Nonagricultural Employment

Name: Nonagricultural Employment
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 90th Congress 2nd Session Economic Indicators January 1968 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong WILLIAM PROXMIRE Wisconsin Chairman WRIGHT PATMAN Texas Vice Chairman SENATE JOHN SPARKMAN Alabama J W FULBRIGHT Arkansas HERMAN E TALMADGE Georgia STUART SYMINGTON Missouri ABRAHAM RIBICOFF Connecticut JACOB K JAVITS New York JACK MILLER Iowa LEN B JORDAN Idaho CHARLES H PERCY Illinois HOUSE OF REPRESENTATIVES RICHARD BOLLING Missouri HALE BOGGS Louisiana HENRY S REUSS Wisconsin MARTHA W GRIFFITHS Michigan WILLIAM S MOORHEAD Pennsylvania THOMAS B CURTIS Missouri WILLIAM B WIDNALL New Jersey DONALD RUMSFELD Illinois W E BROCK 3d Tennessee JOHN R STARK Executive Director JAMES W KNOWLES Director of Research COUNCIL OF ECONOMIC ADVISERS GARDNER ACKLEY Chairman JAMES S DUESENBERRY ARTHUR M OKUN Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and Plouse of Representatives of the United States of America in Congress ssembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 25 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 1967 revised edition of the Historical and Descriptive Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is available at 70 cents a copy from the Superintendent of Documents Government Printing Office TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Preliminary estimates indicate that sross national product rose by 16y2 billion seasonally adjusted annual rateJ in the fourth quarter Billions of dollars quarterly data at seasonally adjusted annual rates Government Persons Net receipts Disposable personal income Period Total l I III IV I II III IV v Personal income p 5 less personal tax and nontax payments fines penalties etc 3 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 i International income and product accounts Net exports of goods Net Total Statisand services transfers Excess of income tical Gross Gross to foror discreptransfers private Excess eigners retained domestic of or receipts ancy earnby of net 3 invest invest sons perEquals exports ings ment and Less ment 4 Net Govern Exports Imports exports ment I II III IV 1967 I II III IV 9 Surplus or deficit PerLess Equals Personal sonal Less Less Tax Interest Total consump saving Trans Equals Total Trans Equals or and paid and excludtion Purfers fers nontax interest expend interest chases Net transfer ing expenddisreceipts itures interest of goods itures saving receipts payand and or and ments and sub 2 sub 2 services to foraccruals sidies transsidies eigners fers Business Period Expenditures l Gross national product or expenditure Private business investment purchases of capital goods by private nonprofit institutions and residential housing Net foreign investment with sign changed NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted continued to advance at an annual rate of 8Vfc percent in the founk quarter according to preliminary estimates About half of the increase represented a rise in physical output and the rest higher prices BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT PERSONAL CONSUMPTION EXPENDITURES GOVERNMENT PURCHASES OF GOODS AND SERVICES f ti iiniiiiiii L J 1961 I J J J I II III IV 1967 I II m IV Government purchases of goods and Total Personal Gross Net services congross Total private exports sump domestic of goods national gross Federal State tion product national investand Total National Other and in 1958 product expend ment services Total defense1 local itures prices Billions of dollars quarterly data at seasonally adjusted annual rates S I 1967 COUNCIL OF ECONOMIC ADVISERS L J This category corresponds closely witb budget expenditures for national defense shown on p 35 2 Gross national product in current prices divided by gross national product in 195 prices I I 1966 I PRELIMINARY SOURCEi DEPARTMENT OF COMMERCE Period 100 GROSS PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce Implicit price deflator for total GNP RATIONAL INCOME rational income rose almost 1 2 billion seasonally adjusted annual rate in the third quarter According to preliminary estimates for the fourth quarter employee compensation increased 10 billion and net interest rose billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS PROPRIETORS AND RENTAL INCOME CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT 1967 J PRELIMINARY SOURCE DEPARTMENT OF COMMERCE SEENOTE PAGE 7 Billions of dollars quarterly data at seasonally adjusted annual rates Period I II III IV 1967 I II III IV Total national income Compensation of em ployees Proprietors income Farm Includes employer contributions for social insurance See also p 4 2 Excludes farm profits of corporations engaged in farming and therefore difiers from net farm income including net inventory change on p 6 which includes such profits Business and professional Rental income of persons Net interest Corporate profits and inventory valuation adjustment 3 Total Profits Inventory before valuation taxes 3 adjustment See Note p 7 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce o SOURCES OF PERSONAL INCOME In December personal income resistered its second largest 1967 monthly increase with a rise of 5 7 billion to reach seasonally adjusted annual rate of 648 1 billion Wages and salaries increased 6 7 billion but dividends declineu 2 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS OTHER INCOME IIIIMIIIIIIIIMM I TRANSFER PAYMENTS J u mmm m fc I SOURCE DEPARTMENT OF CO