Full text of Economic Indicators : May 1971
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Economic Indicators
May
1971
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1971
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. 11EUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CON ABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
LOUGHLIN F. McHuGH, Senior Economist
COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—Isx SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators/' and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $3.00 per year (foreign, $4.00) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
The 1967 edition of the Historical and Descriptive Supplement to Economic
Indicators, which describes each series and gives annual data for years not
shown in the monthly issues, is available at 70 cents a copy from the Superintendent of Documents, Government Printing Office.
11
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Revised estimates for the first quarter indicate that gross national product rose $30% billion (seasonally adjusted
annual rate), following a strike-depressed fourth quarter rise of only $4% billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
PerEquals: Personal sonal
Less:
Less:
Tax
saving
consumpTotal
Trans- Equals: Total
Trans- Equals:
and
or
tion
excludPurfers,
fers,
nontax interest, Net
expend- interest,
expend- dising
chases
of goods
interest itures saving receipts
and receipts itures
and
or
and
and
subsubtrans2
accruals sidies 2
services
sidies
fers
Less:
Interest
paid and
transfer
payments
to foreigners
Period
Total
1963.
1964_
1965.
1966.
1967.
1968_
1969_
1970_
404. 6
438. 1
473.2
511.9
546. 3
591. 2
631. 6
684. 8
9. 7
10. 7
12. 0
13. 0
13.9
15. 0
16.5
17. 9
394,9
427.4
461. 3
498. 9
532.4
576. 2
615. 1
666. 9
375.0
401. 2
432.8
466.3
492. 1
535. 8
577.5
616.7
19. 9
26.2
28. 4
32. 5
40.4
40. 4
37. 6
50.2
168. 8
174. 1
189. 1
213. 3
22a 9
263. 3
298.7
302.9
44. 4
46. 7
49. 9
55. 5
62.8
70. 5
77. 9
92. 5
1970: !___
IIIII_
IV..
1971: !*>__
665. 3
683. 6
693. 0
697. 2
715. 1
17. 3
17.8
18. 2
18.4
18. 9
648. 0
665. 8
674. 8
678. 8
696.2
603. 1
614. 4
622. 1
627.0
646.4
44. 8
51. 5
52. 7
51.8
49.8
300. 2
303. 6
304.2
303.5
316.4
81. 8
96. 1
94. 3
97.6
101.0
Business
Period
Expenditures
Net receipts
Disposable personal income
Surplus
or
deficit
(->,
income
and
product
accounts
iea 2
192.8
220. 8
210.4
166.9
175.4
186. 9
212.3
242. 9
270.7
290. 1
313. 0
44. 4
46.7
49. 9
55.5
62. 8
70.5
77.9
92. 5
122.5
128.7
137.0
156.8
180. 1
200. 2
212. 2
220.5
1.8
-1.4
2.2
1. 1
-13. 9
-7.3
8.7
-10.1
218.4
207. 4
209. 9
205. 9
215.4
301. 5
314. 5
315. 3
320. 8
329.7
81. 8
96. 1
94. 3
97.6
101.0
219. 6
218.4
221. 0
223. 2
22&7
— 1. 2
-10. 9
-11. 2
-17.3
-13.2
124,3
127.3
139.2
157. 9
International
Gross
Net
Net exports of goods
Total
Statis- national
and services
transfers
Excess of income
tical
product
Gross
Gross private
Excess to foror
transfers
discrepor
retained domestic
of
eigners
or
receipts ancy
expendby perearnof net
iture
invest-4 investment sons and Exports Less: Equals:
ings 3
exports
ment
Net
GovernImports exports
ment
1963.
1964.
1965_
1966_
1967_
1968.
1969_
1970_
68. 8
76. 2
84. 7
91. 3
93. 0
95. 6
97. 3
98. 1
95. 7
1970: I
II
97. 9
99. 1
III
99. 8
IV_
1971: I » ________ I 106. 4
cluded in disposable personal income.
87. 1
94. 0
108. 1
121. 4
116. 6
126. 5
139. 8
135. 7
-18. 4
-17. 8
-23. 4
-30. 1
-23. 5
-31. 0
-42. 5
-37.6
2. 8
2. 8
2.8
2. 8
3. 0
2. 8
2.8
2.9
32. 3
37. 1
39.2
43.4
46. 2
50. 6
55. 5
62. 2
26.4
28.6
32. 3
38. 1
41. 0
48. 1
53.6
58. 6
5.9
8. 5
6. 9
5.3
5. 2
2. 5
1. 9
3. 6
-3. 1
-5.7
-4. 1
-2.4
-2. 2
.3
.9
590. 8
633.7
688. 0
750.9
794. 6
867. 4
936. 1
978. 3 1
-0.3
-1.3
-3. 1
-I. 0
—. 7
-2. 4
-4. 7
— 1. 8
590.5
632.4
684. 9
749. 9
793.9
865.0
931.4
976. 5
133. 2
134. 3
138. 3
137. 1
142. 4
-37. 5
-36. 4
-39. 2
-37. 3
-36.0
2.8
3. 0
2. 9
2.9
3. 1
61. 1
62. 8
62. 8
62.0
64. 6
57. 6
58. 7
58. 6
59. 3
61.3
3. 5
4. 1
4. 2
2. 6
3.3
964. 9
—. 7
-1.1
974. 1
-1.2
986. 7
.3
987. 4
-.2 1, 021. 1
-5.4
-3. 1
-1. 1
2.4
959. 5
971. 1
985.5
989. 9
1, 020. 7
.
n
A
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) increased at an annual rate of 1 3 percent in the first quarter, according
to revised estimates. When adjusted for price changes, the rate was 7 percent.
BILLIONS OF DOLLARS
1,100
BILLIONS OF DOLLARS
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
900
900
SCO
800
•700
700
PERSONAL CONSUMPTION
EXPENDITURES
600
600
500
500
. GOVERNMENT PURCHASES _
OF GOODS AND SERVICES
400
400
200
100
200
IIIIIIIII
H'M........
IMMHIIIIMI"""""""
100
NET EXPORTS OF GOODS
AND SERVICES
1965
1966
1967
GROSS PRIVATE DOMESTIC
INVESTMENT
1968
1969
SOURCE: DEPARTMENT OF COMMERCE
Period
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1970: I
II
III
IV
1971: I _ _
COUNCIL OF ECONOMIC ADVISERS
Gove rnmcnt |purchases of good s and
Total
Personal Gross
Net
services
congross
Total
private exports
sump- domestic of goods
national gross
Federal
State
product national
tion
Total
investand
and
National
in 1958 product expend- ment
Total
1
services
defense Other local
prices
itures
Billions <3f dollars; quarter Ijr data at s easonalbp ad juste;d annual rates
487. 7
497.2
529. 8
551. 0
5S1. 0
617. 8
658. 1
675. 2
707. 2
727. 1
724.1
723. 8
724. 9
727. 4
720.3
732. 7 1,
503.7
520. 1
560.3
590. 5
632.4
684. 9
749. 9
793. 9
865. 0
931. 4
976. 5
959. 5
971. 1
985.5
989. 9
020. 7
325. 2
335. 2
355. 1
375. 0
401. 2
432. 8
466.3
492. 1
535. 8
577. 5
616. 7
603. 1
614. 4
622. 1
627. 0
646. 4
748
71.7
83. 0
87. 1
94.0
108. 1
121.4
116. 6
126. 5
139. 8
135.7
133. 2
134. 3
138. 3
137. 1
142. 4
1
This category corresponds closely with budget outlays for national defense,
shown
on p. 36.
2
Gross national product in current prices divided by gross national product
in 1958 prices.
1971
1970
4,0
5. 6
5. 1
5.9
8. 5
6.9
5.3
5.2
2. 5
1. 9
3.6
3. 5
4. 1
4. 2
2. 6
3.3
99.6
107. 6
117. 1
122. 5
128.7
137.0
156. 8
180. 1
200. 2
212. 2
220. 5
219. 6
218. 4
221. 0
223. 2
228.7
53. 5
57. 4
63. 4
64. 2
65. 2
66. 9
77.8
90. 7
99. 5
101. 3
99. 7
102. 3
99. 7
98. 6
98. 2
98. 4
44. 9
47.8
51. 6
50. 8
50.0
50. 1
60.7
72. 4
78. 0
78. 8
76.6
79. 3
76. 8
75. 8
74. 6
74.0
8.6
9.6
11.8
13.5
15.2
16. 8
17. 1
18. 4
21. 5
22. 6
23. 1
23. 0
22. 9
22.9
23.5
24. 5
46. 1
50.2
53.7
58. 2
63.5
70. 1
79. 0
89. 4
100. 7
110. 8
120. 9
117. 4
118. 7
122. 4
125.0
130. 2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Implicit
price
deflator
for total
GNP,
1958 =1002
103. 29
104.62
105. 78
107. 17
108. 85
110. 86
113. 95
117. 59
122. 31
128. 11
134. 87
132. 57
133. 98
135. 50
137. 44
139. 31
FATIONAL INCOME
National income increased $28% billion (seasonally adjusted annual rate) in the first quarter following a decline
in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
700
700
600
60Q
500
500
400
400
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
i
\
I
PROPRIETORS' AND
RENTAL INCOME
I
100'
100
||||»ft.
NET INTEREST
J
1965
1966
J/l
I
1967
1968
1969
1970
1971
J/PRELIMINARY
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compen-
Proprietojrs7 income
of employees 1
Farm 2
Business
and professional
Rental
income
of
persons
Net
interest
Corporal ;e profits and inventory va luation acij ust men t
Total
Profits Inventory
before valuation
taxes adjustment
414. 5
427. 3
457.7
481. 9
518. 1
564.3
620. 6
653. 6
712. 7
769. 5
800. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.8
435. 5
467. 2
514. 1
564. 2
599. 8
12. 0
12. 8
13. 0
13. 1
12.1
14.8
16. 1
14.8
15.0
16. 4
16. 2
34, 2
35.6
37. 1
37.9
40.2
42.4
45. 2
47.3
49. 1
50. 5
51. 4
15. 8
16. 0
16. 7
17. 1
18.0
19.0
20. 0
21. 1
21. 3
22. 0
22. 7
10. 0
11. 6
13. 8
15.8
18.2
21.4
24. 4
27. 8
30.7
33.5
49.9
50. 3
55. 7
58. 9
66.3
76. 1
82.4
78.7
85. 4
85.8
76.5
49. 7
50. 3
55. 4
59. 4
66.8
77.8
84. 2
79. 8
88. 7
91. 2
81.3
— .5
-1.7
-1.8
-1. 1
-3.3
-5.4
-4.8
1970: I
II
III
IV
791. 5
797.4
806.6
804. 8
592. 2
596. 4
603. 8
606.7
17. 0
16. 5
16. 1
15. 3
50. 6
51. 2
51. 7
52. 0
22. 5
22. 6
22. 7
23. 0
32. 4
33. 1
33. 8
34. 5
76.7
77.5
78.4
73. 3
82. 6
82. 0
84.4
76.3
-5.8
-4. 5
-5.9
-3. 0
1971: I"
833.2
625. 2
14. 7
52. 2
23. 1
35. 2
82. 7
86. 4
-3.7
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
_ _ _
8.4
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
0.2
— .1
.3
-.5
SOURCES OF PERSONAL INCOME
Personal income in April rose $4% billion (seasonally adjusfed annual rate), less than the March increase but more
than the average monthly rise over the past year.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
TOTAL PERSONAL INCOME
700
700
600
600
WAGE AND SALARY DISBURSEMENTS
\ ..-J—
-~*~~-~~
500
500
400
400
300
300
OTHER INCOME
\
200
200
UlitMMi""**"""
.TRANSFER PAYMENTS.
100
i i I i t l.i i i i i I t i i i
1967
1968
i i 1 i
1965
1966
100
1970
1969
SOURCE: DEPARTMENT OF CO/AMERCE
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1970: M a r _ _ _
Apr____
May___
June
July___.
Aug
Sept_._
Oct
Nov
Dec
1971: Jan
Feb
Mar
Apr " _ _
1971
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
J
Wage
Rental
Other Propriet(3rs income income
Transfer
Total
and
Divi- Personal
labor 2
personal salary
Business
interest
paydends
of
income disburseincome
and pro- persons
income ments
Farm
l
ments
fessional
442.6
465. 5
497. 5
538.9
587.2
629. 3
688. 7
748. 9
801.0
787. 6
806. 0
799.7
798. 2
803.3
806. 4
811. 9
809.9
812. 6
817. 5
827. 4
830.4
836. 8
841.3
1
i
296. 1
311. 1
333. 7
358.9
394. 5
423. 1
464. 8
509. 0
540.1
535. 0
539. 9
540. 5
538. 1
541. 5
543. 2
546. 6
541. 8
544. 1
549. 8
557. 8
559. 8
564. 2
567. 0
13.9
149
16. 6
18.7
20.7
22. 3
24. 9
27. 6
30.4
13.0
13. 1
12. 1
14.8
16. 1
14, 8
15. 0
16. 4
16.2
29. 6
29. 8
30. 0
30. 3
30.6
30. 8
31. 1
31. 3
31. 5
31. 7
31. 9
32. 1
32.3
32. 5
17. 2
16. 9
16. 5
16. 2
16. 2
16. 1
16. 0
15. 7
15. 3
15. 0
14. 9
14 7
14 7
146
37.1
37. 9
40. 2
42.4
45. 2
47. 3
49. 1
50. 5
51.4
50. 7
51. 0
51. 3
51. 5
51. 6
51. 7
51. 8
51. 9
52.0
52. 1
52.2
52. 1
52.3
52. 4
Compensation of employees (see p. 3) excluding employee contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
16.7
17. 1
18. 0
19.0
20. 0
21. 1
21. 3
22. 0
22,7
22. 6
22. 6
22. 6
22. 7
22. 7
22, 7
22. 8
22. 9
23. 0
23. 1
23. 2
22. 8
23. 3
23. 4
15.2
16. 5
17. 8
19.8
20. 8
21. 4
23.3
24 7
25.2
25. 2
25. 2
25. 3
24 7
25. 2
25. 3
25. 5
25. 6
25. 7
24. 1
25. 9
25. 9
25. 7
25. 7
27.7
31.4
34 9
38.7
43. 6
48. 0
54 0
59.7
65.2
63.7
64 2
64 5
64 8
65. 3
66. 0
66. 8
67. 0
67. 1
67.1
67. 5
67. 7
67.7
67.9
Less: Peronagrisonal con- N
tributions cultural
for social personal
3
insurance income
33.3
35. 3
36.7
39.9
44 1
51. 8
59. 0
65. 1
77.6
10.3
11.8
12. 5
13.4
17.7
20. 5
22. 8
26. 0
27.8
425.5
448. 1
480.9
519.5
566. 3
609. 4
71. 1
84 1
76. G
77. 6
78. 1
78. 6
79.6
81. 7
81. 9
82. 9
84. 5
86. 0
87.6
88. 8
27. 5
27. 7
27. 7
27. 6
27. 8
28. 0
28. 2
28. 0
28. 1
28.4
764 3
783. 0
777. 0
775. 7
780. 9
784 0
789. 7
787.9
791.0
796. 2
30. 6
30. 7
30. 9
3L 1
806. 2
809.2
815.7
820. 2
eea 2
726.7
778.6
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
SPOSITION OF PERSONAL INCOME
Because of tax cuts, most of the $18 billion (seasonally adjusted annual rate) rise in persona! income in the first
quarter showed up in disposable personal income. The saving rate declined from 7.4 to 7.0 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
600
600
PER CAPITA DISPOSABLE PERSONAL INCOME
SEASONALLY ADJUSTED ANNUAL RATES
2,500
2,500
2,000
2,000
1971
1965
SOURCE: DEPARTMENT OF COMMERCE
Period
Less :
Personal
Personal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per cap>ita disL ess: Perse>nal outlayrs
posable personal
Equals:
Persoilal consurnption
incc)me
Equals:
Disex penditures 2
Personal
Total
posable
saving
personal personal1 Durable NonCurrent
1958
Services
prices
income outlays
prices
goods durable
goods
Billions of dollars
1982
1963
1964
1965
1966
1967
1968
1969
1970
442.6
465. 5
497. 5
538.9
587. 2
629. 3
688. 7
748. 9
801. 0
57.4
60. 9
59. 4
65. 7
75. 4
83. 0
97. 5
117. 3
116. 3
385. 3
404. 6
438. 1
473. 2
511. 9
546. 3
591. 2
631. 6
684.8
363.7
384. 7
411. 9
444.8
479. 3
506.0
550. 8
593. 9
634.6
49.5
53. 9
59. 2
66. 3
70. 8
73. 1
84. 0
90. 0
89. 4
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
Dollars
162.6
168. 6
178.7
191. 1
206. 9
215. 0
230. 2
245. 8
264. 7
143.0
152.4
163. 3
175. 5
188. 6
204. 0
221. 6
241. 6
262. 6
21.6
19. 9
26. 2
28.4
32. 5
40. 4
40. 4
37. 6
50. 2
2,066
2, 139
2,284
2,436
2, 605
2, 751
2,947
3, 117
3,344
1,969
2,015
2, 126
2,240
2,336
2,404
2,487
2, 525
2, 587
5.6
4. 9
6.0
6.0
6. 4
7. 4
6.8
6.0
7. 3
186,
189,
191,
194,
196,
198,
200,
202,
204,
504
197
833
237
485
629
619
599
800
012
526
107
728
Seasc nally adji i-sted annu al rales
1970: I-_ 782. 3
II- 801. 3
III. 807.2
IV__ 813. 3
117. 0
117. 7
114. 2
116. 1
665.
