Wholesale Prices

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The following is plain-text output generated by Optical Character Recognition. 90th Congress 2nd Session Economic Indicators April 1968 r WT 24W BANK OF 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 prefared under supervision of FRANCES M JAMES PUBLIC LAW 120 81sx 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 draivn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 5 cents a single copy or by subscription at 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 teE NATION S INCOME EXPENDITURE AND SAVING Preliminary estimates indicate that gross national product rose by 20 billion seasonally adjusted annual rate in the first quarter Billions of dollars quarterly data at seasonally adjusted annual rates Government Persons Net receipts Disposable personal income Period I II III IV I III IV 68 I PerLess Equals Personal sonal Interest Total consump saving tion paid and excludor expendTotal transfer dising interest itures saving payand ments to fortranseigners fers Surplus or deficit Less Less Tax Trans Equals Total Trans Equals Purand fers fers nontax interest Net expend interest chases income and receipts receipts of goods product itures and and or and subsubaccounts accruals sidies 2 sidies 2 services Business Period I II III IV 1967 I II III IV 1968 I Net Net exports of goods Total Statisand services transfers Excess of income tical Gross Gross to foror transfers discrepprivate Excess eigners retained domestic of or receipts ancy earnby of net 3 invest invest sons perEquals exports ment ings and Less Net ment 4 Govern Exports Imports exports ment International Personal income p 5 less persona tax and nontax payments fines penalties etc 2 Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of government enterprises Undistributed corporate profits corporate inventory valuation adjustment T iLal consumption allowances and wage accruals less disbursements Does include retained earnings of unincorporated business which are included sposable personal income Expenditures L Gross national product or expenditure a Private business investment purchases of capital goods by private nonprofit institutions and residential housing s 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 advanced at an annual rate of about 10 percent in the first quart according to preliminary estimate About three fifths of the increase represented a rise in physical output and 1 rest higher prices BILLIONS OF DOLLARS BILLIONS OF DOLLARS GOVERNMENT PURCHASES OF GOODS AND SERVICES PRELIMINARY SOURCE DEPARTMENT OF COMMERCE Period I II III IV I II III IV 1968 I COUNCIL OF ECONOMIC ADVISERS Total Personal Gross congross Total private national gross sump domestic product national tion investin 1958 product expend ment prices itures Billions of dollars quarterly This category corresponds closely with budget expenditures for national defense shown on p 35 2 Gross national product in current prices divided by gross national product in 1958 prices Net exports of goods and services Government purchases of goods and services Federal State Total and National Other 1 Total defense local Implicit price deflator for total GNP data at seasonally adjusted annual rates a ae NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce RATIONAL INCOME orporate profits before taxes advanced 5 billion seasonally adjusted annual rate in the fourth quarter to a record 15 billion According to preliminary estimates compensation of employees rose by a record 14 billion in the jt quarter BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME J RELIMINARY SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Total national income Period I II III IV II III IV 1968 I Compensation of em l ployees Proprietors7 income Farm Includes employer contributions for social insurance See also p 4 Excludes farm profits of corporations engaged in farming and therefore differs from net farm Income Including net inventory change on p 6 which includes such profits 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 Q SOURCES OF PERSONAL INCOME In March personal income rose 6 billion seasonally adjusted annual rafe following a revised increase of 8 billion in February The higher Social Security benefits which started in March were responsible for about half of tl rise Transfer payments increased 31 3 billion most of which was due to higher Social Security benefits which start in March BILLIONS OF DOLLARS 1 700 BILLIONS OF DOLLARS 700 SEASONALLY ADJUSTED ANNUAL RATES WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS SOURCE DEPARTMENT OF COMMERCE Period Feb Mar Apr May j June J Julv j Aui Sept Oct Nov Dec 1968 Jan Feb Mar COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Wage Rental Total and Other Proprietors income income Personal Transfer Divipersonal salary labor 2 Business paydends interest ments of income disburse income and pro persons Farm income 1 ments fessional is o i i 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 other minor items Less Personal con Nonagritributions cultural 3 for social personal insurance income Personal income exclusive of net income of unincorporated farm enterprises farm wages agricultural net interest and net dividends paid by