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90th Congress, 2nd Session

Economic Indicators
April 1968

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»WT 24W68
,

..

BANK OF

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1968

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)

JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research

COUNCIL OF ECONOMIC ADVISERS
ARTHUR M. OKUN, Chairman
JAMES S. DUESENBERRY
MERTON J. PECK
Economic Indicators -prefared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts draivn by Art Production Branch^ Office of the Secretary^ Department of Commerce.

Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $5.40 per year.
The 1967 revised edition of the Historical and Descriptive Supplement to
Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Office.




TOTAL OUTPUT, INCOME, AND SPENDING
teE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates indicate that gross national product rose by $20 billion (seasonally adjusted annual rate)
in the first quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government

Persons
Net receipts

Disposable personal income
Period

1960
1961
1962
1963__
1964
1965___ __
1966
1967__
1966: I
II___
III__
IV___
1967: I
!!____
III___
IV___
68: I » _ _ _

PerLess: Equals: Personal sonal
Interest Total consump- saving
tion
paid and excludor
expendTotal * transfer
dising
interest itures saving
payand
ments
(-)
to fortranseigners
fers
350.0
364.4
385. 3
404 6
438. 1
472. 2
508. 8
544. 7
497. 5
503. 3
512.4
522. 0
532. 7
540. 0
548. 2
557.9
571.7

7.8
8. 1
8.6
9.7
10.7
11.9
13. 1
14.2
12. 6
13. 0
13. 1
13. 5
13. 8
14. 3
14. 3
145
148

342.3
356. 3
376. 6
394 9
427.4
460.3
495.7
530.5
484 9
490. 3
499. 3
508. 5
518. 9
525. 7
533. 9
543.4
556. 9

325.2
335.2
355. 1
375. 0
401. 2
433. 1
465. 9
491. 7
458. 2
461. 6
470. 1
473. 8
480. 2
489. 7
495. 3
501.8
517. 8

Surplus
or
deficit

Less:
Less:
Tax
Trans- Equals: Total
Trans- Equals:
Purand
fers,
fers,
nontax interest, Net
expend- interest, chases income
and
receipts
receipts
of goods product
itures
and
and
or
and
subsubaccounts
accruals sidies 2
sidies 2 services

(->,

17.0
21. 2
21. 6
19. 9
26.2
27. 2
29. 8
38.7
26.6
28.7
29. 2
34. 6
38. 8
36. 0
38. 5
41. 6
39. 1

139.8
144 6
157.0
168.8
174 1
188. 8
213.0
227.6
204 3
210. 6
216.3
220. 9
222. 8
223. 2
229. 3
235.2

Business

Period

1960
1961
1962
1963
1964
1965
1966
1967
1966: I
II
III..
IV__
1967: I
II
III
IV
1968: I"

36.5
41.3
42. 8
44 4
46.7
49. 7
55.5
63.7
53.4
53. 1
56. 1
59.4
63. 2
63. 1
64 4
642
66. 9

103.3
103.3
1142
1243
127. 3
139. 1
157.5
163. 9
150.9
157.5
160. 2
161. 5
159. 6
160. 1
164.9
171. 0

136. 1
149. 0
159.9
166. 9
175.4
186. 1
209.8
240. 0
199. 8
2044
213.7
221. 2
233. 6
238. 1
242. 6
245.9
2544

36. 5
41.3
42.8
44 4
46.7
49.7
55. 5
63. 7
53.4
53. 1
56. 1
59.4
63. 2
63. 1
64 4
64 2
66. 9

99. 6
107.6
117. 1
122. 5
128.7
136.4
154 3
176.3
146. 5
151. 2
157. 7
161. 7
170.4
175. 0
178.2
181.7
187. 5

Net
Net exports of goods
Total
Statisand services
transfers
Excess of income
tical
Gross
Gross
to foror
transfers
discrepprivate Excess eigners
retained domestic
of
or
receipts
ancy
earnby
of net
3
invest- invest- sons perEquals: exports
ment
ings
and
Less:
Net
ment 4
Govern- Exports Imports exports
(-)
(-)5
ment
56. 8
58. 7
66. 3
68. 8
76. 2
83. 7
89. 7
90.5
87. 6
88.4
89.5
93.6
88.9
89. 1
90.4
93. 9

74 8
71. 7
83. 0
87. 1
94 0
107. 4
118. 0
112. 1
115. 2
118. 5
116. 4
122. 2
110. 4
105. 1
112. 2
120.8
119. 4

3. 7
-4 3
-2.9
1.8
-1.4
2.7
3.2
-12.4
4.6
6. 1
2.6
-.3
-10.8
-15. 0
-13. 3
-10. 8

International

-18. 0
-13. 0
-16. 8
-18. 4
-17.8
-23. 8
-28. 3
-21.6
-27. 6
-30. 1
-26. 9
-28. 6
-21. 5
-16.0
-21. 8
-26. 9

2. 4
2. 6
2. 7
2.8
2.8
2. 8
2. 9
2.9
3.4
2.9
2.8
2.5
2. 9
3. 1
3. 1
2.7
2.8

27. 2
28. 6
30. 3
32. 3
37. 1
39. 1
43. 0
45.3
42. 0
42. 5
43.7
44 0
45. 3
45. 1
45. 6
45.4
47. 6

1 Personal income (p. 5) less persona] tax and nontax payments (fines, penalties, etc.).
2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
* Undistributed corporate profits, corporate inventory valuation adjustment,
-T)iLal consumption allowances, and wage accruals less disbursements. Does
include retained earnings of unincorporated business, which are included
sposable personal income.




Expenditures

23. 2
23. 0
25. 1
26. 4
28. 6
32.2
37. 9
40.6
36. 0
37. 1
39. 0
39. 7
39. 9
39.8
40. 2
42.4
44 9

40
5. 6
5. 1
5. 9
8. 5
6. 9
5. 1
48
6. 1
5.4
4. 6
4.3
5.3
5.3
5. 4
3.0
2.6

-1. 7
-3. 0
-2.5
-3. 1
-5. 7
-4 1
-L8
-2. 7
-2.5
-1.8
-1.8
-2. 5
-2.3
-2.3
-.3
.2

5048
520. 8
559. 8
590.8
633. 7
685. 8
745. 9
787.8
726.8
738.8
751.9
765.9
770.3
777. 9
792.4
811. 0

-1.0
-. 8
.5
-. 3
-1. 3
-2. 0
-2. 6
-3.0
-. 9
-2. 2
-3. 2
-3.8
-4 0
-2.8
-1.2
-3.5

Gross
national
product
or
expenditure

503. 7
520. 1
560. 3
590. 5
632.4
683. 9
743. 3
785.0
725. 9
736. 7
74a 8
762. 1
766.3
775. 1
791. 2
807.3
827. 3

* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
s Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) advanced at an annual rate of about 10 percent in the first quart
according to preliminary estimate*. About three-fifths of the increase represented a rise in physical output and 1
rest higher prices.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

800

700

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

•200

100

1962

^PRELIMINARY.
SOURCE, DEPARTMENT OF COMMERCE

Period

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1966:

1967:

_

I
II
III
IV...
I
II
III _
IV

1968:

I*

COUNCIL OF ECONOMIC ADVISERS

Total
Personal Gross
congross
Total
private
national gross
sump- domestic
product national
tion
investin 1958 product expend- ment
prices
itures
Billions of dollars; quarterly
452.5
447.3
475.9
487.7
497. 2
529.8
551. 0
581.1
616. 7
652. 6
669. 3
645. 4
649. 8
654. 8
661. 1
660. 7
664. 7
672. 0
679. 6
689. 7

441. 1
447.3
483.7
503.7
520. 1
560. 3
590. 5
632.4
683.9
743.3
785.0
725. 9
736. 7
748. 8
762. 1
766.3
775. 1
791. 2
807.3
827.3

281. 4
290. 1
311.2
325.2
335.2
355. 1
375. 0
401. 2
433. 1
465.9
491.7
458. 2
461. 6
470. 1
473.8
480. 2
489. 7
495. 3
501. 8
517. 8

67. 8
60.9
75.3
74. 8
71.7
83. 0
87. 1
94. 0
107.4
118.0
112.1
115.2
118. 5
116.4
122.2
110.4
105. 1
112. 2
120. 8
119. 4

*This category corresponds closely with budget expenditures for national
defense, shown on p. 35.
2
Gross national product in current prices divided by gross national product
in 1958 prices.




Net
exports
of goods
and
services

Government purchases of goods and
services
Federal
State
Total
and
National Other
1
Total defense
local

Implicit
price
deflator
for total

GNP,

1958 =100*

data at seasonally adjusted annual rates
5.7
2.2
.1
4.0
5. 6
5. 1
5. 9
8.5
6.9
5.1
4.8
6. 1
5.4
4. 6
4.3
5.3
5. 3
5.4
3.0
2. 6

86. 1
94.2
97.0
99.6
107. 6
117. 1
122.5
128. 7
136.4
154.3
176.3
146.5
151.2
157.7
161. 7
17a4
175. 0
178. 2
181.7
187. 5

49. 5
53.6
53.7
53. 5
57. 4
63.4
64. 2
65. 2
66. 8
77. 0
89.9
72. 1
74.9
79. 5
81. 5
87. 1
89. 5
90. 9
92.2
95. 7

44, 2
45. 9
46. 0
44. 9
47.8
51. 6
50.8
50. 0
50. 1
60. 5
72.5
55. 1
58.4
63. 0
65.6
70.2
72. 5
73. 3
74. 2
76.6

5.3
7. 7
7.6

ae

9.6
11.8
13.5
15. 2
16.7
16. 5
17.4
17. 1
16. 6
16.6
15. 9
16.8
17.0
17. 6
18.0
19. 1

36.6
40. 6
43.3
46. 1
50. 2
53. 7
58. 2
63.5
69.6
77.2
86.4
74.3
76.2
78. 1
80. 2
83. 3
85. 4
87.4
89.5
91.9

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

97.5
100. 0
101. 6
103. 3
104. 6
105. 8
107. 2
108.8
110.9
113. 9
117.3
112. 5
113. 5
114.4
115.3
116. 0
116. 6
117. 7
118.8
120. 0

RATIONAL INCOME
"orporate profits before taxes advanced $5 billion (seasonally adjusted annual rate) in the fourth quarter to a record
15 billion. According to preliminary estimates, compensation of employees rose by a record $14 billion in the
jt quarter.
BILLIONS OF DOLLARS
700

BILLIONS OF DOLLARS
700

300
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

PROPRIETORS' AND
RENTAL INCOME

100

1962

1968

J^RELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

1958
1959 __
1960 _ _
1961_
1962
1963
1964
1965
1966

_
_ _ __
_ __

1967__

1966: I
II
III
IV
1967: ! _ _ _

II
III
IV _
1968: I ^
1

_

_

367. 8
400. 0
414. 5
427. 3
457. 7
481. 9
518. 1
562.4
616.7
650. 2
600.3
610.4
622. 1
634. 1
636.4
641. 6
653. 4
669. 3

Compensation
of em- l
ployees

257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.9
435.7
469.7
420.8
430.7
441.2
450.2
459. 1
463.4
472.6
483.6
497. 5

Proprietors7 income
Farm 2

13. 4
11. 4
12. 0
12. 8
13. 0
13. 1
12.1
14.8
16. 1
14,8
17. 1
16.0
15.9
15. 1
14.6
14.3
15. 0
15.2
15. 5

Includes employer contributions for social insurance. (See also p. 4.)
* Excludes farm profits of corporations engaged in farming and therefore differs
from net farm Income (Including net inventory change) on p. 6 which includes
such profits.




Business
and professional

Rental
income
of
persons

33.2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
41.9
43.2
43. 6
42.8
43.3
43.3
43.4
43.2
43.4
43.8
44. 1
44. 4

15. 4
15. 6
15. 8
16. 0
16.7
17. 1
18.0
19.0
19.4
20.1
19.2
19.3
19.4
19.6
19.8
20.0
20. 2
20. 4
20.6

Net
interest
6.8
7. 1
8. 4
10. 0
11. 6
13.8
15.8
17.9
20.2
22. 4
19.3
19.8
20.4
21. 1
21.6
22. 1
22. 7
23. 3
23.9

Corporate profits and inventory valuation adjustment 3
Total

41. 1
51.7
49.9
50. 3
55. 7
58. 9
66.3
74.9
82.2
79.6
81.1
81.3
81.9
84.6
78.1
78.3
79. 2
82. 7

Profits Inventory
before valuation
taxes 3 adjustment

41. 4
52. 1
49.7
50. 3
55. 4
59. 4
66.8
76.6
83.8
80.7
83.7
83.6
84.0
83.9
79.0
78. 9
80.0
85. 1

»See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

-0.3
-. 5
.2
-. 1
.3
5

7$

-1.6
-1.2
-2.6
-2.3
-2.2
.7
-.8
— .7
Q
_^ ^

-2.3
-4.7

SOURCES OF PERSONAL INCOME
In March, personal income rose $6% billion (seasonally adjusted annual rafe), following a revised increase of $8
billion in February. The higher Social Security benefits which started in March were responsible for about half of tl
rise. Transfer payments increased $31/3 billion, most of which was due to higher Social Security benefits which start*
in March.

BILLIONS OF DOLLARS
1 700

BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES

600

600

500

500

WAGE AND SALARY DISBURSEMENTS

400

400

\
300

300

OTHER INCOME

100

100
TRANSFER PAYMENTS

1962

1963

1964

1965

SOURCE: DEPARTMENT OF COMMERCE

Period
1959__
1960___ _
1961
1962
1963
1964
1965
1966__ _1967
1967: Feb____
Mar
Apr
May___j
June__J
Julv — j
Aui___
Sept____
Oct
Nov___
Dec
1968: Jan
Feb
Mar ?__

1966

1967

1968
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
and
Other Proprietors' income income
Personal Transfer
Divipersonal salary
labor 2
Business
paydends interest ments
of
income disburse- income
and pro- persons
Farm
income
1
ments
fessional
383.5
258. 2
11. 3
11. 4
12. 6
35. 1
15. 6
20. 7
26. 6
401. 0
270. 8
12. 0
12. 0
34. 2
23. 4
28. 5
15. 8
13. 4
416. 8
12. 7
278. 1
12. 8
32. 4
35. 6
25. 0
16. 0
13. 8
442. 6
296. 1
13. 9
13. 0
37. 1
15. 2
27! 7
16. 7
33. 3
465. 5
14. 9
311. 1
13. 1
37. 9
16. 5
17. 1
31. 4
35. 3
497. 5
12. 1
333. 7
16. 6
40! 2
is! o 17! 8 34* 9 36. 7
537. 8
359. 1
14. 8
18. 6
41. 9
19. 0
38. 4
39. 7
19. 8
584. 0
394. 6
20." 8
16. 1
21. 5
43. 2
42. 4
19.' 4
43! 9
626.4
423. 8
14, 8
23. 2
43. 6
20. 1
22. 8
46* 5
51. 9
612. 6
414. 2
22. 2
14. 6
43. 2
19. 8
22. 3
45. 2
51. 1
615. 6 i 416. 2
22. 4
14. 3
43. 1
22. 6
51. 7
19. 9
45. 5
616. 5
416. 7
22. 6
14. 4
22. 8
43. 3
51. 0
20. 0
45. 8
618.2
417. 2
22. 8
14. 4
43. 4
23. 1
51. 5
20. 0
46. 0
622. 6
14. 3
420. 9 1
23. 1
43. 6
51. 6
20. 1
46. 1
23. 3
627. 0
423. 4
14.7
23. 3
46.4
52.2
43. 7
20. 2
23. 5
631. 6
426. 7
23.6
15. 0
43. 8
52. 4
20. 2
46. 9
23. 5
634.4
428.5
23. 8
15. 3
52. 5
43. 9
23.4
47. 3
20. 3
635. 9
429. 4
24. 0
15. 1
44. 0
52. 8
20. 3
23. 2
47. 6
642.4
435. 3
24. 3
15.2
44. 1
48. 0
52. 8
20. 4
23. 1
649.3
443. 1
24. 6
15. 3
44. 2
20. 4
48. 5
53. 1
21. 0
650. 9 442. 4
24. 9 i
15. 3
44. 3
22. 9
54. 0
48. 9
20. 5
659.3
449. 0
15.4
25.2
44.4
23.2
49.4
20.5
54.7
666. 0 451. 1
25. 5
15. 6
44. 5
58.0
20.6
23. 6
49. 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.




