Full text of Economic Indicators : December 1967
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90th Congress, 1st Session
Economic Indicators
December 1967
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
%/
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1967
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
HOUSE OF REPRESENTATIVES
RICHARD BILLING (Missouri)
HALE BOGGS (Louisiana)
HENRY Sr REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
JAMES S. DUESENBERRY
ARTHUR M. OKUN
Economic Indicators f refared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx 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 Art Production Branch^ Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
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Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Office.
11
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that sross national product rose by $16 billion (seasonally adjusted annual rate) in
the third quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Cjovernme at
N et receip ts
Disposab le personr il income
Period
1959
1960
1961
1962
1963
1964
1965
1966
1965: IV___
1966: I
!!___
III__
IV...
1967: I
II....
III.__
Surplus
or
deficit
.(->»
income
and
product
accounts
PerEquals: Personal sonal
Less:
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals:
Trans- Equals:
or
and
paid and excludtion
PurTotal
fers,
fers,
ing
nontax interest,
Total ' transfer
expendexpend- interest, chases
disNet
interest
itures saving receipts
payreceipts itures
of goods
and
and
or
and
ments
and
(-)
sub- 2
sub- 2 services
to fortransaccruals sidies
sidies
fers
eigners
337. 3
350. 0
364 4
385. 3
404. 6
438. 1
472. 2
508. 8
489.4
497. 5
503.3
512. 4
522. 0
532.7
540. 0
548. 2
7. 1
7. 8
8. 1
8.6
9. 7
10. 7
11. 9
13. 1
12.4
12. 6
13. 0
13. 1
13. 5
13. 8
14.3
14, 3
330. 3
342. 3
356. 3
376. 6
394. 9
427. 4
460. 3
495. 7
477. 0
484. 9
490.3
499. 3
508. 5
518. 9
525.7
533. 9
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
447. 8
458. 2
461. 6
470. 1
473. 8
480. 2
489. 7
495. 3
128. 9
139. 8
144. 6
157. 0
168. 8
174. 1
188.8
213. 0
193. 2
204. 3
210. 6
216.3
220. 9
222. 8
223. 2
229. 3
19. 1
17. 0
21. 2
21.6
19. 9
26. 2
27. 2
29. 8
29. 3
26. 6
28.7
29. 2
34. 6
38. 8
36.0
38. 5
34. 0
36. 5
41. 3
42. 8
44. 4
46.7
49. 7
55. 5
50.4
53. 4
53. 1
56. 1
59. 4
63. 1
63. 3
64. 3
95. 0
103.3
103. 3
114. 2
124. 3
127. 3
139. 1
157. 5
142. 8
150. 9
157. 5
160. 2
161. 5
159. 7
159. 9
165. 0
131. 0
136. 1
149. 0
159. 9
166. 9
175.4
186. 1
209.8
192.6
199.8
204.4
213. 7
221. 2
233. 6
238. 1
242. 6
34.0
36. 5
41. 3
42. 8
44. 4
46. 7
49. 7
55.5
50.4
53.4
53. 1
56. 1
59.4
63. 1
63.3
64. 3
97.0
99. 6
107.6
117. 1
122. 5
128. 7
136.4
154.3
142.3
146. 5
151.2
157. 7
161. 7
170.4
175.0
178. 2
-2. 1
3.7
-4.3
— 2. 9
1. 8
-1.4
2. 7
3. 2
.6
4. 6
6. 1
2. 6
-. 3
-10. 8
-15. 0
-13. 3
Iriternation al
Business
Period
E^xpenditur es
Gross
national
product
or
expenditure
Netexports of goods
Net
Total
Statisand service s
transfers
tical
Excess of income
Gross
or
Excess to forGross
transfers
discrepretained domestic
or
receipts
of
eigners
ancy
by
earnof net
Equals: exports
3
invest- invest- sons perment
Less:
and
ings
Net
ment 4
Govern- Exports Imports exports
(-)5
(-)
ment
1959
1960
1961
1962
1963
1964
1965
1966
1965: IV
1966: I
II
III
IV
1967: I
IT
III
56. 8
56.8
58.7
66. 3
68.8
76. 2
83.7
89. 7
86. 2
87.6
88. 4
89. 5
93. 6
88. 9
89. 1
90. 4
75. 3
74. 8
71. 7
83. 0
87. 1
94. 0
107.4
118. 0
112. 3
115. 2
118.5
116.4
122. 2
110.4
105. 1
112. 2
-18. 5
-18. 0
-13. 0
-16. 8
-18. 4
-17. 8
-23. 8
-28. 3
-26. 1
-27. 6
-30. 1
-26. 9
-28. 6
-21. 5
-16. 0
— 21. 8
2. 4
2. 4
2. 6
2. 7
2. 8
2. 8
2. 8
2. 9
2. 6
3.4
2. 9
2. 8
2. 5
2. 9
3. 1
3. 1
23. 5
27. 2
28. 6
30. 3
32. 3
37. 1
39. 1
43. 0
40. 5
42. 0
42. 5
43. 7
44. 0
45. 3
45. 1
45. 6
1
Personal income (p. 5) less personal tax and nontax payments (fines, penalties, etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
* 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.
23.3
23. 2
23. 0
25. 1
26. 4
28. 6
32. 2
37. 9
34. 4
36. 0
37. 1
39. 0
39. 7
39.9
39. 8
40. 2
0. 1
4.0
5. 6
5. 1
5.9
8. 5
6.9
5. 1
6. 1
6. 1
5. 4
4. 6
4.3
5.3
5.3
5. 4
2. 3
-1. 7
-3. 0
-2. 5
-3. 1
-5. 7
-4. 1
-2. 2
-3.4
-2. 7
-2. 5
-1. 8
-1.8
-2. 5
-2.3
-2. 3
484. 5
504. 8
520. 8
559. 8
590. 8
633. 7
685. 8
745.9
708.6
726. 8
739. 1
751. 8
766. 1
770.4
777.8
792. 4
-0. 8
-1. 0
—.8
.5
3
-1. 3
-2. 0
-2. 6
-. 5
-. 9
-2. 2
-3. 2
-3.8
-4. 0
-2. 8
-1.2
1
1
|
1
I
483.7
503. 7
520. 1
560. 3
590. 5
632.4
683. 9
743. 3
708.4
725.9
736.7
748. 8
762. 1
766. 3
775. 1
791. 2
* 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 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) advanced at an annual rate of 8% percent in the third quarter, according
to current estimates. A little more than half of the increase represented a rise in physical output and the rest
higher prices.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS NATIONAL PRODUCT
600
600
500
500
PERSONAL. CONSUMPTION
EXPENDITURES
400
400
- GOVERNMENT PURCHASES OF GOODS AND SERVICES
300
300
100
100
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES
\
J
SOURCE:
1963
1962
1961
I
1966
1965
1964
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE
Period
1956
1957
1958
1959
1960
1961
1962
1963___ __ ._
1964___
1965
1966
1965: IV
1966: I
II
III
IV
1967: I
II
III
Total
Personal Gross
conTotal
gross
private
sump- domestic
national gross
tion
product national
investin 1958 product expendment
itures
prices
Billions <}f dollars; quarterly
446.1
452,5
447.3
475.9
487.7
497. 2
529. 8
551. 0
581. 1
616. 7
652. 6
634. 4
645. 4
649. 3
654. 8
661. 1
660. 7
664. 7
672. 0
419.2
441. 1
447. 3
483.7
503.7
520. 1
560. 3
590. 5
632. 4
683. 9
743. 3
708. 4
725. 9
736. 7
748. 8
762. 1
766.3
775. 1
791. 2
266.7
281. 4
290. 1
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
447.8
458. 2
461. 6
470. 1
473. 8
480. 2
489. 7
495. 3
70. 0
67. 8
60. 9
75. 3
74. 8
71.7
83. 0
87. 1
94. 0
107.4
118. 0
112. 3
115. 2
118. 5
116. 4
122. 2
110.4
105. 1
112. 2
1
This 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.
1967
Net
exports
of goods
and
services
Gove rnment j)urchases of good s
services
Federal
Total
Total National Other
defense1
and
State
and
local
Implicit
price
deflator
for total
GNP,
1958 =1002
data at s easonall:y ad juste>d annual rates
4. 0
5.7
2. 2
.1
4,0
5.6
5. 1
5. 9
8. 5
6. 9
5. i
6. 1
6. 1
5.4
4. 6
4. 3
5.3
5. 3
5. 4
78. 6
86. 1
94. 2
97. 0
99. 6
107. 6
117. 1
122. 5
128. 7
136.4
154.3
142. 3
146. 5
151. 2
157. 7
161. 7
170. 4
175. 0
178. 2
45. 6
49. 5
53. 6
53.7
53.5
57.4
63. 4
64. 2
65. 2
66. 8
77. 0
69. 8
72. 1
74. 9
79. 5
81. 5
87. 1
89. 5
90. 9
40. 3
44. 2
45. 9
46. 0
44. 9
47. 8
51. 6
50. 8
50. 0
50. 1
60. 5
52. 4
55. 1
58.4
63. 0
65. 6
70. 2
72. 5
73. 3
5.3
5. 3
7. 7
7. 6
8. 6
9. 6
11. 8
13. 5
15. 2
16. 7
16. 5
17. 4
17. 1
16. 6
16. 6
15. 9
16. 8
17.0
17. 6
33. 0
36. 6
40. 6
43. 3
46. 1
50. 2
53. 7
58. 2
63. 5
69.6
77.2
72. 5
74. 3
76.2
78. 1
80.2
83.3
85. 4
87.4
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
94. 0
97. 5
100. 0
101. 6
103. 3
104. 6
105. 8
107. 2
108. 8
110. 9
113. 9
111.7
112. 5
113. 5
114.4
115.3
116. 0
116. 6
117. 7
NATIONAL INCOME
National income rose $12 billion (seasonally adjusted annual rate) in the third quarter. Compensation of employees
accounted for over three-fourths of the increase. Other types of income also rose.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
300
I
I
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
100
1961
SOURCE,
100
1962
1967
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1965: IV
1966: I
II
III
IV
1967: I
IL_
III
1
Includes
2
_ _
366. 1
367. 8
400. 0
414. 5
427. 3
457.7
481. 9
518. 1
562.4
616.7
582.8
600.3
610.4
622. 1
634. 1
636.4
641. 6
653. 4
Compen-
of employees *
256. 0
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.9
435.7
408.4
420.8
430.7
441.2
450.2
459. 1
463.4
472. 6
Proprieto rs' income
Farm 2
11. 3
13. 4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 1
14.8
16. 1
15.3
17.1
16.0
15.9
15.1
14.6
14.3
15. 0
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. c which includes
such profits.
Business
and professional
32. 8
33. 2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
41.9
43.2
42.5
42.8
43.3
43.3
43.4
43.2
43.4
43.8
Rental
income
of
per-
14. 8
15. 4
15. 6
15. 8
16. 0
16. 7
17. 1
18.0
19.0
19.4
19.2
19.2
19.3
19.4
19.6
19.8
20.0
20. 2
Net
interest
5. 6
6. 8
7. 1
8. 4
10. 0
11. 6
13.8
15.8
17.9
20.2
18.8
19.3
19.8
20.4
21. 1
21. 6
22. 1
22. 7
Corporalbe profits and in ven tory vai uation adjustment 3
Total
45. 6
41. 1
51.7
49. 9
50. 3
55. 7
58. 9
66.3
74.9
82.2
78.7
81. 1
81.3
81.9
84.6
78.1
78.3
79. 2
Profits Inventory
before valuation
taxes 3 adjustment
47. 2
41. 4
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
76.6
83.8
80.8
83.7
83.6
84.0
83.9
79.0
78. 9
80.0
;
Sce Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
-1.5
__. 3
—.5
.2
-. 1
.3
-. 5
-.5
-1.7
-1.6
-2.2
-2.6
-2.3
-2.2
.7
-.8
-.7
-. 8
SOURCES OF PERSONAL INCOME
In November, personal income registered the largest increase thus far this year of $5.8 billion to reach a seasonally
adjusted annual rate of $641% billion. Wage and salary disbursements accounted for nearly all of the increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
600
600
TOTAL PERSONAL INCOME-
500
500
400
400
WAGE AND SALARY DISBURSEMENTS
300
300
OTHER INCOME
\
.
Mll.lllllll!
lllllllllll
100
100
TRANSFER PAYMENTS
1961
1 6
9 2
1963
1964
SOURCEi DEPARTMENT OF COMMERCE
Period
Total
personal
income
1958
1959
1960
1961
1962
1963
1964
1965
1966
1966: Oct
Nov
Dec
1967: Jan
Feb__._
Mar
Apr
May___
June
July —
Aug___
8ept___
Oct _J _ „
Nov '__
361.2
383.5
401.0
416.8
442.6
465. 5
497. 5
537. 8
584. 0
597. 5
602. 1
605. 0
610.4
612.6
615. 6
616. 5
618. 2
622. 6
627. 0
631.6
634.4
635. 9
641.7
1966
1967
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars; monthly data at seasonally adjusted annual rates]
;
Wage
Rental
Other Propriet 3rs income income
and
Divi- Personal Transfer
salary
labor 2
Business
paydends interest ments
of
disburse- income
and pro- persons
Farm
income
1
ments
fessional
13.4
33.2
15.4
239.9
9.9
11.6
18.9
25.7
258.2
11.4
11.3
15.6
12.6
20.7
35. 1
26.6
12.0
34.2
23.4
12.0
13.4
270.8
15.8
28.5
12.7
16.0
278. 1
12.8
35.6
25.0
32.4
13.8
13.0
15.2
296. 1
13. 9
16.7
27.7
33.3
37.1
311. 1
14. 9
13. 1
31.4
17. 1
16. 5
37. 9
35. 3
12. 1
34. 9
16. 6
17.8
333. 7
40. 2
18. 0
36. 7
359. 1
14.8
18. 6
41. 9
19. 0
38. 4
19. 8
39.7
42. 4
21. 5
394. 6
20. 8
16. 1
19. 4
43. 2
43. 9
21. 4
404. 8
21. 6
15. 0
19. 5
43. 8
43. 3
46. 6
21. 7
15. 1
44. 3
407. 6
19. 6
21. 6
43.5
47. 4
21. 9
44. 8
410. 0
15. 3
19. 7
20. 2
43. 5
48. 5
22. 1
21. 8
413.8
15.0
19.7
45. 0
49. 7
43. 3
22. 2
45.2
14, 6
22. 3
414 2
19. 8
43. 2
51. 1
22. 4
14. 3
22. 6
416. 2
45. 5
19. 9
51.7
43. 1
22. 6
14. 4
22. 8
45. 8
416. 7
20. 0
51. 0
43. 3
14, 4
417. 2
22. 8
23. 1
46. 0
20.0
51. 5
43. 4
23. 1
14. 3
420. 9
46. 1
23. 3
20. 1
51. 6
43. 6
46.4
14.7
423. 4
23. 3
23. 5
52.2
20. 2
43. 7
52. 4
426. 7
23. 6
46. 9
15. 0
20. 2
23. 5
43. 8
428.5
23. 8
52. 5
43.9
20. 3
23.4
47.3
15. 3
24. 0
429. 4
47. 6
52. 8
15. 1
23. 2
44, 0
20. 3
435.0
15.0
48.0
24.3
20.4
23. 1
44. 1
52.6
1
Compensation ol employees (see p. 3) excluding employer contributions for
social insurance niui wage accruals less disbursements.
2
Employer contributions 1o private pension, health, and welfare funds; compensation for injuries [directors' lees; military reserve pay; and a few other minor
items.
4
1965
Less: Personal contributions
for social
insurance
6.9
7.9
9.3
9.6
10.3
11. 8
12. 5
13.4
17. 9
18.6
18. 7
18. 8
20. 0
20. 0
20. 1
20. 1
20. 1
20.3
20. 4
20.6
20.6
20.6
20.8
Nonagricultural
personal
income 3
344.3
368.5
385.2
400.0
425.5
448. 1
480. 9
518. 4
563. 1
577. 5
581. 9
584. 8
590. 2
593. 0
596. 2
596.9
598.8
603. 2
607. 2
611. 4
614.0
615. 7
621.5
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 I960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
According to current estimates, personal income advanced by $1 2 billion (seasonally adjusted annual rate) in the
third quarter, and disposable income increased by $8 billion. Personal outlays increased by $5% billion, and the
saving rate rose from 6.7 to 7.0 percent.
