Full text of Economic Indicators : April 1966

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St. Louis Public Library
REFERENCE DEPl.

89th Congress, 2nd Session

Economic Indicators
April 1966

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1966

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
ROBERT F. ELLSWORTH (Kansas)

SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
HERMAN E. TALMADGE (Georgia)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)

JAMES W. KNOWLES, Executive "Director
JOHN R. STARK, Deputy Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk

COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
TAMES S. DUESENBERRY
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—Isr 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 23, 1949.
Charts drawn by Graphics Unit, 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 1964 Supplement to Economic Indicators) which describes each series
and gives annual data for years not shown in the monthly issues, is available
at 65 cents a copy.
11



TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates indicate that gross national product rose sharply by nearly $17 billion in the first quarter to
a seasonally adjusted annual rate of $714 billion. Major sector increases were $111/4 billion in personal consumption expenditures, $4% billion in government purchases, and $1% billion in gross private domestic investment. Net
exports declined by almost $1 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons

Government

Net receipts
Expenditures
Personal
Interest Personal saving
TransTax and fers,
paid an aj eonsumpPurTranstion
(
+
)
or
transfer expendi- disnontax inter- chases
Total
fers,
Net
est,
receipts
payTotal*
of goods expendi- interest,
receipts
saving
tures
or
and
ments
and
tures and subaccruals sub- 2 services
to forsidies 2
sidies
eigners

Disposable personal income
Period

Total
excluding
interest
and
transfers

1957
1958 ......
1959
1960
1961
1962
1963
1964
1965
1964: I _
Ill
IV. .
1965: I
II..
III.
IV..
1966: !*__

302.2
312.4
330.3
342.3
356.3
376.7
394.3
425.2
453. 6
412.5
423. 3
429.6
435.4
440. 2
446. 9
459. 3
468. 1
476. 2

308.5
318.8
337.3
350.0
364.4
385.3
403.8
435.8
465.3
422.6
433. 6
440.3
446.4
451.4
458. 5
471.2
480.3
488. 7

6.3
6.5
7.0
7.8
8.1
8.6
9.6
10.5
11.7
10.1
10.4
10.7
11.0
11.2
11.6
11. 9
12. 2
12. 5

281.4
290.1
311.2
325.2
335.2
355.1
373.8
398.9
428.7
389.1
396.0
404.6
405. 9
416. 9
424. 5
432. 5
441. 0
452. 6

20.8
22.3
19. 1
17.0
21.2
21.6
20.4
26.3
24. 9
23.3
27.3
25.0
29.5
23. 3
22.4
26.8
27.1
23.6

1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: I.
IV.
1965: I
IV.
1966: I*.

28.7
33.0
34.0
36.5
41.3
42.8
44.5
46.8
49.7
46. 7
46.4
46.8
47.1
48.8
48. 2
51.7
50.1
52. 2

Transfers
Net exports of goods
to forExcess
Gross
and services
Gross private
eigners
of
retained domestic invest- by perearnment sons and
invest-4
ImNet
Exings 3
Government
exports
ports
ports
ment
49.8
49.4
56.8
56.8
58.7
66.3
69. 1
75.4
82. 8
74.2
75.2
76.5
75.8
82. 0
82. 0
83. 2
84. 1

67.8
60.9
75.3
74.8
71.7
83.0
86.9
92.9
105.7
89. 7
90. 9
92.6
97.7
103. 4
102. 8
106. 2
110. 3
111. 8

-18.1
-11.5
-18.5
-18.0
-13.0
-16.8
-17.8
-17.5
-22. 9
-15. 5
-15.7
-16. 1
-21.9
-21.4
-20. 8
-23.0
-26. 2

2.3
2.3
2.4
2.3
2.6
2.7
2.8
2.7
2. 8
2.7
2. 9
2.7
2.7
2. 6
3. 1
2.8
2.7
2.7

1 Personal income (p. 5) less personal taxes and nontax payments (fines, penalties,
2 etc.).
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government
enterprises.
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business which are included
in disposable personal income.




115.6
114.7
128.9
139.8
144.6
157.0
168.3
172.7
187.0
171.4
169.6
173.5
176.5
184.8
186.6
186.4
190.0

86.1
94.2
97.0
99.6
107.6
117.1
122.6
128.4
134. 8
126.3
129.7
128.7
128.6
131. 3
133. 5
135.4
139. 0
143. 6

114.9
127.2
131.0
136.1
149.0
159.9
167.1
175.1
184. 5
173. 0
176. 1
175.5
175.7
180.1
181. 7
187.1
189.1
195. 8

28.7
33.0
34.0
36.5
41.3
42.8
44.5
46.8
49.7
46.7
46.4
46.8
47.1
48.8
48.2
51.7
50.1
52.2

0.7
—12. 5
— 2.,1
3..7
— 4..3
— 2..9
1.2
-2.4
2.5
-1.6
-6.4
— 2.1
.8
4. 7
4.9

International

Business

Period

86.8
81.6
95.0
103.3
103.3
114.2
123.8
125. 9
137.3
124.6
123.2
126.7
129.4
136.0
138.4
134.7
139.9

Surplus
(+)OP
deficit
(-) on
income
and
product
account

5.7
2.2
.1
4. 1
5.6
5.1
5.9
8.6
7. 1
8. 8
7.7
8.8
8.9
6. 0
8.0
7.4
6.9
6. 1

26.5
23.1
23.5
27.2
28.6
30.3
32.4
37.0
39. 0
36.3
36.0
37.3
38.4
34. 7
40.4
40. 1
40. 8
41. 1

20.8
20.9
23.3
23.2
22.9
25.1
26.4
28.5
31. 9
27.5
28. 2
28.5
29.5
28.6
32. 4
32.7
33. 9
35. 0

StatisExcess of Total
tical
transfers income
or
( + ) o r receipts discrepancy
of net
exports
-3.4
.1
2.3
-1.7
-3.1
-2.5
-3.2
-5.8
-4.3
-6. 1
-4.8
-6. 1
-6.2
-3.4
-5. 0
-4. 7
-4. 1
-3.4

441.1
445.8
484.5
504.8
520.8
559.8
589.9
629.2
676. 5
614. 0
624. 5
635.4
643.3
660. 7
670. 2
680.1
694.8

1.6
-.8
-1.0
7
'.5
-.7
-.5

-.2

(8)
-.3
7

-2! 2
-3.1
-1.4
1.4
2.4

Gross
national
product
or
expenditure

441.1
447.3
483.6
503.8
520.1
560.3
589.2
628.7
676. 3
614. 0
624.2
634.8
641.1
657.6
668.8
681.5
697.2
714.1

4
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
6 Net foreign investment with sign changed.
Less than $50 million.
*Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product on a seasonally adjusted basis increased about 2% percent in the first quarter, according to
preliminary estimates. After adjustment for price changes, the increase was 1% percent.

'BILLIONS OF*DOLIARS

BILLIONS OF DOLLARS

700

700

600

500

400

300

300
GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

100

1966
COUNCIL OF ECONOMIC ADVISERS

SOURCE, DEPARTMENT OF COMMERCE

Period

1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: I
II

Ill
IV
1965: I
II
_
III
IV....
1966: I 3

___

._
_
_-

Gove]rnment ])urehases of goods and
Total
Personal Gross
Implicit
Net
services
congross
Total
price
private exports
sump- domestic of goods
national gross
Federal
deflator
State for
product national tion
total
Total
investand
and
in 1958 product expend- ment services
GNP, 2
1 Other
Total National
local
defense
prices
itures
1958 =100
Billions of dollars; quarterlyr data at £seasonal!1y adjust*jd annual rates
438. 0
254. 4
74,2
67. 4
44. 1
38. 6
398.0
2.0
5.5
30. 1
90. 9
419.2
40. 3
5.3
266.7
7& 6
70. 0
4.0
33.0
45. 6
446.1
94. 0
441. 1
281.4
44. 2
452.5
67. 8
5.7
5. 3
86. 1
36. 6
49.5
97. 5
94. 2
447. 3
2. 2
7. 7
290. 1
60. 9
40. 6
447. 3
53.6
45. 9
100. 0
. 1 97. 0
475. 9
311. 2
483.6
46.0
43.3
53.7
75. 3
7.6
101. 6
487.8
4. 1
99. 6
44. 9
503.8
325. 2
74.8
8.6
46. 1
53.5
103.3
497. S
335.2
107.
6
50.2
520. 1
71.7
5.6
47. 8
57. 4
9.6
104. 6
580. 0
63. 4
83.0
560. 3
5. 1 117. 1
355. 1
51. 6 11. 8
53.7
105.7
550. 0
589. 2
86. 9
5. 9 122. 6
64. 4
373.8
50. 8 13. 6
58. 3
107. 1
577.6
92. 9
628. 7
398. 9
8. 6 128. 4
49. 9 15. 4
63. 1
65. 3
108. 9
7. 1 134. 8
49. 9 16.7
609.6
676.3
105.7
68.2
428.7
66.6
110.9
89.7
614. 0
8.8 126. 3
567. 1
389. 1
49. S 15. 2
65. 0
61. 3
108.3
624.2
575. 9
7. 7 129. 7
396. 0
90. 9
67. 0
51. 7 15. 3
62.7
108.4
404. 6
92. 6
582. 6
634. 8
64. 9
49. 5 15. 4
8.8 128. 7
63. 8
109. 0
641. 1
584. 7
405. 9
97.7
8.9 128. 6
64. 3
48. 8 15. 5
64. 3
109. 6
103.4
657. 6
6. 0 131. 3
597. 7
416. 9
64. 9
48.8 16.1
66.4
110.0
424. 5
668. 8
8.0 133. 5
603.5
102.8
65. 7
49. 2 16. 5
67. 8
110. 8
106.2
432. 5
7. 4 135.4
613. 0
681. 5
49. 8 16. 7
66. 5
68. 9
111. 2
624.4
441. 0
697.2
110.3
69.2
6. 9 139.0
52. 0 17.2
69.8
111. 7
714. 1
452. 6
633. 8
6. 1 143.6
55. 0 17.5
111. 8
72.5
71. 1
112.7

l
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.




8

Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

NATIONAL INCOME
Wirfi employer contributions for social insurance up over $3 billion, employee compensation rose $12!4 billion
(seasonally adjusted annual rate) in the first quarter. Proprietors1, rental, ana interest income also recorded good
gains.

BILLIONS OF DOLLARS
600

BILLIONS OF DOLLARS
1600

SEASONALLY ADJUSTED ANNUAL RATES

500

500

400

400

COMPENSATION OF EMPLOYEES

300

300

PROPRIETORS' AND
RENTAL INCOME

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

100

100

MET INTEREST
kmmmlm'«w»k'mm.mm»
1960

1963

1962

1961

.I/PRELIMINARY ESTIMATES.
SOURCE, DEPARTMENT OF COMMERCE

1964

1965

1966
COUNOt OF ECONOMIC ADVISERS

*SEENOTE,PAGE7.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

Total
national
income

Compen-

of em-

ployees l

Proprieto]rs' income
Farm 2

Business

and pro-

Rental
income

of
per-

Net

Corpora ;e profits and inventory va uation ad justment 3

inter-

est

Total

fessional

1955.
1956
1957
1958
1959
1960
1961
1962_ _
1963
1964
1965
1964: I
II
III
IV
1965: I
II
III
IV
1966: I 5

331. 0
350. 8
366. 1
367. 8
400. 0
414. 5
427. 3
457.7

481. 1
514.4
554.7

501.6
510. 5
519. 5
526.3

224.5

243. 1
256. 0
257.8

279. 1

294.2
302.6
323.6

341. 0
365. 3
391.9
355. 1
361.9
369. 0

557.9
570.8

375.4
382.4
387.9
393.7
403.6

(6)

416.2

540.6

549. 5

11.4
11.4
11.3
13.4
11.4
12.0
12.8
13.0
13.0
12. 0
14.3
11.9
12.0
12. 0
12.2
12. 0
14,5
15.0
15.5
15.9

1
2 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.
»See Note, p. 7.




30. 3
31. 3
32.8
33.2
35. 1
34, 2
35.6
37. 1
37. 8
39. 1
40. 3
38. 5
39. 0
39.4
39. 6
39. 9
40. 1
40. 4
40.7
41.0

13. 9
14.3
14. 8
15.4
15.6
15.8
16. 0
16.7
17.6
18.2
18.6
17.9
18. 1
18.3
18.5
18.5
18. 6
18. 6
18. 7
18.8

41
4. 6
5.6
6.8

7. 1
8.4

10.0
11.6
13.6
15. 2
16.5
14.5
15.0
15.4
15.7
16. 1
16.4
16. 7
17.1
17.6

Profits Inventory
valuation
before
taxes * adjustment

46.9
46. 1
45. 6
41. 1
51. 7
49. 9
50.3
55. 7
58. 1
64. 5
73.1
63.6
64.5
65. 5
64. 9
71.7
72.0
73. 5
75.2

65.3
65.9
73. 1
73.9
74.6
77.0

«

(6)

48. 6

4as

47.2
41.4
52. 1
49.7
50.3
55.4

— 1.7
-2.7
-1.5
—.3
"""""• O

.2

1

.3
-.4
-.3

sae

648
747
640
645

< Less than $50 million.
* Preliminary estimates.
* Not available.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

-1.6
(4)

-.4
.2

— 1.0
— 1.4
-1.8
— 1.2
-1.8
-2.8

SOURCES OF PERSONAL INCOME
Personal income rose almost $4 billion (seasonally adjusted annual rate) in March. The bulk of the increase came
from advances of $2.7 billion in wages and salaries and $0.6 billion in personal interest income.
BILLIONS OF DOLLARS
600

BILLIONS OF DOLLARS
600

500

500

400

300

1960

1966

SOURCE- DEPARTMENT OF COMMERCE

Period

1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1966: Jan
Feb 5
Mar _ _

Total
personal
income

351. 1
361.2
383.5
401.0
416.8
442.6
464.8
495.0
530.7
515. 2
517. 8
520. 5
525. 0
528. 5
530.4
532. 1
545.4
541.3
546.1
550. 9
552. 3
557.2
561. 0

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Transfer
and
Other Propriet( )rs' income income
Divi- Personal
salary
labor 2
interest
Business
paydends
of
disburseincome ments
income
Farm and pro- persons
l
ments
fessional
21.4
238.7
32.8
11.7
17.6
9.5
14.8
11.3
33.2
13.4
239.9
15.4
11.6
IS. 9
25.7
9.9
258.2
11.4
12.6
20.7
11.3
26.6
35. 1
15.6
34.2
13.4
23.4
270.8
12.0
12.0
15.8
28.5
35.6
16.0
25.0
32.4
278. 1
12.7
12.8
13.8
15.2
37. 1
27.7
296. 1
13.9
13.0
16.7
33.3
311.2
35.2
13.0
37.8
17.6
14.8
15.8
31. 1
17.2
18.2
12.0
34.3
333.5
16.5
39. 1
36.6
18.2
357.4
40. 3
37.1
39. 2
14. 3
18. 6
18. 9
12, 0
39. 9
18.0
36. 0
37.4
17. 5
348. 9
18. 5
40. 1
36. 2
351. 1
17.6
IS. 0
37.6
11. 7
18. 5
40. 0
36. 5
37. 8
12.9
IS. 2
351. 5
18. 0
18. 6
14. 7
40. 1
36.7
37. 4
18.1
18. 6
IS. 5
353. 9
40. 1
37. 0
355.4
18.2
15. 9
37. 2
19. 1
18. 6
40. 3
37. 2
357.4
19. 0
37. 6
15. 2
18. 3
18. 6
40.4
18.4
14. 9
19. 2
37. 5
37.7
18. 6
358. 8
4
18.4
40. 5
37.7
360. 8
14.9
18.6
19. 5
48. 4
40.6
364. 7
18.7
19.7
37. 9
15. 3
18. 6
39.3
40. 7
15. 5
18.7
18. 9
19.9
38. 2
39.6
368.3
40. 8
19.0
15.7
18.7
20. 2
38.5
40.3
371.3
38. 9
373. 8
19. 2
15. 7
41. 2
IS. 8
20. 4
40. 9
39.4
15. 9
41. 6
377.3
19.3
20. 6
41. 0
18. 8
40. 0
380. 0
20. 6
41. 6
19. 5
16. 1
41. 1
18. 9

1
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.
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
•corporations.

4



COUNCIL OF ECONOMIC ADVISERS

Less: Personal contributions
for social
insurance
6.7
6.9
7.9
9.3
9.6

10.3
11.8
12.4
13. 2
12. 9
13. 0
12. 9
13. 0
13.1
13. 2
13.3
13.4
13.5
13. 6
13.7
16.6
16. 8
16. 9

Nonagricultural
personal
income 3
336.6
344.3
368.5
385.2
400.0
425.5
447.4
478.7
512. 1
499. 0
502. 2
503. 2
505. 8
508. 2
510. 8
512. 9
526. 2
521. 7
526. 3
530.7
532.3
537. 0
540. 5

4
Includes retroactive social security benefits of $885 million or $10.6 billion at
annual rate,
s Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

DISPOSITION OF PERSONAL INCOME
Despite the increase in social security taxes and an increase in personal tax payments, disposable personal income
advanced by almost $81/2 billion (seasonally adjusted annual rate) in the first quarter. Outlays, however, increased
faster and the saving rate dropped sharply to 4.8 percent.

