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Congress, 1st Session

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1913

(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PR0XMIRE, Wisconsin, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W9 FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
CHILES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
RICHARD S. SCHWEIKER (Pennsylvania)

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
HUGH L. CAREY (New York)
WILLIAM B. WIDNALL (New Jersey)
B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
B, BLACKBURN (Georgia)

JOHN R. STARK, Executive Director
LOUGHLIN F0 McHuGH, Senior Economist

OF
HERBERT STEIN, Chairman
MARINA v. N. WHITMAN
Eo©nomic Indicators -prepared under super-vision of FRANCES M.

LAW 120—81sT CONGRESS;

237—Isr
IS J. Res. 55]

To

the monthly publication entitled *'Economic Indicators"

Resolved by the Senate and House of
of the United States of America in Congress assembled. That the
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 Clerk5 Sergeant at Armss and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and Houses 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;
that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved
235 1949.
drawn by Art Production Branch, Office of the Secretary^ Department of Commerce*

Economic Indicators, published monthly, is available at 55
or by
at $6.50
year ($1*75 additional for foreign
OF
D.C 20402
Subscribers who
to receive It at an earlier date after
of provisions for airmail
The
Is $3.60
per year.

H



a single copy
from:

advan-

TOTAL OUTPUT, INCOME, AND SPENDING
'THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose by an extraordinary $40% billion (seasonally adjusted annual rate) to $1,236 billion
in the first quarter, according to preliminary estimates. There was a huge rise of $28 billion in consumer expenditures.
The excess of imports over exports deteriorated while business investment and government expenditures at all levels
increased.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
(jrovernme Dt

Persons

E xpenditur es
N et receipts
Per.Less:
Less:
Less:
sonal
Tax
Interest Total " Personal
Trans- Equals:
saving
TransPurand
paid and exclud- consumpfers,
Equals: Total
fers,
or
tion
nontax interest,
ing
chases
expendNet
expendinterest,
disTotal ! transfer
of goods
interest itures saving receipts and receipts itures
payand
or
and
and
ments
sub—
sub2
2
accruals sidies
services
to for- transsidies
fers
eigners

Disposafc le personsil income
_

Period

Surplus
or
deficit
income
and
product
accounts

1970
1971
1972

511. 9
546. 3
591. 0
634. 4
689. 5
744.4
795. 1

13. 0
13. 9
15. 1
16. 7
17. 9
18. 5
19. 3

498. 9
532. 4
575. 9
617.7
671. 6
725. 8
775. 9

466. 3
492. 1
536. 2
579. 5
616. 8
664. 9
721.0

32.5
40.4
39. 8
38.2
54. 9
60. 9
54. 8

213.3
228. 9
263. 5
296.7
302. 0
321. 6
366. 1

55. 5
62. 8
70. 7
77.9
93. 0
105. 7
117. 1

157. 9
166. 2
192. 7
218. 8
209.0
215. 9
249.0

212. 3
242. 9
270. 3
287. 9
312. 1
338.5
371.6

55. 5
62. 8
70. 7
77.9
93. 0
105. 7
117. 1

156. 8
180. 1
199. 6
210. 0
219. 0
232.8
254.6

1. 1
-13. 9
-6. 8
8. 8
-10. 1
-16. 9
-5.4

1971: III...
IV

750. 4
758. 5

18.7
18. 8

731. 7
739.7

670. 7
680. 5

61. 0
59.3

323. 3
330.7

106. 5
108.4

216. 8
222. 3

340. 2
349.4

106. 5
108.4

233. 6
240. 9

-16. 9
-18.7

1972: I
II __
III...
IV.. _

770. 5
782.6
798. 8
828. 2

18. 8
19. 1
19. 4
19. 8

751. 7
763.5
779.4
808.4

696. 1
713. 4
728.6
745.7

55. 7
50. 1
50.8
62.8

353. 8
361.4
368.8
380.7

112. 1
114. 1
115.7
126.2

241. 7
247. 3
253. 1
254.5

361. 6
368. 3
371.2
385.5

112. 1
114. 1
115. 7
126.2

249.4
254. 1
255.6
259. 3

-7.7
-6. 9
-2. 4
-4.8

1973: !»___

850. 9

20. 2

830.7

773. 7

56. 9

392. 7

125. 9

266. 8

1966
1967
1968

125. 9

Business

Net
Netexports of goods
Gross
transfers
and service s
Excess of m Total
Statis- national
Gross
Excess
to forGross private
transfers income
tical
product
of
retained domestic
eigners
or
or
discrepor
investearn-3
by perEquals: of net receipts ancy
expendment
investLess:
ings
sons and Exports Imports
Net
exports
iture
ment 4
(-)
(_)5
Governexports
ment

Period

91. 3
93.0
95. 4
97.0
97. 3
109.9
124. 1

121.4
116. 6
126. 0
139. 0
137. 1
152. 0
180.4

-30. 1
-23. 5
-30. 6
-42. 0
-39.7
-42. 1
-56.3

2. 8
3. 0
2. 9
2. 9
3. 2
3.6
3.7

43.4
4a 2
50. 6
55.5
62.9
66.1
73.7

38. 1
41. 0
48. 1
53.6
59. 3
65.4
77.9

5. 3
5. 2
2. 5
1.9
3.6
.7
-4. 2

-2. 4
750. 9
— 2. 2
794. 6
.4
866. 9
936. 3
1. 0
—.4
981. 1
2.8 1, 055. 2
7.8 1, 152. 7

-1. 0
-.7
-2.7
-6. 1
— 4. 7
-4. 8
-.8

1, 050. 4
1, 151. 8

110. 5
| 117.2

152. 2
158. 8

-41.7
-41. 6

3.8
4. 0

68. 5
63. 0

68. 2
65. 1

.4
-2. 1

3.4 1, 062. 8
6. 1 1, 083. 2

-5. 9
-5. 2

1, 056. 9
1, 078. 1

115. 9
124.8
125. 1
130.1

168. 1
177.0
183.2
193.4

— 52. 2
-52.2
— 58. 1
-63. 3

3. 8
3. 8
3.8
3.3

70. 7
70.0
74.4
79.6

75. 3
75.2
77.8
83. 1

-4.6
-5. 2
-3. 4
-3.5

8. 4
9. 0
7.2
6.8

-4. 1
—.1
2.3
— 1. 5

1,
1,
1,
1,

3. 4

86. 6

91. 0

1966.
1967.
1968_
1969_
1970_
1971.
1972_

1971: III
IV
1972: I
II
III
IY

Iiiternation al

„_!
1
!
!

1973:1 »
1

l

199. 4

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




7. 8

1, 113.
1, 139.
1, 161.
1, 196.

1
4
6
3

749. 9

793.9

864. 2
930. 3

976.4

109.
139.
164.
194.

1
4
0
9

1, 235. 5

in4 disposable personal income.
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce,

"3
JL

GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 14.3 percent in the first quarter. Real GNy
rose at a 7.9 percent rate while prices increased at a 6.0 percent rate.
BILUONS OF DOLLARS
1,400

BILLIONS OF DOLLARS
1 1 400
SEASONALLY ADJUSTED ANNUAL RATES

1,200

1,200
GROSS NATIONAL PRODUCT

1,000

1,000

800

800
PERSONAL CONSUMPTION
EXPENDITURES

\
600

600

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

-I-

200

200
MIW.MI.itil""""1""""

NET EXPORTS OF GOODS

GROSS PRIVATE DOMESTIC
INVESTMENT

AND SERVICES
\

I

I

I

}

1967

I

!

1970

1969

1968

1972

1973

I/ PRELIMINARY
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Total
Personal Gross
conTotal
gross
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
itures
dollars
Billions (yf dollars; quarterly

Period

1963
1964
1965.. _ _
1966.
1967
1968
1969
1970
1971
1972
1971: III
IV
1972: I
II

III
IV
1973: I»

•__

551.0
581. 1
617. 8
658. 1
675.2
706. 6
725. 6
722. 1
741. 7
789.5
742. 5
754.5
766.5
783.9
796.1
811. 6
827, 1

590.5
632.4
684. 9
749. 9
793. 9
864. 2
930. 3
976.4
1, 050. 4
1, 151. 8
1, 056. 9
1, 078. 1
1, 109. 1
1, 139. 4
1, 164. 0
1, 194. 9
1, 235. 5

375. 0
401.2
432.8
466. 3
492. 1
536. 2
579. 5
616. 8
664.9
721. 0
670. 7
680.5
696. 1
713.4
728. 6
745.7
773. 7

87. 1
94.0
108. 1
121.4
116. 6
126. 0
139. 0
137. 1
152. 0
180.4
152. 2
158.8
168. 1
177.0
183.2
193.4
199. 4

J
This category corresponds closely with budget outlays for national defense,
shown on p. 36.




Gove rnment p>urchases of good s and
Net
services
exports
Federal
of goods
State
Total
and
and
National
services
Total defense1 Other local

Implicit
price
deflator
for total
GNP,
1958- 1002

data at s easonalby ad juste d annual rates

122. 5
128.7
137.0
5. 3 156. 8
180.
1
5. 2
2. 5 199. 6
1.9 210.0
3. 6 219. 0
. 7 232. 8
A O
254. 6
tt.
z>
. 4 233. 6
-2. 1 240. 9
-4. 6 249. 4
-5.2 254. 1
-3. 4 255. 6
-3.5 259. 3
-4. 4 266. 8
5.9
8.5
6.9

64. 2
65.2
66.9
77.8
90. 7
98. 8
98.8
96.5
97. 8
105.8
97. 9
100. 7
105. 7
108, 1
105.4
104.0
107.0

50.8 13. 5
50.0 15.2
50.1 16. 8
60.7 17. 1
72.4 18.4
7a 3 20. 5
78.4 20. 4
75. 1 21. 5
71.4 26. 3
75. 9 29. 9
70. 1 27. 8
71. 9 28. 7
76. 7 28. 9
78. 6 29. 6
75. 1 30.2
73. 2 30. 8
75.0 32. 1

58. 2
63. 5
70. 1
79.0
89.4
100. 8
111. 2
122.5
135. 0
148.8
135. 7
140. 2
143. 7
146.0
150.2
155.2
159.8

107. 17
108. 85
110. 86
113. 95
117. 59
122. 30
128. 20
135. 23
141. 61
145. 89
142. 35
142. 88
144. 68
145. 34
146. 21
147. 23
149. 38

*Gross national product in current dollars divided by gross national product
in 1958 dollars.
Source: Department of Commerce.

NATIONAL INCOME
Employee compensation rose $27 billion (seasonally adjusted annual rate) in the first quarter. The increase was
very large even after allowing for the $5 billion increase in employers' share ol social security taxes (which is included
in the compensation total) and the &2 billion increase in Federal pay scales.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

1,000

1,000

900

900

TOTAL NATIONAL INCOME

800

800 -

700

700
COMPENSATION OF EMPLOYEES

600

60®

500

500

PROPRIETORS' AND
RENTAL INCOME

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT

,1,

100

100

NET INTEREST

1

J_

J_

1967

1968

1969

1970

L

I

1971

f _ t

I

I

1973

1972

J/PRELIMINARY
SOURCEs DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1971: III
IV
1972: I
II__
III

IV
1973: I»

„

Compensation
of em- l
ployees

Proprieto rsj income
Farm 2

of

per-

Net

Corpora ;e profits and inventory va luation acIjust men t

interest

Total

Profits Inventory
before valuation
taxes adjustment

481. 9
518. 1
564.3
620. 6
653. 6
711. 1
766.0
798.6
855.7
935. 6

341. 0
365.7
393.8
435. 5
467. 2
514. 6
566. 0
603.8
644. 1
705.3

13. 1
12. 1
14.8
16. 1
14.8
14 7
16. 7
16. 9
17. 3
19. 6

37, 9
40.2
42.4
45. 2
47.3
49. 5
50.5
49. 9
52. 6
55.6

17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 5
25. 6

13. 8
15.8
18.2
21. 4
24. 4
26. 9
30.5
34. 8
38. 5
41. 3

58. 9
66.3
76.1
82. 4
78. 7
84 3
79. 8
69.9
78.6
88.2

59. 4
66.8
77.8
84. 2
79.8
87. 6
84.9
74.3
83.3
94. 3

— .5
— 1.7
- 1. 8
— 1.1
-3. 3
— 5. 1
-4. 4
-4. 7
-6.0

860. 8
876. 2

648. 0
660. 4

17.6
18. 1

53. 1
53. 8

24.8
25. 0

39. 1
39. 7

78. 3
79. 4

84.1
83. 2

-5. 8
-3.9

903. 1
922. 1
943. 0
974.2

682. 7
697. 8
710. 2
730. 3
757. 3

19. 1
18. 7
19. 1
21. 6
22.5

54. 3
54. 4
56. 2
57.4
58.7

25. 2
24. 2
26. 2
26. 9
26.5

40. 1
40. 9
41.7
42. 5
43. 4

81.8
86. 1
89. 6
95.6

88.2
91.6
95. 7
101.5

-6. 5
-5. 5
-6. 1
-5. 9
-13. 3

1
Includes employer contributions for social insurance. (See also p. 4.)
2
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.




Business
and professional

Rental
income

Source: Department of Commerce.

-0.5

SOURCES OF PERSONAL INCOME
Personal income rose at a seasonally adjusted annual rate of $6% billion in March. Wages and salaries^ chiefli
because of rising employment and hourly earnings, accounted for $5.7 billion of the increase.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
1,200

1,200

1,000

1/)00

400 -

200

200

1967
SOURCE:

1973

DEPARTMENT OF COMMERCE

Period

1965
1966
1967
1968___
1969
1970
1971.
1972
1972: F e b _ _ _ _
Mar____
Apr
May___
June
July....
Aug
Sept
Oct.

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
!
Wage I
j
Total
and
Other Propriet ors income Rental
Divi- Personal Transfer
labor 12
personal salary
Business income
payof
dends interest
income disburseincome
and
proFarm
income ments
l
persons
ments
fessional

538.9
587. 2
629. 3
688. 9
750. 9
806. 3
861. 4
935.9
908. 5
913. 6
919. 4
924. 0
922. 9
932. 9
940. 0
946. 8
964. 8
Nov
976.2
Dec
982. 9
1973: Jan_
986. 0
Feb
994. 5
Mar p _ _ 1, 001. 2

358.9
394. 5
423. 1
464. 9
509. 7
541. 9
572. 9
627. 0
609. 0
612. 4
617. 6
619. 9
624. 0
625. 7
630. 6
636.0
643. 0
648. 5
654. 9
662. 7
668. 4
674. 1

18.7
20. 7
22. 3
25. 4
28.4
32. 1
36. 5
40. 3
38. 8
39. 1
39. 5
39. 8
40. 1
40. 5
40. 8
41. 1
41. 4
41.8
42. 1
42. 4
42. 7
43. 0

14.8
16. 1
14. 8
14. 7
16. 7
16. 9
17. 3
19. 6
19. 1
19. 5
19. 1
18. 7
18. 4
18.6
19. 1
19. 5
20.7
22. 1
22.0
22. 2
22'. 5
22. 8

42.4
45. 2
47. 3 '
49. 5
50. 5
49. 9
52. 6
55. 6
54. 1
54. 7
54. 9
55. 3
53. 2
55. 7
56. 3
56. 7
57. 0
57.4
57.8
58.2
58. 7
59. 1

1
The total of wagre and salary disbursemeiits and other labor income diners
from compensation of employee s (see p. 3) in that it excl udes empk>3?er contributtons for social irtsurance and the excess oi wage accrue s over wage disburseinents.




19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 5
25. 6
25. 2
25. 3
25. 5
25. 6
21. 5
25. 8
26. 3
26. 5
27. 0
26.7
26. 9
26. 6
26. 6
26. 3

19.8
20. 8
21. 4
23. 6
24. 3
24. 8
25. 4
26. 4
26. 1
26. 0
26. 1
26. 3
26. 3
26. 4
26. 6
26. 5
26. 7
26. 6
26. 8
27. 1
27. 3
27. 1

38.7
43. 6
48. 0
52. 9
59. 3
65. 8
69. 6
72. 9
71. 0
71. 3
72. 0
72.7
73.4
73. 5
73. 4
73. 3
73. 7
74. 5
75.4
75. 9
76. 2
76. 5

39.9
44. 1
51. 8
59. 6
65. 8
79. 5
93. 6
104. 0
100. 0
100. 1
99. 7
100. 9
101. 3
102. 2
102. 8
103.2
111. 6
115. 2
113. 6
113. 3
114. 8
115. 2

Less: Personal con- Nonagritributions cultural
for social personal3
insurance income

13.4
17.7
20. 5
22. 8
26. 3
28. 0
31. 2
35.5
34. 7
34. 8
35. 0
35. 1
35. 3
35. 5
35. 8
36. 0
36.4
36. 5
36. 6
42. 4
42. 7
43. 0

519. 5
566. 3
609. 4
668. 8
728. 3
782. 8
837. 2
909. 3
882. 4
887. 1
893.4
898. 3
897. 5
907. 3
914. 0
920. 3
937. 1
947. 2
953.9
956. 6
964. 6
971. 1

2
Consists oi employer e ontributions to private f >ension, health, and welfare
ftinds; comperisation for in juries; direct ors' fees; military reserve pa y; and a few
o ifaer
minor it ems.
3
Personal iricome excliis ve of net imsome of limn corpora ted farm enterprises,
fa rm wages, a gricultural rlet interest, and net div idends paid by agricultural
cc>rporations.
Source: Department of Commerce.

