Full text of Economic Indicators : December 1975
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94th Congress, 1st Session
Economic Indicators
December 1975
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1975
JOINT
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNIN (Arizona)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
RICHARD F. KAOTMAN, General Counsel
COUNCIL OF ECONOMIC ADVISERS
ALAN GREENSPAN, Chairman
PAUL W. MAcAVOY
BURTON G. MALKIEL
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT Congress; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators'*
Rtselved 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 numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 85 cents a single copy
or by subscription at $10.10 per year ($2.55 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
ii
OUTPUT,
E
Gross national product increased $63.5 billion in the third quarter to an annual rate of $1,504.4 billion, according to
current estimates. In the second quarter, the increase was $24.3 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
(3overnmeiat
Persons
•
-
i
B:gpenditur es
Surplus
P*»rJL
Cl —
Equals:
or
Less:
Less : Equals:
Less:
Tax
Interest Total Personal
deficit
TransTranssaving
Purand
paid and exclud- consumpfers,
fers,
or
Equals: Total
tion
nontax interest,
ing
income
expend- interest, ofchases
dis- receipts
Net
Total * transfer
goods
interest expendand
payand
itures
receipts
and
itures
saving
or
and
and
ments
product
(—;
sub—
SUD—
accruals sidies 2
transto forsidies 2 services accounts
fers
eigners
Disposab le personstl income
Period
-
N et receipts
634.4
691.7
746.4
802. 5
903. 7
979. 7
16. 7
17. 9
18.8
20.9
24 1
26. 0
617.7
673. 8
727. 6
781. 6
879.6
953. 7
579. 5
617. 6
667. 1
729.0
805.2
876.7
38.2
56. 2
60. 5
52.6
74.4
77.0
296.7
302. 5
321. 6
367.0
411.5
455.0
77.9
93.2
105.9
116. 5
131.6
152.0
218.8
209.4
215.7
250. 5
279.9
303.0
287. 9
312.7
340. 2
372. 1
408. 0
461. 2
77. 9
93.2
105. 9
116. 5
131.6
152. 0
210. 0
219. 5
234. 2
255.7
276.4
309.2
8.8
-10. 1
-18.5
-5.1
3.5
-6.3
1974: I....
II...
950.6
966. 5
993. 1
1, 008. 8
25.6
25.8
26. 2
26.4
925. 0
940.7
966.9
982.4
840.6
869. 1
901. 3
895.8
84.4
71.5
65.5
86.5
435.9
450.7
470.3
463. 1
139.3
147. 4
157. 8
164.0
296. 5
303.3
312.4
299.1
435. 5
451. 7
470.0
487. 8
139. 3
147. 4
157.8
164. 0
296.3
304.4
312.3
323. 8
.4
-1.0
.2
-24.6
1975:1
II
III
1,015.5
1, 078. 5
1, 079. 6
989.2
26. 3
26.1 1, 052. 4
26.2 1, 053. 4
913. 2
938. 6
968. 8
75.9
113.8
84.6
453.7
425.8
475.0
178. 1
191. 9
194.4
275. 6
233.9
280. 6
509.8
529. 8
537.7
178. 1
191.9
194.4
331.6
338.1
343.5
-56.0
— 104.2
-62.8
1969......—
1970..__...
1971.......
1973
1974______
in:..
IV
Iriternation al
Business
Netexports of goods
Net
and service s
Excess of Total
transfers
StatisGross
Excess
to fortransfers income
Gross private
tical
of
retained domestic invest- eigners
or
or
discrepearnby perof net
receipts
ancy
invest-4
ment sons
Less: Equals:
exports
and Exports Imports
Net
ings 8
ment
5
<-)
Governexports
(-)
ment
Period
97.0
97.0
110.2
125.9
136.5
136.8
139. 0
136.3
153.7
179.3
209. 4
209.4
-42.0
-39.3
-43.5
-53.5
-72.9
-72.6
2.9
3. 2
3.6
3.8
3.9
3.6
55.5
62. 9
65.4
72.4
100.4
140. 2
53. 6
59.3
65.6
78.4
96. 4
138.1
1.9
3. 6
—.2
— 6. 0
3.9
2.1
1974: I
II
III
IV.
139.7
135.7
130. 6
141. 0
210.5
211.8
205.8
209.4
-70.8
-76.1
-75.2
-68.4
3.7
3.7
3.3
3.6
131.2
138.5
143. 6
147.5
119.9
140.0
146.7
145.7
11.3
-k5
-3.1
1.9
1975: I
II
III
146.7
155.4
166.4
163. 1
148. 1
179. 1
-16.4
7.3
-12.7
3.6
3.6
3. 5
142.2
136.0
142.7
133.4
119.8
129.8
8.8
16.2
13.0
1969-..- —
1970
1971
1972
1973
1974™..-.
.
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, subsidies less current surplus of government enterprises, and disbursements less wage accruals.
* Capital consumption allowances, corporate inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included
in disposable personal income.
1.0
Gross
national
product
or
expenditure
936.3
983. 5
1, 057. 2
1, 161. 8
1, 299. 9
1, 397. 1
— 6. 1
-6.4
-2.3
-3.8
-5.0
.4
930. 3
977. 1
1, 054. 9
1, 158. 0
1, 294. 9
1, 397. 4
1, 365. 1
1, 383. 5
1, 413. 3
1, 426. 1
-6.3
;3
3.0
4.8
1, 358. 8
1, 383. 8
1, 416. 3
1, 430. 9
-5.2 1, 415. 1
-12.5 1, 445. 3
-9.5 1, 503. 9
1.6
-4.4
.4
1, 416. 6
1, 440. 9
1,5044
.
A
3.8
9.8
—. 1
1.5
-7.7
5. 2
6.5
1.8
* Private business investment, purchases of capital goods by private nonprofit
Institutions, and residential housing.
•Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the third quarter, gross national product rose at an annual rate of 18.8 percent, reflecting an inflation rate o
percent and a rate of increase of 13.4 percent in real GNP. The real GNP growth rate was the highest iin 25 >
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,600
SEASONALLY ADJUSTS) ANNUAL RATES
MOO
1,400
1,200
1,20)
1,000
1,000
PSSONAL CONSUMPTON
EXPENDITURES
800
800
.--"*
600
^400
GOVKNMENT PURCHASES
OF GOODS AND SERVICES
\_
200
200
GROSS PRIVATE DOMESTIC
JNVESTMBC
NET EXPORTS OF GOODS
AND SERVICES
J
1969
J
I
1970
I
J
I
Government ] purchases of good s and
Total
Personal Gross
Implicit
Net
services
congross
Total
price
private exports
national gross
sump- domestic of goods
Federal
deflator
State
product national
tion
for total
Total
investand
and
in 1958 product expend- ment services
GNP,
Total National
defense1 Other local 1958=1002
dollars
itures
Billions <af dollars; quarterlyr data at Eseasonall;y adjust*jd annual rates
Period
617.8
668. 1
675.$
706.6
725.6
722. 5
746.8
792.5
8S9. 2
821.2
684. 9
749.9
793.9
864.2
930.3
977. 1
1, 054. 9
1, 158. 0
1, 294. 9
1, 397. 4
432. 8
466.3
492. 1
536.2
579.5
617.6
667. 1
729. 0
805.2
876.7
108.1
121.4
116.6
126.0
139. 0
136.3
153.7
179.3
209.4
209. 4
6.9
5.3
5.2
2.5
1.9
3.6
— ;2
-6.0
3.9
2. 1
137.0
156. 8
180.1
199.6
210.0
219.5
234.2
255.7
276.4
309.2
1049
106. 6
116.9
1974: I.
II
Ill
IV..
830.5
827. 1
828. 1
804.0
1, 358. 8
1, 383. 8
1, 416. 3
1, 430. 9
840. 6
869. 1
901. 3
895.8
210. 5
211. 8
205. 8
209.4
11. 3
-1.5
-3. 1
1, 9
296. 3
304.4
312. 3
323.8
1975: I
II_.
III
780.0 1, 416. 6
788.6 1, 440. 9
808.6 1, 5044
913. 2
938.6
968.8
163. 1
148. 1
179. 1
8.8
16.2
13.0
331.6
338. 1
343.5
_-.—
* This category corresponds closely with budget outlays for national defense,
shown on p. 36.
2 Gross national product In current dollars divided by gross national product
in 1958 dollars.
I
1975
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
1965—.
1966
1967
1968
1969
1970
1971
1972
1973
1974..
I
I
1974
1973
1972
1971
66.9
77.8
90.7
50.1
60.7
72.4
78. 3
78.4
74.6
71. 2
74 8
744
78.7
16.8
17. 1
18. 4
20.5
20. 4
21.6
26. 5
30. 1
32.2
38.2
70.1
79.0
89.4
100.8
111.2
123.3
136.6
150.8
169.8
192. 3
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 35
146. 12
154 31
170. 18
1143
117.2
1245
111.5
75.8
76. 6
78.4
840
35.7
37. 7
38. 8
40. 6
184 8
190. 1
195. 1
199.3
163. 61
167.31
172. 07
177. 97
126.5
128.4
130. 5
847
848
86. 1
41.8
43.6
444
205.1
209. 7
213. 0
181. 62
183. 88
186. 05
9as
98.8
96. 2
97. 6
Source: Department of Commerce, Bureau of Economic Analysis.
NATIONAL INCOME
ionai income rose $52.1 billion (annual rate) in the third quarter. Compensation of employees ($21.2 billion) and
sorate profits including inventory valuation adjustment ($18.1 billion) accounted for three-fourths of the rise. Both
<i proprietors' and net interest income also increased significantly.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,100
1,100
1,000
1,000
900
900
800
CORPORATE PROFITS AND
WVENTORY VALUATION ADJUSTMENT
1969
1975
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprieto rs' income
Total
national
income
Compensation
of employees *
564.3
620. 6
653. 6
711. 1
766.0
800. 5
857; 7
946. 5
1, 065. 6
1, 142. 5
393.8
435. 5
467. 2
514.6
566.0
603. 9
643. 1
707. 1
786.0
855.8
14.8
16. 1
14.8
14.7
16.7
16. 9
17.2
21.0
38.5
31.8
42.4
45. 2
47.3
49. 5
50.5
50.0
52. 0
54.9
57.6
61.2
1974: I
II
III
IV
1, 118. 8
1, 130. 2
1, 155. 5
1, 165. 4
828.8
848. 3
868.2
877.7
39. 1
29. 1
29. 8
29. 1
1975: I
II
III
1, 150. 7
1, 175. 4
1, 227. 5
875. 6
885.4
906. 6
22.2
22.7
29.9
Period
19651966
1967
1968
1969
1970
1971...
1972
1973
1974
__-
__
._
Farm 2
1
Includes employer contributions for social insurance (See also p. 4.)
2 Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
per-
19.0
20. 0
21. 1
21. 2
22.6
23.9
25; 2
Net
interest
26. 1
26.5
18.2
21. 4
24.4
26. 9
30.5
36.5
41.6
45.6
52.3
61.6
59.3
60. 7
62. 3
62.5
26.4
26. 3
26.6
26.8
62. 7
63.4
64.7
27.0
27.1
27.4
2£9
Corpora be profits and inventory va luation acIjustment
Total
76.1
82. 4
Profits Inventory
before valuation
taxes adjustment
84.3
79.8
69. 2
78,7
92. 2
105. 1
105.6
77.8
84. 2
79.8
87.6
84.9
74. 0
83.6
99.2
122. 7
140.7
-1.7
-1. 8
— 1. 1
-3.3
-5.1
-4.8
-4.9
-7.0
-17.6
-35.1
57. 5
60.1
62.8
65.9
107.7
105. 6
105.8
103.4
135.4
139. 0
157. 0
131.5
-27.7
— 33.4
— 51; 2
-28.1
68.9
71.9
75.9
94. 3
104.9
123.0
101.2
113.3
134.6
-7.0
—8.4
-11.7
7a7
Source: Department of Commerce, Bureau of Economic Analysis^
OF PERSONAL INCOME
Personal income increased $10.9. .billion (annual rate) in November. The increase of $8.3 billion in October \
$4.4 billion lower than originally reported, primarily because of downward revisions in farm income and tran!
payments. Wages and salaries increased $7.2 billion in November and farm income declined $1.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOMRS
1,200
1,200
1,000
1,000
WAGE AND SALARY DISBURSEMENTS
400
400
200
200
1969
COUNCIL OF ECONOMIC ADVISERS
SOURC& DEPARTMENT OF COMMERCE
Period
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Total
and
Other Propriety3rs' income Rental
Transfer
Divi- Persona]
personal salary
labor 12
Business income
interest
paydends
of
income disburse- income
Farm
and pro- persons
income ments
ments *
fessional
1968
688. 9
1969
750.9
1970
808. 3
1971
___ 864. 0
1972_.__
944 9
1973___
1, 055. 0
1974____
1, 150. 5
1974: Oct
1, 185. 0
Nov.... 1, 184. 5
Dec
1, 191. 0
1975: Jan
1, 191. 1
1, 193. 4
Feb
Mar
1, 195. 7
Apr
1, 203. 1
May... 1, 214. 3
15 244. 1
June
July... 1, 238. 9
Aug
1, 255. 9
1, 270. 9
Sept
Oct
1, 279. 2
Nov *__ 1, 290. 1
464. 9
509. 7
542.0
573. 0
626.8
691.7
751.2
773.0
767.8
766.6
765.7
763.6
766. 0
768. 0
772. 9
778. 1
782. 2
792. 3
799.6
807.1
814. 3
25.4
28.4
32. 2
36.4
41.7
46. 0
51.4
53. 5
54. 0
54 5
549
55.3
55. 7
56.2
56. 7
57.2
57. 7
58.2
58.7
59.2
59.7
14. 7
16.7
16. 9
17.2
21. 0
38. 5
31.8
29.2
29. 1
29.0
26.0
22.2
18.4
20. 6
23. 0
24 5
27.5
29. 9
32. 1
30.6
29.0
49. 5
50.5
50. 0
52. 0
54 9
57. 6
61.2
62.5
62.5
62.5
62. 7
62. 8
62. 5
63.0
63.4
63. 9
64 1
64 8
65.2
65.7
66.1
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
2 Consists ol employer contributions to private pension, health, and welfare
21. 2
22.6
23. 9
25.2
25. 9
26. 1
26.5
26.7
26.8
26. 9
27.0
27.0
27. 0
27. 1
27. 1
27. 2
27. 2
27. 4
27.7
28.0
28.3
23. 6
24 3
24 7
25. 0
27. 3
29. 6
32. 7
33.5
33.6
32. 7
33. 9
33. 8
33. 7
33.9
34 0
34 0
34 2
345
34.8
348
348
52.9
59.3
67. 5
72. 8
78.6
90.6
103.8
108. 0
109. 5
111. 1
111. 9
112. 5
113. 3
114. 8
116. 9
119.0
119.8
121.4
123. 8
125.9
128.9
59. 6
65. 8
79.1
93.3
103.2
117.8
139.8
147.6
149.8
156. 1
158. 6
165. 5
168.3
168. 9
169.9
190. 2
176.3
178. 0
180.0
179.4
180.9
Less: Peronagrisonal con- Ncultural
tributions personal
for social
3
insurance income
22.8
26. 3
28. 0
30. 7
34 5
42. 8
47.9
48.9
48.5
48.4
49.5
49. 2
49.3
49.4
49. 7
50. 0
50. 2
50. 7
51. 1
51.4
51.8
668. 8
728.3
7848
840. 0
916.5
1, 008. 0
1, 109. 0
1, 145. 7
1, 145. 2
1, 151. 4
1, 154. 3
1, 160. 1
1, 166. 2
1, 171. 1
1, 179. 7
1, 207. 9
1, 199. 5
1, 214. 0
1, 226. 6
1, 236. 3
1, 248. 7
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other
minor items.
8
Personal income exclusive of net income of unincorporated farm enterprises
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL
"^"sposable personal income rose $1.1 billion (annual rate) in the third quarter following a $63.0 billion increase
the second. The exceptionally large increase in the second quarter and the small increase in the third reflected
anges in Federal income taxes—the May 1 tax rate cut and rebates on 1974 income taxes—and the $50 one-time
special payments to social security recipients.
BHUONS OF DOLLARS
1,100
BILLIONS OF DOLLARS
WOO
!
!
!