BILLIONS OF DOLLARS
550

BILLIONS OF DOLLARS

500

450

400

350

300 (/
DOLLARS
2,600
PER CAPITA DISPOSABLE PERSONAL INCOME
2,400

2,200

2,000

1,800

1,800
1960

1966

J/PRELIMINARY ESTIMATES.
SOURCE: DEPARTMENT OF COMMERCE

1

1

Period

1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: ! _ _ _
II...
III..
IV._
1965: I...
II—

III..
IV..
1966: I 3 _ _

COUNCIL OF ECONOMIC ADVISERS

Per cap>ita disSaving
L ess: Perse nal outla^fS
posable personal as perEquals:
Persorlal consurnption
Less:
Equals:
incc>me
cent of PopulaPerDisex penditure s 2
Per- posable
Personal
distion
sonal sonal
Total
saving
posable
(thouincome taxes personal personall Durable NonCurrent
1958 personal sands)
income outlays
Services
prices income
prices
goods durable
°°oods
(percent)
Billions of dollars
Dol lars
833. 0
293. 2
7.0
168, 221
272. 6
129. 3
39.8
38.9
98.5
1,838
20.6
1,743
171, 274
6.7
351.1
42.6
308. 5
287. 8
40.8
135.6
105.0
1,801
1,844
20.8
361.2
7.0
174, 141
42. 3
140.2
296. 5
37.9
318.8
112.0
1,831
22.3
1,831
46.2
337. 3
318.2
5.7
177, 073
383.5
44.3
146.6
120.3
19. 1
1,905
1,881
401.0
4.9
180, 684
50. 9
333. 0
45.3
350. 0
151.3
128.7
17.0
1,937
1,883
343.2
416.8
52.4
44.2
5.8
183, 756
364. 4
155. 9
135. 1
21.2
1,983
1,909
442.6
186, 656
57.4
385. 3
363.7
49.5
5.6
162.6
143.0
1,970
21.6
2,064
464.8
60.9
53.4
383.4
5. 1 189, 417
403. 8
168.0
152. 3
2,132
20.4
2,009
495. 0
58.7
192, 120
59. 2
409.5
6.0
435. 8
177.5
162. 6
26.3
2,116
2,268
530.7
65.0
194, 572
65. 4
440. 5
5.4
465.3
189.0
174.7
24. 9
2, 198
2,391
Seasonally adjiisted annilal rates
483. 0
422. 6
60. 4
399. 3
57. 4
173. 7
5. 5 191, 163
158. 0
2,211
2, 070
23. 3
490. 6
56. 9
433. 6
59. 1
406. 3
175. 7
161.2
2, 111
6.3 191, 781
27. 3
2,261
499.1
58.8
440. 3
60.5
192, 492
415.3
179.8
5.7
164.3
25.0
2,134
2,287
507. 1
60.7
446. 4
57.9
416.9
180.9
193, 196
167. 1
6.6
2,145
29.5
2,311
516.2
64.8
451.4
428. 1
64. 6
5.2
193, 731
182.8
169.5
2, 157
23.3
2,330
524.7
66.2
63.5
458. 5
436. 1
187.9
194, 268
173. 1
2, 171
4.9
22.4
2,360
536.0
64.8
471.2
65.4
444.4
190.5
5.7
194, 898
176.7
26.8
2,218
2,418
65.7
546.0
66. 4
480.3
453. 2
195. 0
27. 1
195, 543
5.6
179.6
2,247
2,456
556. 9
68. 1
465. 1
201. 1
488. 7
68. 8
182. 7
4. 8 196, 082
2,492
2, 260
23.6

1
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
3 See p. 2 for total personal consumption expenditures.
Preliminary estimates.




NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.

FARM INCOME
In the first quarter 1966 seasonally adjusted net farm income, including net inventory change/ rose 3 percent from the
fourth quarter 1965. Net income per farm was up 6 percent to an all-time .peak.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RAfES

50
REALIZE) GROSS
FARM INCOME

\
40

40

30

NET FARM INCOME

20

JNCLUDING NET INVENTORY
CHANGE

.1.

10

10

1960

1961

1963

1962

1964

COUNCIL or ECONOMIC ADVISERS

SOURCE, DEPARTMENT OF AGKCULTURi

Personal income re ceived by
total f arm popu lation

1ncome re<seived fro tn farming •

Kealized gross
Period

1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: I
II
III
IV
1965: I
II.....
III
IV
1966: I 5

From
From
farm nonfarm
sources sources sources
From
all

17.7
19.5
18.1

ia7

19. 0
19.2
18. 7
17.9
20.0

11.0
12.8
11.0
11.4
12.1
12.2
12. 0
11. 1
13.2

6.6
6.7
7.0
7.2
6.9
7.0
6.7
6.8
6.8

Net tx) farm
openitors

Net inc ome per
farm incl uding net
inventory change 3

Cash Pro due™
ex- Exclud- Includreceipts tion
penses ing net in- ing net in- Current
1965
Total * from
ventory ventory2 prices prices 4
marketchange change
ings
Billions <>f dollars
Dollars
2, 786
10.7
34.0
29.7
11.3
23.3
2,590
3,429
37.9
12.7
25.2
33.5
13.5
3,189
11.4
2,973
26.1
11.5
37.5
33.5
2,795
3,203
26.2
11.7
37.9
34.0
12.0
3,043
3,567
34.9
12.6
12.9
39.6
27.0
3, 389
3,710
36.2
12.5
3,562
41.0
13.1
28. 5
42.1
12. 5
3,785
37.3
29.6
3,671
13.1
42.2
36.9
29.3
12.9
3,558
12.1
3,486
14.4
44.4
38.9
14.1
4,280
4,280
30. 3
Seasonally ad; usted anruial rates
42. 1
12. 0
12.6
3,460
36.9
29.5
3,530
12. 1
13.0
42.3
37.0
29.3
3,480
3,550
12. 1
29.2
3,550
42.3
13.1
3, 480
37.0
42. 1
12.3
3, 610
36.7
3, 540
13. 1
29. 0
12.5
3,590
3,630
42.2
29.7
12.1
36.7
14.8
30.2
4, 330
14.6
4,330
45. 0
39.5
30. 3
4,480
39.3
14.5
15.1
44.8
4,480
14.4
40.0
15.6
4, 620
45.5
31.1
4,620
31.7
15. 3
16.0
4,880
47. 0
4,780
40.8

* Oasii receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
8 Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.




1966

1965

«Income in current prices divided by the index of prices paid by farmers for
family living items on a 1965 base.
* Preliminary.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes In the fourth quarter moved further ahead by $21/2 billion (seasonally adjusted annual
rate) or 3 percent, to a record high of $77 billion. Profits after taxes also rose—$11/2 billion or 3 percent—to a
record of almost $46 billion.

BILLIONS OF DOLLARS
90

BILLIONS OF DOLLARS
90

20

20

10

10

|

1960

1961

1966

1963

J/EXaUDING INVENTORY VALUATION ADJUSTMENT.
SOURC& DEPARTMENT OF COMMERCE

Period

1957
1958
1959
1960
1961
1962
1963
1964

I960

1904: 1
II —
IJI__
IV__
1965: I
!!___

III__
IV..
1966: 1 3 _ _ _

* SEE NOTE ON TABLE BELOW.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual ratesl
Corf >orate pr ofits (befc>re taxes) and inveEitory
CorjDerate pi ofits
valuation adjustmei it
a fter taxe s
TransCorpo- CorpoM anufactur ing
portation,
rate
rate
comAll
DiviUnprofits
tax
All
Nonother before liabil- Total dend distribDurable durable muniindusindus- taxes
goods
uted
Payity
tries
Total indusgoods cations,
and
tries
ments profits
industries
public
tries
utilities
24. 0
10.7
21. 2
45. 6
5.8
15.8
47. 2
26. 0
13. 3
14. 2
11.7
10.0
41. 1
19. 3
9. 3
41. 4
5.9
15. 9
19. 0
22. 3
11. 6 • 10.8
12. 7
26. 3
18.4
52. 1
51.7
13. 6
7.0
23.7
28. 5
12. 6
15.9
24. 4
12.4
7. 5
12. 0
49.9
17.9
49. 7
26. 7
23.0
13. 4
13.2
23. 3
11. 9
50. 3
11. 4
7. 9
50. 3
23. 1
27. 2
19. 1
13. 8
13. 5
26. 6
12. 5
14 1
8. 5
24. 2
55. 7
20. 5
55. 4
31. 2
15. 2
16. 0
9. 2
15. 4
13. 2
20. 2
58. 6
32. 6
2S. 7
26. 0
15.8
58. 1
16.8
32. 1
17. 2
22.4
14. 9
10. 0
64. 8
64. 5
27. 6
37. 2
17. 2
19. 9
37.5
16.8
24.8
74.7
10.8
73. 1
20.7
30. 1
44.5
18.9
25.6
31. 9
21.9
64. 0
17. 5
14. 4
9. 9
27.3
36. 7
63. 6
16.7
20. 0
32. 1
22. 3
10. 1
64. 5
64. 5
17. 1
15. 0
37. 0
27.5
17.1
19. 9
32. 5
22. 8
17. 5
10. 2
65. 3
27. 8
15. 0
37. 5
17. 4
65. 5
20. 1
32. 3
22.' 5
17. 1
10. 1
64. 9
15. 3
65. 9
28. 1
37. 8
17.7
20. 0
37. 3
20. 8
71.7
16.6
23.8
73. 1
10.5
43.6
29.5
18.0
25.7
36.7
20. 1
16,6
72.0
10.5
24.9
73.9
29.8
44.1
18.6
25.5
74.6
37.3
16. 6
11.0
25. 2
30. 1
73. 5
20.7
44.5
19.2
25.3
17.4
25. 5
38. 8
21. 3
10. 9
31. 1
75. 2
77. 0
45. 9
26.0
19.9
4
4
4
4
4
4
4
4
4
20.6
()
()
()
()
()
() 1 ()
()
()
(4)

1

Includes depreciation, capital outlays charged to current account, and accidental
damages.
2
Corporate profits after taxes plus corporate capital consumption allowances.
1
Preliminary
estimates.
4
Not available.
61-099*—66




2

Corporate
capital
consumption
allow-1
ances

20.8
22.0
23.5
24, 9
26.2
30. 1
32.0
34. 0
36.1
33. 2
33. 6
34, 3
34. 8
35.4
35.8
36. 3
36.8
37. 3

Profits
plus
capital
consumption
allow-2
ances

46.8

443

52.0

5L6

53. 5
61.3
645

71. 2
80.5
69. 9
70.7
71. 8
72. 6
79.1
79.8
80.8
82.7
(4)

NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines
($2M billion for 1962) and therefore not comparable with previous data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
With inventory accumulation about $1% billion less than in the fourth quarter, gross private domestic investment
increased by only $1% billion (seasonally adjusted annual rate) in the first quarter. Fixed investment gained $3%
billion with almost $2% billion in nonresidential.
BILLIONS OF DOLLARS
120

BILLIONS OF DOLLARS
120

.PRODUCERS'
DURABLE EQUIPMENT

40
RESIDENTIAL STRUCTURES
......,„„„„

it,,t,S,

20

20

1966

I960
JL/PRELIMINARY ESTIMATES.

COUNCIL OF ECONOMIC ADVISERS

SOURCE, DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed iir»/estment
Total
gross
private
domestic
Investment

-p . ,

Total

__

67. 4
70.0
67. 8
60. 9
75.3
74.8
71.7
83.0
86. 9
92. 9
105. 7
89.7
90.9
92. 6
97.7
103.4
102. 8
106. 2
110.3
111. 8

Total

61.4
65.3
66. 5
62. 4
70. 5
71. 3
69. 7
77. 0
81. 2
88. 1
97.4
86. 5
86.8
88.8
90. 2
94. 6
96. 4
98. 6
100.2
103. 5

38. 1
43.746.4
41. 6
45. 1
48.4
47. 0
51.7
54.3
60. 5
69. 8
58. 1
58.9
61.6
63. 5
66. 9
68. 4
70. 9
73. 0
75.4

* Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.

8



Producejrs' durable eqilipment

Struc tures
Total

1955
1956
1957
1958
1959
1960
1961
1962
1963
.
1964
1965
1964: I
II
III
IV
1965: I
II
III
IV
1966: I 1

Resid ential
struc tures

N<Dnresident ial

14. 3
17. 2
18.0
16.6
16.7
18. 1
18.4
19.2
19.7
21. 1
24. 3
20. 7
21. 1
21. 1
21. 5
23. 2
24. 5
24. 2
25.4
26.7

Nonfarm
13.6
16.5
17.2
15. 8
15.9
17.4
17.7
18. 5
19. 0
20. 4
23. 7
20. 0
20.4
20. 5
20. 8
22. 5
23. 8
23. 6
24. 7
26.0

Total

23.8
26.5
28.4
25. 0
28. 4
30.3
28. 6
32. 5
34 6
39. 4
45.5
37.5
37.9
40. 5
42. 0
43. 7
43. 9
46. 7
47. 6
48.7

Nonfarm
21. 2
24. 2
25. 9
22. 0
25.4
27. 7
25. 8
29.4
31. 2
35.8
41.3
33.9
34. 4
36. 8
38. 3
40. 1
40. 2
42. 2
42.7
44.5

Total

23.3
21. 6
20. 2
20. 8
25. 5
22. 8
22. 6
25. 3
26. 9
27. 5
27. 6
28. 4
27.9
27. 2
26. 7
27. 7
28. 0
27. 7
27.2
28. 1

Source: Department of Commerce.

Nonfarm
22. 7
20.9
19. 5
20. 1
24 8
22.2
22. 0
24 8
26.3
27. 0
27. 1
27. 8
27.3
26.6
26. 2
27. 1
27. 5
27. 1
26. 7
27. 5

Change in business inv entories

Total
6. 0

4.7
1.3
— 1. 5

48
3.6

2. 0
6. 0
5. 7

4.8
8.2
3.3

41

3.8
7.5

8. 8

6.4
7.6

10. 1
8. 3

Nonfarm
5. 5
5. 1
.8
-2.3
48
3.3
1.7
5.3
49
5.4
7.9
3.6

5. 1
46
7. 8

9.2
6.6
7.0
8.9
7.6

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment are expected to rise 16 percent to $60.2 billion in 1966.
strong increase of $8.3 billion is spread evenly throughout the year.

The

BILLIONS1 OF DOLLARS
70

BILLIONS OF DOLLARS
70
.SEASONALLY ADJUSTED ANNUAL RATES

60

60

50

50
TOTAL
\

40

40

30

30
NONMANUFACTURING

20

\

«.."""•"""•"«........*....itl

20
MANUFACTURING

10

10

I

I

I

1

1960

_L
1961

I

1

1962

1963

1964

1965

1966

I/SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS

SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi]ag

Period

1953
1954.
1955______.
1956
1957
1958
1959
1960
1961
1962
1963___
1964
1965...
_
1966 3
1965: I
II
III
IV__...___
1966: I 33
II - 3
.
2dhalf

Total 1
._
...

...

__

28. 32
26.83 ,
28.70
35.08
36.96
30.53
32. 54
35. 68
34. 37
37.31
39. 22
44. 90
51.96
60.23
49.00
50. 35
52. 75
55.35
57.20
58.90
62.20

Total
11. 91
11. 04
11.44
14,95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
22. 45
26.75
20.75
21. 55
23.00
24.15
25.15
25.80
27.90

Transpoirtation

Durable Nonduragoods ble goods
"5. 65
5. 09
5.44
7.62
8. 02
5.47
5.77
7. 18
6. 27
7. 03
7. 85
9.43
11.40
13.50
10.40
10.80
11.75
12.45
12.80
12.90
14. 10

6. 26
5. 95
6. 00
7.33
7.94
5. 96
6.29
7. 30
7. 40
7. 65
7. 84
9. 16
11.05
13.25
10.40
10. 70
11.25
11.70
12. 35
12.90
13.80

Mining
Railroads Other
0. 99
. 98

1.31

1.24
1. 24
. 94
. 99
. 99
. 98
1. 08

. 92
1.03

.96

M4

1. 19
1.30
1.51
1.25
1. 30
1.25
1.35
1.45
1.55
1.50

.85

. 92
1. 23
1.40
.75
.67

. 85
1.10
1.41
1.73
1.83
1.75
1. 55
1.70
1.95
1.65
1.80
1.95

1. 56
1. 51
1. 60
1. 71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 92
2.38
2.81
3.15
2.55
2. 70
3. 00
3.00
3.30
3.20
3.10

Public Commerand
utilities cial
other 2

4.55
4. 22
4. 31
4. 90
6.20
6.09
5.67
5.68
5.52
5.48
5.65
6. 22
6.94
8.04
6. 80
6. 85
6. 75
7.30
7.65
7.95
8.25

8. 00
8. 23
9.47
11. 05
10.40
9.81
10. 88
11.57
11.68
13. 15
13. 82
15. 13
16.73
18.95
15.85
16. 40
17. 00
17.55
18.05
18.65
19. 50

1 Excludes agriculture.
Annual total is the sum of unadjusted expenditures; it does not necessarily
2 Commercial and other Includes trade, service, finance, communications, and
coincide with the average of seasonally adjusted figures.
construction.
These figures do not agree with the totals included in the gross national product
3 Estimates based on anticipated capital expenditures as reported by business
estimates of the Department of Commerce, principally because the latter cover
in late January and February 1966. Includes adjustments when necessary for
agricultural investment and also certain equipment and construction outlays
systematic tendencies in anticipatory data.
charged to current expense.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Sources: Securities and Exchange Commission and Department of Commerce.




EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

Employment, seasonally adjusted, declined by 86,000 in March while the civilian labor force fell by 14,000. Most
of the employment decline was in the agricultural sector, but nonagricultural employment fell by 7,000 according
to the household survey.
MILLIONS OF PERSONS*
90*

MILLIONS OF PERSONS*
90

SEASONALLY ADJUSTED

85

85
80

80

-TOTAL IABOR FORCE-

75

75

70

65

5

0
PERCENT OF CIVILIAN LABOR FORCE

>

I»s evM>L 0YAAENT R Mn
•>

-j -r

PERCENT OF CIVILIAN LABOR FORCE

»EKSOl4ALL f AD JLIS!m

-

~-

n -n r

-

-|_

n

^-

i1

m

.

] 9 5C>

1962

1961

i

i9&I

196:1

196i 5

*14 YEARS OF AGE AND OVER.
SOURCE DEPARTMENT OF COMMERCE

Period

Total
labor
force
(including
armed
forces)

1961___
1962 2 __
1963...
1964...
1965—

74, 175
74, 681
75, 712
76, 971
78, 357

1965:
Jan,_
Feb__
Mar.
Apr_
May>
JuneJuly.
Aug.
Sept_
Oct..
Nov_
Dec.
1966:
Jan
Feb..
Mar.

Civiliatn emTotal
ployinent
labor
force
UnemNonploy- (includagriTotal
ment
ing
cularmed
tural
forces)
Thousands of ipersons 14
66, 796 61, 333 4,806 74, 175
67, 846 62, 657 4,007 74, 681
68, 809 63, 863 4, 166 75, 712
70, 357 65, 596 3,876 76, 971
72, 179 67, 594 3,456 78, 357
Unadj listed

Unemp] oymentl
rate (pe rcentof
eiviliaia labor
Non- Unemfor ce)
ployagriment Unad- Seasonculadtural
justed ally
justed
Percent
61, 333 4,806
6. 7
62, 657 4,007
5. 6
63, 863 4, 166
5.7
65, 596 3,876
5.2
67, 594 3,456
4.6

Civilisin employment
Civilian
labor
force

Total

Agricultural

years of age and o ver
71, 603 66, 796 5,463
71, 854 67, 846 5, 190
72, 975 68, 809 4, 946
74, 233 70, 357 4,761
75, 635 72, 179 4,585
Seasonally adjustec 1

68, 996
69, 496
70, 169
71, 070
72, 407
73, 716
74, 854
74, 212
72, 446
73, 196
72, 837
72, 749

65, 257
65, 694
66, 180
66, 597
67, 278
68, 094
69, 228
69, 077
67, 668
68, 242
68, 709
69, 103

3,996
4,218
3,740
3, 552
3,335
4, 287
3,602
3, 258
2,875
2, 757
2, 966
2,888

77, 588
77, 770
77, 722
77, 988
77, 990
78, SS2
78, 747
78, 4^5
78, 334
78, 606
78, 906
79, 408

74, 881
75, 066
75, 019
75, 302
75, 306
75, 652
76, 054
75, 772
75, 611
75, 846
76, 111
76, 567

71, 252
71, 326
71, 483
71, 688
71, 816
72, 085
72, 618
72, 387
72, 297
72, 561
72, 914
73, 441

4,583
4,608
4,588
4,769
4,869
4,651
4,639
4,572

77, 409
77, 632
78,034

71, 229
71, 551
72, 023

67, 652
67, 939
68, 244

3,290
3, 158
3,037

79, 644
79, 279
79, SIS

76, 754
76, 355
76, 341

73, 715
73, 521
73, 435

* Total labor force as percent of noninstitutional population.
* Not strictly comparable with preceding data. See Employment and Earnings, May 1962, p. XIV.




1966
COUNCIL OF ECONOMIC ADVISERS

75, 699
76, 418
76, 612
77, 307
78, 425
80, 683
SI, 150
SO, 163
78, 044
78, 713
78, 598
78, 477

10

"~1

4,551
4,273
4,486

66, 719
66, 718
66, 895
66, 919
66, 947
67, 434
67, 979
67, 815
67, 879
68, 010
68, 641
68, 955

3, 629
3, 740
3,536
3,614
3,490
3,567
3, 436
3, 385
3, 314
3, 285
3, 197
3, 126

4,429
4,442
4,863

69, 286
69, 079
69, 072

3,039
2,834
2,906

4,418

5.5

5. 7
5. 1
48

4.4

5. 5

4.6

42

3.8
3.6
3.9
3.8
4.4
4.2

40

NOTE .—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.

4.8

Labor
force
participation
rate,
unad- l
justed

5ao

57.4
57.3
57.4
57.5

4.5

55.9
56.4
56. 5
56. 9
57.7
59.3
59.6
58. 7
57. 1
57.5
57.4
57.2

3.7
3.8

56.3
56.4
56.7

5.0

4. 7

4.8
4.6

4, 7

4.5
4-4
4.3
4.2
4.1
4.0

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate rose slightly in March to 3.8 percent.

SEASONALLY ADJUSTED

LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK

UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS

4.0

4.0

UNEMPLOYMENT RATE,
MAWUEDMEN

2.0

2.0

1960

1966

SOURCE, DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

UneEnploymen trate
(percen t of civiliian labor
for ce in grotip)

Period

Labor
force
time lost
Experi- Married through
unemenced
All
men
ployment Over 40
wage
and
workers salary
(wife and part- hours
present)
time
workers
___
worki_ 1i
Per cent

1961
1962..
1963
1964
1965

.

1965: Feb
Mar
Apr.:
May
June
July
Aug
Sept
Oct
Nov.
Dec
1966: Jan
Feb
Mar

6.7
5.6
5.7
5.2
4. 6
5.0
4.7
48
4.6
4.7
4.5
4.5
4.4
4.3
4.2
4.1
4.0
3.7
3.8

a8

46
5.5
3.6
3.4
5. 5
5.0
2.8
2.4
4.2
Seasonal!^y adjusted
2. 6
46
4.4
2.5
45
2.5
4.4
2.5
2.4
4.5
4.1
2.3
42
2.6
2.2
40
40
2.1
3.8
2.0
3.7
1.8
1.9
3.5
1.9
3.3
3.5
1.9

6.7
*6. 4
5.8
5.0

ao

18, 210
19, 025
19, 257
19, 294
20, 808

5.4
5.2
5.3
5.2
5.3
5.2
5. 1
4.7
46
45
44
43
4.0
41

20, 018
20, 612
18, 499
21, 354
20, 856
20, 244
20, 424
22, 040
21, 900
21, 006
22, 477
20, 851
20, 690
21, 288

1 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 1963, series reflects whether unemployed persons sought fuller 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 2iiidustries
by hours worked j>er week
Uiider 35 hoUTS
Part-ti me for
Part-time for
economi e reasons economi B reasons
35-40
Total
hours
Usually Usually Usually Usually
f ullpartpartfulltime 3
time 4
time 3
time 4
Thousan ds of persons 14 ye ars of age and over
1, 297
1,516
29, 047 11, 132
1,049
28, 853 11, 675
1,288
29, 422 11, 856
1, 070
1,219
29, 127 13, 850
985
1,151
30, 802 12,618
897
1,031
IJnadjuste< i
Seasonallyr adjusted
30, 110 13, 165
927
982
957
1,049
31, 371 11, 981
910
998
904
1, 078
862
29, 187 16, 117
921
840
1,030
31, 654 11, 966
892
936
957
947
32, Oil 11, 462
944
1,292
948
1,035
874
30, 295 10, 778
1,466
961
1, 127
932
30, 684 10, 408
959
1,358
1,038
31, 626 11, 159
851
854
937
843
829
30, 846 13, 052
853
848
973
830
1,002
28, 341 17, 195
916
817
32, 330 12,447
761
866
766
979
972
32, 125 12, 408
794
902
917
32, 389 12, 555
732
871
782
899
5
5
826
32, 543 12, 156
743
802
820

s Includes persons who worked part-time because of slack work, material
shortages
or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only part-time work.
«Average hours worked: usually full-time, 23.8; usually part-time, 18.0.
NOTE.—Beginning 1960, data include Alaska and Hawaii
Source: Department of Labor.
Jl

UNEMPLOYMENT INSURANCE PROGRAMS
In March, insured unemployment under State programs averaged 416,000 less than in March 1965.
unemployment rate on a seasonally adjusted basis dropped further to 2.3 percent.

MILLIONS OF PERSONS

The insured

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

1963

J

1964

JAN.

FEB.

MAR,

APRIL

MAY

JULY

JUNE

AUG.

SEPT.

OCT.

SOURCE DEPARTMENT Of LABOR

A11 progranis
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment
(weekly
lions
ment
averof dolage)
lars)

12

Initial
claims

Sisite progra ms
Benefil ;s paid
InsuredI unemploymen t as perTotal Average
Exhaus- cent of eovered
emplo yment
tions
(milweekly
check
Season- lions of
Unad- ally
ad- dollars) (dollars)
justed
justed

Thou sands
Weekly tiverage, t lousands
47, 776 1 1,946 3, 160. 0 1 1,783
302
32
48, 434
*298
1, 973 3, 025. 9
1, 806
30
49, 635
1, 605
1,753 2, 749. 2
268
26
21
....
1,450 2, 434. 7
232
1,328
49, 318
2, 066
1,932
265.8
269
25
294. 9
49, 837
222
1,863
1,718
25
2
242.7
1, 622
._ 2 50, 683
1,470
27
220
5 1,336
24
1,316
179. 2
1, 179
186
2
1, 182
22
52, 125
169.3
1,059
191
2
1,262
_ 2 52, 277
252
160. 6
1, 139
19
52, 618
1, 235
160.7
1,120
18
215
2
52, 718
1,089
981
150. 3
173
17
1,030
128. 2
933
16
189
1, 133
1,042
143. 0
15
225
1, 396
184. 7
290
17
__
1,308
226.5
1,644
19
1,739
329
230.2
1,679
1,590
19
238
1, 382
232. 5
1,302
19
170

...

„

1,556
1,459
1,370
1,301
1,226

1,471
1, 376
1,291
1,224
1,153

J Programs Include Puerto Rican sugarcane workers for initial claims and
lusunxl unemployment beginning July 1963.
* Preliminary.




DEC

COUNCIL OF ECONOMIC ADVISERS

Period

1962...
1963
1964
_
1965-..
1965: Feb
Mar
Apr
May
June
July..
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb 2
Mar ....
Week ended:
1966: Mar 5
12
19
26
Apr 2 22
O

NOV.

198
177
162
160
161
196

Per<sent
4. 4
4,3
3. 8
3.0
4.5
4. 0
3.4
2.7
2.4
2.6
2.5
2.2
2.0
2.3
3.0
3.7
3.6
2.9

<J?

<Z?

o. o

3. 2
3. 2

S.O
3.0
3.0

3. 1

2.9
2.7
2.7

2. 7

2.7
2.6

2. 3

2, 675. 4
2, 774. 7
2, 522. 1
2, 166. 0
245. 7

3456
35.28

165.7
156.3
149. 5
148.0
138.6
117.8
132.2
172. 1
212.7
217.2
217. 3

36.40

273.4
224.9

35. 96
37.19
37. 39
37. 41
37. 16
36. 07
36. 40

36.58
37.23
37.32

38. 08
38. 81

39.36
39.66
39.72

3.3
3. 1
2.9
2.8
2.6

NOTE.—For definitions and coverage, see the 1964 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.

NONAGRICULTURAL EMPLOYMENT
Nonagricultural payroll employment increased by 321,000 (seasonally adjusted) in March. Large gains were made
in durable goods manufacturing, contract construction, trade, and State and local government.
MIL!.IONS OF WAGE
AN[) SALARY WORKERS
66

MILIJONS OF WAGE
AN 5 SALARY WORK ERS
22

(SEASONALLY A WUSTED DATA)

ALL NONA<3RICULTURAL ESTABLISHMEtsITS

(SEASONALLY AtXIUSTED DATA)

MANUFACTlJR1NG
20

64
62

TOTAL

s
—*

—

18

S*'

60
58

^~s
f^

DURABLE GOODS

16

INDUSTRIES

^^

\

10

^rf*•**!

^-*—*^

56

.....,....^

54

-^*
^

-~

j^

:::

'*

NONDURA BLE GOODS INDUSTRIES

8

UMIIIIIIMIIIMIIIHIMIMMMI

,, ,1

6
13.5

4.5

.CONTRACT CONSTRUCTKDN

WHOLESALE AND RETAIL TRADE

(ENLARGED SCA LE)

(ENLARGED SCAI-E)

4.0

13.0

/

A
3.5

12.5

-X
^
-^/l
-^X^v^X

3.0

-/
Y

r^
,,,,,,,,,,,

,

1964

1965

s

2.5 1" i i i 1 i M f i

1963

^^~

——

12.0

r

^^1
+*-'
. . . i . 1 . . . , iK

1966

N

,

11.5
¥

1963

1964

SOURCE: DEPARTMENT OF LABOR

1965

1966
COUNCIL OF ECONOMIC ADVISERS

1

[Thousands of wage and salary workers; seasonally adjusted]

*

Manufac ituring ( private)

IS onmanu facturinj 5 (private)

Transtract portation
Mining conand
strue- public
t/ion utilities
732 2, 960 4,011
712 2,885 4,004
672 2,816 3,903
650 2,902 3,906
635 2,963 3,903
633 3,056 3,947
628 3,211 4,031
634 3,211 3,985
632 3,238 4, 017
629 3,145 4,013
627 3,188 4,020
626 3,195 4,034
633 3, 154 4,031
627 3, 189 4,049
617 3,186 4, 067
622 3, 202 4,071
627 3,267 4,079
630 3,386 4,079
632 3,383 4,090
630 3,370 4, 104
631 3,445 4, 102
Pnn
V^vJll—

Period

Total

1959
1960
1961
1962
1963
1964
1965
1965: Feb__
Mar_
Apr
MayJuneJuly_
Aug__
Sept.
Oct..
Nov_
Dec..
1966: Jan__
Feb22.
Mar .

53, 297
54, 203
53, 989
55, 515
56, 602
58, 156
60, 444
59, 581
59, 814
59, 846
60, 032
60, 290
60, 501
60, 621
60, 756
61, 001
61, 472
61, 884
62, 148
62, 488
62, 809

Total
16, 675
16, 796
16, 326
16, 853
16, 995
17, 259
17, 984
17, 703
17,762
17, 803
17, 835
17, 943
18, 032
18, 072
18, 098
18, 163
18, 321
18, 429
18, 522
18, 693
18, 776

NonDurable durable
goods goods

9,373
9,459
9,070
9,480
9,616
9,813
10, 379
10, 150
10, 194
10, 241
10, 266
10, 345
10,424
10, 476
10, 494
10, 523
10, 615
10, 707
10, 805
10, 922
10, 991

7,303
7,336
7,256
7,373
7,380
7,446
7,604
7,553
7,568
7,562
7,569
7,598
7,608
7,596
7,604
7,640
7,706
7,722
7,717
7,771
7,785

Total
28, 539
29, 054
29, 069
29, 772
30, 381
31,301
32, 409
32, 037
32, 164
32, 119
32, 242
32, 333
32, 415
32, 464
32, 539
32, 667
32, 882
33, 127
33, 236
33, 333
33, 515

1
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 nonagricultural employment of the
civilian labor forces, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu-




Cover nment

Whole- Finance,
insur- Service
sale
ance,
and Federal State
and
and
and
miscelretail
local
real laneous
trade estate
5,850
11, 127 2,594 7,115 2,233
11, 391 2,669 7,392 2,270
6,083
11, 337 2,731 7,610 2,279
6,315
11, 566 2,800 7,947 2,340
6,550
11, 778 2,877 8,226 2,358
6,868
12, 132 2,964 8,569 2, 348
7,248
12, 588 3,044 8,907 2,378
7,673
12, 423 3,013 8,771 2,338
7,503
12, 460 3,023 8,794 2,342
7,546
12, 494 3,024 8, 814 2,344
7,580
12, 532 3,032 8,843 2,345
7,610
12, 580 3,041 8,857 2,355
7,659
12, 619 3,049 8,929 2,376
7,678
12, 600 3,053 8,946 2,379
7,706
12, 641 3,061 8,967 2,379
7,740
12, 684 3,069 9,019 2,386
7,785
12, 754 3,074 9,081 2, 400
7,869
12, 822 3,082 9,128 2,395
7,933
12, 909 3,080 9,142 2,425
7,965
12, 947 3,082 9,200 2,451
8,011
13, 010 3,096 9,231 2,458
8,060

meration of population, whereas the estimates in this table are based on reports
from
2 employing establishments.
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

13

HOURS OF WORK - SELECTED INDUSTRIES
The average workweek in manufacturing, seasonally adjusted, remained constant at 41.6 hours in March.
struction, the average workweek rose by 0.2 hour to 38.5 hours.

