National Income

Name: National Income
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 spared Jfor the sJoint Economic Committee by the JL UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Lnw 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 W E BROCK 3d Tennessee BARBER B CONABLE Jr New York CLARENCE J BROWN Ohio 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 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 81sr 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 authorize 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 Chans 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 Currenf estimates indicate that gross national product advanced about 16 billion seasonally adjusted annual rate in the first quarter 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 Total l I Ill IV I PerEquals Personal sonal Less Less Less Tax Interest Total consump saving Trans Equals Total Trans Equals or and tion Purpaid and excludfers fers nontax ing expendNet expendtransfer dischases interest itures saving receipts interest receipts itures interest of goods payand and or and ments and subsub 2 services accruals sidies 2 to fortranssidies fers eigners I II III IV I Net Net exports of goods Total and services transfers Excess of income Gross to forGross private Excess or transfers of retained domestic eigners or receipts invest by perearnof net investEquals exports ment sons and Exports Less ings 3 ment 4 Net GovernImports exports ment Statistical discrepancy Surplus or deficit income and product accounts International Personal income p 5 less personal tax and nontax payments fines penalties etc 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 Business Period Expenditures Gross national product or expenditure Private business investment purchases of capital goods by private nonprofit institutions and residential housing 5 Net foreign investment with sign changed NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce CROSS NATIONAL PRODUCT OR EXPENDITURE i f v ixihi iKil product seasonally adjusted increased at an annual rate of about 71 3 percent in the first quarter i I I M in current estimates The rise in physical output was at a rate of about 3 percent BILLIONS OF DOLLARS 1 000 r ltlli MS Of DOLLARS J I j w mm 100 MI11 lHMl Mli ltHn it e M NET EXPORTS OF GOODS AND SERVICES DEPARTMENT Of SOU8C i i i I i i I II III IV J JL j j i 100 i 1 I 1 S 1969 J J COUNCIL Of ECONOMIC AOVKEES COMMERCE Period Government purchases of goods Total Personal Gross Net services congross Total private exports national gross sump domestic of goods Federal product national tion Total investand National Other in 1958 product expend ment services i Total defense1 prices itures Billions of dollars quarterly data at seasonally adjusted annual rates S S TIiLs ratotjory corresponds closely vvith budget expenditures for national ilcfcn slunvn on p 36 iior nulioiuvl product in current prices divided by gross national product In I i v rln i i i i GROSS PRIVATE DOMESTIC INVESTMENT H H i i J I mm mm cvsive 0 GOVERNMENT PURCHASES OF GOODS AND SERVICES and State and local NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce Implicit price deflator for total GNP NATIONAL INCOME Rational income rose 14 billion seasonally adjusted annual rate in the first quarter according to revised estimates There were rises of 141A 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 recorded little change BltUONS OF DOLLARS 800 BILLIONS OF DOLLARS i CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME 100 I NET INTEREST J L 1966 J SOURCE DEPARTMENT OF COMMERCE L 1969 CCUNCR OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period I I II III IV I Compensation of employees Proprietors7 income Farm Includes employer contributions for social insurance See also p 4 Excludes farm profits of corporations engaged in farming and therefore difiers from net farm income including net inventory change on p 6 which includes soch profits Business and professional Rental income of persons Net interest Corporate profits and inventory valuation adjustment 3 Total Profits Inventory before valuation taxes s adjustment See Note p 7 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce cy 1 s 5 l SOURCES OF PERSONAL INCOME The May increase in persona income was almost 4 billion seasonally adjusted annual rate slightly above th revised increase of 3 billion in April Wages and salaries were up 2 billion and personal interest and transfer payments each about 1A billion BILLIONS OF DOLLARS 800 BILLIONS Of DOLLARS 1 800 SEASONALLY ADJUSTED ANNUAL RATES WAGE AND SALARY DISBURSEMENTS L OTHER INCOME TRANSFER PAYMENTS SOURCEt DEPARTMENT OF COMMERCE Period Total personal income Apr May June Tuly Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May p I I I I I I I I I II 1968 I t I I 1I I I I I 1969 COUNCIL OF ECONOMIC ADVISERS 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 disburse income and pro persons income Farm 1 fessional ments a 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 