Prices Received and Paid, by Farmers

Name: Prices Received and Paid, by Farmers
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

PREVIOUS | NEXT

In order to view this PDF, you must have Javascript enabled in your browser.
The following is plain-text output generated by Optical Character Recognition. Congress 1st Session Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON Created pursuant to Sec 5 a of Public Law 304 79th Cong WRIGHT PATMAN Texas Chairman PR0XMIRE Wisconsin Vice Chairman SENATE JOHN SPARKMAN Alabama J W9 FULBRIGHT Arkansas ABRAHAM RIBICOFF Connecticut HUBERT H HUMPHREY Minnesota LLOYD M BENTSEN Jr Texas JACOB K JAVITS New York CHILES H PERCY Illinois JAMES B PEARSON Kansas RICHARD S SCHWEIKER Pennsylvania HOUSE OF REPRESENTATIVES RICHARD BOLLING Missouri HENRY S REUSS Wisconsin MARTHA W GRIFFITHS Michigan WILLIAM S MOORHEAD Pennsylvania HUGH L CAREY New York WILLIAM B WIDNALL New Jersey B CONABLE Jr New York CLARENCE J BROWN Ohio B BLACKBURN Georgia JOHN R STARK Executive Director LOUGHLIN F0 McHuGH Senior Economist OF HERBERT STEIN Chairman MARINA v N WHITMAN Eo nomic Indicators prepared under super vision of FRANCES M LAW 120 81sT CONGRESS 237 Isr IS J Res 55 To the monthly publication entitled Economic Indicators Resolved by the Senate and House of of the United States of America in Congress assembled That the 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 Clerk5 Sergeant at Armss and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and Houses 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 that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 55 or by at 6 50 year 1 75 additional for foreign OF D C 20402 Subscribers who to receive It at an earlier date after of provisions for airmail The Is 3 60 per year H a single copy from advan TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product rose by an extraordinary 40 billion seasonally adjusted annual rate to 1 236 billion in the first quarter according to preliminary estimates There was a huge rise of 28 billion in consumer expenditures The excess of imports over exports deteriorated while business investment and government expenditures at all levels increased Billions of dollars quarterly data at seasonally adjusted annual rates jrovernme Dt Persons E xpenditur es N et receipts Per Less Less Less sonal Tax Interest Total Personal saving Trans Equals TransPurand paid and exclud consumpfers Equals Total fers or tion nontax ing chases expend interest of goods dis receipts interest Net Total transfer interest expendpayand and receipts itures itures saving or and and ments sub 2 services subaccruals sidies 2 to for transsidies fers eigners Disposafc le personsil income Period Surplus or deficit income and product accounts III IV I II III IV Business Net Netexports of goods Gross and service s Excess of m Total Statis national Gross Excess transfers to forGross private transfers income tical product of retained domestic invest eigners or or discrepor earnby of net expend3 ment sons per Exports Less Equals exports receipts ancy investings and Net iture ment 4 Imports exports Government Period a III IV 1972 I II III IY Iiiternation al l Personal income p 5 less personal tax and nontax payments fines penalties etc 2 Government transfer payments to persons foreign net transfers by Government net interest paid by government subsidies less current surplus of government enterprises and disbursements less wage accruals 3 Capital consumption allowances corporate inventory valuation adjustment undistributed corporate profits and private wage accruals less disbursements Does not include retained earnings of unincorporated business which are included in4 disposable personal income Private business investment purchases of capital goods by private nonprofit institutions and residential housing 5 Net foreign investment less capital grants received by United States with sign changed Source Department of Commerce 3 JL GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted rose at an annual rate of 14 3 percent in the first quarter Real GNy rose at a 7 9 percent rate while prices increased at a 6 0 percent rate BILUONS OF DOLLARS 1 400 BILLIONS OF DOLLARS 1 1 400 SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES I M W M tl I I i i NET EXPORTS OF GOODS GROSS PRIVATE DOMESTIC INVESTMENT AND SERVICES I I I I I PRELIMINARY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total Personal Gross conTotal gross private sump domestic national gross tion product national investin 1958 product expend ment itures dollars Billions yf dollars quarterly Period III IV 1972 I II III IV 1973 I J This category corresponds closely with budget outlays for national defense shown on p 36 Gove rnment p urchases of good s and Net services exports Federal of goods State Total and National Other and services Total defense1 local Implicit price deflator for total GNP data at s easonalby ad juste d annual rates A z 254 6 tt O a Gross national product in current dollars divided by gross national product in 1958 dollars Source Department of Commerce NATIONAL INCOME Employee compensation rose 27 billion seasonally adjusted annual rate in the first quarter The increase was very large even after allowing for the 5 billion increase in employers share ol social security taxes which is included in the compensation total and the 2 billion increase in Federal pay scales BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES PROPRIETORS AND RENTAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT NET INTEREST 1 J J L I 