Gross Private Domestic Investment

Name: Gross Private Domestic Investment
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 T 1 i I n rii TT TQ r z L JL o J I1UL1OCL November 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 pHN SPARKMAN Alabama J W FULBRIGHT Arkansas ABRAHAM RIBICOFF Connecticut HUBERT H HUMPHREY Minnesota LLOYD M BENTSEN Jr Texas JACOB K JAVTTS 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 LOUGHLIN F McHuGH 8Jar 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 81sT CONGRESS CHAPTER 237 Isr 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 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 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 it TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product rose 24 billion in the third quarter to a seasonally adjusted annual rate of 1 164 billion according to revised estimates This followed rises of about 31 billion in each of the 2 preceding quarters Billions of dollars quarterly data at seasonally adjusted annual rates Persons Cjovernme at Disposab le personsil income Period Less Interest paid and Total i transfer payments to foreigners E xpenditur es N et receipts Surplus Ppr or Equals Personal sonal Less Less Tax Total consump saving TransTrans Equals deficit and Purexcludfers or tion Total fers nontax interest Equals expending chases expend disinterest of goods income Net interest itures saving receipts and receipts itures and and or and and product sub accruals sidies 2 transsidies 2 services accounts fers I II III rv I II III Net Net exports of goods and service s Excess of Total StatisGross Excess transfers Gross to fortransfers income tical of private retained domestic invest eigners or or discrepearnby perEquals of net receipts ancy ment sons and Exports Less investNet ings 3 Imports exports exports ment 4 Govern ment Gross national product or expenditure Business Period I II III IV S I II S m 1 Iiiternation al f r j o sa I Personal Income p 5 less personal tax and nontax pay men ts fhmi penalties etc Government transfer payments to persons foreign net transfers by Government net interest paid by government subsidies less current surplus of government enterprises and disbursements lass wage accruals Undistributed corporate profits corporate inventory valuation adjustment capital consumption allowances and private wage accruals lewi disbursements Does not include retained earnings of unincorporated business which are Included tj In 4 disposable personal income Private business Investment purchases of capital goods by private nonprofit Institutions and residential housing s Not foreign investment less capital grants received by United States with sign changed Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted rose at a revised upward annual rate of 8 9 percent in the third quarter Real gross national product rose at a 6 3 percent rate while prices increased at a 2 4 percent rate BILLIONS OF DOLLARS 1 200 BILLIONS OF DOLLARS 1 200 SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES I urn 1966 NET EXPORTS OF GOODS AND SERVICES I L JL GROSS PRIVATE DOMESTIC INVESTMENT JL COUNCIL OF ECONOMIC ADVISERS SOURCEt DEPARTMENT Of COMMERCE Period I II III IV 1972 I II III f ur chases of good s and Implicit services price Federal deflator State for total National Other and GNP 1 local defense Billions f dollars quarterlyr data at s easonall Y adjuste d annual rates Gove rnment Total Personal Gross Net congross Total private exports sump domestic of goods national gross product national tion investTotal and in 1958 product expend ment services Total itures dollars S This category corresponds closely with budget outlays for national defense shown on p 36 Gross national product in current dollars divided by gross national product in 1958 dollars Source Department of Commerce RATIONAL INCOME National income rose 21 billion seasonally adjusted annual rate in the third quarter Employee compensation was up 1 2 billion Proprietors and rental income recovered from the effects of the hurricane in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT J PRELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIl OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period Proprietoirs income Farm 2 Business and professional Rental income of per Net interest Corpora jQ profits and inventory va luation acIjustment Total Profits Inventory valuation before taxes adjustment 1971 I II III rv 1 Includes R I II III Compensation of em 1 ployees employer contributions for social insurance See also p 4 Excludes farm profits of corporations engnged in farming and therefore differs from net farm income including nel inventory change on p C which includes such profits Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income rose 15 billion seasonally adjusted annual rate in October mainly because of the statutory increase in Social Security benefits about 8 billion and larger wage and salary disbursements 51A billion BILLIONS OF DOLLARS 1 000 BILLIONS OF DOLLARS 1 000 SEASONALLY ADJUSTED ANNUAL RATES WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS I II I I I I t I I t M I I M I II I I I I I II 1968 I I 1 1 I I M I 1 f 1 I f f 1969 f i t 1 1 I i i i i i I i i i ii I 11 1 I I I SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Total and Other Proprietc rs income Rental Divi Personal Transfer personal salary labor Business income interest payof income disburse income 12 Farm and pro persons dends income ments ments 1 fessional Less Personal con N onagricultural