Status of the Labor Force

Name: Status of the Labor Force
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 91st Congress 1st Session Economic Indicators October 1969 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong WRIGHT P ATM AN 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 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be 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 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 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 Preliminary estimates indicate that gross national product advanced 17 billion seasonally adjusted annual rate in the third quarter about 1 billion more than in the second quarter but 6 billion less than the record increase in the second quarter 1968 Billions of dollars quarterly data at seasonally adjusted annual rates Persons i Government Net receipts Disposable personal income Period Total l I II III IV I II III I II III IV 1969 I II III p i income and product accounts International Gross national product or expenditure Net Net exports of goods Total Statisand services transfers Excess of income tical Gross Excess to fortransfers or Gross discrepprivate of or retained domestic eigners receipts ancy by earnof net invest invest sons perEquals exports and Exports ment Less ings 3 ment 4 Net GovernImports exports ment Personal income p f less personal tax and nontax payments fines penalties etc us foreign net transfers by Jovernransfer payments to p 2 Gov t paid by government and subsidies less current surplus of men I i sc qovernn rporale profits corporate inventory valuation adjustment 3Un i allowances and wa o accruals less disbursements Does capital earnings of unincorporated business whlcli are included not iiK 1 income Surplus or deficit PerEquals Personal sonal Less Less Less Tax Total consump saving Interest Trans Equals Total Trans Equals or and tion Purpaid and excludfers fers nontax interest Net expending disexpend interest chases transfer interest itures saving receipts receipts itures of goods payand and or and and ments sub 2 sub 2 services accruals sidies to fortranssidies fers eigners Business Period Expenditures l 3 3 i i i 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 GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted increased at an annual rate of about 7 percent in the third quarter 1 according to preliminary estimates The rise in physical output was at a rate of 2 percent BILLIONS OF DOLLARS 1 000 BILLIONS OF DOLLARS 1 000 SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES NET EXPORTS OF GOODS AND SERVICES J 1963 L 1964 J I 1969 II III IV I II III L L 1965 SOURCEi DEPARTMENT OF COMMERCE Period GROSS PRIVATE DOMESTIC INVESTMENT L L 1967 J 1968 L 1969 COUNCIL OF ECONOMIC ADVISERS Government purchases of goods and Total Personal Gross Implicit Net services gross conTotal price private exports national gross sump domestic of goods Federal deflator State for total product national tion investand Total and in 1958 product expen d ment services GNP Total National Other local defense1 prices itures Billions of dollars quarterly data at seasonally adjusted annual rates S I This category corresponds closely with budget expenditures for national defense shown on p ross national product in current prices divided by gross national product NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce NATIONAL INCOME Preliminary estimates for the third quarter indicate that compensation of employees increased at a seasonally adjusted annual rate of 13 billion somewhat more than the second quarter increase All other types of noncorporate income registered small gains BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 800 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NATIONAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME 100 I 300 V NET INTEREST 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 1969 I II III Compensation of em l ployees Proprietors income Farm Includes employer contributions for social insurance See also p 4 2 Excludes farm profits of corporations engaged in farming and therefore differs from net farm income including net inventory change on p 6 which includes such profits Business and professional Rental income of persons 3 Net interest Corporate profits and inventory valuation adjustment 3 Total Profits Inventory before valuation taxes 3 adjustment See Note p 7 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce SOURCES OF PERSONAL INCOME Personal income rose 2 3 billion seasonally adjusted annual rate in September considerably less than the 6 1 billion August increase Wages and salaries accounted for about one half of the September rise BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 1 800 SEASONALLY ADJUSTED ANNUAL RATES WAGE AND SALARY DISBURSEMENTS AJ X 200 OTHER INCOME TRANSFER PAYMENTS SOURCEi DEPARTMENT OF COMMERCE Period Total personal income A u g Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental and Other Proprietors income income Divi Personal Transfer salary labor 2 Business paydends interest ments of disburse income Farm and pro persons income 1 ments fessional is o Compensation ol 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 1967 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 indicate personal income increased 15 billion seasonally adjusted annual rate in the third quarter and