Unemployment Insurance Programs

Name: Unemployment Insurance Programs
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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Congress 2nd Session Economic Indicators September 1968 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 560 f Public Law 304 79th Cong WILLIAM PROXMIRE Wisconsin Chairman WRIGHT PATMAN Texas Vice Chairman SENATE JOHN SPARKMAN Alabama J W FULBRIGHT Arkansas HERMAN E TALMADGE Georgia STUART SYMINGTON Missouri ABRAHAM RIBICOFF Connecticut JACOB K JAVITS New York JACK MILLER Iowa LEN B JORDAN Idaho CHARLES H PERCY Illinois HOUSE OF REPRESENTATIVES RICHARD BOLLING Missouri HALE BOGGS Louisiana HENRY S REUSS Wisconsin MARTHA W GRIFFITHS Michigan WILLIAM S MOORHEAD Pennsylvania THOMAS B CURTIS Missouri WILLIAM B WIDNALL New Jersey DONALD RUMSFELD Illinois W E BROCK 3d Tennessee JOHN R STARK Executive Director JAMES W KNOWLES Director of Research COUNCIL OF ECONOMIC ADVISERS ARTHUR M OKUN Chairman MERTON J PECK WARREN L SMITH 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 Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts draivn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 5 cents a single copy or by subscription at 2 50 per year foreign 3 50 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 6 10 per year The 1967 revised edition of the Historical and Descriptive Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is available at 70 cents a copy from the Superintendent of Documents Government Printing Ofiice TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Recently revised estimates indicate that gross national product advanced almost 21 billion seasonally adjusted annual rate in the second quarter surpassing the previous record increase of nearly 20 billion in the first quarter Billions of dollars quarterly data at seasonally adjusted annual rates Government Persons Period IV 1967 I 1968 I II PerLess Equals Personal sonal Less Less Tax Interest Total consump saving Trans Equals Total Trans Equals tion or and Purpaid and excludfers fers nontax interest Net expend interest chases expenddising Total transfer receipts itures of goods interest itures saving receipts payand and or and and ments sub 2 sub 2 accruals sidies to fortranssidies fers eigners Net exports of goods Total Net Statisand services Excess of income transfers tical Gross or transfers discrepGross private Excess to forof or eigners receipts retained domestic ancy by of net earnEq uals exports invest invest sonsper3 Less ment and ings Net ment 4 Govern Exports I m ports exports ment III IV IV 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 and subsidies less current surplus of government enterprises 3 Undistributed corporate profits corporate inventory valuation adjustment capital consumption allowances and wage accruals less disbursements Does not include retained earnings of unincorporated business which are included in disposable personal income Surplus or deficit income and product accounts International Business Period Expenditures Net receipts Disposable personal income 23 2 2a g Gross national product or expenditure Private business investment purchases of capital goods by private nonprofit institutions and residential housing Net foreign investment with sign changed NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national producf seasonally adjusted advanced at an annual rate of almost 11 percent in the second quarter according to revised estimates About three fifths of the increase represented a rise in physical output and the rest prices BILLIONS OF DOLLARS PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES NET EXPORTS OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT J SOURCEs DEPARTMENT OF COMMERCE Period III IV 1967 I II III IV 1968 I II COUNCIL OF ECONOMIC ADVISERS Total Personal Gross congross Total private sump domestic national gross tion product national investin 1958 product expendment prices itures Billions of dollars quarterly S This category corresponds closely with budget expenditures for national defense shown on p 36 2 Gross national product in current prices divided by gross national product in 1958 prices Net exports of goods and services Government purchases of goods services Federal Total National Other Total defense1 and State and local Implicit price deflator for total GNP data at seasonally adjusted annual rates NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce NATIONAL INCOME National income rose 1 71 3 billion seasonally adjusted annual rate in the second quarter with strong advances irr all income components according to revised estimates Corporate profits before taxes and inventory valuation adjustment were up 51A billion over the first quarter and about 9 billion above the level of the second quarter of 1967 BULKDNS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME i COMPENSATIO OF EMPLOYEES V CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME r mt n iu f inr jui i i NET INTEREST 0 r r T I SOURCEi l I i i i I o DEPARTMENT OF COMMERCE COUNCfc OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period III IV 1967 I II III IV 1968 I II Compensation of em 1 ployees Proprietors income Farm 2 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 change on p 6 which includes such profits 3 Business and professional Rental income of persons 3 Net interest Corporate profits and inventory valuation adjustment 3 Total Profits Inventory before valuation taxes 3 adjustment See Note p 7 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce G SOURCES OF PERSONAL INCOME Personal income rose strongly in August with an advance of 5 billion seasonally adjusted annual rate and salaries and other labor income accounted for 3 billion of the gain BILLIONS OF DOLLARS BILLIONS OF DOLLARS WAGE AND SALARY DISBURSEMENTS TO SOURCE DEPARTMENT