Weekly Hours of Work--Selected Industries

Name: Weekly Hours of Work--Selected Industries
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. 91st Congress 1st Session Economic Indicators May 1969 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 500 f Public Law 304 79th Cong WRIGHT PATMAN Texas Chairman WILLIAM PROXMIRE Wisconsin Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING Missouri HALE BOGGS Louisiana HENRY S REUSS Wisconsin MARTHA W GRIFFITHS Michigan WILLIAM S MOORHEAD Pennsylvania WILLIAM B WIDNALL New Jersey DONALD RUMSFELD Illinois W E BROCK 3d Tennessee BARBER B CONABLE Jr New York SENATE JOHN SPARKMAN Alabama J W FULBRIGHT Arkansas HERMAN E TALMADGE Georgia STUART SYMINGTON Missouri ABRAHAM RIB1COFF Connecticut JACOB K JAVITS New York JACK MILLER Iowa LEN B JORDAN Idaho CHARLES H PERCY Illinois JOHN R STARK Executive Director JAMES W KNOWLES Director of Research COUNCIL OF ECONOMIC ADVISERS PAUL W McCRACKEN Chairman HENDRIK S HOUTHAKKER HERBERT STEIN Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sx 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 23 1949Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 25 cents a single copy or by subscription at 3 00 per year foreign 4 00 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 additional per year The 1967 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 Office TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Revised estimates indicate that gross national product advanced about 16 billion seasonally adjusted annual rate in the first quarter 1 2 billion less than the fourth quarter rise and 5 billion less than the record increase in the second quarter of last year Billions of dollars quarterly data at seasonally adjusted annual rates Government Persons Net receipts Disposable personal income Period IV Business Period Expenditures PerLess Equals Personal sonal Less Less Tax Interest Total consump saving Trans Equals Total Trans Equals or tion Purpaid and excludand fers fers nontax interest ing expenddisNet expend interest chases Total transfer interest itures saving receipts of goods receipts itures payand and and or ments and sub 2 sub 2 to foraccruals sidies transsidies eigners fers Ill S 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 income and product accounts International Net Net exports of goods Total Statistransfers and services Excess of income tical Gross Gross private Excess to foror transfers discrepretained domestic of eigners or receipts ancy earnby of net 3 invest invest Isons perEquals exports ment and ings Less ment 4 Net Govern Exports Imports exports ment I Surplus or deficit I o l Gross national product or expenditure Private business investment purchases of capital goods by private nonprofit institutions and residential housing 4 Net foreign investment with sign changed NOTE Data for Alaska and Hawaii included beginning 1960 Source Drpartmont of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted increased at an annual rate of about 71 3 percent in the first quarter according to revised estimates The rise in physical output was at a rate of about 3 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1 000 I SEASONALLY ADJUSTED ANNUAL RATES ACROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES NET EXPORTS OF GOODS AND SERVICES J L J 1963 L GROSS PRIVATE DOMESTIC INVESTMENT J 1966 J L L SOURCEi DEPARTMENT OF COMMERCE Period I II III IV S Government Net exports of goods and Total Total services data at seasonally ir 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 COUNCIL OF ECONOMIC ADVISERS Total Personal Gross gross Total conprivate national gross sump domestic product national tion investin 1958 product expend ment prices itures Billions of dollars quarterly purchases of goods services Federal National Other defense1 and State and local Implicit price deflator for total GNP adjusted annual rates NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce c NATIONAL INCOME income rose 13 billion seasonally adjusted annual rate in the first quarter according to preliminary estimates There were rises of 14 billion in compensation of employees and about 1 billion in net interest and a decline of 1 billion in corporate profits before taxes and inventory valuation adjustment Other forms of income ecorded little change BILLIONS OF DOLLARS BILLIONS OF DOLLARS CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT J PRELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period I II III IV 1969 I p 1 Includes employer 1 Total national income Compensation of em 1 ployees Proprietors income Farm 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 Business and professional Rental income of persons 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 i SOURCES OF PERSONAL INCOME The April increase in personal income was abouf 2 billion seasonally adjusted annual rate down sharply fix the revised increase of 6 billion in March A slow down in the April increase in wages and salaries to 1 billioi from 5 3 billion in the preceding month accounted for most of the change BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period Total personal income i Mar Apr May June Julv Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr Billions of dollars monthly data at seasonally adjusted annual rates Wage Proprietors income Rental and Other Divi Personal Transfer salary Business income dends interest labor 2 payof and pro persons disburse income Farm income ments J ments fessional P 14 9 i s 42 4 1Q Q i fi fi l 20 7 l i Compensation of employees see p 3 excluding