, not shown separately.5 Includes net value of physical change in inventory of crops and livestock valued at average prices for the year.
6 Income in current dollars divided by the consumer price index (Department of Labor).Sources: Department of Agriculture and Department of Labor.
309Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-92.— Farm output and productivity indexes, 1929-79
[1967=100]
Year
1929
1933
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979 P
Farm output
Total1
53
51
58
6062706971
7071697674
7476797980
8282818788
9191929695
9895100102102
101110110112106
114117121121129
Crops2
Total3
62
55
64
6768767175
7377738379
7678818179
8282808989
9391929693
9995100103104
100112113119110
121121130131144
Feedgrains
48
44
51
5256645962
6065507263
6459636164
6868748084
8778798675
88891009599
8911611211593
114120126135145
Foodgrains
52
36
48
5260635467
7072858170
6564837667
6366629173
8780747786
888810010698
91107102114120
142141132123143
Oilcrops
11
8
25
2929404136
3634394745
4647464749
5360586964
6877788181
9597100114116
117121131155127
153132175183219
Live-stockandprod-ucts2
53
57
59
6064717773
7371706872
7578787982
8484838488
8791929597
9597100100101
105106107105106
101105106106107
Productivity indicators
Farmoutputperunitof
totalinput
52
53
59
6062686667
6871687471
7171747576
7880808787
9091929695
10097100102103
102110110111106
115115117117124
Croppro-
ductionper
acre4
56
50
60
6263706468
6771677570
6970737271
7476778685
8992959795
10097100105106
104112115116104
112111117121130
Farm output per hour
Total
16
16
19
2021242424
2627283132
3435383942
4447515759
6567717781
8992100106110
115128136130136
152162173183184
Crops
16
15
20
2123252425
2729293333
3635394042
4548536161
6668727779
9094100106108
111126135138128
142146158166171
1 iwoLive-stockandprod-ucts
26
25
27
2728303130
3132333435
3739404143
4648505458
6266717782
8693100105112
121128137144156
160178189204195
1 Farm output measures the annual volume of net farm production available for eventual human use through sales from farms orconsumption in farm households.
2 Gross production.3 Includes items not included in groups shown.4 Computed from variable weights for individual crops produced each year.Source: Department of Agriculture.
310Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-93.—Farm input use, selected inputs, 1929-79
Year
1929
1933
1939
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979"
Farm population/ Anr;i I \ i(April l ) 1
Num-horDel
(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
8,8648,2537,806
78,005
Aspercentof totalpopula-tion2
25.1
25.8
23.5
23.122.621.419.217.9
17.518.017.916.616.2
15.214.213.912.511.7
11.511.110.39.89.4
8.78.17.77.16.8
6.45.95.55.25.1
4.74.64.64.54.4
4.23.83.63.7
Farm employment
(tnousanas
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
4,3424,3744,1553,9373,944
Fam-
work-ers
9,360
9,874
8,611
8,3008.0177,9498,0107,988
7,8818,1068,1158,0267,712
7,5977,3107,0056,7756,570
6,3455,9005,6605,5215,390
5,1725,0294,8734,7384,506
4,1283,8543,6503,5353,419
3,3483,2753,2283,1693,075
3,0262,9972,8592,6812,525
Hiredwork-ers
3,403
2,865
2,727
2,6792,6522,5552,4362,231
2,1192,1892,2672,3372,252
2,3292,2362,1442,0892,081
2,0361,9521,9401,9821,952
1,8851,8901,8271,7801,604
1,4821,3601,2531,2131,176
1,1751,1611,1461,1681,314
1,3171,3771,2961,2561,418
Cropshar-
vested(mil-
lions ofacres)4
365
340
331
341344348357362
354352355356360
345344349348346
340324324324324
324302295298298
298294306300290
293305294321328
336337344336348
Selected indexes o
Tntal10131
102
96
98
100100103104105
103101101103105
104107107106105
105103101100102
101100100100100
989810010099
100100100101100
100103104103103
Farmlabor
329
321
294
293288296292289
271260246240231
217218208200192
185174162156151
145139133129122
1101031009793
8986828078
7673716766
Farmreales-tate
103
97
102
1031021009898
98102103103104
105105105105105
105102102100101
100100100100100
99991009998
10199989795
9697999898
input use
Me-chanicalpowerand
machin-ery
38
32
40
4244515557
5857647280
8490949696
9798979798
9794949393
9496100101101
100102101105109
113117118120121
(1967 =
Agri-culturalchemi-cals5
10
6
11
1314151720
2021232527
2932353637
3941414349
4953586571
7585100105111
115124131136140
127145151145151
LOO)
Feed,cooHSeed,
andliwolive-
stockpur-
chases 6
31
28
41
4245485252
5453555661
6367696971
7275747984
8488909092
939710097101
104111113116107
101110111116116
xFarm population as defined by Department of Agriculture and Department of Commerce, i.e., civilian population living on farms,regardless of occupation. See also footnote 7.
2 Total population of United States as of July 1, including Armed Forces overseas.3 Includes persons doing farmwork on all farms. These data, published by the Department of Agriculture, differ from those on
agricultural employment by the Department of Labor (see Table B-29) because of differences in the method of approach in concepts ofemployment, and in time of month for which the data are collected. See monthly report on "Farm Labor."
4 Acreage harvested plus acreages in fruits, tree nuts, and farm gardens.5 Fertilizer, lime, and pesticides.6 Nonfarm constant dollar value of feed, seed, and livestock purchases.7 Based on new definition of a farm, farm population is 6,501,000 in 1978 and 6,200,000 (preliminary) in 1979.Sources: Department of Agriculture and Department of Commerce (Bureau of the Census).
311Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-94.—Indexes of prices received and prices paid by farmers, 1940-79
[1967 = 100]
Year or month
1940 ....194119421943194419451946194719481949
1950195119521953195419551956195719581959
1960196119621963196419651966196719681969
1970197119721973197419751976197719781979
1978:JanFebMarMay '.June
JulyAugSeptOctNovDec . ...
1979:JanFebMar
MayJune
JulyAugSeptOctNovDec
Prices received by
Allfarmprod-ucts
40496477798394110115100
1031211151029893929410096
959698979598106100102107
110113125179192185186183210241
187193200208215217
216211217218216222
232241246244246244
244237241236238239
farmers
Crops
404864838890102117113100
1031181191071081031041009998
9910110310710610310610010097
100108114175224201197192204223
188190197208212216
213204205202202205
209216214212220233
240235225224223220
.Live-ctnrbSTOCK
andprod-ucts
4050627271778810511599
10212211197908582899993
929193898694106100104117
118118136183165172111175217257
186197204209219219
218218111232230239
252264274111269255
250239255248251256
Prices paid by farmers
Allcommod-
ities,services,interest,taxes,andwageratesl
36394450535661707673
75828481818181848687
88889091929499100103108
112118125144164180192202219249
209211214216219220
220221223224225226
234238243246248249
251251254256256259
Production items
Total2
43455257606167788783
86959589898787909293
929394959496100100100104
108113121146166182193200216247
203206211214217218
218217220222222225
230235243246247248
250249253255255258
Tractorsandself-pro-pelledmachin-ery
9296100104111
116122128137161195217238259289
245245251251251260
260260111111111111
111111280280280293
293293302302302302
Fertil-izer
1031021009487
889194102167217185181180196
179179181181181181
181181181179179179
179179187187194194
194194194211211111
CiialcrucIS
andener-gy
9898100101102
104107108116159111187202212276
209209209209209211
213214215215217220
227231237248258271
287298308314318324
Wagerates3
15182331384246495251
5055596160616366687274767880828693100108119
128134142155178192210226242265
244244244246246246
243243243237237237
257257257269269269
266266266268268268
Adden-dum:
Averagefarmreal
estatevalueper
acre4
19192123262932363941
40465152515355586166
68697377828693100107113
117122132150187213242283308351
308
332
351
384
1 Includes items used for family living, not shown separately.2 Includes other items not shown separately.3 Seasonally adjusted; annual data are averages of seasonally adjusted data.4 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.Source: Department of Agriculture.
312Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-95.—U.S. exports and imports of agricultural commodities, 1940-79
[Billions of dollars]
Year
19401941194219431944
19451946194719481949
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
Jan-Sept:19781979
Exports
Total1
0.5.7
1.22.12.1
2.33.14.03.53.6
2.94.03.42.83.1
3.24.24.53.94.0
4.85.05.05.66.3
6.26.96.46.36.0
7.37.79.4
17.722.0
21.923.023.629.4
21.223.8
Feedgrains
(
4
444
4
3../1I3
.2
.3
.3
.3
.2
.3
.4
.3
.5
.6
.5
.5
.8
.8
.9
1.11.31.1.9.9
1.11.01.53.54.6
5.26.04.95.9
4.55.4
Foodgrains2
(4)0.1(4)
.1
A.1
141.51.1
.61.11.1.7.5
.61.01.0.8.9
1.21.41.31.51.7
1.41.81.51.41.2
1.41.31.84.75.4
6.24.73.65.5
4.14.3
Oil-seedsand
prod-ucts
PI£j
PI.2
.2
.3
.2
.2
.3
.4
.5
.5
.4
.6
.6
.6
.7
.81.0
1.21.21.31.31.3
1.92.22.44.35.7
4.55.16.68.2
5.56.0
Cot-ton
0.2.1.1.2.1
.3
.54.5.9
1.01.1.9.5.8
.5
.71.0.7.4
1.0.9.5.6.7
.5
.4
.5
.5
.3
.4
.6
.5
.91.3
1.01.01.51.7
1.41.6
To-bacco
(4)0.1
.1
.2
.1
.2
.43.2
.3
.3
.2
.3
.4
.3
.4
.4
.3
.4
.4
.4
.4
.4
.4
.5
.5
.5
.6
.5
.5
.7
.7
.9
.9
.91.11.4
.8
.7
Ani-malsand
prod-ucts
0.1.3.8
1.21.3
.9
.97.5.4
.3
.5
.3
.4
.5
.6
.7
.7
.5
.6
.6
.6
.6
.7
.8
.8
.7
.7
.7
.8
.91.01.11.61.8
1.72.42.73.0
1.82.4
Imports
Total*
1.31.71.31.51.8
1.72.3283.12.9
4.05.24.54.24.0
4.04.04.03.94.1
3.83.73.94.04.1
4.14.54.55.05.0
5.85.86.58.41.2
9.311.013.414.8
1.912.3
Crops,fruits,
andvege-
tables3
ft( 1.1.21
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.3
.3
.3
.4
.4
.5
.5
.5
.6
.7
.8
.8
.8
.91.21.5
1.51.6
Ani-malsand
prod-ucts
0.2.3.5.4.3
.4
.44.6.4
.71.1.7.6.5
.5
.4
.5
.7
.8
.6
.7
.9
.9
.8
.91.21.11.31.4
1.61.51.82.62.2
1.82.32.33.1
2.22.8
Cof-fee
0.1.2.2.3.3
.3
.56.7.8
1.11.41.41.51.5
1.41.41.41.21.1
1.01.01.01.01.2
1.11.11.01.2.9
1.21.21.31.71.6
1.72.94.24.0
3.02.9
Cocoabeansand
prod-ucts
(4)(4)(4)(4)(4)
(4)0.1
.2
.1
.2
.2
.2
.2
.3
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.1
.2
.2
.2
.3
.2
.2
.3
.5
.5
.61.01.4
1.0.9
Agri-culturaltrade
balance
- 0 . 8- 1 . 0- . 1
.6
.6
.81.2.4.7
-1 .1- 1 . 2-1 .1- 1 . 4- . 9
- . 8.2.5
-"i1.01.31.11.62.2
2.12.41.91.2.9
1.51.92.99.3
11.8
12.612.01.2
14.8
1.311.5
1 Total includes items not shown separately.2 Rice, wheat, and wheat flour.3 Includes nuts, fruits, and vegetable preparations.4 Less than $50 million.Note.—Data derived from official estimates released by the Bureau of the Census, Department of Commerce. Agricultural
duties, ocean freight, and marine insurance.Source: Department of Agriculture.
313Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-96.—Balance sheet of the farming sector, 1929-80
[Billions of dollars]
Beginning ofyear
Assets
Total Realestate
Live-stock »
Other physical assets
Machin-ery andmotor
vehicles
Crops2
House-hold
equip-mentand
furnish-ings
Financial assets
Depos-its
andcur-
rency
U.S.savingsbonds
Invest-ments incooper-atives
Claims
Total estatedebt
Otherdebt
Propri-etors'
equities
1929
1933
1939...
1940...1941..1942...1943...1944...
1945...1946...1947...1948...1949...
19501951195219531954
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979
53.054.862.973.684.0
93.8102.9115.9127.4134.6
134.5154.3170.1167.6164.6
168.8173.6182.8191.3208.4
210.2210.8219.3227.7235.8
243.8260.8274.2288.0302.8
314.9326.0351.8394.8478.5
517.6580.2655.8713.0820.2
1980 950.0
48.0
30.8
• 34.1
33.634.437.541.648.2
53.961.068.573.776.6
77.689.598.4100.198.7
102.2107.5115.7121.8131.1
137.2138.5144.5150.2158.6
167.5179.2189.1199.7209.2
215.8223.2239.6267.3327.7
368.5416.9483.8525.8599.5
696.0
6.6
3.0
5.1
5.15.37.19.69.7
9.09.7
11.913.214.4
12.917.119.514.811.8
11.210.611.013.917.7
15.315.616.417.315.9
14.517.619.018.920.2
23.523.727.334.142.4
24.629.529.132.051.3
64.0
3.2
2.5
3.2
3.13.34.04.95.4
6.55.45.37.4
10.1
12.214.116.717.418.4
18.619.320.220.121.8
22.722.222.523.523.9
24.826.027.429.831.3
32.334.436.639.344.2
55.765.071.977.784.3
97.0
9.8
2.73.03.95.16.1
6.76.37.19.08.5
7.67.98.89.09.2
9.68.38.37.69.3
7.78.08.89.39.8
9.29.7
10.09.6
10.6
10.910.711.814.522.1
23.321.322.024.927.4
30.5
8.5
6.8
4.24.14.84.84.7
5.25.57.28.18.9
8.49.6
10.19.69.5
9.710.09.69.69.4
9.28.78.9
8.48.48.38.89.4
9.610.010.811.912.3
14.014.214.416.419.2
22.0
3.23.54.25.56.6
7.99.4
10.29.99.6
9.19.19.49.49.4
9.49.59.49.5
10.0
9.28.78.89.29.2
9.610.010.310.911.5
11.912.413.214.014.9
15.115.616.016.316.8
17.2
0.3.3.5
1.12.2
3.44.24.24.44.6
4.74.74.74.64.7
5.05.25.15.15.2
4.74.64.54.44.2
4.24.03.93.83.8
3.73.63.74.04.1
4.34.44.44.44.8
5.0
0.8.9.9
1.01.1
1.21.41.51.71.9
2.02.32.52.72.9
3.13.23.53.73.9
4.24.54.95.05.4
5.65.96.26.56.8
7.28.08.89.7
10.8
12.113.314.215.516.9
18.3
53.054.862.973.684.0
93.8102.9115.9127.4134.6
134.5154.3170.1167.6164.6
168.8173.6182.8191.3208.4
210.2210.8219.3227.7235.8
243.8260.8274.2288.0302.8
314.9326.0351.8394.8478.5
517.6580.2655.8713.0820.2
950.0
6.66.56.45.95.4
4.94.74.95.15.3
5.66.16.77.27.7
8.29.09.8
10.411.1
12.012.813.815.116.8
18.921.223.125.127.4
29.230.332.235.741.3
46.351.156.663.772.3
83.1
3.43.94.14.03.5
3.43.23.64.26.1
6.86.98.08.99.2
9.49.89.5
10.012.5
12.813.414.716.317.6
17.919.521.022.323.1
23.824.226.929.632.8
35.539.746.155.665.2
74.7
43.044.452.463.775.1
85.595.0
107.4118.1123.2
122.1141.3155.4151.5147.7
151.2154.8163.5170.9184.8
185.4184.6190.8196.3201.4
207.0220.1230.1240.6252.3
261.9271.5292.7329.5404.4
435.8489.4553.1593.7682.7
792.2
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, 1980 totaled approximately $1.0 billion.
