Federal Budget Receipts and Outlays and Debt

Name: Federal Budget Receipts and Outlays and Debt
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. 94th Congress 1st Session Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON Created pursuant to Sec 5 a of Public Law 304 79th Cong HUBERT H HUMPHREY Minnesota Chairman WRIGHT PATMAN Texas Vice Chairman SENATE JOHN SPARKMAN Alabama WILLIAM PROXMIRE Wisconsin ABRAHAM RIBICOFF Connecticut LLOYD M BENTSEN JR Texas EDWARD M KENNEDY Massachusetts JACOB K JAVITS New York CHARLES H PERCY Illinois ROBERT TAFT JR Ohio PAUL J FANNIN Arizona HOUSE OF REPRESENTATIVE RICHARD BOLLHSTG Missouri HENRY S REUSS Wisconsin WILLIAM S MOORHEAD Pennsylvania LEE H HAMILTON Indiana GILLIS W LONG Louisiana CLARENCE J BROWN Ohio GARRY BROWN Michigan MARGARET M HECKLER Massachusetts JOHN H ROUSSELOT California JOHN R STARK Executive Director LOUGHLIN F McHuGH Senior Economist RICHARD F KAUFMAN General Counsel OF ALAN GREENSPAN Chairman Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sT Congress CHAPTER 237 IST SESSION fSJ 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 Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators 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 Branch3 Office of the Secretary Department of Commerce Economic Indicators or by subscription at 10 10 is available at 85 year 2 55 additional for OF B C of is 3 60 to receive it at an The a TOTAL OUTPUT INCOME AND THE NATION S INCOME EXPENDITURE AND SAVING Gross national product dropped 11 7 billion in the first quarter to an annual rate of bi lion according to preliminary estimates In the preceding quarter there was an increase of 14 6 billion Billions of dollars quarterly data at seasonally adjusted annual rates jovernme nt Persons N et receipts E xpenditur es PerEquals Less Less sonal Less Tax Interest Total Personal saving TransTrans Equals and paid and exclud consumpPuror fers tion Total fers nontax interest Equals expend interest chases ing Net disTotal transfer interest expendof goods payreceipts itures and and itures saving receipts or and in ents and sub 2 sub 3 services transaccruals sidies to forsidies fers eigners Disposab le personsil income Period Surplua or deficit income and product accounts III IV s I 966 5 II III IV laO Net N e t exports of goods Excess of Total and service s StatisGross Excess transfers to fortransfers income Gross tical private of retained domestic invest eigners or or discrepearnby Equals of net ancy receipts ment sonsper Exports Less investand Net ings 3 ment 4 Imports exports exports 5 Govern ment 1973 III IV I II III IV I O A o o 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 not include retained earnings of unincorporated business which are included osable personal income IIiternation al Business Period 4 Gross national product or expenditure j O A 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 sign changed Source Department of Commerce of GROSS NATIONAL PRODUCT OR EXPENDITURE in the first quarter gross national product declined at an annual rate of 3 2 percent reflecting an inflation rai 8 0 percent and a decline of 10 4 percent in real GNP BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES v GOVERNMENT PURCHASES OF GOODS AND SERVICES Mi GROSS PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES I I I I I J J L 1975 COUNCIL OF ECONOMIC ADVISERS SOURCEj DEPARTMENT OF COMMERCE Period L Total Personal Gross Net congross Total private exports sump domestic of goods national gross tion product national investand in 1958 product expendservices ment dollars itures Government purchases of gooc s and services Federal State Total and National Other Total local defense Irnolielt price deflator for total GNP Billions Df dollars quarterlyr data at s easonall y adjustc 3d annual rates S III IV I II III IV I o I 1 This category corresponds closely with budget outlf iys for natioinal defense shown on p 36 2 Gross national product in c urrent dollai s divided by gross natioilal product in 1958 dollars Source De par to eiit of Comrr erce Bureau of Econ mic Analy sis NATIONAL INCOME cause of further cutbacks In employment and the length of the workweek employee compensation declined in the of quarter Farm income fell again while net interest rose BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME COMPENSATON OF EMPLOYEES H CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME I J su iniit NET INTEREST COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Period Total national income Compensation of em 1 ployees Proprieto rs income Farm 2 Business and professional Rental income of per Net interest Corporalbe profits and inventory va luation ac lj ust men t Total Profits Inventory before valuation taxes adjustment III IV I 11 III IV I Includes employer contributions for social insurance See also p 4 Excludes farm profits of corporations engaged in farming and therefore differs from net farm income including net inventory chance on p 6 which includes such profits Source Department of Commerce Bureau of Economic Analysis Q Q o o SOURCES OF PERSONAL INCOME Persona income rose 1 2 billion annual rate in March following a revised increase of 2 3 billion in Febru Private payrolls increased 0 3 billion in March the first increase since last October Farm income fell sharv again and transfer payments rose BILLIONS OF DOLLARS BILLIONS OF DOLLARS WAGE AND SALARY DISBURSEMENTS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars monthly data at seasonally adjusted annual rates