Full text of Economic Indicators : February 1972
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Congress, 2d Session
Economic Indicators
February
1972
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1972
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public JLaw 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
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)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
LOUGHLIN F. McHuGH, Senior Economist
COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
EZRA SOLOMON
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:
SUPERINTENDENT OF DOCUMENTS
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Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
The 1967 edition of the Historical and Descriptive Supplement to Economic
Indicators, which describes each series and gives annual data for years not
shown in the monthly issues, is available at 70 cents a copy from the Superintendent of Documents, Government Printing Office.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose $191/2 billion in the fourth quarter to a seasonally adjusted annual rate of $1,073 billion.
For the year 1971, gross national product totaled $1,047 billion, an increase of $72% billion from 1970.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Net receipts
Expenditures
PerEquals: Personal sonal
Less:
Less:
Less:
Tax
Interest Total
saving
TransTrans- Equals:
and
paid and exclud- consumpPuror
tion
Equals:
fers,
Total
fers,
ing
transfer
nontax interest,
chases
expenddisNet
expendinterest,
interest
payof goods
itures saving receipts
and
receipts itures
and
and
or
ments
and
subsubtransaccruals sidies 2
to for2
services
sidies
fers
eigners
Disposable personal income
Period
Total l
1964_
1905
1966_
1967_
100S_
1909
438. 1
473. 2
511. 9
546. 3
591. 0
634. 2
687. 8
741.3
10. 7
12. 0
13. 0
13. 9
15. 1
16. 7
17. 9
18. 6
427. 4
461. 3
498. 9
532. 4
575. 9
617. 5
669. 9
722.7
401. 2
432. 8
466. 3
492. 1
536. 2
579. 6
615. 8
662. 1
26. 2
28. 4
32. 5
40. 4
39. 8
37. 9
54, 1
60.5
174. 1
189. 1
213. 3
228. 9
263. 5
295. 6
300. 5
320. 8
46. 7
49. 9
55. 5
62. 8
70.7
78. 4
94. 2
108. 1
127. 3
139. 2
157. 9
166. 2
192.7
217. 2
206. 3
212.7
175.4
186. 9
212. 3
242. 9
270. 3
288. 2
313. 6
341. 1
!___
II-IIIIV-.
667. 6
685. 7
696. 2
701. 5
17. 5
17.8
18. 0
18. 3
650.
667.
678.
683.
604.
613.
620.
624.
0
8
9
7
46. 2
54. 2
57.4
58. 5
296. 6
301. 8
301. 7
301.9
82. 7
97. 5
96. 8
99. 8
213. 9
204. 3
204, 9
202. 1
300.
314.
316.
323.
0
0
9
7
82.7
97. 5
96.8
99. 8
1971:!___
722.0
739. 6
748. 5
755.0
18. 4
18. 6
18. 8
18.8
703. 6
721. 0
729. 7
736.2
644. 9
657. 4
668. 8
677.2
58. 6
63. 6
61. 0
59.0
312. 3
317.8
322. 0
101. 4
109. 1
110. 3
110.9
210. 9
208. 7
211. 7
329. 3
338. 7
344. 1
351. 7
101. 4
109. 1
110. 3
110.9
1971".
1970:
lira..
iv *>_
1
9
2
2
76. 2
,S4. 7
91. 3
93. 0
95. 4
95. 6
99. 3
112. 7
94. 0
10S. 1
121. 4
116. 6
126. 0
137. 8
135. 3
151. 6
-17. a
-23. 4
-30. 1
- 23. 5
-30. 6
-42. 1
-36. 0
-38. 9
2.8
2. 8
2. 8
3. 0
2. 9
2. 9
3. 1
3. 4
37. 1
39. 2
43. 4
46. 2
50. 6
55. 6
62. 9
65. 3
28. 6
32. 3
38. 1
41. 0
48. 1
53. 6
59. 3
65. 3
8.5
6.9
5. 3
5. 2
2. 5
2. 0
3. 6
.0
-5.7
-4. 1
— 2. 4
-2.2
.4
.9
__ % 4
1970:
96. 2
99. 1
100. 4
101. 5
131. 2
134. 1
138. 6
137. 3
- 35. 0
- 35. 0
-38. 2
-35. 8
3. 0
3. 0
3. 2
3. 3
61. 5
63. 2
63. 7
63. 2
58. 0
59. 0
59. 7
60. 5
3. 5
4. 2
4. 0
2. 7
107. 6
111. 9
113. 0
143. 3
152. 9
150. 8
159.4
-35. 7
-41. 0
-37. 8
3. 1
3. 4
3. 7
3. 5
66. 2
66. 5
68. 2
60. 4
61. 5
66. 4
68. 2
65. 0
4. 7
.1
.0
-4. 6
1971: I—
II—
III.
IV »
1 Personal income (p. 5) less personal tax and nontax payments (fines, penallies,
2 etc.).
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government
enterprises, and disbursements less wage accruals.
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and private wage accruals less disbursements.
[Does not include retained earnings of unincorporated business, which are included in disposable personal income.
-1.4
2. 2
1. 1
-13. 9
-6. 8
7. 4
-13. 1
— 20. 3
217.
216.
220.
223.
3
5
1
7
-3. 4
-12. 2
-15. 2
— 21. 7
227. 9
229. 6
233.8
240. 8
-17. 1
-20. 9
-22. 2
Net
Net exports of goods
transfers
and services
StatisExcess of Total
Excess
Gross
to fortransfers income
tical
Gross private
of
or
or
discrepretained domestic invest- eigners
by perEquals: of net
receipts
ancy
earnment sons
Less:
invest-4
Net
and Exports Imports
exports
ings 3
ment
Governexports
ment
1964___
196")...
I960--.
1967__.
1968._.
1969__.
1970__.
1971"__
III.
IV _
128. 7
137. 0
156. 8
180. 1
199. 6
209.7
219.4
233. 0
International
Business
Period
46.7
49. 9
55.5
62. 8
70. 7
78.4
94. 2
108. 1
Surplus
or
deficit
(—),
income
and
product
accounts
Gross
national
product
or
expenditure
633. 7
688. 0
750. 9
794. 6
866. 9
933. 2
978. 6
1, 051. 5
-1. 3
-3. 1
-1.0
-.7
-2.7
-4. 1
-4. 5
-4. 7
632.4
684. 9
749.9
793.9
864. 2
929. 1
974. 1
1, 046. 8
—. 5
-1.1
-. 7
.7
963.
974.
986.
990.
2
3
7
1
-7.3
-5. 8
-3. 2
-1. 6
956.0
968.5
983. 5
988. 4
— 1. 6
3. 3
3. 7
8. 1
1, 025. 2
1, 044. 9
1, 058. 1
-4.3
-49
-4, 7
1, 020. 8
1, 040. 0
1, 053. 4
1, 072. 9
3. 4
4
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment less capital grants received by U.S., with sign
changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 7.6 percent in the fourth quarter, according
to revised estimates. When adjusted for price changes, the rate was 5.8 percent. For 1971 as a whole, gross
national product increased by 7% percent, real gross national product by 2% percent, and prices by 4% percent.
BILLIONS OF DOLLARS
1,100
BILLIONS OF DOLLARS
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
900
900
800
800
700
700
PERSONAL CONSUMPTION
EXPENDITURES
<500
600
500
500
400
400
- GOVERNMENT PURCHASESOF GOODS AND SERVICES
\
200
200
llltllttllMH*'"""
100
100
NET EXPORTS OF GOODS
AND SERVICES"
GROSS PRIVATE DOMESTIC
INVESTMENT
\
J
I
L
1966
1965
,„.....,.„.,„.,.,1§>i
I
1967
1968
1970
1969
SOURCE. DEPARTMENT OF COMMERCE
Period
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1970: I
II
III
IV
1971: I
II
III
IV
COUNCIL OF ECONOMIC ADVISERS
Total
Personal Gross
conTotal
gross
private
sump- domestic
national gross
tion
product national
investin 1958 product expend- ment
itures
dollars
Billions <yf dollars; quarterly
497. 2
529.8
551. 0
581. 1
617. 8
658. 1
675. 2
706.6
724. 7
720.0
739.4
719. 8
721. 1
723.3
715.9
729. 7
735.8
740. 7
751. 8
520. 1
560.3
590. 5
632.4
684.9
749.9
793. 9
8642
929. 1
974. 1
1, 046. 8
956. 0
96& 5
983. 5
988.4
1, 020. 8
1, 040. 0
1, 053. 4
1, 072. 9
335. 2
355.1
375.0
401. 2
432.8
466.3
492. 1
536. 2
579. 6
615. 8
662. 1
604. 0
613. 8
620. 9
624.7
644.9
657. 4
668. 8
677.2
71.7
83. 0
87. 1
94.0
108. 1
121.4
116. 6
126. 0
137. 8
135. 3
151.6
131. 2
134. 1
138. 6
137.3
143. 3
152.9
150. 8
159.4
1 This category corresponds closely with budget outlays for national defense,
shown
on p. 36.
2
Gross national product in current dollars divided by gross national product
in 1958 dollars.
1971
Gove rnment
Net
exports
of goods
Total
and
Total
services
data at s easonall;y
5.6 107.6
5. 1 117. 1
5.9 122. 5
8.5 128.7
6.9 137.0
5.3 156. 8
5. 2 180. 1
2.5 199. 6
2.0 209. 7
3.6 219. 4
.0 233.0
3.5 217. 3
4 2 216. 5
4 0 220. 1
2.7 223. 7
4 7 227. 9
. 1 229. 6
. 0 233.8
-46 240.8
pmrchases of good s
services
Federal
National
defense1 Other
and
Implicit
price
deflator
State for
total
and
GNP, 2
local 1958=
100
ad juste d annual rates
57. 4
63. 4
64 2
65. 2
66. 9
77.8
90. 7
98. 8
99. 2
97. 2
97. 6
100. 2
96. 8
96. 1
95. 9
96. 4
96. 0
97.6
100. 3
47.8
51. 6
50. 8
50.0
50. 1
60.7
72, 4
7& 3
78.4
75.4
71.4
78. 9
75. 1
Source: Department of Commerce.
742
73.2
72.6
71. 4
70. 2
71.4
9.6
11.8
13. 5
15.2
16. 8
17. 1
ia4
20. r>
20.7
21. 9
26. 2
21. 3
21. 6
21. 9
22. 7
23. 7
24 6
27. 4
28.9
50.2
53.7
5a2
63. 5
70. 1
79. 0
89. 4
100. 8
110. 6
122. 2
135. 5
117. 1
119. 7
124 0
127. 9
131. 6
133. 6
136. 2
140.5
10462
105. 78
107. 17
108. 85
110. 86
113. 94
117. 59
122. 30
128. 21
135. 29
141. 57
132. 82
134 32
135. 97
138. 07
139. 88
141. 34
142. 21
142. 80
ATIONAL INCOME
jmpensaHon of employees rose $11 billion (seasonally adjusted annual rate) in the fourth quarter after a rise of
4>71/2 billion in the third.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
1 900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
700
700
600
600
500
500
400
400
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100
100
NET INTEREST
\
j
1965
1966
1967
1968
1969
1970
I
1971
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compensation
of em- l
ployees
Proprieto] rs' income
Farm 2
Business
and professional
Rental
income
of
per-
Net
interest
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971"
427.3
457.7
481. 9
518. 1
564.3
620. 6
653. 6
711. 1
763. 7
795. 9
850. 8
302. 6
323.6
341. 0
365.7
393.8
435. 5
467. 2
514. 6
565. 5
601. 9
641. 9
12.8
13. 0
13. 1
12.1
14.8
16. 1
14. 8
14. 7
16. 8
15. 8
16. 3
35. 6
37. 1
37. 9
40.2
42.4
45. 2
47.3
49. 5
50. 3
51. 0
52. 1
16. 0
16.7
17. 1
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 3
24. 3
10. 0
11. 6
13. 8
15.8
18.2
21.4
24.4
26. 9
29. 9
33. 0
35. 6
1970: I
II
III
IV
785. 8
793. 4
802. 2
802. 1
593. 2
598. 5
606. 5
609. 3
17. 8
16. 6
14. 5
14. 4
50. 2
51. 0
51. 4
51. 5
23. 0
23. 2
23.4
23. 7
1971: I
II
III
IV"
831. 7
847. 3
855. 2
627. 3
638. 0
645. 6
656.6
14. 8
15. 2
17. 0
18. 1
51. 6
51. 9
52. 3
52. 5
23. 8
24. 2
24.5
24. 6
1
2 Includes
employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in fanning and therefore differs
\ net farm income (including net inventory change) on p. 6 which includes
orofits.
Corpora ;e profits and inventory va luation acIjustment
Total
50.3
55.7
Profits Inventory
before valuation
taxes adjustment
66.3
76. 1
82. 4
7&7
84, 3
78.6
70. 8
80. 7
50.3
55. 4
59. 4
66.8
77.8
84. 2
79. 8
87.6
84. 2
75. 4
85.2
-3.3
— 5. 5
-4. 5
-4.4
31. 8
32. 6
33. 4
34. 2
69. 8
71. 5
73. 0
69. 0
75. 6
75. 8
78. 5
71. 6
— 5. 8
-4. 2
-5. 5
-2. 6
34. 8
35. 4
35. 9
36. 4
79. 5
82. 5
80. 0
83. 0
86. 9
85. 8
-3.5
-4. 4
Source: Department of Commerce.
sa 9
-0. 1
.3
—.5
-.5
-1.7
— 1. 8
— 1.1
r o
~~ O. O
— 4. 0
SOURCES OF PERSONAL INCOME
Personal income rose $7 billion in January to a seasonally adjusted annual rate of $891 billion. The Federal Goveri
ment pay raise added about $1% billion to income and the increase in personal contributions for social insurance,
reflecting the larger wage base, reduced income by about $1% billion.
BILLIONS OF DOLLARS
1,000
BILLIONS OF DOLLARS
1,000
400
200
200
1972
1966
SOURCii DEPARTMENT OF COMMERCE
Period
1963
1964
1965
1966
1967
1968
1969
1970
1971
1970: Dec
1971: Jan
Feb____
Mar
Apr
May___
June
July___
Aug
Sept___
Oct
Nov.._
Dec
1972: Jan".. _
Total
personal
income
465. 5
497. 5
538.9
587. 2
629.3
688. 9
750. 3
803. 6
857. 0
820.9
829. 9
832.4
838. 3
843. 0
848. 6
868. 6
857.7
866. 1
869. 9
871. 2
874.9
883.9
891. 1
[Billions of dollars; monthly data at seasonally adjusted annual rates]
;
Wage
Rental
Other Proprietc>rs income income
and
Transfer
Divi- Personal
Business
interest
salary
labor 2
paydends
of
disburseincome
Farm and pro- persons
income ments
l
fessional
ments
31.4
14.9
13. 1
37. 9
16.5
17. 1
311. 1
35. 3
40.2
16.6
12. 1
17.8
34.9
18. 0
333. 7
36. 7
18.7
42.4
358.9
38.7
14.8
19.0
19.8
39.9
45.2
394. 5
44. 1
20.7
16. 1
20. 0
20. 8
43. 6
21. 1
21. 4
22.3
14. 8
47.3
423. 1
4a 0
51.8
25.4
49. 5
21. 2
464. 9
14. 7
23. 6
52. 9
59. 6
28. 2
24. 4
22. 6
50. 3
16.8
58.8
65.9
509. 6
51. 0
25. 0
30. 8
23. 3
64. 7
79.6
541. 4
15.8
52. 1
33.7
24. 3
574,2
16. 3
25.5
67. 5
94.7
51.5
23.9
14, 6
23. 8
551. 5
66. 8
85. 1
32. 2
558. 7
14. 7
23. 9
51. 6
66. 7
25. 6
86.8
32. 4
51. 5
23. 5
560. 6
25. 7
66. 6
148
87.8
32. 6
51.7
24. 0
66.4
564.8
14.9
25. 5
89. 1
32. 8
24. 1
567. 7
51. 8
66.6
25.5
89.8
15. 1
33. 1
24. 2
15.2
25.6
66.7
572.0
51. 9
90. 5
33.4
52. 1
573.2
24.3
25. 2
66. 9
109. 0
15. 3
33.7
52.2
24. 4
572.9
67. 4
16. 1
25. 6
96. 2
33. 9
52. 3
24. 5
25.7
579. 2
17. 0
68. 1
96. 5
34. 1
52.
3
24.
5
579. 8
17. 8
25. 7
68.8
97.9
34. 3
52.4
97.4
581.3
24.5
25.
7
68.
7
18. 0
34. 4
25.7
584. 8
24.6
52.5
68.
6
97.
6
18.