HOURS PER WEEK (SEASONALLY ADJUSTED)

HOURS PER WEEK (SEASONALLY ADJUSTED)

46

46

DURABLE MANUFACTURIhtG

In con**

NONDURABLE MANUFACFURING

AA

44

**•"•

42

A*)

-*~+*S~

r^^

**>^-^
Aft

40

y—V~*

HtSS^^^^fi^md^l

^

«io

*ftjt

34

V

1964

1963

1965

*

1966

34
1963

1965

1964

1966

M

1966

4

44

CONTRACT CONSTRUQION

RETAIL TRAl)E

42

A")

40

Af\

38

38

—=

'i.«

„<• •— . ^,

r^*^-.^

36
<*A

34

32

32
1963

1964

1965

^ 1963

1966

1964

1965

*SEE TABLE BELOW.
COUNCtl OF fCONOMUC ADVISERS

SOURC& DEPARTMENT OF UBOR

[Average hours per week; 1 seasonally adjusted]

Marmfacturing Industries
Period

1955
1956
1957
1958
1959
1960
1961
1962
1963..
1964
1965
1965: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan 2
Feb 2
Mar

Durable
goods

_.

.._

.....

'

,

...
__.

_ _

40.7
40. 4
39.8
39. 2
40.3
39. 7
39.8
40.4
40. 5
40.7
41.2
41. 2
41.3
41.0
41.1
41.0
41.0
41. 0
40.9
41.2
41.4
41.4
41.5
41.6
41. 6

i Data relate to production workers or nonsopervisory employees. Data for
Alaska
and Hawaii Included beginning 1959.
8
Preliminary.

14



41.3
41.0
40.3
39.5
40.7
40. 1
40.3
40.9
41.1
41.4
42.0
42.1
42.2
41.9
42.0
41.8
41.7
41.7
41.6
42. 0
42.2
42.2
42.4
42.5
42. 5

Nondurable
goods

39.9
39.6
39.2

3as

39.7
39. 2
39. 3
39.6
39. 6
39.7
40. 1
40.2
40.2
39.9
40.0
39.9
40.0
40.0
40. 1
40. 1
40.3
40.2
40.2
40.5
40. 4

Contract construction

37.1
37.5
37.0
36.8
37.0
36.7
36. 9
37.0
37. 3
37.2
37.4
37.5
37.5
37.0
37.5
37.1
37.4
37.3
36.2
37.0
37.1
39.2
37.8
38.3
38. 5

* Beginning 1964, includes eating and drinking places.
Source: Department of Labor.

Retail trade

39.6
39. 1
3&7
3a7
38. 7

sas
3ai

37.9
37. 8
* 37. 0
36.6
36. 8
36. 8
36.9
36. 8
36. 6
36. 8
36. 7
36. 5
36.4
36.3
36.4
36.2
36.1

AVERAGE HOURLY AND WEEKLY EARNINGS - SEATED INDUSTRIES
Average weekly earnings in manufacturing were $111.22 in March—$4.51 above March 1965.

DOLLARS
130

AVERAGE HOURLY EARNINGS

AVERAGE WEEKLY EARNINGS

120
DURABLE GOODS
INDUSTRIES

A

no

100

2.40

ALL MANUFACTURING
INDUSTRIES

**\

90

Z20

NONDURABLE
GOODS INDUSTRIES

2.00
1963

80^

1966

1963

1964

1965

SOURCE, DEPARTMENT OF LABOR

1966
COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]

Period

1956
1957.
1958
1959.
1960
_
1961
.
1962
.
1963.
1964.
1965
1965: Feb..
Mar_
Apr- _
May..
June
July..
Aug_Sept>_
Oct..
Nov._
Dec..
1966: Jan..
. Feb33.
Mar .

Avertige hourly' earnings-—current prices

Aver age week!y earning!:j—current, prices

Manufi icturing i ndustries Contract
Retail
conNonDurable durable
trade
strucAll
goods
tion
goods

Manuf*acturing ijadustries Contract
conRetail
NonDurable durable
structrade
All
goods
tion
goods

$1. 95
2.05
2. 11
2. 19
2.26
2. 32
2. 39
2.46
2. 53
2. 61
2. 59
2. 59
2. 60
2. 61
2. 61
2. 61
2.59
2.63
2.63
2.65
2. 66
2. 67
2.67
2. 68

$2. 08
2. 19
2. 26
2.36
2.43
2.49
2. 56
2. 63
2. 71
2.79
2. 77
2. 78
2. 78
2. 79
2. 79
2.79
2.77
2. 81
2.82
2.83
2. 84
2.85
2.86
2.87

$1. 77
1. 85
1.91
1.98
2. 05
2. 11
2. 17
2. 22
2. 29
2.36
2. 33
2. 33
2. 34
2. 35
2. 35
2. 36
2. 36
2.38
2.38
2.39
2.40
2.40
2.41
2.41

$2. 57
2.71
2. 82
2. 93
3. 08
3. 20
3. 31
3.41
3.55
3. 69
3.68
3.65
3. 61
3.65
3.66
3.64
3.68
3.74
3.76
3.74
3.76
3.78
3.81

$1.40
1.47
1.52
1.57
1. 62
1. 68
1.74
1.80
*1. 75
1.82
1. 79
1.79
1. 80
1. 82
1. 82
1. 82
1.82
1. 85
1.86
1. 87
1.85
1.88
1. 88

$78. 78 $85.28
81.59
88.26
82.71
89.27
88. 26
96. 05
89. 72
97. 44
92. 34 100. 35
96. 56 104 70
99.63 ioa 09
102. 97 112. 19
107. 53 117. 18
105. 93 115. 79
106. 71 117. 04
105. 82 115. 93
107. 53 117. 46
107. 79 117. 74
107. 01 116. 06
106. 45 115.51
107. 83 117. 18
108. 62 118. 72
109.71 119. 43
110. 92 120. 98
110. 00 119. 99
110. 27 120. 69
111. 22 121.- 69

JEarnlngs In current prices, adjusted to exclude overtime andlnterindustryshifts.
2
Earnings in current prices divided by the consumer price Index on a 1957-59
base.
* Preliminary.
61-699°-




$70. 09 $96. 38
72. 52 100. 27
74. 11 103. 78
78.61 108. 41
80.36 113. 04
82. 92 118. 08
85. 93 122. 47
87. 91 127. 19
90. 91 132. 06
94. 64 138.01
92. 73 131. 38
93.20 133. 96
92. 20 132. 49
94. 00 140. 16
94 47 139. 08
94 87 140. 50
95. 11 143. 15
95. 68 13R75
95. 68 14401
96.32 136. 14
96. 96 139. 50
95.52 137. 97
96.64 138. 68
96.88

Manufac ituring
indust,ries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59=
1957-59
2
100 l prices

$54 74
56. 89
58. 82
60.76
62.37
64 01
65.95
68.04
*64. 75
66.61
65.34
65. 34
66.06
66.43
67. 16
6R25

ea 07

67.53
67.33
67. 13
67. 90
67.49
67.30

91. 5
96. 2
100. 2
103.5
106.6
109. 6
112.3
115. 2

nao

121.0
120. 0
120. 1
120. 4
120.6
120.8
120. 9
120. 7
121. 7
121. 8
122. 2
122.7
123.2
123.4

$83. 19
83.26
82.14
86. 96
87.02
88. 62
91.61
93.37
95. 25
97.84
97.27
97.90
96.82
98.11
97.90
97.11
96.77
97. 85
98.39
99.20
99.93
99. 10
98.81

*Beginning 1964, includes eating and drinking places.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

In March, the seasonally adjusted industrial production index again increased 1 percent reaching 152.9 (195759=100). Equipment and materials scored the largest increases with consumer goods following closely.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
~

Index, 1957-59=100 (SEASONALLY ADJUSTED)
180

TOTAL

UTILITIES AND MINING

160

180

140

160

120

140

100

120

UTILITIES

MINING

80 I i i i i i I i t » i t i
1963

100

1965

1964

1963

1966

1964

1965.

1966

140 -

120

100

1966

1963
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[1957-59 = 100, seasonally adjusted]

Period

1956
1957
1958
1959
1960
1961
1962
1963
1964 1
1965
1965: Feb
Mar
Apr
May
June
July
Aug
Sept-.
Oct
Nov
Dec
1966: Jan
Feb 1
Mar
1
Preliminary.

16



Mairket

Industry

Total
industrial
production

Total

99. 9
100. 7
93.7
105. 6
108.7
109.7
118.3
124.3
132. 3
143. 3
139. 2
140. 7
140.9
141. 6
142.7
144.2
144.5
143. 5
145.1
146.4
148.7
150.0
151.4
152.9

100.2
100. 8
93. 2
106. 0
108.9
109. 6
118. 7
124.9
133. 1
144.9
140.8
142. 3
142. 4
143. 1
144. 1
145.7
146.0
145. 2
146.7
148.2
150.6
152. 2
153.9
155. 1

M,mufactur]ing

NonDurable durable
104. 0
104. 0
90. 3
105. 6
108. 5
107. 0
117.9
124 5
133. 5
148.4
142.7
144, 8
145. 5
146.4
148. 1
150.0
150.5
148. 2
150.3
151.3
155.0
157.6
159.5
161.0

FJJnal produ<3tS
Mining

Utilities
Total

Consumer
goods

Equipment

95. 5
103.7
95. 4
98. 1
104.8
87.9
99.4
97. 0
104 6
96.7
104.6
93.9
96. 4
91. 3
96.8
95. 6
948
98. 1
106. 6
106.5
105.7
104 1
99.7
108.0
111. 0
107. 6
109. 5
109.9
101.6
115. 6
112. 6
111.2
108.3
102. 6
112.9
122.3
119.7
119.6
119.7
119.8
105. 0
131. 4
1242
125. 2
125. 3
140. 0
107.9
124 9
132. 6
132. 0
111. 3
131.7
151. 3
131. 8
140.2
146. 9
140.7
142.
4
1144
161.0
138. 4
111. 8
138. 0
139. 4
156. 1
138. 5
112. 5
140. 0
140. 4
139. 1
140. 1
158. 5
138. 5
139.4
138. 5
141. 2
113.0
159. 9
140.2
114. 0
160. 4
138. 6
138.8
143.7
139.0
140.7
138.7
162. 5
144 9
115.3
140.4
141. 7
139.3
147.0
116.0
161.3
161.4
148.4
140.4
142.3
139.5
117.0
141. 3
149. 0
112.6
140. 7
165.3
143. 3
142. 1
145.7
141.7
115.8
165.7
154.3
144.2
116.0
147.4
142.8
157.3
165.1
144. 1
145. 1
117.9
165.5
158.8
148.8
145.4
149.3
143. 7
161.3
117.2
164.8
1449
1642
146.8
117. 5
151. 0
166. 0
146. 0
147. 7
152. 2
165. 8
120. 2
167. 0
Source: Board of Governors of the Federal Reserve System.

Materials

101. 6
101. 9
92.7
105.4
107.6
108.4
117. 0
123. 7
132.8
144 1
139.7
141. 7
142. 6
142. 6
144 5
146.4
146.1
143.7
144.3
145.6
148.7
150. 2
151. 7
153. 4

PRODUCTION OF SELECTED MANUFACTURES
Production of all major manufacturers continued to rise on a seasonally adjusted basis in March. The largest gains
were 3 percent in primary metals/ 2 percent in transportation equipment, and 1 percent in chemicals.

Index, 1957-59
180

= 100

Index, 1957-59=
200

(SEASONALLY ADJUSTED)

100

(SEASONALLY ADJUSTED)

160

140

120 *-

XHEMICALS, PETROLEUM,
AND RUBBER

FOODS, BEVERAGES
AND TOBACCO

120
1963
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[1957-59=100, seasonally adjusted]
'

Durab le manufjictures
Period

1956
._
1957
1958
1959
1960
1961
1962
1963
1964
1965 *.
1965: Feb._« .
Mar
Apr
May
June.
July
Aug
Sept
Oct _
Nov
Dec
1966: Jan
Feb.1 .
Mar
1

Preliminary.




Ncmdurable manufactu res

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
apparel,
and
petrobeverPrimary
cated
Machin- tation
and
and
metal
ery
prodprint- leum, and ages, and
metals
equipleather
rubber tobacco
ucts
products
ment
ing
;
.-.

— ___ _ _ _
_

*

116.4
112. 2
87.5
100.4
101.3
98.9
104.6
113.3
129. 1
137.5
136.9
140.4
141.4
140.2
143.0
148.7
146.5
131.2
123.7
119.4
126.5
131. 0
132.3
136

98.8
101. 5
92.9
105. 5
107.6
106. 5
117. 1
123.4
132.7
147.8
145.0
145. 2
147. 4
146. 0
146.4
148.0
147.5
147.0
150.9
153.6
156.3
157. 1
160.8
161

107. 1
104. 2
88.8
107. 1
110.8
110.4
123.5
129.2
141. 4
160.4
152. 5
153. 9
155. 4
156. 9
159.0
160. 6
161.4
162.3
166.0
167.5
170.7
174.3
176.5
177

97.4
106.4
89. 5
104.0
108.2
103.6
118.3
127.0
130. 7
149. 2
139. 7
144. 4
144 6
147. 3
149.5
149. 8
151.5
149.4
155.0
157.3
160.7
163. 1
163.2
166

105.4
95.9
95. 6
108.5
102. 1
101.3
106. 1
108.9
112. 6
117.4
115.6
120. 5
114, 2
117. 1
112. 8
115.4
117.2
116.2
118.3
119.1
125. 4
125.6
125.8

98.0
96.9
95.0
108. 1
107. 5
108.4
115. 1
118.5
125.2
135. 7
133.8
133.7
133. 9
135. 0
134.5
134.7
134.1
135.5
137.3
138.8
140.3
137.5
140. 1
141

97. 1
97.8
97.0
105. 2
109. 0
112. 4
116.7
120. 1
127.5
135.3
131.8
132.9
133. 2
134 2
1340
135.9
136.4
135.4
136.4
139.2
139.9
141. 2
142.7
143

91.4
95. 6
95. 5
108.9
113.9
118.9
131.2
141.8
152.5
164.6
160.4
162. 0
160. 8
161. 2
161.6
164.1
164.9
166.9
167.7
170.1
171.7
172.9
174 3
176

96.6
96.7
99.4
103.9
106.6
110.2
113.3
116.8
120.8
123.1
123. 4
123. 7
122. 4
121.5
122.3
122.9
122.3
123.1
123.0
124.5
124, 7
125.5
125.9
126

Source: Board of Governors of the Federal Reserve System.

17

INDICATORS OF PRODUCTION
Steel production continued to increase in March, with a weekly average 6 percent higher than in February.
other weekly indicators of production also increased.

Most

MILLIONS OF SHORT TONS (DAILY AVERAGE).

. MILLIONS OF TONS

, . . . ! ..,| ...I', , ,| M l . |... I. ... I . . . I . . . 1 . . . . 1 . . . 1 . . .

