Weekly Indicators of Production

Name: Weekly Indicators of Production
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 Economic Indicators December 1975 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT 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 REPRESENTATIVES RICHARD BOLLING 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 KAOTMAN General Counsel COUNCIL OF ECONOMIC ADVISERS ALAN GREENSPAN Chairman PAUL W MAcAVOY BURTON G MALKIEL Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sT Congress CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Rtselved 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 Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 85 cents a single copy or by subscription at 10 10 per year 2 55 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 ii OUTPUT E Gross national product increased 63 5 billion in the third quarter to an annual rate of billion according to current estimates In the second quarter the increase was 24 3 billion Billions of dollars quarterly data at seasonally adjusted annual rates 3overnmeiat Persons i B gpenditur es Surplus P rEquals Personal JL Cl or Less Less Equals Less Tax Interest Total consump saving deficit TransTransPurand paid and excludfers fers or Equals Total tion nontax chases ing expend interest of goods income Total transfer interest expend dis receipts interest Net and payand and receipts itures itures saving or and and ments sub 2 services product SUD accruals sidies 2 transto foraccounts sidies fers eigners Disposab le personstl income Period N et receipts I II II III in IV Iriternation al Business Netexports of goods Net and service s Excess of Total StatisGross Excess transfers to fortransfers income Gross private tical of retained domestic invest eigners or or discrepearnby perof net ancy investment sons and Exports Less Equals exports receipts Net ings 8 ment 4 Imports exports 5 Govern ment Period I II III IV k I II III 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 Capital consumption allowances corporate inventory valuation adjustment undistributed corporate profits and private wage accruals less disbursements Does not include retained earnings of unincorporated business which are included in disposable personal income 1 0 Gross national product or expenditure A Private business investment purchases of capital goods by private nonprofit Institutions and residential housing Net foreign investment less capital grants received by United States with sign changed Source Department of Commerce Bureau of Economic Analysis GROSS NATIONAL PRODUCT OR EXPENDITURE In the third quarter gross national product rose at an annual rate of 18 8 percent reflecting an inflation rate o percent and a rate of increase of 13 4 percent in real GNP The real GNP growth rate was the highest i 25 in BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1 600 SEASONALLY ADJUSTS ANNUAL RATES MOO PSSONAL CONSUMPTON EXPENDITURES GOVKNMENT PURCHASES OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC JNVESTMBC NET EXPORTS OF GOODS AND SERVICES J 1969 J I 1970 I J I Government purchases of good s and Total Personal Gross Implicit Net services congross Total price private exports national gross sump domestic of goods Federal deflator State product national tion for total Total investand and in 1958 product expend ment services GNP Total National Other local defense1 dollars itures Billions af dollars quarterlyr data at Eseasonall y adjust jd annual rates Period S I II Ill IV I II III This category corresponds closely with budget outlays for national defense shown on p 36 2 Gross national product In current dollars divided by gross national product in 1958 dollars I 1975 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE I I as Source Department of Commerce Bureau of Economic Analysis NATIONAL INCOME ionai income rose 52 1 billion annual rate in the third quarter Compensation of employees 21 2 billion and sorate profits including inventory valuation adjustment 18 1 billion accounted for three fourths of the rise Both i proprietors and net interest income also increased significantly BILLIONS OF DOLLARS BILLIONS OF DOLLARS CORPORATE PROFITS AND WVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Proprieto rs income Total national income Compensation of employees I II III IV I II III Period Farm 2 1 Includes employer contributions for social insurance See also p 4 2 Excludes farm profits of corporations engaged in farming and therefore differs from net farm income including net inventory change on p 6 which includes such profits Business and professional Rental income of per Net interest Corpora be profits and inventory va luation acIjustment Total Profits Inventory before valuation taxes adjustment a7 Source Department of Commerce Bureau of Economic Analysis OF PERSONAL INCOME Personal income increased 10 9 billion annual rate in November The increase of 8 3 billion in October 4 4 billion lower than originally reported primarily because of downward revisions in farm income and tran payments Wages and salaries increased 7 2 billion in November and farm income declined 1 6 billion BILLIONS OF DOLLARS BILLIONS OF DOMRS WAGE AND SALARY DISBURSEMENTS COUNCIL OF ECONOMIC ADVISERS SOURC DEPARTMENT OF COMMERCE Period Billions of dollars monthly data at seasonally adjusted annual rates Wage Total and Other Propriety3rs income Rental Divi Persona Transfer personal salary labor 12 Business income paydends interest ments of income disburse income Farm and pro persons income ments fessional Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov The total of wage and salary disbursements and other labor income differs