Consumer and Real Estate Credit

Name: Consumer and Real Estate Credit
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 92d Congress 2d Session Economic Indicators March 1972 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 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 REUSS Wisconsin MARTHA W GRIFFITHS Michigan WILLIAM S MOORHEAD Pennsylvania WILLIAM B WIDNALL New Jersey BARBER B CONABLE 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 HERBERT STEIN Chairman EZRA SOLOMON MARINA v N WHITMAN Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sx CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States oj America in Congress assembled Th i i t h e J o i n t Economic Committee be authorized to issue a monthly publication e n t i t l e d Economic I n d i c a t o r s and t h a i a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and t h e Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the 1 louse 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 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 Gross national product rose 191 2 billion in the fourth quarter to a seasonally adjusted annual rate of 1 073 billion For the year 1971 gross national product totaled 1 047 billion an increase of 72 billion from 1970 Billions of dollars quarterly data at seasonally adjusted annual rates Cjovernme Dt Persons N et receipts Disposat le personsil income Period Total 1 PerLess Equals sonal Interest Total Personal saving consumppaid and excludor tion ing transfer expenddisinterest payitures saving and ments transto forfers eigners Surplus or Less Less Tax TransTrans Equals deficit and Pur fers Equals Total fers nontax chases income Net receipts interest receipts expend interest of goods and and itures and or and product sub SUu accruals sidies 2 services accounts 2 sidies II III IV o J 1 It III IV Iiiternation al B usiness Period E xpenditur es Net Net exports of goods and service s Excess of Total Excess transfers Gross to forGross transfers income of private retained domestic invest eigners or or earnby Equals of net receipts ment sons per Exports investLess and ings 3 Net 4 exports ment Imports exports Govern 5 ment Statistical discrepancy Gross national product or expenditure I II III IV I II III IV I Personal income p 5 less personal tax and nontax payments fines penalties etc net transfers by Govern pital consumption allowances and private wage accruals less disbursements oes not include retained earnings of unincorporated business which are included in disposable personal income n 7 Private business investment purchases of capital goods by private nonprofit institutions and residential housing 6 Net foreign investment less capital grants received by U S with sign changed Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted rose at an annual rate of 7 6 percent in the fourth quarter according to current estimates When adjusted for price changes the rate was 5 8 percent For 1971 as a whole gross national product increased by 71A percent real gross national product by 2 percent and prices by 4 percent BILLIONS OF DOLLARS BILLIC NS OF DOLLARS SEASO ALLY ADJUSTED ANNUAL RATES 1 AAA GROSS N4 TIONAL PRODUCT AAA OAA r Ann AA PE RSONAL CONSUMP ION EXPENDITURES CAA nmt GC3VERNMENT PURCH SES OF GOODS AND SER ICES 400 s v i l l NE1f EXPORTS OF GOO DS AND SERVICES 1 1 i I II III IV 1971 I II III IV inn J J 1 f This category corresponds closely with budget outlays for national defense shown on p 36 3 Gross national product in current dollars divided by gross national product In 1958 dollars COUNCIL OF ECONOMIC ADVISERS Total Personal Gross congross Total private national gross sump domestic tion product national investin 1958 product expend ment itures dollars Billions sf dollars quarterly S GROSS PRIVATE DOMESTIC INVESTME T SOURC DEPARTMENT OF COMMERCE Period 400 Gove niment Net exports of goods Total and Total services data at easonall y mrchases of good s services Federal National Other defense l and State and local Implicit price deflator for total GNP I958 100a ad juste d annual rates Source Department of Commerce NATIONAL INCOME National income rose 15 billion seasonally adjusted annual rate in the fourth quarter following an 8 billion rise in the third BILLIONS OF DOLLARS BILLIONS OF DOLLARS CORPORATi PROFITS AND INVfNlORY VALUATION ADJUSTMENT 100 SOURCEj DEPARTMENT OF COMMtRCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual ratesj Proprieto rs income Rental income of per Corporalbe profits and inventory va luation acIjustment Total national income Compensation of employees I II I II III IV S Period B III IV Farm 2 Includes employer contributions for social insurance Sec also p 4 Excludes farm profits of corporations engaged in farming and therefore differs from net farm income including net inventory change on p 6 which includes men profits Business and professional Net interest Source Department of Commerce Total Profits Inventory before valuation taxes adjustment SOURCES OF PERSONAL INCOME Personal income rose 5 billion in February to a seasonally adjusted annual rate of 897 billion Wage and salary disbursements accounted for 3 billion of the rise Since November personal income has risen at an annual rate of 10 percent considerably more than the 6 percent rise from 1970 to 1971 BILLIONS OF DOLLARS 1 000 BILLIONS OF DOLLARS 1 1 000 SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME