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2d Congress, 2d Session

Economic Indicators
April 1972

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1972

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT P ATM AN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)

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)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)

JOHN R . STARK, Executive Director
JAMES W. KNOWLES, Director of Research
LOUGHLIN F. McHuGH, Senior Economist

COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
EZRA SOLOMON
MARINA v. N. WHITMAN
Economic Indicators prepared under super-vision 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 drawn by Art Production Branch, Office of the Secretary, Department of Commerce.

I

Economic Indicators, published monthly9 is available at 25 cents a single copy
or by subscription at $3.00 per year (foreign? $4.00) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.




TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $30 billion in the first quarter to a seasonally adjusted annual rate of $1,103
billion—the largest rise since the first quarter of 1971 when the economy was recoverins from the GM strike.
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Government

Persons

N et receipts
E xpenditur es
PerLess: Equals:
sonal
Less:
Less:
Tax
Interest Total Personal saving
TransTrans- Equals:
and
paid and exclud- consumpPurtion
or
Total
fers,
fers,
nontax interest, Equals : expend- interest, chases
ing
disNet
Total ' transfer interest expendof goods
payitures saving receipts
and
receipts itures
and
and
or
ments
and
sul)~
sub** 3
accruals sidies
to fortranssidies ' services
eigners
fers

Disposab le personril income
Period

Surplus
or
deficit
income
and
product
accounts

13. 9

427.4
461. 3
498. 9
532. 4
575. 9
617. 5
669. 9
722.7

401.
432.
466.
492.
536.
579.
615.
662.

2
S
3
1
2
6
8
1

26. 2
28. 4
32. 5
40. 4
39. 8
37.9
54. 1
60. 5

174. 1
189. 1
213. 3
228. 9
263. 5
295. 6
300. 5
320.9

46.7
49. 9
55. 5
62. 8
70.7
78.4
94 2
108. 2

127.3
139. 2
157.9
166.2
192. 7
217. 2
206. 3
212. 7

175.4
186. 9
212. 3
242.9
270. 3
288.2
313.6
341.2

46. 7
49. 9
55. 5
62.8
70.7
78.4
94 2
108.2

128.7
137. 0
156. 8
180. 1
199. 6
209.7
219.4
233.0

-1.4
2. 2
1. 1
— 13. 9
— 6. 8
7. 4
— 13. 1
-20.3

696. 2

701. 5

IS. 0
18. 3

678. 2

683. 2

620. 9
624. 7

57. 4
58. 5

301. 7
301. 9

96. 8
99. 8

204 9
202. 1

316.9
323. 7

96.8
99. 8

220. 1
223.7

-15.2
-21. 7

722, 0
1971:I...
739. 6
II...
748. 5
III..
IV... | 755. 0

IS. 4
IS. 6
18. 8
IS. 8

703. 6

644. 9
657. 4

312. 8
317. 8
322. 0
330.9

210. 9
208. 7
211. 7
220.0

329. 9
338. 7
344 1
351.8

102.0
109. 1
110. 3
110.9

227. 9
229.6
233.8
240.8

-17. 1

668. 8
677.2

58. 6
63. 6
61. 0
59. 0

765. 7

19. 0

746. 7

690. 2

56. 5

3643

113. 9

250.4

1964
1965
1966
1967
1968
1969
1970
197)

438. 1

473. 2
511. 9
546. 3
591. 0
634,2

1970: III..
IV _.

687. 8
741.3

1972: I . . I
"..

10. 7
12. 0
13. 0

15. 1
16. 7
17. 9
18. 6

721. 0
729. 7
736.2

1964
1965

Net
Net exports of goods
and service S
Excess of Total
StatisGross
Excess transfers
to fortransfers income
Gross private
tical
of
or
retained domestic invest^ eigners
or
discrepEquals: of net
receipts
by perearnancy
investment sons and Exports Less:
Net
ings 2
ment *
Imports exports exports
5
(-)
Govern(~)
ment

76. 2
,S4, 7
91. 3
93. 0

94. 0
10S. ]

-17. 8

121. 4
116. 6

-30. 1
-23. 5
-30. G

- 23. 4

2.8

37. 1
39. 2
43. 4
46. 2
50. 6
55. 6
62. 9
65.3

28. 6
32, 3
38. 1
41. 0
48. 1
53. 6
59. 3
65. 3

63. 7
63. 2

59. 7
60. 5

4,0

3.7
3.5

66. 2
66. 5
68. 2
60. 4

61. 5
66. 4
68. 2
65. 0

4.7

3.4

3.8

69. 5

74,5

135. 3
151. 6

1970: III
IV

100. 4
101. 5

138. 6
137. 3

-38. 2
— 35. 8

3. 2

1971: I
II
III
IV

107.6
111. 9

143. 3
152. 9

— 35. 7
— 41. 0
-37.8
-40.4

3.1

1

113. 0

119. 0

137. 8

]50. 8
159.4

167. 6

-42. 1
-36. 0

-38.7

3.3

Personai income <p. h) less personal tax and nontax payments (fines, penallies, etc.).
a
Government transfer payments to persons, foreign net transfers by Govern:inent, net Interest paid by government, subsidies less current surplus of EIOVlernment enterprises, and disbursements less wage accruals.
' Undistributed corporate profits, corporate inventory valuation adjustment,
capita] consumption allowances, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included in disposable personal income.




8. 5
(i. 9
5.3
5. 2

2. S
2. 8
3. 0
2.9
2.9
3. 1
3. 4

95. 4
95. 6
99. 3
112. 9

126. 0

-20.9
-22. 2

-20.9

Iiiternation al

1966
1967
1968
1969
1970
1071.

1972: I"

0
1
3
9

113. 9

Business

Period

102.
109.
110.
110.

-5. 7
-4. 1
-2.4
-2.2
.4

633. 7

688. 0
750.9
794,6

-1. 3
-3. 1
-1.0
—.7
-2.7

Gross
nati unal
product
or
exj >enditure

632. 1
68-3. •-)
749. 9

793. 9

866. 9
933. 2
.9
— .4
978. 6
3.3 1, 051. 7

-4. ]
-4.6
-4.9

974. 1
1, 046. 8

— .7
•7

986. 7
990. 1

-3. -2
— I. 0

983. 5
988. 4

.1
.0
-4,6

-1.6
3.3
3. 7
8. 1

1, 025. 2
1, 044, 9
1, 058. 1
1, 078. 7

-5.1

8.8

2. 5
2.0

3.6
.0

2. 7

864. 2
9-29. 1

-4. ;; j 1, 020. 8

-4!)
-47
-5.8

1, 040. 0
1, 053. 4
1, 072. 9

1, 103. 2

* Private business Investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
•Net foreign investment less capital grants received by U.S., with sign
changed.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 11.8 percent in the first quarter, according to
preliminary estimates. When adjusted for price changes, the rise was 5.3 percent.
BILLIONS OF DOLLARS
1,200

BILLIONS OF DOLLARS
.1,200
SEASONALLY ADJUSTED ANNUAL RATES

1,000

1,000

800

800

PERSONAL CONSUMPTION
j EXPENDITURES

600

600

GOVERNMENT PURCHASES OF GOODS AND SERVICES

-400

400

j±^^±t

200

NET EXPORTS OF GOODS
AND SERVICES

1967

1966

1968

1969

1971

1970

1970: III
IV
1971: I
II
III
IV
1972: I"
1

COUNCIL CDF ECONOMIC tADVISERS

__.

497. 2
529. 8
551. 0
581. 1
617. 8
658. 1
675. 2
706. 6
724. ^
720. 0
739. 4
723.8
715.9
729. 7
735. S
740. 7
751. S
761.0

520. 1
560. 3
590. 5
632. 4
684. 9
749. 9
793. 9
864, 2
929. 1
974. 1
1, 046. 8
983. 5
988. 4
1, 020. 8
1, 040. 0
1, 053. 4
1, 072. 9
I, 103. 2

335. 2
355. 1
375.0
401. 2
432. 8
466. 3
492. 1
536. 2
579. 6
615. 8
662. 1
620. 9
624. 7
644. 9
657. 4
668. 8
677. 2
690. 2

71.7
83. 0
87. 1
94.0
108. 1
121. 4
116. 6
126. 0
137. 8
135. 3
151. 6
138. 6
137.3
143. 3
152. 9
150. 8
159. 4
167. 6

This category corresponds closely with budget outlays for national defense,
shown on p. 36.
2
Gross national product in current dollars divided by gross national product
in 1958 dollars.




1972

Gove rnment r)urchases of good s
Total
Personal Gross
Net
services
gross
Total
conprivate exports
national gross
sump- domestic of goods
Federal
product national
tion
Total
investand
National Other
in 1958 product expend- ment
services
Total defense1
dollars
itures
Billions <:>f dollars; quarterlyr data at £ easonall.y ad juste d annual rates

Period

200

GROSS PRIVATE DOMESTIC
INVESTMENT

J/PREUMINARY
SOURCE: DEPARTMENT OF COMM ERCE

1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1071

—r

5. 6
5. 1
5.9
8. 5
6.9
5. 3
5. 2
2 5
2. 0
3. 6
.0
4. 0
2. 7
4. 7
.1
.0
-4. 6
-5.1

107. 6
117. 1
122. 5
128. 7
137. 0
156. 8
180. 1
199. 6
209. 7
219. 4
233. 0
220. 1
223. 7
227. 9
229. 6
233. 8
240. 8
250. 4

57. 4
63. 4
64. 2
65. 2
66. 9
77. 8
90. 7
98. 8
99. 2
97. 2
97. 6
96. 1
95. 9
96. 4
96. 0
97. 6
100. 3

47.8
51. 6
50. 8
50.0
50. 1
60.7
72. 4
78. 3
78. 4
75. 4
71. 4
74. 2
73.2
72. 6
71. 4
70. 2
71.4

105. 3

76.0

Source: Department of Commerce.

9. 6
11.8
13. 5
15.2
16.8
17. 1
18. 4
20. r.
20. 7
21. 9
26. 2
21. 9
22. 7
23. 7
24. 6
27. 4
28.9
29. 3

and

Implicit
price
deflator
State
for total
and
GNP,
local
1958= 100 2
50.2
53. 7
58. 2
63. 5
70. 1
79. 0
89.4
100. 8
110. 6
122. 2
135. 5
124, 0
127. 9
131. 6
133. 6
136. 2
140. 5
145. 1

|
|
!
|

104. 62
105. 78
107. 17
108. 85
110. 86
113. 94
117. 59
122. 30
128. 21
135. 29
141. 57
135. 97
138. 07
139. 88
141. 34
142. 21
142. 80
144. 97

NATIONAL INCOME
Employee compensation showed an extraordinary increase of $23 billion (seasonally adjusted annual rate) in the
first quarter as a result of the post-freeze bulge in hourly compensation, Federal pay increases, higher employment;
and increased social security taxes.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

900

900

800

800

700

600

500

400

400
PROPRIETORS' AND
RENTAL INCOME

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

100

100
NET INTEREST

J

L -1—J-

J
1967

1966

1968

J

L
1969

L

f

i

J

I

1971

1970

L
1972

J/PRELIMINARY
SOURCE DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

1961
1962
1963 _ _
1964
1965
1066
1967
1968
1969
1970
1971

Compenof employees l

Proprieto rs' income
Farm 2

Business
and professional

Rental
income
of
per-

Net
interest

Corporalie profits and inventory va luation ac [justment
Total

Profits Inventory
valuation
before
taxes adjustment

427. 3
457. 7
481. 9
518. 1
564.3
620. 6
653. 6
711. 1
763. 7
795. 9
851. 1

302. 6
323. 6
341. 0
365.7
393.8
435. 5
467. 2
514. 6
565. 5
601. 9
641.9

12. 8
13. 0
13. 1
12. 1
14.8
16. 1
14. 8
14.7
16. 8
15. 8
16. 3

35. 6
37. 1
37. 9
40.2
42.4
45. 2
47.3
49. 5
50. 3
51. 0
52. 1

16. 0
16.7
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 3

10. 0
11. 6
13. 8
15.8
18.2
21. 4
24 4
26. 9
29. 9
33. 0
35. 6

50. 3
55.7
58. 9
66.3
76. 1
82. 4
78.7
84. 3
78. 6
70. 8
81. 0

50. 3
55. 4
59. 4
66.8
77.8
84. 2
79. 8
87. 6
84. 2
75. 4
85. 4

— .5
-1.7
— 1. 8
-1. 1
-3. 3
-5. 5
-4. 5
-4. 4

1970: III
IV

802. 2
802. 1

606. 5
609. 3

14. 5
14, 4

51. 4
51. 5

23. 4
23. 7

33. 4
34. 2

73. 0
69. 0

78. 5
71. 6

— 5. 5
-2. 6

1971: I
II
III
IV
1972: I»

831.
847.
855.
870.

627.
638.
645.
656.
679.

14.8
15.2
17. 0
18. 1
18.7

51. 6
51. 9
52. 3
52. 5
52. 6

23. 8
24. 2
24. 5
24. 6
24.8

34. 8
35. 4
35. 9
36. 4
36. 9

79. 5
82. 5
SO. 0
82.0

83. 0
86. 9
85. 8
86.0

-3. 5
-4. 4

___
__ _

_ _

7
3
2
1

3
0
6
6
5

Source: Department of Commerce.
differs
icludes
such profits.




-0. 1
.3

-5.8
-4, 0
-5 6

SOURCES OF PERSONAL INCOME
Persona! income rose $31/3 billion (seasonally adjusted annual rate) in March following exceptionally large increases
in January and February. Wage and salary payments were up by $2 billion, much less than in the 2 preceding months/
however, the rise would have been $4 billion, or the same as the February increase, if nonrecurring retroactive wage
increases permitted by the Pay Board were excluded.
BILLIONS OF DOLLARS
1,000

BILLIONS OF DOLLARS
1,000

800

600

400

200

200

1972

1966
SOURCEi DEPARTMENT OF COMMERCE

Period
1963
1964
1965
1966
1967
1968
1969
1970
1971

1971: Feb....
Mar
Apr
May...
June
July...
Aug
Sept...
Oct
Nov
Dec
1972: Jan
Feb....
Mar F __

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
W age
Less: Per- NonagriRental
Other Proprietyyrs' income income
Total
and
Divi- Personal Transfer sonal con- cultural
personal salary
labor
Business
payinterest
tributions personal
of
income disburse- income 2 Farm
and pro- persons dends income
ments for social i income 3
l
insurance
fessional
ments
465. 5
497. 5
538. 9
587. 2
629. 3
688. V)
750. 3
803. 6
857.0
832.4
838. 3
843. 0
848. 6
868. 6
857.7
866. 1
869. 9
871. 2
874.9
883. 9
892. S
901. 8
905. 1

311. 1
333. 7
358. 9
394. 5
423. 1
464. 9
509. 6
541. 4
574. 2
560. G
564. 8
567. 7
572. 0
573. 2
572. 9
579.2
579.8
581. 3
584. 8
5948
603. 0
610. 6
612. 7

14.9
16.6
18.7
20. 7
22. 3
25. 4
28. 2
30. 8
33. 7
32. 6
32. 8
33. 1
33. 4
33. 7
33.9
34. 1
34.3
34. 4
34. 6
34. 8

13. 1
12. 1
14. S
16. 1
14. 8
14. 7
16. 8
15. 8
16. 3
14.8
14. 9
15. 1
15. 2
15. 3
16. 1
17.0
17.8
18. 0
18. 1
18. 1

37. 9
40. 2
42. 4
45. 2
47. 3
49. 5
50. 3
51. 0
52.1

17. 1
18. 0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 3

51. 5
51.7
51. 8
51. 9
52. 1
52. 2
52. 3
52.3
52.4
52. 5
52. 6

35. 0
35.2
35.4

18. 3
18. 7
19. 1

52. 5
52. 6
52. 7

23.5
24, 0
24. 1
24. 2
24. 3
24. 4
24.5
24. 5
24.5
24. 6
24. 6
24. 7
24. 8
24. 8

1
Compensation oi employees (see p. 3) excluding employer contributions ior
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.




