Nonagricultural Employment

Name: Nonagricultural Employment
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. 93d Congress 1st Session Economic Indicators May 1973 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 WRIGHT PATMAN Texas Chairman WILLIAM PROXMIRE Wisconsin Vice Chairman 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 BARBER B CONABLE Jr New York CLARENCE J BROWN Ohio BEN B BLACKBURN Georgia SENATE JOHN SPARKMAN Alabama J W FULBRIGHT Arkansas ABRAHAM RIBICOFF Connecticut HUBERT H HUMPHREY Minnesota LLOYD M BENTSEN Jr Texas JACOB K JAVITS New York CHARLES H PERCY Illinois JAMES B PEARSON Kansas RICHARD S SCHWEIKER Pennsylvania JOHN R STARK Executive Director LOUGHLIN F McHuGH Senior Economist COUNCIL OF HERBERT STEIN Chairman 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 5 5 cents a single copy or by subscription at 6 50 per year 1 75 additional for foreign mailing 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 TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product rose by an extraordinary 43 billion seasonally adjusted annual rate to 1 238 billion in the first quarter according to revised estimates There was a huge rise of 28 billion in consumer expenditures The excess of imports over exports improved somewhat while business investment and government purchases at all levels increased Billions of dollars quarterly data at seasonally adjusted annual rates Persons jovernme nt E xpenditur es N et receipts PerLess Equals Less Less sonal Tax Interest Total Personal saving TransTrans Equals and Purpaid and exclud consump or fers Total tion nontax fers Equals expend interest chases ing Total transfer interest expend dis receipts interest Net of goods payand receipts itures and itures saving or and and ments SUD SUD 2 accruals sidies to for transsidies 2 services fers eigners Disposab le personsil income Period Surplus or deficit income and product accounts III IV I II III IV Net Net exports of goods and service s Excess of Total StatisGross Excess transfers Gross private to fortransfers income tical of retained domestic invest eigners or or discrepearnby of net ment sonsper Exports Less Equals exports receipts ancy and Net ings 3 investment 4 Imports exports Government Gross national product or expenditure Iiiternation al Business Period III IV II III IV i 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 s 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 in4disposable 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 GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted rose at an annual rate of 15 2 percent in the first quarter Real rose at an 8 0 percent rate while prices increased at a 6 6 percent rate BILLIONS OF DOLLARS 1 400 BILLIONS OF DOLLARS 11 400 SEASONALLY ADJUSTED ANNUAL RATES PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES 200 J I i UIIIMIIII IIII IIIII 200 IIIII HilMM NET EXPORTS OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT I I 1972 SOURCE DEPARTMENT OF COMMERCE III IV 1972 I II Ill IV I This category corresponds closely with budget outlays for national defense shown on p 36 COUNCIL OF ECONOMIC ADVISERS Total Personal Gross congross Total private sump domestic national gross tion product national investin 1958 product expendment itures dollars Billions 3f dollars quarterly Period I Gove rnment Durchases of good s and Net services exports Federal of goods State Total and National Other and Total defense1 services local Implicit price deflator for total GNP data at s easonall y ad juste d annual rates ia Gross national product in current dollars divided by gross national product in 1958 dollars Source Department of Commerce NATIONAL INCOME According to preliminary estimates national income rose 33 billion seasonally adjusted annual rate in the first quarter following a rise of 31 billion in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 1973 SOURC DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period Total national income Compensation of em 1 ployees Proprieto rs income Farm 2 Business and professional Rental income of per Net Corporal Q profits and inventory va luation ac justment interest Total Profits Inventory before valuation taxes adjustment o III IV I II III IV 1973 I 1 3 Includes employer contributions for social insurance See also p 4 Excludes farm profits of corporations engaged in farming and therefore differs from net farm income including net inventory change on p 6 which includes such profits Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income rose in April at a seasonally adjusted annual rate of 7 billion about the same as the averase rise in the 2 preceding months With employment and average weekly earnings high wages and salaries increased 6 billion BILLIONS OF DOLLARS 1 200 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period Total personal income Mar 913 6 Apr 919 4 May 924 0 June 922 9 July Aug 940 0 Sept 946 8 Oct 964 8 Nov 976 2 Dec Jan 986 0 Feb 994 5 