Disposition of Personal Income

Name: Disposition of Personal Income
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 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 PATMAN Texas Chairman WILLIAM PROXMIRE Wisconsin Vice Chairman SENATE JOHN SPARKMAN Alabama J W FULBRIGHT Arkansas ABRAHAM RIBICOFF Connecticut H HUMPHREY Minnesota LLOYD M BENTSEN Jr Texas JACOB K JAVITS New York CHARLES H PERCY Illinois JAMES B PEARSON Kansas RICHARD S 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 BARBER B CONABLE Jr New York CLARENCE J BROWN Ohio BEN B BLACKBURN Georgia JOHN R STARK Executive Director LOUGHLIN F McHuGH Senior Economist OF STEIN Chairman GARY L SEEVERS Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sx CONGRESS CHAPTER 237 IST S J Res 553 To print the monthly publication entitled Economic Indicators8 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 55 a or by subscription at 6 50 per year 1 75 additional for foreign mailing OF D C 20402 Subscribers who wish to receive it at an earlier tage of provisions for airmail subscriptions The price is 3 60 additional per year 13 release advan Gross national product Increased 29 5 billion In trie second quarter to a seasonally adjusted annual rate of billion according to current estimates The increase for the first quarter was 43 3 billion Billions of dollars quarterly data at seasonally adjusted annual 1 iovernme at Persons E xpenditur es N et receipts PerEquals Less Less Less sonal Tax Interest Total Personal saving TransTrans Equals and Purpaid and exclud consumpfers Total fers or tion nontax interest Equals expend interest chases ing transfer Net expenddisof goods interest payand and receipts itures itures saving receipts or and and ments sub sub 2 services accruals sidies 2 transto forsidies fers eigners Disposal le person il income Period Total l S I II III IV I II Net Net e xports of goods Gross and service s Excess of m Total Statis national Gross Excess transfers to forGross transfers income tical product of private retained domestic invest eigners or or discrepor earnby of net ancy expendment sons per Exports invest3 Less Equals exports receipts and ings Net iture ment 4 Imports exports Government I II III IV I II 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 In disposable personal income liiternation al Business Period income and product accounts Surplus or deficit j a S 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 In the second quarter gross national product seasonally adjusted rose at an annual rate of 9 9 percent reflecting aj inflation rate of 7 3 percent and an expansion of 2 4 percent in real GNP The rise in real GNP is substantially lowe and the price rise somewhat higher than those in the first quarter BILLIONS OF DOLLARS 1 400 BILLIONS OF DOLLARS 1 1 400 SEASONALLY ADJUSTED ANNUAL RATES PERSONAL CONSUMPTION EXPENDITURES 600 GOVERNMENT PURCHASES OF GOODS AND SERVICES NET EXPORTS OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT I I I I 1970 J I I II Ill IV 1973 I II Total Personal Gross congross Total private sump domestic national gross product national tion investin 1958 product expend ment itures dollars Billions 3f dollars quarterly I S 829 3 Q 1 OOfy O i This category corresponds closely with budget onth vs for natior al defense sh own on p 36 J I 1973 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period I 1972 Net exports of goods and services Government purchases of good s services Federal Total Total National Other defense1 and Implicit price deflator State for total and GNP local data at easonall y adjuste d annual rates G Gross national pr duct in cu rrent dollars divided by gross na tional product in 1958 dollars Source DepartmeE t o Comm erce NATIONAL INCOME Hhtional income rose 23 2 billion seasonally adjusted annual rate in the second quarter according to revised fstimates Employee compensation accounting for most of the gain was up 17 5 billion because of rising manhours and rates of pay BILLIONS OF DOLLARS 1 100 BILLIONS OF DOLLARS CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME NET INTEREST J J I I SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period I II III IV I II Compensation of em 1 ployees Proprieto rsj income Farm 2 of per Net Corporal e profits and in ven tory va luation acljustment interest Total Profits Inventory before valuation taxes adjustment Includes employer contributions for social insurance See also p 4 2 Excludes farm profits of corporations engaged in fanning and therefore differs from net farm income including net inventory change on p 6 which includes such profits Business and professional Rental income Source Department of Commerce o C 1 SOURCES OF PERSONAL INCOME Persona income rose 10 6 billion seasonally adjusted annual rate in August following a revised increase of 8 billion in July Wage and salary disbursements increased 5 8 billion compared with 5 0 billion a month