employer contributions for social insurance and wage accruals less disbursements 2 Employer contributions to private pension health and welfare funds compensation for injuries directors fees military reserve pay and a few other minor items COUNCIL OF ECONOMIC ADVISERS Less Personal contributions for social insurance fi j i Nonagricultural personal income G Personal income exclusive of net income of unincorporated farm enterprises fann wages agricultural net interest and net dividends paid by agricultural corporations NOTE Data for Alaska and TT Hawaii Included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME vised dafa indicate fhat persona income rose 1 31A billion seasonally adjusted annual rate in the first quarter With a gain of 6 billion in disposable income and 10 billion in personal outlays the saving rate dropped from 6 8 percent to 6 1 percent BILLIONS OF DOLLAR 700 BILLIONS OF DOLLARS r DOLLARS PER CAPITA DISPOSABLE PERSONAL INCOME DOLLARS 3 200 SEASONALLY ADJUSTED ANNUAL RATES IN CURRENT PRICES SOURCE DEPARTMENT OF COMMERCE Less PerPersonal sonal tax and income nontax payments Period COUNCIL OF ECONOMIC ADVISERS Per capita disLess Personal outlays posable personal Equals Personal consumption Equals income Disexpenditures 2 Personal posable Total saving Current personal personal Durable Non1958 prices income outlays goods durable Services prices goods i II J 678 1 IIL j 6943 IV j 708 2 i 1969 I Dollars Billions of dollars Seasonally adjusted annual rates Includes personal consumption expenditures interest paid by consumers and personal transfer payments to foreigners 2 See p 2 for total personal consumption expenditures 8 Includes armed forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Saving as percent of Populadistion posable thoupersonal sands 3 income percent NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce ISO FARM INCOME Net farm income excluding inventory change seasonally adjusted was unchanged in the first quarter according current estimates Including inventory change there was a 2 percent decline BILLIONS OF DOLLARS 60 I BILLIONS OF DOLLARS 60 SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME 40 h i NET FARM INCOME INCLUDING NET INVENTORY CHANGE J L J L SOURCEi DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVSSERS Personal income received by total farm population Income received from farming Net to farm operators Realized gross From all sources Period I I II III IV From From nonfarm farm sources sources Cash receipts from marketings Government payments and nonmoney income furnished by farms 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 Net income per farm including net inventory change 3 ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1968 from Total i ventory ventory2 prices prices 4 marketchange change ings Dollars Billions of dollars Seasonally adjusted annual rates I Income in current prices divided by the index of prices paid by farmers for family living items on a 1968 base NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Agriculture pORPORATE PROFITS According to preliminary estimates corporate profits both before and after tax and seasonally adjusted increased slightly in the first quarter but after inventory valuation adjustment profits declined Profits before tax were 7 billion above a year earlier and profits after tax about 4 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS PRELIMINARY SOURCE DEPARTMENT Of COMMERCE Period I II III IV I p COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates i Corporate profits before taxes and inventory Corporate profits valuation adjustment after taxes Corpo Profits plus rate TransCorpo CorpoManufacturing capital capital portation rate rate conconcomDiviUntax profits NonAll Durable durable muniAll 1 before liabil Total dend distrib sump sumpindustion tion goods payuted taxes ity goods cation s other tries Total indusand ments profits allow allow 3 indus public an ces 2 an ces tries tries utilities i Includes all other industries and financial institutions depreciation and accidental damages Corporate profits after taxes plus corporate capital consumption allowances 2 Includes i NOTE Data beginning 1962 adjusted for effects of new depreciation guidelines 2H billion for 1962 and therefore not comparable with preceding data Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT The 21 2 billion seasonally adjusted annual rate increase in gross private domestic investment in the first quartet was considerably below the 91 2 billion rise in the preceding quarter according to revised estimates A rise of 51 3 billion in business fixed investment and almost 1 billion in residential construction was partially offset by a decline of 3 billion in inventory accumulation BILLIONS OF DOLLARS 160 BILLIONS OF DOLLARS 1 160 SEASONALLY ADJUSTED ANNUAL RATES 140 GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS DURABLE EQUIPMENT l DCCinCKITIAI CTDI I TI I RESIDENTIAL STRUCTURES NONRESIDENTIAL STRUCTURES w m m m wcf nKTft t k Wk mm I J k k 7ft7R vNk f il14illtt n 20 20 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 II III IV 1969 I Total NOTE Data for Alaska and Hawaii included beginning Producers durable equipment Structures Total CL I Residential structures N onresidential Nonfarm Total Nonfarm Total Source Department of Commerce Nonfarm o Change in business inventories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the latest survey of investment intentions expenditures for new plant and equipment in 1969 are projected to increase sharply by 14 percent over 1968 