Marv Apr The total of wage and salary disbursements and other labor income differs from compensation of employees see p 3 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements 2 Consists of employer contributions to private pension health and welfare funds compensation for injuries directors fees military reserve pay and a few other minor items COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental and Other Propriet 3rs income income Divi Personal Transfer salary labor 1 2 Business payof dends interest ments disburse income and pro persons income Farm l fessional ments Less Personal contributions for social insurance Nonagricultural personal income Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations Source Department of Commerce DISPOSITION OF PERSONAL INCOME Real per capita disposable income seasonally adjusted rose again in the first quarter and was 6 percent above a year earlier BILLIONS OF DOLLARS 1 000 BILLIONS OF DOLLARS DISPOSABLE PERSONAL INCOME DOLLARS 4 500 PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF CO AMERCE Period Less PerPersonal sonal tax and income nontax payments COUNCIL OF ECONOMIC ADVISERS Less Perse nal outla ys Equals Persoilal consulnption Equals Disex penditure s 2 Personal Total posable saving personal personal Durable Nonincome outlays l goods durable Services goods Billions of dollars Per caj ita disposable personal inc 3me Current dollars 1958 dollars Saving as percent of Populadistion posable thou 3 personal sands income percent Dol lars Seasc naily adjiisted annu al rates IV I I II IIIIV 1 Includes personal consumption expenditures interest paid by consumers ind personal transfer payments to foreigners 2 See p 2 for total personal consumption expenditures Includes Armed Forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Source Department of Commerce FARM INCOME In the first quarter net farm income seasonally adjusted rose by about 4 percent Net income from farming in constant dollars per farm was 10 percent above a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES SO NET FARM INCOME INCLUDING NET INVENTORY CHANGE J f J J J I I J I f 1971 t 1972 Personal rincome re ceived by total 1 arm popu lation ncome re ceived fro m farmingI Net t o farm oper ators Realizejd gross From all sources From farm sources f 1973 COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF AGRICULTURE Period J From nonfarm sources Net inc ome per farm inci uding net inventor r change 3 ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1967 from Total ventory ventory dollars dollars 4 2 marketchange change ings Billions f dollars Doi lars Seaso nalty adj uisted annual rates 1971 III IV 1972 I II III IV 1973 I 1 Cash receipts from marketings Government payments and nomnoney income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also see footnote 2 p 3 Based on Census of Agriculture definition of a farm The number of farms is held constant within a year 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 including inventory valuation adjustment rose 3 4 billion seasonally adjusted annual rate in the first quarter The sharp rise in wholesale prices brought about a pronounced increase in inventory gains so that book profits excluding inventory valuation adjustment rose 11 6 billion BILLIONS OF DOLLARS I If PRELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISES Billions of dollars quarterly data at seasonally CorjDerate pi ofits bef Dre taxes and inveritory valuation adjustme Dt TransCorpoM anufaetui ing portation rate Period comprofits NonAll Durable durable muniAll 1 before indusgoods taxes goods cations other tries Total indusand indus public tries tries utilities adjusted annual rates Cor Derate pi ofits tfter taxcJS Corporate DiviUntax liabil Total dend distribpayuted ity ments profits Corporate capital consumption allow 2 ances Profits plus capital consumption allowances IIL IV I II III IV I i Includes all other industries and financial institutions 8 Includes depreciation and accidental damages s 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 SOURCES DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed knvestment Period Total gross private domestic Total investment Resid ential struc tures N president ial Struc tures Total Total Nonfarm Produce rs7 durable equdpment Total Nonfarm Total Nonfarm Change in business inv entories Total Nonfarm IV II III IV Source Department of Commerce 8 o 1 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 18 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING MANUFACTURING j 20 I J L I J I I 1970 V I L f SEE FOOTNOTE 3 BELOW SOURCE DEPARTMENT OF CO AMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates M r anufactu rlno Period Total 1 l III IV 1973 I d half 3 1 Nondurable goods I TI Durable goods Mining Total 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 systemc tic tendencies in expectations data Transportat ion Railroad Commercial and other 2 Other Public utilities