Full text of Economic Indicators : August 1974
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August 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
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. CONABLE, JR. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
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)
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
RICHARD F. KAUFMAN, General Counsel
COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
WILLIAM J. FELLNER
GARY L. SEEVERS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx Congress; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.I. Res. 55]
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Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint
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the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
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Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
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11
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $28.5 billion in the second quarter of 1974 to a seasonally adjusted annual rate of
$1,387.3 billion, according to revised estimates. The increase for the preceding quarter was $14.8 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
CjovernmeiQt
Persons
E xpenditur BS
N et receipts
Disposab le personsil income
Surplus
or
Equals: Personal sonal
Less:
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: deficit
Transand
Purpaid and excludfers,
fers,
Total
tion
or
nontax interest, Equals: expend- interest, chases income
transfer
ing
Net
expenddisof goods
interest
and
payand
and
receipts
itures
itures saving receipts
or
and
and
ments
sub— 2 services product
subaccruals sidies 2
transto foraccounts
si dies
fers
eigners
PprJL tJI-
Period
Total
l
1968
1969
1970
1971
1972
1973
591. 0
634. 4
691. 7
746. 4
802. 5
903. 7
15. 1
16. 7
17. 9
18. 8
20. 9
24. 1
575. 9
617. 7
673 8
727. 6
781. 6
879. 6
536. 2
579. 5
617. 6
667. 1
729.0
805. 2
39. 8
38. 2
56. 2
60. 5
52. 6
74. 4
263. 5
296. 7
302. 5
321. 6
367. 0
411. 5
70. 7
77.9
93. 2
105. 9
116. 5
131. 6
192.7
218.8
209. 4
215. 7
250. 5
279. 9
270. 3
287. 9
312. 7
340. 2
372. 1
408. 0
70. 7
77.9
93. 2
105. 9
116. 5
131. 6
199.6
210. 0
219. 5
234.2
255. 7
276. 4
-6.8
8.8
-10. 1
-18.5
-5. 1
3.5
1973: I
IT.__
III..
IV.__
869. 5
892. 1
913. 9
939. 4
22.
23.
24.
26.
5
5
3
2
847. 0
868. 6
889. 6
913. 2
781.
799.
816.
823.
7
0
3
9
65. 3
69. 6
73. 2
89. 3
398. 2
406. 9
416. 6
424. 6
127. 2
130. 7
133. 0
135.9
271. 0
276. 2
283. 6
288. 7
396.0
404. 0
409. 8
422. 3
127.
130.
133.
135.
2
7
0
9
269. 0
273.3
276.9
286. 4
2. 1
3. 0
6. 7
2. 3
1974: I
950. 6
966. 5
25. 6
25. 8
925. 0
940. 7
840. 6
869. 1
84. 4
71. 5
437. 3
454.2
139. 3
147.4
298. 0
306.8
435.5
451. 7
139. 3
147.4
296. 3
304.4
1.8
2.4
Business
Iriternation al
Net
Net e xports of goods
Excess of Total
a nd service s
Excess transfers
Gross
to fortransfers income
Gross
private
of
retained domestic invest- eigners
or
or
earnby perEquals: of net
receipts
ment sons and Exports
3
investLess:
ings
Net
Imports exports exports
ment 4
(-)
Govern(~)5
ment
Period
95. 4
97. 0
97. 0
110. 2
125. 9
136. 5
126. 0
139. 0
136. 3
153. 7
179. 3
209. 4
— 30. 0
-42. 0
-39. 3
-43. 5
— 53. 5
-72.9
2. 9
2. 9
3. 2
3. 6
3.8
3. 9
50. 6
55. 5
62. 9
65. 4
72. 4
100.4
48. 1
53. 6
59. 3
65. 6
78.4
96. 4
2. 5
1. 9
3. 6
—.2
-6. 0
3. 9
1973: I
II
III
IV
133.
135.
137.
140.
7
3
1
1
199. 0
205. 1
209. 0
224. 5
-65. 3
-69. 8
— 71. 9
-84. 4
3. 0
4. 2
3. 6
4. 7
88. 8
95. 4
103. 7
113. 6
89. 5
94. 9
96. 9
104. 3
-. 8
.5
6. 7
9.3
3. 8
3. 7
-3. 1
— 4. 7
1,
1,
1,
1,
1974: I
II *
138. 3
139. 2
210. 5
211. 8
-72. 2
-72.6
3. 7
3. 7
131. 2
141.0
119. 9
139. 0
11.3
2.0
-7. 7
1. 7
1968 _ _
1969
1970
1971
1972
1973
_
_
1
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.
0. 4
866. 9
1. 0
936. 3
—. 4
983. 5
3. 8 1, 057. 2
9. 8 1, 161. 8
-i 11, 299. 9
Statistical
discrepancy
Gross
national
product
or
expenditure
-2. 7
-6. 1
-6. 4
-2. 3
-3.8
-5. 0
864. 2
930. 3
977. 1
1, 054. 9
1, 158. 0
1, 294. 9
254. 7
284. 3
313. 9
346. 7
-5. 9
-6. 5
-4. 9
-2. 6
1, 248. 9
1, 277. 9
1, 308. 9
1, 344. 0
1, 365. 0
1, 390.4
-6.3
-3.1
1, 358. 8
1, 387. 3
* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
«Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
in the second quarter gross national product (seasonally adjusted) rose at an annual rate of 8.7 percent, reflecting an
Inflation rate of 9.6 percent and a decline of 0.8 percent in real GNP. The rate of increase in money GNP and in
inflation was somewhat higher than earlier estimates while the decline in real GNP was somewhat lower.
BILLIONS OF DOLLARS.
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,400
1,400
1,200
1,200
GROSS NATIONAL PRODUCT
1,000
1,000
PERSONAL CONSUMPTION
-EXPENDITURES-
800
800
600
600
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
200
200
NET EXPORTS OF GOODS
GROSS PRIVATE DOMESTIC
INVESTMENT
AND SERVICES
\
I
1968
1969
1970
I
_L
1972
1971
1973
SOURCE: DEPARTMENT OF COMMERCE
Period
1964
1965
COUNCIL OF ECONOMIC ADVISERS
Government ]3urcfaases of good s and
Total
Personal Gross
Net
services
conTotal
gross
private exports
sump- domestic of goods
national
gross
Federal
State
product national
tion
Total
investand
and
National Other
in 1958 product expend- ment services
Total defense1
local
itures
dollars
Billions Df dollars; quarterly data at s easonairy adjuste d annual rates
581. 1
617.8
658. 1
839.2
1966__
1967
1968
1969—
1970
1971
1972
1973
632. 4
684. 9
749. 9
793. 9
864 2
930. 3
977. 1
1, 054. 9
1, 158. 0
1, 294. 9
401.2
432.8
466. 3
492. 1
536. 2
579. 5
617. 6
667. 1
729. 0
805. 2
94.0
108. 1
121. 4
116. 6
126. 0
139.0
136. 3
153. 7
179. 3
209. 4
832. 8
837. 4
840. 8
845. 7
1, 248. 9
1, 277. 9
1, 308. 9
1, 344. 0
781. 7
799. 0
816. 3
823. 9
199. 0
205. 1
209. 0
224. 5
830. 5 1, 358. 8
828. 8 1, 387. 3
840. 6
869. 1
210. 5
211. 8
675.2
706.6
725.6
722.5
746. 3
792. 5
1973: I
II
III
IV
1974: I
II
1
This category corresponds closely with budget outlays for national defense,
shown on p. 36.
s
Gross national product in current dollars divided by gross national product
in 1968 dollars.
1974
Implicit
price
deflator
for total
GNP,
1958=1002
128.7
137. 0
156. 8
180. 1
199. 6
210. 0
219. 5
234. 2
255. 7
276. 4
65.2
66.9
77. 8
90.7
98. 8
98. 8
96. 2
97. 6
104.9
106. 6
50. 0
50. 1
60.7
72. 4
78. 3
78. 4
74. 6
71. 2
74. 8
74, 4
15. 2
16. 8
17. 1
18.4
20.5
20. 4
21. 6
26.5
30. 1
32.2
63.5
70. 1
79.0
89.4
100. 8
111. 2
123. 3
136. 6
150. 8
169. 8
108.
110.
113.
117.
122.
128.
135.
141.
146.
154.
85
86
94
59
30
20
24
35
12
31
-. 8
.5
6.7
9.3
269. 0
273. 3
276. 9
286.4
106. 4
106. 2
105. 3
108.4
75.0
74. 0
73. 3
75. 3
31. 4
32. 2
32. 0
33. 1
162.
167.
171.
177.
149.
152.
155.
158.
95
61
67
93
11. 3
2. 0
296. 3
304. 4
111. 5
114. 3
75. 8
76.6
35. 7
37. 7
184. 8
190. 1
8.5
6.9
5. 3
5. 2
2. 5
1. 9
3. 6
—.2
-6. 0
3. 9
Source: Department of Commerce.
6
1
6
9
163. 61
167. 39
mONAL INCOME
National income rose $1 8 billion (seasonally adjusted annual rate) in the second quarter. Compensation of employees
increased $191A billion while farm income fell sharply by $10 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,100
1,100
1,000
1,000
900
900
800
800
700
700
600
600
500
500
•>.
200
PROPRIETORS' AND
RENTAL INCOME
200
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
100
1973
1972
1968
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1964
1965 _ _
1966
1967
1968_ __
1969
1970
1971
1972
1973
1973: I_
II
III__.
IV
1974: I
II v1
2 Includes
Compensation
of em- 1
ployees
Proprieto rs' income
Farm 2
Net
interest
Corpora te profits and inventory va luation a<Ijust men t
Total
Profits Inventory
before
valuation
taxes adjustment
518. 1
564.3
620. 6
653. 6
711. 1
766. 0
800. 5
857. 7
946. 5
1, 065. 6
._
365.7
393.8
435. 5
467. 2
514, 6
566. 0
603. 9
643. 1
707. 1
786. 0
12. 1
14.8
16. 1
14. 8
14. 7
16.7
16. 9
17.2
21. 0
38. 5
40.2
42.4
45. 2
47. 3
49. 5
50. 5
50. 0
52. 0
54. 9
57. 6
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 9
25. 2
25. 9
26. 1
15.8
18.2
21. 4
24. 4
26. 9
30. 5
36. 5
41. 6
45. 6
52. 3
66.3
76.1
82. 4
78. 7
84 3
79. 8
69. 2
78.7
92. 2
105. 1
66.8
77.8
84. 2
79. 8
87. 6
84. 9
74. 0
83. 6
99. 2
122. 7
-0.5
— 1. 7
— 1. 8
— 1.1
— 3. 3
-5. 1
-4.8
-4. 9
— 7. 0
-17. 6
1, 027. 6
1, 051. 2
1, 077. 3
1, 106. 3
759. 1
776. 7
793. 3
814. 8
32. 1
35. 6
41. 5
44. 9
57. 0
57. 1
57. 7
58. 4
26.3
25. 7
26. 2
26. 4
49.2
51. 1
53.2
55. 5
103. 9
105. 0
105. 2
106. 4
120.
124.
122.
122.
4
9
7
7
-16. 5
— 20. 0
-17. 5
-16. 3
1, 118. 8
1, 137. 1
828. 8
848. 3
39. 1
29. 1
59. 3
60.7
26. 4
26. 3
57. 5
60. 1
107. 7
112. 6
138. 7
150. 4
— 31. 0
-37.9
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
mch profits.
Business
and professional
Rental
income
of
per-
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income rose $14.4 billion (seasonally adjusted annual rate) in July. Wage and salary disbursements increased
$6.2 billion, mainly reflecting higher wage rates and a longer workweek since nonfarm payroll employment declined.
Transfer payments were up $5.5 billion, of which $2.1 billion represented increased social security benefits.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1,000
1,000
800
600
200
1968
1974
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1967
1968
1969
1970
1971
1972
1973__1973: June...
July...
Aug
Sept__.
Get
Nov...
Dec
1974: Jan
Feb
Mar___
Apr
May___
June ___
July *__
629. 3
688.9
750.9
808. 3
864. 0
944.9
1, 055. 0
1, 047. 2
1, 056. 1
1, 067. 6
1, 080. 4
I, 090. 8
1, 100. 0
1, 107. 1
1, 107. 0
1, 113. 4
1, 117. 1
1, 125. 2
1, 135. 2
1, 143. 5
1, 157. 9
[Billions of dollars; monthly data at seasonally adjusted annual rates]
7
Wage
Rental
Other ProprieU)rs income income
and
Divi- Personal Transfer
Business
paylabor 1 2
salary
dends interest ments
of
income
and pro- persons
Farm
disburse- income
1
fessional
ments
21. 4
21. 1
4a o
22. 3
47. 3
51. 8
423. 1
14.8
21. 2
23. 6
52. 9
59. 6
49. 5
25. 4
14.7
464. 9
22. 6
24. 3
59. 3
65. 8
50.5
28.4
16. 7
509. 7
24. 7
23. 9
67. 5
79.1
50. 0
32. 2
542. 0
16. 9
25. 0
72.8
17.2
52. 0
25. 2
93. 3
36.4
573. 0
27. 3
78. 6
103. 2
54. 9
25. 9
41,7
21. 0
626. 8
29. 6
90. 6
117. 8
57.6
26. 1
38. 5
46. 0
691.7
89. 9
26. 2
29. 2
57. 2
116. 6
35. 9
45. 6
689. 2
117. 2
26. 0
29. 4
57.8
91. 2
38.8
45. 9
692. 9
92. 5
26. 2
30. 0
119. 4
57. 6
46. 3
41. 5
697. 2
30. 0
93. 7
26. 4
120. 4
57. 8
46.7
44. 3
704. 5
94. 8
30.2
121. 7
26. 4
58. 3
47. 1
44.9
711. 0
122. 1
26. 4
30. 4
96. 0
58. 5
47. 6
44. 9
717. 9
97. 0
122. 6
26. 4
58. 4
31. 6
48. 0
44. 9
722. 2
97. 5
26. 4
126. 7
42. 1
58.7
31. 4
48. 5
722. 5
31. 6
98. 3
26. 4
128. 4
59. 4
39. 1
48.9
728. 3
26.4
31. 9
99. 0
129. 5
59. 9
36. 1
49. 4
732. 1
32. 1
134. 6
25. 5
100. 4
60. 2
32.6
49. 9
737. 1
102. 0
32. 5
135. 8
60.8
26. 7
50. 5
29. 1
745.3
61.2
103. 5
26. 7
33. 0
137. 0
25. 7
51. 1
753.2
104. 7
142. 5
33. 2
26. 8
61.3
26. 7
51. 7
759.4
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
sConsistsoi employer contributions to private pension, health, and welfare
COUNCIL OF ECONOMIC ADVISERS
Less: Personal con- Nonagricultural
tributions personal
for social income
insurance
20. 5
22.8
26. 3
28. 0
30.7
34. 5
42. 8
42. 6
43. 1
43. 3
43. 5
43. 7
43. 8
43. 8
46. 7
46. 8
47.0
47. 2
47. 6
47. 9
48. 3
609. 4
668. 8
728. 3
784.8
840.0
916. 5
1, 008. 0
1, 002. 9
1, 008. 8
1, 017. 6
1, 027. 6
1, 037. 0
1, 046. 1
1, 052. 9
1, 055. 5
1, 064. 9
1, 071. 6
1, 083. 1
1, 096. 6
1, 106. 8
1, 121. 1
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other minor items.
3
Personal income exclusive of net income of unincorporated farm enterpr
farm wages, agricultural net interest, and net dividends paid by agricul
corporations.
Source: Department of Commerce.
