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90th Congress, 1st Session

Economic Indicators
February 1967

Prepared for the Joint Economic Committee by the




Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1967

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE ..,
JOHN SPARKMAN (Alabama-)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)

HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)

JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research

COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
JAMES S. DUESENBERRY
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators,89 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 Art Production Branch, 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:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $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 by $14 billion (seasonally adjusted annual rate) in the fourth quarter, according to
revised estimates.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government

Persons

Period

1959
1960
1961
1962
1963
1964
1965
1966 9
1965:

I...
II-.
III..
IV..
1966:
I...
II..
III.
IV..

Expenditures

Net receipts

Disposable personal income

Surplus
Per(+) or
deficit
Less:
Less:
Equals: Personal sonal
Less:
Tax
Trans- Equals: (-),
TransInterest Total consump- saving
Purfers,
Equals: Total
and
paid and excludfers,
tion
income
(+) or
expend- interest, chases
nontax interest, Net
and
disexpending
Totali transfer
and
itures
receipts
and
of goods product
interest
itures saving receipts
paysubaccounts
or
and
and
subments
sidies 2
accruals sidies 2
to fortransfers
eigners
337.3
350.0
364 4
385.3
404. 6
436. 6
469. 1
505. 3
453. 2
461. 0
476. 2
486. 1
495. 1
499. 9
507.8
518. 4

7. 1
7.8
8. 1
8. 6
9. 7
10. 7
11. 9
13. 3
11.4
11. 8
12. 1
12. 4
12. 7
13. 2
13.5
13. 8

330.3
342. 3
356. 3
376. 6
394. 9
425. 8
457. 2
492. 0
441. 8
449. 2
464 1
473. 7
482. 4
486. 7
494. 3
504. 6

311. 2
325. 2
335. 2
355. 1
375. 0
401. 4
431. 5
464. 9
418. 9
426. 8
435. 0
445. 2
455. 6
460. 1
469.9
474 1

128.9
139. 8
144 6
157. 0
168. 8
174 2
189. 0
212. 1
186. 5
188. 5
188. 6
192. 6
203. 1
209. 5
215. 9

19. 1
17.0
21. 2
21. 6
19. 9
24 5
25. 7
27. 0
22. 8
22. 4
29. 0
28. 5
26. 7
26. 6
24. 5
30. 4

34 0
36. 5
41.3
42.8
44 4
46. 7
49. 6
55. 7
48. 5
48. 1
51. 9
49. 9
53. 4
53. 2
56.4
60. 0

95.0
103.3
103. 3
1142
124 3
127.5
139. 4
156. 4
138. 0
140. 5
136. 7
142. 6
149. 7
156. 3
159. 5

131. 0
136. 1
149. 0
159.9
166.9
175.6
185. 8
208. 7
180. 1
182.4
189. 6
191. 1
198. 4
202. 2
212. 5
221. 2

34 0
36.5
41. 3
42.8
44 4
46.7
49. 6
55. 7
48. 5
48. 1
51. 9
49. 9
53. 4
53. 2
56.4
60. 0

97.0
99. 6
107. 6
117. 1
122. 5
128.9
136. 2
153.0
131. 6
1343
137. 7
141. 2
145.0
149. 0
156. 2
161. 1

-2. 1
3.7
-43
— 2.9
1.8
-1.4
3. 2
3. 5
6. 4
6. 1
— 1. 0
1. 4
47
7. 3
3.3

International

Business
I

Period

1959
1960
1961
1962
1963
1964
1965
1966
1965: I...

II..
III.
IV.
1966: I...
III.
IV..

Net
Total
Net exports of goods
StatisGross
Excess transfers
and services
Excess of income
tical
Gross private
of
to foror
transfers
discrepretained domestic invest- eigners
receipts
ancy
(+) or
earninvestment
by perEquals: of net
ings 3
ment 4
sons and Exports
Net
exports
Less:
GovernImports exports
ment

56.8
56. 8
58. 7
66. 3
68. 8
76. 9
83.4
88. 3
82. 5
82. 4
83.8
85. 1
86. 5
87. 3
88.0

75. 3
74 8
71. 7
83. 0
87. 1
93. 0
106. 6
117. 0
103. 8
103. 7
106. 7
111. 9
114 5
118. 5
115.0
120. 0

-18.5
-18.0
-13.0
-16. 8
-18. 4
-16. 0
-23. 1
-28. 7
-21. 3
-21. 3
-22. 9
-26. 8
-28. 0
-31. 0
-27. 0

2.4
2. 4
2. 6
2.7
2. 8
2. 8
2. 8
2. 9
2. 6
3. 1
2. 8
2. 5
3. 4
2.9
3. 1
2. 6

23.5
27.2
28.6
30. 3
32. 3
37. 0
39. 0
42. 7
35. 1
40. 5
40. 1
40. 3
41.7
41. 9
43.4
43. 6

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 wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
in disposable personal income.




23. 3
23. 2
23. 0
25. 1
26. 4
28. 5
32. 0
37. 9
28. 7
32.3
33.0
342
35.6
37. 3
39.2
39. 5

0. 1
40
5. 6
5. 1
5. 9
8. 5
7. 0
4. 8
6. 4
8.2
7. 1
6. 1
6.0
47
4.2
4. 1

2.3
-1. 7
-3. 0
-2. 5
-3. 1
-5. 7
-4 2
-1. 8
-3.8
-5. 1
-4 2
-3.5
-2.6
-1.8
-1. 1
-1. 5

484 5
504 8
520. 8
559. 8
590.8
633. 1
682.8
739. 6
664 9
675. 0
687. 3
704 0
722. 0
733. 2
744. 9

-0.8
-1.0
-. 8
.5
-. 3
-1. 4
-1. 6
^
-4 1
-2. 1

-.9
.4

Gross
national
product
or
expenditure

483. 7
503. 7
520. 1
560. 3
590. 5
631. 7
681. 2
739. 6
660. 8
672. 9
686. 5
7044
721. 2
732. 3
745. 3
759. 3

4
Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
* Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1900.
Source: Department of Commerce.

GROSS NATIONAL PRODUCT OR EXPENDITURE
According to revised estimates, gross national product on a seasonally adjusted basis increased nearly 2 percent
in the fourth quarter. After adjustment for price changes, the increase was over 1 percent.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

700

700

GROSS NATIONAL PRODUCT
600

600

500

500

PERSONAL CONSUMPTION
EXPENDITURES

400

400

300

300

GOVERNMENT PURCHASES
OF GOODS AND SERVICES

100

100

GROSS PRIVATE DOMESTIC
INVESTMENT

NET EXPORTS OF GOODS
AND SERVICES \

1960

1961

1962

1963

1965

1964

COUNCIL Of ECONOMIC ADVISERS

SOURCE. DEPARTMENT OF COMMERCE

Govei-nment p ur chases of good s and
Total
Personal Gross
Net
services
congross
Total
private exports
sump- domestic of goods
national gross
Federal
State
tion
product national
investand
Total
National Other and
in 1958 product expend- ment services
Total defense1
local
prices
itures
Billions <}f dollars; quarterly data at s easonalbf ad juste d annual rates

Period

1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1965: I
II
III
IV
1966: I
II
III
IV

1966

.

446.1
452.5
447. S
475.9
487.7
497.2
529.8

551.0
580. 0

614.4
647. 8
600. S

607.8
618. 2
6S1. 2
640.5
648.5
649. 9
657. 2

419.2
441. 1
447. 3
483.7
503.7
520. 1
560. 3
590. 5
631.7
681. 2
739. 6
660.8
672.9
686. 5
704, 4
721. 2
732.3
745. 3
759. 3

266.7
281. 4
290. 1
311. 2
325. 2
335. 2
355. 1
375. 0
401. 4
431. 5
464. 9
418.9
426. 8
435. 0
445. 2
455. 6
460. 1
469. 9
474. 1

70. 0
67. 8
60. 9
75. 3
74. 8
71.7
83. 0
87. 1
93.0
106. 6
117. 0
103. 8
103. 7
106. 7
111. 9
114, 5
118. 5
115. 0
120. 0

*Thl* category corresponds dosely with budget expenditures for national
d®ton»ri, shown on p. 35.
8
OrOM national product In current prices divided by gross national product
tn S96D pr!e«ti.




4. 0

78. 6
86. 1
2. 2
94. 2
. 1 97.0
4.0
99. 6
5.6 107.6
5. 1 117. 1
5.9 122. 5
8.5 128.9
7.0 136. 2
4. 8 153.0
6. 4 131.6
8.2 134.3
7. 1 137.7
6. 1 141. 2
6. 0 145.0
4.7 149. 0
4. 2 156. 2
4. 1 161. 1
5.7

45. 6
49. 5
53.6
53.7
53. 5
57. 4
63.4
64. 2
65. 2
66. 8
76.9
64,4
65.6
67. 5
69.8
71. 9
74. 0
79. 0
81.7

40. 3
44. 2
45. 9
46. 0
44. 9
47.8
51. 6
50.8
50.0
50. 1
60. 0
48.2
49.1
50. 7
52.5
54,6
57. 1
62. 0
65.5

5.3
5.3
7.7
7.6
8.6
9.6

11. 8
13.5
15.2
16.7
16.9
16. 2
16. 5
16. 8
17.3
17.4
16. 9
17. 0
16.2

33.0
36. 6
40. 6
43. 3
46. 1
50.2
53.7
58.2
63.7
69.4
76. 2
67.3
68.7
70. 2
71.4
73.1
75. 0
77.2
79.4

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.

Implicit
price
deflator
for total
GNP,
1958= 1002

94. 0
97.5
100.0
101.6
103.3
104, 6
105.8
107.2
108.9
110. 9
114.2
110. 1
110.7
111.0
111.6
112.6
113. 8
114.7
115.5

NATIONAL INCOME
National income rose $10 billion (seasonally adjusted annual rate) in the third quarter. According to revised
estimates for the fourth, quarter/ employee compensation increased more than $9 billion and net interest rose nearly
$1 billion.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

600

600

500

500

400

400
COMPENSATION OF EMPLOYEES

300

300

100

PROPRIETORS' AND
RENTAL INCOME

CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
*

100

,m«m v •iniiiiMiiii iiiiiiinummnnni—•

NET INTEREST

I
1960
SOURCE:

1961

1962

l

1964

1963

1965

1966

*SEE NOTE, PAGE 7

DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966 * _
1965: I
II
III
IV
1966: I
II
III
IV1
Includes employer
2

Total
national
income
350.8
366. 1
367.8
400. 0
414. 5
427.3
457. 7
481. 9
517.3
559. 0
609. 9
543. 3
552. 2
562. 7
577. 8
595.7
604. 1
613.8

Compensation
of employees 1

243. 1
256. 0
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365. 7
392. 9
433. 3
381.7
387. 8
395. 6
406. 5
419. 6
427. 9
438.3
447. 5

Proprietoirs' income
Farm 2
11. 4
11.3
13.4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 0
15. 1
16. 0
12. 9
15. 5
16. 0
16. 0
17. 0
16. 3
15.4
15. 2

contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. G which includes
such profits.




Business
and professional
31. 3
32. 8
33.2
35. 1
34. 2
35. 6
37. 1
37. 9
39. 9
40. 7
41.8
40. 5
40. 4
40. 7
41. 1
41. 4
41. 6
41.9
42. 3

Rental
income
of
per-

14.3
14. 8
15. 4
15. 6
15.8
16. 0
16. 7
17. 1
17. 7
18. 3
18. 9
18. 1
18.3
18. 4
18. 5
18.7
18.8
18.9
19. 1

Net
interest
4. 6
5. 6
6. 8
7. 1
8. 4
10. 0
11. 6
13. 8
15. 5
17. 8
20. 0
16. 9
17. 5
18. 1
18. 7
19. 1
19. 6
20.2
21. 0

Corporalbe profits and inventory val uation ad justment 3
Total
46. 1
45. 6
41. 1
51.7
49. 9
50. 3
55. 7
58. 9
66.6
74. 2
80.0
73. 2
72. 7
74. 0
76. 9
80. 0
79. 9
79. 1

Profits Inventory
before valuation
taxes 3 adjustment
48. 8
47. 2
41. 4
52. 1
49. 7
50. 3
55. 4
59. 4
67. 0
75. 7
82. 1
74. 5
74. 5
75. 0
78. 7
82. 7
82. S

8i. y

3
See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning JWK).
Source: Department of Commerce.

-2. 7
— 1. 5
-.3
-~. 5
.2
^
.3
.o
- -. 4
— 1. 5
•} i
-1. 3
— I. 8
-1. 0
— 1. 8
- 2. 8
— 2. 9
-2. 8
.0

SOURCES OF PERSONAL INCOME
SOURCES
'ersonal income ' January advanced f$5% 'billion to $607.2 billion (seasonally adjusted annual rate). There
in '
Person ' '
'
' "1t- •'"
ue
/ere gains of $31A billion in wages and salaries, $11/2 billion in dividends, $3A billion in transl payments, and $1A
transfer
>illion in personal interest income.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

600

600
TOTAL PERSONAL INCOME

500

500

400

400
WAGE AND SALARY DISBURSEMENTS

300

300

^•L --"*-•""""*'

OTHER INCOME

\
HHIIIIHIIItllBIIIIII

IIUMIIIIMIMIIIHI**111"

100

100
TRANSFER PAYMENTS

1961

1962

1963

1964

SOURCEi DEPARTMENT OF COMMERCE

Period

Total
personal
income

1958
1959
1960._
_.
1961
1962
1963
1964
1965
1966
1965: Dec
1966: Jan
Feb
Mar
Apr
May
June
July...
AUK
Sept
O(!t

N >v_ . .
i ) •<•
1<H'.7: ,h ii ' • _ _

361.2
383.5
401.0
416.8
442.6
465. 5
496. 0
535. 1
580.4
558. 2
560.2
564,7
569.0
570. 5
573. 0
577. 2
580. 0
585. 4
590. 0
594, 4
f)(.)«S. 5
601. 8
007. 2

< ' l i m p l M M i l l i o n (1 f employees
M i r l u l I l l - i l l ! H i r e n u t W t l K I l IUMTII
K m j i l u y e r eontr b i l l i o n s t o J




1966

1967
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Less: PerWage
J
Rental
Other Propriet<3rs income income
and
Divi- Personal Transfer sonal consalary
tributions
labor
interest
Business
payof
and pro- persons dends income ments for social
disburse- income 2 Farm
l
insurance
fessional
ments
9.9
13.4
15.4
33.2
18.9
6.9
239.9
11.6
25.7
258.2
11.4
12. 6
26.6
7.9
11.3
35. 1
15.6
20.7
34.2
23.4
9.3
12.0
13.4
12.0
15.8
28.5
270.8
32.4
9.6
12.7
12.8
16.0
25.0
35.6
13.8
278.1
37. 1
13.0
15.2
10.3
13.9
16.7
27.7
33.3
296.1
14. 9
11.8
311. 1
13. 1
16. 5
31.4
37. 9
35. 3
17. 1
12. 0
16. 6
39. 9
333. 6
17.7
17.3
34 6
36. 8
12.5
13. 2
18. 5
15. 1
19. 2
38.4
39.7
358.4
40. 7
18.3
17.6
16.0
42.8
44, 6
392. 3
20.8
41.8
18.9
20.9
374. 1
13. 6
19.6
16.2
41.3
iae
41. 4
20.5
40. 0
16.8
376.8
19.8
16.8
18. 6
41.3
20.8
40.5
42.3
41. 0
42. 6
16.9
380. 1
41. 3
20.0
17. 0
18.7
21.0
16.9
382. 9
41. 4
20. 2
42. 9
17.3
18.7
20. 9
41.5
20.4
21. 0
41. 8
42. 6
17.0
384 7
16. 7
41.5
18.7
42. 1
387. 0
20. 6
16. 3
41. 6
21.2
42. 5
17. 1
18.8
20. 7
21. 1
17. 2
390.5
15. 9
18.8
42.3
41.7
43. 2
393. 7
20. 9
21. 1
42. 6
17. 9
15. 5
43. 5
18. 9
41.8
21.1
15.4
397.0
18.9
18.1
41.9
43.1
21.0
45.1
18.2
21.3
399.5
15.3
19.0
21.2
42.0
43.8
46.0
402. 3
42. 1
15.1
19.0
18.3
21.5
21.2
47.2
44.3
42. 2
21. 2
19. 1
21.7
35. 2
405. 1
44. 8
47. 8
18.5
21. 9
15. 4
19. 2
18. 6
407. 5
42. 4
19. 8
45. 3
48. 9
22. 2
•12. 7
4 1 0. S
15. U
19. 7
19. 2
45. 8
21. 3
49. 6
3
(:«•<> p. :n ex •hiding omp oyer contTll utlon.s for
Personal ii icorno oxclus vo of net iru:omo of unin corporated farm

Us leas disbu r.HOIMIMltH.
r l v u t n tien.sU i), health, ni id welfare fu lids; coinl-rn^n.,,, for I n j i i r l . M i d l r e e t n r M feen; m i l i t a r y mserve pay and a few ot her minor
1

1965

Nonagricultural
personal
income 3
344.3
368.5
385.2
400.0
425.5
448. 1
479.7
515. 6
559.7
537. 2
538.8
543. 0
547.0
549. 1
551. 9
556. 5
559. 8
565.4
570.1
574.6
578.6
581. 7
587. 6

enterprises.
f: rni wuj'os. n Krluulturul r ct interest, and not div donds paid by uKrieulturnl
c< >rporatU>ns.
None.- Dili. i for A hiska md H a w a i i m - l u d e d bei/ miltiL' IDflO.