BH.LIONS OF DOLLARS
BILLIONS OF DOLLARS
350
300
DOLLARS
2,800
DOLLARS
2,800
SEASONALLY ADJUSTED ANNUAL RATES
PER CAPITA DISPOSABLE PERSONAL INCOME
2,600
2,600
IN CURRENT PRICES
\
2,400
2,400
2,200
2,200
IN 1958 PRICES
2,000
2,000
I
1,800
I
1
I
1
L
1963
1961
1964
I
SOURCE, DEPARTMENT OF COMMERCE
Period
LessPerPersonal
sonal tax and
income nontax
payments
Per cap>ita disLess: Perse nal outla1ps
posable personal
Equals:
Persoilal consurnption
Equals:
incc>me
Disex penditure s 2
Personal
Total
posable
saving Current
Nonpersonal personal Durable
1958
durable Services
income outlays l
prices
prices
goods
goods
42.3
46.2
50.9
52. 4
57.4
60. 9
59. 4
65. 6
75. 2
318.8
337.3
350. 0
364.4
385.3
404. 6
438. 1
472. 2
508. 8
1965: IV— 556. 1
567.8
1966: I
!!___ 577. 3
III.. 589. 3
I V _ _ 601. 6
1967: !____ 612. 9
II_._ 619. 1
III__ 631. 0
66. 7
70. 4
74. 1
76. 9
79. 6
80. 2
79. 1
82. 8
489. 4
497. 5
503. 3
512. 4
522. 0
532. 7
540. 0
548. 2
Billions of dollars
140. 2
112.0
296. 6
37.9
146.6
120.3
44.3
318. 3
151.3
333. 0
128.7
45.3
155. 9
135. 1
44.2
343. 3
363.7
162.6
143.0
49. 5
168. 6
152. 4
53. 9
384. 7
178.7
163. 3
59. 2
411. 9
191. 2
175. 9
66. 0
445. 0
207. 5
188. 1
70.3
479. 0
Seasimally adjij,sted anm tat rates
198. 0
181. 2
68. 6
460. 1
203. 2
183. 5
71. 6
470. 9
207. 1
186. 3
474. 6
68. 2
209. 5
483.2
189.8
70. 9
192. 9
210. 3
487. 4
70.6
214. 2
196. 6
69. 4
493. 9
217.2
200.0
504. 0
72.5
204. 1
218. 5
72. 7
509. 6
i Includes personal consumption expenditures, interest paid by consumers,
and personai transfer payments to foreigners.
3
See p. 2 for total personal consumption expenditures.
'Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
1967
COUNCB. OF ECONOMIC ADVISERS
361.2
383.5
401.0
416.8
442.6
465. 5
497. 5
537. 8
584. 0
1958
1959
1960
1961
1962
1963
1964
1965
1966
1,800
1966
1965
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
22.3
19. 1
17.0
21.2
21.6
19. 9
26. 2
27. 2
29. 8
Dollars
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, 123
2, 280
2, 427
2,232
2, 584
2, 317
7.0
5.6
4.9
5.8
5.6
4. 9
6. 0
5.8
5.9
29. 3
26. 6
28. 7
29. 2
34. 6
38.8
36.0
38. 5
2, 502
2, 537
2,560
2, 598
2,639
2,686
2, 716
2,749
6. 0 1 195, 594
5. 3
196, 096
5. 7
196, 628
5. 7
197, 216
197, 834
6.6
7.3
198, 356
198, 852
6.7
199, 425
7. 0
2, 291
2,304
2, 302
2, 324
2, 341
2, 373
2,388
2,394
174, 141
177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) rose about iVs percent in the third quarter/
including inventory change, the rise was nearly 5 percent.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
SEASCJNALLY ADJUSTED ANNUAL RATES
50
7=
REALIZED GROSS
FARM IN(ZOME
^S
\
40
^"1
_^--*1
1
• III
50
"•^
^
40
l
^ ^
30
30
NET FARM NCOME
INCLUDING NET INVENTORY
CHAN GE
20
20
\
...
'--.-.».«*•"
^~*
10
!
!
I
!
!
I
1962
1961
I
!
1963
1
I
1
1964
!
SOURCE: DEPARTMENT OF AGRICULTURE
From
sources
From
farm
sources
19. 5
18.1
18. 7
19. 0
19. 2
18. 7
18.0
20.3
21. 3
12.8
11. 0
11. 4
12. 1
12. 2
12. 0
11.2
13.4
14. 4
all
1965: IV
1966: I
II
JIT
IV
1967: I
11
111
__.
From
nonfarm
sources
!
!
!
1
f
!
1967
1966
Net t<) farm
oper<itors
Net inc ome per
farm incl tiding net
inventory change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1966
Total !
from
ventory ventory2
prices prices 4
marketchange change
ings
Billions ()f dollars
Dol lars
3, 504
37. 9
12.7
3, 189
6.7
25. 2
13. 5
33.5
3,071
7.0
37. 5
26. 1
2,795
11. 4
11. 5
33.5
3,308
37. 9
7.2
26.2
12. 0
3,043
11. 7
34. 0
3,684
39. 6
12. 6
3,389
6.9
27. 0
12.9
34.9
3,789
3,562
41. 1
36.2
12.5
13. 1
7.0
28. 5
3,864
37.2
42. 1
12. 5
3,671
29. 6
6. 7
13. 1
3, 510
42. 4
13.0
3,695
37. 1
29. 4
12. 2
6.8
4, 413
39. 1
4, 549
44.8
13.9
14. 9
6.9
30.9
4,988
4, 988
49. 7
43. 2
16. 4
16. 2
6. 9
33. 3
Seaso nally adjv s£ed annu at rates
14.2
4, 560
15. 4
4, 700
45.8
40. 0
31. 6
5, 320
5, 370
49. 5
17. 3
43. 3
16. 9
32.6
4, 980
4, 980
49. 5
16. 4
16. 2
43. 1
33. 1
4, 950
4, 900
50. 0
43. 3
33. 5
16. 5
16. 1
4,710
4,660
49. 9
34. 0
15. 9
43. 2
15. 3
4, 670
4, 620
14, 8
49. 3
42. 6
34. 3
15. 0
42. 4
4,580
4,490
14. 6
14.5
49. 1
34.5
4, 800
4, 660
42. 9
34. 4
14. 8
15. 2
49. 2
' ( ' a s h receipts from marketings, Government payments, and nonmoney income furnlnhed by farms.
:
inventory oi crops and livestock valued at the average price for the year.
Abo, 'M'c footnote 2, p. ,'l.
3
HiiHt'il nri lUf.y (!rn;uiK of Agriculture definition of a farm. The number of
farm,' I?. !)»•]<! r o n M n n l w l l h i n a year.
f
I ncome re eeived fro m farming
Realize d gross
1958
1959
1960
1961
1962
1963
1964
1965--1966
!
1965
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total i"arm popiilation
Period
!
4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1966 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits (before taxes) and inventory valuation adjustment (seasonally adjusted) rose slightly in the third
quarter, according to revised estimates,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
90
20
10
1961
I
1962
1965
1964
1963
1966
1967
-I/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
COUNCIL OF ECONOMIC ADVISERS
* SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars: quarterly data at seasonally adjusted annual rates]
CoriDorate pi ofits
Corj>orate pr ofits (befc)re taxes) and inveritory
a fter tax€JS
Corpo- Profits
valuation adjustmei it
plus
rate
Tran sCorpo- CorpoM anufactui ing
capital capital
portation,
rate
rate
conconDiviUncomPeriod
tax
profits
NonAll
Durable durable muniAll l before liabil- Total dend distrib- sump- sumpindustion
tion
goods
uted
payity
taxes
goods cations, other
Total
tries
indusand
ments profits allow- allow2
indusan ces an ces 3
tries
public
tries
utilities
9. 3
10. 0
22. 3
19. 3
41. 4
11. 6
19. 0
10. 8
22. 0
15. 9
44 3
5. 9
1958- . ... 41. 1
12. 7
13. 6
52. 1
26. 3
23. 7
12. 6
28. 5
7. 0
18. 4
52. 0
15.9
23. 5
51. 7
195912. 0
12. 4
24 4
26. 7
23. 0
13. 4
13. 2
17. 9
49. 7
51. 6
7. 5
24 9
49. 9
1960
23. 3
11. 9
11. 4
50. 3
23. 1
27. 2
13. 8
13. 5
26. 2
7. 9
53. 5
19. 1
50. 3
1961
12. 5
14 1
24. 2
26. 6
55. 4
31. 2
20. 5
15. 2
16. 0
8. 5
30. 1
61. 3
1962
55. 7
15. 8
13. 0
33. 1
28. 8
59. 4
26. 3
16. 5
20. 6
16. 6
9.5
31. 8
64 8
58. 9
1963
17.8
14.9
32.7
23.4
66.8
28. 3
38.4
17.8
20.6
33.9
10. 1
72.3
66.3
1964
22.2
38.7
16.5
45.2
11.2
25.4
76.6
31. 4
25.0
19.8
81.7
36.5
74.9
1965
24.4
18.7
43. 1
34.5
49.3
11.9
27.3
83.8
21.5
27.8
82.2
39.0
88.3
1966
1965: rV_»
1966: !„._.
II
III__
IV..
1967: I
II—
III..
78.7
81. 1
81. 3
81.9
84.6
78.1
78. 3
79.2
41.0
42.7
42.5
42,7
44.4
39.6
38. 9
38. 2
23.7
24.3
24.0
23.9
25.3
21.1
21. 1
20. 5
17.4
18.3
18.5
18.8
19.2
18.4
17. 8
17. 7
12.0
11.7
12.0
11.8
12.0
11.7
11. 9
12. 1
25. 6 j
26.7 i
26.8
27.4
28.2
26.9
27. 5
28. 9
1 Includes all other industries and financial institutions.
2
Includes depreciation, capital outlays charged to current account, and accidental damages.
'<• Corporate profits after taxes plus corporate capital consumption allowances.
80.8
83.7
83.6
84.0
83.9
79.0
78. 9
80. 0
33.1
34.5
34.5
34.6
34.6
32.5
32. 5
32.9
47.7
49.2
49.2
49.4
49.3
46.5
46. 5
47. 1
20.9
21.4
21.6
21.6
21.2
22.2
23. 1
23.4
26. 8
27.8
27.6
27.8
28.2
24.2
23. 4
23. 6
37.8
38.3
38.7
39.2
39.8
40.3
40.9
41. 8
NOTE.—Data beginning 1962 adjusted for efTccts of now depi
lines ($2M billion for 1962) and therefore not comparable \ v i i h j
Data for Alaska and Hawaii included be^innim- lor.o.
Source: Department of Commerce.
85.5
87.5
87.9
88.6
89.1
86.8
87. 4
88. 9
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment gained $7 billion (seasonally adjusted annual rate) in the third quarter. Business
fixed investment recovered $11/3 billion, matching its peak level in the fourth quarter of 1966. Residential construction continued its recovery with a gain of $21/2 billion. After huge declines in the two preceding quarters, inventory
investment rose by $31/3 billion, according to current estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
1140
SEASONALLY ADJUSTED ANNUAL RATES
.120
120
GROSS PRIVATE DOMESTIC
100
100
80
60
60
PRODUCERS'
DURABLE EQUIPMENT
40
40
RESIDENTIAL STRUCTURES
MiiniiiiiiMiimiiiruiiiinnMit n
20
20
NONRESIDENTIAL STRUCTURES
»J.^
CHANGE IN BUSINESS INVENTORIES
\
1
\
1961
!
I
I
!
1963
1962
1
1
!
1964
1
!
1966
1965
1967
COUNCIL Of ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imrestment
Total
gross
private
domestic
investment
Period
Total
Struc tures
Total
Total
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1900
11)05: IV.
1900: I _ _ _ IT
III
IV
__
1907: i
II
II I_ _
70. 0
67. 8
60. 9
75. 3
74. 8
71.7
83. 0
87.1
94, 0
107. 4
118. 0
112. 3
115. 2
118. 5
116. 4
122. 2
110. 4
105. 1
1 1 2. 2
Resid ential
struc tures
Ncmresident ial
65.3
66. 5
62. 4
70. 5
71.3
69.7
77.0
81. 3
88. 2
98. 0
104. 6
102. 4
105. 3
104. 5
104. 9
103. 7
103. 3
104. 6
108. 4
43. 7
46. 4
41. 6
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71. 1
80.2
75. 7
78.3
78. 7
81. 2
82. 8
81. 9
81. 5
82. 8
eluded beginning I960.
17.2
18. 0
16. 6
16. 7
18. 1
18.4
19. 2
19.5
21.2
25. 1
27.9
27.3
28.3
27.5
28.2
27.7
27.7
26.3
26. 6
Nonfarm
16. 5
17. 2
15. 8
15.9
17. 4
17. 7
18. 5
18. 8
20.5
24.4
27.2
26.7
27.6
26.8
27.4
26.9
26.9
25.6
25. 9
Produce rs' durable equ ipment
Total
26. 5
28.4
25. 0
28. 4
30.3
28. 6
32. 5
34.8
39.9
46. 0
52. 3
48. 3
50. 0
51. 2
53. 1
55. 1
54. 2
55. 2
56. 2
Nonfarm
242
25. 9
22. 0
25. 4
27. 7
25. 8
29. 4
31. 2
36.3
41.9
47.8
43.8
45.5
46.9
48.7
50. 1
50.0
50.5
51. 9
Total
21. 6
20. 2
20.8
25.5
22. 8
22. 6
25. 3
27. 0
27.1
27.0
24.4
26.8
27.0
25.8
23.7
20.9
21.4
23. 1
25. 6
Nonfarm
20.9
19. 5
20. 1
24,8
22. 2
22. 0
24. 8
26. 4
26. 6
26. 4
23.8
26. 2
26. 5
25. 3
23. 2
20. 4
20.9
22. 5
25. 0
Source: Department of Commerce.
Change in business mv entories
Total
4. 7
1.3
— 1. 5
4.8
3. 6
2.0
6. 0
5.9
5.8
9. 4
13. 4
9.9
9.9
14. 0
11. 4
18.5
7. 1
.5
3.8
Nonfarm
5.1
.8
-2.3
4.8
3.3
1. 7
5.3
5.1
6. 4
8. 4
13. 7
8.7
9.6
14 4
12. 0
19. 0
7. 3
.6
3. 4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment for 1967 are now expected to total $61.5 billion, or 1% percent
above 1966, according to the latest Commerce-SEC survey of intentions. The survey also shows that a jump of almost
5 percent is expected in the first quarter of 1968 on a seasonally adjusted basis.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
170
70
SEASONALLY ADJUSTED ANNUAL RATES
60
TOTAL NEW PLANT AND EQUIPMENT
50
50
40
NONMANUFACTURING
30
30
„,„,...»••«""
,„.,,».—""
„„„»••«""""""•••••.
„••«""
20
20
\
MANUFACTURING
10
10
1962
1966
1965
1963
1967
1968
-I/SEE NOTE 3 OH TABLE BELOW
SOURCES* SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billi ons of dollf ITS; quarteirly data at seasonally adjusted annual rat<38]
M anufacturi]Qg
Period
Total i
Total
1953
_
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966 3
1967
1966: III
IV
1967: I
II
III 3
IV
1968: I 3
II 3
__
1
___
_
__
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
60.63
61.48
61. 25
62.80
61. 65
61. 50
60.90
62.05
65.05
65.85
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
26.99
26.84
27. 55
27.75
27.85
27.00
26.15
26.55
27.75
28.40
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
13.99
13.78
14. 35
14.50
14. 20
13.75
13.50
13.75
14.60
15.00
Excludes agriculture.
