New Construction

Name: New Construction
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. 90th Congress 2nd Session 1 tUbKAL RESERVE BANK OF CHICAGO Economic Indicators October 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 5 a of 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 S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required 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 drawn 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 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 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 Office ii TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Preliminary estimates indicate that gross national product advanced almost 18 billion seasonally adjusted annual rate in the third quarter somewhat less than the record increase of nearly 21 billion in the second quarter Billions of dollars quarterly data at seasonally adjusted annual rates Government Persons Period Total I I PerLess Equals Personal sonal Less Less Tax Interest Total consump saving Trans Equals Total Trans Equals Puror and tion paid and excludfers fers nontax interest Net expend interest chases disexpending transfer of goods itures receipts interest itures saving receipts payand and and or and ments sub 2 sub 2 accruals sidies transto forsidies fers eigners L Net Net exports of goods Total Statisand services transfers Excess of j income tical Gross or Gross private Excess to fortransfers discrepretained domestic of eigners or receipts ancy earnby of net invest invest sons per3 Equals exports ment and Less ings ment 4 Net Govern Exports Imports exports ment I II 1968 I ni L 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 s 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 Gross national product or expenditure S Private business investment purchases of capital goods by private nonprofit institutions and residential housing 6 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 product seasonally adjusted advanced at an annual rate of 8 percent in the third quarter accordii to preliminary estimates Nearly three fifths of the increase represented a rise in physical output and the rest higher prices BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT GOVERNMENT PURCHASES OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES I J I PRELIMINARY SOURCE DEPARTMENT OF CO AMERCE I II III IV 1968 I II III COUNCIL OF ECONOMIC ADVISERS Total Personal Gross congross Total private sump domestic national gross product national tion investin 1958 product expend ment prices itures Billions of dollars quarterly Period 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 and services Federal State Total and National Other Total defense1 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 TATIONAL INCOME According to preliminary estimates employee compensation increased a strong 12 billion seasonally adjusted annual rate in the third quarter Gains were also reported for other types of noncorporate income particularly proprietors income and net interest BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 300 PROPRIETORS AND RENTAL INCOME NET INTEREST J PRELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period I II III IV 1968 I II III Compensation of em 1 ployees Proprietors income Farm 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 Personal income rose strongly again in September with an advance of 4 billion seasonally adjusted annual rate Wages and salaries and other labor income accounted for 3 billion of the gain Most other sources of income also increased BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period Total personal income J A u g Sept Oct Nov Dec 1968 Jan Feb Mar Apr MayJune July Aug Sept Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Other Proprietors income income and Divi Personal Transfer salary labor 2 Business payof dends interest ments and pro persons disburse income Farm income ments fessional I 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 items 4 COUNCIL OF ECONOMIC ADVISERS 3 Less Personal con Nonagritributions cultural 3 for social personal insurance 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 DISPOSITION OF PERSONAL INCOME Preliminary estimates for the third quarter show a 16 billion seasonally adjusted annual rate gain in personal income Reflecting the tax surcharge the increase in disposable income was held to a more modest 61 3 billion With personal outlays up a sharp 1 31A billion the saving rate dropped to 6 2 percent from 7 5 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS J PRELIMINARY 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 posable Total saving personal personal Durable Nonincome outlays l goods durable Services goods I IIIIIIV II III 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 s Includes armed forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Per capita disposable personal income Current prices 1958 prices Saving as percent of Population disposable thou 3 personal sands income percent Dollars NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce FARM INCOME According to preliminary estimates net farm income excluding and including inventory