agricultural corporations NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce DISPOSITION OF PERSONAL INCOME jpliminary estimates indicate that personal income advanced a record 16 billion seasonally adjusted annual rate the first quarter and disposable income rose 14 billion With persona outlays surging ahead by a record 16 uillion the saving rate dropped sharply from 7 5 to 6 8 percent BILLIONS OF DOLLARS BILLIONS OF bOLURS SEASONALLY ADJUSTED ANNUAL RATES DISPOSABLE PERSONAL INCOME J PRELIMINARY SOURC DEPASTMENT OF COMMERCE L Period PerPer sonal sonal tax and income nontax i payments i I COUNCIL OF ECONOMIC ADVISERS Per capita disLess Personal outlays posable personal Equals Personal consumption Equals income Disexpenditures 2 Personal posable Total saving Current 1958 personal personal Durable Nondurable Services prices prices income outlays l goods goods S 5X J I III i IV J 1967 I i IL i III J 1V J 1968 I J i I Billions of dollars i GO Seasonalhi atljuxled annual rates 203 2 i i G S i i Includes personal consumption expenditures interest paid by consumers id personal transfer payments to foreigners See p 2 for total personal consumption expenditures neludes armed forces abroad Annual data are for July 1 quarterly data or middle of period interpolated from monthly data l Saving as percent of Population dis thou 3 posable personal sands income percent Dollars i i II 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 advanced 61 2 percent in the first quarter accordi to preliminary estimates Including inventory change there was a rise of 2 percent BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 60 SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME A S NET FARM INCOME INC1UDING NET INVENTCDRY CHANGE Ml i I I I Personal income received b total farm population 1966 I II III IV 1967 I II III IV 1968 I From all sources From farm sources From nonfarm sources I 1 1 I 1967 I I 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 Total i from ventory ventory prices prices 2 marketchange change ings Dollars Billions of dollars Seasonally adjusted annual rates Oasli receipts from marketings Government payments and nonmoney income furnished by farms 2 Inventory of crops and livestock valued at the average price for the year Also see footnote 2 p 3 3 Based on 1959 Census of Agriculture definition of a farm The number of farms is held constant within a year I Income received from farming Realized gross 1959 I I 1966 COUNCIL OF ECONOMIC ADVISERS SOURCEi DEPARTMENT OF AGRICULTURE Period 4 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 orporatc profits before taxes seasonally adjusted annual rate jumped 5 billion in the fourth quarter rising to a cord 85 billion according to current estimates For the year 1967 as a whole profits before taxes were down 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS J EXCLUDING INVENTORr VALUATION ADJUSTMENT SOURCE DEPARTMENT OF COMMERCE Period I IILIV 1967 I II III IV I 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 Corpo Profits plus rate TransCorpo CorpoManufacturin g capital capital portation rate rate conconcomDiviUntax profits NonAll Durable durable muniAll 1 before liabil Total dend distrib sump sumpindustion tion goods uted paytaxes ity Total indusgoods cations other tries and ments profits allow 2 allowindusances ances 3 tries public tries utilities a 2 4a 1 1 Includes all other industries andfinancialinstitutions Includes depreciation capital outlays charged to current account and accidental damages Corporate profits after taxes plus corporate capital consumption allowances NOTE Data beginning 1962 adjusted for efiects 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 Dominated by a 5 billion seasonally adjusted annual rate drop in inventory investment gross private domes investment fell 11 2 billion in the first quarter Business fixed investment advanced over 3 billion to a new reed high Residential construction continued to rise with a gain of over 1A billion BILLIONS OF DOLLARS 140 BILLIONS OF DOLLARS ss J4 RELIWINARY SOURCEi DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Fixed investment Period Total gross private domestic investment Total Structures NOTE Data for Alaska and Hawaii included beginning 1960 S Producers durable equipment Total Total Total I II III IV 1967 I II III IV 1968 I Residential structures N onresidential Nonfarm Total Nonfarm a3 Nonfarm Source Department of Commerce Change in business inventories Total as Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT isiness expenditures for new plant and equipment totaled 61 7 billion in 1967 or about 2 percent above 1966 p most recent survey shows a jump of 3 percent in the first quarter seasonally adjusted while an advance of jarly 6 percent is expected for 1968 as a whole BILLIONS OF DOLLARS 1 70 BILLIONS OF DOLLARS 70 SEASONALLY ADJUSTED ANNUAL RATES 60 60 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING i MANUFACTURING I I t f I i 1963 I j J y i i 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 33 II 2d half 3 1 Excludes Durable goods Nondurable goods agriculture Commercial and other includes trade service finance communications and fraction stimates based on anticipated capital expenditures as reported by business te