16. 5
17. S
19. S
20. 8
21. 4
23. 0
24. 4
25. 6
25. 5
25.7
25. 5
25.5
25. 6
25. 2
25. 6
25. 7
25. 7
25. 7
25. 7
24. 3
25. S
25. 9
25. 8

31.4
34. 9
38. 7
43. 6
48. 0
52. 9
58. 8
64. 7
67. 5
66. 6
66. 4
66. 6
66. 7
66. 9
67. 4
68. 1
68. 8
68. 7
68. 6
68. 4
68. 7
68. 8
68. 9

35. 3
36. 7
39. 9
44. 1
51. 8
59. 6
65. 9
79. 6
94. 7

87.8
89. 1
89. 8
90.5
109. 0
96. 2
96. 5
97. 9
97. 4
97. 6
98. 2
98. 7
99. 4
100. 0

11.8
12. 5
13.4
17. 7
20. 5
22. 8
26. 3
28. 0
31. 2
30.7
30. 9
30. 9
31. 0
31. 1
31. 1
31. 4
31. 4
31. 4
31. 6
32.0
33. 9
34. 2
34.3

!
i

i
1
I
i

448. 1
480. 9
519. 5
566. 3
609. 4
668. 8
727. 7
781. 4
834.0
810. S
816. 6
821. 1
826. 5
846. 5
834. 8
842. 4
845. 3
846. 4
850. 1
859. 2
867. 9
876.4
879.2

3
Personal income exclusive of net income oi unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce.

DISPOSITION OF PERSONAL INCOME
^rsonal income (seasonally adjusted) was up sharply in the first quarter but higher tax withholdings reduced the
rise in after-tax income.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

2,500

2,500
2,000

2,000

1972

1966
J/PREUMINARr
SOURCE.- DEPARTMENT OF COMMERCE

ii

Period

COUNCIL OF ECONOMIC ADVISERS

Per cap>ita disLess : Persemal outla vys
Less:
posable personal
PerEquals:
Persoilal consurnption
Equals:
incc>me
Personal
Disex penditure s 2
Personal
sonal tax and posable Total
saving Current
income nontax personal personal Durable Non1958
payincome outlays l
dollars dollars
goods durable Services
ments i
goods
Dol lars

Billions of dollars
1963
1964
1965
1966
1967
1968
1969
1970
1971

465. 5
497.5
538.9
587. 2
629. 3
688. 9
750. 3
803. 6
857. 0

60. 9
59. 4
65.7
75. 4
83. 0
97. 9
116. 2
115. 9
115. 8

404. 6
438. 1
473.2
511. 9
546. 3
591. 0
634. 2
687. 8
741. 3

384. 7
411. 9
444.8
479. 3
506. 0
551. 2
596. 3
633. 7
680. 7

53. 9
59. 2
66.3
70. 8
73. 1
84,0
89. 9
88. 6
100. 5

Saving
as percent of Populadistion
posable
(thoupersonal sands) 3
income
(percent)

168. 6
178. 7
191. 1
206. 9
215. 0
230. 8
247. 6
264. 7
278. 6

152.4
163.3
175.5
188. 6
204, 0
221. 3
242. 1
262. 5
282.9

19. 9
26. 2
28.4
32. 5
40. 4
39. 8
37. 9
54. 1
60. 5

2, 139
2, 284
2,436
2, 605
2, 751
2, 946
3, 130
3, 358
3, 581

2,016
2, 126
2,239
2,336
2,404
2, 487
2,535
2,595
2, 660

4. 9
6.0
6.0
6.4
7.4
6. 7
6. 0
7.9
8. 2

189,
191,
194,
196,
198,
200,
202,
204,
207,

197
833
237
485
629
619
599
800
006

Seascmalty adjiisted annu a I rates
1970: III. 809. 8
IV._ 816. 7

113. 5
115. 2

696. 2
701. 5

638. 9
643. 0

90. 4
84. 9

265. 5
270. 9

265. 0
268. 9

57. 4
58. 5

3,395
3,410

2,613
2,588

& 2
8.3

205, 107
205, 729

1971: !___
II__
III.
IV _
1972: ]>__

111. 6
113. 8
116. 0
121. 7
134. 2 !

722. 0
739. 6
748. 5
755. 0
765.7

663. 3
676. 0
687. 6
696.0
709. 2

96. 6
99. 1
102. 8
103. 6
107.0

273. 2
277.8
280. 2
283. 3
286. 9

275. 0
280.5
285.8
290. 3
296. 3

58. 6
63. 6
61. 0
59. 0
56. 5

3,500
3,577
3,611
3, 633
3,677

2, 631
2,663
2, 669
2, 676
2,682

8. 1
8.6
8. 1
7.8
7.4

206, 259
206, 760
207, 276
207, 856
208? 255

833. 5
853. 4
864.6
876. 7
899. 9

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




3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.

FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) rose about 6 percent in the first quarter. Includiit
inventory change, the increase was about 3 percent.
BILLIONS OF DOLLARS
70

BILLIONS OF DOLLARS
701
SEASONALLY ADJUSTED ANNUAL RATES

60

60

50

50

40

40

30

30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

20

10

10

1966

1967

1968

1970

1969

1971

SOURCE. DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMiC ADVISERS

Personal income re ceived by
total f arm popu 1 at ion

]income

re ceived fro m farming

Net t<3 farm
oper ators

Realize d gross
Period

From
all

sources

1963
1964
1965
1966
1967
1968
1969
1970
19711970: III
IV

1972

20.6
20.6
23.6
24. 9
24. 0
25. 1
27. 7
27. 5
28. 0

From
From
farm
nonfarm
sources sources

12. 1
11.3
13.5
14. 4
13. 1
13. 2
14. 9
14. 2
14.5

8.5
9.3

10.0
10. 5
10. 9
11. 9
12. 8
13. 3
13. 5

Net inc ome per
farm in el ruding net
inventory- change 3

ProducCash
tion ex- Exclud- Includreceipts penses ingnetin- ing net in- Current
1967
from
Total l
ventor}^ ventory dollars dollars 4
2
marketchange change
ings
Billions c>f dollars
Do!lars
42.3
29.7
13.2
37.4
4, 030
12.6
3, 708
37.2
42.6
29.5
13. 1
12.3
3, 564
3, 832
44.9
30.9
39.3
14.0
4, 487
15.0
4,723
49. 7
43. 3
16. 3
33. 4
16. 3
5, 019
5, 121
14. 2
42.7
34. 8
14. 9
49. 0
4, 730
4,730
44. 1
14. 7
50. 9
36. 2
14. 8
4, 854
4, 667
55. 5
16. 8
48. 1
38. 7
16. 9
5, 685
5, 216
56. 6
49. 2
40. 9
15. 7
5, 451
4, 782
15.9
42. 9
58.6
51. 6
15. 7
16. 3 1 5, 676
4, 770
Seaso nally adjiisted annu o,l rates
14. 5
55. 7
48.4
41. 2
4, 990
14.6
4, 380
14. 2
41. 4
55. 6
14.5
4, 960
48.3
4, 310

1971: I
11 —
III
IV. _

56. 8
57. 6
59. 3
60. 9

49. 7
50. 6
52. 3
53. 8

42. 2
42. 8
43. 0
43. 6

14. 6
14. 8
16. 3
17. 3

14, 9
15. 3
17. 1
18. 2

5,
5,
5,
6,

1972: I

62.3

54. 5

44. 0

18.3

18.8

6, 460

3

Cash receipts from marketings, G overnment 3ayments, aiid nonmonejT income furnished by farms.
a
Inventory of crops and livestock valued at ttle average pi•ice for the jrear
Also, see footnote 2, p. 3.
* Based on Census of Agriculture dc finltion of a farm. The mimber of fanas is
held constant within a year.




4

ISO
320
950
330

4,
4,
4,
5,

430
510
960
280

5, 300

J ncome in cu rrent dollars divided by t he index of p rices paid bif fanners for
>ase.
fam: ly living iteuas on a 1967 1
So urce: Depar tment of Agr iculture.

CORPORATE PROFITS
Corporate profits including inventory valuation adjustment rose $2 billion (seasonally adjusted annual rate) in the
fourth quarter and regained a large part of the third quarter drop.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

100

80 —i

Pli iy
ill, il'lii! DIVIDEND

PAYMENTS

20

1972

1966

SOURCE: DEPARTMENT OF COMMERCE

Period

COUNCIL OF ECONOMIC ADVISERS

[J Millions of dollars; cluarterly (iata at s Basonally ad juste d annual rates]
Cor]3 orate pi ofits
CoriDorate pr ofits (befc>re taxes) and inveritory
1
valuation adjustme Lit
Corpo- Profits
!
a fter taxc^s
rate
plus
TransCorpo- Corpo1VJ anufactui -ing
capital capital
i
portation,
rate
rate
conconDiviUnj ^
comtax
profits
NonDurable durable . muniAll ! before liabil- Total dend distrib- sump- sumpj industion
tion
goods
payuted
taxes
Total
ity
goods cations, other
1 tries
indusand
ments profits allow-2 allow-3
indusances ances
tries
j
public
tries
utilities

58. 9
66. 3
76. }
S2. 4
78. 7
84. 3
78. 6
70. 8
si. 0

28. 8
32.7
39. 3
42. 6
38. 7
41. 7
36. 0
29. 5
34. 2

15. 8
17.8
22. 8
24. 0
20. 7
22. 4

1970: III.
IV...

73. 0
69. 0

1971: !__..
II _
III..
IV...

79. 5
82. 5
80. 0
82. 0

1963
1964
1965
1966
1967
1968_
1969
1970
1971

_
__

i
1972: I"...!
1

13. 0
16. 3

13. 0
14. 9
16. 6
18. 6
18. 0
19. 3
17. 5
16. 6
17. 9

9. 5
10. 1
1 .1 .. J
11. 9
10. 8
10. 6
10. 0
8. 0
8. 5

20. 6
23.5
25. 6
27.9
29. 1
32. 0
32. 7
33. 3
38. 2

59. 4
66.8
77. 8
84. 2
79. 8
87. 6
84. 2
75. 4
85. 4

26. 3
28.3
31. 3
34. 3
33. 2
39. 9
39. 7
34 1
37. 8

33. 1
38.4
46. 5
49. 9
46. 6
47. 8
44. 5
41. 2
47. 6

16. 5
17. 8
19. 8
20. 8
21. 4
23. 6
24. 4
25. 0
25. 5

16. 6
20. 6
26. 7
29. 1
25. 3
24. 2
20. 0
16. 2
22. 1

31. 8
33. 9
36.4
39. 5
43. 0
46. 8
51. 3
56. 2
61. 9

64. 8
72. 3
82.9
89. 5
89. 6
94. 6
95. 8
97. 4
109. 5

30. 6
25. 0

13. 8
8. 8

16. 8
16. 2

7. 9
8. 1

34. 5
35. 9

78. 5
71. 6

35. 6
32. 3

42. 9
39. 2

25. 2
25. 0

17. 7
14 3

56.7
58. 0

99. 6
97. 2

34. 4
35. 0
33. 0
34. 6

17. 2
17. 0
14. 8
16. 2

17. 2
18. 1
18. 1
18. 3

8. 4
8. 5
8. 5

36. 7
39. 0
38. 6
38. 7

83. 0
86. 9
85. 8
86. 0

38. 3
39. 1
37.5
36. 4

44. 8
47. 8
48. 2
49. 7

25. 6
25. 4
25. 7
25. 3

19. 2
22. 4
22. 5
24. 4

59. 4
61. 0
62. 7
64. 4

104. 2
108. 7
110. 9
114, 1

18. 4

8.8

Includes ail other industries and financial institutions.
a Includes depreciation and accidental damages.
3 Corporate profits after taxes plus corporate capital consumption allowances.




25. 8
Source: Department of Commerce.

66.3

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose by $8 billion (seasonally adjusted annual rate) in the first quarter as a resul
of substantial increases in nonresidential fixed investment and housing. Inventory investment declined from the fourth
quarter rate.
BILLIONS OF DOLLARS
180

BILLIONS OF DOLLARS
180 I
SEASONALLY ADJUSTED ANNUAL RATES

160

160

GROSS PRIVATE DOMESTIC
INVESTMENT

140

140

120

120

100

100

PRODUCERS'
DURABLE EQUIPMENT

80

80

60
RESIDENTIAL STRUCTURES
NONRESIDENT AL STRUCTURES-

—\
CHANGE IN BUSINESS
INVENTORIES

20

20

.LA.

'**'%.»•*''

1967

1966

40

=
:

\
•""""»»••>....,.,.»«•*..»«»"

1969

1968

1970

1971

j

1972

J/PREL1MINARY
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

Total
gross
private
domestic
investment

Total

Struc tures
Total
Total

1961
1962
1963
1964
1965
1966
1967
1968
3969
1970..

1971.
1970: III.
IV
1971: I
II
III

!¥_____
1972: IP

71.7

83. 0
87. 1
94.0
108. 1
121. 4
116.6
126. 0
137. 8
135. 3
151. 6
138. 6
137.3
143. 3
152. 9
150. 8
159.4
167. 6

Source: Department of Commerce.

8



liesid ential
s truetures

N(president ial

69. 7
77.0
81. 3
88.2
98. 5
106. 6
108. 4
118. 9
130. 4
132. 5
149. 3
133.5
133. 6
140. 2
148. 3
152. 0
157. 0
167. 1

47.0
51. 7
54. 3
61. 1
71. 3
81.6
83. 3
88. 8
98.6
102. 1
108. 7
104. 8
100. 8
104. 7
108.3
109. 3
112. 6
118. 1

18.4
19. 2
19. 5
21.2
25.5
28, 5
28. 0
30. 3
34. 5
36. 8
38.2
37. 3
37. 1
36. 7
38. 5
38. 7
39.0
39.4

Nonfarm
17.7
18. 5
18. 8
20.5
24. 9
27. 8
27. 3
29. 6
33. 7
35. 9
37. 3
36. 5
36. 3
35. 8
37. 6
37. 7
38. 1
38. 5

Produce rs' durable equ ipment
Total

28.6
oz, 5
34.8
39. 9
45. 8
53. 1
55. 3
58. 5
64. 1
65. 4
70. 5
67. 5
63. 7
68. 1
69.8
70. 6
73. 6
78.7

Nonfarm
25.8
29. 4
31.2
36. 3
41. 6
48. 4
50. 0
53. 6
59. 2
60. 0
63. 1
61.6
58. 1
61. 0
62. 4
62. 7
66.3
69.9

Total

22.6
25. 3
27.0
27.1
27.2
25. 0
25. 1
30. 1
31. 8
30.4
40. G
28. 7
32. 8
35. 4
40. 0
42. 7
44.4
49. 0

Nonlarm
22. 0
24.8
26. 4
26.6
26.7
24, 5
24. 5
29. 5
31. 2
29. 7
40. 1
28. 1
32. 2
35. 0
39. 5

42. 1

43.8
48.4

Change in business in\ entories

Total

2. 0
6. 0
5. 9
5. 8
9. 6
14. 8
8, 2
7. 1
7.4
2.8
2.2

5. 1
3. 7
3. 1
4, 6
-1. 2
2.4
.6

Nonfarm
1.7
5.3

5. 1
6. 4
8. 6
15.0
7. 5
6. 9
7. 3
2. 5
1.7
4.7
3.3

2. 9
4. 1
-2. 0
2.0
.1

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen have projected a 101/2-percenf rise in plant and equipment expenditures from 1971 to 1972. At the
end of 1971 they projected a 9-percent increase over the same period.
BILLIONS OF DOLLARS

BILLIQHS OF DOLLARS
100!
'
SEASONALLY ADJUSTED ANNUAL RATES

80

80
TOTAL NEW PLANT AND EQUIPMENT

NONMANUFACTURING

40

7

MANUFACTURING
20

20

J
1966

1968

1967

L
1969

.J

J/, J/

L
1970

i

1971

J/SEE FOOTNOTE 3 BELOW.
SOURCESr SECURiTiES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE

1972

COUNCIL OF ECONOMIC ADVISERS

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

Period

Total *

Tra nsportat ion

Durable
goods

Nondurable
goods

Mining

Total

Railroad

Air

Other

Public
utilities

Communication

Commercial
and
other 2

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972 3

38.39
40.77
46. 97
54.42
63. 51
65. 47
67. 76
75. 56
79. 71
81. 21
89, 77

15. 06
16. 22
19. 34
23.44
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
32. 61

6. 79
7. 53
9. 28
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
16. 11

8.26
8. 70
10.07
11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
16. 50

1.40
1.27
1. 34
1. 46
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 20

1. 02
1. 26
1. 66
1. 99
2. 37
1. 86
1. 45
1. 86
1. 78
1. 67
1.75

0. 52
. 40
1. 02
1. 22
1.74
2. 29
2. 56
2. 51
3. 03
1. 88
2.42

1. 65
1. 58
1. 50
1. 68
1. 64
1.48
1. 59
1. 68
1. 23
1. 38
1. 55

4. 90
4.98
5. 49
6. 13
7.43
8.74
10. 20
11. 61
13. 14
15.30
17. 44

3. 85
4. 06
4. 61
5. 30
6. 02
6. 34
6. 83
8. 30
10. 10
10. 77
12. 30

9.99
10. 99
12. 02
13. 19
14.48
14. 59
15. 14
16. 05
16. 59
18.05
19. 51

1971: I
II _
III
IV.

79. 32
81.61
SO. 75
83. 18

30. 46
30. 12
29. 19
30. 35

14. 21
14. 06
13. 76
14. 61

16. 25
16. 06
15. 43
15. 74

2. 04
2. 08
2.23
2. 30

1.
1.
1.
1.

46
88
72
64

1. 29
2. 28
1.68
2.26

1. 33
1. 40
1.48
1. 33

14. 64
14 91
15. 87
15.74

10. 70
11. 21
10.73
10. 44

17.39
17. 72
17. 85
19. 10

1972: I 3 3
II
2d half 3

87. 54
89. 09
91. 08

31. 92
32. 52
32. 96

15. 62
15. 98
16. 38

16. 30
16. 54
16.58

2. 22
2. 12
2. 23

1. 90
1. 67
1. 71

2. 02
2. 96
2. 33

1. 67
1. 35
1.60

16. 90
16. 78
17.96

* Excludes agricultural business; real estate operators; medical, ie fT flJ, educational, ami cultural service; and nonprofit organizations.
2
Includes trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported, by business
in late January and February 11)72. Includes adjustments when necessary for
systematic tendencies in expectations data.
NOTK.—Annun! t o t a l is the sum of unadjusted expenditures; it does not




^,
3C . 90
31.70
32 . 30

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
Total employment rose by 618,000 (seasonally adjusted) in March to a record 81.2 million but the civilian labor
force rose even more (778,000) and unemployment edged up.
MILLIONS OF PERSONS*
90

MILLIONS OF PERSONS*

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE

< E/\S Oh4A LL f AC JL SIFED

UNE/rt >L Oy/rt Eh-IT */>JE

-

r*1P -^

-; *. vs

*

i.

~

--

:x

's

196?J

196/r

19d>6

=•

~
v< 1

197()

19<S9

19 7

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

Period

1967___
1968___
1969___
1970___
1971___

1971:
Feb.
Mar.
Apr__
May.
June_
JulyAu g_
Sept.
Oct..
Nov_
Dec.
1972:
Jan*.
Feb..
Mar..