1971 f t I I J PRELIMINARY SOURCEs DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period Compensation of em l ployees Proprieto rsj income Farm 2 Business and professional Rental income of per Net Corpora e profits and inventory va luation acIjust men t interest Total Profits Inventory before valuation taxes adjustment III IV 1972 I II III IV 1973 I Includes employer contributions for social insurance See also p 4 2 Excludes farm profits of corporations engaged in farming and therefore differs from net farm income including net inventory change on p 6 which includes such profits Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income rose at a seasonally adjusted annual rate of 6 billion in March Wages and salaries chiefli because of rising employment and hourly earnings accounted for 5 7 billion of the increase BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE 1973 DEPARTMENT OF COMMERCE Period F e b Mar Apr May June July Aug Sept Oct COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage I j Total and Other Propriet ors income Rental Divi Personal Transfer labor 12 personal salary Business income dends interest payof income disburse income and pro persons Farm income ments l ments fessional Nov 976 2 Dec Jan 986 0 Feb 994 5 Mar p r The total of wage and salary disbursemeiits and other labor income diners from compensation of employee s see p 3 in that it excl udes empk 3 er contributtons for social irtsurance and the excess oi wage accrue s over wage disburseinents Less Personal con Nonagritributions cultural for social personal 3 insurance income Consists oi employer e ontributions to private f ension health and welfare ftinds comperisation for in juries direct ors fees military reserve pa y and a few o ifaer minor it ems 3 Personal iricome excliis ve of net imsome of limn corpora ted farm enterprises fa rm wages a gricultural rlet interest and net div idends paid by agricultural cc rporations Source Department of Commerce DISPOSITION OF PERSONAL INCOME Disposable income rose more than personal income in the first quarter because tax refunds caused net taxes to fall Despite the 23 billion seasonally adjusted annual rate increase in disposable income consumer spending rose even more and personal saving fell BILLIONS OF DOLLARS 1 000 BILLIONS OF DOLLARS J PRELIMINARY SOURCE DEPARTMENT OF COMMERCE Period Less PerPersonal sonal tax and income nontax payments COUNCIL OF ECONOMIC ADVISERS Per car ita disLess Perse nal outlayfS posable personal Equals Persoilal consurnption Equals incc me Disexpenditure 3 2 Personal Total posable saving Current 1958 personal personal Durable Nondollars dollars income outlays x goods durable Services izoods Billions of dollars Population thou 3 sands Dol lars III 867 9 IV II IIL 939 9 IV Seaso nally adji isted annu al rates 1 Includes personal consumption expenditures interest paid by consumers and personal transfer payments to foreigners 2 See p 2 for total personal consumption expenditures Saving as percent of disposable personal income percent 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 In the first quarter net farm seasonally adjusted rose by about 4 percent Net income dollars per farm was 10 percent above a year earlier farming in constatr BILLIONS OF DOLL ARS BILL IONS OF DOLLARS SEASO NALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM if JCOME sB s yjf a xn faaxXSOeaaaa t C A 50 An Afl 1A 1f NET FARM Ih COME INCLUDING NET 1 MVENTORY CHANGE t us fit i 0 I I f f f I f j j j SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Ss LJS Personal income re ceived by total 1 arm poptilation income re ceived fro m farmingT 3 Net fo farm oper ators Realizejd gross Period From all sources From From nonfarm farm sources 1 sources ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1967 from Total 1 ventory ventory dollars dollars 4 2 marketchange change ings Billions 31 dollars i Dol lars III IV 1972 I II III IV 1973 I 1 Cash receipts from marketings Government payments and nonmoney income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also see iootnote 2 p 3 3 Based on Census of Agriculture definition of a farm The number of farms te held constant within a year Net inc ome per farm inci uding net inventor 7 change Seaso naily adj h fted annu a rates 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 pecause of the investment tax credit the 1971 72 percentage rise in profits after taxes exceeded the rise before taxes Vtost of the after tax rise showed up in undistributed profits Cash flow was up 14 5 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE 1 Period 196 x COUNCIL OF ECONOMIC ADVISERS Billions o dollars quarterly data at s easonalbr adjuste d annua rates Cor 3orate pi ofits Cor jorate pi ofits bef re taxes and inveiitory I pi fter taxciS valuation adjustme nt Trans Corpo CorpoM anufactui ing portation rate rate DiviUncomtax profits NonAll Durable durable muniAll l before liabil Total dend distribinduspayuted goods ity taxes Total indusgoods cations other tries ments profits and tries public tries utilities I Corporate capital consumption allow 2 ances Profits plus capital consumption allowances IIL jy I IL III IV I 1 Includes ail other industries and financial institutions 2 Includes depreciation and accidental damages Corporate profits after taxes plus corporate capital consumption allowances Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose 6 billion seasonally adjusted annual rate in the first quarter Increases In fixed investment were partly offset by a decline in the rate of inventory