DISPOSITION OF PERSONAL INCOME
Disposable income rose more than personal income in the first quarter because tax refunds caused net taxes to fall.
Despite the $23 billion (seasonally adjusted annual rate) increase in disposable income, consumer spending rose
even more and personal saving fell.
BILLIONS OF DOLLARS
1,000

BILLIONS OF DOLLARS
1,000

900

900

800

700

1973

1967
J/PRELIMINARY
SOURCE: DEPARTMENT OF COMMERCE

Period

Less:
PerPersonal
sonal tax and
income nontax
payments

COUNCIL OF ECONOMIC ADVISERS

Per car.)ita disLess : Perse nal outlayfS
posable personal
Equals:
Persoilal consurnption
Equals:
incc)me
Disexpenditure 3 2
Personal
Total
posable
saving Current
1958
personal personalx Durable Nondurable
Services
dollars dollars
income outlays
goods
izoods
Billions of dollars

1965
1966
1967
19681969
1970
1971
1972

Population
(thou-3
sands)

Dol lars

538.9
587. 2
629.3
__ 688. 9
750. 9
806. 3
861. 4
935.9

65.7
75.4
83. 0
97. 9
116.5
116. 7
117. 0
140. 8

473.2
511. 9
546.3
591. 0
634. 4
689. 5
744. 4
795. 1

444.8
479. 3
506. 0
551. 2
596. 2
634.7
683. 4
740.2

66.3
70.8
73. 1
84.0
90. 8
90.5
103. 5
116. 1

191. 1
206.9
215. 0
230. 8
245. 9
264. 4
278. 1
299.5

175.5
188. 6
204. 0
221. 3
242. 7
261. 8
283.3
305.4

1971: III. 867. 9
IV__ 881. 5

117. 5
123. 0

750. 4
758.5

689. 4
699. 2

106. 1
106. 1

278. 5
283. 4

1972: ! _ _ _ 907. 0
922. 1
II
IIL. 939.9
IV__ 974.6

136. 5
139. 5
141. 1
146.4

770. 5
782. 6
798. 8
828.2

714. 9
732. 5
748.0
765.5

111. 0
113. 9
118.6
120.8

1973:1'.. 993.9

143. 0

850. 9

793. 9

130. 1

28.4
32. 5
40. 4
39. 8
38. 2
54.9
60.9
54.8

2,436
2,604
2,749
2,945
3,130
3,366
3, 595
3,807

2,239
2,335
2,403
2,486
2,534
2,603
2, 679
2,770

286. 1
290. 9

61.0
59. 3

3,620
3,649

2,684
2, 698

8. 1

288. 3
297. 2
302.0
310. 4

296. 7
302. 4
308.0
314. 5

55. 7
50. 1
50.8
62.8

3, 700
3,751
3,821
3, 953

2, 716
2, 739 1
2,773
2, 851

7.2
6.4
7.6

322. 9

320. 7

56. 9

4,054

2,887

6. 7

1
Seaso nally adji isted annu al rates

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




Saving
as percent of
disposable
personal
income
(percent)

194, 303
196, 560
198, 712
200, 706
202, 677
204, 879
207, 049
208, 837

6.0
6.4
7.4
6,7

6. 0
8. 0
8. 2

6.9

207, 312
207? 856

7.8

208,
208,
209,
209,

6.4

1

255
628
053
509

209, 866

8
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
In the first quarter/ net farm (seasonally adjusted) rose by about 4 percent. Net income
dollars per farm was 10 percent above a year earlier.

farming in constatr

BILLIONS OF DOLL ARS

BILL IONS OF DOLLARS
SEASO NALLY ADJUSTED ANNUAL RATES

80

80

70
REALIZED> GROSS
FARM if "JCOME

sB !s!

70

^*«* * *^* **^
^^

\
\

60

yjf

8
^-.•a****^^
***^

xn

^^""""""faaxXSOeaaaa^t^

_~—-^^—^

C:A

50

An

Afl

1A

1f\

NET FARM Ih COME
INCLUDING NET 1 MVENTORY
CHANGE

/

20

----—--'

t—-—/.-

«

us****

fit**

20

—.—_^_—

10

i

0

I

I

f

1967

1

1

1968

f

f

I

1

1969

f
1970

!

[

_

!

_

!

!

.___j_^_j_j^_
1972

1971

SOURCE; DEPARTMENT OF AGRICULTURE

10

!

!
1973

!

0

COUNCIL OF ECONOMIC ADVISERS
Ss^^^-^^&LJS.

Personal income re ceived by
total 1"arm poptilation

income re ceived fro m farmingT

Net fo3 farm
oper ators

Realizejd gross
Period

1965
1966
1967
1968
1969
1970
1971
1972

From
all
sources

23.6
24. 9
24.0
25. 1
27. 6
28. 2
29. 5
33. 2

From
From
nonfarm
farm
sources 1 sources

13. 5
14 4
13. 1
13. 2
14. 9
15. 0
15. 6
17. 7

ProducCash
tion ex- Exclud- Includreceipts
penses ing net in- ing net in- Current
1967
from
Total 1
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions (31" dollars
i
Dol lars

10. 0
10. 5
10. 9
11. 9
12. 7
13. 2
13. 9
15.5

1971: III
IV
1972: I
II

III

IV

1973: I
1
Cash receipts from, marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see iootnote 2, p. 3.
3 Based on Census of Agriculture definition of a farm. The number of farms te
held constant within a year.




Net inc ome per
net
farm inci uding
inventor}7 change 3

44.9
49. 7
49. 0
50. 9
55. 6
57. 9
60. 1
66.4

39.3
43. 3
42. 7
44. 1
48. 1
50. 5
53. 1
58.5

30.9
33. 4
34. 8
36. 2
38. 8
41. 1
44. 0
47. 2

Seaso naily adj'h,fted annu a^
60. 4
53. 4
44. 3
54. 9
44. 9
61. 8
64. 1
56. 5
45. 6
64. 8
56. 9
46. 5
58. 1
66. 1
47. 3
62. 5
70. 6
49. 4
68. 5
75.6
53. 5

14.0
16. 3
14. 2
14. 7
16.8
16. 8
16. 1
19. 2

15.0
16. 3
14. 9
14. 8
16. 9
16. 8
17. 4
19.8

4 487
5, 019
4, 730
4, 854
5, 674
5, 754
6, 049
7, 000

4,723
5, 121
4, 730
4, 667
5, 206
5, 047
5, 083
5,645

17. 7
18. 2
19. 3
18. 9
19. 2
21.7
22. 6

6, 150
6, 330
6, 820
6,680
6, 780
7, 660
8,070

5, 130
5, 280
5,590
5, 390
5,420
6, 080
6, 160

rates

16. 1
16. 9
18. 5
18, 3
18. 8
21. 2
22. 1

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

CORPORATE PROFITS
pecause of the investment tax credit, the 1971-72 percentage rise in profits after taxes exceeded the rise before taxes.
Vtost of the after-tax rise showed up in undistributed profits. Cash flow was up $14.5 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

40

20

20

1966

1972

SOURCE: DEPARTMENT OF COMMERCE

1

Period

196,x

1967
19681969.
1970_
1971
1972

__„_
___

COUNCIL OF ECONOMIC ADVISERS

[Billions o ' dollars; quarterly data at s easonalbr adjuste d annua . rates]
Cor]3orate pi•ofits
Cor]jorate pi ofits (bef<>re taxes) and inveiitory
I
pi,fter taxciS
valuation adjustme nt
TransCorpo|
CorpoM .anufactui -ing
portation,
rate
rate
DiviUncomtax
profits
NonAll
Durable durable muniAll l before liabil- Total dend distribinduspayuted
goods
other
ity
taxes
Total indusgoods ! cations,
tries
ments profits
and
tries
public
tries
utilities
46. 5
39. 3
22. 8
26. 7
16. 6
19. 8
76. 1
25. 6
77.8
31. 3
11. 1
42. 6
24. 0
49. 9
29. 1
20.8
82. 4
18. 6
84. 2
34.3
27. 9
11.9
38. 7
46. 6
20. 7
18. 0
21. 4
25. 3
29. 1
33. 2
78. 7
10. 8
79. 8
23. 6
22. 4
41. 7
19. 3
47. 8
24. 2
32. 0 I 87. 6
84. 3
39. 9
10. 6
18.8
44.8
36. 6
17. 7
24.3
84. 9
40. 1
20. 5 ,
79. 8
33. 1
10. 1
27. 7
24. 8
16.7
40. 2
15.4
34. 1
11. 0
34. 6
74. 3
69.9
7.6
30.9
14. 1
16. 8
4-5. 9
20. 5
37. 3
25. 4
83. 3
78, 6
8. 2
39.5
37.9
26.4
18.9
53.0
94. 3
26.6
19.0
41. 3
41.3
88.2
9.0

Corporate
capital
consumption
allow-2
ances

Profits
plus
capital
consumption
allow-8
ances

36. 4
39, 5
43. 0
46. 8
51. 9
55. 2
60. 3
67. 7

82.9
89. 5
89. 6
94. 6
96.8
95. 3
106. 2
120.7

1971 :IIL.-

jy___

78. 3
79. 4

30. 1
31.2

13. 3
14. 3

16. 9
16. 9

8. 5
7.6

39. 6
40.6

84. 1
83. 2

37.5
35.3

46. 6
48. 0

25. 5
25.2

21. 0
22. 7

61. 2
63. 0

107.8
110.9

1972: I
IL_
III—
IV..

81. 8
86. 1
89.6
95.6

35.4
37. 0
37.9
41.3

17.7
19. 4
18.4
19. 9

17. 7
17. 6
19.5
21.3

7. 8
8. 8
9.6
9. 9

38. 5
40. 3
42. 1
44.4

88. 2
91. 6
95. 7
101. 5

38. 8
40. 1
41.8
44. 3

49. 5
51. 5
53. 9
57.2

26. 0
26. 2
26.5
26. 7

23. 5
25. 3
27. 3
30.5

64. 8
68. 0
68.4
69. 5

114. 3
119.5
122.2
126.7

1973: I*—
12 Includes ail other industries and financial institutions.
Includes depreciation and accidental damages.
§
Corporate profits after taxes plus corporate capital consumption allowances.

04-003°—73-




27. 2

1
Source: Department of Commerce.

70. 6

GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose $6 billion (seasonally adjusted annual rate) in the first quarter. Increases In
fixed investment were partly offset by a decline in the rate of inventory accumulation,
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

200

J/ PRELIMINARY
SOURCES, DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed in^/estment

Period

Total
gross
private
domestic
investment

Resid ential
struc tures

N<president ial

Total

Struc tures
Total
Total

Nonfarm

Produce rsj durable equ iprnent
Total

Nonfarm

Total

x-r
Nonfarm

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972

87. 1
94. 0
108. 1
121.4
116.6
126. 0
139.0
137. 1
152. 0
180.4

81.3
88. 2
98. 5
106. 6
108.4
118. 9
131. 1
132. 2
148. 3
174.5

54.3
61. 1
71.3
81. 6
83. 3
88. 8
98. 5
100. 9
105. 8
120. 6

19. 5
21.2
25. 5
28, 5
28. 0
30. 3
34. 2
36. 0
38. 4
42. 2

18. 8
20.5
24. 9
27. 8
27. 3
29. 6
33. 5
35. 2
37. 5
41.4

34.8
39. 9
45. 8
53. 1
55. 3
58.5
64.3
64.9
67.4
78.3

31.2
36.3
41. 6
48.4
50.0
53. 6
59.2
59.2
60. 9
70.5

27.0
27. 1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 6
54.0

26. 4
26. 6
26. 7
24.5
24. 5
29. 5
32. 0
30.7
42. 0
53. 2

1971:111
IV

152.2
158.8

150.9
157.2

106. 3
109. 8

38.7
38.8

37.9
38. 0

67. 6
71.0

60.8
64. 2

44. 5
47. 3

1972: I
II
III
IV

168. 1
177.0
183.2
193.4

167.7
172.0
175.2
183. 1

116. 1
119.2
120.7
126.1

41. 3
42. 0
41.8
43.7

40. 5
41.2
40.9
42.9

74.8
77. 2
79.0
82.3

67.7
69.6
71.0
73.5

1973: I»

199. 4

191. 5

132. 3

46. 3

45. 3

86. 0

78.0

Source: Department of Commerce.

8




Change in business inv entories

Total

,9
5.8

9. 6
14.8
8.2

7. 1

Nonfarm
5. 1
6.4

8. 6
15.0
7. 5
6. 9
7.7

7.8
4.9
3.6
5.9

4. 8

43. 9
46. 7

1. 3
L7

-.2
.8

51.6
52. 8
54.4
57.0

51.0
52. 1
53.7
56. 1

5. 0

.4

.1
4. 3

10.3

10. 1

59.2

58. 3

7.9

7.5

8.0

2.4

5. 6

7.9

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen expect to Increase their expenditures for new plant and equipment by 14 percent from 1972 to 1973,
Manufacturers expect a rise of 1 8 percent.
BILLIONS OF DOLLARS

OF DOLLARS

TOTAL NEW PLANT AND EQUIPMENT

60

40

20
1967

I

1968

1973

J/ SEE FOOTNOTE 3 BELOW.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Period

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973s
1972: I__
11
III
IV
1973: I 3
Iis
2dhalf 3

Total

MLanufactu ring
I

J

40. 77
46. 97
54. 42
63. 51
65.47
67. 76
75. 56
79. 71
81.21
88.44
100. 62
86. 79
87. 12
87. 67
91. 94
96. 74
100. 13
102. 63

Tra nsportat ion

Durable
goods

Nondurable
goods

Mining

Total

Railroad

16. 22
19. 34
23. 44
28. 20
28.51
28. 37
31. 68
31. 95
29. 99
31. 35
37.01
30. 09
30. 37
30. 98
33. 64
35. 98
37. 13
37. 43

7. 53
9. 28
11. 50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15.64
18. 70
15. 06
14. 77
15. 67
16. 86
17. 88
18. 70
19. 07

8. 70
10. 07
11. 94
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 31
15. 02
15. 60
15. 31
16. 78
18. 10
18. 43
18. 36

1. 27
1. 34
1. 46
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2. 64
2.42
2. 38
2. 40
2. 46
2. 54
2. 62
2.69

1. 26
1. 66
1. 99
2.37
1. 86
1.45
1. 86
1.78
1. 67
1. 80
1. 68
2. 10
1. 88
1.50
1. 71
2. 08
1. 79
1.45

1
Excludes agricultural business; real estate operators; medical, legal, educational,
and 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 1973. Includes adjustments when necessary for
systematic tendencies in expectations data.
NOTE.—Annual total is the sum of unadjusted expenditures; it does not




Air

0. 40
1. 02
1. 22
1.74
2. 29
2. 56
2. 51
3. 03
1. 88
2.46
2.38
1. 96
2. 89
2. 67
2. 33
2. 12
2. 94
2. 22

1 _ , ,.
Public
Other utilities

Communication

4.98
5. 49
6. 13
7.43
8. 74
10. 20
11. 61
13. 14
15. 30
17.00
19. 82
16. 92
16. 60
17. 01
17. 53
18. 36
18.56
21. 06

4.06
4. 61
5. 30
6. 02
6. 34
6. 83
8. 30
10. 10
10. 77
11.89
13. 40
11.71
11. 59
11. 56
12. 63

1. 58
1. 50
1. 68
1. 64
1. 48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 52
1.48
1. 53
1.41
1. 42
1. 66
1. 70
1. 38

Commercial
and
other 2
10. 99
12. 02
13. 19
14.48
14.59
15. 14
16. 05
16. 59
18. 05
20.07
22. 16
20. 10
19. 88
20. 16
20. 21

33. 98
35. 38
36. 39

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.
Source: Department of Commerce,

OF

^

In March, there were exceptionally large increases in the civilian labor force (640,000) and employment (700,000)
on a seasonally adjusted basis. During the month, the total labor force, which includes the Armed Forces, surpassed
the 90 million mark for the first time. Over the past year, civilian employment has increased by 2.6 million while
unemployment has declined by 700,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*
90