Total
labor
force
(includmg
Armed
Forces)

COUNCIL OF ECONOMIC ADVISERS

Civiligin employ ment

Total
labor
force
IN on- Unemploy(includment
ing
culArmed
tural
Forces)
Thous ands of f )ersons 16
70, 527 2, 975 80, 793
72, 103 2,817 82, 272
74, 296 2,831 84, 239
75, 165 4,088 85, 903
75, 732 4, 993 86, 929
usted
XT

Total

80, 793
82, 272
84, 239
85, 903
86, 929

74, 372
75, 920
77, 902
78, 627
79, 120
Unadj

85, 653
85, 598
85, 780
85, 954
87, 784
88, 808
88, 453
86, 884
87, 352
87, 715
87, 541

77, 262
77, 493
78, 204
78, 709
79, 478
80, 681
80, 618
79, 295
80, 065
80, 204
80, 188

74,
74,
74,
75,
75,
76,
76,
75,
76,
76,
77,

415
452
699
111
559
710
853
851
595
942
240

5,442
5, 175
4,694
4,394
5,490
5, 330
5, 061
4, 840
4,570
4, 815
4, 695

86, 811
86, S85
86, 670
86, 836
86, 217
86, 727
87, 088
87, 240
87, 467
87, 812
87, 883

87, 147
87, 318
87, 914

79, 106
79, 366
80, 195

76, 237
76, 458
77, 101

5, 447
5,412
5, 215

88, SOI
88, 075
88, 817

1
Total labor force as percent of noninstitutional population.
Source: Department of Labor.

10



1972

Civilkin emplo yment
Civilian
labor
force

Total

Agricultural

years of age and o ver
77, 347 74, 372 3,844
78, 737 75, 920 3,817
80, 733 77, 902 3, 606
82, 715 78, 627 3,462
84, 113 79, 120 3,387
cSeasonally adjuster I

83, 361
83, 455
83, 788
83, 986
83, 401
83, 930
84, 313

Nonagricultural

Unemp] oyment
rate (pe rcent of
civilia n labor
Unemfoi ce)
ployment
Unad- Seasonjusted ally adjusted

Labor
force
participation
rate,
unadjusted l

Percent

70,
72,
74,
75,
75,

527
103
296
165
732

2, 975
2, 817
2,831
4,088
4,993

3. 8
3.6
3. 5
4. 9
5. 9

60. 6
60. 7
61. 1
61. 3
61. 0

84, 750
85, 116
85, 225

78, 475
78, 446
78, 782
78, 830
78, 600
79, 014
79, 199
79, 451
79, 832
80, 020
80, 098

3, 285
8,387
8,540
8,412
8, 301
8, 374
3,407
8, 363
8,416
8,419
8,400

75, 190
75, 059
75, 192
75, 418
75, 299
76, 640
75, 792
76, 088
76, 416
76, 601
76, 698

4,886
5,009
5, 056
5, 156
4, 801
4, 916
5,114
5,040
4,918
5,096
5,127

6. 6
6. 3
5. 7
5. 3
6. 5
6. 2
5. 9
5. 8
5. 4
5. 7
5. 5

5. 9
6. 0
6. 0
6. 1
5. 8
5. 9
6. 1
6. 0
5.8
6. 0
6. 0

60. 5
60. 3
60.4
60. 4
61. 6
62.2
61. 9
60. 7
60. 9
61. 1
60.9

85, 707
85, 585
86, 818

80, 636
80, 623
81, 241

8,393
8,357
8, 482

77, 248
77, 266
77, 759

5, 071
4,912
5, 072

6. 4
6.4
6. 1

5. 9
5.7
5.9

60. 2
60. 3
60.6

84, 491

*Data beginning January 1972 not strictly comparable with prior data because
of adjustment t,o the 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment.

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The overall unemployment rate moved back up to 5.9 percent (seasonally adjusted) in March from 5.7 percent in
February. The unemployment rate for married men continued at 2.8 percent, its lowest point since August 1970.

UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS

1966

1972
COUNCIL OF ECONOMIC ADVISERS

SOURCEi DEPARTMENT OF LABOR

Unen i ploy men b rate
(percen t of civili^in labor
for ce in grou P)

Period

|
Labor
Experi- Married
force
enced
All
time lost l
wage and men
workers salary
(wife
workers present) \
j

1967
1968
1969
1970
1971

3. 8
3.6
3. 5
4. 9
5. 9

1971: Feb
Mar
Apr__ _ _
May
June
July
Aug
_
Sept
Oct. _ _ ...
Nov
Dec
1972: Jan
Feb
Mar

5. 9
6. 0
6. 0
6. 1
o. 8
.5. 9
6. 1

1

6.0

5. 8
6. 0
6. 0
J. 9
5.7

5. 9

Percent
L8
3. 6
3.4
1.6
3. 3
1. 5
2. 6
4. 8
3. 2
5. 7
Seasonall y adjusted
& in
O. &
5. 6
0 $>
5. 8
O. Z>
o. 7
3. 2
5. 9
3. 2 \
o, 5
3. 1
5. 6
3. 1
<n
5 . (<?
5. 7
5. 7
3.3
0. 0

5. 7
5.8

r>. 6
5. J,
5. 5

3. 0
3.8

3. 2
3. 0
2. 8
2. 8

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

20, 920
4. 2
4.0
20, 600
20, 608
3. 9
5. 3 j 18, 925
6.4 i 19, 095
1i
6.4 18, 463
6. 5
19, 448
6. 5
18, 207
6. 6
19, 505
5. 6
19, 069
6. 3
17, 805
6. 5
17, 949
6.3
19, 964
19, 169
6.5
6.4 20, 249
6.4 20, 239
6.4 19, 176
6. 1
19, 362
6. 3
21, 876

Man-hours lost by the unemployed and persons on part-time for economic
-easons as a percent of potentially available labor force man-bours.
- Differs from total nonapricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
md industrial disputes.




Part-ti me for
Part-time for
economi 3 reasons economi 3 reasons
Total i ^
Usually Usually Usually Usually
partfull! full-3
parttime 3
time 4
1 time
time 4
Thousands of persons 16 years of age and over
j 32, 616 13, 290
1,060
853
! 32, 658 14, 785
820
895
I 34, 201 15, 210
855
955
1, 201
i 33, 537 18, 222
995
j 35, 752 16, 298
1, 184
1, 256
I Jnadjustec I
Seasonall ?/ adjusted
j 33, 881 18, 966
1,267
1, 123
1,245
1,215
I 35, 830 16, 267
1, 284
1, 093
1,265
1, 209
1,242
i 35, 767 16, 650
1,299
1,205
988
1, 102
1, 276
i 36, 540 16, 041
1, 219
1,081
j 36, 723 14, 646
1, 142
1, 515
991
1, 209
i 34, 528 13, 898
1, 094
1, 939
1, 148
1,290
1, 262
| 35, 307 13, 329
1, 752
1, 1A7
1, 278
i 36, 888 15, 081
1,094
1, 076
1, 126
1,235
! 32, 957 21, 039
1, 080
1, 166
1,148
1, 354
37, 495 16, 294
1, 263
1, 120
1, 191
1,341
| 37, 428 16, 799
1, 045
1, 153
1,084
1, 304
1, 220
36, 820 17, 008
1, 101
1,283
1, 146
1, 147
1, 127
! 36, 460 17, 360
1, 087
1, 176
I 37, 517 17, 774 s 1, 172 5 1, 140
1, 155
1,261
|

Over 40
hours

35-40
hours

3 Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
* Primarily includes persons who could find only part-time work.
6
Average hours worked: usually full-time, 23.8; usually part-time, 19.0.
Source: Department of Labor.

11

UNEMPLOYMENT INSURANCE PROGRAMS
In March, insured unemployment under Stale programs averaged 297,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate remained at 3.5 percent.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

1971

1970

JAR

FEB.

MAR.

APRIL

MAY

JUNE

JULY

AUG.

SEPT.

A 11 progranis

1968
1969_
1970
1971 *
1971: Feb
Mar
Apr
May
June
July.
Aug
Sept
Oct*
Nov
Dec »
1972: Jan*
Feb"
Mar*
Week ended:
1972: Mar 4

11

18
25
Apr 1"
8".
Source: Department of Labor.

12



DEC

COUNCIL OF ECONOMIC ADVISERS

SOURCE< DEPARTMENT OF LABOR

Period

NOV.

OCT.

Thou sands
57, 977
1, 187
59, 999
1, 177
__ 59, 526
2,070
2, 313
3,216
3,091
.
2,756
2,443
2,332
2,431
2,349
___
2, 174
2, 129
2,311
2,666
3,097
3, 186
2,987
3,053
3,013
2, 946
2,838
2,814

2, 191. 0
2, 298. 6
4, 170. 1
5, 963, 3
599. 3
683.7
586. 0
470.8
494. 8
467.7
483. 1
418.5
388.5
430.7
514.6
481. 8
492. 1
510. 7

ite progra ins
Benefit
Insurec unemploymeti t as percovered
Total
Exhaus- cent of yment
eniplo
(miltions
SeasonUnad- ally ad- lions of
dollars)
justed
justed
St£

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

Initial
claims

Weekly ixverage, t lousands
16
1, 111
201
16
200
1, 101
25
296
1, 805
37
2, 150
295
321
2, 751
39
41
2,577
275
257
44
2,283
42
2,001
238
1, 893
250
43
342
37
1, 993
282
35
1, 912
33
1,739
236
252
31
1,716
31
298
1, 879
32
358
2,221
37
2, 524
385
2,492
38
293
41
242
2, 280

2,412
2, 361
2, 297
2,205
2, 176

2G4
257
242
232
224
271

Pensent
2.2

2. 1
3. 4
4. 1
5. 2
4.8

4. 3
3. 8
3. 6
3.8

3. 6
3. 3

3.2

3. 5

4.2
4.8
4.7
4.3

5. 5
3. 9
4.0

4.2

4. s
4.1
4.2

4~s

4-4
4.2

3. S

3. 4

8. 5
S. 5

2, 031. 6
2, 127. 9
3, 848. 5
5, 694. 5
557. 9
635. 4
541. 9
433. 0
452. 7
425.4
433.6
377. 8
348. 3
387.0
467.9
449. 6
461.3
484. 1

s paid
Average
weekly
check
(dollars)

43. 43
46. 17
50. 34
55. 49
53. 12
53. 00
52. 71
52. 32
52. 09
55. 23
56. 08
56. 25
53. 07
53. 31
57.85
57. 40
57. 16
57.23

4.6
4.5
4.4

4. 2
4. 1

JSIOTE.—For definitions and coverage, sec the 1967 Supplement 10 Economic
Indicators.

NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose by 276,000 (seasonally adjusted) in March. Employment increases were
widely distributed among the industries, with the largest increase (90,000) in manufacturing.
MillJONS OF WAGE
ANC) SAURY WORKE 35
76

MIL LIONS OF WAGE
AND SALARY WORK! RS

(SEASONALLY ADJ USTEO!

(ENLARGED SOUE)
~~

!_

72

16

*^
\

•••

*.

^"V_r-

*-"*
1

1

SERVICES

«»-

_

^j

DU RABLE

12

-\

\

" " ^ ...i
" " •..,
~

241

fMMlM(niHtl

.« «
, •

W"

V

h

-

MANUFACTURING

«_

/MANUFACTURING
\
..,...„,___ \
"" '*'/„.«» "»"**tM<*fM

«

,-

i^

Vd

_.... . I — " ...
,.... 1M
" M...

^

i " *1

"•"** r
—»•**•*""

V.

36

20

i

WH( 3LESALE AND RE 'AIL TRADE

NONMANUFACT URING
(PRIVATE)

40

—.

\
\
\

'

14

12

64
>>•

i

1

.

ALL NONAGRICULTL RAL
ESTABLISHMENTS

68

{SEASONALLY ADJ USTED)

10

NONDLJRABLE
MANUFACCURING

/

8

,..,..»

—

^

16

cGOVERNMENT

\

"

»,.

A \ \ \ \ \ \ \ \ \ \ \
V

1 1 1 1 t 1 1 ! ! ! 1

1969

1970

1 ! ] 1 1 1 1 1 1 1 1

2

1 1 1 ! 1 i t } | 1 !j.

1972

1971

M

-

CONTR ACT
CONSTRU CTION

4

12

8

v s.

^
-

— —L
/1I

1 1 1 I 1 !

1 1 1 !

1969

! ! 1 LI 1 1 t 1 1 1

! ! 1 ! f 1 ! 1 I 1J - .
1M

1970

SOURCEs DEPARTMENT O F LABOR

M 1 1 I N if

1972

1971
COUNCX.

OF ECONOMIC ADVISER;

[Thousands of wage and salary workers; 1 seasonally adjusted]
Manufa< Jturing (] private)
Period

1966
1967
1968
1969
1970
1971
1971: Feb__
Mar__
Apr...
May_
June.
July..
Aug..
Sept__
Oct
Nov.
Dec__
1972: Jan..
Feb*.
Marp.

Total

63, 955
65, 857
67, 915
70, 284
70, 616
70, 699
70, 391
70, 480
70, 599
70, 769
70, 657
70, 531
70, 529
70, 853
70, 848
71, 042
71, 185
71, 584
71, 702
71, 978

Total

19, 214
19, 447
19, 781
20, 167
19, 369
18, 610
18, 684
18, 609
18, 639
18, 702
18, 608
18, 533
18, 457
18, 616
18, 560
IS, 603
18, 566
18, 609
18, 676
18, 766

NonDurable durable
goods goods
11, 284
11, 439
11, 626
11, 895
11, 198
10, 590
10, 642
10, 571
10, 598
10, 651
10, 598
10, 552
10, 485
10, 597
10. 561
1(>; 572
10, 548
10, 574
10, 627
10, 687

7,930
8, 008
8, 155
8, 272
8, 171
8, 020
8, 042
8,038
8,041
8, 051
8, 010
7, 981
7, 972
8,019
7,999
8,031
8,018
8,035
8,049
8,079

N onmanu facturin^ 5 (private)

Total

Con- Trans- Whole- Finance,
insurtract portasale
tion
ance, Services Federal State
Mining conand
and
and
and
strue- public retail
local
real
tion utilities trade
estate

33, 950
35, 012
36, 288
37, 915
38, 712
39, 231
38, 963
39, 079
39, 129
39, 209
39, 211
39, 186
39, 229
39, 382
39, 353
39, 452
39, 581
39, 877
39, 866
40, 012

1
Includes all full- and part-time wage and salary workers in nonagricultural
stablishments who worked during or received pay for any part of the pay period
/hich includes the 12th of the month. Excludes proprietors, self-employed perjons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed




Gover nment

627
613
606
619
622
601
622
622
623
622
619
597
609
616
521
525
607
616
611
613

3,275
3,208
3,285
3,435
3,345
3,259
3, 198
3,264
3,282
3, 275
3, 255
3,228
3, 219
3,250
3, 290
3, 320
3,245
3,320
3,239
3, 257

4, 151
4,261
4,310
4,429
4, 504
4, 481
4, 526
4, 520
4,505
4,518
4, 500
4, 476
4, 428
4, 460
4, 442
4, 434
4, 465
4, 502
4, 483
4,528

13, 245
13, 606
14, 084
14,639
14, 922
15, 174
15, 059
15, 074
15, 107
15, 148
15, 135
15, 158
15, 223
15, 273
15, 270
15, 278
15, 315
15, 447
15, 491
15, 529

3, 100
3, 225
3,382
3, 564
3, 690
3,800
3,749
3,758
3, 769
3, 788
3, 807
3, 806
3,804
3,821
3, 834
3, 851
3, 860
3, 872
3, 878
3, 887

9,551
10, 099
10, 623
11, 229
11, 630
11, 917
11, 809
11, 841
11, 843
11, 858
11, 895
11, 921
11, 946
11, 962
11,996
12, 044
12, 089
12, 120
12, 164
12, 198

2,564
2, 719
2,737
2,758
2, 705
2,664
2,662
2,662
2, 667
2,667
2,640
2, 643
2, 650
2, 674
2,675
2, 669
2,669
2,675
2,672
2,672

8, 227
8, 679
9, 109
9,444
9, 830
10, 194
10, 082
10, 130
10, 164
10, 191
10, 198
10, 169
10, 193
10, 181
10, 260
10, 318
10, 369
10, 423
10, 488
10, 528

persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
Source: Department of Labor.
JO

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers in private nonfarm industries declined 0.1 hour (seasonally adjusted)
in March. The factory workweek also declined 0.1 hour.
HOURS PER WEEK (SEASONALLY ADJUSTED)

HOURS PER WEEK (SEASONALLY ADJUSTED)

46

46

MANUFACTURING

TOTAL NONAGRICULTURAL PRIVATE
44

44

42

42

40

40

38

38

36

36

i...i i t i I i i i t

34

1969

1970

1971

34
1972

1970

42

1971

1972

1970

1969

1971

1972

42

RETAIL TRADE

CONTRACT CONSTRUCTION
40

40

38

38

36

36

34

34

32

32

30

Ml t

|I I I i

30

1969

1970

1971

1969

1972

SOURCE, DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

1

(Average hours per week ]
Total
nonagricultural
private 2

Period

Manufacturing

38. 7
38. 8
38. 7
38. 8
38. 6
38. 0
37. 8
37. 7
37. 1
37. 0
36. 6
36.8
36.7
36. 8
37.3
37.3
37.4
37. 0
37.0
37.0
37. 3
36. 7
36. 8
36.9

40. 4
40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
39.4
39. 7
39. 5
40. 0
40. 2
39. 8
39. 8
39. 8
40. 0
40. 2
40. 7
39. 8
40. 1
40. 3

Contract
construction

Retail
trade 3

Total
nonagricultural
private 2

Dec

. __
__ _.

__
__ __

__
_ __

1972: J a n _ _
Feb *
Mar v

1
Data relate to production workers or nonsupervisory employees.
8
Also includes other private industry groups shown on p. 13.
s

Includes eating and drinking places.