OTHER INCOME HIMIIIMH TRANSFER PAYMENTS I I I I I I II SOURCE DEPARTMENT OF COMMERCE Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Total Other Proprietc rs income income Personal Transfer and Divipersonal salary labor 2 Business paydends interest ments of income disburse income and pro persons income Farm l ments fessional S Compensation of employees see p 3 excluding employer contributions for social insurance and wage accruals less disbursements Employer contributions to private pension health and welfare funds compenss isation for injuries directors fees military reserve pay and a few other minor items Less Personal con Nonagritributions cultural 3 for social personal insurance income Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations Source Department of Commerce DISPOSITION OF PERSONAL INCOME Ihe saving rate declined in the fourth quarter in large part because acceleration of estate and gift tax payments remporarily held down disposable personal income BILLIONS OF DOLLARS BILLIONS OF DOLLARS DOLLARS COUNCIL OF ECONOMIC ADVISERS Period L PerPersonal sonal tax and income nontax payments Per cap ita disL ess Persemal outla ys posable personal Equals Persoilal consurnption Equals incc me Disex penditure s 2 Personal Total posable saving Nonpersonal personal Durable Current 1958 dollars dollars income outlays l goods durable Services goods Billions of dollars Saving as percent of Populadistion posable thou 3 personal sands income percent Dol lars SeasG nally adji isted annu al rates 1970 I II III IV II III IV Includes personal consumption expenditures interest paid by consumers land personal transfer payments to foreigners 2 See p 2 for total personal consumption expenditures Includes Armed Forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Source Department of Commerce FARM INCOME Net farm income excluding and including inventory change seasonally adjusted increased about 6 percent in fourth quarter BILUONS OF DOLLARS 70 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME INCLUDING NET INVENTORY CHANGE J L SOURCEi DEPARTMENT OF AGRICULTURE Personal income re ceived by total f arm popu lation J ncome re C i v i r in l i n i m i 1 Net t j farm oper ators Realize d gross Period I II III IV From all sources From From nonfarm farm sources sources ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1967 from Total i ventory ventory2 dollars dollars 4 marketchange change ings Billions c f dollars Dol iars Seaso naiiy adji tsted annu at rates I II III IV 3 Cash receipts from marketings Government payments and nonmoriey income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also see footnote 2 p 3 3 Based on Census of Agriculture definition of a farm The number of farms is held constant within a year 6 i c inr omr per farm incl i n l i n e nut inventoryr change Income in current dollars divided by the index of prices paid by fanners for family living items on a 1967 base Source Department of Agriculture CORPORATE PROFITS Corporate profits including inventory valuation adjustment rose 2 2 billion seasonally adjusted annual rate in the fourth quarter and regained most of the third quarter drop BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAXES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates CorjDorate pi ofits befc re taxes and inveritory a fter taxe 8 valuation adjustme tit TransCorpo CorpoM anufactui ing portation rate rate DiviUncomtax profits NonDurable durable muniAll l before liabil Total dend distribgoods uted paytaxes ity Total indusgoods cations other ments profits and tries public tries utilities Con3orate pr ofits Period All industries I II III IV I li ra IV Includes all other industries and financial institutions Includes depreciation and accidental damages Corporate profits after taxes pins corporate capital consumption allowances Profits plus capital consumption allow 3 ances Corporate capital consumption allow 2 ances Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment seasonally adjusted rose sharply in the fourth quarter as fixed investment rose1 and inventory investment turned positive after a decrease in the third quarter BILLIONS OF DOLLARS 160 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF CO AMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed knvestment Total gross private domestic investment P rinH Total Struc tures Total Total I II III IV 1971 I II III IV Source Department of Commerce 8 Resid ential struc tures N Dnresident ial Nonfarm Produce rs durable equ ipment Total Nonfarm Total Nonfarm Change in business mv entories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Businessmen have projected a 10 percent rise in plant and equipment expenditures from 1971 to 1972 Two months ago they projected a 9 percent increase over the same period BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING MANUFACTURING J J7 J L J t J SEE FOOTNOTE 3 BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Tra nsportat ion M anufactui ing Period Total i Other Public utilities Communication Commercial and other 2 Durable goods Nondurable goods Mining Total I II III IV I 3 3 II 2d half s Excludes agricultural business real estate operators medical tional and cultural service and nonprofit organizations Includes trade service construction finance and insurance 3 Estimates based on expected capital expenditures as reported in late January and February 1972 