New Construction

Name: New Construction
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

PREVIOUS | NEXT

In order to view this PDF, you must have Javascript enabled in your browser.
The following is plain-text output generated by Optical Character Recognition. Economic Indicators July 1974 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 500 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 RICHARD F KAUFMAN General Counsel COUNCIL OF ECONOMIC ADVISERS HERBERT STEIN Chairman WILLIAM J FELLNER GARY L SEEVERS Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sT Congress CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States 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 numbers 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 Branchy 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 11 TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product increased 24 7 billion in the second quarter of 1974 to a seasonally adjusted annual rate of billion according to preliminary estimates The increase for the preceding quarter was 14 8 billion Billions of dollars quarterly data at seasonally adjusted annual rates Government Persons Expenditures Net receipts PerLess Equals Personal sonal Less Less Tax Interest Total consump saving TransTrans Equals and Purpaid and excludfers fers tion or Total nontax interest Equals expend interest chases ing Net Total transfer interest expenddisof oods payand receipts itures and itures saving receipts or and and ments sub 2 sub 2 services transaccruals sidies to forsidies fers eigners Disposable personal income Period Surplus or deficit income and product accounts I II Business Period International Net Net exports of goods Excess of Total and services StatisGross Excess transfers transfers income Gross to fortical of private or or retained domestic invest eigners discrepEquals of net receipts earn 3 by perancy investment sons and Exports Less Net ings Imports exports exports ment 4 Government I II 1 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 ributed corporate profits and private wage accruals less disbursements ot include retained earnings of unincorporated business which are included osable personal income ao 3 9 Gross national product or expenditure i 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 Note Series revised beginning 1971 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE In the second quarter of 1974 gross national product seasonally adjusted rose at an annual rate of 7 5 percc reflecting an inflation rate of b B percent and a decline of 1 2 percent in real GNP BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES NET EXPORTS OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT J 1968 I L 1969 I L SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Total Personal Gross coniotal gross private sump domestic national gross tion produd national investin 195 product expend ment dollars itures Billions si dollars quarterly Government Net exports of goods Total anc Total services 3urchases of gooc s and services Federal Stale and National Othei j local defense Implicit price deflator for total GNP data at s easonall y ad juste d annual rates J I II III IV I 35 II This category corresponds cJoseJy with budget ontirys lor nationaJ defense shown on p 36 2 Gross nationaa product in current dollars divided by cross national product 1OKB lloT o in 1958 dollars Note Series revised beginning 1971 For details see Survey of Current Bustness July 1974 Source Department of Commerce NATIONAL INCOME npcnsation of employees rose 19 billion seasonally adjusted annual rate in the second quarter Farm proetors income fell sharply BILLIONS OF DOLLARS 1 200 BILLIONS OF DOLLARS PROPRIETORS AND RENTAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjustea annual rates Period Total national income Compensation of em l ployees Proprieto rs income Farm 2 Business and professional Rental income of per Net interest Corporalte profits and inventory va luation ac Ijustment Total Profits Inventory before valuation taxes adjustment I II III IV I II Includes employer contributions for social insurance See also p 4 Excludes farm pro its of corporations eneaged ir farming and therefore differs from net tarm income including net inventory change on p 6 which includes such profits Note Series revised beginning 1971 Source Department of Commerce V SOURCES OF PERSONAL INCOME Personal income rose 7 4 billion seasonally adjusted annual rate in June Wage and salary disbursements increc 7 2 billion mainly reflecting higher wage rates since nonfarm payroll employment declined slightly and the aver length of the workweek changed little Farm income again declined sharply as a result of declining farm prices a rising prices for farm production expenses BILLIONS OF DOLLARS 1 200 BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period May June July Aug Sept Oct Nov Dec 1974 Jan Feb Mar Apr May June J Billions of dollars monthly data at seasonally adjusted Vv age Rental and Other Propriet ors income income Total DiviBusiness personal salary labor 1 2 of and pro persons dends income disburse income Farm fessional ments I 