Full text of Economic Indicators : February 1966
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89th Congress,
2nd Session St. Louis Public Library
6
REFERENCE DERI.
! MAP. R 1966
roo--'
Economic Indicators
February
1966
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1966
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
ROBERT F. ELLSWORTH (Kansas)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
HERMAN E. TALMADGE (Georgia)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
JOHN R. STARK, Deputy Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
JAMES S. DUESENBERRY
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
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price is $5.40 per year.
The 1964 Supplement to Economic Indicators, which describes each series
and gives annual data for years not shown in the monthly issues, is available
at 65 cents a copy.
ii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose sharply by $16 billion in the fourth quarter to a seasonally adjusted annual rate of
$697 billion, bringing the annual total to over $676 billion. Large fourth quarter gains occurred in all major sectors
led by consumer spending, up $81/2 billion. Gross private domestic investment rose by $4 billion and government
purchases by $3% billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Disposable personal income
Period
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965* _ _
1964:
II..
III..
IV. _.
1965:
IV*__
Total
excluding
interest
and
transfers
Total1
287.3
302.2
312.4
330.3
342.3
356.3
376.7
394.3
425.2
453.6
412.5
423.3
429.6
435.4
440. 2
446. 9
459.3
468. 1
293.2
308.5
318.8
337.3
350.0
364.4
385.3
403.8
435.8
465.3
422.6
433.6
440.3
446.4
451.4
458.5
471.2
480. 3
Net receipts
Expenditures
Personal
Interest Personal saving
Transpaid and consumpPurTax and fers,
Transtion
(+)
or
transfer expendi- disnontax inter- chases
Total
fers,
Net
payreceipts
est,
of goods expendi- interest,
saving
receipts
tures
ments
or
and
and
tures and subto foraccruals sub- 2
sidies 2
eigners
sidies
5.9
6.3
6.5
7.0
7.8
8. 1
8.6
9.6
10.5
11.7
10.1
10.4
10.7
11.0
11.2
11.6
11.9
12. 2
266.7
281.4
290.1
311.2
325.2
335.2
355. 1
373.8
398.9
428.7
389.1
396.0
404.6
405.9
416.9
424. 5
432. 5
441.0
20.6
20.8
22.3
19.1
17.0
21.2
21.6
20.4
26.3
24.9
23.3
27.3
25.0
29.5
23.3
22.4
26. 8
27. 1
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965*
1964: I
III.
IV.
1965:
III..
IV*.
25.5
28.7
33.0
34.0
36.5
41.3
42.8
44.5
46.8
49.7
46.7
46.4
46.8
47.1
48.8
48.2
51.7
50. 1
Transfers
Net exports of goods
to forExcess
Gross
and services
Gross private
eigners
of
retained domestic invest- by perearninvest-4
ment sons and
Net
Exings 3
ImGovernment
exports
ports
ports
ment
47.3
49.8
49.4
56.8
56.8
58.7
66.3
69.1
75.4
82. 8
74.2
75.2
76.5
75.8
82.0
82.0
83.2
70.0
67.8
60.9
75.3
74.8
71.7
83.0
86.9
92.9
105.7
89.7
90.9
92.6
97.7
103.4
102.8
106.2
110.3
-22.8
— 18.1
— 11.5
— 18.5
— 18.0
— 13.0
— 16.8
-17.8
— 17.5
— 22. 9
-15.5
-15.7
— 16.1
— 21.9
-21.4
-20.8
-23. 0
2.4
2.3
2.3
2.4
2.3
2.6
2.7
2.8
2.7
2.8
2.7
2.9
2.7
2.7
2.6
3. 1
2.8
2.7
1 Personal income (p. 5) less personal taxes and nontax payments (fines, penalties, etc.).
2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by Government, and subsidies less current surplus of
Government enterprises.
3 Undistributed corporate profits, corporate Inventory valuation adjustment,
capital consumption allowances, and excess of wage accruals over disbursements.
Does not include retained earnings of unincorporated business which are included in disposable personal income.
109.0
115.6
114.7
128.9
139.8
144.6
157.0
168.3
172.7
187. 0
171.4
169.6
173.5
176.5
184,8
186.6
186.4
78.6
86.1
94.2
97.0
99.6
107.6
117.1
122.6
128.4
134. 8
126. 3
129. 7
128.7
128.6
131.3
133.5
135.4
139.0
104.1
114.9
127.2
131.0
136.1
149.0
159.9
167.1
175.1
184.5
173. 0
176. 1
175.5
175.7
180.1
181.7
187.1
189. 1
25.5
28.7
33.0
34.0
36.5
41.3
42.8
44.5
46.8
49*7
46.7
46.4
46.8
47.1
48.8
48.2
51.7
50.1
4.9
.7
-12.5
-2.1
3.7
— 4.3
— 2.9
1.2
— 2.4
2.5
-1.6
-6.4
— 2.1
.8
4.7
4.9
-.7
International
Business
Period
83.5
86.8
81.6
95.0
103.3
103.3
114.2
123.8
125.9
137. 3
124.6
123.2
126.7
129.4
136.0
138. 4
134.7
Surplus
(-f)or
deficit
(-)on
income
and
product
account
4.0
5.7
2.2
.1
4.1
5.6
5. 1
5.9
8.6
7. 1
8.8
7.7
8.8
8.9
6.0
8.0
7.4
6.9
23.6
26.5
23.1
23.5
27.2
28.6
30.3
32.4
37.0
39.0
36.3
36.0
37.3
38.4
34.7
40.4
40. 1
40. 8
19.6
20.8
20.9
23.3
23.2
22.9
25.1
26.4
28.5
31.9
27.5
28.2
28.5
29.5
28. 6
32.4
32. 7
33.9
Total
StatisExcess of income
tical
transfers
or
discrep( + ) or receipts
ancy
of net
exports
(-)*
-1.6
-3.4
.1
2.3
-1.7
-3.1
-2.5
-3.2
-5.8
-4. 3
-6. 1
-4.8
-6.1
-6.2
-3.4
-5.0
-4.7
-4.1
420.4
441.1
445.8
484.5
504.8
520.8
559.8
589.9
629.2
676. 5
614.0
624.5
635.4
643.3
660.7
670.2
680.1
— 1.1
(6)
1.6
-.8
— 1.0
-.7
.5
— .7
— .5
-.2
(6)
—.3
-.7
-2.2
-3.1
-1.4
1.4
Gross
national
product
or
expenditure
419.2
441.1
447.3
483.6
503.8
520.1
560.3
589.2
628.7
676.3
614. 0
624.2
634.8
641.1
657.6
668.8
681. 5
697.2
* Private business investment, purchases of capital goods by private nonprofit
Institutions,
and residential housing.
5
fl Net foreign investment with sign changed.
Less than $50 million,
*Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beglmiing 1960.
Source: Department of Commerce,
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product on a seasonally adjusted basis increased 2.3 percent in the fourth quarter according to
revised estimates; after adjustment for price changes, the increase was 1.9 percent.
Total
Personal Gross
congross
Total
private
national gross
sump- domestic
tion
product national
investin 1958 product expend- ment
prices
itures
Billions <:>f dollars; quarterly
Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: I
II
III
IV
1965: I
II
III
IV
407.0
488.0
446.1
452.5
447. 3
-_
_
1
475.9
487.8
497. 3
530. 0
550. 0
577.6
609.6
567. 1
575. 9
582. 6
584. 7
697. 7
603. 5
613. 0
624.4
364. 8
398. 0
419.2
441. 1
447. 3
483. 6
503. 8
520. 1
560.3
589. 2
628.7
676.3
614. 0
624. 2
634.8
641. 1
657.6
668.8
681. 5
697.2
236. 5
254.4
266.7
281. 4
290. 1
311. 2
325. 2
335. 2
355. 1
373.8
398. 9
428. 7
389. 1
396. 0
404.6
405. 9
416.9
424.5
432. 5
441. 0
51.7
67.4
70. 0
67. 8
60. 9
75. 3
748
71.7
83. 0
86. 9
92. 9
105. 7
89. 7
90. 9
92. 6
97. 7
103. 4
102. 8
106. 2
110.3
Tins category corresponds closely witb. budget expenditures for national
defense, shown on p. 35.
- Gross national product in current prices divided by gross national product
in 1U58 prices.
2
Net
exports
of goods
and
services
Gove]rnment f mrchases of good s
services
Federal
Total
National
Total defense1 Other
and
State
and
local
data at s easonall]v ad juste d annual rates
1. 8
2.0
4. 0
5. 7
2. 2
.1
4. 1
5.6
5. 1
5. 9
8. 6
7. 1
8.8
7. 7
8.8
8.9
6.0
8. 0
7.4
6.9
74. 8
74.2
78. (5
86. 1
94. 2
97. 0
99. 6
107. 6
117. 1
122. 6
128. 4
134.8
126.3
129. 7
128.7
128. 6
131.3
133.5
135.4
139.0
47. 4
44. 1
45. (i
49. 5
53. G
53. 7
53. 5
57. 4
63. 4
64. 4
65. 3
66.6
65.0
67. 0
64. 9
64. 3
64.9
65. 7
66.5
69.2
41. 2
38. 0
40. 3
44. 2
45. 9
46. 0
44. 9
47. 8
51. 6
50. 8
49. 9
49. 9
49.8
51. 7
49. 5
48. 8
48.8
49. 2
49. 8
52. 0
6. 2
5.5
5.3
5.3
7. 7
7.6
8. 6
9. 6
11.8
13.6
15. 4
16.7
15. 2
15. 3
15. 4
15. 5
16.1
16. 5
16.7
17.2
27. 4
30. 1
33. 0
36.6
40. 6
43. 3
46. 1
50. 2
53.7
58. 3
63. 1
68. 2
61.3
62. 7
63.8
64. 3
66.4
67. 8
68.9
69.8
NOTE.—Data for Alaska and Hawaii included beginning I960,
_
,
,„
Source: Department of Commerce,
Implicit
price
deflator
for total
GNP,
1958=100*
89. 6
90.9
94.0
97.5
100.0
101. 6
103. 3
104.6
105.7
107. 1
108. 9
110.9
108.3
108. 4
109. 0
109.6
110.0
110.8
111.2
111. 7
NATIONAL INCOME
The fourth quarter of 1965 witnessed exceptionally hearty gains with compensation of employees up $10 billion,
and farm income up $V2 billion (seasonally adjusted annual rate). Other sectors of noncorporate income had
normal gains.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
500
500
400
300
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
1959
UPRELIMINARY ESTIMATES.
*Se* Note, peg* 7.
SOURCE, DEPARTMCMT OF COMMERCE
COUNCa OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compen-
Proprieto rs' income
of employees 1
Farm2
Business
and professional
Rental
income
of
per-
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964 4
1965
303. 1
331. 0
350. 8
366. 1
367. 8
400. 0
414. 5
427. 3
457. 7
481. 1
514. 4
554. 7
208. 0
224. 5
243. 1
256. 0
257.8
279. 1
294. 2
302. 6
323. 6
341. 0
365. 3
391. 9
12. 4
11. 4
11. 4
11. 3
13. 4
11. 4
12. 0
12. 8
13. 0
13. 0
12. 0
14.3
27.6
30.3
31. 3
32. 8
33. 2
35. 1
34, 2
35. 6
37. 1
37.8
39. 1
40.3
13. 6
13. 9
14. 3
14. 8
15.4
15. 6
15.8
16.0
16.7
17.6
18. 2
18.6
1964: I
II
III
IV
501. 6
510. 5
519. 5
526. 3
355. 1
361. 9
369. 0
375. 4
11.9
12. 0
12. 0
12.2
38.5
39.0
39.4
39.6
1965: I
II
III4
IV
540.6
549.5
557. 9
382.4
387. 9
393.7
403.6
12.0
14. 5
15.0
15. 5
39.9
40. 1
40.4
40. 7
1
2 Includes
(')
employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in fanning and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such
profits..
3
See Note, page 7.
* Preliminary estimates.
1
Net
interest
Corpora be profits and inventory va uation ad justment 3
Total
Profits Inventory
before valuation
taxes 3 adjustment
7. 1
8. 4
10. 0
11. 6
13. 6
15. 2
16. 5
38.0
46. 9
46. 1
45. 6
41. 1
51.7
49.9
50. 3
55. 7
58. 1
64. 5
73.1
38.3
48.6
48.8
47.2
41.4
52. 1
49.7
50. 3
55.4
58.6
64.8
74.7
17.9
18.1
18. 3
18.5
14. 5
15.0
15.4
15.7
63.6
64.5
65. 5
64.9
64. 0
64.5
65.3
65. 9
18.5
18.6
18. 6
18.7
16. 1
16.4
16.7
17.1
71.7
72.0
73. 5
73.1
73.9
74.6
«
(«)
3.6
4. 1
4. 6
5.6
6.8
Less than $50 million.
• Not available.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0.3
-1.7
-2.7
— 1.5
-.3
-. 5
.2
—.1
.3
—.4
o
-1.6
-.4
00
.2
-1.0
-1.4
— 1.8
-1.2
-1.8
SOURCES OF PERSONAL INCOME
Personal income rose slightly in January to a seasonally adjusted annual rate of $551% billion. Increases of
$2 billion in wage and salary disbursements, $% billion in transfer payments, and $% billion in other sources of
Income were largely offset by a rise of almost $3 billion in personal contributions for social insurance resulting
from increased tax rates and base.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
1 600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
WAGE AND SALARY DISBURSEMENTS
\
300
300
ALL OTHER
100
100
TRANSFER PAYMENTS
1 I 1 M I I 1 1M
t i 1» ' 1 ' ' ' ' »
I960
1961
t ii i i i iii
1962
1963
SOURCE DEPARTMENT OF COMMERCE
Period
Total
personal
income
1957
1958
1959
1960
1961
1962
1963
1964 4
1965 _
1964: Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1966: Jan 4 _ _ _
351. 1
361.2
383.5
401.0
416.8
442.6
464.8
495.0
530.7
512. 0
515.4
515. 2
517. 8
520. 5
525. 0
528.5
530.4
532.1
545.4
541.3
546. 1
550.9
551.6
1965
1966
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Other Propriet<3rs' income income
Transfer
Divi- Personal
salary
labor 2
Business
interest
payof
dends
disburseFarm and pro- persons
income
income ments
ments 1
fessional
238.7
11.3
9.5
32.8
14.8
11.7
21.4
17.6
33.2
239.9
13.4
15.4
9.9
11.6
18.9
25.7
258.2
11.4
11.3
35. 1
15.6
12.6
20.7
26.6
34.2
270.8
12.0
12.0
15.8
13.4
23.4
28.5
278. I
12.8
35.6
16.0
12.7
25.0
32.4
13.8
37.1
296. 1
13.0
16.7
13.9
15.2
27.7
33.3
311.2
13.0
37.8
17.6
14.8
15.8
35.2
31.1
18.2
333.5
39.
1
12.0
17.2
16.5
34.3
36.6
357.4
18.2
40.
3
18.6
18.9
14.3
39. 2
37.1
12.4
39. 9
346. 2
17.1
18.5
18. 1
35. 5
37. 0
5
12.4
346. 5
17.4
18.5
17.9
39. 8
35.7
40. 1
12. 0
348.9
17.5
39. 9
18. 5
18. 0
36. 0
37.4
351.1
17.6
11.7
40. 1
18. 0
36. 2
37. 6
18. 5
351.5
12.9
18. 0
40. 0
18. 6
18. 2
36.5
37.8
353.9
14.7
18. 1
40. 1
18. 6
18.5
37.4
36.7
355.4
18.2
15.9
18.6
37.2
40. 1
19.1
37.0
357.4
15. 2
18.6
37.2
18.3
19.0
37. 6
40. 3
14. 9
358. 8
18.4
19.2
40. 4
18.6
37. 5
37. 7
360. 8
18.4
14.9
18.6
40. 5
19. 5
37.7
*48. 4
364.7
18.6
18.7
40. 6
15.3
19. 7
37.9
39.3
15.
5
368.3
18. 9
38.2
40. 7
18. 7
19. 9
39.6
371.3
19.0
15.7
18.7
20.
2
40. 8
38.5
40.3
373.3
19.2
20.4
40. 9
15. 7
18.8
41.0
38.8
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and the excess of wage accruals over disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
1964
Less: Personal contributions
for social
insurance
6.7
6.9
7.9
9.3
9.6
10.3
11.8
12.4
13. 2
12.8
12.9
12.9
13. 0
12. 9
13.0
13.1
13.2
13. 3
13.4
13. 5
13.6
13.7
16.5
Nonagricultural
personal
income 3
336.6
344.3
368.5
385.2
400.0
425.5
447.4
478.7
512.1
495.3
498.7
499. 0
502. 2
503. 2
505.8
508.2
510.8
512.9
526.2
521.7
526.3
530.7
531. 5
*5 Preliminary estimates.
