Full text of Economic Indicators : February 1968
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
90th Congress, 2nd Session
Economic Indicators
February 1968
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1968
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
ARTHUR M. OKUN, Chairman
JAMES S. DUESENBERRY
MERTON J. PECK
Economic Indicators -prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators/' and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts 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 1967 revised edition of the Historical and Descriptive Supplement to
Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Office.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product rose by $16 billion (seasonally adjusted annual rate) in the
fourth quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Period
Total l
1960
1961
1962
1963
1964
1965
1966
1967 v
1966: I
II--.
III..
IV
1967: I
!!____
Ill—
IV *>_
350. 0
364. 4
385. 3
404. 6
438. 1
472. 2
508. 8
544. 7
497. 5
503. 3
512. 4
522. 0
532. 7
540. 0
548. 2
557.9
PerEquals: Personal sonal
Less:
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
or
and
Purtion
paid and excludfers,
fers,
nontax interest, Net
expending
transfer
expend- interest,
dischases
interest itures saving receipts
of goods
receipts itures
payand
and
or
and
and
ments
(-)
subsubaccruals sidies 2
to for2
services
transsidies
fers
eigners
7. 8
8. 1
8. 6
9. 7
10. 7
11. 9
13. 1
14.2
12. 6
13. 0
13. 1
13. 5
13. 8
14. 3
14. 3
14. 5
342. 3
356. 3
376. 6
394. 9
427. 4
460. 3
495. 7
530. 5
484. 9
490. 3
499. 3
508. 5
518. 9
525. 7
533. 9
543.4
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
491. 7
458. 2
461. 6
470. 1
473. 8
480. 2
489. 7
495. 3
501.8
17. 0
21. 2
21. 6
19. 9
26. 2
27. 2
29. 8
38.7
26. 6
28. 7
29. 2
34. 6
38. 8
36. 0
38. 5
41. 6
139. 8
144. 6
157. 0
168. 8
174. 1
188. 8
213. 0
227.4
204. 3
210. 6
216. 3
220. 9
222. 8
223. 2
229.3
I960..
1961_.
1962..
1963..
1964_.
1965-.
1966_.
1967 *
1966:
III.
IV.
1967:
III. _
IV »_
99. 6
107. 6
117. 1
122. 5
128. 7
136.4
154. 3
176. 3
146. 5
151. 2
157. 7
161. 7
170.4
175.0
178.2
181. 7
Net
Net exports of goods
Total
and services
transfers
Excess of income
Gross
to forGross
or
transfers
private Excess
retained domestic
of
eigners
receipts
or
earnby perof net
invest-4 investment sons and Exports Less: Equals:
ings 3
exports
ment
Net
GovernImports exports
ment
Statistical
discrepancy
56. 8
58. 7
66. 3
68. 8
76. 2
83. 7
89. 7
90. 2
87.6
88.4
89. 5
93. 6
88. 9
89. 1
90. 4
74. 8
71. 7
83. 0
87. 1
94. 0
107. 4
118. 0
112. 1
115. 2
118. 5
116. 4
122. 2
110.4
105. 1
112. 2
120.8
103. 3
103. 3
114 2
124.3
127. 3
139. 1
157. 5
163. 7
150. 9
157. 5
160. 2
161. 5
159.6
160. 1
164. 9
136. 1
149. 0
159.9
166.9
175.4
186. 1
209. 8
240. 0
199. 8
204. 4
213. 7
221. 2
233. 6
238. 1
242. 6
245. 9
Surplus
or
deficit
(-),
income
and
product
accounts
3. 7
-4. 3
9 Q
r. 8
-1. 4
2. 7
3.2
-12. 6
4. 6
6. 1
2. 6
0
-10'. 8
-15. 0
-13. 3
International
-18. 0
— 13. 0
-16. 8
— 18. 4
-17.8
-23. 8
-28. 3
— 21.9
-27. 6
-30. 1
-26. 9
-28. 6
-21. 5
— 16.0
-21.8
2. 4
2. 6
2.7
2. 8
2.8
2.8
2. 9
2.9
3. 4
2.9
2.8
2. 5
2. 9
3. 1
3. 1
2.7
27. 2
28. 6
30. 3
32. 3
37. 1
39. 1
43. 0
45. 3
42. 0
42. 5
43.7
44. 0
45. 3
45. 1
45. 6
45.4
'Personal income (p. 5) less personal tax and nontax payments (fines, penalties, etc.).
2 Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
s Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business,which are included
in disposable personal income.
36. 5
41. 3
42. 8
44. 4
46. 7
49. 7
55. 5
63.7
53. 4
53. 1
56. 1
59.4
63. 2
63. 1
64. 4
64. 2
36.5
41.3
42. 8
44. 4
46. 7
49. 7
55. 5
63. 7
53.4
53. 1
56. 1
59.4
63.2
63. 1
64. 4
64. 2
Business
Period
Expenditures
Net receipts
Disposable personal income
23. 2
23. 0
25. 1
26. 4
28. 6
32.2
37. 9
40.6
36.0
37. 1
39. 0
39. 7
39. 9
39.8
40. 2
42.4
4. 0
5.6
5. 1
5.9
8.5
6.9
5. 1
4.8
6. 1
5.4
4. 6
4.3
5.3
5. 3
5. 4
3.0
-1. 7
-3. 0
-2.5
-3. 1
-5.7
— 4. 1
-2. 2
-1. 8
-2.7
-2. 5
-1. 8
-1.8
-2. 5
-2.3
-2.3
-.3
504 8
520.8
559. 8
590. 8
633. 7
685.8
745.9
787. 3
726. 8
738.8
751.9
765.9
770.3
777.9
792. 4
-1. 0
—. 8
.5
-.3
-1.3
-2. 0
-2. 6
-2.4
-. 9
-2. 2
-3. 2
-3.8
-4.0
-2.8
— 1.2
Gross
national
product
or
expenditure
503. 7
520. 1
560. 3
590. 5
632.4
683. 9
743. 3
785.0
725. 9
736. 7
748. 8
762. 1
766.3
775. 1
791. 2
807.3
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 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) continued to advance at an annual rate of 81/2 percent in the fourth
quarter, according to revised estimates. Over half of the increase represented a rise in physical output and the
rest higher prices.
BILLIONS OF DpLLARS
BILLIONS OF DOLLARS
,800
^^-1 800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS NATIONAL PRODUCT
600
600
500
500
PERSONAL CONSUMPTION
EXPENDITURES .
400
400
- GOVERNMENT PURCHASES
OF GOODS AND SERVICES
300
300
100
100
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES \
j
I
I
1
1961
I
I
I
1962
I
1963
J
I
!
I
J
I
1965
1964
I
1957
_ __ _
1958 __
1959
1960
1961
1962___ . _ _ _ , _ _ _
1963
1964_ _
1965_
1966
1967
1966: I
II
III
IV
1967: I
II
IIL_
IV-
Total
Personal Gross
congross
Total
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
prices
itures
Billions of dollars; quarterly
452.5
447.8
475.9
487.7
497. 2
529. 8
551. 0
581. 1
616. 7
652. 6
669. 8
645.4
649. S
65 A. 8
661. 1
660. 7
664. 7
672. 0
679.6
441. 1
447. 3
483.7
503.7
520. 1
560. 3
590. 5
632. 4
683. 9
743. 3
785.0
725.9
736.7
748. S
762. 1
766. 3
775. 1
791. 2
807. 3
281. 4
290. 1
311. 2
325.2
335.2
355. 1
375. 0
401. 2
433. 1
465. 9
491.7
458. 2
461. 6
470. 1
473. 8
480.2
489. 7
495. 3
501. 8
67. 8
60.9
75.3
74. 8
71.7
83. 0
87. 1
94. 0
107.4
118. 0
112. 1
115. 2
118. 5
116.4
122. 2
110.4
105. 1
Ha 2
120. 8
1
This category corresponds closely with budget expenditures for national
defense,
shown on p. 35.
2
Gross national product in current prices divided by gross national product
in 195F prices.
!
_L
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCEt DEPARTMENT OF COMMERCE
Period
J
1966
Net
exports
of goods
and
services
Government purchases of goods and
services
Federal
State
Total
and
National
Total defense1 Other local
Implicit
price
deflator
for total
GNP,
1958= 1002
data at seasonally adjusted annual rates
5.7
2.2
.1
4,0
5. 6
5. 1
5. 9
8.5
6.9
5. 1
4.8
6. 1
5.4
4. 6
4. 3
5.3
5. 3
5. 4
3.0
86. 1
94. 2
97. 0
99. 6
107. 6
117. 1
122. 5
128. 7
136. 4
154. 3
176.3
146. 5
151. 2
157. 7
161. 7
170.4
175. 0
17a 2
181.7
49. 5
53. 6
53.7
53. 5
57. 4
63. 4
64. 2
65. 2
66.8
77. 0
89.9
72. 1
74. 9
79. 5
81. 5
87. 1
89. 5
90. 9
92. 2
44, 2
45. 9
46. 0
44. 9
47. 8
51. 6
50. 8
50. 0
50. 1
60. 5
72. 5
55. 1
58. 4
63. 0
65. G
70.2
72. 5
73. 3
74, 2
5. 3
7.7
7.6
8. 6
9.6
11. 8
13. 5
15. 2
16. 7
16. f>
17.4
17. 1
16. 6
16. 6
15. 1)
16.8
17.0
17.6
18.0
36. 6
40. 6
43. 3
46. 1
50. 2
53. 7
58. 2
03. 5
69. (>
77. 2
86. 4
74. ;;
76. 2
78. 1
SO. 2
83. 3
85. 4
87. 4
89. 5
NOTE.—Data for Alaska and Hawaii included beginning 3960.
Source: Department of Commerce.
97. 5
100.0
101. 6
103.3
104. 6
105. 8
107. 2
108. 8
110. 9
113. 9
117.3
112. 5
113. 5
114. 4
115. 3
116. 0
116. 6
117. 7
118.8
NATIONAL INCOME
National income rose almost $12 billion (seasonally adjusted annual rate) in the third quarter. According to revised
estimates for the fourth quarter, employee compensation increased $11 billion and net interest rose $1/2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
600
600
TOTAL NATIONAL INCOME
500
500
COMPENSATION OF EMPLOYEES
400
400
300
300
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT"
100
i
100
\
NET INTEREST
J
~^—-^—
1961
I
1962
r~r—1——
r
1963
J/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
I
I
1965
1964
I
1966
* SEE NOTE, PAGE 7.
1967
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Period
1958_
1959
1960
1961
1962
1963
1964___
1965
1966
1967 9
1966: I
II
III
IV
1967: I
II_
IIT
IV v
Total
national
income
367.8
400. 0
414. 5
427. 3
457. 7
481. 9
518. 1
562. 4
616. 7
649. 0
GOO. 3
010. 4
622. 1
634. 1
636. 4
641. 6
653. 4
Compensation
of em- 1
ployees
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365. 7
393. 9
435. 7
469. 7
420. 8
430. 7
441. 2
450. 2
459. 1
463.4
472. 6
483. 6
Proprietors' income
Farm 2
13. 4
11. 4
12. 0
12. 8
13. 0
13. 1
12. 1
14.8
16. 1
14.8
17. 1
16.0
15. 9
15. 1
14.6
14.3
15. 0
15. 2
1
Includes employer contributions for social insurance. (See also p. 4.)
* Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
persons
33. 2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
41.9
43.2
43. 6
42.8
43.3
43.3
43.4
43.2
43.4
43.8
44. 1
15.4
15. 6
15. 8
16. 0
16. 7
17. 1
18.0
19.0
19.4
20. 1
19.2
19.3
19.4
19.6
19.8
20.0
20. 2
20. 4
Net
interest
6.8
7. 1
8. 4
10. 0
11. 6
13. 8
15.8
17.9
20.2
22. 4
19.3
19.8
20.4
21. 1
21.6
22. 1
22. 7
23. 3
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51. 7
49. 9
50. 3
55. 7
58. 9
66.3
74.9
82.2
79.0
81.1
81.3
81.9
84.6
78. 1
78. 3
79. 2
Profits Inventory
valuation
before
taxes 3 adjustment
41. 4
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
76.6
83.8
80.2
83.7
83.6
84.0
83.9
79.0
78. 9
80.0
a See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0.3
-. 5
2
— !i
.3
— .5
—*~ . o
1 7
-1.6
-1.2
-2.6
-2.3
-2.2
.7
-.8
-.7
-.8
-2.3
SOURCES OF PERSONAL INCOME
Personal income rose at a seasonally adjusted annual rate of about $2 billion in January, considerably below the
$61/2-$7 billion pace in the two preceding months. The decline in wages and salaries was in the government sector,
where December wage payments were unusually high because of the retroactive Federal pay increase. The January
increase was also held down by higher contributions to social insurance.
BILLIONS OF DOLLARS
1 700
BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
500
500
WAGE AND SALARY DISBURSEMENTS
V
400
400
\
300
300
OTHER INCOME
iitiiinmnnunmiimniniuiiii niiimnnii
100
100
TRANSFER PAYMENTS
1962
1963
1964
1965
SOURCE, DEPARTMENT OF COMMERCE
Period
1959___ _ __
1960
1961_ _
1962
1963
1964
1965.
1966
1967
1966: Dec
1967: Jan
Feb
Mar
Apr
May
June
July __.
Aug.__
Sept____
Oct
Nov
Dec
1968: Jan*___
Total
personal
income
383.5
401.0
416.8
442.6
465. 5
497. 5
537. 8
584. 0
626.4
605. 0
610. 4
612. 6
615. 6
616.5
618. 2
622. 6
627. 0
631.6
634.4
635. 9
642. 4
649. 3
651. 2
1967
1968
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
and
Other Proprietors' income income
Transfer
Divi- Personal
salary
labor 2
Business
interest
paydends
of
disburseincome
Farm
and pro- persons
income ments
l
ments
fessional
258.2
11. 3
11. 4
35. 1
12. 6
15. 6
20. 7
26. 6
12.0
270.8
12.0
34. 2
23. 4
13. 4
15. 8
28. 5
12.7
278. 1
12.8
35. 6
25. 0
32. 4
16. 0
13. 8
296. 1
27. 7
13. 9
13. 0
37. 1
15. 2
16. 7
33. 3
311. 1
14. 9
13. 1
37. 9
16. 5
31. 4
17. 1
35. 3
333. 7
12. 1
16. 6
40. 2
34 9
18. 0
36. 7
17. 8
359. 1
18. 6
14 8
41. 9
19. 0
38. 4
39. 7
19. 8
394. 6
20. 8
21. 5
42. 4
16. 1
43. 2
19. 4
43. 9
14. 8
423. 8
23. 2
43! 6
46. 5
2o! 1
22! 8
51. 9
21. 9
410. 0
15. 3
43. 5
19. 7
20. 2
44 8
48. 5
22. 1
413. 8
15. 0
21. 8
43. 3
45. 0
19. 7
49. 7
414. 2
22. 2
14. 6
22. 3
45. 2
43. 2
19.8
51. 1
22. 4
416. 2
14 3
22. 6
43. 1
19. 9
51.7
45. 5
22. 6
416. 7
14 4
51. 0
43. 3
20.0
22.8
45. 8
22. 8
417. 2
14 4
46.0
43. 4
20.0
51.5
23. 1
23. 1
420. 9
14 3
43.6
46. 1
51. 6
23. 3
20. 1
46.4
423. 4
147
23. 3
52.2
43. 7
20. 2
23. 5
426. 7
23.6
52. 4
15. 0
43. 8
20. 2
46. 9
23. 5
428.5
23.8
52.