disposable personal income rose about 16 billion With personal outlays advancing almost 9 billion the saving rate rose from 5 3 percent to 6 4 percent BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS I I I J I I I I I 1 I f DOLLARS DOLLARS SOURCE DEPARTMENT OF COMMERCE Period I Less PerPersonal sonal tax and income nontax payments I II III IV I II III COUNCIL OF ECONOMIC ADVISERS Per capita disSaving Less Personal outlays posable personal as perEquals Personal consumption Equals income cent of PopulaDisexpenditures 2 Personal distion posable Total saving Current posable thou 3 personal personal Durable Non1958 prices personal sands income outlays l goods durable Services prices income goods percent 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 a Includes armed forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce FARM INCOME According to preliminary estimates net farm income excluding inventory change seasonally adjusted rose abouti 1 percent in the third quarter Including inventory change there was a rise of 2 percent BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 60 SEASONALLY ADJUSTED ANNUAL RATES 50 50 REALIZED GROSS FARM INCOME NET FARM INCOME INCLUDING NET INVENTORY CHANGE COUNCIL OF ECONOMIC ADVISERS SOURCEi DEPARTMENT OF AGRICULTURE Personal income received by total farm population Income received from farming Net to farm operators Realized gross Period I II III IV From all sources From From farm nonfarm sources sources Net income per farm including net inventory change 3 ProducCash tion ex Exclud Includreceipts penses ingnetm ing net in Current 1968 from Total ventory ventory2 prices prices marketchange change ings Billions of dollars Dollars Seasonally adjusted annual rates I II III 1 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 Income in current prices divided by the index of prices paid by farmers for family living items on a 1968 base NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Agriculture CORPORATE PROFITS According to current estimates corporate profits seasonally adjusted decreased in the second quarter both before and after tax and before and after inventory valuation adjustment Profits before tax were 4 billion higher than a year earlier profits after tax were up 2 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period II 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 Corpo Profits rate plus Tran sCorpo CorpoManufacturin g capital capital portation rate rate conconDiviUncomtax profits NonAll Durable durable munidend distrib sump sumpAll 1 before liabil Total industion tion goods uted payity taxes Total goods cations other tries indusand ments profits allow allowindusances 2 ances 3 tries public tries utilities S S I U J Includes 2 Includes L j S 11 7 rz c J2 0 all other industries and financial institutions depreciation and accidental damages Corporate profits after taxes plus corporate capital consumption allowances S 1 S j L S I NOTE Data beginning 1962 adjusted for effects of new depreciation guidelines 2 4 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 According to preliminary estimates for the third quarter gross private domestic investment rose 31 2 billion seasonally adjusted annual rate Business fixed investment increased 2 billion and the rate of inventory accumulation 2 billion Partially offsetting these increases was a 11A billion decline in residential construction BILLIONS OF DOLLARS 1 160 BILLIONS OF DOLLARS 160 SEASONALLY ADJUSTED ANNUAL RATES T40 140 GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS DURABLE EQUIPMENT iii i ii i niiiuiitj i i X CHANGE IN BUSINESS INVENTORIES NONRESIDENTIAL STRUCTURES DF inPM RESIDENTIAL STRUCTURES SOURCEi DEPARTMENT OF COMMERCE 1969 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed investment Total gross private domestic investment Period Total I II III IV 1969 I 11 III NOTK u t s i for Alaska and Hawaii included beginning Producers durable equipment Structures Total Total Residential structures Nonresidential Nonfarm Total Nonfarm Source Department of Commerce Total Nonfarm Change in business inventories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Tie July August survey of investment anticipations reduced the increase in plant and equipment expenditures forl969 o 101 2 percent over 1968 Actual expenditures in the second quarter were about 2 billion seasonally adjusted annual rate below anticipations in the previous survey and anticipated expenditures for the third and fourth quarters were also revised downward BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS 80 SEASONAUY ADJUSTED ANNUAL RATES 70 70 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTUR1NG A M MANUFACTURING 20 J J L J L 1968 J kH J SEE FOOTNOTE 3 BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Manufacturing Period Total i Total I I II III IV 1969 I II III 33 IV Durable goods Excludes agriculture 2 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 1969 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Trans por ta tion Nondurable goods Railroads Other Public utilities Mining Commercial and other Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE The civilian labor force seasonally adjusted rose by 305 000 in September Employment on the other hand declined by 60 000 resulting in an increase in unemployment of Nonagricultural employment increased but