Bond Yields and Interest Rates

Name: Bond Yields and Interest Rates
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 March 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 ARTHUR M OKUN Chairman JAMES S DUESENBERRY MERTON J PECK Economic Indicators prepared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be 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 11 TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Current estimates indicate that gross national product rose by 16 billion seasonally adjusted annual rate in the fourth quarter Billions of dollars quarterly data at seasonally adjusted annual rates Government Persons Period Total i I III IV 1967 I II III IV PerLess Equals Personal sonal Less Less Tax Interest Total consump saving Trans Equals Total Trans Equals paid and excludPuror and tion fers fers nontax interest Net transfer ing expend interest chases disexpendinterest payreceipts itures of goods itures saving receipts and and and or ments and sub 2 sub 2 services to fortransaccruals sidies sidies eigners fers Business Period Expenditures Net receipts Disposable personal income III IV II IV S i G 45 4 Personal income p f less personal tax and nontax payments lin es penalties etc 2 Government truusK r payments to persons loreign net transfers by Government net interest paid by government and subsidies less current surplus of government enterprises International Net Net exports of goods Total Statisand services Excess of income transfers tical Gross to forGross transfers or discrepprivate Excess eigners retained domestic or of receipts ancy earnby of net invest invest sonsper3 Equals exports ings Less ment and ment 4 Net Govern Exports Imports exports ment I Surplus or deficit income and product accounts of I f o o O g Gross national product or expenditure Private business investment purchases of capital goods by private nonprofit institutions and residential housing 5 Net foreign investment with sign changed NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce GROSS NATIONAL PRODUCT OR EXPENDITURE Gross national product seasonally adjusted continued to advance at an annual rate of 8 percent in the fourtli quarter according to current estimates Over half of the increase represented a rise in physical output and the rest higher prices BILLIC NS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES GROSS NATIONAL PRODUCT i PE RSONAL CONSUMPTICDN EXPENDITURES l B l il G 3VERNMENT PURCHA ES OF GOODS AND SERVK ES U 100 iiiiitiHiHMmii I SOURCE 1 I I 1964 t I i 1966 i i I i I II III IV I II 0 i IV This category corresponds closely with budget expenditures for national 2 Gross national product in current prices divided by gross national product in 1958 prices t 1968 Government purchases of goods Total Personal Gross Net services congross Total private exports national gross sump domestic of goods Federal tion product national investand Total in 1958 product expend ment services Total National Other defense1 prices itures Billions of dollars quarterly data at seasonally adjusted annual rates COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE Period GROSS PRIVATE DOMESTIC INVESTMENT NET EXPORTS OF GOODS AND SERVICES 1 v i7a and State and local NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce Implicit price deflator for total GNP NATIONAL INCOME National income rose 16 billion seasonally adjusted annual rate in the fourth quarter according to preliminary 2stimates Employee compensation increased 11 billion and corporate profits before taxes advanced almost 51A oillion to a record 85Vz billion i BILLIONS OF DOLLARS 700 SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS v TOTAL NATIONAL INCOME COMPENSATION OF EMPLOYEES CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME J PRELIMINARY SOURCE DEPARTMENT OE COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period II III IV 1967 I II III IV In eludes employer 2 Total national income A 669 6 Compensation of employees Proprietors income Farm 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 Business and professional Rental income of persons 3 Net interest Corporate profits and inventory valuation adjustment 3 Total Profits Inventory before valuation taxes 3 adjustment See Note p 7 NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce o 2 I 3 5 o S 2 3 SOURCES OF PERSONAL INCOME In February personal income registered its biggest advance since September 1965 increasing 7 billion seasonal adjusted annual rate Wages and salaries increased 6Vs billion reflecting substantial employment gains and the new minimum wage law BILLIONS OF DOLLARS BILLIONS OF DOLLARS 700 SEASONALLY ADJUSTED ANNUAL RATES WAGE AND SALARY DISBURSEMENTS OTHER INCOME iitiiiimiiiniiiiiii TRANSFER PAYMENTS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Total and Other Proprietors income income Divi Personal Transfer Period personal salary Business labor 2 paydends interest ments of income disburse income and pro persons income Farm 1 fessional ments Q4 fi Jan Feb Mar Apr May June July f 23 3 Aug r Sept Oct Nov Dec Jan Feb 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 commsation for injuries directors