683.
693.
697.
1971: !___ 831. 5
116. 4
715. 1
3
6
0
2
5
1
2
5
89. 1
91. 9
91. 2
85.3
258.
262.
265.
271.
8
6
8
5
255. 2
259. <J
265. 1
270. 2
44 8
51. 5
52. 7
51. 8
3, 261
3, 342
3,378
3, 389
2, 563
2, 601
2,604
2,576 ,
6. 7
7. 5
7.6
7.4
204,
204,
205,
205,
665. 3
97. 5
272. 8
276. 1
49. 8
3,467
2, 610 j
7.0
206, 259
620.
632.
640.
645.
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
8
Includes Armed Force? abroad. Annual data are for July 1; quarterly data are
>r middle of period, interpolated from monthly data.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) dropped 2 percent in the first quarter. Including
inventory change, the decline was about 4 percent.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
1 70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
REALIZED GROSS
FARM INCOME
50
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
\
20
I
10
I
I
I
I
1965
I
1
1966
J
L
J
1968
1967
L
!
I
(
1969
J
1970
Personal income re ceived by
total f arm popu lation
]income re ceived fro in farming
Net t(3 farm
oper itors
Realize d gross
1962
1963
1964
1965
1966
1967
1968
1969
1970
1970: I
II
III
IV
From
all
sources
From
farm
sources
From
nonfarm
sources
20.4
20.6
20.6
23.6
24. 9
24. 0
25. 4
27. 5
27. 9
12.3
12. 1
11.3
13. 5
14. 4
13. 1
13. 5
14. 7
14. 6
8.2
8.5
9.3
10.0
10. 5
10. 9
11. 8
12. 8
13. 3
Net inc ome per
farm incl ading net
inventory' change 3
ProducCash
tion ex- Ex elud- Includreceipts penses ing net in- ing net in- Current
1967
l
from
Total
ventory ventory2
prices prices 4
marketchange change
ings
Billions c)f dollars
Dol lars
13.2
41.3
3, 941
36.4
28.6
12. 6
3, 586
13.2
42.3
29.7
37.4
4, 030
12.6
3, 708
42. 6
12. 3
13. 1
37. 2
29. 5
3, 564
3, 832
44.9
14. 0
39.3
30.9
15.0
4, 487
4, 723
49. 7
33. 4
16. 3
5, 019
43. 3
16. 3
5, 121
42. 7
14. 9
34. 8
14. 2
4, 730
49. 0
4,730
51. 0
44. 2
36. 0
15. 0
15. 1
4,957
4, 766
54. 6
16. 2
5, 563
47. 2
16. 5
5, 104
38. 4
56. 2
15. 8
16. 3
40. 4
5, 563
48. 7
4,880
Seaso natly adj-u,sted annu at rates
5, 850
16. 5
17. 1
5, 220
56. 3
39.8
49. 0
10. 6
5, 680
16. 1
56. 2
40. 1
5,030
49. 0
15.
7
16.
2
5,
540
56. 5
40.8
4,
860
48. 8
14. 9
5, 270
40. 9
15. 4
55. 8
48. 0
4, 580
1971: I
* Cash receipts from marketings, Government payments, and noninoney income
furnished by farms.
3
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
» Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
L
COUNCIL OF ECONOMIC ADVISERS
..SOURCE: DEPARTMENT OF AGRICULTURE
Period
J
1971
L
56. 1
48.8
41. 5
14. 6
14. 8
5, 150
43 400
< Income in current prices divided by the index of prices paid by farmers for
family living items on a 1967 base.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits (including inventory valuation adjustment) in the first quarter rose $91/2 billion (seasonally adjusted
annual rare) from the strike-depressed fourth quarter level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
20
1971
COUNCIL OF ECONOMIC ADVISERS
-RTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Cor £^orate pr ofits
Cori>orate pi ofits (befc re taxes) and invei itory
a fter taxe s
Corpo- Profits
valuation adjustmei it
plus
rate
TransI Corpo- CorpoM anufactur ing
capital capital
portation,
rate
{ rate
conconDiviUncomPeriod
tax
profits
NonAll
dend distrib- sump- sumpDurable durable
All
munibefore liabil- Total
industion
tion
payuted
goods
ity
goods cations, other * taxes
Total
tries
allow-2 allow-3
profits
ments
indusand
indusances ances
tries
public
tries
utilities
31.2
16. 0
14, 1
15.2
30. 1
12. 5
24. 2
20. 5
26. 6
55. 4
61. 3
8. 5
1962
55. 7
33. 1
16.5
64. 8
13. 0
16.6
15. 8
20. 6
28. 3
26. 3
31. 8
59. 4
9. 5
58. 9
1963
38.4
20.
6
72. 3
17.8
17.8
33. 9
14.9
32. 7
66.8
28. 3
23. 5
10. 1
66,3
1964
46.
5
36.4
26.7
82.9
16.
6
22. 8
19. 8
39. 3
25. 6
77. 8
31. 3
70. 1
11. 1
1965
49. 9
34. 3
20. 8
29. 1
39. 5
89. 5
42. 6
24. 0
84, 2
18. 6
27. 9
11. 9
1966 _ _ _. 82.4
46. 6
25. 3
43, 0
33. 2
89. 6
21. 4
18. 0
20. 7
29. 1
79. 8
38. 7
10. 8
1967
78. 7
48. 2
23. 3
94. 7
40. 6
24. 9
46. 5
42. 4
23. 3
19. 1
32. 0
88. 7
11. 0
1968- _ ... 85. 4
48. 5
24. 7
23. 9
98. 3
42. 7
49.8
22. 4
19. 3
4.1. 8
91. 2
33. 4
10. 7
1969.. _ _ _ . 85. S
43. 8
97.3
37. 5
25. 2
18. 6
53. 5
15. 4
18. 1
33. 5
33. 9
81. 3
9. 1
1970_
76. 5
1970: ! _ _ _ _
II__111IV..
76. 7
77. 5
78. 4
73. 3
1971: I "_.
82. 7
35. 2
35. 5
34. 7
28. 6
16. 9
17. 2
16. 3
11. 0
18. 3
18.2
18. 3
17. 7
9. 1
8. 6
9, 1
9. 6
32. 4
33. 4
34. 6
35. 1
12 Includes all other industries and financial institutions.
Includes depreciation and accidental damages.
8
Corporate profits after taxes plus corporate capital consumption allowances.
60-771 «—71™
S2. 6
82, 0
84. 4
76. 3
38. 0
38. 1
38. 9
34. 8
44. 6
43. 9
45. 4
41. 4
25. 2
25. 1
25. 4
25. 1
19. 4
18. 8
20. 0
16. 3
52. 0
53. 0
54. 0
55. 0
96.6
96. 9
99,4
96. 4
86. 4
38. 9
47. 5
25.8
21. 7
56. 2
103.7
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Fixed investment (seasonally adjusted) was up sharply In the first quarter, after changing little during 1970. Inventory
investment declined for the second quarter in a row.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
40
20
20
1965
SOUJtCEi DEPARTMENT OF COMMEtCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Total
gross
private
domestic
investment
Period
Total
___
74.8
71.7
83. 0
87. 1
94. 0
108. 1
121. 4
116. 6
126. 5
139. 8
135. 7
133. 2
134. 3
138. 3
137. 1
142.4
Total
71.3
69. 7
77.0
81.3
sa 2
98. 5
106.6
108. 4
118.9
131. 4
132. 3
131. 6
131.2
132. 7
133. 5
141. 0
48. 4
47.0
51.7
54. 3
61. 1
71. 3
81.6
83. 3
88. 7
99. 3
102. 6
102. 6
102. 8
103. 6
101.3
105. 1
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Produce rs' durable equ ipment
Struc tures
Total
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1970: I
II
III
IV
1971: I
Resid ential
struc tures
N(president ial
18. 1
18.4
19.2
19.5
21.2
25. 5
28.5
28. 0
29. 6
33.8
35. 2
35. 7
35. 3
35.0
34.7
36. 1
Nonfarm
Total
17. 4
17.7
18. 5
18.8
20.5
24. 9
27. 8
27. 3
28.9
33. 0
34. 3
34. 8
34. 5
34. 2
33. 8
35. 3
30. 3
28. 6
32. 5
34.8
39. 9
45. 8
53. 1
55. 3
59. 1
65. 5
67. 4
66. 9
67. 5
68. 6
66. 6
69.0
Nonfarm
27. 7
25. 8
29.4
31. 2
36.3
41. 6
48.4
50. 0
54. 3
60. 8
63. 0
62. 4
63. 2
64. 1
62. 3
64.3
Total
22.8
22.6
25. 3
27.0
27. 1
27. 2
25. 0
25. 1
30.3
32. 0
29. 7
29. 1
28. 4
29. 2
32.2
35.8
Source: Department of Commerce.
Nonfarm
22. 2
22. 0
24.8
26. 4
26.6
26. 7
24. 5
24, 5
29. 7
31. 5
29. 1
28. 4
27. 8
28.6
3L6
35.2
Change in business inv entories
Total
3.6
2. 0
6. 0
5.9
5. 8
9. 6
14.8
8. 2
7.6
8. 5
3. 5
1. 6
3. 1
5.5
3.6
1.4
Nonfarm
3. 3
1.7
5.3
5. 1
6.4
8.6
15.0
7. 5
7. 5
8.0
2.9
.9
2. 6
5.0
3.0
L2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the OBE-SEC survey conducted in late January and February, businessmen are planning to increase
their plant and equipment expenditures by 4 percent from 1970 to 1971.
BILLIONS OF DOLLARS
BRUONS OF DOLLARS
100
100
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW PLANT AND EQUIPMENT
60
60
,«****
NONMANUFACTURING
40
,.,„,„»..."»"""
.,„,..«•«•"""
MANUFACTURING
20
20
t
!
1
1965
.!
I
J
1
1966
1
L
1967
!
I
1
1968
I
1969
t
1970
J/SEE FOOTNOTE 3 BELOW.
-SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
1971
H
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi ng
Period
1960
1961
1962
1963
1964
1965
1966
1967 _
1968
1969
1970 3
1971
1970: I
II
III
IV
1971: I 33
II
2nd half 3
Total '
_ _ _ _ _
36. 75
35.91
38. 39
40.77
46. 97
54.42
63. 51
65.47
67.76
75. 56
79. 71
83. 13
78. 22
80. 22
81. 88
78. 63
80. 55
82. 54
84. 61
Total
15.09
14.33
15. 06
16. 22
19. 34
23. 44
28. 20
28. 51
28. 37
31. 68
31. 95
31. 86
32. 44
32. 43
32. 15
30. 98
30. 28
31. 44
32. 76
Durable Nonduragoods ble goods
7. 23
6.31
6. 79
7.53
9. 28
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
15. 40
16. 40
16. 32
15. 74
14. 92
14. 67
15. 45
15. 70
'Excludes agricultural business; reai estate operators; medical* legal, educational,
and cultural service; and nonprofit organizations.
2
Includes trade, service, finance, communications, insurance, and construction.
s Estimates based on expected capital expenditures as reported by business
in late January and February 1971. Includes adjustments when necessary for
systematic tendencies in expectations data.
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
Transpo]rtation
7. 85
8. 02
8. 26
8. 70
10. 07
11. 94
14. 14
14.45
14. 25
15. 72
16. 15
16. 45
16. 05
16. 11
16. 40
16.05
15. 62
15. 98
17. 06
Mining
Railroads Other
1.30
1. 29
1.40
1. 27
1. 34
1.46
1. 62
1. 65
1. 63
]. 86
1.89
1. 90
1. 92
1. 84
1. 86
1. 94
1. 85
1. 96
1. 89
1. 16
.82
1. 02
1.26
1.66
1.99
2.37
1. 86
1.45
1. 86
1.78
1.82
1.74
1. 88
1. 96
1. 56
1. 62
2. 11
1. 79
1. 97
1. 96
2. 17
1.98
2. 52
2. 91
3. 39
3. 77
4. 15
4. 19
4. 26
3. 75
4. 31
4. 00
4. 46
4. 30
3. 22
3. 87
3. 95
Public Commerand
utilities cial
other 2
5.24
5. 00
4. 90
4.98
5.49
6. 13
7.43
8. 74
10. 20
11. 61
13. 14
15. 44
12. 14
12. 72
13.84
13. 68
15.51
15. 12
15. 57
11.99
12.52
13.84
15. 06
16. 63
18.49
20. 50
20.94
21. 97
24. 35
26. 69
28. 36
25.66
27.36
27. 62
26. 17
28.08
28.04
28. 66
necessarily coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce;
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force (seasonally adjusted) rose by 308,000 in April. Employment increased by 223,000 and unemployment increased by 85,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
uNElv\ PLO>rM EhJ7
PERCENT OF CIVILIAN LABOR FORCE
SE>SiSONA LI f ADJUSTED
*/O"E
""
1
:«
19 6;r
19<M>
19d>5
"1
1
j| M
niii fflIt ¥lt]
Hill 1
1966___
1967___
1968___
1969___
1970___
1970:
Mar_
Apr.May.
June_
July.
Aug.
Sept.
Oct..
Nov.
Dec_
1971:
Jan__
Feb.
Mar_
Apr..
1
—r
H
1
197 0
1971
COUNCIL OF ECONOMIC ADVISERS
1 Unempl oyment
Civilicin ernTotal
ploy nent
labor
force
Non- Unemploy- (includagriing
Total
ment
culArmed
tural
Forces)
Thousands of \jersons 16
72, 899 68, 915 2,875 78, 893
74, 373 70, 527 2, 975 80, 793
75, 921 72, 103 2,817 82, 272
77, 902 74, 296 2, 831 84, 239
78, 627 75, 165 4,088 85, 903
Unadj isted
years of age and over
75, 770 72, 899 3,979
77, 347 74, 373 3,844
78, 737 75, 921 3,817
80, 733 77, 902 3, 606
82, 715 78, 627 3,462
*,Seasonally adj'usteo I
68, 915
70, 527
72, 103
74, 296
75, 165
Labor
rate (percent of force
Unem- civilia n labor particifor ce)
pation
plovment Unad- Season- rate,
ad- unad-l
justed ally
justed justed
Percent
2,878
60. 1
3. 8
2,977
60. 6
3.8
2, 816
60. 7
3.6
2, 832
61. 1
3. 5
4, 085
61. 3
4.9
85, 008
85, 231
84, 968
87, 230
87, 955
87, 248
85, 656
86, 255
86, 386
86, 165
77, 957
78, 408
78, 357
79, 382
80, 291
79, 894
78, 256
78, 916
78, 741
78, 516
74, 786
74, 877
74, 632
75, 174
76, 173
76, 112
74, 730
75, 522
75, 515
75, 564
3,733
3, 552
3,384
4. 669
4,510
4, 220
4, 292
4, 259
4, 607
4, 636
85, 918
86, OS1
85, 849
85, 392
85, 865
85, 904
86, 084
86, 879
86, 512
86, 622
88, 600
82, 760
82, 621
82, 213
82, 711
82, 770
82, 975
83, 800
83, 473
83, 609
78, 969
78, 886
78, 601
78, 299
78, 574
78, 508
78, 479
78, 691
78, 550
78, 463
3,631
3,874
4,020
3,914
4,137
4, 262 \
4,496
4,609
4,923
5,146
4. 6
4. 3
4. 1
5. 6
5. 3
3,353
3, 408
75, 436
75, 317
75, 031
74, 763
75, 066
75, 073
75, 043
75, 398
75, 197
75, 055
5. 2
5. 1
5. 5
5. 6
5. 5
85, 628
85, 653
85, 598
85, 780
77,
77,
77,
78,
74, 361
74, 415
74, 452
74, 699
5,
5,
5,
4,
86, 873
86, 334
86, 405
86, 665
83, 897
83, 384
83, 475
83, 783
78, 864
78, 537
78, 475
78, 698
3,413
3, 329
3,396
3,558
75, 451
75, 208
75, 079
75, 140
5,033
4,847
5, 000 \
5,085
6. 6
6. 6
6. 3
5. 7
5. 8
6. 0
6. 1
Total
labor
force
(including
Armed
Forces)
78, 893
80, 793
82, 272
84, 239
85, 903
238
262
493
204
414
442
175
694
Total labor force as percent of noninstitutional population.