3POSITION OF PERSONAL INCOME
.ic second quarter, personal income rose $22.1 billion (seasonally adjusted annual rate), disposable income
4>15.9 billion, and personal outlays $28.7 billion. Real per capita disposable income declined 1.3 percent in the
quarter after having decreased 2.2 percent in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
900
500
DOLLARS
5,000
DOLLARS
5,000
PER CAPITA DISPOSABLE PERSONAL INCOME
4,000
4,000
3,000
3,000
2,000
2,000
1974
1968'
SOURCE: DEPARTMENT OF COMMERCE
Period
Less *
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per ca|.>ita disL ess : Persemal outla ys
posable personal
Equals:
Persoilal consurnption
Equals:
incc)me
Disex penditures 2
Personal
Total
posable
saving Current
personal personal Durable Non1958
income outlays * goods durable Services
dollars dollars
Koods
Billions of dollars
1966
1967
1968
1969
1970
1971
1972
1973
587. 2
629. 3
688. 9
750. 9
808. 3
864.0
944. 9
1, 055. 0
75. 4
83. 0
97. 9
116. 5
116. 6
117. 6
142. 4
151. 3
511. 9
546. 3
591. 0
634. 4
691. 7
746. 4
802. 5
903. 7
479. 3
506. 0
551. 2
596. 2
635. 5
685. 9
749. 9
829. 4
70.8
73. 1
84. 0
90. 8
91. 3
103. 9
118. 4
130.3
Saving
as percent of Populadistion
posable (thoupersonal sands) 3
income
( percent)
Dol lars
206. 9
215. 0
230. 8
245. 9
263. 8
278. 4
299. 7
338. 0
188. 6
204. 0
221. 3
242. 7
262. 6
284. 8
310. 9
336. 9
32. 5
40. 4
39. 8
38. 2
56. 2
60. 5
52. 6
74. 4
2,604
2,749
2, 945
3, 130
3, 376
3, 605
3,843
4,295
2,335
2,403
2, 486
2, 534
2,610
2, 683
2, 779
2,945
6. 4
7.4
6.7
6. 0
8. 1
8. 1
6. 6
8.2
196,
198,
200,
202,
204,
207,
208,
210,
560
712
706
677
875
045
842
396
852
205
610
030
Seaso nally adjiisied annu al rates
I...
IIIII.
IV_
144. 1
147. 2
154. 2
159. 9
869. 5
892. 1
913. 9
939. 4
804. 2
822. 5
840. 7
850. 1
132. 4
132. 1
132. 4
124. 3
323. 3
332. 7
343. 8
352. 1
325. 9
334. 2
340. 1
347. 4
65. 3
69. 6
73. 2
89. 3
4, 143
4,244
4, 339
4, 452
2,
2,
2,
2,
931
941
952
952
7.5
7. 8
8.0
9. 5
209,
210,
210,
211,
1974: L__ 1, 112. 5 161. 9
II__ 1, 134. 6 168.2
950. 6
966. 5
866. 2
894.9
123. 9
129. 5
364. 4
375. 8
352. 4
363.8
84. 4
71.5
4,497
4, 565
2,887
2,850
8.9
7. 4
211, 381
211, 721
1973:
1, 013. 6
1, 039. 2
1, 068. 0
1, 099. 3
1 Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
2
-See p. 2 for total personal consumption expenditures.
3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
According to new estimates, net farm income for 1973 has been revised upward substantially, making the 1973 total
almost double that in 1972. There was a sharp drop in income in the second quarter of 1974 because of falling farm
prices.
BILLIONS OF DOLLARS
1120
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
1968
1969
1971
1970
1972
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total f arm popu lation
] income re ceived fro m farming>
Net t(3 farm
oper ators
Realize d gross
Period
1966
1967
1968 _
1969
1970
1971 __
1972__
1973
From
From
nonfarm
farm
sources sources
From
all
sources
_ ._
_ _
1974
1973
23. 7
22. 6
23. 9
26. 6
27. 1
28. 2
33. 7
50. 4
12. 7
11.0
11.3
12. 9
12. 9
13. 2
16. 5
31. 3
Net inc ome per
farm incl uding net
inventorsr change s
Produc~
Cash
tion ex- Exclud- Includreceipts penses ingnetin- img net in- Current
1967
from
Total 1
ventory ventory dollars dollars 4
2
marketchange change
ings
Billions c)f dollars
Dol lars
50. 6
49. 9
51.7
56. 3
58. 6
60.6
69. 9
97. 0
11.0
11. 6
12. 7
13. 7
14. 2
15. 0
17. 2
19. 0
43. 4
42. 8
44. 2
48. 2
50. 5
52. 9
61. 0
88. 6
36.4
38.3
39. 5
42. 2
44. 6
47. 6
52. 4
64. 7
14. 1
11. 6
12. 2
14.2
14. 0
13. 0
17. 5
32. 2
14. 1
12. 3
12. 3
14.3
14. 0
14. 4
18. 4
36.2
4, 316
3, 877
4,018
4,753
4, 752
4,957
6, 410
12, 744
4,404
3,877
3, 863
4, 361
4, 168
4, 166
5, 169
9,235
Seaso nally adjiisted annu al rates
1973: I
II
III_
IV
1974: I
II —
86. 2
93. 2
101. 8
106.7
j
(
77.5
84. 8
93. 6
98. 5
60. 1
62. 9
67. 0
69. 0
26. 1
30. 3
34. 8
37.7
29. 6
33. 3
39.3
42. 7
10, 410
11, 710
13, 820
15, 010
7,950
8, 610
9, 870
10, 350
105. 0
98. 4
98. 0
91. 3
72. 1
74. 5
32. 9
23. 9
36. 9
26.9
13, 080
9,540
8,610
6, 000
1
Cash receipts from marketings, Government payments, and nonmoney income furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
2 Eased on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
< 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.
PRPORATE PROFITS
^rporatc profits plus inventory valuation adjustment rose by $4.9 billion (seasonally adjusted annual rate) in the
second quarter. The rise excluding inventory valuation adjustment was $11.7 billion.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
60
40
40
20
- 20
1968
I
1974
1969
SOURCE: DEPARTMENT OF CO/AMERCE
Period
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corjporate pi*ofits
Corf >orate pi•ofits (befc>re taxes) and inveiitory
ptfter taxcJS
Corpo- Profits
valuation adjustme nt
rate
Plus
TransCorpo- CorpoM anufactui •ing
capital capital
portation,
rate
rate
conconDiviUncomtax
profits
NonAll
Durable durable muniAll l before liabil- Total dend distrib- sump- sumpindustion
tion
goods
uted
paytaxes
ity
goods cation, other
tries Total indusments profits allow- allowand
ances 2 ances 3
tries
public
tries
utilities
82. 4
78. 7
84. 3
79. 8
69. 2
___ 78.7
___ 92. 2
105. 1
42. 6
38. 7
41.7
36. 6
27. 8
32. 3
40. 8
47. 6
1973: !____ 103. 9
II_._ 105. 0
III__ 105. 2
IV___ 106. 4
107. 7
112. 6
1966
1967
1968
1969
1970
1971_
1972_
1973
1974: ! _ _ _ _
II".
COUNCiL OF ECONOMIC ADVISERS
24 0
20. 7
22. 4
18, 8
10. 5
11. 9
10. 8
10. 6
10. 1
21. 8
26. 1
18. 6
18. 0
19. 3
17. 7
17. 3
17. 8
19. 0
21. 5
48. 6
48. 4
47. 1
46. 4
27. 6
26. 9
25.7
24. 3
20.9
21. 5
21.4
22. 1
9. 4
46. 2
19. 3
2&9
145
1
Includes all other industries and financial institutions.
2
Includes depreciation and accidental damages.
8
27. 9
29. 1
32.0
33. 1
33. 7
38. 1
42. 2
48.3
84. 2
79. 8
87. 6
84. 9
74. 0
83. 6
99.2
122. 7
34.3
33. 2
39. 9
40. 1
34. 8
37. 5
41. 5
49. 8
49. 9
46. 6
47. S
44. 8
39. 3
46. 1
57. 7
72. 9
20. 8
21. 4
23. 6
24. 3
24. 7
25. 0
27. 3
29. 6
29. 1
25. 3
24. 2
20. 5
14. 6
21. 1
30. 3
43. 3 !
39. 5
43. 0
46. 8
51. 9
56. 0
60. 4
66. 3
71. 2
89.5
89. 6
94 6
96.8
95. 2
106. 5
124. 0
144. 1
8.8
9. 5
9. 2
45. 9
47. 8
48. 6
50.8
120. 4
124. 9
122. 7
122. 7
48. 9
50. 9
49. 9
49. 5
71. 5
74. 0
72. 9
73. 2
28. 7
29. 1
29. 8
30. 7
42. 8
44. 9
43. 1
42. 5
69. 2
70. 8
71. 6
73. 1
140. 7
144. 8
144. 5
146. 3
7. 1
54.5
138.7
150.4
53.6
59. 4
85. 1
91. 1
31.6
32. 5
53. 5
58. 5
74. 1
75. 7
159. 2
166. 8
7.8
8.3
9.2
9.2
Corporate profits after taxes plus corporate capital consumption allowances.
38-570 °—74
2
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose in the second quarter as an increase in nonresidential fixed investment n
than offset a decline in inventory investment. Outlays for residential structures changed little.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 250
250
SEASONALLY ADJUSTED ANNUAL RATES
200
GROSS PRIVATE DOMESTIC
INVESTMENT
150
150
100
PRODUCERS'
DURABLE EQUIPMENT
\
i^j
^—i ^
jCI~~~~~
NONRESIDENTIAL STRUCTURES
50
'^r^r
'"••«.•„„„ i,,,,,,.,,,
,„„»••**'***
rUAKirtC 1M Dl KIKICCC
CHANGE IN BUSINESS
INVENTORIES
\
RESIDENTIAL STRUCTURES
1969
1968
50
!
! !
1970
]
!
1972
1971
i
1
1973
SOURCE! DEPARTMENT Of COMMERCE
f
f
1974
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Total
gross
private
domestic
investment
Period
Resid ential
struc tures
Ncmresident ial
Struc tures
Total
Total
Total
Nonfarm
Produce rs durable equ ipment
Total
Nonfarm
Total
Nonfarm
C hange in business mv entories
Total
Nonfarm
94 0
108. 1
121. 4
116.6
126. 0
139.0
136. 3
153. 7
179. 3
209. 4
88.2
98.5
106. 6
108. 4
1 18. 9
131. 1
131. 7
147. 4
170. 8
194. 0
61. 1
71. 3
81. 6
83. 3
88. 8
98. 5
100. 6
104. 6
116. 8
136. 8
21.2
25.5
28. 5
28. 0
30. 3
34. 2
36. 1
37. 9
41. 1
47. 0
20.5
24. 9
27. 8
27. 3
29. 6
33. 5
35. 3
37. 1
40. 4
45. 7
39. 9
45.8
53. 1
55. 3
58. 5
64. 3
64. 4
66. 6
75. 7
89. 8
36.3
41. 6
48.4
50. 0
53. 6
59. 2
58. 9
61. 1
69. 2
81. 4
27. 1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 8
54. 0
57. 2
26. 6
26. 7
24. 5
24. 5
29. T>
32. 0
30. 7
42. 3
53. 4
56. 7
5. 8
I). 6
14. 8
8. 2
7. 1
7.8
4. 5
6. 3
8. 5
15. 4
6. 4
8.6
15.0
7. 5
6. 9
7. 7
4. 3
4. 9
7. 8
11.4
1973: I
II
III
IV
199. 0
205. 1
209. 0
224. 5
189. 0
194. 4
197. 1
195. 5
130. 5
135. 6
139. 0
141. 9
44. 6
46. 2
47. 9
49. 3
43. 6
44. 9
46. 4
47. 8
85. 9
89. 4
91. 1
92. 6
78. 5
81. 1
82. 6
83. 5
58. 5
58. 7
58. 1
53. 6
58. 0
58.4
57. 6
53. 0
10. 0
10. 7
11.8
28. 9
6.5
7.7
7.4
24. 0
1974: I
II
210. 5
211. 8
193. 6
198. 3
145. 2
149. 4
51. 3
52. 2
49. 5
50. 4
93. 9
97. 2
84.6
86. 9
48. 4
48. 8
47. 8
48. 0
16. 9
13. 5
13. 1
10.4
1964
1965
1966
1967
1968.
1969
1970
1971
1972
1973
__ __
Source: Department of Commerce.
8
fPENDITURES FOR NEW PLANT AND EQUIPMENT
:cording fo an April-May survey, businessmen plan to increase their investment expenditures by 1 2 percent in
974. The planned increase in the second half of the year is somewhat less than in the first half.
BILLIONS OF DOLLARS
120
BJLLIONS OF DOLLARS
120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
TOTAL NEW PLANT AND EQUIPMENT
80
80
NONMANUFACTURING
„,•••••««"""
40
40
j
MANUFACTURING
\
!
20 M>—I—1—JL
1969
1968
|
J/
}
1971
1970
1972
J/
J/
20
1974
1973
J/SEE FOOTNOTE 3 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufaetur ing
Period
TraiisportatJon
Total l
DurTotal
63.
65.
67.
75.
79.
81.
88.
99.
1966
1967
1968
1969
1970
1971
1972
1973
51
47
76
56
71
21
44
74
19743
111.96
1973: I
II
III
IV
1974: I
II3
96.
97.
100.
103.
107.
110.
113.
116.
III
IV
3
3
1
19
76
90
74
27
58
16
04
IS onman ufacturir ig
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
38. 01
45. 52
35. 51
36. 58
38. 81
40. 61
42.96
45. 22
46. 00
47. 40
Non-
able
goods
durable
goods
14. 06
14. 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 25
22. 49
17. 88
18. 64
19. 73
20. 48
21. 43
22. 60
23. 25
22. 61
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 76
23. 03
17. 63
17. 94
19. 08
20. 13
21. 53
22. 61
22. 76
24. 80
Total
35.32
36.
39.
43.
47.
51.
57.
61.
66.
60.
61.
62.
63.
64.
65.36
67. 15
68. 64
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations.
2
Includes trade, service, construction, finance, and insurance.
Estimates based on expected capital expenditures as reported by business
? April and May 1974. Includes adjustments when necessary for systematic
\cies in expectations data.
96
40
88
76
22
09
73
44
68
18
09
12
31
Mining
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2. 74
2. 98
2.59
2. 77
2. 82
2. 76
2. 80
2. 97
3. 06
Railroad
2. 37
1. 86
1 45
1. 86
1. 78
1. 67
1. 80
1. 96
2.54
2. 11
1. 75
1. 95
2. 05
2. 10
2. 48
2. 70
Public
utilities
Air
Other
1. 74
2. 29
2. 56
2.51
3. 03
1. 88
2. 46
2. 41
2. 09
2. 21
2. 72
2. 49
2. 20
2. 13
2. 26
2. 16
1. 64
1. 48
1. 59
1. 68
1. 23
1. 38
1. 46
1.66
1. 99
1. 53
1. 62
1.79
1.73
1. 63
1. 93
2. 17
7.43
8. 74
10. 20
11. 61
13. 14
15. 30
17. 00
18. 71
21. 36
18. 38
18. 08
18. 58
19. 80
20. 12
20. 73
21. 53
Communication
Commercial
and
other 2
6.02
14. 48
6. 34
14. 59
6. 83
15. 14
8.30
16. 05
10. 10
16. 59
10. 77
18. 05
11. 89
20.07
12. 85
21. 40
13. 80
21. 66
12. 34
21. 53
12. 70
21. 55
13. 12
21. 36
13. 24
21. 35
13.83
21. 69
35. 00
35. 54
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
necessarily coincide with the average oi seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department oi Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGE
STATUS OF THE LABOR FORCE
The seasonally adjusted civilian labor force increased by 248,000 in July. There were increases In both employment
(147,000) and unemployment (101,000).
