Full text of Economic Indicators : January 1968
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
90th Congress, 2nd Session
Economic Indicators
January 1968
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1968
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
JAMES S. DUESENBERRY
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120 — 81sT CONGRESS; CHAPTER 237 — IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and Plouse of Representatives of the United States of America in Congress ^ssembled^ That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $5.40 per year.
The 1967 revised edition of the Historical and Descriptive Supplement to
Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Office.
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates indicate that sross national product rose by $16y2 billion (seasonally adjusted annual rateJ
in the fourth quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Government
Persons
Net receipts
Disposable personal income
Period
Total l
1960
1961
1962___ _
1963
1964
_
1965
1966
1967 *
1966: I
!!___
III__
IV___
1967: I
II—III___
IV v
350. 0
364. 4
385. 3
404 6
438. 1
472. 2
508.8
544. 6
497. 5
503. 3
512.4
522. 0
532. 7
540. 0
548. 2
557. 5
7.8
8. 1
8. 6
9. 7
10. 7
11. 9
13. 1
14.2
12. 6
13. 0
13. 1
13. 5
13. 8
14. 3
14. 3
14. 5
342. 3
356. 3
376. 6
394. 9
427.4
460. 3
495. 7
530. 4
484. 9
490. 3
499. 3
508. 5
518. 9
525. 7
533. 9
543. 0
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
491. 6
458. 2
461. 6
470. 1
473. 8
480. 2
489.7
495. 3
501. 4
139.8
144. 6
157. 0
168. 8
174. 1
188. 8
213. 0
227. 3
204. 3
210. 6
216. 3
220. 9
222. 8
223. 2
229. 3
17. 0
21. 2
21. 6
19. 9
26. 2
27. 2
29. 8
38.7
26. 6
28.7
29. 2
34. 6
38. 8
36. 0
38. 5
41. 6
36. 5
41. 3
42. 8
44. 4
46. 7
49. 7
55. 5
63. 7
53. 4
53. 1
56. 1
59. 4
63. 2
63. 1
64. 4
64. 7
103. 3
103. 3
114. 2
124. 3
127. 3
139. 1
157. 5
163.6
150. 9
157.5
160.2
161. 5
159.6
160. 1
164. 9
136. 1
149. 0
159. 9
166. 9
175.4
186. 1
209. 8
240.0
199.8
204.4
213. 7
221. 2
233. 6
238. 1
242. 6
246.2
36. 5
41. 3
42. 8
44. 4
46. 7
49. 7
55. 5
63. 7
53.4
53. 1
56. 1
59. 4
63. 2
63. 1
64. 4
64.7
56. 8
58. 7
66. 3
68. 8
76.2
83. 7
89. 7
90.4
87. 6
88.4
89. 5
93. 6
88. 9
89. 1
90.4
74. 8
71. 7
83. 0
87. 1
94. 0
107.4
118. 0
112. 1
115.2
118. 5
116.4
122. 2
110.4
105. 1
112. 2
120.7
2. 4
2. 6
2.7
2.8
2.8
2.8
2. 9
3. 0
3.4
2.9
2.8
2. 5
2. 9
3. 1
3. 1
2.8
27. 2
28. 6
30.3
32. 3
37. 1
39. 1
43. 0
45. 4
42. 0
42. 5
43. 7
44. 0
45. 3
45. 1
45. 6
45. 6
3
Personal income (p. 5) less personal tax and nontax payments (fines, penalties, etc.).
3
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
3 Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
in disposable personal income.
23.2
23.0
25. 1
26. 4
28. 6
32. 2
37. 9
40. 4
36. 0
37. 1
39. 0
39. 7
39. 9
39.8
40. 2
41. 6
3.7
-4.3
— 2. 9
1. 8
-1.4
2.7
3. 2
-12.7
4. 6
6. 1
2.6
-. 3
-10.8
— 15.0
-13.3
i
International
-18. 0
-13. 0
-16. 8
-18. 4
-17. 8
-23. 8
-28. 3
-21.7
-27. 6
-30. 1
-26. 9
-28. 6
-21. 5
-16.0
-21.8
(-),
income
and
product
accounts
99. 6
107. 6
117. 1
122.5
128. 7
136.4
154. 3
176. 3
146. 5
151. 2
157. 7
161. 7
170.4
175. 0
178. 2
181. 5
Net exports of goods
Net
Total
Statisand services
transfers
Excess of income
tical
Gross
Gross
to foror
discreptransfers
private Excess eigners
retained domestic
of
or
receipts
ancy
earnby
of net
3
invest- invest- sons perEquals: exports
ings
ment
and
Less:
ment 4
Net
Govern- Exports Imports exports
(-)
(-)5
ment
1960 _
1961
__ - _ _
1962
1963
1964
1965
1966
1967 *
_ ___
1966: I
II _
III
IV
1967: I
II
III..