AMERCE Period Total personal income v 1966 N o v Dec 1967 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec p COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates liVfl tre Wage Proprietors3 income Rental and Other Personal Transfer income Divisalary labor 2 Business paydends interest ments of disburse income Farm and pro persons income 1 ments fessional o 2 is o Compensation of employees see p 3 excluding employer contributions for social insurance and wage accruals less disbursements 2 Employer contributions to private pension health and welfare funds compensation for injuries directors fees military reserve pay and a few othei minor items t I M T L L Less Personal con Nonagritributions cultural personal for social income 3 insurance Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME Preliminary data indicate that personal income advanced 11 billion seasonally adjusted annual rate in the fourth quarter and disposable income increased 91 2 billion Personal outlays rose 6 billion and the saving rate jumped from 7 0 to 7 5 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS 300 DOLLARS 2 800 DOLLARS 2 800 SEASONALLY ADJUSTED ANNUAL RATES PER CAPITA DISPOSABLE PERSONAL INCOME IN CURRENT PRICES IN 1958 PRICES I I J 1964 I L I I PRELIMINARY SOURCE DEPARTMENT OF COMMERCE Period Less Personal Personal tax and income nontax payments J I U lJ COUNCIL OF ECONOMIC ADVISERS Less Personal outlays Equals Personal consumption Equals Disexpenditures 2 Personal posable Total saving personal personal Durable Nonincome outlays 1 goods durable Services goods I III IV II III IV Billions of dollars Seasonally adjusted annual rates Includes personal consumption expenditures interest paid by consumers and personal transfer payments to foreigners 2 See p 2 for total personal consumption expenditures 3 Includes armed forces abroad Annual data are for July 1 quarterly data are for middle of period interpolated from monthly data I 1966 Per capita disposable personal income Current prices 1958 prices Saving as percent of Populadistion posable thou 3 personal sands income percent Dollars NOTE Data for Alaska and Hawaii included beginning 1960 Sources Department of Commerce and Council of Economic Advisers FARM INCOME Net farm income excluding inventory change seasonally adjusted declined about 6 percent in the fourth quarter according to preliminary estimates Including inventory change there was a small rise BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS I 60 SEASONALLY ADJUSTED ANNUAL RATES NET FARM INCOME INCLUDING NET INVENTORY CHANGE SOURCE DEPARTMENT OF AGRICULTURE 1966 I II III IV 1967 I II Ill IV From all sources From From nonfarm farm sources sources Net to farm operators Net income per farm including net inventory change 3 ProducCash tion ex Exclud Includreceipts penses ing net in ing net in Current 1967 from Total i ventory ventory prices prices 2 marketchange change ings Dollars Billions of dollars ft r f SS Seasonally adjusted annual rates Cash receipts from marketings Government payments and oonmoney income furnished by farms 2 Inventory of crops and livestock valued at tbe average price for the year Also see footnote 2 p 3 3 Based on 1959 Census of Agriculture definition of a farm The number of farms is held constant within a year J0 1967 Income received from farming Realized gross I 1966 COUNCIL OF ECONOMIC ADVISERS Personal income received by total farm population Period Income in current prices divided by the index of prices paid by farmers for family living items on a 1967 base Source Department of Agriculture CORPORATE PROFITS Corporate profits before taxes and inventory valuation adjustment seasonally adjusted rose slightly in the third quarter Preliminary estimates for 1967 indicate a decline of about 3 billion for the year BILLIONS OF DOLLARS BILLIONS OF DOLLARS I I EXCLUDING INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE SEE NOTE ON TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Corporate profits before taxes and inventory valuation adjustment TransManufacturing portation comPeriod NonAll Durable durable muniAll 1 indusgoods goods cations other Total tries indusand tries public tries utilities I J y I II III IV 1967 I III IV i Includes all other industries and financial institutions 3 Includes depreciation capital outlays charged to current account and accidental damages 3 Corporate profits after taxes plus corporate capital consumption allowances Corporate profits after taxes Corpo Corporate profits tax before liabiltaxes ity Total Corporate capital conDiviUndend distrib sumption payuted ments profits allowances 2 Profits plus capital consumption allowances NOTE Data beginning 1962 adjusted for effects of new depreciation guidelines 2M billion for 1962 and therefore not comparable with preceding data Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS PRIVATE DOMESTIC INVESTMENT Gross private domestic investment gained 8 billion seasonally adjusted annual rate in the fourth quarter according to preliminary estimates Business fixed investment gained 1 billion to reach a new record high Residential construction continued its recovery with a gain of almost 21 2 billion Inventory investment increased 5 billion the second straight increase after two quarters of substantial decline BILLIONS OF DOLLARS 140 BILLIONS OF DOLLARS 1 140 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT PRODUCERS DURABLE EQUIPMENT 40 RESIDENTIAL STRUCTURES 20 NONRESIDENTIAL 20 T STRUCTURES J CHANGE IN BUSINESS INVENTORIES I I I J