OF CO AMERCE Period J u l y Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Total and Other Proprietors income income Divi Personal Transfer personal salary labor 2 Business interest payof income disburse income and pro persons dends income ments Farm ments 1 fessional Compensation of employees see p 3 excluding employer contributions for social insurance and wage accruals less disbursements 3 Employer contributions to private pension health and welfare funds compensation for injuries directors fees military reserve pay and a few other minor itema Less Personal contributions for social insurance Nonagricultural personal income Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce pISPOSITION OF PERSONAL INCOME Revised estimates indicate that personal income increased almost 1 5 billion seasonally adjusted annual rate in the second quarter and disposable income rose 12 billion With personal outlays advancing only 8 billion the saving rate jumped sharply from 7 1 to 7 5 percent BILLIONS OF DOLLARS 600 BILLIONS OF DOLLARS 600 DISPOSABLE PERSONAL INCOME SOURCE DEPARTMENT OF COMMERCE Period Less PerPersonal sonal tax and income nontax payments COUNCIL OF ECONOMIC ADVISERS Less Personal outlays Equals Personal consumption Equals Disexpenditures 2 Personal Total posable saving personal personal Durable Nondurable Services income outlays l goods goods III IV II ILL IV 1968 I II Billions of dollars Seasonally adjusted annual rates S Includes personal consumption expenditures interest paid by consumers and personal transfer payments to foreigners 2 See p 2 for total personal consumption expenditures 3 Includes armed forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data 1968 Per capita disposable personal income Current prices 1958 prices Saving as percent of Populadistion posable thoupersonal sands 3 income percent Dollars NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce FARM INCOME According to current estimates net farm income excluding inventory change seasonally adjusted advanced percent in the second quarter Including inventory change there was a rise of 2 percent BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS I 60 SEASONALLY ADJUSTED ANNUAL RATES 50 50 REALIZED GROSS FARM INCOME NET FARM INCOME INCLUDING NET INVENTORY CHANGE SOURCE DEPARTMENT OF AGRICULTURE Income received from farming Realized gross From all sources III IV 1967 I II III IV 1968 I II From From farm nonfarm sources sources i i 1 Net to farm operators Net income per farm including net inventory change 3 ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1967 Total i from ventory ventory2 prices prices 4 marketchange change ings Dollars Billions of dollars Seasonally adjusted annual rates Oash receipts from marketings Government payments and nonmoney income furnished by farms 3 Inventory of crops and livestock valned 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 1968 COUNCIL OF ECONOMIC ADVISERS Personal income received by total farm population Period Income in current prices divided by the index of prices paid by farmers for family living Items on a 1967 base n n NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Agriculture pORPORATE PROFITS Revised estimates indicate that corporate profits before taxes increased almost 3 billion seasonally adjusted annual rate in the second quarter to a record 92 billion Profits after taxes increased following a decline in the first quarter as a result of the tax surcharge BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE 1968 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period Corporate profits before taxes and inventory valuation adjustment TransManuf acturin g portation comNonAll Durable durable muniAll 1 indusgoods Total goods cations other tries indusand industries public tries utilities SO III IV I II IIL IV 1968 1 II 1 Includes all other industries andfinancialinstitutions Includes depreciation capital outlays charged to current account and accidentaldamages Corporate profits after taxes plus corporate capital consumption allowances Corporate profits after taxes Corpo Corporate rate tax profits before liabiltaxes ity Total Corporate capital conDiviUndend distrib sumption payuted ments profits allow 2 ances Profits plus capital consumption allowances r NOTE Data beginning 1962 adjusted for effects of new depreciation guide0 es 2H compara lines 2HA 1billion for 1962 and therefore not comparable with preceding data J Data for Alaska and Hawaii included beginning Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Led by an 83A billion seasonally adjusted annual rate rise in inventory accumulation gross private domestic invest ment increased by 71 2 billion in the second quarter according to revised estimates Fixed investment dropped as billion decline in business investment from its record high of 88 billion in the first quarter was only partially offset by a rise of about billion in residential construction BILLIONS OF DOLLARS 140 BILLIONS OF DOLLARS z CHANGE IN BUSINESS INVENTORIES SOURCEi DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed investment Period Total gross private domestic investment Total Structures NOTE Data for Alaska and Hawaii included beginning Producers durable equipment Total Total III IV 1967 I II III IV 1968 I II Residential structures N onresidential Nonfarm Total Total Nonfarm Nonfarm Source Department of Commerce Change in business inventories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT llcmt and equipment expenditures seasonally adjusted were down sharply in the second quarter A strong recovery js anticipated for the second half of the year resulting in a projected increase of 4 percent from the fourth quarter of 1967 to the fourth quarter of 1968 BILLIONS OF DOLLARS 1 70 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL RATES 60 60 