I
I
I
!
f
I
I
I
3,000
2,000
-^2,000
1969
1975
SOURCE* DEPARTMENT OF COMMERCE
Period
Less:
Personal
Personal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Per cap»ita disL ess: Perse»nal outlayJTS
posable personal
Equals:
Persoimi consurnption
Equals:
incc>me
Disex penditure s 2
Personal
posable
Total
saving Current
personal personal1 Durable Non1958
durable
income outlays
Services
dollars dollars
goods
goods
Billions of dollars
1967
629. 3
1968
688. 9
1969__ ._ 750. 9
1970
808. 3
864. 0
1971
1972
944. 9
1, 055. 0
1973
1974
1, 150. 5
83. 0
97. 9
116. 5
116. 6
117. 6
142. 4
151. 3
170.8
546. 3
591. 0
634. 4
691. 7
746. 4
802. 5
903. 7
979.7
506. 0
551. 2
596. 2
635. 5
685. 9
749. 9
829. 4
902. 7
73. 1
84. 0
90. 8
91.3
103. 9
118. 4
130. 3
127. 5
Dol lars
215. 0
230. 8
245. 9
263. 8
278. 4
299. 7
338. 0
380. 2
204.0
221. 3
242. 7
262. 6
284.8
310. 9
336. 9
369. 0
40. 4
39. 8
38.2
56. 2
60. 5
52. 6
74. 4
77.0 I
2,749
2,945
3, 130
3,376
3, 605
3,843
4, 295
4, 623
112. 5
134. 6
168. 2
186. 9
866. 2
894. 9
927.6
922. 3
123. 9
129. 5
136. 1
120.7
364. 4
375. 8
389.0
391. 7
352. 4
363. 8
376. 2
383. 5
84. 4
71. 5
65. 5
86.5
4,497
4, 565
4, 681
4, 745
2, 887
2,850
2, 842
2,798
1975: I— 1, 193. 4 178. 0 1, 015. 5
II- 1, 220. 5 142. 0 1, 078. 5
III_ 1, 255. 2 175. 6 1, 079. 6
939.5
964. 7
995.0
124. 9
130.6
138.6
398.8
410. 1
422.7
389. 5
397. 9
407.5
75. 9
113.8
84.6
4,768
5, 055
5,047
2,775
2, 907
2,858
Includes personal consumption expenditures, interest paid by consumers,
^ personal transfer payments to foreigners.
ee p. 2 for total personal coemption expenditures.
6.0
8. 1
8. 1
6.6
8.2
7. 9
i1
950. 6
161. 9
168. 2
966. 5
993. 1
175. 1
178. 1 1, 008. 8
1
7. 4
6. 7
2,403
2,486
2, 534
2, 610
2, 683
2, 779
2,945
2,845
Seaso nally adjiisted annu al rates
1974: !___ 1,
II.. 1,
III_ 1,
IV. 1,
Saving
as percent of Populadistion
posable (thou-3
personal sands)
income
(percent)
198, 712
200, 706
202, 677
204? 878
207, 053
208, 846
210, 410
211,894
|
8. 9
7. 4
211, 362
211,699
212, 123
212, 585
7.5
212, 962
213, 362
213, 897
6.6
8.6
10.6
7.8
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Som<x. Department of Commerce (Bureau of Economic Analysls and Bu.
reau of the Census).
FARM INCOME
Farm income, including and excluding inventory change, increased substantially in the third quarter. Irs the secoi
quarter there was little or no change.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
1120
SEASONALLY ADJUSTED.ANNUAL RATES
100
100
'REALIZED GROSS
FARM INCOME
80
80
60
60
40
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
I
J
!
1970
1969
1971
!
J
I
J
I
Personal income received by
total f arm popu lation
income re ceived from farming r
Nett 3 farm
oper ators
Realizeid gross
1967
1968
1969.
1970
1971
1972
1973
1974
.
From
all
sources
_
_
I
1975
COUNCIL OF ECONOMIC ADVISERS
SOURCE! DEPARTMENT OF AGRICULTURE
Period
J
1974
1973
1972
22.6
23.7
26.4
26.8
28.0
33. 5
47.7
44.0
From
From
nonfarm
farm
sources sources
11.0
11.1
12.7
12.6
13.0
16.3
28.7
23.1
11.6
12.7
13.7
14.2
15.0
17.2
19.0
20.9
Net inc ome per
farm including net3
inventoryr change
Produc—
Cash tion ex- Exelud- Includreceipts penses ingnetin- ing net in- Current
1967
from
Total1
ventory ventory2 dollars dollars *
marketchange change
ings
Billions ()f dollars
Dol lars
38.3
49.9
42.8
11.6
12.2
3,867
3,867
44.2
51.7
39.7
12.1
12.0
3,949
3,797
42.4
56.3
48.2
13.9
14.0
4,672
4,286
58. 6
44.8
50.5
13.8
13.8
4,667
4,094
60.6
47.8
52.9
14.2
12.8
4,879
4,100
61.2
52.8
70.1
18.2
6,332
17.3
5,106
95.3
86.9
65.8
29.5
33. 1 11, 639
8,434
73.4
101.1
93.5
9,211
27.7
26. 1
5,721
Seasomally adjitsted annual rates
1974: I_
II
Ill
IV
105.8
97.6
99.2
101.9
98.4
90. 1
91.5
94. 1
72.6
73.2
73.8
74.0
33.2
24.4
25.4
27.9
34.3
22.8
22. 3
25.0
12, 120
8,060
7,880
8,830
7,920
5,070
4,800
5,190
1975: I
II
III
95.0
96. 1
106.2
87.0
88.0
98.0
74.0
75.6
78.0
21.0
20.5
28.2
19. 5
20.0
29.2
6,920
7,100
10, 360
3,980
4,060
5,790
1
Cash receipts from marketings, Qovernment ijayments, mid nonmones7 Income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
* Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
< Ineome in enrrent dollars divided by 1 he index of ] )rices paid b]r farmers for
faml ly living iteias on a 1967 13ES6.
Source: Department of Agriculture.
CORPORATE PROFITS
ore-tax book profits increased $21.3 billion to an annual rate of $134.6 billion in the third quarter. The increase
x>ok profits consisted of a $18.1 billion rise in profits from current production and a $3.3 billion rise in inventory
.ns.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
40
20
20
1969
I
1970
SOURCE. DEPARTMENT Qf COMMENCE
1975
COUNCIL OF ECONOMIC ADVISERS
1967
1968
1969
1970
1971
1972
1973
1974
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Cor]Dorate pi•ofits
Consorate pr ofits (befc)re taxes) and inveiitory
atfter taxcJS
Corpo- Profits
valuation adjustme at
rate
plus
TransCorpoCorpoMianufactui •ing
capital capital
portation,
rate
rate
concon
UnDivicomtax
profits
NonAll
sump- sumpDurable
distribdend
All
muniliabilbefore
Total
industion
tion
goods durable
payuted
ity
Total indusgoods cation, other * taxes
tries
ments profits allow-2 allow-3
and
ances ances
tries
public
tries
utilities
38.7
20. 7
46. 6
25. 3
18. 0
21.4
79.8
33.2
7&7
89.6
29. 1
43.0
10.8
22. 4
41.7
19.3
23. 6
32.0
47.8
242
843
87.6
39.9
46.8
10. 6
946
36.6
17.7
18.8
448
243
79.8
20.5
40. 1
33. 1
84 9
51.9
10. 1
96.8
27.8
10.5
17. 3
69.2
39.3
24 7
74.0
146
56.0
95.2
33.7
348
7.8
32.3
14. 5
21. 1
17.8
25. 0
78.7
46. 1
60.4
83.6
37.5
38. 1
106. 5
8. 3
21. 8
40.8
19.0
42.2
99.2
27.3
92.2
41.5
57.7
30.3
66.3
9.2
124. 0
47. 6
26. 1
21.5
72.9
48.3 122. 7
105. 1
29.6
43.3
71.2
9.2
49. 8
144 1
47.0
17.0
30.0
85.0
52.4
105. 6
32.7
50.9 140.7
55. 7
7.8
76.7
161.7
1974: I....
II__.
IIIIV-..
107.7
105.6
105.8
103. 4
46. 2
46. 8
48.6
46.3
19. 3
17. 1
15. 3
16. 2
26.9
29.7
33.3
30. 1
7.1
8.0
8. 6
7.5
54.5
50.8
48.7
49. 6
135.4
139.0
157.0
131. 5
52. 2
55.9
62.7
52. 0
83.2
83. 1
943
79.5
31. 6
32.5
33.2
33. 3
51.6
50. 5
61.1
46. 2
741
75.7
77.6
79. 3
157. 3
158.8
171.8
158. 8
1975: I-_. 94. 3
104.9
II...
III... 123.0
41. 1
48.3
58.9
13.8
18.0
26.3
27.3
30.4
32.6
6.8
8.1
11.4
46. 4
48. 6
52.7
101.2
113.3
1346
39.0
43. 0
52.0
62. 3
70.3
82.6
33.8
340
34 5
28. 5
36.3
48.1
81.2
85.2
143.5
153.3
167.8
Period
1 Includes all other industries and financial institutions.
2 Includes depreciation and accidental damages.
* Corporate profits after taxes plus corporate capital consumption allowances.
63-324*—75
sao
Source: Department of Commerce! Bureau of Economic Analysis.
PRIVATE
Gross private domestic investment rose $31.0 billion (annual rate) in the third quarter, more than four-fifths of whrL
resulted from a much lower rate of inventory decumulation. Business fixed investment increased about $1 billion a
residential structures abouf $41/2 billion.
BULKDNS OF DOLLARS
250
BILLIONS OF DOl LARS
250
SCASONALLY ADJUSTED ANNUAL HATES
,
f"~^\
\
<S^
GR DSS
-
^^
V
JL^
150
.—-*\
c
PRIVATE DOMEST
INVESTMENT
X^
I
PRODUCERS'
DURABLE EQUIPMENT
-
'*-
»""«».«„„., «"»•«.,„„.„„„.„«.«'»"**
„„„„
-
RESIDENTIA u STRUQURES
.«•"'"
Mfi f
,n«iii
** **««tt»f
^-g^Sfc
^^ril
50
f
*«am«Hi«»it^
CHANGE IN BUSINESS
If sIVENTORIES
-
100
r
^ „»,».:.*•*****
NON RESIDENTIAL STRUCTU RES
•**>**
i
Ǥ!ǥ*
X^'^' ^
\
w
I
• I
1969
!
I
•JCA
'
100
50
nftA
!
1970
!
!
1
1971
!
I
!
1972
!
I
!
1973
I
!
I
1974
I
Q
\ I '!/ I
\W5/
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed in1'vestment
Period
Total
gross
private
domestic
investment
Strue tures
Total
Total
Total
1965
1966
1967
1968.
1969
1970
1971
1972
1973
1974___
Resic ential
struc tures
N<president ial
Nonfarm
ProduceT8} durable equdpment
Total
1
4
6
0
0
;•.
7
3
4
4
98. 5
106. 6
108. 4
1 18. 1)
131. 1
131. 7
147. 4
170. 8
194. 0
1 95. 2
71.3
81. 6
83. 3
88. 8
98. 5
100. 6
104. 6
116. 8
1 36. 8
149. 2
25. 5
2R5
28. 0
30. 3
34.2
36. 1
37. 9
41. 1
47. 0
52. 0
24.9
27. 8
27. 3
29. 6
33. 5
35. 3
37. 1
40. 4
45.7
50.2
45.8
53. 1
55.3
58. 5
64. 3
64. 4
66.6
75. 7
89.8
97. 1
1974: I
II
III.
210. 5
211. 8
205. 8
209. 4
193. 6
198. 3
197. 1
191. 6
145. 2
149. 4
150. 9
151. 2
51. 3
52. 2
51. 0
53. 7
49. 5
50. 4
49. 2
51.7
1975: I
II ._
163. 1
148. 1
179. 1
182. 2
179. 1
184.6
146. 9
142.7
143. 6
52.8
49. 1
49.6
50. 8
47.2
47.7
.
IV
Ill
108.
121.
116.
126.
139.
136.
153.
179.
209.
209.
Source: Department of Commerce, Bureau of Economic Analysis.
8
Nonfarm
41.6
Total
NOBfarm
Change in busi-
ness m? entories
Total
Nonfarm
50. 0
53. 6
59.2
58.9
61. 1
69.4
81.4
86. 5
27. 2
25.0
25. 1
30. 1
32.6
31. 2
42.8
54.0
57.2
46. 0
26.7
24.5
24. 5
29. 5
32. 0
30.7
42.3
53. 4
56. 7
45.2
9.6
148
8. 2
7. 1
7.8
4.5
6.3
8.5
15.4
14.2
8.6
15.0
7.5
6. 9
7.7
4.3
4.9
7.8
11.4
11.9
93. 9
97. 2
99. 9
97. 5
84. 6
86. 9
89.2
85.4
48. 4
48. 8
46. 2
40.4
47.8
48.0
45.4
39.7
16.9
13.5
8.7
17.8
13. 1
10.4
6.6
17.5
94.2
93.6
94.0
82.9
82. 1
84.0
35. 3
36.4
41.0
34. 8
35.6
40.0
— 19.2
-31.0
-5.5
-17.8
—30.6
-7.2
48.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
si ness plans to increase capital spending 2.4 percent in the fourth quarter of 1975, 2.9 percent in the first quarter of
76, and 2.3 percent in the second quarter, according to a survey conducted in late October and November.
j
BIUJONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
TOTAL NEW PLANT AND EQUIPMENT
40
40
20
20
1970
J/ SEE FOOTNOTE 3 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual ratesj
M,anufactun ng
Period
Total *
Total
1968_._
1969
1970
1971
67.76
75.56
79. 71
81. 21
1972___.
88.44
1973
1974 3
1975
1974: III
IV
1975: I
II
III
99. 74
112. 40
IV 3
1976: 1ss
' II
1
US. 49
durable
goods
Total
14.25
15. 72
16. 15
15.84
15. 72
18. 76
39.40
26. 27
23.08
23.28
23. 96
48. 78
47. 39
22. 86
22. 59
21. 01
26. 20
26. 19
26. 38
48. 16
49. 88
51. 37
21.82
22. 84
28. 27
26.34
48.08
114.57
49.05
114. 80
118. 16
120. 87
able
goods
22.06
48. SI
113. 99
116. 22
112. 46
112. 16
Non-
23.39
31.68
31. 95
29. 99
31. 35
38. 01
46. 01
47. 04
Traiisportation
Dur-
14. 12
15. 96
15. 80
14 15
15.64
19.25
22. 62
28.37
Is onman ufacturiE ig
24.80
27.53
28. 10
43. 88
47. 76
51. 22
57.09
61. 73
66. 39
65. 18
66.94
68. 14
65. 52
63. 68
64. 76
66. 64
68. 28
69.50
Excludes agricultural business; real estate operators; medical, legal, educa^al, and cultural service; and nonprofit organizations.
^udes trade, service, construction, finance, and insurance.
lates based on expected capital expenditures as reported by business
stober and November 1975. Includes adjustments when necessary for
ic tendencies in expectations data.
Mining
Railroad
Air
1.63
1. 86
1. 89
2. 16
2. 42
2.74
3. 18
145
1. 86
1. 78
1.67
1.80
1.96
2. 54
2.56
2.51
3.03
1. 88
2.46
2.41
2. 00
1.59
1. 68
1. 23
1.38
1.46
1. 66
2. 12
10.20
11.61
13. 14
15. 30
17.00
18.71
20. 55
80.31
18. 09
3.27
3.56
3.76
3. 78
3.82
2.68
3.05
2. 39
2.70
2. 75
1.84
1.81
2. 09
1. 60
2. 12
2. 16
2.71
2. 82
2. 75
2.99
20. 16
20. 93
20. 28
19. 52
19.79
14.01
14.04
13.36
12.50
12.95
S.9S
2.S6
2.49
1.67
1.86
2.91
8.04
S.82
4.00
2.54
1.84
Other
2.90
Com-
Com-
Public muniutilities cation
21. 54
mercial
and
other
6.83
8.30
10. 10
10.77
11.89
12. 85
13. 96
2
15. 14
16. 05
16.59
18. 05
20. 07
21.40
22.05
20. 67
22.84
22.04
20.82
20.83
20.34
'
84. 24
2S. 62
88. 76
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
necessarily coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Civilian employment (seasonally adjusted) declined by 163,000 in November largely as a result of a decline
farm employment (130,000). The number of unemployed persons fell by 301,000, to 7.7 million.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
1975
1969
16 YEARS OF AGE ANp OVER.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Period
Total
labor
force
(including
Armed
Forces)
Civilein employ naent
NonagriTotal
cul-
1971
1972*..
1973*..
1974. __
86, 929
88, 991
91, 040
93, 240
79, 120
81, 702
84, 409
85, 936
Unadj usted
1974:
Oct..
Nov.
Dec.
1975:
Jan.
Feb.
Mar.
Apr.
MayJune.
July.
Aug.
Sept.
Oct..
Nov.
