Bank Loans, Investments, Debits, and Reserves

Name: Bank Loans, Investments, Debits, and Reserves
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. 89tb Congress 1st Session Economic Indicators December 1965 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 PAUL H DOUGLAS Illinois Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING Missouri HALE BOGGS Louisiana HENRY S REUSS Wisconsin MARTHA W GRIFFITHS Michigan THOMAS B CURTIS Missouri WILLIAM B WIDNALL New Jersey ROBERT F ELLSWORTH Kansas SENATE JOHN SPARKMAN Alabama J W FULBRIGHT Arkansas WILLIAM PROXMIRE Wisconsin HERMAN E TALMADGE Georgia JACOB K JAVITS New York JACK MILLER Iowa LEN B JORDAN Idaho JAMES W KNOWLES Executive Director JOHN R STARK Deputy Director MARIAN T TRACY Financial Clerk HAMILTON D GEWEHR Administrative Clerk COUNCIL OF ECONOMIC ADVISERS GARDNER ACKLEY Chairman OTTO ECKSTEIN ARTHUR M OKUN Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sx CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators1 Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 5 cents a single copy or by subscription at 2 50 per year foreign 3 50 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 5 40 per year The 1964 Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is available at 65 cents a copy TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING According to current estimates gross national product rose 11 6 billion to a seasonally adjusted annual rate of 677 5 billion in the third quarter Consumer spending accounted for two thirds of the rise Billions of dollars quarterly data at seasonally adjusted annual rates Government Persons Net receipts Expenditures PerTransInterest Personal sonal PurTax and fers Transpaid and consump saving tion or nontax inter chases Total transfer expendi disfers Net est of goods expendi interest Total i paysaving receipts receipts tures or and and tures and subments accruals sub 2 services to forsidies 2 sidies eigners Disposable personal income Period Total excluding interest and transfers I I sbsls ITT IV 1965 IT Transfers Net exports of goods to forGross Gross private Excess eigners and services of retained domestic invest by perearnment sons and investImings 3 Net ExGovernment 4 exports ports ports ment Personal income p f less personal taxes 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 excess of wage accruals over disbursements Does not include retained earnings of unincorporated business which are included in disposable personal income International Business Period Surplus or deficit on income and product account Total Excess of income Statistical transfers or discrep or receipts ancy of net exports i S 559 S Gross national product or expenditure S r so j 4 Private business Investment purchases of c a p i t a l j oods by private institutions and residential housing 5 Net foreign investment with sij n changed e Less than 50 million NOTE Data for Alaska and H a w a i i included Ix inninj 19GO Source Department of Commerce C M 0 V2 1 2 G M s 4I 1 r r r 4 r or nprofit GROSS NATIONAL PRODUCT OR EXPENDITURE According to current estimates gross national product on a seasonally adjusted basis increased 1 7 percent in the third quarter after adjustment for price changes it increased 1 4 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES L GOVERNMENT PURCHASES OF GOODS AND SERVICES niiiiiiiiiitiiiiii ii 1 imMIIIUIMIIIIItlMI W i M 1 f O Hi t in I i H i 1 NET EXPORTS OF GOODS AND SERVICES I GROSS PRIVATE DOMESTIC INVESTMENT SOURCE DEPARTMENT OF COMMERCE 1 COUNCIL OF ECONOMIC ADVISERS Gove rnment i urchases of good s and Total Personal Gross Net services congross Total private exports sump domestic of goods Federal national gross State tion product national investTotal and and National Other in 1958 product expend ment services 1 Total defense local itures prices Billions Df dollars quarterlyr data at s easonall y adjust id annual rates Period I II III IV 1965 I II III This category corresponds closely with budget expenditures for national defense shown on p 35 2 Gross national product in current prices divided by gross national product In 1958 prices ae NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce Implicit price deflator for total GNP NATIONAL INCOME National income in the third quarter rose 8 2 billion to a seasonally adjusted annual rate of 558 5 billion All major sectors contributed to the increase except farm income which fell slightly from its unusually high level in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME See NoJe page 7 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period Compcn Proprieto rs income of employees 1 Farm 2 Business and professional Rental income of per I II III IV I II III Includes employer contributions for social insurance See also p 4 Excludes farm profits of corporations engaged in farming and therefore differs from net farm income including net inventory change on p 6 which includes such profits 3 See Note page 7 Net interest Corporalbe profits and inventory va uation ad justment 3 Total Profits Inventory before valuation taxes 3 adjustment Less than 50 million NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce o SOURCES OF PERSONAL INCOME In November personal income rose 4 7 billion to a seasonally adjusted annual rate of 546 billion Most major types of income contributed to the gain the largest were wage and salary disbursements with an increase of 3 billion and farm proprietors income with a rise of about billion BILLIONS OF DOLLARS 550 BILLIONS OF DOLLARS TOTAL PERSONAL INCOME DIVIDENDS AND PERSONAL INTEREST BUSINESS PROFESSIONAL AND RENTAL INCOME SOURCE DEPARTMENT OF CO AMERCE Period Sept Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept Oct Nov 5 Total personal income Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental and Other Proprietc rs income income Divi Personal Transfer interest paysalary labor 2 Business of Farm disburse income and pro persons dends income ments l ments fessional Co iipensation of employees see p 3 ex jluding empl oyer