Keflects stepped-up payments for veterans' insurance dividends.
*Includes retroactive social security benefits of $885 million or $10.6 billion at
annual rate.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Despite a drop in transfer payments, disposable personal income in the fourth quarter of 1965 pushed ahead by
over $9 billion (seasonally adjusted annual rate). With an increase of almost $9 billion in personal outlays, the
saving rate went from 5.7 to 5.6 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
450
450
400
400
350
350
300
r
DOLLARS
300
DOLLARS
2,400
2,400
2,200
2,200
2,000
2,000
1,800
1,800
1959
1960
1961
1962
SOURCE. DEPARTMENT OF COMMERCE
Period
Personal
income
1955_
1956
1957
1958
1959
1960
1961
1962.
1963
1964
1965
310.9
333.0
351.1
361.2
383.5
401.0
416.8
442.6
464.8
495.0
530.7
1964: !.__
II___
III__
IV1965: I _ _ II___
III_.
IV__
483.0
490. 6
499.1
507.1
516.2
524.7
536.0
546.0
1964
1965
COUNCIL OF ECONOMIC ADVISERS
Per cap ita disSaving
L ess: Perso nal outla^ps
posable personal as perEquals:
Persor
lal
consur
nption
Less:
Equals:
incc>me
cent of PopulaDisex penditures 2
PerPersonal
tion
disTotal
posable
sonal personal personal
saving Current
(thouposable
Non1958
taxes income outlays l Durable durable Services
sands)
prices personal
prices
goods
income
goods
(percent)
Billions of dollars
Dol Lars
165, 275
5.7
39.6
91.4
123.3
275.3
35.5
259.5
1,666
1,795
15.8
168, 221
7.0
38.9
129.3
293.2
98.5
1,839
272.6
39.8
1,743
20.6
171, 274
6.7
135.6
40.8
105.0
1,844
42.6
308.5
287.8
1,801
20.8
174, 141
7.0
140.2
37.9
112.0
296.5
42.3
318.8
22.3
1,831
1,831
177, 073
5.7
44.3
46.2
318.2
146.6
120.3
337.3
19.1
1,905
1,881
180, 684
4.9
45.3
151.3
128.7
350.0
333.0
1,883
50.9
17.0
1,937
5.8 183, 756
343.2
44.2
155.9
135.1
52.4
364.4
21.2
1,983
1,909
186, 656
5.6
49.5
162.6
143.0
363.7
1,969
57.4
385.3
21.6
2,064
53.4
5.1 189, 417
168.0
152.3
383.4
2, 132
60.9
403.8
20.4
2,009
192, 119
6.0
58.7
177.5
59.2
162.6
409.5
435.8
26.3
2,116
2,268
194, 583
65.0
5.4
189.0
440.5
174.7
65.4
24.9
2, 198
465.3
2, 391
Seaso nally adjiisted anmlal rates
57. 4
5. 5 191, 161
60.4
173. 7
2,211
399.3
422.6
158.0
23.3
2,070
161.2
59. 1
175. 7
2, 111
6.3 191, 780
56.9
406.3
433.6
27.3
2,261
60.5
192, 478
415.3
179.8
164.3
2,134
5.7
58.8
440.3
25.0
2,288
57.9
193, 182
6.6
446.4
416.9
180.9
2,146
60.7
167. 1
29.5
2,311
5.2
64.6
193, 762
451.4
182.8
64.8
428.1
169.5
2,330
2, 157
23.3
63.5
194, 298
66.2
187.9
458.5
436.1
173.1
22.4
2,360
2, 170
4.9
65.4
471.2
444.4
176.7
5.7
194, 910
64.8
190.5
2,218
26.8
2,418
66.4
453.2
65.7
195.0
27. 1
195, 536
2,247
5.6
480.3
179.6
2,456
1
Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
3 See p. 2 for total personal consumption expenditures.
1963
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
A further gain in seasonally adjusted net farm income, including inventory change, in the fourth quarter brought the
total for 1965 to the highest level since 1952. On a per farm basis, however, it reached an all-time peak—23 percent
above 1964.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
REALIZED GROSS
FARM INCOME
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
\
10
10
1960
1959
1961
1962
Personal income received by
total i"arm popu lation
-__
_
_
1965..-
1964: I.
II
._
Ill
IV
1965: I_
II
III
IV
From
aU
sources
From
farm
sources
From
nonfarm
sources
17.7
19. 5
18. 1
18.7
19.0
19.2
18.7
17.9
20.0
11.0
12. 8
11. 0
11.4
12.1
12.2
12. 0
11. 1
13.2
6.6
6.7
7.0
7.2
6.9
7.0
6.7
6.8
6.8
Net t<3 farm
oper ators
Net inc ome per
farm incl uding net
inventor}f change *
Produc—
Cash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1965
from
Total i
ventory ventory2
prices prices 4
marketchange change
ings
Billions <>f dollars
Dol lars
10.7
34. 0
23.3
11.3
2,786
29.7
2,590
25.2
37.9
12.7
3,429
3,189
33.5
13. 5
11.4
2,973
37.5
33.5
26.1
11.5
2,795
11.7
26.2
37.9
34. 0
12. 0
3,043
3,203
12.6
34.9
27. 0
12.9
3,389
3,567
39. 6
12. 5
36.2
3,562
41. 0
28. 5
3,710
13. 1
12. 5
42. 1
29. 6
3,671
37. 3
13. 1
3,785
29.2
12.9
42.2
36.9
12. 1
3,486
3,558
14.1
44.4
30.3
14.4
38.9
4,280
4,280
Seas onally ad; usted ammal rates
12. 0
12. 6
42. 1
29. 5
3,460
36.9
3,530
12. 1
29.3
13. 0
3,480
42.3
37.0
3,550
29.2
12. 1
13. 1
3,480
37. 0
3,550
42.3
12.3
13. 1
3, 540
29. 0
3,610
42.1
36. 7
29.7
12.5
3, 590
12. 1
36. 7
42.2
3,630
30.2
14.8
4,330
14.6
39.5
4,330
45.0
30.3
14.5
15.1
4,480
39.3
44.8
4,480
14.4
15.6
4,620
40.0
45.5
31.1
4,620
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
»Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.
1965
][ncome re ceived fro m farming
Realize d gross
1957
1958
1959
1960
1961
1962
1963
1964
1964
COUNCM. OF ECONOMIC ADVISERS
*OUtC& DEPARTMENT OF AGWCUITURE
Period
1963
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1965 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits rose to record highs in the third quarter, according to current estimates. Profits before taxes were
at a seasonally adjusted annual rate of $741/2 billion, and after taxes at $441/2 billion. Increases over a year earlier
were 14 percent and almost 19 percent, respectively.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
80
80
- 40
30
20
10
1962
1959
J/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
'
' 1963
1965
•SEE NOTE ON TABLE BELOW.
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVKCTS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1956
1957
1958
1959
1960
1961
1962_
1963
1964
1965 3
1964: I
!!___
III.IV__
1965: I__!!___
III__
IV a _
Corp>orate pr ofits (befc>re taxes) and inven tory
valuation adjustmei it
TransM anufaetur ing
portation,
All
comAll
Nonother
muniDurable durable
indusindusgoods
goods cations,
Total industries
tries
and
induspublic
tries
tries
utilities
5. 9
15. 6
24 7
12. 8
46. 1
11.9
24. 0
5. 8
10. 7
15. 8
13. 3
45. 6
19.3
9.3
10. 0
15. 9
41. 1
5. 0
12. 7
7. 0
18. 4
26. 3
13. 6
51. 7
24. 4
12. 0
7. 5
17. 9
12. 4
49. 9
M. <)
23. 3
11. 4
7. 9
19. 1
50. 3
12. 5
14. 1
26. 0
8. 5
20. 5
55. 7
1 f>. 4
13. 2
<). 2
20.2
28. 7
58. 1
32. 1
17. 2
10. 0
22.4
14. <)
64. 5
37.4
10.8
24.9
20.7
16.7
73.1
14. 4
9.9
21.9
31. 9
17. 5
63. 6
32. 1
17. 1
15. 0
10. 1
22.3
64. 5
22. 8
10. 2
32. 5
17. 5
15. 0
65. 5
22. 5
32. 3
17. 1
10. 1
64. 9
15. 3
37. 3
16.6
10.5
23.8
20.8
71.7
10.5
20. 1
16.6
24.9
36. 7
72.0
25.2
11.0
16.6
73. 5
37.3
20.7
4
4
4
4
4
()
()
()
(4)
()
()
1 Includes depreciation, capital outlays charged to current account, and accidental
damages.
2
Corporate profits after taxes plus corporate capital consumption allowances.
» Preliminary estimates.
*Not available.
50-076 °—66
2
Cor] sorate pr ofits
a fter taxe s
Corpo- Corporate
rate
tax
profits
before liabiltaxes
ity
48. 8
47. 2
41. 4
52. 1
49. 7
50. 3
55. 4
58. 6
64. 8
74.7
64. 0
64. 5
65. 3
65. 9
73.1
73.9
74.6
(4)
21. 7
21. 2
19. 0
23. 7
23. 0
23. 1
24. 2
26. 0
27. 6
30.1
27.3
27.5
27. 8
28. 1
29.5
29.8
30.1
(4)
Total
27. 2
26.0
22. 3
28. 5
26. 7
27. 2
31. 2
32. 6
37. 2
44.5
36.7
37.0
37. 5
37.8
43.6
44.1
44.5
(4)
DiviUndend distributed
payments profits
11. 3
11. 7
11. 6
12. 6
13.4
13. 8
15.2
15.8
17.2
18.9
16.7
17.1
17. 4
17. 7
18.0
18.6
19.2
19.9
15. 9
14. 2
10. 8
15.9
13. 2
13. 5
16. 0
16.8
19. 9
25.6
20.0
19. 9
20. 1
20. 0
25.7
25.5
25.3
(4)
Corporate
capital
consumption
allow-l
ances
18.9
20.8
22.0
23.5
24.9
26.2
30. 1
32.0
34 0
36.1
33.2
33. 6
34 3
348
35.4
35.8
36.3
36.8
Profits
plus
capital
consumption
allow-2
ances
46. 1
46.8
443
52.0
51.6
53. 5
61. 3
64 5
71. 2
80.5
69.9
70.7
71.8
72.6
79.1
79.8
80.8
(4)
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines
($23^ billion for 1962) and therefore not comparable with previous data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Revised figure of $8.9 billion (seasonally adjusted annual rate) for nonfarm business inventory accumulation in the
fourth quarter indicates a strong showing in the face of steel stock liquidation. This revision plus a small one in
purchases of producers1 durables raised gross private domestic investment to $110.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
100
100
80
80
GROSS PRIVATE
DOMESTIC INVESTMENT
60
40
40
20
20
NONRESIDENTIAL STRUCTURES
CHANGE IN BUSINESS INVENTORIES
I I
I
I
1959
!
1960
I
J
I
L
1961
I
I
I
I
I
I
!
I
I
1964
1963
1962
I
I
I
I
I
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed im/estment
Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: I
II
III
IV
1965: I.
II.
III
IV
_„
Total
gross
private
domestic
investment
51.7
67.4
70. 0
67. 8
60. 9
75. 3
74.8
71.7
83.0
86.9
92. 9
105.7
89. 7
90.9
92.6
97.7
103.4
102.8
106.2
110. 3
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Resid ential
struc tures
Nc:>nresiden1 ial
Total
Total
53.3
61. 4
65. 3
66. 5
62. 4
70.5
71.3
69.7
77.0
81. 2
88. 1
97.4
86. 5
86.8
88.8
90.2
94.6
96.4
98.6
100.2
33. 6
38. 1
43.7
46. 4
41. 6
45. 1
48. 4
47. 0
51. 7
54. 3
60. 5
69.8
58. 1
58.9
61. 6
63. 5
66.9
68.4
70.9
73.0
Structures
13. 1
14.3
17.2
18. 0
16. 6
16. 7
18. 1
18.4
19. 2
19.7
21. 1
24.3
20. 7
21. 1
21. 1
21.5
23.2
24.5
24.2
25.4
Producers'
durable
equipment
20. 6
23. 8
26. 5
28. 4
25.0
28. 4
30. 3
28.6
32.5
34. 6
39. 4
45.5
37. 5
37.9
40.5
42. 0
43.7
43.9
46.7
47.6
Total
19.7
23.3
21. 6
20. 2
20. 8
25.5
22. 8
22. 6
25. 3
26.9
27. 5
27.6
28. 4
27. 9
27.2
26.7
27.7
28.0
27.7
27.2
Source: Department of Commerce.
Nonfarm
19. 0
22.7
20. 9
19. 5
20. 1
24. 8
22. 2
22. 0
24. 8
26. 3
27. 0
27.1
27. 8
27.3
26. 6
26. 2
27.1
27.5
27.1
26.7
Change in business inv entories
Total
— 1. 5
6. 0
4.7
1.3
-1.5
4.8
3.6
2.0
Nonfarm
— 2. 1
5. 5
5. 1
.8
-2.3
6. 0
4,8
3.3
1.7
5.3
5.7
4.8
8.2
3.3
7.9
3.6
4. 1
3.8
7.5
8.8
6.4
7.6
10. 1
4. 9
5. 4
5. 1
4. 6
7.8
9.2
6.6
7.0
8. 9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment for the first half of 1966 are expected to amount to $57.8 billion
(seasonally adjusted annual rate) which is 16 percent above the first half of 1965. For the third time, the figures for
1965 have been revised upward and are now expected to reach $51.8 billion or almost 15% percent above 1964.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
50
50
TOTAL
\
40
40
30
30
NON MANUFACTURING
\
.....•••«•*"""
20
20
MANUFACTURING
10
10
I
I
I
1960
I
I
1961
I
t
1963
1962
1965
1964
1966
J/ SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCESi SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi Qg
Period
1953
1954—
1955
1956
1957
1958.-1959
1960
1961
1962
1963
1964 3
1965
1965: I
II
III 8
IV
1966: I 88
II
1
Excludes
J
Total1
...
_
28. 32
26.83
28. 70
35. 08
36.96
30. 53
32.54
35. 68
34.37
37.31
39. 22
44. 90
51. 83
49.00
50. 35
52. 75
54. 85
56. 70
5a 85
Total
1L 91
11. 04
11. 44
1495
15.96
11. 43
12. 07
14.48
13. 68
14. 68
15. 69
18. 58
22.51
20.75
21. 55
23. 00
24. 35
24. 70
25. 85
Transpo rtation
Durable Nonduragoods ble goods
5.65
5.09
5.44
7.62
8.02
5.47
5.77
7. 18
6. 27
7. 03
7.85
9. 43
11.34
10.40
10.80
11.75
12. 20
12. 40
13. 25
6.26
5.95
6.00
7.33
7.94
5. 96
6. 29
7.30
7. 40
7. 65
7. 84
9. 16
11. 18
10.40
10. 70
11. 25
12. 15
12. 25
12.60
Mining
Railroads Other
0.99
1.31
1.24
1.24
. 94
1.23
1.40
.98
.96
.99
.99
.98
1. 08
1.04
1.19
1.30
1.25
1. 30
1. 25
1.40
1.35
.85
.92
.75
.92
1. 03
.67
.85
1.10
1.41
1.68
1.75
1.55
1.70
1.70
1.80
1.56
1. 51
1. 60
1.71
1.77
1.50
2.02
1.94
1.85
2.07
1.92
2.38
2.83
2.55
2.70
a oo
3. 10
3.90
33.00
Public Commerand
utilities cial
other *
4,55
4.22
4.31
4. 90
6.20
6.09
5.67
5.68
5.52
5.48
5.65
6. 22
6.84
6.80
6.85
6.75
6.95
7.65
8. 00
8. 23
9.47
11.05
10.40
9.81
10.88
11.57
11.68
13. 15
13. 82
15. 13
16.66
15.85
16. 40
17.00
17.30
17.30
agriculture.
Annual total is the sum of unadjusted expenditures,* it does not necessarily
Commercial and other includes trade, service, finance, communications, and
coincide with the average of seasonally adjusted figures.
construction.
These figures do not agree with the totals Included in the gross national product
8
Estimates based on anticipated capital expenditures as reported by business estimates of the Department of Commerce, principally because the latter cover
In late October and November 1966. Includes adjustments when necessary for
agricultural investment and also certain equipment and construction outlays
systematic tendencies in anticipatory data.
charged to current expense.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $60 million.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Employment, seasonally adjusted, increased by 274,000 in January while the civilian labor force rose by 187,000.