18

.M

A

A S

M

SOURCES. AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT Of THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

Period
Weekly average:
1959...'..
1960
,
1961
1962
1963
,
1964
1965...
1965: Feb
Mar
Apr
May
June
July..
„_
Aug.__
_
Sept
._.
Oct
Nov.._
-..
Dec.
1966: Jan.___._
Feb 2
.....
Mar
Week ended:
1966: Mar 12___.__
19
26
Apr 2
...
9 2*..____
16




N -D,

COUNCIL OF ECONOMIC ADVISERS

Electric
Bituminous Freight Paperboard
Sieelp reduced
Car s and triicks
power
coal mined
loaded
produced assemb led (thoiisands)
Index
Thousands
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
Total
Cars Trucks
of tons)
of cars)
tons
100)
kilowatt-hours) tons) i

1,792
1,899
1,880
1, 886
2,096
2,431
2,521
2,716
2,787
2,789
2,712
2,702
2,613
2,556
2,325
2, 098
2,056
2,178
2,388
2,562
2,724

96. 2
101.9
100. 9
101. 2
112.5
130.5
135.3
145. 8
149.6
149.7
145.6
145.1
140.3
137.2
124.8
112.6
110.4
116.9
128. 2
137. 5
146. 2

13,297
14,424
15, 139
16, 325
17, 490
18,728
20, 169
20, 160
19, 728
18, 896
19, 314
19, 842
20,833
21, 395
20, 414
19, 741
20,027
21,010
22, 138
21, 969
21, 051

1,380
1,390
1,353
1,414
1,535
1,630
1, 728
1,571
1, 579
1,635
1,669
1,802
1,811
1,778
1, 734
1,792
1,900
1,901
1, 677
1,640
1,776

596
585
550
552
555
550
563
512
540
567
597
578
550
588
573
620
581
524
526
524
558

307
306
322
343
358
384
410
409
415
409
424
404
360
416
414
441
443
401
421
446
453

129.5
151.8
127.8
157.5
175.0
178.8
213.7
225.7
248. 5
231.5
2443
233.3
199.9
98.4
142.6
240. 1
242. 3
224.0
233.8
228.7
2346

107,6
128.8
106.1
133.4
146.9
148.8
179.4
192.8
210. 5
195.4
206. 6
196.1
171. 2
73.1
109.7
203.6
207.6
189.0
196. 0
190.2
197.5

21.9
23.0
21.7
241
28. 1
30.0
34.3
33.0
37. 9
36. 1
37.7
37.2
28.7
25.2
32.9
36.6
34.7
35.0
37.7
38.5
37.2

2,692
2,730
2,709
2,744
2,686

144.5
146. 5
145.4
147. 3
144. 2

21,424
20, 709
20, 827
20,897
20, 598

1,713
1, 768
1,752
1, 738
*1, 699

558
573
570
544
568

452
447
448
462
467

239. 2
237.6
2345
229.3
170. 9
*251. 2

200.9
199.7
196.8
195. 0
142.3
210. 5

38.3
37.9
37.7
342
28.6
40.7

1
Dally average. Includes data for Alaska.
^Preliminary.
*Not charted.

18

o

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
Total new construction, seasonally adjusted, declined 2 percent in March. However, it was 5% percent above a
year earlier. The March decline was centered in the private sector.
BILLIONS OF DOLLARS

BILLIONS OF.DOLLARS
80

20

10
1966

1960
SOURCE. DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

.

Period

1960
_.._.._
1961.
....
1962____
1963
...
1964
1965

Total new
construction
expenditures

53.9
55.4
59.7
63. 0
66.2
71.6

Total

38. 1
38.3
41. 8
43.6
45.9
50.0

Residentia J nonf arm
CommerNew
cial and
Total i
housing industrial
units
Billions of doll ars
16.4
7.0
21.7
16. 2
7.5
21.7
18. 6
8.0
24.3
20. 1
25. 8
7.9
20.6
9.0
26.5
26. 7
20. 8
11.8

Other

Federal
State,
and
local

i
9.3
9.2
9.5
9.9

10.4
11.5

15.9
17.1
17. 9
19.3
20.3
21.6

70.4
71.2
71.4
72. 0
71.8
70.4
70.9
72.3
71.8
73.4
75.1
75. 1
76.5
75.0

48.9
49.4
49.7
50.1
50.3
49.1
49.2
50.2
50. 1
51.2
53.4
53.3
546

53. 1

26. 7
26.6
26.7
27.1
27.2
27.0
26. 6
26.4
26.3
26.2
26.7
27. 5
27.3
27.0

20. 9
20. 7
20. 8
21. 1
21.2
21. 0
20. 7
20. 5
20.4
20.3
20.8
21. 6
21.4
21. 2

1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 Compiled by F. W. Dodge Corporation and relates to 48 States.
*Preliminary.




105.2
107. 6
119. 7
132.0
137.0
142. 8
Seasonally
adjusted

Seasonally i adjusted an nual rates

1965: Feb
Mar
Apr__
May
June
July_
Aug
Sept
Oct
Nov.__._
Dec.
1966: Jan
Feb______
Mar 3

Constructioii contracts2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)

11. 1
11. 6
11.5
11.5
11.6
10.8
11.2
12.3
12. 1
13.0
14.3
13.8
14. 2
26>. 1

11. 1
11.2
11.6
11.6
11.5
11. 4
11.4
11.5
11.6
12.0
12.5
12.0
13. 1

21.4
21.8
21.7
21. 8
21.4
21.2
21.6
22. 1
21.7
22.2
21.6
21. 8
21.8
21. 8

140
141
152
145
139
149
139
147
147
141
153
149
144

461
443
500
534
599
680
Seasonally
adjusted
annual
rates
697
648
771
674
663
671
595
762
726
724
772
720
810

NOTE.—Data for Alaska and Hawaii included beginning January 1959.
Sources: Department of Commerce and F. W. Dodge Corporation.

19

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts, seasonally adjusted, increased sharply by 13 percent in March following 2 months of declines totaling 23 percent. March starts at an annual rate of 1.5 million units were slightly above 1965 average rate.

MILLIONS OF UNITS

MILUONS OF UNITS
2.5

1.0

1966

I960

COUNCIL OF ECONOMIC ADVISERS

SOURCES! DEPARTMENT OF COMMERCE. FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)

[Thousands of units]
Hoiising star ts
Period

1960
1961
1962
1963
1964
19653
1965: Feb..
Mar.
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
1966: Jan. 8.
Feb .
Mar*.

Total
private
and
public
(including
farm)
1, 296. 0
1, 365. 0
1, 492. 4
1,641.0
1, 590. 7
1, 542. 7

87.9
124.9
154. 9
162. 1
162.3
143. 9
138.0
125.9
135.7
118.3
103.2
87.3
80.5
128. 7

Total
private
(including
farm)

Prhrate nonfa rm
Total

Onefamily

1, 252. 1
1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0

1, 230. 1
1, 284. 8
1, 439. 0
1, 581. 7
1, 530. 4
1, 482. 7

972.9
946.2
967. 8
993.2
944.5
940.0

Two or
more
families
257.2
338.6
471. 2
588. 5
585.9
542.7

85.4
120. 7
152.2
157. 5
155. 5
141. 3
134.7
124.3
133.6
116.1
102.3
84.6
77.7
124. 1

84. 7
118.8
150.1
155. 2
152. 8
139. 0
132.8
122.7
130.9
114.9
100.8
83.7
76.3
121.9

50.7
74.8
97. 7
99.9
97.0
91.8
86.5
78.4
84.4
70.2
58.3
47.7
45. 8

34.0
44.0
52.4
55. 3
55.8
47.2
46.3
44.3
46.5
44.7
42.5
34.9
27.8

Total
private
(including
farm)

1, 252. 1
1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0

iAuthorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
* Units represented by mortgage applications for new home construction.
* Preliminary.

20



Proposeid home
constr uction
New
Priv ate nonfiarm
private
housing Applica- Requests
for
Gover nment
units tions
FHA for VA
Total home p rograms author- commit- appraisized^
als2
ments 2
FHA
VA
242. 4
142. 9
1, 230. 1 225.7
74. 6
998. 0
83.3 1, 064. 2
1, 284. 8 198. 8
243.8
177.8
221. 1
171.2
1,439.0 197. 3
77.8 1, 186. 6
190.2
71.0 1, 334. 7
1, 581. 7 166. 2
139. 3
59.2
182.1
154.0
1, 530. 4
1, 285. 8
113.6
188.9
102. 1
1, 482. 7 159. 9
52.5 1,241.6
Setisonally adjusted annual ra tes
194
164
116
1,224
61
1,468
56
106
163
175
1,269
1,465
1,532
50
187
100
146
1, 187
1, 501
54
113
1,240
180
155
1,254
154
154
1,539
100
54
52
1, 447
1,243
165
95
151
1,409
48
1, 217
95
186
148
47
189
1,436
1,180
160
97
192
49
1,259
1,380
167
94
54
1,282
222
1,531
100
173
219
48
105
1,735
1,325
189
1,262
214
1, 585
53
181
89
1,340
40
72
1,
191
179
177
1,512
1,299
160
187

.

1,482
1,489
1,552
1,516
1,566
1,473
1,427
1,453
1,411
1,547
1, 769
1,611
1, 365
1,543

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
After taking account of recent substantive revisions, retail sales advanced 1.8 percent (seasonally adjusted) in February. The preliminary figures for March indicate another 0.7 percent rise.

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

130

INN/ENTORIES

BUSINESS .SyUJES AND

RETAIL TRADE-(ENLARGED SCALE)

.^

ion

INVENTORIES

DURABLE GOODS STORES

16

\\ _^**r
^ ^^

Tin

INVENTORIES

\

14
100

— =^

12

Qfi

Of)

•Smw**m*

SALES

10

>
^

SALES

8

,___

6

7fi

22

l.M,lrM,.K

Aft

NONDURABLE GOODS STORES

20
INVENTORIES

18
16
14
SALES

12
1963

1963

1966

1964

1965

1966
COUNCIL OF ECONOMIC ADVISERS

DEPARTMENT OF COMMERCE

Total biisiness

1

Whole;sale

4

Sales
Period

Sales

2

Inventories s

Sales

2

Inventories 3

Total

2

Re tail

8

]inventories 3

NonDurable durable
goods
goods
stores
stores

Total

Durable
goods
stores

24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
31, 130
33, 957
31, 478
31, 635
32, 260
32, 546
32, 823
33, 014
33, 088
33, 360
33, 045
33, 296
33, 533
33, 957
34, 113
34, 427

10, 526
11,029
11,923
10, 965
11,656
12, 386
13, 136
14, 782
13, 493
13, 655
14, 082
14, 298
14, 566
14, 546
14, 592
14, 819
14, 621
14, 782
14, 774
14, 782
14, 949
15, 113

Nondurable
goods
stores

Millions of dollars, seasonall y adjustec 1

1958
1959
1960
1961
1962
1963
1964
19656
1965: Jan
Feb
Mar
Apr

__

May
June
Julv

Aug
Sept
Oct

Nov 6
Dec
1966: Jan 66
Feb 6
Mar

_

__
__

__

54, 233
59, 583
60, 530
60, 748
65, 078
68, 002
72, 647
78, 740
75, 949
75, 901
77, 866
77, 513
77, 849
78, 001
79, 948
78, 932
78, 862
79, 737
81, 555
82, 810
84, 114
(7)

86, 922
91, 964
94, 610
95, 576
100, 271
105, 127
110,535
119,847
111,465
111,884
113,032
113,761
114,542
115,049
116,012
116,683
116,967
117,653
118,500
119,847
120, 451
(7)

10, 257
11,413
11, 440
11, 629
12, 158
12, 692
13,715
14, 799
14, 128
13, 946
14, 725
14,620
14,718
14,736
14, 828
14, 829
14, 936
14, 995
15, 505
15, 372
16, 054
(7)

12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
16, 461
17,875
16, 774
16, 867
17, 064
17,216
17, 450
17, 410
17, 530
17, 535
17, 655
17,715
17,775
17, 875
17,910
(7)

1
The term "business" here includes wholesale and retail trade, and manufacturing (see page 22).
23 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
4
Beginning 1961, data include Alaska and Hawaii.




16, 696
17, 951
18, 294
18, 234
19,613
20, 536
21,802
23, 662
22, 936
23, 262
22, 856
22, 849
23, 317
23, 322
23, 668
23, 585
23, 753
24, 194
24, 647
24, 816
25, 023
25, 472
25, 643

5,284
5,967
5,880
5,581
6,210
6,627
7,014
7,810
7,758
7,909
7, 581
7,454
7,616
7,665
7,827
7,755
7,768
7, 865
8,092
8,252
8,324
8, 456
8, 568

11,412
11,984
12, 414
12, 654
13, 402
13, 909
14, 788
15, 853
15, 178
15, 353
15, 275
15, 395
15, 701
15, 657
15, 841
15, 830
15, 985
16, 329
16, 555
16, 564
16, 699
17, 016
17, 075

13, 587
14, 276
14, 890
15, 273
16, 282
16, 997
17, 994
19, 175
17, 985
17, 980
18, 178
18, 248
18, 257
18, 468
18, 496
18, 541
18, 424
18, 514
18, 759
19, 175
19, 164
19, 314

«6 Beginning 1960, data include Alaska and Hawaii.
Preliminary.
i Data not available because of forthcoming revision.
Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 added $400 million (seasonally adjusted) to their inventories in February bringing the total addition
this year to $1 billion. New orders and shipments showed small rises in February.
BILLIONS OP DOLLARS (SEASONALLY ADJUSTED)
80
MANUFACTURERS' INVENTORIES

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
MANUFACTURERS' SHIPMENTS
•50

40

3Q
DURABLE GOODS
20

NONDURABLE GOODS
10
ou

MANUFACTlJRERS' NEW (3RDERS
DURABLE C3OODS

X^—1

f)f\

i».tt«iW"*1J'i'i"t"lu' '

~"~Nx-—^

NONDURABLE GOODS

, , , , i , , , ,,

10
^

. . i . . 1 , . .-. i

1963

1964

, , , , , 1 , , , , M,
1965

1963

1966

1966

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufac turers' sh ipments * Manufac" jurers' inventories 2

Total

NonDurable durable
goods
goods

Total

NonDurable durable
goods
goods

Manufacture rs' new orde rs 1

Durat>le goods
Total

Total

NonMachinery durable
and
goods
equipment

Manufacturers'
inventory shipratio 3

Millions of dollars seasonal y adjuste d

1958.
1959_.
I960.
1961.
1962
1963_.._
1964
1965*
1964: Dec
1965: Jan
Feb
Mar
Apr
May.
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan 4
Feb 4
Mar

27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
39,318
38, 885
38, 693
40, 285
40, 044
39, 814
39, 943
41, 452
40, 518
40, 173
40, 548
41, 403
42, 622
42, 665
42, 705

13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
20, 559
20, 415
20, 374
21, 284
20, 915
20, 513
20, 652
21, 820
21, 191
20, 924
21, 146
21, 606
22, 316
22, 307
22, 436
22, 971

13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
18, 759
18, 470
18,319
19,001
19, 129
19, 301
19, 291
19, 632
19, 327
19, 249
19, 402
19, 797
20, 306
20, 358
20, 269

50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62,944
68, 015
62, 944
63, 213
63, 382
63, 708
63, 999
64, 269
64, 625
65, 394
65, 788
66, 267
66, 642
67, 192
68, 015
68, 594
69, 018

30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
38, 412
38, 495
38, 692
38, 972
39, 233
39, 475
39, 951
40, 600
40, 814
41, 300
41, 523
41, 869
42, 324
42, 589
42, 779

1 Monthly average for year and total for month.
2 Book value, end of period, seasonally adjusted.
s For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.

22




19, 975
20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
24, 532
24, 718
24, 690
24,736
24, 766
24, 794
24, 674
24, 794
24, 974
24, 967
25, 119
25, 323
25,691
26, 005
26, 239

26, 901
30, 679
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
39, 590
39, 704
39, 469
40, 712
41, 120
40, 181
40, 689
41, 846
40, 926
41, 483
41, 843
42, 234
43, 868
43, 986
44, 020

13,170
15, 951
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
20, 720
21,271
21, 130
21, 714
22, 043
20, 992
21,310
22, 195
21, 509
22, 163
22, 425
22, 389
23, 403
23, 578
23, 609
24, 201

* Preliminary; March not charted.
Source: Department of Commerce.

2, 354
2,878
2,791
2,854
3, 090
3, 326
3,706
4, 140
3,917
3,958
3,799
4,024
4, 078
4, 069
4, 091
4,348
4,159
4, 153
4,249
4,325
4,583
4, 450
4,586
4, 504

13,731
14, 728
14,892
15, 397
16, 082
16, 736
17, 895
19, 295
18, 870
18, 433
18, 339
18, 998
19, 077
19, 189
19,379
19, 651
19, 417
19, 320
19, 418
19, 845
20, 465
20, 408
20, 411

1.84
1.70
1.76
1.74
1. 70
1.69
1.64
1.61
1.60
1.63
1.64
1.58
1.60
1.61
1.62
1.58
1.62
1. 65
1.64
1.62
1.60
1. 61
1. 62

MERCHANDISE EXPORTS AND IMPORTS
in February the merchandise trade surplus (seasonally adjusted) increased slightly to $342 million from $31 3 million
in January, but still remained below last year's monthly average. Exports in February rose by $86 million while
imports increased by only $57 million.
BttilONS OF DOLLARS

BIIUONS OF DOLLARS
3.0

3.0

J/SEE NOTE i BELOW.
SOURC6 DEPARTMmr Of COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

Merchandise expoirte
]Domesti c exports
Total ( includmg rees;ports) *
Food, Crude ManumateSeason- Unad- Total * * beverfacages, rials
tured
ally ad- justed
and
and
tojusted
goods
bacco fuel

Monthly average :
1958
1959
1960
1961
1962
1963
1964
1965

1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb

1, 364
1,367
1,634
1,679
1,745
1,869
2,139
2,214

1,216
1,599
2,755
2,380
2, 260
2,230
2, 256
2,S3S
2tS24
2,S42
2,408
2,356
2,249
2,835

1,188
1,514
2,891
2,528
2,381
2,219
2,172
2, 124
2,140
2,420
2,440
2,551
2, 133
2,210

1,351
224
254
1,352
250
238
324
1,617
263
1,659
286
318
1,723
277
307
342
1,846
311
362
2,110
387
2,185
377
356
U nadjust ed
1, 171
137
209
1,491
246
225
2,859
461
484
2,501
410
389
2,351
392
378
382
2,191
382
362
2,139
414
322
2,096
363
2, 110
303
401
2,387
383
431
2,407
403
459
444
2,520
416
2, 105
374
324
2, 177
332
396

962
931
1,072
1,083
1, 157
1,218
1,364
1,438
826
1,052
1,888
1,708
1,555
1,455
1,343
1,393
1,371
1,530
1,525
1,614
1,359
1,468

1
Total excludes Department of Defense shipments of grant-aid military supplies
2 and equipment under the Military Assistance Program.
Total arrivals of imported goods other than intransit shipments.
s Imported merchandise released from Customs custody for entry into U.S.