contrib utions for social nsurance anc the excess o wage accrueils over disbiirsements Ki ployer contr butions to p rivate pensio n health arid welfare fu ids cornpcnsn on for injurie s directors 1fees military reserve pay and a few ot ier minor u n m l income exclusive of net income of unincorporated farm enterprises JUTS arrlcnliiirul net interest and net dividends paid by agricultural COUNCIL OF ECONOMIC ADVISERS 4 5 Reflects Less Personal contributions for social insurance Nonagricultural personal income ste pped up pay ments for veterans insur ance Preliminar Includes re roactive soc al security b enefits of 88 5 million or 1C 6 billion at aruiual rate NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME Disposable personal income soared by 12 billion seasonally adjusted annual rate in the third quarter the biggest quarter to quarter change since early 1950 Despite the 8 billion increase in personal outlays the saving rate went from 5 0 percent to 5 8 percent in the third quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS DOLLARS DOLLARS SOURCE DEPARTMENT OF CO AMERCE Personal income Less Personal taxes Ill IV I III Hi C 51M Period iO S S GO 7 C 1 S C COUNCIL OF ECONOMIC ADVISERS Per cap ita disSaving L 3ss Perso nal outlayfS posable personal as perEquals Persorlal consuEaption Equals incc me cent of Disex penditure 3 2 Personal disTotal posable saving posable personal personal Durable NonCurrent 1958 l income outlays durable Services prices prices personal goods income 2Oods percent Billions of dollars Dollars C C r 403 X I OX S i S 5S C 2 C S i so n a l l y n d j i sled m i n i ml rates C i i o i f c If i C S C 4 4 Hi ISO I JX C X r S i 0 JX Includes pcrsoiuil con sumption expenditures interest p id by consu incrs and personal t r ansfer payi nents to for eigners 2 See p 2 for total porsw al constini tion expend u res 1963 Population thousands Js OTE Data for Alaska an d Hawaii inchided beginrling 1960 S Circes Depcirtment of C raunerce anc Council of Economic AcIvisers FARM INCOME Following a sharp rise in the second quarter net farm income fell somewhat in the third quarter on a seasonally adjusted basis However the over the year sain was at an annual rate of about 1 billion excluding inventory change and more than 2 billion including inventory change BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 50 50 REALIZED GROSS FARM INCOME NET FARM INCOME 20 INCLUDING NET INVENTORY CHANGE Personal income re ceived by total f arm popu lation ncome re ceived fro m farming Realize d gross From all sources I II III IV 1965 I II III 1 From From farm nonfarm sources sources f n i i r i i i j rnnsf ml vil hii a year Net t farm open itors Net inc ame per farm incl uding net inventory change 3 ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1964 from Total i ventory ventory2 prices prices 4 marketchange change ings Billions c f dollars Dol lars Seas onallv ad listed amlual rates lush receipts from marketings Government payments and nonmoney inromo furnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also Ionliioto2 p 3 H i nl n I i r 9 On sfis of Agriculture definition of a farm The number of COUNCIL OF ECONOMIC ADYISKS SOURC DEPARTMENT OF AGRICULTURE Period In come in current prices divided by the index of prices paid by farmers for family living items on s 1964 base Source Department of Agriculture CORPORATE PROFITS Corporate profits rose to record highs in the third quarter according to current estimates Profits before taxes were at a seasonally adjusted annual rate of 74 6 billion and after taxes at 44 9 billion Increases over a year earlier were 14 percent and over 191A percent respectively BILLIONS OF DOLLARS BILLIONS OF DOLLARS 80 80 SEASONALLY ADJUSTED ANNUAL RATES 70 17 PROFITS BEFORE TAXES J EXCLUDING INVENTORY VALUATION ADJUSTMENT I SEE NOTE ON TABLE BELOW COUNCH OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Period I TT III IV 1965 I III Corp orate pr ofits befo re taxes and inven tory CoriDerate pr ofits valuation adjustmei it a fter taxe s TransCorpo CorpoM anufactur ing portation rate rate All comDiviUnprofits tax All NonDurable durable muni other before liabil Total dend distribindusgoods payuted ity Total indusgoods cations indus taxes tries and tries ments profits inaus public tries utilities Includes depreciation capital outlays charged to current account and accidental damages Corporate profits after taxes plus corporate capital consumption allowances NOTE Data beginning 1902 adjusted for effects of new depreciation guidelines 2 Corporate capital consumption allowances Profits plus capital consumption allow 2 an ces M billion for 1962 and therefore not comparable with previous data Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT The increase in gross private domestic investment of almost 1 billion seasonally adjusted annual rate in the third quarter was made up of an increase in fixed investment of 1 5 billion partially offset by a decrease in inventory investment of 0 6 billion Inventory investment is still markedly above the 1964 average BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS DURABLE EQUIPMENT U H l f tl RESIDENTIAL STRUCTURES L L H NONRESIDENTIAL STRUCTURES CHANGE IN BUSINESS INVENTORIES I i I I J I I I i I I i SOURCE DEPARTMENT OF COMMERCE I i I I 1965 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed inivestment Total gross private domestic investment Period I II Ill IV1965 I II Ill NOTE Data for Alaska am H a w a i i I n d m l n l 1 8 i 102 0 Resid ential struc tures Ncpresident ial Total Structures Total Producers durable equipment 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 for the first half of 1966 are expected to amount to 57 8 billion seasonally adjusted annual rate which is 16 percent above the first half of 1965 For the third time the figures for 1965 have been revised upward and are now expected to reach 51 8 billion or almost 151A percent above 1964 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 70 SEASONALLY ADJUSTED ANNUAL RATES NON MANUFACTURING 