Actual expenditures for the fourth quarter of 1968 were 11 3 billion seasonally adjusted annual rate below earlier anticipations There was nevertheless a substantial increase of 2 7 billion over the third quarter level BILLIONS OF DOLLARS 1 80 BILLIONS OF DOLLARS 80 I SEASONALLY ADJUSTED ANNUAL RATES NONMANUFACTURING MANUFACTURING I 20 I 1 I 1963 I 1 I 20 t 1964 f t I f y JK I SEE NOTE 3 ON TABLE BELOW SOURCESi SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Manufacturing Period Total i Total I I II III IV 1969 I II3 3 2nd h a l f Durable Nonduragoods ble goods Excludes agriculture 2 Commercial and other includes trade service finance communications and construction i s Estimates based on anticipated capital expenditures as reported by business MI late January and February 1969 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data arc rounded o nearest 50 million Transportation Railroads Other Public utilities Mining I L 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 In April the civilian labor force seasonally adjusted declined for the first time since October 1968 Employment decreased by 162 000 while unemployment rose by MILLIONS OF PERSONS MILLIONS OF PERSONS 90 yu SEASONALLY ADJUSTED 85 on 85 Qrt CIVILIAN LABOR FORCE f r A r mil EMPLOYMENT 65 f in UNEMPLOYMENT I t I t f I I I 11 I PERCENT OF CIVILIAN LABOR FORCE n COUNCIL OF ECONOMIC ADVISERS Unemployment Labor Civilian emTotal Civilian employment rate percent of force ployment labor force Unem civilian labor particiJNon Unem includ Civilian Nonpation force ploylabor Agriployagriagriing Total ment force Total culment Season rate culculUnadunadarmed tural tural tural justed ally ad justed l forces justed Thousands of persons 16 years of age and over Percent Unadjusted Seasonally adjusted Total labor force Period including armed forces 1968 Mar Apr MayJuneJuly Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr Y E A R S OF AGE AND OVER SOURCE DEPARTMENT OF LABOR SEASONALLY ADJUSTED PERCENT OF CIVILIAN LABOR FORCE UNEMPLOYMENT RATE N XT Total labor force as percent of noninstitutional population NOTE Seasonally adjusted series revised see Employment and Earnings and Monthly Report on the Labor Force February 1969 Beginning 1960 data include Alaska and Hawaii 10 Source Department of Labor SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT h April the seasonally adjusted unemployment rate was 3 5 percent up slightly from the preceding month Most of the increase was attributable to women PERCENT 10 PERCENT SEASONALLY ADJUSTED vy I UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE MARRIED MEN i i i j 1 1 I j t I t I I SOURCE DEPARTMENT Of LABOR Mar Apr May June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr Experi Married Labor force enced All time lost J wage and men wife workers salary workers present Q O 0 b t i l t I I l i l t 1969 Percent Seasonally adjusted Persons at work in nonagri cultural industries by hours worked per week 2 Under 35 hours Part time for Part time for economic reasons economic reasons Over Total hours hours Usually Usually Usually Usually partfullfullparttime 3 time 4 time 3 time 4 Thousands of persons 16 years of age and over Unadjusted Seasonally adjusted Man hours lost by the unemployed and persons on part time for economic reasons as a percent of potentially available labor force man hours 2 Differs from total nonagricultural employment p 10 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes 3 Includes persons who worked part time because of slack work material shortagos or repairs new job started or job terminated 1968 COUNCIL OF ECONOMIC ADVISERS Unemployment rate percent of civilian labor force in roup Period i i Ii Primarily includes persons who could find only part time work Average hours worked usually full time 24 0 usually part time 17 9 NOTE See Note p 10 Source Department of Labor II UNEMPLOYMENT INSURANCE PROGRAMS In April insured unemployment under Stafe programs averaged 52 000 lower than a year earlier The seasonally adjusted insured unemployment rate declined from 2 1 percent to 2 0 percent MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS 1968 t JAN FEB i l l MAR i APRIL l l MAY 1 JUNE JULY AUG SEPT I I OCT SOURCE DEPARTMENT OF UBO Period Feb Mar AprMay June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar p Apr Week ended 1969 Apr p May DEC COUNCIL OF ECONOMIC ADVISERS All programs Total Insured unem benefits Insured Covered ploypaid unememploy ment milployment weekly Lions ment averof dolage lars Thousands I State programs Initial claims Benefits paid Insured unemployment as perTotal Average Exhaus cent of covered employment tions milweekly check Season lions of Unad ally ad dollars dollars justed 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 Rico since January 1961 NOV Not charted Source Department of Labor Percent G 0 Z O q NONAGRICULTURAL EMPLOYMENT Total nonagricultura payroll employment seasonally adjusted rose in April for the fifteenth consecutive month to a new high of 70 2 million up 34 000 from March State and local government recorded the largest increase followed by a rise of 26 000 in transportation and public utilities Employment declined 24 000 in contract construction 11 000 in nondurable manufacturing and 9 000 in services MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED 16 f MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED r I NONDURABLE MANUFACTURING i COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR 1 Thousands of wage and salary workers seasonally adjusted M anuf acturing private Period M a