Full text of Economic Indicators : December 1966
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89th Congress,
2nd Session
6
4
Economic Indicators
December 1966
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1966
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
ROBERT F. ELLSWORTH (Kansas)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
HERMAN E. TALMADGE (Georgia)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
JOHN R. STARK, Deputy Director
, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
JAMES S. DUESENBERRY
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators/' and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts draum by Graphics Unit, Office of the Secretary^ Department of Commerce.
Economic Indicators, published monthly, is available at 2 5 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTS
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Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $5.40 per year.
The 1964 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is available
at 65 cents a copy.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose by $12.3 billion (seasonally adjusted annual rate) in the third quarter, according to
current estimates.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Period
Total J
1958 _______
1959 _______
1960 ______
1961 ______
1962 ______
1963 ______
1964 ______
1965 ______
1964: IV_.
1965: !_._
1966: !___
II..
III.
318.8
337. 3
350. 0
364. 4
385.3
404 6
436. 6
469. 1
446. 6
453. 2
461. 0
476. 2
486. 1
495. 1
499. 9
507.8
Less: Equals: Personal
Interest Total consumption
paid and excludexpending
transfer
interest itures
payand
ments
to fortransfers
eigners
6.5
7. 1
7.8
8. 1
8. 6
9.7
10. 7
11.9
11. 2
11.4
11.8
12. 1
12.4
12. 7
13. 2
13.5
312. 3
330.3
342.3
356. 3
376. 6
394.9
425.8
457.2
435.4
441.8
449. 2
464. 1
473. 7
482.4
486.7
494.3
290. 1
311. 2
325.2
335. 2
355. 1
375. 0
401. 4
431.5
408.8
418.9
426.8
435.0
445. 2
455. 6
460. 1
469.9
PerLess:
sonal
Less:
Tax
saving
Trans- Equals:
Transand
Purfers,
Total
Equals:
fers,
(+) or
nontax interest, Net
expend- interest, chases
disand receipts itures
saving receipts
and
of goods
sub- 2
or
sub- 2
and
accruals sidies
services
sidies
114. 7
128. 9
139.8
144. 6
157. 0
168. 8
174. 2
189. 0
178.2
186.4
188.5
188. 6
192. 6
203. 1
209. 6
215.9
22. 3
19. 1
17. 0
21. 2
21. 6
19. 9
24. 5
25.7
26.6
22.8
22. 4
29. 0
28. 5
26. 7
26. 6
24.5
33.0
34.0
36.5
41.3
42.8
44. 4
46. 7
49. 6
46.7
48. 5
48.0
51.9
50. 0
53.4
53. 2
56.3
81. 6
95.0
103.3
103. 3
114. 2
124. 3
127. 5
139.4
131.5
137.9
140.5
136.7
142. 6
149. 7
156.4
159.6
127. 2
131. 0
136. 1
149. 0
159. 9
166. 9
175. 6
185. 8
176. 2
180. 1
182.4
189. 6
191. 1
198. 4
202. 2
211.9
33.0
34.0
36.5
41.3
42.8
44. 4
46. 7
49.6
46.7
48.5
48.0
51.9
50. 0
53.4
53. 2
56.3
94. 2
97.0
99.6
107.6
117. 1
122. 5
128.9
136.2
129. 4
131.6
1343
137.7
141. 2
145. 0 I
149. 0
155.5
Surplus
(+) or
deficit
(-) on
income
and
product
account
— 12.5
-2. 1
3.7
-4.3
-2.9
1.8
— 1.4
3. 2
2. 1
6. 4
6. 1
-1.0
1. 4
47
7.3
4.0
International
Business
Period
Expenditures
Net receipts
Disposable personal income
Total
Net
Net exports of goods
StatisGross
Gross
Gross
Excess transfers
and services
Excess of income
tical
national
retained private
of
to foror
discrep- product
transfers
earn-j domestic invest- eigners
or
(+) or receipts ancy
by permgs
invest-4
ment
of net
expendment
sons and
Less: Equals: exports
iture
Net
Govern- Exports Imports
exports
ment
1958 _____
1959 _____
1960 _____
1961 _____
1962 _____
1963 _____
1964 _____
1965 _____
1964: IV_
1965: !__
1966:
III.
49.4
56.8
56.8
58.7
66.3
68.8
76.9
83.4
77.9
82. 6
82. 3
83. 8
85. 1
86.6
87.4
88.0
60. 9
75.3
74 8
71.7
83.0
87. 1
93.0
106. 6
97.4
103.8
103. 7
106. 7
111. 9
1145
118. 5
115.0
-11. 5
-18.5
-18.0
-13.0
-16. 8
-18.4
-16. 0
-23. 1
-19. 5
-21. 2
-21. 4
-22. 9
-26.8
-27.9
-31. 1
-27.0
2. 4
2.4
2.4
2.6
2.7
2.8
2.8
2.8
2. 7
2. 6
3. 1
2.8
2.5
3.4
2.9
3.1
23. 1
23.5
27. 2
28.6
30.3
32.3
37.0
39.0
38. 1
35. 1
40. 5
40. 1
40.3
41.7
41. 9
43.4
* Personal income (p. 5) less personal taxes and nontax payments (fines, penalties, etc.).
2 Government transfer payments to persons, foreign net transfers by Government, net interest paid By government, and subsidies less current surplus of
government enterprises.
s Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
in disposable personal income.
20. 9
23.3
23. 2
23. 0
25. 1
26. 4
28. 5
32. 0
29. 6
28.7
32.3
33.0
34.2
35. 6
37. 3
39.2
4
2.2
.1
40
5. 6
5. 1
5.9
8. 5
7. 0
8.6
6.4
8.2
7. 1
6. 1
6.0
47
4.2
0. 2
2. 3
-1.7
-3.0
-2.5
-3. 1
-5. 7
-4 2
-5.9
-3.8
-5. 1
-42
-3.5
-2.6
-1. 8
-1. 1
445. 8
484 5
504 8
520.8
559. 8
590. 8
633. 1
682.8
647.5
664 9
675. 0
687.3
704 0
722. 0
733. 2
745. 0
1.6
-.8
-1. 0
-. 8
.5
-.3
-1. 4
-1.6
-3.3
-4 1
-2, 1
-. 8
.4
-.3
447.3
483.7
503.7
520. 1
560. 3
590. 5
631.7
681. 2
644 2
660.8
672.9
686.5
704 4
721.2
732. 3
744.6
Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
fi Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
According to current estimates, gross national product on a seasonally adjusted basis increased 1% percent in the
third quarter. After adjustment for price changes, the increase was about 1 percent.
BILLIONS OF DOLLARS
BILLIONS OF' DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS NATIONAL PRODUCT
600
600
500
500
PERSONAL CONSUMPTION
EXPENDITURES^
400
400
300
300
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
I
100
1__
100
„„„.„„„„„ J „„„„„„••..••••«•»"""""
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES-.
1960
1961
1962
1963
1965
1964
SOURCE, DEPARTMENT OF COMMERCE
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: IV
1965: I
II
III
IV
1966: I
II__.III
COUNCIL Or eCONQMtC ADVW«S
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
prices
itures
Billions <sf dollars; quarterly
Period
_
438. 0
446.1
452.5
447.3
475.9
487.7
497. 2
529.8
551.0
580. 0
614.4
587.2
600. 3
607.8
618. 2
631.2
640.5
643. 5
649.3
398. 0
419.2
441.1
447.3
483.7
503.7
520. 1
560. 3
590. 5
631. 7
681. 2
644 2
660.8
672. 9
686. 5
704. 4
721. 2
732.3
744.6
254. 4
266.7
281.4
290. 1
311. 2
325. 2
335.2
355. 1
375.0
401. 4
431. 5
408. 8
418. 9
426. 8
435.0
445. 2
455. 6
460. 1
469.9
67. 4
70. 0
67.8
60. 9
75. 3
748
71.7
83. 0
87. 1
93.0
106. 6
97.4
103. 8
103. 7
106.7
111. 9
114 5
118.5
115.0
iThis category corresponds closely with budget expenditures for national
defense, shown on p. 35.
2 Gross national product in current prices divided by gross national product
in 1958 prices.
1966
Government jpurchases of good s and
Implicit
services
price
Federal
deflator
State
for total
Total
and
GNP,
Total National
defense1 Other local 1958= 1002
data at £>easonall y ad justeid annual rates
Net
exports
of goods
and
services
74 2
78.6
86.1
94 2
. 1 97. 0
40
99.6
5. 6 107. 6
5. 1 117. 1
5. 9 122. 5
8. 5 128.9
7.0 136.2
8.6 129.4
6.4 131.6
8.2 134 3
7. 1 137. 7
6. 1 141. 2
6. 0 145.0
4 7 149. 0
4.2 155.5
2.0
40
5.7
2.2
44 1
45. 6
49.5
53. 6
53.7
53. 5
57.4
63. 4
642
65.2
66.8
64 1
64 4
65.6
67. 5
69. 8
71.9
74 0
78.3
38. 6
40.3
442
45. 9
46. 0
44 9
47. 8
51. 6
50. 8
50.0
50. 1
48.5
48.2
49. 1
50. 7
52. 5
54 6
57. 1
61.3
5.5
5.3
5.3
7.7
7.6
8.6
9.6
11. 8
13. 5
15.2
16. 7
15. 6
16.2
16. 5
16.8
17.3
17.4
16. 9
17.0
30. 1
33. 0
36.6
40. 6
43. 3
46. 1
50. 2
53.7
58. 2
63. 7
69. 4
65.3
67.3
68.7
70.2
71.4
73. 1
75.0
77.2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
90. 9
94 0
97.5
100. 0
101. 6
103.3
104 6
105.8
107.2
108. 9
110. 9
109. 7
110. 1
110.7
111. 0
111. 6
112. 6
113.8
114.7
NATIONAL INCOME
National income rose $10 billion (seasonally adjusted annual rate) in the third quarter, according to revised
estimates. Employee compensation rose more than $10 billion and net interest another $% billion. Other forms of
noncorporate income edged upward except farm proprietors' income which dropped almost $1 billion. Corporate
profits before taxes and inventory valuation adjustment dropped about $1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL
RATES
600
600
TOTAL NATIONAL INCOME
500
500
400
400
COMPENSATION OF EMPLOYEES
300
300
PROPRIETORS' AND
RENTAL INCOME •
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
100
iiHitiiMMiiiiiuiMti
*
v
i
NET INTEREST
1960
1962
1961
SOURC& DEPARTMENT OF COMMERCE
1964
1963
1965
1966
*SEE NOTE, PAGE 7.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: IV
1965: I
II
III
IV
1966: I
II
III
Total
national
income
331. 0
350. 8
366. 1
367. 8
400. 0
414.5
427. 3
457.7
481.9
517.3
559.0
528. 5
543. 3
552.2
562.7
577.8
595. 7
604. 1
613.8
Compen-
Proprieto rsj income
of employees 1
Farm2
224. 5
243. 1
256. 0
257.8
279. 1
294. 2
302.6
323.6
341.0
365. 7
392. 9
375. 3
381.7
387.8
395.6
406. 5
419.6
427.9
438.3
11. 4
11.4
11. 3
13.4
11.4
12.0
12.8
13.0
13. 1
12.0
15.1
11.9
12.9
15.5
16.0
16.0
17.0
16.3
15.4
2* Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
30. 3
31.3
32.8
33. 2
35. 1
34. 2
35. 6
37. 1
37.9
39.9
40. 7
40.3
40.5
40.4
40.7
41. 1
41.4
41.6
41.9
Rental
income
of
per-
13.9
14.3
14. 8
15. 4
15. 6
15.8
16. 0
16.7
17. 1
17. 7
18.3
17.9
18. 1
18. 3
18.4
18. 5
18.7
18.8
18.9
Net
interest
4. 1
4. 6
5. 6
6. 8
7. 1
8.4
10.0
11.6
13.8
15.5
17.8
16.3
16.9
17.5
18. 1
18.7
19. 1
19. 6
20.2
Corporalbe profits and inventory va] uation ad justment *
Total
46.9
46. 1
45. 6
41. 1
51.7
49.9
50.3
55.7
58.9
66.6
74.2
66.8
73.2
72. 7
74. 0
76.9
80.0
79. 9
79. 1
Profits Inventory
before valuation
taxes 3 adjustment
48. 6
48. 8
47. 2
41.4
52. 1
49.7
50.3
55. 4
59. 4
67.0
75.7
67.7
74 5
74.5
75.0
78.7
82.7
82.8
81.9
«See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-1.7
-2.7
-1.5
—.3
""~~ . O
.2
—.i
.3
— .5
—.4
-1.5
—.9
-1.3
-1.8
-1.0
-1.8
-2.8
-2.9
-2.8
SOURCES OF PERSONAL INCOME
Personal income rose $3% billion (seasonally adjusted annual rate) in November. Wage and salary disbursements,
up $2 billion, and interest income and transfer payments, each up $Vk billion, were the primary sources of the rise.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
.600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
WAGE AND SAURY DISBURSEMQ^TS
\j... »—•-»••**•
'
——
300
OTHER INCOME
\
.
30d
.„.««'"
milHMMHM""'"1*"
100
100
TRANSFER PAYMENTS
L
0.
I960
1961
1962
1963
SOURCE DEPARTMENT OF COMMERCE
Period
Total
personal
income
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July__.
Aug
Sept
Oct .p_ _
Nov
351. 1
361.2
383.5
401.0
416.8
442.6
465.5
496.0
535. 1
547. 2
553.2
558. 2
560. 2
564. 7
569. 0
570. 5
573. 0
577. 2
580. 0
585.4
590.0
594.4
597. 6
'1965
1966
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Other Propriet<3rs' income income
and
Transfer
Divi- Persona]
salary
labor 2
Business
interest
payof
dends
disburseincome
Farm
and pro- persons
income ments
ments l
fessional
238.7
11.3
9.5
32.8
14.8
11.7
21.4
17.6
239.9
9.9
13.4
33.2
15.4
11.6
18.9
25.7
258.2
11.3
11.4
35. 1
15.6
12.6
20.7
26.6
12.0
12.0
34.2
270.8
13.4
15.8
23.4
28.5
12.7
278. 1
12.8
35.6
16.0
13.8
25.0
32.4
13.9
296. 1
13.0
15.2
37. 1
16.7
27.7
33.3
311. 1
149
13. 1
37. 9
17. 1
16. 5
31.4
35.3
12. 0
333. 6
16. 6
39. 9
17.3
17.7
34 6
36. 8
358. 4
18. 5
15. 1
18. 3
19. 2
40. 7
38. 4
39. 7
19. 2
366. 9
15. 8
40. 8
18. 5
39.4
20.0
39.8
371.4
19.4
16. 0
41. 1
18. 6
20. 2
39.7
40.3
374 1
19. 6
16. 2
41.3
18. 6
41. 4
20. 5
40. 0
19.8
16.8
376.8
41. 3
18. 6
42. 3
20. 8
40. 5
20. 0
380. 1
41. 3
17. 0
18.7
21. 0
42. 6
41. 0
382. 9
20.2
17. 3
41.5
18.7
20. 9
41. 4
42. 9
384 7
20. 4
16.7
21. 0
42. 6
41.5
18.7
41.8
387. 0
20. 6
41. 6
16. 3
21. 2
18.8
42. 1
42.5
390. 5
20. 7
15. 9
41. 7
21. 1
18.8
42. 3
43. 2
393. 7
20. 9
41. 8
15. 5
21.
1
18. 9
42. 6
43. 5
15.4
21. 1
397.0
41.9
18.9
21.0
43. 1
45. 1
21.3
15.3
399.5
42.0
19.0
21.2
46.0
43.8
21.5
42. 1
15.1
19.0
21.2
402.3
47.2
44.3
21. 7
404 4
42. 2
21. 2
149
19. 1
44 8
47. 8
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensatii
msation for injuries; directors' fees; military reserve pay; and a few other minor
items.
