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 2nd Session Economic Indicators January 1970 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 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 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be 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 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 ii TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Preliminary estimates indicate that gross national product advanced 10 3 billion seasonally adjusted annual rate in the fourth quarter about 73A billion less than in the third quarter Billions of dollars quarterly data at seasonally adjusted annual rates Persons Government N et receipts Disposable personal income Period Total l v 1968 III IV I II III TV v AA7 1 E xpenditur es PerLess Equals Personal sonal Less Less Tax Interest Total consump saving Trans Equals Total Trans Equals and or tion Purpaid and excludfers nontax expend dising expend fers transfer Net chases interest itures saving receipts interest receipts itures interest of goods payand and or and and ments subsub 2 services accruals sidies 2 to fortranssidies fers eigners Ifi Q Surplus or deficit income and product accounts g Gross Statis national tical product discrepor expendreceipts ancy iture Total income Period III IV 1969 I II III IV V private eigners of or retained domestic by of net earnEquals exports 3 invest invest sonsperment Less and ings Net ment 4 Govern Exports Imports exports ment Personal income p 5 less personal tax and nontax payments fines penalties etc 2 Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of government enterprises 3 Undistributed corporate profits corporate inventory valuation adjustment capital consumption allowances and wage accruals less disbursements Does not include retained earnings of unincorporated business which are included in disposable personal income Private business investment purchases of capital goods by private nonprofit institutions and residential housing 5 Net foreign investment with sign changed NOTE Corporate profits tax and related items for 1969 reflect repeal of investment tax credit Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted increased at a somewhat slower rate in the fourth quarter than in the third quarter an annual rate of about 4 percent compared with an 8 percent rate There was a slight decline in physical output in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RAT1S aoo GOVERNMENT PURCHASES OF GOODS AND SERVICES NET EXPORTS OF GOODS AND SERVICES GROSS PRIVATE DOMESTIC INVESTMENT 1966 SOURCE DEPARTMENT OF COMMERCE Period III IV 1969 I II III IV p COUNCIL OF ECONOMIC ADVISERS Goveirnment imrehases of good s and Total Personal Gross Implicit Net services congross Total price private exports national gross sump domestic of goods Federal deflator State tion product national for total investand Total and in 1958 product expend ment services GNP Total National Other local defense1 prices itures Billions 3f dollars quarterlyr data at e easonalby adjuste d annual rates This category corresponds closely with budget expenditures for national defense shown on p 36 2 Gross national product in current prices divided by gross national product In 1958 prices 1967 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce NATIONAL INCOME National income rose 8 percent in 1969 according to preliminary estimates Ail types of income increased with the largest percentage gains in farm proprietors income employee compensation and net interest BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 800 SEASONALLY ADJUSTED ANNUAL RATES CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME V 100 NET INTEREST J L 1965 J L J L J I L SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period III IV 1969 I II III IV Total national income Compensation of em 1 ployees Proprietoi s 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 per Net interest Corporal e profits and inventory val uation ad justment 3 Total Profits Inventory before valuation taxes 8 adjustment s See Note p 7 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce Q SOURCES OF PERSONAL INCOME Personal income rose 2 3 billion seasonally adjusted annual rate in December continuing the pattern of moderate increases evident since late summer BILLIONS OF DOLLARS BILLIONS OF DOLLARS WAGE AND SALARY DISBURSEMENTS SOURCEs DEPARTMENT OF COMMERCE Period v 1968 N o v Dec 1969 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Total 1 personal income Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental and Other Propriet DFS income income Divi Personal Transfer salary labor 2 Business paydends interest ments of disburse income Farm and pro persons income l ments fessional G Compensation ol 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 4 COUNCIL OF ECONOMIC ADVISERS 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 disposable income rose 8 billion seasonally adjusted annual rate in the fourth quarter after a very large rise in the third quarter With personal outlays up 91A billion the saving rate edged down BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS i 1968 SOURCE DEPARTMENT OF COMMERCE Period Less Personal Per sonal tax and income i nontax i1 payments COUNCIL OF ECONOMIC ADVISERS Per cap ita disL ess Perso nal outlajfS posable personal Equals Persor lal consuraption Equals iiiccmie Disex penditure s 2 Personal Total posable saving Current Nonpersonal personal Durable 1958 income outlays l goods durable Services prices prices goods i j J i i 1968 IIIJ IV Billions of dollars Seast anally adjiisted anni lal rates II J III j IV Includes personal consumption expenditures interest paid by consumers and personal transfer payments to foreigners 2 See p 2 for total personal consumption expenditures s Includes armed forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data Saving as percent of disposable personal 1 Population thou 3 sands percent Dol lars I i i 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 declined abou 2 percent in the fourth quarter Including inventory change there was a decline of 3 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 J COUNCIL OF ECONOMIC ADVISERS SOURCEs DEPARTMENT OF AGRICULTURE Personal rincome re ceived by total 1 arm popi ilation neome re ceived fro m farming Net t o farm oper ators Realizeid gross Period III IV From all sources From From farm nonfarm sources sources Net inc ome per farm incl ruding net inventor change 3 ProducCash tion ex Exclud Includreceipts penses ingnetm ing net in Current 1957 59 from Total i ventory ventory2 prices prices 4 marketchange chance ings Billions c f dollars Dol lars Seascmally adjiisted anni tal rates i I II III IV 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 8 Based on Census of Agriculture definition of a farm The number of farms is held constant within a year L Income in current prices divided by the index of prices paid by farmers for family living items on a 1957 59 base NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Agriculture CORPORATE PROFITS Profits before faxes and including inventory valuation adjustment seasonally adjusted showed another dip in the third quarter and were about 2 billion below a year earlier Compared with a year earlier before tax profits excluding inventory valuation adjustment were 1 billion higher while after tax profits were slightly lower BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period Corj orate pr ofits befc re taxes and inveritory valuation adjustmei it TransM anufactui ing portation comNonAll Durable durable muniAll indusgoods cation s other goods tries Total indusand indus public tries tries utilities I I I IV I II III IV 1 1 Includes Includes J Corpo Corporate rate tax profits before liabil Total taxes ity Corporate capital conDiviUndend distrib sumption uted payments profits allowances 2 Profits plus capital consumption allow 3 an ces nil other industries and financial institutions depreciation and accidental damages Corporate pro its after taxes plus corporate capital consumption allowances 39 GSO 0 Cor Dorate pi ofits a fter taxciS NOTE Corporate profits tax and related items for 1969 reflect repeal of investment tax credit Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment seasonally adjusted edged down in the fourth quarter as a decline in the rate inventory accumulation more than offset a rise in business fixed investment BILLKDNS OF DOLLARS 160 BILLIONS OF DOC LARS 160 SEASOrslALLY ADJUSTED ANNUAL RATES 1 f A G OSS PRIVATE DOM ESTIC 1OA 1 r inn I 100 on on PRODUCERS DURABLE EQUIPMEN r U Li pr u NONRESIDE NTIAL STRUCTURES RESIDE NTIAL STRUCTURES M f l U s t X N V S V t v s V T X INVENTORIES SOURCE I DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed imvestment T Total gross private domestic investment Total IV Total NOTE Data for Alaska and Hawaii included beginning Produce rs durable equ ipment Struc tures Total III IV 1969 I II III Resid ential struc tures N president ial Nonfarm Total Nonfarm Total Source Department of Commerce Nonfarm Change in business inv entories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business expenditures for new plant and equipment rose 11 percent from 1968 to 1969 accordins to preliminary estimates BILLIONS OF DOLLARS BILLIONS OF DOLLARS 80 SEASONALLY ADJUSTED ANNUAL RATES 70 70 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING MANUFACTURING SOURCESi SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS I Billions of dollars quarterly data at seasonally adjusted annual rates Period M anufacturi Qg Total Trans po rtation l Total Durable Nonduragoods ble goods Railroads Other Public utilities Commercial and other 2 Mining I IV III I II III II 1 Excludes agricultural business real estate operators medical legal educational and cultural service and nonprofit organizations 2 Commercial and other includes trade service finance communications and construction NOTE Data has been revised beginning 1947 For detail see Survey of Current Business January 1970 The expectations will be published in the February issue Annual total is the sum of unadjusted expenditures it does not necessarily coincide vi h 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 