Nonasricultural employment increased by 331,000 but was partially offset by a 57,000 decline in asricultural
employment.
MILLIONS OF PERSONS*
90
MILLIONS OF PERSONS*
90
0 I t < i i i I i t i i i I i t i t i i i t t i i i i i i i i I i i i t < I i t i i t 1 t i i i i I i « t « \ 1 i i i < t I i t t t t I i i i i i I t t t i i i f i i i i. I 0
PERCENT OF CIVILIAN LABOR FORCE
,_
I IBv\ PL OYAMNT fcMFE
8
PERCENT OF CIVILIAN LABOR FORCE
jh
8
n
r»
Tn
>L*S01sLA LL f AC Jl>S1ret)
- r—
_
"1 -j
-1
T-
n
1
i9 6C>
6:J
]9 62
1961
—
96f
1 96^
9
iqr
^
i
1966
*14 YEARS OF AGE AND OVER.
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
Period
1961__.
19622..
1963
1964_._
1965
1964:
Nov.
Dee_
1965:
Jan__
Feb__
Mar_
Apr_
May.
JuneJuly.
AUKSupt.
Civilisin employ ment
Total
labor
force
XT
JNon- Unem(includployagriing
Total
ment
cularmed
tural
forces)
Thous ands of ipersons 14
66, 796 61. 333 4,806 74, 175
74, 681
67, 846 62, 657 4,007
75, 712
68, 809 63, 863 4, 166
76, 971
70, 357 65, 596 3,876
78, 357
72, 179 67, 594 3,456
Unadj listed
Total
labor
force
(including
armed
forces)
74, 175
74, 681
75, 712
76, 971
78, 357
Civili*in emplo yment
Civilian
labor
force
Total
Agricultural
Nonagricultural
years of age and o ver
71, 603 66, 796 5,463 61, 333
71, 854 67, 846 5, 190 62, 657
72, 975 68, 809 4, 946 63, 863
74, 233 70, 357 4,761 65, 596
75, 635 72, 179 4,585 67, 594
Seasonally adjustec 1
Unemp! oy ment 1 i
rate (pe rcent of
Unem- eiviliaiQ labor
for ce)
ployment
Unad- Seasonadjusted ally
justed
Labor
force
participation
rate,
unad-l
justed
Percent
4,806
4,007
4, 166
3,876
3,456
6.7
5. 6
5.7
5.2
4.6
58. 0
57.4
57.3
57.4
57.5
76, 897
76, 567
70, 793
70, 375
66,248
66, 590
3,373
3,466
77, 203
77, 473
74, 472
74, 747
70, 832
71, 037
4,699
66, 133
66, 426
3,640
3, 710
4.5
4.7
4.9
5.0
57.0
56.7
75, 699
76, 418
76, 612
77, 307
78, 425
80, 683
81, 150
SO, 103
78, 044
7S, 713
( >C!t
N u v ! 7S, fills
7S, 477
I>IT.
JlWti: i
Jitri ! 77, 409
68, 996
69, 496
70, 169
71, 070
72, 407
73, 716
74, 854
74, 212
72, 446
73, 196
72, 837
72, 749
65, 257
65, 694
66, 180
66, 597
67, 278
68, 094
69, 228
69, 077
67, 668
68, 242
68, 709
69, 103
3,996
4,218
3,740
3, 552
3,335
4,287
3,602
3,258
2,875
2, 757
2,966
2,888
77, 688
77, 770
77, 722
77, 988
77, 990
78, 382
78, 747
78, 465
78, 834
78, 606
78, 906
79, 408
74, 881
75, 066
75, 019
75, 802
75, 306
75, 652
76, 054
75, 772
75, 611
75, 846
76, 111
76, 567
71, 252
71, 326
71, 483
71, 688
71, 816
72, 085
72, 618
72, 387
72, 297
72, 561
72, 914
4,533
4,608
4,588
4,769
4,869
4,651
4,689
4,572
4,486
3,629
3, 740
3,536
3,614
3,490
3,567
3,486
3,385
3,814
3,285
3,197
3,126
5.5
5. 7
5.1
48
4.4
5. 5
4.6
42
3.8
3. 6
3.9
3.8
4.8
78, 441
66, 719
66, 718
66, 895
66, 919
66, 947
67, 434
67, 979
67, 815
67, 879
68, 010
68, 641
68, 955
55.9
56.4
56. 5
56. 9
57.7
59. 3
59.6
58.7
57.1
57.5
57.4
57.2
71, 229 JVT^jB^ 3, 290
79, 644
76, 754
73, 715
4,429
69, 286
3,039
44
nl Mxtt fofj-r na pwcftnt ol noniriBtitutional jx>pulation.
* Ntii Ktrldtl.v coiiijtMrnhlp w i t h prooodlnR data. Boo Employment and Earn*i«, M p y itmv.li. X I V .
10
4,611
4,418
4,551
4,273
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
5. 0
4. 7
4.8
4.6
jL 7
4.5
4*5
4.3
4.4
4.8
4*1
4*0
56.3
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate fell to 4.0 percent in January—the lowest rate since April 1957 and
matching the interim target set in 1961.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE,
All CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
4.0
UNEMPLOYMENT RATE,
MARRIED MEN
2.0
2.0
1966
1960
SOUKCE, Dtt-ARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Uneniploymemb rate
(percent of civili*in labor
for ce in grou P)
Period
Labor
force
time lost
through
Experi- Married
unemenced
All
men
ployment Over 40
wage and
workers
(wife
and
part- hours
salary
present)
time
workers
1961
1962__
1963
1964
1965
6.7
5.6
5. 7
5.2
4. 6
Per cent
6. 8
5. 5
5. 5
5.0
4.2
4. 6
3. 6
3.4
2.8
2.4
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
5.0
4.8
5.0
4.7
4.8
4.6
4.7
4.5
4.5
4.4
4.3
4.2
4. 1
4.0
4.5
4.5
4. 6
4.4
4. 5
4.4
4.5
4.1
4.2
4.0
4.0
3.8
3.7
3.5
2.6
2.7
2. 6
2.5
2. 5
2.5
2.4
2.3
2.6
2.2
2. 1
2.0
1.8
1. 9
29, 047
28, 853
29, 422
29, 127
30, 802
5.4
' 5.3
5. 4
5.2
5.3
5.2
5.3
5.2
5. 1
4.7
4.6
4. 5
4.4
4.3
21,251
31, 066
31, 166
30, 110
6.7
'6.4
5.8
5.0
Total
Part-ti me for
economi e reasons
Part-ti me for
economi B reasons
Usually
fulltime*
Usually
fulltime 3
Usually
parttime 4
Usually
parttime 4
Thousan ds of persons 14 ye axs of age and over
18, 210
19, 025
19, 257
19, 294
20, 808
20, 264
20, 018
20, 612
18, 499
21, 354
20, 856
20, 244
20, 424
22, 040
21, 900
21, 006
22, 477
20, 851
1 Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963, series reflects whether unemployed persons sought fuller 2part-time jobs.
Differs from total nonagrieultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
35-40
hours
ao
Seasonall y adjustec
1964: Dec
1965: Jan
Feb
Mar
Apr
May
Persons at work in nonagricultural iridustries
by hours worked j>er week 2
Urider 35 hoUTS
11, 132
11, 675
11, 856
13, 850
12, 618
1,297
1,049
1,070
985
897
1,516
1,288
1,219
1,151
1,031
IJnadjuste d
12, 298
1,021
11,681
1,078
13, 165
927
31,371 11,981
910
29, 187 16, 117
862
31, 654 11, 966
936
32, Oil 11, 462
944
30, 295 10, 778
874
30, 684 10, 408
959
31, 626 11, 159
851
30, 846 13, 052
829
28, 341 17, 195
830
32, 330 12, 447
761
5
32, 125 12, 408
972
968
979
982
998
921
892
1,292
1,466
1,358
854
853
916
866
6
794
Seasonalb7 adjusted
1,027
1,000
957
904
840
947
948
961
932
843
848
817
766
902
1,094
1,130
1,049
1,078
1,030
957
1,035
1,127
1,038
937
973
1,002
979
917
s Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
* Primarily includes persons who could find only part-time work.
«Average hours worked: usually full-time, 23.3; usually part-time, 17.8.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
Tj J
UNEMPLOYMENT INSURANCE PROGRAMS
In January, insured unemployment under State programs averaged 356,000 less than in January 1965.
insured unemployment rate was 2.7 percent on a seasonally adjusted basis for the fourth month in a row.
The
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
i
JAN.
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC
J/ SEE NOTE 2 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF UBOR
A 11 progracas
Period
1962
1963
1964
1965 3
1964: Dec
1965: Jan__
_
Feb.
Mar
Apr
May
June
July.
Aug
Sept
Oct
Nov
Dec
1966: Jan*.
Week ended:
1966: Jan 8
15.
22
29-_
Feb 5 2
122
Stf ite progra ms
Insured Total
unem- benefits Insured
Covered ploypaid
unem(milemploy- ment
ployment (weekly lions
ment
averof dolage)
lars)
Thou sands
47, 776 1 1,946
48, 434
1, 973
49, 635
1,753
1,450
„ 2 50, 894
1,801
_ 2 49, 319
2, 135
49, 320
2,066
2
49, 834
1,863
2
.__ 2 50, 683
1,622
51, 336
1,316
2
52, 125
1,182
1,255
1,218
...
1,068
1,013
1,123
1,394
1,740
„__
1,753
1,772
1,718
1,708
1,760
3, 160. 0
3, 025. 9
2, 749. 2
2, 434. 7
230.4
273. 0
265.8
294. 9
242.7
179.2
169.3
160. 6
160.7
150.3
128.2
143. 0
184. 7
233.0
Weekly iaverage, t housands
302
32
1, 783
1
'298
1, 806
30
1,605
268
26
232
1,328
21
22
1, 675
348
355
1,996
25
1,932
269
25
222
1,718
25
1,470
220
27
1,179
24
186
1,059
191
22
1, 132
252
19
1, 102
215
18
959
916
1,033
1,307
1,640
1,657
1,674
1,624
1,617
*1, 669
»Programs include Puerto Eican sugarcane workers for initial claims and
insured unemployment beginning July 1963.
a Preliminary. * Not charted.
12
Initial
claims
Insurec1 unemBenefi ts paid
ploymerit as perExhaus- cent of covered
Total Average
employment
tions
(milweekly
lions of check
Unad- Seasonad- dollars) (dollars)
justed ally
justed
173
189
225
290
329
403
347
291
278
319
255
17
16
15
17
17
Per cent
4.4
4.3
3.8
3.0
3.9
3.6
4.6
8.4
4. 5
4. 0
3.4
2.7
8. S
3. 2
8. 2
3.0
2.4
2.6
3.0
2.2
2.0
2.3
3.0
2.9
2. 5
3. 7
3. 0
3. 1
2. 7
2.7
2. 7
2.7
2, 675. 4
2, 774. 7
2, 522. 1
2, 166. 0
211.4
252. 1
245.7
273.4
224.9
165.7
156.3
149. 5
148. 0
138.6
117.8
132.2
172. 1
218.0
34.56
35.28
35. 96
37. 19
36.81
37. 18
37.39
37. 41
37. 16
36.40
36.07
36.40
36.58
37.23
37.32
38.08
38. 81
39. 12
3.7
3.8
3. 6
3. 6
3.8
NOTE.-—For definitions and coverage, see the 1964 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Nonagricultural payroll employment increased by 246,000 (seasonally adjusted) in January.
were in durable goods manufacturing and trade.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)
66
MIUIONS OF WAGE
AND
SALARY WORKERS (SEASONALLY ADJUSTED DATA)
22
ALL NONA<3RICULTURAL ESTABLlSHMEr ^TS
MANUFACTlJRING
64
20
62
18
X
60
58
56
TOTAL
X.
DURABLE nonns
INDUSTRIES
16
X^
— ^1
x-^^
in
^—-1
\
f
• 1 1 1 111 111 1
4.5
J—«M—-—** p
~
6 4; M I , i f 1.1 M,I
.1 1 1,1 1 1 1 UULlfc
.I i
^J
NONDURA BLE GOODS INDUSTRIES
3
54 1; i i i i 1 i i i i i i 1 1 1 1 1 1 1 1 1 1
The largest sains
-UUULlJ 1 1 \.l l>
13.5
WHOLESALE AND RETAIL TRADE
(ENLARGED SCA -E)
CONTRACT CONSTRUaiON
(ENLARGED SCALE)
4.0
>
s'^
13.0
p
3.5
.-"i
3.0
12.0
11.5
2.5
^"
^^1
1963
1963
1964
1965
SOURCE DEPARTMENT OF LABOR
1966
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;l seasonally adjusted]
N onmanu facturing 1 (private )
Manufac Jturing (]arivate)
Period
Total
Total
1959
1960
1961
1962
1963
1964 2
1965
1964: Dec__
1965: Jan..
Feb__
Mar _
Apr
May.
JuneJuly.
Aug__
Sept _
Oct..
Nov_
2
Dec .
1966: Jan 2 _
53, 297
54, 203
53, 989
55, 515
56, 602
58, 156
60, 432
59, 163
59, 295
59, 581
59, 814
59, 846
60, 032
60, 290
60, 501
60, 621
60, 756
61, 001
61, 472
61, 865
62, 111
1
16, 675
16, 796
16, 326
16, 853
16, 995
17, 259
17, 984
17, 565
17, 638
17, 703
17, 762
17, 803
17, 835
17, 943
18, 032
18, 072
18, 098
18, 163
18, 321
18, 429
18, 518
NonDurable
durable
goods
Mining
goods
9,373
9,459
9,070
9,480
7,303
7,336
7,256
9,616
9,813
10, 379
10, 044
10, 098
10, 150
10, 194
10, 241
10, 266
10, 345
10, 424
10, 476
10, 494
10, 523
10, 615
10, 706
10, 790
7,380
7,446
7,604
7, 373
7,521
7, 540
7, 553
7,568
7,562
7,569
7,598
7,608
7, 596
7,604
7, 640
7,706
7,723
7,728
28, 539
29, 054
29, 069
29, 772
30, 381
31,301
32, 402
31,815
31,854
32, 037
32, 164
32, 119
32, 242
32, 333
32, 415
32, 464
32, 539
32, 667
32, 882
33, 106
33, 202
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor forces, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants: which count persons as employed when they
are not at work because ol industrial disputes; and which are based on an enu-
732
712
672
650
635
633
628
635
634
634
632
629
627
626
633
627
617
622
627
630
629
Transportation
Finance,
WTinlpw
VV LHJAc—
insur- Service
sale
ance,
and
conand
and
and miscel- Federal
retail
struepublic
real laneous
t/ion
trade
utilities
estate
Con-
tract
Total
Gover nment
2,960
2,885
2,816
2,902
2,963
3,056
3,211
3, 179
3, 185
3,211
3,238
4,011
4,004
3,903
3,906
3,903
3,947
4,031
3,994
3,926
3,985
4,017
4,013
3, 145
3,188
3,195
3, 154
3, 189
3, 186
4,049
4,067
3,202
4,071
3, 267
3, 367
3,353
4,020
4,034
4,031
4,079
4,079
4,088
11, 127
11, 391
11, 337
11, 566
11,778
12, 132
12, 585
12, 303
12, 374
12, 423
12, 460
12, 494
12, 532
12, 580
12, 619
12, 600
12, 641
12, 684
12, 754
12, 822
12, 902
2,594
2,669
7, 115
7,392
2,731
7,610
2,800
2,877
2,964
3,043
2,999
3,003
7,947
8,226
8,569
8,903
8,705
8,732
3,013
3,023
3,024
3,032
3,041
3,049
3,053
3,061
3,069
3,074
3,081
3,086
8,771
8,794
8,814
8,843
8,857
8,929
8,946
8,967
2,233
2,270
2,279
2,340
2,358
2,348
2,379
2,348
2,342
2,338
2,342
2,344
2,345
2,355
2,376
2,379
2,379
2,386
2,400
2,395
9,019
9,081
9,127
9,144 2,412
State
and
local
5, 850
6,083
6,315
6,550
6,868
7,248
7,667
7,435
7,461
7,503
7,546
7,580
7,610
7,659
7,678
7,706
7,740
7,785
7,869
7,935
7,979
meration of population, whereas the estimates in this table are based on reports
from
employing establishments.