Communication Air NOTE Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures donot agree with the totals included in the gross national product estimates principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Source Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In April both the labor force and employment grew by small amounts on a seasonally adjusted basis following the exceptionally large gains recorded during February and March An increase in nonagricultural employment was almost offset by a decline in agricultural employment during April MILLIONS OF PERSONS 90 MILLIONS OF PERSONS 90 PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE SEASONALLY ADJUSTED Y E A R S OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Total labor force includAlng Armed Forces Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr COUNCIL OF ECONOMIC ADVISERS Civilisin employ ment Total Total labor Unemforce Nonploy includagriment ing eulArmed tural Forces Thousands of T ersons Unadj isted Civili in emplc yment Civilian labor force Total Agricultural years of age and o ver Nonagricultural Labor Unem Unemp oyment force rate percent of participloycivilia n labor pation ment for ce rate1 Percent Seasonally adjusted Unadjusted S o Total labor force as percent of noninstitutional population Source Department of Labor QG Seaso nally adju sted Data beginning January 1972 not strictly comparable with prior data because 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 remained at 5 0 percent in April and was well below the 5 8 percent of a year earlier PERCENT 10 PERCENT SEASONALLY ADJUSTED IABOR FORCE TIME LOST UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE MARRIED MEN COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR UneEaploymen t rate percen t of civiliiin labor for ce in groLip Period Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr 1 Persons at work in nonagn cultural iridustries by hours worked i er week 2 Uiider 35 ho UTS Labor Experi Married force enced All time lost J Over 40 wage and men hours workers salary wife workers present Per cent Seasonall y adjusted S Man hours lost by the unemployed and persons on part time for economic reasons as a percent of potentially available labor force man hours 2 Differs from total nonagricultural employment p 10 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes s 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 fullfullparttime 3 time 3 time 4 Thousan ds of pers ons 16 ye ars of age and over I Jnadjusteo Seasonall y Usually parttime 4 adjusted Primarily 6 includes persons who could find only part time work Average hours worked usually full time 23 5 usually part time 18 6 Source Department f Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In April insured unemployment under State programs averaged 328 000 lower than a year earlier The seasonally adjusted insured unemployment rate declined slightly to 2 7 percent MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT tSTATE PROGRAMS 1971 I 1972 JAN FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT SOURCE DEPARTMENT OF LABOR Period A 11 programas Total Insured unem benefits Insured Covered ploypaid unememploy ment milploy weekly ment lions ment averof dolage lars Stiite progra ms Initial claims Exhaustions Insurec1 unemploymen t as percent of covered employment SeasonUnad ally adjusted justed Weekly iiverage t lousands NOTE For definitions and coverage see the 1967 Supplement to Economic Indicators DEC COUNCIL OF ECONOMIC ADVISERS Thou sands Mar 2 922 Apr p 2 430 May v 2 105 June July Aug Sept 1 554 Oct 1 511 Nov Dec Jan Feb 2 250 Mar v 2 077 Apr 1 836 Week ended 1973 Apr v May NOV Source Department of Labor Per sent Benefi ts paid Total Average weekly lions of check dollars dollars mil NONAGRICULTURAL EMPLOYMENT Total nonfarm payroll employment rose by seasonally adjusted In April following increases of 208 000 in March and 480 000 in February Since April 1972 the number of payroll jobs has grown by 2 8 million with factory employment accounting for nearly 1 million of the increase MILLIONS OF WAGE MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED AND SALARY WORKERS SEASONALLY ADJUSTED ENLARGED SCALE 72 S WlP ALL NONAGRICULTURAL ESTABLISHMENTS 68 14 WHOLESALE AND RETAIL TRADE NONMANUFACTUR ING PRIVATE SERVICES DURABLE MANUFACTURING 36 10 f AMANUFACTURING x NONDURABLE MANUFACTURING fc tnim iWlli ra u cGOVERNMENT CONTRACT CONSTRUCTION i ii I t 1 i i 1 I 1 IK SOURCE DEPARTMENT OF LABOR 1973 COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers l seasonally adjusted N onmanufacturini private Manufa sturing private Period Total Total Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Marp Apr Oil NonDurable durable goods goods Total Con Trans Whole Finance insursale tract portation ance Services Federal State Mining conand and and and retail strue public local real tion utilities trade estate Includes ail 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 