5
43. 9
23.4
20. 3
47.3
15. 3
429. 4
24. 0
44. 0
47. 6
52. 8
15. 1
20. 3
23. 2
435. 3
24. 3
15.2
52. 8
44 1
23. 1
48.0
20. 4
24. 6
443. 1
44 2
15. 3
21. 0
48. 5
20. 4
53. 1
442. 7
24. 9
15. 4
22. 9
44 3
20. 5
48. 9
53. 8
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
1966
Less: Personal con- Nonagritributions cultural
personal
3
for social income
insurance
7. 9
368. 5
9. 3
385. 2
9. 6
400. 0
425. 5
10. 3
11. 8
448. 1
1Z 5
480. 9
13. 4
518. 4
17! 9
563^ 1
606. 5
20* 4
584 8
18.8
590.2
20.0
20.0
593. 0
596. 2
20. 1
596. 9
20. 1
598. 8
20. 1
603.2
20. 3
607.2
20.4
20.6
611. 4
20.6
614.0
20. 6
615.7
20. 8
622. 0
21. 1
628.8
22. 3
630.5
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
[Revised data indicate that personal income advanced $11% billion (seasonally adjusted annual rate) in the fourth
quarter and disposable income increased $93A billion. Personal outlays rose $61A billion and the saving rate jumped
from 7.0 to 7.5 percent.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
SEASONALLY ADJUSTED ANNUAL RATES
.550
550
500
500
DISPOSABLE PERSONAL INCOME
\
450
450
400
400
350
350'
300
N
DOLLARS
2,800
PER CAPITA DISPOSABLE PERSONAL INCOME
300
DOLLARS
2,800
SEASONALLY ADJUSTED ANNUAL RATES
2,600
2,600
IN CURRENT PRICES
\
2,400
2,400
2,200
2,200
IN 1958 PRICES
2,000
!
,1,800
1961
I
1
J
1963
2,000
J
I
1965
1964
L
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
Per capita disLess: Personal outlays
posable personal
Equals:
Personal consumption
Equals:
income
Disexpenditures 2
Personal
posable Total
saving Current
personal personall Durable Non1958
income outlays
Services
prices
prices
goods durable
goods
383.5
401.0
416.8
442. 6
465. r,
497. f>
537. 8
584. 0
026. 4
46.2
50.9
52.4
57.4
00. 9
59. 4
65. 6
75. 2
81.7
337.3
350.0
364.4
385.3
404. 0
438. 1
472. 2
508. S
544. 7
1966:
567. S
577. 3
589. 3
601. 6
612. 9
619. 1
631.0
642. 5
70. 4
74. 1
76.9
79. 6
80. 2
79. 1
82.8
84.7
497.
503.
512.
522.
532.
540.
548.
557.
5
3
4
0
7
0
2
9
Billions of dollars
44.3
146.6
120.3
318. 3
333. 0
151.3
45.3
128.7
343. 3
44.2
155.9
135.1
162.6
143.0
363.7
49.5
152. 4
168. 0
384. 7
53. 9
411. 9
178. 7
163. 3
59. 2
191. 2
175. 9
445. 0
66. 0
207.5
188. 1
479. 0
70. 3
202. 1
217. 5
72. 1
505. 9
Seasonally adjusted annual rates
203. 2
183. 5
71. 6
470. 9
207. 1
186. 3
474. 6
68. 2
189.8
209. 5
483. 2
70. 9
192. 9
210. 3
70.6
487. 4
214. 2
196. 6
69. 4
493. 9
217.2
200.0
72.5
504. 0
204.
1
72. 7
218. 5
509. 6
207. 7
220. 3
516. 2
73.8
1
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
3Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
I
1,800
1967
COUNCIL OF ECONOMIC ADVISERS
1959
1960
1961
1962
1963
1964
1965
1966
1967
I
!!___
III..
IV__
1967: !____
II __
III _
IV._.
J
1966
Saving
as percent of Population
disposable
(thou-3
personal sands)
income
(percent)
19.1
17.0
21.2
21.6
19. 9
26. 2
27. 2
29. S
38. 7
Dollars
1,905
1,881
1,937
1,883
1,983
1,909
2,064
1,968
2,136
2,013
2,280
2, 123
2,427
2, 232
2, 584
2, 317
2,736
2,393
5.6
4.9
5.8
5.6
4.9
6. 0
5.8
5. 9
7.1
177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
26. 6
28.7
29. 2
34. 6
38. 8
36.0
38.5
41. 6
2,537
2, 560
2, 598
2,639
2, 686
2, 716
2,749
2, 789
5. 3
5.7
5.7
6.6
7.3
6.7
7.0
7.5
196, 096
196, 629
197, 216
197, 834
198, 356
198, 852
199, 425
200, 006
2,304
2, 302
2, 324
2, 341
2,373
2,388
2,394
2,413
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) declined about 6 percent in the fourth quarter,
according to current estimates. Including inventory change, there was a small rise.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL RATES
REALIZED GROSS
FARM INCOME
\
40
•1
^=-
50
*
—~
50
^
^""1
40
30
30
NET FARM NCOME
INCLUDING NET INVENTORY
CHAN 3E
20
20
«**•*-.. -«..^
-—— - '
i
10
!
!
1961
I
!
!
1
!
I
!
!
1
!
1964
1963
1962
SOURCE: DEPARTMENT OF AGRICULTURE
1966: I
II
III
IV
1967: I
II
III
IV
From
all
sources
From
farm
sources
18. 1
18.7
19. 0
19. 2
18. 7
18.0
20.3
21. 3
20. 1
11. 0
11. 4
12. 1
12. 2
12. 0
11.2
13.4
14. 4
13. 2
~ ~~
_
::::::
From
nonfarm
sources
i
I
!
1
1
!
0
1967
1966
Net to farm
operators
Net income per
farm including net
inventory change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total i
ventory ventory2
prices prices *
marketchange change
ings
Dollars
Billions of dollars
3,106
7.0
37.5
11.4
2,795
26. 1
11. 5
33. 5
3,381
12. 0
3,043
37.9
26. 2
11. 7
7. 2
34. 0
3,724
12. 6
39. 6
12. 9
3,389
34. 9
27. 0
6. 9
3,872
12. 5
3, 562
41. 1
13. 1
7. 0
36. 2
28. 5
3,947
37.2
12. 5
42. 1
3, 671
29. 6
13. 1
6. 7
12.2
13.0
3, 510
3, 774
42. 4
37. 1
29. 4
6. 8
4, 41o
4, 645
13. 9
14. 9
44.8
39. 1
6.9
30. 9
16. 4
4, 988
5, 090
49. 7
43. 2
16. 2
33. 3
6. 9
14.
5
4,
705
4, 705
48. 9
42. 5
34. 4
14. 9
6. 9
Seasonally adjusted annual rates
32. 6
17. 3 1 5, 320
5, 480
49. 5
16. 9
43. 3
4, 980
5,080
49. 5
16. 4
16. 2
43. 1
33. 1
4, 950
5, 000
16. 5
16. 1
50. 0
43. 3
33. 5
4,710
4, 760
34. 0
15. 9
15. 3
49. 9
43. 2
4, 670
14. 8
4, 720
34. 3
15. 0
49. 3
42. 6
4, 580
42. 4
14. 6
14. 5
4, 580
34.5
49. 1
15.2
4, 800
4,750
42. 9
34. 4
49. 2
14. 8
4,860
42. 1
4,810
34. 2
15. 4
13. 9
48. 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.
2
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.
!
!
Income received from farming
Realized gross
1959
1960
1961
1962
1963 _ _ _ _ _ _ _ _ _ _ _ _ _
1964
_ _ __
1965 1966
_ _
1967
!
1965
COUNCIL Of ECONOMIC ADVISERS
Personal income received by
total farm population
Period
!
4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits (before taxes) and inventory valuation adjustment (seasonally adjusted) rose slightly in the third
quarter. Preliminary estimates for 1967 indicate a decline of about $3 billion for the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
10
10
1961
I
1962
-EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
* SEE NOTE ON TABLE BELOW
[Billions of dollars; quarterly data at seasonally adjusted annual rates)
Period
1959 _
1960
1961
1962
1963
1964
1965
1966_ _
1967 v
1966: I
!!___
III..
IV_.
1967: !____
!!___
Ill
IV v
Corporate profits (before taxes) and inventory
valuation adjustment
TransMan uf a ctur in g
portation,
comNonAll
Durable durable
All
muniindusgoods
cations, other1
goods
Total
tries
indusand
industries
public
tries
utilities
12. 7
13. 6
26. 3
51. 7
7. 0
18. 4
12. 4
24. 4
12.0
49. 9
7. 5
17.9
11.
4
23.
3
11.
9
50. 3
7. 9
19. 1
12.
5
26.
6
14
1
55. 7
8. 5
20. 5
15. 8
13. 0
28.8
58. 9
20.
6
9.5
32.7
17.8
14.9
23.5
66.3
10.1
22.2
38.7
16.5
11.2
25.0
74.9
24.4
38.7
43.1
27. 2
82.2
11.9
21. 0
18. 0
39. 0
79.0
12. 0
28. 1
81. 1
81.3
81.9
84.6
78. 1
78. 3
79.2
1
Includes
2
42.7
42. 5
42.7
44.4
39.6
38. 9
38. 2
24.3
24. 0
23.9
25. 3
21. 1
21. 1
20. 5
18. 3
18.5
18.8
19.2
18.4
17. 8
17. 7
11.7
12.0
11.8
12.0
11.7
11. 9
12. 1
26.7
26.8
27.3
28.2
26.9
27. 5
28. 9
all other industries and financial institutions.
Includes depreciation, capital outlays charged to current account, and accidental damages.
»Corporate profits after taxes plus corporate capital consumption allowances.
S9-S070—68-
Corporate profits
after taxes
Corpo- Corporate
rate
tax
profits
before liabiltaxes
ity
Total
Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-2
ances
Profits
plus
capital
consumption
allow-3
ances
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
76.6
83.8
80. 2
23.7
23. 0
23. 1
24. 2
26. 3
28.3
31.4
34.5
33. 0
28. 5
26. 7
27. 2
31. 2
33. 1
38.4
45.2
49.3
47. 2
12. 6
13. 4
13. 8
15. 2
16. 5
17.8
19.8
21.5
22. 8
15.9
13. 2
13. 5
16. 0
16. 6
20.6
25.4
27.8
24.4
23. 5
24. 9
26. 2
30. 1
31.8
33.9
36.5
39.0
41. 4
52.0
51. 6
53. 5
61. 3
64.8
72.3
81.7
88.3
88. 6
83.7
83.6
84.0
83.9
79.0
78. 9
80.0
34.5
34.5
34.6
34.6
32.5
32. 5
32. 9
49.2
49.2
49.4
49.3
46.5
46. 5
47. 1
21.4
21.6
21.6
21.2
22.2
23.1
23. 4
22. 4
27.8
27.6
27.8
28.2
24.2
23. 4
23. 6
38.3
38.7
39.2
39.8
40.3
40.9
41.8
42. 5
87.5
87.9
88.6
89. 1
86.7
87. 4
88.8
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines ($2K billion for 1962) and therefore not comparable with preceding data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domcsfic investment gained $8% billion (seasonally adjusted annual rate) in the fourth quarter, according to current estimates. Business fixed investment rose over $1 billion to reach a new record high. Residential
construction continued its recovery with a gain of $2 billion. Inventory investment increased $51A billion—the second
straight increase after two quarters of substantial decline.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
20
20
0
1961
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Total
gross
private
domestic
investment
Period
Total
Structures
Total
Total
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1966: I
II
III
IV
1967: I
II
III
IV
___
_
67. 8
60. 9
75. 3
74 8
71. 7
83. 0
87. 1
94. 0
107. 4
118. 0
112. 1
115. 2
118. 5
116. 4
122. 2
110. 4
105. 1
112. 2
120.8
66. 5
62. 4
70. 5
71.3
69. 7
77.0
81. 3
88. 2
98. 0
104. 6
107. 0
105. 3
104. 5
104. 9
103. 7
103. 3
104. 6
108. 4
111.6
46. 4
41. 6
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71. 1
80.2
82.6
78.3
78. 7
81. 2
82. 8
81. 9
81. 5
82. 8
84.0
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Residential
structures
Nonresidential
18.0
16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25.1
27.9
26.8
28.3
27.5
28.2
27.7
27.7
26.3
26. 6
26.7
Nonfarm
17.2
15. 8
15. 9
17. 4
17. 7
18. 5
18. 8
20.5
24.4
27.2
26. 1
27.6
26.8
27.4
26.9
26.9
25.6
25. 9
25.9
Producers' durable equipment
Total
Total
28. 4
25. 0
28. 4
30.3
28.6
32. 5
34. 8
39. 9
46. 0
52. 3
55.7
50. 0
51. 2
53. 1
55. 1
54. 2
55. 2
56. 2
57. 3
Nonfarm
25. 9
22. 2
25. 4
27.7
25. 8
29. 4
31. 2
36.3
41.9
47.8
51.4
45.5
46.9
48.7
50. 1
50.0
50.6
51. 9
53.0
20.2
20. 8
25. 5
22. 8
22. 6
25.3
27. 0
27.1
27.0
24.4
24.4
27.0
25.8
23.7
20.9
21.4
23.1
25. 6
27.6
Nonfarm
19. 5
20. 1
24. 8
22. 2
22. 0
24. 8
26. 4
26. 6
26. 4
23.8
23. 9
26. 5
25. 3
23. 2
20. 4
20. 9
22. 5
25. 0
27.0
Source: Department of Commerce.
Change in business inventories
Total
1. 3
-1. 5
4. S
3. 0
2. 0
6. 0
5. 9
5.8
9. 4
13. 4
5.2
9. 9
14 0
11. 4
18. 5
7. 1
.5
3. 8
9.2
Nonfarm
0.8
-2.3
48
3. 3
1. 7
5. 3
5. 1
6. 4
8. 4
13. 7
4.8
9.6
14 4
12. 0
19. 0
7.3
.6
3.4
7.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment for 1967 are now expected to total $61.5 billion, or 1% percent
above 1966, according to the latest Commerce-SEC survey of intentions. The survey also shows that a jump of almost
5 percent is expected in the first quarter of 1968 on a seasonally adjusted basis.
BILLIONS OF DOLLARS
1 70
BILLIONS OF DOLLARS
701
SEASONALLY ADJUSTED ANNUAL RATES
60
<SO
TOTAL NEW PLANT AND EQUIPMENT
50
50
40
,**«•"
NONMANUFACTURING
,.„..,„„„«...........:- --------
•
30
30
20
20
'\
MANUFACTURING
10
10
!
!
1
i
!
\
\
1964
1963
1962
1965
1966
1967
1968
-I/SEE NOTE 3 ON TABLE BELOW
SOURCES: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates
Manufacturing
Period
Total »
Total
28. 32
26. 83
28. 70
1953
1954
1955
1956__ _
___
_
1957
1958- _
_ __
1959
1960
1961
1962
1963_ _ _
1964
1965
1966 3
1967
1966: III
IV
1967: I
II
III 3
IV ___
1968: I 3 _
II3 __
35.08
36.96
30. 53
32. 54
35. 68
34. 37
37. 31
39. 22
44. 90
51.96
_
60.63
61.48
61. 25
62.80
_ _
_
_
_ __
61. 65
61.50
11. 91
11. 04
11. 44
14,95
15. 96
11. 43
12. 07
14. 48
13.68
14. 68
15. 69
18. 58
22.45
26. 99
26.84
27. 55
27.75
27.85
27. 00
26.15
60.90
62.05
65.05
26.55
27.75
65.85
28.40
Durable Nonduragoods
ble goods
5.65
5. 09
5. 44
7. 62
8. 02
5.47
5. 77
7. 18
6. 27
7. 03
7. 85
9. 43
11.40
13.99
13.78
14. 35
14.50
14. 20
13.75
13.50
13.75
14.60
15.00
1 Excludes agriculture.
2 Commercial and other includes trade, service, finance, communications, and
construction.
3 Estimates based on anticipated capital expenditures as reported by business
in late October and November 1967. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Beginning 1659 all quarterly data are rounded to nearest $50 million.