accumulation BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 200 J PRELIMINARY SOURCES DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed in estment Period Total gross private domestic investment Resid ential struc tures N president ial Total Struc tures Total Total Nonfarm Produce rsj durable equ iprnent Total Nonfarm Total x r Nonfarm IV I II III IV I Source Department of Commerce 8 Change in business inv entories Total Nonfarm L EXPENDITURES FOR NEW PLANT AND EQUIPMENT Businessmen expect to Increase their expenditures for new plant and equipment by 14 percent from 1972 to 1973 Manufacturers expect a rise of 1 8 percent BILLIONS OF DOLLARS OF DOLLARS TOTAL NEW PLANT AND EQUIPMENT I J SEE FOOTNOTE 3 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period Total MLanufactu ring I J Tra nsportat ion s 1972 I 11 III IV 1973 I 3 Iis 2dhalf Durable goods Nondurable goods Mining Total Railroad Excludes agricultural business real estate operators medical legal educational and cultural service and nonprofit organizations 2 Includes trade service construction finance and insurance 3 Estimates based on expected capital expenditures as reported by business in late January and February 1973 Includes adjustments when necessary for systematic tendencies in expectations data NOTE Annual total is the sum of unadjusted expenditures it does not Air Public Other utilities Communication Commercial and other 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 OF In March there were exceptionally large increases in the civilian labor force and employment on a seasonally adjusted basis During the month the total labor force which includes the Armed Forces surpassed the 90 million mark for the first time Over the past year civilian employment has increased by 2 6 million while unemployment has declined by MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED 85 CIVILIAN LABOR FORCE 80 75 istwjt EMPLOYMENT UNEMPLOYMENT I 0 I i i i PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE YEARS OF AGE AMD OVER SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Civiliai n emTotal ployicnent labor force Non Unem includployagriTotal ment ing culArmed tural Forces Thousands of i ersons Unadji j sted o ver years of age seasonally adjusted Unadjusted S Period Total labor force including Armed Forces Feb MarApr MayJune July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Total labor force as percent of noninstltutional population Source Department of Labor 10 CiviMim einplc yment Civilian labor force Total Agricultural O OJLO Nonagricultural Labor Unempl Unem rate peoyment force rcent of participloycivilia D labor pation ment for ce rate 1 Percent Seasc natty adju sted Data beginning January 1972 not strictly comparable with prior data becausel of adjustment to 1970 Census data which added 333 000 to the civilian labor force and 301 000 to civilian employment A further adjustment in March 1973 added 60 000 to the labor force and to employment SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The unemployment rate seasonally adjusted edged back down to 5 0 percent in March from February s 5 1 percent level and was well below the 5 9 percent of a year earlier PERCENT 10 PERCENT 10 SEASONALLY ADJUSTED LABOR FORCE TIME LOST UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE ALL CIVILIAN WORKERS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Persons at work 3in nonagri cultural iridustries by hourg worked 3er week 2 Uiider 35 he urs Uneraploymen t rate percen t of civilijan labor for ce in gimip Experi Married Labor force enced All men time lost l Over 40 hours workers wage and wife salary workers present Period Per cent Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Seasonall adjusted 5 S Alan hours lost by the unemployed and persons on part time for economic reasons as a percent of potentially available labor force man hours 2 Differs from total nonagricultural employment p 10 which includes perbons with jobs but not at work for such reasons as vacation illness bad weather fand industrial disputes 3 Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated 35 40 hours Part ti me for economi c reasons Total Part ti me for economi c reasons Usually Usually Usually fullpartfulltime 3 time 3 time 4 Thousan ds of pers ons 16 ye ars of age and over Jnadjustec 1 Seasonall y s Usually parttime 4 adjusted Primarily includes persons who could find nly part time work Average hours worked usually full time 24 1 usually part time 19 1 Source Department f Lab r 11 UNEMPLOYMENT INSURANCE PROGRAMS In March insured unemployment under State programs averaged 379 000 lower than a year earlier The seasonal adjusted insured unemployment rate rose slightly to 2 8 percent MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS 3h 1971 x N 1972 f JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT SOURCE DEPARTMENT OF LABOR I Feb Mar Apr v May p June v July p Aug P Septp Oct Nov Dec25 1973 Jan Feb Mar v Week ended 1973 Mar p Apr 7 14 Source Department of Labor 12 I DEC COUNCIL OF ECONOMIC ADVISERS A 11 progranis Period NOV OCT Stiate progra ms Insured Total unem benefits Insured ployCovered paid unem milemploy ment ploy weekly ment lions ment averof dolage lars Thou sands Not charted Initial claims Insurec unemploymen t as perExhaus cent of covered emplo yment tions Unad Seasonjusted ally adjusted Weekly jiverage t iiousands Benefi ts paid Total Average weekly lions of check dollars dollars mil Per sent as S S 7 8 6 S o G f NOTE For definitions and coverage see the 1967 Supplement to Econorr