persons and domestic servants which count persons as employed when they Gover nment 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 both the private nonfarm sector as a whole and the manufacturing subsector increased by 0 2 hour in April The factory workweek was at its highest level since 1966 HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED MANUFACTIJR1NG TOTAL NONAGRICULTURAL PRIVATE AA 44 A P r i A i y t i i i I i i f t 1 I I 1 1 1 I I t I I f I I I I f f f IK H Q Jo 36 1 t 1 H t 1 t I t IK Af 38 i t i r i 1 i i i i i 1972 RETAIL TRAC E CONTRACT CONSTRUCTION f t I H I l t 1 I I I I I V I 1 i SOURCE DEPARTMENT OF IABOR COUNCIL OF ECONOMIC ADVISERS 1 Average hours per week Period Total nonagricultural2 private Manufacturing Contract construction Retail trade 3 Total nonagricultural2 private Unad justed Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr v Data relate to production workers or nonsupervisory employees Also includes other private industry groups shown on p Manufacturing Contract construction Retail trade 3 Seasonally7 adjusted S Includes eating and drinking places Source Department of Labor L S3 7 00 r t oo t S S3 5 AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers increased 2 cents in April to 3 82 not seasonally adjusted and were 5 8 percent above a year earlier In manufacturing the rise over the year amounted to 6 6 percent but after adjusting for overtime and interindustry employment shifts the increase was 5 4 percent Average weekly earnings rose by 1 1 2 to 141 72 and were 6 1 percent above a year earlier DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS CONTRACT CONSTRUCTION TOTAL NONAGRICULTURAL PRIVATE TOTAL NONAGRICULTURALPRIVATE T RETAIL TRADE RETAIL TRADE RETv SOURCE DEPARTMENT OF LABOR 1973 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average h ourly earni ngs curre nt dollars Average weekly earalings curr ent dollars Period Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr v 1 Also includes other 2 Includes eating and 3 Total nonagricultural private Manufacturing Contract construction Retail trade private industry groups shown on p 13 drinking places Adjusted to exclude the effects of overtime and interindustry shifts Total nonagricultural private l Manufacturing Contract construction Retail trade Manufe icturing indu stries Adjusted Average weekly hourly earnearnings ings i n T lyo 1967 i nn s dollars Earnings in current dollars divided by the consumer price index Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production seasonally adjusted increased 1 0 percent further in April following a 0 6 percent rise in March The April index was 9 0 percent above a year earlier Index SEASONALLY ADJUSTED 160 Index SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Total industrial production Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar p Apr seasonally adjusted Industry Market Final produ cts Mimufacturi g InterConMining Utilities mediate MateEquip products rials NonDurable durable Total Total sumer ment goods Source Board of Governors of the Federal Reserve System 16 COUNCIL OF ECONOMIC ADVISERS PRODUCTION OF SELECTED MANUFACTURES Production gains in April were widespread among durable and nondurable manufactures seasonally adjusted Index SEASONALLY ADJUSTED 140 Index SEASONALLY ADJUSTED 130 1C A LUMBER AND PRODUCTS 120 1 AC son CHEMICALS PETROLEU M f AND RUBBER ff I v TRANSPORTATION EQUIPMENT I II I I I 1 I I f I I I II I I M I I I I II I I I M I I 100 Tf 1 11M M 1 PAPER AND PRINTING S f t li M I X S A i M ii1 i r f ff s 1 f M 1 f f f M SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durafc le manufoictures Period Primary metals Ncm durable manufactu res FabriTranspor Lumber Textiles Paper cated Machin tation and apparel and ery metal and equipprodprintproducts ing ment leather ucts Chemicals Foods petroleum and tobacco rubber Mar Apr May Q June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar v Apr v Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Production of steel rose in April Most other weekly indicators of production declined MILLIONS OF SHORT TONS MILLIONS OF TONS STEEL 1971 n i i I i i I i 1 1 1 I j i i I i i i i i 1 1 i M i ly i i I i i i i I i i i I i i i I i i i J F M A M J J A S O N D BILLIONS OF KILOWATT HOURS 40 ELECTRIC POWER 6 1 y i l l I I I 1 i i i 1 I ii i i t 1 t i i illli i t l i i i I i i t i B i t i I i ill I i i i J F M A M J J A S O K D THOUSANDS CARS AND TRUCKS 30 n l t i f i i 1 1 1 1 t I r i i I i i f i t i I i i I 1 1 I i 1 25 J F M A M J J A S O N D J F M A M J J SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Steel p roduced Index Thousands 1967 of net tons 100 Period Weekly average Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr 9 Week ended 1973 Apr May includes data for Alaska Not charted 2 18 A S O N D COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboarc Car s and tnicks power coal mined loaded produced distributed thousands thousands