190
SEASONALLY ADJUSTED

85

CIVILIAN LABOR FORCE
80

75
istwjt****8***9

EMPLOYMENT

70

65

UNEMPLOYMENT

...I
0 I i i i

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE

1972

1967
*16 YEARS OF AGE AMD OVER.
SOURCE- DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

Civiliai,n emTotal
ployicnent
labor
force
Non- Unemploy- (includagriTotal
ment
ing
culArmed
tural
Forces)
Thousands of i>ersons 16
77, 902 74, 296 2,832 84, 240
78, 627 75, 165 4, 088 85, 903
79, 120 75, 732 4,993 86, 929
81, 702 78, 230 4,840 88, 991
Unadji j,sted

o ver
years of age
80, 734 77, 902 3, 606
82, 715 78, 627 3,462
84, 113 79, 120 3, 387
86, 542 81, 702 3,472
(.seasonally adjusted

74, 296
75, 165
75, 732
78, 230

2,832
4,088
4,993
4, 840

3. 5
4. 9
5. 9
5. 6
Unadjusted

87, 318
87, 914
87, 787
87, 986
90, 448
91, 005
90, 758
89, 098
89, 591
89, 400
89, 437

79, 366
80, 195
80, 627
81, 223
82, 629
83, 443
83, 505
82, 034
82, 707
82, 703
82, 881

76, 458
77, 101
77, 339
77, 692
78, 653
79, 383
79, 475
78, 376
78, 986
79, 340
79, 719

5,412
5, 215
4, 697
4,344
5,426
5,173
4, 857
4, 658
4,470
4, 266
4,116

88, 058
88, 768
88} 64?
88, 850
88, 947
88, 985
89, S37
89, 471
89, 651
89, 454
89, 707

85, 518
86, 264
86, 184
86, 431
86, 554
86, 697
86, 941
87, 066
87, 236
87, 023
87, 267

80, 594
81, 216
81, 209
81, 458
81, 752
81, 782
82, 061
82, 256
82, 397
82, 525
82, 780

77, 225
77, 756
77, 896
78, 120
78, 421
78, 339
78, 451
78, 677
78, 739
78, 969
79, 130

4,924
5, 048
4, 975
4, 973
4, 802
4, 815
4, 880
4,810
4,839
4,498
4,487

6.4

88, 122
89, 075
89, 686

81, 043
81,838
82, 814

78, 088
78, 882
79, 683

4,675
4,845
4,512

89, 325
89, 961
90, 629

86, 921
87, 569
88, 268

82, 555
83,127
83, 889

79, 054
79, 703
80, 409

4, 366
4,442
4, 379

Period

Total
labor
force
(including
Armed
Forces)

1969—
1970___
1971___
1972*__

84, 240
85, 903
86, 929
88, 991

1972:
Feb*_
MarApr.
MayJune.
July.
Aug_
Sept.
Oct_.
Nov_
Dec__
1973:
Jan__
Feb_.
Mar*.

1973

1

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

10




CiviMim einplc yment
Civilian
labor
force

Total

Agricultural

3, 369
3, 460
0

&1 &

O, OJLO

3,338
3, 331
3,443
3, 610
3,579
3, 658
3, 556
3, 650
3,501

8,4®4

5, 480

Nonagricultural

Unemployment Labor
Unem- rate
force
(percent of participloycivilia
D
labor
pation1
ment
for ce)
rate
Percent

::

_

61. 1
61. 3
61. 0
| 61. 0
Seasc natty
adju ,sted
1

5.8

5. 9

6. 1
5. 5
5. 1
6. 2
5. 8
5. 5

5. 8
5. 5
5. 6
5. 6

5. 1
4. 9
4. 7

5.2
5.1

5.4

5.5

5. 6

5.2

5.8

5.5

5. 5

5. 0
5.1

5. 0

60. 8
61. 2
61. 0
61. 1
61. 1
61. 0
61. 2
61. 2
61. 2
61.0
61. 1
60. 7
61. 1

61. 4

*Data beginning January 1972 not strictly comparable with prior data becausel
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The unemployment rate (seasonally adjusted) edged back down to 5.0 percent in March from February's 5.1 percent
level and was well below the 5.9 percent of a year earlier.
PERCENT
10

PERCENT

10
SEASONALLY ADJUSTED

LABOR FORCE TIME LOST

/
" \
^^,

UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS

.-"•*•»

UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS

1967

1973

1968

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

Persons at work 3in nonagri cultural ir
idustries
by hourg worked ]3er week 2
Uiider 35 he>urs

Uneraploymen t rate
(percen t of civilijan labor
for ce in gimip)
Experi- Married Labor
force
enced
All
time lost l Over 40
and men
hours
workers wage
(wife
salary
workers present)

Period

Per cent

1969
1970
1971
1972

3. 5
4. 9

1972: Feb
Mar
Apr_
May_
June
July
Aug
Sept
Oct
Nov_
Dec
1973: Jan

5. 8
5. 9
5. 8
5. 8
5. 6

5.9
5.6

Feb
Mar
1

_

5.6

3. 3
4. 8
5. 7

5.5

5. 5

5.3

5.4

5. 1
5.3

5.5

5.0

4.8
4.6
4- 7
4.6

5. 5
5. 2
5. 1

5. 1
5. 0

3. 2

2. 8
5.3
Seasonall ?/ adjusted

5. S
5. 2
5. 2

5. 6

1. 5
2.6

4-9

3.9

5. 3
6. 4
6.0

2. 9
2. 8
2. 9
2. 8
2. 9
2. 7
2. 6
2. 8
2. 8
2. 5

6. 1
6. 2
6. 1
6. 2
5. 9
6. 0
6. 1
5. 8
5. 8

2.4
2. 5

5.4

2.4
2.4

5.4

5. 3
5. 3

5. 2

20, 608
18, 925
19, 095
20, 320
19, 362
21, 876
20, 239
20, 478
19, 989
18, 824
19, 626
21, 881
20, 735
21, 404
21, 740
19, 527
20, 311
21, 485

Alan-hours lost by the unemployed and persons on part-time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total nonagricultural employment (p. 10), which includes perbons with jobs but not at work for such reasons as vacation, illness, bad weather,
fand
industrial disputes.
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.




35-40
hours

Part-ti me for
economi c reasons
Total

Part-ti me for
economi c reasons

Usually Usually Usually
fullpartfulltime 3
time 3
time 4
Thousan ds of pers ons 16 ye ars of age and over
34, 201 15, 210
955
855
1,201
995
33, 537 18, 222
1, 184
35, 752 16, 298
1,256
36, 794 16, 549
1, 327
1,081
1Jnadjustec 1
Seasonall y
1, 147
1,087
36, 460 17, 360
1,146
1,172
37, 517 17, 774
1, 140
1, 138
37, 592 16, 571
1,081
1, 103
1,170
1,093
996
1, 117
37, 468 16,700
1, 177
1, 878
1, 066
37, 608 15, 169
1, 034
2, 140
1}091
36, 143 14, 046
1, 190
1,927
1,076
36, 103 13, 869
1,070
1, 107
37, 409 15, 176
1, 136
1,027
980
1, 086
33, 864 20, 979
1,025
946
1, 065
37, 566 17, 379
1,073
917
968
37, 483 17, 543
893
951
35, 819 18, 557
948
1,6 020
1, 020
1,068
35, 844 19, 305
967 s 1, 096
940
37, 537 17, 378

Usually
parttime 4

adjusted
1,275
1,308
1, 396
1, 316
1, 503
1,385
1,363
1, 277
1, 237
1, 192
1, 213
1, 130
1,254
1,258

* Primarily includes persons who could find ©nly part-time work.
«Average hours worked: usually full-time, 24.1; usually part-time, 19.1.
Source: Department ©f Lab@r.

11

UNEMPLOYMENT INSURANCE PROGRAMS
In March, insured unemployment under State programs averaged 379/000 lower than a year earlier. The seasonal!
adjusted insured unemployment rate rose slightly to 2.8 percent.
MILLIONS OF PERSONS

MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)

3h

1971

x.

N
1972

f
JAN.

FEB.

MAR.

APRIL

MAY

JUNE

JULY

AUG.

SEPT.

SOURCE: DEPARTMENT OF LABOR

I960
1970_
1971 *
1972*
1972: Feb*
Mar*v __
Apr
May pv
June _
July p __
Aug P
_
_
Septp *___
_ ___
Oct
Nov*
Dec25
1973: Jan » _
Feb*
Mar v_
Week ended:
1973: Mar
10
17
24
31 p
Apr
7
14 »
Source: Department of Labor,

12




I

!

DEC

COUNCIL OF ECONOMIC ADVISERS

A 11 progranis

Period

NOV.

OCT.

Stiate progra ms

Insured Total
unem- benefits Insured
ployCovered
paid
unem(milemploy- ment
ploy(weekly
ment
lions
ment
averof dolage)
lars)
Thou sands
__ 59, 999
1, 177
59, 526
2,070
2, 313
59, 375
2, 185
3, 122
2,922
2,430
2, 105
1, 951
2, 087
1, 763
1, 554
1, 511
1, 691
1, 993
2, 332
2,250
2, 077
2, 159
2, 103
2,030
1,960
1,910
1

Not charted.

2, 298. 6
4, 179. 1
5, 498. 2
5, 000. 0
638.3
683. 2
516. 4
472.7
423. 0
402.0
405. 3
313. 5
311.4
338.7
372. 1
425. 3
432. 9
481. 6

Initial
claims

Insurec unemploymen t as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonadjusted ally
justed

Weekly jiverage, t iiousands
1, 101
16
200
296
25
1, 805
2, 150
295
38
1, 850
265
37
2,492
293
40
242
2, 279
40
2,005
237
43
1, 740
216
39
1, 636
250
36
321
1, 823
35
1, 564
213
33
29
1, 388
190
1,357
214
26
1,507
253
28
1, 801
324
29
2, 124
331
31
2,069
247
29
1,900
213
31
1,978
1,924
1,856
1, 791
1
1, 745

228
212
209
194
244
213

Benefi ts paid
Total

Average
weekly
lions of
check
dollars) (dollars)

(mil-

Per sent

2. 1
3. 4
4. 1
3.5

4. 7

4.3

as

3.3

3. 1
3.4

2. 9

2.6
2.5
2.7
3.3

3. 8

3.7
3.4

2, 127. 9
3, 848. 5
4, 957. 0
4, 550. 0
S.5
589. 5
3.5
628. 9

3.6
S. 7
8. 6
S. 7

472.9
429.2

o. 4

363.0

G>

f

3.4
3.4
3.3
3.0

2. 7
2. 7
2. 8

382. 1
364. 3

280. 1

280.3

307. 2
342.2

392. 7
399,1
438. 9

46. 17
50. 34

54.02
57.00

56.71
57. 21
56.90
56.32
55.23

55. 75
55. 53
60. 16
56.95
57.59

58. 10
57. 09
57. 13
57. 16

3.5
3.4

3. 3

3.2
3.0

NOTE.—For definitions and coverage, see the 1967 Supplement to Econorr,
Indicators.

NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment increased by 190,000 (seasonally adjusted) in March, bringios the climb
over the past year to 2.8 million jobs.
MILLIONS OF WAGE

MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)

AND SALARY WORKERS {SEASONALLY ADJUSTEDJ

76

16

(ENLARGED SCALE)

s*
*^\

72

."""""^'^-'-v^ _-~---

#0^

-

14
WHOLESALE AND RETAIL TRADE

ALL NONAGRICULTU RAL
ESTABLISHMENTS

68

44

-

12
SERVICES

NDNMANUFACTUFJNG
(PRIVATE)

„-»«

W

40

DURABLE
MANUFACTURING

-1""1

m— .

^

^

10

NONDURABLE
MANUFACTURING

AMANUFACTURING

\

20

,ai.iMH

,....„._---

\

CGOVERNMENT

^
CONTRACT
CONSTRUCTION

,.-

12
_

_

/|i i i i i 1 i i | i t
1970

I.I 1 ! 1 I ! 1 I ! I

1 | J 1 | ! 1 I ! 1 I

1972

1971

1 I ! I f I I 1 1 1 IK

1973

H

1970

1971

COUNCil Of ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers;1 seasonally adjusted]
N onmanu faeturing I (private)

Manufac during (]private)
Period

Total

1967
1968
1969
1970
1971
1972
1972:Feb~_
Mar__
Apr—
May__
June-_
July..
Aug.Sept__
Get—
Nov..
Dec__
1973: Jan__
Feb*_
Mar p _

65, 857
67, 915
70, 284
70, 593
70, 645
72, 764
71, 744
72, Oil
72, 246
72, 592
72, 699
72, 661
72, 984
73, 176
73, 589
73, 899
74, 026
74, 245
74, 713
74, 901

NonTotal
Total JJurable
goods durable
goods
-I-X

19, 447
19, 781
20, 167
19, 349
18, 529
18, 933
18, 612
18, 685
18, 790
18, 892
18, 931
18, 861
18, 930
19, 029
19, 219
19, 324
19, 419
19, 469
19, 577
19, 620

1 -I

i

Gover nment

Con- Trans- Whole- Finance,
insursale
tract portation
ance, Services Federal
Mining conand
and
and
retail
strue- public
real
tion utilities trade
estate

11, 439 8,008 35, 012
11, 626 8, 155 36, 288
11, 895 8, 272 37, 915
11, 195 8, 154 38, 709
10, 565 7,964 39, 261
10, 884 8,049 40, 541
10, 621 7,991 39, 987
10, 673 8, 012 40, 145
10, 755 8, 035 40, 238
10, 837 8,055 40, 426
10, 857 8,074 40, 544
10, 843 8,018 40, 521
10, 897 8,033 40, 737
10, 970 8,059 40, 782
11, 127 8,092 40, 973
11, 203 8, 121 41, 114
11, 281 8, 138 41, 103
11, 326 8, 143 41, 295
11,406 8, 171 41, 603
11,441 8, 179 41, 727

1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed per>sons, 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
persons, and domestic servants; which count persons as employed when they




1973

1972

613
606
619
623
602
607
613
614
605
604
600
599
602
606
610
609
607
610
612
612

3, 208 4, 261
3,285 4,310
3, 435 4, 429
3,381 4,493
3,411 4,442
3, 521 4,495
3,494 4,438
3, 512 4,487
3, 493 4,481
3, 535 4,490
3, 550 4,491
3,489 4,473
3,544 4,478
3, 551 4,499
3, 568 4, 540
3,524 4, 549
3,452 4, 558
3,502 4, 574
3,589 4,582
3, 601 4, 576 |

13, 606
14, 084
14, 639
14, 914
15, 142
15, 683
15, 456
15, 508
15, 561
15, 632
15, 682
15, 692
15, 758
15, 794
15, 835
15, 954
15, 946
15, 989
16, 121
16, 212

3, 225
3,382
3,564
3,688
3,796
3, 927
3,874
3, 885
3,802
3, 913
3,931
3,927
3,936
3, 953
3,969
3, 981
3, 991
3,999
4, 012
4, 031

10, 099 2, 719
10, 623 2,737
11, 229 2,758
11, 612 2,705
11, 869 2,664
12, 309 2,650
12, 112 2,669
12, 139 2,667
12, 206 2,664
12, 252 2, 665
12, 290 2, 646
12, 341 2,621
12, 419 2,618
12, 379 2, 624
12, 451 2,630
12, 497 2, 642
12, 549 2, 652
12, 621 2,637
12, 687 2, 632
12, 695 2,619

State
and
local

8, 679
9, 109
9, 444
9, 830
10, 191
10, 640
10, 476
10, 514
10, 554
10, 609
10, 578
10, 658
10, 699
10, 741
10, 767
10, 819
10, 852
10, 844
10, 901
10, 935

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.

13

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek (seasonally adjusted) for production workers in the private nonfarm sector as a whole one
in the manufacturing subsector were unchanged in March on a seasonally adjusted basis.
HOURS PER WEEK (SEASONALLY ADJUSTED}
461

HOURS PER WEEK (SEASONALLY ADJUSTED)
46

MANUFACTURING

TOTAL NONAGRICULTURAL PRIVATE
44

42

40

38

36
34
1970

1971

1972

1970

1973

1971

1972

1973

1971

T972

1973

42

RETAIL TRADE

CONTRACT CONSTRUCTION
40

36

32
30
1970

1973

SOURCE, DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Average hours per week

Total
nonagrieulturai
private 2

Period

Manufacturing

Contract
construction

1

Retail
trade s

Total
nonagrieultura!
private 2

Unad iusted

1963
1964
1965
1966
1967
1968
1969 _
1970__
1971
1972_
1972: Feb
Mar__
_.
Apr
May
June
July
Aug __ __
Sept
Oct

Nov
Dec
1973: Jan
Peb*33
Mar ..
l
Data
2

__

38.8
38.7
38.8
38.6
38. 0
37. 8
37. 7
37. 1
37.0
37.2
36. 8
36. 9
37. 0
36. 9
37. 4
37.6
37.6
37.4
37.3
37. 1
37.2
36. 6
36.8
37.0

40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39.9
40.6
40. 1
40. 3
40. 5
40. 5
40. 9
40. 4
40. 6
41. 0
40.8
41. 0
41.2
40. 0
40. 6
40.8

relate to production workers or nonsupervisory employees.
Also includes other private industry groups shown on p. IS.