10
-
f
*16 YEARS OF AGE 'AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
~
:
1969
19 58
_<™ -^
Civiliabn emplo yment
Civilian
labor
force
Total
Agricultural
3,533
3,569
3,570
3,536
3,508
3,435
3,436
<z? 5>Q<?
O,
fjtjfj
Nonagricultural
5.0
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
4-4
4- 7
4. 9
4. 8
5. 0
5. 1
5.4
5.9
6. 2
6.0
60.9
61. 0
60.7
62. 3
62. 7
62. 1
60. 9
61. 2
61.2
61. 0
60. 5
60.5
60.3
60. 4
DELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate rose from 6.0 percent in March to 6.1 percent in April. The unemployment rate for married men declined from 3.2 to 3.1 percent.
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
1965
SOURCE: DEPARTMENT OF IA8OR
COUNCIL OF ECONOMIC ADVISERS
Uner iplovmen I rate
(percen t of civilijin labor
for ce in groi P)
Period
1966
1967
1968
1969
1970
Labor
Experi- Married
force
enced
All
men
time lost! Over 40
wage
and
hours
(wife
workers salary
present)
workers
3.8
3.8
3.6
3. 5
Per cent
3.5
3.6
3.4
3.3
1. 9
1.8
1.6
1. 5
2. 6
4. 8
Seasonalt y adjusted
4. 2
2. 2
4. 4
4.9
1970: Mar
Apr__
May
June
July
Aug
Sept
Oct
Nov
Dec
1971: Jan_
Feb
Mar _ __
Apr_ __ _ _
Persons at work i n nonagri cultural ir
idustries
by hours worked p>er week 2
Uiider 35 ho urs
4.7
4.9
4. 8
5. 0
5. 1
5. 4
5.5
5.9
6. 2
6.0
5. 8
6. 0
6. 1
4.3
4.8
4. 6
4. 9
5. 0
5. 2
5.4
5.7
6. 1
5. 8
5. 6
5. 8
5. 7
2.3
2. 5
2. 5
2. 7
2. 8
2. 9
3. 0
3. 2
3.4
3.3
3. 2
3. 2
3. 1
4.2
4. 2
4.0
3. 9
5. 4
4. 8
5.0
5. 5
4. 9
5. 4
5. 5
5. 9
6. 1
6.4
6. 4
6.4
6. 3
6. 5
6. 4
Part-ti me for
economi c reasons
Total
Part-ti me for
economi c reasons
Usually Usualty Usually
fullpartfulltime 3
time 4
time 3
Thousan ds of pers ons 16 ye ars of age and over
21, 334 32, 088 12, 034
871
793
20, 920 32, 616 13, 290
1,060
853
20, 600 32, 658 14, 785
895
820
20, 608 34, 201 15, 210
955
855
18, 925 33, 537 18, 222
1, 201
995
I Jnadjustec I
Seasonall y
20, 321 35, 857 15, 807
1, 120
768
1,083
19, 818 36, 110 16, 019
1, 308
799
1, 378
19, 928 35, 898 15, 737
1, 116
835
1,235
19, 263 36, 354 14, 182
1, 321
1, 250
1, 145
18, 529 34, 686 13, 402
1,204
1, 559
1,248
18, 459 34, 782 13, 004
1, 390
1, 307
1,392
12, 872 17, 072 40, 209
1,071
973
1,005
19, 639 34, 154 18, 177
1, 253
920
1, 347
18, 647 31, 704 21, 993
1, 250
1, 103
1,249
20, 233 36, 249 16, 433
1, 020
1,309
1,382
19, 070 35, 687 16, 576
1, 442
973
1,377
18, 463 33, 881 18, 966
1, 267
1, 123
1,227
19, 448 1 35, 830 16, 267 5 1, 284
1,5 093
1, 242
18, 207 35, 767 16, 650
1, 242
988
1,309
1
Man-hours lost by the unemployed and persons on part-time for economic
reasons as a percent of potentially available labor force man-hours.
2 Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and
industrial disputes.
8
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
35-40
hours
Usually
parttime *
adjusted
852
958
993
979
1, 058
967
1,070
1,062
1, 164
1, 151
3, 107
1,231
1,213
1,185
*6 Primarily includes persons who could find only part-time work.
Average hours worked: usually full-time, 24.1; usually part-time, 18.6
NOTE.—See Note, p. 10.
Source: Department of Labor.
II
UNEMPLOYMENT INSURANCE PROGRAMS
In April, insured unemployment under State programs averaged 349/000 higher than a year earlier. The seasonally
adjusted insured unemployment rale rose slightly to 4.0 percent.
MILLIONS OF PERSONS
JAN.
MILLIONS OF PERSONS
MAR.
MAY
APRIL
JUNE
JULY
AUG.
SEPT.
A 11 progranOS
1967
1968
1969
1970 »
1970: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1971: Jan*
Feb *
Mar "
Apr v
Week ended:
1971: Apr 3
10
17
24 p
May 1
8"
Source: Department of Labor.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
SOURC6 DEPARTMENT OF lABOt
Period
NOV.
OCT.
Steite progra ms
Total
Insured
unem- benefits Insured
Covered ploypaid
unem(milemploy- ment
ployment
(weekly
lions
ment
averof dolage)
lars)
Thou sands
56, 342
1,270
57, 976
1, 187
"60, 003
1, 177
1, 950
"59, 167
1, 917
1,885
1,778
1, 696
1,897
___
1, 855
1,746
1, 886
2, 233
2, 632
3, 198
3,214
3,091
2, 628
2, 920
2 ? 865
2, 797
2, 686
2, 592
2, 220. 0
2, 191. 0
2, 298. 6
4, 131. 4
355. 1
345.6
315. 5
315. 4
340. 8
340. 5
328.5
332. 0
372. 9
484. 1
567. 2
579. 5
605. 3
599. 6
Initial
claims
Insurec 1 unernBenefit & paid
ploymei] t as percent of covered
Total Average
emplo yment
(milweekly
lions of
check
Unad- Seasonad- dollars) (dollars)
justed ally
justed
Exhaustions
Weekly iiverage, t housands
1, 205
226
17
1, 111
16
201
1, 101
16
200
1,810
24
295
1,798
245
20
1,770
298
23
1,667
24
246
1,583
248
25
1,761
24
333
1,710
248
26
1,607
244
26
1, 724
26
278
2, 017
30
335
2, 369
28
398
2,799
31
427
2,751
321
31
2, 582
275
36
2, 119
257
35
2,406
2,374
2,323
2,227
2, 144
267
278
258
249
237
260
Per cent
2.5
2.2
2. 1
3.4
3. 5
3. 4
3. 2
3. 0
3.3
3.2
3. 0
3. 2
3.7
4. 4
4-1
4.4
4. 5
4.0
5.3
3. 7
5. 2
4. 9
4. 5
1
2.8
3. 1
3. 6
3. 7
8. 5
3. 7
3.8
8.9
4.0
2, 092. 3
2, 031. 6
2, 127. 9
3, 848. 5
331. 1
321.5
293. 6
292. 3
314,2
312. 3
299. 2
304. 2
342. 1
461.5
524. 4
536. 1
565. 9
559. 7
41. 25
43. 43
46. 17
50. 31
48. 93
49. 20
49.46
49. 68
49. 57
50. 63
50. 64
51. 45
52. 24
52. 43
52. 91
53. 89
54. 19
54.37
4. 5
4. 5
4. 4
4. 2
4. 0
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included and for Puerto Rico since 1963.
NONAGRICULTURAL EMPLOYMENT
kTotal nonagricultural payroll employment (seasonally adjusted) rose by 57,000 in April. Employment declined in
manufacturing but rose in private nonmanufacturing and government employment with the increases concentrated
mainly in construction and State and local government.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
16
(ENLARGED S<:ALE)
76 |
+~*>~r~^ ^
\
WHOI ESALE AND RET/UL TRADE
&****
*^
1
-
-
—
. —•-"""*""
r—r
""
SERVIC ES
1A
J
V
40
-
^•L»*^"*
i-T-t
..I
!
DURABLE
MANUFACTURE4G
*~*
,
12
NONMANUFACTURINC
NONMANUFACTURING .
(PRIVATE)
L,.,
'"
^
*v* •^
>
in
NONDURABLE
MANUFACTURING
*
I
MANUFACTURING
\
20
«i,v
^
....
'<«•«
-
7
16
GOVERNMENT
*COh4TRACT
CONS'FRUCTION
4
12
A\ \ i i l 1 l l l l l
1968
1969
1970
1968
1971
,,.,-!,,,,,
1969
SOURCE: DEPARTMENT OF LABOR
! ! ! ! 1 1 ! ! 1 1 l ! ! 1 1 ! 1 i ! 1 I IK
1970
1971
S
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Manufac turing (]arivate)
Total
Period
Total
1965. _ _ _ _
1966
1967
1968
1969
1970
1970: Mar..
Apr__
MayJune.
July—
Au%'_Sept_
Oct__
Nov..
Dec__
1971: Jan
Feb__
Mar*Apr *_
60, 815
63, 955
65, 857
67, 915
70, 274
70, 664
71, 242
71, 149
70, 839
70, 629
70, 587
70, 414
70, 531
70, 182
70, 085
70, 303
70, 652
70, 590
70, 662
70, 719
18, 062
19, 214
19, 447
19, 781
20, 169
19, 393
19, 944
19, 795
19, 572
19, 477
19, 402
19, 271
19, 285
18, 684
18, 538
18, 842
18, 807
18, 728
18, 679
18, 645
NonDurable durable
goods goods
10, 406
11, 284
11,439
11, 626
11, 893
11, 203
11, 648
11, 529
11, 386
11, 286
11, 217
11, 134
11, 145
10, 602
10, 455
10, 756
10, 717
10, 662
10, 618
10, 582
7 656
7 930
8 008
8 155
8 277
8 190
8 296
8,266
8, 186
8, 191
8, 185
8, 137
8, 140
8, 082
8,083
8,086
8,090
8,066
8,061
8,063
N onmanu Facturinj? (private)
Total
Mining
32, 679
33, 950
35, 012
36, 288
37, 902
38, 675
38, 795
38, 744
38, 666
38, 593
38, 594
38, 547
38, 661
38, 780
38, 772
38, 682
39, 022
39, 013
39, 099
39, 122
i Includes ail full-and part-time wage and salary workers in nonciffricultural
establishments who worked during or received pay for any part ol the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servant?, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
632
627
613
606
619
622
626
622
620
620
618
619
621
621
625
625
625
623
622
621
Con- Transtract portation
conand
strue- public
tion utilities
3,186 4,036
3, 275 4, 151
3, 208 4, 261
3, 285 4, 310
3,437 4,431
3,347 4,498
3, 481 4, 502
3, 426 4,468
3,351 4, 478
3, 324 4, 511
3, 314 4, 539
3,305 4,520
3, 262 4, 511
3, 278 4, 509
3, 303 4,493
3, 319 4,437
3,241 4,499
3, 198 4,521
3,258 4,517
3, 307 4, 481
Whole- Finance,
insursale
ance, Services
and
and
retail
real
trade
estate
12, 716 3,023 9,087
13, 245 3, IOC 9,551
13, 606 3,225 10, 099
14, 084 3,382 10, 623
14, 645 3, 557 11,211
14, 950 3,679 11, 577
14, 984 3, 665 11, 537
14, 991 3, 673 11, 564
14, 968 3, 677 11, 572
14, 927 3, 679 11, 532
14, 933 3,676 11, 514
14, 912 3, 670 11, 521
14, 961 3,684 11, 622
15, Oil 3, 696 11, 665
14, 945 3,711 11, 695
14, 851 3,723 11, 727
15, 133 3,746 11, 778
15, 141 3, 745 11, 785
15, 142 3, 753 11, 807
15, 143 3, 779 1 11, 791
Gover nment
Federal
State
and
local
2,378
2,564
2,719
2,737
2, 758
2,705
2,766
2,838
2,768
2,689
2,668
2, 659
2,649
2,654
2,661
2, 650
2,656
2,659
2,657
2, 668
7, 696
8,227
8, 679
9, 109
9,446
9,891
9,737
9,772
9,833
9, 870
9,923
9,937
9, 936
10, 064
10, 114
10, 129
10, 167
10, 190
10, 227
10, 284
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes: and which are based on an enumeration of population, whereas the estimates in this table are based ou roports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek (seasonally adjusted) for private nonfarm production workers rose by 0.1 hours to 37.1 hours
in April. Average hours also increased in retail trade but declined in manufacturing and construction.
HOURS PER WEEK-i
46
HOURS PER WEEK (SEASONALLY
46
TOTAL NOT-^AGRICULTURE0. PRIVATE
iASONALLY ADJUSTED)
MANUFACTURING
44
A")
42
in
40
38
<****»**>™»*^ •V**"
38
*»«^
%
"N
p36
~)A
34
Al 1 1 1 ! 1 1 1 1 1 i
V
i i i i i 1 i i i .1 i1
1 1 1 1 1 1 1 1 1 !
3970
1969
1968
1 1 I 1 ! I I I 1 1 1K
1971
34 l/li n i i I i >
1968
1969
1970
1971
42
42
RETAIL TRAC)E
CONTRACT CONSTRUCTION
40
40
38
-50
36
1A
34
34
32
00
!
p^~»^_____w_iBB^___^
-***
30 / ! > . . . . 1 . . . , .
30
1968
1969
1970
V
1971
1968
\
1 I
1 I I
I !
1
1 1
1 f
I 1 1 \
f
1 1 ! 1
1 1 ! 1 ! 1 ( T I_ ! ! K
1970
1969
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Average hours per week1]
Period
Total
nonagricultural
private 2
1961
1962
1963
1964
1965
1966
1967
196S
1969
1970
1970: Mar...
Apr__ _
May
June_
_
Julv
Aug...
_
Sept
Oct
Nov__
Dec
1971: Jan
Feb v
Mar
.
Apr v
38. 6
38.7
38.8
38. 7
38. 8
38.6
38. 0
37. 8
37. 7
37. 2
37.2
36. 9
37. 0
37.4
37. 6
37. 6
37. 0
37. 0
36. 8
37. 1
36. 7
36. 6
36. 8
36. 8
1
_
_ _ _
_
Manufacturing
Contract
construction
Unad justed
39. 8
36. 9
40. 4
37. 0
40. 5
37. 3
37. 2
40. 7
41. 2
37. 4
41. 3
37. 6
40. 6
37. 7
40. 7
37. 4
40. 6
37. 9
39. 8
37. 4
40. 0
37. 2
39. 7
37. 9
39. 8
38. 1
40. 0
38. 4
39. 9
38. 5
39. 8
38. 5
39. 6
36. 2
39. 6
37.6
39. 7
36. 2
39. 9
37.4
39. 6
36. 1
39.4
35. 5
39. 7
37. 1
37. 1
39. 5
Data relate to production workers or nonsupervisory employees. Data for
Alaska
and Hawaii included beginning 1959.
2
Also includes other private industry groups shown on p. IS.
