Full text of Economic Indicators : April 1974
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Congress, 2d Session
Economic Indicators
April 1974
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1974
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
CHARLES 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)
BARBER B. CON^BLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
RICHARD F. KAUFMAN, General Counsel
OF
HERBERT STEIN, Chairman
WILLIAM J. FELLNER
GARY L. SEEVERS
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
[S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary^ Department of Commerce.
Economic Indicators, published monthly, is available at 55 cents a single copy
or by subscription at $6.50 per year ($1.75 additional for foreign mailing) from:
OF
GOVERNMENT
WASHINGTON, B.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
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INCOME,
SAVING
Gross national product increased $14.3 billion in the first quarter of 1974 to a seasonally adjusted annual rate of
$1,351.8 bil!ion/ according to preliminary estimates. The increase for the preceding quarter was $33.0 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
(Jrovernme at
Persons
E xpenditur es
N et receipts
Surplus
PerEquals: Personal sonal
or
Less:
Less:
Less:
Tax
Equals: deficit i
Interest Total consump- saving
TransTransand
Purpaid and excludfers,
or
fers,
Equals: Total
tion
nontax interest,
chases
ing
transfer
income
expendinterest,
Net
expenddisreceipts
of goods
interest
and
payand
and
receipts
itures
saving
itures
or
and
and
product
ments
sub—
sub(
—
)
accruals
2
transto forsidies
sidies 2 services accounts
fers
eigners
Disposab le personsil income
Period
Total 1
2
5
6
2
5
0
39. 8
38. 2
56. 2
60. 2
49. 7
54.8
263. 5
296.7
302. 5
322. 0
368. 2
418. 6
70. 7
77. 9
93. 2
105. 9
115. 9
129. 9
192. 7
218.8
209. 4
216. 2
252. 2
288. 7
270.
287.
312.
340.
370.
407.
3
9
7
2
9
1
70. 7
77.9
93. 2
105. 9
115. 9
129. 9
199.
210.
219.
234.
255.
277.
779. 9
807. 0
734. 1
752. 6
45. 8
54. 4
370. 6
381. 9
113. 9
125. 0
256. 7
256. 9
368. 5
385. 7
113. 9
125. 0
254. 7
260.7
-3.8-
22. 1
23. 1
24. 1
25. 6
829.
846.
867.
892.
779.
795.
816.
825.
4
6
0
2
50. 0
51. 0
51. 1
67. 1
402.
414.
425.
431.
125. 2
127.8
131. 7
135. 3
277. 5
286. 9
293. 3
296.3
393.
403.
410.
420.
125.
127.
131.
135.
2
8
7
3
268. 6
275. 3
279.0
285.6
8. &
11. 614. $
10. S
25.3
905.2
844. 6
60. 6
138. 9
295. 9
1968
1969
1970
1971
1972
1973
591.
634.
691.
746.
797.
882.
0
4
7
0
0
5
15. 1
16.7
17.9
18. 7
20. 7
23. 7
575.
617.
673.
727.
776.
858.
1972: I I I _ IV___
800. 9
828. 7
21. 0
21.7
1973: I
II__III—
IV___
851.
869.
891.
917.
5
7
1
8
1974: ! " _ _ _
930. 5
9
7
8
3
2
8
4
6
0
2
536.
579.
617.
667.
726.
804.
8
2
7
9
434. 7
138. 9
Business
Period
7
7
0
6
6
0
5
3
0
1
- 6. g8. 8-10. 1
-18. 1
-2. &
11.4
2. 0
Iiitemation al
Net
Net e xports of goods
transfers
and service s
Excess of Total
StatisGross
Excess
Gross
to fortransfers income
tical
private
of
retained domestic. invest- eigners
or
or
discrepearnby perEquals: of net
receipts
ancy
ment sons
invest-4
Less:
and Exports Imports
ings 3
Net
exports
ment
(-)
(
_
)
5
Governexports
ment
Gross
national
product
or
expenditure
1968
1969
1970_
1971
1972_
1973
95. 4
97. 0
97. 0
111. 8
124. 4
135. 2
126.
139.
136.
153.
178.
202.
0
0
3
2
3
1
— 30. 6
-42. 0
-39. 3
-41. 4
— 53. 9
-66. 9
2. 9
2. 9
3. 2
3.6
3. 7
3. 6
50. 6
55. 5
62. 9
66. 3
73. 5
102. 0
48. 1
53. 6
59. 3
65. 5
78. 1
96. 2
2. 5
1. 9
3. 6
.8
-4.6
5. 8
0. 4
1. 0
—.4
2. 8
9
3
5
8
6
3
— 2. 7
-6. 1
-6. 4
— 3. 4
— 1. 5
2.9
1972: III
IV___ __
124. 5
131. 6
181. 5
189. 4
-57. 0
— 57. 8
3. 8
3. 5
74. 0
79. 7
77. 7
83. 2
-3. 8
-3. 5
7. 6
7. 0
1, 164. 9
1, 199. 1
1. 6
.2
1, 166. 5
1, 199. 2
1973: I
II._
III
IV
131.
132.
136.
140.
194.
198.
202.
213.
— 63. 0
-66. 2
-65. 1
-73.3
3. 0
3. 3
3. 5
4.5
89. 7
97. 2
104. 5
116. 4
89. 7
94. 4
97. 0
103. 6
.0
2. 8
7. 6
12. 8
3. 0 1, 241. 4
. 5 1, 268. 9
-4. 0 1, 300. 8
-8.3
1. 1
3. 2
3. 7
3. 7
1, 242.
1, 272.
1, 304.
l} 337.
3.4
125. 9
116. 4
9. 5
6. 1
1974: I*
1
5
0
9
6
5
2
0
9
201. 8
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
- 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
in disposable personal income.
4
866.
936.
983.
1, 058.
8.4 1, 156.
2. 2 11, 286.
1, 333. 6
864.
930.
977.
1, 055.
1, 155.
1, 289.
2
$
1
5
2
1
5
0
5
5
1, 351. B
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, witb
sign changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the first quarter of 1974, gross national product (seasonally adjusted) rose at an annual rate of 4.4 percent,
fleeting an inflation rate of 10.8 percent and a decline of 5.8 percent in real GNP.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,400
1,200
1,200
1000
1,000
PERSONAL CONSUMPTION
- EXPENDITURES -
800
800
600
600
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
,„„.„.,,„„,„„..,„.,„.,..,
NET EXPORTS OF GOODS
AND SERVICES
GROSS PRIVATE DOMESTIC
INVESTMENT
\
f
I
1948
I
1969
1970
1972
1971
1973
1964
1965
1966
1967
1968
19691970
1971
1972
1973
1972: III
IV
1973: I
II
III
IV
1974:1*
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
product national
tion
investin 1958 product expend- ment
itures
dollars
Billions (}f dollars; quarterly
681. 1
617. 8
658. 1
675.2
706.6
725.6
722. 5
745. 4
790. 7
837. 4
796. 7
812. S
829. 3
884. 3
841.8
844. 6
_
8S2. 0
632.4
684. 9
749. 9
793. 9
864. 2
930. 3
977. 1
1, 055. 5
1, 155. 2
1, 289. 1
1, 166. 5
1, 199. 2
1, 242. 5
1, 272. 0
1, 304. 5
1, 337. 5
1, 351. 8
401.2
432.8
466. 3
492. 1
536. 2
579. 5
617. 6
667.2
726. 5
804. 0
734. 1
752. 6
779.4
795. 6
816. 0
825. 2
844.6
94.0
108. 1
121.4
116. 6
126.0
139.0
136. 3
153. 2
178.3
202. 1
181. 5
189.4
194. 5
198.2
202.0
213. 9
201.8
1
This category corresponds closely with budget outlays for national defense,
shown
on p. 36.
2
Gross national product In current dollars divided by gross national product
in 1
1974
COUNCIL OF ECONOMIC A0VISERS
SQURCE; BEPARTMENT OF COMMENCE .
Period
_L
J_
J_
I
Government ] purchases of good s and
Net
services
exports
Federal
of goods
State
Total
and
and
National
Total defense1 Other local
services
Implicit
price
deflator
for total
GNP,
1958=1002
data at s easonall y ad juste d annual rates
128. 7
137. 0
5. 3 156. 8
5. 2 180. 1
2. 5 199. 6
1.9 210. 0
3.6 219. 5
.8 234.3
-4. 6 255. 0
5.8 277. 1
-3. 8 254. 7
-3. 5 260. 7
. 0 268.6
2. 8 275. 3
7.6 279.0
12. 8 285. 6
9.5 295. 9
8.5
6.9
65.2
66.9
77. 8
90. 7
98. 8
98. 8
96. 2
98. 1
104.4
106. 6
102. 3
102. 7
105. 5
107. 3
106.8
106. 8
111.3
50.0
50. 1
60.7
72. 4
78. 3
78.4
74. 6
71.6
74. 4
73. 9
71. 9
72.4
74. 3
74. 2
74.2
73.0
76. 2
Source: Department of Commerce.
15. 2
16. 8
17. 1
18.4
20.5
20. 4
21. 6
26. 5
30. 1
32.7
30.4
30.3
31. 2
33. 1
32.7
33.8
35. 1
63.5
70.1
79.0
89.4
100.8
111.2
123. 3
136. 2
150. 5
170.5
152. 4
158. 0
163. 0
168. 0
172.2
178. 8
184.6
108. 85
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 60
146. 10
153. 94
146. 42
147. 63
149. 81
152. 46
155. 06
158. 36
162. 48
^TIONAL INCOME
. ne rise in employee compensation (seasonally adjusted) in the first quarter was the smallest since the third quarter
of 1971, as the decline in economic activity brought a decrease in man-hours.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1 1,20Q>
SEASONALLY ADJUSTED ANNUAL RATES
1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
500
500
s
200
200
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
100
0
1968
1971
1972
1974
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
Total
national
income
Compen-
Proprieto rsj income
of employees l
Farm 2
Business
and professional
Rental
income
of
per-
Net
interest
Corpora jQ profits and inventory va luation acIjustment
Total
Profits Inventory
before valuation
taxes adjustment
518.1
564.3
620. 6
653. 6
711. 1
766. 0
800.5
859. 4
941. 8
1, 053. 9
365.7
393.8
435. 5
467. 2
514. 6
566. 0
603. 9
644. 1
707. 1
785. 2
12.1
14.8
16. 1
14. 8
14.7
16. 7
16. 9
16. 8
20. 2
26. 8
40.2
42.4
45. 2
47. 3
49. 5
50. 5
50. 0
51. 9
54. 0
57. 5
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 9
24. 5
24. 1
25. 1
15.8
18.2
21. 4
24. 4
26. 9
30. 5
36. 5
42. 0
45. 2
50. 4
66.3
76. 1
82. 4
78.7
84. 3
79.8
69. 2
80. 1
91. 1
109.0
66.8
77.8
84. 2
79. 8
87.6
84. 9
74. 0
85. 1
98.0
126. 3
-0.5
-1.7
-L 8
-1. 1
-3. 3
-5. 1
-4. 8
-4. 9
-6.9
-17. 3
1972: III
IV
949. 2
978.6
713. 1
731.2
19. 8
21. 8
54.3
55. 3
24.9
24. 9
45.7
46. 6
91. 5
98. 8
98. 4
106. 1
-6.9
-7.3
1973: III
III
IV
1, 015. 0
1, 038. 2
1, 067. 4
1, 095. 1
757.4
774. 9
794.0
814 7
24. 3
24. 4
27. 1
31. 3
56. 3
57. 1
57.9
58.5
24.7
24. 6
25. 3
25. 7
47. 9
49. 4
51. 1
53. 0
104. 3
107. 9
112. 0
111. 9
119. 6
128.9
129. 0
127. 4
15.4
-21. 1
-17.0
-15. 5
826. 6
29. 1
59.1
25.8
55.0
1974: I *
_ __
1
2 Includes
employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Source: Department of Commerce.
-30.9
SOURCES OF PERSONAL INCOME
Personal income rose $5.1 billion (seasonally adjusted annual rate) in March. The rise reflected higher payrolls,
interest payments, and transfer payments, which were partly offset by a drop in farm income.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
3,200
1,000
1,000
800
800
600
I960
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF CO/AMERCE
Period
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Less: PerWage
Rental
Personal Transfer sonal con- Nonagriand
Other Proprietc)rs' income income
Total
Divicultural
labor 2
Business
paytributions personal
personal salary
dends interest
of
for
social
and
proincome
3
income disburseFarm
ments
income
*
insurance income
fessional persons
ments 1
587. 2
629. 3
688. 9
750. 9
808. 3
863. 5
939. 2
1,035. 4
394. 5
423. 1
464. 9
509. 7
542. 0
573. 3
627. 8
691. 5
20. 7
22. 3
25. 4
28.4
32. 2
36. 6
40. 7
44. 9
16. 1
14. 8
14. 7
16. 7
16. 9
16. 8
20. 2
26. 8
45. 2
47. 3
49. r>
50. 5
50. 0
51. 9
54. 0
57. 5
20. 0
21. 1
21. 2
22. 6
23. 9
24. 5
24. 1
25. 1
20. 8
21. 4
23. 6
24. 3
24. 7
25. 1
26. 0
27. 8
43. 6
48. 0
52. 9
59. 3
67. 5
73.0
78. 0
87.5
44. 1
51. 8
59. 6
65. 8
79. 1
93. 2
103. 0
117. 5
17. 7
20. 5
22. 8
26. 3
28. 0
30.9
34. 7
43. 1
566.
609.
668.
728.
784.
839.
911.
1, 000.
3
4
8
3
8
8
5
5
997. 4
1, 003. 3
Apr
1, Oil. 6
May
1, 018. 7
June
1, 026. 6
Julv
1, 035. 6
1, 047. 3
Aug
Sept
1, 058. 5
Oct
1, 068. 5
1, 079. 4
Nov
Dec
1, 089. 0
1974: Jan
1, 087. 0
1, 094. 8
Feb
Mar p _ _ 1, 099. 9
667. 2
671. 1
677. 6
682. 0
688. 2
693. 2
698. 9
706.0
711. 2
717. 8
722. 6
721. 8
726. 5
729. 7
43. 3
43. 6
43. 9
44. 2
44. 5
44. 8
45. 3
45.8
46. 2
46. 7
47. 1
47. 5
47. 9
48. 3
24. 3
24. 6
24. 2
24. 4
24. 6
25. 9
27. 1
28. 3
29. 9
31. 6
32. 4
29. 6
29. 1
28. 6
56. 3
56. 4
56. 8
57. 1
57. 3
57. 8
58. 0
58. 1
58. 5
58. 7
58. 6
58. 6
59. 3
59. 5
24. 8
24. 6
24. 3
24. 6
24. 9
25. 0
25. 3
25. 5
25. G
25. 7
25. 7
25. 8
25.8
25. 8
26. 9
27. 0
27. 3
27. 3
27. 4
27. 6
28. 2
28. 3
28. 5
28. 7
29. 8
29. 5
29. 4
29. 6
82. 6
83. 4
84. 5
85. 7
86.5
87. 8
89. 0
90. 3
91. 5
92. 6
94. 0
95. 3
96. 3
97. 2
113. 8
114. 5
115. 3
115. 9
116. 0
116. 9
119. 0
120. 2
121. 1
121. 9
123. 0
125. 9
127.6
128.3
41. 9
42. 0
42. 4
42. 5
42. 8
43. 4
43. 6
43. 9
44. 0
44. 3
44. 3
47. 0
47.2
47.3
965.
970.
979.
986.
994.
1, 001.
1, 012.
1, 021.
1, 030.
1, 039.
1, 047.
1, 048.
1, 056.
1, 061.
3
9
5
4
2
8
1
8
0
0
5
1
4
8
1966___
1967
1968
1969
1970
1971
1972
1973
1973: Feb
Mar
1
i The
me total
toiai of-wage
01 wageand
ana salary
salary disbursements
aisourseinenis and
ana other
oiner labor
moorincome
income differs
timers
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disburse-
2 Consists of employer contributions to private pension, health, and welfare
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.
•> personal income exclusive 01 net income 01 unincorporated larni enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce.