January and February 1968 Includes adjustments when necessary for jmatic tendencies in anticipatory data NOTE Beginning 1969 all quarterly data are rounded to nearert 50 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 oJ 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 WAGEP STATUS OF THE LABOR FORCE The civilian labor force seasonally adjusted declined slightly in March Total employment reached a new high 75 8 million Unemployment dropped to below 2 9 million about the same as a year earlier MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED TOTAL LABOR FORCE xr EMPLOYMENT 65 10 UNEMPLOYMENT 0 1 i i i i I t t i i i Ii t t i t i i i i I i Ii i i i i i i i i i i Ii ii i i I i i i i i It i i i i I i i i i i I i i t i i I i t i i i I i i i i i I i i i t i I 0 PERCENT OF CIVILIAN LABOR FORCE SEASONALLY ADJUSTED UNEMPLOYMENT RATE n r l n t J n i Jfj YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Civilian emUnemployment Labor Total Civilian employment ployment rate percent of force labor force Unem civilian labor partici NT JNon Unem includ Civilian Nonforce pation labor Agriployployagnagning Total ment force Total ment Unad Season rate culculculunadarmed tural tural tural justed ally ad justed forces justed Thousands of persons 16 years of age and over Percent Unadjusted Seasonally adjusted Total labor force including armed forces 1967 Feb MarApr May June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar SS r Total labor force as percent of noninstitutional population NOTE Seasonally adjusted series revised see Employment and Earnings and Monthly Report on the Labor Force February 1968 Beginning 1960 data include Alaska and Hawaii 10 4 014 Source Department of Labor s o oo ty L SELECTED MEASURES OF UNEMPLOYMENT AND PART TIME EMPLOYMENT seasonally adjusted unemployment rate declined from 3 7 percent in February to 3 6 percent in March Most asures of unemployment showed improvement LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT AND PART TIME WORK UNEMPLOYMENT RATE ALL CIVILIAN WORKERS UNEMPLOYMENT RATE EXPERIENCED WAGE AND SALARY WORKERS UNEMPLOYMENT RATE MARRIED MEN 0 I I I I I I I I I 1I 1I I I i I i I i i I i I i I I I I 1I I I I I I I i 1i 1I I i j i I I I I I I I I I I I I I f I I I I I I I I I I I I I I I I I l l I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF IABOR 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 Period Feb Mar Apr May June July J Aug Sept Oct Nov Dec Jan Feb Mar Percent Seasonally adjusted J Man hours lost by the unemployed and those on part time for economic tis as a percent of total man hours potentially available to the civilian labor Beginning 1963 series reflects whether unemployed persons sought fullptime jobs Hers from total nonagricultural employment p 13 which includes pervith jobs but not at work for such reasons as vacation illness bad weather LU industrial disputes 1968 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 fullpartfulltime 3 time 4 time 3 Thousands of persons 16 years of age and over Unadjusted Seasonally Usually parttime 4 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 Average hours worked usually full time 24 2 usually part time 17 8 NOTE See Note p 10 Source Department of Labor 1 1 UNEMPLOYMENT INSURANCE PROGRAMS In March insured unemployment under State programs averaged 143 000 lower than in March 1967 The seasonc adjusted insured unemployment rate was 2 3 percent for the fifth month in a row MILLIONS OF PERSONS MILLIONS OF PERSONS 13 3 WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS 1966 FEB JAN MAR APRIL MAY JUNE JULY AUG SEPT OCT Feb Mar Apr May June JulyULUJ Aus Sept Oct Nov Dec 1968 Jan All programs Total Insured unem benefits Covered ploypaid milemploy ment ment weekly lions averof dolage lars Feb Mar Week ended 1968 Mar 9 Apr Thousands Insured unemployment 12 Initial claims State programs Insured unemployment as perExhaus cent of covered employment tions Unad Seasonjusted ally adjusted Weekly average thousands NOTE For definitions and coverage see the 1967 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods and for Puerto Kico since January 1961 DEC COUNCIL OF ECONOMIC ADVISERS SOURCEi DEPARTMENT OF IABOR Period NOV Source Department of Labor Percent S S 2 3 Benefits paid Total Average milweekly lions of check dollars dollars TONAGRICULTURAL EMPLOYMENT tal nonagricultural payroll employment seasonally adjusted rose 143 000 in March The increase was concentrated trade State and local government and services Contract construction declined by 000 while other major industries showed little or no change MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED MILLIONS OF WAGE AND SALARY WORKERS SEASONALLY ADJUSTED ENLARGED SCALE SERVICE AND MISCELLANEOUS 60 56 NONMANUFACTURING PRIVATE DURABLE MANUFACTURING 24 NONDURABLE MANUFACTURING MANUFACTURING 20 16 CONTRACT CONSTRUCTION GOVERNMENT J COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR J Thousands of wage and salary workers seasonally adjusted Nonmanufacturing private Manufacturing private Transtract portation Mining conand strue public tion utilities Si Prm V UU Period Total Feb Mar Apr MayJuneJuly Aug Sept Oct Nov Dec 1968 Jan Feb Mar Total NonDurable durable Total goods goods Includes all full and part