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING MANUFACTURING I i 1962 t I t I J I SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Transportation M a n uf aetur in g Period Total l Total II III IV 1968 I II III IV Excludes Durable Nonduragoods ble goods G agriculture Commercial and other includes trade service finance communications and construction a Estimates based on anticipated capital expenditures as reported by business In late July and August 1968 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 60 million Mining Railroads Other Public utilities Commercial and other 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 of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE The civilian labor force seasonally adjusted in August showed the largest decline since April A little over one third of the decline was in agricultural employment The decline in unemployment was the greatest since November 1967 MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED TOTAL LABOR FORCE EMPLOYMENT UNEMPLOYMENT PERCENT OF CIVILIAN LABOR FORCE YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total labor force including armed forces Period July Aug Sept Oct Nov Dee 1968 Jan Feb Mar Apr MayJune July Aug Civilian employment Unemployment Total Civilian employment rate percent of labor force Unem civilian labor XT IN on Unem includ Civilian Nonforce labor ployAgriployagning Total ment force Total culment culculUnad Seasonarmed tural tural tural justed ally adforces justed Thousands of persons 16 years of age and over Percent Unadjusted Seasonally adjusted Total labor force as percent of noninstitutional population NOTE Beginning 1960 data include Alaska and Hawaii 10 Source Department of Labor j f o Labor force participation rate unadjusted SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT i August the seasonally adjusted unemployment rate declined from 3 7 percent to 3 5 percent The greatest improvement occurred among teenagers and nonwhites PERCENT i 10 PERCENT 10 SEASONALLY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE MARRIED MEN COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Unemployment rate percent of civilian labor force in group Period Persons at work in nonagricultural 2industries by hours worked per week Under 35 hours Part time for Part time for economic reasons economic reasons 35 40 Total hours Usually Usually Usually Usually fullfullpartparttime 3 time 4 time 3 time 4 Thousands of persons 16 years of age and over Unadjusted Seasonally adjusted OJ i 628 M J Labor force time lost Experi Married through unemenced All ployment Over 40 wage and men workers salary wife and part hours time workers present work July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug Percent Seasonally adjusted i C o Man hours lost by the unemployed and those on part time for economic reasons as a percent of total man hours potentially available to the civilian labor orce Beginning 1963 series reflects whether unemployed persons sought fullor 2part tune jobs Differs from total nonagricultural employment p 10 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes 3 Includes person who worked part time because of slack work material shortages or repairs new job started or job terminated 4 Primarily includes persons who could find only part time work Average hours worked usually full time 23 8 usually part time 18 1 Source Department of Labor T 1 UNEMPLOYMENT INSURANCE PROGRAMS In August insured unemployment under State programs averaged 105 000 lower than a year earlier The seasonal adjusted insured unemployment rate was unchanged from the revised July rate of 2 3 percent MILLIONS OF PERSONS MILLIONS OF PERSONS 3 WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS JAM FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT SOURCE DEPATTMENT OF tABOt Period June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Week ended 1968 Aug Sept 7 WUUJ COUNCIL OF ECONOMIC ADVISERS All programs Total Insured unem benefits Covered ploypaid employ ment milment weekly lions averof dollars age Thousands State programs Insured unemployment 12 Initial claims Benefits paid Insured unemployment as perExhaus cent of covered employment tions SeasonUnad ally adjusted justed Weekly average thousands NOTE For definitions and coverage see the 1967 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Kico since January 1961 DEC NOV Percent O ff 0 o n O Total Average milweekly check lions of dollars dollars Source Department of Labor NONAGRICULTURAL EMPLOYMENT Total nonfarm payroll employment rose seasonally adjusted in August to 68 4 million Manufacturing declined slightly and private nonmanufacturing increased by State and local government registered a gain of 48 000 MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED ENLARGED SCALE WHOLESALE AND RETAIL TRADE 64 12 SERVICE AND MISCELLANEOUS NONMANUFACTURING PRIVATE DURABLE MANUFACTURING 10 24 NONDURABLE MANUFACTURING MANUFACTURING 20 16 CONTRACT CONSTRUCTION GOVERNMENT SOURCE DEPARTMENT OF IABOR 1968 COUNCIL OF ECONOMIC ADVISERS 1 Thousands of wage and salary workers seasonally adjusted Transtract portation Mining conand strue public tion utilities JOG PnnV UUL Period Total July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June v July v Aug Total NonDurable durable Total goods goods lf Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 10 which include proprietors self employed persons and domestic servants which count persons as employed when they arc not at work because of industrial disputes and which are based on an enu Government Nonmanufacturing private Manufacturing private WhnlpV IJAJ G sale and retail traole Finance insur Service ance and and miscelreal laneous estate Federal State and local meration of population whereas the estimates in this table are based on reports from employing