o rrp W L Other ProprietyDrs income Rental Tc tal and pers onal salary labor Business income of inc 3ine disburse income 12 Farm and propersons ments l fessional i F o l M a r I ADI av ou o i 1 r U K sJ il T r Aiig i 2 r G 20 6 Sept 17 S r 2 9 Oec P r G 7 J JOY Uec IV n o r 9 il 7d Jan I v 7 O 733 j F b rs5 b i 0 OO V 0 Period O L i i Dividends Less PerPersonal Transfer sonal coninterest paytributions income ments for social insurance N onagricultural personal income 3 y farm wages net interest net dividends by Source Department of Commerce Bureau of Economic Analysis a few DISPOSITION OF NaI per capita disposable personal income fell 0 8 percent in the first quarter illONS OF DOLLARS OF DOLLARS 1 100 PER CAPITA DISPOSABLE PERSONAL INCOME COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Less PerPersonal sonal tax and Income nontax payments Per cap ita disLess Perse nal outlay s posable personal Equals Persoilal consurnptlon Equals incc me Disex penditure s 2 Personal posable Total saving Current personal personal Durable Non1958 income outlays 1 goods durable Services dollars dollars goods Billions of dollars sa o L Saving as percent of Populadistion posable thou 3 personal sands income percent Dollars i II Seasc nally atljiisted annu al rates TIT 1Y o s oi c i r x34 1 I6S 2 r H66 I1L s JOG V i i r I OC T 3 i a5 7 4 Includes Armed orces abroad Annual data are for 1 quarterly for middle of period monthly Source Department of Commerce of Economic of the Census are FARM INCOME Farm income continued to decline in the first quarter BILLIONS OF DOLLARS 120 BILLIONS OF DOLLARS 120 40 NET FARM INCOME INCLUDING NET INVENTORY CHANGE 20 Jo SOURCE DEPARTMENT OF AGRICULTURE Personal income re ceived by 1 total f arm popu lation income re ceived fro m farmingr Net t o farm oper ators Realize d gross Period From all sources From farm sources From nonfarm sources Net Inc ome per farm incl uding net inventor r change 3 ProducCash tion ex Exclud Includreceipts penses ingnetm ing net in Current 1967 from Total1 ventory ventory2 dollars dollars 4 marketchange change ings Billions f dollars Doi lars Seaso natty adj Med annu al rates 1973 III IV I II III IV I Cash receipts iroiu marketings Government payments and nomnoney income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also see footnote 2 p 3 s Based on Census of Agriculture definition of a farm The number of farms Is held constant within a year 4 Income in current dollars divided by the index of prices family living items on a 1967 base Source Department of Agriculture by farmers for CORPORATE PROFITS ok profits declined substantially in the fourth quarter but profits plus inventory valuation adjustment declined only bhtly BILLIONS Or DOLLARS 160 BILLIONS OF DOLLARS i 20 gUNDJSTRIBUTED P O i s S R Ff SOURCE SE ARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted ConDerate pi ofits bef 3re taxes and inveiitory valuation adjustme at TransCorpo CorpoM anufactui ing portation rate rate Period comtax profits NonAll Durable durable muniAll 1 before liabilindusgoods cation other taxes ity Total indusgoods tries and tries public tries utilities o annual rates Cor porate pi ofits rfter taxeJS Corpo Profits rate plus i 1 capital capital concon DiviUndend distrib sump sumpTotal tion tion uted P ymenis profits allow allow2 ances ances III II ITT IV Source Department of Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment declined sharpiy in the first quarter A drop of 35 8 billion in inventory Irwestn accounted for most of the decline BILLIONS OF DOLLARS BILLIONS OF DOLLARS RESIDENTIAL STRUCTURES NONRESIDENTIAL STRUCTURES n4 tll V CHANGE IN BUSINESS INVENTORIES J 1969 I J 1970 L J I L I f 1973 I 1974 SOURCE DEPARTMENT OF COMMERCE f f 1975 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed nr estment Total gross private domestic investment Period Resic ential struc tures N nresident ial Strue tures Total Total Total Nonfarm Produce rs durable equ ipment Total Nonfarm Total Nonfarm Change in business in rentories Total Nonfarm FT T V S 205 S S S I l O III IV I II of Commerce 8 98 5 ioa of Economic Analysis EXPENDITURES FOR NEW PLANT AND EQUIPMENT H the basis of the regular annual survey conducted in January and February businessmen are projecting a rise of I percent in plant and equipment outlays from 1974 to 1975 This implies a sizable decrease in real terms BILLIONS OF DOLLARS 140 JILLIONS OF DOLLARS 140 TOTAL NEW PLANT AND EQUIPMENT J SEE FOOTNOTE 3 BELOW SOURC DEPARTMENT OF COMMERCE COUNCH OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates IS onman ufacturir ig M anufactur ing Total Period Total III 1975 I nd Railroad Air Other Com ComPublic muni mercial and utilities cation other C J IV Total Mining II Nondurable goods Traiisportai ion Durable goods EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE The seasonally adjusted civilian labor force increased by 318 000 to 91 8 million in March Civilian employ fell by while unemployment increased by MILLIONS OF PERSONS MILLIONS OF PERSONS PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE UNEMPL OY v E NT RA FE SEASC NALLY ADJUST ED 8 fsl fl I 11 li II TfiT xi x 3 te II i 1 0 I l l III 1 19t i llpi II I li S Mpp II 1 i lil si iS j S J il flpi iii il m m iiiii x fs w B piiii w S S p m1 S m 1 t IMP Jlj III r0 taa ab 0r for cta Period i ncl u d in g A rn1C d Fore56 s 86 j y 1C 9 M N on a ri c ultu ra I u neDCLi 1 7rneiit 0 Llh oUS an ds 0 f i i 4t o 9 r 4 30 1 fc 936 fc 4 i j U nadj us ea F Di a1 OJr i 1fo r ce i n 3l u