DISPOSITION OF PERSONAL INCOME
Personal income in the fourth quarter advanced strongly by $13 billion (seasonally adjusted annual rate), and disposable income rose more than $10% billion. The gain in personal outlays was $4% billion—about half the increase registered in the third quarter. As a result, the saving rate jumped to 5.9 percent.

BILLIONS OF DOLLARS
550

BILLIONS OF DOLLARS
550

500

500

450

450

400

400

350

350

300

300

v

DOLLARS
2,600

PER CAPITA DISPOSABLE PERSONAL INCOME

DOLLARS
2,600

SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400

2,200

2,200

2,000

2,000

1,800 l/L_J__L_i
1960

1,800
1966

SOURCE: DEPARTMENT OF COMMERCE

Per cap ita disL 3ss: Perso nal outlawfS
posable personal
Equals:
Persor lal eonsuiinption
Equals :
incc>me
Disex penditure s 2
Personal
Total
posable
saving Current
1958
personal personal Durable Nonprices
prices
income outlays l goods durable Services

Personal
income

Less:
Personal
taxes

351. 1
361.2
383.5
401.0
416.8
442.6
465. 5
496. 0
535. 1
.. 580. 4

42.6
42.3
46.2
50.9
52.4
57.4
60. 9
59. 4
66. 0
75. 1

308.5
318.8
337.3
350.0
364.4
385.3
404. 6
436. 6
469. 1
505. 3

518. 0
527.6
541. 9
552. 8
564. 6
f>73. 5
585. 2
598. 3

64. 9
66.6
65.7
66. 7
69. 5
73. 6
77.4
79. 8

453. 2
461. 0
476. 2
486. 1
495. 1
499. 9
507.8
518. 4

Period

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966-

COUNCIL OF ECONOMIC ADVISERS

1965: I-..
!!___
IIIIV__
1960: ! _ _ _
IL_
111
1V__

Billions of dollars
40.8
135.6
105.0
287.8
140.2
296.6
37.9
112.0
44.3
318.3
146.6
120.3
45.3
151.3
128.7
333.0
44.2
155.9
343.3
135.1
49.5
162.6
143.0
363.7
152. 4
384. 7
53. 9
168. 6
412. 1
59. 4
178.9
163. 1
66. 1
190. 6
174. 8
443. 4
69. 3
189. 4
206. 2
478. 3
Seast mally adjf j,sted anni lal rates
184. 5
65. 1
430. 3
169. 3
64. 4
189. 4
438. 6
173. 0
66. 7
447. 1
191. 4
176. 9
68. 0
197. 0
457. 6
180. 2
468. 4
70. 3
201. 9
183.4
67. 1
205. 6
187.4
473. 3
70.2
483.3
191.5
208. 1
69. 6
488. 0
209. 2
195. 3

1
Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
J
Sec p. ~ for t o t a l personal consumption expenditures.




Saving
as percent of Populadistion
posable
(thoupersonal sands)
income
(percent)

20.7
22.3
19.1
17.0
21.2
21.6
19. 9
24. 5
25. 7
27. 0

Dollars
1,844
1,801
1,831
1,831
1,905
1,881
1,937
1,883
1,983
1,909
2,064
1,968
2,136
2,013
2,272
2,116
2,411
2,214
2, 294
2, 567

6.7
7.0
5.6
4.9
5.8
5.6
4.9
5.6
5. 5
5. 3

171,274
174, 141
177, 073
180, 684
183, 756
186, 656
189,417
192,120
194,572
196, 842

22. 8
22. 4
29. 0
28. 5
26.7
26. 6
24.5
30.4

2,339
2,373
2,443
2,486
2,525
2, 543
2,576
2,622

5. 0
4. 9
6. 1
5. 9
5. 4
5. 3
4.8
5. 9

193,731
194,268
194,898
195,543
196,082
196, 585
197, 124
197, 717

2,162
2,181
2,241
2,270
2,287
2,278
2,294
2, 314

NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.

FARM INCOME
Farm income excluding inventory change rose slightly (seasonally adjusted) in the fourth quarter. However, including inventory change, there was a small decline. For the year as a whole, net income per farm was up over 10 percent.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

50

50

REALIZED GROSS
FARM INCOME

40

40

30

30

NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE

20

20

\
10

1960

1961

:

1964

1963

1962

1965

SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

Personal income received by I
total farm population

Income received from farming
Realize d gross

Period

From
all

sources

1958
1959
1960
1961
1962
1963
1964
1965__
1966
1965: I
II
III
IV
1966: I
II
III
IV

19. 5
18. 1
18.7
19. 0
19.2
18.7
17. 9
20.6
21. 3

From
From
farm
nonfarm
sources sources

12. S
11. 0
11.4
12. 1
12. 2
12. 0
11. 1
13.7
14. 5

6. 7
7.0

7. 2
6. 9
7. 0
6. 7

6.7
6.8

6. 8

Cash
receipts
l
from
Total
marketings
Billions <Df dollars
37.9
33. 5
37. 5
33. 5
34. 0
37. 9
39. 6
34. 9
41. 1
36. 2
42. 1
37. 2
42. 3
36. 9
44.9
39. 2
49. 5
42. 9
Seas onallv ad
37. 3
42. 9
39.7
45. 4
45. 5
39.7
45.9
40.0
42. 2
48.4
42. 2
48.7
49.8
43.0
44. 1
51. 1

1
Cash receipts from marketings, Government payments, and nomnoney income furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
8
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant withiii a year.




1966

Net t<3 farm
oper ators

Net inc ome per
farm incl tiding net
inventory change 3

Production ex- Exclud- Includpenses ing net in- ing net in- Current
1966
ventory ventory prices prices 4
2
change change
Dol lars

12.7
25.2
26. 1
11. 4
26. 2
11. 7
12. 6
27. 0
12. 5
28. 5
12. 5
29. 6
12. 9
29. 4
14.2
30.7
16.3
33. 2
listed ammal rates
30. 0
12. 9
14.6
30. 8
30. 9
14.6
14.7
31. 2
16. 5
31. 9
16. 2
32. 5
33. 8
16.0
16. 5
34. 6

13. 5
11. 5
12. 0
12. 9
13. 1
13. 1
12. 1
15.2
16. 1

3, 189
2,795
3,043
3,389
3, 562
3,671
3, 479
4, 493
4,955

3,504
3,071
3,308
3,684
3,789
3,864
3,662
4,632
4,955

12. 9
15. 5
16. 1
16. 1
17. 1
16. 4
15. 5
15. 3

3, 820
4, 590
4, 770
4, 770
5, 260
5, 040
4,770
4,710

3, 980
4, 730
4, 920
4 920
5, 310
5,040
4,720
4,660

4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1966 base.
Source: Department of Agriculture.

CORPORATE PROFITS
Corporate profits before taxes and inventory valuation adjustment declined slightly in the third quarter to $79.1
billion (seasonally adjusted annual rate) but were 7 percent above a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

30

20

20

10

10

1960

|

1961

3/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
F

SOURCE, DEPARTMENT OF COMMERCE

Period

1958
1959
1960
1961
1962
1963
1964
1965
1966 »
1965: !___
II__
III.
IV__
1966: !___
II__
III__
IV_.

SEE NOTE ON TABLE BELOW.

[Billions of dollars: quarterly data at seasonally
Cor]Derate pr ofits (befc>re taxes) and inveiitory
valuation adjustmei at
TransCorpoM .anufactui •ing
portation
rate
All
comprofits
NonAll
Durable durable muniother before
indusgoods
Total indusgoods cations, indus- taxes
tries
and
tries
indus- public
tries
tries
utilities

41. 1
51. 7
49. 9
50. 3
55. 7
58. 9
66. 6
74. 2
80. 0
73. 2
72. 7
74 0
76. 9
80. 0
79. 9
79. 1

19. 3
26. 3
24. 4
23. 3
26. 6
28.8
32. 4
37. 8
40. 8
37.4
36. 7
37.4
39. 6
41.9
40. 6
39.5

9. 3
13. 6
12. 0
11. 4
14 1
15.8
17.9
22. 1
23. 6
21.9
21. 2
21. 9
23. 2
24. 7
23.4
22.5

10. 0
12. 7
12. 4
11. 9
12. 5
13. 0
14. 5
15. 7
17.2
15. 5
15.5
15. 5
16. 4
17.2
17. 2
17.0

5. 9
7. 0
7. 5
7.9

8. 5
9.5

10. 4
11. 1
12. 0
10.7
10. 9
11. 2
11. 5
11. 3
12. 0
12.2

15. 9
18.4
17. 9
19. 1
20. 5
20.6
23.8
25.3
27. 3
25. 1
25. 1
25. 3
25.8
26. 7
27. 2
27. 4

1
Includes depreciation, capital outlays charged to current account, and accidental damages.
2 Corporate profits after taxes plus corporate capital consumption allowances.




41. 4
52. 1
49. 7
50.3
55. 4
59.4
67. 0
75.7
82. 1
74.5
74.5
75. 0
78. 7
82. 7
82. 8
81. 9

COUNCIL OF ECONOMIC ADVISERS

adjusted annual rates]
Cor]Dorate pi•ofits
aafter taxcJS
Corpo- Profits
plus
rate
Corpocapital capital
rate
conconDivi.Untax
liabil- Total dend distrib- sump- sumption
tion
payuted
ity
ments profits allow- allow1
ances ances 2

19. 0
23. 7
23. 0
23. 1
24. 2
26. 3
28. 4
31. 2
33.8
30. 7
30. 7
30. 9
32.4
34. 1
34. 1
33. 7

22. 3
28.5
26.7
27. 2
31. 2
33. 1
38.7
44. 5
48. 3
43. 8
43. 8
44. 1
46. 3
48. 7
48. 7
48. 2

11. 6
12. 6
13. 4
13. 8
15. 2
16. 5
17. 3
19. 2
20.9
18. 1
18. 8
19. 5
20. 2
20.9
21. 1
21.1
20. 7

10. 8
15. 9
13. 2
13. 5
16.0
16. 6
21. 3
25. 3
27. 3
25. 7
25. 0
24. 6
26. 1
27.8
27. 6
27. 1

22.0
23. 5
24. 9
26.2
30. 1
31.8
33.9
36. 3
38. 8
35. 2
36. 0
36. 8
37. 2
37. 7

38. f>
39. 1
39. 7

NOTE.—Data beginning 1962 adjusted for effects of new depreciation
($2Mi billion for 1962) and therefore not comparable with preceding data.
Datafor Alaska and Hawaii included besinninp 1900.
Source: Department of Commerce.

44 3
52.0
51. 6
53. 5
61. 3
648

72. 5
80.8
87. 1
79. 0
79. 8
80. 9
S3. 5
SO. 4
S7. 1
87. 3

GROSS PRIVATE DOMESTIC INVESTMENT

Gross private domestic investment rose $5 billion (seasonally adjusted annual rate) in the fourth quarter. A $61/2
billion spurt in inventory investment to a record rate and a $1% billion rise in producers' durable equipment outweighed
a $3 billion drop in residential construction.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

120

120

100

100
GROSS PRIVATE DOMESTIC
INVESTMENT

80

80

60

60
PRODUCERS'
DURABLE EQUIPMENT

40

40
RESIDENTIAL STRUCTURES
numm'

""

20

„,„

20

T\

NONRESIDENTIAL STRUCTURES

CHANGE IN BUSINESS INVENTORIES
1961

1960

1963

1962

1965

1964

SOURCE: DEPARTMENT OF COMMERCE

1966
COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment

* A

T>

Total
gross
private
domestic
investment

Total

Struc tures
Total
Total

1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1965: I
II
111
IV
11)66: 1
11
III
IV
NUTIC.-

70.0
67. 8
60. 9
75. 3
74. 8
71.7
83. 0
87. 1
93. 0
106. 6
117.0
103. 8
103. 7
106. 7
111. 9
114. 5
US. f>

1 1 r>. o
120. 0

65.3
66. 5
62. 4
70. 5
71. 3
69. 7
77. 0
81. 3
88.3
97. 5
105. 1
94. 4
96. 0
98. 0
101. 5
105. 6
106. 2
H)f>. 1
103. f>

Dntu for A l a . s k a nml H a w a i i iiirlinlr<l I




Resid ential
struc tures

N<president ial

43. 7
46. 4
41. 6
45. 1
48. 4
47. 0
51.7
54. 3
60. 7
69. 7
79. 3
66. 7
67.9
70. 2
73. 9
77. 0
78. 2
80. 3
81. 6
IK MMiO.

17.2
18. 0
16. 6
16. 7
18. 1
18.4
19. 2
19. 5
21. 0
24. 9
27.8
23. 6
24. 6
24.4
26.8
28. 5
27. 9
27.7
27. 3

Nonfarm
16. 5
17.2
15. 8
15. 9
17.4
17. 7
18. 5
18.8
20. 3
24. 2
27.2
22.9
24. 0
23. 8
26. 1
27. 8
27. 2
27.0
26. 6

Produce rs' durable equ ipment
Total
26. 5
28.4
25. 0
28. 4
30. 3
28. 6
32. 5
34 8
39. 7
448
51.4
43. 1
43. 3
45. 8
47. 1
48. 5
50. 3
52.6
54 4

Nonfarm
24 2
25.9
22. 0
25. 4
27. 7
25. 8
29. 4
31. 2
35. 9
40. 6
46. 3
39.3
39.4
41.3
42. 3
43. 7
45.4
47. 5
48. 5

Total

21. 6
20. 2
20. 8
25. 5
22. 8
22. 6
25. 3
27. 0
27. 6
27.8
25. 8
27. 7
28. 1
27. 8
27.6
28.6
28. 0
24.8
21. 9

Nonfarm
20. 9
19. 5
20. 1
24 8
22.2
22. 0
24 8
26. 4
27. 0
27. 2
25. 3
27. 2
27.5
27.3
27.0
28. 0
27. 4
24.3
21. 3

Source: Department of Commerce.

Change in business inv entories

Total

47
1.3
— 1. 5
48
3. 6
2. 0
6. 0
5. 9
47
9. 1
11.9
9. 5
7.6
8. 7
10.4
8.9
12. 3
9.9
16. 4

Nonfarm
5. 1
.8
-2.3
48
3.3
1. 7
5.3
5. 1
5.3
8. 1
12. 2
9.4
6.7
7. 2
9.0
8.5
12. 1
10.4
17. 6

EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment in 1966 are now estimated to rise 16% percent above 1965, to
$60.6 billion. This is 1/2 percentage point less than estimated in August. Outlays in the first half of 1967 are
expected to continue their advance but at a considerably slower pace.

BILLIONS OF DOLLARS
170

BILLIONS OF DOLLARS
70 I
SEASONALLY ADJUSTED ANNUAL RATES

60

60

TOTAL .
50

50

40

40
NONMANUFACTURING

30

30

20

20

MANUFACTURING

10

10

1961

1962

1964

1963

1965

1966

1967

-I/SEE NOTE 3 ON TABLE BELOW
SOURCE. SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

M anufacturi ng
Period

Total i
Total

1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965 3
1966
1965: III
IV
1966: I
II
III
IV3
1967: I 33
II
1
Excludes
2

28.32

26. 83
__

28.70

35. 08
36.96

30. 53
32. 54
35. 68
34. 37
37. 31
39. 22
44 90
51.96
60. 56
52. 75
55.35

58. 00
60. 10
61. 25
62.60
63.45

64. 05

IL 91
11. 04
11. 44
14.95
15. 96
11. 43
12. 07
14.48
13.68
14. 68
15. 69
18.58
22.45

27. 01
23.00

24.15
25. 60
26.80
27.55
27.80

27. 85
28.45

Durable
goods

Nondurable goods

5.65
5. 09
5.44
7.62
8.02
5.47
5.77
7. 18
6. 27
7.03
7. 85
9. 43
11.40
14. 04
11.75
12.45
13. 15
13.85
14.35
14. 65
14.70
15. 10

6. 26
5. 95
6. 00
7.33
7. 94
5. 96
6.29
7.30
7.40
7.65
7. 84
9. 16
11.05
12.97
11.25
11.70
12.45
12. 95
13. 20
13. 15
13. 15
13. 35

agriculture.
Commercial and other includes trade, service, finance, communications, and
construction.
s Estimates based on anticipated capital expenditures as reported by business
in late October and November 1960. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Beginning 1969 all quarterly data are rounded to nearest $50 million.