3
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek in manufacturing, seasonally adjusted, was 41.4 hours in January—unchanged from
November and December. In construction, the average workweek fell by 1.3 hours to 38.0 hours following an
unusually large rise in December.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
NONDURABLE MANUFACTURING
DURABLE MANUFACTURIb\<3
AA
42.
JA
44
"~~^S~
^^n
^
A*)
40
<SQ
40
^A
1A
34
1964
1963
1965
1966
^—*~
V
i
*eas^^^i^**^^ i
^^-*^-^
1963
1964
1965
1966
1964
1965
,1966
M
44
CONTRAQ CONSTRUQION
RETAIL TRADE
42
40
•38
38
36
34
34
32
1963
1964
1965
1966
1963
*SEE TABLE BELOW.
SOUK& DEPARTMENT OF LABOR
^
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week;1 seasonally adjusted]
Marmfacturing Indus tries
Period
1955
1956_
1957
1958
1959
1960
1961
1962
1963
1964 2
1965
1964: Dec
1965: Jan.
Feb
Mar
Apr
May__
June
July
Aiitf
Bc.pt
Oct
_
_
Durable
goods
___
_
Nov
I )('C "
l%f»: Jan *
_.
•
. .
.. _ _
40.7
40. 4
39.8
39.2
40. 3
39. 7
39. 8
40.4
40.5
40. 7
41. 1
41.2
41.2
41.2
41.3
41. 0
41. 1
41.0
41. 0
41. 0
40.9
41.2
41.4
41.4
41.4
1
Diuii rHfUn to production workers or nonsupervisorj7 employees. Data f<)r
A i 1n n h n nnd llavvnll included beginning 1959.
t'rflitntnnrv.
14
41.3
41.0
40. 3
39.5
40.7
40. 1
40. 3
40. 9
41. 1
41. 4
42. 0
42.0
42. 1
42. 1
42.2
41.9
42. 0
41.8
41.7
41.7
41.6
42. 0
42. 2
42. 2
42.4
Nondurable
goods
39.9
39. 6
39. 2
38. 8
39. 7
39.2
39.3
39.6
39.6
39.7
40. 1
40. 1
40. 1
40. 2
40. 2
39.9
40.0
39.9
40. 0
40. 0
40. 1
40. 1
40. 3
40.2
40. 1
Contract construction
37. 1
37. 5
37. 0
36.8
37.0
36.7
36.9
37.0
37.3
37. 2
37.4
39.0
37.6
37. 5
37.5
37. 0
37.5
37.1
37.4
37.3
36.2
37. 0
37. 1
39. 3
38. 0
* Beginning 1 364, includes eating aiid drinking places.
Source: Depai'tment of Labor.
Retail trade
39. 6
39. 1
38.7
38.7
38.7
38.5
38. 1
37.9
37.8
*37. 0
36. 6
36. 9
36. 8
36. 8
36. 8
36.9
36.8
36.6
36. 8
36. 7
36. 5
36.4
36.3
36.4
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing were $109.74 in January—$4.22 above January 1965.
DOLLARS
DOLLARS
3.00
2.80
2.60
2.40
2.20
2.00
1963
1966
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
Averstge hourly earnings-— current prices
Aver age weekl y earnings3— currenlj prices
Manufi icturing i ndustries Contract
Retail
conNonDurable durable
structrade
All
goods
tion
goods
Manuft icturing iiidustries Contract
conRetail
NonDurable durable
structrade
All
goods
tion
goods
$2. 08
2. 19
2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2.79
2.76
2.76
2.77
2. 78
2. 78
2. 79
2. 79
2. 79
2.77
2. 81
2. 82
2. 83
2.84
2.84
$1. 95
1956
2. 05
1957
2. 11
1958
2. 19
1959
2. 26
1960
2. 32
1961
2. 39
1962
2. 46
1963
2. 53
1964 3
2. 61
1965
1964: Dec__ 2.58
1965: Jaii__ 2.58
Feb__ 2. 59
Mar__ 2. 59
Apr__ 2. 60
May
2. 61
June__ 2. 61
July- 2. 61
Aug__ 2. 59
Sept__ 2. 63
O c t _ _ 2. 63
N o v.2.65
Dec33. 2.66
1966: Jan .. 2. 67
1
Karnings in current prices,
2
$1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2.36
2. 32
2. 33
2.33
2.33
2. 34
2. 35
2. 35
2. 36
2. 36
2.38
2. 38
2.39
2.40
2.40
$2. 57 $1. 40 $78. 78
2. 71
1, 47 81. 59
2. 82
1. 52 82. 71
2. 93
1. 57 88. 26
3. 08
1. 62 89. 72
3. 20
1. 68 92. 34
1. 74 96. 56
3. 31
3. 41
1. 80 99.63
3. 55 *1. 75 102. 97
3. 68
1. 82 107. 27
3.63
1.77 107. 07
3.62
1. 79 105. 52
3. 68
1. 79 105. 93
3. 65
1. 79 106. 71
3. 61
1. 80 105. 82
3. 65
1. 82 107. 53
3. 66
1. 82 107. 79
3. 64
1. 82 107. 01
3.68
1. 82 106. 45
3.74
1. 85 107. 83
3. 76
1. 86 108. 62
3. 74
1. 87 109. 71
3.76
1.85 110. 92
109. 74
adjusted to exclude overtime and Interindustry shifts.
Earnings in current prices divided by the consumer price index on a 1957-59
base.
a Preliminary.
59-076 °—66-
-3
$85. 28
88. 26
89.27
96. 05
97. 44
100. 35
104. 70
108. 09
112. 19
117. 18
117. 02
115. 37
115. 79
117. 04
115. 93
117. 46
117. 74
116. 06
115. 51
117. 18
118. 72
119. 43
120. 98
119. 56
$70. 09
72. 52
74. 11
78. 61
80.36
82.92
85.93
87. 91
90. 91
94.64
93. 50
92. 50
92.73
93.20
92. 20
94. 00
94. 47
94. 87
95. 11
95.68
95. 68
96.32
96. 96
95.28
JManufacjturin' r
indust,ries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59= 1957-59
100 i prices 2
$96. 38 $54. 74
100. 27
56. 89
103. 78
58. 82
108. 41
60.76
113. 04
62.37
118. 08
64. 01
122. 47
65. 95
127. 19
68.04
132. 06 * 64. 75
137. 63
66. 61
133. 95
65. 84
131. 41
65. 34
131. 38
65. 34
133. 96
65. 34
132. 49
66. 06
140. 16
66.43
139. 08
67. 16
140. 50
68. 25
143. 15
68. 07
67. 53
138. 75
144. 01
67. 33
136. 14
67. 13
139. 87
67. 90
*Beginning 1964, includes eating and drinking places.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
91. 5
96. 2
100. 2
103. 5
106. 6
109. 6
112. 3
115. 2
118. 0
120. 8
119. 2
119. 7
120. 0
120. 1
120.4
120.6
120. 8
120.9
120.7
121. 7
121.8
122. 2
122.7
$83. 19
83.26
82. 14
86.96
87. 02
88.62
91.61
93. 37
95.25
97. 61
98.41
96. 90
97.27
97.90
96. 82
98. 11
97. 90
97. 11
96.77
97.85
98.39
99.20
99. 93
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The seasonally adjusted industrial production index increased 1 percent in January to 149.9 (1957-59=100).
Higher output of materials and equipment were largely responsible for the rise.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
180
80 I M i i i I t M i i i i t i t I i i i i i i i i i i I i i i i i I i i i i Ii t i i i
120
100
1963
1966
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1956
1957
1958
1959
1960
1961
1962
1963
1964
19651
1964: Dec
1965: Jan
Feb
Mar
Apr__
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan 1
* Preliminary.
16
__
__
99. 9
100. 7
93. 7
105. G
108. 7
109. 7
118. 3
124. 3
132. 3
143. 3
138. 1
138. 6
139. 2
140. 7
140. 9
141. 6
142. 7
144. 2
144.5
143.5
145. 1
146.4
148.5
149.9
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100, seasonally adjusted]
Industry
M inufactur]ing
Mining Utilities
NonTotal Durable durable
Total
100. 2
100.8
93. 2
106. 0
108. 9
109. 6
118. 7
124.9
133. 1
144. 9
139. 4
140. 2
140. 8
142. 3
142.4
143. 1
144. 1
145. 7
146.0
145. 2
146.7
148.3
150.5
152.0
98. 1
99.4
94.8
105.7
109.9
111. 2
119. 7
124,9
131. 8
142. 4
138. 1
138.4
138. 5
140. 1
139. 4
140.2
140.7
141. 7
142.3
143. 3
145.7
147.4
148.8
149.5
104. 0
104. 0
90. 3
105. 6
108. 5
107.0
117.9
124. 5
133. 5
148. 3
140. 9
142. 0
142.7
144.8
145. 5
146. 4
148. 1
150. 0
150.5
148.2
150.3
151.5
154.9
157.1
95. 4
96. 7
96. 8
106. 5
109. 5
112. 9
119. 8
125. 3
132. 6
140. 6
137. 6
137.9
138.4
139. 1
138. 5
138. 8
139.0
140. 4
140.4
141. 3
142. 1
144.2
145. 1
145.7
104. 8
104. 6
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111. 3
114.5
112. 5
111. 8
111. 8
112. 5
113. 0
114.0
115.3
116. 0
117.0
112. 6
115.8
115.5
116.9
117.7
87.9
93.9
98. 1
108.0
115. 6
122. 3
131. 4
140. 0
151.3
161.4
157. 1
154.9
156. 1
158.5
159. 9
160.4
162. 5
161.3
161.4
165. 3
165.7
165.1
165.0
165.0
Ma]rket
Fi aal produ ets
Consumer
goods
95. 5
97.0
96.4
106.6
111.0
112. 6
119. 7
125.2
131. 7
140.3
138.0
138.4
138. 0
140. 0
138. 5
138. 6
138.7
139. 3
139.5
140.7
141.7
142.8
144.1
144.2
T\/T 4-
Equipment
103. 7
1046
91.3
104. 1
107.6
108. 3
119. 6
124 2
132.0
146.8
138.4
138.2
139. 4
140.4
141. 2
143.7
144 9
147.0
148.4
149. 0
154.3
157.3
159.0
160.8
Source: Board of Governors of the Federal Reserve System.
rials
101. 6
101.9
92.7
105. 4
107. 6
108. 4
117. 0
123. 7
132.8
1442
138. 0
138. 8
139. 7
141. 7
142. 6
142. 6
144 5
146.4
146.1
143.7
144.3
145.6
148.3
150.1
PRODUCTION OF SELECTED MANUFACTURES
In January, production of most manufactures continued to advance, on a seasonally adjusted basis.
metals (up over 3 percent) and machinery (up nearly 2 percent) registered the largest gains.
Primary
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
180
CHEMICALS, PETROLEUM,
AND RUBBER
140
120
1963
1966
SOURCE, BOARD Of GOVW
COUNCIL OF ECONOMIC ADVfSERS
(1957-59^100, seasonally adjusted!
No ndurable manufactu res
>le manuftiictures
Period
Primary
metals
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965 *
1964: Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan 1
i Preliminary.
__
__
__
_
__ __
116. 4
112. 2
87. 5
100. 4
101. 3
98. 9
104 0
113. 3
129. 1
137.8
138. 6
139. 6
136. 9
140. 4
141. 4
140. 2
143. 0
148.7
146.5
131. 2
123. 7
119.6
125.8
130
FabriTranspor- Lumber Textiles,
apparel,
cated
and
Machin- tation
and
ery
prodmetal
equipleather
products
ucts
ment
98. 8
101. 5
92. 9
105. 5
107. 6
106. 5
117. 1
1 23. 4
132. 7
148. 2
139. 7
140. 6
145. 0
145. 2
147. 4
146. 0
146.4
148. 0
147.5
147.0
150.9
153. 6
156.2
158
107. 1
104. 2
88. 8
107. 1
1 J 0. 8
110. 4
12,'l 5
129. 2
141. 4
160.3
150. 1
150. 7
152. 5
153.9
155. 4
156. 9
159. 0
160.6
161.4
162.3
166.0
168.0
171.0
174
97. 4
106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130. 7
148.9
140. 3
141. 4
139. 7
144. 4
144. 6
147. 3
149. 5
149. 8
151.5
149.4
155.0
157.4
160.7
162
105. 4
95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
105. 5
111.9
115.6
120. 5
114.2
117. 1
112.8
115.4
117.2
116.2
118.3
119. 1
124.7
98, 0
96. 9
95. 0
108. 1
107.5
108. 4
115. 1
118. 5
125. 2
135.8
131. 5
133.3
133. 8
133. 7
133. 9
135. 0
134, 5
134.7
134. 1
135.5
137.3
138.7
139.6
139
Chemicals, Foods,
petrobeverprint- leum, and ages, and
rubber tobacco
ing
Paper
and
97. 1
97. 8
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127. 5
135. 1
132. 1
132.0
131.8
132.9
133. 2
134 2
134,0 •
135.9
136.4
135.4
136.4
139.2
140.4
142
91. 4
95. 6
95. 5
108. 9
113. 9
118.9
131. 2
141. 8
152. 5
164.7
158. 5
158.2
160. 4
162. 0
160. 8
161. 2
161. 6
164.1
164.9
166. 9
167.7
170.3
171.7
173
96.6
96.7
99.4
103.9
106. 6
110. 2
113. 3
116. 8
120.8
123.0
123.9
124 2
123. 4
123. 7
122. 4
121.5
122.3
122.9
122.3
123. I
123.0
124.5
124.6
125
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Steel produced in January averaged 10 percent above the December level,
power distributed also registered gains for the month.
Cars and trucks assembled and electric
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
STEEL
BITUMINOUS COAL
2.5
3.6
i
|
1965
1965^
2.5 ••|1966T^y
—
•
19o4
«
^v
2.0
-'"^
-
X"*'
NV i
^
_—J
^-^x/ N\ /^ /> s~"*/<. ?vX'
\ /^
i/""\
Jf \
^^^~''
.1.5
4 J 1 1 I 1 II
J
F M A A 4
B1LLIC>NS OF. KILOWATT HOURS
^g
J
J
A
S
O
N
ELECTRIC POWER
250
??
/
v
/
20
/-A
— ' ^ \,^\ -\
/A
/
«.•••..*•*•••*••
1965
A
1\
*r '\/"\
' \V/ v'A/ -A
*"
•
A
,18
*
/
v
—
A 'V V ^ '-l ^~*\—
•
V\
\
•
/*"•:••
200
'//\
A/ \
•
••
*
''•••.*
J
F
THO LJSANDS
300
D
:
?$ 1
•
- <>/^"**
' •"•„•'" '*'***
~':'
150
M
A
M
J
J
A S
f
1964--^^ \
„ /j 7 :
\
\\n\j
/
:
\ ir
V_£_!
y
i l i i I i » i I 1 t i 1 i i i 1 i 1 i i | i i i 1 i i I i 1 1 i 1 I i l | | i 1 I i 1 i i i I i Ii
J
F
M
A
M
J
J
A
S
O
N
D
.
COUNCIL OF ECONOMIC ADVISERS
__ _
1,792
1,899
1,880
1,886
2, 096
2,431
2, 516
2, 627
2,671
2,716
2,787
2,789
2,712
2,702
2,613
2, 556
2,325
2,098
2, 056
2, 178
2,388
96.2
101. 9
100. 9
101. 2
112. 5
130. 5
135.1
141. 0
143.4
145. 8
149. 6
149.7
145.6
145. 1
140.3
137.2
124.8
112. 6
110.4
116.9
128. 2
13, 297
14, 424
15, 139
16, 325
17, 490
18, 728
20, 169
19, 536
20, 348
20, 160
19, 728
18, 896
19, 314
19, 842
20, 833
21, 395
20, 414
19, 741
20, 027
21, 010
22, 138
1,380
1,390
1,353
1,414
1, 535
1,630
1,717
1, 668
1, 576
1,554
1,598
1,647
1,649
1,791
1, 802
1,781
1,735
1,801
1,884
1,902
1,651
596
585
550
552
555
550
563
497
529
512
540
567
597
578
550
588
573
620
581
524
526
307
306
322
343
358
384
410
358
391
409
421
410
423
406
367
416
413
441
443
455
421
129. 5
151. 8
127.8
157. 5
175. 0
178.8
213.7
211. 5
243. 1
225. 7
248. 5
231. 5
244. 3
233.3
199.9
98. 4
142.6
240. 1
242.3
224.0
233.8
107.6
128. 8
106. 1
133. 4
146.9
148.8
179.4
180.7
206. 8
192. 8
210.5
195.4
206.6
196. 1
171. 2
73. 1
109.7
203. 6
207.6
189.0
196.0
21.9
23. 0
21.7
24. 1
28. 1
30. 0
34.3
30.8
36.3
33. 0
37.9
36. 1
37.7
37.2
28.7
25.2
32.9
36. 6
34.7
35.0
37.7
2,312
2,400
2,434
2,440
2,422
2,530
124.1
128.8
130.7
131.0
130.0
135. 8
21, 558
21, 864
22, 371
22, 757
22, 793
3
21,657
1,654
1,725
1,707
1,628
1,423
3
1,630
508
545
536
514
488
534
334
454
443
452
436
443
229.5
233.1
237.5
235.0
208.5
232.8 1
193.1
194.7
199.0
197.3
172.0
194.6
36.4
38.3
38.5
37.7
36.4
38.2
average. Includes data for Alaska.