Note.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Agriculture.
314Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICS
TABLE B-97.— Exchange rates, 1973-79
[Cents per unit of foreign currency, except as noted]
Year and month
1973:MarJuneSeptDec
1Q74ly/'j
MarJuneSeptDec
1975:MarJuneSeptDec
1Q7Ciy/oMarJuneSeptDec
1977MarJuneSeptDec
1978:MarJuneSeptDec
1979MarJuneSeptDec
1973:MarJuneSeptDec
MarJuneSeptDec
1975MarJuneSeptDec
1976MarJuneSeptDec
1977:MarJuneSeptDec
MarJuneSeptDec
1979:MarJuneSeptDec
Belgian franc
2.53772.66432.70892.4726
2.50402.63662.53642.7158
2.90832.86032.54852.5311
2.54802.52202.60462.7483
2.72582.77132.79102.9608
3.15893.05903.22073.3637
3.39713.30483.46843.5423
Netherlandsguilder
34.83436.58238.54235.615
36.35437.75736.87039.331
42.12441.50237.22937.234
37.14936.52438.39040.240
40 07940.32640.60442.955
45.99444.71646.73349.120
49.80148.37450.63552.092
Canadiandollar
100.333100.16099.181
100.058
102.877103.481101.384101.192
99.95497.42697.43798.627
101.431102,712102.55798.204
95.12594.54993.16891.132
88.82389.14385.73984.763
85.18785.29685.81485.471
Swedish krona
22.58223.74623.76922.026
21.91522.88522.33323.897
25.48125.53222.50122.685
22.70222.47522.99824.051
23 72622.62520.60221.044
21.69321.69022.59222.808
22.90123.02823.86023.935
French franc
22.19123.47223.46621.757
20.74220.40820.83122.109
23.80424.97122.36722.428
21.65721.10920.33420.055
20.07520.24020.31420.844
21.25621.84122.90923.178
23.32822.91423.82624.614
Swiss franc
31.08432.75733.14631.252
32.49033.44933.37138.442
40.27340.08636.90537.970
38.98040.48440.43140.823
39 20940.17042.11548.168
52.69353.04663.76559.703
59.47358.88462.08762.542
German mark
35.54838.78641.24637.629
38.21139.60337.58040.816
43.12042.72638.19138.144
39.06438.79740.16941.965
41.81242.45343.03446.499
49.18147.98450.77853.217
53.75453.08455.75857.671
UnitedKingdom
pound
247.24257.62241.83231.74
234.06239.02231.65232.94
241.80228.03208.35202.21
194.28176.40172.72167.84
17174171.91174.31185.46
190.55183.72195.95198.61
203.78211.19219.66220.07
Italian lira
0.17600.16792.17691.15458
.15687
.15379
.15103
.15179
.15842
.15982
.14740
.14645
.12113
.11780
.11837
.11521
.11276
.11295
.11318
.11416
.11692
.11634
.12050
.11863
.11888
.11828
.12326
.12329
Japanese yen
0.38190.37808.37668.35692
.35454
.35340
.33439
.33288
.34731
.34077
.33345
.32715
.33276
.33424
.34800
.33933
.35687
.36652
.37486
.41491
.43148
.46744
.52656
.51038
.48470
.45750
.44963
.41613
United States dollar(March 1973 = 100)
Multilateraltrade-weighted
average
100.096.595.1
101.5
101.6100.0102.998.6
93.994.8
103.0103.5
105.1107.1105.7105.3
105 2104.4103.898.4
94.894.789.588.5
88.489.686.786.3
Bilateral trade-weightedaverage
100.098.598.3
102.2
100.999.9
103.0101.0
98.5100.0104.9105.0
104.6105.2104.0105.8
106.2105.6105.4101.9
100.399.296.096.3
96.798.096.597.5
Source: Board of Governors of the Federal Reserve System.
315Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-98.— U.S. international transactions, 1946-79
[Millions of dollars; quarterly data seasonally adjusted]
Year orquarter
Merchandise12
Exports ImportsNet
balance
Investment income3
ceiptsPayments Net
Netmilitarytransac-
tions
Nettraveland
transpor-tation
receipts
Otherserv-ices,net3
Balanceon goods
andserv-
ices1 4
Remit-tances,
pensions,and otherunilateral
trans-fers1
Balanceon
currentaccount
1946194719481949
1950....1951....1952...1953...1954....
19551956195719581959
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
1977:IIIIllI V
1978:III
IV
1979:I
Ill"
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
107,088114,745120,816142,052
29,51831,07530,55829,665
30,71235,39636,53239,412
41,34842,79247,337
-5,067-5,973-7,557-6,874
-9,081-11,176-10,838-10,975-10,353
-11,527-12,803-13,291-12,952-15,310
-14,758-14,537-16,260-17,048-18,700
-21,510-25,493-26,866-32,991-35,807
-39,866-45,579-55,797-70,499
-103,649
-98,041-124,051-151,689-175,822
-37,185-37,639-37,996-38,869
-42,629-43,329-44,481-45,383
-47,463-50,508-54,619
6,69710,1245,7085,339
1,1223,0672,6111,4372,576
2,8974,7536,2713,4621,148
4,8925,5714,5215,2246,801
4,9513,8173,800
635607
2,603-2,260-6,416
911-5,343
9,047-9,306
-30,873-33,770
-7,667-6,564-7,438-9,204
-11,917-7,933-7,949-5,971
-6,115-7,716-7,282
7721,1021,9211,831
2,0682,6332,7512,7362,929
3,4063,8374,1803,7904,132
4,6164,9985,6196,1576,823
7,4367,5268,0219,368
10,912
11,74612,70614,76421,80827,587
25,35129,28632,58743,465
7,7758,0808,4208,312
9,77610,25610,52612,907
14,11515,40417,506
- 2 1 2- 2 4 5-437- 4 7 6
- 5 5 9- 5 8 3- 5 5 5- 6 2 4- 5 8 2
-676- 7 3 5- 7 9 6- 8 2 5
-1,061
-1,237-1,245-1,324-1,561-1,784
-2,088-2,481-2,747-3,378-4,869
-5,516-5,436-6,544-9,655
-12,084
-12,564-13,311-14,598-21,820
-3,192-3,519-3,686-4,201
- 4 , 5 3 7- 5 , 4 0 2- 5 , 5 7 4- 6 , 3 0 8
-7,251-7,939-8,712
560857
1,4841,355
1,5092,0502,1962,1122,347
2,7303,1023,3842,9653,071
3,3793,7534,2954,5965,039
5,3485,0455,2745,9906,043
6,2307,2708,220
12,15315,503
12,78715,97517,98921,645
4,5834,5614,7344,111
5,2394,8544,9526,599
6,8647,4658,794
- 4 9 3- 4 5 5- 7 9 9- 6 2 1
- 5 7 6-1,270-2,054-2,423-2,460
-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
-3,354-2,893-3,420-2,070-1,653
- 7 4 6674
1,679492
509407407357
244237247
- 2 3 9
34-217- 3 8 4
733946374230
- 1 2 0298
83- 2 3 8- 2 6 9
-297- 3 6 1- 1 8 9- 6 3 3- 8 2 1
- 9 6 4- 9 7 8
-1,152-1,309-1,146
-1,280-1,331-1,750-1,548-1,763
-2,038-2,345-3,063-3,158-3,184
-2,725-2,465-3,200-2,985
- 9 1 2- 8 0 8- 6 9 3- 7 8 7
- 7 3 1- 7 9 8- 7 8 4- 6 7 2
- 5 6 6- 8 4 0- 6 1 5
310145175208
242254309307305
299447482486573
579594809960
1,041
1,3871,3651,6121,6301,833
2,1902,5092,7893,1853,975
4,5904,7254,9836,226
1,1671,2311,3311,251
1,4391,5011,6031,682
1,5201,6151,623
7,80711,6176,9426,511
2,1774,3993,1451,1952,499
2,9285,1537,1073,1451,166
5,1326,3456,0267,1679,603
8,2845,9615,7093,5633,393
5,6342,282
-1,88911,0229,298
22,9529,603
-9,423- 8 , 3 9 2
-2,320-1,173-1,659-4,272
-5,725-2,139-1,931
1,399
1,737307
2,136
-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
-3,294-3,701-3,854-3,881
5—7,186
-4,613-4,998-4,670-5,086
-1,116-1,283-1,249-1,023
-1,228-1,313-1,233-1,314
-1,322-1,363-1,374
4,8858,9922,417
873
-1,840884614
-1,286219
4302,7304,762
784-1,282
2,8243,8213,3884,4146,822
5,4313,0292,584
611399
2,340-1,419-5,744
7,1412,113
18,3394,605
-14,092-13,478
-3,436-2,456-2,908-5,295
-6,953-3,452-3,164
85
415-1,056
762
1 Excludes military grants.2 Adjusted from Census data for differences in valuation, coverage, and timing.3 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from
investment income and included in other services, net.4 In concept, the sum of balance on current account and allocations of special drawing rights is equal to net foreign investment in
the national income and product accounts, although the two may differ because of revisions, special handling of certain items, etc.