1967 Less Personal con N onagritributions 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 Current data indicate that personal income rose 1 3 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 DOLLARS 700 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE IVrioil Loss Personal Pertax and sonal income nontax payments 60 1J S S II IIL IV S I COUNCIL OF ECONOMIC ADVISERS Per capita disLess Personal outlays posable personal Equals Personal consumption Equals income Disexpenditures 2 Personal Total posable saving Nonpersonal personal Durable Current 1958 durable Services income outlays l prices prices goods goods i Billions of dollars 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 1 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 FARM INCOME Net farm income excluding inventory change seasonally adjusted was unchanged in the first quarter according tc current estimates Including inventory change there was a 2 percent decline BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS NET FARM INCOME INCLUDING NET INVENTORY CHANGE J L J 1963 L J 1964 L J L 1967 J L SOURCE DEPARTMENT OF AGRlCUtTUtE COUNCIL Of KONOMK AOVBERS Personal income received by total farm population Income received from farming Net to farm operators Realized gross Period From all sources I II III IV From From farm nonfarm sources sources Cash receipts from marketings Government payments and nonmoney Income furnished by farms 2 Inventory of crops and livestock rallied 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 Net income per farm including net inventory change 3 ProducCash tion ex Exclud In eludreceipts penses ing net in ing net in Current 1968 from Total i ventory ventory 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 fanners for family living items on a 1968 base NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Agriculture CORPORATE PROFITS ccording to revised estimates corporate profits both before and after tax and seasonally adjusted increased 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 SOURCE DEPARTMENT Of COMMERCE 1969 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 CorpoManufaeturin g portation rate rate DiviUncomPeriod tax profits NonAll Durable durable muniAll before liabil Total dend distribindusgoods payuted ity Total goods cations other taxes tries indusand ments profits industries public tries utilities ia L la a la o SO I II III IV I 1 Includes z all other industries and financial institutions Includes depreciation and accidental damages 3 Corporate profits after taxes plus corporate capital consumption allowances 3CM Corporate capital consumption allowances 2 Profits plus capital consumption allowan ces a L 6 sa NOTE Data beginning 1962 adjusted for effects of new depreciation guidelines 214 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 adjusfed annual rate increase in gross private domestic investment in the first quarter was considerably below the 91 2 billion rise in the preceding quarter according to current estimates A rise of 5 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 1 160 BILLIONS OF DOLLARS 160 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS DURABLE EQUIPMENT NONRESIDENTIAL STRUCTURES RESIDENTIAL STRUCTURES CHANGE IN BUSINESS INVENTORIES SOURCE DEPARTMENT OF COMMERCE 1969 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 I Residential structures Nonresidential Nonfarm Total Nonfarm Total Source Department of Commerce Nonfarm Change in business inventories Total Non farm EXPENDITURES FOR NEW PLANT AND EQUIPMENT the latest survey of investment anticipations revised the increase in projected plant and equipment expenditures for 1969 down from 14 percent to 1 21 s percent over 1968 Actual expenditures for the first quarter of 1969 were 2 billion seasonally adjusted annual rate below earlier anticipations while projected investment for the second quarter was revised upward by 1 2 billion BILLIONS OF DOLLARS BILL ONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES s 70 TOTAL NEW PLANT AND EQUIPMENT r NONMANUFACT JRING t st V imrim x oln unniau 1U1110 M tteiMb 30 llWI rt iw MANUFAC TURING A i i I i a 1 I I a a K 10 N i SEE NOTE 3 ON TABLE BEt ow couNCIL SOURCES SECURITIES AND E KCHANGE COMMISSION AND DEPARTMENT OF COMMERCE OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Manufacturing Period Total Total II TIT IV 1 T II1 1 1 IV Durable goods Kxr ltidos igrioulture H omm rei il and other includes trade service finance communications and construction 3 Estimates based on anticipated capital expenditures as reported by business in lute April and May lOG J Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Begin in l 59 all quarterly data are rounded to nearest 50 million Transportation Nondurable goods Mining Railroads Other Public utilities Commercial and other Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expanse Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGE STATUS OF THE LABOR FORCE In May the civilian labor force seasonally adjusted