tributions personal for social income s insurance Sept Oct Nov Dec S f f Jan Feb Mar Apr May June July Aug Sept Oct i The total of wag and salary disbursemerits and othe r labor iiico me ditl ers e from compensation of employee 3 see p 3 in that it excl udes emplojrer contributtons for social in siirance and the excess of wage accrueL S over wage disburse Consists of employer contri Dutions to pi1vate pensio n health aiad welfare funds coinpensatio Q for injuries directors f ees military reserve pay and a few other minor items 2a o 31 2 i Personal ii icome esciusive of net in jome of unin corporated fanr enterprises f cinn wages agricultural ilet interest and net div idends paid by agricultural c orporations Source Do partmcnt of Uominorce DISPOSITION OF PERSONAL INCOME Disposable personal income seasonally adjusted rose sharply in the third quarter but saving also increased and the saving rate remained unchanged at about 6 percent BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS DISPOSABLE PERSONAL INCOME N DOLLARS 4 000 PER CAPITA DISPOSABLE PERSONAL INCOME DOLLARS 4 000 SEASONALLY ADJUSTED ANNUAL RATES CURRENT DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Per Period Per cap ita disposable personal incc me L ess Perse nal outlayfS Less Equals Persorlal consul aption Equals Personal Disexpenditure 3 2 Personal sonal tax and posable Total saving Current Nonincome nontax personal personal Durable dollars pay income outlays l goods durable Services ments goods Billions of dollars a dollars Dol lars I I IIL Includes personal consumption expenditures interest paid by consumers and personal transfer payments to foreigners 3 See p 2 for total personal consumption expenditures Seaso natty adj i isted anrni at rates II III 867 9 IV Saving as percent of Population disposable thou 3 personal sands income percent 3 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 inventory change seasonally adjusted rose 2 percent in the third quarter including inventory change the rise was 11A percent BILLIONS OF DOLLARS 1 70 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANflUAL RATES NET FARM INCOME INCLUDING NET INVENTORY CHANGE V SOURCEj DEPARTMENT OF AGRICULTURE 1972 COUNCIL OF ECONOMIC ADVISERS Personal income re ceived by total f arm popu lation Period From all sources From farm sources ia i ncome re ceived fro m farming i Net inc ome per Net t farm Realize d gross farm incl uding net openitors inventory change 3 From Produc nonfarm Cash tion ex Exclud Includsources receipts penses ingnetm ing net in Current 1967 l from Total ventory ventory dollars dollars 4 2 marketchange change ings Billions c f dollars Dol lars iai Seaso naily adjtisted annual rates 1971 I II III IV I II III ash receipts from marketings Government payments and nonmoney income furnished by farms 5 Inventory of crops and livestock valued at the average price for the year Also see footnote 2 p 3 s Based on Census of Agriculture definition of a farm The number of farms is held constant within a year ias Income in current dollars divided by the index of prices paid by farmers for family living items on a 1967 base Source Department of Agriculture CORPORATE PROFITS Corporate profits before taxes seasonally adjusted rose 5 percent in the third quarter and were 14 percent above a year earlier according to preliminary estimates The 15 percent rise in after tax profits over a year earlier reflected a 4 percent rise in dividends and a 30 percent gain in undistributed profits BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted CoriDorate pr ofits befc re taxes 1 and invei itory valuation ad justme at TransCorpo CorpoM anufactui ing portation rate rate Period comtax profits NonAll Durable durable muniAll l before liabilindusgoods cations other taxes ity Total indusgoods tries and industries public tries utilities 17 S I S S 1 0 G U 0 IS i I ii o i i S S 2 i I 11 III IV n in n 2 M 3 SO Jl M r ID i sr i 8 J 7 57 o if r 10 i s s i JO S 7 S 7 i S 1 0 f SI 1 S3 2 7 S 8 S S i r S Includes all other industries and financial institutions 2 Includes depreciation and accidental damages Corporate profits a f t e r taxes plus corporate capital consumption allowances SI s M i annual rates Cor Derate pi ofits a fter taxciS Total DiviUndend distributed payments profits Corpo Profits rate plus capital capital con con sump sumption tion allow 2 allow 3 ances ances f S Source Department of Commerce 1 GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose 6 billion seasonally adjusted annual rate in the third quarter half of which was accounted for by a rise in inventory accumulation B1LUONS OF DOtlARS CHANGE IN BUSINESS INVENTORIES SOURCb DEPARTMENT OF COMMERCE 1972 COUNCH OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed imrestment PorlnH Total gross private domestic Total investment Resid ential struc tures Ncmresident ial Struc tures Total Total Nonfarm Produce rs durable equ ipment Total Nonfarm Total Nonfarm Change in business inv entorics Total L I II III IV II Source Department of Commerce 8 Nonfarm XPENDITURES FOR NEW PLANT AND EQUIPMENT Businessmen projected a 10 percent increase in plant and equipment expenditures from 1971 to 19727 according to reports in late July and August Outlays are expected to rise from the first to the second half of 1972 BILLIONS OF DOLLARS 1100 BILLIONS OF DOLLARS 100 SEASONALLY ADJUSTED ANNUAL RATES 80 80 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURIN MANUFACTURING J I t I J SEE FOOTNOTE 3 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates M anufactui ing Period Total Tra nsportat ion Durable goods Nondurable goods Mining Total Railroad Air Other Public utilities Communication Commercial and other I II III IV I II IIIs3 IV i Excludes agricultural business real astato operators medical legal educamal and cultural service and nonprofit organizations s Includes trade service construction finance and insurance 1 Estimates based on expected capital expenditures as reported by business late July and August 1972 Includes adjustments when necessary for systematic tendencies in expectations data NOTE Annual total is the sum of unadjusted expenditures It does not ia 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 Source Department of Commerce STATUS OF LABOR FORCE Civilian employment grew by seasonally adjusted in October to a level of 82 5 million and the civilian labor force increased somewhat less so that unemployment fell slightly MILLIONS OF PERSONS MILLIONS OF PERSONS UNEMPLOYMENT I 1 t 1 I I 1 I I I I I I I 1 I 1 I I I f I 1 I f f f T YEARS OF AGE AND OVER SOURCEi DEPARTMENT OF LABOR Civilisin emTotal ploy ment labor force Non Unem includPeriod ployagriTotal ment ing culArmed tural Forces Thousands of j ersons Unadj usted 1971 Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Total labor force including Armed Forces 1 Total labor force as percent of noninstitutional population Source Department of Labor 10 COUNCIL OF ECONOMIC ADVISERS Civili in employment Civilian labor force years of Total Agricultural age and o ver c Seasonally adjusteo I Nonagricultural Labor Unempl Unem rate peoyment force rcent of participloycivih a Q labor pation ment for ce rate SO S S Unadj Percent Seasc nally adJK sted a4 a4 ai 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 ihe overall unemployment rate remained at 5 5 percent seasonally adjustecf in October and jobless rates for most of the major labor force categories were basically unchanged PERCENT PERCENT 10 SEASONALLY ADJUSTED LABOR FORCE TIME LOST f A JJr t I Ikltli UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE MARRIED MEN 0 I t T t M 1t I M t t f t t It I I T 1966 t M I I f MT 1969 T t II I T f T f SOURCE DEPARTMENT OF LABOR P Experi Married Labor force enced All time lost l Over 40 wage and men hours workers salary wife workers present Per cent S Season a 11 if adjusted 1971 Sept Oct Nov Dec 1972 Jan Fcb Mar Apr May June July Aui Sept Oct 6 0 f S r f 7 f S r v o f 7 o 9 5 I 6 9 t b r 5 t f 5 f 5 f 4 t i C i 0 f 5 i t 3 ti 3 ft V j i 2 9 S C M t J c ti 1 19 i02 a S7 i rf ft 19 989 n o 1 S 824 C Man hours lost by the unemployed and persons on part time for economic pasons as a percent of potentially available labor force man hours 2 Differs from total iioiia rlcultural employment p 10 which includes per ons with jobs but not at work for such reasons as vacation illness bad weather and indust rial disputes I f ft I I t t T 1971 I f MI I tt t f t COUNCIL OF ECONOMIC ADVISERS Unenaploymemb rate percen t of civilijm labor for ce in grou Period I I t t t1 1970 Persons at work in nonagri cultural in dustries by hours worked f er week 2 Uiider 35 hours Part ti me for Part time for economi B reasons economi 3 reasons 35 40 hours Total Usually Usually Usually Usually fullfullpartparttime 3 time 4 time 4 time 3 Thousan ds of pers ons 16 yesirs of age and over 32 6H Jnadjustet 1 Seasonall y adjusted u S MO MOO fl 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 Average hours worked usually full time 23 7 usually part time 18 8 Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In October insured unemployment under State programs averaged 348 000 lower than a year earlier The seasonally adjusted insured unemployment rate dropped from 3 4 percent to 3 3 percent MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS 1971 I t i JAR FEB MAR APRIL f MAY JUNE JULY AUG f T SEPT Sept Oet Nov p Dec Jan Feb Mar1 Apr 9 May p 9 June July Aug Sept Oct 9 Week ended 1972 Oct Nov Not charted 12 DEC COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF 1ABOR Period NOV OCT A 11 progranis Insured Total unem benefits Insured Covered ploypaid unememploy ment milployment weekly Lidns ment averof dolage lars Thou sands St ite Initial claims progra ms Insured unemployment as perExhaus cent of eovered emplo yment tions Unad Seasonjusted ally adjusted Weekly jiverage t lousands Per sent Benefil DS paid Total Average weekly milcheck lions of dollars dollars S 5 8 6 S NOTE For definitions and coverage sec the 1967 Supplement Economic Indicators Source Department of Labor NONAGRICULTURAL EMPLOYMENT Total nonfarm payroll employment rose strongly in October by seasonally adjusted to a level that was 2 7 million above a year earlier A substantial gain of 126 000 workers on manufacturing payrolls in October brought factory employment to a level 648 000 above October 1971 MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED ENLARGED SCALE All NONAGRICULTURAL ESTABLISHMENTS WHOLESALE AND RETAIL TRADE 64 NONMANUFACTURING PRIVATE SERVICES 40 DURABLE MANUFACTURING NONDURABLE MANUFACTURING MANUFACTURING J 20 GOVERNMENT CONTRACT CONSTRUCTION I SHJLU 1 t f COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF IABOR Thousands of wage and salary workers seasonally adjusted N onmanu aeturing private Manufac turing Drivate Period Sept Oct Nov Dec 1972 Jan Feb Mar Apr May June July Aug Septp Oct Total NonTotal Durable durable goods goods o Total Con Trans Whole Finance insursale tract portation ance Services Federal State Mining conand and ano and retail