agricultural employment showed a substantial decline MILLIONS OF PERSONS MILLIONS OF PERSONS 0 I M I t I I I I I i I I I I f t 1 I 1 I M I I I I 1 I I I I f f I I I I I I T f r f I f f f I T t f I f 11 I f I f 1 PERCENT OF CIVILIAN LABOR FORCE Q PERCENT OF CIVILIAN LABOR FORCE UNEMPLOYMENT RATE I I t f t I I t I t f SEASONALLY ADJUSTED p YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Total labor force including armed forces S Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr MayJune July Aug Sept Unemployment Labor Total Civilian emCivilian employment rate percent of force labor ployment civilian labor particiforce Non Unem includ Civilian Non Unempation force labor ployAgriployagriagriing ment Total force Total culment Season rate culculUnadunadarmed tural tural tural justed ally ad justed l forces justed Thousands of persons 16 years of age and over Percent Unadjusted Seasonally adjusted Total labor force as percent of noninstitutional population NOTE Beginning 1960 data include Alaska and Hawaii 10 Source Department of Labor O tJ o o o S SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The unemployment rate seasonally adjusted showed a marked increase in September to 4 0 percent The increase in the unemployment rate occurred for both experienced wage and salary workers 3 5 to 3 8 percent and married men 1 5 to 1 7 percent PERCENT 10 PERCENT SEASONALLY ADJUSTED VN V UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE MARRIED MEN j i r111 i I I I I 1t t i f t t Ii 1965 I I I 1I I I I SOURCEi DEPARTMENT OF LABOR Persons at work in nonagricultural industries by hours worked per week 2 Under 35 hours Experi Married Labor force enced All time lost l wage and men workers salary wife workers present Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept i Percent Seasonally adjusted f r 3 1 j r 3 2 i i r Over 40 hours 35 40 hours Part time for economic reasons Part time for economic reasons Total Usually Usually Usually Usually fullpartfullparttime 4 time 4 time 8 time 3 Thousands of persons 16 years of age and over Unadjusted Seasonally adjusted Man hours lost by the unemployed and persons on part time for economic reasons as a percent of potentially available labor force man hours 2 Differs from total nonagricultural employment p 10 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes 3 Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated 1969 COUNCIL OF ECONOMIC ADVISERS Unemployment rate percent of civilian labor force in group Period I I I t I I I I Primarily includes persons who could find only part time work Average hours worked usually full time 23 6 usually part time 18 9 NOTE See Note p 10 Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In September insured unemployment under State programs averaged 38 000 higher than a year earlier The seasonally adjusted insured unemployment rate declined from 2 2 percent to 2 1 percent MILLIONS OF PERSONS MILLIONS OF PERSONS WKKLY INSURED UNEMPLOYMENT STATE PROGRAMS I I I JAR I I I FEB MAR APRJL MAY JUNE JULY AUG SEPT OCT SOURCEi DEPARTMENT OF LABOR Period 1968 July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Week ended 1969 Sept Get Thousands State programs Insured unemployment as percent of covered Initial Exhausemployment tions claims Unad Seasonjusted ally adjusted Percent Weekly average thousands z O O L NoTK l or taftnltiona and coverage see the 1967 Supplement to Economic ntHfatttn Dntn for Ahiaka wid Hawaii Included for all periods and for Puerto Uro slur Jittutnty iwil DEC COUNCIL OF ECONOMIC ADVISERS All programs Insured Total unem benefits Insured Covered ploypaid unememploy ment milploy weekly lions ment ment averof dolage lars NOV Source Department of Labor Benefits paid Total Average milweekly check lions of dollars dollars NONAGRICULTURAL EMPLOYMENT Total nonagricultural payroll employment seasonally adjusted declined by 7 000 in September from its August level of 70 4 million The major changes were declines in durable goods manufacturing and contract construction and gains in finance insurance and real estate and services MIL LIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED 16 ENLARGED SCALE MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED r T T ALL NONMANUFA CTURING PRIVAT F J DUR BLE MANUFA CTURING NONDURABLE MANUFACTURING MANUFACTURING SERVICES 10 x s i r WHOLESALE AND RETAIL TRADE NONAGRICULTURAL ESTABLISHMENTS U GOVERNMENT I 1 I I i i i i i 1 i i i i i i t i i i I i i i t i I 1 1 v CONTRAC T CONSTRUCT ION SOURCE DEPARTMENT OF LABOR I i r J i i I r f f IK 1969 COUNCIL OF ECONOMIC ADVISERS l Thousands of wage and salary workers seasonally adjusted Manufacturing private Period Aug Sept Oct Nov Dec 1969 Jan Fob MarApr May JuneJuly Aug Sept v Total OSS OS 004 OS I M 09 4S Total S NonDurable durable goods goods J SI 9 S39 11 SSI S 1 97 S 214 S ISO S 222 S 24 1 S Nonmanufacturing private Total Contract Mining construction S 1 S OSS 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 l 2tli 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 nonagncultural 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 Whole Finance insursale ance Services and and retail i real j j estate Government Federal State and local are not at work because of industrial disputes and which are based on an enumeration of population whereas the estimates in this table are based on reports from