time wage and salary workers in conagricultural tablishments who worked during or received pay for any part of the pay period dch includes the 12th of the month Excludes proprietors self employed peris domestic servants and personnel of the armed forces Total derived from i table not comparable with estimates of nonagricultural employment of the ilian labor force shown on p 10 which include proprietors self employed sons 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 insurState sale and ance and and and miscel Federal local retail real laneous trade 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 manufacfuring was unchanged at 40 7 hours in March With the exceptic of a sharp weather related dip in January the factory workweek has held comparatively stable since August 196 There was a decline in the March weekly hours in construction and retail trade HOURS PER WEEK SEASONALLY ADJUSTED 46 HOURS PER WEEK SEASONALLY ADJUSTED 46 NONDURABLE MANUFACTURING DURABLE MANUFACTURING v i i i 1 1 l i i V f t 1 i i K N CONTRACT CONSTRUaiON RETAIL TRADE L I i i s r wte i n x X 4t i i i i 1 i i i i j V N HI 1 1 LJ K UN COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR 1 Average hours per week seasonally adjusted Manufacturing industries Period Feb Mar Apr Mav June JulyAue Sept Oct Nov Dec 1968 Jan Feb Mar v 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 oG Retail trade s sao VERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Wkly earnings in manufacturing rose slightly to in March bringing the over the year gain to 7 74 ConAuction earnings held steady while those in retail trade declined slightly DOLLARS DOLLARS AVERAGE HOURLY EARNINGS AVERAGE WEEKLY EARNINGS 3 25 DURABLE GOODS INDUSTRIES INDUSTRIES v J V DURABLE GOODS ALL MANUFAaURING INDUSTRIES i 100 NONDURABLE GOODS INDUSTRIES COUNCIL OF ECONOMIC ADVISERS SOURCEs DEPARTMENT OF LABOR For production workers or nonsupervisory employees Average hourly earnings current prices Period Feb Mar Apr May June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar V Average weekly earnings current prices Manufacturing industries Contract conRetail J NonDurable durable structrade All goods tion goods Manufacturing industries Contract Retail 1 conNonDurable durable structrade All goods tion goods Includes eating and drinking places Earnings in current prices adjusted to exclude overtime and interindustry shifts Earnings in current prices divided by the consumer price index 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 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The seasonally adjusted index of industrial production rose almost percent in March to a new hi h slightly above the previous record of last December and 31 2 percent above a year earlier Increased output of consumer goods was largely responsible for the March rise Index SEASONALLY ADJUSTED 200 Index SEASONALLY ADJUSTED 200 TOTAL MARKET GROUPS 160 MATERIALS Period Feb Mar ioa Apr May J Xd J June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar v seasonally adjusted Industry Manufacturing Mining Utilities NonTotal Durable durable Source Board of Governors of the Federal Reserve System 16 1968 COUNCIL OF ECONOMIC ADVISERS SOURCfc JOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production a Market Final products ConTotal sumer Equipment goods isa Materials J wim PRODUCTION OF SELECTED MANUFACTURES n March production of most durable manufactures seasonally adjusted registered increases with the largest being percent in transportation equipment On the average nondurables changed little Index SEASONALLY ADJUSTED Index SEASONALLY ADJUSTED FABRICATED METAL PRODUCTS LUMBER AND PRODUCTS CHEMICALS PETROLEUM AND RUBBER TEXTILES APPAREL ANDV LEATHER PAPER AND PRINTING FOODS BEVERAGES AND TOBACCO COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Durable manufactures Period Feb Mar Apr Mav June Julv Aug Sept Oct Nov Dec 1968 Jan Feb p Mar Primary metals Source Board of Governors of the Federal Reserve System Nondurable manufactures FabriTranspor Lumber Textiles cated Machintation and apparel ery metal equipand prodment leather products ucts Paper and printing Chemicals Foods beverpetroleum and ages and rubber tobacco WEEKLY INDICATORS OF PRODUCTION In March most weekly indicators of production increased again on a seasonally unadjusted basis Auto assemblies were up 81 2 percent for the month of March but declined in early April Steel production rosk slightly in March an Dearly April MILLIONS OF SHORT TONS DAILY AVERAGE MILLIONS OF TONS 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 millions of of short Total Cars Trucks of tons of cars tons 100 kilowatt hours tons l Period Weekly average iy Feb Mar Anr May j June July Aug ept Oct Nov Dec 1968 Jan Feb Mar Week ended 1968 Mar Apr S Dally average Includes data for Alaska 18 COUNCIL OF ECONOMIC ADVISERS Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads American Paper Institute and Ward s Automotive Reports NEW CONSTRUCTION According to preliminary estimates total spending for new construction seasonally adjusted increased 1 percent in February to a new high Residential building rose about percent while private nonresidential building and public ronstruction were up about 1 percent each BILLIONS OF