from compensation of employees see p 3 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements 2 Consists ol employer contributions to private pension health and welfare Less Personal con N onagricultural tributions personal for social income 3 insurance funds compensation for injuries directors fees military reserve pay and a few other minor items 8 Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL sposable personal income rose 1 1 billion annual rate in the third quarter following a 63 0 billion increase the second The exceptionally large increase in the second quarter and the small increase in the third reflected anges in Federal income taxes the May 1 tax rate cut and rebates on 1974 income taxes and the 50 one time special payments to social security recipients BHUONS OF DOLLARS 1 100 BILLIONS OF DOLLARS WOO I I I f I I I SOURCE DEPARTMENT OF COMMERCE Period Less Personal Personal tax and income nontax payments COUNCIL OF ECONOMIC ADVISERS Per cap ita disL ess Perse nal outlayJTS posable personal Equals Persoimi consurnption 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 Dol lars I I II III Includes personal consumption expenditures interest paid by consumers personal transfer payments to foreigners ee p 2 for total personal coemption expenditures i Seaso nally adjiisted annu al rates II 1 III 1 IV 1 Saving as percent of Populadistion posable thou 3 personal sands income percent Includes Armed Forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Som x Department of Commerce Bureau of Economic Analysls and Bu reau of the Census FARM INCOME Farm income including and excluding inventory change increased substantially in the third quarter Irs the secoi quarter there was little or no change BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME NET FARM INCOME INCLUDING NET INVENTORY CHANGE I J J I J I Personal income received by total f arm popu lation income re ceived from farming r Nett 3 farm oper ators Realizeid gross From all sources I 1975 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Period J From From nonfarm farm sources sources Net inc ome per farm including net inventoryr change 3 Produc Cash tion ex Exelud Includreceipts penses ingnetin ing net in Current 1967 from Total1 ventory ventory dollars dollars 2 marketchange change ings Billions f dollars Dol lars Seasomally adjitsted annual rates 1974 I II Ill IV I II III Cash receipts from marketings Qovernment ijayments mid nonmones7 Income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also see footnote 2 p 3 Based on Census of Agriculture definition of a farm The number of farms is held constant within a year Ineome in enrrent dollars divided by 1 he index of rices paid b r farmers for faml ly living iteias on a 1967 13ES6 Source Department of Agriculture CORPORATE PROFITS ore tax book profits increased 21 3 billion to an annual rate of 134 6 billion in the third quarter The increase x ok profits consisted of a 18 1 billion rise in profits from current production and a 3 3 billion rise in inventory ns BILLIONS OF DOLLARS 160 BILLIONS OF DOLLARS I 1970 SOURCE DEPARTMENT Qf COMMENCE 1975 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Cor Dorate pi ofits Consorate pr ofits befc re taxes and inveiitory atfter taxcJS Corpo Profits valuation adjustme at rate plus TransCorpo CorpoMianufactui ing capital capital portation rate rate concon UnDivicomtax profits NonAll sump sumpDurable durable muniAll before liabil Total dend distrib tion industion goods payuted ity Total indusgoods cation other taxes tries ments profits allow allow 3 and 2 ances ances tries public tries utilities I II IIIIV I II III Period 1 Includes all other industries and financial institutions 2 Includes depreciation and accidental damages Corporate profits after taxes plus corporate capital consumption allowances sao Source Department of Commerce Bureau of Economic Analysis PRIVATE Gross private domestic investment rose 31 0 billion annual rate in the third quarter more than four fifths of whrL resulted from a much lower rate of inventory decumulation Business fixed investment increased about 1 billion a residential structures abouf 41 2 billion BULKDNS OF DOLLARS 250 BILLIONS OF DOl LARS 250 SCASONALLY ADJUSTED ANNUAL HATES f S GR DSS V JL c PRIVATE DOMEST INVESTMENT X I PRODUCERS DURABLE EQUIPMENT RESIDENTIA u STRUQURES Mfi f n iii tt f g Sfc ril 50 f am Hi it CHANGE IN BUSINESS If sIVENTORIES r NON RESIDENTIAL STRUCTU RES i X w I I I JCA nftA I I I I 1974 I Q I I W5 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Fixed in1 vestment Period Total gross private domestic investment Strue tures Total Total Total Resic ential struc tures N president ial Nonfarm ProduceT8 durable equdpment Total R I II III I II IV Ill Source Department of Commerce Bureau of Economic Analysis 8 Nonfarm 41 6 Total NOBfarm Change in busi ness m entories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT si ness plans to increase capital spending 2 4 percent in the fourth quarter of percent in the first quarter of 76 and 2 3 percent in the second quarter according to a survey conducted in late October and November j BIUJONS OF DOLLARS 140 BILLIONS OF DOLLARS 140 TOTAL NEW PLANT AND EQUIPMENT J SEE FOOTNOTE 3 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual ratesj M anufactun ng Period Total III IV 1975 I II III IV ss II 1 US 49 able goods durable goods Total SI Non Traiisportation DurTotal Is onman ufacturiE ig Excludes agricultural business real estate operators medical legal educa al and cultural service and nonprofit organizations udes trade service construction finance and insurance lates based on expected capital expenditures