increased by 294 000 in December Employment rose by unemployment rose by MILLIONS OF PERSONS MILLIONS OF PERSONS PERCENT OF CIVILIAN LABOR FORCE NIEM I PL C YMBsllr waE H Tl PERCENT OF CIVILIAN LABOR FORCE j E Oh4A m AC Jl SIID r t 3 VH YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Period Nov Dec 1969 Jan Feb Mar Apr Mav JuneJulyAug Sept Oct Nov Dec Total labor force including armed forces J i9 39 1 e COUNCIL OF ECONOMIC ADVISERS Civilisin employ ment Total labor force Non Unem includployagning Total ment cularmed tural forces Thousands of jjersons Unadji isted Civili in employment Civilian labor force Total Agricultural years of age and o ver tSeasonally adjusted Nonagricultural Unemp oyment rate pe rcent of Unem civilia n labor foi ce ployment Unad Seasonjusted ally adjusted Labor force participation rate unadjusted i Percent O 0 O L 1 X Total labor force as percent of noninstitutional population NOTE Beginning 1960 data include Alaska and Hawaii 10 Source Department of Labor Z O 0 O S 5 4 0 Q Q O t 0 o 4 i 3 4 SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The seasonally adjusted unemployment rate in December remained at 3 4 percent A slight increase in the unemployment rate occurred for married men PERCENT 110 PERCENT 10 SEASONALLY ADJUSTED UNEMPLOYMENT RATE ALL CIVILIAN WORKERS I UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE MARRIED MEN 0 I M I 1I 1f I I I I I 1 I I I 1I I I I I I I i i i i I i i i i i 1966 i i i i i I i i i i i 1967 SOURCE DEPARTMENT OF LABOR Persons at work in nonagn cultural IEidustries by hours worked p er week 2 Urider 35 hours Experi Married Labor force enced All men time lost l workers wage and wife salary workers present Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Get Nov Dec Per cent a3 1 5 Seasonall y adjusted Over 40 hours 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 I 1 I I I I I I I I 1969 COUNCIt OF ECONOMIC ADVISERS Uneniploymen rate percent of civilisin labor for ce in grou P Period I I M I I I hours Part ti me for economi e reasons Part ti me for economi c reasons Total Usually Usually Usually Usually partfullpartfulltime 4 time 3 time 4 time Thousan ds of pers ons 16 yejsirs of age and over Jnadjustec 1 Seasonall y adjusted C Primarily includes persons who could find only part tune work Average hours worked usually full time 23 5 usually part time NOTE See Note p 10 Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAM In December insured unemployment under State programs averaged 206 000 higher than a year earlier The seasonally adjusted insured unemployment rate remained at 2 3 percent MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS JAN MAR APRIL MAY JUNE JULY AUG SEPT COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR A 11 progranis Period Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov vp Dec Week ended 1969 Dec Jan p 12 St ite Insured Total unem benefits Insured Covered ploypaid unememploy ment milploy weekly ment lions ment averof dolage lars Thou sands Initial claims Exhaustions Weekly iiverage t lousands Not charted NOTE For definitions and coverage see the 1967 Supplement to Economic indicators Data for Alaska and Hawaii included and for Puerto Rico since 1963 DEC OCT progra ms Benefit s paid Insurec unemploymen t as percent of covered Total Average emplo yment milweekly check Season lions of Unad ally ad dollars dollars justed justed Per cent Source Department of Labor q ff NONAGRICULTURAL EMPLOYMENT Total nonagricultural payroll employment seasonally adjusted decreased in December by 14 000 The largest decreases were in wholesale and retail trade durable goods manufacturing and contract construction Increases were concentrated mainly in State and local government and in services MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED ENLARGED SCALE T x r T WHOLESALE AND RETAIL TRADE S ALL NONAGRICULTU RAL ESTABLISHMENTS SERVICES r r NONMANUFA CTURING PRIVAT E DURABLE MANUFACTURING NONDURABLE MANUFACTURING MANUFACTURING li iltiniUie f H i lJttt lt Al Y CONTRACT CONSTRUCTION GOVERNMENT t 1 1 1 I I 1 I 1 1 1U SOURCEi DEPARTMENT OF LABOR COUNCIt OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Manufac turing iprivate Period Total Total Nov Dec 1969 Jan Feb MarApr May June July Aug Sept Oct Nov v Dec NonDurable durable goods goods N onmanu factoring 5 private Total r Con Transtract portation Mining conand strue public tion utilities des nil full and part time wage and salary workers in nonagricultural establisl incuts who worked during or received pay for any part of the pay period which it chides the 12th of the month Excludes proprietors self employed persons do nestic servants and personnel of the armed forces Total derived from this tab not comparable with estimates of nonagricultural employment of the civilian abor force shown on p 10 which include proprietors self employed persons and domestic servants which count persons as employed when they Gover ament W hole Finance insursale ance Services Federal and and retail real trade estate T JfT I 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 Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES The average workweek for private nonfarm production workers eased slightly in December to 37 5 hours seasonal adjusted Hours decreased in retail trade were unchanged in contract construction and increased in manufacturing HOURS PER WEEK SEASONALLY ADJUSTED HOURS PER WEEK SEASONALLY ADJUSTED 46 A6 TOTAL NOhslAGRICULTUR a PRIVATE MANUFACTURING Aft o Al I 1 I I i i r i i 1 i i i ii I 1 t 1 t t i t tH RETAIL TRADE CONTRACT CONSTRUCTION COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT Of lAftOR 1 Average hours per week Total nonagricultural private 2 Period Manufacturing Contract construe Retail trade 3 Total nonagricultural private Manufacturing Contract construction beasonaii adjusted Unad lusted S CS Nov Dec 1969 Jan Feb Alar Apr May June Julv Aug Sept Oct Nov T Dec p 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 IS 14 Retail trade Includes eating and drinking places Source Department of Labor S o S3 9 AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of private nonfarm production workers declined slightly in December rrom 3 12 to 3 11 Average weekly earnings increased by 25 cents to DOLLARS SO 1966 SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees I I Average hourly earnings current prices Total nonagricultural private l Period S 1969 p Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Get Novp Dec Manufacturing Contract construction Retail trade Al o includes other private industry groups shown on p 13 ludes eating and drinking places n s in current prices adjusted to exclude the effects ol overtime and Average weekly earnings current prices Total nonagricultural private l 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 s in current prices divided by the consumer price index r s PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In December industrial production seasonally adjusted declined for the fifth month in a row The index was down 0 3 percent from November and up 1 3 percent from a year earlier Index SEASONALLY ADJUSTED 200 Index SEASONALLY ADJUSTED 240 TOTAL i 1 i 100 I i i i ij I i I i i i MANUFACTURING I NONDURABLE SOURCE BOARD OF GOVERNORS OF seasonally adjusted Industry Total industrial production Period p 1968 Nov Dec 1969 Jan Feb Mar Apr May June Julv Aug Sept Oct Nov Dec p COUNCIL OF ECONOMIC ADVISERS S1 anufactur ing Total j i 1 i S i Note Data for 1968 have been revised Source Board of Governors of the Federal Reserve System 16 B i rial produi3tS NonDurable durable Mining o Mai ket 1 Utilities Total Consumer goods Equipment Materials PRODUCTION OF SELECTED MANUFACTURES Production of most durable manufactures seasonally adjusted declined further in December with a 5 percent decline in the motor vehicles group being the largest On balance nondurables showed no change Index SEASONALLY ADJUSTED 200 Index SEASONALLY ADJUSTED CHEMICALS PETROLEUM AND RUBBER PAPER AND PRINTING LUMBER AND PRODUCTS Mil 100 M i l l I I I 1 I 1 I M l II I I 1 I 1 I I I I 1 I I I I II I SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Durab le manufstctures Period Primary metals No ndurable manufactu res FabriTranspor Lumber Textiles Paper cated Machin tation and apparel and ery metal equipand printprodproducts ment ing leather ucts Chemicals Foods petrobeverleum and ages and rubber tobacco Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov D e c Note Data for 1968 have been revised Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production declined in December Output of cars and trucks dropped sharply over 25 percent MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS BITUMINOUS COAL I I M I I I I I i I I I 1 I 1 ll 1 1 I J F M A M BILLIONS OF KILOWATT HOURS 35 i I I I I I I I I I V I I J J F M A M J J A S O N D I J THOUSANDS 300 20 SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Oct Novp Dec Week ended 1969 Dec Jan Electric Bituminous Freight Paperboard Cars and tru cks Steel pi oduced power coal mined produced loaded Index distributed thousands thousands thousands assembl ed thou sands Thousands of net millions of of short Total Cars Trucks of tons of cars 100 tons kilowatt hours tons J Daily average Includes data for Alaska 2 For period Dec 21 31 Not charted For period Jan 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 According to preliminary estimates new construction seasonally adjusted declined 2 percent in November Residential nonfarm and commercial and industrial construction accounted for the decline BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period Total new construction expenditures COUNCIL OF ECONOMIC ADVISERS Private Total Residential nonfarm Commeri New cial and 1 Total I housing industrial units Billions of doll ars 26 3 i I Other Constructio neon tracts 2 CommerTotal value cial and index i industrial floor space 100 millions of square feet Federal State and local i Seasonally adjusted Seasonally adjusted ai inual rates 1968 Oct Nov Dec I960 Jan Feb Mar Apr May June July Aug Sept Oct Nov p Dec i j Includes nonhousekeeping residential contraction and additions and alterations not shown separately 2 Compiled by F W