earlier BILLIONS OF DOLLARS 1 200 BILLIONS OF DOLLARS 1 200 I SEASONALLY ADJUSTED ANNUAL RATES 1 000 h TRANSFER PAYMENTS I I I LJ r SOURCE DEPARTMENT OF COMMERCE Period Total personal income July 944 4 Aug Sept 951 3 Oct 967 0 N o v Dec Jan 997 4 Feb Mar Apr 1 Oil Mav l June JuIy J A u g COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates i Wage Rental Other Proprlet ors income income and Divi Personal Transfer labor Business salary interest payof disburse income 1 2 Farm and pro persons dends income ments 1 fessional ments The total oi 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 Less Personal contributions for social insurance N onagri cultural personal income Oil 6 3 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 Ibcause of the sharp price rise real per capita disposable Income was little changed in the second quarter but was still 5 percent above a year earlier BILLIONS OF BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period Less PerPersonal sonal tax and Income nontax payments COUNCIL OF ECONOMIC ADVISERS Less Perse nal outlayfs Equals Persoilal eonsurnption Equals Disexpenditure 3 2 Personal Total posable saving personal personal Durable Nonincome outlays 1 goods durable Services goods Current dollars 1958 dollars Saving as percent of Population disposable thou 3 personal sands income percent Dol lars Billions of dollars Per cap ita disposable personal incc me Seasc nally adjicsted annu al rates II III IV II J paid by consumers 3 Includes Armed Forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Source Department of Commerce FARM INCOME In the second quarter net farm income excluding inventory change seasonally adjusted rose about 2 percent anl including inventory change about 1 percent Real net income per farm was 14 percent higher than a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES SO NET FARM INCOME INCLUDING NET INVENTORY CHANGE J 1967 L NOMIC ADVISEKS SOURCE DEPARTMENT OF AGRICULTURE Personal income received by total farm population Income received from farming Net t 3 farm oper ators Realize d gross Period From all sources From From nonfarm farm sources sources Net income per farm including s inventory change ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1967 l from Total ventory ventory2 dollars 1 dollars 4 marketi change change ings J3 mi oiis cji uonars iJOl iars Seaso natly adjiisted annu at rates 1972 I II III IV I II 1 Cash receipts from marketings Government payments and nonmoney income lurnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also see footnote 2 p 3 s Based on Census of Agriculture definition of a farm The number of farms is held constant within a year Income in current dollars divided by the index of prices paid by farmers for family living items on a 1987 base x A t Source Department of Agriculture CORPORATE PROFITS Revised estimates put corporate profits before taxes at 128 9 billion seasonally adjusted annual rate in the second barter 9 3 billion above the first quarter The corresponding increase in profits including inventory valuation adjustment was 3 6 billion BILLIONS OF DOLLARS COUNCIl OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE Period Billions of dollars quarterly data at seasonally Cori orate pr ofits befc re taxes and inveritory valuation adjustme at TransCorpoM Lanufaetui ing portation rate comprofits NonAll Durable durable muniAll 1 before Indusgoods taxes goods cations other tries Total indusand tries public tries utilities II III IY L II Corporate capital consumption allow 2 ances Profits plus capital consumption allowances Includes all other industries and financial institutions 2 Includes depreciation and accidental damages s Corporate profits after taxes plus corporate capital consumption allowances adjusted annual rates CoriDorate pr ofits a fter taxe s Corporate DiviUntax liabil Total dend distributed payity ments profits Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose again in the second quarter with most of the increase attributable to nonresidential investment 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 irrvestment Period Total gross private domestic investment Resic ential struc tures N Dnresidentjal Total Struc tures Total Total Nonfarm Produce rs durable equJpment Total Nonfarm Total Nonfarm Change in business in entories Total Nonfarm rv I II I II III Source Department of Commerce 8 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Jusinessmen continue to project a 13 percent rise in plant and equipment expenditures from 1972 to 1973 Outlays pre expected to show a strong rise from the first to the second half of this year BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES NONMANUFACTURING H s f icn tiE 40 MANUFACTURING j y I J SEE FOOTNOTE 3 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Manufacturing Total1 Period s I II III IV 1973 I II III IV Nonmanufacturina Traiisportat ion DurTotal