as reported by business stober and November 1975 Includes adjustments when necessary for ic tendencies in expectations data Mining Com Com Public muniutilities cation Railroad Air S 9S 2 S and mercial S Other other S NOTE Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not agree with the totals included in the gross national product estimates principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Civilian employment seasonally adjusted declined by 163 000 in November largely as a result of a decline farm employment The number of unemployed persons fell by to 7 7 million MILLIONS OF PERSONS MILLIONS OF PERSONS PERCENT OF CIVILIAN LABOR FORCE YEARS OF AGE ANp OVER SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period Total labor force including Armed Forces Civilein employ naent NonagriTotal cul Unadj usted 1974 Oct Nov Dec 1975 Jan Feb Mar Apr MayJune July Aug Sept Oct Nov Total labor Unemforce ploy includment ing Armed Forces Thous ands of 3ersons Civili an emplc yment Civilian labor force years of Oil Labor Unem Unempl oyment force rate percent of particiployciviUa n labor pation ment for ce rate1 Agricultural Nonagricul age and c ver Unadjusted Total Percent Seasonally adjustea I Seaso natty adju sted L 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 Total labor force as percent of noninstitutional population 16 years of age and over Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT Vfter having risen by 0 3 percentage point in October the unemployment rate declined by this amount in November return to 8 3 percent PERCENT PERCENT SEASONAUYAWUSTK LABOR FORCE TIME LOST UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE MARRIED 1975 SOURCE DEPARTMENT OF LABOR COUNCIL Ol ECONOMIC ADVISERS linenaploymen t rate pereeo t of eivili in labor for ce in grouip Persons at work in nonagn cultural iridustries by hours worked j er week 2 Uiider 35 ho urs Labor Experi Married force enced All time lost l wage and men workers salary wife workers present Period Per cent Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct Nov Seasonall y adjusted O O Over 40 hours Part ti me for economi c reasons Total Part ti me for economi c reasons Usually Usually Usually fullfullparttime s time 4 time 3 Thousan ds of pers ons 16 ye irs of age and over Jnadjustea 1 Seasonall y Aggregate hours lost by the unemployed and persons on part tune for economic reasons as a percent of potentially available labor force hours 2 Differs from total nonagricultural employment p 10 which includes per s with jobs but not at work for such reasons as vacation illness bad weather industrial disputes 35 40 hours UsuaEy parttime 4 adjusted s Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated Primarily includes persons who could find only part time work 6 Average hours worked usually full time 23 7 usually part time 19 2 Source Department of Labor Bureau of Labor Statistics 11 UNEMPLOYMENT INSURANCE PROGRAMS In November seasonally adjusted insured unemployment under State programs averaged 3 4 million or 300 000 less than in October The seasonally adjusted insured unemployment rate dropped from 5 6 percent in October to r percent in November MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMBC STATE PROGRAMS MAR JAM APRIL MAY JUNi JULY AUG SEPT NOV OCT SOURCE DEPARTMENT OF LABOR DEC COUNCIL OF ECONOMIC ADVISERS Stsi te programs InsurecI unemInitial Insure d unemInsured Total ploymeiit as per Benefit s paid clitims unem benefits Plojnment AverEx cent of covered Total Covered ploypaid age employment employ ment milSeason Unad Season haus mil weekly Unad ally ad weekly ment lions ally ad tions Unad Season lions of check averof dol justed justed justed justed doljusted ally ad dollars age lars jmted lars AJl progranas Period Get Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept 9 Oct Nov 9 Week ended 1975 Nov Dec i Not charted Thou sands Veekly av srage tJ iousand S S Per cent I Source Department of Labor Employment and Training Administration NONAGRICULTURAL EMPLOYMENT pnfarm payroll employment seasonally adjusted was virtually unchanged in November after having increased by er 1 million jobs from June to October Small changes were observed in all of the subsectors MHIJONS OF WAGE AND SALARY WORKOS MULUONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED SEASONALLY ADJUST nn x MONAGR1CULTURAI 1 s ESTABUSHMB TS AA f NONMANUFACTUW NG PRIVATE MANUFAC URiNG tf ft I GOVERNMENT f K I I t t t 1 1 I I I j 1 I f f t t 1H H SOURCE DEPARTMENT OF LABOR COUNCIL Of ECONOMIC ADVISERS 1 Thousands of wage and salary workers seasonally adjusted N onmanu acturm 5 private Manufa 3turing private Period Total Total NonJL urafole durable goods goods Total Gover nment Con Trans Whole Finance insurtract portasale tion ance Services Federal State Mining conand and and and strue public retail local real won utilities trade estate Oct Nov Dec S Jan Feb MaxApr May June July Aug Sept Oct Nov aeludesallfull and part time wage and salary workers in nonagrieulturai llshments who worked during or received pay for any part oi the pay period sh includes the 12th of the month Excludes proprietors self employed per domestic servants and personnel oi the Armed Forces Total derived from this table not comparable with estimates ol nonagrieulturai employment oi the civilian labor force shown on p 10 which include proprietors self employed persons and domestic servants which count persons as employed when they 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 Bureau of Labor Statistics 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES ThcUngth of the vorkweek se asonally adjusted of privote nc nfarm payrc 1I workers