Full text of Economic Indicators : February 1969
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91st Congress, 1st Session
conomic Indicators
1969
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1969
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
BARBER B. CONABLE, Jr. (New York)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE f Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIB1COFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts 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 $3.00 per year (foreign, $4.00) from:
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price is $6.10 additional 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.
n
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Revised estimates indicate that gross national product advanced $161/2 billion (seasonally adjusted annual rate)
in the fourth quarter, $1% billion less than the third quarter rise and over $5 billion less than the record increase
in the second quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Disposable personal income
Period
Total l
1961__ _ _
1962
1963 _ _ _
1964 _ _ _
1965
1966
1967
1968 *_ _ .
1967: 1 1 I _ _
TV
1968: I
!!___
III___
IV 9
364 4
385.3
404. 6
438. 1
473. 2
511. 6
546. 3
589. 0
550. 0
559. 6
574. 4
586.3
592. 7
602.4
Net receipts
Expenditures
PerLess : Equals: Personal sonal
Less:
Less :
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
and
paid and excludor
tion
Purfers,
fers,
nontax interest,
transfer
ing
expenddisexpend- interest,
Net
chases
interest
itures saving receipts
payof goods
and receipts itures
and
or
and
ments
and
(-)'
subsubto fortransaccruals sidies 2
2
services
sidies
eigners
fers
8. 1
8. 6
9.7
10. 7
12. 0
13. 1
13. 9
14. 4
14. 0
13.9
14. 1
14.4
14. 5
14.7
356. 3
376. 6
394.9
427. 4
461. 3
498. 4
532.4
574. 6
536. 1
545.7
560. 3
571.9
578.2
587. 7
335. 2
355. 1
375.0
401. 2
432. 8
465. 5
492. 2
533.8
495. 5
502.2
519. 4
527.9
541. 1
546. 8
21. 2
21. 6
19. 9
26. 2
28. 4
32. 9
40.2
40. 7
40. 5
43. 4
40. 8
44.0
37. 1
40. 9
Business
144. 6
157. 0
168.8
174. 1
189. 1
213. 2
227. 4
260. 9
229.0
234. 8
246. 6
254.2
267.2
41. 3
42. 8
44. 4
46. 7
49. 9
55. 3
62. 9
70. 3
63. 4
63. 8
66. 4
69.8
71. 8
72.8
103. 3
114 2
1243
127.3
139.2
157.9
164. 6
190.6
165. 7
171. 0
180.3
184.4
195.4
149. 0
159. 9
166. 9
175.4
186. 9
211. 5
241. 3
267.4
243. 0
247.4
256. 9
265.5
271. 3
275.9
41. 3
42. 8
44 4
46. 7
49. 9
55. 3
62. 9
70. 3
63. 4
63.8
66.4
69.8
71.8
72. 8
107. 6
117. 1
122. 5
128.7
137. 0
156. 2
178. 4
197. 2
179. 6
183. 5
190. 5
195.7
199. 6
203. 0
•
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.
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
in disposable personal income.
or
deficit
(-),
income
and
product
accounts
-4 3
-2. 9
1.8
-1.4
2 2
l! 7
-13. 8
-6.5
-14 0
— 12. 5
— 10. 3
-11.3
-4. 1
International
Net
Net exports of goods
Total
Statistransfers
and services
Excess of income
tical
Gross
Gross
Excess to forPeriod
transfers
or
discrepprivate
retained domestic
of
eigners
or
receipts
ancy
invest- by perearn-3
of net
investEquals:
ment sons and Exports
ings
Less:
exports
ment 4
Net
GovernImports exports
(-)5
(-)
ment
1
2.
6
-13.
0
28.
6
58.
7
23.
0
-3. 0
1961
71. 7
5. 6
-0.8
520. 8
2. 7
66.3
30. 3
1962__ _ _ _ _ _
83. 0 -16. 8
25. 1
5. 1
-2.5
559. 8
.5
87. 1 -18. 4
2. 8
32. 3
68.8
26.4
-3. 1
1963 _ _ _
5. 9
590. 8
-. 3
37. 1
76.2
94. 0 -17. 8
1964
2.8
28. 6
8.5
-5.7
633. 7
-1.3
2. 8
39. 2
108. 1 -23. 4
84 7
32. 3
1965
6. 9
-4 1
688. 0
-3. 1
2. 9
43. 1
91. 6
120.8 -29. 2
-2. 2
1966
38. 1
5. 1
-3. 3
750. 9
114 3 -21. 1
45. 8
93. 1
41. 0
1967 v
48
3. 1
-1. 7
793. 2
-3. 5
2. 7
97. 6
127. 7 -30. 1
50. 0
48. 1
2. 0
1968
865. 5
.8
-4.8
93.5
114 7 -21. 2
3. 4
46. 1
40. 6
-2. 1
1967: I I I _ _ _ _ _
5. 4
798. 6
-3. 4
2. 6
46. 0
42. 6
95. 9
121. 8 -25. 9
IV
3. 4
-. 8 815. 2
-4 2
92. 8
119. 7 -26. 9
47.5
46. 0
1968: I
2.6
1. 1
-47
1. 5
835. 9
97.4
2.8
II_
127.3 -29. 9
49.9
47.9
2.0
.8
856.5
-3.6
'>
Q
127. 1 -27. 2
99.9
52.6
III
49. 4
3. 3
876. 3
-5.3
—. 5
rv p
136. 6
49. 1
2. 8
50. 1
1. 0
1. 8
1
Surplus
Gross
national
product
or
expenditure
520. 1
560. 3
590. 5
632.4
684 9
747. 6
789.7
860. 6
795. 3
811. 0
831. 2
852.9
871.0
887.4
4 Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
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) increased at an annual rate of nearly 8 percent in the fourth quarter,
according to revised estimates. The rise in physical output was at a rate of about 3% percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
900
900
800
800
700
700
600
600
500
500
PERSONAL CONSUMPTION
EXPENDITURES \
..--'—'
400
400
GOVERNMENT PURCHASES
~OF GOODS AND SERVICES ~
200
200
• •••••I11MW"*1""
100
100
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES
J
1962
1963
1964
1965
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Personal Gross
Total
Net
congross
Total
private exports
sump- domestic of goods
national
gross
tion
product national
and
investin 1958 product expendservices
ment
prices
itures
Period
I
1968
1967
1966
Government purchases of goods
services
Federal
Total
National
Total defense1 Other
and
Implicit
price
deflator
for total
GNP,
1958= 1002
State
and
local
Billions of dollars; quarterly data at seasonally adjusted annual rates
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1967:
447. 3
475. 9
487.7
__
___
_
_
_
III
IV
196S: I
II
III. _ _
IV
l
497.
529.
551.
581.
617.
657.
673.
706.
675.
681.
692.
2
8
0
1
8
1
1
7
6
8
7
703.4
712. 3
718. 4
447. 3
483.7
503.7
520. 1
560. 3
590. 5
632. 4
684. 9
747. 6
789.7
860. 6
795. 3
811. 0
831. 2
852.9
871. 0
887.4
290. 1
311. 2
325.2
335. 2
355. 1
375. 0
401. 2
432. 8
465. 5
492. 2
533. 8
495. 5
502.2
519. 4
527.9
541. 1
546. 8
60. 9
75.3
74. 8
71. 7
83. 0
87. 1
94. 0
108. 1
120. 8
114. 3
127. 7
114. 7
121. 8
119. 7
127.3
127. 1
136. 6
This category corresponds closely with budget expenditures for national
defense, shown on p. 36.
2 Gross national product in current prices divided by gross national product
in 1958 prices.
2
2. 2
. I
4. 0
5.6
5. 1
5. 9
8.5
6. 9
5. 1
4. 8
2.0
5. 4
3. 4
1. 5
2.0
3.3
1. 0
94. 2
97. 0
99. 6
107. 6
117. 1
122. 5
128. 7
137. 0
156. 2
178. 4
197. 2
179. 6
183. 5
190. 5
195.7
199.6
203. 0
53. 6
53. 7
53. 5
57. 4
63. 4
64. 2
65. 2
66. 9
77. 4
90. 6
100.0
91. 3
93. 5
97. 1
100. 0
101. 2
101. 7
45. 9
46. 0
44, 9
47. 8
51. G
50. 8
50. 0
50. 1
60. 6
72. 4
78. 9
72. 9
74. 6
76. 8
79. 0
79.6
80. 0
7.7
7. 6
8. 6
9. 6
11. 8
13. 5
15. 2
16. 8
16. 8
18. 2
21. 1
18.4
19.0
20. 3
21. 0
21. 5
21. 7
40.6
43.3
46. 1
50.2
53. 7
58. 'J
">3. 5
70. 1
78. 8
87. 8
97. 2
88. 4
90. 0
93. 4
95. 6
98. 4
101.2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
I
100. 0
101. 6
103. 3
104. 6
105. 8
107. 2
108. 8
110. 1)
113. S
117. 3
121. 8
117. 7
118. 9
120. 0
121.2
122. 3
123. 5
RATIONAL INCOME
National income rose $1 7 billion (seasonally adjusted annual rate) in the third quarter. In the fourth quarter, employee
compensation increased $11 billion and net interest rose $1 billion. Other types of noncorporate income recorded
modest increases.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
600
TOTAL NATIONAL INCOME
500
500
COMPENSATION OF EMPLOYEES
400
400
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
300
PROPRIETORS' AND
* RENTAL INCOME
100
300
100
1962
1968
SOURCE: DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1958
1959
1960
_ _
_ __
1961
_ _ _
1962
1963
1964
1965
1966
1967
1968 *
1967: III___
IV
196S: I
II
III
IV
1
2
_ __
367.8
400. 0
414. 5
427.3
457.7
481. 9
518. 1
564. 3
620.8
652. 9
712. 8
656.9
670. 9
688. 1
705. 4
722. 5
Compensation
of em- 1
ployees
257.8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.8
435.6
468.2
513. 6
471.5
482.7
496.8
507. 1
519. 7
530. 7
Proprietors' income
Farm 2
13. 4
11. 4
12. 0
12. 8
13. 0
13. 1
12.1
14.8
15. 9
14.4
15. 1
14.6
14.3
14.6
14.8
15. 4
15.5
Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in fanning and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
persons
33. 2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
42.4
44.8
46.3
47. 8
46.6
46.8
47.2
47.8
48. 0
48. 2
15. 4
15. 6
15. 8
16. 0
16. 7
17. 1
18.0
19.0
19.8
20.3
21. 0
20.4
20.5
20.7
20.9
21. 0
21. 2
Net
interest
6. 8
7. 1
8. 4
10. 0
11. 6
13. 8
15.8
18.2
20.8
23. 3
26. 3
23.6
24.3
25. 0
25.8
26. 7
27. 6
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51.7
49. 9
50. 3
55. 7
58. 9
66.3
76.1
83.9
80.4
89.2
80.2
82.3
83.8
89.2
91. 6
Profits Inventory
before valuation
taxes 3 adjustment
41. 4
52. 1
49.7
50. 3
55. 4
59. 4
66.8
77.8
85.6
81.6
92. 3
80.8
85.4
88.9
91. 8
92.7
s
See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0. 3
—.5
.2
—. 1
.3
5
-.5
— 1.7
-1.7
-1.2
-3. 1
-.6
-3.1
-5.1
-2.7
— 1.0
-3.8
SOURCES OF PERSONAL INCOME
Personal income increased by $11A billion (seasonally adjusted annual rate) in January following a sizable rise ofr
$51/2 billion in December. A smaller increase in wages and salaries and a larger increase in personal contributions
for social insurance were largely responsible for the slow down.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
700
700
600
100
1963
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1960
1961
1962
1963
1964
1965
!
1966
1967
1968
'
1967: Dec
1968: Jan
Feb
Mar___
Apr
May—.
June
July....
Aug...:
Sept
Oct
Nov
Dec____
1969: Jan^_._;
401.0
416.8
442. 6
465. 5
497. 5
538.9
586.8
628. 8
685. 8
652.6
654.9
663.0
670.0
672.6
678.2
683. 7
689. 2
694.1
699. 7
703. 2
708.0
713. 5
715. 1
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Personal Transfer
Other Proprietors' income income
and
Divipayinterest
salary
labor
Business
dends
of
2
ments
income
disburseincome
and pro- persons
Farm
1
ments
fessional
28. 5
12. 0
34.2
13.4
12.0
23.4
15.8
270.8
32.4
25.0
16.0
12.7
12.8
35. 6
13.8
278. 1
33.3
15.2
16.7
27.7
37. 1
296. 1
13. 9
13.0
35. 3
31.4
17. 1
14. 9
13. 1
37. 9
311. 1
16.5
36. 7
34, 9
12. 1
40. 2
17. 8
16. 6
18. 0
333. 7
39.9
38.7
18.7
19.0
19.8
14.8
42.4
358. 9
394. 6
43.9
21.7
43. 1
20.8
15.9
19.8
44.8
51.7
423. 4
14.4
22.9
46.8
20. 3
23. 3
46. 3
52. 1
58. 6
21. 0
24. 6
47. 8
463. 5
26. 1
15. 1
53.2
444.2
49.0
24. 4
47. 0
20.6
21. 1
14.3
54.5
23.2
49.4
24.7
14.4
47.1
20.6
443.0
54.9
47.2
20.7
14. 6
23.6
49.8
449. 7
25. 0
50.2
25.2
57.8
20.7
452.2
23.9
47.5
14.8
50.8
58.1
453.2
24.3
25.5
14.8
47.6
20.8
58.2
24.7
25.7
20.9
51.3
457.5
14.8
47.8
58. 5
462. 2
14. 8
47. 9
24. 3
51.9
26.0
20. 9
52.4
59. 1
25. 0
465. 4
26. 3
15. 1
48. 0
21. 0
59.6
25.2
21.0
52.9
468.7
15.4
26.5
48.0
21. 1
59. 9
53. 4
472. 8
26. 8
15. 7
48. 0
25. 3
60. 4
54. 0
21.2
474. 9
27. 0
25. 3
15. 6
48. 1
54.3
21. 2
25.4
48.2
60.8
15.5
478.9
27.3
54.7
25. 5
61. 0
27. 6
48. 3
21. 3
483.3
15.5
21. 3
61. 5
55. 1
25. 3
27. 8
485. 7
15. 4
48. 4
1
Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
ttmployor contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
ilrm.s.
COUNCIL OF ECONOMIC ADVISERS
Less: Per- Nonagrisonal con- cultural
tributions personal
for social
3
insurance income
385.2
9.3
400.0
9.6
425.5
10.3
448. 1
11.8
480.9
12. 5
519.5
13.4
566.1
17.8
20.4
609.3
22. 9
665. 4
21.2
633.0
22. 1
635. 1
643. 1
22.4
22.4
649.9
652.4
22.6
658.0
22.8
22. 9
663. 4
668. 7
23. 1
23.2
673.3
23. 3
678. 6
682. 2
23. 4
687.0
23.5
692. 5
23. 5
694. 1
25. 3
s 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 rose $14 billion (seasonally adjusted annual rate) in the fourth quarter.
The first full quarter of the tax surcharge held the gain in disposable income to $10 billion. With personal outlays up
only $6 billion, the saving rate increased from 6.3 to 6.8 percent.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
550
500
450
400
350
1
3,000 I
PER CAPITA DISPOSABLE PERSONAL INCOME
1
l—^jsl 300
DOLLARS
3,000
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,800
2,600
2,600
2,400
2,400
2,200
2,000
1968
1962
SOURCE: DEPARTMENT OF COMMERCE
Period
1960
1961
1962__ _ _ _
1963
1964
1965
1966
1967
1968
Less:
PerPersonal
sonal tax and
income nontax
payments
Per capita disLess: Personal outlays
posable personal
Equals:
Personal consumption
Equals:
income
Disexpenditures 2
Personal
Total
posable
saving
Nonpersonal personal1 Durable
Current
1958
durable
income outlays
Services
prices
prices
goods
goods
685. 8
350. 0
364. 4
385. 3
404. (i
438. 1
473.2
511.6
546.3
589. 0
633.7
645.2
662.7
678. 1
694. 3
IV __ 708. 2
83.6
85.6
88.3
91.9
101. 6
105. 8
550. 0
559.6
574.4
586.3
592. 7
602. 4
442.6
465. 5
497.5
538.9
586.8
628.8
1967: III.