1
34. 6
52.6
24.6
24. 3
68.4
18. 1
98. 2
594.8
34. 8
52. 5
24. 7
25. 8
68. 7
98.7
600. 9
18. 3
35. 0
^Compensation of employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds: comitemsti0n f°r injurles; directors' fees> military reserve pay; and a few other minor
COUNCIL OF ECONOMIC ADVISERS
Less: Personal contributions
for social
insurance
11.8
12. 5
13.4
17.7
20.5
22. 8
26. 3
28. 0
31. 2
28. 6
30.5
30. 7
30.9
30.9
31. 0
31. 1
31. 1
31. 4
31. 4
31.4
31. 6
32.0
33. 6
N onagricultural
personal
income 8
448. 1
480. 9
519.5
566. 3
609.4
668. 8
727. 7
781.4
834. 0
800. 5
808. 6
810. 8
816.6
821. 1
826.5
846. 5
834.8
842. 4
845.3
846. 4
850. 1
859.2
866. 2
3
Personal income exclusive of net income of unincorporated farm enterprise
farm wages, agricultural net interest, and net dividend? paid by agricult
corporations,
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
the saving rate declined in the fourth quarter, in large part because acceleration of estate and gift tax payments
Temporarily held down disposable personal income.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
600
600
2,500
2,500
2,000
2,000
1965
1971
SOURCE: DEPARTMENT OF COMMERCE
Period
L
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
L ess: Perse>nal outla1ys
Persoiml consurnption
ex penditure s 2
Per cap ita disposable personal
Equals:
Equals:
incc>me
DisPersonal
Total
posable
saving
Current
personal personall Durable Non1958
Services
income outlays
dollars dollars
goods durable
goods
Billions of dollars
1963
1964.
1965
1966
1967
1968- _ _ _
1969
1970
1971
465. 5
497. 5
538.9
587. 2
629. 3
688. 9
750. 3
803. 6
857. 0
60. 9
59. 4
65.7
75. 4
83. 0
97. 9
116. 2
115. 9
115. 8
404. 6
438. 1
473.2
511. 9
546. 3
591. 0
634. 2
687. 8
741. 3
384. 7
411. 9
444. 8
479. 3
506. 0
551. 2
596. 3
633.7
680. 7
53. 9
59. 2
66.3
70. 8
73. 1
84. 0
89. 9
88. 6
100. 5
Saving
as percent of Populadistion
posable
(thoupersonal sands) 3
income
(percent)
Dol iars
168. 6
178. 7
191. 1
206. 9
215. 0
230. 8
247. 6
264.7
278.6
19. 9
26. 2
28.4
32. 5
40,4
39. 8
37.9
54. 1
60. 5
2, 139
2, 284
2,436
2,605
2,751
2,946
3, 130
3,358
3,581
2,016
2, 126
2, 239
2,336
2,404
2, 487
2,535
2,595
2, 660
49
6.0
6.0
6. 4
7.4
6.7
6. 0
7. 9
8.2
189,
191,
194,
196,
198,
200,
202,
204,
207,
197
833
237
485
629
619
599
800
006
1
2
0
9
46. 2
54. 2
57. 4
58. 5
3,272
3,353
3,395
3,410
2,570
2,606
2, 613
2,588
6.9
7.9
8. 2
8. 3
204,
204,
205,
205,
012
526
107
729
275.0
280. 5
285. 8
290. 3
58.6
63. 6
61. 0
59.0
3,500
3,577
3,611
3,633
2, 631
2, 663
2,669
2, 676
8. 1
8.6
8. 1
7.8
206,
206,
207,
207,
259
760
276
824
152. 4
163. 3
175. 5
188. 6
204. 0
221. 3
242. 1
262. 5
282. 9
Seasc natty adjiisted annu al rates
1970: I—
II__
III.
IV__
784. 3
803. 8
809. 8
816. 7
116. 7
118. 0
113. 5
115. 2
667.
685.
696.
701.
1971: !___
II-_
III_
IV__
833. 5
853. 4
864. 6
876.7
111.
113.
116.
121.
722. 0
739. 6
748. 5
755.0
6
8
0
7
6
7
2
5
621.
631.
638.
643.
5
5
9
0
88. 6
90. 7
90. 4
84 9
663. 3
676. 0
687. 6
696.0
96. 6
99. 1
102. 8
103.6
259.
262.
265.
270.
273. 2
277.8
280. 2
283. 3
1
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
4
9
5
9
256.
260.
265.
268.
3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
Net farm income excluding and including inventory change (seasonally adjusted) increased about 6 percent in
fourth quarter.
BILLIONS OF DOLLARS
70
BILLIONS OF DOLLARS
1 70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
REALIZED GROSS
FARM INCOME
50
50
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
\
10
10
1965
1966
1968
1967
1969
1970
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Personal income re ceived by
total!arm popu lation
] ncome re ceived fro m farming
Net tc> farm
openitors
Realize d gross
Period
From
all
sources
1963
1964
1965
1966
1967
1968
1969
1970
1971
_
20.6
20.6
23.6
24.9
240
.
1970: I
II
III
IV
25. 1
27.7
27. 5
28.0
From
From
farm nonfarm
sources sources
12.1
11.3
13.5
14. 4
13. 1
13. 2
14. 9
142
14.5
8.5
9.3
10.0
10. 5
10. 9
11. 9
12. 8
13.3
13.5
Net inc ome per
farm incl uding net
inventory change 3
ProducCash tion ex- Exclud- Includreceipts penses ingnetm- ing net in- Current
1967
from
Total *
ventory ventory2 dollars dollars 4
marketchange change
ings
Dol lars
Billions c>f dollars
4, 030
13.2
29.7
12.6
42.3
37.4
3, 708
37.2
29.5
12.3
3,832
13. 1
3, 564
42.6
4,723
30.9
14.0
15.0
4,487
44.9
39.3
5, 121
16. 3
16. 3
33. 4
5, 019
49. 7
43.3
14.2
4,730
14. 9
34. 8
4,730
42.7
49. 0
14.7
4,854
36.2
4,667
44. 1
50. 9
14.8
38.7
16.8
16.9
5, 216
55. 5
5,685
48. 1
4,782
15.7
5, 451
40. 9
15.9
56. 6
49. 2
15.7
42.9
16. 3
5,676
4,770
58. 6
51. 6
Seaso nally adj^ isted annu al rates
5,460
17.7
17.9
6, 120
40. 2
50. 5
57.9
16. 4
16. 6
5, 680
5,030
40. 7
49.7
57. 1
14. 5
14. 6
4,380
41. 2
4,990
48.4
55. 7
14. 5
4, 310
14.2
4, 960
41. 4
55. 6
48. 3
1971: I
II
III
IV>_
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
3
Inventory of crops and livestock valued at the average price for the year.
Also,
see
footnote 2, p. 3.
3
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
1971
56.8
57.6
59. 3
60. 9
49. 7
50. 6
52. 3
53.8
42. 2
42. 8
43. 0
43. 6
14.6
14.8
16. 3
17. 3
14.9
15. 3
17. 1
18. 2
5,
5,
5,
6,
180
320
950
330
4, 430
4,510
4, 960
5,280
* Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates, corporate profits before taxes rose 13 percent in 1971. Profits after taxes were
op 1 5 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
20
20
1965
1971
SOUICfi DEPARTMENT OF COMMERCE
Period
1963
1964
196f>__
1966
1967
1968
1969
1970
1971"
1970: I
II—
III__
IV...
1971: !_._
II—
III_.
IV*_|
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corj:>orate pi ofits
Cori>orate pi ofits (befc>re taxes) and inveritory
a fter taxeiS
valuation adjustmei at
TransCorpoCorpo3M anufactui ing
portation,
rate
rate
UnDivicomtax
profits
NonAll
Durable durable muniAll l before liabil- Total dend distribinduspaygoods
uted
other
ity
taxes
Total indusgoods cations,
tries
ments profits
and
tries
public
tries
utilities
58.9
66.3
76. 1
82. 4
78.7
84. 3
78. 6
70. 8
80. 7
28. 8
32.7
39.3
42. 6
38. 7
41. 7
36. 0
29. 5
34. 1
15. 8
17.8
22. 8
24. 0
20. 7
22. 4
18. 4
13. 0
16. 2
13. 0
14.9
16. 6
18. 6
18. 0
19. 3
17. 5
16. 6
17.9
10. 1
11. 1
11. 9
10.8
10. 6
10. 0
8. 0
69. 8
71. 5
73. 0
69. 0
31. 1
31. 5
30.6
25. 0
14.3
14. 9
13. 8
8. 8
16.7
16.5
16. 8
16. 2
79.5
82.5
80. 0
34. 4
35. 0
33. 0
17. 2
17.0
14. 8
17. 2
18. 1
18. 1
1
2 Includes all other industries and financial institutions.
1Includes depreciation and accidental damages.
Profits
plus
capital
consumption
allowances "
20.6
23.5
25.6
27. 9
29. 1
32. 0
32. 7
33. 3
38. 2
59. 4
66.8
77. 8
84. 2
79.8
87. 6
84. 2
75. 4
85. 2
26. 3
28.3
31. 3
34 3
33. 2
39. 9
39. 7
34. 1
37.8
33. 1
38.4
46. 5
49. 9
46. 6
47.8
44.5
41. 2
47.4
16.5
17. 8
19.8
20. 8
21.4
23.6
24. 4
25. 0
25.5
16. 6
20. 6
26. 7
29. 1
25. 3
24 2
20. 0
16. 2
21. 9
31.8
33.9
36.4
39. 5
43. 0
46. 8
51.3
56.2
61. 9
64 8
72. 3
82.9
89.5
89.6
94 6
95. 8
97. 4
109.3
7.8
7.9
30. 5
32. 2
34.5
35.9
75. 6
75. 8
78. 5
71. 6
34. 1
34. 5
35. 6
32. 3
41.5
41. 3
42. 9
39. 2
25. 0
24. 9
25. 2
25. 0
16. 6
16. 4
17.7
14 3
54 4
55. 7
56. 7
58.0
95. 9
96. 9
99.6
97. 2
8.4
8.5
36. 7
39.0
38. 6
83.0
86. 9
85. 8
38. 3
39. 1
37. 5
44. 8
47. 8
48. 2
25. 6
25. 4
25. 7
25. 3
19. 2
22. 4
22. 5
59. 4
61. 0
62. 7
64 4
104 2
108.7
110.9
9.5
8.5
8. 2
8. 1
8. 5
Corporate profits after taxes plus corporate capital consumption allowances.
Corporate
capital
consumption
allow-2
ances
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) rose sharply in the fourth quarter as fixed investment rose
and inventory investment turned positive after a decrease in the third quarter.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
20
20
1971
1965
SOURCEi DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
PAT1f\H
Total
gross
private
domestic
investment
Total
Struc tures
Total
Total
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1970: I
II
III
IV
1971: I
II
III
IV
71.7
83. 0
87. 1
94. 0
108. 1
121. 4
116. 6
126. 0
137. 8
135. 3
151.6
131. 2
134. 1
138. 6
137. 3
143. 3
152. 9
150. 8
159.4
Source: Department of Commerce.
8
Kcsid ential
struc tures
Ncmresident ial
69. 7
77. 0
81. 3
88. 2
98. 5
106. 6
108. 4
118. 9
130. 4
132. 5
149.3
130. 8
132. 1
133. 5
133. 6
140. 2
148. 3
152. 0
157.0
47.0
51. 7
54. 3
61. 1
71. 3
81. 6
83.3
88. 8
98. 6
102. 1
108.7
100. 8
102. 1
104. 8
100.8
104. 7
108. 3
109. 3
112. 6
18. 4
19. 2
19. 5
21.2
25. 5
28.5
28. 0
30. 3
34. 5
36. 8
38.2
36. 1
36. 6
37. 3
37. 1
.36. 7
38. 5
38. 7
39.0
Nonfarm
17. 7
18. 5
18. 8
20.5
24. 9
27.8
27. 3
29. 6
33. 7
35. 9
37. 3
35. 3
35. 7
36. 5
36. 3
35.8
37.6
37. 7
38. 1
Produce rs' durable equ ipment
Total
28.6
32. 5
34.8
39. 9
45. 8
53. 1
55. 3
58. 5
64. 1
65.4
70. 5
64. 7
65. 6
67. 5
63.7
68. 1
69.8
70. 6
73.6
Nonfarm
25.8
29.4
31. 2
36.3
41. 6
48.4
50. 0
53. 6
59. 2
60. 0
63. 1
59. 7
60.6
61. 6
58. 1
61. 0
62. 4
62. 7
66.3
Total
22.6
25. 3
27.0
27.1
27.2
25. 0
25. 1
30. 1
31. 8
30. 4
40. 6
30. 0
29. 9
28. 7
32. 8
35. 4
40. 0
42. 7
44.4
Nonfarm
22. 0
24. 8
26. 4
26. 6
26. 7
24. 5
24. 5
29. 5
31. 2
29. 7
40. 1
29. 4
29. 3
28. 1
32.2
35. 0
39. 5
42. 1
43.8
Change in business inv cn lories
Total
2.0
6. 0
5. 9
5.8
9. 6
14.8
8.2
7. 1
Nonfarm
1. 7
5. 3
5. 1
6.4
8. 6
15.0
7.5
6. 9
7.4
2.8
2.2
7.3
.4
2. 1
5. 1
.1
1. 8
4. 7
3. 3
2. 9
4. 1
-2.0
2. 0
3.7
3. 1
46
-1.2
2.4
2. 5
1.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen have projected a 9 percent rise in plant and equipment expenditures this year according to a survey
conducted in November and December.
BILLIONS OF DOLLARS
MOO
BILLIONS OF DOLLARS
100 r~
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW PLANT AND EQUIPMENT
60
60
NONMANUFACTURING
£
t**
40
""*!»..•••••«'»**
MANUFACTURING
20
20
J/
1967
1966
1968
1969
1970
1972
1971
J/SEE FOOTNOTE 3 BELOW.
SOURCES, SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufaetui ~i n &
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970 3
1971
Total
54.42
63. 51
65. 47
67. 76
Non-
able
goods
durable
goods
15. 06
16. 22
19. 34
23. 44
6. 79
7. 53
9. 28
11.50
14. 06
14. 06
14. 12
15. 96
15. 80
14. 29
8. 26
8. 70
10.07
11. 94
14. 14
14.45
14. 25
15. 72
16. 15
15.92
1.40
1. 27
1.34
1.46
1. 62
1, 65
1. 63
1. 86
1. 89
2. 13
1. 02
1. 26
1. 66
1. 99
2.37
1. 86
1. 45
1. 86
1.78
1. 67
79. 71
81. 47
28.51
28. 37
31. 68
31. 95
30. 21
75.56
Mining
DurTotal
28.20
Com-
Com-
l
38. 39
40. 77
46. 97
3
Tra nsportat ion
Railroad
Air
0. 52
.40
1. 02
1. 22
1.74
2.29
2.56
2.51
3.03
1.87
Other
Public
utilities
1. 65
1. 58
L50
1.68
1.64
1.48
1.59
1. 68
1. 23
1.37
4. 90
4. 98
5. 49
6. 13
7.43
8. 74
10. 20
11. 61
13. 14
15.20
munication
mercial
and
other 2
3. 85
4. 06
4. 61
5. 30
6.02
6.34
6.83
8.30
10. 10
10.89
9.99
10. 99
12.02
13. 19
14.48
14. 59
15. 14
16.05
16. 59
18. 11
88.90
31. 42
15. 02
16. 40
2.37
1. 88
2.50
1.43
17. 58
1970: III
IV
81. 88
78. 63
32. 15
30. 98
15. 74
14. 92
16. 40
16. 05
1. 86
1. 94
1. 96
1. 56
3. 24
3.08
1. 22
1. 22
13. 84
13. 68
10. 62
10.20
17.00
15.97
1971: I
II
III
79. 32
81. 61
80. 75
30. 46
30. 12
29. 19
14. 21
14. 06
13.76
16. 25
16. 06
15.43
2. 04
2. 08
2. 23
1.46
1. 88
1. 72
1. 29
2.28
1.68
1. 33
1. 40
1.48
14. 64
14. 91
15. 87
10.70
11. 21
10.73
17.39
17. 72
17. 85
IV 3
84. 02
31. 12
15. 11
16. 01
2. 18
1. 64
2.20
1. 30
15. 37
30 20
3
87. 14
31. 26
15. 94
15. 31
2. 09
2. 12
2. 18
1.60
16. 32
31 57
II 3
88. 47
31. 18
15. 12
16. 06
1972
1972: I
1
Excludes agricultural business; real estate operators; medical, legal, educational,
and cultural service; and. nonprofit organizations.
2
Includes trade, service, construction, finance, and insurance.
3
Estimates based on expected capital expenditures as reported by business
in October-December 1971. Includes adjustments when necessary for systematic
tendencies in expectations data.
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
31.73
57. 28
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 rose by 149,000 (seasonally adjusted) in January, after allowance for a population adjustment which added 333,000 to the work force. Total employment rose somewhat more (237,000 after the special
adjustment which added 301,000 to the employed). Total unemployment registered a small decline.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
90
SEASONALLY ADJUSTED
85 -
- 85
CIVILIAN LABOR FORCE
80
lM iii
* *»*«MM«iliH»»«t»"t»M%'
EMPLOYMENT
75
70
65
So
UNEMPLOYMENT
PERCENT OF CIVILIAN LABOR FORCE
uNE/VA >L 0Y/v\ EhIT
PERCENT OF CIVILIAN LABOR FORCE
< E/*iS 3h•JALL>r
*/uE
AC>Jl 51 EC)
J
• *
-
n
**
rr
~
--
-
-
-
^
-
19<!>6
1957
19 J
5*
1972
97
197C)
19i39
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1967___
1968___
1969___
1970___
1971__.