1964
Less: Personal contributions
for social
insurance
Nonagricultural
personal
income 3
6.7
6.9
7.9
9.3
9.6
336.6
344.3
368.5
385.2
400.0
425.5
448. 1
479. 7
515. 6
526. 9
532. 6
537. 2
538. 8
543. 0
547. 0
549. 1
551. 9
556. 5
559. 8
565.4
570. 1
574.6
578.0
10.3
11. 8
12. 5
13. 2
13.3
13. 5
13. 6
16.8
16. 9
16. 9
17. 0
17. 1
17. 2
17. 9
18.1
18.2
18.3
18. 4
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Personal income in the third quarter maintained its strong pace of the last year by adding $11.7 billion (seasonally
adjusted annual rate). Another sharp rise in personal tax payments moderated the increase in disposable income/
hence, the gain in personal outlays led to a significantly lower saving rate of 4.8 percent.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
550
500
500
450
450
400
400
DOLLARS
2,600
2,400
2,200
2,000
1,800
1960
j
1961
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Per cap ita disL ^ss: Perse nal outlawts
posable personal
Equals:
Persoilal consul nption
Equals:
incc>me
Disex penditure s 2
Personal
Total
posable
saving Current
personal personall Durable Non1958
income outlays
durable
Services
prices
prices
goods
Personal
income
Less :
Personal
taxes
333.0
351.1
361.2
383.5
401.0
416.8
442.6
465. 5
496. 0
535. 1
39.8
42.6
42.3
46.2
50.9
52.4
57.4
60. 9
59. 4
66. 0
293.2
308.5
318.8
337.3
350.0
364.4
385. 3
404. 6
436. 6
469. 1
1964: IV.. 507. 5
1965: I... 518. 0
527.6
II...
III.. 541. 9
IV.. 552. 8
1966: ! _ _ _ 564.6
II— 573. 5
III.. 585.2
60. 9
64. 9
66. 6
65. 7
66. 7
69. 5
73.6
77.4
446. 6
453.2
461. 0
476. 2
486. 1
495. 1
499. 9
507.8
Period
1956
1957
1958
1959
I960
1961
1962
1963
1964
1965
Billions of dollars
272. 6
129. 3
38.9
98.5
40.8
287.8
135.6
105.0
296.6
37.9
140.2
112.0
44.3
318.3
146.6
120.3
45.3
333.0
151.3
128.7
44.2
343.3
155.9
135. 1
162. 6
363.7
49.5
143.0
53. 9
152. 4
384. 7
168.6
412. 1
59. 4
178. 9
163. 1
190. 6
443.4
66. 1
174. 8
Seaso nally adjiisted annilal rates
182. 4
58.9
420. 0
167. 5
430.3
65. 1
184.5
169. 3
64. 4
189. 4
438. 6
173. 0
66.7
447. 1
176. 9
191. 4
68.0
197. 0
457. 6
180. 2
70.3
201. 9
468. 4
183. 4
67. 1
205. 6
473. 3
187. 4
70.2
483.3
208. 1
191.5
1
Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
2 See p. 2 for total personal consumption expenditures.
Saving
as percent of Population
disposable (thoupersonal sands)
income
(percent)
20.6
20.7
22.3
19.1
17.0
21.2
21.6
19. 9
24.5
25.7
Dol lars
1,839
1,743
1,844
1,801
1,831
1,831
1,905
1,881
1,937
1,883
1,983
1,909
2,064
1,968
2,136
2,013
2,272
2,116
2,411
2,214
7.0
6.7
7.0
5.6
4.9
5.8
5.6
4.9
5. 6
5.5
168, 221
171,274
174, 141
177, 073
180, 684
183,756
186, 656
189,417
192,120
194,572
26.6
22. 8
22. 4
29.0
28. 5
26. 7
26.6
24.5
2,312
2,339
2,373
2,443
2,486
2,525
2,543
2,576
6.0
5. 0
4. 9
6. 1
5. 9
5.4
5. 3
4.8
193,196
193,731
194,268
194,898
195,543
196,082
196, 585
197, 124
2,140
2,162
2,181
2,241
2,270
2,287
2,278
2,294
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Farm income, including inventory change, fell $1 billion (seasonally adjusted annual rate) in the third quarter.
ever, excluding inventory change, there was little change from the high level of the second quarter.
BILLIONS OF DOLLARS
How-
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
10
1960
1963
1962
1961
1964
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIt OF ECONOMIC ADVISERS
Personal income re ceived by
total i'arm popu lation
]ncome re ceived fro m farmingT
Realize d gross
Period
From
all
sources
1957
1958
1959
1960
1961
1962
1963
1964
1965.-1964: IV
1965: I
II
III
IV
1966: I
II
III
17.7
19. 5
18.1
18.7
19.0
19.2
18. 7
17.9
20.6
From
From
farm
nonfarm
sources sources
11.0
12.8
11. 0
11.4
12. 1
12. 2
12. 0
11. 1
13.7
6.6
6.7
7.0
7.2
6.9
7.0
6. 7
6.7
6.8
Cash
receipts
l
from
Total
marketings
Billions <jf dollars
34. 0
29.7
37.9
33. 5
37. 5
33. 5
37. 9
34. 0
39. 6
34. 0
41. 0
36.2
37.2
42. 1
42.3
36. 9
44.9
39. 2
Seas omilly ad
42. 2
30. 7
37. 3
42. 9
45. 4
39. 7
45. 5
39. 7
45.9
40.0
42.2
48.4
42. 2
48. 7
43.0
49.8
1
Gash 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.
s Based on 1959 Census of Agriculture definition of a farm. The number of
farms Is held constant within a year.
1966
1965
Net t<3 farm
oper ators
Net inc ome per
farm incl ruding net
inventory change 3
Production ex- Exclud- Includpenses ing net in- ing net in- Current
1965
ventory ventory2 prices prices 4
change change
Dol lars
10.7
23.3
25.2
12.7
11.4
26. 1
26.2
11. 7
27. 0
12. 6
12. 5
28. 5
29. 6
12. 5
29. 4
12. 9
14.2
30.7
usted aminal rates
13.0
29. 2
30. 0
12.9
30.8
14.6
30. 9
14.6
31.2
14.7
31.9
16. 5
32.5
16. 2
33.8
16.0
11.3
13. 5
11. 5
12. 0
12.9
13. 1
13. 1
12. 1
15. 2
2,590
3, 189
2,795
3,043
3,389
3, 562
3,671
3,479
4,493
2,786
3,429
2,973
3,203
3,567
3,710
3,785
3, 550
4,493
12.0
12. 9
15. 5
16. 1
16. 1
17. 1
16. 4
15.5
3,460
3, 820
4, 590
4,770
4,770
5, 210
5,000
4,730
3, 530
3, 860
4, 590
4,770
4,770
5, 110
4,850
4,550
* Income in current prices divided by the indei of prices paid by farmers for
family living items on a 1965 base.
Source: Department of Agricultura
CORPORATE PROFITS
Corporate profits before taxes and inventory valuation adjustment declined slightly in the third quarter to
billion (seasonally adjusted annual rate) but were 7 percent above a year earlier.
$79.1
BILLIONS OF DOLLARS
BtLLIONS OF DOLLARS
40
30
20
10
10
1960
I
1961
1963
1966
J/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOUtCI. OffAJtTMCNT Of COMMERCE
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: IV__
1965: !_._
II__
III.
IV..
1966: !___
II__
III..
[Billions of dollars; quarterly data at seasonally
Corj3orate pr ofits (bef(3re taxes) and inveritory
valuation adjustmei at
TransCorpoM ianufactui -ing
portation
rate
comAll
profits
All
NonDurable
muniother
before
indusgoods durable
indus- taxes
tries
Total indusgoods cations,
and
tries
tries
public
tries
utilities
45. 6
41. 1
51.7
49.9
50. 3
55. 7
58. 9
66. 6
74. 2
66.8
73.2
72.7
74 0
76. 9
80. 0
79. 9
79. 1
24. 0
19. 3
26.3
24. 4
23. 3
26. 6
28.8
32. 4
37. 8
32. 2
37.4
36.7
37.4
39. 6
41. 9
40. 6
39.5
13.3
9.3
13. 6
12. 0
11. 4
14. 1
15.8
17.9
22. 1
17.5
21.9
21.2
21. 9
23. 2
24.7
23.4
22.5
10. 7
10. 0
12. 7
12. 4
11.9
12.5
13.0
14.5
15.7
14.7
15. 5
15.5
15.5
16. 4
17.2
17.2
17.0
5.8
5.9
7.0
7. 5
7.9
8. 5
9.5
10.4
11. 1
10. 5
10. 7
10. 9
11. 2
11.5
11.3
12. 0
12.2
15. 8
15.9
18.4
17.9
19. 1
20. 5
20.7
23.8
25. 3
24. 1
25. 0
25. 1
25. 3
25.9
26.8
27.2
27. 3
1
Includes depreciation, capital outlays charged to current account, and accidental damages.
2 Corporate profits after taxes plus corporate capital consumption allowances.
71-996°—66
COUNCIL OF ECONOMIC ADVISERS
* SEE NOTE ON TABLE BELOW.
47. 2
41. 4
52. 1
49.7
50.3
55. 4
59.4
67.0
75.7
67.7
74.5
74.5
75. 0
78.7
82. 7
82. 8
81.9
adjusted annual rates]
Cor] porate pi ofits
aifter tax€JS
Corpo- Profits
plus
rate
Corpocapital capital
rate
conconDiviUntax
sumpliabil- Total dend distrib- sumption
tion
uted
payity
ments profits allow-1 allow-2
ances an ces
21. 2
19. 0
23.7
23.0
23. 1
24.2
26.3
28.4
31.2
28.6
30.7
30.7
30.9
32.4
34. 1
34 1
33.7
26. 0
22. 3
28. 5
26.7
27.2
31.2
33.1
38.7
445
39.0
43.8
43.8
44 1
46. 3
48.7
48. 7
48.2
11.7
11. 6
12. 6
13.4
13.8
15. 2
16. 5
17.3
19.2
17.7
18. 1
18.8
19.5
20.2
20.9
21. 1
21.1
14 2
10.8
15. 9
13.2
13. 5
16. 0
16.6
21.3
25. 3
21.4
25.7
25.0
246
26. 1
27.8
27. 6
27. 1
20.8
22.0
23. 5
249
26. 2
30. 1
31.8
33.9
36. 3
34 8
35. 2
36.0
36.8
37.2
37.7
38. 5
39.1
46. 8
44 3
52. 0
51.6
53.5
61. 3
648
72.5
80.8
73.8
79.0
79.8
80.9
83.5
86.4
87. 2
87.3
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines
($2^£ billion for 1962) and therefore not comparable with preceding data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment declined $3% billion (seasonally adjusted annual rate) in the third quarter. A
$31/s billion decline in structures, nearly all in residential,and a $2% billion drop in inventory accumulation more
than offset a $21A billion gain in producers1 durable equipment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
20
20
1960
1966
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
Total
gross
private
domestic
investment
Period
Total
Struc tures
Total
Total
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: IV
1965: I
II
III
IV
1966: I
II
III
-
67. 4
70. 0
67.8
60.9
75. 3
74.8
71. 7
83. 0
87.1
93.0
106. 6
97. 4
103. 8
103.7
106.7
111. 9
114. 5
118. 5
115.0
61. 4
65.3
66. 5
62. 4
70. 5
71.3
69. 7
77. 0
81.3
88. 3
97. 5
90. 0
94. 4
96. 0
98. 0
101.5
105.6
106. 2
105. 1
38. 1
43.7
46. 4
41. 6
45. 1
48. 4
47. 0
51. 7
54. 3
60. 7
69. 7
63. 3
66. 7
67.9
70.2
73. 9
77.0
78. 2
80.3
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Resid ential
structures
N<mresident ial
14. 3
17.2
18.0
16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21. 0
24. 9
21.8
23. 6
24. 6
24.4
26.8
28.5
27. 9
27.7
Nonfarm
13. 6
16. 5
17. 2
15. 8
15. 9
17. 4
17. 7
18. 5
18.8
20. 3
24. 2
21. 2
22.9
24. 0
23. 8
26. 1
27.8
27. 2
27. 0
Produce rsj durable equ ipment
Total
23.8
26. 5
28.4
25. 0
28. 4
30. 3
28. 6
32. 5
34. 8
39. 7
44. 8
41. 4
43. 1
43.3
45. 8
47. 1
48. 5
50. 3
52.6
Nonfarm
21. 2
24. 2
25. 9
22. 0
25.4
27.7
25. 8
29. 4
31. 2
35.9
40.6
37. 7
39.3
39.4
41.3
42.3
43.7
45.4
47.5
Total
23.3
21. 6
20. 2
20. 8
25. 5
22. 8
22. 6
25. 3
27. 0
27. 6
27. 8
26. 7
27.7
28. 1
27.8
27. 6
28. 6
28. 0
24.8
Nonfarm
22. 7
20. 9
19. 5
20. 1
24. 8
22. 2
22. 0
24. 8
26.4
27. 0
27. 2
26. 2
27. 2
27. 5
27. 3
27. 0
28. 0
27. 4
24.3
Source: Department of Commerce.
Change in business mv entories
Total
6. 0
4. 7
1. 3
-1. 5
4. 8
3. 6
2. 0
6. 0
5.9
Nonfarm
5. 5
5. 1
.8
-2.3
4. 8
3.3
1. 7
5.3
5. 1
4. 7
9. 1
7. 4
8. 1
9.5
9. 4
7. 6
8. 7
10. 4
8.9
12. 3
9.9
5.3
7.9
6.7
7. 2
9.0
8.5
12. 1
10.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment in 1966 are now expected to rise 16% percent above 1965, to
$60.6 billion. This is 1/2 percentage point less than estimated in August. Outlays in the first half of 1967 are
expected to continue their advance but at a considerably slower pace.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70 I
SEASONALLY ADJUSTED ANNUAL RATES
60
60
TOTAL
50
50
40
40
NONMANUFACTURING
30
30
20
20
\
MANUFACTURING
10
10
I
I
1961
I
|
I
I
1 -I/ -l/,JL/t
I
1962
1964
1963
1965
1966
1967
-I/SEE NOTE 3 ON TABLE BELOW
SOURCE: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi ng
Period
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965 3
1966
1965: III
IV
1966: I
II
III
IV 3
1967: I 33
II
Total i
28. 32
26.83
28. 70
35. 08
36.96
30. 53
32. 54
35. 68
34. 37
37.31
39. 22
44. 90
51.96
60. 56
52. 75
55.35
58.00
60. 10
61. 25
62.60
63.45
64. 05
Total
11. 91
11. 04
11. 44
14.95
15.96
11.43
12.07
14. 48
13. 68
14. 68
15. 69
18.58
22.45
27. 01
23. 00
24.15
25.60
26. 80
27. 55
27.80
27.85
28.45
Transpo rtation
Durable Nonduragoods ble goods
5. 65
5. 09
5. 44
7. 62
8.02
5.47
5. 77
7. 18
6.27
7. 03
7. 85
9. 43
11.40
14. 04
11. 75
12.45
13. 15
13.85
14. 35
14.65
14. 70
15. 10
6. 26
5. 95
6.00
7.33
7. 94
5. 96
6.29
7. 30
7. 40
7. 65
7. 84
9. 16
11.05
12. 97
11.25
11.70
12.45
12. 95
13. 20
13. 15
13. 15
13.35
Mining
Railroads
Other
0.99
1.31
. 85
1.24
1.24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1. 47
1. 25
1.35
1.40
1.55
1. 45
1. 45
1. 50
1.23
1.40
. 75
. 92
1. 03
1. 56
1. 51
1. 60
1.71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 92
2.38
2.81
3. 48
3.00
3.00
3.30
3. 50
3.40
3. 70
3. 65
35. 60
.98
.96
.92
.67
.85
1.10
1.41
1.73
1. 94
1.70
1.95
1.75
2. 00
1. 85
2. 15
2.00
Public Commerand
utilities cial
other 2
4.55
4. 22
4.31
4.90
6. 20
6.09
5. 67
5. 68
5. 52
5.48
5.65
6.22
6.94
8.31
6.75
7.30
8.25
8.30
8. 55
8. 15
9.30
8. 00
8. 23
9.47
11.05
10.40
9. 81
10.88
11.57
11.68
13.15
13. 82
15. 13
16.73
18. 36
17. 00
17.55
17.70
17. 95
18.45
19.25
19. 15
1
Excludes agriculture.