Indicators NONAGRICULTURAL EMPLOYMENT Total nonfarm payroll employment increased by seasonally adjusted in March bringios the climb over the past year to 2 8 million jobs MILLIONS OF WAGE MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED AND SALARY WORKERS SEASONALLY ADJUSTEDJ ENLARGED SCALE s v WHOLESALE AND RETAIL TRADE ALL NONAGRICULTU RAL ESTABLISHMENTS SERVICES NDNMANUFACTUFJNG PRIVATE W 40 DURABLE MANUFACTURING 1 1 m NONDURABLE MANUFACTURING AMANUFACTURING ai iMH CGOVERNMENT CONTRACT CONSTRUCTION i i i i i 1 i i i t 1970 I I 1 1 I 1 I I 1 J 1 1 I 1 I I I f I I 1 1 1 IK 1973 H COUNCil Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers 1 seasonally adjusted N onmanu faeturing I private Manufac during private Period Total Feb Mar Apr May June July Aug Sept Get Nov Dec 1973 Jan Feb Mar p Oil NonTotal JJurable durable Total goods goods I X I i Gover nment Con Trans Whole Finance insursale tract portation ance Services Federal Mining conand and and strue public retail 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 per sons 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 persons and domestic servants which count persons as employed when they State and local 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 seasonally adjusted for production workers in the private nonfarm sector as a whole one in the manufacturing subsector were unchanged in March on a seasonally adjusted basis HOURS PER WEEK SEASONALLY ADJUSTED 461 HOURS PER WEEK SEASONALLY ADJUSTED 46 MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE T RETAIL TRADE CONTRACT CONSTRUCTION SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Average hours per week Total nonagrieulturai private 2 Period Manufacturing Contract construction 1 Retail trade s Total nonagrieultura private 2 Unad iusted Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Peb Mar33 l Data relate to production workers or nonsupervisory employees Also includes other private industry groups shown on p IS 14 Manufacturing Contract construction Retail trade i Seasonal 7 adjusted o S Includes eating and drlnk in places Source Department of Labor S S S S3 7 S AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers increased 1 cent in March to 3 79 not seasonally adjusted and were 5 9 percent above a year earlier In manufacturing the increase in hourly earnings over the past 12 months amounted to 6 4 percent but after adjusting for overtime and interindustry employment shifts the increase was 5 4 percent Average private nonfarm weekly earnings increased by 1 13 to 140 23 and were 6 2 percent above a year earlier DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS A CONTRACT CONSTRUCTION V CONTRACT CONSTRUCTION y 160 MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE TOTAL NONAGRICULTURALPRIVATE H RETAIL TRADE RETAIL TRADE SOURCE DEPARTMENT OF LABOR 1973 COUNCIL OF ECONOMIC A DVISERS For production workers or nonsupervisory employees Average h ouriy earni ngs curre nt dollars Average weekly earn ings curr ent dollars Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar 1 2 Also includes other Includes eating and 3 Total nonagricultural private Manufacturing Contract con struction Retail trade private industry groups shown on p 13 drinking places Adjusted to exclude the effects of overtime and interindustry shifts Total nonagricultural private 1 Manufactur ing Contract con struction Retail trade 2 Manufc icturing indu stries Adjusted Average weekly hourly earnearnings ings dollars Earnings in current dollars divided by the consumer price index Source Department of Labor PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In March industrial production seasonally adjusted showed another sizable increase of 0 7 percent The increase since March of last year was 9 percent Production gains in March were widespread among consumer goods business equipment and materials Index SEASONALLY ADJUSTED SOURC BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar p Total industrial production seasonally adjusted Industry Market MJinufacturi g Fiaal produ cts Inter R T 4Conmediate Equip products rials Non Mining Utilities Total Total Durable durable sumer ment goods sa Source Board of Governors of the Federal Beserve System 16 COUNCIL OF ECONOMIC ADVISERS ioae PRODUCTION OF SELECTED MANUFACTURES Output of most manufactures seasonally adjusted Increased in March An exception was the percent decline in primary metals from the sharply upward revised February level Index SEASONALLY ADJUSTED 160 Index SEASONALLY ADJUSTED 140 fcr JJA CHEM ICALS PETROLEU M AND RUBBER TRANSPORTATION EQUIPMENT 100 I I I 1 I M 1I 1 I I I I M i I 1I I I vr JO A 1Ofl A f PAPER AND PRINTING s l f I I I I I I I Ii il1 IIl1I I f I F1 1 f I I t t FOODS AND TOBACCO TEXTILES APPAREL AND LEATHER SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1973 COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durat le manufcictures Period Primary metals Nc ndurable manufactu res FabriTranspor Lumber Textiles cated Machin tation and apparel ery equipprodand metal products ment leather ucts Paper Chemicals Foods and petroprint leum and tobacco ing rubber Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar na 2 Source Board of Governors oi the Federal Reserve System 11 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production increased again in March MILLIONS OF SHORT TONS MILLIONS OF TONS 1 AI i i I i i i I i t i I i i i i I i I I I i 1 1 I I I III I I I t i I I I I I I I I 1 I I yj J F M A M J J A S O N D BILLIONS OF KILOWATT HOURS 40 6 jy I I I I I I M I I I