employing establishments NoTE Beginning 1959 data include Alaska and Hawaii b Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES The average workweek for private nonfarm production workers remained unchanged in September at 37 8 hour seasonally adjusted Hours rose slightly in manufacturing and contract construction but declined in retail trade HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED MANUFACTURING TOTAL NONAGRICULTURAL PRIVATE h i i I I 1 1 I i l i I I1I I f 1 1 1 I 1 1 1 t I I I i I f i i i ih RETAIL TRADE CONTRACT CONSTRUCTION COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR 1 Average hours per week Total n onagricultural2 private Period Manufacturing Contract construction Retail trade 3 Total nonagricultural2 private Oct Nov Dec 1969 Jan Feb Mar Apr May June July Aug v p Sept o Data relate to production workers or nonsupervisory employees Data for Alaska and Hawaii included beginning 1959 2 Also includes other private industry groups shown on p Contract construction Retail trade 3 Seasonally adjusted Unadjusted A u g Sept Manufacturing Includes eating and drinking places Source Department of Labor AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers increased 5 cents in September to 3 10 Average veekly earnings rose 1 29 to DOLLARS DOLLARS 5 00 AVERAGE HOURLY EARNINGS AVERAGE WEEKLY EARNINGS CONTRACT CONSTRUCTION CONTRACT CONSTRUCTION TOTAL NONAGRICULTURAL PRIVATE TOTAL NONAGRICULTURAL PRIVATE RETAIL TRADE RETAIL TRADE SOURCEi DEPARTMENT OF LABOR 1969 COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average hourly earnings current prices Period Total nonagriculturall private Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug p Sept v 1 2 Also includes other 8 Includes eating and Manufacturing OS Contract construction Retail trade private industry groups shown on p 13 drinking places Earnings in current prices adjusted to exclude the effects of overtime and interindustry shifts Earnings in current prices divided by the consumer price index Average weekly earnings current prices Total nonagriculturall private Manufacturing Contract construction 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 registered its second consecutive monthly decline in September with a drop of 0 3 percent All major industry and market groups contributed to the decline Index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED UTILITIES AND MINING TOTAL UTILITIES MINING 100 I I I I I 1 I I 1 1 I MANUFACTURING MARKET GROUPS Jfr ZZ 160 X T7 NONDURABLE FINAL PRODUCTS p MATERIALS SOURCE I i BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Period Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr iVliiv 1 u n o ulv AUK Industry Manufacturing Total industrial production Total a of lhf FwJornl Koscrvc System NonDurable durable Mining Utilities Market Final products ConTotal sumer Equipment goods Materials PRODUCTION OF SELECTED MANUFACTURES Production of most durable and nondurable manufactures seasonally adjusted declined further in September Exceptions among the major groups were electrical machinery and textiles apparel and leather products Index SEASONALLY ADJUSTED 240 Index SEASONALLY ADJUSTED 200 TEXTILES APPAREL AND LEATHER SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL Of ECONOMIC ADVISERS seasonally adjusted Durable manufactures Period I Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May June wmj July Aug Sept v Paper Chemicals Foods and petrobeverprint leum and ages and rubber tobacco ing Nondurable manufactures FabriTranspor Lumber Textiles cated Primary Machin tation and apparel metal ery metals equipprodand products ment leather ucts Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Auto assemblies increased sharply in September with the completion of the model changeover period Production of steel and bituminous coal registered sizeable increases while other weekly indicators of production declined MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS STEEL 2 5 BITUMINOUS COAL I M I I 1 f t I I I I I t I I t 1 V I I f 1 M I 1 F M A M J BILLIONS OF KILOWATT HOURS 35 J F THOUSANDS 300 M N t I 1 i i I i i i 1 i t t 1 i M t M M i i i I i M I i i M I i i i I i i i i 1 i t i I i M IM i t i I i i t I t i i I i i i t I t M SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Week cn lcd I H Srpt i rt Electric Bituminous Freight Paperboard Cars and trucks Steel produced power coal mined produced loaded Index distributed thousands thousands thousands assembled thousands Thousands millions of of net of short Cars Trucks Total of tons of cars 100 tons kilowatt hours tons l In lu livi iliitti MI Alti liii 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 Revised data show that new construction rose Vz percent in July primarily due to an upward revision of 1 billion seasonally adjusted annual rate in commercial and industrial building According to preliminary August estimates new construction fell about percent with residential and commercial and industrial accounting for the decline BILLI ONS OF DOLLARS 100 BILLIONS OF DOLL ARS 100 SEASONAUY ADJUSTED ANNUAL RATES TOTAL NEW CONSTRUCTION r J px X P PRIVATE V X M PUBLIC A 1 I f I t I V f 1 1 t I f F 1 f Ilt n t M M M m IIIMMtMiU NINI M nll Ml 20 f 1 t 1 1 i t 1 I t 1 I 1 t I 1 t 1 T 1 i i i i i i f i t N f t f I M PRIVATE RESIDENTIAL NONFARM V A II f V 1963 mm1 i f I 1964 r x A 1 I f THER f I I PRIVATE