Transportation
6. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6.29
7. 30
7. 40
7. 65
7. 84
9. 16
11.05
13.00
13.07
13. 20
13.25
13.70
13.25
12.65
12.80
13.15
13.40
Mining
0. 99
. 98
. 96
1. 24
1. 24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.43
1. 45
1.45
1. 40
1. 30
1.45
1.50
1.60
Railroads
Other
1.31
. 85
. 92
1.23
1. 40
.75
. 92
1. 03
.67
. 85
1. 10
1. 41
1.73
1.98
1.55
1. 85
2.35
1.80
1. 55
1.40
1.45
1.50
1. 56
1.51
1. 60
1. 71
1.77
1. 50
2. 02
1. 94
1. 85
2.07
1. 92
2.38
2.81
3.44
3.88
3. 40
3.50
3.05
3.90
4.10
4.45
4.75
37. 45
Public
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
8.41
9.59
8. 55
8.50
9. 20
9. 70
9.80
9.60
11.15
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
18.20
18.45
19. 25
18.30
18. 05
17.95
18.50
18.35
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals Included in the gross national product
estimates 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.
8
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force, seasonally adjusted, declined by 550,000 in January. Total civilian employment declined
by 410,000. As a result unemployment dropped by 140,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
1 90
SEASONALLY ADJUSTED
85
85
TOTAL LABOR FORCE
80
80
75
75
70
70
EMPLOYMENT
65
'10
UNEMPLOYMENT
5
0
PERCENT OF CIVILIAN LABOR FORCE
SEASONALLY
UNEMPLOYMENT RATE
^ "1- ~ -
i *
i'
"; <
y-
™.
n n
:
_
n
>~;
/
*
^
>
1962
ADJUSTED
1963
1964
? |1 I
*
?
1967
1966
1965
1968
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE
Civilian employment
Une mploy ment
rate (percent of
Unem- civilian labor
force)
ployment
Unad- Seasonadjusted ally
justed
4,070
3,786
3,366
2, 875
2,975
5. 7
5. 2
4. 5
3. 8
3. 8
79, 642
73, 599
70, 239
2,653
80, 059
76, 669
73, 796
8,968
69, 8£8
£,878
3.5
8. 7
60. 3
78, 706
79, 107
78, 949
79, 560
79, 551
82, 464
82, 920
82, 571
80, 982
81, 595
81, 582
81, 527
72, 160
72, 506
72, 560
73, 445
73, 637
75, 391
76, 221
76, 170
74, 631
75, 181
75, 218
75, 338
68, 826
69, 225
69, 149
69, 724
69, 812
70, 996
71, 705
71, 792
70, 700
71, 148
71, 460
71, 793
3, 160
3, 183
2,954
2,666
2, 457
3, 628
3,250
2,942
2, 895
2, 951
2,894
2, 719
80, 319
80, 839
80, lU
80, £63
79, 958
80, 658
80, 944
81, 057
81, £63
81, 585
81, 459
81, 94£
76, 983
76, 9£1
76, 676
76, 814
76, 50£
77, 214
77, 496
77, 598
77, 807
78, 07£
77, 989
78, 478
74, 063
73, 8££
73, 939
78, 550
74, 169
74, 478
74, 664
74, 638
74, 785
75, 005
75, 577
74, 094
3,990
3,876
8,858
3,848
8, 7£8
8, 789
3,847
8,956
3, 697
3, 718
3,889
4, £16
70, 104
70, 187
69, 964
70, 096
69, 8££
70, 480
70, 631
70, 708
70, 941
71, 017
71, 166
71, 361
£,839
£,858
£,854
£,875
£,95£
3,045
3,017
£,934
3, 169
3, 387
£,984
£,896
4. 2
5. 7
3. 7
3. 7
3. 7
3. 9
8. 9
3. 9
3.8
3.7
3.5
8.8
8.7
59. 5
59.7
59.5
59. 9
59. 8
6L 9
62. 2
61. 8
60.5
60.9
60.8
60.7
79, 811
73, 273
69, 908
3,074
81, 386
77, 923
75, 167
4,003
71, 164
2, 756
4. 0
8.5
59.3
Period
1963...
1964...
1965___
1966...
1967...
74, 571
75, 830
77, 178
78, 893
80, 793
TVT
1
Total labor force as percent of noninstitutional population.
NOTE.—Seasonally adjusted series revised; see Employment and Earnings and
Monthly Repoit on the Labor Force, February 1968. Beginning 1960, data include
Alaska and Hawaii.
10
Labor
force
participation
rate,
unad- l
justed
Total
Civilian employment
labor
force
UnemCivilian
iNonNon(includ- labor
ployAgriagriagriing
Total
ment
force
Total
culculcularmed
tural
tural
tural
forces)
Thousands of persons 16 years of age and over
67, 762 63, 076 4,070 74, 571 71, 833 67, 762 4,687 63, 076
69, 305 64, 782 3,786 75, 830 73, 091 69, 305 4, 523 64, 782
71, 088 66, 726 3, 366 77, 178 74, 455 71, 088 4, 361 66, 726
72, 895 68, 915 2, 875 78, 893 75, 770 72, 895 3, 979 68, 915
74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527
Unadjusted
Seasonally adjusted
Total
labor
force
(including
armed
forces)
1966:
Dec.
1967:
Jan..
Feb__
MarApr.
May.
June.
July.
Aug_
Sept.
Oct__
Nov.
Dec.
1968:
Jan_.
COUNCIL OF ECONOMIC ADVISERS
Source: Department of Labor.
Percent
4.2
3. 9
3.5
3.2
4. 6
4. 1
3. 7
3. 7
59. 6
59.6
59. 7
60. 1
60.6
3.8
4.1
4*8
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
the unemployment rate (seasonally adjusted) fell in January for the third consecutive month. The rate of 3.5 percent
was the lowest in over 14 years. Other measures of unemployment also showed improvement.
PERCENT
PERCENT
10
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1968
1962
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Unemployment rate
(percent of civilian labor
force in group)
Period
Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
and men
workers wage
(wife
and
part- hours
salary
time
workers present)
work *
1963
1964
1965
1966
1967
5.7
5.2
4.5
3.8
3.8
1966: Dec
1967: Jan ___
3.7
3.7
3.7
3.7
3.7
3.9
3.9
3.9
3.8
4. 1
4.3
3.8
3.7
3.5
Feb
Mar
Apr
M.ay
June
July
Aug
Sept
Oct
Nov
Dec
1968: Jan
Percent
3.4
5. 5
5.0
2.8
2. 4
4.3
3.5
1. 9
3.6
1. 8
Seasonally adjusted
3. 5
1. 7
1.7
3. 5
3.4
1.6
1.7
3.4
3.4
1.9
3.6
1.9
2.0
3.8
3.7
1.8
2.0
3.6
4.0
1.8
4. 1
1.9
3.6
1.7
3. 5
1.7
1. 6
3.3
*6. 4
5.8
5. 0
4. 2
4. 2
19, 271
20, 788
21, 334
20, 920
4. 1
4. 1
4. 0
4. 1
4.0
3.8
4.5
4.3
4.3
4. 6
4. 7
4. 2
4. 1
4. 0
22, 221
21, 317
20, 625
20, 490
20, 759
20, 677
20, 577
22, 143
22, 485
22, 019
21, 411
21, 628
21, 954
19, 746
1
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963, series reflects whether unemployed persons sought fullor 2part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illnecs, bad weather,
and industrial disputes.
Persons at work in nonagricultural industries
by hours worked per week 2
Under 35 hours
Part-time for
Part-time for
economic reasons economic reasons
35-40
hours
Total
Usually Usually Usually Usually
partfullfullparttime 4
time s
time 3
time 4
Thousands of persons 16 years of age and over
1,069
1,222
__
29, 100 13, 101
_
1,151
986
30, 768 11,818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
Unadjusted
Seasonally adjusted
33, 175 12, 614
948
726
981
816
32, 069 13, 215
1, 143
872
765
1,035
31, 050 15, 243
1, 171
899
830
1, 178
32, 506 13, 777
1, 213
843
765
1,229
32, 858 13, 791
1,179
827
730
1, 181
33, 273 13, 473
629
910
885
568
33, 082 12, 323
1, 072
867
1, 133
1,091
32, 608 12, 477
997
953
1,058
1, 226
33, 390 12, 066
1, 012
992
863
1, 163
33, 145 12, 219
1,073
1,094
810
873
890
31, 641 15, 246
922
976
765
33, 413 13, 952
842
751
1, 108
1,078
33, 628 14, 026
774
944
911
863
5
5
32, 031 14, 753
805
729
720
808
~:~:~:~:
~
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.
« Average hours worked: usually full-time. 23.5; usually part-time, 17.4.
NOTE.—See Note, p. 10.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In January, insured unemployment under State programs averaged 66,000 higher than in January 1967. The insured
unemployment rate, seasonally adjusted, rose slightly to 2.3 percent.
MILLIONS.OF PERSONS
3
MILLIONS OF PERSONS
1 3
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1966
l i i
JAN.
FEB.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT,
OCT.
SOURCE, DEPARTMENT OF LABOR
1964
1965
1966
1967 *
1966: Dec—_
1967: Jan
Feb
Mar
Apr _
_ _
May
June
July
Aug
Sept.
Umj_
Oct
Nov _
Dec __ _
_
1968: Jan »
Week ended:
1968: Jan 6
13
20
Feb
27
3 ".
10 *
*Not charted.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
All programs
Insured Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milployment (weekly
lions
ment
averof dolage)
lars)
Period
NOV.
Thousands
49, 637
1,753
51, 580
1,450
54, 739
1, 129
1,268
56, 482
1,313
9
1,631
54, 768
"54,659
1,654
"55, 097
1, 603
1,423
"55, 591
"55,985
1, 197
"57, 017
1,071
1, 245
1, 123
956
953
1, 068
1,338
1,719
1 713
1, 743
1, 745
1, 696
1,686
2, 749. 2
2, 360. 4
1, 890. 9
2, 236. 9
166.4
235.8
230.9
270.1
210. 5
193. 1
165.4
155. 3
184. 0
132.3
133. 0
146.5
180. 0
204.4
Initial
claims
State programs
Insured unemBenefits paid
ployment as perTotal Average
Exhaus- cent of covered
employment
(miltions
weekly
check
Season- lions of
Unad- ally
ad- dollars) (dollars)
justed
justed
Weekly average, thousands
1, 605
268
26
232
21
1, 328
203
1, 061
15
227
1,206
17
1,254
299
13
300
1,558
15
16
1, 583
267
239
1,533
17
1,360
244
20
1, 142
19
188
1, 019
186
19
1,184
17
288
17
1,060
187
894
15
158
889
180
15
997
15
208
1,260
15
278
1,624
17
316
Percent
3. 8
3.0
2.3
2.5
2.7
3.3
3. 4
3.3
2. 9
2.4
2.1
2.4
2.2
1.8
1. 8
2. 0
2.6
3.3
1,618
1,647
1,649
1, 602
*1, 591
3. 3
3. 4
3.4
3.3
3.3
358
373
294
243
309
257
2.4
2. 3
2.5
2.6
2. 7
2.7
2.6
2. 8
2.6
2.4
2.4
2. 3
2. 2
2. 3
2, 522. 1
2, 166. 0
1, 771. 3
2, 101. 8
157.6
224.8
219. 5
257.5
200. 6
183.6
156. 1
147. 3
172. 8
122.6
122. 1
134.9
160. 0
162. 1
35. 92
37. 19
39.75
41. 20
41.39
41.70
41.97
42.07
41. 81
40.99
39. 99
40. 10
41.08
40. 10
40. 70
41. 19
41. 50
41. 93
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment, seasonally adjusted, showed a small increase of 36,000 in lanuary
despite a sharp drop of 120,000 in construction employment resulting from extremely bad weather. Employment
in manufacturing, trade, and service industries and in State and local government continued to rise.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
68
14
(ENLARGED SCALE)
64
12
SERVICE AND
MISCELLANEOUS
A_
60
10
56
NONMANUFACTURNG
(PRIVATE)
36
32
DURABLE
MANUFACTURING
10
24
NONDURABLE
MANUFACTURING
MANUFACTURING
^t\t
20
16
CONTRACT
CONSTRUCTION
GOVERNMENT
12
-MJJ
1965
1966
1967
1965
1968
1966
1967
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
1
[Thousands of wage and salary workers ; seasonally adjusted]
Nonmanufacturing (private)
Manufacturing (private)
Transtract portation
Mining conand
strue- public
tion utilities
672 2,816 3,903
650 2,902 3,906
635 2,963 3,903
634 3, 050 3,951
632 3, 186 4, 036
625 3,292 4, 151
613 3, 265 4, 262
623 3,291 4,218
625 3,311 4,242
624 3,352 4,247
624 3,313 4, 246
620 3,276 4,212
617 3, 192 4,267
619 3,187 4,266
623 3,231 4,292
606 3, 223 4, 283
601 3,238 4, 262
597 3, 236 4, 251
597 3, 289 4, 287
599 3, 346 4, 290
596 3, 226 4,288
Prm
v-»Ull~
Period
Total
1961 _ _.
1962
1963
1964
1965
1966
1967 "
1966: Dec.
1967: Jan__
Feb_
Mar.
Apr.
MayJune.
July.
Aug.
Sept.
Oct__
Nov.
Dec».
1968: Jan"_
54, 042
55, 596
56, 702
58, 332
60, 832
63, 982
66, 066
65, 251
65, 564
65, 692
65, 749
65, 653
65, 639
65, 903
65, 939
66, 190
66, 055
66, 243
66, 918
67, 110
67, 146
Total
16, 326
16, 853
16, 995
17, 274
18, 062
19, 186
19, 336
19, 526
19, 558
19, 507
19, 445
19, 331
19, 238
19, 285
19, 169
19, 318
19, 142
19, 169
19, 422
19, 490
19, 533
NonDurable durable
goods goods
9,070
9,480
9,616
9, 816
10, 406
11, 256
11, 325
11,496
11, 507
11, 482
11, 434
11, 322
11, 283
11, 285
11,218
11,351
11, 149
11, 143
11, 364
11, 400
11, 458
7, 256
7, 373
7,380
7,458
7, 656
7,930
8, 012
8,030
8,051
8, 025
8,011
8, 009
7,955
8,000
7,951
7,967
7,993
8,026
8,058
8,090
8,075
Total
29, 122
29, 853
30, 481
31, 461
32, 678
33, 925
35, 114
34, 473
34, 685
34, 812
34, 865
34, 847
34, 877
34, 982
35, 101
35, 159
35, 245
35, 329
35, 660
35, 735
35, 684
1
Incmdes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu-
Government
Whole- Finance,
insur- Service
sale
ance,
and Federal State
and
and
and
miscelretail
local
real
laneous
trade estate
11, 337 2,731 7, 664 2,279
6,315
11, 566 2,800 8,028 2,340
6,550
11,778 2,877 8, 325 2,358
6,868
12, 160 2, 957 8, 709 2, 348
7, 249
12, 716 3, 023 9,087 2, 378
7,714
13,211 3,102 9,545 2,564
8,307
13, 676 3, 228 10, 072 2, 719
8, 897
13, 416 3, 144 9,781 2, 653
8,599
13, 515 3, 152 9,840 2, 667
8,654
13, 541 3, 165 9,883 2,673
8,700
8,754
13, 557 3,179 9,946 2,685
13, 572 3,194 9,973 2,688
8,787
13, 609 3,205 9,987 2, 698
8,826
13, 648 3,227 10, 035 2,747
8,889
13, 647 3, 234 10, 074 2, 759
8,910
13, 664 3,253 10, 130 2,746
8,967
3,264
13, 719
10, 161 2,715
8,953
13, 776 3,270 10, 199 2, 712
9,033
13, 900 3,290 10, 297 2,698
9, 138
13, 864 3,303 10, 333 2,708
9, 177
13, 896 3,311 10, 367 2,703
9, 226
meration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted workweek in manufacturing declined from 40.8 hours in December to 40.5 hours in January/ the decline was concentrated in the nondurable goods sector. The construction workweek declined sharply,
reflecting bad weather.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
42
40
38
36
i 11 iTii i ii
1965
34
1967
1966
1965
1968
1966
1967
1968
1966
1967
1968
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
36
34
32
30
1965
SOURCE:
1966
1967
1968
1965
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF LABOR
1
[Average hours per week; seasonally adjusted]
Manufacturing industries
Period
1958
1959
1960
1961
1962
1963
_
1964_
_ _
1965 _
1966
1967 »
1966: Dec__ __
1967: Jan
Feb
Mar
Apr
___
_
_ _
May
June_
JulyAug
Sept
Oct
Nov _
Dec v
1968: Jan*
Durable
goods
All
___
39. 2
40. 3
39. 7
39.8
40. 4
40.5
40. 7
41.2
41. 3
40. 6
41. 0
41. 0
40. 3
40. 4
40. 5
40.3
40. 3
40.4
40.7
40. 8
40. 7
40. 8
40.8
40. 5 i
1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
14
39. 5
40.7
40. 1
40.3
40. 9
41. 1
41. 4
42. 0
42. 1
41. 2
41.7
41. 7
41. 0
41. 1
41. 0
41. 0
40. 9
41. 0
41.3
41. 6
41. 3
41. 2
41. 5
41. 5
Nondurable
goods
Contract construction
38.8
39. 7
39. 2
39. 3
39. 6
39. 6
39.7
40. 1
40. 2
39.7
39.9
40.0
39. 5
39. 5
39. 8
39. 5
39. 5
39.6
39.7
39. 9
39. 7
40. 1
39.8
39. 3
* Includes eating and drinking places.