14



Manufacturing

Contract
construction

Retail
trade :i

Seasonal!]7 adjusted
37. 3
37. 2
37. 4
37. 6
37. 7
37.4
37.9
37. 4
37.3
37.0
36.0
36. 8
36. 6
36. 8
37.6
37. 9
38. 2
38. 2
38.2
36.0
35. 2
34. 8
34.8
36.6

37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33.8
33. 7
33.6
33.0
33. 2
33.3
33. 3
34. 1
34.7
34. 7
33. 6
33. 3
33.2
33. 9
32. 9
32.9
33. 1

_

87. 2
37. 1
87. 3
37. 0
37. 1
o/. &

37. 1
87. 3
87. S
87. 2
37. 0
86. 9
37. 2
37.2

3
Includes eating and drlnk'in^ places.
Source: Department of Labor.

40.4

40. 4

40. 8
40. 5

40. 7
40. 6

40. 6
40. 8
40. 7
40. 9

40. 7
40. S
40. 9
40. 9

37. S
37. 2
36. 7
36. 7
36. 9
37.0
37. 1
37. 1
37. 6
37. 0
35. 6
86. 1
36. 0
37.0

88.6
33.6
33. 7
S3. 7
33. 8
33. 7
38. 6
38. 5
38.5
83.5
S3. 7
S3. 4
83. 5
33.5

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers increased 1 cent in March to $3.79 (not seasonally
adjusted) and were 5.9 percent above a year earlier In manufacturing, the increase in hourly earnings over the past
12 months amounted to 6.4 percent, but after adjusting for overtime and interindustry employment shifts, the increase
was 5.4 percent. Average private nonfarm weekly earnings increased by $1.13 to $140.23 and were 6.2 percent
above a year earlier.
DOLLARS

DOLLARS

AVERAGE WEEKLY EARNINGS

AVERAGE HOURLY EARNINGS
240

6.00

A

CONTRACT
CONSTRUCTION

V

200

5.00

4.00

CONTRACT
CONSTRUCTION

y

160

MANUFACTURING

TOTAL NONAGRICULTURAL
PRIVATE

120

3.00

-TOTAL NONAGRICULTURALPRIVATE

H^
RETAIL TRADE

80

2.00

RETAIL TRADE

1970

1972

1971

1970

1973

1971

1972

SOURCE: DEPARTMENT OF LABOR

1973

COUNCIL OF ECONOMIC A'DVISERS

[For production workers or nonsupervisory employees]
Average h ouriy earni ngs— curre nt dollars Average ?weekly earn ings— curr ent dollars
Period

1964
1965
1966
1967
1968
1969
1970
1971
1972
1972: Feb
Mar
Apr
May_
June
July
Aug
Sept
Oct
Nov «
Dec
1973: Jan_ _„
Feb*>
Mar*>
1
2 Also includes other
Includes eating and
3

Total
nonagricultural
private *
$2. 36
2. 45
2. 56
2. 68
2. 85
3. 04
3.22
3. 43
3.65
3. 56
3. 58
3. 61
3. 62
3.63
3. 64
3.66
3.72
3. 74
3. 74
3.74
3.77
3.78
3. 79

Manufacturing
$2.
2.
2.
2.
3.
3.
3.
3.

53
61
72
83
01
19
36
56

3.81
3. 72
3.74
3. 76
3.78
3.79
3. 78
3. 80
3. 86
3.86
3. 89
3. 95
3.98
3.97
3.98

Contract

con-

struction

$3. 55
3.70
3. 89
4. 11
4. 41
4.79
5. 24
5. 69
6.06
5. 95
5. 94
5.96
6.01
5. 94
5.96
6.03
6. 15
6.22
6. 23
6.32
6.42
6.31
6. 29

Retail
trade 2

$1. 75
1. 82
1.91
2. 01
2. 16
2. 30
2. 44
2. 57
2.70
2. 66
2. 67
2.68
2.69
2.69
2.70
2. 70
2. 73
2. 74
2.75
2. 75
2.78
2.80
2. 80

private industry groups shown on p. 13,
drinking places.
Adjusted to exclude the effects of overtime and interindustry shifts.




Total
nonagricultural
private 1

Manufactur-

$91. 33
95. 06

$102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
149. 17
150. 72
152. 28
153. 09
155. 01
152. 71
154. 28
158. 26
157. 49
159. 49
162. 74
159. 20
161. 18
162. 38

98.82

101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
131. 01
132. 10
133. 57
133. 58
135. 76
136. 86
137. 62
139. 13
139. 50
138. 75
139. 13
137. 98
139. 10
140. 23

ing

Contract

con-

struction

$132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
214. 20
218. 59
218. 14
221. 17
223. 34
225. 88
230. 35
234. 93
237. 60
224. 28
222. 46
223. 42
219. 59
230. 21

Retail
trade 2

Manufc icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings.
ings,
1967=

100 3

$64. 75
66. 61
68.57

70. 95

74.95
78.66

82. 47
86. 61
90.72

87. 78

88.64
89.24

89. 58
91.73
93. 69
93. 69
91.73
91.24
91. 30

93.23

91.46
92. 12
92. 68

1967

dollars 4

90. 3
92.6
95.7
100. 0
106. 2
112. 6
119. 6
127. 5
135.4
133. 1
133. 5
134. 1
134. 6
134. 7
135. 0
135. 5
136. 7
137.0
137.8
139.2
140. 1
140. 1
140. 7

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

$110. 84
113. 79
115. 58
114. 90
117. 57
117. 95
114. 99
117. 10
123. 46
120. 49
121. 55
122. 51
122. 77
124. 01
121. 68
122. 74
125. 40
124. 40
125. 68
127. 84
124. 67
125. 33
125. 10

15

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In March, industrial production (seasonally adjusted) showed another sizable increase of 0.7 percent, The increase
since March of last year was 9% percent. Production gains in March were widespread among consumer goods/ business
equipment and materials.
Index, 1967=100 (SEASONALLY ADJUSTED)
160

1970

1973

SOURC& BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1964
.__
1965
1966
1967
1968
1969
_
1970
1971
1972*
1972: Feb
Mar
Apr
May
June
July
Aug
Sept
__
Oct
Nov
Dec
1973: Jan
Feb >„
Mar p

Total
industrial
production

81.7
89. 2
97.9
100.0
105.7
110. 7
106.6
106.8
114.4
110.0
111. 2
112.8
113. 2
113.4
113.9
115. 1
116. 1
117.5
118. 5
119. 2
119.9
120.9
121.7

[1967= 100, seasonally adjusted]
Industry
Market
MJinufacturi ^g
Fiaal produ cts
Inter"R/T 4ConMining Utilities
mediate
EquipNonrials
Total Durable durable
Total
sumer
products
ment
goods

81. 2
89. 1
98.3
100.0
105. 7
110. 5
105. 2
105.2
113.2
108.5
109.7
111.8
112.3
112. 5
113.2
114. 1
115.2
116.6
117. 4
118. 5
119.2
120,2
121.0

79. 0

sa 5

99. 0
100.0
105. 5
110. 0
101.4
99.4
107.4
102. 1
103.4
105. 8
106. 3
106.8
107.7
108.4
109.7
111.4
112. 4
114. 1
114.9
116. 1
117.2

Source: Board of Governors of the Federal Beserve System.

16




COUNCIL OF ECONOMIC ADVISERS

84. 4
90. 0
97. 3
100.0
106. 0
111. 1
110.6
113. 5
121.5
117. 8
118.8
120.3
120.8
121.3
121.0
122.6
123.3
124.3
124. 7
125. 0
125. 3
126.2
126.6

91. 1
93.9
98.4
100.0
103. 9
107. 2
109. 7
107.0
108.2
107.2
108.5
109. 0
107. 9
108.2
107.9
107.7
110.2
110.0
110. 1
108. 3
108.5

ioae

108.6

81. 9
86. 9
93. 6
100.0
109. 4
119. 5
128. 3
133. 9
143. 5
139. 7
139.7
140. 2
141. 1
141.0
142. 5
144. 1
145. 6
146. 6
148. 7
148. 6
150. 8
151.6
153.6

79.6
86. 8
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111.2
107. 6
108.2
109.8
110.2
110. 1
110.2
111. 3
112.4
113. 9
115. 0
115. 3
116. 4
117.0
117.8

86. 8
93. 0
98. 6
100.0
106. 6
111. 1
110. 3
115. 7
123. 1
119.6
119. 6
122.0
122. 2
122. 1
122.0
123. 1
124. 4
125.5
126. 8
126. 7
127. 8
127.9
129.0

70. 1
78. 7
93. 0
100. 0
104.7
106. 1
96. 3
89.4
94.6
90.9
92.4
92.7
93.4
93.3
93.4
94. 8
95.8
97.3
98. 5
99. 4
100. 6
101.7
102. 3

87.3
93.0
99.2
100. 0
105. 7
112. 0
111. 7
112.5
120.4
117.0
117. 3
117. 3
119. 3
119. 1
120.5
121.2
121. 7
123.4
125.9
125. 7
126. 1
127. 2
127.0

82. 6
91. 0
99.8
100.0
105.7
112. 4
107.7
107.4
116.5
110.8
113. 1
115. 0
115.6
116. 1
116.8
117. 4
119. 1
120.3
120. 6
122.0
122. 1
123. 9
125.0

PRODUCTION OF SELECTED MANUFACTURES
Output of most manufactures (seasonally adjusted) Increased in March. An exception was the % percent decline in
primary metals from the sharply upward revised February level.
Index, 1967=100 [SEASONALLY ADJUSTED)
160

Index, 1967=100 (SEASONALLY ADJUSTED)
140

fcr»

^*
•JJA

CHEM ICALS, PETROLEU M.
AND RUBBER
\

TRANSPORTATION
EQUIPMENT

100

I I I 1 » I M 1I 1 I I I I M i I 1I I I

^^/
~~

vr

•JO A

1Ofl

^A

^^

/
^^^^
^,«*^

f PAPER AND
PRINTING
\
-.s
*%^«*«<^%
*\ ^ >"^
%
*»%l
^f^^
! ! I I I I | ! I-! I

I Ii il1 IIl1I
1971

1970

1 1 ! ! ! 1?I f ' '

I F1 1 f I ! I t ? t

1972

1973

130

FOODS AND TOBACCO

110

100

TEXTILES, APPAREL,
AND LEATHER

90
80
1970

1973

1971

1972

SOURCE! BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1973
COUNCIL OF ECONOMIC ADVISERS

[1967 = 100, seasonally adjusted]
Durat le manufcictures
Period

Primary
metals

Nc ndurable manufactu res

FabriTranspor- Lumber Textiles,
cated Machin- tation
and
apparel,
ery
equipprodand
metal
products
ment
leather
ucts

Paper Chemicals, Foods
and
petroprint- leum, and tobacco
ing
rubber

1964
1965
1966
1967
1968
1969
1970
1971
1972^

95. 7
104. 0
108. 8
100.0
103. 2
114. 1
106. 9
100. 9
113.1

83. 3
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
113.4

74 3
84. 1
98. 6
100. 0
101. 9
106. 8
100. 3
96. 2
105.3

79. 6
91.3
101. 2
100. 0
109. 7
107. 6
90.4
92. 9
98.8

98. 4
100. 0
104 8
108. 6
106. 3
113. 9
122. 2

91. 9
97. 8
101. 7
100. 0
104. 9
105.9
100. 2
100.7
106.4

84 5
90. 5
98.9
100.0
1042
109. 1
107. 8
107. 8
115.4

124. 7
137. 6

90. 6
92. 6
97.0
100. 0
103. 6
107. 5
110. 8
113. 7
117. 4

1972: Feb
Mar
Apr _
May_
June._
July
Aug
Sept__
Oct..
Nov..
Dec

102. 6
105. 1
110. 2
113.5
111. 9
114. 9
113. 6
117. 4
119.3
120.2
126.6

108. 6
110. 1
110.8
111. 9
112. 3
114. 1
114. 4
115. 2
117. 5
118. 8
118. 6

99. 5
100. 3
102. 6
103. 0
104.8
104. 8
107. 1
108.3
109.6
110.4
113. 1

94. 7
95.9
100.4
98.9
97.4
98.2
98.4
99.8
102. 1
105. 0
105.9

119. 7
119. 6
119. 9
119. 1
121.8
121.5
121. 1
122. 8
128, 1
128,2
124 3

101. 1
103. 7
106. 1
104. 9
105. 9
104 8
106. 8
108.0
109. 1
109. 1
110. 7

112. 6
112. 6
112. 3
114. 1
115. 1
115. 2
116. 4
115. 3
118.6
120. 9
120. 6

132.6
133. 4
136. 1
137. 5
137. 1
137.4
139. 9
141. 1
141.6
140.8
141. 5

115. 9
116. 3
117. 6
117. 1
117. 6
116. 8
117. 6
118. 8
117. 8
118.9
118.3

1973: Jan
Feb » _
Mar "

126. 7
126. 7
126. 0

119. 8
121. 9
123.9

113, 2
113. 7
115. 9

106. 6
109, 9
109.9

126. 8
127.3

110.0
109. 9
110. 6

144 8
145. 5
146. 6

118. 2
119. 4
119.6

91. 0

947

75. 9
83. 8
94 1
100. 0
109. 6
118.4

na 2

Source: Board of Governors oi the Federal Reserve System.




11

WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production increased again in March.
MILLIONS OF SHORT TONS

MILLIONS OF TONS

1 |AI i i I i i i ! I i t i I i i i ! i I i I I I i 1 1 I I I III I I I t i I I I I I I ! I I ! 1 > I I yj

J

F

M

A

M

J

J

A

S

O

N

.

D

BILLIONS OF KILOWATT HOURS
40

6 jy ! I I I I I I M I I I I 1 I I I ' \ 1 I I I I Pi I I I I t I 1 I I I I I I I I I I ill f ( t I

J

F

M

A

M

J

J

A

S

O

N

D

THOUSANDS

35

30

25 tli f ' L J t t i 1 ? j ; i f f f i I t ! t I t f t t'l i i i I i f i I i i i t f !M 1 I t r I i f t IA

J

F

M

A

M

J

J

A

S

O

N

D

ft LiJ f I f f f t f f ft t f M I > M f r i ? ! I t i t I ! . t I . M , I M , I , . . I f M j
J

F

M

A

M

J

J

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

Period
Weekly average:
1966
1967
1968
1969
1970
1971
1972 ^
1972: Feb
Mar
Apr _ _ _
May
June
July
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb..
Mar »
Week ended:
1973: Mar 3
10
17
24.