PRELIMINARY SOURCE DEPARTMENT OF COMMERCE I COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed investment Period Total gross private domestic investment Total Structures IV v NOTE Data for Alaska and Hawaii included beginning 1960 Producers durable equipment Total Total Total I II III IV I II III Residential structures Nonresidential Nonfarm Total i 32 r 34 S Nonfarm S S S Nonfarm S i f Source Department ol Commerce Change in business inventories Total IS o Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT business expenditures for new plant and equipment for 1967 are now expected to total 61 5 billion or 1 percent above 1966 according to the latest Commerce SEC survey of intentions The survey also shows that a jump of almost 5 percent is expected in the first quarter of 1968 on a seasonally adjusted basis BILLIONS OF DOLLARS 170 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL RATES 60 60 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING MANUFACTURING i I SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS f Billions of dollars quarterly data at seasonally adjusted annual rates Manufacturing Period Total Total III IV 1967 I II III3 IV II3 1 2 Excludes agriculture Durable Nonduragoods ble goods 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 1967 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Transportation Railroads Other Public utilities Mining Commercial and other Q Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not agree with the totals Included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE The civilian labor force seasonally adjusted increased by 476 000 in December Total civilian employment increased As a result unemployment dropped MILLIONS OF PERSONS MILLIONS OF PERSONS 5 PERCENT OF CIVILIAN LABOR FORCE PERCENT OF CIVILIAN LABOR FORCE 1 SEASONALLY ADJUSTED UNEMPLOYMENT RATE n i 1 T YEARS OF AGE AND OVER SOURCE DEPARTMENT OF COMMERCE Period Total labor force including armed forces i S2f Nov Dec 1967 Jan Feb Mar Apr May JuneJuly Aug Sept Oct Nov Dec COUNCIL OF ECONOMIC ADVISERS Unemployment Civilian emTotal Civilian employment rate percent of ployment labor civilian labor force Non UnemNon Unem includ Civilian force labor ploy Agriployagriagriment culforce Total Total ment ing Unad Seasonculcularmed tural justed ally adtural tural forces justed Percent Thousands of persons 16 years of age and over S Unadjusted Seasonally adjusted Q QQ 9 O Q J td 4 oil Total labor force as percent of noninstitutional population NOTE Beginning 1960 data include Alaska and Hawaii 10 Source Department of Labor Labor force participation rate unadjusted S SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT fhe unemployment rate seasonally adjusted dropped from 3 9 percent in November to 3 7 percent in December For the year unemployment averaged 3 8 percent of the civilian labor force the same as in 1966 PERCENT PERCENT 10 10 SEASONALLY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS N UNEMPLOYMENT RATE MARRIED MEN x v COUNCIL OF ECONOMIC ADVISERS SOURCEs DEPARTMENT OF LABOR Unemployment rate percent of civilian labor force in group Labor force time lost Experi Married through unemenced All ployment Over 40 wage and men workers salary wife and part hours present time workers work 1 Period Nov Dec 1967 Jan Feb Mar Apr May June July Aug Sept A Oct Nov Dec Percent Seasonally adjusted J Persons at work in nonagricultural 2 industries by hours worked per week Under 35 hours 35 40 hours Part time for economic reasons Total Part time for economic reasons Usually Usually Usually fullfullparttime 3 time 4 time 3 Thousands of persons 16 years of age and over Unadjusted Seasonally Ian 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 fullor 2part time jobs Differs 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 1967 Usually parttime adjusted Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated Primarily includes persons who could find only part time work 8 Average hours worked usually full time 23 4 usually part time 18 6 NOTE Beginning 1960 data include Alaska and Hawaii Source Department oi Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In December insured unemployment under State programs averaged only 6 000 higher than in December 1966 The insured unemployment rate seasonally adjusted remained at 2 2 percent as low as any month in 1967 MILLIONS OF PERSONS JAN FEB MILLIONS OF MAR APRIL MAY JUNE JULY AUG SEPT NOV OCT PERSONS DEC J SEE NOTE I ON TABLE BELOW SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All programs Total Insured unem benefits Covered ploypaid employ ment milment lions weekly averof dollars age Period v 1966 Nov Dec 1967 Jan Feb Mar Apr May JuneJuly w J Aug Sept Oct Nov Dec Week ended 1967 Dec Jan Not charted 12 Thousands State programs Insured unemployment Initial claims Exhaustions Weekly average thousands Insured unemBenefits paid ployment as percent of covered Total Average employment milweekly check Season lions of Unad ally ad dollars dollars justed justed Percent NOTE For definitions and coverage see the 1967 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Eico since January 1961 Source Department of Labor NONAGRICULTURAL EMPLOYMENT Pbtal nonagricultural payroll employment seasonally adjusted increased almost 200 000 in December Of the major groups only Federal employment showed a decline MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED ENLARGED SCALE ALL NONAGRICULTURAL ESTABLISHMENTS Q SERVICE AND MISCELLANEOUS NONMANUFACTURING PRIVATE DURABLE MANUFACTURING