Full text of Economic Indicators : April 1970

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91st Congress, 2nd Session

Economic Indicators
April 1970

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATED
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1970

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
W. E. BROCK 3d (Tennessee)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)

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)

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

COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators -prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts draum 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 $3.00 per year (foreign, $4.00) from:
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Indicators, which describes each series and gives annual data for years not
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ii



TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates indicate that gross national product advanced about $8% billion (seasonally adjusted annual
rate), about $11A billion less than in the fourth quarter of 1969.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government

Persons
Net receipts

Disposable personal income
Period
Total1

385. 3
1962
404 6
1963
438. 1
1964
473. 2
1965
511. 9
1966
546. 5
1967
590. 0
1968
629. 7
1969
610. 2
1969: I
II _ _ 622. 0
639. 0
IV ____ 647. 5
1970:
659. 9

8.6
9. 7
10. 7
12. 0
13. 0
13. 9
15. 0
16. 1
15.7
15. 9
16. 1
16. 3
16. 5

376. 6
394. 9
427.4
461.3
498.9
532. 6
575. 0
613. 6
594. 5
606. 1
622. 9
631. 2
643.4

355. 1
375. 0
401.2
432. 8
466.3
492.3
536.6
576. 0
562. 0
572.8
579.8
589. 5
600.6

157.0
168.8
174. 1
189. 1
213. 3
228.4
264. 2
301.8
294. 1
302. 0
303.4
307.8

21.6
19.9
26.2
28. 4
32. 5
40.4
38.4
37. 6
32.5
33. 3
43. 1
41. 7
42. 8

1962 _____
1963 _____
1964 _____
1965 _____
1966 _____
1967 _____
1968 _____
1969 ______
1969: !_„_
II ..
III.
1970: I *>_
1

114.2
124.3
127.3
139.2
157. 9
165. 6
193.6
223. 3
218. 3

159. 9
166.9
175.4
186.9
212. 3

296. 0
299. 6
302.2

224.4
224.4
226.6

42.8
444
46.7
49.9
55.5
62.8
70.6
7&5
75.8
77.6
78.9
81.2
83.4

242.9
270.8
293.0
285.9
290.6

117. 1
122. 5
128.7
137.0
156.8
180. 1
200.3
214 6
210.0
212.9
217.0
21&3
218.8

Surplus
or
deficit

(-),

income
and
product
accounts
-2.9
1.8
-1.4
2.2
1. 1
— 145
-6.7

a8
as

11.4
7.4
8.2

International

Gross
Net
Net exports of goods
Total
Statis- national
and services
Excess of income
transfers
tical
product
Gross
Gross private Excess to foror
transfers
discrepor
retained domestic
of
eigners
or
receipts
ancy
expendby
earnof net
iture
invest- invest- sonsperment
and Exports Less: Equals: exports
ings3
ment 4
Net
GovernImports exports
ment
66.3
68.8
76.2
84. 7
91. 3
93. 3
96. 7
98. 3
97.7
98.0
99. 7
97.6

83.0
87. 1
94.0
108. 1
121.4
116. 0
126. 3
139. 4
135. 2
137.4
143. 3
141. 8
137. 3

-16.8
-18. 4
-17. 8
-23. 4
-30. 1
-22.7
-29. 6
-41. 1
-37.5
-39.4
-43.6
-44 2

2.7
2.8
2. 8
2. 8
2. 8
3. 0
2. 9
2.7
2.4
2. 8
2. 6
3. 0
2.7

30.3
32.3
37. 1
39. 2
43.4
46. 2
50. 6
55. 3
47.6
57. 1
57. 8
58. 6
60. 7

Personal income (p. 5) less personal 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.
s Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
in disposable personal income.




42.8
44.4
46. 7
49. 9
55. 5
62. 8
70.6
78. 5
75.8
77.6
78.9
81. 2
83.4

Business

Period

Expenditures

PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
Purand
or
tion
paid and excludfers,
fers,
nontax interest, Net
expend- interest, chases
expend- dising
transfer
of goods
interest itures saving receipts
payand receipts itures
and
or
and
and
ments
sub- 2
sub- 2
accruals sidies
transto forsidies
fers
eigners

25. 1
26.4
28.6
32.3
38. 1
41. 0
48. 1
53.2
46. 1
55.5
55. 2
55. 9
57.0

5. 1
5.9
8.5
6.9
5.3
5.2
2. 5
2. 1
1. 5
1.6
2.7
2.7
3.7

-2.5
-3. 1
-5.7
-4 1
-2.4
-2. 2
.3
.6
1.0
1.2
.0
.3
-1. 0

559.8
590. 8
633.7
688. 0
750.9
794 5
868.2
937. 9
912.9
931.3
949.7
958.4

0.5
-.3
-1.3
-3. 1
-1.0
-1.0
-2.5
-5.9
-4 2
-6.5
-6.9
-6.0

560.3
590. 5
632.4
6849
749.9
793.5
865.7
932. 1
90a7
9248
942.8
952.2
960.4

* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
* Net foreign investment with sign changed,
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of investment tax credit. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) increased at an annual rate of 3% percent in the first quarter, according
to preliminary estimates. Adjusted for price changes, there was a decline of 1% percent (annual rate).
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

1,000

1,000

900

900

800

800

700.

700

600

600
PERSONAL CONSUMPTION
EXPENDITURES

500

500

400

400

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

200

200

,,

'""|"«»m.,.,,,,,,

100

NET EXPORTS OF GOODS
AND SERVICES

1964

1966

1965

100
GROSS PRIVATE DOMESTIC
INVESTMENT

COUNCIL OF ECONOMIC ADVISERS

Gove rnment }purchases of good s
Total
Personal Gross
Net
services
gross
conTotal
private exports
national gross
sump- domestic of goods
Federal
product national
tion
investTotal
and
National Other
in 1958 product expend- ment services
Total defense1
prices
itures
Billions Df dollars; quarterlyr data at g>easonall y adjust*id annual rates

Period

1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: I
IIIII
IV
1970: IP

1970

1969

1968

1967

.I/PRELIMINARY
SOURCE: DEPARTMENT OF COMMERCE

,

__
...

_

___

475.9
487.7
497. 2
529. 8
551. 0
581. 1
617. S
658. 1
674. 6
707. 6
727. J
723. 1
726. 7
730. 6
729. S
726. 9

483.7
503.7
520. 1
560. 3
590. 5
fi32. 4
684. 9
749. 9
793. 5
865. 7
932. 1
908. 7
924. S
942, 8
952. 2
960. 4

311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
432. 8
466. 3
492, 3
536. 6
576. 0
562. 0
572. 8
579. 8
589. 5
600. 6

75.3
74.8
71.7
83. 0
87. 1
94. 0
108. 1
121. 4
116. 0
126. 3
139. 4
135. 2
137. 4
143. 3
141. 8
137. 3

1
This category corresponds closely with budget expenditures for national
defense, shown on p. 36.
2 Gross national product in current prices divide by gross national product
in 1958 prices.




0. 1
4. 0
5.6

5. 1
5.9

8. 5
6.9

5. 3
5. 2
2. 5
2. 1
1. 5
1. 6
2. 7
2. 7
3.7

97.0
99. 6
107. 6
117. 1
122. 5
128. 7
137. 0
156. 8
180. 1
200. 3
214. 6
210. 0
212. 9
217. 0
218. 3
218. S

53.7
53. 5
57. 4
63. 4
64. 2
65. 2
66. 9
77.8
90.7
99. 5
101. 9
101. 6
100. 6
103. 2
102. 3
100. 2

46. 0
44 9
47. 8
51. 6
50. 8
50.0
50. 1
60. 7
72. 4
78.0
79. 2
79.0
78. 5
80. 3
79. 2
77.3

7. 6

8.6

9. 6
11.8
13. 5
15. 2
16. 8
17. 1
18.4
21. 5
22. 7
22. 6
22. 1
22. 9
23. 1
22.9

and
State
and
local

43.3
46. 1
50. 2
53. 7
58. 2
63.5
70.1
79. 0
89.3
100.7
112. 7
108. 5
112.3
113. 8
116. 0
118.6

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

Implicit
price
deflator
for total
GNP,
195S-1002

101. 6
103. 3
104. 6
105. 8
107. 2
108. 8
110. 9
113. 9
117. 6
122. 3
128. 1
125. 7
127. 3
129. 0
130. 5
132. 1

NATIONAL INCOME
Compensation of employees rose $81A billion (seasonally adjusted annual rate) in the first quarter. Net interest was
up $ % billion. Other forms of noncorporate income changed little.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS

900

800

700

600

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
""100

1970
J/PRELIMtNARY.
SOURCE, DtPARiMENT Of COW

COUNCIL OF ECONOMIC ADVISERS

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

Period

1959
1960
1961
1962
1963
1964
1965
1966 .
1967
1968
1969
1969: ! _ _ _
II
IIL___
IV
1970: I "

_.__
___

400. 0
414. 5
427. 3
457. 7
481.9
518. 1
564.3
620. 6
654. 0
714. 4
771. 0
751. 3
765.7
780. 6
786. 5

Compensation
of em- l
ployees

279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.8
435. 5
467. 4
513. 6
564. 3
546. 0
558. 2
571. 9
581. 1
589. 5

Proprieto]rs' income
Farm 2

11.4
12. 0
12. 8
13. 0
13. 1
12.1
14.8
16. 1
14.7
14.6
16. 1
14. 9
16. 4
16. 8
16. 3
16. 5

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




Business
and professional
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
42.4
45. 2
47.2
49. 2
50. 2
49. 7
50. 1
50. 5
50. 4
50. 3
3

Rental
income
of
per15. 6
15. 8
16. 0
16.7
17. 1
18.0
19.0
20. 0
20. 8
21. 2
21. 6
21. 5
21. 6
21.7
21. 8
22. 0

Net

interest
7. 1
8. 4
10. 0
11.6
13. 8
15.8
18.2
21.4
24.7
28.0
30. 6
29. 8
30. 3
30. 9
31. 6
32.3

Corpora >Q profits and inventory val u at ion ac justment 3
Profits Inventory
before valuation
taxes 3 adjustment

Total

52. 1
49. 7
50. 3
55. 4
59. 4
66.8
77.8
84. 2
80. 3
91. 1
93. 7
95. 5
95. 4
92. 5
91.4

51.7
49. 9
50. 3
55.7
58. 9
66.3
76. 1
82.4
79. 2
87. 9
88. 2
89. 5
89. 2
88. 8
85.2
l

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

-0. 5
.2
-. 1
.3
— .5
-.5
-1.7
-1.3
-1.1
-3.2
-5.6
-6. 1
-6.2
-3.7
-6. 2
-5. 9

SOURCES OF PERSONAL INCOME
Personal income rose $4.1 billion (seasonally adjusted annual rate) in March. The rise was about the same as the
revised increase for February.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
900

900 !

SEASONALLY ADJUSTED ANNUAl RATES-

800

800

700

700
TOTAL PERSONAL INCOME

600

600

500

500
WAGE AND SALARY DISBURSEMENTS

4-

\
400

400

300

300

OTHER INCOME

200

200

TRANSFER PAYMENTS

100

100

» iI
1964

1965

1966

1967

SOURCE! DEPARTMENT OF COMMERCE

Period

Total
personal
income

1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Feb
Mar
Apr
May
June
July...
Aug
Sept.__
Oct
Nov
Dec
1970: Jan
Feb p
Mar __

416.8
442.6
465. 5
497. 5
538.9
587. 2
629. 4
687. 9
747. 2
723. 9
730. 7
735. 3
740.0
746. 1
751.4
757. 5
760.7
763. 9
767. 6
770. 6
774. 5
778.5
782. 6

1969

1969

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Other Propriet<Drs' income income
Divi- Personal Transfer
labor 2
salary
Business
paydends interest ments
of
disburse- income
income
Farm
and pro- persons
l
ments
fessional
278. 1
12.7
12.8
35.6
25.0
32.4
16.0
13.8
296.1
13.9
13.0
37.1
15.2
33.3
16.7
27.7
311. 1
14.9
13. 1
31.4
37. 9
17. 1
16.5
35. 3
333.7
12. 1
16. 6
40. 2
18. 0
17. 8
34. 9
36.7
358.9
18.7
14.8
42.4
38.7
19.0
39.9
19.8
394. 5
20. 7
45. 2
44. 1
16. 1
20.0
43.6
20.8
22. 1
423. 5
14,7
47.2
21. 5
52. 0
20.8
48. 3
465.0
24. 2
14.6
49.2
54. 1
21. 2
23. 1
59. 2
509. 9
26. 2
16. 1
50. 2
21. 6
24. 6
65. 5
59. 4
492. 6
14. 9
25. 5
57.6
49. 8
23.8
21. 5
63. 5
497.9
15. 3
24. 1
25. 6
49. 7
21. 5
57.9
64.3
500.8
25. 8
15. 8
49.8
21. 5
24. 2
58.3
64.7
503. 8
25. 9
16. 4
50.1
21. 6
24. 3
58.8
64.9
508. 5
26. 1
16.9
50. 4
21. 6
24. 5
59. 2
65.2
512. 8
26. 3
24. 6
16.8
21. 7
50. 5
59. 5
65. 7
517.9
26.4
16.8
21.7
24. 8
59.8
50. 5
66. 1
519. 9
26. 6
16. 8
66.4
50. 5
21.7
25. 1
60. 2
522. 2
26. 8
16. 7
50.6
21. 8
25.3
66.7
60.8
26. 9
525. 1
16. 3
50.4
21. 8
25. 4
61. 3
67.2
527. 8
27. 1
21. 9
15. 9
50.3
25. 0
61. 8
67. 8
27. 3
530. 1
16. 2
25. 2
62. 1
50. 3
21.9
68.9
532. 3
27. 5
16. 5
50.3
22. 0
62, 4
25. 2
70. 0
534. 7
27. 7
16. 8
50. 4
22.0
62. 8
25. 2
70.9

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.




1968

Les.s: Personal con- Nonagritributions cultural
for social personal
insurance income *
400.0
9.6
10.3
425.5
448. 1
11.8
12. 5
480. 9
519.5
13.4
566.3
17.7
20. 6
609.7
22. 6
667.9
26.2
725. 2
25. 3
703. 1
25. 6
709. 5
25.7
713. 5
717. 7
25.8
723.4
26. 1
26.4
728.8
26.6
734.9
26. 7
738. 1
26.9
741.5
26. 9
745. 3
27. 1
748. 6
27.5
752. 2
27. 6
755. 8
27. 8
759. 6

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
Disposable personal income rose $12% billion (seasonally adjusted annual rate) in the first quarter, or about $4
billion more than in the fourth quarter of 1969. With first quarter personal outlays up $111/3 billion, the saving rate
edged up to 6.5 percent.
BILLIONS OF DOLLARS
700

BILLIONS OF DOLLARS
700

600
DISPOSABLE PERSONAL INCOME

i

t

t

i

i

i

!

i -y t

i

<

d
DOLLARS
3,500

PER CAPITA DISPOSABLE PERSONAL INCOME

SEASONALLY ADJUSTED ANNUAL RATES

IN CURRENT PRICES

3,000

2,500

2,500

2,000

2,000
1964

1970

J/PRELIMINARY
SOURCE: DEPARTMENT OF COMMERCE

Period

Less:
PerPersonal
sonal tax and
income nontax
payments

COUNCIL OF ECONOMIC ADVISERS

Per cap ita disL ess: Perso nal outlayrs
posable personal
Equals:
Persoilal consulnption
Equals:
incc>me
Disex penditure s 2
Personal
posable Total
saving Current
1958
personal personal Durable Nonprices
income outlays 1 goods durable Services
prices
goods

416.8
442.6
465. 5
497.5
___ 538.9
587. 2
629.4
687. 9
747. 2

52.4
57.4
60. 9
59. 4
65.7
75.4
82.9
97. 9
117. 5

364.4
385.3
404. 6
438. 1
473.2
511. 9
546. 5
590. 0
629. 7

724.4
740.5
756.5
767. 4

114. 2
118. 5
117.5
119. 9

610.
622.
639.
647.

1970: I "_ 778.5

118. 6

659. 9

1961
1962
1963
1964
1965
1966
1967
1968
1969

1969: I__.
II_.
Ill,
IV..