I 1 I I I 1 I I I I Pi I I I I t I 1 I I I I I I I I I I ill f t I J F M A M J J A S O N D THOUSANDS tli f L J t t i 1 j i f f f i I t t I t f t t l i i i I i f i I i i i t f M 1 I t r I i f t IA J F M A M J J A S O N D ft LiJ f I f f f t f f ft t f M I M f r i I t i t I t I M I M I I f M j J F M A M J J SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR fDiSOM ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Week ended 1973 Mar Apr 7 14 includes data for Alaska Not charted 2 IS Steel p roduced Index Thousands 1967 of net tons 100 A S O N D COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Car s arid triicks power coal mined loaded produced distributed thousands thousands thousands assemb led thoiisands millions of of short of cars Total Cars Trucks of tons 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 dipped slightly in February A decline in public construction was partially offset by a rise in private construction BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION PRIVATE PUBLIC Miiii iii I I i t I i 20 I I I I I I I I I I I I I I I m I I I I I 1 I I 20 1 I SOURCE DEPARTMENT OF COMMERCE Total new construction expenditures Period COUNCIL OF ECONOMIC ADVISERS Private Total Resid ential CommerNew cial and Other Total housing industrial units Bi llions of doll ars C Federal State and local Dec 1973 Jan Feb Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space Seasonally adjusted Seasonall y adjusted at inual rates 1971 Dec 1972 Jan Feb Mar Apr May June July Aug Sept Oct Nov I Constructio n contracts 2 CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Seasonally adjusted annual rates Sources Department of Commerce and McGraw Hill Information Systems Company F W Dodge Division 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts fell from a seasonally adjusted annual rate of 2 46 million units in February to 2 26 millic units in March The first quarter rate of 2 40 million units was the same as in the fourth quarter of last year Permits for future housing declined 4 percent in March 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 including including farm farm Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Total includiniI farm Total Gover nment home p rograms noni arm Two or more FHA VA units Seasona lly ad jus ed annu al One unit Units are for 1 to 4 family housing Authorized by issuance of local building permit in 13 000 lennit issuing places beginning for and 10 000 prior to Propos 3d home constriiction s Private New private housing units authorized rates Applica Requests tions for f o r V A FHA commit appraisals ments Units represented by inc age applications or appraisal requests for home construction 4 Not charted Sources Department of Commerce Department of Housing and Urba Development and Veterans Administration BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business sales seasonally adjusted rose about 1 percent in February while inventories were up 1 8 billion AccordIng to advance reports retail sales rose 2 percent in March following a revised 1 percent increase in February BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED RETAIL TRADE ENLARGED SCALE 25 DURABLE GOODS STORES 20 INVENTORIES 15 SALES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total tmsiness l ReJtaii Wholesale Sales 2 Period Jan Feb Mar Apr Mav June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Sales Inventories 3 Sales The term business also Includes manufacturing 3 Monthly average for year and total for month Book value end of period seasonally adjusted Inventories 3 Millions of I NonDurable durable goods Total goods stores stores dollars seasonally aAdjusted Inventories Total Durable goods stores Nondurable goods stores Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers sales orders and Inventories seasonally adjusted rose in February The ratio of inventories to sa es remained low gauged by the experience of recent years Advance reports for March indicate a further rise in new orders for durable goods BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED MANUFACTlJRERS 1NVEN1 OR1ES X TOTAL i DURABLE MANUFACTtJRERS NEW CORDERS HJRABLE GOODS GOODS vs r X i B m Bk NO sIDURABLE GOO 3S L V NONDURAB JE GOODS 20 I I I I I I I I I t I I 1 1 I 1 I L LI K l I 1 1 1 I I 1 1 V I 1 I 1 1 I I SOURCE DEPARTMENT OF COMMERCE Total I IN M 1973 COUNCIL OF ECONOMIC ADVISERS Manufac urers shi pments l Manufacl urers inv entories 2 Period NonDurable durable goods goods Total NonDurable durable goods goods Ma nufacture rsj new orders l Total Durafc le goods NonCapital durable goods Total industries goods nondefense Manufacturers mventoryshipments ratio 3 Millions of dollars seasonal y ad juste d Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar v 1 2 Monthly average for year and total for month Book value end of period seasonally adjusted 3 For annual periods ratio of weighted average inventories to average monthly 22 shipments for monthly data ratio of inventories at end of month to shipments for month v Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS Reported merchandise imports rose more than exports in March on a seasonally adjusted basis Both were at record high levels BILLIONS OF DOLLARS I SEE NOTE BELOW SOURCE DSPARTMeN T OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Total including reexports l Season Unadally ad justed justed Monthly average t Millions of dollars I erchandi se expor ts MerctLandise iiuports Domesti c exports5 Gen eral imp 3rts Food Crude Food Crude To tal 2 bever mate Manubever mate 2 Total i i ages