1970:
Dee_
1971:
Jan_.
Feb.
Mar_
Apr_.
MayJune.
July.
Aug_
Sept_
Oct..
Nov_
Dec.
1972:
Jan*_
Civiliain employi nent
Total
labor
force
UnemNonploy- (includagriTotal
ment
ing
culArmed
tural
Forces)
Thousands of ijersons 16
74, 372 70, 527 2, 975 80, 793
75, 920 72, 103 2,817 82, 272
77, 902 74, 296 2,831 84, 239
78, 627 75, 165 4, 088 85, 903
79, 120 75, 732 4,993 86, 929
Unadj- jested
years of age and o ver
77, 347 74, 372 3,844
78, 737 75, 920 3, 817
80, 733 77, 902 3,606
82, 715 78, 627 3,462
84, 113 79, 120 3,387
tSeasonally adjusted
86, 165
78, 515
75, 563
4,637
86, 498
83, 485
78, 427
85, 628
85, 653
85, 598
85, 780
85, 954
87, 784
88, 808
88, 453
86, 884
87, 352
87, 715
87, 541
77, 238
77, 262
77, 493
78, 204
78, 709
79, 478
80, 681
80, 618
79, 295
80, 065
80, 204
80, 188
74, 361
74, 415
74, 452
74, 699
75, 111
75, 559
76, 710
76, 853
75, 851
76, 595
76, 942
77, 240
5,414
5,442
5, 175
4,694
4, 394
5, 490
5, 330
5, 061
4,840
4,570
4, 815
4,695
86, 706
86, 311
86, S85
86, 670
86, 836
86. 217
86, 727
87, 088
87, 240
87, 467
87, 812
87, 888
83, 730
83, 361
83, 455
83, 788
83, 986
83, 401
83, 930
84, 313
84, 491
84, 750
85, 116
85, 225
87, 147
79, 106
76, 237
5, 447
88, SOI
85, 707
Total
labor
force
(including
Armed
Forces)
80, 793
82, 272
84, 239
85, 903
86, 929
i Total labor force as percent of noninstitutional population.
Source: Department of Labor.
10
CiviliEin employment
Civilian
labor
force
Total
Agricultural
Nonagncultural
Unemp] oyment
rate (pe rcent of
Unem- civilia n labor
for ce)
ployment
Unad- Seasonadjusted ally
justed
Labor
force
participation
rate,
unadjusted *
Percent
70, 527
72, 103
74, 296
75, 165
75, 732
2,975
2,817
2,831
4,088
4,993
3. 5
3,395
rye
f)Qff>
to, uo&
5,058
5. 6
6. 1
61.0
78, 718
78, 475
78, 446
78, 732
78, 830
78, 600
79, 014
79, 199
79, 451
79, 832
80, 020
80, 098
3,406
3,285
3,387
3,540
8,412
8,301
8,374
3,407
3,363
3,416
8,419
3,400
75 , 312
75, 190
75, 059
75, 192
75, 418
75, 299
75, 640
75, 792
76, 088
76, 416
76, 601
76, 698
5,012
4, 886
5,009
5,056
5,156
4,801
4,916
5,114
5,040
4,918
5,096
5, 127
6.6
6. 0
5. 9
80, 636
8,393
77, 243
5,071
60. 6
60.7
61. 1
61. 3
61. 0
3. 8
3.6
4.9
5. 9
5. 7
6. 1
5. 8
5. 9
6. 1
6. 0
5. 8
6. 0
5.5
6.0
60.5
60. 5
60. 3
60. 4
60. 4
61. 6
62. 2
61. 9
60. 7
60. 9
61. 1
60. 9
6.4
5. 9
60. 2
6. 6
6.3
5. 7
5.3
6. 5
6.2
5.9
5. 8
5.4
6.0
6.0
*Data beginning January 1972 not strictly comparable with prior data because
of adjustment to the 1970 Census data, which added 333,000 to the civilian labor
force and 301,000 to civilian emploj^ment.
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
Af 5.9 percent (seasonally adjusted) the overall unemployment rate in January was about unchanged from the average
rate that has prevailed since November 1970. The jobless rate for married men, at 3.0 percent, was lower than in
December (3.2 percent) and a year earlier (3.3 percent).
PERCENT
PERCENT
10 i
SEASONALLY ADJUSTED
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
I IIIIIIIIM I 0
1967
1966
I
1968
1969
1970
Persons at work in nonagn cultural iE
idustries
by hours worked T:>er week 2
Uiider 35 hours
linenciploymen t rate
(pereen t of civiliiin labor
for ce in grou P)
Experi- Married Labor
force
enced
All
men
time lost l
wage
and
workers salary
(wife
workers present)
1967
1968
1969
1970
1971
3.8
3.6
3. 5
4. 9
5.9
1970: Dec
1971: Jan._
Feb
Mar_
Apr
May
June__ _ _
July_ _ _ _
Aug
Sept
Oct
Nov
Dec__
L972:
Jan
_
B
6.1
6. 0
5.9
6. 0
6.0
6.1
5.8
5. 9
6. 1
6. 0
5. 8
6. 0
6. 0
5. 9
Per cent
1.8
3.6
3.4
1.6
1. 5
3. 3
2. 6
4.8
5.7
3. 2
Seasonall y adjusted
<? o*?
o.
6. 0
0 &
5.8
o.
o
3. 2
5.6
5. 8
8. 2
& &
a
5. 7
O.
tj0 . <p&
5. 9
O 1
0. 1
5.5
S. 1
5. 6
3. 2
5. 7
5. 7
S.S
3. 0
5.5
0 &
5. 7
O.
O
5. 8
S. 2
5. 6
3. 0
Over 40
hours
4. 2
4.0
3. 9
5. 4
6. 4
20, 920
20, 600
20, 608
18, 925
19, 095
6.4
20, 233
19, 070
18, 463
19, 448
18, 207
19, 505
19, 069
17, 805
17, 949
19, 964
19, 169
20, 249
20, 239
19, 176
6.5
6.4
6.5
6.5
6. 6
5. 6
6.3
6. 5
6.3
6.5
6.4
6.4
6.4
m- 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.
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF IABOR
Period
1971
35-40
hours
Part-ti me for
economi c reasons
Part-ti me for
economi c reasons
Total
Usually Usually Usually Usually
fullfullpartparttime 3
time 4
time 4
time 3
Thousan ds of pers ons 16 yeiars of age and over
32, 616 13, 290
1,060
853
32, 658 14, 785
895
820
34, 201 15, 210
955
855
1,201
33, 537 18, 222
995
35, 752 16, 298
1, 184
1,256
(Jnadjustec 1
Seasonall y adjusted
36, 249 16, 433
1,309
1,020
1,358
1,154
35, 687 16, 576
1,442
973
1,354
1,134
33, 881 18, 966
1,267
1,123
1,245
1,215
35, 830 16, 267
1, 284
1,093
1,265
1,209
1, 242
35, 767 16, 650
1,299
988
1,205
36, 540 16, 041
1, 102
1,219
1,276
1,081
36, 723 14, 646
1, 142
1,515
991
1,209
1,094
34, 528 13, 898
1,939
1,290
1,148
35, 307 13, 329
1, 262
1, 752
1,278
1,147
36, 888 15, 081
1, 126
1,094
1,076
1,235
32, 957 21, 039
1,080
1, 166
1,148
1,354
37, 495 16, 294
1, 120
1, 191
1,263
1,341
37, 428 16, 799
1,045
1, 153
1,084
1,304
5
36, 820 17, 008
1, 220 51, 101
1,146
1,283
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
*6 Primarily includes persons who could find only part-time work;
Average hours worked: usually full-time, 23.7; usually part-tune, 18.6.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In January, insured unemployment under State programs averaged 272,000 lower than a year earlier. The seasonally
adjusted insured unemployment rate dropped from 3.8 percent in December to 3.4 percent in January.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
fSTATE PROGRAMS)
1970
\
FEB.
JAM
MAR.
APRIL
1
MAY
JUNE
JULY
AUG.
SEPT.
1 1
OCT.
A 11 progranas
1968
1969
1970
1971 *>_ _ _
1970: Dec
1971: Jan*
Feb »v
Mar
Apr *v
May
June "
July "
Aug v
Sept *>_
Oct *
Nov v
Dec »__
1972: Jan »
Week ended:
1972: Jan
8
15
22.
29*
Feb 5»
12*
»Not charted.
Insured
unemployment
Thou sands
57, 976
1, 187
59, 999
1, 177
59, 528
2,070
2, 313
"59, 219
2, 632
3, 194
3, 216
3,091
2,756
2,443
2, 332
2,431
2, 349
2, 174
2, 129
2, 312
2, 664
2,848
Weekly iiverage, t lousands
1, 111
16
201
16
1, 101
200
25
296
1, 805
37
2, 176
301
2, 369
33
399
2,799
427
39
2,751
321
39
41
2,577
275
2,283
44
257
2,001
42
238
1, 893
43
250
342
1,993
35
282
35
1, 912
1,739
32
236
252
40
1,716
41
1, 879
298
2,222
39
358
37
2,527
389
Per(3ent
2. 2
2. 1
3. 4
4. 0
4. 4
5. 2
5. 2
4.8
4. 3
3. 8
3. 6
3. 8
3. 6
3.3
3. 2
3. 5
4. 2
4. 8
2, 527
2,527
2, 516
2,534
1
2, 499
4.8
4. 8
4. 8
4. 8
4. 7
Source: Department of Labor.
Staite progra ms
Insured Total
unem- benefits
Covered ploypaid
(milemploy- ment
ment
(weekly
lions
averof dolage)
lars)
3,037
3,086
3, 106
3, 153
3, 108
12
DEC
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
Period
NOV.
2,
2,
4,
4,
191. 0
298. 6
170. 1
963. 3
501.4
568. 1
599. 3
683. 6
586.0
470.8
494. 8
452. 1
468. 9
425. 7
412.4
420.6
469.4
481. 8
Initial
claims
480
396
348
326
342
319
Insured unemploymen t as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonadjusted ally
justed
4.0
S. 7
3. 8
8.9
4.0
4.2
4.4
4.0
4.2
4.6
4.5
4.2
3. 8
s.4
Benefit s paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
2, 031. 6
2, 127. 9
3, 848. 5
4, 021. 7
462. 0
527. 2
557. 9
635. 4
541. 9
433. 0
452.7
400.6
408. 9
372. 2
390.7
410. 8
437.8
449. 6
43.43
46. 17
50. 34
55.49
52. 43
52. 83
53. 12
53. 00
52. 71
52. 32
52. 09
55. 23
56. 08
56. 25
56.42
56. 90
57. 10
57.40
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators.
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose by 240,000 (seasonally adjusted) in January. Job increases were widely
distributed with gains in all major industry groups.
MILl IONS OF WAGE
ANC) SALARY WORKERS
76
MILLIONS OF WAGE
AN D SALARY WORKERS
(SEASONALLY ADJ JSTED)
~
16
~
72
m
\
_^—•——T-
_
I
^^-^
14
ALL NONAGR1CULTU RAL
ESTABLISHMENTS
68
{SEASONALLY ADJUSTED)
(ENLARGED SCAIE)
—
1
^—
-.
'
\
V
-
\
WH( )LESALE AND RE •AIL TRADE
-
12
64
NONMANUFACT URING
(PRIVATE)
^
^
40
«.—-"""^1
X
•*""*"* r
—\d
«
-I12
»
DU RABLE
MANUFACTURING
_
iiiliim.iiiiMiiu;
h\
<iiiu«(.
36
""•<.|l»»«<l,|||tt1|lllllll
r-
X
10
.
\
8
tft
1
.— — •——.— •
>*it*"
_
.
NONDlJRABLE
MANUFAC:TURING
AMANUFACTURING
20 „
(
}
16
~
\
12
8 11 1 ' ' ' 1 I 1 \ [ I
-
..
U.LJ.M.L
1969
1970
^-
^
CGOVERNMENT
CONTR ACT
CONSTRL CTION
4
,,,,,!,,,,,
1971
t
I 1 1 1 I 1 ! t t IK
1972
"
2
"
'
"V \
24" "
L
SERVICES
^
•••i** a
_,
/1 1 1 I 1 1 1 I 1 1 1 1
-—-—A
. ..i.11 1 1 11
1969
1970
, , , t , 1 . i i .i
1971
x
! I ! ! f 1 ! 1 I I IK
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT Cf LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Manufac ituring (]private)
Period
1966
1967
1968
1969
1970.
1971"
1970: Dec—
1971: Jan__
Feb__
Mar__
Apr__
May_
June.
July__
Aug..
Sept._
Oct
Nov..
Dec311972: Jan"_
Total
63, 955
65, 857
67, 915
70, 284
70, 616
70, 699
70, 313
70, 454
70, 391
70, 480
70, 599
70, 769
70, 657
70, 531
70, 529
70, 853
70, 848
71, 042
71, 167
71, 407
IS onmanufacturing 5 (private)
NonTotal Durable
Total
goods durable
goods
19, 214
19, 447
19, 781
20, 167
19, 369
18, 610
18, 796
18, 747
18, 684
18, 609
18, 639
18, 702
18, 608
18, 533
18. 457
18; 616
18, 560
18, 603
18, 574
18, 619
11, 284 7, 930
11, 439 8, 008
11, 626 8, 155
11, 895 8, 272
11, 198 8, 171
10, 590 8, 020
10, 738 8, 058
10, 697 8, 050
10, 642 8, 042
10, 571 8, 038
10, 598 8, 041
10, 651 8, 051
10, 598 8, 010
10, 552 7, 981
10, 485 7, 972
10, 597 8, 019
10, 561 7,999
10, 572 8, 031
10, 552 8, 022
10, 587 8, 032
33, 950
35, 012
36, 288
37, 915
38, 712
39, 230
38, 834
38, 988
38, 963
39, 079
39, 129
39, 209
39, 211
39, 186
39, 229
39, 382
39, 353
39, 452
39, 557
39, 726
Con- Transtract portation
Mining conand
strue- public
tion utilities
627 3, 275 4, 151
613 3, 208 4, 261
606 3, 285 4, 310
619 3,435 4,429
622 3,345 4, 504
601 3, 257 4,481
623 3, 302 4, 450
625 3, 271 4, 507
622 3, 198 4, 526
622 3, 264 4, 520
623 3, 282 4, 505
622 3, 275 4, 518
619 3, 255 4, 500
597 3, 228 4, 476
609 3, 219 4, 428
616 3, 250 4, 460
521 3, 290 4, 442
525 3, 320 4, 434
606 3, 228 4, 464
611 3, 305 4, 492
Includes all full-and part-time wage and salary workers in nonagricultural
itablishments who worked during or received pay for any part of the pay period
Ihich includes the 12th of the month.. Excludes proprietors,, self-employed per>ns, 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
Whole- Finance,
insursale
ance, Services
and
and
retail
reali
trade
estate
13, 245 3, 100 9,551
13, 606 3, 225 10, 099
14, 084 3, 382 10, 623
14, 639 3, 564 11, 229
14, 922 3, 690 11, 630
15, 175 3, 799 11, 917
14, 952 3,731 11, 776
15, 039 3, 746 11, 800
15, 059 3, 749 11, 809
15, 074 3, 758 11, 841
15, 107 3, 769 11, 843
15, 148 3,788 11, 858
15, 135 3,807 11, 895
15, 158 3, 806 11, 921
15, 223 3, 804 11, 946
15, 273 3, 821 11, 962
15, 270 3, 834 11, 996
15, 278 3, 851 12, 044
15, 325 3, 851 12, 083
15, 359 3, 861 12, 098
Gover nment
Federal
State
and
local
2,564
2, 719
2,737
2,758
2,705
2,665
2, 661
2, 661
2, 662
2, 662
2, 667
2, 667
2, 640
2, 643
2, 650
2,674
2,675
2, 669
2,667
2,667
8, 227
8,679
9, 109
9, 444
9, 830
10, 194
10, 022
10, 058
10, 082
10, 130
10, 164
10, 191
10, 198
10, 169
10, 193
10, 181
10, 260
10, 318
10, 369
10, 395
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enumeration of population,, whereas the estimates in this table are based on reports
from employing establishments.
Source: Department of Labor.
1O
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek of production workers in private nonfarm industries declined 0.3 hour (seasonally adjusted)
in January. The workweek of factory workers declined 0.4 hour over the month.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK [SEASONALLY ADJUSTED)
46
46
MANUFACTlJRiNG
TOTAL NONAGRiCULTURAL PRIVATE
AA
A1?