fees military re few ary reserve pay and a other minor items Less Personal contributions for social insurance Nonagricultural personal income s 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 I960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME Current data indicate that personal income advanced 111 2 billion seasonally adjusted annual rate in the fourth quarter and disposable income increased 9 billion Personal outlays rose 6 billion and the saving rate jumped from 7 0 to 7 5 percent BILLIONS OF DOLLARS 600 BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE Period Less PerPersonal sonal tax and income nontax payments COUNCIL OF ECONOMIC ADVISERS Per capita disLess Personal outlays posable personal Equals Personal consumption Equals income Disexpenditures 2 Personal Total posable saving Current 1958 personal personal Durable Nondurable Services prices prices income outlays l goods goods III IV I II III IV Billions of dollars Seasonally adjusted annual rates JIncludes 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 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 including inventory change seasonally adjusted rose slightly in the fourth quarter according td current estimates Excluding inventory change there was a decline of about 6 percent B1LLIONS Or DOLLARS 60 BILLIONS OF DOLL RS 60 SEASONALLY ADJUSTED ANNUAL RATES s 50 REALIZED GROSS FARM INCOME 50 A S NET FARM INCOME INC1UDING NET INVENTCDRY CHANGE 20 x Ar I I t 1 I SOUtCE DEPARTMENT Of I AGRICULTURE i 1967 t COUNCIL OF ECONOMIC ADVISERS Personal income received by total farm population Income received from farming Realized gross Period 1 From all sources From farm sources From nonfarm 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 ventory ventory prices prices 4 marketchange change 2 ings Dollars Billions of dollars Seasonally adjusted annual rates I II III IV I 49 3 II III IV Income in current prices divided by the index of prices paid by farmers for Cash receipts from marketings Government payments and nonmoney income furnished by farms family living items on a 1967 base 2 Inventory of crops and livestock valued at the average price for the year Source Department of Agriculture Also see footnote 2 p 3 3 Based on 1959 Census of Agriculture definition of a farm The number oi farms is held constant within a year CORPORATE PROFITS Corporate profits before taxes seasonally adjusted annual rate jumped 51A billion in the fourth quarter rising to a record 851 2 billion according to preliminary estimates For the year 1967 as a whole profits before taxes were down 3 billion BILLIONS OF DOLLARS 90 BILLIONS OF DOLLARS 90 PROFITS AFTER TAXES J EXCLUDING INVENTORY VALUATION ADJUSTMENT SOURCE DEPARTMENT Of COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Corporate profits before taxes and inventory Corporate profits valuation adjustment after taxes Corporate Trans1 Corpo CorpoManufacturin g capital portation rate rate conPeriod comDiviUnprofits tax NonAll Durable durable muniAll 1 before liabil Total dend distrib sumpindustion goods payuted taxes Total indusity goods cations other tries and ments profits allow 2 indusances tries public tries utilities v I II III IV III IV Includes all other industries and financial institutions 2 Includes depreciation capital outlays charged to current account and accidental damages s Corporate profits after taxes plus corporate capital consumption allowances S Profits plus capital consumption allowances NOTE Data beginning 1962 adjusted for effects of new depreciation guidelines 2H 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 81 2 billion seasonally adjusted annual rate in the fourth quarter according to current estimates Business fixed investment rose over 1 billion to reach a new record high Residential construction continued its recovery with a gain of 2 billion Inventory investment increased 51A billion the second straight increase after two quarters of substantial decline BILLIONS OF DOLLARS 140 BILLIONS OF DOLLARS TO CHANGE IN BUSINESS INVENTORIES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Fixed investment Period Total gross private domestic investment Total Structures Total Total I II III IV 1967 I II Ill IV NOTE Data for Alaska and Hawaii included beginning Residential structures N onresidential Nonfarm Producers durable equipment Total Nonfarm Total Nonfarm Source Department of Commerce Change in business inventories Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT lusiness expenditures for new plant and equipment totaled 61 7 billion in 1967 or about 2 percent above 1966 ihe most recent survey shows a jump of 31 2 percent in the current quarter seasonally adjusted while an advance of nearly 6 percent is expected for 1968 as a whole BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 60 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING MANUFACTURING V I J 1968 I SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Manufacturing Period Total i Total I II III IV 1968 I 3 3 II d half Excludes agriculture L Durable goods Nondurable goods a Commercial and other includes trade service finance communications and