14



Contract
construction

Retail
trade 3

Seasonall}7 adjusted

Unad, usted

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Feb
Mar
Apr
May.
June
July
Aug__ „
Sept _
Oct
Nov __

Manufacturing

37. 0
37. 3
37. 2
37. 4
37. 6
37. 7
37. 4
37. 9
37. 4
37. 3
35. 5
37. 1
37. 0
37. 0
38. 0
38. 1
38.3
36. 9
38. 2
37. 9
36. 5
35.8
36. 0
36. 8

37.4
37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33. 1
33. 1
33. 3
33. 3
34. 0
34. S
34. 7
33. 7
33. 5
33. 4
34. 1
33. 2
33. 1
33. 1

37. 0
37. 0
87. 0
36. 9
37. 1
36. 9
36. 9
36. 7
37. 0
37. 1
37. 2
37. 0
37. 2
37. 1

Source: Department of Labor.

39. 8
39.8
39. S
40. 0
40. 0
40. 0
39. 8
39.5
39. 8
40. 1
40. 3
40. 0
40.5
40.4

36. 8
37. 8
37. 1
36. 8
37. 2
37. 1
37. 1
35. 7
37. 6
39. 0
36. 8
37. 4
37. 8
S7.6

33. 6
33.5
33. 7
83. 7
33. 7
33. 8
33. 6
33.6
33. 8
33. 7
33. 9
83. 7
S3. 6
33.5

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers rose 2 cents in March to $3.57. Compared to a year
earlier, hourly earnings were up by 6.3 percent and weekly earnings were up by 6.5 percent.
DOLLARS

DOLLARS

AVERAGE WEEKLY EARNINGS

AVERAGE HOURLY EARNINGS
240

6X)0

CONTRACT
CONSTRUCTION

AA

200

5,00

CONTRACT
CONSTRUCTION

160

4.00

MANUFACTURING
MANUFACTURING

3.00

120

TOTAL NONAGRICULTURAL
PRIVATE

TOTAL

NONAGRICULTURAL
PRIVATE

RETAIL TRADE

200

80
RETAIL TRADE
I M I I I I I I I 1

1969
SOURCE:

1970

1971

1969

1972

1970

1971

DEPARTMENT OF LABOR

1972

COUNCIL OF ECONOMIC ADVISERS

[For production workers or 11 on supervisory employees]
Average 1lourly earn ings— currc3nt dollars Average vweekly earn ings— curr ent dollars
Period

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Feb
Mar
Apr.
May. _ _ June
July
Aug.
Sept
Oct. . _ _
Nov
Dec
1972: Jan
Feb * _ _ _
Mar "

Total
nonagricultural
private *

$2. 22
2. 28
2. 36
2. 45
2. 56
2. 68
2. 85
3. 04
3. 22
3. 43
3. 35
3. 36
3. 38
3.41
3. 42
3.43
3. 45
3. 49
3. 49
3.48
3. 51
3. 54
3. 55
3. 57

Manufacturing

$2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3. 57
3. 51
3.52
3. 54
3. 55
3. 57
3. 57
3. 56
3. 60
3.60
3. 60
3. 69
3.71
3.72
3. 74

Contract
construction

$3. 31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 41
4. 79
5. 25
5. 72
5. 56
5. 54
5. 55
5. 65
5. 63
5. 68
5. 75
5. 86
5. 90
5.90
5.93
5.99
5.98
5.97

Retail
trade 2

$1. 63
1. 68
1. 75
1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2.54
2. 55
2. 56
2. 57
2. 58
2. 58
2. 57
2. 60
2. 60
2.60
2.61
2. 66
2.66
2.66

2 Also includes other private industry groups shown on p. 13.
Includes eating and drinking places.
s Earnings in current dollars adjusted to exclude the effects of overtime and
it.prindnst.rv
interindustry shifts.
76-620°—72



Total
nonagricultural
private l

Manufacturing

Contract
construction

Retail
trade 2

$85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
122. 61
123. 65
124. 05
125. 49
127. 57
127. 94
129. 03
129. 13
129. 13
128. 76
130. 92
129. 92
130. 64
131. 73

$96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 44
138. 29
139. 74
139. 83
142. 00
143. 51
142. 09
141. 69
143. 28
144. 00
144. 72
150. 18
147. 66
149. 17
150. 72

$122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
196. 35
213. 36
197. 38
205. 53
205. 35
209. 05
213. 94
216. 41
220. 23
216. 23
225. 38
223.61
216. 45
214. 44
215. 28
219. 70

$60. 96
62. 66
64. 75
66. 61
68.57
70. 95
74. 95
78. 66
82. 47
86. 61
84.07
84.41
85. 25
85.58
87.72
89.78
89. 18
87. 62
87. 10
86. 84
89. 00
88. 31
88. 05
88. 05

Manufsicturing
indu stries
Adjusted Average
weekly
hourly
earnearnings.
ings,
i nf**7
1967=
1967
1 nn 3
dollars 4
85.7
$106. 58
87. 8
108. 65
90. 3
110. 84
92. 6
113. 79
95. 7
115. 58
100. 0
114. 90
106.2
117. 57
112. 6
117. 95
119. 7
114. 99
127. 7
117. 43
125. 3
115. 82
125. 8
116. 64
126. 5
116. 33
126. 9
117. 55
127. 3
118. 12
127.8
116.66
128. 3
116. 04
129. 1
117. 25
128. 9
117. 65
129.0
118. 04
122. 00
131.7
132. 7
119. 85
133.7
120. 49
133. 6
121. 55

* Earnings in current dollars divided by the consumer price index
Source: Department of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In March, industrial production (seasonally adjusted) rose 0.6 percent, following a revised rise of 0.6 percent in
February. The annual rate of increase from the 1971 low of August was 7.1 percent.
Index, 1967=100 (SEASONALLY ADJUSTED)
150

Index, 1967=100 {SEASONALLY ADJUSTED)
130

UTILITIES AND MINING

TOTAL
140

120

UTILITIES

110

100

Vv

130

120

MINING

90

110

I
80

i iiM

i i i ii i i f f i i i r i i

1969

I 1 1 1 I

1970

1 I I 1 I

1 1 ! I!

t 1 1 I !

100

1 11 1 1

1970

1969

1972

1971

1971

1 t t t 1

1972

90
1969

1972

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

Total
industrial
production

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 p
1971: Feb
Mar
Apr
May
June__
Julv
Aug.. _ _
Sept
Oct
Nov
Dec
1972: Jan
Feb 9
Mar *

72.2
76. 5
81.7
89. 2
97. 9
100.0
105. 7
110. 7
106. 7
106. 4
105. 7
105. 5
106. 2
107.0
107. 2
106. 1
105. 3
106.2
106. 4
107. 0
107. 6
108.2
108. 9
109.6

[1967=100, seasonally adjusted]
Industry

Msanufacturi ing
Total

71. 4
75. 8
81. 2
89. 1
98. 3
100. 0
105. 7
110. 5
105. 2
104. 8
103. 9
103. 2
104. 4
105.

:

105. 6
104. 9
103. 6
104. 9
105.4
105. 3
105. 4
106. 5
107. 4
108. 0

NonDurable durable
69. 0
73. 5
79.0
88. 5
99. 0
100. 0
105. 5
110. 0
101. 5
98. 8
98. 6
98. 3
99. 1
100. 5
100. 1
99. 4
96. 6
98. 5
99. 1
98.0
98. 2
99. 6
100. 5
101. 2

Source: Board of Governors of the Federal Reserve System;

16



75. 1
79. 2
84. 4
90. 0
97. 3
100. 0
106. 0
111. 1
110. 6
113. 3
111. 7
110. 4
112, 1
113. 3
113. 7
113. 0
113. S
114. 2
114. 6
115. 9
115. 9
116. 5
117. 4
118. 1

Mining

Utilities

85. 6
89.0
91. 1
93. 9
98. 4
100. 0
103. 9
107. 2
109. 7
107.0
110. i
111. 4
110. 4
108. 6
108.9
105. 7
106. 5
106.0
97.7
102.3
107.8
107.2
106. 4
107.7

70. 2
75. 1
81. 9
86. 9
93. 6
100. 0
109. 4
119.5
128. 5
135. 3
132. 2
131. 5
133. 2
132. 1
135.6
138. 7
137.0
138. 4
139. 3
139.6
138. 3
137.4
138.2
139.7

Market
FIJaal produt3tS
j i
Intermediate
Consumer Equip- products
Total
ment
goods

70. 8
74.9
79. 6
86. 8
96. 1
100. 0
105. 8
109. 0
104. 4
104.4
103. 0
102. 5
103. 6
103. 9
104. 5
104. 9
105. 0
104. 6
105. 3
105.9
105. 6
106. 2
106. 7
107. 0

77.7
82. 0
86.8
93. 0
98. 6
100. 0
106. 6
111. 1
110. 3
115. 5
112. 9
112.7
114 6
115. 7
116. 1
116. 0
116. 0
115.0
116.9
118.2
117.9
118.5
119. 3
119.5

61. 9
65. 6
70. 1
78.7
93. 0
100. 0
104. 7
106. 1
96. 1
88. 9
89. 3
88.4
88. 1
87. 8
88.2
89. 3
89.6
90.2
89.0
88.8
88. 5
88.7
89. 1
89.6

76. 9
81. 1
87. 3
93. 0
99. 2
100. 0
105. 7
112. 0
111. 9
112. 8
112. 5
112. 0
112. 4
113. 5
112. 4
113. 8
110. 7
112. 5
113.0
114. 0
114. 7
115.0
115. 3
116. 1

j\,| n-t-a.

rials

72. 4
77. 0
82. 6
91. 0
99.8
100. 0
105. 7
112. 4
107. 8
106. 8
106. 8
107. 1
107. 5
108. 9
109.0
105. 3
104.0
106. 2
105.6
106.0
107.6
108. 4
109. 4
110.6

PRODUCTION OF SELECTED MANUFACTURES
Production of most durable and nondurable manufactures (seasonally adjusted) rose in March. The largest gains
were in primary metals and fabricated metal products—about 2 percent each.
Index, 1967=100 (SEASONALLY ADJUSTED)
130

Index, 1967=100 (SEASONALLY ADJUSTED)
130 I

120 h

LUMBER AND PRODUCTS
X

\»* ctJ
?

,«*««>* V

** V,,^

MACHINERY

90

TRANSPORTATION
I
EQUIPMENT
! |
i i,Iiiiii
'
1970
1969

! I I t I I f t 111.

1972

1971

CHEMICALS, PETROLEUM,
AND RUBBER
120

100

110

90

100

1969

1972

1969

1972

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

CCUMOl OF ECOXO

[1967=100, seasonally adjusted]
Durab le mamifeictures
Period

1962
1963
1964
1965
1966
1967
1968_ __ __ _
1969
1970
1971 p
1971: Feb__ _ _

_ ___

__ __

Mar

Aor _ _ .
3 lav
«> line
July
Aug _
Sept
Oct
Nov

____

_ _

_ _
_ _ _ _ _ _ _
_
_ _ _ . _-- _ _ _

Dec

1972: Jan
Feb »
Mar v

Primary
metals

_

FabriTranspor- Lumber Textiles, Paper Chemicais,
Foods
cated
Machin- tation
and
apparel,
and
petroand
ery
metal
and
equipprodprint- leum, and tobacco
products
ment
ucts
leather
ing
rubber

78. 2
84. 3
95. 7
104. 0
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
105. 5
106. 6
108. 7
114. 3
108. 1
98. 2
81. 0
93. 9
95. 7
91. 4
93. 6
102. 5
100. 4
102. 3

Source: Board of Governors of the Federal Reserve System.




Ncmdurable manufactu res

75. 9
78. 4
83. 3
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 3
106. 6
104. 9
108. 5
108. 5
108. 5
110. 8
108. 0
105. 7
106. 9
106. 9
107. 1
105. 8
106. 9
109. 3

64. 8
67. 9
74. 3
84. 1
98. 6
100. 0
101. 9
106. 8
100.4
95. 5
94. 2
94. 0
94. 2
95. 3
95. 2
97. 4
95.6
96. 3
97. 0
96.3
96. 6
97. 6
98.4
98. 9

69. 3
75. 9
79. 6
91. 3
101. 2
100. 0
109. 7
107. 6
90. 3
91. 3
92. 6
91. 3
89. 5
90. 9
91.7
88. 5
91. 1
91. 7
92. 4
91. 6
89. 8
90.0
91. 6
91. 0

82.0
85.8
91. 0
94.7
98. 4
100. 0
104. 8
108. 6
106. 3
113. 4
110. 8
110. 3
112. 5
110. 0
111. 0
115. 4
113. 1
113. 9
117. 3
117. 9
120. 7
120. 6
121. 0

84 3
86. 9
91. 9
97.8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 7
98. 0
97. 3
99. 8
101. 5
102.4
100. 2
100. 1
102. 5
102. 2
101. 6
102. 8
101. 9
103. 7
103. 8

74. 3
78. 4
84. 5
90. 5
98. 9
100. 0
104. 2
109. 1
107. 8
107. 8
10S. 1
104. 6
106. 9
106. 9
106. 0
106. 8
108. 2
108.3
109. 0
110.6
110. 8
112. 2
112. 3
113. 1

64. 5
70. 0
75. 9
83. 8
94. 1
100.0
109. 6
118. 4
118. 2
124.3
120. 9
120. 5
122. 4
124. 2
125. 3
124. 0
126. 2
127. 3
126. 5
127. S
127. 8
128. 5
130. 1
131. 6

84. 0
87. 0
90. 6
92. 6
97. 0
100. 0
103. 6
107. 5
110. 8
113. 3
113. 1
112. 2
112. 9
113. 6
113. 7
113. 8
112. 8
111. 1
113.2
11"). 6
114. 3
115. 7
115. G
115. 8

WEEKLY INDICATORS OF PRODUCTION
Production of steel and paperboard, bituminous coal mined, and freight cat-loadings increased in March. Cars and
trucks assembled and electric power distributed were down slightly from the February rate.
MILLIONS OF TONS

MILLIONS OF SHORT TONS

BITUMINOUS COAL

STEEL

,\

-1971

"V

J

F

M

A

M

J

J

\/

/ i ill .1 1 1 I 1 1 1 { t i i 1
S
O
N
D

[ t J 1 I I I I I I I l i t 1 I 1 I I 1. I I I Ml M I I I I I I I I M I 1_1_|J IJ I I I I M l
' J

F

M

A

M

J

J

A

S O N

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

Period
W ee k i v average :
1965
___
1966
1967 __
_ _ __
1968
1969
1970
1971 p
1971: Feb
Mar
Apr
May
June
July
Aug__
Sept
_
Oct
Nov
Dec_ _ _
1972: Jan
Feb
__
Mar * _
Week ended:
1972: Mar 18 _.
25
Apr 1
8
15 *_ ___
1
2 Daily

Steel pi"oduced
Index
Thousands
of net
(1967=
tons
100)

2,
2,
2,
2,
2,

521
572
440
515
709

o

rj99

N

D

COUNCIL OF ECONOMIC ADVISERS

2, 310
2, 719
2, 854
2, 929
2, 917
2, 678
2, 249
1, 303
1, 794
1, 853
1, 877
1, 987
2, 258
2, 411
2, 614

20, 169
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
50, 864
29, 993
28, 570
28, 921
32, 551
32, 781
-32, 786
*1, 887
29, 590
30, 227
51, 218
32, 655
33, 323
31, 692

2, 561
2, 652
2,747
2, 699
2, 722

105. 0
108. 7
112. 6
110. 6
111. 6

31, 390
31, 422
31, 358
31, 183
2
31, 742

1, 735
1, 798
1, 868
1, 827
1, 894
2,032
2, 009
1, 954
2, 102
2, 197
2, 026
1, 963
1, 829
2, 118
2, 129
906
1, 763
2, 1 18
1, 901
1, 853
2, 009

562
570
540
543
543
522
486
486
507
523
526
525
424
493
502
445
441
449
456
465
494

410
446
439
479
507
489
501
500
509
502
511
506
463
516
503
528
517
475
505
539
562

213. 7
199. 3
172. 9
207.6
195. 8
158. 9
204. 8
231. 0
230. 2
211. 6
232. 4
212. 3
131. 8
145. 7
215. 6
233. 6
218. 6
171. 7
216. 3
226. 1
225. 1

179.4
165. 4
142. 4
170. 1
158. 1
125. 9
165. 0
188. 8
188. 1
170. 6
190. 6
169. 7
106. 5
110. 2
1 72. 5
186. 8
175. 1
136. 9
169. 8
176. 5
175. 4

34. 3
33. 9
30. 5
37. 5
37. 8
33. 0
39. 9
42. 2
42. 1
40. 9
41. 7
42. 6
25. 3
35. 5
43. 2
46. 7
43. 5
34. 9
46. 5
49. 6
49. 7

1,
2,
2,
1,

502
505
489
495

566
568
574
534

231.
237.
190.
250.
245.

179.
183.
150.
196.
191.

52. 0
53. 3
40. 7
53. 9
54. 5

947
050
236
941

8
2
6
0
6

8
9
0
2
1

Sources:
tee! Institute, dison Elec •ric Institu
iment of theAme rican Iron and Sn of American Elailroads, 1American P ede, DepartIntcirior, Associatio
I
per Institute, and Ward' s Automotive E cports.




O

Electric
Bituminous Freight Paperboard
Car s and triicks
power
coal mined
loaded
produced
distributed (thousands (thousands (thousands assembled (thoiisands)
(millions of
of short
Total
of tons)
Cars Trucks
of cars)
kilowatt-hours) tons) 1

103. 3
105. 4
100. 0
103. 1
111. 0
103. 4
94. 7
111. 4
117. 0
120. 0
119. 5
109. 8
92. 2
53. 4
73. 5
76. 0
76. i)
81. 5
92. 5
98. 8
107. 1

average. Includes data for Alaska.
Not charted.