establishments NOTE Beginning 1959 data Include Alaska and Hawaii Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES In August average hours per week seasonally adjusted changed only fractionally down 0 1 facturing and up 0 2 hours in contract construction and 0 1 hours in retail trade HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED 46 hours in manu 46 DURABLE MANUFACTURING NONDURABLE MANUFACTURING vo S rv T A r I v 1 I i 1 I t 1 I 1965 I I 1 I t f I I I I ij ji 1 I r t f I i I r i V CONTRACT CONSTRUCTION ii ili I 1967 I t I 1 t 1 1 1 I K RETAIL TRADE ji f r i r i f r i i i s Y7 vN y N r u X w J V SOURCE I f f 1 1 t I 1 f I I t I 1968 it1 N 30 A I r V I 1 I N N COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF IABOR Average hours per week l seasonally adjusted Manufacturing industries Period July Aug Sept Oct Nov Dec Jan Mar Apr May June T Julv Aug v Feb Durable goods All Data relate to production workers or nonsnper isory employees Data for Alaska and Hawaii included beg innin Nondurable goods Contract construction i i 40 0 i Includes eating and drinking places Source Department o Labor Retail trade VERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES erage hourly earnings in August were little changed from July up 3 cents in construction and down 1 cent in both nufacturing and retail trade Weekly earnings rose 2 03 in construction and declined 11 cents in manufacturing and 14 cents in retail trade DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS DURABLE GOODS INDUSTRIES ALL MANUFAaURING INDUSTRIES NONDURABLE GOODS INDUSTRIES SOURCE DEPARTMENT OF LABOR 1968 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average hourly earnings current prices Period July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug Manufacturing industries Contract conRetail1 NonDurable durable structrade All goods tion goods J l Average weekly earnings current prices industries Manufacturing industries Contract Adjusted Average hourly weekly conRetail earnings earnNonDurable durable structrade ings All goods tion 1957 59 goods 100 2 prices Includes eating and drinking places 2 Earnings in current prices adjusted to exclude overtime and interindustry shifts 3 Earnings in current prices divided by the consumer price index 3 M fl rm f arvtn r i n jr NOTE Data for Alaska and Hawaii included beginniDg 1959 Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production seasonally adjusted declined 1 percent in August largely as a result of a sharp decline in iron and steel production The index however was 3 percent above the level of a year earlier Index SEASONALLY ADJUSTED 200 Index SEASONALLY ADJUSTED 200 TOTAL MINING I i i i i i I i MARKET GROUPS 160 MATERIALS COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug p seasonally adjusted Industry Total industrial production Total NonDurable durable Market Final products Manufacturing Source Board of Governors of the Federal Reserve System Mining Utilities Total Consumer goods Equipment Materials RODUCTION OF SELECTED MANUFACTURES wutput of manufactures seasonally adjusted declined about 1 percent in August Most of the decline was in the durable goods sector Index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED FABRICATED METAL PRODUCTS MACHINERY f I JW i 120 x LUMBER AND PRODUCTS TRANSPORTATION k EQUIPMENT rV r tf TEXTILES APPAREL ANDAEATHER FOODS BEVERAGES AND TOBACCO SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1968 COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Nondurable manufactures Durable manufactures Period July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aue p FabriTranspor Lumber Textiles cated Machin tation apparel Primary and and metal ery prodmetals equipleather ment products ucts Source Board of Governors of the Federal Reserve System Paper and printing Chemicals Foods petrobeverleum and ages and rubber tobacco WEEKLY INDICATORS OF PRODUCTION In August auto assemblies dropped sharply because of the model changeover in early September assemblies gained substantially Steel production was also down significantly following a high level of activity prior to the steel settlement MILLIONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE I I I I I I I I I I I I I I I 1 I 1 I I I I I I I I I I I I I 1 I 1 1 I I f J F M A M J J J BILLIONS OF KILOWATT HOURS 28 F M A M J J A S O N O A D N THOUSANDS J F SOURCES M A AMERICAN IRON AND M J EDISON ELECTRIC INSTITUTE AND Period Weekly average July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug p Week ended 1968 Aug Sept 7 14 v 1 J A S N WARD S AUTOMOTIVE REPORTS COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Cars and trucks Steel produced power coal mined produced loaded Index distributed thousands thousands thousands assembled thousands Thousands of short of net millions of Total Cars Trucks of tons of cars tons 100 kilowatt hours tons l Daily average Includes data for Alaska Not charted 18 O STEEL INSTITUTE DEPARTMENT OF THE INTERIOR Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads American Paper Institute and Ward s Automotive Reports NEW CONSTRUCTION Construction expenditures seasonally adjusted remained virtually unchanged in July from their June level Residential construction recovered slightly with a percent gain while other private construction declined for the fifth straight month BILLIONS OF DOLLARS 90 BtLUONS OF DOLLARS 90 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION PRIVATE PUBLIC m Jm S a SS24uK 1 I 1I I I I 1 I 1 t i l I t t Tt I I I I 1 I I t t t I I t f I t I l PRIVATE RESIDENTIAL NONFARM SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Total new construction expenditures Total Private Residential nonfarm CommerNew cial and Total 1 housing industrial units Billions of dollars Other Federal State and local Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 