Source: Department of Labor.
36. 8
37. 0
36. 7
36. 9
37. 0
37. 3
37. 2
37.4
37. 6
37.6
38. 1
38. 2
37. 6
37. 4
37. 4
36. 4
37.4
37.5
37.5
38.3
37. 1
39. 4
37. 3
35.7
Retail trade 2
38. 1
38. 2
38. 0
37.6
37.4
37.3
37. 0
36.6
35. 9
35. 3
35. 6
35. 5
35. 3
35. 3
35. 1
35. 2
35.4
35.4
35.5
35. 4
35. 1
35. 2
35. 1
34. 9
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing declined slightly in January to $11 8.08. Average hourly earnings increased
by 2 cents in manufacturing, by 5 cents in retail trade, and by 6 cents in construction.
DOLLARS
DOLLARS
AVERAGE HOURLY
EARNINGS
AVERAGE WEEKLY EARNINGS
3.25
/ k*
/"
DURABLE GOODS
INDUSTRIES
\
3.00
..X*
1-X1"
^
^
^
r*^
2.75
^-S
^
ALL MANUFACTURING
y
*
INDUS TRIES
^-^
J
2.50
+4>~+
.—--""
100
\
+*\f
hNONDURABLE GOC)DS
INDUSTRIES
2.25
90
/h_i i i i I i r i i i
K
I
I 1
I 1 !
1965
1 1
1966
!
1 1
1
1
1
1
I 1 1
!
1
1 I
, , , , , I , , , , ,N
1967
1968
N
1965
1968
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Period
1958
1959
I960
1961
_
1962
_
1963 __
1964
1965
1966
1967 * . _
1966: Dec___
1967: Jan
Feb___
Mar _ _
Apr
May- _
June _ _
July__
Aug__
Sept-_
Oct—
Nov..
Dee*.
1968: Jan *„
Average hourly earnings— current prices
Average weekly earnings— current prices
Manufacturing industries Contract
conRetail
NonDurable durable
structrade i
All
goods
tion
goods
Manufacturing industries Contract
Retail1
conNonDurable durable
structrade
All
goods
tion
goods
2. 11
2. 19
2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
2. 77
2. 78
2.79
2.79
2. 80
2. 81
2. 82
2. 82
2. 82
2. 85
2.85
2. 88
2. 91
2. 93
1
2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2. 79
2. 90
3. 00
2. 96
2. 96
2. 96
2. 96
2. 97
2. 99
2. 99
3. 00
3. 00
3.03
3.03
3. 06
3. 10
3. 12
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2. 45
2. 57
2. 50
2. 51
2. 53
2. 54
2. 55
2. 55
2. 56
2. 57
2. 57
2. 61
2. 61
2. 62
2. 64
2.66
2. 82
2. 93
3. 08
3. 20
3 31
3. 41
3. 55
3. 70
3. 88
4. 09
3. 99
4. 02
4. 00
3.99
3.99
4. 02
4. 02
4. 08
4. 10
4. 18
4. 21
4. 21
4. 23
4. 29
1. 42
L 47
1. 52
1. 56
1. 63
1. 68
1. 75
1. 82
1. 91
2. 01
1. 94
1. 97
1. 98
1. 98
2.00
2. 00
2. 01
2. 01
2.01
2. 03
2, 05
2. 05
2. 04
2. 09
82. 71
88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
114. 40
113. 42
111. 88
112. 44
112. 56
113. 52
114. 49
113. 65
114. 77
116. 57
116. 28
117. 50
119. 60
118. 08
Includes eating and drinking places.
23 Earnings in current prices, ad justed to exclude overtime and interindustry sh ifts.
Earnings in current prices divided by the consumer price index.
89-807°—6
89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
112. 19
117. 18
122. 09
123. 60
124. 62
122. 84
120. 77
121. 36
121. 18
122. 89
123. 19
122. 40
123. 30
126. 05
125. 44
126. 07
129. 89
128. 86
74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
94. 64
98. 49
102. 03
100. 25
99. 65
99. 18
100. 08
100. 22
100. 73
101. 63
102. 03
102. 80
104. 66
104. 14
105. 06
105. 60
103. 74
103. 78
108. 41
113. 04
118. 08
122. 47
127! 19
132. 06
138. 38
145. 89
153. 78
148. 83
149. 14
143. 60
146. 83
147. 23
149. 54
153. 56
157. 9O
159. 08
162. 60
160. 40
161. 24
154. 4O
148. 86
54. 10
56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
69. 65
69. 15
69. 10
69.30
69.80
69. 80
71. 56
72. 96
72.96
71. 66
71. 55
71. 34
72. 22
72. 11
Manufacturing
industries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59
= 1957-59
100 2
prices 3
82. 14
86. 96
87. 02
88. 62
91. 61
93. 37
95. 25
97. 84
99. 33
98. 80
99. 74
98.88
97. 46
97. 77
97. 62
98.20
98.70
97. 55
98. 18
99. 55
98. 96
99.75
101. 18
100. 2
103" 5
106. 6
109. 6
112. 3
115. 2
118. 0
*121. 1
125! 1
ISO! 9
127. 6
128. 4
129. 0
129. 4
129. 9
130.2
130. 5
130. 8
131. 1
131. 9
132. 4
133.4
134. 0
I
* Based on the new benchmark beginning 1965.
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) declined % percent in January, following a 1Vk percent increase
in December. However, the over-the-year gain was nearly 2 percent.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
UTILITIES AND MINING
180
160
140
MINING
120
100
100
200
180
1965
1966
1967
1968
1967
1968
MARKET GROUPS
18Q
160
160
140
140
120
120
100
1968
1965
SOURCE:
1965
1966
COUNCIL OF ECONOMIC ADVISERS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1958
1959
1960 .._
1961
_
1962 . . _ _ _
1963
1964
1965
1966
1967 *>
1966: Dec1967: JanFeb
Mar
Apr
May
_.
June.
July
j
Aug
Sept
Oct
Nov
Dec
1968: Jan »
_
__
_ _
>_
__
-_
_
_„
93.7
105. 6
108.7
109.7
118.3
124. 3
132.3
143.4
156. 3
157. 8
159.5
158.2
156.6
156.4
156.5
155.6
155.6
156.6
isa i
156.8
156.9
159. 5
161.8
161. 2
[1957-59 = 100, seasonally adjusted]
Industry
Manufacturing
Mining Utilities
NonTotal Durable durable
Market
Final products
Consumer EquipTotal
ment
goods
93.2
106.0
108. 9
109. 6
118. 7
124. 9
133.1
145.0
158. 6
159. 5
161.7
160. 1
158.5
158.2
158.2
157.2
157.0
157. 6
159. 4
158. 1
158.3
160.9
163. 7
163.0
94. 8
105.7
109. 9
111. 2
119. 7
124.9
131.8
142.5
155. 5
158. 2
159.6
158. 1
157.0
157. 1
157.3
156.3
156.8
157.1
158. 2
157. 0
156. 9
160.0
161.7
161. 1
Source: Board of Governors of the Federal Reserve System.
16
.MATERIALS.
90. 3
105. 6
108. 5
107.0
117. 9
124. 5
133.5
148.4
164. 8
163. 8
167.7
165.5
162.9
162.6
162.5
162.2
161.5
162.5
163. 6
161. 1
160.7
164. 2
168.0
167.6
96.8
106. 5
109. 5
112. 9
119. 8
125.3
132.6
140.8
150.8
154. 2
154.1
153.4
152.9
152.6
152.8
151.1
151.4
151.5
154. 0
154. 2
155. 2
156. 8
158.3
157.2
95. 6
99. 7
101. 6
102. 6
105. 0
107.9
111.5
114.8
120. 5
123.4
123.8
123.2
122.4
121.5
122.0
120.2
123.8
128.0
127. 8
124. 3
122.4
123. 6
123. 1
122.4
98. 1
108.0
115. 6
122.3
131. 4
140. 0
151.3
160.9
173.9
183. 9
179.4
180.6
180.5
181.9
182.7
182.7
183.2
184. 1
184. 8
184. 8
187. 6
190.3
191.5
191.5
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148. 2
149.8
148.0
146.1
146.6
147. 1
146.0
146.9
147. 1
148. 6
147.0
147. 9
150.0
152. 4
151. 4
91. 3
104. 1
107. 6
108.3
119. 6
124. 2
132.0
147.0
172.6
179. 5
180.7
179.9
180.3
179.6
179.2
178.5
178.1
178.4
178. 9
178. 6
176. 1
181. 5
181. 7
181.9
Materials
92.7
105.4
107.6
108.4
117.0
123.7
132.8
144.2
157.0
157. 5
159.2
157.9
155.8
155.5
156.0
154.6
154.9
156.1
157.9
156. 7
157. 4
159. 4
162. 0
161. 0
PRODUCTION OF SELECTED MANUFACTURES
Production of most manufactures, seasonally adjusted, declined in January. Exceptions were fabricated metal products,
up over 1 percent, and nonelectrical machinery, up 1% percent.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED}
200
MACHINERY
180
\ 9
160
TRANSPORTATION
EQUIPMENT
140
120
100
lift
200
1967
1966
1965
1968
TFYTII Fc APPAfJFI
CHEMICALS, PETROLEUM,
ANDJ.EATHER
AND RUBBER
180
•\Af\
^~
190
160
2i^C..•
—«^....."~FO ODS, BEVERAGES,
/^ND TOBACCO
100
140
1965
1968
,
, , , , , , , , , , ,
,
1965
1966
1967
SOURCE: BOARD OF GOVERNORS OF. THE FEDERAL RESERVE SYSTEM
, , - ,.! , , f i.
1968
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
Primary
metals
1958
1959 _..
1960
1961
1962
1963
1964
1965
1966 ._
1967 *_
1966: Dec
1967: Jan
Feb
Mar
Apr
Mayjr
June
July
_
_
__
Aug _
Sept
Oct
Nov___
Dec
1968: Jan p __
__
_ _
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
beverand
petroapparel,
and
cated
Machin- tation
and
print- leum, and ages, and
ery
prodmetal
equiprubber tobacco
ing
leather
ucts
products
ment
87. 5
100. 4
101. 3
98. 9
104. 6
113. 3
129. 1
137.6
142.7
132. 6
137. 6
132. 6
131. 9
129. 2
129. 1
128. 9
129. 0
129. 6
129.3
129.2
131.7
134.9
140. 4
136
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163. 0
161. 6
168. 7
166. 7
165. 0
162. 9
161. 0
160. 8
160. 8
159.8
159.1
158. 1
158.2
159. 7
163.0
165
88. 8
107. 1
110.8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183. 4
190.3
190. 3
186.8
184.5
182. 1
180. 5
177.5
180.0
182.8
182.2
179.6
183.5
182. 1
183
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
166.9
165. 9
169. 1
162. 6
157. 5
162. 6
165. 7
167.5
169. 3
170. 8
171.9
159.2
159.2
165.6
177.4
176
95. 6
108. 5
102. 1
101. 3
106. 1
108.9
112.6
117.4
119. 4
116. 5
112. 8
113. 7
115. 2
117. 3
119. 1
115. 6
114. 9
115. 5
109.2
114.3
117.0
120. 6
121. 8
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
138. 9
142.2
140. 3
137. 6
135.5
135. 5
135. 3
134. 8
135.3
137.6
139. 1
140.4
143. 2
146. 5
142
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146.4
149.7
147. 4
148.4
148. 7
149. 5
149. 9
149. 1
149. 4
148. 6
150.3
148.5
148.6
149.9
150.0
148
95. 5
108. 9
113. 9
118.9
131. 2
141. 8
152.5
164.6
181. 9
189.2
188.6
187. 1
186. 5
186. 8
186.4
182. 2
183.0
184. 0
189.5
191.2
192.8
194. 9
197.4
198
99. 4
103. 9
106. 6
110. 2
113.3
116. 8
120.8
123.4
128. 1
131. 4
131. 2
131. 0
131.5
131. 1
131.8
130.9
131.3
130. 9
131.0
130.4
131.1
131.5
131.9
132
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In January, average weekly steel production (seasonally unadjusted) was about the same as in December. Auto
assemblies dropped, partly because of work stoppages.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
2.5
3.5
J
F
M
A
M
J
BILLIONS OF KILOWATT HOURS
28
I ELECTRIC POWER
24
22
20
I 1 I I I I 1 I I 1 I I I I I |T| I I ft
M
I I I I . I I I I I I I i I I I I I I . I I I M I I II
M
M
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1961.. _
1962
__.
1963
_
1964
1965
1966
1967"
1966: Dec
1967: Jan __
Feb
Mar
Apr
May
JuneJuly
Aug _ _
Sept
Oct
Nov
Dec
1968: Jan *
Week ended:
1968: Jan 13
20
27
Feb 3 *_._
10"
1
Dally average.
a Not charted.