Annual total is the sum of unadjusted expenditures; it does not necessarily
2 Commercial and other includes trade, service, finance, communications, and
coincide with the average of seasonally adjusted figures.
construction.
These figures do not agree with the totals included in the gross national product
s Estimates based on anticipated capital expenditures as reported by business estimates of the Department of Commerce, principally because the latter cover
in late October and November 1966. Includes adjustments when necessary for
agricultural investment and also certain equipment and construction outlays
systematic tendencies in anticipatory data.
charged to current expense.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In November, seasonally adjusted, employment increased by 913,000 and exceeded the civilian labor force growth
of 792,000. Unemployment decreased by 121,000. Both agricultural and nonagricultural employment increased,
the latter by 776,000.
MILLIONS OF PERSONS*
90
MILLIONS OF PERSONS*
90
SEASONALLY ADJUSTED
85
85
80
80
-TOTAL LABOR FORCE-
\
75
75
70
70
65
65
10
10
0
i i i i i I
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
IJN e^ PL 0YAAENT
T
RA're
**
1
>
SE ASO MA LL f AC>Jl SIrEt
r-
-
-!
r-
n
n
n
-
rr TT Fl1
=
f
I
:•
] 9 6C>
1961
1962
9
9 6-4;
6CJ
96^5
196<
>
* 14 YEARS OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
Total
labor
force
Period (including
armed
forces)
1961...
19622..
1963...
1964___
1965...
1965:
Oct..
Nov.
Dec.
1966:
Jan..
Feb..
MarApr.
Mav.
June
July.
Aug.
Sept.
Oct_.
Nov_
74, 175
74, 681
75, 712
76, 971
78, 357
Ci villam employiment
NonagriTotal
cultural
Total
labor
force
Unem(includploying
ment
armed
forces)
Thousands of Ijersons 14
66, 796 61, 333 4,806 74, 175
67, 846 62, 657 4,007 74, 681
68, 809 63, 863 4, 166 75, 712
70, 357 65, 596 3,876 76, 971
72, 179 67, 594 3,456 78, 357
Unadji listed
Civilisin employment
Civilian
labor
force
Agricultural
Nonagricultural
years of age and over
71, 603 66, 796 5,463 61, 333
71, 854 67, 846 5, 190 62, 657
72, 975 68, 809 4, 946 63, 863
74, 233 70, 357 4,761 65, 596
75, 635 72, 179 4, 585 67, 594
Seasonally adjustec 1
78, 713
78, 598
78, 477
73, 196
72, 837
72, 749
68, 242
68, 709
69, 103
2,757
2,966
2,888
78, 606
78, 906
79, 408
75, 846
76, 111
76, 567
72, 561
72, 914
73, 441
4,551
4, 273
4, 486
77, 409
77, 632
78, 034
78, 914
79, 751
82, 700
82, 771
82, 468
80, 052
80, 530
80, 968
71, 229
71,551
72, 023
73, 105
73, 764
75, 731
76, 411
76, 369
74, 251
74, 730
75, 006
67, 652
67, 939
68, 244
68, 900
69, 472
70, 543
71, 402
71, 662
69, 878
70, 430
71, 036
3,290
3, 158
3,037
2,802
2, 942
3,870
3, 225
2, 921
2,573
2,521
2, 640
79, 644
79, 279
79, S15
79, 674
79, 813
80, 185
80, 233
80, 549
80, 342
80, 414
81, 249
76, 754
76, 355
76, 841
76, 666
76, 268
77, 086
77, 098
77, 371
77, 113
77, 135
77, 927
73, 715
73, 521
73, 485
73, 799
73, 281
73, 997
74, 072
74, 338
74, 165
74, 163
75, 076
4,429 69, 286
4,442 69, 079
4,363 69, 072
4,482 69,817
1
a Total
labor force as percent of noninstitutional population.
Not strictly comparable with preceding data. See Employment and Earnings, May 1962, p. XIV.
10
Total
4, 076
4, 238
4,144
4,158
4,049
3,971
4, 108
68, 010
68, 641
68, 955
69, 155
69, 759
69, 928
70, 180
70, 116
70, 192
70, 968
Unemp oyment
rate (pe rcent of
Unem- civilia Q labor
for oe)
ployment Unad- Seasonadjusted ally
justed
Percent
4,806
6.7
5.6
4,007
4, 166
5.7
3,876
5.2
3,456
4.6
8 285
3 197
3 126
3.6
3.9
3.8
8
2
2
2
S
3
3
3
2
2
2
4.4
4.2
089
834
906
867
037
089
026
033
948
972
851 \
4. 0
3.7
3.8
4.9
4.8
4.2
4.1
4.0
3.7
8.8
3.7
4.0
4*0
4. 0
3. 7
8.9
3.3
3.3
3.4
8.8
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
3. 9
8.9 (
8. 7
Labor
force
participation
rate,
unadjusted *
58.0
57.4
57.3
57.4
57.5
57.5
57.4
57.2
56.3
56.4
56.7
57. 2
57.7
59.8
59.8
59. 5
57.7
57.9
58. 2
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
In November, the seasonally adjusted unemployment rate fell to 3.7 percent, matching the low points of February
and April. The rates for experienced wage and salary workers and married men also declined.
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
4.0
UNEMPLOYMENT RATE
MARRIED MEN
^
2.0"
2.0
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
Unen iploymen t rate
(percen t of eivilian labor
for ce in groi P)
Labor
force
time lost
through
Experi- Married unemenced
All
ployment Over 40
and men
workers wage
(wife and part- hours
salary present)
time
workers
work *
Period
Per cent
1961
1962
1963
1964—
1965
_
6.7
_
1965: Oct
Nov
Dec—
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
5. 6
5.7
5.2
4.6
4.3
4, 2
41
4.0
3.7
3.8
3.7
4.0
4.0
3.9
3.9
3.8
3.9
3.7
as
5. 5
5. 5
5.0
4.2
4. 6
3. 6
3.4
2.8
2.4
Season all y adjustec
4. 0
2.1
3.8
3.7
3.5
3.3
3.5
3.4
3. 7
3. 7
3.5
3.7
3.6
3.6
3.4
2.0
1.8
1.9
1.9
1.9
1.8
1.8
1.9
2.0
2.0
1.9
1.9
1.7
ao
6.7
'6. 4
5.8
5.0
4.6
4.5
4.4
4.3
4.0
4. 1
4.1
4.4
4.8
4.6
4.3
4.2
4.1
3.9
18, 210
19, 025
19, 257
19, 294
20, 808
21, 900
21, 006
22, 477
20, 851
20, 690
21, 288
20, 926
21, 440
21, 656
20, 873
21, 141
22, 343
22,331
20, 390
1
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963, series reflects whether unemployed persons sought fullor 2part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
Persons at work i n nonagri cultural 2iiidustries
by hours worked i>er week
Uiider 35 ho urs
Part-ti me for
Part-ti me for
economi c reasons economi c reasons
35-40
hours
Total
Usually Usually Usually Usually
fullpartfullparttime 3
time 4
time 8
time 4
Thousan ds of pers ons 14 ye ars of age and over
29, 047 11, 132
1,297
1,516
28, 853 11, 675
1,049
1,288
29, 422 11, 856
1,219
1,070
29, 127 13, 850
985
1,151
30, 802 12, 618
897
1,031
IJnadjuste< i
Seasonal^? adjusted
30, 846 13, 052
829
853
848
973
28, 341 17, 195
830
916
817
1,002
32, 330 12, 447
761
866
766
979
32, 125 12, 408
972
794
902
917
32, 389 12, 555
732
871
899
782
32, 543 12, 156
826
743
820
802
32, 263 12, 825
711
796
776
795
32, 951 12, 772
829
716
839
768
33, 258 11,420
1,036
1,203
1,040
964
31, 678 10, 925
886
1,303
975
1,002
32, 218 10, 741
881
1, 125
856
860
32, 361 12, 284
732
832
840
804
32,018 13,565
811
640
829
730
5
28, 592 19, 688
773
5661
761
723
3
Includes persons who worked part-time because of slack work, material
shortages
or repairs, new job started,, or
'
or jo'
job *terminated.
4
Primarily includes persons who could find only part-time work.
* Average hours worked: usually full-time, 23.3; usually part-time, 17.7.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In November, insured unemployment under State programs averaged 1 37,000 less than in November 1965. The
insured unemployment rate on a seasonally adjusted basis rose from 2.1 percent to 2.2 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
, (STATE PROGRAMS)
1963
J
JAN.
FEB.
MAR,
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
NOV.
OCT.
DEC
J/ SEE NOTE I ON TABLE BELOW.
•SOURC& DB»ARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
A 11 progranas
Period
1962
1963
1964
1965__
1965: Oct
Nov___
Dec
1966: Jan
Feb.._
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov *
Week ended:
1966: Nov. 5
12
19
26.Dec. 3-»
10*
Steite progra ms
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment
(weekly
lions
ment
averof dolage)
lars)
Thou sands
47, 776 1 1,946
48, 434
1, 973
49, 635
1,753
»51, 580
1,450
»52, 702
1,030
*52, 709
1,133
"53,411
1,396
1,739
'51,935
1,679
* 52, 127
"52,894
1,381
1, 112
916
841
1,001
980
802
799
955
3, 160. 0
3, 025. 9
2, 749. 2
2, 434. 7
128.2
143.0
184.7
226.5
230.2
240. 0
166.4
136.1
123.4
121.0
152.0
114.3
100.4
123.0
Weekly iiverage, t lousands
302
32
1, 783
1
1, 806
*298
30
1, 605
268
26
1, 328
232
21
933
1,042
1,308
1,644
1,590
1,301
1, 044
862
793
947
928
754
752
905
826
908
930
._
1,043
1,093
2
778
857
880
989
1, 038
Programs Include Puerto Riean sugarcane workers for initial claims and
insured unemployment beginning July 1963.
2 Not charted.
12
Initial
claims
InsurecI unemploymen t as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonadjusted ally
justed
189
225
290
329
238
171
166
152
156
249
173
145
166
208
190
194
217
206
244
303
16
15
17
19
19
18
19
17
15
14
12
11
12
12
Per<sent
4. 4
4. 3
3. 8
3.0
2.0
2.3
3.0
3.7
3.6
2.9
2.3
1.9
1. 8
2. 1
2.0
1.6
1. 6
1. 9
2. 7
2.7
2. 7
2.7
2. 6
2.3
2. 1
2.1
2. 1
2.4
2.4
2.2
2. 1
2. 2
Benefi bs paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 675. 4
2, 774. 7
2, 522. 1
2, 166. 0
117. 8
132.2
172. 1
212.7
217. 2
225.5
155.5
126.1
114. 4
113.8
143.1
106.5
93.7
116.0
34. 56
35. 28
35.96
37.19
37.32
38.08
38. 81
39.36
39.66
39. 83
39.38
38. 86
38.72
39. 05
40.65
39.68
39.84
40. 25
1.6
1. 8
1. 9
2. 1
2.2
NOTE.—For definitions and coverage, see the 1964 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Nonagricultural payroll employment (seasonally adjusted) increased by 271,000 in November to 64.7 million, a
new high. Largest employment gains were in manufacturing (93,000), in services (64,000), and in State and local
government (63,000). Small decreases occurred in contract construction and mining.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)
22
MILLIONS OF WAGE
AND
SALARY WORKERS (SEASONALLY ADJUSTED DATA)
66
MANUFACTURING
ALL NONAGRICULTURAL ESTABLISHMENTS
64
.20
62
18
60
16
58
10
TOTAL
GOODSINDUSTRIES
NONDURABLE GOODS 'INDUSTRIES
56
54
4.5
13.5
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
CONTRACT CONSTRUCTION.
(ENLARGED SCALE)
4.0
13.0
3.5
12.5
3.0
12.0
11.5
2.5
1966
1963
1963
1964
SOURCE DEPARTMENT Of lABOt
1965
1966
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Manufac turing (jprivate)
Period
1959
1960__ _.
1961
1962
1963
1964
1965
1965: Oct..
Nov.
Dec..
1966: Jan..
Feb_.
Mar.
Apr__
May.
June.
July.
Aug.
Sept .
Oct p _
Nov »
Total
53, 313
54, 234
54, 042
55, 596
56, 702
58, 332
60, 770
61, 437
61, 864
62, 241
62, 469
62,811
63, 247
63, 350
63, 517
63, 983
64, 072
64, 199
64, 168
64, 428
64, 699
Total
16, 675
16, 796
16, 326
16, 853
16, 995
17, 274
18, 032
18, 242
18, 392
18, 492
18, 566
18, 722
18, 840
18, 923
19, 002
19, 167
19, 128
19, 262
19, 204
19, 315
19, 4 r 8
NonDurable durable
goods goods Total
9,373
9,459
9,070
9,480
9,616
9,816
10, 386
10, 550
10, 641
10, 725
10, 805
10,911
11, 007
11, 065
11, 122
11, 220
11,210
11, 324
11,322
11, 386
11, 423
7,303 28, 555
7,336 29, 085
7,256 29, 122
7,373 29, 853
7,380 30, 481
7,458 31, 461
7,645 32, 647
7,692 32, 960
7,751 33, 152
7,767 33, 369
7,761 33, 468
7,811 33, 568
7,833 33, 777
7,858 33, 722
7,880 33, 753
7,947 33, 931
7,918 34, 015
7,938 34, 003
7,882 34, 041
7,929 34, 130
7,985 34, 226
N onmanu facturin§I (private )
Con- TransWhole- Finance,
insur- Service
tract portasale
tion
ance,
and
Mining conand
and
and miscelstruc- public
retail
real laneous
tion utilities trade estate
732 2,960 4,011 11, 127 2,594 7,130
712 2,885 4,004 11, 391 2,669 7,423
672 2,816 3,903 11, 337 2,731 7,664
650 2,902 3,906 11, 566 2,800 8,028
635 2,963 3,903 11, 778 2,877 8,325
634 3,050 3,951 12, 160 2,957 8,709
632 3, 181 4,033 12, 683 3,019 9,098
627 3,186 4,071 12, 809 3,041 9,226
631 3,234 4,080 12, 880 3,045 9,282
633 3,334 4,083 12, 941 3,049 9,329
635 3,318 4, 091 13, 009 3,052 9,363
634 3,323 4,105 13, 045 3,051 9,410
637 3,419 4,109 13, 085 3,064 9,463
595 3,333 4,114 13, 128 3,068 9,484
628 3,238 4,132 13, 164 3,076 9,515
632 3,300 4,143 13, 217 3,090 9,549
636 3,297 4,122 13, 256 3,095 9,609
636 3,251 4,105 13, 264 3,100 9,647
628 3,228 4, 168 13, 268 3,100 9,649
625 3,203 4,163 13, 331 3,102 9,706
623 3, 191 4,180 13, 355 3,107 9,770
1
Includes ail full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor forces, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Gover nment
Federal
2,233
2,270
2,279
2,340
2,358
2,348
2,378
2,386
2,400
2,397
2,423
2,451
2,477
2,501
2,523
2,571
2,601
2,610
2,594
2,589
2,608
State
and
local
5,850
6,083
6,315
6,550
6,868
7,249
7,713
7,849
7,920
7,983
8,012
8,070
8, 153
8,204
8,239
8,314
8,328
8,324
8,329
8,394
8,457
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted average workweek in manufacturing was 41.3 hours in November, unchanged from its October
level. Weekly hours in durable goods and contract construction decreased slightly.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY-ADJUSTED)
46
46
DURABLE MANUFACTURIh4G
NONDURABLE MANUFACTURING
AA
42
***^^" ^^
'
p^^-*V—•/•-
*N/—»
AC\
«1Q
1A
34
A,
, ,
, , 1 , , , . ,
1964
1963
1965
N
1966
34
^
1964
1965
1966
1964
1965
1966
1963
44
CONTRAQ CONSTRUCTION
RETAIL TRADE
42
40
38
36
34
34
32
32
1963
1964
1963
SEE TABLE BELOW.