NONDURABLE MANUFACTURING MANUFACTURING CONTRACT CONSTRUCTION GOVERNMENT SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers l seasonally adjusted N on manufacturing private Manufacturing private Period Total v 1966 Nov Dec 1967 Jan Feb Mar Apr May June July Aug Sept Oct p Nov Dec Total NonDurable durable goods goods Total Con Transtract portation Mining conand struc public tion utilities Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay lor any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 10 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enu Government Whole Finance Service insursale State and ance 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 NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 13 WEEKLY HOURS OF WORK SELECTED INDUSTRIES The seasonally adjusted workweek in manufacturing increased from 40 7 hours in November to 40 8 hours in December Hours declined in construction and retail trade HOURS PER WEEK SEASONALLY ADJUSTED 46 HOURS PER WEEK SEASONALLY ADJUSTED 46 DURABLE MANUFACTURING NONDURABLE MANUFACTURING RETAIL TRADE CONTRACT CONSTRUCTION iii i i I i SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS 1 Average hours per week seasonally adjusted Manufacturing industries Period Nov Dec 1967 Jan Feb Mar Apr May June July Ausi Sept Oct Nov Dec p Durable goods All Data relate to production workers or nonsupervisory employees Data for Alaska and Ha wall included beginning Nondurable goods Contract construction Includes eating and drinking places Source Department of Labor Retail trade o O G AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average weekly earnings in manufacturing rose by 2 38 in December to a record high of Average hourly earnings increased by 3 cents in manufacturing and 2 cents in construction and fell 2 cents in retail trade DOLLARS DOLLARS AVERAGE WEEKLY EARNINGS AVERAGE HOURLY EARNINGS 3 00 DURABLE GOODS INDUSTRIES m X SOURCE DEPARTMENT OF LABOR COUNCIL Of ECONOMIC ADVISERS For production workers or nonsupervisory employees Average hourly earnings current prices Period I v N o v Dec Jan Feb Mar Apr May June July Aug Sept Oct p Nov p Dec Average weekly earnings current prices Manufacturing industries Contract conRetail1 NonDurable durable structrade All goods tion goods Manufacturing industries Contract Retail 1 conNonDurable durable structrade All goods tion goods Includes eating and drinking places 2 Earnings in current prices adjusted to exclude overtime and interindustry shifts 3 Earnings in current prices divided by the consumer price index I t Manufacturing industries Adjusted Average hourly weekly earnings earnings prices Based on the new benchmark beginning 1965 NOTE Data for Alaska and Hawaii included beginning 1959 Source Department of Labor 15 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index seasonally adjusted rose 11A percent in December surpassing the previous record high of December 1966 by 1 3 percent Gains in output were widespread for final products and materials Index SEASONALLY ADJUSTED 200 Index SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Nov Dec 1967 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec COUNCIL OF ECONOMIC ADVISERS f seasonally adjusted Industry Total industrial production Total Manufacturing Source Board of Governors of the Federal Reserve System 16 NonDurable durable Mining Market Final products Utilities Total Consumer goods Equipment Materials PRODUCTION OF SELECTED MANUFACTURES Production of manufactures seasonally adjusted increased in December with the only exception being nonelectrical machinery Transportation equipment output again registered the largest increase as a result of a 16 percent rise in motor vehicles Index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED TEXTILES APPAREL AND LEATHER 160 FOODS BEVERAGES AND TOBACCO SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Nondurable manufactures Durable manufactures Period Primary metals Nov Dec 1967 Jan Feb Mar Apr Mav J June July Aug Sept Oct Nov Dec FabriTranspor Lumber Textiles Paper Chemicals Foods apparel and and petroMachin tation bevercated and prodprint leum and ages and ery metal equiping leather rubber tobacco ucts products ment Source Board of Governors of the Federal Reserve System 17 WEEKLY INDICATORS OF PRODUCTION In December steel production continued to increase on a seasonally unadjusted basis Auto assemblies also ros again Most other weekly indicators declined MILLIONS OF TONS MILLIONS OF SHORT TONS BITUMINOUS COAL DAILY AVERAGE A M SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Weekly average Nov Dec 1967 Jan Feb Mar Apr May June July Aug Sept Oct Nov p Dec Week ended 1967 Dec Jan N D Cars and trucks assembled thousands Total Cars Trucks Dally average Includes data for Alaska Not charted 18 O COUNCIL OF ECONOMIC ADVISERS Electric Bituminous Freight Paperboard Steel produced power coal mined loaded produced Index distributed thousands thousands thousands Thousands of net millions of of short of tons of cars 100 tons kilowatt hours tons 1 Period S 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 iTotal spending for new construction seasonally adjusted registered its fifth consecutive monthly advance in November Homebuilding continued its upward trend with a 21 z percent increase while commercial and industrial construction dropped more than 5 percent BILLIONS OF DOLLARS BILLIONS OF DOLLARS PUBLIC PRIVATE RESIDENTIAL NONFARM COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Total new construction expenditures