I 1 I T I 1 1 I 1 I I I 1 I 1967 Period cotJNCIL OF T tal Private Residential nonfarm JommerNew iial and housing ijidustrial Total units Billions of dollars M IS i 17 J 23 7 l i l S S i Other M i Oct Nov Dec 1969 Jan Feb Mar Apr J J lav T June July Aug S Includes nonhousekeeping residential contraction and additions and alterations not shown separately 2 Compiled by F W Dodge Company and relates to 48 States j o J f 1 N 1969 Federal State and local i 27 7 M t C c 14 C 15 1L 15 i 15 i 15 i M ECONOMIC ADVISERS Construction contracts 2 CommerTotal value cial and index industrial floor space 100 millions of square feet Seasonally adjusted Season alii adjust t d inn i idl niles 1968 July Aug Sept 1 t I 1 1 i SOURCE DEPARTMENT OF COMMERCE Total new construction expenditures 30 s sa 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 September private nonfarm housing starts rose 9 percent to a seasonally adjusted annual rate of almost 1 5 million August starts have been revised to show a small rise instead of a small decline Permits for future starts dropped 5 percent in September MILLIONS OF UNITS MILLIONS OF UNITS 2 5 I 12 5 SEASONALLY ADJUSTED ANNUAL RATES ZO ZO VA APPRAISAL REQUESTS FHA APPLICATIONS ItlltllMflllt t o l J COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VAJ Total private and public including farm Period Aug Sept Oct Nov Dec 1969 Jan Feb Mar lmi July I2f 5 A U K Total private Private non including farm farm 1 7 i Apr Mav Srj i i o l l y Ir imurn of ilur I H i V l MKi for l l v i l y 20 IMUllKU Thousands of units Housing starts Private nonfarm Private including farm Total One unit i iil building permit in 13 000 permit issuing n fW find 10 000 prior to 1963 i u p p l r a t i o n s for now home construction Two or more units Total Proposed home construction New private Applica Requests Government housing home programs units tions for f o r V A FHA author commit appraisals 2 VA FHA ized 1 ments Seasonally adjusted annual rates Not charted 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 advance reports retail sales seasonally adjusted rose in September mainly because of automobiles In August business sales increased about percent while inventory accumulation at 0 5 billion was well below the July rate BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED BUSINESS SALES AND 22 INVENTORIES RETAIL TRADE ENLARGED SCALE h DURABLE GOODS STORES INVENTORIES SALES Jj 24 1 1I I I I 1 1 I 1I 1I f i l l Jj WHOLESALE TRADE ENLARGED SCALE INVENTORIES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total business J Wholesale4 Retail5 Sales2 Period Sales2 Inventories 3 Sales Inventories 3 Total Inventories3 NonDurable durable goods goods stores stores Total Durable goods stores Nondurable goods stores Millions of dollars seasonally adjusted July Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May June Julyv Aug Sept v 1 2 The term business also includes manufacturing see page 22 Monthly average for year and total for month s Book value end of period seasonally adjusted Beginning 1961 data include Alaska and Hawaii Beginning 1960 data include Alaska and Hawaii Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS In August manufacturers shipments seasonally adjusted changed little as durable goods rose and nondurables declined Inventories rose much less than in July while new orders fell after a spurt the month before BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS 100 MANUFACTURERS INVENTORIES MANUFACTURERS SHIPMENTS TOTAL SEASONALLY ADJUSTED S 90 TOTAL 80 70 DURABLE GOODS V 50 MANUFACTURERS NEW ORDERS 40 NONDURABLE GOODS COUNCIL OF ECONOMIC ADVISERS SOURC DEPARTMENT OF COMMERCE Manufacturers shipments l Manufacturers1 inventories 2 Period Total 1969 NonDurable durable goods goods Total NonDurable durable goods goods Manufacturers new orders 1 Durable goods Total Total NonMachinery durable and goods equipment Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted July Aug Sept Oct Nov Dee Jan Feb Mar Apr Mav June J u l y J Au u r C M o n t h l y nvinnfM for y r und total for month H w k v f i h i f ii l uf wriod Hotuionully adjusted i in t m unl wrl h intto of wul htmi uvwapo Inventories to average monthly i ttic t t f i m i t i i y ihitu rntlo of invc ntorios at end of month to shipments NOTE Data for Alaska and Hawaii included beginning 1958 Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS In August the merchandise trade surplus increased to 205 million seasonally adjusted Exports were at a record level BILLIONS OF DOLLARS BILLIONS OF DOLLARS I SEE NOTE 1 BELOW SOURCE DEPARTMENT OF COMMERCE Period COUNCIL OF ECONOMIC ADVISERS Millions of dollars Merchandise imports Merchandise exports Total includ x General imports 2 Domestic exports ing reexports Total 3 Food Crude Food Crude bever matebever mate ManuSeason Unad Total s ages facages rials rials Season Unadally ad j usted tured and and to and justed goods ally ad j usted and to fuels bacco fuel bacco justed Monthly average July Aug Sept Oct Nov Dec Jan Feb Mar Apr MayJuneJulyAug 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 Unadjusted Grossmerchandise trade Manusurplus facseasontured ally adgoods justed Total includes commodities and transactions not classified according to kind Source Department of Commerce 23 U S EXPORTS AND IMPORTS OF GOODS AND SERVICES Merchandise exports and imports seasonally