Includes adjustments when systematic tendencies in expectations data NOTE Annual total is the sum of unadjusted expenditures legal educaby business necessary for it does not Railroad Air 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 declined by seasonally adjusted in February with the bulk of the net reduction occurring among the unemployed Total employment was about the same in February as in January but up sharply from 1971 MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE UNEMPLOYMENT I I I I I I I I I I I I I i i i i i I i i i i i i i i i i t t t ii PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE uNE sAf LOY v EhJT ir s E S Oh IAIL VT E j 19 67r J AC JL SI ED 1 W 9 ir YEARS OF AGE AND OVER SOURCE DEPARTMENT OF IABOR COUNCIL OF ECONOMIC ADVISERS Unempl oyment Total Civiliain employment rate percent of labor civilia n labor Unemforce Civilian JNonJNon Unemfor ce Period Agriployploy includ labor agriagnTotal ment force Total ment ing culculculUnad SeasonArmed tural tural tural justed ally adjusted Forces Thous ands of f ersons 16 years of age and o ver Percent Unadji tsted Seasonally adjusteo I 1971 Jan Feb Mar Apr May June July o 9 Aug Sept Oct Nov Dec Jan Feb Total labor force including Armed Forces Civilia n employinent XT i Total labor force as percent of noninstitutional population Source Department of Labor 10 XT Labor force participation rate unad l justed Data beginning January 1972 not strictly comparable with prior data because of adjustment to the 1970 Census data which added 333 000 to the civilian labor force and 301 000 to civilian employment SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT At 5 7 percent seasonally adjusted the overall unemployment rate in February was down by 0 2 percentage point from January The jobless rate for married men at 2 8 percent was at its lowest point since August 1970 PERCENT 10 UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Unen iploymen t rate percen t of civili in labor for ce in grou P Period Persons at work in nonagn cultural inidustries by hours worked p er week 2 Urider 35 hours Labor Experi Married force enced All time lost J Over 40 wage and men hours workers salary wife workers present Per cent Seasonall adjusted 1971 Jan Feb Mar Apr Mav June Julv Aug Sept Get Nov Dec 1972 Jan Fob O O G O S 2 S 2 3 2 S at q o s s fy 7 Man hours lost by tlio unemployed and persons oil part time for economic reasons as a percent of potentially available labor force man hours t Differs from total noiumricuitural employment p 10 which includes persons with jobs but not at work for such reasons as vacation illness bad weather arid industrial disputes 35 40 hours Part ti me for economics reasons Part ti me for economi 3 reasons Total Usually Usually Usually Usually fullpartfullparttime 3 time 4 time 3 time 4 Thousan cle of pers ons 16 yejire of age and over I Jnadjustec i Seasonall y adjusted l l S It Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated 4 Primarily includes persons who could find only part time work 5 Average hours worked usually full time 24 4 usually part time 18 S Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In February insured unemployment under Stare programs averaged 256 000 lower than a year earlier The seasonal adjusted insured unemployment rate at 3 5 percent was little changed from the January rate MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT Jan Feb A 11 progranis Total Insured unem benefits Covered ploypaid employ ment mil weekly ment lions averof dollars age Thou sands Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Feb Week ended 1972 Feb P Mar 4 11 i Not charted Source Department of Labor 12 DEC COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period f f NOV OCT St ite progra ms Insured unemployment Initial claims Insurec unemploymen t as perExhaus cent of covered emplo yment tions SeasonUnad ally adjusted justed Weekly tiverage t housands Benefit s paid Total Average milweekly lions of check dollars dollars Pensent NOTE For definitions and coverage see the 1967 Supplement to Economic Indicator Si NONAGRICULTURAL EMPLOYMENT Rotal nonfarm payroll employment rose by 83 000 seasonally adjusted in February Job increases were concentrated in the service producing industries Manufacturing employment was little changed in February MILL IONS OF WAGE ANC SALARY WORKERS 76 MILLIONS OF WAGE AN D SALARY WORKE RS SEASONALLY ADJ JSTED SEASONALLY ADJLISTED ENLARGED SCXVLE r 14 ALL NONAGR1CULTURAL ESTABLISHMENTS i WH LESALE AND RE AIL TRADE NONMANUFACT URING PRIVATE V I 40 W SERVICES CT i r MANUFACTURING HM w MANUFACTURING ntHuiu naun It NONDLJRABLE MANUFAC TURING x I iB im I I C3OVERNMENT x A r DU RABLE CONTRACT CONSTRL CTION I 1 1I 1 t I 1 f t 1 1 1I 1 I 2 t 1 1 I 1 I t t IK l t t K i i i i 1 i i 1970 I 1 1I t COUNCIL SOURCE DEPARTMENT C F LABOR 1 t I1 1 t t 1 K OF ECONOMIC ADVISER J Thousands of wage and salary workers seasonally adjusted Period Total Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Feb NonTotal Durable durable Total goods goods Con Trans Whole Finance insursale tract portation ance Services Federal State Mining conand and and and struc public retail local real tion utilities trade estate Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants 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 Gover ament N onmanu faeturing 5 private Manufa jturing private 