Total Private Residential nonfarm CommerNew cial and Total housing industrial units Billions of dollars Other Construction contracts2 CommerFederal State Total value cial and index industrial and floor space local 100 millions of square feet Seasonally adjusted Seasonally adjusted annual rates 1966 Oct Nov Dec 1967 Jan Feb Mar Apr Mav June July Aug Sept Oct p Nov v Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 Compiled by F W Dodge Company and relates to 48 States Seasonally adjusted 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 After five consecutive monthly increases private nonfarm housing starts fell 21 percent to units seasonally adjusted annual rate in December However permits for future housing starts increased 18 percent MILLIONS OF UNITS 25 MILLIONS OF UNITS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION 1FHA AND VETERANS ADMINISTRATION IVA Period Nov Dec 1967 J a n Feb Mar Apr May June July Aug Sept Oct Nov Dec p Total private and public including farm Total private including farm Thousands of units Housing starts Private nonfarm Private nonfarm Total private Two or includGovernment Onemore ing Total home programs Total family famifarm FHA VA lies 77 g Seasonally adjusted 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 20 COUNCIL OF ECONOMIC ADVISERS Proposed home construction private Applica Requests housing units tions for for VA FHA author commit appraisized 1 als 2 ments annual rates New NOTE Data include Alaska and Hawaii Sources Department of Commerce Federal Housing Administration FHA and Veterans Administration VA BUSINESS SALES AND INVENTORIES TOTAL AND TRADE According to preliminary estimates seasonally adjusted retail sales dropped percent in December Total business sales increased 3 percent in November and business inventories rose over 1 billion BILLIONS OF DOLLARS SEASONALLY ADJUSTED 20 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 160 RETAIL TRADE ENLARGED SCALE BUSINESS SALES AND INVENTORIES DURABLE GOODS STORES 16 INVENTORIES INVENTORIES SALES SALES 8 V WHOLESALE TRADE ENLARGED SCALE NONDURABLE GOODS STORES T S LES SOURCEs DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total business 1 Wholesale 4 Retail 5 Sales 2 Period Sales Inventories 3 Sales 2 Inventories 3 Total Inventories 3 NonDurable durable goods goods stores stores Total Durable goods stores Nondurable goods stores Millions of dollars seasonally adjusted Oct Nov Dec 1967 Jan Feb Mar Apr MayJune JuiyAug Sept Oct Nov Dec 1The term Monthly business also includes manufacturing see page 22 average for year and total for month Book value end of period seasonally adjusted Beginning 1961 data include Alaska and Hawaii s Beginning 1960 data include Alaska and Hawaii Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers new orders seasonally adjusted increased 3 percent in November With an increase in shipments ol 2 1 billion and an increase in inventories of 0 6 billion the inventory shipments ratio fell to 1 75 Preliminary data indicate that new orders for durable goods increased sharply in December BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED MANUFACTURERS INVENTORIES MANUFACTURERS SHIPMENTS 80 70 TOTAL 60 50 DURABLE GOODS NONDURABLE GOODS MANUFACTURERS7 NEW ORDERS NONDURABLE GOODS NONDURABLE GOODS 1964 SOURCE COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE Manufacturers shipments l Manufacturers7 inventories 2 Period Total 1967 NonDurable durable goods goods Total NonDurable durable goods goods Manufacturers new orders 1 Durable goods Total Total NonMachinery durable and goods equipment Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted v 1966 Oct Nov Dec 1967 Jan Feb Mar Apr Mav June July Aug Sept Oct Nov v Dec Monthly average for year and total tor month 2 Book value end of period seasonally adjusted s For annual periods ratio of weighted average inventories to average monthly shipments for monthly data ratio of inventories at end of month to shipments for month 22 NOTE Data for Alaska and Hawaii included beginning 1958 Source Department of Commerce P CHANDISE EXPORTS AND IMPORTS S merchandise trade surplus seasonally adjusted decreased sharply in December to 79 million resulting unmanly from a 6 3 percent increase in imports over the November figure BILLIONS OF DOLLARS 35 BILLIONS OF DOLLARS 3J J SEE NOTE 1 BELOW SOURCE COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE Period Millions Merchandise exports Total includDomestic exports ing reexports Food Crude Season Unad Total i 3 bever materials ages ally ad justed and to and justed bacco fuel Monthly average Nov Dec 1967 Jan Feb Mar Apr May Jime July Aug Sept Oct Nov Dec Unadjusted Merchandise imports General imports Total 3 Food Crude Manubever matefacages rials tured Season Unadand goods ally ad justed and to fuels justed bacco Total excludes Department of Defense shipments ol grant aid military supplies and equipment under the Military Assistance Program Total arrivals of imported goods other than intransit shipments of dollars Unadjusted Grossmerchandise trade Manusurplus facseasontured goods ally adjusted a Total includes commodities and transactions not classified according to kind NOTE Series revised beginning 1966 Because of revisions subgroups do not include all data in totals Data include uranium ore and thorium Source Department of Commerce OO U S EXPORTS AND IMPORTS OF GOODS AND SERVICES The surplus in the balance on goods and services increased 180 million seasonally adjusted annual rate in th third quarter reflecting a sharp