rials facSeasonrials ages 1 and to and tured ally ad Unad and to and goods bacco 1 fuels justed justed bacco fuels May June Julv Aug Sept Oct Nov Dec 1973 Jan Feb Total excludes Department of Defense shipments oi grant aid military supplies and equipment under the Military Assistance Program 2 Total includes eommoditias and transactions not classified according to kind 8 Total arrivals of imported goods other than intransit shipments Unad Busted U nadjuste d 1972 Jan Feb Mar Apr Grossmerchandise trade Manu surplus seasonfacally adtured justed goods NOTE Data adjusted to include silver ore amcl bu ll io reported se prior to 1969 Source Department of Commerce U S BALANCES ON GOODS SERVICES AND TRANSFERS In 1972 the deficit for merchandise trade was 6 8 billion compared to 2 7 billion in 1971 This was the largest trade deficit in U S history The deficit on current account was 8 0 billion compared to a deficit of 2 8 billion in 1971 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOUICE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars M erchandis 5 12 Period Exports Imports Net balance Netiiavestment i ncome MilitJiry trans actions Direct expenditures Sales Net balance I II III IV I II III IV Private 3 U S Government Ilemittances pensions and other unilateral transfers Net Baltravel Other ance and on trans servporta ices goods and tion net serv 4 expendices 1 itures Balance on current account Seaso nally ad usted J Excludes 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 2 Adjusted 3 24 Equal to net exports of goods and services in the national income and product accounts of the United States when converted to an annual rates basis Source Department of Commerce U S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS In 1972 the U S balance of payments on an official reserve transactions basis was in deficit by 10 billion compared to a deficit of 30 biHion in 1971 The smaller deficit was the result of a sharp reduction in short term capital flows BILLIONS OF DOLLARS 5 B1UJONS OF DOLLARS 5 SEASONALLY ADJUSTED OFFICIAL RESERVE TRANSACTIONS BALANCE BALANCE ON CURRENT ACCOUNT AND LONG TERM CAPITAL 5 to I SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period T Long ter m capital Balance NonAlloflows net liquid shortnf term account private special U S Govern Private 2 and long capital drawing ment 1 flows rights capital net Oil Changes in lia Changes bilities in U S official to foreign reserve official assets agencies net 4 3 net U S official reserve assets net end of period Errors and omissions net Net liquidity balance Liquid private capital flows net 2 Official reserve transactions balance Unadjusted Seas onally ad justed 1971 I II III IV I II III 9 IV Excludes liabilities to foreign official reserve agencies Private foreigners exclude the IMF but include other international and regional organizations s 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 4 Official reserve assets include gold special drawing rights convertible currencies and the U S gold tranche position in the IMF Includes gain of 6 million resulting from revaluation of the German mark in 6October 1969 Includes 28 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of Dec Includes increase of 1 016 million resulting from change in par value of the U S dollar on May 8 Sources Department of Commerce and Treasury Department 25 PRICES CONSUMER PRICES The consumer price index increased 0 9 percent in March the largest unadjusted rise in 22 years after seasonal adjustment the index was up 0 8 percent Food prices up 2 6 percent 2 5 percent adjusted were the biggest element in the March rise Nonfood commodities increased 0 5 percent 0 3 percent adjusted and services were up 0 3 percent Index Index SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period Feb Mar AprMav June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Source Bepartmeot of Labor 26 Services Co mmodities3 Conim odities leg38 food Services All comAll Food Rent less Nonmodities All Durable durable services rent WHOLESALE PRICES he wholesale price index rose 2 2 percent in March both before and after allowance for seasonal factors This sharp ise mainly reflected further strong increases in farm products up 6 6 percent 6 1 percent adjusted and processed foods and feeds which were 3 2 percent higher 3 5 percent seasonally adjusted Industrial commodities prices increased 1 2 percent both unadjusted and adjusted index f Index SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Ail commodities Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Farm products All industrials1 Crude mate Coverage of the subgroups does not correspond exactly to coverage of this index leaf oXScotS CrUde f dstufis and feedstuffs Plant and anlmai flbers oilsee is and Iiidus trial c ommodit es Processed foods and feeds Inter Producmediate er finmateished rials 3 goods Consur ner finished g Dods excludin g foods DurNondurable able Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing source Department of Labor 1 PRICES RECEIVED AND PAID BY FARMERS In the month ended March 1 5 prices received by farmers rose 6 percent while prices paid rose actual and adjusted parity ratios each advanced 4 points percent The Index Index I PRICES PAID INTEREST TAXES AND WAGE RATES J 90 RATIO J yo RATIO J 90 PJ RITY RATIO ACTU a on 80 X x x S s Ssr HUtf gMAHZ v I I 11I 1 t t 1 1 T f 1 1 1 I f i J 1 1 I f I f I t J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON 19HM4 100 BASE SOURCE DEPARTMENT OF AGRICUITURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period