IV1968: I-_
II-_
m._
Billions of dollars
333. 0
45. 3
151.3
128. 7
44.2
343. 3
155. 9
135. 1
162. 6
363. 7
49.5
143.0
152. 4
384. 7
53. 1)
168. 6
411. 9
59. 2
178.7
163. 3
444. 8
191. 1
66.3
175. 5
206.7
70. 5
188.3
478. 6
506.2
72.6
203. 8
215.8
221. 0
82. 5
230. 3
548. 2
Seasonally adjured annual rates
216.4
205.9
509. 5
73. 1
218.4
516. 1
74. 2
209.6
533. 5 ! 79. 0
226. 5
213.9
542. 3 |
81. 0
228. 2
218.7
232. 7
555. 0
85. 1
223. 4
233. 7
561. 6
85. 1
228. 0
1
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
3 Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
1,800
COUNCIL Of ECONOMIC ADVISERS
50. y
52.4
57.4
60. 9
59. 4
65.7
75. 3
82.5
96. 9
401.0
416.8
N
Saving
as percent of
Populadistion
posable
(thou-3
personal sands)
income
(percent)
17.0
21.2
21.6
19. 9
26. 2
28.4
32.9
40.2
40. 7
Dollars
1,883
1,937
1,983
1,909
2,064
1, 968
2,136
2,013
2, 280
2, 123
2, 432
2, 235
2, 332
2, 598
2, 744
2, 401
2,473
2,928
4.9
5.8
5.6
4. 9
6. 0
6.0
6.4
7.4
6. 9
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
201, 166
40.5
43.4
40.8
44.0
37. 1
40. 9
2, 758
2,798
2,866
2, 918
2,942
2, 982
2,404
2, 418
2,454
2, 474
2,478
2,483
7.4
7.8
7.1
7.5
6. 3
6.8
199,
200,
200,
200,
201,
202,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
425
006
433
911
462
025
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) declined about 4 percent in the fourth
quarter,- however, including inventory change, it was about the same as in the third quarter. For the year 1968,
net farm income excluding inventory change was 5 percent above the 1967 level/ including inventory change
the increase was about 5% percent.
BILL ONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL RATES
50
/
REALIZED GROSS
FARM INCOME
'•
A
^S
-.
.
'
• ' **^"
•
50
40
40
30
30
NET FARM INCOME
INCHIDING NET INVENTCDRY
CHANGE
20
20
\
+~~
10
10
1
0
!
!
\
1962
\
1
\
1963
I
1
I
!
1
1965
1964
f
!
1966
!
!
Personal income received by
total farm population
From
all
sources
From
farm
sources
18.7
19.7
20.4
20.6
20.6
23.6
24.8
23.7
24.4
11.5
12.2
12. 3
12.1
11.3
13.5
14.3
13.0
13.5
I
1967 : III_
From
nonfarm
sources
7.2
7.5
8.2
8.5
9.3
10.0
10.5
10.7
10.9
j
!
i
i
i
i
!
!
I
r
~!
1908 : I
\
!
0
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
1968
from
Total 1
ventory ventory2
prices prices 4
marketchange change
ings
Billions of dollars
Dollars
11.7
12. 1
34.2
38. 1
26.4
3,049
3, 505
27. 1
12.6
13.0
3, 399
39.8
35. 1
3, 907
13.2
41.3
36.4
28.6
12.6
37 586
4, 075
13.2
42.3
29.7
37.4
12.6
3, 708
4, 166
37.2
13. 1
42.6
12.3
3, 564
29.5
3, 960
4, 487
44.9
39.3
30.9
14.0
15.0
4, 931
16.2
43.2
33.4
4, 967
49.6
16. 1
5,284
14.2
49. 1
4, 654
42.8
34.8
14.6
4, 848
14.9
44. 1
15.4
50.8
35.9
5, 035
5, 035
Seasonally adjusted annual rates
14.2
4, 700
49. 2
43. 0
35. 0
14.8
4, 900
13.9
14.5
42.7
4, 610
48. 9
35. 0
4, 750
14.4
43. 2
49. 8
35. 4
4, 840
14.8
4, 940
14.8
15. 1
4, 940
44. 0
35. 9
50. 7
4, 940
15 4
44 9
15 7
5, 130
36 2
51 6
5, 080
36.3
14.8
15.8
5, 170
51.1
44.3
5, 120
i p t - i i o u i m a t k f f i i i f s , (iovernment payments, and nonmoney inII l l J . O l c ' d |,y {.mil's
• n t o j v of < - i ( » p - > mid l i N c M o c k valued at the average price for the year.
« l o o t n o i i - '.', p. I!
.-.I1 on ' Vnsir, of \ p i H - u l h i K ' d e f i n i t i o n of a farm. The number of farms is
i t I .int u i t l i m a vi , , i .
!
1968
Income received from farming
Realized gross
1960
_
1961
_ _ _ _ _ _
1962
_ _ _
1963
1964
1965
1966 ___
1967
1968
1
1
COUNCIL OF ECONOMIC ADVISERS
SOURCEt DEPARTMENT OF AGRICULTURE
Period
1
1967
4
Income in current prices divided by the index of prices paid by farmers for
family living items on a 1968 base.
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Agriculture.
CORPORATE PROFITS
forporatc profits (before tax) increased nearly $1 billion (seasonally adjusted annual rate) in the third quarter to a
level of $92.7 billion. The over-the-year gain was nearly $12 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
20
20
1962
SOURCE: DEPARTMENT OF COMMERCE
Period
1960
1961
1962
1963
1964
1965—- _
1966. _ _
1967_
1968 *
\
1967: III_._
IV...
1968: 1. _ _
II — |
1IL-I
IV
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars: quarterly data at seasonally adjusted annual rates]
Corporate profits
Corporate profits (before taxes) and inventory
after taxes
valuation adjustment
TransCorpoCorpoManufacturing
portation ,
rate
DiviUncomtax
profits
NonAll
Durable durable muniAll
dend distribbefore liabil- Total
indusgoods
uted
Paytaxes
ity
Total
goods cations, other *
tries
indusand
ments profits
industries
public
tries
utilities
12.4
244
12.0
17.9
49. 7
26. 7
13. 4
23. 0
13. 2
49. 9
7. 5
11. 4
11. 9
23.3
27. 2
23. 1
13. 8
7. 9
19. 1
50. 3
13. 5
50. 3
14.
1
12.
5
26.
6
24.
2
31. 2
15. 2
55. 7
16. 0
a 5 20. 5 55. 4
15. 8
28. 8
13.0
26. 3
33. 1
20. 6
59. 4
16. 5
58. 9
9. 5
16. 6
14.9
32.7
23.5
17.8
38.4
28.3
66.3
10. 1
66.8
17.8
20.6
22. 8
16. 6
39. 3
25. 6
76. 1
77.8 31. 3 46. 5
19.8
26. 7
11. 1
24. 1
42. 8
18. 8
29. 0
34. 6
21. 7
85. 6
S3. 9
51. 0
29.3
12. 0
39. 2
21. 2
18. 0
29. 4
33. 5
22. 9
25.2
48. 1
80. 4
81.6
11. 8
24.4
19.9
44.3
32. 1
12.8
41.3
51.0
24.6
26.4
92.3
89. 2
17. 0
20. 6
12. 0
29. 7
38. 5
SO. 8
33. 2
47. 6
23. 5
80. 2
24. 1
21. 9
18. 0
85. 4
30. 6
S2. 3 1 39. 9
11. 9
35. 1
50. 3
22. 5
27. 9 1
22. ;>
41. 3
19. 0
88. 9
12. 5
30. 0
39. 8
49. 1
83. 8
23.6
25.5
44. 9
19.7
41. 1
25. 2
91. 8
50.7
24.4
31. 8
SO. 2
12. 5
26.3
20. 3
13.0
51.2
25.2
33. 3
92. 7
41.5
45. ;>
25. 0
26.0
91.0
25.4
j
1
2 Includes
Includes
8
all other industries and financial institutions.
depreciation and accidental damages.
Corporate profits nfter taxes plus corporate capital consumption allowances.
Corporate
capital
consumption
allow-2
ances
24 9
26. 2
30. 1
31. 8
33.9
36. 4
39. 7
43.4
47. 1
44. 1
44. 9
4,5. 7
46.7
47.6
48 5
Profits
plus
capital
consumption
allow-3
ances
51. 6
53. 5
61. 3
64 8
72.3
82. 9
90. 7
91. 5
98.1
91.7
95.2
94 8
97.4
98.8
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines ($23/2 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 domestic investment increased a substantial $9% billion (seasonally adjusted annual rate) in the fourtl
quarter, according to revised estimates. Business fixed investment was up $4 billion/ residential construction rose $!<:
billion/ and inventory accumulation increased to over $10% billion.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
GROSS PRIVATE DOMESTIC
INVESTMENT
40
20
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Total
gross
private
domestic
investment
Total
60.9
75. 3
74. 8
71. 7
83. 0
87. 1
94 0
108. 1
120. 8
114. 3
127.7
107.6
114.7
121. 8
119. 7
127.3
127.1
136.6
Total
62. 4
70.5
71.3
69.7
77.0
81. 3
88. 2
98. 5
106. 1
108. 2
119.9
105.4
109.3
113. 5
117. 6
116.5
119.6
126.0
41. 6
45. 1
48. 4
47.0
51.7
54.3
61. 1
71.3
81.3
83.6
90.0
82. 7
83.3
85.0
88.6
87.0
90.1
94.3
DTK. -Piitu for Alaska and Hawaii included beginning 1960.
8
Producers' durable equipment
Structures
Total
1958
1959
1960
1961
1962
1963
1964
___
1965
_ _ _
1966 _
1967
1968
1967: II
III
TV
1908: I
II__ _
III
IV
Residential
structures
N onresidential
16.6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25. 5
28.5
27. 9
29.2
27. 2
27. 7
27. 7
29. 6
28.5
28.8
29.9
Nonfarm
15. 8
15. 9
17.4
17.7
18. 5
18. 8
20.5
24. 9
27. 8
27. 1
28*. 4
26.4
27. 0
26. 9
28. 8
27.7
28. 0
29. 1
Total
25.0
28. 4
30.3
28. 6
32.5
34.8
39. 9
45. 8
52. 8
55. 7
60.8
55.5
55.6
57. 3
59. 0
58.5
61.3
64.5
Total
NonI'arm
22.0
25. 4
27. 7
25.8
29. 4
31. 2
36.3
41. 6
48. 1
51. 0
55.9
50. 7
50. 9
52. 6
54. 3
53.6
56.4
59.3
20. 8
25. 5
22.8
22. 6
25.3
27. 0
27.1
27.2
24. 8
24.6
29.9
22. 7
26. 0
28. 5
29. 1
29.5
29.5
31.6
Source: Department of Commerce.
Nonfarm
20. 1
248
22. 2
22.0
24.8
26. 4
26.6
26.7
24.3
24. 0
29.3
22. 1
25. 4
27. 9
28. 5
28.9
28.9
31.0
Change in business inventories
Total
-1. 5
4.8
3. 6
2. 0
6. 0
5. 9
5. 8
9. 6
14. 7
6. 1
7.7
2,3
5.3
8.3
2. 1
10.8
7.5
10.6
Nonfarm
-2.3
4. 8
3. 3
1. 7
5.3
5. 1
6.4
8. 6
14. 9
5. 6
7.3
2. 2
48
7. 1
1. 6
10.4
7.3
9.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the latest survey of investment intentions, expenditures for new plant and equipment should accelerate
sharply through the first quarter of this year. However, actual third quarter expenditures of last year were a substantial $1% billion (seasonally adjusted annual rate) below earlier anticipations.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
80
180
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW PLANT AND EQUIPMENT
60
60
50
50
40
40
NONMANUFACTURING
\
30
30
„.«•«"""
MANUFACTURING
20
20
J
10
1964
1963
1966
1965
1967
10
L
1969
1968
SOURCES^ SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
I Billions of dollars; quarterly data at seasonally adjusted annual rates]
Transportation
Manufacturing
Period
Total 1
Total
1955
1956
1957
28. 70
1958--
_. _
1959
1960
1961
1962
1963
1964
_
1965
1966
_ _ _
1967
1968 3
1967: III_
___ _
35.08
_
36. 96
30. 53
._
_ _
32.54
35. 68
34.37
_
.-
IV
1968: I
II__
III
IV 3 . .
1969: I 3
II 3
1
2
_ _ __
. _ _ _
37.31
39. 22
44. 90
51.96
60.63
61.66
_ _
64.53
60.90
62.70
11. 44
14.95
15.96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
22,45
26.99
26.69
26.78
26. 15
26.00
64. 75
26. 35
62.65
63. 45
25.80
26.65
67.25
28. 10
71. 15
29.60
69.80
29.70
Durable
goods
Nondurable goods
5. 44
7. 62
8. 02
5.47
5. 77
7. 18
6. 27
7. 03
7. 85
9. 43
11.40
13.99
13.70
13.58
13.50
13.50
13. 65
12.80
13.65
14. 15
15. 10
15. 40
6. 00
7. 33
7. 94
5. 96
6.29
7. 30
7. 40
7.65
7. 84
9. 16
11.05
13.00
13.00
13. 19
12.65
12.55
12.70
13.00
13.05
13.90
14.50
14. 30
Excludes agriculture.
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 1968. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Mining
0.96
1. 24
1.24
. 94
.99
.99
. 98
1.08
1. 04
1. 19
1.30
1.47
1.42
1.49
1.45
1.50
1. 55
1.40
1.35
1.60
1.55
Railroads
Other
0. 92
1. 23
1.40
.75
. 92
1.03
.67
. 85
1.10
1. 41
1.73
1.98
1.53
1.51
1.40
1.40
1. 65
1.45
1.40
1.50
l.SO
1. 60
1.71
1.77
1. 50
2.02
L 94
1.85
2.07
1. 92
2.38
2.81
3.44
3.88
4.46
4. 10
4.45
4.35
3.65
4.60
5.35
4.30
Public
utilities
4. 31
4. 90
6.20
6. 09
5. 67
5.68
5.52
5.48
5.65
6. 22
6.94
8.41
9.88
11.38
9.80
10.65
11. 60
11. 65
10.90
11.45
13.20
Commercial and
other 2
9.47
11.05
10. 40
9. 81
10.88
11. 57
11.68
13. 15
13. 82
15. 13
16.73
18.36
18.25
18.91
17.95
18.70
19.20
18.70
18.50
19.25
20.65
40.10
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.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force (seasonally adjusted) rose in January to an all-time high of 79.9 million. Though unempioyment rose by 42,000, the increase in the labor force, 506,000, kept the unemployment rate unchanged.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
85 -
-5
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
' UNEMPLOYMENT *ATE
n
~-
1963
SEASONALLY
~1n
_in
ADJUSTED
~~i
1964
1966
1965
Total
labor
force
(including
armed
forces)
Period
_
j
1964.__
1965___
1966___
1967___
1968.
1967:
Dec.
1968:
Jan__
Feb.
Mar.
Apr _
May.
JuneJuly.
Aug.
Sept_
Oct__
Nov_
ion?-0"
Jan ...