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 on reports from employing establishments Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES The average workweek of production workers in private nonfarm industries rose 0 2 hour seasonally adjusted ir February The workweek of factory workers rose 0 4 hour over the month HOIJRS PER WEEK SEA SONALLY 46 HO JRS PER WEEK SE TONALLY 46 ADJUSTED TOTAL NOlAGRICULTUR vL ADJUSTED MANUFACTlJRING PRIVATE V l jj M I i l l f T t I 1 1 1 1 I I 1 I 1 1 I 1 1 I 1 1 1 1 IK A 1 t I 1 1 I I r l p xX1 I 1 I1 1 1 I1 M I 1 I I 1 IK RETAIL TRADE CONTRACT CONSTRUCTION tin t i SOURCE DEPARTMENT OP tABOR COUNCIL OF ECONOMIC ADVISERS 1 Average hours per week Total nonagricultural private 2 Period Manufacturing Contract construction Retail trade 3 Total nonagri Manufaccultural i turing private 2 i Unad Justed Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Feb 9 3a Data relate to production workers or nonsupervisory employees Ala Includes other private Industry groups shown on p 13 Includes eating and drinking places 8 14 Contract construction Retail trade 3 Seasonail 7 adjusted Source Department of Labor S S Q 2 y OO 4 S S3 6 S OO O e iy OO i z e fy oo i AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers were unchanged between January and February at 3 54 Weekly earnings rose slightly reflecting a longer workweek DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS I 1 V V CONTRACT CONSTRUCTION CONTRACT CONSTRUCTION MANUFACTURING MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE RETAIL TRADE i i i i I t t i ij SOURCE DEPARTMENT OF UBOR 1 1 I 1 I 1 I 1 I 1972 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average lourly earn ings curr 3nt dollars Average vweekly earn ings curr 3nt dollars Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Feb Total nonagricultural private Manufacturing Contract construction r Retail trade Also includes other private Industry groups shown on p 13 2 Includes eating and drinking places a Earnings in current dollars adjusted to exclude the effects of overtime and Interindustry shifts Total nonagricultural private Manufacturing Contract construction Retail trade Manufsicturing indu Btries Adjusted Average weekly hourly earnearnings ings 1 QA7 1967 i on s dollars Earnings in current dollars divided by the consumer price index Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In February industrial production seasonally adjusted rose 0 7 percent following a revised 0 6 percent rise in January The annual rate of increase since the 1971 low of August was 7 2 percent Index SEASONALLY ADJUSTED 150 Index SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCEr BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Feb seasonally adjusted Industry Total industrial production Total M anufaetur ng NonDurable durable Source Board of Governors of the Federal Reserve System 16 Market Fiaal produ cts Mining Utilities I Total Consumer goods T Intermediate Equip products ment TV I o f o rials PRODUCTION OF SELECTED MANUFACTURES Production of most durable and nondurable manufactures seasonally adjusted rose in February The largest gains were in transportation equipment and primary metals about 2 percent each Index SEASONALLY ADJUSTED 130 Index SEASONALLY ADJUSTED CHEMICALS PETROLEUM AND RUBBER SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durab le manufcictures Period v 1971 Jan Feb Mar Apr May June July A u g Sept Oct Nov Dec 1972 Jan Fcb Ncmdurable manufactu res FabriTranspor Lumber Textiles Primary cated Machin tation and apparel metals ery metal equipprodand products ment ucts leather S Paper and printing Chemicals Foods petroleum and tobacco rubber Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Production of steel autos and trucks increased during February and early March MILLIONS OF TONS MILLIONS OF SHORT TONS STEEL 1 l I l I I i I l I i I I I I I I I i I i i I I III I I y I I I I I I i I I I I i I I I I 1 I I I BILLIONS OF KILOWATT HOURS SOURCES AMERICAN IRON AND STEEl INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ElECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Week ended 1972 Feb Mar Steel pi oduced Thousands Index 1967 of net tons Daily average Includes data for Alaska 2 Not charted 18 COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Car s and triicks power coal mined produced loaded distributed thousands thousands thousands assembled thoiisands millions of of short Total Cars Trucks of tons of cars kilowatt hours tons 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 P ccording to preliminary estimates expenditures for new construction seasonally adjusted rose about 2 percent in January Both private and public construction increased BILLIONS OF DOLLARS 140 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Total new construction expenditures Period COUNCIL OF ECONOMIC ADVISERS Total Private Resid ential CommerNew cial and Other A Total housing industrial units Bi llions of dol lars Federal State and local i Includes nonhousek ieping resident il construction and additions a nd alterations not shown separa tely 3 F W Dodge series Kelates to 50 S tates beginning 1970 for value index and beginning 1971 for floor 5space Seasonally adjusted Seasonall y adjusted at inual rales 1970 Nov Dec 1971 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Construct c contracts2 n CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Seasonally