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 socia t insurance and the excess of wage accruals over wage disbursements 2 Consists oi employer contributions to private pension health and welfare annual rates Less PerPersona Transfer sonal con N onagriinterest paytributions cultural income ments for social personal 3 insurance income I funds compensation for injuries directors fees military reserve pay and a few other minor items 3 Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest 3 na net dividends paid by agricul orporations Note Series revised beginning 1971 Source Department oi Commerce DISPOSITION OF PERSONAL INCOME e second quarter personal income rose 21 3 billion disposable income 15 3 billion and personal corssumpexpenditures 26 2 billion Real per capita disposable income declined 1 1 percent in the quarter after having jecreased 2 2 percent in the first quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS DOLLARS SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Less PerPersonal sonal tax and income nontax payments Per cap ita disSaving L ess Perse nal outla s posable personal as perEquals Persorlal consunaption Equals incc me cent oi PopulaDisex penditure 3 2 Personal distion posable Total saving Current posable thou 3 personal personal Durable Non1958 dollars dollars personal sands income outlays 1 goods durable Services income goods percent Billions oi dollars Dol iars Seaso natty adjiisted annu at rates I II II IIL IV ilncludes personal consumption expenditures interest paid by consumers and personal transier payment to foreigners Qa p 2 for total personal eonsumotion expenditures 7 6 3 Includes Armed Forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Note Series revised beginning 1971 Source Department of Commerce FARM INCOME According to new estimates net farm income for 1973 has been revised upward substantially making the 1973 almost double that in 1972 There was a sharp drop in income in the second quarter of 1974 because of falling prices BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME INCLUDING NET INVENTORY CHANGE COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Personal income re ceivea by total farm nopu latiop income re ceived fro m farmingr Net t o farm oper atois Realize d gross Period From all sources I II III IV 1974 I II From From nonfarm farm sources sources Net inc ome per farm incl uding net inventor r change 3 ProducCash tion ex Exclud Includreceipts penses ingnetin ing net in Current 1967 from Total ventory ventory dollars dollars 4 2 marketchange change ings Billions T Hollars Do lars Seasonatty adju sted annu al rates Cast receipts from marketings Government payments and nonmoney income furnished by farms 2 inventory ol crops and livestock valued at the average price tor the year Also see footnote 2 p 3 Based on Census of Agriculture definition of a farm The number oi farms is held constant within a year Income in current dollars divided by the index oi prices paid by farmers for family living items on a 1967 base Note Series revised beginning 1950 See Farm Income Situation Jul Source Department of Agriculture CORPORATE PROFITS orate profits plus inventory valuation adjustment rose by 1 3 billion seasonally adjusted annual rate in the luarter The rise excluding inventory valuation adjustment was 160 billion BILLIONS OF DOLLARS 160 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Cor Dorate pr ofits oorate pi ofits bef re taxes and inveiitory Cor a fter taxe s Corpo Profits valuation adjustme nt rate plus TransCorpo CorpoM anufaetui ing capital capital portation rate rate conconDiviUnPeriod comtax profits NonAll Durable durable muniAll 1 before liabil Total dend distrib sump sumpindustion tion goods uted cation other paytaxes ity Total indusgoods tries ments profits allow 2 allow 3 and ances ances tries public tries utilities I II III I 107 7 II IV Includes all other industries and financial institutions Includes depreciation and accidental damages Corporate profits aftei taxes plus corporate capital consumption allowances 2 s 36 610 O Note Series revised beginning 1971 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment rose in the second quarter as an increase in nonresidential fixed investment n than offset a decline in inventory investment Outlays for residential structures changed little New estimate inventory investment show much higher figures for 1973 than published earlier 250 BILLIONS OF DOLLARS BILLIONS OF DOLLARS PRODUCERS DURABLE EQUIPMENT 50 50 CHANGE IN BUSINESS INVENTORIES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars 9uarterly data at seasonally adjusted annual rates Fixed nr estment Period Total gross private domestic investment Resid ential structures Ncmresident ial Produce rs Hurable equ ipment Struc tures Total Total Total Nonfarm Total Nonfarm Total Nonfarm Change in business inv entories Total Nonfarm I II III I II IV Note Series revised beginning Source Department oi Commerce EXPENDITURES FOR NEW PLANT AND EQUIPMENT compared to the Commerce Department survey conducted In January February businessmen made small downward isions in their 1974 investment programs affecting