Trans po rtation
Mining
Railroads

0. 99
.98
.96
1.24
1.24
. 94
.99
.99
. 98
1.08
1. 04
1. 19
1.30
1. 47
1.25
1.35
1.40
1.55
1.45
1. 45
1. 50

Other

1.31
. 85
. 92
1.23
1.40
.75
. 92
1.03
.67
. 85
1.10
1.41
1.73
1. 94
1.70
1.95
1.75
2.00
1.85
2. 15
2.00

1.56
1.51
1. 60
1.71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 92
2. 38
2.81
3. 48
3.00
3.00
3.30
3. 50
3.40
3. 70
3. 65
35. 60

Public
utilities

4.55
4. 22
4. 31
4. 90
6. 20
6. 09
5. 67
5.68
5. 52
5. 48
5. 65
6. 22
6.94
8.31
6. 75
7.30
8. 25
8. 30
8. 55
8. 15
9. 30

Commercial and
other 2

8. 00
8. 23
9.47
11. 05
10. 40
9. 81
10.88
11. 57
11. 68
13. 15
13. 82
15. 13
16.73
18. 36
17. 00
17. 55
17. 70
17. 95
18. 45

1 9. 25
19. 15

Annual total is the sum of unadjusted expend Itures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals Included In the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

STATUS OF THE LABOR FORCE

In January, seasonally adjusted employment grew by 362,000 while the civilian labor force gained by 323,000.
The result was a decrease in unemployment of 39,000. Practically all of.the employment gains occurred in the nonagricultural sector.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

90

190

SEASONALLY ADJUSTED

85

85

80

80
TOTAL LABOR FORCE

75

75

70

70
EMPLOYMENT

UNEMPLOYMENT

PERCENT OF CIVILIAN LABOR FORCE

PERCENT OF CIVILIAN LABOR FORCE

1967

1961
*16 YEARS OF AGE AND OVER.

COUNCIL OF ECONOMIC ADVISERS

SOURCE. DEPARTMENT OF COMMERCE

Period

Total
labor
force
(ineludm
g
armed
forces)

1962
1963...
1964___
1965...
1966...

73, 442
74, 571
75, 830
77, 178
78, 893

1965:
Dec.
1966:
Jan..
Feb.
MarApr .
MayJune
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1967:
Jan-

Ci villain emTotal
ployinent
labor
force
Non- Unem- (includployagriing
ment
Total
cularmed
tural
forces)
Thous ands of f >ersons 16
66, 702 61, 759 3,911 73, 442
67, 762 63, 076 4,070 74, 571
69, 305 64, 782 3,786 75, 830
71, 088 66, 726 3,366 77, 178
72, 895 68, 915 2,875 78, 893
Unadji isted

Unemp]oyment
rate (pe rcent of
eivilia Q labor
Non- Unemfor ce)
ployagriment Unad- Seasoneultural
justed ally adjusted
Percent
61, 759 3,911
5. 5
63, 076 4,070
5.7
64, 782 3,786
5. 2
66, 726 3,366
4.5
68, 915 2,875
3.8

Civilia n employment
Civilian
labor
force

Total

Agricultural

years of age and o ver
70, 614 66, 702 4,944
71, 833 67, 762 4,687
73, 091 69, 305 4,523
74, 455 71, 088 4,361
75, 770 72, 895 3,979
*Seasonally adjusted

Labor
force
participation
rate,
unadjusted *
59.7
59.6
59.6
59.7
60. 1

77, 444

71, 818

68, 276

2,786

78, 036

75, 195

72, 189

4,239

67, 950

3,006

3.7

4.0

59. 5

76,458
76, 702
77, 043
77, 812
78, 459
80, 727
80, 838
80, 665
78, 982
79, 488
79, 895
79, 642

70, 340
70, 676
71, 083
72, 077
72, 620
74, 038
74, 655
74, 666
73, 248
73, 744
73, 995
73, 599

66, 891
67, 198
67, 439
68, 055
68, 523
69, 333
70, 076
70, 359
69, 063
69, 630
70, 180
70, 239

3, 228
3, 102
2,986
2,729
2,794
3, 591
3,048
2, 821
2, 505
2, 400
2, 577
2, 053

78, 245
78, 050
78, 091
78, 349
78, 194
78, 767
78, 905
79, 247
79, 268
79, 360
79, 934
80, lf>4

75, 355
75, 126
76, 117
75, 341
75, 149
75, 668
75, 770
76, 069
76, 039
76, 081
76, 612
76, 764

72, 410
72, 341
72, 266
72, 542
72, 253
72, 730
72, 846
73, 141
73, 195
73, 199
73, 897
73, 893

4,144
4, 155
4,113

2,945
2, 785
2, 851
2, 799
2, 896
2, 938
2,924
2,928
2,844
2,882
2, 715
2,871

4. 4
4. 2
4. 0
3. 6
3. 7

3. 9
3. 7

4,199
3,902
3,981
3,926
3,935
3, 886
8, 779
3,892
4,011

68, 266
68, 186
68, 158
68, 343
68, 351
68, 749
68, 920
69, 206
69, 309
69, 420
70, 005
69, 882

3. 7

58.7
58.8
59.0
59.5
59.9
61. 6
61. 6
61.4
60.0
60.3
60.5
60.3

78, 706

72, 160

08, 820

3f 100

80, 473

77, 087

74, 255

4,015

70, 240

2,832

4. 2

3.7

59. 5

1

Total labor force as percent of nonlnstltntional j>ormlntion.
NOTE.—Series revised; see Employment and Earnings, February

10



Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.

4.6
3.9

3. 6
3. 3
3. 2
3. 4
3.5

3.8

3. 7

3.9
3.9

3. 9
3. 8
3. 7

8.8
3.5

SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate for January remained at the December rate of 3.7 percent.
for married men remained at the lowest point of 1966—1.7 percent.

The rate

PERCENT

PERCENT
10 i

10
SEASONALLY ADJUSTED

LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK

-UNEMPLOYMENT RATE, EXPERIENCED WAGE AND SALARY WORKERS

UNEMPLOYMENT RATE,
MARRIED MEN

! f 1 ! 1 1 ! 1 1 1 1

! ! I 1! 1 1

1961

1962

1

1963

1 1

1965

1964

1966

COUNCIL OF ECONOMIC ADVISERS

SOURCE, DEPARTMENT OF LABOR

Uneniploymenl* rate
(percen b of civiligin labor
for ce in grou P)

Period

Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
wage and men
workers salary
(wife and part- hours
time j
workers present) work *
i

1962>__
1963
1964__
1965
1966

5.5
5. 7
5.2
4.5
3.8

1965: Dec
1966: Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1967: Jan

40
3.9
3.7
3.8
3.7
3.9
3.9
3.9
3.8
3.7
3.8
3.5
3.7
3.7

Per cent
3. 6
5.6
5. 5
3.3
5.0
2.8
2.4
4.3
1. 9
3.5
/Seasonal y adjusted
3.7
1.9
1. 9
3.6
3.4
1.9
1. 9
3.5
3.4
1.8
3. 7
1. 8
3.7
1. 9
2. 0
3.5
3.7
2. 0
3.6
1.9
1.9
3.5
3. 4
1. 7
3. 5
1. 7
1.7
3.8

6.7
*6. 4
5.8
5.0
4.2

19, 271
20, 788
21, 334

4.4
4.3
4.0
4. 1
4. 1
4.3
4.7
4.5
4. 2
4.2
4. 1
3.8
4. 1
4.1

22, 643
20, 927
20, 730
21, 294
20, 915
21, 435
21, 597
20, 788
21, 048
22, 341
22,326
20, 384
22, 221
21, 317

J
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963, series reflects whether unemployed persons sought fullor 2part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.




1967

Persons at work in nonagri cultural 2 idustries
in
by hours worked p er week
Un der 35 ho urs
35-40
hours

Part-ti me for
economk; reasons

Part-ti me for
economic3 reasons

Total

Usually Usually Usually Usually
fullpartpartfulltime s, , time 4
time 8
time 4
Thousan ds of pers<3ns 16 yesITS of age and over
1,049
1,288
1,222
1,069
29, 100 13, 101
1,151
986
30, 768 11, 818
897
1,031
841
32, 088 12, 034
873
I Jnadjustea J
Seasonal!' ./adjusted
32, 203 11, 656
964
866
761
785
794
880
32, 058 11, 683
972
905
732
32, 351 11,838
793
871
876
32, 525 11, 380
826
743
819
837
32, 276 11, 988
805
711
796
798
793
32, 943 11, 844
853
716
829
956
33, 158 10, 380
980
1,036
1, 203
1,012
941
31, 533
9,873
1,303
886
835
32, 088
881
1, 125
864
9,687
810
732
32, 349 11, 482
846
840
640
723
811
834
32,016 12, 779
773
661
716
28, 585 18, 862
775
981
816
33, 175 12, 614 5 952
733
6
32, 069 13, 215
872
765
1, 143
1,035

3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or Job terminated.
4
Primarily includes persons who could find only part-time work.
s Average hours worked: usually full-time, 24.0; usually part-time, 18.3.
NOTE.—Series revised; see Employment and Earnings, February 1967. Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.

11

UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment under State programs averaged 84,000 lower in January 1967 than a year earlier. The insured
unemployment rate on a seasonally adjusted basis was unchanged from the previous month at 2.4 percent.
MILLIONS OF PERSONS

MILLIONS OF KRSONS
WEEKLY INSURH5 UNEMPLOYMENT
(STATE PROGRAMS]

JAN.

FEB.

MAR.

APRIL

MAY

JUNE

JULY

AUG.

OCT.

I/SEE NOTE I ON TABLE BELOW.
SOURCEi DEPARTMfNT Of IABOR

Period

1963
1964
1965
1966'
1965: Dec
1966: Jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
1967: Jan »
Week ended:
1967: Jan 7
14
21
28
Fob 4 *

A11 progranis
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment (weekly
lions
ment
averof dolage)
lars)

Thou sands
48, 434 1 1, 973
49, 637
1,753
51, 580
1,450
53, 700
1, 129
1,396
53, 431
_ _ _ . "51,935
1,739
1,679
» 52, 127
* 52, 894
1,381
1, 112
"53, 797
916
"54,320
842
"55, 543
1,001
980
802
799
955

1,313
1,635
1,671
1,636
1,624
1,606
1,607

3, 025. 9
2, 749. 2
2, 343. 7
1, 890. 9
1847
226.5
230.2
240. 0
166.4
136. 1
123.4
121. 0
152.0
114.3
100. 4
122.6
166.4
236.0

Staite progra ms
InsuredI unemploymen t as percent of covered
Initial Exhausemplo yment
tions
claims
Unad- Seasonjusted ally adjusted
Per<sent
Weekly *iverage, t lousands
J
1
298
1, 806
30
43
1, 605
3.8
268
26
232
21
3.0
1,328
203
2.3
1, 061
15
3.0
2. 7
290
1,308
17
1,644
329
3.7
2.7
19
1,590
19
3.6
2.6
238
1,301
171
2.9
2.8
18
1,044
2.3
166
19
2.1
2.1
152
862
1.9
17
793
156
1. 8
15
2.1
14
2. 1
947
249
2.4
173
12
2.0
928
2.4
11
754
1.6
2.2
145
752
12
2. 1
166
1.6
12
2. 2
903
208
1. 9
1,254
299
2.7
13
2.4
1,560
14
303
3.3
2.4

1,597
1,563
1,551
1,533
2
1, 534

rrntnti Include Puerto Itlcan fugarenne workers for initial claims and
tinctnptnyni<ml beginning July 1963.

12



DEC

COUNCIL OP ECONOMIC ADVISERS

11 9

» Not

NOV.

346
334
278
253
274
276

Benefil bs paid
Total Average
(milweekly
lions of check
dollars) (dollars)

2, 774 7
2, 522. 1
2, 166. 0
1,771.3
172. 1
212.7
217.2
225.5
155.5
126. 1
114 4
113. 8
143.1
106.5
93.7
114.8
157.6
227.0

35.28
35.96
37. 19
39.76
38. 81
39.36
39.66
39. 83
39. 38
38.86
38. 72
39. 05
40.65
39.68
39.84
40.57
41.39
41.80

3.4
3.3
3.3
3.3
3.3

NOTE.—For definitions and coverage, see the 1984 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Klco since January 1961.
Source: Department of Labor.

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment (seasonally adjusted) continued to rise in January by 279,000. The private
nonmanufacturing sector had the largest employment gain (206,000), with the greatest employment increase (128,000)
occurring in wholesale and retail trade. All industries had employment gains with the exception of contract construction which did not change from its December level.
MILLIONS OF WAGE
.AND SALARY WORKERS (SEASONALLY .ADJUSTED)

MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)

68

14

(ENLARGED SCALE)
ALL NONAGRICULTURAL ESTABLISHMENTS

WHOLESALE AND RETAIL TRADE

64
12
60

SERVICE AND
_ MISCELLANEOUS^

10
56

NONMANUFACTURING
(PRIVATE)

36

DURABLE
MANUFACTURING

32
10
24

NONDURABLE
MANUFACTURING
.MANUFACTURING

20

iMiniM»im*ti»»*f»»»*n*

16

CONTRACT
CONSTRUCTION

GOVERNMENT

12

\ _.

\

^-

8
1964

1966

1965

1964

1967

1965

SOURCE, DEPARTMENT OF LABOR

1966

1967

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; l seasonally adjusted)
N onmanu racturin£r (private )

Manufac turing dprivate)

PnnV/UJJ."

Period

1960
1961
1962
1963
1964
1965
1966 v
1965: Dec..
1966: Jan__
Feb__
M ar _
Apr
May_

June_
JulyA u c; _

Sept _

Oct..
Nov.
Dec v
1967: Jan v

Total

54, 234
54, 042
55, 596
56, 702
58, 332
60, 770
63, 863
62, 241
62, 469
62, 811
63, 247
63, 350
63, 517
63, 983
64, 072
64, 199
64, 168
64, 466
64, 823
65, 081
65, 360

Total
16, 796
16, 326
16, 853
16, 995
17, 274
18, 032
19, 084
18, 492
18, 566
18, 722
18, 840
18, 923
19, 002
19, 167
19, 128
19, 262
19, 204
19, 312
19, 415
19, 445
19, 480

NonDurable durable

goods

9,459
9,070
9,480
9,616
9,816
10, 386
11, 190
10, 725
10, 805

goods

7,336
7,256
7,373
7,380
7,458
7,645
7,895
7,767

7,761

7,811
7,833
7,858
7,880
7,947
11,210 7,918
11, 324 7,938
11,322 7,882
11, 387 7,925
11,424 7,991
11,439 8,006
1 1 , 464 8,016

10,911
11, 007
11, 065
11, 122
11, 220

Total

tract
Mining construclon

29, 085
29, 122
29, 853
30, 481
31, 461
32, 647
33, 930
33, 369
33, 468
33, 568
33, 777
33, 722
33, 753
33, 931
34, 015
34, 003
34, 041
34, 146
34, 304
34, 452
34, 658

J
Includes nil full- and part-time wage and salary workers in nonagricultural
establishments who worked clurinp or received pay for any part of the pay period
which includes tl e 12th of the month. Excludes proprietors, self-employed persons, domestic se vants, arid personnel of the armed forces. Total derived from
this table not eoi parable with estimates of nonagricultural employment of the
civilian labor fo ce, shown on p. 10, which include proprietors, self-employed
persons, and don
servants; which count persons as employed when they




712
672
650
635
634
632
628
633
635
634
637
595
628
632
636
636
628
625
624
628
631

2,885
2,816
2,902
2,963
3,050
3, 181
3,281
3,334
3,318
3,323
3,419
3,333
3,238
3,300
3,297
3,251
3,228
3,202
3,204
3,286
3,286

Transportation
and
public
utilities
4, 004
3,903
3,906
3,903
3,951
4,033
4, 136
4,083
4,091
4,105
4,109
4, 114
4, 132
4,143
4,122
4,105
4,168
4, 165
4, 195
4, 195
4,223

Gover nment

Whole- Finance, Service
insurState
sale
ance,
and
and
and
and miscel- Federal local
retail
real laneous
traoie estate
6,083
11, 391 2, 669 7,423 2,270
6,315
11, 337 2,731 7,664 2,279
6,550
11, 566 2,800 8,028 2,340
6,868
11,778 2,877 8,325 2,358
7, 249
12, 160 2, 957 8,709 2,348
12, 683 3, 019 9,098 2, 378
7, 713
8,283
13, 219 3,085 9,581 2,566
12, 941 3,049 9,329 2,397
7,983
8,012
13, 009 3,052 9,363 2,423
8,070
13, 045 3,051 9,410 2,451
8, 153
13, 085 3,064 9,463 2,477
8,204
13, 128 3,068 9,484 2,501
13, 164 3,076 9,515 2,523
8,239
8,314
13, 217 3,090 9,549 2,571
13, 256 3,095 9,609 2,601
8,328
8,324
13, 264 3, 100 9,647 2,610
8,329
13, 268 3, 100 9,649 2,594
8, 393
13, 340 3, 102 9, 712 2, 615
13, 393 3, 110 9,778 2,621
8,483
13, 404 3, 120 9,819 2,629
8,555
13, 532 3, 128 9,858 2,639
8,583

are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.