able goods Nondurable goods Total Excludes agricultural business real estate operators medical lecral 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 July and August 1973 Includes adjustments when necessary for systematic tendencies in expectations data Mining Railroad A Air ComPublic muni Comutilities cation mercial and Other other NOTE Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not 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 August civilian employment seasonally adjusted declined by Although less than the peak employment of June 1973 by employment was 2 4 million greater than in August 1972 The unemployment rate edged up one tenth of a percentage point to 4 8 percent the same rate as in June MILLIONS OF PERSONS MILLIONS OF PERSONS 0 I i i i i i I i i i i I i i i i i I it II I 1 I I I I I I Ml I 1 I I t t I I I t I 1 I I t I I 1 1 I I t t 1 I I 0 PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE SEASONALLY ADJUSTED UNEMPLOYMENT RATE YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Q Total labor force including Armed Forces COUNCIL OF ECONOMIC ADVISERS Civiliim employ inent Total Nonagricul Unemployment Thoug ands of Total labor force including Armed Forces oersons 1C Unadj usted 1972 July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr MayJiine July Aug Civiliiin emplc yment Civilian labor force Total Agricultural years of age and o ver cSeasonally adjusted Total labor force as percent of noninstitutional population Source Department of Labor Nonagricul Labor Unem Unempl oyment force rcent of ploy rate pen labor particicivilia ment pation for ce rate1 Percent Unadjusted see Seaso natty adjiA 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 1973j added 60 000 to the labor force and to employment SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT he unemployment rate seasonally adjusted was 4 8 percent in August This is the same as the June rate and is significantly lower than the 5 6 percent rate of August 1972 The unemployment rate for married men wife present was 2 1 percent the same as in July which was the lowest rate since February 1970 PERCENT 110 PERCENT 10 SEASONALLY ADJUSTED UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE ALL CIVILIAN WORKERS 0 Lj J J J i Ll M i l l I JJLLlJL Ml L LJ U I I f I I M I 1969 M Ml I M M i 1970 SOURCE DEPARTMENT OF LABOR Experi Married Labor force enced time lost Over 40 wage and men hours workers salary wife workers present All a5 1972 Julv Aus Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Per cent Seasonal adjusted A S t m O 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 per1ns with jobs but not at work for such reasons as vacation illness bad weather pid industrial disputes 3 Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated t M M I i M L 1972 J U M M UP 1973 COUNCIL OF ECONOMY ADVISERS UneinDloymen t rate percec t of clvili an labor foi ce in erroiip Period i f I I I 1 I I I ft Persons at work i n nonagri cultural iridustries by hours worked p er week 2 Uiider 35 ho urs 1 Part ti me for Part ti me for economi c reasons economi c reasons 35 40 Total hours Usually Usually Usually Usually full partfullpar time 3 time 4 time 3 time 4 Thousan ds of ons 16 ye ars of age and I Jnadjustec i Seasonall y adjusted L 091 I rtS L 070 I L 025 i SIS S o f OH OSS L Primarily Includes persons who could find only part time work Average hours worked usually full time 23 3 usually part time 19 4Soorce Department of Labor In August insured unemployment under State programs averaged 128 000 lower than a year earlier The seasonal adjusted insured unemployment rate was 2 7 percent for the fifth month in a row MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS FEB JAN MAR MAY APR1L JUNE JULY AUG OCT SEPT SOURCE DEPARTMENT OF LABOR Period July Aug vSept Oct No vvv Dec 1973 Jan p Feb Mar Apr v p May June pv July p Aug 1 Not DEC COUNCIL OF ECONOMIC ADVISERS A 11 prograras Insured Total unem benefits Covered ploypaid employ ment milment weekly lions averof dolage lars Thou sands 59 999 I i p NOV i j Stjite progra ms I Insured unemployment Initial claims Insurec1 unemploymecit as perExhaus cent of covered emplo yment tions Unad Seasonally adjusted justed Weekly iiveragey t housands j of Total Average milweekly lions of check dollars dollars Per cent tj O i Benefi ts paid Jld Q x o lf to J NONAGRICULTURAL EMPLOYMENT Total nonfarm payroll employment rose by seasonally adjusted to 75 8 million in August Large gains in employment were experienced in service industries wholesale and retail trade State and local government and durable manufacturing Nondurable manufacturing employment declined 20 000 MILLIONS OF WAGE MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED AND SALARY WORKERS SEASONALLY ADJUSTED ALL NONAGRICULTURAL ESTABLISHMENTS I I 44 NONMANUFACTURING PRIVATE i T MANUFACTURING GOVERNMENT 12 A I I I I I COUNdt OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of