DOLLARS BILLIONS OF DOLLARS PRIVATE RESIDENTIAL NONFARM SOURCEi DEPARTMENT OF COMMERCE Total new construction expenditures Period COUNCIL OF ECONOMIC ADVISERS Private Federal State Residential nonfarm Total CommerNew cial and Total i housing industrial units Billions of dollars Other and local Feb Mar Apr May June July Aug Sept Oct Nov Dec 1968 Jan Feb i Includes nonhousekeeping residential construction and additions and altera ons not shown separately Compiled by F W Dodge Company and relates to 48 States Seasonally adjusted Seasonally adjusted annual rates 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 seasonally adjusted dropped 3 percent in March following increases in Janu and February However starts were 35 percent above a year earlier Permits for future starts were about the sarm March as in February MILLIONS OF UNITS 2 5 MILLIONS OF UNITS SOURCES DEPARTMENT OF CO AMERCE FEDERAL HOUSING ADMINISTRATION FHA AND VETERANS ADMINISTRATION VA Total private and Period public including farm Feb Mar Apr May June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar p Total private including farm Thousands of units Housing starts Private nonfarm Private nonfarm Total private Government Two or includOnemore Total home programs ing 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 2 Units represented by mortgage applications for new home construction 20 COUNCIL OF ECONOMIC ADVISERS New Proposed home construction private housing Applica Requests units tions for for VA FHA appraisauthorized 1 commitals 2 ments annual rates 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 jreliminary estimates indicate that retail sales rose 530 million seasonally adjusted in March following increases T 420 million in February and 595 million in January BILLIONS OF DOLLARS SEASONALLY ADJUSTED 160 BILLIONS OF DOLLARS SEASONALLY ADJUSTED 20 RETAIL TRADE ENLARGED SCALE BUSINESS SALES AND INVENTORIES 18 DURABLE GOODS STORES 140 INVENTORIES SALES I WHOLESALE TRADE ENLARGED SCALE COUNCIL OF ECONOMIC ADVISERS SOURCEi DEPARTMENT OF COMMERCE Total business Period Sales 2 1 Inventories 3 Wholesale Sales2 4 Inventories 3 Sales 2 Total Retail NonDurable durable goods goods stores stores 5 Inventories 3 Total Durable goods stores Nondurable goods stores Millions of dollars seasonally adjusted Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar The term business also includes manufacturing see page 22 Monthly average for year and total for month ook value end of period seasonally adjusted ginning 1961 data include Alaska and Hawaii OS S f 08 S 743 S 235 S S cS f i w C i 20 4 L f W 20 VJ 20 S4 20 2 l 20 3f Beginning 1960 data include Alaska and Hawaii 6 Series revised beginning 1966 Source Department of Commerce 21 MANUFACTURERS SHIPMENTS INVENTORIES AND NEW ORDERS Manufacturers new orders increased 0 2 percent seasonally adjusted in February following a drop in January With shipments dropping 650 million and inventories increasing 290 million the inventory shipments ratio roi from 1 72 to 1 75 BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 90 MANUFACTURERS INVENTORIES MANUFACTURERS SHIPMENTS 50 TOTAL 80 TOTAL DURABLE GOODS 60 DURABLE GOODS 20 NONDURABLE GOODS NONDURABLE GOODS 30 U H l H i l SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments 1 Manufacturers inventories 2 Period Total 1968 NonDurable durable goods goods Total NonDurable durable goods goods Manufacturers new orders 1 Durable goods Total Total NonMachinery durable and goods equipment Manufacturers inventoryshipments ratio 3 Millions of dollars seasonally adjusted v Dec Jan 44 256 Feb 43 771 Mar 44 663 Apr May 44 692 June 44 707 July Aug 45 447 Sept Oct 44 233 Nov Dec p Jan p 48 133 Feb Monthly average lor year and total for month Book value end of period seasonally adjusted 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 3 Series revised beginning 1966 NOTE Data for Alaska and Hawaii included beginning 1958 Source Department of Commerce MERCHANDISE EXPORTS AND IMPORTS c U S merchandise trade surplus seasonally adjusted in February was 171 million essentially unchanged from 2 January figure BILLIONS OF DOLLARS 3 5 BILLIONS OF DOLLARS MEENOTE i BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Millions Merchandise exports Total includDomestic exports ing reexports 1 Food Crude Season Unad Total i 3 bever mateages rials ally ad justed and to and justed bacco fuel Mont lily average Jan Feb Mar Apr May JuneJuly Aug Sept Oct Nov Dec 1968 Jan Feb Unadjusted Merchandise imports General imports 2 Total 3 Manufactured goods Season Unadally ad justed justed otal excludes Department of Defense shipments of grant aid military supand equipment under the Military Assistance Program otal arrivals of imported goods other than intransit shipments of dollars Food Crude bever materials ages and to and fuels bacco Unadjusted Grossmerchandise trade Manusurplus facseasontured goods ally adjusted tnn Total includes commodities and transactions not classified according to kind NOTE 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 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars Imports of goods and services Exports of goods and services Income on investments Period Total Merchandise l Military sales Private Government Other