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
s EA S<DN A LL1!f j\D JUST ED
L NEM PLOY MEN T RATE
_
v
r
—r--
-{—] —
—r
••I 1
i
f
:
;
* f
TT T
t
J^L ^L
"1—^
t
\
~n
1
Ii.
i
19 69
968
1
""
1
11
-]
4
i
|
:
:
'
19 70
1 ?y 3
97 2
85,
86,
88,
91,
1973:
JuneJulyAug_
Sept_
Oct..
Nov.
Dee__
1974:
Jan...
Feb_
Mar_
Apr__
May_
June.
July-
903
929
991
040
92, 729
93, 227
92, 436
91, 298
92, 046
92, 168
91, 983
91,
91,
91,
91,
92,
94,
95,
354
692
884
736
158
758
496
COUNCIL OF ECONOMIC ADVISERS
Civiliabn emTotal
Civ illsin emplo yment
ployiinent
labor
Unempk>yment Labor
Unemforce Civilian
force
NonNon- Unem- rate (pe rcent of participloy- (includ- labor
Agriployagriagriciviliaii labor pation
Total
ment
ing
force
Total
culment
culculfor ce)
Armed
tural
rate1
tural
tural
Forces)
Thoug3ands of ]persons 1C* years of age and o ver
Percent
78, 627 75, 165 4, 088 85, 903 82, 715 78, 627 3,462 75, 165 4, 088
61. 3
4.9
79, 120 75, 732 4, 993 86, 929 84, 113 79, 120 3,387 75, 732 4,993
61. 0
5. 9
81, 702 78, 230 4,840 88, 991 86, 542 81, 702 3,472 78, 230 4,840
61. 0
5. 6
84, 409 80, 957 4, 304 91, 040 88, 714 84, 409 3,452 80, 957 4, 304
61. 4
4. 9
Seaso nally
UnadUnadj usted
t.Seasonally adjusted t
adju sied
justed
Total
labor
force
(including
Armed
Forces)
1970—
1971___
1972*..
1973*__
\
85, 567
86, 367
85, 921
84, 841
85, 994
85, 828
85, 643
81, 514
82, 201
82, 095
81, 406
82, 469
82, 409
82, 441
4, 847
4, 550
4, 208
4, 165
3, 763
4,056
4, 058
91, 133
91, 139
91, Oil
91, 664
92, 038
92, 186
92, 315
88, 818
88, 828
88, 704
89, 373
89, 749
89, 903
90, 033
84, 518
84, 621
84, 513
85, 133
85, 649
85, 649
85, 669
3,430
3, 512
3, 425
3, 376
3, 455
3, 561
3, 643
81, 088
81, 109
81, 088
81, 757
82, 194
82, 088
82, 026
4,300
4,207
4, 191
84, 088
84, 294
84, 878
85, 192
85, 785
87, 167
88, 015
80, 891
81,011
81, 544
81, 756
82, 181
83, 272
83, 991
5,008
5, 140
4, 755
4, 301
4, 144
5, 380
5, 260
92, 801
92, 814
92, 747
92, 556
92, 909
93, 130
93, 387
90, 543
90, 556
90, 496
90, 313
90, 679
90, 919
91, 167
85, 811
85, 803
85, 863
85, 775
85, 971
86, 165
86, 312
3, 794
3,852
3, 699
3, 511
3, 457
3, 293
3, 405
82, 017
81, 951
82, 164
82, 264
82, 614
82, 872
82, 907
4, 732
4,753
4, 633
4, 538
4, 708
4,754
4,855
*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
i
/ i•
i<?7 4
(
16 Y E A R S OF AGE AND OVER,
SOURCE: DEPARTMENT OF LABOR
Period
j
: j;
1
$
P
t J
t :
-
J_j
1
19 7
_,
"1 1 ~]
1
4, 240
4, 100
4, 254
4, 364
5. 4
5.0
4.7
4.7
4. 2
4.5
4. 5
5.6
5. 7
5. 3
4. 8
4. 6
5.8
5.6
4. 8
4. 7
4. 7
4. 7
4.6
4- 7
4.8
5. 2
5. 2
5. 1
5. 0
5. 2
5.2
6. 3 1
61. 5
61. 4
61. 3
61. 6
61. 8
61. 8
61. 8
62. 0
61. 9
61. 8
61. 6
61. 7
61. 8
61. 9
Total labor force as percent of noninstitutional population 16 years of
and over.
Source: Department of Labor.
ELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
. ,ie seasonally adjusted unemployment rate increased in July by 0.1 percentage point to 5.3 percent. The rate for
married men was unchanged at 2.6 percent.
PERCENT
1 10
PERCENT
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
///UNEMPLOYMENT RATE, EXPERIENCED
///
WAGE AND SALARY WORKERS
"""""•"""•: t
T
"UNEMPLOYMENT RATE
ALL CIVILIAN WORKERS
I
1
UNEMPLOYMENT RATE,
MARRIED MEN
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
UneLaploymen t rate
(percen t of civili an labor
for ce in groiip)
Period
Experi- Married
enced
All
men
workers wage and (wife
salary present)
workers
1970
1971
1972 _
1973
4. 9
5. 9
5. 6
4. 9
1973: June
Julv
Aug
Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
Apr
Mav
June
Julv
4.8
4.7
1
4.7
4.7
4.6
4. 7
4. 8
5. 2
5. 2
5. 1
5. 0
5. 2
5. 2
5. 3
Per cent
4. 8
2. 6
3. 2
5. 7
5. 3
2. 8
4. 5
2. 3
Seasonall ?/ adjusted
4-4
4-4
4.4
4.4
4.2
J,. 5
4. 6
4.8
4.9
4.8
4.9
4.9
4.9
5. 0
2. 3
2. 1
2. 1
2. 1
2. 1
2. 1
2. 2
2. S
2.4
2.4
2.5
2. 2
2. 6
2. 6
Persons at work ] n nonagr] cultural 2 idustries
ii
by hours5 worked ]oer week
U ader 35 he>urs
|
Labor
Part-t me for
Part-t] me for
foroe l
economi c reasons economi c reasons
Over 40 35-40
time lost
hours
hours
Total
Usually Usually Usually Usually
fullfullpartparttime 3
time 4
time 3
time 4
Thousan ds of pers ons 16 years of age and over
1,201
995
18, 925 33, 537 18, 222
5. 3
6. 4
19, 095 35, 752 16, 298
1, 184
1, 256
20, 320 36, 794 16, 549
1, 327
6. 0
1,081
21, 284 37, 426 17, 473
1, 237
1,074
5. 2
(Jnadjustec i
Seasonail ii adjusted
1,772
1, 195
1, 099
5. 2 21, 467 38, 306 15,714
1} 374
5. 1 20, 424 37, 040 14, 283
1, 129
1,886
1, 161
1, 208
5. 1 20, 503 37, 125 14, 326
1, 315
1, 567
1, 167
1, 120
1, 092
5. 1 22, 631 38, 451 16, 172
1, 126
1, 106
1, 247
34, 956 22, 136
5. 1 21, 797
1, 103
1,046
1, 108
1, 274
fy P
22, 099 38, 566 18, 630
1,083
1, 104
1, 143
1, 262
1, 140
1,210
1, 192
5. 4 22, 225 39, 574 17, 934
1, 370
1,274
5.7 \ 19, 913 38, 579 18, 682
1, 111
1, 218
1, 373
5. 7
19, 730 38, 275 19, 629
1,222
1, 375
1, 381
1, 373
5. 6 20, 854 39, 416 17, 927
1, 127
1, 249
1, 261
1, 291
1, 052
1, 078
5. 7
17, 153 34, 544 25, 026
1, 080
1,312
5. 7 21, 323 39, 775 17, 638
1, 147
1, 260
1, 265
1, 486
5. 6 20, 938 39, 734 16, 325 5 1? 314 5 1,645
1, 209
1,275
5. 7
1, 124
19, 702 38, 028 15, 123
1, 992
1, 156
1} 276
Man-hours lost by the unemployed and persons on part-time for economic
^ons as a percent of potentially available labor force man-hours.
Differs from total nonagricultural employment (p. 10), which includes perwith jobs but not at work for such reasons as vacation, illness, bad weather,
bdustrial disputes.
icludes persons who worked part-time because of slack work, material
ages or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only part-time work.
'Average hours worked: usually full-time, 23.6; usually part-time, 19.6.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In July, insured unemployment under State programs averaged 483,000 more than a year earlier. The seasonally
adjusted insured unemployment rate at 3.3 percent has been about unchanged since February.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
ISTATE PROGRAMS}
MAR.
JAN.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
SOURCE) DEPARTMENT OF tABOR
1970
1971
1972
1973 »
1973: June »
July »
Aug »
Sept »
Oct »
Nov *
Dec »
1974: Jan "__
Feb »_
Mar v*__
Apr
May »
June *
July »
Week ended :
1974: July 13
20
27
Aug 3
10"
17*
Stiite progra ms
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment (weekly
lions
ment
averof dolage)
lars)1
_
Thou sands
59, 526
2,070
2, 313
59, 375
66, 900
2, 185
1, 783
1, 523
1,640
1,572
1,441
1,452
1,667
2,093
_
2, 740
_
2,824
2, 751
2, 560
2,578
2,161
2, 319
2,318
2,278
2,249
2,247
2,252
Initial
claims
Insurec unemBenefi ts paid
ploymen t as percent of covered
Total Average
Exhausemplo yment
tions
weekly
(milSeasoncheck
Unad- ally ad- lions|of (dollars)
dollars)
justed
justed
Weekly iaverage, t thousands
4, 179. 1 1,805
25
296
5, 498. 2
2, 150
38
295
5, 491. 1
1,848
261
35
4, 441. 8
1,632
246
29
315. 6
1,384
206
28
326. 9
1, 505
275
27
353. 5
212
27
1, 436
287. 8
1,299
186
25
322. 9
24
1, 299
210
332. 5
1, 503
266
25
378.2
1, 922
395
27
32
606. 9
2, 561
446
597.8
359
33
2,630
2, 502
635. 6
35
293
594. 9
263
38
2, 217
584. 5
1,934
39
237
1,834
40
476.5
268
562.4
35
1,988
340
2,039
1,984
1,946
1,959
21,975
* Beginning with January 1973, monthly data include extended benefits.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
A 11 progranQS
Period
NOV.
OCT.
352
325
333
340
318
269
2 Not charted.
Source: Department of Labor.
Per cent
3.4
4. 1
3. 5
2. 7
2. 4
2.5
2.4
2. 1
2. 1
2.4
3. 1
4. 1
4.2
4. 0
3. 5
3. 0
2. 9
3. 1
3. 1
3. 1
3.0
3.0
3.1
2. 7
2. 7
2. 6
2.6
2.6
2. 7
2. 8
8. 1
3.3
3.4
3. S
9 <&
0. 0
3.3
S.S
3, 848. 5
4, 957. 0
4, 471. 0
4, 007. 6
286. 6
296. 3
316. 3
248. 3
280. 7
289. 4
335. 8
558.0
551.2
577. 3
552.7
486.4
387.4
509.9
50.34
54.02
56. 03
58. 73
58. 12
57.42
57. 46
58. 13
58. 97
59. 61
60.40
62.07
63. 10
63. 28
63.62
62.69
62.64
63. 55
DNAGRICULTURAL EMPLOYMENT
onagricultural payroll employment (seasonally adjusted) decreased by 1 22,000 in July, for the second consecutive
nonthly decline. The decline was widespread, but particularly sharp for contract construction (102,000).
MIL LIONS OF WAGE
AN D SALARY WORKE RS
80
MIL LIONS OF WAGE
ANl3 SALARY WORKE *S
18
(ENLARGED SOkLE)
(SEASONALLY ADJUSTED)
_
76
^**~^
_— _^**»»\
16
'
— — -—
,———I
\^^^
.—
_
x-*—-—^~»
ALL NOh AGRICULTURAL
ESTA!5LISHMENTS ^ S*^
72
(SEASONALLY AE)JUSTEDJ
WHOLESALE AND RETAIL TR ADE
T4
-
'
*•—••*"•"
68
v^
44 ^
NONAAANUFACTURING
(PRIVATE)
40
12
,«,«.- —
•""
*********
\
---^*»^*""*
*»— ""^""^ *" \
• -••*•*
SERVICES
12
_
36
p
24
-
1
. . M* " " " * "
..
' "
" " " "
IWIIIW'"****"
\
_
10
MA ^UFACTURING
\
20
v
- s*
D URABLE
MANL FACTURING
""•"*""""'
1
NONDURABLE
MAf<^UFACTURING
_
8
"'"•"""""
"l lll
lfllU , , , . , , , ,
t,,,,,,.!
s
__
16
GOVERNMENT
•^
r^
^
CO NTRACT
CONS TRUCT1ON
_,...._...*—
4
12
V
J*-
8 ii i i i i ! i i i i i
1971
I I i ' i i I 1 I I1
1972
1
I !
1
1 1 1
1 1 I 1
1 1 1 ! !
1973
2 «,,,,,!,,,,,
1971
1 I L . I It1
1974
, ,, ,,1 1 1 1 ,1
i . i i i 1 i i i i.
1972
1973
( I ! 1 1 1 1 1 ! 1 1h
1974
H
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT C F LABOR
l
[Thousands of wage and salary workers; seasonally adjusted]
N onmanu facturinj ? (private)
Manufa eturing ( private)
Period
Total
1968
1969
1970
1971
1972 __ ._
1973
1973: June.
July...
Aug..
Sept..
Oct__
Nov.
Dec._
1974: Jan..
Feb..
Mar__
Apr..
May.
June3*
July"
67, 915
70, 284
70, 593
70, 645
72, 764
75, 567
75, 526
75, 478
75, 747
75, 961
76, 363
76, 679
76, 626
76, 526
76, 813
76, 804
76, 941
77, 136
77, 073
76, 951
NonDurable durable
goods goods
T~v
Total
19, 781
20, 167
19, 349
18, 529
18, 933
19, 820
19, 856
19, 804
19, 861
19, 882
20, 016
20, 095
20, 090
20, 006
19, 904
19, 851
19, 921
19, 942
19, 951
19, 867
1 -I
11, 626
11, 895
11, 195
10, 565
10, 8^4
11,633
11, 654
11, 646
11,692
11, 708
11, 802
11,859
11,859
11, 774
11, 683
11, 644
11, 733
11, 746
11, 778
11, 730
8, 155
8, 272
8, 154
7, 964
8, 049
8, 186
8, 202
8, 158
8, 169
8, 174
8,214
8, 236
8,231
8,232
8, 221
8,207
8, 188
8, 196
8, 173
8, 137
Total
Con- Trans- Whole- Finance
insurtract portasale
tion
ance, Services Federal State
Mining conand
and
and
and
struc- public retail
local
i
real
tion utilities trade
estate
36, 288
37, 915
38, 709
39, 261
40, 541
42, 089
42, Oil
42, 079
42, 249
42, 423
42, 601
42, 746
42, 649
42, 636
42, 915
42, 910
42, 913
43, 058
42, 996
42, 953
1
Includes all full- and part-time wage and salary workers in nonagricultural
«sstfthH<5hinents who worked during or received pay for any part oi the pay period
'neiudes the 12th oi the month. Excludes proprietors, self-employed permiestic servants, and personnel of the Armed Forces. Total derived from
>le not comparable with estimates oi nonagricuitural employment of the
labor force, shown on p. 10. which include proprietors, self-employed
persons, and domestic servants: which count persons as employed when they
Cover nment
606
619
623
602
607
625
629
631
634
633
639
644
646
654
656
655
659
664
666
674
3,285
3, 435
3, 381
3, 411
3, 521
3,648
3, 654
3,680
3,676
3,700
3,694
3,711
3, 732
3, 636
3, 757
3,725
3,659
3, 662
3, 602
3, 500
4,310
4, 429
4, 493
4, 442
4, 495
4, 611
4, 597
4, 598
4,617
4, 629
4, 671
4, 654
4, 644
4, 684
4, 691
4, 676
4, 668
4, 664
4,648
4, 637
14, 084
14, 639
14, 914
15, 142
15, 683
16, 288
16, 262
16, 294
16, 352
16, 388
16, 465
16, 520
16, 398
16, 417
16, 472
16, 487
16, 549
16, 594
16, 575
16, 612
3,382
3, 564
3,688
3, 796
3,927
4, 053
4, 049
4,048
4, 064
4,078
4,088
4, 095
4, 101
4, 109
4, 124
4, 127
4, 130
4, 145
4, 142
4, 133
10, 623
11, 229
11,612
11, 869
12, 309
12, 866
12, 820
12, 828
12, 906
12, 995
13, 044
13, 122
13, 128
13, 136
13, 215
13, 240
13, 248
13, 329
13, 363
13, 397
2,737
2,758
2,705
2,664
2, 650
2,627
2,613
2,588
2, 599
2, 613
2,626
2,638
2,654
2,651
2,670
2,675
2,681
2,698
2,684
2,664
9, 109
9,444
9,830
10, 191
10, 640
11, 031
11, 046
11, 007
11, 038
11, 043
11, 120
11, 200
11, 233
11, 233
11, 324
11, 368
11, 426
11, 438
11, 442
11, 467
are not at work because of industrial disputes; and which are based on a sampla
of the working-age population, whereas the estimates in this table are based oa
reports from employing establishments.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK -SELECTED
The seasonally adjusted average workweek of private nonfarm payroll employees increased by 0.2 hour to 36.V
hours in July, increased hours in manufacturing (0.2 hour) more than offset a decline in retail trade (0.1 hour).