declined for the second consecutive month Employment decreased by 340 000 and unemployment declined 39 000 MILLIONS OF PERSONS MILLIONS OF PERSONS PERCENT OF CIVILIAN LABOR FORCE YEARS OF AGE AND OVER SOURCE DEPARTMENT OP IABOS Period Apr May JuneJuly Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May COUNCIL OF ECONOMIC ADVISERS Civilian emTotal Total Civilian employment ployment labor labor force UnemUnemforce Civilian NonNon includ labor includAgriployployagriagriing ing I Total ment force ment culTotal culcularmed armed j tural tural 1 tural forces forces 1 Thousands of persons 16 years of age and over i Unadjusted Season all y adju ed i j i S A i S i S i Total labor force as percent of noninstitutional population Nora Beginning 1060 data include Alaska and Hawaii 10 S Source Department of Labor i Unemployment rate percent of civilian labor force Unad Seasonjusted ally adjusted Labor force participation rate unadjusted Percent S 7 S 7 S 5 8 6 S o o 0 I S 4 J O SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT ln May the seasonally adjusted unemployment rate remained at 3 5 percent The unemployment rate for married men also was unchanged though for experienced wage and salary workers it declined slightly to 3 1 percent PERCENT PERCENT 10 SEASONALLY ADJUSTED UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE MARRIED MEN I II I I I I I I i tt i iI i i ii 1965 i i i i t I i i i i i 1966 i t t i ii 1967 I I I I 1 J 1 I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Unemployment rate percent of civilian labor force in group Apr May June July Aug Sept CVJ Persons at work in nonagricultural 2 industries by hours worked per week Under 35 hours Experi Married Labor force enced All time lost l Over 40 wage and men hours workers salary wife workers present Period Oct Nov Dec 1960 Jan Feb lar Apr May Percent Seasonally adjusted 3 3 I J o i L o S S O J i MV u hcnrs lost by the unemployed and persons on part time for economic reasons as a percent of potentially available labor force man hours DilTors from total nonagricultural employment p 10 which includes nersons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated i I i i i i i hours Part time for economic reasons Part time for economic reasons Total Usually Usualty Usually Usually partfuii partfulltime 4 time z time 4 time 3 Thousands of persons 16 years of age and over Unadjusted Seasonally adjusted Hi Primarily includes persons who could find only part time work Average bours worked usually full time 24 1 usually part time NOTE See iso e p 10 Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In May insured unemployment under State programs averaged 58 000 lower than a year earlier The seasonally adjusted insured unemployment rate remained at 2 0 percent MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS x JAR SOURCE FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT Mar Apr May June July Aue Sept Oct Nov All programs Insured Total unem benefits Insured Covered ploypaid unememploy ment Omdlploylions ment weekly ment averof dolage lars Dec 1969 Jan Feb Mar Apr May v Week ended 1969 May June 7 Thousands Weekly 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 DEC COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF LABOR Period NOV State programs Insured unemployment as perInitial Exhaus cent of covered employment tions claims Unad Seasonjusted ally adjusted average thousands Percent a o tO ao Source Department of Labor Benefits paid Total Average milweekly lions of check dollars dollars NONAGRICULTURAL EMPLOYMENT Total nonasricu tural payroll employment seasonally adjusted rose in May fcr the sixteenth consecutive month to a new high of 70 3 million up 92 000 from April State and local government recorded the largest increase followed by rises of 30 000 in wholesale and retail trade and 26 000 in services Employment declined 32 000 in contract construction primarily resulting from strikes MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED n 16 ENLARGED SCALE s r t WHOLESALE AND RETAIL TRADE ALL NONAGRICULTU RAL S ESTABLISHMENTS 12 SERVICES I 36 B x roP a NONMANUFA CTURING PR1VAT E DURABLE MANUFACTURING NONDURABLE MANUFACTURING MANUFACTURING itt I U U tilll l litM fl GOVERNMENT CONTRACT CONSTRUCTION M V J 1 1 I L I I1 1968 I 11I i N SOURCE DEPARTMENT OF LABOR 1969 COUNCIL OF ECONOMIC ADVISERS l Thousands of wage and salary workers seasonally adjusted Manufacturing private Period Apr May June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May Total Total NonDurable durable goods goods Nonmanufacturing private Total Contract Mining construetion 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 Transportation and public utilities Government Whole Finance insursale ance Services Federal State and and nnH retail local real estate cU lLl are not at work because of industrial disputes and which are based on an enu meration of population whereas the estimates in this table are based on report s from employing establishments NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES In May the average workweek for private nonfarm production workers was 37 7 hours seasonally adjusted down 0 1 hour from April Weekly hours fell in construction rose in retail trade and remained unchanged in manufacturing HOURS PER WEEK SEASONALLY ADJUSTED 46 HOURS PER WEEK SEASONALLY ADJUSTEDJ 46 MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE i s iff I f I t t t 1 1 I 1i r i 1 1 1 1 i i i i I 1 l I t f I I I I I 1 t l t i iK RETAIL TRADE CONTRACT CONSTRUQION SOURCE DEPARTMENT Of LABOR COUNCIL Of ECONOMIC ADVISERS 1 Average hours per week Total nonagricultural private 2 Period Manufacturing Contract construction Retail trade 3 Total nonagricultural private a o iData 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 Retail trade 3 Seasonally adjusted Unadjusted Apr M ay June Julv Aug Sept Oct Nov Dec Jan Fob Mar Apr p May v Contract construction Manufacturing I S Includes eating and drinking places Source Department of Labor S S4 9 S4 9 S o VERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES n May average hourly earnings of private nonfarm production workers for the first time exceeded 3 00 rising 2 cents to 3 02 Average weekly earnings rose 1 05 to a record up 6 percent from May 1968 DOLLARS DOLLARS 5 00 AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS CONTRACT CONSTRUCTION CONTRACT CONSTRUCTION V 140 MANUFACTURING vtt i r TOTAL NONAGRICULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE l l I l I i i ty II M t M I M 1966 RETAIL TRADE ill I I I I I I I I l t COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Average hourly earnings current prices Total nonagricultural private 1 Manufacturing Contract construction Period Sf SO SO Apr May June July 2 SM All oo oo L 99 li or Mi os l 2 Df D7 Sept Oc Nov Dec in l il M ir Apr M iv i Also includes other Includes t al in am I 3 Earnings in ciirrcn nterinduslry slii Earnings in ci S DM J DS oo i f i M 1 MS i r n I r r r i i r i iS Retail trade M 2 I I 2 i 5 2 l i 2 Id 2 I l l C u ivat c Indus ry groups she vn on p 13 d r i n k i n g plae S prices ad jus ted to cxc udc the effects of overtime and prices divided by the consumer price index Average weekly earnings current prices Total nonagriculturaJ private SO 67 S2 60 Sf 91 SS MM i r oo OS S2 101 S I IOS f D S7 no s I0 SS i io Ki 1 10 MM 1 10 4S Manufacturing Contract construction IMS IS MO Retail trade Manufacturing industries Adjusted Average weekly hourly 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 increased 0 6 percent in May somewhat more than the April rise The May index was more than 5 percent above a year earlier Index SEASONALLY ADJUSTED 200 Index SEASONALLY ADJUSTED 240 UTILITIES AND MINING TOTAL UTILITIES I i i i i i I i i i 1966 MINING K M i l MANUFACTURING DURABLE 180 MARKET GROUPS f T 160 FINAL PRODUCTS 160 NONDURABLE JS3M MATERIALS i i i i i 1 i i in I Apr May Jime July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May seasonally adjusted Industry Total industrial production Total Manufacturing Source Board of Governors of the Federal Reserve System 16 1969 COUNCIL Of ECONOMIC ADVISERS SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period I 1 1 I 1 I 1 1 I L NonDurable durable Mining Utilities ioa o Market Final products Consumer EquipTotal ment goods Materials ioa PRODUCTION OF SELECTED MANUFACTURES eduction of most manufactures seasonally adjusted continued to increase in May Iron and steel production was 2 percent while motor vehicle output continued to decline with a decrease of 2 percent Index SEASONALLY ADJUSTED 240 Index SEASONALLY ADJUSTED CHEMICALS PETROLEUM AND RUBBER PAPER AND PRINTING II I I I I M TEXTILES APPAREL AND LEATHER FOODS BEVERAGES AND TOBACCO SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durable manufactures Period Primary metals FabriTranspor Lumber Textiles cated Machin tation and apparel ery metal equipand prodproducts ment ucts leather Paper and printing Chemicals Foods petrobeverleum and ages and rubber tobacco Apr Mav June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar A p r May p Nondurable manufactures Source Board of Governors of the Federal Reserve System 17 UNJJII JVJ U KSS ur In May steel production declined slightly on a seasonally unadjusted basis Car assemblies averaged the same as April Most other weekly indicators of production increased MILLIONS OF TONS MILLIONS OF SHORT TONS DAILY AVERAGE SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Apr May June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May Week ended 1969 Mav June 7 v 14 1 Bituminous Freight Paperboard Electric Cars and trucks Steel produced power coal mined loaded produced Index distributed thousands thousands thousands assembled thousands Thousands of net millions of of short Total Cars Trucks of cars of tons 100 tons kilowatt hours tons l f Daily average Includes data for Alaska 18 COUNCIL OF ECONOMIC ADVISERS 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 April the value of new construction seasonally adjusted