75, 830
77, 178
78, 893
80, 793
82, 272
COUNCIL OF ECONOMIC ADVISERS
Civilian employment
Total
labor
force
UnemNon(includployagriing
Total
ment
eularmed
tural
forces)
Thousands of persons 16
69, 305 64, 782 3, 786 75, 830
71, 088 66, 726 3, 366 77, 178
72, 895 68, 915 2, 875 78, 893
74, 372 70, 527 2, 975 80, 793
75, 920 72, 103 2,817 82, 272
Unadjusted
Civilian employment
Civilian
labor
force
Total
Agricultural
years of age and over
73, 091 69, 305 4, 523
74, 455 71, 088 4, 361
75, 770 72, 895 3, 979
77, 347 74, 372 3, 844
78, 737 75, 920 3, 817
Seasonally adjusted
Unemployment
64, 782
66, 726
68, 915
70, 527
72, 103
3, 786
3, 366
2, 875
2, 975
2, 817
71, 293
2, 913
4. 0
4. 2
3. 8
3. 2
2. 9
75, 338
71, 793
2,719
81, 855
78, 386
75, 473
4, 180
79, 811
80, 869
80, 938
81, 141
81,770
84, 454
84, 550
83, 792
82, 137
82, 477
82, 702
82, 618
73, 273
74, 114
74, 517
75, 143
75, 931
77, 273
77, 746
77, 432
75, 939
76, 364
76, 609
76, 700
69, 908
70, 653
70, 980
71, 292
71,935
72, 757
73, 270
73, 325
72, 103
72, 596
73, 001
73, 421
3, 074
3,288
2,929
2, 491
2,303
3, 614
3,217
2, 772
2,606
2,511
2,577
2, 419
81, 344
82, 085
82, 187
81, 988
82, 278
82, 486
82, 504
82, 838
82, 438
82, 408
82, 559
82, 868
77, 881
78, 569
78, 645
78, 427
78, 742
78, 919
78, 917
78, 749
78, 847
78, 800
79, 042
79, 868
75, 086
75, 640
75, 764
75, 653
75, 982
76, 005
76, 020
75, 973
76, 000
76, 002
76, 388
76, 765
3, 962
3,978
3,916
3, 905
3, 849
3,825
8, 751
3, 651
3, 525
3, 706
8, 842
71, 124
71, 566
71, 786
71, 737
72, 027
72, 156
72, 195
72, 222
72, 849
72, 477
72, 682
72, 923
2, 795
2, 929
2,881
2, 774
2, 810
2,914
2,897
2, 776
2, 847
2, 798
2, 654
2, 603
81, 711
75, 358
72, 192
2, 876
83, 351
79, 874
77, 229
3, 752
78, 477
2,645
• as percent of noninstitutional population.
i l l y a d j u s t e d series revised; see Employment and Earnings and
Monthly 7,Y/*or/ . ' t h e Labor Force, February 1969. Beginning I960, data include
AliL-.ksi iiiMi ll:,\i
10
4,074
Unemployment
rate (percent of
civilian labor
force)
Unad- Seasonadjusted ally
justed
Percent
5. 2
4. 5
3. 8
3. 8
3.6
Nonagncultural
81, 527
Total I:ilii
1969
1968
1967
*16.YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Source: Department of Labor.
Labor
force
participation
rate,
unadjusted i
59. 6
59. 7
60. 1
60. 6
60. 7
3. 7
60. 7
3. 2
3. 3
3. 1
3. 6
3. 7
3. 7
3. 5
3. 6
3. 7
3. 7
3. 5
3. 6
3. 6
3. 4
3. 3
59. 3
60. 0
60. 0
60. 1
60. 5
62. 4
62. 3
61.7
60. 4
60. 5
60. 6
60. 5
3. 7
3. 3
59. 7
3. 5
4. r>
4. 0
3. 5
3. 3
DELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
For the second consecutive month, the seasonally adjusted unemployment rate in January was 3.3 percent. Other
measures of unemployment showed little or no change.
PERCENT
(10
PERCENT
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
UNEMPLOYMENT RATE, '""X.
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
i i i i Iii
i Mi t ii iii i t
1964
1963
i iiiIIi > i ii
1966
1965
1967
SOURCEt DEPARTMENT OF LABOR
1964
1965
1966_ _
1967
1968
__
1967: Dec _
1968: Jan _
Feb
Mar
Apr
May _
June
July
Aue;
Sept
Oct _
NovDec
1969: Jan
Labor
Experi- Married
force
enced
men
All
time lost ' Over 40
wage
and
hours
(wife
workers salary
present)
workers
5.2
4.5
3.8
3.8
3.6
3. 7
3. 6
3.7
3. 7
3. 5
3.6
3.7
3. 7
3. 5
3.6
3. 6
3.4
3. 3
3. 3
Percent
5.0
2.8
2. 4
4.3
3. 5
1. 9
1.8
3. 6
1.6
3.4
Seasonally adjusted
3. 5
1. 7
1. 7
3. 3
1.7
3.5
3. 4
1. 7
3. 2
1. 6
3. 1
1. 6
3. 6
1. 7
1. 6
3. 6
3. 4
1. 6
3. 4
1.6
3. 4
1. 6
3.2
1.6
3.0
1.4
3. 1
1. 4
5.8
5. 0
4. 2
4. 2
4.0
19,271
20, 788
21, 334
20, 920
20, 600
4. 1
4. 1
4.2
4. 0
3. 7
3:6
4. 3
4. 3
4. 0
4.0
3. 9
3. S
3. 6
3. 6
21, 954
19, 746
20, 557
20, 912
17, 651
21, 170
20, 748
19,616
20, 134
22, 081
22, 303
20, 472
21, 810
20, 463
1
Man-hours lost by the unemployed and persons on part time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and
industrial disputes.
a
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
iiii i!t t
1969
COUNCIL OF ECONOMIC ADVISERS
Unemployment rate
(percent of civilian labor
force in group)
Period
1968
Persons at work in nonagricultural 2industries
by hours worked per week
Under 35 hours
1
Part-time for
Part-time for
economic reasons economic reasons
35-40
hours
Total
Usually Usually Usually Usually
fullpartfullparttime 3
time 4
time *
time 4
Thousands of persons 16 years of age and over
29, 100 13, 101
986
1, 151
30, 768 11, 818
897
1,031
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
32, 658 14, 785
895
820
Unadjusted
Seasonally adjusted
33, 628 14, 026
774
911
951
857
32, 031 14, 753
805
722
720
814
32, 383 15, 081
942
799
910
840
33, 566 13, 976
866
804
868
877
28, 705 21, 414
828
665
863
782
34, 005 14, 182
790
679
845
798
33, 981 12, 986
1, 120
1,079
1, 009
S45
32, 965 11, 686
924
1,159
945
819
33, 115 11, 392
995
974
1, 103
836
33, 773 12, 992
972
974
689
769
33, 380 14, 135
852
671
907
780
30, 101 19, 844
814
852
753
859
33, 898 14, 987
872
835
723
801
5
5707
34, 316 14, 400
898
805
800
4
6
Primarily includes persons who could find only part-time work.
Average hours worked: usually full-time, 23.8; usually part-time, 18.7.
NOTE.—See Note, p. 10.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In January, insured unemployment under State programs averaged 1 33,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate increased slightly to 2.1 percent.
MILLIONS OF PERSONS
MILLIONS.OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1968
1966
f
JAN.
FEB.
t
!
!
MAR,
APRIL
f i l l
MAY
I
I I 1
JUNE
t »
JULY
1
AUG.
1 I
SEPT.
I
1 I
OCT.
SOURCE: DEPARTMENT Of LABOR
All programs
Insured
Total
unem- benefits Insured
Covered
ploypaid
unem(milemploy- ment
ployment
lions
(weekly
ment
averof dolage)
lars)
Feb
_
_
2. r >_,.. .
1 v
8 "
Thousands
51, 580
1,450
54, 739
1, 129
1,270
"56, 341
1, 187
"57, 117
1, 068
"57, 577
1,339
1,719
_ _ l
_
__
1, 653
1,480
1,216
_
_ _
1, 026
944
1,058
1,024
868
861
985
1,253
1, 585
1, 625
1,603
L, 562
1, 567
1, 580
2, 360. 4
1, 890. 9
2, 220. 0
2, 191. 3
146.6
171.8
264.8
259.4
247. 5
207.2
170.2
139.3
156. 9
162. 8
133.4
138. 7
134.9
185. 4
222. 5
12
State programs
Initial
claims
Insured unemployment as perExhaus- cent of covered
employment
tions
SeasonUnad- ally
adjusted
justed
Weekly average, thousands
232
21
1,328
203
15
1,061
17
226
1,205
201
16
1, 111
997
15
208
1,259
16
278
1,624
316
18
18
227
1, 556
19
183
1, 390
1, 142
183
20
156
18
964
883
157
17
15
240
991
174
955
15
802
141
13
14
794
154
189
13
913
14
261
1, 172
1, 491
275
15
1,532
1, 509
1,469
1,474
1,487
_
N O - I K . - - I-or definition:! and cov<-ran>, w<» l i t :• 1967 Supplement to Economic
J-miicntina. D u l u for A la.sk n :md H a w a i i i i i c l u d . d for all periods and for Puerto
Uiro MMC<' J a n u a r y 1'Jiil.
DEC
COUNCIL OF ECONOMIC ADVISERS
Period
1965
1966
1967
1968
1967: Nov
Dec
1968: Jan___
Feb
Mar
Apr-LCVJ
May
June
July
Aug
Sept___
Oct__
Nov
Dec__ _
1969: Jan *
Week ended:
1000: Jan 4
11
18
I I I I
NOV.
291
337
266
236
250
248
Percent
3.0
2.3
2.5
2.2
2. 0
2.6
3.3
3.2
2.8
2.3
2. 0
1.8
2.0
1.9
1.6
1.6
1.8
2.3
3. 0
3. 1
3. 0
2. 9
2. 9
3. 0
Source: Department of Labor.
2. 8
2.8
2.4<2?
&
fj.
O
2. 3
2.1
<n
&.
9
<&.
0
&
9
&
& O0
&.
(ft
<Z?
2/,
tj
2.2
2.1
2. 1
2.0
2. 1
Benefits paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
2, 166. 0
1,771.3
2, 101. 0
2, 031. 9
135.0
159.2
248.5
243. 7
231. 1
195. 1
159. 1
129. 1
145. 6
150. 0
121.8
126. 0
122. 5
170. 3
204. 5
37. 19
39.75
41. 25
43. 43
41. 19
41.85
42. 60
43.58
43. 64
43. 12
42. 42
42." 26
42. 39
43. 73
43.78
44. 37
44. 72
45. 34
45. 70
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment (seasonally adjusted) rose in January for the twelfth consecutive month,
to a record 69.5 million. Employment in wholesale and retail trade rose 165,000, and service employment increased
53,000. In manufacturing, durable employment rose 63,000 largely offset by a decline of 50,000 in nondurables.
MIL LIONS OF WAGE
AMI) SALARY WORKERS- (SEASONALLY ADJUSTED)
(ENLARGED SCALE)
~
^-^
_^—7^
68
64
60
MIL LIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED}
16
^**^
—
*
.
14
ALL NONAGRICULTU
RAL
ESTABLISHMENTS
-
!
— 1*
-——WHOLESALE
—i ANDT RETAILi TRADE
~
12
SERVICES
'
„*- *
10
^
_
-i— .
NONMANUFA CTURING
(PRIVAT E)
32
*
12
-
I/
DURABLE
MANUFACTURING
10
24
~~
20
MANUFACTURING
\
""•••••.,.„„„,;.„.„„.«"•
jr— -
NONDURABLE
MANUFACTURING
-
-
-
-
GOVERNMENT
*
12
CONTRAC:T
CONSTRUCT ION-
4
•-•
/i 1 1 . i . i . 1 1 1 .
"
-
8
iii.llilltlllllHHHM"'1
16
8
-
*
36
1 t 1 I ! 1 ! I 1 ! !
1966
! ! ! 1 1} 1 1 | 11
1967
, , , . . 1 , , i . iy
1969
1968
N
2
-
A1 I I ! I 1 1 1 1 1 !
V
1966
-
-
«/-
i i , . . 1. , t . .
1967
SOURCE: DEPARTMENT OF LABOR
1 ! 1 1 I 1 1 t t ! Ik
1968
1969
^
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted)
Manufacturing (private)
Period
Total
1962 _ ___
1963
1964
1965
1966 _
1967
1968 *
1967: Dec1968: Jan__
Feb__
Mar.
Apr__
May_
Jimc_
JulvAu<i_J
SeptOct..
Nov_
Dec p _
1969: Jan *_
55, 596
56, 702
58, 332
60, 832
64, 034
66, 030
68, 134
67, 060
67, 058
67, 600
67, 656
67, 755
67, 792
68, 039
6.8, 170
68, 314
68, 382
68, 701
68, 955
69, 280
69, 538
Total
16, 853
16, 995
17, 274
18, 062
19, 214
19, 434
19, 734
19,593
19, 612
19, 612
19, 007
19, 657
19,693
19, 777
19, 776
19, 748
19,755
19, 807
19, 871
19, 973
19, 986
T»
V»l^
Non-
Durable durable
goods goods
9,480
7,373
7,380
7, 458
7, 656
7, 930
11,422 8, 01 2
11, 574 8, 160
11, 498 8, 095
1 ] , 5-1 1 8, 071
11, 514 8, 098
11, 495 ,8, 1.12
11, 533 8, 124
11, 545 8, 1 48
11, 571 8, 200
11, 619 8, 157
9,616
9, 816
10, 406
11, 284
11, 563
11, 577
1 1 , 603
11, 661
11, 728
11, 791
Nonmanufaeturing (private)
8, 185
8, 178
8,
8,
8,
8,
204
210
245
195
Total
29, 853
30, 481
31, 461
32, 678
33, 949
34, 980
36, 202
35, 578
35, 408
35, 907
35, 990
30, 010
35, 905
30, 030
36, 138
30, 290
36, 410
36, 509
36, 762
36, 864
37, 055
TransContract portation
Mining conand
strue- public
tion utilities
650 2,902 3,906
635 2,963 3,903
634 3, 050 3, 951
632 3, 186 4, 036
627 3, 275 4, 151
616 3, 203 4,271
625 3,256 4,346
003 3, 275 4,302
004 3, 107 4, 317
008 3, 388 4, 342
609 3, 330 4, 332
632 3, 313 4, 331
631 3, 245 4, 281
632 3, 174 4, 330
038 3, 189 4, 346
038 3, 195 4, 358
039 3, 252 4, 305
591 3, 285 4,374
037 3, 279 4, 392
637 3, 378 4, 391
640 3, 346 4, 380
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Includes 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
Whole- Finance,
insursale
ance, Services
and
and
retail
real
trade
estate
11,566 2, 800 8,028
11,778 2,877 8,325
12, 160 2, 957 8, 709
12, 716 3, 023 9,087
13, 245 3, 100 9,551
13, 613 3, 217 10, 060
14, 115 3,357 10,504
13, 793 3,289 10, 316
13, 818 3,291 10, 331
13, 920 3, 304 10, 405
13, 999 3, 311 10,415
14, 009 3,323 10, 402
14, 049 3,334 10, 425
14, 086 3,335 10, 467
14, 117 3, 350 10, 498
14, 181 3, 376 10, 548
14, 222 3, 387 10, 545
14, 298 3,411 10, 610
14, 326 3,426 10, 702
14, 260 3, 441 10, 757
14, 425 3,454 10, 810
Government
Federal
2, 340
2,358
2, 348
2,378
2,564
2,719
2,736
2,709
2,721
2,721
2,718
2,717
2,721
2, 795
2,788
2,751
2,716
2,705
2,696
2,715
2, 754
State
and
local
6, 550
6,868
7, 249
7,714
8, 307
8, 897
9,462
9, 180
9, 257
9,300
9,335
9,371
9,413
9,437
9,468
9,519
9,501
9,620
9, 626
9, 728
9,743
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
In January, the average workweek (seasonally adjusted) changed only slightly. Hours in total nonagricultural private
industries rose 0.2 and declined 0.4 in contract construction. There was no change in manufacturing or retail trade.
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46 [
TOTAL NONAGRICULTURAL PRIVATE
-—
nX™"***""
A, , , I . 1 . I I I I
y
! !