2
0
0
5

Billions of dollars
44.2
155.9
135.1
343. 3
162.6
143.0
49.5
363.7
152. 4
53. 9
168. 6
384. 7
59. 2
178. 7
163. 3
411. 9
191. 1
175.5
66.3
444.8
206. 9
188. 6
479. 3
70.8
204. 2
215. 1
73. 0
506.2
222. 8
83. 3
230. 6
551. 6
243. 6
242. 6
592.0
89. 8
Seast inally adjiisted anni lal rates
88.4
235. 0
238. 6
577.7
242. 1
90.6
240. 1
588.8
244. 9
596.0
89.8
245. 1
250. 3
248. 7
605. 8
90. 4

21.2
21.6
19. 9
26.2
28.4
32. 5
40.4
38.4
37.6

Dol lars
1,983
1,909
2,064
1,968
2,136
2,013
2,280
2,123
2,432
2,235
2,599
2,331
2,745
2,399
2,474
2, 933
3, 099
2,507

5.8
5.6
4.9
6.0
6.0
6.4
7.4
6. 5
6.0

183, 756
186, 656
189,417
192, 120
194, 592
196, 907
199, 119
201, 177
203, 213

32. 5
33.3
43. 1
41. 7

3, 014
3, 065
3, 140
3,172

2,482
2,494
2,526
2,522

5.3
5.3
6.7
6.4

202,
202,
203,
204,

617. 1

42. 8

3,226

2,535

6.5

204, 586

89.7

255. 3

i Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
3
3 See p. 2 for total personal consumption expenditures.
Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.




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

255. 6

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

475
953
505
091

FARM INCOME
According to preliminary estimates, net farm income including and excluding inventory change (seasonally adjusted)
rose slightly in the first quarter.
BILLIONS OF DOLLARS
60

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

50

50

\

REALIZED GROSS
FARM INCOME

40

30

30

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

120

10

10

1964

1965

1966

1968

1967

Personal income re eeived by
total f arm popu lation

I ncome re eeived fro m farming

Realize d gross
From
all
sources

Period

From
farm
sources

From
nonfarm
sources

I
!

-

1969: I
!!____
III

IV

1970: I »

19.7
20-4
20.6
20.6
23.6
24. 9
23. 9
24. 9
27. 1

12.2
12. 3
12. 1
11.3
13. 5
14. 4
13. 0
13. 1
14. 5

7.5
8.2
8.5
9.3

10.0
10. 5
10. 9
11. 8
12. 6

Net t(3 farm
oper ators

Net me onie per
farm incl Tuding net
inventory change 3

ProducCash
tion ex- Exclud- Includreceipts penses ingnetm- ing net in- Current 1957-59
from
Total l
ventorv ventorv
prices prices 4
marKetchange cnanae 2
1
ings
i5iilions (Df dollars
i
Dollars
27.1
12.6
39.8
35. 1
13. 0 ! 3, 399 ;
3, 332
13.2 1 3, 586
41.3
28.6
36.4
12.6
3, 482
13.2 i .3, 708 ,
29. 7
42.3
37.4
12.6
3, 565
12. ;j
37.2
13. 1
42.6
29.5
3, 564 :i 3, 394
44.9
39.3
30. 9
15.0
14.0
4, 487
4, 193
43. 3
33. 4
16. 3
16. 3
49. 7
5, 019
4, 563
14.2
42. 7
14. 7
34. 8
49. 0
4, 683
4, 144
44. 4
14. 7
14. 8
36. 3
51. 1
4, 805 : 4, 107
16. 0
16. 2 ! 5, 468 i 4, 446
54. 6
47. 4
38. 6
Seascynally adji isted onnu at rates
46. 0
37. y
15. 0
52. 9
15. 0
5, 050 i 4, 170
16. 3
16. 5
48. 2
38. 8
5, 550 | 4, 510
55. 1
16. 5
38. 8
16. 9
48. 0
5, 690 j
4, 630
55. 3
16. 4
16. 2
47. 5
38. 9
5, 520 '
4, 420
55. 1
i
39. 7
16. 3
16. 6 |i 5, 730 ! 4, 510
48. 8
56. 0

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




1970
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF AGRICULTURE

1961
1962
1963.
1964__
1965
1966
1967
1968
1969

1969

4
Income in current prices divided by the index of prices paid bj farmers for
family living items on a 1957-59 base.
„
, . , ,
,,T
• • • 1 J i , • • , rt ~ rt
K_
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source- Department of Agriculture

CORPORATE PROFITS
Profits before taxes and includins inventory valuation adjustment (seasonally adjusted) declined sharply in the fourth
quarter and were about $5 billion below a year earlier. The third to fourth quarter decline in profits excluding inventory valuation adjustment was less pronounced.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

100 r

40

20

20

1970

1964
SOURCE: DEPARTMENT OF COMMERCE

Period

1961
1962
1963
1964
1965.
1966_
1967,
1968
1969
1969: I
II—
III..
IV...

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Cor porate pi•ofits
Cor]oorate pi'ofits (bef<ure taxes) and inveritorv
£ifter tax^JS
valuation ad just me nt
TransCorpo- CorpoM 'an ufa etuiing
portation,
rate
rate
DiviUncomtax
profits
NonAll
Durable durable munidend distribAll 1 before liabil- Total
indusgoods
uted
paytaxes
ity
Total
goods cations, ether
tries
indusand
ments profits
tries
public
tries
utilities
23. 3
11. 9
27.2
11. 4
13. 8
13. 5
50. 3
50. 3
23. 1
7. 9
19. 1
12. 5
14. 1
26. 6
31. 2
15. 2
16. 0
24. 2
55. 7
55. 4
8. 5
20. 5
15. 8
28. 8
13.0
33. 1
16. 5
26. 3
16. 6
58. 9
20. 6
59. 4
9.5
32.7
14.9
17.8
23.5
38.4
17.8
20.6
66.3
28.3
10. 1
66.8
22. 8
16. 6
39, 3
46. 5
26. 7
19. 8
77. 8
31. 3
76. 1
11. 1
25. 6
42. 6
24. 0
18. 6
49. 9
20. 8
82. 4
34. 3
27. 9
84. 2
29. 1
11. 9
39. 0
20. 9
18. 1
21. 5
47. 3
79. 2
25. 9
29. 4
80. 3
33. 0
10. 8
24. 5
44. 4
19. 9
49. 8
23. 1
87. 9
41.3
26. 7
11. 6
91. 1
31. 9
43. 9
23. 5
20. 4
50. 5
24. 6
93. 7
43. 3
25. 9
88. 2
11.7
32. 6
45. 1
44. 9
43. 8
41, 7

89. 5
89.2
88. 8
85. 2

20.3
21. 0
20. 0
20. 1

32. 6 1
32.6 j
33. 1 1
32. 1

11. 8
11. 7
11. 9
11. 4

i

j

all other industries and financial institutions.
depreciation and accidental damages.
Corporate profits after taxes plus corporate capital consumption allowances.

43-398°—70-




95. 5
95. 4
92. 5
91. 4

51.7
51. 3
49. 7
49.0

43. 9
44. 1
42. 8
42. 4

!

1970: I *
1
Includes
2
Includes
3

24. 7
23. 9
23.8
21. 6

I

23. 8
24. 3
24. 9
25. 2
25. 2

27. 9
27.0
24. 9
23. 8

Corporate
capital
consumption
allowances 2

Profits
plus
capital
consumption
allowances 3

26. 2
30. 1
31. 8
33.9
36. 4
39. 5
42. 6
45. 9
49. 1

53. 5
61. 3
64 8
72.3
82.9
89.5
90.0
95.7
99. 6

47.7
48. 6
49. 6
50. 5

99.4
100.0
99.3
99. 5

51. 5

NOTE,—Corporate profits tax and related items for i960 reflect repeal of investment tax credit.
Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment was down $4% billion (seasonally adjusted annual rate) in the first quarter, largely
due to a decline of almost $5 billion in the rate of inventory investment. The small rise in business fixed investment
was almost offset by a decline in residential structures.
BILLI DNS OF DOLLARS
160

BILLIONS OF DOLL ARS
160
SEASO MALLY ADJUSTED ANNUAL RATES

^^\

in A

•—""

^

QA

PR ODUCERS'
DURABl.E EQUIPMENT
\

••*

j..- — r^ • * ™ *
•

-»—••

xn

« • • "
• * * *

RE SIDENTIAL STRUCTUFiES

NONR ES1DENTIAL STRUCTL RES

—

•———•""

lOft

100

XA

40

140

^^\

10 A

QA

^X*"""1"****^

G.ROSS PRIVATE DON \ESTIC
INVESTMENT

140

+,~--~*
^.^^-^W^^ *~™
**•*""**'"""'*'
20
X

.- *•*'*••% X "

"~~Z^'^
r !|- i >
%, ^*** " * '>

CHANGE IN BUS INESS
INVENTORY S

20

***
Q

1

I

!

1

I

1964

I

1965

!

1

I

I

1966

!
1967

!

1

!
1968

1

1

1

1

-^ 1

!

1970

1969

SOURCE* DEPARTMENT OF COMMERCE

I

COUNCIL OF ECONOMIC ADVISERS

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

Period

Total
gross
private
domestic
investment

Total

75.3
74.8
71. 7
83. 0
87. 1
94. 0
108. 1
121. 4
116. 0
126. 3
139. 4
135. 2
137. 4
143. 3
141. 8
137. 3

Total

70. 5
71.3
69. 7
77.0
81. 3
88. 2
98. 5
106. 6
108. 6
119. 0
131. 4
128. 6
130. 5
132. 5
134. 0
134. 4

45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71.3
81.6
83.7
88. 8
99. 2
95. 3
97. 8
101. 1
102. 5
104. 3

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




Produce rs' durable equ ipment

Strucstures
Total

1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: I
II
III _ _ _
IV
1970: I P

Resid ential
struc tures

N<Dnresident ial

16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25. 5
28.5
27. 9
29. 3
33.4
32. 3
32. 1
34. 7
34. 5
35. 9

Nonfarm

Total

15. 9
17. 4
17. 7
18.5
18.8
20.5
24. 9
27. 8
27. 2
28. 6
32.7
31.6
31.4
34. 0
33.8
35.2

28. 4
30.3
28. 6
32.5
34.8
39.9
45.8
53. 1
55. 7
59. 5
65. 8
63.0
65. 7
66. 4
68. 0
68. 4

Nonfarm
25.4
27.7
25. 8
29. 4
31. 2
36.3
41. 6
48. 4
50. 9
54.6
61. 4
58.7
61.0
62. 4
63. 6
64. 3

Total

25.5
22.8
22.6
25. 3
27.0
27. 1
27. 2
25. 0
25. 0
30.2
32. 2
33. 3
32. 7
31.4
31. 6
30. 1

Source: Department of Commerce.

Nonfarm
24.8
22. 2
22. 0
24.8
26. 4
26.6
26. 7
24. 5
24. 4
29. 6
31.7
32. 8
32.2
30. 9
31. 0
29. 6

Change in business in\ cn lories

Total

4.8
3.6
2. 0
6. 0
5. 9
5.8
9. 6
14.8
7.4
7.3
8.0
6.6
6. 9
10.7
7. 7
2. 9

Nonfarm
4.8
3.3
1. 7
5.3
5.1
6.4
8.6
15.0
6.8
7.4
7.8
6. 6
6. 7
10.3
7. 4
2.6

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen expect a 10% percent increase in plant and equipment expenditures from 1969 to 1970, with outlays
rising throughout 1970.
^
BILLIONS OF DOLLARS
100

BILLIONS OF DOLLARS
100
SEASONALLY ADJUSTED ANNUAL RATES

80

80
TOTAL NEW PLANT AND EQUIPMENT

\

60

NONMANUFACTURING

,.,..„,•••"""•""

40

40

MANUFACTURING
20

20

J
1964

1965

L
1966

J
1967

L

1968

I
1969

T
1970

J/SEE FOOTNOTE 3 BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

M anufacturi]ag
Total 1

Total

Trans po rtation

Durable Nonduragoods ble goods

Commercial and
other 2

Railroads

Other

Public
utilities

1.58

5. 67
5.52
5. 14
5. 24
5.00
4.90
4.98
5.49
6. 13
7. 43
8.74
10.20
11. 61
13.73

10.79
10.27
11. 16
11.99
12.52
13. 84
15.06
16.63
18.49
20.50
20.94
21.97
24.35
26. 19

Mining

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 3
1970

37.94
31.89
33. 55
36.75
35. 91
38. 39
40. 77
46. 97
54.42
63. 51
65. 47
67.76
75.56
83. 58

16.51
12.38
12. 77
15. 09
14.33
15. 06
16. 22
19. 34
23.44
28. 20
28. 51
28. 37
31. 68
34. 80

7. 84
5.61
5.81
7.23
6.31
6.79
7.53
9. 28
11. 50
14. 06
14.96
14. 12
15. 96
17. 61

8.68
6. 77
6.95
7.85
8.02
8. 26
8.70
10.07
11. 94
14. 14
14.45
14. 25
15. 72
17. 19

1.69
1.43
1. 36
1.30
1. 29
1.40
1. 27
1.34
1.46
1. 62
1. 65
1.63
1. 86
1. 94

1. 02
1. 26
1. 66
1. 99
2. 37
1. 86
1.45
1. 86
2. 36

1.71
1.43
2. 10
1.97
1.96
2. 17
1.98
2. 52
2. 91
3.39
3.77
4. 15
4. 19
4. 55

1969: I _ _
II
III
IV

72. 52
73. 94
77. 84
77. 84

29. 99
31. 16
33. 05
32. 39

15.47
15. 98
16. 53
15. 88

14. 52
15. 18
16. 52
16. 50

1.83
1. 88
1. 89
1. 85

1.68
1.76
2.06
1. 94

4.76
3.88
3.88
4.43

11. 52
11. 68
11. 48
11.80

22.74
23.59
25.49
25.44

80. 00
81. 78
86. 06

32. 97
33. 74
36. 12

16. 92
17.39
18. 02

16. 05
10. 34
18. 11

1. 77
1. 82
2. 07

1. 94
2. 19
2. 63

4. 74
4. 12
4.72

12. 80
13. 74
14.08

25. 77
26. 16
26.43

1970:

I3 _
II s
2d half 3

1
Excludes agricultural business; real estate 9perators; medical, legal, educational, and cultural service; and nonprofit organizations.
2
Includes trade, service, finance, communications, insurance, and construction.
3
Estimates based on anticipated capital expenditures as reported by business
in late January and February 1970. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Revised series beginning 1947. For detail, see Survey of Current Business, January 1970.




.86

1. 02
1. 16

.82

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

EMPLOYMENT,UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force (seasonally adjusted) increased by 520,000 in March. Employment increased by 290,000
and unemployment rose by 230,000. The increase in employment was concentrated in nonagricultural industries,
where employment rose by 239,000.
MILLIONS OF PERSONS'
90

65
10'

MILLIONS OF PERSONS*
90

T
s

UNEMPLOYMENT

5[

T

\

|
0 L 1 i ' i 1 | M ,1 1 !

! 1 1 ! 1 ! 1 1 1 ! !

i 1 ! 1 1 1 1 ! 1 I !

! I I 1 1 i ! 1 I ! I

t 1 ! ! 1 I ! I 1 .! ?

1 ! 1 1 1 ! ! f ! I !

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE

uNEM PL OYM ENT
"T*

f

Tr 71
~1

1

t
f

*/

3EA SOhJA LL f AC JlJS ret5

aE

T :1
1

i9<U

~n

i

.

1:
19<S6

19 6*

:' :i!]
1969

196i5

9<
1 S7

*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF IABOR

Period

1965...
1966___
1967___
1968___
1969___
X969:
Feb.
Mar_
Apr _
Mav.
June_
Julv.
Aug_
Sept.
Oct..
Nov.
Dec.
1970:
Jan_.
Feb..
Mar_

Total
labor
force
(including
armed
forces)

Total
labor
force
JNon- Unem- (includployagriment
ing
cularmed
tural
forces)
Thous ands of ]Dersons 16
66, 726 3,366 77, 178
68, 915 2,875 78, 893
70, 527 2,975 80, 793
72, 103 2,817 82, 272
74, 296 2,831 84, 239
XT

77, 178
78, 893
80, 793
82, 272
84, 239

71, 088
72, 895
74, 372
75, 920
77, 902
Unadj' listed

82,
82,
83,
83,
85,
86,
86,
84,
85,
84,
84,

76,
76,
77,
77,
78,
79,
79,
78,
78,
78,
78,

579
770
137
085
880
318
046
527
038
920
856

84, 105
84, 625
85, 008




Civilein emplo yment
Civilian
labor
force

Total

Agricultural

Nonagricultural

Unemployment
rate (percent of
civilia n labor
Unemfor ce)
ployment
SeasonUnad- ally adjusted justed

Labor
force
participation
rate,
unadjusted *

years of age and o ver
74, 455 71, 088 4,361
75, 770 72, 895 3, 979
77, 347 74, 372 3, 844
78, 737 75, 920 3, 817
80, 733 77, 902 3, 606
<Seasonally adjusted

66, 726
68, 915
70, 527
72, 103
74, 296

3,366
2,875
2,975
2,817
2,831

4. 5
3.8
3.8
3.6
3.5

2
2
2
2
2
2
2
3
3
2
2

675
729
845
809
763
858
845
131
078
851
846

3. 7
3. 5
3. 2
2.9
4. 1
3. 8
3.5
3. 7
3.5
3. 3
3. 2

3. 3
3.4
3. 5
3. 5
3. 4
3. 5
3. 5
3. 8
3. 8
3.5
3.5

60.3
60. 4
60. 5
60.4
62. 4
62. 6
62. 3
61. 1
61.4
61. 2
61. 1

S 172
3 427
3 657

4. 2
4. 7
4. 6

3. 9
4. 2

60. 5
60. 8
60.9

Percent

181
520
079
264
956
616
646
026
671
716
788

72, 896
73, 193
73, 471
73, 374
74, 589
75, 460
75, 669
74, 397
75, 110
75, 395
75, 805

2,923
2,746
2, 542
2, 299
3,400
3, 182
2,869
2, 958
2,839
2,710
2, 628

83, 674
83, 883
83, 950
83, 652
84, 028
84, 310
84, 517
84, 868
85, 051
84, 872
85, 023

80, 199
80, 379
80, 434
80, 130
80, 504
80, 789
80, 987
81, 325
81, 528
81, 379
81, 583

77, 524
77, 650
77, 589
77, 321
77, 741
77, 931
78, 142
78, 194
78, 445
78, 528
78, 737

3, 836
3, 710
3, 661
3, 777
3, 683
3, 561
3, 614
3, 498
3, 434
3, 435

73, 688
73, 940
73, 928
73, 544
74, 058
74, 370
74, 528
74, 696
74, 999
75, 094
75, 302

77, 313
77, 489
77, 957

74, 398
74, 495
74, 786

3,406
3, 794
3, 733

85, 599
85, 590
86, 087

82, 213
82, 249
82, 769

79, 041
78, 822
79, 112

3,426
3, 499
3,550

75, 615
75, 323
75, 56V

i Total labor force as percent oi noniristitutional population.