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
461
MANUFACTURING
TOTAL NONAGRICULTURAL PRIVATE
44
44
42
42
40
40
38
38
36
36
34
34
1971
1972
1973
1974
1
1971
1972
1973
1974
42
CONTRACT
RETAIL TRAC>E
CONSTRUCTION
A(\
•30
•5Z
"\A
**
'
"""
^Y~
•39
30
1971
I
1972
1973
A I !
V
1974
1
I 1 I !
1
1971
1
1 1 1 1 ! 1 1 1 t I 1
1 ! 1 1 1 .1 ! ! ! I I
1972
I 1
1973
SOURCE: DEPARTMENT OF LABOR
1 1 || 1 I 1 ! 1 ! 1 N
1974
N
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
nonagricultural2
private
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural2
private
Dec
1974: Jan
Feb
Mar __ _
Apr. _
May—
June "_
July" _ _
1
__
38. 8
38. 6
3a o
i
_
_ _
37. 8
37. 7
37. 1
37. 0
37. 2
37. 1
37.4
37. 6
37.5
37.3
37. 0
37. 0
37. 2
36.4
36. 6
36.6
36.3
36. 6
37.0
37.3
41. 2
41. 3
40. 6
40.7
40. 6
39.8
39. 9
40.6
40. 7
40. 9
40. 5
40. 5
41. 0
40. 7
40.8
41.2
40. 0
40. 1
40. 3
39. 1
40. 3
40. 4
40. 1
Data relate to production workers or nonsupervisory employees.
2 Also includes other private industry groups shown on p. 13.
Includes eating and drinking places.
8
14
Contract
construction
Retail
trade 3
Seasonalh7 adjusted
Unad usted
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: J u n e _ _ _ _ _ _ _ July
Aug _ _
Sept
Oct
_
Nov
Manufacturing
37. 4
37. 6
37. 7
37. 4
37.9
37. 4
37. 3
37.0
37. 2
38. 1
38. 4
38. 3
37. 9
37. 7
37. 5
36. 6
34. 9
36.4
36. 7
36. 0
36. 9
37.8
38. 0
36. 6
35. 9
35. 3
34 7
34.2
33. 8
33. 7
33.6
33. 2
33. 8
34 3
34 1
33.2
32. 8
32. 8
33. 2
32. 3
32.4
32.4
32. 7
32. 5
33.2
33. 9
37. 1
87. 2
37. 0
37. 2
37. 0
37. 1
37. 0
36.7
37. 0
36. 8
36. 6
36. 8
36. 7
36. 9
Source: Department of Labor.
40.6
40. 7
40.5
40.8
40. 6
40. 6
40. 7
40.3
40.5
40.4
39. 3
40.3
40. 1
40.3
37. 4
37. 5
37. 1
36. 7
36. 9
38. 5
37. 2
36. 2
37. 7
37. 1
36. 2
36.9
37.1
$7.1
S3. 5
33. 2
33. 0
S3. 2
33. 0
S3. 1
32. 9
32. 8
33. 0
32. 9
33. 1
®0> Q
O&. tf
32. 9
$2.8
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
erage hourly earnings (not seasonally adjusted) of private nonagricultural workers increased by 1 cent (2.9 percent
ual rate) to $4.19 in July. This is an increase of 29 cents (7.4 percent) over the previous July.
DOLLARS
.DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
280
7.00.
CONTRACT
CONSTRUCTION
\X^\ w
240
400
,N
CONTRACT
CONSTRUCTION
V v y^
T
/
yAV/
200 V"
5.0.0
MANUFACTURING
160
4.00
TOTAL
NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
120
3.00
RETAIL TRADE
RETAIL TRADE
80
2.0.0
1971
l^
1974
1973
1972
1972
1974
1973
.SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average he)urly earniiigs— curre at dollars
Period
Total
nonagricultural
private l
Manufacturing
1965
1966
1967
1968
1969
1970
1971 _ __ _
1972 _
1973
___
1973: June
July
Aug
Sept
Oct ___ _
Nov
Dec_
_
$2. 45
2. 56
2. 68
2. 85
3. 04
3 22
3. 43
3.65
3.89
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
4. 04
4. 06
4. 06
4. 13
4. 14
4. 16
4. 21
1974: Jan_ _ _ _
Feb
Mar_ _ _
Apr _
May v
June
July *>__ _
4. 02
4. 04
4. 06
4. 07
4. 14
4. 18
4. 19
4. 21
4. 21
4. 24
4. 25
4. 33
4. 38
4. 40
1
2 Also includes other
Includes eating and
A
Contract
construction
$3. 70
3. 89
4. 11
4. 41
4. 79
5. 24
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
C5)
(5)
(5)
(5)
6.68
6.77
Retail
trade 2
$1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 70
2.87
2.86
2. 86
2. 87
2. 92
2. 93
2. 94
2. 94
2. 99
2.99
3. 01
3.01
3. 08
3. 10
3. 10
private industry groups shown on p. 13.
drinking places.
*- djusted to exclude the effects of overtime and interindustry shifts.
38-570°—74
3
Manufsicturing
Indus?tries
Adjusted Average
weekly
hourly
Retail
earnearnings,
2
trade
ings,
1967
i no s
dollars 4
92. 6
$113. 79
$66. 61
95. 7
115. 58
68. 57
114. 90
100. 0
70. 95
117. 57
74. 95
106. 2
112. 6
117. 95
78. 66
82. 47
114. 99
119. 6
86. 61
117. 10
127. 5
90. 72
135.4
123. 46
95. 28 '; j
143. 4
124. 15
142. 4
96. 67
124. 80
96. 10
143. 2
123. 91
96. 87
143. 9
121.71
96. 94
124. 97
145. 2
96. 10
145. 9
123. 35
96. 43
146. 7
123. 35
96. 61
148. 3
125. 23
Average ^reekly earn ings— cummt dollars
Total
nonagricultural
private l
$95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
144. 32
144. 74
146. 64
146. 63
148. 83
147. 63
148. 00
149. 17
146.
147.
148.
147.
151.
154.
156.
33
86
60
74
52
66
29
Manufacturing
Contract
construction
$107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
165. 65
165. 24
164. 43
164. 43
169. 33
168. 50
169. 73
173. 45
$138.
146.
154.
164.
181.
195.
168. 40
168. 82
170. 87
166. 18
174. 50
176. 95
176. 44
5
(5)
(5)
()
5
(5)
(5)
(5)
(5)
(5)
()
(5)
38
26
95
93
54
98
(5)
(5)
5
( )
(5)
(5)
252. 50
257. 26
96. 58
96. 88
97. 52
98. 43
100. 10
102. 92
105. 09
149. 1
149. 7
150. 4
151. 7
153.4
155. 0
155. 7
* Earnings in current dollars divided by the consumer price index.
5
Series being corrected. Data not yet available.
Source: Department of Labor.
120.
119.
119.
115.
119.
120.
118.
54
31
41
40
85
29
98
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production (seasonally adjusted) was about unchanged in July for the second month in a row. Among the
major market groups, only final products (both consumer goods and equipment) increased.
Index, 1967 =100 {SEASONALLY ADJUSTED)
Index, 1967 = 100 (SEASONALLY ADJUSTED)
UTILITIES AND MINING
TOTAL
140
160
UTILITIES
120
140
100
120
MINING
80 ' I I I I I ! I I I I I
I M I I I 1M I t
t I I M I 11I 11
II I I I 1I \ 1I I
100 I i i i i i I i i ILyi i i f i i I i t
1971
1974
1973
1972
1971
1973
1972
1974
MARKET GROUPS
140
140
-
INTERMEDIATE PRODUCTS
120
MATERIALS
FINAL PRODUCTS
100
i
1971
1974
1972
1973
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1966_
1967
1968
1969_
1970
1971
1972
1973
1973: June.
July.
Aug
Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
Apr ___
May__
June v
July**
_-
_ _
97.9
100.0
105. 7
110.7
106. 6
106. 8
115. 2
125. 6
125. 6
126. 7
126. 4
126. 8
127. 0
127. 5
126.5
125. 5
124. 7
124. 7
124. 9
125. 7
125.6
125.7
COUNCIL OF ECONOMIC ADVISERS
[1967= 100, seasonally adjusted]
Industry
98. 3
100. 0
105. 7
110. 5
105.2
105. 2
114. 0
125. 1
125.6
126. 5
126. 1
126. 3
126. 4
127. 4
126. 4
125. 3
124. 5
124. 6
124. 8
125. 6
125. 3
125.5
NonDurable durable
99. 0
100. 0
105. 5
110. 0
101.4
99. 4
108. 4
122. 0
123.0
123. 8
122. 6
123. 3
123. 6
124. 3
123. 1
121. 0
119. 4
120.4
120. 7
122. 2
121. 8
122. 1
Source: Board of Governors of the Federal Reserve System.
16
Market
Fiilal produc3tS
Mtinufacturi ng
Total
1974
97. 3
100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
129. 7
129. 3
130. 6
130. 9
130.7
130. 4
131. 3
131. 2
131. 4
131. 5
131. 0
130.4
130.7
130.4
130.5
Mining Utilities
98. 4
100. 0
103. 9
107. 2
109. 7
107.0
108. 8
110. 3
109. 5
111.0
111. 5
111. 8
111. 9
111. 3
110. 4
109. 9
111. 7
112. 2
111. 3
111. 6
110. 8
111.7
93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
143. 4
152. 6
151. 6
154. 8
154. 8
155. 8
156. 2
154. 6
147. 6
144. 9
146. 1
146. 5
148. 7
149. 2
149. 5
149.9
Total
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111. 9
121. 3
121. 3
122. 1
121. 4
122. 4
122. 7
123. 6
122. 6
121. 3
120. 6
121. 0
120. 8
122. 5
121. 8
122. 3
Consumer
goods
98. 6
100. 0
106. 6
111. 1
110. 3
115. 7
123. 6
131.7
131. 9
132. 9
131. 2
132. 3
132. 6
133. 5
131. 3
129. 2
128. 3
128. 5
128. 5
130. 3
129. 4
130. 0
Equipment
93. 0
100. 0
104.7
106. 1
96. 3
89. 4
95. 5
106.7
106. 6
107. 3
107. 6
108. 5
108. 9
110. 1
110. 1
109. 8
109. 9
110. 1
110. 1
111.8
111. 3
111.4
Intermediate Mateproducts rials
99. 2
100. 0
105. 7
112. 0
111. 7
112. 5
121. 1
131.0
132. 0
132. 5
132. 1
131. 0
130. 6
131. 1
129. 1
129. 2
129. 1
128. 1
129. 4
128. 0
129. 1
128. 2
99. 8
100. 0
105. 7
112. 4
107. 7
107. 4
117.4
129. 3
129. 0
130. 9
130. 9
131. 3
131. 1
131. 5
130. 6
129. 7
128. 3
128. 9
128. 7
129.2
129. 4
129. 3
IODUCTION OF SELECTED MANUFACTURES
/lost durable and nondurable manufactures (seasonally adjusted) had small production gains in July. However^
sizable gains occurred in transportation equipment and primary metals.
Index, 1967 =100 (SEASONALLY ADJUSTED)
Index, 1967=100 (SEASONALLY ADJUSTED)
120
TEXTILES, APPAREL,
AND LEATHER
100
1971
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durat>le manufoictures
Period
Primary
metals
1966
1967
1968 _ _ _ _
1969 _ _ _ _
1970
1971
_
1972
1973
Ncmdurable manufactu res
FabriTranspor- Lumber Textiles,
cated
Machin- tation
and
apparel,
ery
metal
equipprodand
products
ment
leather
ucts
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.
100.
104.
105.
100.
100.
108.
115.
1973: June
_ _ _ _ _ _ ___ _
Julv
_
Aug _ _
_
______
Sept _
_
_
Oct
Nov
Dec
124. 5
128. 1
125. 6
127. 8
128. 7
128.9
130. 7
133.
133.
133.
131.
132.
133.
130.
126.
127.
128.
130.
129.
130.
130.
9
6
5
0
3
4
9
112. 2
112. 1
105. 7
107. 3
108.8
109. 8
103. 0
126. 6
125. 4
128.4
128. 9
127. 4
127. 3
126. 3
1974: Jan
Feb
Mar
129.5
125. 0
125. 3
124. 0
126. 8
127. 5
128. 2
131. 4
130. 6
131. 6
131. 3
131. 9
132. 1
132. 0
128. 6
127.2
128. 4
128. 2
129. 4
129. 4
129. 6
95. 7
93. 9
95. 0
97. 8
100. 6
98. 4
99.2
126. 1
127. 1
126. 1
126. 8
126. 8
126. 1
Apr
May
June v
July* __
_ _
__
_
4
5
8
5
4
1
0
Paper Chemicals, Foods
and
petroprint- leum, and tobacco
rubber
ing
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
115. 0
114. 5
115. 4
117. 5
116. 8
116. 7
118. 8
122.
123.
124.
122.
121.
121.
121.
8
8
5
1
3
9
2
149. 8
151. 8
151. 0
150. 9
151. 1
151. 6
151. 6
119. 5
121. 3
122. 0
122. 2
121. 7
124. 7
123.0
116. 2
115. 3
112. 4
109. 3
109. 5
108. 0
108.4
121. 7
122. 2
122. 5
121. 2
121. 3
122.6
122. 3
151. 5
151. 2
151. 2
153. 5
152. 9
153. 1
153.2
125.
126.
125.
124.
126.
124.
124.
7
0
9
9
2
7
1
0
4
2
3
3
1
7
9
'iree: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (not seasonally adjusted) declined in July.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
6 A M . 1 . M I . t i . I M . I . . . I . . t .111 . . I . . . .
J
F
M
A
M
I. . . I ..,
I » . . .1
...
J
BILLIONS OF KILOWATT HOURS
50
ELECTRIC POWER
40
30
100
1972
20 y
0
M
I I I 1 I I I I t M I I t M I II
J
F
M
A
I I I I I I I H I I I I M
M
J
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 f
1973: June _ _
July- _
Aug _
Sept_ _ _
Get
Nov___
_ _
Dec
1974: Jan.