change seasonally adjusted rose about 4 percent in the third quarter B1LL1ONS OF DOLLARS 60 BILLIONS OF DOLL vRS 60 SEASONALLY ADJUSTED ANNUAL RATES 50 A S REALIZED GROSS FARM INCOME Ml n NET FARM INCOME INC1UDING NET INVENTCDRY CHANGE J I 1 I I From all sources Period 1968 I II III From From farm nonfarm sources sources i I 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 from ventory ventory prices prices 4 2 marketchange change ings Billions of dollars Dollars Seasonal it adjusted annual rates Cash receipts from marketings Government payments and nonmoney income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also see footnote 2 p 3 s Based on Census of Agriculture definition of a farm The number of farms is held constant within a year 1 Income received from farming Realized gross III IV 1 COUNCIL OF ECONOMIC ADVISERS Personal income received by total farm population 1967 I II SOURCE DEPARTMENT OF AGRICULTURE Income in current prices divided by the index of prices paid by farmers for family living items on a 1967 base Hawaii beginning included NOTE Alaska and TT Data for Source Department of Agriculture CORPORATE PROFITS Current 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 Period I III IV I II III COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Corporate profits Corporate profits before taxes and inventory after taxes valuation adjustment TransCorpo CorpoManufacturing portation rate rate DiviUncomprofits tax NonAll Durable durable muniAll 1 before liabil Total dend distribindusgoods payuted taxes ity goods cations other Total tries indusand ments profits industries public tries utilities J Includes all other industries and financial institutions Includes depreciation capital outlays charged to current account and accidental damages Corporate profits after taxes plus corporate capital consumption allowances Corporate capital consumption allow 2 ances Profits plus capital consumption allowan ces NOTE Data beginning 1962 adjusted for effects of new depreciation guidelines 2j 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 Gross private domestic investment in the third quarter was practically unchanged seasonally adjusted from the second quarter level according to preliminary estimates A 3 2 billion annual rate recovery in business fixed investment was offset by a moderation in the rate of inventory accumulation from its high second quarter level and a slight drop in residential construction BILLIONS OF DOLLARS BILLIONS OF DOLLARS s I PRELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed investment Total gross private domestic investment Period Total Total NOTE Data for Alaska and Hawaii included beginning Producers durable equipment Structures Total CL I II III IV 1968 I II III Residential structures Nonresidential Nonfarm Total Nonfarm Total Source Department of Commerce Nonfarm Change in business inventories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT f lant and equipment expenditures seasonally adjusted were down sharply in the second quarter A strong recovery is 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 felLUONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING HUM MANUFACTURING I J I J TE 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 Manufacturing Period I II III IV 1968 I II 3 III IV 3 Total Total Durable Nonduragoods ble goods Excludes agriculture Commercial and other includes trade service finance communications and construction 3 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 50 million Mining Railroads Other Public Commerutilities cial 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 September showed an increase of Agricultural employment declined by and nonagricultural employment increased by The increase in unemployment was the first since June 1968 MILLIONS OF PERSONS MILLIONS OF PERSONS YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Unemployment rate percent of Unem civilian labor force ployment Unad Seasonjusted ally adjusted S Period Aug Sept Oct Nov Dee 1968 Jan Feb Mar Apr May JuneJulyAug Sept Civilian employment Total Civilian employment labor force NT JNon Unem includ Civilian Nonlabor Agriployagnagning Total ment Total culforce eulcularmed tural tural tural forces Thousands of persons 16 years of age and over Unadjusted Seasonally adjusted Total labor force including armed forces 1 Total labor force as percent of noninstitutional population NOTE Beginning 1960 data include Alaska and Hawaii 10 Source Department of Labor Labor force participation rate unad l justed Percent SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT n September the seasonally adjusted unemployment rate rose from 3 5 percent to 3 6 percent The number of parttime workers for economic reasons seasonally adjusted declined by PERCENT PERCENT 10 110 SEASONALLY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE MARRIED MEN SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Unemployment rate percent of civilian labor force in group Labor force time lost Experi Married through unemenced All ployment Over 40 wage and men wife and part hours workers salary time workers present work 1 Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Percent