20 MANUFACTURING 10 I r f i Jj SEE NOTE 3 OH TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates M anufacturi Dg Period I n in 3 IV 1966 I 3 3 II 1 s Total i S 85 Total Durable Nonduragoods ble goods Excludes agriculture Commercial and other includes trade service finance communications and construction 3 Estimates based on anticipated capital expenditures as reported by business in late October and November 19 5 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Trans po rtation Mining Railroads Other Public Commerutilities cial and other Annual total is the sum of unadjusted expenditures it does not necessarily coincide with tbe 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 r EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Employment seasonally adjusted increased by 353 000 in November while the civilian labor force rose by An exceptionally large gain of 660 000 in nonagricultural employment was partially offset by a decline in agriculture MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED TOTAL LABOR FORCED 75 75 CIVILIAN LABOR FORCE TOTAL CmrLW I V LIN I IWIML EMPLOYMENT i i NONAGRICULTURAL EMPLOYMENT AGRICULTURAL EMPLOYMENT UNEMPLOYMENT PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE Q 4 0 JNEA AF L o MAE NT nn pP sE S DbJA111r c JLJS1 ED RA TE r r r i n rv Tl r n S 19 5S YE fcR DF A 3E A 4D 0 E R s SO JRC DE PA RT M Nr DF U BC R 196 o UN C L Civili in employ ment years of age and o ver S easonally adjustec Period Civili in emplo yment Civilian labor force Total labor force as percent of noninstitutional population Not strictly comparable with preceding data Bee Employment and Earnings May 1962 p XIV 10 Total Agricultural Nonagricultural OF E o N 3MJC ADVISE RS Unempl oyment rate percent of Unem civiliaii labor for ce ployment Unad Seasonjusted ally adjusted Total labor force Non Unem includployagriing ment Total cularmed tural forces Thous ands of p ersons Unadj listed Total labor force including armed forces 1964 Sept Oct Nov Dec 1965 Jan Feb Mar Apr May JuneJuly Aug Sept Oct Nov 0 i96 t y Labor force participation rate unad l justed Percent 3 815 s NOTE Beginning 196U data include Alaska and Hawaii Source Department oi Labor SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT The seasonally adjusted unemployment rate fell to 4 2 percent in November the lowest rate since August 1957 PERCENT PERCENT 10 0 SEASOKAUY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPtOYMENT AND PART TIME WORK s V V UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS i i ri f I i i ii I I i i i t I i i i i 1962 SOURC DEPARTAAENT OF LABOR Labor force time lost Experi Married through unemenced All ployment Over 40 wage and men wife and part hours workers salary time workers present work l Per cent Oct Nov Dec 1965 Jan Feb Mar Apr May June Julv Aug Sept Oct Nov a7 3 7 Seasonally adjusted J M aii hours lost by the unemployed and those on part time for economic reasons as a percent of total man hours potentially available to the civilian labor force Beginning 1963 series reflects whether unemployed persons sought fuller 2part time jobs DiiTers from total nonagricultural employment p 13 which includes persons with jobs but not at work for such reasons as vacation illness bad weather and industrial disputes t I t 1I t 1964 II t t t t t t t t I t t 1965 COUNCIL OF ECONOMIC ADVISERS Uneriiploymenl rate percen of civilia n labor for ce m grou P Period I I I t II M t I Persons at work i Q nonagri 3ultural 2 dustries in by hours worked per week Un der 35 ho urs Part time for Part ti me for economic reasons economi 3 reasons 35 40 hours Total Usually Usually Usually Usually fullfullpartparttime 3 time 3 time 4 time 4 Thousan is of perse3ns 14 yesirs of age and over IJnadjuste 1 Seasonal 7 adjusted Oil s Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated 4 Primarily includes persons who could find only part time work 6 Average hours worked usually full time 24 3 usually part time 17 2 NOTE Beginning 1960 data include Alaska and Hawaii Source Department of Labor J1 UNEMPLOYMENT INSURANCE PROGRAMS In November insured unemployment under Stare programs averaged 257 000 less than in November 1964 The insured unemployment rate at 2 7 percent on a seasonally adjusted basis was unchanged bam the October level MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS I I JAN J I FEB MAR APRIL MAY JUNE JULY AUG SEPT OCT SEE NOTE 2 ON TABLE BELOW SOURCE DEPARTMENT OF LABOR A11 progranas Period Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept Oct 2 Nov Week ended 1965 Nov Dec 4 2 II 12 DEC Staite progra ms Insured Total unem benefits Insured Covered ploypaid unem milemploy ment ployment weekly Lions ment averof dollars age Thou sands Initial claims Benefil bs paid Insured unemployment as perTotal Average Exhaus cent of covered emplo yment milweekly tions lions of check SeasonUnad ally ad dollars dollars justed justed Weekly iiverage t lousands J Programs Include Puerto Kican sugarcane workers for initial claims and insured unemployment beginning July 1963 Preliminary Not charted NOV COUNCIL OF ECONOMIC ADVISERS Pensent NOTE For definitions and coverage see the 1964 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Rico since January 1961 Source Department of Labor NONAGRICULTURAL EMPLOYMENT Nonagriculturdl payroll employment rose by iedsondlIy ddjosted in November distributed with manufacturing and contract construction showing the largest increases The gains were widely MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED DATA MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED DATA MANUFAGfURING ALL NONAGRICULTURAL ESTABLISHMENTS TOTAL f 18 I DURABLE GOODs 1NDUSTFJES i NON DURABLE GOOD INDUSTRIES niiiiiiiiiiiiiiiiiiiiu U LJ I CONTRACT CONSTRUaiON 3 5 WHOLESALE AND RETAIL TRADE ENLARGED SCALE ENLARGED SCALE U SOURCE DEPARTMENT OF LABOR t i 1964 I I COUNCIL OF ECONOMIC ADVISERS 1 Thousands of wage and salary workers seasonally adjusted N onmanu facturin I private Manufac turing Drivate Period Total Total Oct Nov Dec Jan