13

WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted average workweek in manufacturing remained at 40.9 hours in January,
contract construction and retail trade declined slightly.

HOURS PER WEEK (SEASONALLY ADJUSTED!
46

Weekly hours in

HOURS PER WEEK (SEASONALLY ADJUSTED)
46

NONDURAB LE MANUFACHIRING

DURABLE MANUFACTURING
44

44

42

42

40

40

38

38

36

36

34 111 i t i i I i i M i
1964

t t t M ( \ i i i i—f M t i I i i t i i
1966
1965

i> t Iff f II i
1967

x-*"

/->

34 <1 1 I 1 1 1 1 1 1 1 1 I
1964

i i i i. i i i i i i i

i i i M1 i i » ' I

i it i t f t t t 1 iK

1965

1966

1967

1965

1966

1967

42

CONTRACT CONSTRUaiON

RETAIL TRADE
40
38
36
34

32

32

30 Ifr... ... t ..... ..... I ..... ..... I
*

1964

1965

1966

I . . . . ,K
1967

1964

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Average hours per week; l seasonally adjusted)
Man ufacturing Industries

Period

1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966 v
_ _
1965: Dec
1966: Jan
Feb
Mar
Apr___

___

_

._ _
__.

May

June
July
Aug
Sept
Oct
Nov
Dec "
1967: Jan"

Durable
goods

All

_ _

40. 4
39.8
39. 2
40. 3
39. 7
39.8
40. 4
40.5
40. 7
41.2
41.4
41.3
41.4
41. 5
41. 5
41. 5
41. 5
41.3
41. 0
41.4
41.5
41.3
41. 3
40. 9
40. 9

1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.

14



41. 0
40. 3
39. 5
40. 7
40. 1
40. 3
40. 9
41. 1
41.4
42. 0
42. 1
42.2
42.4
42. 4
42. 3
42. 3
42. 2
42. 0
41. 8
42.1
42.3
42.2
42. 1
41. 7
41.8

Nondurable
goods

39. 6
39. 2
38. 8
39. 7
39.2
39. 3
39. 6
39. 6
39. 7
40. 1
40.2
40.2
40.2
40. 5
40. 4
40. 3
40. 3
40. 3
40. 1
40.2
40.2
40.2
40. 2
39. 9
40. 1

Contract construction

37. 5
37. 0
36.8
37.0
36. 7
3d 9
37. 0
37. 3
37.2
37.4
37.5
38. 6
37.8
38. 1
38. 5
37.2
36. 1
37. 4
37. 8
36.9
37.7
37.3
37. 1
38. 8
38.6

* Beginning 1964, includes eating and drinking places.
Source: Department of Labor.

Retail trade

39. 1
38.7
38.7
38.7
38.5
38. 1
37. 9
37.8
*37. 0
36. 6
35. 9
36.3
36.2
36. 1
36. 0
35. 9
35.9
36. 0
36. 1
36.1
35.8
35.7
35. 6
35.6
35. 5

AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing declined by $1.25 fo $11 3.15 in January. However, earnings in contract
construction rose again, increasing by $1.51 to $149.57.
DOLLARS

DOLLARS

3.00

280

260

240

2.20

1964

1967

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[For production workers or nonsupervisory employees]
Aver a ge hourly earmngs-— current prices
Period

Manufe icturing iiidustries Contract
Retail
conNontrade
Durable durable strucAll
goods
tion
goods

$2. 05
1957
2. 11
1958
2. 19
1959
2. 26
1960
2. 32
1961
2.39
1962
2. 46
1963
2. 53
1964
2. 61
1965
2.71
1966"
1965: Dec__ 2. 66
1966: Jan__ 2.67
Feb__ 2. 67
Mar__ 2. 68
Apr__ 2. 70
Mav_ 2. 70
June_ 2.71
July- 2.71
Aug_ 2.70
Sept_. 2.74
Oct__ 2. 75
2. 76
Nov__
Dec 9
2. 77
» U i Jan »_
2. ( o
1967:. Jilll '_ z«. 78

$2. 19
2. 26
2.36
2. 43
2. 49
2.56
2. 63
2. 71
2.79
2. 89
2. 84
2.85
2.86
2.86
2. 88
2.88
2.88
2.88
2.87
2.93
2. 94
2. 94
2. 95
.£. yu
2. 96

$1. 85
1. 91
1.98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2.45
2.40
2. 40
2. 41
2. 41
2. 43
2. 44
2. 45
2.46
2.45
2.47
2.48
2. 49
2. 50
2. 51
^i. oa.

$2. 71
2. 82
2.93
3. 08
3. 20
3. 31
3. 41
3. 55
3. 69
3.87
3. 77
3.79
3.82
3. 80
3. 81
3.83
3.83
3.85
3.89
3.96
3. 95
3. 95
3. 98
*±. ux
4. 01

$1. 47
1. 52
1. 57
1. 62
1. 68
1. 74
1. 80
*1. 75
1. 82
1. 91
1. 85
1.88
1.88
1.88
1. 89
1. 90
1.91
1.91
1.90
1.93
1. 94
1. 95
1. 93
J.. vt
1. 97

Manufa< during
indusl,ries
Manufg icturing iiidustries Contract
Adjusted Average
weekly
conRetail earnings, earnNonDurable durable structrade 1957-59 = ings,
All
goods
1957-59
tion
goods
100 i
prices 2
96. 2 $83. 26
$81. 59 $88. 26 $72. 52 $100. 27 $56. 89
58.82
82. 14
82. 71
74. 11 103. 78
89. 27
100. 2
86. 96
103. 5
88. 26
96. 05
78. 61 108. 41
60. 76
87. 02
106. 6
62. 37
89. 72
97. 44
80. 36 113. 04
88. 62
82. 92 118. 08
109. 6
92. 34 100. 35
64. 01
112. 3
85. 93 122. 47
65. 95
91. 61
96. 56 104. 70
93.37
87. 91 127. 19
115. 2
99. 63 108. 09
68. 04
95.25
102. 97 112. 19
90. 91 132. 06 *64. 75
118. 0
97.84
121. 0
94. 64 138. 01
66. 61
107. 53 117. 18
99. 18
68. 55
125. 0
112. 17 121. 91
98. 50 145. 36
99.93
110. 92 120. 98
67. 71
96. 96 139. 87
122.7
99. 10
95.52 138. 34
123.2
110.00 119.99
67.49
98. 81
67. 30
96. 88 139. 05
123. 4
110. 27 120. 69
99. 06
96. 88 143. 26
67. 12
123. 6
110. 95 120. 69
98. 88
124. 2
96. 96 140. 59
111. 24 121. 54
67. 47
99. 51
124. 4
112. 05 121. 82
98. 33 141. 71
67. 64
99. 86
69. 14
124. 7
112. 74 121. 82
99. 23 146. 69
98. 07
124. 8
70.48
99. 14 150. 15
111. 11 119.81
98. 22
124. 8
70. 11
99.23 149. 38
111.78 120. 54
99. GO
69. 09
12f>. 9
99.54 151.67
113.71 123. 94
(
68. 87
120. 3
J9. 43
99.94 152. 08
113. 85 124. 07
99. 47
OS. 0-1
J '20. S
113. 99 123. 77 100. 10 143. 39
MS. 00
1)9. 74
(ii). 29
J 27. 5
114. 40 124. 20 100. 25
0<J. ,'M
99. v » , j M<).. >n
98. 65
11 o. 15
L&A. 84
.'•>. 65
I M . ' f>7
*»;». 0-1
113. JL*J 122. o**

1
learnings in current prices, adjusted to oxcludoovortlnio and Interindustry shifts.
sEarniiiR.s In current prices divided by the con sum er price index.




Aver.ige weekl y earningsi— currenl prices

*Beginnlin: HUM, Incliidi-.s cutin^ and d r i n k i n g plnc«vs.
NOTE.— B^imiing 10M», dulu include, Aloaku nnd Hawaii,
Houroc: Dopiirtment of Labor.

15

PRODUCTION AND BUSINESS ACTIVITY

INDUSTRIAL PRODUCTION

The industrial production index, seasonally adjusted, declined about Vz percent in January but was almost 5 percent
above a year earlier. Production of equipment increased slightly while consumer goods and materials declined
somewhat.
Index, 1957-59=100 (SEASONALLY ADJUSTED)

Index, 1957-59=100 (SEASONALLY ADJUSTED)

140

120

1967

1964
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total
industrial
production

Period

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966 " _ _ __
1965: Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept....
Oct..,
Nov.__ !>«««.. . . .
11W7: Jn n »
.

16



__

:..
._ - ..
.-,.-.._

100. 7
93.7
105. 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
149.0
150.6
152.4
153.7
153.9
155.3
156.5
157.2
158.0
157.7
1 58. 9
1 AS. 0
J 58. 9
1 57. 1)

COUNCIL OF ECONOMIC ADVISERS

[1957-59=100, seasonally adjusted]
Industry
MJa-nufacturi ng

Total
100. 8
93. 2
106. 0
108.9
109. 6
118. 7
124. 9
133.1
145.0
158. 7
151.0
152.9
154.7
155.9
156.6
157.6
158.9
159.4
160. 1
160. 0
161. 5
160. 9
HU. 2
1 W). 0

NonDurable durable

Mining

96. 7
96. 8
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 6
145.7
146.4
147.3
148.5
148.7
149.4
150.7
151.3
151.3
150.9
151. 9
153. 0
153. 1
1 52. 6

104, 6
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 2
118.3
117.3
117.7
120.0
115.6
120.7
122.0
122.0
122. 1
121.0
121. 6
120. 8
123. 2
123. 4

104, 0
90. 3
105. 6
108, 5
107. 0
117. 9
124. 5
133.5
148.4
165. 1
155.2
158. 1
160.7
161.9
162.9
164.2
165.4
166. 1
167. 1
167.3
169. 1
167. 2
1 67. 6
1 O.r>. 9

Mai•ket
Fi]lal produc3tS

Utilities

93. 9
98. 1
108. 0
115. 6
122. 3
131. 4
140.0
151.3
160.9
173.4
164.9
164.7
168.7
168.8
169.1
170.2
171.7
175.7
179.0
177.0
175. 2
176. 9
178. 0
177. 5

Total

99. 4
94, 8
105. 7
109.9
111. 2
119. 7
124. 9
131.8
142.5
155. 4
148.9
150.3
152. 1
152.5
152.9
153.7
154.9
155.3
156.4
156.3
158. 3
158. 5
158. 9
157.8

Con-

sumer
goods

97.0
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147.4
144.2
144.6
146.1
146.2
146.4
146.2
147.1
146.5
147. 1
146.5
148.8
148. 7
148.7
147. 0

Equipment

104 6
91. 3
104 1
107. 6
108. 3
119. 6
124 2
132.0
147.0
172. 7
159.0
162.6
164.8
166.2
166.9
169.8
171.4
174.4
176.4
177.4
178.8
179. 6
180.7
181, 1

Materials

101.9
92.7
105. 4
107. 6
108. 4
117. 0
123. 7
132.8
144.2
157. 1
148.8
150.9
. 152. 6
154.4
154.5
157.1
158.0
158.8
159.6
159.2
159. 9
159. 1
158. 5
157. 8

PRODUCTION OF SELECTED MANUFACTURES
Most major groups of manufactures, seasonally adjusted, recorded declines in January. Exceptions were aircraft
(up 2 percent), instruments (up 1 percent), machinery (up y2 percent), and fabricated metal products, paper and
printing, and food (with practically no change in both).
Index, 1957-59=100 (SEASONALLY ADJUSTED)

.Index, 1957-59=100 (SEASONALLY ADJUSTED)

200

180
FABRICATED METAL
PRODUCTS

180

160

140

120

J
»»»

_

PRIMARY METALS

\/T^

i

'#

t * ^.mm *V

{"

4* ~

^

\%.

%

\

140

^~

|

LUMBER AND PRODUCTS

120

100
, I,
1965

1964

200

, |,
1966

1967

1964

1967

160

CHEMICALS, PETROLEUM,

TEXTILES, APPAREL,

AND RUBBER \

AND

180

160

LEATHER *

140

120
FOODS, BEVERAGES,
AND TOBACCO

100

140

120
1965

1964

1964

1967

1966

SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[1957-59=100, seasonally adjusted?
Ncmdurable manufactu res

Durab le manufa ctures
Period

1957
1958
1959 _
1960
1961
1962
1963
1964
1965
1966 *
1965: Dec
1966: Jan
Feb
Mar
Apr
May _
June
July

Primary
metals

_ „

__
._

Aug

Sept
Get _ _
Nov_ _
Dec _
1967: Jan »

_ __
___

FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
and
apparel,
petrobeverand
cated
Machin- tation
and
print- leum, and ages, and
prodery
metal
equipleather
ing
rubber tobacco
ment
ucts
products

112. 2
87. 5
100. 4
101. 3
98. 9
104. 6
113. 3
129. 1
137.6
142. 8
126.5
131.9
138.3
141.8
142.4
146.5
148.0
148.6
148.7
146.4
145. 0
138.4
137.3

101. 5
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163. 0
156.3
157.7
161.6
161.7
161.4
162.9
161.8
162. 1
161.4
163.0
164. 2
164. 6
167. 5

104. 2
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 9
171.0
174.5
176.4
176. 1
178.6
180.6
182.8
186.6
189.6
188.8
191. 1
189. 0
189. 1

106. 4
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
168. 1
160.4
163.0
164. 1
166. 1
165.9
165.8
167.1
166.0
166.0
168. 3
174. 6
172. 9
172. 6

132

168

190

166

95. 9
95. 6
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 3
125.4
125.6
126.5
129.3
130.7
122. 7
122.9
119.9
111.3
110.0
111. 3
109. 5
112. 5

96. 9
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 4
140.2
138.6
139.8
141. 1
142.6
142.0
143.4
141.6
140. 1
140.2
140. 9
141. 0
141. 1
140
1

97. 8
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 5
140.6
142. 1
142.7
144.2
143.5
146. 6
148.3
149.6
148.6
147.2
147. 9
148. 5
147. 2

95. 6
95. 5
108. 9
113. 9
118. 9
131. 2
141. 8
152.5
164.6
181. 7
172.8
174.6
175. 1
176.6
177.3
179.3
180.1
182.0
182.4
182. 8
186. 1
187.3
187. 2

96.7
99. 4
103.9
106. 6
110. 2
113. 3
116. 8
120.8
123.4
127. 6
124.8
125.7
126.8
127.4
126.9
125.5
126.8
127.2
128.5
127. 9
126. 7
128.7
130. 2

147

186

130

Source: Board of Governors of the Federal Reserve System.




17

WEEKLY INDICATORS OF PRODUCTION
Output of steel, electric power, and bituminous coal increased in January on a seasonally unadjusted basis,
weekly production indicators declined.
MILLIONS OF TONS

Other

MILLIONS OF SHORT TONS (DAILY AVERAGE}

STEEL
3.5

1.5

15 Ij,

dLi
J

1.0 il IJ I I I I I I I I I I 1 ll / I I f t i I I I I t MM I t t t I I I 1 | I > LI I M i l t I I If
I t I

F

M

A

M

J

J

N

1

BILLIONS OF KILOWATT HOURS
26

F

M

A

M

J

J

A

THOUSANDS
300

24

18
A
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS

Period
Weekly average:
1960
1961
1962
1963
1964
1965
1966"
1965: Dec
1966: Jan>_
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1967: Jan »
Week ended:
1967: Jan 7
14
21
28
Feb 4*
11*
1




O

N

D

.COUNCIL OP ECONOMIC ADVISERS

Electric
Bituminous Freight Paperboard
Steel pi"oduced
power
coal mined
produced
loaded
distributed (thousands (thousands (thousands
Thousands Index
of net
(1957-59= (millions of
of short
of tons)
of cars)
tons
100)
kilowatt-hours) tons) l

Car 3 and truicks
assemb .ed (thoiisands)
Total

Cars

1,899
1,880
1,886
2, 096
2,431
2,521
2, 571
2, 178
2,388
2,562
2,728
2,697
2,752
2,658
2,441
2, 505
2, 636
2, 598
2, 538
2, 361
2, 400

101. 9
100. 9
101. 2
112. 5
130.5
135.3
138. 0
116.9
128.2
137.5
146. 4
144 8
147. 7
142. 7
13L 1
134. 5
141. 5
139. 5
136. 2
126. 7
128. 8

14, 424
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
21, 010
22, 138
21,969
21, 051
20, 542
20, 826
22,078
23, 719
23, 257
21, 639
21, 434
21, 982
22, 901
23, 054

1,390
1,353
1,414
1, 535
1, 630
1,735
1,786
1,909
1,677
1,675
1,785
1,196
1,830
1,922
1,910
1, 874
1,887
1, 879
1, 921
1,833
1, 846

585
550
552
555
558
562
570
524
526
524
558
557
609
593
544
594
593
631
581
513
512

306
322
343
358
384
410
445
401
418
446
453
450
466
459
396
455
434
463
459
423
404

151. 8
127.8
157.5
175. 0
178. 8
213.7
199.2
224.0
233.8
228.7
234. 6
230.7
229. 7
215.3
139. 0
52. 4
182. 6
233. 0
227. 7
201. 2
191. 8

128. 8
106. 1
133.4
146. 9
148. 8
179. 4
165.4
189.0
196.0
190.2
197. 5
192. 8
190. 2
177. 2
107.4
37. 3
153.4
196. 6
191. 9
168. 7
157. 2

2,380
2, 450
2, 443
2, 373
2,376
2, 482

127.8
131. 5
131. 1
127.4
127. 5
133. 2

22, 500
23, 411
23, 595
22, 708
23, 000
23, 436

1,875
1, 826
1, 808
1,826
1, 754
2
1,698

451
542
528
527
520
500

267
445
437
467
453
450

176. 9
203. 3
201.7
185. 1
161. 7
183. 9

146. 5
165. 8
164. 8
151. 9
127. 0
149. 4

Dally average. Includes data for Alaska.
=Not charted.