LABOR l Thousands of wage and salary workers seasonally adjusted N onmanu facturinj 5 private Manufa sturing private Period Total July j 72 694 Aug I 73 016 Sept Get NovJ 73 835 Dec i Jan Feb Mar Apr May June I r 307 NonTotal Durable durable Total goods goods i 7CS IP iJ e54 l j CT Oil is q T Cover nment Con Trans Whole Financef insursale tract portation ance Services Federal State Mining conand and and and struc public retail local real tion utilities estate C31 JO j O G S 4 6i G 3d G WEEKLY HOURS OF WORK SELECTED INDUSTRIES The August average workweek of production workers in the private nonfarm sector was 37 1 hours seasonally adjusted slightly lower than in July Manufacturing hours declined by 0 2 hour to the June level while the 0 5 hour decline in contract construction resulted in the lowest level since April HOURS PER WEEK SEASONALLY ADJUSTED 46 TOTAL NONAGRICULTURAL PRIVATE HOURS PER WEEK SEASONALLY ADJUSTED 461 MANUFACTURING i i i i i Ii i i ii CONTRACT CONSTRUCTION RETAIL TRAE E Af 40 oo 38 o 36 ox 34 fflSKtea Baas A I I V I I SOURCE DEPARTMENT OF l 1 M K COUNCIL OF ECONOMIC ADVISERS 1 Average hours per week Total n onagricultural private 2 Period Manufacturing Contract construction Retail trade 3 Total nonagricultural private 2 Unad justed July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr May June July Aug Data relate to production workers or nonsupervisory employees 2 Also includes other private industry groups shown on p 13 8 Includes eating and drinking places 14 Manufacturing Contract construction Retail trade Seasonally adjusted i Source Department of Labor S f J O y a OO Q OO O T AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of nonfarm production workers increased by 1 cent in August to 3 91 not seasonally adjusted a level 6 8 percent above a year earlier Average weekly earnings rose by 38 cents and were 6 8 percent higher than a year earlier DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS CONTRACT CONSTRUCTION XV 5 00 CONTRACT CONSTRUCTION TOTAL NONAGRICULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE RETAIL TRADE SOURCE DEPARTMENT OF LABOR 1973 COUNCIL OF ECONOMIC ADVISERS For production workers or iionsupervisory employees Average h ourly earni ngs current dollars Average vweekly earn ings curr 3nt dollars Period July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr May June July v Aug 1 1 2 Also includes other Includes eating and s Total nonagricultural private l 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 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 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production seasonally adjusted declined 0 2 percent in August to a level 8 5 percent above a year earlier The August decline reflected a sharp curtailment in production of auto and truck assemblies due to special factors Index SEASONALLY ADJUSTED 160 Index SEASONALLY ADJUSTED UTILITIES Ah D MINING JC A UTI LITIES Aft i on 1 s L s MINING f f1111 i i t 1i i i 1972 S 1 t 1 1 t MARKET GROUPS 130 INTERMEDIATE PRODUCTS I SOURCE SOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM Total industrial production Period July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr May June July Aug seasonally adjusted Industry Market M inufaeturi ng Fiaal produ ets InterConmediate MateNon Mining Utilities Total Equip products rials sumer Total Durable durable ment goods T Source Board of Governors of the Federal Reserve System 16 COUNCIL OF ECONOMIC ADVISERS PRODUCTION OF SELECTED MANUFACTURES Declines in durable manufactures seasonally adjusted more than offset Increases in August while in nondurables there was a net increase Index SEASONAav ADJUSTED 140 Index SEASONALLY ADJUSTED LUMBER AND PRODUCTS CHEMICALS PETROLEUM AND RUBBER TRANSPORTATION EQUIPMENT i I t i l I I I I t I I i I I I I I I I I FOODS AND TOBACCO FABRICATED METAL PRODUCTS TEXTILES APPAREL AND LEATHER PRIMARY METALS f I I 1I I I 1I I I I I 1 t I I I I I I I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCB OF ECONOMIC ADVISERS seasonally adjusted Nc ndurable manufactu res Durat le manufoictures Period Primary metals July Aug Get Nov Dec 1973 Jan Feb Mar Apr Mav June FabriTranspor Lumber Textiles Paper Chemicals Foods cated Machin tation apparel and and petroand metal ery prodequipprint leum and tobacco leather products ing rubber ment ucts Source Board of Governors of the Federal Reserve Svstem WEEKLY INDICATORS OF PRODUCTION Auto assemblies dropped sharply in August because of parts shortages plant shutdowns due to extreme heat and some work stoppages Production of steel also dropped while other weekly indicators of production rose MILLIONS OF TONS MILLIONS OF SHORT TONS l l I I I I 1 I I i I I I 1 I I t I I I I li l I I I l I f I t I I I I I 1 I I I lyj J F M A M J J A S O N D 6 y I I I I I I I I I I I I I I I I I I I I I i l t I I I M I t H 1 I M I I lit I 1 yj l J F M A M J J