Seasonally adjusted J hours Part time for economic reasons Total Part time for economic reasons Usually Usually Usually fullfullparttime 3 time 3 time 4 Thousands of persons 16 years of age and over Unadjusted Seasonally 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 force Beginning 1963 series reflects whether unemployed persons sought fullor2part time 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 Persons at work in nonagricultural 2industries by hours worked per week Under 35 hours Usually parttime 4 adjusted Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated Primarily includes persons who could find only part time work fi Average hours worked usually full time 24 0 usually part time 18 0 Source Department of Labor 1 1 UNEMPLOYMENT INSURANCE PROGRAMS In September insured unemployment under State programs averaged 91 000 lower than a year earlier The seasonal adjusted insured unemployment rate dropped slightly from 2 3 percent in August to 2 2 percent in September MILLIONS OF PERSONS MILLIONS OF PERSONS 1 3 3 I WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS JAN MAR FEB APRIL MAY JUNE JULY AUG SEPT SOURCE DEPARTMENT OF IABOR Period All pr Sept Oct Nov Dec 1968 Jan Feb Mar Apr Mav June July Aug Sept Week ended 1968 Sept Oct Thousands State programs Initial claims Insured unemployment as perExhaus cent of covered employment tions Unad Seasonjusted ally adjusted 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 Eico since January 1961 DEC COUNCIL OF ECONOMIC ADVISERS All programs Insured Total unem benefits Insured Covered ploypaid unem milemploy ment ployment weekly lions ment averof dolage lars July NOV OCT Source Department of Labor Percent Benefits paid Total Average milweekly lions of check dollars dollars O 0 o O z a NONAGRICULTURAL EMPLOYMENT Total nonfarm payroll employment rose seasonally adjusted in September to 68 5 million Manufacturing declined slightly and private nonmanufacturing increased by State and local government registered a gain of 25 000 MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED ENLARGED SCALE WHOLESALE AND RETAIL TRADE SERVICES 10 56 NONMANUFACTURING PRIVATE x DURABLE MANUFACTURING NONDURABLE MANUFACTURING MANUFACTURING CONTRACT CONSTRUCTION GOVERNMENT 12 V i v SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Manufacturing private Period Total Aug Sept Oct Nov Dec1968 Jan Feb Mar Apr May June JulyAug v Sept p Total NonDurable durable goods goods Nonmanufacturing private Total Con Transtract portation Mining conand strue public tion utilities 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 are not at work because of industrial disputes and which are based on an enu Whole Finance insursale ance Services and and retail i real trade estate Government Federal State and local meration of population whereas the estimates in this table are based on reports L from employing establishments NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES Average weekly hours seasonally adjusted in September rose 0 3 hours in manufacturing and 0 4 hours in con tract construction but were unchanged in retail trade HOURS PER WEEK SEASONALLY ADJUSTED 46 HOURS PER WEEK SEASONALLY ADJUSTED 46 DURABLE MANUFACTURING NONDURABLE MANUFACTURING w rnrnn rv 42 m ft 1 I 1 I 1 i I 1 I v L i i r i i 1 i i iIi II I IN A i i i I I i i i i 1 I I J I I I 1 1 v V I I N N CONTRACT CONSTRUaiON RETAIL TRADE l I 1 I I I I IJ I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS 1 Average hours per week seasonally adjusted Manufacturing industries Period A u g Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June Julv Aug vp Sept Durable goods All i Data relate to production workers or nonsupervisory employees Data for Alaska and Hawaii included beginning Nondurable goods Contract construction Includes eating and drinking places Source Department of Labor Retail trade AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings in September rose to all time highs in manufacturing contract construction and retail trade Weekly earnings also set records of 124 23 in manufacturing and 172 22 in contract construction however they declined by 1 25 in retail trade DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS DURABLE GOODS INDUSTRIES A ALL MANUFACTURING INDUSTRIES s r NONDURABLE GOODS INDUSTRIES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Average hourly earnings current prices Period I Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug Sept Average weekly earnings current prices Manufacturing industries Contract conRetail1 NonDurable durable structrade All goods tion goods Manufacturing industries Contract Retail1 conNonDurable durable structrade All goods tion goods Includes a eating and drinking places Earnings in current prices adjusted to exclude overtime and interindustry shifts Earnings in current prices divided by the consumer price index 20 755 SO Manufacturing industries Adjusted Average hourly weekly earnearnings ings 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 declined less than percent in September following a 1 percent drop in August The September index was about 4V4 percent above the level of a year earlier Index SEASONALLY