increase of income on private investments BILLIONS OF DOLLARS 50 BILLIONS OF DOLLARS 50 EXPORTS OF GOODS AND SERVICES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars j Imports of goods and services Exports of goods and services Income on investments Period Total Military sales Private Government Merchandise Other services Total Merchandise Balance on MiliOther goods tary and expend serv services itures ices Seasonally adjusted annual rates 1966 I II III IV 1967 I II III Adjusted from customs data for differences in timing and coverage Average for the first 3 quarters on a seasonally adjusted annual rates basis 2 24 Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS e U S deficit on the liquidity basis was 2 544 million seasonally adjusted annual rate in the third quarter up somewhat from the second quarter rate The official reserve transactions balance of 1 880 million surplus was a major improvement from the second quarter deficit of 3 312 million BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE OFFICIAL RESERVE TRANSACTIONS BASIS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S private capital net U S Government Period grants Direct investand capital ment net l III IV Ill Other longterm S Shortterm Errors Foreign and uncapital recorded Liquidnet 1 transity actions basis Seasonally adjusted annual Balance rates Changes in gold convertible currencies and IMF gold tranche position increase To foreign official holders 5 To other foreign holders 6 Liquid Nonliquid Quarterly totals unadjusted Official reserve transactions basis Includes certain special Government transactions Equals changes in liquid liabilities to foreign official holders other foreign holders and changes in official reserve assets consisting of gold convertible currencies and the U S gold tranche position in the IMF 3 Equals changes in liquid and nonliquid liabilities to foreign official holders and changes in official reserve assets consisting of gold convertible currencies and the U S gold tranche position in the IMF 4 Includes short term official and banking liabilities and foreign holdings of U 8 Government bonds and notes fi Central banks governments and U S liabilities to the IMF arising from reversible sold sales to and gold deposits with the U S Changes in selected liabilities decrease j Private holders includes banks and international and regional organizations excludes IMF 7 Average for the first 3 quarters on a seasonally adjusted annual rates basis 8 On September 30 U S reserve assets consisted of gold stock million down 92 million from June 30 IMF position including gold portion of increased U S subscription 372 million convertible currencies 1 200 million NOTE Data exclude military grant aid and U S subscriptions to IMF Source Department of Commerce 25 PRICES CONSUMER PRICES The consumer price index rose by U o percent again in December There were increases for all groups except nonfood me 0 3 December il commodities For the year the all items index rose by 2 8 percent Food prices rose by 0 9 percent prices of other percent o c j L A A i commodities Iby 2 5 percent andI services prices by 4 4 percent Index Index COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF IABOR All items Period I Nov Dec 1967 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Source Department of Labor 26 Services Commodities Commodities less food Services All All com Food Rent less Nonmodities Durable durable services All rent WHOLESALE PRICES ihc wholesale price index rose by 0 6 percent in December led by a 2 6 percent increase in farm product prices Consumer goods prices were unchanged but all other major groups rose For the year the over all index increased 0 2 percent The all commodities index rose 0 3 percent in January according to preliminary data Index Index SOURCEi DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All commodities Period Dec 1967 Jan Feb Mar Apr Mav June Julv Aug Sept Oct Nov Dec Jan Farm products C f J J j S 4 105 i Processed foods and feeds Coverage of the subgroups does not correspond exactly to coverage of this Index 3 Excludes intermediate materials for food manufacturing and manufactured animal feeds includes in part grain products for further processing Industrial commodities All industrials S Crude materials Inter Producmediate er finished mategoods rials Consumer finished goods excluding food DurNonable durable NOTE Beginning January 1967 the indexes incorporate a revised weighting structure reflecting 1963 values of shipments The classification structure also changed 3 Not charted Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended December 1 5 prices received by farmers advanced almost 2 percent and prices paid increase less than 1 percent The parity ratio unadjusted for Government payments remained at 73 but the adjusted ratio advanced one point to 79 Higher prices received for oranges cattle and eggs were partly offset by price declines for cotton and hogs Index Index PRICES PAID INTEREST TAXES AND WAGE RATES S xr s f V N no 100 V v r ysx v m s 1 I I i v r J jfc S i i ii i 1 t i i t i N PRICES RECEIVED ALL FARM P RODUCTS i ifi i 1i i i ii i 1 1t 1 I 1I 1 t 1 90 RATION IUU RATIO U 100 on on PARITY RATIO S V v 80 A v I 1I I r i i i i 1 i i i i i i I 1 1 1 I I l RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE DEPARTMENT OF AGRICULTURE COUNCH OF ECONOMIC ADVISERS Prices received by farmers Period All farm products Livestock Crops Parity ratio 1 Prices paid by farmers and products All items interest taxes and wage