1POSITION OF PERSONAL INCOME
i^jjjite the reduction in automobile purchases, consumer expenditures (seasonally adjusted) showed a sizable
increase in the first quarter and the saving rate fell. Real per capita disposable income fell below its year-earlier
level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
900
900
800
700
600
500
PER CAPITA DISPOSABLE PERSONAL INCOME
3,000
2,000
1974
1968
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per cap>ita disL ess : Perso nal outlay^s
posable personal
Equals:
Persor lal consurnption
Equals:
incc>me
Disex penditure s 2
Personal
posable Total
saving
personal personall Durable
NonCurrent
1958
durable
Services
income outlays
dollars dollars
goods
goods
Billions of dollars
1966
1967> ___
1968_
__
1969
1970
1971
1972_-___
1973____
587. 2
629. 3
688. 9
750. 9
808. 3
863. 5
939. 2
1,035.4
75. 4
83. 0
97. 9
116. 5
116. 6
117. 5
142. 2
152. 9
511. 9
546. 3
591. 0
634. 4
691. 7
746. 0
797. 0
882. 5
479. 3
506. 0
551. 2
596. 2
635. 5
685. 8
747. 2
827. 8
70. 8
73. 1
84. 0
90. 8
91. 3
103. 6
117. 4
130. 8
Saving
as percent of
disposable
personal
income
(percent)
Population
(thou-3
sands)
Dol lars
206. 9
215. 0
230. 8
245. 9
263. 8
278. 7
299. 9
335. 9
188.
204.
221.
242.
262.
284.
309.
337.
6
0
3
7
6
9
2
3
32. 5
40. 4
39. 8
38. 2
56. 2
60. 2
49. 7
54. 8
2,604
2,749
2, 945
3, 130
3, 376
3, 603
3, 816
4, 195
2,335
2,403
2,486
2, 534
2, 610
2, 680
2, 767
2, 889
6.4
7. 4
6. 7
6. 0
8. 1
8. 1
6. 2
6.2
196,
198,
200,
202,
204,
207,
208,
210,
560
712
706
677
879
045
842
404
Seasc nally acijiis led annu al rates
1972: III.. 943. 7
IV_. 976. 1
142. 8
147. 4
800. 9
828. 7
755. 1
774. 3
120. 2
122. 9
302. 3
310. 7
311. 6
319. 0
45. 8
54. 4
3, 831
3, 955
2, 771
2,841
5.7
6.6
209, 058
209, 514
1973: !_._. 996. 6
II... 1,019.0
III_ 1,047.1
IV-. 1,078.9
145. 1
149. 3
156. 0
161. 1
851. 5
869. 7
891. 1
917. 8
801. 5
818.7
840. 1
850. 8
132.
132.
132.
125.
322.
330.
341.
349.
2
3
6
6
325. 0
332. 6
341. 6
350. 0
50.0
51. 0
51. 1
67. 1
4,057
4, 137
4,231
4, 349
2, 878
2, 877
2,894
2,906
5.9
5. 9
5.7
7.3
209,
210,
210,
211,
1974: I'. 1, 093. 9 163. 4
930.5
869. 9
124. 5
362. 3
357.8
60. 6
4,402
2,853
6.5
211, 387
1
2
8
8
6
Includes personal consumption expenditures, interest paid by consumers,
personal
transfer payments to foreigners.
N
e p. 2 for total personal consumption expenditures.
871
221
618
036
3
Includes Armed Forces abroad. Annual data are tor July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
In the first quarter of 1974, net farm income (both excluding and including inventory change) fell 7 percent seasons
adjusted. Although real net income per farm fell sharply in the first quarter it was 3 percent higher than a year earlier.
BILLIONS OF DOLLARS
~|120
BILLIONS OF DOLLARS
120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
80
80
REALIZED GROSS
FARM INCOME
60
60
40
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
j
1968
I
J
L
1972
1971
1970
1969
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Personal income re ceived by
total f arm popu lation
^ income re ceived fro m farmingr
5
Net t<3 farm
oper ators
Realize d gross
Period
1966
1967
1968
1969
1970
1971
1972
1973
_ _
1974
From
all
sources
24. 9
24. 0
25. 1
27. 6
28. 3
29. 2
34. 0
41. 3
From
From
nonfarm
farm
sources sources
14.4
13. 1
13. 2
14. 9
15. 1
15. 2
18. 1
23. 8
Net inc ome per
net
farm incl tiding
inventoryT change s
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total i
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions c)f dollars
Dol lars
49. 7
49. 0
50. 9
55.6
57. 8
59.7
68. 9
90. 5
10. 5
10. 9
11.9
12. 7
13. 2
14. 0
15. 9
17.5
43. 3
42. 7
44. 1
48. 1
50. 5
52.8
60. 7
83.4
33. 4
34. 8
36. 2
38. 8
41. 0
44. 5
49. 2
64. 4
16. 3
14.2
14. 7
16. 8
16.8
15. 2
19. 7
26. 1
16. 3
14. 9
14.8
16. 9
16. 9
16. 9
20. 3
26.9
4,990
4,707
4,828
5,620
5, 725
5, 817
7,089
9,469
5,092
4,707
4,642
5, 156
5,022
4, 888
5, 717
6, 862
19. 9
21. 9
24. 4
24. 7
27. 2
31. 4
29.2
6,930
7,630
8,580
8, 690
9, 560
11, 040
10, 350
5,540
6,060
6, 550
6, 390
6, 830
7, 610
6,760
Seaso nally adjiisted annu al rates
1972: III
IV
1973: I
II
III
IV
1974: I
68.7
72.8
79.8
82. 5
91. 4
108. 3
108.2
1
Cash receipts irom marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
» Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
60. 5
64. 6
72.4
75. 5
84. 5
101. 2
103. 0
49. 4
51. 5
55. 8
58. 0
65. 9
77. 9
80. 0
19. 3
21. 3
24. 0
24. 5
25. 5
30. 4
28.2
«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.
)RPORATE PROFITS
'ised fourth quarter 1973 corporate profits (seasonally adjusted) were fractionally lower than estimated last month.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
60
40
40
20
20
1968
SOURCE:
1974
1969
COUHCJI OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
CoriDerate pi ofits
and inveritory
a fter taxeJS
Corpo- Profits
valuation adjustme nt
rate
plus
TransCorpo- CorpoM anufactui ing
capital capital
portation,
rate
rate
conconDiviUncomtax
profits
NonDurable durable
dend distrib- sump- sumpAll l before liabil- Total
munition
tion
goods
uted
paycation, other
taxes
ity
Total
goods
indusments profits allow-2 allow-3
and
ances ances
tries
public
tries
utilities
42. 6
24. 0
18. 6
49. 9
20. 8
29. 1
34.3
39.5
84. 2
89. 5
27. 9
11. 9
38. 7
18. 0
20.7
46. 6
25. 3
43.0
33.2
21. 4
29. 1
10.8
79. 8
89. 6
41. 7
22. 4
19. 3
24. 2
23. 6
47. 8
94. 6
46. 8
32. 0
87. 6
39. 9
10. 6
36. 6
18. 8
17. 7
44. 8
24. 3
20. 5
33. 1
84. 9
40. 1
51. 9
10. 1
96.8
27. 8
17.3
10.5
24. 7
39. 3
14. 6
33. 7
34. 8
56. 0
74.0
7. 8
95. 2
32. 5
14.7
17. 8
47. 6
37.4
25. 1
22.5
60. 4
39. 1
85. 1
108. 0
8. 6
40. 1
20. 2
20. 0
55. 4
29. 3
41. 7
42.7
26. 0
65.9
121. 3
98. 0
9. 3
50. 8
26.6
24. 2
42. 6
27. 8
70. 4
71. 4
55.8
49.0
126.3
141. 8
9. 3
Con3orate pr ofits (bef()re taxes)
Period
All
industries
82. 4
1966
1967
78. 7
84. 3
1968_
1969__ __ 79. 8
1970_
69. 2
1971_ ___ 80. 1
1972
91. 1
1973
109. 0
1972: III__
IV__
91. 5
98. 8
39.9
44. 7
19. 5
22. 3
20. 4
22. 4
9. 8
9.9
41. 7
44. 2
98.4
106. 1
42. 9
45. 9
55. 6
60.3
26.2
26. 4
29. 4
33. 9
66. 0
68. 0
121. 6
128. 3
1973: !-__
!!___
III..
IV.._
104. 3
107. 9
112. 0
111.9
49. 7
52. 4
51. 9
49. 2
26. 9
28. 5
26. 6
24. 4
22. 8
23. 9
25. 3
24.9
9. 2
8. 5
10. 3
9. 1
45. 4
47. 0
49. 8
53.6
119. 6
128. 9
129. 0
127.4
52. 7
57. 4
57.6
55. 7
66. 9
71. 6
71. 5
71. 6
26. 9
27. 3
28. 1
29. 0
40. 0
44. 2
43.4
42. 6
69. 3
70. 5
71.7
74. 2
136.2
142. 0
143. 2
145. 8
1974: !*___
29. 5
1
1 Includes all other industries and financial institutions.
23 Includes depreciation and accidental damages.
Corporate profits after taxes plus corporate capital consumption allowances.
31-925°—74-
76. 0
1
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) in the first quarter fell back to its level 2 quarters eat
Declines in inventory investment and residential construction more than offset a rise in nonresidential fixed investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250 I
SEASONALLY ADJUSTED ANNUAL RATES
200
200
GROSS PRIVATE DOMESTIC
INVESTMENT
150
150
100
100
PRODUCERS'
DURABLE EQUIPMENT
\
50
50
CHANGE IN BUSINESS
INVENTORIES
RESIDENTIAL STRUCTURES
1968
X*
1970
1969
1972
1971
'*
I
1973
SOURCE; DEPARTMENT OF COMMERCE
1974
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed irnvestment
Total
gross
private
domestic
investment
Period
Resid ential
struc tures
N (mresident lal
Struc tures
Total
Total
Total
Nonfarm
Produce rs' durable equ ipment
Total
94 0
108. 1
121. 4
116.6
126. 0
139. 0
136. 3
153. 2
178. 3
202. 1
88. 2
98. 5
106. 6
108. 4
118. 9
131. 1
131. 7
147. 1
172. 3
194. 2
61. 1
71.3
81. 6
83. 3
88. 8
98. 5
100. 6
104. 4
118. 2
136. 2
21.2
25. 5
28. 5
28. 0
30. 3
34.2
36. 1
37. 9
41. 7
48. 4
20.5
24. 9
27. 8
27. 3
29. 6
33.5
35. 3
37.0
40. 8
47. 5
39. 9
45. 8
53. 1
55. 3
58. 5
64. 3
64. 4
66. 5
76. 5
87. 8
181. 5
189. 4
172. 9
181. 2
118. 3
124. 3
41. 3
43. 0
40. 4
42. 1
1973: I
II
III
IV
194. 5
198. 2
202. 0
213. 9
189. 9
193.7
197.3
195. 9
130.
134.
138.
141.
9
1
0
8
45. 3
47. 2
49. 5
51. 7
1974: I*
201. 8
194. 0
144. 4
54. 3
1964
1965_
1966
1967
1968__
1969
1970
1971
1972
1973
1972: III
IV_ _ _
__
Source: Department of Commerce.
8
Nonfarm
36.3
41. 6
Total
Nonfarm
Change in business inv entories
Total
Nonfarm
50. 0
53. 6
59. 2
58. 9
60. 9
69. 8
79. 3
27. 1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 7
54. 0
58. 0
26.6
26. 7
24. 5
24. 5
29. 5
32. 0
30. 7
42. 2
53. 5
57. 4
5. 8
9. 6
14.8
8. 2
7. 1
7.8
4. 5
6. 1
6. 0
8. 0
6. 4
8.6
15.0
7. 5
6. 9
7.7
4.3
4. 5
5. 6
7.3
77. 0
81. 2
69. 8
73. 4
54.5
56. 9
53. 9
56. 4
8. 7
8.2
8. 4
7.9
44. 4
46. 3
48. 5
50. 7
85. 5
86. 9
88.6
90. 1
77. 8
78. 4
80. 0
81. 0
59. 0
59. 6
59. 2
54. 0
58. 4
59. 1
58. 6
53. 4
4. 6
4. 5
4.7
18. 0
4. 4
4. 4
3. 2
17. 3
53. 4
90. 1
80.8
49. 5
48. 9
7.8
6. 8
4a 4
XPENDITURES FOR NEW PLANT AND EQUIPMENT
sinessmen anticipate a 1 3 percent rise in their plant and equipment expenditures this year, according to the survey
^nducted in January and February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120 i
SEASONALLY ADJUSTED ANNUAL RATES
100
100
TOTAL NEW PLANT AND EQUIPMENT
80
80
NONMANUFACTURING
60
. I...Illlllllllllllllll"'
IIIIIIII1IIIIIII1II
111
'
40
MANUFACTURING
20 \A.
\
I
1968
!
1
1969
1971
1970
\
I
I
1972
!
1973
if
!
\
T
1974
\
A
20
J/SEE FOOTNOTE 3 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
N"onman ufacturirj tg
M anufactur ng
Total !
Period
Total
1966
1967
1968 _ _
1969 __ ___ _ _
1970
1971
1972
1973 3
_ _
1974
1973: I
II
III
IV
1974: I 3
Iis
2nd half
3
63. 51
65. 47
67. 76
75. 56
79. 71
81. 21
88. 44
99. 74
112. 72
96. 19
97. 76
100. 90
103. 74
107. 18
109. 96
116. 43
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
38. 01
45. 37
35. 51
36. 58
38. 81
40. 61
42. 74
44. 47
46. 87
Trarisportat ion
Durable
goods
Nondurable
goods
Total
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 25
22. 64
17. 88
18. 64
19. 73
20. 48
22. 12
22. 18
23. 09
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 76
22. 72
17. 63
17. 94
19. 08
20. 13
20. 62
22. 29
23. 78
35. 32
36. 96
39. 40
43. 88
47. 76
51. 22
57. 09
61. 73
67. 36
60. 68
61. 18
62. 09
63. 12
64. 44
65. 49
69. 56
Mining
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2. 74
3. 20
2.59
2. 77
2. 82
2. 76
3. 10
3. 14
3. 28
Railroad
Air
2. 37
1. 86
1. 45
1. 86
1.78
1. 67
1. 80
1. 96
2. 38
2. 11
1. 75
1. 95
2. 05
2. 26
2. 32
2. 47
1.74
2. 29
2. 56
2. 51
3. 03
1. 88
2. 46
2. 41
2. 11
2. 21
2. 72
2. 49
2. 20
2. 03
2. 44
1.96
; real estate operators; medical, legal, educa-
Source: Department ol Commerce.
Other
1. 64
1. 48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 66
1. 61
1. 53
1. 62
1. 79
1. 73
1. 78
1. 57
1. 55
ComCom- mercial
Public muniand
utilities cation
other 2
7.43
8. 74
10. 20
11. 61
13. 14
15. 30
17.00
18. 71
22. 20
18. 38
18. 08
18. 58
19. 80
21. 00
21. 20
23. 14
6. 02
6. 34
6. 83
8. 30
10. 10
10. 77
11. 89
12. 85
14. 15
12. 34
12. 70
13. 12
13. 24
14. 48
14. 59
15. 14
16. 05
16. 59
18. 05
20. 07
21. 40
21. 71
21. 53
21. 55
21. 36
21. 35
B4. 27
34. 82
>7. 16
EMPLOYMENT, UNEMPLOYMENT, AND WAGE
STATUS OF THE LABOR FORCE
The seasonally adjusted civilian labor force decreased by 60,000 in March. Employment rose slightly as an ir
crease in the number of nonagricultural workers (213,000) exceeded a decline in the number of agricultural worker
(1 53,000). Unemployment declined by 120,000 to 4.6 million workers.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
90 'r—
CIVILIAN LABOR FORCE
\
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
1
uNEAAPLC)Y N\E NT R ATE
1
1
-
s IA SOhJA LL f
^
I
111
III
I
H
1
ri I
r^F"'
s 70
196<?
1968
—
™
1
11
~
Ti .
AC JL ST EC
™
j
~4~
i
{ •
_JL-
__
~
¥11
ii
-v
9 72
1 9 71
-X.
j
:
Period
1970___
1971___
1972*..
1973.. _
85,
86,
88,
91,
903
929
991
040
78, 627
79, 120
81, 702
84, 409
Total
labor
force
Non- Unemploy- (includagriing
ment
culArmed
tural
Forces)
Thous ands of ]Dersons 16
75, 165 4, 088 85, 903
75, 732 4, 993 86, 929
78, 230 4,840 88, 991
80, 957 4,304 91, 040
Civilkin emplo yment
Civilian
labor
force
Total
Agricultural
years of age and o ver
82, 715 78, 627 3,462
84, 113 79, 120 3,387
86, 542 81, 702 3,472
88, 714 84, 409 3,452
Unadj' listed
1973:
Feb..