spending in the second half BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL NEW PLANT AND EQUIPMENT J SEE FOOTNOTE 3 BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE 1 Billions of dollars quarterly data at seasonally adjusttd annual rates M anufactur mg Period Total I II III IV 1974 I 113 III3 IV Trarisportat ion DurTotal N onman ufacturir Lg Non able goods durable goods Total Railroad Air Other Com Public muniutilities cation Commercial and other Excludes agricultural business real estate operators medical legal eduealonal and cultural service and nonprofit organizations Includes trade service construction finance and insurance Estimates based on expected capital expenditures as reported by business e April and May 1974 Includes adjustments when necessary for systematic neies in expectations data Mining NOTE Annual total is the sum ol unadjusted expenditures it does not necessarily coincide with the average 01 seasonally adjusttd iigures These fieures do not agree with the totals included in the gros national product estimates principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Source Department oi Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE The seasonally adjusted civilian labor force increased by 240 000 in June Nonagricultural employment increa but farm employment declined The number of unemployed persons increased by 46 000 to 4 8 million MILLIONS OF PERSONS A ULLION5 Oh SEASONALLY ADJUSTED 90 90 CIVILIAN LABOR FORCE EMPLOYMENT Krf UNEMPLOYMENT 5 i i ii i Ii i i iI I i i t I i i I PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE uNEMPI C Y VIE NJ R MFE s EA SC JA Ll D JlSIED YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Total labor force including Armed Forces COUNCIL OF ECONOMIC ADVISERS Civiii in employ ment Total N onagricultural Unemployment Thouslands of o Total labor force including Armed Forces persons Civiliiin emplo yment Civilian labor force Total Agricultural years of age and o ver Unadj usted 1973 MayJune July Aug Sept Oct Nov Dec 1974 Jan FebMar Apr May June Nonagricultural Labor Unem Unempl oyment force rate pe rcent of participloycivilia a labor pation ment for ce rate 1 Percent Unadjusted Seasonally adjusted 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 10 Seaso nally adju sted Total labor force as percent oi noninstitutional population 16 years r and over Source Department of Labor LECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT seasonally adjusted unemployment rate remained at 5 2 percent in June The rate for married men wife present eased by 0 4 percentage point to 2 6 percent PERCENT 10 PERCENT 10 SEASONALLY ADJUSTED LABOR FORCE TIME LOST UNEMPLOYMENT RATEi EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMpLOVMENT RATE CARRIED MEN SOURCEi DEPARTMENT OF LABC May June July Aug Sept Oct Nov Dec 1974 Jan Feb Mar Apr May June Persons at work i n nonagn cultural irtdustries by hours worked er week 2 Uiider 35 ho urs Labor Experi Married force 1 enced Over 40 All men wage and wife tine lost hours workers salary workers present Per cent Season all y adjusted m hours lost by the unemployed and persons on Dart time for economic is as a percent of potentially available labor force man hours ffers irom total nonagricultural employment p 10 which includes perrith jobs but not at work for such reasons as vacation illness bad weather ana industrial disputes Includes persons who worked part time because of slack work material shortages or repairs new j b started or job terminated II I I I I II M 1974 COUNCIL OF ECONOMIC ADVISERS Uneinolovmen t rate percei t of civili an labor foi ce in groiip Period hours Part ti me for economi c reasons Total Part ti me for economic3 reasons UsuaEy Usually Usually full 3 partfulltime 4 time 3 i time Thousan ds of pers ons 16 ye ars of age and over Jnadjustec 1 Seasonal j s Usually parttime 4 adjusted Primarily includes persons who could find only part time work 6 Average hours worked usually full time 23 2 usually part time 18 5 Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In June insured unemployment under State programs averaged 448 000 more than a year earlier The seasor adjusted insured unemployment rate at 3 3 percent has been about unchanged since February MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS 1973 JAN FEB MAR APRIL MAY JULY JUNE AUG SEPT OCT SOURCE DEPARTMENT OF LABOR Period May p June July 9 Aug Sept 9 Oct 9 Nov 9 Dec 9 1974 Jan Feb 9 Mar 9 Apr p May 9 June p Week ended 1974 June July DEC COUNCIL OF ECONOMIC ADVISERS A 11 prograrus Insured Total unem benefits Covered ploypaid employ ment milment weekly lions averof dolage lars l Thou sands Staate progra ms i nsureci unemploymerit as perInsured unemInitial Exhaus cent ot eovered emplo yment tions claims ployment Unad Seasonjusted ally adjusted Per cent Weekly iaverage t bousands S i Beginning with January 1973 monthly data include extended benefits 12 NOV Not charted Source Department of Labor Benefi ts paid Total Average mil weekly lions of check dollars dollars NONAGRICULTURAL EMPLOYMENT lagricultural payroll employment seasonally adjusted declined by 48 000 in June There were substantial