rates Family living items Production items Actual Adjusted 2 Index 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 Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base 28 2 The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS ONEY SUPPLY MC The seasonally adjusted money supply rose 0 3 billion in December compared to a November increase of 0 9 billion Time deposits increased by 1 3 billion the smallest monthly increase of the year BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME DEPOSITS AT ALL COMMERCIAL BANKS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period Dec Dec Dec Dec Dec Dec Nov Dec Jan Feb Mar Apr Mav June July Aug Sept Oct Nov Dec p COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars Money supply Money suppty CurCurTime Time DeDerency rency de 1 demand mand Total outoutTotal posits posits 1 dedeside side posits banks posits banks Seasonally adjusted Unadjusted Deposits at all commercial banks NOTE Effective June balances accumulated for payment of personal loans about 1 1 billion are excluded from time deposits and from loans at all commercial banks 1965 U S Government demand deposits l Data include Alaska and Hawaii Source Board of Governors of the Federal Reserve System 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC In December public holdings of demand deposits and currency seasonally adjusted increased by 2 5 billion somewhat more than the November increase of 2 1 billion Savings and loan shares outstanding increased only 0 1 billion the smallest increase of the year BILLIONS OF DOLLARS BILLIONS OF DOLLARS I 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 End of period Nov Dec 1967 Jan Feb Mar Apr Mav June p July Aug Sept Oct Nov v Dec Total selected liquid assets Demand deposits and currency l Time deposits 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 for last Wednesday of month 2 Excludes holdings of Government agencies and trust funds domestic commercial and mutual savings banks Federal Reserve Banks and beginning 30 Mutual savings banks Postal Savings System Savings and loan shares J U S Government U S Gov securities ernment maturing savings within bonds 2 one year February 1960 savings and loan associations NOTE See Note p 29 Source Board of Governors of the Federal Reserve System IK LOANS INVESTMENTS DEBITS AND RESERVES bank loans and investments seasonally adjusted rose by only 0 1 billion in December by far the smallest increase of the year Free reserves fell by about 160 million to the lowest average level since February BILLIONS OF DOLLARS 350 BILLIONS OF DOLLARS 350 ALL COMMERCIAL BANKS 1961 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM All commercial banks seasonally adjusted data End of period Nov Dec 1967 J i i n Feb Mar Apr May June Julv Aug Sept Oct p p Nov Dec Total Investments Loans loans excluding and interU S Gov Other investbank ernment securiments securities ties M S f COUNCIL OF ECONOMIC ADVISERS Bank Weekly debits reporting outside large comNew York mercial City 232 banks centers Commercial seasonally and indus adjusted annual trial loans rates l Billions of dollars Debits during period to demand deposit accounts except interbank and U S Government New series beginning January 1964 2 Averages of daily figures Annual data are for December 3 New series see Federal Reserve Bulletin March 1967 NOTE Effective June 1966 balances accumulated for payment of personal loans about 1 1 billion are excluded from loans at all commercial banks and S All member banks Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions of dollars o 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 outstanding increased 700 million during November compared to 600 million in Novemb 1966 Seasonally adjusted instalment credit outstanding increased 420 million the largest monthly increase o the year BILLIONS OF DOLLARS BILLIONS OF DOLLARS TOTAL CONSUMER CREDIT OUTSTANDING 20 SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED I 1 I 1 1 I I r HHttHM it INSTALMENT CREDIT REPAID i i i i i 1 i i i ii 1 1 1t 11 1 I II M VH I 1I I I I I 1 t COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Period I v 1966 Nov Dec 1967 Jan Feb Mar Apr May June July Aug Sept Oct Nov Millions of dollars Consumer instalment credit extended Consumer credit outstanding end of period unadjusted and repaid seasonally adjusted Instalment Automobile paper Total NonAutomoTotal instal Extended Repaid Extended Repaid Total 1 bile Personal ment 2 paper loans J Also includes other consumer goods paper and repair and modernization loans not shown separately 2 3 Consists of single payment loans charge accounts and service credit End of period unadjusted 32 i i i i i 1 i i i i K S i l o J U r S Q 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 fn December Treasury bill rates and corporate bond yields averased higher than in November while Treasury bond yields averaged lower On a weekly basis most interest rates and bond yields declined in early January PERCENT PER ANNUM PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S SOURCES SEE TABLE BELOW Period Nov Dec 1967 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Week ended 1967 Dec Jan l 1 3 COUNCIL OF ECONOMIC ADVISERS Percent per aimum High grade U S Government security yields municipal 3 month bonds 3 5 year Taxable Treasury 2 3 Standard4 issues bonds bills i Poor s i r Rate on new issues within period Selected note and bond issues April 1963 to date bonds due or callable 10 years and after fi Weekly data are Wednesday figures Not charted