2 Commercial and other includes trade, service, finance, communications, and
construction.
3 Estimates based on anticipated capital expenditures as reported by business
in Into October and November 1907. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
H'f>'.)nll q u a r t e r l y data arc rounded to nearc: t, $50 million.
NOTF.
Trans po rtation
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
13.00
13.07
13. 20
13. 25
13.70
13. 25
12.65
12.80
13.15
13.40
Mining
Railroads
0. 99
.98
.96
1.24
1.24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.43
1.45
1.45
1. 40
1. 30
1.45
1.50
1.60
Other
1. 31
. 85
. 92
1. 23
1. 40
.75
. 92
1. 03
. 67
. 85
1. 10
1. 41
1.73
1.98
1.55
1. 85
2.35
1.80
1. 55
1.40
1.45
1.50
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
3.44
3.88
3. 40
3.50
3. 05
3. 90
4. 10
4.45
4.75
37.45
Public Commerutilities cial and
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
8.41
9.59
8. 55
8.50
9. 20
9.70
9.80
9.60
11. 15
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
18.20
18. 45
19. 25
18. 30
18. 05
18.00
18.50
18.35
Annual total is the sum of unadjusted expenditures; i t do;
coincide with the average of seasonally adjusted figures.
These fipuresdo not agree with the totals Included In tlierross national product
estimates of the Department of Commerce-, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current e:q>enso.
Source. 1 ?-: S e c u r i l le
.•ind I >epnr( men(. of ('ommerco.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force/ seasonally adjusted, increased by 109/000 in November. Total employment rose 453/000
after showing little change for several months. As a result unemployment dropped sharply by 344/000 reversing a
two-month uptrend.
MILLIONS OF PERSONS*
90 I
MILLIONS OF PERSONS*
1 90
SEASONALLY ADJUSTED
85
85
80
75
75
70
70
EMPLOYMENT
UNEMPLOYMENT
i.i i l o
PERCENT OF CIVILIAN LABOR FORCE
uNEAAP LCyt N\l Mlr
-.-
_r: ;
f-
PERCENT OF CIVILIAN LABOR FORCE
s E>kS DNA .11f i\D JUST ED
R/tf E
in
~]
_,"1
rn
P
1
f|
961
19c>2
19 5C
19 6*
19 Sf
i
19 67
9 5d
*16 YEARS OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF CO/AMERCE
Period
1962...
1963___
1964...
1965...
1966___
1966:
Oct..
Nov.
Dec.
1967:
Jan.,
Fob
Mar.
Apr _
May.
JuncJulv.
Aug..
S<*pt_
n ( -t .
Civiliai>n employ ment
Total
labor
force
(including
armed
forces)
73,
74,
75,
77,
78,
442
571
830
178
893
Total
Nonagricultural
Unemployment
Thous ands of
66, 702 61, 759 3, 911
67, 762 63, 076 4, 070
69, 305 64, 782 3, 786
71, 088 66, 726 3, 366
72, 895 68, 915 2, 875
Unadji isted
Total
labor
force
(including
armed
forces)
>ersons 16
\
73, 442
74, 571
75, 830
77, 178
78, 893
Civilia n emplo yment
Civilian
labor
force
i
Total
Agricultural
years of age and o ver
70, 614 66, 702 4,944
71, 833 67, 762 4, 687
73, 091 69, 305 4, 523
74, 455 71, 088 4,361
75, 770 72, 895 3, 979
<Seasonally adjusted
Nonagncultural
Unempl oyment
rate (pel-cent of
Unem- civiliaii labor
for ce)
ployment
Unad- Seasonjusted ally adjusted
Percent
61,
63,
64,
66,
68,
759
076
782
726
915
3,911
4,070
3, 786
3,366
2,875
5. 5
5.7
5. 2
4. 5
3.8
3.2
3.4
3. 5
79, 488
79, 895
79, 642
73, 744
73, 995
73, 599
69, 630
70, 180
70, 239
2, 466
2,577
2,653
79, 360
79, 934
80, 154
76, 081
76, 612
76, 764
73, 199
73, 897
73, 893
3,779
3,892
69, 420
70, 005
69, 882
2,882
78,
79,
78,
79,
79,
82,
82,
82,
SO,
S 1,
72,
72,
72,
73,
73,
75,
76,
76,
74,
75,
75,
68,
69,
69,
69,
69,
70,
71,
71,
70,
71,
71,
3, 160
3, 183
2,954
2, 666
2, 457
3,628
3,250
2,942
2, 895
2, 951
2, 894
80, 473
80, 443
79, 959
80, 189
79, 645
80, 681
80, 954
81, 160
81, 259
81, 460
81, 576
77, 087
77, 025
76, 523
76, 740
76, 189
77, 237
77, 505
77, 701
77, 803
77, 997
78, 106
74, 255
74, 137
73, 747
73, 910
78, 289
4,015
3, 890
70, 240
70, 247
69, 892
70, 020
69, 637
70, 420
70, 633
70, 726
70, 949
70, 923
71, 254
2, 832
2, 888
2, 776
706
107
949
560
551
464
920
571
982
51)5
N o v . XI, 5 S 2
10
160
506
560
445
637
391
221
170
631
181
218
826
225
149
724
812
996
705
792
700
148
400
wiil of nouinstltutional jMtpululio
d a t a Include A l i u . k n and H a w a i i .
74, 147
74, 489
74, 718
74, 625
74, 630
75, 083
4,011
3,855
3, 890
3, 652
3, 727
3,856
3,992
8,676
5, 707
8,829
Labor
force
participation
rate,
unadjusted *
bource: Department of Labor.
2, 715
2,871
2,830
2, 900
3, 090
8, 016
2,983
3, 178
3,867
3, 023
4.2
4. 2
3.9
3. 5
3. 2
4. 6
4. 1
3.7
3. 7
3.8
3.7
59. 7
59. 6
59. 6
59. 7
60. 1
3. 8
3.5
S. 7
8. 7
3. 7
3.6
3.7
3.8
4*0
3.9
3.8
4.1
1
4- <•O
>
3.9
60.3
60.5
60.3
59. 5
59.7
59. 5
59.9
59. 8
61. 9
62. 2
61.8
60. 5
60. 9
60.8
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonolly adjusted unemployment rate dropped from 4.3 percent in October to 3.9 percent in November.
Improvement occurred in most occupation and industry groups.
PERCENT
PERCENT
10
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
V
-UNEMPLOYMENT RATE, EXPERIENCED WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1 | I
1962
1961
1963
1964
1965
Uneniploymenlb rate
(percen t of civilif in labor
for ce in grou P)
1962
1963
1964
1965
1966
1966: Oct
Nov
Dec __ ___
1967: Jan
Feb
Mar_ _ _
Apr__
May
June__
July
Aug
Sept_ _
Oct
Nov_
1
Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
wage and men
(wife
and part- hours
workers salary
time
workers present)
5.5
5. 7
5.2
4.5
3.8
3.8
3.5
3.7
3.7
3.7
3.6
3.7
3.8
4.0
3. 9
3.8
4. 1
4. 3
3.9
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
Period
1966
Per cent
3. 6
5.6
5. 5
3.3
2.8
5.0
2. 4
4.3
3. 5
1. 9
Seasonall y adjusted
1.9
3.5
3.4
1. 7
3. 5
1. 7
1.7
3.8
3.4
1.6
1.7
3.4
3.4
1.9
3.6
1.9
2.0
3.8
3. 7
1. 8
3.6
2.0
1. 8
4. 0
4. 1
1.9
3.6
1.7
J
6. 7
6. 4
5.8
19,271
20, 788
21, 334
4.1
3.8
22,326
20, 384
22, 221
21,317
20, 625
20, 490
20, 759
20, 677
20, 577
22, 143
22, 485
22, 019
21, 411
21. 628
5. 0
4. 2
4. 1
4. 1
4.0
4. 1
4.0
3.8
4.5
4. 3
4.3
4, 6
4. 7
4. 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 fuller 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 in nonagri cultural in dustries
by hours worked f >er week 2
Uiider 35 hoUTS
35-40
hours
Part-ti me for
economi e reasons
Total
Part-ti me for
economi e reasons
Usually Usually Usually
fullfullparttime 3
time 3
time 4
Thousan ds of pers ons 16 ye,ars of age and over
1,049
1, 288
1,069
1, 222
13, 101
29, 100
986
1,151
30, 768 11,818
897
1,031
32, 088 12, 034
871
793
I Jnadjustec I
Seasonall y
811
32,016 12, 779
633
834
28, 585 18, 862
774
658
775
33, 175 12, 614
948
726
981
32, 069 13, 215
1,143
1,035
765
31, 050 15, 243
1, 171
830
1, 178
32, 506 13, 777
1,213
765
1,229
32, 858 13, 791
1,179
1, 181
730
33, 273 13, 473
885
910
568
33, 082 12, 323
1, 133
1, 091
1, 072
32, 608 12, 477
997
1, 226
1,058
1,012
33, 390 12, 066
992
1, 163
33, 145 12, 219
1,073
810
1,081
922
31, 641 15, 246
949
765
5
33, 413 13, 952 5 1, 078
751
1 , 080
Usually
parttime 4
adjusted
723
716
810
872
SO'J
843
827
(
(>2 .)
807
Dr>;;
soa
suo
80-1
S 1 -1
3
Includes persons who worked part-time because of slack work, m n i f r - n l
shortages or repairs, new job started, or job terminated.
4
Primarily includes persons who could find only purl-lime work.
« Average hours worked: usually full-tlnio. 24.2; usually piirt-linits J7.7,
NOTE.—Beginning 1900, data include Altiskn and Hawiiii.
Bourco: Department ol Labor.
l1
UNEMPLOYMENT INSURANCE PROGRAMS
In November, insured unemployment under State programs averaged 91,000 higher than in November 1966. The insured unemployment rate, seasonally adjusted, fell from 2.4 to 2.2 percent, the lowest rate this year.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
JAN.
FEB.
MAR.
APRIL
•MAY
JUNE
JULY
AUG.
oa.
SEPT.
NOV.
DEC
I/SEE NOTE I OH TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF LABOR
A 11 progranOLS
Insured Total
unem- benefits
Covered ploypaid
employ- ment
(milment
(weekly
lions
averof dolage)
lars)
Period
1963.1964
1965
1966
1966: Oct
Nov
Dec
1967: Jan
Feb
Mar
Apr
May
June
JulyAug
Sept
Oct p
__
Nov
Week ended:
3967: Nov 4
__
Thou sands
48, 434 1 1, 973
49, 637
1, 753
51, 580
1,450
__ '54,740
1, 129
"55, 939
799
955
- "56, 063
"56, 479
1,313
1,631
1, 654
1, 603
1, 423
1, 197
1,071
1,247
1, 123
_
986
11
1,018
1, 021
1, 135
1, 164
18
25
Dee '2"
9*
3, 025. 9
2, 749. 2
2, 3'43. 7
1, 890. 9
100. 4
122.6
166.4
235.8
230. 9
270.1
210. 7
193. 1
165. 4
155.3
184.0
132. 3
956
953
133. 0
1, 054
148. 6
. ..
St£ite
Insured
unemployment
Initial
claims
Exhaustions
Weekly iiverage, t lousands
1
J
1, 806
298
30
1, 605
268
26
21
232
1, 328
15
1,061
203
12
753
166
12
903
208
1,253
299
13
300
i,558
15
1,582
267
16
1, 532
239
17
244
20
1, 360
1, 142
19
188
1,019
19
186
1, 184
18
288
17
1, 059
187
894
15
158
889
15
180
994
17
208
919
950
952
1, 060
1, 089
205
202
209
201
228
258
progra ms
InsurecI unemploymen t as percent of covered
emplo yment
SeasonUnad- ally adjusted
justed
Per<sent
4. 3
3. 8
3. 0
2.3
1. 6
1. 9
2. 1
2. 2
2.7
3.3
3.4
3.3
2.9
2.4
2.1
2.4
2.2
1.8
1.8
2.4
2.4
2.6
2.6
2. 0
2. 7
2.7
2.6
2.8
2.6
2.4
2. 4
0> G>
<</. &
Benefi ts paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 774. 7
2, 522. 1
2, 166. 0
1,771.3
93. 7
114.8
157.6
224.8
219. 5
257.5
200. 6
183.6
156. 1
147. 3
172. 8
122. 6
122. 1
127. 3
35. 28
35. 96
37. 19
39.76
39. 84
40. 57
41.39
41.70
41.97
42.07
41. 81
40.99
39.99
40. 10
41. 08
40. 10
40.70
41. 08
1. 9
1. 9
1.9
2. 2
2, 2
NOTE.—For definitions and coverage, see the 1907 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Jilco slmy; January ItKil,
NONAGRICULTURAL EMPLOYMENT
Tofal nonagricuftural payroll employment, seasonally adjusted, increased by 478,000 in November—the biggest
one-month jump since December 1959. Manufacturing employment registered an especially large rise of 251,000
from1 its strike-depressed October level. However, all major groups except Federal employment shared in the increase.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
68
14
(ENLARGED SCA LE)
WHOLES/ LE AND RETAIL T RADE
ALL NONAGF^CULTURAL ESTA BLISHMENTS
\
64
^ ^
- 1
\
^^—
^~X*1
x-
.
-—
"•"-
*~~
- ^-^*gj
iinii"*"
12
_
_^X]
60
J£-~~
**~***~^ i
^~~~-~~:L
_
i—
_
"^
-
SE RVICE AND
MIS CELLANEOUS
10
..^.•—' ••"*
*.--"-*****
56
:
;
32
8
NONMANUFACT URING
(PRIVATE)
36
^•i*"1^^
^
*•«*"" «•'*-"" •"*
V—**"1
„-—*•*"""'*"
-
^
-.*.^— -*-**
i
f
DURABLE
~
,—
—
—
w
<»"
\
8
~^^^^^
,„„„,••.•.•••••»»•"•"""
in
NONDURABLE
MANUFACTURE
MA NUFACTURING
20
_
-
—
,,,,«.,..u»»""""lilti"1
1
"~
16
_
_
-
\
fr-^-ia-1.
1 I 1 HI
—*^—
\
.
,
I
,, , , , 1
1965
1964
CONTRACT
CONSTRUCTION
4
GOVERNMENT
12
8
\
,,...«•"""
,,,..»'»llltf""
—
10
24
""""''•unm»ffait!?
MArslUFACTURING
2
. . . . ' . i . . . . o>
i" . . . i . . i . .
• i i . i 1 ... . .
* 1964
1967
1966
1965
SOURCE; DEPARTMENT OF LABOR
of \?7age and salary
Manufac turing (i3rivate)
Total
54, 234
1960
54, 042
1961
1962
55, 596
56, 702
1963
58, 332
1964
60, 832
1965
63, 982
1966.