declines mployment in contract construction nondurable manufacturing and the Federal Government j 000 Services and State and local government experienced employment increases MILLIONS OF WAGE AN D SALARY WORKE RS 80 MILLIONS OF WAGE AN D SALARY WORKERS 18 ENLARGED SOUE SEASONALLY AC JUSTED r N I 40 ara ra v 0 mm mmmm SERVICES v D URABLE MANL FACTUR1NG 12 RETAIL TR ADE 14 NONNMANUFACTURING PRIVATE r 1 WHOLESALE AND r ESTA 3LISHMENTS X ALL NON AGRICULTURAL SEASONALLY A 3JUSTED IliMtW w ta a NONDURABLE MAr4UFACTURING MAI lUFACTURING n t m H H GOVERNMENT CO ITRACT CONS TRUCTION A1 I I I I I l M M 1 M 1 M 1973 V l COUNCIL OF ECONOMIC ADVISERS SOURCEj DEPARTMENT C F LABOR l Thousands of wage and salary workers seasonally adjusted Jonmaniifacturin g private Man ufa cturing private Period Total T tal MayJune July Aug Sept Oct Nov Dec 1974 Jan Feb Mar Apr May15 June NonDurable durable joods goods Total Con Trans Whole Finanee portainsursale tract tion ance Services Federal State Mining conand and and and struc public retail local real tion utilities trade estate udes all full and part time wage and salary workers in nonagricultural hments who worked during or received pay for any part oi the pay period ncludes the 12th ol the month Excludes proprietors sell employed perraiestie servants and personnel ol the Armed forces Total derived from mis caole not comparable with estimates oi nonagricultural employment ol 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 S are not at work because of industrial disputes and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments Source Department of Labor 13 OF WORK SELECTED The seasonally adjusted average workweek of private nonfarm payroll employees was unchanged at 36 8 hou June The small decline in hours worked in manufacturing 0 2 hour was offset by increases in contract construe 0 4 and retail trade 0 1 HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE CONTRACT CONSTRUCTION SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Average hours per week1 Total nonagriculturaJ private 2 Period Manufacturing Contract construction Retail trade 3 Total nonagricultural private Unad lusted May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr v May June Data relate to production 2 Also includes other private workers or nonsupervisory employees industry groups shown on p IB includes eatinp and drinkinp places 14 Manufacturing Contract construction Retail trade 3 Seasonallyf adjusted source Department of Labor of percent annual rate to 4 17 in June This is an tioncjgnculturai payroll workers by 3 of 30 cents 7 8 percent over the previous June DOLLARS DOLLARS AVERAGE HOURLY EARNINGS AVERAGE WEEKLY EARNINGS CONTRACT CONSTRUCTION XV CONTRACT CONSTRUCTION MANUFACTURING TOTAL NONAGR1CULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE RETAIL TRADE SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Fo r productic workers or aonsupc r visor v em loyees Average h ouriy Total nonagricultural private l Period May July Oct Nov Dec Jan Feb Mar Apr M a y pv June Contract construction Average weekly Retail O mt Manufa icturing indus tries Adjusted Average weekly hourly earnearnings ings 1QR7 1967 4 i fin s Manufactur Contract construction Retail so includes other private industry groups shown on p 13 eludes eating and drinking places ijusted to exclude the effects of overtime and interindustry shifts Total nonagriculturai private a Manufacturing n vg curre nt Earnings in current dollars divided by the consumer price index Source Department ol Labor PRODUCTION in intermediate products groups in a Index SEASONALLY ADJUSTED index SEASONALLY ADJUSTED UTILITIES MINING 100 U 1 1 J 1 1 i J MATERIALS OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period June July Oct Nov Dec Jan Feb Mar May v June oi of the Market Total I I Fi nal np Mt NonDurable durable System Consumer goods A lining Utilities tS Inter Equipment i Mate st in Index SEASONALLY ADJUSTED dex SEASONALLY ADJUSTED SOURCE 1974 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OT ECONOMIC ADVISERS adjusted Durab le Period Primary metals Fabricated Machinmetal ery products tation equipment manufactu res Nc ictures Lumber and apparel prod and ucts leather Paper and printIng ChemicalSj petro Foods rubber tobacco July Oct Nov Jan Feb Apr v p of of the System WEEKLY INDICATORS OF PRODUCTION Weekly indicators of production not seasonally adjusted were mixed in June Among those rising power distributed freight oaded and cars assembled ele MILLIONS OF SHORT TONS MILLIONS OF TONS STEEL J F M A M J J S O N D BILLIONS OF KILOWATT HOURS J F M A M J J AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Steel p reduced Index Thousands of net 1967 tons 100 Weekly average May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May p June Week ended 1974 June July Includes data for Alaska 2 Not charted 18 2 S O N D COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Car s and tnicks power coal mined loaded produced distributed thousands thousands thousands assemb led thoiisands of short millions of of tons Total of cars Cars Trucks kilowatt hours tons S S A Sources American Iron and Steel Institute Edison