Electric
Bituminous Freight Paperboard
Cars and trucks
Steel produced
power
coal mined
produced assembled (thousands)
loaded
Index
distributed (thousands (thousands
Thousands
(thousands
of short
of net
(1957-59= (millions of
Total
Cars Trucks
of tons)
of cars)
100)
kilowatt-hours) tons) l
tons
1,880
1,886
2, 096
2,431
2,521
2, 572
2,434
2, 361
2,400
2,510
2,475
2,412
2, 388
2, 232
2, 176
2,325
2,439
2, 522
2,634
2, 704
2,711
100. 9
101. 2
112. 5
130. 5
135.3
138. 1
130. 7
126. 7
128. 8
134. 8
132.8
129.5
128. 2
119.8
116. 8
124.8
130. 9
135.4
141.4
145. 2
145. 5
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
22, 901
23, 054
23, 268
22, 465
21, 953
21, 841
23, 938
23, 747
24, 400
22, 871
22, 662
23, 533
24, 405
25, 365
2, 635
2,697
2,777
2,821
2,857
141. 4
144. 8
149. 1
151. 4
153. 4
26,
25,
25,
24,
25,
Includes data for Alaska,
18
COUNCIL OF ECONOMIC ADVISERS
414
531
076
835
026
1,353
1, 414
1, 535
1,630
1,735
1,798
1,845
1, 864
1, 880
1,766
1, 766
1,826
1, 893
1, 925
1,998
1, 869
1,804
1,862
1, 917
1, 684
1, 697
550
552
555
558
562
570
539
513
512
514
532
555
558
555
492
558
551
586
552
496
487
322
343
358
384
410
446
444
408
406
456
448
455
451
458
377
452
419
468
463
438
424
127. 8
157. 5
175.0
178. 8
213.7
199. 3
172. 9
201. 2
191. 8
168.9
175. 9
198. 4
198. 8
207.4
119.0
86.5
160. 4
171. 2
190.1
219. 8
207. 3
106. 1
133. 4
146. 9
148. 8
179.4
165. 4
1*2. 4
168. 7
157. 2
134.2
142.8
164. 4
164. 5
172. 8
95. 4
64.4
135.3
146. 7
158.6
185. 0
172. 9
21.7
24. 1
28. 1
30. 0
34.3
33.9
30.5
32 5
34. 5
34.7
33.0
34.0
34. 2
34. 6
23.7
22. 1
25.0
24 6
31.4
34.7
34. 4
1, 646
1,659
1, 767
1, 397
2
1, 769
487
504
527
502
504
467
471
480
478
504
223. 7
219.7
227. 2
178. 2
177. 7
187. 5
183.7
190. 0
144. 6
144. 0
36. 1
36.0
37. 2
33. 6
33.7
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
According to preliminary estimates, total spending for new construction (seasonally adjusted) in December remained
at its November level. Increases of 1 percent in homebuilding and public construction were offset by small declines
in other categories.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW CONSTRUCTION
60
60
PRIVATE
50
50
,*.— •••».—***mmmm+~
40
30
30
PUBLIC
20
20
10
I I f I T
l 10
30
20
10
10
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Total new
construction
expenditures
1962
1963
1964
1965
1966
1967 v
59.7
63. 4
66. 2
71. 9
74. 4
74.7
Total
41. 8
44. 1
45. 8
49. 8
50.4
49. 6
Private
Residential nonfarm
CommerNew
cial and
Total *
housing industrial
units
Billions of dollars
24. 3
18. 6
8.0
26. 2
7. 9
20. 4
26. 3
20. 4
9. 0
26. 3
11. 9
20. 4
23. 8
18. 0
13.6
23. 6
17.9
13. 1
Other
9. 5
10. 0
10. 6
11.7
13. 0
12. 9
Federal,
State,
and
local
17. 9
19. 4
20. 4
22. 1
23. 9
25. 2
Mar
Apr.
May__ _ _
June
July ..
Aug
Sept
Oct
Nov *
Dec v_
72. 0
72. 2
74.8
75.0
73.1
72.0
73. 9
72.4
73.4
74.4
76.3
76.9
77.8
77. 8
47. 1
46. 4
48.3
48.0
46.9
46.0
47.8
48. 1
49. 2
50.2
51.7
52.2
52.6
52.3
20. 3
19. 8
19.9
20.3
20.8
21. 1
22. 1
22. 9
23. 7
24. 6
25.3
26.0
26.6
26. 9
14. 6
14.2
14.0
14.3
15.0
15. 5
16.5
17.3
18. 0
18. 9
19.6
20.3
21. 0
21. 3
»Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
3 Compiled by F. W. Dodge Company and relates to 48 States.
13.6
13. 5
15. 1
14.8
13.3
12. 5
13.1
12. 6
12.9
12.4
13.3
13.2
12. 8
12. 3
119.7
132.0
137.0
142.8
145. 3
153.3
Seasonally
adjusted
Seasonally adjusted annual rates
1966: Nov. . __
Dec
1967: Jan
Feb _
Construction contracts2
CommerTotal value cial and
(index,
industrial
1957-59= floor space
100)
(millions of
square feet)
13. 2
13. 1
13.4
12.9
12.8
12.4
12.6
12. 6
12. 6
13. 1
13.1
13.0
13. 2
13. 0
24. 9
25. 8
26.5
27.0
26.2
25. 9
26. 1
24. 3
24. 2
24. 2
24.6
24.7
25. 2
25. 5
130
133
126
143
149
138
154
164
149
165
168
171
168
166
500
534
599
680
753
694
Seasonally
adjusted
annual
rates
773
723
589
694
674
708
638
768
663
756
744
661
786
784
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts rose 151A percent in January to a seasonally adjusted annual rate of 1.42 million units,
following a sharp decline of 21% percent in December. However, permits for future housing starts dropped 16 percent.
MILLIONS OF UNITS
25
MILLIONS OF UNITS
25
1.0
1.0
1962
1963
1964
1965
SOURCES: DEPARTMENT OF CO/AMERCE, FEDERAL HOUSING ADMINISTRATION (FHA). AND VETERANS ADMINISTRATION 1VA1
Period
1962
1963 _
1964
1965
1966
1967 9
1966: Dec.1967: J a n _ _
Feb_.
Mar__
Apr__
May.
June.
JulyAug__
Sept__
Oct__
Nov__
Dec"_
1968: Jan *_
Total
private
and
public
(including
farm)
1, 492. 4
1, 642. 0
1, 561. 6
1, 509. 6
1, 196. 2
1, 321. 4
62.3
61.7
63.2
92.9
115.9
134.2
131.6
126. 1
130. 2
125. 8
137.0
120. 2
82.6
82. 3
[Thousands of units]
Housing starts
Private nonfarm
Private nonfarm
Total
Total
private
private
Government
Two or (includ(includOnemore
home programs
ing
ing
Total
Total
family famifarm)
farm)
FHA
VA
lies
1, 462. 7 1, 439. 0 967.8 471.2 1, 462. 7 1, 439. 0 197.3
77.8
993.2 589.7 1,610.3 1,582.9 166.2
1, 610. 3 1, 582.9
71.0
944.5 557.8 1, 529.3 1, 502.3 154.0
59.2
1, 529. 3 1, 502.3
1, 472. 9 1, 450. 6 941. 4 509.2 1, 472. 9 1, 450. 6 159.9
49.4
1, 165. 0 1,141.5
755.3 386.2 1, 165.0 1, 141.5 129. 1
36. 8
819.9 448.7 1, 291. 1 1, 267. 8 141. 9
1, 291. 1 1, 267. 8
52. 5
Seasonally adjusted
60.2
36.7
22.2
58.9
104
931
36
910
59.1
57.7
18.9
1, 111
146
50
38.8
1,079
60.2
21.1
61.4
1, 149
134
39.1
1, 132
47
89.2
91.5
64.3
24.9
126
1,094
1,067
49
113.7
112.0
33.9
1, 116
1, 099
125
50
78.1
132.0
1,274
129.7
85.0
44.7
1,254
49
143
125.4
123.4
85.6
1, 233
1, 214
37.8
51
144
125.3
42. 9
124,0
1,369
81. 1
1,356
53
140
127. 4
123. 6
43.6
80.0
1,407
1,381
141
57
121. 9
43.7
119. 5
75.8
1,445
1,415
150
56
135. 4
133. 1
79. 4
53.7
1,496
1,478
155
58
118.4
116. 8
1,590
154
1, 567
54
79. 6
78.6
1,243
1,228
149
55
80. 2
79. 5
1,445
52
1,419
157
^Authorized by issuance of local building permit; in 10,000 permit-issuing
places
prior to 1963, and 12,000 or more thereafter.
2
Units represented by mortgage applications for new home construction.
20
1968
COUNCIL OF ECONOMIC ADVISERS
Proposed home
construction
New
private
Applicahousing
Requests
units tions for for VA
FHA
authorappraisized 1 commitals 2
ments 2
221. 1
171.2
1, 186. 6
1, 334. 7 190. 2
139.3
182. 1
113.6
1, 285. 8
1, 239. 8
188. 9
102. 1
971. 9
153. 0
99. 2
124. 3
1, 078. 8 167.2
annual rates
187
100
761
942
153
109
894
137
107
151
103
928
122
1,028
159
162
1, 033
109
1, 109
135
169
1,093
155
146
1, 127
180
122
176
1, 159
131
1, 212
151
185
1, 158
189
136
162
125
1,323
1, 111
122
163
NOTE.—Seasonally adjusted data for VA and FHA series revised beginning
1960. Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
According to preliminary estimates, retail sales (seasonally adjusted) rose by $% billion in January, the largest
one-month increase since June 1966. Total business sales increased by $2% billion in December while business
inventories rose by $1% billion.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
RETAIL TRADE (ENLARGED SCALE)
BUSINESS SALES AND INVENTORIES
18
DURABLE GOODS STORES
140
INVENTORIES
16
120
14 -/^"^
INVENTORIES
-
12
100
SALES
10 -
80
^,
8
..A. ,-X^- . *^*"*V.^*
V
6 -
60
22
-
SALES
_
- WHOLESALE TRADE {ENLARGED SCALE)
22
20
20
18
18
16
16
14
14
NONDURABLE GOODS STORES
*"
•* -.^
_—'
INVENTORIES-
f
SALES
12
12
1965
1968
r
1965
1966
1968
1967
^
COUNai OF ECONOMIC ADVISERS
Total business l
Period
Sales 2
Inventories 3
Wholesale 4
Sales 2
Sales2
Inventories 3
Total
Retail 5
NonDurable durable
goods
goods
stores
stores
Inventories 3
Total
Durable
goods
stores
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1960__
1961
__ __
1962
_ _ _
1963
1964
1965___ _ _ _ _ ___
1966_ _
_
1967 »
1966: Nov
1967:
Dec
Jan
Feb
Mar_
Apr
May _ June
July
* J
Auff
Sept
Oct
Nov v.
Dec
1968: Jan »
60, 746
61, 106
65, 594
68, 692
73, 459
79, 528
6
86, 254
88, 206
86, 528
87, 690
87, 182
86, 138
87, 255
_ _ 86, 656
87, 358
88, 368
88, 759
89, 067
88, 633
87, 807
90, 235
92, 772
94,747
95, 813
100, 627
105, 578
111, 051
120, 896
6
135, 233
140, 588
133, 581
135, 233
136, 304
136, 491
136, 815
137, 080
137, 191
136, 805
137, 111
137, 850
137, 794
138, 268
139, 331
140, 588
11, 656
11, 988
12, 674
13, 382
14,527
15, 595
16, 979
17, 100
16, 696
16, 996
17, 239
16T 897
16, 853
16, 972
16, 769
17, 117
17, 145
17, 198
17, 330
17, 195
17, 419
17, 719
1
The term "business" also includes manufacturing (see page 22).
2 Monthly average for year and total for month.
3 Book value, end of period, seasonally adjusted.
* Beginning 1961, data Include Alaska and Hawaii.
14, 120
14, 488
14,936
16, 048
16, 977
18, 274
20, 691
21, 651
20, 226
20, 691
20, 780
20, 742
20, 859
20, 785
20, 587
20, 599
20, 511
20, 789
20, 810
20, 945
21, 061
21, 651
18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
26, 118
25, 610
25, 368
25, 687
25, 470
25, 739
25, 918
25, 897
26, 544
26, 444
26, 422
26, 732
26, 089
26, 411
26, 402
27, 176
5,880
5, 581
6, 210
6, 627
7,014
7,810
8, 151
8,304
8, 143
8,156
8, 200
7,955
8, 150
8, 104
8, 187
8, 546
8,592
8,508
8,743
8,235
8, 221
8,329
8, 637
12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
17, 814
17, 467
17, 212
17, 487
17, 515
17, 589
17, 814
17, 710
17, 998
17, 852
17, 914
17, 989
17, 854
18, 190
18, 073
18, 539
26, 813
26, 238
27,938
29, 383
31, 130
34, 607
36, 961
36, 682
36, 734
36, 961
36, 924
36, 644
36, 526
36, 236
36, 263
36, 087
35, 997
36, 028
36, 143
36, 217
36,474
36, 682
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
15, 977
16, 581
16, 536
16, 491
16, 315
16, 142
16, 033
15, 904
15, 661
15, 549
15, 503
15, 711
15, 681
15, 728
15, 977
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
20, 705
20, 153
20, 425
20, 433
20, 329
20, 384
20, 203
20, 359
20, 426
20, 448
20, 525
20, 432
20, 536
20, 746
20, 705
• Beginning 1960, data include Alaska and Hawaii.
Series revised beginning 1966.
Source: Department of Commerce.
8
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders (seasonally adjusted) rose by nearly 7y^ percent in December, the third straight monthly
increase. With shipments rising by $2% billion and inventories increasing less than $y2 billion, the inventory-shipments
ratio declined to 1.69. The decline in the inventory-shipments ratio was especially marked in durable goods.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
90
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SHIPMENTS
50
TOTAL
80
TOTAL
\
40
70
30
DURABLE GOODS
60
DURABLE GOODS
NONDURABLE GOODS
50
10 iii . . . . I .. . . . 1
I.....I
I ..... I
I
MANUFACTURERS' NEW ORDERS
30
DURABLE GOODS
NONDURABLE GOODS
\
30
20
NONDURABLE GOODS
*
... I. . . . .
t . . . ..
1965
1966
1967
20
1968
1966
1965
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
Manufacturers' shipments * Manufacturers' inventories 2
Period
Total
1968
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Manufacturers' new orders 1
Durable goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
inventory shipments3
ratio
Millions of dollars, seasonally adjusted
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
4
43, 969
44, 988
44, 404
44, 222
Nov
45, 326
Dec
44, 256
1967: Jan
43, 771
Feb
44, 663
Mar
Apr
„ _ 43, 766
44, 692
May
44, 707
June
July
45, 170
*
45, 447
Auec
44, 571
Sept
44, 523
Oct
46, 405
Nov *
48, 651
Dec »
1960
1961
1962
1963
1964
1965.
1966 __
1967 *
1966: Oct
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
23, 006
23, 119
23, 451
23, 237
23, 715
23, 060
22, 622
23, 137
22, 269
22, 900
23, 052
23, 192
23, 633
22, 949
22, 311
23, 487
25, 238
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
4
20, 963
21, 870
20, 953
20, 985
21, 611
21, 196
21, 149
21, 526
21, 497
21, 792
21, 655
21, 978
21, 814
21, 622
22, 212
22, 918
23, 413
1
Monthly average for year and total for month.
2
Book value, end of period, seasonally adjusted.
3
53, 814
55, 087
57, 753
60, 147
62, 944
68, 015
4
77, 581
82, 255
75, 444
76, 621
77, 581
78, 600
79, 105
79, 430
80, 059
80, 341
80, 119
80, 603
81, 033
80, 841
81, 106
81, 796
82, 255
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
50, 037
53, 742
48, 352
49, 310
50, 037
50, 620
51, 079
51, 216
51, 593
51, 784
51, 809
52, 346
52, 784
52, 572
52, 918
53, 506
53, 742
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
22
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
4
27, 544
28, 513
27, 092
27, 311
27, 544
27, 980
28, 026
28, 214
28, 466
28, 557
28, 310
28, 257
28, 249
28, 269
28, 188
28, 290
28, 513
4
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
4
45, 106
45, 244
45, 155
43, 805
45, 610
43, 205
43, 390
43, 516
43, 689
45, 546
45, 881
45, 786
45, 621
45, 128
45, 586
46, 505
49, 930
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
24, 153
23, 370
24, 244
23, 027
23, 960
22, 072
22, 329
22, 065
22, 226
23, 857
24, 263
23, 715
23, 726
23, 416
23, 381
23, 545
26, 371
2,791
2, 854
3, 090
3, 326
3,706
4, 140
4, 731
4, 649
4, 816
4, 647
4, 603
4, 545
4,242
4, 315
4,443
4,607
4,794
4,853
5, 058
4,665
4,614
4,791
4,915
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
4
20, 953
21, 874
20,911
20, 778
21, 650
21, 133
21, 061
21, 451
21, 463
21, 689
21, 618
22, 071
21, 895
21, 712
22, 205
22, 960
23, 559
Series revised beginning 1966.
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
1.76
1. 74
1. 70
1. 69
1.64
1.61
1. 64
1.78
1.70
1.73
1. 71
1. 78
1. 81
1. 78
1.83
1.80
1. 79
1.78
1. 78
1.81
1.82
1.76
1. 69
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade surplus (seasonally adjusted) decreased sharply in December to $79 million, resulting
primarily from a 6.3 percent increase in imports over the November figure.