31
Apr 7*
14*
includes data for Alaska.
Not charted.

2

IS



Steel p roduced
Index
Thousands
(1967=
of net
tons
100)

A

S

O

N

D

COUNCIL OF ECONOMIC ADVISERS

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

2, 572
2, 440
2,515
2,709
2,522
2,310
2,549
2,411
2, 616
2,701
2,694
2,559
2,340
2,447
2,550
2, 631
2,657
2, 687
2,793
2,906
2,950

105. 4
100.0
103. 1
111. 0
103. 4
94. 7
1045
98.8
107.2
110.7
110.4
104.9
95.9
100.3
104.5
107.9
108.9
110.2
114.5
119. 1
120. 9

21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
33, 323
31, 692
31, 372
31, 402
34, 174
35, 905
36, 374
34, 360
32, 547
33, 674
35, 264
35, 861
35, 800
33, 643

10, 267
10, 627
10, 485
10, 779
11, 595
10, 619
11, 346
10, 879
11, 546
11, 651
11, 961
10, 878
9,428
11, 582
11, 404
11, 498
11,211
9,964
10, 598
11, 059
11, 116

570
540
543
543
522
486
501
464
495
507
515
514
459
521
524
551
524
471
491
509
515

446
439
479
507
489
501
548
536
558
549
569
558
517
566
529
576
564
498
512
583
593

199. 3 165.4
172.9 142. 4
207.6 170.1
195. 8 158. 1
158. 9 125. 9
204 8 165.0
217.2 169.6
226. 1 176. 5
225. 1 175.4
249. 5 194. 3
238.4 185. 5
230. 7 180. 9
120. 5
93. 1
152. 8 116. 9
225. 5 180.9
257.6 203. 1
257. 1 200. 9
202. 5 157.7
261. 3 201. 5
277. 6 213. 3
276. 1 212. 1

33. 9
30.5
37.5
37. 8
33. 0
39. 8
47.5
49.6
49. 7
55. 1
52. 9
49. 8
27. 4
35. 9
44. 6
54. 5
56. 3
44. 7
59.8
64. 3
64. 1

2,919
2, 923
2,977
2,984
2,963
2,967
3,002

119. 6
119. 8
122. 0
122. 3
121. 4
121. 6
123. 0

34, 639
33, 452
33, 552
34, 171
33, 398
33, 479
33, 957

11, 725
11, 350
10, 680
10, 685
11, 750
10, 050
2
11, 150

529
514
509
512
524
511
521

592
594
611
574
593
584

273. 0
275. 0
273. 8
275. 9
279. 8
274. 8
279. 7

61. 9
64. 2
63.6
62.7
65. 8
63. 9
64. 5

211. 1
210. 7
210. 2
213. 2
214. 1
210. 8
215. 1

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

NEW CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) dipped slightly in
February. A decline in public construction was partially offset by a rise in private construction.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

160

160
SEASONALLY ADJUSTED ANNUAL RATES

140

140

120

120
TOTAL NEW CONSTRUCTION

100

100

80

— PRIVATE

80

60

60

40

40

PUBLIC 1

'•••Miiii.iii**** *'"

I I i t I i

20

I

I I I I I I I

I I

I I I I I

"m,«.«,,»^"""4

••««
I

I

I I

I 1 I I

20

1 I 1

40

20

20
1967

1973

SOURCE: DEPARTMENT OF COMMERCE

Total new
construction
expenditures

Period

1967
1968
1969
1970
1971
1972*

_-

77. 5
86. 6
93.4
94. 0
109.4
123.6

COUNCIL OF ECONOMIC ADVISERS

Private
Total

52. 0
59. 0
65.4
65. 9
79.5
93. 4

Resid ential
CommerNew
cial and
Other
Total !
housing industrial
units
Bi llions of doll ars
25. 6
19. 0
2C . 4
30. 6
24. 0
13. 8
14. 7
33.2
25. 9
16. 2
16. 0
24. 3
16. 3
31. 9
17.8
43. 1
34.9
17.0
19. 4
54.0
18. 1
21. 2
44.6

Federal,
State,
and
local

25. 5
27. 6
28. 0
28. 1
29. 9
30.2

Dec

1973: Jan *_ _ _ _
Feb * _ _ _

115. 6
120. 8
121. 8
122. 9
120.4
122. 1
121. 0
119. 8
122. 9
124. 8
128.9
126.3
132.0
135. 7
135. 3

85.2
88.6
90. 9
92.5
91. 5
92. 3
92. 4
91. 6
93. 7
94.2
96.0
97.1
97. 9
101. 1
102. 4

47. 9
49. 6
51. 9
53. 1
52.7
52. 3
52. 9
53.5
54. 3
55.5
56.3
57. 1
57. 4
58.0
59. 6

38. 7
40. 4
42. 8
44. 0
43. 6
43. 3
43. 7
44. 0
44. 7
45. 9
46.7
47.5
47. 6
48. 2
49. 6

'Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.




17. 3
18. 2
17. 9
18.0
18. 1
18. 9
18.4
17. 6
18.2
17.9
18.1
17.9
18. 5
20.4
20. 0

100.
113.
123.
123.
145.
165.

0
2
7
1
4
3

Seasonally
adjusted

Seasonall y adjusted at inual rates

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

I Constructio n contracts 2
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)

20.0
20. 8
21. 0
21. 4
20.7
21. 1
21. 1
20.5
21. 1
20. 8
21.6
22.0
22. 0
22, 6
22. 9

30.3
32. 2
30.9
30. 4
28. 9
29.8
28.6
28. 3
29. 2
30. 6
32.8
29. 3
34. 1
34.6
33. 0

160
160
155
159
167
165
154
155
180
187
171
177
163
181
191

694
779
883
743
727
858
Seasonally
adjusted
annual
rates
800
716
801
800
786
983
846
813
908
896
895
992
946

1,031
1,037

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

19

NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts fell from a seasonally adjusted annual rate of 2.46 million units in February to 2.26 millic
units in March. The first quarter rate of 2.40 million units was the same as in the fourth quarter of last year. Permits
for future housing declined 4 percent in March.
MILLIONS OF UNITS
3.0

MILLIONS OF UNITS
3.0

25

1967
COUNCIL OF ECONOMIC ADVISERS

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

[Thousands of units]
Hou sing star ts

'

Total
private
Total
and
private
public (including
(including
farm)
farm)

Period

1967
.
1968
1969
1970
1971.
__ __
1972 ^_ _

_

1972: Feb
Mar
Apr. _ _
May
___ ___
June
July
Aug... _ _ _
_
Sept
_ _„
Oct.. _
Nov
Dec
1973: Jan
Feb »
Mar *
1
2

1, 321. 9
1, 545. 4
1, 499. 5
1, 469. 0
2, 084. 5
2, 378. 5

153. 6
205. 8
213. 2
227. 9
226. 2
207. 5
231. 0
204. 4
218. 2
187. 1
152. 7
147. 3
139.5
201. 2

Total (includiniI farm)

Total

1, 291. 6 1, 291. 6
1, 507. 6 1, 507. 6
1, 466. 8 1, 466. 8
1, 433. 6 1, 433. 6
2, 052. 2 2, 052. 2
2, 356. 6 2, 356. 6

152. 2
203. 9
211. 6
225. 8
223. 1
206. 5
228. 6
203. 0
216. 5
185. 7
150. 5
146. 6
138. 0
199. 7

2,540
2, 313
2,204
2, 318
2, 315
2, 244
2,424
2,426
2,446
2,395
2, 369
2,497
2, 457
2, 259




Gover nment
home p rograms
(noni arm)

Two or
more
FHA*
VA
units
843.9 447. 7
141. 9
52. 5
899.4 608. 2
147. 7
56. 1
810. 6 656. 2
153. 6
51. 2
812. 9 620. 7
233. 5
61. 0
1, 151. 0 901. 2
301. 2
94. 0
1, 309. 2 1, 047. 2
198.4 104. 0
Seasona lly ad jus }ed annu al
1,281
1, 260
285
118 |
1, 310
1,003
260
123
1, 215
989
221
104
1,308
197
100
1,011
1,283
1,032
182
99
1, 319
925
107
176
1,373
1, 051
179
103
1,382
1,045
175
106
1,315
1, 131
149
98
1,324
1,071
92
125
1,207
1, 162
106
86
1, 450
1,047
87
96
1,080
111
1, 377
105
92
1,239
1,020
101
One
unit

Units are for 1- to 4-family housing.
Authorized by issuance of local building permit: in 13,000 lennit-issuing
places beginning 1967; 12,000 for 1683-66, and 10,000 prior to 1963.

20

Propos 3d home
constriiction s

Private

New
private
housing
units
authorized 2
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 129. 0
rates
2, 056
2,007
1, 991
1, 955
2, 121
2, 108
2, 237
2, 265
2, 216
2, 139
2, 377
2,218
2, 191
2, 093

Applica- Requests
tions for f o r V A
FHA appraiscommitals
ments 1

167. 2
168. 9
187. 6
315. 0
366. 8
225. 2

124. 3
131. 7
138.2
143. 7
217. 9
209. 4

323
264
227
222
221
224
207
166
147
162
131
124
100
4
93

226
209
243
198
219
200
202
192
189
207
194
222
217
201

3
Units represented by inc 'age applications or appraisal requests for
home
construction.
4
Not charted.
Sources: Department of Commerce, Department of Housing and Urba
Development, and Veterans Administration.

BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales (seasonally adjusted) rose about 1% percent in February while inventories were up $1.8 billion. AccordIng to advance reports, retail sales rose 2 percent in March following a revised 1% percent increase in February.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED?

RETAIL TRADE (ENLARGED SCALE)
25 — DURABLE GOODS STORES

20
INVENTORIES

15
SALES

10

35

30

25

20

20
1973

1970

1973

1970

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total tmsiness l

ReJtaii

Wholesale
Sales 2

Period

1965
1966
1967
1968___
1969
1970
1971
1972
1972: Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb*
Mar *

Sales 2

80, 276
87, 178
89, 698
97, 100
103, 104
104, 407
111, 931
124, 571
118, 426
118, 077
_ _ 120, 669
121, 685
122, 814
122, 283
123, 371
126, 458
127, 056
129, 610
131, 478
132, 766
136, 761
138, 782

_.

Inventories 3

Sales2

120,
136,
145,
155,
166,
174,
182,
193,
183,
183,
184,
184,
185,
186,
186,
188,
189,
190,
192,
193,
195,
197,

15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
24, 351
23, 533
23, 884
24, 170
24, 260
24, 230
24, 394
25, 137
25, 407
25, 779
26, 212
26, 962
27, 755
28, 354

900
729
108
336
694
942
842
479
303
826
263
816
953
439
884
409
759
974
318
479
657
414

1
The term "business" also Includes manufacturing
3 Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.




Inventories 3

IMillions of
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
29, 049
29, 181
29, 174
29, 574
29, 729
29, 641
30, 056
30, 164
30, 657
31, 032
31, 289
31, 732
32, 582
32, 961

NonDurable durable
goods
Total
goods
stores
stores
dollars, seasonally aAdjusted
23, 677
7, 849 15, 828
8, 192 17, 138
25, 330
26, 151
8,348 17, 803
9,268 19, 222
28, 490
29, 824
9,626 20, 197
31, 294
9, 524 21, 770
34, 071 10, 985 23, 086
37, 365 12, 472 24, 893
34, 886 11, 475 23, 411
35, 345 11, 457 23, 888
36, 450 12, 087 24, 363
36, 296 11, 976 24, 320
37, 141 12, 280 24, 861
36, 822 12, 253 24, 569
37, 342 12, 468 24, 874
37, 969 12, 842 25, 127
37, 746 12, 614 25, 132
39, 106 13, 168 25, 938
38, 713 13, 173 25, 540
39, 417 13, 640 25, 777
40, 707 14, 234 26, 473
41, 305 14, 392 26, 913
42, 274 14, 871 27, 403

Inventories
Total

Durable
goods
stores

34, 405
38, 073
38, 952
41, 973
45, 376
46, 626
52, 261
54, 700
52, 458
52, 484
52, 639
52, 814
53, 402
53, 293
52, 940
53, 107
53, 661
53, 934
54, 658
54, 700
55, 526
56, 039

15, 253
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
24, 442
23, 790
23, 679
23, 674
23, 740
23, 915
23, 665
23, 194
23, 037
23, 608
23, 675
24, 235
24, 442
24, 472
24, 638

3

Nondurable
goods
stores
19, 152
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 258
28, 668
28, 805
28, 965
29, 074
29, 487
29, 628
29, 746
30, 070
30, 053
30, 259
30, 423
30, 258
31, 054
31, 401

Source: Department of Commerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers* sales, orders, and Inventories (seasonally adjusted) rose in February. The ratio of inventories to sa!es|
remained low gauged by the experience of recent years. Advance reports for March indicate a further rise in new
orders for durable goods.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)

MANUFACTlJRERS' 1NVEN1["OR1ES

_^

X

100

\

\

^^'^^^

TOTAL

90

80

iDURABLE

40

\

^-~-

20

MANUFACTtJRERS' NEW CORDERS
[HJRABLE

GOODS

\

70

^*

-—•"""

50

GOODS

vs/""