adjusted annual rates Sources Depai tnient of Com merce and McG raw Hill Inforaaation Systems C ompany F W Dodge Divisiori i f NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING In February private housing starts rose about 8 percent to a seasonally adjusted annual rate of unitsanother all time high Permits for future starts were about the same as in January MILLIONS OF UNITS 3 0 MILLIONS OF UNITS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND VETERANS ADMINISTRATION Thousands of units Hou sing star ts Period Jan Feb Mar Apr Mav June Julv Aug Sept Oct Nov Dec 1972 Jan Feb Total private Total and private public includ including ing farm farm Private Total includingI farm Total One unit Authorized by issuance of local building permit in 13 000 permit issuing places beginning for and 10 000 prior to 1963 2 Units represented by mortgage applications or appraisal requests for new home construction 20 Cover nment home p rograms noni arm Two or VA more FHA units Seasona lly ad jus ted annu al New private housing units authorized 1 971 y Propose d home constr uction Applications tor Requests for VA FHA commit appraisals 2 ments rates Sources Department of Commerce Department of Housing and Urbaii 1 Development and Veterans Administration BUSINESS SALES AND INVENTORIES TOTAL AND TRADE t sincss sales seasonally adjusted rose by a very sharp 3 1 percent from December to January while inventory cumulation remained moderate According to the advance survey retail sales were about unchanged in February BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 200 RETAIL TRADE ENLARGED SCALE 25 DURABLE GOODS STORES TOTAL BUSINESS INVENTORIES INVENTORIES JTOTAL BUSINESS SALES w SALES x 100 NONDURABLE GOODS STORES INVENTORIES 60 RETAIL INVENTORIES 40 RETAIL SALES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total tmsiness 1 Rejtail Wholesale Sales2 Period Dec 1971 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Feb v Sales Inventories 3 Sales The term business also includes manufacturing see page 22 Monthly average for year and total for month 3ook value end of period seasonally adjusted Inventories 3 Ivlillions of NonDurable durable goods Total goods stores stores dollars seasonally id justed nventories 3 Total Durable goods stores Nondurable goods stores Source Department oi Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS Mamifacturers shi pments and new orders seasonally a djustec rose substantially in lailuary Durab le goods inv tories r which decl ned during 1 971 rose by 350 mill ion in January but nondurable stocks fell b y 150 milliC BILL ONS OF DOLLARS 70 BILLI ONS OF DOLLARS 110 ISEASONAILY ADJUSTED MANUFACTlJRERS INVEN1 QRIES MANUFACTlJRERS SHIPME NTS TOTAL f r V 50 SEASONALLY ADJUS1 FEDJ TOTAL DL RABLE GOODS 30 nr V DURABLE GOOD s M MH I I Wll il NON DURABLE GOOD 5 20 ymilnm I i I I I1 i i i ii r i i i i I i i i i i Ml I l l l l l l 50 MANUFACTlJRERS 40 NEW CDRDERS DURABLE GOODS j J 30 ff s im r y NO NDURABLE GOO s i ii i i1 i i i ii 1 1970 A NONDURA 5LE GOODS 40 J iKl 20 M jl 1 I 1 1 1 I V 1 I SOURC DEPARTMENT OF COMMERCE Total NonDurable durable goods goods Total Millions Dec Jan 56 982 Feb Mar 57 790 Apr May June 58 988 July 58 418 Aug 57 804 Sept 57 892 Oct 57 439 Nov Dec Jan Monthly NonDurable durable goods goods of dollars seasonal average for year and total for month Book value end of period seasonally adjusted 8 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 i i i i i I ti iii 1971 t 1 1 1 1 I I 1 1 IK COUNCIL OF ECONOMIC ADVISERS Manufac turers shi pments l Manufac urers inv en tories 2 Period WHMMWM Ma nufacture rs new ord srs 1 Total Durat le goods NonProducers durable capital Total goods goods industries Manufacturers mventoryshipments ratio 3 y adjuste d Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS Exports and imports in January continued to be disturbed by actual and potential dockstrikes The deficit seasonally adjusted was 319 million BILLIONS OF DOLLARS BILLIONS OF DOLLARS ZO y SEE NOTE BfLOW SOUUCf DfPAHTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Millions of dollars I lerchandise export s Merch andise irn ports Total melud l Gen eral impc rts 3 Domesti c exports 2 mg reexports Food Crude Food Crude Total bever mate Manubever mate12 Season Unad Total facrials ages rials ages Seasonally ad justed tured ally ad Unad and to and and to and justed justed bacco goods justed bacco fuels fuels Monthly average J Total excludes Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 2Total includes commodities and transactions not classified according to kind Total arrivals of imported goods other than intransit shipments Unad justed U nadjuste d 1970 Dec Jan Feb Mar 3 815 Apr Mav 3 783 June 3 661 Julv 8 493 Aug 3 678 Sept 4 511 Oct Nov 3 160 Dec i P J i 1972 Jan 4 o J Grossmerchandise trade Manu surplus seasonfactured ally adjusted goods NOTE Data adjusted to include silver ore and bullion reported separately prior to 1969 Source Department of Commerce 23 U S BALANCES ON GOODS SERVICES AND TRANSFERS The current account of the balance of payments was in deficit by 5 8 billion seasonally adjusted annual rate the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1966 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars M erchandis 3 12 Period Exports Imports Net balance Militetry trans actions Netiiwestment i ncome Direct expenditures Sales Net balance Private