IV 9
Surplus
or
deficit
PerLess:
Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
or
and
paid and excludtion
Purfers,
fers,
nontax interest,
expend- interest, chases
Net
transfer
ing
expenddisreceipts
itures
interest
of goods
itures saving receipts
payand
and
or
and
ments
and
(-)
sub- 2
sub- 2 services
to foraccruals sidies
transsidies
eigners
fers'
Business
Period
Expenditures
4. 0
5. 6
5. 1
5. 9
8. 5
6. 9
5. 1
5.0
6. 1
5.4
4. 6
4. 3
5. 3
5.3
5. 4
4.0
-1. 7
-3. 0
-2. 5
-3. 1
-5. 7
-4. 1
-2. 2
-2.0
-2.7
-2. 5
-1. 8
-1. 8
-2.5
-2.3
-2. 3
-1.2
504 8
520. 8
559. 8
590. 8
633. 7
685. 8
745. 9
787.3
726. 8
738. 8
751. 9
765. 9
770. 3
777. 9
792. 4
-1. 0
-. 8
.5
3
-l". 3
-2. 0
-2. 6
-2.2
-. 9
-2. 2
-3.2
-3.8
-4. 0
-2. 8
-1.2
Gross
national
product
or
expenditure
503. 7
520. 1
560. 3
590. 5
632.4
683.9
743. 3
785. 1
725. 9
736. 7
748.8
762. 1
766. 3
775. 1
791. 2
807.6
< Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
& Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) continued to advance at an annual rate of 8Vfc percent in the founk.
quarter, according to preliminary estimates. About half of the increase represented a rise in physical output and the
rest higher prices.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS NATIONAL PRODUCT
\
600
600
500
500
PERSONAL CONSUMPTION
EXPENDITURES
400
400
- GOVERNMENT PURCHASES OF GOODS AND SERVICES
300
300
\
100
„,„,••»»»»«••«•••..••««•»»""••,,,f>ti
„.,...•«••"""
iiniiiiiii
_L J
1961
I
J_ J_
J
1963
1962
1965
1964
1957__
1958
1959
1960__
1961
1962__
1963
1964_
1965.
1966
1967 "_
1966: I _
II
III
IV
1967: I
II
m___
IV *
Government purchases of goods and
Total
Personal Gross
Net
services
congross
Total
private exports
sump- domestic of goods
national gross
Federal
State
tion
product national
investand
Total
National Other and
in 1958 product expend- ment services
Total defense1
local
itures
prices
Billions of dollars; quarterly data at seasonally adjusted annual rates
452.5
447. S
475.9
487.7
497. 2
529.8
551.0
581. 1
616. 7
652. 6
669.2
645. 4
649.3
654*8
661. 1
660. 7
664. 7
672.0
679.4
I
1967
COUNCIL OF ECONOMIC ADVISERS
441. 1
447. 3
483.7
503.7
520. 1
560. 3
590. 5
632.4
683. 9
743.3
785.1
725. 9
736. 7
748.8
762. 1
766.3
775. 1
79L 2
807.6
281. 4
290. 1
311. 2
325. 2
335. 2
355. 1
375. 0
401. 2
433. 1
465. 9
491. 6
458. 2
461.6
470. 1
473.8
480. 2
489. 7
495. 3
501.4
67.8
60. 9
75. 3
74. 8
71. 7
83. 0
87. 1
94. 0
107.4
118. 0
112. 1
115. 2
118. 5
116.4
122. 2
110.4
105. 1
112. 2
120.7
J
This category corresponds closely witb budget expenditures for national
defense, shown on p. 35.
2
Gross national product in current prices divided by gross national product
in 195? prices.
I
I
1966
-I/PRELIMINARY.