SOURCEi DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week; * seasonally adjusted]
Marlufacturing Industries
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct"
Nov*
Durable
goods
All
__
40.7
40. 4
39.8
39. 2
40. 3
39. 7
39.8
40. 4
40.5
40. 7
41.2
41.2
41.4
41.3
41.4
41. 5
41. 5
41. 5
41. 5
41.3
41. 0
41.4
41.5
41.3
41.3
1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii Included beginning 1959.
14
41. 3
41.0
40. 3
39. 5
40.7
40. 1
40.3
40. 9
41. 1
41.4
42. 0
42. 1
42. 2
42.2
42. 4
42. 4
42. 3
42. 3
42. 2
42. 0
41. 8
42.1
42.3
42.2
42.1
Nondurable
goods
39.9
39. 6
39. 2
38. 8
39. 7
39.2
39. 3
39.6
39. 6
39. 7
40. 1
40.1
40. 3
40.2
40.2
40. 5
40. 4
40.3
40. 3
40.3
40. 1
40.2
40.2
40. 1
40.1
Contract construction
37.1
37. 5
37.0
36.8
37. 0
36.7
36.9
37.0
37.3
37.2
37.4
37.1
37.2
38.6
37.8
38. 1
38.5
37.2
36. 1
37.4
37. 8
36.9
37.7
37.3
37.1
* Beginning 1964, includes eating and drinking places.
Source: Department of Labor.
Retail trade
39.6
39.1
38.7
38.7
38.7
38.5
38. 1
37.9
37.8
*37. 0
36. 6
36.4
36. 3
36.3
36.2
36. 1
36. 0
35.9
35.9
36. 0
36. 1
36.1
35.8
35.7
35.7
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing rose again slightly in November to almost $114.
construction experienced a seasonal decrease.
Earnings in contract
DOLLARS
130
DOLLARS
3.00
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
„,*v.««'»'V
2.80
DURABLE GOODS
INDUSTRIES
.
120
.^«^"
/**
DURABLE GOODS
INDUSTRIES
2.60
110
2.40
100
2.20
90
-A/
2.00
"NONDURABLE
GOODS INDUSTRIES
80
1963
1966
1963
1964
SOURCE, DEPARTMENT OF LABOR
1965
1966
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
r
Period
Avenige hourlj earnings-— current prices
Aver age weekl y earnings3— current/ prices
Manufi acturing i ndustries Contract
Retail
conNonDurable durable
trade
strucAll
goods
tion
goods
Manufi icturing iiadustries Contract
Retail
conNonDurable durable
trade
strucAll
goods
tion
goods
$1.95
1956
2.05
1957
2. 11
1958
2. 19
1959
2. 26
1960
2. 32
1961--2.39
1962
2.46
1963
2. 53
1964
2. 61
1965
1965: Oct__ 2. 64
Nov__ 2. 65
Dec.. 2. 66
1966: Jan__ 2.67
2. 67
Feb__
2. 68
Mar__
Apr__ 2. 70
Mav_ 2.70
June. 2.71
July. 2.71
Aug_ 2.70
Sept__ 2.74
Oet*_ 2.75
Nov * 2.76
$2.08
2. 19
2.26
2.36
2.43
2. 49
2.56
2. 63
2. 71
2.79
2.82
2. 83
2.84
2.85
2. 86
2. 86
2. 88
2. 88
2. 88
2.88
2.87
2.93
2.93
2.94
$1.77
1. 85
1. 91
1.98
2.05
2. 11
2. 17
2. 22
2. 29
2. 36
2.38
2. 39
2.40
2. 40
2. 41
2. 41
2. 43
2.44
2. 45
2.46
2.45
2.47
2.48
2.49
$2. 57
2.71
2. 82
2.93
3.08
3. 20
3.31
3. 41
3. 55
3. 69
3.77
3. 75
3.77
3.79
3. 82
3. 80
3. 81
3. 83
3. 83
3.85
3.89
3.96
3.96
3.95
$1. 40
1.47
1. 52
1.57
1. 62
1.68
1.74
1. 80
*1. 75
1. 82
1. 86
1. 86
1. 85
1.88
1. 88
1. 88
1. 89
1. 90
1. 91
1.91
1.90
1.93
1.94
1.94
$78. 78
81. 59
82. 71
88.26
89.72
92. 34
96. 56
99. 63
102. 97
107. 53
109. 03
109. 71
110. 92
110.00
110. 27
110. 95
111. 24
112. 05
112. 74
111. 11
111.78
113.71
.13. 85
113.99
i Earnings in current prices, adjusted to exeludeovertmieandinterindustry shifts.
'Earnings in current prices divided by the consumer price index.
71-996°—66-
$85. 28
88.26
89. 27
96.05
97.44
100. 35
104. 70
108. 09
112. 19
117. 18
118. 72
119. 43
120. 98
119.99
120. 69
120. 69
121. 54
121. 82
121. 82
119.81
120. 54
123. 94
123. 65
123. 77
$70. 09
72.52
74. 11
78.61
80.36
82.92
85.93
87.91
90.91
94. 64
95. 68
96.32
96. 96
95.52
96. 88
96. 88
96. 96
98. 33
99. 23
99. 14
99.23
99.54
99.70
99.85
$96. 38
100. 27
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 01
144.39
136. 50
139. 87
138. 34
139. 05
143. 26
140. 59
141. 71
146. 69
150. 15
149. 38
151. 67
152. 46
143. 39
$54. 74
56. 89
58.82
60. 76
62. 37
64. 01
65. 95
68.04
*6475
66. 61
67.33
66.77
67.71
67.49
67.30
67. 12
67.47
67.64
69. 14
70. 48
70.11
69.09
68.87
68.48
Manufac Jturing
indust,ries
Adjusted Average
weekly
earnings, earnings,
1957-59= 1957-59
100 i
prices *
91. 5 $83. 19
96. 2
83.26
100. 2
82.14
103. 5
86.96
87.02
106. 6
88.62
109. 6
112. 3
91. 61
115.2
93.37
118. 0
95.25
97.84
121. 1
121.9
98. 76
122.3
99.20
122.8
99.93
123.2
99.10
123. 4
98.81
123.6
99. 06
124.2
98.88
1244
99.51
124.7
99.86
124.8
98.07
98.22
124.8
125.9
99.66
126.3
99.43
*Beginning 1964, includes eating and drinking places.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index, seasonally adjusted, declined siishtly in November but was 8 percent higher than a
year earlier. An increase in equipment was more than offset by declines in materials and consumer goods.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
180
200
160
140
120
120
100
1966
1963
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1956
1957
1958___
1959
1960
1961
1962__.
1963
1964
1965
1965: Oct.
Nov
Dec
1966: Jan
Feb
Mar
Apr
May___
June
July
Aug
Sept
Oct v
Nov
„
__
_.
_
..._
_
99.9
100.7
93.7
105. 6
108. 7
109. 7
118. 3
124 3
132.3
143.4
145.5
146.7
149.0
150.6
152.4
153.7
153.9
155.3
156.5
157.2
158.0
157.8
158.6
158.3
[1957-59 = 100, seasonally adjusted]
Industry
' M anufaetur ing
Mining Utilities
NonTotal Durable durable
Total
Consumer
goods
Equipment
100. 2
100.8
93.2
106. 0
108. 9
109. 6
118. 7
124. 9
133. 1
145.0
147.0
148.6
151.0
152.9
154.7
155.9
156.6
157.6
158.9
159.4
160. 1
160. 1
161.1
160.8
98. 1
99. 4
94 8
105. 7
109. 9
111. 2
119. 7
1249
131.8
142.5
145.7
148.0
148.9
150.3
152. 1
152.5
152.9
153.7
154. 9
155.3
156.4
156.4
157.9
158.2
95. 5
97.0
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
141.9
143.7
144.2
144.6
146. 1
146.2
146.4
146.2
147. 1
146.5
147. 1
146.6
148.5
148.1
103.7
104 6
91. 3
104 1
107. 6
108. 3
119. 6
124 2
132.0
147.0
153.9
157.3
159.0
162.6
164.8
166.2
166.9
169.8
171.4
174.4
176.4
177.4
178.2
180.0
104.0
104 0
90. 3
105. 6
108. 5
107. 0
117. 9
124 5
133.5
148.4
150.8
151.8
155.2
158.1
160.7
161.9
162.9
164.2
165.4
166.1
167. 1
167.2
168.9
167.6
95. 4
96. 7
96. 8
106. 5
109. 5
112.9
119. 8
125. 3
132.6
140.8
142.3
144.5
145.7
146.4
147.3
148.5
148.7
149.4
150.7
151.3
151.3
151.1
151.4
152.3
NOTE.—Beginning 1964, series revised. See Federal Reserve Bulletin, Novem-
16
1048
1046
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
116.4
116.4
118.3
117.3
117.7
120.0
115.6
120.7
122.0
122.0
122. 1
121.0
121.5
120.2
87.9
93.9
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
164.7
164.1
164.9
164.7
168.7
168.8
169.1
170.2
171.7
175.7
179.0
177.4
175.5
175.5
Ma rket
Fi nal produ cts
Source: Board of Governors of the Federal Reserve System.
T V / f _ J. _
iviaterials
101. 6
101.9
92.7
105.4
107.6
108.4
117. 0
123. 7
132.8
144.2
145.3
146.1
148.8
150.9
152.6
154.4
154.5
157.1
158.0
158.8
159.6
159.2
159.5
158.5
PRODUCTION OF SELECTED MANUFACTURES
Production of transportation equipment and primary metals declined about 2 percent in November on a seasonally
adjusted basis. Paper and printing and food groups gained about 1 percent. Other major manufactures recorded
small changes.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
180
180
TRANSPORTATION
EQUIPMENT \
160
MACHINERY
\
140
120 »-
LUMBER AND PRODUCTS
100
120
80
100
\
V
1963
1966
1963
1964
1966
1965
160
180
CHEMICALS, PETROLEUM,
AND RUBBER \
TEXTILES, APPAREL,
AND LEATHER
140
160
120
FOODS, BEVERAGES,
AND TOBACCO
140
100
PAPER AND
PRINTING
120
i . i i.l i i i i !
1963
1965
1964
1966
1964
1963
1965
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1966
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Ncmdurable manufactu res
Durab le manufsictures
Period
1956
1957
1958
>
1959
1960
1961
1962
1963
1964
1965
1965: Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
May
_
June
July
Aug
Sept
Oct_
Nov »
Primary
metals
_
_ _
116. 4
112. 2
87. 5
100. 4
101. 3
98. 9
104. (')
113. 3
129. 1
137.6
125.0
120.6
126.5
131.9
138.3
141.8
142. 4
146. 5
148. 0
148.6
148.7
146.3
144. 2
142
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
cated
and
apparel,
Machinand
petrotation
bevermetal
and
ery
prodprint- leum, and ages, and
equipleather
ing
rubber
products
ment
ucts
tobacco
98. 8
101. 5
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132. 7
147. 8
150.9
153. 6
156. 3
157.7
161. 6
161.7
161.4
162. 9
161.8
162. 1
161.4
163.0
164.2
165
107. 1
104. 2
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141.4
160. 5
166.4
168. 3
171.0
174. 5
176.4
176. 1
178. 6
180.6
182.8
186.6
189.6
188.9
190. 6
190
NOTE.—Beginning 1964. series revised. See Federal Reserve Bulletin, Novem-
ber 1966.
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
154.9
157. 2
160.4
163. 0
164. 1
166. 1
165.9
165.8
167. 1
166. 0
166.0
168.3
174.5
171
105.4
95.9
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
117.4
118.3
119. 1
125. 4
125.6
126.5
129. 3
130.7
122.7
122.9
119.9
111.3
110.0
112. 0
98.0
96.9
95.0
108. 1
107.5
108. 4
115. 1
118. 5
125.2
135.8
137.3
138.7
140.2
138.6
139.8
141. 1
142.6
142.0
143.4
141.6
140. 1
140.5
140. 7
141
97. 1
97.8
97.0
105.2
109. 0
112.4
116. 7
120. 1
127.5
135.3
136.4
139.2
140.6
142. 1
142.7
144.2
143.5
146.6
148.3
149.6
148.6
147.2
148. 1
150
91. 4
95. 6
95. 5
108.9
113.9
118. 9
131. 2
141. 8
152.5
164.6
167.9
170.6
172. 8
174.6
175. 1
176.6
177.3
179.3
180.1
182.0
182.4
182.8
184.7
185
Source: Board of Governors of the Federal Keserve System.
96. 6
96.7
99.4
103.9
106. 6
110.2
113.3
116. 8
120.8
123.4
123.3
125. 1
124.8
125.7
126.8
127.4
126.9
125.5
126.8
127.2
128.5
128.1
126.5
127
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production declined in November on a seasonally unadjusted basis.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
STEEL
3.5
196
1964
2.5
\
1.5 U i n 1 1 1 1 .i I i i i..l n i i i i 1 1 1 t i 1 1 i i i i J i i 1 1 1 1 11 i i i 1 1 i 1 1 I i i i^
" K J
F
M
A
M
J
J
A
S
O
N
D
BILLIONS OF KILOWATT HOURS
18
4 , , , , i , , , l ,, , 1 , , , I ,, , ,| , , , I, , , , | , , , | , , , | , , i , 1 , , ,1 , , , h
F
M
A
M
J
J
A
S
O
N
J •
F
A
M
SOURCES! AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
1
N
D
COUNCH. OF ECONOMIC ADVISERS
_
__
1,792
1,899
1,880
1,886
2,096
2,431
2,521
2,098
2,056
2,178
2,388
2,562
2,728
2,697
2,752
2,658
2,441
2, 505
2, 636
2, 598
2,538
96.2
101. 9
100.9
101. 2
112. 5
130. 5
135.3
112. 6
110.4
116.9
128.2
137.5
146. 4
144, 8
147.7
142. 7
131. 1
134. 5
141. 5
139.5
136.2
13, 297
14, 424
15, 139
16, 325
17, 490
18, 728
20, 169
19, 741
20, 027
21, 010
22, 138
21, 969
21, 051
20, 542
20, 826
22,078
23, 719
23, 257
21, 639
21, 434
21, 982
1,380
1,390
1,353
1, 414
1, 535
1,630
1,735
1,799
1,907
1,909
1,677
1,675
1,785
1,196
1,830
1,922
1,910
1,874
1,887
1,872
1,891
596
585
550
552
555
550
563
620
580
524
526
524
558
557
609
593
544
594
593
631
581
307
306
322
343
358
384
410
441
443
401
421
446
453
450
466
459
396
455
434
463
459
129. 5
151.8
127.8
157.5
175.0
178.8
213.7
240. 1
242.3
224.0
233.8
228.7
234. 6
230. 7
229. 7
215. 3
139. 0
52.4
182. 6
233. 0
227. 7
107. 6
128.8
106. 1
133.4
146. 9
148.8
179.4
203. 6
207.6
189.0
196.0
190.2
197. 5
192. 8
190.2
177. 2
107. 4
37.3
153. 4
196. 6
191. 9
21.9
23. 0
21.7
24. 1
28. 1
30. 0
34.3
36.6
34.7
35.0
37.7
38.5
37. 2
37.9
39.4
38.0
31. 6
15. 1
29. 3
36.4
35. 8
2,546
2,560
2, 565
2,528
2,436
2,383
136.7
137.4
137. 7
135. 7
130.8
127. 9
22, 089
21, 952
22, 033
21, 119
22, 715
22, 906
1,888
1,865
1,854
1,961
1,833
2
1, 853
614
586
609
524
572
563
468
464
464
453
444
458
237. 5
233. 5
239. 9
184. 7
243. 0
236. 7
202. 1
194.2
203. 0
155.6
204.5
198. 8
35.4
39.3
36. 9
29. 1
38. 5
37. 9
Dally average. Includes data for Alaska.