r^^X^i^^
~~~~

30
"""**„•.•»""»«•««»!,.„,»*

"B"""m"

Bk

NO sIDURABLE GOO 3S

L

.*»*

V

\

NONDURAB JE GOODS

20
/I ! I I ! I I I I 1 ! 1

1970

! 1 1 ! ! 1 I 1 1 ! 1

! 1 1 1 1 1 1 I t ! I

1971

1972

30
I 1 1 I ! 1 I ! L LI K

1973

/[l I 1 ! 1 1 I I | 1 1
V

! ! 1 ! 1 I ! 1 ! I!

1 1 I 1 1 1 ! 1 ! 1 I

1971

1972

1970

SOURCE: DEPARTMENT OF COMMERCE

Total

I 1 ! ! ! 1 ! 1 ! 1 IN
M

1973

COUNCIL OF ECONOMIC ADVISERS

Manufac }urers' shi pments l Manufacl urers' inv entories 2
Period

"*"

NonDurable durable
goods
goods

Total

NonDurable durable
goods
goods

Ma nufacture rsj new orders l

Total

Durafc le goods
NonCapital
durable
goods
Total
industries. goods
nondefense

Manufacturers'
mventoryshipments3
ratio

Millions of dollars seasonal] y ad juste d

1966
1967
1968
1969
1970
1971
1972
1972: Jan
Feb
Mar__ _ _
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1973: Jan
Feb *v
Mar
1
2 Monthly

44, 869
46, 449
50, 282
53, 555
52, 560
55, 580
62, 356
59, 189
59, 199
60, 335
61, 219
61, 413
61, 231
61, 635
63, 352
63, 903
64, 725
66, 553
66, 387
68, 299
69, 123

24, 633
25, 212
27, 694
29, 459
28, 061
29, 886
34, 106
31, 965
32, 041
32, 683
33, 581
33, 705
33, 129
33, 825
34, 710
35, 037
36, 086
36, 750
36, 378
38, 056
38, 336
38, 148

20, 236
21, 236
22, 588
24, 096
24, 499
25, 694
28, 250
27, 224
27, 158
27, 652
27, 638
27, 708
28, 102
27, 810
28, 642
28, 866
28, 639
29, 803
30, 009
30, 243
30, 787

77, 965
84, 599
90, 835
96, 955
101, 712
101, 665
107, 047
101, 796
102, 161
102, 450
102, 428
102, 822
103, 505
103, 888
105, 138
105, 441
106, 008
106, 371
107, 047
107, 549
108, 414

49, 818
54, 893
59, 053
63, 254
66, 829
65, 874
70, 144
66, 187
66, 422
66, 604
66, 575
67, 035
67, 427
67, 645
68, 542
68, 834
69, 330
69, 641
70, 144
70, 632
71, 117

average for year and total for month.
Book value, end of period, seasonally adjusted.
3 For annual periods, ratio of weighted average inventories to average monthly

22



28, 147
29, 706
31, 782
33, 701
34, 883
35, 791
36, 903
35, 609
35, 739
35, 846
35, 853
35, 787
36, 078
36, 243
36, 596
36, 607
36, 678
36, 730
36, 903
36, 917
37, 297

45, 944
46, 763
50, 267
53, 645
51, 663
55, 473
63, 368
59, 871
59, 792
61, 097
61, 685
62, 012
63, 734
62, 270
64, 409
65, 776
65, 454
67, 587
67, 668
69, 838
71, 042

25, 720
25, 526
27, 690
29, 548
27, 162
29, 768
35, 044
32, 554
32, 466
33, 328
34, 005
34, 302
35, 613
34, 430
35, 727
36, 851
36, 759
37, 619
37, 562
39,414
40, 087
40, 986

6,971
7,694
6, 822
7,398
9, 096
8, 166
8, 196
8,528
8, 785
9,036
9,228
9, 100
9, 211
9,519
9,694
9, 762
10, 072
10, 433
10, 036
10, 144

20, 224
21, 238
22, 577
24, 097
24, 500
25, 705
28, 324
27, 317
27, 326
27, 769
27, 680
27, 710
28, 121
27, 840
28, 682
28, 925
28, 695
29, 968
30, 106
30, 424
30, 955

1.62
1.76
1.74
1.76
1.90
1.83
1.67
1. 72
1. 73
1.70
1. 67
1.67
1. 69
1. 69
1.66
1. 65
1. 64
1. 60
1. 61
1. 57
1. 57

shipments; for monthly data, ratio of inventories at end of month to shipments
for
-^ month.
—~~v~.
Source. Department of Commerce

MERCHANDISE EXPORTS AND IMPORTS
Reported merchandise imports rose more than exports in March on a seasonally adjusted basis. Both were at record
high levels.
BILLIONS OF DOLLARS

5.5

5.0

4.5

4.0

2.0
1967

1973

I

]/ SEE NOTE BELOW.
SOURCE: DSPARTMeN-T OF COMMERCE

Period

COUNCIL OF ECONOMIC ADVISERS

Total (including reexports) l
Season- Unadally ad- justed
justed

Monthly average:
1964
1965
1966
1967
1968
1969
197t)___
1971 _ _
1972_

[Millions of dollars]
I ^erchandi se expor ts
MerctLandise iiuports
Domesti c exports5
Gen eral imp 3rts*
Food, Crude
Food, Crude
To tal 2
bever- mate- Manubever- mate,
2
Total i i ages,
rials
facSeasonrials
ages,
1 and to- and
tured ally ad- Unad- and to- and
goods
bacco 1 fuels
justed
justed bacco
fuels

2, 153
2, 229
2,458
2,586
2, 839
3, 111
3,555
3,629
4, 101

2, 123
2, 201
2, 421
2,554
2, 802
3, 066
3,502
3,576
4, 034

3,807
3, 778
4, 306
3, 885
4, 141
4, 015
3, 657
3,937
3,964
4,443
4, 583
4, 693
4, 747
4,864

3, 758
3, 721
4, 247
3, 810
4, 075
3, 942
3, 599
3,867
3,894
4, 381
4,497
4, 620
4, 678
4, 795

386
377
432
392
383
370
422
423
548

361
356
367
394
405
417
558
537
591

1, 377
1, 453
1, 602
1, 737
1, 985
2,232
2, 445
2,537
2,812

567
527
610
567
565
557
509
548
478
672
760
731
736
815

2,593
2, 630
3, 116
2, 753
2, 917
2,762
2, 540
2, 710
2, 745
3, 009
2, 928
3,040
3, 114
3, 140

1, 562
1,786
2, 135
2, 241
2, 769
3, 004
3,329
3,797
4, 630

May
June
Julv_

Aug
Sept

Oct
Nov

Dec
1973: Jan _ _
Feb

4,074

8,824
3,869

3,817

3,885

8,971

4,052
4,200

4,177
4,318

4,473
4,561

4,977
5,065

506
485
426
396
508
528
496
539
594
637
710
750
752
744

\ Total excludes Department of Defense shipments oi grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total includes eommoditias and transactions not classified according to kind.
8
Total arrivals of imported goods other than intransit shipments.




419
453
476
447
503
533
545
606
737

759
937
1,204
1, 313
1, 719
1, 918
2, 159
2,535
3, 146

590
444
323
345
70
107
226
168
-529

2,820
2, 765
3,401
2, 918
3, 254
3,305
2, 928
3, 232
2,969
3, 393
3, 574
3, 190
3,604
3, 318

— 361
-649
-646
-596
— 597
— 497
— 51-3
— 527
-428

Unad Busted

U nadjuste d

1972: Jan__ _
Feb
Mar
Apr _ __

335
334
382
392
447
442
519
534
614

Grossmerchandise trade
Manu- surplus,
seasonfacally adtured
justed
goods

4,4$5
4,4^3
4,515

4,413
4,482
4,468

4,565
4,726
4,606
4,736
5,136
5,002
5,281
5,541

4,278
4, 180
4, 844
4, 248
4, 722
4, 766
4, 314
4, 727
4,485
5, 007
5, 190
4, 795
5, 423
4, 94-5

630
626
554
544
604
614
548
632
628
692
662
639
726
645

702
673
756,
659
731
715
712
72-8
756
775
810
822
930
853

NOTE.—Data adjusted to include silver ore amcl bu.ll.io« reported se'
prior to 1969.
Source: Department of Commerce.

-418

-664
-441
-304
— 476

23

U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
In 1972, the deficit for merchandise trade was $6.8 billion/ compared to $2.7 billion in 1971. This was the largest
trade deficit in U.S. history. The deficit on current account was $8.0 billion, compared to a deficit of $2.8 billion

in 1971.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1966

1972

SOUICE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
M erchandis

5

12

Period
Exports

Imports

Net
balance

Netiiavestment i ncome

MilitJiry trans actions

Direct
expenditures

Sales

Net
balance
-3, 138
-3, 143
-3, 344
-3, 374
-2, 894
-3,541

1967
1968
1969
1970
1971
1972 *

30, 638 -26,821 3,817 -4, 378
33, 576 -32, 964
612 -4, 535
36, 417 -35, 796
621 -4, 856
41, 963 -39,799 2,164 -4, 852
42, 787 -45,453 -2,666 -4,816
48, 840 -55, 656 -6,816 -4, 707

1,240
1, 392
1, 512
1,478
1 ? 922
1,166

1971: I
II
III _ _
IV___
1972: I
II
III..
IV *__

10, 872 -10, 727
145 -1, 175
10, 805 -11,695 -890 — 1, 214
11, 527 -11,914 -387 -1, 198
9,583 -11,117 -1,534 — 1, 230
11, 659 -13, 490 -1,831 -1, 218
11, 561 -13, 338 -1, 777- 1, 239
12, 380 — 13, 905 - 1, 525 — 1, 101
13, 240 -14, 923 — 1, 683 — 1, 149

510
516
474
423
334
281
251
299

Private 3

U.S.
Government

Ilemittances,
pensions,
and
other
unilateral
transfers 1
5, 136 -3, 081
2,425 -2, 909
1, 911 — 2, 946
3,563 -3, 208
750 -3, 574
-4, 219 -3, 764

Net
Baltravel
Other ance
and
on
trans- servporta- ices, goods
and
tion
net
servexpendices 1 4
itures

5,847
40 -1,763
6, 157
63 -1, 565
5,820
155 - 1, 784
6,376
-115 -2,061
8,952
-957 -2, 432
9,779 -1,878 -2, 583

334
302
442
574
748
819

Balance
on
current
account
2, 055
484
-1,035
356
-2,824
-7, 983

Seaso nally ad; usted

-665
-698
-724
-807
-884
-958
-850
-850

J Excludes 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.
2
Adjusted
3

24




1,899
2,352
2,038
2,663
2,249
2,214
2,477
2,838

-101
-161
-327
-368
-370
-426
— 556-525

-498
-625
-606
-703
-667
-645
-613
-660

212
992
158
180
182
176
172
-577
200 -1,303
192 - 1, 400
-864
203
224
-656

-791
-846
— 946
-992
-990
-918
-906
-950

201
-688
-770
- 1, 569
- 2, 293
-2, 318
-1, 770
-1,606

4
Equal to net exports of goods and services in the national income and product
accounts of the United States when converted to an annual rates basis.
Source: Department of Commerce.

U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
In 1972, the U.S. balance of payments on an official reserve transactions basis was in deficit by $10 billion, compared
to a deficit of $30 biHion in 1971. The smaller deficit was the result of a sharp reduction in short-term capital flows.
BILLIONS OF DOLLARS
5

B1UJONS OF DOLLARS
5
SEASONALLY ADJUSTED

OFFICIAL RESERVE
' TRANSACTIONS BALANCE"

BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL

-5

-to

-15

-15

1966

I

1967

1972

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]

Period

1967
1968
1969
1970_
1971
1972 T>

Long-ter m capital Balance NonAlloflows , net
liquid
, shortnf
term special
account private
U.S.
GovernPrivate 2 and long- capital drawing
ment 1
flows2
capital
rights
net
-2,424 -2, 912
-2, 159 1, 198
— 1, 926
-50
-2,018 — 1,398
-2,378 -4, 079
-1,367
107

-3,280 — 522
- 1, 444
230
— 3, Oil — 640
— 3, 059 -482
-9, 281 -2, 386
-9,243 -1,634

Changes
in lia- Changes
bilities in U.S.
official
to
foreign reserve
official
assets,
agencies,
net 4
3
net

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

52
-881 -4,683
1,265
3,418
3,366
-399 -1,610
1, 641
3, 251
-761
-880
8,824
-2,470 -6, 122
2, 702 — 1, 515 — 1, 187
867 - 1, 174 -3,851 -5,988 -9,839
7,362
2,477
717 -11,054 -22,002 -7, 763-29,765 27, 417
2,348
710 -3,806 - 13, 974
3,677 - 10, 297 10, 265
32

14, 830
15, 710
16, 964
14, 487
6
12, 167
13, 151

Errors
and
omissions,
net

Net
liquidity
balance

Liquid
private
capital
flows,
net 2

Official
reserve
transactions
balance

Unadjusted

Seas>onally ad justed
1971: I
II
III __
IV___
1972: I
II
III —
9

IV -.

1

— 702
— 922 -1,423 -534
— 584 -1,605 -2,877 -315
-558 -1,883 -3,211 -883
-533
330 - 1, 772 -654
-343 -1,081 -3, 717 — 508
-95
592
750 - 1, 663
-322
-254 -2, 346 -507
-607
690 — 1, 523 -1,211

180
179
179
179
178
178
177
177

-800
-2,708
-5,465
-2,082
942
— 1, 314
-1,825
-1,608

Excludes liabilities to foreign official reserve agencies.
-Private foreigners exclude the IMF, but include other international and
regional organizations.
s Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
to,4 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.




-2, 577 -2,848 -5, 425
4,743
-5, 721
-745 -6,466
5,807
-9, 380 -2, 551 — 11, 931 10, 737
-4, 329 — 1, 619 -5, 948 6, 135
-3, 105
-119 -3, 224
2,795
-821
-2,207
1, 052
1, 386
-173 — 4, 674
4, 729
-4,501
1, 693
-4, 165
2,583 — 1, 582

5

682
659
1, 194
-187
429
-231
-55
-111

14, 342
13, 504
12, 131
•12, 167
12, 270
7
13, 339
13, 217
13, 151

5
Includes gain of $6? million resulting from revaluation of the German mark
in 6October 1969.
Includes $28 million increase in dollar value of foreign currencies revalued to
reflect
market exchange rates as of Dec. 31,1971.
7
Includes increase of $1,016 million resulting from change in par value of the
U.S. dollar on May 8.
Sources: Department of Commerce and Treasury Department.

25

PRICES

CONSUMER PRICES

The consumer price index increased 0.9 percent in March, the largest unadjusted rise in 22 years (after seasonal adjustment the index was up 0.8 percent). Food prices, up 2.6 percent (2.5 percent adjusted), were the biggest element in
the March rise. Nonfood commodities increased 0.5 percent (0.3 percent adjusted) and services were up 0.3 percent.
Index, 1967=100

Index, 1967=100

140

110

100

100

1973

1967

SOURCE:

DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

All
items

Period

1964
1965_-_
1966
1967__
1968
1969
1970
1971
1972
1972: Feb
Mar_
AprMav
June
July
Aug
Sept_
Oct_
Nov
Dec.
1973: Jan
Feb
Mar

_

_

___

_ _

Source: Bepartmeot of Labor.

26




__

_

92. 9
94.5
97.2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
123. 8
124. 0
124. 3
124.7
125. 0
125. 5
125. 7
126. 2
126. 6
126. 9
127. 3
127. 7
128. 6
129.8

[1967 = 100]
Services
Co mmodities3
Conim odities leg38 food
Services
All comAll
Food
Rent
less
Nonmodities
services
All
Durable durable
rent
94.6
95. 7
98. 2
100. 0
103. 7
108.4
113. 5
117. 4
120. 9
119. 4
119. 7
119. 9
120.3
120. 7
121. 2
121. 4
122. 0
122. 3
122. 7
122. 9
123.4
124. 5
126. 1

92.4
94.4
99. 1
100. 0
103.6
108.9
114. 9
118. 4
123. 5
122. 2
122. 4
122.4
122. 3
123. 0
124. 2
124. 6
124.8
124. 9
125.4
126.0
128.6
131. 1
134.5

95.6
96. 2
97. 5
100. 0
103. 7
108. 1
112. 5
116. 8
119.4
117. 8
118. 2
118. 5
119.2
119. 4
119. 4
119. 5
120. 3
120.8
121. 0
121. 1
120. 5
120. 9
121.5

98. 8
98. 4
98. 5
100. 0
103. 1
107. 0
111.8
116. 5
118.9
117. 1
117. 3
117. 7
118. 4
119. 2
119. 6
119. 7
119.8
120. 1
120. 3
120. 3
119. 9
119. 9
120.2

93. 5
94. 8
97. 0
100. 0
104. 1
108. 8
113. 1
117. 0
119. 8
118. 4
118. 9
119. 1
119. 7
119. 5
119. 3
119. 4
120. 8
121. 3
121. 7
121. 7
120. 9
121.6
122. 4

90. 2
92. 2
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
133. 3
131. 8
132. 1
132.4
132.7
133. 1
133. 5
133. 8
134. 1
134. 6
134.9
135. 4
135. 7
136. 2
136.6

95. 9
96. 9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119. 2
117. 8
118. 0
118. 4
118. 6
119. 0
119. 2
119. 6
119. 9
120. 3
120. 5
121. 0
121. 5
122. 1
122.6

89. 2
91. 5
95. 3
100. 0
105. 7
113. 8
123. 7
130. 8
135. 9
134. 4
134. 6
135. 0
135. 3
135. 7
136. 1
136. 4
136. 7
137. 2
137. 6
138. 0
138. 3
138. 7
139. 2

WHOLESALE PRICES
[he wholesale price index rose 2.2 percent in March both before and after allowance for seasonal factors. This sharp
ise mainly reflected further strong increases in farm products; up 6.6 percent (6.1 percent adjusted), and processed
foods and feeds, which were 3.2 percent higher (3.5 percent seasonally adjusted). Industrial commodities prices