Preliminary. 3 Not charted.
18
</ \i \
;/ /\f 1
Electric
Bituminous Freight Paperboard
Steel pjreduced
Car s and triicks
power
coal mined
loaded
produced assembled (thoiisands)
Index
Thousands
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
Total
of tons)
Cars Trucks
of cars)
tons
100)
kilowatt-hours) tons) 1
Period
1
2 Daily
i?6
'rft/^r~\r^\r\
fia'^ ' ¥ ^ ^\
100
0
O N D ^
CARS AND TRUCKS
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Weekly average:
1959
1960
1961
1962
1963
1964 2
1965
1964: Dec
1965: Jan
Feb
Mar
Apr__ _
May
June
July
Aug
Sept
Oct
Nov
Dec _
1966: Jan 2
Week ended:
1966: Jan 8
15
22
29
Feb 5 22
12
\
1964 ?
50
> [ . . . . 1 . . . 1 . . . 1 . 1. 1 . . . . 1 , , , ! . , . . I . . . I . i . l n . i l I M ! i . . K
r
N
J
F
M
A
M
J
J
A
S
O
N
D
x/
:
/
1964
""•'' \ •**"°;
**" ^
i *'^ ••*"*"
/"'**
X^/
A 1 1 1 1 1 1 1 ! | 1 1 I 1 1 1 1 1 1 I 1 1 1 1 1 1 1 LJ 1 1 1 1 ! 1 1 LI I Ll_LJ. 1 1 1 i-ll 1 1 I N
V
1
1 1 1 I I 1 M 1 1 M 1 1 I 1 1 1 1 1 1 I I 1 1 1 1 1 1 II 1 I 1 1 1 1 I 1 1 1 1 1 iJs
V
^ :'"'
••***
I V'***
/"^ —*'
Y'-'\
'
1.5
t. —•*
>"V'*\ ^.x
- '
/
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
New construction outlays (seasonally adjusted) rose 3 percent in January to an annual rate of $7 billion.
private sector accounted for the increase.
The
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW CONSTRUCTION
60
60
50
50
PRIVATE
40
40
30
30
PUBLIC
\
20
20
10 l/i i i i i i 1 i i i
I
t
t
I I
I
t f t
I N 10
30
PRIVATE RESIDENTIAL (NONFARM
10
10
1960
1966
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
"D '
Period
1960
1961
1962*
1963*
1964*
1965*3
Total new
construction
expenditures
53.9
55.4
59. 7
63.0
66.2
71.3
Total
38. 1
38.3
41. 8
43. 6
45. 9
49. 6
-JJtrrivate
Residentsil nonfarm
CommerNew
Other
cial and
Total i
housing industrial
units
Bi] lions of doll ars
21.7
16.4
7.0
9. 3
21.7
7.5
9.2
16.2
24. 3
8. 0
18. 6
9.5
7. 9
25. 8
20. 1
9.9
26.5
9.0
10.4
20. 6
20. 7
26.6
23. 0
Federal,
State
and
local
15.9
17.1
17.9
19.3
20.3
21.7
67. 5
68. 8
70. 4
71- 2
71. 4
72. 0
72. 0
70. 6
71. 1
72. 3
71. 8
72. 1
71.7
74. 1
47. 1
47. 7
48. 9
49. 4
49. 7
50. 1
50. 3
49. 1
49. 2
50. 2
50. 1
50. 1
50. 1
52.4
26. 0
26. 7
26.7
26. 6
26. 7
27. 1
27.2
27. 0
26.6
26.4
26. 3
26. 2
26. 2
27.5
20. 2
20.8
20.9
20. 7
20. 8
21. 1
21.2
21. 0
20.7
20. 5
20.4
20. 3
20.3
1 Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
Compiled by F. W. Dodge Corporation and relates to 48 States,
s Preliminary.
10.3
10. 1
11. 1
11.6
11. 5
11. 5
11. 6
10. 8
11.2
12.3
12. 1
23. 9
23 8
24. 9
105.2
107.6
119.7
132.0
137.0
142.8
Seasonally
adjusted
Scasonalli( adjusted an nual rates
1964:* Dec
1965:* Jan
Feb
Mar__
AprMay ___
June_ __
July
Aug___ _
Sept
Oct
Nov 33
Dec
1966: Jan 3
Constructio n contracts2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)
10.9
10. 9
11. 1
11.2
11. 6
11.6
11.5
11.4
11.4
11. 5
11. 6
20. 3
21.1
21.4
21. 8
21. 7
21. 8
21.7
21. 5
21. 9
22. 1
21.7
22. 0
21. 7
21.6
154
137
140
141
152
145
139
149
139
147
147
141
153
461
443
500
534
599
680
Seasonally
adjusted
annual
rates
707
638
697
648
771
674
663
671
595
762
726
693
784
* Data for 1962-65 revised; see Construction Reports C30-65 (Supplement) January 1966.
NOTE.—Data for Alaska and Hawaii included beginning January 1959.
Sources: Department of Commerce and F. W. Dodge Corporation.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Although private nonfarm housing starts, seasonally adjusted, declined 1 3 percent in January, they were 2 percent
above the average 1965 level. Permit authorizations, after rising 3 months, also declined.
MILLIONS OF UNITS
2,5
MILLIONS OF UNITS
2.5
1.0
1966
1960
SOURCE, DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
[Thousands of units]
Houising star ts
Tntnl
rm
Prh
'ate
nonfa
Private nonf arm
Total
private
Total
and
private
private
Period
Two or (includGover nment
public (includOnemore
home p rograms
(including
ing
Total
Total
family famifarm)
ing
farm)
FHA
VA
lies
farm)
1960
1, 296. 0 1, 252. 1 1, 230. 1 972.9 257.2 1, 252. 1 1, 230. 1 225. 7
74. 6
1961
1, 365. 0 1, 313. 0 1, 284. 8 946.4 338.6 1, 313. 0 1, 284. 8 198.8
83.3
1962
1, 492. 4 1, 462. 8 1, 439. 1 967. 8 471.1 1, 462. 8 1, 439. 1 197. 3
77.8
993.2 588. 5 1, 609. 2 1, 581. 7 166.2
1963
1, 640. 9 1, 609. 2 1, 581. 7
71.0
1964 3
1, 590. 8 1, 557. 4 1, 530. 4 944.5 585.9 1, 557. 4 1, 530. 4 154.0
59.2
942.1 538.5 1, 504. 7 1, 482. 4 159.9
1965
1, 542. 4 1, 504. 7 1, 482. 4
52.6
Seiisonally adj usted
1964: Dec__
96.7
56.7
94.8
98.3
38.1
1, 610
153
1,575
53
50.4
85.6
29.7
1965: Jan__
81.5
80. 1
1,442
69
1,417
168
85.4
84.7
34.0
Feb__
87.9
50.7
164
1,482
69
1,468
Mar_ 124.9
44.0
120.7
118.8
74.8
1,489
163
59
1,465
152.2
Apr__ 154.9
150. 1
52.4
1,552
97.7
1,532
146
51
157. 5
May. 162. 1
155. 2
99. 9
55. 3
1,516
56
1,501
155
155. 5
152.8
97.0
June. 162.3
55.8
54
1,566
154
1,539
141.3
139.0
July.. 143.9
91.8
47.2
1,473
51
1,447
151
Aug._ 138.0
134.6
132.8
86.5
46.3
1,427
1, 409
46
148
Sept.. 125.9
122.7
78.4
124.3
44.3
44
1,453
160
1,436
Oct__ 135. 7
133. 6
84.4
130. 9
46.5
1,411
167
46
1, 380
Nov_. 118.3
116.1
69.9
114.9
44.2
53
1,547
1, 531
173
Dec33. 102.9
102.0
100.4
60.6
38.8
49
1,763
1 729
189
1966: Jan _
81.9
81.0
84.5
1,537
55
1,511
181
1
Authorized by issuance of local building permit; in 10,000 permit-issuing
places
prior to 1963, and 12,000 or more thereafter.
2
8 Units represented by mortgage applications for new home construction.
Preliminary.
20
COUNCIL OF ECONOMIC ADVISERS
Proposeid home
constr uction
New
private
Applicahousing
for Requests
units tions
for VA
FHA
authorappraisl
commitized
als 2
ments 2
242. 4
998. 0
1, 064. 2 243. 8
221. 1
1, 186. 6
190. 2
1, 334. 7
1, 285. 8 182.1
188.9
1, 240. 1
annual ra tes
184
1,195
196
1,280
194
1,224
175
1,269
187
1,187
180
1,240
1,254
154
1,243
165
1,217
186
189
1,180
192
1,259
1,282
222
219
1,325
1,214
218
142. 9
177. 8
171. 2
139. 3
113.6
102.1
118
113
124
110
95
109
93
92
89
98
97
105
117
94
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Ho using Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
Bearing the double brunt of bad weather and the New York transit strike, retail sales declined 1 percent (seasonally
adjusted) in January. Both total business sales and inventories rose strongly in December.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
130
BUSINESS S/VLES AND INN/ENTORIES
RETAIL TRADE (ENLARGED SCALE)
18
120
^X
INVENTORIES
\
.
\ ^**S
16
^"^
*^
iin
DURABLE GOODS STORES
INVENTORIES
14
100
-^^"
12
90
10
f.
80
SALES
„ ^f
SALES
8
m
~
6
7O
AH
\
/>.l/ . . . . i . . . . .
22
, , , , , ! , . , , ,K
NONDURABLE GOODS STORES
>J
•?n
20
WHOLESALE TRADE (ENLARGED SCALE)
INVENTORIES
18
INVENTORIES
.
r"
^
\
14
SALES
SALES
1 1 LJ
1963
16
^-r'"
1
1-^— • --'
/f.*,""!"?"!* i . 1 1 1 .
\
12
, , , , , 1 . , , , ,K
. I I 1 i LJ
1964
1966
1965
1963
"
1964
1965
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE
Total biusiness
Period
1966
Sales 2
1
Inventories 3
Wholejsale
Sales 2
4
Sales 2
Inventories 3
Total
Re tail
5
[nventories
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
31, 130
33, 952
30, 559
31, 130
31, 478
31, 635
32, 260
32, 546
32, 823
33, 014
33, 088
33, 360
33, 045
33, 296
33, 533
33, 952
10, 526
11, 029
11,923
10, 965
11,656
12, 386
13, 136
14, 782
12, 730
13, 136
13, 493
13, 655
14, 082
14, 298
14, 566
14, 546
14, 592
14,819
14, 621
14, 782
14, 774
14, 782
3
Nondurable
goods
stores
Millions <:>f dollars, seasonall y adjustec1
1958
1959
1960
1961
1962
1963
1964
1965° _
1964: Nov
Dec
1965: Jan—
Feb
Mar__
Apr__
May
June
July
Aug _ _
Sept_
Oct 6
Nov
Dec 66
1966: Jan
54, 233
59, 583
60, 530
60, 748
65, 078
68, 002
72, 647
78, 748
73, 420
76, 253
_ _ 75, 946
75, 807
77, 894
77, 493
77, 866
78, 027
79, 938
78, 938
78, 872
79, 760
81, 548
82, 908
86, 922
91, 964
94, 610
95, 576
100, 271
105, 127
110,535
119, 680
109, 320
110,535
111,465
111,884
113,032
113,761
114,542
115,049
116,012
116,683
116,967
117, 653
118, 500
119, 680
10, 257
11,413
11,440
11, 629
12, 158
12, 692
13,715
14, 789
14, 196
14, 178
14, 128
13, 946
14, 725
14, 620
14, 718
14, 736
14, 828
14, 829
14, 936
14, 995
15, 505
15, 398
12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
16, 461
17, 837
16, 384
16, 461
16, 774
16, 867
17, 064
17,216
17, 450
17,410
17, 530
17, 535
17, 655
17,715
17, 775
17, 837
1
The term "business" here includ es wholesale retail, and nlanufacturin g trade
(see page 22).
iJ Monthly average for year and to tal for mont h.
Book value, end of period, seasoiaally adjuste d.
< Beginning 1961, data include Alatska and Hai?raii.
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
21, 802
23, 688
21,710
22, 757
22, 933
23, 168
22, 884
22, 829
23, 334
23, 348
23, 658
23, 591
23, 763
24, 217
24, 640
25, 130
24, 855
5,284
5,967
5,880
5,581
6,210
6,627
7,014
7,806
6,622
7,567
7,759
7,841
7,597
7,445
7,618
7,691
7,821
7,764
7,770
7,871
8,050
8,289
8,224
11,412
11,984
12, 414
12, 654
13, 402
13, 909
14, 788
15, 882
15, 088
15, 190
15, 174
15, 327
15, 287
15, 384
15,716
15, 657
15, 837
15, 827
15, 993
16, 346
16, 590
16, 841
16,631
13, 587
14, 276
14, 890
15, 273
16, 282
16, 997
17, 994
19, 170
17, 829
17,994
17,985
17, 980
18, 178
18, 248
18, 257
18, 468
18, 496
18, 541
18, 424
18, 514
18, 759
19, 170
* I>Beginning 19(>0, data inclu de Alaska aiid Hawaii.
« ] reliminary.
Source: Dep artment of C ommerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 shipments in December rose 2 percent (seasonally adjusted).
good advances.
Orders and inventories also registered
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
80
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
.MANUFACTURERS' SHIPMENTS
MANUFACTURERS' INVENTORIES
TOTAL
30
GOODS
20
NONDURABLE GOODS
. 1 , . . . i I .t , i .I i t ii
10
30
30
MANUFACTtJRERS' NEW (DRDERS
DURABLE C5OODS
^ y\
20
HllllltHM"""1"""""1*'1'*'"
..mo""1""
minium**'
A^N^x-^
,,,,,.^ — -
20
NONDURABLE GOODS
10
Al
v
.
.
1 .
1 1
1 .
1 .
1 . . . . 1 . . I ..
..... 1
1964
1963
.....
1965
. . . . .
1
. . . .
1966
.K
V
10
1963
1966
SOURCEi DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments l Manufact urers' inv entories 2
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Ma nufaeture rs' new orde rs i
Durat le goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
toryshipratio 3
Millions of dollars seasonal] y adjuste d
1958
1959
•_.
1960
1961
1962
1963
1964 4
1965
1964: Oct
Nov_
Dec
1965: Jan._ _ _ _
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov4
Dec
1966: Jan 4
27, 280
30, 219
30, 796
30, 884
33, 308
34, 774
37, 129
40, 345
36,811
37, 514
39,318
38, 885
38, 693
40, 285
40, 044
39, 814
39, 943
41, 452
40, 518
40, 173
40, 548
41, 403
42, 380
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
19,231
21, 082
18, 633
19, 291
20, 559
20, 415
20, 374
21, 284
20, 915
20, 513
20, 652
21, 820
21,191
20, 924
21, 146
21, 606
22, 139
22, 659
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
19, 263
18, 178
18, 223
18, 759
18, 470
18,319
19, 001
19, 129
19, 301
19, 291
19, 632
19, 327
19, 249
19, 402
19, 797
20, 241
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
67,891
61, 777
62, 377
62, 944
63, 213
63, 382
63, 708
63, 999
64, 269
64, 625
65, 394
65, 788
66, 267
66, 642
67, 192
67, 891
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
42, 177
37, 517
38, 040
38, 412
38, 495
38, 692
38, 972
39, 233
39, 475
39, 951
40, 600
40, 814
41, 300
41, 523
41, 869
42, 177
1 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
s For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
2
22
19, 975
20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
25, 714
24, 260
24, 337
24, 532
24, 718
24, 690
24, 736
24, 766
24, 794
24, 674
24, 794
24, 974
24, 967
25, 119
25, 323
25, 714
26, 901
30, 679
30, 115
31, 061
33, 167
35, 036
37, 697
41, 155
37, 846
37, 720
39, 590
39, 704
39, 469
40, 712
41, 120
40, 181
40, 689
41, 846
40, 926
41, 483
41, 843
42, 234
43, 655
13, 170
15, 951
15, 223
15, 664
17, 085
18, 300
19, 803
21,867
19, 623
19, 454
20, 720
21,271
21, 130
21, 714
22, 043
20, 992
21,310
22, 195
21, 509
22, 163
22, 425
22, 389
23, 259
23, 584
4Preliminary.