M<3rchandi*se imports
MerchanGener al aimdise
Imports for <Bonsum ption 3
ports
trade
Food, Crude Manusurplus,
bever- mateSeasonfacseasonally ad- Unad- Total* ages, rials
tured ally adand to- and
justed justed
goods
justed
bacco fuel

1,105
1,302
1,251
1,226
1,366
1,429
1,557
1,781
1,193
1,600
1,861
1,833
1,789
1,830
1,663
1,764
1,807
2,006
1,903
2,035
1,936
1,993

1, 113
1,463
2,034
1,857
1,723
1,907
1,633
1,716
1, 798
1,997
1, 967
2, 160
1,829
1, 822

342
296
1,101
382
296
1,285
1,251
283
379
1,221
286
361
1,354
306
381
1,417
320
386
332
1, 550
413
335
1,773
448
U nadjust ed
173
386
1,138
264
416
1,488
1,992
386
508
454
1,823
331
332
1,719
409
474
1,878
349
410
1,635
261
1,727
315
449
353
1,795
431
462
2,004
409
424
1,953
417
494
429
2, 130
325
461
1,801
352
1,806
419

433
575
556
539
630
666
756
933

259
65
383
453
379
440
582
433

535
759
1,041
963
913
989
902
909
946
1,061
1,034
1, 140
974
956

22
-1
894
547
471

400

593
569
517
336
505'
321
313
342

consumption channels, entries into bonded manufacturing warehouses, and ores
and
4 crude metals (after smelting and refining) in bonded warehouses.
Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
O.Q

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
In the fourth quarter of 1965 the balance on goods and services declined to $6.7 billion (seasonally adjusted annual
rate) bringing the balance for the year to $7.1 billion. This yearly total is below the unusually high 1964 level
of $8.6 billion but is still the second highest surplus attained since 1947.

BILLIONS OF DOLLARS
50

BILLIONS OF DOLLARS
SO
SEASONALLY ADJUSTED ANNUAL RATES

40

,40

EXPORTS OF GOODS AND SERVICES

30

30

IMPORTS OF GOODS AND SERVICES

20

20

'JO

)I

i

i

I

i
1961

1960

1962

1963

1965

1964

SOURCE, DEPARTMENT OF COMMERCE

l

1

In

1966
COUNCH. OF ECONOMIC ADVISERS

[Millions of dollars]

Period

1959
1960
1961
1962
1963
1964
1965
1964:

.
.

I
II

.

Ill
IV

1965:

Total

I
II
III
IV

Exports of good s and sei'vices
Incoirie on
investrnents
Mer- Milichan-1
tary
PriGovdise
sales
vate
ernment

23, 476
27, 244
28, 557
30, 278
32, 353
37, 017
39, 060

16, 282
19, 489
19, 936
20, 604
22, 069
25, 288
26, 285

302
335
402
656
659
762
815

36,336
_ _ . 35, 964

37, 340
38,428

24, 596
24, 268
25, 528
26, 760

34, 844
40, 576
40, 152
40, 668

22, 508
27, 200
27, 316
28, 116




Other
services

Total

Merchan-l
dise

Balance

on
Military
Other goods
and
expend- serv- servitures
ices
ices

3,107
3,048
2, 954
3,078
2,929
2,824
2,838

4,925
5,397
5,463
5, 878
6,515
7,014
7,650

4,067
5,633
5,149
5,917
8,560
7,080

776
764
672
836

349 3,849 23, 342 15, 310
2,694
349 4,070 23, 177 14, 732
3,001
380 4,278 22, 924 14, 507
3,561
3,954
471 4,593 25, 129 16, 173
498 4, 971 26, 436 16, 992
4,156
454 5, 510 28, 457 18, 619
5,003
5,557
497 5, 906 31, 980 21, 492
Seas»onally adjusted annual ra tes
5,064
520 5,380 27, 512 17, 640
5,052
528 5,352 28, 244 18, 396
5,040
528 5,572 28, 544 18, 836
240 5,736 29, 528 19, 604
4,856

2,928
2,880
2,764
2,724

6,944
6,968
6,944
7,200

8, 824
7,720
8,796
8,900

696
916
796
852

5,664
6,024
5,452
5,088

18, 652
21, 920
22, 376
23, 020

2,648
2,808
2, 880
3,016

7,320
7,696
7,620
7,964

6,224
8, 152
7,276
6,668

'Adjusted from customs data for differences in timing and coverage.

24

Impor ts of good s and sen/ices

556
568
568
296

5,420
5,868
6,020
6,316

28, 620
32, 424
32, 876
34, 000

Source: Department of Commerce.

134

U.S. BALANCE OF INTERNATIONAL PAYMENTS
In 1965 the United States recorded moderate sized deficits on both the liquidity and official settlements bases. The
deficit on liquidity balance was $1.3 billion (compared to $2.8 billion in 1964), and the deficit on official settlements
balance was also $1.3 billion (about the same as in 1964). The balances were about the same since the build-up of
private liquid claims held abroad was very small in 1965.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BALANCE ON GOODS AND SERVICES

BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS

-10
1966

1960
SOURCE DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

U.S. pr ivate

capi tal,

net

Balsince

U.S.
Period

Government
grants

and
capital,
1

net

1959
1960
1961
1962
1963
1964
1965

Direct
investment

Other
longterm

Shortterm

_77
412
863
-926
-1,986 -1,372
-863 -1,348
366
-988
-2, 769 -1,674
707 -1,045
-2,780 -1,599 -1,025 -1,556
1,021 -1, 197
-544
-3, 013 -1,654 -1,227
688
-785
— 401
-3, 581 -1,976 -1,695
667 -1, 161
-3, 563 -2, 376 -1,975 -2, 111
172
-988
728
-659
-3,390 -3, 266
Season ally ad jus ted annu£il rates

1964:
I
II

-3,012 -1,856 -1,096 -2,356
-3, 560 —2, 160 -1,024 -2, 192
III____ -3, 580 -2, 204 -2, 448 -1,624
-4, 100 —3, 284 -3,332 -2,272
IV

1965:
I
II

-3, 100 -4, 636 -2, 716
636
-3, 836 -3, 564

III____ -2,900 -2,060 -1,428

IV

Errors
Foreign and uncapital, recorded Liquidnet *
transity
basis 2
actions

-3, 724 -2, 804

1

-444

1, 196
1,668
212

-164




-2, 283
-3, 592
- 1, 287
-2, 241
-1, 977

-1,342
-1,301 -1,299

1, -248
1,449
681
457
1,673
1,073
-50

251
-74
98
127

1,460
289
1, 083
213
619
1, 554
129

1,035
2,143
606
1,533
378
171
1, 222

Quai-terly totails, unadjiisted

456 -1, 152 - 1, 028 -608
-2, 328 -1,496
308
-608
112
680 -1, 164 -2, 372
1,224 -1,720 -5,464 -3, 376

-400
215
389
869

-34
23
18
91

227
114
562
651

-51
303
70
— 151

1,336

-860
-107
253
664

-23
-15
—22
187

203
— 150
677
-601

842
68
41
8
271

-40 -2,632 -2, 256
— 532
1,032
988
-324
976
-988
-1,264 -2, 068
872 -1, 008 -1, 536 -4, 904

Includes certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. gold tranche position in the IMF.
s Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes hi official reserve assets consisting of gold, convertible currencies,
and the U.S. gold tranche position in the IMF.
4
Includes short-term official and banking liabilities and foreign holdings of
U.S. Government bonds and notes.
2

-3, 743
-3, 881
-2, 370
-2, 203
-2, 670
-2, 798

Official
reserve
transactions
basis 3

Changes
in gold,
convertiblecurrenTo foreig n official
cies
and
5
To other IMF gold
hold ers
foreign tranche
holders 7 position
Liquid
Non(increase
liquid 6
•(-))
Chan ges in sel<3cted
liabilitie s (decreas56 (-))*

5
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible
gold sales to, and gold deposits with, the U.S.
6
Provisional.
7
Private holders; includes banks and international and regional organizations;
excludes IMF.
s On Dec. 31, U.S. reserve assets consisted of gold stock, $13,807 million (down
$118 million from Sept. 30); IMF position including gold portion of increased
U.S. subscription, $837 million; convertible currencies, $777 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.*'
OR

PRICES

CONSUMER PRICES

The consumer price index increased by 0.5 percent in February. The big boost came from a 1.5 percent rise in food
prices. Other nondurable commodity prices increased by 0.3 percent while the prices of durable commodities fell
by 0.1 percent. Service prices continued their steady uptrend, rising by 0.2 percent.
Index, 1957^9=100

index, 1957^9=100

100

100

1966

1960
.I/SEE NOTE EELOW.

COUNCIL OF ECONOMIC ADVISERS

SOURCE, .DEPARTMENT OF lAIOfc

[1957-59=100]
Commoditiei3
Period

All
items

1955
.
1956____
.
1957
1958
1959
1960
_.
-_1961_.____
-__.. __
1962
1963 1
______
1964
.__
1965
--

93. 3
94.7
98.0
100.7
101. 5
103. 1
104. 2
105.4
106. 7
108.1
109.9
108.9

1965: Jan

r.;*.:':T.i'

Feb
Mar
Apr
May__
June
July
Aug
Sept
Oct
NOV

ioa9

.

-.
__-.-._
:

-___

Dec.________-__1966: Jan___
Feb.____
1

-

109.0
109. 3
109.6
110.1
110. 2
110.0
110.2
110. 4
110.6
111.0
111.0
111. 6

All commodities
946
95.5
9a5
100.8
100.9
101.7
102.3
103.2
104. 1
105.2
106.4
105. 6
105. 5
105.6
105. 9
106.2
106.9
106. 9
106.6
106. 6
106.9
107.1
107.4
107.4
108.0

Food

94.0
94. 7
97.8
101.9
100. 3
101. 4
102. 6
103.6
105. 1
106. 4
108.8
106.6
106.6
106.9
107.3
107.9
110.1
110. 9
110.1
109. 7
109.7
109. 7
110.6
111.4
113. 1

See Note.
NOTE.— Prior to January 1964. indexes revised to reflect transfer of bo meownership from services to durable commodities

26



Services

Comm odities legss food

All
Non- services
All
Durable durable
90.5
949
95.3
944
92.8
95.4
95.9
96.5
9as 9a5 99. 1 96.6
100.0
100.3
99.9
99.8
101.2
101.5
103. 2
10LO
101.7
106.6
100. 9
102. 6
102.0
100.8
103. 2
108.8
102. 8
103.8
110.9
101.8
103. 5
102.1
1048
113.0
115.2
105.7
1044
103.0
105.1
117.8
102.6
107. 2
116.6
103.6
104.9
106.1
116.9
104.7
103. 3
106.1
103.2
106.2
117.0
104.8
117.3
103.0
105.0
106.8
105.2
102. 9
107.2
117.5
107.3
117.6
105.1
102.6
117.8
1047
102.3
106. 9
117.9
107.1
104.7
101.8
107.7
1049
101. 7
118. 5
118.7
102. 1
105.3
108.0
102. 4
119.0
108.3
105.6
119.3
102.4
108.4
105.7
119.5
101.9
105. 3
108. 0
105. 4
108.3
119. 7
101.8

Rent

948
9a5

9as

100. 1
101. 6
103. 1
104 4
105. 7
106.8
107. 8
108.9
108.4
108.5
108.7
108.8

ioas

108.8
108.9
109.0
109. 1
109.2
109.3
109.5
109.7
109.8

Services
less
rent
89.4
91.9
96.1
100.2
103. 6
107.4
110. 0
112. 1
114 5
117. 0
120.0
118.6
118.9
119.1
119.3
119.5
119.7
120.0
120.0
120.7
12LO
121.3
121.6
121.8
122. 0

Be ginning witi January 19f 54, new indeic with revised weights, cc>verage, and
sampling procediires. For d<stalls, see Department c>f Labor release, Major
Ckmyes in the Consumer Price Index, March 3, 1964.
SOTnree: Department of Lain>r.

WHOLESALE PRICES
The wholesale price index was stable in March for the first time in 7 months. A rise of 0.2 percent in industrial prices-—
smaller than in January or February—was offset by declines of 0.6 percent in farm prices and 0.1 percent in processed
food prices.

Index, 1957-59*000

lock* 1957-59=: 100

115

115

110

110

COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

105

105

100

100

95

90

90

1966

1960

SOURCE, DEPARTMENT OF UBOR

COUNCH OF ECONOMIC ADVISERS

[1957-59=100]

Period

1958
1959
1960
1961
1962
1963
1964 3
1965
1965: Feb
Mar
Apr
May
June— _
July
Aug
Sept__
Oct
Nov
Dec
1966: Jan
Feb
Mar 3
Week ended :4
1966: Apr 5
123

_
„

__
_
_
._

All
commodities

Farm
products

Processed
foods

100.4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102.5
101.2
101. 3
101.7
102. 1
102. 8

103. 6
97. 2
96. 9
96. 0
97. 7
95.7
94. 3
98.4
94. 5
95.4
97.6
98. 4
1 00. 3
100. 0
99. 1
l)i). 5
99. !

102. 9
99. 2
100. 0
100. 7
101. 2
101. 1
101.0
105.1
102. 1
101. 8
102. .*?

102.9
102.9
103.0
103. 1
103. 5
104. 1
1 04. 0
105. <1
105. 4

100. ;;
io:». o

KM. 5
107. 4
100. 8

103. :*

IOC). 1
100. 0

100. 7
100.7
100. '.)
107. 0
100.4
110.3
111. 8
111. 7

106. 0
110.
106. 4
110.
1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
'Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.



105. 2
105. 2

6
3

Commodi ;ies other 1 han farm products and foods (iiidustrials)
Consurner finIndus- Indus- Producished g<x>ds extrial in- er finAll intrial
cludin gfood
dustricrude termedi- 1Q>I<*H
Durmate- ate maNonals1
3
goods
terials
able
rials
durable

99. 5
101. 3
101. 3
100. 8
100. 8
100.7
101.2
102.5
101. 9
102. 0
102. 1
1 02. 3
102. 5
102. 5

102.7
102.7
102. S
1 03. 2

.103.2

103. 5
103. 8
104. 0

96. 9
102. 3
98. 3
97. 2
95. 6
94. 3
97. 1
100.9
99.4
99. 7
100. 1
101. 0
100. 5
100. 4
101.7
101.3
1 02. 0
1 02. 7
102. 0
104.0
105. 7
106. 6

QQ A

101. 0
10L 4
100. 1
99. 9
99. 6
100. 2
101. 5
100. 8
1 00. 9
101. 1
101. 4
101. 5
101.5
101.7
101.8
101. 9
102. 1
102.2
102. 4
102. 6
102. 9

100. 2
102. 1
102. 3
102. 5
102. 9
103. 1
104. 1
105. 4
105. 0
105. 1
105. 3
105. 3
1 05. 4
105. 4
105. 5
105. 5
105. 6
105. 9
106. 0
106.2
106.6
106. 7

100. 1
101.3
100.9
100.5
100. 0
99. 5
99.9
99.6
99.7
99.7
99.7
99.6
99.7
99.6
99.5
99.5
99. 5
99.6
99.6
99.7
99. 7
99. 7

99.3
100.8
101. 5
10L 5
101. 6
101.9
101. 6
102.8
102.2
102. 2
102.2
102. 5
102.6
102.7
102.8
103. 0
103. 3
103. 6
103.7
103.9
104. 0
104. 2

104. 0
104.0

34 Preliminary.
Weekly series based on smaller sample than monthly series.
Source: Department of Labor.

27

PRICES RECEIVED AND PAID BY FARMERS
The parity ratio Fell 1 point in the month ending March 1 5, reflecting slightly higher prices paid by farmers and lower
prices received. Prices for crops were off 2 percent, the first decline since November 1965. Livestock prices rose
1 percent.

Index, 1957-59=100

Index, 1957-59=100

120
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES

PRICES RECEIVED
(ALL FARM PRODUCTS)

90

90

RATI 0^

RAT OJ/

100

IUO

on

90
PARITY RATIO

\.

80

'

\..../"--"

/%

>

--v./

80
% llllllllfll

*'*"*''<>»* *

""H»*'«...,.