Feb Mar Apr May JuneJuly Aug Sept Oct33 Nov NonDurable durable goods goods Total Contract Mining construetion Includes all full and part time wage and salary workers in nonagricuRural establishments w ho worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servents and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor forces shown on p 10 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enu Transportation and public utilities Gover nment Whole Finance Service insursale State ance and and and and miscel Federal local retail real laneous estate meration of population whereas the estimates in this table are based on reports from employing establishments 3 3 Series revised see note p 14 Preliminary NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES The average workweek in manufacturing seasonally adjusted rose slightly in November to 41 4 hours HOURS PER WEEK SEASONALLY ADJUSTED 46 DURABLE k ANUFACTUR ING 44 HOURS PER WEEK SEASONALLY ADJUSTED 46 NONDURA BLE MANUFA QURING 42 Af x x v 7 At S r SO 0 ox f J I I 1 1 1 f f CONTRACT CONSTRUCTION RETAIL IRA DE 40 A1 38 Af IA 32 Qj W X t l 1 I t I I I I I 1962 M COUNCIL 0 f ECONOMIC ADVKERS SOURCE DBfARTMENT Of LABOR Average hours per week l seasonally adjusted Manlufacturing Industries Period Oct Nov Dee 1965 Jan Feb Mar Apr May June July Aug Sept Oct 2 Nov Durable goods An All i Data relate to production workers or nonsupervisory employees Data for Alaska and Hawaii included beginning 1959 3 Preliminary 14 Nondurable goods Contract construction Retail trade sai NOTE Series revised For details see Employment and Earnings December 1966 Source Department of Labor AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings in manufacturing climbed to 109 30 in November 5 00 above November 1964 DOLLARS XX 1965 SOURCEi DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Avera ge hourly earmngs current prices Period Manuffi icturing iiidustries Contract Retail conNontrade Durable durable strucAll goods tion goods Oct 2 52 Nov 2 55 Dec Jan 2 58 Feb 2 59 Mar 2 59 Apr 2 60 May June July 2 61 Aug 2 59 Sept 2 63 Oet Nov a Earnings in current prices adjusted to exclude overtime and interindustry J Earnings in current prices divided by the consumer price index on a 1964 3 See note p 14 Preliminary 5e JManufac turincr indust ries Manufi icturing iiidustries Contract Adjusted Average hourly weekly conRetail Nonearnings earnDurable durable structrade ings All goods tion 1964 goods 100 prices 2 Aver age weekl y earningsj current prices shifts base a Re vised series based on new benchmark Earlier data to be revised at a later date NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION In November the industrial production index seasonally adjusted rose almost 1 percent to a new peak were posted in every major industry and market group Index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED 160 Gains 170 UTILITIES A ND MINING TOTAL C A 130 TAft 120 ion X s lAn X S UT ILITIES Mlh ING 110 S t II I 1 100 I I 1 II I I I I s s v s t A V i iii 11 i i i i i i f i COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept Oct Nov 1 1 Preliminary 16 seasonally adjusted Industry M anufaetur ing Total Mairket Fiiaal produ 3tS Durable Nondurable Mining Utilities Total Consumer goods Equipment Source Board of Governors of the Federal Reserve System Materials PRODUCTION OF SELECTED MANUFACTURES In November production of every major durable manufacture increased seasonally adjusted from 1 to 2 percent except primary metals which declined about 2 percent Most nondurable manufactures also registered significant gams Index SEASONALLY ADJUSTED JBO Index SEASONAiiY ADJUSTED r TRANSPO RTATION j t EQUIP MENTV X X l 4 MACHINE t X 1 Y RY Mt H I9n inn j X T LUMBER AND PRODUCTS RO i 1 1 t i I i i i i i I i i i i i i ii ii r 1 1 1 1 f r 1 1 t CHEMICALS PETROLEUM AND RUBBER TEXTILES APPAREL AND LEATHER 140 T20 X FOODS BEVERAGES AND TOBACCO SOUftCEi iOAHO OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM 1965 COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Nc ndurable manufactu res Durab le manufsictures Period Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept Oct 1 Nov i Preliminary Primary metals R FabriTranspor Lumber Textiles Paper Chemicals Foods and cated Machin tation petrobeverapparel and metal print leum and ages and ery and equipproding rubber tobacco products ment leather ucts Source Board of Governors of the Federal Keserve System WEEKLY INDICATORS OF PRODUCTION Most weekly indicators of production increased in November Exceptions were steel output which decreased again but at a much slower rate than in the preceding 2 months and freisht carloadings MILLIONS Of SHORT TONS DAILY AVERAGE MILLIONS OF TONS STEEL J F M A M N D V i i t 1 i i i i i I i i t I i t i ii i ii Ii i t i 1 i t t J f M A M J J A O N O N BILLIONS Of KILOWATT HOURS A SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTIMOU EDISON aECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weekly average Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept Oct Nov 2 Week ended 1965 Nov Dec Daily Electric Bituminous Freight Paperboard Steel pi oduced power coal mined loaded produced Index Thousands distributed thousands thousands thousands of net millions of of short of cars of tons tons 100 kilowatt hours tons l D Car 3 and tru cks assemb led thoiisands Total Cars Truck average Includes data for Alaska Preliminary a Not charted 18 S COUNCIL OF ECONOMIC ADVISERS Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard Association and Ward s Automotive Reports NEW CONSTRUCTION New construction outlays seasonally adjusted rose 11A percent in November from the revised October total outlays were up about 41 2 percent while private outlays were unchanged BILLIONS OF DOLLARS Public BILLIONS OF DOLLARS so 8C SEASO hUUY ADJUSTED ANNUAL RATiS rn 7C TOTAL NEVV t CONSTRUCT3N ll r n m r N x X 1 6C 1 rf PRIVATE 4C 40 in if PUBLIC n m Af j fc o1 f 1 f t f 1 I 1 1 1 i I t i r f i i f t t i i t i i i ri iii F1 i I t 1 I I 1 f 1 1 t t i t t i ii i 11 i