SOURCEi DEPARTMENT OF COMMERCE
Period
100
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES \
5.7
2. 2
.1
4.0
5. 6
5. 1
5. 9
8.5
6. 9
5. 1
5.0
6. 1
5.4
4.6
4.3
5.3
5. 3
5.4
4,0
86. 1
94. 2
97. 0
99. 6
107. 6
117. 1
122. 5
128. 7
136. 4
154. 3
176. 3
146. 5
151. 2
157.7
161. 7
170.4
175. 0
178. 2
181. 5
49. 5
53. 6
53.7
53. 5
57. 4
63. 4
64. 2
65. 2
66.8
77.0
89.9
72. 1
74.9
79.5
81. 5
87. 1
89. 5
90. 9
92.0
44. 2
45. 9
46. 0
44. 9
47. 8
51. 6
50. 8
50. 0
50. 1
60. 5
72. 6
55. 1
58.4
63. 0
65. 6
70.2
72. 5
73. 3
74.3
5.3
7.7
7. 6
8. 6
9. 6
11. 8
13. 5
15. 2
16. 7
16. 5
17. 3
17. 1
16. 6
16.6
15. 9
16. 8
17.0
17. 6
17.7
36. 6
40.6
43. 3
46. 1
50. 2
53. 7
58. 2
63. 5
69. 6
77.2
86.4
74. 3
76.2
78. 1
80.2
83.3
85. 4
87. 4
89.5
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Implicit
price
deflator
for total
GNP,
1958= 1002
97.5
100. 0
101. 6
103.3
104, 6
105. 8
107. 2
108.8
110.9
113.9
117.3
112. 5
113. 5
114.4
115.3
116.0
116. 6
117. 7
118.9
RATIONAL INCOME
rational income rose almost $1 2 billion (seasonally adjusted annual rate) in the third quarter. According to preliminary
estimates for the fourth quarter, employee compensation increased $10% billion and net interest rose $% billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
500
400
PROPRIETORS' AND
RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
1967
J/PRELIMINARY.
SOURCE, DEPARTMENT OF COMMERCE
*SEENOTE, PAGE 7.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1958
1959
1960
1961_
_ _ _ _ _ _
1962
1963 _ _ _ _ _ _ _ _ _ _ _
1964
_
_
_ _-_
1965
1966
1967 *
_
1966: I._ _ _ _ _ _ _ _
II
III
IV
_
1967: I
II
III
IV »
__
Total
national
income
367. 8
400. 0
414. 5
427. 3
457. 7
481. 9
518. 1
562.4
616.7
649. 6
600.3
610.4
622. 1
634. 1
636.4
641. 6
653. 4
Compensation
of em- ]
ployees
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.9
435.7
469. 6
420.8
430.7
441.2
450.2
459. 1
463.4
472.6
483.2
Proprietors' income
Farm 2
13. 4
11. 4
12. 0
12. 8
13. 0
13. 1
12.1
14.8
16. 1
14. 8
17.1
16.0
15.9
15.1
14.6
14.3
15. 0
15. 2
1
Includes employer contributions for social insurance. (See also p. 4.)
2 Excludes farm profits of corporations engaged in farming and therefore difiers
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
Rental
income
of
persons
33. 2
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
41.9
43.2
43. 6
42.8
43.3
43.3
43. 4
43.2
43.4
43.8
44. 1
15. 4
15. 6
15. 8
16. 0
16.7
17. 1
18.0
19.0
19.4
20. 1
19.2
19.3
19.4
19. 6
19.8
20.0
20. 2
20. 4
Net
interest
6. 8
7. 1
8. 4
10. 0
11. 6
13. 8
15.8
17.9
20. 2
22. 4
19.3
19.8
20.4
21.1
21.6
22. 1
22. 7
23. 3
Corporate profits and inventory valuation adjustment 3
Total
41. 1
51.7
49. 9
50.3
55. 7
58. 9
66.3
74.9
82.2
79. 1
81.1
81.3
81.9
84.6
78. 1
78.3
79. 2
Profits Inventory
before valuation
taxes 3 adjustment
41. 4
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
76.6
83.8
80. 1
83.7
83.6
84.0
83.9
79.0
78. 9
80.0
'See Note, p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0.3
-. 5
.2
^
".3
—.5
~~ . o
1 7
-1.6
— 1.0
-2.6
-2.3
— 2.2
.7
-.8
-.7
-.8
SOURCES OF PERSONAL INCOME
In December personal income resistered its second largest 1967 monthly increase with a rise of $5.7 billion to reach
seasonally adjusted annual rate of $648.1 billion. Wages and salaries increased $6.7 billion but dividends declineu
$2.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
600
600
TOTAL PERSONAL INCOME
\
500
500
400
400
WAGE AND SALARY DISBURSEMENTS
\..\
300
300
OTHER INCOME
\
IIIIMIIIIIIIIMM
I
100
100
TRANSFER PAYMENTS
J*u**mmm»m<«fc'**'
1
1961
1 I
1963
1964
SOURCE: DEPARTMENT OF CO/AMERCE
Period
Total
personal
income
1959
1960
1961
1962
1963
1964
1965
1966
1967 v
1966: N o v _ _ _
Dec
1967: Jan
Feb
Mar
Apr
May
June
July _._
Aug___
Sept___
Oct _.__
Nov
Dec p _..