adjusted both rose substantially during the second quarter The balance on goods and services was 1 1 billion annual rate BIUIONS OF DOLLARS IMPORTS OF GOODS AND SERVICES J RELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL Of ECONOMIC ADVISERS Millions of dollars Period Total Exports of goods and services Income on investments Mer Milichantary Pri Govdise l sales ernvate ment Imports of goods and services Other services Total Merchandise l Balance on Mili Other goods tary and expend serv services itures ices Seasonally adjusted annual rates 1968 I II III IV I II Adjusted from customs data for differences in tuning and coverage 24 Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS In the second quarter the balance of payments on the liquidity basis showed a deficit of 14 8 billion and on the official reserve transactions basis a surplus of 5 0 billion seasonally adjusted annual rates The great difference between the two balances was a reflection of the continued increase in liquid liabilities to foreign banks including foreign branches of U S banks BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES BALANCE OFFICIAL RESERVE TRANSACTIONS BASIS J t REUMINARY SOURCE DEPARTMENT OP COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S private capital net Period U S Government grants Direct and investcapital ment net T III IV I 3 172 II Other longterm Shortterm Balance Errors Foreign and uncapital recorded Liquidnet 1 transity actions basis Seasonally adjusted annual 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 1 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 Official reserve transactions basis Changes in gold convertible currenTo foreign official cies and 5 To other IMF gold holders foreign 6 tranche Non holders position Liquid increase liquid Quarterly totals unadjusted Changes in selected liabilities decrease J Central banks governments and U S liabilities to the IMF arising from reversible gold sales to and gold deposits with the U S 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 up 317 million from Mar 31 IMF position including gold portion of increased U S subscription 1 549 million convertible currencies 3 355 million NOTE Data exclude military grant aid and U S subscriptions to IMF Source Department of Commerce 25 PRICES CONSUMER PRICES Consumer prices continued to advance in August with a rise of 0 4 percent Again higher prices for food and services accounted for most of the rise So far this year consumer prices have increased by 4 0 percent compared to 3 1 percent in the first 8 months of 1968 Index Index SERVICES s ALL ITEMS COMMODITIES LESS FOOD COUNOl OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr Mav Juno lulv Aim Sourer Department of Labor 26 All items All commodities Services Commodities Commodities less food Services All Rent Food less NonAll Durable durable services rent WHOLESALE PRICES Wholesale prices rose slightly in September according to preliminary estimates Declines of 0 5 percent in farm products and 0 2 percent in processed foods and feeds were more than offset by a rise of 0 4 percent in industrial commodity prices Index Index PROCESSED FOODS AND FEEDS SOURCE DEPARTMENT OF IABOR COUNCIL OF ECONOMIC ADVISERS Jan Feb Mar Apr May f j June Julv Aug Sept Farm products Processed foods and feeds Period 1959 I Aug Sept Oct Nov Dec Consumer finished goods excluding food NonDurdurable able f f Coverage of the subgroups does not correspond exactly to coverage of this Index 2 Excludes intermediate materials for food manufacturing and manufactured aimal feeds includes in part grain products for further processing Industrial commodities All commodities All industrials1 Crude materials Inter Producmediate er finmateished rials 2 goods NOTE Beginning 1967 the indexes incorporate a revised weigh ting 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 declined about 1 percent largely due to lower prices for cattle and hogs Prices paid were up about 1 percent The adjusted parity ratio declined 2 points to 79 the lowest level since April of this year Index Index I i t t i t t T t T T t I T t T f t I RATIO RATIO J PARITY RATIO 80 80 W J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICUITURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr May 15 June 15 July 15 Aug 15 Sept 15 All farm products Crops All items interest taxes and wage rates Index Livestock and products Percentage ratio of index of prices received by fanners to index of prices paid Interest taxes and wage rates on base 28 Parity ratio1 Prices paid by farmers Family living items Production items Actual Adjusted The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The newly revised money supply series shows very little increase seasonally adjusted from June through September The decline in time deposits continued in September but less rapidly BILLIONS OF DOLLARS 2501 BILLIONS OF DOLLARS 250 AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME DEPOSITS AT ALL COMMERCIAL BANKS I l I 1 I l l I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars Money supply Money supply CurCurTime DeDerency rency de 1 mand mand outTotal outTotal posits dedeside side posits posits banks banks Period 1963 Dec 1964 Dec 1965 Dec 1966 Dec 1967 Dec 1968 Dec1968 Aug Sept Oct Nov Dec 1969 Jan Feb Mar Apr May June July Aug p Sept Seasonally adjusted Deposits at all commercial banks