Feb
Mar __
Apr
May. June15
July
Week ended:
1974: July 8
13
20
27
Aug 3
10 "
17 »
includes data for Alaska.
18
Steel p rodueed
Index
Thousands
(1967=
of net
100)
tons
A
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car s and triicks
power
coal mined
produced
loaded
distributed (thousands (thousands (thousands assemb led (thoiisands)
(millions of
of short
of tons)
of cars)
Total
Cars Trucks
kilowatt-hours) tons) l
2, 440
2, 515
2, 709
9 522
2, 310
2, 549
2, 892
2, 911
2, 781
2,750
2, 857
2, 906
2, 934
2, 878
2, 873
2, 900
2,880
2, 900
2, 879
2, 840
2, 750
100. 0
103. 1
111. 0
103. 4
94. 7
104.5
118. 5
119. 3
114. 0
112. 7
117. 1
119. 1
120. 3
118. 0
117. 8
118. 8
118. 0
118. 9
118. 0
116. 4
112. 7
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
38, 061
39, 417
39, 783
36, 572
34, 762
34, 336
34, 911
35, 150
35, 617
34, 224
33, 302
34, 885
37, Oil
39; 982
10, 627
10, 485
10, 779
11, 595
10, 619
11,450
11, 346
10, 693
9, 788
12, 090
12, 054
12, 175
11, 530
11, 111
11, 348
12, 201
12, 078
12, 396
12, 534
11, 759
11, 051
540
543
543
522
486
502
525
547
503
543
543
564
536
487
491
524
529
525
532
542
500
439
479
507
489
501
548
569
582
525
586
543
590
577
512
505
584
595
594
590
589
536
172.9
207.6
195. 8
158. 9
204. 8
217. 3
243. 5
280. 1
216. 6
151. 5
234. 3
269. 2
257. 4
177. 0
189. 1
200. 1
196. 1
208. 9
217. 4
220. 3
166. 6
142. 4
170.1
158. 1
125. 9
165. 0
169. 6
185. 8
216. 7
164. 4
106. 5
179. 0
208. 8
198. 5
129. 0
133. 1
141. 1
139. 2
153. 1
160. 1
163. 2
115. 9
30.5
37.5
37. 8
33. 0
39. 8
47. 6
57. 7
63.3
52. 2
45. 0
55. 3
60. 5
58. 9
48. 0
56. 0
59. 0
56.8
55. 8
57.2
57. 1
50. 6
2, 780
2, 760
2,786
2, 758
2, 719
2,733
2, 676
113. 9
113. 1
114. 2
113. 0
111. 4
112. 0
109. 7
37, 715
40, 513
41, 466
40, 119
40, 098
37, 865
39, 299
6,270
11, 960
12, 295
12, 320
12, 410
12, 100
426
504
521
524
526
503
518
517
460
557
572
572
573
157. 5
178. 7
176.4
176. 7
143. 6
100. 9
116. 1
114. 8
125. 9
121. 5
124. 3
93. 2
69. 0
84. 0
42. 7
52. 8
54. 9
52. 3
50. 3
31. 8
3:2.
1
Sources: Americaii Iron and fc Institute, IMison Electrie Institu te, Dep
steel
merit of the Int erior, Associatic n of American Railroads, iAmerican P riper Insi,*tute, and Ward s Automotive IDeports.
„ JW CONSTRUCTION
According to preliminary estimates, expenditures for new construction (seasonally adjusted) declined slightly in June.
All of the decline was in the private sector.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
40
20
60
ALL OTHER PRIVATE
40
20.
1968
SOURCE: DEPARTMENT OF CO/AMERCE
Period
1968
1969
1970
1971
1972
1973
Total new
construction
expenditures
87. 1
93. 9
94. 9
110. 0
124. 1
135. 4
COUNCIL OF ECONOMIC ADVISERS
Private
Total
59. 5
66. 0
66.8
80. 1
93.9
102.9
Resic ential
CommerNew
cial and
housing
Total i
industrial
units
Bi [lions of dol ars
24. 0
30. 6
13. 8
33.2
16. 2
25. 9
24. 3
16. 3
31. 9
17. 0
43. 3
35. 1
54. 3
18.1
44.9
57. 6
47. 8
21.7
Other
Federal,
State,
and
local
15. 1
16. 6
18. 6
19. 8
21.5
23. 6
27. 6
28. 0
28. 1
29. 9
30.2
32. 6
22. 8
23. 1
23. 4
24. 0
24.0
23. 8
24. 5
24. 6
24. 5
25. 3
25. 2
25. 7
26. 1
25. 9
26. 1
32. 4
32. 6
31. 5
31. 6
31.9
33. 2
33. 2
33. 4
33. 1
34. 8
37. 5
36. 4
39. 0
36. 7
36.7
Seasonall' ./ adjusted arinual rates
1973: Apr
May _
June
July
Aug
Sept_.
Oct__
Nov
Dec
1974: Jan- _
Feb
Mar
Apr___
Mav *
i
June y
134. 0
134. 5
134. 7
137. 2
137. 4
137. 3
136. 4
135. 6
133. 2
132. 5
136. 3
135. 5
137. 8
136. 4
136.0
101. 7
101. 9
103. 2
105. 6
105. 5
104. 1
103. 2
102. 2
100. 1
97.6
98.8
99.0
98.8
99. 7
99. 3
58. 4
57.6
58. 2
59. 1
59. 3
58. 0
56. 2
54. 5
52. 3
49. 8
49. 1
49. 2
49. 6
49. 7
49. 5
49. 0
49. 3
49. 7
49. 7
49. 5
48. 2
46.2
44. 2
42. 1
39. 8
38. 9
39. 1
39. 3
39. 8
39. 5
nciucles nonhousefceeping residential construction and additions and alterauiuas, not shown separately.
„,
2
F, W. Dodge series. Relates to 50 States beginning 1969 for value index an
beginning 1971 for floor space.
20. 5
21. 2
21. 6
22. 5
22. 2
22. 3
22. 5
23. 1
23. 2
22. 6
24. 5
24. 2
23. 2
24. 0
23. 8
Construetio n contracts 2
CommerTotal value cial and
index,
industrial
(1967= floor 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
177
1,012
173
183
175
199
182
191
194
161
155
187
181
167
188
166
988
1,027
1, 161
1, 118
1,029
1, 106
1, 047
815
885
968
878
1, 003
924
909
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Housing starts dropped 16 percent in July to a seasonally adjusted annual rate of 1,335,000 units—the lowest rate
since May 1970. Permits for future housing also declined.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
3.0
1.0
1968
1974
COUNCIL OF ECONOMIC ADVISERS
.SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF. HOUSING AND URBAN. DEVELOPMENT. AND VETERANS' ADMINISTRATION
[Thousands of units]
Houssing star bs
Period
1968
1969
1970
1971
1972
1973
1973: June
_ _ _ _ _
July
Aug..
Sept
Oct...
Nov _ _ _
__ _
Dee__
_ _ _
1974: Jan_ _ _ _ _ _ _ _ _
Feb
Mar
Apr
May
June v
July *>
1
2
Total
Total
private
and
private
public (includ(including
ing
farm)
farm)
1, 545.
1, 499.
1, 469.
2, 084.
2, 378.
2, 057.
4
5
0
5
5
5
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
203.4
203. 2
199. 9
148. 9
149. 5
134.6
90. 6
86. 2
109. 6
127. 2
160. 9
149. 9
148. 8
127. 0
202. 6
202. 6
197. 2
148. 4
147. 1
133. 3
90. 4
84. 5
109. 4
124. 8
159. 5
149. 0
147. 0
126. 4
Private
p
Total 0 ncluding farm)
Total
One
unit
899.4
1, 507. 6
810.6
1, 466. 8
812. 9
1,433.6
j2, 052. 2 1, 151. 0
2, 356. 6 1, 309. 2
2, 045. 3 1, 132. 0
2, 152
2, 152
2,030
1,844
1,674
1,675
1,403
1,464
1, 922
1, 499
1, 630
1,471
1, 590
1, 335
1, 140
1,232
1,108
990
957
938
767
793
1, 056
962
996
931
1,012
941
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
Proposeid home
construiction 3
Gover nment
home pi•ograms
(nonf arm)
Two or
VA
more
FHA*
units
608. 2
147. 7
56. 1
656. 2
153. 6
51. 2
233. 5
61. 0
620. 7
301.2
901. 2
94.0
198.4 104.0
1, 047. 5
913.3
73.6
86. 1
Seasona lly ad jus ;ed annu al
1,013
79
89
88
920
81
921
69
92
854
66
71
52
62
718
57
57
737
68
636
37
61
39
671
64
48
866
72
48
537
74
634
41
79
63
540
75
57
578
74
394
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
2,070
1,814
1, 777
1,656
1, 379
1, 361
1,285
1,282
1,325
1,410
1, 296
1, 120
1, 106
1, 043
Applica- Requests
tions for forVA
FHA
commit- appraisals
ments l
168. 9
187. 6
315. 0
366.8
225. 2
83.2
99
92
69
94
51
56
30
46
62
71
71
89
91
131.
138.
143.
217.
209.
161.
7
2
7
9
4
9
166
136
141
137
142
134
124
124
163
144
150
157
185
159
3
Units represented by mortgage applications or appraisal requests for r
home construction.
Sources: Department of Commerce, Department of Housing and Ui
Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
imbined sales of manufacturers and trade firms (seasonally adjusted) declined slightly in June, following a rise of
,out 1 percent in May. Businessmen added $4.1 billion to the book value of their inventories.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED}
(SEASONALLY ADJUSTEDI
260"!
RETAIL .TRADEJENLARGED SCALE)'
40
20
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total tmsiness 1
Re3tail
Wholesale
Sales2
Sales 2
Sales2
1967
1968
1969
1970
1971
1972
1973
89, 698
97, 100
103, 104
104, 706
112, 268
124, 231
143, 746
145, 164
155, 376
166, 813
174, 875
183, 622
196, 002
221, 357
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
30, 405
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
36, 926
26, 151
28, 490
29, 824
31, 294
34, 071
37, 365
41, 943
8,348
9, 268
9,626
9, 524
10, 985
12, 472
14, 190
1973: May
June
July_ _
Aug
Sept _
Oct
Nov
Dec
1974: Jan
Feb
Mar
Apr
Mav
June v
July *
141, 774
141, 334
145, 467
145, 337
145, 321
149, 469
152, 255
150, 643
154, 217
156, 203
159, 584
161, 037
162, 913
162, 402
204, 623
206, 961
208, 776
210, 548
212, 227
214, 284
217, 637
221, 357
224, 657
227, 726
230, 590
232, 586
236, 587
240, 702
29, 675
29, 528
30, 443
30, 692
30, 646
31, 918
33, 101
33, 910
34, 896
36, 091
37, 515
37, 704
36, 902
36, 745
33, 986
34, 148
34, 653
34, 964
35, 266
35, 379
36, 265
36, 926
37, 826
38, 501
39, 347
39, 293
40, 036
40, 634
41, 723
41, 167
42, 767
42, 355
42, 529
42, 970
42, 976
42, 116
42, 932
43, 134
43, 872
44, 283
44, 894
44, 491
46, 266
14, 299
13, 731
14, 409
14, 481
14, 267
14, 331
14, 090
13, 270
13, 525
13, 327
13, 660
13, 941
14, 289
14, 018
14, 901
Period
1
The term "business" also includes manufacturing (seepage 22).
2 Monthly average for year and total for month.
Inventories 3
NonDurable durable
goods
Total
goods
stores
stores
Ivlillions of dollars, seasonally a d justed
Inventories 3
Inventories s
Nondurable
goods
stores
Total
Durable
goods
stores
17, 803
19, 222
20, 197
21, 770
23, 086
24, 893
27, 754
38, 952
41, 973
45, 376
46, 626
52, 261
56, 551
63, 561
17, 277
19, 167
20, 647
20, 345
23, 808
26, 034
28, 778
21, 675
22, 806
24, 729
26, 281
28, 453
30, 517
34, 783
27, 424
27, 436
28, 358
27, 874
28, 262
28, 639
28, 886
28, 846
29, 407
29, 807
30, 212
30, 342
30, 605
30, 473
31, 365
59, 012
59, 788
60, 213
60, 677
60, 847
61, 681
62, 937
63, 561
64, 261
64, 394
64, 743
64, 855
65, 615
66, 580
26, 661
27, 051
27, 494
27, 563
27, 507
27, 926
28, 662
28, 778
28, 852
28, 789
28, 578
28, 495
28, 499
28, 893
32, 351
32, 737
32, 719
33, 114
33, 340
33, 755
34, 275
34, 783
35, 409
35, 605
36, 165
36, 360
37, 116
37, 687
s Book value, end of period, seasonally adjusted.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers* shipments and inventories (seasonally adjusted) increased in June while new orders declined a b
The inventory-shipments ratio rose following 5 months of stability.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
140
INVENTORIES
120
TOTAL
100
DURABLE GOODS
80
NONDURABLE GOODS
i i t I t t i i » ! t » i i i ! i t i... i n
...-""**
NONDURABLE GOODS
40
, ,,,««iimimiH»«««**""1"i
I
1
tltllllllMII"'
V-i
I I [ ! I t f 1
! r t i 1.1 i t - » i - ;
RATIO
2.00
INVENTORY-SHIPMENTS RATIO
NONDURABLE GOODS
20
i i f r ! t i-I , i i i.i I i i I r i I t f r r i I i f ( t i
1971
f f t
1971
1974
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments1 Manufacijiirers' inv entories2
Manufacturers'
inventory —
shipments
ratio3
Manufacturers' new orders i
Durafc>le goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
NonCapital durable
goods
industries, goods
nondefense
Millions of dollars , seasonally adjuste d
1968
1969
1970
1971
1972__
1973 _„
1973: June
July
Aug _.
Sept _ _
Oct
Nov _ _
Bee _ _
1974: Jan _ _ _ _
Feb
Mar _ _
Apr
May _
June »
July '
1
Monthly
2
50, 282
53, 555
52, 859
55, 917
62, 017
71, 398
70, 639
72, 257
72, 290
72, 146
74, 581
76, 178
74, 617
76, 389
76, 978
78, 197
79, 050
81, 117
81, 166
27, 694
29, 459
28, 229
29, 948
33, 443
38, 724
38, 280
39, 788
38, 902
39, 248
40, 879
41, 055
39, 465
39, 994
40, 073
40, 635
41, 232
42, 538
42, 785
45, 029
22, 588
24, 096
24, 629
25, 969
28, 573
32, 674
32, 359
32, 469
33, 388
32, 898
33, 702
35, 123
35, 152
36, 395
36, 905
37, 562
37, 818
38, 579
38, 381
90, 875
97, 074
101, 645
102. 445
107, 719
120, 870
113, 025
113, 910
114, 907
116, 114
117, 224
118, 435
120, 870
122, 570
124, 831
126, 500
128, 438
130, 936
133, 488
59, 112
63, 371
66, 768
66, 050
70, 218
79, 441
73, 801
74, 278
75, 213
76, 249
76, 951
77, 645
79, 441
80, 541
81, 925
83, 014
84, 108
85, 715
87, 313
average for year and total for month.
Book value, end of period, seasonally adjusted.