1 ! 1 1 1 1 1 1 1
1 ! . I 1 1 1 ! M 1
1967
1966
N^*
1 1 1 1 i 1 i i i i iN
1968
1969
1968
1969
N
CONTRACT CONSTRUaiON
1966
1967
1966
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
[Average hours per week1]
Total
nonagricultural
private 2
Period
Manufacturing
Contract
construction
Unadjusted
1959 _
1960 _
1961
_ _
1962
1963
1964
1965
1966
1967___
1968
1967" Dec_
1968" JanFeb
Mar
Apr
Mav
June
July
_ _ ___
_ _ _ _ _ _ - -
__ _
_ _
_ -
-
_ _
- -
Aug
Sept _ _ _
Oct
Nov
Dec
1969: Jan *
-
_ - -_-
-_-
_
- - _ _ _
_
39. 0
38.6
38.6
38.7
38.8
38.7
38.8
38. 6
38. 0
37. 8
38. 0
37. 3
37. 6
37. 6
37. 3
37. 7
38. 1
38. 2
38. 3
38. 1
37. 8
37. 5
37. 8
37. 5
40. 3
39. 7
39. 8
40. 4
40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
41. 1
40. 0
40. 6
40. 6
39. 8
40. 9
41. 1
40. 7
40. 7
41. 2
41. 1
40. 9
41. 1
40. 5
||
37. 0
36. 7
36. 9
37. 0
37. 3
37. 2
37. 4
37. 6
37. 7
37. 3
36. 5
35. 0
36. 2
36. 2
37. 3
37. 6
38.4
38. 6
38. 8
38. 7
38. 4
35. 0
37. 1
36. 4
1 Data relate to production workers or nonsupervisory employees. Data for
Alaska
and Hawaii included beginning 1959.
2
Also includes other private industry groups shown on p. 13.
14
Total
nonagricultural
private 3
Retail
trade 3
08. 2 '
38. 0
37. 6
37. 4
37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
35. 4
34, 5
34. 5
34. 4
34. 5
34, 3
35. 1
35. 8
35. 8
34. 7
34. 3
34. 1
34. 6
34. 0
Manufacturing
Contract
construction
Retail
trade 3
Seasonally adjusted
37. 8
37. 6
37. 9
37. 8
37. 6
37. 8
37. 9
37. 9
37. 9
38. 0
37. 7
37. 5
37. 6
37. 8
3 Includes eating and drinking places.
Source: Department of Labor.
40. 7
40. 2
40. 8
40.7
40. 1
40. 9
40. 9
40. 9
4-0. 7
41.1
41.0
40.8
40. 7
40. 7
37. 2
36. 0
37. 9
36. 8
37. 8
37. 2
37. 6
37. 3
37. 5
/>'?. 9
37. 5
36. 0
37. 8
37. 4
So. 1
34. 8
SJ+. 9
34.7
34. 8
34. 6
34.9
3 A. 9
34.9
34- 7
34.5
34- 5
34- 3
34- 3
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings reached a high in January in total nonagricultural private industries, manufacturing, and
retail trade. They remained steady for contract construction. Average weekly earnings declined $3.16 for contract construction and by lesser amounts for total nonagricultural private and manufacturing. They rose by 4 cents for retail trade.
DOLL\RS
DOLLARS
5.00
AVERAGE HOURLY EARNINGS
180
4.50
4.00
lEUX
-
>i
CONTRACT CONSTRUCT
-
»»
tvlANUFACTURINC ;
3.00
,«„..«"
.,....«""""""*
2.50
t
,
^-
-—-T
— -— ^^
120
,...-••"" ''*^^_
-'
-
TOTAL NONA GRICULTURAL
PRIV ATE '
-
__^^*"'
100
*
~~
S*~
2.00
80
- _ L -. — I* «*"""'*"'
,-
«-*•*
^
\
RETAIL TRADE
150 A , , , , , 1 , , , , ,
'
1966
! I 1 ! 1I , < 1 I ,
. i i i . I i . . Ii
1967
i i i i i 1 i I f i 'IK
1968
60
1969
1966
1969
SOURCEj DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average hourly earnings— current prices
Average weekly earnings— current prices
Period
Total
nonagricultural1
private
Total
nonagricultural1
private
Manufacturing
Contract
construction
Retail
trade 2
1959
1960
1961
1962
1963
1964
1965
1966
1967 p_ _ _
1968
_ _
1967: Dec
1968: Jan_
Feb
$2. 02
2. 09
2. 14
2. 22
2. 28
2. 36
2. 45
2. 56
2. 68
2. 85
2. 73
2. 76
2. 78
2.79
2. 80
2. 83
2. 85
2. 86
2. 86
2. 91
2. 92
2. 93
2. 93
2. 95
$78. 78
80. 67
82. 60
85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
103. 74
102. 95
104. 53
104. 90
104. 44
106. 69
108. 59
109. 25
109. 54
110. 87
110. 38
109. 88
110. 75
110. 63
$88. 26
89.72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
119. 60
117. 60
119. 36
120. 18
118. 21
122. 29
12S'. 30
122. 10
121. 69
125. 66
125. 77
125. 97
127. 41
126. 36
$108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
163. 37
155. 13
151. 90
154. 57
154. 94
159. 27
162. 43
164. 74
167. 52
169. 94
172. 99
172. 80
158. 20
167. 69
164. 53
$56. 15
57.76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
74. 95
72. 22
72. 11
72. 80
72. 93
73. 49
73. 40
75.82
77. 33
77.33
75. 99
75. 46
75.36
76. 12
76. 16
-_
Mar
Apr
May
June _ _
July
Auer
Sept
Oct
Nov_
Dec_ __
1969: Jan*
Manufacturing
$2. 19
2. 26
2.32
2.39
2.46
2. 53
2. 61
2. 72
2.83
3. 01
2. 91
2. 94
2. 94
2.96
2.97
2. 99
3. 00
3. 00
2. 99
3.05
3. 06
3. 08
3. 10
3. 12
Contract
construction
$2. 93
3. 08
3. 20
3. 31
3. 41
3. 55
3.70
3. 89
4. 11
4. 38
4. 25
4. 34
4.27
4 28
4. 27
4.32
4. 29
4. 34
4. 38
4. 47
4. 50
4. 52
4. 52
4. 52
Retail
trade 2
$1.47
1. 52
1. 56
1. 63
1. 68
1.75
1. 82
1. 91
2. 01
2. 16
2. 04
2. 09
2. 11
2. 12
2. 13
2. 14
2. 16
2. 16
2. 16
2. 19
2. 20
2 21
2. 20
2. 24
1 Also includes other private industry groups shown on p. 13.
Includes eating and drinking places.
Earnings in current prices, adjusted to exclude the effects of overtime and
interindustry shifts.
* Earnings in current prices divided by the consumer price index.
2
s
Manufacturing
industries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1957-59
= 1957-59
3
100
prices 4
i
!
1
1
103. 4
106. 8
109. 9
112. 7
115. 5
118. 4
121. 5
125. 6
131. 5
139. 5
134. 7
136. 1
136. 9
137. 5
138. 2
138. 6
138. 8
139. 1
139. 8
141. 2
141. 7
142. 6
143. 3
$86. 96
87. 02
88.62
91. 61
93.37
95. 25
97. 84
99. 33
98. 80
101. 08
101. 18
99. 16
100. 30
100. 57
98. 59
101. 65
101. 99
100. 49
99. 83
102. S3
102. 34
102. 08
103. 00
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Although industrial production, seasonally adjusted, in January registered its fifth consecutive month of increase, the
rise of 0.3 percent was substantially below that for December. The over-the-year gain was 5 percent.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200 I
Index, 1957-59=100 {SEASONALLY ADJUSTED)
240 |
TOTAL
UTILITIES AND MINING
180
220
160
200
UTILITIES
140
180
120
160
140
100
MINING
i i i i I i I i ii
1966
1967
\**
1969
1968
120
200
MANUFACTURING
1966
1968
1967
1969
180
DURABLE
180
_ MARKET GROUPS
160
^—1
160
NONDURABLE
^^
140
J
FINAL PRODUCTS
^ _ \
^f\
MATERIALS
140
120 I ; i i i i I t i i i
1966
i l l ! !
1967
1968
1969
! f ! 1 !
1966
!
1 1 ! I ! I 1 ! ! ! !
1959
1960
1961
1962
1963
1964
1965
1966
_
1967
1968 *1967: Dec
1968: Jan
Feb _
Mar
Apr
May.
June
July
Aue
Sept.
Oct
Nov _
Dec __ _ _
1969: Jan *>
[1957-59 = 100, seasonally adjusted]
Industry
Total
industrial
production
Total
105. 6
108. 7
109. 7
118. 3
124 3
132.3
143.4
156. 3
158.1
165.3
162.1
161. 2
162. 0
163.0
162, 5
164.2
165.8
166.0
164.6
165. 1
166.0
167.4
168.9
169.4
106. 0
108. 9
109. 6
118.7
1249
133.1
145.0
158. 6
159.7
166.8
164.1
162. 7
163. 6
164.6
163.7
165. 8
167.3
167.4
165.7
166.4
167.8
168.9
170.4
170. 7
Manufacturing
Source: Board of Governors of the Federal Reserve System.
16
! ! I !
I
! !
1 I 1 1 1 f ! f .
1969
COUNCIL OF ECONOMIC ADVISERS
SOURCE* BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
\ \ I ! 1 1
1968
1967
NonDurable durable
Mining
Utilities
106. 5
109.5
112.9
119. 8
125. 3
132.6
140.8
150. 8
154.6
162.8
159. 0
157. 1
158. 6
160.0
159. 5
160.8
162.7
163.0
163.0
163.6
165.9
165.6
167.4
168. 2
99. 7
10L 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123.8
126.3
122. 8
121.6
123.9
126.2
127. 1
126.9
129.2
130.0
129.4
127.0
120.7
126.4
127.7
126. 9
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.9
202. 1
192. 6
196.7
199.0
198.0
196.5
196. 1
197.9
199.3
202.1
204.8
208.9
207.3
209.5
211. 0
105.6
108.5
107.0
117.9
124 5
133.5
148.4
164. 8
163.7
169.9
168.1
167.2
167. 6
168.2
167. 2
169. 8
171.0
170.8
167.8
168.7
169.3
171.5
172.8
172. 8
Market
Final products
Total
105. 7
109.9
111.2
119. 7
124 9
131.8
142.5
155. 5
158.3
165.0
162. 1
160.8
162. 0
163.5
161.7
163. 0
165.2
164.7
164.8
165.7
167.0
167.9
168.4
168. 9
Consumer
goods
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.5
156.6
153. 0
151.3
152. 9
155.0
153. 5
154 6
156.8
156.4
156.8
157.3
159.6
159.3
160.0
160. 6
Equipment
104 1
107.6
108.3
119.6
1242
132.0
147.0
172.6
179.4
182.9
181.5
181. 4
181. 6
181.8
179. 4
181. 1
183.2
182.6
181.9
183.6
183.0
186.6
186.4
186. 5
Materials
105.4
107.6
108.4
117.0
123. 7
132. 8
144.2
157.0
157.8
165.7
162. 0
161. 7
161. 8
162.8
163. 1
165.2
166.7
167.4
164.2
165.1
165.7
167.6
169.7
170. 1
PRODUCTION OF SELECTED MANUFACTURES
.^reduction of transportation equipment (seasonally adjusted) declined 1% percent in January, with lower output
for both autos and aircraft. Output of fabricated metal products was off nearly 1 percent. Most other major manufacturing industries registered gains for the month.
Index, 1957-59=100 (SEASONALLY ADJUSTED!
200
Index, 1957-59=100 {SEASONALLY ADJUSTED)
240
220
CHEMICALS, PETROLEUM,
AND RUBBER
200
180
PAPER AND
- PRINTING -
160
100
140
_/*
i i I t i i it
1966
220
180
200
160
i i i i i I i i i i i I I II I I I 11 I
1967
1968
1969
TEXTILES, APPAREL,
AND LEATHER \
180
140
160
120
140
FOODS, BEVERAGES,
AND TOBACCO
100
1966
1969
1966
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Durable manufactures
Period
1960 _ __
1961
1962 _ __ _
1963
1964
1965 __ _
1966
-_
1967 p
1968
1967: Dec
1968: Jan
Feb
_ _ _ _
- _
_ _ _ _ _
Mar
Apr__
May
June
July _
Aug
Sept
Oct
Nov
Dec
1969: Jan *
Nondurable manufactures
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Primary
cated
Machin- tation
and
and
beverapparel,
petroery
metals
metal
equipprodand
print- leum, and ages, and
products
ing
rubber
ment
leather
tobacco
ucts
__
_ _
_ _
101. 3
98. 9
104. 6
113.3
129.1
137.6
142.7
132.5
137. 1
140. 9
136. 3
139. 3
140.2
143.3
148. 5
148. 6
145. 8
122. 8
120. 6
123. 1
129. 5
137. 1
140
107. 6
106. 5
117. 1
123.4
132.7
147.8
163. 0
161.9
168. 2
162. 4
J 63. 9
1G5. 7
166.6
161.4
165. 0
166. 1
166. 2
166.3
167.6
172.2
173. 5
174. 0
173
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183. 4
184. 5
182. 2
1 83. 4
1S3. 2
183.3
179.4
179. 9
181.7
182. 7
183.8
186.4
186.1
188. 0
189. 2
190
108.2
103. 6
118.3
127.0
130.7
149.2
166.9
165.7
179.6
177. 5
1 75. 0
175. 1
177. 6
175.3
ISO. 4
182. 6
183.2
181. 7
180. 5
180.4
180. 2
178.2
176
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119.4
116.9
121. 7
125.7
118. 1
119. 3
125.0
123. 9
122. 7
123.4
120.6
114.7
119.4
119.4
126. 0
126. 0
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.4
145.2
146. 0
141. 0
141. 9
143.9
142.9
144. 1
145.2
144.2
144. 1
144.8
146.8
147. 5
148.4
149
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149.6
155.4
149. 7
148.6
150. 6
152. 0
151.6
154.5
155.2
155.6
156.5
156.8
157.7
159.8
160.5
161
113. 9
118.9
131. 2
141. 8
152.5
164.6
181.9
190.0
207.2
199. 5
197. 7
200. 2
201.6
200.9
203. 1
206.6
208.2
207.6
208.8
212.8
211.1
214.7
216
106.6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131.7
134.1
133. 4
132. 0
133. 1
133.7
133.6
132.9
134.5
134.2
134.4
134.5
136. 1
134.9
136.4
137
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In January, weekly indicators posting gains on a seasonally unadjusted basis were output of steel, electric powei
distributed, and cars and trucks assembled.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
3.5
F
M
A
M
J
J
A
i
S
O
N
L
20
I I I I I t I I I I t 1 I I I I I I I I I I I 1 1 I I I I I I I M 1 I I I I I I I I I t I I I 1 II
J
F
M
A
M
J
J
SOURCES: AMERICAN IRON AND STEEl INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1962
1963
1964
1965_ _
_
1966 __
1967
1968
1967: Dec
1968: Jan
Feb
Mar
Apr_
May
June_ _
July
Auff
Sept _ __
Oct
Nov
Dec
1969: Jan *
Week ended:
1969: Jan 18
25
Feb 1
gv
15 P
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Cars and trucks
Steel produced
power
coal mined
produced assembled (thousands)
loaded
Index
Thousands
distributed (thousands (thousands
(thousands
of net
(1957-59= (millions of
of short
Cars Trucks
Total
of tons)
of cars)
tons
100)
kilowatt-hours) tons) i
1,886
2, 096
2,431
2, 521
2, 572
2,440
2, 508
2, 704
2, 712
2, 849
2, 872
2, 902
2, 867
2,775
2, 591
2, 022
1, 889
2, 033
2, 235
2, 358
2,498
101. 2
112. 5
130. 5
135.3
138. 1
131.0
134.6
145. 2
145. 6
152.9
154. 1
155. 8
153. 9
149.0
139. 1
108. 5
101.4
109. 1
120. 0
126.6
134. 1
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
25, 244
24, 405
25, 365
25, 338
24, 081
23, 344
23, 560
25, 772
26, 632
27, 562
24, 785
24, 579
25, 319
26, 806
27, 484
1,414
1, 535
1,630
1,735
1, 798
1, 868
1, 826
1,732
1,738
1, 753
1,827
1,887
1, 871
1, 875
2, 005
1,835
1, 971
1, 390
1, 826
1, 799
1, 766
552
555
558
562
570
540
543
497
489
514
535
548
571
578
536
555
563
574
556
499
490
343
358
384
410
446
439
480
421
421
486
480
480
488
489
437
497
469
512
502
479
453
157. 5
175. 0
178.8
213.7
199. 3
172.9
207.6
219.8
207. 3
211.0
229. 5
215. 4
244. 0
246.8
152. 6
71.2
199.4
248. 2
243.8
204.7
213. 4
133. 4
146.9
148. 8
179.4
165.4
142. 4
170.1
185. 0
172. 9
174.5
189. 2
177.7
200. 4
202.2
122. 6
46.7
160.7
205. 3
203.5
169.7
176. 1
24.1
28.1
30.0
34.3
33.9
30. 5
37.5
34,8
34.4
36.5
40. 2
37.6
43.6
44.6
29. 9
24. 6
38.7
43. 0
40.3
35.1
37. 3
2,513
2, 575
2, 604
2, 656
2
2, 697
134. 9
138. 2
139. 8
142. 6
144. 8
27,
27,
27,
27,
1,817
1,740
1, 741
1, 731
523
510
505
509
512
508
514
512
233. 2
234.2
226. 1
224 2
2
209. 7
192. 9
193.4
184. 2
184. 0
171.1
40. 3
40.8
41.8
40. 1
38.6
1
Daily average. Includes data for Alaska.