U S Government Net travel Other and transservporta ices tion net expenditures Balance on goods and services Oil Remittances Curpenrent sions acand count other baluniance lateral transfers Se asonally a djusted annual r a tes I II 42 328 III IV II 42 824 III IV Excludes military grants 2 Adjusted from Census data for differences in timing and coverage Includes fees and royalties from U S direct investments abroad or from foreign direct investments in the United States 24 Source Department of Commerce U S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS Revised estimates indicate that the U S balance of payments in the fourth quarter was in deficit at a seasonally adjusted annual rate of 17 4 billion on the net liquidity basis and 25 1 billion on the official reserve transactions basis BILLIONS OF DOLLARS BILLIONS OF DOLLARS I SEASONALLY ADJUSTED ANNUAL RATES BALANCE ON CURRENT ACCOUNT AND LONG TERM CAPITAL BALANCE ON OFFICIAL RESERVE TRANSACTIONS SOURCEi DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Long ter m capital Balance Nonflows net liquid Period U S Govern Private ment Allo shortnf term account private special and long capital drawing flows capital rights net Errors and omissions net Changes Balance Liquid Balance in liaprivate official net bilities liquid capital reserve to transflows foreign ity 2 basis actions official net basis agencies net 3 Changes in U S official reserve assets net Excludes liabilities to foreign official reserve agencies Private foreigners exclude the IMF but include other international and regional organizations a Includes liabilities to foreign official agencies reported by U S Government and U S banks and U S liabilities to the IMF arising from reversible gold sales to and gold deposits with the United States 1 Official reserve assets include gold special drawing rights convertible currencies and the U S gold tranche position in the IMF Unadjusted Sciasonally adjusted annual ra tes 1970 I II III IV 1971 1 II III IV v U S official reserve assets net end of period Includes gain of 67 million resulting from revaluation of the German mark in 6October 1969 On Dec 31 U S reserve assets consisted of gold stock million special drawing rights 1 100 million convertible currencies 276 million gold tranche position 585 million Sources Department of Commerce and Treasury Department 25 PRICES CONSUMER PRICES In January the consumer price index rose 0 1 percent seasonally adjusted the increase was 0 3 percent Food prices were unchanged unadjusted and down 0 2 percent seasonally adjusted Nonfood commodities declined 0 3 percent seasonally adjusted they rose 0 2 percent Service prices increased 0 5 percent reflecting mostly higher taxes and public utility and transportation rates Index Index SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period Dec 1971 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Source Department of Labor 26 All items All commodities Services Commodities Comm odities lee s food Services All Food Rent less NonAll Durable durable services rent Io ISO J G j j WHOLESALE PRICES lie wholesale price index rose 0 9 percent in February seasonally adjusted it was up 0 7 percent Industrial comnodities increased 0 5 percent unadjusted and 0 4 percent adjusted the same as in January Farm products and Drocessed foods and feeds together were up 1 9 percent unadjusted and 1 8 percent seasonally adjusted Index Index COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All Period Jan Feb Mar Apr Mav June July Aug Sept Oct Nov Dec 1972 Jan Feb commodities Farm products essed foods and feeds Coverage of the subgroups does not correspond exactly to coverage of this Index s Excludes crude foodstuffs and feedstuffs plant and animal fibers oilseeds and leaf tobacco Industrial commodities TOC All industrials1 Crude materials Inter Producmediate er finmateished rials 3 goods ConsuEtier finished g x ds excludin g food NonDurdurable able Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Source Department of Labor p 7 PRICES RECEIVED AND PAID BY FARMERS In the month ended February 15 prices received by farmers rose 2 percent while prices paid were up 1 percent Th actual and adjusted parity ratios were up 1 point each Index index RA110 y RATI DO yo on S yo cm PARITY RATIO ACTUAL X M X x V 0 t t I 1 L t 1 1 I C36 i i l M r i t i i I I 1 I I I l i l t i ii ij All farm products Period CL Jan 15 Feb 15 Mar 15 Apr 15 Mav 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb Crops All items interest taxes and wage rates Index Percentage ratio of index of prices received by fanners to index of prices paid interest taxes and wage rates on base 2 The adjusted parity ratio reflects Government payments made directly to farmers 28 COUNCIL OF ECONOMIC ADVISERS Parity ratio l Prices paid by far mers Livestock and products 1 I 1 i I i i 1972 J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AMD WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE Prices iDeceived by t armers 1 Family living items Production items Source Department of Agriculture Actual Adjusted MONEY CREDIT AND SECURITY MARKETS MONEY STOCK The seasonally adjusted money stock grew at a 6 7 percent annual rate in the 3 month period ended in February In the preceding 3 month period there was a small decline Time and savings deposits continued to increase sharply BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME AND