*For annual periods, ratio of weighted average inventories to average monthly
22
31, 763
33, 703
34, 877
36, 395
37, 501
41, 429
39, 224
39, 632
39, 694
39, 865
40, 273
40, 790
41, 429
42, 029
42, 906
43, 486
44, 330
45, 221
46, 175
50, 243
53, 646
52, 118
55, 726
62, 922
73, 836
74, 291
74, 288
75, 407
74, 024
77, 025
78, 601
76, 292
78, 139
79, 127
79, 547
82, 059
85, 264
85, 176
27, 666
29, 549
27, 486
29, 745
34, 274
41, 098
41, 946
41, 840
41, 983
41, 154
43, 304
43, 475
41, 027
41, 515
42, 267
41, 974
44, 124
46, 730
46, 848
47, 889
I
6, 971
7, 694
7, 055
7, 324
8,487
10, 310
10, 564
10, 571
10, 283
10, 389
10, 928
11, 160
10, 943
11, 003
11, 415
11, 300
11, 925
11, 804
12, Oil
12, 820
22, 577
24, 097
24, 632
25, 981
28, 648
32, 738
32, 345
32, 448
33, 424
32, 870
33, 721
35, 126
35, 265
36, 624
36, 860
37, 573
37, 935
38, 534
38, 328 i
1.74
1. 76
I. 89
1. 82
1. 69
1. 58
1.60
1. 58
1. 59
1. 61
1. 57
1. 56
1. 62
1. 61
1. 62
1. 62
1. 62
1. 61
L 64
!
shipments; for monthly data, ratio of inventories at end ol month to shipments
for month.
Source: Department of Commerce.
JERCHANDISE EXPORTS AND IMPORTS
the U.S. merchandise trade deficit deepened in July to $728 million (seasonally adjusted)/ as exports remained
large, about unchanged from June, while imports, led by the rise in value of imports of crude materials and fuels,
rose to a record high level of over $9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Millions of dollars ]
Merch andise iinports
filerchandise expor ts
Total (includGen eral irnpc>rts 3
Domesti c exports3
1
ing ree xports)
2
Food, Crude ManuFood, Crude
To tal
bever- matefacSeason- Unad- Total i 2 bever- materials
tured Season- Unadrials
ages,
ages,
ally ad- justed
goods ally ad- justed and to- and
and to- and
justed
justed
fuels
bacco fuels
bacco
Monthly average:
1966
1967
1968
1969
1970
1971
1972
1973
2,458
2,586
2, 839
3, 111
3, 555
3,629
4, 102
5,902
2,421
2, 554
2, 802
3, 066
3,502
3, 576
4,035
5,811
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
3,728
2, 135
2, 241
2, 769
3, 004
3, 329
3,797
4, 632
5,790
5,860
5,331
5,785
5, 965
6, 751
7, 100
6,921
6,832
7,298
8, 520
8,381
8,427
8, 328
7, 656
5, 756
5, 249
5, 682
5, 886
6, 635
7, 008
6,837
6,750
7,207
8, 406
8,256
8,296
8,212
7, 554
1, 023
980
1,294
1,285
1, 327
1, 513
1,385
1,289
1,244
1, 336
1,277
1, 195
1, 182
1, 172
873
755
767
694
984
1, 115
1, 104
1, 072
1,268
1, 376
1,427
1,427
1,360
1,238
Total excludes Department of Defense shipments of grant-aid military sup-~js 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, 120
1, 204
1, 313
1, 719
1,918
2, 159
2,535
3, 147
3,750
323
345
70
107
225
— 168
— 530
112
Unad; usted
U nad juste d
1973: June _ _ 5, 728
July
5,866
Aug
6, 042
Sept
6, 4^0
Oct_
6,586
Nov_ _
6,879
Dec
6,949
7,111
1974: Jan
F e b _ _ _ _ 7,606
Mar__ _
7,674
Apr _
8, 234
May
7,630
June
8,357
July
8, 807 \
382
392
447
442
519
534
615
770
MerchanManutrade
facbalance^
tured seasongoods ally adjusted
3, 727
3,388
3, 526
3,816
4, 196
4, 239
4,242
4,248
4, 563
5, 523
5,381
5,517
5, 501
4, 962
5, 775
5, 829
6,011
5, 644
5, 996
6, 684
6, 291
6, 467
7, 392
7, 845
8, 141
8,407
8, 613
9, 036
5, 911
5,659
6, 017
5, 307
6, 403
6, 845
5, 974
6, 650
6, 692
7, 823
8, 371
8,899
8, 557
9, 003
725
694
789
707
837
948
859
881
830
1, 015
937
939
900
901
1, 084
1, 007
1,220
1, 113
1, 317
1,438
1,496
1, 742
1, 989
2, 343
2, 811
2,885
2, 675
3, Oil
3,940
3, 804
3,852
3, 342
4; 089
4, 316
3, 463
3, 882
3, 718
4, 295
4,444
4, 902
4, 799 !
4, 897 |
-47
37
32
776
689
195
658
644
213
— 171
93
— 777
-256
-728
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 U.S. current account was in approximate balance on a seasonally adjusted basis in the first quarter of 1974, i
lowing a record high surplus in the last quarter of 1973. The disappearance of the surplus reflected largely the reemergence of the merchandise trade deficit due to higher cost of oil imports, a development that continued in the second
quarter of 1974 when the merchandise deficit deepened to $1.7 billion.
BILLIONS OF DOLLARS
4
BILLIONS OF DOLLARS
4
\'V*T
\
MERCHANDISE
TRADE BALANCE
-3
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars]
I
M erchandis<3
12
Militjiry transactions
Net iiivestment income
Re-
Net
travel
and
Period
Exports
1968
'33,
1969
__:36,
1970__ _ _ 41,
1971
42,
1972
48,
1973_._ _ 70,
626
414
947
754
768
277
Imports
Net
balance
Direct
expenditures
Sales
-32, 991
635 -4, 535 1,392
-35, 807
607 -4,856 1, 512
-39, 788 2, 159 -4, 855 1,478
— 45, 476 — 2, 722 -4,819 1,912
-55, 754 -6, 986 -4, 759 1 154
-69, 807
470 -4, 555 2, 354
1
1973:1
15,230—16,184 -954 -1,175
342
11
i!6, 679-17,042 -363 -1,209
446
III... |18, 152-17, 575
577 -1,067
520
IV
20, 216'-19?006 1,210 — 1, 104 1,046
j
1
1974: I
122, 2991-22, 373
-74 -1, 138
672
II «L__|24, 023-25, 732 -1, 709
1
2
1
Net
balance
transportation
expenditures
3,143 4,207
63 -1,548
-3, 344 3,655
156 -1, 763
-3, 377 3,895
— 111 -2,023
-2, 908 5, 976
-955 -2, 341
-3, 604 6,413 -1,887 -3,055
-2, 201 8,298 -3, 008-2, 710
Seasonally adjusted
1, 766
2,034
2,388
2, 781
3, 110
3, 540
-833
-763
-547
-58
2,081
1,968
2,052
2, 197
-634
-760
-795
-819
-686
-781
-613
-630
841
815
984
901
-466
3,662
-761
-529
895
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
24
Private 3
U.S.
Government
Other
services, 3
net
mitBaltances,
ance
penon
sions,
goods
and
and
other
servuniices * 4 lateral
transfers 1
1,980 -2, 943
1, 344 -2, 978
2,932 -3,256
-170 -3,647
-6, 009-3, 797
4, 543 -3,876
-193 -761
119 -1,056
1,683 -897
2,934 -1, 164
2,902 -2,930
Balance
on
current
account
-962
-1,633
-324
-3,817
-9,807
667
-954
-937
786
1,770
-28
4
Equal to net exportsof goods and services in the national income and product
accounts oi the United States when converted to an annual rates basis.
Source: Department of Commerce.
5. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
rising liquid liabilities to foreigners, reflecting largely short-term investments in the United States by official agencies
of petroleum exporting countries, caused the official reserve transactions balance to swing from a surplus in the first
quarter to a seasonally adjusted deficit of $4.5 billion in the second quarter, and a deepening of the net liquidity
balance deficit to $6.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
1968
1974
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
NonLong-ter m capital Balance liquid
on
flows5, net
current shortterm
account private
U.S.
and long- capital
Govern- Private 2 term
flows
capital
ment l
net 2
-2, 164
231
1, 191 -1,935
-70 -3,637 -640
-1,933
-2, 025 - 1, 429 -3, 778 -482
-2, 362 -4,381 -10, 559 -2, 347
-98 — 11, 235 -1,541
-1,330
— 744 -4, 276
127
-1,539
1968
1969
1970
1971
1972
1973
Allocations
of
special
drawing
rights
Errors
and
omissions,
net
Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Changes
in liaOfficial
reserve bilities
to
transactions foreign
official
balance agencies,
net 3
3,252
1,641
94 -1, 611
8,820
-1,805 -6, 081
2,739
867
-458 -3,851 -5,988 -9, 839
717 -9,776 -21, 965 -7, 788-29, 753
3, 502 -10, 354
710 -1,790 -13,856
-2, 776 -7, 796 2,492 -5,304
Changes
in U.S.
official
reserve
assets,
net 4
-880 15,
-761
-1,552 -1, 187 16,
7,362
2,477 14,
2, 348 12,
27, 405
10, 322
32 13,
5,095
209 14,
-371
319 -1,006 -1,663
94
315 -1, 158 -1,457
-398
1,529
1,917
97
-862 - 1, 406
-498 -1,253
1974: I
1,351
II*__
1
Excludes liabilities
!
742
-4,085 -6, 754 -3,441 -10, 195
9,975
904 -1,710
-304
1, 997
287
-387
1,942 -1,929
1,626
316
792
3, 620
-959
2,661 -2, 646
2}065 -3,224
to foreign official 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
%nd gold deposits with, the United States.
Consists of gold, special drawing rights, convertible currencies, and the U.S.
tranche position in the IMF. Minus sign indicates increase.
290
-873
-6,277
710
964
487
167
151
378
Unadjusted
Seassonally ad justed
1973:1
II
III___
IV.. _.
U.S.
official
reserve
assets,
net
(end of 5
period)
1, 913
1,040
1,786 -4, 491
-830
4,849
220
17
-13
-15
— 210
-358
12,
12,
12,
14,
931
914
927
378
14, 588
14, 946
6
Includes increases as follows: for 1969, $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 July, the consumer price index rose 0.8 percent (also 0.8 percent seasonally adjusted). Food prices increased 0.1
percent (declined 0.4 percent seasonally adjusted). Nonfood commodity prices increased 1.0 percent (1.3 percent
seasonally adjusted) and services prices rose 1.1 percent.
INDEX, 1967 = 100
170 f
INDEX, 1967 = 100
170
130
130
120
120
110
110
100
100
1968
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVSSifiS
Period
All
items
1965 _
__ _ _ _
1966
_
1967
1968_ _ _ _ _ _ _ _ _
1969
1970
___
1971
1972
1973
1973: June
July
Aug Sept ...
_ _ _ _ _
Oct
Nov _
_
Dec__ _ _ _ _
_ _ _ _
1974: Jan
Feb__
94. 5
97. 2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
133. 1
132. 4
132.7
135. 1
135.5
136. 6
137. 6
138. 5
139. 7
141. 5
143. 1
144. 0
145. 6
147. 1
148. 3
Mar
Apr
Mav
June
Julv__
Source: Department of Labor.
26
[1967 = 100]
Services
Co mmoditie 5
CommLodities les>s food
Services
All
All comFood
Rent
less
Nonmodities
All
Durable durable services
rent
95. 7
98. 2
100. 0
103. 7
108.4
113. 5
117. 4
120. 9
129. 9
129. 4
129. 7
132. 8
132. 8
133. 5
134. 7
135. 7
137.0
139. 3
141. 0
141. 9
143. 7
145. 2
146. 1
94. 4
99. 1
100. 0
103. 6
108.9
114. 9
118. 4
123. 5
141. 4
139. 8
140. 9
149. 4
148. 3
148. 4
150.0
151. 3
153. 7
157.6
159. 1
158. 6
159.7
160. 3
160. 5
96. 2
97.5
100. 0
103. 7
108. 1
112. 5
116. 8
119.4
123. 5
123. 7
123. 5
123. 8
124. 3
125. 4
126. 3
127. 1
127. 9
129. 2
131. 1
132. 8
134. 9
136. 8
138. 1
98.4
98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118. 9
121. 9
122. 3
122.4
122. 6
122. 6
123. 2
123. 3
123. 2
123. 3
123.4
124. 3
126. 1
128. 5
131. 2
133. 0
94.8
97.0
100. 0
104. 1
108. 8
113. 1
117. 0
119. 8
124. 8
124. 7
124.4
124. 7
125.5
127.0
128. 5
130. 0
131. 3
133. 5
136. 1
137. 7
139. 5
141. 0
141. 8
92.2
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
133. 3
139. 1
138. 1
138.4
139. 3
140.6
142. 2
143. 0
143. 8
144.8
145. 8
147.0
147. 9
149.4
150. 9
152. 5
96.9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119.2
124.2
124.0
124. 4
125. 0
125.4
125.9
126.3
126. 9
127. 3
128. 0
128. 4
128. 8
129. 3
129. 8
130. 3
91. 5
95. 3
100. 0
105. 7
113. 8
126. 7
130. 8
135. 9
141. 8
140. 7
141.0
141. 9
143.4
145. 2
146. 1
146.9
148.0
149. 1
150. 4
151.4
153. 1
154. 7
156. 0
HOLESALE PRICES
e wholesale price index rose 3.9 percent in July (3.7 percent after adjustment for seasonal factors). Prices of farm
^.oducts and processed foods and feeds rose 6.8 percent (6.4 percent seasonally adjusted), following 4 consecutive
monthly declines, industrial commodity prices were up 2.7 percent (also 2.7 percent seasonally adjusted), somewhat
more than in June but about the same as the March-May average increase.
Index, 1967=100
Index, 1967 =100
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
120
100
100
1974
I
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
All
commodities
Period
1965
19G6 _
1967
1968
__ _ _
1969
1970
1971
___ __
1972
1973
1973: June_
July
Aug _
Sept__
Oct.-_
NOT_
Dec__
1974: Jan
Feb
Mar
Apr _
May.
June.
Julv _
_
__ _
__
_
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
134.7
136.0
134.3
142. 1
139. 7
138. 7
139.2
141.8
146. 6
149. 5
151. 4
152. 7
155.0
155. 7
161. 7
[1967=100]
Farni products5 and
processcid foods a nd feeds
ProcFarm
essed
All inTotal
dustriprodfoods
als 1
and
ucts
feeds
97. 1
98.7
95. 5
96. 4
105. 9
103. 5
98. 5
101. 2
100. 0
100. 0
100. 0
100. 0
102. 4
102. 5
102. 5
102. 2
108. 0
109. 1
106. 0
107. 3
111. 0
112. 1
111. 7
110. 0
112. 9
113. 8
114. 0
114. 3
122. 4
125. 0
120. 8
117. 9
159. 1
176. 3
148. 1
125. 9
163. 6
182. 3
126. 0
151. 8
156. 9
173. 3
146. 5
126. 1
184. 5
126. 7
213. 3
166. 2
173. 5
127. 4
200. 4
156. 3
166. 8
188. 4
128. 5
153. 1
164. 4
184. 0
151. 9
130. 1
168. 0
132. 2
187. 2
155. 7
202. 6
162. 1
177. 8
135. 3
164. 7
180. 6
205. 6
138. 2
176. 2
197. 0
142. 4
163. 0
169. 6
186. 2
159. 1
146. 6
167.4
180. 8
150. 5
158. 9
168. 6
157. 4
153. 6
161. 7
172.7
180. 8
157. 8
167. 6
.Coverage of the subgroups does not correspond exactly to coverage of this
bx.