ADJUSTED 200 Index SEASONALLY ADJUSTED 200 TOTAL UTILITIES AND MINING MINING MARKET GROUPS FINAL PRODUCTS MATERIALS SOURCE COUNCIL OF ECONOMIC ADVISERS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Period H A U K Sept ct Nov J C ttms J a n l vi Mat M r M iv JMt J h i l r Market Industry Total industrial production Total fi p Final products Manufacturing NonDurable durable Mining Utilities Total Consumer goods Equipment Materials PRODUCTION OF SELECTED MANUFACTURES Output of manufactures seasonally adjusted in September was fractionally lower than in August The most significant decline was 4 percent in primary metals largely due to a 614 percent drop in iron and steel production CHEMICALS PETROLEUM AND TEXTILES APPAREL AND LEATHER RUBBER N Xl FOODS BEVERAGES ND TOBACCO r COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Nondurable manufactures Durable manufactures Period p 1967 Aug Sept Oct Nov Dec 1968 J a n Feb Mar Apr M ay June July Aug Sept Primary metals FabriTranspor Lumber Textiles Paper and Machincated tation and apparel ery prodand printequipmetal ing ment leather ucts products H Chemicals petroleum and rubber Foods beverages and tobacco Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION In September automobile assemblies rose sharply following the completion of the model changeover Production of steel electric power and paperboard declined while other weekly indicators of production posted gains MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS STEEL i i I i i t I i i i i I i i i I i i i I i i i t I i i i I i i i i I 1 1 i I i i i I i i i i I i i 11 J F M A M J J A S O N D 15 r J F M A M J BILLIONS OF KILOWATT HOURS SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTATE AND WARD S AUTOMOTIVE REPORTS 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 100 kilowatt hours tons l tons Period Weekly average Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug Sept Week ended 1968 Sept Oct i Daily average Includes data for Alaska 18 COUNCIL OF ECONOMIC ADVISERS Not charted 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 He value of total new construction activity seasonally adjusted registered its second straight month of recovery in August with a gain of 1 percent Private construction was up 1 percent largely because of a 2 percent rise in residential construction Public construction advanced 2 percent with a sharp rise in Federal outlays BILLIONS OF DOLLARS 90 BILLIONS OF DOLLARS 90 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION PRIVATE PRIVATE RESIDENTIAL NONFARM SOURCE DEPARTMENT OF CO AMERCE Period Total new construction expenditures COUNCIL OF ECONOMIC ADVISERS Private Residential nonfarm Total CommerNew cial and housing industrial units Billions of dollars Total l Other Federal State and local 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 July Aus Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug Construction contracts 2 CommerTotal value cial and industrial index 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 rose 5 percent in September to a seasonally adjusted annual rate of unit They were 17 percent above the low average of May and June Permits for future starts were up 9 percent followin 3 consecutive months of little or no change MILLIONS OF UNITS 1 2 5 MILLIONS OF UNITS 2 5 SEASONALLY ADJUSTED ANNUAL RATES PRIVATE NONFARM HOUSING STARTS VA APPRAISAL REQUESTS FHA APPLICATIONS A COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF CO AMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA Thousands of units Housing starts Total private and Period public including farm MO Aug Sept Oct Nov Dec 1968 J a n Feb Mar Apr Alav Juno h i l v Jl Aug Sept v T Total private including farm 4 r c nvate nonfarm Total Total private including farm Two or more families Onefamily l by l twuo of local building permit in 13 000 permit issuing i l n t It i7 I VioO for and 10 000 prior to 1963 i i n t f l l i timrU iH o applications f o r n e w home construction 20 Private nonfarm Total Government home programs FHA VA Seasonally adjusted Proposed home construction New private housing Abdica 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 Veterans Administration VA BUSINESS SALES AND INVENTORIES TOTAL AND TRADE According to preliminary figures retail sales seasonally adjusted fell slightly in September following a 1 percent rise in August Business sales were down 1 percent in August and inventories were up 650 million BILLIONS OF DOLLARS 160 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 20 SEASONALLY ADJUSTED RETAIL TRADE ENLARGED SCALE BUSINESS SALES AND INVENTORIES 18 DURABLE GOODS STORES 140 INVENTORIES 16 V 120 INVENTORIES SALES 10 r SALES 80 WHOLESALE TRADE ENLARGED SCALE NONDURABLE GOODS STORES i SEE FOOTNOTE 7 BELOW SOURCEi DEPARTMENT OF COMMERCE Sales N COUNCIL OF ECONOMIC ADVISERS Total business Period Inventories 3 Wholesale Sales 2 4 Sales 2 Inventories 3 Total Retail 5 Inventories NonDurable durable goods goods stores stores Total Durable goods stores Nondurable goods stores Millions of dollars seasonally adjusted July Auer Sept Oct Nov Dec Jan Feb Mar Apr Mav June July p Aug Sept The term business also includes manufacturinj 