383.5
401. 0
416. 8
442. 6
465. 5
497. 5
537. 8
584. 0
626. 3
602. 1
605. 0
610.4
612. 6
615. 6
616. 5
618. 2
622. 6
627. 0
631.6
634.4
635.9
642. 4
648. 1
1965
1967
1966
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
liVfl.tre*
-^
. . . .
,
Wage
Proprietors3 income Rental
and
Other
Personal Transfer
income
Divisalary
labor 2
Business
paydends interest ments
of
disburse- income
Farm
and pro- persons
income
1
ments
fessional
11. 3
11. 4
258. 2
15. 6
12. 6
20. 7
35. 1
26. 6
12. 0
12. 0
23. 4
270. 8
34. 2
15. 8
13. 4
28. 5
12. 8
32. 4
12.7
25. 0
278. 1
16. 0
35. 6
13. 8
13. 9
13. 0
27. 7
296. 1
37. 1
16. 7
15. 2
33. 3
311. 1
14. 9
17. 1
13. 1
16. 5
31. 4
35. 3
37. 9
12. 1
16. 6
34. 9
333. 7
4o! 2
is! o
17. 8
36. 7
18. 6
14. 8
41. 9
359. 1
19. 0
38. 4
39. 7
19. 8
42. 4
43. 9
394. 6
20. 8
43. 2
21. 5
16. 1
19. 4
23. 2
14. 8
46. 5
423. 7
43. 6
51. 9
20. 1
22. 8
21. 7
44. 3
407. 6
15. 1
19. 6
21. 6
47. 4
43. 5
21. 9
44. 8
410. 0
15. 3
20. 2
48. 5
43. 5
19. 7
22. 1
413. 8
15. 0
19.7
21. 8
45. 0
43. 3
49. 7
22. 2
414. 2
14.6
45. 2
19. 8
22. 3
51. 1
43. 2
22. 4
14. 3
416. 2
22. 6
51.7
19. 9
45. 5
43. 1
14. 4
416.7
22.6
22. 8
45. 8
51. 0
43. 3
20. 0
417.2
22. 8
14. 4
43. 4
46. 0
51. 5
20. 0
23. 1
23. 1
14. 3
420. 9
46. 1
43.6
20. 1
51. 6
23. 3
23. 3
52.2
14.7
423. 4
20. 2
46. 4
43.7
23. 5
23. 6
52. 4
426. 7
15. 0
46. 9
43. 8
20. 2
23. 5
428.5
23. 8
15. 3
20. 3
23.4
43.9
47.3
52.5
24. 0
47.6
429. 4
15. 1
44. 0
23.2
52.8
20. 3
24. 3
435. 3
15.2
20. 4
48.0
52.8
44.1
23.1
442. 0
24. 6
15. 3
20.4
48.4
53.1
44.2
21.0
1
Compensation of employees (see p. 3) excluding employer contributions for
social insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries : directors' fees; military reserve pay; and a few othei minor
items.