BILLIONS OF DOLLARS
35
BILLIONS OF DOLLARS.
3.5
1.0
IX)
1961
1967
I/SEE NOTE 1 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
[Millions
Merchandise exports
Total (includDomestic exports
ing; reexports) 1
Food, Crude
mateSeason- Unad- Total » 3 beverages,
rials
ally ad- justed
and to- and
justed
fuel
bacco
Monthly average:
1959
1960
1961 _ ___
1962
1963
1964
1965
1966
1967 v
1966: Nov.
Dec.
1967: Jan__
Feb._
Mar_
Apr__
MayJune.
July.
Aug_
Sept.
Oct__
Nov.
Dec_
1, 368
1, 636
1,682
1,748
1, 869
2, 141
2, 225
2,448
2,578
2,503
2,409
2,616
2,607
2,651
2, 654
2,547
2,576
2,584
2, 548
2, 643
2,392
2,692
2,604
2, 572
2,646
2,470
2,418
2,797
2, 666
2,683
2, 618
2, 376
2,395
2,505
2,440
2,761
2,813
1,353
239
1, 620
264
1, 662
289
312
1, 725
1, 845
349
2, 111
387
2, 196
377
2, 412
432
2,546
393
Unadjusted
469
2, 538
2,619
431
374
2,437
2,389
350
2,762
406
2, 630
387
2,650
388
382
2, 586
363
2,347
2,358
366
404
2,473
2,411
390
2,730
481
2,782
425
Merchandise imports
General imports 2
Total 3
ManufacSeason- Unadtured ally
ad- justed
goods justed
Food, Crude
bever- mateages,
rials
and to- and
bacco
fuels
1,302
1,251
1,226
1, 366
1, 428
1, 557
1,780
2, 129
2,235
382
298
283
365
288
359
306
387
322
391
335
415
334
449
382
473
445
392
Unadjusted
464
393
384
446
415
495
364
412
433
478
385
428
352
454
389
465
366
396
372
444
362
413
417
444
409
437
439
478
252
329
32?
280
315
361
356
367
394
897
1,047
1,062
1,138
1, 188
1, 366
1, 449
1,592
1,729
448
419
367
394
398
377
417
409
380
384
364
408
452
373
1, 583
1,754
1,679
1, 617
1,904
1,835
1,830
1,789
1,589
1,559
1,688
1, 595
1,767
1,935
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
'Total arrivals of imported goods other than intransit shipments.
of dollars]
2
2
2
2
2
2
2
2
2
2
2
2
2
2
186
225
266
229
203
226
140
227
208
125
208
202
376
525
2, 252
2, 240
2,261
2,004
2, 355
2,091
2, 222
2, 270
2,127
2, 166
2, 112
2, 342
2,435
2, 431
Grossmerchandise
trade
Manusurplus,
facseasontured
goods ally adjusted
591
571
544
636
672
758
936
1, 201
1,310
66
385
456
382
441
584
444
320
344
1,318
1, 331
1, 282
1, 164
1,366
1, 182
1,330
1, 334
1,273
1, 263
1,245
1,367
1,482
1,431
317
184
360
378
348
428
407
349
376
423
434
191
316
79
s Total includes commodities and transactions not classified according to kind.
NOTE.—Series revised beginning 1966. Because of revisions, subgroups do not
include all data in totals. Data include uranium ore and thorium.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the balance on goods and services declined sharply to a level of $3.0 billion (seasonally adjusted
annual rate) in the fourth quarter. For the year 1967 as a whole, a surplus of $4.8 billion is estimated.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
50
10
1961
1967
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1963
1964
1965
1966
1967 v
Total
32, 426
37, 099
39, 147
43, 039
45, 602
Exports of goods and services
Income on
investments
Mer- Milichan-1
tary
GovPridise
sales
ernvate ment
22, 071
25, 297
26, 244
29, 168
30, 500
657
747
844
847
4,151
4,929
5,376
5, 650
498
460
512
595
Imports of goods and services
Other
services
Total
Merchan-l
dise
5,049
5, 666
6, 171
6, 779
26, 573
28, 637
32, 203
37, 937
40, 802
16, 992
18, 621
21, 472
25, 510
26, 886
Balance
on
Mili- Other goods
tary
and
expend- services servitures
ices
2,936
2, 861
2,921
3, 694
6, 645
7, 155
7,810
8, 733
5,853
8,462
6, 944
5, 102
4,800
3,
3,
3,
3,
8, 444
8, 516
8, 916
9,056
6,056
5, 412
4, 604
4, 336
4, 180 9, 188
4, 280 9,640
4,288 9,932
5,428
5, 296
5,476
3, 000
Seasonally adjusted annual rates
1966: I
II
III
IV
1967: I
II
___
III
IV *
42, 044
42, 472
43, 652
43, 988
28, 812
28, 724
29, 528
29, 608
836
888
824
840
5,264
5,528
5,776
6,032
612
612
572
584
6, 520
6,720
6,952
6,924
35, 988
37, 060
39, 048
39, 652
24,
24,
26,
26,
45, 444
45, 448
45, 916
45, 600
30, 684 1,356
30, 848 1, 344
30, 556
820
29, 912
5,692
5, 544
6,672
620
644
664
7,072
7,048
7, 184
40, 016
40, 152
40, 440
42, 600
26, 648
26, 232
26, 220
28, 444
'Adjusted from customs data for differences in timing and coverage.
24
Source: Department oi Commerce.
100
900
320
720
444
644
812
876
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on the liquidity basis increased markedly to a $7.3 billion level (seasonally adjusted annual rate)
in the fourth quarter. For the year 1967, a $3.6 billion liquidity deficit is indicated. On the official reserve transactions
basis, the fourth quarter deficit was at a $4.8 billion level and the year as a whole recorded a $3.4 billion deficit.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS'
SEASONALLY ADJUSTED ANNUAL HATES
10
10
BALANCE ON GOODS AND SERVICES
\
V
-\
\
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
-5
-10
-10
1961
1963
1962
1967
SOURCE: DEPARTMENT OF COMWEtCE
COUNOl OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. private capital, net
Period
1963___
1964___
1965_ _ _
1966___
1967 "__
U.S.
Government
grants
and
capital,
net 1
Direct
investment
Other
longterm
Shortterm
-785
— 3, 581 -1,976 -1,695
-1,961 -2, 146
-3, 560
-3, 375 -3] 418 -1,078
753
-3,446 -3, 543
-257
-413
Balance
Errors
Foreign and uncapital,
recorded Liquidnet 1
transity
basis ~
actions
689
685
278
2, 512
-285
— 949
— 415
-302
-2, 671
-2,800
-1,335
-1,357
-3, 572
Official
reserve
transactions
basis 3
— 2, 044
— 1, 549
-1,304
225
-3, 398
Seasonally adjusted annual rates
1966:
I
!!____
Ill—
IV___
1967:
I
!!___
Ill
-3, 900
-3, 952
-3, 036
-2,896
-2, 536 -1,008
-4, 024 — 276
-3, 600
— 20
-4, 012
276
-380
— 240
— 108
-924
-4, 804 -2, 488
-724
-616
-4,052 -2, 592
-688 -1,268
-3, 892 -3, 576 -2, 020 -1, 184
IV 9 _
1
Includes certain special
2
1,060
4,364
1, 504
3, 120
-932 -2,604 -1,772
-792
-700
-488
— 660
3,444
1, 108
— 592 -1,676
— 72
3,292 -1, 148 -2, 144 -7, 288
4,908 -2,212 -2,224 -3,348
3,492
616 -2, 592
1,860
-7,328 — 4, 816
Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. gold tranche position in the IMF.
3 Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and
the U.S. gold tranche position in the IMF.
4
Includes short-term official and banking liabilities and foreign holdings of
U.S.
Government bonds and notes.
5
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible -rold sales to, and gold deposits with, the U.S.
Changes in sel<scted
-r» F
liabilities (decreasse
i T\j; *•*
To foreign official
holders 5
To other
foreign
holders 6
Changes
in gold,
convertible currencies, and
IMF gold
tranche
position
(increase
[-])
378
171
1,222
568
52
Nonliquid
1,673
-7
620
1,075
303
1,554
— 18
100
131
-1,595
802
2,384
2,071
1,275
1,449
Quarterly totals, unadjusted
Liquid
-852
54
-598
— 199
25
263
111
403
475
27
1,211
671
424
68
82
-6
-78
547
278
1,324
333
562
117
263
-711
94
1,308
758
1,027
— 419
-375
7
-181
a
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
On December 31, U.S. reserve assets consisted of gold stock, $12,065 million
(dowa $1,012 million from September 30); IMF position including gold portion of
increased U.S. subscription, $420 million; convertible currencies, $2,345 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
The consumer price index rose by 0.3 percent again in December. There were increases for all groups except nonfood
commodities. For the year, the all items index rose by 2.8 percent. Food prices rose by 0.9 percent, prices of other
commodities by 2.5 percent, and services prices by 4.4 percent.
Index, 1957-59 =
Index, 1957-59=100
100
1966
1961
SOURCE: DEPARTMENT Of LABOR
1967
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
All
items
Period
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1966:
__
__
„
___
Nov
Dec
1967: Jan
Feb_
Mar
Apr
May
June. _
July___
Aug
Sept
Oct___ _
Nov
Dec
_
__ _
_
_ _
Source: Department of Labor.
26
100.7
101. 5
103. 1
104. 2
105. 4
106.7
108. 1
109.9
113. 1
116.3
114. 6
114. 7
114. 7
114.8
115.0
115.3
115.6
116. 0
116. 5
116. 9
117. 1
117.5
117.8
118. 2
All commodities
100.8
100. 9
101.7
102. 3
103. 2
104. 1
105. 2
106.4
109. 2
111. 2
110. 2
110. 1
109. 9
109.9
110.0
110.2
110.5
111. 0
111. 5
111. 9
112. 0
112.4
112. 6
112. 9
Services
Commodities
Commodities less food
Services
All
Rent
Food
less
Nonservices
Durable durable
All
rent
100. 0
99. 9
99. 8
100. 2
100.3
101.9
100. 1
101. 5
101. 2
101. 0
103.6
103. 2
100. 3
101.6
101.7
100.9
102.
6
107.4
106.6
101.4
103. 1
102. 0
103. 2
100. 8
110. 0
102. 6
108.8
104 4
102. 8
101. 8
103. 8
110.9
105. 7
112. 1
103. 6
103. 5
102. 1
104. 8
106. 8
114. 5
113. 0
105. 1
104.4
103. 0
105. 7
117. 0
107.8
115. 2
106. 4
107.2
105. 1
102.6
120.0
117.8
108.8
108. 9
102. 7
106. 5
109. 7
122. 3
114. 2
110. 4
125. 0
109.2
104.3
113. 1
112. 4
127.7
131. 1
115. 2
107. 8
103. 5
111. 3
111. 2
127.7
114. 8
124.7
111. 4
107. 7
103. 1
111. 3
114. 8
128.3
125. 2
102. 7
107. 3
111. 0
111. 4
114. 7
128. 8
125. 5
111.5
107.6
102.8
129.2
114.2
111.7
125. 9
107.8
102.9
111.8
114.2
126.3
111.8
129.5
112.4
108.4
103.4
111.9
126.6
130.0
113. 7
112.7
108.7
103.
9
112.
1
130.4
127.
0
113.9
04. 1
112. 7
108. 9
112. 2
127. 4
130. 8
115. 1
104. 4
112. 8
109. 1
112. 4
131. 2
127. 7
116. 0
104. 7
113. 2
109. 4
112. 6
128. 2
131. 7
116. 6
114. 1
132. 3
110.0
104.8
128. 7
112.8
115. 9
114.5
132.7
110.6
105.7
113.0
129.1
115.7
111. 1
115. 2
113. 2
133. 2
129. 6
115. 6
106. 0
111. 1
115. 2
130. 1
113. 5
133. 8
106. 1
116. 2
WHOLESALE PRICES
The wholesale price index rose by 0.6 percent in December, led by a 2.6 percent increase in farm product prices.
Consumer goods prices were unchanged, but all other major groups rose. For the year, the over-all index increased 0.2
percent. The all-commodities index rose 0.3 percent in January, according to preliminary data.
Index, 1957-59=100
120
Index, 1957-59=100
120
90
90
85
85
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF IABOH
[1957-59=100]
Period
1958
1959
__ _ _ _ _ _ _ _ _ _ _
1960
1961_
_ ___
_ __
1962
1963
._ ___
1964 __
1965
1966
1967
1966: Dec.
1967: Jan__
Feb
Mar
Apr
May
June _
July _ ___
_ _
Aug _
Sept
Oct
Nov
Dec
1968: Jan "
All
commodities
Farm
products
100. 4
100. 6
100. 7
100. 3
100. 6
100.3
100. 5
102.5
105. 9
106. 1
105. 9
106. 2
106.0
105.7
105.3
105.8
106. 3
106. 5
106. 1
106.2
106.1
106. 2
106.8
107. 1
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
99. 7
101. 8
102. 6
101. 0
99.6
97.6
100.7
102. 4
102. 8
99. 2
98. 4
97.1
96.4
98.9
99. 1
Processed
foods
and
feeds
102. 5
99.9
100.0
101.6
102.7
103. 3
103. 1
106. 7
na o
111.7
112. 8
112. 8
111.7
110.6
110.0
110.7
112.6
113. 1
112. 1
112. 7
111.7
110. 9
111. 5
112. 1
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Industrial commodities
All industrials 1
Crude
materials
99. 5
101.3
101.3
100.8
100. 8
100. 7
101.2
102. 5
104 7
106. 3
105. 5
105. 8
106.0
106.0
106.0
106.0
106. 0
106.0
106. 3
106. 5
106.8
107. 1
107. 4
107. 7
96. 9
102. 3
98. 3
97. 2
95. 6
94 3
97. 1
100.9
104 5
100. 0
101. 6
101. 4
101. 1
100.2
99.3
99.4
99. 4
99. 0
99. 0
99. 5
99.4
100, (i
Inter- Producfinmediate er
ished
mate-2
goods
rials
99. 4
100. 2
102. 1
101. 0
10L4
102.3
100. 1
102. 5
99. 9
102.9
99.6
103. 1
100. 2
104 1
101.5
105.4
103. 6
108. 0
1048
111. 5
104 1
110. 2
104 4
110. 5
110. 6
104.6
104. 6
110.7
110. 8
104. 7
104. 6
1 1. 1
1 04. f>
1 1. '2
101. 5
1 i. 2
104. f'.
1 1. 4
104. 9
1 1. (>
105. 0
1 2.6
105. :\
101. ;;
105. 7
i ;j. o
i ;j. 4
Consumer finished goods excluding food
DurNondurable
able
99.3
100. 1
100.8
10L 3
100.9
10L5
100.5
101. 5
100. 0
101. 6
99. 5
101.9
99. 9
101. 6
99.6
102.8
100. 2
1048
101. 7
107. 2
101. 3
105. 5
101. 3
105. 8
101. 3
106.3
101. 3
106.4
101. 3
106.4
101.3
106.9
101. 0
107. 2
101. 1
107.4
101. 2
108. 0
101. 4
108. 0
102.8
107.8
HKJ. 0
107.9
103. 0
108.0
NOTE.— - H t v n m m : ' ,lumm;> I'M,',, t i n - int I r x o - InrnrjX rate a revised weighting
struct lire ivDi-riim- l ( ,»n:i v u i m
i!-,, Til.- .-It .v.iilrntion structure also
dumped,
»r
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended January 1 5, prices received by farmers were constant while prices paid increased by less than
1 percent. The parity ratio was unchanged from the revised December ratio of 74. Higher prices received for hogs,
tomatoes, and lettuce were largely offset by price declines for cotton and milk.
Index, 1957-59=100
Index, 1957-59=100
120
120
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES '
110
110
100
100
PRICES RECEIVED
(ALL FARM PRODUaS)
90
90
RAT1QJ/
RATIO-^
100
100
90
90
PARITY RATIO
80
80
70
70
1962
1968
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Prices received by farmers
Period
1958
1959___
1960
1961
1962_ .