Electric Institute Dep ment of the Interior Association of American Railroads American Paper Institute and Ward s Automotive Reports NEW CONSTRUCTION to May The rise in the private sector was 1 for than offset by a In sector BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION PUBLIC PR IVATE ALL OTH ER PRIVATE l I M I I i I I I I I 1 J UiSiiinw niiiiiin RESIDENTIAL lTJL LrLJ 1 I I i i i i 1 i i i i w 1Mltl olii M itItilk i i i i i J LI ij j Total construction expenditures Resid ential Total i Construct on Private BI J LJLJ I I L LJ 1 J N COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period sstiisaira CommerNew cial housing industrial units ars of Other Federal State and local Commerindex industrial of Seasonally adjusted a Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Apr vv May ciuues nonhooseKeeping residential construction and additions and aiteranot shjwn separately W series to 50 1969 lor and 1971 for Note Expenditures series revised beginning 1958 Sources Department of Commerce McGraw Hill Company F W Dodge Division Systems MEW HOUSMG FOE 8 in to a was or 31 fns firsr 6 G of in the for as in Mav OF MILLIONS OF UNITS SOURCES 1974 DEPARTMENT OF COMMERCE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND VETERANS COUNCIL OF ECONOMIC ADVISERS ADMINISTRATION Thousands of units Ron sing star DS Total private and public including farm Period a June July Aug Oct Nov Dec Jan Feb Mar T June G I3fc Propos 3d home constn iction 3 Private Total privatetin eluding farm Total One unit New private noosing units authorized 2 Cover nm en t home p eprams ncnf r rm Two or PEA more units lly VA Applications for Requests for VA PI A commit apprais1 als ai u u n i i b iepieseiJ uy 1001 appuuauu home construction Sources Department of Commerce Department of Development and Veterans for and U JLMD SH SH OR21S TOTAL AND TRADE jtiL i hs 3 9 of r ianufactursrs increase in The 0 9 in of the the rise as in in 1 TRADEJENLARGED SCALE GOODS STORES 19721 COUNCIL Of ECONOMIC SOURCE DEPARTMENT OF COMMERCE Total Business 1 tVho esaie T atail Sales2 Period 2 i Inventories s Nondurable I n V8B 2 3 Total goods LiY3ntorze Ours bis Total stores J Apr May y rLllg Get iJCV j ec ip Tzl Tr n Feb Mar Apr l C of gOOds s r j ciq durable goods id Justed se C S CC l 208 7T C H S Cc c CO IOOj uid 1 he business also includes onthly for and for of adjusted sec 22 Note Total business and manufacturing sales corrected 1968 Source Department of Commerce 21 SHIPMENTS shipments inventories new orders seasonally adjusted rose in May while the inventc ratio was for the straight month According to advance reports for June new ore goods manufacturers fell slightly shipments rose slightly of BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED INVENTORY SHIPMENTS 40 a f a a l KirM SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS l Manufac turersj sh 2 Manufac burers inv rsj Ma rs l Durafc le goods Period Total NonDurable durable goods goods Total NonDurable durable goods goods Millions of June July Aug Sept Oct Nov Dec 1974 Jan Feb Mar Apr May v June p Monthly for year and total for month Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly 22 Total y Total NonCapita durable goods industries goods nondefense Manufacturers inventory shipments 3 d L L shipments for monthly data ratio of inventories at end of month to shipn for month Note Total and durable shipments and new orders corrected beginning 1968 Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS large rise in imports and the sharp decline in exports the first decline since September 1972 yielded a merjndise trade deficit of 777 million on a seasonally adjusted basis in May BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total ineludmg ree xports Period Season Unadally ad justed justed Monthly average Millions of dollars IS ferchandi se exportJS Merch andise irnports Domesti c exports Gen 3ral impc rts 3 2 Food Crude ManuFood Crude Total facbever matebever mate2 Total i tured Season Unadrials ages rials ages goods ally ad justed and to and and to and justed fuels bacco fuels bacco Total excludes Department of Defense shipments of grant aid military supjs and equipment under the Military Assistance Program includes commodities and transactions not classified according to kind Total arrivals of imported goods other than intransit shipments 2 Total 3 Unad usted U nad juste d 1973 Apr 5 492 May 5 557 June July 5 860 Aug 6 044 Sept 6 414 Oct 6 584 Nov 6 871 Dec Jan 7 606 Feb Mar 7 674 Apr 8 234 May Merch an dise trade Manubalance facseasontured goods ally adjusted NOTE Data adjusted to include silver ore and bullion reported separately prior to 1969 Source Department of Commerce 23 U S BALANCES ON GOODS SERVICES AND TRANSFERS The current account on a seasonally adjusted basis was in approximate balance in the first quarter of 1974 This sv from a surplus recorded in the last quarter of 1973 reflects largely the decline in the merchandise trade surplus due t higher cost of oil imports BILLIONS OF DOLLARS 4 BILLIONS OF DOLLARS 4 3 COUNCIL OF fCONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars M erchandis 3 1 2 Militeiry transactions Period