t I M T
_L_L
1
1962
Less: Personal con- Nonagritributions cultural
personal
for social income 3
insurance
368.5
7. 9
385. 2
9. 3
400. 0
9. 6
425. 5
10. 3
448. 1
11. 8
12. 5
480. 9
13. 4
518. 4
17. 9
563. 1
606. 4
20 4
18. 7
581. 9
5848
18.8
590. 2
20. 0
593. 0
20. 0
596. 2
20. 1
596. 9
20. 1
598. 8
20. 1
603. 2
20. 3
607. 2
20. 4
20.6
611. 4
20. 6
614.0
615.7
20.6
622.0
20.8
627. 6
21.0
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Preliminary data indicate that personal income advanced $11 billion (seasonally adjusted annual rate) in the fourth
quarter and disposable income increased $91/2 billion. Personal outlays rose $6% billion and the saving rate jumped
from 7.0 to 7.5 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
DOLLARS
2,800
DOLLARS
2,800
SEASONALLY ADJUSTED ANNUAL RATES
PER CAPITA DISPOSABLE PERSONAL INCOME
2,600
2,600
IN CURRENT PRICES
\
2,400
2,400
2,200
2,200
IN 1958 PRICES
2,000
2,000
1
1,800
1961
1963
I
I
J
1964
I
L
1965
1
I
-I/PRELIMINARY
SOURCE: DEPARTMENT OF COMMERCE
Period
Less :
Personal
Personal tax and
income nontax
payments
J
I
U'lJ 1,800
1967
COUNCIL OF ECONOMIC ADVISERS
Less: Personal outlays
Equals:
Personal consumption
Equals:
Disexpenditures 2
Personal
posable Total
saving
personal personal Durable Nonincome outlays 1 goods durable Services
goods
1959
1960
1961
1962
1963
1964 _
1965 _
1966
1967
383.5
401.0
416.8
442.6
465. 5
497. 5
537. 8
584. 0
626. 3
46. 2
50.9
52.4
57.4
60. 9
59. 4
65. 6
75. 2
81. 7
337.3
350. 0
364.4
385.3
404. (>
438. 1
472. 2
508. 8
544. 6
1966: I
!!___
III__
IV —
1967: !_.__
II—
III__
IV »_
567. 8
577. 3
589. 3
601. 6
612. 9
619. 1
631. 0
642. 1
70. 4
74. 1
76. 9
79. 6
80. 2
79. 1
82. 8
84. 6
497. 5
503. 3
512. 4
522. 0
532. 7
540. 0
548. 2
557. 5
Billions of dollars
44.3
146.6
120.3
318. 3
151.3
128.7
333. 0
45. 3
44.2
155. 9
135. 1
343. 3
363.7
162.6
143. 0
49.5
152. 4
168. 6
384. 7
53. 9
178. 7
163. 3
411. 9
59. 2
191. 2
175. 9
445. 0
66. 0
207. 5
188. 1
479. 0
70. 3
202. 1
217. 5
72. 1
505. 8
Seasonally adjusted annual rates
183. 5
203. 2
470. 9
71. 6
207. 1
186. 3
474. 6
68. 2
189. 8
209. 5
483. 2
70. 9
192. 9
210. 3
70. 6
487. 4
214. 2
196. 6
69. 4
493. 9
217.2
200.0
72.5
504. 0
204. 1
218. 5
72. 7
509. 6
220.2
207.5
73.7
515.9
1
Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
3
Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
I
1966
Per capita disposable personal
income
Current
prices
1958
prices
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
19. 1
17. 0
21.2
21.6
19. 9
26. 2
27. 2
29*. 8
38. 7
Dollars
1,881
1,905
1,883
1,937
1,983
1,909
2,064
1, 968
2,136
2,013
2, 280
2, 123
2, 232
2, 427
2, 584
2, 317
2, 735
2, 391
5.6
4.9
5.8
5.6
4. 9
6. 0
5. 8
5. 9
7. 1
177, 073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, 118
26, 6
28. 7
29. 2
34. 6
38.8
36. 0
38. 5
41.6
2, 537
2, 560
2, 598
2,639
2, 686
2, 716
2, 749
2,787
2, 304
2, 302
2, 324
2, 341
2,373
2, 388
2,394
2,409
5. 3
5. 7
5.7
6. 6
7.3
6.7
7.0
7. 5
196,
196,
197,
197,
198,
198,
199,
200,
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Sources: Department of Commerce and Council of Economic Advisers.