Mar *
Apr__
Mav.
June.
July,
Aug.
Sept..
Oct__
Nov_
Dec.
1974:
Jan__
Feb.
Mar_;
1974
COUNCIL OF ECONOMIC ADVISERS
Civiliain employinent
Total
j
1973
16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Total
labor
force
(including
Armed
Forces)
1
|
i
Nonagricultural
oyment Labor
Unem- Unempl
force
rate
(pe
rcent of particiployciviliai
Q
labor
ment
pation1
for ce)
rate
Percent
75, 165
75, 732
78, 230
80, 957
4,088
4,993
4, 840
4, 304
4. 9
5. 9
5. 6
4. 9
Unadjusted
4, 486
4,380
5.6
5.2
4.8
£Seasonally adjusted i
3,446
61. 3
61. 0
61. 0
61.4
Seaso nally
adju sted
89, 075
89, 686
89, 823
89, 891
92, 729
93, 227
92, 436
91, 298
92, 046
92, 168
91, 983
81, 838 78, 882
82, 814 79, 683
83, 299 80, 004
83, 758 80, 291
85, 567 81, 514
86, 367 82, 201
85, 921 82, 095
84, 841 81, 406
85, 994 82, 469
85, 828 82, 409
85, 643 82, 441
4,845
4,512
4, 174
3, 799
4, 847
4, 550
4, 208
4, 165
3,763
4, 056
4, 058
90, 108
90, 528
90, 622
90, 597
91, 132
91, 139
91, Oil
91, 664
92, 038
92, 186
92, 315
87, 716
88, 162
88, 272
88, 263
88, 818
88, 828
88, 704
89, 373
89, 749
89, 903
90, 033
83, 230
83, 782
83, 854
83, 950
84, 518
84, 621
84, 513
85, 133
85, 649
85, 649
85, 669
3, 469
3,356
3,320
3, 430
3, 512
3, 425
3, 376
3,455
3, 561
3, 643
79, 784
80, 313
80, 498
80, 630
81, 088
81, 109
81, 088
81, 757
82, 194
82, 088
82, 026
4, 240
4, 100
4, 254
4,364
4.2
4. 5
4. 5
4. 7
4.8
91, 354
91, 692
91, 884
84, 088
84, 294
84, 878
5,008
5, 140
4, 755
92, 801
92, 814
92, 747
90, 543
90, 556
90, 496
85, 811
85, 803
85, 863
3, 794
3, 852
3, 699
82, 017
81, 951
82, 164
4, 732
4, 753
4, 633
5. 6
5. 7
5. 3
5. 2
80, 891
81, Oil
81, 544
*Data beginning January 1972 not strictly comparable with prior data because
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.
10
4,418
4,313
4, 300
4, 207
4, 191
4. 3
5. 4
5. 0
4. 7
4. 7
5. 1
5. 0
5.0
4.9
4.8
4. 7
4.7
4. 7
4.6
5.2
5. 1
61. 2
61. 4
61. 3
61. 2
61. 5
61. 4
61. 3
61. 6
61. 8
61. 8
61. 8
62. 0
61. 9
61. 8
1
Total labor force as percent of noninstitutionai population 16 years of ago
and over.
Source: Department of Labor.
ILECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
..<> unemployment rate (seasonally adjusted) was 5.1 percent in March. This is not significantly different from the
5.2 percent in January and February. The unemployment rate for married men remained at 2.4 percent.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
:••••
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
Persons at work i n nonagri cultural ir
idustries
by hours worked j>er week 2
Uiider 35 ho urs
UneBaploymen t rate
(percen t of civili an labor
for ce in grotip)
Period
Labor
Experi- Married
force
enced
All
men
time lost * Over 40
wage
and
hours
(wife
workers salary
workers present)
Per cent
1970
1971.
1972
1973
1973: Feb
Mar
Apr__
May
June
July
Aug
Sept
Oct
Nov- _ _
Dec
1974: Jan
Feb_
Mar.
4.9
5. 9
5. 6
4. 9
4. 8
5. 7
5. 3
2. 6
3. 2
2. 8
2.3
4.5
Seasonall ?/ adjusted
5.1
4.7
2.4
5. 0
2. 5
4.6
5. 0
4.7
2.4
4.5
4.9
2. 3
4.8
2. 3
2. 1
4.7
4.7
2. 1
2. 1
4.7
4.2
2. 1
4.6
4.5
4.7
2. 1
4.4
4.4
4.4
4.4
4.8
o. 2
5.2
0. 1
4.6
4.8
4.9
4. 8
9 9fj
&.
5.3
18, 925
19, 095
20, 320
21, 284
5.4
20, 311
21, 485
20, 968
21, 966
21,467
20, 424
20, 503
22, 631
21, 797
22, 099
22, 225
19, 913
19, 730
20, 854
6. 4
6. 0
5. 2
5. 3
5. 3
5. 2
5. 2
5. 1
5. 1
5. 1
5. 1
5. 2
2. 3
5.4
5.7
2.4
2.4
5. 7
5. 6
1
Man-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 persons with jobs but not at work for such reasons as vacation, illness, bad weather,
\d industrial disputes.
Includes persons who worked part-time because of slack work, material
'tages or repairs, new job started, or job terminated.
35-40
hours
Part-ti me for
economi c reasons
Total
Part-ti me for
economi e reasons
Usually Usually Usually
fullpartfulltime 3
time 4
time 3
Thousan ds of pers ons 16 ye ars of age and over
1, 201
995
33, 537 18, 222
35, 752 16, 298
1, 184
1, 256
36, 794 16, 549
1, 327
1, 081
37, 426 17, 473
1,074
1,237
I Jnadjustec I
Seasonall /
35, 844 19, 305
1, 020
1, 068
1,024
37, 537 17, 378
967
1,096
958
37, 983 18, 000
962
966
989
37, 904 17, 239
949
1, 031
t, 043
38, 306 15, 714
1,772
1, 195
1, 099
37, 040 14, 283
1, 129
1,886
1, 161
37, 125 14, 326
1,567
1,315
1, 167
1, 092
38, 451 16, 172
1, 126
1, 106
34, 956 22, 136
1, 108
1,046
1, 103
38, 566 18, 630
1, 083
1, 104
1, 143
39, 574 17, 934
1, 192
1, 140
1,210
1,274
1, 111
38, 579 18, 682
1, 213
38, 275 19, 629 5 1, 375 5 1,222
1,381
39, 416 17, 927
1, 261
1, 127
1, 249
Usually
parttime 4
adjusted
1, 200
1, 255
1, 169
1, 211
1, 374
1, 208
1, 120
1, 247
1, 274
1, 262
1, 370
1, 373
1, 373
1, 291
4
Primarily
5
includes persons who could find only part-time work.
Average hours worked: usually full-time, 24.5; usually part-time, 19.4.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In March, insured unemployment under State programs averaged 605/000 more than a year earlier. The seasonally
adjusted insured unemployment rate increased from 3.3 to 3.4 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
JAN.
APRIL
MAR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
SOURCE; DEPARTMENT OF LABOR
Total
Insured
unem- benefits Insured
Covered
ploypaid
unem(milemployment
ployment
(weekly
lions
ment
averof dol-l
age)
lars)
Period
_
_ _
Thou sands
2, 070
59, 526
59, 375
2, 313
2, 185
1, 783
2, 250
2, 075
1, 828
1, 610
1, 523
1, 64-0
1, 572
1. 441
1, 452
1, 667
2, 093
2, 740
2, 824
2, 749
1
Beginning with January 1973, me nthly
benefits
"1 0
DEC
COUNCIL OF ECONOMIC ADVISERS
—
A 11 prograDIS
1970
1971
1972
1973 *
1973: Feb pv
_ _
Mar p
Apr
_
Mav pp June p
Julv p
_ _
Aug p
Sept _ _
Oct *p _ _
Nov p
Dec
1974: Jan »
Feb *>v
Mar
Week ended:
1974: Mar 9
16
23
30
Apr 6 p
13 "__
NOV.
2, 800
2, 752
2, 708
2, 723
2, 659
4, 179. 1
5, 498. 2
5, 491. 1
4, 441. 8
460. 6
488. 3
406. 3
379. 4
315. 6
326. 9
353. 5
287. 8
322. 9
332. 5
378.2
601. 8
625. 0
600. 0
Initial
claims
Stsite progra ms
Exhaustions
Insurer unemploy-men t as percent of covered
emplo yment
Unad- Seasonadjusted ally
justed
Weekly iiverage, t housands
296
25
1,805
2, 150
295
38
261
35
1, 848
1, 632
246
29
2, 062
32
249
213
1, 898
33
216
33
1, 669
193
31
1, 465
1, 384
206
28
275
27
1, 505
212
1, 436
27
186
25
1, 299
24
1, 299
210
266
1, 503
25
1, 922
395
27
2; 561
446
31
359
2, 630
30
293
2, 503
31
2
data revised to iiiclude exten ded
2,
2,
2,
2,
2,
580
528
477
404
331
2
310
294
285
279
288
281
IN ot charted.
SOTJi'ce: Departi nent of Labo r.
Per cent
3. 4
4. 1
3. 5
2. 7
3. 7
3. 4
2. 8
2. 5
2. 4
2. 5
2. 3
2. 1
2. 1
2. 4
3. 1
4. 1
4. 2
4.0
4. 1
4. 0
3. 9
3. 8
3. 7
2 9
2. 9
2 7
2. 7
2. 7
2. 7
2. 6
2. 6
2 6
2. 7
2. 8
3. 1
3.3
3.4
Benefi ts paid
Total Average
weekly
^milcheck
lions of
dollars) (dollars)
3, 848. 5
4, 957. 0
4, 471. 0
4, 007. 6
416. 4
441. 0
365. 7
339. 2
286. 6
296. 3
316. 3
248. 3
280. 7
289. 4
335. 8
550. 3
575. 0
550. 0
50. 34
54. 02
56. 03
58.' 73
59. 08
59. 09
59.41
58. 44
58. 12
57. 42
57. 46
58. 13
58.97
59. 61
60. 40
61. 76
61. 90
62. 00
>NAGRICULTURAL EMPLOYMENT
adjusted nonagricultural payroll employment decreased by 125,000 in March. Although the decline
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
80 f
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
18
(ENLARGED SCALE)
16
WHOLESALE AND
RETAIL TRADE
14
NONMANUFACTURING
(PRIVATE)
44
j
40
12
SERVICES
DURABLE
MANUFACTURING
\.~ — \
12
10
l~
\
(H \
§
NONDURABLE
MANUFACTURING
-
MAr^UFACTURING
20
"*.,.
„„.
,..,.,,,r.mni,,.i...i«""
\
"""*
"
.
GOVERNMENT
;
-
CONTRACT
CONSTRUCTION
12 F
,
A ! 1 ! ! 1 ! ! I ! | 1
*
1971
! 1 ! ! 1 I 1 t ! t 1
1972
1 ! ) t ! 1 ! 1 t ! t
1973
t I 1 ! | ! 1 1 ! 1 IN
1974
1971
1972
1973
1974
COUNCIL OF ECONOMIC ADVISERS
l
[Thousands of wage and salary workers; seasonally adjusted]
Man ufa cturing ( private)
Period
Total
1968
1969
1970_
1971
1972.
1973
1973: Feb..
Mar.
Apr__
May.
June_
July__
Aug__
Sept__
Oct__
Nov_
Dec._
1974: Jan__
Feb »
Mar"
67, 915
70, 284
70, 593
70, 645
72, 764
75, 567
74, 715
74, 914
75, 105
75, 321
75, 526
75, 478
75, 747
75, 961
76, 363
76, 679
76, 626
76, 533
76, 773
76, 648
Total
19, 781
20, 167
19, 349
18, 529
18, 933
19, 820
19, 586
19, 643
19, 727
19, 782
19, 856
19, 804
19, 861
19, 882
20, 016
20, 095
20, 090
20, 006
19, 892
19, 780
NonDurable durable
goods goods
11, 626
11, 895
11, 195
10, 565
10, 884
11, 633
11, 421
11, 463
11, 534
11,602
11, 654
11, 646
11, 692
11, 708
11, 802
11, 859
11, 859
11, 774
11, 676
11, 580
K onmanu facturinj * (private)
Total
Con- Trans- Whole- Finance,
insurtract portasale
tion
ance, Services Federal State
Mining conand
and
and
and
strue- public
retail
local
real
tion utilities trade
estate
8, 155 36, 288
8, 272 37, 915
8, 154 38, 709
7,964 39, 261
8, 049 40, 541
8, 186 42, 089
8, 165 41, 596
8, 180 41, 697
8, 193 41, 764
8, 180 41, 897
8, 202 42, Oil
8, 158 42, 079
8, 169 42, 249
8, 174 42, 423
8, 214 42, 601
8, 236 42, 746
8,231 42, 649
8,232 42, 636
8, 216 42, 891
8,200 42, 852
^-,v^,v^ _,^ ,c^,,v>, c*^ p^ouniiGj ^i me Armea i(orces. local aenvea irom
>le not comparable with estimates of nonagricultural employment oi the
labor force, shown on p. 10, which include proprietors, self-employed
;, and domestic servants; which count persons as employed when they
Gover nment
606
619
623
602
607
625
612
610
608
608
629
631
634
633
639
644
646
654
658
653
3, 285 4, 310
3, 435 4, 429
3, 381 4,493
3, 411 4, 442
3,521 4,495
3, 648 4, 611
3, 594 4, 580
3,604 4, 580
3, 571 4, 591
3, 620 4, 593
3, 654 4, 597
3, 680 4, 598
3, 676 4, 617
3, 700 4, 629
3, 694 4, 671
3, 711 4, 654
3, 732 4, 644
3, 636 4, 684
3,744 4, 688
3, 710 4, 670
14, 084
14, 639
14, 914
15, 142
15, 683
16, 288
16, 114
16, 163
16, 217
16, 256
16, 262
16, 294
16, 352
16, 388
16, 465
16, 520
16, 398
16, 417
16, 456
16, 467
3,382
3, 564
3,688
3,796
3, 927
4, 053
4, 014
4, 024
4, 031
4,044
4, 049
4, 048
4, 064
4, 078
4,088
4, 095
4, 101
4, 109
4, 126
4, 123
10, 623
11, 229
11, 612
11, 869
12, 309
12, 866
12, 682
12, 716
12, 746
12, 776
12, 820
12, 828
12, 906
12, 995
13, 044
13, 122
13, 128
13, 136
13, 219
13, 229
2, 737
2, 758
2, 705
2, 664
2, 650
2, 627
2, 628
2, 631
2, 628
2, 641
2, 613
2,588
2, 599
2, 613
2, 626
2, 638
2, 654
2, 658
2, 670
2, 670
9, 109
9, 444
9,830
10, 191
10, 640
11, 031
10, 905
10, 943
10, 986
11,001
11, 046
11, 007
11, 038
11, 043
11, 120
11, 200
11, 233
11, 233
11, 320
11, 346
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
-eports from employing establishments.
Source: Department ol Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted average workweek In the private nonfarm sector decreased by 0.1 hour to 36.8 hour
March. Hours of work declined in manufacturing, contract construction, and retail trade.
HOURS PER WEEK (SEASONALLY ADJUSTED}
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
461
MANUFACTURING
TOTAL NONAGRICULTURAL PRIVATE
44
42
40
38
36
34
i ti i iI i i i ii
I I I I I I I t M I
1971
i i i i i I i i i t i
1973
1972
t i i i i I it t ii
1971
1974
42
1972
1973
1974
1972
1973
1974
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
38
36
34
34
32
30
30
1971
SOURCE:
J
1972
1973
1974
1971
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Period
Total
nonagricultural
private 2
Manufacturing
38. 8
38.6
38. 0
37. 8
37. 7
37. 1
37. 0
37. 2
37. 1
36. 8
36. 9
36.9
37.0
37. 4
37. 6
37. 5
37. 3
37.0
37. 0
37. 2
36.4
36. 5
36. 6
41. 2
41. 3
40. 6
40.7
40. 6
39. 8
39. 9
40.6
40. 7
40.6
40.8
40. 7
40.7
40. 9
40. 5
40. 5
41.0
40.7
40.8
41. 2
40. 0
40. 1
40. 2
Contract
construction
Retail
trade 3
Total
nonagricultural
private 2
1
D ata relate to production
2
Also includes other private
s
workers or nonsupervisory employees.
industry groups shown on p. 13.