18

D

THOUSANDS

BILLIONS OF KILOWATT HOURS
40

CONSTRUCTION
-r According to preliminary estimates, expenditures for new construction (seasonally adjusted) were about the same in
February as in January. Residential construction continued strong while other types of construction declined.
:

BILLICDNS OF DOLLAR S
140

BILLIONS OF

DOLLARS
140

SEAS ONALLY ADJUSTED ANN UAL RATES

1OA

19O

i*~~

TOTAL NEW CONSTRUCTION

100

^^^

nr\

^"T
^^^
s.
——-—-^

^tfi^^t^_

"^

r"—"

inn

^ ,~
+

./

PRIVATE

on

^^

^*\m

*

zr\

— •*«*

-/

*

/A

-— •>**

^

40

AC\

PUBLIC

»»•* **

lll»t>M"**t»IOllll"l>"

20

/I 1 I ! I ! 1 1 1 1 1 1

f I 1 ! I 1 I

V

1 1 I 1

\
»"«*ni>"""*»w,,,,ii»»"*1
I I I !

**

1 1 ! 1 1 1 1

I

Knit*

"'ll'*>»l«|||ll||t

! 1 ! I I f f I f 1

., J*' ^M.,,,,,,.,.,,,,,,
1 1 «»*i**i»itii,i»**a*i
11

!

/'*»

t "in

****

( ! 1 I ! ! ! 1 1 f !

I f ! t 1 ! t

1 ! I f 1 1 f 1 I I I

! ! ! K

20

N

60

60

/

PRIVATE "RESIDENTIAL

An
ALL O THER PRIVATE

"»«''"'«t»»»»"*n^«t
A\ 1 ! ! ! 1 ! 1 t n*"f'"T" "T*i i

20

V

— "^ " "'"

=aMe:.***^g>J
t1?K^nC^»^""''' f^^>-^

1966

1

l i i i i !
1 1 1 ! ! 1 I 1 1 !
1967
I
1968

1 I ! I !

1 J 1 1 1 I

t 1 1 ! 1 ! ! ! t 1 1

1 1 ! ! 1 1 f 1 I ! 1

1970

1969

1971

cc UNCIL

SOURCE: DEPARTMENT DF COMMERCE

3

I

Potal new
construction
expend!tures

eriod

76.
77.
86.
93.
94.
109.

1966__
1967__
1968_
1969__
1970__
1971 _.

0
5 i
6
3 ;
3 !
0 !

Private
Total

52. 0
52. C 1
59. C
65. 4 !
66. 1
79. 1

Residemtial
DmmerNew
c al and
Other
Total '
housing
i n dustrial
units
Bir ions of dollars
25. 7
19. 4
26. 3
25. 6 ;
19. 0 ;
26.4
30. 6
24. 0 '
13. 8 i
14. 7 i
33. 2
25.9
16. 2
16. 0
31. 7
24. 2
16. 3
18. 1
42. 4
34. 2
17. 0
19. 7

Federal,
State,
and
local

24. 0
25. 5
27. 6
28. 0
28. 1 |
29 9

J

Apr

May.
June.
Julv
A us
5ept___ _ _
Jet _ _ _ _
Nov

Oec 1972: ,Jan __
Feb*

102, 6
100. 6
102. 3
103. 0
105. 9
107. 6
109. 2
109. 8
111.8
110. 3
114.7
115.2
117.0
120. 2
120. 3

70. "t
70. (>
70. *;
73. ()
76. ;.J
77. v >
79. £)
80. i
81. c)
81. 7
82. c)
84.5>
86. C)
88. 2
89. C

35. 1
35. 6
36. 5
37. 7
39. 6
41. 5
42. 3
42. 5 1
43. 8
45. 0
46. 1
46. 8
47. 7
49. 7
51. 7 |

26. 7
27. 6
28. 5
29. 6
31. 0
32. 9
34. 0
35. 0
36. 6
37. 4
37. 5 i
37. 6
38. 5
40. 8
42. 9

Includes nonhousekeeping residential construction and additions and altera>ns, not shown separately.
F. W. Dodge series. Relates to 50 States beginning 1970 for value index and
beginning 1971 for floor space.
2




16. 1
16. 4
16. 4
16. 8 |
17. 4 1
16. 8
17. 3
18. 1
17. 9
16. 3
16. 5
17. 1
17. 3
18. 2
17. 9

19. 5
18. 6
17. 9
18. 5
19. 3
19. 6
20. 3
19. 7
20. 2
20. 4
20. 3 1
20. 9 I
20. 9
20. 3
19. 4

31. 9
30. 0
31. 6
30. 1
29. 6
29. 7
29. 3
29. 5
29. 8
28. 6
31. 8
30. 4
31. 0
32. 0
31. 3

I ! ! !N
M

20

OF ECONOMIC ADVISER 5

Construct! cneon tracts2
COEnmerTotal value cia and
index,
indiistrial
(1967 = floor space
100)
(mill ions of
squa re feet)

94. 8
100. 0
113. 2
123. 7
123. 1
144. 3
Seasonally
adjusted

Seasonally adjusted annu al rates

1970: Dec
1971: Jan
Feb
Mar

r i i i i ! i
1972

132
117
126
142
161
141
147
151
153
154
137
155
160
165
155

769
694
779
883
743
730
Seas onalh/
adj usted
annuai
r<ites
656
652
600
785
658
761
754
728
658
849
741
824
800
716
801

Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.

19

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING

In March, private housing starts (seasonally adjusted) declined 11 percent from the record high in February. Sta1
for the first quarter were at an annual rate of 2.5 million units, 1 2 percent above the 1971 peak fourth quarter. Permit
for future starts declined 6 percent in March.
MILLIONS OF UNITS

MILLIONS OF UNITS
3.0 |

!'

SEASONALLY ADJUSTED ANNUAL RATES

Z5

2.0

20
TOTAL PRIVATE
HOUSING STARTS

1.0

1.0

FHA APPLICATIONS

VA APPRAISAL
REQUESTS

1967

1966

1968

1969

1972

1971

1970

COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF COMMERCE. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION

[Thousands of units]
Hou sing star Is
Total
Total
private
and
private
public (includ(including
ing
farm)
farm)

Period

1966 _
1967
1968
1969
1970
__ _
1971*__ _ _ _ _ _
1971: Feb
Mar
Apr
May
__
June
July
Aug___
Sept. __ __
Get
Nov

Dec
1972: Jan v
Feb p _
Mar __

__

1, 195. 9 1, 165. 0
1, 321. 9 1, 291. 6
1, 545. 5 1, 507. 7
1, 499. 6 1, 466. 8
_ 1, 469. 0 1, 433. 6
2, 084. 5 2, 052. 2

_

104. 6
169. 3
203. 6
203. 5
196. 8
197.0
205.9
175. 6
181.7
176. 4
155. 3
150. 9
152. 2
205. 2

102, 2
167. 9
201. 1
198. 5
193. 8
194. 3
204. 5
173. 8
179. 7
173. 7
152. 1
149. 1
150.8
203. 3

Total ( including; farm)
Total

One
unit

1, 165. 0
778. 5
1, 291. 6 843. 9
1, 507. 7 899. 5
810. 6
1, 466. 8
1, 433. 6 812. 9
2, 052. 2 1, 151. 0
1, 793
1, 938
1,951
2,046
2, 008
2, 091
2,219
2, 029
2, 038
2, 228
2, 457
2, 487
2,655
2, 359

1, 005
1,080
1, 122
1, 152
1, 150
1, 162
1, 198
1, 172
1, 155
1,242
1,347
1,415
1, 313
1, 283

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 or appraisal requests for new
home construction.

20




Propose d home
constr uction

Private
Gover nment
home p]rograms
(nonJ arm)

Two or
more
FHA
VA
units
386.4
129. 1
36. 8
52. 5
447. 7
141. 9
608. 2
147. 7
56. 1
656. 2 153. 6
51. 2
620. 7 233. 5
61. 0
901. 2 301. 2
94. 0
Seasons lly ad jus ted annu al
788
858
829
894
858
929

1,021
857
882
985

1, 110
1, 071
1, 342
1,077

286
266
280
271
290
288
325
294
299
293
383
378
287

73
82
93
96
91
99
103
98
98
105
104
116
118
125

iNew
private
housing
units
authorized 1

971. 9
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 907. 4
rates
1, 563
1, 627
1, 638
1, 927
1, S49
2, 052
2,006
1,900
2, 173
1, 952
9 292
2, 105
2, 078
1,953

Applications for Requests
for VA
FHA
commit- appraisals 2
ments 2

153. 0
167. 2
168. 9
187. 6
315. 0
366. 8

99. 2
124.3
131. 7
138. 2
143. 7
217. 9

349
344
348
375
378
392
359
343
351
291
450
333
326

175
186
206
221
250
234
218
253
231
207
228
232
224
20?

Sources: Department of Commerce, Department of Housing and Urb£
Development, and Veterans Administration.

«

SINESS SALES AND INVENTORIES-TOTAL AND TRADE
>bruary, business sales (seasonally adjusted) were unchanged following a sharp rise in January while inventories
rose a little. Advance reports put March retail sales sharply above February.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
200

RETAIL TRADE (ENLARGED SCALE)
25 -DURABLE GOODS STORES

20
INVENTORIES

15

10

\ '

SALES

5
30

NONDURABLE GOODS STORES |
INVENTORIES

25

20
20

15
1969

1969

1972

1972

1971

SOURCE i DEPARTMENT OF COMMERCE

COONCIl OF ECONOMIC ADVISERS

Total tmsiness1

R<3tail

Wholesale
Sales2

Period

1964
1965__
1966
1967
1968
1969 _
1970
1971
1971: Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
1972: Jan »
Feb »
Mar *

Sales 2

73, 685
80, 276
87, 172
89, 708
97, 105
103, 178
106, 276
114, 261
109, 346
111, 166
112, 740
113, 155
114, 303
115, 531
114, 727
115, 064
115, 660
114, 687
117, 374
___ 116, 964
120, 587
120, 545

Inventories 3

Sales 2

111,457
120, 900
136, 714
145, 072
155, 238
166, 412
173, 635
179, 939
174, 412
174, 834
175, 536
176, 275
177, 046
177, 403
177, 652
178, 157
178, 924
179, 468
179, 407
179, 939
180, 467
180, 807

14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
21, 338
21, 334
21, 676
21, 897
22, 449
22, 716
22, 621
22, 605
22, 549
22, 284
22, 739
22, 994
24, 351
23, 553

iThe term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.




Inventories 3

1v/Lillions of
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
26, 646
26, 806
26, 788
27, 046
27, 140
27, 333
27, 866
27, 795
27, 814
27, 928
28, 237
28, 916
29, 049
29, 128

NonDurable durable
goods
goods
stores
stores
dollars, seasonally aid justed
21, 823
7,049 14, 773
23, 677
7, 849 15, 828
25, 330
8, 192 17, 138
26, 151
8, 348 17, 803
28, 490
9,268 19, 222
29, 824
9, 626 20, 197
31, 294
9, 524 21, 770
34, 071 10, 985 23, 086
32, 290 10, 003 22, 287
32, 850 10, 240 22, 610
33, 274 10, 613 22, 661
33, 578 10, 747 22, 831
33, 502 10, 576 22, 926
33, 827 10, 782 23, 045
33, 688 10, 747 22, 941
34, 655 11, 298 23, 357
35, 219 11, 833 23, 386
34, 964 11, 695 23, 269
35, 574 11,885 23, 689
34, 896 11, 334 23, 562
34, 886 11, 475 23, 411
35, 127 11, 346 23, 781
35, 996 11, 873 24, 123
Total

Inventories
Total

Durable
goods
stores

31, 094
34, 405
38, 073
38, 952
41, 973
45, 376
46, 555
50, 474
46, 888
47, 426
48, 246
48, 809
49, 259
49, 534
49, 592
50, 299
50, 844
50, 800
50, 377
50, 474
50, 542
50, 646

13, 318
15, 253
17, 258
17, 277
19, 167
20, 647
20, 490
23, 124
20, 689
21, 232
21, 704
22, 056
22, 509
22, 679
22, 707
23, 313
23, 769
23, 652
23, 306
23, 124
22, 930
22, 958

3

Nondurable
goods
stores
17, 776
19, 152
20, 815
21, 675
22, 806
24, 729
26, 065
27, 350
26, 199
26, 194
26, 542
26, 753
26, 750
26, 855
26, 885
26, 986
27, 075
27, 148
27, 071
27, 350
27 612
27, 688

Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturer's shipments and inventories (seasonally adjusted) rose in February but new orders edged down ar
a very large rise in January. According to preliminary reports, durable goods shipments rose in March while new
orders were unchanged.
BILLIONS OF DOLLAR*>

BILLIONS OF DOLLARS

(SEASONALLY ADJUJ TED)

(SEASONALLY ADJUSTED}

110

70

MANUFACTl JRERS' SHIPME NTS
TOT AL

60

••*

'*"^

MANUFACTl JRERS' INVEN1fORIES

/>^*~^

,

100

f

**—«r-^-^,1
%
/

90

50

40

^»^
^^

i— r
TOTAL

80
DL RABLE GOODS
\
.

30 .— -.,—^^=^^=

vX

^>~^—^
....iiinmninmni**1"*

-DURABLE GOOC)S

70

<«••

\

lit**"**,!!**"**"*"""!***

UlI W 1 " " 1
ll I
* " 1 " 1

.-——•*

\

20

NON DURABLE GOOD
| 1 ! 1 1 1 1 1 ! 1 1
(

M

1 1 1 1 I.I

1 1 1.

f 1 ! M 1 I 1 M 1

60
M

1 M

^^——i

1 1 f f 1 (K

50

MANUFACTlJRERS' NEW CDRDERS

40

DURABLE GOODS
30

-^

^^

^**~**^

/ L_IS«-==^_

»»«*

.„..,„„ .
. .,.. , „
20

••»»'•

»m

Hf
lM " "

iininmm*1***1"

\

....
. . . M . " '* 1 ""
. " "' " 1 '

111 11 1
1

1

. t i^ H * " " " * **
. t' l I * " " " ! '

NONDURA SLE GOODS

40

s-**./*-1

J

30

" " "
" "

NOtsIDURABLE GOOC)S
M \ 1 ! 1 11 I1 ! .
¥

1969

1 I 1 1 ! 1 1 1 1 I1

1 I 1 11 I 1 1 1 ! 1

1970

1971

M

20

1972

]} " M 1 1 1 1 1 1

1 1 1 ! | I ! 1 1 1 I

1969

1 1 1 1 1 1 1 ' JN

1970

1 1 ! ! 1 11 ! ! ! 1

1 ! ! ! ! 1 1 ! ! t IN

1972

1971

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufac turers' sh p incutsl ManufadAirers' inv entories2

Manufacturers'
inveiitoryshipments
ratio 3

Manufacturers' new orde rs !
Durafc>le goods

Period
Total

NonDurable durable
goods
goods

Total

NonDurable durable
goods
goods

Total
Total

NonProducers5
durable
capital
goods
goods
industries

Millions of dollars seasonal y adjusted

1964
1965
1966
1967
1968
1969
1970
1971.
1971: Jan
Feb
:\Iar
Apr
Mav
.June
July
Aug
Sept. _ „ _
Get
Nov_
Dec
1972: Jan
Feb
Mar p

37, 335
41, 003
44, 863
46, 458
50, 287
53, 629
54, 429
57, 911
55, 7 IS
56, 982
57, 790
57, 680
58, 352
58, 988
58, 418
57, 804
57, 892
57, 439
59, 061
59, 074
61, 350
61, 865

19, 634
22, 216
24, 629
25, 220
27, 695
29, 539
29, 349
31? 550
30, 166
30, 856
31, 616
31, 308
31, 850
32, 650
32, 123
31, 464
31, 543
31, 166
32, 106
31, 858
33, 573
34, 013
34, 287

17, 701 63, 386
18, 788 68, 221
20, 233 77, 950
21, 237 84, 563
22, 592 90, 737
24, 090 96, 673
25, 080 100, 476
26, 361 100, 549
25, 552
26, 126
26, 174
26, 372
26, 502
26, 338
26, 295
26, 340
26, 349
26, 273
26, 955
27, 216

100, 878
100, 602
100, 502
100, 420
100, 647
100, 536
100, 194
100, 063
100, 266
100, 740
100, 793
100, 549

27, 777 100, 876
27, 852 101, 033

1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
8

38, 436
42, 227
49, 793
54, 888
58, 969
63, 160
65, 152
64, 242
65, 308
65, 090
65, 082
65, 033
65, 079
64, 825
64, 692
64, 523
64, 563
64, 494
64, 399
64, 242
64, 722
64, 769

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


i

24, 950
25, 994
28, 157
29, 675
31, 768
33, 513
35, 324
36, 307

37, 952
41, 803
45, 912
46, 707
50, 505
53, 768
53, 866
57, 724

20, 258
22, 986
25, 690
25, 468
27, 919
29, 681
28, 778
31, 353

3,
4,
5,
4,
5,
6,
5,
6,

935
435
265
958
307
074
794
390

17, 694 !
18, 817
20, 222
21, 239
22, 585
24, 087
25, 088
26, 371

35, 570
35, 512
35, 420
35, 387
35, 568
35, 711
35, 502
35, 540
35, 703
36, 246
36, 394
36, 307

57, 255
57, 165
57, 699
56, 597
57, 028
57, 009
58, 255
58, 085
57, 322
57, 490
59, 576
59, 408

31, 666
31, 071
31, 472
30, 228
30, 601
30, 666
31, 955
31, 758
31, 026
31, 126
32, 564
32, 138

6,
6,
6,
5,
6,
6,
6,
6,
6,
0.
6,
6,

442
617
219
677
193
237
146
551
425
806
565
835

25, 589
26, 094
26, 227
26, 369
26, 427
26, 343
26, 300
26, 327
26, 296
26, 364
27, 012
27, 270

36, 154
36, 264

62, 996
62, 514

35, 099
34, 505
34, 556

8, 110
7, 242
6,978

27, 897
28, 009

Source: Department of Commerce.