2 Monthly average for year and total for month 3 Book value end of period seasonally adjusted 4 Beginning 1961 data include Alaska and Hawaii 5 Beginning 1960 data include Alaska and Hawaii e Series revised beginning 1961 See p 22 Not strictly comparable with earlier data retail sales based on new sample beginning July See forthcoming August Monthly Trade Report Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers inventories increased a substantial 1 billion seasonally adjusted in August Shipments were reportea down 31 3 percent leading to a large jump in the inventory shipments ratio to 1 76 Durable manufacturers orders rose a moderate 1 percent BILLIONS OF DOLLARS SEASONALLY ADJUSTED 60 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 90 MANUFACTURERS INVENTORIES MANUFACTURERS SHIPMENTS 80 TOTAL V 70 60 DURABLE GOODS MANUFACTURERS NEW ORDERS NONDURABLE GOODS 30 NONDURABLE GOODS i i i i i I i i i ii SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments l Manufacturers 7 inventories 2 Period Total NonDurable durable goods goods Total NonDurable durable goods goods Manufacturers new orders 1 Durable goods Total Total NonMachinery durable and goods equipment Manufacturers inventoryshipments ratio 3 Millions of dollars seasonally adjusted June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug 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 NOTE Series revised beginning 1961 See Manufacturers Shipments Inventories and Orders Bureau of the Census Data for Alaska and Hawaii included beginning 1958 Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS Ihe U S merchandise trade balance deteriorated slightly in August registering a surplus of 88 million seasonally idjusted as imports increased more than exports BILLIONS OF DOLLARS 3 5 BILLIONS OF DOLLARS TE i BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Millions Merchandise exports Total includDomestic exports ing reexports 1 Food Crude Season Unad Total i 3 bever mateages rials ally ad justed and to and justed fuel bacco Monthly average July Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug Unadjusted Total excludes Department of Defense shipments of grant aid milita plies and equipment under the Military Assistance Program 2 Total arrivals of imported goods other than intransit shipments of dollars Manufactured goods Merchandise imports General imports 2 3 Total Food Crude bever mateSeason Unadages rials ally ad justed and to and justed 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 Military sales Private Government Other services Total Merchandise l Military expenditures Balance on Other goods and serv services 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 U S BALANCE OF INTERNATIONAL PAYMENTS The U S 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 BALANCE ON GOODS AND SERVICES BALANCE OFFICIAL RESERVE TRANSACTIONS BASIS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S private capital net U S Government Period grants and capital net l Direct investment Other longterm Shortterm I II III IV I TT v A 1QR 9 1R HA A Af A Errors Foreign and uncapital recorded Liquidnet l transity actions basis Seasonally adjusted annual Balance 2 Oil I QOQ 8 ftSd K n r 2fi 1QA 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 and 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 rates Official reserve transactions basis 3 Changes in gold convertible currenTo foreign official cies and 5 holders To other IMF gold foreign tranche holders 6 position NonLiquid increase liquid Quarterly totals unadjusted Changes in selected liabilities decrease I QQ 7 1Q7 6 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 Consumer prices rose 0 3 percent in August somewhat less than the 0 5 percent increase in June and in July Higher costs of housing and food accounted for most of the rise Index Index SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period July Aug Sept Get Nov Dec 1968 Jan Feb Mar Apr Mav June July Aug Source Department of Labor 26 All commodities Services Commodities Commodities less food Services All Food Rent less NonDurable durable services All rent WHOLESALE PRICES Preliminary estimates of the wholesale price index show an advance of 0 4 percent in September thus reversing the decline in August Farm products and food prices rebounded from their August levels many industrial commodity prices also rose Index index SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Period Aug Sept Oct Nov Dec Jan Feb Mar Apr Mav June Julv Aug Sept All commodities 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 rials2 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 September 1 5 prices received by farmers advanced 2 percent and prices paid less than 1 percent the adjusted parity ratio increased 2 points to 81 Strong seasonal gains in egg and milk prices were largely responsible for the rise in prices received partially offsetting these increases were price declines for cattle soybeans and chickens Index Index PRICES RECEIVED ALL FARM PRODUCTS RAT o i RATI oJ PARITY RATIO u X V J k I r X v i t i i 1 i i t i t i i i i 1i i i i i I I 1 I i 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 paid by farmers