din r A r rrie d Fo re es oer 3C BIS 1C 8 5 t 2 9 8 B c 9 1 9 C r 4 0 i ab 9 I c if u A 9 fc 9 O M C r 4 s 9 3 Jl Ll G 3 c fe S78 4 S J47 8o r cA C Civ IMan lalX r fOJ rce T Otf il eastmeil c g t i 4 i H T S o 2 6i 83 7i r O L 5 0 izt 82 7C C 5 6 w C 9 cc C I t i C o i f t 1 85 7 i 9 85 7t f t c C1 8 S 8 gi i cu L1DUIa t yea rs of age an d c ver C 9 3 4 3z 91 Oil 85 G 3 4 n 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 i Ohali an enil lc yine1Lit i 1974 Feb Mar Anr MayJune Julv Aug Sept Oct Nov Dec Jan Feb Mar COUNC it 0F CONOM1C ADVI SERS Civilisin einploy m m b To tal 1 1 I iSfS ill m If ill lippi iiil iiiil 1i mm il iftl iii Jlili I i Y E A R S O A GF A N D O VFR sc URGE DEP AR FMEN OF LABC R n N 3nag riCliltu ral 1 Labor Urlein Une n115l oyment force rate d rcent of participl oyci V li an labor pation IB ent f ce rate l o 6V t 3 3 4i 1 3 3i u f c 3 4 ft 3 4L Jb 3 5 3 3t i UG1 t 9 F P iL 9 F 6 Un a djus id r 7 3 A r P 3 7 P 5 c C 5 81 j179 80 t 80 J Percent s S J lju s ea 3 n o rS i s Seaso natty adju sted Q X 0 O G Total labor force as percent of rsoninstitutioiial population 18 years of ago and over Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT seasonally adjusted unemployment rate increased by 0 5 percentage point in March to 8 7 percent The rate for ied men wife present increased to 5 2 percent PERCENT 10 SEASONALLY ADJUSTED LABOR FORCE TIME LOST UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE MARRIED MEN M I I I 1 M t M M I I t t f I 1I I t M M M 1 I M 1M 1971 M I M I M I M SOURCE DEPARTMENT OF LABOR Labor Experi Married force enced All time lost l Over 40 wage and men hours wife workers salary workers present Feb Mar Apr Mav June July Aug Sept Oct Nov Dec 1975 Jan Feb Mar Seasonall 11 adjusted S f Man hours lost by the unemployed and persons on part time for economic ons as a percent of potentially available labor force man hours iffers from total nonagricultural employment p 10 which includes per vith jobs but not at work for such reasons as vacation illness bad weather ndustrial disputes icludes persons who worked part time because of slack work material shortages or repair new job started or job terminated 1975 Persons at work i n nonagri cultural inidustries by hours worked er week 2 Uiider 35 hours Per cent t I 1 I I I I 1974 COUNCIL OF ECONOMIC ADVISERS Unenaploymeri t rate pereen t of civili an labor for ce in grotip Period I I M t I M M 35 40 hours Part ti me for economi c reasons Part ti me for economi c reasons Total Usually Usually Usually Usually fullpartfullparttime time 4 time 3 time 4 Thousan ds of pers ons 16 ye ars of age and over Jnadjustec t Seasonall il adjusted Primarily includes persons who could find only part time work 5 Average hours worked usually full time 25 3 usually part time 19 6 Source Department of Labor Bureau of Labor Statistics 11 UNEMPLOYMENT INSURANCE PROGRAMS In March insured unemployment under State programs averaged 2 6 million more than a year earlier The seasona adjusted insured unemployment rate rose from 6 0 percent in February to 6 4 percent in March MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS JAN MAR FEB APRIL MAY JUNE JULY AUG SEPT OCT SOURCE DEPARTMENT OF LABOR v 1974 Feb Mar Apr Mav June July Aug Sept Oct Nov 5J5 Dec Jan Feb 9 Thou sands S Week ended Mar January monthly Initial claims Insurec I unemploymecit as perExhaus cent of covered employment tions Unad Seasonjusted ally adjusted Weekly iaverage t housands Stiite progra ms Insured Total unem benefits Insured Covered ploypaid unem milemploy ment ployment weekly lions ment averof dolage lars 1 DEC COUNCIL OF ECONOMIC ADVISERS A 11 prograras Period NOV benefits Per cent S 3 3 5 S S 3 0 u O z 2 9 J O ao of I abor o o s s 3 5 o 5 o BeneSts paid Total Average milweekly lions of check dollars dollars NONAGRICULTURAL EMPLOYMENT T tal nonfarm payroll employment fell by 325 000 In March to 76 4 million the lowest level since April 1973 iployment fell by 260 000 In the private goods producing sectors MILLIONS OF WAGE MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED AND SALARY WORKERS SEASONALLY ADJUSTED ENLARGED SCALE 30 All NONAGRK ULTURAL s 9 V ESTABUSH v ENTS X V 7A V WHOLESALE AND ROAft TRADE T C NONMANUFACTURING PRIV ATE 44 SERVICES X DURABLE N MANUFACTURING f MANUFACTURING A x 16 mt T jWitBB H GOVERNMENT 4 I 11 1 M f I t I f f 1 t 1 1 I 1 I fV 1975 N SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISOS Thousands of wage and salary workers l seasonally adjusted Manufac turing 3r vate N onmanufacturinj r private i Period Total Feb Mar Apr May June July Aug Sept Oct Nov Dec 1975 Jan Feb Mar NonTotal Durable durable Total goods goods i Includes all fullpart time wage and salary workers in nonagrieoltural ablishments who worked during or received pay for any part of the pay period b includes the 12th of the month Excludes proprietors self employed perdomestic servants and personnel of the Armed Forces Total derived from able not comparable with estimates of nonagricultural employment of the an labor force shown on p 10 which include proprietors self employed ns domestic servants which count persons as employed when x Government Con Trans Whole Finance insursale tract portation ance Services Federal State Mining conand and and and strue public retail i local real tion utilities trade estate Oil are not at work because of industrial disputes and which are based on a of the working age population whereas the estimates In this table are reports from employing establishments Source