10

1970
COUNCIL OF ECONOMIC ADVISERS

Civilkin e laploy ment
Total

j. i i i .1 <

Ml! 1 1 1 !

3,446

59. 7
60. 1
60. 6
60.7
61. 1

4.4

NOTE.—Revised seasonally adjusted series; see Employment and Earnings,
February 1970. Beginning I960, data include Alaska and Hawaii.
Source: Department of Labor.

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate increased from 4.2 percent in February to 4.4 percent in March. The
March rate was the highest since August 1965. The unemployment rate for married men rose from 2.0 to 2.2 percent.

UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS

1964

1970
COUNCIL OF ECONOMIC ADVISERS

SOURCE. DEPARTMENT OF LABOR

Unen iploymen t rate
(percen t of civilif in labor
for ce in grou P)

|I1
1

Labor
Experi- Married
force
enced
All
time lost ] Over 40
wage and men
hours
workers salary
(wife
workers present)

Period

1965
1966
1967
1968
1969

4.5
3.8
3.8
3.6

_

Oct

Nov
Dec
1970: Jan
Feb
Mar

1

Per cent
2.4
4.3

3. 5

3.6
3.4

1. 9
1. 8

1.6

1. 5
3. 3
Seas on all y adjusted
1.4
3.3
3. 1
1. 4
3. 4
3. 1
3.5
1. 5
3.3
3. 5
3. 2
1. 5
3. 4
3. 2
1. 5
3. 5
1. 6
3. 3
3. 5
3. 3
1. 5
3.8
3.6
1. 7
3.6
1. 6
3.8
1. 5
3. 5
3. 4
3. 5
1. 7
3. 4
;i 6
1. 8
3. 9
4. 2
2. 0
3. 9
4. 4
4. 2
2. 2
3. 5

1969: Feb
MarApr
May
June
July
Aug
Sept_

Persons at work i n nonagri cultural 2 idustries
in
by hours worked p>er week
Urider 35 hours

5.0

4. 2

4.2
4.0
3.9

20, 788
21, 334
20, 920
20, 600
20, 608

19, 519
21, 155
20, 128
21, 185
20, 914
19, 352
4.0
4.0
20, 045
4. 3 21, 651
21, 370
4.3
4. 0 20, 097
3. 9 | 21, 415
4. 2 19, 939
19, 456
4. 5
4. 8 20, 321
3. 7
3. 7
3. 8
3. 8
3. 8

Man-hours iosl by the unemployed and persons on part time for economic
reasons as a percent of potentially available labor force man-hours.
2
Differs from total nonagrieultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
kand industrial disputes.
I a Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.




35-40
hours

Part-ti me for
economi c reasons

Part-ti me for
economi B reasons

Total

Usually Usually Usually Usually
fullfullpartparttime 3
time 4
time 3
time *
Thousan ds of pers ons 16 ye ars of age and over
30, 768 11,818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
32, 658 14, 785
895
820
34, 201 15, 210
955
855
I Jnadjustec i
Seasonal^ y adjusted
32, 002 18, 433
900
730
864
785
34, 757 14, 689
977
754
953
828
34, 370 15, 650
823
690
881
829
34, 834 14, 620
806
703
905
839
35, 107 13, 42C
1, 143
1, 078
974
844
33, 545 12,533
862
1, 294
888
901
34, 112 12, 222
1,088
1,235
1,040
915
35, 350 13, 668
1,089
798
1,046
887
34, 1 73 16, 462
950
790
1,017
928
31, 868 20, 633
742
937
1,005
825
35, 974 15, 785
986
733
812
1,046
35, 325 16, 139
1, 108
768
1,036
879
34, 249 17, 562
723
1,088
1, 044
777
5
35, 857 15, 807 5 1, 120
768
1, 093
843

4
a

Primarily includes persons who could find only part-time work.
Average hours worked: usually full-time, 24.3; usually part-time, 18.4.
NOTE.—See Note, p. 10.
Source: Department of Labor.

11

UNEMPLOYMENT INSURANCE PROGRAM
In March, insured unemployment under State programs averaged 498,000 higher than a year earlier. The seasonally
adjusted insured unemployment rate rose to 2.7 percent.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS}

1969

t

MAR

JAR

APRIL

MAY

JUNE

I t

1
JULY

AUG.

t

1

SEPT.

T

? I !
OCT.

1966
1967
1968
1969 9
1969: Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov "
Dec 9
1970: Jan 9
Feb 9
Mar 9
Week ended:
1970: Mar 14
21
28
Apr 4 9

Staite progra ms
Insurec uneinploymen t as percovered
Initial Exhaus- cent of yment
emplo
tions
claims
Unad- Seasonjusted ally adjusted
Per<sent
Weekly tiverage, t lousands
2.3
203
15
1,061
2.5
17
226
1,205
2.2
16
201
1,111
2.2
197
15
1,098
2.9
17
1,459
219
&1
2. 6
2.1
17
173
1,300
2. 2
2.0
19
1,090
167
1.8
144
2.0
906
17
1.7
852
2. 1
162
17
2.0
2.2
1,021
246
15
172
1.8
14
2.2
948
1.6
2. 2
840
146
13
1.6
864
2.2
167
13
2. 0
2. S
1,030
12
213
2.7
2.3
13
289
1,375
3.6
2.5
1,854
355
18
3.6
1,874
290
2.6
17
2. 7
3.5
246
21
1,798

A 11 progranis
Insured Total
unem- benefits Insured
ploypaid
Covered
unem(milemploy- ment
ploylions
ment
(weekly
ment
averof dolage)
lars)
Thou sands
54, 739
1, 129
1,270
"56, 342
"57, 969
1,187
1, 175
"57, 927
1, 551
"58,513
1,385
"59, 268
1, 163
... "59, 862
970
912
"60, 965
1, 089
1,016
903
930
1,106
1,465
1,958
1,987
1,917

1,925
1,907
1, 899
1,883

1, 890. 9
2, 220. 0
2, 191. 3
2, 265. 0
250. 8
242. 6
214. 9
164. 9
145. 7
171. 8
169.7
148. 3
153.8
147. 7
208. 5
250. 7
328. 7
368. 5

1,808
1,789
1,776
1
1, 762

11 9

NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included and for Puerto Eico since 1963.

12



f

!

NOV.

I ! I
DEC

COUNCIL OF ECONOMIC ADVISERS

SOUKCfc DffAKMWT Of IA8OB

Period

f

239
234
237
251
301

i Not charted.
Source: Department of Labor.

3.5
3.4
3.4
3.4

Be nc (it s paid
Total Average
(milweekly
cheek
lions of
dollars) (dollars)
1,771.3
2, 101. 0
2, 031. 9
2, 099. 5
234. 2
226. 5
200. 1
153. 0
135. 0
159. 2
156.7
136.2
140.9
134.7
194.8
236. 5
308.2
347.3

39.75
41. 25
43. 43
46. 10
46. 80
46. 70
46.03
45. 14
44. 88
45. 30
46. 16
45.70
46. 17
46. 91
47.25
48.49
49. 11
51. 07

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment (seasonally adjusted) increased by 43,000 in March. The largest increases
occurred in Federal Government (74,000) and transportation and public utilities (29,000) while the largest decreases
were in wholesale and retail trade (69,000) and nondurable goods manufacturing (40,000).
MIL JONS OF WAGE
AN!) SALARY WORKERS
76

MIL LIONS OF WAGE
AND SALARY WORK*[RS
16

(SEASONALLY ADJUSTED)

_

~

72

^-xl
_X*1

1

••••«

"

^*•**—*[

68

WHOL ESALE AND

^*~~^
pX**^ ALL NOr^AGRICULTURAL
EST/ VBLISHMENTS

—

64

12
SERVICES

-

r*—i%^^i>i

12

«»*^

~'

^"

10

.

20

\
\

,1,,,.f...iiiiiiin""«iti.rB,fi

.»...«,."n*"*n3T-

,. „ .
.„ „

**«««

NONDURABLE
•-

8

""*

;
-

16

5v

COh4TRACT
CONS!rRUOTON

GOVERNMENT

4

12
8

-

AMANUFACTURING

MANUFACTURirvJG

\

~

DURABLE
MANUFACTURE4G

1

\.—

^»

^i^"""1""""**

10 ^•^'*'*""*^""

- NONMANUFAC:TURING
(PRIVATE-)

36

3 *~~

-

^

40

_

RET/JL TRADE

\

-—•—^

24

^^^^r^ "i

14
•—"

~

(SEASONAUY AD JUSTED)

(ENLARGED S<:ALE)

11 11! 1 11 ! ! I !
V

1 1 1 ! ! ! ! ! ! ! 1

1 1! ! 1 ! 1 I 1 1 !

1 6
9 7

! 11 1t I It ! 1 1K

1970

1969

1968

"

2

4, r , , , ! . . . . ,

1967

1 ! f 1 1 1 ! 1 I! 1

1968

! I 1 » I I \ \ 1 1 t f ! I ! t 1 f f t 1 IK

1969

SOURCE: DEPARTMENT C F LABOR

1970
COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;* seasonally adjusted)
Manufac jturing (]orivate)
Period

Total

1964
1965._ _ _ _
1966
1967
1968
1969
1969: Feb..
MarApr. _
May_
June_
July.
Aug_
Sept.
Oct..
Nov_
Dec1970: Jan_._
Feb *_
Mar »_

58, 331
60, 815
63, 955
65, 857
67, 860
70, 141
69, 487
69, 710
69, 789
70, 013
70, 300
70, 247
70, 500
70, 390
70, 651
70, 635
70, 679
70, 818
70, 990
71, 033

N onmanu faeturinj 5 (private)

NonTotal ijurable durable Total
goods goods
5~N

17, 274
18, 062
19, 214
19, 447
19, 768
20, 121
20, 061
20, 122
20, 111
20, 118
20, 198
20, 164
20, 334
20, 197
20, 156
20, 004
20, 007
19, 965
19, 880
19, 824

Kl,

9,816
10, 406
11, 284
11, 439
11, 624
11, 880
11, 839
11, 881
11, 868
11, 874
11, 931
11, 912
12, 081
11,965
11, 932
11, 740
11, 738
11, 663
11, 606
11, 590

7,458
7,656
7,930
8,008
8, 144
8,241
8, 222
8, 241
8, 243
8, 244
8, 267
8, 252
8, 253
8, 232
8,224
8, 264
8, 269
8,302
8,274
8, 234

31, 461
32, 679
33, 950
35, 012
36, 246
37, 794
37, 304
37, 456
37, 534
37, 688
37, 843
37, 852
37, 928
37, 983
38, 177
38, 290
38, 276
38, 427
38, 617
38, 625

Con- Trans- Wholetract portasale
tion
Mining conand
and
struc- public retail
lon utilities trade
634 3, 050 3,951 12, 160
632 3,186 4,036 12, 716
627 3,275 4, 151 13, 245
613 3,208 4, 261 13, 606
610 3, 267 4, 313 14, 081
628 3,411 4,448 14, 644
628 3, 366 4, 373 14, 468
626 3, 374 4, 399 14, 508
624 3, 363 4,439 14, 533
622 3, 407 4, 444 14, 609
622 3, 466 4,467 14, 665
629 3,434 4,483 14, 671
631 3,410 4,484 14, 702
631 3,420 4,480 14, 716
631 3, 418 4,480 14, 809
632 3,461 4,484 14, 836
635 3,459 4,489 14, 773
634 3, 334 4,521 14, 939
634 3,416 4, 511 14, 985
632 3,432 4, 540 14, 916

1
Includes all full- and part-time wage and salary workers in nonagrieulturai
establishments who worked during or received pay for any part of the pay period
|hieh includes the 12th of the month. Excludes proprietors, self-employed per•is, domestic servants, and personnel of the armed forces. Total derived from
Pfis table not comparable with estimates of nonagricultural employment of the
Civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they




Gover nment

Finance,
insurance, Services Federal State
and
and
local
real
estate
2,957 8,709 2,348
7,248
3,023 9,087 2,378 7,696
3,100 9,551 2,564
8,227
3,225 10, 099 2,719
8,679
3,383 10, 592 2,737
9, 109
3,559 11, 103 2,757
9,469
3, 502 10, 967 2,767
9,355
3,515 11, 034 2,759
9,373
3,531 11, 044 2,758
9, 386
3,541 11, 065 2,754
9,453
3,557 11, 066 2, 790
9,469
3,568 11, 067 2,777
9,454
3,581 11, 120 2,752
9,486
3,586 11, 150 2,749
9,461
3,595 11, 244 2, 729
9,589
3,613 11, 264 2,721
9, 620
3,623 11, 297 2,720
9, 676
3, 650 11, 349 2,714
9,712
3,654 11, 417 2,721
9, 772
3,668 11, 437 2,795
9,789

are not at work because of industrial disputes; and which are based on an enumeration 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.
J3

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek for private nonfarm production workers remained unchanged in March at 37.4 hours (seasonally
adjusted). Hours increased substantially in manufacturing (from 39.9 to 40.2), decreased in contract construction,
and remained almost steady in retail trade.
HO JRS
46

l- 0 JRS
6

PER WEEK (SEA SONALLY ADJUST ED)

PER WEEK

SONALLY ADJlJSTEDJ

(SEA

4

MANUF^iCTlJRING

TOTAL NOhJAGRICULTlJRA<l PRIVA1"E
44

44

42

42

40

40

38

v^
— ^-•^ *•• "—« *V

*

V——•" i

V

36

34 At i • I . 1 I . . 1 . i i 1 1 , l , i .
V
1968
1967
42

1 I

. i . i i !.

. U
L
^

1967

19}'0

-L-UJL1 1 1 I . M.N

1969

1970

^

RETAIL T RAC)E
40

I

v / F~**?^r\ f~
V

\^^>A A A

r

36

,,,,,,

1968

A2

meDN

40

, , , ', . , . 1 ,

4 -V" M 1 m

I 1 I 111

1969

CONTRACT CONSTRUC

38

26

*-

N**^

34

>

*•

.1

4

"^-^

^ __

^^

32

32
30

^-^

38

^**.•^•M

36

38

yv^-»**"•»N/

^

Xl

I t

I 1

1

1

1

1

1

1

,,
i 1 iii

i > i t

1967

1968

,,

1969

,,,,

, , . . , 1-^-Mj^

19;^0

30

fr

,
1968

1967

!

,

1969

1970

. . • » 1 » » •

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT O F LABOR

1

[Av(srage htours per week ]

Total

nonagricultural
2
Private

Period

Manufaetuiring

Cont ract
const ructic n

Unad justed

1960
1961
1962
1963
1964
1965
1966
1967
1968
1969

1969: Feb
Mar_
Apr___ .
Ma}7
June
Julv
Aug _ _ _ _
Sept
Oct
_ _
Nov
Dec
_
1970: Jan
Feb v
M a r3 P _ _ _

38. 6
38.6
38.7
38. 8
38. 7
38. 8
38. 6
38. 0
37. 8
37. 7
___

_

_ _

_ _ _ _ _

_ __
_ ___




Total

nonagric ultural
i ! Private 2
i
i

39. 7
39. 8
40. 4
40. 5
40. 7
41. 2
41. 3
40.6
40. 7
40. 6

36. 7
36. 9
37. 0
37. 3
37. 2
37. 4
37. 6
37.7
37.4
38. 0

37. 2
37.6
37. 5
37.7
38. 0
38. 1
38.2
38. 0
37. 7
37. 5
37. 7
37. 1
37. 1
37. 2

40. 0
40. 7
40. 5
40. 7
40. 9
40. 5
40. 6
41. 0
40. 7
40. 6
41. 0
40. 1
39. 8
40. 0

36. 6
37. 2
37. 6
38.2
38. 5
38. 8
39. 2
39. 3
38.4
37. 1
37. 7
35. 7
36. 9
37. 5

33. 8
33. 9
33. 8
33. 9
34. 5
35. 2
35. 3
34. 2 I
33. 7
33. 6
34. 1
33.4
33. 3
33. 4

ract !

sr 2|

Ma
tu

p ,

--: %&

i
3

Se asonally ad jus ted

38. 0
37. 6
37. 4
37. 3
37. 0
36. 6
35. 9
35. 3
34.7
34. 2

1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
2
Also includes other private industry groups shown on p. 13.