services Total Merchandise i Balance on Mili Other goods and tary expend serv services ices itures Seasonally adjusted annual rates 1966 I II III IV 1967 III 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 i the fourth quarter For the year 1967 a 3 6 billion liquidity deficit is indicated On the official reserve transactions asis 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 10 BALANCE ON GOODS AND SERVICES 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 1 Direct investment Other longterm II III IV rv in III Errors Foreign and uncapital recorded Liquidnet 1 transity actions basis Seasonally adjusted annual Shortterm rates Includes certain special Government transactions Equals changes in liquid liabilities to foreign official holders other foreign holders and changes in official reserve assets consisting of gold convertible currencies and the U S sold 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 T J S Government bonds and notes VCentral banks governments and U S liabilities to the IMF arising from Versible gold sales to and gold deposits with the U S Changes in gold convertible currenOfficial To foreign official cies and holders 5 To other IMF gold reserve foreign 6 tranche transholders position actions Liquid Nonbasis 3 increase liquid if n Quarterly totals unadjusted Balance Changes in selected liabilities decrease f Private holders includes banks and international and regional organizations excludes IMF 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 February with increases in all major categories The all items index was 3 7 percent above February 1967 led by a 4 6 percent increase in prices of services other than rent Index Index SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS All items Period J a n Feb Mar Apr May June July Aug Sept V J Oct Nov Dec 1968 Jan Feb Source Department of Labor 26 All commodities Services Commodities Commodities less food Services All Rent Food less Non services All Durable durable rent J WHOLESALE PRICES According to preliminary estimates the wholesale price index rose by 0 3 percent in March with the largest increase eing 0 9 percent in farm product prices Processed foods and feeds prices declined 0 2 percent while industrial ommodities prices increased 0 3 percent The all commodities index was 2 5 percent above March 1967 Index Index COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR All commodities Period I Feb Mar Apr May j June July Aug Sept Oct Nov Dec Jan Feb Mar Farm products Processed foods and feeds Coverage of the subgroups does not correspond exactly to coverage of this Index S s Excludes intermediate materials for food manufacturing and manufactured biimal feeds includes in part grain products for further processing Industrial commodities All industrials Inter Producmediate er finmateished rials2 goods a Crude materials Consumer finished goods excluding food DurNondurable able NOTE Beginning January 1967 the indexes incorporate a revised weighting structure reflecting 1963 values of shipments The classification structure also changed Source Department of Labor 27 PRICES RECEIVED AND PAID BY FARMERS During the month ended March 1 5 prices received by farmers were unchanged while prices paid rose by 1 percen The parity ratio remained at 74 Index Index PRICES PAID INTEREST TAXES AND WAGE RATES 100 Nss PRICES RECEIVED ALL FARM PRODUCTS RATIO 1 100 RATIO PARITY RATIO 80 80 ii i ii T t i fi J 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 I All farm products Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sept 15 Oct 15 Nov 15 Dec Jan 15 Feb 15 Mar Crops All items interest taxes and wage rates Index Livestock and products Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates on base 28 Parity ratio 1 Prices paid by farmers Family living items Production items Actual Adjusted SO The adjusted parity ratio reflects Government payments made dir to farmers Source Department of Agriculture II MONEY CREDIT AND SECURITY MARKETS flONEY SUPPLY iJic seasonally adjusted money supply rose 0 9 billion in March after remaining unchanged in February Time deposits increased 1 6 billion slightly more than the February increase BILLIONS OF DOLLARS BILLIONS OF DOLLARS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED TIME DEPOSITS AT ALL COMMERCIAL BANKS i i i t i I i t i i i iC OU L L LJ L SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures billions of dollars Money supply Money supply Period Dec Dec Dec Dec Dec Dec 1967 Feb Mar Apr i i dj Mav June July Aug Sept Oct Nov Dec 1968 Jan Feb Mar p Total Currency outside banks Seasonally adjusted Deposits at all commercial banks JOTE Effective June balances accumulated for payment of personal jis about 1 1 billion are excluded from time deposits and from loans at all commercial banks Time deposits 1 Demand deposits Total Currency outside banks Demand deposits Unadjusted ISO S JSO i 3D C T i 1 10 2 i jO U S Government demand deposits 1 Time deposits S 5 i r ri r i I OS S J70 S 17 5 0 J7 r S D LSO o i Data include Alaska and Hawaii Source Board of Governors of the Federal Reserve System 4 i i 4 o o i j s 0 5 L 9 o SELECTED LIQUID ASSETS HELD BY THE PUBLIC Public holdings of demand deposits and currency seasonally adjusted increased 3 3 billion in March