Total
labor
Unemforce
ploy- (includment
ing
Armed
Forces)
Thous ands of }3ersons 1€
75, 732 4,993 86, 929
78, 230 4,840 88, 991
80, 957 4,304 91, 040
82, 443 5,076 93, 240
Civili an emplc>yment
Civilian
labor
force
years of
84, 113
86, 542
88, 714
91, Oil
oyment Labor
Unem- Unempl
force
rate
(pe
rcent of particiployciviUa
n
labor
ment
pation1
for ce)
rate
Agricultural
Nonagricul-
age and c>ver
79, 120 3,387
81, 702 3,472
84, 409 3,452
85, 936 3,492
75, 732
78, 230
80, 957
82, 443
4,993
4,840
4,304
5,076
5.9
5.6
4.9
5.6
Unadjusted
Total
Percent
*Seasonally adjustea I
61. 0
61.0
61.4
61.8
Seaso natty
adju sted
94, 105
93, 822
93, 538
86,847
85, 924
85, 220
83,312
82, 700
82, 261
5,044
5,685
6,106
94, 057
98, 921
94, 016
91, 844
91, 708
91, 808
86, 804
86, 689
85, 202
8,440
3,876
3, 889
82, 864
82, 314
81, 863
5,540
6,019
6,601
5.5
6.2
6. 7
6.0
6.6
7. 2
62.0
61.9
61.8
93, 342
93,111
93, 593
93, 564
93, 949
96, 191
97, 046
96, 493
94, 965
95, 431
94, 943
82, 969
82,604
83, 036
83, 549
84, 146
85, 444
86, 650
86, 612
85, 274
86, 023
85, 556
80, 082
79,714
80, 048
80, 377
80, 524
81, 575
82, 560
82, 726
81, 647
82, 499
82, 400
8, 180
8,309
8,359
7,820
7,623
8,569
8, 209
7,696
7,522
7,244
7,231
94, 284
93,709
94, 027
94, 457
95, 121
94, 518
95, 102
95,881
95, 361
95, 607
95, 134
92, 091
91,511
91, 829
92, 262
92, 940
92, 340
92, 916
98, 146
98, 191
98, 448
92, 979
84, 562
84,027
88, 849
84, 086
8,383
8,826
3, 266
3, 238
3,612
8,304
8,450
3, 468
3,546
3,422
8,292
81, 179
80,701
80, 584
80, 848
80, 890
81, 140
81, 628
81, 884
81, 872
82, 019
81, 986
7,529
9.0
9. 1
9. 1
8.6
8.3
9. 1
8.7
8.2
8. 1
7.8
7.8
8.2
8. 2
8. 7
8.9
9. 2
8.6
8.4
8.4
8.3
8. 6
8.8
61.9
6L6
61. 6
61.8
62. 1
61. 7
61.9
62.0
61.9
62.0
61.6
•Data beginning January 1972 not strictly comparable with prior data because
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.
10
84, 402
84, 444
86, 078
85, 852
85, 418
85, 441
85, 278
7,484
7,980
8,176
8,538
7,896
7,888
7,794
7, 773
8,002
7,701
1
Total labor force as percent of noninstitutional population 16 years of age
and over.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
'Vfter having risen by 0.3 percentage point in October, the unemployment rate declined by this amount in November
return to 8.3 percent.
PERCENT
PERCENT
SEASONAUYAWUSTK*
LABOR FORCE TIME LOST
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE,
MARRIED
1975
SOURCE, DEPARTMENT OF LABOR
COUNCIL Ol* ECONOMIC ADVISERS
linenaploymen t rate
(pereeo t of eivili<in labor
for ce in grouip)
Persons at work in nonagn cultural ir
idustries
by hours worked j>er week 2
Uiider 35 ho urs
Labor
Experi- Married
force
enced
All
men
time lost l
wage
and
workers salary
(wife
workers present)
Period
Per cent
1971
1972
1973
1974
.
_ .
1974: Oct
Nov
Dec
1975: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
1
5.9
5.6
4.9
5.6
5. 7
5. 3
3. 2
2.8
2.3
4.5
5.3
2.7
Seasonall y adjusted
6.0
5. 7
3.0
6.6
6. 2
3. 3
&
0
O. O
7. 2
6.9
8.2
7. 8
4.5
8. 2
7.9
4.7
8. 7
8.9
9.2
8.6
8.4
8.4
8.8
8. 6
8.3
8.4
8.8
8.9
8.6
8. 8
8. 2
8. 2
8. 2
8.0
5. 2
5.6
5.8
5. 7
5.4
5. 0
5.8
5. 2
4.9
6.4
6.0
5.2
6. 1
6.6
7. 2
7. 9
8.9
8.9
9.6
9. 7
9.9
8.9
8. 8
8.6
9.0
9.4
9.0
Over 40
hours
Part-ti me for
economi c reasons
Total
Part-ti me for
economi c reasons
Usually Usually Usually
fullfullparttime s
time 4
time 3
Thousan ds of pers ons 16 ye,irs of age and over
19, 095 35, 752 16, 298
1, 184
1, 256
20, 320 36, 794 16, 549
1,327
1,081
21, 284 37, 426 17, 473
1,074
1,237
20, 241 38, 767 18, 275
1,308
1,401
1Jnadjustea 1
Seasonall y
21, 737 39, 877 17, 769
1,283
1,368
1,377
20, 257 39, 345 19,851
1,412
1, 516
1, 575
19, 787 39, 247 19, 768
1,746
1, 351
1,847
2, 123
18, 583 39, 379 18, 758
1,474
2,037
17,802 37,821 20,653
2,086
1,516
2,047
18, 481 39, 131 19, 009
1,906
1, 777
1,887
1,825
18, 461 40, 313 18, 486
1, 655
1,883
1,619
19, 051 39, 748 18, 195
1,792
1,764
1, 681
18, 438 39, 485 17, 710
2,371
1,580
17, 443 36, 828 16, 237
1, 443
2,610
1, 486
18, 119 38, 072 15, 749
1, 535
2, 360
1,369
1, 344
20, 213 39, 900 17, 155
1, 692
1, 382
1,341
20, 018 37, 419 21, 244
1, 674
1,489
20, 108 38, 230 20, 926 3 1, 324 5 1, 709 1 1,875
Aggregate hours lost by the unemployed and persons on part-tune for economic
reasons as a percent of potentially available labor force hours.
2
Differs from total nonagricultural employment (p. 10), which includes per-s with jobs but not at work for such reasons as vacation, illness, bad weather,
industrial disputes.
35-40
hours
UsuaEy
parttime 4
adjusted
1,552
1,605
1,528
1,800
1,700
2,029
2,001
2,118
1,824
1,693
1, 737
1,901
1, 900
1,942
s Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
*6 Primarily includes persons who could find only part-time work.
Average hours worked: usually full-time, 23.7; usually part-time, 19*2,
Source: Department of Labor, Bureau of Labor Statistics;
11
UNEMPLOYMENT INSURANCE PROGRAMS
In November, seasonally adjusted insured unemployment under State programs averaged 3.4 million or 300,000 less
than in October. The seasonally adjusted insured unemployment rate dropped from 5.6 percent in October to r
percent in November.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMBC
(STATE PROGRAMS)
MAR.
JAM
APRIL
MAY
JUNi
JULY
AUG;
SEPT,
NOV.
OCT.
SOURCE: DEPARTMENT OF LABOR
DEC
COUNCIL OF ECONOMIC ADVISERS
Stsi/te programs
InsurecI unemInitial
Insure d unemInsured Total
ploymeiit as per- Benefit s paid
clitims
unem- benefits
Plojnment
AverEx- cent of covered Total
Covered ploypaid
age
haus- employment
employ- ment
(milSeasonSeason(milweekly
Unad- ally ad- Unad- ally ad- tions
(weekly
ment
lions
Seasonlions of check
Unadaverof dol- justed justed justed justed
(doljusted ally ad- dollars)
age)
lars)
jmted
lars)
AJl progranas
Period
1971
1972
1973 ».
1974 »„_..
1974: Get
Nov....
Dec
1975: Jan
Feb..
Mar
Apr
May
June
July »
Aug *
Sept 9
Oct»
Nov 9
Week ended:
1975: Nov 8_
15
22
29
Dec 6 »
13"
12
i Not charted.
Thou sands
59, 375
2,313
66, 900
2;185
70, 561
1,783
2,578
2,246
2,825
3,910
5,213
5,751
5,886
5,647
5,202
4,892
4,990
4,590
4,254
4,042
4,123
3,971
4,196
3,918
4,393
4,344
Veekly av<srage, tJ iousand£
6, 214. 9
5, 510. 5
4, 527. 0
6, 933. 9
530.3
571.0
848.3
1, 256. 6
1, 312. 3
1, 490. 4
1, 539. 7
1, 395. 2
1, 256. 7
1, 354. 0
1, 195. 4
1, 076. 4
2, 150
1,848
1,632
2,262
1,947
2,499
3,550
4,752
5, 108
5,091
4,775
4,281
3,878
3,871
3,436
3,077
2,924
3,044
2,902
3,090
2,897
3,288
* 3, 279
^
2,478
2,808
3,291
3,652
3,955
4,216
4,522
4, 628
4,4'27
4,128
8}898
3,885
S, 738
3,427
$,4$0
3,629
3,195
3,468
3,S56
295
261
246
363
348
480
703
795
609
510
463
401
427
480
375
340
367
402
414
372
419
403
488
456 1
338
447
552
565
546
545
525
494
487
421
443
449
439
386
427
365
401
356
405
359
Per cent
38
35
29
37
34
36
42
50
58
66
84
92
104
105
97
84
4.1
3.5
2.7
3. 5
3.0
3.8
5. 4
7.2
7.8
7. 7
7.2
6.4
5.8
5. 8
5. 1
4.6
4.4
4. 6
43
4.6
4.3
4.9
4.9
3.8
4 . 00
5.0
6. 5
6.0
6.4
6.8
7.0
6. 7
6. 2
5. 8
5. 8
4, 957. 0
4, 471. 0
4, 007. 6
5, 974. 9
442. 0
485.0
745.9
1, 128. 2
1, 164. 2
1, 290. 6
1, 301. 2
1, 145. 1
984.0
1, 037. 2
879. 7
774,5
5402
56.76
59.00
64 25
65.20
65.49
67.22
67.83
68.73
69.07
69. 08
69.33
69.58
71.56
71. 01
71. 12
5.6
5.1
5.2
5.5
4.8
5.2
5.0
I
Source: Department of Labor, Employment and Training Administration
NONAGRICULTURAL EMPLOYMENT
pnfarm payroll employment (seasonally adjusted) was virtually unchanged in November, after having increased by
'er 1 million jobs from June to October. Small changes were observed in all of the subsectors.
MHIJONS OF WAGE
AND SALARY WORKOS
MULUONS OF WAGE
AND SALARY WORKERS
(SEASONALLY ADJUSTED).
(SEASONALLY ADJUST^)
nn
80
76
-x—>
MONAGR1CULTURAI
'—•<1
s
-
""" *^.-
ESTABUSHMB^TS
;
AA
„*•»*"*""
f
.- \ ..
^
NONMANUFACTUW NG
(PRIVATE)
40
- .
;
.;
24
MANUFAC URiNG
/
20
—— =
<tf
16
--—-«*•"
12
ft
I
-GOVERNMENT-
/f 1 1 ! ! ! 1 1 1 1 1 1
K
1 ! 1 1! I I ! t 1 1
1974
1973
t t 1 1 I I I ! j 1 I
f f \ 1 ! 1 ! ! t t 1H
1975
1976
H
1976
1973
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
N onmanu !acturm|5 (private )
Manufa*3turing (]private)
Period
Total
Total
NonJL/urafole durable
goods goods
Total
Gover nment
Con- Trans- Whole- Finance,
insurtract portasale
tion
ance, Services Federal State
Mining conand
and
and
and
strue- public retail
local
real
won utilities trade estate
70, 920
71, 222
73, 714
76, 896
78, 413
19, 349
18, 572
19, 090
20, 068
20, 046
11, 195
10, 597
11, 006
11, 839
11, 895
8, 154
7,975
8,084
8,229
8, 151
39, 010
39, 762
41, 284
43, 090
44, 190
623
609
625
644
694
3,536
3,639
3,831
4,015
3,957
4,504
4,457
4,517
4,644
4,696
15, 040
15, 352
15, 975
16, 674
17, 017
3,687
3,802
3,943
4,091
4,208
11, 621
11, 903
12, 392
13, 021
13, 617
2,731
2,696
2,684
2,663
2,724
9,830
10, 192
10, 656
11, 075
11, 453
1974: Oct.. 78, 790
Nov- 78, 374
Dec.. 77, 723
19, 972
19, 638
19, 190
11, 870 8, 102
11, 656 7,982
11, 357 7,833
44, 465
44,337
44, 112
728
722
686
3,872
3,826
3,770
4,686
4,683
4,659
17, 154
17, 058
16, 935
4,228
4,226
4,229
13, 797 2,745
13, 822 2,742
13, 833 2,738
11,608
11, 657
11,683
77, 319
76, 804
76, 468
76, 462
76, 510
76, 343
76, 679
77, 023
77, 310
77, 508
77, 549
18, 798
18, 375
18, 226
18, 155
18, 162
18, 100
18, 084
18, 254
18, 417
18, 495
18, 497
11, 099
10, 813
10, 728
10, 637
10, 595
10, 527
10, 465
10, 563
10, 650
10, 665
10, 672
44, 054
43, 835
43, 624
43, 615
43, 622
43, 552
43, 779
43, 914
44,048
44, 087
443 112
723
724
729
732
738
741
743
749
752
774
763
3,749
3,592
3,467
3,441
3,439
3,392
3,395
3,415
3,432
3,404
3,409
4,603
4,565
4, 506
4,508
4,491
4,469
4,464
4,466
4,467
4,473
4,478
16, 903
16, 879
16, 851
16, 847
16, 857
16, 877
16, 984
17, 016
17, 045
17, 037
17, 025
4, 219
4,210
4,207
4,209
4,208
4,202
4,203
4,218
4,239
4,248
4,254
13, 857
13, 865
13, 864
13, 878
13, 889
13, 871
13, 990
14, 050
14, 113
14, 151
14, 183
11,7S3
11, 861
11,885
11, 961
11, 994
11, 953
12, 071
12, 099
12, 080
12, 159
12, 171
1970
1971
1972
1973
1974
1975: Jan..
Feb—
MaxApr..
May.
June.
July.
Aug.
Sept.
Oct».
Nov*
7,699
7,562
7,498
7,518
7,567
7,573
7,619
7,691
7,767
7,830
7,825
aeludesallfull-and part-time wage and salary workers in nonagrieulturai
>llshments who worked during or received pay for any part oi the pay period
sh includes the 12th of the month. Excludes proprietors, self-employed per, domestic servants, and personnel oi the Armed Forces. Total derived from
this table not comparable with estimates ol nonagrieulturai employment oi the
civilian labor force, shown on p. 10, which include proprietors, self-employed
2,734
2,733
2,733
2,731
2,732
2,738
2,745
2,756
2,765
2,767
2,769
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
Source: Department of Labor, Bureau of Labor Statistics.
13
WEEKLY HOURS OF WORK -SELECTED INDUSTRIES
ThcUngth of the \vorkweek (se asonally adjusted) of privote nc>nfarm payrc>1I workers increased by 0.1 hour to 3<
hours in Novcmbc r, the highesl\ level since December 1 974. TIlere has been a gradual increase in the length of
workw eck since th<5 second qua rter of the year.
HOIJRS PER WEEK {SE/ SONAUY
46
HOURS PER WEEK <s&ASONALLY
46
ADJUSTED!
TOTAL NOh•lAGRlCULTUR/0. PRIVATE
MANUFACTl
44
44
42
42
40
40
38
38
ADJUSTED)
JRING
/**"**•*.•*•• i^
^-v.^
X^"*^
36
34
^r+*—~^**
*^~
1 m 1 1 t i . .. In. i t
fluti
! 1| 1 1I I ! t 1 1
1974
1973
36
1 i 1 1 1 I I 1I 1
1975
IK
34
42
I 1 I 1 f 1 1 1
1974
I 1 1 1 t I 1 1 I 1!
1 1 1 1 ! 1 ! \ | 1 IK
I
1975
1976
RETAIL TRAC)E
40
40
38
rV
^ A\ J\r^s~
A
*s\
^**~***j
YV^
36
36
34
34
32
32
^~x,*^*^Xh^
"*•
30
I 1 I t 1 1 1 1 ! F|
1973
42
CONTRACT CONSTRUCTS>N
38
/Mil
v
1976
lynnifnti
iiiiii,iin
1973
1 1 ! 11 I1 ! 1 t 1
! ! 1 I 1 ! 1 1 1 1 1 [\
1975
1974
30
^•"•"""•^•px^-""*.***-
IMini.MM
1973
1976
,,.,,!..,,,
19J4
,,,,,!.,,,.