r AprMay June July Aug Sept Oct NovDec 1969 Jan FebMar Apr p Total ISO Total NonDurable durable goods goods Nonmanufacturing private Total f Contract Mining construclon Includes all full and part time wage and salary workers in nonagricultur establishments who worked during or received pay for any purl of the pay perio which includes the 12th of the month Excludes proprietors self ernpl sons domestic servants and personnel of the armed forces Total deri d froi tiiis table not comparable with estimates of nonagricultural employ me it of tl civilian labor force shown on p 10 which include proprietors sell e nploye persons and domestic servants which count persons as employed vv r n Transportation and public utilities Government VV nole Finance insursale ance Services and and retail real traoie estate I tTT l 1 Federal State and local o are not at work because of industrial disputes and which are based on an enumeration 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 The average workweek for private nonfarm production workers in April was 37 8 hours seasonally adjusted unchangei from March It fell in manufacturing and retail trade but rose in construction HOURS PER WEEK SEASONALLY ADJUSTED 46 HOURS PER WEEK SEASONALLY ADJUSTED 46 TOTAL NONAGRICULTURAL PRIVATE MANUFACTURING tX X VV r M v t 1 I 1 I 1 I M 1 1 I 1 I I 1 1 t 1 1 IJS RETAIL TRADE CONTRACT CONSTRUaiON COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Average hours per week1 Total n onagricultural private 2 Period Manufacturing Contract construction Retail trade 3 Total nonagricultural private 2 Unadjusted Mar Apr May June July Aucc Sept Oct Nov A J Dec Jan Feb v Mar p Apr Retail trade 3 Seasonally adjusted Data relate to production workers or nonsupervisory employees Data for Alaska and Hawaii included beginning 1959 2 Also includes other private industry groups shown on p Contract construction Manufacturing S i s Includes eating and drinking places Source Department of Labor L1 4LO AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of nonagricuitural production workers rose 1 cent in April Average weekly earnings rose 8 cents to a record up 7 4 percent from a year earlier DOLLARS DOLLARS 5 00 AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS CONTRACT CONSTRUCTION f i MANUFACTURING i TOTAL NONAGR1CULTURAL PRIVATE V W x k J f V Mii f VlV r J f VM s f J t TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE X U RETAIL TRADE 60 q l Ji SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average hourly earnings current prices Period Average weekly earnings current prices Total nonagricuitural private 1 Total nonagricuitural private Manufacturing Contract construction Retail trade S SO S S Mar Apr May June July Aug Sept Oct NovDec 1969 Jan Feb Mar v Apr p SO Manufacturing OS Contract construction Retail trade Also includes other private industry groups shown on p 13 2 Includes eating and drinking places 2 Earnings in current prices adjusted to exclude the effects of overtime and interindustry shifts Earnings in current prices divided by the consume price index CO 3 Manufacturing industries Adjusted Average weekly hourly earnearnings ings s prices NOTE Data for Alaska and Hawaii included beginning 1959 Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION Industrial production seasonally adjusted increased again in April 0 3 percent following a rise of 0 6 percent in March The April index was 5 5 percent above a year earlier Index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED TOTAL UTILITIES AND MINING i UTILITIES I M 1I I I I 1 1 MINING I I MARKET G ROUPS 160 r p 1 FINAL PRODUCTS XI MATERIALS I I I I Period 1G v S Mar Apr May June Julv Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr v 1969 COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Industry Manufacturing Mining Utilities NonTotal Durable durable Final products ConTotal sumer Equipment goods f Source Board of Governors of the Federal Reserve System I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production I I Market Materials PRODUCTION OF SELECTED MANUFACTURES Production of most manufactures seasonally adjusted continued to increase in April The largest changes were a 2 3 percent rise in iron and steel and a 3 7 percent decline in motor vehicles Index SEASONALLY ADJUSTED 240 Index SEASONALLY ADJUSTED 200 FOODS BEVERAGES AND TOBACCO SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Nondurable manufactures Durable manufactures Period Primary metals FabriTranspor Lumber Textiles cated Machin tation and apparel ery metal equipand prodproducts ment leather ucts Paper Chemicals Foods and petrobeverprint leum and ages and rubber tobacco ing M a r Apr May June July Aug Sept Oct Nov Dec I Jan Feb Mar Apr v J Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION In April weekly indicators of production were mixed on a seasonally unadjusted basis Production increases were recorded by steel bituminous coal and freight carloadings while decreases occurred in cars and trucks electric power and paperboard MILLIONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE J F M A M J BILLIONS OF KILOWATT HOURS 35 M J O N SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Bituminous Freight Paperboard Electric Cars and trucks Steel produced power coal mined produced loaded Index Thousands distributed thousands thousands thousands assembled thousands of net millions of of short Total Cars Trucks of tons of cars tons 100 kilowatt hours tons 1 Period Weekly average Mar Apr Mav June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr p Week ended 