Review Of The Mineral Industries

The performance of the U.S. economy in 1977 was similar to that in 1976 which, in turn, had been a considerable improvement over 1974-75. In 1977 real gross national product (GNP) showed a similar, but some-what slower, growth pattern compared with 1976. Real GNP increased sharply in the first quarter of the year followed by smaller increases for the remaining three quarters. With only two exceptions, the monthly unemployment rate declined or remained steady throughout 1977, falling to a low for the year in December. The inflation rate in 1977 was slightly higher than in 1976, but the rate still remained far below that of 1974-75. Total U.S. output as measured by GNP in current dollars rose 10.8% in 1977. Real GNP in constant 1972 dollars increased 4.9%, and inflation, as measured by the implicit price deflator, rose 5.6%. In real terms, gross private domestic investment for residential structures increased 19.3% in 1977, only slightly below the 22.9% rise in 1976; State and local government expenditures increased 1.1 % in 1977; and personal consumption expenditures for services rose 4.5%.