construction s Estimates based on anticipated capital expenditures as reported by business in late January and February 1968 Includes adjustments when necessary for systematic tendencies in anticipatory data NOTE Beginning 1959 all quarterly data are rounded to nearest 60 million Transportation Railroads Other Public utilities Mining Commercial and other Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average oi seasonally adjusted figures These figures do not agree with the totals included In the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE The civilian labor force seasonally adjusted rose by 749 000 in February Total civilian employment increased by As a result unemployment rose by MILLIONS OF PERSONS MILLIONS OF PERSONS PERCENT OF CIVILIAN LABOR FORCE UNEMPLOYMENT SEASONALLY ADJUSTED RATE Tr n n T r jj n r r YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Total labor force including armed forces Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Civilian employment Non Unemployagriment Total cultural Thousands of Unadjusted Unemployment Total Civilian employment rate percent of labor civilian labor force Civilian Non Unemforce includ labor ployi Agriagriing Total culment force culUnad Seasonarmed tural tural justed ally adforces justed persons 16 years of age and over Percent Seasonally adjusted so in 1 Total labor force as percent of noninstitutional population NOTE Seasonally adjusted series revised see Employment and Earnings and Monthly Rcpoit on the Labor Force February 1968 Beginning 1960 data include Alaska and Hawaii 10 Source Department of Labor Labor force participation rate unadjusted SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT fhc seasonally adjusted unemployment rate after declining to 3 5 percent in January moved up to 3 7 percent in February the same as in December and a year earlier PERCENT PERCENT SEASONALLY ADJUSTED LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK V UNEMPLOYMENT RATE ALL CIVILIAN WORKERS I UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS I UNEMPLOYMENT RATE MARRIED MEN COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Unemployment rate percent of civilian labor force in group Period Labor force time lost through ExperiMarried unemenced All men ployment Over 40 wage and hours wife workers and partsalary present time workers work J Percent x s 1967 J a n eb MaiApr May June July Aug Sept Get Nov Dec 1968 Jan Feb y f hours H A S ticaxo ii a 11 a adjuxl cd 3 f M Part time for economic reasons Total Part time for economic reasons Usually fulltime 3 Usually fulltime 3 Usually parttime 4 Usually parttime 4 Thousands of persons 16 years of age and over S I Unadjusted i i2r f r Man 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 196S 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 Persons at work in nonagri cultural industries by hours worked per week 2 Under 35 hours ML COS Seasonally adjusted 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 Average hours worked usually full time 23 8 usually part time 17 7 NOTE See Note p 10 Source Department of Labor 11 UNEMPLOYMENT INSURANCE PROGRAMS In February insured unemployment under State programs averaged 27 000 lower than in February 1967 The insure unemployment rate seasonally adjusted remained at 2 3 percent MILLIONS OF PERSONS 1 3 MILLIONS OF PERSONS 3 WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS 1966 JAN FEB MAR I i i APRIL MAY JUNE JULY AUG Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan p Feb Week ended 1968 Feb Mar 2 9 All programs Insured Total unem benefits Covered ploypaid employ ment milment weekly lions averof dolage lars Insured unem Thousands Weekly average thousands State programs pioyment NOTE For definitions and coverage see the 1967 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Rico since January DEC COUNCIL OF ECONOMIC ADVISERS SOURCEi DEPARTMENT OF LABOR Period NOV OCT SEPT Initial claims Exhaustions Insured unemployment as percent of covered employment Unad Seasonjusted ally adjusted Source Department of Labor Percent Benefits paid Total Average weekly check lions of dollars dollars mil NONAGRICULTURAL EMPLOYMENT Total nonagricultural payroll employment seasonally adjusted rose sharply in February nearly following almost no change in January The gains were widespread with the largest increases occurring in contract construction trade manufacturing State and local government and service industries MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED MILLIONS OF WAGE AND SALARY WORKERS ISEASONAU Y ADJUSTED ENLARGED SCALE SERVICE AND MISCELLANEOUS 10 NONMANUFACTURING PRIVATE DURABLE MANUFACTURING 10 NONDURABLE MANUFACTURING MANUFACTURING CONTRACT CONSTRUCTION GOVERNMENT SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS 1 Thousands of wage and salary workers seasonally adjusted Manufacturing private Period Total Jan Feb Mar Apr MayJuneJulyAug Sept Oet Nov Dec1968 Jan Feb NonTotal Durable durable goods goods Nonmanufacturing private Total Con Trans Whole Finance Service insurtract portasale tion ance and Mining conand and and miscelstrue public retail real tion utilities trade estate