1969 Apr v May 3 10 v J T Daily average Includes data for Alaska sNot charted 18 COUNCIL OF ECONOMIC ADVISERS r 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 In March the value of new construction seasonally adjusted rose slightly Private construction was down fractionally despite a rise of 11 3 percent in residential nonfarm construction Government construction increased 1 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS 100 TOTAL NEW CONSTRUCTION PRIVATE RESIDENTIAL NONFARM SOURCE DEPARTMENT OF CO AMERCE Total new construction expenditures Period COUNCIL OF ECONOMIC ADVISERS Private Residential nonfarm Total CommerNew cial and housing industrial units Billions of dollars Total l Other Federal State and local Get Nov Dec 1969 Jan Feb Mar r Includes mmhonsekeepiny residential construction and additions and alterations not shown separately Compiled by F W Dodge Company and relates to 4S States Seasonally adjusted Seasonally adjusted annual rates 1968 Feb Mar Apr Mav June Julv Aug Sept Construction contracts 2 CommerTotal value cial and index industrial floor space 100 millions of square feet Seasonally adjusted annual rates NOTE 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 In April private nonfarm housing starts seasonally adjusted declined for the third consecutive month At an annua rate of 1 5 million units starts were about 2 percent below the March level but 3 percent above the 1968 average level Permits for future starts increased 2 percent in April MILLIONS OF UNITS 2 5 MILLIONS OF UNITS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA Period Mar Apr May June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr Total private and public including farm Total private Private non includfarm ing farm Thousands of units Housing starts Private including farm Private nonfarm Total One unit Authorized by issuance of local building permit in 13 000 permit issuing places beginning for and 10 000 prior to Units represented by mortgage applications for new home construction 20 COUNCIL OF ECONOMIC ADVISERS Proposed home construction New private Applica Requests housing Government units tions for for VA Two or FHA appraishome programs authormore Total ized l commitunits als 2 ments 2 FHA VA S fi Seasonally adjusted annual rates NOTE Data include Alaska and Hawaii Sources Department of Commerce Federal Housing Administration FHA and Veterans Administration VA BUSINESS SALES AND INVENTORIES TOTAL AND TRADE According to preliminary estimates retail sales seasonally adjusted rose almost 1 percent in April In March total business inventories were up about 1 billion and total sales were about the same as in February BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED BUSINESS SALES AND INVENTORIES RETAIL TRADE ENLARGED SCALE DURABLE GOODS STORES INVENTORIES SALES WHOLESALE TRADE ENLARGED SCALE INVENTORIES SALES IIP i i i i i I i COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total business 1 Wholesale Retail 5 4 Sales 2 Period Sales 2 Inventories 3 Sales SOS ISO Inventories 3 Total Inventories NonDurable durable goods goods stores stores Total Durable goods stores Nondurable goods stores Millions of dollars seasonally adjusted Feb Mar 94 552 Apr 96 069 Mar 97 423 June 98 368 July 97 083 Aug Sept Oct N en98 671 Dec Jan Feb Mar J Apr The term business also includes manufacturing 1 Monthly average for year and total for month Book value end of period seasonally adjusted sec page Beginning data include Alaska and Hawaii Beginning 1960 data include Alaska and Hawaii Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers shipments seasonally adjusted declined percent in March a drop in durable goods was on j partially offset by a rise in nondurables Inventories gained nearly billion New orders for durable goods decreased 9 Vz percent the first decline since last November BILLIONS OF DOLLARS 60 SEASONALLY ADJUSTED MANUFACTURERS BILLIONS OF DOLLARS 100 SEASONALLY ADJUSTED MANUFACTURERS INVENTORIES SHIPMENTS TOTAL TOTAL DURABLE GOODS LUU JLJ M iM NDUR NONDURABLE GOODS DURABLE GOODS ii I i l i i i i i Ij i i t i 1i i i t 50 NONDURABLE GOODS I I I I I I I I 1 I I I 1 I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Manufacturers shipmentsl Manufacturers inventories2 Durable goods Period Total Feb Mar Apr Mav June July Aug Sept Get Nov Dec Jan Feb Mar Manufacturers new orders l NonDurable durable goods goods Total NonDurable durable goods goods Total Total Millions of dollars seasonally adjusted NonMachinery durable and goods equipment i j 23 435 i Monthly average for year and total for month Book value end of period seasonally adjusted For annual period ratio of weighted average inventories to average monthly shipments for anonthly data ratio of inventories at end of month to shipments for month 3 22 NOTE Data for Alaska and Hawaii included beginning 1958 Source Department of Commerce Manufacturers inventoryshipments ratio i MERCHANDISE EXPORTS AND IMPORTS The U S merchandise trade balance improved markedly in March registering a surplus of 21 5 million seasonally adjusted Caution is required in interpreting the one month change as February figures were affected by the east coast dock strike BILLIONS OF DOLLARS BILLIONS OF DOLLARS r f ftv f i MERCHANDISE IMPORTS J SEE NOTE 1 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period Merchandise exports Total includ l Domestic ing reexports Food Season Unad Total i 8 beverages ally ad justed and tojusted bacco M onthly average Unadjusted Jan Feb Mar Feb Mar Apr May June July Aug Sept Oct Nov Dec Merchandise imports