Less: Personal con- Nonagritributions cultural
3
for social personal
insurance income
368. 5
7. 9
385. 2
9. 3
400. 0
9. 6
425. 5
10. 3
11. 8
448. 1
12. 5
480. 9
518. 4
13. 4
56 3! 1
17! 9
606. 5
20. 4
593.0
20. 0
596. 2
20. 1
596. 9
20. 1
598. 8
20. 1
603. 2
20. 3
607.2
20. 4
20.6
611. 4
20. 6
614.0
615.7
20.6
622.0
20.8
21. 1
628.8
22. 3
630.3
638.6
22.6
645.0
22. 7

3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

DISPOSITION OF PERSONAL INCOME
jpliminary estimates indicate that personal income advanced a record $16 billion (seasonally adjusted annual rate)
^the first quarter and disposable income rose $14 billion. With persona! outlays surging ahead by a record $16%
uillion, the saving rate dropped sharply from 7.5 to 6.8 percent.

BILLIONS OF DOLLARS

BILLIONS -OF bOLURS
600

600

SEASONALLY ADJUSTED ANNUAL RATES

550

500

DISPOSABLE PERSONAL INCOME

450

400

350

2,200
2,000
^1,800
1968
J/PRELIMINARY.
SOURC& DEPASTMENT OF COMMERCE

L

Period

PerPer
sonal
• sonal tax and
| income nontax
i
payments
i

I

-

COUNCIL OF ECONOMIC ADVISERS

Per capita disLess: Personal outlays
posable personal
Equals:
Personal consumption
Equals:
income
Disexpenditures 2
Personal
posable Total
saving Current
1958
personal personal Durable Nondurable Services
prices
prices
income outlays l
goods
goods

;
1959

383.5

40. '2 1

337. 3

401. 0
416. 8

350. 0

1960 _
1961

!

1963.
1964
1965
1966

; -105. :»
' 497. 5
537. S
5X4. 0

50.
52
57
00.
59.
05.
75.

1967

' »>2(J. 4

81.7

1962

4-12.0

1966: I
;
!!___
III_ i
IV.J
1967: I
i
IL._i
III J
1V_J
1968: I " _ J

567. 8
577. 3
589. 3
601. 6
612. 9
619. i
631. 0
642. 5
658. 7

'.) '
*-1
',}
-1 ;
(\
I'

364. 4
385. 3
404. 0
438. 1
472. 2
508. 8

544.7

70. 4 ! 497. 5
503. 3
74. 1
512. 4
76. 9
522. 0
79. 6

80. 2
79. 1
82.8
84.7
87. 1

532. 7
540.0
548. 2
557.9
571. 7

Billions of dollars
146. 0
120.3
44. 3
318. 3
128.7
333. 0
45. 3
151.3
135. 1
155. 9
343. 3
44. 2
143. 0
102.6
49.5
363. 7
108. 0
152. 4
53. <)
384. 7
178. 7
i 03. 3
411.1)
59.2
175. <>
445. 0
GO. 0 19.1. 2
188. 1
70. 3
207. 5
470. 0
202. 1
217. 5
505. 9
72. 1
Seasonalhi atljuxled annual rates
203. 2 i 183. 5
71. 0
470. i)
186. 3 !
207. 1
474. G
(38. 2
189. S
209. 5
483. 2
70. <>
192. 9
210. 3
70. 6
487. 4
214. 2
196. 6 i
69. 4
493. 9
200. 0
217. 2
504. 0
72.5
204. 1
218. 5
72. 7
509. 6
207. 7
220. 3
73.8
516. 2
211. 9
77. 9 i 228. 0
532. 6

1
Includes personal consumption expenditures, interest paid by consumers,
id personal transfer payments to foreigners.
See p. 2 for total personal consumption expenditures.
neludes armed forces abroad. Annual data are for July 1; quarterly data
or middle of period, interpolated from monthly data.




19. 1
17. 0
21.2
21. 6
19. 9
26. 2
27. 2
29. 8
38. 7

l>(5. 0
28. 7

29. 2

34. 6
38. 8

36. 0
38. 5
41. 6
39. 1

Saving
as percent of Population
dis(thou-3
posable
personal sands)
income
(percent)

Dollars
1,905
1,881
1,883
1, 937
1,983
1,909
2,064
1,968
2,130
2,013
2, 280
2, 123
2, 427
2,232
2, 584
2, 317 i
2, 736
2, 393
'
2, 304
2, 537
2, 302
2, 560
2. 324
2, 598
2, 341
2,639
2, 373
2, 686
2, 716
2, 388
2,394
2, 749
2,789
2, 413 i
2, 852
2, 442 II

5.6
4.9
5.8
5.6

4. 9
6. 0
5.8

5.9
7. 1
5. 3
5. 7
5. 7
6. 6
7. 3
6.7
7.0

7. 5
6. 8

177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
196,
196,
197,
197,
198,
198,
199,
200,
200,

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

096
629
216
834
356
852
425
006
433

FARM INCOME

Net farm income excluding inventory change (seasonally adjusted) advanced 61/2 percent in the first quarter, accordi
to preliminary estimates. Including inventory change, there was a rise of 2 percent.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS
60

SEASONALLY ADJUSTED ANNUAL RATES

/—

50
REALIZED GROSS
FARM INCOME

-

A
^-S

50
^

^

40

30

30

NET FARM INCOME
INC1UDING NET INVENTCDRY
CHANGE

20

\

20

+ ******

Ml
i

++*
*»^
*«- — —-*'^

10

10

!

1

\

!

I

I

1963

1962

1

!

1

I

!
1965

1964

1

Personal income received b}^
total farm population

1966: I
II _ ._
III .
IV

1967: I
II
III _ _
IV

1968: I

From
all
sources

__>

.

From
farm
sources

From
nonfarm
sources

I

1

1

I

1967

I

!

1968

18. I
18.7
19. 0
19. 2
18. 7
18.0
20.3
21. 3
20. 1

11. 0
11.4
12. 1
12.2
12. 0
11.2
13.4
14. 4
13. 2

7.0
7.2
6.9
7. 0
6. 7
6.8
6.9
6. 9
6. 9

Net to farm
operators

Net income per
farm including net
inventory change 3

ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
Total i
from
ventory ventory prices prices *
2
marketchange change
ings
Dollars
Billions of dollars
3, 106
37.5
26. 1
11.4
33. 5
2,795
11. 5
3,381
26.2
37.9
12. 0
34. 0
11.7
3,043
3,724
39.6
3,389
34.9
27. 0
12.6
12.9
3,872
41. 1
3,562
12. 5
36. 2
13. 1
28. 5
3,947
37.2
42. 1
29. 6
12. 5
13. 1
3,671
42.4
3, 774
29.4
37. 1
13.0
3, 510
12. 2
4, 413
4,645
39. 1
30.9
13.9
14.9
44.8
5, 090
49. 7
43. 2
4,988
16. 4
33. 3
16. 2
42. 5
34. 4
14. 5
14. 9
4,705
48.9
4,705
Seasonally adjusted annual rates
17. 3
49. 5
43. 3
32. 6
5,320
5,480
16. 9
4,980
49. 5
43. 1
33. 1
16. 2
5, 080
16. 4
4, 950
5, 000
43. 3
33. 5
16. 5
50. 0
16. 1
4, 760
49. 9
34. 0
4, 710
43. 2
15. 9
15. 3
42. 6
34. 3
14. 8
4,720
49. 3
4, 670
15. 0
42. 4
34. 5
14. 5
4, 580
4, 580
14. 6
49. 1
4, 800
4, 750
34. 4
14. 8
15. 2
49. 2
42.9
42. 1
34. 2
15.4
4,810
4,860
48. 1
13. 9
5, 040
34. 9
14. 8
15. 7
5, 140
43. 3
49. 7

1
Oasli receipts from marketings, Government payments, and nonmoney income furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
3
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.




I

Income received from farming
Realized gross

1959
I960 _
1961
1962
1963
1964
1965
1966
1967

I

1966

COUNCIL OF ECONOMIC ADVISERS

SOURCEi DEPARTMENT OF AGRICULTURE

Period

!

4
income in current prices divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.

CORPORATE PROFITS
orporatc profits before taxes (seasonally adjusted annual rate) jumped $5 billion in the fourth quarter, rising to a
cord $85 billion, according to current estimates. For the year 1967 as a whole, profits before taxes were down
3 billion.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

40

30

30

20

20

10

10

1962
J/EXCLUDING INVENTORr VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE

:

Period

1959
1960
1961
1962__ _
1963- _
1964___
1965—
1966
1967 _ _
1966: I
!!___
IILIV_.
1967: I
II
III
IV.__
1968: I» _.

1968
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits (before taxes) and inventory
Corporate profits
valuation adjustment
after taxes
Corpo- Profits
plus
rate
TransCorpo- CorpoManufacturin g
capital capital
portation
rate
rate
conconcomDiviUntax
profits
NonAll
Durable durable muniAll 1 before liabil- Total dend distrib- sump- sumpindustion
tion
goods
uted
paytaxes
ity
Total indusgoods cations, other
tries
and
ments profits allow-2 allowindusances ances 3
tries
public
tries
utilities
26.3
13. 6
12.7
51. 7
52. 1
18. 4
23. 7
7.0
28. 5
12.6
15. 9
52. 0
23. 5
12. 0
12. 4
24, 4
49. 9
17. 9
49. 7
23. 0
26.7
13. 2
7.5
13.4
24. 9
51. 6
11. 4
23. 3
11. 9
50. 3
50.3
19. 1
23. 1
7.9
27. 2
13. 5
13.8
26. 2
53. 5
14. 1
12. 5
26. 6
55. 7
24. 2
8. 5
20. 5
55. 4
31. 2
16. 0
15. 2
61. 3
30. 1
15. 8
28.8
13.0
58. 9
20. 6
26. 3
33. 1
59. 4
9.5
16. 5
16. 6
31. 8
64, 8
32.7
14.9
17.8
23.5
66.3
10.1
28.3
38.4
66.8
20.6
17.8
72.3
33.9
22. 2
38.7
16.5
74.9
11.2
25.0
31.4
45.2
76.6
25.4
19.8
81.7
36.5
24.4
18.7
43. 1
82. 2
27.2
34.5
83.8
49.3
11.9
21.5
27.8
39.0
88.3
21. 3
39.3
18.0
79.6
12. 0
33.2
28.3
47.5
80.7
41. 4
22.8
88.9
24.7
42.7
24.3
18.3
26.7
83.7
81. 1
49.2
34.5
11.7
21.4
27.8
38.3
87.5
24.0
42. 5
18.5
81.3
12.0
34.5
49.2
83.6
26.8
27.6
21.6
38.7
87.9
42.7
23.9
81.9
18.8
27.3
84.0
34.6
49.4
11.8
21.6
27.8
39.2
88.6
44.4
25.3
19.2
84.6
28.2
12.0
83.9
34.6
49.3
28.2
21.2
89. 1
39.8
39.6
21. 1
18.4
78.1
26.9
11.7
79.0
32.5
46.5
22.2
24.2
86.7
40.3
21. 1
38. 9
17. 8
78. 3
11. 9
27. 5
78. 9
32. 5
46.5
23.4
23.1
40.9
87. 4
38. 2
20.5
79.2
17.7
12. 1
80.0
32. 9
28. 9
23.4
47. 1
2&6
88.8
41.8
22. 4
40. 6
82.7
18. 3
12. 3
29. 8
85. 1
35.0
50. 1
22. 4
27. 6
42. 5
92.6
2a 2
4a 1

1
Includes all other industries andfinancialinstitutions.
'Includes depreciation, capital outlays charged to current account, and accidental damages.
^ * Corporate profits after taxes plus corporate capital consumption allowances.

92-721 *—6




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

GROSS PRIVATE DOMESTIC INVESTMENT
Dominated by a $5% billion (seasonally adjusted annual rate) drop in inventory investment, gross private domes!
investment fell $11/2 billion in the first quarter. Business fixed investment advanced over $3 billion to a new reed
high. Residential construction continued to rise with a gain of over $1A billion.

BILLIONS OF DOLLARS
140

BILLIONS OF DOLLARS
140

40

40

20 —ss*

20

1968

1962
J4>RELIWINARY.
SOURCEi DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

Total
gross
private
domestic
investment

Total

Structures

67. 8
60. 9
75. 3
74. 8
71. 7
83. 0
87. 1
94. 0
107. 4
118. 0
112. 1
115. 2
118. 5
116. 4
122. 2
110. 4
105. 1
112. 2
120.8
119.4

66. 5
62. 4
70. 5
71.3
69.7
77.0
81. 3
88. 2
98. 0
104.6
107.0
105. 3
104. 5
104. 9
103. 7
103. 3
104. 6
108. 4
111.6
115.5

46. 4
41. 6
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71. 1
80. 2
82.6
78.3
78. 7
81. 2
82.8
81. 9
81. 5
82. 8
84.0
87.2

NOTE.—Data for Alaska and Hawaii included beginning 1960.

S



Producers' durable equipment
Total

Total
Total

1957
1958__ _ __
1959 _
1960
1961
1962
1963. _
1964
1965
1966. _ ___
1967
1966: I
II
III
IV
1967: I _
II
III
IV
1968: I *__

Residential
structures

N onresidential

18.0
16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25.1
27.9
26.8
28.3
27.5
28.2
27.7
27.7
26.3
26. 6
26.7
28.7

Nonfarm
17.2
15. 8
15. 9
17.4
17. 7
18. 5
18.8
20.5
24.4
27.2
26. 1
27.6
26.8
27.4
26.9
26.9
25.6
25. 9
25.9
27.9

Total
28. 4
25. 0
28. 4
30.3
28. 6
32. 5
34. 8
39.9
46. 0
52. 3
55. 7
50. 0
51. 2
53. 1
55. 1
54. 2
55. 2
56. 2
57. 3
58. 5

Nonfarm
25. 9
22. 2
25. 4
27. 7
25. 8
29. 4
31. 2
36.3
41.9
47.8
51.4
45.5
46.9
48.7
50. 1
50.0
50.6
51. 9
53.0
54. 1

20.2
20.8
25. 5
22. 8
22. 6
25. 3
27. 0
27.1
27.0
24.4
24. 4
27.0
25.8
23.7
20.9
21.4
23.1
25. 6
27.6
2a3

Nonfarm
19.5
20. 1
24.8
22. 2
22. 0
24. 8
26. 4
26. 6
26. 4
23.8
23.9
26. 5
25. 3
23. 2
20. 4
20. 9
22. 5
25.0
27.0
27.8

Source: Department of Commerce.

Change in business inventories

Total

1.3
— 1. 5
4. 8
3. 6
2. 0
6. 0
5. 9
5.8
9.4
13. 4
5.2
9.9
14 0
11. 4
18. 5
7. 1
.5

as
9.2
3.9

Nonfarm
0. 8
-2.3
4. 8
3.3
1.7
5. 3
5. 1
6. 4
8. 4
13.7
4.8
9. 6
14. 4
12. 0
19. 0
7.3
.6
3. 4
7.7
3.0

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
isiness expenditures for new plant and equipment totaled $61.7 billion in 1967, or about 2 percent above 1966.
p most recent survey shows a jump of 3% percent in the first quarter (seasonally adjusted) while an advance of
..jarly 6 percent is expected for 1968 as a whole.

BILLIONS OF DOLLARS
1 70

BILLIONS OF DOLLARS
70

SEASONALLY ADJUSTED ANNUAL RATES

60

60
TOTAL NEW PLANT AND EQUIPMENT

50

50

40

40

••„„„,»»»»»*"*""

NONMANUFACTURING

30

30
.»•""
.••"
'

„.„

««"•'

i^^

20

20

MANUFACTURING

10

10

I

I

t

f

1962

\

I

i

1963

I

j/ \ J/ \ y
i

i

1964

1965

1966

1968

1967

-I/SEE NOTE 3 ON TABLE BELOW
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Total i
Total

1953 _
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964_ _
1965
1966
1967

__

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
60.63

61.66

19683

65.23

1967: I
II
III
IV.
1968: I 33
II

--

2d half 3

1
Excludes
1

-

61.65
61. 50
60.90
62.70
64.80
64.30
66.05

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. 99
26. 69
27.93
27.85

27. 00
26.15
26.00
28.00

28. 10
27.85

Durable
goods

Nondurable 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
13.99
13.70
14.39
14. 20
13. 75
13.50
13.50
14.60
14.55
14.25

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
13.00
13.00
13.54
13. 70
13. 25
12. 65
12.55
13.40
13.55
13.60

agriculture.
Commercial and other includes trade, service, finance, communications, and
fraction.
stimates based on anticipated capital expenditures as reported by business
te January and February 1968. Includes adjustments when necessary for
„ _.jmatic tendencies in anticipatory data.
NOTE.—Beginning 1969 all quarterly data are rounded to nearert $50 million.