(See next page for continuation of table.)
316Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-98.—U.S. international transactions, 1946-79—Continued
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Year or quarter
U.S. assets abroad, net[increase/capital outflow ( - ) ]
Total
U.S.officialreserveassets6
OtherU.S.
Govern-ment
assets
U.S.privateassets
Foreign assets in the U.S., net[increase/capital inflow ( + )]
Total
Foreign officialassets
Total
Assetsof
foreignofficialreserve
agencies
Otherforeignassets
Alloca-tions ofspecialdrawingrights(SDRs)
Statisticaldiscrepancy
Total(sum of
theitems
with signreversed)
Ofwhich:
Seasonaladjust-ment
discrep-ancy
19461947.19481949
19501951195219531954
19551956195719581959
19601961.196219631964
19651966196719681969
19701971197219731974.
197519761977.1978
1977:III.IllI V
1978IIIIII.IV.
1979-III.Ill "..
-623-3,315-1,736-266
1,758-33
-4151,256480
182-869
-1,1652,2921,035
2,145607
1,535378171
1,22557053
-870-1,179
2,4812,349- 4158
-1,467
-849-2,558-375732
-420-24112-43
187248115182
-3,585343
2,779
-4,099-5,537-4,175-7,270-9,559
-5,715-7,319-9,758-10,977-11,585
-9,336-12,474-14,497-22,874-34,745
-39,703-51,269-35,793-60,957
-1,683-12,272-6,625-15,213
-15,188-5,466-10,049-30,254
-7,637-16,165-23,325
-1,100-910
-1,085-1,662-1,680
-1,605-1,543-2,423-2,274-2,200
-1,589-1,884-1,568-2,6445 366
-3,474-4,214-3,693-4,656
-1,062-885
-1,001-746
-1,009-1,263-1,390-994
-1,094-1,001-756
-5,144-5,234-4,624-5,986-8,049
-5,335-6,345-7,387-7,833-8,206
-10,228-12,939-12,925-20,388-33,643
-35,380-44,498-31,725-57,033
-201-11,363-5,736
-14,424
-14,366-4,451-8,774
-29,442
-2,958-15,507-25,348
2,2942,7051,9113,2173,643
7423,6617,3799,92812,702
6,35922,97021,46118,38834,241
15,42036,39950,82363,713
2,59614,00214,23619,991
18,175941
15,35829,239
1,4766,057
23,059
1,473765
1,2701,9861,660
134-6723,451-774
-1,301
6,90826,87910,4756,02610,546
6,77717,57336,65633,758
5,4917,7208,266
15,179
15,618-5,265
4,64118,764
-9,391-10,043
5,562
1,258741
1,1181,5581,362
69- 7 8 53,368- 7 5 9
-1,552
7,36427,38910,2935,09010,244
5,25913,06635,41631,004
4,9287,4977,890
15,101
14,895-5,129
4,51916,719
- 9 , 2 2 7-10,299
5,371
8211,939
6411,2311,983
6074,3333,928
10,70314,002
- 5 5 0-3,90910,98612,36223,696
8,64318,82614,16729,956
-2,8956,2825,9704,812
2,5576,206
10,71710,475
10,86816,10017,497
867717710
1,139
-1,019- 9 8 9
-1,124- 3 6 0-907
- 4 5 8629
- 2 0 5438
-1,516
- 2 3 0-9,794-1,930-2,655-1,609
5,94410,265- 9 3 7
10,722
2,523726
-4,703517
3,9657,976
-2,145930
4,60611,163- 4 9 5
714240
-2,2751,321
901517
-2,7161,301
985737
-3,756
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 the United Statesare not seasonally adjusted.
Source: Department of Commerce, Bureau of Economic Analysis.
3172 9 4 - 2 8 9 0 - 8 0 - 2 1
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-99.—U.S. merchandise exports and imports by principal end-use category, 1965-79
[Millions of dollars; quarterly data seasonally adjusted]
Year or quarter
19651966196719681969
19701971197219731974
1975197619771978
1977:1IIIIIIV
1978:1IIIIIIV
1979:IIIIll"
Exports
Total
26,46129,31030,66633,62636,414
42,46943,31949,38171,41098,306
107,088114,745120,816142,052
29,51831,07530,55829,665
30,71235,39636,53239,412
41,34842,79247,337
Agricul-tural
6,3056,9496,4536,2976,096
7,3747,8319,51317,97822,412
22,24223,38124,33129,904
6,2456,2546,0235,809
6,4967,6807,9307,798
7,6407,7339,609
Nonagricultural
Total
20,15622,36124,21327,32930,318
35,09535,48839,86853,43275,894
84,84691,36496,485112,148
23,27324,82124,53523,856
24,21627,71628,60231,614
33,70835,05937,728
Capitalgoods
8,0528,9079,93411,11112,369
14,65915,37216,91421,99930,878
36,63939,11239,76746,474
9,7739,85410,2649,876
10,15311,08012,42512,816
13,81113,69515,557
Othergoods
12,10413,45414,27916,21817,949
20,43620,11622,95431,43345,016
48,20752,25256,71865,674
13,50014,96714,27113,980
14,06316,63616,17718,798
19,89721,36422,171
Imports
Total
21,51025,49326,86632,99135,807
39,86645,57955,79770,499103,649
98,041124,051151,689175,822
37,18537,63937,99638,869
42,62943,32944,48145,383
47,46350,50854,619
Petrol-eumand
products
2,0342,0782,0912,3842,649
2,9273,6504,6508,415
26,609
27,01734,57344,98342,317
12,39610,69911,34210,546
10,6359,97210,87110,839
11,63812,90516,619
Nonpetroleum
Total
19,47623,41524,77530,60733,158
36,93941,92951,14762,08477,040
71,02489,478106,706133,505
24,78926,94026,65428,323
31,99433,35733,61034,544
35,82537,60338,000
Indus-trialsup-plies
9,12310,2359,95612,02711,798
12,39013,76216,26319,58827,766
23,96629,70035,67042,547
7,9498,9469,2209,555
10,24810,99610,68010,623
11,05712,28412,726
Othergoods
10,35313,18014,81918,58021,360
24,54928,16734,88442,49649,274
47,05859,77871,03690,958
16,84017,99417,43418,768
21,74622,36122,93023,921
24,76825,31925,274
Note.—Data are on an international transactions basis and exclude military shipments.
Source: Department of Commerce, Bureau of Economic Analysis.
318Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-100.—U.S. merchandise exports and imports by area, 1973-79
[Millions of dollars]
Item 1973 1974 1975 1976 1977 1978 1979»
Exports
Developed countries
CanadaJapanWestern EuropeAustralia, New Zealand, and South
Africa
Developing countries...
OPEC2
Other3....