14

Retail
trade 3

37. 5
37. 8
37. 8
37. 8
37. 8
37. 8
37.8
37. 8
37. 6

37. 6
37.5
37.4
37. 4
37. 4

3
Includes eating and drinking places.
Source: Department of Labor.

40. 1
40. 9
40. 8
40. 7
40. 7
40. 7
40.6
40.8
40.5
40.5
40. 7
40.3
39.9
40.2

38. 0
37.9
88. 0
88. 1
37. 6
37. 5
37. 9
38.1
37.5
38. 2
38.2
37. 2
38. 4
38.2

84. 2
34. 3
84. 1
34. 3
34. 2
34.2
34.3
34. 2
33. 9
34.0
33.8
&& o
d'J. O

33. 7
S3. 8

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private n on farm production workers increased in March from $3.15 to $3.16. Average
weekly earnings increased by $.68 to $117.55.
DOLLARS

DOLLARS
240

6.00

AVERAGE WEEKLY EARNINGS

AVERAGE HOURLY EARNINGS

200

5.00
CONTRACT CONSTRUCTION y

CONTRACT CONSTRUCTION

160

4.00

MANUFACTURING

MANUFACTURING
120

3.00

TOTAL NONAGRICULTURAL
PRIVATE

TOTAL NONAGRICULTURAL
PRIVATE

\

RETAIL TRADE

200

80
RETAIL TRADE

1.00

40 ly
1967

1968

1969

1970

1967

1968

1969

SOURCEi DEPARTMENT OF LABOR

1970
COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Average ] lourly earn ings— cumsnt prices

Average \veekly earrlings— current prices

Period

Total
nonagricultural
private l

Total
nonagricultural
private l

1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov__
I)ec_
1970: Jan
Feb v
Mar v

$2. 09
2. 14
2. 22
2. 28
2. 36
2.45
2.56
2.68
2. 85
3. 04
2.96
2.97
2. 98
3. 01
3. 03
3. 04
3. 05
3. 10
3. 11
3. 12
3. 11
3. 13
3. 15
3. 16

1
2 Also includes other
Includes eating and
3

Manufacturing
$2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2.72
2. 83
3. 01
3. 19
3. 12
3. 13
3. 15
3. 16
3. 17
3. 19
3. 19
3. 24
3. 24
3.26
3. 29
3. 29
3. 28
3. 31

Contract
construction
$3. 08
3. 20
3. 31
3. 41
3. 55
3.70
3. 89
4. 11
4.40
4.78
4.56
4.62
4. 64
4.71
4. 71
4. 74
4. 79
4. 91
4. 95
4. 96
f>. 02
5. 06
5. 04
5. 06

Retail
trade 2
$1. 52
1. 56
1. 63
1. 68
1.75
1. 82
1. 91
2. 01
2. 16
2.30
2. 26
2. 26
2. 27
2. 29
2. 30
2. 30
2. 30
2. 33
2. 35
2. 36
2. 34
2. 38
2. 40
2. 40

private industry groups shown on p. 13.
drinking places.
Earnings in current prices, adjusted to exclude the effects of overtime and
interindustry shifts.
* Earnings In current prices divided by the consumer price inder.
43-398°—TO




3

$80. 67
82. 60
85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107.73
114. 61
110. 11
111. 67
111. 75
113. 48
115. 14
115. 82
116. 51
117. 80
117. 25
117. 00
117. 25
116. 12
116. 87
117. 55

Manufacturing

Contract
construction

Retail
trade 2

$89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
124. 80
127. 39
127. 58
128. 61
129. 65
129. 20
129. 51
132. 84
131. 87
132. 36
134. 89
131. 93
130. 54
132. 40

$113. 04
118. 08
122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
164. 56
181. 64
166. 90
171. 86
174. 46
179. 92
181. 34
183. 91
187. 77
192. 96
190. 08
184. 02
189. 25
180. 64
185. 98
189. 75

$57. 76
58. 66
60. 96
62. 66
64.75
66. 61
68.57
70. 95
74.95
78. 66
76. 39
76. 61
76. 73
77.63
79. 35
80. 96
81. 19
79. 69
79. 20
79. 30
79. 79
79. 49
79. 92
80. 16

Manufa icturing
indus3 tries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1957-59 = 1957-59
100 3
prices 4

106. 8
109. 9
112.7

115.5
118. 4
121. 5
125. 6
131.5
139. 5
147.7
144. 9
145. 2
146.0
146. 6
146.9
147. 8
148. 4
149.5
150. 2
151. 0
152. 0
152. 9
153.3

$87. 02
88. 62
91.61
93.37
95. 25
97.84
99. 33
98. 80
101. 08
101. 42
100. 16
101. 43
100. 93
101. 43
101.61
100. 78
100. 63
102. 74
101. 59
101. 43
102. 73
100. 10
98. 52

NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

The small increase in industrial production (seasonally adjusted) in March put the index at the January level. This
was the first increase since last July.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200

Index, 1957-59=100 (SEASONALLY ADJUSTED)
260

180

140

120
1967

SOURCE: BOARD OF GOVERNORS Of

THE FEDERAL RESERVE SYSTEM

Total
industrial
production

Period

1960
1961
1962
1963
1964
1965
1966
1967
1968
1969*
1969: Feb
Mar__
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec__
1970: Jan
Feb
Mar v

___

__ __ _ __
_
_

_—

_

_

__

108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
158.1
165. 5
172. 7
170. 1
171. 4
171. 7
172. 5
173.7
174. 6
174. 3
173. 9
173. 1
171. 4 I
171. I
170.2
169. 8
170.2

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

Total

108. 9
109. 6
118. 7
124 9
133.1
145.0
158. 6
159.7
166.9
173. 8
171. 8
173. 1
173. 0
173. 8
174.8
175. 6
175.4
175.2
173. 9
171. 8
171.3
170.0
169.5
169. 8

109.9
111.2
119. 7
124 9
131.8
142.5
155. 5
158.3
165. 1
170. 8
169. 3
170. 8
170. 2
170. 0
170.7
172. 8
172. 7
172.2
170.9
168.4
168.5
168. 2
169.0
170. 2

Source: Board of Governors of the Federal Reserve System.

16




COUNCIL OF ECONOMIC ADVISERS

108. 5
107. 0
117.9
124 5
133.5
148.4
164 8
163.7
169.8
176. 4
174 5
175. 9
175. 7
176. 7
178.3
178. 7
178. 8
178. 7
177.3
172. 1
171. 1
169. 3
169. 0
170. 0

109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
154.6
163.3
170. 5
168. 3
169. 5
169. 6
170. 3
170. 5
171.8
171. 3
170. 9
169. 5
171. 5
171. 5
171. 0
170.0
169. 7

101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.8
126.6
130. 2
124 8
126. 7
128. 8
130. 3
134 4
133. 2
131.2
131. 6
130.2
132. 6
1344
132.5
1340
136. 1

115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.9
202. 5
221. 3
214 9
215. 1
216. 3
213. 6
215. 6
222. 2
222. 6
222. 5
226. 0
226. 0
227. 9
230. 1
232. 6
230. 5

Mairket
Fi]nal produc3tS

Consumer
goods
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.5
156.9
162. 4
161. 7
162. 8
161. 8
160. 7
161. 5
164 4
164 2
162. 8
161. 2
160. 5
160.7
161. 0
161.7
162. 8

AT Q i A

Equipment

107.6
108.3
119. 6
1242
132.0
147.0
172. 6
179.4
182.6
188.6
185. 5
187.8
188.4
190. 0
190. 4
190. 8
190. 3
192.4
191.9
185. 6
185. 2
183. 7
186. 3
186. 1

rials

107.6
108. 4
117.0
123.7
132.8
144.2
157.0
157.8
165.8
174 6
170. 8
172. 1
172. 9
174 5
176.3
176. 5
175. 9
176. 0
175.4
174 6
173. 9
172.5
170. 6
170.8

PRODUCTION OF SELECTED MANUFACTURES
Production of most durable manufactures (seasonally adjusted) increased in March while most nondurables changed
little.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
240

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

CHEMICALS, PETROLEUM,
. AND RUBBER

220

160

200

140

180

\ Ak A LUMBER
SlJ^J ' V

120

PAPER AND
PRINTING^

AND PRODUCTS

^^ ^J

TEXTILES, APPAREL,
AND LEATHER \

^

180

160

140
1967
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

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

Nondurable manufactures

FabriTranspor- Lumber Textiles,
Primary cated Machin- tation
and
apparel,
metals
ery
metal
and
prodequipproducts
ment
leather
ucts

Period

Paper Chemicals, Foods,
and
petrobeverprint- leum, and ages, and
ing
rubber tobacco

1960
1961
1962
1963
1964
1965
3966
1967
1968_ _
1969 »

101.3
98.9
104. 6
113.3
129.1
137.6
142.7
132.5
137.0
149. 2

107.6
106. 5
117. 1
123.4
132.7
147. S
163.0
161.9
167.9
179. 8

110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183.4
184.3
195. 6

108.2
103. 6
118.3
127. 0
130.7
149.2
166.9
165.7
179.5
174. 6

102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
116.9
122. 3
118.7

107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.4
144.8
143. 9

109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
155.5
164. 7

113.9
118.9
131. 2
141. 8
152.5
164.6
181. 9
190.0
207.7
222.4

106.6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.7
135.3
138.9

1969: Feb
Mar
Apr
May
June
July
Aui
Sept
Get
Nov
Dec__ _ _ _ _ _ _

143. 6
146. 2
147.9
149.3
153. 1
152. 4
151. 3
149.3
150. 4
150. 3
147. 7

177. 6
178. 5
178.3
179. 2
180. 6
179. 1
180. 6
179. 1
179. 4
179. 2
178.4

192. 7
194. 7
194.6
196.9
197. 2
198. 1
199. 4
201. 2
199. 0
187.4
188.7

173. 1
174. 1
172.4
171. 8
176. 6
181. 1
179. 1
178. 8
175. 7
168. 3
163. 9

126. 7
130. 8
122.6
120. 7
115. 5
113. 4
114. 1
111. 1
113. 8
114. 1
109. 7

142. 6
144. 7
143.7
146. 3
146. 0
145. 4
143. 3
141. 1
142. 0
142. 9
141. 5

161. 2
162. 2
162.4
163. 8
164. 4
165. 9
166. 3
165. 8
165. 3
166. 1
166. 8

218. 0
219. 6
221.7
222. 7
223. 2
225. 2
222. 4
223. 3
222.7
225. 3
224.8

139. 5
139. 8
138.2
136.9
137.0
138.4
141. 0
140. 4
136. 2
139. 2
140.1

142. 1
139. 7

178.5
177.4

189. 6
195. 1

159. 0
154.3

112. 0

141. 1
138.8

164. 6
164. 0

222. 4
221.7

142.7
141. 8

1970: Jan
Feb
Mar "

_

:

__ _ ___
..

141

176

197

156

138

164

222

142

Source: Board of Governors of the Federal Reserve System.




17

WEEKLY INDICATORS OF PRODUCTION
Output of cars and trucks increased 7 percent in March; However, output was 17 percent lower than a year earlier.
Production of steel rose 2 percent. Other weekly indicators of production were mixed.
MILL IONS OF SHORT TONS PAILY AVERAGE)

MillIONS OF TONS
STEEL

BITUMINOUS COAL

25

,. .,...,-..-:-, "-..... .

3.5

1968

+.s

y\

~~ ~~^

1969 >.^x~^-

^— *HN—..-V"'*

25 -==»^^| 1970|

'-.,

_,,....

/

..-J: F \
\ I -. :
»

*

'—"-^~:

T~

'

1.5

1

\

.•''"''

1.5

J . F
M
A
M
J
BILL IONS OF KILOWATT HOURS

J

A

S

O

N

"

/ ^

l^_

N/<

/

/\'<— *s^y
25

lOAAr^*" ***•

1969
s

-7

s

-•«v,^y-v

>>

200

*^

*

''*
v

!

~<^—''V

150

.

f
:
i

^

* \

:

•
1969

-:

1/

\/ • '

F

M

A

M

J

CARS AND TRUCKS
.-•• .«*••.

I \ )1

J

A

S

O

.A

A
***

'""^

***

100

V

^"**

*•

^^

,

.•-.

'

.

\/^-l

*VJA r-^'

v\fi/r^\\J^"«
\y
I

\

50
20

i
.

:

C^-^ ^^^ 1
P-

/VVs

w---x /'"A/
'

\/

N

D

"

THO USANDS
300

J1970I

/ X /N

i
/
\I

J

250

^X^v

""'X.

i i i i i i I i f t 1 i* i i 1 t t i i 1 i i i 1 i i :t 1 i i i i 1 t t i t i <• i i 1 i t i I t i t «

y

V

D

ELECTRIC POWER

/

'^

1.0

35

30

"1

V

J1970I

•••

*| t t 1 1 1 I 1 1 t I f 1 1 1 1 1 I 1 1 1 1 I 1 ! 1 1 1 I 1 M I L!--I M.V! | 1. M-l-l 1- 1 .1 ! 1 Ml

V

s

\

**•

1\\

'4 .. ..*••-/ 1 \V "** 'v'^4iA.x\> "»>?</" '•" x s
,,

2.0

:
> :
/-'^O*' ^"^ - --^x-v%
i**

£

1968

•*"'

1968

| A/

V" -. iyA4ts
/
*

//
At

//

\» »v
|/

^rl:
1969'^

U

|

\:

,

/"\ .•?

^~s^lrt\ !

*•/ j 5

u »:
^"
w

''

I":

f j

1

|
:

4

H '?

i

V/

^pa

:

V

0 t • i ? 1 f 1 1 1 1 1 1 1 . 1 1 1 . . . . ! i i t f f i f I-* i t , 1 , , , 1 , 1 1 • ! > i , I , f f
F M A M
N D

M t ! I 1 » 1 1 1 I I 1 1 r ! ! 1! ! f 1 11 T » I t t I 1 1 1 f | 1 I f ! 1 | , I I ! 1 | I 1 | 1I K

M
SOURCES: AMERICAN IRON AND STEEt INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ElECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

Period
Weekly average:
1963-..
1964
1965
1966
1967
. ...
1968
1969
1969: Feb
Mar
Apr
May
June
July
Aug
Sept
__
Oct
Nov
Dec
1970: Jan
_„
Feb
Mar »
Week ended:
1970: Mar 14
21
28
Apr 4 ?
11^
1
Daily
2

Bituminous Freight Paperboard
Electric
Gars3 and truicks
Steel pi•oduced
power
coal mined
isands)
loaded
produced
distributed (thousands (thousands (thousands assemb ed (thou
Index
Thousands
of short
(1957-59= (millions of
of net
Total
Cars Trucks
of tons)
of cars)
100)
tons
kilowatt-hours) tons) J
2, 096
2,431
2,521
2,572
2,440
2, 515
2,706
2,729
2,799
2,830
2, 789
2, 753
2, 571
2,578
2, 692
2, 782
2,778
2,672
2, 538
2, 625
2,684

112. 5
130.5
135.3
138. 1
131. 0
135.0
145.2
146. 5
150. 3
151.9
149. 7
147. 8
138. 0
138.4
144. 5
149. 3
149. 1
143.5
136. 2
140. 9
144. 1

2, 658
2,678
2,720
2,695
2, 644

142.7
143. 8
146. 0
144.7
141.9

average. Includes data lor Alaska.
Not charted.