40
oo
r=^
"^X^j
*
~^1
•^ z
M
1969
1970
1971
1972
42 r
/M 1 1 1 1 1 1 1 1 I 1
V
1 1 1 ! 1 ! ( 1 1 1 1
1969
! I 11 I1 f \ \ 1 1
1970
1971
1970
1971
1 1 f ! 1 1 1 1 ! 1 IN
1972
42
RETAIL TRADE
40
38
36
34
32
32
30 Pi
30
1969
SOURCE:
1972
1969
DEPARTMENT OF LABOR
I
1972
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
n onagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagri- j Manufacturing
cultural
private 2
Unad lusted
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971"
1970: Dec
1971: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec *
1972: Jan"
1
Data relate to production
2
Also includes other private
z
3a 7
_
_
38. 8
38.7
38.8
38.6
38. 0
37. 8
37. 7
37. 1
37.0
37. 1
36. 6
36. 6
36.8
36. 7
36.8
37.3
37.3
37.4
37. 0
37.0
37.0
37. 3
36. 6
40. 4
40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
39. 9
39. 6
39.4
39.7
39. 5
40. 0
40. 2
39.8
39. 8
39. 8
40.0
40.2
40. 7
39.7
workers or nonsupervisory employees.
industry groups shown on p. 13.
Includes eating and drinking places.
14
Contract
construction
Retail
trade 3
Seasonal!)7 adjusted
37. 0
37. 3
37. 2
37. 4
37. 6
37.7
37.4
37. 9
37.4
37. 3
37. 4
36. 0
35. 5
37. 1
37.0
37. 0
38.0
38.1
38.3
36. 9
38.2
37.9
36. 3
35. 2
37.4
37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33.7
33. 9
33. 1
33. 1
33. 1
33.3
33. 3
34. 0
34.8
347
33. 7
33. 5
33.4
34. 2
33. 2
37. 0
36. 9
37. 0
37. 0
37.0
36. 9
37. 1
36. 9
36.9
36. 7
37. 0
37. 1
37. 2
36.9
Source: Department oi Labor.
39. 6
39. 8
39. 8
39.8
39. 8
40.0
40. 0
40.0
39.8
39.5
39. 8
40.1
40. 3
39.9
37. 7
37. 6
36. 8
37. 8
37. 1
36. 8
37. 2
37. 1
37. 1
85. 7
37.6
39. 0
36. 6
36. 7
S3. 7
33.6
38. 6
33.5
S3. 7
83. 7
33. 7
33. 8
33. 6
33. 6
33. 8
S3. 7
34. o
32. 7
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
^Average hourly earnings of private nonfarm production workers rose 3 cents in January to $3.53. Weekly earnings
declined slightly/ reflecting a shorter workweek.
DOLLARS
DOLLARS
AVERAGE 'WEEKLY EARNHNGS
AVERAGE HOURLY EARNINGS
240
6.00
/A
CONTRACT
CONSTRUCTION
5XK)
/
^
200
,/ V J
X ^
CONTRACT
CONSTRUCTION
<-/
160
4.00
MANUFAC'
MANUFACTURING
- ^ ,_,.
3.00
120
TOTAL NONAGRICULTURAL
PRIVATE
%A
-
..,....,,>
r-*
-r^
^^*~-- ^.^
TOTAL NONAGRICULTURAL
"**"^
-
PR VATE
80 w*^
-
.~£^q
RETAIL TRADE
100
URING
IMit*"1**
* r— *^
RETAIL TRADE
/h i . . . ! . . . . ..
1969
1971
1970
1972
K
1969
, , i i , ! i . •i,
1970
i i . . . ! . > i r. i t i » ! i 1 1 1 ^
1971
SOURCEi DEPARTMCNT OF LABOR
1972
COUNCIL OF ECONOMIC ADVISERS
(For production workers or nonsupervisory employees)
Average 1^lourly earn ings— currejnt dollars Average vweekly earn ings— cummt dollars
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 p
1970: Dec
1971: Jan
Feb
Mar
Apr
May. _ _
June
July
Aug__ _ _
Sept
Oct
Nov p
Dec
1972: Jan*
Total
nonagricultural
private 1
$2. 22
2. 28
2. 36
2. 45
2. 56
2. 68
2. 85
3. 04
3. 22
3.43
3. 30
3. 33
3. 35
3. 36
3. 38
3.41
3. 42
3. 43
3. 45
3. 49
3. 49
3. 48
3. 50
3. 53
Manufacturing
$2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
3. 01
3. 19
3. 36
3.57
3. 47
3. 50
3. 51
3. 52
3. 54
3. 55
3. 57
3. 57
3. 56
3. 60
3. 60
3. 60
3. 69
3. 70
Contract
construction
$3. 31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 41
4. 79
5. 25
5. 71
5. 46
5. 53
5. 56
5. 54
5. 55
5. 65
5. 63
5. 68
5. 75
5. 86
5.90
5. 90
5. 92
5. 98
Retail
trade 2
$1. 63
1. 68
1.75
1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2. 47
2. 52
2. 54
2. 55
2. 56
2. 57
2. 58
2. 58
2. 57
2. 60
2. 60
2. 60
2. 60
2.64
• Also includes other private industry groups shown on p. 13.
Includes eating and drinking places.
Earnings in current dollars adjusted to exclude the effects of overtime and
Interindustry shifts.
2
3
73-547°—72
Total
nonagricultural
private l
Manufactur-
$85. 91
88. 46
91. 33
95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
122. 43
121. 88
122. 61
123. 65
124. 05
125. 49
127. 57
127. 94
129. 03
129. 13
129. 13
128. 76
130. 55
129. 20
$96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 44
138. 45
138. 60
138. 29
139. 74
139. 83
142. 00
143. 51
142. 09
141. 69
143. 28
144. 00
144. 72
150. 18
146. 89
ing
Contract
construction
Retail
trade 2
$122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
164. 93
181. 54
196. 35
212. 98
204. 20
199. 08
197. 38
205. 53
205. 35
209. 05
213. 94
216. 41
220. 23
216. 23
225. 38
223. 61
214. 90
210. 50
$60. 96
62. 66
64.75
66. 61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
83. 73
83. 41
84. 07
84. 41
85. 25
85. 58
87. 72
89. 78
89. 18
87. 62
87. 10
86. 84
88.92
87. 65
Manufa icturing
indus3tries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1 QA7
1967
i nn s
dollars 4
85. 7
$106. 58
87. 8
108. 65
90. 3
110. 84
92. 6
113. 79
95. 7
115. 58
100. 0
114. 90
106. 2
117. 57
112. 6
117. 95
119. 7
114. 99
127. 7
117. 43
123. 8
116. 25
124. 8
116. 28
125. 3
115.82
125. 8
116. 64
126. 5
116. 33
126. 9
117. 55
127. 3
118. 12
127. 8
116.66
128. 3
116.04
129. 1
117. 25
128. 9
117. 65
129.0
118.04
122. 00
131. 6
131. 8
* Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In January, industrial production (seasonally adjusted) rose 0.3 percent and was 2.5 percent above the level of a
year earlier. January changes in most industry and market groups were small.
Index, 1967=100 (SEASONALLY ADJUSTED}
150
Index, 1967=100 (SEASONALLY ADJUSTED)
130
UTILITIES AND MINING
TOTAL
140
120
UTILITIES
110
130
100
120
MINING
90
110
I 1i i |
100
1969
1970
1969
1972
1971
II Il l
1 f 11
1970
1971
i l i lI i i iii
1972
110
100
90
1969
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 v
1970: Dec
1971: Jan
Feb
Mar___
Apr
May_
June
July
Aug,
Sept
Oct
Nov_ _ _ _
Dec*___ _ _
1972: Jan*_
Total
industrial
production
72. 2
76. 5
81. 7
89. 2
97. 9
100.0
105. 7
110. 7
106.7
106. 5
104. 6
105. 3
105. 7
105. 5
106. 2
107. 0
107. 2
106. 1
105. 3
106.2
106.4
107. 0
107. 6
107. 9
[1967=100, seasonally adjusted]
Industry
71. 4
75. 8
81. 2
89. 1
98. 3
100. 0
105.7
110. 5
105. 2
104. 8
102. 4
103. 3
103. 9
103. 2
104. 4
105. 7
105. 6
104. 9
103. 6
104. 9
105. 4
105. 2
105. 7
106. 1
NonDurable durable
69. 0
73. 5
79. 0
88. 5
99. 0
100. 0
105. 5
110. 0
101. 5
98. 9
97. 3
98. 1
98. 6
98. 3
99. 1
100. 5
100. 1
99. 4
96. 6
98. 5
99. 1
98.0
98. 4
98. 4
Source: Board of Governors of the Federal Reserve System.
16
Fi nal produ sts
M jinufactun np
Total
Market
75. 1
79. 2
84. 4
90. 0
97. 3
100. 0
106. 0
111. 1
110. 6
113. 3
110. 0
110. 9
111. 7
110. 4
112. 1
113. 3
113. 7
113. 0
113. 8
114. 2
114. 6
115. 8
116. 5
117. 2
Mining
Utilities
85. 6
89. 0
91. 1
93. 9
98. 4
100. 0
103. 9
107. 2
109.7
106. 9
112. 1
111. 1
110. I
111. 4
110. 4
108. 6
108.9
105. 7
106. 5
106.0
97. 7
102.0
107. 3
108. 4
70. 2
75. 1
81. 9
86. 9
93. 6
100. 0
109. 4
119. 5
128. 5
135. 5
130. 2
129. 6
132. 2
131. 5
133. 2
132. 1
135. 6
138. 7
137.0
138.4
139. 3
139.6
137. 1
137.2
Total
70.8
74.9
79. 6
86. 8
96. 1
100. 0
105. 8
109. 0
104. 4
104. 5
102. 2
102. 9
103. 0
102. 5
103. 6
103. 9
104. 5
104. 9
105. 0
104. 6
105. 3
105.9
105. 8
105. 8
Consumer
e:oods
77. 7
82. 0
86. 8
93.0
98. 6
100. 0
106. 6
111. 1
110. 3
115. 6
110. 8
112. 8
112. 9
112. 7
114. 6
115. 7
116. 1
116. 0
116. 0
115. 0
116. 9
118. 0
118. 1
118. 2
E quipmen L
61. 9
65. 6
70. 1
78. 7
93. 0
100. 0
104. 7
106. 1
96. 1
88. 9
90, 3
88. 9
89.3
88. 4
88. 1
87.8
88. 2
89. 3
89.6
90. 2
89. 0
88.9
88. 7
88. 5
In tormediate
products
76. 9
81. 1
87. 3
93. 0
99. 2
100. 0
105. 7
112. 0
111. 9
112. 8
112. 1
110. 9
112. 5
112. 0
112. 4
113. 5
112. 4
113. 8
110. 7
112. 5
113.0
114. 0
115. 3
115. 4
r
\ ' •i 1 (»
rials
72. 4
77. 0
82. 6
91. 0
99. 8
100. 0
105. 7
112. 4
107. 8
106. 8
105. 4
106. 5
106. 8
107. 1
107. 5
108. 9
109.0
105. 3
104. 0
106. 2
105. 6
105.9
107. 5
108. 0
PRODUCTION OF SELECTED MANUFACTURES
Among the durable manufactures, production (seasonally adjusted) of primary metals rose in January while other
groups showed no change or declined. All nondurables posted gains.
Index, 1967=100 (SEASONALLY ADJUSTED)
130
Index, 1967=100 (SEASONALLY ADJUSTED)
130
120
100 —
90
80
80
1969
1969
1970
Index, 1967=100 (SEASONALLY ADJUSTED)
130
1972
1970
Index, 1967=100 (SEASONALLY ADJUSTED)
140
ion
FOOD 5 AND TOBACCC:>
nn
inn
110
90
100
1969
1972
1972
L' V
^
XV/*^
v ^^**.
TEXTILES, APPA REL,
\^ ^/
AND LEATHEf
*, , , , , ) . , . , ,
| 1 1 1 ! 1 1! ! 1 !
1969
1970
1971
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1972
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971 v
1970: Dec
1971: Jan
Feb
Mar
_ _
_
Apr
__ _
May _
_
_ _ _
June. _
July
Aug
-_- _._
Sept_
Oct
Nov__
_
_ _ _ _
Dec p _
_
1972: Jan »
Primary
metals
__
FabriTranspor- Lumber Textiles, Paper
cated Machin- tation
and
apparel,
and
ery
prodand
metal
equipprintment
products
ucts
leather
ing
78.2
84.3
95.7
104. 0
108. 8
100. 0
103. 2
114. 1
106. 9
100.9
104.3
108. 1
105. 5
106. 6
108. 7
114. 3
108. 1
98. 2
81. 0
93. 9
95. 7
91. 4
94. 7
96. 6
75. 9
78.4
83. 3
92. 6
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
106. 2
105. 4
106. 6
104. 9
108. 5
108. 5
108. 5
110. 8
108. 0
105. 7
106. 9
106. 8
108.2
108.2
64. 8
67. 9
74. 3
84. 1
98.6
100. 0
101. 9
106. 8
100.4
95.4
94. 8
93. 4
94. 2
94. 0
94. 2
95. 3
95.2
97. 4
95. 6
96. 3
97. 0
96.3
96. 3
95.6
69. 3
75. 9
79. 6
91. 3
101. 2
100.0
109. 7
107. 6
90.3
91. 3
86. 8
91. 1
92. 6
91. 3
89. 5
90. 9
91. 7
88. 5
91. 1
91. 7
92. 4
91.2
90. 8
90.0
82.0
85. 8
91. 0
94. 7
98. 4
100. 0
104. 8
108. 6
106.3
113. 3
106. 8
109. 7
110. 8
110. 3
112. 5
110. 0
111. 0
115. 4
113. 1
113. 9
117. 3
117. 9
117. 8
84. 3
86. 9
91. 9
97. 8
101. 7
100. 0
104. 9
105. 9
100. 2
100. 6
97. 1
98. 6
98. 0
97. 3
99. 8
101. 5
102.4
100. 2
100. 1
102. 5
102.2
101. 1
102.7
103. 0
74. 3
78. 4
84. 5
90. 5
98. 9
100. 0
104. 2
109. 1
107. 8
107. 8
105. 0
107. 1
108. 1
104. 6
106. 9
106. 9
106.0
106. 8
108.2
108.3
109. 0
110.7
110. 9
111.3
Chemicals, Foods
petroleum, and tobacco
rubber
64. 5
70. 0
75. 9
83. 8
94. 1
100. 0
109. 6
118. 4
118. 2
124. 4
118. 9
118. 2
120. 9
120. 5
122.4
124. 2
125. 3
124. 0
126. 2
127. 3
126. 5
127.8
128. 8
130. 3
84. 0
87.0
90. 6
92.6
97. 0
100. 0
103. 6
107. 5
110. 8
113. 5
112. 5
113. 9
113. 1
112. 2
112. 9
113. 6
113.7
113. 8
112. 8
111. 1
113.2
116.0
116.0
116. 4
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Production of steel increased sharply in January. Cars and trucks assembled recovered from their low December rate.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
3.5
1971
2.5
^*»«*"**«.%
^p*-!=*L
1——J
^•V
197Q
/^Wn\
I
|
STEEL
1.5
^'"N-^
,,--'•
A J | 1 1 ! 1 1 1 ! I 1 1 1 1 I 1 1 1 ! ! ! 1 1 I ! 1 1 1 1 1 | 1 1 ^1 ! I 1 1 ! I 1 1 I I 1 1 1 1 1 1 A
V J
BILLIONS
F
M
A
M
i
I
OF KILOWATT HOURS
i A/
<;
n
KI
nv
J
F
M
A
M
J
J
A
S
O
N
D
J/
35
25
ELECTRIC POWER
20
CARS AND TRUCKS
II I I I I I I I I . \ . I I I M , , I , I t I , t t ! I M i 1 I I • I , , , . 1t I I 1 . 1 I
0 I. i i i ! i i i ! i > i I . i i I i i i i I i i i I i i i i I i i i I . .. 1 . t t > I i i . I t
J
F
M
A
M
A
J
SOURCES: AMERICAN IRON AND STEEl INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ElECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Steel pi*oduced
Index
Thousands
(1967=
of net
tons
100)
Period
Weekly average:
1965
IQfifi
1967
1968
1969
1970
1971 v
1970: Dec.__
1971: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec *
1972: Jan »
Week ended:
1972: Jan 15
22
29
Feb 5
12*
_
__
2, 521
2, 572
2, 440
2,515
2,709
2,522
2,309
2, 361
2, 545
2, 719
2, 854
2, 929
2, 917
2,678
2, 249
1, 303
1, 794
1,853
1,877
1, 987
2, 258
2,
2,
2,
2,
2,
1
Daily average. Includes data for Alaska.