Transportation
Railroads

Other

Public
utilities

1.31
. 85
. 92
1.23
1. 40
.75
. 92
1. 03
.67
. 85
1.10
1. 41
1.73
1.98
1.53
1.27
1.80
1. 55
1.40
1.40
1.45
1. 15
1.25

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
3.44
3.88
4.51
3. 05
3.90
4. 10
4.45
4.00
3.90
5. 10

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
8.41
9.88
10.88
9. 20
9. 70
9.80
10.65
11.25
10.95
10.70

Mining

0.99
.98
.96
1.24
1. 24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.42
1.58
1. 40
1. 30
1.45
1.50
1.55
1.60
1.60

Commercial and
other 2

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
18.36
18.25
19.05
18.30
18. 05
17.95
18.70
18. 55
18. 60
19.50

Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average oJ seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGEP

STATUS OF THE LABOR FORCE

,

The civilian labor force, seasonally adjusted, declined slightly in March. Total employment reached a new high
75.8 million. Unemployment dropped to below 2.9 million, about the same as a year earlier.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

90

90

SEASONALLY ADJUSTED

85

85

TOTAL LABOR FORCE

80

80

75

75

70

70

^-xr»—~

\

EMPLOYMENT

65
10

UNEMPLOYMENT

0 1 ' i i i i I t t i i i Ii t t i t i i i i I i Ii i i i i i i i i i i Ii ii i i I i i i i i It i i i i I i i i i i I i i t i i I i t i i i I i i i i i I i i i t i I 0

PERCENT OF CIVILIAN LABOR FORCE
SEASONALLY ADJUSTED

UNEMPLOYMENT RATE

_™

n -

r

-,

~~l

n
t

J; :

n

?

1962

1964

1963

-

'*

i<

1966

1965

Jfj
1967

1968

*16 YEARS OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Period

1963___
1964___
1965___
1966___
1967___

74,
75,
77,
78,
80,

Civilian emUnemployment Labor
Total
Civilian employment
ployment
rate (percent of force
labor
force
Unem- civilian labor partici"NT
JNon- Unem- (includ- Civilian
Nonforce)
pation
labor
Agriployployagnagning
Total
ment
force
Total
ment Unad- Season- rate,
culculculunadarmed
tural
tural
tural
justed ally ad- justed *
forces)
justed
Thousands of persons 16 years of age and over
Percent
67, 762 63, 076 4,070 74, 571 71, 833 67, 762 4,687 63, 076 4,070
5. 7
59. 6
69, 305 64, 782 3,786 75, 830 73, 091 69, 305 4,523 64, 782 3,786
5. 2
59. 6
71, 088 66, 726 3,366 77, 178 74, 455 71, 088 4,361 66, 726 3,366
4. 5
59. 7
72, 895 68, 915 2,875 78, 893 75, 770 72, 895 3,979 68, 915 2,875
3. 8
60. 1
74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527 2,975
3.8
60. 6
Unadjusted
Seasonally adjusted

Total
labor
force
(including
armed
forces)

1967:
Feb..
MarApr _
May.
June.
July.
Aug_
Sept.
Oct__
Nov_
Dec_
1968:
Jan__
Feb_
Mar_

571
830
178
893
793

79, 107
78, 949
79, 560
79, 551
82, 464
82, 920
82, 571
80, 982
81, 595
81, 582
81, 527

1

79, 811
80, 869
80, 938

72, 506
72, 560
73, 445
73, 637
75, 391
76, 221
76, 170
74, 631
75, 181
75, 218
75, 338

69, 225
69, 149
69, 724
69, 812
70, 996
71, 705
71, 792
70, 700
71, 148
71, 460
71, 793

3, 183
2,954
2, 666
2,457
3, 628
3,250
2,942
2, 895
2, 951
2,894
2,719

80, SS9
80, 112
80, 268
79, 958
80, 658
80, 944
81, 057
81, 263
81, 535
81, 459
81, 942

76, 921
76, 676
76, 814
76, 502

73, 273
74, 114
74, 517

69, 908
70, 653
70, 980

3,074
3,288
2,929

81, 388
82, 138
82, 150

77, 495
77, 598
77, 807
78, 072
77, 989
78, 478

74, 063
73, 822
73, 939
73, 550
74, 169
74, 478
74, 664
74, 638
74, 735
75, 005
75, 577

8,876
3,858
3,843
3, 728
3, 739
3,847
3,956
3, 697
3, 718
3,839
4,216

70, 187
69, 964
70, 096
69, 822
70, 430
70, 631
70, 708
70, 941
71,017
71, 166
71, 361

2,858
2,854
2,876
2, 952
3,045
3,017
2,934
3, 169
r

77, 923
78, 672
78, 658

75, 167
75, 731
75, 802

4,003
4,127

71, 184
71, 604
71, 788

2,756
2,941
2, 856

77, 814

1
Total labor force as percent of noninstitutional population.
NOTE.—Seasonally adjusted series revised; see Employment and Earnings and
Monthly Report on the Labor Force, February 1968. Beginning 1960, data include
Alaska and Hawaii.

10




4,014

Source: Department of Labor.

& <s&
o, oo ty

2,984
2,896

4. 2
3.9

3. 5

3.2

4, 6
4. 1
3. 7
3. 7
3. 8

3. 7
3. 7
8. 7
3. 9
3. 9
8. 9
8.8

4. 1
4. 8

3.7
3.5

8.8

4. 0

3.5

4.2
3.8

8. 7

8. 7
8. 6

59.7
59. 5
59.9
59. 8
6L 9
62. 2
61.8
60. 5
60. 9
60.8
60.7
59. 3
60.0
60. 0

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
[ seasonally adjusted unemployment rate declined from 3.7 percent in February to 3.6 percent in March. Most
asures of unemployment showed improvement.

LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK

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

UNEMPLOYMENT RATE,
MARRIED MEN

0 I ! I I I I I I I ! I 1I 1I I I i I i I i ' i I i I i ! I I I I 1I I I I I I I i 1i 1I I i j i I I I I I I I I I I I I I f I I I I I I I ! I I I I I I I I I I l l I 0
1962

1963

1964

1965

1966

1967

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF IABOR

Unemployment rate
(percent of civilian labor
force in group)

Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
wage and men
workers salary
(wife and part- hours
present)
time
workers
work *

Period

1963
1964
1965
1966
1967

_ _

1967- Feb
Mar__
Apr
May
June
July
* J
Aug
Sept
Oct
Nov
Dec __ ___
1968: Jan
Feb
Mar

5. 7
5.2
4.5
3.8
3.8
3.7
3.7
3.7
3.9
3.9
3. 9
3.8
4. 1
4. 3
3.8
3. 7
3.5
3.7
3. 6

Percent
3.4
5. 5
5.0
2.8
2. 4
4.3
3. 5
1. 9
3.6
1.8
Seasonally adjusted
3.4
1.7
1.8
3.5
3.4
1.9
3.6
1.9
3.7
1.9
3. 7
1.8
3.6
1.9
3. 9
1.8
4. 1
1. 9
3.7
1.7
3.5
1.7
3. 3
1. 6
3.5
1.7
3.4
1.7

J

6. 4
5.8
5. 0
4.2
4.2

19, 271
20, 788
21, 334
20, 920

4. 1
4. 1
4.0
3.8
4.4
4.2
4.3
4. 6
4. 7
4. 2
4. 1
40
4.2
4.0

20, 625
20, 490
20, 759
20, 677
20, 577
22, 143
22, 485
22, 019
21, 411
21, 628
21, 954
19, 746
20, 557
20, 912

Man-hours lost by the unemployed and those on part-time for economic
tis as a percent of total man-hours potentially available to the civilian labor
, Beginning 1963, series reflects whether unemployed persons sought fullptime jobs.
Hers from total nonagricultural employment (p. 13), which includes pervith jobs but not at work for such reasons as vacation, illness, bad weather,
LU industrial disputes.




1968

Persons at work in nonagricultural 2
industries
by hours worked per week
Under 35 hours
35-40
hours

Part-time for
economic reasons
Total

Part-time for
economic reasons

Usually Usually Usually
fullpartfulltime 3
time 4
time 3
Thousands of persons 16 years of age and over
1,069
1,222
29, 100 13, 101
986
1, 151
30, 768 11,818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
Unadjusted
Seasonally
31, 050 15, 243
1, 171
830
1, 178
32, 506 13, 777
1, 213
765
1, 229
32, 858 13, 791
1,179
730
1, 181
33, 273 13, 473
910
885
568
33, 082 12, 323
1, 133
1, 091
1, 072
32, 608 12, 477
997
1, 226
1, 058
33, 390 12, 066
1, 012
992
1, 163
33, 145 12, 219
1,073
1, 094
810
31, 641 15, 246
922
976
765
33, 413 13, 952
1, 078
1, 108
751
33, 628 14, 026
774
944
911
32, 031 14, 753
805
720
729
32, 383 15, 081
942
799
915
6
5
33, 566 13, 976
866
804
851

Usually
parttime 4

adjusted
899
843
827
629
867
953
863
873
890
842
863
808
860
892

3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
* Primarily includes persons who could find only part-time work.
• Average hours worked: usually full-time, 24.2; usually part-time, 17.8.
NOTE.—See Note, p. 10.
Source: Department of Labor.
1 1

UNEMPLOYMENT INSURANCE PROGRAMS
In March, insured unemployment under State programs averaged 143,000 lower than in March 1967. The seasonc
adjusted insured unemployment rate was 2.3 percent for the fifth month in a row.
MILLIONS OF PERSONS

MILLIONS OF PERSONS

13

3
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

1966

FEB.

JAN.

MAR.

APRIL

MAY

JUNE

JULY

AUG.

SEPT.

OCT.

1964_ ___
1965
1966
1967 "
1967: Feb__
Mar
Apr
May
June—
JulyULUJ
Aus
Sept
Oct
Nov _
Dec
1968: Jan

_

All programs
Total
Insured
unem- benefits
Covered ploypaid
(milemploy- ment
ment
(weekly
lions
averof dolage)
lars)

__

Feb

Mar "_
_ _
Week ended:
1968* Mar 9

Apr

16
23
30

6
13" "

Thousands
49, 637
1, 753
51,580
1,450
54, 739
1, 129
1,270
"54,659
1,654
1,603
"55, 097
"55,591
1, 423
"55,985
1, 197
"57, 017
1,071
1, 245
1,123
956
953
1,068
1,339
1, 719
1, 653
1,480
_ _

2, 749. 2
2, 360. 4
1, 890. 9
2, 220. 1
230.9
270.1
210. 5
193. 1
165. 4
155.3
184.0
132. 3
133. 0
146. 5
171.8
264.8
259. 4
240. 0

1, 566
1, 514
1, 444 !
1, 370
1, 277

Insured
unemployment

12

Initial
claims

State programs
Insured unemployment as perExhaus- cent of covered
employment
tions
Unad- Seasonjusted ally adjusted

Weekly average, thousands
1, 605
26
268
21
232
1, 328
203
15
1, 061
17
226
1,205
267
16
1, 583
239
17
1, 533
244
20
1,360
1, 142
19
188
1, 019
19
186
1, 184
17
288
17
1,060
187
894
15
158
15
889
180
997
15
208
16
1,259
278
19
1, 624
316
227
19
1, 556
1, 390
183
18
1, 469
1,421
1,358
1,288
1,200

!

NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Kico since January 1961.




DEC

COUNCIL OF ECONOMIC ADVISERS

SOURCEi DEPARTMENT OF IABOR

Period

NOV.

208
179
176
165
184
168

Source: Department of Labor.

Percent
3.8
3. 0
2.3
2. 5
3.4
3.3
2. 9
2.4
2. 1
2.4
2.2
1. 8
1. 8
2.0
2.6
3.3
3. 2
2.8
3. 0
2. 9
2.8
2.6
2.4

2.5
2.6
2. 7
2.7
2.6
2. 8
2.6

2.4
2.4

2. S
2.3
2.3
2. S
2.3

Benefits paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 522. 1
2, 166. 0
1, 771. 3
2, 101. 0
219. 5
257.5
200.6
183.6
156. 1
147. 3
172. 8
122.6
122. 1
134.9
159.2
248.5
243.7
225. 0

35. 92
37. 19
39.75
41. 25
41.97
42.07
41. 81
40.99
39. 99
40. 10
41. 08
40. 10
40. 70
41. 19
41.85
42.59
43.58
44. 00

^TONAGRICULTURAL EMPLOYMENT
tal nonagricultural payroll employment, seasonally adjusted, rose 143,000 in March. The increase was concentrated
trade (64,000), State and local government (57,000), and services (27,000). Contract construction declined by
,000 while other major industries showed little or no change.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)

MILLIONS OF WAGE
AND. SALARY WORKERS (SEASONALLY ADJUSTED]

(ENLARGED SCALE)

68

64

SERVICE AND
MISCELLANEOUS

60

56
NONMANUFACTURING
(PRIVATE)

36

32
DURABLE
MANUFACTURING

24

NONDURABLE
MANUFACTURING
\

MANUFACTURING

20

16
CONTRACT
CONSTRUCTION

GOVERNMENT

\ 1

12

*-~J~~~
8
1966

1965

1967

1968

1965

1966

1967

1968
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

J

[Thousands of wage and salary workers; seasonally adjusted]
Nonmanufacturing (private)

Manufacturing (private)

Transtract portation
Mining conand
strue- public
tion utilities
672 2,816 3,903
650 2,902 3,906
635 2,963 3.903
634 3, 050 Si 951
632 3,186 4,036
625 3,292 4, 151
613 3,264 4,262
624 3,352 4,247
624 3,313 4,246
620 3, 276 4,212
617 3, 192 4,267
619 3, 187 4, 266
623 3, 231 4, 292
606 3, 223 4, 283
601 3, 238 4, 262
597 3, 236 4, 251
597 3, 289 4,287
598 3,353 4,290
598 3, 175 4,294
602 3,461 4, 321
602 3,442 4, 321
Prm
V_/UU—

Period

Total

1961
1962
1963
1964
1965
1966 _ _
1967
1967: Feb.
Mar.
Apr_
MayJuneJuly.
Aug_
Sept_
Oct__
Nov _
Dec__
1968: Jan__
Feb *
Mar *

54, 042
55, 596
56, 702
58, 332
60, 832
63, 982
66, 063
65, 692
65, 749
65, 653
65, 639
65, 903
65, 939
66, 190
66, 055
66, 243
66, 918
67, 126
67, 137
67, 712
67, 855

Total
16, 326
16, 853
16, 995
17, 274
18, 062
19, 186
19, 339
19, 507
19, 445
19, 331
19, 238
19, 285
19, 169
19, 318
19, 142
19, 169
19, 422
19, 491
19, 511
19, 525
19, 522

NonDurable durable Total
goods goods

9,070
9,480
9,616
9, 816
10, 406
11, 256
11, 327
11, 482
11, 434
11, 322
11,283
11,285
11, 218
11,351
11, 149
11, 143
11, 364
11,399
11, 444
11, 422
11,417

7,256
7, 373
7, 380
7, 458
7, 656
7,930
8,012
8, 025
8,011
8, 009
7, 955
8, 000
7, 951
7,967
7,993
8,026
8,058
8,092
8,067
8, 103
8, 105

29, 122
29, 853
30, 481
31, 461
32, 678
33, 925
35, 110
34, 812
34, 865
34, 847
34, 877
34, 982
35, 101
35, 159
35, 245
35, 329
35, 660
35, 747
35, 648
36, 161
36, 242

1
Includes all full- and part-time wage and salary workers in conagricultural
"'tablishments who worked during or received pay for any part of the pay period
dch includes the 12th of the month. Excludes proprietors, self-employed peris, domestic servants, and personnel of the armed forces. Total derived from
i table not comparable with estimates of nonagricultural employment of the
ilian labor force, shown on p. 10, which include proprietors, self-employed
sons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu



Government

Whole- Finance, Service
insurState
sale
and
ance,
and
and
and miscel- Federal local
retail
real laneous
trade estate
6,315
11,337 2,731 7,664 2,279
6,550
11, 566 2,800 8,028 2,340
6,868
11,778 2,877 8,325 2,358
12, 160 2,957 8, 709 2,348
7,249
7,714
12,716 3,023 9,087 2,378
13, 211 3,102 9,545 2,564
8,307
13, 672 3,228 10, 071 2,719
8,897
13, 541 3,165 9,883 2,673
8,700
8,754
13, 557 3,179 9,946 2,685
13, 572 3,194 9,973 2,688
8,787
8,826
13, 609 3,205 9,987 2, 698
13, 648 3,227 10, 035 2,747
8,889
13, 647 3, 234 10, 074 2, 759
8.910
8,967
13, 664 3,253 10, 130 2,746
13, 719 3,264 10, 161 2,715
8,953
13, 776 3,270 10, 199 2,712
9,033
13, 900 3,290 10, 297 2,698
9, 138
13, 870 3,304 10, 332 2,708
9,180
9,257
13, 915 3,308 10, 358 2,721
14, 047 3,321 10, 409 2,719
9,307
14, 111 3,330 10, 436 2,727
9,364

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

13

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted workweek in manufacfuring was unchanged at 40.7 hours in March. With the exceptic
of a sharp weather-related dip in January, the factory workweek has held comparatively stable since August 196
There was a decline in the March weekly hours in construction and retail trade.