18



COUNCIL OF ECONOMIC ADVISERS

1,535
1,630
1,735
1,798
1, 868
1,827
1,879
1, 750
1,708
1,852
1, 889
1,791
2,076
1,844
1,952
1,983
1,946
1,987
1,654
1, 829
1?854

17, 490
18, 728
20, 169
21, 971
23, 169
25, 244
27, 588
27, 241
26, 584
25, 291
25, 852
27, 897
30, 053
30, 071
27, 873
26, 917
27, 308
28, 426
30, 060
28, 995
28, 116
28,
28,
27,
27,
2
27,

245
488
559
656
395

2

555
558
562
570
540
543
544
508
528
552
568
570
514
568
567
595
562
483
489
509
518

358
384
410
446
439
479
507
514
524
515
532
526
475
518
489
525
524
470
479
518
513

175.0
178. 8
213.7
199. 3
172.9
207.6
195.7
218. 2
222. 4
199. 3
194. 6
226. 2
125. 7
122. 8
208. 1
228. 4
211.5
155.5
188.9
172.8
1846

146.9
148. 8
179.4
165.4
142.4
170. 1
158. 1
177. 7
181. 3
161. 9
161. 9
187. 7
93.4
93.4
171.6
185. 1
167.9
122.7
150. 0
137.6
148. 6

28. 1
30.0
34.3
33. 9
30. 5
37.5
37.6
40. 5
41.0
37. 3
32.7
38.5
32.3
29.4
36.5
43. 3
43.6
32.7
38.9
35.2
36.0

1,864
1,889
1,884
1, 910
1, 933

521
518
522
497
535

512
508
514
474

201.0
195. 7
159.4
156. 1
171.7

162. 5
159. 2
126.6
123.8
142.3

38.6
36.4
32.8
32.3
29.4

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

04-1970
NEW CONSTRUCTION
According to preliminary estimates , expenditures 'or new construction (seasonal ly adjusted) in creased 1 perc ent in
Febru ary. Private non farm residential building declin ed again while nonresidential fprivate and pub ic outlays mere ased.
BILLIONS OF DOLLARS

BILLI ONS OF DOLLARS

100

SEASC»NAUY

100
ADJUSTED ANNUA L RATES

OA

NEW

THTAI

80

-^^^ ^^

^>1

— --— '

V

CONSTRUCTION

/

80

^^"^

"~1

**^^

PRIVATE

60

en

Cf)

~<+

^+»+*

***"'

JA

Aft

30

PUBLIC —
«„,..
mvaOXtmui*

Mffi

it»%*v»mi»rtlv,,

^rt*******""*

30

Ml**

...
..H,- " " " *
,. " " " " '

A\ l 1 i i 1 i t l t i f

V

*•„«.,„„,.«» „.»«'"**'

•••"•»n«»«ii«,t|,,H«/,ln«i»i«ti»1**

1 ! ! f 1 ! ! ! ! 1 f

1 1 1 1 I 1 ! 11 !

1 i

f ! ! I f t \ \ I

f t f f ! I! ! \ \ f

1 11f 111111i

1 f ! t t I t 1 ! 1 (N

M

40

40
ALL OTH ER

30

X

PRIVATE

/

~-**^

>. -*
^ -^ , , * * !
^ j ,,, ! !.

20

/1 1 1 1 ! 1 i t 1 1 ! 1
l/

*f*'*f^««'»«B»*««M»JJJJJJI»*B3

^•^""^

^
"
^ ^
^

i i t i i It i it i

? M 1? J ' ! ' ' '

*sO<^

^^ssS^L.
l

-PRIV ATE RESIDENTIAL (h ONFARM)

1 1I ! 1 1 ! 1 1 I

t

f 1I ! 11I ! ! !

1967

20

! I! I 1 1 t

1968

\ \ 1 1 !

1969

couNCIL

,

Period

Total

Private
Residentisil nonfarm
New
Total 1
housing

Commercial and
industrial

Other

Federal,
State,
and
local

Bi llions of dol] ars

66.2
72.3
75. 1
76.2
84.7
91. 0

1964
1965
1966.
1967
1968
1969___

45.8
50.3
51. 1
50.6
57. 0
63. 0

26.3
26.3
24: 0
23. 7
28.8
30.8

20.4
20.4
18.0
17.9
22.4
23. 7

9.0

11.9
13. 6
13. 1
13. 9
16.5

10.6
12. 1
13. 6
13.7
14.2
15.7

20.4
22. 1
24.0
25.6
27.7
28. 1

May

June
Julv.
Aug
Sept
Get
Nov

_.
_

Dec

1970: Jan
Feb »

88. 1
92.0
92. 1
91.7
92. 8
92. 4
91. 5
90.8
89. 8
91. 2
91. 3
89. 8
90.2
90. 6
91. 7

58.9
62. 9
62.6
62.8
63.0
63. 7
63.0
63. 1
62. 4
63. 8
64. 3
62. 8
62. 4
62. 6
63. 3

30. 9
31. 1
31.4
32.4
33.0
33. 0
31. 6
30. 3
29. 2
29. 3
30.0
29. 8
29.5
28.6
28. 1

25. 0
25. 0
25. 5
25. 5
25. 0
24. 5
23. 9
23.2
22. 6
22. 6
23.0
22. 8
22.5
21.7
21. 1

»Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2Compiled by F. W. Dodge Company and relates to 48 States.




14. 0
16. 8
16. 3
15.8
14. 9
15.2
16. 1
16. 8
16.8
17.8
17.8
16.7
16.8
17.5
18. 1

14. 0
15. 0
14.9
14. 6
15. 1
15.5
15. 3
16. 0
16. 4
16. 7
16. 5
16.3
16.2
16. 6
17. 1

29. 2
29.1
29.5
29.0
29.7
28.7
28.4
27. 6
27.5
27.4
27. 1
27.0
27.8
27.9
28.4

^

OF ECONOMIC ADVISERS

Construetio neon tracts2
CommerTotal value cial and
(index,
industrial
1957-59= floor space
100)
(millions of
square feet)

137. 0
142. 8
145. 3
153. 3
173.4
189.4
Seasonally
adjusted

Seasonally./ adjusted armual rates

1968: Dec
1969: Jan
Feb
Mar__
Apr

I 1 f 1 I- ! ! ' f 1 1 K

1970

SOURCEt DEPARTMENT OF CCDMMERCE

Total new
construction
expenditures

30

•

1966

1965

1964

f^^siflf^^f

179
204
205
182
183
210
186
180
216
173
195
178
218
205
215

599
680
769
694
779
883

Seasonally
adjusted
annual
rates
858

1, 133
840
762
790

1,027
964
884
864
827
960
772

1,043
1, 066
971

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 housing starts (seasonally adjusted) rose 61/3 percent In March to a seasonally adjusted annual rate of almost
1.4 million units. This was the second consecutive monthly increase. March permits were down about 2 percent.
MILLIONS OF UNITS
25

MILLIONS OF UNITS
2.5

TOTAL PRIVATE
HOUSING STARTS

1970

1964
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA5, AND VETERANS ADMINISTRATION" (VAJ

COUNCIL OF ECONOMIC ADVISERS

[Thousands of units]
Housing star ts
Total
private
Total
and
private
(includpublic
(including
ing
farm)
farm)

Period

1964,
1965
1966
1967
1968
1969 v

_

„

1969: Fob
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1970: Jan____
Feb *—Mar *

Private
Total ( includingj farm)
Total

One
unit

I, 561. 6
1, 509. 6
1, 196. 2
1, 321. 9
__ .
1, 547. 7
_ 1, 500. 1

1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
1, 507. 7
1, 466. 8

1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
1, 507. 7
1, 466. 8

971. 5
963. 8
778. 5
843. 0
899. 5
810. 6

94. 8
135. 6
159. 9
157. 7
150. 8
126. 5
127.6
132. 9
125. 8
97. 4
85. 3
69. 2
76. 7
117.0

90. 1
131. 9
159. 0
155. 5
147. 3
125. 2
124. 9
129. 3
123.4
94. 6
84. 1
66.4
74.0
113.8

1,639
1,588
1, 505
1, 533
1,507
1, 429
1,376
1,481
1, 390
1, 280
1,402
1,059
1, 301
1,383

864
824
797
877
826
803
752
828
766
762
776
577
722
690

_ _ __
•__
_ _ _.
_.
... _

'Authorized by issuance of local building permit; in 13,000 permit-issuing
places beginning 1967; 12,000 for 1963-66; and 10,000 prior to 1963.
2
Units represented by mortgage applications for new home eonstruction.

20



! Gover nment
, home pi[•ograms
(nonf arm)

New
private
housingunits
; authorized 1

Two or
more
FHA
VA
units
557. 8
154. 0
59. 2
509. 1 159.9
49. 4
386. 5
129. 1
36. 8
141. 9
52. 5
447. 7
147. 7
56. 1
608. 2
656. 2
153. 6
51. 2
Seasona lly ad justed annu al
775
764
708
656
681
626
624
653
624
518
626
482
579
693

139
156
164
137
149
138
142
151
160
178
191
170
182
187

52
53
48
47
48
46
47
54
52
53
59
54
58
62

1, 285. 8
1, 239. 8
971. 9
1, 141. 0
1, 341. 4
1, 299. 6
rates
1, 477
1, 421
1,502
1,323
1,340
1, 228
1, 245
1, 201
1, 183
1, 191
1, 239
1, 013
1, 137
1, 117

Propose d home
constr •action
—
Applica- Requests
tions for for VA
FHA
commit- appraisals 2
ments 2

182.
188.
153.
167.
168.
186.

1
9
0
2
9
5

113. 6
102. 1
99.2
124.3
131. 7
138. 2

171
162
169
169
178
176
169
193
224
230
210
251
250
258

132
136
124
122
126
145
151
127
130
184
147
141
142
142

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
Manufacturers and trade firms experienced sales (seasonally adjusted) increases in February. Inventories rose in February after a decline the month before.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
180 |

RETAIL TRADE (ENLARGED SCALE)
25 —DURABLE GOO!)S STORES

20

INVENTORIES
15

10

' \
SALES
5
30
NONDURABLE GOODS STORES

25

20
20

15

1970

1967

1968

1967

COUNCIL OF ECONOMIC ADVISERS

Total b usiness l
Period

Sales 2

1970

1969

SEE-^BELOtf.
SOURCE: DEPARTMENT OF COMMERCE

Whol 3sale 4

Inventories 3

Sales 2

101, 149
105, 525
111, 548
121, 140
137, 184
143, 694
153, 764
166, 106
154, 086
155, 339
156, 401
157, 477
158, 602
159, 264
160, 631
161, 659
162, 733
164, 250
164, 974
166, 106
165, 816
166, 680

12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
18, 347
18, 799
19, 516
19, 612
20, 105
19, 970
19, 719
20, 059
20, 210
20, 288
20, 207
20, 062
20, 292
20, 641

Sales 2

Inventories 3

Total

Re tail 5

NonDurable durable
goods
goods
stores
stores

[nventories
Total

Durable
goods
stores

28, 001
29, 450
31, 201
34, 687
38, 368
39, 318
42, 657
45, 838
42, 740
43, 014
43, 004
43, 118
43, 025
43, 438
43, 874
44, 322
44, 806
45, 378
45, 537
45, 838
45, 270
45, 337

11, 703
12, 436
13, 189
15, 255
17, 309
17, 403
19, 461
20, 597
19, 622
19, 487
19, 542
19, 567
19, 044
19, 365
19, 358
19, 756
20, 079
20, 564
20, 602
20, 597
20, 103
19, 936

3

Nondurable
goods
stores

Millions of dollars, seasonally adjusted
1962
65, 417
68, 969
1963
1964
73, 685
80, 276
1965
87, 184
1966
1967
88, 962
96, 915
1968
103, 640
1969
100, 103
1969: Jan
101, 358
Feb
Mar
101, 475
Apr
_ 102, 319
May
103, 232
June__. _ _ _ _ 104, 127
104, 201
July
Aug
_ _ 104, 644
105, 903
Sept
Oct
106, 907
Nov__
105, 666
104, 758
Dec
104, 961
1970: Jan
106, 095
Feb v
v
Mar _
1
2

The term "business" also includes manufacturing (sec page 22).
Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.
4
Beginning 1961, data include Alaska and Hawaii.




14, 936
16, 048
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
22, 441
22, 769
23, 080
23, 341
23, 438
23, 611
23, 591
23, 609
23, 716
23, 956
24, 021
24, 363
24, 484
24, 640

19, 630
20, 556
21, 823
23, 677
25, 330
26, 151
28, 277
29, 303
28, 955
29, 257
28, 881
29, 409
29, 386
29, 371
29, 090
29, 346
29, 259
29, 620
29, 471
29, 419
29, 570
29, 942
6
29, 877

6, 241 13, 389
6,661 13, 895
7, 049 14, 773
7, 849 15, 828
8, 192 17, 138
8, 348 17, 803
9, 187 19, 090
9,398 19, 904
9,446 19, 509
9,597 19, 660
9, 377 19, 504
9, 575 19, 834
9, 481 19, 905
9, 545 19, 826
9, 141 19, 949
9, 161 20, 185
9, 384 19, 875
9, 354 20, 266
9,229 20, 242
9,275 20, 144
8,886 20, 684
9,102 6 20, 840
6
9, 122 20, 755

16, 298
17, 014
18, 012
19, 432
21, 059
21,915
23, 196
25, 241
23, 118
23, 527
23, 462
23, 551
23, 981
24, 073
24, 516
24, 566
24, 727
24, 814
24, 935
25, 241
25, 167
25, 401

5
6

Beginning 1960, data include Alaska and Hawaii.
Unofficial estimates.
Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
New orders received by manufacturers (seasonally adjusted) rose in February after decreases in the preceding 3 months.
BILLIONS OF DOLLARS (SEASONAUY ADJUSTED)
110

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
70

MANUFACTURERS' SHIPMENTS

MANUFACTURERS' INVENTORIES

100

60

TOTAL

TOTAL

50

90

40

80
DURABLE GOODS

30

70

20

60

DURABLE GOODS

50
MANUFACTtJRERS' NEW CDRDERS
DURAB LE GOODS ,

30

40

^

NONDURABLE GOODS
«»«»«tM«»""Mli'

20

30
NONDURABLE GOODS
41 I . 1 t 1 1 1 1 1 1
V

1 6
9 7

i .i i ,! , i .,,
1968

20

1 I 1! 1 f t 1 ! 1 1

1969

1970

1968

1967

SOURCE* DEPARTMENT OF COMMERCE

Total

1962
1963
1964
1965
1966
1967
1968
1969
1969: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1970: Jan
Feb"

33, 113
35, 032
37, 335
41, 003
44, 876
45, 712
50, 310
54, 611
52, 801
53, 302
53, 078
53, 298
53, 741
54, 786
55, 392
55, 239
56, 434
56, 999
55, 988
55, 277
55, 099
55, 512

NonDurable durable
goods
goods

17, 103
18, 247
19, 634
22, 216
24, 635
24, 973
27, 579
30, 300
29, 325
29, 914
29, 530
29, 643
29, 573
30, 136
30, 605
30, 868
31, 742
31, 889
30, 944
30, 201
30, 042
30, 245

16, 010
16, 786
17, 701
18, 788
20, 240
20, 739
22, 731
24, 311
23, 476
23, 388
23, 548
23, 655
24, 168
24, 650
24, 787
24, 371
24, 692
25, 110
25, 044
25, 076
25, 057
25,267

1
2 Monthly average for year and total for month.
3 Book value, end of period, seasonally adjusted.

Total

NonDurable durable
goods
goods

Millions of dollars
58, 212 34, 609
60, 027 35, 807
63, 370 38, 433
68, 179 42, 204
78, 125 49, 797
82, 819 53, 540
88, 579 57, 422
95, 905 63, 550
88, 905 57, 879
89, 556 58, 282
90, 317 58, 978
91, 018 59, 426
92, 139 60, 222
92, 215 60, 479
93, 166 61, 441
93, 728 61, 724
94, 211 62, 036
94, 916 62, 631
95, 416 63, 076
95, 905 63, 550
96, 062 63, 835
96, 703 64, 104

For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.