ProducLivestock All items Family interest living tion and items items products taxes and wage rates Index Prices received by farmers Period Aug 15 Sept Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June July 15 Aug 15 Sept All farm products Crops Percentage ratio of index of prices received by farmers to index of prices paid Interest taxes and wage rates on base 28 Parity ratio Actual Ad j usted The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS iVIONEY SUPPLY The 0 7 billion September decline in the seasonally adjusted money supply approximately offset the August increase Following the unusually large August increase time deposits rose an additional 2 9 billion in September BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME DEPOSITS AT ALL COMMERCIAL BANKS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Dec Dec Dec Dec Dec Dec July A u g Sept Oct Nov Dec 1968 Jan Feb Mar Apr Mav June July Aug Sept COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars U S Money supply Money supply GovCurCurernTime Time DeDerency rency ment de 1 de l mand mand Total outoutTotal demand posits posits dedeside side deposits posits banks banks posits l Seasonally adjusted Unadjusted i 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 1966 Data include Alaska and Hawaii Source Board of Governors of the Federal Reserve System 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Seasonally adjusted public holdings of demand deposits and currency and of short term U S Government securitie showed little change during August and September while time deposits and savings and loan shares showed fairly substantial gains Billions of dollars seasonally adjusted Total selected liquid assets End of period Aug Sept Oct Nov Dec 1968 Jan Feb Mar Apr Mav June lulv r Aug Sopt Demand deposits and currency Time deposits Commercial banks a Agrees in concept with money supply p 29 except for deduction of demand deposits hold 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 m u t u a l savings banks Federal Reserve Banks and beginning February 1 0 savings and loan association 30 Mutual savings banks Postal Savings System Savings and loan shares U S Government savings bonds U S Government securities maturing within one year s Reflects conversion of a savings and loan association with share capital of about 175 million to a mutual sayings bank 4 Reflects liquidation of two savings and loan associations NOTE See Note D Source Board of Governors of the Federal Reserve System LOANS INVESTMENTS DEBITS AND RESERVES flowing large gains in July and August total bank credit seasonally adjusted increased an additional 4 3 illion in September Free reserves fell slightly to a net borrowed position of 215 million BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 ALL COMMERCIAL BANKS INVESTMENTS IN U S GOVERNMENT SECURITIES 50 50 INVESTMENTS IN OTHER SECURITIES COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Bank Weekly debits reporting outside large commercial New York Total Investments City 232 banks Loans loans excluding centers and seasonally interU S Gov Other Commercial adjusted investsecuri and indus annual ernment bank ments securities ties trial loans rates l Billions of dollars All member banks All commercial banks seasonally adjusted data End of period Aue Sept Oct Nov Dec 1968 Jan Feb Mar Apr p May p June p July p Aug Sept 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 Data for all commercial banks revised beginning 1959 see Federal Reserve Bulletin August 1968 Effective June 1966 balances accumulated for pay Total reserves S Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions of dollars Source Hoard of Governors of the Federal Reserve System o CONSUMER AND REAL ESTATE CREDIT Seasonally adjusted instalment credit outstanding increased by a record 853 million in August and total consumer credit outstanding increased substantially more than seasonally BILLIONS Of DOLLARS BILLIONS OF DOLLARS END OF MONTH TOTAL CONSUMER CREDIT OUTSTANDING INSTALMENT CREDIT NONINSTALMENT CREDIT 1962 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1968 COUNCIL OF ECONOMIC ADVISERS Millions of dollars Consumer credit outstanding end of period Consumer instalment credit extended Mortgage unadjusted and repaid seasonally adjusted debt outstanding Instalment Automobile paper Total Period nonfarm NonAutomo1 to 4Total Total l Personal instal Extended Repaid Extended Repaid bile 2 family ment paper loans houses July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Julv Aug 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 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 Bond yields were relatively stable in September but Treasury bill rates averaged higher than in August Most yields rose somewhat during the first part of October PERCENT PER ANNUM 7 PERCENT PER ANNUM 7 CORPORATE Aaa BONDS MOODY S 1962 SOURCE 1968 SEE TABIE BELOW Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Week ended 1968 Sept Oct COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Government security yields municipal 3 month bonds 3 5 year Taxable 2 Treasury 3 Standard4 issues bonds bills i Poor s f r i Bate on new issues within period