18

S

Trucks

23.0
21.7

241

28.1
30. 0
34.3
33. 8
35.0
37.7
38.5
37.2
37. 9
39.4
38. 0
31. 6
15.1
29.3
36.4
35.8
32. 5
34 5
30.4
37. 5
36. 9
33. 3
346

34 5

Sources: American Iron and Steel Institute, Edison Electric Institute, Departnent of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.

NEW CONSTRUCTION
New construction expenditures, seasonally adjusted, rose Vz percent in January, as expenditures for residential construction, up about 1 percent, increased for the first time since last April. Revised estimates for December now show
total construction down % percent.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES

70

70
TOTAL NEW CONSTRUCTION

\

60

PRIVATE
50

50

40

40

30

30

PUBLIC
20

20

10

10
1961

T967
COUNCIL Of ECONOMIC ADVISERS

SOURCE* DEPARTMfNT OF COMMERCE

Total new
construction
expenditures

Period

1961
1962
1963
1964
1965
1966"

_

55.4
59. 7
63. 0
66.2
71.9
73. 8

Private
Resident!^bl nonfarm
Total

38.3
41.8
43. 6
45. 9
50.0
50. 6

CommerNew
cial and
housing
industrial
units
Bil lions of doll ars
16.2
21.7
7.5
24. 3
8. 0
18. 6
7. 9
25. 8
20. 1
26. 5
9. 0
20. 6
26.7
11.8
20.8
24. 6
18. 8
13. 6

Total i

Other

Federal
State
and
local

9.2
9. 5
9. 9
10.4
11.5
12. 3

17.1
17. 9
19.3
20.3
21,9
23. 2

12.5
12. 0
12. 9
13.0
12.6
12.3
12. 1
11. 5
12. 1
12.7
11.9
12. 5
12. 5

23. 0
24. 3
24. 6
24.4
24 2
23.9
22. 7
22. 4
22. 5
22.8
22. 6
23.0
23. 1
23. 2

Seasonally ( adjusted an nual rates
1965:
1966:

Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1967: Jan*

76.4
77.6
78. 9
79.5
78. 6
76. 1
74. 8
72. 5
72. 2
72.5
69. 3
69.9
69. 4
69. 7

53.4
53. 3
54.3
55. 1
54. 3
52. 3
52. 1
50. 1
49.7
49.7
46.8
46.8
46. 3
46. 5

26.7
27. 5
27.5
27.3
27.4
27. 0
26. 2
25. 1
23. 9
23. 1
22. 0
20. 8
20. 4
20. 6

20.. 8
21. 6
21.6
21.4
21.6
21. 1
20. 2
19. 2
18.0
17.3
16.2
15. 0
14.7
14 9

1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2 Compiled by F. W. Dodge Corporation and relates to 48 States.




14.3
13. 8
13.9
14.7
14.3
13. 0
13. 9
13. 4
13. 6
14.0
12. 8
13. 5
13. 4
25 9

Constructio n contracts2
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
(millions of
IOCS
square feet)
107.6
119. 7
132.0
137.0
142. 8
145.3

443
500
534
599
680
753
Seasonally
Seasonally
adjusted
adjusted
annual
rates
770
153
152
747
157
845
158
816
161
819
156
768
147
790
147
762
762
139
146
773
139
657
130
773
133
723

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
Total private housing starts advanced for the third consecutive month in January, rising 15 percent to a seasonally
adjusted annual rate of 1.2 million units/ but they still remained below the rate achieved in the first half of 1966.
Permits rose 18 percent, but were still nearly 30 percent below their 1965 average.

MILLIONS OF UNITS
Z5

MILLIONS OF UNITS
1 25

1.0

1,0

1961
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION <VA)

COUNCft OF ECONOMIC ADVISERS

[Thousands of units]
HOLising star ts

Period

1961
1962
1963
1964
1965
1966 *
1965: Dec__
1966: Jan>_
Feb__
Mar>.
AprMay.
June_
Julv._
Aug__
Sept._
Oet__
Nov p
Dec '
1967: Ja-n *_

Total
private
and
public
(including
farm)
1, 365. 0
1, 492. 4
1,641.0
1, 590. 7
1, 542. 7
1, 251.6

1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0
1, 219. 9

1, 284. 8
1, 439. 0
1, 581. 7
1, 530. 4
1, 482. 7
1. 196. 5

103.2
87.3
81. 0
130. 9
149.2
139.3
130. 7
104. 8
107. 3
95. 2
82. 8
77. 6
65. 5
65. 9

102.3
84. 6
78.2
126. 3
147. 1
135. 4
127. 5
104. 0
105. 4
92. 4
80. 3
75. 3
63.4
62. 9

100.8
83. 7
76.7
124. 1
144.8
132.2
125. 1
102. 3
103. 3
90. 2
78. 1
73. 9
62. 1
61. 5

Total
private
(including
farm)

Prh'•ate nonfa rm

Total

Two or
more
families
946.2 338. 6
967. 8 471.2
993. 2 588. 5
944.5 585.9
940.0 542.7
772. 9 424. 3

Total
private
(including
farm)

Onefamily

58.3
47. 2
45.3
78. 7
93. 0
84.8
81. 4
69.7
69. 1
60. 1
53. 0
49. 2
41. 6

1, 313. 0
1, 462. 7
1, 609. 2
1, 557. 4
1, 505. 0
1, 219. 9

42.5
36.5
31.4
45. 4
51. 8
47.4
43.7
32.6
34. 2
30. 1
25. 1
24. 3
21. 6

Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
£
Units represented by mortgage applications for new home construction.

20



1, 769
1,611
1, 374
1, 569
1,502
1, 318
1,285
1,088
1, 107
1,075
848

1, 012
1, 085
1, 243

Priv ate nonf<irm
Total

Gover nment
home p rograms

FHA
VA
1, 284. S 198. 8
83.3
1, 439. 0 197.3
77.8
166. 2
71. 0
1, 581. 7
59.2
1, 530. 4 154.0
1, 482. 7 159.9
52.5
1, 196. 5 129. 1
40. 5
Se asonally adj usted
189
48
1,735
181
1, 585
53
40
1, 349
177
45
187
1,538
151
1,481
37
128
38
1, 287
121
44
1, 261
42
117
1,068
113
1,084
35
96
37
1,050
826
993

1, 062
1, 212

94
107
105
150

38
40
42
59

Propose?d home
constr uction
New
private
housing Applica- Requests
units tions for for VA
FHA appraisauthorized 1 commitals 2
ments 2
1, 064. 2
243. 8
177. 8
221. 1
171.2
1, 186. 6
1, 334. 7
190. 2
139. 3
182. 1
1, 285. 8
113. 6
188.9
102.1
1, 240. 6
966.4
153. 0
99. 2
annual ra tes
1, 292
219
105
214
1, 255
89
72
1, 197
179
92
160
1,268
111
168
1, 185
133
98
1,098
954
921
844
733
714
715
759
893

127
124
119
151
122
135
203
157

90
99
106
104
119
103
104
107

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
According to preliminary estimates, seasonally adjusted retail sales declined very slightly in January. Total business
sales in December advanced 1 percent and inventories rose $114 billion.

B1LLKDNS OF DOLLARS
160

BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20

(SEASONALLY ADJUS1
FED)

BUSINESS S>\LES AND lhT/ENTOR1ES

RETAIL TRADE (ENLARGED SCALE)
18 -

•I in
INVENTORIES

x..

T>n
1/U

DURABLE GOODS STORES

^\

^^

^tanfy

jOU

SALES

10 -

^--.-»*—"

ll 1 1 1 1 1 1 1 1 1 1

! f ! 1 I 1 1 II I 1

SALES

8
! 1 I 1 1 1 1 I 1 If

f I i i i 1 i i i i (K

- WHOLESALE TRADE (ENLARGED SCALE]

22

NONDURABLE GOODS STORES

SALES

1964

1967

1964

1965

1966

SOURCEi DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total fc
usiness
Period

Sales

1967

2

l

Inventories 3

Whol 3sale

4

Re tail

Sales2
Sales 2

Inventories 3

Total

5

[nventories

NonDurable durable
goods
goods
stores
stores

Total

Durable
goods
stores

3

Nondurable
goods
stores

SMillions of dollars, se asonally a djusted

1959—
1960
1961
1962
1963
1964
1965
1966 *
1965: Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec v.
1967: Jan"
1

_

59, 661
60, 746
61, 106
65, 594
68, 692
73, 459
79, 536
86, 302
82, 214
83, 591
84, 669
84, 530
86, 991
85, 455
85, 426
86, 957
86, 678
86, 995
86, 775
87, 066
86, 699
87, 628

91, 891
94, 747
95, 813
100, 627
105, 578
111, 051
120, 896
135, 124
119, 279
120, 896
121, 570
122, 542
123, 630
124, 700
126, 179
127, 584
128, 714
130, 043
130, 839
132, 392
133, 856
135, 124

11, 491
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 976
16, 164
16, 153
16, 981
16, 779
17, 334
16, 966
16, 880
17, 438
16, 989
17, 217
16, 981
17, 029
16, 696
16, 928

The term "business" also includes manufaeturing (se 3 page 22).
2 Monthly average for year and total for month.
*Book value, end of perkx1, seasonally adjusted.




13, 879
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 494
18, 171
18, 274
18, 231
18, 580
18, 881
19, 008
19, 149
19, 310
19, 444
19, 742
19, 600
19, 924
20, 226
20, 494

17, 951
18, 294
18, 234
19, 613
20, 536
21, 802
23, 662
25, 300
24,647
24, 816
25, 023
25, 049
25, 536
24, 949
24, 475
25, 394
25, 362
25, 572
25, 703
25, 550
25, 610
25, 329
25, 315

5 967
5 880
5 581
6 210
6 627
7 014
7 810
8 148
8 092
8 252
8 324
8 185
8 649
7 939
7 506
8 056
8 106
8 358
8 394
8 276
8 143
8, 138
8, 123

11, 984
12, 414
12, 654
13, 402
13, 909
14, 788
15, 853
17, 152
16, 555
16, 564
16, 699
16, 864
16, 887
17, 010
16, 969
17, 338
17, 256
17, 214
17, 309
17, 274
17, 467
17, 191
17, 192

25, 305
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
36, 961
33, 916
34, 607
34, 745
34, 922
35, 101
35, 346
35, 927
36, 325
36, 312
36, 191
36, 355
36, 680
36, 734
36, 961

11, 029
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
14, 979
15, 194
15, 323
15, 424
15, 551
15, 690
16, 213
16, 411
16, 330
16, 079
16, 241
16, 496
16, 581
16, 536

14, 276
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
18, 937
19, 413
19, 422
19, 498
19, 550
19, 656
19, 714
19, 914
19, 982
20, 112
20, 114
20, 184
20, lf»3
20, 425

4
Beginning 1961, data in dude Alaska tind Hawnii
' Beginning I960, data In -ludo Alaska and Hawaii
s<jurce: Depot tincnt of Co tntnerce.

21

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers* inventories rose $800 million and new orders gained $1% billion (seasonally adjusted) in December
But, with shipments up $1 billion, the inventory-shipments ratio, which had climbed steadily since May, fell to 1.71.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED}

BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)

MANUFACTURERS' INVENTORIES

20

1967
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Manufac turers' sh ipments 1 Manufact urers' inv entories 2

Ma nufacture rs' new orde rs !

.

Total

NonDurable durable
goods
goods

Total

NonDurable durable
goods
goods

Durat le goods
Total

Total

NonMachinery durable
and
goods
equipment

Manufacturers'
inventoryshipratio 3

Millions of dollars seasonal y ad juste d
1959
1960
1961
1962
1963
1964
1965
1966 »
1965: Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Doc"
1907: J i m "

30, 219
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
44, 026
41, 403
42, 622
42, 665
42, 702
44, 121
43,540
44, 071
44, 125
44, 327
44, 206
44, 091
44, 487
44, 393
4f>, 371

15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
23, Oil
21, 606
22,316
22, 307
22, 433
23, 238
22,708
22, 915
22, 898
23, 031
22, 874
22, 971
23, 451
23, 237
23, 789
*23, 508

14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
21, 015
19, 797
20, 306
20, 358
20, 269
20, 883
20,832
21, 156
21, 227
21, 296
21, 332
21, 120
21, 036
21, 156
21, 582

52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
68, 015
77, 669
67, 192
68, 015
68, 594
69, 040
69, 648
70,346
71, 103
71, 949
72, 958
74, 110
74, 884
75, 788
76, 896
77, 669

31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
49, 880
41, 869
42, 324
42, 589
42, 884
43, 273
43,779
44, 275
45, 003
45, 790
46, 814
47, 568
48, 352
49, 310
49, 880

» M o n t h l y UV»TIH'«« for your an<i total for month.
• Hook vnlur, <md of period, Howotmlly iidjustod.
I or annual jx<rl<Hl«!, ratio of wol^htod nvornj.ro inventories to five-rape monthly
•hipmnntii; for monthly data, rntlo of Invonlorio.s at end of month lo shipments
fur month.
8 1

22



20, 868
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
27, 789
25, 323
25, 691
26, 005
26, 156
26, 375
26,567
26, 828
26, 946
27, 168
27, 296
27, 316
27, 436
27, 586
27, 789

30, 679
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
45, 157
42, 234
43, 868
43, 986
44, 129
45, 833
45,064
45, 321
45, 833
45, 625
44, 842
46, 318
45, 243
44, 052
45, 540

15, 951
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
24, 146
22, 389
23, 403
23, 578
23, 741
24, 888
24,197
24, 276
24, 593
24,371
23, 512
25, 274
24, 244
23, 027
23, 886
*22, 674

2, 878
2,791
2, 854
3, 090
3, 326
3,706
4, 140
4,732
4, 325
4, 583
4, 450
4, 584
4, 5874,788
4, 845
4, 753
5,092
4,813
4,906
4,816
4,647
4,614
4,517

14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
21, Oil
19, 845
20, 465
20, 408
20, 388
20, 945
20,867
21, 045
21, 240
21, 254
21, 330
21, 044
20, 999
21, 025
21, 654

*Not charted. Source: Department of Commerce.

1. 70
1. 76
1.74
1. 70
1. 69
1.64
1.61
1. 64
1. 62
1.60
1. 61
1. 62
1. 58
1. 62
1. 61
1. 63
1. 65
1.68
1.70
1. 70
1. 73
1.71

MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade surplus (seasonally adjusted) fell to $247 million in December. A 2.7 percent decrease
in exports accounted for the deterioration/ imports remained virtually constant. The 1966 totals show the trade surplus
$1.5 billion below the level of 1965, as the 10 percent increase in exports was outpaced by a 20 percent surge in
imports.

BILLIONS OF DOLLARS
3.0

BILLIONS OF DOLLARS
3.0

1.0

1.0

1966

1960
USEE NOTE 1 BELOW.
SOURCE DEPARTMENT OF COMMERCE

[Millions
Me rehaiidise exports
Total (ineludDomesti 3 exports
ing ree xports) l
Food, Crude
Period
Season- Unad- Total i 3 bever- mateages,
ally ad- justed
and to- rials
justed
and
bacco
fuel
1958
16, 373 16, 208 2,688 3,051
1959
16, 406 16, 222 2, 852 2,996
1960
19, 638 19, 437 3, 145 3,898
1961
20, 188 19, 943 3, 422 3,817
1962
20, 973 20, 704 3,677 3,323
22, 427 22, 142 4, 096 3,741
1963
1964
25, 671 25, 318 4,638 4,339
26, 700 26, 356 4, 520 4, 274
1965
29, 396 28, 959 5, 190 4, 406
1966
2, 594
2, 564
444
417
2, 396
1965: Dec
2, 132
374
324
2, 248
2, 105
1966: Jan.
332
2,210
2, 176
Feb
396
2,834
Mar__ __ 2,588
2,741
2,701
486
366
2, 421
2, 463
437
339
Apr_ __ 2,830
372
May
2,863
2, 505
2, 456
405
412
2, 485
379
June
2, 467
2, 428
2, 459
2,327
396
July
2, 296
328
354
Aug _ _ 2, 460
2, 278
2, 244
448
2, 580
469
349
2,389
Sept
2, 431
Oct
2, 621
2, 026
467
400
2, 586
2, ,5 IS
2, 572
2, 538
469
448
Nov
2, 644
421
2, 450
2, 618
431
Dec,
1 Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
2
Total arrivals of imported goods other than intransit shipments.