SOURCE OEPAMMENT OF COMMERCE Period Total new construction expenditures COUNCIL OF ECONOMIC ADVISERS Pr ivate Total Resi dential noiaf arm CommerNew Additions cial and l housing and al 2 industrial Total units terations Billions of dollars Other Constructioii contracts1 Federal Total value Commercial and State index industrial and floor space local 100 millions of square feet ia9 19 9 Seasonally adjusted Sea sona adji sted annucil rates 1964 Oct Nov Dec 1965 J a n Feb Mar Apr May June July Aug Sept4 Oct 4 Nov Includes nonhousekeeping residential construction not shown separately Not available for revised series beginning CompOed by F W Podge Corporation and relates to 48 States Preliminary Seasonally adjusted annual rates NOTE Data for Alaska and Hawaii included beginning January 1959 Sources Department of Commerce and F W Dodge Corporation HEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nanfarm housing starts seasonally adjusted spurted ahead by 10 percent in November to the highest rate since June Permit authorizations also rose MILLIONS OF UNITS 2 5 MILLIONS OF UNITS 2 5 SEASONALLY ADJUSTED ANNUAL RATES PRIVATE NONFARM HOUSING STARTS 1 5 NX VA APPRAISAL REQUESTS FHA APPLICATIONS I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA VETERANS ADMINISTRATION VA Thousands of units Houising star ts Period Total private and public including farm Oct Nov Dec 1965 Jan Feb Mar 124 9 Apr 154 9 May 162 1 June July Aug Sept 125 9 Oct Nov r Total private including farm Prh ate nonfa rm Total Onefamily Two or more families Total private including farm Total Gover nment home p rograms FHA VA Se asonally adj usted Authorized by issuance of local building permit in 10 000 permit issuing places prior to 1963 and 12 000 or more thereafter 2 Units represented by mortgage applications for new home construction 3 Preliminary 30 Priv ate nonf jirm Proposeid home constr uction New private housing Applica Requests units tions for for VA author FHA appraisized 1 commitals 2 ments annual ra tes 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 Preliminary retail sales figures of 24 0 billion seasonally adjusted in November indicate a gain of 0 2 percent Durables rose 1 1 percent but nondurables fell 0 2 percent BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 120 BUSINESS SALES AND RETAIL TRADE ENLARGED SCALE INVENTORIES DURABLE GOODS STORES 14 INVENTORIES SALES SALES HONOURABLE GOODS STORES WHOLESALE TRADE ENLARGED SCALE INVENTORIES 16 X Z SOURCE DEPARTMENT OF COMMERCE Total biisiness 1 Wholessale 4 Sales Period Sales 2 I 1965 COUNCIL OF ECONOMIC ADVISERS Inventories 3 Sales 2 Inventories s Total 2 Re tail 5 nventories NonDurable durable goods goods stores stores Total Durable goods stores Nondurable goods stores Millions of dollars seasonall y adjustec Sept Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept6 6 Oct Nov The term business here includes wholesale retail and manufacturing trade see page 22 2Monthly average for year and total for month 8 Book value end of period seasonally adjusted Beginning 1961 data include Alaska and Hawaii Beginning 1960 data include Alaska and Hawaii 6 Preliminary Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers shipments seasonally adjusted increased by about 1 percent in October despite the steel liquidation Their inventory shipments ratio remained constant at 1 65 WLUONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 70 MANUFACTURERS SHIPMENTS MANUFACTURERS INVENTORIES DURABLE GOODS MANUFACTURERS NEW ORDERSDURABLE GOODS HONOURABLE GOODS J964 SOURCE DEPARTMENT OP COMMERCE Manufac turers sh ipments l Manufad urers inventories 2 D s A renoa Total 1965 COUNCIL OF ECONOMIC ADVISERS NonDurable durable goods goods Total NonDurable durable goods goods Ma nufacture rs new orde rs Durat le goods Total Total NonMachinery durable and goods equipment Manufacturers inventoryshipments ratio 3 Millions of dollars seasonal y ad juste d Sept Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept4 Oct Nov Monthly average fMr year and t otal for monlth 3 period seascraally adjust ed 8 Book value end of For annual periods ratio of wei jhted average inventories to average numthly shipments for month y data ratio of invcntori es at end of inonth to shi pments for month 22 Preliminai y s Not charted Source De artment of bommeree MERCHANDISE EXPORTS AND IMPORTS The trade surplus in October fell to 347 million seasonally adjusted Exports rose slightly but recorded imports jumped by 12 percent Because of a change in the documentation procedure imports are somewhat underestimated for July through September but this underestimate is adjusted and recorded in the October figures BILLIONS OF DOLLARS 3 0 BILLIONS OF DOLLARS J SEE NOTE BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Merchandi se expo rts Period Monthly average Sept Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept Oct M erchandisse imports Total ineludGener al 2im 3omesti c exports ing reesqports 1 poi ts Indus Finished Season Unad Total Food trial manu Season Unadally ad justed ally ad justed stuffs matefacjusted justed rials tures l U nadjust ed Total exports less Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program 8 Imports for immediate consumption plus entries into bonded warehouses 8 Imports for immediate consumption plus withdrawals for consumption from bonded warehouses Merchandise Impo rts for consum ption trade Indus Finished surplus seasontrial Total4 Food mate manu ally adstuffs facjusted rials tures U nadjust ed Data through 1960 have been adjusted to include imports of uranium ore NOTE Series revised beginning 1963 Because of revisions subgroups do not Include all data in totals Source Department of Commerce 23 U S EXPORTS AND IMPORTS OF GOODS AND SERVICES The U S surplus on goods and services decreased in the third quarter to 7 4 billion seasonally adjusted annual rate from 8 0 billion in the second quarter The surplus on merchandise trade remained at 5 1 billion while the surplus on services declined by 0 6 billion largely because