Department of Labor of Labor Statistics on 13 OF The seasonally adjusted workweek of private rtonfarm payroll workers declined by 0 2 hour in March to 35 9 ho Hours of work fell by 0 1 hour in manufacturing and 1 9 hours in contract construction HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED MANUFACTlJRING TOTAL NOhJAGRICULTUR l PRIVATE V V W I I 1 I I I I 1 I 1 I f I I I 1 II IN M i ti 1 i iiii f i I IM T975 42 RETAIL TRADE CONTRACT CONSTRUCTION SOURCE 1975 DEPARTMENT OF LABOR Average hours per week1 Total nonagricultural2 private Period Manufacturing Contract construction Retail trade 3 Total nonagricultural 1 private 2 Manufacturing Contract construction Retail trade 3 Seasonally7 adjusted Unad justed Feb Mar Apr May June Julv Aug Sept Oct Nov Dec 1975 Jan Feb Mar 1 Data relate to production workers or nonsupervisory employees includes other private industry groups shown on p 13 Includes eating and drinking places Also 3 14 Source Department of Labor Bureau of Labor Statistics EARNINGS SELECTED INDUSTRIES erage hourly earnings of private nonfarm payroll workers increased by 2 cents 5 6 percent annual rate to 4 42 search and were 33 cents 8 1 percent above a year earlier The adjusted hourly earnings index for manufacturing ncreased at an annual rate of 10 6 percent in March DOLLARS DOLLARS AVERAGE HOURLY EARNINGS AVERAGE V WEEKLY EARNINGS CONT ACT CONSTRLfCTION CONTRACT CONSTRUCTION A V X X i f U t MANUFACTUR NG MANUFACTURING lttl riif w te TOTAL NONAGRICULTURAL PRIVATE TO FAL NONAGRICULTURAL PRIVATE RETAIL 1 RADE RETAIL TRADE k I I XII I I 1 1 1 I K I t I f t f SOURCE DEPARTMENT OF LABOR r i f i t f i i i i ifj 1975 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average h 3urly earnings current dollars Average vweekly earn ings curr snt dollars Total nonagriculturall private Period Manufacturing 1974 Feb Mar Apr May June July Aug Sept Oct Nov Dec Retail trade 2 Contract construction Retail trade Jan Feb Mar a 01 Lso includes other private industry groups shown on p 13 includes eating and drinking places 3 Adjusted to exclude the effects of overtime and interindustry shifts Manufacturing Total nonagriculturall private Contract construction Manufj icturing indu stries Adjusted Average weekly hourly earnearnings ings i oft y iyb dollars Earnings in current dollars divided by the consumer price index Source Department of Labor Bureau of Labor Statistics Industrial production continued to decline in March but the 1 0 percent decrease was substantially smaller than those In the preceding 4 months Consumer goods output rose slightly the first rise since last summer index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED TOTAL I I I I 1 1 I I I fI I f I I I I t I l j I 1 I II I I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period Mar Apr May June July Aug Oct Nov Dec Jan Peb Mar p seasonally adjusted Market Industry Mi mufacturi njr Fiiaal pro due3tS InterMining Utilities Conmediate NonEquip products Total Durable durable Total sumer ment goods Source Board of Governors of the Federal Reserve System 16 COUNCIL OF ECONOMSC ADVISERS G TV f rials PRODUCTION OF SELECTED MANUFACTURES ducfion continued to fall in most durable and nondurable manufactures in March However there was an increase ransportation equipment because of a sharp rise in auto assemblies INDEX SEASONALLY ADJUSTED 160 INDEX SEASONALLY ADJUSTED X k v A A CHEMICALS P ETROLEUM AND RU6BER r PAPER AND PRINTING I i iii iIiiiii 1975 FABRICATED METAL PRODUCTS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durab le manufeictures Period Primary metals Nc ndurable manufaetu res FabriTranspor Lumber Textiles Paper cated Machin tation and and apparel ery metal equipprodand printproducts ment leather ing ucts Chemicals Foods petroleum and tobacco rubber Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb v Mar rce Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production not seasonally adjusted declined in March An exception was cars and fir assembled which increased for the second consecutive month MILLIONS OF SHORT TONS MILLIONS OF TONS 16 STEEL I I I i i I i I i I j F M A J M F THOUSANDS BILLIONS OF KILOWATT HOURS 50 CARS AND TRUCKS ELECTRIC POWER i i i i i I i I i I J F M A M J J SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Feb Mar Apr May June July Aug Sept Oct Nov Dec 1975 Jan Feb Mar v Week ended 1975 Mar Apr J 19 J Includes data for Alaska 10 Steel piDeduced Index Thousands of net 1967 tons 100 A S O N D COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Car power coal mined Freight Paperboard assemb s and triicks loaded produced led thoiisands i distributed thousands thousands thousands of short millions of Total of cars of tons Cars Trucks kilowatt hours tons l Oil Sources Ame rican Iron and teel Institute Mison Electrie Institu fe D raent of the Int erior Associatic n of American Railroads iAmerican P per tute and Ward s AutomotiYe E Dorts NEW CONSTRUCTION ccording to preliminary estimates expenditures for new construction declined slightly in February The decrease in L ivate construction was largely offset by a rise in public construction BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE Period i Total new construction expenditures Private Total Resic ential CommerNew cial and housing industrial Total units Bi Ilions of doli ars Gther Federal State and local Seasonally j adjusted a inual rates 1973 Dec 1974 Jan Feb Mar Apr May June July Aus bept Get Nov Dec 1975 Jan Feb Includes nonhouseJkeeping residential construction and