A S O N D O BILLIONS OF KILOWATT HOURS 50 N D THOUSANDS 30 20 SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July p Aug Week ended 1973 Aug Sept Includes data 2 Not charted for Alaska 18 Steel p roduced Index Thousands of net 1967 tons 100 COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboarc Car s and triicks power coal mined produced loaded distributed thousands thousands thousands assemb led thoiisands of short millions of Total of tons Cars Trucks of cars kilowatts 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 about 2 percent in July Both public and private construction increased BILLIONS OF DOLLARS BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of COMMERCE Period Total new construction expenditures Private Total Resic ential CommerNew cial and Other Total i 1 housing industrial units Billions of dot ars Federal State and local Seasonall y adjusted a inual rates 1972 May June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr Mav Junevp July 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 oeginning 1971 for floor space Constructio Q contracts 2 CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Seasonally Seasonally adjusted 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 seasonally adjusted declined 6 percent In August to an annual rate of 2 05 million units Permits for future housing were down 4 percent MILLIONS OF UNiTS MILLIONS OF UNITS I Z COUNCIL Of ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND VETERANS ADMINISTRATION Thousands of units Housing star ts Total private Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr June v Julv v Aug Total and private public includ including ing farm farm Total including5 farm Total I I Gover nment home p rograms nom arm Two or more FHA i VA units Seasona lly ad jus bed annu al One unit Units are for 1 to 4 family housing Authorized by issuance of local 1Duilding per mit in 14 00 0 permit issiline places beginning for for and 10 000 prior to Propos ed home constniction 3 Private New private housing units authorized rates Applications for Requests forVA FHA commit appraisals ments Units repres en ted by n ap plications or ap praisal requ ests for new hoine construct on s ources Dep artment of Commerce Department of Housing Urban De elopment a ad Veterans Administr ation JIND TR DE 1 ffhc 1 A billion rise in business inventories seasonally adjusted in July was somewhat less than the average monthly rise in the second quarter Combined sales rose 3 percent in July Retail sales were unchanged in August according to advance reports BILLIONS OF DOLLARS fSEASONAllY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED DURABLE GOODS STORES RETAIL TRADE ENLARGED SCALE TOTAL BUSINESS INVENTORIES i SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMY ADVISEES Total IBusiness 1 1 Period Sales2 Inventories 3 Sales 2 Sales Inventories 3 j June July Aug Sept Get Nov Dee Jan Peb Mar Apr May June July Aug The term business also includes manufacturing see page 22 Monthly average for year and total for month sBook value end of period seasonally adjusted 2 R 3tail Wfaolesale 2Millions of NonDurable durable Total goods goods stores stores dollars seasonally a d justed Total Inventories3 s Durable goods stores Nondurable goods stores Source Department of Commerce 21 MANUFACTURERS1 SHIPMENTS INVENTORIES AND NEW ORDERS New orders received by manufacturers seasonally adjusted were unchanged in July while sales rose 2 8 percent With sales rising more than inventories the stock sales ratio fell reaching its lowest point since the Korean War BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED MANUFACTURERS SHIPMENTS 110 MANUFACTURERS1 INVENTORIES 100 TOTAL 90 80 DURABLE GOODS i NONDURABLE GOODS I I I I I I I I I I I MANUFACTlJRERS NEW CORDERS cHJRABLE GOODS y x v t NONDURABLE GOODS X NONDURAB E GOODS I 1 I I I I 11 1 1i I I I I 1 1 I I IK Manufac turers sh ipments l Manufac turers inv entories2 Ma nufacture rs new ordejrs 1 Durat le goods NonCapital durable goods Total industries goods nondefense T Total 1973 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF CO AMERCE A Period 1972 NonDurable durable goods goods Total NonDurable durable goods goods Total Manufacturers mventoryshipments ratio 3 Millions of dollars seasonal y adjusted May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Mav June July 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 i shipments for monthly data ratio of inventories at end of month to shipments for month Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS The U S merchandise trade balance on a seasonally adjusted basis was in surplus by 106 million in July an improvement of 122 million over the 16 million deficit recorded in June Most of this improvement was due to a decline in the level of imports BILLIONS OF DOLLARS BILLIONS OF DOLLARS I SEE NOTE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars lerchandi se