HOURS PER WEEK (SEASONALLY ADJUSTED)
46

HOURS PER WEEK (SEASONALLY ADJUSTED;

46

NONDURABLE MANUFACTURING

DURABLE MANUFACTURING
44

44

42

42

40

40

38

38

36

36
34

34

1965

1966

1967

1968

-v>

/i i i 1 1 l i . . . i
V

1965

. . . , , 1 , , , .,
1966

f

> . , . , 1 , <, . .
1967

. , t . . 1 i i . ,.K
N

1968

42

42

CONTRACT CONSTRUaiON

RETAIL TRADE

40

40

38

38

36

36

34

34

32

32
30

30 L . . . . I . i . i
1965

1966

1967

-^~s^_r*"wte-«i—«n,

^^-^^^"^x^—X^

4t i i i i 1 i i i i j
V

1968

,

,

!

,

,

1 1

1

1

1 .

,1,1,1,,','

*N

.- .
HI

1

. 1
LJ

!

. 1 1 1 !K
1—1 1 1 UN

1963

1967

1966

1965

--

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

1

(Average hours per week; seasonally adjusted]
Manufacturing industries
Period

1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1967: Feb
Mar
Apr

___
.
._
__

Mav
June. _
JulyAue
Sept
Oct

__ _ ___ __
_ _ _
_

Nov ^
Dec

1968: Jan
Feb*
Mar v

__

Durable
goods

All

_ _

39. 2
40. 3
39. 7
39. 8
40. 4
40.5
40. 7
41.2
41. 3
40.6
40.3
40. 4
40. 5
40. 3
40. 3
40. 4
40.7
40. 8
40. 7
40. 8
40. 7
40. 2
40.7
40. 7

*Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1969.

14



39. 5
40. 7
40. 1
40. 3
40. 9
41. 1
41. 4
42.0
42. 1
41. 2
41. 0
41. 1
41. 0
41. 0
40. 9
41. 0
41.3
41. 6
41. 3
41. 2
41.4
41. 0
41.4
41. 4
3

Nondurable
goods

Contract construction

38. 8
39. 7
39. 2
39. 3
39. 6
39. 6
39. 7
40. 1
40. 2
39. 7
39. 5
39. 5
39. 8
39. 5
39. 5
39. 6
39.7
39. 9
39.7
40. 1
39. 8
39. 2
40.0
39. 7

Includes eating and drinking places.
Source: Department of Labor.

36. 8
37. 0
oG. 7
36. 9
37. 0
37. 3
87. 2
37. 4
37.6
37.7
37. 6
37. 4
37. 4
36. 4
37. 4
37. 5
37.5
38. 3
37. 1
39. 4
37. 3
36. 0
38.0
36.9

Retail trade s

38. 1
38. 2

sao

37.6
37.4
37.3
37. 0
36.6
35. 9
35. 3
35.3
35. 3
35. 1
35. 2
35.4
35.4
35.5
35. 4
35. 1
35.2
35. 1
34. 9
34.9
34.6

VERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Wkly earnings in manufacturing rose slightly to $1 20.1 8 in March, bringing the over-the-year gain to $7.74. ConAuction earnings held steady while those in retail trade declined slightly.
DOLLARS

DOLLARS

AVERAGE HOURLY EARNINGS

AVERAGE WEEKLY EARNINGS

3.25

DURABLE GOODS
INDUSTRIES

INDUSTRIES

\

3.00

|v;

\\-J
V'**

DURABLE GOODS

120

110
ALL MANUFAaURING
INDUSTRIES

2.50

_
i

100

NONDURABLE GOODS
INDUSTRIES

2.25

90

1965

1968

1965

1966

1968

1967

COUNCIL OF ECONOMIC ADVISERS

SOURCEs DEPARTMENT OF LABOR

[For production workers or nonsupervisory employees]
Average hourly earnings — current prices
Period

1958 _ _ _ _ _
1959
1960
—
1961
1962
_
1963
1964.. _ __
1965__
1966
1967
1967: Feb.__
Mar _ _
Apr
May_ _
June _ _
July..
Aug__
Sept—
Oct___
Nov__
Dec-_
1968: Jan___
Feb "_
Mar V.

Average weekly earnings— current prices

Manufacturing industries Contract
conRetail J
NonDurable durable structrade
All
goods
tion
goods

Manufacturing industries Contract
Retail 1
conNonDurable durable structrade
All
goods
tion
goods

2. 11
2. 19
2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
2. 79
2.79
2. 80
2.81
2. 82
2. 82
2. 82
2. 85
2.85
2. 88
2.91
2. 94
2. 95
2. 96

2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2. 79
2. 90
3. 00
2. 96
2. 96
2. 97
2.99
2. 99
3. 00
3. 00
3. 03
3.03
3. 06
3. 10
3. 13
3. 13
3. 14

1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2.45
2. 57
2. 53
2. 54
2. 55
2. 55
2. 56
2.57
2. 57
2. 61
2. 61
2. 62
2.64
2. 67
2.68
2. 69

2. 82
2. 93
3. 08
3. 20
3. 31
3. 41
3. 55
3. 70
3.88
4. 09
4.00
3.99
3. 99
4. 02
4. 02
4. 08
4. 10
4. 18
4. 21
4. 21
4.24
4. 33
4. 26
4. 26

1. 42
1. 47
1. 52
1. 56
1. 63
1. 68
1. 75
1. 82
1. 91
2. 01
1. 98
1. 98
2.00
2. 00
2. 01
2. 01
2. 01
2.03
2. 05
2. 05
2.04
2. 09
2. 12
2. 12

82. 71
88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
111. 88
112. 44
112. 56
113. 52
11.4. 49
113. 65
114. 77
116. 57
116. 28
117. 50
119.31
117. 60
119. 48
120. 18

[Includes eating and drinking places.
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
•Earnings in current prices divided by the consumer price index.


92-721 ° — 68


89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
112. 19
117. 18
122. 09
123. 60
120. 77
121. 36
121. 18
122. 89
123. 19
122. 40
123. 30
126. 05
125. 44
126. 07
129. 58
127. 70
128. 96
129. 68

74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
94. 64
98. 49
102. 03
99. 18
100. 08
100. 22
100. 73
101. 63
102. 03
102. 80
104. 66
104. 14
105. 06
105. 60
103. 86
106. 40
106. 52

103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 38
145. 89
154. 19
143. 60
146. 83
147. 23
149. 54
153. 56
157. 90
159. 08
162. 60
160. 40
161. 24
154. 76
151. 55
154. 64
154. 64

54, 10
56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
69. 10
69.30
69.80
69.80
71. 56
72. 96
72.96
71.66
71. 55
71. 34
72.22
72. 11
73. 14
72.72

Manufacturing
industries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59= 1957-59
100 2
prices 3

100. 2
103. 5
106. 6
109. 6
112. 3
115. 2
118. 0
*121. 1
125. 1
130. 9
129. 0
129. 4
129. 9
130. 2
130.5
130. 8
131. 1
131. 9
132. 4
133.4
134.3
135.7
136. 5

* Based on the new benchmark beginning 1965.
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.

82. 14
86. 96
87. 02
88. 62
91. 61
93. 37
95. 25
97. 84
99. 33
98. 80
97. 46
97. 77
97. 62
98. 20
98. 70
97. 55
98. 18
99.55
98. 96
99.75
100. 94
99. 16
100. 40

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

The seasonally adjusted index of industrial production rose almost % percent in March to a new hi$h, slightly above
the previous record of last December and 31/2 percent above a year earlier. Increased output of consumer goods was
largely responsible for the March rise.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200

Index, 1957-59=100 (SEASONALLY ADJUSTED)
200

TOTAL
180

160

140

120

120

100

100

1965

1966

1967

1965

1968

1968

180

200

MARKET GROUPS
160

.MATERIALS.

140

140

120

120

100

1965

1966

1965

1968

Period

1958
1959
1960
1961
1962
1963 „
1964 _ _
1965
._.
1966
1967 *__
1967: Feb
Mar_

93. 7
105. 6

_

ioa7

_ . . ._

Apr
May
J_-Xd,J

_ _
_

June
July__
Aug

Sept
Oct _ _
Nov_
_ __
Dec

1968"

Jan
Feb
Mar

v

_ _

109. 7
118. 3
124. 3
132.3
143.4
156. 3
158.0
156.6
156.4
156.5
155.6
155.6
156.6
158. 1
156. 8
156. 9
159.5
162. 0
161.2
161. 5
162. 1

[1957-59 = 100, seasonally adjusted]
Industry
Manufacturing
Mining Utilities
NonTotal Durable durable

93. 2
106. 0
108.9
109. 6
118. 7
124.9
133. 1
145.0
158. 6
159.6
158. 5
158.2
158.2
157.2
157.0
157.6
159. 4
158. 1
158. 3
161. 1
164. 0
162.6
162.9
163. 5

Source: Board of Governors of the Federal Reserve System.

16




1968

COUNCIL OF ECONOMIC ADVISERS

SOURCfc. JOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total
industrial
production

1967

90.3
105. 6
108. 5
107.0
117. 9
124. 5
133.5
148.4
164. 8
163.8
162.9
162.6
162.5
162.2
161.5
162.5
163. 6
161. 1
160. 7
164. 1
168. 1
167. 1
167. 3
168. 3

96.8
106. 5
109.5
112. 9
119. 8
125. 3
132.6
140.8
150.8
154.4
152.9
152.6
152.8
151. 1
151.4
151.5
154. 0
154 2
155. 2
157.2
158. 9
157. 1
157.4
157. 5

95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.5
122.4
121.5
122.0
120.2
123.8
128.0
127. 8
124. 3
122. 4
123.6
122. 3
122.7
124. 1
126. 3

9a 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.4
180.5
181.9
182.7
182.7
183.2
184. 1
184. 8
184.8
187. 6
190.5
191. 8
195.3
196. 5
196. 0

Market
Final products
ConTotal
sumer Equipment
goods

94, 8
105. 7
109.9
111. 2
119. 7
124, 9
131.8
142.5
155. 5
158.3
157.0
157.1
157.3
156.3
156.8
157. 1

isa 2

157. 0
156. 9
160.0
161.9
160.9
161. 9
162. 6

96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.4
146.1
146.6
147. 1
146.0
146.9
147.1
148. 6
147. 0
147.9
150.1
152. 8
151.4
152. 3
153. 5

91. 3
104. 1
107. 6
108. 3
119. 6
124. 2
132.0
147.0
172.6
179.6
180.3
179.6
179.2
178.5
178. 1
178.4
178. 9
178. 6
176. 1
181.1
181. 5
181.4
182.4
182. 1

Materials

92.7
105.4
107.6
108.4
117.0
123.7
132.8
144.2
157.0
157.7
155.8
155.5
156.0
154.6
154.9
156.1
157. 9
156. 7
157. 4
159.5
162.2
161.J*

wim

161^1

PRODUCTION OF SELECTED MANUFACTURES
*n March, production of most durable manufactures (seasonally adjusted) registered increases/ with the largest being
|% percent in transportation equipment. On the average, nondurables changed little.

Index, 1957-59=100 (SEASONALLY ADJUSTED!

Index, 1957-59=100 {SEASONALLY ADJUSTED)

180

200

FABRICATED METAL
PRODUCTS

\

160

140

120

LUMBER AND PRODUCTS

100
7965

200

140

^

7

120

1967

1966

1965

1968

160

CHEMICALS, PETROLEUM,
AND RUBBER

1968

- TEXTILES, APPAREL,
ANDV LEATHER

140

180
PAPER AND
.PRINTING

160

120

FOODS, BEVERAGES,
AND TOBACCO

***,--******

100

140
1965

1965

1968

1967

1966

1966

1968

1967

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[1957-59=100, seasonally adjusted]
Durable manufactures
Period

1958
1959
1960
1961. _ _ _ _
1962
1963
1964
1965
1966 .
_ __.
1967 "
1967: Feb
Mar
Apr
Mav
June
Julv
Aug
Sept..
Oct
Nov_ _ _
Dec
1968: Jan_
Feb p
Mar

Primary
metals

_

_ _

87. 5
100. 4
101. 3
98. 9
104 6
113. 3
129. 1
137.6
142. 7
132. 5
131. 9
129. 2
129. 1
] 28. 1)
129. 0
129. 6
1 29. 3
129.2
131.7
135.0
140. 9
137. 0
137.3
138

Source: Board of Governors of the Federal Reserve System.




Nondurable manufactures

FabriTranspor- Lumber Textiles,
cated
Machintation
and
apparel,
ery
metal
equipand
prodment
leather
products
ucts

92.9
105. 5
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163. 0
162.0
165. 0
162. 9
161. 0
160. 8
160. 8
159. 8
159. 1
158. 1
158.2
159. 8
162.4
162. 5
163. 8
164

88. 8
107. 1
110.8
110.4
123. 5
129. 2
141.4
160.5
183.8
183.4
186. 8
184. 5
182. 1
180.5
177. 5
180. 0
182.8
182.2
179.6
183.2
182. 2
183. 0
183. 4
183

89. 5
1040
108. 2
103. 6
118. 3
127. 0
130.7
149.2
166.9
166.0
157. 5
162. 6
165. 7
167. 5
169. 3
170. 8
171.9
159.2
159.2
165. 6
177. 5
175. 6
175.8
180

95.6
95.0
108. 5
108. 1
102. 1
107. 5
101. 3
108. 4
106. 1
115. 1
108. 9
118. 5
125.2
112.6
117.4
135.8
119.4
141.6
116.5
139.6
115. 2
137.6
117. 3
135. 5
119. 1
135.5
115. 6
135. 3
114. 9 . 134. 8
115. 5
135. 3
109.2
137.6
114.3
139.1
140.4
117.0
143.0
120.6
125. 7
145.9
140.8
118. 1
121.7
140. 9
141

Paper
and
printing

97.0
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146.4
149.6
148. 7
149. 5
149.9
149. 1
149. 4
148. 6
150.3
148.5
148.6
149.9
149.5
148. 1
150. 8
152

Chemicals, Foods,
beverpetroleum, and ages, and
rubber
tobacco
95. 5
108. 9
113.9
118.9
131. 2
141. 8
152.5
164.6
181. 9
189.5
186.5
186. 8
186. 4
182. 2
183. 0
184 0
189.5
191.2
192.8
195.8
199.0
197.6
197. 1
197

99. 4
103.9
106. 6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.5
131. 5
131. 1
131.8
130. 9
131. 3
130.9
131.0
130.4
131. 1
132.2
133. 1
132.6
132.2
132

17

WEEKLY INDICATORS OF PRODUCTION
In March, most weekly indicators of production increased again on a seasonally unadjusted basis. Auto assemblies
were up 81/2 percent for the month of March but declined in early April. Steel production rosk slightly in March an
Dearly April.
MILLIONS OF SHORT TONS (DAILY AVERAGE)

MILLIONS OF TONS

2.5

20
AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS

Electric Bituminous Freight Paperboard
Steel produced
Cars and trucks
power
coal mined
produced
loaded
Index
distributed (thousands (thousands (thousands assembled (thousands)
Thousands
of net
(1957-59= (millions of
of short
Total Cars Trucks
of tons)
of cars)
tons
100)
kilowatt>hours) tons) l

Period
Weekly average:
iy61__
1962 _
_
1963_
1964
1965
1966
___
1967 _ _
1967: Feb
Mar. _ _
Anr_
May
j
June
July
Aug

£ept
Oct
Nov
Dec
1968: Jan

__ _

Feb

Mar *_ _ __
Week ended:
1968: Mar 16__
23_
30

Apr 6 *
131

1,880
1,886
2, 096
2,431
2, 521
2, 572
2, 440
2,510
2, 475
2,412
2, 388
2, 232
2,176
2,325
2, 439
2, 522
2, 634
2, 704
2, 712
2,849
2, 866

100. 9
101. 2
112. 5
130. 5
135.3
138. 1
131. 0
134. S
132.8
129.5
128.2
119. 8
116. 8
124. 8
130. 9
135. 4
141.4
145. 2
145. 6
152.9
153. 8

15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
23, 268
22, 465
21, 953
21, 841
23, 938
23, 747
24, 400
22, 871
22, 662
23, 533
24, 405
25, 365
25, 338
24, 081

1,353
1,414
1, 535
1,630
1,735
1,798
1, 863
1,785
1,786
1, 844
1, 904
1, 939
2,015
1,885
1,819
1,873
1, 923
1, 727
1, 738
1, 715
1,810

550
552
555
558
562
570
539
513
532
555
558
555
492
558
551
586
552
496
487
514
535

322 127.8
343 157. 5
358 175.0
384 178. 8
410 213.7
446 199. 3
439 172. 9
452 168.9
444 175. 9
454 198. 4
452 198. 8
454 207. 4
376 119. 0
86. 5
448
413 160. 4
463 171. 2
458 190. 1
421 219. 8
421 207. 3
486 211.0
480 229.5

106.1
133.4
146.9
148. 8
179.4
165. 4
142. 4
134.2
142. 8
164. 4
164. 5
172.8
95. 4
64. 4
135. 3
146. 7
158.6
185. 0
172. 9
174.5
189. 2

21.7
24. 1
28. 1
30. 0
34.3
33. 9
30. 5
34.7
33. 0
34.0
34 2
34. 6
23.7
22. 1
25. 0
24, 6
31.4
34. 7
34.4
36.5
40. 2

2,854
2, 842
2,885
2,885
2, 893

153. 2
152. 6
154. 9
154.9
155. 3

24, 294
23, 938
23, 579
23, 510
23, 042

1,788
1, 852
1,973
1,833

526
528
554
528
535

480
477
480
477

191.7
192. 1
191. 6
179.9
130. 4

39.2
40. 1
39. 6
36. 7
28. 1

Dally average. Includes data for Alaska.