22



1970
COUNCIL OF ECONOMIC ADVISERS

Manufac turers' sh ipments l Manufact urers' inv en to ries 2
Period

1969

Manufacturers'
Durafc le goods
inveii-NonMachinery durable 1 toryshipTotal
and
goods
equipment
ratio 3

Ma nufacture rs' new orcle rs i

Total

seasonal] y ad juste d
23, 603 33, 005 17, 026
24, 220 35, 322 18, 522
24, 937 37, 952 20, 258
25, 975 41, 803 22, 986
28, 328 45, 938 25, 710
29, 279 45, 928 25, 189
31, 157 50, 597 27, 868
32, 355 54, 815 30, 504
31, 026 53, 119 29, 684
31, 274 53, 901 30, 482
31, 339 53, 283 29, 697
31, 592 54, 635 30, 944
31, 917 54, 133 29, 998
31, 736 53, 861 29, 171
31, 725 55, 793 31, 069
32, 004 54, 799 30, 482
32, 175 56, 829 32, 135
32, 285 56, 917 31, 795
32, 340 56, 242 31, 188
32, 355 55, 362 30, 295
32, 227 53, 868 28, 909
32, 599 54, 749 29, 433

3, 090
3, 412
3, 935
4,435
5,268
5,250
5,804
6, 55o
6, 204
6, 511
6,414
7,099
6, 428
6, 528
6, 346
6, 245
7,352
6, 450
6, 696
6,490
6,414
6, 564

15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
22, 728
24, 310
23, 435
23, 419
23, 586
23, 691
24, 135
24, 690
24, 724
24, 317
24, 694
25, 122
25, 054
25, 067
24, 959
25, 316

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

1.72
1. 69
1. 64
1. 60
1.62
1.77
1.70
1. 69
1. 68
1. 68
1. 70
1. 71
1. 71
1. 68
1. 68
1. 70
1. 67
1. 67
1.70
1.73
1.74
1. 74

MERCHANDISE EXPORTS AND IMPORTS
Following the low merchandise trade surplus of $56 million in January, the surplus increased to $372 million in February (seasonally adjusted). The February figure was the largest monthly surplus since September 1967.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

4.0

4.0

3.S

2.0

1.5

1.0

1970
I/SEE NOTE 1 BELOW.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMJC ADVISERS

[Millions of dollars]

Period

Mejrehandise exports
Mercllaiidise i mports
Total (inelud- l
Gen sral impc>rts 2
Domesti 3 exports
mg ree xports)
3
Total
Food, Crude
Food, Crude M anubever- mateSeason- Unad- Total * 3 bever- matefacrials
ages,
rials
ages,
ally ad- justed
tured Season- Unadand
and to- and
justed
goods ally ad~ justed and to- fuels
bacco
fuel
bacco
justed

Mont! il v average :
1961
1962
1963
1964
1965
1966
1967
1968
1969

1969: Jan__
Feb__
Mar__
Apr__
May_
JuneJuly.-

Aug__
Sept.
Oct..
iSFov_
Dec__
1970: Jan—
Feb__
1

1, 686
1, 749
1,872
2, 153
2, 229
2, 458
2, 586
2, 839
3, 110
2, OSd
2, 29o
S, 197
3,858
8, 296
3,211
3, 168
8, 878
S, 326
3, 362
S, 367
Sf 239
3, 305
3,628

2, 049
2, 143
3, 368
3, 505
3, 548
3, 098
2,995
3, 154
3, 113
3, 563
3, 415
3, 363
3, 238
3, 388

1, 665
1, 726
1,848
2, 123
2, 201
2, 421
2,554
2, 802
3, 064

289
312
349
386
377
432
392
383
370
U nadjuste d
2, 010
143
2, 111
181
3, 323
375
3,456
396
3, 503
437
424
3, 051
2,953
386
370
3, 101
3, 069
392
452
3, 519
3, 364
462
3, 312
427
3, 196
356
3, 336
390

322
280
315
361
356
367
394
405
417

1, 065
1, 139
1, 191
1, 377
1, 453
1, 602
1,737
1, 985
2, 230

227
253
397
510
479
399
419
418
397
523
508
476
466
485

1, 619
1, 655
2, 492
2, 533
2, 551
2, 182
2, 115
2, 264
2, 222
2, 479
2,294
2, 357
2, 310
2, 391

Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
* Total arrivals of imported goods other than intransit shipments.
3
Total includes commodities and transactions not classified according to kind.




1, 230
1, 372
1, 434
1, 562
1, 786
2, 135
2,241
2,769
3,004
2, 014
2,668
2, 976
8, 178
3, 276
3, 186
3, 066
3, 180
3,055
•// 3>®G)
O, &&&

3,214
3, 007
3, 250

3,256

2, 022
2, 399
2,988
3, 330
3, 237
3,214
3, 154
2, 909
3, 132
3,430
2,989
3, 247
3, 126
2, 944

288
361
306
391
322
396
335
419
334
453
382
476
392
447
447
503
442
533
Unad iusted
194
457
316
475
503
544
587
506
486
537
486
515
477
526
418
529
436
528
523
582
442
488
522
622
500
556
475
533

Grossmerchandise
trade
Manusurplus,
facseasontured
ally adgoods
justed
545
637
672
759
937

1, 204
1,313
1,719
1,918

455
377
438
590
444
323
345
70
105

1, 282
1, 522
1, 843
2, 127
2, 101
2,096
2,030
1,855
2, 046
2, 198
1, 945
1, 976
1, 981
1, 847

72
-358
221
180
20
26
102
196.
271
140
153
232
58
372

Note.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.

23

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The balance on goods and services increased slightly in the fourth quarter to $2.9 billion (seasonally adjusted annual
rate). Merchandise exports rose more than merchandise imports.
BILLIONS OF DOLLARS
170

BILLIONS OF DOLLARS.
70
SEASONALLY ADJUSTED ANNUAL RATES

60

60

50
EXPORTS OF GOODS AND SERVICES

40

40
'

IMPORTS OF GOODS AND
SERVICES

30

30

!

20
^

1964

1966

1967

I

t

1969

1968

J/PRELIMINARY.
SOURCEi DEPARTMENT OF CO/AMERCE

J/

J

1

1O7A
1970

MA20
'

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

Total

37, 271
39, 399
43, 360
46, 188
50, 594
55, 387

1964
1965
1966
1967
1968
1969 *»

Exports of gooc s and se rvices
Inconle on
invest]ments
MiliMerchan- tary
GovPridise 1
sales vate
ernment
25, 478
747
26, 447
830
29, 389
829
30, 681 1, 240
33, 598 1,427
36, 487 1,504

4,930
5, 384
5, 659
6,234
6,934
7,965

456
509
593
638
765
931

Impor ts of good s and senaces

Balance
on

Other
services

Total

Merchandise 1

5, 659
6, 230
6, 891
7,394
7,871
8,500

28, 691
32, 278
38, 081
41, Oil
48, 078
53, 314

18, 647
21, 496
25, 463
26, 821
32, 972
35, 797

Mili- Other goods
tary
and
expend- serv- services
itures
ices
2, 880 7,164
2,952 7,831
3,764 8, 854
4,378 9, 813
4, 530 10, 577
4,882 12, 636

8,580
7, 121
5,279
5, 177
2,516
2,073

Sea sonally ad just ec annual r ates

1968: II

50, 672
53, 376
50, 612

33, 580 1,412
35, 516 1, 624
33, 532 1,456

7,072
7,312
7, 108

820
848
560

7 788
8 076
7 956

47, 308
49, 740
49, 408

32, 524
34, 264
33, 832

4,464 10,320 3,364
4, 572 10,904 3,636
4,676 10,900 1,204

1969: I
II
III
IV *

47, 676
57, 016
58, 212
58, 644

29, 912
38, 396
38, 324
39, 316

7,540
7,668
8,468
8,184

928
924
980
896

7
8
8
8

46, 284
55, 856
55, 388
55, 728

30, 316
38, 396
36, 972
37, 504

4,816
4,832
4,880
4,996

III
IV

1

1,656
1,324
1,668
1,364

Adjusted from customs data for differences in timing and coverage.

24



640
704
772
884

Source: Department of Commerce.

11, 152
12, 628
13, 536
13, 228

1,392
1,160
2,824
2,916

U.S. BALANCE OF INTERNATIONAL PAYMENTS
In spite of a sizable surplus in the fourth quarter, there was a record deficit of $7.1 billion in the balance of payments
on the liquidity basis during 1969. On the official reserve transactions basis, there was a surplus of $2.7 billion for
the year.
BILLIONS OF DOLLARS.

BILLIONS .OF DOLLARS

15

15

BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS

-20
1964

1970

J/foELIMlNARY.
COUNCIL OF ECONOMIC ADVISERS

SOURCCi DEPARTMENT OF COMMERCE

[Millions of dollars]
1T 0
LJ .O.

Period

U.S. pr ivate capi tal, net

Government
grants
Direct
investand
capital,
ment
net 1

1964

-3, 564 -2,328
1965III - 3, 406 -3,468
1966. _ _ — 3, 444 -3,639
1967___ -4,223 -3, 154
1968— — 3, 955 -3,025
1969___ -3,866 -3,060

1968:
II
III

-4, 220
-3,872
IV_ -3,340
1969:""""
-3, 172
I
-4,620
II
III— -4, 148
IV"__ -3,520

Other
longterm

Shortterm

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

-2, 103 -2, 147
689 -1, 118
270
-1,079
753
-576
-256
2,531
— 489
-415
-1,292 -1, 209 3, 360 - 1, 007
- 1, 082 -1,049
8, 565
-642
-1,397
— 552
3,870 -2,963
Season ally adjus ted anmuil rates

-4,036
-588 - 1, 524 10, 068 -1,920
- 5, 048 — 916 -1,508
7,220
1,236
-1, 132 -2,280
10, 752
— 240
-376
-3,712 -1,088
-628
— 4, 228 - 1, 908 -2,068
-4, 536 -1,736
1, 156
232
-860
-668

Official
reserve
transactions
basis 3

o n an g e s
in gold,
convertible currenTo foreig n official
cies, and
6
hold ers
To other IMF gold
foreign 6 tranche
Non— holders position
Liquid
(increase
liquid
Chan ges in sel ected
liabilityis (decrea se [ — ]) 4

1,075
318
1, 554
-2, 800-1,564
171
-18
85
131
-1,335 -1,289
1, 222
761
2, 384
266 -I, 595
-1,357
568
2,020
1,346
1, 472
-3,544 -3,418
52
-3,099
2, 341
3, 811
168 1,638
-880
-527
2,712
-998
8,772
-7,058
-1,187
Quarterly tot<als, unadj listed
36
-556
3,448

6,212
388
1,468

6, 552 -4, 956 -6,700 4,528
1,404 -4, 156 -- 15, 552 4,904
1,364 -4, 136 -10,432 -3, 708
4, 452 5, 124
6, 160
1, 392

1
Includes certain special Government transactions.
8
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. gold tranche position in the IMF.
'Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and the U.S. gold tranche position in the IMF.
4
Includes short-term official and banking liabilities and foreign holdings of
U.S. Government bonds and notes.
5
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.




—=^r-

Bal£mce

-2, 190
-38
487
-1, 708
-538
2, 239
— 520

777
537
664

2,222
1, 017
-149

-137
-571
-1,076

45
-368
-510
-165

3, 024
4, 653
1,419
-324

-299
-686
-154

-48

7

« Private holders; includes banks and international and regional organizations;
excludes IMF.
7 On Dec. 31, U.S. reserve assets consisted of gold stock, $11,859 million (up $695
million from Sept. 30); IMF position including gold portion of increased U.S.
subscription, $2,324 million; convertible currencies, $2,781 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.

25

PRICES

CONSUMER PRICES

Consumer prices advanced again in February, with a rise of 0.5 percent. Food prices were up 0.6 percent. Nonfood
commodities increased slightly because of higher prices for nondurables. Services prices rose 0.7 percent.
Index, 1957-59=100
160

Index. 1957-59 = 100
160

110

100

100

1964
SOURCE.-

1965

1966

1970
COUNCIL OF ECONOMIC ADVISERS

DEPARTMENT OF IABOR

[1957-59 = 100]
f All
items

Period

1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Jan
Feb
Mar
Apr
Mav
June__
July
Aug
Sept
Oct___ _
Nov
Dec

1970: Jan
r- Feb
Source: Department of Labor.

26



__ _
_

_
_

103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
121.2
127. 7
124. 1
124. 6
125. 6
126. 4
126. 8
127. 6
128. 2
128. 7
129. 3
129. 8
130.5
131. 3
131.8
132. 5

All commodities

101.7
102. 3
103. 2
104. 1
105. 2
106.4
109. 2
111. 2
115.3
120. 5
117. 4
117. 8
118. 7
119. 3
119. 6
120. 5
121. 0
121. 4
121. 7
122. 4
122.9
123. 6
123.7
124. 2

Services
Commodities
Comm odities les s food
Services
All
Food
Rent
less
NonAll
Durable durable services
rent
102. 6
106.6
107. 4
101.7
100.9
103. 1
101. 4
102. 6
103.2
102. 0
110. 0
108. 8
104. 4
100. 8
103. 6
102. 8
103. 8
110. 9
105. 7
112. 1
101. 8
103. 5
102. 1
104. 8
113. 0
105. 1
106.8
114. 5
106. 4
104. 4
103. 0
105. 7
115. 2
117. 0
107.8
107.2
108.8
105. 1
102. 6
117.8
108.9
120.0
114. 2
122. 3
102. 7
109. 7
106. 5
110. 4
125. 0
115. 2
112. 4
109. 2
104. 3
113. 1
127. 7
131. 1
113.2
119.3
134.3
107. 5
117.7
115.1
138.6
123. 0
125. 5
111. 6
143.7
118. 0
149.2
118. 8
122. 0
120. 1
139. 0
115. 0
116.9
108. 6
143. 9
121. 9
139.7
109. 7
117. 2
115. 7
120. 5
144. 6
122. 4
121. 4
116.8
140. 9
111. 1
117. 5
146. 1
142. 0
123. 2
121. 9
117. 8
117. 2
111. 4
147.4
123. 7
122. 4
142. 7
117. 5
118. 1
111. 3
148. 1
123. 0
143. 3
125. 5
111. 7
118. 5
118. 0
148. 8
144. 0
126. 7
123. 1
111. 9
118. 1
118. 8
149. 6
127. 4
123. 3
118. 2
111. 9
145. 0
119. 3
150. 7
124. 4
146. 0
118. 7
127. 5
119. 7
111. 6
151. 7
127. 2
125. 1
146. 5
120. 1
119. 8
113. 2
152. 3
147.2
128. 1
125.5
113. 5
120. 5
120. 2
153. 1
121. 0
129. 9
113. 6
125. 7
120. 3
148. 3
154. 3
125.2
149.6
121. 3
130.7
120.1
113.7
155. S
120.4
125. 8
150. 7
131. 5
113. 7
157. 1
121. 8

WHOLESALE PRICES
Wholesale prices in March rose 0.2 percent, the smallest rise since last September. Prices of farm products were up
0.5 percent and industrial commodities up 0.3 percent while processed foods and feeds were down 0.2 percent.
Index, 1957-59=100
140

index, 1957-59=100
140

80
1964
SOURCE

1970

DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1957-59 = 100]
Iridustrial commoditi es

Proc-

All

ConsuDaer finished g<)ods excludin g food
DurNonable
durable
100. 9
101. 5
100.5
101. 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
103. 9
109.4
105. 8
112. 3

commodities

Farm
products

1960
1961
1962
1963
1964
1965
I960
1967
1968—
1969

100. 7
100. 3
100. 6
100. 3
100. 5
102.5
105. 9
106. 1
108. 7
113. 0

96. 9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
99. 7
102.2
108. 5

100. 0
101. 6
102.7
103. 3
103. 1
106. 7
113. 0
111.7
114. 1
119. 8

101. 3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
106. 3
109.0
112. 7

Inter- Producmediate er finmateished
rials 2
goods
9a 3
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
104. 5
103. 6
108. 0
100. 0
104. 8
111. 5
107.5
101. 8
115.3
110. 5
111. 3
119. 3

1969: Feb

111.
111.
111.
112.
113.
113.
113.
113.
114.
114.
115.

1
7
9
8
2
3
4
6
0
7
1

105.0
106. 5
105. 6
110. 5
111. 2
110. 5
108. 9
108. 4
107. 9
111. 1
111. 7

116.3
116. 4
117. 3
119. 4
121. 4
122. 0
121. 5
121. 3
121. 6
121. 8
122. 6

111. 4
112. 0
112. 1
112. 2
112. 2
112. 4
112. 8
113. 2
113. 8
114. 2
114. 6

105. 5
107. 2
109. 0
109. 7
110. 2
110. 7
112. 5
113. 9
113. 7
114. 1
114. 5

110. 4
111. 1
111. 0
111. 1
110. 8
110. 9
111.3
111. 8
112. 2
112. 6
112. 9

117. 8
118. 0
118. 1
118. 5
118. 7
119. 3
119. 3
119. 9
120. 8
121. 5
122. 3

105. 1
105. 3
105. 4
105. 4
105. 5
105. 6
105. 2
105. 3
106. 9
107. 1
107. 2

110. 7
111. 2
111. 5
111. 4
112. 2
112. 6
113. 0
113. 3
113. 6
113. 8
114. 1

116. 0
116. 4
116. 6

112. 5
113. 7
114. 3

125. 1
125. 2
124. 9

115. 1
115. 5
115. 8

116. 0
118. 5
118. 5

113. 5
113. 9
114. 2

122. 9
123. 1
123. 5

107.4
107. 6
107.8

114. 2
114. 6
114. 7

Period

Mar

Apr_ __ _ _
__
May
__ _ _ _ _ _
June_
__
Julv
Aug
_
Sept
_ ___
Oct

___
_
___

Nov__ _ _ _ _
Dec
1970: Jan
Feb

Mar

1

__ _ _

_ __

_

__ _

_

foods
and
feeds

Coverage of the subgroups does not correspond exactly to coverage of this
ndex.
'
2
Excludes intermediate materials for food manufacturing and manufactured
miinal feeds; includes, in part, grain products for further processing.