struc public 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 nment Oil GOG persons and domestic servants which count persons as employed when they are not at vork because of industrial disputes and which are based on an enumeration oi population whereas the estimates in this table are based on reports from employing establishments Source Department of Labor 1 O WEEKLY HOURS OF WORK SELECTED INDUSTRIES The average workweek seasonally adjusted for all private nonfarm production workers and that for workers in manufacturing were unchanged from September to October Both were above their year earlier levels with the factory workweek 0 8 hour higher than in October 1971 HOURS PER WEEK SEASONALLY ADJUSTED 46 HOURS PER WEEK SEASONALLY ADJUSTED 46 MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE i t t it I t itM RETAIL TRADE CONTRACT CONSTRUCTION f i i t I n i i 1969 SCARCE t t t I t i t t DEPARTMENT OF IABOR COUNCIL OF ECONOMIC ADVISERS 1 Average hours per week Total nonagricultural private 2 Period Manufacturing Contract construction Retail trade 3 Total n on agricultural private 2 Unad lusted Sept Oct Nov Dec 1972 Jan Feb Mar Apr May June July Aug Sept Oct Data relate to production workers or nonsupervisory employee Also includes other private industry groups shown on p 33 Includes eating and drinking places 2 14 Manufacturing Contract construction Retail trade 3 Seasonally7 adjusted S Source Department of Labor d O OO O S3 5 S3 6 AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers rose 1 cent not seasonally adjusted in October to 3 73 Compared to a year earlier hourly earnings were up 6 percent and weekly earnings were up 71 2 percent DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS CONTRACT CONSTRUCTION MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE RETAIL TRADE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Average h Hirly earni ncrs current dollars Period Sept Oct Nov Dec 1972 Jan Feb Mar Apr May June July Aug Sept v Oct Total nonagricultural private Manufacturing Contract construction Retail trade 2 SI GO Also includes other private industry groups shown on p 13 Includes eating and drinking places 3 Earnings in current dollars adjusted to exclude the effects of overtime and interindustry shifts Average vweekly earn ings curr ent dollars Total nonagricultural private l J Manufacturing GO Contract construction Retail trade 2 Alan ufaLCturing indtu3 tries Adjusted Average weekly hourly earnearnings ings i ncT 1957 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 October industrial production seasonally adjusted rose almost 1 percent above the revised September level making the over the year gain 9 3 percent Output gains in October were widespread among consumer goods equipment and materials Index SEASONALLY ADJUSTED 130 TOTAL Index SEASONALLY ADJUSTED 150 UTILITIES AND MINING 19 A 140 UTILITIES 130 s IAD 120 MINING OA BO i i i i iii n n M 1 1 1 I I I 1 M M 1970 M 1 1 1 I I I M r iiiiiiii m COUNCIL OF ECONOMIC ADVISERS SOURCjEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period Sept Oct Nov Dec 1972 Jan Feb Mar Apr May June July Aug Sept Oct seasonally adjusted Industry Market Mi mufaeturi ng Fiilal produ 3tS Intermediate Mining Utilities ConNonEquip products Total Durable durable Total sumer ment goods Source Board of Governors of the Federal Reserve System 16 TVTa to rials PRODUCTION OF SELECTED MANUFACTURES Production of all major durable and nondurable manufactures seasonally adjusted increased in October The largest increases were in transportation equipment mostly motor vehicles and primary metals Index SEASONALLY ADJUSTED 130 T Index SEASONALLY ADJUSTED j i vxvjir IV I IN i I I I I I I II B I I I I I I I I I I II SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted INC nuuraoie ju urau it maiiuiLici ures Period v 1971 Primary metals Sept Get Nov Dec 1972 Jan Feb Mar Apr May June Julv Au r Sept Get FabriTranspor Lumber Textiles cated Machintation and apparel metal ery equipprodand products ment leather ucts S 96 1 9J I I j OS manuiaci u res Paper Chemicals Foods and petroprint leum and tobacco rubber ing Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production advanced in October An exception was electric power MILLIONS OF TONS J F M MILLIONS OF SHORT TONS A J M F THOUSANDS BILLIONS OF KILOWATT HOURS I I I I I M M I f i SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON EIECTRJC INSTITUTE AND YMRD S AUTOMOTIVE REPORTS Steel pi odueed Index Thousands of net 1967 tons 100 Period YVeekiy average Sept Oct Nov Dec 1972 Jan Feb Mar Apr May June July Aug Sept Oct 9 Week ended 1972 Oct Nov Includes 2 data for Alaska Not charted 18 a 5 COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Car s and triicks power coal mined loaded produced distributed thousands thousands thousands assemb led thoiisands millions of of short Total of cars of tons Cars Trucks kilowatt hours tons l 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 were about the same in September as in August Increases in the private sector were offset by declines in the public sector BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISEKS Total new construction expenditures SO Private Total r 2 o if Resid ential CommerNew cial and Other housing Total l industrial units Bi lions of doll jirs i i U Federal State and local C Nov C C Jan S Feb Aliir Apr Muv June July Aus Sept Includes nonhouselaDoping resident il construction imd additions a nd alteraSources Depar tin en t of Connuerce tions not shown so para teJvC