declined slightly The decline was centered in new housing units and commercial and industrial building BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS 100 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION PRIVATE PUBLIC I I I I I I I 1 I 40 40 PRIVATE RESIDENTIAL NONFARM ftlllUlf I1 n t it H iiil j T I k I 1 I 1 1 I c T1 1CD DDIV ATF i i 1 i i Total new construction expenditures Aug Sept Oct Nov Dec Jan Feb Mar Apr v Total Private Residential nonfarm CommerNew cial and Total housing industrial units Billions of dollars Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 Compiled by F W Dodge Company and relates to 48 States COUNCIL OF ECONOMIC ADVISERS Other Federal State and local Construction contracts 2 CommerTotal value cial and index industrial floor space 100 millions of square feet Seasonally adjusted Seasonally adjusted annual rates 1968 Mar Apr May June July SOURCE DEPARTMENT OF COMMERCE Period 30 C SJSSn a I 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 May private nonfarm housing starts seasonally adjusted declined for the fourth consecutive month At an annual rate of about 1 5 million units starts were 3 percent below the April level but about the same as the 1968 average level Permits for future starts declined 8 percent in May MILLIONS OF UNITS 2 5 MILLIONS OF UNITS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA Total private and Period public including farm Apr May June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May Total private Private includ nonfarm 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 1963 2 Units represented by mortgage applications for new home construction 20 COUNCIL OF ECONOMIC ADVISERS Proposed home construction New private housing Applica Requests Government units tions for for VA Two or FHA more Total home programs author commit appraisized l als 2 units ments 2 FHA VA 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 only 0 2 percent in May over the revised April level In April total business sales rose by about 1A percent while inventories rose by about 800 million BILLIONS OF DOLLARS SEASONALLY ADJUSTED 160 BILLIONS OF DOLLARS SEASONALLY ADJUSTED BUSINESS SALES AND INVENTORIES RETAIL TRADE ENLARGED SCALE 20 DURABLE GOODS STORES INVENTORIES SALES WHOLESALE TRADE ENLARGED SCALE INVENTORIES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total business Period Sales 2 1 Inventories 3 Wholesale Sales 2 4 Inventories 3 Sales 2 Total Retail NonDurable durable goods goods stores stores 5 Total Inventories 3 Durable goods stores Nondurable goods stores Millions of dollars seasonally adjusted Mar Apr Mav June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr vp May The term business also includes manufacturing see page 22 Monthly average for year and total for month Book value end of period seasonally adjusted Beginning fi 1961 data include Alaska and Hawaii Beginning 1960 data include Alaska and Hawaii Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Estimates for April show that manufacturers shipments seasonally adjusted rose 1 3 percent over March but remained below the February level In April durables shipments rose while nondurables were unchanged Manufacturers inventories rose by 700 million while new orders jumped 1 billion or nearly 2 percent BILLIONS OF DOLLARS 60 SEASONALLY ADJUSTED BILLIONS OF DOLLARS 100 MANUFACTURERS SHIPMENTS SEASONALLY ADJUSTED MANUFACTURERS INVENTORIES TOTAL DURABLE GOODS MANUFACTURERS NEW ORDERS 30 DURABLE GOODS NONDURABLE GOODS 20 NONDURABLE GOODS 10 ly COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Manufacturers shipments l Manufacturers inventories 2 Period Total NonDurable durable goods goods Total NonDurable durable goods goods Manufacturers new orders 1 Durable goods Total Total Machinery and equipment Nondurable goods Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted Mar Apr May June Julv Aug Sept Get Nov Dec 1969 Jan Feb Mar Apr p J 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 lor month 3 22 f IS r f r r r r r r r wo r r IS S 2r o so t 22 7US MS 2 Ji r c X H S 90S o 2r l NOTE Data for Alaska and Hawaii included beginning 1958 Source Department of Commerce J iO C i J MERCHANDISE EXPORTS AND IMPORTS There was a surplus of 178 million in the merchandise trade balance in April seasonally adjusted Both exports and imports were at record levels BILLIONS OF DOLLARS BILLIONS OF DOLLARS W SEE NOTE 1 BELOW COUNCIL OF ECONOMIC ADVISERS SOUKS DEPARTMENT OF COMMERCE Period Millions of dollars Merchandise exports Merchandise imports Total includ l Domestic exports General imports 2 ing reexports Total3 Food Crude Food Crude bever matebever mate M anuSeason Unad Total facSeason Unadages rials ages rials ally ad tured and tojusted and and justed goods ally ad justed and to fuels fuel justed bacco bacco Monthly average I S Mar Apr May June July Aug Sept Oct Nov Dec S Unadjusted Jan Feb Mar Apr S Total excludes Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 3 Total arrivals of imported goods other than