SAVINGS DEPOSITS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May June July Aua Sept Nov Dec 1972 Jan Feb Oct Averages of daily figures billions of dollars JVlonev sto 3k JV onev sto k Time Time CurCurand and DeDerency rency savings savings mand mand Total outoutTotal de 1 dededeside side posits l posits posits1 posits banks banks 1 Jnadjuste d SeasonallyT adjusted Deposits at 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 COUNCIL OF ECONOMIC ADVISERS U S Government demand deposits Source Board of Governors of the Federal Reserve System 29 PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Liquid asset holdings of private nonfinancial investors rose 8 5 billion seasonally adjusted in February accordi to a new Federal Reserve series Currency and deposits increased 9 3 billion while other types of liquid assets feu slightly on balance BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED CURRENCY AND DEPOSITS i t i t i 1 i t i 1 1 1 I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted Curr 3ncy and deposits Total liquid assets Period Dec Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Feb Time d eposits Total NOTE New series Source Board of Governors of the Federal Beserve System 30 Currency Demand deposits Commercial banks U S G overnment se curities Nonbank Savings thrift institu bonds tions Other Negotiable certificates of deposit Commercial paper R o BANK LOANS INVESTMENTS DEBITS AND RESERVES February seasonally adjusted bank loans and investments rose 5 2 billion or at an annual rate of 14 percent Dank loans increased at an annual rate of 11 percent Free reserves were positive in February for the third month in a row BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED END OF MONTH ALL COMMERCIAL BANKS 50C 500 TOTAL LOANS AND INVESTMENTS INVESTMENTS IN OTHER SECURITIES nuiiitx INVESTMENTS IN U S GOVERNMENT SECURITIES I I 1 1 I I I I I 1 1 1 I I I I 1 I 1 I I I 1 I I 1 I I COUNCIL OF ECONOMIC ADVISERS Bank Weekly debits reporting outside large commercial New York Total Investrnents City 232 banks End of period Loans loans excluding centers and inter U S Gov Other Commercial seasonally investbank securi and indus adjusted ernment ments annual securities ties trial loans rates 1 Billions of dollars o Feb Mar Apr Mav June July Aug p Sept Oct Nov pr Dec Jan Feb Aill membe r banks 2 All con 11 icrcial bank s s ciisonally adjusted datta 1 Debits during period to demand deposit accounts except interbank and U S Government New series beginning January 1964 2 Averages of daily figures Annual data are for December P Effective June 1966 balances accumulated for payment of personal loans bout 1 1 billion are excluded from loans at all commercial banks and certain vertificates of CCC and Export Import Bank totaling about 1 billion are included in other securities rather than in loans Total reserves Borrowings at Excess Federal Free reserves Reserve reserves Banks Millions o dollars Beginning June 1969 data include all bank premises subsidiaries and other significant majority owned domestic subsidiaries earlier data include commercial banks only 5 As of June 1971 Farmers Home Administration notes totaling about SO 7 billion are classified as other securities rather than as loans Source Board of Governors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT Toial consumer credit fell 1 4 billion in January a year earlier fhe drop was 1 7 billion Consumer insralme credit seasonally adjusted rose about 650 million in January BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ENLARGED SCALEJ INSTALMENT CREDIT EXTENDED 4 v i i i t i I i i SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Millions of dollar Consu mer credit outstandin g end of i eriod Onsuin er instiilmt n t c r e d i t e x t e n d e i l i mad justed and n paid seas u m l l v a d j i s l e d A n to mob ilr paper Instalment To till N on Automol Total Total Personal instal 2 Extended Repaid Extended Repaid bile ment paper loans Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Iso includes other consumer goods paper and repair and modernization loans not shown separately 2 3 Consists of single payment loans charge accounts and service credit End of period unadjusted 32 M or t a j e debt o i i t sL mdinu iioniurm 1 to 1 houses Sources Board oi Governors of the Federal Keserve System and Federal Honv Loan Bank Board BOND YIELDS AND INTEREST RATES a 3 month Treasury bill rate rose from mid February to mid March while long term Government bonds were about unchanged Yields on high grade corporate bonds declined PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 CORPORATE Aaa BONDS MOODY S 1966 SOUUCf SK TABU HlOW Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1972 Jan Feb Week ended 1972 Feb Mar I7p 1 8 COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Goveirnment secui ity yields municipal 3 month bonds 3 5 year Taxable Treasury issues 2 bonds 3 Standard4 bills Poor s Rate on new issues within period Selected note and bond issues April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures fi Data for first of the month based on the maximum permissible interest rate 7 percent beginning February and 30 year mortgages paid in 15 years Corpora ie bonds Moo dy s Aaa Baa Prime FHA commercial new home paper mortgage 4r 6 yields 5 months e Not charted Sources Department of Housing and Urban Development Treasury Department Board