14
Retail
trade 3
Total
nonagricultural
private 2
Manufacturing
Contract
construction
Retail
trade 3
Seasonal!}r adjusted
37. 6
37. 4
37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 4
33. 3
33. 5
34. 1
34. 9
35. 0
33. 9
33. 5
33.4
33. 9
33.2
33. 1
33. 2
33. 4 i
37.4
37. 2
87. 1
37. 2
37. S
37. 2
36. 8
36. 9
36. 9
37. 0
37. 1
36. 9
37.0
37. 1
* Includes eating and drinking places.
Source: Department of Labor.
40. 2
40. 0
39. 8
39. 8
40. 1
39. S
39.3
39. 4
39. 6
39. 6
39. 8
39.5
39.9
39. 8
S8.0
38. 3
38. 1
37. 6
37. 4
37. S
35. 1
36. 9
37. 1
38. 0
37. 1
36. 8
37.9
37. 5
<2?<2?
C
00. 0
&a> 7
fJO.
&0
I
Q
oo. &
ff>0 Q
OO. 0
O<3 Q
OO. <J
33. 9
33. 8
33. 8
33. 8
33. 6
83.6
33.5
33. 6
0Q Q
00. O
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers increased by 2 cents in April to $3.39, or about
percent above a year earlier. Average weekly earnings increased 73 cents in April to $124.75.
DOLLARS
240
AVERAGE WEEKLY EARNINGS
DOLLARS
6.00
AVERAGE 1HOURLY EARNIINGS
,~>
tr
f)f\
yx<cx^^
CONTRACT
A*
cc)NSTRUCTION
.+4'
"s-^y
CONTRACT
CONSTRUCTION
-
iM
160
3.00
,
X
-*— """"
MANUFACTURING
^...««
<*y k-***
MAN JFACTURING
""•'•'"^Zi^p
—TOTAL
-~^ NONAG
\ RICULTURAL
120
PRIVA TE
TOTAL NONAGRICULTURAL
PRIVATE
*—
'""T""'
•^ ""*"*"""*
2.00
80
RETAIL TRADE -
A
RETAIL TRADE
1 00
A, . M , ! , , , ,,
Y
1 I 1 t ! 1 t ! 1 M
! 1 I 1 ! 1 1 1 ! 1 1
1 ! 1 ! 1 I t t I 1 IN
1970
1969
1968
40 Ij,
1971
1968
1969
1970
SOURCE: DEPARTMENT OF LABOR
1971
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
Average ] lourly earn ings— curr<3nt prices
Average Tweekly earrlings— curr ent prices
Total
nonagricultural
private l
Total
nonagricultural
private 1
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1970: Mar
Apr
May
June
July
Aug>__ _ _
Sept
Oct
Nov_
Dec
1971: Jan
F e b _ _v_ _ _ _ _
Mar
Apr v
1
Also includes other
2
Includes eating and
3
$2. 14
2.22
2.28
2. 36
2. 45
2. 56
2.68
2.85
3. 04
3.23
3. 17
3. 18
3.20
3. 21
3. 23
3. 25
3. 29
3.28
3. 29
3. 30
3. 34
3. 35
3.37
3. 39
Manufacturing
$2. 32
2.39
2. 46
2. 53
2. 61
2. 72
2.83
3.01
3. 19
3.36
3.31
3. 32
3.34
3. 36
3. 37
3. 37
3. 42
3.37
3. 39
3.47
3. 50
3. 51
3. 52
3. 54
Contract
construction
$3. 20
3. 31
3. 41
3.55
3.70
3.89
4. 11
4. 41
4.78
5. 22
5. 06
5. 09
5. 10
5. 13
5. 20
5. 30
5.36
5.42
5. 43
5. 43
5.50
5. 53
5. 51
5. 54
Retail
trade 2
$1. 56
1. 63
1. 68
1.75
1. 82
1.91
2. 01
2. 16
2. 30
2. 44
2.41
2. 41
2.43
2. 43
2. 44
2. 44
2. 48
2.48
2. 49
2.47
2. 52
2. 54
2. 54
2. 55
private industry groups shown on p. 13
drinking places.
Earnings in current prices, adjusted to exclude the effects of overtime and
anterindustry shifts.
60-771 °—71-
$82. 60
85. 91
88. 46
91.33
95. 06
98. 82
101. 84
107. 73
114. 61
120. 16
117. 92
117. 34
118. 40
120. 05
121. 45
122. 20
121. 73
121. 36
121. 07
122. 43
122. 58
122. 61
124. 02
124. 75
Manufacturing
Contract
construction
Retail
trade 2
$92. 34
96.56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
132. 40
131. 80
132. 93
134. 40
134. 46
134. 13
135. 43
133. 45
134. 58
138. 45
138. 60
138. 29
139. 74
139. 83
$118. 08
122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
164. 93
181. 16
195. 23
188. 23
192. 91
194. 31
196. 99
200. 20
204. 05
194. 03
203. 79
196. 57
203. 08
198. 55
196. 32
204. 42
205. 53
$58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
74. 95
78. 66
82.47
80. 49
80. 25
81. 41
82. 86
85. 16
85. 40
84.07
83.08
83. 17
83. 73
83. 66
84. 07
84.33
85. 17
Manufa icturing
indusstries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
100s
prices 4
83. 6
85.7
87.8
90. 0
92.4
95. 5
100.0
106. 1
112. 3
119. 4
117. 4
118. 0
118. 8
119. 1
119. 7
120.3
121. 5
121. 0
121. 8
123.7
124. 6
125. 2
125. 6
126. 6
$103.
106.
108.
110.
113.
115.
114.
117.
117.
114.
115.
114.
114.
115.
115.
114.
115.
113.
113.
116.
116.
115.
116.
06
58
65
84
79
58
90
57
95
99
63
41
89
56
22
74
26
00
57
25
28
82
64
* Earnings in current prices divided by the consumer price index.
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In April, industrial production (seasonally adjusted) increased 0.3 percent to the highest level since August 1970.
However, April production was 2.5 percent below a year earlier.
Index, 1967=100 (SEASONALLY ADJUSTED)
Index, 1967=100 (SEASONALLY ADJUSTED)
130
150
UTILITIES AND MINING
TOTAL
ion
140
nfi
130
UTILITIES
,-i • •••
inn
—^1
•""—1
120
on
80
110
1 1 1 1 1 ! 1 I ! I !
i i i i i 1 i i i iI
1968
1969
i i t i i 1 i i iii
1970
II
MINING
! I 1 1 1 1 t 11
100
1971
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM
1961
1962
1963
1964
1965
1966
1967
1968
1969___ _
1970 p
1970: Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec__
1971: Jan
Feb
Mar
Apr*
_ _ _ _ _
_ _ _
___
Total
104
65.4
72.0
76. 1
81. 6
90. 7
100. 7
100. 0
103.7
107. 8
73. 0
77.5
81. 0
85. 8
91. 1
97.5
100.0
105. 6
110. 3
82.9
84. 8
87. 2
90. 1
92.7
97.3
100. 0
102. 3
105. 2
66. 1
71. 1
75.7
81.8
87. 0
94. 1
100. 0
109. 5
119. 6
70.2
75. 6
78. 9
83. 3
90. 0
98.2
100.0
104. 3
107. 9
75.8
80.6
84.3
88. 7
94. 5
99.3
100. 0
105.7
109. 4
60.4
66. 7
69. 2
73.6
81. 9
96. 2
100. 0
101. 8
105. 1
68.7
74. 1
78.4
84. 2
91. 4
99.5
100.0
105. 1
106
68.6
74.3
78.2
83. 3
90. 8
99. 3
100. 0
104. 5
108. 9
108. 2
107. 7
106. 9
106. 8
107. 0
106.8
104. 9
102. 7
102. 2
104. 0
104.7
104.5
104. 7
105.0
107. 0
106. 4
105. 3
105. 2
105. 5
105. 0
102. 5
99. 8
99.6
101. 5
102. 4
102. 1
102.4
102. 5
104. 5
102.9
102. 4
102.2
102. 3
101. 8
98.0
93.8
92. 5
95. 4
96.4
96. 3
96.3
96. 3
110. 3
111. 2
109. 1
109. 2
110. 0
109.3
108.5
108. 0
109. 1
109. 8
110. 5
109. 9
110.4
110.7
109. 1
108.2
108. 9
109. 5
108. 1
110. 7
112.2
113. 0
112. 6
112. 1
111. 4
110. I
112. 0
112. 5
124. 6
126. 4
127. 0
127. 3
127.8
127. 5
131. 3
132. 4
129. 1
129.8
130. 6
132. 6
131. 0
132. 5
107. 2
106. 4
105. 9
105. 6
105. 4
105. 2
103.0
100. 9
100.7
102. 9
103. 2
103. 0
103. 2
103.0
109. 1
109.9
109. 9
109. 6
110. 1
110. 1
107.8
105. 7
105. 7
109.4
110.8
110.8
111.9
112. 3
103. 8
100. 3
98.8
98.3
96.8
96. 4
94. 5
92.5
91. 7
91.5
89.9
88.9
87. 7
86. 8
108. 8
108.9
108. 0
108. 5
108. 6
108.5
107.0
104. 4
103. 8
105. 2
106. 5
106. 3
106.5
107. 2
Total
industrial
production
Period
_
_ _
_ _ _ _ _ _
COUNCIL OF ECONOMIC ADVISERS
[1967=100, seasonally adjusted]
Industry
Miinufactur ing
Mining Utilities
NonTotal Durable durable
69.4
74. 8
78. 6
83. 7
90.7
98. 9
100. 0
104. 7
109. 3
101
110
NOTE.—The indexes In this table were converted to a 1967 base from the Federal
Keserve indexes published on a 1957-59 base.
16
110
128
Mai•ket
Fiiaal produi3tS
105
Consumer
goods
109
Equipment
98
Source: Board of Governors of the Federal Reserve System.
T\/T 4-f\
rials
110.6
108
PRODUCTION OF SELECTED MANUFACTURES
(n April, production of primary metals (seasonally adjusted) rose 2% percent, reflecting a further increase in iron and
steel. The 21/2 percent decline in transportation equipment was largely in motor vehicles. Output of most nondurables
registered small gains.
Index, 1967=100 (SEASONALLY ADJUSTED)
Index, 1967=100 (SEASONALLY ADJUSTED)
130
120
PRIMARY METALS
FABRICATED METAL
\ /"...,
PRODUCTS
A
.V. > " V /
110
100
JL
90
1968
120
110
110
100
100
90
90
80
FOODS, BEVERAGES,
) TOBACCO
TOBACCO \-—
_TEXTILES, APPAREL,
AND LEATHER
80
1968
1968
1969
1970
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1971
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durab le manufctctures
Period
1961
1962._
1963
1964
1965
1966
1967
1968
1969
1970*
1970: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1971: Jan
Feb
Mar_
Apr »
Primary
metals
74.6
78. 9
85.5
97. 4
103. 8
107. 7
100. 0
103. 4
112. 5
106
107. 1
104. 8
107. 6
107. 7
109. 6
109. 9
107. 6
101. 1
97. 6
102.2
103. 8
106. 3
108.0
111
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated Machin- tation
and
and
apparel,
petrobevermetal
ery
equipand
prodprint- leum, and ages, and
products
ment
ing
leather
rubber tobacco
ucts
65. 8
72.3
76.2
82. 0
91. 3
100.7
100. 0
103. 7
111. 1
60.2
67. 3
70.4
77.1
87. 5
100. 2
100.0
100. 5
106.7
62. 5
71. 4
76.6
78. 9
90. 0
100. 7
100. 0
108.3
105.4
86.7
90.8
93.2
96. 3
100.4
102. 1
100. 0
104.6
101. 9
77.8
82. 6
85. 0
89.8
97.4
101. 6
100. 0
103. 9
103. 4
98
108
118
110. 1
108. 2
105. 9
106. 4
106. 5
106. 2
104.5
99. 2
98. 0
98.8
100.7
101. 4
101.8
108. 6
106. 3
104. 1
103. 9
104.3
103. 8
101. 5
99. 7
97.6
96.3
95.3
94. 3
94.5
94. 1
92.4
94, 9
96. 5
95.4
94. 6
83. 9
73.6
73.6
86. 0
89.7
89.8
88.5
96.7
98. 8
99. 3
92. 0
94.5
97. 7
92. 6
94. 2
91. 5
90.5
100.1
100. 0
98.6
99. 6
98. 1
97.4
97.5
97. 5
97.0
97. 3
95. 4
97.3
98. 3
96. 9
97.9
109.9
110. 3
109. 0
108. 1
108. 2
108. 4
105. 3
105. 4
107. 3
106. 8
106. 9
106.9
106.6
118. 3
119. 5
115. 9
118. 1
119. 4
117. 6
116. 8
116. 6
117. 9
118. 5
118. 9
117.9
118.6
106
102
103
95
NOTE.—The indexes in this table were converted to a 1967 base from the Federal
Keserve indexes published on a 1957-69 base.
Nc>ndurable manufactu res
90
86
98
75. 1
78. 0
80. 3
85.2
90. 4
97. 9
100. 0
103.9
109. 9
i
106
62. 6
69. 1
74.6
80. 3
86. 6
95. 7
100. 0
109. 3
117. 2
119
Source: Board of Governors of the Federal Reserve System.
83.7
86. 0
88. 7
91. 7
93. 7
97.3
100. 0
102. 7
105. 5
107
107.3
108. 0
107. 3
105. 7
106. 3
106. 4
107. 1
105. 1
107. 2
108. 4
110. 0
110. 1
110.5
111
17
WEEKLY INDICATORS OF PRODUCTION
Production of steel continued to increase in April. Output of cars was somewhat below the levels of recent months.
Most other weekly indicators also declined.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
STEEL
(DAILY AVERAGE)
2.5
3.5
2.0
1968
2.5
1.5
\
W
1968
-1969
1.0
1.5
* J
F
M
A
M
J
N
J
J
F
BILLIONS OF KILOWATT HOURS
THOUSANDS
35
300
M
A
M
J
J
25
20
M
A
M
SOURCES: AMERICAN IRON AND STEEL INSTITUTE.' DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Fericd
Weekly average:
1964
1965
1966
1967
1968
1969
1970*
1970: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec__ _ _ _
1971: Jan
Feb
Mar
Apr?
Week ended:
1971: Apr 3
10
17
24
May 1
8"
15"
Steel p reduced
Index
Thousands
(1967=
of net
tons
100)
18
Bituminous Freight Paperboard
Electric
Car 3 and trLicks
power
coal mined
assemb led (thoiisands)
produced
loaded
distributed (thousands (thousands (thousands
of short
(millions of
Total
Cars Trucks
of tons)
of cars)
kilowatt-hours) tons) l
2,431
2, 521
2, 572
2, 440
2, 515
2, 709
2, 522
2,683
2,654
2, 613
2,639
2, 439
2,430
2, 506
2, 415
2, 333
2, 361
2, 545
2, 719
2,854
2,925
99.6
103. 3
105. 4
100. 0
103. 1
111. 0
103.4
110. 0
108. 8
107. 1
108.2
100. 0
99. 6
102. 7
99. 0
95.6
96. 8
104. 3
111.4
117.0
119. 9
18, 728
20, 169
21, 971
23, 169
25, 244
27, 588
29, 288
28, 116
27, 508
27, 875
29, 747
31, 406
32, 191
30, 180
27, 664
28, 306
29, 442
31, 200
30, 864
29, 993
28, 570
1,630
1,735
1, 798
1,868
1, 827
1,894
1, 990
1, 988
1, 981
1, 937
1, 899
2, 019
2,017
2, 067
2, 047
2, 173
2, 057
2, 058
1, 954
2, 125
2,067
558
562
570
540
543
543
522
518
536
566
557
501
540
541
553
514
454
488
487
506
523
384
410
446
439
479
507
489
513
510
516
498
446
490
469
497
501
442
488
506
516
508
178.8
213.7
199. 3
172. 9
207.6
195. 7
158. 9
184. 6
177. 9
212. 6
228. 1
133. 9
99. 6
137. 8
113. 1
108. 0
155. 8
220. 3
231. 0
230. 2
211. 6
148.8
179.4
165. 4
142. 4
170.1
158. 1
125. 9
148. 6
145. 5
171. 9
185. 0
102. 9
64. 6
107. 1
88. 8
86. 7
125.7
181. 7
188. 8
188. 1
170. 6
30.0
34.3
33. 9
30. 5
37.5
37. 6
33. 0
36.0
32. 4
40.7
43. 1
31. 0
34. 9
30. 7
24. 4
21. 3
30. 1
38. 5
42. 2
42. 1
40. 9
2, 940
2, 932
2, 905
2,926
2,960
2,960
2
2, 927
120. 5
120. 2
119. 1
119. 9
121. 3
121. 3
120. 0
29, 326
28, 633
28, 111
28, 641
28, 897
28, 755
2, 140
2, 195
2,237
2,233
2, 162
2
2, 083
514
506
511
535
542
535
526
524
504
507
498
512
228. 1
179. 9
190. 6
239. 0
236. 7
238. 0
2
238. 0
184. 0
146.4
150.3
193. 5
192. 3
197. 3
195. 7
44. 2
33. 5
40. 3
45. 5
44. 4
40. 7
42. 3
1
Daily average. Includes data for Alaska.