of a decrease in private investment income BILLIONS OF DOLLARS BILLIONS OF DOLLARS EXPORTS OF GOODS AND SERVICES 20 20 IMPORTS OF GOODS AND SERVICES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Total Millions of dollars Exports of good s and sei vices Incorrte on investinents MerMiliOther chantary PriservGov1 dise sales vate ernices Impor ts of good s and sen ices Total Merchandise ment I II III IV I II III Balance Milion tary Other expend serv goods itures ices services Sea sonally adjusted annual ra tes 1 Adjusted from customs data for differences in timing and coverage 24 Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS The United States recorded a deficit on liquidity balance of 1 9 billion seasonally adjusted annual rate but had a surplus of 1 0 billion on the official reserve settlements basis The shift to deficit on the liquidity balance is primarily attributable to the fact that certain favorable capital inflows of the second quarter could not be repeated The official settlements balance showed another surplus in the third quarter as foreign central banks again supplied dollars to meet the demands of the private sector BILLIONS OF OOklARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES BALANCE ON GOODS AND SERVICES BALANCE OFFICIAL RESERVE TRANSACTIONS BASIS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S pr ivate capi tal net Balsince U S Period Government grants and capital net I II III IV 1965 I II Direct investment Other longterm Shortterm Errors Foreign and uncapital recorded Liquidtransnet 1 ity basis 2 actions Season ally adjus ted anmi il rates Official reserve transactions basis Changes in gold convertible currenTo foreig n official cies and 5 To other IMF gold hold ers foreign tranche holders 7 position NonLiquid increase liquid 6 Chan ges in sel icted liabilitie s decreas e Quaifterly tot als unadjiisted III Includes certain special Government transactions reversible gold sales to and gold deposits with the U S 2 8 Equals changes in liquid liabilities to foreign official holders other foreign Provisional 7 holders and changes in official reserve assets consisting of gold convertible Private holders includes banks and international and regional organizations currencies and the U S gold tranche position in the IMF excludes IMF 8 3 Equals changes in liquid and nonliquid liabilities to foreign official holders On Sept 30 U S reserve assets consisted of gold stock million down and changes in official reserve assets consisting of gold convertible currencies 124 million from June 30 IMF position including gold portion of increased and the U S gold tranche position in the IMF U S subscription 837 million convertible currencies 959 million 4 Includes short term official and banking liabilities and foreign holdings of NOTE Data exclude military grant aid and U S subscriptions to IM F U S Government bonds and notes fi Central banks governments and U S liabilities to the IMF arising from Source Department of Commerce OC PRICES CONSUMER PRICES The over all index of consumer prices increased by 0 2 percent in October Food prices were stable but the prices of other commodities rose by 0 4 percent Durable goods prices increased for the first time in 9 months Services prices resumed their steady upward creep after an unusually large rise in September Index Index JL 5EE NOTE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Services Commodities3 All Period items Sept Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept Oct All commodities Comm odities les s food Food See Note NOTE Prior to January 1964 indexes revised to reflect transfer of homeownership from services to durable commodities 26 All as Non All Durable durable services Rent Services less rent Beginning with January 1964 new index with revised weights coverage and sampling procedures For details see Department of Labor release Major Changes in the Consumer Price Index March 3 1964 Source Department of Labor WHOLESALE PRICES The wholesale price index increased by 0 4 percent in November The increase was concentrated mainly in farm and processed food prices which rose by 0 9 percent and 0 6 percent respectively but industrial prices also showed a larger rise than earlier this year Index Index COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period Aug Sept Oct Nov Dec 1965 Jan Feb Mar Apr May June Julv Aug Sept Oct Nov3 4 Week ended 1965 Dec Commodi ies other t ban farm products a ad foods iiidustrials Indus Indus Produc Consuiiaer finFarm Procished g X ds exAll intrial intrial essed prodcludin g food dustricrude termedi er finfoods ucts ished Durals1 mate ate ma goods Non2 terials rials able durable S S S Coverage of the subgroups does not correspond exactly to coverage of this Index Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Preliminary Weekly series based on smaller sample than monthly series Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS The parity ratio was unchanged during the month ended November 15 as prices paid and prices received by farmers were stable index Index o i o tf RAT RATI HXJ 90 Of PARITY RATIO VoX V v v i c M r v I i i i i i i i i i i i I i i i i i i i i i ii i r i i i 1 i i l i i I I M I i I I l l i m r i i i 1 i i i i im I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE COUNCIL OF ECONOMIC ADVISERS SOURC DEPARTMENT OF AGRICULTURE Prices i eceived by farmers Period Oct 15 N o v Dec Jan 15 Feb 15 Mar Apr May June 15 July 15 Aug 15 Sept Oct 1 i Nov 15 All farm products Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base 28 Prices3 paid by fairmers Livestock All items interest and Crops taxes and products wage rates Index Family living items Source Department of Agriculture Production items Parity ratio l MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The daily average money supply seasonally adjusted barely rose in November following the large October rise but time deposits at commercial banks continued to advance sharply BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME DEPOSITS AT ALL COMMERCIAL