1966: Oct__ 64, 694
Nov_ 65, 014
Dec. 65, 251
1967: Jan__ 65, 564
Feb. 05, 692
Mar. 65, 749
Apr_ 65, 653
May. 65, 639
June- 65, 903
July- 65, 939
Auk- 66, 190
Sept- 66, 055
Oct * 66, 231
Nov* 66, 709
Total
16, 796
16, 326
16, 853
16, 995
17, 274
18, 062
19, 186
19, 422
19, 498
19, 526
19, 558
19, 507
19, 445
19, 331
19, 238
19, 285
19, 169
19, 318
19, 142
19, 162
19, 413
NonDurable durable Total
goods goods
9,459
9,070
9,480
9,616
9,816
10, 406
11, 256
11, 457
11, 485
11, 496
11, 507
11, 482
11, 434
11, 322
11,283
11, 285
11, 2J8
11, 351
11, 149
11, 137
11, 340
7, 336
7,256
7,373
7,380
7,458
7, 656
7,930
7, 965
8,013
8,030
8, 051
8, 025
8,011
8, 009
7, 955
8, 000
7, 951
7, 967
7, 993
8,025
8, 073
1
work:ers ;
seasona lly
adjusted]
N onmanu facturin^ 5 (private)
Contract
Mining construction
29, 085
29, 122
29, 853
30, 481
31, 461
32, 678
33, 925
34, 201
34, 356
34, 473
34, 685
34, 812
34, 865
34, 847
34, 877
34, 982
35, 101
35, 159
35, 245
35, 321
35, 514
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, solf-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 force, shown on p. 10, which include proprietors, seif-employed
persons, and domestic servants; which count
work because of industrial disputes;persons as employed when they
are not at
and which are based on an enu-
1967
COUNCIL OF ECONOMIC ADVISERS
'housands
[1
Period
r . i . . I . . . . .J
1966
712
672
650
635
634
632
625
623
621
623
625
624
624
620
617
619
623
606
601
596
598
2,885
2,816
2,902
2,963
3, 050
3, 186
3,292
3, 239
3,241
3,291
3,311
3, 352
3,313
3,276
3, 192
3, 187
3,231
3, 223
3,238
3, 235
3,248
Transportation
and
public
utilities
4, 004
3,903
3, 906
3,903
3, 951
4,036
4, 151
4, 190
4, 212
4,218
4,242
4, 247
4,246
4,212
4,267
4,266
4, 292
4,283
4, 262
4, 255
4, 289
Wholesale
and
retail
trade
11, 391
11, 337
11, 566
11,778
12, 160
12,716
13,211
13, 354
13, 406
13, 416
13, 515
13, 541
13, 557
13, 572
13, 609
13, 648
13, 647
13, 664
13, 719
13, 769
13, 833
Finance,
insur- Service
ance,
and
and miscelreal laneous
estate
2, 669 7,423
2,731 7,664
2,800 8,028
2,877 8,325
2, 957 8, 709
3,023 9,087
3, 102 9,545
3, 120 9,675
3, 132 9,744
3, 144 9,781
3,152 9,840
3,165 9, 883
3,179 9,946
3, 194 9,973
3,205 9,987
3,227 10, 035
3, 234 10, 074
3, 253 10, 130
3,264 10, 161
3,268 10, 198
3, 286 10, 260
Gover nment
Federal
2, 270
2,279
2,340
2,358
2,348
2,378
2,564
2,617
2,616
2, 653
2, 667
2,673
2,685
2,688
2,698
2,747
2, 759
2,746
2, 715
2,712
2, 696
State
and
local
6,083
6,315
6,550
6,868
7,249
7,714
8,307
8,454
8, 544
8, 599
8,654
8, 700
8,754
8,787
8, 826
8, 889
8.910
8, 967
8, 953
9, 036
9, 086
meration 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 workweek in manufacturing increased from 40.6 hours in October to 40.9 hours in November,
the highest level since January. Hours also rose in construction and trade.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
44
44
42
42
40
40
38
<38
36
36
34
34
1964
1965
1966
1964
1967
1965
1967
1966
42
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
40
38
38
36
36
34
34
32.
32
30
30 1; . . . .
1964
I .....
. . . . . I . . . . .
1964
1967
1966
1965
. . . . . I . i.
1965
1967
1966
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
A
[Average hours per week; seasonally adjusted]
Man ufaeturing Indus tries
-_
Period
1957
1958
1959
_
I960... _
1961..
1962. _
1963
1964
1965
1966
1966: Oct___
Nov.. _ _
Dec___ _
1967: Jan
Feb
Mar_
Apr _
MayJune,__
July.
Aug
Sept
Oct v
Nov *_
Durable
goods
All
___
_
_
_
_ _ _
__
_
39. 8
39. 2
40. 3
39. 7
39.8
40. 4
40.5
40. 7
41.2
41. 3
41.3
41. 3
41. 0
41. 0
40.3
40. 4
40. 5
40. 3
40. 3
40.4
40.7
40. 8
40.6
40. 9
1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
14
40. 3
39. 5
40.7
40. 1
40. 3
40. 9
41. 1
41. 4
42. 0
42. 1
42. 1
42. 1
41. 7
41.7
41. 0
41. 1
41. 0
41. 0
40. 9
41. 0
41.3
41. 6
41.3
41. 6
2
Nondurable
goods
Contract construction
39.2
38. 8
39. 7
39.2
39.3
39.6
39.6
39. 7
40. 1
40. 2
40. 1
40. 2
39. 9
40. 0
39. 5
39. 5
39. 8
39. 5
39. 5
39.6
39.7
39. 9
39.7
40. 0
Includes eating and drinking places.
Source: Department of Labor.
37. 0
36. 8
37. 0
36. 7
36.9
37. 0
37. 3
37. 2
37.4
37. 6
37.5
37.4
38. 1
38. 2
37. 6
37. 4
37. 4
36. 4
37.4
37.5
37.5
38.3
37. 1
39. 4
Retail trade 2
38. 1
38.1
38. 2
38.0
37. 6
37.4
37.3
37. 0
36. 6
35.9
35.7
35. 6
35. 6
35. 5
35.3
35. 3
35. 1
35. 2
35.4
35.4
35.5
35. 4
35. 1
35. 2
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing rose by $2.20 in November to an all-time record of $118.20. Average
hourly earnings increased by 4 cents in manufacturing, were unchanged in retail trade, and dropped slightly in contract
construction.
DOLLARS
DOLLARS
AVERAGE HOURLY EARNINGS
3.00
2.80
2.60
2.40
Z20
1964
1967
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Aver.age weekl y earnings5— current> prices
Aver a ge hourly earnings-— current prices
Period
Manufa cturing iiidustries Contract
conNonDurable
strucAll
goods durable
tion
goods
$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
2. 72
1966
1966: O c t _ _ _ 2. 75
2. 76
Nov__
2. 77
Dec _ _
2. 78
1967: Jan
2. 79
Feb___
2. 79
Mar _ _
2. 80
Apr
2. 81
May_
2. 82
June_July.. 2. 82
2. 82
Aug__
2. 85
Sept- _
Oct "- 2. 85
Nov *_ 2. 89
$2. 19
2. 26
2.36
2.43
2. 49
2. 56
2. 63
2. 71
2.79
2. 90
2. 94
2. 94
2. 96
2. 96
2. 96
2. 96
2. 97
2. 99
2. 99
3. 00
3. 00
3. 03
3. 03
3. 07
$1. 85
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2.45
2. 48
2. 49
2. 50
2. 51
2. 53
2. 54
2. 55
2. 55
2. 56
2. 57
2.57
2. 61
2. 61
2. 63
$2. 71
2. 82
2. 93
3. 08
3. 20
3. 31
3.41
3. 55
3. 70
3. 88
3. 96
3. 96
3. 99
4. 02
4. 00
3. 99
3. 99
4. 02
4. 02
4. 08
4. 10
4. 18
4, 21
4. 20
Manufj icturing iiidustries
Retail
trade 1
All
$1. 37
1.42
1.47
1. 52
1. 56
1. 63
1. 68
1. 75
1. 82
1. 91
1. 94
]. 95
]. 94
1. 97
1. 98
1. 98
2. 00
2. 00
2. 01
2. 01
2. 01
2. 03
2. 05
2. 05
$81. 59
82. 71
88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
1 1 3. 85
113. 99
114. 40
113. 42
111. 88
112. 44
112. 56
113. 52
114. 49
113. 65
114. 77
116. 57
116. 00
118. 20
1
Includes eating and drinking places.
2
Earnings in current prices, ad justed to exclude overtime and interindustry
3
Earnings in current prices divided by the consumer price index.
87-604°—67
3
Contract
conNonDurable
durable strucgoods
tion
goods
shifts.
$88. 26
89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
112. 19
117. 18
122. 09
124. 07
1 23. 77
124. 62
122. 84
120. 77
121. 36
121. 18
122. 89
123. 19
122. 40
123. 30
126. 05
125. 44
127. 71
$72. 52 $100. 27
74. 11 103. 78
78. 61 108. 41
80. 36 113. 04
82. 92 118. 08
85. 93 122. 47
87. 91 127. 19
90. 91 132. 06
94. 64 138. 38
98. 49 145. 89
99. 94 152. 46
100. 10 144. 14
100. 25 148. 83
99. 65 149. 14
99. 18 143. 60
100. 08 146. 83
100. 22 147. 23
100. 73 149. 54
101. 63 153. 56
102. 03 157. 90
102. 80 159. 08
104. 66 162. 60
104. 14 160. 40
105. 20 160. 86
Retail
trade 1
$52. 20
54. 10
56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
68. 87
68. 64
69. 65
69. 15
69. 10
69. 30
69. 80
69. 80
71. 56
72. 96
72. 96
71.66
71.55
71. 34
Manufa sturing
indusi iries
Adjusted Average
weekly
earnearnings,
ings,
1957-59= 1957-59
1002
prices 3
96. 2
100. 2
103. 5
106. 6
109. 6
112. 3
115. 2
118. 0
*121. 1
125. 1
126. 5
127. 0
127. 6
128. 4
129. 0
129. 4
129. 9
130. 2
130. 5
130. 8
131. 1
131. 9
132. 3
$83. 26
82. 14
86. 96
87. 02
88. 62
91. 61
93.37
95. 25
97.84
99. 33
99.43
99. 47
99. 74
98. 88
97. 46
97. 77
97. 62
98.20
98. 70
97. 55
98. 18
99. 55
98.72
* Based on the new benchmark beginning 1965.
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The seasonally adjusted industrial production index rose 1.7 percent in November to the highest levei recorded this
year and was only 0.3 percent below last December's all-time high.
Jndex, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
120
1964
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total
100. 7
93. 7
105. 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
159. 4
159. 1
159. 5
158.2
156.6
156.4
156.5
155.6
155. 6
156.6
158. 1
156. 8
156. 4
159. 0
100, 8
93. 2
106. 0
108.9
109. 6
118. 7
124. 9
133. 1
145.0
158. 6
161. 8
161.5
161.7
160. 1
158. 5
158. 2
158. 2
157.2
157.0
157. 6
159. 4
158. 0
157. 9
160. 8
NOTE.—Revised series beginning 1966.
16
[1957-59=100, seasonally adjusted]
Industry
ng
M anufactur
lotal
industrial
production
1957
1958
_ ___ _ __
1959
1960
1961
1962
1963
1964
1965
1966
1966: Oct
Nov
Dec
_ _ _ _ _ _
1967: Jan_
Feb
Mar
Apr
Mav
June _ _
July
Aug _ _ _ _ _ _
Sept
Oct p
Nov
_
COUNCIL OF ECONOMIC ADVISERS
N onDurable durable
104. 0
90. 3
105. 6
108. 5
107. 0
117. 9
124. 5
133.5
148.4
164. 8
168.9
167.7
167.7
165. 5
162. 9
162. 6
162.5
162.2
161.5
162. 5
163. 6
161. 1
160. 2
163. 9
96. 7
96. 8
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
152.8
153. 6
154. 1
153.4
152.9
152.6
152.8
151. 1
151.4
151. 5
154. 0
154. 2
155. 0
156. 9
Mining
Utilities
104. 6
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
121.9
121.6
123.8
123. 2
122.4
121.5
122.0
120.2
123.8
128.0
127. 8
125. 2
121. 4
122. 8
93. 9
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
178.9
178. 5
179. 4
180. 6
180.5
181.9
182.7
182. 7
183.2
184. 1
184. 8
184. 8
186. 0
185. 5
i\iairket
Fi rial produ 3tS
Total
99. 4
94. 8
105. 7
109. 9
111. 2
119. 7
124. 9
131.8
142. 5
155. 5
158.7
159. 0
159. 6
158. 1
157. 0
157. 1
157. 3
156. 3
156. 8
157. 1
158. 2
157. 1
157. 0
159. 5
Consumer
goods
97. 0
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
149.3
149.2
149.8
148.0
146. 1
146.6
147. 1
146.0
146. 9
147. 1
148. 6
147. 1
147. 9
149. 7
i\ r n 4- p.
Equipment
104. 6
91. 3
104. 1
107. 6
108. 3
119. 6
124. 2
132.0
147.0
172. 6
179.0
180. 0
180.7
179.9
180.3
179. 6
179.2
178. 5
178. 1
178.4
178. 9
178. 6
176. 5
180. 5
Source: Board of Governors of the Federal Reserve System.
rials
101. 9
92. 7
105. 4
107. 6
108. 4
117. 0
123.7
132. 8
144. 2
157. 0
159.7
159.0
159.2
157. 9
155.8
155.5
156.0
154.6
154. 9
156. 1
157. 9
157. 0
156. 3
158. 4
PRODUCTION OF SELECTED MANUFACTURES
Production of major manufactures, seasonally adjusted, scored across-the-board increases in November. Transportation equipment output registered the largest increase as a result of a 1 2 percent rise in motor vehicles from the strikedepressed level in October.
Index, 1957-59=100 {SEASONALLY ADJUSTED)
Index, 1957-59=100 {SEASONALLY ADJUSTED)
180
120
100
1964
1967
200
160
CHEMICALS, PETROLEUM,
AND RUBBER
\
180
140
160
TEXTILES, APPAREL,
AND LEATHER \
120
FOODS, BEVERAGES,
AND TOBACCO
100
140
80
120
1967
1964
1964
1965
1966
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary
metals
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1966: Oct
Nov
Dec
1967: Jan _
Feb
Mar
___
Apr. _
May.
June _
July
_
_
_
4.UP"
Sept. _ _
Oct v
Nov - _
_
NOTE.—Revised series beginning 1966.
112. 2
87. 5
100. 4
101. 3
98. 9
104, 6
113. 3
129. 1
137.6
142. 7
145. 0
140. 5
137. 6
132. 6
131. 9
129. 2
129. 1
128. 9
129. 0
129. 6
129.3
129.2
132.6
136
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
apparel,
and
petrobeverand
cated Machin- tation
and
print- leum, and ages, and
ery
prodmetal
equipleather
ing
rubber tobacco
products
ucts
ment
101. 5
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163. 0
164. 2
164. 7
168. 7
166. 7
165. 0
162. 9
161. 0
160. 8
160. 8
159. 8
159. 1
158.0
156.3
104. 2
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
191. 1
189. 8
190. 3
190. 3
186. 8
184. 5
182. 1
180. 5
177. 5
180.0
182.8
182.2
179. 1
158
183
106. 4
89. 5
104 0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
166. 9
172. 6
170. 6
169. 1
162. 6
157. 5
162. 6
165. 7
167. 5
169. 3
170.8
171.9
159.2
159.0
167
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
112. 3
111. 8
112. 8
113. 7
115. 2
117. 3
119. 1
115. 6
114. 9
115. 5
109.2
113.3
113.6
96. 9
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
142. 3
142. 2
142. 2
140. 3
137. 6
135. 5
135. 5
135. 3
134. 8
135. 3
137.6
139.4
140.7
142
97. 8
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
147. 9
148. 5
147. 4
148. 4
148. 7
149. 5
149. 9
149. 1
149. 4
148. 6
150.3
148.5
148. 5
149
95. 6
95. 5
108. 9
113. 9
118. 9
131. 2
141. 8
152.5
164. 6
181. 9
186. 3
188. 5
188. 6
187. 1
186. 5
186. 8
186. 4
182. 2
183. 0
184.0
189. 5
190.9
191.9 !
]<)(>
96. 7
99. 4
103. 9
106. 6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
128. 0
128. 9
131. 2
131. 0
131. ^
KM. 1
KM. s
KIO. '.)
KM. c;;
;;o. .i
;M. o
;;o. r>
:M . n
M'J
Source: L'oard of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In November, steel production continued to increase on a seasonally unadjusted basis. Auto assemblies also rose
again. Other weekly indicators were mixed.
MILLIONS OF TONS
MILLIONS OF SHORT TONS
2.5
STEEL
3.5
2.0
1965
2.5
J
F
M
A
M
J
BILLIONS OF KILOWATT HOURS
26
20
18
M
M
A
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1960
1961__
1962
1963
1964
1965
1966
1966: Oct
Nov
Dec
1967: Jan
Feb
Mar
__
Apr_ _ _
May
June__
July
Aug___ _ _ _
Sept. _
Oct
Nov *
Week ended:
1967: Nov 1 S _ _ . .