thousands assemb led thoiisands of short millions of Total Cars Trucks of tons of cars kilowattr 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 rose 2 percent in March Both public and private construction contributed to the gain BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period Total new construction expenditures COUNCIL OF ECONOMIC ADVISERS TD 4Jrrivate Total Resic ential CommerNew cial and Other housing Total l industrial units Bi lions of dol ars e Federal State and local Feb Mar L 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 Seasonally adjusted atinual rates 1972 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Constructio n contracts 2 CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Seasonally adjusted annual rates S 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 6 5 percent in April on a seasonally adjusted basis Starts had dipped slightly in February and declined 8 5 percent in March MILLIONS OF UNITS 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 ing farm farm Period Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar 9 Apr Private Total includingI farm Total Gover nment home p rograms noni arm Two or FHA VA more units Seasona lly ad jus ted annu al One unit Units are for 1 to 4 family housing Authorized by issuance of local building pei mit in 14 0 iO permit issijing places beginning for for and 10 000 prior to Propos sd home constriiction s New private housing units authorized rates Applica Requests tions for for VA FHA commit appraisals ments Units repres en ted by nlortgage ap plications or ap praisal requ ssts for new hoine construct on g ources Dep artment of Commerce Department of Housing and Urban De elopment a nd Veterans Administr ation BUSINESS SALES AND INVENTORIES TOTAL AND TRADE The 1 4 billion seasonally adjusted rise in business inventories in March was smaller than the increases in January and February Retail sales fell in April according to advance reports following four large monthly increases BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED RETAIL TRADE ENLARGED SCALE 25 DURABLE GOODS STORES 20 INVENTORIES 15 SALES V NONDURABLE GOODS STORES INVENTORIES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total Imsiness 1 R 3tail Wholesale Sales 2 Period Sales Feb Mar Apr Mav June July Aug Sept Oct Nov Dec Jan Feb Mar Apr The Inventories 3 Sales term business also includes manufacturing see page 22 Monthly average for year and total for month s Book value end of period seasonally adjusted 1973 Inventories 3 IMillions of NonDurable durable goods goods stores stores dollars seasonally a d justed Total Inventories 3 Total Durable goods stores Nondurable goods stores Source Department of Commerce 21 AND NEW ORDERS MANUFACTURERS SHIPMENTS Manufacturers shipments new orders and inventories seasonally adjusted rose in March The ratio of inventories to shipments remained low According to advance reports new orders received by durable goods manufacturers fell in April while shipments rose BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED MANUFACTURERS SHIPMENTS 110 MANUFACTURERS INVENTORIES 100 TOTAL 90 80 DURABLE GOODS MANUFACTURERS NEW ORDERS 50 NONDURABLE GOODS SOURCE DEPARTMENT OF COMMERCE Total 1973 COUNCIL OF ECONOMIC ADVISERS Manufac turers sh ipments l Manufad burers inv entories 2 Period 1972 NonDurable durable goods goods Total NonDurable durable goods goods Ma nufacture rs new orde rs l Total Durat le goods NonCapital durable goods Total industries goods nondefense Manufacturers mventoryshipments ratio 3 Millions of dollars seasonal y ad juste d Feb Mar Apr May June July Aug Sept Oct Nov 66 553 Dec Jan Feb 69 123 Mar p Apr Monthly average for year and total for month 2 Book value end of period seasonally adjusted s 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 Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS As a result of a substantial increase in exports of agricultural commodities the balance on U S merchandise trade improved from a seasonally adjusted deficit of 476 million in February to a deficit of only 53 million in March BILLIONS OF DOLLARS SEE NOTE BELOW SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Total including reexports l Season Unadally ad justed justed Monthly average Millions IN lerehandi se expor s Domesti c exports Food Crude bever mate2 Total i rials ages and to and bacco fuels of dollars J Manufactured goods Merch andise iinports Gen eral impc3rts 3 2 Food Crude Total bever mateSeasonages rials ally ad Unad and to and justed bacco justed fuels S Total excludes Department of 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 Total arrivals of imported goods other than intransit shipments Unad usted U n ad juste i 1972 Feb Mar Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Grossmerchandise trade Manu surplus seasonfacally adtured justed goods S NOTE Data adjusted to include silver ore and bullion reported separately prior to 1969 Source Department