Includes eating and drinking places.
14
Contract
construction
Retail
trade 3
SeasonallyT adjusted
Unad justed
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: Feb
Mar _ _ _ _
A pr
May
Juiie__
Julv
Aug
Sept
Get
Nov
Dec.__
1974: Jan ___
Feb*
Mar v
Manufacturing
37. 4
37. 6
37. 7
37. 4
37. 9
37. 4
37. 3
37.0
37. 2
34. 9
36.6
36.8
37.5
38. 1
38. 4
38. 3
37.9
37.7
37. 5
36. 6
34. 9
36. 3
36. 8
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33.6
33. 2
32. 9
32. 9
33. 0
33. 0
33.8
34. 3
34. 1
33. 2
32. 8
32. 8
33.2
32. 3
32. 3
32. 3
37. 2
37.1
37. 2
37. 2
37. 1
37. 2
37. 0
37. 2
37. 0
37. 1
37. 0
36.7
36.9
36. 8
Source: Department of Labor.
41.0
40.9
40. 9
40. 7
40.6
40. 7
40. 5
40. 8
40. 6
40. 6
40. 7
40.3
40.5
40. 3
88.2
37.0
37. 0
37.6
37. 4
37. 5
37. 1
36. 7
36. 9
38.5
37. 2
36. 2
37.6
37. 2
33. 5
33. 4
33. 4
83. 4
o»J. 5
33. 2
33. 0
<>'j. S
83. 0
,13. 1
32. 9
32. 8
32. 9
32. 3
"VERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
verage hourly earnings (not seasonally adjusted) In private nonfarm production and nonsupervisory jobs increased
r
1 cent (3.0 percent annual rate) in March to $4.05. This is an increase of 25 cents (6.6 percent) over the previous
l\4arch. Weekly earnings increased in manufacturing, construction, and retail trade.
DOLLARS
DOLLARS
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
280
7.00
CONTRACT
CONSTRUCTION
240
6.00
CONTRACT
CONSTRUCTION
XV
s\
200
5.00
MANUFACTURING
MANUFACTURING
160
4.00
TOTAL NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
1
3.00
120
-r"/""
RETAIL TRADE
RETAIL TRADE
80
2.00
• r i i i I i i t M
1971
SOURCE:
1974
1973
1972
1972
1971
1974
1973
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average h Durly earni nffs — curre nt dollars Average vweekly earn ings— curr snt dollars
Period
Total
nonagricultural
private *
1965
1966
1967
1968
1969
1970
1971__
_ _
1972
1973
1973: Feb
Mar. _ _
Apr__
Manufacturing
Contract
construction
Retail
trade 2
Total
nonagricultural
private 1
Dec_ _ _ _
$2. 45
2. 56
2. 68
2. 85
3. 04
3. 22
3. 43
3. 65
3. 89
3.78
3. 80
3. 83
3. 85
3. 87
3. 90
3. 91
3. 99
3. 99
4. 00
4. 01
$2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3.56
3. 81
4. 07
3. 97
3. 98
4. 01
4. 02
4. 04
4. 06
4. 06
4. 13
4. 14
4. 16
4. 21
$3. 70
3. 89
4. 11
4.41
4. 79
5. 24
5. 69
6.06
6. 47
6. 31
6.28
6. 31
6. 34
6. 35
6. 40
6. 46
6. 64
6. 66
6. 67
6. 70
$1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 70
2.87
2. 80
2. 81
2. 83
2. 84
2. 86
2. 86
2. 87
2. 92
2. 93
2. 94
2. 94
$95. 06
98.82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
144. 32
139. 10
140. 22
141. 33
142. 45
144. 74
146. 64
146. 63
148. 83
147. 63
148. 00
149. 17
1974: Jan
Feb p _ _
Mar * _
4.02
4. 04
4. 05
4. 21
4.21
4.23
6. 74
6. 74
6. 74
2. 99
2.99
3. 01
146. 33
147. 46
148. 23
May
June
July
Aug
Sept _
Oct
Nov
1
Also includes other private industry groups shown on p. 13.
i2s Includes eating and drinking places.
' Adjusted to exclude the effects of overtime and interindustry shifts.
31-925°—74—
3
Manufacturing
Contract
construction
Retail
trade 2
$107.
112.
114.
122.
129.
133.
142.
154.
165.
161.
162.
163.
163.
165.
164.
164.
169.
168.
169.
173.
53
34
90
51
51
73
04
69
65
18
38
21
61
24
43
43
33
50
73
45
$138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
240. 68
220. 22
229. 85
232. 21
237. 75
241. 94
245. 76
247. 42
251. 66
251. 08
250. 13
245. 22
$66. 61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90. 72
95.28
92. 12
92.45
93.39
93.72
96.67
98. 10
97. 87
96. 94
96. 10
96. 43
97. 61
168. 40
168. 82
170. 05
235. 23
244. 66
248. 03
96. 58
96. 58
97.22
Manuf£ icturing
indu 3 tries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
i nn s
dollars 4
$113. 79
92.6
115. 58
95.7
114. 90
100. 0
117. 57
106. 2
117. 95
112. 6
114. 99
119. 6
117. 10
127. 5
123. 46
135.4
124. 15
143.4
140. 1
125. 33
140.7
125. 10
141.3
124. 87
124. 42
142.0
142. 4
124. 80
143. 2
123. 91
143. 9
121.71
124. 97
145.2
123. 35
145.9
123. 35
146. 7
148.3
125. 23
149. 1
149.7
150.5
4 Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.
120. 54
119. 31
118. 83
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production (seasonally adjusted) declined 0.5 percent in March, following declines of 0.8, 0.9, and 0.7
percent in December, January, and February, respectively. The decline in March was centered in nondurable consumer goods and durable goods materials.
Index, 1967 =100 (SEASONALLY ADJUSTED)
Index, 1967 = 100 (SEASONALLY ADJUSTED)
TOTAL
140
120
100
80 I ! I I I I 1 I I I I I
1971
M t I I IJ
I..I
I I
I I ! I 1I I I I I I
1972
I I I I I I I I I t
100
1974
1973
140
120
100
1971
1974
197]
1974
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Fericd
1966
1967
___
1968
1969
1970
1971
1972
1973
1973: Feb
Mar
Apr
May
June
July
Aug_
Sept _
Oct
Nov
__ _
Dec___ _
1974: Jan _p
Feb _. _
Mar p
Total
industrial
production
97.9
100. 0
105. 7
110. 7
106.6
106. 8
115. 2
125. 6
123. 4
123. 7
124. 1
124. 9
125. 6
126.7
126. 5
126. 8
127.0
127. 5
126. 5
125.4
124. 5
123. 9
COUNCIL OF ECONOMIC ADVISERS
[1967= 100, seasonally adjusted]
Industry
Mginufacturi ng
Total
98. 3
100. 0
105. 7
110. 5
105. 2
105. 2
114. 0
125. 1
122.7
123. 4
123. 8
124. 9
125.6
126.5
126. 1
126. 3
126. 4
127. 4
126. 4
125. 0
123. 9
123. 4
NonDurable durable
99. 0
100. 0
105. 5
110. 0
101. 4
99. 4
108. 4
122. 0
118. 7
119. 9
120. 6
121. 9
123.0
123. 8
122. 6
123. 3
123. 6
124. 3
123. 1
120. 7
119.4
118. 6
Source: Board of Governors of the Federal Reserve System.
16
97. 3
100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
129. 7
128. 4
128. 6
128. 4
129. 2
129. 3
130. 6
130. 9
130. 7
130. 4
131.3
131. 2
131. 0
130.3
130. 4
Mining Utilities
98. 4
100. 0
103. 9
107. 2
109. 7
107.0
108. 8
110. 3
110. 2
109. 5
109. 0
109. 1
109. 5
111. 0
111. 5
111. 8
111. 9
111. 3
110. 4
110. 8
111.6
112. 8
93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
143. 4
152. 6
150. 5
149. 6
148. 7
149. 5
151. 6
154. 8
154. 8
155. 8
156. 2
154. 6
147. 6
144. 9
148. 5
147. 8
Market
Fitial produ cts
ConEquipTotal
sumer
ment
goods
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111. 9
121. 3
119. 3
119.6
120. 0
120. 8
121. 3
122. 1
121. 4
122. 4
122. 7
123. 6
122. 6
120. 9
120.5
120. 1
98. 6
100. 0
106. 6
111. 1
110. 3
115. 7
123. 6
131. 7
130. 2
130. 8
130. 9
131. 7
131. 9
132.9
131. 2
132. 3
132. 6
133. 5
131. 3
129. 2
128. 0
127. 3
93. 0
100. 0
104. 7
106. 1
96. 3
89. 4
95. 5
106. 7
104. 1
104. 1
104. 7
105. 7
106. 6
107. 3
107. 6
108. 5
108. 9
110. 1
110. 1
109. 1
110.0
110. 0
Intermediate
products
99. 2
100. 0
105. 7
112. 0
111. 7
112. 5
121. 1
131.0
129. 5
129. 4
129. 3
130. 5
132. 0
132. 5
132. 1
131. 0
130. 6
131. 1
129. 1
129. 3
128.3
127. 8
TV/T 4-
rials
99. 8
100. 0
105.7
112. 4
107. 7
107.4
117. 4
129. 3
126. 7
127. 0
127. 7
128. 3
129. 0
130. 9
130. 9
131. 3
131. 1
131.5
130. 7
129.5
128.2
127. 2
RODUCTION OF SELECTED MANUFACTURES
, iost durable and nondurable manufactures (seasonally adjusted) declined again in March. Largest declines were
in primary metals, machinery, and the textiles, apparel, and leather groups.
Index, 1967 =100 {SEASONALLY ADJUSTED)
Index, 1967=100 (SEASONALLY ADJUSTED)
160
CHEMICALS, PETROLEUM,
•AND RUBBER
T40
PAPER AND
PRINTING
120
^^— ,.,„
100
1971
1972
1973
1974
TEXTILES, APPAREL,
AND LEATHER
100
1974
1971
1971
1974
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967=100, seasonally adjusted]
Durab le manufoictures
Period
Primary
metals
1966
1967
1968
1969
1970
1971
1972
1973
_ _ _ _ _
_
1973: Feb
Mar
Apr
Mav
June
Julv
Aug
Sept _
Oct
Nov
Dec_
1974: Jan
Feb "
Mar v
__
_
_ ___ _ _ _ _ _ _ _
__
.
Nc>ndurable manufactu res
FabriTranspor- Lumber Textiles, Paper
cated
Machin- tation
and
and
apparel,
metal
ery
equipprodand
printproducts
ment
ing
leather
ucts
Chemicals, Foods
petroleum, and tobacco
rubber
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
113. 1
127.0
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
114. 8
130.5
98. 6
100. 0
101. 9
106.8
100. 3
96. 2
107.5
125.8
101. 2
100. 0
109. 7
107. 6
90.4
92. 9
99. 0
109. 1
98. 4
100. 0
104. 8
108. 6
106. 3
113. 9
122. 4
127. 9
101.7
100. 0
104. 9
105. 9
100. 2
100. 7
108. 1
115. 0
98. 9
100. 0
104. 2
109. 1
107. 8
107. 8
116. 1
122.2
94. 1
100. 0
109. 6
118. 4
118. 2
124. 7
137. 8
149. 3
97. 0
100. 0
103. 6
107. 5
110. 8
113. 7
117. 6
121. 9
124.7
123. 5
125. 8
126. 1
124. 5
128. 1
125. 6
127. 8
128. 7
128. 9
130. 7
126. 2
128. 4
128. 9
130. 3
133. 4
133. 5
133. 8
131. 5
132.4
133. 1
130. 0
119. 1
121. 4
122. 6
124. 7
126. 9
127. 6
128. 5
130. 0
129. 3
130.4
130. 9
110. 0
110. 3
110.0
111. 0
112. 2
112. 1
105. 7
107. 3
108.8
109. 8
103. 0
128. 5
129.5
129. 1
127. 5
126. 6
125. 4
128.4
128. 9
127.4
127. 3
126. 3
114. 4
114. 6
114. 0
113. 3
115. 0
114. 5
115. 4
117.5
116.8
116.7
118.8
121. 5
122. 4
120. 8
121.9
122. 8
123. 8
124. 5
122. 1
121. 3
121. 9
121. 2
146.3
146. 3
147. 9
150. 2
149. 8
151. 8
151. 0
150. 9
151. 1
151. 6
151. 6
122. 0
121. 5
120. 7
121. 5
119. 5
121. 3
122. 0
122. 2
121. 7
124. 7
123.0
129.4
127. 0
124. 0
131. 4
130.5
129.3
127. 9
126. 8
125. 3
95. 7
93.4
93. 4
124. 2
124. 4
116. 0
114. 2
112. 6
121. 7
120. 5
121. 7
150. 9
149.7
151. 3
124.7
125.5
124. 6
1
Source: Board ol Governors of tbe Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (not seasonally adjusted) declined in March.
MILLIONS OF SHORT TONS
16
MILLIONS OF TONS
STEEL
14
12
1 L , , 1 , , , 1I , , , ! , , , I | , , 1, , , , I , , , I I , , , 1 , , , I , M I , , , , 1 t I ,
J
F
M
A
M
BILLIONS OF KILOWATT HOURS
50
ELECTRIC POWER
40
30
100
1972
20
M
M
M
M
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1967
1968
1969
1970
1971
1972
1973 "
1973: Feb
Mar
Apr
May
June.
July
Aug
_
Sept.
Oct ___
Nov
Dec_ _
1974: Jan
Feb
Mar v
Week ended:
1974: Mar 2
9
16
23
30v
Apr 6
13 »
includes data for Alaska.
18
1 <•%
Steel piroduced
Index
Thousands
(1967=
of net
tons
100)
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car s and triicks
power
coal mined
loaded
produced assemb led (thoiisands)
distributed (thousands (thousands
(thousands
of short
(millions of
of cars)
of tons)
Total
Cars Trucks
kilowatt-hours) tons) 1
2, 440
2,515
2,709
2,522
2,310
2, 549
2, 892
2, 906
2,954
2, 981
2,974
2,911
2, 781
2, 750
2,857
2, 906
2, 934
2, 878
2, 873
2, 900
2, 881
100.0
103. 1
111. 0
103. 4
94. 7
104.5
118. 5
119. 1
121. 1
122. 2
121. 9
119. 3
114. 0
112. 7
117. 1
119. 1
120. 3
118. 0
117. 8
118. 8
118. 1
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
35, 800
33, 643
33, 164
33,543
38, 061
39, 417
39, 783
36, 572
34, 762
34, 336
34, 911
35, 150
35, 617
34, 224
10, 627
10, 485
10, 779
11, 595
10, 619
11,450
11, 346
11, 124
11, 330
10, 945
11,493
10, 498
9,621
12, 090
12, 054
12, 175
11, 530
11, 111
11, 348
12, 201
12, 078
540
543
543
522
486
502
525
509
516
518
543
545
504
543
543
564
536
487
491
524
529
439
479
507
489
501
548
569
580
588
582
589
582
525
586
543
590
577
512
505
584
595
172.9
207.6
195. 8
158. 9
204. 8
217.3
243. 5
277. 6
276. 1
262. 0
269. 9
280. 1
216. 6
151. 5
234. 3
269. 2
257. 4
177. 0
189. 1
200. 1
196. 1
142. 4
170.1
158. 1
125. 9
165.0
169.6
185.8
213. 3
212. 1
200. 8
207. 3
216. 7
164. 4
106. 5
179. 0
208. 8
198. 5
129. 0
133. 1
141. 1
139. 2
30.5
37.5
37.8
33. 0
39. 8
47.6
57.7
64. 3
64. 1
61.2
62. 6
63. 3
52. 2
45. 0
55. 3
60. 5
58.9
48. 0
56. 0
59. 0
56^8
2,891
2,896
2,839
2, 875
2, 872
2,914
2, 904
118. 5
118.7
116. 4
117. 8
117. 7
119. 4
119. 0
35, 657
33, 443
34, 314
34, 373
34, 766
33, 849
33, 280
11, 640
11, 350
11, 305
12, 650
13, 005
11, 385
527
525
524
534
534
511
504
587
577
599
603
601
589
211. 5
202. 3
173. 4
209. 1
199. 5
201. 3
179. 5
151. 1
144. 5
119. 9
151. 0
141. 6
144. 7
134. 0
60.4
57. 8
53. 4
58. 2
57. 9
56. 5
45. 5
Sources: Ameilean Iron and Steel Institute, 1 dison Elec trie Institu te, Depar
]tnent of the Inte rior, Associatio n of American '. Railroads, iAmerican P aper In
itute, and Ward' s Automotive K oports.