Dodge Company and relates to 48 States 3 Estimates 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 Private nonfarm starts declined again in December to a seasonally adjusted annual rate of about 1 VA million starts Starts for the year 1969 were about 21A percent below the 1968 level Permits fell slightly in December MILLIONS OF UNITS MILLIONS OF UNITS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA COUNCIL OF ECONOMIC ADVISERS Thousands of units Hou sing start 3 I Total I private Period j and i public i includi ing farm I Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Oct Nov Decp Total private Private non including farm i farm Total i 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 Propose d home constr uction Privs ite nonfa rm New private Goverriment housing Applica Requests Two or home pr ograms units tions for for VA FHA Total more author commit appraisals 2 units ized l FHA VA ments Seasonally adjusted annual rates Private includin g farm m 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 were unchanged in December In November business sales declined mainly because of a decrease in manufacturing The rise in business inventories was much smaller in November than in October BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 22 BUSINESS SALES AND RETAIL TRADE ENLARGED SCALE INVENTORIES 20 DURABLE GOODS STORES WHOLESALE TRADE ENLARGED SCALE 24 INVENTORIES I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Total business l Wholesale Sales Period Sales 2 Retail 5 2 nventories 3 NonDurable durable goods goods stores stores iN ondurable goods stores Inventories 3 o Invenfeales tories i I C Total Total Durable goods stores Millions of dollars seasonally adjusted I S 196 IOCS K t Nov Dec 1969 J m Fob Mar Apr M iv June l ilv AuS i rt X j J I i i i r I I M I I business also includes manufacturing l i t h l y average lor year and total for month k v a l u e end of period seasonally adjusted i n m i i i n u l l l n t a i n c l u d e Alaska and H a w a i i Beginning 1960 data include Alaska and Hawaii Source Department of Commerce 21 MANUFACTURERS5 SHIPMENTS INVENTORIES AND NEW ORDERS In December new orders seasonally adjusted received by straight month Shipments were off sharply BILLIONS OF DOLLARS SEASONALLY ADJUSTED durable goods manufacturers BILLIONS OF DOLLARS MANUFACTURERS SHIPMENTS declined for the third SEASONALLY ADJUSTED MANUFACTURERS INVENTORIES TOTAL MANUFACT JRERS NEW ORDERS 30 40 DL RABLE GOODS y i i NONDU RABLE GOODS y i i i i i i i i i 1966 SOURCE i I M i l N DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers sh ipmentsl Manufact urers inv entories2 Manufacture rs new orders j Manufacturers inventoryship Durab le goods Period Non Total Durable durable goods goods Non Non Total Durable durable goods goods Total Total Machinery durable and goods equipment i ratio 3 Millions of dollars seasonal y ad justed Nov 51 494 Dec Jan 53 302 Feb Mar Apr May June July 55 392 Aug Sept Get 56 999 Novp Dec S i J Monthly average for year and total for month Book value end oi period seasonally adjusted 3 For annual periods ratio ol weighted average inventories to average monthly shipments for monthly data ratio ol inventories at end oi month to shipments or4month Estimates data for year calculated on basis of no change from November 6 Not charted 22 NOTE Data for Alaska and Hawaii included beginning 1958 Source Department oi Co nmerce i i MERCHANDISE EXPORTS AND IMPORTS In December the merchandise trade balance increased to 232 million seasonally adjusted During 1969 the monthly surplus averaged 105 million compared to an average monthly surplus of 70 million in 1968 BILLIONS OF DOLLARS 4 0 BILLIONS OF DOLLARS SEE NOTE 1 BELOW SOURCEi DEPARTMENT OF COMMERCE i I Period Millions of dollars Mei chandise exports Merctlandise i nports Total includDomesti 3 exports Gen 2ral impc rts 2 ing ree cports l 3 Total Food Crude Food Crude Manubever matefacSeason Unad Total i 3 bever mateages rials ages rials Season Unadtured ally ad justed and and and tojusted goods ally ad justed and to fuels fuel bacco bacco justed Mont hi v average J a n Feb Mar Apr Mav i i n o JulvAiitf So t cl Nov 1 HJ U n ad juste d o J9G8 Nov Dec Total lie and iTotnl 8 Total COUNCIL OF ECONOMIC ADVISEES I S V 3 M LSI 37 39 i i ISO tj f5 r excludes Department of Dofonso shipi nents of rant aid military suj equipment under the Military Assistai ico Program arrivals of imported poods other than i utransit shipments includes commodities and transactions not classified according io kind Gf Unad listed Grossmerchandise trade Manusurplus facseasontured ally adgoods justed Note Data adjusted to include silver ore and bullion reported separately prior to 1909 Source Department of Commerce 23 U S EXPORTS AND IMPORTS OF GOODS AND SERVICES In the third quarter the surplus on goods and services was 2 9 billion an increase of 1 7 billion from the second quarter seasonally adjusted annual rates Exports of goods and services rose by 1 2 billion while imports declined by 0 5 billion BILLIONS OF DOLLARS EXPORTS OF GOODS AND SERVICES 30 IMPORTS OF GOODS AND SERVICES M RELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period Total Exports of good s and seir vices Inconle on investinents MiliMerchantary GovPridise i sales ernvate ment Impor ts of good s and ser dees Balance on Other services Total Merchandise l Oil Mili Other goods tary and expend serv services itures ices Seasonally adjusted annual rates 1968 II III IV I II III v 1 Adjusted 2 from customs data for differences in timing and coverage Average of the first 3 quarters on a seasonally adjusted annual rates basis 24 Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS In the third quarter the balance of payments on the liquidity basis showed a deficit of 10 2 billion down from the extraordinary deficit of 15 5 billion in the second quarter seasonally adjusted annual rates The official reserve transactions balance shifted from a surplus of 4 9 billion in the second quarter to a deficit of 3 7 billion in the third quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES A BALANCE OFFICIAL RESERVE TRANSACTIONS BASIS SOURCi DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period U S Government grants and capital net U S pr ivate cap tal net Direct investment Other longterm Shortterm BaUmce Errors Foreign and uncapital recorded Liquidnet 1 transity actions basis 2 Official reserve transactions basis 3 Changes in gold convertible currenTo f oreig n official cies and 5 hold ers To other IMF gold foreign 6 tranche N on holders position Liquid increase liquid Chan ges in sel Beted liabiliticjs decrea 3e r Seasonally adjusted annual rates Quarterly totals unadjusted II J III J I V I I I 832 III Includes certain special Government transactions 2 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 J Equals changes in liquid and nonliquid liabilities to foreign official holders and changes in official reserve assets consisting of gold convertible currencies and the U S gold tranche position in the IMF 4 Includes short term official and banking liabilities and foreign holdings of U S Government bonds and notes 5 Central banks governments and U S liabilities to the IMF arising from reversible gold sales to and gold deposits with the U S Private holders includes banks and international and regional organizations excludes IMF 7 Average of first 3 quarters on a seasonally adjusted annual rates basis 8 On Sept 30 U S reserve assets consisted of gold stock million up 11 million from June 30 IMF position including gold portion of increased U S subscription 1 782 million convertible currencies 3 797 million NOTE Data exclude military grant aid and U S subscriptions to IMF Source Department of Commerce OS PRICES CONSUMER PRICES Consumer prices continued to advance in December with a rise of 0 6 percent Food prices were up sharply and service prices increased somewhat more than in November Nonfood commodities both durable and nondurable posted small price increases Index COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF IABOR All items Period Nov Dec 1969 Jan Feb Mar Apr Mav June Julv Aug Sept Oct Nov Dec Source Department of Labor 26 All commodities Co mmoditie s Comm odities les s food Food NonAll Durable durable Services All services Rent Services less rent r I WHOLESALE PRICES Wholesale prices rose 0 3 percent in December or about one half of the November rise Price increases were registered by processed foods and feeds 0 7 percent farm products 0 5 percent and industrial commodities 0 4 percent Index Index SOURCE DEPARTMENT Of LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Farm products Processed foods and feeds Iridustrial c ommoditi es Period 1969 Jan Fob Mar Apr May June July Aug Sept Oct Nov Dec 110 7 i X Coverage of the subgroups does not correspond exactly to coverage of this Index 2 Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Inter Producmediate er finmateished rials2 goods S All industrials 1 Crude materials ConsuEner finished g ods excludin g food NonDurdurable able NOTE Beginning 1967 the indexes incorporate a revised weighting structure reflecting 1963 values of shipments The classification structure also changed Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended December 1 5 both the index of prices received and the index of prices paid by farmers were unchanged The adjusted parity ratio was also unchanged lnde c Index PRICES PAID INTEREST TAXES ANC WAGb KAIfcS H J V r I 1 1 1 I 1 1 I J T i i iii i i i ii A v PRICES RECEIVED ALL FARM PRODUCT I i S r I 1 1 1 I t I RATIOJ RAT OJ PARITY RATIO X Nrt X o x x A m I 1 1 1 I I I I I i i t 1 I I i i t i i t f J 11 I J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by f armers Period All farm products Nov 15 Dec Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Prices paid by far mers All items Livestock interest Family Production and living Crops taxes and products wage rates items items Index Percentage ratio of index of prices received by fanners to index of prices paid interest taxes and wage rates on base 28 Parity ratio 1 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 money supply seasonally adjusted rose 0 4 billion in December to make the