General imports 2 exports Crude materials and fuel Manufactured goods Total 3 Season Unadally ad justed justed i i i i Unadjusted Food Crude bever mateages rials and to and bacco fuels Grossmerchandise trade Manusurplus facseasontured ally adgoods justed s 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 merchandise trade deficit in the first quarter increased to 1 2 billion seasonally adjusted annual rate Date for other components of the balance on goods and services are not yet available BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPORTS OF GOODS AND SERVICES IMPORTS OF GOODS AND SERVICES 20 10 I J I 10 I SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Exports of goods and services Imports of goods and services Income on investments Period Total Merchandise l Military sales S Government Private Other services 5 60S Total Merchandise l S Balance on MiliOther goods tary and expend serv services itures ices lly adjusted annual rates 1968 I II III IV 1969 I o ooo OO OoZi l NOTE Merchandise exports and imports p 24 have been revised beginning 1966 the balance on liquidity basis and on official reserve transaction basis p 25 as well as some of the data shown on an unadjusted basis p 25 have been revised beginning 1968 Other data for these periods shown on these pages will be revised in June See the forthcoming issue of Survey of Current Business June 1969 for further details 24 Adjusted from customs data for differences in timing and coverage Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS In the first quarter the balance of payments on the liquidity basis showed a deficit of 7 1 billion and on the official reserve transactions basis a surplus of 4 5 billion seasonally adjusted annual rates The very great difference between the two balances was a reflection of the large increase in liquid liabilities to foreign accounts other than official agencies BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE OFFICIAL RESERVE TRANSACTIONS BASIS PRELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Balance U S private capital net Period U S Government grants and capital net i I96S I II III IV I Direct investment Other longterm Errors Foreign and uncapital recorded Liquidtransnet l ity actions basis 2 Shortterm Seasonally adjusted annual rates Official reserve transactions basis i 1 Includes 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 IMP 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 arid banking liabilities and foreign holdings of U S Government bonds and notes 5 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 currenTo foreign official cies and To other IMF gold holders 5 foreign 6 tranche Non holders position Liquid increase liquid Quarterly totals unadjusted Changes in selected liabilities decrease c Private holders includes banks and international and regional organizations excludes IMF 7 On Mar 31 U S reserve assets consisted of gold stock million down 56 million from Dec 31 IMF position including gold portion of increased U S subscription 1 321 million convertible currencies 3 601 million NOTE See Note p 24 Data exclude military grant aid and U S subscriptions to IMF Source Department of Commerce 25 PRICES CONSUMER PRICES The rise of 0 8 percent in consumer prices in March was the largest since February 1 951 The most significant increases were in homeownership costs and used car prices however there were substantial increases abo for food clothing and gasoline index Index COMMODITIES j LESS FOOD 1 1 I I I I I I I I M 1M I 11M SOURCE I I M 1M DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Period Feb Mar Apr Mav June Julv Aug Sept Oct Nov Dec 1969 Jan Feb Mar Source Department of Labor 26 All items All commodities Services Commodities Commodities less food Services All Food Rent less NonAll Durable durable services rent WHOLESALE PRICES Preliminary estimates for April indicate that wholesale prices increased 0 2 percent Industrial prices were up 0 1 percent substantially less than in recent months Prices of processed foods and feeds rose 0 9 percent while farm prices fell by 0 8 percent Index Index PROCESSED FOODS AND FEEDS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period Mar Apr May June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar A p r Farm products Processed foods and feeds All industrials 1 Crude materials ioa i 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 Inter Producmediate er finmateished rials2 goods Consumer finished goods excluding food NonDurable durable 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 April 1 5 prices received by farmers were unchanged while prices paid rose about 1 percent The adjusted parity ratio was down 2 points to 78 Index i 130 Index I PRICES PAID INTEREST TAXES AND WAGE RATES A f no L 1 T I I l I I I I i i I i I I I i 1 I I f I T I I I I I I I I I I I I I I I I I I I I M 1 I T I 90 PARITY RATIO QA i i i I f i 1 I I I t i 1963 l l I I I I r I t f i l i i i l i i i f 1 1 I I xv f I 1 1 1 r I I I I i f I J RAT10 OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCEi DEPARTMENT OF AGRICULTURE COUNCH OF ECONOMIC ADYIScP S Prices received by farmers Period S 1968 Mar 15 Apr May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov Dec Jan 15 Feb 15 Mar 15 Apr 15 All farm products Crops H All items interest taxes and wage rates Index OS J Livestock and products i 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 in Actual SO Adjusted S The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture VIONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The seasonally