BANKS LI i i i i i i i i i t t i i 1959 l 1960 i i t I 1 I I t I t I I I t i i i i I i i i i i 1963 i t t i t t i i i r 1964 s i l t i 1965 COUNCIL Of ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures billions of dollars M oriey snpf ly M oney supp iy Period Dec Dec Dec Dec Dec Dec Oct Nov Dec 1965 Jan Feb Mar Total Apr Mav June July Aug Sept Oct Nov 2 j 2 Deposits at all commercial banks Preliminary Currency outside banks Seasonally De Time de posits mand de posits adjustec l Total Currency outside banks De Time de posits mand posits de 1 U S Government de mand de posits l 1Jnad justed NOTE See Note p 31 Source Board of Governors of the Federal Reserve System SELECTED LIQUID ASSETS HELD BY THE PUBLIC The increase in nonbank public holdings of liquid assets seasonally adjusted in November was closely in line with the average for the preceding 12 months Demand deposits declined while holdings of short term Government securities rose reflecting the Treasury financing BILLIONS OF DOLLARS 600 BILLIONS OF DOLLARS 600 SEASONALLY ADJUSTED END OF MONTH SAVING TYPE ASSETS JJ x DEMAND DEPOSITS AND CURRENCY IIIIIIIMIIJUIIHI 100 Ija I J ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars seasonally adjusted Total selected liquid assets End of period Nov Dec 1965 Jan Feb Mar Apr May June3 July3 Aug 3 Sept Get 3 Nov Demand deposits and currency Time d eposits Commercial banks Agrees in concept with money supply p 29 except for deduction of demand deposits held by mutual savings banks and savings and loan associations Data for2 last Wednesday of month Excludes holdings of Government agencies and trust funds domestic commercial and mutual savings banks Federal Reserve Banks and beginning February I960 savings and loan associations 30 Mutual savings banks 3 Postal Savings System Savings and loan shares U S Government U S Gov securities ernment maturing savings within bonds 2 year Preliminary NOTE See Note p 31 Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES Total commercial bank credit seasonally adjusted rose by 2 6 billion in November As in October a rise in banks holdings of Government securities and security loans played a significant role as a result of Treasury financings BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED END OF MONTH ALL COMMERCIAL BANKS TOTAL LOANS AND INVESTMENTS INVESTMENTS IN U S GOVERNMENT SECURITIES 50 50 INVESTMENTS IN OTHER SECURITIES II IMIHHM iiiiiOi mii I I i I I 1964 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM All comnnercial bank s s easonally adjusted datta End of period Nov Dec 1965 Jan Feb Mar Apr May June Julv5 Aug 5 Sept 5 Oct 5 5 Nov Total Investrnents Loans loans excluding and inter U S Gov Other investbank ernment securiments securities ties Billions of dollars Member banks are all national banks and those State banks which have taken membership in the Federal Reserve System 2 Commercial and industrial loans 3 Debits during period to demand deposit accounts except interbank and U S Government New series see Bank Debits and Deposit Turnover G 6 FRB February Average of daily figures Annual data are for December 1965 COUNCIL OF ECONOMIC ADVISERS Weekly reporting member banks 1 Business loans o Bank debits outside New York City 343 centers seasonally adjusted annual rates A 1 member banks l 4 Total reserves sr r 21 OL O iM ji Borrowings at Fivr Excess Federal reserves Reserve reserves Banks Millions o f dollars 710 577 r r S M IH 572 r 3o o in fiii i JS G t i i i o i U M r 28 r Preliminary NOTE Between January August 105 series for all commercial banks expanded to include d n i u lor n i l hanks in Alaska and Hawaii Data for all member banks include Alaska and Hawaii beginning 1954 and 1959 respectively Source jJoard of iovernors of the Federal Reserve System 31 CONSUMER AND REAL ESTATE CREDIT Total consumer credit rose strongly by 645 million in October automobile loans accounted for about one third of the rise which is not out of line with their performance in the preceding 12 months BILLIONS OF DOLLARS BILLIONS OF DOLLARS IND OF MONTH TOTAL CONSUMER CREDIT OUTSTANDING SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED J INSTALMENT CREDIT REPAID I I Period Sept Oct Nov Dec 1965 Jan Feb Mar Apr May June July Aug Sept h i COUNCIL OF ECONOMIC ADVISERS Millions of dollars Consu mer credit outstandin g end of period Consum er instalme nt credit e xtended Umad justed and re3paid seas anally adju sted instalment Automobile paper To tal NonAutomoTotal instal Extended Repaid Extended Repaid Total 1 bile Personal ment 2 paper loans Also includes other consumer goods paper and repair and modernization o in i n u t slimvn separately o n s i I M of sjiu ie pjiymont loans charge accounts and service credit s F ml ol period unadjusted 32 SOURCE SOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM U i 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 substantially in November as credit demands accelerated The increase in the Federal Reserve discount rate from 4 to 41 2 percent announced on December 5 accounted for the sharp early December jump in bill and short term note and bond yields PERCENT PER ANNUM PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S SOURCES SE TABLE BEOW Percent per annum High grade U S Gove rnment seem ity yields municipal 3 month bonds 3 5 year Taxable Treasury Standard4 issues 2 bonds 3 bills i Poor s Period Oct Nov Dec 1965 Jan Feb Mar Apr May June Julv Aug Oct Nov Sept COUNCIL OF ECONOMIC ADVISERS Week ended 1965 Nov Dec x 45 I 47 x 49 x 53 x 60 x 56 2 i Rate on new issues within period Selected note and bond issues Series includes April 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures 8 Data for first of the month based on the maximum permissible interest rate 5 4 percent since May 1961 and 30 year mortgages paid in 16 years 3 Corpora be bonds Moo dy s Aaa Baa IS Prime commercial paper 4 6 months FHA new home mortgage yields Not charted 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 Stock prices fluctuated unevenly in November and early