laneous Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonagrieultural 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 anpl which are based on an enu Government Federal State and local 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 rose by 0 5 hours in February to 40 7 hours the same level registered in December Weekly hours in contract construction after declining sharply in January rose by an even larger amount in February HCHJRS 46 HOIJRS PER WEEK SEASONALLY ADJUSTED 46 DURABLE MANUFACTURING NONDURABLE MANUFACTURING PER WEEK SEASONALLY ADJUSTED s 42 l e a l t j t s s s A I 1 I v t ti ii1 ii iii I 1 1 I iN N V I I K N RETAIL TRADE CONTRACT CONSTRUaiON Ai i i i N y yv 36 A A V v nr 1 x X r ii i At v 1 I 1 I 1 1 I I I ih i i k 4 i 1 i V 1965 i N COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT C f LABOR l Average hours per week seasonally adjusted Manufacturing industries Period I Jan Feb Mar Apr May June July Aug Sept Oct Nov Dee 1968 Jan Feb Durable goods All Data relate to production workers or nonsupervisory employees Data for Alaska and Hawaii included beginning Nondurable goods Contract construction Includes eating and drinking places Source Department of Labor Retail trade AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Weekly earnings in manufacturing averaged 119 48 in February for a 1 48 gain for the month and a 7 60 gain Dver a year earlier Even larger increases occurred in construction 3 98 and 11 58 respectively DOLLARS DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR For production workers or nonsupervisory employees Average hourly earnings current prices Period Jan Feb Mar Apr May Jime JulyAug Sept Oct Nov Dec Jan Feb Manufacturing industries Contract Retaill conNonDurable durable structrade All goods tion poods Average weekly earnings current prices Manufacturing industries Contrac conNonDurable durable strucAll goods tion goods Includes eating and drinking places 2 Earnings in current prices adjusted to exclude over time and interindustry shifts 3 Earnings in current prices divided by the consumer price index Retail1 trade 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 Industrial production seasonally adjusted was virtually unchanged in February but was 3 percent above a year earlier Increased output of some consumer goods was offset by declines in industrial materials Index SEASONALLY ADJUSTED 200 Index SEASONALLY ADJUSTED 200 TOTAL i MINING MARKET GROUPS MATERIALS COUNCIL OF ECONOMIC ADVISERS SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Period Jan Feb Mar Apr May June Julv Aug Sept Oct Nov Dec 1968 Jan Feb seasonally adjusted Industry Manufacturing Mining Utilities NonTotal Durable durable Source Board of Governors of the Federal Reserve System 16 Market Final products ConTotal sumer Equipment goods Materials PRODUCTION OF SELECTED MANUFACTURES In February increases in production seasonally adjusted of fabricated metal products aircraft and iron and steel were more than offset by declines in other durable manufactures Paper and printing was the only nondurable group to register an increase Index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED 200 CHEMICALS PETROLEUM AND RUBBER FOODS BEVERAGES AND TOBACCO SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS seasonally adjusted Nondurable manufactures Durable manufactures Period Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1968 Jan Feb Primary metals FabriTranspor Lumber Textiles Paper Chemicals Foods cated Machin tation and and apparel petrobevermetal ery and prodprint leum and ages and equipproducts ing rubber leather ment tobacco ucts Source Board of Governors of the Federal Reserve System WEEKLY INDICATORS OF PRODUCTION n February weekly indicators of production increased on a seasonally unadjusted basis Steel production registered a 5 percent increase and auto assemblies recovered somewhat from their depressed January level MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS M SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Electric Bituminous Freight Paperboard Steel produced Cars and trucks power coal mined produced loaded Index distributed thousands thousands thousands assembled thousands Thousands of net of short millions of Total Cars Trucks of tons of cars tons 100 kilowatt hours tons l Period Weekly average Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1968 Jan Feb Week ended 1968 Feb Mar 2 v Dally average Includes data for Alaska 18 COUNCIL OF ECONOMIC ADVISERS i2as R Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads American Paper Institute and Ward s Automotive Reports NEW CONSTRUCTION According to preliminary estimates total spending for new construction seasonally adjusted increased 2 7 percent in January Homebujlding and public construction remained at their December levels but a substantial increase was registered in commercial and industrial construction BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF CO AMERCE Total new construction expenditures Period Total Private Residential nonfarm CommerNew cial and Total 1 housing industrial units Billions of dollars Other Federal State and local Feb Mar