increased 1.2 percent both unadjusted and adjusted.
index, 1967=100
180 f

Index, 1967=100
180

170 -

110

100

90

90
1967

1973

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1967=100]
•

-

"• -

-'"•

Period

1964 _
1965
1966_____.
1967
19681969
_ _
1970
1971
1972
1972: Feb
Mar
Apr
_
May
- _
June__ _ _
July
Aug___
Sept
Oct
Nov
Dec
1973: Jan
Feb
Mar. _ _ _

_ _

Ail
commodities

94.7
96. 6
99. 8
100. 0
102.5
106. 5
110. 4
113. 9
119. 1
117. 3
117. 4
117. 5
118. 2
118. 8
119. 7
119. 9
120.2
120. 0
120. 7
122. 9
124.5
126. 9
129.7

Farm
products

All industrials1

Crude
mate-2

94. 6
98. 7
105. 9
100. 0
102.5
109. 1
111. 0
112. 9
125. 0
120. 7
119. 7
119. 1
122. 2
124. 0
128. 0
128. 2
128. 6
125. 5
128. 8
137. 5
144. 2
150. 9
160.9

92. 3
95. 5
101. 2
100. 0
102. 2
107. 3
112. 0
114. 3
120. 8
118. 8
118. 6
117. 7
118. 6
119.6
121. 5
121. 0
121. 8
121. 8
123. 1
129.4
132.4
137. 0
141.4

95. 2
96. 4
98. 5
100.0
102. 5
106. 0
110. 0
114. 0
117. 9
116. 5
116. 8
117. 3
117. 6
117. 9
118. 1
118. 5
118. 7
118. 8
119. 1
119.4
120. 0
121. 3
122. 7

97. 1
100.9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
127. 0
129. 1
129. 3
129. 9
129. 8
130. 2
132. 3
132. 6
133. 8
136. 3
136. 8
139. 1
142. 3
142.5

1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
leaf!oXScotS CrUde f°°dstufis and feedstuffs> Plant and anlmai flbers»oilsee<is'and




Iiidus trial c,ommodit] es

Processed
foods
and
feeds

Inter- Producmediate er finmate-3
ished
rials
goods
95.6
96. 9
98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118.9
117. 2
117. 6
118. 2
118. 6
119. 0
119. 2
119. 5
119.8
120. 1
120. 3
120. 5
121. 2
122. 6
124.8

93. 3
94. 4
96.8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
118. 8
119. 0
119. 3
119. 4
119. 6
119. 7
119. 8
119. 9
119. 7
119. 9
120. 3
120. 6
121. 2
121.7

Consur ner finished g Dods excludin g foods
DurNondurable
able
98. 2
97. 9
98. 5
100. 0
102. 2
104. 0
107. 1
110. 9
113. 2
113. 2
113. 1
113.2
113. 1
113. 2
113. 5
113. 6
113. 7
112. 7
112. 8
113. 7
113. 8
114. 0
114.5

94.8
95. 9
97. 8
100. 0
102. 2
105. 0
108. 2
111. 3
113. 6
112. 1
112. 4
112. 7
113. 1
113. 5
113. 8
114. 2
114. 5
114. 7
115. 0
115. 2
115. 4
117. 4
117.8

3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
source: Department of Labor.
£1

PRICES RECEIVED AND PAID BY FARMERS
In the month ended March 1 5/ prices received by farmers rose 6% percent while prices paid rose
actual and adjusted parity ratios each advanced 4 points.

percent. The
Index, 1967=100

Index, 1967=100
160 I

150

150

140

140

PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES

130

130

120

110

100

100

±J 90
RATIO J/

yo

RATIO J/
90:

PJ^RITY RATIO (ACTU/a)

/

on

80

'X^x-x^*

-**S~*-s- "\........... .„

70

.

1_Ssr^_

60

70

-^.....HUtf,,—-—-gMAHZ.

'v

'*

! ! ! I I 11I 1' t

! ! t ! 1 1 ! T ! 1 !

! ! ! f 1 1 1 ! I 1 !

! ! ! f i 1 ! ! 1 ! 1

! J 1 ! 1 I ! f 1! !

1 1 1 ! 1 I f ! ! I !

! ! ! ! 1 ! ! t ! 1 1

1967

1968

1969

1970

1971

1972

1973

60

J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 19HM4-100 BASE.
SOURCE*

DEPARTMENT

OF AGRICUITURE

COUNCIL OF ECONOMIC ADVISERS

Prices received by farmers
Period

1964.
1965_
1966_
1967.
1968.
1969.
1970.
1971.
1972.

1972: Feb 15Mar 15.
Apr 15..
May 15 _
June 15.
July 15 _
Aug 15..
Sept 15.
Oct 15__
Nov 15.
Dec 15__
1973: Jan 15 _
Feb 15 __
Mar 15.

All farm
products

93
98
105
100
103
108
110
112
126
122
120
119
123
125
127
128
128
129
130
137
144
149
159

Crops

106
103
105
100
101
97
100
107
116
110
108
112
115
116
116
119
117
116
120
127
131
132
140

Prices paid by farmers
items, Family
Livestock All
Producinterest,
and
living
tion
taxes,
and
products wage rates
items
items
Index, 1967=100
92
94
85
93
94
94
96
95
105
98
98
99
100
100
100
100
104
102
104
104
117
106
109
109
114
118
114
110
116
120
119
115
124
122
133
127
131
123
118
123
124
129
123
119
125
125
120
123
129
124
120
125
121
124
131
126
127
122
136
125
127
122
135
125
137
124
128
126
138
129
125
125
130
138
127
126
145
131
127
129
134
132
153
129
134
161
131
136
174
132
138
138

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

28




Parity ratio
Actual

76
77
80
74
73
74
72
70
74
73
72
71
73
74
75
75
75
75
75
78
80
82
86

J

Adjusted 2

80
82
86
79
79
80
77
74
79
78
77
76
78
79
80
80
80
80
80
83
83
85
89

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

MONEY, CREDIT, AND SECURITY MARKETS

MONEY STOCK

The rate of growth of the seasonally adjusted money stock slowed substantially in March. Money increased at a
0.5 percent annual rate, down from 6.3 percent in February. For the first quarter it grew at a 2.1 percent annual rate.
BILLIONS OF DOLLARS
350

BILLIONS OF DOLLARS
350
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

300

300

TIME AND SAVINGS
DEPOSITS

/

250

250

200

200

150

150

1967

1973

SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Averages of daily figures, billions of dollars]
j VI one y stoc k
Time
CurCurand
DeDerency
rency
savings
mand
mand
outoutTotal
dededeside
side
posits l
posits1
posits l
banks
banks
SeasonallyT adjusted
Unadjustec 1
40. 4
151.4
146. 6
41. 2
192. 7
183. 1
43. 4
158. 2
44. 3
163.4
204. 2
207.7
162. 7
46. 1
194.4
214. 9
46.9
167.9
172.2
49. 1
50. 0
177.8
229. 2
227. 7
52. 6
183.4
53.5
270. 9
242.8
189. 2
56.8
198. 7
312. 8
262. 9
57.8
205. 0
53.2
52. 6
185. 8
184. 0
278. 6
236. 5
187. 7
53. 6
281. 3
53. 1
185. 9
239. 0
53. 9
284. 3
53.5
189. 1
244. 3
190.8
54. 2
189.6
53. 9
185. 6
288.6
239. 5
54.4
190. 7
243.2
291. 7
54. 4
188. 8
54.6
193. 1
55. 1
295. 0
246.6
191.5
54.8
193.8
55. 1
190. 5
298. 9
245. 5
55.3
301. 9
194.8
248.7
55. 2
193. 5
55.7
195.9
304. 8
55. 7
195. 5
251. 2
56.2
196.5
308.4
56.7
197. 7
254.3
56.8
57. 8
198. 7
262. 9
205. 0
312.8
56.7
57.0
198. 4
316. 9
262. 6
205. 9
254. 0
57.5
199. 3
322. 6
56. 7
197. 3
57. 9
254. 3
57. 3
198. 9
330. 9
196. 9

j>klonev stock

Period

Total

1967:
1968:
1969:
1970:
1971:
1972:
1972:

Dec
Dec_
Dec
Dec
Dec
Dec__
Feb
Mar___
Apr
May__
June
July
Aug__
_
Sept.. _ . _
Oct.
Nov
_
Dec_._ __
1973: Jan
Feb ^
_ _
Mar »
1

__
__

Deposits at commercial banks.




187.0
201. 6
208. 8
221. 3
236. 0
255. 5
239. 1
241.4
243. 0
243.8
245. 1
247.7
248. 6
250. 1
251. 6
252.7
255. 5
255. 4
256. 7
256. 8

COUNCIL OF ECONOMIC ADVISERS

Time
and

savings
deposits 1

182. 1
203.2
193.2
228. 1
269.8
311. 7
278.4
282.0
284.5
288. 6
291.4
294.0
299.5
302.7
305.9
307.7
311.7
316. 6
322. 5
331. 4

U.S.
Government
demand
deposits l
5.0
5.0
5.6
7.3
6.9
7.3
7.4
7.9
7.7

10. 5

6.9
7.3
5.3
5.9
6.6
6.2
7.3
8.0
9.6

10. 1

Source: Board of Governors of the Federal Reserve System.

29

PRIVATE LIQUID

HOLDINGS - NONFINANCIAL INVESTORS

Liquid asset holdings of private nonfinancial investors (seasonally adjusted) increased by $10 billion in March.1
Negotiable certificates of deposit accounted for more than half of the gain.
BILLIONS OF

BILLiONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED

1100

1,000

1,000

900

900

800

800

700.

700

600

600

..--p

\

CURRENCY AND

DEPOSITS

500

500

400

400

300

300

M 1I 1! ! 1I I

1967

1968

1970

1969

1971

1972

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1973
COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted]
Cum311 cy and deposits

Total
liquid
assets

Period

Time cieposits
Total

Currency

Demand
deposits
mercial
banks

1966:
1967:
1968:
1969:
1970:
1971:
1972:

Dec
Dec _
Dec
Dec _ _ _
Dec__
Dec__
Dec

U.S. Crovernmeiit S€jcurities

ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities

Negotiable
certificates of
deposit

Commercial
paper

590. 6
640. 7
699. 1
730. 9
781. 5
865. 7
976. 1

473.7
520. 4
563. 2
582. 2
630. 7
719. 3
814. 5

38. 3
40. 4
43. 4
46. 1
49. 1
52. 6
56.8

121. 1
129. 4
139. 4
143. 6
151. 5
161. 3
174.7

136. 9
156. 3
174.4
177. 2
198,7
233.4
264.8

177. 3
194. 2
205. 9
215. 4
231.4
272.0
318. 2

50. 1
51. 0
51. 4
51. 1
51. 3
53.7
57.0

43. 6
39. 9
47. 2
65. 3
53. 8
41. 5
43. 8

14. 5
19. 1
22. 4
9. 0
23. 0
29. 8
39. 2

10. 4
14. 9
23. 4
22. 6
21.5
21. 6

1972: Feb _
Mar
Apr_ _
May__
June
July
Aug —
Sept _ _
Oct. _
Nov..
Dec__

883. 1
893. 4
902. 6
910. 4
918. 1
927. 3
935. 9
944. 4
953. 3
963. 8
976. 1

738. 3
747. 7
754. 4
760. 3
767. 1
775. 7
783. 3
790. 9
799. 1
805. 9
814. 5

53. 2
53. 6
53. 9
54. 2
54. 4
54. 6
54. 8
55. 3
55. 7
56.2
56.8

163. 9
166. 1
167. 3
167. 1
167.8
169.5
170. 2
171. 2
172. 1
172. 7
174. 7

240.4
243. 0
244. 4
247.0
249. 4
251. 9
254. 9
257. 0
259. 8
262. 2
264. 8

280. 9
285. 0
288.8
292. 0
295. 6
299. 6
303. 4
307. 4
311. 5
314. 9
318. 2

54. 2
54. 5
54.8
55. 1
55. 3
55. 6
55. 9
56. 1
56. 4
56. 7
57. 0

38. 5
39. 2
39. 7
39.7
39. 4
38. 9
39. 1
39. 4
40. 2
42. 1
43. 8

30. 4
30. 6
32. 1
33. 6
34. 3
35. 2
36. 1
36. 7
36. 6
37. 5
39. 2

21. 6
21.5
21. 6
21.8
21. 9
21. 9
21.5
21. 3
21. 0
21.5
21. 6

1973: Jan
Feb
Mar "__

981. 1
988. 9
998. 9

821. 1
827.0
831. 0

57. 0
57. 5
57.9

173. 8
174. 2
173. 3

267. 6
268. 9
271.0

322. 7
326.4
328.8

57. 3
57. 6
57. 7

41. 3
39. 4
39. 9

39.9
44. 0
49. 8

21. 5
21. 0
20. 5

_

Source: Board of Governors of the Federal Reserve System.

30




8.8

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
flommercial bank loans and investments (seasonally adjusted) rose at a 21.3 percent annual rate In March and at a
21.5 percent rate in the first quarter. Net borrowed reserves rose $1 77 million in March.
BILLIONS OF DOLLARS
600

ALL COMMERCIAL

500

500

400

400

300

300

200

200
INVESTMENTS IN OTHER SECURITIES
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES.

100

10C

MM

I I t 1M 1 I M I

I L L ! l_l.

1967

\ I 1 11I \ I 1 M

1968

I ? l

I j | | I I I I t !!

1970

1969

1971

_ _ ! ! 1...LJ.1 M LI 0

SOURCE.- BOARD OF GOVERhJORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL Or ECONOMIC ADVISERS

All commercial banks
(seaso nally adjust ed data)

End of period

L oans
Investrnents
Total
loans
Total,
Comand
Gov- Other
mercial U.S.
invest- excludernment
ments ing inter- and indus- securities securities
bank
trial

Bank
debits
outside
New York
City (232
centers),
seasonally
adjusted
annual
rates l

£ill membe r banks ^

Total
reserves

Billions of dollars
1967
1968
.
1969
1970
1971
_ __
1972
1972: Mar
Apr_ _ _
May
_ _
June _
Julv
Aug
Sept _ _
Oct.
Nov__ _
Dec.
_ _
1973: Jan__
Feb »v
Mar
1

3

352.0
390. 6
402. 1
435. 9
485. 7
554. 2
505. 0
507.4
516. 1
517. 5
521. 9
529.8
535. 3
540. 4
549.4
554. 2
562. 8
572. 6
581. 9

231. 3
258. 2
279. 4
292. 0
4
320. 6
376. 6
333.8
335. 9
341. 9
343. 7
348.4
356. 2
360. 0
367. 2
373. 6
376. 6
384.3
395.7
404. 7

3

86. 2
95. 9
105. 7
109. 6
115. 5
129. 1
118.4
119. 9
121. 2
6
120. 7
121.4
123. 9
124. 6
126. 7
128. 2
129. 1
133. 0
137. 9
141. 6

3

3

59. 3
61. 0
51. 5
58. 0
60.7
62.0
62.3
62. 6
63. 1
63. 2
62.3
61.4
62. 0
59. 9
60. 6
62. 0
62.0
60. 2
60. 6

Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages of daily figures. Annual data are for December.
* Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include commercial banks only.




1973

1972

Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Vfillions o f dollars

61. 4
71.4
71. 2
85. 9
4
104. 5
115. 6
108. 9
108. 9
111. 1
110. 6
111. 2
112. 3
113. 3
113. 3
115. 1
115. 6
116. 5
116. 6
116. 6
3

3, 756

4,360

5,150
5,717

6,443
7,580
7,158

7,367
7,460
7,500
7,361
7,817
7, 738
7, 748
8,175
8, 179

8,640
8,797

25, 260
27, 221

28,031

29, 265
31, 329
5
31, 353
31, 921
32, 565
32, 812
32, 539
33, 021
33, 148
33, 003
33, 803
5
31, 774
31, 353
32, 962
31, 742

31,979

345
455
257
272
165
5

238
765
1,086

321
107

219

1,049

233
136
104
204
147
255
162
247
5

99
109
119
94
202
438
514
574
606

314

219
342
205
294

1,049
1, 165
1, 593
1,859

107
-310
-829

-49
58
5 ^830
134
27
— 15

110
-55

-183
-352
-327
5
-292
-830
-823
- 1, 388

-1,565

4

As of June 1971, Farmers Home Administration notes totaling about $0.7
billion
are classified as other securities rather than as loans.
5
Beginning November 9, 1972, adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation
to Kegulation J.
8
Excludes $0.4 billion due to loan reclassification at a large bank.
Source: Board of Governors of the Federal Beserve System.

31

CONSUMER AND REAL ESTATE CREDIT
Seasonally unadjusted consumer credit increased $355 million in February compared with a $485 million drop a|
year earlier. Consumer instalment credit (seasonally adjusted) rose by $2.0 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
END OF MONTH

160

160

140

140

TOTAL CONSUMER CREDIT OUTSTANDING

120

120

100

100
INSTALMENT CREDIT

80
NONiNSTALMENT CREDIT

20

20

.14
s**/

SEASON/MLY ADJUSTED (ENLARGED SCALE)

10

INST;\LMENT CREDIT EXTEENDED
!
^^~~L-~—^.^__x^^

=x~—r^^—- — --""
wy^^=^-^"=f:~^ "

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

\

.
xXp^-

L

8

i i i i i I r r i i !

1 1 I 1 ! 1 ! I ! 1 !

I I I ! 1 1 ! 1 1 ! I

1969

1968

1970

! 1 11 ! I I I 1 1I

! I ! ! I ! ! ! ! ! 1

1971

1972

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1973

62, 692
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
110, 757
110, 510
111, 257
112, 439
114, 183
116, 365
117, 702
119, 911
121, 193
122, 505
124, 325
127, 332
127, 368
127, 959

24, 934
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
38, 450
38, 516
38, 853
39, 348
40, 063
41, 019
41, 603
42, 323
42, 644
43, 162
43, 674
44, 129
44, 353
44, 817

N

COUNCIL OF ECONOMIC ADVISERS

17, 848
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
32, 862
33, 012
33, 272
33, 606
34, 077
34, 588
34, 832
35, 450
35, 755
36, 003
36, 413
36, 922
36, 870
37, 108

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




i i ! I t 1r i i i i N4

[Millions of dollars]
Consum er instalmcjnt credit e xtended