December lnde c Index WEEKLY MONTHLY on y V rr s COMPOSITE PRICE INDEX FOR 500 COAAMON STOCKS S N V xw A YX V I I I I I I I f 1 1 1 II i i i i i i i i i i 1 1 1 I i t i i i 1 I X 50 DIVIDEND YIELD ON COMMON STOCKS 2 i i i i i i i i i i i I i i i i i i i i i i i I t i i i i I i i i i i I i 1 1 i i i i i i i i I T t i i I i i i i I i i 1 1 i I i i i i i I i i i i i 1 t 1 i i J 2 RATIO RATIO 25 V in A V r PRICE EARNINGS RATIO ON COMMON SI OCKS i i 1961 i i Price index Industrials Period 1 Total Total Capital goods i A l Consumers goods IS SO SI SO eo 70 Includes 500 common stock 425 are industrials 50 are public utilities and 25 are railroads Weekly indexes for capital and consumer goods are Wednesday figures all other weekly indexes are averages of daily figures Aggregate cash dividends based on latest known annual rate divided by t hr i TO Tit e monthly market value of the stocks in the group Annual vields urc ivcr i rs of monthly data Weekly data are Wednesday figures COUNCIL OF ECONOMIC ADVISERS SOURCE STANDARD AND POOR S CORPORATION Nov Dec 1965 Jan Feb Mar Apr May June Julv Aug Sept Oct Nov Week ended 1965 Nov Dec i S3 07 Railroads Dividend yield 2 percent Public utilities Price earnings ratio Ratio of price index for last day in quarter to quarterly earnings seasonally adjusted annual rate Annual ratios are averages of quarterly data Not charted Source Standard and Poor s Corporation FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES The budget deficit in the first 5 months of fiscal 1966 amounted to 10 0 billion 1965 the deficit was 8 7 billion In the corresponding period of fiscal BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES f NATIONAL DEFENSE BUDGET SURPLUS OR DEFICIT ENLARGED SCALE FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SCURCEi TREASURY DEPARTMENT AND BUREAU Of THE BUDGET Net budget receipts Period Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year Fiscal year 1964 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Cumulative totals first 5 months Fiscal year 1965 Fiscal year Billions of dollars Net budget expendittires N ational defe Qse DepartTotal ment of Military Total Defense assistance military as C In addition to items shown also includes atomic energy and defense related services 2 Includes guaranteed securities held outside the Treasury Not all of total shown is subject to statutory debt limitation Budget surplus or deficit S Public debt end of2 period a U7 j na V2 2 2 a Less than 50 million Deficit of 16 million NOTE Total budget receipts and expenditures exclude certain ntnif ovrrnmental transactions Sources Treasury Department and Bureau of the J u Ip oL 35 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the third quarter cash payments exceeded cash receipts by 3 9 billion on a seasonally adjusted basis however the excess of payments was 1 8 billion BILLIONS OF DOLLARS 35 BILLIONS OF DOLLARS f5 EXCESS OF m m mm 1 5 EXCESS OF C ASH i i i PAYMENTS HM g f SEASONALLY ADJUSTED ASH RECEIPTS f f I FHT Q HHJH CALENDAR YEARS OUR CES TREASURY DEPART WENT AND BUREAU OF THE I UDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year Calendar year Cash payments to the public Excess of receipts or payments ITT IV i r T n m od diitu include accelerated corporate tax payments oi about id billion in Excess of receipts or payments Unadjusted Quarterly total calendar years 1904 I II Cash payments to the public Cash receipts from the public Seeisonally adjus ted J Sources Treasury Department and Bureau of the Budget D FEDERAL BUDGET NATIONAL INCOME ACCOUNTS BASIS Federal expenditures increased nearly 5 billion seasonally adjusted annual rate in the third quarter largely as a result of the retroactive transfer payments for OASI Receipts declined about 11A billion resulting in a deficit of 4 billion BILLIONS OF DOLLARS 140 BILLIONS OF DOLLARS 140 SEASONALLY ADJUSTED ANNUAL RATES H EXPENDITURES OL f I i I I T I f SEASOr SURPLUS L DEFICIT i t J i r f 1961 r f t f i mmmm t ALLY ADJUSTED ANNUAL RATES 1 1 ra Q r I i r i f I f r m Eft f 1 I CALENDAR YEARS SOURCE DEPARTMENT Of C DMMERCE COlJNCIL OF ECONOMIC ADVISE RS Billions of dollars quarterly data at seasonally adjusted annual rates Federal jlovernment receipt s Period Total Fed era 1 Governrnent expe nditures GrantsSubsidies burplus Q I Personal Corpo Indirect ContriPurless in aid or tax and rate business butions chases Trans to State current deficit Net nontax profits tax and to social Total of goods fer payinterest surplus and receipts tax nontax insurand of Govt ments local paid accruals accruals ance services en torgovernments Fiscal year Calendar year II III IV 1965 I II HL I M NOTE Data for Alaska and Hawaii included beginning 1960 o r prises 6 8 0 S J S S S 7 r 0 S 0 A J S 0 i 0 o r i o H S S S S i i f 8 i 0 i T Source Department of Commerce 37 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND TEES 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 Page 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 Administrative Budget Receipts and Expenditures Federal Cash Receipts from and Payments to the Public Federal Budget National Income Accounts Basis NOTE Detail in these tables will not necessarily add to totals because of rounding Data for Alaska and Hawaii are not included unless specifically noted Unless otherwise stated all dollar figures are in current prices Ir by the Superintendent of Documents U S Government Printing Office Washington D C 20402 J riee 2f cents per copy 2 50 per year 3 r foreign 38 G O V E R N M E K T P R I N T I N G OFF1CE I96S

Bank Loans, Investments, Debits, and Reserves

DATE: December 1965

PART OF:

Economic Indicators : December 1965

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-. "Bank Loans, Investments, Debits, and Reserves," 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-. "December 1965," Economic Indicators (December 1965) : 33-33. https://fraser.stlouisfed.org/title/1/item/540/toc/412683 , accessed on December 8, 2019.

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Economic Data