18



COUNCIL OF ECONOMIC ADVISERS

230. 9
232. 2
231. 2
216.6
158. 5

Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.

NEW CONSTRUCTION
According to preliminary estimates, total spending for new construction (seasonally adjusted) increased 1 percent in
February to a new high. Residential building rose about % percent while private nonresidential building and public
ronstruction were up about 1 percent each.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

PRIVATE RESIDENTIAL (NONFARM)

20 1968

1962
SOURCEi DEPARTMENT OF COMMERCE

Total new
construction
expenditures

Period

1962
1963
1964
1965
1966
1967

_ -„
_

59.7
63.4
66. 2
71. 9
74. 4
74. 9

COUNCIL OF ECONOMIC ADVISERS

Private
Federal,
State,

Residential nonfarm
Total

41. 8
44. 1
45. 8
49. 8
50.4
49. 6

CommerNew ' cial and
Total i
housing
industrial
units
Billions of dollars

24.3
26.2
26. 3
26.3
23.8
23.6

18. 6
20.4
20.4
20. 4
18. 0
17.9

8. 0
7.9
9.0
11.9
13. 6
13. 1

Other

9. 5
10.0
10.6
11.7
13.0
12.9

and

local

17.9
19.4
20.4
22. 1
23. 9
25.4

Feb
Mar
Apr
May
June
July

Aug __ _
Sept
Oct
Nov
Dec

1968: Jan
Feb *_

__

74.8
75.0
73.1
72.0
73.9
72.4
73.4
74.4
76.9
77.5
78.4
78.4
80.5
81. 3

48.3
48.0
46.9
46. 0
47.8
48. 1
49. 2
50.2
51.7
52.2
52. 6
52.4
54.5
54.9

19. 9
20.3
20.8
21. 1
22. 1
22. 9
23. 7
24. 6
25.3
26.0
26. 6
26.9
26.9
27. 1

14.0
14.3
15.0
15. 5
16.5
17. 3
18. 0
18. 9
19.6
20.3
21. 0
21.2
21.0
21. 1

i Includes nonhousekeeping residential construction and additions and altera*ons, not shown separately.
^ Compiled by F. W. Dodge Company and relates to 48 States.




15. 1
14.8
13. 3
12. 5
13. 1
12. 6
12. 9
12. 4
13.3
13.2
12. 8
12.6
14.1
14. 1

119. 7
132.0
137.0
142. 8
145. 3
153. 3
Seasonally
adjusted

Seasonally adjusted annual rates

1967- Jan .

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

13.4
12.9
12.8
12.4
12.6
12. 6
12. 6
13. 1
13.1
13.0
13. 2
12.9
13.5
13.8

26. 5
27.0
26.2
25.9
26. 1
24.3
24.2
24.2
25.2
25.3
25.8
26.0
26.0
26.3

126
143
149
138
154
164
149
165
168
171
168
166
159
156

500
534
599
680
769
694
Seasonally
adjusted
annual
rates
589
694
674
699
657
748
681
740
725
701
758
769
774
737

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

19

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) dropped 3 percent in March, following increases in Janu
and February. However, starts were 35 percent above a year earlier. Permits for future starts were about the sarm
March as in February.

MILLIONS OF UNITS
2.5

MILLIONS OF UNITS
2.5

1.0

1.0

1962

1968

SOURCES: DEPARTMENT OF CO/AMERCE, FEDERAL HOUSING ADMINISTRATION (FHA). AND VETERANS ADMINISTRATION (VA»

Total
private
and
Period
public
(including
farm)
1962
1, 492. 4
1963 ._ ... 1, 642. 0
1964. _ _ 1, 561. 6
1, 509. 6
1965
1, 196. 2
1966
1, 321. 9
1967 *

1, 462. 7
1, 610. 3
1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6

63.2
92.9
115.9
134.2
131.6
126. 1
130. 2
125. 8
137.0
120. 2
83.1
82.7
86.9
125.9

61.4
91.5
113.7
132.0
125.4
125. 3
127. 4
121.9
135.4
118. 4
80.1
80.5
84.3
123. 8

1967: Feb.Mar__
Apr__
May.
June_
July__
Aug__
Sept__
Oct..
Nov_.
Dec__
1968: Jan__
Feb"_
Mar p _

Total
private
(including
farm)

[Thousands of units]
Housing starts
Private nonfarm
Private nonfarm
Total
private
Government
Two or (includOnemore
Total home programs
ing
Total
family famifarm)
FHA
VA
lies
1, 439. 0
967. 8 471. 2 1, 462. 7 1, 439. 0 197. 3
77. 8
993.2 589.7 1, 610.3 1, 582.9 166. 2
71. 0
1, 582.9
59.2
944.5 557.8 1, 529.3 1, 502.3 154.0
1, 502.3
49.4
1, 450. 6
941. 4 509. 2 1, 472. 9 1, 450. 6 159.9
36. 8
1, 141.5
755.3 386.2 1, 165.0 1, 141.5 129. 1
52. 5
820. 7 447.7 1, 291. 6 1, 268. 4 141.9
1, 268. 4
Seasonally adjusted
60.2
21.1
134
47
1, 132
39.1
1, 149
89.2
126
49
64.3
24.9
1,067
1,094
50
112.0
125
33.9
78.1
1, 116
1,099
49
129.7
44. 7
1,254
143
85.0
1, 274
123.4
144
85.6
51
1, 214
37.8
1, 233
124.0
42.9
81. 1
140
53
1,369
1,356
123. 6
80.0
141
43. 6
57
1,407
1,381
56
119. 5
75.8
43.7
150
1,415
1,445
155
79. 4
58
133. 1
53.7
1,478
1,496
154
116. 8
67.4
54
49.4
1,590
1,567
46.1
79.1
55
149
33.0
1,250
1,235
79.8
52
157
44.5
35.3
1,456
1,430
53,2
82.4
29.2
1,491
164
63
1,529
121. 1
63
1,444
75.0
149
46. 1
1,476

Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
2
Units represented by mortgage applications for new home construction.

20



COUNCIL OF ECONOMIC ADVISERS

New

Proposed home
construction

private
housing Applica- Requests
units tions for for VA
FHA appraisauthorized 1 commitals 2
ments 2
221. 1
171. 2
1, 186. 6
190. 2
1, 334. 7
139. 3
182. 1
113. 6
1, 285. 8
102. 1
188.9
1, 239. 8
971. 9
153. 0
99. 2
167.2
124.3
1, 078. 7
annual rates
894
928

1,028
1, 033
1, 109
1,093
1, 127
1, 159
1,212
1, 158
1,323
1,102
1,360
1,362

137
151
159
162
169
155
180
176
185
189
162
163
152
160

107
103
122
109
135
146
122
131
151
136
125
122
141
125

NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).

BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
jreliminary estimates indicate that retail sales rose $530 million (seasonally adjusted) in March, following increases
T- $420 million in February and $595 million in January.

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20

RETAIL TRADE (ENLARGED SCALE)

BUSINESS SALES AND INVENTORIES
18

DURABLE GOODS STORES

140
INVENTORIES

16

120

14

12

100
SALES

10

80

8

6

I

1

22 \- WHOLESALE TRADE (ENLARGED SCALE)

22
20
18
16
14
12
1965

1968

1968
COUNCIL OF ECONOMIC ADVISERS

SOURCEi DEPARTMENT OF COMMERCE

Total business
Period

Sales 2

1

Inventories 3

Wholesale
Sales2

4

Inventories 3

Sales 2
Total

Retail

NonDurable durable
goods
goods
stores
stores

5

Inventories 3

Total

Durable
goods
stores

Nondurable
goods
stores

Millions of dollars, seasonally adjusted
1960
_
1961
1962... _
1963__ _ _ _ _ _ _ _
1964
_
1965
1966
1967 * _
1967: Jan_
Feb ___
Mar
Apr__ _ _
May. _ _ _ _
June
July_- _ _
Aug
Sept
Oct
Nov__ _ _
Dec .
1968: Jan
Feb *>_
Mar *>___ __
1
2

60, 746
61, 106
65, 594
68, 692
73, 459
79, 528
6
86, 254
88, 137
87, 182
86, 138
87, 255
86, 656
87, 358
88, 368
88, 759
89, 067
88, 633
87, 517
89, 938
92, 453
92, 892
93, 056

94, 747
95, 813
100, 627
105, 578
111, 051
120, 896
6
135, 233
140, 742
136, 304
136, 491
136, 815
137, 080
137, 191
136, 805
137, 111
137, 850
137, 794
138, 268
139, 331
140, 742
141, 342
141, 565

11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
17, 239
16. 897
16, 853
16, 972
16, 769
17, 117
17, 145
17, 198
17, 330
17, 195
17, 419
17, 641
17, 694
18, 095

The term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month,
^ook value, end of period, seasonally adjusted.
ginning 1961, data include Alaska and Hawaii.




14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
20, 780
20, 742
20, 859
20, 785
20, 587
20, 599
20, 5 1 1
20, 789
20, 810
20, 945
21, 061
21, 635
21, 641
21, 609

18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
26, 125
25, 687
25, 470
25, 739
25, 918
25, 897
26, 544
26, 444
26, 422
26, 732
26, OS9
26, 411
26, 470
27, 065
27, 482
28, 009

5, 880
5,581
6, 210
6, 627
7,014
7,810
8, 151
8,306
8, 200
7, 955
8, 150
8, 104
8, 187
8, 546
8, 592
S, f>08
S, 743
S, 235
S, 221
8, 327
8, 523
8,760
8,919

12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
17, 820
17, 487
17, 515
17, 589
17, S14
17, 710
17, 998
17, 852
17, 914
] 7, 9cS9
17, 854
18, 190
18, 143
18, 542
18, 722
19, 090

26,
26,
27,
29,
31,
34,
36,
36,
36,
30,
:*f>,

813
238
938
383
130
607
961
682
924
044
520

:{(>, i>;w
30, 20:5

30, 087
35, 1)97
36, 028
36, 143
36,217
36, 474
36, 682
37, 130
37, 094

11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
1 5, 977
10, 491
1 (>, :* 1 5
1C), 142
10, ();>:>
1 5, 1)04
15, 061
15, 549
1 5, 503
15, 711
15, 681
15, 728
15, 977
16, 238
16, 268

14, 890
15, 273
16, 282
16, 997
17, 994
19, 4i:>
20, 4 L>f>
20, 705
20, 4.'W
20, VJ!)
20, *S4
20, 2()l>
20, 3f>9
20, 420
20, 448
20, 525
20, 432
20, 536
20, 746
20, 705
20, 892
20, 826

* Beginning 1960, data include Alaska and Hawaii.
6
Series revised beginning 1966.
Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders increased 0.2 percent (seasonally adjusted) in February, following a drop in January
With shipments dropping $650 million, and inventories increasing $290 million, the inventory-shipments ratio roi
from 1.72 to 1.75.

BILLIONS OF DOLLARS

(SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
90

MANUFACTURERS' INVENTORIES

MANUFACTURERS' SHIPMENTS
50
TOTAL

80 —
TOTAL

40

\
70

30
DURABLE GOODS

60
DURABLE GOODS

20
NONDURABLE GOODS

50

40

NONDURABLE GOODS

30
,
.U « '
H »
l , ,H .
i ,l

,..,...«•<*""'

20

1965

1966

1968

1966

1965

1967

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments 1 Manufacturers' inventories 2
Period
Total

1968

NonDurable durable
goods
goods

Total

NonDurable durable
goods
goods

Manufacturers' new orders 1
Durable goods
Total

Total

NonMachinery durable
and
goods
equipment

Manufacturers'
inventoryshipments
ratio 3

Millions of dollars, seasonally adjusted

30, 796
1960
1961
30, 884
1962
_„_
33, 308
1963
_ 34, 774
1964 _ _
37, 129
1965.
40, 279
4
1966
43, 969
1967 v
44, 912
1966: Dec
45, 326
1967: Jan
44, 256
Feb
43, 771
Mar
44, 663
Apr_ _ _
43, 766
May
44, 692
June
44, 707
July_
45, 170
Aug
45, 447
Sept__ __ 44, 571
Oct
44, 233
Nov __
46, 108
Dec_p
48, 342
1968: Jan p
48, 133
Feb
47, 479
1

15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
23, 006
23, 123
23, 715
23, 060
22, 622
23, 137
22, 269
22, 900
23, 052
23, 192
23, 633
22, 949
22, 311
23, 487
25, 290
25, 227
24, 667

14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
4
20, 963
21, 789
21, 611
21, 196
21, 149
21, 526
21, 497
21, 792
21, 655
21, 978
21, 814
21, 622
21, 922
22, 621
23, 052
22, 906
22, 812

53, 814
55, 087
57, 753
60, 147
62, 944
68, 015
4
77, 581
82, 425
77, 581
78, 600
79, 105
79, 430
80, 059
80, 341
80, 119
80, 603
81, 033
80, 841
81, 106
81, 796
82, 425
82, 571
82, 862

32, 360
32, 646
34, 326
36, 028
38, 412
42, 824
50, 037
53, 930
50, 037
50, 620
51, 079
51, 216
51, 593
51, 784
51, 809
52, 346
52, 784
52, 572
52, 918
53, 506
53, 930
53, 742
54, 070

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

3



22

21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
4
27, 544
28, 495
27, 544
27, 980
28, 026
28, 214
28, 466
28, 557
28, 310
28, 257
28, 249
28, 269
28, 188
28, 290
28, 495
28, 829
28, 792
4

30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
4
45, 106
45, 166
45, 610
43, 205
43, 390
43, 516
43, 689
45, 546
45, 881
45, 786
45, 621
45, 128
45, 296
46, 208
49, 660
47, 628
47, 714

15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
24, 153
23, 378
23, 960
22, 072
22, 329
22, 065
22, 226
23, 857
24, 263
23, 715
23, 726
23, 416
23, 381
23, 545
26, 492
24, 771
24, 817

2,791
2,854
3, 090
3,326
3,706
4, 140
4, 731
4, 641
4, 603
4, 545
4, 242
4,315
4,443
4, 607
4,794
4, 853
5, 058
4,665
4, 614
4,791
4,827
4,866
4,530

14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
4
20, 953
21, 789
21, 650
21, 133
21, 061
21, 451
21, 463
21, 689
21, 618
22, 071
21, 895
21, 712
21, 915
22, 663
23, 168
22, 857
22, 897

Series revised beginning 1966.
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.