1975
SOURCE. DEPARTMENT OF LABOR
,,,.,, I , , , , , K
1976
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week1]
Total
nonagrieultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural
private 2
1974: Oct
Nov
Dec
1975: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct*p
Nov __
__.
_
38. 6
38. 0
37. 8
37.7
37. 1
37. 0
37.1
37. 1
36. 6
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40.6
40.7
40. 0
37. 6
37. 7
37.3
37. 9
37.3
37.2
36.9
37.0
36. 9
35. 9
35. 3
34. 7
34.2
33. 8
33. 7
33. 7
33. 3
32. 7
36.5
36. 1
36.4
35.7
35.7
35.6
35.7
35.8
36. 3
36.4
36.6
36.3
36.2
36.2
40.1
39. 7
39. 9
38.7
38. 5
38.7
38. 9
39. 0
39. 5
39.2
39.7
40.2
40.0
40.0
38.0
36.5
36.8
35.5
35. 4
32. 2
32. 1
32.8
31. 8
31. 8
32. 0
31. 9
32. 1
32.8
33.3
33.4
32.3
32. 1
32.0
1
2 Data relate to production workers or nonsupervisory employ
8 Also includes other private industry groups shown on p. IS.
Includes eating and drinking places.
14
347
36.4
36. 9
36.5
37. 3
37.8
37.6
37.5
36. 3
Contract
construc- !
tion
Retail
trade 3
Seasonally? adjusted
Unad 1 listed
1966
1967
1968
1969
1970
1971
1972
1973
1974
Manufacturing
S6.5
86. 2
36.3
36. 2
36. 1
35.9
35.9
35. 9
36.0
36.0
36.2
36.1
36. 2
36. 3
40.0
39. 5
39.4
39. 2
38. 8
38.9
39. 1
39.0
39.3
39.4
39.7
39.8
S9.9
39.8
37. 1
37.0
37.4
37.2
36. 8
34.9
S6. 8
36. 9
35. 7
36. 2
&£* <y
uO. /
36. 7
36.6
36. 8
Source: Department of Labor, Bureau of Labor Statistics.
32.4
32.5
32.5
32. 4
32. 3
32.5
32. 3
32.5
32. 4
32. 2
32.3
32.2
32.3
32.4
AVERAGE HOURLY AND WEEKLY EARNINGS - SEIIECTED INDUSTRIES
\verage hourly earnings of private nonfann payroll workers increased by 3 cents (8.0 percent annual rate) to $4.68
i November, and were 32 cents (7.3 percent) above a year earlier. The adjusted average hourly earnings index for
lanufacturing increased at an annual rate of 7.0 percent this November, and was up 8.9 percent over the previous
November.
DOLLARS
^RNINGS
"AVERAGE HOURLY EARNINGS
jf
-AVERAGE WEEKLY EARNINGS
7JOO
280
CONTRACT
CONSTRUCTION
CONTRACT
CONSTRUCTION
dOO
240
200
,,...."*--•
5.00
MANU&
MANUFACTURING
-*««v
-
160
4.00
TOTAL NONAGRiCULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
3.00
120
\
RETAIL TRADE
RETAIL TRADE
80 ly n n 1
2.00^
1974
1973
1976
1975
1973
1974
1976
1975
2
SOURCE. D£PA8TMENT CM LABOR
COUNOL OF ECONOMIC ADVISERS-
[For production workers or nonsupervisory employees]
Average h ourly earnings— current dollars Average ^weekly earalings— curr ent dollars
Period
1966
1967
1968
1969
1970
_
1971
1972
1973
1974
1974: Oct
Nov
Dec
1975: JanFeb
Mar
Apr
May
June. « July
Aug
Sept
Get 9
_
Nov*
Total
nonagrieulturall
private
Manufacturing
Contract
construction
$2. 56
2.68
2.85
3.04
3.22
3. 44
3.67
3. 92
4. 22
4.37
4.36
4 38
4.40
4.42
4. 44
4.46
4.48
4. 51
4. 53
4.56
4.64
4.65
4.68
$2. 72
2.83
3. 01
3. 19
3. 36
3.57
3.81
4.08
4.41
4.57
4.59
4.66
4.67
4.68
4. 72
4.73
4.75
4.78
4.81
4.82
4.89
4.90
4.93
$3.89
4 11
4.41
4. 79
5. 24
5.69
6.03
6.37
6.75
6.99
7.00
7.05
7.07
6.99
7. 14
7. 12
7. 12
7.18
7.24
7.27
7.42
7.44
7.54
Retail
trade 2
$1.91
2. 01
2. 16
2.30
2. 44
2. 57
2.70
2.87
3. 09
3.18
3. 18
3.18
3.24
3.27
3.27
3.29
3.31
3.33
3.33
3.35
3.39
3.41
a 41
Also Includes other private industry groups shown on p. 13.
Includes eating and drinking places..
of ov
overtime and interindustry shifts;
'Adjusted to exclude the efffectss of
63-^24°—75-3
Total
nonagriculturall
private
Manufacturing
Contract
construction
Retail
trade 2
$98. 82
101. 84
107. 73
114. 61
119. 46
127. 28
136. 16
145. 43
154.45
159. 51
157. 40
159. 43
157. 08
157. 79
158. 06
159. 22
160. 38
163. 71
164. 89
166. 90
168. 43
168. 33
169. 42
$112. 34
114. 90
122. 51
129. 51
133. 73
142. 44
154. 69
166. 06
176. 40
183. 26
182. 22
185. 93
180. 73
180. 18
182. 66
184. 00
185. 25
188. 81
188. 55
191. 35
196. 58
196. 00
197. 20
$146. 26
154. 95
164. 49
181. 54
195. 45
211. 67
222. 51
235. 69
249. 08
265. 62
255. 50
259. 44
250. 99
247. 45
247. 76
259. 17
262. 73
262. 07
270. 05
274. 81
278. 99
279. 00
273. 70
$68. 57
70. 95
74. 95
78.66
82. 47
86.61
90.99
95. 57
101. 04
102. 40
102. 08
104.30
103. 03
103. 99
104.64
104.95
106. 25
109. 22
110. 89
111.89
109. 50
109. 46
109. 12
Manuff icturing
indu 3 tries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1
QAT—
iyo<
1967
i nn s
dollars 4
95.6
100.0
106. 1
112.4
119.4
127. 3
135. 1
143.6
156.0
161.0
162.3
164.3
165.5
166.5
167.9
168.7
169.7
170.7
171.7
172.8
174.5
175.7
17&7
* Earnings in current dollars divided by the consumer price index.
Source: Department of Labor, Bureau of Labor Statistics.
$115. 58
114. 90
117. 57
117. 95
114 99
117. 43
123. 46
124. 76
119. 43
119. 78
118. 09
119. 65
115. 78
114 62
115. 75
116. 02
116. 29
117. 57
116. 17
117. 54
120. 16
119. 08
119.08
15
PRODUCTION
ACTIVITY
INDUSTRIAL PRODUCTION
In November, industrial production increased 0.2 percent, about half of the October rise. Increases were fairly widespread in November but generally the smallest since the April low. Since April, production has risen 6,3 percent.
index, 1967 *=100 (SEASONALLY ADJUSTED}
Index, 1967 * 100 {SEASONALLY ADJUSTED*
UTILITIES AND MINING
TOTAL
140
160
120
140
100
120
UTILITIES
MINING
S~\m*
80 I M I M I I
1972
1974
1973
1972
1975
mm
i i M i I r f iM
100
1973
1974
1975
1974
1975
MARKET GROUPS
140
INTERMEDIATE PRODUCTS
1*'
120
MATERIALS
FINAL PRODUCTS
100
1975
1972
1973
1972
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1968_.
1969
_
1970
1971
1972
1973
1974_.
1974: Oct
Nov
Dec
1975: Jan
Feb
Mar
Apr
May
June
July_
Aug
Sept
Oct*
Nov * _ _ _ „ _ _ _
Total
industrial
production
105. 7
110. 7
106.6
106. 8
115. 2
125. 6
124.8
124. 8
121. 7
117.4
113.7
111. 2
110. 1
109.9
110. 1
111. 1
112.2
114.2
116. 1
116.6
116.8
[1967= 100, seasonally adjusted]
Industry
Market
Fiilal produi3tS
M*mufacturi up:
InterConUtilities
Mining
mediate
NonEquipTotal Durable durable
sumer
Total
ment products
goods
105.7
110. 5
105. 2
105. 2
114. 0
125. 1
124. 4
124. 6
120. 9
116. 1
111. 8
109. 3
107.7
107.9
108. 2
109. 5
110. 6
112. 8
114. 6
115.2
115.5
105.5
110. 0
101. 4
99. 4
108. 4
122. 0
120.7
121. 6
117. 9
112.2
108.2
104 8
103.5
103. 3
102. 5
103. 2
103.4
105.4
106.9
107. 1
107.5
Sonrce: Board of Governors of the Federai Reserve System.
16
COUNCIL OF ECONOMIC ADVISERS
106.0
111. 1
110. 6
113. 5
122. 1
129.7
129.7
128. 9
125.4
121. 9
117. 2
115. 6
113.7
114.8
116.2
118.6
120. 8
123.4
125.6
126.9
127.3
103. 9
107. 2
109. 7
107. 0
108. 8
110. 3
109. 3
110. 5
105.0
104.4
107.0
108. 6
108.9
108. 5
105. 9
106. 3
106.4
105.0
106.2
106.2
106.3
109. 4
119. 5
128. 3
133. 9
143. 4
152.6
149. 9
151. 2
152. 3
152. 6
152. 1
150.9
154. 1
153. 1
152. 3
152. 6
153.9
154.6
156.2
156. 6
155.9
105. 8
109. 0
104. 5
104. 7
111. 9
121. 3
121. 7
122. 3
120. 9
118.2
114.9
113.4
112.2
112. 6
113. 7
114. 5
115.7
115.9
116.7
116.9
117. 1
106. 6
111. 1
110. 3
115. 7
123. 6
131.7
128. 8
128. 2
126. 3
123.4
120.1
118. 9
118.2
119.7
121. 2
123. 3
125.5
125.7
126. 5
127.2
127.4
104. 7
106. 1
96. 3
89.4
95. 5
106. 7
111.7
114.0
113.2
110.7
107. 8
105. 3
103.9
103.0
102.9
102. 2
102.2
102. 3
103. 1
102.7
102.6
105.7
112. 0
111. 7
112. 5
121. 1
131.0
128. 3
125.3
123.0
120.5
117. 6
115. 1
112. 7
113.4
112. 4
112.8
114. 3
115.4
116.7
117.0
117.3 i
Materials
105. 7
112.4
107.7
107.4
117.4
129.3
127.4
128. 1
122. 1
114. 8
110. 5
107.4
105.9
105.2
104.9
106. 0
106.8
111.5
115.4
116.2
116.4
PRODUCTION OF SELECTED MANUFACTURES
g durable manufactures, November output of primary metals and transportation equipment was about the
ne as in October while production of fabricated metals and machinery was somewhat higher. Most nondurables
ted small increases.
INDEX, 1967= 100 (SEASONALLY ADJUSTED)
160
INDEX, 1967= 100 (SEASONALLY ADJUSTED)
140
140
-fS'
-V ^ \\ ' /r
v/ _
y-"1
/
120
.
CHEMICALS, PiETROLEUM,
AND RUBBER
___^l-ri
PAPER AND \
PRINTING
%
~
V'
100
1 ! 1 1 1 1 1 1 I I 1
1 1 1 1 1 I 1 1 1 1!
1972
1973
1 1 1 1 1 I
1 1 1 ! 1
1974
jf
~~
1 I I 1 t I I 1f ! I
1975
140
FOODS AND TOBACCO
\
•>«**%**<»—*«, _
S-**±+-**
120
100
*^*M-"
*«„*••
100
80
80
1972
1973
1974
1975
1972
1975
SOURCE: iOAUD OF GOVERNORS OF THE FEDERAL RESERVI SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Ncmdurable manufactu res
Durab le manufgictures
Period
Primary
metals
1967
1968
1969
1970
1971
1972
1973
1974
...
1974: Oct
Nov
Dec
1975: Jan
Feb
Mar
Apr
May
June
July...
Aug
Sept
Oct v
Nov »
_.
_
._
FabriTranspor- Lumber Textiles,
cated
Machin- tation
and
apparel,
ery
metal
equipand
prodproducts
ment
leather
ucts
Paper Chemicals, Foods
and
petroand
print- leum, and tobacco
ing
rubber
em A
100.0
103. 2
114 1
106.9
100. 9
113. 1
127.0
124. 1
100. 0
106.3
113,6
109. 4
107.4
114.8
130.5
131. 4
100. 0
101.9
106.8
100. 3
96. 2
107.5
125.8
128.1
100. 0
109.7
107.6
90.4
92. 9
99.0
109. 1
96.9
100.0
104.8
108. 6
106. 3
113. 9
122. 4
127.9
120. 1
100.0
1049
105.9
100.2
100. 7
108. 1
115.0
108.9
100.0
1042
109. 1
107. 8
107.8
116. 1
122.2
121.0
100.0
109. 6
118. 4
118.2
124 7
137.8
149.3
151.7
100.0
103.6
107.5
110.8
113. 7
117.6
121. 9
1248
126.0
121. 0
108. 6
129.6
128.2
124. 1
131. 1
128. 9
124.8
102. 1
93.7
83.6
109. 3
105.2
101. 3
105. 1
101. 9
96.3
120.8
115.7
112.3
152.4
146.5
141.6
123.7
123.8
123.5
107.2
102. 1
98. 1
95.0
89. 9
91.8
92.8
96. 5
96.7
96.6
96. 5
118.2
113.7
112. 9
112.4
110. 9
110. 9
109.7
112. 7
116. 1
115. 3
115. 9
119.6
115.6
112.2
110.8
109. 0
108.2
108.4
110.0
111. 3
112.6
113.8
78.9
77. 1
81.0
84.7
87.6
90.5
91. 0
92.9
94.9
94.8
94.7
99. 9
99.6
99.8
104. 1
108.0
110.3
112. 0
114. 5
114.9
113.6
88. 9
89.6
87.5
90.4
93. 2
94. 9
97.4
100, 2
104.0
108.2
106. 6
104.2
102. 4
103. 9
107.3
107.4
110.8
112. 8
115.5
116.2
136.5
132. 4
130. 2
131.0
132.4
136.2
140. 1
143.6
146. 5
147. 1
147.6
121.1
121. 3
120.0
122. 5
122.4
123. 5
124.8
125.2
125.6
126. 0
126. 1
ioa 7
106.2
wee: Board of Governors of the Federal Beserve System.
IT
WEEKLY INDICATORS OF PRODUCTION
Most of the weekly indicators of production (not seasonally adjusted) declined in November.
MILLIONS OF SHORT TONS
16
MJUJONS OF TONS
BITUMINOUS COAL
STEEL
1973
FJ9751
J
F
M
A
M
J
J
A
S
O
N
D
J
F
M
A
M
J
J
A
S
O
N
D
BILLIONS OF KILOWATT HOURS
50
ELECTRIC POWER
40
30
i i I t I , I , I t . . , I , . t I t , , I I , t I I i , i I . , t , I I , , I , , , I , i , . t ., , ,'
J
F
M
A
M
J
J
SOUSCiSe AMERICAN IRON AND STEEl INSTITUTE, DEPARTMENT OF THi INTERIOR.
EDfSON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Steel piroduced
Index
Thousands
(1967=
of net
tons
100)
Period
Weekly average:
1968
1969
1970..
1971
1972
1973
1974
1974: Sept...
Oct
Nov
Dec...
1975: Jan
Feb...
Mar
Apr
May
June
July
Aug
Sept.
Oct v
Nov
Week ended:
1975: Nov 1
8
15.
22
29_
Dec 6 »
13 »
18
__
__
...