Savings c loan shares outstanding and holdings of short term Government securities increased only moderately while holdii of other types of liquid assets showed little or no change BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS v 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 Total selected liquid assets End of period Feb Mar Apr May June July Aug Sept Oct v Nov v Dec 1968 Jan Feb p Mar 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 Beserve Banks and beginning 30 Mutual savings banks Postal Savings System Savings and loan shares U S Government savings bonds na U S Government securities maturing within one year February 1960 savings and loan associations 8 Keflects 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 5ANK LOANS INVESTMENTS DEBITS AND RESERVES al bank loans and investments seasonally adjusted fell 1 1 billion in March the first monthly decline since iober 1966 Free reserves dropped sharply to the largest net borrowed position since October 1966 BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 400 ALL COMMERCIAL BANKS COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Bank Weekly debits reporting large com outside mercial New York Total Loans Investments City 232 banks End of period loans excluding centers and inter U S Gov Other Commercial seasonally investbank securi and indus adjusted ernment ments ties securities trial loans annual rates l Billions of dollars S Feb Mar Apr 61 8 J VIav 8 614 T June July Aug v Sept Oct v Nov Dec Jan Feb Mar All commercial banks seasonally adjusted data 1 Deb its during period to demand deposit accounts except interbank and Government New series beginning January 1964 verages of daily figures Annual data are for December iw series see Federal Reserve Bulletin March 1967 DE Effective June 1966 balances accumulated for payment of personal about 1 1 billion are excluded from loans at all commercial banks and All member banks Total reserves 2 Borrowings at Free Excess Federal reserves Reserve reserves Banks Millions of dollars 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 The decline in tota consumer credit outstanding during January and February was less than seasonal Instalm credit outstanding seasonally adjusted showed an unusually large increase of 570 million during February BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 20 NONINSTALMENT CREDIT I I 1I I I I I I I I I I I I I I I M I 1 SEASONALLY ADJUSTED ANNUAL RATES INSTALMENT CREDIT EXTENDED I I t I I t I I I I I I I I I I I I I I I I t I t 1 I I I I I I I I I I I I I I I I I I I i I I I I I I I I 1 I I 1 I I 1967 SOURCE BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Millions of dollars Consumer credit outstanding end of period Consumer instalment credit extended unadjusted and repaid seasonally adjusted Instalment Automobile paper Total NonAutomoTotal instal Extended Repaid Extended Repaid Total i bile Personal ment 2 paper loans Period Feb Mar Apr Mar J ir e July AU T Sf Pt Get Nov Df c Jan Feb Also includes other consumer goods paper and repair and modernization loans not shown separately Consists of single payment loans charge accounts and service credit End of period unadjusted 32 Mortgage debt outstanding nonfarm 1 to 4family houses NOTE Data for Alaska and Hawaii included beginning January and August 1959 respectively Sources Board of Governors of the Federal Reserve System and FederalHom Loan Bank Board BOND YIELDS AND INTEREST RATES tercst rates and bond yields rose during March in many cases exceeding their November and December peaks le Treasury bill rate continued to rise during April reaching the highest level since mid October 1966 PERCENT PER ANNUM 7 PERCENT PER ANNUM 7 CORPORATE Aaa BONDS Mooors SOURCE SEE TABLE BELOW Period Feb Mar Apr Mav June Julv Aug Sept Oct Nov Dec 1968 Jan Feb Mar Week ended 196S Mar Apr T 1 COUNCIL OF ECONOMIC ADVISERS Percent per annum 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 Rate on new issues within period Selected note and bond issues ipril 1953 to date bonds due or callable 10 years and after Weekly data are Wednesday figures Data for first of the month based on the maximum permissible interest rate jercent beginning October 1966 and 30 year mortgages paid in 15 years Prime commercial paper 4 6 months Corporate bonds Moody s Aaa Baa FHA new home mortgage yields Sources Treasury Department Board of Governors of the Federal Reserve System Federal Housing Administration Standard Poor s Corporation and Moody s Investors Service 33 COMMON STOCK PRICES YIELD AND EARNINGS The common stock price index continued to fall during March with the monthly average being the lowest since Fe ruary 1967 Stock prices rose sharply in early April however lndex Index COMPOSITE PRICE INDEX FOR 500 COMMON STOCKS i VK7V I I I I DIVIDEND YIELD ON COMMON STOCKS RATIO RATIO 25 25 PRICE EARNINGS RATIO ON COMMON STOCKS 20 rO A v i i 1962 i I t I i i t I r SOURCE STANDARD ppoxs CORPORATION Period Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Week ended 1968 Mar Apr I 1967 t 1968 I N COUNCIL Of ECONOMIC ADVISERS Total Total Price index Industrials Capital Consumers goods goods Railroads Dividend yield 2 percent Price earnings ratio Public utilities Includes 500 common stocks 425 are industrials 