25
Dec 2
9"
16 *
18
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Steel pi•oduced
Car 3 and trvicks
power
coal mined
loaded
produced
Index
distributed (thousands (thousands (thousands assemb led (thoiisands)
Thousands
of net
(1957-59= (millions of
of short
Total
of cars)
of tons)
Cars Trucks
tons
100)
kilowatt-hours) tons) 1
1, 899
1,880
1,886
2, 096
2,431
2,521
2, 572
2,598
2, 538
2,361
2, 400
2,510
2, 475
2,412
2,388
2, 232
2,176
2,325
2,439
2, 522
2, 630
101. 9
100. 9
101. 2
112. 5
130. 5
135.3
138. 1
139.5
136. 2
126. 7
128. 8
134.8
132.8
129.5
128. 2
119. 8
116.8
124.8
130. 9
135.4
141.2
14, 424
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
21, 434
21, 982
22, 901
23, 054
23, 268
22, 465
21, 953
21, 841
23, 938
23, 747
24, 400
22, 871
22, 662
23, 533
2, 662
2, 707
2,703
2,723
142.9
145.3
145. 1
146.2
23,
22,
24,
24,
1
HttHy Hvorngo. Includes data for Alaska.
'• Not r l m r t r d .
S
715
799
397
381
1,390
1,353
1,414
1,535
1,630
1,735
1, 798
1,891
1, 932
1,864
1, 880
1,766
1,766
1,826
1,893
1, 925
1,998
1, 869
1,804
1,829
1,889
585
550
552
555
558
562
570
631
581
513
512
514
532
555
558
555
492
558
551
586
552
306
322
343
358
384
410
446
464
459
408
408
456
448
455
451
458
377
452
419
468
463
151. 8
127.8
157. 5
175. 0
178.8
213.7
199. 3
233. 0
227.7
201. 2
191. 8
168.9
175. 9
198. 4
198.8
207.4
119.0
86. 5
160. 4
171. 2
190.1
128. 8
106. 1
133. 4
146. 9
148.8
179.4
165. 4
196. 6
191. 9
168. 7
157. 2
134.2
142. 8
164. 4
164. 5
172. 8
95.4
64, 4
135.3
146. 7
158.6
23. 0
21.7
24. 1
28. 1
30. 0
34.3
33.9
36.4
35. 8
32. 5
34. 5
34.7
33.0
34.0
34 2
34. 6
23.7
22. 1
25. 0
24. 6
31.4
1,883
1,879
1, 825
2
1, 830
572
490
555
553
473
468
432
459
206.0
180.1
238.7
234.5
2
237. 1
170.7
151.5
197.7
196. 4
200.3
35.2
28.6
41.0
38. 1
36.8
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
Total spending for new construction, seasonally adjusted, dipped slightly in October following five successive months
of gain. Homebuilding continued its upward trend with a 21/2 percent increase while commercial and industrial construction fell by 8 percent.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
60
60
50
50
40
40
30
30
PUBLIC
^•.mi^m <ml*'
20
20
30
20
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Period
Total new
construction
expenditures
1961
1962
1963
1964
1965
1966
55.4
59. 7
63.4
66.2
71. 9
74. 4
Private
ResidentiaL! nonf arm
Total
38.3
41.8
44. 1
45. 8
49. 8
50.4
CommerNew
cial and
housing
industrial
units
Bil lions of doll ars
21.7
16.2
7.5
24. 3
8.0
18. 6
26. 2
7. 9
20. 4
26. 3
9. 0
20. 4
26. 3
11. 9
20. 4
23. 8
13. 6
18. 0
Total i
Other
Federal,
State
and
local
9.2
9. 5
10.0
10. 6
11. 7
13. 0
17.1
17.9
19.4
20.4
22. 1
23. 9
13. 5
12.9
13.2
13. 1
13.4
12.9
12.8
12.4
12.6
12.6
12. 6
13. 1
13. 1
13. 2
23. 9
24.4
24. 9
25. 8
26. 5
27. 0
26.2
25.9
26. 1
26. 1
26. 8
26. 9
27. 2
27. ;j
Seasonally i adjusted annual rates
1966: Sept
Oct
___ _
Nov_
Dec
1967: J a n _ _ _ _ _
Feb
Mar
Apr
May___
June
July
Aug
Sept
Oct *
1
74. 0
72.3
72.0
72.2
74.8
75.0
73.0
72.0
73. 9
74.2
75. 9
77.0
78.9
78.7
50. 1
47.9
47.1
46. 4
48.3
48.0
46.9
46.0
47.8
48. 1
49. 2
50.2
51.7
51.4
22. 7
21.6
20.3
19. 8
19.9
20.3
20.8
21. 1
22. 1
22. 9
23.7
24. 6
25.3
25.9
16. 8
15. 9
14. 6
14. 2
14.0
14.3
15.0
15.5
16. 5
17. 3
18. 0
18. 9
19.6
20.3
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
Compiled by F. W. Dodge Company and relates to 48 States.
14. 0
13.4
13. 6
13. 5
15. 1
14. 8
13. 3
12. 5
13. 1
12.6
12.9
12. 4
13.3
12 2
Constructic n contracts2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)
107.6
119. 7
132. 0
137.0
142. 8
145. 3
443
500
534
599
680
753
Seasonally
Seasonally adjusted
adjusted
annual
rates
146
773
139
657
130
773
723
133
126
589
694
143
149
674
138
708
154
038
164
768
149
663
i or.
1 f»S
171
7f,0
14-\
00 1
NOTK.—Data for Alaska and H a w a i i included b e ^ i n n i n ^ IW.U,
Sources: D e p a r t m e n t of ( ' < ( m m e r < ' « - a n d I''. \V. Dodi-e Compan
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm starts increased 4Vz percent in November to a seasonally adjusted annual rate of 1,533,000 units,
marking the fifth consecutive monthly increase. However, permits for future housing starts declined 4 percent.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2,5
1.0
1.0
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHAJ, AND VETERANS ADMINISTRATION (VAJ
I Thousands of units]
Hoiising star ts
Total
private
and
Period
public
(including
farm)
1961
_ 1, 365. 0
1962
1, 492. 4
1, 642. 0
1963
1964
1,561.6
1, 509. 6
1965
1966
1, 196. 2
79.1
75.1
62.3
61.7
63.2
92.9
115.9
134.2
131.6
126. 1
130. 2
125. 8
136. 1
117. 4
1966: Oct_Nov_
Dec__
1967: Jan _ _
Feb__
Mar__
Apr__
Mav_
June.
Julv__
Aug__
Sept__
Oct pp_
Nov _
r
Total
private
(including
farm)
Pri\ ate nonfa rm
Total
Onefamily
1, 313. 0
1, 462. 7
1, 610. 3
1, 529. 3
1, 472. 9
1, 165. C
1, 284. 8
1, 439. 0
1, 582.9
1, 502.3
1, 450. 6
1, 141.5
946.2
967. 8
993.2
944.5
941. 4
755.3
Two or
more
families
338.6
471.2
589.7
557.8
509. 2
386.2
76.6
72.8
60.2
59.1
61.4
91.5
113.7
132.0
125.4
125. 3
127. 4
121. 9
134. 5
115. 6
74.4
71.4
58.9
57.7
60.2
89.2
112. J
!29.7
123.4
124. 0
123. 6
119. 5
132. 2
113. 9
51.4
48.8
36.7
38.8
39.1
64. L
78.1
85. 0
85. 6
81. 1
80.0
23.0
22.6
22.2
18.9
21.1
24.9
c3.9
44. 7
37. 8
42. 9
43. 6
'Authorized by issuance of local building permit; in 10,000 permit-issuin
places prior to 1963, and 12,000 or more thereafter.
2
Units represented by mortgage applications for new home construction.
20
Total
private
(including
farm)
1, 313. 0
1, 462. 7
1, 610.?
1, 529.3
1, 472. 9
1, 165.0
845
975
931
1, 111
1, 149
1, 094
1, 116
1, 274
1, 233
1,369
1, 407
1,445
1,486
1, 556
Priv ate nonf jirm
Total
Gover nment
home p rograms
FHA
VA
83.3
1, 284. 8 198. 8
1, 439. 0 197. 3
77. 8
71. 0
1, 582.9 166. 2
59.2
1, 502.3 154.0
1, 450. 6 159.9
52.5
40. 5
1, 141.5 129. 1
Set isonally adj usted
94
824
38
107
956
40
910
105
42
150
1, 079
59
1, 132
139
55
130
1,067
58
125
1, 099
58
1,254
143
55
1, 214
143
52
52
139
1,356
139
55
1,381
147
1, 415
55
152
1,468
57
154
1, 533
54
Proposeid home
constr uction
New
private
housing Applica- Requests
units tions for for VA
FHA appraisauthorized 1 commitals 2
ments 2
243. 8
1, 064. 2
221. 1
1, 186. 6
1, 334. 7
190. 2
182. 1
1, 285. 8
1, 239. 8
188.9
971. 9
153. 0
annual ra tes
122
718
719
135
761
203
942
157
894
135
152
928
162
1,028
1, 033
160
1, 109
166
1,093
150
1, 127
176
1, 159
178
1,212
181
152
1, 162
177. 8
171. 2
139. 3
113. 6
102. 1
99. 2
119
103
104
107
104
103
125
108
135
145
124
129
155
136
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, seasonally adjusted retail sales increased 11/2 percent in November. Total business
sales in October fell 1 percent end business inventories rose by about $400 million.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
BUSINESS SALES AND
RETAIL TRADE (ENLARGED SCALE)
INVENTORIES
DURABLE GOODS STORES
140
INVENTORIES
SALES
60
22
22 - WHOLESALE TRADE (ENLARGED SCALE)
NONDURABLE GOODS STORES
20
1964
I
1965
1967
1966
1964
1967
1966
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total L> u si ness
l
Wholesale
4
Re'tail 5
Sales 2
Period
Snlos 2
Inventories 3
Sales -
Inventories 3
JNMillions
1959
59, 661
1960
60, 746
1961
61, 106
1962
65, 594
68, 692
1963
1964
73, 459
1965
79, 528
86, 323
1966
1966: Sept
86, 775
Oct
_ _ _ 87, 066
86, 699
Nov
Dec
87, 875
1967: Jan
87, 386
86, 299
Feh_
Mar
87, 458
Apr
86, 833
May
87, 611
88, 549
June
July
88, 991
Aug
89, 295
Sept
_ _ _ _ „ 88, 785
p
87, 921
Oct
Nov "
!
1
The term "business" also includes
2
Monthly average for year and total
;
91, 891
94, 747
95, 813
100, 627
105, 578
111, 051
120, 896
135, 549
130, 839
132, 392
133, 856
135, 549
136, 590
136, 780
137, 093
137, 351
137, 428
137, 076
137, 405
138, 187
138, 129
138, 548
11, 491
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
16, 981
17, 029
16, 696
16, 996
17, 239
16, 897
16, 853
16, 972
16, 769
17, 117
17, 145
17, 198
17, 330
17, 372
manufacturing (see page 22).
for month.
Book value, end of period, seasonally adjusted.
Total
Inventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
25, 305 1
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
36, 961
36, 355
36, 680
36, 734
36, 961
36, 924
36, 644
36, 526
36, 236
36, 263
36, 087
35, 997
36, 028
36, 143
36, 171
11, 029
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
16, 241
16, 496
16, 581
16, 536
16, 491
16, 315
16, 142
16, 033
15, 904
15, 661
15, 549
15, 503
15, 711
15, 620
Nondurable
goods
stores
of dollars, se asonally a djusted
17, 951
18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
25, 703
25, 550
25, 610
25, 368
25, 687
25, 470
25, 739
25, 918
25, 897
26, 544
26, 444
26, 422
26, 732
26, 122
26, 525
13, 879
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
19, 600
19, 924
20, 226
20, 691
20, 780
20, 742
20, 859
20, 785
20, 587
20, 599
20, 511
20, 789
20, 810
20, 834
5, 967
5, 880
5, 581
6, 210
6, 627
7,014
7, 810
8, 151
8, 394
8, 276
8, 143
8,156
8, 200
7, 955
8, 150
8, 104
8, 187
8, 546
8, 592
8, 508
8,743
8, 236
8,300
11, 984
12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
17, 309
17, 274
17, 467
17,212
17, 487
17, 515
17, 589
17, 814
17, 710
17, 998
17, 852
17, 914
17, 989
17, 886
18, 225
14, 276
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
20, 114
20, 184
20, 153
20, 425
20, 433
20, 329
20, 384
20, 203
20, 359
20, 426
20, 448
20, 525
20, 432
20, 551
4
6
Beginning 1961, data include Alaska and Hawaii.
Beginning 1960, data include Alaska and Hawaii.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders (seasonally adjusted) increased % percent in October. With a decrease in shipments
of $300 million and an increase in inventories of $370 million, the inventory-shipments ratio increased to 1.84.
BILLIONS OF DOLLARS ISEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SHIPMENTS
MANUFACTURERS' NEW ORDERS
1964
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufac turers' sh ipments 1 Manufad :urersj inventories 2
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Ma nufacture rs' new orde rs i
Durat>le goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
inventoryshipratio 3
Millions of dollars seasonal] y ad juste d
1959
1960
1961
1962
1963
1964
1965
1966
1966: Aug
Sept
Oct
Nov
Dec
1967: Jan
Feb
Mar
Apr _ _
May
_
June_ ~ _
July
Aug_
Sept
Oct*
30, 219
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
44, 037
44, 206
44, 091
44, 487
44, 393
45, 511
44, 460
43, 932
44, 866
43, 943
44, 945
44, 888
45, 402
45, 675
44, 723
44, 427
15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
23, 006
22, 874
22, 971
23, 451
23, 237
23, 715
23, 060
22, 622
23, 137
22, 269
22, 900
23, 052
23, 192
23, 633
22, 949
22, 317
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
21, 032
21, 332
21, 120
21, 036
21, 156
21, 796
21, 400
21, 310
21, 729
21, 674
22, 045
21, 836
22, 210
22, 042
21, 774
22, 110
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
68,015
77, 897
74, 110
74, 884
75, 788
76, 896
77, 897
78, 886
79, 394
79, 708
80, 330
80, 578
80, 390
80, 897
81, 370
81, 176
81, 543
31, 839
32, 360
32, 646
34, 326
36, 028
38,412
42, 324
50, 037
46, 814
47, 568
48, 352
49, 310
50, 037
50, 620
51, 079
51, 216
51, 593
51, 784
51, 809
52, 346
52, 784
52, 572
52, 939
1 Monthly average for year and total for month.
2 Book value, end of period, seasonally adjusted.
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.
3
22
20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
27, 860
27, 296
27, 316
27, 436
27, 586
27, 860
28, 266
28, 315
28, 492
28, 737
28, 794
28, 581
28, 551
28, 586
28, 604
28, 604
30, 679
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
45, 182
44, 842
46, 318
45, 243
44, 052
45, 845
43, 408
43, 527
43, 700
43, 849
45, 738
46, 087
45, 977
45, 900
45, 274
45, 490
15, 951
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
24, 153
23,512
25, 274
24, 244
23, 027
23, 960
22, 072
22, 329
22, 065
22, 226
23, 857
24, 263
23, 715
23, 726
23, 416
23, 357
2,878
2,791
2, 854
3, 090
3, 326
3,706
4, 140
4,731
4,813
4, 906
4, 816
4,647
4,603
4, 545
4, 242
4,315
4,443
4, 607
4, 794
4, 853
5, 058
4, 665
4, 638
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
21, 029
21, 330
21, 044
20, 999
21, 025
21, 885
21, 336
21, 198
21, 635
21, 623
21, 881
21, 824
22, 262
22, 174
21, 858
22, 133
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
1. 70
1.76
1.74
1. 70
1. 69
1.64
1.61
1. 64
1.68
1.70
1.70
1. 73
1.71
1.77
1. 81
1.78
1. 83
1. 79
1.79
1. 78
1.78
1.82
1.84
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade surplus (seasonally adjusted) declined si$nificantly in October to $167 million, resulting
entirely from a decline in exports.