A
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Bituminous Freight Paperboard
Electric
Car s and triicks
power
coal mined
loaded
produced assembled (thoiisands)
distributed (thousands (thousands
(thousands
of short
(millions of
of cars)
of tons)
Total Cars Trucks
kilowatt-hours) tons) *
2,515
2,709
2,522
2, 310
2,549
2,892
2,795
2,768
2,848
2,707
2,480
2,615
2,715
2,704
2,487
2,227
2, 038
1,894
1,952
2, 172
2,080
2,038
ioa i
11L 0
103. 4
94.7
104.5
118.5
114.6
113. 5
116.7
111.0
101.6
107.2
111. 3
110.8
101.9
91.3
83.5
77.6
80.0
89.0
85.3
83.5
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
35, 839
35, 692
34, 233
34, 839
36, 039
36, 360
36,423
35, 260
33, 912
34, 714
37, 711
39, 623
40, 498
36, 328
34, 668
35, 701
10, 485
10, 779
11, 595
10, 619
11,450
11, 380
11, 558
12, 511
13, 179
7,599
9,995
11,929
12,261
12, 198
12, 684
13, 088
13, 579
9,990
11, 558
12, 624
13, 365
13, 088
543
543
522
486
502
526
508
508
540
460
413
433
442
435
445
448
468
416
453
461
491
458
479
507
489
501
548
569
556
531
562
525
395
356
471
427
439
474
482
419
512
482
560
544
207.6
195.8
158.9
204.8
217.3
243.5
192.0
208.6
239. 7
196. 5
126.1
122.7
131. 8
151. 9
177. 2
182.7
200. 6
146. 1
159.7
201. 2
213.4
202.4
170.1
158. 1
125.9
165. 0
169.6
185. 8
140.2
159. 1
181.7
142.4
88.8
88. 2
92. 5
115. 7
134. 5
138.5
150.6
107. 6
119. 1
150. 5
163.3
152.6
37.5
37.8
33.0
39. 8
47.6
57.7
51. 8
49.5
58.0
54. 1
37.3
34. 5
39. 3
36.2
42. 7
44.2
50.0
38.5
40.7
50. 7
50. 1
49.7
2,071
2,038
2,067
2,088
1,985
2,086
2,105
84.9
83.5
84.7
85.6
81.4
85.5
86.3
35, Oil
34, 449
35, 903
36, 231
36, 222
37, 130
38, 240
12, 685
13, 775
13, 305
13, 705
11, 565
13, 125
479
487
477
477
393
453
464
571
550
560
534
530
530
210.4
220. 5
227. 7
229.4
131.8
211.8
223.2
160.3
164. 7
172.1
175, 6
98.2
160.4
168. 1
50.2
55.9
55.6
53.8
33.6
51.4
55.1
Sources: American Iron and Steel Institute, Edison Electric Institute, Dei
ment of the Interior, Association of American Railroads, American Paper I:
tute, and Ward's Automotive Reports.
NEW CONSTRUCTION
\ccording to preliminary estimates, expenditures for new construction in October were about the same as in September,
"in increase in private outlays was almost offset by a decline in public expenditures.
WUJONS OF DOLLARS
WO
WLUONS (X DOLLARS
160
SEASONALLY ADJUSTED ANNUM, RAICS
140
140
120
too
too
PRIVATE
80
80
60
60
40
40
| |I I I I I I I I I
20
t 1 I I I I t I t t il
20
20
1969
SOURCE} DEPARTMENT Of COMMERCE
Period
1969
1970
1971.
1972
1973
1974
Total new
construction
expenditures
93. 9
94. 9
110.0
124. 1
136. 0
135.5
COUNCIL OF ECONOMIC ADVISERS
Private
Total
66. 0
66.8
80. 1
93.9
103.4
97.1
Resid ential
CommerNew
cial and
housing industrial
Total i
units
Bi [lions of doll ars
33. 2
25. 9
16. 2
24. 3
31. 9
16.3
43. 3
17.0
35. 1
54.3
18.1
44.9
57. 6
47. 9
21. 7
47.0
37.3
23.8
Other
16.6
18. 6
19.8
21.5
24. 1
26.2
Federal,
State,
and
local
2ao
2a 1
29.9
30.2
32.5
sa4
1
135. 6
133.3
1345
131. 9
134. 0
132. 3
128. 9
125. 5
120. 9
121. 5
125.9
126.7
129. 3
131.6
131. 8 !
97. 1
94.9
95.6
93.8
92.5
91.2
89.0
85.7
84.6
84. 0
84.0
86.0
87.8
90.0
90.8
47.7
45.9
44.2
42.5
41. 1
39. 6
38. 5
38. 0
37. 9
38. 8
39. 8
41.0
42.1
43.4
45. 3 1
37.4
35.6
33.9
32.1
30.5
28.8
27.4
26.9
26.8
27.6
28.9
30. 6
32. 1
33.2
34.9
Includes nonhou;sekeeping resi dential const ruction and aiddltlons
d alterations, not ishown separal ely.
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
inning J971 for floor sspace.
23.4
23.4
25. 1
24.8
24.8
24. 1
23.7
20.9
20.3
20.3
19.4
19. 7
20.2
20.3
19.3
123.7
12a 1
145.4
165.3
179.9
168. 6
Seasonally
adjusted
Seasonally / adjusted arinual rates
1974: Aug
Sept
Oct..
Nov
Dec
1975: Jan..
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct*
Construct! oneon tracts2
CommerTotal value cial and
index,
industrial
(1967= floor space
100)
(millions of
square feet)
26.0
25.6
26.3
26.5
26. 6
27.6
26.8
26.8
26.4
24.9
24.8
25.4
25.5
26.3
26.2
38.5
3a4
38.9
38.2
41.5
41.1
39.8
39.8
36.3
37.4
41.9
40,6
41i5
41.6
41.0
172
187
184
154
176
135
140
155
189
191
174
165
208
157
166
883
743
727
854
1,021
860
Seasonally
adjusted
annual
rates
986
884
750
681
651
653
558
476
683
537
606
631
519
601
649
Sources: Department of Connaerce (Bureau of the Census] and McGraw
H ill Information Systems Company, F. W. Dodge Division,
in
Private housing starts declined 5% percent in November to a seasonally adjusted annual rate of 1,375,000 units.
October, starts had increased sharply. November permits for future housing rose 3/^ percent.
MILLIONS OF UNITS
MILLIONS OF UNITS
3.0
3.0
10
1.0
1975
1969
COUNCIl OF ECONOMIC ADVISERS
SOURCES; DEPARTMENT Of COMMERCE. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
[Thousands of units]
Hou sing star ts
1
Total
private
and
public
(including
farm)
Period
1969
1970
1971
1972
1973
1974
1974: Oct
Nov
Dec
1975: Jan.
Feb
Mar
Apr
May
June
July..
Aug
Sept
Oct 9
Nov*
Total
private
(including
farm)
Total ( includingI farm)
Total
1, 499. 5 1, 466. 8 1, 466. 8
1, 469. 0 1, 433. 6 1, 433. 6
2, 084. 5 2, 052. 2 2, 052. 2
2, 378. 5 2, 356. 6 2, 356. 6
2, 057. 5 2, 045. 3 2, 045. 3
1, 352. 5 1, 337. 7 1, 337. 7
_
97.2
75.6
55.4
56. 9
56.2
81. 1
98.4
117.0
110.9
120. 1
118.7
112.8
125. 6
98. 1
9.6. 7
75. 1
55. 1
56. 1
54. 7
80. 2
97. 9
116. 1
110. 3
119. 3
117.3
111.9
124.2
97.8
1, 106
1, 017
880
999
1,000
985
980
1, 130
1,094
1,235
1,269
1,269
1,457
1, 375
Cover nment
home p rograms
(noni'arm)
Two or
more
FHAi
VA
units
810. 6 656. 2
51. 2
153. 6
812. 9 620. 7
233. 5
61. 0
301.2
1, 151. 0 901. 2
94. 0
1, 309. 2 1, 047. 5
198. 4 104.0
1, 132. 0 913.3
73.6
86. 1
888.1 449.7
56.8
72.8
Seasona lly ad jus ted annu al
792
314
73
81
802
74
215
69
682
198
78
69
739
260
71
68
733
62
64
267
775
63
210
57
762
218
62
73
887
243
81
64
884
72
210
88
935
73
300
70
82
282
987
69
931
82
338
78
1, 102
355
75
83
1, 026
80
83
349
One
unit
1
For 1- to 4-unit structures.
* Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1972; 13,000 for 1967-71:12,000 for 1863-66; and 10,000 prior to 1963.
20
Propos ed home
constnlotion 3
Private
New
private
housing
units
authorized 2
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 074. 4
rates
811
770
837
689
701
677
837
912
949
1,042
995
1,095
1,079
1, 118
Applications for Requests
for VA
T?TJ
A
r HA
appraiscommitals
ments 1
187. 6
315. 0
366.8
225. 2
83.2
87.1
138.2
143. 7
217. 9
209. 4
161. 9
160. 1
133
111
79
72
64
72
86
142
84
70
67
71
99
90
185
157
132
126
144
128
131
216
120
156
157
172
188
189
3
Units represented by mortgage applications or appraisal requests for new
home construction.
Sources: Department of Commerce (Bureau of the Census), Departs
Housing and Urban Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business inventories increased $2.1 billion in October, the third consecutive monthly increase following 6 months of
Uclines. Business sales rose 1.1 percent. Retail sales were up 1.3 percent. Preliminary estimates for November indicate
i further rise of 1.0 percent in retail sales.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
300
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
40
280
35
RETAIL TRADE (ENLARGED SCALE)
DURABLE GOODS STORES
TOTAL BUSINESS
INVENTORIES
260
30
INVENTORIES
240
220
20
200
SALES
15
TOTAL BUSINESS
SALES
180
^
V
NONDURABLE GOODS STORES
160
40
140
,—^
35
RETAIL INVENTORIES
60
30
40
25
1973
1976
1973
1976
SOURCE! DEPARTMENT OF COMMERCE
Period
1969
1970
1971
1972
1973
1974
_
1974: Sept
Oct
Nov
Dec
1975: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct"
Nov »
COUNCIL OF ECONOMIC ADVISERS
Total tmsiness l
|
InvenSales 2
tories 8
|
Sales2
Sales 2
[nventories 3
Durable Nongoods durable
goods
stores
stores
HMillions of (dollars, se asonally ad justed
Inventories 8
Total
Total
Durable
goods
stores
Nondurable
goods
stores
103, 134
104, 736
112, 315
124, 244
143, 742
163, 882
167, 360
175, 561
184, 711
197, 692
224, 401
271, 050
19, 756
20, 583
22, 327
24, 862
30, 400
37, 344
24, 910
27, 290
29, 695
32, 817
38, 302
46, 564
29, 824
31, 294
34, 071
37, 365
41, 943
44, 815
9,626
9, 524
10, 985
12, 472
14, 190
13, 943
20, 197
21, 770
23, 086
24, 893
27, 754
30, 872
45, 376
46, 626
52, 571
57, 156
65, 229
74, 082
20, 647
20, 345
23, 864
26, 056
29, 593
34, 649
24, 729
26, 281
28, 707
31, 100
35, 636
39, 433
170, 355
170, 997
167, 918
162, 347
258, 175
263, 791
267, 075
271, 050
38, 748
37, 751
37, 714
37, 501
44, 500
45, 642
45, 976
46, 564
45, 858
45, 844
44, 529
45, 109
14, 100
13, 686
13, 035
13, 554
31, 758
32, 158
31, 494
31, 555
70, 700
73, 087
73, 964
74, 082
31, 273
33, 190
34, 251
34, 649
39, 427
39, 897
39, 713
39, 433
161, 915
163, 248
159, 050
162, 374
163, 038
165, 504
169, 124
172, 349
173,441
175, 348
271, 148
270, 252
268, 449
266, 970
264, 335
263, 749
263, 345
264, 662
265, 087
267, 168
36, 675
37, 120
35, 590
35, 228
35, 442
36, 186
36, 567
37, 166
37, 604
37, 453
46, 197
45, 951
45, 527
45, 303
44, 558
44, 850
44, 653
45, 501
45, 625
46, 016
46, 006
46, 914
45, 951
46, 813
48, 173
48, 578
49, 655
49, 925
49, 549
50, 191
50, 705
14, 126
14, 664
13, 378
14, 165
14, 703
14, 965
15, 432
15, 506
15, 440
15, 758
15, 929
31, 880
32, 250
32, 573
32, 648
33, 470
33, 613
34, 223
34, 419
34, 109
34, 433
34, 776
73, 327
72, 308
71, 728
71, 483
70, 826
70, 840
71, 503
72, 578
73, 049
74, 642
34, 267
32, 956
32, 460
32, 375
32, 086
31, 909
32, 270
33, 324
33, 471
33, 813
39, 060
39, 352
39, 268
39, 108
38, 740
38, 931
39, 233
39, 254
39, 578
40, 829
The term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
Re;tail
Wholesale
Source: Department of Commerce (Bureau of Economic Analysis and
Bureau of the Census).
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 shipments rose 1.6 percent in October, slightly more than in September. Inventories rose slightlv
after having declined for 7 straight months. New orders rose 1.1 percent.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED}
160
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED*
100
INVENTORIES
140
120
100
DURABLE GOODS
80
NONDURABLE GOODS
\
INVENTORY-SHIPMENTS RATIO
40
140
1975
1972
1975
1972
SdUtCE, DEPARTMENT iDF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments l Manufact /urers' inventories 2
Manufaeture rs' new orders 1
Durat>le goods
Period
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Total
Total
NonCapital durable
goods
industries, goods
nondefense
Manufacturers'
inventory—
shipmentss
ratio
Millions of dollars , seasonally adjuste d
1969
1970
1971
1972.
1973.
1974
1974: Oct
Nov
Dec
1975: Jan
Feb
Mar
Apr
May
June
July.
Aug
Sept
Oct»
Nov ».
1
53, 555
52, 859
55, 917
62, 017
71, 398
81, 723
87,402
85,675
79,737
. 79,234
79,214
77,509
80,333
79,423
80,740
82, 902
85, 258
86, 288
87, 704
29, 459
28, 229
29, 948
33, 443
38, 724
42, 635
45,857
44,275
40,799
40,247
39,992
39,124
40,851
40,183
40,458
41, 227
42, 492
43, 280
43, 908
42, 739
24, 096
24, 629
25, 969
28, 573
32, 674
39, 089
41, 545
41, 400
38, 938
38, 987
39, 222
38,385
39, 482
39, 240
40, 282
41, 675
42, 766
43, 008
43, 796
97, 074 63, 371
101, 645 66, 768
102, 445 66, 050
107, 719 70, 218
120, 870 79, 441
150, 404 97, 967
145, 062 94, 680
147, 135 95, 787
150, 404 97, 967
151, 624 99, 124
151, 993 100, 082
151,194 99,879
150, 184 99, 803
148, 951 99, 378
148, 059 98, 796
147, 189 98, 189
146, 583 97, 199
146, 413 96,640
146, 510 96, 215
Monthly average lor year and total lor month.
3 Book valu e, end of period, seasonally adjusted.
For annual periods, ratio of weighted average Inventories to average monthly
•hipments; for monthly data, ratio of inventories at end of month to shipments
for month.
1
22
33,703
34, 877
36, 395
37, 501
41, 429
52, 437
50, 382
51, 348
52, 437
52, 500
51, 911
51,315
50, 381
49, 573
49, 263
49, 000
49, 384
49, 773
50, 295
53, 646
52, 118
55, 726
62, 922
73, 836
83, 297
85,678
83,805
76,704
75,068
76,478
74,363
78,600
78,753
80,237
83, 550
85, 649
85, 453
86, 422
29, 549
27, 486
29, 745
34, 274
41, 098
44, 289
44,393
42,705
38, 092
36,172
37,362
35,973
38,983
39,428
39,730
41, 681
42, 688
42, 227
42, 393
41, 874
7,694
7,055
7,324
8,487
10, 310
11, 494
11, 383
10, 623
10, 459
10, 077
9,970
9,522
10, 309
10, 302
10, 138
10, 728
10, 392
10, 214
10, 689
11, 053
24, 097
24, 632
25, 981
28, 648
32, 738
39, 009
41, 285
41, 100
38, 612
38, 896
39, 116
38,390
39, 617
39, 325
40, 507
41, 869
42, 961
43, 226
44,029
Source: Department of Commerce, Bureau of the Census.
1. 76
1,89
1.82
1.69
1.58
1.65
1. 66
1.72
1.89
1.91
1.92
1.95
1.87
1.88
1.83
1.78
1. 72
1.70
1.67
MERCHANDISE EXPORTS AND IMPORTS
The October trade surplus (f.a.s.) amounted to slightly over $1 billion as imports rose marginally while exports intreased 1.3 percent due to the strength of capital goods and agricultural shipments.
BILLIONS OF DOLLARS
12
BILLIONS OF DOLLARS
12
1969
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; monthly data seasonally adjusted!
MerchLandise e xports
Merc; landise i mports
Ger eral imp orts
Domesti 3 exports
Period
Total
domestic and
foreign Total 12
exports
Food, Crude
bever- materials
ages,
and to- and
bacco
fuels
Food, Crude
Manubever- matefacTotal 2 ages,
rials
tured
and to- and
goods
bacco fuels
F. a.s. valu e 5
Manufactured
goods
Total
(c.i.f. 4
value)
Menjhandise
balance
Exports
Ex(f.a.s.) ports
less
(f.a.s.)
imless
imports
ports
(customs (f.a.s.)
value)
trade
Exports
(f.a.s.)
less
imports
(c.i.f.)
Custom s value
Monthly
average :
1972
1973
1974
4,100
5,902
8, 159
4,033
5,811
8, 045
547
1,078
1,269
591
895
1,317
2,812
3,728
5,294
4,632
5,790
8,416
1974
1974: Oct
Nov
Dee____
1975: Jan
Feb
Mar
Apr
May
June
July___
Aug
Sept-..