EW CONSTRUCTION
ccording to preliminary estimates, expenditures for new construction (seasonally adjusted) were about the same in
rebruary as in January. Declines in private residential and public construction were about offset by increases in
commercial, industrial, and other private construction.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160 I
ADJUSTED ANNUAL RATES
140
120
100
80
60
- PUBLIC _
I ,
*
«**"[
40
1
"""'""•--"••«" ""
20
20
1968
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
1968
1969
1970
1971
1972
1973
_
Total new
construction
expenditures
86. 6
93. 4
94. 2
109. 2
123. 8
135. 1
Total
59. 0
65. 4
66. 1
79. 4
93.6
102. 6
Resid ential
CommerNew
cial and
housing industrial
Total i
units
Bi lions of doll ars
30. 6
24. 0
13. 8
33. 2
25. 9
16. 2
24. 3
16. 3
31. 9
43. 3
35. 1
17. 0
44. 7
54.2
18.1
47. 7
57.7
21. 6
Other
Federal,
State,
and
local
14. 7
16. 0
17.9
19. 1
21. 3
23. 2
27. 6
28. 0
28. 1
29.9
30.2
32.5
22. 3
22. 4
22. 6
22. 5
22. 4
22. 9
23. 0
23. 6
23.6
23. 1
23.8
24. 4
24. 1
24. 7
24. 9
33. 1
33. 7
32. 3
33. 6
32. 6
32. 3
31.0
31.5
31. 1
33.2
33. 5
32. 9
33.8
34.4
34. 0
/Seasonal/ adjusted aiinuai rates
1972: Dec
1973: Jan __ _ _
Feb
Mar
Apr _
May _
June _
July
Aug
Sept__
Oct
Nov
Dec
1974: Jan"
Feb *
131. 6
135. 7
136. 4
137. 5
133. 9
134. 2
133. 7
136. 5
136. 4
136. 2
135. 9
134. 8
133.4
132. 8
133. 2
98. 5
102. 0
104. 1
103. 8
101. 3
101. 8
102. 7
105. 0
105. 3
103. 0
102. 4
101. 9
99.6
98.4
99. 2
57. 5
59. 4
61. 5
60. 7
58. 1
57. 5
58. 1
59. 0
59.2
58. 5
56. 5
54. 7
52. 7
50.4
49. 9
48. 0
48. 1
49. 4
49. 6
48. 9
49. 2
49. 5
49. 5
49. 3
48. 2
46. 0
44. 1
42. 0
39. 7
39. 3
1 includes nonhousekeeping residential construction and additions and alteraions, not shown separately.
2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
Beginning 1971 for floor space.
18. 6
20. 3
20. 1
20. 6
20. 8
21. 5
21.6
22. 5
22. 5
21.4
22. 1
22. 9
22. 7
23. 2
24. 5
Construct! oQ contracts
CommerTotal value cial and
index,
industrial
(1967 = Hoor space
100)
(millions of
square feet)
113. 2
123. 7
123. 1
145. 4
165.3
181. 3
779
883
743
727
854
1,021
Seasonally
Seasonally adjusted
adjusted
annual
rates
163
181
191
193
177
173
183
175
199
182
191
194
161
155
187
953
1, 022
1, 029
993
1, 012
988
1,027
1, 161
1, 118
1, 029
1, 106
1, 047
815
885
968
NOTE.—Seasonally adjusted floor space series revised.
Sources: Department oi Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Housing starts (seasonally adjusted) declined 22 percent in March to an annual rate of 1,460,000. This followed v
sharp rise in February. Starts for the first quarter of 1974 were at a rate of 1,595,000, compared to 1,584,000 in the
fourth quarter of 1973.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
1.0
1968
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCES; DEPARTMENT OF CO/AMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
[Thousands of units]
Hou sing star ts
Period
1968
1969
1970
1971
1972___
1973
1973: Feb
Mar_
_
Apr
May
June
July _
Aug _ _
Sept
Oct._._
Nov - _
Dec _
1974: Jan
Feb »
Mar *
1
2
_
_ _
_
_
___
Private
Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
Total
1, 545. 4 1, 507. 6
1, 499. 5 1, 466. 8
1, 469. 0 1, 433. 6
2, 084. 5 2, 052. 2
2, 378. 5 2, 356. 6
2, 057. 5 2, 045. 3
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
139. 5
201. 1
205. 4
234.2
203. 4
203. 2
199. 9
148. 9
149. 5
134. 6
90. 6
86. 2
107. 5
124. 2
138. 0
200.0
205. 0
234.0
202. 6
202. 6
197.2
148. 4
147. 1
133. 3
90. 4
84. 5
107. 3
121. 8
Total ( neluding; farm)
2,423
2,283
2, 153
2,330
2, 152
2, 152
2,030
1,844
1,674
1,675
1,403
1,464
1,862
1,460
Gover nment
home pirograms
(nonf arm)
Two or
more
FIIA i
VA
units
899.4 608. 2
147. 7
56. 1
810. 6 656. 2 153. 6
51. 2
812. 9 620. 7 233. 5
61. 0
94. 0
1, 151. 0 901. 2 301. 2
1, 309. 21, 047. 5 198.4 104. 0
1, 132. 0 913. 3
73.6
86. 1
Seasona lly ad jus ted annu al
1,363
1,060
110
105
1,244
92
1,040
100
922
1,231
75
98
82
1,243
1,088
109
1,013
89
1, 140
79
1,232
920
88
81
921
69
92
1, 108
One
unit
990
957
938
767
793
1, 042
Units are for 1- to 4-family housing.
Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1972; 13,000 for 1967-71; 12,000 for 1963-66; and 10,000 prior to 1963.
20
Propos 3d home
constniction 3
943
854
718
737
636
671
820
517
66
52
57
37
39
48
71
62
57
68
61
64
72
New
private
housing
units
authorized 2
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 795. 5
rates
2, 209
2, 129
1,939
1, 838
2, 030
1, 780
1,750
1,596
1,316
1, 314
1, 237
1,301
1, 333
1,421
Applications for Requests
for VA
FHA
appraiscommitals
ments l
168. 9
187. 6
315. 0
366. 8
225. 2
83. 2
131. 7
138.2
143. 7
217. 9
209. 4
161. 9
102
94
71
91
99
92
69
94
51
56
30
46
62
216
200
168
166
166
136
141
137
142
134
124
124
163
144
3
Units represented by mortgage applications or appraisal requests for new
home construction.
I
Sources: Department of Commerce, Department of Housing and Urba
Development, and Veterans Administration.
USINESS SALES AND INVENTORIES—TOTAL AND TRADE
jring February, inventories held by manufacturing and trade firms rose $3 billion (seasonally adjusted), which Was
close to the average monthly increase in the preceding 3 months. Retail sales rose 2 percent from February to March
according to advance reports.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
(SEASONALLY ADJUSTED)
240
RETAIL TRADE (ENLARGED SCALE)
30 —DURABLE GOODS b I ORES'
220
25
20
15
\ *
SALES
10
NONDURABLE GOODS STORES
30
25
20
1971
1971
1974
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total I)usiness
1
R(5tail
Wholesale
Sales2
Period
Sales 2
Inventories 3
Sales2
Inventories 3
1966
1967...
1968
1969
__
1970
1971
1972
1973
87, 178
89, 698
97, 100
103, 104
104, 708
112, 267
124, 680
144, 541
136,
145,
155,
166,
174,
183,
196,
221,
729
164
376
813
875
622
002
357
JMillions of
16, 979
20, 691
17, 099
21, 557
IS, 329
22, 528
19, 726
24, 363
20, 554
26, 604
22, 280
28, 916
24, 850
31, 732
30, 405
36, 926
1973: Jan
Feb
Mar
Apr
May
June _
July
Aug__
Sept
Get
Nov
Dec
1974: Jan
Feb ^ _
Mar *
136, 863
138, 910
141, 010
141, 274
142, 682
142, 311
146, 458
146, 068
146, 235
150, 157
153, 096
151, 381
155, 015
157, 041
198,
199,
201,
202,
204,
206,
208,
210,
212,
214,
217,
221,
224,
227,
157
956
317
529
623
961
776
548
227
284
637
357
657
701
27, 755
28, 423
29, 312
29, 621
29, 675
29, 528
30, 443
30, 692
30, 646
31,918
33, 101
33, 910
34, 896
36, 128
• The lerna "business" also includes manufacturing (see page 22).
2 Monthly average tor year and total for month.
1974
32, 582
33, 051
33, 245
33, 574
33, 986
34, 148
34, 653
34, 964
35, 266
35, 379
36, 265
36, 926
37, 826
38, 476
Inventories
NonDurable durable
Total
goods
goods
stores
stores
dollars, seasonally aidjusted
25, 330
8, 192 17, 138 38, 073
26, 151
8, 348 17, 803 38, 952
28, 490
9, 268 19, 222 41, 973
29, 824
9, 626 20, 197 45, 376
31, 294
9, 524 21, 770 46, 626
34, 071 10, 985 23, 086 52, 261
37, 365 12, 472 24, 893 56, 551
41, 943 14, 190 27, 754 63, 561
Total
40, 707
41, 242
41, 979
41, 185
41, 723
41, 167
42, 767
42, 355
42, 529
42, 970
42, 976
42, 116
42, 932
43, 034
43, 897
14, 234
14, 405
14, 612
14, 339
14, 299
13, 731
14, 409
14, 481
14, 267
14, 331
14, 090
13, 270
13, 525
13, 290
13, 502
26, 473
26, 837
27, 367
26, 846
27, 424
27, 436
28, 358
27, 874
28, 262
28, 639
28, 886
28, 846
29, 407
29, 744
30, 395
57, 388
57, 823
57, 898
58, 378
59, 012
59, 788
60, 213
60, 677
60, 847
61, 681
62, 937
63, 561
64, 261
64, 394
2
Book value, end of period, seasonally adjusted.
Source: Department of Commerce.
Durable
goods
stores
3
Nondurable
goods
stores
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
26, 034
28, 778
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 517
34, 783
26, 144
26, 234
26, 146
26, 356
26, 661
27, 051
27, 494
27, 563
27, 507
27, 926
28, 662
28, 778
28, 852
28, 789
31, 244
31, 589
31, 752
32, 022
32, 351
32, 737
32, 719
33, 114
33, 340
33, 755
34, 275
34, 783
35, 409
35, 605
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' shipments, orders, and inventories (seasonally adjusted) rose from January to February. The ratio
inventories to shipments, although slightly higher than in 1973, remained low by the standard of the past severe,,
years. Advance data for March indicate both durable shipments and orders declined.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
INVENTORIES
120
100
DURABLE GOODS
80
60
40
NONDURABLE GOODS
20
RATIO
2,00
1.80
^ I N V E N T O RY-SHIPMENT 5 RATIO
^Xr**^.
TOTAL
1.60
1.40
1971
1974
^^"^^^^
1 , , , ,( . . , , ,
i .i . i 1 . i . .i
1971
1972
.,...!.,.,,
1973
SOURCE: DEPARTMENT OF COMMERCE
1974
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments l Manufac burers' inv entories 2
Ma nufacture rs' new orde rs
1
Durafc>le goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
NonCapital
durable
goods
goods
industries,
nondefense
Manufacturers'
inventory —
shipments3
ratio
Millions of dollars seasonal!y ad juste d
1967
1968
1969
1970
1971
1972
1973
1973: Feb
Mar ___
Apr_
Mav. _
June
Julv.
Aug._
Sept
Oct.
Nov
Dec
1974: Jan_ _ _
Feb "
Mar v _
1
2
3
46, 449
50, 282
53, 555
52, 860
55, 917
62, 466
72, 193
69, 245
69, 719
70, 468
71, 284
71, 616
73, 248
73, 021
73, 060
75, 269
77, 019
75, 355
77, 187
77, 879
25, 212
27, 694
29, 459
28, 231
29, 948
33, 892
39, 519
38, 122
38, 064
38, 651
39, 284
39, 257
40, 779
39, 633
40, 162
41, 567
41, 896
40, 203
40, 792
40, 974
40, 809
21, 236
22, 588
24, 096
24, 629
25, 969
28, 573
32, 674
31, 123
31, 655
31,817
32, 000
32, 359
32, 469
33, 388
32, 898
33, 702
35, 123
35, 152
36, 395
36, 905
84, 655
90, 875
97, 074
101, 645
102, 445
107, 719
120, 870
109, 082
110, 174
110, 577
111, 625
113, 025
113, 910
114, 907
116, 114
117, 224
118,435
120, 870
122, 570
124, 831
54, 931
59, 112
63, 371
66, 768
66, 050
70, 218
79, 441
71, 136
71, 873
72, 213
72, 867
73, 801
74, 278
75, 213
76, 249
76, 951
77, 645
79, 441
80, 541
81, 925
Monthly average for year and total ior month.
Book value, end of oeriod, seasonally adiusted.
For annual periods, ratio ol wei'-hted averace inventories to average monthly
22
29, 724
31, 763
33, 703
34, 877
36, 395
37, 501
41, 429
37, 946
38, 301
38, 364
38, 758
39, 224
39, 632
39, 694
39, 865
40, 273
40, 790
41, 429
42, 029
42, 906
46, 763
50, 243
53, 646
52, 063
55, 732
63, 514
74, 636
71, 022
72, 806
73, 325
74, 535
75, 361
75, 145
76, 113
75, 129
77, 758
79, 441
76,811
79, 077
80, 017
25, 526
27, 666
29, 549
27, 431
29, 751
34, 867
41, 897
39, 765
41, 021
41, 341
42, 449
43, 016
42, 697
42, 689
42, 259
44, 037
44, 315
41, 546
42, 453
43, 157
42, 243
6,971
7, 694
7, 021
7, 339
8, 983
11, 037
10, 105
10, 572
10, 619
10, 919
11, 415
11, 404
11, 032
11,267
11, 595
11,970
11, 569
11, 746
12, 210
11, 633
21, 238
22, 577
24, 097
24, 632
25, 981
28, 648
32, 738
31, 257
31, 785
31, 984
32, 086
32, 345
32, 448
33, 424
32, 870
33, 721
35, 126
35, 265
36, 624
36, 860
1. 76
1. 74
1. 76
1. 89
1. 82
1. 67
1. 57
1. 58
1. 58
1. 57
1. 57
1. 58
1. 56
1. 57
1. 59
1. 56
1. 54
1.60
1. 59
1. 60
shipments; for monthly data, ratio oi inventories at end of month to shipments
for month.
Source: Department of Commerce.
IERCHANDISE EXPORTS AND IMPORTS
February, both merchandise exports (at $7.6 billion, seasonally adjusted) and imports (at $7.4 billion, seasonally
adjusted) reached new record high levels.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1974
1968
j/SEE NOTE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Period
[Millions of dollars]
Mereh andise irnports
Alerchandise expon ,S
Total (includGent>ral impc>rts 3
Domesti 3 exports
2
mg ree xports) *
Food, Crude
Food, Crude ManuTotal
bever- mateSeasonbever- matefac2
tured Season- Unadrials
ally ad- Unad- Total ! ages,
rials
ages,
justed justed
goods ally ad- justed and to- and
and to- and
justed
bacco
fuels
bacco fuels
Monthly average:
1966
1967
1968
1969
1970
1971
1972
1973
2,458
2, 586
2, 839
3, 111
3,555
3,629
4, 102
5,900
2,421
2,554
2, 802
3, 066
3,502
3,576
4,035
5,809
432
392
383
370
422
423
547
1,078
367
394
405
417
558
537
591
895
1, 602
1,737
1, 985
2,232
2,445
2,537
2, 813
3,725
2, 135
2,241
2,769
3,004
3,329
3,797
4,632
5,760
Oct
Nov
Dec
1974: Jan
Feb
1
4,955
5,071
5, 309
5,492
5, 557
5, 726
5, 860
6, 044
6,414
6, 584
6, 871
6,954
7, 111
7, 606
4,732
4,866
5, 922
5, 561
6,021
5,858
5,326
5, 787
5, 959
6, 749
7,091
6,926
6,832
7,298
4, 662
4,797
5,827
5,457
5,925
5,754
5,244
5,684
5, 880
6, 634
7,001
6,842
6,750
7,207
753
747
884
843
903
1, 023
980
1,294
1,284
1, 327
1, 514
1,387
1,289
1, 244
734
815
1, 023
897
974
873
755
773
694
986
1, 110
1, 105
1,072
1,268
Total excludes Department of Defense shipments of grant-aid military sup^ plies
and equipment under the Military Assistance Program.