*Not charted.
COUNCIL OF ECONOMIC ADVISERS
Sources- American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) declined 1% percent
in March—the first decrease since July 1970. Small declines were recorded in private nonresidential and public
construction.
Xs
BILLIONS OF DOLLARS
100
100
SEASC)NALLY ADJUSTED ANNUA
RATES
,
90
/
on
TOTAL NEW CONSTRUCTION^
^^
,-^1
70
80
, X
--—^
50
—N^
^a-
V--
s
f.n
^+*"~l
*m>
PRIVATE
*
^
en
***
40
30
,...,...»...,........,...«•»""" •""••
.„.."..,.
,<••..
PUBLIC
»«««»«»««'«fititj
^••••"""
..•*»,v
% «•' ..•-•.....••-n,,, \
"
OA
%v...««»....^./
20
A]
\ 1 I 1 ! 1 I 1 ! 1
1 1 ! I I 1 f
I 1 1 1
1
!
1 1 1 1 1 1 1 1 1
1 ! 1 1 1 1 1 I I ! !
1 I 1 f 1 I t ! t 1 1
V
!
1 1 t I
l i l t ?
i i » r ? 1 i r i i iK
40
PRIVATE RESIDENTIAL (NONFARM)
20
1965
SOURCE: DEPARTMENT OF COMMERCE
Period
1965
1966
1967
1968
1969
1970
Total new
construction
expenditures
72. 3
75. 1
76. 2
84.7
90. 9
91. 3
COUNCIL OF ECONOMIC ADVISERS
Total
50. 3
51. 1
50. 6
57.0
62.8
63. 1
Private
Residentiabl nonfarm
CommerNew
• cial and
housing industrial
Total l
units
Bi] lions of doll ars
20. 4
26.3
11. 9
24. 0
18. 0
13. 6
17. 9
23. 7
13. 1
22. 4
13.9
28. 8
30. 6
23. 7
16. 5
21. 9
16. 5
29. 3
Other
12. 1
13. 6
13. 7
14.2
15. 7
17. 4
Federal,
State,
and
local
22. 1
24. 0
25. 6
27. 7
28. 1
28. 2
92.0
90. 7
90. 7
89. 7
90. 1
89. 1
90. 0
91. 0
92. 3
92.9
98. 0
101. 8
104.2
102. 7
63.3
64. 2
63. 6
62. 7
61. 7
60.7
61. 5
62. 7
64. 5
64. 5
66. 9
69.9
70.8
70.5
28.7
29.4
29. 8
29. 2
27. 7
27. 0
27.5
28. 8
30. 5
31. 8
33. 3
34. 4
35. 6
36. 5
21. 2
21. 4
21. 3
20. 6
20. 0
20. 4
21. 4
22. 3
23.2
24. 1
25. 7
26. 9
28. 1
28.9
1
Includes nonhousek<jeping resident! 11 construction imd additions a nd alterauons, not shown separa tely.
2 F. W. Dodge series, Relates to 50 S tates beginning 1970 for value ndex and
beginning 1971 for floor £ pace.
17.7
17.7
16. 8
16.4
16. 8
15. 9
16.4
16. 1
16. 2
15. 0
15. 7
17. 5
17. 4
16. 5
93.2
94. 8
100.0
113. 2
123.7
123. 1
Seasonally
adjusted
£easo?ia^/ adjusted atinual rates
1970: Feb
Mar
Apr
May _ _ . .
June
July
Aug
Sept
Oct
Nov
Dec
1971: Jan___ ...
Feb
Mar"
Constructio a con tracts2
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)
17.0
17. 0
17. 0
17. 1
17. 2
17.7
17. 5
17. 8
17.8
17.7
17. 9
18. 0
17. 8
17. 5
28.6
26. 6
27. 1
27. 0
28. 4
28.4
28. 5
28. 3
27.9
28.3
31. 1
31. 9
33. 4
32. 1
137
132
130
110
120
116
135
118
115
130
132
117
126
141
693
769
705
792
902
760
Seasonally
adjusted
annual
rates
946
831
790
717
658
830
742
746
623
647
656
652
600
785
NOTE.— Data fc>r Alaska and 11awaii included b eginning 1959 (e?tceptasnoted).
and McC raw-Hill Inforalation Systems
„ Sources: Depai•tment of COITLmerce
ompany, F. W. Dodge Divisiori.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts leveled off in April at a seasonally adjusted annual rate of 1.9 million units.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
1.0
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE. FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
[Thousands of units]
Hou sing star ts
Period
1965__
1966
1967
1968
1969
1970
1970: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1971: Jan
Feb
Mar v
Apr*
Total
private
Total
and
private
public (including
(including
farm)
farm)
Total
One
unit
1, 509. 6
1, 195. 9
1, 321. 9
1, 545. 5
1, 499. 6
1, 467. 0
1, 472. 9
1, 165. 0
1, 291. 6
1, 507. 7
1, 466. 8
1, 433. 6
1, 472. 9
1, 165. 0
1, 291. 6
1, 507. 7
1, 466. 8
1, 433. 6
963. 8
778. 5
843. 9
899. 5
810. 6
812. 9
117. 8
130. 2
127. 3
141. 6
143. 4
131. 6
133.4
143. 4
128.3
123.9
114. 8
104. 6
168. 6
202. 9
114. 7
128. 4
125. 0
135. 2
140. 8
128. 7
130. 9
140. 9
126.9
121. 4
110. 6
102. 2
167. 2
200.4
1, 392
1,224
1,242
1, 393
1, 603
1,425
1,509
1,583
1, 693
2,054
1, 725
1,754
1,950
1,903
708
697
728
835
827
838
881
890
934
Total (includingI farm)
1, 240
20
946
985
1,045
1, 081
'Authorized by issuance of local building permit; in 13,000 permit issuing
places beginning 1967; 12,000 for 1963-66; and 10,000 prior to 1963.
'* Units represented by mortgage applications for new home construction.
Propose d home
constr action
Private
Gover nment
home p rograms
(nonl arm)
Two or
FHA
more
VA
units
509. 1 159.9
49. 4
386. 5 129. 1
36. 8
141. 9
52. 5
447.7
608. 2 147. 7
56. 1
656. 2 153. 6
51. 2
620. 7 233. 5
61. 0
Seasona lly ad justed annu al
684
527
514
558
776
587
628
693
759
814
779
769
905
822
185
207
194
215
230
238
246
266
288
354
410
290
265
60
60
57
52
51
64
60
64
71
78
76
73
83
93
New
private
housing
units
authorized l
1, 239. 8
971. 9
1, 141. 0
1, 353. 4
1, 322. 3
1, 324. 2
rates
1,085
1, 177
1,309
1,285
1,309
1,378
1,388
1,523
1,487
1, 768
1, 635
1,563
1,627
1,618
Applica- Requests
tions for for VA
FHA appraiscommitals 2
ments 2
188. 9
153. 0
167. 2
168. 9
187. 6
315. 0
102. 1
99. 2
124. 3
131. 7
138. 2
143. 7
258
281
271
291
297
327
337
326
345
474
371
350
336
144
135
133
126
126
152
139
168
157
149
190
174
183
210
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA)
and Veterans Administration (VA).
USINESS SALES AND INVENTORIES - TOTAL AND TRADE
Dusiness inventories (seasonally adjusted) rose about $0.5 billion in March continuing the pattern of modest monthly
changes evident since last fall. Business sales rose 1 percent in March. Retail sales rose 0.5 percent in April, according
to advance reports.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
180
RETAIL TRADE (ENLARGED SCALE)
!
25 I—DURABLE GOODS STORES
20
INVENTORIES
15
10
SALES
30
NONDURABLE GOODS STORES
1969
1968
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total tmsiness l
Period
Sales
1971
1970
2
Whol esale 4
Inventories 3
Sales
2
Inventories 3
R<-tail 5
Sales 2
Total
Inventories> 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
29, 386
31, 094
34, 405
38, 073
38, 952
41, 604
44, 623
44, 918
44, 133
44, 325
44, 326
44, 109
44, 527
44, 965
45, 453
45, 691
44, 883
44, 507
44, 918
44, 984
45, 432
46, 416
12, 572
13, 318
15, 253
17, 258
17, 277
18,851
19, 980
19, 040
19, 388
19, 471
19, 426
19, 346
19, 552
19, 739
20, 119
20, 270
19, 291
18, 542
19, 040
18, 987
19, 480
20, 131
Nondurable
goods
stores
liMillions of <dollars, se asonally a dj usted
1963
1964
1965
1966
1967
1968
1969
1970
1970: Feb
Mar
Apr
May
June
July
Aug
Sept___
Oct
Nov
Dec
1971: Jan
Feb v
Mar
Apr
_._
__
68, 969
73, 685
80, 276
87, 184
88, 962
96, 989
103, 755
106, 488
106, 164
105, 487
105, 087
106, 847
107, 612
108, 393
108, 175
108, 074
106, 224
104, 917
107, 019
108, 996
110, 748
111, 886
105, 477
111, 457
120, 900
136, 988
143, 334
152, 699
164, 917
171, 136
165, 638
166, 149
167, 059
166, 734
167, 375
168, 635
169, 364
170, 038
170, 352
170, 873
171, 136
171, 431
171, 758
172, 281
1
2 The term "business" also includes manufacturing
8 Monthly average for year and total for month.
Book value, end of period, seasonally adiusted.
< Beginning 1961, data include Alaska and Hawaii.
13, 382
14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
20, 571
20, 463
20, 012
20, 684
20, 656
20, 639
20, 698
20, 714
20, 754
20, 641
20, 718
21, 338
21, 334
21, 386
(see page 22).
16, 048
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
24, 853
24, 842
24, 942
24, 990
25, 142
25, 410
25, 423
25, 689
26, 003
26, 334
26, 604
26, 646
26, 806
26, 655
20, 556
21, 823
23, 677
25, 330
26, 151
28, 277
29, 303
30, 381
29, 980
29, 801
30, 536
30, 502
30, 518
30, 729
30, 781
30, 885
30, 534
30, 208
30, 481
31, 154
31,611
32, 183
6
32, 344
6,661
7,049
7,849
8, 192
8,348
9, 187
9,398
9, 141
9, 143
9, 134
9,340
9, 320
9,411
9,487
9, 503
9,556
8,927
8,380
8, 659
9,480
9,785
10, 132
6
10, 269
13, 895
14, 773
15, 828
17, 138
17, 803
19, 090
19, 904
21, 240
20, 837
20, 667
21, 196
21, 182
21, 107
21, 242
21, 278
21, 329
21, 607
21, 828
21, 822
21, 674
21, 826
22, 051
6
22, 075
16, 814
17, 776
19, 152
20, 815
21, 675
22, 753
24, 643
25, 878
24, 745
24, 854
24, 900
24 763
24, 975
25, 226
25, 334
25, 421
25, 592
25, 965
25, 878
25, 997
25, 952
26, 285
5
6 Beginning
1960, data include Alaska and Hawaii.
Unofficial estimates.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments (seasonally adjusted) increased 1 percent in March while new orders edged down after
four monthly increases.
^^
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
110
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
70
MANUFACTURERS' SHIPMENTS
MANUFACTURERS' INVENTORIES
100
60
TOTAL
90
50
DURABLE GOODS
30
70
DURABLE GOODS
NONDURABLE GOODS-
20
60
J I I M I I I IM
50
40
MANUFACTlJRERS' NEW CORDERS
•3A
DURABLE GC)ODS
\
- v*^-^/**^"^*11>sv
^ —y
fn i i t i I i i i i i
SOURCE:
1968
40
NONDURABLE GOODS
\
NONDURAI iLE GOODS
20
V
r*j™.~
y1
••••"»,„«»»'•••"•«"»•«»••' ,,«m
•"""""*
10
-/*s^
t ii i i1 i iiii
1969
1 I ! 1 ! I I ! ! 1!
1970
1
30
. . i . i 1 . . . . .K
1971
„.».>•"•••""
20
N
1969
1968
DEPARTMENT OF COMMERCE
Total
1963
1964
1965
1966
1967
1968
1969
1970
1970: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1971: Jan
Feb
Mar ^
35, 032
37, 335
41, 003
44, 876
45, 712
50, 384
54, 727
55, 554
55, 613
55, 223
54, 539
55, 661
56, 438
57, 025
56, 696
56, 475
54, 936
54, 068
55, 820
56, 504
57, 803
58, 317
NonDurable durable
goods
goods
18, 247
19, 634
22, 216
24, 635
24, 973
27, 653
30, 415
30, 127
30, 273
29, 757
29, 633
30, 488
30, 638
31, 315
31, 270
30, 863
29, 369
28, 815
30, 024
30, 545
31, 352
31, 958
Total
Millions
16, 786 60, 043
17, 701 63, 386
18, 788 68, 221
20, 240 78, 224
20, 738 82, 825
22, 731 88, 567
24, 311 95, 931
25, 427 99, 614
25, 340 96, 652
25, 466 96, 982
24, 906 97, 791
25, 173 97, 635
25, 800 97, 706
25, 710 98, 260
25, 426 98, 488
25, 612 98, 658
25, 567 99, 466
25, 253 100, 032
25, 796 99, 614
25, 959 99, 801
26, 451 99, 520
26, 359 99, 210
1
2 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
3
NonDurable durable
goods
goods
of dollars
35, 813
38, 436
42, 227
49, 849
53, 530
57, 399
63, 547
65, 548
63, 977
64, 263
64, 689
64, 447
64, 395
65, 079
65, 290
65, 323
65, 628
65, 920
65, 548
65, 610
65, 347
65, 311
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
22
1971
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments 1 Manufacl ,urers' inv entories 2
Period
1970
Ma nufacture rs' new orde rs
Total
1
Durat>le goods
NonProducers' durable
capital
Total
goods
goods
industries
seasonal] y ad juste d
24, 230 35, 322 18, 521
24, 950 37, 952 20, 258
25, 994 41, 803 22, 986
28, 375 45, 938 25, 709
29, 295 45, 928 25, 189
31, 168 50, 670 27, 942
32, 384 54, 933 30, 624
34, 066 55, 009 29, 570
32, 675 54, 714 29, 368
32, 719 54, 339 28, 861
33, 102 53, 374 28, 449
33, 188 55, 139 29, 977
33, 311 55, 778 30, 028
33, 181 57, 111 31, 399
33, 198 55, 968 30, 537
33, 335 55, 523 29, 856
33, 838 54, 190 28, 504
34, 112 54, 291 29, 009
34, 066 56, 431 30, 602
34, 191 57, 377 31, 405
34, 173 58, 288 31, 867
33, 899 57, 892 31, 504
3,412
3,935
4,435
5, 268
5, 250
5, 804
6, 553
6,429
6,627
5,998
5,984
6,302
6, 281
6,411
6, 299
6,759
6, 552
6,873
6, 554
6, 990
7,518
6,644
16, 801
17, 694
18, 817
20,229
20, 739
22, 728
24, 309
25, 439
25, 346
25, 478
24, 925
25, 162
25, 750
25, 712
25, 431
25, 667
25, 686
25, 282
25, 829
25, 972
26, 421
26, 388
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
Manufacturers'
mventoryshipments
ratio 3
1. 69
1. 64
1. 60
1. 62
1.77
1. 70
1. 69
1. 76
1.74
1. 76
1. 79
1. 75
1. 73
1. 72
1. 74
1. 75
1. 81
1. 85
1. 78
1. 77
1.72
1. 70
'fEERCHANDISE EXPORTS AND IMPORTS
tie merchandise trade surplus rose to $245 million (seasonally adjusted) in March from $1 36 million in February,
or the first time this year, the monthly surplus exceeded the 1970 monthly average of $225 million.