Apr May June July Aug Sept Oct A Nov Dec Jan 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 Seasonally adjusted annual rates 1966 Dec 1967 Jan Construction contracts2 CommerTotal value cial and index industrial floor space 100 millions of square feet Seasonally adjusted annual rates NOTE Data for Alaska and Hawaii included beginning 1959 Sources Department of Commerce and F W Dodge Company 19 NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING Private nonfarm housing starts rose 7 percent in February to a seasonally adjusted annual rate of 1 53 million units 35 percent above a year earlier and the second highest monthly level since December 1965 Permits for future housing starts increased nearly 25 percent MILLIONS OF UNITS 2 5 MILLIONS OF UNITS SOURCES 1968 DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA Period Jan FebMar Apr May June July Aug Sept Oet Nov Dec 1968 Jan Feb Total private and public including farm Total private including farm Thousands of units Housing starts Private nonfarm Private nonfarm Total private Government Two or includOnemore ing Total home programs Total family famifarm FHA VA lies Seasonally adjusted Authorized by Issuance of local building permit in 10 000 permit issuing places prior to 1963 and 12 000 or more thereafter s Units represented by mortgage applications for new home construction 20 COUNCIL OF ECONOMIC ADVISERS Proposed home construction New private Applicahousing Requests units tions for for VA FHA appraisauthor commitized 1 als 2 ments annual rates NOTE Seasonally adjusted data for VA and FHA series revised beginning 1960 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 estimates indicate that retail sales seasonally adjusted rose 400 million or 11 2 percent in February following a near record increase of 570 million in January Total business sales increased 395 million in January while business inventories increased 870 million BILLIONS OF DOLLARS SEASONALLY ADJUSTED 160 BILLIONS OF DOLLARS SEASONALLY ADJUSTED RETAIL TRADE ENLARGED SCALE BUSINESS SALES AND INVENTORIES DURABLE GOODS STORES WHOLESALE TRADE ENLARGED SCALE 12 M SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total business l Wholesale 4 Retail 5 Sales 2 I Vriod Hairs 2 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 J Dec Jan Feb 86 138 Mar 87 255 Apr Mav June July Aug 88 633 Sept Oct Nov 89 938 Dec Jan Feb v 11 00 J96i The term business also includes manufacturing see page 22 2 Monthly average for year and total for month Book value end of period seasonally adjusted Beginning 1961 data include Alaska and Hawaii 3 Beginning 1960 data include Alaska and Hawaii 6 Series revised beginning 1966 Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers1 new orders seasonally adjusted dropped 41 2 percent in January following three straight months of increase With shipments dropping 285 million and inventories rising 435 million the inventory shipments ratio rose slightly to 1 72 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 90 BILLIONS OF DOLLARS SEASONALLY ADJUSTED MANUFACTURERS7 INVENTORIES MANUFACTURERS SHIPMENTS 50 80 TOTAL DURABLE GOODS 60 DURABLE GOODS 20 NONDURABLE GOODS MANUFACTURERS NEW ORDERS NONDURABLE GOODS illillliitiiiilnii SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments 1 Manufacturers inventories Period Total NonDurable durable goods goods Total 2 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 Nov Dec 1967 Jan Feb Mar Apr May June July J Aug Sept Oct Nov v Dec 1968 Jan Feb v JL J 1 2 Monthly average for year and total for month Not charted Book value end of period seasonally adjusted 3 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 S Series revised beginning 1966 NOTE Data for Alaska and Hawaii included beginning 1958 Source Department of Commerce SO MERCHANDISE EXPORTS AND IMPORTS phc U S merchandise trade surplus seasonally adjusted increased in January to 169 million but remained well below the average of recent years BILLIONS OF DOLLARS 3 5 BILLIONS OF DOLLARS i i i i I i i i i i 1966 i i i i i I i I ii 1967 MEENOTE i BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Period Merchandise exports Total includ 1 Domestic ing reexports Food Season Unad Total i 3 beverages ally ad justed and tojusted bacco Monthly average Dec Jan 2 616 Feb Mar 2 551 Apr 2 654 May 2 547 June 2 576 July 2 584 Aug 2 548 Sept 2 643 Oct 2 392 Nov 2 692 Dec Jan Unadjusted Crude materials and fuel Total 3 Manufactured Season Unadgoods ally ad justed justed S Total excludes Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program Total arrivals of imported goods other than intransit shipments Merchandise imports General imports 2 exports K Food Crude bever mateages rials and to and bacco fuels Unadjusted Grossmerchandise trade Manusurplus facseasontured ally adgoods justed Total includes eommodities 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 23 U S EXPORTS AND IMPORTS OF GOODS AND SERVICES The surplus in the balance on goods and services declined sharply to a level of 2 9 billion seasonally adjuste annual rate in the fourth quarter For the year 1967 as a whole a surplus of 4 8 billion is estimated