2
Total includes commodities and transactions not classified according to kind.
8
Total arrivals of imported goods other than intransit shipments.
476
447
503
533
545
606
737
1,112
1,204
1, 313
1,719
1, 918
2, 159
2,535
3, 147
3,732
323
345
70
107
225
-168
-530
140
Unadt usted
U nadjuste d
1973: Jan
Feb
Mar_
Apr
May
June
July
Aug
Sept
382
392
447
442
519
534
615
767
GrossmerchanManu- dise trade
balance,
facseasontured
goods ally adjusted
3, 098
3, 139
3,828
3, 583
3,942
3, 725
3, 383
3,523
3, 811
4, 192
4,236
4, 244
4, 248
4, 563
5,244
5, 482
5,411
5, 356
5,700
5,765
5, 821
5,991
5, 621
5,969
6, 628
6,084
6,467
7, 892
5, 407
4,958
5,601
5, 349
6,033
5, 901
5,652
5,997
5, 286
6, 373
6,787
5,777
6, 650
6, 692
726
645
714
757
835
724
693
788
707
835
936
839
881
830
930
854
994
915
1,070
1, 077
1, 005
1, 209
1, 103
1, 311
1,424
1,452
1,742
1, 989
3,
3,
3
3
3
3
3
3
3
4
4
3
3
3
588
331
742
534
996
938
800
845
332
067
283
331
882
718
— 289
-412
-102
136
— 143
-40
39
53
792
615
243
870
644
213
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
,
The record high surplus of $4.0 billion (seasonally adjusted) in the balance on goods and services in the fourf
quarter of 1973 contributed to a large surplus of $6.9 billion in that account for the year 1973 as a whole.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1974
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions o! dollars]
M erchandis
B
12
Period
Exports
Imports
Net
balance
Netiiivestment i ncome
Militixry trans actions
Direct
expenditures
Sales
1968 _ _
33, 626 -32,991
635 — 4, 535 1, 392
1969 __
36, 400 -35, 807
593 — 4, 856 1, 512
1970_
41, 964 -39, 788 2, 176 4, 852 1,478
1971... _ _ _ 42, 768 -45,466 -2, 698 -4, 829 1,912
1972
48, 769 -55,681 -6, 912 -4, 724 1, 166
1973 ^__ _ _ 70, 255 -69, 567
688 -4, 536 2, 365
Net
balance
Private 3
-3, 143
-3, 344
-3, 374
-2, 918
-3, 558
-2, 171
6,
5,
6,
8,
9,
12,
U.S.
Government
Remittances,
pensions,
and
other
unilateral
transfers 1
2,465 -2,909
1,891 -2, 941
3, 630 -3,214
807 -3, 598
-4, 610 -3, 744
6, 900 -3, 859
Net
Baltravel
Other ance
and
on
transserv- goods
ices,
portaand
tion
net
servexpendices 1 4
itures
157
63 -1, 548
820
155 - 1, 782
374
-115 -2, 013
-957 -2, 288
929
751 - 1, 889-2, 853
746 -3, 023 -2, 312
302
449
581
739
851
972
Balance
Oil
current
account
-443
-1, 050
416
-2, 790
-8, 353
3, 041
Seaso nally adt usted
1972: !
11
III___
IV____
11,
11,
12,
13,
655
539
362
213
-13,475
— 13, 313
-13, 935
-14,958
1973:1
II
!!!___
IV "
15, 229
16, 672
18, 143
20; 211
— 16, 174
-17, 009
-17, 531
-18, 853
1
Excludes
2
Adjusted
3
-1, 820 - 1, 222
___ if 774 — 1, 242
— 1, 573 -1, 108
- 1, 745 -1, 151
-945
-337
612
1, 358
— 1, 168
-1, 185
-1, 073
— 1, 110 1,
328
288
262
287
-894
— 954
-846
-864
2,
2,
2,
2,
290
252
447
763
-399
— 461
-497
-531
— 755
-691
-679
-730
204 -1,374
202 -1,426
209
— 939
237
-870
343
455
532
035
-825
-730
-541
-75
2,
2,
3,
3,
977
911
135
723
-647
-778
-802
-796
-608
-703
-476
— 525
232
238
221
280
military grants.
from Census data for differences in timing and coverage.
Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States.
24
-969
-938
-954
-881
184 -742
601 -1, 041
2} 149 -903
3,965 -1, 174
-2, 343
— 2, 364
-1, 893
-1, 751
-558
-440
1, 246
2, 791
4
Equal to net exports oi goods and services in the national income and product
accounts ol the United States when converted to an annual rates basis.
Source: Department of Commerce.
S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
,ie net liquidity balance and the official reserve transactions balance, while still in deficit by $7.8 billion and $5.3
billion respectively, improved sharply in 1973 over 1972, reflecting a favorable shift in the balance on goods and
services.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
1974
1968
SOURCE.- DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
NonLong-ter 111 capital Balance liquid
on
Hows5, net
current shortterm
account private
U.S.
and long- capital
2
GovernPrivate
term
ment 1
capital flows
net 2
Period
1968
1969
1970
1971
1972
1973 *
_
-2, 158 ,
1, 191
-70
-1, 926
-2, 018 — 1, 429
— 2, 359 — 4, 401
-152
— 1, 339
-357
-1,470
j
Allocations
of
special
drawing
rights
— 1, 411
231
-3,046 -640
-3, 031 -482
-9, 550 -2, 347
-9, 843 -1, 637
1, 214 -4,210 ~ ~
Errors
and
omissions,
net
-431
-2, 395
867 -1,205
717 -10, 784
710 -3, 112
-4, 793
Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Changes
in liaOfficial
bilities
reserve
to
transactions foreign
official
balance agencies,
net 3
Changes
in U.S.
official
reserve
assets,
net 4
3, 252
— 1, 611
-761
-880 15, 710
1, 641
-6, 081
8, 820
2, 739 -1, 552 -1, 187 16, 964
7, 362
-3, 851 -5,988 -9, 839
2, 477 14, 487
-21, 965 -7, 788 -29, 753 27, 405
2, 348 12, 167
-13, 882
3, 542 -10, 340 10, 308
32 13, 151
-7, 789
2, 503 -5,286
209 14, 378
5, 077
Unadjusted
Sea sonally ad justed
1972:1
II—
III—
IV...
1973: I
II
III—
IV *>_
1
-289 — 1, 143
3, 775 — 535
604 -1, 855
— 95
310
— 366
— 393 -2, 652 -430
-586
781 -1, 556 -982
— 336
8
-886 — 1, 765
75
-303
-668 -1,426
— 363
2, 549
1, 666
46
-846 -1,731
214 -1,065
944
178
178
-940
177 -1, 626
177 -1,490
-3, 898
Excludes liabilities to foreign oiliciai reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional organizations.
"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, and gold deposits with, the United States.
4
Official reserve assets include gold, special drawing rights, convertible eurwcies, and the U.S. gold tranche position in the IMF.
1
477
-1, 097
-275
U.S.
official
reserve
assets,
net
(end of 5
period)
-3, 188
-288
-2, 307 1,456
*7
/
-4, 531
2, 367
— 3, 851
-6, 549 -3, 927
1, 972
— 1, 617
632
1, 498
-1, 126 3, 826
-3,476
-851
-4, 524
— 1, 484
-10,476
355
2, 130
2, 700
3, 047
1, 082
4, 579
1, 595
10, 256
— 372
-2, 117
-2, 685
42S
-231
-55
— 111
220
17
— 13
-15
12,
13,
13,
13,
12,
12,
12,
14,
270
339
217
151
931
914
927
378
5
Includes increases as follows: for 19G9, $67 million resulting from revaluation
of the German mark in Oct. 1969; for 1971, $28 million in dollar value of foreign
currencies revalued to reflect market exchange rates as of Dec. 31,1971; for second
quarter and year 1972, $1,016 million resulting from change in par value of the
dollar on May 8,1972; and for fourth quarter and year 1973, $1,436 million resulting
from change in par value of the dollar on Oct. 18, 1973.
Sources: Department of Commerce and Department of the Treasury.
25
PRICES
CONSUMER PRICES
In March, the consumer price index rose 1.1 percent (also 1.1 percent seasonally adjusted). Higher food and
energy prices accounted for about half of the rise. Food prices were up 1.0 percent (0.8 percent seasonally
adjusted). Nonfood commodity prices increased 1.5 percent (also 1.5 percent seasonally adjusted) and services
prices rose 0.8 percent.
Index, 1967 =100
160
Index, 1967 =100
160
150
130
120
110
100
1968
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All
items
Period
1965 _
1966_
1967
1968
_
1969
1970
1971_
1972
1973
1973: Feb
Mar
Apr
__
___ _ . _ _ _ _ _
___
_ _
___ _ _
_ _
May
June
July
_
_ _
Aug
Sept _
Oct
Nov
__
Dec _ __ __ ___
1974: Jan
Feb
Mar
Source: Department of Labor.
26
__ _
__
94.5
97. 2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
133. 1
128. 6
129. 8
130. 7
131. 5
132. 4
132. 7
135. 1
135.5
136. 6
137. 6
138. 5
139. 7
141. 5
143. 1
[1967 = 100]
Services
Co mmoditie 3
Comm odities lesss food
Services
All
All comFood
less
Nonservices Rent
modities
Durable durable
All
rent
95.7
98. 2
100. 0
103. 7
108. 4
113. 5
117. 4
120. 9
129.9
124.5
126. 1
127.4
128. 3
129. 4
129. 7
132.8
132. 8
133. 5
134. 7
135. 7
137.0
139. 3
141. 0
94,4
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
123. 5
141. 4
131. 1
134. 5
136.5
137. 9
139. 8
140. 9
149. 4
148. 3
148. 4
150. 0
151. 3
153. 7
157. 6
159. 1
96. 2
97.5
100. 0
103. 7
108. 1
112. 5
116. 8
119.4
123. 5
120. 9
121. 5
122. 3
123. 0
123. 7
123. 5
123. 8
124. 3
125. 4
126. 3
127. 1
127. 9
129. 2
131. 1
98.4
98.5
100.0
103. 1
107. 0
111. 8
116. 5
118. 9
121. 9
119. 9
120. 2
121.0
121. 8
122. 3
122.4
122. 6
122. 6
123. 2
123. 3
123. 2
123. 3
123.4
124. 3
94.8
97.0
100. 0
104. 1
108. 8
113. 1
117. 0
119. 8
124. 8
121.6
122.4
123.3
124. 0
124. 7
124.4
124. 7
125. 5
127.0
128. 5
130. 0
131. 3
133. 5
136. 1
92. 2
95.8
100.0
105. 2
112. 5
121. 6
128. 4
133.3
139. 1
136.2
136.6
137. 1
137. 6
138. 1
138.4
139. 3
140.6
142. 2
143. 0
143. 8
144.8
145. 8
147.0
96. 9
98.2
100.0
102. 4
105. 7
110. 1
115. 2
119. 2
124, 2
122. 3
122.8
123. 2
123.7
124. 0
124. 4
125. 0
125. 4
125. 9
126. 3
126. 9
127. 3
128. 0
128. 4
91. 5
95. 3
100. 0
105. 7
113. 8
123. 7
130. 8
135. 9
141. 8
138. 7
139. 2
139. G
140. 1
140. 7
141. 0
141. 9
143. 4
145. 2
146. 1
146. 9
148. 0
149. 1
150. 4.
^OLESALE PRICES
> wholesale price index rose 1.2 percent in March (1.3 percent after adjustment for seasonal factors). Prices of farm
yfoducts and processed foods and feeds decreased 2.4 percent (2.1 percent seasonally adjusted). Industrial commodity
prices were up 2.9 percent (also 2.9 percent seasonally adjusted), about half of which reflected a rise in prices of
fuels and metals.
Index, 1967 =100
Index, 1967=100
- 200
180
180
'\ A
\ I
160
160
140
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
120
100
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
All
Period
1965
1966
1967
1968
1969
1970
1971 .
1972__
1973
1973: Feb
Mar
Apr
Mav
June _
July
Aug _
Sept. _ _ _ _ _ _ _ _ _ _
Oct..
Nov
Dec
___
1974: Jan ___
Feb
Mar
1
commodities
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
135. 5
126. 9
129. 7
130. 7
133. 5
136. 7
134. 9
142. 7
140. 2
139. 5
141. 8
145. 3
150. 4
152. 7
154.5
[1967=100]
Farna product 3 and
processc3d foods a nd feeds
ProcFarm
essed
All inTotal
dustriprodfoods
als 1
ucts
and
feeds
97. 1
95. 5
96. 4
98.7
105. 9
98. 5
103. 5
101. 2
100.
0
100. 0
100. 0
100. 0
102. 4
102. 5
102. 2
102.5
108. 0
109. 1
107. 3
106. 0
112. 1
111. 7
111. 0
110. 0
112. 9
113. 8
114. 3
114. 0
122. 4
125. 0
117. 9
120. 8
176. 3
127. 0
159. 1
148. 1
142. 4
121. 3
150. 9
137. 0
149. 0
141. 4
122. 7
160. 9
147. 9
160. 6
124. 4
139. 8
154. 9
170. 4
125. 8
145. 0
182. 3
163. 6
126. 9
151. 8
173. 3
156. 9
126. 9
146.5
184. 5
213. 3
166. 2
127. 4
173. 5
200.4
128. 1
156. 3
129. 6
166.8
188. 4
153. 1
184. 0
133. 5
164. 4
151. 9
168. 0
187. 2
155. 7
137. 1
202. 6
162. 1
177. 8
140. 5
142. 5
180. 6
205. 6
164. 7
176.2
197. 0
146. 6
163. 0
Coverage of the subgroups does not correspond exactly to coverage of this
dex.
2
Excludes crude foodstuffs and feedstuCs, plant and animal fibers, oilseeds, and
af tobacco.
Iridus trial c ommoditi es
Crude
mate-2
rials
100. 9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
155. 2
142. 3
142.5
146. 8
149. 6
152. 8
153. 5
156. 0
161, 0
164. 7
174. 2
179. 8
188. 2
202. 7
212. 2
Inter- Producmediate er finmate-3
ished
rials
goods
96.9
98. 9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
128. 4
122. 6
124. 8
126. 6
128. 0
128. 9
128. 7
129. 5
130. 3
131. 2
133. 5
135. 9
139. 8
142. 2
147. 3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
123. 5
121. 2
121. 7
122. 3
123. 1
123. 4
123. 5
123. 9
124. 2
125. 1
125. 7
126. 7
128. 3
129. 3
130.9
Consuiitier iliiished g<Dods exeluding5 foods
DurNonable
durable
97. 9
95. 9
98. 5
97. 8
100. 0
100. 0
102. 2
102. 2
104. 0
105. 0
107. 1
108. 2
110. 9
111. 3
113.2
113. 6
115.8
125. 9
114, 0
117. 4
114. 5
117.8
115. 3
119. 8
115. 7
121. 6
124. 7
115. 9
116. 1
124. 5
116. 3
124. 5
115. 8
124. 8
116.7
128. 2
117. 0
140. 9
117. 9
151. 1
119. 6
154. 6
120. 2
155. 2
120. 9
158. 7
3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
In the month ended March 15, prices received by farmers declined 4% percent. Lower prices for cattle, hogs,wh
eggs, calves, tomatoes, and corn were partially offset by higher prices for potatoes and dry beans. Prices paid n,
creased 1 percent. Both the actual and adjusted parity ratios dropped 5 points.