Oct
8, 159
8,673
8,973
8,862
9,412
8, 789
8,716
8,570
8, 145
8,692
8,885
8, 996
9, 165
9,288
8,045
1,269
1,250
1,396
1,378
1,735
1,526
1,388
1, 368
1, 146
1, 177
1,267
1, 380
1,355
1,509
1,317
1, 266
1, 560
1,332
1,595
1,319
1,356
1, 184
1, 197
1, 154
1,248
1,344
1,204
1, 186
5,294
5,889
5,845
5,812
5,747
5, 658
5,573
5,732
5,467
6,044
6,097
5,997
6,091
6,306
8,354
8,773
8, 973
9,257
9,622
7,872
7,336
8,013
7,093
6,954
7,908
7,961
8,189
8,212
1
Total excludes Department of Defense shipments of grant-aid military supies
2 and equipment under the Military Assistance Program.
8 Total includes commodities and transactions not classified according to kind.
Total arrivals of imported coods other than intransit shipments.
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
-nited States.
3
615
737
770 1, 120
892 2,653
F.a.s. value 5
892 2,672
716 3,007
940 3,003
943 2, 985
796 3,589
794 2, 417
821 1,864
777 2,951
728 2,441
893 1,967
830 2,714
786 2,710
1,003 3, 117
841 2,911
3,147
3,750
4,684
4,602
4,961
5,044
5,062
4,793
4,286
4,441
4,051
3, 828
3,951
4,191
4, 193
4,049
4, 332
9,000
-532
112
-257
-195
9,000
9,451
9,656
9,943
10, 365
8,441
7,894
8,800
7,631
7,491
8,494
8, 569
8,812
8,840
-257
— 193
-100
-460
-247
879
1,294
482
967
1,651
916
985
910
1,000
-195
— 100
0
-395
-211
917
1,380
557
1,052
1,737
977
1,035
976
1,076
-841
-841
-779
— 683
-1,081
-953
348
822
-230
514
1,200
391
427
353
448
6
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Source: Department of Commerce, Bureau of the Census.
23
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The current account surplus, at $3.5 billion, in the third quarter was slightly below the $3.8 billion level of the secoi
quarter. The decline in the merchandise trade surplus, as imports increased more than exports, was partially offset I
larger service receipts.
BILLIONS OF DOLLARS
4
-3
1969
1975
COUNCIL OF KONQMSC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Millions of dollars]
M<jrchandise 1 2
Period
Ex-
ports
Im-
ports
Net
balance
Milit,ary trang actions
Direct
expenditures
Sales
1969
1970
1971
1972
36, 414 — 35,807
607 -4, 856 1,528
42, 469 -39,866 2,603 -4, 855 1,501
43, 311 -45,579 -2,268 — 4, 819 1,926
49, 388 -55,797 - 6, 409— 4, 784 1, 163
1973...... 71, 379 -70,424
955 -4,658 2,342
1974.
98,309 -103,586 -5, 277-5, 103 2,944
22,464 -22,587 -123 -1, 166
1974: I
II... 24,218 -25,677 -1,459 -1,324
III.. 25,034 -27,349 -2,315 — 1,279
IV.. 26,593 -27,973 -1,380 - 1, 335
Net
balance
Neti]avestment i ncome
Private 3
U.S.
Government
Net
travel
Other
and
trans- servporta- ices,3
tion
net
expenditures
-3, 328 3,471
156 -1,763 1,878
-112 -2, 023 2,220
-3, 355 3,631
-2, 893 5,659
— 956 -2, 315 2,537
-3, 621 6,208 — 1,888 -3, 024 2,803
-2, 317 8, 188 -3,009 -2,862 3,222
-2, 158 13, 351 -3, 229-2, 692 3,830
Seasoilally adj us ted
Remittances,
pensions,
and
other
unilateral
transfers 1
1,020 —2, 976
2,966 -3,248
-237 -3, 642
-5, 930-3, 779
4,177 — 3, 841
3,825 -7, 182
Balance
on
goods
and
services *
663
678
766
837
-503
-646
-513
— 498
4,014
2,745
3, 161
3,431
-769
-781
-807
-872
-513
886
-717
936
— 721
960
-741 1,049
2,992
78
-235
989
1975: !.___ 27,188 -25,358 1,830 -1,303
954
804
II... 25, 692 -22, 314 3,378 -1,209
III». 26, 716 -24, 690 2,026 -1,113 1,241
-349
-405
128
2, 165
2,235
2,572
-989
-843
-794
-572 1,093
-393 1,043
-480 1,095
3,178 -1,175
5,015 — 1, 183
4,547 — 1,047
1
Excludes
2
Adjusted
3
military grants.
from Census data for differences In timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
24
•Balance
on
current
account
-1,956
—281
-3, 879
-9, 710
335
-3,357
-2, 966
26
- 1, 865 -1,787
-1,265 -1,500
-1,088
-99
Source: Department of Commerce, Bureau of Economic Analysis.
2,003
3,832
3,500
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
b the third quarter, the balance on current account and long-term capital rose to $1.6 billion as net private long-term
la pita I outflows feu. In addition, liquid private capital flows switched from a $2.6 billion outflow in the second quarter
10 a $4.7 billion inflow in the third quarter.
IHLUOhS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
1966
1975
SOUSCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars]
Period
NonLong-ter m capital Balance liquid
on
flows5, net
current shortterm
account private
U.S.
and
longGovernPrivate 2 term capital
ment 1
capital flows,
net 3
1969
1970
1971
1972
1973
1974
Allocations
of
special
drawing
rights
(SDH)
—44 -3, 949 -640
-1,949
— 2, 045 — 1,434 -3, 760 —482
-2, 376 -4, 383- 10, 637-2, 347
— 1,334
-69 -11, 113 -1,542
-977 -4, 238
-1,490
177
1,118 -8,463 -10,702 -12,936
Errors
and
omissions,
net
Net
liquidity
balance
Liquid
private
capital
flows,
net -
-1,492 -6, 081
8,820
-476 — 3,851 -5, 988
867
717 -9,698 -21,965 -7,788
710 - 1, 884— 13,829
3,475
-2,436 -7,651
2,343
4,698 -18,940 10,543
Changes
in liabilities
to
foreign
official
agencies,
net3
Changes
in U.S.
official
reserve
assets,
net 4
U.S.
official
reserve
assets,
net
(end of 3
period)
2,739 -1,552 — 1, 187
-9, 839
7, 362
2,477
-29, 753 27, 405
2, 348
-10,354 10, 322
32
-5,308
5,099
209
9,831 -1,434
-8,397
16, 964
14, 487
12, 167
13, 151
14, 378
15, 883
Official
reserve
transactions
balance
Seassonally ad justed
1974: I
II.—
Ill—
!¥__„
1975: I
11...
Ill *__.
1,411
484
83
-860
— 474
-354
-563
264
1,701 -3,90?
-999 -2,302 -5, 26£
-2, 157 -3,574 -1, 45£J
-5,570 -6,529 -2, 30£
-2, 199
-670
1, 92€
-2,431
1,047
— 97C
1,580 -1,33£
-1,357
1
Excludes liabilities to foreign official reserve agencies.
'Private foreigners exclude the IMF, but include other international and
regional organizations.
s Includes liabilities to foreign official agencies reported by U.S. Government
~ud U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
and gold deposits with, the United States.
Consists of gold, special drawing rights (SDR), convertible currencies, and
s U.S. gold tranche position in the IMF. Minus sign indicates increase.
^Includes increases (in millions) as follows: 1969, $67 due to revaluation of the
rman mark in Oct. 1969; 1971, $28 due to dollar value of foreign currencies
alued to reflect market exchange rates as of Dec. 31, 1571; 1972, $1,016 due to
1,014
1,313
1,135
1,236
2,067
843
-37
-1,193
1,745
552
-342
-210
-6,254
2, 054 -4, 200
4, 558
-358
4,014
-3,897
117
886 - 1, 003
-7,598
2,730 -4, 868
4, 731
137
3,326 -6,587 — 3,261
3, 586
-325
920 -2,634 -1,714
1,743
-29
208
4,711
4,919 -4, 577 -342
Unadjusted
14,
14,
15,
15,
16,
16,
16,
588
946
893
883
256
242
291
change in par value of the dollar on May 8,1972; and 1973, $1,436 due to change in
par value of the dollar on Oct. 18,1973.
Beginning July 1974, SDE and reserve position in the IMF based on new
method of valuation. On a pre-July basis, reserve assets for Sept. 30, 1974 are
$15,949 million, for Dec. 31,1974 $15,812 million, for Mar. 31, 1975 $16,106 million,
for June 30,1975 $16,157 million, and for Sept. 30,1975 $16,478 million.
Sources: Department of Commerce (Bureau of Economic Analysis) and
Department of the Treasury.
25
PRICES
CONSUMER PRICES
In November, the consumer price index rose 0.6 percent (0.7 percent seasonally adjusted). Food prices rose 0.4 percent
(0.6 percent seasonally adjusted). Nonfood commodity prices rose 0.3 percent (also 0.3 percent seasonally
adjusted) and services prices rose 1.1 percent.
INDEX, 1967=100
180
INDEX, 1967-100
180
140
130
130
120
120
110
110
JJ100
100
1975
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
All
items
Period
[1967 = 100]
Co mmoditie 3
Services
Comirlodities les3S food
Services
All comAll
Food
Rent
less
Non- services
modities
All
Durable durable
rent
98. 2
100. 0
103. 7
108. 4
113. 5
117. 4
120. 9
129.9
145.5
150. 7
152. 0
153.0
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
123. 5
141. 4
161.7
166. 1
167. 8
169.7
97. 5
100. 0
103. 7
108. 1
112. 5
116. 8
119.4
123. 5
136.6
142. 2
143.3
143.9
98.5
100.0
103. 1
107. 0
111. 8
116. 5
118. 9
121. 9
130. 6
136.8
138.0
138. 8
97.0
100. 0
104. 1
108. 8
113. 1
117.0
119. 8
124. 8
140.9
95.8
100. 0
105. 2
112. 5
121. 6
128. 4
133. 3
139. 1
152.1
1974: Oct
Nov_
Dec
97.2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
133. 1
147.7
153. 0
154. 3
155.4
146. 1
147.2
147. 7
1975: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
156. 1
157. 2
157.8
158.6
159. 3
160. 6
162. 3
162. 8
163. 6
164.6
165.6
153.4
154. 4
155. 0
155.7
156.5
157. 9
160. 1
160.4
160.8
161.7
162.2
170.9
171. 6
171. 3
171.2
171.8
174.4
178. 6
178. 1
177.8
179.0
179.8
143. 9
144. 9
146. 0
147. 2
148. 1
148.9
149.9
150. 7
151.4
152. 2
152,6
139. 3
140. 3
142.1
143. 6
144. 8
145.8
146. 9
147. 5
148.2
148.9
149.2
147.2
148. 2
148.8
149. 8
150.5
151. 2
152.2
153. 0
153.8
154.6
155.1
1966
1967..
1968
1969
1970
1971
1972
1973
1974
___
._ _
__
Source: Department of Labor, Bureau, of Labor Statistics.
26
157.3
158.7
160. 1
98.2
100. 0
102. 4
105. 7
110. 1
115. 2
119. 2
124. 3
130. 6
132. 5
133. 1
133.7
95. S
100. 0
105. 7
113. 8
123. 7
130. 8
135. 9
141. 8
156. 0
161. 9
163. 3
164. 8
161.3
162. 6
163. 2
164. 1
164. 5
165. 7
166. 6
167. 4
169. 1
170. 1
172. 0
134. 5
135. 1
135. 5
135. 9
138.4
136. 9
137. 3
138. 0
138.4
139. 3
139.9
166.2
167. 5
168. a
169. 2
169. 6
170. 9
17.1. 9
172. 7
174. 6
175. 7
177. 7
WHOLESALE PRICES
he wholesale price index fell 0.4 percent in November (no change after seasonal adjustment). Prices of farm products
nd processed foods and feeds dropped 2.3 percent (1.2 percent seasonally adjusted). Industrial commodity prices
ere up 0.4 percent (0.6 percent seasonally adjusted).
INDEX, 1967=100
INDEX, 1967=100
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
140
140
120
- 120
100
100
1975
1969
SOURCE DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All
commodities
Period
1966—
1967
1968
1969—
1970
1971
1972
1973
1974
1974: Oct
Nov
Dec
1975: Jan
Feb
Mar
Apr
May
June
July _
Aug
Sept___
Oct
Nov
—
___
99. 8
100. 0
102.5
106. 5
110. 4
113. 9
119. 1
134. 7
160. 1
170. 2
171. 9
171.5
171.8
171. 3
170. 4
172. 1
173. 2
173. 7
175. 7
176.7
177.7
178. 9
178.2
[1967=100]
Farai products and
processe d foods aiad feeds
IndusPTTkrt
trial
Farm
essed
Total
prodfoods commodities
and
ucts
feeds
101.2
105. 9
98.5
103.5
100.0
100.0
100.0
100.0
102.4
102. 5
102.2
102.5
108.0
109. 1
107. 3
106. 0
112. 1
111. 0
110.0
111.7
112. 9
113.8
114.3
114.0
122. 4
125.0
117. 9
120. 8
176. 3
148. 1
125. 9
159. 1
177. 4
187. 7
170.9
153. 8
164. 8
187. 5
185. 1
183. 5
187.8
189. 0
165.8
189.7
188.2
186.5
183.7
166. 1
183. 8
179. 7
186. 4
167. 5
182. 6
174.6
168. 4
179. 5
174. 9
171. 1
177. 3
168. 9
178. 8
169.7
177.7
179.4
184. 5
181. 2
170. 3
179. 0
182. 3
186.2
179. 7
170. 7
188.2
193. 7
184.6
171.2
193.2
172.2
186.3
189. 0
190.4
197. 1
186. 1
173. 1
186.2
174. 7
197. 3
190. 5
175.4
191.7
186.1
182.6
Excludes crudefoodstufis and feedstufls, plant and animal fibers, oilseeds, and
f tobacco.
Crude
mate-l
rials
104.5
100.0
102. 0
110. 6
118. 8
122. 7
131. 1
155. 2
219. 1
229. 0
228.7
221.2
219.4
221. 0
218.4
222. 7
225. 8
226. 3
223.4
225.8
231. 5
228. 6
226.5
Specjial group ings
ConsuKtier finInter- Produc- ished g<)ods exmediate er fineluding? foods
mate-2
ished
DurNonrials
goods
able
durable
9a9
9as
96. 8
97.8
100.0
100. 0
100.0
100. 0
102. 6
103. 5
102. 2
102.2
106. 1
106.9
104. 0
105. 0
110.0
111. 9
107.0
108. 3
114. 3
116. 6
110.9
111. 3
118. 9
119.5
113.2
113.6
128. 1
123. 5
115. 8
120.5
159.5
141. 0
126.3
146.8
172. 1
151. 9
133. 1
155. 7
173.0
154. 1
133.8
156. 2
173.2
155.3
135. 3
156.9
175.0
157. 4
135. 9
158.2
175.9
158. 3
136. 3
158. 8
176. 4
159. 7
136. 9
158. 9
177. 3
137.0
160.7
159.5
177. 7
161.2
137.0
160. 4
177. 8
161. 7
137. 3
161. 6
178. 3
162.4
137.4
163.2
179. 3
163.0
137.4
165. 1
164. 0
179. 9
137. 7
166. 1
141. 1
181. 4
166. 5
167.2
182.0
167.4
141.8
168.0
2 Excludes intermediate materials for food manufacturing and manufactured
animal feeds.
Source: Department of Labor, Bureau of Labor Statistics.
27
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined 4 percent during the month ended November 15. Contributing most to the dec!fn<
were lower prices for hogs/ wheat, com, cattle, and soybeans* Partially offsetting were higher prices for milk and eggs
Prices paid were unchanged. The actual and adjusted parity ratios each declined 3 points.
INDEX, 1967= 100
INDEX, l?67«100
220
220
200
PRICES REC EIVED
(ALL FARM PR<
DDUCTS
A
U\>!
1C A
200
/ \
\
A/\
^y^ 180
V
,V
160
/"
/-/--'•'
PRICES PAID,
NTEREST, TAXES, AND
WAGE RATES
14Q
120
pg»W»»^5« *•*" "• **
22*yr*»**p*^
/
<+*
*+*
_^fS&^
...A.,
^
140
»*••«"*"""
120
^"^^H
1 1 1 1 1 I 1 t 11 I
! I I I I I I I ! I I
100
I ! I ! 1 1I I 1 1 !
RAT OV
110
i i i\ \\ i i i ii
PAR1TY
| 1 1 1 I ! 1 1 ! 1 1
RATIO (ACTUAL
1 1 !
1 ! 1 1 I 1 1 !
!