increased by 0 1 hour to 3 hours in Novcmbc r the highesl level since December 1 974 TIlere has been a gradual increase in the length of workw eck since th 5 second qua rter of the year HOIJRS PER WEEK SE SONAUY 46 HOURS PER WEEK s ASONALLY 46 ADJUSTED TOTAL NOh lAGRlCULTUR 0 PRIVATE MANUFACTl JRING ADJUSTED i v X r m 1 1 t i In i t fluti I I t i 1 1 1 I I 1I IK I 1 I 1 f 1 1 1 I 1 I t F I 1 1 1 t I 1 1 I IK I RETAIL TRAC E CONTRACT CONSTRUCTS N Mil v AA s j J r s r V YV x Xh lynnifnti iiiiii iin I1 1 t I px IMini MM J SOURCE DEPARTMENT OF LABOR I K 1976 COUNCIL OF ECONOMIC ADVISERS Average hours per week1 Total nonagrieultural private 2 Period Manufacturing Contract construction Retail trade 3 Total nonagricultural private Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct p Nov Retail trade Data relate to production workers or nonsupervisory employ 8 Also includes other private industry groups shown on p IS Includes eating and drinking places Contract construc tion Seasonally adjusted Unad 1 listed Manufacturing S S S y uO Source Department of Labor Bureau of Labor Statistics AVERAGE HOURLY AND WEEKLY EARNINGS SEIIECTED INDUSTRIES verage hourly earnings of private nonfann payroll workers increased by 3 cents 8 0 percent annual rate to 4 68 i November and were 32 cents 7 3 percent above a year earlier The adjusted average hourly earnings index for lanufacturing increased at an annual rate of 7 0 percent this November and was up 8 9 percent over the previous November DOLLARS RNINGS AVERAGE HOURLY EARNINGS jf AVERAGE WEEKLY EARNINGS 7JOO 280 CONTRACT CONSTRUCTION CONTRACT CONSTRUCTION dOO MANU MANUFACTURING v TOTAL NONAGRiCULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE RETAIL TRADE 80 ly n n SOURCE D PA8TMENT CM LABOR COUNOL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average h ourly earnings current dollars Average weekly earalings curr ent dollars Period Oct Nov Dec 1975 JanFeb Mar Apr May June July Aug Sept Get 9 Nov Total nonagrieulturall private Manufacturing Contract construction Retail trade a 41 Also Includes other private industry groups shown on p 13 Includes eating and drinking places s of overtime and interindustry shifts Adjusted to exclude the efffects of ov Total nonagriculturall private Manufacturing Contract construction Retail trade Manuff icturing indu 3 tries Adjusted Average weekly hourly earnearnings ings 1 QAT iyo 1967 i nn s dollars Earnings in current dollars divided by the consumer price index Source Department of Labor Bureau of Labor Statistics PRODUCTION ACTIVITY INDUSTRIAL PRODUCTION In November industrial production increased 0 2 percent about half of the October rise Increases were fairly widespread in November but generally the smallest since the April low Since April production has risen 6 3 percent index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED UTILITIES AND MINING TOTAL UTILITIES MINING S m 80 I M I M I I mm i i M i I r f iM MARKET GROUPS 140 INTERMEDIATE PRODUCTS MATERIALS FINAL PRODUCTS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct Nov Total industrial production seasonally adjusted Industry Market Fiilal produi3tS M mufacturi up InterConMining Utilities mediate NonEquip products Total Durable durable sumer Total ment goods Sonrce Board of Governors of the Federai Reserve System 16 COUNCIL OF ECONOMIC ADVISERS i Materials PRODUCTION OF SELECTED MANUFACTURES g durable manufactures November output of primary metals and transportation equipment was about the ne as in October while production of fabricated metals and machinery was somewhat higher Most nondurables ted small increases INDEX SEASONALLY ADJUSTED 160 INDEX SEASONALLY ADJUSTED fS r V v y CHEMICALS PiETROLEUM AND RUBBER l ri PAPER AND PRINTING V I I I I jf 1 I I 1 t I I 1f I FOODS AND TOBACCO S M SOURCE iOAUD OF GOVERNORS OF THE FEDERAL RESERVI SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Ncmdurable manufactu res Durab le manufgictures Period Primary metals Paper Chemicals Foods and petroand print leum and tobacco ing rubber em A Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct v Nov FabriTranspor Lumber Textiles cated Machin tation and apparel ery metal equipand prodproducts ment leather ucts ioa wee Board of Governors of the Federal Beserve System IT WEEKLY INDICATORS OF PRODUCTION Most of the weekly indicators of production not seasonally adjusted declined in November MILLIONS OF SHORT TONS 16 MJUJONS OF TONS BITUMINOUS COAL STEEL 1973 FJ9751 J F M A M J J A S O N D J F M A M J J A S O N D BILLIONS OF KILOWATT HOURS 50 ELECTRIC POWER i i I t I I I t I t I t I I t I I i i I t I I I I i t J F M A M J J SOUSCiSe AMERICAN IRON AND STEEl INSTITUTE DEPARTMENT OF THi INTERIOR EDfSON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Steel piroduced Index Thousands 1967 of net tons 100 Period Weekly average Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct v Nov Week ended 1975 Nov Dec A S O N D COUNCIL OF ECONOMIC ADVISERS Bituminous Freight Paperboard Electric Car s and triicks power coal mined loaded produced distributed thousands thousands thousands assembled thoiisands of short millions of of cars of tons Total Cars Trucks kilowatt hours tons ioa i 11L Oil Sources American Iron and Steel Institute Edison Electric Institute Dei ment of the Interior Association of American Railroads American Paper I tute and Ward s Automotive Reports NEW CONSTRUCTION ccording to preliminary estimates expenditures for new construction in October were about the same as in September in increase in private outlays was almost offset by a decline in public expenditures WUJONS OF DOLLARS WO WLUONS X DOLLARS 160 SEASONALLY ADJUSTED ANNUM RAICS too too PRIVATE