BILLIONS OF DOLLARS
3.5
BILLIONS OF DOLLARS
35
1.0
1.0
1961
1967
I/SEE NOTE 1 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
Period
[Millions
Me rchandise exports
Total (includDomesti 3 exports
ing ree xports) l
Food, Crude
Season- Unad- Total i 3 bever- mateages,
rials
ally ad- justed
and to- and
justed
bacco
fuel
Monthly average :
1958
1959
1960
1961___ _
1962
1963
1964
1965
1966
1966: Oct__ 2,581
Nov 2,486
Dec_ 2,416
1967: Jan__ 2,620
Feb__ 2,601
Mar_ 2, 569
Apr__ 2, 659
May. 2,545
June_ 2,583
July. 2,587
Aug. 2,561
tf> fj<&&
Sept. <O, OOiO
<Q QGQ
Oct__ &, OoO
1,364
1, 368
1,636
1, 682
1, 748
1,869
2, 141
2, 225
2, 448
2, 624
2,572
2,646
2,471
2,419
2,797
2, 666
2,686
2, 617
2,377
2,397
2, 505
2,440
1,351
1, 353
1, 620
1, 662
1,725
1,845
2, 111
2, 196
2, 412
225
239
264
289
312
349
387
377
433
U nadjuste d
2,584
468
469
2,538
2,619
431
374
2,438
2,389
350
2,762
406
2, 630
387
2,653
388
382
2, 585
2,348
363
2,359
366
404
2,473
2,411
390
Merch andise iinports
Gemiral impc>rts *
Manufactured
goods
Total 3
Season- Unadally ad- justed
justed
927
897
258
252
329
32?
280
315
361
356
367
1,
1,
1,
1,
1,
1,
1,
399
448
421
367
394
398
377
417
409
380
384
364
408
1,709
1, 584
1, 751
1,679
1, 617
1,904
1,835
1, 830
1, 789
1,589
1, 559
1, 688
1, 595
1 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.
of dollars]
1, 105
1,302
1, 251
1, 226
1, 366
1, 428
1, 557
1, 780
2, 129
047
062
138
188
366
449
593
2
2
2
2
2
2
2
2
2
2
2
2
2
261
186
231
296
204
185
224
119
228
235
114
215
216
2,277
2, 252
2, 240
2,262
2, 004
2,356
2,091
2, 222
2, 277
2, 127
2, 166
2, 112
2,342
Food, Crude
bever- mateages,
rials
and to- and
bacco
fuels
296
338
382
298
283
365
288
359
306
387
322
391
335
415
334
449
382
473
Unad justed
423
460
393
464
384
447
415
495
364
412
433
478
385
428
352
454
389
465
366
396
372
444
362
413
417
444
Grossmerchandise
trade
Manusurplus,
facseasontured
goods ally adjusted
440
591
571
544
636
672
758
936
1, 202
259
66
385
456
382
441
584
444
320
1, 298
1,324
1, 331
1,2S2
1, 164
1,366
1, 182
1,330
1, 334
1,273
1, 263
1, 245
1,367
320
800
185
325
397
384
435
426
855
352
447
417
167
3
Total includes commodities and transactions not classified according to kind.
NOTE.—Revised series beginning 1953. Because of revisions, subgroups do not
include all data in totals. Data include uranium ore and thorium^
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the balance on goods and services increased $180 million (seasonally adjusted annual rate) in the
third quarter reflecting a sharp increase of income on private investments.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 50
50
SEASONALLY ADJUSTED ANNUAL RATES
40
-40
EXPORTS OF GOODS AND SERVICES
30
30
"\
IMPORTS OF GOODS AND SERVICES
20
20
10
10
I
I
I
1961
I
I
J
1962
I
I
1963
1
!
1
I
'\
I
1
!
I
1966
1965
1964
I
I
1967
COUNCIL OF ECONOMIC ADVISERS
SOUBCE. DEPARTMENT OF COMMERCE
[Millions of dollars]
Impor ts of good s and ser^saces
Exports of gooc s and sejr vices
Inconle on
investinents
Period
Total
1962
1963
1964
1965
1966
30,
32,
37,
39,
43,
350
426
099
147
039
Merchandise *
20,
22,
25,
26,
29,
604
071
297
244
168
Military
sales
Private
Government
656
657
747
844
847
3,948
4, 151
4, 929
5, 376
5, 650
471
498
460
512
595
Other
services
4,671
5, 049
5, 666
6, 171
6, 779
Total
25,
26,
28,
32,
37,
305
573
637
203
937
Merchandise 1
16,
16,
18,
21,
25,
187
992
621
472
510
Balance
on
MiliOther goods
tary
and
expend- serv- services
itures
ices
3,083
2, 936
2, 861
2, 921
3, 694
6,035
6, 645
7, 155
7,810
8,733
5,
5,
8,
6,
5,
8,
8,
8,
9,
045
853
462
944
102
Seas onally iidj usted annual ra tes
1966: I
II
III
IV
_ _
1967: I
II
III
42,
42,
43,
43,
044
472
652
988
45, 444
45, 448
45, 916
836
888
824
840
5, 264
5, 528
5, 776
6,032
612
612
572
584
6,520
6, 720
6,952
6, 924
35,
37,
39,
39,
988
060
048
652
24,100
24, 900
26, 320
26, 720
3,
3,
3,
3,
444
516
916
056
6,056
5, 412
4, 604
4, 336
30, 704 1,356
30, 868 1, 344
30, 576
820
5, 692
5, 544
6,672
620
644
664
7, 072
7, 048
7, 184
40, 016
40, 152
40, 440
26, 648
26, 232
26, 220
4, 180 9, 188
4,280 9,640
4,288 9,932
5,428
5,296
5,476
28,
28,
2-9,
29,
812
724
528
608
1
Adjusted from customs data for differences in timing and coverage.
NOTE.—Exports and imports of goods and services (p. 24) and balance on
liquidity basis and official reserve transactions basis (p. 25), as well as data
shown on an unadjusted basis (also p. 25), have been revised for the first 3 quar-
444
644
812
876
ters of 1967. Other data for the first 2 quarters shown on p. 25 will be revised in
January.
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on the liquidity basis was $2,544 million (seasonally adjusted annual rate) in the third quarter, up
somewhat from the second quarter rate. The official reserve transactions balance of $1,880 million surplus was a
major improvement from the second quarter deficit of $3,312 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON 'GOODS AND SERVICES
/
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCEt DEPARTMENT OF COMMERCE
[Millions of dollars!
U.S. private capi tal, net
U.S.
Government
Period grants Direct
investand
capital,
ment
net *
1962___
1963.. _
1964. _ _
1965.. _
1966...
1966:
I
II____
III___
IV___
1967:
I
II
III—
Other
longterm
-3, 013
-3, 581
-3, 560
-3, 375
-3, 446
-1, 654
-1,976
-2, 435
-3, 418
— 3, 543
-3, 900
— 3, 952
-3, 036
-2, 896
-2, 536 — 1, 008
-4, 024 -276
-3,600
-20
-4, 012
276
-4, 820 -2, 488
-3, 724 -2, 736
1
Includes
2
Shortterm
Errors
Foreign and uncapital, recorded
net 1
transactions
-1, 227
-544
1, 021 -1,053
-1,695
-785
689
-285
-1, 961 -2, 146
685
-949
-1,078
753
278
— 415
2, 512
-257
-302
-413
Season ally adjus ted anniMd rates
-380
— 240
-108
— 924
— 624
-720
— 644 -1, 140
Chariges in sel scted
liabilitk3s (decrea sef-])*
-932 -2, 604 -1, 772
-700
—792
-488
3,444
-660
1, 108
-72
-592 -1, 676
-852
54
-598
-199
25
263
111
403
475
27
1,211
671
3,296 -1, 136 -2, 116 -7, 260
4,860 -2, 304 -2, 188 -3,312
1,880
-2, 544
-78
547
281
333
562
118
-711
94
1,302
1,060
4, 364
1, 504
3, 120
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. Government bonds and notes.
6
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
Changes
in gold,
convertible currenOfficial To foreig n official
cies, and
hold ers 5
To other IMF gold
Liquid- reserve
foreign tranche
transity
holders 6 position
basis 2 actions
3
NonLiquid
basis
(increase
liquid
[-])
7
254
456
214
-2, 203 -2,705
1, 533
-7
1, 673
620
-2, 671 -2, 044
378
303
1, 554
1, 075
-2, 800 -1, 549
171
100
-18
131
1,222
-1, 335 -1, 304
802
2,384
225 -1,595
-1,357
568
Qua rterly tot als, unadjusted
Bafc ince
424
68
82
-6
8
1,027
— 419
-375
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 1,258 (1960), 741 (1901), and 918
(1962).
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IK! F.
Source: Department of Commerce. Bee Note, p. .'4.
PRICES
CONSUMER PRICES
The consumer price index rose by 0.3 percent in October. Food prices fell 0.2 percent, but all other major components
of the index were up again. Higher automobile prices were the principal factor in a 0.9 percent increase in durable
commodities.
Index, 1957-59=1!
Index, 1957-59=100
130
125
110
110
105
105
100
100
1961
1967
SOURCEs DEPARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
All
items
Period
1957
1958
1959
1960
1961
1962
_.
1963
1964
1965
1966
1966: Sept
_
.__
Get
Nov
Dec
1967: J a n _ _ _
Feb
Mar_
Apr_
May
June
July
Aug_
Sept _
Oct_
___
_ _ _ _ _ _ _
__
_
_____
_
__ _
Source: Department of Labor.
26
_ _
___ _
___
98.0
100.7
101. 5
103. 1
104, 2
105. 4
106. 7
108. 1
109.9
113. 1
114. 1
114. 5
114. G
114. 7
114. 7
114.8
115.0
115. 3
115.6
116. 0
116.5
116. 9
117. 1
117.5
[1957-59=100]
Co mmodities
Services
Comm odities leg s food
Services
All
All com- Food
Rent
less
Nonmodities
Durable durable services
All
rent
98. 5
99. 1
98. 8
97.8
98.5
96.6
96. 1
98. 3
100. 0
99. 9
99.8
101.9
100. 8
100.3
100. 2
100. 1
101. 2
101. 5
101.0
100.9
100. 3
103. 2
103. 6
101. 6
102. 6
100. 9
101. 7
101.7
106. 6
107. 4
101. 4
103. 1
102. 0
100. 8
103. 2
102. 6
102.3
108. 8
110. 0
104, 4
102. 8
101. 8
103. 8
103. 6
103. 2
112. 1
110.9
105. 7
102. 1
104. 8
103. 5
104. 1
105. 1
113.0
106. 8
114. 5
104. 4
103. 0
105. 7
106. 4
115.2
117.0
105. 2
107.8
107.2
102.6
105.1
106.4
108.8
117.8
108.9
120.0
102. 7
109. 7
106. 5
114. 2
122. 3
109. 2
110.4
125. 0
107.0
102.7
110. 5
115. 6
123. 5
110.0
110.7
126.5
107. 6
103. 5
110. 9
115. 6
124. 1
127. 1
110. 3
111. 0
107. 8
103. 5
124. 7
114. 8
111. 3
110. 2
111. 2
127. 7
107. 7
111. 4
103. 1
114. 8
125. 2
111. 3
128.3
110. 1
102. 7
107. 3
114. 7
111. 0
109. 9
125. 5
111. 4
128.8
114.2
107.6
102.8
111.5
129.2
109.9
125.9
111.7
114.2
107.8
102.9
111.8
110.0
126.3
111.8
129.5
108.4
103.4
112.4
113.7
126.6
110. 2
130.0
111.9
108.7
112.7
103.9
112. 1
113.9
127.0
130.4
110.5
304. 1
108. 9
112.7
127. 4
115. 1
111. 0
112. 2
130. 8
104. 4
112. 8
109. 1
131.2
116. 0
127. 7
112. 4
111. 5
109. 4
104, 7
113. 2
112. 6
128. 2
131. 7
116. 6
111. 9
114, 1
132. 3
112. 0
110. 0
104.8
128.7
112. 8
115. 9
105.7
115.7
110.6
114.5
129. 1
112.4
132.7
113.0
WHOLESALE PRICES
Preliminary figures indicate that the wholesale price index was unchanged in November. Declines of 0.6 percent in
both farm products and processed foods and feeds offset a rise of 0.2 percent in prices of industrial commodities.
The over-all index was above its year-ago level for the first time since July.
Index, 1957-59=100
Index, 1957-59=100
90
1967
1961
:SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
[1957-59=100]
All
commodities
Period
1957
1958
1959__
1960
1961
1962
1963
1964
1965
1966
1966: Sept
Oct
Nov
Dec
1967: Jan
Feb
Mar
Apr _
May
June
July
Aug
Sept
Oct
Nov *
._
_ __
Farm
products
Processed
foods
and
feeds
99. 0
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102.5
105. 9
106. 8
106. 2
105.9
105. 9
106. 2
106.0
105.7
105.3
105.8
106. 3
106. 5
106. 1
106. 2
106.1
106.1
99.2
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
108. 7
104. 4
102.5
101.8
102. 6
101.0
99.6
97.6
100.7
102. 4
102. 8
99.2
98. 4
97.1
96.5
97. 6
102. 5
99. 9
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
115. 5
113. 9
112. 6
112. 8
112.8
111.7
110.6
110.0
110.7
112. 6
113. 1
112. 1
112. 7
111.7
111.0
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
a
Excludes Intermediate material? for food manufacturing and m a n u f a c t u r e d
animal feeds; includes, In part, prain products for further processing.
Intdustrial commoditi es
All industrials 1
99.2
99. 5
101. 3
101. 3
100. 8
100. 8
100. 7
101. 2
102.5
104.7
105. 2
105. 3
105. 5
105. 5
105. 8
106.0
106.0
106.0
106.0
106. 0
106.0
106. 3
106. 5
106.8
107.0
IndusIndustrial
trial in- Produccrude termedi- er finmate- ate ma- goods
terials2
rials
100.9
97.7
99. 6
96.9
100. 2
99. 4
102. 1
102. 3
101. 0
102. 3
9a 3
101. 4
102. 5
97. 2
100. 1
102. 9
95. 6
99. 9
103. 1
99. 6
94. 3
101 1
97. 1
100. 2
100.9
105.4
101.5
104. 5
103. 6
108. 0
102. 8
104. 1
108. 4
102. 8
104. 1
109. 1
102.7
109.8
104.1
101. 6
104. 1
110. 2
101. 4
110. 5
104. 4
101. 1
110.6
104.6
100.2
110.7
104.6
104.7
99.3
110.8
99.4
111. 1
104.6
104. 5
111. 2
99. 4
111. 2
104. 5
99. 0
111. 4
99.0
104. 6
104. 9
99. 5
111. 6
105. 0
112. 6
99.4
Consunler finished gc>ods excludin g food
DurNondurable
able
99.9
98.7
99. 3
100. 1
100. 8
101. 3
101. 5
100. 9
100. 5
101. 5
100. 0
101. 6
99. 5
101.9
99. 9
101.6
99.6
102.8
104. 8
100. 2
100. 0
105. 4
100. 9
105. 5
101.2
105.7
101. 3
105. 5
101. 3
105. 8
101.3
106. 3
101.3
106.4
101.3
106. 4
101.3
106.9
101. 0
107. 2
101. 1
107. I
108. 0
101. 2
101. 4
108. 0
102. 8
107. S
NOTE.—Beginning January M»r.7, t l x - ,nde*
stnicture r e f l e c t i n g ItHl'i value-; of - l u p n n u t -
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended November 1 5, both prices received and prices paid by farmers declined by about 1 percent.
The parity ratio, unadjusted for Government payments, remained at 73. Lower prices received for cattle and hogs
were partially offset by continuing increases in the price of cotton.