of Commerce 23 U S BALANCES ON GOODS SERVICES AND TRANSFERS The deficit on goods and services declined from 656 million seasonally adjusted in the fourth quarter of 1972 to 350 million in the first quarter of 1973 This improvement was due to a sharp decline in the trade deficit BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars ReM erchandis e 1 2 Period Netiiavestment i ncome Mili iry transactions Direct expenditures Sales Net balance Other and trans servporta ices tion net expenditures III I V i O OOO III IV I U S Government Net travel Exports Imports Net balance Excludes 2 Adjusted s Seaso nally ad listed 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 Private mitBaltances ance penon sions goods and and other servuniices 1 4 lateral transfers Balance on current account 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 K S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS e U S balance of payments on an official reserve transactions basis was in deficit by 10 billion seasonally adjusted In the first quarter compared to a deficit of 1 billion in the fourth quarter This large increase in the overall payments deficit reflected massive dollar outflows during the international monetary turmoil of February and March BiLLIONS OF DOLLARS 5 BILLIONS OF DOLLARS 5 BALANCE ON CURRENT ACCOUNT AND LONG TERM CAPITAL SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period NonLong ter m capital Balance liquid on flows net current shortterm account private U S and long capital Govern Private 2 term ment 1 capital flows net L Allocations of special drawing rights Errors and omissions net Net liquidity balance Liquid private capital flows net 2 Changes in lia Changes Official reserve bilities in U S to official transactions foreign reserve official balance agencies assets net 4 net OQQ Oi7t7 U S official reserve assets net end of period Unadjusted Sea sonally ad justed 1971 III IV I II III IV I Excludes liabilities to foreign official reserve agencies Private foreigners exclude the IMF but include other international and regional organizations a Includes liabilities to foreign official agencies reported by U S Government id U S banks and U S liabilities to the IMF arising from reversible gold sales 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 67 million resulting from revaluation of the German mark in October 1969 F 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 8 Dollar equivalents not revalued to reflect de facto conversion rates Sources Department of Commerce and Treasury Department 25 PRICES CONSUMER PRICES In April the consumer price index rose 0 7 percent 0 6 percent seasonally adjusted Food prices rose 1 5 percent 1 4 percent adjusted the smallest rise for any month so far this year Nonfood commodity prices increased 0 7 percent 0 4 percent adjusted while services prices rose 0 3 percent Index Index SOURCE DEPARTMENT Of IABO8 COUNCtt OF ECONOMIC ADVISERS All items Period Mar Apr May June July Aug Sept Oct No v Dec 1973 Jan Feb Mar Apr Source Department of Labor 26 All commodities Services Commoditie 3 Comm odities leg58 food Services All Food less Non services Rent All Durable durable rent na WHOLESALE PRICES The wholesale price index rose 0 8 percent in April 1 0 percent after adjustment for seasonal factors The increase reflected mainly a 1 4 percent rise in industrial commodity prices 1 3 percent adjusted the third consecutive monthly increase exceeding 1 percent Farm products prices declined 0 2 percent but after seasonal adjustment were up 1 1 percent Processed foods and feeds prices declined 1 1 percent 0 6 percent adjusted their first decline in 8 months Index Index PROCESSED FOODS AND FEEDS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period Mar Apr Mav June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr Farm products Processed foods and feeds Coverage of the subgroups does not correspond exactly to coverage of this Index 2 Excludes crude foodstuffs and feedstuffs plant and animal fibers oilseeds and leaf tobacco Iiidustrial c ommoditi es All industrials R Crude materials Inter Producmediate er finmateished rials 3 goods a Consuiiner finished g Dods exeluding5 foods NonDurdurable able as Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Source Department of Labor O 7 PRICES RECEIVED AND PAID BY FARMERS In the month ended April 1 5 prices received by farmers declined 11 4 percent while prices paid rose 11A percen The actual parity ratio fell 3 points while the adjusted ratio fell 2 points index Index F PRICES PAID 130 INTEREST TAXES AND WAGE RATES RATIO J 90 RATION 90 P RITY RATIO ACTUAL y I 1 I 1 1 1 t I I I 1 1 1 I Mar 15 Apr 15 Mav 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15Dec Jan 15 Feb 15 Mar 15 Apr i i i i 1 i nI i I i l I I i Ii iIi f r r if r r i 1972 Prices received by armers Prices paid by farmers i All items Family Livestock interest ProducAll farm and living tion Crops products taxes and products wage rates items