Compiled by F W Dodge Company and relates to 48 States Seasonally adjusted Seasonally adjusted annual rates 1967 June July Construction contracts2 CommerTotal value cial and index industrial floor space 100 millions of square feet Seasonally adjusted annual rates NOTE Revised series on new construction beginning 1965 Data for Alaska and Hawaii included beginning 1959 Sources Department of Commerce and F W Dodge Company 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts were at a seasonally adjusted annual rate of 1 5 million units ffi August down slightly from the very high July level but 10 percent above the low average of May and June MILLIONS OF UNITS 2 5 MILLIONS OF UNITS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA Period C7 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July v Aug v Total private and public including farm Total private including farm Thousands of unite Housing starts Private nonfarm Private nonfarm Total private Government Two or includOnemore ing Total home programs Total family famifarm FHA VA lies Seasonally adjusted Authorized by issuance of local building permit in 13 000 permit issuing places beginning for and 10 000 prior to 1963 2 Units represented by mortgage applications for new home construction 20 COUNCIL OF ECONOMIC ADVISERS Proposed home construction New private A li housing Requests units tions for for VA FHA appraisauthorized l commitals 2 ments annual rates NOTE Data include Alaska and Hawaii Sources Department of Commerce Federal Housing Administration FHA and Veteran Administration VA BUSINESS SALES AND INVENTORIES TOTAL AND TRADE According to preliminary figures retail sales seasonally adjusted rose slightly in August following a strong July surge of almost 3 percent Business sales were up 2 percent in July with a moderate 600 million rise in inventories BILLIONS OF DOLLARS SEASONALLY ADJUSTED 160 BILLIONS OF DOLLARS SEASONALLY ADJUSTED BUSINESS SALES AND INVENTORIES RETAIL TRADE ENLARGED SCALE DURABLE GOODS STORES INVENTORIES SALES 80 TSS WHOLESALE TRADE ENLARGED SCALE 22 NONDURABLE GOODS STORES 20 INVENTORIES 18 SALES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total business Period Sales Inventories 3 Wholesale Sales 2 4 Inventories 3 Sales 2 Total Durable goods stores Retail 5 Inventories Nondurable goods stores Total Durable goods stores Nondurable goods stores Millions of dollars seasonally adjusted June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June v July J Aug I i The term business also includes 2 Monthly average for year and total manufacturing see page 22 for montn Book value end of period seasonally adjusted Beginning 1961 data include Alaska and Hawaii Beginning 1960 data include Alaska and Hawaii Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers sales rose a strong 2 percent seasonally adjusted in July after a rise of about 1 percent in June The inventory sales ratio continued to decline to a more normal historical rate of 1 66 as inventories increased a modest 295 million Durable goods orders are estimated to have risen one half percent in July reversing the June decline BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 90 MANUFACTURERS SHIPMENTS MANUFACTURERS INVENTORIES 80 TOTAL DURABLE GOODS MANUFACTURERS NEW ORDERS NONDURABLE GOODS Hi i SOURCE DEPARTMENT OF CO AMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments 1 Manufacturers inventories 2 Period Total May j 44 583 June 44 865 Julv 45 148 Aug 44 261 Sept Oct Nov 47 946 Dec Jan Feb Mar Apr 49 420 May v June July p 1 NonDurable durable goods goods Total Millions NonDurable durable goods goods 22 Manufacturers new orders 1 Durable goods Total Total of dollars seasonally adjusted Monthly average for year and total for month Book value end of period seasonally adjusted For annual periods ratio of weighted average inventories to average monthly shipments for monthly data ratio of inventories at end of month to shipments for month NonMachinery durable and goods equipment NOTE Data for Alaska and Hawaii included beginning 1958 Source Department of Commerce Manufacturers inventoryshipments ratio MERCHANDISE EXPORTS AND IMPORTS The U S merchandise trade balance improved sharply in July registering a surplus of 1 39 million seasonally adjusted primarily because of lower imports BILLIONS OF DOLLARS 3 5 BILLIONS OF DOLLARS OTE i BELOW SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Millions Merchandise exports Total includDomestic exports ing reexports l Food Crude Season Unad Total 3 bever mateages rials ally ad justed and and tojusted bacco fuel Monthly average i I Ml IDG 377 2 r 4 M J KM J5 l G7 93 Unadjusted Dec Jan Feb 2 77S Mar 2 456 Apr May 2 720 June 2 759 July June July Aug Sept Oct Nov S 35 J MSL 363 i i i 10 77 i SM H M 10S J Total excludes Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 2 Total arrivals of imported goods other than intransit shipments of dollars Merchandise imports General imports 2 Total 3 ManufacSeasontured ally ad Unadj usted goods justed IMS M G i i 7so I S7 i K QX 2 WS Food Crude bever mateages rials and to and bacco fuels Unadjusted Grossmerchandise trade Manusurplus facseasontured goods ally adjusted Total includes commodities and transactions not classified according to kind Source Department of Commerce 23 U S EXPORTS AND IMPORTS OF GOODS AND SERVICES The surplus in the balance on goods and services increased to a level of 2 billion seasonally adjusted annual rate in the second quarter despite a smaller surplus of merchandise trade BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Imports of goods and services Exports of goods and services Income on investments Period Total Merchandise l Military sales Private Government Other services Total Merchandise Balance on MiliOther goods tary and expend serv services itures ices Seasonally adjusted annual