55 are public utilities and 20 are averages of monthly data Weekly data are Wednesday figures 3 are railroads Weekly indexes ior capital and consumer goods are Wednesday Ratio of price index for last day hi quarter to quarterly earnings season figures all other weekly Indexes are averages of dally figures adjusted annual rate Annual ratios are averages of quarterly data 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 Source Standard Poor s Corporation 34 FEDERAL FINANCE EDERAL BUDGET RECEIPTS EXPENDITURES AND NET LENDING i the receipt expenditure account the increase in receipts in fiscal 1968 is estimated at 6 2 billion and the increase n expenditures at 16 7 billion The increase in expenditures and net lending is expected to be 17 3 billion BILLIONS OF DOLLARS 200 BILLIONS OF DOLLARS ENLARGED SCALE 20 ENLARGED SCALE SURPLUS OR DEFICIT RECEIPT EXPENDITURE ACCOUNT L L J RECEIPTS LESS EXPENDITURES AND NET LENDING J ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal year l l 1969 Fiscal year 1968 Feb Cumulative total first 8 months FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS Billions of dollars Budget receipts expenditures and net lending Loan Receipt expenditure account Total account surplus or ExpendiSurplus or Net deficit Receipts tures deficit lending Public debt end of period Estimates in the 1969 Budget submitted in January 1968 NOTE Budget receipts and expenditures net lending and the public debt are based on The Budget of the United States Government 1969 which shows data on the basis of budget concepts adopted pursuant to the recommendations of the 1965 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 EXPENDITURES AND NET LENDING NATIONAL DEFENSE I FISCAL YEARS 1962 J ESTIMATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET J COUNCIl OF ECONOMIC ADVISERS Billions of dollars Receipts Expenditures and net lending National defense Period Individual income taxes Corporation income taxes Total Other Total Total Department of Defense military 1 InternaHealth tional labor affairs and finance and Other 2 welfare Fiscal year Fiscal year 1968 Feb 6 2 Cumulative total first 8 months Expenditure account adopted pursuant to the recommendations of the President s Commission on 2 Includes undistributed adjustments to amounts for all functions and special Budget Concepts As soon as all of the data are available on a monthly basis allowances for 1968 and 1969 the table will be expanded to include them a Estimates in the 1969 Budget submitted in January 1968 Sources Treasury Department and Bureau of the Budget NOTE Keceipts 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 EDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS deral purchases jumped 31A billion seasonally adjusted annual rate in the first quarter the biggest increase Kce the first quarter of 1967 With transfer payments rising 2 i billion due to increased Social Security benefits tal Federal expenditures increased almost 7 billion 1 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASO MALLY ADJUSTED ANNUAL SURPLUS n FI 20 RATES n n W i i i DEFICIT I I I J I 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 Period Fiscal year Calendar year I II IIIIV 1967 I II Personal Corporate Total tax and profits nontax tax receipts accruals Indirect business tax and nontax accruals Federal Government expenditures Contributions for soeialinsuran ce Total GrantsSubsidies Purin aid less chases Trans to State current Net of goods fer payand interest surplus and local ments of Govt paid services governenterments prises Surplus or deficit income and product accounts IV I stimates NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce m O 7 UNITED STATES GOVERNMENT PRINTING OFFICE POSTAGE AND FEES PAID U S GOVERNMENT PRINTING OFFICE DIVISION OF PUBLIC DOCUMENTS WASHINGTON D C 2O4O2 OFFICIAL BUSINESS First Class Mail Contents TOTAL OUTPUT INCOME AND SPENDING The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Measures of Unemployment and Part Time Employment Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Selected Industries Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction New Housing Starts and Applications for Financing Business Sales and Inventories Total and Trade Manufacturers Shipments Inventories and New Orders Merchandise Exports and Imports U S Exports and Imports of Goods and Services U S Balance of International Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Selected Liquid Assets Held by the Public Bank Loans Investments Debits and Reserves Consumer and Real Estate Credit Bond Yields and Interest Rates Common Stock Prices Yield and Earnings FEDERAL FINANCE Federal Budget Receipts Expenditures and Net Lending Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis OO 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 60 per year 3 50 foreign u s GOVERNMENT

Wholesale Prices

DATE: April 1968

PART OF:

Economic Indicators : April 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-. "Wholesale Prices," 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-. "April 1968," Economic Indicators (April 1968) : 29-29. https://fraser.stlouisfed.org/title/1/item/582/toc/349266 , accessed on December 9, 2019.

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Economic Data