/^'''"""Xrf^

^•%^/ """-y-^
70

1

1

1

1 1

1 1

1

1 1

I

i i i i i 1 i i iii

1960

1961

1 1 1 1 1 1 1 1 1 1 1
1962

1 1 1 1 1 1 I

i i ii t 1 t ii i i
1966

! f I 1

1964

1963

.

|

1965

70

17 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE DEPARTMENT Of AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

Prices i•eceived by 1 !armers
Period

1956
1957
1958
1959
1960
1961
1962__
__
1963____
1964
_
b
1965
1965: Feb 15
Mar 15
Apr 15.
May 15
June 15
July 15
AUR 15
Sept 15
Get 15
Nov 15
Dec 15
HWO: Jan 15... _ _
Feb 15
„
Mar 15 _ _ _ _

All farm
products

_
_

Crops

95
97
104
99
98
99
101
100
98
102
98
99
101
104
106
105
103
103
103
103
107
109
113
112

• I'rrwntairc ratio of index of prices received by farmers to index of prices paid
Ilifrrwl, tti*w», and wng« rntos on 1910-14 = 100 base.

28



105
101
100
99
99
102
104
106
106
104
105
106
109
111
109
106
100
100
99
98
100
102
106
104

Prices3 paid by fairmers

items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 1957-59=100
95
88
98
94
106
100
102
100
102
98
103
98
105
99
95
107
107
91
110
101
109
93
109
93
109
95
110
99
110
103
110
104
110
105
110
105
110
106
110
106
111
112
112
114
112
117
113
118

Family
living
items

96
99
100
101
102
102
103
104
105
107
106
106
106
108
107
107
107
107
107
107
108
108
109
110

Source: Department of Agriculture.

Production
items

95
98
100
102
101
101
103
104
103
105
104
104
105
106
106
106
106
106
105
105
106
107
108
108

Parity
ratio *

83
82
85
81
80
79
80
78
76
77
75
75
76
78
79
78
78
78
77
77
80
80
83
82

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY

The daily average money supply (seasonally adjusted) in March reversed the February decline. For the first quarter,
the money supply rose at an annual rate of 4.3 percent, or one-half percentage point less than the 1965 rate, while
time deposits grew by 7.1 percent or less than half last year's pace.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

180

180

\

MONEY SUPPLY

140

140

100

100

60

60

1960

1961

1963

1962

1964

i i i i i I f«
1966

1965

SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]
M oney supp>iy
Money supj>iy
Period

1960:
1961:
1962:
1963:
1964:
1965:
1965:

Dec
Dec
Dec
Dec
Dec
Dec
Feb
Mar
Apr
Tvlav
June
July
Aug
Sept
Oct

Nov._ '
Dec ._
1966: Jan
Feb 2
Mar
21 Deposits at all commercial banks.
Preliminary.




Total

141. 1
145. 5
147. 5
153. 1
159. 7
167.4
159. 7
160. 3
161. 1
160. 0
161.8
162. 5
162. 7
164.3
165. 6
165. 7
167.4
168.4
168.0
169. 2

Currency
outside
banks
Seasonally7
28. 9
29. 6
30. 6
32. 5
34. 2
36.3
34.7
34.7
34.7
34. 9
35. 0
35. 2
35. 4
35.6
35.9
36. 1
36.3
36.7
36.8
36. 9

Time

De-

mand

de-

posits

de-

posits
adjusted
112. 1
116. 0
116. 9
120. 6
125. 4
131.2
125. 1
125. 6
126. 4
125. 1
126.8
127. 3
127. 3
128.7
129. 7
129. 6
131.2
131.8
131.2
132. 3

1

Total

Currency
outside
banks

De-

Time

de-

posits

mand
posits

de-

1

U.S.
Government
de-

mand
de-

posits

1

1Jnadjuste d

72.9
82. 7
97. 8
112. 2
126. 6
147.0
131. 0
132. 1
133. 5
134. 6
135. 9
137. 6
140. 1
141.6
143. 6
145. 5
147.0
148.0
148.8
149. 6

144.7
149.4
151. 6
157.3
164. 0
172.0
159. 5
159. 0
161. 6
157. 6
159. 6
160. 9
160. 5
163.2
165.8
167. 4
172. 0
173.0
167.8
167.8

29.6
30. 2
31. 2
33. 1
35. 0
37.0
34. 2
34.3
34.5
34. 6
34. 9
35. 4
35. 5
35.6
36.0
36.5
37.0
36.5
36.3
36.6

115. 2
119. 2
120. 3
124. 1
129. 1
135.0
125.3
124. 6
127. 1
123.0
124.6
125. 6
125. 0
127.5
129. 8
130. 9
135.0
136. 5
131.5
131. 3

72. 1
81.8
96.7
111. 0
125. 2
145.3
130.8
132.7
134. 0
135.4
136. 6
138. 3
140. 2
141.4
143. 5
144.4
145. 3
147.4
148.7
150.2

NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.

47

49
5.6

5. 1

5.5
4.5
5.7
6.7

5. 6
9.7

9. 3
9. 1
7. 4
5. 6
5.0

40

4.5
3.7
5.1

45

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbank holdings of liquid assets, seasonally adjusted, rose $8 billion in March, following a decline in February.
Demand deposits and currency accounted for over one-half of the rise, and time deposits at commercial banks,
savings and loans shares, and short-term Treasury securities for the remainder.
BHUONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED/ END OF MONTH

600

600

500

500

400

400

SAVING TYPE
ASSETS!/

.>"-••

300

300

_ DEMAND DEPOSITS AND_
CURRENCY

200

200

„„«.««.. '«"»..*
iiiiMiMMint* iiiuinniii

1,

100

1960

J?61

1962

100

1966

1965

1964

1963

-I/ASSETS OTHER THAN DEMAND DEPOSITS AMD CURRENCY.
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjustedl

End of period

1959
1960
1961
1962
„
1963
1964
1965 3
1965: Feb
Mar
Apr
Mav
June
Julv
Aug
Sept, _ _ _ _
Get <L
N o v33
..
Dec 3
1966: Jan 3
Feb 3
Mar

Total
selected
liquid
assets
393. 9
399. 2
424. 6
459.0
495.4
530.4
572. 4
536. 4
542.8
543. 3
543. 0
550. 2
550. 0
555. 6
580. G
565. 0
56S.2
572. 4
577. 7
576.6
584. 5

Demand
deposits
and
currency l

Commercial
banks

139.7
138.4
142. 6
144. 8
149.6
156.7
163. 7
154 8
158. 6
156. 3
J55. 4
150. 6
157.7
1 57. S

67.4
73. 1
82.5
98. 1
112. 9
127. 1
147. 1
131. 9
333. 0
134. 1
134. 9
136. 3
138.3

1 00. (>
301. 1

141. (>
! 4-1. 0

100.3
Htt. 7
164. 0
162. 0
106.2




Mutual
savings
banks
34 9
36. 2
38. 3
41. 4
44 5
49. 0
52.5
49. 6
49. 8
50. 1
50. 4

r,o. 8
r>i. 3
.">!. 0
r>2. o
52. :\
.-,»> r
r»2. 8
r>:;. o
51. 1

i 39. 8

HO. r»

l-!7. 1
149. 2
149.4
151. 0

* Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month.
* Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Eeserve Banks, and beginning
February 1960, savings and loan associations.

30

U.S. Gov-

Time d eposits

53. 1
3

Postal
Savings
System

a9

.8
.8
.5
.5
.4
.3
.4
.4
.4
.4
.4
.4
.3

. :\

. ',»

.3
;j

.3
.3
.3

Savings
and loan
shares

543
61. 8
70.5
79. 8
90.9
101. 3
109.7
102.6
103. 6
103. 9
104 4

105. 1
105. 5
1 06. 5
1 07. 7
1 08. 3
101). 2
10!). 7
109. S
110.3
i 11. 6

ernment
U.S. Gov- securities
ernment
maturing
savings2
within
bonds
year 2

47.9
47.0
47.4
47. 6
49.0
49.9
50.5
49. 9
49. 9
49. 9
49. 9
50.0
50. 1
50. 1
50. 1
50. 1
50. 1
/>(). 5
50.5
50.3
50. 3

Preliminary.
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.

48. 8
41.9
42. 6
46. 8
48. 1
46. 1
48. 6
47.3
47. 6
48. 6
47. 6
48. 0
47.9
49. 8
48. 7
49. 1.
49. -1
•!8. C)
51. 2
51.0

r> i . i)

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Tola! commercial bonk credit (seasonally adjusted) at the end of March was a substantial $2.8 billion above a
month earlier as loans rose stronsly under the impact of heavy tax borrowing by business.
BILLIONS OF DOLLARS
350

BILLIONS OF DOLLARS
350
SEASONALLY ADJUSTED, END OF MONTH

ALL COMMERCIAL BANKS

300

300

TOTAL
LOANS AND INVESTMENTS

250

250

200

200

50

50

1966

1960

COUNCIL OF ECONOMIC ADVISERS

SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

All comnicrcial bank s
(seasonally adjusted da ta)
End of period

1959
1960
1961
1962
_._
1963___
1964.6
1965
1965: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct*
Nov 55
Dec ___ _ _
1966: Jan 56
Feb __
Mar 5

Total Loans,
Investsdents
loans excluding
and
U.S. Gov- mher
invest- interbank
ernment securiments
ties
securities

185. 9
194. 5
209. 8
228.3
24& 5
267.2
294. 0
272. 1
275.5
277.3
279.4
282.8
281.5
286. 1
286.2
288. 9
291. 5
294. 0
297.0
297. 1
299.9

107.6
113. 8
120. 5
133. 9
149. 4
167. 1
191.8
171.9
175.8
177. 1
179.5
183.0
182.7
185. 8
186.2
188.0
189. 8
191.8
195.0
195.5
199.3

Billions of dollars
57.8
20.5
20.8
59. 9
23.9
65. 4
29.2
65. 2
62. 1
35. 0
61.4
38.7
57.6
44.6
60.2
40. 0
59.6
40.1
41.1
59. 1
41.3
58. 6
57.7
42.1
56.4
42.4
43.3
57.0
56.5
43.5
57.0
43. 9
44. 1
57.6
44. 6
57. 6
57.4
44.6
56.3
45.3
45.0
55. 6

1
Member banks are all national banks and those State banks which have taken
membership
in the Federal Reserve System.
2
Commercial and industrial loans.
»Debits during period to demand deposit accounts except interbank and
U.S. Government. New series; see Bank Debits and Deposit Turnover, 6.6
FRB, February 19,1965.
* Averages of daily figures. Annual data are for December.




Bank
Weekly
debits
reporting
outside
member1
New York
banks
Qty (224
centers),
Business seasonally
adjusted
loans *
annual
rates *

30.7
32.2
32.9
35.2
38.8
42. 1
50.6
43. 0
44.6
44.6
45.2
46.8
46.3
46. 9
48.1
48. 2
49.0
50. 6
50.3
51.1
52. 6

1; 666

1, 7S6
1,8S2
2,021
2,199
1
2, 696
2,997
2,845
2,924
2,962
2, 872
3,019
3,021
3,019
3,023
3,069
3,179
3,250
S, 198
3,264
3,397

An member banks 14

Total
reserves

18, 932
19, 283
20,118
20, 040
20, 746
21,609
22, 719
21, 231
21,246
21,511
21, 472
21, 709
21, 863
21,617
21, 740
21, 958
21, 958
22, 719
22, 750
22, 233
22, 156

Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions oi dollars
482
906
87
756
149
568
304
572
327
536
411
243
452
454
441
405
341
416
366
471
505
325
346
528
524
350
564
430
384
528
344
490
452
369
452
454
358
402
371
478
551
300

-424
669
419
268
209
168
_2
36
-75
-105
-180
-182
-174
-134
-144
— 146
-83
-2
-44
-107
-251

* Preliminary.
NOTE.—Between January and August 1959. series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System,

31

CONSUMER AND REAL ESTATE CREDIT
Consumer credit outstanding declined seasonally in February. On a seasonally adjusted basis, the increase in instal
ment credit amounted to $537 million, or somewhat less than in recent months.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

100

END OF MONTH

80

80

\

TOTAL CONSUMER CREDIT OUTSTANDING

60

60

.....LA

,«.«*"*"

40

40

20

20

NONINSTALMENT CREDIT
I I I II ! I ! I I 1 M I I I I I I I I 1

1966

1960
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

Dee
1966: Jan
Feb




COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Mortgage
Consu mer credit outstandin g (end of p eriod;
Consum er instalme nt credit e xtended
Lmadjusted)
debt outand nspaid (seas onally adju sted)
tnstalment
Automob ile paper standing,
To tal
nonfarm
NonAutomo1- to 4Total
Total i
bile
Personal instal-2 Extended Repaid Extended Repaid
family
ment
paper
loans
houses 3
42, 334
31, 720
14, 420
14, 555
6, 789
10, 614
15, 515
39, 868
37, 054
99, 000
44, 970
7,582
33, 867
15, 340
42, 016
16, 465
15, 545
107, 600
11, 103
39, 868
45, 129
14, 152
33, 642
8, 116
14, 226
15, 415
11, 487
40, 344
117, 700
40, 119
51, 542
39, 245
16, 420
9, 386
12, 297
48, 052
42, 603
17, 779
15, 579
130, 900
42, 832
56, 028
17, 688
10, 480
16, 384
141, 300
13, 196
49, 560
45, 972
17, 654
57, 678
43, 527
17, 223
11, 256
16, 472
14, 151
16, 007
153, 100
48, 396
47, 700
63, 164
48, 034
19, 540
12, 643
19, 796
17, 478
15, 130
166, 500
55, 126
50, 620
69, 890
53, 745
22, 199
14,391
19, 354
182, 200
16, 145
22, 013
60, 822
55, 111
76, 810
24, 521
59, 397
16, 071
197, 600
21, 243
17, 413
66, 070
60, 418
23, 565
85, 983
67, 406
28, 201
18, 166
212, 900
27, 357
23, 677
18, 577
74, 527
66, 518
76, 145
59, 342
24, 574
2, 120
1,830
16, 091
16, 803
5,883
5,213
75, 741
59, 363
24, 743
6,022
2,228
1,897
16, 190
16, 378
5,381
76, 085
59, 788
25, 063
1,924
16, 341
16, 297
6,030
2,229
5,393
200, 500
77, 483
60, 803
25, 615
2,272
1,936
16, 693
6, 189
16, 680
5,445
78, 687
61, 739
26, 109
16, 917
1, 940
2,215
16, 948
6,105
5,435
79, 887
62, 790
26, 685
17, 159
1,960
17, 097
5,537
2,250
6, 139
204, 800
80, 686
63, 609
27, 171
17,312
1,972
5,612
2, 301
17, 077
6, 278
81, 454
64, 393
27, 493
2, 030
17, 565
2, 313
17, 061
6,288
5, 679
64, 846
81, 924
27, 555
2,324
17, 724
1, 996
17, 078
6,331
5,648
209, 000
82, 569
27, 766
65, 368
2,266
2,028
17, 763
6,306
5,717
17, 201
83, 390
66, 012
2, 112
27, 976
2,408
17, 883
5,748
17, 378
6,405
85, 983
67, 406
2, 049
28, 201
18, 166
2,393
5,751
18, 577
6,398
212, 900
85, 089
67, 157
28, 149
2,054
2,290
18, 136
6,452
5,830
17, 932
84, 607
67, 129
28, 255
18, 210
6,392
2, 085
17, 478
5,855
2,285

'Also Includes other consumer go ods paper, an ci repair and modernization
loans, not shown separi tely.
etraA if
y r!mi«;l<:l«j nf «lnt'ln.r»n vmont Innnc; ,

32

I

NOTE.—-Data for Alaska and Hawai i included beg inning Januar y and August
1959, respe ctively.
Sources: Board of Governors of the Federal Reserve System and Federal Homo
Loan Bank Board (except as noted).

BOND YIELDS AND INTEREST RATES
Yields on most securities, other than mortgages, leveled out or declined in late March or early April.
yields climbed again at the mid-April tax date.

PERCENT PER ANNUM

Treasury bill

PERCENT PER ANNUM

CORPORATE Aaa BONDS
(MOODY'S)

1966

1960
SOURCES: SEE TABLE BELOW

Period

1959
1960
1961__
1962
1963
1964
1965
1965: Feb
Mar
Apr
_
May
June_ _ _ _
Julv
Aug
Sept___
_ _
Get
Nov
Dec
1966: Jan
Feb
Mar
Week ended:
1966: Mar 12__
19__
26__
Apr 2__
9__
166.