2Not charted.
18
A
733
154
638
316
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
m December, the value of new construction (seasonally adjusted) rose 1 percent. A rise of 2% percent in homebuilding and 2% percent in government construction expenditures more than accounted for the rise.
BILLIONS OF DOLLARS
90
BILLIONS OF DOLLARS
90
SEASONALLY ADJOSTED ANNUAL RATES
80
'80
TOTAL NEW CONSTRUCTION
70
70
60
60
PRIVATE
50
50
40
40
30
20
20
1962
1968
SOURCE: DEPARTMENT OF COMMERCE
Period
1963 _
_ _ _ _ _
1964 _ . _
1965
1966 _
_ _ _
1967
1968 »
Total new
construction
expenditures
63. 4
66. 2
72. 3
75. 1
76. 2
84. 7
COUNCIL OF ECONOMIC ADVISERS
Private
Residential nonfarm
Total
44. 1
45. 8
50. 3
51. 1
50. 6
57. 1
CommerNew
cial and
housing
industrial
units
Billions of dollars
20. 4
26. 2
7. 9
20. 4
26. 3
9. 0
20. 4
26. 3
11. 9
24. 0
18. 0
13. 6
17. 9
23. 7
13. 1
28.9
22. 4
13. 9
Total *
Other
10. 0
10. 6
12. 1
13.6
13.7
14. 3
Federal,
State,
and
local
19. 4
20. 4
22. 1
24. 0
25. 6
27. 6
79. 6
81. 2
82. 9
83.9
83. 6
85. 3
85. 7
82.0
81. 7
83.7
84. 7
87.2
87.3
88.3
53. 9
54. 0
55. 3
55. 4
56. 1
57. 4
57. 3
55. 0
55.0
56.7
57. 4
59.5
59. 3
59.7
27.2'
27. 6
27. 0
26.8
27. 7
29. 3
29.6
28. 2
27. 8
28.3
29. 4
30.0
30. 6
31.3
21. 3
21. 8
21 2
2l! 3
21. 7
22. 3
22. 3
21. 4
21. 2
21.9
22.8
23.6
24. 1
24. 8
1
Includes nonhousekeeping residential construction and additions and alterations,
not shown separately.
2
Compiled by F. W. Dodge Company and relates to 48 States.
12. 7
12. 5
14. 1
14. 1
13. 8
14. 0
13.4
13.0
13. 0
14.2
14, 0
15.0
14.5
14.2
132.0
137.0
142.8
145. 3
153. 3
173.4
Seasonally
adjusted
Seasonally adjusted annual rates
1967: Nov
Dec_ __ _
1968: Jan
Fob
Mar
Apr _
May_ -_ June __ _
July
Aug
Sept
Oct
Nov
Dec*_
Construction contracts 2
CommerTotal value cial and
(index,
industrial
1957-59= floor space
100)
(millions of
square feet)
14. 0
13. 8
14. 3
14. 6
14. 6
14. 1
14. 2
13.8
14.2
14.1
14. 1
14.4
14.2
14. 2
25. 7
27. 2
27. 6
28. 5
27.5
27.9
28.4
27. 1
26.7
27. 1
27. 3
27.7
27. 9
28.6
168
166
166
152
169
164
172
160
187
192
183
200
183
179
534
599
680
769
694
779
Seasonally
adjusted
annual
rates
758
769
774
737
799
565
804
796
860
794
739
956
843
866
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 increased 21 percent in January to a seasonally adjusted annual rate of 1,783,000,
the highest level in nearly 5 years. Permits for future starts declined iVs. percent.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
1.0
1.0
1963
SOURCESi DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION <FHA), AND VETERANS ADMINISTRATION «VAI
COUNCH, OF ECONOMIC ADVISERS
[Thousands of units]
Housing starts
Total
private
and
Period
public
(including
farm)
1, 642. 0
1963
1964
1, 561. 6
1965
1, 509. 6
1966. _ _ ___ 1, 196. 2
1967
1, 321. 9
1968 *
1, 546. 7
1, 610. 3
1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
1, 506. 6
1, 582.9
1, 502.3
1, 450. 6
1, 141.5
1, 268. 4
1, 482. 6
83. 1
82.7
87. 2
128. 6
165.2
145. 1
142. 9
142. 5
141. 0
139. 8
143.3
129. 5
98.9
103.0
80. 1
80.5
84. 6
126. 6
162. 0
140. 9
137. 9
139. 8
136. 6
134.3
140. 8
127. 1
95. 5
98.7
79. 1
79.8
82. 8
123. 9
159. 1
139. 0
136.0
137. 3
134,5
132.4
138. 1
125. 1
94.6
97. 4
1967: Dec__
1968: Jan__
Feb__
Mar_
Apr__
May_
June _
July__
Aug__
Sept.
Oct._
Nov__
Dec v1969: Jan *_
Total
private
(including
farm)
Private nonfarm
Total
Two or
Onemore
family
families
993.2 589.7
944.5 557.8
941. 4 509. 2
755.3 386.2
820. 7 447. 7
875.2 607.4
46. 1
44.5
53. 5
76.6
95.0
85. 0
79. 6
83. 9
80.3
78.4
82. 9
62.8
52. 7
48.3
Total
private
(including
farm)
1, 610.3
1, 529.3
1, 472. 9
1, 165.0
1, 291. 6
1, 506. 6
33. 0
35.3
29. 3
47.3
64. 1
54. 0
56. 4
53.4
54.2
54. 0
55.2
62.3
41. 9
49. 1
1
Authorized by issuance of local building permit; in 13,000 permit-issuing
places beginning 1967; 12,000 for 1963-66; and 10,000 prior to 1963.
2 Units represented by mortgage applications for new home construction.
20
1, 250
1,456
1, 537
1, 511
1, 591
1, 364
1, 365
1,531
1, 518
1, 592
1,570
1, 733
1, 492
1, 816
Proposed home
construction
New
Private nonfarm
private
housing Applica- Requests
Government
units tions for for VA
FHA appraisTotal home programs authorized 1 commitals 2
ments 2
FHA
VA
190. 2
139. 3
71. 0 1, 334, 7
1, 582.9 166. 2
182. 1
59.2 1, 285. 8
113. 6
1, 502 3 154. 0
49.4
188.9
102.
1
1,
239.
8
1, 450. 6 159. 9
971. 9
153. 0
36. 8
99. 2
1, 141.5 129. 1
124. 3
52. 5 1, 141. 0
167.2
1, 268. 4 141.9
1, 482. 6 147.7
56.0 1, 330. 4
168.8
131.7
Seasonally adjusted annual rates
162
125
1, 390
149
55
1, 235
122
52
1, 148
163
157
1,430
152
141
1, 394
164
63
1, 499
1,416
160
127
63
149
1, 479
144
1,340
126
1, 562
147
59
161
110
57
1,280
133
1, 345
157
54
1, 281
120
137
1, 348
146
1,289
135
134
49
1, 507
"167
127
144
1,290
51
1,496
125
54
145
1, 393
"168
1, 570
147
"198
153
55
1,378
1,541
"211
172
1,425
158
53
1, 705
187
136
158
1,463
1,477
65
1,352
191
142
59
148
1, 783
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA).
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
Recording fo preliminary figures, January retail sales increased 2 percent (seasonally adjusted), following a drop
of 2Vi percent in December. Total business inventories increased $0.7 billion in December and total sales were down
1 3 /4 percent.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED}
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
22
BUSINESS SALES AND INVENTORIES
RETAIL TRADE (ENLARGED SCALE)
20 -DURABLE GOODS STORES
INVENTORIES
\
140
18
16
INVENTORIES
120
14
. SALES
100
12
SALES
10
80
8
11 M .1 I. I I I I I M I I I t I i I I I I I I I i 1 I I I » I I I 1 I I I I I I I I I I I
I
c
24 -WHOLESALE TRADE -(ENLAR ^rn -jc ti\ T\
24 - NONDURABLE GOODS STORES
INVENTORIES
22
22
-
r^*~^
20
20
s"^^
18
14
w~.v
/] 1 1 t I 1 ! I I 1 ! I
"
1966
SALES
•V.-,,— -*>*"
>+*****
"
18
16
. i . . . ! . . i .. , , , , , ! , , , , ,
1967
14
1 ! 1 . 1 1 1 1 1 1 11
1969
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total business 1
Wholesale
4
Sales2
Period
Sales 2
1969
1968
1966
Inventories 3
Sales 2
Inventories 3
Total
Durable
goods
stores
Retail 5
Nondurable
goods
stores
Inventories 3
Total
Durable
goods
stores
26, 297
28,001
29, 450
31, 201
34, 687
38, 368
39, 318
42, 750
39, 104
39, 318
39, 575
39, 788
39, 776
40, 242
40, 606
40, 842
41, 065
41, 010
41, 424
42, 220
42, 488
42, 750
11, 009
11, 703
12, 436
13, 189
15, 255
17, 309
17, 403
19, 461
17, 065
17, 403
17, 566
17, 709
17, 723
18, 113
18, 248
18, 440
18, 475
18, 501
18, 622
19, 165
19, 361
19, 461
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1961
1962
_ .
1963
1964
1965
1966
1967
1968"
1967: Nov
])ec___
1968: Jan
Feb
Mar
A pr _ _
May_
June
July
61, 133
65, 417
68, 969
73, 685
80, 276
87, 184
88, 962
96, 954
90, 759
91, 970
93, 077
93, 821
94, 612
94, 436
96, 043
97, 554
98, 496
Aug
97, 360
Sept __
99, 096
Oct___
_ _ 99, 654
Nov
100, 115
Dec v
98, 462
1969: Jan" ___ _ __
1
The
2
95, 728
101, 149
105, 525
111, 548
121, 140
137, 184
143, 772
153, 651
142, 554
143, 772
144, 106
144, 819
145, 153
146, 487
147, 808
148, 522
149, 063
149, 923
150, 725
152, 122
152, 936
153, 651
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
18, 329
17, 419
17, 641
17, 694
17, 953
18, 021
18, 006
17, 897
18, 374
18, 269
18, 498
18, 792
18, 418
18, 788
18, 865
term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month,
s Book value, end of period, seasonally adjusted.
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
22, 463
21, 061
21, 635
21, 641
21, 623
21, 618
21, 863
21, 924
22, 098
22, 169
22, 200
22, 192
22, 336
22, 501
22, 463
18, 249
19, 630
20, 556
21, 823
23, 677
25, 330
26, 151
28, 313
26, 385
26, 368
26, 936
27, 512
28, 145
27, 675
28, 132
28, 451
28, 802
29, 037
28, 863
28, 676
28, 779
28, 083
28, 673
5,609
6,241
6, 661
7,049
7,849
8, 192
8,348
9, 190
8,276
8,422
8, 502
8, 871
9, 062
8, 871
9,081
9,290
9,402
9, 567
9, 699
9, 372
9, 272
9, 074
9,396
12, 641
13, 389
13, 895
14, 773
15,828
17, 138
17, 803
19, 124
18, 109
17, 946
18, 434
18, 641
19, 083
18, 804
19, 051
19, 161
19, 400
19, 470
19, 164
19, 304
19, 507
19, 009
19, 277
15, 288
16, 298
17, 014
18, 012
19, 432
21, 059
21,915
23, 289
22, 039
21, 915
22, 009
22, 079
22, 053
22, 129
22, 358
22, 402
22, 590
22, 509
22, 802
23, 055
23, 127
23, 289
4
Beginning 1961, data include Alaska and Hawaii.
5 Beginning 1960, data include Alaska and Hawaii
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers1 shipments (seasonally adjusted) declined 2 percent in December. Inventories rose almost $500 millior
New orders remained essentially unchanged.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
60
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
90
MANUFACTURERS' SHIPMENTS
MANUFACTURERS' INVENTORIES
80
TOTAL
70
60
DURABLE GOODS
50
MANUFACTURERS' NEW ORDERS
NONDURABLE GOODS
30
20
1965
1968
1965
1966
1967
SOURCE* DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
l
2
NonDurable durable
goods
goods
NonDurable durable
goods
goods
Manufacturers' shipments Manufacturers' inventories
Period
Total
1961
1962_
1963_
1964
1965
1966
1967
1968 *
1967: Oct
Nov
Dec
1968: Jan_
Feb _ _ _
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov _
Dec *
30, 896
33, 113
35, 032
37, 335
41, 003
44, 876
45, 712
50, 312
45, 748
46, 955
47, 961
48, 447
48, 356
48, 446
48, 755
50, 014
50, 729
51, 425
49, 825
51, 441
52, 560
52, 548
51, 514
15, 544
17, 103
18, 247
19, 634
22, 216
24, 635
24, 973
27, 583
24, 802
25, 538
26, 610
26, 925
26, 711
26, 844
26, 888
27, 509
27, 633
28, 211
26, 837
27, 985
28, 960
28, 786
27, 787
15, 352
16, 010
16, 786
17, 701
18, 788
20, 240
20, 739
22, 730
20, 946
21, 417
21, 351
21, 522
21, 645
21, 602
21, 867
22, 505
23, 096
23, 214
22, 988
23, 456
23, 600
23, 762
23, 727
1
Monthly average for year and total for month.
2
3 Book value, end of period, seasonally adjusted.
Total
Millions
54, 943
58, 212
60, 027
63, 370
68, 179
78, 125
82, 819
88, 438
81, 968
82, 389
82, 819
82, 890
83, 408
83, 759
84, 382
85, 278
85, 582
85, 829
86, 713
87, 109
87, 566
87, 947
88, 438
of dollars,
32, 518
34, 609
35, 807
38, 433
42, 204
49, 797
53, 540
57, 329
52, 867
53, 283
53, 540
53, 525
54, 009
54, 295
54, 724
55, 234
55, 442
55, 461
56, 069
56, 458
56, 657
56, 953
57, 329
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
1968
Manufacturers' new orders
1
Durable goods
Total
Total
seasonally adjusted
22, 425 31, 085 15, 698
23, 603 33, 005 17, 026
24, 220 35, 322 18, 522
24, 937 37, 952 20, 258
25, 975 41, 803 22, 986
28, 328 45, 938 25, 710
29, 279 45, 928 25, 189
31, 109 50, 599 27, 875
29, 101 46, 655 25, 679
29, 106 47, 320 25, 852
29, 279 49, 463 28, 056
29, 365 48, 353 26, 837
29, 399 48, 453 26, 814
29, 464 49, 566 28, 005
29, 658 49, 237 27, 373
30, 044 49, 650 27, 172
30, 140 49, 850 26, 701
30, 368 50, 181 26, 925
30, 644 50, 201 27, 329
30, 651 51, 877 28, 381
30, 909 53, 931 30, 280
30, 994 53, 100 29, 325
31, 109 53, 118 29, 458
NonMachinery durable
and
goods
equipment
2, 854
3,090
3,412
3,935
4, 435
5,268
5,250
5, 803
5, 314
5, 372
5,495
5,466
5,380
5, 382
5,492
5,447
5, 968
5, 714
6, 027
5, 916
6, 550
6, 089
6, 229
15, 387
15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
22, 725
20, 976
21, 468
21, 407
21, 516
21, 639
21, 561
21, 864
22, 478
23, 149
23, 256
22, 872
23, 496
23, 651
23, 775
23, 660
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
Manufacturers 7
inventory shipments3
ratio
1. 74
1. 72
1. 69
1. 64
1. 60
1. 62
1. 77
1. 70
1. 79
1.75
1.73
1.71
1.72
1.73
1. 73
1. 71
1. 69
1. 67
1. 74
1. 69
1. 67
1. 67
1. 72
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade balance deteriorated in December registering a deficit of $81 million (seasonally adjusted).