1963__
1964__
1965
1966
1967
_ ___ _
1966: Dec 15
1967: J a n 1 5 _ _ _ _ _ _
Feb 15
___
Mar 15
_ ___
Apr 15
May 15
June 15 _
July 15
Aug 15
Sept 15_
_ __
Oct 15 _
Nov 15
Dec 15
1968: Jan 15 __
All farm
products
Crops
104
100
99
99
101
100
98
103
110
104
100
99
99
102
104
107
107
105
105
100
106
105
104
103
101
104
105
106
106
104
104
103
105
105
103
101
100
100
100
99
102
101
100
97
100
102
104
104
Prices paid by farmers
Livestock All items, Family
Producinterest,
living
tion
and
products taxes, and
items
items
wage rates
Index, 1957-59=100
100
106
100
100
102
102
100
101
102
102
98
101
102
98
103
101
99
103
105
103
104
104
95
107
91
107
103
105
107
105
110
101
114
108
113
110
112
110
107
117
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
109
109
107
105
102
108
108
110
110
110
107
104
105
106
115
116
116
116
116
117
117
118
117
117
118
117
117
118
111
111
111
111
111
112
112
113
113
113
113
114
114
115
109
110
110
110
110
110
111
111
110
110
110
109
109
110
Parity ratio l
Actual
Adjusted 2
85
81
80
80
80
78
76
77
80
74
88
82
81
83
83
81
80
82
86
79
76
75
74
74
72
74
74
74
75
73
73
73
74
74
82
80
80
79
77
79
80
80
80
78
78
78
79
79
2
The adjusted parity ratio reflects Government payments made directly
to farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The seasonally adjusted money supply rose $1.1 billion in January. Time deposits fell by $0.1 billion, the first decrease
since November 1966.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
180
140
100
60
1962
•SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
Money supply
Money supply
CurCurTime
Time
DeDerency
rency
de- 1
de- l
mand
mand
Total
outoutTotal
posits
posits
dedeside
side
posits
posits
banks
banks
Seasonally adjusted
Unadjusted
147.4
30.6
31.2
96.7
116.8
97.8
120.3
151.6
32. 5
153.0
111.0
120.5
112.2
124. 1
33. 1
157.3
34.2
159.3
125.2
125. 1
129. 1
126.6
35.0
164.0
166. 8
145.2
36.3
130.5
146.9
37.1
134.9
172. 0
170.4
132. 1
38.3
156.9
158.6
136.7
39. 1
175.8
40. 4
141. 1
181. 5
41.2
181. 8
183. 8
146. 0
187. 2
Period
1962:
1963:
1964:
1965:
1966:
1967:
Dec
Dec
Dec
Dec
Dec
Dec
_ _ _ _
___
_
1966: Dec
1967: Jan
Feb
Mar
Apr _
Mav_
June
July
_
_
Aug
Sept
Oct
Nov _
Dec
1968: Jan *
__
_ _
1
_
COUNCIL OF ECONOMIC ADVISERS
__ _
170.4
170.3
171.5
173. 1
172.7
174.5
176.2
177.9
179. 1
179.2
180.3
181.2
181. 5
182. 6
38.3
38.5
38.7
38.9
39. 1
39.2
39.3
39.5
39.6
39.8
39.9
40.0
40. 4
40. 5
132. 1
131.8
132.8
134.2
133.6
135.3
136.8
138.4
139.6
139.5
140.3
141.2
141. 1
142. 0
Deposits at all commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at
all commercial banks.
158.6
160.8
163.5
166. 1
168. 1
170.0
172.4
174.6
177.2
178.9
180.8
182.5
183. 8
183. 7
175.8
175.3
170.6
171.9
173.6
171. 1
174.3
175.8
175.9
178.4
180.6
182.5
187. 2
187.9
39. 1
38.5
38.3
38.5
38.7
38.9
39.3
39.6
39.6
39.8
40.0
40. 4
41.2
40. 5
136.7
136.8
132.3
133.4
134.9
132.2
135. 1
136.2
136.2
138.6
140.6
142.1
146. 0
147.4
156.9
160.7
164.0
166.7
168.8
170.8
173.0
175. 1
177.7
178.9
180.3
181. 1
181. 8
183. 5
U.S.
Government
demand
deposits 1
5.6
5. 1
5.5
4.6
3.4
5.0
3.4
4. 1
5.0
4.9
4.8
6.5
3.9
5.6
4.3
5.0
6.2
5.2
5. 0
4. 9
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of demand deposits and currency (seasonally adjusted) declined $1 billion in January, and there
was no increase in savings and loan shares outstanding. Time deposits, however, more than erasing their December
decline.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
600
500
400
200
100
K
1962
I
1968
1963
]/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted]
End of period
1961
1962
1963
1964
1965
1966
1967 *
1966: Dec
1967: Jan.
Feb.
Mar
Apr
May
June
July p
Aug * _ __
Sept *_
Oct * .
Nov v*
Dec
1968: Jan * _ _ _
1
Total
selected
liquid
assets
424. 6
459.0
495.4
530. 5
573.0
601. 5
649.3
601.5
605. 1
604.7
615. 1
613. 2
619.7
620.6
623. 0
630. 2
635. 4
638. 1
645. 7
649.3
652.9
Demand
deposits
and
currency 1
142. 6
144. 8
149. 6
156. 7
164. 0
168. 6
180. 3
168. 6
166. 9
165. 8
171. 0
168.6
172. 9
173.7
171. 9
174. I
176. 2
175.7
177.8
180. 3
179. 3
Time deposits
Commercial
banks
82. 5
98. 1
112. 9
127. 1
147. 1
159. 3
182. 6
159. 3
163. 6
165. 3
167. 6
168. 6
170. 7
172. 4
174. 7
177. 2
178. 1
180. 1
183. 7
182. 6
185.9
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
for last Wednesday of month.
2 Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
30
Mutual
savings
banks
3
38.3
41. 4
44. 5
49. 0
52. 6
55.2
60. 1
55. 2
55. 5
55. 9
56. 3
56. 8
57. 4
57. 8
58. 4
58. 7
58. 9
59. 5
59. 9
60. 1
60.6
Postal
Savings
System
Savings
and loan
shares
U.S. Government
savings2
bonds
70. 5
79.8
90. 9
101.4
109.8
113.4
123. 9
113.4
113.7
114.8
116.3
117. 1
118.0
118. 9
119. 9
121. 0
122. 5
123. 0
123. 7
123. 9
123. 7
47. 4
47.6
49. 0
49. 9
50.5
50. 9
51. 9
50. 9
51.0
50.9
51.0
51. 1
51. 1
51.2
51. 3
51. 3
51. 4
51. 4
51. 5
51. 9
51. 9
0.6
.5
.5
.4
.3
.1
.1
.1
.1
.1
.1
,1
.1
.1
.1
.1
3
U.S. Government
securities
maturing
within
one
year 2
42. 6
46. 8
48. 1
46. 1
48. 6
53. 9
50. 5
53. 9
54. 2
51.7
52.9
50. 9
49. 5
46. 5
46.7
47. 8
48. 2
48. 3
49. 1
50. 5
51. 6
February
1960, savings and loan associations.
3
Reflects conversion of a savings and loan association with share capital of
about $175 million to a mutual savings bank.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Jotal bank loans and investments (seasonally adjusted) rose $4 billion in January, the largest increase since August,
and loans showed a more rapid increase than total investments. Free reserves rose slightly from the December level.
BILLIONS OF .DOLLARS
400
BILLIONS OF DOLLARS
400
ALL COMMERCIAL BANKS
150
100
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
50
50
INVESTMENTS IN OTHER SECURITIES
! , , , , .
, . . . . I
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Bank
Weekly
debits
reporting
outside
large commercial New York
Total
Investments
City (232
banks
Loans,
loans excluding
centers) ,
seasonally
and
interU.S.
GovOther
Commercial
investbank
ernment
securi- and indus- adjusted
ments
annual
securities
ties
trial loans
rates *
All member banks
All commercial banks
(seasonally adjusted data)
End of period
1961
1902
1963
_
1964
1965
1966
1967 "
1966- Dec
1967: Jan
Feb
Mar
Apr
May
JuneJuly
Aug _
Sept 9
Oct *p
Nov
Dec v
1968: Jan »
-_-.
_ _
209. 6
227. 9
246. 2
267. 2
294. 4
310. 2
344. 4
310. 2
314. 4
318. 0
321. 4
323. 2
324. 6
325. 6
332. 4
337. 3
339. 5
342. 6
344.3
344. 4
348. 4
120. 5
134. 1
149. 7
167. 7
192. 4
207.8
224. 0
207.8
210. 4
211. 0
211. 3
213. 5
213. 5
213.9
217. 1
218. 2
220. 2
221. 8
222.3
224. 0
227. 2
Billions of dollars
C>r>. 2
23. 9
64, 5
29. 2
61. 5
35. 0
38. 7
60. 7
57. 3
44.8
48.7
53.7
60.4
60. 0
53.7
48. 7
54. 2
49. 9
55.9
51. 1
57.8
52. 3
56. 1
53. 6
56. 1
55. 0
55. 4
56. 3
56.5
58. 8
61. 8
57. 3
57. 7
61. 6
62. 3
58. 6
60.2
61.8
60. 4
60. 0
62. 1
59. 1
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government. New series beginning January 1964.
2
Averages
of daily figures. Annual data are for December.
!
New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Effective June 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
32. y
35. 2
38. 8
42. 1
3
53. 1
60.7
65. 8
60. 7
60. 3
60.4
62. 0
62. 3
61.8
63. 8
63. 7
62.2
63. 4
63. 1
63.7
65. 8
65.0
1, 832
2, 021
2, 199
1
2, 706
8,013
3,421
3, 897
3,662
3,562
3, 570
3,559
8, 690
3,614
3, 783
3, 832
3, 882
8, 847
3, 891
3, 897
8,897
4, 046
Total
reserves
20, 118
20, 040
20, 746
21,609
22, 719
23, 830
25, 260
23, 830
24, 075
23, 709
23, 405
23, 362
23, 284
23, 518
23, 907
23, 791
24, 200
24, 60S
24, 740
25, 260
25, 840
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
149
568
304
572
327
536
411
243
452
454
392
557
345
238
392
557
389
373
362
358
435
199
134
309
370
101
420
123
87
359
387
89
90
358
286
126
403
133
238
345
237
375
419
268
209
168
2
— 165
107
— 165
-16
4
236
175
269
297
272
298
268
160
270
107
138
certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and
Hawaii.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
The $2.4 billion increase in total consumer credit outstanding in December was largely seasonal. Instalment credit
outstanding, seasonally adjusted, increased $380 million, slightly less than the November increase.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF.MONTH
100
100
80
80
TOTAL CONSUMER CREDIT OUTSTANDING
60
60
*
*""*
\
INSTALMENT CREDIT
40
40
20
20
NONINSTALMENT CREDIT
, , I , , , i , 1 , , , , t I i i ,
SEASONALLY ADJUSTED (ENLARGED SCALE)
......f.u.mi""""""1"""1"**
JNSTALMENT CREDIT EX1"ENDED
4l I 1 1 I 1 1 1 1 1 t
psst^*"""'""11"1*"''1"1'
i .i.11.i.1 1
1961
....«•••••»»*""*'*»**'*
•HUM"1""**"""
.
1 . 1 1 1 1 . . 1 1
^^Z^ZSf--*^
INSTALMENT CREDIT REP>MD
!
I 1 1 I 1 I 1 ! ! 1
1963
1962
1964
I 1 1 I I 1 1 ! 1 t 1
1 1 1 1 ! ! 1 ! 1 I 1
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1966:
1967:
___
...
_
_
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec _ _ _
[Millions of dollars]
Consumer instalment credit extended
Consumer credit outstanding (end of period;
and repaid (seasonally adjusted)
unadjusted)
Automobile paper
Instalment
Total
NonAutomo1
Total
Total
bile
Personal instal-3 Extended Repaid Extended Repaid
ment
paper
loans
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94,786
99, 228
94, 786
93, 479
92, 517
92, 519
93, 089
93, 917
94, 813
95, 115
95, 684
95, 886
96, 094
96, 802
99, 228
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
77, 946
74, 656
74, 015
73, 598
73, 591
73, 840
74,290
75, 051
75, 348
75, 889
76, 039
76, 223
76, 680
77, 946
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
30, 961
31, 197
30, 961
30, 689
30, 530
30, 527
30, 635
30, 852
31, 208
31, 364
31, 455
31, 296
31, 237
31,217
31, 197
N
COUNCIL OF ECONOMIC ADVISERS
8,116
9,386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
20, 110
21, 690
20, 110
19, 974
19, 976
20, 047
20, 193
20, 326
20, 567
20, 666
20, 936
21, 087
21, 198
21, 375
21, 690
^Iso includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
3 Consists of single-payment loans, charge accounts, and service credit.
End of period, unadjusted.
32
1 I ! ! | 1 I 1 ! I |N
1967
1966
1965
SOURCE: BOARD OF GOVERNORS .OF THE FEDERAL RESERVE SYSTEM
Period
-
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19,319
20, 130
21, 282
20, 130
19, 464
18, 919
18, 928
19, 249
19, 627
19, 762
19, 767
19, 795
19, 847
19, 871
20, 122
21, 282
40, 119
48, 052
49, 560
48, 396
55, 126
61, 295
67, 505
75, 508
78, 896
81, 263
6, 433
6,501
6,497
6, 510
6, 606
6, 554
6,823
6, 776
6,929
6,973
6,942
7,032
7, 035
40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
77, 973
6, 112
6, 221
6,281
6, 246
6,393
6, 361
6, 531
6, 551
6,585
6,689
6,631
6,614
6, 652
14,226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28, 491
27, 221
2, 297
2,240
2, 177
2,199
2,217
2, 238
2, 338
2,266
2,285
2, 322
2,321
2,305
2,306
15, 415
15, 579
16, 384
16, 472
17, 478
19, 400
21, 676
24, 267
26, 373
26, 985
2, 225
2,202
2, 217
2, 193
2, 235
2, 219
2, 281
2,228
2,240
2,280
2,301
2,240
2, 250
Mortgage
debt outstanding
nonfarm.
1- to 4family
houses 3
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197, 600
213, 700
224, 100
235, 900
224, 100
225, 500
228, 300
232, 100
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
Bond yields fell during January, while the Treasury bill rate averaged higher than in December. On a weekly basis,
nost yields were fairly stable in late January and early February.
PERCENT PER. ANNUM
7
PERCENT PER ANNUM
7 T
CORPORATE Aaa BONDS
(MOODY'S)
1962
1968
SOURCEt SEE TABLE BELOW
Period
1961
_ _
1962
1963
1964
1965
1966
1967
1966: Dec
_ __
1967: Jan
Feb
Mar
Apr
_
May
_
June
Julv
Aug_ _
Sept
Oct _
Nov
Dec
___
1968: Jan
Week ended:
1968: Jan 13- _ _
20___
27___
Feb 3_-10___
17__.
1
Rate
3
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5
year
Taxable
Treasury
3
3
(Standard4 &
bonds
issues
bills i
Poor's)
2. 378
3.90
3. 60
3.46
2. 778
3.95
3. 57
3. 18
3. 157
3.72
4.00
3.23
3. 549
4.06
4. 15
3. 22
3. 954
4.21
4.22
3.27
4.881
5. 16
4. 65
3.82
4.321
5.07
4 85
3.96
5. 007
5. 07
4. 65
3. 83
4.759
4. 71
4. 40
3. 58
4.554
4.73
4.47
3.56
4. 288
4. 52
4 45
3. 60
3. 852
4. 46
4. 51
3. 66
3.640
4.76
4.68
3.92
3.480
4.96
4.86
3.99
4. 308
5. 17
4.86
4 05
4. 275
5. 28
4. 95
4. 03
4. 451
5. 40
4.99
4. 15
4 588
5. 52
5. 19
431
4.762
5.44
5.73
4.36
5. 012
5.72
5. 36
4 49
5. 081
5. 53
5. 18
4 36
5.080
5. 072
5. 068
4 846
4.957
5.040
5.48
5. 52
5.55
5. 54
5. 61
5. 56
5.12
5. 18
5. 20
5. 15
5. 17
*5. 13
2
on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
*8 Weekly data are Wednesday
figures.