! 1 1 1 1 ! 1 I ! 1
RATIO I/
SIU
)
100
1ATS
-^^
90
on
MIiii
m
70
v>o
w»**»*»'»*'"""'«»*>**
l
%..,,.B«^<nt..TJ
90
\
on
«
.
.
M
,
.
.
.
.
.
.
X
%
'**«.*
I ! I ! I i I I I I I
1 1 11 1 11 1 1 1 1
1969
1970
-»',_
1
I
!
1
,T..«
1
1 t
1
I 1 1
70
1
I
1 t
!
1
1 1
1
1
1
1 ! I 1 1 1 I t 1 1 !
1 I ! ! ! ! ! 1 1 ! !
! I t I 1 I I 1 « 1 «
1973
1974
1975
1972
1971
60
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 EASE.
SOURCE. DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
All farm
products
Period
1967
1968
1969
1970
1971
1972
1973
1974.
1974: Oct 15
Nov 15..
Dec 15_1975: Jan 15__
Feb 15
Mar 15
Apr 15
May 15.
June 15.
July 15
Aug 15
Sept 15_
Oct 15
Nov 15
1
«
__
_,
__ _
100
103
108
110
112
126
172
184
186
182
178
172
168
165
170
178
182
187
187
194
193
185
Crops
items,
Livestock Ail
interest,
and
taxes, and
products wage
rates
Index, 1967=100
100
101
97
100
107
116
164
214
230
225
214
201
192
185
188
189
192
199
201
202
199
188
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio :
Prices paid by farmers
Prices received by farmers
100
104
117
118
116
134
179
164
156
153
153
153
151
152
157
171
176
180
179
188
190
184
100
104
109
114
120
126
145
169
176
178
180
180
180
179
182
183
185
186
187
189
188
188
Family
living
items
100
104
109
114
119
124
138
161
167
171
173
173
175
173
173
175
176
178
179
180
180
182
Production
items
100
102
106
110
115
122
146
172
183
183
184
182
180
179
185
187
190
190
192
194
192
192
Actual
74
73
74
72
70
74
88
81
79
76
73
71
70
69
69
72
73
75
74
76
76
73
Adjusted 2
80
79
80
77
74
79
91
81
79
76
74
71
70
69
70
72
74
75
75
77
76
73
2 The adjusted parity ratio reflects Government payments made directly t
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
IONEY STOCK
1C SCsasonally ad jus fed money sfoc k rose by 4.0 percent on an (annual basis fr<Dm August to November. Ov er the
year c>nded Novemb er, it grew by A .8 percent.
BILLIONS OF DOLLARS
B1LL1C>NS OF DOLLARS
AVERAGES O F DAILY FIGURES SEASONA U.Y ADJUSTED
450
^*"*°
-
-
m**
/
-
~+'
•3CA
^r/»
T ME
AND SAVINGS
DEPOSITS
-
/"
_
•3 A A
-
+*
--r
^"-"x
*)ct)
S~^——
~****^
^
~~x~^ ^
nCA
MONEY STOCK
I—**~~^*^
150
AI j ! i i 1 i j | \ i
y
I f ! 1 1 I I \ \ \ !
\ \ \ \ \ \ \ } \ \ \
! ! ! \ \ I II1 1
1970
1971
1972
1969
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1969:
1970:
1971:
1972:
1973:
1974:
1974:
Dec
Dec
Dec
Dec
Dec
Dec.
Oct
Nov
Dec
1975: Jan
Feb
Mar
Apr
.
May
June
July.
Aug __
Sept
Oct.
Nov »
_
...
fc>eposits at commercial banks.
1! ! 1 1 1 1 1 1 1 1 I
1973
1 1 1 1 ! I f ! ! 1 !
1974
! ! 1 1 I ! 1 ! ! I \K
1975
150
N
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
J$oney stoc k
I$oney stoc k
U.S.
w
Time
Time
GovCurCurand
and
i ernDeDerency
rency
savings : ment
savings
mand
mand
outoutTotal
Total
dede- 1
demand
dedel
side
1
side
posits 1
posits
deposits
posits
banks
banks
1 posits l
Seasonal! 37 adjusted
Unadjustec 1
5. 6
208.7
46. 1
167.7
193.2
194. 5
162.7
214. 7
46. 9
7. 3
221.4
172. 3
49. 1
177. 7
228. 1
229. 3
227.6
50. 0
52. 6
235.3
182. 7
6.9
188.4
53. 5
269.8
271. 2
241.9
255.8
7.4
56. 9
198. 9
313.8
57.9
205. 1
311.8
263.0
271.5
6.3
61. 6
362.2
209. 9
364. 5
62. 7
216. 4
279. 1
284.4
4. 9
67. 9
216. 5
292. 3
419.3
69. 0
223. 3
416. 7
3. 7
215.2
214. 7
281.6
66.5
412. 1
281.2
66. 4
413.3
3.4
67.4
216.2
283. 6
411.7
217.3
413.5
285. 1
67. 9
284.4
67.9
4.9
292. 3
216. 5
419. 3
223. 3
416.7
69. 0
68.2
213. 4
220.9
424. 0
4. 0
281.6
426.0
67. 8
288.6
213. 7
211. 6
3.3
282.4
68.7
279.4
426. 5
67. 8
428. 8
69.4
285.0
215. 6
213.4
3. 8
429. 9
282.2
430.5
68. 8
4. 0
285. 8
69.5
218.2
216. 3
431. 5
431.8
287.3
69. 1
70.2
218. 3
4. 1
288. 5
432. 9
213.7
434.5
283. 7
70. 0
4. 1
71. 1
293.0
437. 1
219.9
221.9
71.2
291. 1
436.7
71.4
222. 1
221. 1
293.5
3.3
439. 1
438.3
71.9
293. 1
294.2
222. 3
2. 6
71.9
440.2
72. 2
437.4
218. 7
290. 9
72. 0
222. 7
442. 6
3. 8
294.7
440. 7
292.8
220. 9
71.9
221. 5
294.1
221. 1
3. 3
446.8
72.5
445.9
293.6
72.5
73.3
297.1
223.7
450.0
224.9
447. 7
3.5
298.7
73.9
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Liquid assets rose 0.9 percent in November. From November 1974 to November 1975 the rise was 8.9 percent.
BILLIONS OF DOLLARS
1,300
BILLIONS OF DOLLARS
1300
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
1,200
1,200
1,100
1,100
TOTAL LIQUID ASSETS.
1,000
1,000
900
900
800
800
CURRENCY AND DEPOSITS
700
700
600
600
500
I I I M I I 1 IM I I II I I I I MI
1969
M
! M t I IM MI
1971
1970
M
If 1II 1
1973
1972
t I I f1 I I I I
M
t i i t 1 I i > > t i 500
1975
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCEi BOARD Of GOVERNORS OF THE FEDERAl RESERVE SYSTEM
[Averages of daily figures; billions of dollars, seasonally adjusted]
Cumjncy and <leposits
U.S. G overnment se curities
Negotiable
certifiShort- cates of
Cur- Demand
Nonbank
Comterm
rency deposits
Savings marketdeposit
thrift
mercial
institubonds
banks
able
setions
curities
43.4
51.4
174.3
46.8
22.5
140.1
206.7
177.3
46.1
51.1
649
144.7
215.0
&1
199.2
153.2
53.2
49. 1
51.3
232.9
2ai
52.6
161.7
233.6
39.6
53.7
30.3
273.2
56.9
175.2
39.8
319.1
57.0
39.9
264.7
294.8
52.1
61.6
181.5
59. 9
347. 4
58. 1
183. 1
67. 9
321.9
62.8
60. 1
368. 3
79.9
Time dieposits
Commercial
paper
Total
liquid
assets
Total
7041
737. 1
786.7
868. 7
980. 2
1, 093. 5
1, 184. 7
564. 5
583. 0
634.4
721. 1
816.0
885.3
941. 2
1974: Sept
Oct
Nov
Dec
1, 167. 5
1, 175. 3
1, 179. 9
1, 184. 7
926.4
931. 7
938. 6
941.2
65.9
66. 5
67.4
67.9
183.5
183.7
184.6
183. 1
315.4
318.5
320.6
321.9
361. 7
363. 1
366.0
368.3
62. 0
62.3
62. 6
62.8
59.7
60.9
60.8
60. 1
76.2
77.2
76.0
79.9
43.3
43.2
41.8
40.6
1975: Jan
Feb
Mar
Apr
May
June
July_._
Aug__
Sept
Oct
Nov »
1, 191. 8
1, 199. 4
1, 208. 0
1, 217. 3
1, 226. 6
1, 243. 6
1, 253. 7
1, 257. 6
1, 265. 2
1, 273. 4
1, 285. 1
944.8
952.8
963.9
973.3
985.4
1, 002. 5
1, 013. 2
1, 021. 6
1, 028. 5
1, 035. 6
1, 047. 3
68.2
68.7
69.4
69.5
70.2
71.1
71.4
71. 9
72.0
72.6
180. 0
180. 6
182.2
183. 1
184.6
188.0
188.3
188. 7
189. 0
188.2
190.9
325. 1
328. 3
331.4
3340
338.2
3443
348.3
350.8
352.9
356.0
360.3
371.5
375.3
380.9
386.8
392.4
399. 1
405.2
410.2
4146
418.8
422.8
63.2
63.5
63.8
64 1
61. 0
60.2
59.4
59.7
59.5
60.6
61.7
61. 1
61.5
61. 1
61.2
82.5
82.3
80. 0
78.8
75.7
74.0
72.0
68.4
69.4
71. 1
71.1
40. 3
40.6
41.1
41.4
41.7
41.8
41.7
41. 0
40.0
39.4
39. 1
Period
1968:
1969:
1970:
1971:
1972:
1973:
1974:
Dec...
Dec...
Dec-Dee_-_
Dec
Dec.
Dec
Source: Board of Governors of the Federal Reserve System.
30
7as
644
647
65. 1
65.5
65.8
66.2
66.5
18.8
28.9
247
240
27.6
38.3
40. 6
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
^ink loans and investments increased by $6.3 billion during November, the largest monthly increase this year.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
ALL COMMERCIAL BANKS
SEASONALLY ADJUSTED, END OF MONTH
700
700
600
600
TOTAL
LOANS AND INVESTMENTS
500
500
400
400
BANK LOANS
300
300
200
200
INVESTMENT N OTHER SECURITIES
INVESTMENT IN
US. GOVERNMENT SECURITIES
fitumii"1
100
100
,.„«...•«•«'«»"*
i i ii t I i i i ii
i i i I I i i i i
I I ! I I I I I I II
i i i i i I i i i ii
1971
1972
1970
1969
I
I
I
>
I
I
I
I
I
1973
I
I I I I I I ' I I I!
I
COUNCIL OF ECONOMIC ADVISERS
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seaso nally adjusted data)
End of period
Investraents
L oans
Total
loans
ComTotal,
and
U.S. Gov- Other
invest- exclud- mercial
ernment securiments ing inter- and indus- securities
ties
bank
trial
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annuall
rates
A.11 membe r banks 2
Borrowings at
Free
Total 3 Excess 3 Federal
reserves reserves Reserve reserves 3
Banks4
Billions of dollars
1969
1970
1971
1972
1973
1974
1974: Nov
Dec
1975: Jan
Feb
Mar
Apr
May
June
July"
Aug *
Sept ^
Oct 9
Nov »
401.7
435. 5
484. 8
556.4
630. 3
5
687. 1
5
692. 5
687.1
690. 0
692. 6
697.0
699. 1
702.0
705.0
706.4
710.4
711. 6
715.0
721.3
279.1
291. 7
320. 3
377.8
447.3
498.2
503.8
498.2
501.3
498.9
498.3
495. 0
492.8
489.9
489.6
490. 7
490.4
494. 1
498.0
105.7
110. 0
115. 9
129.7
155.8
182. 6
184.3
182.6
184.1
182.5
180.9
180.5
179. 1
176.3
177.6
177.5
176.4
177.9
178.9
51.5
57. 9
60. 1
61.9
52.8
48.8
49.1
48.8
48.7
53. 2
58.5
64,0
68.2
72.4
73.4
75. 6
77.1
75. 1
76.3
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages of daily figures. Annual data are for December.
* Beginning November 1972, adjusted to include certain reserve deficiencies
which penalties could be waived for a transition period in connection with
ption to Regulation J. Transition period ended after June 1974.
Beginning April 1973, includes seasonal borrowings.
1975
1974
]Millions o : dollars
71. 1
85. 9
104. 4
116.7
130.2
140. 1
139.6
140.1
140.0
140.5
140.2
140. 1
141. 0
142.7
143.4
144.1
144.1
145. 8
147.0
5,150
5,717
6,443
7,530
9,682
11,673
12,380
12,261
11,698
12,035
11,942
11, 897
11, 914
11, 892
12, 121
12, 641
12, 597
12, 336
28,031
29, 265
31, 329
31,353
35, 068
36,941
36,837
36,941
37,492
35,565
34,779
35,134
34, 492
34, 976
34, 655
34, 482
34, 646
34, 583
24, 647
257
272
165
219
262
339
258
339
-64
232
266
120
—1
548
-32
217
199
169
353
1,086
321
107
1,049
1,298
703
1,285
703
390
147
106
110
60
271
261
211
396
192
62
-829
-49
58
-830
-1,036
-364
-1,027
-364
-454
85
160
10
-61
277
-293
6
-197
-23
291
6
Beginning June 1974, a bank merger increased total loans and investments
by $0.6 billion, and beginning November 1974, liquidation of a large bank reduced
total loans and investments by $1.5 billion. For effect on other categories, see
Federal Meserve Bulletin.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Seasonally adjusted consumer instalment credit grew by $0.7 billion in October. During the year ended Octob<
total consumer credit outstanding rose by 1.5 percent.
BILLIONS OF DOLLARS
BILLIONS Of DOLURS
TOTAL CONSUMER CREDIT OUTSTANDING
100
40
20
20
18
16
SEASONALLY ADJUSTED (ENLARGEC SCALE)
' NSTALMENT CREDIT E XTENDED
^^^
1*5
IO
f)
——* ^^.^i
K
1 ! t 1 1 1 I' ! ! ! !
! i i i i
i f i ! r
1971
1970
1969
1967..
1968.
1969
1970
1971
1972
1973
1974
1974: Sept
Oct
Nov
Dec
1975: Jan
Peb
Max.
Apr
May
June
July
Aug
Sept
Oct
i i f i i 1i i i i i
1972
***
!
! ! 1 I 1 !
1973
1
1 !
!
i
I
!
! 1 1 1 I 1
1 ! I !
I !
1 1 t
1 1 ! 1 1 iK
1975
1974
[Millions of dollars]
Consu mer credit outstandin g (end of p>eriod ;
Consum er instalme nt credit e xtended
tinadjusted)
and r epaid (seasonally adjiisted)
instalment
Total
Automofc >ile paper
NonAutomol
Total
instalTotal
bile
Personal
Extended Kepaid Extended Repaid
ment 2
paper
loans
100, 783
_._ 110, 770
121, 146
127, 163
138, 394
157, 564
180, 486
190, 121
187, 906
188, 023
188, 084
190, 121
187, 080
185, 381
184, 253
184, 344
185, 010
186, 099
187, 211
188, 821
190, 069
190, 839
79, 428
87, 745
97, 105
102, 064
111,295
127, 332
147, 437
156, 124
155, 139
155, 328
155, 166
156, 124
153, 952
152, 712
151, 477
151, 271
151, 610
152, 668
153, 930
155, 263
156, 332
156, 989
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130
51, 689
52, 848
52, 736
52, 325
51, 689
50, 947
50, 884
50, 452
50, 360
50, 465
50, 927
51, 556
52, Oil
52, 308
52, 722
*
COUNCIL OF ECONOMIC ADVISERS
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
44, 264
44, 375
44, 319
44, 180
44, 264
43, 815
43, 726
43, 709
43, 784
43, 908
44, 249
44, 697
45, 097
45, 447
45, 547
1
Also includes other consumer goods paper, and home improvement loans,
not shown separately.
2 Consists of single-payment loans, charge accounts, and service credit.
32
_/j. '*Tl»^^J *>
. I
~\
SOURCEs BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
^
""~*^^.*~ — ———"**""'
^S^i-t^--"!