All industrials1

Crude
materials

NOTE.—Beginning 1967, the indexes incorporate a revised weigh ting structure
reflecting 1963 values of shipments. The classification structure also changed.
_
,T
/-*«
bource: Department oi Labor.
££

PRICES RECEIVED AND PAID BY FARMERS
During the month ended March 1 5 both the index of prices received and the index of prices paid by farmers were
unchanged from February prices. The adjusted parity ratio was also unchanged.
Inde <, 1957-59=100
T40

Index, 1957-59==100
140

ion

PRIGES PAID,
INTEREST, TAXES, AND
WA 3E RATES

120

c<7\
V
^/
fxr^^\
/

— —
„*>•_ — « -r,—™^

no

100

v

i , ,,,,

A

,"
'

1 *3f>

^"^

120

-'

+'

r^s
s

,.„—,.-/ V*s ^

110

PRICES RECEIVED
ALL FARM PRODUC1 S)

^^-^.

90

^—^""1
-*-

^
+'"

rW

-?

/

100

^
1

I

1

1

1

1 1

!

I I

t

»

f

I

1

1

!

I !

1 1

I t t , i 1 I ? i r i

1

, , , , , ! , ; , , ,

i i i i i T i t i >. i » r i i ' "' » » ' ' '

RA1 10-y
90

y\
„
'*''«,,fck

80

„

80

— PARITY RATIO -

-X.

' '*"''•'•••—*"••••<*

v\

'\x '""\,,^

^'•iwtt

^ofF*

' H II
4 UI

7(1

70

60

90

RATI OJ/
90

, 1 1 1 . 1 . 1 1 1 .

1

.

.

.

1964

.

? .

t

.

. .,..r..t.i

. 1

1965

. i i T f ! i i . . .

1967

1966

1968

.

1969

.

.

.

.

I

,.

I

1I

60

1970

J/RATIO OF INDEX OF PRICES RECEIVED TO IM)EX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-= TOO BASE.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

I
Period

1960
1961
1962
1963
1964
1965
1966
1967_
_. _
1968
1969.
1969: Feb 15
Mar 15
Apr 15
May 15__ _ _
June 15
July 15_
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
1970: Jan 15
Feb 15
Mar 15

All farm
products

__ _ _

99
99
101
100
98
103
110
105
108
114
110
112
112
117
117
117
115
114
115
118
118
119
120
120

Crops

All items,
interest,
taxes, and
wage rates
Index, 19^37-59=100

Livestock
and
products

100
102
104
107
107
104
106
101
103
100
101
102
102
106
103
100
99
96
97
102
99
98
99
99

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 ]

Prices paid by farmers

Prices received by farmers

98
98
99
95
91
101
113
107
112
125
117
119
120
124
128
129
128
127
127
129
133
134
135
135

102
103
105
107
107
110
114
117
121
127
125
126
127
128
128
128
128
128
128
127
129
131
132
132

Family
living
items

102
102
103
104
105
107
110
113
117
123
120
122
122
123
123
123
123
124
124
125
125
126
127
127

Production
items

101
101
103
104
103
105
108
109
111
116
114
115
116
117
117
116
116
116
116
117
117
118
119
119

Actual

80
80
80
78
76
77
80
74
73
74
73
73
73
75
76
75
75
73
74
75
76
75
75
75

Adjusted2

82
83
83
81
80
82
86
79
79
80
79
79
79
81
82
82
80
79
80
81
82
81
81
81

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

MONEY, CREDIT, AND SECURITY MARKETS

MONEY SUPPLY

»he money supply (seasonally adjusted) rose $2.2 billion in March, more than offsetting the decline in February,.
Time deposits also rose in March.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
250

250
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

225

225

200

H 175

175

^^X

150

TIME DEPOSITS AT ALL
COMMERCIAL BANKS

150

125

125

100

100

! ii ii

0 I I 1 1 1 1 1 1 1 M 1

I M M I M M 1

1965

1964

1966

\_\ \ \ \ Li ! \ \ \

1968

1969

1967

1 M

i 1 I

1970

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESER VE SYSTEM

COUNCIL OF ECONOMIClAt3VISERS

[Avera ges of daij y figures, billions of dollars]
M oney supr)lv

Period

1964: Dec
1965: Dec
1966: Dec
1967: Dec
1968: Dec _ _
__
1969: Dec
1969:Feb _ _ _
Mar
___
Apr
May
June__ -- _ _ _ _
July
Aug__
_ _ _ _ _
Sept

Fob

r

Mar __

1

Currency
outside
banks

Total

_ __

Oct

Nov __ __
Dec
1970: Jan__ _
___ _ _ _ _ _

M oney supi>iy

Currency
out• _j
side
banks

_

SeasonallyT adjusted
34.2
125. 1
36.3
130.4
132. 1
38.3
40. 4
141. 3
43. 4
151. 4
153. 7
45. 9
43. 8
152. 5
44. 1
152. 6
44. 2
154. 0
44. 5
153. 8
44. 8
154. 2
154. 4
45. 0
45. 3
153. 8
151 7
45. 2
! 5 5. 0
45. 6
45. 9
l. r )l 4
45. 9
15 }. 7
46. 1
15-). 0
40. 4
153. 0
46. 7
201. , >
154. 8

159.3
166.7
170.4
181. 7
194. 8
199. 6
196.3
196. 8
198. 1
198. 3
199. 0
199. 3
199. 0
199. 0
199. 1
199. 3
199. 6
201. 1
199. 3
r

Deposits at all commercial banks.
NOTE.—Effective June 9, 196(5, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at ail
omrnercial banks.




Time
deposits 1

Demand
deposits

Total

!

De-

mand
deposits

Time
deposits l

U.S.
Government
demand
deposits l

1Jnadjuste d

126.6
146.7
158.5
183.7
204. 9
194. 1
202. 4
202. 3
202. 3
201. 7
200. 8
197. 7
194. 5
194. 1
193. 5
193. 4
194. 1
102. .1
192. 0 i
194. 2 1

164.0
172.0
175.8
187. 5
201. 0
206. 0
194. 8
195. 0
199. 2
194. 4
197. 0
197. 8
195. 9
197. 6
199. 3
201. 0
206. 0
207. 1
197. 8
109. 7

35.0
37.1
39. 1
41. 2
44. 3
46. 9
43. 4
43.7
43. 8
44. 2
44. 7
45. 2
45. 4
45. 2
45. 6
46.4
46. 9
46. 1
45. 9
46. 3

129. 1
134.9
136.7
146. 2
156. 7
159. 1
151. 4
151. 3
155. 3
150. 3
152. 3
152. 7
150. 5
152. 4
153. 7
154.7
159. 1
161. 1
151. 9
153. 4

125.2
145.2
156.9
182. 0
203. 1
192. 4
202.4
202. 9
202. 7
202. 2
201. 0
197.7
195. 5
194.3
193. 7
192.6
192.4
191. 7 |
192. 0
194. 8

5.5
4.6
3.4

5. 0
5. 0
5. 5
6. 9
4.8
5.4
9.2
6.0
5.6

4. 3
5.3

4. 2
5. 1
5. 5
4.7
7. 1
6.9

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

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of selected liquid assets (seasonally adjusted) rose sharply in March. Increases in demand deposits
and currency and Government securities maturing within one year accounted for most of the rise.
800

BILLIONS OF DOLLARS
800

700

-J 700

600

600

BILLIONS OF DOLLARS

200

100

100
1970
I' ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

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

End of period

1963
1964
1965
1966
1967
1968
1969
1969: Feb
Mar
Apr

_

May

June
July
Aug
Sept
Oct p
Nov p_
Dec *
1970: Jan *
Feb"
Mar"

_
._

_

_

_
_

495. 4
530. 5
573. 1
601.5
650.4
709.6
729. 1
705. 7
713. 2
711. 2
714. 3
713. 8
i 709. 5
713. 1
718. 0
714. 3
720. 6
729. 1
718. 3
719.6
733. 2

Demand
deposits
and
currency l

149. 6
156. 7
164. 1
168. 6
180. 7
3
199. 2
205. 7
189. 8
192. 4
190. 8
191. 5
194. 1
i 191. 8
193. 2
194. 1
193.6
195. 0
205.7
194. 5
193. 9
198. 4

Time c eposits

Commercial
banks




Postal
Savings
System

44. 5
49. 0
52. 6
55.2
60. 3
64.7
67. 0
65. 2
65. 5
65.7
66. 1
66. 3
66.3
66.4
66. 6
66.7
67.0
67. 0
67. 1
67. 5
67. 5

112. 9
127. 1
147. 1
159.3
183. 1
203. 8
195.9
202. 9
201. 9
201.8
202. 7
200.4
197. 5
195. 7
195. 6
195.4
197. 1
195.9
194. 6
195. 4
197. 4

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
for last Wednesday of month. Data prior to July 1969 have not been revised to
conionn to the money supply revision.
- Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February i960, savings and loan associations.

30

Mutual
savings
banks

3

0.5

.4
.3
.1

Savings
and loan
shares
90. 9
101. 4
109.8
113.4
123.9
131.0
134. 8
132. 0
133.4
133. 3
133. 5
133. 6
133. 6
134. 1
135. 3
134.9
135. 3
134. 8
133. 6
134. 1
135. 7

U.S. Government
U.S. Gov- securities
ernment maturing
savings
within
bonds 2
year 2
49.0
49. 9
50. 5
50. 9
51. 9
52.5
52. 4
52. 3
52.2
52. 2
52. 2
52. 2
52. 2
52.1
52.0
52. 0
52.0
52. 4
52.2
52. 1
52.0

Estimates for Dec. 31.

NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.

48. 1
46. 1
48. 6
53.9
50. 5
58.5
73, 2
63.4
67.7
67. 5
68. 3
67. 3
68. 1
71.6
74.6
71. 7
74. 2
73.2
76. 3
76. 6
82. 1

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total bank credit (seasonally adjusted) rose $1 billion in March. Loans declined $1 billion and investments increased
$2 billion. Borrowings at Reserve Banks declined, but free reserves were largely unchanged.
BILLIONS OF DOLLARS
500 I

BILLIONS OF DOLLARS
i 500

SEASONALLY ADJUSTED, END OF MONTH

ALL COMMERCIAL BANKS

400

400

TOTAL
LOANS AND INVESTMENTS
300

300

BANK LOANS
200

200

100
U.S.

'

"'""

INVESTMENTS IN
GOVERNMENT SECURITIES

100

\

INVESTMENTS IN OTHER SECURITIES
I I M I I I M 1 I I I I L
1964

1965

1966

1967

1968

*SEE FOOTNOTE 4 BELOW
SOURCE: BOARD OF GOVERNORS OF 1

COUNCIL OF ECONOMIC ADVISERS

Bank
Weekly
debits
reporting
large com- outside
mercial New \ork
Total
Investrnents
City (232
banks
Loans,
End of period
loans excluding
centers) ,
and
inter- U.S. Gov- Other Commercial seasonally
investbank
securi- and indus- adjusted
ernment
ments
annual
securities
ties
trial loans
rates l
Billions of dollart
1963
246.2
149. 6
61.7
35. U
X, 199
38. 8
1
1964
267. 2
167. 7
42. 1
2, 706
60. 7
38. 7
3
192. 6
294. 4
S,01S
57. 1
44. 8
1965
53. 1
310. 5
208. 2
1966
48. 7
60.7
53. 6
3,421
346. 5
225. 4
59. 7
1967 _ _ _
s, 740
61. 4
65. 8
384.6
251.6
61.5
71.5
73.1
1968
4, 354
276. 2
5, 160
1969 *
_ _ 398. 6
51. 8
70.5
81. 6
386. 6
1969: Mar___ .
257. 3
57.4
71. 9
75. 0
4,841
390. 7
72. 1
4, 982
Apr
261. 0
76. 7
57.7
392. 2
264. 1
72. 0
5,050
56. 1
May
76. 6
392. 5
264. 3
72. 0
5, 230 \
June_ _ _
56. 2
78. 4
4
4
\1
^ 397. 3 ^ 269. 2
71. 8
June
56. 3
397. 7
71. 0
269. 9
56. 8
July
77. 6
5, 334
70. 3
397.5
270. 3
56. 9
5, 282
76. 7
AUK
54. 7
396. 5
271. 3
70. 5
5,426
Sept
78. 1
5,399
396. 8
273. 3
70. 1
Get pp
53. 4
77. 6
71. 0
399. 7
275. 5
53. 2
78. 0
Nov
5, 277 \
276. 2
51. 8
70. 5
o, 362 I j
Dec v
398. 6
81. 6
i
70. 9
275. 3
49. 9
1970: Jan *_ _ _ _ _ 396. 1
78. 1
5,494
5, 520 i
397. 2
277. 1
49. 4
70. 8
78. 2
Feb *
276. 1
49. 8
72. 4
Mar p _ _
398. 3
78. 9
All cornr lercial bank s
(s easonally adjusted daita)

1

Debits during period to demand deposit accounts except interbank and
U.S. Government. New series beginning January 1964.
2
Averages of daily figures. Annual data are for December.
'New series; see Federal Reserve Bulletin, March 1967.
*New series; see Federal Reserve Bulletin, August 1969.




J

Adl mem be r banks

L •,

2

R
Total
reserves

Excess
reserves

ings at
Free
Federal
reserves
Reserve
Banks

•
Millions o f dollars

22,
23,
25,
27,
28,
26,
27,
27,
27,

719
830
260
221
031
754
079
903
317

536
411
452
392
345
455
257
217
152
300
343

26,
27,
26,
27,
27,
28,
28,
27,
27,

980
079
971
340
764
031
858
976
447

116
303
236
143
253
257
166
273
91

20, 746
21,609

327
243
454
557
238
765
1,086

918
996
1, 402
1, 407
1,
1,
1,
1,
1,
1,

190
249
067
135
241
086

965
1, 092

896

209
168
—2
-165

107
-310
-829
-701
— 844
-1, 102
- 1, 064
- 1, 074
- 946
— 831
-092
-988
-829
-799
-819
-805

NOTE.—Effective June 1966, balances accumulated for payment ol personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
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.
Ol

CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding declined $1 billion in February. Seasonally adjusted instalment credit rose $400
million.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

140 r

80

60

60

20

20

10

10

SEASOhJALLY ADJUSTED (ENLARGE D SCALE)
INSTALMENT CREDIT E XTENDED

t-^+*^**~-1

\
6
4

INSTALMENT C REDIT REPAID

/!!

t ! 1 ! 1 I 1 f I !

Y

t ! f F ! 1 ! t ! I !

1964

!

! I ! 1 I ! ! f

1 !

I ! 1! 1 1 f ! I ! !

1966

1965

1967

!

! ! ! 1 1 ! 1 1 f !

f f ! t 1 I I f f ! 1

1969

1968

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1970
COUNCIt OF ECONOMIC ADVISERS

[Millions of dollars]
Consum er instalme nt credit e:^tended
Consu mer credit outstandin g (end of period;
Linadjusted)
and nspaid (seas 3nally adju sted)
Automobile paper
[nstalment
To tal
NonAutomoTotal
instal- Extended Repaid Extended Repaid
Total l
bile
Personal
ment 3
paper
loans

Period

1961
1962
1963
1964
1965
1966
1967
1968
1969
1969: Jan_ _
Feb
Mar__
Apr
May__
June
July_ _
Aug
Sept
Oct
Nov
Dec
1970: Jan
Feb

f » r f I 1 f ! 1 ! iN

57, 982
63, 821
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
_ 112,117
111, 569
_ _ 111, 950
113, 231
_ 114, 750
115, 995
__ 116, 597
117, 380
118, 008
118, 515
119, 378
122, 469
121, 074
120, 077

43, 891
48, 720
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
89, 492
89, 380
89, 672
90, 663
91, 813
93, 087
93, 833
94, 732
95, 356
95, 850
96, 478
98, 169
97, 402
96, 892

17, 135
19, 381
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
34, 013
34, 053
34, 262
34, 733
35, 230
35, 804
36, 081
36, 245
36, 321
36, 599
36, 650
36, 602
36, 291
36, 119

11, 673
13, 414
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
26, 911
27, 048
27, 230
27, 628
27, 983
28, 305
28, 541
28, 957
29, 207
29, 312
29, 529
29, 918
29, 774
29, 816

'Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
2
2 Consists of single-payment loans, charge accounts, and service credit.
End of period, unadjusted.