*Not charted.
Data for first of the month, based on the maximum permissible interest rate
(6 percent beginning October 1S66) and 3C-year mortgages paid in 15 years.
4 35
4 34
4 30
4 23
430
4. 36
Corporate bonds
( MoodyJs)
Aaa
Baa
Prime
commercial
paper,
4r-6
4 35
433
4 26
4 40
4. 49
5. 13
5. 51
5. 39
5. 20
5.03
5. 13
5. 11
5.24
5.44
5. 58
5. 62
5. 65
5. 82
6.07
6. 19
6. 17
5.08
5. 02
4.86
4 83
4.87
5.67
6.23
6. 18
5. 97
5.82
5. 85
5. 83
5.96
6.15
6. 26
6. 33
6.40
6. 52
6.72
6.93
6. 84
months
2. 97
3. 26
3.55
3. 97
4.38
5. 55
5. 10
6. 00
5. 73
5.38
5. 24
483
4.67
4.65
4. 92
5. 00
5.00
5.07
5.28
5. 56
5. 60
6.20
6. 14
6. 12
6. 12
6. 11
*6. 10
6. 86
6.79
6.80
6.80
6. 80
6.79
5. 63
5. 63
5. 60
5. 50
5. 50
*5. 50
FHA
new home
mortgage
yields 5
5. 80
5. 61
5.47
5.45
5.46
6.29
6. 55
6. 81
6. 77
6.62
6. 46
6.35
6.29
6.44
6. 51
6. 53
6.60
6. 63
6.65
6. 77
6. 81
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The common stock price index fell during late January and early February, reaching the lowest weekly average level
since early June.
Index, 1941-43=10
100
lrdex,1941-43 = 1i
100
90
90
80
80
-COMPOSITE PRICE INDEX FC
500 COMMON STOCKS
70
70
60
60
1 ..!_!.
RATIO
RATIO
25
25
PRICE/EARNINGS RATIO ON COMMON STOCKS
20
\
15
10 A
'
I
i
i
1962
20
Ir^O-—-i
— *-,
1"
/
,
^^^^
\
f
i
i
1963
{
i
!
I
I
1 966
1 965
1964
15
I
I
1962 _._ _
1963
1964
1965
1966
1967 _ _ _ _ _ _ _ _
1967' Jan
Feb
Mar
Apr
May
June
July
Auec
Sept.
A
Oct —
Nov
Dec
1968: Jan
Week ended:
1968: Jan 5
12
19
26
Feb 2
9
16
|
I
1968
F
]\
10
M
COUNCIL OF ECONOMIC ADVISERS
SOURCE: STANDARD'S. P.OOR'S CORPORATION
Period
I
!
1967
Price index
Industrials
Total
62. 38
69. 87
81. 37
88.17
85. 26
91. 93
84. 45
87.36
89. 42
90.96
92.59
91.43
93. 01
94. 49
95. 81
95. 66
92.66
95. 30
95.04
95. 77
96. 60
95.74
93. 52
92. 66
91. 32
*89. 87
Total
Capital
goods
l
Consumers'
goods
Public
utilities
Railroads
Dividend
yield 2
(percent)
65. 54
73.39
86. 19
93.48
91. 09
99. 18
89. 88
93. 35
95. 86
97. 54
99.59
98.61
100. 38
102. 11
103. 84
104. 16
100. 90
103. 91
103. 11
1941-43 = 10
54. 96
58. 15
63. 30
62. 28
73. 84
76. 34
85. 26
81. 94
84. 86
74. 10
96. 96
79. 18
69. 97
82. 70
86.72
73.78
90. 08
75. 10
92.37
77.53
79.13
95.10
78.94
96. 34
81. 27
98. 35
101. 01
83. 88
104. 17
84. 62
83. 60
106. 64
80.47
103. 58
81. 92
106. 41
102. 87
81. 06
59. 16
64. 99
69. 91
76.08
68.21
68. 10
70. 63
70.45
70. 03
71.70
70.70
67.39
67.77
68. 03
67. 45
64. 93
63.48
64. 61
68. 02
30. 56
37. 58
45. 46
46.78
46. 34
46.72
44. 48
46.13
46.78
45.80
47.00
48. 19
49. 91
50. 43
49. 27
46. 28
42.95
43. 46
43. 38
3. 37
3. 17
3. 01
3.00
3. 40
3. 20
3. 51
3.36
3. 29
3.24
3.19
3. 19
3. 15
3. 11
3. 07
3. 07
3.18
3.09
3. 13
104.
104.
103.
101.
100.
98.
97.
104. 72
104. 46
104. 32
101. 39
99. 46
99. 39
97. 79
66. 96
69. 42
69. 01
67. 18
66. 75
66. 26
65. 27
43. 73
43. 88
43. 63
42. 76
42. 85
42. 56
41. 87
3. 09
3. OG
3. 09
3. 19
3. 22
3. 23
*3. 30
13
77
80
43
45
91
33
81. 57
82. 49
81. 93
SO. 21
79. 11
78. 91
77. 09
Price/
earnings
ratio 3
16. 68
17. 62
18. 08
17. 08
14. 92
17. 86
17. 01
17. 81
1
Includes 500 common stocks: 425 are industrials; 55 are public utilities; and 20 are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day in quarter to quarterly earnings (seasonally
are railroads. Weekly indexes lor capital and consumer goods are Wednesday
adjusted annual rate). Annual ratios are averages of quarterly data.
figures;
all other weekly indexes are averages of dally figures.
2
Aggregate cash dividends (based on latest known annual rate) divided by
* Not charted.
the aggregate monthly market value of the stocks In the group. Annual yields
Source: Standard & Poor's Corporation.
34
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
Administrative budget expenditures for the first 6 months of fiscal 1968 were $70.0 billion. In the corresponding
period of fiscal 1967 expenditures were $64.1 billion. Receipts for the same period were $51.0 billion in fiscal 1968
and $49.2 billion in fiscal 1967.
BILLIONS OF DOLLARS
150
NET BUDGET EXPENDITURES
BILLIONS OF DOLLARS
150
NET BUDGET RECEIPTS
125
125
100
100
75
75
50
50
25
25
0
0
1963
1964
1965
1966
1967
1968
1963
100
+10
NATIONAL DEFENSE
1964
1965'
1966
1967
1968
BUDGET SURPLUS OR DEFICIT
__
(ENLARGED SCALE)
75
50
-10
25
-20
1963
1964
' 1965
1966
1967
1963
1968
1964
1965
1966
1967
1968
FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
Period
Fiscal year 1964_
Fiscal year 1965
Fiscal year 1966
Fiscal year 1967 _ _ _ _ _ _
Fiscal year 1968
Fiscal year 1969
1967: Jan_
Mar
Apr
May
June__
July
Aug_ _
Sept___
Oct
Nov
Dec
_
_ ___
_
_ _ _
_
_
_
_
Cumulative totals, first 6 months:
Fiscal vear 1967
Fiscal year 1968 _
_ _ _ _ _
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars}
Net budget expenditures
National defense 1
Net
Departbudget
Total
ment of
Military
Total
receipts
Defense, assistance
military
54.2
97.7
89.5
49. 8
1.5
96.5
50.2
93. 1
46.2
1.2
107.0
57.7
104.7
54.4
1.0
125. 7
115. 8
70.8
67. 7
.9
137. 2
118. 6
147. 4
135. 6
10. 0
9. 4
6.2
.1
5. 9
11. 7
11. 4
6. 9
.1
6. 6
9.5
13. 5
6.3
.1
6.1
10. 9
6. 3
6. 1
.1
5. 8
10. 1
18. 3
6. 1
.2
5.8
11. 5
6. 4
6. 4
6. 2
(33)
12. 7
7.3
6.8
6. 6
(3)
12. 5
12. 4
6. 6
6.3
()
11.5
6.8
6.6
6.4
.1
11. 7
7. 5
6.4
.1
6. 1
10. 1
10. 6
6. 0
5.8
(3)
64, 1
49. 2
33.4
32.0
.3
70. 0
51. 0
38.8
.2
37. 3
* In addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
'Less Mian $50million.
Sources: Treasury Department and Bureau of the Budget.
Budget
surplus
or
deficit (-)
-8.2
-3.4
-2.3
-9. 9
-18.6
-11.8
-. 6
Public
debt
(end of 2
period)
—. 3
4. 1
-4. 6
8. 2
-5. 1
-5. 4
—. 1
-4.7
— 4. 2
.5
312.5
317.9
320.4
326.7
351. 6
363. 5
329. 4
331. 5
328. 3
331.4
326.7
331. 2
336. 4
336. 4
341.0
345.6
345.2
-14.9
-19. 0
329.8
345. 2
NOTE.—Total budget receipts and expenditures exclude certain intragovern"
mental transactions.
New concepts of Federal receipts and outlays presented in "The Budget of
the United States Government, Fiscal Year 1969" will be used in this table as
soon as data are available on a monthly basis.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
On a seasonally adjusted basis, cash receipts rose slightly from the third to the fourth quarter while cash payments
changed little, resulting in a cash deficit of $41A billion.
BILLIONS OF DOLLARS
30
30
25
25
SEASONALLY ADJUSTED
EXCESS OF CASH R ECEIPTS
m w± '™* ^
• ••-«
n
•-I
• •••.
ppf
EXCESS OF CASH P AYMENTS
I
I
!
1961
1
!
!
t
1
!
I
1963
1962
1
1
!
1964
1
"1965
1
!
1
1966
I
.1*531
1
i
1^ I
-5
1967
CALENDAR YEARS
• -COUNCIL OF ECONOMIC ADVISERS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
(Billions of dollars]
Period
Fiscal year:
1962 __ __
1963
-_. __ _
1964__
1965 _ _ _ _ _ _
1966
1967
1968 i
1969 i
Calendar year:
1962. ._ ___
1963
1964
1965 2
1966 --.
1967
Quarterly total (calendar years) :
1966: I _
II
III
IV
1967: I
III
IV
Cash receipts
from the
public
Cash payments to
the public
101. 9
109.7
115.5
119.7
134. 5
153. 6
158. 8
181. 1
107.7
113. 8
120. 3
122.4
137.8
155. 1
176. 0
188. 7
-5.8
-4. 0
-4. 8
-2.7
— 3.3
-1. 5
-17. 2
-7. 6
106. 2
112. 6
115.0
123.4
145. 1
156.3
111. 9
117. 2
120. 3
127.9
150. 9
163. 6
Unadjusted
-5. 7
— 4. G
-5. 2
-4.5
— 5. 7
-7.3
34 6
36. 2
41.3
38.8
36. 7
38. 4
45. 1
43. 5
-1. 3
10. 0
— 6. 7
— 7. 7
1. 4
11.5
— 9. 2
-10.9
33.3
46. 2
34. 6
31. 1
38. 0
49. 9
35. 9
32. 5
2i Estimates.
Seasonally adjusted data include accelerated corporate tax payments of about
$3 bill
36
Excess of
receipts or
payments
Cash receipts
from the
public
Cash payments to
the public
Excess of
receipts or
payments
Seasonally adjusted
33. 4
37. 1
37.3
38. 4
39. 2
38.5
38. 5
38.8
36.6
35.8
39. 7
38. 6
38. 8
38. 1
43. 4
43. 3
Sources: Treasury Department and Bureau of the Budget.
l
-3.2
1. 3
-2. 5
—.2
.4
.4
—4. 9
-4.5
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, Federal receipts rose more than $41/z billion (seasonally adjusted annual rate) and expenditures
rose about $3 billion, yielding a deficit of over $1 3 billion. Preliminary data for the fourth quarter indicate that expenditures rose $2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
100
!
!
I
l
l
I
I
I
+20
I
I
I
+20
SEASONALLY ADJUSTED ANNUAL RATES
SURPLUS
_
H n ^ w
frrq
r,r^
ps]
Wi
^ m %& "~
M
vm
~~ %%
• • Wt
DEFICIT
1
-20
1
1961
1
\
i
i
1962
\
\
1
I
1963
1
1
\
1964
\
\
1
1
II\-
1
\
1966
1965
\
1967
\
-20
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Fiscal year:
1964
1965
1966
1967
1968 i
1969 '
Calendar
year :
1964
1965
1966
1967 * _ _ 1966:I_.
IL_
IIIIV_
1967:I_.
II_III.
IV*
Personal Corporate
tax and profits
nontax
tax
receipts accruals
Federal Government expenditures
Indirect Contribusiness butions
for
tax and
nontax social inaccruals suran ce
Total
Surplus
or
GrantsSubsidies deficit
Purless
in-aid
(-),
current
chases
Trans- to State
Net
income
of goods fer payinterest surplus
and
and
and
of Govt. product
ments
local
paid
enter- accounts
services
governprises
ments
115. 5
120. 6
132. 9
147. 6
161. 1
182. 5
50. 7
51. 3
57. 5
64.6
71.0
83. 8
25. 7
27. 8
31. 0
31. 4
34. 3
37.2
15. 6
16. 9
15. 8
15.9
17.1
18.1
23. 5
24. 5
28. 6
35. 7
38. 7
43. 4
116. 9
118. 3
131. 9
155. 1
171. 1
185. 0
65. 7
64. 3
71. 7
84.5
92.8
99. 4
29. 5
30. 4
34. 1
39. 8
44.9
49. 9
9.8
10. 9
12. 7
15.4
18. 0
20.0
8. 1
8. 5
9.0
10. 1
10. 7
11.2
115. 0
124. 8
143. 2
151. 6
137. 0
141. 6
145.6
148. 6
149. 1
148. 1
152.7
48. 6
53. 8
61. 7
66. 5
57.7
60. 9
63. 1
65. 2
65.5
64.0
67.5
69. 1
26. 4
29. 3
32. 3
30.7
32.2
32.2
32. 4
32. 3
30. 3
30. 3
30.6
16. 1
16. 5
15. 9
16.6
15.2
15.9
16. 2
16.3
16.2
16.5
16.7
17.0
23. 8
25. 2
33. 3
37. 7
31.9
32.5
34.0
34.7
37.0
37. 2
38.0
38.7
118. 1
123. 4
142. 9
164.3
134. 8
138. 4
146.3
151.9
160.9
162.8
165.9
167. 9
65. 2
66. 8
77. 0
89. 9
72. 1
74. 9
79. 5
81.5
87. 1
89.5
90.9
92.2
29. 9
32! 4
36. 0
42. 9
35. 2
34. 1
35. 9
38.8
42.2
42. 4
43.5
43.3
10. 4
11.2
14. 8
16.0
13.8
14. 6
15. 3
15. 6
15. 6
15.3
16.0
17. 1
8.3
8. 7
9. 5
10.5
9. 1
9. 4
9. 6
10. 0
10.4
10.4
10.5
10.7
i Estimates.
3. 8
4. 1
4. 5
5.3
4. 5
4. 5
-1. 4
2. 3
.9
-7.5
— 10. 0
-2. 5
4. 2
4. 3
5. 4
5. 1
4. 6
5. 3
6. 0
5.9
5.6
5.3
5.0
4.6
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-3. 0
1. 4
.3
-12.7
2. 2
3.2
-.7
-3.3
-11.9
-14.7
— 13. 2
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
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 Sector, National Income Accounts Basis
38
_
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and . . . . not available.
For sale by the Superintendent of Documents. U.S. Government Printing Office, Washington, B.C., 20402
Price 25 cents per copy; $2.50 per year; $3.50 foreign
U.S. G O V E R N M E N T P R I N T I N G O F F I C E : 1968
@FedFRASER