1. 76
1.74
1.70
1. 69
1.64
1.61
1. 64
1. 79
1.71
1. 78
1.81
1. 78
1. 83
1. 80
1. 79
1. 78
1.78
1.81
1. 83
1.77
1.71
1.72
1.75

MERCHANDISE EXPORTS AND IMPORTS
c U.S. merchandise trade surplus (seasonally adjusted) in February was $171 million, essentially unchanged from
2 January figure.

BILLIONS OF DOLLARS
3.5

BILLIONS OF DOLLARS
35

3.0

1.0

1962

1968

MEENOTE i BELOW.
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Period

[Millions
Merchandise exports
Total (includDomestic exports
ing reexports) 1
Food, Crude
Season- Unad- Total i 3 bever- mateages,
rials
ally ad- justed
and to- and
justed
bacco
fuel

Mont lily average:
1959
1960 ___ _
1961 .__ _
1962 __
1963
1964
1965
1966 __ _
1967

1967: Jan__
Feb__
Mar_
Apr_.
May_
JuneJuly.
Aug_
Sept_
Oct__
Nov_
Dec.
1968: Jan__
Feb__

1, 368
1, 636
1, 682
1, 748
1,869
2, 141
2, 225
2, 448
2,578

2,616
2,607
2,551
2, 664
2, 547
2, 576
2, 584
2,548
2, 648
2, 892
2,692
2,604
2,785
2,778

2,470
2, 418
2,797
2, 666
2, 683
2,618
2,376
2,395
2, 505
2, 440
2,761
2,813
2,674
2,667

239
1, 353
1, 620
264
1, 662
289
312
1, 725
1, 845
349
2, 111
387
2, 196
377
432
2,412
2,546
393
Unadjusted
372
2,437
2, 389
349
2, 762
406
2,630
387
2, 650
388
2,586
382
363
2,347
2, 358
366
2, 473
404
2,411
390
2,730
481
2,782
425
2,645
398
407
2,636

Merchandise imports
General imports 2
Total 3

Manufactured
goods

Season- Unadally ad- justed
justed

252
329
32?
280
315
361
356
367
394

897
1, 047
1, 062
1, 138
1, 188
1,366
1, 449
1, 592
1, 729

1, 302
1, 251
1, 226
1, 366
1, 428
1,557
1,780
2, 129
2,235

367
394
398
377
417
409
380
384
364
408
452
373
377
387

1,678
1, 615
1, 904
1, 835
1,830
1,789
1, 589
1, 559
1,688
1,595
1,767
1,935
1,828
1, 833

otal excludes Department of Defense shipments of grant-aid military supand equipment under the Military Assistance Program,
otal arrivals of imported goods other than intransit shipments.




of dollars]

2
2
2
2
2
2
2
2
2
2
2
2
2
2

256
229
208
226
140
227
208
126
208
202
876
525
615
602

2,261
2,004
2, 355
2,091
2 222
2, 270
2, 127
2, 166
2, 112
2,342
2,435
2,431
2,735
2,448

Food, Crude
bever- materials
ages,
and to- and
fuels
bacco

382
298
283
365
359
288
306
387
322
391
335
415
449
334
382
473
445
392
Unadjusted
415
495
412
364
433
478
385
428
352
454
389
465
366
396
372
444
362
413
444
417
409
437
478
439
441
506
421
444

Grossmerchandise
trade
Manusurplus,
facseasontured
goods ally adjusted

591
571
544
636
672
758
936
1,201
1, 310

66
385
456
382
441
584
444
320
344

1,282
1, 164
1,366
1, 182
1,330
1, 334
1,273
1,263
1,245
1,367
1,482
1,431
1,692
1,496

860
878
848
/ tnn
4^0
407
349
876
428
484
191
316
79
169
171

* Total includes commodities and transactions not classified according to kind.
NOTE.—Because of revisions subgroups do not include all data in totals. Data
include uranium ore and thorium.
Source: Department of Commerce.

23

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the balance on goods and services declined sharply to a level of $2.9 billion (seasonally adjuste
annual rate) in the fourth quarter. For the year 1967 as a whole, a surplus of $4.8 billion is estimated.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

EXPORTS OF GOODS AND SERVICES

30

20

20

10

10
1962

1968

SOURCE) DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Imports of goods and services

Exports of goods and services
Income on
investments
Period

Total

32, 426
37, 099
39, 147
43, 039
45, 692

1963
1964_ _
1965
1966
1967 »

Merchandise l

Military
sales

22, 071
25, 297
26, 244
29, 168
30, 463 1,

657
747
844
847
273

Private

4,
4,
5,
5,
6,

151
929
376
650
162

Government
498
460
512
595
621

Other
services

5, 049
5, 666
6, 171
6,779
7, 173

Total

26,
28,
32,
37,
40,

573
637
203
937
894

Merchandise i

16,
18,
21,
25,
26,

Balance
on
Mili- Other goods
and
tary
expend- serv- services
ices
itures

992
621
472
510
980

2,936
2, 861
2, 921
3,694
4,319

6, 645
7, 155
7,810
8,733
9, 592

5, 853
8,462
6, 944
5,102
4,798

Seasonally adjusted annual rates
1966: I
II.
III
IV
1967: III_
III
IV *

__ __

42,
42,
43,
43,

044
472
652
988

28,
28,
29,
29,

812
724
528
608

836
888
824
840

5, 264
5,528
5,776
6,032

612
612
572
584

6,520
6, 720
6,952
6, 924

35,
37,
39,
39,

988
060
048
652

24,100
24,900
26, 320
26, 720

3, 444
3, 644
3,812
3, 876

8, 444
8,516
8,916
9, 056

6,056
5,412
4, 604
4, 336

45,
45,
46,
45,

408
412
120
832

30,
30,
30,
29,

684 1,356
848 1,344
504
948
816 1,440

5,680
5,536
6,720
6,716

620
644
648
576

7,068
7,040
7,300
7,284

39,
40,
40,
42,

996
132
488
956

26,
26,
26,
28,

4, 180
4,280
4,376
4,440

9, 168
9, 620
9,916
9,672

5,412
5,280
5,632
2,876

Adjusted from customs data for differences in timing and coverage.

24




Source: Department of Commerce.

648
232
196
844

U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on the liquidity basis increased markedly to a $7.4 billion level (seasonally adjusted annual rate)
i the fourth quarter. For the year 1967, a $3.6 billion liquidity deficit is indicated. On the official reserve transactions
asis, the fourth quarter deficit was at a $4.8 billion level and the year as a whole recorded a $3.4 billion deficit.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

10
BALANCE ON GOODS AND SERVICES

BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS

1962

1968

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
U.S. private capital, net
U.S.
Government
Period grants
and
capital,
net 1

Direct
investment
-1, 976
-2,435
-3,418
-3, 543
-3, 026

Other
longterm

-3, 581
-3, 560
-3, 375
-3,446
-4, 127

1966:
!___
II_ —
III— _
IV___
1967:

-3, 900 -2, 536 -1, 008
-276
-3, 952 — 4, 024
-20
-3, 036 -3, 600
276
-2, 896 — 4, 012

rv»._

-380
-240
-108
-924

— 724
-2, 488
-724
-2, 592
-720 -1,140
-3,756 -2,044 -1,164
-3,788 -3, 272 - 1, 588 -1,572

-4,052
in: -4, 804
III™ -3,864

Errors
Foreign and uncapital, recorded Liquidnet 1
transity
actions basis 2

— 1, 695
-785
689
-1,961 — 2, 146
685
-1,078
753
278
2, 512
-257
-413
- 1, 268 -1, 150 3, 076
Seasonally adjusted annual

1963_ _ _
1964___
1965___
1966___
1967 "__

1

Shortterm

1,
4,
1,
3,

060
364
504
120

— 285
-949
-415
-302
-595
rates

-2, 671
-2, 800
-1,335
-1, 357
-3, 575

-932 -2, 604 -1,772
— 792
-700
-488
3,444
-660
1, 108
-72
— 592 -1, 676

3, 432 — 1, 180 -2, 132 -7, 268
4,776 -2, 184 -2, 212 -3,328
3, 232
1,824
836 -2, 552
868
148 -7,404 -4,820

Includes certain special Government transactions.
* Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. sold tranche position in the IMF.
3
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and the U.S. gold tranche position in the IMF.
4
Includes short-term official and banking liabilities and foreign holdings of
T
J.S. Government bonds and notes.
VCentral banks- governments, and U.S; liabilities to the IMF arising from
Versible gold sales to, and gold deposits with, the U.S.-




Changes
in gold,
convertible currenOfficial To foreign official
cies, and
holders 5
To other IMF gold
reserve
foreign 6 tranche
transholders position
actions
Liquid
Nonbasis 3
(increase
liquid
if "n
\)
_7
1,673
-2, 044
620
378
1, 075
303
1, 554
- 1, 549
171
-18
100
- 1, 304
131
1,222
802
2,384
225 -1, 595
568
2,072
1,274
-3,398
1,451
52
Quarterly totals, unadjusted

Balance

Changes in selected
liabilities (decrease f — ]) 4

-852
54
-598
— 199

25
263
111
403

475
27
1,211
671

424
68
82
-6

-80
546
282
1,324

333
562
132
247

-709
96
1,304
760

1,027
-419
-375
7
-181

6
Private holders; includes banks and international and regional organizations;
excludes IMF.
"• On December 31, U.S. reserve assets consisted of gold stock, $12,065 million
(down $1,012 million from September 30); IMF position including gold portion of
increased U.S. subscription, $420 million; convertible currencies, $2,345 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.

25

PRICES

CONSUMER PRICES

The consumer price index rose by 0.3 percent in February with increases in all major categories. The all items index
was 3.7 percent above February 1967, led by a 4.6 percent increase in prices of services other than rent.
Index, 1957-59=100
135

Index, 1957-59=100
135

110

105

100

100

1962

1968

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1957-59=100]
All
items

Period

1958_
1959
1960
1961
1962. _
1963
1964
1965
1966
1967_
___ _ _ _ _ _ _
1967: J a n
_ _ _ _ _ _
Feb.
Mar

Apr _
May__
June_ _
July._
Aug
Sept
V

_

___

J

Oct
Nov
Dec

1968: Jan
Feb

Source: Department of Labor.

26



_

_
_

100.7
101. 5
103. 1
104, 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
114, 7
114.8
115.0
115.3
115.6
116. 0
116. 5
116. 9
117. 1
117.5
117. 8
118. 2
118.6
119. 0

All commodities

100. 8
100. 9
101.7
102. 3
103. 2
104. 1
105. 2
106.4
109. 2
111. 2
109. 9
109.9
110.0
110.2
110.5
111. 0
111. 5
111. 9
112. 0
112.4
112. 6
112. 9
113.2
113. 5

Services
Commodities
Commodities less food
Services
All
Rent
Food
less
Non- services
All
Durable durable
rent
100. 0
99. 9
99. 8
100. 2
100. 3
100. 1
101. 9
101. 2
101. 0
101. 5
103. 6
103. 2
101. 6
100. 3
102. 6
101.7
100. 9
107. 4
106. 6
103. 1
101. 4
102. 0
103. 2
100. 8
110. 0
104. 4
102. 6
108. 8
102. 8
101.8
103. 8
112. 1
105. 7
110.9
103. 6
102. 1
104. 8
103. 5
106. 8
114. 5
113. 0
105. 1
104.4
105.7
103.0
117. 0
107.8
115. 2
106. 4
107.2
105. 1
102.6
108. 9
120.0
117.8
108.8
106. 5
102. 7
109. 7
110. 4
122. 3
114. 2
125. 0
104. 3
109. 2
113. 1
112. 4
131. 1
115. 2
127. 7
102. 7
107. 3
111. 0
111. 4
128. 8
114 7
125. 5
102.8
111.5
107.6
129.2
111.7
114.2
125.9
107.8
102.9
111.8
111.8
114. 2
126.3
129.5
112.4
108.4
103.4
111.9
126.6
130.0
113.7
112.7
108.7
103. 9
112. 1
130.4
127.0
113.9
112. 7
J 04. 1
108. 9
112. 2
127. 4
130. 8
115. 1
112. 8
104. 4
109. 1
112. 4
127.7
131. 2
116. 0
113. 2
104, 7
112. 6
109.4
128.2
131. 7
116. 6
114. 1
104. 8
112. 8
110. 0
128.7
132.3
115. 9
114.5
110.6
105.7
113.0
132. 7
115.7
129.1
111. 1
115. 2
113. 2
133. 2
106. 0
129. 6
115. 6
111. 1
115. 2
113. 5
133. 8
130. 1
106. 1
116. 2
134. 6
111.2
115. 1
113.7
106.3
117.0
130.8
115. 6
113. 9
135. 2
131.3
117. 4
111. 5
106.4

WHOLESALE PRICES
According to preliminary estimates, the wholesale price index rose by 0.3 percent in March, with the largest increase
!>eing 0.9 percent in farm product prices. Processed foods and feeds prices declined 0.2 percent, while industrial
;ommodities prices increased 0.3 percent. The all commodities index was 2.5 percent above March 1967.
Index, 1957-59=100
120

Index, 1957-59=100
120

95

90

90

85

85
1962

1968
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1957-59=100]
All
commodities

Period

1958
1959
I960 .
1961
1962
1963
_ _ _
1964
1965
1966 _
1967
__>
1967: Feb
Mar
Apr
May
j
June. _ _ _ _
July
Aug
_
Sept
Oct
Nov
_
Dec ___
_
1968: Jan
Feb
Mar*
1

_

------

_

_
_

_

Farm
products

Processed
foods
and
feeds

100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102.5
105. 9
106. 1
106.0
105.7
105.3
105.8
106. 3
106. 5
106. 1
106. 2
106. 1
106. 2
106. 8
107.2
108.0
108. 3

103. 6
97. 2
96. 9
96.0
97. 7
95. 7
94. 3
98.4
105. 6
99. 7
101.0
99.6
97.6
100.7
102. 4
102. 8
99.2
98. 4
97.1
96. 4
98. 9
99.0
101. 3
102. 2

102.5
99. 9
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 7
111.7
110.6
110.0
110.7
112. 6
113. 1
112. 1
112. 7
111.7
110. 9
111. 5
112.4
113. 3
113. 1

Coverage of the subgroups does not correspond exactly to coverage of this
Index.
S s Excludes intermediate materials for food manufacturing and manufactured
biimal feeds; includes, in part, grain products for further processing.




Industrial commodities
All industrials 1
99. 5
101. 3
101. 3
100. 8
100. 8
100.7
101. 2
102.5
104. 7
106. 3
106.0
106.0
106.0
106.0
106. 0
106.0
106. 3
106. 5
106.8
107. 1
107. 4
107.8
108. 3
108.6

Inter- Producmediate er finmateished
rials2
goods
99. 4
96. 9
100. 2
102.3
101. 0
102. 1
9a3
101. 4
102.3
97. 2
100. 1
102.5
95. 6
99. 9
102.9
94.3
99.6
103. 1
97. 1
100. 2
104. 1
100.9
101.5
105.4
103. 6
104.5
108. 0
100. 0
104.8
111. 5
101. 1
104.6
110.6
100.2
104.6
110.7
99.3
104.7
110.8
99.4
104.6
111. 1
99. 4
104. 5
111. 2
104. 5
99. 0
111. 2
99. 0
104. 6
111. 4
99. 5
104. 9
111. 6
99.4
105.0
112.6
100. 6
105. 3
113.0
101. 3
105. 7
113. 4
101.4
106.1
114.0
102.4
106. 8
114. 2

Crude
materials

Consumer finished goods excluding food
DurNondurable
able
99.3
100. 1
100.8
101. 3
101.5
100.9
101.5
100.5
100.0
101. 6
99. 5
101. 9
99. 9
101.6
99.6
102.8
100. 2
104. 8
101. 7
107. 2
101.3
106.3
106.4
101.3
101.3
106.4
101.3
106.9
101. 0
107. 2
101. 1
107. 4
101. 2
108. 0
101. 4
108. 0
102.8
107.8
103.0
107. 9
103. 0
108. 0
103.5
108.0
108.4
103.6

NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure reflecting 1963 values of shipments. The classification structure also
changed.
Source: Department of Labor.