Feb 15Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 All farm products Crops Prices paid by farmers Livestock All items Family Producinterest and living tion taxes and products wage rates items items Index Percentage ratio of index of prices received by farmers to index oi prices paid Interest taxes and wage rates on base 28 Parity ratio Actual J Adjusted The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY STOCK The rate of growth of the seasonally adjusted money stock slowed substantially in March Money increased at a 0 5 percent annual rate down from 6 3 percent in February For the first quarter it grew at a 2 1 percent annual rate BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS 350 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME AND SAVINGS DEPOSITS SOURCE BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures billions of dollars j VI one y stoc k Time CurCurand DeDerency rency savings mand mand outoutTotal dededeside side posits l posits1 posits l banks banks SeasonallyT adjusted Unadjustec j klonev stock Period Total Dec Dec Dec Dec Dec Dec Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Deposits at commercial banks COUNCIL OF ECONOMIC ADVISERS Time and savings deposits U S Government demand deposits l Source Board of Governors of the Federal Reserve System 29 PRIVATE LIQUID HOLDINGS NONFINANCIAL INVESTORS Liquid asset holdings of private nonfinancial investors seasonally adjusted increased by 10 billion in March 1 Negotiable certificates of deposit accounted for more than half of the gain BILLIONS OF BILLiONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED p CURRENCY AND DEPOSITS M 1I 1 1I I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1973 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted Cum311 cy and deposits Total liquid assets Period Time cieposits Total Currency Demand deposits mercial banks Dec Dec Dec Dec Dec Dec Dec U S Crovernmeiit S jcurities ShortNonbank term thrift Savings marketinstitubonds able setions curities Negotiable certificates of deposit Commercial paper Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Source Board of Governors of the Federal Reserve System 30 8 8 BANK LOANS INVESTMENTS DEBITS AND RESERVES flommercial bank loans and investments seasonally adjusted rose at a 21 3 percent annual rate In March and at a 21 5 percent rate in the first quarter Net borrowed reserves rose 1 77 million in March BILLIONS OF DOLLARS 600 ALL COMMERCIAL INVESTMENTS IN OTHER SECURITIES INVESTMENTS IN U S GOVERNMENT SECURITIES C MM I I t 1M 1 I M I I L L l l I 1 11I I 1 M 1968 I l I j I I I I t LJ 1 M LI 0 SOURCE BOARD OF GOVERhJORS OF THE FEDERAL RESERVE SYSTEM COUNCIL Or ECONOMIC ADVISERS All commercial banks seaso nally adjust ed data End of period L oans Investrnents Total loans Total Comand Other mercial U S Gov securiinvest excludernment ments ing inter and indus securities ties bank trial Bank debits outside New York City 232 centers seasonally adjusted annual rates l ill membe r banks Total reserves Billions of dollars Mar Apr May June Julv Aug Sept Oct Nov Dec Jan Feb Mar v Debits during period to demand deposit accounts except interbank and U S Government 2 Averages of daily figures Annual data are for December Beginning June 1969 data include all bank premises subsidiaries and other significant majority owned domestic subsidiaries earlier data include commercial banks only Borrowings at Excess Federal Free reserves Reserve reserves Banks Vfillions o f dollars As of June 1971 Farmers Home Administration notes totaling about 0 7 billion are classified as other securities rather than as loans 5 Beginning November adjusted to include certain reserve deficiencies on which penalties can be waived for a transition period in connection with adaptation to Kegulation J 8 Excludes 0 4 billion due to loan reclassification at a large bank Source Board of Governors of the Federal Beserve System 31 CONSUMER AND REAL ESTATE CREDIT Seasonally unadjusted consumer credit increased 355 million in February compared with a 485 million drop a year earlier Consumer instalment credit seasonally adjusted rose by 2 0 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL CONSUMER CREDIT OUTSTANDING INSTALMENT CREDIT 80 NONiNSTALMENT CREDIT s SEASON MLY ADJUSTED ENLARGED SCALE 1 0 INST LMENT CREDIT EXTEENDED L x x r wy f I i 1 1 I xXp L 8 i i i i i I r r i i 1 1 I 1 1 I 1 I I I I I I I 1 1I I I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM N COUNCIL OF ECONOMIC ADVISERS iAlso includes other consumer goods paper and repair and modernization loans not shown separately 2 Consists of single payment loans charge accounts and service credit i i I t 1r i i i i N4 Millions of dollars Consum er instalmcjnt credit e xtended Consu mer credit outstandin g end of p eriod imadjusted and r epaid seas onally adjiisted Instalment To tal Automofc ile paper A NonTotal instal Extended Repaid Extended Repaid Total i bile Personal ment 2 paper loans Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb INSTALMENT CREDIT REPAID 1967 Period X Mortgage debt outstanding nonfarm 1 to 4family houses End of period unadjusted Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES Sfsort fer i market interest rates continued to rise in early April but declined later in the month Yields on intermediate and long term securities declined from their mid March levels PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 CORPORATE Aaa BONDS MOODY S SOURCE SEE TABLE BELOW Period Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr Week ended 1973 Mar