BILLIONS OF DOLLARS
4.0
BILLIONS OF DOLLARS
4.0
2.0
2.0
J.5
1.5
J.O
1.0
i i I M
f t i ?t
M r t i I»i i i i
1965
1971
J/ SEE NOTE BELOtf.
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
JN^erehandi se exporlbs
Merch andise iiuports
Total (includDomesti
c
exports
Gen eral imp Drts 3
mg reexports) l
2
Food, Crude
Food, Crude
To tal
bever- mate- Manubever- mateSeason- Unad- Total 1 2 ages,
rials
facSeasonages,
rials
ally ad- justed
and to- and
ally ad- Unad- and to- and
tured
justed
bacco
fuels
justed
justed
good-*
bacco
fuels
Monthly average:
1962
1963
1964
1965
1966
1967
1968
1969
1970
1 748
1 869
2 153
2 229
2 458
2 586
2 831)
3 111
3 555
1, 725
1, 845
2, 123
2, 201
2, 421
2, 554
2, 802
,'i, 066
3, 502
312
349
386
377
432
392
M8o
370
421
280
U5
361
]56
J67
J94
405
417
558
1,
1,
1,
1,
1,
1,
1,
2,
2,
139
191
377
453
602
737
985
232
445
1,
1,
1,
1,
2,
2
2,
3,
3,
366
428
562
786
135
24]
769
004
330
U uidjuste d
1970: Feb__
Alar.
Apr__
May.
June.
July.
Aug _
Seot.
Oct..
Nov_
Dec__
1971: Jan..
Feb__
Mar.
3, 547
3, 876
3, 409
3,661
3, 730
3, 699
3, 592
3, 553
3,689
3,499
3; 570
3, 735
3,690
3,815
3, 387
3, 578
3, 597
3, 906
3, 718
3, 550
3, 265
3, 335
3, 917
3,494
3,685
3, 482
3, 527
4, 108
3, 335
3, 538
3, 542
3, 845
3, 670
3, 488
3, 216
3, 283
3, 844
3, 445
3,634
3, 434
3, 470
4, 058
390
371
367
381
396
424
405
429
535
512
485
439
403
455
391
396
419
453
476
447
503
533
546
637
672
759
937
204
313
719
918
159
382
441
590
444
323
345
70
107
225
1, 849
2, 164
2, 208
2, 086
2, 279
2, 186
1, 965
2 271
2, 384
2.263
2, 265
2, 266
2, 163
2, 620 1
269
158
146
323
465
445
246'
125
188
71
166
1,
1,
1,
1,
2,
Unad justed
485
538
556
565
608
545
528
536
629
574
667
554
537
596
}tal excludes Department of Defense shipments of grant-aid military supind equipment under the Military Assistance Program.
)tal includes commodities and transactions not classified according to kind.
)tal arrivals of imported goods other than intrarisit shipments.
306
322
335
334
382
392
447
442
520
Grossmerchandise trade
Manu- surplus,
seasonfacally adtured
justed
goods
2, 390
2, 555
2, 553
2, 814
2, 564
2, 426
2, 205
2, 242
2, 621
2, 294
2,375
2, 351
2,445
2, 936
3. 278
3, 218
8, 263
3, 338
3, 266
3, 254
3, 346
3,428
3,501
3, 428
3,404
3, 686
3, 553
3, 569
2, 946
3, 381
3, 391
3, 176
3, 504
3, 312
3, 116
3, 452
3, 599
3, 406
3, 556
3, 422
3, 194
3, 912
475
538
560
474
546
504
484
511
547
518
575
523
442
528
533
580
516
520
567
507
561
551
547
516
600
515
480
641
49
136
245
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
<u.&
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The merchandise trade surplus increased to $1.2 billion (seasonally adjusted annual rate) in the first quarter of 19"/
Data for other components of the balance on soods and services are not yet available.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
40
30
20
SOURCE. DJEPAKTMENT OF COAWEROE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Exports of good s and sei vices
Impor ts of good s and senrices
Ineomie on
investr nents
Period
1965
1966
1967
1968
1969
J970
Total
Merchan-1
dise
Military
sales
Private
Government
39, 399
43, 360
46, 203
50, 622
55, 514
62, 962
26, 447
29, 389
30, 681
33, 588
36, 490
41, 988
830
829
1,240
1,395
1,515
1,479
5,384
5, 659
6,235
6, 922
7,906
8,706
509
593
638
765
932
911
Other
services
Total
Merchan-1
dise
6, 230
6, 891
7,409
7, 952
8, 687
9,825
32, 278
38, 060
40, 990
48, 129
53, 564
59, 291
21, 496
25, 463
26, 821
32, 964
35, 830
39, 859
Balance
on
Miligoods
Other
tary
and
expend- servservices
itures
ices
2,952 7,831 7, 121
3,764 8,833 5, 300
4,378 9,791 5,213
4,535 10, 630 2,493
4,850 12, 880 1,949
4,837 14, 598 3, 672
Seasonally adjusted annual rates
1969: III
IV
1970: I
II __
III
IV.__
1971: I *
58, 368
59, 068
61, 456
63, 192
63, 876
63, 324
___
38, 432
39, 560
40, 964
42, 328
42, 792
41, 868
44, 160
1,832
1,408
1,024
1,720
1,356
1,816
8 172
8 332
9 036
8 264
8 680
8 844
J
Adjusted from customs data ior differences in timing and coverage.
NOTE.—Merchandise exports and imports of goods and services (p. 24) have
been revised for 1969 and 1970. The balances on liquidity basis and on official
reserve transactions basis (p. 25) have been revised for 1969 and the fourth quarter
24
972 8,960
924 8,844
960 9,428
964 9,900
896 10, 144
824 9,828
55, 708
56, 300
58, 072
59, 036
59, 876
60, 188
37, 124
37, 616
38, 908
39, 320
39, 948
41, 260
43, 000
4,880
4,980
4,712
5,020
4,840
4,780
13, 704
13, 704
14, 444
14, 700
15, 088
14, 164
2, 660
2,768
3, 384
4, 156
4,000
3, 136
of 1970. See the forthcoming issue of Survey of Current Business, June 1971 for
revisions of other data for these periods.
Source: Department of Commerce,
.S. BALANCE OF INTERNATIONAL PAYMENTS
Curing the first quarter of 1971, there were balance of payments deficits of $12.3 billion on the liquidity basis and
of $22.0 billion on the official reserve transactions basis (both seasonally adjusted annual rates). Both these figures
include the 1971 allocation to the United States of $717 million of Special Drawing Rights.
BiLLiONS OF DOLLARS
BILLIONS OF DOLLARS
10 :
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-20
1965
1971
J/INCLUDES ALLOCATION OF SPECIAL DRAWING RIGHTS
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S.
Government
grants
and
capital,
net 1
Period
1965___
1966___
1967__
1968___
1969___
1970 _ _ _
1969:
III___
IV...
1970:
I
!!___
III...
IV...
1971:
!"___
U.S. pr ivate capi tal, net
Direct
investment
- 3, 406 -3,468
- 3, 444 -3,661
-4, 223 -3, 137
-3,975 -3,209
-3,828 -3,070
-3,235 -3, 967
Other
longterm
Shortterm
Bahmce
Errors
Foreign and uncapital,
recorded Liquidity
net 1
transactions basis 2
Official
reserve
transactions
basis 3
1, 244 - 3, 744 -9, 116 -2,328
652
6,540
1,680
2, 0561
- 3, 420 -5,644 - 1, 960
760
456 -2, 496
-2,900 -5,736
772
-3, 216 -2,844 -2,632
-924 -3, 508
-3,408 -1,640
2, 340
-820
5, 268 -3, 116
4, 256 — 2, 140
980
3,588
certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, Special Drawing
Rights, convertible currencies, and the U.S. gold tranche position in the IMF.
~ Equals changes in liquid and nonliquid liabilities to foreign official holders
shanges in official reserve assets consisting of gold, Special Drawing Eights
srtible currencies, and the U.S. gold tranche position in the IMF.
icludes short-term official and banking liabilities and foreign holdings of
Government bonds and notes.
8
Uentral banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
Changes
in U.S.
To foreigrn official
official
hold ers 5
To other reserve
foreign 6
assets
holders (increase
N
onLiquid
[-])
liquid
-18
85
- 1, 335 - 1, 289
131
1, 222
761
266 — 1, 595
-1,357
2, 384
568
1, 346
3,472
-3, 544 -3,418 2,020
52
2, 340
1, 641 — 3, 101
171
3, 810
-880
-517
2,700
-996
-7,
012
8,
716
-1,
187
7
— 271 -6,250
-3, 846 7 -9, 821 7, 619
2, 477
Qua rterly tot als, unadj Listed
-1,079
753
270
— 576
-256
— 514
— 415
2, 531
-1,292 -1,209
3,360 -1,088
— 1, 116 -1,087
— 514
8,701
-1,588
-575
4, 132 — 2, 841
- 1, 266 -1, 118
3,863 -1, 274
Season ally adjus ted anmKil rates
1, 384
-4,088 -3, 508 -1,796
-3,480 -1, 104 -1, 132 -1, 320
1
Includes
2
Chartges in sel ected
liabiliti(3s (decrea se[-]) 4
2, 235
— 506
-509
-165
79677 — 11,604
940 -7, 120
40077 -7, 260
— 2, 248 -13,300
2, 764
539
2, 049
2, 267
412 -1, 692
508
— 129
— 238 -1, 211
-129 -3, 218
- 12,312 7- 22,024
4, 757
7
-5,
7
— 4,
7
-2,
7
7
1, 423
-384
-686
-154
8
— 386
1, 022
801
1, 040
-2,472
145
6
Private holders; includes banks and international and regional organizations'
excludes
IMF.
7
Includes allocations of Special Drawing Rights.
$42:
currencies, $G20 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMI
See Note, p. 24.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
in March, the consumer price index rose 0.3 percent. Food prices were up 0.9 percent, the sharpest monthly rise since
late 1969. Nonfood commodities rose 0.3 percent. Consumer services were unchansed on the average with the continued decline in mortgage rates offsetting price increases for other services.
Index, 1967 = 100
Index, 1967 = 100
110
110
100
too
90
90
1965
1966
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100]
Commoditie 3
Period
All
items
1961
_.
1962
_._
1963
1964__ _ _ _ _ _ _ _
1965
1966
1967
1968
1969
1970
1970: Feb
Mar
_ __ _
Apr
_ _
May—
June
__
July
Aug
__
Sept
___
Oct
__
Nov
_ _ __ _
Dec
_
1971: Jan_
Feb
Mar
89. 6
90. 6
91. 7
92. 9
94. 5
97. 2
100. 0
104. 2
109.8
116. 3
113.9
114. 5
115. 2
115. 7
116. 3
116. 7
116. 9
117. 5
118. 1
118. 5
119. 1
119. 2
119. 4
119. 8
Source: Department of Labor.
26
All commodities
92.0
92. 8
93. 6
94.6
95.7
98. 2
100. 0
103. 7
108. 4
113. 5
111. 7
112. 0
112. 6
113. 1
113. 5
113. 8
113. 8
114. 2
114. 8
115. 1
115. 6
115. 4
115.5
116. 1
Food
89. 1
89. 9
91. 2
92. 4
94. 4
99. 1
100. 0
103. 6
108. 9
114. 9
114. 1
114. 2
114. 6
114. 9
115. 2
115. 8
115. 9
115. 7
115. 5
114. 9
115. 3
115. 5
115. 9
117. 0
Comm odities leg s food
All
Non- services
All
Durable durable
93.4
85.2
96. 6
91. 2
94. 1
97. 6
86. 8
91. 8
92. 7
88. 5
97. 9
94.8
90. 2
93. 5
95.6
98. 8
92. 2
96. 2
94. 8
98. 4
95. 8
97. 5
97.0
98. 5
100. 0
100. 0
100. 0
100. 0
103. 1
104. 1
105. 2
103. 7
107. 0
112. 5
108. 1
108. 8
112. 5
111. 8
113. 1
121. 6
110. 3
109. 0
118. 0
111. 2
110.6
109. 4
119. 3
111. 5
120. 1
111. 4
110. 1
112. 3
112. 0
120. 7
112. 7
111. 1
112. 5
112. 9
121. 4
111. 9
122. 0
112.
1
113. 0
112.5
112. 6
112. 2
113. 0
122. 7
114. 1
113. 4
112. 5
123. 5
114.5
114. 9
124, 1
113. 9
115. 1
124. 9
114. 7
115. 4
115.7
115.5
115. 2
125. 6
115. 2
115. 2
126. 3
115. 3
115. 4
115. 0
115. 2
126. 6
115. 5
115. 2
115. 7
126. 6
Services
Rent
92. 9
94. 0
95. 0
95. 9
96. 9
98. 2
100. 0
102. 4
105. 7
110. 1
108. 4
108. 8
109. 1
109. 4
109. 8
110. 1
110. 5
110. 9
111. 4
111.8
112.6
112.9
113.6
113.9
Services
less
rent
83. 9
85. 5
87. 3
89.2
91. 5
95. 3
100. 0
105. 7
113. 8
123.7
119. 8
121. 2
122. 1
122. 8
123. 5
124. 2
124. 9
125. 8
126. 5
127. 3
128.0
128.7
129. 0
128. 9
WHOLESALE PRICES
The wholesale price index rose 0.3 percent in April; on a seasonally adjusted basis, the increase was 0.5 percent.
Industrial prices advanced 0.4 percent. Farm products were unchanged and processed foods and feeds declined
0.2 percent.
index, 1967 = 100
Index, 1967 = 100
PROCESSED FOODS AND FEEDS
95
1965
SOURCE.-
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1970: Mar
Apr
May
June
Julv
Aug__ _ _
Sept__ _ _
Get
Nov. _
_
Dec
1971: Jan
Feb
Mar___
Apr
All
commodities
94.5
94. 8
94. 5
94. 7
96. 6
99.8
100. 0
102. 5
106. 5
110. 4
109. 9
109. 9
110. 1
110. 3
110. 9
110. 5
111. 0
111. 0
110. 9
111. 0
111. 8
112. 8
113. 0
113. 3
Farm
products
All industrials1
Crude
materials
96. 3
98. 0
96. 0
94. 6
98. 7
105. 9
100. 0
102. 5
108. 8
111. 0
114. 6
111. 6
111. 3
111. 6
113. 4
108. 5
112. 1
107.8
107. 0
107. 1
108.9
113. 9
113. 0
113.0
91. 0
91. 9
92.5
92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
112. 0
111. 8
111. 8
111. 1
111. 7
113. 3
112. 9
113. 0
111. 8
111. 7
110. 7
111. 8
113. 3
113. 7
113.5
94 8
94. 8
94. 7
95. 2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
108. 9
109. 3
109.7
109. 8
110. 0
110. 2
110. 4
111. 3
111. 3
111. 7
112.2
112. 5
112. 8
113.3
97. 2
95. 6
94. 3
97. 1
100. 9
104. 5
100. 0
102, 0
110. 5
118. 8
118. 5
120. 3
120. 0
119. 5
118. 0
117. 2
118.7
120. 6
118. 2
119. 8
121. 4
121. 8
121. 4
124. 1
1
Coverage of the subgroups does not correspond exactly to coverage of this
index,
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain product, for further processing.
Iiidustrial c ommoditi es
Processed
foods
and
feeds
Inter- Producmediate er finmate-2
ished
rials
goods
95. 5
91. 8
95. 3
92. 2
95. 0
92. 4
95.6
93. 3
96. 9
94. 4
98. 9
96. 8
100. 0
100. 0
102. 6
103. 5
106. 2
106.9
110. 0
111. 9
109. 0
110. 7
109. 4
110. 8
109. 9
111. 1
110. 1
111. 3
110. 3
111. 6
110. 5
111. 9
112. 3
110. 7
113. 8
111. 0
114. 2
111. 0
111. 0
115. 1
111. 5
115. 6
112. 0
115. 9
112. 7
116. 0
113. 3
116. 1
Consurtier finished g<3ods excludin g food
DurNondurable
able
98. 8
94.7
98. 3
94. 8
97.8
95. 1
98. 2
94. 8
97. 9
95. 9
98. 5
97. 8
100. 0
100.0
102. 2
102. 2
104. 0
104.8
107. 1
108. 2
106. 0
107. 0
106. 0
107. 2
106. 2
107.8
106. 3
108. 1
106. 5
108. 2
106. 5
108. 6
106. 6
109. 0
109. 7
109. 2
109. 9
109. 5
109. 9
110. 4
110. 5
110. 9
110. 8
110. 8
110. 4
110. 7
110. 5
110. 7
NOTE.—Beginning 1967, the indexes incorporate a revised weighting structure
reflecting 1963 values of shipments. The classification structure also changed.