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
High-grade
U.S. Govcjrnment secui*ity yields
municipal
3-month
bonds
3-5
year
Taxable
Treasury
3
3
(Standard4 &
bonds
issues
bills i
Poor's)
3.405
4. 08
4.33
3.95
2. 928
4. 02
3.99
3.73
3.90
3.60
2. 378
3.46
2. 778
3.57
3. 95
3. 18
3.72
3. 157
4.00
3.23
3. 549
4. 06
4 15
3.22
4.21
3. 954
4. 22
3.27
4. 08
3. 929
4. 16
3. 10
3. 942
4. 12
4. 15
3. 18
3.932
4.12
4.15
3.17
4. 11
3. 895
4. 14
3. 19
3.810
4.09
4.14
3.26
3.831
4. 10
4. 15
3.26
3. 836
4 19
4. 19
3. 25
3. 912
4.24
4.25
3.36
4. 032
4. 33
4. 28
3.42
4. 082
4. 46
4. 34
3.47
4. 362
4. 77
4.43
3.56
4.596
4.89
4.43
3.52
5.02
4.670
4.61
3.63
4.94
4 626
4 63
3.72
4. 620
4.718
4. 576
4. 555
4. 531
4 618

5. 00
4. 93
4. 88
4. 87
4 80
4.85

4.68
4. 63
4. 57
4 54
4 52
4.55

1
Rate on new issues within period.
2 Selected note and bond issues.
3
4 Series includes: April 1953 to date, bonds due or callable 10 years and after.
6 Weekly data are Wednesday figures.

Data for first of the month, based on the maximum permissible interest rate
5M percent since May 1961) and 30-year mortgages paid in 15 years.




3. 76
3. 72
3. 70
3. 61
3. 57
3.54
6

4. 38
4. 41
4. 35
4. 33
4. 26
4.40
4.49
4. 41
4. 42
4.43
4. 44
4.46
4.48
4. 49
4.52
4. 56
4,60
4. 68
4.74
4.78
4 92

5. 05
5. 19
5. 08
5. 02
4.86
483
4.87
4 78
4 78
4.80
4 81
4.85
4.88
4 88
4.91
4 93
4 95
5. 02
5.06
5. 12
5. 32

Prime
commercial
paper,
4~Q
months
3. 97
3. 85
2. 97
3. 26
3.55
3. 97
4.38
4 27
4 38
4.38
438
4.38
4.38
4.38
4.38
4. 38
4 38
4. 65
4.82
4.88
5. 21

4 88
493
497
4 99
4 98
4.95

5. 26
5.34
5.37
5. 42
5. 42
5.40

5. 00
5. 28
5. 38
5. 38
5.38
5.38

Corporalbe bonds
(Moo dy's)
Aaa

Baa

FHA
new home
mortgage
yields 5
5. 77
6. 16
5.78
5. 60
5.46
5. 45
5.46
5.45
5.45
5.45
5. 45
5.45
5.44
5. 44
5.45
5.46
5. 49
5.51
5.62
5.70

Treasury bill rate charted; other rates not charted.
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
oo

COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices moved somewhat higher after mid-March.

Inde x, 1941-43=10

Index, 1941-43 = 10
MONTHLY

s~~*

on

r>-^\S
.

80

/^^

AA

\

50

f 1 1 1 1 1 1 1 1 1 !

1 1 I 1 ! 1 I M 1!

~

WEEKLY

V

on

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

y-N

70

*7A

/V\

\

/~~s

80'

^
~jf\

^ ~

i i i ii 1 iii i i

60

i i i ii1 i itii

1" 1 1 1 1 1 I 1 t 1 1

1 I' 1 1 ! 1 1 1 1 1 1

1 1 1 1 1 I 1 1 1 1 1

50

.DIVIDEND YIELD ON COMMON STOCKS

A
RATIO

RATIO
oe

o/r

'

20

^*

. . "•* .
^—^

A

1

t

20

1

X—-—<*

**^*'

IK

10

PRICE/EARNING 5 RATIO ON COMMC)N STOCKS
\
•. "- ^
\
A.
——_——

i

1

' 1960

i

1

^'S- **"'""" ^

t

t

1962

1961

1

1963

i

t

1964

1

f

15
i

t

SOURCEi STANDARD AND POOR'S CORPORATION

i

i

N 10

1966

1965

COUNCIL OF ECONOMIC ADVISERS

l

Period

1960
1961
1962
1963
1964
1965
1965: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Week ended:
1966: Mar 11
18
25_
Apr 1
8
15

Total

__

^__
___

__

_

Total

55. 85
66. 27
62. 38
69. 87
81. 37
88.17
86.83
87.97
89.28
85.04
84.91
86.49
89.38
91. 39
92. 15
91.73
93.32
92.69
88. 88

59. 43
69. 99
65.54
73.39
86. 19
93.48
91. 75
93.08
94. 69
90.19
89.92
91. 68
94.93
97. 20
98. 02
97.66
99.56
99.11
95. 04

88. 60
87.95
89. 32
89.37
91.35
* 91. 73

94.74
93.98
95. 48
95.63
97. 92
98. 31

Price index
Industrials
Capital Consumers'
goods
goods
1941-^13=10
47. 21
59.75
67.33
57. 01
58.15
54.96
63.30
62.28
73.84
76. 34
81.94
85. 26
83.62
81. 50
83.78
84.85
85. 21
86. 35
81.62
80.04
80.54
78.80
80. 23
83. 25
82.34
86.91
S3. 90
90.28
83. 75
91. 62
91.42
83. 31
93.35
84.28
93. 69
83.48
79. 13
90. 26
90. 56
89. 09
90. 77
90. 37
92. 63
93.23

79.34
78.32
79.07
78. 29
79. 52
79.50

Railroads

Dividend
yield »
(percent)

46.86
60.20
59. 16
64. 99
69. 91
76.08
76. 92
77.24
77. 50
74.19
74.63
74. 71
76.10
76. 69
76.72
75.39
74.50
71.87
69. 21

30. 31
32.83
30. 56
37. 58
45.46
46.78
46. 98
46.63
45. 53
42.52
43.31
46. 13
46.96
48.46
50. 23
51.03
53.68
54.78
51. 52

3.47
2. 98
3.37
3. 17
3. 01
3.00
2. 99
2.95
2. 92
3.07
3.09
3. 06
2.98
2.91
2.96
3.05
3.02
3.06
3.23

68.86
69. 23
69.90
69. 46
69. 71
69.97

51.84
50. 40
51.57
50. 85
52. 23
52.74

3.22
3.27
3. 22
3.24
3. 15
*3. 15

Public
utilities

Price/
earnings
ratio 3
17. 09
21.06
16.68
17.62
18. 08
17. 11
17. 69

15.93
17.10
17.71

1
Includes 600 common stock, 425 are industrials; 60 are public utilities; and 25
s Ratio of price index for last day in quarter to quarterly earnings (seasonally
are railroads. Weekly indexes for capital and consumer goods are Wednesday
adjusted annual rate). Annual ratios are averages of quarterly data.
figures;
all other weekly indexes are averages of daily figures.
* Not charted.
2
Aggregate cash dividends (based on latest known annual rate) divided by
Source: Standard & Poor's Corporation.
the aggregate monthly market value of the stocks in the group. Annual yields
are averages of monthly data. Weekly data are Wednesday figures.

34



FEDERAL FINANCE

FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit in the first 9 months of fiscal 1966 amounted to $10.9 billion.
1965 the deficit was $7.2 billion.

In the corresponding period of fiscal

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

NET BUDGET RECEIPTS

NET BUDGET EXPENDITURES

100 -

100

75 -

75

50

50

25

1961

1962

1964

1963

1965

1961

1966

1962

1963

1964

1965

1966

.BUDGET SURPLUS (+} OR DEFICIT (-)

NATIONAL DEFENSE

(ENLARGED SCALE)

75

50

25

1961

1962

1963

1964

1965

1966

1961

1962

1963

1964

SOURCES.TRJEASURY DEPARTMENT AND BUREAU OF THE BUDGET

Net
budget
receipts

Period

year 1960
year 1961 __
year 1962. ___ _
year 1963
year 1964___ _
year 19653
__
year 1966 3 _
year 1967 __
_. .
Feb
Mar
Apr
May_
_
_ _
June
July
A u g
_ _ _ _ _ _ _ _
Sept__
_ _ _ _
Oct
Nov
Dec
1966: Jan_ _
_
Feb
Mar
_ __
Cumulative totals, first 9 months:
Fiscal year 1965 __
Fiscal year 1966

__ _ _
_

_

_ _

_ _ _
_ __

_

_

77.8
77.7
81. 4
86. 4
89. 5
93. 1
100.0
111.0
7.5
11. 2
8. 5
7.3
13.4
3.8
7.4
11.0
3.3
8. 1
9.6
6.5
8.3
11.3

1
63.9 !
69.2

Total

Total

Department of
Defense,
military

76.5
81. 5
87.8
92.6
97.7
96.5
106.4
112.8
7. 1
8. 1
8. 3
8. 1
9. 1
7. 2
9.0
9.5
8. 8
9. 1
9.4
8.8
8. 2
10. 2

45. 7
47. 5
51. 1
52.8
54. 2
50.2
56-6
60.5
3.8
4.5
43
43
5.0
3.8
4.4
4. 5
4. 5
4. 5
5. 1
4. 6
4.5
5.6

41. 2
43. 2
46. 8
48.3
4&8
46.2
52.9
57.2
3. 6
42
4. 1

71. 1
80. 1

36. 5
41.5

33. 9
39. 1

* In addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.




1966

COUNCIL Of ECONOMIC ADVISERS

[Billions of dollars]
Net budget expendittires
N ational defe use *

Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1965:

1965

FISCAL YEARS

* ESTIMATE.

3

Military
assistance

l
2

286. 5
289. 2
298.6
306. 5
312. 5
317.9
320.0
321.7
320. 6
318.4
317.2
319. 8
317.9
317. 1
318.7
317. 3
319. 4
322. 2
321.4
322.4
323. 7
321. 5

.6
.6

-7.2
- 10. 9 1

318. 4
321. 5

(44)
()
(4)
(4)

Public
debt
(end of 2
period)

1. 2
-3. 9
-6.4
-6.3
-8.2
-3.4
-6.4
— 1.8
.4
3. 0
.3
-.8
4.3
-3.4
-1.6
1. 5
-5. 5
— 1.0
.1
-2. 4
.2 1
1. 1 i

1. 6
1.4
1.4
1.7
1.5
1.2
1.3
1.2
.1
.I
.1
.2
.4

a8

4.3
3. 6
4. 1
4.3
4. 3
4.2
4.8
4. 4
4. 2
5. 2

Budget
surplus
or
deficit (-)

.1

4

Estimates.
Less than $50 million.
NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.

35

FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the first quarter, cash payments exceeded cash receipts by $1.3 billion/ on a seasonally adjusted basis, however,
the excess of payments was $4.5 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

25

25

20
•f-5
EXCESS OF C \SH

SEASONALLY ADJUSTED

RECEIPTS

m 1 i! ™

m

l""i

EXCESS OF O\SH PAYMENTS
i
i
t
r
i
r
1961
1960

r

•I

'*"* "*"*

t

t

1962

1

I

I

t

1963

i

i

!

t

!

\
1

1965

1964

1

!

1966

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCES-. TREASURY DEPARTMENT AND BUREAU OF THE BUDGET

[Billions of dollars
Cash receipts
from the
public

Period
Fiscal year:
1961
1962
1963
1964
_
1965
1966 i
1967 *
Calendar vear:
1960
1961
1962
1963
1964
1965

__

Quarterly total (calendar years):
1964: I
II
III
IV
1965: III
III

IV
1966: 1 2
i Estimates.

36



'Preliminary.

Cash payments to
the public

Excess of
receipts or
payments

97. 2
101. 9
109.7
115.5
119.7
128.2
145.5

99. 5
107. 7
113. 8
120. 3
122.4
135.0
145.0

-5.8
-4. 0
-4. 8
2. 7
-6.9

98. 3
97.9
106.2
112. 6
115.0
123.4

94. 7
104. 7
111. 9
117. 2
120.3
127.9
Unadjusted

-6. 8
-5. 7
-4. 6
-5.2
— 4.5

30.3
33.4
27. 0
24. 3
30. 7
37.7
29. 2
25.8
33. 3

28. 7
30. 1
30. 9
30. 6
28. 3
32. 6
33. 1
34.0
34. 6

Cash receipts
from the
public

Cash payments to
the public

Excess of
receipts or
payments

2.3

.5

3.6

Setisonally ad jus ted

1. 6
3. 3
-3. 9
-6.3
2.4

5. 1
-3.9
-8.1
-1.3

3

29. 5

28. 7
28. 2
28. 7
29.9
3
32. 8
30. 5
30.5
32.3

30. 5
29. 7
30. 2
29.8
30. 1
32.3
32.3
33.1
36. 8

— 1.1
-1. 1
-2. 0
-1. 1
.2
.5

-1.8
-2.5
-4. 5

s Seasonally adjusted data include accelerated corporate tax payments of about
$0.3 billion in 1964 and $0.9 billion in 1965.
Sources: Treasury Department and Bureau of the Budget.

FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, Federal expenditures rose $6 billion (seasonally adjusted annual rate). Total receipts are not
available because of no data on corporate taxes. However, increases in contributions for social insurance and personal taxes offset in part by a decline in indirect taxes amounted to a $6% billion increase for the quarter.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

140

140

RECEIPTS

\

120

120

EXPENDITURES
100

100

I

L

f

I

t

\

\

+20

\

I

1

I

!

t

!

I

1

I

J_L_1__K 80
+20

SEASO NALtY ADJUSTED ANNUAL RATES
SURPLUS

Hi.
• ••-

.|H-

• •••

SI Pi
-

DEFICIT

1

1
1960

1

1

1

!

1961

!

1
1962

1

I . I

1

1

1963

1

1

1964

1 . 1

\

1

1965

T
1966

1

-20

CALENDAR YEARS
SOURCE, DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates)
Federa 1 Governraent expe aditures

Federal (jrovernme nt receipt s
Period

Fiscal year :
1962
1963
1964
1965
1966 *
1967 i
Calendar
year:
1962
1963
1964
1965
1964:I___
II__
III-

Personal Corpo- Indirect ContriTotal tax and
business butions
rate
for
Total
nontax profits tax and
receipts
tax
n on tax- social inaccruals accruals surance

GrantsSubsidies Surplus
Purin-aid
less
or
Net
chases Trans- to State
current deficit
of goods fer payand
in terest surplus
/v — \)
local
and
ments
paid
of Govt.
entergovernservices
ments
prises

104.2
110.2
115.1
119.6
128.8
142.2

47.3
49.6
50.7
51.2
54.8
60.5

22.9
23.6
25.3
27.0
29. 3
31. 1

14.2
15.0
15.6
16.8
15. 9
16. 5

19.9
22. 1
23.6
24.6
28.8
34. 1

106.4
111.4
117. 1
118. 3
131.0
142. 7

60.9
63.4
65. 8
64. 5
70.7
74.4

27.2
28.6
29. 6
30.3
34.2
39.2

106.4
114. 3
114. 5
124. 1
114. 8
112. 0
114. 6
IV- 116. 8
1965:I___ 123.7
II__ 124.4
in.. 122.7
rv__ 125.3
1966: I 2

48. 6
51. 5
48. 6
53.9
50.2
46. 5
48. 1
49. 8
53. 5
54.8
53.2
54.0
56.0

22. 7
24. 5
26. 0
28.3
25.7
25. 9
26.2
26. 5
27.7
28.0
28.3
29.2

14. 6
15.3
16. 1
16.7
15. 6
16.0
16. 4
16.4
17.7
16.7
16.1
16.3

20. 5
23. 0
23. 7
25.2
23. 3
23. 5
23. 9
24. 2
24.7
24.9
25.2
25.8
32. 1

110. 3
114. 0
118. 3
123. 3
117. 5
119.6
118.2
117. 9
120.1
120.6
125.6
127.0
133.0

03. 4
64.4
65. 3
66.6
65. 0
67. 0
64.9
64.3
64.9
65.7
66.5
69.2
72.5

27.7
29. 2
29.9
32.1
30.3
29.8
29.7
29.8
31.2
30.6
34.1
32.5

1 Estimates.
2 Preliminary estimates.




148

340

7.6
8.4
9.8

10. 9
12.8
14.7

8.0

9. 1
10.4
11.4
9.9

10. 3
10.6
10. 8
10.8
11. 0
11.7
12.0
12.8

6.8
7.5
8.1
8.6
9.0
9.7

3.8
3.6
3.8
4.1
4.3
4.7

7.2
7.8
8.4
8.8
8.3
8.2
8.5
8.4
8.6
8.7
8.8
8.9
9.2

4.0
3.6
4.3
4.5
3.9
4.2
4.4
4.7
4.6
4.5
4.5
4.4
44

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

-2.1
— 1.2
— 1. 9
1.2

-2.2
— .5

-3.8
.3

-3.8
.7

-2.6
-7.6
-3.6
-1. 1
3.6
3.8

-2.9
— 1. 8

37

UNITED STATES
GOVERNMENT PRINTING OFFICE

POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE

DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS

First-Class Mail

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

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

__

1
2
3
4
5
6
7
8
9

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

10
11
12
13
14
15

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
_

__

16
17
18
19
20
21
22
23
24
25

PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers

26
27
28

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

29
30
31
32
33
34

FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
NOTE.— Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.

For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C., 20402
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38




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