The import figures may include some anticipation of the east coast dock strike.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3.5
3.5
1.0
1.0
1968
1962
MEENOTE i BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
[Millions of dollars!
Merchandise imports
Merchandise exports
General imports 2
Total (includ-1
Domestic exports
ing reexports)
3
Total
Food, Crude
Food, Crude Manubeverbever- matemateSeason- Unad- Total i 8 ages,
facSeasonages,
rials
rials
ally ad- justed
Unad- and
tured
and
ad- justed
to- and
and tojusted
goods ally
justed
fuels
bacco
fuel
bacco
Monthly average :
1960_ _ __
1961 _ _1962
1963
1964
1965
1966
1967
1968
1967: Nov.
Dec__
1968: Jan__
Feb__
Mar__
Apr__
May_
June_
JulyAug.
Sept_
Oct__
Nov_
Dec--
1, 636
1, 682
1, 748
1,869
2, 141
2, 225
2, 448
2,578
2, 820
2,691
2, 603
2, 788
2, 773
2,454
2,886
2, 719
2, 828
2, 803
2,916
8,246
2, 694
2,989
2, 866
2, 760
2, 812
2, 673
2,666
2, 638
2, 942
2,944
2,743
2, 641
2,787
2,942
2, 715
3, 124
3, 026
1, 620
264
1, 662
289
312
1, 725
1,845
349
2, 111
387
2, 196
377
432
2, 412
392
2, 546
2, 784
383
Unadjusted
2, 729
480
2, 782
425
2, 644
397
2,636
406
2,600
391
381
2, 906
366
2,906
2,709
343
346
2,606
2,749
399
2, 908
378
324
2,669
3,091
419
442
2,986
329
322
280
315
361
356
367
393
402
1, 047
1, 062
1, 138
1, 188
1, 366
1, 449
1, 592
1,729
1, 970
452
373
377
387
412
426
417
362
382
387
398
380
461
436
1, 766
1, 934
1, 827
1, 833
1,766
2, 072
2, 076
1, 973
1, 866
1,938
2, 095
1,926
2, 201
2, 061
i 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.
1, 251
1, 226
1, 366
1, 428
1, 557
1, 780
2, 129
2,234
2,760
2, 882
2, 525
2,609
2,602
2, 612
2, 632
2, 764
2,839
2,664
2,827
2,964
2, 657
2,818
2,947
2,442
2,431
2, 728
2,448
2, 558
2,747
2, 827
2,649
2, 812
2,739
2, 869
2, 924
2,795
3, 018
283
365
288
359
306
387
322
391
335
415
334
449
382
473
392
445
447
499
Unadjusted
409
437
439
478
441
506
421
444
487
395
455
466
451
488
401
500
458
513
484
484
489
538
531
435
459
470
474
538
Grossmerchandise
trade
Manusurplus,
facseasontured
ally adgoods
justed
571
544
636
672
758
936
1, 201
1,309
1,712
385
456
382
441
584
444
320
344
60
1,488
1,431
1,689
1,495
1, 596
1,719
1,785
1,655
1, 712
1,673
1,737
1, 851
1,759
1,875
810
78
175
171
— 158
254
-45
— 16
189
88
282
— 63
171
-81
3
Total includes commodities and transactions not classified according to kind.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The merchandise trade balance showed a deficit of $896 million (seasonally adjusted annual rate) in the fourth
quarter as exports and imports both fell off.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
EXPORTS OF GOODS AND SERVICES
20
10
10
1962
1968
SOURCEt DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1964
1965
1966
1967__
1968 p
_
__
_ _
Total
37, 098
39, 196
43, 142
45, 756
_
Exports of goods and services
Income on
investments
MerMilichan-1
tary
Pri- Govsales vate
dise
ernment
747
25, 297
26, 244
830
29, 176
829
30, 468 1, 240
33, 370
456
509
593
624
4,930
5,384
5,659
6,235
Imports of goods and services
Other
services
Total
Merchan-1
dise
5,668
6,229
6,885
7, 189
28,688
32, 295
38, 063
40, 989
18, 648
21, 516
25, 541
26, 991
33, 280
Balance
on
Mili- Other goods
tary
and
expend- services servitures
ices
2,876
2,945
3,735
4,340
7,164
7,834
8,787
9,658
8,409
6,901
5,080
4,768
i
Seasonally adjusted annual rates
1967: III
IV.
1968: I-
II
. _ __
III
IV *_ _
_
46, 052
45, 984
980
30, 504
29, 912 1, 292
6,684
6,916
624
612
7,260
7, 252
40, 616
42, 592
26, 164
28, 636
4,392 10, 060 5,436
4,416 9,540 3,392
47, 440
50, 228
52, 988
31, 656 1,224
33, 524 1,448
35, 328 1, 620
32, 972
6, 176
6,916
7, 364
792
884
828
7, 552
7,680
7, 816
46, 136
47, 860
49, 476
31, 524
33, 352
34, 376
33, 868
4,440 10, 228 1,304
4, 492 10, 088 2, 368
4,600 10, 564 3, 512
1
Adjusted from customs data for differences in timing and coverage.
NOTE.—Merchandise imports (p. 24) and balance on liquidity basis and official
reserve transactions basis (p. 25), as well as data shown on an unadjusted basis
24
(p. 25) have been revised for the first 3 quarters of 1968. Other data for these
quarters shown on these pages will be revised in March.
Source: Department of Commerce.
p.S. BALANCE OF INTERNATIONAL PAYMENTS
A balance of payments surplus of $3.8 billion (seasonally adjusted annual rate) was recorded in the fourth quarter,
and a $187 million surplus for the year 1968, as measured on the liquidity basis. The official reserve transactions
basis showed a surplus of over $1.0 billion for the fourth quarter and $1.7 billion for the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
1968
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ICONOMIC ADVISERS
[Millions of dollars]
Period
U.S.
Government
grants
and
capital,
net 1
1964___
1965. _ _
1966___
1967___
1968 "__
-3, 564
-3,370
-3, 444
-4, 211
Direct
investment
Other
longterm
Shortterm
-2,328 -2, 103 -2, 147
753
-3, 468 -1,079
-256
-418
-3, 623
— 3, 020 — 1, 270 — 1, 214
Errors
Foreign and uncapital,
recorded
transnet l
actions
689
270
2, 531
3, 185
Seasonally adjusted annual
1967:
3, 064
III___ -3,952 -3, 608 -2,024 — 1 , 520
1, 412
I V _ _ _ -4, 032 -3, 260 — 1, 636 — 1, 656
1968:
T
f>32
- 4, 656 -1, 496
- 800
5, 468
iLV.I -4, 288 — 4, 140 - 228 -1, 424 9, 916
in___ — 3, 812 -4, 408 - 780 1, 884 6, 960
IV »__
1
2
-860
-315
— 210
-532
rates
S2S -3, 208
988
— 130 — (i, 90S - 1, 328
972
1, 716
1, 776
Includes certain special Government transactions.
Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies,
and the U.S. gold tranche position in the IMF.
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 gold sales to, and gold deposits with, the U.S.
Changes
in gold,
convertible currenOfficial To foreign official
cies, and
holders 5
To other IMF gold
Liquid- reserve
foreign 6 tranche
transity 2
basis
actions
Non- holders position
Liquid
basis 3
(increase
liquid
(-1)
1,075
318
1,554
- 2, 800 — 1 , 564
171
85
-18
131
1, 222
- 1 , 335 -1, 289
761
2,384
- 1 , 357
266 -1, 595
568
2, 062
1, 291
1,457
52
-3, 571 -3,405
3, 829
1, 659 -3, 136
-880
187
Quarterly totals, unadjusted
Changes in selected
liabilities (decrease [ — ]) 4
Balance
U.S. private capital, net
2, 748
- 656
320
3, 832
2,
0,
1,
1,
224
112
700
048
281
1, 317
119
260
1,306
765
-375
-181
— 1, 363
-2, 198
-60
485
369
772
524
718
2, 263
1, 042
-194
904
-137
-571
- 1, 076
7
6
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
On Dec. 31, U.S. reserve assets consisted of gold stock, $10,892 million (up $137
million from Sept. 30); IMF position including gold portion of increased U.S.
subscription, $1,290 million; convertible currencies, $3,528 million.
NOTE.—See Note, p. 24. Data exclude military grant-aid and U.S. subscriptions
to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
Consumer prices rose 0.2 percent in December—the smallest monthly increase since September. Most of the increase
was due to hisher costs of food and housing and higher charges for public transportation and medical care services.
Index, 1957-59=100
Index, 1957-59
110 -*•
110
100
100
1968
1962
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100]
All
items
Period
1959 _
1960 __
1961_
_ _
1962
1963
1964
1965
1966
1967 __
_ _ _ _
1968. __
1967: Nov
.. ___ __
Dec _ _
1968: Jan
Feb
Mar
Apr.
__
May
_
June
Julv
Aug
Sept
Oc.fc
Nov
Deo
.._
: I )f>p;irt tnonf o/ Labor.
26
101.5
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
121.2
117. 8
118. 2
118.6
119. 0
119. 5
119.9
120. 3
120.9
121. 5
121. 9
122.2
122. 9
123.4
123. 7
All commodities
100. 9
101.7
102. 3
103.2
104. 1
105. 2
106.4
109. 2
111. 2
115.3
112. 6
112. 9
113.2
113. 5
113. 9
114.3
114. 7
115.1
115. 5
115.9
116. 1
116. 8
117. 1
117. 2
Services
Commodities
Commodities less food
Services
All
Food
less
Non- services Rent
All
Durable durable
rent
103.6
101.2
100. 3
101. 0
103. 2
101. 6
101.5
107. 4
101.7
102. 6
101.4
106. 6
103. 1
100. 9
110.0
102. 6
104. 4
103. 2
108. 8
102.0
100. 8
112. 1
102. 8
105. 7
101.8
103. 8
110.9
103. 6
106. 8
102. 1
104. 8
114. 5
103. 5
113. 0
105. 1
117. 0
107.8
106.4
104.4
103. 0
105. 7
115. 2
120.0
107.2
108.9
105.1
117.8
108.8
102.6
102. 7
122. 3
110. 4
114. 2
106. 5
109. 7
125. 0
112. 4
109. 2
104. 3
127. 7
115. 2
113. 1
131. 1
113.2
115.1
138.6
134.3
119.3
107.5
117.7
113. 2
115. 2
133. 2
129. 6
115. 6
111. 1
106. 0
113. 5
115. 2
130. 1
133. 8
116. 2
106. 1
111. 1
113.7
134.6
111.2
130.8
117.0
115. 1
106.3
113. 9
135. 2
117.4
106.4
115. 6
131. 3
111. 5
132. 1
114. 2
136. 1
116. 1
117. 9
106. 6
111. 9
114.4
132. 5
136. 6
112. 2
116. 4
118. 3
106.9
137. 1
114. 6
118.8
112. 5
106. 9
117.0
133. 0
114.9
138. 1
133. 9
119. 1
107.4
113.0
117.5
115. 1
134. 9
139, 3
117. 6
120. 0
113. 2
107. 6
115. 4
140. 0
135. 5
120. 5
113. 5
107. 7
118. 1
115.7
140. 5
113.9
107.6
118.9
136. 0
120.4
141. 2
116.
0
136.
6
114.
7
119.
7
120. 9
108. 5
137.4
116.3
142.0
120.2
115.3
109.3
120.5
142. 9
116. 7
108.7
120. 3
138. 1
115. 2
121. 2
WHOLESALE PRICES
Preliminary estimates for January indicate that wholesale prices rose sharply—0.8 percent. Prices of farm products
were up 1.5 percent and processed foods and feeds 1.0 percent. Largely responsible for the 0.5 percent rise in industrial
commodity prices were substantially higher prices of metals/ softwood lumber, and plywood.
Index, 1957-59=
Index, 1957-59=100
90
80
80
1969
1963
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
11957-59=100]
Period
1959
1960
1961
1962
1963
1964
1965 _
_
1966 _
1967
1968 __
_ _
1967: Dec
1968: Jan.. _ _ _ _ _ _
_
Feb _ _ _
_ _ _
Mar
Apr
Mav
June
Julv__ _
Aug
Sept
Oct
Nov
Dec
1969: Jan-'
_
_ ___
_ _
_ _ _
All
commodities
Farm
products
Processed
foods
and
feeds
100. 6
100.7
100.3
100. 6
100.3
100. 5
102.5
105. 9
106. 1
108.7
106. 8
107.2
108. 0
10R2
108.3
108. 5
108.7
109. 1
108. 7
109. 1
109. 1
109 6
97. 2
96. 9
96. 0
97. 7
95.7
94. 3
98.4
105. 6
99. 7
102.2
98. 9
99.0
101. 3
102. 1
102. 1
103. 6
102. 5
103. 9
101. 4
102. S
101.2
103. 1
103. 3
104. 9
99. 9
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 7
114. 1
111. 5
112.4
113. 3
112. 9
112. 8
113. 6
114. 6
115.9
114. 9
115. 3
114.4
114. 7
114. 7
115. 9
.109. 8
110. 7
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
101. 3
101. 3
100. 8
100. 8
100. 7
101. 2
102.5
104. 7
106. 3
109.0
107. 4
107.8
108. 3
108. 6
108. 8
108. 6
108. 8
108. 8
108. 9
1 09. 2
1 09. 7
109.0
110.3
102. 3
98.3
97. 2
95. 6
94. 3
97. 1
100.9
104. 5
100. 0
101.8
101. 3
101.4
102. 4
103. 1
101. 7
100. 5
100. G
100. 9
101. 0
110. 9
101. r>
102. 2
103. (1
10:1 s
Inter- Producmediate er finmate-2
ished
rials
goods
102. 1
101. 0
101. 4
102. 3
102. 5
100. 1
99.9
102. 9
99. 6
103. 1
100. 2
104. 1
101.5
105.4
103. 6
108. 0
104. 8
111. 5
107. 5
115.3
105. 9
113. 4
106. 3
114.0
107. 0
114. 2
107. :;
114. 4
1 07. 5
114. 8
107.:;
114. 9
107. 2
115. I
115. 2
107. 3
107. 4
115. 4
.107. S
115.7
1 08. 1
116.4
10S. 2
116.9
10S. 8
117. 1
Consumer finished goods excluding food
DurNondurable
able
101. 3
100. 8
100. 9
101. 5
101. 5
100. 5
100. 0
101. 6
99. 5
101. 9
99. 9
101. 6
99.6
102.8
100. 2
104. 8
107.2
101. 7
109.4
103.9
103. 0
108. 0
103.5
108.0
103. 5
108.4
103. G
108. 6
103. 5
109. 0
103. 5
109. 1
103.5
109.8
110. 0
103. 3
109. 7
103. 6
103.4
109. 9
104. 9
110. 0
105.0
110.2
105. 0
110. 2
NOTE.—Beginning January 38(37, the indexes incorporate a revised weighting
structure reflecting 1903 values of'shipments. The classification structure also
changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended January 1 5, prices received and paid by farmers each increased about 1 percent. The adjustc
parity ratio declined 1 point to 78.
Index, 1957-59 =
Index, 1957-59=100
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
110
PRICES RECEIVED
(ALL FARM PRODUCTS)
100
100
. t I t t i . . I i i i . il . . i . . 90
90
RATIOJ/
RATI OJ/
100
100
90
90
PARITY RATIO
.^.'•~—'
80
"'*''•""•>.**
'%,.
''.IMP,*''
80
''»,
-v"—
v»%<" v"«,,,.....i»«' *<\%......»,
70
70
60
j . >. . i , , , , .
1
.
.
I I 1
1963
1
1
1
T 1
. .. i i Ii i . ,,
1964
1965
1 111I11 1
...
i i i i i 1 M '
1966
<'
.
1967
.
TI 1 I
!
1
1
1 1
1968
t
. . . . ! t i < i i 60
1969
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14 =» 100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1959 _
1960
1961
1962
1963
1964
1965
1966
1967__
1968 _ _ _ _ _ _ _
1967: Dec 15
1968: Jan 15
Feb 15
Mar 1 5 _ _ _
Apr 15
May 15
June 15
July 15
Aug 15 _ _ _ _ _ __ __
Sept 15
Oct 15
Nov 15. __
Dec 15__.