adjusted money supply increased 1 8 billion in April reflecting in part technical factors Time deposits fell 0 2 billion biLLIONS OF DOLLARS 250 BILLIONS OF DOLLARS SOURCEi 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 Total outoutTotal posits dedeside side posits posits banks banks Period Dec Dec Dec Dec Dec Dec Mar Apr MayJune July Aug Sept Oct Nov Dec 1969 Jan Feb Mar p Apr 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 L Unadjusted U S Government demand deposits l Time deposits Data include Alaska and Hawaii Source Board of Governors of the Federal Reserve System 1 i SELECTED LIQUID ASSETS HELD BY THE PUBLIC In April selected liquid assets held by the public declined 2 billion seasonally adjusted Decreases of 2 billion in demand deposits and currency and 1 billion in time deposits were partially offset by a billion rise in short term Government securities BILLIONS OF DOLLARS BILLIONS OF DOLLARS 800 j 800 SEASONALLY ADJUSTED END OF MONTH TOTAL SELECTED LIQUID ASSETS SAVING TYPE ASSETS U DEMAND DEPOSITS AND CURRENCY i HIOO 100 I i J ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted End of period Mar Apr May JuneJuly Aug Sept Oct Nov Dec 1969 Jan Feb p Mar Apr Total selected liquid assets J Demand deposits and currency f S9 8 Time deposits Commercial banks Agrees in concept with money supply p 29 except for deduction of demand deposits held by mutual savings banks and savings and loan associations Data for2 last Wednesday of month Excludes holdings of Government agencies and trust funds domestic commercial and mutual savings banks Federal Reserve Banks and beginning February 1960 savings and loan associations 30 Mutual savings banks Postal Savings System Savings and loan shares U S Government savings bonds U S Government securities maturing within one year I Reflects liquidation of two savings and loan associations Beginning 1969 figures have been adjusted to conform to the new budget concept NOTE See Note p 29 Estimates for Dec 31 Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES Tofa bank credit expanded by 2 billion seasonally adjusted in April due to a rise in loans Free reserves continued 10 decline reaching a net borrowed position of 865 million BILLIONS OF DOLLARS 1 500 BILLIONS OF DOLLARS 500 ALL COMMERCIAL SEASONALLY ADJUSTED END OF MONTH BANKS U S INVESTMENTS IN GOVERNMENT SECURITIES INVESTMENTS IN OTHER SECURITIES I 1 I I 1I I I 1 I I I I I I I I I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Bank Weekly All member banks 2 debits reporting outside large comNew York mercial BorrowTotal Investments City 232 banks ings at Loans Free Total Excess Federal loans excluding centers reserves reserves Reserve reserves and seasonally inter U S Gov Other Commercial adjusted investBanks bank securi and indusernment ments annual ties securities trial loans rates 1 Billions of dollars j Millions of dollars i S i i i i S S All commercial banks seasonally adjusted data End of period Mar Apr May June July Aug Sept Get Nov Dec 1969 Jan Feb vp Mar Apr 1 Debits during period to demand deposit accounts except interbank and U S Government New series beginning January 1964 2 Averages of daily figures Annual data are for December 3 New series see Federal Reserve Bulletin March 1967 NOTE Effective June 1966 balances accumulated for payment of personal loans about 1 1 billion are excluded from loans at all commercial banks and certain certificates of CCC 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 increased 380 million in March Seasonally adjusted instalment credit outstanding rose 650 million The rise was about the same as in January but considerably below the 800 million expansion in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY 10 ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED t I I 1 1 I I f V t I M INSTALMEh T CREDIT REPAID M I 1 1 t I SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I I 1 1 I 1 1 I 1 IS N COUNCIL OF ECONOMIC ADVISERS Millions of dollars Mortgage Consumer instalment credit extended Consumer credit outstanding end of period debt outand repaid seasonally adjusted unadjusted Instalment Automobile paper standing Total Period nonfarm NonAutomo1 to 4Total instal Extended Repaid Extended Repaid Total l Personal bile family ment 2 paper loans houses SO S Feb Mar Apr May June Julv Aug Sept Get Nov Dec Jan Feb Mar 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 z End of period unadjusted 32 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 During the first part of April the Treasury bill rate rose but it declined in the latter part of the month resulting in a small increase for the month Yields on corporate bonds averaged higher in April than in March while high grade municipal and Treasury bonds declined PERCENT PER ANNUM PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S V7 X TAXABLE GOVERNMENT BONDS r 3 1 I I I I I SOURCE SEE TABLE BELOW Period Mar Apr May June Julv Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr Week ended 1969 Apr f Mnv COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Government security yields municipal 3 month bonds 3 5 year Taxable Treasury Standard4 issues 2 bonds 3 bills i Poor s i f r r C f f r ao i r 9 r 79 o 75 f Kate on new issues within period Selected note and bond issues April 1953 to date bonds du or callable 10 years and after Weekly data are Wednesday figures Not charted 6 Data for first of the month based on the maximum permissible interest rate K percent beginning late January and 30 year mortgages paid in 15 years 1969 r s r f Prime commercial paper 4 6 months I