Eastern Europe
Imports
Developed countries.
Canada.JapanWestern Europe.Australia, New Zealand, and South
Africa
Developing countries...
OPEC^Other3
Eastern Europe
71,410
48,529
16,7108,356
21,216
2,247
20,834
3,41417,420
2,047
70,499
48,985
17,6949,665
19,774
1,852
20,913
5,09715,816
601
98,306
64,487
21,84210,72428,164
3,757
32,082
6,21925,863
1,737
103,649
61,092
22,39212,41424,267
2,019
41,580
17,23424,346
977
107,088
66,496
23,5379,567
29,884
3,508
37,343
9,95627,387
3,249
98,041
55,973
21,71011,25720,764
2,242
41,334
18,89722,437
734
114,745
72,335
26,33610,19631,883
3,920
38,287
11,56126,726
4,123
4124,051
67,488
26,47515,53123,003
2,479
55,379
27,40927,970
875
120,816
76,970
28,53310,56634,094
3,777
40,951
12,87728,074
2,895
4151,689
79,227
29,64418,56528,226
2,792
70,681
35,77834,903
1,127
142,052
87,762
31,22812,96039,364
4,210
50,208
14,84635,362
4,082
4175,822
99,154
33,55224,54236,620
4,440
74,407
33,28941,118
1,509
175,303
110,463
36,00817,36552,052
5,037
60,133
14,26445,869
5,347
4 203,453
109,527
37,86925,85140,260
5,547
90,570
41,48349,087
1,687
1 First 3 quarters at seasonally adjusted annual rate; preliminary. Detail will not add to totals because of seasonal adjustmentdiscrepancy and rounding.
2 Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.3 Latin American Republics, other Western Hemisphere, and other countries in Asia and Africa, less petroleum exporting countries and
the International Monetary Fund.4 Includes imports of nonmonetary gold from International Monetary Fund, not in area detail.
Note.—Data are on an international transactions basis and exclude military shipments.
Source: Department of Commerce, Bureau of Economic Analysis.
319Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-101.—U.S. merchandise exports and imports by commodity groups, 1958-79
[Millions of dollars; monthly data seasonally adjusted]
Year ofmonth
Merchandise exports1
Totaldomes-tic andforeign
exports2
Domestic exports
Total2
Foodbever-ages,and
tobac-co
Crudemateri-als andfuels4
Manu-facturedgoods5
Merchandise imports
General imports6
Total3
Foodbever-ages,and
tobac-co
Crudemateri-als andfuels4
Manu-facturedgoods5
Total,c.i.f.
value7
Merchandise trade balance
Exportsless
imports,customs
value
Exportsless
imports,f.a.s.
Exportsless
imports,c.i.f.
1958...1959...
1960...1961...1962...1963...1964...
1965...1966...1967...1968...1969...
1970...1971...1972...1973...1974...
19741975197619771978
1978:Jan....Feb....Mar...Apr....May...June..
July...Aug...Sept..Oct....Nov....Dec...
1979:Jan....FebMar...Apr....May...June..
July...Aug...
§5!:Nov
F.a.s. value8 Customs value
16,37516,426
19,65920,22620,98622,46725,832
26,74229,49031,03034,06337,332
42,65943,54949,19970,82397,998
97,998107,589115,150121,150143,575
9,8649,94511,14711,63011,78612,268
11,66212,29413,27412,90113,45113,283
13,13213,50714,45213,88313,86215,038
15,66915,82115,83216,83817,004
16,21116,243
19,45919,98220,71722,18225,479
26,39929,05430,64633,62636,788
42,02542,91148,39969,73096,634
96,634106,100113,476118,944141,069
9,7139,768
10,90311,42011,54112,05311,49712,10113,06612,67013,21213,054
12,92313,28314,16513,63613,57814,774
15,43315,56015,57916,55416,650
2,6882,8523,1673,4663,7434,1884,637
4,5195,1864,7104,5924,4465,0585,0766,569
12,93815,233
15,23316,79317,23415,96320,626
1,2621,5101,6431,6411,8641,964
1,7991,9601,8771,7861,6341,692
1,4371,5571,7651,7581,8072,1822,3522,2622,2662,4972,278
3,0522,9963,9423,8643,3563,7754,337
4,2734,4044,7264,8655,0066,6926,4417,091
10,73515,802
15,80215,19716,09518,57920,952
1,4141,3021,5311,6771,7541,905
1,6201,7181,9011,9342,0402,047
2,1432,0092,3132,1341,9392,2862,4412,4502,5862,5062,759
11,54711,179
12,58312,78413,66814.29716,529
17,43319,21820,84423,81826,785
29,34430,44333,74044,73163,523
63,52370,95177,24180,15194,484
6,6066,7217,3397,5947,6147,791
7,7288,0948,5868,6268,9138,907
8,7599,0789,4039,0569,0689,639
9,81910,07110,09210,50710,441
13,39215,690
15.07314,76116,46417,20718,749
21,42725,61826,88933,22636,043
39,95145,56355,58369,476101,394
3,5503,580
3.3923,4553,6743,8634,022
4,0134,5904,7015,3655,3086,2306,4047,3799,235
10,701
4,1644,615
4,4184,3344,6914,7555,029
5,4405,7185,3676,0316,3916,5427,2688,838
13,44631,842
5,3117,117
6,8636,5377,6498,0709,106
11,24414,44615,75620,62423,011
25,90730,41437,76745,00156,202
F.a.s. value8
100,64896,570
121,009147,685172,026
13,10314,26014,00414,49214,00913,970
14,54514,13314,82014,85214,82515,032
16,23114,80615,27316,03616,34216,937
16,77718,17718,66618,85618,422
10,7099,923
11,89114,22715,742
1,2701,2761,4081,3741,3261,240
1,3131,1231,2351,3581,3691,452
1,4861,2611,4371,5401,4561,552
1,3861,4111,4151,3931,689
32,06432,59641,47453,55451,913
4,1204,3334,2514,3084,1054,234
4,1734,5154,5114,3514,4364,577
5,1454,4384,8905,1865,2065,504
5,9666,4607,0467,4676,364
55,22351,08064,77576,554100,352
7,3848,3947,9728,4718,2578,158
8,7298,1678,7678,7558,6918,617
9,2918,8248,5969,0239,2329,475
9,0659,8739,7499,5049,839
28,74535,32038,241
42,42948,34258,86273,573108,392
108,392103,843129,896157,560183,137
13,92715,19314,89315,43414,91314,869
15,49515,07415,82115,76415,77016,006
17,28215,72016,22817,05317,35017,977
17,82319,27519,77719,95719,524
2,983736
4,5865,4654,5225,2607,083
5,3153,8724,141
8371,289
2,708-2,014-6,384
1,348-3,396
-3,396 -2,65011,020
-5,859-26,535-28,451
-3,239-4,315-2,858-2,861-2,223-1,702
-2,883-1,839-1,546-1,951-1,374-1,749
-3,099-1,300
- 8 2 1-2,153-2,480-1,900
-1,108-2,357-2,833-2,018-1,418
2,283-1,257
- 9 0 9
230-4,793-9,663
2,752-10,395
-10,3953,747
-14,746-36,410-39,563
-4,063-5,248-3,747-3,804-3,127-2,601
-3,834-2,780-2,547-2,863-2,319-2,724
-4,150-2,213-1,776-3,171-3,488-2,940
-2,154-3,455-3,945-3,119-2,521
1 Beginning 1960, data have been adjusted for comparability with the revised commodity classifications effective in 1965.2 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance
Program.3 Total includes commodities and transactions not classified according to kind.4 Includes fats and oils.5 Includes machinery, transportation equipment, chemicals, metals, and other manufactures. Export data for these items include
military grant-aid shipments through 1975. They are excluded in 1978-79.6 Total arrivals of imported goods other than intransit shipments.7 C.i.f. (costs, insurance, and freight) import value at first port of entry into United States. Data for 1967-73 are estimates.8 F.a.s. (free alongside ship) value basis at U.S. port of exportation for exports and at foreign port of exportation for imports.