rates 1967 I II III IV I II Adjusted from customs data for differences in timing and coverage 24 Source Department of Commerce JJ S BALANCE OF INTERNATIONAL PAYMENTS The LLS deficit on the liquidity basis was further reduced to a 0 7 billion level seasonally adjusted annual rate in the second quarter On the official reserve transactions basis a significant surplus was recorded in the second quarter reaching a 5 8 billion annual rate which more than offsets the first quarter deficit BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 10 10 BALANCE ON GOODS AND SERVICES BALANCE OFFICIAL RESERVE TRANSACTIONS BASIS 5 I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars U S private capital net U S Government Period grants Direct investand capital ment l net I II III IV I O Other longterm Shortterm Includes Errors Foreign and uncapital recorded Liquidnet 1 transity actions basis Seasonally adjusted annual rates Changes in sel ected 4 liabilities decrea r T 4 se j certain special Government transactions Equals changes in liquid liabilities to foreign official holders other foreign holders and changes in official reserve assets consisting of gold convertible currencies and the U S gold tranche position in the IMF 3 Equals changes in liquid and nonliquid liabilities to foreign official holders and changes in official reserve assets consisting of gold convertible currencies and the U S gold tranche position in the IMF 4 Includes short term official and banking liabilities and foreign holdings of U 3S Government bonds and notes n Central banks governments and U S liabilities to the IMF arising from reversible gold sales to and gold deposits with the U S Changes in gold convertible currenOfficial To foreign official cies and 6 To other IMF gold holders reserve foreign tranche transholders 6 position actions 3 NonLiquid basis increase liquid Oil Quarterly totals unadjusted Balance Private holders includes banks and international and regional organizations excludes IMF 7 On June 30 U S reserve assets consisted of gold stock million down 22 million from March 31 IMF position including gold portion of increased U S subscription 903 million convertible currencies 2 479 million NOTE Data exclude military grant aid and U S subscriptions to IMF Source Department of Commerce 25 PRICES CONSUMER PRICES In July consumer prices increased 0 5 percent for the second month in a row The July increase was largely due to rapidly climbing mortgage interest and medical care charges but many other consumer items also rose Index Index COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF IABOR All items Period I June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr Mav June July Source Department of Labor 26 All commodities Services Commodities Commodities less food Services All Food Rent less Nonservices All Durable durable rent WHOLESALE PRICES The wholesale price index declined 0 4 percent in August according to preliminary estimates The decline was caused by a sharp drop 2 3 percent in farm products prices and a moderate decline 0 9 percent in processed foods and feeds Prices for industrial commodities averaged the same as in July Index Index COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period Julv AUK Sept Oct Nov Dec 1968 Jan Feb Mar Apr Mav June Julv p Aug Farm products Processed foods and feeds Coverage of the subgroups does not correspond exactly to coverage of this Index 2 Excludes Intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Industrial commodities All industrials Crude materials Inter Producmediate er finmateished rials 2 goods Consumer finished goods excluding food DurNondurable able NOTE Beginning January 1967 the indexes incorporate a revised weighting structure reflecting 1963 values of shipments The classification structure also changed Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended August 1 5 both prices received and prices paid by farmers were unchanged and the adjusted parity ratio remained at 79 The increases in prices received for cotton oranges and milk were about offset by price declines for hogs potatoes and corn Index Index PRICES PAID INTEREST TAXES AND WAGE RATES RATIO 100 RATIQJ PARITY RATIO J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 All farm products Crops Livestock All items interest and products taxes and 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 1 Prices paid by farmers Family living items Production items Actual Adjusted The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The seasonally adjusted money supply increased 0 8 billion in August the smallest increase since March Time deposits however showed an extraordinarily large increase of 3 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS TIME DEPOSITS AT ALL COMMERCIAL BANKS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures billions of dollars Money supply Money supply CurCurTime DeDerency rency de 1 mand mand outTotal outTotal posits dedeside side posits posits banks banks Period Dec Dec Dec Dec Dec Dec June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr Ma June July v Aus 1 COUNCIL OF ECONOMIC ADVISERS Seasonally adjusted Deposits at all commercial banks NOTE Effective June balances accumulated for payment of personal loans about 1 1 billion are excluded from time deposits and from loans at all commercial banks Unadjusted Time deposits l U S Government demand deposits l Data include Alaska and Hawaii Source Board of Governors of the Federal Reserve System 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Public holdings of time deposits and savings and loan shares seasonally adjusted rose 4 3 billion in August almos equaling the July increase and exceeding any other month this year Holdings of short term U S Government securities declined 1 8 billion BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS yASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY COUNCIL Of ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars seasonally adjusted End of period July AUg Sept Oct Nov Dec 1968 Jan Feb v Mar Apr v May June p July p Aup Total selected liquid assets Demand deposits and currency l Time deposits Commercial banks 82 5 9a i Agrees in concept with money supply p 29 except for deduction of demand h waits held by mutual savings banks and savings and loan associations Data for1 lant Wednesday of month Kiclmles holdings of Government agencies and trust funds domestic comnwrlnl and mutual savings banks Federal Reserve Banks and beginning 30 Mutual savings banks Postal Savings System I 1 1 Savings and loan shares U S Government U S Gov securities ernment maturing savings within bonds 2 one year February 1960 savings and loan association B Keflects conversion of a savings and loan association with share capital of about 175 million to a mutual savings bank Reflects liquidation of two savings and loan associations NOTE See Note p 29 Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES ollowing the unusually large July increase of 7 3 billion total bank credit seasonally adjusted increased an Additional 4 5 billion in August Free reserves increased slightly to a net borrowed position of 192 million BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 400 ALL COMMERCIAL BANKS INVESTMENTS IN US GOVERNMENT SECURITIES 50 50 INVESTMENTS IN OTHER SECURITIES SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Bank Weekly debits reporting large com outside mercial New York Total Loans Investments City 232 banks End of period centers loans excluding and inter U S Gov Other Commercial seasonally investsecuri and indus adjusted ernment bank annual ments ties securities trial loans rates 1 Billions of dollars July Aug Sept Oct Nov Dec Jan Feb Mar Apr May v June v July Aug v All member banks All commercial banks seasonally adjusted data 1 Debits during period to demand deposit accounts except interbank and U S Government New series beginning January 1964 3 Averages of daily figures Annual data are for December 8 New series see Federal Reserve Bulletin March 1967 NOTE Data for all commercial banks revised beginning 1959 see Federal Reserve Bulletin August 1968 Effective June 1966 balances accumulated for pay Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions of dollars ment of personal loans about 1 1 billion are excluded from loans at all commercial banks and certain certificates of COO and Export Import Bank totaling about 1 billion are included in other securities rather than in loans Data include Alaska and Hawaii Source Board of Governors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT Total consumer credit outstanding increased more than seasonally in July and seasonally adjusted instalment crecfn outstanding showed the largest increase since November 1965 BILLIONS OF DOLLARS BILUONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING SOURCE BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM Period June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr Mav June Julv 1 COUNCIL OF ECONOMIC ADVISERS Millions of dollars Consumer instalment credit extended Consumer credit outstanding end of period and repaid seasonally adjusted unadjusted Automobile paper Total Instalment NonAutomoTotal Total i Personal instal Extended Repaid Extended Repaid bile ment 2 paper loans Also includes other consumer goods paper and repair and modernization loans not shown separately 2 Consists of single payment loans charge accounts and service credit 3 End of period unadjusted 32 Mortgage debt outstanding i nonfarm 1 to 4family houses NOTE Data for Alaska and Hawaii included beginning January and August 1959 respectively Sources Board of Governors of the Federal Reserve System and Federal Home Loan Bank Board BOND YIELDS AND INTEREST RATES Most interest rates continued to decline in early August Since mid August Treasury bill rates have risen somewhat while most bond yields have remained relatively stable PERCENT PER ANNUM 7 PERCENT PER ANNUM 7 CORPORATE Aaa BONDS MOODY S SOURCE SEE TABLE BEIOW Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Week ended 1968 Aug Sept A 1 3 COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Government security yields municipal 3 month bonds 3 5 year Taxable Treasury 2 3 Standard4 issues bonds bills Poor s Rate on new issues within period Selected note and bond issoes April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures Not charted Data for first of the month based on the maximum permissible interest rate 6 percent beginning early May 1968 and 30 year mortgages paid in 15 years Corporate bonds Moody s Aaa Baa Prime commercial paper 4r months FHA new home mortgage yields Sources Treasury Department Board of Governors of the Federal Reserve System Federal Housing Administration Standard Poor s Corporation and Moody s Investors Service 33 COMMON STOCK PRICES YIELD AND EARNINGS The common stock price index averaged lower in August than in June and July but has been rising again since mid August Index Index 194t 43 COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS RATIO 25 RATIO 25 PRICE EARNINGS RATIO ON COMMON STOCKS A Y i O r i r 1963 f r i 1964 t 1 i I 1965 i 1966 t t Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July w j Aug Week ended 1968 Aug Sept i 1968 i K 10 N COUNCIL OF ECONOMIC ADVISERS Total i SOURC STANDARD POOR S CORPORATION Period 15 Total Price index Industrials Capital Consumers goods goods Railroads Dividend yield 2 percent Public utilities Price earnings ratio Includes 500 common stocks 425 are industrials 55 are public utilities and 20 are averages of monthly data Weekly data are Wednesday figures 3 are railroads Weekly indexes for capital and consumer goods are Wednesday Ratio of