Exports Imports Net balance Direct expenditures Sales Net balance Netiiivestment i ncome Private 3 U S Government Net Baltravel ance Other and on trans serv goods ices 3 and portanet tion servexpendices 1 4 itures Remittances pensions and other unilateral transfers Balance on current account Seaso nally adj listed 1973 1 II III IV I Excludes military grants Adjusted from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from net investment income and included in other services net 24 4 Equal to net exports oi 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 3a ON net liquidity balance showed a dolicit of 869 million seasonally adjusted during the first quarter of 1974 ely unchanged from the last quarter of 1973 The official reserve transactions balance was in surplus by 1 044 million as U S liabilities to foreign official agencies declined and U S official reserve assets rose BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON CURRENT ACCOUNT AND LONG TERM CAPITAL OFFICIAL RESERVE TRANSACTIONS BALANCE SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period NonLong ter m capital Balance liquid on flows net 3 current shortterm account private U S and long capital Govern Private 2 term ment l capital flows net Allocations of special drawing rights Errors and omissions net Changes in liabilities to foreign official agenciesj net 3 Changes in U S official reserve assets net 4 U S official reserve assets net end of 5 period Net liquidity balance Liquid Official private reserve capital transflows actions 2 net balance Unadjusted Seajsonally ad justed III IV Excludes liabilities to foreign official reserve agencies Private foreigners exclude the IMF but include other international and regional organizations sIncludes liabilities to foreign official agencies reported by U S Government and U S banks and U S liabilities to the IMF arising from reversible gold sales nd gold deposits with the United States Consists of gold special drawing rights convertible currencies and the U S I tranche position in the IMF Minus sign indicates increase Includes i of the curre quarter quart and year million resulting irom change m par value of the dollar on May 8 1972 and for fourth quarter and year million resulting from change in par value of the dollar on Oct Sources Department of Commerce and Department of the Treasury 25 PRICES CONSUMER PRICES In June the consumer price index rose 1 0 percent also 1 0 percent seasonally adjusted Food prices increased 0 4 percent 0 3 percent seasonally adjusted Nonfood commodity prices increased 1 4 percent 1 3 percent seasonally adjusted and services prices rose 1 0 percent Index Jndex SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period May June July Aug Sept Oct Nov Dec 1974 Jan Feb Mar Apr May June Source Department of Labor 26 Services Co m modi ties3 Comm odities legjs food Services All All comRent Food less Nonmodities Durable durable services All rent wholesale price index rose 0 5 percent in June also 0 5 percent after adjustment for seasonal factors Prices of products and processed foods and feeds decreased 3 4 percent 4 0 percent seasonally adjusted their fourth consecutive monthly decline Industrial commodity prices were up 2 1 percent 2 2 percent seasonally adjusted for the fourth month in a row higher metal prices accounted for about 30 percent of the industrial price increase Index Index FARM PRODUCTS AND PROCESSED FOODS AND FEEDS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period May June July Aug Sept Oct Nov Dec 1974 Jan Feb Mar Apr May June Farna product 3 and process 3d foods and feeds D FrocFarm essed Total prodfoods ucts and feeds verage of the subgroups does not correspond exactly to coverage of this JKxciudes crude foodstuff and feedstufis plant and anima fibers oilseeds and leaf tobacco Iiidustrial c ommodit es All industrials 1 Crude materials Inter Producmediate er finmateished rials 3 goods Consurner finished g oods excludin a 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 27 PRICES RECEIVED AND PAID BY FARMERS In the month ended June 15 prices received by farmers declined 6 percent Contributing most to the decrease lower prices for cattle milk hogs potatoes calves and eggs Prices paid rose percent Both the actual and adju parity ratios dropped 5 points Index Index PRICES RECEIVED ALL FARM PRODUCTS PRICES PAID INTEREST TAXES AND WAGE RATES RATIOJ RATIO J PARITY RATIO ACTUAL 100 s I V Rfi no V u i I I I 1 I 1 I I t gi x T i i i i t i i i i i i i t i ii i i i i i i i i i i i i i ii i i I 11 QA I I11 I J RATIO OF INDEX OF PRICES RECEIYED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF AGRICULTURE Prices ireceived by i armers All farm products Period May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June Crops Prices paid by farmers All items Family Livestock interest Producand tion living taxes and products wage rates items items Index Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base 28 Parity ratio l Actual Adjusted The adjusted parity ratio reflects Government payments made direr farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS ONEY STOCK e seasonally adjusted money stock increased