ompany F W Dodge Divisior 2 F W Dodge scries Relates to 50 S tates beginning 1969 for value ndex and beginning 1971 lor floor pace i i f C JO S M 1 HO 5 S2 1 S I i i i i J Seasonally adjusted Srasonall adjusted a nu a I rates 197J J u l v Aug Sept Ocl Constructio n contracts2 CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Seasonally adjusted annual rates S 896 and McG raw Hill Inforir ation Systems 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts rose 2 percent in October to a seasonally adjusted annual rate of 2 4 million units The sharp rise in multi family units was partially offset by a decline in single units Permits for future housing declined 2 percent 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 Total private Total and private public includ including farm ing farm Period Sept Get Nov Dec 1972 Jan Feb Mar AD Alay June July Aug 1 Septp Get Total includingS farm Total One unit Authorized by issuance of local building permit in 13 000 permit issuing places beginning lor and 10 000 prior to 1963 3 Units represented by mortgage applications or appraisal requests for new home construction 20 Propose d home constr uction Private Gover nment home pirograms nonf arm Two or more FHA VA units Seasonsilly ad jus ted annu al New private housing units authorized l Applica Requests tions for for VA FHA commit appraisals 2 ments rates Sources Department of Commerce Department of Housing and Urban Development and Veterans Administration BUSINESS SALES AND INVENTORIES Manufacturing and trade inventories rose 1 3 billion seasonally adjusted in September following an increase of similar size in August Combined sales increased slightly in September after strong rises in the 2 preceding months BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 200 RETAIL TRADE ENLARGED SCALE 25 r DURABLE GOODS STORES TOTAL BUSINESS INVENTORIES INVENTORIES TOTAL BUSINESS SALES SALES J U NONDURABLE GOODS STORES INVENTORIES RETAIL INVENTORIES RETAIL SALES 20 i i i i Ii i i i SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONO WC ADVISES5 Total fc msiness l Re3tail Wholesale Sales 2 Period Aug Sept Get Nov Dec 1972 Jan Feb Mar Apr Mav June July Aug Sept Oct Sales Inventories Sales 2 1Millions of IS S I J SS The term business also includes manufacturing see paj e 22 Monthly nverauo for year and total for month Book value end of period seasonally adjusted 2 2 Inventories 3 27 D2S 2S S NonDurable durable goods goods stores stores dollars seasonally a d justed S i Total Inventories Total Durable goods stores Nondurable goods stores NOTE Total business and retail inventories revised beginning 1970 Source Department of Commerce 21 MANUFACTURERS1 SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers shipments inventories and orders seasonally adjusted rose in September repeatins the patten of August Advance reports for durable goods in October indicate shipments rose while new orders declined BILLIONS OF DOLLARS SEASONALLY ADJUSTED 110 MANUFACTURERS INVENTORIES BILLIONS OF DOLLARS SEASONALLY ADJUSTED 70 MANUFACTURERS SHIPMENTS TOTAL DURABLE GOODS DURABLE GOODS 70 30 iiiMttr luiiiiiiiiii i NONDURABLE GOODS 50 MANUFACTURERS NEW ORDERS NONDURABLE GOODS k 1969 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufad burers shi pments l Manufad urers inv entories 2 Period Total NonDurable durable goods goods Total NonDurable durable goods goods Ma nufacture rs new orde rs 1 Durab le goods NonCapital durable goods Total industries goods nondefense Total Manufacturers inventoryshipments ratio 3 Millions of dollars seasonal y adjuste d Aug Sept Oct Nov Dec 1972 Jan Feb Mar Apr May June July Aug Sept Oet Monthly average ior year and total lor month 3 Book value end oi period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly shipments for monthly data ratio of inventories at end of month to shipments lor month 22 Not charted Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS me deficit in the trade balance on a seasonally adjusted basis increased in September by 50 million to a leve of E51 3 million BILLIONS OF DOLLARS BILLIONS OF DOLLARS I SEE NOTE BELOW COUNCIL Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Millions of dollars Sderchandi se export s Merch andise irnports Total includDomesti 3 exports Gemjral impc rts 3 1 ing ree xports 2 Food Crude Food Crude To tal bever mate Manubever mateSeason Unad Total 2 ages facSeasonrials ages rials ally ad justed and to and ally ad Unad and to and tured justed justed bacco justed bacco fuels goods fuels Monthly average l t Kf 232 44f H ad j u s t e i 1971 Aug Sept Get Nov Dec 1972 Jari Feb Mar Apr May June Julv Aus Sept 3 078 r r S 2 S iSW v 4 Of 0 D iu J94 3 f ssi s xo S S 52S 4 DC 54 I o S 9 Of sos i SS S Unad Justed 15 SO Total excludes Department oi Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 2 Total includes commodities and transactions not classified according to kind 3 Total arrivals of imported goods other than intransit shipments Grossmerchandise trade Manu surplus seasonfacally adtured justed goods Jh SS7 f S 8 5T S r 4 4C 0 4 hoi 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 Preliminary data indicate a third quarter deficit for merchandise trade of 6 7 billion at a seasonally adjusted annud rate This 1 1 billion decline in the deficit over the second quarter is also reflected by the preliminary figures for the balance on goods and services which declined from a deficit of 6 2 billion in the second quarter to one of 4 4 billion in the third quarter of 1972 BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 SEASOKALLY ADJUSTED ANNUAL RATES 8 6 BALANCE ON GOODS AND SERVICES 4 2 0 MERCHANDISE TRADE BALANCE SOURC DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars M erehandis 3 1 2 Period Netiiivestment income Milite try transactions Direct expenditures Sales Net balance Private I II III II Ill Exports Imports Net balance U S Government RemitBaltances penance sions on and curother rent uniaclateral count transfers Net Baltravel Other ance and on trans servporta ices goods and tion net serv 4 expendices 1 itures Se asonally a d justed annual riites 1 Excludes 2 Adjusted military grants 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 Equal to net exports of goods and services in the national income and product accounts of the United States Merchandise data and balance on goods and services revised other data be revised in December Source Department of Commerce U S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS The balance of payments showed a significant deterioration in the third quarter over the second quarter of 1972 Most of the increased deficit was accounted for by outflow early in the quarter that were associated with unsettled foreign exchange market conditions following the floating of the pound sterling BILUONS OF DOLLARS 120 BILLIONS OP DOLLARS 20 SEASONALLY ADJUSTED ANNUAL1 RATES BALANCE ON CURRENT ACCOUNT AND LONG TERM OFFICIAL RESERVE TRANSACTIONS BALANCE CAPITAL SO SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Long ter m capital Balance flows net Period U S Govern Private ment NonAlloliquid shortrkf term account private special and long capital drawing capital flows rights net Errors and omissions net Net liquidity balance Liquid private capital flows net 2 Official reserve transactions balance Changes in lia Changes bilities in U S to official foreign reserve official assets agencies net 4 3 net fl Unadjusted Sciasonally adjusted annual ra tes 1971 1 II IV I II Ill m Excludes liabilities to foreign official reserve agencies Private foreigners exclude the IMF but include other international and 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 Official reserve assets include gold special drawing rights convertible currencies and the U S gold tranche position in the IMF Includes gain of 67 million resulting from revaluation of the German mark In October 1969 U S official reserve assets net end of period Includes 28 million increase in dollar value of foreign conreneies revalued to reflect market exchange rates as of Dec On Sept 30 U S reserve assets consisted of gold stock million special drawing rights 1 968 million convertible currencies 323 mttlkm gold tranche position 449 million Includes increase of 1 016 million resetting from change in par value of the U S dollar on May 8 Overall balances revised detail to be revised in December Sources Department of Commerce and Treasury Department 25 PRICES CONSUMER PRICES The consumer price index increased 0 3 percent in October both before and after seasonal adjustment Food prices rose 0 1 percent 0 2 percent adjustment Nonfood commodities were up 0 4 percent but declined 0 1 percent after adjustment because 1973 model cars showed less than the usual seasonal increase Service prices rose 0 4 percent reflecting higher health insurance costs Index Index SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period Sept Oct Nov Dec 1972 Jan Feb Mar Apr May June July Aug Sept Oct Source Department of Labor 26 a All commodities Services Commoditiej3 Ccmm odities leg s food Services All Rent Food less NonAll Durable durable services rent WHOLESALE PRICES The wholesale price index declined 0 2 percent in October after seasonal adjustment it rose 0 1 percent Farm products and processed foods and feeds were 1 0 percent Sower 0 2 percent higher adjusted the largest decline in 1 3 months Industrial commodities were up 0 1 percent 0 1 percent lower adjusted the unadjusted increase was the smallest since last November Index index SOURCEi DtPARTMENT OF 1ABOR COUNCIL OF ECONOMIC ADVISERS Period Sept Oct Nov Dec 1972 Jan Feb Mar Apr Mav June Julv Aug Sept Oct 1 All commodities Farm products All industrials G Coverage of the subgroups does not correspond exactly to coverage of this Index 2 Excludes crude foodstuffs and feedstufi s plant and animal fibers oilseeds and leaf tobacco Irtdustrial c ommoditi es Processed foods and feeds nas Crude materials Inter Producmediate er finmateished goods na 4 nas Consun ler finished gc ods exeluding fOOdS Dur able Non durable Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Source Department of Labor PRICES RECEIVED AND PAID BY FARMERS In the month ended October 15 both prices received and prices paid by farmers rose about 1 percent The actual parity ratio increased 1 point while the adjusted ratio was unchanged Index Index I t 1 1 M I 1 M 1 1 I I 1 1 1 1 I M t M I M I M I M M 1 I 1 1 1 I 1 I 1 M 1 1 I M 1 I I I 1 M 1 1 I 1 M t l M 1 1 I M I I T 1 M 1 I 80 RATIO J 90 RATIO J 90 PARITY RATIO ACTUAL J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCEi DEPARTMENT OF AGRICULTURE Prices received by farmers Period Sept 15 Oct 15 Novl5 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 All farm products Crops All items interest taxes and wage rates Index Percentage ratio of index of prices received by farmers to Index of prices paid Interest taxes and wage rates on base 3 The adjusted parity ratio reflects Government payments made directly to farmers 28 Parity ratio Prices paid by farmers Livestock and products