IN STALMENT CREDIT REPAID
.—*
/ti i i i i I i i i i r
lr^-^r^v^— -^
^
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
33, 997
32, 767
32, 695
32, 918
33, 997
33, 128
32, 669
32, 776
33, 073
33, 400
33, 431
33, 281
33, 558
33, 737
33, 850
3
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 083
166, 478
14, 089
13, 626
12, 609
12, 702
12, 859
13, 465
12, 797
13, 181
13, 149
13, 959
14, 378 14, 358
14, 973
14, 762
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
144, 978
157, 791
13, 412
13, 224
13, 009
13, 516
13, 260
13, 228
13, 234
13, 423
13, 274
13, 537
13, 509
13, 858
13, 916
14, 046
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 453
42, 756
3,835
3, 369
3,062
3, 205
3,348
3,856
3,419
3, 454
3, 467
3,752
4,073
3,932
4, 173
4,143
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
3.9, 452
42, 197
3, 604
3,470
3,423
3,668
3, 534
3, 605
3, 772
3,719
3, 625
3, 728
3, 690
3, 820
3,727
3, 749
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt out
standing,
nonfarm,
1- to 4family
houses 3
236, 060
251, 241
266, 508
280, 261
307, 241
345, 349
384, 613
411, 601
407, 492
411, 601
415, 760
42l} 326
9 435, 029
BOND YIELDS AND INTEREST RATES
Most interest rates increased slightly in late November and early December but declined in mid-December.
PERCENT PER ANNUM
PERCENT PO, ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1975
1969
SOURCE SEE TABLE BELOW'
Period
1969_
1970
1971
1972
1973
1974
1975: Jan
Feb
Mar
Apr
May
June
July
Aug — _
Sept
Oct
Nov
Dec
Week ended:
1975: Nov 7
14
21
28
Dec 5
12
19 »— _1
3
COUNCIL OF ECONOMIC ADVISSJS
[Percent per annum]
High-grade
U.S. Gov<^rnment seenrity yields
municipal
3-nionth
bonds
3-5 year
Taxable3
2
Treasury
(Standard 4 &
issues
l
bonds
bills
Poor's)
5.81
6.677
6. 85
6. 10
6. 51
6. 458
7. 37
6. 59
5. 70
4. 348
5.74
5.77
4. 071
5. 27
5.85
5.63
7. 041
5. 18
6. 92
6. 30
6. 09
7. 886
7.81
6.99
Aaa
7.03
8. 04
7. 39
7.21
7.44
8. 57
Baa
7. 81
9. 11
8.56
8. 16
8. 24
9. 50
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields £
months
7.83
8. 19
7.72
9. 05
5. 11
7. 78
4. 69
7. 53
8. 15
8.08
9.87
9.47
6,493
5. 583
5.544
5.694
5. 315
5. 193
6. 164
6.463
6. 383
6.081
5. 468
7. 29
6. 85
7.00
7.76
7. 49
7. 26
7. 72
8. 12
8.22
7.80
7.51
6.68
6. 61
6.73
7.03
6. 99
6. 86
6.89
7. 06
7.29
7. 29
7. 21
6. 66
6. 30
6. 61
6. 83
6. 81
6. 76
6.94
7.02
7.23
7.22
7. 21
8. 83
8. 62
8.67
8.95
8. 90
8.77
8. 84
8. 95
8.95
8.86
8.78
10. 62
10.43
10.29
10.34
10.46
10. 40
10. 33
10.35
10.38
10.37
10. 33
7.30
6.33
6. 06
6. 15
5. 82
5. 79
6.44
6.70
6. 86
6.48
5. 91
5.602
5.279
5. 471
5. 520
5. 550
5. 633
5. 491
7.41
7.38
7.60
7.62
7. 59
7. 67
7.51
7.17
7. 17
7.25
7.24
7.23
7.26
6
7. 17 1
7. 34
7. 15
7. 18
7. 16
7. 13
7. 13
7.05
8. 76
8. 75
8.81
8.81
8.83
8.86
6
8. 82
10. 32
10. 34
10.31
10.34
10. 35
10. 37
10.36
6.03
5. 88
5.88
5.88
5.98
2
Bate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 6years and after.
< Weekly data are Wednesday
figures.
Not charted.
Data for first of the month, based on the maximum permissible interest rate
>ercent beginning Sept. 2,1975) and 30-year mortgages paid in 15 years.
Corpora te bonds
(Moc dy'sj
6
9. 51
8.99
8. 84
8.69
9. 16
9.06
9. 13
9. 32
9.74
9. 53
9. 41
6. OS
6. 03
Sources: Department of Housing and Urban Development, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices declined in early December affer increasing during October and November.
INDEX, 1941-43 =10
1NDEX, 1941-43=*10
MON1
1*5fi
nn
100
COMP OSITE PRICE INDEX FC)R
50C) COMMON STOCKS
*^ >\
X/
Of)
CHLY
WEEKLY
rv
N V ^J'\
.?>~*~~*J
^-u-r^^
yx^^
^~V
»
inn
f
\
^A
P\
^A /^
*—
QA
"7A
1OA
fi
\
Ofl
W^ 80
'f
\
60
XA
50 t i i i i I i i r i i
PERCENT
1 1 1 ! 1 1 1 1 t ! 1
f 1 M 1 1 1 M
M It ! I1 f f f I
M
t t 1 1 ! 11 M 1 1
f If M
1 1 M t !
50
1. .1 I. I i l l i t M
PERCENT
DIVIDEND YIELD ON COMMON STOCKS
! 1I ! f I t
I I I I
I I I I I
I I I I I
I 1I I I I I i f I I I I I I ! I
I I I r I I—ri I I t
I 1I I !
! 1t t I
I I I I I
II
RAlrio
RATIO
20
^-—-—
--"
-—^
OQ
PT—•—|
-
1*5
f RICE/EARNINGS RATIC ON COMMON STC ^
CKS
^^•^^^
"^x^^
A
K
I
f
r
!
i
i
!
I
I
1971
1970
1969
!
1
!
i
1972
^
r-^
in
\
1973
f
f
r
i
1974
1969
1970
1971.
1972
1973
1974
1974: Oct
Nov
Dec
1975: Feb
Mar
Apr
May..
June
July
Aug
Sept
Oct
Nov
Week ended:
1975: Nov 7
14
21
28
Dec 5
12
19
_
I
1975
f
K 5
N
COUNCIL OF ECONOMIC ADVISERS
SOURCE, STANDARD & POOR'S CORPORATION
Period
f
i
in
Total
Total
97.84
83. 22
98.29
109. 20
107. 43
82. 85
69. 44
71.74
67.07
80. 10
83.78
84. 72
90. 10
92.40
92.49
85. 71
84.67
88. 57
90. 07
107. 13
91. 29
108. 35
121. 79
120. 44
92.91
77.57
80. 17
74.80
89.29
93.90
95.27
101. 56
103. 68
103. 84
96. 21
94.96
99.29
100. 86
88.93
90.48
90. 32
90.65
88.45
87. 62
4
88. 88
99.59
101. 36
101. 13
101. 50
99.01
98.11
99.55
Price index 1
Industrials
Capital Consumers*
goods
goods
1941-^t3=10
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
119. 39
113. 91
118. 57
107. 13
92.84
78. 08
77.49
62.79
65.84
79.35
62.51
7406
75.06
88.50
80.42
92. 78
80. 75
96.76
85. 15
101. 96
101. 15
85.98
101. 15
86.58
93.05
78.29
77.25
93. 61
83.07
95.77
96.10
88.01
96. 64
93.38
96.43
97.95
94.52
95.25
96.66
86.32
88. 78
87. 97
88.97
85. 08
85. 11
86.20
Railroads
Dividend
yield 2
(percent)
62. 64
54. 48
59. 33
56. 90
53.47
38. 91
33.80
34.45
32.85
40.37
39. 55
38. 19
39. 69
43.67
43.67
40. 61
40.53
42. 59
43.77
45.95
32. 13
41.94
44. 11
38.01
37. 53
33.70
35.95
34.81
37.80
38.35
38.55
38.90
38.94
38.04
35. 13
34.93
36.92
37.81
3. 24
3.83
3. 14
2.84
3.06
4.47
5.38
5. 13
5.43
4.61
4.42
4.34
4.08
4.02
4.02
4.36
4.39
4.22
4.07
43. 19
43. 75
44. 00
44.22
43.25
42. 69
43. 14
37. 38
38. 19
38. 07
37. 53
36.95
36.44
37.09
4. 14
4.03
4.08
4.04
4.20
4 4.17
4. 12
Public
utilities
Price/
earnings
ratio 8
16.48
15.69
18.50
18.20
14.22
8.94
7.71
9.90
12.08
1
Includes 500 common stocks: 425 Industrials, 56 public utilities, and 20 rail- are3 averages of monthly data. Weekly data are Wednesday figures.
roads. Weekly indexes for capital and consumer goods are Wednesday figures;
Ratio of price index for last day of quarter to quarterly earnings (seasonally
all other weekly Indexes are averages of daily figures.
adjusted annual rate). Annual ratios are averages of quarterly data.
s Aggregate cash dividend? (based on latest known annual rate) divided by
* Not charted.
the aggregate monthly market value of the stocks in the group. Annual yields
Source: Standard & Poor's Corporation.
34
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 4 months of fiscal 1976 there was a Federal budget deficit of $31.6 billion. A year earlier the deficit was
$8.4 billion.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
350
200
- 150
100
50
50
SURPLUS (*) OR DEFICIT (-}
-50
-50
J_
-100
1965
_L
1966
I
1967
1968
-100
1969
1970
1971
1972
1974
1973
1975
1976
FISCAL YEARS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars)
Federal debt (end of period)
Period
Fiscal year:
1965
1966
1967
1968
1969
1970
1971
1972..
1973
1974
1975
1976
Receipts
_
2
-1.6
-3.8
-8.7
-25.2
3.2
323.2
329.5
341.3
369.8
367. 1
261.6
2647
267.5
290. 6
279.5
193.7
188.4
208. 6
232.2
2649
196. 6
211.4
231.9
246.5
26&4
— 2. 8
-23.0
-23.2
-14.3
-3.5
382. 6
409.5
437.3
468.4
486.2
2849
304.3
323.8
343.0
346. 1
281. 0
299.0
324. 6
358.9
—43.6
-59.9
544 1
617.5
396.9
470.9
92.4
100.8
123.4
-8.4
-31.6
491.6
572.9
351.3
432. 1
Cumulative totals for first 4 months:
Fiscal year 1975
Fiscal year 1976
*Excludes non-interest-bearing public debt securities held by JMF8
2 Estimates as of May 30,1975.
Held by
the public
118.4
134.7
158.3
178.8
184.5
..
.
Total i
116.8
130. 9
149.6
153.7
187.8
_
_
._
Outlays
Surplus or
deficit (— )
9L7
Sources: Department of the Treasury and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
FUNCTION
In the first 4 months of fiscal 1976, Federal budget receipts were $0.7 billion lower and expenditures $22.6 billion
higher than a year earlier.
BILUONS OF DOLLARS
BJLUONS Of DOLLARS
OUTLAYS
250
250
200
200
NOND1FENSE
^. ^
150
150
100
100
50
50
_L
y
1965
!
1966
J_
1967
1968
_L
1970
1969
1971
1972
1973
1974
J_
1975
1976
H
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVTSSSS
[Billions of dollars]
Receipts
Outlays
Nations I defense
Period
Fiscal year:
1965..
1966
1967
1968...
1969
Total
_.
1970
1971
1972
1973
1974
...
1975.
1976 »
Cumulative totals for
first 4 months:
Fiscal year 1975...
Fiscal year 1976
1
Estimates as of May 30,1975.
36
Individual Corporation
income
income
taxes
taxes
Other
Total
Total
Health
Depart- Internaand
Intional income
ment of affairs
terest Other
Defense,
security
military
4.1
4.6
4,7
4.6
3.8
27.5
31.5
37.6
43.4
49.0
10.4
11.3
12.5
13.8
15.8
27. 8
31.4
34.3
37.7
35.7
246.5
268.4
79.3
76.8
77.4
75.1
78.6
46.0
54,2
67.5
77.4
77.9
77.2
74.5
75.2
73.3
77.6
3.6
3.1
3.7
3.0
3.6
56. 1
70. 1
81.4
91.8
106.5
18.3
19.6
20.6
22. 8
28.1
39.3
41.8
48. 8
53. 9
51.7
139.9
nao
324.6
358.9
86.7
94.1
85.4
91.1
4.2
5.5
136,3
151.8
31.0
34.4
66.4
73. 1
37.4
100.8
123.4
27.3
30.7
27.4
29.4
1. 1
40.3
51.8
10.1
11. 1
22.0
28.4
116.8
130.9
149.6
153.7
187.8
48.8
55.4
61. 5
68.7
87.2
25.5
30.1
34.0
28.7
36.7
42.6
45.3
54.1
56.3
63.9
118.4
134.7
158.3
193.7
188.4
208.6
232.2
264. 9
90.4
86.2
94.7
103.2
119.0
32.8
26.8
32.2
36.2
38.6
70.5
75.4
81.7
92.8
107.4
196.6
211.4
231.9
281.0
299.0
122.4
121.3
40.6
37.8
92.4
91- 7
45.8
44.3
9.2
8.9
3ae
m.8
1845
48.6
55.9
69.1
79.4
80.2
1.4
Sources: Department of the Treasury and Office of Management and Budget-
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
ie third quarter, the sharp increase of $44.0 billion (annual rate) in Federal receipts was the net result of a $27.0
ion increase due to provisions of the Tax Reduction Act and a $16.9 billion rise resulting from higher incomes and
.oleum import fees. Expenditures were up $7.7 billion. As a result the deficit dropped $36.3 billion to $67.0
billion.
BILLIONS OF DOLLARS
-^-
BH110N5 OF DOLLARS
200
200
180
ISO
+20
SURPLUS
—20
+20
|
4.
i
DEFICIT
—40
1969
I 1
YZa
1
i1 1 I
i^i
11 i
*%
<2d
£22
i ^
p^3
^
g
^
|
1971
1970
&
ty<
1
1972
CALiMI)AR YEA RS
^
1974
1973
^
g
^ ^
-1C 3.3 ^v
SOURCE: DEPARTMENT OF COMMERCE
—20
%;
&
^
-40
^
g 1975
^
-67.0
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jovernm ent receipts
Period
Personal
and
Total tax
nontax
receipts
Fiscal vear:
1972*1... 213. 2
1973
240.4
1974
273. 6
1975 2» .. 282.9
1976 .. 312. 1
Calendar
year:
1970
192.0
1971
198. 5
1972
227.2
1973 .„.. 25a 5
1974 .... 291. 1
Feeleral Go^ ^ernmen fc expend]
tures
Surplus
or
GrantsSubsidies Less: deficit
Corpo- Indirect Contriin-aid
Purless
Wage .(-),
rate business butions
chases Trans- to State Net
current accruals income
profits tax and
for
Total of goods fer pay- and interest surplus of less
and
tax
nontax social inments local
and
paid Govern- dis- product
accruals accruals surance
services
government en- burse- accounts
ments
terprises ments
sas
7a 6
ia4
100.7
106.8
123.1
126. 7
127. 0
34. 1
41.2
45.6
43.2
37.8
20.0
20.7
21.6
22.9
50. 7
71.7
83.3
90.1
96. 8
232.9
255.4
278. 3
329.4
371.4
103.2
105.3
110.3
124. 1
136.9
89.4
104.2
134. 1
152.9
3216
40.2
41.5
47.8
54.3
145
17.4
19.9
23.2
92.2
89.9
ioa2
114.1
131.3
31. 0
3a4
3&6
43.7
49. 1
19.3
20.4
20.0
21.2
22. 0
49.5
54.6
62. 5
79. 5
88.7
20a9
220.3
244, 7
2642
299. 1
96.2
97.6
104,9
106.6
116. 9
63.2
74.9
82.8
95.5
117. 0
24. 4
29. 0
37.4
40.5
43.8
1974: I
278.1
II... 288.6
III.. 302.8
IV .. 294.7
124. 1
129.4
134.8
136.8
45.9
49.2
55.4
45.7
21.5
21.9
22.5
22.2
86.7
88.1
90.0
90.0
281.0
291.6
304.7
319. 3
111. 5
114.3
117. 2
124. 5
106.5
113.6
120. 8
127. 2
1975:1
284. 1
II... 25L 8
Ill .. 295.8
136.2
99. 1
131. 5
34. 1
37.5
45.3
22.9
90.9 338. 5
91.3 355.0
9a3 362.7
126. 5
128.4
130.5
138. 5
149.9
151. 1
limlnary; based on seasonally adjusted data.
Imates as of May 30,1975.
2as
25.6
5.3
4.7
3.0
41
0.0
;5
— 2
-/4
.0
— 19. 7
-15. 0
—4 7
—46.4
— 59.3
14 6
13. 6
13. 5
16.3
18.8
5.5
5.2
6.6
5.3
2. 1
^0
sO
:5
;0
-.5
— 11.9
—21.9
-17.5
— 5.6
-8.1
42.9
43.2
43.4
45. 5
17.9
18.7
19.1
19.7
2.2
1.3
2.7
2.3
.0
—.6
-1.5
.0
-2.8
— 3.0
— 1.9
-245
50.2
52.2
55.9
19.7
2L1
21.4
3.5
3.5
.0
.0
;0
— 544
— 103.3
-67.0
a7
ao
Source: Department of Commerce, Bureau of Economic Analysis.
37
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