NOTE Series revised for detail see Federal Reserve Bulletin October 19G9 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 S j J i Unadjusted Time deposits l U S Government demand deposits l Data include Alaska and Hawaii Source Board of Governors of the Federal Keserve System 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Public holdings of selected liquid assets increased 3 billion seasonally adjusted in September Holdings of short term Government securities savings and loan shares and demand deposits and currency increased while time deposits continued to decline BILLIONS OF DOLLARS BILLIONS OF DOLLARS v I ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL Of ICONOM1C ADVISERS Billions of dollars seasonally adjusted Total selected liquid assets End of period Aug Sept Oct Nov Dec Jan Feb MarApr v May v June vp lulv A UK Sept Demand deposits and currency l Time deposits Commercial banks 9a i 30 Postal Savings System with money supply p 29 except for deduction of demand sjiviiiKS banks and savings and loan associations Data t i beginning July 1969 have not been revised to ision nont nuncios and trust funds domestic cqmnl s I Vih nil HCSITVO Banks and beginning Mutual savings banks Savings and loan shares U S Government U S Gov securities ernment savings bonds 2 maturing within one year 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 Total bank credit fell 0 7 billion seasonally adjusted in September Loans rose 1 2 billion and total investments fell 1 9 billion Total reserves were about the same as in August while excess reserves and borrowings at Federal Reserve Banks fell BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS SEASONALLY ADJUSTED END OF MONTH ALL COMMERCIAL BANKS INVESTMENTS IN U S GOVERNMENT SECURITIES SSSST HIIUIIItlllK INVI 1TMENTS IN OTHER SECURITIES t I I t I I 1 1I I i i i i iI i i i i I i i i i i F I 1 1 M I I I 1II I I I II I I I I I SEE FOOTNOTE 4 BELOW SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESIRVI SYSTEM COUNCIL OF ECONOMIC ADVISERS Bank Weekly debits reporting outside large commercial New York Total City 232 Investments banks End of period Loans loans excluding centers and inter U S Gov Other Commercial seasonally investbank securi and indus adjusted ernment ments annual securities ties trial loans rates l Billions of dollars Sept Oct Nov Dec Jan Feb Mar Apr v Mav v J June June vp 5 334 July p Aug Sept 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 New series for detail see Federal Reserve Bulletin August 1969 All member banks Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions of dollars 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 780 million in August and seasonally adjusted instalment credit rose 60Q million about the same as in July BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED 1963 COUNCIL OF ECONOMIC ADVISERS SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Millions of dollars Consumer credit outstanding end of period Consumer instalment credit extended unadjusted and repaid seasonally adjusted Instalment Total Automobile paper NonAutomoTotal instal Extended Repaid Extended Repaid Total bile Personal ment 2 paper loans July Aug Sept Oct Nov Dec Jan 112 117 Feb Mar Apr Mav June Julv Aug Also includes other consumer goods paper and repair and modernization lotvtui not shown separately s onuistH of slnpltvpayment loans charge accounts and service credit Kml of jH rtod unadjusted 32 Mortgage debt outstanding nonfarm 1 to 4family houses NOTE Data for Alaska and Hawaii included beginning January and August 1959 respectively Sources Board of Governors of the Federal Reserve System and Federal Home Loan Bank Board BOND YIELDS AND INTEREST RATES riteresf rates reached new high levels in September In the first part of October Government security yields receded from peak levels while other rates climbed further PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 CORPORATE Aaa BONDS MOODY S SOURCEs SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Government security yields municipal 3 month Period bonds 3 5 year Taxable Treasury a 3 Standard 4 issues bonds bills i Poor s Aug Sept Oct Nov Dec Jan Feb f 34 Mar 6 150 Apr f Mav June 05 f r 84 July A Aug Sept Week ended Sept Oct J 1 2 Kate on new issues within period Selected note and bond issues 3 April 1953 to date bonds due or callable 10 years and after i Weekly data are Wednesday figures 8 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 C Prime commercial paper 4 6 months Corporate bonds Moody s Aaa Baa FHA new home mortgage yields Sources Treasury Department Board of Governors of the Federal Reserve System Federal Housing Administration Standard Poor s Corporation and Astern oody s Moody Investors Service 33 COMMON STOCK PRICES YIELD AND EARNINGS The common stock price index rose slightly during the latter part of September but fell in early October Index Index COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS PERCENT PERCENT RATIO RATIO 25 PRICE EARNINGS RATIO ON COMMON STOCKS A V I t I S i I t SOURCEs STANDARD POOR S CORPORATION Period S Sept Oet Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Week ended 1969 Sept Oct 3 10 Total Price index 1 Industrials Capital Consumers goods goods Includes 500 common stocks 425 industrials 55 public utilities and 20 railroads Weekly indexes for capital and consumer goods are Wednesday