!

i
!
i
1

1. 64
1.60
1. 62
1.76
1.74
1.75
1. 82
1. 74
1.81
1. 77
1. 74
1.74
1. 72
1. 70
1. 72
1. 73
1. 73
1.75
1. 71
1.70
1. 64
1. 63
.

MERCHANDISE EXPORTS AND IMPORTS
Exports declined more than imports in February to raise the monthly trade deficit, seasonally adjusted, to $598 million.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

3.0

3.0

2.5

2.5

2.0

2.0

1966

1972

]/ SEE NOTE BELOW.
SOURCEt DEPARTMENT OF COMMERCE

Period

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Merch andise irnports
Alerehandi se export&
Total (includ-l
Gem3ral impc>rts 3
Domesti o exports
ing ree xports)
Food, Crude
Food, Crude
To tal 2
bever- mate- Manubever- mate2
SeasonfacSeason- Unad- Total ! ages,
rials
rials
ages,
tured ally ad- Unad- and to- and
ally ad- justed
and to- and
justed
justed
justed
goods
bacco
fuels
bacco
fuels

Monthly average:
1963
1964
1965
1966
1967
1968
1969
1970_______
1971

1, 869
2, 153
2, 229
2,458
2, 586
2, 839
3, 111
3,555
3,630

1, 845
2, 123
2,201
2,421
2, 554
2, 802
3, 066
3, 502
3,576

3,
3,
4,
3,
3,
3,
3,
3,
4,
2,
3,
4,
3,
3,

3, 432
3,472
4,059
3, 742
3, 854
3, 625
3, 293
3,319
4, 170
2, 776
3, 176
4,000
3,766
3,723

349
386
377
432
392
383
370
422
423

315
361
356
367
394
405
417
558
537
555
537
596
578
550
544
468
515
586
394
471
644
567
527

2, 351
2, 449
2, 938
2, 651
2, 792
2,605
2, 363
2, 353
2, 935
2, 028
2, 248
2,737
2, 601
2,632

1,428
1, 562
1, 786
2, 135
2, 241
2, 769
3, 004
3, 329
3,800

1, 191
1,377
1,453
1, 602
1, 737
1,985
2,232
2,445
2,537

3, 738
3,691
3,816
3, 521
3, 783
3,661
3, 498
8,678
4, 511
2, 710
8,160
3, 859
4,221
8, 806

1

480
528
108
806
914
686
338
367
225
828
221
057
815
780

438
402
455
401
423
395
385
383
568
294
394
537
506
485

Total excludes Department oi Defense shipments oi grant-aid military supilles and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than in transit shipments.




396
419
453
476
447
503
533
545
606

672
759
937
1, 204
1, 313
1, 719
1,918
2, 159
2,537

441
590
444
323
345
70
107
226
-171

2, 268
2, 163
2, 619
2, 611
2, 586
2,895
2, 363
2,467
2, 767
2,423
2,462
2,825
2,820
2,763

50
141
250
-232
-201
-358
— 297
— 256
265
— 821
-227
-274
— 319
— 598

Unad justed

U nad juste d

1971: J a n _ _
Feb__
Mar_
Apr._
Mav_
June_
July...
Aug__
Sept.
Oct..
Nov_
Dec__
1972: Jan_.
Feb__

322
335
334
382
392
447
442
519
534

Grossmerchandise trade
Manu- surplus,
seasonfacally adtured
justed
goods

3,683
8,550
3,565
8,754
3, 983
4,019
8, 790
3,984
4, 245
3,581
3, 387
4,182
4,540

4,408

3, 419
3, 191
3,907
3, 893
3, 841
4,278
3, 690
3,844
4, 254
3, 472
3, 531
4, 283
4,280
4, 177

523
442
528
593
521
593
565
616
715
352
353
606
631
626

511
477
638
564
607
665
630
640
659
571
598
712
702
673

NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23

U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The current account of the balance of payments was in deficit by $5.8 billion (seasonally adjusted annual rate)
the fourth quarter.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1966
SOURCE* DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
M erchandis*3 1 2

Period
Exports

1966
1967
1968
1969
1970
1971*___

Imports

Net
balance

Militeiry transactions

Direct
expenditures

Sales

29,
30,
33,
36,
41,
_ 42,

390
680
588
490
980
769

-25,463 3, 927
-26,821 3, 859
-32, 964
624
-35,830
660
-39, 870 2, 110
-45,648 -2, 879

40,
1970: I
II— 42,
III... 42,
IV.... 41,
44,
1971:1
TI
42,
III... 45,
IV P 38,

964
328
784
844
064
824
900
288

— 38, 912 2, 052 -4, 728 1,
-39, 324 3, 004 — 5, 020 1.
-39, 968 2, 816 -4, 844 1,
-41, 276
568 -4, 812 1,
-43,072
992 -4, 696 2,
— 47, 068 -4, 244 -4, 856 2,
-48,060 -2, 160 -4, 760 1,
-44, 392 -6, 104 -4, 872 1,

- 3, 764 829
4, 378 1, 240
— 4, 535 1, 395
— 4, 856 1, 515
-4,851 1,480
-4, 796 1,942

Net iiivestment i ncome

Net
balance

Private 3

-2,935
-3, 138
— 3, 140
-3, 341
-3, 371
-2, 854

5, 331
5, 848
6, 157
5, 820
6, 360
8,925

U.S.
Government

Net
travel
Other
and
trans- services,
portation
net
expenditures

44 - 1, 382
40 — 1, 752
63 -1, 558
155 — 1, 780
-118 -1,979
-975 -2,246

315
365
344
497
588
728

RemitBaltances,
Curance
penrent
on
sions,
acgoods
and
count
other
and
balservuniance
ices *
lateral
transfers 1
5 300 -2,890
2,410
5 220 -3, 081
2, 139
2 489 -2, 875
-386
2 Oil -2, 910
-899
3 592 -3, 14*
444
699 -3, 473 — 2, 774

Se asonally a dj listed annual r<ates

1
Excludes
2
Adjusted
3

096
788
308
732
040
188
872
668

-3, 632 6,
— 3 232 5,
-3, 536 6,
-3,080 6,
-2, 656 7,
-2, 668 9,
-2,888 8,
-3,204 10,

military grants.
from Census data for differences in timing and coverage.
Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States.

.24



184
124 — 1, 792
-12 -2, 000
888
540
-256 — 2, 212
- 324 -1, 912
828
-452 - 1, 736
60S
340
-636 -2,468
164 -1, 356-2, 236
580 -1,456 -2,544

Source: Department of Commerce.

3, 524
588
532
4, 180
3, 980
628
600
2, 680
844
4, 600
24
700
224
700
672 -2, 056

- 3, 024
509
— 3, 012
1, 168
-3, 212
768
— 3, 344
— 664
-3,080
1, 520
-3, 352 -3,328
-3, 708 -3,484
-3, 756 -5,812

.S. OVERALL BALANCES ON INTERNATIONAL

TRANSACTIONS

_,rrent estimates indicate that the U.S. balance of payments in the fourth quarter was in deficit at a seasonally adjusted
annual rate of $17.4 billion on the net liquidity basis and $25.1 billion on the official reserve transactions basis.
BILLIONS OF DOLLARS
120

BILLIONS OF DOLLARS
20

SEASONALLY ADJUSTED ANNUAL RATES

10

BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL

BALANCE ON OFFICIAL
RESERVE TRANSACTIONS

\:

-10

-10

-20

-20

-30

-30

-40

-40

-50

-50

-60

-60
1966

1972

SOURCEi DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

1966
1967
1968
1969
1970
1971 p

Long-ter in capital Balance Nonflows , net
liquid
on
shortterm
account private
U.S.
2 and longGovern- Private
capital
ment 1
flows
capital
net 2
— 1, 409
-2,423
-2, 161
— 1, 930
— 2, 029
-2, 382

— '2, 555
-2, 912
1, 198
— 50
-1,453
-4, 128

-1, 614 — 102
-3, 196 -505
- 1, 349
231
- 2, 879 -602
- 3, 038 -545
-9, 284-2, 529

Allocations
nf

special
drawing
rights

Errors
and
omissions,
net

Balance, Liquid
net
private
liquid- capital
ity
flows,
basis
net -

{Changes
Balance, in liaofficial
bilities
reserve
to
transforeign
actions
official
basis
agencies,
net3

Changes
in U.S.
official
reserve
assets,
net <

— 431 -2, 148
2, 367
219
-787
568 14,
-985 -4, 685 1, 267 -3,418 [
52 14,
3, 366
-493 -1, 610 3, 251
1, 641 i
—761
-880 5 15,
— 2, 603 - 6, 084 8, 786
2,702 1 -1, 515 -1, 187 16,
867 — 1, 104 -3, 821 - 6, 000 -9, 821
7, 344
2,477 14,
717 - 10, 878
-29, 767
-21, 973 -1, 794
27, 419
2, 348 6 12,

-1,812
-2,360
- 1, 248
-2, 692
— 2, 732
-2, 528
-2, 092
-2, 168

-3, 876 -5, 188 -460
- 1, 088 -2, 280 — 560
-880 - 1, 360 — 460
28 -3, 328 -700
— 4, 036 -5, 248 — 1, 524
-7, 172 — 13, 028 — 1, 636
-7, 188 — 12, 764 — 4, 032
1, 888 -6, 092 -2,924

868
868
868
864
720
716
716
716

-236 -5, 016
- 1, 500 -3 ; 472
-1, 748 -2, 700
-932 -4, 096
-4, 048 -10, 100
-9, 252 -23, 200
-21, 132 -37, 212
-9, 080 -17, 380

-6,440
-2, 144
-5, 600
-9, 816
-12, 100
212
— 11, 528
-7,760

882
830
710
964
487
167

Unadjusted

Se^asonally adjusted annual ra tes

1970: I
II
III. _
IV...
1971:1
II
III...
IV *>„_

U.S.
official
reserve
assets,
net
(end of
period)

— 11, 456
-5, 616

10,
2,
-8, 300;
5,
-13, 912 10,
-22, 200j 19,
-22, 988! 20,
43,
-48, 740
25,
-25, 140

400
396
964
616
472
352
964
888

1, 056
3, 220
2, 336
3, 296
2, 728
2, 636
4, 776
-748

17,
16,
15,
14,
14,
13,
12,
6
12,

350
328
527
487
342
504
131
167

!

1
Excludes
2

liabilities to foreign oflieiai reserve agencies.
Private foreigners exclude the IMF, bat include other international and
regional organizations,
8
Includes liabilities to foreign official agencies reported by U.S. Government
md U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
to, and gold deposits with, the United States.
* Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position in the IMF.




8

Includes train of $67 million resulting from revaluation of the German mark
in 6October l!H5i>.
On Dec. 31, U.S. reserve assets consisted of gold stock, $10,206 million, special
drawing rights, $1,100 million; convertible currencies, $276 million; gold tranche
position, $585 million.
Sources: Department of Commerce and Treasury Department.

25

PRICES

CONSUMER PRICES

The consumer price index was unchcm3ed in March after seasonal adjustment/ unadjusted it rose 0.2 percent. Food
prices increased only 0.2 percent in March, much less than in February, reflecting declining wholesale prices of farm
products. Nonfood commodity prices increased 0.3 percent in March while service prices increased 0.2 percent, the
same relatively low rate as in February.
Index, 1967=100
140

Index, 1967=100
140

100

90
1966
SOURCE.-

1972

DEPARTMENT OF LABOR

COUNCIL Of ECONOMIC ADVISERS

11967 — 1001

All
items

Period

1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1971: Feb
Mar
Apr
Mav_
June__ _
July
Aug_
_
Sept
Oct_
Nov
Dec___
1972: J a n _ _ _
Feb
Mar

_

Source: Department of Labor.

26



.

_ ___ _ ._

90. 6
91. 7
92. 9
94. 5
97. 2
100. 0
104.2
109. 8
116. 3
121. 3
119. 4
119. 8
120. 2
120. 8
121. 5
121. 8
122. 1
122. 2
122.4
122. 6
123. 1
123. 2
123.8
124. 0

All commodities
92. 8
93. 6
94. 6
95. 7
98. 2
100. 0
103. 7
108. 4
113. 5
117. 4
115. 5
116. 1
116. 6
117. 2
117. 9
118. 1
118. 2
118. 1
118.4
118. 5
118. 9
118.7
119.4
119. 7

Co m modi tie 3
Com in odities let>s food
Food
NonAll
' durable

89. 9
91. 2
92. 4
94. 4
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
115. 9
117. 0
117. 8
118. 2
119. 2
119. 8
120. 0
119. 1
118. 9
119. 0
120. 3
120. 3
122.2
122.4

94. 1
94. 8
95. ()
96. 2
97. f)
100. 0
103. 7
108. 1
112. 5
116. 8
115. 2
115. 5
115. 8
116. 6
117. 1
117. 0
117. 1
117. 4
118. 0
118. 1
118. 1
117.7
117. 8
118. 2

97. 6
97. 9

98. 8
98. 4
98. 5
100. 0
103. 1
107. 0
111.8
116. 5
115. 0
115. 2
115. 7
116. 6
117. 4
117. 5
116. 9
116. 4
117. 1
117. 4
117. 2
117. 3
117. 1
117.3

91. 8
92. 7
93. 5
94. 8
97. 0
100. 0
104. 1
108. 8
113. 1
117. 0
115. 4
115. 7
116.0
116. 6
116. 9
116.7
117.2
118. 2
118. 7
118. 7
118. 8
118. 1
118.4
118.9

Services

All
services
86. 8
88. 5
90. 2
92. 2
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
126. 6
126. 6
126.8
127. 5
128. 2
128.8
129. 4
129. 8
130. 0
130. 4
130. 8
131. 5
131. 8
132.0

Rent

94. 0
95. 0
95. 9
96. 9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
113. 6
113.9
114. 4
114. 7
115. 2
115. 4
115. 8
116. 1
116. 4
116. 6
116. 9
117. 1
117. 5
117. 7

Services
less
rent
85. 5
87. 3.
89. 2
91. 5
95. 3
100. 0
105. 7
113. 8
123. 7
130. 9>
129. 0
128. 9
129. 1
129. 8
130. 6
131. 2
131. 9
132. 3
132. 5
132. 9
133. 3
134. 1
134. 4
134. 7

WHOLESALE PRICES
ic wholesale price index rose 0.1 percent both unadjusted and seasonally adjusted in March. This was the smallest
*se since the freeze. Industrial commodities increased 0.3 percent on both bases. Farm products and processed foods
and feeds declined 0.4 percent unadjusted and 0.3 percent seasonally adjusted.
Index, 1967=100

100

100

95

95

1967

1966

1972
COUNCU. OF ECONOMIC ADVISERS

SOURCEi DEPARTMENT OF UBOR

[1967 = 100]

j
Period

All
C01
^:
modities

Farm
products

Processed
foods
and
feeds

1962.
1963
1964
1965
1
1966
I
1967
1
1968
1969.__ _ _
1970
1971
1971: Feb
!
Mar
Apr
May
!
June
__ _ _ J
Julv
'<
Aug
Sept
'
Oct
Nov
_
!
Dec. _ _ _ _ _ _ _ _ _ _
!
1972: Jan
___ _ _ _ _
Feb
i
Mar__
_

94. 8
94. 5
94. 7
96.6
99. 8
100.0
102,5
106.5
110. 4
113. 9
112.8
113. 0
113. 3
113. 8
114. 3
114. 6
114. 9
114.5
114. 4
114. 5
115.4
116.3
117. 3
117. 4

98. 0
96. 0
94. 6
98. 7
105. 9
100.0
102. 5
109. 1
111. 0
112. 9
113. 9
113. 0
113. 0
114. 0
116. 0
113. 4
113. 2
110. 5
111. 3
112. 2
115. 8
117.8
120. 7
119. 7

91. 9
92. 5
92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
112. 0
114. 3
113. 3
113. 7
113. 5
114. 5
114. 9
116. 0
115. 4
114. 6
114. 1
114. 4
115. 9
117.2
118.8
118.6

1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.




Iiidustrial c ommoditi es
All industrials1
94. 8
94. 7
95. 2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
112. 5
112. 8
113. 3
113. 7
113. 9
114. 5
115. 1
115. 0
115. 0
114. 9
115. 3
115. 9
116.5
116. 9

Crude
materials 2
95. 6
94.3
97. 1
100. 9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
121. 8
121. 4
124. 1
123. 5
122. 8
122. 7
122. 3
12.3. 0
122. 9
122. 6
123. 4
125. 6
127. 0
129. 1

Inter- Producmediate er finmateished
rials 3
goods
95. 3
95.0
95. 6
96. 9
98.9
100.0
102. 6
106. 2
110. 0
114. 3
112. 0
112. 7
113. 3
113. 8
114. 1
114. 9
115.9
115. 9
115. 7
115. 6
115. 8
116. 4
117.2
117.6

92. 2
92. 4
93. 3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
115. 9
116. 0
116. 1
116. 3
116. 5
116. 8
117. 1
116. 9
117. 1
117. 0
117. 8
118.4
118.8
119. 0

Consuiitier finished g<Dods excludin g food
DurNondurable
able
98.3
94. 8
97. 8
95. 1
98. 2
94. 8
97. 9
95. 9
98. 5
97. 8
100. 0
100. 0
102. 2
102. 2
104. 0
105. 0
107. 1
108. 2
110.9
111. 3
110. 8
110. 8
110. 4
110. 7
110. 5
110. 5
110. 7
111.0
110. 7
111. 2
111. 0
111. 6
111. 1
111. 8
110. 4
111. 9
111. 3
111. 7
111. 3
111. 7
112. 6
111. 8
112.9
112. 0
113. 2
112. 1
113. 2
112. 4

3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products, for further processing.
Source: Department of Labor.
O

PRICES RECEIVED AND PAID BY FARMERS
In the month ended March 15, prices received by farmers dropped 2 percent while prices paid were unchanged. Th
actual and adjusted parity ratios were down 1 point each.
Snde>

Index, 1967==100
130

, 1967=100

130

.-''"

.__

120

PRICES PAID,
NTEREST, TAXES, Ah«ID
WAGE RATES
/

110

/\/\

/

^£fe *""

m* +

to

™* "*

r "

/x~* ^/^jICES
S"^
PR

RECEIVED ^
{ALL FARM PRODUCTS)

yCl^S^c^i

F —~

."1

J
y

—-^/

VA^
/ x

^ — ImmpfJ^^

-V
1
-» mi mm

100

mmm**'

„

120

110

100

v'

OA

8D

Qfi>

\

RA110
90

1 1 I 1 1 1 1 ! ! I

I

! ! t 1 i 1 I 1 t 1

I

11 1 1 1 1

1!