of Governors of the Federal Reserve System Standard Poor s Corporation and Moody s Investors Service 33 COMMON STOCK PRICES YIELD AND EARNINGS The stock market continued to move generally upward in February and early March Index Index WEEKLY COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS I t i l l 1 I I I I I I I I I I I I I I I 1 I t I I LJ l i l t 1 t I I 1 I 11I I I I I I I I I I t 1 I I I I t I I I 1 1 I II I I 1 I I 1 PERCENT PERCENT MONTHLY DIVIDEND YIELD ON COMMON STOCKS PRICE EARNINGS RATIO ON COMMON STOCKS SOURCE STANDARD POOR S CORPORATION Price i ndex Industrials Period Total Feb Mar Apr Mav June Julv Aug Sept Oct Nov Dec 1972 Jan Feb Week ended Feb Mar Total Consumers goods Capital goods Includes 500 common stocks 425 industrials 55 public utilities and 20 railroads Weekly Indexes for capital and consumer goods are Wednesday figures all other weekly indexes are averages of dally 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 Railroads Dividend yield 2 percent Public utilities Price earnings ratio are averages of monthly data Weekly data are Wednesday figures s Ratio of price index for last day in quarter to quarterly earnings seasonally adjusted annual rate Annual ratios are averages of quarterly data 4 Not charted Source Standard Poor s Corporation FEDERAL FINANCE BUDGET RECEIPTS EXPENDITURES AND NET LENDING In the first 7 months of the current fiscal year there was a deficit of 20 2 billion a year earlier there was a deficit of 18 0 billion BILLIONS OF DOLLARS 260 BILLIONS OF DOLLARS FISCAL YEARS J ESTIMATE SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars B udget receipts expenditures and net lendiiag Period Keceip Uexpenditure iccount Loan account Expenditures Net lending Receipts Fiscal year Cumulative totals for first 7 months Fiscal year 1971 Fiscal year Excludes non interest bearing public debt securities held by IMF Surplus of 36 million Estimates Surplus or deficit Total surplus or deficit Feder il debt end of period Total 1 Held by the public G Sources Treasury Department and Office of Management and Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION in the first 7 months of the current fiscal year receipts were 7 4 billion above a year earlier while outlays were 9 7 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS OUTLAYS EXPENDITURES AND NET LENDING X NONDEFENSE Y ion I 1962 I 1963 I I NATIONAL DEFENSE I 1966 I FISCAL VEST MATE I t I I 1972 J j 40 I 1973 J YEARS SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars utlays Recei pts Natio nal defense Period Fiscal year Cumulative totals for first 7 months Fiscal year 1971 Fiscal year Expenditure account Estimates 36 Total Individual Corporation income income taxes taxes Other Total Total Department of Defense military Interna Health tional and Inaffairs income terest Other and security Sources Treasury Department and Office of Management and Budget DERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS recording to current estimates for the fourth quarter Federal receipts rose 51 3 billion seasonally adjusted annual rate and expenditures increased 4 billion yielding a deficit of 251 2 billion BILLIONS OF DOLLARS 260 BILLIONS OF DOLLARS SURPLUS Finn Q H i nri l l I DEFICIT i I I I CALENDAR YEARS I I A W 1 I 1971 I cot NCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF CCDMMERCE I Billions of dollars quarterly data at seasonally adjusted annual rates Federal J o v c r m n M i l iVn ni Tola orpo rale pro ls lax err a p i s accruals 1 i r s i 1 1 i lax Mini Feeleral Go eminent expend tures reeeip ts 1 n d i r e c i milri1 u s i n ess 1 i j l ions lax and r n o n t a x social ina c c r u a l s surance r Surplus or Subsidies Less denciij Purless Wage chases Net current accruals income T o t a l ol oods fer pay and interest surplus of less anol ments local and paid Governdisproduct services ment en burse accounts governterprises ments ments iranisin aid Trans to State Fiscal y e a r M7 2 M f i Dalendar year I IT III IV I II III IV Estimates Source Department of Commerce I1H17 I M X Jf POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFFICE UNITED STATES GOVERNMENT PRINTING OFFICE DIVISION 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 and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders Merchandise Exports and Imports U S Balances on Goods Services and Transfers U S Overall Balances on International Transactions PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Private Liquid Asset Holdings Nofinancial Investors 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 NOTE Detail in these tables will not necessarily add to totals because of rounding Unless otherwise stated all dollar figures are current dollars P Indicates preliminary and not available i For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 25 cents per copy 3 per year S4 foreign Domestic air mail 3 60 additional per year 38 U S G O V E R N M E N T P R I N T I N G O F F I C E

Consumer and Real Estate Credit

DATE: March 1972

PART OF:

Economic Indicators : March 1972

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Consumer and Real Estate Credit," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "March 1972," Economic Indicators (March 1972) : 34-34. https://fraser.stlouisfed.org/title/1/item/136/toc/397762 , accessed on December 11, 2019.

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Economic Data