.11)69: Jan I n
_
All farm
products
99
99
99
101
100
98
103
110
104
108
105
105
106
107
107
108
107
108
108
110
108
108
108
109
Crops
99
100
102
104
107
107
104
106
100
102
103
103
102
103
104
105
103
99
101
103
102
102
99
99
All items,
interest,
taxes, and
wage rates
Index, 1957-59=100
102
100
102
98
98
103
99
105
95
107
91
107
101
110
114
113
107
116
112
121
105
117
107
118
109
119
109
120
121
109
121
109
111
121
121
114
121
113
121
116
122
113
113
123
123
115
124
116
Livestock
and
products
r e c n f a ^ r r a t i o of index of prices received by farmers to index of prices paid,
l , laxrs, nnd wnj.',e rates on 1910-14 = 100 base.
28
Parity ratio l
Prices paid by farmers
Family
living
items
101
102
102
103
104
105
107
110
113
117
114
115
115
116
117
117
117
118
118
118
119
119
119
120
Production
items
102
101
101
103
104
103
105
108
109
111
109
110
111
111
111
112
112
112
111
111
111
112
113
113
Actual
81
80
79
80
78
76
77
80
74
73
74
73
74
74
73
73
73
73
74
75
73
73
73
72
Adjusted 2
82
81
83
83
81
80
82
86
79
79
79
79
79
79
79
79
79
79
79
81
79
79
79
78
2
The adjusted parity ratio reflects Government paynuMits made directly to
fanners.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The seasonally adjusted money supply increased $% billion in January, the smallest increase since September. Time
deposits fell almost $2 billion, the first month-to-month decline since November 1966.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
225
225
1963
SOURCE: BOARD OP GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Money supply
Money supply
Period
1963:
1964:
1965:
1966:
1967:
1968:
1967:
Dec
Dec__ _ _
_ _ _ _ _ _ _ _
Dec_ _ _ _ _ _ _ _ _
Dec___
__ _._ _
Dec
Dec
Nov
Dec
1968: Jn,n_._
Feb
Mar
Apr
Mav__
June
July_
Aug
Sept
Oct
Nov __
Dec_
1969: Jan *> _
_ _
1
Total
153.0
159.3
166.8
170.4
181. 3
193. 1
181.0
J81. 3
1 82. 3
182.7
183. 4
184. 3
186. 1
187. 4
189. 4
190. 3
189. 5
190. 2
191. 9
193. 1
193. 6
Currency
outside
banks
Demand
deposits
Seasonally adjusted
32.5
120.5
34.2
125. 1
36.3
130.5
132. 1
38.3
40. 4
140. 9
43. 4
149.6
141. 0
40. 1
40. 4
HO. 9
40. (i
141.7
40.7
141.1)
41. 1
142. 2
41. 4
143. 0
41. 6
144, f>
145. 4
42. 0
42.2
147.2
42. 6
147. 6
42.7
146.7
42. 8
147. 4
43. 2
148.7
43.4
149.6
43. 6
150. 1
Deposits at all commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $l.l billion) are excluded from time deposits and from loans at
all commercial banks.
Time
deposits 1
112.2
126.6
146. 6
158. 1
183. 5
204. 3
182.0
is;;. 5
1S4. 1
185.2
18(). 7
187. 1
1 87. 6
188. 2
190.4
193. 8
196.6
199. 5
201. 9
204.3
202. 5
Total
157.3
164.0
172.0
175.8
187. 1
199.2
182.4
187. 1
1 87. (')
1 S 1 . -1
182. 0
185. (5
182. 5
185. 6
187.2
186.9
188.6
190. 6
193. 4
199.2
199. 4
Currency
outside
banks
Demand
deposits
Unadjusted
124. 1
129. 1
134.9
136.7
145. 9
154. 9
141.9
145. 9
40. r,
147. 1
40. ;;
141. 1
40. 7
141. 2
41. 1
144. f>
4i. :•}
141. 1
41. 9
143.6
42.4
144.8
42.7
144.2
42.7
145.8
42, 9
147. 7
43. 7
149. 7
44. 3
154.9
43. 5
155. 9
33. 1
35.0
37.1
39. 1
41. 2
44.3
40. 4
41. 2
Time
deposits l
111.0
125.2
145.2
156.9
182. 0
202.5
181.3
182. 0
183. 7
185.8
187. 7
187. 9
188.4
188. 6
190.8 I
194.4
196.2
199. 1
200. 7 ;
202.5
201. 7
U.S.
Government
demand
deposits l
5. 1
5.5
4.6
3.4
5. 0
4.8
5.3
5.0
5. 0
7.2
6. 6
4. 2
6. 4
5.4
5.7
5.5
5.9
6. 1
4. 2
4.8
6. 7
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Demand deposits and currency held by the public (seasonally adjusted) showed a large decline during January. Tim
and savings deposits were unchanged while holdings of short-term U.S. Government securities increased somewhaL
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
700
700
600 -
600
500
500
400
200
100
1963
1969
1964
]/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVl SYSTEM
[Billions of dollars, seasonally adjusted]
End of period
1962
1963
1964
1965
1966___ _ _ __
1967
1968"
1967: Dec
1968: Jan
Feb
Mar
Apr _ _ _
May _ _ _
June
July v»
Aug Sept »
Oct * _ _
Nov *
Dec"
I960: Jan »
_ __
_
Total
selected
liquid
assets
459.0
495. 4
530. 5
573. 1
601. 5
650. 5
707.0
650. 5
655.9
658. 7
665. 7
664.6
667. 9
670. 9
676. 6
679. 7
684. 5
692. 6
697.9
707. 0
700. 0
Demand
deposits
and
currency l
144. 8
149. 6
156. 7
164. 1
168.6
180.7
*197. 8
180. 7
179.6
178. 3
181. 8
181. 1
183. 9
186. 8
186. 2
186.0
186.3
187. 6
189.4
*197. 8
188. 1
Time deposits
Commercial
banks
9& 1
112. 9
127. 1
147. 1
159.3
183. 1
203. 1
183. 1
186. 5
187.6
187. 9
187. 6
187. 7
187. 9
191. 5
194.0
195.9
200.0
204.4
203. 1
202. 8
1
A.mves in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for5 hust Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1900, savings and loan association.
30
Mutual
savings
banks
41.4
44. 5
49. 0
52. 6
55.2
60. 3
64.5
60. 3
3
60. 6
61. 1
61. 4
61. 7
62. 1
62. 6
62. 8
63.0
63.4
63. 8
64. 3
64.5
64. 8
Postal
Savings
System
0. 5
.5
.4
.3
.1
Savings
and loan
shares
79.8
90. 9
101. 4
109.8
113.4
123. 9
130.9
123. 9
3
123. 6
124.6
125. 9
126.0
126. 5
4
126. 8
127. 2
128. 1
129. 5
130. 0
130. 8
130.9
130. 9
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
one
year 2
47. 6
49.0
49. 9
50.5
50. 9
51. 9
52.5
51. 9
51. 9
51.8
51. 8
51. 8
51. 8
51. 9
51. 9
52. 0
52.0
52.0
52. 1
52.5
52. 5
46. 8
48. 1
46. 1
48. 6
53.9
50. 5
58.2
50. 5
53. 6
55. 4
57.0
56. 5
55. 9
54. 9
56. 9
56.6
57.4
59.2
57.0
58.2
60. 8
3
Reflects conversion of a savings and loan association with share capital of
about
$175 million to a mutual savings bank.
4
Reflects liquidation of two savings and loan associations.
NOTE.—See Note, p. 29.
*Estimates for Dec. 31.
Source: Board of Governors of the Federal Reserve System.
|ANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
lotal bank credit outstanding rose $% billion (seasonally adjusted) in January. Loans rose $11/2 billion while investments fell by $% billion. Free reserves fell to the largest net borrowed position since the fall of 1959.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
~| 500
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
400
400
300
300
200
200
INVESTMENTS IN
" U.S. GOVERNMENT SECURITIES"
100
100
\
iiiiriiniir ««'
INVESTMENTS IN OTHER SECURITIES
i i i
t i j
1 I
1963
I I Ii
1964
1 ! 1I I J 1 ]\ J
1965
1966
\ |!|| |
1967
' I ' l
|
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seasonally adjusted data)
End of period
1962
1963
1964
_
1965
1966
1967 v
1968 1967: Dec
1968: Jan _
Feb
Mar
Apr
May _
June
July___ _
Aug _v
Septv
Get
Nov pv _
Dec
1969: Jan *_
Investments
Total
Loans,
loans excluding
and
inter- U.S. Gov- Other
investsecuribank
ernment
ments
ties
securities
227. 9
246.2
267. 2
294.4
310. 5
346. 5
384.5
346. 5
349. 9
353.9
352. 5
355.2
357. 3
357. 8
365.9
370.4
374.8
379.6
381. 6
384. 5
385. 3
134. 0
149. 6
167.7
192. 6
208.2
225. 4
252.3
225. 4
227. 5
229.2
229.0
231.4
232. 6
233. 5
238.4
241. 1
243.8
246.9
250. 4
252. 3
253. 8
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
large com- outside
mercial New York
City (232
banks
centers) ,
Commercial seasonally
and indus- adjusted
annual1
trial loans
rates
Billions of dollars
64. 6
29. 2
35. 0
61. 7
38. 7
60. 7
44.8
57. 1
48.7
53. 6
59. 7
61. 4
70.5
61.7
59. 7
61. 4
62.4
60. 0
62.7
62. 0
63.6
59. 9
63. 4
60. 3
63. 6
61. 0
63. 9
60. 4
64.4
63. 1
65. 5
63. 9
67.0
64.0
68.5
64.2
70. 2
61. 0
70.5
61.7
71. 0
60. 4
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.
3 New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Effective June 1966, balances accumulated for payment of personal
1969
35. 2
38. 8
42. 1
3
53. 1
60. 7
65. 8
74,0
65. 8
65. 0
65. 1
66.5
67. 6
67. 1
69. 2
69.2
68. 1
69.4
69.7
71. 2
74. 0
72. 9
2, 021
2, 199
1
2, 706
3,013
3,421
s, 740
4, 354
3,897
4, 046
4,047
4,021
4, 215
4, 243
4, 354
4, 487
4, 442
4, 511
4, 646
4, 614
4, 676
All member banks
Total
reserves
20, 040
20, 746
21,609
22, 719
23, 830
25, 260
27, 221
25, 260
25, 834
25, 610
25, 580
25, 546
25, 505
25, 713
26, 001
26, 069
26, 077
26, 653
26, 785
27, 221
28, 045
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
304
572
327
536
411
243
452
454
392
557
238
345
765
455
345
238
237
381
361
399
671
356
270
683
746
420
351
692
299
525
375
565
515
383
427
260
324
569
455
765
700
209
268
209
168
—2
-165
107
— 310
107
144
38
-315
-413
-326
-341
-226
-190
-132
-167
-245
— 310
-491
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in 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
Although total consumer credit outstanding showed a large seasonal increase in December, the seasonally adjuster
$775 million increase in instalment credit outstanding was somewhat below the average for the preceding 5 months.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
60
- 20
10
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT .EXTENDED
\
1
1
."T...........-T""*" ""''*''
41 ! ! 1 1 i 1 1 I I 1
_ ^**~*—>
•^7r..z:...:r.r.
mill""11*""""*"*""""""""
! ! ! 1 ! 1 1 I ! 1 1
1963
! ! ! 1 1I 1 ! 1 ! I
1964
1 1 1 ! !
1965
^^».,
/
/
6
INSTALMEh T CREDIT REPAID
1 ! ! ! 1 i ! 1 1 ! 1
! 1 ! 1 1
! 1 1 I I 1 ! I 1 ! 1
1967
1966
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Dec
1968' Jan
Feb
Mar
Apr
May
June. _
Julv
\ll<r
Sept
Oct
Nov
Hoc
1 1 i M 1 1 M 1 ^ 4
1969
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consumer instalment credit extended
Consumer credit outstanding (end of period;
and repaid (seasonally adjusted)
unadjusted)
Automobile paper
Instalment
Total
NonAutomoTotal
Total *
bile
Personal instal-2 Extended Repaid Extended Repaid
ment
paper
loans
Period
1960___ _ _
1961
__
1962
1963- _
1964
1965
1966
_
1967
__
1968 _ _ . __
1967: Nov
8
».***•*•
_
56, 141
57, 982
63, 821
71, 739
80, 268
90, 314
_ 97, 543
_ 102, 132
_ 113, 191
99, 648
102, 132
101, 260
100, 771
100, 981
102, 257
103, 411
104, 620
105, 680
107, 090
107, 636
108, 643
110, 035
113, 191
42, 968
43, 891
48, 720
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
79, 485
80, 926
80, 379
80, 233
80, 474
81, 328
82, 312
83, 433
84, 448
85, 684
86, 184
87, 058
87, 953
89, 890
17, 658
17, 135
19, 381
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
30, 718
30, 724
30, 579
30, 682
30, 942
31, 331
31, 818
32, 364
32, 874
33, 325
33, 336
33, 698
33, 925
34, 130
10, 617
11, 673
13, 414
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
23, 634
24, 018
23, 949
24, 076
24, 200
24, 459
24, 737
25, 052
25, 314
25, 725
25, 979
26, 202
26, 429
26, 936
' Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
1
( ' o n s i s i s of single-payment loans, charge accounts, and service credit.
• K m l of period, unadjusted.
13, 173
14, 091
15, 101
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
20, 163
21, 206
20, 881
20, 538
20, 507
20, 929
21, 099
21, 187
21, 232
21, 406
21, 452
21, 585
22, 082
23, 301
49, 793
49, 048
56, 191
63, 591
70 670
78, 586
82, 335
84, 693
97, 053
7, 304
7,360
7,453
7, 847
7,903
7, 863
8,033
8, 003
8, 247
8, 187
8,416
8, 533
8,288
8, 277
46, 073
48, 124
51, 360
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
6, 913
7, 001
7, 054
7, 111
7, 281
7, 222
7, 301
7, 287
7,390
7,253
7, 701
7, 586
7,454
7, 502
17, 657
16, 029
19, 694
22, 126
24, 046
27, 227
27, 341
26, 667
31, 424
2, 262
2, 233
2, 385
2, 559
2, 605
2, 509
2, 590
2, 570
2, 673
2,684
2,783
2, 782
2, 681
2, 592
16, 419
16, 552
17, 447
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
2, J90
2, 205
2, 254
•J, 275
2, :) 1 (i
2, 297
2, 327
2, 'JS9
2, :*.r>2
13, 327
2, 482
2, 391
2, 363
2, 357
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses 3
141, 300
153, 100
166, 500
182, 200
197, 600
212, 900
223, 600
236, 100
251, 300
236, 100
1
!
i
j
2M9, 300
243, 300
.
247, 300
251, 300
NOTE.—Revised series beginning 1956. For detail, see Federal Reserve Bulletin,
December 1968. 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.
|OND YIELDS AND INTEREST RATES
inuring January the Treasury bill rate fluctuated near the peak reached in late December, ending the month with
an average somewhat higher than in December. Other interest rates and bond yields rose to new peaks during
January.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1963
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABIE BELOW
Period
1961
1962 _
__
1963. _
_ .
1964 _
_ _
1965
1966
_ _
1967 _
1968_ _ .
1967: Dec .
1968: Jan
Feb__
Mar
Apr
May
June
July
Aug
Scpt___
Oct
._
Nov.
^
Dec
1969: Jan
_ _
Week ended:
1909: Jan 17___
24.. _
31___
Feb 7 _ _ _
14
21...
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5
year
Taxable
Treasury
2
3
(Standard4 &
issues
bonds
bills i
Poor's)
2. 378
3. 60
3. 90
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. 22
4. 21
3. 27
4.881
4, 65
3.82
5. 16
4, 321
4.85
5.07
3. 96
5.339
5.59
5.26
4.51
5. 012
5.72
5.36
4. 49
5. 081
5. 53
5. 18
4. 34
4.969
5.59
5. 16
4.39
5. 144
5. 39
5. 77
4. 56
5. 365
5. 69
5. 28
4. 41
f>. 621
5. 40
4. 50
5-2?
r>. 544
"i 2)>
.). tl
-1. 50
r
5. 382
5. 44
>. 09
4. 30
r
r>. 095
r,. 32
>. 04
4. 31
5. 202
r,. 30
">. 09
4. 47
f>. 334
5. 42
").