1 I

I f I t ! i ! ! 1I t

t

! 1 1 t I ! f 1 IL

f 1 f ! t 1 t 1 1 ! 1

!

I1 1 I 1 f

! f 1 !

y

80

RATKDJ/
90

80

80

PARITY RATIO (ACTUAL)
"**»•
*'XX**ir "*w"'''^'v.-.«*liM»»»«.

70

70

60

60
1966

1967

1969

1971

1970

1972

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

DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
Period

1962
_ _
1963
1964
19651966
1967_
1968.
1969_
1970
1971
1971: Feb 15 _
Mar 15
Apr 15
May 15
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15..
1972: Jan 15__
Feb 15
Mar 15

All farm
products

_

_
__ __
__ _ __

_
_

96
96
93
98
105
100
103
108
110
112
112
111
111
113
113
113
113
111
113
114
116
120
122
120

Crops

103
106
106
103
105
100
101
97
100
108
105
107
108
111
114
111
108
104
106
108
109
111
111
107

Livestock All items,
interest,
arid
taxes, and
products wage rates
Index, 1967=100
92
89
85
94
105
100
104
116
118
116
117
114
114
114
113
114
117
117
118
119
121
126
131
129

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.
2
The adjusted parity ratio refiecis Government payments made directly to
farmers.




Parity ratio ]

Prices paid by farmers

90
91
92
94
98
100
104
109
114
120
118
118
119
120
120
120
120
121
121
121
122
123
124
124

Family
living
items

Production
items

91
92
93
95
98
100
104
109
114
119
117
117
117
118
119
119
i 20
120
120
120
1 01

J. <L L

121
123
123

Source: Department of Agriculture.

94
95
94
96
99
100
102
106
110
115
113
114
115
115
116
116
116
116
116
117
117
118
118
119

!
Actual

80
78
76
77 1
80
74
73
74
72
70
70
70
69
70
70
70
70
68
69
70
71
72
73
72

Adjusted2

83
81
80
82
86
79
79
79
77
74
75
74
73
74
74
74
74
72
74
74
75
78
79
78

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock rose at a 13.2 percent annual rate In March, following a 13.3 percent rate In
February and a 3.2 percent rate in January. Time and savings deposits grew in March but at only about half the
February pace.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

300

300-.

250

250

200

200

1966 .

1972

SOURCEt BOARD OF GOVERNORS OF THE FEDERAL RESER YE SYST'M

Period

1966:
1967:
1968:
1969:
1970:
1971:
1971:

Dec __ _
Dec
Dec
Dec
Dec
Dec
Feb
Mar....

__

Apr

May
June
Julv
Aug.- _
SeDt
Get
Nov.. _
Dec
1972: Jan
Feb "
Mar p _

__

_

__
_

;

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




COUNCIL <DF ECONOMIC AD ViSERS

[Avera?^es of dail y figures, billions of dollars]
3V lonev sto<3k
JV lonev sto(3k
Time
Time
CurCurand
and
DeDerency
rency
savings
savings
mand
mand
Total
outoutTotal
de- l
de- l
dedeside
side
posits l posits
posits1 posits
banks
banks
1Jnadjuste d
Seasonalhr adjusted
133.4
39. 1
171. 7
38. 3
137. 8
158. 1
156. 9
176. 9
142. 7
41. 2
40. 4
147. 4
183. 1
183. 4
182. 1
188.6
154. 0
197. 4
204. 2
44. 3
159. 1
43. 4
203.4
203. 2
157. 7
194. 1
203. 7
46. 0
46. 9
162. 9
209. 8
193. 2
214. 8
165. S
221. 2
50. 0
49.0
228. 9
171. 3
228. 1
228. 2
175. 7
269. 9
53. 5
181. 5
52.5
269. G
235. 1
166. 5
168. 0
215. 6
240. 2
217. 7
49. 1
239. 6
49. 7
169. 7
49. 5
219. 7
245. 4
246. 2
50. 0
217.5
168. 0
170. 7
172. 3
222. 3
50. 1
248. 1
221. 2
248. 5
50. 5
173. 0
50. 5
169. 4
219. 9
251. 3
223. S
50. 8
251. 4
172. 7
174. 5
51. 0
254. 4
223. 7
253. 8
51. 1
225. 5
256. 4
51. 9
174. 1
175. 8
226.0
255. f,
227.4
51.6
176. 3
257. 3
224.9
51. 9
173.0
51. 7
258. 1
228. 0
51. 9
175. 7
174. 3
259. 6
51. 9
226. 2
260. 3
227. 6
52. 2
175. 5
175. 3
264. I
52. 2
263. 3
227. 5
227. 7
52. 8
175. 5
176. 9
265. 3
229. 6
52. 2
265. 5
227. 7
269. 9
228. 2
53. 5
52. 5
235. 1
181. 5
269. 0
175. 7
274. 4
52. 6
182. 7
176. 0
235. 3
273. 7
52. 8
228. S
52. 6
178.0
229. 0
176. 4
277.3
278. 1
53.2
231. 2
53.2
279.9
179. 9
231. 3
178. 1
280. 8
53. 7
233. 6

U.S.
Government
demand
deposits l
3.4

5. 0
5. 0
5. 6

7.3

ti 7

8.4

5. 5
5. 5
7. 8
5.3

6. 8
6.8

7. 5
5. 3
3. 9
6. 7
7. 2
7.2

7. 7

Source: Board of Governors of the Federal Reserve System.

29

PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Liquid asset holdings of private nonfinancial investors rose $8.8 billion (seasonally adjusted) in March. Currency
and deposits also increased $8.8 billion. The small rise in holdings of U.S. Government securities was offset by declines
in negotiable certificates of deposit and commercial paper.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

900

900

800

700

700

600

600
T—"V
I
I

CURRENCY
AND DEPOSITS

500

500

400

400

300

300

200

200

100 ML.

_LJN TOO

1966

7967

1968

1970

1969

1972

1971

SOURCEi BOARD OF GOVERNORS OF THE I

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and deposits
Period

1965: Dec
1966: Dec
1967: Dec
196S: Dec
1969: Dec
1970: Dec
1971: Dec
1971: Feb
Mar
Apr
May
«j uiie _ _
_ _ _
Julv
Aug
Sept
Get _ _ _ _ _
Nov
_ _ _ .
Dec

1972:

Jan _ _ _
Feb "
Mar *

Total
liquid
assets

557. 7
588. 2
637. 5
694. 6
719.7
770. 6
850. 5
784. 2
792.8
800. 0
808. 6
816. 8
823. 3
827. 6
831. 6
838. 3
842. 8
850. 5
858. 2
867. 6
876. 4

Time d eposits
Total

447. 4
469. 6
516. 0
559. 6
576. 2
623. 6
709. 8
643. 0
653. 6
662. 5
671. 5
678. 6
684. 8
688. 7
692. 6
698. 1
703. 0
709. 8
719. 7
729. 8
738.6

NOTE.—New series.
Source: Board of Governors of the Federal Reserve System.

30



Currency

36. 3
38.3
40. 4
43. 4
46. 0
49. 0
52. 5
49. 7
50. 0
50. 5
50. 8
51. 1
51.6
51. 7
51. 9
52. 2
52. 2
52. 5
52.8
53. 2
53.7

Demand
deposits

115. 5
117. 3
125. 2
135. 2
138. 1
144. 7
153. 4
146. 2
147. 8
148. 8
151.2
152. 8
153. 9
154. 1
153. 5
153. 3
153. 0
153. 4
153. 8
155.7
157.5

Commercial
banks
125. 2
136. 8
156. 2
174. 2
177. 0
198. 8
232. 2
208. 3
213. 0
216. 0
218.5
220. 7
221. 7
222. 4
224, 0
226. 5
228. 9
232. 2
237. 2
240. 3
242, 5

U.S. G overnrnent se curities

Nonbank
Savin gs
thrift
bonds
institutions

170. 4
177. 3
194. 2
206. 8
215. 2
231. 1
271.7
238. 8
242. 9
247. 3
251.0
254. 1
257. 5
260. 5
263. 1
266. 1
268. 9
271. 7
275.8
280.6
284.9

49. 5
50. 1
51. 0
51.4
51. 1
51.3
53. 7
51. 6
51. 8
52. 0
52. 2
52. 5
52. 7
52. 9
53. 1
53. 3
53. 5
53. 7
53. 9
54.2
54. 4

Gther

38. 2
43. 3
39. 5
46. 8
62. 5
53.0
39.2
46. 1
43. 9
42. 8
42. 0
42. 7
42.7
43. 0
41. 7
41. 0
40.6
39.2
36. 6
35.4
35.9

Negotiable
certificates of
deposit

15.5
15.0
19. 5
22. 7
9. 1
23. 2
30.2
25.6
26. 2
25. 8
26. 1
26.7
27.3
27. 5
28. 1
29. 2
28. 9
30.2
29.9
30.5
30. 1

Commercial
paper

7. 1
10. 2
11. 5
14. 2
20.8
19. 5
17. 7
18.0
17. 2
16. 9
16. 8
16. 4
15.8
15. 6
16. 1
16. 7
16. 8
17. 7
18. 1
17.7
17.4

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Seasonally adjusted bank loans and investments rose at a 20.1 percent annual rate in March, up from the 1 3.5 percent
"ate in February. Bank loans increased at a 19.1 percent annual rate. Free reserves were once again positive in March.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED. END OF MONTH

ALL COMMERCIAL BANKS

500

500

TOTAL
LOANS AND INVESTMENTS

100

INVESTMENTS IN OTHER SECURITIES
I
MUllkll
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES

i i i i i I
1966

1972

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

Bank
Weekly
debits
reporting
outside
large commercial New lork
Total
Investinents
City (232
banks
End of period
Loans,
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
of dollars
Billions
3
s
316. 1 3 213. 9
53. 5
48. 7
60.7
3,421
1966
231. 3
61.4
59. 3
352.0
1967
3, 740
65. 8
390.6 4 258. 2
61. 0
71. 4
1968
73.1
4,354
4
4
4
402. 1
279. 4
71. 2
5, 163
1969
51. 5
81. 5
435. 9 5 292. 0
81.7
1970
58. 0 5 85. 9
5, 744
482. 9
1971 »
318. 6
103. 9
83. 8
60. 3
6,443
6, 242
1971: Mar
449. 5
91. 9
296. 5
81. 2
61. 1
452. 5
298. 2
93. 5
6, 257
Apr_
81. 1
60. 7
M av
95. 1
6, 283
300. 7
456. 1
60. 4
81. 4
5
62. 8
96. 6
82. 2
301. 7
6, 487
June
461. 1
304. 1
463. 7
98. 0
61. 6
81.5
Julv
6, 4-94
6, 685
97. 8
309. 7
Aug.._ __ _ 468. 4
60. 9
82.3
6, 632
472. 4
99. 5
313. 0
83.4
Sept *_
59. 9
6, 466
Oct *
_ 476. 5
316. 4
59. 1
101. 0
83.0
102. 0
82. 6
6\ 997
317. 5
58. 9
Nov pp
478. 4
482. 9
103. 9
83. 8
6, 860
318. 6
Dec
60. 3
324. 3
1972: Jan *»_ _ _
105. 7
489. 8
59. 8
81. 8
6, 844
327. 1
82. 5
106. 8
Feb p
495. 0
61. 1
7, 014
502. 6
108. 4
62. 3
83.8
Mar "
331. 9

Aill membe r banks 2

All comnnereial bank s
(fi easonally adjusted dsita)

1
Debits during period to demand deposit accounts except interbank and
U.S. Government. Revised beginning 1971.
2
3 Averages of daily figures. Annual data are for December.
Effective June 1966, balances accumulated for payment of personal loans
about $1.1 billion) are excluded from loans at all commercial banks, and certain
Jbrtlficat.es of CCC and Export-Import Bank totaling about $1 billion are included
n other securities rather than in loans.




T)

Total
reserves

23, 830
25, 260
27, 221
28, 031
29, 265
31, 329
29, 686
29, 885
30, 419
30, 023
30, 547
30, 455
30, 802
30, 860
30, 953
31, 329
32, 865
31, 922
31, 938

ings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o f dollars
392
557
238
345
765
455
257
1,086
321
272
107
165
199
319
140
148
312
330
453
131
162
820
804
198
206
501
207
360
407
263
107
165
173
20
124
33
99
249

-165
107
-310
-829
-49
58
-120
o

-18
-322
-658
-606
-295
-153
-144
58
153
91
150

* Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include commercial banks only.
5
As of June 1971, Farmers Home Administration notes totaling about $0.7
billion are classified as "other securities" rather than as "loans."
Source: Board of Governors of the Federal Reserve System.

31

CONSUMER AND REAL ESTATE CREDIT
Consumer instalment credit (seasonally adjusted) rose $966 million in February, following a $637 million rise ,
January. Total consumer credit (unadjusted) fell by $577 million in February, but a year earlier the decline wai
$1,262 million.
BILLIONS OF DOLLARS
160

BILLIONS OF DOLLARS
160

J

END OF MONTH

140

140

TOTAL CONSUMER CREDIT OUTSTANDING

120

120

100

100

80

80
NONINSTALMENT CREDIT
'.,.,.
...,..

,»»•*••»••..•.•.•«•••»'

20

fy

' i

1 I I I I 1 I I I t I I I t I I I I I I I » I I 1 I I.t I 1 I I I

i i i ii

i i i t

,H,,,,,...,......."T"'«

»»"'

20

» i i ii

SEASONALLY ADJUSTED (ENLARGED SCALE)

. INSTALMENT CREDIT EXTENDED _

1966

1972

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Millions of dollars]
Consu mer credit outstandin g (end of p eriod;
Consum er instalme nt credit e xtended
imad justed"
and r epaid (seas onally adjiisted)
instalment
Automob ile paper
To tal
NonAutoino—
1
Total
instal- Extended Repaid Extended Repaid
Total
bile
Personal
ment 2
paper
loans

Period

1963
1964
1965
1966
1967
1968
1969
1970
1971

COUNCIL OF ECONOMIC ADVISERS

71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
126, 802
. _ _ 137, 237

1971: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

125,
123,
123,
125,
126,
127,
128,
129,
130,
131,
133,
137,

077
815
604
047
025
388
354
704
644
606
263
237

1972: Jan__ ___ 135, 830
Feb
135, 253

55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
101, 161
109, 545

22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
35, 490
38, 310

15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
31, 612
34, 432

16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
25, 641
27, 692

100,
99,
99,
100,
100,
101,
102,
104,
104,
105,
107,
109,

101
244
168
028
692
862
848
060
973
763
097
545

35, 004
34, 869
35, 028
35, 496
35, 819
36, 349
36, 763
37, 154
37, 383
37, 759
38, 164
38, 310

31, 455
31, 396
31, 504
31, 773
32, 041
32, 351
32, 680
33, 134
33, 420
33, 575
33, 977
34, 432

24, 976
24, 571
24, 436
25, 019
25, 333
25, 526
25, 506
25, 644
25, 671
25, 843
26, 166
27, 692

8,916
9,081
9,533
9, 751
9, 690
9, 715
9, 675
10, 049
10, 156
10, 031
10, 572
10, 130

108, 826
108, 634

38, 111
38, 239

34, 300
34, 448

27, 004
26, 619

10, 184
10, 339

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




32

63,
70,
78,
82,
84,
97,
102,
104,
117,

591
670
586
335
693
053
888
130
638

126
046
227
341
667
424
354
831
638

19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
30, 943
31, 818

8,829
8, 979
9, 038
9, 088
9, 197
9, 190
8, 914
9,222
9, 157
9, 107
9,306
9, 230

2, 461
2,687
2,897
2, 872
2,756
2,838
2,773
3,004
3, 147
2, 992
3, 162
2,973

2,623
2, 636
2, 696
2, 566
2, 640
2,678
2, 565
2,697
2,732
2,634
2, 662
2, 696

9,547
9,373

2,978
3,046

2,761
2,693

56,
63,
69,
76,
81,
88,
94,
101,
109,

825
470
957
120
306
089
609
138
254

22,
24,
27,
27,
26,
31,
32,
29,
34,

Mortgage
debt outstanding
n on farm,
1- to 4family
houses c
182,
197,
212,
223,
236,
251,
266,
280,
307,

200
600
900
600
100
200
800
200
500

283, 600
290, 900
299, 500
307, 500
(

Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.