BILLIONS OF DOLLARS BILLIONS OF DOLLARS EXPORTS OF GOODS AND SERVICES 30 IMPORTS OF GOODS AND SERVICES L AJ SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Exports of goods and services Imports of goods and services Income on investments Period Total Merchandise 1 Military sales Private Government Other services Total Merchandise Balance on Mili Other goods tary and expend serv services itures ices Seasonally adjusted annual rates 1966 I II III IV 1967 I II III IV Adjusted from customs data for differences in timing and coverage 24 Source Department of Commerce U S BALANCE OF INTERNATIONAL PAYMENTS The U S deficit on the liquidity basis increased markedly to a 7 4 billion level seasonally adjusted annual rate in the fourth quarter For the year 1967 a 3 6 billion liquidity deficit is indicated On the official reserve transactions basis the fourth quarter deficit was at a 4 8 billion level and the year as a whole recorded a 3 4 billion deficit BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES 10 10 BALANCE ON GOODS AND SERVICES V s x r 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 and capital net i Direct investment Other longterm Shortterm Balance Errors Foreign and uncapital recorded Liquidnet l transity actions basis Official reserve transactions basis Seasonally adjusted annual rates 1966 I II III IV I 4 804 II Ill IV 1 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 eold 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 hi the IMF 4 Includes short term official and banking liabilities and foreign holdings of U S Government bonds and notes 6 Central banks governments and U S liabilities to the IMF arising from reversible old sales to and old deposits with the U S Changes in gold convertible currenTo foreign official cies and 5 holders To other IMF gold foreign tranche holders 6 position Liquid Non increase liquid Quarterly totals unadjusted Changes in sel ected liabilities decrea r J 56 1 i Private holders includes banks and international and regional organizations excludes IMF 7 On December 31 U S reserve assets consisted of gold stock million down 1 012 million from September 30 IMF position including gold portion of increased U S subscription 420 million convertible currencies 2 345 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 0 3 percent in January led by increases of 0 7 percent for food prices and 0 6 percent for services other than rent Nonfood commodities prices usually decline in January but increased slightly this year The all items index was 3 4 percent above January 1967 Index Index COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All items Period Dec Jan Feb Mar Apr May June Julv Aug Sept Oct Nov Dec 1968 Jan Source Department oi Labor 26 All commodities Services Commodities Commodities less food Services All Food Rent less NonAll Durable durable services rent i S 103 L S S S KM S IOC S S 9 117 S A J I S S f f l S f J S S WHOLESALE PRICES According to preliminary estimates the wholesale price index rose by 0 6 percent in February Farm product prices increased 2 0 percent and were 4 8 percent above their November low Processed foods and feeds rose by 0 6 percent industrial commodities by 0 4 percent Index Index COUNCH Of ECONOMIC ADVISERS SOURCE DEPARTMENT OF IASOR Period All commodities Jan Feb 105 7 Mar Apr S May June Julv Aug Sept 106 1 Oct 106 2 Nov Dec Jan 107 8 Peb Farm products Processed foods and feeds ioa s Coverage of the subgroups does act correspond exactly to coverage of this Index 1 Excludes intermediate materials for load manufacturing and manufactured animal feeds includes in part grain products for further processing Industrial commodities All industrials S 108 2 Crude materials Inter Producmediate er finished mategoods rials Consumer finished goods excluding food DurNonable durable L NOTE Beginning January 1967 the indexes incorporate a revised weighting structure reflecting 1963 values of shipments The classification structure also Source Department of Labor 27 PRICES RECEIVED AMD PAID BY FARMERS During the month ended February 1 5 prices received by farmers rose 2 percent while prices paid rose by 1 percent The parity ratio remained at 74 Index Index PRICES PAID INTEREST TAXES AND PRICES RECEIVED ALL FARM PRODUCTS 90 RATioJ 100 RATI PARITY RATIO V X X U 70 I I I 1 1 I 1 I 1 I I I I i i t i 1 i i i i Sum I1 I I I 1 11 1 I 1 1 I I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES ON BASE SOURCE COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF AGRICULTURE Prices received by farmers Period All farm products Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb Crops Livestock All items interest and products taxes and wage rates Index Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base 28 Parity ratio1 Prices paid by farmers Family living items Production items Actual Adjusted The adjusted parity ratio reflects Government payments made directly to farmers Source Department of Agriculture MONEY CREDIT AND SECURITY MARKETS MONEY SUPPLY The seasonally adjusted money supply rose 0 2 billion in February and time deposits rose 1 3 billion The srowth of both the money supply and time deposits