price index for last day in quarter to quarterly earnings seasonally figures all other weekly Indexes are averages of daily figures adjusted annual rate Annual ratios are averages of quarterly data 2 4 Aggregate cash dividends based on latest known annual rate divided by Tuesday prices Not charted the ntrrregate monthly market value of the stocks in the srroup Annual yields Source Standard Poor s Corporation 34 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS EXPENDITURES AND NET LENDING in fiscal 1968 receipts totaled 1 53 5 billion and expenditures 1 73 0 billion yielding a receipt expenditure account deficit of 19 5 billion including net lending the total deficit was 25 4 billion In the first month of the current fiscal year the total deficit was 2 6 billion a year earlier it was 5 7 billion BILLIONS OF DOLLARS 200 I RECEIPTS AND BILLIONS OF DOLLARS 200 OUTLAYS J RECEIPTS LESS EXPENDITURES AND NET LENDING 2 fa EL MINARY J ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET FISCAI V EARS COUNCIL OF ECONOMIC ADVISERS Billions of dollars Budget receipts expenditures and net lending Period Receipts Fiscal year First month Fiscal 1968 Fiscal 1969 Expenditures Surplus or deficit Net lending Total surplus or deficit Total Held by the public l o G I 2 1 As published in the Treasury Bulletin beginning July 1968 Estimate as published in Summer Review oj the 1969 Budget September 1968 Bureau of the Budget NOTE Budget receipts and expenditures net lending and the public debt re based cm The Budget oj the United States Joiemmcnt 1969 which shows data Loan account Receipt expenditure account Public debt and agency securities end of period on the basis of budget concepts adopted pursuant to the recommendations of the resident s Commission on Budget Concepts As soon as all of the data are available on a monthly basis the table will be expanded to include them Sources Treasury Department and Bureau of the Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 1968 individual income taxes increased by 7 2 billion corporation income taxes declined by 5 3 billion and other receipts increased by 2 0 billion Military outlays of the Department of Defense rose by 9 7 billion In the first month of the current fiscal year receipts were 2 9 billion over a year earlier while expenditures were down slightly BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS EXPENDITURES AND NET LENDING NONDEFENSE NATIONAL DEFENSE I L RELIMINARY J feSTlMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts Expenditures and net lending National defense Period Fiscal year p 1969 First month Fiscal 1968 Fiscal 1969 Total Individual Corporation income income taxes taxes Other Expenditure account 2 Estimate as published in Summer Review of the 1969 Budget September 1968 Bureau of the Budget NOTE Receipts and outlays in this table are based on The Budget of the United States Government 1969 which shows data on the basis of budget concepts 36 Total Total Department of Defense 1 military Interna Health tional labor affairs and and finance welfare Other I adopted pursuant to the recommendations of the President s Commission on Budget Concepts As soon as all of the data are available on a monthly basis the table will be expanded to include them Sources Treasury Department and Bureau of the Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to revised data Federal receipts rose 5 billion seasonally adjusted annual rate in the second quarter and expenditures 6 billion yielding a deficit of about 10 billion The deficit was up 1 billion from the first quarter level but below the 12 to 13 billion rates of the preceding 3 quarters BILLIONS OF DOLLARS SEASO NALLY ADJUSTED ANNUAL SURPLUS FftSl 20 DEFICIT PSS n PI P l 1 I IUA H I RATES m If i i i I i f 20 CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government receipts Period Fiscal year l 1968 Calendar year IIJ IV 1967 I IIIII IV 1968 I II Federal Government expenditures Surplus or GrantsSubsidies deficit Purin aid less chases Trans to State Net current of goods fer payand interest surplus income and and local paid ments of Govt product services enter accounts governments prises Indirect ContriPersonal Corpo business butions rate tax and profits tax and for Total nontax tax nontax social inreceipts accruals accruals surance Total j 1 Preliminary based mostly on seasonally adjusted data not strictly comparable with preceding data NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AND SPENDING The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Selected Industries Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders Merchandise Exports and Imports U S Exports and Imports of Goods and Services U S Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public 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 Expenditures and Net Lending Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis NOTE Detail in these tables will not necessarily add to totals because of rounding Data for Alaska and Hawaii are not included unless specifically noted Unless otherwise stated all dollar figures are in current prices P Indicates preliminary and not available For sale by the Superintendent of Documents U S Government Printiiig Office Washington D C 20402 Price 25 cents per copy 2 50 per year 3 50 foreign Domestic air mail 6 10 per year 38 U S G O V E R N M E N T P R I N T I N G O F F I C E

Unemployment Insurance Programs

DATE: September 1968

PART OF:

Economic Indicators : September 1968

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-. "Unemployment Insurance Programs," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "September 1968," Economic Indicators (September 1968) : 14-14. https://fraser.stlouisfed.org/title/1/item/2/toc/264200 , accessed on December 8, 2019.

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Economic Data