Source: Department of Commerce.
2,354
2,878
2,791
2, 854
3, 090
3, 326
3,706
4,146
3,786
3,882
3, 917
3, 958
3, 799
4, 024
4, 078
4, 069
4,091
4, 348
4, 159
4, 153
4,249
4,325
4,505
4,383
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
19, 288
18, 223
18, 266
18, 870
18, 433
18, 339
18, 998
19, 077
19, 189
19, 379
19, 651
19, 417
19, 320
19, 418
19, 845
20, 396
1.84
1.70
1. 76
1. 74
1. 70
1. 69
1.64
1.61
1.68
1. 66
1.60
1. 63
1.64
1. 58
1. 60
1. 61
1.62
1.58
1. 62
1. 65
1.64
1.62
1.60
MERCHANDISE EXPORTS AND IMPORTS
The trade surplus in December fell to $321 million (seasonally adjusted), thus bringing the trade surplus for 1965 to
$5.2 billion ($433 million monthly average), or one-quarter below the high 1964 level.
BIUIONS OF DOLLARS
3.0
BILLIONS OF DOLLARS
3.0
1965
1959
I/SEE NOTE 1 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
Period
[Millions of dollars]
Merchandise expo rts
M erchandi se imports
MerchanTotal ( includGener al 2im1Domest LC expor ts
Impo rts for consum ption 3
dise
ing rees:ports) *
por ts
trade
Food, Crude ManuFood, Crude Manusurplus,
matebever- mateSeason4
Season- Unad- Total i 4 beverfacfacseasonages, rials
ages, rials
ally ad- Unad- Total
ally ad- justed
tured
tured
ally adand to- and
and to- and
justed justed
justed
goods
goods
justed
bacco fuel
bacco fuel
Monthly average :
1958
1959
1960
1961
1962
1963
1964
1965_____
1964: Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
COUNCIL OF ECONOMIC ADVISERS
1,364
1,367
1,634
1,679
1,745
1,869
2, 135
2,214
2,206
2,426
1,215
1,599
2,755
2,380
2,260
2,230
2,256
2,333
2,324
2,342
2,408
2,356
2, 183
2,561
1, 188
1,514
2,892
2,529
2,381
2,219
2,172
2, 124
2,141
2,420
2,440
2,550
1,351
254
224
1,352
250
238
324
1,617
263
318
1,659
286
277
1,723
307
342
311
1,846
362
2,106
387
2,186
U nadjust ed
382
2, 158
440
452
463
2,526
1, 171
137
209
246
1,491
225
461
2,860
484
2,502
410
389
392
2,351
378
382
382
2,191
362
414
2,140
321
2,096
363
2, 111
303
401
431
383
2,387
402
2,407
459
2,520
962
931
1,072
1,083
1, 157
1,218
1,360
1,342
1,605
826
1,052
1,888
1,708
1,555
1, 455
1,343
1, 393
1,371
1,530
1,525
1,105
1,302
1,251
1,226
1,366
1,429
1,557
1,781
1,698
1,642
1,193
1,600
1,861
1,883
1,789
1,830
1,663
1J64
1,807
2,006
1,903
2,035
1,672
1,755
], 113
1,464
2,040
1,855
1, 724
1,907
1,633
1,718
1,798
1,997
1,967
2,160
342
1,101
296
382
296
1,285
1,251
283
379
1,221
286
361
1,354
306
381
1,417
320
386
332
1,550
413
1,774
U nadjust ed
1,655
392
399
454
1,720
376
1,138
173
386
264
1,489
416
1,999
386
508
1,821
331
454
332
1,720
409
474
1,878
349
1,636
261
410
315
1,729
449
353
1,795
431
2,004
462
409
1,953
417
424
2,130
433
575
556
539
630
666
756
259
65
383
453
379
440
578
433
813
842
535
759
1,041
963
913
989
902
909
946
1,061
1,034
508
784
22
i
894
547
471
401
592
569
517
386
505
321
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
In the Fourth quarter of 1965 the balance on goods and services declined to $6.9 billion (seasonally adjusted annual
rate) bringing the balance for the year to $7.2 billion. This yearly total is below the unusually high 1964 level
of $8.6 billion but is still the second highest surplus attained since 1947. Both yearly surpluses were below the
unusually high levels attained in 1964.
BILLIONS OF DOLLARS
'BILLIONS OF DOLLARS
EXPORTS OF GOODS AND SERVICES
20
20
10
10
1959
1965
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1959
1960
1961
1962
1963..
1964
1965 2
Total
Exports of gooc s and sei'vices
Incoirle on
investrnents
MerMilichan-1
tary
PriGovdise
sales
vate
ernment
23, 476
27, 244
28, 557
30, 278
32, 353
37, 017
39, 121
16, 282
19, 489
19, 936
20, 604
22, 069
25, 288
26, 303
302
335
402
656
659
762
2,
3,
3,
3,
4,
5,
694
001
561
954
156
003
349
349
380
471
498
454
Impor ts of good s and sennces
Other
services
Total
Merchan-1
dise
3,849
4,070
4,278
4,593
4, 971
5,510
23, 342
23, 177
22, 924
25, 129
26, 436
28, 457
31, 953
15, 310
14, 732
14, 507
16, 173
16, 992
18, 619
21, 480
Military
Other
expend- servitures
ices
Balance
on
goods
and
services
3,107
3,048
2,954
3,078
2,929
2,824
4,925
5,397
5,463
5,878
6,515
7,014
134
4,067
5,633
5, 149
5,917
8,560
7,168
Seassonally adjusted annual raites
1964:
I
II
III
IV
36, 336
35, 964
37, 340
38, 428
24,
24,
25,
26,
596
268
528
760
776
764
672
836
5, 064
5,052
5, 040
4, 856
520
528
528
240
5,380
5,352
5,572
5, 736
27, 512
28, 244
28, 544
29, 528
17, 640
18, 396
18, 836
19, 604
2,928
2,880
2,764
2,724
6,944
6,968
6,944
7,200
8,824
7,720
8,796
8,900
1965:
I
II
III2
IV
34, 852
40, 576
40, 280
40, 776
22,
27,
27,
28,
504
200
328
180
696
916
840
5,672
6,032
5,620
556
560
564
5,424
5,868
5,928
28, 628
32, 428
32, 856
33, 900
18, 652
21, 920
22, 380
22, 968
2,648 7,328
2,808 7,700
2,860 7,616
6,224
8,148
7,424
6,876
1
Adjusted from customs data for differences in timing and coverage.
2 Preliminary.
24
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
In 1965 the United States recorded moderate sized deficits on both the liquidity and official settlements bases. The
deficit on liquidity balance was $1.3 billion (compared to $2.8 billion in 1964), and the deficit on official settlements
balance was $1.4 billion (compared to $1.2 billion in 1964). The balances were very close to one another since
the build-up of private liquid claims held abroad was very small in 1965.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
10
BALANCE ON GOODS AND SERVICES
V
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-5
BALANCE, /
LIQUIDITY BASIS
-10
j
I
j
I960
I
1
1961
t
I
J
1962
J
I
1963
I
1964
I
j
t
J
1965
SOURCE DEPARTMENT OF COMMERCE
I
-70
1966
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. pr ivate capital, net
Period
1959
1960
1961
1962
1963
1964
1965
U.S.
Government
Direct
grants
investand
ment
capital,
net 1
-1,986
-2, 769
-2, 780
-3, 013
-3, 581
-3, 563
-1,372
-1, 674
-1,599
-1,654
— 1,976
-2,376
Shortterm
Errors
Foreign and uncapital,
recorded
transnet 1
actions
-77
-926
-863 -1,348
-1,025 -1, 556
-1,227
-544
-1,695
-785
-1,975 -2, 111
412
863
366
-988
707 -1,045
1,021 -1, 197
688
-401
667 -1, 161
Other
longterm
Season ally adjusted annusil rates
1964:
I
II
III
IV
1965:
I
II
III
IV
-3,012
-3, 560
-3, 580
-4, 100
-1,856
-2, 160
-2,204
-3,284
-1,096
-1,024
-2, 448
-3,332
-3, 132 -4, 636 -2, 716
400
— 3,904 -3, 564
-3,064 -2, 060 -1,420
1
-2,356
-2, 192
-1,624
-2, 272
456 -1, 152 -1,028
-544
308
-608 -2, 328 -1,404
680 -1, 164 — 2, 372
184
1,224 -1,720 -5,464 -3, 132
-400
215
389
869
1,392
-12 -2,588 -2,324
1,188
1,696
-240
-308
920
1,068
184 -1,020 -1,232 -2, 124
872
— 1,552 -4, 996
-860
-107
253
664
Includes certain special Government transactions.
5
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. gold tranche position in the IMF.
* Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and the U.S. gold tranche position in the IMF.
* Includes short-term official and banking liabilities and foreign holdings of
U.S. Government bonds and notes.
Changes
Chan ges in sel ected
in gold,
liabilitie s (decreaj3e (-))< convertible currenOfficial To foreig•n official
cies and
6
Liquid- reserve
To other IMF gold
hold ers
transforeign tranche
ity
basis 2 actions
holders 7 position
Non- c
basis 3
Liquid
(increase
liquid
(-))
-3, 743 -2, 283
1,248
1,460
1,035
-3, 881 -3, 592
1,449
289
2,143
-2, 370 -1,287
681
1,083
606
-2, 203 -2, 241
457
251
213
1,533
—
74
-2, 670 -1,977
1,673
619
378
-2, 798 -1,224
1,073
— 20
1,554
171
-1,382
-1,299
-50
210
127
1,222
Quairterly, tot als unadjiisted
Bakmce
5
-50
30
227
114
562
651
-51
303
70
— 151
210
198
-161
687
— 597
842
68
41
8
271
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible
gold sales to, and gold deposits with, the U.S.
6
Provisional.
7
Private holders; includes banks and international and regional organizations;
excludes IMF.
s On Dec. 31, U.S. reserve assets consisted of gold stock, $13,807 million (down
$118 million from Sept. 30); IMF position including gold portion of increased
U.S. subscription, $837 million; convertible currencies, $777 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
OR
PRICES
CONSUMER PRICES
The over-all index of consumer prices increased by 0.4 percent in December. This increase was primarily due fo a
very sharp rise of 0.8 percent in food prices. The prices of other commodities rose by only 0.1 percent and service
prices increased by 0.3 percent.
Index, 1957-59=100
Index, 1957-59=100
105
100
100
95
95
1959
1965
I/SEE NOTE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURC& DEPARTMENT OF LABOR
[1957-59=100]
Commoditie 3
All
Period
1955
1956
1957
1958
1959.
1960
1961
1962
1963 1
1964
1965
1964: Nov
Dec_
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1
items
__
-_
93. 3
94 7
98.0
100.7
101.5
103.1
104. 2
105. 4
106.7
108. 1
109.9
108.7
108.8
108.9
108.9
109.0
109.3
109.6
110.1
110. 2
110.0
110. 2
110.4
110.6
111.0
All commodities
946
95.5
98.5
100.8
100.9
101.7
102.3
103. 2
104. 1
105. 2
106.4
105. 6
105. 7
105.6
105. 5
105.6
105. 9
106. 2
106.9
106. 9
106.6
106. 6
106. 9
107. 1
107.4
Comm odities les s food
Food
940
94 7
97.8
101.9
100. 3
101.4
102.6
103. 6
105. 1
106.4
108.8
106. 8
106. 9
106.6
106. 6
106.9
107. 3
107.9
110. 1
110. 9
110.1
109.7
109.7
109.7
110.6
Sec Note.
NOTIC.—Prior to January 1964, indexes revised to reflect transfer of homeownership from services to durable commodities.
26
Services
All
94 9
95.9
98. 8
99. 9
101. 2
101. 7
102.0
102. 8
103. 5
104. 4
105.1
104 8
104 9
104.9
104.7
104.8
105. 0
105.2
105. 1
104 7
104.7
104 9
105.3
105.6
105.7
Durable
95. 3
95.4
98.5
100. 0
101. 5
100.9
100.8
101.8
102. 1
103. 0
102.6
103.5
103.4
103.6
103. 3
103.2
103. 0
102.9
102.6
102.3
101.8
101. 7
102. 1
102.4
102.4
Non-
AU
services
Rent
durable
94 4
96. 5
99. 1
99.8
101. 0
102. 6
103.2
103. 8
104 8
105. 7
107.2
106. 1
106. 3
106.1
106. 1
106.2
106. 8
107.2
107.3
106. 9
107.1
107.7
108. 0
108.3
108.4
90. 5
92.8
96.6
100.3
103. 2
106. 6
108.8
110.9
113. 0
115.2
117.8
116. 0
116. 2
116.6
116. 9
117.0
117. 3
117. 5
117.6
117. 8
117.9
118.5
118.7
119.0
119.3
94 8
96. 5
98. 3
100. 1
101. 6
103. 1
104 4
105. 7
106.8
107.8
108.9
108. 3
108.4
108.4
108. 5
108.7
108.8
108.8
108.8
108. 9
109. 0
109. 1
109. 2
109.3
109. 5
Services
less
rent
89.4
91. 9
96. 1
100. 2
103. 6
107.4
110. 0
112. 1
114. 5
117. 0
120. 0
117. 9
118. 2
118. 6
118.9
119. 1
119. 3
119. 5
119.7
120. 0
120. 0
120. 7
121. 0
121.3
121.6
Beginning with January 1964, new index with revised weights, coverage, and
sampling procedures. For details, see Department of Labor release, Major
Changes in the Consumer Price Index, March 3,1964.
Source: Department of Labor.
WHOLESALE PRICES
The wholesale price index rose by 0.5 percent in January for the third big increase in a row. The increases were
again concentrated in farm product and processed food prices, which rose by 1.4 percent and 0.7 percent, respectively/ but industrial prices also rose—by 0.3 percent—after being stable in December.
Index, 1957-59=100
Index, 1957-59=100
115
115
110
110
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
105
105
100
100
95
95
90
90
1960
1966
SOURCE. DEPARTMENT OF LABOR
Period
1958
1959
1960
1961
1962
1963
1964
1965 3
1964: Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan 3 4
Week ended:
1966: Feb 8 3
15
COUNCIL OP ECONOMIC ADVISERS
100. 4
100. 6
100. 7
100. 3
100. 6
100. 3
100. 5
102.5
100.7
101.0
101.2
101.3
101.7
102. 1
102.8
102.9
102.9
103.0
103. 1
103.5
104.1
104. 6
[1957-59=100]
Commodit,ies other t nan farm products aind foods (iiidustrials)
Consul]ner finIndus- Indus- ProducFarm
Procished gcx>ds extrial in- er finAll intrial
prodessed
cludin g food
dustricrude termedi- ished
ucts
foods
DurNonals1
mate- ate ma-2 goods
able
terials
durable
rials
102. 9
100. 2
96.9
100. 1
99. 4
99.3
103. 6
99. 5
99.2
102. 1
101.0
101. 3
100.8
97. 2
101. 3
102.3
100. 0
101. 3
9as 101. 4 102.3 100.9
101.5
96. 9
102. 5
100.7
100. 5
101. 5
100. 1
96. 0
100. 8
97. 2
102. 9
101. 6
101. 2
100. 8
95. 6
99. 9
100. 0
97. 7
95.7
101. 1
100.7
94. 3
103. 1
99. 5
99.6
101.9
104. 1
99.9
94. 3
101. 0
101. 2
100. 2
101. 6
97. 1
105.4
98.4
99.6
105. 1
101.5
102.5
100.9
102.8
104. 5
102. 1
99. 9
100. 8
101. 8
100. 6
100. 6
92.7
102.2
104.9
93.0
101.9
100.8
99.0
99.8
102.3
102. 1
99.7
94. 5
99.