2Not charted.
18
O
Electric Bituminous Freight Paperboard
Steel pi•oduced
Car s and triicks
power
coal mined
loaded
produced assemb led (thoiisands)
Thousands
Index
distributed (thousands (thousands
(thousands
of net
of short
(1957-59= (millions of
Total Cars Trucks
of tons)
of cars)
tons
100)
kilowatt-hours) tons) i
Period
Weekly average:
1959
.
1960
1961
1962
1963
1964
1965
1965: Oct
Nov
Dec
1966: Jan
Feb._.
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov *
Week ended:
1966: Nov 5_
12
19
26
Dec 3*>
10"
S
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
New construction expenditures, seasonally adjusted, declined nearly 2 percent in November. Expenditures for
residential construction, down 6 percent, accounted for almost all of the decline. Revised estimates for October now
indicate a sharper drop, with construction in that month down 3% percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
80
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW CONSTRUCTION
60
60
50
50
PRIVATE
40
40
30
30
PUBLIC
10
1966
1960
SOURCE: DEPARTMENT OF COMMERCE
Period
1960
1961
1962
1963
1964
1965
Total new
construction
expenditures
53. 9
55.4
59. 7
63. 0
66.2
71.9
COUNCIL OF ECONOMIC ADVISERS
Total
38. 1
38. 3
41. 8
43. 6
45. 9
50. 0
Private
Eesidentia il nonfarm
CommerNew
cial and
Total i
housing industrial
units
Bil lions of doll ars
16.4
21.7
7.0
16.2
21.7
7.5
24. 3
18. 6
8. 0
25. 8
7.9
20. 1
26. 5
20. 6
9.0
26.7
20.8
11.8
Federal
State
Other
9.3
9.2
9.5
9.9
10.4
11.5
and
local
15.9
17.1 1
17.9
19.3 1
20.3 1
21.9
3
72. 7
74. 0
76.4
77.6
78. 9
79.5
78.6
76. 1
75.9
73. 8
73.5
73.6
71. 1
69.9
50. 1
51.2
53.4
53. 3
54.3
55. 1
54.3
52. 3
52. 1
50. 1
49.7
49.7
47.4
46. 2
26.3
26.2
26.7
27.5
27.5
27.3
27.4
27.0
26. 2
25. 1
23.9
23. 1
22.4
21. 1
20.4
20.3
20.8
21. 6
21.6
21.4
21.6
21. 1
20. 2
19. 2
18.0
17.3
16.6
15. 3
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
Compiled by F. \V. Dodge Corporation and relates to 48 States.
12. 1
13.0
14.3
13.8
13. 9
14.7
14.3
13. 0
13.9
13. 4
13.6
14.0
12.8
25 1
105. 2
107. 6
119. 7
132. 0
137. 0
142. 8
Seasonally
adjusted
Seasonally r adjusted an nual rates
1965: Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov p
IConstructioii contracts2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
|
100)
(millions of
square feet)
11.6
12.0
12.5
12.0
12. 9
13. 0
12. 6
12.3
12. 1
11. 5
12. 1
12.7
12. 3
22. 6
22.8
23.0
24.3
24.6
24. 4
24 2
23.9
23.8
23.8
23.8
23.9
23.6
23. 7
461
443
500
534
599
680
Seasonally
adjusted
annual
rates
147
141
153
152
157
158
161
156
147
147
139
146
139
726
724
772
720
810
829
860
744
791
757
741
797
637
NOTE.—Data for Alaska and Hawaii included beginning January 1959.
Sources: Department of Commerce and F. W. Dodge Corporation.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In November, total private housing starts partially recovered from their record low in October, rising 19 percent to a
seasonally adjusted annual rate of 1 million units—but they remained considerably below the rates of months prior
to October. Permits rose slightly—their first gain in 8 months—but are sill 42 percent below their 1965 average.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
PRIVATE NONFARM
HOUSING STARTS
1.0
1960
1966
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
Tntal
Period
1960
1961
1962
1963
1964
1965 »
1965: Oct__
Nov..
Dec..
1966: Jan._
Feb__
Mar..
Apr__
May.
June.
July..
•Aug...
Sept"
Oct p _v
Nov
private
and
public
(including
farm)
1, 296. 0
1, 365. 0
1, 492. 4
1, 641. 0
1, 590. 7
1, 542. 7
1, 252. 1
1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0
135.7
118.3
103.2
87.3
81.0
130.9
149.2
139.3
130.7
104.8
107.3
95.2
82.0
76.5
133. 6
116.1
102.3
84. 6
78.2
126.3
147. 1
135.4
127.5
104.0
105.4
92.4
79.5
74.2
Total
private
(including
farm)
[Thousands of units]
Houising star ts
Prhrate nonfa rm
Priv ate nonfiirm
Total
private
Two or (includGover nment
Onemore
ing
Total home pirograms
Total
family
famifarm)
FHA
VA
lies
257.4
972.7
1, 252. 1 1, 230. 1 225. 7
1, 230. 1
74. 6
946.2 338.6 1, 313. 0 1, 284. 8 198. 8
1, 284. 8
83.3
1, 439. 0
967. 8 471.2 1, 462. 7 1, 439. 0 197. 3
77. 8
993.2 588. 5 1, 609. 2 1, 581. 7 166. 2
1, 581. 7
71. 0
1, 530. 4
944.5 585.9 1, 557. 4 1, 530. 4 154.0
59.2
940.0 542.7 1, 505. 0 1, 482. 7 159.9
1, 482. 7
52.5
Se asonally ad j usted
84.4
1,411
46.5
130. 9
1, 380
167
49
70.2
114.9
44.7
1,547
54
1,531
173
58.3
100.8
42.5
1,769
189
48
1,735
47.2
83.7
36.5
1,611
1, 585
181
53
31.4
45.3
1,374
76.7
1, 349
177
40
78.7
124. 1
45.4
1,569
45
1,538
187
93.0
51.8
1,502
144.8
1,481
151
37
132.2
47.4
84.8
1,318
128
1,287
38
81.4
121
125. 1
44
43.7
1,285
1,261
69.7
102.3
32.6
42
1,088
1,068
117
34.2
69. 1
103. 3
1,107
113
35
1,084
90.2
1,075
1,050
96
37
77.4
841
819
94
38
1,000
72.9
981
107
40
1
Authorized by issuance of local building permit; in 10,000 permit-issuing
places
prior to 1963, and 12,000 or more thereafter.
3
Units represented by mortgage applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
Propost3d home
consti uction
New
private
housing Applica- Requests
units tions for for VA
FHA appraisauthorized 1 commitals 2
ments 2
142. 9
242. 4
998. 0
243. 8
1, 064. 2
177. 8
221. 1
171. 2
1, 186. 6
1, 334. 7
190. 2
139. 3
182.1
113.6
1, 285. 8
188.9
102.1
1, 240. 6
annual ra tes
1, 244
192
94
222
1,280
100
1,292
219
105
214
1,255
89
72
1,197
179
92
160
1,268
168
111
1, 185
133
98
1,098
954
127
90
921
124
99
844
119
106
102
733
151
122
714
119
717
135
103
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
According to preliminary estimates, seaonally adjusted retail sales declined nearly 1 percent in November,
business sales in October gained 1/2 percent and inventories rose $1.3 billion.
Total
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
130
BUSINESS SALES AND INVENTORIES
RETAIL TRADE (ENLARGED SCALE)
18
120
DURABLE GOODS STORES
INVENTORIES
16
110
INVENTORIES
14
100
12
90
10
80
SALES
8
SALES .
,....—-K/
6
70
22
NONDURABLE GOODS STORES
20
WHOLESALE TRADE (ENLARGED SCALE)
18
16
14
'SALES
12
1963
1966
1964
1963
1965
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total tmsiness
Period
Sales
1966
2
1
Inventories 3
Whol esale
Sales
2
4
ReJtail
5
Sales 2
Inventories 3
Total
Inventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
33, 585
33, 667
33, 916
34, 607
34, 745
34, 922
35, 101
35, 346
35, 927
36, 325
36, 312
36, 191
36, 355
36, 680
10, 526
11, 029
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
14, 971
14, 927
14, 979
15, 194
15, 323
15, 424
15, 551
15, 690
16, 213
16,411
16, 330
16, 079
16, 241
16, 496
Nondurable
goods
stores
1vlillions of dollars, seasonally a djusted
1958
1959
1960
1961
1962
1963
1964
1965
1965: Sept
Oct
Nov
Dec
1966: Jan___
Feb
Mar
Apr
May
June__
July
Aug
Sept v
Oct 9
Nov v
__
54, 233
59, 661
60, 746
61, 106
65, 594
68, 692
73, 459
79, 536
79, 610
80, 655
82, 214
83, 591
84, 669
84, 744
86, 991
85, 455
85, 426
86, 957
86, 678
86, 995
86, 786
87, 179
86, 922
91, 891
94, 747
95, 813
100, 627
105, 578
111, 051
120, 896
117, 907
118, 432
119, 279
120, 896
121, 570
122, 542
123, 630
124, 700
126, 179
127, 584
128, 714
130, 043
130, 860
132, 205
10, 257
11, 491
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
15, 684
15, 777
16, 164
16, 153
16, 981
16, 779
17, 334
16, 966
16, 880
17, 438
16, 989
17, 217
16, 992
17, 061
21 The term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
s4 Book value, end of period, seasonally adjusted.
Beginning 1961, data include Alaska and Hawaii.
s Beginning 1960, data include Alaska and Hawaii.
12, 739
13, 879
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
18, 055
18, 123
18, 171
18, 274
18, 231
18, 580
18, 881
19, 008
19, 149
19, 310
19, 444
19, 742
19, 621
19, 819
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
21, 802
23, 662
23, 753
24, 330
24, 647
24, 816
25, 023
25, 263
25, 536
24, 949
24, 475
25, 394
25, 362
25, 572
25, 703
25, 640
25, 413
5,284
5,967
5,880
5,581
6,210
6,627
7,014
7,810
7,768
8,001
8,092
8,252
8,324
8,399
8,649
7, 939
7,506
8,056
8, 106
8, 358
8,394
8, 265
8,019
11, 412
11, 984
12, 414
12, 654
13, 402
13, 909
14, 788
15, 853
15, 985
16, 329
16, 555
16, 564
16, 699
16, 864
16, 887
17, 010
16, 969
17, 338
17, 256
17, 214
17, 309
17, 375
17, 394
13, 587
14, 276
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
18, 614
18, 740
18, 937
19, 413
19, 422
19, 498
19, 550
19, 656
19, 714
19, 914
19, 982
20, 112
20, 114
20, 184
NOTE.—Series revised beginning 1959 for total business and wholesale and
beginning 1965 for retail inventories.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 inventories rose more than $800 million (seasonally adjusted) in October.
million and the inventory-shipments ratio was unchanged at 1.70.
Shipments gained $400
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
MANUFACTURERS7 SHIPMENTS
MANUFACTURERS' INVENTORIES
'50
40
30
50
DURABLE GOODS
\
20
NONDURABLE GOODS
40
10
30
30
MANUFACTURERS' NEW ORDERS.
DURABLE GOODS
'20
20
,n.o«-"r"
NONDURABLE GOODS
10
1963
1964
1965
1966
1963
1966
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' shi pments 1 Manufact urers' inv entories 2
Ma nufaeture rs j new orde rs 1
.
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Durab le goods
Total
Total
:
NonMachinery durable
and
goods
equipment
Manufacturers'
inventoryshipratio 3
Millions of dollars seasonal y adjuste d
1958
1959
1960
1961
1962
1963
1964
1965
1965: Sept
Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct »
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
40, 173
40, 548
41, 403
42, 622
42, 665
42, 702
44, 121
43,540
44, 071
44, 125
44, 327
44, 206
44, 091
44, 478
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
20, 924
21, 146
21, 606
22, 316
22, 307
22, 433
23, 238
22,708
22, 915
22, 898
23, 031
22, 874
22, 971
23, 445
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
19, 249
19, 402
19, 797
20, 306
20, 358
20, 269
20, 883
20,832
21, 156
21, 227
21, 296
21, 332
21, 120
21, 033
1
2 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
3
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
68, 015
66, 267
66, 642
67, 192
68, 015
68, 594
69, 040
69, 648
70,346
71, 103
71, 949
72, 958
74, 110
74, 884
75, 706
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
41, 300
41, 523
41, 869
42, 324
42, 589
42, 884
43, 273
43,779
44, 275
45, 003
45, 790
46, 814
47, 568
48, 297
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
22
19, 975
20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
24, 967
25,119
25, 323
25, 691
26, 005
26, 156
26, 375
26,567
26, 828
26, 946
27, 168
27, 296
27, 316
27, 409
26, 901 13, 170
30, 679 15, 951
30, 115 15, 223
31, 061 15, 664
33, 167 17, 085
35, 036 18, 300
37, 697 19, 803
41, 023 21, 728
41, 483 22, 163
41,843 22, 425
42, 234 22, 389
43, 868 23, 403
43, 986 23, 578
44, 129 23, 741
45, 833 24, 888
45,064 24,197
45, 321 24, 276
45, 833 24, 593
45, 625 24, 371
44, 842 23, 512
46, 318 25, 274
45, 106 24, 089
Source: Department of Commerce.
2,354
2,878
2,791
2,854
3, 090
3, 326
3,706
4, 140
4, 153
4, 249
4,325
4, 583
4, 450
4, 584
4, 587
4,788
4,845
4,753
5, 092
4,813
4,906
4,761
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
19, 320
19,418
19, 845
20, 465
20, 408
20, 388
20, 945
20,867
21, 045
21,240
21, 254
21,330
21, 044
21, 017
1.84
1.70
1.76
1.74
1. 70
1. 69
1.64
1.61
1. 65
1.64
1.62
1.60
1. 61
I. 62
1. 58
1. 62
1. 61
1. 63
1. 65
1.68
1.70
1.70
MERCHANDISE EXPORTS AND IMPORTS
The U.S. export surplus (seasonally adjusted) widened in October as a 1% percent expansion in exports combined
with a 2 percent fall in imports. The surplus was above the average monthly rate during the first 9 months of 1966,
but still below the rate prevailing in recent years.
BILLIONS OF DOLLARS
3.0
BILLIONS OF DOLLARS
3.0
1.0
I960
1966
J/SEE NOTE 1 BELOW.