I I I I I I I I I 20 t 1 I I I I t I t t il SOURCE DEPARTMENT Of COMMERCE Period Total new construction expenditures COUNCIL OF ECONOMIC ADVISERS Private Total Resid ential CommerNew cial and housing industrial Total i units Bi lions of doll ars Other Federal State and local 2ao 2a sa Includes nonhou sekeeping resi dential const ruction and aiddltlons d alterations not ishown separal ely F W Dodge series Relates to 50 States beginning 1969 for value index and inning J971 for floor sspace a Seasonally adjusted Seasonally adjusted arinual rates 1974 Aug Sept Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct Construct oneon tracts2 CommerTotal value cial and index industrial 1967 floor space 100 millions of square feet a i Seasonally adjusted annual rates Sources Department of Connaerce Bureau of the Census and McGraw H ill Information Systems Company F W Dodge Division in Private housing starts declined 5 percent in November to a seasonally adjusted annual rate of units October starts had increased sharply November permits for future housing rose 3 percent MILLIONS OF UNITS MILLIONS OF UNITS COUNCIl OF ECONOMIC ADVISERS SOURCES DEPARTMENT Of COMMERCE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND VETERANS ADMINISTRATION Thousands of units Hou sing star ts 1 Total private and public including farm Period Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct 9 Nov Total private including farm Total includingI farm Total Cover nment home p rograms noni arm Two or more FHAi VA units Seasona lly ad jus ted annu al One unit 1 For 1 to 4 unit structures Authorized by issuance of local building permit in 14 000 permit issuing places beginning for for and 10 000 prior to Propos ed home constnlotion 3 Private New private housing units authorized rates Applications for Requests for VA T TJ A r HA commit appraisals ments Units represented by mortgage applications or appraisal requests for new home construction Sources Department of Commerce Bureau of the Census Departs Housing and Urban Development and Veterans Administration BUSINESS SALES AND INVENTORIES TOTAL AND TRADE Business inventories increased 2 1 billion in October the third consecutive monthly increase following 6 months of Uclines Business sales rose 1 1 percent Retail sales were up 1 3 percent Preliminary estimates for November indicate i further rise of 1 0 percent in retail sales BILLIONS OF DOLLARS SEASONALLY ADJUSTED 300 BILLIONS OF DOLLARS SEASONALLY ADJUSTED RETAIL TRADE ENLARGED SCALE DURABLE GOODS STORES TOTAL BUSINESS INVENTORIES INVENTORIES SALES 15 TOTAL BUSINESS SALES V NONDURABLE GOODS STORES RETAIL INVENTORIES SOURCE DEPARTMENT OF COMMERCE Period Sept Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct Nov COUNCIL OF ECONOMIC ADVISERS Total tmsiness l InvenSales 2 tories 8 Sales2 Sales 2 nventories 3 Durable Nongoods durable goods stores stores HMillions of dollars se asonally ad justed Inventories 8 Total Total Durable goods stores Nondurable goods stores The term business also includes manufacturing see page 22 Monthly average for year and total for month Book value end of period seasonally adjusted Re tail esale Whol Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers1 shipments rose 1 6 percent in October slightly more than in September Inventories rose slightlv after having declined for 7 straight months New orders rose 1 1 percent BILLIONS OF DOLLARS SEASONALLY ADJUSTED 160 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 100 INVENTORIES DURABLE GOODS 80 NONDURABLE GOODS INVENTORY SHIPMENTS RATIO SdUtCE DEPARTMENT iDF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufac turers sh ipments l Manufact urers inventories 2 Manufaeture rs new orders 1 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 s Millions of dollars seasonally adjuste d Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct Nov Monthly average lor year and total lor month 3 Book valu e end of period seasonally adjusted For annual periods ratio of weighted average Inventories to average monthly hipments for monthly data ratio of inventories at end of month to shipments for month 1 22 Source Department of Commerce Bureau of the Census MERCHANDISE EXPORTS AND IMPORTS The October trade surplus f a s amounted to slightly over 1 billion as imports rose marginally while exports intreased 1 3 percent due to the strength of capital goods and agricultural shipments BILLIONS OF DOLLARS 12 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars monthly data seasonally adjusted MerchLandise e xports Merc landise i mports Ger eral imp orts Domesti 3 exports Period Total domestic and foreign Total 12 exports Food Crude bever materials ages and to and bacco fuels Food Crude Manubever matefacTotal 2 ages rials tured and to and goods bacco fuels F a s valu e 5 Manufactured goods Total c i f 4 value Menjhandise balance Exports Ex f a s ports less f a s imless imports ports customs f a s value trade Exports f a s less imports c i f Custom s value Monthly average Oct Nov Dee Jan Feb Mar Apr May June July Aug Sept Oct Total excludes Department of Defense shipments of grant aid military supies and equipment under the Military Assistance Program 2 8 Total includes commodities and transactions not classified according to kind Total arrivals of imported coods other than intransit shipments 4 C i f cost insurance and freight import value at first port of entry in the nited States F a s value F a s free alongside ship value basis at U S port of exportation for exports and at foreign port of exportation for imports Source Department of Commerce Bureau of the Census 23 U S BALANCES ON GOODS SERVICES AND TRANSFERS The current account surplus at 3 