Note.—Data are as reported by the Bureau of the Census adjusted to include silver ore and and bullion reported separately prior to1969. Trade in gold is included beginning 1974. Export statistics cover all merchandise shipped from the U.S. customs area, exceptsupplies for the U.S. Armed Forces. Exports include shipments under Agency for International Development and Food for Peace programsas well as other private relief shipments.
Source: Department of Commerce (Bureau of the Census and International Trade Administration).
320Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-102.—International investment position of the United States at year-end, selected years, 1970-78
[Billions of dollars]
Type of investment 1970 1972 1974 1976 1977 1978
Net international investment position of the United States..
U.S. assets abroad
U.S. official reserve assets
GoldSpecial drawing rights (SDRs)Reserve position in the International Monetary Fund (IMF)Foreign currency reserves
Other U.S. Government assets
U.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. banks, not included
elsewhereClaims on unaffiliated foreigners reported by U.S. nonbanks
Foreign assets in the United States..
Foreign official assets
U.S. Government securities*Other U.S. Government liabilitiesLiabilities reported by U.S. banks, not included elsewhereOther official assets
Other foreign assets..
Direct investments in the United States (book value)Liabilities reported by U.S. banks, not included elsewhereU.S. Treasury securitiesOther U.S. securities2
Liabilities to unaffiliated foreigners reported by U.S. nonbanks.,
58.6
165.5
14.5
11.1.9
1.9.6
32.1
29.72.5
118.8
75.521.0
13.88.5
106.8
26.1
17.71.76.7
.0
80.7
13.322.7
1.234.7
8.8
37.1
199.0
13.2
10.52.0
.5
.2
36.1
34.12.0
149.7
89.927.6
20.711.4
161.8
63.2
52.91.68.5
.2
98.7
14.921.2
1.250.710.7
58.8
255.7
15.9
11.72.41.9.0
38.4
36.32.1
201.5
110.128.2
46.217.0
196.9
79.8
58.12.6
18.4.6
117.1
25.141.8
1.734.913.6
82.6
347.2
18.7
11.62.44.4
.3
46.0
44.11.9
282.4
136.844.2
81.120.3
264.6
105.5
74.08.7
17.25.6
159.1
30.853.57.0
54.813.0
72.4
383.0
19.3
11.72.64.9
.0
49.6
47.81.8
314.1
149.849.4
92.622.3
310.6
141.9
106.89.9
18.07.2
168.7
34.660.2
7.652.913.4
76.7
450.1
18.7
11.71.61.04.4
54.2
52.31.9
377.2
168.153.4
129.626.1
373.3
175.1
130.812.723.18.5
198.2
40.877.09.9
55.415.1
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 December 1971, at$1.08571/SDR from December 1971 through January 1973, at $1.20635/SDR from February 1973 through June 1974, and as measuredby the basket valuation of the SDR beginning July 1974.
Source: Department of Commerce, Bureau of Economic Analysis.
321Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-103.— World trade: Exports and imports, 1965, 1970, and 1975-79
[Billions of U.S. dollars]
Area and country 1965 1970 1975 1976 1977 1978 19791
Developed countries3..
United StatesCanadaJapan
European Community4
FranceWest GermanyItalyUnited Kingdom
Other developed countries
Developing countries
OPEC 5...Other
Communist countries6
U.S.S.REastern Europe..China
TOTAL..
Developed countries3
United States.CanadaJapan
European Community4
FranceWest GermanyItaly
United Kingdom
Other developed countries..
Developing countriesOPEC5
Other
Communist countries6..
U.S.S.REastern EuropeChina
TOTAL....
129.7
27.58.58.5
64.8
10.217.97.2
13.8
20.4
35.2
10.724.5
23.2
8.211.82.0
188.1
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
Exports, f.a.s.2
225.9
43.216.719.3
113.0
18.134.213.219.6
33.6
54.3
17.636.7
34.7
12.818.22.1
314.9
583.3
107.634.155.8
298.4
53.190.234.844.5
87.4
203.5
111.592.0
90.4
33.445.3
7.2
877.2
647.3
115.040.567.3
328.8
57.2102.2
37.346.7
95.7
248.3
135.2113.1
99.1
37.349.5
7.3
994.7
735.3
121.243.481.1
382.3
65.0118.1
45.358.2
107.1
282.5
148.0134.5
115.4
45.256.48.0
1,133.2
Imports, c.i.f.7
881.0
143.747.998.4
462.2
79.4142.5
56.171.7
128.8
294.8
142.8152.0
133.2
52.464.29.9
1,309.0
235.3
42.414.318.9
116.9
19.129.915.022.0
43.0
56.6
10.046.6
34.2
11.718.52.2
326.1
611.0
103.436.357.9
301.9
54.074.938.454.2
111.5
189.8
52.7137.1
100.8
37.151.37.4
901.6
701.5
129.640.364.9
345.6
64.488.443.456.6
121.2
208.0
64.6143.4
105.1
38.255.66.0
1,014.6
793.8
157.642.171.3
390.2
70.5101.5
48.164.6
132.7
248.0
84.8163.2
115.3
40.962.3
7.1
1,157.1
915.4
183.146.279.9
462.8
81.8121.8
56.578.6
143.4
296.4
104.0192.4
139.7
50.871.710.9
1,351.5
1,032.2
183.155.5
102.5
555.8
98.8173.2
72.090.7
135.3
383.9
201.9182.0
145.6
64.073.1
1.2
1,561.7
1,080.0
219.555.1
108.9
577.2
105.7161.2
75.4103.1
119.3
339.2
106.1233.1
161.4
60.078.914.4
1,580.6
1 Preliminary estimates.2 Free-alongside-ship value.3 Includes the OECD countries, South Africa, and non-OECD Europe.4 Includes Belgium-Luxembourg, Denmark, Ireland, and the Netherlands, not shown separately.5 Includes Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Oman, Qatar, Saudi Arabia, United Arab Emirates, and
Venezuela.6 Includes North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia, not shown separately.7 Cost, insurance, and freight value, except Eastern Europe (except Albania) and U.S.S.R., which are f.o.b (free on board).
Sources: International Monetary Fund, Organization for Economic Cooperation and Development, and Council of Economic Advisers.
322Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-104.— World trade balance and current account balances, 1965, 1970, and 1975-79
[Billions of U.S. dollars]
Area and country 1965 1970 1975 1976 1977 1978 1979l
Developed countries3
United States..CanadaJapan
European Community4
FranceWest GermanyItalyUnited Kingdom-
Other developed countries-
Developing countries
OPEC5...Other
Communist countries6...
U.S.S.REastern EuropeChina
TOTAL7
OECD...
United States....CanadaJapan
European Community4
FranceWest Germany.ItalyUnited Kingdom.
Developing countries.
OPEC9.Other
Other10..