OND YIELDS AND INTEREST RATES
me 3-month Treasury bill yield declined in late March and early April, while most other yields rose. Mortgage
yields declined in March, continuing their downward trend since August.
PERCENT PER ANNUM

PERCENT PER ANNUM

CORPORATE Aaa BONDS
(MOODY'S)

1972

1966
SOURCi. SEE TABLE BELOW

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
High-grade
municipal
bonds
Taxable
(Standard &
bonds 3
Poor's) 4

U.S. Govtjrnmeat seem•ity yields
3-month
Treasury
bills i "

Period

1964
1965
1966
1967
1968
1969
1970
1971

_

3. 549
3. 954
4. 881
4 321
5. 339
6.677

_

1971: Feb_-_

Mar _ _
Apr
Mav
June
Julv _.„ _

Aug
Sept

Oct
Nov
Dec
1972: Jan
Feb

Mar3*
Week ended :

1972: Mar 10—
17_.
24__
31__
Apr 7__
14»_
21 »_

6. 458
4, 348
3. 773
3. 323
3. 780
4. 139
4. 699
5. 405
5. 078
4.668

4.
4.
4.
3.
3.
3.

489
191
023
403
180
723

3. 553
3. 845
3. 920
3. 849
3. 798
3. 731
3. 849

3-5 year
issues 2

(Moc dy's)

Aaa

Baa

Prime
commercial
paper,

4^-8

months

5.31
4.74
5.42
6.02
6. 36
6. 77
6.39
5. 96
5.68
5. 50
5.42
5. 33
5. 51
5.74

4. 15
4. 21
4. 65
4. 85
5.26
6. 12
6. 58
5. 74
5.84
5.71
5.75
5.96
5. 94
5. 91
5.78
5. 56
5.46
5. 48
5. 62
5. 62
5. 67
5. 66

3. 22
3.27
3. 82
3. 98
4.51
5. 81
6. 51
5. 70
5. 55
5.44
5. 65
6. 14
6. 22
6. 31
5. 95
5. 52
5. 24
5. 30
5. 36
5. 25
5. 33
5. 30

4. 40
4. 49
5. 13
5. 51
6. 18
7. 03
8. 04
7. 39
7. 08
7. 21
7. 25
7.53
7. 64
7.64
7. 59
7. 44
7. 39
7. 26
7. 25
7. 19
7. 27
7.24

4. 83
4. 87
5. 67
6. 23
6.94
7. 81
9. 11
8. 56
8. 39
8.46
S. 45
8. 62
8. 75
8. 76
8. 76
8. 59
8.48
8. 38
8.38
8. 23
8. 23
8.24

3. 97
4.38
5.55
5.10
5.90
7. 83
7. 72
5. 11
4.47
4. 19
4. 57
5. 10
5. 45
5.75
o. 73
5. 75
5. 54
4. 92
4. 74
4. 08
3. 93
4. 17

5. 57
5.84
5. 83
5. 92
6. 07
6. 08

5. 62
5. 67
5. 68
5. 69
5. 73
5. 76

5. 19
5. 28
5. 34
5. 37
5. 47
5. 54

7. 24
7. 22
7. 24
7. 24
7. 25
7. 28

8. 22
8.24
8. 26
8. 25
8. 22
8. 22

FHA
new home
mortgage
yields 5

4.00
4. 20
4. 30
4. 33
4. 50
4. 63

4. 06
4.22
5. 16
5.07
5.59
6.85
7.37
5.77

1

2
Bate on new 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.
1
Data for first of the month, based on the maximum permissible interest rate
 beginning February 18, 1971) and 30-year mortgages paid in 15 years.
(7 perceat



Corpora te bonds

5. 45
5. 46
6. 29
6. 55
7. 13
8. 19

a 05
7. 78

7. 32
7. 37
7. 75
7. 89
7.97
7. 92
7. 84
7. 75
7. 62
7. 59
7. 49
7.46

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

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
All sectors of the stock market rose in March with industrials showing the greatest strength.
Index, 1941-43=10

Index, 1941-43=10
WEEKLY

120

!20

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

110

110

VVA

100

100

90

90

80

80

60

i

60
PERCENT

! 1

PERCENT
MONTHLY

DIVIDEND YIELD ON COMMON STOCKS

PRICE/EARNINGS RATIO ON COMMON STOCKS

1972
COUNCIL OF ECONOMIC ADVISERS

SOURCE: STANDARD.& POOR'S CORPORATION

Period

1966
1967
.
1968
1969
1970__
1971
1971: Mar
__
Apr__
May
June__ _ _
_ _
July
Aug..
Sept
Oct
Nov
Dec__
1972: Jan_
_ _ _ _ _
Feb
Mar
Week ended :
1972: Mar 3_
10. ...
17
_ _
24__
31
Apr 7_
14

Price i ndex
Industrials

34

Consumers'
goods

Total

Total

85. 26
91. 93
98.70
97. 84
83. 22
98. 29
99. 60
103. 04
101. 64
99. 72
99. 00
97. 24
99. 40
97. 29
92. 78
99. 17
103. 30
105. 24
107. 69

91.08
99. 18
107. 49
107. 13
91. 29
108. 35
109. 59
113. 68
112. 41
110. 26
109. 09
107. 26
109. 85
107. 28
102. 21
109. 67
114. 12
116. 86
119. 73

1941-^L3 = 10
84. 86
74. 10
96. 96
79. 18
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 83
99.76
104. 69
98. 54
109. 38
102. 41
108. 61
101. 96
105. 46
100. 96
102. 48
100. 55
100. 90
99. 82
104. 55
103. 34
100. 66
101. 31
95. 51
97. 47
103. 78
103. 92
109. 69
106. 45
113. 90
109. 42
116. 89
113. 20

107.
108.
107.
107.
107.
108.
109.

119.
120.
119.
119.
119.
121.
122.

115.
118.
117.
116.
116.
120.
122.

07
78
62
28
04
73
83

08
99
57
23
08
11
50

Capital
goods

1
Includes 50U common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields




l

73
68
10
21
72
35
10

112.
114.
112.
112.
112.
114.
116.

96
35
95
76
97
82
79

Railroads

Dividend
yield 2
(percent)

(58. 21
68. 10
66.42
62. 64
54. 48
59. 33
62. 42
62. 06
59. 20
57. 90
60. 08
57. 51
56. 48
57. 41
55. 86
57. 07
60. 19
57. 41
57. 73

46. 34
46. 72
48.84
45. 95
32. 13
41. 94
39.70
42. 29
42. 05
42. 12
42. 05
43. 55
47. 18
44. 58
41. 19
43. 17
45. 16
45. 66
46. 48

3. 40
3. 20
3.07
3. 24
3. 83
3. 14
3. 10
2, 99
3. 04
3. 10
3. 13
3. 18
3. 09
3. 16
3. 31
3. 10
2. 96
2. 92
2. 86

57.
58.
58.
57.
56.
56.
56.

45.
46.
47.
46.
46.
47.
48.

Price/
earnings
ratio 3

2.86
2. 82
2. 85
2. 87
2.89
2. 82
2. 79

Public
utilities

37
11
11
81
95
70
00

61
61
15
44
19
34
09

14. 92
17. 52
17. 20
16. 57
15. 91
18. 21
18. 11

17.43
17. 69

"19. 60

are averages of monthly data. Weekly data are Wednesday figures.
8
Ratio of price index for last day in quarter to quarterly earnings (season
adjusted annual rate). Annual ratios are averages of quarterly data.
Source: Standard & Poor's Corporation

FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 8 months of the current fiscal year there was a deficit of $23.8 billion/ a year earlier there was a deficit of
$19.4 billion.
BILLIONS OF DOLLARS
260

BILLIONS OF DOLLARS
260

RECEIPTS AND OUTLAYS

220

220
OUTLAYS
(EXPENDITURES AND NET LENDING)

180

180

RECEIPTS
140

140

100

100
J_

\|
(ENLARGED SCALE)

^ENLARGED SCALE)

-20

-40

-40

1962

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972-1/

1973^

FISCAL YEARS

J/ ESTIMATE
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
B udget receipts, expenditures, and net lendiiig

Period

Eeceip ^-expenditure ic count

Loan
account

Expenditures

Net
lending

Receipts

Surplus or
deficit ( — )

Fiscal year:
1961
1962
1963
1964
1965 _ _ _ _ _ _ _ _ _
1966 __
1967 _
1968
1969
1970
1971
19723
1973s

94. 4
99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8
193. 7
188. 4
197.8
220.8

96. 6
104. 5
111. 5
118. 0
117. 2
130. 8
153. 2
172. 8
183. 1
194.5
210. 3
235. 6
246. 5

3. 6
-19. 1
4. 7
— .7
-21.9
-37. 8
- 25. 7

Cumulative totals for
first 8 months:
Fiscal vear 1971___ _
Fiscal vear 1972

118. 5
126. 0

137. 6
148.4

-19. 2
-22. 4

Excludes non-interest-bearing public debt securities held by IMF.
' Surplus of $36 million.
^Estimates.




2. 2
-4. 8
-4. 9
— 5. 4
—. 3
(2)

Total
surplus or
deficit (-)

Feder al debt
(end of period)
Total 1

Held by
the public

1. 2
2. 4
i
.5
1. 2
3. 8
5. 1
6. 0
1. 5
2. 1
1. 1
1. 0

-3. 4
— 7. 1
-4. 8
-5.9
-1. 6
-3.8
-8. 7
-25.2
3. 2
-2.8
-23.0
-38. 8
-25. 5

292. 9
303. 3
310. 8
316. 8
323. 2
329. 5
341.3
369. 8
367. 1
382. 6
409. 5
455. 8
493. 2

238.6
248. 4
254. 5
257.6
261. 6
264. 7
267. 5
290.6
279. 5
284.9
304.3
343. 8
371. 3

.2
1.4

-19.4
-23.8

402. 3

302. 0
326.0

o

4343

Sources: Treasury Department and Office of Management and Budget.

35

FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of the current fiscal year receipts were $7.5 billion above a year eariier while outlays were $11.9
billion higher.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

20
CORPORATION INCOME TAXES
I
I
I

J

I

0
180

OUTLAYS
(EXPENDITURES AND NET LENDING)

_,.,/"'

140 -

-

140

120
NONDEFENSE

100, ~

_„-*"*

100

„,- ^"'"

--^^

80,

60 i-

-

z=z—

^ V

\

1962

-""""
_
^^^^^~^
\

1963

80

^ ^ " \
- ^
NATIONAL DEFENSE
<""*"'

\

1964

I

1965

I

1966

I
!
1967
1968
FISCAL YEARS

-i 60

1
1969

1
1970

!
1971

I
1972 J/

K 40
1973J,

1

J/ESTIMATE
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
(Outlays

Recei DtS
Natio nal defense
Period

Fiscal year:
1961
1962 ._
1963
1964
1965
1966
_
1967
1968
1969
1970
1971 2
1972 2
1973
Cumulative totals for
first 8 months:
Fiscal year 1971
Fiscal year 1972___
1
Expenditure account.
* Estimates.

36



Total

Individual Corporation
income
income
taxes
taxes

Other

Total

Total

Department of
Defense,
military l

Interna- Health
tional
Inand
affairs
income terest Other
and
finance security

94. 4
99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8
193. 7
188.4
197. 8
220. 8

41. 3
45. 6
47. 6
48. 7
48. 8
55. 4
61. 5
68. 7
87. 2
90. 4
86. 2
86. 5
93. 9

21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26. 8
30. 1
35. 7

32. 1
33. 6
37. 4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75. 4
81.2
91. 2

97. 8
106. 8
111. 3
118. 6
118. 4
134. 7
158. 3
178. 8
184. 5
196. B
211.4
236. 6
246. 3

47. 4
51. 1
52. 3
53. 6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77. 7
78. 0
78. 3

43. 3
46. 9
48. 1
49. 6
46. 0
54. 2
67. 5
77. 4
77. 9
77. 2
74.5
75. 0
75. 9

3. 4
4. 5
4. 1
4. 1
4, 3
4. 5
4. 5
4. 6
3. 8
3. 6
3. 1
4. 0
3. S

22. 1
23.7
25. 5
26. S
27. 4
31. 5
37. 8
43. 7
49. 3
56. 7
70. 2
82. 2
87.8

8. 1
8. 3
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 1
21. 2

16. 8
19. 2
20. 3
24. 2
26. 7
30. 6
33. 2
36. 2
34. 437.7
40. 9
52. 3
55. 2

118. 5
126. 0

59. 5
61. 3

12. 2
13. 5

46. 8
51. 2

137. 9
149. 8

50. 5
48. 2

48. S
46. 6

2.4

1. 8

44. 5
51. 9

12. 9
13. 5

28. 1
33. &

Sources: 1reasury I)epartment and Office of ME n axemen t an d Budget

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to current estimates for the fourth quarter, Federal receipts rose about $5% billion (seasonally adjusted
annual rate) and expenditures increased $4 billion, yielding a deficit of $25% billion. Preliminary estimates for the
first quarter indicate expenditures rose $7% billion. Receipts data are incomplete.
BILLIONS OF DOLLARS
260

BILLIONS OF DOLLARS

260

140

120

+20
_ SURPLUS

i^-c.

]^^

-

!^/l 1^1 K^ i^l

j^

t^xj

'n n n „

E^j

^ I
ii 1 J

1

-

>s& m m m
mWw

iH

-20
1

®i
t//\

/,/A

^

1

^
1

!

!

1

i

1967

1966

1

!
1968

i

!

1 .

!

!

1

!

I

1970

1969

!

-20
_J

^
1

!

197 1

i
1972

!

-40

CALENDAR YEARS

1 'PRELIMINARY
SOURCE:

!

I

-

%< 1

m

DEFICIT

-40

V''''

DEPARTMENT

F COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal ( > overrun ent receip ts

Feeieral Go^/ernmenl ; expend]tures

Surplus
or
GrantsSubsidies Less :
deficit
less
in-aid
Wage
Corpo- I n d i r e c t ContriPurcurrent accruals
chases Trans- to State Net
rate business butions
income
profits tax and
for
Total Of gOOds fer pay- and interest surplus of less
and
nontax social inGovernpaid
and
local
distax
ments
product
ment en- burse- accounts
accruals accruals surance
services
governments
terprises ments
_J

Period

Fiscal vear:
1967
1968
1969
1970
1971 *•___
19721...
1973 » _ . _
Calendar
vear:
1967
1968
1969
1970
1971
1970:111.
IV..
1971: I...

Personal
Total tax and
nontax
receipts

147.
160.
190.
194.
194.
202.
227.

f*

'1

.<->•

2
6
3
6
0
8
9

64. 5
71. 4
90. 0
93. 8
87.7
91.3
98. 3

31. 2
33. 7
37. 3
32. 8
32. 5
33. 0
40. 7

15. 8
17. 1
18. 6
19. 2
20. 3
19. 8
20. 7

35. 7
38. 3
44. 3
48. S
53. 5
58. 7
68. 2

154. 5 85. 3
172. 5 94. 9
185.9 99. 3
197. 2 99. 2
212, 4 95. 3
237. 8 103. 0
255. 9 107. 0

39. 4
44. 8
50. 7
56. 9
69. 9
79.8
87. 4

14. 8
17. 8
19. 4
22. 6
27. 0
36. 2
40. 6

9. 9
10. 9
12. 3
14. 0
14. 2
13.4
14. 8

5. 1
4. 1
4. 1
4.6
5. 9
5. 4
6. 0

0. 0
.0
.0
.1
.1
.0
.0

-7. 3
— 11. 9
4. 4
-2.7
-18. 4
-35. 0
-28. 0

151. 2
175. 0
196. 9
191. 5
198. 8
191. 3
189. 3
196. 5
II.- 197.7
III. 197. 8
IV 203.0
1972: I".

67. 5
79. 7
91 9
92. 2
89.0
89. 7
91. 0
86. 6
87. 6
88. 8
93. 0
103. 9

30. 7
36. 7
36. 3
30. 6
33. 6
31. 9
29. 0
34. 1
34. 8
33. 2
32.1

16. 3
18. 0
19. 0
19. 3
20. 3
19. 7
19. 4
20.7
19. 9
19. 7
20.7
20. 2

36. 7
40. 7
46. 8
49. 3
56. 0
50. 0
49. 8
55. 1
55. 5
56. 1
57. 2
61. 8

163. 6 90. 7
181. 5 98. 8
189. 5 99. 2
205. 1 97. 2
221. 9 97. 6
206. 7 96. 1
209. 8 95. 9
212. 7 96.4
221.4 96. 0
224. 6 97. 6
228. 7 100. 3
236. 4 105. 3

42. 2
48. 2
52. 4
63. 4
75. 9
64. 6
67. 5
69. 6
77. 8
78. 0
78. 1
79. 3

15. 8
18. 7
20. 3
24. 4
29. 6
24. 9
25.9
27. 0
29. 5
30. 2
31. 6
32. 6

10. 2
11. 7
13. 1
14. 6
13. 7
15. 0
14. 8
14.0
13. 3
13.9
13.8
13. 2

4. 6
4. 1
4. 6
5. 5
5. 1
5. 8
5.7
5.8
4. 8
4. 8
4.9
5. 9

.0
.0
.0
.0
.0
4
.0
.0
.0
.0
.0
.0

- 12. 4
-6. 5
7. 3
— 13. 6
-23. 1
-15. 4
-20. 5
-16. 2
-23. 7
-26. 7
-25.7

1
Estimates.
Source: Department of Commerce.




37

UNITED STATES
GOVERNMENT PRINTING OFFICE

POSTAGE AND FEES PAID
U.S GOVERNMENT PRINTING OFFICE

DIVISION OF PUBLIC DOCUMENTS

WASHINGTON, D.C. 2O4O2
OFFICIAL

BUSINESS

First-Class Mail

Contents
TOTAL OUTPUT, INCOME, AND SPENDING
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. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Private Liquid Asset Holdings—Nonfinancial Investors
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
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Unless otherwise stated, all dollar figures are current dollars.
p
Indicates preliminary and
not available.
~
I
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



U.S. G O V E R N M E N T P R I N T I N G OFFICE: 1972


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102