Index, 1957-59=100
Index, 1957-59=100
120
120
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES <
110
110
100
100
PRICES RECEIVED
(ALL FARM PRODUCTS)
90
90
RATIO J/
RATIO U
. 1W
100
90
90
PARITY RATIO
80
80
70
70
1961
1962
1963
|
1964
1965
1967
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE,
SOURCEi DEPARTMENT Of AGRICUITURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
All farm
products
Crops
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
97
104
100
99
99
101
100
98
103
110
101
100
99
99
102
104
107
107
105
105
1966: Oct 15
Nov 15
Dec 15
1967: Jan 15
Feb 15
Mar 15
Apr 15
May 15
110
107
106
105
104
103
101
104
105
106
106
104
104
1 03
104
103
103
101
100
100
100
99
102
101
100
97
100
102
.
.June 15
July l.r>
_ .
A U K If,
Sept, ir>
<><•!. If.r
_ ___ _
- . _ :._
\«>v l. .
__
Parity ratio l
Prices paid by far mers
Livestock All items,
interest,
and
products taxes, and
wage rates
Index, 19,
57-59=100
94
98
106
100
102
100
102
98
103
98
99
105
107
95
107
91
110
101
114
113
114
110
109
109
107
105
102
108
108
110
110
110
107
104 I
115
115
115
116
116
116
116
117
117
118
117
117
118
117
Family
living
items
Production
items
Actual
Adjusted2
99
100
101
102
102
103
104
105
107
110
98
100
102
101
101
103
104
103
105
108
82
85
81
80
80
80
78
76
77
80
85
88
82
81
83
83
81
SO
82
86
111
111
111
111
111
111
111
112
112
113
113
113
113
114
109
109
109
110
110
110
110
110
111
111
110
110
110
109
79
77
76
75
74
74
72
74
74
74
75
73
73
73
85
83
82
81
80
79
77
79
SO
SO
so
79
78
78
= The adjusted parity ratio reflects Government payments made directly
to farmers.
Source: 1 Vparinieiil of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The seasonally adjusted money supply rose $1.1 billion in November, slightly more than the average monthly increase
during the first 10 months of this year. Time deposits increased by $1.7 billion, a little less than the $1.9 billion increase
in October and well below the monthly average for the first 10 months.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
180
180
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
100
100
60
60
I l i t i i i I II r t i
1961
1963
1962
1965
1964
1967
1966
SOURCES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
M oney supj:>iy
M oney supj)lv
Period
Total
1961:
1962:
1963:
1964:
1965:
1966:
1966:
Dec
Dec
Dec
Dec_ _
Dec
Dec
_ ___
Get
Nov
Dec
1967: J a n _ _
_
Feb
Mar
Apr
JVl.-iv
June
July
AUK
Sept
Oct..
Nov v
_
_ _ _ _ _ __
_ _
_ __
..
---...
._.
145.4
147.4
153.0
159.3
166.8
170.4
170. 1
170. 1
170.4
170.3
171.5
173. 1
172.7
174.5
176. 2
177.9
17'.). 1
179. '2
ISO. li
___
1
I s i . :•;
Deposits at all commercial banks.
NOTE.—Effective June 9, 1900, balances a c n i m u l n l r d fn
loans (about $1.1 billion) are excluded from t i m e deposi
oil commercial banks.
Currency
outside
banks
Seasonallyf
29.6
30.6
32.5
34.2
36.3
38.3
38.0
38. 1
38.3
38.5
38.7
38.9
39. 1
39.2
39.3
39.5
39. 6
:><). s
;;<>. {)
40. 0
Time
deposits l
Demand
deposits
ad jus tec
115.9
116.8
120.5
125. 1
130.5
132. 1
132.1
132.0
132. 1
131.8
132.8
134.2
133.6
135.3
136.8
138.4
139.6
139. 5
140. 3
1 4 1 . :5
82.7
97.8
112.2
126.6
146.9
158.6
157. 6
157. 4
158.6
160.8
163.5
166. 1
168. 1
170.0
172.4
174.6
177.2
178.9
ISO. 8
182. 5
Total
149.4
151.6
157. 3
164.0
172.0
175.8
170.5
171.5
175.8
175.3
170.6
171.9
173.6
171.1
174.3
175.8
175.9
178.4
180.6
182.6
Currency
outside
banks
30.2
31.2
33. 1
35.0
37.1
39. 1
38. 1
38.5
39. 1
38.5
38.3
38.5
38.7
38.9
39.3
39.6
39.6
39.8
40.0
40.5
Demand
deposits
1
Jnad juste d
119.2
120.3
124. 1
129. 1
134.9
136.7
132.4
133.0
136.7
136.8
132.3
133.4
134.9
132.2
135. 1
136.2
136.2
138.6
140.6
142. 1
Time
deposits 1
81.8
96.7
111.0
125.2
145.2
156.9
157. 1
156. 1
156.9
160.7
164.0
166.7
168.8
170.8
173.0 !
175. 1 i
177.7 i
178.9
180. 3
181. 1
.Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
U.S.
Government
demand
deposits *
4.9
5.6
5.1
5.5
4.6
3.4
4.8
3.7
3.4
4. 1
5.0
4.9
4.8
6.5
3.9
5.6
4.3
5.0
0.2
5.2
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of demand deposits and currency (seasonally adjusted) increased by $1.6 billion in November,
following a decrease of $0.5 billion in October. Savings and loan shares outstanding increased $0.7 billion, slightly
above the October increase, but below the average monthly increase for the first 10 months.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
300
200
1961
1962
1967
1963
-I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
End of period
1960
1961
3962
1963
1964
\ 9651966
1966: Oct
Nov.
__
_ _
_ __
Dec
19C>7: Jan
Feb
Mar
Apr
Mav
•) 11110 _
. l u iiv v7>
Au« p
Sept " _ _
< >(•(. "
\ov »
Total
selected
liquid
assets
399. 2
424. 6
459. 0
495. 4
530. 5
573.0
601.7
596. 2
600. 6
601.7
605. 1
604. 7
615. 1
613. 2
619. 7
620.6
623. 0
630. 2
635. 3
638. 1
645. 0
Demand
deposits
and
currency 1
138.4
142. 6
144. 8
149. 6
156. 7
164. 0
168. 6
166. 0
168. 0
168. 6
166. 9
165. 8
171. 0
168. 6
172. 9
173.7
171. 9
174. 1
176. 2
175.7
177. 3
Time d eposits
Commercial
banks
73. 1
82. 5
98. 1
112. 9
127. 1
147. 1
159. 6
156. 6
158. 3
159. 6
163. 6
165. 3
167. 6
168. 6
170. 7
172. 4
174. 7
177. 2
178. 1
180. 1
183. 7
copt w i t h money supply, p. 29, except for deduction of demand
mutual savings bank? and savings and loan associations. Data
ay of month.
i l l n n s o( ( i o v e r n n u - n t agencies and Irtist funds, domestic corni t UH! saving banks, Federal Reserve Hanks, and beginning
30
Mutual
savings
banks
Postal
Savings
System
36. 2
38. 3
41. 4
44, 5
49.0
52. 6
55.2
54. 6
54.8
55. 2
55. 5
55. 9
56. 3
56. 8
57.4
57. 8
58. 4
58. 7
58. 9
59. 5
60.0
0. 8
.6
.5
.5
.4
.3
.1
.2
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
Savings
and loan
shares
61. 8
70. 5
79.8
90. 9
101.4
109.8
113.4
112. 2
113.0
113.4
113.7
114.8
116.3
117. 1
118. 0
118.9
119. 9
121. 0
122.4
123. 0
123.7
U.S. Government
U.S. Gov- securities
ernment maturing
savings
within
bonds 2
year 2
47. 0
47. 4
47.6
49. 0
49.9
50.5
50. 9
50. 6
50.6
50. 9
51. 0
50.9
51. 0
51. 1
51. 1
51.2
51. 3
51. 3
51. 4
51. 4
51. 5
February 1960, savings and loan associations.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
41. 9
42. 6
46. 8
48. 1
46. 1
48. 6
53. 9
56. 0
55. 8
53. 9
54 2
51. 7
52.9
50. 9
49. 5
46. 5
46. 7
47. 8
48. 2
48. 3
48. 8
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total bank loans and investments (seasonally adjusted) rose by $1.7 billion in November, the smallest increase
since June. Free reserves rose by $105 million.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
350
ALL COMMERCIAL BANKS
SEASONALLY ADJUSTED, END OF MONTH
300
300
250
250
200
200
150
150
100
100
INVESTMENTS
IN
U.S. GOVERNMENT SECURITIES
50
50
1961
1962
1963
1965
1966
SOUXCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
outside
large commercial New York
Total
Investrnents
City (232
banks
Loans,
End of period
loans excluding
centers) ,
and
seasonally
interU.S. Gov- Other Commercial adjusted
investbank
securi- and indus- annual
ernment
ments
ties
securities
trial loans
rates l
Billions of dollars
194. 5
59. 8
113. 8
20. 8
32. 2
1, 736
1960
209. 6
120. 5
65. 2
32. 9
1, 832
1961
23. 9
134. 1
227.9
64. 5
29. 2
35.2
2, 021
1962
246. 2
149. 7
1963
35. 0
61. 5
2, 199
38. 8
1
1964
267. 2
38. 7
42. 1
167.7
60. 7
2, 706
294.4
192.4
57.3
3,018
44. 8
50.6
1965
3
207. 8
48.7
53.7
60. 7
1966
_ 310.2
3,421
308. 9
207. 2
53. 4
48. 4
8,514
59. 5
1966: Oct
53.4
207.5
48.4
Nov
_ 309.3
3, 612
60. 0
207. 8
310. 2
53.7
Dec
48. 7
8, 562
60. 7
210.4
314. 4
54. 2
49. 9
1967: Jan
3,562
60. 3
318.0
211. 0
55.9
60.4
Feb
3,570
51. 1
321. 4
211.3
57. 8
52.3
62. 0
Mar_
3,559
323. 2
213. 5
56. 1
53.6
Apr
62. 3
S, 690
324. 6
213. 5
56. 1
61.8
3,614
55. 0
Mav
214. 0
55. 4
325. 8
56. 3
8, 733
63.8
June- _ _ _
332. 3
217. 0
58. 8
56. 5
3, 832
63. 7
Julv
62.2
337. 2
61.8
57. 3
3, 882
218. 1
Aug__
339. 4
57. 7
61. 6
63. 4
3, 847
220. 1
Sept *
221. 8
62. 3
58. 6
Oct »
342.6
63. 1
3, 891
3,897
60.2
344.3
61.8
63.7
Nov p _ __
222.3
All comnicrcial bank s
(s easonally adjusted da ta)
1
Debits during period to demand depoi&t accounts except interbank and
U.S. Government. New series beginning January 1964.
2
Averages of daily figures. Annual data are for December.
3
New series; see Federal Reserve Bulletin, August 1966.
NOTE.—Effective June 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
1967
AAl membe r banks
Total
reserves
19, 283
20, 118
20, 040
20, 746
21,609
22, 719
23, 830
23, 333
23, 251
23, 830
24, 075
23, 709
23, 405
23, 362
23, 284
23, 518
23, 907
23, 791
24, 200
24, 608
24, 732
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o f dollars
87
756
149
568
572
304
327
536
411
243
452
454
392
557
302
733
611
389
392
557
389
373
362
358
199
435
134
309
101
370
123
420
87
359
89
387
90
358
126
286
133
398
669
419
268
209
168
-2
-165
-431
-222
-165
-16
—4
236
175
L69
197
L7-)
298
16/\
265
certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and
Hawaii.
Series on loans and investments revised beginning MMS.
Source: Board of Governor:- oi t h e Federal Reserve Systoui.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding increased $210 million during October, about the same as the September increase.
BILLIONS Of DOLLARS
BILLIONS Of DOLLARS
100
100
NONINSTALMENT CREDIT
i i i i i I I I i I i I i i i i I 1I i i i I
u_j i 1 1 i i i i
i i i iIIi i i i i
1967
1961
SOURCE] BOARD OF GOVERNORS .OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
(Millions of dollars]
Consu mer credit outs tan din g (end of p eriod;
umadjusted)
Period
Total
1957___
1958
1959. __ _ _ _„
I960
1961___
\ 962
19G3_
1 9(5-1
1965
1966
1966: Sept
Oct.
Nov
Dec
1967: .liin..
Fob
Mar
Apr
M:iv__.
June
,Iulv_ _
All!'
Sept.
Oct.
_^
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94, 786
91, 639
91, 899
92, 498
94, 786
93, 479
92, 517
12, 519
< 3, OS9
13, 917
1 «1, X13
< f>, 115
1 f>, 6X-I
1 f>, SS6
96, (MM
'Also inclu.ii"
loans, not ^huv. n •
2
Consists oi sun
3 End o / p e r i o d .
http://fraser.stlouisfed.org/
32
Federal Reserve Bank of St. Louis
Total
l
33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
72, 829
73, 073
73, 491
74, 656
74, 015
73, 598
73, 591
73, 840
74, 290
75, 051
75, 348
75, 889
76, 039
76, 223
[nstalment
Automobile
Personal
paper
loans
7,582
15, 340
14, 152
8, 116
9, 386
16, 420
17, 688
10, 480
11, 256
17, 223
12, 643
19, 540
14, 464
22, 433
16, 228
25, 195
18, 354
28, 843
20, 110
30, 961
19, 701
30, 793
30, 852
19, 737
19, 837
30, 937
20, 110
30, 961
19, 974
30, 689
19, 976
30, 530
20, 047
30, 527
20, 193
30, 635
30, 852
20, 326
20, 567
31, 208
31, 364
20, 666
20, 936
31,455
21, 087
31, 296
21, 198
31, 237
er poods paper, and repair and modernization
loan:,, elmri'c accounts, and service credit.
Noninstalment 2
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
20, 130
18, 810
18, 826
19, 007
20, 130
19, 464
18, 919
18, 928
19, 249
19, 627
19, 762
19, 767
19, 795
19, 847
19, 871
Consum er instalme nt credit e xtended
and r<spaid (seas onally adju sted)
Automob ile paper
To tal
Extended
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
61,295
67, 505
75, 508
78, 896
6, 578
6, 522
6,657
6, 433
6,501
6,497
6, 510
6, 606
6, 554
6, 823
6, 776
6,929
6,973
6, 942
Repaid
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
6, 103
6, 142
6,213
6, 112
6,221
6, 281
6, 246
6, 393
6, 361
6, 531
6,551
6,585
6,689
6,631
Extended
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28, 491
2,387
2,378
2,461
2, 297
2,240
2, 177
2, 199
2, 217
2,238
2, 338
2, 266
2, 285
2, 322
2,321
Repaid
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19, 400
21, 676
24, 267
26, 373
2,213
2,244
2, 255
2, 225
2,202
2,217
2, 193
2, 235
2, 219
2,281
2,228
2,240
2,280
2,301
Mortgage
debt outstanding
nonfarm.
1- to 4family
houses 3
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197, 600
213, 700
223, 800
222, 200
223, 800
225, 500
228, 300
NOTE.—Data lor Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
In November, interest rates and bond yields averaged higher than in October. On a weekly basis, Treasury bill and
commercial paper rates rose substantially in late November and showed little change in early December.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1961
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCES* SEE TABIE BEtOW
Period
[Percent per annum]
High-grade
U.S. Gov<3rnment secuirity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
(Standard4 &
issues 2
bonds 3
bills *
Poor's)
2. 928
4. 02
3.99
3. 73
2. 378
3. 60
3. 90
3.46
2. 778
3. 57
3. 95
3. 18
3. 157
.
3. 72
4.00
3.23
3. 549
4.06
4. 15
3.22
3. 954
4.22
4. 21
3.27
4.881
5. 16
4. 65
3. 82
5. 387
5. 38
4. 70
3. 97
5. 344
4. 74
5. 43
3. 93
5. 007
5. 07
4. 65
3. 83
4.759
___
4. 71
4. 40
3. 58
4.554
4.73
4.47
3.56
4 288
4. 52
4. 45
3. 60
3. 852
4. 46
4. 51
3. 66
3.640
4.68
4.76
3.92
3.480
4.96
4.86
3.98
4. 308
5. 17
4.86
4. 05
4.275
f>. 28
___
4. 95
4. 03
4. 451
_
5.40
4. 99
4. 15
4 588
5. 52
___
5. 19
4. 31
4.762
5.73
5.44
4.36
1960
1961
1962
1963
1964
1965
1966
1966: Oct
Nov
Dec__
1967: Jan
Feb___
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov
Week ended:
1967: Nov 11__
18__
25_.