additions and alterais not shown separately F W Dodge series Relates to 50 States beginning 1969 for value index and iinning 1971 for floor space Constructio n contracts2 CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet Seasonally Seasonally adjusted adjusted annual rates Sources Department of Commerce Bureau of the Census and McGrawHill Information Systems Company F W Dodge Division 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Housing starts declined slightly in March to an annual rate of Permits for future housing also decl slightly MILLIONS OF UNITS 3 0 MILLIONS OF UNITS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND VETERANS ADMINISTRATION Thousands of units Hou sing star ts Total private and public including farm Period Feb Mar Apr May June Julv Aug Sept Get Nov Dec 1975 Jan Feb Mar v 1 Total private including farm Total including5 farm Total I For 1 to 4 unit structures 2 Authorized by issuance of local building permit in 14 000 permit issuing places beginning for for and 10 000 prior to Cover nment home p rograms noni arm Two or VA more FHA units Seasona lly ad jus ted annu al One unit Propos 3d home constriiction 3 i Private iNew private housing units authorized rates Applications for Requests for VA FHA commit apprais1 als ments Units represented by mortgage applications or appraisal requests for new home construction Sources Department of Commerce Bureau of the Census Departmen Housing and Urban Development and Veterans Administration INVENTORIES TOTAL AND TRADE sness Inventories declined 1 3 billion in February compared with a revised increase of 5 million in January iness sales rose 0 6 percent BILLIONS OF DOLLARS SEASONALLY ADJUSTED 35 RETAIL TRADE ENLARGED SCALE DURABLE GOODS STORES BILLIONS OF DOLLARS SEASONALLY ADJUSTED 280 i x TO fAL BUSINESS ft MNTORIES S ion TOTAL BUSINESS SALES jjj anU Af ion J RETAIL INVENTORIES ae tse U RETAIL SALES B i AC I I I 1 f t V f Tf f I I t 1 I f fS M SOURCE DEPARTMENT OF COMMERCE COUNCtl OF ECONOMIC ADVISERS Total t usiness 1 R jtail Wholesale Sales2 Period 2 Inventories 3 2 Inventories Durable Nongoods durable goods stores stores NMillions of clollars se isonally ad justed Inventories s Total Total Durable goods stores 3 Nondurable goods stores Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 3 Mar The term business also Includes manufacturing seepage 22 f ontnly average for year and total for month Book value end of period seasonally adjusted Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers1 inventories and orders rose in February while shipments declined The 0 4 billion rise in book vali of inventories followed increases of about 2 billion per month in the preceding 7 months BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 100 INVENTORY SHIPMENTS RATIO COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Manufac turers sh ipments 1 Manufad turers inv entories 2 Ma nufacture rs new orde rs i Durat le goods Period Total NonDurable durable goods goods Total NonDurable durable goods goods Total Total NonCapital durable goods industries goods nondefense Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjuste d Feb Mar Apr Mav June July Aug Sept Oct Nov Dec Jan Feb Mar Monthly average ior year and total for month 2 Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly 22 Oil shipments for monthly data ratio of inventories at end of month to shipm for month Source Department of Commerce Bureau of the Census MERCHANDISE EXPORTS AND IMPORTS February there was a merchandise trade surplus the first surplus since early 1974 BILLIONS OF DOLLARS 12 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOV Millions of dollars monthly data seasonally adjusted Merc landise e xports Mercl landise i mports Gerleral imp orts Domes ti c export Period Total ineluding Total i 2 reexports Food Crude Food Crude bever matebever mate ManufacTotal 2 ages rials ages rials tured and to and and to and goods bacco fuels bacco fuels 5 F a s valu e Manufactured goods Total c i f 4 value Mercjhandisf track balance Exports Ex A X or is f a s port f i s j i a s less imless imports ports imi c i f ports customs f a s value Customs 3 value 6 Monthly average Feb Mar Apr Mav June July Aug Sept Oct Nov Dec 1975 Jan Feb oiai excludes Department 01 ijeiense snipments 01 grant am military supand equipment under the Military Assistance Program otal includes commodities and transactions not classified according to kind 3 Total arrivals of imported goods other than intransit shipments 4 C i f cost insurance and freight import value at first port of entry in the United States F a s yalue OKK 4 ftJtJ S F a s free alongside ship value basis at U S port of exportation for exports and at foreign port of exportation for imports See Note NOTE Customs value imports have been discontinued For 1974 monthly data on this basis see Economic Indicators February 1975 Source Department of Commerce Bureau of the Census OO U S BALANCES ON GOODS SERVICES AND TRANSFERS The fourth quarter current account deficit of 0 3 billion represented a 1 2 billion improvement over the third quarti deficit The merchandise trade balance adjusted to the balance of payments basis was in deficit by 1 6 billic in the fourth quarter For 1974 as a whole the trade balance swung from a surplus of 0 5 billion to a deficit of 5 s billion as the deficit in petroleum and products increased sharply in 1974 BILLIONS OF DOLLARS 4 BILLIONS OF DOLLARS 4 BALANCE ON GOODS AND SERVICES BALANCE ON CURRENT ACCOUNT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions o dollars M erchandise Period Exports Imports 12 Net balance Militi iry trans actions Direct expenditures Net balance Sales Neti sivestmenti ncome Private 3 U S Government RemitBaltances ance penon sions goods and and other servuniices 1 lateral transfers Net travel Other and trans servporta ices 3 tion net expenditures Balance on current account Seasoilally adj us ted Ill II I 22 II 23 III 24 rv 26 1 Excludes 2 1 Adjusted military grants from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign Investments in the United States are excluded net investment income Included in other services net 24 Source Department of Commerce Bureau of Economic Analysis U S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS ased placement of surplus funds in the United States by the official agencies of the oil exporting nations was the r cause of the increase in the official reserve transactions deficit from 5 3 billion in 1973 to 8 1 billion in 1974 The net liquidity deficit influenced in addition to the above by the oil related increases in the U S trade deficit and U S bank lending abroad rose to 18 3 billion in 1974 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 5 BAIANCE ON CURRENT ACCOUKT AND LONG TB M CAPITAL SOURCE DEPAHTMBtf OF COMMERCE COUNCIL OF ECONOMIC ADV1S85S Millions of dollars NonLong ter m capital Balance liquid on flows net current shortterm account private U S and long capital Govern Private 2 term ment 1 capital flows net 2 Period Allocations of special drawing rights SDR Changes in lia Changes Official reserve bilities in U S to official transactions foreign reserve official balance agencies assets net 4 net 3 U S official reserve assets net end of 5 period Unadjusted Errors and omissions net Net liquidity balance Liquid private capital fiowss net 2 Seassonally ad justed 1973 1 II III I IL III IV Excludes liabilities to foreign official reserve agencies Private foreigners exclude the IMF but include other international and Agional organizations 1 Includes liabilities to foreign official agencies reported by U S Government U S banks and U S liabilities to the IMF from reversible gold sales nd gold deposits with the United States Consists of gold special drawing rights SDR convertible currencies and U S gold tranche position in the IMF Minus sign indicates increase Includes increases in millions as follows due to revaluation of the German in Oct due to dollar value of foreign currencies revalued to reflect market exchange rates as of Dec due to change in par value of the dollar on May and fourth quarter and due to change in par value of the dollar on Oct Beginning July 1974 SDR and reserve position in the IMF based on new method of valuation On a pre July basis reserve assets for Sept are 15 949 million and for Dec million Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury 25 PRICES CONSUMER PRICES In March the consumer price index rose 0 4 percent 0 3 percent seasonally adjusted Food prices decreased percent seasonally adjusted Nonfood commodity prices rose 0 8 percent 0 6 percent seasonally adjusted and services prices rose 0 4 percent INDEX I INDEX i too SOURCE DEPARTMENT OF LABOR COUNCSL OF EC Services Co mmoditie 3 Comir odities leg5S food Services All All comFood Rent less Nonmodities All Durable durable services rent Period All items Feb Mar Apr May June July Aug Sept Oct Nov Dec 1975 Jan Feb Mar Source Department of Labor Bureau of Labor Statistics 26 o WHOLESALE PRICES wholesale price index declined 0 5 percent in March 0 6 percent after seasonal adjustment Prices of farm jducts and processed foods and feeds declined 2 6 percent 2 5 percent seasonally adjusted Industrial commodity prices were up 0 3 percent 0 2 percent seasonally adjusted INDEX INDEX FARM PRODUQS AND PROCESSED FOODS AND FEEDS ALL COMMODITIES I 1 I I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period Aus Sept let Nov Farn i product 3 and proeesscid foods a nd feeds p i rocFarm essed All InTotal dustriprodfoods als1 and ucts feeds IIidustrial ciommodit es Crude materials 2 Inter Producmediate er finmateished rials 3 goods Consur ner finished g 3ods excludini foods DurNonable durable Feb Mar Aiir Mav June July Dec 1975 Jan Feb Mar fi t i A 1 0S I R r iLscludcs intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Source Department of Labor Bureau of Labor Statistics 27 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers declined 2 percent in the month ended March 15 Contributing most to the decrease lower prices for wheat corn cotton soybeans tomatoes and milk Prices paid declined percent The actual adjusted parity ratios each declined 1 point INDEX INDEX PRICES RECEIVED ALL FARM PRODUCTS 180 PRICES PAID INTEREST TAXES AND V AGE RATES I I f i l l I RATIO J no RATIO J 110 PARITY RATIO ACTUAL CV I 1 I I I I I H I I I I t I 1 1 1 I f J I I x i I I i I RATIO OF NDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES OH J BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by armers Period Feb Mar 15 Apr 15 May 15 June 15 July 1 5 Aug Oct 15 Nov 15 Dec 15 15 Feb All farm products Crops Prices paid by far mers Livestock All items Family Producinterest and living tion taxes and products wage rates items items Index Percentage ratio of index of prices received by farmers to index of prices paid Interest taxes and wage rates on base i AI j i I Cr Parity ratio J Actual The adjusted parity ratio reileeis Government payments fanners Source Department of Agriculture Adjusted directly ONEY STOCK seasonally