2 Not charted.
18
312
220
358
345
362
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car 3 and tnicks
power
coal mined
produced assemb led (thotisands)
loaded
distributed (thousands (thousands
(thousands
(millions of
of short
Total
of tons)
Cars Trucks
of cars)
kilowatt-hours) tons) 1
103. 3
105. 4
100. 0
103. 1
111. 0
103. 4
94.6
96.8
104. 3
111. 4
117. 0
120.0
119. 5
109. 8
92. 2
53.4
73. 5
76. 0
76.9
81.5
92. 6
20, 169
21, 971
23, 169
25, 244
27, 588
29, 317
30, 923
29, 442
31, 200
30, 864
29, 993
28, 570
28, 921
32, 551
32, 781
32, 786
31, 887
29, 590
30, 227
31, 218
32, 655
1,735
1,798
1, 868
1, 827
1, 884
2,012
1, 984
2, 079
2,058
1,954
2, 102
2, 197
2, 026
1,963
1, 829
2, 118
2, 129
906
1, 763
2, 118
1, 874
562
570
540
543
543
522
486
454
490
487
506
523
526
525
424
493
502
445
441
449
456
410
446
439
479
507
489
501
427
482
506
516
508
513
510
467
522
510
531
521
478
499
213.7
199. 3
172. 9
207.6
195. 8
158. 9
204.8
155. 8
220. 3
231. 0
230. 2
211. 6
232. 4
212. 3
131. 8
145. 7
215. 6
233. 6
218. 6
171. 7
216. 3
179.4
165. 4
142. 4
170.1
158. 1
125. 9
165.0
125. 7
181. 7
188. 8
188. 1
170. 6
190. 6
169.7
106. 5
110. 2
172. 5
186. 8
175. 1
136. 9
169. 8
34.3
33.9
30. 5
37.5
37. 8
33. 0
39.9
30. 1
38. 5
42. 2
42. 1
40. 9
41. 7
42. 6
25. 3
35. 5
43. 2
46. 7
43.5
34. 9
46. 5
94. 8
91. 0
96. 7
96. 1
96. 8
32, 324
33, 057
32, 845
34, 152
2
33, 806
1,930
1,861
1, 913
1,805
467
463
466
466
457
536
511
529
515
545
221. 9
206. 9
211. 2
225. 7
221. 3
175.5
160.4
163. 3
177. 4
172. 1
46. 4
46.4
47.8
48. 3
49. 2
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
According fo preliminary estimates, expenditures for new construction (seasonally adjusted) rose about 1 percent in
December. Both private residential and nonresidential construction increased while public construction fell slightly.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
140
140
SEASONALLY ADJUSTED ANNUAL RATES
120
120
TOTAL NEW CONSTRUCTION
100
100
80
80
PRIVATE
60
40
40
PUBLIC
\
• Mil.,..,,,
• •••••••I..II.»„.••••"•"•
20
t i l l 1 1 I I II
40
t
i
l
20
l
ALL-OTHER PRIVATE
—m"»-,HT
\
I I I III II
20
20
1966
SOURCE: DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969
1970
1971"
Total new
construction
expenditures
76. 0
77.5
86.6
93.3
94. 3
108. 6
COUNCIL OF ECONOMIC ADVISERS
-
Total
52. 0
52. 0
59. 0
65. 4
66. 1
78. 8
Resid ential
CommerNew
Other
cial and
Total 1
housing
industrial
units
Bi lions of dolJ ars
19. 4 ;
25. 7
26 3
19. 0 i
25. 6
26 4
30. 6
24. 0 ;
13. 8
14. 7
33. 2
25.9
16. 2
16. 0
24. 2
31.7
16. 3
18. 1
42. 1
34. 2
17. 1
19. 7
Federal,
State,
and
local
24. 0
25.5
27.6
28. 0
28. 1
29. 8
1
96. 4
98. 3
102. 6
100. 6
102. 3
103.0
105. 9
107. (>
109. 2
1 1 0. 0
111. 9
110. 0
113. 7
113. 6
1 15. 1
67. 8
69. 2
70. 7
70. 6
70. 7
73.0
76. 3
77. 9
79. 9
SO. 5
82. \
SI. 4
SI. S
S3. 2
S5. 0
32. 9
34. 1
35. 1
35. 6
36. 5
37. 7
39. 6
41. 5
42. 3
42. 7
43. 9
44. 7
45. 1
45. 2
40. 2
25. 0
25. 6
26. 7
27. 6
28. 5
29.6
31. 0
32. 9
34. 0
35. 0
36. 6
37.4
37. 5
37. 5
38. 4
Includes nonhousokceping residential construction and additions and alterations,
not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1970 for value index and
beginning 1971 for floor space.
15.7
15. 6
16. 1
16. 4
16. 4
16.8
17.4
16.8
17. 3
18. 1
17. 9
16. 3
16. 5
17. 1
17. 7
94. 8
100. 0
113. 2
123. 7
123. 1
144. 3
Seasonally
adjusted
Seasonall y adjusted at inual rates
1970: Oct
Nov_
Dec
1971: Jan
Feb
Mar
Apr
_
Mav
June
_ ..
July
Aug
Sept
..
Oct
Nov
Dec "_.__
Construct! on contracts2
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)
19. 2
19. 5
19. 5
18.6
17. 9
18. 5
19. 3
19. 6
20. 3
19.7
20. 2
20. 4
20. 3
20. 9
21. 2
28. 6
29. 0
31. 9
30. 0
31. 6
30. 1
29.6
29. 7
29. 3
29.5
29.8
28. 6
31.8
30. 5
30. 2
115
130
132
117
126
142
161
141
147
151
153
154
137
155
160
769
694
779
883
743
730
Seasonally
adjusted
annual
rates
621
648
656
652
600
785
658
761
754
728
658
849
741
824
807
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In January, private housing starts rose about 5 percent to a seasonally adjusted annual rate of 2/549,000 units—an
all-time high. Permits for future starts declined 4% percent.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
13.0
SEASONALLY ADJUSTED ANNUAL RATES
2.5
2.5
A
2.0
TOTAL PRIVATE
HOUSING STARTS
1.5
2.0
1.5
1.0
1.0
FHA APPLICATIONS
VA APPRAISAL
REQUESTS
1966
1967
1968
1969
1970
1972
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
[Thousands of units]
Hou sing star ts
Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
Period
Propose d home
constr uction
Private
Total ( including5 farm)
Total
One
unit
Gover nment
home pi-ograms
(nonf arm)
Two or
VA
FHA
more
units
36. 8
129. 1
386. 4
52. 5
141. 9
447. 7
56. 1
608. 2 147. 7
153. 6
51. 2
656. 2
233. 5
61. 0
620.7
93. 8
900.3 301. 2
Seasona lly ad jus ted annu al
New
private
housing
units
authorized 1
1, 195. 9
1, 321. 9
1, 545. 5
1, 499. 6
1, 469. 0
2, 083. 2
1, 165. 0
1, 291. 6
1, 507. 7
1, 466. 8
1, 433. 6
2, 050. 9
124. 1
121. 4
1,943
1, 155
788
341
77
1, 141. 0
1, 353. 4
1, 323. 7
1, 351. 5
1, 907. 4
rates
1,808
110. 6
102. 2
167. 9
201. 1
198.5
193. 8
194. 3
204. 5
173. 8
179. 7
173.7
150. 8
1, 810
1, 794
1,938
1,951
2, 046
2,008
2,091
2,219
2,029
2,038
2,228
2,433
1, 007
1,005
1, 080
1, 122
1, 152
1, 150
1, 162
I, 198
1, 172
1, 155
1,242
1, 341
803
789
858
829
894
858
929
Nov
Dec p
114. 8
104. 6
169. 3
203. 6
203. 5
196. 8
197.0
205. 9
175. 6
181. 8
176. 4
154. 0
384
286
266
280
271
290
288
325
294
299
293
383
75
73
82
93
96
91
99
103
98
98
105
104
1, 635
1,563
1,627
1,638
1,927
1, 849
2,052
2,006
1,900
2, 173
1,952
2, 292
1972: Jan* _ __.
153. 7
151. 9
2, 549
1, 448
116
2, 186
1966
1967
1968
1969
1970
1971"
1970: Dec
1971: Jan._
Feb__
Mar __ __
Apr
May
June
July
Aug __
Sept_
Get
1
___ _
_
_ _
1, 165. 0
778. 5
1, 291. 6
843. 9
899. 5
1, 507. 7
1, 466. 8
810.6
812. 9
1, 433. 6
2, 050. 9 1, 150. 6
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.
3
Units represented by mortgage applications for new home construction.
20
1,021
857
883
985
1, 092
1, 101
971. y
Applica- Requests
tions for for VA
FHA appraiscommitals 2
ments 2
153. 0
167. 2
168.9
187. 6
315. 0
366.8
99. 2
124. 3
131.7
138. 2
143. 7
217. 9
452
150
366
349
344
348
375
378
392
359
343
351
291
450
189
175
186
206
221
250
234
218
253
231
207
228
232
Sources: Department of Commerce, Department of Housing and Urban
Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES-TOTAL AND TRADE
Business inventories (seasonally adjusted) rose $600 million in December while sales dropped about Vs. percent.
Retail sales increased slightly in January, according to the advance survey.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
200
RETAIL TRADE (ENLARGED SCALE)
25 -DURABLE GOODS STORES
20
INVENTORIES
15
10
\
SALES
5
30'
NONDURABLE GOODS STORES
INVENTORIES
25
_-r-"-'
20
SALES
20
1969
1969
1972
1970
1970
1971
1972
COUNCIL OF ECONOMIC ADVISERS
5OURCEi DEPARTMENT OF COMMERCE
Total tmsiness l
R(itail
Wholesale
Sales2
Period
Sales 2
73, 68,5
1964
SO, 276
1965
S7, 172
I960
S9, 708
1967 .
196S
97, 105
1969
103, 178
1970
106, 276
114, 219
1971"
1970: Nov > _ _ _ _ 104, 485
Dec
106, 943
109, 346
1971: Jan
111, 166
Feb
112, 740
Mar_ _
113, 155
Apr
_
114, 303
May
115, 531
June
114, 727
July __ _
Aug
Sept
Oct
Nov
Dec p
1972: Jan
1
2
115, 064
115, 660
114, 687
117, 374
116, 725
Inventories 3
Sales 2
111, 457
1 20, 900
136, 714
145, 072
1 55, 238
166, 412
173, 635
180, 020
173, 374
173, 635
174, 412
174, 834
175, 536
176, 275
177, 046
177, 403
177, 652
178, 157
178, 924
179, 468
179, 407
180, 020
14, 527
15, 595
16, 979
I 7, 099
18, 329
19, 726
20, 554
22, 276
20, 641
20, 718
21, 338
21, 334
21, 676
21, 897
22, 449
22, 716
22, 621
22, 605
22, 549
22, 284
22, 739
23, 013
The term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.
Inventories s
Total
NonDurable durable
goods
goods
stores
stores
PMillions of dollars, seasonally aidjusted
16, 977 21, 823
7, 049 14, 773
7, 849 15, 828
18, 274 23, 677
20, 691 25, 330
8, 192 17, 138
21, 557 26, 151
8, 348 17, 803
22, 528 28, 490
9, 268 19, 222
24, 363 29, 824
9, 626 20, 197
26, 604 31, 294
9, 524 21, 770
28, 997 34, 050 10, 977 23, 073
26, 334 31, 282
8,858 22, 424
26, 604 31, 761
9, 185 22, 576
26, 646 32, 290 10, 003 22, 287
26, 806 32, 850 10, 240 22, 610
26, 788 33, 274 10, 613 22, 661
27, 046 33, 578 10, 747 22, 831
27, 140 33, 502 10, 576 22, 926
27, 333 33, 827 10, 782 23, 045
27, 866 33, 688 10, 747 22, 941
27, 795 34, 655 11, 298 23, 357
27, 814 35, 219 11, 833 23, 386
27, 928 34, 964 11, 695 23, 269
28, 237 35, 574 11,885 23, 689
28, 997 34, 638 11, 262 23, 376
4
34, 716 4 11, 280 4 23, 436
Inventories
3
Nondurable
goods
stores
Total
Durable
goods
stores
31, 094
34, 405
38, 073
38, 952
41, 973
45, 376
46, 555
50, 474
13, 318
15, 253
17, 258
17, 277
19, 167
20, 647
20, 490
23, 124
17, 776
19, 152
20, 815
21, 675
22, 806
24, 729
26, 065
27, 350
46, 113
46, 555
19, 965
20, 490
26, 148
26, 065
46, 888
47, 426
48, 246
48, 809
49, 259
49, 534
49, 592
50, 299
50, 844
50, 800
50, 377
50, 474
20, 689
21, 232
21, 704
22, 056
22, 509
22, 679
22, 707
23, 313
23, 769
23, 652
23, 306
23, 124
26, 199
26, 194
26, 542
26, 753
26, 750
26, 855
26, 885
26, 986
27, 075
27, 148
27, 071
27, 350
4
Unofficial estimates.
Source:Department oj Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
New orders and inventories of manufacturers (seasonally adjusted) declined in December while shipments wer
little changed.
BILL ONS OF DOLLAR,5
70
BILLIONS OF DOLLARS
(SEASONALLY ADJUS TED)
no
MANUFACTlJRERS' SHIPME NTS
TOT AL
60
(SEASONALLY ADJUS FED)
MANUFACTlJRERS' INVEN1FORIES
1- '
100
^^^r
_^-—
^^
90
50
40
^^
—1
p=-^
TOTAL
80
DL RABLE GOODS
\
30
;^^-^^
^—^^-^
--Ay,
^y
,»•••»«.„»»•«""••••••••,«««
.DURABLE GOOC
70
„„«•"••'"""""""*""
NON DURABLE GOOD
20
M ! I 1 I 11I 1 1
I/ 1 ! I 1 1 1 1 M I
s.
\
HMIIMIMMHMIk**'**
60
_^—•—"
———' "
1 1 1 1 1 I 1 ! 1 I UN
! 1 M 1 I1 JI 1 I
50
40
MANUFACTlJRERS1 NEW CDRDERS
DURABLE GOODS
30 ^^-,
/
*^s<^^
..«*««"""""""""""
20
NONDURA iLE GOODS
40
f
^^-/"^-^
r^^^^x/
t—....—„„...„...,.....,„......""
'tM'
,.,.......»«»"
30
NO ^DURABLE GOOC>s
D M1969
"'""'
1 1 1 1 t 1 I
1 ! 1 I
1 1 1 1 1 I ! 1 1 It
1971
1970
M i n 1 n n IN
1972
20 ij " ' ' 1 i i i i i
1969
,,,,,!,,,,,
1970
SOURCEs DEPARTMENT OF COMMERCE
Period
Total
37, 335
41, 003
44, 863
46, 458
50, 287
53, 629
54, 429
57, 892
54, 464
55, 718
56, 982
Mar
57, 790
Apr_
57, 680
May__ _ _ 58, 352
58, 988
June
July
58, 418
57, 804
Aug
Sept..
57, 892
57, 439
Oct
59, 061
Nov
59, 074
Dec
Jan*
1964
1965
1966
1967
1968
1969
1970
1971 9
1970: Dec
1971: Jan
Feb
1
NonDurable durable
goods
goods
19, 634
22, 216
24, 629
25, 220
27, 695
29, 539
29, 349
31, 539
29, 185
30, 166
30, 856
31, 616
31, 308
31, 850
32, 650
32, 123
31, 464
31, 543
31, 166
32, 106
31, 858
33, 192
17, 701
18, 788
20, 233
21, 237
22, 592
24, 090
25, 080
26, 353
25, 279
25, 552
26, 126
26, 174
26, 372
26, 502
26, 338
26, 295
26, 340
26, 349
26, 273
26, 955
27, 216
Total
Millions
63, 386
68, 221
77, 950
84, 563
90, 737
96, 673
100, 476
100, 549
100, 476
100, 878
100, 602
100, 502
100, 420
100, 647
100, 536
100, 194
100, 063
100, 266
100, 740
100, 793
100, 549
NonDurable durable
goods
goods
of dollars
38, 436
42, 227
49, 793
54, 888
58, 969
63, 160
65, 152
64, 242
65, 152
65, 308
65, 090
65, 082
65, 033
65, 079
64, 825
64, 692
64, 523
64, 563
64, 494
64, 399
64, 242
Monthly average for year and total tor month.
'Book value, end of period, seasonally adjusted.
-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
I 1! 1 11 I 1 | 1 1
i M i n I M ni|
1971
1972
COUNCIL OF ECONOMIC ADVISERS
Manufacl Durers' shipments 1 Manufacl ,urers' inv entories 2
1972:
\
..tllll...,.IIIM|.Mll»*<n
seasonal
24, 950
25, 994
28, 157
29, 675
31, 768
33, 513
35, 324
36, 307
35, 324
35, 570
35, 512
35, 420
35, 387
35, 568
35, 711
35, 502
35, 540
35, 703
36, 246
36, 394
36, 307
Ma nufacture rs' new orde rs l
Total
Dumb le goods
NonProducers' durable
capital
Total
goods
goods
industries
y ad juste d
37, 952 20, 258
41, 803 22, 986
45, 912 25, 690
46, 707 25, 468
50, 505 27, 919
53, 768 29, 681
53, 866 28, 778
57, 716 31, 351
55, 468 30, 140
57, 255 31, 666
57, 165 31, 071
57, 699 31, 472
56, 597 30, 228
57, 028 30, 601
57, 009 30, 666
58, 255 31, 955
58, 085 31, 758
57, 322 31, 026
57, 490 31, 126
59, 576 32, 564
59, 408 32, 138
34, 691
Source: Department of Commerce.