SOURCE, DEPARTMENT Of
Period
COMMERCE
[Millions of dollars]
M erehandi 36 expoi•ts
M«jrchandis e impoirts
MerchanI)omestic expor ts
Total ( mcludGener al 2imImpo rts for <jonsum]ption 3
dise
ing reexports) *
por ts
trade
Food, Crude ManuFood, Crude Manusurplus,
matebever- mateSeasonSeason- Unad- Total » 4 bever4
facfacseasonages, rials
ally ad- Unad- Total ages, rials
ally ad- justed
tured
tured
ally adand to- and
and to- and
justed justed
justed
goods
goods
justed
bacco fuel
bacco fuel
Monthly average :
1958
1959
1960
1961
1962
1963
1964
1965
1965: Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
COUNCIL OF ECONOMIC ADVISERS
1,364
1,367
1,634
1,679
1,745
1,869
2,139
2,214
2,842
2,408
2,S56
2,249
2,885
2,594
2, SSI
2,864
2,486
2,460
2,460
2,580
2,621
2,420
2,440
2,551
2, 133
2,210
2,747
2,465
2,506
2,468
2,329
2,278
2,431
2,626
224
1,351
254
1,352
250
238
324
1,617
263
1,659
286
318
1,723
307
277
342
1,846
311
362
2, 110
387
377
356
2,185
U nadjust ed
2,387
431
383
2,407
459
403
444
2,520
416
2, 105
374
324
332
2,177
396
486
2,707
366
2,422
437
339
372
2,457
405
412
379
2,430
2,298
396
328
2,244
354
448
2,389
469
349
2, 586
467
400
962
931
1,072
1,083
1,157
1,218
1,364
1,438
1,530
1,525
1,614
1,359
1,468
1,822
1,624
1,650
1,617
1,558
1,434
1,543
1,711
J Total excludes Department of Defense shipments of grant-aid military supplies
and equipment under the Military Assistance Program.
2
Total arrivals of imported goods other than intransit shipments,
s Imported merchandise released from Customs custody for entry into U.S.
1,105
1,302
1,251
1,226
1,366
1,429
1,557
1, 781
1,885
1,952
1,892
1,986
1,993
2,078
2,188
2,054
2, 115
2, 207
2,148
2,810
2,260
1,876
2,017
2,009
1,829
1,822
2,246
2,071
2,077
2, 194
2,072
2, 180
2,294
2,278
342
1,101
296
382
1,285
296
283
1,251
379
1,221
286
361
1,354
306
381
1,417
320
386
332
1,550
413
1,773
335
448
U aadjust ed
2,004
462
409
1,953
424
417
494
429
2,130
1,801
461
325
352
1,806
419
414
523
2,225
378
2,004
446
2,050
359
456
2,176
500
388
348
2,051
445
344
2,216
523
2,287
428
468
2,312
426
449
433
575
556
539
630
666
756
933
259
65
383
453
379
440
582
433
1,061
1,034
1, 140
974
956
1,225
1, 111
1,181
1,207
1, 182
1,286
1,319
1, 339
457
456
468
SIS
842
522
198
810
871
254
812
269
861
consumption channels, entries into bonded manufacturing warehouses, and ores
and crude metals (after smelting and refining) in bonded warehouses.
* Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
According to revised data, the U.S. surplus on goods and services declined again in the third quarter, falling almost
$700 million to $4.7 billion (seasonally adjusted annual rate). This deterioration was due largely to a continued
rapid rise in merchandise imports, up $1.6 billion over the second quarter, and only partially offset by a $1.3 billion
increase in merchandise exports/ the net effect of other items was also unfavorable.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
50
SEASONALLY ADJUSTED ANNUAL RATES
40
40
EXPORTS OF GOODS AND SERVICES
30
30
•—1—/
IMPORTS OF GOODS AND SERVICES
20
20
10
J
1960
L.
J
1961
J
L
1965
1964
1963
1962
L
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Millions of dollars]
Period
1959
1960
1961
1962.. _
1963.. _
1964
1965
_
1965: I.
II
Ill
IV
1966: I_
II...
m>
1
Total
Exports of good s and sei'vices
Incoirle on
investinents
MerMilichan-1
tary
GovPridise
sales vate
ernment
Balance
on
Other
services
Total
23, 489
27, 244
28, 575
30, 278
32, 339
36, 958
38, 993
16, 295
19, 489
19, 954
20, 604
22, 071
25, 297
26, 276
302
335
402
656
657
747
844
2,694
349 3,849
3,001
349 4,070
3,561
380 4,278
3,954
471 4,593
4, 156
498 4,957
4,932
460 5, 522
512 5,972
5,389
Seasjonally adjusted
35, 104
40, 544
40, 064
40, 260
22, 500
27, 192
27, 304
28, 108
800
916
796
864
5,688
5,880
5,284
4,704
556
584
596
312
5,560
5,972
6,084
6,272
28, 656
32, 348
32, 980
34, 160
41, 980
42, 288
43, 792
28, 684
792
28, 444 1, 040
29, 756
5,524
5,720
596
596
6,384
6,488
35, 704
36, 848
39, 048
Adjusted from customs data for differences in timing and coverage.
24
Impor ts of good s and ser\dees
Merchan-l
dise
23, 342 15, 310
23, 198 14, 732
22, 954 14, 510
25, 148 16, 187
26, 442 16, 992
28, 468 18, 621
32, 036 21, 488
annual ra tes
Source: Department of Commerce.
Mili- Other goods
tary
and
expend- servservices
itures
ices
3, 107
3,069
2,981
3,083
2, 936
2,834
2,881
4,925
5,397
5,463
5,878
6,514
7,013
7,667
147
4,046
5,621
5, 130
5,897
8,490
6, 957
18, 624
21, 924
22, 380
23, 024
2,656
2,804
2,980
3,084
7
7
7
8
376
620
620
052
6,448
8, 196
7,084
6,100
24,016
25, 048
26, 636
3,416 8 272
3,596 8 204
6,276
5,440
4,744
U.S. BALANCE OF INTERNATIONAL PAYMENTS
In the third quarter, according to revised estimates, the U.S. deficit on the liquidity basis was $872 million (seasonally
adjusted annual rate), up from the second quarter rate of $564 million. During the same period the balance on
official reserve transactions showed a surplus approaching an annual rate of $3.8 billion, by far the largest quarterly
surplus since data on this measure became available in 1960.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-10
-10
I960
1966
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Changes
in gold,
convertiErrors
ble currenOfficial To foreigrn official
Foreign and uncies and
5
Short- capital,
Other
hold ers
recorded Liquid- reserve
To other IMF gold
l
term
longnet
transtransforeign tranche
ity
term
actions basis 2 actions
holders 6 position
NonLiquid
basis 3
(increase
liquid
(-))
— 926
-77
736
423 -3,870
1,035
7
-863 -1, 348
-941 -3,881 -3,402
366
1,7 449
289
2, 143
-2,
370
-1,347
-1,
556
681
— 1, 025
707 -1,006
1,083
606
7
- 1, 227
-544
1, 021 -1, 159 -2, 203 - 2, 706
457
254
213
1,533
_7
-1,695
-785
-352 -2, 670 -2, 044
1,673
689
619
378
-1,961 - 2, 146
302
685 -1, Oil -2,798 -1, 546
1,073
1,554
171
761
- 1, 080
-17
— 429 -1,337 - 1, 305
194
100
1, 222
132
Season ally ad jus ted annusil rates
Quai"terly tota Is, unadjiisted
U.S. pr ivate capital, net
Period
1959
1960
1961
1962
1963
1964
1965
U.S.
Government
Direct
grants
investand
capital,
ment
net l
-1,986 — 1, 372
- 2, 769 — 1, 674
— 2, 780 — 1, 599
-3, 013 - 1, 654
-3, 581 -1,976
-3, 560 -2,416
-3,375 -3, 371
1965:
I
-3,208
II
-3,796
III.... -2,972
IV
-3,524
1966:
TT
II
-4,848 -2, 656
404
-3,436
-2,276 -1,452
-2,924
-616
-3,792 -2,748
-3,856 -3,904
III*__
1
Includes
2
-876
— 320
BaUince
1, 300
1, 084
— 524
1, 648
420 - 1, 004
1, 004
-108
-88
-152
0 -2,788 -2,472
904
-436
956
— 960 -2, 136
928
— 320 -1,328 -4,632
-860
-107
253
697
-23
-16
-18
157
203
— 150
712
-633
-964
-856
3,784
-851
58
-614
25
254
105
475
26
1, 243
1, 156 — 1, 188 -2, 204
-564
3,840
— 668
-872
certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies,
and the U.S. gold tranche position in the IMF.
3
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and the U.S. gold tranche position in the IMF.
* Includes short-term official and banking liabilities and foreign holdings of
U.S.
5 Government bonds and notes.
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
Chan ges in sel scted
liabilitie s (decreag56 (-))«
842
68
41
271
424
68
82
8
6
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
Includes change in Treasury liabilities to certain foreign military agencies;
excluding these changes, data ($ millions) are 1,259 (1960), 741 (1961), and 919
(1962).
8
On Sept. 30, U.S. reserve assets consisted of gold stock, $13,356 million (down
$173 million from June 30); IMF position including gold portion of increased
U.S. subscription, $372 million; convertible currencies, $1,148 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
OR
PRICES
CONSUMER PRICES
The consumer price index increased 0.4 percent in October. Food showed no change. All other components of the
index increased, with durable goods up 0.8 percent, services up 0.5 percent, and nondurable goods, other than food,
up 0.4 percent.
Index, 1957-59= 100
Index, 1957-59=100
105
100
100
1960
1966
J/SEE NOTE PELOW.
•SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All
items
Period
[1957-59=100]
Services
Co mmodities3
Comm odities leg5s food
Services
All comAll
Food
Rent
less
modities
Nonservices
All
Durable durable
rent
89.4
94.0
946
94.9
95.3
90. 5
94. 4
94.8
91.9
95.4
95.5
94.7
92.8
96.5
95. 9
96.5
98. 5
97.8
98.8
98. 5
96.6
98.3
96. 1
99. 1
100.8
101.9
100.0
100.3
100. 2
99. 9
99.8
100. 1
100.9
100. 3
101. 5
103.6
101. 2
101.0
103. 2
101. 6
101.7
101.4
107.4
101.7
102. 6
106.6
100. 9
103. 1
102. 3
102. 6
102. 0
110.0
108.8
100.8
103. 2
1044
103.2
103. 6
102. 8
112. 1
101.8
103.8
110.9
105.7
104. 1
102. 1
103. 5
104.8
114. 5
105. 1
113.0
106.8
105. 2
106.4
104.4
103. 0
117.0
105.7
115. 2
107.8
106.4
107.2
108.8
105.1
102.6
120.0
117.8
108.9
106.9
105.3
102. 1
121. 0
109.7
108.0
118.7
109.2
107.1
109.7
105.6
102.4
119.0
108.3
109.3
121.3
107.4
102.4
110.6
105.7
108.4
119.3
121.6
109.5
107.4
111.4
101.9
105.3
108.0
119.5
109.7
121.8
108.0
113. 1
105.4
108.3
119.7
122.0
101. 8
109.8
108. 4
113. 9
102. 0
105. 6
122. 5
109. 9
108. 6
120. 1
114.0
106.0
102.3
110. 1
108.8
121. 1
123.6
109. 0
108. 8
113.5
106.3
102.5
121. 5
110. 2
109.3
124 1
109. 0
113.9
106.4
102.6
110.2
109.5
122.0
124.8
114. 3
109. 3
103.0
122. 6
110. 3
106.7
109.7
125.5
109. 8
115. 8
123.0
106. 6
103. 0
109.6
125.9
110.6
110.0
115. 6
107.0
102.7
126. 5
110.5
123.5
110.7
110.3
115.6
107.6
103.5
127. 1
110.9
124. 1
111.0
BeiBinning with January 19C 4, new indea: with revise1 weights, ccverage, and
J
1955
1956
1957
1958
1959
1960...
1961.
1962
_
1963 1
1964
1965
1965: Oet_
Nov
Dec. _
1966: Jan
Feb
Mar
Apr
May
June.July
Aug
Sept
Oct
_.
..
93. 3
94.7
98.0
100.7
101. 5
103. 1
104. 2
105.4
106. 7
108. 1
109.9
110.4
110.6
111.0
111.0
111. 6
112. 0
112.5
112.6
112. 9
113.3
113. 8
114. 1
114. 5
'See Note.
NOTE.— Prior to January 1964. indexes revised to reflect transfer of ho meownership from services to durable commodities
26
L.1 _
samp lias proceduires. For d<stalls, see D epartment of Labor rel aase, Major
Changes in the C(Wisumer Price Index, March 3, 1964.
Sottree: Depart!ment of Lalx>r.
WHOLESALE PRICES
The wholesale price index fell 0.3 percent in November.
prices dropped 1.8 percent, processed foods 1.3 percent.
This was the second consecutive month of decline. Farm
Industrial commodity prices increased by 0.1 percent.
Index, 1957-59=100
Index, 1957-59=100
115
115
/x../
110
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
105
110
105
(INDUSTRIALS)
100
100
95
95
90
90
1960
1966
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
100.4
100.6
100.7
100.3
100. 6
100.3
100.5
102.5
103. 1
103. 5
104.1
104.6
105.4
105. 4
105. 5
105. 6
105. 7
106. 4
106. 8
106.8
106.2
105.9
105.8
105.8
102.3
101.6
All
commodities
Period
1958
1959
1960
1961
1962
1963
1964
1965
1965: Oct
Nov
Dec
1966: Jan_«
Feb
Mar
Apr__
May__
_ _
June__
July
Aug
Sept
Oct
Nov p 3
Week ended :
1966: Dec 6
13"
[1957-59=100]
Commodil/ies other thanfarm M-oducts aicidfoods(i]idustrials)
Consulner finIndus- Indus- ProducFarm
Procished g oods exAll intrial in- er fintrial
essed
prodcludin g food
dustricrude termedi- ished
ucts
foods
als 1
mate- ate maDurNon3
goods
terials
rials
durable
able
102.9
103. 6
99. 5
96. 9
99. 4
100. 2
100.1
99.3
99.2
97. 2
102. 3
101. 3
102. 1
101. 0
100.8
101.3
96.9
100.0
101. 3
102. 3
9a 3
101. 4
101.5
100.9
96.0
100.7
100. 8
97. 2
102. 5
100. 1
100.5
101.5
97.7
101.2
100. 8
95. 6
99.9
102.9
100.0
101. 6
101. 1
95. 7
100.7
94 3
103. 1
99.6
99. 5
101.9
94. 3
101.0
101.2
97. 1
100.2
104 1
99. 9
101.6
98.4
105.1
102.5
100.9
105.4
101.5
99.6
102.8
99.4
102. 8
106.9
102.0
101.9
105.6
99.5
103. 3
107.6
100. 3
103. 2
102.1
102.7
105.9
103. 6
99.6
103.0
109.4
103.2
102.2
102.6
106.0
99.6
103.7
104.5
110.3
103.5
102.4
106.2
104.0
99.7
103.9
107. 4
111. 8
103. 8
102. 6
105.7
106. 6
99.7
104 0
106. 8
104. 0
111.5
102. 9
106.8
106.6
99.7
1041
106. 4
110. 6
104 3
106. 1
103.4
107.0
104 3
99. 8
104.5
110.5
1047
105. 9
103.8
107.6
100.2
104 5
104. 2
110. 6
104 9
106. 5
103.9
107.9
100. 1
1049
111. 7
107. 8
105. 2
106. 4
1040
108. 1
100.2
105.0
108. 1
113. 8
105. 2
103.3
104 2
108. 3
100. 1
105. 2
108. 7
113. 8
105. 2
102.8
104 1
108. 4
100.0
105. 4
104, 4
112. 4
102. 8
105. 3
104 1
109. 1
100.9
105. 5
102.5
110.9
105.4
102.7
104.1
109.6
101.1
105.7
___
__ _
110.4
110.7
Coverage of the subgroups does not correspond exactly to coverage of this
index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
3
105.3
105.3
Weekly series based on smaller sample than monthly series.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
In the month ended November 15, the parity ratio fell by 2 points. This was the third consecutive month of decline.