intransit shipments Unadjusted Grossmerchanaise trade Manusurplus facseasontured ally adgoods justed is 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 on goods and services increased to 1 460 million in the first quarter seasonally adjusted annual rate Merchandise exports and imports both declined as a result of the east coast dock strike BILLIONS OF DOLLARS BILLIONS OF DOLLARS CO1 CIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars Exports of goods and services Imports of goods and services Income on investments Period Total Merchandise l Military sales Private 4 f Government 456 509 f 93 o s 705 Other services r 0 i S7 1 Total IS Oil 078 Merchandise l Balance on MiliOther goods tary and expend serv services itures ices Seasonally adjusted annual rates 1968 I II III IV I Adjusted from customs data for differences in timing and coverage justed basis p 25 have been revised also Other data for these periods shown Currcnt NoTE Begmning 1960 all of the data on exports and imports of goods and Cur f BufSJ un vm fnrtl details fortllcoinil g iss c of M Business June 1969 for further Ifu services p 24 have been revised the balance on liquidity basis and on official reserve transaction basis p 25 as well as some of the data shown on an unadSource Department of Commerce 24 U S BALANCE OF INTERNATIONAL PAYMENTS In the first quarter the balance of payments on the liquidity basis showed a deficit of 6 8 billion and on the official reserve transactions basis a surplus of 4 6 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 1963 SOURCE DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S Government Direct Period grants investand capital ment net Other longterm Shortterm Changes in gold convertible currenOfficial To foreign official cies and To other IMF gold holders 5 Liquid reserve foreign 6 tranche transity holders position basis 2 actions NonLiquid basis 3 increase liquid Quarterly totals unadjusted Balance U S private capital net Errors Foreign and uncapital recorded transnet l actions Seasonally adjusted annual I III IV I SOO J rates 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 IMF 5 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 6 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 selected liabilities decrease 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 sub criptions to IMF Source Department of Commerce 25 PRICES CONSUMER PRICES Consumer prices increased 0 6 percent in April to a level 5 4 percent above a year earlier Higher prices for services particularly household services and food were largely responsible for the April rise Index index SOURC DEPARTMENT OF LABOR COUNCIL Of ECONOMIC ADVISERS All items Period i Qfn Mar Apr Mav June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr Source Department of Labor 26 All commodities Services Commodities Commodities less food Services All Food Rent less NonDurable durable services All rent i S WHOLESALE PRICES Wholesale prices rose 0 8 percent in May Price increases of 4 6 percent for farm products and 1 8 percent for processed foods and feeds accounted for most of the advance Industrial commodities were up 0 1 percent Index PROCESSED FOODS AND FEEDS SOURCE DEPARTMENT Of IASO COUNCIL OF ECONOMIC ADVISERS Industrial commodities s Farm products Processed foods and feeds Ail industrials 1 Crude materials JOO iQS i iOQ 1 l 309 3 i L S AH I Apr Mav June July Aug Sept Oot Nov D c Jan Feb Mar Apr Mav i ties Coverage cf the subgroups does not correspond exactly to coverage of this Index 2 Excludes intermediate materials lor food manufacturing and manufactured animal feeds includes in part grain products for further processing Inter Producmediate er finmateished rials2 goods Consumer finished goods excluding food DurNondurable able 10L NOTE Beginning 1907 the indexes incorporate a revised weighting structure reflecting 1903 values of shipments The classification structure also changed fcource Department 01 Labor 2 PRICES RECEIVED AND PAID BY FARMERS During the month ended May 1 5 prices received by farmers rose sharply by 4 percent to the highest level since September 1952 Prices paid advanced by about 1 percent to a record high The adjusted parity ratio increased 3 points to 82 Index Index RATIO l 100 RAT OJ PARITY RATIO X N t I t I f f I I I I 1 II L 1 I 1 i i i i 1 1i i i i i IJ I I I i ii i i i i i iii J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period Apr 15 May 15 June 15 July ln Aug 15 Sept Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 1 All farm products S Crops Livestock All items interest and products taxes and wage rates Index Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base 28 Parity ratio1 Prices paid by farmers 2 Family living items i Production items i1 I VI Actual i Adjusted SO S2 The adjusted parity ratio reflects Government payments made directly tc farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The seasonally adjusted money supply fell 0 4 billion in May while time deposits fell 0 7 billion BILLIONS OF DOLLARS 250 