3, 935
4, 435
5, 265
4, 958
5,307
6, 074
5,794
6, 384
5,925
6, 442
6, 617
6, 219
5, 677
6, 193
6,237
6,146
6,551
6,425
6,806
6,565
6,765
7,921
17, 694
18, 817
20, 222
21, 239
22, 585
24, 087
25, 088
26, 365
25, 328
25, 589
26, 094
26, 227
26, 369
26, 427
26, 343
26, 300
26, 327
26, 296
26, 364
27, 012
27, 270
Manufacturers'
inventoryshipments3
ratio
1. 64
1. 60
1. 62
1.76
1.74
1. 75
1. 82
1. 74
1.84
1. 81
1.77
1.74
1.74
1.72
1.70
1. 72
1. 73
1.73
1.75
1. 71
1.70
MERCHANDISE EXPORTS AND IMPORTS
Exports and imports rose sharply in December as strikebound ports reopened. The trade deficit was $274 million
(seasonally adjusted) in December and $2.0 billion for 1971.
BILLIONS OF. DOLLARS
BILLIONS OF DOLLARS
2.0
2.0
1966
1972
V SEE NOTE BELOW.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECON'OMIC ADVtRSRS
Millions of dollars0
3N/Eerchandi se expor :s
Period
Total (includmg reexports) l
Season- Unadally ad- justed
justed
Mont lily average :
1963
1964
1965
1966
1967
1968
1969
1970
1971
1, 869
2, 153
2, 229
2,458
2,586
2, 839
3, 111
3,555
3,630
Domesti c exports
Food, Crude
bever- mate- Manu2
Total *
facrials
ages,
tured
and to- and
goods
bacco fuels
1, 845
2, 123
2,201
2,421
2, 554
2,802
3, 066
3,502
3, 576
349
386
377
432
392
383
370
422
423
315
361
356
367
394
405
417
558
537
Merch andise iinports
Gen eral impc)rts 3
2
Food, Crude
Total
bever- mateSeasonages,
rials
ally ad- Unad- and to- and
justed justed bacco fuels
1,428
1,562
1, 786
2, 135
2,241
2,769
3,004
3, 329
3,800
1, 191
1, 377
1,453
1, 602
1, 737
1, 985
2, 232
2,445
2,537
u nadjuste d
3,499
3, 569
3, 733
3,691
3,815
8,521
S, 783
3,661
3, 493
3,678
4, 511
2, 710
Nov 3,160
Dec__ 3, 859
1970: Nov_
Dec__
1971: Jan__
Feb__
Mar_
Apr__
May_
June_
July__
Aug__
Sept.
Oet__
3,494
3,684
3,480
3,528
4, 108
3,806
3, 914
3,686
3, 338
3,367
4, 225
2, 828
3, 221
4,057
3,445
3, 633
3, 432
3,472
4,059
3, 742
3,854
3, 625
3,293
3, 319
4, 170
2, 776
3, i76
4, 000
513
485
438
402
455
401
423
395
385
383
568
294
394
537
396
419
453
476
447
503
533
545
606
672
759
937
1,204
1, 313
1, 719
1, 918
2, 159
2,537
441
590
444
323
345
70
107
226
-171
Unad. usted
574
667
555
537
596
578
550
544
468
515
586
394
471
644
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
"Total includes commodities and transactions not classified according to kind.
'Total arrivals of imported goods other than intransit shipments.
322
335
334
382
392
447
442
519
534
Grossmerchandise trade
Manu- surplus,
seasonfactured ally adjusted
goods
2, 293
2,378
2, 351
2,449
2,938
2, 651
2, 792
2,605
2,363
2,353
2,935
2,028
2, 248
2, 737
3, 428
s, 402
3, 683
3,650
8,565
8,754
8,988
4,019
S, 790
3,984
4,245
8,531
8,387
4, 182
3,405
3,553
3, 419
3, 191
3,907
3,893
3, 841
4,278
3, 690
3,844
4, 254
3,472
3,531
4, 283
518
575
523
442
528
593
521
593
565
616
715
352
353
606
515
597
511
477
638
564
607
665
630
640
659
571
598
712
2,264
2, 265
2, 268
2, 163
2, 619
2, 611
2, 586
2, 895
2, 363
2,467
2, 767
2,423
2,462
2,825
71
168
50
Ul
250
-282
-201
-858
—297
-256
265
-821
—227
-274
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
^3
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The merchandise trade deficit (balance of payments basis) reached $6.1 billion (seasonally adjusted annual rate1
in the fourth quarter and $2.9 billion for the year 1971, according to preliminary estimates. The annual balance
on goods and services was negative for the first time since World War II.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
1965
1971
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
M erehandisc3 1
2
Period
Ex-
ports
1966
1967
1968_
1969
1970
1971*
Im-
ports
Net
balance
29, 390 -25,463 3,927
30, 680 -26, 821 3, 859
33, 588 -32, 964
624
36, 490 -35, 830
660
41, 980 -39,870 2, 110
42, 753 -45, 659 -2, 906
Militetry trans actions
Netiiivestment income
Direct
expenditures
Sales
Net
balance
Private 3
U.S.
Government
Net
travel
Other
and
trans- services,
portanet
tion
expenditures
-3,764
-4, 378
-4, 535
-4, 856
-4, 851
829
1, 240
1, 395
1, 515
1,480
-2,935
-3, 138
— 3, 140
-3, 341
-3, 370
5, 331
5,848
6, 157
5, 820
6, 360
44
40
63
155
-118
-1, 382
-1, 752
-1, 558
-1, 780
— 1,979
Balance
on
goods
and
serv-l
ices
315
365
344
497
587
5, 300
5, 220
2, 489
2, Oil
3, 592
-57
588
532
628
600
848
704
708
3, 524
4, 180
3,980
2, 680
4, 556
-20
-156
-4, 608
Remittances,
pensions,
and
other
unilateral
transfers 1
-2, 890
-3,081
-2, 875
-2,910
- 3, 148
Current
account
balance
2, 410
2, 139
-386
-899
443
Se asonally a d justed annual r ates
40, 964 -38,912 2,052 -4, 728 1,096
42, 328 -39, 324 3, 004 -5, 020 1,788
III.__ 42, 784 -39,968 2, 816 -4, 844 1, 308
IV____ 41, 844 -41, 276
568 -4, 812 1, 732
44, 064 -43, 072
992 -4, 696 2, 028
1971: I*
II*... 42, 824 -47,068 — 4, 244 -4, 856 2, 180
III*.. 45, 864 -48, 104 -2, 240-4, 724 1, 864
IV". 38, 260 -44,392 -6, 132
1970: I
II
1
Excludes
2
Adjusted
3
-3, 632
-3, 232
-3, 536
-3, 080
-2, 668
-2,676
-2, 860
military grants.
from Census data for differences in timing and coverage.
Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States.
24
6,
5,
6,
6,
7,
9,
7,
184
124
-12
888
540 -256
828 -324
580 -448
308 -632
856 -1}176
-1,792
-2, 000
— 2, 212
-1, 912
-1, 708
-2, 440
-2, 404
-3, 024
500
-3,012
1, 168
— 3, 212
768
-3,344
-664
-3, 080
1, 600
-3, 352 -3, 248
-3,660 -3, 684
*Merchandise data and balance on goods and services revised; other data to be
revised in March.
Source: Department of Commerce.
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
Preliminary estimates indicate that the U.S. balance of payments in the fourth quarter was in deficit at a seasonally
adjusted annual rate of $18.1 billion on the net liquidity basis and $24.6 billion on the official reserve transactions
basis.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1 20
20
SEASONALLY ADJUSTED ANNUAL RATES
10
10
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
BALANCE ON OFFICIAL
RESERVE TRANSACTIONS
CAPITAL
-10
-10
-20
-20
-30
-30
-40
-40
-50
-50
-60
-60
1966
1967
1968
1970
1969
1972
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
NonAlloliquid
shortnf
term special
account private
and long- capital drawing
rights
capital flows
net 2
Long-ter m capital Balance
flows , net
Period
1966
1967
19681969
1970
1971 v
U.S.
Govern- Private
ment *
2
- 1, 469 -2, 555 -1,614
2, 912 -3, 196
-2,423
— 2, 161
1, 198 - 1, 349
-50 -2,879
-1, 930
— 2, 029 - 1, 454 -3,039
-102
-505
231
-602
-545
Errors
and
omissions,
net
-431
-985
-493
— 2, 603
867 -1, 104
717
Balance, Liquid
private
net
liquid- capital
flows,
ity
basis
net 2
Changes
Balance, in liaofBcial
bilities
reserve
to
transforeign
actions
official
basis
agencies,
net 3
•
Changes
in U.S.
official
reserve
assets,
net 4
-2, 148 2,367
219
-787
568. 14, 882
52 14, 830
1,267 -3,418
-4, 685
3,366
1,641
-761
-1, 610 3, 251
-880 5 15, 710
2,702 -1, 515 -1, 187 16, 964
-6, 084 8,786
7, 344
-3, 821 - 6, 000 -9, 821
2, 477 14, 487
-22, 175 -7, 454 -29, 629 27, 281
2, 348 6 12, 167
Unadjusted
Se'asonally adjusted annual ra tes
-1, 812 -3, 876 -5,188
1970: I
II
-2,360 -1,088 -2,280
III___ - 1, 248 -880 -1,360
-460
-560
— 460
28 -3,328 -700
IV_ _ _ -2, 692
1971: !*.___ -2, 720 -4, 012 -5, 132 -1,536
!!*___ -2, 520 -7, 180-12, 948-1, 576
III*.. -2, 128 -6, 592-12, 404-4, 668
!¥*>__
1
2
868
-236 -5, 016 -6,440
868 -1, 500 -3,472 -2, 144
868 - 1, 748 -2, 700 -5, 600
864
-932 -4, 096 -9,816
720 -4, 068 -10, 116 -12, 116
716 — 9, 320 -23, 228
204
716 -20,816 -37, 248 -11, 428
716
-18, 104 -6, 476
Excludes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
regional organizations.
a Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
to,4 and gold deposits with, the United States.
Official reserve assets include gold, special drawing rights, convertible currencies, and the U.S. gold tranche position in the IMF.
U.S.
official
reserve
assets,
net
(end of
period)
-11,456
-5, 616
-8, 300
-13, 912
-22, 232
— 23, 024
-48, 676
-24, 580
10, 400
2, 396
5,964
10, 616
19, ,504
20, 388
43, 900
25, 328
1, 056
3, 220
2, 336
3, 296
2, 728
2, 636
4, 776
-748
17, 350
16, 328
15, 527
14, 487
14, 342
13, 504
12,
131
8
12, 16T
6
Includes gain of $67 million resulting from revaluation of the German mark
in 6October 1969.
On Dec. 31, U.S. reserve assets consisted of gold stock. $10,200 million, special
drawing rights, $1,100 million; convertible currencies, $276 million; gold tranche
position, $585 million.
*Overall balances revised; detail to be revised in March.
Sources: Department of Commerce and Treasury Department.
25
PRICES
CONSUMER PRICES
In January the consumer price index rose 0.1 percent/ seasonally adjusted the increase was 0.3 percent. Food priceswere unchanged, while nonfood commodities declined 0.3 percent; seasonally adjusted they rose 0.2 percent.
Service prices increased 0.5 percent reflecting mostly higher taxes, insurance, and public utility and transportation rates.
Index, 1967=100
140
Index, 1967=100
140
100
100
90
90
1966
1967
1972
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
n1967 = 100J
All
items
Period
1962
1963
1964
1965
1966
1967___ _
1968
1969
1970
1971
1970: Dec
1971: Jan
Feb
Mar__
Apr... __
May
June.
July
Aug__
Sept
Oct
Nov
Dec__ _
1972: Jan.
Source: Department of Labor.
26
_
90. 6
91. 7
92.9
94,5
97. 2
100. 0
104.2
109. 8
116. 3
121. 3
119. 1
119. 2
119.4
119. 8
120. 2
120. 8
121. 5
121.8
122. 1
122. 2
122.4
122. 6
123. 1
123. 2
All commodities
92. 8
93.6
94.6
95. 7
98. 2
100. 0
103. 7
108.4
113. 5
117. 4
115.6
115.4
115.5
116. 1
116. 6
117. 2
117. 9
118. 1
118. 2
118. 1
118.4
118. 5
118. 9
118.7
Services
Commoditie*3
Comm odities ies s food
Services
All
Food
less
Non- services Rent
All
Durable durable
rent
89. 9
91.2
92.4
94.4
99. 1
100. 0
103. 6
108. 9
114.9
118. 4
115.3
115.5
115. 9
117. 0
117.8
118. 2
119. 2
119.8
120. 0
119. 1
118. 9
119. 0
120. 3
120. 3
94. 1
94. 8
95. 6
96. 2
97.5
100.0
103. 7
108. 1
112, 5
116. 8
115.5
115. 2
115. 2
115. 5
115.8
116. 6
117. 1
117. 0
117. 1
117. 4
118. 0
118. 1
118. 1
117.7
97.6
97.9
98. 8
98.4
98.5
100. 0
103. 1
107. 0
111. 8
116. 5
115. 2
115. 2
115. 0
115. 2
115.7
116. 6
117. 4
117. 5
116. 9
116. 4
117. 1
117. 4
117. 2
117. 3
91. 8
92. 7
93.5
94. 8
97.0
100. 0
104. 1
108.8
113. 1
117. 0
115.7
115. 3
115.4
115.7
116.0
116. 6
116.9
116.7
117.2
118.2
118. 7
118.7
118. 8
118. 1
86. 8
88. 5
90. 2
92.2
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
125.6
126. 3
126. 6
126. 6
126. 8
127. 5
128.2
128.8
129.4
129. 8
130.0
130.4
130. 8
131. 5
94. 0
95. 0
95. 9
96. 9
98.2
100. 0
102.4
105.7
110. 1
115. 2
112.6
112. 9
113.6
113. 9
114.4
114. 7
115. 2
115.4
115. 8
116. 1
116.4
116. 6
116. 9
117. 1
85.5
87.3
89. 2
91. 5
95.3
100.0
105.7
113. 8
123. 7
130. 9
128.0
128.7
129. 0
128. 9
129. 1
129. 8
130. 6
131.2
131.9
132. 3
132. 5
132. 9
133. 3
134. 1
WHOLESALE PRICES
The wholesale price Index rose 0.8 percent in December/ seasonally adjusted it was up 0.7 percent. Industrial commodities increased 0.3 percent both unadjusted and seasonally adjusted. Farm products were up 3.2 percent and
processed foods and feeds 1.3 percent for the largest increases since February.
index, 1967 = 100
index, 1967=100
PROCESSED FOODS AND FEEDS
95
95
1971
1965
.IRCE:
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
All
commodities
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1970: Nov
„
94.8
945
Dec
1971: Jan
Feb
Mar
Apr
May _
June
Julv
Aug
Sept _
Get
Nov
Dec
_
_
_ _ _ _
94. 7
96. 6
99. 8
100.0
102.5
106. 5
110. 4
113. 9
110.9
111. 0
111.8
112. 8
113.0
113.3
113. 8
114, 3
114.6
114. 9
114. 5
114. 4
114. 5
115. 4
Farm
products
All industrials1
Crude
mate-2
rials
98.0
96.0
94. 6
98. 7
105. 9
100. 0
102. 5
109. 1
111. 0
112. 9
107. 0
107. 1
108. 9
113. 9
113.0
113. 0
114. 0
116. 0
113. 4
113. 2
110. 5
111. 3
112. 2
115. 8
91. 9
92. 5
92. 3
95.5
101. 2
100. 0
102. 2
107. 3
112. 0
114. 3
111. 7
110. 7
111. 8
113. 3
113. 7
113. 5
114. 5
114. 9
116.0
115.4
114.6
114. 1
114. 4
115. 9
94, 8
94, 7
95. 2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114. 0
111. 3
111. 7
112. 2
112. 5
112. 8
113. 3
113. 7
113. 9
114.5
115. 1
115. 0
115. 0
114. 9
115. 3
95. 6
94. 3
97. 1
100. 9
104,5
100. 0
102.0
110. 6
118. 8
122. 7
118. 2
119. 8
121. 4
121. 8
121. 4
124. 1
123. 5
122. 8
122. 7
122. 3
123. 0
122. 9
122. 6
123. 4
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2
Excludes crude foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
leaf tobacco.
Iridustrial c ommoditi es
Processed
foods
and
feeds
Inter- Producmediate er finmate-3
ished
rials
goods
95. 3
95. 0
95. 6
96. 9
98. 9
100. 0
102. 6
106. 2
110. 0
114. 3
111. 0
111. 0
111. 5
112. 0
112. 7
113. 3
113.8
114. 1
114. 9
115. 9
115. 9
115. 7
115. 6
115. 8
92. 2
92. 4
93. 3
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
114,2
115. 1
115.6
115. 9
116. 0
116. 1
116. 3
116. 5
116.8
117. 1
116. 9
117. 1
117. 0
117. 8
Consulner finished g(x>ds excludin g food
DurNondurable
able
98.3
94, 8
97.8
95. 1
98.2
948
97. 9
95. 9
98. 5
97. 8
100.0
100. 0
102. 2
102. 2
104, 0
105. 0
107. 1
108. 2
110. 9
111. 3
109. 9
109. 5
109. 9
110. 4
110. 5
110. 9
110. 8
110. 8
110. 4
110. 7
110. 5
110. 5
110. 7
111. 0
110.7
111. 2
111. 0
111. 6
111. 1
111. 8
110. 4
111. 9
111. 3
111. 7
111. 3
111. 7
112.6
111. 8
3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products, for further processing.