increase for the half year since June 0 7 billion Time deposits declined slightly in December but rose on a seasonally adjusted basis for the first time in a year BILLIONS OF DOLLARS 250 j BILLIONS OF DOLLARS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars M oney supr iy Money supj iy U S i GovCurCurernTime Time DeDerency rency ment de l demand mand Total outoutTotal posits posits demand dedeside side deposits posits banks banks posits l 1Dnadjuste d Seasonall 7 ad jus tec i J i Period Dec Dec Dec Dec Dec Dec Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Deposits at all commercial banks NOTE Series revised for detail see Federal Reserve Bulletin October 1969 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 Data include Alaska and Hawaii Source Board of Governors of the Federal Reserve System 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Public holdings of selected liquid assets rose 81A billion seasonally adjusted There was a sharp rise of 11 billior in demand deposits and currency Most other asset holdings declined slightly BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 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 Total selected liquid assets End of period Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Get v Nov Dec v i Demand deposits and currency Time d eposits Commercial banks Agrees in concept with money supply p 29 except for deduction ol demand deposits held by mutual savings banks and savings and loan associations Data for last Wednesday of month Data prior to July 1969 have not been revised to conform to the money supply revision 2 Excludes holdings of Government agencies and trust funds domestic commercial and mutual savings banks Federal Reserve Banks and beginning February 1960 savings and loan associations 30 Mutual savings banks Postal Savings System Savings and loan shares U Onv ernment U S Gov securities ernment maturing savings within bonds 2 year Estimates for Dec 31 Beginning 1969 series 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 seasonally adjusted fell over 1 billion in December Loans increased by 700 million and total investments declined by almost 2 billion Total reserves of member banks increased almost 250 million Borrowed reserves declined BILLIONS OF DOLLARS 500 BILLIONS OF DOLLARS 500 ALL COMMERCIAL BANKS 400 INVESTMENTS IN U S GOVERNMENT SECURITIES SEE FOOTNOTE 4 BELOW SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Bank Weekly debits reporting outside large commercial New York Total Investrnents City 232 banks Loans End of period loans excluding centers and seasonally inter U S Gov Other Commercial investbank securi and indus adjusted ernment ments annual securities ties trial loans rates Billions of dollars s Dec Jan Feb Mar Apr May June June July Aiisc Sept Get Nov vp Dec 398 6 All comn lercial bank s s easonally adjusted da ta 1 Debits during period to demand deposit accounts eicept interbank and U S Government Now series beginning January 1964 2 Averages of daily figures Annual data are for December 8 New series see Federal Reserve Bulletin March 1967 New series for detail sec Federal Rezcrrc Bulletin August 1969 A11 membe r banks Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions o f dollars NOTE Effective June 1966 balances accumulated for payment ot 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 2 8 billion in December Seasonally adjusted instalment credit rose 600 millionBILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period COUNCIL OF ECONOMIC ADVISERS Millions of dollars Consu mer credit outs tan din g end of p eriod Consum er instalme nt credit e stended imad jus ted and r 3paid seas onally adjuisted nstalment Automob ile paper To tal Non4 utomoJ Total instal Extended Repaid Extended Repaid Total Personal bile ment 2 paper loans Nov Dec Jan Feb Mar Apr May June July Aug Sept Get 118 515 Nov Dec A 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 J End of period unadjusted 4 Estimates 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 Interest rates rose steeply in December Most rates were slightly lower in mid January than earlier in the month PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 CORPORATE Aaa BONDS MOODY S SOURCE SEE TABIE BELOW Period Nov Dec 1969 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ended 1969 Dec 1970 Jan COUNCIL OF ECONOMIC ADVISERS Percent per annum High grade U S Gc vernment secui ity yields municipal j 3 month 1 3 5 year bonds Taxable Standard 2 3 Treasury issues bonds bills i Poors i c Rate on new issues within period Selected note and bond issues April 1953 to date bonds due or callable 10 years and after 6 Weekly data are Wednesday figures Not charted 6 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 Baa Prime commercial paper 4 6 months Corporal e bonds Moo dy s 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 dropped sharply in December However prices made a slight recovery in early January and then declined again Index Index MONTHLY WEEKLY 110 11f COMPOSIT E PRICE INDEX FOR 500 CO MMON STOCKS 100 on v Sx I S O on ft on Rn 7O I I 1 1 M M I I PERCENT HA V