_
Source: Department of Labor.
r>7
PRICES RECEIVED AND PAID BY FARMERS
In the month ended April 15, prices received by farmers declined by 1 percent while prices paid rose 1 percent,.
The actual and adjusted parity ratios each declined 1 point.
1967=100
130
1967=100
130
PRICES PAID,
INTEREST, TAXES, AND
: RATES
110
110
PARITY RATIO
80
'""
80
.....^"'%*\.,...
70
60
1965
1966
1968
1967
1969
I
1970
1971
J/RATIO OF INDEX OF PRICES RECEIVED TO IhOEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14 «•-100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices ireceived by "armers
All farm
products
Period
1961
1962
1963
1964_
1965
1966
1967..
1968
1969_
1970___
1970: Mar 15
Apr 15
May 15
June 15
July 15Aug 15__ _ _ _
Sept 15___ __
Oct 15
Nov 15
Dec 15
1971: Jan 15
Feb 15
Mar 15
__
Apr 15
_ _ _
94
96
96
93
98
105
100
103
108
110
114
111
111
111
113
109
111
108
106
104
107
112
112
111
Crops
100
103
106
106
103
105
100
101
97
101
98
97
103
103
104
100
104
101
102
100
103
105
108
108
Prices paid by farmers
All
items,
Livestock interest,
Family
Production
and
living
taxes,
and
products wage rates
items
items
Index, 1967=100
88
90
93
91
92
94
90
91
92
89
91
95
92
94
93
85
94
94
95
96
98
105
98
99
100
100
100
100
104
102
104
104
106
109
109
117
114
114
118
109
112
113
125
109
121
114
113
109
113
113
117
109
114
114
117
109
114
114
119
109
114
114
109
115
116
115
110
115
111
115
113
115
111
110
115
115
116
111
116
108
110
116
112
117
117
117
118
113
117
114
114
118
119
117
114
115
• Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio l
Actual
79
80
78
76
77
80
74
73
74
72
75
72
72
72
74
71
72
70
68
67
68
70
70
69
Adjusted2
83
83
81
80
82
86
79
79
80
77
81
78
78
77
79
76
77
75
74
72
72
75
75
74
2
The adjusted parity ratio reflects Government payments made directly
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The money stock grew at a seasonally adjusted annual rate of 9.5 percent in the first 4 months of 1971. Since June
1970 the money stock has grown at an annual rate of 6.7 percent.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
250
200
200
100
1965
1971
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
!
JVloney sto 3k
IV [onev sto(3k
Period
1965:
1966:
1967:
1968:
1969:
1970:
1970:
Dec___
_ __ __. _
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
June
_
__
_ July
Aug
_
_ _
Sept
_ _
Oct__ _ _ _ _ _ _ _ _ _ _ _ _ _
Nov
Dec
1971: Jan
,_
Feb
Mar.
Apr * _ _ _
_
Total
168. 0
171. 7
183. 1
197. 4
203. 6
214. 6
206. 6
208. 3
209. 2
209. 6
210. 6
211. 8
212. 8
213. 0
213. 5
214. 6
214. 8
217. 3
219.4
221. 2
Currency
outside
banks
Seasonallyr adjusted
36. 3
131. 7
133. 4
38. 3
40. 4
142. 7
43. 4
154. 0
40. 0
157. 7
48. 9
165. 7
159. 8
46. 7
161. 2
47. 1
47. 7
161. 6
47. 8
161. 9
162. 5
48. 1
163. 7
48. 2
164. 6
48. 2
48. r>
164. 5
164. 8
48.7
48. 9
165. 7
49. 2
165. 5
167. 7
49. 6
50. 0
169.4
170. 7
50. 5
Deposits at all commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at all
commercial banks.
Time
deposits l
Demand
deposits
146. 8
158. 3
183. 5
204. 8
194. 6 !
230. 4
195. 3
198. 5
200. 3
202. 2
208. 2
213. 2
218. 5
222. 2
225. 0
230. 4
235. 3
240. 9
246. 1
248. 3
Total
173. 1
176. 9
188.6
203. 4
209. 8
221. 1
204. 7
209. 3
205. 3
207. 8
209. 0
208. 7
211. 4
213. 0
215. 3
221. 1
221. 3
215. 5
217.4
222. 3
Currency
outside
banks
37. 1
39. 1
41. 2
44. 3
46. 9
50. 0
46. 3
46. 6
47. 3
47. 7
48. 3
48. 3
48. 2
48. 5
49. 2
50. 0
49. 1
49. 2
49. 5
50. 1
Demand
deposits
Jnadjuste d
136. 0
137. 8
147. 4
159. 1
162. 9
171. 1
158. 4
162. 6
158. 0
160. 1
160. 7
160. 4
163. 1
164. 5
166. 1
171. 1
172. 1
166. 3
167. 8
172. 2
Time
deposits l
145. 2
156. 9
182. 1
203. 2
193. 2
228. 7
195. 9
199. 3
201. 1
202. 3
208. 1
214. 0
218. 4
222. 5
224. 6
228. 7
234. 5
240. 3
246.9 i
249. 2
U.S.
Government
demand
deposits !
4. 6
3. 4
5. 0
5. 0
5. 6
7. 1
6.9
5. 3
6.4
6. 5
6.8
7. 1
6.8
6. 1
5. 6
7. 1
6. 6
8.3
5. 4
5. 5
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of selected liquid assets (seasonally adjusted) changed little in April, following a sharp rise in March.
B1LUONS OF DOLLARS
850
BILLIONS OF DOLLARS
850
SEASONALLY ADJUSTED, END OF MONTH
750
750
TOTAL SELECTED
LIQUID ASSETS
650
650
550
550
SAVING TYPE
ASSETSJ/
450
350
450
350
-
250
250
DEMAND DEPOSITS AND
CURRENCY
150
I t M
I 1I I I I
1965
1966
1967
1968
150
1 I t I I. I I
1971
1969
37ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
End of period
1964
1965
1966
1967
1968
1969__
1970 *_ _
1970: Mar
Apr
_
May
June
_ _ _ _ _
July
Aug
Sept _
Oct*
_ _
Nov p
Dec *
__
1971: Jan »_ ___
Feb *>__
Mar *
Apr-
Total
selected
liquid
assets
530.
573.
601.
650.
709.
731.
785.
733.
731.
734.
738.
749.
751.
765.
764.
773.
785.
788.
795.
813.
811.
5
1
5
4
6
8
3
7
4
1
7
9
1
6
7
7
3
4
2
6
7
Demand
deposits
and
currency *
156. 7
164. 1
168. 6
180. 7
3
199. 2
206. 8
207. 6
199. 3
196. 7
197. 9
199. 8
198. 7
199. 3
203. 6
199. 6
201. 2
207. 6
202. 5
204. 1
210. 9
205. 3 !
Time c eposits
Commercial
banks
127. 1
147. 1
159.3
183. 1
203. 8
197. 1
233. 7
198. 8
201. 5
201. 7
202. 9
211. 8
215.4
221. 5
224. 5
230.3
233. 7
239. 6
244. 2
249. 2
249. 9
1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month. Data prior to July 1969 have not been revised to
conform to the money supply revision.
30
Mutual
savings
banks
49. 0
52. 6
55.2
60. 3
64.7
67. 3
71. 5
67. 5
68. 0
68. 4
68. 7
69.2
69. 4
69. 9
70.4
70. 9
71. 5
72. 2
73. 5
74. 7
75. 8
Postal
Savings
System
0.4
.3
.1
Savings
and loan
shares
101. 4
109.8
113. 4
123. 9
131.0
135. 0
146. 0
135. 9
136. 5
137.0
137. 6
139.2
140. 3
142. 4
143. 5
144. 8
146. 0
148. 7
151. 6
155. 7
158. 2
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
year 2
49. 9
50. 5
50. 9
51. 9
52.5
52. 4
52. 7
52. 0
52. 0
52. 0
52. 0
52. 4
52. 0
52. 1
52. 1
52.2
52. 7
52. 8
52.8
53. 0
53.2
46. 1
48. 6
53. 9
50. 5
58.5
73.2
73. 8
80. 1
76. 8
77. 2
77. 7
78. 5
74. 6
76. 0
74. 5
74. 3
73. 8
72. 6
69. 0
70. 1
69. 3
2
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks. Federal Reserve Banks, and beginnir
February 1960, savings and loan associations.
s Estimates for Dec. 31.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Tofal bank credit (seasonally adjusted) was unchanged in April following a $4.0 billion rise in March. Free reserves
were positive in April for the first time since February 1968.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
400
TOTAL
LOANS AND INVESTMENTS
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
100
100
INVESTMENTS IN OTHER SECURITIES
I f I I I I 1 1 1 I I
! I I I I I 11! I 1
I 1I I I I I I I I I
I I ! 1i I I 1f I I
1971
1965
*SEE FOOTNOTE 4 BELOW
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
outside
large commercial New York
Total
Investinents
City (232
banks
Loans,
loans excluding
centers) ,
and
inter- U.S. Gov- Other Commercial seasonally
investbank
ernment
securi- and indus- adjusted
ments
annualJ
securities
ties
trial loans
rates
Billions of dollars
1
267.2
38. 7
42. 1
2, 706
167. 7
60. 7
3
294.4
192. 6
8,013
57. 1
44,8
53. 1
208.2
310. 5
48.7
60.7
53. 6
3,421
346. 5
225. 4
59. 7
8, 740
61. 4
65. 8
384.6
251.6
61.5
71.5
73.1
4,354
401. 3
51. 9
71. 3
6, 163
278. 1
81. 5
432. 5
85. 6
288. 9
58. 0
81. 6
5,744
400. 9
277. 6
5, 505
50. 3
73. 0
78. 5
403. 5
52. 4
5, 742
277. 0
74. 0
78. 5
o, 766
405. 9
278. 0
74. 5
77. S
53. 4
5,770
406. 4
54. 1
277. 4
79. 6
75. 0
412. 8
281. 5
79. 3
55. 8
75. 5
5, 884
5, 780
418. 3
284, 1
57. 5
79. 2
76.7
423. 7
81. 2
287. 3
57. 6
78. 8
5,884
5, 880
424. 0
80. 0
286. 9
56. 3
80. 8
5, 710
427. 3
79. 9
287. 7
56. 5
83. 2
432. 5
-5, 880
85. 6
81. 6
288. 9
58. 0
291. 2
80.0
438. 0
88. 4
58. 4
5, 884
6,058
443. 6
80. 8
294. 3
89. 8
59. 6
447. 6
294. 3
92. 1
61. 2
81. 2
6, 133
447. 6
81. 2
59. 9
293. 9
93.8
Pill member banks 2
All comiiaercial bank s
(s easonally adjusted dsita)
End of period
1964
1965
1966
1967
1968 4
1969
1970*
1970: Mar
Apr
May__ __ __
June
July
Aug
Sept
Oct*__
Nov"-..
Dec »
1971: Jan "__
Feb *
Mar vT> ___
Apr
1
Debits during period to demand deposit accounts except interbank and
iJ.S. Government. New series beginning January 1964.
' -Averages of daily figures. Annual data are for December.
'New series; see Federal Reserve Bulletin, March 1P67.
* New series beginning June 1969; see Federal Reserve Bulletin, August 1969.
Total
reserves
21,609
22, 719
23, 830
25, 260
27, 221
28, 031
29, 265
27, 473
28, 096
27, 910
27, 567
28, 128
28, 349
28, 825
28, 701
28, 558
29, 265
30, 488
29, 880
29, 686
29, 906
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o f dollars
411
243
452
454
392
557
238
345
455
785
257
1. 086
272
321
896
115
822
318
976
181
187
888
141
1, 358
827
145
272
607
462
254
120
425
321
272
370
279
328
201
199
319
162
148
168
2
-165
107
-310
-829
-49
-781
— 704
-795
-701
-1, 217
-682
— 335
-208
-305
-49
-91
-127
-120
14
NOTE.—Effective June 1966, balances accumulated for payment 01 personal
loans (about $1.1 billion) are excluded from loans at ail commercial banks, and
certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Eeserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding declined $210 million in March; a year earlier the decline was $380 million
Seasonally adjusted instalment credit outstanding rose $495 million, the largest rise since November 1969, as credit
extensions set a new record.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
[Millions of dollars]
Consu mer credit outstandin g (end of j:>eriod;
Consum er instalme nt credit e xtended
iinadjusted
and r epaid (seasonaily adjiisted)
Instalment
To tal
Automofc >ile paper
NonA t
Total
Total i
bile
Personal instal-2 Extended Repaid Extended Repaid
ment
paper
loans
1962
1963
1964
1965
1966
1967
1968
1969
1970
1970: Feb
Mar
Apr
May
June_ _ _
July
Aug
Sept
Oct
Nov
Dec
63, 821
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
126, 802
120, 077
119, 698
120, 402
121, 346
122, 542
123, 092
123, 655
123, 907
123, 866
123, 915
126, 802
48, 720
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
101, 161
96, 892
96, 662
97, 104
97, 706
98, 699
99, 302
99, 860
100, 142
99, 959
99, 790
101, 161
19, 381
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
35, 490
36, 119
36, 088
36, 264
36, 455
36, 809
36, 918
36, 908
36, 738
36, 518
36, Oil
35, 490
13, 414
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
31, 612
29, 816
29, 809
30, 030
30, 193
30, 547
30, 765
31, 047
31, 226
31, 163
31, 268
31, 612
15, 101
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
25, 641
23, 185
23, 036
23, 298
23, 640
23, 843
23, 790
23, 795
23, 765
23, 907
24, 125
25, 641
56, 191
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
104, 130
8, 625
8,392
8,491
9,004
8,683
9, 065
8,809
8,849
8, 580
8,414
8,536
51, 360
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
101, 138
8, 207
8, 194
g, 195
8,589
8, 242
8, 622
8, 577
8,490
8,662
8,716
8,515
19, 694
22, 126
24, 046
27, 227
27, 341
26, 667
31, 424
32, 354
29, 831
2, 536
2, 496
2, 571
2,595
2, 587
2, 685
2,537
2, 621
2, 349
2, 127
2,170
17, 447
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
30, 943
2, 550
2,501
2, 527
2,600
2,573
2, 752
2,632
2,599
2, 550
2,577
2,618
1971: Jan _ _ .
Feb
Mar
125, 077
123, 815
123, 604
100, 101
99, 244
99, 168
35, 004
34, 869
35, 028
31, 455
31, 396
31, 504
24, 976
24, 571
24, 436
8,916
9,081
9, 533
8, 829
8, 979
9,038
2,461
2, 687
2,897
2, 623
2,636
2,696
1
Also Includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
'End of period, unadjusted.
32
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses 3
166,
182,
197,
212,
223,
236,
251,
266,
279,
500
200
600
900
600
100
200
800
800
268, 500
271, 700
275, 800
279, 800
NOTE.—Data for Alaska and Hawaii included beginning January and Aug
1959, respectively.
Sources: Board of Governors of the Federal Keserve System and Federal Hoi.
Loan Bank Board.
1OND YIELDS AND INTEREST RATES
ireasury bill rates rose during April, were firm through the first half of May, and then increased again. Yields on
long-term Government, corporate, and municipal bonds increased in April and early May.
PERCENT PER ANNUM
PERCENT PER ANNUM
10
10
CORPORATE Aaa BONDS
(MOODY'S)
1965
1971
SOURCE: SEE TABLE BELOW
Period
1963
1964
1965
1966
1967__
1968
1969__
1970
1970: Mar
Apr_ _
Mav
JuneJuly
Aug_ _ _ __
Sept
Oct
Nov _ _ _ _
Dec
1971: Jan
Feb
Mar
Apr
Week ended:
1971: Apr 9 _ _ _
16...