5 billion in the third quarter was slightly below the 3 8 billion level of the secoi quarter The decline in the merchandise trade surplus as imports increased more than exports was partially offset I larger service receipts BILLIONS OF DOLLARS COUNCIL OF KONQMSC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars M jrchandise 1 2 Period Ex ports Im ports Net balance Milit ary trang actions Direct expenditures Sales I II III IV Net balance Neti avestment i ncome Private 3 U S Government Net travel Other and trans servporta ices 3 tion net expenditures Seasoilally adj us ted Remittances pensions and other unilateral transfers Balance on goods and services II III Excludes 2 Adjusted 3 military grants 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 Balance on current account Source Department of Commerce Bureau of Economic Analysis U S OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS b the third quarter the balance on current account and long term capital rose to 1 6 billion as net private long term la pita I outflows feu In addition liquid private capital flows switched from a 2 6 billion outflow in the second quarter 10 a 4 7 billion inflow in the third quarter IHLUOhS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON CURRENT ACCOUNT AND LONG TERM CAPITAL SOUSCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Millions of dollars Period NonLong ter m capital Balance liquid on flows5 net current shortterm account private U S and long capital Govern Private 2 term ment 1 capital flows net Allocations of special drawing rights SDH Errors and omissions net Net liquidity balance Liquid private capital flows net Changes in liabilities to foreign official agencies net3 Changes in U S official reserve assets net 4 U S official reserve assets net end of 3 period Official reserve transactions balance Seassonally ad justed 1974 I II Ill I 11 Ill J C Excludes liabilities to foreign official reserve agencies Private foreigners exclude the IMF but include other international and regional organizations s Includes liabilities to foreign official agencies reported by U S Government ud U S banks and U S liabilities to the IMF arising from reversible gold sales and gold deposits with the United States Consists of gold special drawing rights SDR convertible currencies and s U S gold tranche position in the IMF Minus sign indicates increase Includes increases in millions as follows due to revaluation of the rman mark in Oct due to dollar value of foreign currencies alued to reflect market exchange rates as of Dec due to Unadjusted change in par value of the dollar on May 8 1972 and due to change in par value of the dollar on Oct Beginning July 1974 SDE 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 for Dec million for Mar million for June million and for Sept million Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 25 PRICES CONSUMER PRICES In November the consumer price index rose 0 6 percent 0 7 percent seasonally adjusted Food prices rose 0 4 percent 0 6 percent seasonally adjusted Nonfood commodity prices rose 0 3 percent also 0 3 percent seasonally adjusted and services prices rose 1 1 percent INDEX INDEX JJ COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All items Period Co mmoditie 3 Services Comirlodities les3S food Services All comAll Food Rent less Nonmodities All Durable durable services rent Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Source Department of Labor Bureau of Labor Statistics 26 S a WHOLESALE PRICES he wholesale price index fell 0 4 percent in November no change after seasonal adjustment Prices of farm products nd processed foods and feeds dropped 2 3 percent 1 2 percent seasonally adjusted Industrial commodity prices ere up 0 4 percent 0 6 percent seasonally adjusted INDEX INDEX FARM PRODUCTS AND PROCESSED FOODS AND FEEDS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct Nov Farai products and processe d foods aiad feeds IndusPTTkrt trial Farm essed Total prodfoods commodities and ucts feeds Excludes crudefoodstufis and feedstufls plant and animal fibers oilseeds and f tobacco Crude materials l Specjial group ings ConsuKtier finInter Produc ished g ods exmediate er fineluding foods mateished 2 DurNonrials goods able durable 9a9 9as Excludes intermediate materials for food manufacturing and manufactured animal feeds Source Department of Labor Bureau of Labor Statistics 27 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers declined 4 percent during the month ended November 15 Contributing most to the dec fn were lower prices for hogs wheat com cattle and soybeans Partially offsetting were higher prices for milk and eggs Prices paid were unchanged The actual and adjusted parity ratios each declined 3 points INDEX INDEX l PRICES REC EIVED ALL FARM PR DDUCTS A U 1C A A y 180 V V PRICES PAID NTEREST TAXES AND WAGE RATES 14Q 120 pg W yr p fS A H I 1 t 11 I I I I I I I I I I 100 I I 1 1I I 1 1 RAT OV 110 i i i i i i ii PAR1TY I RATIO ACTUAL I I 1 RATIO I SIU ATS on MIiii m 70 w l B nt TJ on M X I I I i I I I I I v o I 1 T t 1 I I 1 t I 1 1 1 I t I I t I 1 I I J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON EASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS All farm products Period Oct 15 Nov 1 5 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov Crops Livestock Ail items interest and taxes and products wage rates 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 Prices paid by farmers Prices received by farmers Family living items Production items Actual Adjusted The adjusted parity ratio reflects Government payments made directly t farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS IONEY STOCK 1C