Prices received by farmers fell about 3 percent and prices paid were unchanged.
Index, 1957-59 = 100
Index, 1957-59 = 100
120
PRICES PAID,
INTEREST, T>\XES, AND
WAGE RATES
\
110
1AA
-<*""%„« —
^^V^ ^^"^^
90
—•
\X~
/^y
1 ! t ! I t f 1 I?1
f I ! f 1 f t f I I f
^^S»««
1^^^
,,
<-&
*""* % "/v.
^•^"^^^ J ^^**
+m>mm+^">"m
^£
^^^^^^^^
f
7/
y^y^
/
jw^
^\.
J
'
110
\
^
100
rS
PRICES RECEIVED
(ALL FAR/v\ PRODUCTS]
t i i ii 1 t i i it
i i i i i 1 i i f if
i i ifiIiii ? f
1
?I I I 111 1 1 I
t t 1 1 t f f 1 f f 1
RAT oi/
100
90
RATIO
100
on
90
PARITY RATIO
1 1
X "" *OX"",
80
V
,..,,.
^u
• %*
70
t . . . . 1 .... i
, . i , . ! , , , , ,
1960
1961
. , !
11
! , I , I ,
1962
i t t . i I, . . < .
1963
N^
^
.^""S,,,,,
, , , ,,1, ,. .i
,
, , , , 1 , , , , ,
1965
1964
^^^^-
*I1I»«M»»
80
'*
, , . , . ! , , , . ,
1966
70
U RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE. DEPARTMENT OF AGRICULTURE
COUNCIl OF ECONOMIC ADVISERS
Prices i-eceived by farmers
Period
All farm
products
Crops
95
105
97
101
104
100
99
99
99
99
99
102
104
101
100
107
98
107
102
104
103
99
103
98
107
100
108
101
112
104
111
_
104
110
106
109
107
109
June 15
108
110
July 15
110
113
Aug 15
108
112
Sept 15
106
110
Oct 15
104
107
Nov 15
103
1
Percentage ratio of index of prices received l)j farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1965: Oct 15
Nov 15
Dec 15
1966: Jan 15
Feb 15
Mar 15
Apr 15
May 15
28
Livestock
and
products
Prices3 paid by farmers
All items,
interest,
taxes, and
wage rates
Family
living
items
Index, 1957-59 = 100
95
88
96
94
98
99
106
100
100
102
100
101
102
98
102
103
102
98
105
99
103
95
104
107
91
107
105
110
101
107
110
106
107
110
107
107
112
111
108
112
114
108
112
118
109
113
118
110
114
113
110
114
110
110
114
110
110
114
111
110
114
116
111
116
115
111
114
115
111
110
115
111
Source: Department of Agriculture.
Production
items
95
98
100
102
101
101
103
104
103
105
105
105
106
107
108
108
108
108
108
109
109
110
109
109
Parity
ratio *
83
82
85
81
80
79
80
78
76
77
77
77
80
80
82
81
SO
79
79
80
81
80
79
77
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply, seasonally adjusted, showed a small decline in November.
level this year.
Demand deposits fell to their lowest
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
180
180
MONEY SUPPLY
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
\
Y^
100
100
60
60
t t t t i I^
I960
1961
1963
1962
1964
1966
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, millions of dollars]
M oney supp>iy
M oney supp>iy
Period
1960:
1961:
1962:
1963:
1964:
1965:
1965:
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1966: Jan
Feb .
Mar
Apr_
Mav
June
July
Aug
Sept__
Oct p
Nov
,
1
Deposits
2
Total
141. 1
145. 5
147. 5
153. 1
159. 7
167.2
165.2
165. 6
167.2
168.0
168.2
169.3
170. 9
170. 2
171. 1
169.6
169. 6
170.5
169.6
169.2
Currency
outside
banks
Seasonally7
28. 9
29. 6
30. 6
32. 5
34. 2
36.3
36.0
36. 1
36.3
36.6
36.8
36. 9
37. 2
37.3
37.4
37.7
37. 8
37.9
37.9
38.0
Demand
deposits
adjustec
112. 1
116. 0
116. 9
120. 6
125. 4
130.9
129.3
129. 5
130.9
131.4
131.4
132. 3
133.7
132. 9
133.7
132. 0
131. 8
132. 6
131. 7
131. 2
at all commercial banks.
Effective June 9, balances accumulated for pajTnent of pers onal loans (a bout
$1.1 billion) are excluded from time deposits and from loans at all comm(jrcial
Time
deposits 1
Total
Currency
outside
banks
U.S.
Time
deposits l
Demand
deposits
Government
demand
deposits 1
1Jnad justed
2
72. 9
82. 7
97. 8
112. 2
126. 6
146. 9
143.7
145. 5
146.9
147.8
148.5
149. 5
151. 4
153.0
153. 7
155. 3
156. 6
157. 1
156. 8
156. 9
144. 7
149. 4
151. 6
157. 3
164. 0
172.0
165.7
167.3
172.0
173.0
167.8
167.8
171. 6
166.9
168.8
167.9
166. 9
169.5
170. 1
171.0
29. 6
30. 2
31. 2
33. 1
35.0
37.1
36.0
36.5
37.1
36.5
36.4
36.6
36. 8
37. 0
37. 3
37.8
37. 8
37.9
38.0
38.5
115. 2
119. 2
120.3
124. 1
129. 1
134.9
129. 7
130.8
134.9
136.5
131.4
131. 3
134. 8
129. 9
131. 5
130. 1
129. 0
131. 5
132. 1
132. 5
2
72. 1
81.8
96.7
111.0
125. 2
145.2
143. 5
144.3
145.2
147.3
148.7
150. 2
152. 2
153. 9
154. 1
155. 8
157.0
156. 9
156. 6
155. 6
4. 7
4. 9
5. 6
5. 1
5. 5
4.6
5.0
4. 1
4.6
3.8
5.2
4.6
3. 1
7.2
6.3
8. 1
5. 2
4. 5
4. 8
3.7
N OTE.— See N ote, p. 31.
Q
S(
)urce:
Board of Governor 3 of tbe Fede ral Reserve £ ystem.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
The public's holding of liquid assets rose by $4 billion (seasonally adjusted) in November.
banks and currency accounted for most of the gain.
Deposits at commercial
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH
600
600
500
500
400
400
SAVING TYPE
ASSETS I/
300
300
.DEMAND DEPOSITS AND_
CURRENCY
200
200
100
1960
1961
1962
1965
1964
1963
JL/ASSETS OTHER THAN iEMAHD DEPOSITS AND CURRENCY.
SOURCE IOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1966
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets
End of period
1959
1960
1961
1962
1963
1964
1965
1965: Oct
Nov.
Dec
1966: Jan
Feb
Mar
Apr*
May
June*
July"___
Aug*
Sept*
Oct"
Nov*
_.
_
_
_
393.9
399. 2
424. 6
459.0
495.4
530. 5
572.9
565.1
568.3
572.9
578. 5
577.5
585.5
587. 0
585. 8
3
588. 6
587.8
592.3
593. 6
595.4
599.5
Demand
deposits
and
currency l
139.7
138.4
142. 6
144.8
149.6
156. 7
164.0
161. 1
160.4
164. 0
164.8
162.8
167.0
166. 6
164. 1
166. 4
164. 3
166. 9
166. 0
165. 9
167.7
Time c eposits
Commercial
banks
67.4
73. 1
82.5
98. 1
112. 9
127. 1
147. 1
144. 0
146.5
147. 1
149.2
149.4
151. 1
152. 3
153.2
3
153. 4
155. 6
156. 1
156.2
156. 1
157.7
* Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
30
Mutual
savings
banks
34.9
36. 2
3as
41.4
44.5
49. 0
52.6
52.0
52.3
52.6
52.8
53.0
53.1
53. 1
53.3
53.4
53.7
53.9
54.2
54. 6
54.8
3
Postal
Savings
System
0.9
.8
.6
.5
.5
.4
.3
.3
.3
.3
.3
.3
.3
.3
.3
.2
.2
.2
.2
.2
.11
Savings
and loan
shares
54.3
61. 8
70.5
79.8
90. 9
101.4
109.7
108.4
109.3
109.7
109.8
110.6
111.4
111. 0
111. 2
111.4
110.7
111. 3
112.2
112. 1
112.6
U.S. Government
U.S. Gov- securities
ernment maturing
savings3
within
bonds
year 2
47.9
47.0
47.4
47.6
49.0
49. 9
50.5
50.1
50.1
50.5
50.5
50.3
50.3
50.4
50.4
50.4
50. 6
50.6
50.5
50. 6
50.6
See footnote 3, page 29.
NOTE.-—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
48.8
41.9
42.6
46.8
48.1
46.1
48.6
49. 1
49.4
48.6
51.2
51.0
52. 1
53.3
53.3
53.4
52.7
53.3
54.4
56.0
55.9
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Net borrowed reserves fell to $228 million in November, a decline of over $200 million from October and the lowest
level since February. Loans and investments (seasonally adjusted) remained at nearly the same levels as in October.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
350
ALL COMMERCIAL BANKS
300
300
250
250
200
50
INVESTMENTS IN OTHER SECURITIES
1966
1960
SOURCE, BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
COUNCR. OF ECONOMIC ADVISERS
All comnlercial bank s
(s easonally adjusted daita)
Total
Investi nents
Loans,
loans excluding
and
U.S. Gov- Other
invest- intersecuribank
ernment
ments
securities
ties
End of period
1959
1960
1961
1962
1963
1964
1965
1965: Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr *
May v
June*-.
July"
Aug p
Sept"
Oct"
Nov *
_
4
185. 9
194. 5
209.6
227.9
246.2
267. 2
294. 4
289.9
291. 5
294.4
297.4
297.5
300. 3
302. 7
304.3
305. 4
308.2
309.8
307.6
307. 1
307.4
4
5
107. 5
113. 8
120. 5
134. 1
149. 7
167. 4
192.0
188.6
189.8
192.0
194.5
196.2
198. 6
200. 7
202. 0
203. 7
205. 9
206. 1
205. 5
206. 8
206.8
Billions of dollars
20. 5
57. 9
20. 8
59. 8
05. 2
23. 9
29. 2
64. 5
35.
0
61. 5
61. 1
38.7
44.8
57. 7
43.9
57. 4
44,2
57. 5
57.7
44.8
58.0
44.9
55.9
45.4
45.7
56. 0
46. 2
55. 8
47.2
55. 0
54. 5
47. 1
5
54. 1
48. 2
47. 8
55. 9
54. 0
48.0
52. 2
48. 1
52.7
47.9
*2 Commercial and industrial loans.
Debits during period to demand deposit accounts except interbank and
U.S. Government.
3 Averages of daily figures. Annual data are for December.
* See footnote 3, page 29.
Bank
Weekly
debits
reporting
outside
large commercial New York
City (224
banks
centers) ,
seasonally
Business
adjusted
loans l
annual2
rates
6
30. 7
32. 2
32.9
35. 2
38.8
42. 1
50.6
48. 2
49. 0
50.6
50.3
51.1
52. 6
52. 5
53. 5
55. 8
58. 7
58.3
59.4
59. 5
59. 9
1, 666
1, 736
1,882
2,021
2,199
2,696
2,997
8,069
3,179
3,250
S, 198
3,264
3,397
3,390
3,348
3,377
3,609
S,4?4
3,617
3,487
3
Aill member banks
Total
reserves
18, 932
19, 283
20, 118
20, 040
20, 746
21,609
22, 719
21, 958
21, 958
22, 719
22, 750
22, 233
22, 160
22, 528
22, 487
22, 534
23, 090
22, 655
23, 240
23, 333
23, 247
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
482
906
87
756
149
568
572
304
327
536
411
243
452
454
344
490
369
452
452
454
358
402
371
478
551
305
626
358
722
370
322
674
408
766
728
338
398
766
302
733
611
390
-424
669
419
268
209
168
-2
-146
-83
2
-44
-107
— 246
-268
-352
-352
-358
-390
-368
-431
-221
5
Beginning July 1966, certain certificates of CCC and Export-Import Bank
totaling
about $1 billion are included in other securities rather than in loans.
6
New series; see Federal Reserve Bulletin, August 1966.
NOTE.—Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
All major types of consumer credit increased during October. On a seasonally adjusted basis, instalment credit
extended exceeded repayments by $380 million—a relatively modest net increase.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
100
TOTAL CONSUMER CREDIT OUTSTANDING
NON1NSTALMENT CREDIT
1966
COUNCIL Of ECONOMIC ADVISERS
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
Sept
Get
Nov
Dec
1966: Jan
Feb
Mar
Apr
Mav
june_
July
Aug
Sept
Oct
I Millions of dollars]
Consulaaer credit outstandin g (end of period ;
u nad justed)
1instalment
NonAutomoTotal
Total *
Personal instal-2
bile
ment
paper
loans
42, 334
44,970
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
S3, 801
84, 465
85, 291
87, 884
87, 027
86, 565
87, 059
88, 184
89,092
90, 070
90, 650
91, 483
91, 639
91, 899
31, 720
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
65, 979
66,511
67, 168
68, 565
68, 314
68, 279
68, 827
69, 543
70,209
71, 194
71, 862
72, 640
72, 829
73, 073
14, 420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
28, 175
28, 393
28, 612
28, 843
28, 789
28, 894
29, 248
29, 597
29,908
30, 402
30, 680
30, 918
30, 793
30, 852
6,789
7,582
8, 116
9, 386
10, 480
11, 256
12, 643
14, 464
16, 228
IS, 354
17,911
17, 950
18, 070
18, 354
18, 325
18, 396
18, 532
18, 747
18,927
19, 156
19, 306
19, 577
19, 701
19, 737
lAlso includes other consumer goods paper, and repair and modernization
loans, not shown separately.
2 Consists of single-payment loans, charge accounts, and service credit.
s End of period, unadjusted.
32
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
17, 822
17, 954
18, 123
19,319
18, 713
IS, 286
18, 232
18, 641
18,883
18, 876
18, 788
18, 843
18, 810
18, 826
Consum er instalme nt credit e \tended
and n^paid (seas onally adju sted)
To bal
Automob ile paper
Extended
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
61, 295
67, 505
75, 508
6,434
6,425
6,530
6,489
6,544
6,492
6,673
6,505
6,472
6, 675
6,732
6,689
6,578
6,522
Repaid
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
5, 748
5, 805
5,831
5,855
5,947
5, 954
6,024
5,974
5,979
6, 126
6, 168
6,087
6, 103
6, 142
Extended
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
2,385
2,338
2,480
2,443
2,340
2,340
2,479
2,302
2,298
2,419
2,383
2,431
2,387
2,378
Repaid
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19, 400
21, 676
24, 267
2,056
2,080
2, 148
2,107
2, 115
2, 135
2,216
2, 145
2,159
2,211
2,238
2,223
2,213
2,244
Mortgage
debt outstanding,
nonfann
1- to 4family
houses 3
99, 000
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197,600
213, 500
209, 500
213, 500
216, 700
220, 400
223, 100
NOTE.—Data for Alaska and Hawaii included beginning January and Aueust
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
Interest rates in November showed little change from the October levels. The Treasury bill rate began to move down
in late November and by mid-December was almost 30 basis points below the November average.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
TAXABLE GOVERNMENT
BONDS
1965
1960
SOURCE& SEE TABLE B&OW
Period
1959
1960
1961
1962
1963
1964
1965
1965: Oct
Nov
Dec
1966: Jan
Feb
Mar
Apr__
May
June
Julv
Aiis
Sept
Oct
Nov
_
Week ended:
1966: N o v l 2 _ _
19..