has slowed in the past 3 months BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME DEPOSITS AT ALL COMMERCIAL BANKS To i i i i i I i i i i i M i l l 0 I I I I I I I I I I II SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTFM COUNCH Of IC0HOMJC Averages of daily figures billions of dollars 1 Money s u p p l y Money supply Period Total Currency outside banks Time deposits 1 Demand deposits lir Tuy Tot tank Seasonally adjusted Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May June July Auc Sept Oct Nov Dec 1968 Jan Feb 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 i t i Timr merit demand di Unadjusted I S lovrrn posits Data include Alaska and Hawaii Source Board of Governors of the Federal Keserve System 29 SELECTED LIQUID ASSETS HELD BY THE PUBLIC Public holdings of demand deposits and currency seasonally adjusted declined another 1 4 billion in February following a January decline of 1 2 billion Time deposits and savings and loan shares outstanding increased only moderately BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS M I 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 Jan Feb Mar Apr Mav June July Aug Sept Oct pp SJov p Dec 1968 Jan Feb 9 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 for2 last Wednesday of month 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 U S Government savings bonds U S Government securities maturing within one year February 1960 savings and loan associations 3 Reflects conversion of a savings and loan association with share capital of about 175 million to a mutual savings bank NOTE See Note p 29 Source Board of Governors of the Federal Reserve System BANK LOANS INVESTMENTS DEBITS AND RESERVES Pofal bank loans and investments seasonally adjusted rose 4 billion in February with holdings of U S Government securities showing the largest increase Free reserves fell to the lowest level since February 1967 BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 400 ALL COMMERCIAL BANKS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Bank Weekly debits reporting large com outside mercial New York Total Investments City 232 banks Loans End of period loans excluding centers and inter U S Gov Other Commercial seasonally investbank ernment securi and indus adjusted ments annual securities ties trial loans rates 1 Billions of dollars I v Jan Feb Mar Apr May June July Aug v Sept Get v Nov v Dec Jan Feb 4 047 All commercial banks seasonally adjusted data 1 Deb its 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 5 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 All member banks Total reserves Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions of dollars certain certificates oi 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 The 1 billion decline in total consumer credit outstanding during January was less than seasonal Instalment crec outstanding seasonally adjusted increased by 400 million slightly more than the December increase BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Millions of dollars Consumer credit outstanding end of period unadjusted Instalment NonAutomoTotal instalPersonal Total bile ment 2 paper loans Period Jan COUNCIL OF ECONOMIC ADVISERS Feb Mar Apr May June July Aus Sept Get Nov Dec 1968 Jan Also includes other consumer goods paper and repair and modernization loans not shown separately 2 Consists of single payment loans charge accounts and service credit End of period unadjusted 32 Consumer instalment credit extended and repaid seasonally adjusted Automobile paper Total Extended Repaid Extended Repaid 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 The February Treasury bili rate averaged slightly lower than January while most bond yields showed little change On a weekly basis most yields were rising in late February and early March PERCENT PER ANNUM 7 PERCENT PER ANNUM SOURCE SEE TABLE BEIOW Period Jan Feb Mar Apr May June July Aug Sept Get Nov Dec 1968 Jan Feb Week ended 1908 Fcb Mar COUNCIL OF ECcNOMIC ADVISERS Percent per annum High grade U S Government security yields municipal 3 month bonds 3 5 year Taxable Treasury 2 3 Standard issues bonds bills i Poor s Of A f f Rate on new issues witbin period Selected note and bond 3 April 1953 to date bonds due or callable 10 years and after 4 Weekly data are Wednesday figures Not charted issues Data for first of the month based on the maximum permissible interest rate 6 percent beginning October 1966 and 30 year mortgages paid in 15 years Corporate bonds Moody s Aaa Baa f r 62 r Prime commercial paper 4 6 months r oo 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 continued to fall during February reaching the lowest monthly average level since March 1967 The decline extended in to early March Index 194T Index COMPOSITE PRICE INDEX FOfT 500 COMMON STOCKS RATIO RATIO 25 25 PRICE EARNINGS RATIO ON COMMON STOCKS A J i I i 1962 i i i i r i X 10 COUNCIL OF ECONOMIC ADVISERS SOURCE STANDARD ROOK S CORPORATION 1 Period Total Feb Mar Apr May JuneJuly Aue Sept Oct Nov Dec 1968 Jan Feb Week ended 1968 Feb M a r Total Price index Industrials Capital Consumers goods goods Includes SOU common stocks 425 are