COUNCIl OF ECONOMIC ADVISERS Family living items Production items Source Department of Agriculture Actual Adjusted MONEY CREDIT AND SECURITY MARKETS MONEY STOCK The seasonally adjusted money stock increased at a 4 0 percent annual rate in October following a 5 6 percent rate of growth in September From December to October it grew at a 7 5 percent annual rate BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME AND SAVINGS DEPOSITS SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1972 Jan Feb Mar Apr Mav June Julv Aug Sept Oct Averages of daily figures billions of dollars JV loney sto 2k Aloney sto ck 1 U S Time 1 Time GovCurCurand and ernDeDerency rency ment mand savings mand savings Total outoutTotal dede l demand de l deside side posits J deposits1 posits banks posits banks posits Seasonally7 adjusted Qnadjuste d Deposits at commercial banks NOTE Effective June 9 1966 balances accumulated for payment of personal loans about 1J billion are excluded from time deposits and from loans at all commercial banks COUNCIL OF ECONOMIC ADVISERS Source Board of Governors of the Federal Reserve System 29 PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Private nonfinanciai liquid asset holdings seasonally adjusted rose at a 10 4 percent annual rate in October from an 11 6 percent revised rise in September Time deposits at commercial banks and ncnbank thrift institutions accounted or the bulk of the increase BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TOTAL LIQUID ASSETS rt M U CURRENCY AND DEPOSITS M i l l iJ t COUNCIl OF ECONOMIC ADVISERS SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures billions of dollars seasonally adjusted Currcsncy and deposits Total liquid assets Period 1965 Dec 1966 Dec 1967 Dec 1968 Dec 1969 Dec 1970 Dec 1971 Dec 1971 Sept Oct Nov Dec 1972 Jan Feb Mar Apr May June Julv Aug Sept Oct Total i 937 7 I i Source Board of Governors of the Federal Reserve System 30 U S Grovernment se curities ShortNonbank term thrift Savings marketinstitu bonds able securities tions Time d eposits Currency Demand deposits Commercial banks Negotiable certificates of deposit Commercial paper IS BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans and investments seasonally adjusted increased at a 12 1 percent annual rate in October bringing the advance in the first 10 months of the year to a 13 7 percent annual rate Net borrowed reserves were roughly steady at 341 million BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED END OF MONTH ALL COMMERCIAL BANKS BANK LOANS l ttM INVESTMENTS IN OTHER SECURITIES INVESTMENTS IN U S GOVERNMENT SECURITIES 1 M T M M I I t it 1966 f t I f I I 1 M f f f I f All commercial banks seaso nally adjust ed data Loans Investinents Total loans Total Comand U S Gov Other mercial invest excludernment securiments ing inter and indus securities ties bank trial Billions of dollars Oct Nov Dec 1972 Jan Feb MarApr Mav June Julv Aug Sept Oct S M 7 IMS o r ii s I2M r 8 s r i i I 4 02 o r r Debits durir is period to dnnmnd doposit vce 3ii nts except in crbank and p S Governine it Averages 01 ally fU ur is A n n i i H l t U i are for D ocombor Effective Jn K J MHi alanees ucci inuintiMl for payment of p ersonal loans about 1 1 billif n are rx nclcd from 1 onus at nil cc nonercial banki and certain certificate s of CCC and Kx ort hnport Bank totalin t about 1 billioi i are included 1 1972 COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM End of period J I Bank ill membe r banks 2 debits outside New York BorrowCity 232 ings at centers Free Total Excess Federal seasonally reserves reserves Reserve reserves adjusted Banks annual rates l i Millions o dollars t i M7 1 04 f IOC fi OS SOS Beginn ng Juno 19GO d ata include all bank premisejs subsidiarie and other significant majority ownec 1 domestic subsidiaries ear lier data iiiclude commercial ba nJcs only As of J une 1971 Farm ers Home Adm inistration rlotes totaling about 0 7 billion are classified as ot ler securities ra ther than as loans Exclud 33 0 4 billion du 3 to loan reclassiiication at a k irge bank Source Board of Gover lors of the Fede ral Eeserve System CONSUMER AND REAL ESTATE CREDIT Seasonally unadjusted consumer credif rose 1 3 billion in September compared with a 1 4 billion increase a year earlier Seasonally adjusted consumer instalment credit rose by 1 3 billion in September BILLIONS OF DOLLARS BILLIONS OF DOLLARS i ii f t i i i i i f t i i i i i i i i i i t Ii i i i Ti I i i i i I i r f t i I r f T f f i i r I r i i ii U SEASON M LY ADJUSTED ENLARGED SCALE 17 jf JNSTVM MENT CREDIT EXTEENDED 1 IT i Ml J ini I f I I I 1T I 1 f 1 1 f i f f r f iI f I if 1972 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM t 1 1 I f f IN M 1973 COUNCIL OF ECONOMIC ADVISERS Millions of dollars Consum er instalmemt credit e xtended Consu mer credit outs tan din g end of eriod and r epaid seas onally adjiis ted imadjusted Automot ile paper Instalment Total NonAutomoTotal instal Extended Repaid Extended Repaid Total i bile Personal ment 2 paper loans Period ft INSTALMENT C REDIT REPAID A V SZ pX Mortgage debt outstanding nonfarm 1 to 4houses Aug Sept Get Nov Dec Jan Feb Mar Apr May June July Aug Sept iAlso includes other consumer goods paper and repair and modernization loans not shown separately 2 2 Consists of single payment loans charge accounts and service credit End of period unadjusted 32 NOTE Consumer credit revised beginning 1965 Sources Board of Governors of the Federal Reserve System and Federal Home Loan Bank Board BOND YIELDS AND