23___
30___
May 7
14___
21___
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Gove»rnment secui*ity yields
municipal
3-month
bonds
3—5 year
Taxable
2
Treasury
8
(Standard
&
issues
bonds
bills i
Poor's) 4
3. 157
3. 72
4. 00
3.23
3. 549
4. 06
4. 15
3. 22
3. 954
4.22
4.21
3.27
4. 881
5. 16
4,65
3. 82
4321
5. 07
4.85
3. 98
5. 339
5.59
5.26
4.51
6. 677
6. 85
6. 12
5. 81
6. 458
7. 37
6. 58
6. 51
6. 710
7. 20
6. 39
6. 14
6. 480
7. 49
6. 53
6. 55
7. 035
7. 97
6. 94
7. 02
(x 742
7. 86
6. 99
7. 06
6. 468
7. 58
6. 57
6. 69
6. 412
7. 56
6. 75
6. 33
6. 244
7. 24
6. 63
6. 45
5. 927
7. 06
6. 59
6. 55
r>. 288
6. 24
6. 37
6. 20
4. 860
5. 86
5. 71
r>. 97
4. 494
5. 72
5. 92
5.70
:i 773
5. 84
5. 31
5. 55
3. 323
4. 74
5. 71
5. 46
3. 844
5. 42
5.75
5. 65
3. 703
4. 039
3. 770
3. 865
3. 865
3. 861
4,352
1
Rate on new issues within period.
8
April 1953 to date, bonds due or callable
4
Weekly data are Wednesday figures.
5
5. 08
5. 37
5. 59
5.77
5. 92
5. 98
5. 66
5.73
5. 82
5. 81
5. 92
5. 96
2 Selected note and bond issues.
10 years and after.
Data for first of the month, based on the maximum permissible interest rate
7 percent beginning February 17, 1971) and 30-year mortgages paid in 15 years.
5. 44
5. 56
5. 68
5. 91
6. 05
6. 17
Corpora :e bonds
(Moo dy's)
Aaa
Baa
4. 26
4. 40
4. 49
5. 13
5. 51
6. 18
7. 03
8. 04
7. 84
7. 83
8. 11
8. 48
8. 44
8. 13
8. 09
8. 03
8. 05
7. 64
7. 36
7. 08
7. 21
7.25
4. 86
4.83
4. 87
5. 67
6.23
6.94
7. 81
9. 11
8. 63
8. 70
8.98
9.25
9. 40
9. 44
9. 39
9. 33
9. 38
9. 12
8.74
8. 39
8.46
8. 45
7.23
7.24
7. 24
7. 30
7. 43
7.48
8. 45
8.45
8. 42
8.47
8.52
8.59
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 6
months
5.47
3. 55
5.45
3. 97
5.46
4. 38
6.29
5. 55
5. 10
6.55
5. 90
7.13
7.83
a 19
7. 72
9. 05
9. 29
8. 33
8. 06
9. 20
8.23
9. 10
8. 21
9. 11
8. 29
9. 16
7. 90
9. 11
7. 32
9.07
9. 01
6.85
6. 30
8. 97
5. 73
a 90
5. 11
8. 40
4. 47
4. 19
4. 57
7. 32
4. 28
4. 58
4. 70
4. 80
5.00
5. 00
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Common stock prices continued to rise during April but receded during early May.
Index, 1941-43 = 10
Index, 1941-43=10
WEEKLY
120
120
no
110
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
100
100
90
90
80
80
70
70
i i i i
60
i i i I l
I 1 1 ! 1 1
I 1 1 I 1
I ! II
I
I 1 1 ! 1
1 f 1 1 !
1 1 1 1 1
! M 1 1
1 f 1 ! 1
1 1 f
60
1 !
PERCENT
PERCENT
5
MONTHLY
- DIVIDEND YIELD ON COMMON STOCKS -
4
3
3
2
2
RATIO
RATIO _
25
25
PRICE/EARNINGS RATIO ON COMMC}N STOCKS
\
20
15
10
^— "
1
!
'
1965
r^-—--ir\ ^
1
'
!
'
,
f
1966
j
1967
i
^
!
SOURCE: STANDARD & POOR'S CORPORATION
Period
1965
1966
1967
1968
1969
1970
___
1970: Apr.. _ _ _ _
Mav
__ _
June_ _
_
July
Aug
Sept
Oct
Nov _ .
_ _
Dec
1971: Jan
Feb
Mar
Apr_
Week ended:
1971: Apr 9
16
23
30
May 7 4
14 __
1
34
\
\
N
1971
COUNCIL OF ECONOMIC ADVISERS
Price i ndex 1
Industrials
Consumers'
goods
Total
Total
88.17
85. 26
91.93
98.70
97. 84
83. 22
85. 95
76. 06
75. 59
75. 72
77. 92
82. 58
84. 37
84. 28
90. 05
93. 49
97. 11
99. 60
103. 04
93.48
91.08
99. 18
107. 49
107. 13
91. 29
94. 01
83. 16
82. 96
83. 00
85. 40
90. 66
92. 85
92. 58
98. 72
102. 22
106. 62
109. 59
113. 68
1941-;13 = 10
85. 26
M. 94
84. 86
74. 10
96. 96
79. 18
105. 77
86.33
103. 75
87. 06
87. 87
80. 22
93. 18
82. 28
80. 47
71. 65
80. 77
73. 10
77. 99
73. 10
78. 38
74. 76
84. 96
79. 65
87. 90
82. 12
86. 47
83. 09
92. 12
88. 69
95. 97
91. 72
101. 58
95. 38
104. 69
98. 54
109. 38
102. 41
101.
103.
103.
104.
103.
102.
111.
113.
114.
115.
114.
113.
108.
109.
108.
111.
110.
109.
60
25
72
34
39
56
90
87
48
35
36
39
Capital
goods
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all3 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
!
1970
1969
1968
21
51
66
14
84
16
100.
102.
102.
104.
103.
103.
47
08
61
47
89
01
Railroads
Dividend
yield 2
(percent)
76. 08
68.21
68. 10
66.42
62. 64
54. 48
57. 19
51. 15
49. 22
50. 91
52. 62
54. 44
53. 37
54. 86
59. 96
63. 43
62. 49
62. 42
62. 06
46.78
46. 34
46.72
48.84
45. 95
32. 13
36. 05
31. 10
28.94
26. 59
26. 74
29. 14
31. 73
30. 80
32. 95
36. 64
38. 78
39. 70
42. 29
3.00
3. 40
3.20
3.07
3. 24
3.83
3. 70
4. 20
4. 17
4. 20
4. 07
3.82
3. 74
3. 72
3. 46
3. 32
3. 18
3. 10
2.98
62. 69
62. 57
61. 99
60. 85
60. 08
59. 93
41. 33
42. 13
42. 66
43. 65
43. 02
42. 53
3. 02
2. 98
2. 99
2.95
2. 98
3.01
Public
utilities
Price/
earnings
ratio 3
17. 08
14. 92
17.52
17. 20
16.57
15.06
13. 33
15. 77
17.26
_
are8 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
*Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 9 months of the current fiscal year there was a deficit of $24.8 billion/ for the corresponding period of last
year there was a deficit of $11.6 billion.
BILLIONS OF DOLLARS
240
RECEIPTS AND OUTLAYS
200
BILLIONS OF DOLLARS
240
200
i
OUTLAYS
(EXPENDITURES AND NET LENDING)
160 i
160
RECEIPTS
120
120
80
80
J_
J_
(ENLARGED SCALE)
1961
(ENLARGED SCALE)
1962
1963
1964
1965
I/ESTIMATES
1966
1967
FISCAL YEARS
1968
1969
1970
1971 -I/
1972 U
COUNCIL OF ECONOMIC ADVISERS
SOURCESr TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Bindget receipts, expenditures, and net lendn*g
Period
Receip1^-expenditure "iccount
Loan
account
Expenditures
Net
lending
Receipts
Fiscal year:
1961
1962
1963
1964
1965
1966
1967 _ _
196S__._
1969.
1970 s
1971s
__
1972 _ _
Cumulative totals for
first 9 months:
Fiscal vear 1970
Fiscal vear 1971
94 4
99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153.7
187. 8
193. 7
194. 2
217. 6
96.6
104.5
111. 5
118. 0
117.2
130. 8
153. 2
172.8
183. 1
194.5
211. 1
228. 3
-2. 2
-4.8
-4. 9
-5. 4
—.3
(2)
— 3. 6
-19. 1
4.7
.7
-17. 0
-10. 7
1.2
2. 4
j
.5
1.2
3.8
5. 1
6.0
1.5
2. 1
1. 6
.9
135. 2
131. 7
145. 4
156. 0
-10.2
-24, 3
1.4
I11 Excludes non-interest-bearing public debt securities held by IMF.
I Surplus of $26 million.
-Estimates.
Surplus or
deficit (-)
.0
Total
surplus or
deficit (— )
Gross Fed eral debt
(end of period)
Total1
Held by
the public
-2.8
18. 6
-11. 6
292.9
303. 3
310.8
316.8
323. 2
329. 5
341. 3
369. S
367. 1
382. 0
407. 0
429. 4
;n:;. i
-11.6
-24. 8
3S4. 2
403. 9
;-;o2. 7
-3.4
-7. 1
-4,8
-5.9
-1.6
-3.8
-8.7
-25.2
3.2
238. 6
248.4
254, 5
257.6
261. 6
264 7
267. 5
290. 0
279. 5
284. 1)
:U)2. 5
12!) i.:*
Sources: Treasury Department and Office of Management and Hud^t.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of the current fiscal year, receipts were $3.5 billion below a year earlier while outlays were $9.7
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
H 20
i
i
!
180
!
1
CORPORATION INCOME TAXES
!
!
!
!
!
!
1
0
180
OUTLAYS
(EXPENDITURES AND NET LENDING)
160
«*^
140
—
i
+***
\
—
s
NONDEFENSE
19f>
„--.—>— '
100
100
•
\
__ i
80
i
60
40 A
"'"" I
1961
I/EST.MATES
1962
M
\
\
^-'*~
__^^>^^
i
*•.-—---°""""""""""""*
I
1963
!
1964
__
.__
80
^^^"^\
!
1965
140
!
1966
1967
FISCAL YEARS
60
!
!
1968
!
1969
!
1970
SOURCES. TREASURY DEPARTMEN] AND OFFICE OF MANAGEMENT AND BUDGET
!
1971^
^ 40
1972^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars)
Receipts
Outlays
Natio nal defense
Period
Fiscal year:
1961_____
1962___,
1963
1964_
1965____
1966
1967__,
1968__,
1969.
1970 J
197121972 t
Cumulative totals for
I5rst 9 nonths:
Fiscil year 1970
Fiscal year 1971
* Expeii<fture account.
Estimaes.
2
36
Total
Individual Corporation
income
income
taxes
taxes
Other
Total
Total
Department of
Defense,1
military
94. 4
99. 7
106. 6
112. 7
116.8
130. 9
149. 6
153. 7
187.8
193. 7
194. 2
217.6
41. 3
45. 6
47.6
48. 7
48. 8
55. 4
61. 5
68. 7
87. 2
90.4
88. 3
93. 7
21. 0
20. 5
21. 6
23.5
25. 5
30. 1
34.0
28.7
36. 7
32. 8
30. 1
36.7
32. 1
33.6
37.4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75. 8
87. 2
97. 8
106. 8
111. 3
118. 6
118. 4
134. 7
158. 3
178. 8
184.5
196. 6
212. 8
229. 2
47. 4
51. 1
52. 3
53. 6
49.6
56. 8
70. 1
80. 5
81. 2
80. 3
76. 4
77.5
43. 3
46. 9
48. 1
49. 6
46. 0
54. 2
67. 5
77.4
77. 9
77. 2
73.4
75. 0
135. 2
131. 7
65. 1
62. 9
20. 2
15. 7
49. 8
53. 1
146.8
156. 5
60. 1
57.2
57.8
55. 1
Interna- Health
tional
and
Inaffairs income
terest Other
and
finance security
4. 5
4. 5
4. 6
3. 8
3. 6
3. 6
4. 0
22. 1
23. 7
25. 5
26. 8
27.4
31. 6
37. 9
43. 8
49. 4
56.8
70.5
76. 7
8. 1
8. 3
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18.3
19. 4
19. 7
16. 8
19. 2
20. 2
24. 2
26. 7
30. 5
33. 2
36. 2
34. 3
37.6
42. 8
51. 3
2. 7
2. 2
40.3
50.7
13. 5
14. 6
30. 2
31. 8
3.4
4. 5
4. I
4. 1
4.3
Sources: Treasury Department and Office of Management and Budget.
EDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates, Federal receipts rose $9 billion (seasonally adjusted annual rate) in the first
quarter and expenditures rose $41/3 billion, yielding a deficit of $1 31/3 billion or nearly $5 billion less than in the
fourth quarter.
BILLIONS OF DOLLARS
240 !
BILLIONS OF DOLLARS
ICO
+20
+20
SURPLUS
Q
li ii
-,
^2
~~ DEFICIT
1
!
-70
1965
F-l
\
1
— m
\
\
1966
m n m m ii
!
!
1967
f
nn
H^
f
T
"~
!
i
1968
CALENDAR YEARS
"J-^PRELIMINARY
!
I
^
!
^
!
1970
1969
SOURCE: DEPARTMENT OF CO/AMERCE
^
!1
m
j/i f f
-70
1971
COUNCIL OF ECONOMIC-ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Cjovernm snt receip ts
Period
Fiscal year:
1967
1968.
1969
1970
1971 ! _ _ _
1972V _ _
Calendar
year :
1967
1968
1969
1970
Feeleral Go^/ernmeni t expendi tures
feurplus
or
deficit
(-),
income
and
product
accounts
GrantsSubsidies Less:
Purless
in-aid
Indirect ContriWage
Personal Corpochases Trans- to State Net
current accruals
rate business butions
and profits
Total tax
tax
and
for
less
Total of goods fer pay- and interest surplus
nontax
ments
tax
nontax social inlocal
and
paid of Govt. disreceipts accruals
services
enter- bursegovernaccruals surance
ments
prises
ments
147. 2
160. 4
191. 3
198.7
200. 0
225. 9
64. 5
71. 0
89. 5
93.7
90. 6
99. 0
31. 2
34. 0
38.9
36. 8
35. 8
43. 5
15.8
17. 1
18. 6
19.4
20.3
21. 8
35. 7
38.3
44. 2
48.9
53.2
61. 6
154. 5 85.3
172.3 95. 2
186.7 100. 6
197. 9 100. 8
215.0 97.9
230. 1 102. 2
39. 4
44. 5
50. 5
56. 5
69. 2
75. 0
14.8
17. 6
19. 1
22. 1
27.0
34. 4
9. 9
10. 9
12. 3
14.0
14. 6
14. 3
5. 1
4. 1
4. 1
4. 6
6.2
4. 2
0. 1
151. 2
175. 4
200. 6
194. 8
67. 5
79. 3
95. 9
91.6
30. 7
37. 5
39. 2
34. 3
16. 3
18. 0
19. 1
19. 6
36. 7
40. 7
46. 5
49. 3
163. 6 90. 7
181. 6 99. 5
191. 3 101. 3
206.3 99. 7
42. 2
47. 8
52. 1
62. 0
15. 8
18. 4
20. 2
24. 5
10. 2
11. 8
13.1
14.5
4. 6
4. I
.0
.0
.0
1970:I___ 195. 9
93. 4
93. 5
89. 4
90. 3
34. 8
34. 9
35. 7
32. 0
19. 3
19. 4
20. 1
19. 5
48. 4
48. 9
49. 7
49. 9
197.7 102. 3
210. 9 99. 7
206. 7 98. 6
209. 9 98. 2
55. 3
64. 4
62. 9
65. 4
23. 0
25. 1
24. A
2f>. (i
14. 3
M. S
14. :;
f>. '>
«>. •>
f>. G
M. 7
G. 0
. 0 i
89.8
35. 5
20. 6
54. 9
214. 2
68. 4
27. ]
14. 2
G. 0
.0
II— 196. 7
III- 194. 9
IV - 191. 7
1971:1 *>_ 200. 8
i
'Estimates.
NOTE: Data for Alaslra and Hawaii included beginning 19GO.
98. -1
4. G
5. G
•°
2. f>
•> |
--. <\
1
Source: Department oJ Commerce.
37
UNSTED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
DIViSlON OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales 7and Inventories—Total and Trade
Manufacturers Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
^
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and
not available.
For sale by the Superintendent of Documents, U.S. Government Printing Office. Washington, D.C. 20402
Price 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail, $3.60 additional per year.
U.S. G O V E R N M E N T P R I N T I N G OFFICE: 1971
@FedFRASER