4
101.9
100. 8
105. 0
102.2
95.4
99. 7
102. 0
100. 9
105. 1
102.2
101. 8
99. 7
102.1
105.3
99.7
102.2
102.3
100. 1
101.1
97.6
103. 3
105. 3
99. 6
101. 0
101. 4
98. 4
102.3
102.5
105.4
101.5
106. 1
102.5
100. 5
99. 7
100. 3
102.6
105.4
100.0
106. 6
100.4
101.5
99. 6
102.5
102.7
101.7
105.5
106.7
99.5
101.7
99.1
102.7
102.8
105.5
99.5
106.7
101.8
99.5
102.7
101.3
103.0
99.4
102. 0
105. 6
99. 5
102. 8
101. 9
106.9
103.3
102. 7
102. 1
100.3
107.6
105. 9
103. 2
99. 6
103.6
102.2
109.4
103.2
106. 0
99.6
102.6
103.0
103.7
104.4
110.2
102. 3
104.0
99. 7
103. 5
106. 1
103. 8
104.9
105.0
106.5
106.6
All
commodities
110.7
111.0
1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
s
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
103.5
103.5
*4 Preliminary.
Weekly series based on smaller sample than monthly series.
Source: Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose by 2 percent in the month ended January 15 due to increases in both crop and livestock prices. Prices paid by farmers also increased and the parity ratio was unchanged at 80 percent after rising
sharply during the previous month.
Index, 1957-59= 100
Indo<, 1957- 59 =100
ion
120
PRICES PAID,
INTEREST, T>\XES, AND
WAGE RATES
\
\
no
iro
TOO
—*— •yi
/
90
"\S"~
^^^^^r
^-x-/-^-
1 ! 1 1 1 1 t 1 1 1 1
/
/^-'
/v
^
PRICES RECEIVED
(ALL FAR/v\ PRODUaS)
110
t
A.
^X/"/^
i i i i f 1 i i i ii i i i i i 1 i i i i i
1 1 I 11 1 I I t 1 1
^
+
1 I 1i i 1 i i I i i
100
rS
I I 1 1 1 1 1 1 1 ! 1
i i it i1 i iiii
90
RATIo-U
100
RAT toU
100
on
90
PARITY RATIO
iV
80
70
\,v
•~*=r~
X"" '
i i , . . 1 . . i ., i i i i i I i t tii
1960
80
<**%V'^H1HII/
i i i i . 1 . . i it
1961
1962
• 1 I » 1 1 . 1 1 1 1
i t t i i 1 i . i ..
1963
1964
:
^
i i ii ,1 .....
1965
70
1966
]/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE! DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices i-eceived by "armers
Period
1956
1957.
1958
1959
1960
1961
1962.
_
1963
1964
1965
1964: Dec 15. _
1965: Jan 15
Feb 15
Mar 15
Apr 15.
May 15...
June 15
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Decl5.._
1966: Jan 15
All farm
products
__
Crops
95
97
104
99
98
99
101
100
98
102
97
98
98
99
101
104
106
105
103
103
103
103
107
109
i 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
105
101
100
99
99
102
104
106
106
104
105
105
105
106
109
111
109
106
100
100
99
98
100
102
Price 3 paid by farmers
items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 1957-59=100
95
88
94
98
106
100
102
100
102
98
103
98
105
99
95
107
91
107
101
110
91
107
92
108
109
93
93
109
109
95
110
99
110
103
110
104
110
105
110
105
110
106
106
110
111
112
112
114
Family
living
items
96
99
100
101
102
102
103
104
105
107
105
106
106
106
106
108
107
107
107
107
107
107
108
108
Source: Department of Agriculture.
Production
items
95
98
100
102
101
101
103
104
103
105
103
104
104
104
105
106
106
106
106
106
105
105
106
107
Parity
ratio l
83
82
85
81
80
79
80
78
76
77
75
74
75
75
76
78
79
78
78
78
77
77
80
80
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The daily average money supply (seasonally adjusted) registered a second consecutive substantial increase in January.
The rise in time deposits, however, was smaller than the monthly average during 1965.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
OF DAILY FIGURES, SEASONALLY ADJUSTED
180
180
\
MONEY SUPPLY
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
100
100
60
60
1961
1960
1963
1962
1965
1964
COUNCIL OF ECONOMIC ADVISIUS
SOURCE- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Averages of daily figures, billions of dollars]
M oney supj>iy
M oney supp>ly
Period
1960:
1961:
1962:
1963:
1964:
1965:
1964:
1965:
Dec
Dec
Dec
Dec..
Dec
Dec
Dec
Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan »
_
* Deposits at all commercial banks.
Preliminary.
J
Total
141. 1
145. 5
147. 5
153. 1
159. 7
167.4
159.7
160. 0
159. 7
160. 3
161. 1
160. 0
161.8
162. 5
162.7
164.3
165.6
165.7
167.4
168. 5
0
1966
Currency
outside
banks
Seasonally7
28.9
29. 6
30. 6
32. 5
34. 2
36.3
34.2
34. 5
34. 7
34. 7
34. 7
34. 9
35. 0
35. 2
35. 4
35.6
35.9
36. 1
36.3
36. 7
Time
De-
mand
de-
posits
de-
posits
adjusted
112. 1
116. 0
116. 9
120. 6
125. 4
131.2
125.4
125. 5
125. 1
125.6
126. 4
125. 1
126. 8
127. 3
127. 3
128.7
129. 7
129.6
131.2
131. 8
1
Total
Currency
outside
banks
U.S.
De-
Time
de-
posits '
mand
posits
de-
( jovcrn-
rnent
de-
mand
de-
posits
l
JnadjuHle < i
72.9
82.7
97.8
112.2
126. 6
147.0
126. 6
128.8
131. 0
132. 1
133. 5
134. 6
135. 9
137. 6
140. 1
141.6
143.6
145. 5
147. 0
148. 0
144.7
149.4
151. 6
157.3
164 0
172.0
164. 0
164. 4
159. 5
159. 0
161.
157.
159.
160.
(")
G
6
9
loo. r>
163. 2
1 (>5. S
167. 4
172. 0
173. 1
29.6
30.2
31. 2
33. 1
35. 0
37.0
35. 0
34. 4
34. 2
34. 3
34. r>
34. (>
:M. 9
3.5.
4
3.rr>. 5
3. >. 6
3(>. o
36. 5
37. 0
36. 5
1 1 5. '2
110.
20.
'24.
29.
3f>.
'2
3
1
I
0
29. 1
30. i
25. 3
24.
27.
23.
124.
125.
125.
C>
1
0
0
6
0
127.5
129. 8
130. 9
135.0
136.6
72. 1
81. 8
9(>. 7
1 1 1. 0
1 25. 2
145.3
125. 2
128. 3
130.8
132. 7
134. 0
135.4
136. 6
138.3
140.2
141.4
143.5
144. 4
145.3
147.4
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.
4.7
4.9
5. 6
5. 1
5. 5
4.5
5.5
4.2
5.7
6.7
5. 6
9.7
9.3
9. 1
7. 4
5.6
5.0
4. 0
4.5
3.7
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbcmk public holdings of liquid assets, seasonally adjusted, increased substantially in January. They were lifted
by the rise in holdings of short-term Treasury securities from a low December level, as well as by the increase in commercial bank time deposits.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
500
500
400
300
200
100
1960
1961
1966
-I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
f Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets
End of period
1958
1959
1960
1961
1962
1963
1964 3
1965
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept3
Oct _3
Nov3
Dec
1966: Jan 3
___
__
373. 1
393.9
399.2
424. 6
459.0
495.4
530.4
572.4
5349
536.4
542.8
543. 3
543.0
550.2
550.9
555. 6
560. 6
565.0
568.2
572.4
576. 5
Demand
deposits
and
currency l
138.8
139.7
138.4
142. 6
144 8
149.6
156.7
163. 7
156. 1
154 8
158. 6
156.3
155.4
159.6
157.7
157. 8
160.6
161. 1
160.3
163.7
163.8
Time d eposits
Commercial
banks
65.4
67. 4
73. 1
82.5
98. 1
112.9
127. 1
147.1
130.6
131.9
133.0
134 1
1349
136.3
138.3
139. 8
141.6
144.0
146.5
147.1
149.2
1
Agrees In concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Eeserve Banks, and beginning
February 1960, savings and loan associations.
30
Mutual
savings
banks
33.9
34 9
36. 2
38.3
41.4
44 5
49. 0
52.5
49. 4
49. 6
49.8
50.1
50. 4
50. 8
51.1
51. 3
51. 6
52.0
52.3
52.5
52. 9
Postal
Savings
System
11
9
8
6
5
5
4
3
4
4
4
4
4
4
4
3
3
3
3
3
3
Savings
and loan
shares
47. 7
543
61. 8
70. 5
79.8
90.9
101.3
109.7
101. 7
102.6
103.6
103. 9
104 4
105.1
105.5
106. 5
107.7
108.3
109.2
109. 7
109.9
U.S. Government
U.S. Gov- securities
ernment
maturing
savings2
within
bonds
year 3
50. 5
47.9
47.0
47.4
47.6
49.0
49. 9
50.5
50. 0
49.9
49.9
49.9
49. 9
50.0
50.1
50. 1
50. 1
50. 1
50.1
50.5
50.5
s Preliminary.
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Keserve System.
35.6
48.8
41.9
42.6
46. 8
48. 1
46. 1
48.6
46. 8
47.3
47.6
48. 6
47.6
48.0
47.9
49.8
48.7
49. 1
49.4
48.6
50. 0
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total commercial bank credit (seasonally adjusted) rose by $3.0 billion in January, a substantial increase.
concentrated entirely in loans as bank investments declined slightly.
BILLIONS OF DOLLARS
350
It was
BILLIONS OF DOLLARS
1 350
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
300
300
250
250
200
200
150
150
100
100
50
-INVESTMENTS IN OTHER SECURITIES
\
1961
1960
1963
1962
1964
1965
SOURC& BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
All comnaercial bank s
(s easonally adjusted da ta)
End of period
1958
1959
1960
1961
1962
1963
1964
1965 5
1965: Jan
Feb
Mar
Apr
May
June 5
July 5
Aug 5
Sept5
Get
Nov55
Dec
1966: Jan 5
95. 6
107. 6
113. 8
120. 5
133. 9
149. 4
167. 1
191.8
170. 2
171. 9
175.8
177. 1
179. 5
183.0
182.7
185. 8
186.2
188. 0
189.8
191.8
195.0
Billions of
65. 1
57. 8
59.9
65. 4
65. 2
62. 1
61. 4
57.6
59.9
60. 2
59.6
59. 1
58. 6
57. 7
56.4
57.0
56.5
57. 0
57. 6
57. 6
57.4
dollars
20. 5
20. 5
20. 8
23. 9
29. 2
35. 0
38.7
44. 6
39.5
40. 0
40.1
41. 1
41. 3
42. 1
42.4
43. 3
43.5
43.9
44. 1
44. 6
44. 6
» Member banks are all national banks and those State banks which have taken
membership
in the Federal Reserve System.
2
Commercial and industrial loans.
«Debits during period to demand deposit accounts except interbank and
U.S. Government. New series; see Bank Debits and Deposit Turnover, O.6
FRB, February 19,1965.
* Averages of daily figures. Annual data are for December.
Bank
Weekly
debits
reporting
outside
member
New York
banks l
City (224
centers) ,
seasonally
Business
a
adjusted
loans
annual
rates *
J
Total
Investr aents
Loans,
loans excluding
and
U.S. Gov- Other
invest- interbank
ernment securiments
securities
ties
181. 2
185. 9
194. 5
209. 8
22a 3
246. 5
267.2
294. 0
269. 6
272. 1
275.5
277. 3
279.4
282.8
281.5
286. 1
286.2
288.9
291. 5
294. 0
297.0
1966
31.7
30.7
32. 2
32.9
35.2
38.8
42. 1
50. 6
41.8
43. 0
44. 6
44.6
45. 2
46.8
46.3
46. 9
48.1
48.2
49. 0
50.6
50.3
A Q member banks * 4
L -4.
1,481
1,666
1, 736
1,832
2,021
2, 199
3
2, 696
2,999
2, SOS
2,845
2,924
2,962
2,872
3,019
3,021
3,019
3,023
3,069
3,179
3,250
3,198
Total
reserves
18, 899
18, 932
19, 283
20, 118
20, 040
20, 746
21,609
22, 715
21, 620
21, 231
21, 246
21,511
21, 472
21, 709
21, 863
21, 617
21, 729
21, 959
21, 958
22, 715
22, 751
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
]Millions o f dollars
516
557
482
906
87
756
568
149
572
304
327
536
411
243
443
454
405
299
441
405
341
416
366
471
325
505
346
528
350
524
564
430
528
373
341
490
370
452
443
454
357
402
-41
-424
669
419
268
209
168
-11
106
36
— 75
— 105
— 180
— 182
-174
-134
— 155
— 149
-82
— 11
—45
»Preliminary.
NOTE.—Between January and August 1959, series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
OJ
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit continued its strong uptrend in December.
pared with the 10 percent rise in 1964.
Over 1965 as a whole/ it rose by 12 percent com-
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
80
TOTAL CONSUMER CREDIT OUTSTANDING
O t
I I
. » »
1 I
I I I I I I I
'
1959
t
I t
I
I I t I
1960
I I
I
I >
I I I
I
I I
I I I I I
I
I I
1962
1961
. .... I ..... f ..... I
1963
1964
1
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
i ....
1965
.10
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1956
_
1957
1958
1959
1960
1961
1962
1963
1964
1965
1964: Nov
Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept., _ _ _
Oct
Nov
Dec
Consu mer credit outstandin g (end of period ;
umad justed)
instalment
NonAutomoTotal
Total »
bile
Personal instal-2
ment
paper
loans
42, 334
44, 970
45, 129
51, 542
56, 028
57, 678
63, 164
69, 890
76, 810
85, 983
74, 371
76, 810
76, 145
75, 741
76, 085
77, 483
78, 687
79, 887
80, 686
81, 454
81, 924
82, 569
83, 390
85, 983
31, 720
33, 867
33f 642
39, 245
42, 832
43, 527
48, 034
53, 745
59, 397
67, 406
58, 085
59, 397
59, 342
59, 363
59, 788
60, 803
61, 739
62, 790
63, 609
64,393
64, 846
65, 368
66, 012
67, 406
14,420
15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 199
24, 521
28, 201
24, 367
24, 521
24, 574
24, 743
25, 063
25, 615
26, 109
26, 685
27, 171
27, 493
27, 555
27, 766
27, 976
28, 201
6,789
7,582
8,116
9,386
10, 480
11, 256
12, 643
14, 391
16, 071
18, 166
15, 771
16, 071
16, 091
16, 190
16, 341
16, 693
16, 917
17, 159
17, 312
17, 565
17, 724
17, 763
17, 883
18, 166
lAlso includes other consumer goods paper, and repair and modernization
loans, not shown separately.
a Consists of single-payment loans, charge accounts, and service credit.
«End of period, unadjusted.
32
10, 614
11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 145
17, 413
18, 577
16, 286
17, 413
16, 803
16, 378
16, 297
16, 680
16, 948
17, 097
17, 077
17, 061
17, 078
17, 201
17, 378
18, 577
Consum er instalme nt credit e xtended
and r<spaid (seas<anally adju sted)
Automobile paper
To tal
Extended
39, 868
42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
60, 822
66, 070
74, 527
5,456
5,816
5,883
6,022
6,030
6,189
6,105
6, 139
6,278
6,288
6,331
6,306
6,405
6,398
Repaid
37, 054
39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 111
60, 418
66, 518
5, 155
5,256
5,213
5,381
5,393
5,445
5,435
5,537
5,612
5,679
5,648
5,717
5,748
5,751
Extended
15, 515
16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 013
23, 565
27, 357
1,858
2,043
2,120
2,228
2,229
2,272
2,215
2,250
2,301
2,313
2,324
2,266
2,408
2,393
Repaid
14, 555
15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19, 354
21, 243
23, 677
1,818
1,864
1,830
1,897
1,924
1,936
1,940
1,960
1,972
2,030
1,996
2,028
2, 112
2,049
Mortgage
debt outstanding,
nonfarm
1- to 4family
houses 3
99, 000
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197, 600
212, 900
197, 600
200, 500
204, 800
209, 000
212, 900
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board (except as noted).
BOND YIELDS AND INTEREST RATES
The 3-month Treasury bill rate leveled out in late January and early February but rose to a new high in the week
of February 19. Yields on all types of longer-term securities moved higher.
PERCENT PER ANNUM
PERCENT PER ANNUM
MONTHLY
CORPORATE Aaa BONDS
(MOODY'S)
TAXABLE GOVERNMENT
BONDS
TREASURY BILLS
A V
I.
I960
1961
1963
1962
1965
1964
SOURCES, SEE TABLE mOW
Period
1959
1960
1961
1962
1963
1964
1965
1964: Dec
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
_
Nov
'_.