at an annual rate of 7 6 percent in June From June 1973 to June 1974 it grew 5 8 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE BOARD OF GOVERNORS OF THE FEE COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars Money stoc k Time Time CurCurand and DeDerency rency savings savings mand mand Total outoutTotal dedededeside side posits 1 posits l posits l posits 1 banks banks Seasonal P adjusted Unadjuste I Ivloney stoc k Period Dec Dec Dec Dec DecDec May June July Aug SeptOct Nov Dec 1974 Jan Feb Mar Apr May v June p epositis at commercial banks U S Government demand deposits l Source Board of Governors of the Federal Reserve System 29 LIQUID HOLDINGS NONFINANGIAL Private nonfinancsal investors increased their holdings of liquid assets by 9 6 billion seasonally adjusted in Ji Three fifths of the increase is accounted for by currency and deposits BILLIONS OFJDOLLARS AVERAGES OF DAILY FlGlTRES SEASOHALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures billions of dollars seasonally adjusted Curo3ncy and deposits Total liquid assets Period Time dleposits TVvf a l Currency Demand deposits Com mercial banks U S C rovernment se curities ShortNonbank term Savings marketthrift bonds able seinstitutions curities Negotiable certificates of deposit Commercial paper Dec Dec Dec Dec Dec Dec Dec May June July Aug Sept Get Nov Dec Jan Feb Mar Apr May v June Source Board of Governors of the Federal Reserve System 30 BANK LOANS INVESTMENTS DEBITS AND RESERVES al loans and investments seasonally adjusted at all commercial banks increased at an annual rate of 8 8 percent une down from a 10 2 percent annual rate in May Net borrowed reserves increased by 578 million during the nth BILLIONS Of DOUARS 1 700 BILLIONS OF DOLLARS 700 ALL COMMERCIAL BANKS SEASONALLY ADJUSTED END OF MONTH TOTAL LOANS AND INVESTMENTS INVESTMENT IN U S GOVERNMENT SECURITIES I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM All commercial banks seaso nally adjust ed data End of period L oans Investr nents Total loans Total Comand Other mercial U S Gov securiinvest excludernment ments ing inter and indus securities ties bank trial Bank debits outside New York City 232 centers seasonally adjusted annual rates l j Lll Total reserves Billions of dollars June July Aug Sept Oct Nov Dec 1974 Jan Feb Mar Apr v May June Debits during period to demand deposit accc unts except in erbank and fT S Government Averages of daily figuress Annual d ita are for Demember Beginning June 1969 d include all bank preinises subsidiar es and other ata meant majority owne d domestic subsidiaries earlier data i nclude comcial banks only As of June 1971 Farm Home ALdministratic n notes totalin g about 0 7 ers Diiiion are classified as ot her securitie s rather thar as loans membcT banks 2 Borrowings at Excess Federal Free reserves Reserve reserves Banks Millions o f dollars U s s Beginning November 9 1972 adjusted t o include ce rtain reserve deficiencies on which i enalties can be waived for a t ransition pel iod in conn ection with adaptation to Regulation J 6 Beginni ng April 1973 in eludes seasonal borrowings Source ISoard of Govern ors of the Fedenil Reserve S Astern 1 oi CONSUMER AND REAL ESTATE CREDIT Consumer credit seasonally unadjusted increased 2 2 billion during May A year earlier there was an increas 2 8 billion Seasonally adjusted consumer instalment credit rose 1 3 billion in May BILLIONS OF DOLLARS 200 BILLIONS OF DOLLARS 200 TOTAL CONSUMER CREDIT OUTSTANDING SEASON ALLY ADJUSTED ENLARGE 3 SCALE INS FALMENT Ai i i i i i i i i i i i i i i 1 i i i i i I 1 I 1 1 1 I i i i i i 1 i i i i i i i i i i 1 i i i i i 1972 g i i i i i 1 i i i i J 1973 I I 1 1 1 1 I I I 1 N COUNCIL OF ECONOMIC ADVISERS 1 Also includes other consumer goods paper and home improvement loans not shown separately 2 Consists of single payment loans charge accounts and service credit 10 INSTALMENT CREDIT REPAID Millions of dollars Consum er instalme nt credit e xtended Consu mer credit outstandin g end of p eriod imadjusted and r epaid seasonally adjiisted To tal Instalment Automot ile paper NonAutomoTotal instal Extended Repaid Extended Repaid Total i Personal bile ment 2 paper loans 1973 Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period f f L Z x VCvi CREDIT EX TENDED End of period unadjusted Source Board of Governors of the Federal Reserve System Mortgage debt outstanding nonfarm 1 to 4houses BOND YIELDS AND INTEREST RATES i the end of June to mid July interest rates generally increased although Treasury bill rates declined PERCENT PER ANNUM PERCENT PER ANNUM SEE TABLE BELOW SOURCE SEE TABLE BELOW Period June July Aug Sept Oct Nov Dec 1974 Jan Feb Mar Apr May June July Week ended 1974 June July COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Gov eminent secu rity yields municipal 3 month bonds 3 5 year Taxable 2 3 Treasury Standard4 issues bonds bills Poor s Baa Aaa Prime FHA commercial new home paper mortgage 4 6 yields 5 months ate on new issues within period Selected note and bond issues 3ril 1953 to date bonds due or callable 10 years and after 6 sekly data are Wednesday figures Not charted 5 Data for first of the month based on the