exporibs Period Total includ ing reex ports 1 i Season Unadally ad justed justed Monthlv average Domesti c exports Food Crude bever mate Manu2 Total i facrials ages tured and to and goods bacco fuels Merchlandise iin ports Gen eral impc rts 3 2 Food Crude Total bever mateSeasonages rials ally ad Unad and to and justed justed bacco fuels 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 r Unad listed U nadjuste i 1972 June July Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr May June July Grossmerchandise trade Manu surplus seasonfacally adtured justed goods NOTE Data adjusted to include silver ore and bullion reported separately prior to 1969 Source Department of Commerce 23 U S BALANCES ON GOODS SERVICES AND TRANSFERS The balance on goods and services improved from a surplus of 150 million in the first quarter to a surplus of 61 d million in the second quarter on a seasonally adjusted basis This improvement for the second quarter in a row reflected the continuing decline of the deficit in U S merchandise trade BILLIONS OF DOLLARS BILLIONS OP DOLLARS SOURCE 1973 DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars M erchandis Period Exports Imports B 12 Net balance Militiiry trans actions Direct expenditures Sales Net balance Net i avestment i ncome Private 3 Remittances Balpenance sions on and curother rent uniaclateral count transfers Net Baltravel Other ance and on serv goods transices portaand tion net servexpendices 1 4 itures U S Government Seaso nail 7 ad usted 1972 I II III I II Source Departrn of Commerce U S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS The LLS balance of payments on an official reserve transacfions basis was in surplus by 376 million seasonally adjusted in the second quarter compared to a deficit of 10 billion in the first quarter This shift largely reflects the decision of major European central banks to float their currencies so that speculation in the second quarter had the effect of depressing the vaiue of the dollar in exchange markets instead of increasing the official dollar liabilities of the United States BILLIONS OF DOLLARS BILLIONS OF DOLLARS 5 5 BALANCE ON CURRENT ACCOUNT AND LONG TERM CAPITAL SOURCE DEPARTMENT OF COMMERCE 1973 COUNCIL OF ECONOMIC ADVISERS Millions of dollars NonLong ter m capital Balance liquid on flows net current shortterm account private U S and long capital 2 Govern Private term capital flows ment 1 net 2 Period I Allocations of special drawing rights Errors and omissionSj net Net liquidity balance Liquid private capital flows net 2 Changes in lia Changes Official bilities in U S reserve to official transactions foreign reserve official balance agencies assets net 4 net TV i C 30G e C i L C 7S Gi Unadjusted Sea sonally ad justed ill U S official reserve assets net end of period j jr K PRICES CONSUMER PRICES In August the consumer price index rose 1 8 percent 1 9 percent seasonally adjusted The increase was the largest since September 1947 Food prices rose 6 0 percent 6 1 percent adjusted and accounted for about four fifths of the rise Nonfood commodity prices increased 0 2 percent 0 5 percent adjusted while services prices rose 0 7 percent 149 4 Index SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Source Department of Labor 26 All commodities Co mmodities Comn odities le ss food Food NonAil Durable durable Serv ccs All services C 1 2R Rent 1 i flS M J jlO 1 j i ir L ervices less f J J i i i 9 1J9 1 J J36 1 j C i2i o 121 r 122 I i i i 138 WHOLESALE PRICES The wholesale price index rose 5 8 percent in August 6 2 percent after adjustment for seasonal factors the largest rise since October 1946 The bulk of the increase was due to prices of farm products and processed foods and feeds which rose 17 6 percent 19 3 percent seasonally adjusted Industrial commodity prices were up 0 4 percent also 0 4 percent seasonally adjusted Index SOURCE DEPARTMENT OF LABOR Period July Aug Sept Get Nov Dec 1973 Jan Feb Mar Apr May June July Aug COUNCIL OF ECONOMIC ADVISERS All commodities Farni product3 and processeid foods a feeds nd iI ProcFarm essed All inTotal proddustrifoods ucts and als1 feeds R 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 Iridus trial c ommodit es Crude materials Inter Producmediate er finmateished rials 3 goods Consurner finished giDods exeluding5 foods DurNonable durable Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Source Department of Labor 0 7 BY In the month ended August 1 5 prices received by farmers increased 20 percent while prices paid rose 31 2 percenl Both the actual and adjusted parity ratios increased sharply 207 Index PRICES PAID INTEREST TAXES AND WAGE RATES PRICES RECEIVED fALL FARM PRODUCTS I i i i i i 1 i i i i i I i i i i I i i i RATION s 90 p RITY l r Sj s ie I J M i l M M J RATIO OF I N D E X OF PRICE A RATIO A CTUAL M I M V am fe M J M is i j i i i 19 2 i 1973 J60 R E C E I V E D TO NDEX OF PRI IES PA D INTEREST TAXES