COUNCIL OF ECONOMIC ADVISERS

of dollars]
Merctlandise i rnports
GeiKsral impc>rts 2
Manufactured
goods
11, 546
11, 171
12, 892
13, 037
13, 912
14, 611
16, 366
17, 388
19, 116
1, 657
1, 359
1,468
1, 822
1, 624
1, 650
1, 617
1, 558
1, 434
1, 543
1, 711
1, 584
1, 751

Total 3

Seasonally ad- Unadjusted
justed

1, 890
1, 986
1,998
2,070
2, 188
2,052
2, 110
2, 207
2, 148
2, 810
2, 260
2,204
2, 203

13, 220
15, 629
15, 019
14, 716
16, 382
17, 140
18, 684
21, 366
25, 550
2,007
1,829
1, 822
2, 242
2,071
2, 074
2, 189
2, 072
2, 180
2, 294
2, 278
2, 258
2, 240

Food, Crude
bever- materials
ages,
and to- and
bacco
fuels

Manufactured
goods

4,062
4, 580
4,380
4,303
4,640
4,693
4,964
5,385
5,674
519
463
422
523
460
464
510
458
524
474
460
464
447

5,283
7,090
6, 846
6, 523
7,627
8,066
9, 108
11, 238
14, 421
1, 143
993
968
1,228
1, 127
1, 181
1, 216
1, 193
1, 253
1, 321
1, 299
1, 324
1, 331

3, 550
3, 580
3,392
3, 455
3, 674
3,863
4,022
4,013
4, 589
427
332
355
425
416
362
387
346
341
426
423
393
384

Grossmerchandise
trade
surplus,
seasonally adjusted
3, 153
777
4, 619
5, 472
4,591
5, 287
6, 987
5,334
3, 846
506
812
341
518
192
811
375
252
812
270
361

314

247

3

Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.

23

U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
According to preliminary data, the U.S. surplus on goods and services declined again in the fourth quarter of 1966.
The decrease of $116 million (seasonally adjusted annual rate) occurred despite a $276 million improvement in
the merchandise trade surplus.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
50

ISO
SEASONALLY ADJUSTED ANNUAL RATES

40

40

30

IMPORTS OF GOODS AND

SERVICES

20

20

10

10

I

I

t

I

1961

I

I

t

t

I

1963

1962

I

t

1964

I

(

1965

t

I

I

I

1967

1966

SOUKCEi DEPARTMENT OP COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars]
Impor ts of good s and ser\dees

Exports of good s and sei•vices
Incomie on
investr nents
Period
Total

1960
1961
1962_
1963
1964
1965
1966

_

Merchandise 1

27, 244
28, 575
30, 278
32, 339
36, 958
38, 993
42, 960

19, 489
19, 954
20, 604
22, 071
25, 297
26, 276
29, 187

Military
sales
335
402
656
657
747
844

Private
3, 001
3,561
3,954
4, 156
4,932
5,389

Government
349
380
471
498
460
512

Other
services

Total

Merchandise *

4,070
4,278
4, 593
4,957
5,522
5,972

23, 198
22, 954
25, 148
26, 442
28, 468
32, 036
37, 634

14, 732
14, 510
16, 187
16, 992
18, 621
21, 488
25, 487

Balance
on
MiliOther goods
tary
and
expend- serv- services
itures
ices
3,069
2,981
3, 083
2,936
2,834
2,881

5,397
5,463
5, 878
6,514
7, 013
7,667

4,046
5, 621
5, 130
5,897
8,490
6,957
5, 326

Seas on ally «adjusted annual ra tes
1965: III
IV

.

1966: I
II
III
IV »
1

796
864

5,284
4,704

596
312

6,084
6,272

32, 980
34, 160

22, 380
23, 024

2, 980 7 620
3,084 8 052

7,084
6, 100

792
616
392 1,040
708
860
032

5,524
5,720
5,804

596
596
588

6,384
6,488
6,784

35,
36,
38,
39,

23,
24,
26,
26,

3,416 8 272
3, 596 8 204
3,748 8 664

6,300
5, 572
4,776
4, 660

40, 064
40, 260

27, 304
28, 108

41,
42,
43,
43,

28,
28,
29,
30,

912
236
744
950

Adjusted from customs data for differences in timing and coverage.

24



612
664
968
290

Source: Department of Commerce.

924
864
556
604

U.S. BALANCE OF INTERNATIONAL PAYMENTS
According to preliminary data, the U.S. deficit (seasonally adjusted) on the liquidity basis widened in the fourth
uarter of 1966/ the official reserve transactions balance returned to a deficit after a large surplus in the third quarter,
or 1966 as a whole, then, the liquidity deficit was about $1.4 billion, about $100 million greater than in 1965,
while there was a surplus of about $300 million on official reserve transactions.

f

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS

1967
COUNCIL OF ECONOMIC ADVISERS

SOURCfi DEPARTMENT OF COMMERCE

[Millions of dollars]

Period

1960
1961
1962
1963
1964
1965
1966
1965:
III.
IV
1966:
I
II
III_—
IV »_-

U.S. pr ivate capital, net
U.S.
Government
grants Direct
Other
Shortlongterm
and
investterm
capital,
ment
net *
-2,769
-2,780
-3, 013
-3,581
-3,560
-3,375

- 1, 674
- 1, 599
- 1, 654
-1,976
-2,416
-3,371

Balsince
Errors
Foreign and uncapital, recorded Liquidnet i
transity
actions basis 2

-863 -1,348
-1,025 -1,556
- 1, 227
— 544
-1,695
-785
-1,961 -2,146
-1, 080
761

366
— 941 — 3,881 — 3,402
707 — 1, 006 — 2,370 — 1, 347
1,021 — 1, 159 -2, 203 — 2,706
689
— 352 — 2,670 — 2,044
685 -1,011 -2,798 -1,546
194
— 429 -1,337 — 1, 305
-1,424
271
Season ally adjus ted anmi£il rates

-2,972 — 2,276 -1,452
-3,524 -2,924
-616

420 -1,004
1,004
-108

-3,792 -2,748
-3,856 -3,904
-3, 176 -2,800

-88
— 152
60

1
8

-876
-320
-136

— 960 -2, 136
928
— 320 -1,328 -4, 632

1, 156 -1,172
3,840
— 760
1,044
540

Includes certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. gold tranche position in the IMF.
8
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 IM F.
4
Includes short-term official and banking liabilities and foreign holdings of
U.S. Government bonds and notes.
£
Central banks, governments, and U.S. liabilities to the IM F arising from
reversible pold sales to, and gold deposits with, the U.S.




Official
reserve
transactions
basis 3

2,164
-524
-804
-2,204

-924
-816
3,820
— 996

Changes
Chan-ges in sel(acted
liabilitie s (decreas>e (-))* in gold,
convertiblecurrenTo foreigm official
cies and
hold ers 5
To other IMF gold
foreign 6 tranche
-holders position
NonLiquid
(increase
liquid
(-))
7
1, 449
289
2, 143
7
681
1,083
606
7
457
254
213
1,533
—7
1,673
619
378
1,073
302
1,554
171
-17
100
132
1,222
-1,574
735
2,430
568
Quai•terly tota Is, unadjiisted
253
697

-18
157

712
-633

41
271

— 851
58
-614
-167

25
254
105
351

475
26
1, 235
694

424
68
82
s -6

6
Private holders; includes banks and international and regional organizations;
excludes IMF.
?
Includes change in Treasury liabilities to certain foreign military agtmeles;
excluding these changes, data ($ millions) are 1,269 (I960), 741 (1061), and 919
(1962).
» On Dec. 31, U.S. reserve assets consisted of gold stock. $18,235 million (down
$121 million from Sept. 30); IMF position including gold portion of increased
U.S. subscription, $326 million; convertible currencies, $1,821 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IM F.
Source: Department of Commerce.
OR

PRICES

CONSUMER PRICES

The consumer price index was unchanged from December, to January. An 0.2 percent decrease in prices of commodities was offset by an 0.2 percent increase in services prices. Food prices declined 0.1 percent; the index
for other commodities dropped 0.4 percent.
Index, 1957-59*100

Index, 1957-59=100

105

100

1967

1961

SOURCEi DEPARTMENT Of LABOR

COUNCIL OF ECONOMIC ADVISERS

All
items

Period

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1965: Nov..
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

_„

.

Oet

Nov
Deo.
11WV: Jim.

_ „.„

Wot$!fi«; 1 >t»jwrttnw»t of Labor.




98. 0
100. 7
101.5
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
110. 6
111.0
111.0
111. 6
112. 0
112. 5
112. 6
112. 9
113.3
113.8
114. 1
114. 5
114. 6
114. 7.
114. 7

[1957-59=100]
Services
Co mmoditie 3
Comm odities leg?s food
Services
All
All comFood
Rent
less
Nonmodities
All
Durable durable services
rent
97.8
96. 6
96. 1
98. 8
98. 5
98.3
99. 1
98. 5
100. 2
100. 0
100.3
101.9
99. 9
100. 8
100. 1
99. 8
103, 6
103.2
101.2
100. 9
101. 0
101. 6
100.3
101. 5
107.4
101.7
101.4
100.9
102. 6
106.6
103. 1
101.7
110. 0
102. 0
102. 6
100.8
108.8
104 4
102. 3
103. 2
112. 1
105.7
103.8
110.9
102.8
101.8
103.6
103. 2
114. 5
103. 5
102. 1
104. 8
106. 8
113.0
104. 1
105. 1
117. 0
104.4
103. 0
105.7
107. 8
106. 4
115. 2
105. 2
107.2
108.9
120.0
108.8
105.1
102.6
117.8
106.4
125. 0
114. 2
106. 5
102. 7
109.7
122.3
110. 4
109.2
121. 3
102. 4
109.3
119.0
105. 6
109. 7
108. 3
107. 1
121.6
102.4
108.4
109.5
110.6
105. 7
119.3
107.4
111.4
121.8
105.3
101.9
108.0
119.5
109.7
107.4
122.0
105. 4
101. 8
108.3
119.7
109. 8
113. 1
108.0
122. 5
102. 0
108.6
109. 9
105. 6
120. 1
113. 9
108.4
123.6
102. 3
114. 0
106. 0
110. 1
109. 0
121. 1
108. 8
124. 1
102. 5
110. 2
106.3
109. 3
113. 5
121. 5
108. 8
102. 6
122. 0
106.4
109.5
110. 2
124.8
113.9
109. 0
122. 6
125.5
103.0
110. 3
114. 3
106.7
109. 7
109. 3
125. 9
106. 6
110. 6
103. 0
123. 0
109. 6
115. 8
109. 8
126. 5
102. 7
110. 5
123. 5
110.7
115. 6
107. 0
110. 0
127. 1
107. 6
103. 5
110. 9
124. 1
111. 0
115. 6
110. 3
127.7
114.8
107. 8
103. 5
124.7
111. 2
111. 3
110, 2
128.3
107. 7
103. 1
114. 8
111. 4
125. 2
111. 3
110. 1
102. 7
111. 4
128.8
114.7
107. 3
125.5
111. 0
109. 9

WHOLESALE PRICES
The wholesale price index rose 0.3 percent from December to January. Farm prices rose 1.0 percent and processed
foods 0.1 percent. An increase of 0.3 percent in industrial commodity prices was led by increases in intermediate
materials and consumer nondurable goods prices.

Index, 1957-59=100

Index, 1957-59=100

COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)

95

90

90

1961

1967

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF" ECONOMIC ADVISERS

All
commodities

Period

1957
1958
1959
1960__
1961
1962
1963
1964
1965
1966 *
1965: Nov
Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
1967: J a n *

__

__

__

___

99.0
100. 4
100.6
100. 7
100.3
100. 6
100. 3
100. 5
102.5
105.8
103. 5
104. 1
104.6
105. 4
105.4
105. 5
105. 6
105. 7
106. 4
106. 8
106. 8
106. 2
105.9
105. 9
106. 2

[1957-59=100]
Commodii ,ies other t ban farm \Droducts aiid foods (iiidustrials)
Consunaer finIndusIndusFarm
ProcAll intrial in- Produc- ished gc)ods extrial
prodessed
er fincludin g food
dustricrude termediucts
foods
als 1
mate- ate ma- goods
Dur- :
Non2
rials
terials
durable
able
99.2
97. 9
99.2
100.9
99. 6
97. 7
99.9
98. 7
103. 6
102.9
99. 5
96. 9
100. 2
99.3
99. 4
100. 1
97. 2
99. 2
102. 3
102. 1
lOL 3
101. 0
101. 3
100.8
100. 0
96.9
101. 3
98. 3
102. 3
101. 4
100. 9
101. 5
96. 0
100. 7
100. 8
102. 5
97. 2
100. 1
100. 5
101. 5
97.7
100. 8
95. 6
101. 2
99. 9
102.9
100.0
101. (y
95. 7
100.7
94. 3
101. 1
103. 1
99. 6
99. 5
101. 9
94. 3
101. 2
104. 1
97. 1
101. 0
100. 2
99. 9
101.6
98.4
105.1
102.5
100.9
105.4
101.5
99.6
102.8
105. 6
111. 5
104. 7
104.5
103. 6
108.0
100. 2
104. 8
100. 3
107.6
102. 7
103. 2
102. 1
105. 9
103. 6
99. 6
103.0
109.4
103.2
102.6
102.2
106.0
99.6
103.7
104.5
110.3
103.5
106.2
102.4
103.9
104.0
99.7
107.4
103. 8
102. 6
111. 8
105. 7
106. 6
104. 0
99. 7
106. 8
104. 0
111. 5
106. 6
102. 9
104. 1
106. 8
99. 7
106. 4
104. 3
110. 6
106. 1
103. 4
107. 0
] 04. X
99. 8
104. 5
110. 5
104. 7
105. 9
103. 8
107. 6
100. 2
104. 5
104. 2
110.6
104, 9
106. 5
103. 9
107. 9
100. 1
KM. I)
107. 8
111.7
106. 4
104. 0
105. 2
108. 1
lOf. 0
100. 2
108. 1
113. 8
105. 2
103. 3
104. 2
108. 3
I Of. •>
100. 1
108.7
113. 8
102. 8
105. 2
104. 1
108.4
100. 0
!0f. 4
104. 4
112. 4
102. 8
105. 3
104. 1
109. 1
ior ,r»
100. 9
102.5
110.7
105. 5
102.7
104. 1
101.2
109.8
10,". 7
110. 6
101. (>
JO.' ,'f
105. 5
101. 8
HM. I
101. a
1 1 0. 2
110. 7
] 02. 8
1 05. 8
I ( »,* s
101. 7
1 1 0. 3
1 04. 4
K M . -1 i

1
Coverage of the subgroups does not correspond exactly to coverage of this
index.
2
Excludes intermediate materials for food niamifacturtnp and manufactured
animal feeds; includes, in part, prain products for further processing.




Source: Department of Labor.

27

PRICES RECEIVED AND PAID BY FARMERS
In the month ended January 15, prices received by farmers declined 2 percent while prices paid rose 1 percent, lowering the parity ratio 2 points. Lower prices for cotton, wholesale milk, and eggs were only partially offset by higher
prices for cattle, broilers, and potatoes.

Index, 1957-59=100

Index, 1957-59=100

PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES '
110

110

-\ RECEIVED
^PRICES

100

100

(ALL FARM PRODUCTS)
!,.,,.

90

.,,,.I

90

RATIO J/

RATIO J/
100

1100

90

90

PARITY RATI
80

80

*"^

70

70
1961

1962

1963

1964

1966

1965

1967

I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
SOURCEi DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

Prices i•eceived by ifarmers
Period

1957
15..
98.
1959
1960
1961
1962_
1963
1964
1965
_.
1966
1965: Dec 15
1966: Jan 15
Feb 15
Marl5__
Apr 15. . . .
May 15
June 15
July 15
AUK IT)
Sopt 15
Oc.t 15
_
Nov 15
J)cc 15_. __
1907: Jan 15

All farm
products

_

97
104
99
99
99
101
100
98
102
110
107
108
112
111
110
109
109
110
113
112
110
107
107
105

Crops

101
100
99
99
102
104
107
107
104
105
100
101
104
104
106
107
108
110
108
106
104
103
103
100

1
Pem-ntn^c ratio of index of prices received by farmers to index of prices paid,
Interest, taxes, and \va^e ratcK on 1010-14~ 100base.