24
4. 56
r
5. 492
>. 36
5. 47
4.68
5. 916
5. 99
">. 66
4.91
6. 177
6. 04
4. 96
>. 74
6.
6.
6.
6.
6.
*6.
215
076
167
251
199
092
6.
5.
6.
6.
6.
02
95
01
08
07
1
Rate on new issues within period.
- Selected note and bond
3
April 1953 to date, bonds due or callable 10 years and after.
4
Weekly
data
are
Wednesday
figures.
*Not charted.
4
5. 72
5. 70
5. 79
5.88
5. 76
issues.
Data for first of the month, based on the maximum permissible interest rate
6?4 percent beginning early May 1968) and 30-year mortgages paid in 15 years.
4.
4,
5.
5.
5.
94
93
01
07
07
Corporate bonds
(Moody's)
Baa
Aaa
4. 35
4. 33
4. 26
4, 40
4.49
5. 13
5. 51
6.18
6. 19
6. 17
6. 10
0. 11
0. 21
(i. 27
0. 28
0.24
(I 02
f>. 97
0. 09
0. 19
6.45
6. 59
5.08
5. 02
4.86
4. 83
4.87
5. 67
6. 23
6.94
6.93
6. 84
6.80
6. 85
6. 97
7. 03
7. 07
0. 98
0. 82
0. 79
6. 84
7.01
7.23
7. 32
6.
6.
6.
6.
6.
7.
7.
7.
7.
7.
59
59
59
63
66
34
29
27
29
31
Prime
commercial
paper,
4-6
months
2. 97
3. 26
3. 55
3.97
4.38
5.55
5. 10
5.90
5. 56
5. 60
5.50
5. 64
5. 81
6. 18
0. 25
6. 19
5.88
5.82
5. 80
5. 92
6.17
6.53
6.
6.
6.
6.
6.
FHA
new home
mortgage
yields 5
5.80
5. 61
5. 47
5. 45
5.46
6.29
6.55
7.13
6.77
6. 81
6.81
6.78
6.83
6. 94
7.52
7. 42
7. 35
7. 28
7. 29
7.36
7. 50
53
50
50
50
50
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
After reaching a new high in early December, the common stock price index declined during the latter part of De
cember and in early January, and then rose during the rest of January and early February.
Index, 1941-43=10
WEEKLY
MONTHLY
120
120
110
110
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
100
^--v/
90
_
V
/
'ioa
s^
V
80
90
^A
f
80
p
_/-^1
70
60 I 1 1
PE RCENT
5
I ! I I I t 1 I
70
r irii] i f i ii
I 1 1 f ! ! f 1 I 1 I
i i i i i ! i i i i i t i i i .1 1 i f i i i
!
f 1 1 f I 1 1 t
1 1
I 1 f 1 1 ! 1 1 ! 1 1
5
WEEKLY
MONTHLY
4
4
DIVIDEND YIELD ON COMMON STOCKS
_^
S~*^.
p-
j
3
2 f\\
RAT 10
25
I 1 ! ! 1 ! I 1I !
I I I ! !
I I ! ! !
! J 1 1 1 !
1 1 1 I I
.
^
1 I I 1 t 1 f 1 1 ! 1
! ! ! 1 ! 1 ! ! I 1 I
,1 1 M
3
1 1 1 M
1 1
2
RA TIO
25
f 1 I 1 ! 1 I 1 I ! IK
PRICE/EARNINGS RATIO ON COMMON STOCKS
20
r^~——i
/
15
10
/
I
I
I
!
1
1963
1
1
1964
i
i
i
/-
20
--—'
^r—~—
Period
1963
1964
1965
1966
1967
__ _
__ _
1968__
1968: Jan
Feb_
Mar _ _
__
Apr_ __
Mav
June _
__ _
July
Aue
Sept
Oct
Nov
Dec_ _
_
1969: Jan
__
__ __
Week ended:
1969: Jan 10
17_
24
31. _ _ _
Feb 7
„
14
1
1965
!
f
1
[
!
1967
1966
f
r
r
!
r
1969
1968
1
N
10
N
COUNCIL OF ECONOMIC ADVISERS
Price index
Industrials
1
Total
Total
69.87
81.37
88.17
85, 26
91. 93
98.70
95. 04
90.75
89. 09
95. 67
97. 87
100. 53
100. 30
98. 11
101. 34
103. 76
105. 40
106. 48
102, 04
73.39
86. 19
93.48
91. 08
99. 18
107. 49
103. 11
98.33
96. 77
104. 42
107. 02
109. 73
109. 16
106. 77
110. 53
113. 29
114. 77
116.01
110. 97
1941-43 = 10
63. 30
62. 28
73. 84
76. 35
85. 26
81. 94
84. 86
74. 10
96. 96
79. 18
105. 77
86.33
102. 87
81. 06
98. 13
77.99
96. 32
77. 49
104. 08
84. 79
87. 75
106. 86
110. 65
89. 04
108. 12
88.38
104. 92
85. 73
107. 57
88. 46
108. 48
91. 36
92. 04
109. 75
111.44
91.91
87. 69
106. 56
101. 33
101.47
102. 02
102. 58
103. 22
*103. 65
110.21
110.43
110. 98
111. 39
111. 98
112. 57
106. 14
106. 93
106. S3
106. 34
106. 81
108. 04
86.94
87.57
87.84
88. 39
89. 19
89. 40
Consumers'
goods
Capital
goods
I Deludes 500 common stocks; 425 are industrials; 55 are public utilities, and 20
railroads. Weekly indexes for capital and consumer goods are Wednesday
un's: all other weekly indexes are averages of daily figures.
A ^repaid cash dividends (based on latest known annual rate) divided by
nn'H-.^ifr monthly market value of the stocks in the group. Annual yields
'
15
SOURCE, STANDARD & POOR'S CORPORATION
34
60
PERCE MT
Railroads
Dividend
yield 2
(percent)
64. 99
69. 91
76.08
68. 21
68. 10
66.42
68. 02
65.61
62. 62
63. 66
62. 92
65. 21
67.55
66. 60
66. 77
66.93
70. 59
70.54
68. 65
37. 58
45. 46
46.78
46. 34
46.72
48.84
43. 38
42.35
41. 68
44. 79
48. 00
51. 72
51.01
48. 80
51. 11
54. 26
53. 74
55.19
54. 11
3. 17
3. 01
3.00
3. 40
3.20
3.07
3. 13
3.28
3. 34
3. 12
3. 07
3. 00
3.00
3. 09
3. 01
2. 94
2. 92
2.93
3.06
68.34
67.97
68. 25
69. 70
70. 64
70. 29
52.86
53.06
54.67
55. 81
56. 76
56. 48
3.08
3. 06
3. 05
3. 05
3. 04
*3. 03
Public
utilities
Price/
earnings
ratio 3
17. 62
18. 08
17.08
14. 92
17.52
16.40
17.23
17.61
are3 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
*Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 6 months of the current fiscal year, the total deficit was $10.3 billion/ a year earlier it was $19.3 billion.
BILLI ONS OF DOLLARS
200
RECEIPTS AND OUTLAYS
-
BILLIONS OF DOL LARS
200
,-"-"/^
160
160
S*S'*~~~>~~~'^
EXPENDITURES AND NET LENDING
120
120
^
^^^nua: T^-^-"""^*"^
RECEIPTS
80
80
/
I
!
!
!
!
!
!
!
!
!
1
i
K
N
(ENLARGED SC:ALE)
+20
(ENU\RGED SCALE)
+20
SURPLUS (+} OR DEFICIT (-}
+10
RECEIPT-EXPENDITURE ACCOUNT
0
\
"^^'s^^^
ff^=^
-10
-20
1
1959
!
1960
!
1961
1
1962
I
1963
J/kECEIPTS LESS EXPENDITURES AND NET LENDING.
^/ESTIMATE.
iOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
I
1964
1
1965
1
1966
0
//
^
x//
1967
1968
-10
27
1969-
, -
-20
1970 -^
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Period
Receipt-expenditure account
-p
. .
i.eceip^s
Fiscal year:
IS)59 _
__ _ _
1C)60
IS)61
_ _
1C>62
__ _
1C)63
1C)64
1C>65
H 66
1C)67
1£)68___
_ _ _
1£ 69 2 _
2
1C)70
Cumu ative totals, first
6 m<Dnths :
Fi seal year 1968
Fi seal vear 1969
Expenditures
79.2
92. 5
94. 4
99. 7
106.6
112.7
116.8
130. 9
149. 6
153.7
89.5
90. 3
96. 6
104. 5
111.5
118.0
117.2
130. 8
153. 3
172.8
308.7
194.4
186. i
67. 2
82. 9
382. ;;
84. 9 !
92. 2 !
12 Excludes non-interest bearing public debt securities held by IMF.
Estimates.
•icco'unt
Surplus or
deficit ( — )
-10.3
2. 1
-2. 2
-4. 8
4.9
-5.4
—.4
*
— •'>. 7
—19.2
:;. s
-I.:.
-17. 7 !
— i). :J
rp i I
surplus or
Net
lending
2.7
1. 9
1. 2
2. 4
.1
.5
1.2
3. 8
5. 1
6.0
]. 4
.9
1. 7
1. 0
Gross Federal de ot
(end of period)
—.
Total 1
J.T,
i ithe public
-12.9
.2
-3. 4
-7.2
-4.7
-5. 9
-1.6
— 3.8
-8.8
— 25. 2
2. 4
3. 4
287.7
290. 8
292. 9
303.2
310.8
316. 7
323.1
329.4
341.3
369. 7
365. 2
371. 5
235.0
237. 1
238. 6
248.3
254.4
257. 5
261.6
264.6
267.5
290. 6
276. 6
272. 6
-19. 3 j
— 10. 3
I
362. 0
371. 3
286. 5
291. 9
Sources: Treasury Department and Bureau of the Budget.
33
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fhe first 6 months of the current fiscal year, receipts were $15.7 billion over a year earlier while expenditures were
up $6.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
- 20
120
120
EXPENDITURES AND NET LENDING
100
100
-NONDEFENSE
80
60
60
40
NATIONAL DEFENSE"
20
20
1959
1960
1964
1963
1962
1965
1966
1967
1968
1969-^
1970 U *>
FISCAL YEARS
J/ESTIMATE.
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Period
Fiscal year:
1959
1960
1961
1962
1963
1964
1965
_ _ _ __
1966
._
1967
1968—
_- _
1969 22 _
1970
Cumulative totals,
first 6 months:
Fiscal year 1968- _ _
Fiscal year 1969
1
2
Expenditure account.
Estimates.
36
Total
Individual Corporation
income
income
taxes
taxes
Other
Total
79.2
92.5
94.4
99.7
106.6
112.7
116.8
130.9
149.6
153.7
186. 1
198.7
36.7
40.7
41.3
45. 6
47.6
48.7
48.8
55. 4
61.5
68.7
84.4
90.4
17.3
21.5
21.0
20.5
21.6
23.5
25.5
30. 1
34.0
28.7
38. 1
37.9
25.2
30.3
32.1
33.6
37.4
40.5
42.6
45.3
54.1
56.3
63.6
70.4
92.1
92.2
97.8
106.8
111.3
118.6
118.4
134.7
158.4
178.9
183.7
195.3
67.2
82,9
30.8
38.8
10.8
14.7
25.6
29.4
86.5
93.2
Expenditures and net lending
National defense
International Health,
Departand
affairs
ment
of
Total
welfare
and
Defense,l
finance
military
46.6
45.9
47.4
51. 1
52.3
53.6
49.6
56.8
70.1
80.5
81.0
81.5
41.5
41.5
43.3
46.9
48.1
49.6
46.0
54.2
67.5
77. 4
77.8
78.5
„.,
3.3
3.1
3.4
4.5
4. 1
4. 1
4.3
4.5
4.5
4.6
3.9
3.8
17.7
18.7
21.8
23.4
25.3
26.6
27.2
31.3
37.6
43.5
48.8
55.0
38. 1
Sources: Treasury Department and Bureau of the Budget.
Other
24.5
24.5
25.2
27.9
29.7
34.3
37.3
42. 1
46. 1
50.2
49.9
55.0
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates, Federal expenditures increased $2 billion (seasonally adjusted annual rate) in
the fourth quarter. Incomplete receipt data indicate a further increase. For the year 1968 as a whole, receipts are
estimated to be about $26 billion higher than in 1967 while expenditures were up $19 billion, yielding a deficit of
about $5 billion.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
120
100
+20
| +2U
SURPLUS
J
r—i
F-i
•»-.
. |H
PI pil
|:¥Sl
**! m
[*¥:>1
^^
l£6d
DEFICIT
I
-20
I
I
1
1962
I
1
I
1
!
I
1964
1963
I
11" _
i
1
1965
i
i
1966
1
1
1
1
!
!
-20
1968
1967
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Surplus
or
GrantsSubsidies Qencit
Purin-aid
less
(-),
Net
current
chases
Trans- to State
of goods fer payand
interest surplus income
and
paid
of Govt. product
and
ments
local
enter- accounts
services
governments
prises
J y-v-fi n\\-
Period
Fiscal year:
1965
1966
1967
1968
1969 i
!
1970 i
!
Calendar |
year:
1965 —
1966
1967
1968 " _ _ _
1967: III_
IV
1968: I__
Indirect ContriPersonal Corpobusiness butions
rate
tax
and
for
Total nontax profits tax and
Total
tax
nontax socialinreceipts accruals
accruals suran ce
120.5
133. 0
147.7
161. 1
190.0
202.3
124. 7
143. 0
151. 2
176.9
152.2
156.4
166.6
n__ 171. 8
IIL 182. 1
IV"
1
Estimates.
51.3
57.6
64.5
71.6
88.6
94.0
27.7
31. 2
31.4
34.5
39.3
40.2
16. 9
15.7
16.0
17. 1
18.1
19. 2
24.6
28.5
35.8
37.9
44.0
48.9
118. 5
131.9
154.4
172.4
187.3
199.6
64.4
71.7
84.9
95.6
101.5
105.6
30.5
34.2
39.4
44.5
50. 1
54.9
10.9
12.7
14.8
17.4
19.6
23.0
8.5
9.0
9.9
10.8
12.0
12.2
4. 1
4. 5
5.3
4. 1
4. 1
3.9
53 8
61.7
67.3
79.3
68.2
69.7
72.0
74.9
83. 7
86.8
29 3
32.4
30.9
38.4
30.6
32.4
37.0
38.2
38. 6
16. 5
15. 8
16.2
17.6
16.3
16.4
17.0
17.5
17. 8
18.1
25. 1
33. 1
36.8
41.5
37.0
37.9
40.5
41.2
42. 0
42.4
123.5
142. 4
163. 6
182. 2
165. 1
168.6
175. 1
181.9
184. 9
186.9
66. 9
77.4
90.6
100.0
91.3
93.5
97. 1
100.0
101. 2
101.7
32.5
35.7
42.3
47.8
42.9
42.7
45. 1
47.7
48. 7
49.5
11. 1
14.4
15.7
18.4
15.9
17.0
17.7
18.3
18. 5
19.2
8.7
9.5
10.3
11.9
10.2
10.7
11.3
11.8
12. 1
12.3
4. 3
5. 4 !
4. 8 i
4.1 i
4. 8 '
4. 6 !
3.9 \
4. 1 ;
4. 4 ;
4. 1 1
'
i
!
,
2. 0
1.0
—6.7
—11. 3
2.7
2.7
1. 2
.7
—12.4
-5.3
—12.9
-12.2
-8.6
- 10. 2
-2. 8
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
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 Mali
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 Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
Page
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.
* Indicates less than $50 million.
For sale by the Superintendent of Documents, U.S. Government Printing Office. Washington, D.C. 20402
Price 25 cents per copy; $3 per year; $4 foreign. Domestic air mail So.lO additional per year.
38
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 : 1969
@FedFRASER