Excludes crude foodstuffs and feedstufis, plant and animal fibers, oilseeds, and
tobacco.
hidustrial c'ommodit es
Crude
materials 2
100. 9
104. 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
155. 2
152. 8
153. 5
156. 0
161. 0
164. 7
174. 2
179. 8
188. 2
202. 7
212. 2
224. 8
216. 5
217. 5
228. 9
Inter- Producmediate er finmateished
rials 3
goods
96.9
98.9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
128. 1
128. 6
128. 5
129. 3
130. 1
131. 0
132. 4
134. 8
137. 9
140. 6
145. 8
150. 8
156. 1
159. 6
164. 5
91 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
123. 5
123. 4
123. 5
123. 9
124. 2
125. 1
125. 7
126. 7
128. 3
129. 3
130. 9
132. 4
135. 9
138. 7
141. 5
Consurner finished g Dods excludin 2, foods
DurNonable
durable
97. 9
98. 5
100. 0
102. 2
104. 0
107. 1
110. 9
113. 2
115. 8
115. 9
116. 1
116. 3
115. 8
116. 7
117. 0
117. 9
119. 6
120. 2
120. 9
122. 0
123.7
125. 0
126.8
95. 9
97. 8
100. 0
102. 2
105. 0
108. 2
111. 3
113. 6
120. 5
120. 2
120. 5
120. 9
121. 2
122. 6
124. 4
126. 6
130. 2
134. 0
137. 8
141. 2
144. 3
147. 7
150. 6
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
After declining for 4 consecutive months, prices received by farmers increased 6 percent in the month ending July 1 5.
Contributing most to the increase were higher prices for hogs, cattle, wheat, corn, soybeans, and eggs. Prices paid rose
1 percent. The actual parity ratio was up 3 points and the adjusted ratio up 4 points.
Index, 1967=100
Index, 1967 =100
220
220
200
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
140
120
100
RATIOJ/
120
RATIO V
120
PARITY RATIO (ACTUAL)
100
100
l\.
90
*****
QA
70
^0
ti»'>"**,Hiliiii*(l'3***''»iit»r>
1
!
1 1
1
,
!
1
1
1
1
1968
1
T
.»***'" ***«»»m»»»*t*il"F """***
!
1
1
1
1
I
1
1
1
1969
t
1
1
.
1
1
""•""ov''<,.,,,,»,^
^"^SIWtttiititi^^ttft...K|!!^ ^^^\
i i i 1i , . , .
1
1970
. . i i i 1 i . i t . i
1971
I
! , . ! . , . . .
1972
. . 1 . I I. 1 . . . 1
-s.
\
90
V
..... i ... i.
80
-70
1974
1973
j/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, T A X E S , AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE:
DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by farmers
Livestock All items, Family
Producinterest,
tion
and
living
taxes, and
items
products wage rates
items
Index, 1967=100
94
94
96
95
98
105
98
99
100
100
100
100
102
104
104
104
106
117
109
109
114
114
110
118
120
119
116
115
124
122
127
134
138
146
179
145
149
174
138
146
148
181
138
146
157
218
141
151
142
154
150
198
142
188
153
150
152
153
183
146
179
154
156
147
149
193
161
157
153
161
159
190
162
179
161
155
164
157
167
169
159
166
158
165
142
160
168
166
161
155
170
168
Deceived by "armers
Prices ]
Period
All farm
products
1965
1966
1967
1968
1969
1970
1971
1972
1973
1973: June 15
Julv 15
Aug 15
Sept 15
Get 15
Nov 15
_
Dec 15
1974: Jan 15
Feb 15
Mar 15
Apr 15
May 15 _
June 15
July 15 _
98
105
100
103
108
110
112
_ __
_
__
126
172
172
173
208
191
184
181
185
198
202
194
183
175
165
175
Crops
103
105
100
101
97
100
107
115
164
170
162
196
182
180
181
195
208
220
216
205
201
199
204
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio l
Actual
77
80
74
73
74
72
69
74
88
87
88
102
95
91
89
90
94
94
90
83
79
74
77
Adjusted2
82
86
79
79
80
77
74
79
91
90
91
105
97
94
92
92
94
94
90
83
79
74
78
- The adjusted parity ratio reflects GovermiKnt payments made directl?
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock increased at an annual rate of 1.7 percent in July. From July 1973 to July 1974
it grew 5.1 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
360
200
200
160
1974
.1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
]>tlonev stoc k
J^loney stoc k
Time
CurCurand
DeDerency
rency
savings
mand
mand
outTotal
outTotal
de- l
.,
dedeside
side
posits
posits l
posits l
banks
banks
Period
1968:
1969:
1970:
1971:
1972:
1973:
1973:
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug_.
Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
.
_ _
__
_
_
Apr
I
May p
June v .
July
__
Deposits at commercial banks.
Note.—Series revised beginning 1974.
COUNCIL OF ECONOMIC ADViSERS
201.
208.
221.
235.
255.
271.
265.
266.
266.
265.
266.
269.
271.
270.
273.
275.
276.
277.
279.
280.
5
6
2
2
7
4
5
4
3
5
6
2
4
6
1
2
7
8
6
0
Seasonallyr adjusted
43. 4
158. 1
162. 5
46. 1
172. 2
49. 1
52. 6
182. 6
56. 9
198. 7
61. 7
209. 7
59. 4
206. 2
59. 5
206. 9
59. 8
206. 4
60. 2
205. 3
60.5
206. ]
61. 0
208. 2
61. 7
209. 7
61. 9
208. 7
62. 7
210. 4
63. 3
211. 9
63. 9
212. 8
64.4
213. 4
64. 8
214. 8
64. 9
215. 1
204. 2
194. 4
229. 2
270. 9
313. 3
363. 5
345. 9
349. 6
355. 1
358. 0
359. 1
360. 1
363. 5
370. 1
374. 7
377. 5
387. 1
394.4
399. 9
404. 3
207. 6
214. 7
227. 6
241. 9
263.0
279. 1
263. 6
265. 7
263. 0
264.0
266. 1
270. 9
279. 1
277. 8
270. 2
272. 5
278. 2
273. 1
277. 6
279.2
44. 3
46. 9
50. 0
53. 5
57.9
62. 7
59. 4
60.0
60. 0
60. 1
60. 4
61. 5
62. 7
61.6
61. 9
62. 7
63.5
64. 2
64. 9
65.4
Unadjustec i
163. 3
167. 7
177. 7
188. 4
205. 1
216. 4
204. 1
205. 7
202. 9
203. 8
205. 7
209. 5
216. 4
216. 2
208. 3
209. 8
214. 7
208. 9
212. 7
213.8
Time
and
savings
deposits l
|i
203. 2
193. 2
228. 1
269. 8
311.8
362. 2
344. 7 i
347. 8
356. 7
359.3
360. 3
359. 0
362. 2
369. 4
374. 3
379. 1
387. 1
393. 9
397. 9
402. 0
U.S.
Government
demand
deposits 1
5. 0
5.6
7.3
6.9
7.4
6. 3
7 1
4. 1
6.5
5.3
6.0
4. 3
6. 3
8. 1
6. 6
6.4
6. 0
7.6
6.1
5.4
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID
HOLDINGS - NONFINANCIAL INVESTORS
Private nonfinancial investors increased their holdings of liquid assets by $14 billion (seasonally adjusted) in JL
Four-fifths of the increase is accounted for by currency and deposits.
BILLIONS OF DOLLARS
1,200'
BILLIONS OF DOLLARS
1,200
1,100 I
-
1,100
1000
1,000
900
500 I
400 Hj I I I! I I!
400
I I 1 I M I f I ( t I ! II
1968
I
1974
1969
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Cummcy and <deposits
Total
liquid
assets
Period
Time d eposits
Tntal
Currency
Demand
deposits
("Vim
mercial
banks
1967:
1968:
1969:
1970:
1971:
1972:
1973:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
643. 2
704. 2
736. 9
786. 5
868. 1
978. 1
1, 091. 0
U.S. G overnment se curities
ShortNonbank
term
Savings marketthrift
institubonds able setions
curities
Negotiable
certificates of
deposit
Commercial
paper
520.9
564. 6
582. 9
634. 2
721. 1
815. 4
884. 8
40.4
43. 4
46. 1
49. 1
52. 6
56. 9
61.7
130.0
140. 0
144, 5
153. 1
161. 7
175. 0
181. 5
156.4
174.5
177. 3
199. 2
233. 8
264 8
294. 4
194. 1
206. 7
215. 0
232. 8
273. 0
318. 8
347. 2
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
9. 0
23. 0
29. 7
39. 3
57. 2
12. 8
18. 9
29. 1
24. 7
23. 9
27. 3
35.3
1973: June
_ 1, 042. 5
July
1, 050. 8
Aug _ ._ _
1, 060. 7
Sept
_ ___ I, 067. 9
Oct
1, 073. 1
Nov__
1, 080. 9
Dec
1, 091. 0
854.
859.
862.
865.
871.
878.
884.
7
0
0
4
5
3
8
59. 4
59. 5
59. 8
60. 2
60. 5
61. 0
61. 7
180. 2
180. 6
179.7
178.7
178.9
180. 6
181. 5
278. 4
280. 1
283. 2
285.8
289.5
292. 1
294. 4
336.
338.
339.
340.
342.
344.
347.
7
8
4
6
6
7
2
58. 8
59. 0
59. 2
59. 4
59. 5
59. 7
59. 9
45. 4
45. 9
48. 4
50. 1
50. 8
52. 2
53. 8
56.4
58. 4
60. 8
61. 1
58. 0
56. 3
57. 2
27. 3
28.5
30.2
32. 0
33. 4
34. 4
35. 3
1974: J a n _ _ _
Feb
Mar__
Apr
May v
June
July »___
890.
898.
905.
910.
914.
919.
931.
0
5
0
7
5
7
2
61. 9
62. 7
63. 4
64. 0
64.5
64.8
65.0
180. 1
182. 1
183. 3
184. 2
185.1
185.8
194. 1
298. 2
301. 6
303.4
305. 5
306.8
309.7
311.6
349. 7
352. 1
354. 9
357. 1
358. 1
359. 4
360.5
59. 9
60. 2
60. 5
60. 8
61. 0
61. 2
61.5
52. 0
50. 2
51.4
52. 1
54. 1
56. 1
56. 6
59. 9
61. 1
62. 4
70. 1
75. 8
77.5
78.9
35. 9
37. 0
38. 8
39. 9
40.2
40.5
40. 8
_
_ 1, 097. 8
1, 107. 1
1, 118. 2
1, 133. 6
1, 145. 6
1, 155. 1
1, 169. 1
Source: Board of Governors of the Federal Reserve System.
30
LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total loans and investments (seasonally adjusted) at al! commercial banks increased at an annual rate of 14.0 percent
in July; up from a 9.9 percent annual rate in June. Net borrowed reserves increased by $258 million during the month.
BilLiONS OF DOLLARS
700
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS
700
600
500
200
100
1968
1974
1969
SOURCE: BOARD OF GOVERNORS OF THE I
COUNCIL OF ECONOMIC ADVISERS
All commercial banks
(seaso nally adjust ed data)
End of period
Loans
Investrnents
Total
loans
Total,
Comand
Other
mercial U.S. Gov- securiinvest- excludernment
ments ing inter- and indus- securities
ties
bank
trial
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual
rates l
Adl membe r banks ^
Total
reserves
Billions of dollars
1968
1969
1970
1971
1972_
1973"
1973- July__ _ _ _
Aug__
SeptOct
Nov
Dec
1974: Jan*
Feb » _
Mar v
Apr * .
May p
*>
June v
July
390. 2
3
401. 7
435. 5
484.8
556. 4
630. 3
608. 8
617. 4
620. 2
624. 2
628. 4
630. 3
638. 0
645. 7
654. 9
663. 2
668.6
673. 9
681.3
258. 2
3
279. 1
291. 7
4
320. 3
377. 8
447. 3
427. 5
435. 9
439. 1
441. 1
445. 5
447. 3
452. 3
457. 1
466. 3
473. 7
478.0
481. 3
490. 4
95.9
3
105. 7
110. 0
115. 9
129. 7
155. 8
151. 2
153. 4
153. 7
153.6
155. 0
155. 8
157. 8
158. 9
164. 4
168.9
171. 9
173.9
176. 8
60. 7
3
51. 5
57. 9
60. 1
61. 9
52.8
59.8
57.9
56.4
55. 1
55.0
52. 8
54. 4
56. 2
56.2
56.7
56. 7
57. 1
55. 4
^l Debits during period to demand deposit accounts except interbank and
*"-S. Government.
Averages of daily figures. Annual data are for December.
Beginning June 1969, data include ail bank-premises subsidiaries and other
dficant majority-owned domestic subsidiaries; earlier data include corncial banks only.
As of June 1971, Farmers Home Administration notes totaling about $0.7
billion are classified as other securities rather than as loans.
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
Millions o f dollars
71. 3
3
71. 1
85. 9
4
104. 4
116. 7
130. 2
121. 5
123. 6
124. 7
128. 0
127. 9
130. 2
131. 3
132. 4
132. 4
182. 8
133. 9
135. 4
135. 5
4,360
5,150
5,717
6,443
7,530
9, 632
9,843
10, 144
9, 893
10, 257
10, 612
10, 544
10, 735
10,917
11, 253
11, 424
11, 589
11, 874
27, 221
28, 031
29, 265
31, 329
5
31, 353
35, 068
33, 590
33, 783
34, 020
34, 913
34, 725
35, 068
36, 655
35, 242
34, 966
35, 929
36, 519
36, 390
37, 349
455
257
272
165
5
219
262
391
243
245
223
182
262
236
189
176
158
194
131
182
765
1, 086
321
107
1,049
6
1,298
2,050
2, 144
1,861
1, 465
1, 399
1, 298
1,044
1, 186
1, 352
1, 714
2, 580
3,000
3, 309
-310
-829
-49
58
5
-830
-1,036
-1,659
-1,901
-1,616
- 1, 242
-1,217
-1,036
-808
-997
— 1, 176
-1, 556
-2, 386
-3, 127
5
Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in connection with
adaptation to Regulation J.
8
Beginning April 1973, includes seasonal borrowings.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Consumer credit (seasonally unadjusted) increased $1.7 billion during June. A year earlier there was an increase of
$2.8 billion. Seasonally adjusted consumer instalment credit rose $1.1 billion in June.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
] 200
180
20
18
SEASON ALLY ADJUSTED (ENLARGEC> SCALE)
16
^^
14
~~~\^\pr—
INS FALMENT. CREDIT EX TENDED
-^
^-sy^vX'^
*»**
V.
^
»-_-•"— ^
^"-"^
*£Z~
—
'
INSTALMENT CREDIT REPAID
C^==^=^^==>^3
12
10
^~-i—-—rrrr^
/] ! 1 1 1 ! 1 ! I 1 ! I
1968
! ! I ! I 1! I 1 1 I
1
8
! I 1 1 ! I J ! LI I
1969
! | 11! I I ! I ! 1
1970
! ! 1 1 1 1 I I ! | !
! ! 1 I ! 1 1 1 ! 1 !