INTEREST Virtually all market interest rates declined from mid October to mid November One of the most notable decreases was in yields on long term Treasury bonds PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 CORPORATE Aaa BONDS MOODY S SOURCE SEE TABLE BELOW Period Sept Oct Nov Dec 1972 Jan Fob Mar A pr jVlav Juno Julv 51 COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Gov irnment seen rity yields municipal 3 month bonds 3 5 year Taxable Treasury Standard4 issues 2 bonds 3 bills1 Poor s r Sept Oct Nov Week ended 1972 Oct Nov J S o r Rate on new issues within period Selected note and 8 April 1953 to date bonds due or callable 10 years and after 4 Weekly data are Wednesday figures 5 bond issues 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 e bonds Moo dy s Aaa a Baa a 56 a a a a a 06 a 07 a 06 8 05 a Prime commercial paper 4 6 months FHA new home mortgage yields a 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 COMMON STOCK PRICES YIELD AND EARNINGS The stock market rose strongly in the 4 weeks ended mid November All sectors of the market participated in the advance Index Index COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS f 1 I1 I 11 1 PERCENT PERCENT MONTHLY DIVIDEND YIELD ON COMMON STOCKS RAl 25 25PRICE EARNINGS RATIO ON COMMCDN STOCKS l i l t 1966 i i i i i i i i i T js COUNCIL OF ECONOMIC ADVISERS SOURCE STANDARD POOR S CORPORATION l Period Get Nov Dec 1972 Jan Feb Mar Apr May June July Aug Sept Oct Week ended 1972 Oct Total Nov Total Price i ndex Industrials Capital Consumers goods goods Public utilities Railroads Dividend yield 2 percent Source Standard Poor s Corporation 34 Price earnings ratio FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 3 months of fiscal 1973 there was a deficit of 2 0 billion a year earlier the deficit was 7 8 billion BILLIONS OF DOLLARS 260 BILLIONS OF DOLLARS ENLARGED SCALE 20 ENLARGED SCALE SURPLUS f OR DEFICIT J I 1963 I 1964 J 1967 196S FISCAL YEARS L J ESTIMATE t l SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET I 1971 I COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Fiscal year Receipts Outlays Surplus or deficit Federal debt end of period Total i Held bv the public a8 Cumulative totals for first 3 months Fiscal vear 1972 Fiscal vear Excludes non intnrosi bonring public debt securities bold by IMF Estimates Sources Treasury Department and Office of Management and Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of fiscal 1973 receipts were 7 0 billion higher than a year earlier while outlays were 1 2 billionhigher BILLIONS OF DOLLARS BILLIONS OF DOLLARS OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS J ESTIMATES SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars utlays Recei DtS Natio aal defense Period Fiscal year Cumulative totals for first 3 months Fiscal year 1972 Fiscal year a Estimates Detail not available 36 Total Individual Corporation income income taxes taxes Other Total a R LO 20 5 2L lias oae Total Department of Defense military Interna Health tional and Inaffairs income terest Other and security ai a a ias na a3 i7as ia 3 Sources Treasury Department and Office of Management and Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS Federal receipts rose about 5 billion seasonally adjusted annual rate in the third quarter and Federal expenditures declined about 5 billion The deficit of 111 2 billion was 10 billion below that in the second quarter and the lowest since the first quarter of 1970 BILLIONS OF DOL LARS BILL ONS OF DOLLARS EAS DNALLY ADJUSTED ANNU CRATES Txn X oon onn mmmm EXPENDITURES t a IRfl s s IBMII Xj ifln S s f RECEIPTS xi I 1 I f f f V N K SURPLUS H fl n n m 1 I I 1 I I I i 11 1 1w il i 90 Ui d DEFICIT F I r i i f f f f CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal Cjovernm ent receip ts Period Fiscal year i Calendar year II III IV Personal Total tax and nontax receipts Feeleral Go ernmenlb expendi tures Grantsin aid PurCorpo Indirect Contrirate business butions chases Trans to State Net profits tax and for Total of goods fer pay and interest tax and ments local nontax social inpaid accruals accruals surance services governments Surplus or Subsidies Less Wage deficit less current accruals income surplus of less and Govern dis product ment en burse accounts terprises ments I III sa i i Preliminary based on seasonally adjusted quarterly data except for contributions which have been adjusted for change in the tax law million Source Department of Commerce UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S 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 Stock Private Liquid Asset Holdings Nonfinancial 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 and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis Page NOTE Detail in these tables may not add to totals because of rounding Unless otherwise stated all dollar figures are current dollars 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 mall 3 60 additional per year http fraser stlouisfed org 38 Federal Reserve Bank of St Louis U S GOVERNMENT PRIHTIMS OFFICE 1971

Gross Private Domestic Investment

DATE: November 1972

PART OF:

Economic Indicators : November 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-. "Gross Private Domestic Investment," 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-. "November 1972," Economic Indicators (November 1972) : 10-10. https://fraser.stlouisfed.org/title/1/item/159/toc/137490 , accessed on December 8, 2019.

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Economic Data