Dec
1966: Jan
Week ended:
1966: Jan 15__
22__
29__
Feb 5—
12..
19_>
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Gove rnment secuiity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
8
(Standard4 &
bonds
issues a
bills i
Poor's)
4.33
4.08
3. 405
3.95
3.99
4.02
2. 928
3.73
3.90
3. 60
2. 378
3.46
2. 778
3.95
3. 57
3. 18
3.72
3. 157
4.00
3.23
3. 549
4.06
4. 15
3.22
4.22
4.21
3. 954
3.27
4.07
4.14
3.856
3.15
4.06
4.14
3. 828
3.06
4.08
4. 16
3. 929
3. 10
4. 12
3. 942
4. 15
3. 18
4.12
3.932
4.15
3.17
4. 14
4 11
3.895
3. 19
4.14
4.09
3.810
3.26
4.10
4.15
3.831
3.26
4. 19
4. 19
3.836
3.25
4.24
3.912
4.25
3.36
4. 032
4.33
4.28
3.42
4,34
4. 46
4. 082
3.47
4.43
4.362
4. 77
3.56
4.89
4.43
4.596
3.52
4.585
4.673
4.596
4.638
4.650
4.695
4.84
4.86
4.92
4.96
5.01
5.04
4.42
4.42
4.44
4.52
4.58
6
4. 64
2
* Bate on new issues within period.
Selected note and bond issues.
Series includes: April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
1
Data for first of the month, based on the maximum permissible interest rate
(6H percent since May 1961) and 30-year mortgages paid in 15 years.
1
1966
3.51
3.51
3.51
3.51
3.56
3.67
Corporal be bonds
(Moo dy's)
4.38
4.41
4.35
4.33
4.26
4.40
4.49
4.44
4.43
4.41
4,42
4.43
4. 44
4.46
4.48
4.49
4.52
4.56
4. 60
4.68
4.74
5. 05
5. 19
5. 08
5.02
4.86
4.83
4.87
4.81
4.80
4 78
4.78
4.80
4.81
4.85
4.88
4.88
4.91
4.93
4,95
5.02
5.06
Prime
commercial
paper,
4-6
months
3.97
3.85
2.97
3.26
3. 55
3.97
4.38
4.17
4.25
4.27
4. 38
4.38
4 38
4.38
4.38
4 38
4.38
438
438
4. 65
4.82
4.74
4.74
4.74
4.75
4.76
6
4. 79
5.05
5. 06
5.08
5.09
5.10
5. 13
4.78
4. 88
4.88
4.88
4.88
«488
Aaa
Baa
FHA
new home
mortgage
yields 5
5. 77
6. 16
5. 78
5. 60
5.46
5. 45
5.46
5.45
5.45
5. 45
5.45
5.45
5.45
5.45
5.44
5. 44
5.45
5.46
5.49
5.51
5.63
* Preliminary estimates; not charted.
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
OQ
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices continued to fluctuate irregularly in February reflecting changing and conflicting interpretations of the
economic implications of developments in Vietnam.
Index, 1941-43=10
Index, 1941-43 = 10-
90
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
80
80
RATIO
RATIO
oc
o<
x\___
20
^
S
15
10 4
i
v
i
i
1
1960
t
PRICE/EARNING 5 RATIO ON COMMC)N STOCKS
' \
\
\
i
!
1961
-
i
1962
t
i
i
i
!
1
•••
r^^t
t
1964
1963
20
.
i
15
i
~
SOURCE: STANDARD AND POOR'S CORPORATION
•l
i
I
K
10
1966
1965
COUNCIL OF ECONOMIC ADVISERS
l
Period
Total
1960
1961
1962
1963
1964..
1965
1965: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1966: Jan
Week ended:
1966: Jan
.
__
7
14
21
28
Feb 4
11
_
_
Total
55.85
66. 27
62. 38
69.87
81.37
88.17
86. 12
86. 75
86.83
87.97
89. 28
85.04
84.91
86.49
89.38
91. 39
92. 15
91.73
93.32
59. 43
69.99
65. 54
73.39
86. 19
93.48
91. 04
91.64
91. 75
93.08
94. 69
90.19
89.92
91. 68
94.93
97. 20
98. 02
97.66
99.56
92.70
93.36
93.65
93.65
92.70
93.77
98.79
99.53
99.95
100. 03
99.03
100. 27
Price i ndex
Industrials
Capital Consumers'
goods
goods
1941-^L3=10
47. 21
59. 75
57. 01
67.33
54. 96
58.15
63. 30
62. 28
73.84
76.34
81.94
85. 26
79. 69
80. 19
82. 52
80. 74
83.62
81. 50
83.78
84.85
85. 21
86. 35
81.62
80.04
80.54
78.80
80.23
83. 25
82.34
86.91
83.90
90.28
91. 62
83.75
91.42
83.31
93.35
84.28
92.70
93.33
93.48
93.89
92.62
94.56
84. 16
83.98
84.74
84.23
83.88
84.95
Railroads
Dividend
yield 2
(percent)
46. 86
60.20
59. 16
64. 99
69.91
76.08
75. 87
77. 04
76. 92
77.24
77. 50
74.19
74.63
74. 71
76.10
76.69
76.72
75.39
74.50
30.31
32.83
30. 56
37. 58
45.46
46.78
46.79
46.76
46. 98
46.63
45. 53
42.52
43.31
46. 13
46.96
48.46
50.23
51.03
53.68
3.47
2. 98
3.37
3. 17
3.01
3.00
2. 99
2. 99
2. 99
2.95
2. 92
3.07
3.09
3. 06
2.98
2.91
2.96
3.06
3.02
75.30
75.07
74.31
73.62
72.80
72.86
51.95
53.64
54.21
54.75
53.96
54.76
3.03
3.02
3.01
3.01
3.05
3.01
Public
utilities
Price/
earnings
ratio s
17. 09
21.06
16. 68
17.62
18.08
17.69
15.93
17. 10
8
1
Ratio of price index for last day in quarter to quarterly earnings (seasonally
Includes 500 common stock, 425 are Industrials; 60 are public utilities; and 25
adjusted annual rate). Annual ratios are averages of quarterly data.
lire railroads. Weekly indexes for capital and consumer goods are Wednesday
figures;
nil other weekly indexes are averages of daily figures.
3
Source: Standard & Poor's Corporation,
Aggregate cash dividends (based on latest known annual rate) divided by
Mo ftpprepate monthly market value of the stocks in the group. Annual yields
we averages of monthly data. Weekly data are Wednesday figures.
Digitized for 34
FRASER
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit in the first 7 months of fiscal 1966 amounted to $12.2 billion.
1965 the deficit was $10.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES
NET BUDGET RECEIPTS
100
100
75
75
50
50
25
25
1961
1962
In the corresponding period of fiscal
1963
1964
1965
1961
1966
4-10
1962
1963
1964
1965
1966
BUDGET SURPLUS (+) OR DEFICIT |
NATIONAL DEFENSE
(ENLARGED SCALE)'
75
+5
0
50
m
-5
25
-10
1961
1962
1963
1964
1965
1961
1966
1962
1963
1964
1965
1966
* ESTIMATE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
| Billions of dollars]
Net budg et expendituires
N ational defe use 1
Period
Fiscal year I960
Fiscal year 1961_
__
Fiscal year 19G2
Fiscal year 1963
Fiscal year 1964
Fiscal year 1965 3
Fiscal year 1966
Fiscal year 1967 3
1964: Dec
1965: Jan
___
Feb
Mar
Apr
May
June
July
Aug
_-.
Sept
Oct
Nov
Dec
__
1966: Jan
Cumulative totals, first 7 months:
Fiscal year 1965
Fiscal year 1966_ _ _ _
- -~
Net
budget
receipts
Total
77.8
77. 7
81. 4
86.4
89.5
93.1
100.0
111.0
8.9
5. 6
7. 5
11. 2
8.5
7.3
13.4
3.8
7.4
11.0
3.3
8. 1
9.6
6. 5
76. 5
81. 5
87.8
92.6
97.7
96.5
106.4
112.8
8.8
7. 7
7. 1
8. 1
8. 3
8. 1
9.1
7.2
9.0
9.5
8.8
9. 1
9.4
8.8
45. 1
49. 6
55.8
61. 8
1
lii addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
Total
Department of
Defense,
military
41. 2
43. 2
46.8
48. 3
49. 8
46.2
52.9
57.2
4. 2
3. 7
3.6
4. 2
4. 1
3.8
4.3
3. 6
4. 1
4.3
4. 3
4. 2
4.8
4.4
45. 7
47. 5
51. 1
52. 8
54.2
50.2
56.6
60.5
4. 5
4. 0
3.8
4.5
4. 3
4. 3
5.0
3. 8
4.4
4. 5
4. 5
4. 5
5.1
4. 6
26.2
29.7
28. 2
31.4
3
6
Military
assistance
1.6
1. 4
1.4
1. 7
1.5
1.2
1.3
1.2
.1
.1
.1
.1
.1
.2
.4
(55)
()
(5)
.1
.1
.1
«
.4
.4
Budget
surplus
or
deficit (— )
1. 2
—3. 9
-6.4
-6.3
-8.2
-3.4
— 6.4
-1.8
.1
-2.0
.4
3.0
.3
Public
debt
(end of 2
period)
. o 4
286. 5
289. 2
298. 6
306.5
312. 5
317.9
320.0
321.7
318.7
318. 6
320. 6
318. 4
317.2
319. 8
317.9
317. 1
318.7
317.3
319. 4
322.2
321.4
322.4
— 10. 6
12. 2
318.6
322.4
—.8
4.3
— 3. 4
— ].(>
.1. 5
— r>. r>
.i
— J. 0
Estimates.
Less than $50 million.
NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions.
Sources: Treasury Department niul 3>ureuu of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the fourth quarter, cash payments exceeded cash receipts by $8 billion; on a seasonally adjusted basis, however,
the excess of payments was $21/s billion. As a result, the cash deficit for the calendar year 1965 was $41/2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
35
30
20
I
-f-5
EXCESS OF < :ASH
f
f
t
-5
r
t
t
l
t
t
t
l
f
t
f
+5
SEASONALLY ADJUSTED
RECEIPTS
m m mm
1
i
EXCESS OF CASH PAYMBtfS
i
i
i
t
t
1959
1960
1--1 mmtm
t
t
1
i
t
f
1
1962
1961
1
f
• •!•
t
i
1964
1963
i
FFTI
Q
•1
f
1
-5
1
1965
CALENDAR YEARS
j»OUR<:ES i TREASURY DEPARTSKENT AND
COUNCIL OF ECONOMIC ADVISERS
BUREAU OP TIC 1WDGET
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year :
1961
1962
1963
1964
1965
1966 *
1967 »
Calendar year:
1960
1961
1962
1963
1964
1965 2
Quarterly total (calendar years):
1964: I
II
III
IV
1965: I
II
III
IV »
1
Estimates.
2
Preliminary-
Digitized for36
FRASER
___
Cash payments to
the public
Excess of
receipts or
payments
<-)
97. 2
101.9
109.7
115.5
119.7
128.2
145.5
99. 5
107.7
113.8
120. 3
122.4
135.0
145.0
-2. 3
—5. 8
-4.0
-4.8
— 2.7
-6.9
.5
98. 3
97.9
106. 2
112. 6
115.0
123.4
94. 7
104. 7
111. 9
117. 2
120. 3
127.9
Unadjusted
3.6
-6.8
-5. 7
-4. 6
5.2
-4.5
28.7
30. 1
30. 9
30. 6
28. 3
32.6
33. 1
34.0
1. 6
3. 3
-3. 9
30.3
33.4
27.0
24.3
30.7
37.7
29.2
25.8
Cash receipts
from the
public
Cash payments to
the public
SC£isonally
— 6. 3
2.4
5. 1
-3. 9
-8.1
29. 5
28. 7
28. 2
28.7
29.9
3
32. 8
30. 5
30.5
3
Excess of
receipts or
payments
(-)
adjus ted
30. 5
29.7
30. 2
29.8
30. 1
32.3
32.3
33.1
— 1.1
— 1.1
-2. 0
-1. 1
-.2
.5
-1.8
-2.5
3 Seasonally adjusted data Include accelerated corporate tax payments of about
$0.3 billion in 1964 and $0.9 billion in 1965.
Sources: Treasury Department and Bureau of the Budget.
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
Federal expenditures increased $5 billion (seasonally adjusted annual rate) in the third quarter, largely as a result
of the retroactive transfer payments for OASI. Receipts declined $1% billion, resulting in a deficit of $3 billion.
Preliminary fourth quarter data indicate increases in both receipts and expenditures and a drop in the deficit.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
120
100
r
i
i
t
i
t
t
t
I
?
t
i
I
• • ^
"^
-20
t
t
i
i
i
t
I
t
t
f
!
i
t
t
rQ
• +20
SEASOh ALLY ADJUSTED ANNUAL RATES
SURPLUS
DEFICIT
i
i
t
i
1
1959
1
1960
!
1
!
«!„- M'M
^^mn
1
1961
\
\
\
^
1
1962
!
1
t
i
t
1
i
i
-20
1965
1964
1963
CALENDAR YEARS
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jrovernment receipt s
Period
Fiscal year:
1962
1963
1964
1965 1
1966 _—
1967 i.._.
Calendar
year:
1961
1962
1963
1964 2
1965 _.._
1964:I___
II__
IIIIV1965:I__IIIIL.
IV2.
Fed era 1 Governrnent expe]nditures
Personal Corpo- Indirect ContriTotal tax and
business butions
rate
nontax profits tax and
for
Total
receipts
nontax social intax
accruals accruals suran ce
Subsidies Surplus
GrantsPurless
in-aid
or
chases
current dencit
Trans- to State
Net
A n-G s*l4of goods fer payinterest surplus
and
/
(— N)
and
ments
local
of Govt.
paid
enterservices
governprises
ments
104.2
110.2
115.1
119.6
128.8
142.2
47.3
49.6
50.7
51.2
54.8
60.5
22.9
23.6
25.3
27.0
29.3
31.1
14.2
15.0
15.6
16.8
15.9
16.5
19.9
22.1
23.6
24.6
28.8
34.1
106.4
111.4
117. 1
118. 3
131.0
142.7
60.9
63.4
65. 8
64.5
70.7
74,4
27.2
28.6
29.6
30.3
34.2
39.2
7.6
8.4
9.8
10.9
12.8
14.7
6.8
7.5
8.1
8.6
9.0
9.7
3.8
3.6
3.8
4.1
4.3
4.7
-2.1
-1.2
-1.9
98.3
106.4
114.3
114. 5
124.1
114. 8
112. 0
114.6
116. 8
123.7
124.4
122.7
44.7
48.6
51. 5
48.6
53.9
50.2
46.5
48.1
49. 8
53. 5
54.8
53.2
54.0
21.8
22. 7
24. 5
26. 0
28.3
25.7
25.9
26.2
26. 5
27.7
28.0
28.3
13.6
14.6
15.3
16. 1
16.9
15. 6
16. 0
16.4
16.4
17.7
16.7
16.1
16.3
18.2
20. 5
23. 0
23. 7
25.2
23. 3
23.5
23.9
24.2
24.7
24.9
25.2
25.8
102. 1
110. 3
114. 0
118. 3
123.3
117. 5
119. 6
118.2
117.9
120. 1
120.6
125.6
127.0
57.4
63.4
64.4
65. 3
66.6
65. 0
67. 0
64.9
64.3
64.9
65.7
66.5
69.2
27. 0
27. 7
29.2
29.9
32.1
30. 3
29. 8
29. 7
29. 8
31.2
30.6
34.1
32.5
7.2
8.0
9.1
10.4
11.4
9. 9
10.3
10. 6
10.8
10.8
11.0
11.7
12.0
6.6
7.2
7.8
8.4
8.8
8.3
8.2
8.5
8.4
8.6
8.7
8.8
8.9
3.8
4.0
3.6
4.3
4.5
3.9
4.2
4.4
4.7
4. 6
4.5
4.5
4.4
-3.8
-3.8
1
Estimates.
2 Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce,
1.2
— 2.2
-.5
.3
-3.8
.7
-2.6
-7.6
-3.6
— 1. 1
3.6
3.8
-2.9
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
3
4
5
6
7
8
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Flours of Work—Selected Industries
Average liourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
16
17
18
19
20
21
22
23
24
25
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
26
27
28
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
33
34
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
38
35
36
37
NOTE.— Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C., 20402
Price 25 cents per copy; $2.60 per year; $3.50 foreign
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