28



Price 3 paid by fa rmers

Livestock All items,
interest,
and
taxes, and
products wage rates
Index, 1957-59 = 100
98
94
106
100
102
100
102
98
103
98
99
105
95
107
91
107
110
101
114
113
111
112
112
114
112
118
113
118
114
113
114
110
114
110
114
111
114
116
116
115
114
115
110
115
109
115
116
109

Family
living
items

99
100
101
102
102
103
104
105
107
110
108
108
109
110
110
110
110
110
111
111
111
111
111
111

Source: Department of Agriculture.

Production
items

98
100
102
101
101
103
104
103
105
108
106
107
108
108
108
108
108
109
109
110
109
109
109
110

Parity
ratio l

82
85
81
80
79
80
78
76
77
80
80
80
83
81
80
79
79
80
81
80
79
77
77
75

MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY

Although the money supply (seasonally adjusted) declined somewhat in January, time deposits increased by $2.3
billion—the largest monthly gain in time deposits during the current expansion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
AVERAGES OF DAILY RGURES, SEASONALLY ADJUSTED

180

180
MONEY SUPPLY

140

140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS

100

100

60
nft i t i i I . i i i
1961

I I t

1963

1962

1964

1965

t

I I t

I ! I I I 0

1967

1966

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Averag es of daily' figures, rnillions of dollars]
M oney supp>iy
M oney supp>iy
Period

1961:
1962:
1963:
1964:
1965:
1966:
1965:
1966:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
Apr
May

Total

__
,

June
July
Aug

Sept
Get
Nov
.Dec-

H)07: Jan "_
1
:

_

__

145.5
147. 5
153. 1
159.7
167.2
170.3
167.2
168.0
168.2
169. 3
170. 9
170.2
171. 1
169.6
169.6
170. 5
169. 6
169. 2
170. 3
MM). 7

Currency
outside
banks

Seasonally7
29.6
30.6
32.5
34.2
36.3
38. 3
36.3
36.6
36.8
36.9
37. 2
37.3
37.4
37.7
37.8
37.9
38. 0
38. 0
38. 3
3S. f,

de-

posits *

de-

posits
adjusted
116.0
116. 9
120. 6
125. 4
130.9
132. 1
130.9
131.4
131.4
132. 3
133. 7
132. 9
133.7
131.9
131. 8
132. 6
131. 7
131. 2
132. 1
131. 2

] )oposits ul. till rornmorolnl ImnkH.
Elloctlve J u n e 9, tmlancos necumuluted for jm •went of personal loiin.s (about
$1.1 billion) arc excluded from time deposits au< from loans at all commercial
banks.




Time

De-

mand

Cur-

Total

rency
out-

side
banks

De-

Time

de-

posits l

mand
posits

de-

U.S.
Government
de-

mand
de-

posits *
1[Jnadjuste d

2

82. 7
97. 8
112. 2
126. 6
146. 9
158. 0
146. 9
147.8
148.5
149. 5
151. 4
153. 0
153. 7
155. 3
156. 6
157. 1
156. 8
156. 8
1 5S. 0
1()(). -1

149. 4
151. 6
157. 3
164 0
172.0
175. 2
172.0
173.0
167.8
167. 8
171. 6
166. 9
168.8
167. 9
166. 9
369. 4
]7(). 1
171. 0

30. 2
31. 2
33. 1
35. 0
37.1
39. 1
37.1
36.5
36.4
36. 6
36.8
37. 0
37.3
37.8
37. 9
37. 1)
38. 1

I 7-1. 7

US. f>

I7f>. 2

as. r,
,'i'j. i

119. 2
120. 3
124.1
129. 1
134.9
136. 2
134.9
136.5
131.4
131. 3
134. 8
129. 9
131. 5
30. 1
'2<). ]

;u. r>
:\'2. r,
;{(>. -.'.
:w. :i
,TJ. 1

2

81. 8
96.7
111. 0
125.2
145.2
156. 3
145.2
147.3
148.7
150. 2
152. 2
153. 9
15-1. 1
r

l, >5. X

1 .77. 0

i r>u. \)
I f>«. (I
ir>r>. c»
i .f»o. ;j
1 ,VJ. U

49
5. 6
5. 1
5. 5

4.6

3. 5
4.6
3.8

r>. 2
4. (>

:?. i

7. 2

(i. :i

S.
f>.
4
4

'2
'2
>\
S

;*. 7
u. r,
4 '2

NOTK. I l u l u i n c l u d e A lank a and H a w a i i .
Bource: Hoard of ( l o v o t n o r n of t J m Fndrrul Henervc H y n t e m .

29

SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of time deposits at commerical banks (seasonally adjusted) increased by $5.0 billion during January,
a larger gain than during the entire second half of 1966. Demand deposits and currency declined by $1.8 billion
and total liquid assets increased by $4.2 billion.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH

600

600
TOTAL SELECTED
LIQUID ASSETS '

500

500

400

400

300

300

200

200

DEMAND DEPOSITS AND
CURRENCY \
t
<><
llliiiiiiiiiB»iiiiiiiiit<nMiiiiU"ii*f,^ """

i i I

I i 1 i i

100

1961

1962

1963

i1
1965

1964

I I I I I I II
1966

I I 1 I I I I I 1fvj 100

1967

BASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets

End of period

1960
1961
1962
1963
1964
1965
1966"
1965: Dec
1966: Jan__
Feb
Mar
Apr
May
June
July
Aug
Sept
Get*p
Novv
Dec

1967: Jan *

_

. _
„

399. 2
424. 6
459.0
495. 4
530. 5
572.9
599.9
572. 9
578. 4
577.5
585. 5
587. 0
585. 7
3
589. 2
588. 5
592. 8
594. 3
596. 0
600. 2
599.9
604. 1

Demand
deposits
and
currency *

138.4
142. 6
144.8
149.6
156. 7
164.0
168. 2
164 0
164.8
162.7
167.0
166. 4
163.7
166. 5
164.3
167. 0
166. 1
166. 0
167.8
168. 2
166. 4

Time d eposits

Commercial
banks

3

73. 1
82.5
98. 1
112. 9
127. 1
147. 1
158.4
147. 1
149. 2
149.4
151. 1
152. 5
153.6
153. 9
156. 1
156. 6
156.7
156. 6
158. 2
158.4
163. 4

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 Reserve Banks, and beginning
February I960, savings and loan associations.

30



Mutual
savings
banks

36. 2
38. 3
41.4
44 5
49. 0
52.6
55.1
52.6
52.8
53.0
53. 1
53. 1
53.3
53. 4
53. 7
53. 9
54 2
54.6
54.8
55. 1
55. 3
3

Postal
Savings
System
0.8

.6
.5
.5
.4
.3

.1
.3

.3
.3

.3
.3
.3
.2

.2
.2
.2
.2
.1
.1
.1

Savings
and loan
shares

61. 8
70. 5
79. 8
90. 9
101. 4
109. 7
113.3
109. 7
109. 8
110.6
111.4
111. 0
111. 2
111. 4
110.7
111. 3
112.2
112. 1
112.8
113. 3
113. 8

U.S. Government
U.S. Gov- securities
ernment maturing
savings
within
bonds %
year 2
47.0
47. 4
47. 6
49. 0
49. 9
50.5
50.9
50.5
50. 5
50.3
50.3
50. 4
50.4
50.4
50. 6
50.6
50. 5
50. 6
50.6
50.9
51. 0

See footnote 2, page 29.
NOTE.—See Note, p. 31.
Source: Board of Governors of the Federal Reserve System.

41. 9
42. 6
46. 8
48. 1
46. 1
48. 6
53. 9
48.6
51. 1
51.0
52. 1
53. 3
53.3
53.4
52. 8
53. 3
545

56. 0
55. 8
53.9
54 0

BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total bank credit, seasonally adjusted, increased $3.8 billion in January, with loans rising over $3 billion.
borrowing, fell by $168 million to reduce net borrowed reserves to the lowest level in over a year.

Bank

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
'350
SEASONALLY ADJUSTED, END OF MONTH

ALL COMMERCIAL BANKS
300

300

250

250

200

200

150

100

100

INVESTMENTS IN
U.S. GOVERNMENT SECURITIES

\
50

50
INVESTMENTS IN OTHER SECURITIES

1961

1963

1962

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1964

1965

1966

1967
COUNCIL OF ECONOMIC ADVISERS

Billions of dollars
20. 8
59. 8
65. 2
23. 9
29. 2
64. 5
35. 0
61. 5
38. 7
61. 1
57. 7
44.8
54. 3
48.3
57.7
44.8
58.0
44.9
45.4
55.9
56. 0
45. 7
46. 2
55. 9
47.4
55. 1
4
55. 1
48. 6
54. 4
48. 5
56. 1
48. 1
54. 3
48. 3
52. 4
48. 4
52. 9
48. 3
54, 3
48. 3
49. 5
53. 8

Bank
Weekly
Aill member banks 3
debits
reporting
outside
large comNew \ ork
mercial
BorrowCity (224
banks
ings at
Free
Total
Excess Federal
centers) ,
reserves reserves Reserve reserves
seasonally
Business
adjusted
Banks
annual
loans 1
rates 2
IMillions o f dollars
87
19, 283
669
756
32. 2
1, 736
419
149
20, 118
568
32. 9
1,832
304
268
20, 040
572
2, 021
35. 2
327
209
20, 746
536
2, 199
38. 8
21,609
411
243
168
2, 696
42. 1
o
22, 719
452
454
2, 997
50. 6
392
557
-165
23, 830
60. 6
2
452
454
22, 719
3,250
50. 6
— 44
358
402
22, 750
S, 198
50.3
478
371
-107
22, 233
8,264
51.1
551
305
-246
22, 160
52. 6
S, 897
626
22, 528
358
-268
3, 390
52. 5
722
-352
22, 487
370
53. 5
S, 348
674
322
-352
22, 534
S, 377
55. 8
5
766
408
23, 090
-358
3, 509
58. 7
728
338
22, 655
-390
58.3
S, 4?4
766
398
-368
23, 240
3, 517
59. 4
302
733
-431
23, 333
3,487
59. 5
611
-222
389
23, 251
3,530
59. 9
392
557
23, 830
-165
3, 529
60. 6
389
371
24, 071
-18
60. 3

and industrial loans.
Debits during period to demand deposit accounts except interbank and
U.S. Government.
s Averages of daily figures. Annual data are for December.
4
Effective June I960, balances accumulated for payment of personal loans
(about $1.1 billion) are excluded from loans at all commercial banks, and certain

certificates of CCC and Export-Import Bank totaling about $1 billion are included
in 5other securities rather than in loans.
New series; see Federal Reserve Bulletin, August 19CG.
NOTE.—Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.

All comnaercial bank s
(s easonally adjusted da ta)
Total
Investrnents
Loans,
loans excluding
and
inter- U.S. Gov- Other
investbank
securiernment
ments
securities
ties

End of period

1960
1961
3962
1963
1964
1965
1966 »
1965: Dec
1966: Jan_
Feb
Mar
AprMay
June
July
Aug. __ _
Sept
Get1'v
Nov v
Dec
1967: Jan * __ _
1
Commercial
2




4

194. 5
209. 6
227.9
246. 2
267. 2
294.4
310. 7
294. 4
297. 4
297.5
300. 3
302. 9
304.9
307. 7
309. 2
310. 8
308.7
308. 1
308. 4
310. 7
314. 5

4

113. 8
120. 5
134. 1
149. 7
167.4
192.0
208.2
192. 0
194. 5
196.2
198. 6
200. 8
202.3
204. 0
206.4
206. 6
206. 1
207. 3
207.3
208.2
211. 3

31

CONSUMER AND REAL ESTATE CREDIT
Consumer credit showed a seasonal increase of $2.3 billion during December. Total instalment credit (seasonally
adjusted) increased $320 million. There was almost no change in automobile paper.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
100

100

40
20

20

SEASONALLY

_

ADJUSTED (ENLARGED SCALE)

_
-~~*

INSTALMENT CREDIT EX1 ENDED
\

***** %,ii.~,.<»..^«.«'""
'I i I i i i 1 i i i ' i
1961

!

t I I 1 1 I 1 1 I 1

r~""

tMtu«***

1 1 1 !

1962

^^^^^^^^^^J
"""""^^."'•W'""
" '"'"'!
""
\
1 1 1
1 1 1

t>

%

**«1« *"

1 1 ! 1 f

I 1

INSTALMENT CREDIT REP/MD
!

I 1 ! 1 1 1 1 1 t !

1963

1964

I ! 1 1 I ! t ! 1 1 I

1 ! f I 1 1 ! M ' 1

1966

1965

COUNCIL OF ECONOMIC ADVISERS

SOURCEi BOARD OF GOVERNORS .OF THE FEDERAL RESERVE SYSTEM

Period

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1965: Nov
Dec
1966: Jan
Feb
Mar
Apr
May_ _ __
June
July
Aug
Sept
Oct
Nov

Dec
1

[Millions of dollars]
Consu mer credit outstandin g (end of period;
Consum er instalme nt credit e xtended
umad justed)
and r<3paid (seas onally adju sted)
instalment
Automobile paper
To bal
NonAutomo1
Total
Total
bile
Personal instal- Extended Repaid Extended Repaid
ment 2
paper
loans
44,970
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94, 786
85, 291
87, 884
87, 027
86, 565
87, 059
88, 184
89,092
90, 070
90, 650
91, 483
91, 639
91, 899
92, 498
94, 786

33, 867
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
67, 168
68, 565
68, 314
68, 279
68, 827
69, 543
70,209
71, 194
71, 862
72, 640
72, 829
73, 073
73, 491
74, 656

15, 340
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
30, 961
28, 612
28, 843
28, 789
28, 894
29, 248
29, 597
29,908
30, 402
30, 680
30, 918
30, 793
30, 852
30, 937
30, 961

7, 582
8, 116
9, 386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
20, 110
18, 070
18, 354
18, 325
18, 396
18, 532
18, 747
18,927
19, 156
19, 306
19, 577
19, 701
19, 737
19, 837
20, 110

Also includes other consumer goods paper, and repair and modernization
oans, not shown separately.
3
Consists of single-payment loans, charge accounts, and service credit.
a
End of period, unadjusted.

32



i i t i i I i i i i iN
1967

11, 103
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
20, 130
18, 123
19,319
18, 713
18, 286
18, 232
18, 641
18,883
18, 876
18, 788
18, 843
18, 810
18, 826
19, 007
20, 130

42, 016
40, 119
48, 052
49, 560
48, 396
55, 126
61, 295
67, 505
75, 508
78, 896
6, 530
6,489
6,544
6,492
6,673
6,505
6,472
6, 675
6,732
6, 689
6, 578
6, 522
6,657
6, 433

39, 868
40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
5,831
5,855
5,947
5,954
6,024
5, 974
5,979
6, 126
6, 168
6,087
6, 103
6, 142
6,213
6, 112

16, 465
14, 226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28, 491
2,480
2,443
2,340
2,340
2,479
2,302
2,298
2,419
2,383
2, 431
2,387
2,378
2,461
2, 297

15, 545
15, 415
15, 579
16, 384
16, 472
17, 478
19,400
21, 676
24, 267
26, 373
2, 148
2, 107
2, 115
2,135
2,216
2, 145
2,159
2, 211
2, 238
2,223
2,213
2,244
2,255
2, 225

Mortgage
debt outstanding,
nonfarm
1- to 4family
houses 3
107, 600
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197, 600
213, 500
225, 200

213, 500
216, 700
220, 500
223, 100
225, 200

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.

BOND YIELDS AND INTEREST RATES
In January, interest rates on U.S. Government bonds were lower than a year earlier.
tinued to decline but remained far above their levels of a year earlier.

Private interest rates con-

PERCENT PER ANNUM

PERCENT PER ANNUM

CORPORATE Aaa BONDS
(MOODY'S)

1961

1967
COUNCIL OF ECONOMIC ADVISERS

SOURCESi SEE TABLE BELOW

Period

1960
1961
1962
1963
1964
1965
1966
1965: Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
-._
Sept
Oct
Nov
Dec
1967: Jan
Week ended:
1967: Jan 14__
21

28__
Feb 4__
11

IS..