ND WAGE RATES ON BASE COUNCIL OF ECONOMIC ADVIS ERS SOURCE DEPARTMENT OF AC RIGJLTURE ESBH Pr ices received by farmers Period All farm produ cts I Livestock i All items interest and taxes and products wage rates Index iuction j Actual items Ac justed z j i July Percentage ratio of index of prices received by farmers to index oi prices paid interest taxes and wage rates on base LOS LOO 103 108 L10 I L Family living items Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Febl5 Mar 15 Apr May 15 June 15 July 15 Aug 15 Crops Parity rat io 1 Prices paid by far The adjusted parity ratio reflects Government payments made directly farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY STOCK The seasonally adjusted money stock declined at a 1 4 percent annual rate in August compared to a 5 1 percent annual rate of increase in July From January to August it grew at a 5 8 percent annual rate BILLIONS OF DOLLARS i COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE F Averages of daily figures billions of dollars Ivloney stoc k Time Time CurCurand and DeDerency rency savings savings mand mand outoutTotal dedededeside side posits l posits l posits l posits l banks banks Unadjustec 1 Seasonallyj adjusted I lonev stoc k Period Dec Dec Dec Dec Dec Dec July Aus Sept Oct Nov Dec 1973 Jan Feb Mar Apr May June Julv p Aug 1 Deposits at commercial banks Total U S Government demand deposits l Source Board of Governors of the Federal Reserve System 29 PRIVATE LIQUID ASSET HOLDINGS NONFIMANCIAL INVESTORS Private nonfinanciai investors increased their holdings of liquid assets in August by 6 3 billion seasonally adjust ed The largest increases were in time deposits at commercial banks and 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 dollars seasonally adjusted Curr ency and deposits Total liquid assets Period Jan Feb Mar Apr May June July Aug 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 CSrovernment s jcurities Dec Dec Dec Dec Dec Dec Dec July Aug Sept Oct Nov Dec Time cieposits BANK LOANS INVESTMENTS DEBITS AND RESERVES and investments at all banks seasonally adjusted increased otal loans Net borrowed reservescommercialby 209 million during the month at an annual rate of 20 7 percent i August increased BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS 700 ALL COMMERCIAL BANKS INVESTMENTS IN U S GOVERNMENT SECURITIES SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS All commercial banks Cseaso nally adjust ed data End of period L oans Invest nerits Total loans Total Comand U S Gov Other mercial invest excludsecuriing inter and indus ernment ments bank trial Bank debits outside New York Citv 232 centers seasonally adjusted annual rates l A k ub Total reserves Billions of dollars Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr v May June v Julv Aug Debits during period to demand deposit acccrants except in terbank and U S Government 2 Averages of daily figur 3S Annual d ata are for D scember s Beginning June 1969 d ata include all bank pre mises subsidiar es and other t nificant majority owne d domestic subsidiaries earlier data i nclude comercial banks only As of June 1971 Farm ers Home dministratic n notes totaiin g about 0 7 Qlion are classified as ot her securities rather thaii as loans Excess reserves t i 0 Borrowings at Free Federal reserves Reserve Banks Millions o f dollars Beginni ng November 9 1972 adjusted to include ce rtain reserve deficiencies on which penalties can be waived for a t ransition pe riod in conn ection with adaptation to Regulation J 8 Beginning April 1973 iricludes seasonal borrowings Source Board of Govern ors of the Feder al Reserve S ystem Ql Consumer credit seasonally unadjusted rose 2 1 billion during July compared to a 1 4 billion increase a yea earner BILLIONS OF DOLLARS BILLIONS OF DOLLARS INSTALMENT CREDIT 80 NONINSTALMENT CREDIT I s s 14 SEASON ALLY ADJUSTED ENLARGEE SCALE S S 1O INSTALMENT CREDIT EXT ENDED i 10 s r S v 8 8 INSTALMENT C RED REP AID I M M V I I 1 1 M I I M 1 1 I 1 I M I M M M M I i I 6 M i l l 1 M M N 4 N COUNCIL OF ECONOMIC ADVISERS Aiso includes other consumer goods paper and repair and modernization loans not shown separately 2 Consists of single payment loans charge accounts and service credit M Millions of dollars Consunrter Instalmcmt credit e xtended Co iis r mer credit outstandir g end of i eriod mad justed ana i epaid seas onally adjiisted instalment Tc tal Automolrile paper NonAu to moinstal Extended Repaid Extended Repaid Total bile Total l Personal ment 2 paper loans June Julv Ana Sept Oct Nov Dec Jan Feb Mar Apr Mav June Julv M i l SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period M Mortgage debt outstanding no n farm 1 to 4family houses P End of period unadjusted Source Board of Governors of the Federal Beserve System Short term from recent rates continued to rise in late August and early September while rates on Ions term issues declined levels