Selected note and bond issues 3 April 1963 to date bonds due or callable 10 years and after Weekly data are Wednesday figures 8 Data for first of the month based on the maximum permissible interest rate 6J percent beginning early May 1968 and 30 year mortgages paid in 15 years Corporate bonds Moody s Aaa Baa Prime FHA commercial new home paper mortgage 4 6 yields 5 months o 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 rose steadily during September and early October Index Inde x AA 100 p v M T i vy s S V r COMPOSITE PRICE INDEX FO K 500 COMMON STOCKS s f 110 WEEKLY MONTHLY i 1 1 i i i i yKTV LLJ I i 1 i i i i i LJ I L I LJ i I L j i i LL LLi L PE KENT PERCENT RATIO RATIO 25 25 PRICE EARNINGS RATIO ON COMMON STOCKS O i A i Y i i 1962 f f i i Period i 15 i Sept Oct Nov Dec 1968 Jan Feb Mar Apr May June July Aug Sept Week ended 1968 Aug 30 Sept Oct 4 11 U VA J Total Price index l Industrials Capital Consumers goods goods Includes 500 common stocks 425 are industrials 55 are public utilities and 20 are railroads Weekly indexes for capital and consumer goods are Wednesday figures all other weekly indexes are averages of daily figures 2 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 i t N 10 N COUNCIL OF ECONOMIC ADVISERS Total r I SOURCE STANDARD POOR S CORPORATION x 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 Tuesday prices Source Standard Poor s Corporation FEDERAL FINANCE FEDERAL BUDGET RECEIPTS EXPENDITURES AND NET LENDING In fiscal 1968 receipts totaled 1 53 5 billion and expenditures 173 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 2 months of the current fiscal year the total deficit was 5 7 billion a year earlier it was 9 3 billion BILLIONS OF DOLLARS 200 BILLIONS OF DOLLARS FISCAL YEARS 1962 J RECEIPTS LESS EXPENDITURES AND NET LENDING PRELIMINARY J ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Budget receipts expenditures and net lending Period Receipt expenditure account Receipts Fiscal year Cumulative totals first 2 months Fiscal year 1968 Fiscal year As Expenditures Surplus or deficit published in the Treasury Bulletin beginning July 1968 Estimate as published in Summer Review of the 1969 Budget September 1968 Bureau of the Budget NOTE Budget receipts and expenditures net lending and the public debt are based on The Budget of the United States Government 1969 which shows data Loan account Net lending Total surplus or deficit Public debt and agency securities end of period l Total Held by the public on the basis of budget concepts 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 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 2 months of the current fiscal year receipts were 4 5 billion over a year earlier while expenditures were up 0 9 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS 100 NONDEFENSE NATIONAL DEFENSE 20 N FISCAL YEARS I PRELIMINARY J ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET J COUNCIL OF ECONOMIC ADVISERS Billions of dollars Expenditures and net lending Receipts National defense Period Fiscal year P 1969 Cumulative totals first 2 months Fiscal vear 196S Fiscal vear 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 l military Interna Health tional labor affairs and and welfare finance Other 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 SECTOR NATIONAL INCOME ACCOUNTS BASIS cording to current estimates Federal receipts rose 5 billion seasonally adjusted annual rate in the second quarter and expenditures 6 billion yielding a deficit of about 101 4 billion Preliminary estimates indicate that receipts rose substantially more than expenditures in the third quarter BILLIONS OF DOLLARS 200 BILLIONS OF DOLLARS SURPLUS H n v m 20 DEFICIT p j t TI FISH E 2 t 1 I 1963 y m t 3 pll PI fcwftj tfW M i i i 1 rrr tm PS 1 M I f CALENDAR YEARS 1 PPFI 1UIVJAPY SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government expenditures Federal Government receipts Period Fiscal year l Calendar year I II III IV 1968 I II III Indirect ContriPersonal Corpo business butions rate tax and profits tax and for Total nontax Total tax nontax socialinreceipts accruals accruals suran ce Surplus or Subsidies deficit Grantsless Purin aid current Net chases Trans to State and interest surplus income of goods fer payand local paid of Govt product and ments enter accounts governservices prises ments Preliminary based mostly on seasonally adjusted data not strictly cornarable with preceding data NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND EES 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 Page 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 Printing Office Washington D C 20402 Price 25 cents per copy per 3 year 4 foreign Domestic air mail 0 10 additional per year 38 U S GOVERNMENT PRINTING OFFICE 1968

New Construction

DATE: October 1968

PART OF:

Economic Indicators : October 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-. "New Construction," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "October 1968," Economic Indicators (October 1968) : 21-21. https://fraser.stlouisfed.org/title/1/item/3/toc/291651 , accessed on December 11, 2019.

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Economic Data