maximum permissible interest rate percent beginning May and 30 year mortgages paid in 15yeare Corpora be bonds Moo dy s 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 Stock prices declined 4 percent in the first 3 weeks of July Index K Ihcfec f RATIO 25 PRICE EA RN lFl GS RATIO ON COM MON STOCKS 20 f r 15 A 1 I Sw i i i i i st i June July Aug Sept Oct Nov Total Dec 1974 Jan Feb Mar Apr May June Week ended 1974 June July Total Price i ndex l Industrials Capital Consumers goods goods Includes 500 common stocks 425 industrials 65 public utilities and 20 railroads Weekly indexes for capital and cDnsumer 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 N COUNCIL OF ECONOMIC ADVISERS SOURCE STANDARD POOR S CORPORATION Period I Railroads Dividend yield 2 percent Price earnings ratio Public utilities are averages of monthly data Weekly data are Wednesday figures 8 Ratio of price index for last day of quarter to earnings for 12 months end with that quarter Annual ratios are averages of quarterly data Not charted Source Standard Poor s Corporation FEDERAL FINANCE BUDGET RECEIPTS AND OUTLAYS AND DEBT In fiscal year 1974 there was a deficit of 3 5 billion compared to a deficit of 14 3 billion in fiscal 1973 BILLIONS OF DOLLARS BILLIONS OF DOLLARS ENLARGED SCALE 20 ENLARGED SCALE 20 SURPLUS OR DEFICIT I I JL I 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 Fiscal year Outlays Surplus Or deficit Total Held by the public v Excludes non interest bearing public debt securities held by IMF 2 Estimates as revised June 3 8 Sources Department of the Treasury and Office of Management and Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 1974 budget receipts were 32 6 billion higher than in fiscal 1973 and budget outlays were 21 8 bnifc t higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS OTHER RECEIPTS 40 U l l t l l l l M lt CORPORATION INCOME TAXES L OUTLAYS NONDEFENSE NATIONAL DEFENSE v FISCAL YEARS SOURCES TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Outlays Recei pts Nationa 1 defense Period Fiscal year Total i Estimates as revised June Individual income taxes Corporation income taxes Other Total Total Interna Health tional Depart affairs and Inment of income terest Other and Defense finance security military Sources Department of the Treasury and Office of Management and Budget INCOME ACCOUNTS prding to revised estimates for the first quarter Federal receipts increased 11 1 billion seasonally adjusted lal rate and expenditures rose 10 4 billion yielding a deficit of 1 5 billion Preliminary estimates for the second quarter show an increase of 10 2 billion in expenditures Receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF DOLLARS n n nn SURPLUS I i P i i 20 DEFICIT I i 1 I i i I I 11 1 f 1 i i i i i 1 i i I 1973 I 1974 I 40 CALENDAR YEARS SOURCE DEPARTMENT Of COMMERCE COUNCIL OF ECQRQM1C AOYlSfRS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jrovernm ent receipts Fe ieral Go vernmen b expend tures Period Indirect Personal Corpo business rate tax and profits tax and Total nontax tax nontax receipts accruals accruals Fiscal vear 197ll GrantsContriPurin aid butions chases Trans to State Net for Total of goods fer pay and interest social inand ments local paid services surance governments Surplus or Subsidies Less deficit less Wage current accruals income surplus of less and Govern disproduct ment en burse accounts terprises ments III IV II V Calendar year T eliminary based on seasonally adjusted quarterly data except for contribuwhieh have been adjusted for the January 1 1974 increase in the tax base SDHL Note Series revised beginning 1971 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFF DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail TOTAL OUTPUT 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 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 Manufacturers3 Shipments Inventories and New Orders Merchandise Exports and Imports U S Balances on Goods Services and Transfers U S Overall Balances on International Transactions PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers Money Stock Private Liquid Asset Holdings Nonfinancial Investors Bank Loans Investments Debits and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices Yield and Earnings Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis NOTE Detail in these tables may not add to totals because of rounding Unless otherwise stated all dollar figures are current dollars P Indicates preliminary and not available 38 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 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

New Construction

DATE: July 1974

PART OF:

Economic Indicators : July 1974

AUTHOR:

Council of Economic Advisers (U.S.)

CONTRIBUTING AUTHORS:

Download (pdf)

Share this page:

Table of Contents

less

Save & Share

less

Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "New Construction," 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-. "July 1974," Economic Indicators (July 1974) : 21-21. https://fraser.stlouisfed.org/title/1/item/179/toc/386437 , accessed on December 12, 2019.

More Information

less

SUBJECTS:

THEME:

Economic Data