Source: Department of Labor.
O«T
PRICES RECEIVED AND PAID BY FARMERS
In the month ended January 1 5, prices received by farmers rose 3% percent while prices paid were up 1 percent.
The actual parity ratio rose 1 point and the adjusted ratio rose 3 points.
1967
1967=100
=100
130
1130
120
120
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
110
110
PRICES RECEIVED
(ALL FARM PRODUCTS)
100
100
90
90
t iI t t i t i
80*
RATIO y
RATIO y
80
80
PARITY RATIO
\
\
70
70
60
1966
1967
1968
1969
1970
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
1962
1963___
1964
1965-__
1966 _
1967
1968__
19691970
1971
1970: Dec 15 __
1971: Jan 15
Feb 15
Mar 15_
Apr 15
May 15
June 15
July 15 _
Aug 15
Sept 15
Oct 15 _ _ _
Nov 15_
Dec 15
1972: Jan 15
All farm
products
96
96
93
98
105
100
103
108
110
112
104
106
112
111
111
113
113
113
113
111
113
114
116
120
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest,
taxes, and wage rates on 1910-14=100 base.
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
28
COUNCIL OF ECONOMIC ADVISERS
Prices paid by farmers
items, Family
ProducLivestock All
interest,
tion
living
and
Crops
taxes,
and
items
products wage rates
items
Index, 1967=100
94
92
90
103
91
92
95
106
89
91
92
94
106
93
85
96
94
94
95
103
105
98
98
99
105
100
100
100
100
100
102
101
104
104
104
106
109
109
97
116
114
110
114
100
118
116
119
115
108
120
112
116
116
99
108
112
102
116
117
110
113
105
117
117
118
114
114
117
118
107
119
115
114
117
108
111
114
115
120
118
116
120
119
114
113
116
111
114
120
119
116
108
117
120
120
120
116
104
120
117
121
116
120
106
118
121
117
119
120
108
122
121
117
121
109
121
118
123
111
126
Prices ireceived by 1 armers
Period
1972
1971
Source: Department of Agriculture.
Parity ratio l
Actual
80
78
76
77
80
74
73
74
72
70
66
68
70
70
69
70
70
70
70
68
69
70
71
72
Adjusted2
83
81
80
82
86
79
79
79
77
74
71
72
75
74
74
74
75
74
74
73
74
74
75
78,
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
In January the seasonally adjusted money stock rose at a 3.7 percent annual rate. Time and savings deposits continued
to rise sharply, growing at a 22 percent seasonally adjusted annual rate in January.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
250
150
150 -^
1966
1972
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL I
COUNCIL OF ECONOMIC ADVISERS
Period
I960:
1967:
1968:
1969:
1970:
1971:
1970:
1971:
Dec _ _ _ _ „_
Dec
Dec__ _ _ _ _
Dec
Dec
Dec *
Dec
Jan
Feb
Mar
Apr
May
June
July
Ausr
_
Sept. _
Oct v
Nov
Dec *
"972: Jan »
_
_ _ _ __
_
__ ___ _ _ _ _
_. __
__ _
[Averages of daily figures, billions of dollars]
]Vloney stoc3k
JV ^onev stoc5k
Time
_.
Time
CurCurand
and
DeDerency
rency
savings
savings
mand
mand
outTotal
outTotal
de- 1
de- 1
dedeside
side
posits * posits
posits1 posits
banks
banks
1Jnadjuste d
Seasonally? adjusted
133.4
39. 1
171.7
38. 3
158. 1
156. 9
176. 9
137.8
142. 7
40. 4
41. 2
147.4
182. 1
183. 1
183. 4
188. 6
197. 4
154. 0
204. 2
44. 3
159. 1
43. 4
203. 2
203. 4
157. 7
194. 1
162. 9
46. 0
46. 9
203. 7
193. 2
209. 8
214. 8
221. 2
165. 8
50. 0
49.0
171.3
228. 1
228. 9
52. 5
269. 9
228. 2
175. 7
53. 5
181. 5
269. 0
235. 1
50. 0
214. 8
165.8
221. 2
228. 9
171.3
49.0
228. 1
172. 3
49. 1
221. 4
166.0
234. 4
49. 3
233. 8
215. 3
166. 5
239. 6
217. 7
168. 0
240. 2
49. 1
215. 6
49. 7
49. 5
169. 7
245.4
246.2
50. 0
217.5
168. 0
219. 7
172. 3
222. 3
50. 1
170. 7
248. 5
221. 2
248. 1
50. 5
169. 4
251.4
173. 0
251. 3
50. 5
223. 8
219. 9
50.8
172. 7
174. 5
254. 4
253. 8
223. 7
51. 1
51. 0
225. 5
256.4
51. 9
174. 1
255. 5
175. 8
226. 0
227. 4
51. 6
176.3
257.3
51.9
173.0
224.9
258. 1
51. 7
228.0
51. 9
174. 3
259. 6
260. 3
175.7
227. 6
51. 9
226. 2
52. 2
175. 3
264. 1
52. 2
175. 5
263. 3
227. 7
227. 5
52. 8
176. 9
265. 3
229. 6
265. 5
175. 5
52. 2
227. 7
175.7
269. 9
53. 5
181. 5
52. 5
269. 0
235. 1
228. 2
176.2
274. 4
52. 6
182. 9
273. 7
52. 7
235. 4
228. 9
1
Deposits at commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at all
commercial banks.
U.S.
Government
demand
deposits l
3. 4
5. 0
5. 0
5. 6
7. 3
6. 7
7.3
6. 8
8.4
5.5
5. 5
7.8
5. 3
6. 8
6.8
7.5
5.3
3.9
6. 7
7. 2
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Liquid asset holdings of the public (seasonally adjusted) registered a sharp $16.7 billion rise in December. The bulk
of the rise was due to increases in money and short-term U.S. Government securities.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END' OF MONTH
900
900
^TOTAL SELECTED
LIQUID ASSETS "
800
800
700
700
600
600
500
500
SAVING TYPE
ASSETSJ/
400
400
300
300
DEMAND DEPOSITS AND
CURRENCY
20Q
200
.,„.„..**'
100 Ml I I I i.l I t I I 1
1 1 1 ! I
1966
I I 1 1 1
I 1 1 ?I
!I
1968
1967
1970
1969
I |1 |
1971
1 t i-i t (Nino
1972
I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE, BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
fBillions of dollars, seasonally adjusted]
End of period
1965
1966
1967
1968
1969
1970
1971 9
1970: Dec
1971: Jan
Feb
Mar
Apr
May._
June
July
Aug
Sept
Oct
Nov *
Dec *„__
-__ ___
Total
selected
liquid
assets
573.1
601.5
650.4
709.6
731. 7
786. 1
879.7
786. 1
788. 9
796. 6
815.8
815. 5
824.8
836.6
836. 3
841. 7
851. 5
856. 2
863.0
879. 7
Demand
deposits
and
currency l
164. 1
168.6
180. 7
3
199. 2
206. 8
207. 6
222. 3
207.6
202. 9
204.6
211. 6
206. 3
212.5
218.4
213.8
215.0
214.4
214. 5
215.3
222. 3
Time d eposits
Commercial
banks
147. 1
159.3
183. 1
203.8
197. 1
234. 8
274. 9
234.8
240.0
244.5
249.5
250. 2
252. 3
254. 7
256.5
258. 2
263.5
266.5
272.4
274.9
3
Agrees In concept with money stock, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month. Data prior to Jnlv 1969 have not been revised to
conform to the money stock revision.
30
Mutual
savings
banks
52.6
55.2
60. 3
64.7
67. 3
71. 5
81. 2
71. 5
72. 2
73. 5
74.7
75.9
76.8
77.6
78.3
78.6
79.3
80. 0
80.8
81.2
Postal
Savings
System
0.3
.1
Savings
and loan
deposits
and
shares
109.8
113.4
123. 9
131.0
1349
145. 7
173.5
145. 7
148.4
151.3
155. 4
158.0
159.9
161. 5
164.4
166. 1
169. 1
170.6
172.4
173. 5
U.S. Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
one
year J3
50.5
50.9
51. 9
52.5
52.4
52. 7
55. 1
52. 7
52. 8
52. 8
53. 0
53. 2
53.4
53. 6
53. 8
54. 0
54. 2
54. 3
54.5
55. 1
48.6
53.9
50.5
58.5
7a2
73.8
72.7
73.8
72. 6
70.0
71. 6
71. 8
69.9
70. 9
69.5
69. 8
71.0
70. 2
67.6
72. 7
2
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginn
February
1960, savings and loan associations.
3
Estimates for Dec. 31.
NOTE.—See Note. p. 29.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Seasonally adjusted commercial bank loans and investments rose at a 19 percent annual rate in January. The bulk
of the increase came in loans. Free reserves were again positive in January and rose by $89 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
500
TOTAL
LOANS AND INVESTMENTS
200
100
100
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
1966
SOURCE: BOARD OF GOVERNORS OP THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Weekly
jBank
L'j.
debits
reporting
outside
large commercial New York
Total
Investr
nents
City (232
banks
End of period
Loans,
loans excluding
centers) ,
and
seasonally
interOther
U.S.
GovCommercial
investsecuri- and indus- adjusted
bank
ernment
ments
annualJ
securities
ties
trial loans
rates
Billions of dollars
3
3
53. 5
316. 1 3 213. 9
48. 7
60.7
1966
3,421
352. 0
231. 3
59. 3
s, 740
1967
61. 4
65.8
390.6
71.4
258. 2
61.0
73.1
1968
4,854
4
4
4
402. 1 4 279. 4
5, 163
71. 2
51. 5
1969
81. 5
292.
0
81.7
435.
9
58.0
85. 9
1970
5,744
6,486
1971 * _ _
482.9 5 318. 6
60.3 5 103. 9
83.8
o, 863
440.7
293.7
1971: Jan
58.9
88. 1
80. 1
6,032
89.6
80. 8
446. 1
295. 7
Feb
60. 8
6, 116
Mar__ __
91.9
81. 2
449.5
296. 5
61. 1
6, 302
452. 5
298.2
93.5
Apr
81. 1
60. 7
6,215
81.4
May
456. 1 5 300. 7
60. 4 6 95. 1
6,613
96. 6
82. 3
301. 7
June
461. 1
62.8
6,623
304. 1
98. 0
463.7
61.6
81.6
July
6,665
468.4
82.4
309.7
60.9
97.8
Aug
6,697
99. 5
83.5
313.0
59. 9
Sept *__ ___ 472.4
316.4
83.
1
101.0
476.5
59. 1
Get*
6,494
6,839
102.0
82.6
478. 4
317. 5
58. 9
Nov *__
6,776
482. 9
103.9
83.8
Dec * _
318. 6
60. 3
324. 3
105. 7
81. 8
1972: Jan*
489.8
59.8
Adl membe r banks
All comnciereial bank s
(s easonally adjusted da ta)
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
Effective June 1966, balances accumulated for payment of personal loans
'.about $1.1 billion) are excluded from loans at all commercial banks, and certain
certificates of CCC and Export-Import Bank totaling about $1 billion are included
in other securities rather than in loans.
Total
reserves
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
23, 830
25, 260
27, 221
28, 031
29, 265
31, 316
30, 488
29, 880
29, 686
29, 885
30, 419
30, 023
30, 547
30, 455
30, 802
30, 860
30, 953
31, 329
32, 866
392
345
455
257
272
156
279
201
199
140
312
131
162
198
206
207
263
165
168
557
238
765
1,086
321
108
370
328
319
148
330
453
821
804
501
360
407
107
21
— 165
107
-310
-829
-49
48
-91
-127
-120
-8
-18
-322
-658
-606
-295
-153
-144
58
147
4 Beginning June 1969, data include all bank-premises subsidiaries and other
significant majority-owned domestic subsidiaries; earlier data include commercial
banks only.
fi
As of June 1971, Farmers Home Administration notes totaling about $0.7
billion are classified as "other securities" rather than as "loans."
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit rose by $4 billion in December, up from the $3 billion increase a year earlier. Consume!
instalment credit (seasonally adjusted) in December rose by $900 million.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
END OF MONTH
120
120
TOTAL CONSUMER CREDIT OUTSTANDING
100
100
INSTALMENT CREDIT
80
60
60
NONINSTALMENT CREDIT
20
20
>>>>ft
t«iiiiifiu"*""*""""
"
I I \ > I I I J t I1
t
i
l
t
1
I
I
I
\ I I |I I I I I ! I
I 1
SEASONALLY
ADJUSTED
I I I I I I I 1I I I
(ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
1965
1966
1967
1970
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Millions of dollars]
Consum er instalme nt credit e stended
Consu mer credit outstandin g (end of p eriod;
imad justed)
and r<3paid (seas onally adjuisted)
Instalment
To tal
Automob ile paper
NonAutomoTotal
instal- Extended Repaid Extended Hepaid
Personal
Total i
bile
ment 2
paper
loans
Period
1963
1964
1965
1966
1967
1968
1969__
1970
1971
1970: Nov
Dec__ _ _ _
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
126, 802
137, 237
123, 915
126, 802
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 169
101, 161
109, 545
99, 790
101, 161
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
35, 490
38, 310
36, Oil
35, 490
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
31,612
34, 432
31, 268
31, 612
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 300
25, 641
27, 692
24, 125
25, 641
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
104, 130
117, 638
8,414
8,536
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
101, 138
109, 254
8,716
8,515
22, 126
24, 046
27, 227
27, 341
26, 667
31, 424
32, 354
29, 831
34, 638
2, 127
2, 170
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 882
30, 943
31, 818
2, 577
2,618
1971: Jan
Feb
Mar
Apr
May
June
July
Aug. _
Sept
Oct_ _
Nov__
Dec
125, 077
123, 815
123, 604
125, 047
126, 025
127, 388
128, 354
129, 704
130, 644
131, 606
133, 263
137, 237
100, 101
99, 244
99, 168
100, 028
100, 692
101, 862
102, 848
104, 060
104, 973
105, 763
107, 097
109, 545
35, 004
34, 869
35, 028
35, 496
35, 819
36, 349
36, 763
37, 154
37, 383
37, 759
38, 164
38, 310
31, 455
31, 396
31, 504
31, 773
32, 041
32, 351
32, 680
33, 134
33, 420
33, 575
33,977
34, 432
24, 976
24, 571
24, 436
25, 019
25, 333
25, 526
25, 506
25, 644
25, 671
25, 843
26, 166
27, 692
8,916
9, 081
9, 533
9, 751
9,690
9,715
9, 675
10, 049
10, 156
10, 031
10, 572
10, 130
8,829
8, 979
9,038
9,088
9,197
9, 190
8, 914
9, 222
9, 157
9, 107
9,306
9,230
2,461
2, 687
2, 897
2, 872
2,756
2,838
2,773
3,004
3,147
2, 992
3, 162
2,973
2, 623
2, 636
2, 696
2, 566
2,640
2, 678
2, 565
2, 697
2,732
2, 634
2,662
2, 696
1
Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists
of single-payment loans, charge accounts, and service credit.
3
End of period, unadjusted.
32
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses 3
182,
197,
212,
223,
236,
251,
266,
280,
307,
200
600
900
600
100
200
800
200
500
280, 200
283, 600
290, 900
299, 500
307, 500
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
By mid-February, the 3-month Treasury bill rate and the 4-6 months prime commercial paper rate had fallen sharply
from late December and early January levels. Longer-term bond yields were above mid-January levels.
PERCENT PER ANNUM
PERCENT PER ANNUM.
CORPORATE Aaa BONDS
(MOODY'S)
1972
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
Period
1964
1965
1966 _ _
1967___
1968_
1969
1970
1971
1970: Dec_
1971: Jan
Feb.