SCsasonally ad jus fed money sfoc k rose by 4 0 percent on an annual basis fr Dm August to November Ov er the year c nded Novemb er it grew by A 8 percent BILLIONS OF DOLLARS B1LL1C NS OF DOLLARS AVERAGES O F DAILY FIGURES SEASONA U Y ADJUSTED m CA r T ME AND SAVINGS DEPOSITS A A r x ct S x nCA MONEY STOCK I AI j i i 1 i j i y I f 1 1 I I I II SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Dec Dec Dec Dec Dec Dec Oct Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct Nov fc eposits at commercial banks I I f I 1 I K N COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars J oney stoc k I oney stoc k U S w Time Time GovCurCurand and i ernDeDerency rency savings ment savings mand mand outoutTotal Total dede 1 demand de l de 1 side side posits 1 posits deposits posits banks banks 1 posits l 7 Seasonal 3 adjusted Unadjustec Source Board of Governors of the Federal Reserve System 29 PRIVATE LIQUID ASSET HOLDINGS NONFINANCIAL INVESTORS Liquid assets rose 0 9 percent in November From November 1974 to November 1975 the rise was 8 9 percent BILLIONS OF DOLLARS 1 300 BILLIONS OF DOLLARS 1300 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TOTAL LIQUID ASSETS CURRENCY AND DEPOSITS I I I M I I 1 IM I I II I I I I MI 1969 M M t I IM MI M If 1II t I I f1 I I I I M t i i t 1 I i t i COUNCIL OF ECONOMIC ADVISERS SOURCEi BOARD Of GOVERNORS OF THE FEDERAl RESERVE SYSTEM Averages of daily figures billions of dollars seasonally adjusted Cumjncy and leposits U S G overnment se curities Negotiable certifiShort cates of Cur Demand Nonbank Comterm rency deposits Savings market deposit thrift mercial institubonds able sebanks tions curities ai Time dieposits Commercial paper Total liquid assets Total Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Period Dec Dec Dec Dee Dec Dec Dec Source Board of Governors of the Federal Reserve System 30 7as BANK LOANS INVESTMENTS DEBITS AND RESERVES ink loans and investments increased by 6 3 billion during November the largest monthly increase this year BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 800 ALL COMMERCIAL BANKS SEASONALLY ADJUSTED END OF MONTH TOTAL LOANS AND INVESTMENTS BANK LOANS INVESTMENT N OTHER SECURITIES INVESTMENT IN US GOVERNMENT SECURITIES fitumii i i ii t I i i i ii I I I I I I I I II i i i i i I i i i ii 1971 i i i I I i i i i I I I I I I I I 1973 I I I I I I I I I I I COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM All commercial banks seaso nally adjusted data End of period Investraents L oans Total loans ComTotal and U S Gov Other invest exclud mercial ernment securiments ing inter and indus securities ties bank trial Bank debits outside New York City 232 centers seasonally adjusted annual rates l A 11 membe r banks 2 Borrowings at Free Total 3 Excess 3 Federal reserves reserves Reserve reserves 3 Banks4 Billions of dollars Nov Dec 1975 Jan Feb Mar Apr May June July Aug Sept Oct 9 Nov Debits during period to demand deposit accounts except interbank and U S Government 2 Averages of daily figures Annual data are for December Beginning November 1972 adjusted to include certain reserve deficiencies which penalties could be waived for a transition period in connection with ption to Regulation J Transition period ended after June 1974 Beginning April 1973 includes seasonal borrowings Millions o dollars Beginning June 1974 a bank merger increased total loans and investments by 0 6 billion and beginning November 1974 liquidation of a large bank reduced total loans and investments by 1 5 billion For effect on other categories see Federal Meserve Bulletin Source Board of Governors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT Seasonally adjusted consumer instalment credit grew by 0 7 billion in October During the year ended Octob total consumer credit outstanding rose by 1 5 percent BILLIONS OF DOLLARS BILLIONS Of DOLURS TOTAL CONSUMER CREDIT OUTSTANDING SEASONALLY ADJUSTED ENLARGEC SCALE NSTALMENT CREDIT E XTENDED IO f i K 1 t 1 1 1 I i i i i i f i r Sept Oct Nov Dec 1975 Jan Peb Max Apr May June July Aug Sept Oct i i f i i 1i i i i i 1972 I i I I 1 1 I I 1 1 t iK Millions of dollars Consu mer credit outstandin g end of p eriod Consum er instalme nt credit e xtended tinadjusted and r epaid seasonally adjiisted instalment Total Automofc ile paper NonAutomol Total instal Extended Kepaid Extended Repaid Total bile Personal ment 2 paper loans Oil COUNCIL OF ECONOMIC ADVISERS Also includes other consumer goods paper and home improvement loans not shown separately 2 Consists of single payment loans charge accounts and service credit 32 j Tl J I SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period S i t IN STALMENT CREDIT REPAID ti i i i i I i i i i r r r v l End of period unadjusted Source Board of Governors of the Federal Reserve System Mortgage debt out standing nonfarm 1 to 4family houses l BOND YIELDS AND INTEREST RATES Most interest rates increased slightly in late November and early December but declined in mid December PERCENT PER ANNUM PERCENT PO ANNUM CORPORATE Aaa BONDS MOODY S SOURCE SEE TABLE BELOW Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ended 1975 Nov Dec COUNCIL OF ECONOMIC ADVISSJS Percent per annum High grade U S Gov rnment seenrity yields municipal 3 nionth bonds 3 5 year Taxable 2 3 Treasury Standard 4 issues l bonds bills Poor s Aaa Baa Prime FHA commercial new home paper mortgage 4 6 yields months Bate on new issues within period Selected note and bond issues April 1953 to date bonds due or callable 10 6 years and after Weekly data are Wednesday figures Not charted Data for first of the month based on the maximum permissible interest rate ercent beginning Sept and 30 year mortgages