Apr COUNCn OF ECONOMIC ADVISERS Percent per annum High grade U S Govc3rnment seen rity yields municipal 3 month bonds 3 5 year Taxable 2 Treasury 3 Standard4 issues bonds bills i Poor s Aaa Baa Kate on new issues within period Selected note and s 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 te bonds Moo dy s a 56 Prime commercial paper 4 6 months FHA new home mortgage yields s Not charted Sources Department of Housing and Urban Development Treasury Department Board of Governors of the Federal Reserve System Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES YIELD AND EARNINGS The stock market declined from the middle of March to early April It moved up slightly in the second week of Apr and then declined Index index COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS A f f I I I f I I 60 I PERCENT PERCENT RATIO RATIO PRICE EARNINGS RATIO ON COMMON STOCKS SOURCEs STANDARD POOR S CORPORATION 1973 COUNCIL OF ECONOMIC ADVISERS l Period Total Mar Apr May June July Aug Sept Get Nov Dec 1973 Jan Feb Mar Week ended 1973 Mar Apr Total Mil Price i ndex Industrials Public Capital Consumers7 1 utilities goods goods Includes 500 common stocks 425 industrials 55 public utilities and 20 railroads Weekly indexes for capital and consumer goods are Wednesday figures all2 other weekly indexes are averages of daily figures Aggregate cash dividends based on latest known annual rate divided by the aggregate monthly market value of the stocks in the group Annual yields 34 Railroads Dividend yield 2 percent a Price earnings ratio are averages of monthly data Weekly data are Wednesday figures 3 Ratio of priee index for last day of quarter to earnings for 12 months ending with that quarter Annual ratios are averages of quarterly data Not charted Source Standard Poor s Corporation FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 8 months of fiscal 1973 there was a deficit of 17 2 billion a year earlier the deficit was 23 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS FISCAL YEARS SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billio ns of dollars Federal debt end of period Period Receipts Fiscal year Cumulative totals for first 8 months Fiscal year 1972 Fiscal year Held by the public Total i i Excludes non interest bearing public debt securities held by IMF Estimate Surplus or deficit Outlays Sources Treasury Department and Office of Management and Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 8 months of fiscal 1973 budget receipts were 19 3 billion higher than a year earlier while outlays were 12 6 billion higher BILLIONS OF DOLLARS SLLIONS OF DOLLARS 180 1 OUTLAYS 180 x AH ion NONDEFENSE OA NATIONAL DEFENSE FISCAL YEARS SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Recei pts Outlays Natio Qal defense Period i Fiscal year Cumulative totals for first 8 months Fiscal year 1972 Fiscal year Estimate 36 Total CorpoIndividual ra 6ion income taxes taxes Other I Total UepartTotal Defense military L tional affairs and finance Health a3 Sources Treasury Department and Office of Management and Budget EDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to current estimates for the fourth quarter Federal receipts rose 8 billion seasonally adjusted annual rate and expenditures rose 21 billion yielding a deficit of 241 3 billion Preliminary estimates for the first quarter Indicate expenditures fell 21 3 billion Receipts data are incomplete BILLIONS OF DOLLARS 300 BILLIONS OF DOLLARS 300 SEASONALLY ADJUSTED ANNUAL RATES r EXPENDITURES RECEIPTS SURPLUS f s jpSSJ W M m mi i I i i H I H i H 1 L i DEFKI1T I I 1970 CALENDAR YEA J PRELIMINARY J i 1 f RS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fe ieral Go vernmen t expend itures Federal jfOvernm ent reeeip ts Period Fiscal year L Calendar year p jrersonai Corporate Total tax and profits nontax tax receipts accruals Indirect business tax and nontax accruals Grantsin aid ContriPurbutions chases Trans to State Net for Total of goods fer pay and interest social inand ments local paid services governsurance ments Surplus or Subsidies Less deficit less Wage current accruals income less surplus of and Governdisment en burse product terprises ments I o O I III IV I T II III IV i 1973 I 1 Estimate 2 39 million 109 0 Source Department of Commerce UNITED STATES GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC U S POSTAGE AND FEES PA ID GOVERNMENT PRINTING OFFICE DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail 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 page 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 Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales 5and 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 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 Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis 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 55 cents single copy Subscription price 6 50 per year 1 75 additional for foreign mailimg 38 U S GOVERNMENT PRINTING OFFICE 1973

Prices Received and Paid, by Farmers

DATE: April 1973

PART OF:

Economic Indicators : April 1973

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

Download (pdf)

Share this page:

Table of Contents

less

Save & Share

less

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-. "Prices Received and Paid, by Farmers," 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-. "April 1973," Economic Indicators (April 1973) : 30-30. https://fraser.stlouisfed.org/title/1/item/164/toc/324821 , accessed on December 12, 2019.

More Information

less

SUBJECTS:

THEME:

Economic Data