Mar
Apr__
May—
June
_ __
July__
Aug
__
Sept __
Oct
Nov
Dec
1972: Jan
Week ended :
1972: Jan 7—
14__
21__
28_ _
Feb 4._
11__
18—
1
8
[Percent> per annum]
High-grade
U.S. Gov(jrnment secuirity yields
municipal
3-month
bonds
3-5 year
Taxable
2
3
Treasury
(Standard
&
issues
bonds
bills »
Poor's) 4
3. 549
4. 15
3.22
4.06
3. 954
4,22
4.21
3.27
4. 881
4. 65
5. 16
3. 82
4 321
4. 85
5.07
3. 98
5. 339
5.59
5.26
4.51
6. 677
6. 12
6. 85
5. 81
6. 458
7.37
6. 58
6. 51
4. 348
5.74
5.77
5.70
4. 860
5. 86
5.97
5. 71
4. 494
5. 92
5. 72
5.70
3. 773
5. 31
5. 84
5. 55
3. 323
4. 74
5. 71
5.44
3. 780
5.42
5. 75
5. 65
4. 139
6. 02
5. 96
6. 14
4. 699
5. 94
6.36
6. 22
5.405
6.77
5. 91
6. 31
5. 078
6. 39
5. 78
5. 95
4.668
5. 96
5. 56
5. 52
4.489
5. 46
5. 68
5. 24
4. 191
5. 48
5.50
5. 30
4. 023
5.62
5.42
5. 36
3. 403
5.62
5.33
5.25
3. 735
3. 109
3.276
3. 493
3. 367
3. 141
3. 066
5.31
5. 20
5. 32
5. 47
5. 55
5. 51
5.47
5.61
5. 57
5. 61
5. 66
5. 70
5. 71
6
5. 65
2
Rate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
*8 Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
(7 percent beginning February 18,1971) and 30-year mortgages paid in 15 years.
5. 16
5. 15
5. 31
5. 39
5. 46
5. 29
5.27
Corpora be bonds
(Moo dy's)
Aaa
Baa
4.40
4.49
5. 13
5. 51
6.18
7. 03
8.04
7.39
7.64
7. 36
7. 08
7. 21
7. 25
7.53
7. 64
7. 64
7. 59
7.44
7. 39
7. 26
7. 25
7. 19
4. 83
4.87
5. 67
6. 23
6.94
7.81
9. 11
8.56
9. 12
8. 74
8. 39
8.46
8. 45
8. 62
8. 75
8.76
8. 76
8.59
8. 48
8. 38
8. 38
8. 23
7. 19
7. 17
7. 16
7.22
7. 25
7. 29
6
7. 28
8. 28
8. 21
8. 18
8.24
8. 26
8. 25
8.23
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
3. 97
5. 45
4.38
5.46
5.55
6.29
5. 10
6. 55
5.90
7. 13
7.83
8. 19
7.72
9. 05
5. 11
7.78
5. 73
8.90
5. 11
8. 40
4. 47
4. 19
4.57
7.32
5. 10
7. 37
5.45
7.75
5.75
7. 89
5. 73
7.97
5. 75
7.92
5. 54
7.84
4. 92
7.75
4. 74
7.62
4. 08
7.59
4. 38
4. 10
3. 98
3.88
3.98
4.00
63.93
6
Not charted.
Sources: Department of Housing and Urban Development, Treasury Department, Board of Governors of the Federal Reserve System, Standard & Poor's
Corporation, and Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock market moved generally upward in January and early February.
index, 1941-43=10
Index, 1941-43=10
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
110
110
100
100
90
^Vv
90
80
70
60 I ! 1
PERCENT
1 !
i riii
1 1 1 1 !
ii i i i
1
f
M
1
f
1 f
1 1
1 t
1 J 1 1 1
1 1 »
PERCENT
MONTHLY
DIVIDEND YIELD ON COMMON STOCKS
RATIO
•2b
25
PRICE/ EARNINGS RATIO ON COMMC3N STOCKS
\
20
\^
10 4
"
— »^--— •—
1
1
/
1
i
1
1966
i
t
—
/~
1
\s^
1
1967
on
1
!
1968
i
f
f
i
i
1969
i
i
|
|
I
1971
1970
Price i Qdex 1
Industrials
1960_
1907
190X
1909 _ _ _
1970
1971
1971: Jan
Feb
Mar_
85. 26
91.93
98.70
__
...... _ _ . _ _ . . _
Apr
May
June
July
Total
_.
_^ _
_
_
Aug
_ . _ . . . _
_ _
_
Sept
Oct
Nov
Dec
1972: Jan
Week ended :
97. 84
83. 22
98. 29
93. 49
97. 11
99. 00
103. 04
101. 04
99. 72
99. 00
97. 24
99. 40
97. 29
92.78
.
1972: Jan
7
14
21
28
Feb 4
11
18*
1
99. 17
103. 30
102.
103.
103.
103.
104.
105.
105.
76
39
83
10
43
10
22
Total
91.08
99.18
107. 49
107. 13
91.29
108. 35
102. 22
106. 62
109. 59
113. 68
112. 41
110. 20
109. 09
107. 20
109. 85
107. 28
102. 21
109. 67
114. 12
Consumers7
goods
Capital
goods
1941-4t3=10
84.86
74. 10
96.
105.
103.
87.
102.
96
77
75
87
83
95.97
101. 58
104. 69
109. 38
108. 61
105. 40
102. 48
100. 90
104. 55
100. 60
95. 51
103. 78
109. 69
113. 48
114. 11
114. 72
108. 57
108. 93
110. 25
113.99
111.02
115. 69
116. 67
116. 93
113. 49
114. 17
114. 20
Includes 500 common stocks: 425 in 3ustrials, 55 pu blic utilities, an d 20 railroads. Weekly Indexes for capital and consumer goods are Wednesday7 figures;
all1other weekly indexes are averages o f daily figures,
Aggregate cash dividends (based ori latest known annual rate) di vided by
the aggregate monthly market value of the stocks in t he group. Amulal yields
34
i
^
10
COUNCIL OF ECONOMIC ADVISERS
SOURCE: STANDARD & POOR'S CORPORATION
Period
I
1972
Public
utilities
79. 18
68.21
68. 10
86.33
66.42
87. 06
80. 22
99. 76
91. 72
95. 38
98. 54
102. 41
101. 96
100. 96
100. 55
<)9. 82
103. 34
101. 31
97. 47
103. 92
100. 45
62. 64
54. 48
59. 33
63. 43
62. 49
62. 42
62. 06
59. 20
57. 90
60. 08
57. 51
56. 48
57. 41
55. 80
57. 07
60. 19
106.
107.
106.
105.
107.
109.
110.
60. 22
61.03
60. 43
73
23
69
13
90
67
25
59.29
58.52
57.48
56. 75
Railroads
46. 34
46.72
48.84
45.95
32. 13
41.94
36. 64
38. 78
39. 70
42. 29
42, 05
42. 12
42. 05
43. 55
47. 18
44. 58
41. 19
43. 17
45. 10
44. 72
44. 88
45. 35
45. 48
45. 94
45. 76
45. 66
Dividend
yield 2
(percent)
3. 40
3.20
3.07
3. 24
3. 83
3. 14
3.32
3. 18
3. 10
2. 99
3. 04
3. 10
3. 13
3. 18
3. 09
3. 16
3. 31
3. 10
2. 96
Price/
earnings
ratio 3
14. 92
17. 52
17.20
16.57
15. 91
18. 11
17.43
17. 69
2.97
2. 95
2. 94
2.99
2. 93
2. 91
ar 33 averages of monthly data. Wee kly data are W ednesday figures
Ratio of price index for last d£ly in quarter to quarterly earn ngs (seasonally
ad justed annual nite). Annual rat los are averages of quarterly da' a.
* Not charted.
Source: Standar d & Poor's CoriDeration.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the first 6 months of the current fiscal year there was a deficit of $18.4 billion/ a year earlier there was a deficit
of $16.6 billion.
BILLIONS OF DOLLARS
260
BILLIONS OF DOLLARS
260
RECEIPTS AND OUTLAYS
220
220
OUTLAYS
(EXPENDITURES AND NET LENDING)
180
180
140
140
100
too
_L
{ENLARGED SCALE)
(ENLARGED SCALE)
-20
-40
-40
1962
1963
1964
1965
1966
J/ ESTIMATE
SOURCES, TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
1967
1968
FISCAL YEARS
1969
1970
1971
1972-1/
1973-^
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
B udget receipts, expenditures, and net lendiiag
Period
Receip [^-expenditure ixccount
Loan
account
Expenditures
Net
lending
Receipts
Fiscal year:
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
19723
1973*
Cumulative totals for
first 6 months:
Fiscal year 1971
Fiscal year 1972
Feder<il debt
(end of period)
Total1
Held by
the public
94. 4
99.7
106. 6
112.7
116.8
130. 9
149.6
153.7
187.8
193. 7
18&4
197.8
220. 8
96.6
104.5
111. 5
118.0
117.2
130. 8
153. 2
172. 8
183. 1
194.5
210. 3
235.6
246.5
-2.2
—4.8
— 4, 9
— 5. 4
—.3
(2)
—3.6
— 19. 1
4.7
-.7
-21.9
-37.8
-25.7
1.2
2. 4
—. 1
.5
1.2
3.8
5. 1
6.0
1.5
2. 1
1. 1
1.0
—.2
-3.4
-7.1
-4.8
—5.9
— 1.6
-3.8
-8.7
-25.2
3.2
-2.8
— 23.0
-38.8
-25.5
292.9
303. 3
310.8
316.8
323.2
329.5
341.3
369. 8
367. 1
382.6
409. 5
455. 8
493.2
238.6
248.4
254.5
257.6
261. 6
264.7
267. 5
290.6
279. 5
284.9
304. 3
343. 8
371.3
87. 6
93. 2
104. 1
110.6
-16.5
-17.4
.1
.9
— 16. 6
-18. 4
400.8
434. 3
301. 1
325. 9
-•••*•:
2'Excludes non-interest-bearing public debt securities held by IMF,
Surplus of $38 million.
a Estimates.
Surplus or
deficit (-)
Total
surplus or
deficit (-)
Sources: Treasury Department and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fhe first 6 months of the current fiscal year receipts were $5.6 billion above a year earlier while outlays were $7.4
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
-I 20
180
180
OUTLAYS
(EXPENDITURES AND NET LENDING)
160
160
140
140
120
120
NONDEFENSE
100
100.
80
80
NATIONAL DEFENSE
60
_L
40
1962
_L
1963
1964
I
J_
1
1965
1966
I
1967
1968
1
FISCAL YEARS
J/ESTIMATE
SOURCESi TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
60
1
I
1969
1970
40
|
1971
1972 J/
1973J/
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
(Outlays
Receiipts
Natio nal defense
Period
Fiscal year:
1961
1962
1963
1964
1965__
1966
1967
1968_.
1969
1970
1971 2
19722
1973
Cumulative totals for
first 6 months:
Fiscal vear 1971___
Fiscal year 1972_ __
1
Expenditure
2
Estimates.
account.
36
Individual
income
taxes
Corporation
income
taxes
Other
Total
94. 4
99. 7
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8
193. 7
188.4
197. 8
220. 8
41.3
45. 6
47. 6
48. 7
48. 8
55. 4
61. 5
68. 7
87. 2
90. 4
86. 2
86. 5
93.9
21. 0
20. 5
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32.8
26. 8
30. 1
35. 7
32. 1
33. 6
37.4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75. 4
81. 2
91. 2
87. 6
93. 2
42. 5
43. 5
11. 3
11.8
33. 8
37.9
Total
Total
Department of
Defense,
military ]
97. 8
106. 8
111. 3
118. 6
118. 4
134. 7
158. 3
178. 8
184.5
196. 6
211. 4
236. 6
246. 3
47. 4
51. 1
52.3
53. 6
49. 6
56. 8
70. 1
80.5
81. 2
80. 3
77. 7
78. 0
78. 3
43. 3
46. 9
48. 1
49. 6
46. 0
54. 2
67. 5
77. 4
77.9
77. 2
74. 5
75. 0
75. 9
104. 2
111. 6
38.5
35.8
37. 3
34. 6
Interna- Health
tional
and
Inaffairs
income terest Other
and
securit}^
3. 4
4. 5
4. 1
4. 1
4.3
4. 5
4. 5
4. 6
3. 8
3. 6
3. 1
4. 0
3. 8
1. 4
1.8
22. 1
23. 7
25. 5
26. 8
27. 4
31. 5
37. 8
43. 7
49. 3
56. 7
70. 2
82. 2
87. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20. 1
21. 2
16. 8
19. 2
20. 3
24. 2
26. 7
30. 6
33. 2
36. 2
34. 4
37. 7
40.9
52. 3
55. 2
32. 7
38. 1
9. 6
10. 1
22. 0
25. 9
8. 1
8. 3
9. 2
9.8
Sources: Treasury Department and Oftice of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to revised estimates for the fourth quarter Federal expenditures increased $4 billion (seasonally adjusted
annual rate). Receipts data are incomplete. For calendar 1971 as a whole, receipts are estimated at $714 billion
higher than in 1970 and expenditures nearly $17 billion higher, yielding a deficit of $23 billion.
BILLIONS OF DOLLARS
240
BILLIONS OF DOLLARS
240
SEASONALLY ADJUSTED ANNUAL RATES
220
220
200
200
EXPENDITURES
180
180
160
160
"RECEIPTS'
140
140
120
120
J
100
L
J
L
100
+20
+20
SURPLUS
n n
V/A
"-"
f^rm
nrin^
Jx53!
"DEFICIT
!
-20
!
1965
!
!
I
!
1966
I
1
1967
1
1
1
1968
1
1
I
]
I
1969
1
1970
!
I wI \
I
\
1
-20
1971
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Feeleral Go1^ernmenl; expend]itures
Federal ClOvernm ent receip ts
Period
Fiscal year:
1967
1968 ..
1969
1970
1971 *>___
1972 !
1973 » _ _ _
Calendar
vear:
1967
1968
1969
1970
1971 *>___
1970:1
'll—
Indirect
AP ersonal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
Subsidies
GrantsContriin-aid
Purless
butions
chases Trans- to State Net
current
for
Total of goods fer pay- and interest surplus of
paid Governsocial inand
ments
local
services
governsurance
ment enments
terprises
Less:
Wage
accruals
less
disbursements
Surplus
or
(• ?
. ^ 'i
income
and
product
accounts
147. 2
160. 6
190. 3
194, 6
194. 0
202, 8
227. 9
64. 5
71. 4
90. 0
93. 8
87. 7
91. 3
98. 3
31. 2
33. 7
37. 3
32. 8
32. 5
33. 0
40. 7
15. 8
17. 1
18. 6
19. 2
20. 3
19.8
20. 7
35. 7
38.3
44. 3
48. 8
53. 5
58. 7
68. 2
154. 5 85. 3
172. 5 94. 9
185. 9 99. 3
197. 2 99. 2
212. 4 95. 3
237. 8 103. 0
255. 9 107.0
39. 4
44.8
50. 7
56.9
69. 9
79. 8
87. 4
14. 8
17.8
19. 4
22. 6
27. 0
36. 2
40. 6
9.9
10. 9
12. 3
14. 0
14.2
13. 4
14. 8
5. 1
4. 1
4. 1
4. 6
5. 9
5. 4
6. 0
0. 0
.0
.0
.1
.1
.0
.0
-7. 3
-11. 9
4. 4
-2.7
-18. 4
-35. 0
-28. 0
151. 2
175. 0
196. 9
191. 5
198. 7
191. 6
193. 8
III. 191. 3
IV.. 189. 3
1971 T
196.5
'llll 197. 7
III- 197.8
IV P
67. 5
79. 7
94. 9
92. 2
89. 0
93. 8
94. 5
89. 7
91. 0
86. 6
87.6
88. 8
93. 0
30. 7
36. 7
36. 3
30. 6
33. 5
30. 6
30. 9
31. 9
29. 0
34. 1
34. 8
33. 2
16. 3
18. 0
19. 0
19. 3
20. 2
19. 0
19. 1
19. 7
19. 4
20.7
19. 9
19. 7
20. 7
36. 7
40. 7
46. 8
49. 3
56. 0
48. 2
49. 2
50. 0
49. 8
55. 1
55. 5
56. 1
57. 2
163. 6 90. 7
181. 5 98. 8
189. 5 99. 2
205. 1 97. 2
221. 9 97.6
196. 1 100. 2
207. 9 96. 8
206.7 96. 1
209. 8 95. 9
212. 7 96. 4
221. 4 96. 0
224. 6 97. 6
228. 7 100.3
42. 2
48." 2
52. 4
63. 4
75.9
56. 1
65. 3
64. 6
67. 5
69. 6
77.8
78. 0
78. 1
15. 8
18. 7
20. 3
24. 4
29. 6
23. 0
23. 9
24. 9
25. 9
27. 0
29.5
30. 2
31. 6
10. 2
11. 7
13. 1
14. 6
13. 7
14. 3
14.3
15. 0
14. 8
14. 0
13. 3
13.9
13. 8
4. 6
4. 1
4. 6
5.5
5. 1
5. 0
5. 5
5. 8
5. 7
5.8
4.8
4. 8
4.9
.0
.0
.0
.0
.0
2. 5
-2. 1
—.4
.0
.0
.0
.0
.0
-12. 4
Estimates.
Source: Department of Commerce.
-6.5
7.3
-13.6
-23. 1
-4. 5
-14. 1
-15.4
- 20. 5
-16.2
-23.7
-26.7
37
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
3
4
S
6
7
8
9
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
10
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
16
17
18
19
20
21
22
23
24
25
..
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
_
26
27
28
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
29
30
31
32
33
34
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
35
36
37
i
| NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Unless otherwise stated, all dollar figures are current dollars.
p
Indicates preliminary and
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