figures allJ other weekly indexes are averages of daily figures Aggregate cash dividends based on latest known annual rate divided by thti aggregate monthly market value of the stocks in the group Annual yields 34 N 10 COUNCIL OF ECONOMIC ADVISERS Total I 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 Source Standard Poor s Corporation FEDERAL FINANCE EDERAL BUDGET RECEIPTS EXPENDITURES AND NET LENDING ror fiscal year 1969 there was a total surplus of just over 3 billion Current estimates indicate a surplus of almost 6 billion for fiscal year 1970 In the first 2 months of the current fiscal year there was a deficit of 5 3 billion a year earlier the deficit was 5 7 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS I RECEIPTS AND OUTLAYS RECEIPTS ou A T i r K V N RGED SCALE ENLARGED SCALE 20 SURPLUS OR DEFICIT RECEIPT EXPENDITURE ACCOUNT FISCAL YEARS J PRELIMINARY J EST1MATE 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 1 leoeipts Expenditures Fiscal year 79 2 Si I P Cumulative totals for first 2 months Fiscal year Fiscal vear 1970 1 Excludes non interest bearing public debt securities held by IMF 2 Estimates see Summer Review of the 1970 Budget Sept i Surplus or deli cil ou Net lending Total surplus or deficit J S 4 i i j 2 2 4 i i 4 4 Gross Federal debt end of period Total 1 Held by the public Sources Treasury Department and Bureau of the Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal year 1969 receipts were 34 billion over a year earlier while expenditures and net lending were up 6 billion In fiscal year 1970 current estimates show increases of 11 billion for receipts over fiscal year 1969 and about 8 billion for expenditures and net lending In the first 2 months of the current fiscal year receipts were 2 6 billion over a year earlier while expenditures and net lending were 2 2 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS CORPORATION INCOME TAXES I EXPENDITURES AND NET LENDING NATIONAL DEFENSE 20 L JL FISCAL YEARS I PRELIMINARY ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET J COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts Expenditures and net lending National defense Period Fiscal year I M 7 P KiS I Mi I I T O n n i i i l n i c o ils for f i r s t in on h IMSC M yr ir Fisr il vr ir Total Individual Corporation income income taxes taxes Other Total Total Department of Defense military S M 0 27 f Kl Other finance InternaHealth tional and affairs welfare and Includes allowances of 3 billion for comparability pay raise effective J u l y 1 I Hi for military and civilian personnel This allowance will eventually be ills t r i l u i t c d to the appropriate function hut no estimate ol the d i s t r i b u f ion is avail i l Soum s Treasury I oiKirl inonl and 1 nrran o M h c Budsrot FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to current estimates for the second quarter Federal receipts rose 4V4 billion seasonally adjusted annual rate and expenditures increased about 1 billion resulting in a surplus of 13 billion Preliminary data for the third quarter show a rise of 41 2 billion in expenditures Incomplete receipts data indicate a small decline BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS PI 0 G0 U r m I I K3 DEFICIT I CALENDAR YEARS 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 II 111 1V II III Indirect ContriPersonal Corpo business butions rate tax and profits tax and for Total nontax tax nontax receipts accruals accruals social insurance Total Surplus or Subsidies dencit Grantsless in aid Pur Net current chases Trans to State interest surplus income and of goods fer payand local paid of Govt product and ments enter accounts governservices ments prises r Preliminary ireceding data M annually adjusted data not strictly comparable w i t h iss r 1S NOTK Data for Alaska and Hawaii included beginning I960 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFFICE D I V I S I O N 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 W7eekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders Merchandise Exports and Imports U S Exports and Imports of Goods and Services U S Balance of International Payments Page PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Bank Loans Investments Debits and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices Yield and Earnings FEDERAL FINANCE Federal Budget Receipts Expenditures and Net Lending Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis NOTE Detail in these tables will not necessarily add to totals because of rounding Data for Alaska and Hawaii arc not included unless specifically noted Unless otherwise stated all dollar figures are in current prices P Indicates preliminary and not available Indicates less than 50 million For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 25 cents per copy 3 per year 4 foreign Domestic air mail 6 10 additional per year Digitized for 38 FRASER U S G O V F R N M E N T P R I N T I N G O F F I C E

Status of the Labor Force

DATE: October 1969

PART OF:

Economic Indicators : October 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-. "Status of the Labor Force," 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 1969," Economic Indicators (October 1969) : 12-12. https://fraser.stlouisfed.org/title/1/item/43/toc/148899 , accessed on December 6, 2019.

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Economic Data