TOTAL
-6 .9
4.3- . 2
.3
- 4 . 5
- . 2.3
- . 2- 2 . 3
- 6 . 8
- 1 . 8
4.2- 6 . 0
.1
.2
.2
- 8 . 2
3.8
5.4-1 .1
.9
.9
.4- 1 . 6
2.2- . 1
World trade balance2
- 9 . 6
.82.5.4
- 3 . 9
- 1 . 04.3
- 1 . 8- 2 . 4
- 9 . 4
- 2 . 3
7.6- 9 . 9
.5
1.1- . 4- . 2
-11.4
-27.7
4.2- 2 . 1- 2 . 1
- 3 . 5
- . 815.2
- 3 . 6- 9 . 6
-24.1
13.7
58.8-45.1
-10.4
-3 .7- 6 . 0- . 2
-24.4
-54.2
-14.6.2
2.4
-16.8
- 7 . 213.7
- 6 . 2- 9 . 9
-25.5
40.3
70.6-30.3
- 6 . 0
- . 9- 6 . 1
1.3
-19.9
-58.5
-36.31.39.8
- 7 . 9
- 5 . 516.6
- 2 . 8- 6 . 4
-25.7
34.5
63.2-28.7
.1
4.3-5 .9
.9
-23.9
-34.4
-39.41.7
18.5
- .6
-2 .420.7- . 4
-6 .9
-14.6
- 1 . 6
38.8-40.4
- 6 . 5
1.6- 7 . 5- 1 . 0
-42.5
Current account balances8
6.7
2.31.12.0
3.2
.1
.91.11.8
- 8 . 5
- . 5- 8 . 0
- 2 . 9
- 4 . 7
- 0 . 4
18.3-4 .7- . 7
- . 13.5
- 4 . 1
-10.2
27.3-37.5
-18.5
-29.1
-18.2
4.6- 3 . 9
3.7
- 6 . 2
- 6 . 13.4
- 2 . 8- 1 . 5
11.0
36.5- 2 5 . 5
-13 .0
-20.2
- 2 4 . 8
-14.1- 4 . 010.9
1.5
- 3 . 34.22.5
.5
5.0
29.0-24.0
- 8 . 7
- 2 8 . 5
9.1
-13.9- 4 . 616.5
17.2
3.98.86.42.0
-29.0
7.0-36.0
- 9 . 5
-29.4
- 4 7 . 8
-36.4.4
- 6 . 4
-21.4
-6 .912.1
-3 .4
-12.4
16.0
44.795.8
-51.1
-15.8
4.0- 5 . 8
-13.2
-18.9
- 3 0 . 0
.0- 6 . 0- 7 . 5
- 5 . 9
1.5- 3 . 5
6.3- 5 . 5
18.0
65.0- 4 7 . 0
- 8 . 2
- 2 0 . 2
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, South Africa, and non-OECD Europe.4 Includes Belgium-Luxembourg, Denmark, Ireland, and the Netherlands, not shown separately.5 Includes Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, N i i O S d i
lVenezuela.
shown separately.Nigeria, Oman, Saudi Arabia, United Arab Emirates, and
6 Includes North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia, not shown separately.7 Asymmetries arise in global payments aggregations because of discrepancies in coverage, classification, timing, and valuation in the
recording of transactions by the countries involved.• OECD basis.9 Consists of countries in footnote 4 plus Bahrain and Qatar.
1 0 Includes Communist countries and non-OECD developed countries.
Sources: International Monetary Fund, Organization for Economic Cooperation and Development, and Council of Economic Advisers.
323Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-105.—International reserves, selected years, 1952-79
[Millions of dollars; end of period]
Area and country 1952 1962 1972 1976 1977 1978
1979
November
All countries
Industrialized countries2....
United StatesCanada.Japan
AustriaBelgium.France.Germany.ItalyNetherlands..Scandinavian countries (Denmark, Norway, and Swe-
den).Switzerland.United Kingdom.
Other Europe.
Australia, New Zealand, and South Africa
Oil exporting countries
Iran.NigeriaSaudi Arabia3.Venezuela.Other4
Other less developed areas
Other Western Hemisphere....
Other Middle East
Other Asia
Other Africa
149,187
36,773
24,7141,9441,101
1161,133686960722950
8171,6671,956
1,559
1,509
1,699
177500
443'579
7,187
2,086
826
3,479
796
62,660
49,254
17,2202,5612,021
1,0811,7534,0496,9574,0681,944
1,3622,9193,308
2,966
2,066
2,030
211289268583680
6,343
1,700
992
2,663
989
159,118
105,814
13,1506,05018,366
2,7203,86910,01523,7856,0854,785
3,7577,5575,647
12,749
8,264
10,901
960376
2,5001,732
5,330
21,388
8,145
2,927
8,248
2,067
257,415
131,848
18,3195,84316,605
4,4105,2069,728
34,8016,6547,387
5,63512,9934,230
13,734
4,602
65,233
8,8335,203
27,0258,57815,597
41,997
15,222
5,778
17,912
3,085
317,886
169,397
19,3924,608
23,261
4,2445,761
10,19439,73711,6298,065
7,58013,83021,057
15,668
3,657
75,499
12,2664,259
30,0348,214
20,727
53,664
20,280
7,472
22,138
3,776
364,035
209,062
19,5824,569
33,500
6,0075,90813,92953,88314,8997,585
10,53021,56117,067
22,324
3,742
60,214
12,1521,916
19,4076,555
20,184
68,692
28,938
9,391
26,323
4,039
383,966
211,353
20,1963,971
20,475
4,5987,818
20,39553,62121,3539,512
11,38117,77520,208
24,327
3,445
67,869
4,98118,7106,243
76,971
33,584
9,642
29,383
4,362
1 Includes Cuba.2 Includes Luxembourg.3 Data beginning April 1978, exclude the foreign exchange coyer against the note issue.4 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 (SDRs), reserve positionsin the International Monetary Fund, and foreign exchange. Data exclude U.S.S.R., other Eastern European countries, Mainland China, andCuba (after 1960).
Source.- International Monetary Fund, "International Financial Statistics."
324Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-106.—Growth rates in real gross national product, 1960-79
[Percent change]
Area and country
OECD countries
United StatesCanadaJapan
European Community3
FranceWest GermanyItalyUnited Kingdom
Other OECD4
Communist countries5
U.SSREastern EuropeChina
Less developed countries
OPECOther
TOTAL
1960-73annual
average
4.8
3954
10 5
47
57485232
54
«53
«50M l6 6 2
7 9 076.1
1974
0.5
-1 .33.5
-1 .0
1.7
3.2.5
4.2-1 .5
3.5
4.3
4.14.73.7
8.05.3
1975
0.4
-1 .01.12.4
-1 .4
- 2 i l- 3 . 5- 1 . 0
.2
3.6
2.54.27.0
- . 34.1
1976
5.2
5.55.76.0
5.1
4.95.65.73.7
3 8
3.0
3.74.3
.1
12.85.0
1977
3.7
4.82.75.4
2.3
2.82.81.71.3
1.9
4.4
3.13.38.1
6.25.1
1978
3.9
4.43.45.6
3.1
3.33.52.63.3
2.3
4.7
4.02.9
117
2 65 2
1979 *
3.3
2.02.86.0
3.0
3.04.34.0
.5
3.0
.8
6 5 "
U.S. dollarvalue in
1978(billions)2
5,960.0
2,107.6203.5968.8
1,950.0
470.2640.2235.2309.6
730.1
2,240.0
1,253.6384.0444 2
1,460 0
9,660 0
1 Preliminary estimates.2 Estimates based on conversion at average rates of exchange for 1977, except for those of the Communist countries, which were
converted at U.S. purchasing power equivalents.3 Includes Belgium-Luxembourg, Denmark, Ireland, and the Netherlands, not shown separately.4Growth rates are for OECD countries other than the Big Seven (United States, Canada, Japan, France, West Germany, Italy, and the
United Kingdom).5 Includes North Korea, Vietnam, Albania, Cuba, Mongolia, and Yugoslavia, not shown separately.61961-73 annual average.71967-73 annual average.
Note.—For Italy and United Kingdom, data relate to real gross domestic product. For France, data relate to real gross domesticproduct excluding nommarket activity such as compensation of employees in the government sector.
Sources: Department of Commerce, International Monetary Fund, Organization for Economic Cooperation and Development (OECD),and Council of Economic Advisers.
325Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-107.—Industrial production and unemployment rate, major industrial countries, 1960-79
[Quarterly data seasonally adjusted]
Year or quarter
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979
1978:1II(IIIV
1979:1IIIIIIV
19601961196219631964
19651966196719681969
19701971197219731974
19751976197719781979 4
1978.1IIIIIIV
1979.1IIIIIIV
UnitedStates Canada Japan
EuropeanCommun-
ity1France West
Germany Italy UnitedKingdom
Industrial production (1967=100)2
66.266.772.276.581.7
89.897.8
100.0106.3111.1
107.8109.6119.7129.8129.3
117.8130.5138.2146.1152 2
140.8145.1147.9150.7
152.2151.9152.3152.1
63.165.671.275.782.6
89.796.2
100.0106.4113.7
115.3121.5130.7143.0147.5
139.6147.4152.1160.9
156.3158.8162.0166.2
167.8165.8169.9
43.051.255.461.771.4
74.283.8
100.0115.2133.4
151.8155.7167.0190.5183.1
163.9182.0189.7201.1
196.0199.6202.4206.5
210.2215.4219.4
74.778.181.384.891.0
94.798.4
100.0107.4117.6
123.3126.1131.7141.4142.3
132.8142.5145.7149.1
146.6147.7148.6152.2
152.3155.2155.6
7073788690
9398
100104114
120128135145148
139148152156
154157156159
159160165
78.482.886.188.996.6
102.1103.0100.0109.2123.2
131.1133.6138.7147.7145.1
137.1149.1152.5155.8
153153157159
159163165
59.265.571.978.479.2
82.893.3
100.0106.4110.5
117.6117.5122.7134.6140.6
127.6143.7145.1148.4
146.1147.8145.6153.9
157.0151.9153.6
84.484.385.188.495.0
97.799.2
100.0106.7110.3
110.9110.6113.2123.0120.0
114.3117.4122.8126.5
123.7127.4128.2127.3
128.5135.3130.6
Unemployment rate (percent)3
5.56.75.55.75.2
4.53.83.83.63.5
4.95.95.64.95.6
8.57.77.06.05.8
6.26.06.05.8
5.85.85.85.9
7.07.15.95.54.7
3.93.43.84.54.4
5.76.26.25.55.3
6.97.18.18.47.5
8.48.58.48.2
7.97.67.17.3
1.71.51.31.31.2
1.21.41.31.21.1
1.21.31.41.31.4
1.92.02.02.3
52.2
2.22.32.32.3
2.02.12.2
1.81.61.51.31.5
1.61.92.02.62.4
2.62.82.92.83.0
4.34.75.05.56.1
4.95.45.85.8
5.96.26.36.1
1.1.6.6.5.4
.3
.31.31.4.9
.8
.8
.8
.81.7
3.63.63.63.43.0
3.53.53.43.3
3.23.02.92.8
3.83.22.82.42.6
3.53.83.43.43.3
3.13.13.63.42.8
3.23.63.43.73.9
3.73.63.63.7
3.93.83.93.9
2.22.02.83.42.5
2.22.33.43.33.0
3.13.74.12.92.9
4.15.56.26.15.8
6.36.26.15.8
6.05.75.65.9
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.4 Data are preliminary except for United States and Canada.5 Ten-month average, seasonally adjusted.Sources: Department of Commerce (International Trade Administration) and Department of Labor (Bureau of Labor Statistics).
326Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-108.—Consumer prices and hourly compensation, major industrial countries, 1960-79
[1967 = 100]
Year or quarter
19601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
19781IIIIIIV
19791IIIll
I9601961196219631964
19651966196719681969
19701971197219731974
1975197619771978
UnitedStates Canada Japan France West
Germany Italy UnitedKingdom
Consumer prices
88.789.690.691.792.9
94.597.2100.0104.2109.8
116.3121.3125.3133.1147.7
161.2170.5181.5195.4
188.5193.4197.9201.9
207.0214.1221.1
77179.482.685.288.9
91.095.2100.0107.0113.9
121.8129.5136.6146.4161.1
180.2195.1212.0229.5
85.986.787.789.290.9
93.196.5100.0104.0108.8
112.4115.6121.2130.3144.5
160.1172.1185.9202.5
195.6200.3205.4208.6
213.4218.9223.3
80 378.977.079.082.0
86.293.0100.0107.4115.5
128.2142.6156.6170.5200.6
222.4260.8270.3270.1
68.371.876.782.585.8
91.696.3100.0105.3110.9
119.3126.5132.3147.9184.0
205.8224.9243.0252.3
247.5252.6254.3254.9
254.0260.5263.1
^ s . o^ o . e85.489.592.5
94.897.4100.0104.5111.3
117.1123.5131.1140.7160.0
178.9196.1214.5233.9
224.5230.9237.1242.0
247.3254.3262.5
Hourly compensation
43.450.357.564.172.0
81.189.2100.0116.9139.3
165.9197.3259.2353.7431.2
497.2538.3644.5870.2
56.061.767.975.080.7
86.992.5100.0112.6111.6
117.2131.3159.9208.5231.3
310.7319.1355.5437.1
82.984.887.489.992.0
95.098.4100.0101.6103.5
107.1112.7119.0127.2136.1
144.2150.7156.6160.7
159.6161.1161.0161.2
164.5167.1169.0
2
51.860.568.873.679.5
85.794.3100.0105.9117.3
145.9173.4211.4289.3342.4
406.3425.4506.1628.5
74.175.779.285.190.1
94.296.4100.0101.4104.1
109.2114.4121.0134.0159.7
186.8218.1255.2286.2
274.1282.6289.3298.1
309.5321.0331.8
46 851.861.172.380.4
86.089.8100.0106.8121.1
145.0169.7206.0261.7291.6
374.7352.7394.2466.9
79.081.685.186.889.6
93.997.6100.0104.8110.3
117.4128.5137.7150.2174.3
216.5252.4292.4316.6
306.2314.6320.0325.5
335.6347.9371.2
65 970.874.677.983.2
91.298.7100.093.3101.7
115.3134.3154.4167.8197.8
247.3235.6250.4316.1
1 Data for 1960 and 1961 are for Paris only.2 Hourly compensation in manufacturing, U.S. dollar basis. Data relate to all employed persons (wage and salary earners and the self-
employed) in the United States and Canada and to all employees (wage and salary earners) in the other countries. For France andUnited Kingdom compensation adjusted to include changes in employment taxes that are not compensation to employees, but are laborcosts to employers.
Sources: Department of Commerce (International Trade Administration) and Department of Labor (Bureau of Labor Statistics).
327Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE B-109.—Summary of major U.S. Government net foreign assistance, July 1, 1945 to December 31,
1978
[Millions of dollars]1
Type and geographic distribution
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 net accumulationof foreign currency claims), net
Net new economic and technical aid grants4
Gross new grantsLess* Reverse grants and returns
Net new cred i ts 4 5
New creditsLess* Principal collections
Other assistance (through net accumulation of foreign currencyclaims)6
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,8 net total
Net new economic and technical aid grantsNet new creditsOther assistance (through net accumulation of foreign currency
claims)
Developed countr ies8 net total
Net new economic and technical aid grantsNet new creditsOther assistance (through net accumulation of foreign currency
claims)
1945-492
5,540
141
5,399
325340
15
5,074
3,3123,486
174
1,7621,986
224
904
752152
4170
2,5601610
Yearly average or calendar year
1950-54
5,059
5,059
2,4622,494
32
2,597
2,4062,512
106
148544396
42
5151
972
1,032
772240
20
1564
1,63492
22
1955-59
4,772
7
4,764
2,4382,451
14
2,327
1,7101,759
48
210827617
407
965963
2
558413145
2,211
1,470386
355
116
240176
52
1960-64
4,664
124
4,540
1,5941,629
35
2,946
1,8501,872
22
8711,843
972
225
1,2301,186
44
1,005807198
3,316
1,8171,310
189
371
32439
36
1965-69
5,899
81
5,818
2,1902,196
5
3,628
1,7761,780
4
1,9503,0821132
- 9 8
814691122
912716196
3,611
1,7651,926
- 8 0
17
1124
- 1 8
1 Negative figures ( - ) occur when the total of grant returns, principal repayments, and/or foreign currencies disbursed by theGovernment exceeds new grants and new credits utilized and/or acquisitions of foreign currencies through new sales of farm products.
2 July 1, 1945, through December 31, 1949. Yearly average is for 4V2 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, International Development Association,and Internationa! Finance Corporation.
4Net new grants are not adjusted for settlements of postwar relief and other grants under agreements, and net new credits excludeprior grants converted into credits. Repayments on these settlements are included in net new credits.
5 Outstanding credits on December 31 , 1978, totaled $45,287 million, representing net credits extended since organization of Export-Import Bank, February 12, 1934, less chargeoffs and net adjustments due to exchange rates ($1,560 million), and excluding World WarI debts. The amount repayable in dollars at U.S. Government option was $42,849 million; the remainder was repayable in foreigncurrencies, commodities, or services, at the option of the borrowers.
(See next page for continuation of table.)
328Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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