items Index i Percentage ratio of Index oi prices received by farmers to index of prices paid interest taxes and wage rates on base 28 J RATIO OF INDEX OF PRICES RECEIVED TO INDEX Op PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE Period A i r f r I i f i i COUNCIL OF ECONOMIC ADVISERS Parity ratio1 Actual Adjusted The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY STOCK The seasonally adjusted money stock grew at an 8 2 percent annual rate in April Over the past 12 months It has grown by 6 3 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE BOARD OF GOVERNORS OF THE FEBERAl RESERVE SYSTEM Period Dec Dec Dec Dec Dec Dec Mar Apr May June July Aug Sept Get Nov Dec Jan Feb Mar Apr v 1 Deposits at commercial banks COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars Jvloney stoc k doney stock Time CurCurand DeDerency rency savings mand mand Total outoutTotal dededeside side posits 1 posits 1 posits1 banks banks I Seasonal 3 adjusted r Unadjustec I Time and savings deposits l U S Government demand deposits l Source Board of Governors of the Federal Reserve System 29 PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Seasonally adjusted liquid asset holdings of private nonfinanciai investors increased at a 13 3 percent annual rate in April compared to a 16 7 percent rate in March The largest increase was again in negotiable certificates of deposit BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollarSj seasonally adjusted Curr sncy and deposits Total liquid assets Period Dec Dec Dec Dec Dec Dec Dec 1972 Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Time d eposits Total Currency Commercial banks ShortNonbank term thrift Savings marketinstitubonds able setions curities Negotiable certificates of deposit Commercial paper Source Board of Governors of the Federal Reserve System 30 Demand deposits U S Crovernment se curities BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans and investments seasonally adjusted rose at a 5 5 percent annual rate in April after rising at a 21 3 percent rate in March Net borrowed reserves in April were virtually unchanged at one of the highest levels in history BILLIONS OF DOLLARS 600 BILLIONS OF DOLLARS 600 ALL COMMERCIAL BANKS 500 INVESTMENTS IN U S GOVERNMENT SECURITIES SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS All commercial banks seasonally adjust ed data L oans Investraents Total loans ComTotal and Other mercial U S Gov securiinvest excludernment ments ing inter and indus securities ties bank trial End of period Bank debits outside New York City 232 centers seasonally adjusted annual rates 1 Adl membe r banks 2 Total reserves Millions o r dollars Billions of dollars Apr May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar v Apr Debits during period to demand deposit accounts except interbank and U S Government 2 Averages of daily figures Annual data are for December 8 Beginning June 1969 data include all bank premises subsidiaries and other significant majority owned domestic subsidiaries earlier data include commercial banks only 4 As of June 1971 Farmers Home Administration notes totaling about 0 7 billion are classified as other securities rather than as loans Borrowings at Free Excess Federal reserves Reserve reserves Banks Beginning November 9 1972 adjusted to include certain reserve deficiencies on which penalties can be waived for a transition period in connection with adaptation to Regulation J 8 Excludes 0 4 billion due to loan reclassification at a large bank Source Board of Governors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT Seasonally unadjusted consumer credit increased 1 738 million in March compared with a 938 million rise a year earlier Consumer instalment credit seasonally adjusted rose by 2 0 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING INSTALMENT CREDIT 80 80 NONINSTALMENT 20 20 I I I i I f I 1 I 1I I 1 11 I I I 1 I I I I I I I I I f t I I f I I I I I 11 I I f I 14 f I I I I I I I 14 X SEASOMULY ADJUSTED CENLARGED SCALE s 19 JNST M MENT CR EDIT EXll ENDED 1ft xcr r jr X x x r in INSTALMENT C REDIT REPAID 4 A I I i i i mil i i i i i W I 1 I i I I I 1t 1 1 t I i SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 1973 Millions of dollars Consu mer credit outstandin g end of p eriod Consum er instalme nt credit e xtended iinadjusted and r epaid seasonally adjiisted Instalment To tal Automot ile paper NonAutomol Total bile Personal instal Extended Repaid Extended Repaid Total ment 2 paper loans N COUNCIL OF ECONOMIC ADVISERS iso includes other consumer goods paper and repair and modernization loans not shown separately 2 Consists of single payment loans charge accounts and service credit 32 f I 1 1 1 i 1 1 1 f End of period unadjusted Source Board of Governors of the Federal Reserve System Mortgage debt outstandings nonfarm 1 to 4houses BOND YIELDS AND INTEREST RATES Yields on 3 month Treasury bills and municipal bonds declined slightly from late April to mid