27

PRICES RECEIVED AND PAID BY FARMERS
During the month ended March 1 5, prices received by farmers were unchanged while prices paid rose by 1 percen
The parity ratio remained at 74.

Index, 1957-59=100

Index, 1957-59=100

120
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES

100

-Nss*

PRICES RECEIVED
(ALL FARM PRODUCTS)

90

90

RATIO-1/
100

RATIO^/
100

90

90

PARITY RATIO
80

80

ii

1 1

70

1962

i ii

-T"
t i

, 1

1963

1964

1965

1966

fi

70
1968

1967

J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE:

COUNCIL OF ECONOMIC ADVISERS

DEPARTMENT OF AGRICULTURE

Prices received by farmers
Period

1958_
_
1959__ _
I960
1961
1962
1 963
1964 __
1965
_
1966
1967

All farm
products

___ __ _ ___

__

___
_ _
__

__

1967- Feb 15
Mar 15
Apr 15
May 15
June 15 __
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1968: Jan 15
Feb 15
Mar 15

_

_ _
_
_
__

_. _

Crops

104
100
99
99
101
100
98
103
110
104

100
99
99
102
104
107
107
105
105
100

104
103
101
104
105
106
106
104
104
103
105
105
107
107

All items,
interest,
taxes, and
wage rates
Index, 1957-59=100
100
106
102
100
102
98
103
98
99
105
107
95
107
91
110
101
114
113
117
107

Livestock
and
products

100
100
100
99
102
101
100
97
100
102
104
104
103
104

1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.

28




Parity ratio 1

Prices paid by farmers

107
105
102
108
108
110
110
110
107
104
105
106
109
110

116
116
116
117
117
118
117
117
118
117
117
118
119
120

Family
living
items

Production
items

Actual

Adjusted 2

100
101
102
102
103
104
105
107
110
112

100
102
101
101
103
104
103
105
108
110

85
81
80
80
80
78
76
77
80
74

88
82
81
83
83
81
80
82
86
79

111
111
111
112
112
113
113
113
113
114
114
115
115
116

110
110
110
110
111
111
110
110
110
109
109
110
111
111

75
74
72
74
75
75
75
73
73
11
74
74
74
74

80
79
77
79
SO
80
80
79
78

2 The adjusted parity ratio reflects Government payments made dir<
to farmers.
Source: Department of Agriculture.

II
79

80
80

MONEY, CREDIT, AND SECURITY MARKETS
flONEY SUPPLY

iJic seasonally adjusted money supply rose $0.9 billion in March after remaining unchanged in February. Time
deposits increased $1.6 billion, slightly more than the February increase.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

180

180

140

140

TIME DEPOSITS AT ALL
COMMERCIAL BANKS

100

100

60

60

i i i t i I i t i i i iC

OU_L_L_LJ_L

1962

1963

1964

1966

1965

1967

1968

-SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, billions of dollars]
Money supply
Money supply
Period

1962:
1963:
1964:
1965:
1966:
1967:

Dec
Dec
Dec
Dec
Dec
Dec

1967: Feb.
Mar
Apr
i-i-dj
Mav
June
July.
Aug
Sept
Oct
Nov
Dec
1968: Jan
Feb
Mar p

Total

_

_ _
___

_
_

__
__ _ _ _

—
_
_
_
__

_

147.4
153.0
159.3
166.8
170.4
181. 5
171.5
173. 1
172.7
174.5
176.2
177.9
179.1
179.2
180.3
181.2
181. 5
182. 5
182.5
183.4

Currency
outside
banks

Seasonally adjusted
30.6
116.8
32.5
120.5
34.2
125. 1
36.3
130.5
132. 1
38.3
141. 1
40. 4

38.7
38.9
39.1
39.2
39.3
39.5
39.6
39.8
39.9
40.0
40. 4
40.5
40.7
41. 1

132.8
134.2
133.6
135.3
136.8
138.4
139.6
139.5
140.3
141.2
141. 1
141. 9
141.8
142. 3

Deposits at all commercial banks.
JOTE.—Effective June 9, 1966, balances accumulated for payment of personal
jis (about $1.1 billion) are excluded from time deposits and from loans at
all commercial banks.




Time
deposits 1

Demand
deposits

Total

Currency
outside
banks

Demand
deposits

97.8
112.2
126.6
146.9
158.6
183. 8

151.6
157.3
164.0
172.0
175.8
187. 2

31.2
33. 1
35.0
37. 1
39. 1
41. 2

Unadjusted
120.3
124. 1
129. 1
134. 9
136.7
146. 0

163.5
166.1
168.1
170.0
172.4
174.6
177.2
178.9
ISO. 8
182.5
183. S
183. 7
185.0
186. 6

170.6
171.9
173.6
171. 1
174.3
175. 8
175.9
178.4
JSO. 0
182.5
187. 2
187. 8
181. 5
182. 1

38.3
38. 5
38. 7
38. 9
39. 3
39. (i
3D. C»
39. 8
40. 0
40. 4
41. 2
40. 5
40.3
40. 7

132. 3
133.4
134.1)
1.T2. 2
135. i
1,10. 2
i:jO.'2
138. 0
140. 6
142. 1
146. 0
147. 3
141.3
141.4

U.S.
Government
demand
deposits 1

Time
deposits 1

96. 7
111.0
125.2
145. 2
1.%. 0
181. S

5. (i

r>. ri
r
i

104. 0
100. 7
I OS. S
J70. S
17:5.0
J7. r ). 1
177.7
17S. D
LSO.o
181. 1
181. 8
183. 5
185.5
187. 4 i

Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.

4. (i

:i. 4
:>. o
;,. o
•i.<j
-? . s
0. 5
:L 9

o. 0
4.3
5.0
0.2
5.2
5.0
4. 9
7.2
6.7

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of demand deposits and currency (seasonally adjusted) increased $3.3 billion in March. Savings c
loan shares outstanding and holdings of short-term Government securities increased only moderately while holdii
of other types of liquid assets showed little or no change.

BILLIONS OF DOLLARS
700

BILLIONS OF DOLLARS
700

600

600

500

200

100

v

1962

1963

I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
COUNCIL OF ECONOMIC ADVISERS

SOURCE, BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM

[Billions of dollars, seasonally adjusted)
Total
selected
liquid
assets

End of period

1961
1962
_
1963 _ _ _
1964
1965
1966
1967 *
1967: Feb
Mar
Apr
May
June
July
_
Aug..
Sept "
Oct "____
v
Nov v
Dec
1968: Jan *
Feb p
Mar *
_ _

_

424. 6
459.0
495.4
530. 5
573.0
601.5
650.2
604.7
615. 1
613. 2
619.7
620.6
623.0
630. 2
635. 4
638. 1
645. 8
650. 2
655.8
658.6
664. 1

Demand
deposits
and
currency l
142.6
144.8
149. 6
156. 7
164 0
168.6
180. 7
165. 8
171. 0
168.6
172. 9
173. 7
171. 9
174. 1
176. 2
175.7
177.8
180.7
179.5
178. 2
181. 5

Time deposits
Commercial
banks
82.5
98. 1
112. 9
127. 1
147. 1
159. 3
183. 1
165. 3
167. 6
168. 6
170. 7
172. 4
174. 7
177. 2
17& 1
180. 1
183.8
183. 1
186.5
187.6
187.8

1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Beserve Banks, and beginning

30




Mutual
savings
banks

3

38.3
41.4
44 5
49. 0
52.6
55.2
60. 1
55. 9
56.3
56. 8
57.4
57. 8
58. 4
58. 7
58.9
59. 5
59. 9
60. 1
60. 6
61. 1
61. 1

Postal
Savings
System

Savings
and loan
shares

U.S. Government
savings
bonds 2

70. 5
79.8
90. 9
101.4
109.8
113.4
123.9
114.8
116.3
117. 1
118.0

47. 4
47. 6
49.0
49.9
50.5
50.9
51. 9
50.9
51.0
51. 1
51. 1
51.2
51. 3
51. 3
51. 4
51.4
51. 5
51. 9
51.9
51.8
51.8

0.6
.5
.5
.4
.3
.1
.1
.1
.1
.1
.1
.1
.1
.1

na 9

3

119.9
121. 0
122. 5
123.0
123. 7
123.9
123. 7
124.6
125. 9

U.S. Government
securities
maturing
within
one
year 2
42.6
46. 8
48. 1
46. 1
48. 6
53. 9
50.5
51.7
52.9
50.9
49.5
46. 5
46. 7
47. 8
48. 2
48.3
49. 1
50. 5
53. 6
55. 4
56. 1

February 1960, savings and loan associations.
8
Keflects conversion of a savings and loan association with share capital of
about $175 million to a mutual savings bank.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.

•5ANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
al bank loans and investments, seasonally adjusted, fell $1.1 billion in March, the first monthly decline since
iober 1966. Free reserves dropped sharply to the largest net borrowed position since October 1966.
BILLIONS OF DOLLARS
400

BILLIONS OF DOLLARS
400

ALL COMMERCIAL BANKS
350

350

300

100

100

50

50

1962

1968
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Bank
Weekly
debits
reporting
large com- outside
mercial New York
Total Loans,
Investments
City (232
banks
End of period
loans excluding
centers) ,
and
inter- U.S. Gov- Other Commercial seasonally
investbank
securi- and indus- adjusted
ernment
ments
ties
securities
trial loans annual
rates l
Billions of dollars
120. 5
209.6
65.2
1961
23. 9
32.9
1,882
134. 1
1962
29. 2
35.2
227.9
64.5
2,081
1963
246.2
149.7
61.5
35. 0
38. 8
2,199
1
1964
267. 2
38. 7
42. 1
60. 7
2, 706
167.7
8
57.3
192.4
44.8
1965
294. 4
8,013
53. 1
48.7
53.7
310. 2
207.8
60.7
1966
8,421
224. 0
60.0
344 4
60. 4
1967 »
S, 897
65. 8
318.0
211. 0
60.4
51. 1
1967: Feb _
55.9
3,570
211.3
321. 4
57.8
52. 3
Mar
62. 0
3,559
213. 5
56. 1
53.6
323. 2
62.3
3, 690
Apr
61.8
J
324. 6
213. 5
56. 1
55. 0
]VIav
8,614
T
213. 9
55. 4
56.3
63.8
3, 788
325. 6
June
332. 4
217. 1
58. 8
8, 882
56.5
63.7
July
218. 2
61. 8
62.2
8, 882
337.3
57.3
Aug ._
v
61. 6
57. 7
220. 2
63. 4
8, 847
Sept _ - _ _ 339. 5
221. 8
62. 3
58.6
63. 1
Oct "__
342.6
8,891
v
3,897
60.2
61.8
222.3
63.7
344.3
Nov
224 0
60. 0
60. 4
8,897
344. 4
65. 8
Dec *
62. 1
227. 2
4,046
59. 1
65. 0
1968: Jan »
_ 348. 4
Feb 9
61.8
4,047
352.4
228.3
62.3
65. 1
4,021
59.9
63.2
228.2
Mar »
351. 3
66. 5
All commercial banks
(seasonally adjusted data)

1

Deb its during period to demand deposit accounts except interbank and
Government. New series beginning January 1964.
verages of daily figures. Annual data are for December.
iw series; see Federal Reserve Bulletin, March. 1967.
DE.—Effective June 1966, balances accumulated for payment of personal
(about $1.1 billion) are excluded from loans at all commercial banks, and




All member banks

Total
reserves

2

Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars

20, 118
20, 040
20, 746

21,609

22, 719
23, 830
25, 260
23, 709
23, 405
23, 362
23, 284
23, 518
23, 907
23, 791
24, 200
24, 608
24, 740
25, 260
25, 834
25, 610
25, 586

568
572
536
411
452
392
345
358
435
309
370
420
359
387
358
286
403
345
381
399
360

149
304
327
243
454
557
238
362
199
134
101
123
87
89
90
126
133
238
237
361
671

419
268
209
168
-2
-165
107
—4
236
175
269
297
272
298
268
160
270
107
144
38
-311

certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and
Hawaii.
Source: Board of Governors of the Federal Reserve System.

31

CONSUMER AND REAL ESTATE CREDIT
The decline in tota! consumer credit outstanding during January and February was less than seasonal. Instalm
credit outstanding, seasonally adjusted, showed an unusually large increase of $570 million during February.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

40
20
NONINSTALMENT CREDIT
! I I 1I I I I I I I I I I I I I I I M I 1

SEASONALLY ADJUSTED ANNUAL RATES

INSTALMENT CREDIT EXTENDED

I I t I I t I I I I

I I I I I I I I I I I

I t I t ! 1 I I I I I

I I I I I I I I I I !

I ! I I I i I I I I I

1963

1964

1965

1966

1962

I >(

I I 1 I I 1 I I

1967

SOURCE: BOARD OF GOVERNORS OF THE FEDERAl RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Consumer credit outstanding (end of period;
Consumer instalment credit extended
unadjusted)
and repaid (seasonally adjusted)
Instalment
Automobile paper
Total
NonAutomoTotal
instal- Extended Repaid Extended Repaid
Total i
bile
Personal
ment 2
paper
loans

Period

1958
1959
1960___ _
1961 .. __ _ _ _
1962
1963_ .
1964_ _ _
1965_
1966 _ _ _
1967
1967: Feb
Mar
Apr
Mar
J-.ir»e
July
AU£T _ _
Sf'Pt

1968

_„

Get
Nov
Df-c _

1968: Jan
Feb___

45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94, 786
99, 228
92, 517
92, 519
93, 089
93, 917
94, 813
95, 115
95, 684
95, 886
96, 094
96, 802
99, 228
98, 225
97, 672

33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
77, 946
73, 598
73, 591
73, 840
74, 290
75, 051
75, 348
75, 889
76, 039
76, 223
76, 680
77, 946
77, 467
77, 327

14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
30, 961
31, 197
30, 530
30, 527
30, 635
30, 852
31, 208
31, 364
31, 455
31, 296
31, 237
31,217
31, 197
31, 061
31, 137

8, 116
9, 386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
20, 110
21, 690
19, 976
20, 047
20, 193
20, 326
20, 567
20, 666
20, 936
21, 087
21, 198
21, 375
21, 690
21,631
21, 752

Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
Consists of single-payment loans, charge accounts, and service credit.
End of period, unadjusted.

32



11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
20, 130
21, 282
18, 919
18, 928
19, 249
19, 627
19, 762
19, 767
19, 795
19, 847
19, 871
20, 122
21, 282
20, 758
20, 345

40, 119
48, 052
49, 560
48, 396
55, 126
61,295
67, 505
75, 508
78, 896
81, 263
6, 497
6,510
6, 606
6, 554
6, 823
6, 776
6,929
6, 973
6,942
7,032
7, 035
7,089
7,245

40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
77, 973
6,281
6, 246
6, 393
6, 361
6, 531
6, 551
6, 585
6,689
6, 631
6,614
6, 652
6,691
6,679

14, 226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28 491
27', 221
2, 177
2, 199
2, 217
2, 238
2, 338
2, 266
2, 285
2, 322
2, 321
2,305
2, 306
2,437
2, 519

15, 415
15, 579
16, 384
16, 472
17, 478
19, 400
21, 676
24, 267
26, 373
26, 985
2, 217
2, 193
2, 235
2, 219
2, 281
2, 228
2, 240
2, 280
2,301
2, 240
2, 250
2,302
2,308

Mortgage
debt outstanding
nonfarm.
1- to 4family
houses 3
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
1 97, 700
213, 200
223, 700
235, 600

225, 200
228, 200
231, 900
235, 600

NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and FederalHom**
Loan Bank Board.

BOND YIELDS AND INTEREST RATES
tercst rates and bond yields rose during March, in many cases exceeding their November and December peaks.
le Treasury bill rate continued to rise during April, reaching the highest level since mid-October 1966.