adjusted money stock grew at an annual rate of 4 2 percent In trie latest 6 months September to March out the same as the rate of the preceding 6 months BILLIONS OF DOLLARS BILLIONS OF DOLLARS j I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars I loney stoc k stoc k U S Time Time GovCurCurand and ernDeDerency rency savings savings ment mand mand Total outoutTotal dededemand dedeside side posits 1 posits de l posits l posits l banks banks 1 Seasonal 7 adjusted Unadjustec a i I 68 C i c akloney Period Dec Dec Dec Dec Dec Dec Feb Mar Apr Mav July Aug Sept Oct Nov Dec Jan Feb y its at commercial banks Source Board of GoYernors of the Federal Reserve System 29 PRI ATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Private nonfincmcial investors increased their holdings of liquid assets by 8 4 billion in March Currency and depositsincreased by 10 8 billion BILLIONS OF DOLLARS 1 300 BILLIONS OF DOLLAF SD CE BOARD OF GOVERNORS Or THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars seasonally adjusted Cum3ncy and ieposits Period Dec 1969 Dec 1970 Dec 1971 Dec 1972 D e e 1973 Dec 1974 Dec JT Am lav June Jlliv Seiv Oct Mov iJCC Tan Deb T y Time d eposits Total Currency Demand deposits Commercial banks U S Crovernment se curities ShortNonbank term Savings marketthrift institubonds able setions curities Negotiable certificates of deposit Commercial paper Jr n Feb 1975 Total liquid assets Source Board of Governors of the Federal Reserve System 30 BANK LOANS INVESTMENTS DEBITS AND RESERVES csl loans and investments of all commercial banks rose 3 6 billion from February to March but remained below fleve reached in August 1974 BILLIOiNS OF DOLLARS 800 BILLIONS OF DOLLARS 800 ALL COMMERCIAL BANKS SEASONALLY ADJUSTED END OF MONTH INVESTMENT IN OTHER SECURITIES INVESTMENT IN US GOVERNMENT SECURITIES lLlB tlM itlO M MHIlil I 1 1 1 I I I M I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM All commercial banks seasc nally adjust ed data Loans Total loans End of period Investrnents Total ComU S Govmercial Invest excludernment ments ing Inter and indus securities bank trial and Other securities Bank debits outside New York City 232 centers seasonally adjusted annual rates l Aill membe r banks 2 Total reserves Mar Apr Mav 7 J unc 677 5 July p 686 6 Aug 692 0 p Sept 687 0 Oct vp Nov Dec J a n Veb vv 687 7 Mar Debits during period to demand deposit accounts except interbank and U S Government 2 Averages of daily figures Annual data are for December s Beginning June 1969 data include all bank premises subsidiaries and other ficant majority owned domestic subsidiaries earlier data include comd banks only of June 1971 Farmers Home Administration notes totaling about 0 7 are classified as other securities rather than as loans Excess reserves Borrowings at Free Federal reserves Reserve Banks Millions o dollars Billions of dollars s Beginning November 9 1972 adjusU I to include certain reserve d v ieies on which penalties can be waived for a transition period in conn r ri v ith adaptation to Reeruiation J 6 Beginning April 1973 includes seasonal borrowings 7 Beginning June 1974 a bank merger increased total loans and investments by 0 6 billion and beginning November 1974 liquidation of a large reduced total loans and investments by 1 5 billion For effect on other categories see Federal Reserve Bulletin Source Board of Governors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT Consumer credit seasonally unadjusted declined by 1 7 billion during February A year earlier there was a de of 1 2 billion Seasonally adjusted consumer instalment credit rose 0 2 billion in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS f SEASONALLY ADJUSTED ENLARGED SCALE 1 C y r X l 10 p e r j A1 i 1 I V i i i i i 1 i i i ii i i i i 1 i i i i i i i 1 i i i i i I t I iK COUNCIL OF ECONOMIC ADVISERS Millions of dollars Co nsu mer credit outstandin g end of p eriod Consum er instalme nt credit e xtended u nadj listed and r epaid seas onally ad isted nstalment To tal Automofc ile paper NonTotal instal Extended Repaid Extended Repaid i bile Personal ment 2 paper loans Jan Feb Mar Apr May July Oct Nov Dec Jan Feb SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period 1 INSTALMENT CREDIT REF AID ITT SX ir Z VC NSTALMENT CREDIT E TENDED End of period Source of of the Mortgage debt outstanding nonfarm 3 1 to 4famiJy houses i i P BOND YIELDS AND INTEREST RATES i yield on FHA new home mortgages was 8 69 percent m April down from the record high of 10 38 percent in tober1974 PERCENT PER PERCENT PER ANNUM 12 CORPORATE Aaa BONDS MOODY S SOURCE SEE TABLE BEIOW Period 19S Percent per annum High grade U S Gov 3rnment seen rity yields municipal 3 month bonds 3 5 2 Taxable Treasury 3 Standard issues bonds bills i Poor s a a si 7 37 a a MaT June Julv a 145 Oct Nov Dec Jan Feb Mar Apr Week ended t r i 8 A 7 COUNCIL OF ECONOMIC ADVSSERS J Q S r C a i f J r C i f u i 5HK 3 X a 68 a ei a a Bate on r s r issues with n period Selected note and issues Iprii 1 53 D c 7 ate bonds due or ca iabie 1 years and after Veekly ce n c rs Wednes lar Ogures Data for iiirt of Iie men th tcseo on hc maximum pennissible interest rat p o percent redlining Marc i 3 I v c and SC ycar mortgages pan d in 15 years a os a 54 a 58 a 65 a 46 a 47 a 93 a 66 a 30 a ei a 55 a 67 a so a ss a 91 a Prime commercial paper 4 6 months Corpora fce bonds Moc dy s Aaa Baa 7 03 a a 56 a 24 a 37 a 47 a a 89 a 62 a a 6i a 78 a a 95 i 8 69 a a is a 33 a oe FHA new home mortgage yields 5 a a os a a os a os a 23 a 20 8 