[Millions of dollars]
Consum er instalme nt credit e xtended
Consu mer credit outs tan din g (end of p>eriod;
and r epaid (seas on ally adjiisted)
imadjusted,
Instalment
Total
Automot>ile paper
NonAutomol
Total
bile
Total
Personal instal- Extended Repaid Extended Repaid
ment 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
1973: Mav
June
July
Aug
Sept
Oct. _ _
Nov
Dec
1974: Jan
Feb
Mar___ _
Apr
May
June
164, 277
167, 083
169, 148
171, 978
173, 035
174, 840
176, 969
180, 486
178, 686
177, 522
177, 572
179, 495
181, 680
183, 425
133,
136,
138,
140,
142,
143,
145,
147,
146,
145,
145,
147,
148,
150,
47, 518
48, 549
49, 352
50, 232
50, 557
51, 092
51, 371
51, 130
50, 617
50, 386
50, 310
50, 606
51, 076
51, 641
38, 376
38, 928
39, 440
40, 064
40, 397
40, 651
41, 116
41, 425
41, 352
41, 417
41, 492
41, 851
42, 402
42, 945
30, 746
31, 065
30, 936
31, 168
30, 942
31, 230
31, 569
33, 049
32, 111
31, 595
31, 804
32, 448
32, 828
32, 810
1
531
018
212
810
093
610
400
437
575
927
768
047
852
615
Also includes other consumer goods paper, and home improvement loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
32
^
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1974
1973
1972
1971
! 1 ! 1 ! I ! ! I 1 !N 6
3
661
832
171
984
146
158
281
951
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
23, 706
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
13, 932
13, 646
14, 542
14, 294
13, 691
14, 149
14, 275
12, 677
13, 714
13, 541
13, 823
14, 179
14, 669
14, 387
11, 941
12, 034
12, 544
12, 399
12, 332
12, 449
12, 549
12, 267
12, 797
12, 870
13, 206
13, 026
13, 407
13, 301
3,989
3,762
3,930
3, 968
3, 939
3, 912
3, 819
3, 315
3,492
3,389
3,484
3,545
3, 769
3,731
3,261
3,253
3, 334
3,293
3,406
3,427
3,471
3, 338
3,433
3, 394
3, 544
3,498
3,601
3, 577
78,
82,
87,
99,
109,
112,
124,
142,
165,
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt outstanding,
no n farm,
1- to 4houses 3
212,
223,
236,
251,
266,
280,
307,
345,
386,
937
645
060
241
823
175
200
500
489
366, 202
378, 382
386, 489
392, 053
"4027 064
JOND YIELDS AND INTEREST RATES
From the end of July to late-August interest rates generally increased, with Treasury bills advancing most rapidly.
PERCENT PER ANNUM
PERCENT PER ANNUM
!'/WEEKlY
MONTHLY
iV
i
f\
1 \
1 \
I
\
I
\
10 I
PRIME
COMMERCIAL
PAPER
1
i
10
/
1
I
I
i
\
/v-
CORPORATE Aaa BONDS
(MOODY'S)
1968
1974
* SEE TABLE BELOW
SOURCE: SEE TABLE BELOW
[Percent per annum]
High-grade
U.S. Gov eminent secu rity yields
municipal
3-month
bonds
3-5 year
Taxable
2
Treasury
3
(Standard4 &
issues
bonds
bills i
Poor's)
5. 339
4.51
5.59
5.25
6. 677
5. 81
6. 85
6. 10
6. 458
6. 51
7.37
6. 59
4. 348
5.70
5.74
5.77
4. 071
5.27
5.85
5.63
7. 041
6.92
5. 18
6. 30
Period
1968
1969
1970
1971
1972
1973
1973: July
Aug
Sept
Oct
Nov
Dec
1974: Jan
Feb
Mar
Apr__
May
June
Julv
Aug
Week ended:
1974: Julv 12
19
26
Aug 2
9
16
23 *
1
8
COUNCIL OF ECONOMIC ADVISERS
_
Aaa
6.18
7.03
8. 04
7. 39
7. 21
7. 44
Prime
commercial
paper,
4-6
Baa
months
6.94
5. 90
7. 81
7. 83
9. 11
7. 72
8.56
5. 11
8. 16
4. 69
8.24
8. 15
8. 015
8. 672
8. 478
7. 155
7.866
7. 364
7. 755
7. 060
7. 986
8. 229
8.430
8. 145
7. 752
7. 49
7.75
7. 16
6. 81
6.96
6. 80
6.94
6. 77
7. 33
7. 99
8. 24
8. 14
8. 39
6. 53
6.81
6.42
6.26
6.31
6. 35
6.56
6. 54
6. 81
7. 04
7.07
7. 03
7. 18
5. 39
5. 47
5. 11
5.05
5. 17
5. 12
5.20
5. 19
5. 36
5. 67
5. 96
6. 08
6. 54
7. 45
7.68
7.63
7. 60
7.67
7. 68
7.83
7. 85
8. 01
8. 25
8.37
8.47
8. 72
8. 24
8.53
8.63
8.41
8.42
8.48
8. 58
8. 59
8. 65
8. 88
9.10
9. 34
9. 55
7.892
7. 702
7. 604
7. 698
8. 505
8. 763
8. 846
8. 60
8. 35
8. 08
8. 55
8. 59
8. 58
8. 68
7. 23
7. 24
7. 12
7. 24
7. 31
7. 35
7. 30
6. 80
6. 65
6. 26
6. 61
6.47
6. 45
6.59
8.66
8. 71
8. 77
8. 86
8. 93
8. 98
6
9. 03
9.49
9. 55
9. 61
9. 67
9. 70
9. 74
9. 78
2
6
Rate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
6
* Weekly data are Wednesday
figures.
Not charted.
Data for first of the month, based on the maximum permissible interest rate
d percent beginning July 8, 1974) and 30-year mortgages paid in 15years.
6
Corpora te bonds
(Moc dy's)
9. 18
10. 21
10. 23
8. 92
8. 94
9. 08
8.66
7. 82
8.42
9. 79
10.62
10. 96
11. 72
6
6
6
6
6
6
6
FHA
new home
mortgage
yields 5
7. 13
8. 19
9. 05
7.78
7. 53
8. 08
7. 89
8. 19
9. 18
8.97
8. 86
8. 78
8. 54
8. 66
9. 17
9. 46
9. 46
9. 85
11. 95
11. 95
11. 50
11. 23
11. 48
11. 63
11. 78
Sources: Department of Housing and Urban Development, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices declined 1 2 percent from late July to late August.
Index, 1941-43=10
Index, 1941-43=10
120
120
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
iia
100
100
90
90
80
80
70
70
60
60
PERCENT
PERCENT
DIVIDEND YIELD ON COMMON STOCKS
4
3
M t i t I i T n,
2
RATIO
RATIO
25
PRICE/EARNINGS RATIO ON COMMON STOCKS
20
20
15
15
1969
1968
1970
1972
1971
1973
SOURCE: STANDARD & POOR'S CORPORATION
10
1974
COUNCIL OF ECONOMIC ADVISERS
l
Period
Total
1968
1969
1970
1971
1972
1973
1973: July
Aug _
_ _ _
Sept
Oct
___ _ ___ _
Nov_ __ _
_
Dec
1974: Jan
Feb
Mar_
Apr
May___ _
June
_
July
Week ended :
1974: July 12
19
26
Aug 2
9_
16_
23
1
_
_ __
Total
98.70
97. 84
83. 22
98.29
109. 20
107. 43
105. 83
103. 80
105. 61
109. 84
102. 03
94.78
96. 11
93. 45
97. 44
92. 46
89.67
89. 79
82. 82
107. 49
107. 13
91. 29
108. 35
121. 79
120. 44
118. 65
116. 75
118. 52
123. 42
114. 64
106. 16
107. 18
104. 13
108. 98
103. 66
101. 17
101. 62
93. 54
81. 12
83. 52
83. 97
79. 62
80. 98
77. 39
* 73. 48
91. 65
94. 43
94. 77
89.68
91. 21
86. 99
82. 54
Price i ndex
Industrials
Capital Consumers'
goods
goods
1941-^t3=10
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
119. 39
113. 91
118. 58
107. 13
105. 94
116. 31
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
109. 22
92. 24
104. 19
87. 73
100. 69
87. 34
100. 10
90. 07
93. 64
80. 34
89. 87
95. 47
97. 60
90.45
95.27
88. 29
83. 70
79. 15
82. 14
81. 68
74. 80
77. 70
70. 29
67. 72
Public
utilities
Railroads
Dividend
yield «
(percent)
66.42
62. 64
54. 48
59. 33
56. 90
53.47
53. 31
50. 14
52. 31
53. 22
48. 30
45. 73
48.60
48. 13
47. 90
44. 03
39. 35
37. 46
35. 37
48.84
45.95
32. 13
41. 94
44. 11
38.01
35. 22
33. 76
35.49
38. 24
39.74
41. 48
44.37
41.85
42. 80
40. 26
37.04
37. 31
35. 63
3.07
3. 24
3. 83
3. 14
2. 84
3. 06
3. 04
3. 16
3. 13
3.05
3. 36
3. 70
3. 64
3. 81
3. 65
3. 86
4. 00
4. 02
4. 42
34.65
35. 19
36. 12
35. 04
35. 62
34. 88
33. 36
34. 29
35. 65
36. 79
36. 05
36. 86
36. 05
34. 37
Price/
earnings
ratio 3
4. 54
4. 35
4. 29
4. 61
4. 47
4. 82
4
5. 05
17.66
16.48
15. 69
18.50
18.20
14. 22
14. 10
11.95
11. 17
Includes 500 common stocks: 425 Industrials, 56 public utilities, and 20 rail- are averages of monthly data. Weekly data are Wednesday figures.
8
roads. Weekly indexes for capital and consumer goods are Wednesday figures;
Ratio of price index for last day of quarter to earnings for 12 months endj
all other weekly indexes are averages of dally figures;
with that quarter. Annual ratios are averages of quarterly data.
a Aggregate cash dividends (based on latest known annual rate) divided by
* Not charted.
the aggregate monthly market value of the stocks in toe group. Annual yields
Source: Standard & Poor's Corporation.
34
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In fiscal year 1974 there was a deficit of $3.5 billion, compared to a deficit of $14.3 billion in fiscal 1973.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
260
260
220
180
140
100
-40 i
1964
1965
1966
1967
1969
1970
FISCAL YEARS
1968
1971
1972
SOURCES. TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1973
1974
1975
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Receipts
Fiscal year:
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972___
1973
1974 2
v
1975
Total *
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
264. 8
294,0
196.6
211. 4
231. 9
246.5
268. 3
305. 4
-2. 8
-23. 0
-23. 2
-14. 3
-3. 5
— 11. 4
382.6
409.5
437. 3
468.4
486. 3
509. 1
284.9
304. 3
323. 8
343.0
346. 1
359. 8
_ _ _ _ _ _ _
' Excludes non-interest-bearing public debt securities held by IMF.
2 Estimates as revised June 12,1974.
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
In fiscal 1974 budget receipts were $32.6 billion higher than in fiscal 1973 and budget outlays were $21.8 billion
higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
120
OUTLAYS
200
200
NONDEFENSE
160
160
120
120
80
80
NATIONAL DEFENSE
40
1
I
1964
1965
1966
1967
1968
I
40
1969
1970
FISCAL YEARS
1971
1972
1973
SOURCES! TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1974
1975
N
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Recei ots
(Outlays
Nationa1 defense
Period
Fiscal year:
1963
1964
1965
1966
1967. _.
1968
1969
1970
1971
1972___
1973
1974*
19751
1
Total
106. 6
112. 7
116. 8
130. 9
149. 6
153.7
187. 8
193. 7
188.4
208.6
232. 2
264. 8
294. 0
Estimates as revised June 12,1974.
36
Individual Corporation
income
income
taxes
taxes
Other
Total
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26. 8
32. 2
36. 2
38. 7
44. 5
37. 4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75.4
81. 7
92.8
107. 4
118.5
111. 3
118. 6
118. 4
134. 7
158. 3
178. 8
184. 5
196.6
211. 4
231. 9
246. 5
268. 3
305.4
47. 6
48. 7
48.8
55. 4
61. 5
68. 7
87. 2
90. 4
86.2
94. 7
103.2
118. 8
131.0
Total
52. 3
53. 6
49. 6
56. 8
70. 1
80. 5
81. 2
80. 3
77.7
78. 3
76.0
78. 8
87. 9
Interna- Health
tional
Depart- affairs
and
Inment of
income terest Other
and
Defense, finance security
military
48. 1
49. 6
46. 0
54. 2
67. 5
77. 4
77. 9
77. 2
74. 5
75. 2
73.3
77. 6
84. 5
4. 1
4. 1
4. 3
4. 5
4, 5
4. 6
3. 8
3. 6
3. 1
3.7
3. 1
4. 2
4. 4
25. 4
26. 9
•27. 4
31. 4
37. S
43. 7
49. 4
56. 6
70. 6
82. 0
91. 3
105. 6
128.4
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20.6
22. 8
28. 1
30. 0
20. 3
24. 2
26. 7
30. 7
3 3 li
36. 2
34. 4
37. 8
40. 5
47. 2
53. 2
51. 7
54.7
Sources: Department of the Treasury and Office of Management and Budget.
IDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the second quarter, Federal receipts increased $12.2 billion (seasonally
adjusted annual rate) and expenditures rose $10.6 billion, resulting in a balanced budget as shown in the national
income accounts.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
300
-20
SURPLUS
A
1 1" ~
n n nn
-20
40
DEFICIT
!
!
'
!
I
!
1
I
1
I
i
i
1
!
I ®
1
]
!
|
!
I
1973
1972
1971
1970
1969
1968
_ _ A.
\ \ i
!
19/4
!
CALENDAR YEARS
SOURCE: DEPARTMENT OF CC.V.MERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Feeleral Go1*/ernmemb expend] tures
Federal (jovernm ent receip ts
Period
Personal Corpo- Indirect
rate business
Total tax and profits tax and
nontax
tax
nontax
receipts accruals accruals
GrantsSubsidies Less:
less
Contriin-aid
Wage
Purcurrent accruals
chases Trans- to State Net
butions
for
Total of goods fer pay- and interest surplus of less
Governdispaid
social inand
ments
local
services
government en- bursesurance
ments
terprises ments
Surplus
or
deficit
( \
income
and
product
accounts
Fiscal vear:
197l"_ — 192. 5
1972
213. 2
1973
240. 4
19741
Calendar
vear:
192. 0
1970
198. 5
1971
1972
227. 2
1973
258. 5
87. 5
100. 7
106. 8
123. 0
32. 3
34. 1
41. 2
20. 1
20.0
20. 7
21. 4
52. 6
58. 5
71. 7
82. 7
212. 4
232. 9
255. 4
276.5
95. 8
103. 2
105.3
109. 8
69. 7
78. 6
89. 4
103. 9
26. 8
32. 6
40. 2
41.7
14.3
13. 4
14. 5
17. 8
5. 7
5. 3
6. 7
3. 3
-0. 1
.0
.5
__, 2
-19. 8
-19. 7
-15.0
92. 2
89. 9
108. 2
114. 1
31. 0
33. 4
36. 6
43. 7
19. 3
20. 4
20. 0
21. 2
49. 5
54. 6
62. 5
79. 5
203.
220.
244.
264.
9
3
7
2
96. 2
97. 6
104. 9
106. 6
63. 2
74. 9
82. 8
95. 5
24. 4
29. 0
37. 4
40. 5
14. 6
13. 6
13. 5
16.3
5. 5
5.2
6. 6
5.3
.0
.0
5
.0
-11. 9
-21. 9
-17. 5
-5.6
1973: I — .249.
II — 255.
III- 261.
IV— 268.
1
0
8
3
107. 9
110. 3
116. 7
121. 6
42. 8
44. 7
43. 8
43. 5
20. 9
21. 4
21. 0
21. 3
77. 4
78. 6
80. 2
81.8
260. 2
262. 4
263. 4
270. 6
106. 4
106.2
105. 3
108. 4
92. 0
94. 7
96. 5
98. 8
41. 2
40. 1
39.8
41. 0
14. 8
15. 9
16.8
17.6
6. 1
5. 4
5. 0
4.8
.1
i
.' 0
.0
-11.2
-7. 4
-1. 7
-2.3
1974: ! _ _ _ _ 279. 4
II "- 291. i
124. 1
129. 4
47.2
52.2
21. 5
21. 9
86. 7 281. 0
88. 1 291.6
111. 5
114. 3
106. 5
113. 6
42. 9
43. 2
17.9
18. 7
2. 2
1.3
.0
-.6
-1.5
.0
"reliminary; based ®n seasonally adjusted quarterly data, except for contribu. which ha¥© beam adjusted for the January 1. 1974 increase in the tax base
ASDHI.
Source: Department of Commerce.
37
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TOTAL OUTPUT,
Page
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
1
2
3
4
5
6
7
8
9
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
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
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
MONEY,
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
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