May while yields on long term Government securities and the prime commercial paper rate rose Yields on FHA new home mortgages rose 10 basis points in April PERCENT PER ANNUM PERCENT PER ANNUM 10 PRIME COMMERCIAL PAPER CORPORATE Aaa BONDS MOODY S 1967 SOURCE SEE TABLE BELOW Period Apr Mav June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr May Week ended 1973 Apr May COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Gov ernment secu rity yields municipal 3 month bonds 3 5 year Taxable 2 Treasury 3 Standard4 issues bonds bills l Poor s r 339 I Rate 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 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 Prime commercial paper 4 6 months Corpora te bonds Moc dy s Aaa Baa FHA new home mortgage yields o 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 013 COMMON STOCK PRICES YIELD AND EARNINGS The stock market continued to decline in the second half of April and the first half of May Index 1941 4C 10 nde c Mor ITHLY ion WEEKLY 120 COMPOS ITE PRICE INDEX FO R 500 C OMMON STOCKS V iin f V n A n M I 1 1 1 I 1 M 11 I 1 I V 100 on v y on i i Iii i ii 1 1 I I I I I I f RCENT RATIO 25 RATIO 25 PRICE EARNIN 3S RATIO ON COMMON STOCKS I I SOURCE PERCENT f I I i i i 15 f STANDARD POOR S CORPORATION Period Feb Mar Apr Week ended 1973 Apr May 4 ll lS 1 Price index l Industrials Total Total Public utilities Railroads j Dividend yield 2 percent f 10 K Price earnings ratio Capital 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 dally figures Aggregate cash dividends based on latest known annual rate divided by the aggregate monthly market value of the stocks in the group Annual yields COUNCIL OF ECONOMIC ADVISERS Apr May June July Aug Sept Oct Nov Dec 1973 Jan Consumers goods are averages of monthly data Weekly data are Wednesday figures 3 Ratio of price 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 FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 9 months of fiscal 1973 there was a deficit of 22 0 billion a year earlier the deficit was 28 9 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS FISCAL YEARS SOURCE TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars i Federal debt send of period Period Fiscal year Cumulative totals for first 9 months Fiscal year 1972 Fiscal year 1973 Receipts Total i Held by the public I R Excludes non interest bearing public debt securities held by IMF 8 Estimates as revised May Outlays Surplus or deficit Sources Treasury Department and Office of Management and Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION fn the first 9 months of fiscal 1973 budget receipts were 20 0 billion higher than a year earlier while outlays were 13 1 billion higher BILLIONS OF DOLLARS 120 BILLIONS OF DOLLARS 120 RECEIPTS INDIVIDUAL INCOME TAXES n OTHER RECEIPTS CORPORATION INCOME TAXES I I OUTLAYS NONDEFENSE NATIONAL DEFENSE 60 I I FISCAL YEARS SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Outlays Receipts Natio nal defense Period Fiscal year Cumulative totals for first 9 months Fiscal year 1972 Fiscal year 1973 Total Other Total Department of Total Defense military i Estimates as revised May Individual Corporation income income taxes taxes Interna Health tional Inand affairs income terest Other and finance security Sources Treasury Department and Office of Management and Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to preliminary estimates for the first quarter Federal receipts rose 14 1 billion seasonally adjusted annual rate and expenditures declined 2 7 billion As a result the deficit declined sharply to 7 5 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS m m i 1 i i i 1 I i DEFICIT 1 f 1 f f f 1969 J PRELIMINARY 1 1 I 1970 CALENDAR YEA RS 1 y P i SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fe ieral Go1vernmen b expend itures Federal aovernm ent receip ts Period Fiscal year Calendar year Indirect Personal Corpo business rate tax and profits tax and Total nontax tax nontax receipts accruals accruals Grantsin aid ContriPurchases Trans to State Net butions for Total of goods fer pay and interest social inand ments local paid services governsurance ments Surplus or Subsidies Less less Wage deficit current accruals income surplus of less and Governdisproduct ment en burse accounts terprises ments III IV rO I III IV i 39 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 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 mailing 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 U S G O V E R N M E N T P R I N T I N G O F F I C E

Nonagricultural Employment

DATE: May 1973

PART OF:

Economic Indicators : May 1973

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-. "Nonagricultural Employment," 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-. "May 1973," Economic Indicators (May 1973) : 15-15. https://fraser.stlouisfed.org/title/1/item/165/toc/94513 , accessed on December 13, 2019.

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Economic Data