Not char ted Sources I epartment of He using Urban Development I Joard of Qovernors of the Federal Reserve System Moody 3 Investors SerYi 3e and Standard Poor s Cc rporation 33 COMMON STOCK PRICES YIELD AND EARNINGS Stock prices fell slightly in early April but increased by mid month INDEX INDEX COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS t I I t I I t I I I 50 PERCENT PERCENT DIVIDEND YIELD ON COMMON STOCKS RATIO RATIO pv 1 RICE EARNINGS RATIO ON COMMON STO CKS tc w f i l l f f I f I I Mar Apr May June July Price J ndex Industrials Total Aug Sept Oct Nov Dec 1975 J a n Feb Mar Week ended 1975 Mar Apr 1975 f s K M Total l Public utilities Railroads Dividend yield 2 percent Price earnings ratio a j Consumers goods Capital goods Includes SOU common stocks 425 indi sine is 55 public utilities and 20 railroads Weekly indexes for capital and consumer goods are Wednesday figures all other weekly indexes are averages of daily figures 2 Aggregate dividends based on latest known annual rate divided by the aggregate monthly market value of the stocks in the group Annual yields I f COUNCIL OF ECONOMIC ADVISERS SOURCE STANDARD POOR S CORPORATION Period I I are averages of monthly data Weekly data are Wednesday figures 3 Ratio of price index for last day of quarter to quarterly earnings season adjusted annual rate Annual ratios are averages of quarterly data Source Standard Poor s Corporation FEDERAL FINANCE fcDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT nc budget deficits for fiscal years 1975 and 1976 respectively as recently revised are 49 7 billion and 58 5 billion BILLIONS OF DOLLARS 1 400 BILLiONS OF DOLLARS 400 RECEIPTS AND OUTLAYS OUTLAYS SURPLUS OR DEFICIT J L FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Federal debt end of period Period Receipts Outlays Surplus or deficit Total i Fiscal year Held by the public Cumulative totals for first 8 months Fiscal year Fiscal year Excludes non interest bearing public debt securities held by IMF 2 Estimates as of April Receipts estimates reflect changes from FebVy budget for effect of Tax Reduction Act of 1975 only Sources Department of the Treasury and Office of Management and Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION Fiscal 1975 budget receipts are estimated at 274 5 billion and budget outlays at 324 2 billion The coi ponding figures for fiscal 1976 are 296 8 billion and 355 3 billion respectively BILLIONS OF DOLLARS BILLIONS OF DOLLARS OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCH OF ECONOMIC ADVISERS Billions of dollars Receipts Outlays Nationa 1 defense Period Total Fiscal year 1965 Individual Corporation income income taxes taxes Other Total Total Health Depart Internaand Intional ment of income terest Other affairs security Defense military S Cumulative totals for first 8 months Fiscal year 1974 Fiscal year i Estimates as of April Receipts ef timates reflect shanges from February bubget for effect of Tax R eduction Act of 1975 only 36 i Sources Departmen t of the Trea sury and Offi ce of Manage ment and BIT FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS 2 fourth quarter of 1974 an Increase of 14 6 billion in Federal expenditures and a decline of 8 1 billion in pts resulted in a substantial increase in the deficit to 24 5 billion all annual rates According to preliminary ruinates expenditures rose 18 7 billion in the first quarter receipts data are incomplete BILLIONS OF DOLLARS 340 BILLIONS OF DOLLARS 340 SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES V RECEIPTS J I L J I L I SURPLUS Hv p l l Ii W m DEFICIT j l i CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jovernm ent receip ts Period Fee leral Go rernment expenditures Surplus GrantsSubsidies Less j or f Purin aid less Wage deficit p ersonal Corpo Indirect Contrii Jr rate business butions chases Trans to State Net current accruals h income Total tax and profits tax and for Total of goods fer pay and interest surplus of less nontax and nontax social intax and ments local paid Governdisreceipts accruals accruals surance product services government en burse accounts ments terprises ments Fiscal vear Calendar vear III IV i II III 302 8 IV I mates as of April Eeceipts estimates reflect changes from Febroary budget for effect of Tax Reduction Act of 1975 only Source Department of Commerce Bureau of Economic Analysis 37 UNITED STATES GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC POSTAGE AND FEES PAID GOVERNMEN PR NTING OFF CE u s DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AMD SPENDING The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Selected Industries Average Hourly and Weekly Earnings Selected Industries PRODUCTION 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 Page 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 0 Indicates preliminary and not available For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 85 cents single copy Subscription price 10 10 per year 2 55 additional for foreign mailing U S G O V E R N M E N T P R I N T I N G OFFICE I97S

Federal Budget Receipts and Outlays and Debt

DATE: April 1975

PART OF:

Economic Indicators : April 1975

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-. "Federal Budget Receipts and Outlays and Debt," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "April 1975," Economic Indicators (April 1975) : 37-37. https://fraser.stlouisfed.org/title/1/item/188/toc/351333 , accessed on December 12, 2019.

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Economic Data