[Percent per annum]
High-grade
U.S. Govejrnment secui*ity yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
s
(Standard 4 &
issues
bonds
bills *
Poor's)
2.928
3. 99
4 02
3.73
3.60
2.378
3.90
3.46
3.57
2.778
3.95
3. 18
3.72
3. 157
4.00
3.23
3.549
406
4 15
3. 22
4.22
3.954
4.21
3.27
5. 16
4881
3.82
4 65
4.362
4.77
4.43
3.56
4.89
4.596
3.52
4.43
5.02
4.670
4.61
3.63
4 94
4 626
463
3. 72
4. 86
4.611
4 55
3. 59
4 642
4. 94
4 57
3.68
5. 01
4 539
4 63
3.77
5. 22
4 855
4 75
3. 94
4 932
5.58
4 80
4 17
5. 62
5. 356
4 79
4 11
5. 38
5.387
3.97
470
5. 43
5. 344
4 74
3. 93
5. 07
5.007
3.83
4 65
4759
4 71
4 40
3. 58
4 818
4 716
4 680
4 486
4. f>,'U)
4. f)77

476
465

4 68
4 64
4. (57
4. 7(1

4 40
4 37
4 39
4. 37

4. 41
435

4. 33
4 26
4 40
4.49
5. 13
4. 68
4.74
4.78
492

4 96
4 98
5. 07
5. 16
5. 31
5. 49
5.41
5. 35
5. 39
5. 20

8
H olnrtud n o l n rind hond h n i l n n .
llato on now in.snos with n fwlod.
Ain-il 1UM to dnto, bond N dun or oulluhln J ( i yiwrw mid u f l u r.
* Not i - h u r t n d .
* Wookly dnlniirn Wodncn diiy ftiwrr«.
8
Dntfi for f l r n f of t l m inon Ml. I w n i u l on Mm u n l l n i l i n i p u t n l M l b l i - l o f i - r . - H t u t

I hi It- y r r u ' t .

5. 19
5.08
5. 02
4.86
4 83
4.87
5. 67
5. 02
5.06
5.12
5. 32
5.41
5. 48
5.58
5. 68
5. 83
6. 09
6. 10
6. 13
6. 18
5. 97
0. 08
r

). 02
>. 00

:i 45

.*{. r>2

Baa

5. 32
5. 15
r
). 04

.">. 47

1
8




Aaa

3. 62
3. 43
3. 43

4. 4 1
*4 4!)

Corporalbe bonds
(Moo dy's)

f». S 1
.r>. S2

*•.()!

M.mrrrrr '1 rntiury
f l y n l r i t i Kn« critl l i n n
M o n d ) n In i - r n l u r n Mr

• ). 1)2

r>. sit

r>. ,s:»

Prime
commercial
paper,
months
3. 85
2. 97
3.26
3. 55
3.97
4.38
5.55
4. 65
4.82
4.88
5.21
5. 38
5.39
5. 51
5. 63
5. 85
5. 89
6. 00
6. 00
(. 00

r. ?:$
r. sr»
; . (is
r r
;. 10

FHA
new home
mortgage
yields 5
6. 16
5. 78
5. 60
5.46
5. 45
5.46
6.29
5.51
5.62
5.70

6.00
6. 32
(>. 45
0. 51
<>. 58
6. 03

<>. S 1

(». 77

.' , iS
*, r . is

»«pnr!i inn!, Hoard t.f ( • i V f i iioi n <>f ( h n K i ' d m n l Uivwrvn
Inr A . u d t d n t f i i t i o t i , Mtr. i d r u d «t 1 ' i M i r ' n < 'or j i n r u f Ion, und
v!r<v

33

COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices rose appreciably throughout January.
during the first 2 weeks of February.

Most types of stocks experienced further moderate price gains

index, 1941-43=10

Index, 1941-43=10

90
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS

\

\
PERCENT

PERCENT

RATIO

RATIO

^Ss^

on

_

PRICE/EARNINGS RATIO ON COMMCDN STOCKS

-

\

\

,

1

•1C

10 1

f

'

1961

,

'
1962

i

'

i _>^»-—^-n.

r^—^—i

•

i

i

1963

!

!

!

1

1

i

!

Price i ndex
Industrials
Total

i.

i

6
13
20
27
Feb 3
10
17 .

Total

Capital
goods

K

l

Consumers'
goods

Public
utilities

Railroads

Dividend
yield 2
(percent)

69. 99
65. 54
73. 39
86. 19
93. 48
91. 09
99.56
99. 11
95. 04
98. 17
92. 85
92. 14
91. 95
86. 40
83. 11
82. 01
86. 10
86.50
89. 88

1941-4L3 = 10
67. 33
57. 01
54. 96
58. 15
63. 30
62. 28
76. 34
73. 84
81.94
85. 26
84.78
74.00
93.35
84.28
93.69
83.48
90. 28
78. 96
93. 54
79.28
88. 78
75. 12
87. 34
73. 75
86.38
73.87
79. 81
69. 91
74, 74
67. 89
72. 67
66. 67
77. 89
68. 25
79.83
67.76
82. 70
69. 97

60. 20
59.16
64. 99
69. 91
76.08
68.21
74.50
71.87
69. 21
70.06
68.49
67. 51
67. 30
63. 41
63. 11
65.41
68. 82
68.86
70. 63

32.83
30.56
37.58
45. 46
46.78
46. 34
53.68
54.78
51. 52
52.33
47. 00
46.35
45. 50
42. 12
40. 31
39. 44
41. 57
41. 44
44. 48

2. 98
3. 37
3.17
3. 01
3.00
3. 40
3.02
3.06
3. 23
3. 15
3.30
3. 36
3. 37
3. 60
3. 75
3. 76
3.66
3.59
3. 51

81. 18
83.51
85.45
86. 14
86. 76
87. 37
4
87. 95

86. 15
88.79
91. 03
91. 81
92. 56
93. 33
94.02

78.76
83.20
84. 46
84. 39
85. 28
86. 90
88. 23

69. 93
70. 52
70. 75
70. 99
70.82
70. 67
70. 65

41.89
43. 66
45. 31
45. 87
46. 13
46. 09
46. 43

Price/
earnings
ratio 3

3. 65
3. 52
3. 43
3. 43
3.40
3. 34
4
3. 32

locks: -\'ll are Industrials: 50 are public utilities; and 25
<:. lor capital and consumer goods are Wednesday
's tire" nvonipos of daily figures.
ruin (tinned on Introt known annual rate) divided by
irkrt vnliii* of the storks In the proup. Annual yields
ntit Weekly eliitn r»ri» Wwlmwlny ftpiirw*.


34


i

1967

66. 27
62. 38
69.87
81. 37
88. 17
85. 26
93.32
92.69
88.88
91. 60
86.78
86.06
85. 84
80. 65
77.81
77. 13
80. 99
81. 33
84. 45

1961
1962
1963
1964
1965
1966
1966: Jan
Feb
Mar_
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1967: Jan
Week ended:
1967: Jan

U's 600 common
onilM. \V«mklv ii
il other wwkiy I
Pirntc Truth <Uvld
ppnta monthly ti
nrw *»' monthly

i

COUNCIL OF ECONOMIC ADVISERS

SOURCEi STANDARD 8. POOR'S CORPORATION

Period

i

1966

1965

1964

66.80
69. 36
71.77
71. 95
72. 67
74. 17
74. 52

21.06
16. 68
17.62
18. 08
17. 08

16. 31

14.71
13.92

3
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
* Not charted.
Source: Standard & Poor's Corporation.

FEDERAL FINANCE

FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The administrative budget expenditures for the first 7 months of fiscal 1967 were $74 billion. In the corresponding
periods of fiscal 1966 expenditures were $62 billion. Receipts for the same period were $59 billion in fiscal 1967
and $50 billion in fiscal 1966.

BILLIONS OF DOLLARS
125
NET BUDGET EXPENDITURES

BILLIONS OF

100

100

75

75

50

50

25

25

1962

1963

1964

125

1965

1966

DOLLARS

NET BUDGET RECEIPTS

1967

1962

1963

1964

1965

1966

1967

1966

1967

BUDGET SURPLUS (+) OR DEFICIT J-)
(ENLARGED SCALE)

25 -15

1962

1963

1964

1965

1966

1962

1967

1963

1964

1965

*ESTIMATE
SOURCES 'TREASURY DEPARTMENT AND BUREAU OF THE BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Net budget expenditu res
N ational defe]cise l
Net
budget
receipts

Period

Fiscal year 1962
Fiscal year 1963_._>._
Fiscal year 1964
Fiscal year 1965
Fiscal year 1966 3
Fiscal year 1967
Fiscal year 1968s
1965: Dec
1966: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct .__
Nov
Dec
1967: Jan
Cumulative totals, first 7 months:
Fiscal year 1966
Fiscal year 1967
1

_

81. 4
86. 4
89.5
93. 1
104.7
117.0
126. 9
9.6
6. 5
8. 3
11.3
9.9
8.5
17.2
5. 7
7.2
12. 5
5. 8
7. 4
10. 6

Total

87.8
92. 6
97.7
96.5
107.0
126. 7
135. 0
9.4
8. 8
8. 2
10.2
8.4
9. 1
9.4
10.3
11. 0
11. 9
11. 0
10.4
9.5

51. 1
52.8
54.2
50.2
57.7
70.2
75.5
5. 1
4. 6
4. 5
5. 6
5. 0
4. 9
6. 3
4. 9
5. 6
6. 0
5.5
5.5
5.9

46. 8
48.3
49.8
46.2
54.4
67. 0
72. 3
4.8
4. 4
4. 2
5.2
4.8
4.6
5. 9
4.7
5. 4
5. 7
5. 3
5. 3
5. 7

Military
assistance

(4)

1.4
1.7
1.5
1.2
1.0
1.0
.8
.1
.1
.2

(4)

.2
(4)

Public
debt
(end of
period) 2

-6.4
-6.3
-8.2
-3.4
-2.3
-9.7
-8. 1
.1

-2.4
.2
1. 1
1.6

.1

(4)

Budget
surplus
or
deficit (-)

.1
.1
.1
.1

-. 6
7.7

-4. 6
-3.8
.6
-5. 2
-3. 0
1. 1

298. 6
306. 5
312.5
317.9
320.4
327.3
335. 4
321.4
322.4
323.7
321. 5
320. 1
322. 8
520. 4
U9. S
U-1. 9
Ufi, ,fl
iJ7, 4
U9, !*
U1», H

UR 4

49. 6

sa 6

61. 8
74.0

In addition to items shown, also Includes atomic energy and defense related
services.
• Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
* Estimates.




Total

Department of
Defense,
military

31. 4
39. 6

29. 7
37. 9

.4
.4

-•• 12. 2
— If*, fi

*Less than $50 million.
NOTE.—Total budget receipt! and
oinhula wwtnln
mental transactions.
Sources: Treasury Department »n<l Il»r#iin of Ihn Mu<tM«t.

ur,1 4
»'/» 4
IrtirM^ftvMit

38

FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
On a seasonally adjusted basis, cash receipts increased $0.5 billion in the fourth quarter, while cash payments
decreased $2.2 billion, resulting in a cash deficit of $1.0 billion. For the calendar year 1966, the cash deficit was
$5.7 billion.

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

25

25

SEASONALLY ADJUSTED

EXCESS OF O\SH RECEIPTS

«

1 •

F!

K,

1 | ijji
I
I

- |

1n i n

i i

• I i*

i
1
i 1

1

EXCESS OF G\SH PAYMENTS
....-

!

1

1

1

1960

1

!

1961

1

1

1

1962

\

\
1963

\

1

!

!

1

!

1965

1964

1

1

1

!

-5

1966

CALENDAR YEARS
SOURCESt TREASURY DEPARTMENT AND BUREAU OF THE BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Period
Fiscal year:
1962
1963
1964
1965
1966
1967 1
i
1968
Calendar year:
1961
1962
1963
1964
1965
1966

.

Quarterly total (calendar years):
1965: I
II
III
IV
1966: I
II
III
IV
1
2

Cash receipts
from the
public

Cash payments to
the public

101. 9
109.7
115.5
119.7
134. 5
154. 7
168. 1

107.7
113. 8
120. 3
122.4
137.8
160. 9
172. 4

97.9
106. 2
112. 6
115.0
123.4
145. 1

104. 7
111. 9
117. 2
120. 3
127.9
150. 9
Unadjusted

2.4
5.1
-3.9
-8.1
-1.3
10.0
-6.7
-7.7

Cash payments to
the public

Excess of
receipts or
payments
(-)

-6. 8
-5. 7
-4. 6
-5. 2
-4.5
-5.7

28. 3
32.6
33. 1
34.0
34. 6
36.2
41. 3
38. 8

Cash receipts
from the
public

-5.8
-4. 0
-4. 8
-2.7
-3.3
-6.2
-4. 3

30.7
37.7
29. 2
25.8
33.3
46. 2
34. 6
31. 1

Estimates.
Seasonally adjusted data include accelerated corporate tax payments of
about $0.9 billion in 1965, and $2.9 billion in 1966; data for 1966 also include adjust-

36



Excess of
receipts or
payments
(-)

Sejisonally adjus ted
2

29. 7
32. 6
30.6
30.7
33. 7
39. 6
36. 3
36. 8

30.2
32.4
32. 1
33. 1
36. 9
36.0
40. 0
37. 8

0.4
.3
-1.5
-2.4
-3.2
3.7
-3.7
— 1. 0

ments for initiation of graduated withholding of personal income taxes and
change in schedule for depositing withheld and OASI taxes.
Sources: Treasury Department and Bureau of the Budget.

FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In calendar 1966, Federal receipts rose an estimated $17% billion and expenditures nearly $19 billion, yielding an
approximately balanced budget.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES

140

140

RECEIPTS

\

120

EXPENDITURES

100

100

80(/_J

I

L

J

4-20

SEASO NALLY

ADJUSTED ANNUAL

I

L-*j80

f2O

RATES

SURPLUS

l .
i

1

m
1 •

• ""

•

-• .*

m

^

^

m

™ P!

1

m

-

-

DEFICIT
1

-20

!

1

1

1960

1

!

I

1

!

I

1962

1961

!
1963

1

\

I
1964

!

!

1
1965

1

1

!
1966

1

-20

CALENDAR YEARS
SOURCE, DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fed era 1 Governrnent expe nditures

Federal (jrovernmeat receipt s
Period

Fiscal year:
1963
1964
1965
1966 1
1967 1 ___.
1968 —_
Calendar
year:
1963
1964
1965
1966 » _ _ _
1965: I _ _
II..
III.
IV.
1966: I _ _
II.

m_

Indirect ContriPersonal Corpo- business butions
rate
tax and profits tax and
for
Total nontax
Total
tax
nontax
receipts accruals accruals social insurance

Surplus
or
GrantsSubsidies defi cit
Purin-aid
less
current . (-)
chases Trans- to State f Net
of goods fer payand
interest surplus income
and
and
local
ments
paid
of Goyt product
services
governenter- accounts
ments
prises

110. 2
115. 5
120.6
132.6
149.8
167.1

49. 6
50.7
51.3
57. 9
65.5
76.8

23.5
25. 6
27.830.7
32.3
35.3

15.0
15. 6
16. 9
15.9
16.5
16.9

22. 1
23.6
24.6
28. 1
35.5
38. 1

111. 4
116. 9
118.3
132.3
153. 6
169.2

63. 4
65. 7
64. 3
71.7
83.6
91.9

28.5
29. 6
30.4
34.3
39.8
46. 6

8.4
9.8
10. 9
12.9
148
16.7

7.5
8. 1
8.5
9. 1
10. 0
10.5

3. 6
3.8
41
45
5. 4
3. 5

-1. 2
— 1. 4
2.3
.3
-3.8
-2. 1

114.5
115. 1
124. 9
142.4
124.0
125.0
123.8
126. 9
136.0
141.0
145.3

51.5
48. 6
54.2
61.9
53. 4
54. 9
53. 8
54.7
57.1
60.7
63.9
65.7

24.6
26. 5
29. 1
31.7
28.7
28.7
28. 9
30.3
31. 9
31. 9
31. 6

15. 3
16. 2
16. 8
15.9
17.5
16.8
16. 3
16. 7
15. 2
16. 1

23. 1
23.9
24. 8
33. 0
24 5
24,6
247
25. 2
31. 7
32. 2

113. 9
118. 1
123. 4
142. 2
119. 6
120. 6
126. 3
127. 0
133.7
137.1
145. 8
151. 5

64.2
65. 2
66. 8
76.9
64. 4
65. 6
67. 5
69. 8
71. 9
74.0
79.0
81.7

29.1
29.9
32. 4
36. 5
31. 3
30.9
348
32.8
35. 4
34 8
36.9
39. 1

9.1
10.4
11. 2
145
11.0
11. 1
11. 1
11.6
13. 0
146
15. 3
15. 0

7.7
8.3
8.7
9.6
8.6
8.7
8.8
8.8
9. 3
9. 5
9.7
10. 0

3.6
42
42
47
43
42
41
41
41
42
48
5.6

.7
-3.0
1. 6
.3
4. 5
44
-2. 5
. o
2! 3

IV.

i Estimates.




ia 2
16.4

sa 6

34.3

NOTE.—Data for Alaska and Hawaii included beginnin
Source: Department of Commerce.

a. H

—.5

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
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
— -_
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
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
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
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
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and . . . . not available.

For sale by tbe Superintendent of Documents, U.S. Government Printing Office, Washington, D.C., 20402
Price 25 cents per copy; $2.50 per year; $3.50 foreign

38




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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102