32



14, 091
15, 101
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
22, 625
22, 189
22, 278
22, 568
22, 937
22, 908
22, 764
22, 648
22, 652
22, 665
22, 900
24, 300
23, 672
23, 185

49, 048
56, 191
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
8,371
8, 414
8,381
8, 720
8,680
8,705
8,521
8, 680
8, 669
8,661
8,632
8, 344
8,521
8,625

48, 124
51, 360
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
7, 730
7,616
7,735
7, 960
7,834
7,910
7, 899
8,080
7, 971
7,992
8,012
7,929
8, 141
8,207

16, 029
19, 694
22, 126
24, 046
27, 227
27,341
26, 667
31, 424
32,354
2,661
2,716
2,730
2,772
2,757
2,725
2,582
2,634
2,794
2,808
2,683
2, 472
2,479
2,536

16, 552
17, 447
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
2,467
2,468
2,501
2,519
2,488
2,460
2,471
2,562
2,498
2,463
2,503
2,499
2,469
2,550

Mortgage
debt outstanding
nonfarm,
1- to 4f amilv
houses 3
153, 000
166, 500
182, 200
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800

254, 800
259, 500
263, 400
266, 800

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

BOND YIELDS AND INTEREST RATES
Interest rates declined further in March. Mortgage yields, however, continued to rise.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

CORPORATE Aaa BONDS
(MOODY'S)

'

1970

1964

SOUHCE. SEE TABLE

Period
1962
1963_
1964
1965
1966
1967
1968
1969
1969: Feb
Mar_ _
Apr
May
June
July
Aug
_ Sept..
Oct
Nov
Dec
__1970: Jan__ _ _ _
Feb
Mar_
__ __
Week ended:
1970: M a r 2 0 _ _
27 __
Apr 3 _ _
10
17 __
1
3

COUNCIL OF ECONOMIC ADVISERS

[Percent
U.S. Govcjrnment secui ity yields
3-month
3-5 year
Taxable
Treasury
bonds 3
issues a
bills i
2. 778
3. 157
3. 549
3.954
4.881
4. 321
5.339
6.677
6. 156
6. 080
6. 150
6.077
6.493
7. 004
7. 007
7. 129
7. 040
7. 193
7. 720
7. 914
7. 164
6,710

3.57
3.72
4.06
4.22
5. 16
5.07
5.59
6. 85
6. 16
6. 33
6. 15
6.33
6. 64
7. 02
7.08
7.58
7. 47
7.57
7. 98
8. 14
7. 80
7. 20

3.95
4.00
4. 15
4.21
4. 65
4.85
5.26
6. 12
5.86
6. 05
5. 84
5.85
6. 05
6. 07
6. 02
6. 32
6. 27
6. 52
6. 81
6. 86
6. 44
6. 39

6.
6.
6.
6.
6.

7. 30
7.08
7. 22
7. 29

6.
6.
6.
6.

836
262
330
409
310

per annum]
High-grade
municipal
bonds
(Standard &
Poor's) *
3. 18
3.23
3.22
3.27
3.82
3.96
4.51
5. 81
5. 10
5. 34
5. 29
5. 47
5. 83
5. 84
6. 07
6.35
6. 21
6.37
6. 91
6. 80
6. 57
6. 14

51
33
32
38

z
Rate on now issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
«Weekly data are Wednesday figures.
6
Data for first of the month, based on the maximum permissible interest rate
(S)4 percent beginning January 5, 1970) and 30-year mortgages paid in 15 years.




6.
6.
6.
6.

24
05
21
45

CorporalDe bonds
(Moo dy's)
Aaa

Baa

4.33
4.26
4. 40
4.49
5. 13
5. 51
6.18
7.03
6. 66
6. 85
6. 89
6.79
6. 98
7. 08
6.97
7. 14
7. 33
7. 35
7.72
7. 91
7. 93
7. 84

5. 02
4.86
4. 83
4.87
5.67
6.23
6.94
7.81
7. 30
7.51
7. 54
7. 52
7. 70
7.84
7. 86
8. 05
8. 22
8. 25
8. 65
8. 86
8.78
8. 63

7.88
7. 92
7.85
7. 80

8.
8.
8.
8.

65
66
65
63

Prime
commercial
paper,
4-6
months
3.26
3.55
3.97
4.38
5. 55
5. 10
5.90
7.83
6. 62
6. 82
7.04
7.35
8. 23
8. 65
8.33
8.48
8. 56
8.46
8.84
8.78
8. 55
8.33

FHA
new home
mortgage
yields 5
5. 61
5.47
5.45
5.46
6.29
6.55
7.13
8. 19

7.99
8. 05
8.06
8. 06
8. 35
8. 36
8. 36
8. 40
8.48
8.48
8. 62
9.29

8. 35
8. 03
8. 08
8.08

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 in March averaged slightly higher than in February, the first monthly gain since last
November. In early April there was another small rise.
Index, 1941-43=10

Index, 1941-43=10
120

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

PPxICE/EARNINGS RA TIO ON COMMON STOCKS
20

1

i
1
1

—"""

1

1

15

.

!

!

!

1966

1965

I

!

!

!

1

!

1968

1967

1

!

SOURCE: STANDARD & POOR'S CORPORATION

Period

1964
1965
1966_
1967
1968_
1969
1969: Mar
Apr
May—
_
June
__
July
Aug_ __
___ _
Sept
Get
Nov. ._
Dec
1970: Jan
_ . _ __
Feb
Mar
Week ended:
1970: Mar 6
13
20
27
Apr 3
10




!

1970

!

N

^

COUNCIL OF ECONOMIC ADVISERS

Total

Total

81. 37
88.17
85. 26
91. 93
98.70
97.84
99. 30
101. 26
104. 62
99. 14
94. 71
94. 18
94. 51
95. 52
96. 21
91. 11
90. 31
87. 16
88. 65

86. 19
93.48
91. 08
99. 18
107. 49
107. 13
108. 20
110. 68
114. 53
108. 59
103. 68
103. 39
103. 97
105. 07
105. 86
100. 48
99. 40
95. 73
96. 95

89. 88
88.43
87. 24
88.67
89. 70
88. 51

98. 28
96. 67
95.41
97. 03
98. 13
96. 77

Price index l
Industrials
Capital Consumers'
goods
goods
1941-^13=10
73. 84
76. 35
85. 26
81. 94
84.86
74. 10
96. 96
79. 18
105. 77
86.33
103. 75
87.06
103. 76
86. 69
105. 54
88. 21
108. 66
91. 57
102. 68
88. 12
83. 04
100. 55
100. 90
83. 44
102. 27
85. 26
103. 67
87. 29
104. 68
89. 84
100. 31
85. 62
85. 42
99. 70
96. 55
83.74
95. 97
85. 09
96. 83
95. 70
94. 43
96. 93
97. 43
94. 89

3
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures:
smother weekly indexes are averages ol daily figures.
-Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value oJ the stocks in the group. Annual yields

34

!

!

1969

86. 47
84. 68
83. 57
85. 65
85.87
84. 67

Public
utilities

Dividend j Price/
yield 2 j earnings
(percent) i ratio ;i

Railroads

69. 91
76.08
68.21
68. 10
66.42
62. 64
66. 07
65. 63
66. 91
63. 29
61. 32
59. 20
57. 84
58. 80
59. 46
55. 28
55. 72
55. 24
59. 04

45. 46
46.78
46. 34
46. 72
48. 84
45. 95
50. 46
49. 53
49. 97
46. 43
43. 00
42. 04
42. 03
41. 75
40. 63
36. 69
37. 62
36. 58
37. 33

59. 97
59. 04
58. 08
58. 77
59. 74
59. 11

38. 07
37. 57 |
36. 86
36. 88
37. 09 i
37. 31

3.01
3.00
o. 40
3.20
3.07
3. 24
3. 17
3. 11
3. 02
3. 18
3 34
3. 37
3. 33
3. 33
3. 31
3. 52
3. 56

18. OS
17. OS
14. 92
17. 52
17.20
16. 55
17. 68
16. 59

15.42
16. 50

3. b8

i

3. 60
3.
3.
3.
3.
3.
3.

56
62
66
57
56
61

are averages oi monthly data. Weekly data are Wednesday figures.
3
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation.

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
For fiscal 1970 and 1971, there are projected surpluses of $1.5 billion and $1.3 billion respectively. In the first
8 months of fiscal 1970 there was a deficit of $8.2 billion/ a year earlier, the deficit was $10.3 billion.
BILLIONS OF DOLLARS
200

200

160

120

I960

1961

J962

J963

1965
1966
FISCAL YEARS

1964

J/ESTIMATE.

1967

1968

1969

1970 J/

1971J/

COUNCIL OF ECONOMIC ADVISERS

SOURCESi TREASURY DEPARTMENT AND BUREAU OF THE BUDGET

[Billions of dollars]
B ndget receipts, expenditures, and net lendii*g

Period

Receipts
Fiscal year:
1960
1961
1962
1963
1964 _ _ _
1965
1966
1967
1968
1969__
1970 3
1971s .__
Cumulative totals for first.
8 months:
Fiscal year l'.»69
Fiscal year 1970
1

Expenditures

92. 5
94. 4
99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8

90.3
96. 6
104. 5
111. 5
118. 0
117.2
130. 8
153. 2
172. 8
183. 1

199. 4
1102. 1

195. 0
200. I

113. 3
122. 0

122. 4
129. 1

Excludes non-intcrest-bearing; public debt securities held by IMF.
- Surplus of $30 million.
2 Estimates.




Loan
account

Receip t-expenditure iiccount
Surplus or
deficit (-)

Net
lending

Total
surplus or
deficit (-)

Gross Feeieral debt
(end of period)
TotaP

Held by
the public

1. 9
1.2
2.4
— .1
.5
1.2
3.8
5. 1
6.0
1.5

0.3
— 3. 4
— 7. 1
— 4. 8
-5.9
-1.6
— 3. 8
8.7
-25.2
3. 2

290. 9
292. 9
303. 3
310.8
316.8
323. 2
329. 5
341.3
369. 8
367. 1

237. 2
238. 6
248.4
254. 5
257. 6
261. 6
264. 7
267. 5
290. 6
279. 5

4. 4
2. 0

2. 9
.7

1. 5
1. 3

374. 7
382, 5

278. 5
277.3

-9. 0
-7. 1

1. 3
1. 1

-10. 3
— 8. 2

373. 2
381. 0

291. 6
289. 0

2. 2
-2.2
-4.8
— 4. 9
-5. 4
-. 3
(2)
— 3. 6
-19. 1
4. 7

Sources: Treasury Department and Bureau of the Budget.

35

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1970, receipts are estimated to be $11.6 billion over a year earlier while outlays are expected to be
$13.3 billion higher. In fiscal 1971, the estimated increases are $2.7 billion for receipts and $2.9 billion for
outlays. In the first 8 months of fiscal 1970, receipts were up $8.7 billion over a year earlier and outlays were
up $6.5 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

...•••tt*"i
OTHER RECEIPTS

20

20 -

120

120

OUTLAYS
(EXPENDITURES AND NET LENDING)

100

100

80

80

60

60

-NATIONAL DEFENSE-

40

40

I

JL

20
*

1960

1961

1962

1963

1965

1964

1966

1967

1968

1969

20
1970-L/

1971-^ ^

FISCAL YEARS

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Recei]Dts

()utla3^s

Natio nal defense
Period

Fiscal year:
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
19702
19712
Cumulative totals for
first 8 months:
Fiscal year 1969. _ _
Fiscal year 1970. _ _
1
2 Expenditure

Estimates.

account.

36



Total

Individual Corporation
income
income
taxes
taxes

Other

Total

Department of
Total Defense,
military 1

Interna- Health
tional
and
Inaffairs income terest Other
and
finance security

92.5
94. 4
99. 7
106. 6
112.7
116.8
130. 9
149. 6
153. 7
187.8
199. 4
202. 1

40. 7
41. 3
45.6
47.6
48.7
48. 8
55.4
61. 5
68. 7
87. 2
92. 2
91. 0

21.5
21. 0
20. 5
21.6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
37.0
35. 0

30.3
32. 1
33. 6
37.4
40. 5
42. 6
45.3
54. 1
56. 3
63.9
70.2
76. 1

92. 2
97.8
106. 8
111. 3
118. 6
118. 4
134. 7
158. 3
178. 8
184.6
197. 9
200. 8

45. 9
47.4
51. 1
52. 3
53. 6
49.6
56.8
70. 1
80. 5
81. 2
79.4
73. 6

41. 5
43.3
46.9
48. 1
49. 6
46. 0
54. 2
67. 5
77.4
77. 9
76. 5
71. 2

4.5

113. 3
122. 0

56. 3
61. 7

17.0
16. 0

40. 1
44. 4

123. 7
130. 2

53. 1
53.4

50.9
51.4

2.4

3. 1
3. 4
4. 5
4. 1
4. 1
4. 3
4. 5
4. 6

3.8

4. 1
3. 6
2. 6

18.7
21. 8
23. 3
25. 2
26. 6
27. 2
31. 3
37. 6
43. 5
49. 1
57. 1
65. 3

10. 4
11. 3
12. 6
13. 7
15.8
17. 8
17. 8

16. 2
17. 1
19. 6
20. 5
24. 5
27.0
30. 8
33.4
36. 4
34.6
39.4
40. 5

32. 1
35. 3

10.2
11. 8

25.7
27. 3

Sources: Treasury Department and Bureau of the Budget.

8.3

8. 1
8. 3
9. 2
9.8

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to current estimates, Federal receipts rose $2 billion (seasonally adjusted annual rate) in the fourth quarter
and expenditures increased $3 billion, yielding a surplus of over $6% billion. Preliminary estimates indicate that
expenditures rose $1 billion in the first quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
220

200

120

100

100

+20

+20

SURPLUS
—
V/7i

V//\

K///1

"~"

m m

— m M M M M M M

ILUJ

VIA

1

nHnn

m

-

uA M M w

" DEFICIT
-20

—

!

f

I

!

!

1965

1964

!

!
1966

!

1/PRFI IUIMAPY

!

!
1
1967
CALENDAR YEARS

!

!
1968

!

!

1

f

!

1969

SOURCE] DEPARTMENT OF COMMERCE

r

f

-20

1970
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fed era 1 Governrnent expe aditures

Federal (jovernme at receipt 3
Period

Fiscal year:
1966
1967
1968
1969 1
1970
1971 J
Calendar
year :
1966
1967
1968
1969
1969: !___
II__
III_
IV__
1970: I v_

Indirect ContriPersonal Corpo- business butions
rate
tax and profits tax and
for
Total nontax
nontax social intax
receipts accruals accruals surance

Total

Subsidies
GrantsPurless
in-aid
Net
current
chases Trans- to State
interest surplus
of goods fer payand
and
ments
local
paid
of Govt.
enterservices
governprises
ments

Surplus
or
J _.C .-,14.
a elicit
(-),
income
and
product
accounts

132.8
147.3
160. 9
192.7
201.8
205. 4

57.6
64.4
71.3
90. 5
95.5
93. 6

31.0
31. 1
34.3
40. 0
38. 8
38. 4

15.7
16. 1
17.2
18. 6
19. 1
20.5

28. 5
35.8
38.0
43. 6
48. 3
52. 9

131. 9
154. 6
172.4
186. 7
198. 1
203. 8

71.7
85. 3
95. 3
101. 1
100. 8
96. 6

34. 2
39.4
44. 5
50. 3
56. 9
65. 0

12.7
14. 8
17. 6
18. 9
22. 4
24. 8

9. 0
9. 9
10. 8
12. 3
13. 6
13. 3

4. 5
5. 1
4. 1
4. 1
4. 5
4. 1

0. 9
-7. 2
-11.5
6.0
3.6
1. 6

142.5
151. 1
176. 3
201.5
198. 6
202. 8
201. 3
203.3

61.7
67. 5
79.5
95.6
93.8
96. 9
95. 0
96. 7
94. 7

32. 1
30. 6
38. 3
40. 2
40.7
41. 0
39. 8
39.3

15. 7
16. 3
18.0
18. 8
18. 5
18. 6
19. 1
19. 1
19. 1

33. 0
36. 7
40. 5
46. 9
4.5. 6
46. 4
4.7. 5
48. 1
49. 0

142.8
163. 8
181. 5
192. 0
188. 5
189. o
193. 6
196. 7
197. 7

77.8
90. 7
99. 5
101. 9
101. 6
100. 6
103. 2
102. 3
100. 2

35. 7
42. 2
47.8
52. 4
50. 8
52. 1
52. 7
53. 9
55.7

14. 4
15. 9
18. 3
20. 0
19.0
19. 3
19. 8
22. 0
23. 5

9.5
10. 3
11. 6
13. 1
12. 5
12. 9
13. 1
13. 7
13. 9

5. 4
4. 7
4. 3
4. 6
4.6
4. 4
4. 6
4. 8
4. 4

—— f?
-12.7
-5.2
9.5
10. 1
13.5
7.7
6.6

1

Estimates.
NOTE: Receipts for i960 reflect repeal of investment tax credit. Data for Alaska
and Hawaii included beginning I960.




Source: Department of Commerce.

37

POSTAGE AND FEES PAID
U.S GOVERNMENT PRINTING OFFICE

UNITED STATES
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 P^eceived 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

Page

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

.

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.
j
Data for Alaska and Hawaii are not included unless specifically noted.
j
Unless otherwise stated, ail dollar figures arc in current prices.
p
!
Indicates preliminary and
not available.
I
* Indicates less than $50 million.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 25 cents per copy, $3 per year ; $-4 foreign. Domestic air mail, $3.60 additional per year.

38




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U.S. G O V E R N M E N T PRINTING OFFICE: 1970