Dec 2__
9__
16__
4.672
4.648
4.989
4.957
4.989
4.941
5.80
5.76
5.71
5.67
5.70
5. 74
5.44
5.49
5.45
5.39
5.38
*5. 38
1
2
Kate on new issues within period.
Selected note and bond issues.
3
April 1953 to date, bonds clue or callable 10 years and after.
4
Weekly dnta are Wednesday
fipures.
*Not charted.
1
Dfttn for first of the month, based on the maximum permissible r interest
;
(( percent bcrlnniiH' October 1 liO(>) find 30-yenr mortgages paid in K > years.
rate
4.32
4.37
4.41
4.44
4.47
4. 49
Corpora te bonds
(Moc dy's)
Aaa
4. 41
4.35
4. 33
4, 26
4.40
4.49
5. 13
5.41
5. 35
5.39
5. 20
5.03
5. 13
5. 11
5.24
5.44
5. 58
5. 62
5. 65
5.82
6.07
6.02
6. 10
6.08
6. 13
6. 14
*6. 1 6
Prime
commercial
paper,
4-6
Baa
months
5. 19
3. 85
5.08
2. 97
5. 02
3. 26
4.86
3. 55
4.83
3. 97
4.87
4. 38
5.67
5. 55
6. 10
6. 00
6. 13
6.00
6. 18
6. 00
5. 97
5. 73
5.82
5.38
5. 85
5. 24
5. 83
4.83
5.96
4.67
6.15
4.65
4. 92
6. 26
6. 33
5. 00
6.40
5. 00
6. 52
5. 07
6.72
5.28
6.66
6.73
6.77
6.81
6. 89
6. 93
FHA
new home
mortgage
yields 5
6. 16
5.78
5. 60
5.46
5.45
5.46
6. 29
6.63
6. 81
6. 77
6.62
6. 46
6. 35
6.29
6.44
6. 51
6. 53
6. 60
6. 63
6.65
5. 13
5.13
5. 50
5. 50
r>. r>o
*o. r>o
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard <fr Poor's Corporation, and
Ivloody's Investors Service*.
33
COMMON STOCK PRICES, YI1
AND EARNINGS
The common stock price index fell during early November and the November average was the lowest since June.
Prices rose again in late November and early December.
Index, 1941-43=10
100
Index, 1941-43=10-
90
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
80
70
RATIO
RATIO
or
25
.
__
^"^
on
PRICE/EARNING S RATIO ON COMMC}N STOCKS
\
—
\
1 "s
10
^~
1
v
'
'
1961
^
'
^^-
^-
1963
1962
20
1^-
. . .,
1967
1966
1965
1964
1^
10
M
COUNCIL OF ECONOMIC ADVISERS
SOURCE: STANDARD 8, P.OOR'S CORPORATION
l
Period
1961
1962
1963
1964_ _ _
]965_.
1966
1966: Nov _ _
Dec___
11)67: Jan
Feb
Mar
Apr
May
June
Julv
Aug_ _
Total
_ _ _ _ _ _
_ _ _ _ _ _ _ _
___ _
__
_
Sept
Oct
Nov
_ __
Total
66. 27
62. 38
69. 87
81. 37
88. 17
85.26
80. 99
81. 33
84. 45
87.36
89. 42
90.96
92.59
91.43
93. 01
94. 49
95. 81
95. 66
92.66
69. 99
65. 54
73. 39
86. 19
93.48
91. 09
86. 10
86. 50
89. 88
93.35
95. 86
97.54
99.59
98.61
100. 38
102. 11
103. 84
104. 16
100. 90
93. 10
91. 61
92. 11
93.08
94.33
95. 38
*95. 19
101. 49
99.77
100. 25
101.33
102. 74
104. 03
103. 86
Price i ndex
Industrials
Capital Consumers'
goods
goods
1941-^13=10
67. 33
57. 01
54. 96
58. 15
63. 30
62. 28
73. 84
76. 34
85. 26
81. 94
84. 86
74. 10
77. 89
68. 25
79. 83
67. 76
69. 97
82. 70
86.72
73.78
90. 08
75. 10
92.37
77.53
79.13
95.10
78.94
96.34
81. 27
98. 35
83. 88
101. 01
84. 62
104. 17
106. 64
83. 60
80.47
103. 58
Railroads
Dividend
yield 2
(percent)
60. 20
59. 16
64. 99
69. 91
76. 08
68. 21
68. 82
68. 86
70. 63
70.45
70. 03
71.70
70.70
67.39
67. 77
68. 03
67. 45
64. 93
63.48
32.83
30. 56
37. 58
45. 46
46.78
46. 34
41. 57
41. 44
44. 48
46. 13
46. 78
45. 80
47.00
48. 19
49. 91
50. 43
49. 27
46. 28
42.95
2. 98
3. 37
3. 17
3. 01
3.00
3. 40
3. 66
3. 59
3. 51
3.36
3. 29
3.24
3.19
3. 19
3. 15
3. 11
3. 07
3. 07
3.18
62. 89
62. 49
63.42
63.97
64.56
64.37
64. 01
43. 62
42.79
42.69
42.82
43.41
43.75
43. 59
Price/
earnings
ratio 3
3. 17
3. 23
3.22
3. 15
3. 12
3.08
*3. 09
Public
utilities
21.06
16. 68
17. 62
18. 08
17. 08
14. 92
14.74
17.86
17.01
18. 14
\ \ r r k elided:
!9(»7: Nov
?>
10
17_
1M
Dec, 1
S
l. r >
103. 60
101. 27
102. 46
105. 00
105. 56
107. 24
107. 11
industrials; f>5 arc public utilities; and 20
la I and consumer poods are Wednesday
•nuMv of daily figures,
i latest, k n o w n annual rate) divided by
he tToii|>. A n n u a l yields
80. 64
79. 88
79.34
80.89
81.62
82.96
83. 28
are averages of monthly data. Weekly data are Wednesday figures.
3
Ratio of price index for last day in quarter to quarterly earning? (seasonally
adjusted annuaJ rate). Annual ratios are averages of quarterly data.
* Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
Administrative budget expenditures for the first 5 months of fiscal 1968 were $60.0 billion. In the corresponding
period of fiscal 1967 expenditures were $54.6 billion. Receipts for the same period were $40.4 billion in fiscal 1968
and $38.6 billion in fiscal 1967.
BILLIONS OF DOLLARS
150
NET BUDGET EXPENDITURES
BILLIONS OF DOLLARS
150
NET BUDGET RECEIPTS
125
125
100 r
100
75 ~
75
50 -
50 -
25 -
25
1963
100
1964
1965
1966
1967
1963
1968
+10
NATIONAL DEFENSE
1964
1965
1966-
1967
1968
1966
1967
1968
BUDGET SURPLUS OR DEFICIT
{ENLARGED SCALE)
75
FIRST 5 MONTHS
50
-10
25
-20
1963
1964
1965
1966
1967
1963
1968
1964
1965
FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budg et expenditiires
N ational defe nse 1
Period
Fiscal year 1963
Fiscal year 1 964
__
Fiscal year 1965
_ __ _
_ __
Fiscal year 1966 _ _ _ _
_ __
Fiscal vear 1967 __
_
__ __
1966: Oct
Nov_
Dec
1967: Jan
Feb
_ _
Mar
Apr _
_ __ _
May
June _
__
July
Aug___
_ _ _ _ _
Sept__
_
__
Oct
____
Nov
Cumulative totals, first 5 months:
Fiscal year 1967_
Fiscal year 1968 _
Net
budget
receipts
Total
86. 4
89.5
93. 1
104.7
115. 8
5. 8
7. 4
10. 6
9. 4
7.8
11. 4
13.5
6. 3
18.3
6. 4
7. 3
12. 4
6.8
7. 5
92. 6
97.7
96.5
107.0
125. 7
11. 0
10.4
9.5
10. 0
9.5
11. 7
9.5
10. 9
10. 1
11. 5
12. 7
12. f>
11.5
11.7
52. 8
54.2
50.2
57.7
70. 8
5. 5
5. 5
5. 9
6.2
5.8
6. 9
6.3
6. 1
6. 1
6. 4
6.8
6. 6
6.6
6.4
48. 3
49. 8
46.2
54.4
67. 7
5.3
5. 3
5.7
5.9
5. 5
6. 6
6. 1
5. 8
5.8
6. 2
6. 6
6. 3
6.4
6. 1
38.6
40.4
54.6
60. 0
27.5
32. 8
26.3
31.6
lii addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
3
Less than $50 million.
Total
Department of
Defense,
military
Military
assistance
1. 7
1.5
1.2
1.0
.9
.1
.1
.1
.1
.1
.1
.1
.1
.2
(3)
(3)
(3)
Budget
surplus
or
deficit {-)
Public
debt
(end of2
period)
.1
.1
4. 1
-4. 6
8. 2
-5. 1
-5. 4
-I
-4.7
—4. 2
306. 5
312. 5
317.9
320.4
326.7
327.4
329. 9
329. 8
329. 4
330. 1
331. 5
328.3
331.4
326.7
331. 2
336. 4
336. 4
341.0
345.6
.2
.2
-16.0
—19. 5
329.9
345.6
-6. 3
-8.2
-3.4
-2.3
-9. 9
-5. 2
-3. 0
1. 1
-. 6
-1.7
.o
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 were unchanged from the second to the third quarter while cash payments rose over $5 billion, resulting in a cash deficit of nearly $5 billion.
BILLIONS OF DOLLARS
30
30
25
25
+5
EXCESS OF CASH R 1CEIPT 5
• |I 1
-5
u
m »|
•
mm
^M
1
EXCESS OF CASH P AYMENTS
}
]
\
!
}96\
1962
+5
SEASONALLY ADJUSTED
1
I
!
mm
f
f
1963
!
i
I
i
1965
1964
^
i
1 " ""
\
!
1966
I
\
\
i
^.
I
-5
196 7
CALENDAR YEARS
cou NCIL Of
SOURCES: TREASURY DEPART*\ENT Al ^D BUREAU OF THE MIDGET
ECONO UIC ADVISERS
[Billions of dollars]
Period
Fiscal year :
1962
1963
1964
1965
1966
1967"
Calendar year:
1961
1962
1963
1964
1965
1966 >
Cash receipts
from the
public
Cash payments to
the public
Excess of
receipts or
payments
(—)
101. 9
109.7
115.5
119.7
134. 5
153. 5
107. 7
113. 8
120. 3
122.4
137.8
155.3
104. 7
111. 9
117. 2
120.3
127.9
150. 9
II
III
IV
1967: I
II
III
25. 8
33.3
46. 2
34 6
31. 1
38.0
49. 8
35.9
1
Seasonally adjusted data include accelerated corporate tax payments of about
$3 billion in calendar year 1966 and $5 billion in calendar year 1967.
36
Excess of
receipts or
payments
(-)
-6. 8
-5.7
-4 6
— 5. 2
-4.5
-5.7
Se*isonally adjus ted 1
Unadjusted
Quarterly total (calendar years):
1965: IV
1966: I
Cash payments to
the public
-5. 8
-4. 0
-4.8
— 2.7
-3.3
-1.8
97.9
106. 2
112. 6
115.0
123.4
145. 1
Cash receipts
from the
public
340
346
36.2
41.3
38.8
36.7
38.6
45. 1
-8. 1
-1.3
10. 0
-6.7
-7.7
1. 4
11.3
-9.2
31. 7
33.4
37. 1
37.3
38. 4
39. 2
38.5
38. 5
33.7
36.6
35.8
39.7
38. 6
38.8
38. 1
43.4
Sources: Treasury Department and Bureau oi the Budget.
-2. 0
-3.2
1. 3
-2. 5
2
.4
.4
-4. 9
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, Federal receipts rose more than $4% billion (seasonally adjusted annual rate) and expenditures
rose about $3 billion, yielding a deficit of over $13 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
120
100
I
t
I
I
!
I
l
l
+20
I
I
1
I
1
1
I
I
!
+20
SEASC NALLY ADJUSTED ANNUAL RATES
SURPLUS
m m
1
1
r—i
f—1
^ m
PI
_„«,- n n
™ n
\
DEFICIT
1
-20
1
1961
__
1
1
1962
1
1
1
I
1963
1
I
1
1964
!
I
f
!
I
I
1
f
-20
1967
1966
1965
wa
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fed era 1 G overallaent expeiiditures
Federal (jovernmeiit receipt 3
Period
Fiscal year:
1963
1964
1965
1966
1967 i
Calendar
year:
1963
1964
1965
1966
1965: IV.
1966:I_II.
III-
IV_
1967:I__
II-
III.
Indirect ContriPersonal Corpo- business butions
rate
tax and profits tax and
for
Total nontax
Total
nontax
tax
receipts accruals accruals socialinsuran ce
Subsidies
GrantsPurless
in-aid
current
chases Tran sa- to State
Net
interest surplus
of goods fer payand
of Govt,
and
ments
local
paid
enterservices
governprises
ments
110. 2
115. 5
120. 6
132. 9
147.8
49. 6
50.7
51. 3
57. 5
64.4
23. 5
25. 7
27.8
31. 0
31.3
15. 0
15. 6
16. 9
15. 8
16.3
22. 1
23. 5
24. 5
28. 6
35.7
111. 4
116. 9
118. 3
131. 9
155.5
63.4
65.7
64. 3
71. 7
84. 4
28.5
29. 5
30.4
34. 1
39. 8
8.4
9.8
10. 9
12. 7
15.4
7.5
8. 1
8. 5
9.0
10.1
3. 6
3.8
4. 1
4. 5
5.7
114. 5
115. 0
124. 8
143.2
127. 6
137. 0
141. 6
145. 6
148. 6
149. 1
148. 1
152. 7
51. 5
48. 6
53. 8
61. 7
54. 6
57.7
60. 9
63. 1
65. 2
65. 5
64.0
67.5
24.6
26.4
29. 3
32. 3
30. 9
32. 2
32. 2
32. 4
32. 3
30. 3
30. 3
30.6
15. 3
16. 1
16. 5
15. 9
16. 3
15. 2
15. 9
16. 2
16. 3
16. 2
16.5
16. 7
23. 1
23.8
25. 2
33. 3
25. 8
31. 9
32.5
34.0
34. 7
37. 0
37. 2
38.0
113.9
118. 1
123.4
142. 9
128. 0
134. 8
138.4
146.3
151. 9
160. 9
162. 8
165. 9
64.2
65. 2
66. 8
77. 0
69. 8
72. 1
74. 9
79. 5
81. 5
87. 1
89. 5
90. 9
29.1
29.9
32. 4
36. 0
32. 9
35. 2
34. 1
35. 9
38. 8
42. 2
42.4
43.5
9. 1
10. 4
11. 2
14. 8
12. 2
13. 8
14. 6
15. 3
15. 6
15. 6
15.3
16.0
7.7
8.3
8.7
9. 5
8. 9
9. 1
9. 4
9. 6
10. 0
10. 4
10. 4
10.5
3.6
4.2
4.3
5. 4
4.4
4. 6
5. 3
6. 0
5. 9
5. 6
5.3
5. 0
1
Preliminary, based on seasonally adjusted data; not strictly comparable
with preceding data.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
Surplus
or
A nfi /rl-iciericit
. (-)»
income
and
product
accounts
. ] 2
-l". 4
2. 3
.9
-7.6
.7
— 3. 0
]. 4
;•>
— '. 'i
O ')
'•> '*
*l
— •> •>
- 1 K i>
— 14. 7
— 13. 2
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
Page
1
2
3
4
5
6
7
8
9
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. 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
1'cderal Cash Receipts from and Payments to the Public
1'cderal Budget, National Income Accounts Basis
35
36
37
'
___-———_
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.
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