Corporate bonds MoodyJs Baa Aaa IS FHA new home mortgage yields Sources Treasury Department Board of Governors of the Federal Reserve System Federal Housing Administration Standard Poor s Corporation and MootVy s Investors Service 33 COMMON STOCK PRICES YIELD AND EARNINGS The common stock price index rose during most of April and early May On a monthly average basis the April increase was the first this year Index Index MONTHLY WEEKLY COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS vx 80 H VA r s V i i i i i 1 i i i i i PE RCENT I I 1 I 1 I I 1 1 1 t i l l I 1 t I t I t I t WEEKLY MONTHLY 60 PERCE NT I DIVIDEND YIELD ON COMMON S T O C K S x V RAT IO f 1 1 t 1 i i i i i I I 1 I I f t 1 I f RATIO 1 1 I 1 1 1 I I 1 IN PRICE EARNINGS RATIO ON COMMON STOCKS 20 p I 1 1 t t n I L I SOURCE STAND 5 POOR S CORPORATION N 10 N COUNCIL OF ECONOMIC ADVISERS 1 Period Apr May June Julv Aug Sept Oct Nov Dec Jan Feb Mar Apr Week ended 1969 Apr May Total Total Price index Industrials Capital Consumers goods goods Includes 500 common stocks 425 industrials 55 public utilities and 20 railroads Weekly indexes for capital and consumer goods are Wednesday figures all2 other weekly indexes are averages of daily figures Aggregate cash dividends based on latest known annual rate divided by the aggregate monthly market value of the stocks in the group Annual yields 34 Railroads Dividend yield 2 percent Public utilities Price earnings ratio are averages of monthly data Weekly data are Wednesday figures 3 Ratio of price index for last day in quarter to quarterly earnings seasonally adjusted annual rate Annual ratios are averages of quarterly data Not charted Source Standard Poor s Corporation FEDERAL FINANCE FEDERAL BUDGET RECEIPTS EXPENDITURES AND NET LENDING In the first 9 months of the current fiscal year the total deficit was 12 3 billion a year eariier it was 28 1 biiiicr BILLIONS OF DOLLARS BILLIONS OF DOLLARS J RECEIPTS LESS EXPENDITURES AND NET LENDING ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET FISCAL YEARS z COUNCIL OF ECONOMIC ADVISERS Billions of dollars Budget receipts expenditures and net lending Period Receipt expenditure account Loan account Expenditures Net lending Receipts Fiscal vear Cumulative totals first 9 months Fiscal vear Fiscal vear 1969 Surplus or deficit i Excludes non interest bearing public debt securities held by IMF 3 Estimates see Review of the 1970 Budget Bureau of the Budget April Total surplus or deficit JO 1 JL Gross Federal debt end of period Total1 Held by the public Sources Treasury Department and Bureau of the Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the frrst 9 months of the current fiscal year receipts were 23 7 billion over a year earlier while expenditures were up 7 9 billion BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS EXPENDITURES AND NET LENDING NONDEFENSE NATIONAL DEFENSE L I FISCAL YEARS J ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET l 20 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts Expenditures and net lending National defense Period Fiscal year Cumulative totals first 9 months Fiscal year Fiscal year 1969 Individual income taxes Corporation income taxes S S Total Other Expenditure account s Estimates see Review of the 1970 Budget Bureau of the Budget April Total Total Department of Defense 1 military InternaHealth tional and affairs welfare and finance i Sources Treasury Department and Bureau of the Budget Other FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to preliminary estimates for the first quarter Federal receipts rose nearly 10 billion seasonally adjusted annua rate and expenditures increased about 3 billion resulting in a surplus of 7 billion the largest since the second quarter of 1951 BILLIC NS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES r f 1 S s RECEIPTS UO tfsg S EXPENDITURES f f i I I f t K 100 M 20 SURPLUS r m m m r r tm 1 fil 0 YZA DEFICIT I i f 1963 I PRELIMINARY f f f 1966 CALENDAR YEARS 1965 I f SOURCE DEPARTMENT OF COMMERCE f 1 i I i COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates reaera i r euerai vjovermue in receipt S Period Fiscal rear S Calendar rear S 1968 I II III IV 19G9 I p Personal Corporate Total tax and profits nontax tax receipts accruals S Indirect business tax and nontax accruals Contributions for social insuran ce S S IT I 33 I X is l G J7 S 18 1 i s i Estimates based on Review o the 1970 Hii l f Murom f l i e April lf im Total J vjoverm rieiiu expe nauures Surplus or GrantsSubsidies clencrt J J2 rt I 4Purin aid less Net chases Trans to State current of goods fer p y and interest surplus income and local and ments paid of Govt product governservices enter accounts ments prises K i JOI S S i i IKK it S 45 i S T Q NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PA D 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 Page t 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 Indicates less than 50 million For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 25 cents per copy 3 per year 4 foreign Domestic air mail 6 10 additional 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

Weekly Hours of Work--Selected Industries

DATE: May 1969

PART OF:

Economic Indicators : May 1969

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 Hours of Work--Selected Industries," 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-. "May 1969," Economic Indicators (May 1969) : 16-16. https://fraser.stlouisfed.org/title/1/item/26/toc/377299 , accessed on December 6, 2019.

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Economic Data