BILLIONS OF DOLLARS 250 f SOURCEi BOARD Of GOVERNORS OF THE pIDERAl RESERVE SYSTEM Period Dec Dec Dec Dec Dec Dec Apr Mav June JulyAug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May p Averages of daily figures billions of dollars Money supply Money supply CurCurTime Time DeDerency rency de 1 demand mand Total outoutTotal posits 1 posits dedeside side posits banks posits banks Seasonally adjusted Unadjusted 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 COUNCIL OF ECONOMIC ADVISERS Data include Alaska and Hawaii Source Board of Governors of the Federal Reserve System U S Government demand deposits l SELECTED LIQUID ASSETS HELD BY THE PUBLIC in May selected liquid assets held by the public rose 11A billion seasonally adjusted Short term Government securities were up 11 3 billion and demand deposits and currency about billion while time deposits were down almost 1 billion BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS DEMAND DEPOSITS AND CURRENCY 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 Apr Mav Total selected liquid assets JliliP July Aug Sept Oct Nov Dec 1969 Jan Feb Mar r p Apr May Demand deposits and currency Time deposits Commercial banks 9a i 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 I960 savings and loan associations 30 Mutual savings banks Postal Savings System i Savings and loan shares U S Government U S Gov securities ernment maturing savings within bonds 2 one year a i Estimates for Dec 31 Beginning 1969 figures have been adjusted to conform to the new budget concept NOTE See Note p 29 Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES jOtal bank credit expanded by almost 1 billion seasonally adjusted in May due to a rise in loans Free reserves continued to decline reaching a net borrowed position of 1 1 billion BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS 500 ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS 300 U S INVESTMENTS IN GOVERNMENT SECURITIES SOURCE BOARD OF GOVERNORS Of THE FEDERAt KSERVE SYSTEM COUNCIL Of ECONOMIC ADVISERS Bank Weekly All member banks 2 debits reporting outside large comNew York mercial BorrowTotal Investments City 232 banks ings at End of period Loans Free Excess Federal Total loans excluding centers and reserves reserves Reserve reserves seasonally inter U S Gov Other Commercial adjusted investBanks bank securi and Indusernment ments annual securities ties trial loans rates Millions of dollars Billions of dollars r 7 i Apr May June July 69 0 4 4S Aug Sept Oct Nov Dec Jan v Feb a Mar v Apr May All commercial banks seasonally adjusted data 1 Debits during period to demand deposit accounts except interbank and U S Government New series beginning January 1964 3 Averages of daily figures Annual data are for December 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 1 3 billion in April Seasonally adjusted instalment credit outstanding rose 76 million The rise was up 100 million from March but still less than the increase in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH T INSTALMENT CREDIT NONINSTALMENT CREDIT i i I I I i i I I I SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED INSTALMENT CREDIT REPAID v i i I i i i i i i Ili il i t 1965 I i i i i I i i i i i i j i i i i i 1968 COUNCIL OF ECONOMIC ADVISERS SOURCEi BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM Period MaiApr M ay June July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr Millions of dollars Consumer instalment credit extended Consumer credit outstanding end of period and repaid seasonally adjusted unadjusted Automobile paper Total Instalment NonAutomoTotal instal Extended Repaid Extended Repaid Personal bile Total i ment 2 paper loans i 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 End of period unadjusted 32 Mortgage debt outstanding nonfann 1 to 4farnily houses GOO 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 The Treasury bill rate fluctuated during May but rose in June to an all time high Yields on corporate bonds were slightly lower in May than in April while Treasury bonds were a bit higher High grade municipal yields continued their sharp rise PERCENT PER ANNUM PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S SOURCE SEE TABLE BELOW Period Apr May June July Aug Sept Oct Nov Dec 1969 Jan Fob Mar A or Mav Week ended 1969 May Jtme 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 Rate on new issues within period Selected note and bond issues 3 April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures 5 Data for first of the month based on the maximum permissible interest rate 7H percent beginning late January 1969 and 30 year mortgages paid in 15 years Prime commercial paper 4 6 Baa months Corporate bonds MoodyJs Aaa FHA new home mortgage yields Sources Treasury Department Board of Governors of the Federal Reserve System Federal Housing Administration Standard Poor s Corporation and Moody s Investors Service 33 COMMON STOCK PRICES YIELD AND EARNINGS The common stock price index fell during the latter part of