26- _
Dec 3__
10__
17__
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Gove rnment seeur ity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
3
(Standard4 &
issues
bonds
bills i
Poor's)
3.405
4. 33
4.08
3. 95
2.928
4. 02
3.99
3. 73
3.90
2. 378
3. 60
3.46
2. 778
3. 57
3.95
3. 18
3. 72
3. 157
4.00
3.23
3.549
4. 06
4. 15
3.22
4.21
3.954
4. 22
3.27
4.032
4. 33
4. 28
3.42
4.082
4. 46
4.34
3.47
4.362
4.77
4.43
3.56
4.596
4.89
4.43
3.52
5.02
4.670
4.61
3.63
4. 626
4. 94
4.63
3.72
4.611
4. 86
4. 55
3.59
4.642
4.94
4. 57
3.68
4.539
5. 01
4. 63
3. 77
5. 22
4.855
4.75
3.94
4. 932
5. 58
4. 80
4. 17
5. 356
5. 62
4. 79
4. 11
5. 387
5.38
4. 70
3. 97
5. 344
4. 74
5. 43
3. 93
5.432
5.459
5. 252
5. 202
5. 198
5.048
1
Eate on new issues within period.
2
3
4 April 1953 to date, bonds due or callable
Weekly
data
are
Wednesday
figures.
6
5.45
5.47
5.43
5.34
5. 30
5. 09
4.73
4.77
4.76
4. 74
4. 76
*4. 65
Selected note and bond issues.
10 years and after.
* Not charted.
Data for first of the month, based on the maximum permissible interest rate
(6 percent beginning October 1966) and 30-year mortgages paid in 15 years.
1966
3. 84
3.96
4. 03
4. 03
3. 91
3.84
Corporal ie bonds
(Moo dy's)
4. 38
4.41
4.35
4.33
4 26
4.40
4.49
4. 56
4. 60
4.68
4.74
4.78
4. 92
4.96
4.98
5.07
5. 16
5. 31
5. 49
5.41
5. 35
5.05
5.19
5.08
5.02
4.86
4.83
4.87
4.93
4,95
5. 02
5.06
5. 12
5. 32
5.41
5.48
5. 58
5. 68
5. 83
6. 09
6. 10
6. 13
Prime
commercial
paper,
4-6
months
3. 97
3.85
2. 97
3. 26
3. 55
3. 97
4.38
4.38
4,38
4.65
4.82
4.88
5.21
5.38
5.39
5. 51
5. 63
5.85
5.89
6.00
6.00
5.35
5. 36
5.36
5. 37
5.38
*5.38
6. 11
6. 12
6. 16
6. 18
6. 17
6. 19
6.00
6.00
6.00
6. 00
6. 00
*6. 00
Aaa
Baa
FHA
new home
mortgage
yields 3
5.77
6. 16
5. 78
5. 60
5.46
5.45
5.46
5.46
5. 49
5. 51
5.62
5.70
6.00
6. 32
6. 45
6.51
6. 58
6.63
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices averaged higher in November than in October. Since early November prices have moved in a very
narrow range. The dividend yield showed a moderate decline in November.
Index, 1941-43 = 10
Index, 1941-43=10
WEEKLY
90
90
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
80
80
RATIO
RATIO
PRICE/EARNINGS RATIO ON COMMON STOCKS
1960
1963
SOURCE: STANDARD AND POOR'S CORPORATION
Period
1960
1961
1962
1963
1964
1965
1965: Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Week ended:
1966: Nov 11
18
25
Dec 2 _ _ _
9
16
COUNCIL OF ECONOMIC ADVISERS
Total
_
1966
1965
1964
Total
55. 85
66. 27
62. 38
69.87
81.37
88.17
92. 15
91.73
93.32
92.69
88. 88
91. 60
86.78
86. 06
85. 84
80. 65
77. 81
77. 13
80. 99
59. 43
69. 99
65.54
73.39
86. 19
93.48
98. 02
97.66
99.56
99. 11
95. 04
98.17
92.85
92. 14
91. 95
86. 40
83. 11
82.01
86. 10
81.49
81.70
80.21
80.36
81.40
« 82. 32
86.66
86.88
85. 22
85.46
86. 67
87. 65
Price i ndex *
Industrials
Capital Consumers'
goods
goods
1941-4:3=10
47. 21
59.75
67.33
57.01
54.96
58.15
63.30
62.28
73.84
76. 34
85. 26
81.94
83. 75
91. 62
91.42
83.31
84.28
93.35
93.69
83.48
90. 28
78.96
93.54
79.28
75. 12
88.78
87.34
73.75
86. 38
73.87
79. 81
69. 91
74 74
67.89
72. 67
66. 67
77. 89
68. 25
77.64
79.29
77.27
78.70
80. 19
81. 51
68.86
69.38
67. 18
66. 92
67.46
69. 00
Railroads
Dividend
yield 2
(percent)
46.86
60.20
59.16
64.99
69. 91
76.08
76.72
75.39
74.50
71.87
69.21
70.06
68.49
67.51
67. 30
63. 41
63. 11
65. 41
68. 82
30. 31
32.83
30.56
37. 58
45.46
46.78
50. 23
51.03
53.68
54.78
51. 52
52. 33
47. 00
46. 35
45. 50
42. 12
40. 31
39. 44
41. 57
3. 47
2.98
3.37
3. 17
3. 01
3.00
2.96
3.05
3.02
3.06
3. 23
3. 15
3.30
3. 36
3. 37
3. 60
3. 75
3.76
3.66
69.15
69. 15
68. 35
68. 05
68. 28
69. 08
41.29
42.03
41.43
41. 21
41.46
41.74
3.63
3.60
3. 70
3.69
3.58
4
3. 54
Public
utilities
Price/
earnings
ratio 3
17.09
21.06
16. 68
17. 62
18.08
17.08
17.61
16.31
14.71
13.92
1
3
Includes 500 common stocks: 425 are industrials: 50 are public utilities; and 25
Ratio of price index for last day in quarter to quarterly earnings (seasonally
are railroads. Weekly indexes for capital and consumer goods are Wednesday
adjusted annual rate). Annual ratios are averages of quarterly data.
figures;
all
other
weekly
indexes
are
averages
of
daily
figures.
<Not
charted.
5
Aggregate cash dividends (based on latest known annual rate) divided by
Source: Standard & Poor's Corporation.
the aggregate monthly market value of the stocks in the group. Annual yields
are averages of monthly data. Weekly data are Wednesday figures.
34
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for trie first 5 months of fiscal 1967 was $16 billion.
the deficit was $10 billion.
BILLIONS OF DOLLARS
BILLIONS OF
125
125
In the corresponding period of fiscal 1966
DOLLARS
NET BUDGET RECEIPTS
NET BUDGET .EXPENDITURES
100
100
75
FIRST 5 MONTHS
-
75
50
50
25
25
1962
1963
1964
1965
1966
1962
1967
1964
1963
1965
1966
1967
+ 10
100
BUDGET SURPLUS (+) OR DEFICIT
(ENLARGED SCALE)
NATIONAL DEFENSE
(-)
5 -
75
50
25
-15
1962
1963
1964
1965
1966
1962
1967
1963
1964
1965 1966
1967
FISCAL YEARS
'fcOUKCtS'llfASURY DtPAftfMINT AND lUftiAU Of THt IUOOIT
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budg et expenditu res
N ational defeiase l
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1965:
year 1960
year 1961
year 1962_
year \ 963
year 1964
_„„
year 1965
..._......
year 1966
Oct
__.
__Nov
Dec
1966: Jan
Feb
Mar
Apr
_
Mav
_
_
June
_
July
Aug
_
_ _
Sept
-_ _
Oct
Nov
__
Cumulative totals, first 5 months:
Fiscal year 1966
Fiscal year 1967
Net
budget
receipts
Total
11.3
9.9
8.5
17.2
5. 7
7. 2
12.5
5.8
7.4
76. 6
81. 5
87. 8
92. 6
97.7
96.5
107.0
8. 8
9. 1
9.4
8.8
8.2
10.2
8.4
9. 1
9.4
10. 3
11.0
11.9
11.0
10.4
45. 7
47.5
51. 1
52. 8
54.2
50.2
57.7
4. 5
4. 5
5.1
4.6
4.5
5.6
5.0
4. 9
6. 3
49
5. 6
6. 0
5. 5
5. 5
41.2
43. 2
46. 8
48. 3
49.8
46.2
54.4
4.3
4.2
4.8
4. 4
4. 2
5.2
4.8
4.6
5. 9
4, 7
5.4
5.7
5.3
5.3
33.6
38.6
43. 5
54. 6
21.8
27. 5
20.5
26. 3
77.8
77.7
81. 4
86. 4
89.5
93. 1
104.7
3. 3
8. 1
9.6
6. 5
as
1
In addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
is subject to statutory debt limitation.
Digitized forshown
FRASER
Total
Department of
Defense,
military
Military
assistance
(3)
3
()
(3)
(3)
(3)
Budget
surplus
or
deficit ( — )
Public
debt
(end of2
period)
.1
.1
1. 2
-3.9
-6.4
-6.3
-8.2
-3.4
-2.3
— 5. 5
-1.0
.1
-2.4
.2
1. 1
1.6
— .6
7.7
—4 6
-3.8
.6
-5.2
-3.0
286. 5
289. 2
298. 6
306. 5
312.5
317.9
320.4
319. 4
322.2
321.4
322.4
323.7
321. 5
320. 1
322. 8
320.4
319.8
324 9
325. 3
327.4
329. 9
.3
.2
-10.0
-16. 0
322. 2
329. 9
1. 6
1. 4
1. 4
1.7
1.5
1.2
1.0
.1
.1
.1
.2
.1
.2
.1
s Less than $50 million. •
NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
On a seasonally adjusted basis, cash receipts declined $3.3 billion in the third quarter/ while cash payments increased $4.0 billion, resultins in a cash deficit of $3.7 billion.
BIUIONS OF DOLLARS
BILLIONS OF DOLLARS
25
•f5
Q
*ffi
*, i i a
• 1 ••
mn^n
| " " |
—5
!
EXCESS OF 0\SH PAYMENTS
!
1
I
'
l
1960
-1-5
SEASONALLY ADJUSTED
EXCESS OF C \SH RECEIPTS
r
|
i
\
I
r
!
1963
1962
1961
1
ij
* • ^
\
1964
!
!
1
1
\
1
1
1
I
;
196<S
1965
-5
CALENDAR YEARS
sOURCES-.
TREASURY DEPARTM ENT AND BUREAU OF THE BUC GET
cou»4CILOF ECONO*AIC ADVISERS
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year:
1961
1962
1963
1964
1965
1966
Calendar year:
1960
1961
1962
1963
1964
___
1965
_
Quarterly total (calendar years) :
1964: IV__
1965: I....
II
III
IV
1966: I_
II
III
.
Cash payments to
the public
97. 2
101. 9
109.7
115.5
119.7
134.5
99. 5
107. 7
113.8
120. 3
122.4
137.8
-2.3
-5.8
-4.0
-4.8
-2.7
-3.3
98. 3
97.9
106.2
112.6
115.0
123.4
94.7
104.7
111. 9
117. 2
120.3
127.9
Unadjusted
3.6
-6. 8
-5.7
-4.6
-5.2
-4.5
30. 6
28. 3
32.6
33. 1
34.0
34. 6
36.2
41.3
-6.3
2.4
5.1
-3.9
-8. 1
-1.3
10. 0
-6.7
24.3
30.7
37.7
29.2
25.8
33.3
46.2
34.6
1
Seasonally adjusted data Include accelerated corporate tax payments of
about $0.9 billion in 1965, and $2.9 billion in 1966; data for 1966 also include adjust-
36
Excess of
receipts or
payments
(-)
Cash receipts
from the
public
Cash payments to
the public
Excess of
receipts or
payments
(-)
Se£isonally adjus ted
28.8
29.7
132.6
30.6
30.7
33.7
*39. 6
36. 3
29.8
30. 2
32.4
32. 1
33.1
36.9
36.0
40.0
-1.0
4
.3
-1.5
— 2.4
-3.2
3.7
-3.7
ments for initiation of graduated withholding of personal income taxes and
change in schedule for depositing withheld and OASI taxes.
Sources: Treasury Department and Bureau of the Budget.
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, Federal receipts rose $4% billion (seasonally adjusted annual rate) and expenditures increased
$8 billion, yielding a small surplus.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
100
J
I
L_\I80
+20
SEASC NALLY ADJUSTED ANNUAL RATES
SURPLUS
1 i «,
• ••-
-I--
I
I
"
mm
m m _
-
.DEFICIT
1
1
1960
I
I
1
1961
1
1
I
\
1
!
\
1
1963
1962
I
\
1964
\
!
1965
i i i
!
-20
1966
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Cjovernmeiit receipt j3
Period
Fiscal year:
1962
1963
1964
1965 J
1966
Calendar
year:
1962
1963
1964
1965
1964: IV.
1965: I - _
II
III.
IV.
1966: I._
II _
III.
Indirect
Personal Corporate business
tax
and
Total
profits tax and
tax
nontaxreceipts accruals
accruals
Fed era 1 Governrjnent expeiciditures
GrantsSubsidies Surplus
ContriPurin-aid
less
or
butions
chases Trans- to State
Net
current deficit
for
Total of goods fer payand
interest surplus
"
social inand
ments
local
paid of Govt.
services
s u ran ce
entergovernments
prises
104. 2
110. 2
115. 5
120. 6
131. 9
47. 3
49. 6
50. 7
51. 3
56. 6
22. 9
23! 5
25. 6
27. 8
30. S
14. 2
15. 0
15. 6
16. 9
16. 1
19. 9
22. 1
23. 6
24. 6
28. 4
106. 4
111. 4
116. 9
118. 3
131. 0
60.9
63. 4
65. 7
64. 3
70. 8
27.2
28.5
29. 6
30. 4
34. 4
7.6
8.4
9. 8
10. 9
12.6
6.84
7.5^
8.1
106. 4
114. 5
115. 1
124. 9
117. 2
124. 0
125. 0
123. 8
126. 9
136. 0
141. 0
145. 3
48. 6
51. 5
48.6
54. 2
49.6
53.4
54.9
53.8
54. 7
57. 1
60. 7
63.9
22.7
24. 6
26. 5
29. 1
26. 7
28.7
28.7
28.9
30. 3
31. 9
31. 9
31. 6
14.6
15. 3
16. 2
16.8
16. 5
17.5
16. 8
16. 3
16. 7
15.2
16. 1
16. 2
20. 5
23. 1
23.9
24. 8
24. 4
24. 5
24. 6
24. 7
25. 2
31.7
32.2
33. 6
110. 3
113.9
118. 1
123.4
117.7
119.6
120. 6
126. 3
127. 0
133.7
137. 1
145. 1
63. 4
64. 2
65.2
66. 8
64. 1
64. 4
65. 6
67. 5
69. 8
71. 9
74.0
78. 3
27. 7
29. 1
29.9
32.4
29.8
31. 3
30. 9
34. 8
32. 8
35.4
34.8
36. 9
9. 1
10. 4
11. 2
11. 0
11. 0
11. 1
11. 1
11.6
13. 0
14.6
15. 3
8.0
7.2
Ij
rj
* Preliminary, based on seasonally adjusted data; not strictly comparable
with previous data.
8.5
9. 1
S. 3
8. 7
8.4
8.6
8.7
8.8
8. 8
9. 3
9. 5
9.7
3." 9
4. 1
4. 1
-2. 1
— 1. 2
-1. 4
2.3
.9
4.0
3. 6
4.2
4. 2
4. 4
4.3
4.2
4. 1
4. 1
4. 1
4. 2
4.8
-3.8
.7
-3. 0
1. 6
- -.5
4.5
4. 4
-2. 5
—.2
2. 3
3.8
2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
page
1
2
3
4
5
6
7
8
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
.
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
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, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
33
34
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and . . . . not available.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C., 20402
Price 25 cents per copy; $2.60 per year; $3.50 foreign
38
35
36
37
@FedFRASER