PERCENT PER ANNUM
7

PERCENT PER .ANNUM
7

CORPORATE Aaa BONDS

(Mooors)

1962

1968

SOURCE, SEE TABLE BELOW

Period

1961
1962
1963 _
_ -_
1964
1965 _ _
__ -__
1966
_ _
1967
___
1967: Feb__

Mar
Apr
Mav
June
Julv
Aug
_ _
Sept
Oct
Nov_ __
Dec
1968: Jan__ _
Feb
Mar
_
Week ended:
196S: Mar 15__
22__
29__
Apr 5 _ _
12, _
19. _
T

1

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
3
(Standard4 &
issues
bonds
bills i
Poor's)
2. 378
3. 60
3.90
3.46
2.778
3. 57
3. 95
3. 18
3. 157
3.72
4.00
3.23
3. 549
4 06
4 15
3.22
3. 954
4.22
4.21
3.27
4.881
5. 16
4 65
3. 82
4321
5.07
485
3.96
4.554
4.73
4.47
3.56
4 288
4 52
4 45
3. 60
3. 852
4 46
4. 51
3. 66
3.640
4.68
4.76
3.92
3.480
4.96
4.86
3.99
4. 308
5. 17
486
4 05
4. 275
5. 28
4. 95
4. 03
4. 451
5.40
4 99
4. 15
4 588
5. 52
5. 19
4 31
4.762
5.73
5.44
4.36
5.012
5.72
5.36
4 49
5. 081
5. 53
5. 18
4 36
4.969
5.59
5. 16
4.39
5. 144
5.77
5. 39
4 56
5. 107
5. 285
5. 186
5. 146
5. 309
5.463 _ _ _

5.89
5.77
5. 77
5.53
5. 48

5.
5.
5.
5.
5.

49
41
42
26
21

2
Rate on new issues within period.
Selected note and bond issues.
ipril 1953 to date, bonds due or callable 10 years and after.
Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
jercent beginning October 1966) and 30-year mortgages paid in 15 years.




461
4 53
458
4. 44
4. 34

435
4 33
426
4 40
4.49
5. 13
5.51
5.03
5. 13
5. 11
5.24
5.44
5. 58
5. 62
5. 65
5. 82
6.07
6. 19
6. 17
6. 10
6. 11

5.08
5.02
4.86
4 83
4. 87
5.67
6. 23
5.82
5. 85
5. 83
5.96
6.15
6. 26
6. 33
6.40
6. 52
6.72
6.93
6. 84
6.80
6.85

Prime
commercial
paper,
4-6
months
2. 97
3. 26
3. 55
3. 97
4.38
5. 55
5. 10
5.38
5. 24
4 83
4.67
4.65
4 92
5. 00
5. 00
5.07
5.28
5. 56
5. 60
5.50
5. 64

6.
6.
6.
6.
6.

6. 81
6. 87
6. 93
6. 98
6.98

5. 58
5. 75
5. 75
5. 75
5.75

Corporate bonds
( Moody *s)
Aaa

Baa

08
13
17
20
19

FHA
new home
mortgage
yields 5
5. 80
5. 61
5.47
5. 45
5. 46
6. 29
6.55
6.62
6. 46
6.35
6.29
6.44
6. 51
6. 53
6. 60
6. 63
6.65
6.77
6. 81
6.81
6.78

Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
The common stock price index continued to fall during March, with the monthly average being the lowest since Fe
ruary 1967. Stock prices rose sharply in early April, however.

lndex,1941-43=10

Index, 1941-43=10

100

100

90

90

80

-COMPOSITE PRICE INDEX FOR~
500 COMMON STOCKS

, . . i ,VK7V, , . . , . . I . , , , ,

, . , . , . , , , ,

.,..,I.,,.,

,.,,.I,, ,,,

.....I..

DIVIDEND YIELD ON COMMON STOCKS

\

RATIO

RATIO

25

25
PRICE/EARNINGS RATIO ON COMMON STOCKS

20

rO—

\_

15
10 A
v

i

,

1

^
i

1962

i

I

t

I

i

!

1964

1963

20

.

—""""'""'""<"'"*i

~~

1

!

^^
1

15

t

I

r

'

1966

1965

"SOURCE, STANDARD & ppoxs CORPORATION

Period

1962 _
1963
1964 _ _
1965
1966
1967
1967: Mar
Apr
May _
June
July
Aug
Sept
Oct
Nov
Dec
_ _ _
1968: Jan
Feb
Mar _
Week ended:
1968: Mar 1
8
15__
22. _
29 _
Apr 5
12

!

!

I

1967

t

1968

I

[\

10

N

COUNCIL Of ECONOMIC ADVISERS

Total

Total

Price index *
Industrials
Capital Consumers'
goods
goods

62.38
69.87
81. 37
88. 17
85. 26
91.93
89. 42
90.96
92.59
91.43
93. 01
94. 49
95. 81
95. 66
92.66
95.30
95. 04
90.75
89. 09

65. 54
73. 39
86. 19
93.48
91. 09
99.18
95. 86
97.54
99.59
98.61
100. 38
102. 11
103. 84
104, 16
100. 90
103. 91
103. 11
98.33
96.77

1941-43=10
54. 96
58. 15
63. 30
62. 28
76. 34
73. 84
81.94
85. 26
84.86
74. 10
96. 96
79. 18
90.08
75. 10
92.37
77.53
95.10
79.13
96.34
78.94
98. 35
81. 27
101. 01
83. 88
104. 17
84 62
106. 64
83. 60
103. 58
80.47
81.92
106. 41
102. 87
81. 06
98.13
77.99
77.49
96. 32

89. 85
88. 61
89.56
88. 86
89. 34
93. 14
95. 72

97.36
96. 06
97. 27
96. 59
97. 23
101. 56
104. 44

96. 78
96. 06
96. 79
95. 94
96. 50
101. 29
103. 74

77.67
77.40
78. 17
76. 98
77.42
82.20
84. 54

Railroads

Dividend
yield 2
(percent)

59. 16
64.99
69. 91
76.08
68.21
68. 10
70. 03
71.70
70.70
67.39
67. 77
68. 03
67. 45
64. 93
63.48
64.61
68. 02
65.61
62. 62

30. 56
37.58
45. 46
46.78
46. 34
46.72
4&78
45.80
47.00
48.19
49. 91
50.43
49. 27
46. 28
42.95
43. 46
43.38
42.35
41. 68

3. 37
3.17
3. 01
3.00
3.40
3.20
3. 29
3.24
3.19
3.19
3. 15
3. 11
3.07
3.07
3.18
3.09
3. 13
3.28
3. 34

64.
63.
63.
61.
61.
62.
64.

41.94
41. 09
41. 51
42. 05
42. 09
42. 76
44. 34

Price/
earnings
ratio 3

3. 31
3. 35
3. 32
3. 36
3.33
3. 19
3. 12

Public
utilities

88
70
19
83
35
98
01

16. 68
17. 62
18. 08
17. 08
14.92
17. 54
17.86

17.01
17. 81

17.48

Includes 500 common stocks; 425 are industrials; 55 are public utilities; and 20 are averages of monthly data. Weekly data are Wednesday figures.
3
are railroads. Weekly indexes ior capital and consumer goods are Wednesday
Ratio of price index for last day hi quarter to quarterly earnings (season
figures; all other weekly Indexes are averages of dally figures.
adjusted annual rate). Annual ratios are averages of quarterly data.
2
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
Source: Standard & Poor's Corporation.


34


FEDERAL FINANCE
EDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
i the receipt-expenditure account, the increase in receipts in fiscal 1968 is estimated at $6.2 billion and the increase
n expenditures at $16.7 billion. The increase in expenditures and net lending is expected to be $17.3 billion.

BILLIONS OF DOLLARS
200

BILLIONS OF DOLLARS
200

160

80

80

(ENLARGED SCALE)

+20

(ENLARGED SCALE)

SURPLUS (+) OR DEFICIT

+20

(-)
RECEIPT-EXPENDITURE

ACCOUNT

+10

0
-10

_L

_L
1958

1959

1960

1961

1962

J/RECEIPTS LESS EXPENDITURES AND NET LENDING.
J^ESTIMATE.
SOURCES. TREASURY DEPARTMENT AND BUREAU OF THE BUDGET

Period

Fiscal year:
1958
_
1959
1960
1961
1962
1963
_-_
1964
___
.
1965_.
_
1966
_ _
• 1967l
_ -_
1968 l
1969
Fiscal year 1968:
Feb
Cumulative total, first 8 months

1963
1964
FISCAL YEARS

1966

1967

1968-^

1969-2/

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Budget receipts, expenditures, and net lending
Loan
Receipt-expenditure account
Total
account
surplus or
ExpendiSurplus or
Net
deficit (-)
Receipts
tures
deficit (— )
lending

79.6
79.0
92.5
94.4
99.7
106.6
112.7
116.9
130.9
149.6
155.8
178. 1

81.2
89.7
90.4
96.7
104.7
111.5
118.1
116.7
130.7
153.2
169.9
182.8

— 1.6
-10.6
2.1
— 2.3
-5.0
— 4.9
-5.4
.1
.2
-3.6
— 14.0
-4.7

1.5
2.7
1.9
1.2
2.4
— .1
.5
1.2
3.8
5.2
5.8
3.3

-3.1
-13.3
.2
-3.5
-7.4
-4.7
-6.0
— 1.1
-3.7
— 8.8
-19.8
-8.0

12. 1
91.7

13.7
113.7

-1.6
-22. 0

3."0

Public debt
(end of
period)

279.1
286.7
289.2
291.0
301.1
308.5
314.4
320.8
329. 5
341.3
370.0
387.2

-2.3
-25.0

1
Estimates in the 1969 Budget, submitted in January 1968.
NOTE.—Budget receipts and expenditures, net lending, and the public debt
:are based on The Budget of the United States Government, 1969, which shows data
•on the basis of budget concepts adopted pursuant to the recommendations of the




1965

President's Commission on Budget Concepts. As soon as all of the data are
available on a monthly basis, the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget.

35

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1968, individual income taxes are estimated to increase by $6.2 billion, corporation income taxes to decline
by $2.7 billion, and other receipts to increase by $2.7 billion. National defense outlays are estimated to increase by
$6.4 billion and nondefense outlays by $10.8 billion.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

120

120

EXPENDITURES AND NET LENDING
100

100

80

80

60

60

40

40

NATIONAL DEFENSE'
I

20
1958

1959

1960

1961

1965

1963
1964
FISCAL YEARS

1962

J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.

1966

1967

1969 J'1

1968-^

20

COUNCIl OF ECONOMIC ADVISERS

[Billions of dollars]
Receipts

Expenditures and net lending
National defense

Period

Individual
income
taxes

Corporation
income
taxes

79.6
79. 0
92. 5
94.4
99. 7
106.6
112.7
116.9
130.9
149. 6
155.8
178. 1

34. 7
36. 7
40. 7
41.3
45. 6
47. 6
48. 7
48. 8
55.4
61. 5
67.7
80.9

20. 1
17. 3
21. 5
21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34.0
31.3
34.3

24. 8
25. 0
30.3
32. 1
33. 6
37.4
40. 5
42. 6
45. 4
54. 1
56.8
62.9

82. 7
92.4
92. 3
97. 9
107.0
111. 3
118. 7
118. 0
134.6
158.4
175. 6
186. 1

12. 1

5.6

.5

6. 0

14. 4

Total

Other

Total
Total

Department of
Defense,
military 1

InternaHealth,
tional
labor,
affairs

and
finance

and

Other 2

welfare

Fiscal year:

1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969

3
3

_ _ __

44.5
46.7
45. 8
47.5
51. 2
52. 2
53. 7
49. 6
56. 8
70. 1
76. 5
79. 8

39. 1
41. 2
41. 2
43. 2
46. 8
48. 3
49. 8
46. 2
54.4
67.5
73.7
76. 7

3.3
3.2
3. 1
3.4
4. 6
4. 2
4.2
4.2
4.4
4. 6
5. 0
5. 2

15. 8
18. 0
19. 1
22.4
24. 0
25. 7
27. 2
28.2
33. 2
40. 1
46.4
51. 4

19.2
24. 5
24. 2
24.7
27.3
29. 2
33. 7
36. 0
'40. 1
43. 6
47. 7
49. 7

Fiscal year 1968:

Feb

6. 2

Cumulative total,
first 8 months
91.7
44. 5
12. 1
35. 1
50.3
116.7
1
Expenditure account.
adopted pursuant to the recommendations of the President's Commission on
2
Includes undistributed adjustments to amounts for all functions and special
Budget Concepts. As soon as all of the data are available on a monthly basis,
allowances for 1968 and 1969.
the table will be expanded to include them.
a
Estimates in the 1969 Budget, submitted in January 1968.
Sources: Treasury Department and Bureau of the Budget.
NOTE.—Keceipts and outlays in this table are based on The Budget of the
United States Government, 1969, which shows data on the basis of budget concepts

36




^EDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
deral purchases jumped $31A billion (seasonally adjusted annual rate) in the first quarter—the biggest increase

Kce the first quarter of 1967. With transfer payments rising $2 /i billion due to increased Social Security benefits,
;tal Federal expenditures increased almost $7 billion.
1

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

120

100

100

+20
SEASO MALLY ADJUSTED ANNUAL

SURPLUS

n FI

*20

RATES

n n
W

""*

i i i

DEFICIT

-20

1

1

!

1

1962

!

1

I

1

!

1964

1963

1

I

1

1966

1965

\\
1

1
1967

I

J/ I

1

!

-20

1968

CALENDAR YEARS

J/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government receipts

Period

Fiscal year:
1964
1965
1966
1967
1968 *
19691
Calendar
year:
1964
1965
1966
1967
1966:I__
II__
IIIIV.
1967: I _ _
II..

Personal Corporate
Total tax and profits
nontax
tax
receipts accruals

115.
120.
132.
147.
161.
182.

Indirect
business
tax and
nontax
accruals

Federal Government expenditures
Contributions
for
soeialinsuran ce

Total

GrantsSubsidies
Purin-aid
less
chases
Trans- to State
current
Net
of goods fer payand
interest surplus
and
local
ments
of Govt.
paid
services
governenterments
prises

Surplus
or
deficit
(-),
income
and
product
accounts

5
6
9
6
1
5

50. 7
51. 3
57.5
64.6
71.0
83.8

25.7
27.8
31. 0
31.4
34. 3
37.2

15. 6
16. 9
15. 8
15.9
17. 1
18.1

23.5
24. 5
28.6
35. 7
38. 7
43. 4

116. 9
118.3
131.9
155. 1
171. 1
185. 0

3.8
4. 1
4. 5
5.3
4.5
4.5

— 1. 4
2. 3
.9
-7. 5
-10.0
-2.5

115. 0
124. 8
143. 2
151. 8
137. 0
141. 6
145. 6
148. 6
149. 1
148. 1
152. 7
IV__ 157.3
1968: I »^stimates.

48. 6
53. 8
61. 7
66. 5
57.7
60.9
63. 1
65. 2
65. 5
64.0
67.5
69. 1
71.2

26. 4
29. 3
32.3
31. 0
32. 2
32. 2
32.4
32. 3
30. 3
30. 3
30.6
32. 5

16. 1
16. 5
15. 9
16.6
15. 2
15. 9
16. 2
16. 3
16.2
16.5
16.7
17.0
17.5

23. 8
25. 2
33. 3
37.7
31. 9
32. 5
34. 0
34. 7
37. 0
37. 2
38.0
38.7
41. 8

65. 2
29. 9
118. 1
10. 4
8. 3
4. 2
32. 4
66. 8
123. 4
11. 2
8.7
4.3
142. 9
77. 0
14. 8
36.0
5.4
9.5
164,3
42. 9
89. 9
16.0
5. 1
10.5
72. 1
134. 8
35. 2
13.8
9. 1
4. 6
138.4
34. 1
74.9
14. 6
9. 4
5. 3
146. 3
79. 5
35. 9
15. 3
9. 6
6.0
151. 9
38. 8
81. 5
15. 6
10. 0
5.9
42. 2
87. 1
160. 9
15. 6
10. 4
5.6
42.4
162. 8
89. 5
15.3
10. 4
5.3
165.9
90.9
43.5
16. 0
10. 5
5.0
92.2
43.3
167.9
17.1
10.7
4.6
174. 8
95.7
45. 8
18. 2
11. 0
4. 1
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

-3.0
1. 4
.3
-12. 5
2. 2
3. 2
7
-3'. 3
-11. 9
-14.7
— 13. 2
-10.7

m_




65. 7
64. 3
71.7
84. 5
92. 8
99. 4

29. 5
30. 4
34. 1
39. 8
44.9
49. 9

9.8
10. 9
12. 7
15.4
18. 0
20. 0

8. 1
8.5
9. 0
10. 1
10.7
11.2

O "7

UNITED STATES
GOVERNMENT PRINTING OFFICE

POSTAGE AND FEES PAID
U.S GOVERNMENT PRINTING OFFICE

DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS

First-Class Mail

Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

OO



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2
3
4
5
6
7
8
9
10
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12
13
14
15
16
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and . . . . not available.

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