May and early June On a monthly average basis showed an increase Index Index MONTHLY 120 WEEKLY COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS H A W ss V PERCENT I 1 1 f 1 f f f f 1 f 1 I I 1 I I i 1 I f 1 1 i i i ri I i f I i 1 1 i 1 t 1 f 1M I 1 FM 1 I f 60 PERCENT MONTHLY WEEKLY DIVIDEND YIELD ON COMMON STOCKS x r a Ai I f M I I M 1 1f f I I f 1M 1 1i 1 1 M M 1 M 11 t t 1 1 f 1 1 J f 1 I S 1 kj RATIO RATIO 25 25 PRICE EARNINGS RATIO ON COMMON STOCKS 20 20 f i Y i i I t i i r Mav JuneJuly Au j Sent Get Nov 1969 J a n Feb Mar Apr Mav Week ended 1969 Mav June 6 13 f f I Price index Industrials K 10 l Consumers7 goods Capital goods 5S I Dividend yield 2 percent Total COUNCH OF ECONOMIC ADVISERS Total G Price earnings ratio Includes 500 common stocks 425 Industrials 55 public utilities and 20 railroads Weekly indexes for capital and consumer goods are Wednesday figures all other weekly indexes are averages of daily figures 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 f SOURCE STANDARD POOR S CCRPORATIOK Period t 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 Source Standard Poor s Corporation FEDERAL FINANCE FEDERAL BUDGET RECEIPTS EXPENDITURES AND NET LENDING in the firsf 10 months of the current fiscal year the total deficit was 4 6 billion a year earlier it was 24 7 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 r 1200 RECEIPTS AND OUTLAYS r ENLARGED SCALE ENLARGED SCALE SURPLUS OR DEFICIT I 10 RECEIPT EXPENDITURE ACCOUNT I RECEIPTS LESS EXPENDITURES AND NET LENDING J ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE DUDGeT RSCAL YEARS CQUNOL CF ECONOMIC ADVISERS KE napBBT iaKaaBCTEitay IMillions of doll irs j o Q J i Budget receipts expenditures and not lending Receipt expenditure account Loan account Expenditures Nc t lending Receipts Fiscal vear Cumulative totals first 10 months Fiscal year 1968 Fiscal year MI A s f i na o 1 Excludes non interest bearing public debt securities held by IMF Estimates revised May 1969 Surplus or deficit j s i Total surplus or 1 deficit Gross Federal debt end of period Total1 Held by the public R S r Sources Treasury Department and Bureau of the Budget 33 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 10 months of the current fiscal year receipts were 28 2 billion over a year earlier while expenditures and net lending were up 8 2 billion BILLIONS OF DOLLARS 100 RECEIPTS BILLIONS OF DOLLARS 100 INDIVIDUAL INCOME TAXES u OTHER RECEIPTS CORPORATION INCOME TAXES I i I EXPENDITURES AND NET LENDING NONDEFENSE NATIONAL DEFENSE l FISCAL YEARS I ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal year C u m u l a t i v e totals f i r s t 10 months Kiscal v ir 1968 Kisr al year K x p i M i t l i l n r c ricoount K s t i n m t r s revised May 19CU 36 Total COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts i i CorDO i Individual i Total income Other axes 1 taxes Expenditures and net lending National defense Total Department of Defense 1 military InternaHealth tional and affairs welfare and finance Other Sources Treasury Department and Bureau of the Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to revised estimates for the first quarter Federal receipts rose 10 billion seasonally adjusted annual rate and expenditures increased about 3 billion resulting in a surplus of almost 71A billion the largest since the second quarter of 1951 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES i EXPENDITURES J 20 0 L I I I I I J L J L SURPLUS m tizr r i m m RH r n m JL UA 1 DEFICIT 20 m I i i I i CALENDAR YEARS 0 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at sea sonally adjusted annual rates Federal Government expenditures Federal Government receipts Period Fiscal year l Calendar vcar I II Ill IV Personal Corporate Total tax and profits nontax tax receipts accruals Indirect business tax and nontax accruals Contributions for social insuran ce Subsidies GrantsPurin aid less Net curren t chases Trans to State interest surplus and of goods fer paypaid local of Govt and ments entergovernservices ments prises Total S IS LSI ISO 7 Estimates I J 47 S S Surplus or deficit income and product accounts IS S NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE U S POSTAGE AND FEES PAID GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail TOTAL OUTPUT INCOME 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 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 Page 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 L 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 Trice 25 cents per copy 3 per year 4 foreign Domestic air mail 8 10 additional per year

National Income

DATE: June 1969

PART OF:

Economic Indicators : June 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-. "National Income," 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-. "June 1969," Economic Indicators (June 1969) : 5-5. https://fraser.stlouisfed.org/title/1/item/31/toc/313028 , accessed on December 11, 2019.

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Economic Data