paid in 15 years Corpora te bonds Moc dy sj OS 6 03 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 in early December affer increasing during October and November INDEX NDEX MON1 1 5fi nn 100 COMP OSITE PRICE INDEX FC R 50C COMMON STOCKS X Of CHLY WEEKLY rv N V J J u r yx V inn f A P A QA 7A 1OA fi Ofl W 80 f 60 XA 50 t i i i i I i i r i i PERCENT t 1 f 1 M 1 1 1 M M It I1 f f f I M t t M 1 1 f If M 1 1 M t I I i l l i t M PERCENT DIVIDEND YIELD ON COMMON STOCKS 1I f I t I I I I I I I I I I I I I I I 1I I I I I i f I I I I I I I I I I r I I ri I I t I 1I I 1t t I I I I I I II RAlrio RATIO OQ PT f RICE EARNINGS RATIC ON COMMON STC CKS x A K I f r i i I I i r in 1973 f f r i Oct Nov Dec 1975 Feb Mar Apr May June July Aug Sept Oct Nov Week ended 1975 Nov Dec Total I 1975 f K 5 N COUNCIL OF ECONOMIC ADVISERS SOURCE STANDARD POOR S CORPORATION Period f i in Total Price index 1 Industrials Capital Consumers goods goods 1941 t Railroads Dividend yield 2 percent Price earnings ratio Public utilities Includes 500 common stocks 425 Industrials 56 public utilities and 20 rail are averages of monthly data Weekly data are Wednesday figures 3 roads Weekly indexes for capital and consumer goods are Wednesday figures Ratio of price index for last day of quarter to quarterly earnings seasonally all other weekly Indexes are averages of daily figures adjusted annual rate Annual ratios are averages of quarterly data s Aggregate cash dividend based on latest known annual rate divided by Not charted the aggregate monthly market value of the stocks in the group Annual yields Source Standard Poor s Corporation 34 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 4 months of fiscal 1976 there was a Federal budget deficit of 31 6 billion A year earlier the deficit was 8 4 billion BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS SURPLUS OR DEFICIT J L 1966 I 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 Fiscal year Receipts Cumulative totals for first 4 months Fiscal year 1975 Fiscal year 1976 Excludes non interest bearing public debt securities held by JMF8 2 Estimates as of May Held by the public Total i Outlays Surplus or deficit L7 Sources Department of the Treasury and Office of Management and Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND FUNCTION In the first 4 months of fiscal 1976 Federal budget receipts were 0 7 billion lower and expenditures 22 6 billion higher than a year earlier BILUONS OF DOLLARS BJLUONS Of DOLLARS OUTLAYS NOND1FENSE L y J L J H FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVTSSSS Billions of dollars Receipts Outlays Nations I defense Period Fiscal year Total Cumulative totals for first 4 months Fiscal year 1975 Fiscal year 1976 1 Estimates as of May Other Total Total Health Depart Internaand Intional ment of affairs income terest Other Defense security military nao Individual Corporation income income taxes taxes ae m Sources Department of the Treasury and Office of Management and Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS ie third quarter the sharp increase of 44 0 billion annual rate in Federal receipts was the net result of a 27 0 ion increase due to provisions of the Tax Reduction Act and a 16 9 billion rise resulting from higher incomes and oleum import fees Expenditures were up 7 7 billion As a result the deficit dropped 36 3 billion to 67 0 billion BILLIONS OF DOLLARS BH110N5 OF DOLLARS ISO 20 SURPLUS i DEFICIT I 1 YZa 1 i1 1 I i i 11 i 2d 22 i p 3 g ty CALiMI AR YEA RS g 1C 3 3 v SOURCE DEPARTMENT OF COMMERCE g Billions of dollars quarterly data at seasonally adjusted annual rates Federal jovernm ent receipts Period Personal Total tax and nontax receipts Fiscal vear Calendar year a Feeleral Go ernmen fc expend tures Surplus or GrantsSubsidies Less deficit Corpo Indirect Contriin aid Purless Wage rate business butions chases Trans to State Net current accruals income profits tax and for Total of goods fer pay and interest surplus of less and tax nontax social inments local and paid Govern dis product accruals accruals surance services government en burse accounts ments terprises ments sas 7a 6 ia ioa a a I 278 1 II III 302 8 IV II 25L 8 Ill a limlnary based on seasonally adjusted data Imates as of May 2as sO L a7 ao Source Department of Commerce Bureau of Economic Analysis 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID GOVERNMENT R NT NG OFF u s DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O 2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AND SPENDING The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Page EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Selected Industries Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders Merchandise Exports and Imports U S Balances on Goods Services and Transfers U S Overall Balances on International Transactions PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Private Liquid Asset Holdings Nonfinancial Investors Bank Loans Investments Debits and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices Yield and Earnings FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis 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 WOT 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

Weekly Indicators of Production

DATE: December 1975

PART OF:

Economic Indicators : December 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-. "Weekly Indicators of Production," 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-. "December 1975," Economic Indicators (December 1975) : 20-20. https://fraser.stlouisfed.org/title/1/item/196/toc/54836 , accessed on December 7, 2019.

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Economic Data