industrials 55 are public utilities and 20 are railroads Weekly indexes or capital and consumer goods are Wednesday figures all other weekly indexes are averages of daily figures 1 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 Railroads Dividend yield 2 percent IS Price earnings ratio Public utilities 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 annuaJ rate Annual ratios are averages of quarterly data Source Standard Poor s Corporation FEDERAL FINANCE FEDERAL BUDGET RECEIPTS EXPENDITURES AND NET LENDING In the receipt expenditure account the increase in receipts in fiscal 1968 is estimated at 6 2 billion and the increase in expenditures at 16 7 billion The increase in expenditures and net lending is expected to be 17 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS FISCAL YEARS J RECEIPTS LESS EXPENDITURES AND NET LENDING j ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Fiscal year l 1969 Cumulative total first 7 months of fiscal 1968 Budget receipts expenditures and net lending Loan Receipt expenditure account Total account surplus or ExpendiSurplus or Net deficit Receipts tures deficit lending end of period Estimate NOTE Budget receipts and expenditures net lending and the public debt are based on The Budget of the United Mates Government 1969 which shows data on the basis of budget concepts adopted pursuant to the recommendations of the Public debt o President s Commission on Budget Concepts As soon as all of the data are available on a monthly basis the table will be expanded to include them Sources Treasury Department and Bureau of the Budget 35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 1968 individual income taxes are estimated to increase by 6 2 billion corporation income taxes to decline by 2 7 billion and other receipts to increase by 2 7 billion National defense outlays are estimated to increase by 6 4 billion and nondefense outlays by 10 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS CORPORATION INCOME TAXES I f I I EXPENDITURES AND NET LENDING NATIONAL DEFENSE J ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET FISCAL YEARS l 20 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Receipts Period Total Fiscal year Individual income taxes Expenditures and net lending Corporate income taxes Other National defense International affairs and finance Includes undistributed adjustments to amounts for all functions and special allowances for 1968 and 1969 2 Estimate NOTE Receipts and outlays in this table are based on The Budget of the United States Government 1969 which shows data on the basis of budget concepts 36 Total L Health labor and welfare Other i adopted pursuant to the recommendations of the President s Commission on Budget Concepts As soon as all of the data are available on a monthly basis the table will be expanded to include them Sources Treasury Department and Bureau of the Budget EDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS the fourth quarter Federal receipts rose by about 4 billion seasonally adjusted annual rate and expenditures rose by 2 billion yielding a deficit of 101 2 billion the lowest during 1967 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASO NALLY ADJUSTED ANNUAL RATES SURPLUS n P m m I P DEFICIT I i i i I 1968 I 20 CALENDAR YEARS J PRELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government receipts Federal Government expenditures i Period Fiscal year i Calendar year I II IIIIV1967 I II III Personal Corporate Total tax and profits nontax tax receipts accruals Indirect business tax and n on ta x accruals Contributions for social insurance Total Surplus or GrantsSubsidies deficit Purin aid less chases Trans to State current Net of goods fer payand interest surplus income and men ts local and paid of Govt product services enter accounts governments prises 1 1 r IV Estimates NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce O 7 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND F EES 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 Employmjent 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 Wreekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders Merchandise Exports and Imports U S Exports and Imports of Goods and Services U S Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Bank Loans Investments Debits and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices Yield and Earnings FEDERAL FINANCE Federal Budget Receipts Expenditures and Net Lending Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis 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 For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 25 cents per copy 2 50 per year 3 50 foreign 38 U S GOVERNMENT PRINTING OFFICE

Bond Yields and Interest Rates

DATE: March 1968

PART OF:

Economic Indicators : March 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-. "Bond Yields and Interest Rates," 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-. "March 1968," Economic Indicators (March 1968) : 35-35. https://fraser.stlouisfed.org/title/1/item/581/toc/163529 , accessed on December 5, 2019.

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Economic Data