f M 1 1 I M M M i I i I I I 1 i i l l 1 i 1 I i i 1 l i i i II 11 1 It M PERCENT RATIO RATIO PRICE EARNINGS RA TIO ON COMMON STOCKS OA r i i 1965 i 1 t g SOURCE STANDARD POOR S CORPORATION 34 i 1968 l Total I K 10 COUNCIL OF ECONOMIC ADVISERS Total Consumers goods Capital goods Public utilities Railroads Dividend yield 2 percent 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 all2 other weekly indexes are averages of daily figures Aggregate cash dividends based on latest known annual rate divided by the aggregate monthly market value of the stocks in the group Annual yields I 15 Price index l Industrials Period Dec Jan Feb Mar Apr Mav June Julv Aug Sept Get Nov Dec Week ended 1969 Dec Jan uvoidgoo vi Luv u i juj j data TT coA ipr data are i are averages of monthly uaua Weekly uai a zuc Wednesday figures 3 Ratio of price index for last day in quarter to quarterly earning seasonally r earnings Adjusted annual rate Annual ratios are aver ages of quarterly data a g Not charted Source Standard Poor s Corporation FEDERAL FINANCE FEDERAL BUDGET RECEIPTS EXPENDITURES AND NET LENDING For fiscal year 1969f there was a total surplus of just over 3 billion In the first 5 months of fiscal 1970 there was a deficit of 9 7 billion a year earlier the deficit was 11 7 billion BILLIONS OF DOLLARS 200 BILLIONS OF DOLLARS ENLARGED SCALE 20 SURPLUS OR DEFICIT ENLARGED SCALE RECEIPT EXPENDITURE ACCOUNT FISCAL YEARS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Budget receipts expenditures and net lending Period Receipts Fiscal year Cumulative totals for first 5 months Fiscal year 1969 Fiscal vear Expenditures Surplus or deficit Excludes non interest bearing public debt securities held by IMF Surplus of 36 million Loan account Receiplb expenditure iiccount Net lending Total surplus or deficit Gross Feeleral debt end of period Total1 Held by the public Sources Treasury Department and Bureau of the Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal year 1969 receipts were 34 billion over a year earlier while outlays were up 6 billion In the first 5 months of fiscal 1970 receipts were 7 0 billion over a year earlier while outlays were 5 0 billion higher BILLIONS OF DOLLARS 100 BILLIONS OF DOLLARS OTHER RECEIPTS m CORPORATION INCOME TAXES j 1 J FISCAL YEARS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts Outlays National defense Period Total Fiscal year Expenditure account 36 Corporation Other j j j I960 Cumulative totals for first 5 months Fiscal year 1969 Fiscal year 1970 Individual Total Total Department of Defense military 1 Interna tional i Health affairs e and and j income finance security Other Sources Treasury Department and Bureau of the Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS According to preliminary estimates Federal receipts rose more than 25 billion in calendar 1969 and expenditures increased almost 101 s billion yielding a surplus of 9 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS E a k22l H m I I I VZA A DEFICIT I 20 I 1963 I nil n m CALENDAR YEARS M M M j H H ii i I i i i SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fed era1 Governrnent expeiaditures Federal jovernme nt receipt s Period Fiscal year Calendar year III IV 1969 I II III IV Surplus or Subsidies GrantsPurless ill a id current Net chases Trans to State interest surplus income of goods fer payand and local paid ments of Govt product and enter accounts services governprises 111 en ts Indirect ContriPersonal Corpo business bution s rate tax and profits tax and for Total nontax nontax social intax receipt accruals accruals surance Total NOTE Receipts for 1969 reflect repeal of investment tax credit Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AND SPENDING The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Selected Industries Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders Merchandise Exports and Imports U S Exports and Imports of Goods and Services U S Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Bank Loans Investments Debits and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices Yield and Earnings FEDERAL FINANCE Federal Budget Receipts Expenditures and Net Lending Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis page NOTE Detail in these tables will not necessarily add to totals because of rounding Data for Alaska and Hawaii are not included unless specifically noted Unless otherwise stated all dollar figures are in current prices P Indicates preliminary and not available Indicates less than 50 million 20402 For sale by the Superintendent of Documents U S Government Printing Office Washington D C 2i Price 25 cents per copy 3 per year 4 foreign Domestic air mail 3 60 additional per year 38 U S G O V E R N M E N T P R I N T I N G O F F I C E

Status of the Labor Force

DATE: January 1970

PART OF:

Economic Indicators : January 1970

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-. "January 1970," Economic Indicators (January 1970) : 12-12. https://fraser.stlouisfed.org/title/1/item/50/toc/235160 , accessed on December 12, 2019.

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Economic Data