Index, 1967=100
index, 1967 =100
220
200
180
PRICES RECEIVED
(ALL FARM PRODUCTS)
160
PRICES PAID,
• INTEREST, TAXES, AND
WAGE RATES
140
120
— 140
120
7=*--""^?*
<4*&~2£
100
I
I ' I
I I 1 1 1 I
I
I >
100
1 t I t I t
1 t
t
t
I 1 I
I f t I
I
1 ! ! ! I I I
I I 1 I t
I I I 1 I 1 1 I I I I
! t t
t 1 , 1 f. f
! f
1 ! T t
I 1 I
I t t
I t 1 ! t ! ! t t
RATIO J/
120
RATIO J/
120
PARITY RATIO (ACTUAL)
100
100
XV .*lfV_
90
90
on
,.».*>,
.«•
F
70
60
.a....r, .».',
r
I I I !
1969
1 1 1 !
***««Ut»'"*
1 !
I
? !
..,*»%*f
,«,.
j
!
I ! ! t
1
1
1
1970
««ilitl«« «•,.,»!»•
!
1
! !
! !
!
1971
! !
j
!
70
j
I ! 1
1 I 1
1
I 1 !
1972
]
!
I t
I
t 1 !
1 1
!
1 1 1
f
I
! ! I 1 ! t
!
!
1
60
1974
1973
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1.910-14=100 BASE.J
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
All farm
products
Period
1965
1966_
1967.
1968_
1969___
1970
1971
1972
1973
1973: Feb 15.
Mar 15__
Apr 15 _
Mav 15
June 15_ _
Julv 15
Augl5
Sept 1 5
Oct 15
Nov 15
Dec 15
1974: Jan 15
Feb 15
Mar 15
1
_
__
_ _ _ _ _ _
__
__
_
__
98
105
100
103
108
110
112
126
172
149
159
157
163
172
172
207
191
184
181
184
200
203
194
Crops
items,
Livestock AH
interest,
and
taxes, and
products wage
rates
Index, 1967=100
103
105
100
101
97
100
107
115
164
133
140
143
154
170
164
195
183
182
181
193
211
223
218
Percentage ratio of index of prices received by farmers to index of prices paid,
nterest, taxes, and wage rates on 1910-14 = 100 base.
28
Parity ratio 1
Prices paid by farmers
Prices iDeceived by f armers
94
105
100
104
117
118
116
134
178
161
174
168
169
173
179
217
198
187
182
178
192
190
179
94
98
100
104
109
114
120
127
145
136
138
140
143
146
146
151
150
150
152
154
157
159
161
Family
living
items
95
98
100
104
109
114
119
124
138
131
133
134
136
138
138
141
142
142
146
147
149
153
156
Production
items
96
99
100
102
106
110
115
122
146
134
138
139
143
149
148
157
154
153
153
156
161
161
162
Actual
77
80
74
73
74
72
69
74
88
82
86
83
85
87
88
102
95
91
88
89
94
95
90
Adjusted2
82
86
79
79
80
77
74
79
91
84
88
86
87
90
90
105
98
94
91
92
95
95
90
-'The adjusted parity iv.tio reflects Government payments made directly to
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
iVTONEY STOCK
The seasonally adjusted money stock increased at an annual rate of 11.1 percent in March. From March 1973 to
March 1974, it grew 6.5 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
360
320
280
160
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
Ivloney stoc k
B/loney stoc k
Time
CurCurand
DeDerency
rency
savings
mand
mand
outTotal
outTotal
dededeside
side
posits l
posits l
posits 1
banks
banks
,--
Period
1968:
1969:
1970:
1971:
1972:
1973:
1973:
Dec
Dec
Dec
Dec.
Dec
Dec
Feb
_ _ _ _
Mar
Apr
May.
June
July
Aug _
Sept __
Get—
Nov
Dec _
1974: Jan
Feb
Mar v
_ .
_
deposits at commercial banks.
201. 5
208. 6
221. 2
235. 2
255. 7
270. 4
257. 9
258. 1
259. 4
262. 4
265. 5
266. 4
266. 2
265. 4
266. 5
268. 8
270. 4
269.6
272. 5
274. 9
Seasonallyr adjusted
43. 4
158. 1
162. 5
46. 1
172. 2
49. 1
52. 6
182. 6
56. 9
198. 7
208. 8
61. 6
57. 5
200. 4
58. 0
200. 1
58. 6
200. 8
58. 9
203. 4
59. 4
206. 2
59. 5
207. 0
59. 8
206. 4
60. 2
205. 2
60. 4
206. 1
60. 9
207. 9
208. 8
61. 6
207.8
61. 8
62. 6
210. 0
63. 2
211. 7
204. 2
194. 4
229. 2
270. 9
313.3
363. 1
323. 5
331. 1
337. 3
342. 6
345. 8
349. 4
355. 0
357. 9
358. 9
359. 9
363. 1
369. 6
374. 2
377. 0
207. 6
214. 7
227.6
241.9
263.0
278. 1
255. 2
255. 5
260. 9
257. 9
263. 6
265. 7
262. 9
263. 9
266. 0
270. 5
278. 1
276. 8
269. 7
272. 2
44. 3
46. 9
50. 0
53. 5
57. 9
62. 6
56. 8
57. 4
58. 3
58. 7
59. 4
59. 9
60. 0
60. 1
60. 4
61. 4
62. 6
61. 5
61. 8
62. 6
Unadjustec i
163.3
167.7
177.7
188.4
205. 1
215. 5
198. 4
198. 1
202. 6
199. 2
204. 1
205. 7
202. 9
203. 8
205. 6
209. 1
215. 5
215. 3
207. 9
209. 6
U.S.
Government
demand
deposits l
Time
and
savings
deposits 1
203. 2
193. 2
228. 1
269. 8
311.8
361. 8
323. 3
332. 6
337.6
342. 6
344. 5
347. 6
856. 6
359. 2
360. 2
358. 7
361. 8
368. 9
373. 8
378. 6
5. 0
5. 6
7. 3
6.9
7.4
:
:
1
l
I
!
6. 3
9. 9
10. 4
8. 3
8. 7
7. 1
6. 5
4. 1
5. 3
6. 0
4. 3
6. 3
8. 0
6. 5
6. 3
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID ASSET HOLDINGS - NONFINAHCIAL INVESTORS
^
Private nonfsncmcia! investors increased their holdings of liquid assets in March by $7.9 billion (seasonally adjustec
Most of the change was due to increases in deposits at financial institutions.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,100
1,000
600
500
400
400
1974
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curr sncy and deposits
Total
liquid
assets
Period
1967:
1968:
1969:
1970:
1971:
1972:
1973:
Dec_ _
Dec
_
Dec
Dec
Dec
Dec___
Dec
Time dteposits
Tnt»l
Currency
Demand
deposits
Commercial
banks
U.S. Grovernment se curities
ShortNonbank
term
thrift
Savings marketinstitubonds able setions
curities
Negotiable
certificates of
deposit
Commercial
paper
643. 3
704. 4
737. 3
785. 1
867. 1
977. 4
I, 089. 5
521. 0
564. 8
583. 3
632. 8
720. 1
814. 7
883. 3
40. 4
43. 4
46. 1
49. 1
52. 6
56. 9
61. 6
130. 0
140. 0
144. 5
153. 1
161. 7
175. 0
180. 6
156. 4
174. 5
177. 3
199. 2
233. 8
264. 8
294. 1
194. 2
206. 9
215. 4
231. 4
272. 0
318. 1
347. 0
51. 0
51. 4
51. 1
51. 3
53. 7
57. 0
59. 9
39. 5
46. 8
64. 9
53. 3
39. 6
39. 1
53. 8
19. 1
22. 4
23. 0
29.7
39.3
57. 2
12. 8
18. 9
29. 1
24. 7
23. 9
27. 3
35. 3
1973: Feb_ _ ___
Mar
Apr
May
June _
July
_
Aug _ _ _
Sept __
_ __
Oct
Nov
Dec
995. 9
1, 008. 2
1, 020. 0
1, 032. 4
1, 043. 5
1, 051. 7
1, 060. 9
1, 067. 5
1, 072. 6
1, 080. 0
1, 089. 5
829. 0
834. 3
839. 9
846. 9
855. 7
859. 9
862. 2
865. 0
871. 0
877. 4
883. 3
57. 5
58. 0
58. 6
58. 9
59. 4
59. 5
59. 8
60. 2
60. 4
60. 9
61. 6
175. 7
175. 4
175. 6
177. 7
180. 2
180. 7
179. 7
178. 6
178. 9
180. 3
180. 6
269. 2
271. 4
273.4
275. 7
278. 3
280. 0
283. 1
285. 6
289. 3
291. 8
294. 1
326. 6
329. 5
332. 3
334. 6
337. 8
339. 7
339. 7
340. 5
342. 4
344. 5
347. 0
57. 6
57. 9
58. 2
58. 5
58. 8
59. 0
59. 2
59. 4
59. 5
59. 7
59. 9
38. 1
40. 3
42. 6
44. 6
45. 4
45. 9
48. 4
50. 1
50. 8
52. 2
53. 8
44. 3
49. 6
53. 3
56. 0
56.4
58. 4
60.8
61. 1
58. 0
56. 3
57. 2
26. 9
26. 2
26. 1
26. 4
27. 3
28. 5
30. 2
32. 0
33. 4
34. 4
35. 3
1974: Jan v
Feb
1, 095. 8
1, 103. 0
1, 110. 9
888. 0
896. 2
902. 7
61. 8
62. 6
63. 2
179. 0
180. 9
182. 4
297. 7
301. 0
302. 9
349. 4
351. 7
354.2
59. 9
60. 1
60. 4
52. 0
49. 7
49. 9
59. 9
61. 1
62.3
35. 9
35. 8
35. 6
"i\Tpr v
___
Source: Board of Governors of the Federal Reserve System.
30
9.0
INK LOANS, INVESTMENTS, DEBITS, AND RESERVES
ai loans and investments (seasonally adjusted) at all commercial banks increased at an annual rate of 1 8.9 percent
March, up from a 15.0 percent annual rate in February. Net borrowed reserves increased by $112 million during
the month.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
ALL COMMERCIAL BANKS
600
600
500
TOTAL
LOANS AND INVESTMENTS
400
300
200
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seaso nally adjust ed data)
End of period
L Dans
Investraents
Total
loans
ComTotal,
and
U.S. Gov- Other
mercial
invest- excludernment
ments ing inter- and indus- securities securities
bank
trial
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual1
rates
£ill me nib er banks ^
Total
reserves
Billions of dollars
1968
1969
1970
1971
1972
1973*
1973: Mar
Apr __ _
May
June—
July * _ _
Aug*p
Sept _ ___
Oct v
Nov p
Dec p _
1974: Jan* _
Feb vv
Mar
390. 2
3
401. 7
435. 5
484.8
556. 4
625. 4
583. 6
589. 6
597.7
602. 0
608. 2
616. 0
618. 2
621. 7
624. 6
625. 4
633.6
641. 0
650. 3
258. 2
3
279. 1
291.7
4
320. 3
377.8
444. 5
405. 8
411. 1
417.4
420.3
427. 3
435. 3
438. 1
440. 0
443.6
444. 5
450. 2
454. 7
464. 0
95. 9
3
105. 7
110. 0
115. 9
129.7
156. 3
141. 8
143. 9
146. 8
148. 2
151. 4
153. 6
154. 0
154. 0
155. 5
156. 3
158. 5
159.7
165. 3
60. 7
3
51.5
57. 9
60. 1
61. 9
53. 2
60. 4
61. 0
61. 0
61. 6
59. 6
57. 7
56. 3
54. 9
54. 5
53.2
53. 9
55. 7
55. 7
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages
of daily figures. Annual data are for December.
3
Beginning June 1969, data include all bank-premises subsidiaries and other
ignificant majority-owned domestic subsidiaries; earlier data include comlercial
banks only.
_ 4 As of June 1971, Farmers Home Administration notes totaling about $0.7
oillion are classified as other securities rather than as loans.
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions oiI dollars
71.3
3
71. 1
85. 9
4
104. 4
116. 7
127.7
117. 4
117.5
119. 3
120. 1
121. 3
123. 0
123. 8
126.8
126. 5
127. 7
129. 5
130. 6
130. 6
4,360
5, 150
5, 717
6,443
7,580
9, 632
9, 114
9,044
9,275
9,414
9,843
10, 144
9, 893
10, 257
10, 612
10, 544
10, 736
10, 916
27, 221
28, 031
29, 265
31, 329
5
31, 353
35, 068
31,969
32, 275
32, 336
32, 029
33, 590
33, 783
34, 020
34, 913
34, 725
35, 068
36, 655
35, 242
35, 032
455
257
272
165
5
219
262
287
149
59
59
391
243
245
223
182
262
236
189
243
765
1,086
321
107
1, 049
1,298
1,858
6
1, 721
1, 786
1, 788
2, 050
2, 144
1,861
1,465
1, 399
1, 298
1, 044
1, 186
1, 352
-310
-829
49
58
5 _83o
-1,036
-1,571
-1,572
-1, 727
— 1, 729
-1, 659
-1,901
-1, 616
- 1, 242
-1,217
-1, 03G
-808
-997
-1, 109
5
Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection vdtb
adaptation
to Regulation J.
6
Beginning April 1973, includes seasonal borrowings.
Source: Board of Governors of the Federal Reserve System.
31
AND
CREDIT
|
Consumer credit (seasonally unadjusted) decreased $1.2 billion during February. A year earner there was an increai
of $0.4 billion. Seasonally adjusted consumer instalment credit rose $0.7 billion in February.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
20
18
18
16
SEASON M.LY ADJUSTED (ENLARGE!) SCALE)
1A
y*^u
r—
^^^r—^ ^^\
H
INS FALMENT CREDIT EX TENDED
12
V. ~S*^^*^^ -
10
„
8
=•«-
6 /fl I I I I I I M
1968
1
— _-s
-!
MM
*—-"""
_^
-^z-mm^
~x^r—.— ^-^
^——
jnx«
"""*
12
^'"-'
10
X
INSTALMENT CREDIT REPAID
"""""
IMMI
969
R
M i l !
I M
1 1
1 M 1 ! ! I 1M I
19 70
M
1 ! ! 1 M
! M
I 1 ! ! 1! II ! M
f 1 ! 1 1 I I 1 1 I 1K
1973
1974
1972
1971
[Millions of dollars]
Consum er instalme nt credit e x tended
Consu mer credit outstandin g (end of p eriod;
imadjusted)
and repaid (seasonally adjiisted)
Total
instalment
Automob ile paper
JN onTotal
Extended Repaid Extended Repaid
Total i
bile
Personal instalment 2
paper
loans
1965
1966
1967
1968
1969
1970
1971
1972
1973
89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
180, 486
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
147, 437
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 083
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
144, 978
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453
1973: Jan
Feb
Mar
Apr
May- __
June _ _
July _ _ _
Aug
Sept
Oct_ _ _
Nov
Dec
1974: Jan
Feb «
157, 227
157, 582
159, 320
161, 491
164, 277
167, 083
169? 148
171, 978
173, 035
174, 840
176, 969
180, 486
178, 686
177, 522
127, 368
127, 959
129, 375
131, 022
133, 531
136, 018
138, 212
140, 810
142, 093
143, 610
145, 400
147, 437
146, 575
145, 927
44, 353
44, 817
45, 610
46, 478
47, 518
48, 549
49, 352
50, 232
50, 557
51, 092
51, 371
51, 130
50, 617
50, 386
36, 870
37, 108
37, 486
37, 695
38, 376
38, 928
39, 440
40, 064
40, 397
40, 651
41, 116
41, 425
41, 352
41, 417
29, 859
29, 623
29, 945
30, 469
30, 746
31, 065
30, 936
31, 168
30, 942
31, 230
31, 569
33, 049
32, 111
31, 595
13, 304
13, 434
13, 852
13, 465
13, 932
13, 646
14, 542
14, 294
13, 691
14, 149
14, 275
12, 677
13, 714
13, 541
11, 355
11, 437
11, 808
12, 061
11, 941
12, 034
12, 544
12, 399
12, 332
12, 449
12, 549
12, 267
12, 797
12, 870
4, 006
3,972
4, 001
3, 822
3, 989
3, 762
3, 930
3, 968
3, 939
3, 912
3, 819
3, 315
3,492
3,389
1
Also includes other consumer goods paper, and home improvement loans,
not2 shown separately.
Consists of single-payment loans, charge accounts, and service credit.