Data for first of the month based on the maximum permissible interest rate 6 percent beginning October 3966 and 30 year mortgages paid in 15 years Corporate bonds MoodyJs Aaa Baa Prime commercial paper 4 6 months n 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 rose during December and early January Index Index QO COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS Vy PERCENT PERCENT RATIO RATIO 25 25 PRICE EARNINGS RATIO ON COMMON STOCKS v f i 1964 i i t Dee 1967 Jan Total Feb Mar Apr May June July j Aug Sept Oct Nov Dec Week ended 1967 Dec Jan Total Industrials Capital Consumers goods goods Includes 50U common stocks 425 are industrials 55 are public utilities and 20 are railroads Weekly indexes tor capital and consumer goods are Wednesday figures all other weekly indexes are averages of daily figures 2 Aggregate cash dividends based on latest known annual rate divided by the aggregate monthly market value of the stocks in the group Annual yields 34 i 1966 i f 1 Jv COUNCIL OF ECONOMIC ADVISERS SOURCE STANDARD POOR S CORPORATION Period Railroads Dividend yield 2 percent Public utilities Price earnings ratio are averages of monthly data Weekly data are Wednesday figures 3 Ratio of price index for last day in quarter to quarterly earnings seasonally adjusted annual rate Annual ratios are averages of quarterly data Not charted Source Standard Poor s Corporation FEDERAL FINANCE FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES Administrative budget expenditures for the first 6 months of fiscal 1968 were 70 0 billion In the corresponding period of fiscal 1967 expenditures were 64 1 billion Receipts for the same period were 51 0 billion in fiscal 1968 and 49 2 billion in fiscal 1967 BILLIONS OF DOLLARS BILLIONS OF DOLLARS NET BUDGET RECEIPTS NET BUDGET EXPENDITURES BUDGET SURPLUS OR ENLARGED SCALE DEFICIT FISCAL YEARS SOURCESi TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budget expenditures National defense 1 Net budget receipts Period Fiscal year 1964 Fiscal year Fiscal year 1966 Fiscal year 1967 Fiscal year Fiscal vear Jan Feb Mar A p r May June Julv Aug Sept Oct Nov Dec Cumulative totals first 6 months Fiscal year Fiscal year 1968 Total Total Department of Defense military Military assistance I 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 3 Less than 50 million Sources Treasury Department and Bureau of the Budget i Budget surplus or deficit Public debt end of 2 period i NOTE Total budget receipts and expenditures exclude certain intragovernmental transactions New concepts of Federal receipts and outlays presented in The Budget of the United States Government Fiscal Year 1969 will be used in this table as soon as data are available on a monthly basis 35 FEDERAL CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC On a seasonally adjusted basis cash receipts rose slightly from the third to the fourth quarter while cash payments changed little resulting in a cash deficit of 41A billion BILLIONS OF DOLLARS SEASONALLY ADJUSTED EXCESS OF CASH R ECEIPTS n ni I EXCESS OF CASH P AYMENTS I n I I I r i i3 1 5 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Billions of dollars Period Fiscal year i 1969 i Calendar year Quarterly total calendar years I II III IV 1967 I II III IV Cash receipts from the public Cash payments to the public Unadjusted Cash payments to the public Excess of receipts or payments Cash receipts from the public Estimates 2 Seasonally adjusted data include accelerated corporate tax payments of about 3 billion in calendar year 1966 and 5 billion in calendar year 1967 36 Excess of receipts or payments Seasonally adjusted Sources Treasury Department and Bureau of the Budget f DERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS ie third quarter Federal receipts rose more than 4 billion seasonally adjusted annual rate and expenditures about 3 billion yielding a deficit of over 1 3 billion Preliminary data for the fourth quarter indicate that expenditures rose 11 2 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASO NALLY ADJUSTED ANNUAL RATES SURPLUS m n in m n m n m m ra mm m m m M M H 1 H III DEFICIT I f i I I I I CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government expenditures Federal Government receipts Period Fiscal year i 1969 i Calendar year IIIIIIV IL III IV 1 Indirect ContriPersonal Corpo business bution s rate tax and profits tax and for Total nontax Total tax nontax receipts accruals accruals social insuran ce Subsidies GrantsPurless in aid chases Tran s to State current Net of goods fer payinterest surplus and and of Govt ments local paid enterservices governprises ments Surplus or deficit income and product accounts Estimates NOTE 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 Administrative Budget Receipts and Expenditures Federal Cash Receipts from and Payments to the Public 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 38 For sale by the Superintendent of Documents U S Government Printing Office Washington B C 20402 Price 25 cents per copy 2 50 per year 3 50 foreign 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

Nonagricultural Employment

DATE: January 1968

PART OF:

Economic Indicators : January 1968

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Nonagricultural Employment," 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 1968," Economic Indicators (January 1968) : 15-15. https://fraser.stlouisfed.org/title/1/item/577/toc/400829 , accessed on December 5, 2019.

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Economic Data