PERCENT PER ANNUM PERCENT PER ANNUM PRIME COMMERCIAL PAPER CORPORATE Aaa BONDS MOODY S SOURCE SEE TABLE BELOW July COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Gov srnment secu rity yields municipal 3 month bonds 3 5 year Taxable Treasury 2 3 Standard issues bonds bills i Poor s 4 Period Aug Sept Oct Nov Dec 1973 Jan Feb Mar Apr May June July Aug Corpora te bonds Moc dy s Aaa Baa Prime commercial paper 4 6 months FIIA new home mortgage yields Week ended Aug Sept Bate on new issues within period Selected note and 3 April 1953 to date bonds due or callable 10 years and after 4 Weekly data are Wednesday figures 6 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 Sources Department of Housing and Urban Development Board of Governors of the Federal Reserve System Moody s Investors Service and Standard Poor s Corporation 33 COMMON STOCK PRICES YIELD AND EARNINGS The stock market advanced in early September from its mid August low Index Index COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS i i M i I i t i i I i i i i i I i i i i i I i i i i i I i t i i t I i i i i i I i i i i I i i t i i I i i i i i I f i i t i I i i i i i I i i t i 1 I i i i t I so PER CENT 5 PERCE MOh4THLY WEEKLY DIVIDENt YIELD ON COMMC3N STOCKS A I I f 1 f 1 I 1 1 J x t x t i l l I 1 1 l I 1 I I V 1 J I 1 F I 1 1 I f I 1 I I I t 10 IK RA D PRICE EARNIN GS RATIO ON COMMON STOCKS on ir l s v i f l V 1 f SOURCE STANDARD POOR S CORPORATION I N 1973 Public utilities t Railroads Dividend yield percent Total Total Capital goods includes 500 common stocks 425 industrials 65 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 F COUNCIL OF ECONOMIC ADVISERS Price i ndex l Industrials Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Week ended 1973 Aug Sept 7 14 I i Consumers goods Price earnings ratio 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 Source Standard Poor s Corporation FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first month of fiscal 1974 there was a deficit of 4 5 billion a year earlier the deficit was 3 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS FISCAL YEARS SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Federal debt end of period Period Receipts Surplus or deficit Outlays Total i Fiscal year y Excludes non interest bearing public debt securities held by IMF Estimates as revised June First month Fiscal year 1973 Fiscal year 1974 Held by the public Sources Treasury Department and Office of Management and Budget FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION in the first month of fiscal 1974 budget receipts were 2 9 billion higher than a year earlier 4 1 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS 180 were 180 OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Dutlays Reeei pts Natio nal defense Period Fiscal year First month Fiscal year 1973 Fiscal year 1974 1 Total Other Total Total Department of Defense military Interna Health tional and Inaffairs income terest Other and finance security S Estimates as revised June Individual Corporation income income taxes taxes Sources Treasury Department and Office of Management and Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to revised estimates for the second quarter Federal receipts rose 8 3 billion seasonally L ate expenditures rose 3 8 billion resulting in a balance in the Federal Government account BILLIONS CF DOLLARS 300 BILLIONS OF DOLLARS SURPLUS p q pssl fil PS w pS5 M M MM a 20 DEFICIT I ACl I I I 1 I ii w i H w CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jrovernm ent receip ts Period Indirect Personal Corpo business rate tax and profits tax and Total nontax tax nontax receipts accruals accruals Feeleral Go ernmenlb expend tures GrantsSubsidies Less Purin aid less ContriWage chases Trans to State Net butions current accruals for Total of goods fer pay and interest surplus of less ments and paid Governsocial inlocal disservices governsurance ment en bursements terprises ments Surplus or deficit income and product Fiscal year I 222 9 II III IV I 253 6 II Calendar year o Source Department of Commerce 37 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 INCOME AND SPENDING Page 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 UNEMPLOYMENT AND 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 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 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 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 mailing 38

Disposition of Personal Income

DATE: September 1973

PART OF:

Economic Indicators : September 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-. "Disposition of Personal Income," 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-. "September 1973," Economic Indicators (September 1973) : 7-7. https://fraser.stlouisfed.org/title/1/item/169/toc/74739 , accessed on December 11, 2019.

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Economic Data