32
6
M
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1i
2
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
Mortgage
debt outstanding,
n on farm,
1- to 4houses 3
212, 900
223, 600
236, 100
251, 200
266, 800
280, 200
307, 800
346, 100
"383,600
3, 097
3, 145 v
3, 225
353, 900
3, 218
3, 261
3,253 9 365, 700
3, 334
3, 293
3, 406 " 376, 600
3, 427
3, 471 1
3,338 "383, 600
3, 433
3, 394
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
»ND YIELDS AND INTEREST RATES
,n the end of March to mid-April, interest rates continued to increase.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1974
1968
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
SEE TABLE BELOW
[Percent
U.S. Govc3rnment secuirity yields
3-month
3-5 year
Taxable3
Treasury
issues 2
bonds
bills !
Period
1968
1969
1970
1971 _
1972 _
1973
__
1973: Mar
Apr
May
June
July
Aug.
Seut
Get
Nov
Dec1974: Jan
Feb _ _
Mar.
Apr
Week ended:
1974: Mar 15__
22__
29__
Apr 5__
12__
19*_
5. 339
6. 677
6. 458
4. 348
4. 071
7. 041
5.59
6. 85
7. 37
5.77
5.85
6. 92
5. 25
6. 10
6. 59
5. 74
5. 63
6. 30
6. 054
6. 289
6. 348
7. 188
8. 015
8. 672
8. 478
7. 155
7.866
7. 364
7. 755
7. 060
7. 986
6. 85
6. 74
6. 78
6. 76
7.49
7. 75
7. 16
6. 81
6. 96
6. 80
6.94
6. 77
7. 33
6. 20
6. 11
6. 22
6. 32
6. 53
6. 81
6. 42
6. 26
6.31
6. 35
6. 58
6. 54
6. 81
7.
8.
S.
8.
8.
8.
7. 16
7. 48
7. 69
7. 91
7. 98
7. 94
6. 75
6.88
6. 93
7. 02
7. 04
6
6. 99
920
047
300
358
648
051
per annum]
High-grade
municipal
bonds
(Standard4 &
Poor's)
4.51
5. 81
6. 51
5. 70
5. 27
5. 18
Corpora te bonds
(Moc dy's)
Aaa
Baa
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
5. 90
7. 13
7. 83
8. 19
7. 72
9. 05
5. 11
7. 78
4. 69
7. 53
8. 15
8.08
6. 18
7. 03
8. 04
7. 39
7.21
7. 44
6.94
7.81
9. 11
8. 56
8. 16
8. 24
5. 30
5. 16
5. 12
5. 15
5. 39
5.47
5. 11
5.05
5. 17
5. 12
5.20
5. 19
5. 36
7. 29
7. 26
7. 29
7. 37
7. 45
7. 68
7. 63
7.60
7.67
7. 68
7.83
7. 85
8. 01
8.03
8. 09
8. 06
8. 13
8. 24
8. 53
8. 63
8.41
8.42
8. 48
8. 58
8. 59
8. 65
6. 85
7. 14
7.27
7. 99
9. 18
10. 21
10. 23
8. 92
8. 94
9. 08
8.66
7. 82
8. 42
5. 28
5- 40
5. 51
5. 62
5. 72
5. 59
7. 99
8. 05
8. 11
8. 17
8. 25
6
8. 26
8.63
8. 68
8. 72
8.79
8. 87
8.89
8. 18
8. 50
9. 10
9. 38
9. 60
6
9. 69
7. 56
7. 63
7. 73
7. 79
7. 89
8. 19
9. 18
8. 97
8. 86
8. 78
8. 54
8. 66
nt of Housing and Urban Development, Board of Gover~" eserve System, Moody's Investors Service, and Standard
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices decreased 7 percent from mid-March to mid-April.
Index, 1941-43=10
Index, 1941-43 = 10
Mor-JTHLY
WEEKLY
190
\V
COMPOS ITE PRICE INDEX FO R
500 C OMMON STOCKS
on
\r
/*.
/
^"""NujX
/I
/
/SsN_
\
y/
t
/
"
f
^V
120
Vs/\\
\
110
v\
100
90
on
80
^
Yd
60
I ! i M
Mill
! I t ! ! ! ! ! ! I !
7H
I ! I I I I ! ! I I I
i r i i i I f i i fi
r r i i i 1i t ? i !
M M 1 1 M M I
f t ! f f I .?••
Ml!
60
PERCENT
PERCENT
RATIO
RATIO
PRICE/EARNIN 3S RATIO ON COMMON STOCKS
20
^-——'—~-"
A
V
T
t
•-*
~~-^
!
1
1968
1969
f
——A—"~—
?
f
1970
1971
X
\
f
1972
f
T
15
i
SOURCE. STANDARD & POOR'S CORPORATION
_
!
N
COUNCIL' Of ECONOMIC ADVISERS
Public
utilities
Dividend
yield 2
(percent)
Total
Total
98.70
97. 84
83. 22
98. 29
109. 20
107. 43
112. 42
110. 27
107. 22
104. 75
105. 83
103. 80
105. 61
109. 84
102. 03
94. 78
96. 11
93. 45
97. 44
107. 49
107. 13
91. 29
108. 35
121. 79
120. 44
126. 05
123. 56
119. 95
117. 20
118. 65
116. 75
118. 52
123. 42
114. 64
106. 16
107. 18
104. 13
108. 98
1941-4L3 = 10
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
113. 91
119. 39
118. 58
107. 13
124. 53
116. 41
120. 38
111. 24
107. 44
116. 48
114. 75
104. 83
116. 31
105. 94
115. 98
104. 35
116. 60
105. 16
122. 30
106. 58
115. 48
96. 97
107. 44
86. 57
108. 06
87. 63
104. 31
86. 85
92. 24
109. 22
66.42
62. 64
54.48
59. 33
56.90
53.47
55.94
55. 34
55. 43
54. 37
53. 31
50. 14
52.31
53. 22
48. 30
45. 73
48.60
48. 13
47.90
48.84
45. 95
32. 13
41. 94
44. 11
38.05
39. 29
38. 88
36. 14
34.35
35. 22
33. 76
35.49
38.24
39. 74
41. 48
44.37
41. 89
42.80
3. 14
2.84
3.06
2. 83
2. 90
3.01
3. 06
3. 04
3. 16
3. 13
3. 05
3. 36
3. 70
3. 64
3. 81
3. 65
97. 11
99. 34
97. 49
96. 20
93. 65
92. 29
4
93. 72
108. 48
111. 18
109. 09
107. 66
104. 77
103. 30
105. 05
109. 22
111.33
108. 57
107. 77
106. 32
103. 15
106. 01
48.39
48. 49
47. 65
46. 94
45. 85
44. 90
44. 76
43. 19
43. 25
42. 67
41. 99
41. 17
40. 56
40.75
3. 64
3. 58
3. 67
3. 71
3. 80
3. 88
4
3. 80
Consumers'
goods
Capital
goods
i includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all 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
t
1974
Price i ndex 1
Industrials
Period
1968
1969
1970
1971
1972
1973
1973: Mar
Apr
_
May
June
July
Aug_ _ _ _ _ _
Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
Week ended:
1974: Mar 8
15
22
29
Apr 5
12
19
f
t
1973
91.75
93. 92
92. 16
91. 11
88. 67
87. 27
89.37
Railroads
3.07
3. 24
o. 80
Price/
earnings
ratio u
17.66
16.48
15.69
18.50
18. 20
" 14. 22
16.40
14. 42
14. 10
"11. 95
are3 averages of monthly data. Weekly data are Wednesday figures.
Eatio of price index for last day of quarter to earnings for 12 months endir
with that quarter. Annual ratios are averages of quarterly data.
< Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 8 months of fiscal 1974 there was a deficit of $7.1 billion/ a year earlier the deficit was $17.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS
300
300
260
260
220
220
OUTLAYS
180
180
RECEIPTS
140
140
100
1
^100
(ENLARGED SCALE)
I +20
(ENLARGED SCALE)
+20
SURPLUS (+) OR DEFICIT (-)
-20
j_
_L
-40
1964
1965
1966
1967
_L
1969
1970
FISCAL YEARS
1968
1971
1972
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
_L
_L
1973
1974
-40
1975
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Fiscal year:
1§63
1964
1965
1966
1967
1968
1969
. _
1970
1971
1972
1973
19742
19752
Cumulative totals for first 8 months :
Fiscal year 1973
Fiscal year 1974
Receipts
Total1
Held by
the public
106. 6
112. 7
111. 3
118. 6
-4.8
— 5. 9
310. 8
316. 8
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
323.2
329. 5
341. 3
369. 8
367. 1
261. 6
264. 7
267. 5
290. 6
279. 5
193.7
188.4
208. 6
232.2
270.0
295. 0
196.6
211. 4
231. 9
246.5
274.7
304. 4
-2. 8
-23. 0
-23.2
-14. 3
-4. 7
-9. 4
382. 6
409. 5
437.3
468.4
486.4
508. 0
284. 9
304. 3
323. 8
343.0
346. 5
359. 0
145. 4
168.0
162. 4
175. 1
-17.0
-7. 1
465. 8
481. 4
346. 5
348. 1
1
Excludes n0n-interest-bearlng public debt securities held by IMF.
2 Estimates from the Budget of the United States Government, Fiscal Year 1975.
Outlays
Surplus or
deficit (-)
Sources: Department of the Treasury and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
For the first 8 months of fiscal 1974 budget receipts were $22.6 billion higher than a year earlier and budget outlays
were $12.7 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
120
80
OTHER RECEIPTS
40
CORPORATION INCOME TAXES
I
I
L
OUTLAYS
200
200
160
160
120
120
NONDEFENSE
80
80
NATIONAL DEFENSE
40
40
1964
1965
1966
1967
1968
1969
1970
FISCAL YEARS
1971
1972
1973
SOUSCESs TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1974
1975
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Outlays
Nationa 1 defense
Period
Fiscal year:
1963
1964__ _ _ _ _ _ _
1965
1966__
1967
1968 _ __
1969__
1970
1971
1972_ __
1973
1974 i
1975 i
Cumulative totals for
first 8 months :
Fiscal year 1973___
Fiscal j^ear 1974
1
Individual
income
taxes
Corporation
income
taxes
Other
106. 6
112. 7
116. 8
130.9
149. 6
153. 7
187. 8
193. 7
188. 4
208. 6
232. 2
270. 0
295.0
47. 6
48. 7
48. 8
55. 4
61. 5
68. 7
87. 2
90. 4
86. 2
94. 7
103. 2
118.0
129. 0
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26. 8
32. 2
36. 2
43.0
48.0
37. 4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75. 4
81. 7
92. 8
109. 0
118. 0
111. 3
118. 6
118. 4
134. 7
158.3
178. 8
184. 5
196. 6
211. 4
231. 9
246. 5
274. 7
304. 4
52. 3
53. 6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77. 7
78. 3
76. 0
80. 6
87. 7
48. 1
49. 6
46. 0
54. 2
67. 5
77. 4
77. 9
77. 2
74. 5
75. 2
73. 3
78. 4
84. 6
145. 4
168. 0
72. 2
81. 1
15. 9
17. 5
57. 2
69. 4
162. 4
175. 1
48. 2
50. 6
46. 7
50. 0
Total
Estimates from the Budget of the United States Government, Fiscal Year 1975.
36
Total
Total
Department of
Defense,
military
Interna- Health !
tional
and
Inaffairs
income terest Other
and
security
4. 1
4. 1
4. 3
4. 5
4. 5
4. 6
3. 8
3. 6
4. 1
25. 4
26. 9
27. 4
31. 4
37. 8
43. 7
49. 4
56. 6
70. 6
82. 0
91. 5
108. 3
126. 4
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 6
22. 8
27. 8
29. 1
20.3
24. 2
26. 7
30.7
33. 2
36. 2
34. 4
37. 8
40. 5
47. 2
53. 2
54. 2
57. 1
2. 0
2. 1
59. 3
67.0
14. 4
18. 3
38. 5
37. 0
0. 1
3. 7
3. 0
3.9
Sources: Department of the Treasury and Office of Management and
3DERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
:cording to revised estimates for the fourth quarter of 1973, Federal receipts increased $4.8 billion (seasonally
Jjusted annual rate) and expenditures rose $4.0 billion, yielding a surplus of $4.7 billion. Preliminary estimates
for the first quarter of 1974 indicate a rise of $11.7 billion in expenditures/ receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
300
+20
20 j
—]
SURPLUS
°^-|-ET—
I1JJ_ELJZL
§Tl
"TinwM ¥1iTl
I t i71i i
F3Si
M
0
f
^
20 [
i
DEFICIT
40 I
1
!
!
!
1
1
1969
1968
i i i
1970
i
i
i
!
1971
CALE NDAR Y EA
*s
!
[
-20
I
1972
I
!
I
1973
SOURCE: DEPARTMENT Or COMMERCE
I
I
-40
1974
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Feeleral Go1>/ernmen j expend itures
Federal (jrovernm ent receip ts
Period
Surplus
or
Subsidies Less:
Grantsdeficit
PurI
n
d
i
r
e
c
t
Contriin-aid
less
CorpoWage
Personal rate business butions
chases Trans- to State Net
current accruals (-),
and
income
Total tax
tax and
for
Total of goods fer pa\T- and interest surplus of less
nontax profits
and
tax
and
nontax
social
inlocal
nients
paid
Governdisreceipts accruals accruals surance
product
services
government en- burse- accounts
ments
terprises ments
Fiscal year:
1971
192. 6
1972
213. 7
1973 *>___ 243. 3
1974 i
280. 5
1975 ! _ _ _ 304. 8
87.4
100. 1
107. 2
123. 7
135. 3
32. 2
34. 7
43.8
50. 3
50. 2
20. 1
19. 9
20. 9
23. 3
27. 5
52. 9
59.0
71. 4
83. 2
91. 8
212. 6
233. 2
255. 1
285. 2
313. 4
95. 9
103. 2
104. 5
111. 5
121. 6
69. 7
78. 6
89. 4
107. 2
123. 5
26. 8
32. 9
40. 4
44. 1
46. 6
14. 3
13. 4
14. 4
18. 2
19. 6
5. 8
5. 2
6. 4
4. 2
2. 1
0. 1
.0
.0
.0
-19. 9
-19. 5
— 11. 8
-4, 7
-8. 6
1970
192. 0
1971
198. 9
1972
228. 7
1973 * _ _ _ 265. 0
92. 2
89. 9
107. 9
114. 5
31. 0
33. 3
37. 8
49.4
19. 3
20. 4
19. 9
21. 0
49. 5
55. 2
63. 0
80. 1
203. 9 96. 2
221. 0 98. 1
244. 6 104. 4
264. 0 106. 6
63. 2
74. 9
82. 9
95. 4
24. 4
29. 1
37. 7
40. 9
14. 6
13. 6
13. 5
15. 9
5. 3
6. 1
5. 1
5.5
.0
.0
.0
.0
— 11. 9
-22. 2
— 15. 9
.9
1972: I I I _ _ 229. 6
IV___ 236. 9
108. 1
111. 3
38. 0
40. 7
19. 9
20. 3
63. 6
64. 6
237. 0 102. 3
260. 3 102. 7
80. 8
91. 0
34. 4
46. 1
13.4
13. 7
6. 2
6.7
.0
.0
— 7. 4
-23. 4
1973: I
253. 6
!!___ 262. 4
III.. 269. 5
108. 5
111. 4
116. 9
121. 0
46. 6
50. 8
51. 0
49. 4
20. 7
21. 2
20. 8
21. 5
77. 8
79. 1
80. 8
82. 5
258. 6
262.4
265.6
269. 6
105. 5
107.3
106. 8
106. 8
91. 8
93. 8
96. 6
99. 6
41. 1
40. 5
40. 5
41. 6
14. 7
15. 6
16. 2
17.0
.0
4.6
.0
.0
-5. 0
.0
4. 0
4. 7
21. 6
87. 1
281. 3 111. 3
106. 7
43. 2
17. 9
2.2
.0
Calendar
year :
IV __ 274. 3
1974: I ».
Estimates.
123. 6
5.5
5. 1
5. 3
.0
-. 1
Sources: Department of Commerce and Office of Management and Budget.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PA i D
U.S. GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
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OFFICIAL
BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
1
2
3
4
5
6
7
8
9
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. 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
CREDIT,
~~~___~~~~~_~~~~~~_~~
___~~~~~~~~
26
27
28
MARKETS
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 arc current dollars.
P Indicates preliminary and
not available.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price 55 cents (single copy). Subscription price: $6.50 per year; $1.75 additional
for foreign mailing.
38
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