Consu mer credit outstandin g (end of p>eriod;
imadjusted,
and r epaid (seas onally adjiisted)
Instalment
To tal
Automofc ile paper
A ,
NonTotal
instal- Extended Repaid Extended Repaid
Total i
bile
Personal
ment 2
paper
loans

1964
80, 268
1965
89, 883
1966
96, 239
1967
100, 783
1968
110, 770
1969
121, 146
1970
127, 163
1971
138, 394
1972
157, 564
1972: Jan.. _ _ 137, 426
Feb
136, 941
Mar___ __ 137, 879
Apr
139, 410
May _ __ 141, 450
June__
143, 812
July
145, 214
Aug
147, 631
Sept_ _
148, 976
Oct
150, 576
Nov _
152, 968
Dec
157, 564
1973: Jan,
157, 227
Feb
157, 582

32

10

INSTALMENT CREDIT REPAID

1967

Period

— <--

-_^^"
X~^
'"'

17, 576
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
26, 669
26, 431
26, 622
26, 971
27, 267
27, 447
27, 512
27, 720
27, 783
28, 071
28, 643
30, 232
29, 859
29, 623
3

70, 670
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
11, 116
10, 952
11, 741
11, 374
11, 687
12, 057
11, 687
12, 484
11, 953
12, 404
12, 846
12, 627
13, 304
13, 434

63, 470
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
10, 015
10, 069
10, 427
10, 384
10, 355
10, 671
10, 593
10, 841
10, 667
10, 908
11, 128
10, 964
11, 355
11, 437

24, 046
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
3,089
3,100
3, 176
3, 162
3,274
3,412
3,298
3, 491
3, 368
3,504
3, 620
3,763
4, 006
3,972

Mortgage
debt outstanding.
nonfarm,
1- to 4family
houses 3
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 800
» 345, 200

21, 369
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
2,795
2,776
2,831
314, 100
2,867
2,819
2,922
324, 600
2,917
2,896
2,873
335, 100
3,041
3, 023
2, 977 " 345, 200
3, 097
3, 145 |

End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.

BOND YIELDS AND INTEREST RATES
Sfsort-fer i market interest rates continued to rise in early April but declined later in the month. Yields on intermediate and long-term securities declined from their mid-March levels.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

CORPORATE Aaa BONDS
(MOODY'S)

1967

1973

SOURCE: SEE TABLE BELOW

Period

1966
1967
1968
1969
1970__
1971
1972
1972: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov__
Dec
1973: Jan
__
Feb___
Mar
Apr
Week ended:
1973: Mar 16___
23
30___
Apr 6—
13
20___

COUNCn OF ECONOMIC ADVISERS

[Percent per annum ]
High-grade
U.S. Govc3rnment seen rity yields
municipal
3-month
bonds
3—5 year
Taxable
2
Treasury
3
(Standard4 &
issues
bonds
bills i
Poor's)

•

Aaa

Baa
5. 67
6.23
6.94
7.81
9. 11

4. 881
4.321
5.339
6.677
6. 458
4 348
4.071
3.723
3.723
3.648
3.874
4 059
4. 014
4. 651
4. 719
4. 774
5. 061
5. 307
5. 558
6. 054

5. 16
5.07
5.59
6. 85
7. 37
5.77
5.85
5.74
6. 01
5. 69
5. 77
5. 86
5. 92
6. 16
6. 11
6. 03
6. 07
6. 29
6.61
6.85

4. 65
4 85
5.26
6. 12
6. 58
5.74
5. 64
5. 66
5.74
5. 64
5. 59
5. 59
5. 59
5. 70
5. 69
5. 51
5.63
5. 96
6. 14
6.20

3. 82
3.98
4.51
5. 81
6. 51
5. 70
5. 27
5.30
5. 45
5. 26
5.37
5.39
5. 29
5. 36
5. 20
5. 03
5. 03
5. 06
5. 12
5. 30

5. 13
5. 51
6. 18
7.03
8. 04
7. 39
7. 21
7. 24
7. 30
7. 30
7. 23
7. 21
7. 19
7. 22
7.21
7. 12
7.08
7. 15
7. 22
7. 29

8. 16
8.24
8. 24
8. 23
8. 20
8. 23
8. 19
8.09
8. 06
7. 99
7. 93
7. 90
7.97
8. 03

5.
6.
6.
6.
6.
6.

6. 90
6.91
6. 79
6. 77
6.67
6. 73

6. 22
6. 24
6. 18
6. 16
6. 09
6
6. 08

5.32
5. 34
5. 26
5. 24
5. 11
5. 13

7. 29
7.31
7. 31
7. 27
7. 25
6
7. 24

8.01
8.05
8.08
8. 11
8. 10
8.10

997
334
251
531
187
187

1
2
Kate on new issues within period.
Selected note and
s
April 1953 to date, bonds due or callable 10 years and after.
4
Weekly data are Wednesday figures.
5

bond issues.

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




Corpora te bonds
(Moo dy's)

a 56

Prime
commercial
paper,
4_6
months
5. 55
5. 10
5.90
7.83
7. 72
5. 11
4. 69
4.17
4 58
4.51
4. 64
4. 85
4. 82
5. 14
5. 30
5. 25
5. 45
5. 78
6. 22
6.85
6.
7.
7.
7.
7.
8
7.

FHA
new home
mortgage
yields 5
6. 29
6. 55
7. 13
8. 19
9. 05
7. 78
7.53
7.46
7.45
7. 50
7. 53
7. 54
7.54
7. 55
7. 56
7. 57
7. 57
7. 56
7. 55
7.56
7. 63

85
08
13
18
13
13

s Not charted.
Sources: Department of Housing and Urban Development, Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors
Service, and Standard & Poor's Corporation.
^_

COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market declined from the middle of March to early April. It moved up slightly in the second week of .Apr
and then declined.
Index, 1941-43=10

index, 1941-43 = 10

1120

COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

\

110

A

100

90

70
! 1 ! 1 1

! ! 1 ! !

1 f 1 ! !

! ! ! ! !

f

I

I I ?

f

I I !

60

I

PERCENT

PERCENT

RATIO

RATIO
PRICE/EARNINGS RATIO ON COMMON STOCKS

20

20

15

15
10

10
1968

1967
SOURCEs

STANDARD & POOR'S

1969

1972

1971

1970

CORPORATION

1973
COUNCIL OF ECONOMIC ADVISERS

l

Period

1967
1968
19691970 _
1971
1972
1972: Mar
Apr

May _
June
July
Aug_
Sept
Get
Nov _
Dec__
1973: Jan
Feb .
Mar.
Week ended:
1973: Mar 9
16
23
30
Apr 6_
13
20

_

Total

Total

91. 93
98.69
97. 84
83. 22
98. 29
109. 20
107. 69
108. 81
107. 65
108. 01
107. 21
111. 01
109. 39
109. 56
115. 05
117. 50
118. 42
114. 16
112. 42

99. 18
107. 49
107. 13
91. 29
108. 35
121. 79
119. 73
121. 34
120. 16
120. 84
119. 98
124. 35
122. 33
122. 39
128. 29
131. 08
132. 55
127. 87
126. 05

113. 85
114. 20
110. 47
111. 45
109. 20
112. 08
Mil. 52

127. 70
128. 14
123. 80
124. 96
122. 31
125. 70
124. 99

Price i ndex
Industrials
Public
Capital Consumers7 1 utilities
goods
goods
1941-'13 = 10
96. 96
79. 18
68. 10
66.42
105. 77
86. 33
103. 75
62. 64
87. 06
87. 87
80. 22
54. 48
102. 80
59. 33
99. 78
119. 39
113. 91
56.90
57. 73
116. 89
113. 20
120. 19
55.
70
115. 05
119. 65
112. 67
54. 94
120. 92
113. 43
53. 73
119. 13
112. 57
53. 47
124. 47
54. 66
116. 17
121. 63
113. 19
55. 36
112. 94
119. 50
56. 66
122. 11
119. 51
61. 16
124. 57
122. 26
61. 73
127. 04
122. 57
60. 01
125. 56
117. 54
57. 52
124. 53
55. 94
116. 41

126. 70
127. 33
121. 53
122. 54
119. 08
122. 93
122. 17

1
Includes 500 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

34



119. 20
118. 74
113. 75
113. 94
110. 35
114. 23
111.85

56. 58
56.43
55. 31
55. 29
54. 89
55.58
55.82

Railroads

Dividend
yield 2
(percent)

46. 72
48.84
45. 95
32. 13
41. 94
44. 11
46. 48
47. 38
45. 06
43. 66
42. 00
43. 28
42.37
41. 20
42.41
44. 62
42. 87
40. 61
39. 29

3. 20
3.07
3. 24
a 83
3. 14
2. 84
2. 86
2. 83
2. 88
2. 87
2. 90
2.80
2. 83
2. 82
2. 73
2.70
2. 69
2. 80
2. 83

39. 31
39. 43
38. 81
39. 78
39. 18
39. 56
39. 26

2. 79
2. 78
2. 89
2.87
2. 94
2.
84
4
2. 84

Price/
earnings
ratio 3

17.48
17.66
16.48
15. 69
18.50
18. 18
18.45
17. 95
18. 00

18.30

are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of priee index for last day of quarter to earnings for 12 months ending
with that quarter. Annual ratios are averages of quarterly data.
«Not charted.
Source: Standard & Poor's Corporation.

FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 8 months of fiscal 1973 there was a deficit of $17.2 billion/ a year earlier the deficit was $23.8 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
260

220

•20

-20

-40

-40
1963

1964

1965

1966

1968

1967

1969

1970

1971

1972

1973

1974

FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billio ns of dollars]
Federal debt ,end of period)
Period

Receipts

Fiscal year:
1962
1963
1964

1965
1966
1967
1968
1969

_ _

_

_

1970
1971
1972 2
1973 2
1974
Cumulative totals for
first 8 months:
Fiscal year 1972
Fiscal year 1973

_ _

__ _

i Excludes non-interest-bearing public debt securities held by IMF.
Estimate.

3




Outlays

Surplus or
deficit ( — )

Held by
the public

Total i

99. 7
106. 6
112. 7

106. 8
111. 3
118.6

-7. 1
-4. 8
-5. 9

303. 3
310. 8
316. 8

248.4
254. 5
257. 6

116. 8
130. 9
149. 6
153. 7
187. 8

118.4
134. 7
158. 3
178. 8
184. 5

— 1. 6
-3. 8
-8.7
25. 2
3. 2

323.
329.
341.
369.
367.

2
5
3
8
1

261.
264.
267.
290.
279.

6
7
5
6
5

193. 7
188.4
208. 6
225.0
256.0

196. 6
211. 4
231. 9
249. 8
268. 7

-2.8
-23. 0
-23. 2
-24. 8
-12. 7

382. 6
409. 5
437. 3
473. 3
505.5

284.
304.
323.
348.
365.

9
3
8
8
3

126. 0
145. 3

149. 8
162. 4

— 23. 8
-17. 2

434. 3
465.8

326. 0
346.5

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 fiscal 1973 budget receipts were $19.3 billion higher than a year earlier while outlays were,
$12.6 billion higher.
BILLIONS OF DOLLARS

&SLLIONS OF DOLLARS

180
1

OUTLAYS

180

x***^

AH

^

140-

+'+*'

ion

NONDEFENSE
100

140

*******

1OA

^^****
100

^-- — -" """^

^^^*^
.0

80
NATIONAL DEFENSE

1963

1964

1965

1966

1967

1968

1969

1970

1971

1972

1973

1974

FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Recei]pts

(Outlays

Natio Qal defense
Period
i

Fiscal year:
1962
.
19-63
1964

1967
1968__
1970
1971.
1972
„_
1973 !
1
1974
Cumulative totals for
first 8 months:
Fiscal year 1972_
Fiscal year 1973»
3

Estimate.

36




Total

CorpoIndividual _ra-6ion
income
taxes
taxes

!
Other I Total

UepartTotal

Defense,
military

99. 7
106.6
112.7
116. 8
130. 9
149. 6
153.7
187. 8
193. 7
18&4
208. 6
225.0
256. 0

45. 6
47.6
48. 7
48.8
55. 4
61. 5
68. 7
87. 2
90. 4
86. 2
94. 7
99.4
111. 6

20.5
21. 6
23. 5
25. 5
30. 1
34.0
28. 7
36. 7
32. 8
26. 8
32.2
33.5
37.0

33. 6
37. 4
40.5
42.6
45. 3
54. 1
56. 3
63.9
70. 5
75. 4
81. 7
92. 1
107.4

106.8
111. 3
118. 6
118, 4
134. 7
158. 3
178. 8
184.5
196.6
211. 4
231. 9
249. 8
26&7

5L 1
52. 3
53. 6
49. 6
56. 8
70. 1
80.5
81. 2
80. 3
77.7
78.3
76.4
81. 1

46.9
48. 1
49. 6
46. 0
54. 2
67. 5
77.4
77.9
77. 2
74.5
75. 2
74.2
78.2

126.0
145. 3

61. 3
72. 1

13.5
15,9

51.2
57,2

149. 8
162. 4

48. 3
48. 2

46. 6
46. 7

tional
affairs
and
finance

Health

8.3

3.8

23.7
25.5
26. 8
27. 4
31. 5
37.8
43.7
49. 3
56. 7
70.6
82. 0
93. 9
103.7

9. 2
9. 8
10.4
11. 3
12. 6
13.7
15. 8
18.3
19. 6
20. 6
22. 8
24. 7

19. 2
20.3
24.2
26. 7
30.6
33.2
36. 2
34.4
37.7
40. 5
47.2
53.3
55.4

2. 4
2. 0

51.9
59. 2

13. 5
14. 4

33. 8
38. 6

4. 5
41

4.1
4.3

4. 5
4. 5
4. 6
3. 8
3. 6
3. 1
3. 7

a3

Sources: Treasury Department and Office of Management and Budget.

|EDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to current estimates for the fourth quarter Federal receipts rose $8% billion (seasonally adjusted annual
rate) and expenditures rose $21 billion, yielding a deficit of $241/3 billion. Preliminary estimates for the first quarter
Indicate expenditures fell $21/3 billion. Receipts data are incomplete.
BILLIONS OF DOLLARS
300

BILLIONS OF DOLLARS

300
SEASONALLY ADJUSTED ANNUAL RATES

280

280
260

^r

EXPENDITURES

220

200

200

180

180
RECEIPTS

160

140

140

!

120
*20
SURPLUS

f^^s

jpSSJ

W M m mi

0
1111

1i

^

I

^120

^ i i%L H I ! H §^i H 1
i

-20

1
^

DEFKI1T

1

-40

1

!

1

1967

1

\

1968

1_ 1

I

1969

\

\

!

I

1970
CALENDAR YEA

J/ PRELIMINARY

J

]

i

1

f

!

972

1971

RS

SOURCE: DEPARTMENT OF COMMERCE

-20

!

!

-40

1973
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fe<ieral Go vernmen t expend itures

Federal (jfOvernm ent reeeip ts

Period

Fiscal year :
1969
1970
1971
1972* __
1973 L _ _
1974 ! _ _ _
Calendar
year:

Corpo•p
jrersonai
rate
tax
and
Total nontax profits
tax
receipts accruals

Indirect
business
tax and
nontax
accruals

Grantsin-aid
ContriPurbutions
chases Trans- to State Net
for
Total of goods fer pay- and interest
social inand
ments
local
paid
services
governsurance
ments

Surplus
or
Subsidies Less:
deficit
less
Wage
current accruals . ^ '>
income
less
surplus of
and
Governdisment en- burse- product
terprises ments

190. 4
195. 0
193. 0
211. 9
233. 3
263.0

90. 0
93. 7
87. 1
100. 1
104. 2
116. 6

37. 4
33. I
32. 0
33. 5
38.7
41.6

18. 6
19. 2
20. 1
20. 1
20. 5
21.6

44. 4
49.0
53. 8
58. 3
69.8
83. 2

185. 7 99.4
196.3 98. 3
212. 8 95. 8
233. 1 103. 1
259. 9 105.8
275. 5 111. 5

50.7
56.8
69. 8
78.6
91.6
101. 9

19. 2
22. 6
27. 0
32. 7
41.6
41.6

12. 3
14. 0
14. 3
13. 5
14. 6
15. 8

4. 1
4. 7
5.8
5. 2
6.3
4. 8

0.0
.1
—.1
.0
.0
o O

4. 7
— 1. 3
-19.7
— 21. 1
-26.6
— 12. 5

197. 3
191. 6
199. 1
228.6

94.8
92.4
89. 6
109.0

36.6
30.4
33. 1
36.2

19.0
19. 3
20. 5
20. 1

46.9
49. 5
55. 9
63.4

189. 2 98.8
204. 5 96. 5
220. 8 97.8
246. 8 105.8

52.4
63.3
75.0
83.4

20. 3
24. 5
29. 3
37.9

13. I
14. 6
13. 6
13.6

4. 6
5.5
5.2
6. 1

.0
.0
(2)
:0

8. 1
— 12. 9
-21. 7
-18. 1

1971: III___ 199. 1
IV___ 202. 8

89. 8
93. 8

33. 2
31. 1

20. 0
20. 8

56. I
57. 0

222. 2 97. 9
227. 5 100. 7

76. 3
77. 8

29. 8
30.8

13. 6
13. 3

4. 6
5. 0

.0
.1

-23. 1
-24. 7

105.8
107. 3
109. 1
113.6

34.0
35. 2
36.7
38. 9

19. 9
19. 7
20.2
20. 6

61.7
62. 6
63.8
65.3

236. 3
246. 5
241.6
262. 7

105.7
108. 1
105.4
104.0

79.4
80. 4
82.0
91. 8

32.4
38. 1
34.4
46. 5

13. 1
13. 8
13. 6
13.7

5.6
6.0
6.2
6.7

.0

-14. 8
-21.6
— 11.8
-24. 3

20.8

77, 6

260. 4 107. 0

92. 3

41. 8

14. 1

5.2

1970
1971
1972

1972: T
II
III"
IV___

221.4
224.9
229.8
238. 4

i 1973: I »
12 Estimate.
$39 million.




109.0

Source: Department of Commerce.

—.1
.0
.0

.0
37

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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

page
1
2
3
4
5
6
7
8
9

„_

„

Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries

10
11
12
13
14
15

Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing. _ _
Business Sales 5and 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

16
17
18
19
20
21
22
23
24
25

.

PRICES
Consumer Prices
Wholesale Prices
.
Prices Received and Paid by Farmers

26
27
28

Money Stock
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

29
30
31
32
33
34

Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

35
36
37

NOTE.—Detail in these tables may not add to totals because of rounding. Unless otherwise stated, all dollar figures are current dollars.
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U.S. GOVERNMENT PRINTING OFFICE: 1973