096
629
216
834
356
852
425
006
FARM INCOME
Net farm income excluding inventory change (seasonally adjusted) declined about 6 percent in the fourth quarter,
according to preliminary estimates. Including inventory change, there was a small rise.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
I 60
SEASONALLY ADJUSTED ANNUAL RATES
50
40
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
120
"**""1
-1\
10
10
1
1962
1963
1
1964
SOURCE: DEPARTMENT OF AGRICULTURE
1966: I
II
III
IV
1967: I
II .
Ill
IV
From
all
sources
_
18. 1
18.7
19. 0
19. 2
18. 7
18.0
20.3
21. 3
20. 1
From
From
nonfarm
farm
sources sources
11. 0
11.4
12. 1
12. 2
12. 0
11.2
13.4
14 4
13. 2
7.0
7.2
6.9
7. 0
6.7
6.8
6.9
6. 9
6.9
Net to farm
operators
Net income per
farm including net
inventory change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total i
ventory ventory
prices prices *
2
marketchange change
ings
Dollars
Billions of dollars
3, 106
2, 795
37. 5
26. 1
33. ft
11. 5
11. 4
3, 381
12. 0
26. 2
3, 043
37. 9
34. 0
11. 7
3,724
12. 9
3, 389
27. 0
12. (5
39. 6
34. 9
3,872
:^, 502
12. r>
13. 1
41. 1
36. 2
28. f>
3, 947
37. 2
29. (>
1 2. 5
13. 1
:->, 67!
42. 1
29.4
3, 774
42.4
13.0
;;, 510
37. 1
12. 2
4, 413
4, 645
30.9
14. 9
44.8
39. 1
13. 9
4, 9SS
5, 090
43. 2
16. 4
49. 7
33. 3
16. 2
4, 705
4, 705
14. 5
14. 9
42. 5
34.4
48. 9
Seasonally adjusted annual rates
17. 3
5,480
32. 6
43. 3
16. 9
;">, 320
49. 5
4, 980
5, 080
43. 1
16. 2
16. 4
49. 5
33. 1
4, 950
5, 000
43. 3
33. 5
16. 5
16. 1
50. 0
4, 710
4, 760
43. 2
34. 0
15. 3
15. 9
49. 9
4, 670
4, 720
34. 3
14.8
42. 6
15. 0
49. 3
4, 580
4, 580
42. 4
34. 5
14. 6
14 5
49. 1
4, 800
42. 9
4,750
34.4
15. 2
49. 2
14. 8
4 860
34. 2
15.4
4, 810
42. 1
13. 9
48. 1
1
Cash receipts from marketings, Government payments, and oonmoney income furnished by farms.
2
Inventory of crops and livestock valued at tbe average price for the year.
Also, see footnote 2, p. 3.
3
Based on 1959 Census of Agriculture definition of a farm. The number of
farms is held constant within a year.
J0
1967
Income received from farming
Realized gross
1959___ „ _ _ _ _ _ _ _ _ _ _
1960
1961
„ _
1962
1963
1964 _ _ _ _ _ _ _ _ _
1965 _.
1966
1967
I
1966
COUNCIL OF ECONOMIC ADVISERS
Personal income received by
total farm population
Period
!
1965
'-Income in current prices divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits (before taxes) and inventory valuation adjustment (seasonally adjusted) rose slightly in the third
quarter. Preliminary estimates for 1967 indicate a decline of about $3 billion for the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
10
1961
I
1967
1962
-I/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE. DEPARTMENT OF COMMERCE
* SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits (before taxes) and inventory
valuation adjustment
TransManufacturing
portation,
comPeriod
NonAll
Durable durable muniAll 1
indusgoods
goods cations, other
Total
tries
indusand
tries
public
tries
utilities
12. 7
26. 3
13. 6
18. 4
7. 0
1959
51. 7
12. 4
24. 4 I
12. 0
7. 5
17. 9
1960
49. 9
11. 9
11. 4
23. 3
7. 9
19. 1
1961 _ _ _ . 50. 3
14. 1
12. 5
26. ()
20. 5
8. 5
1962
55. 7
1 5. 8
J 3. 0
9. 5
28. 8
20. 6
58. y
1963
14. 9
32. 7 !
17. 8
23. 5
10. 1
66.3
1964
] 6. 5
38. 7
22. 2
11.2
25. 0
74.9
1965
18.7
82 2
43. 1
24. 4
27.2
11.9
1966
79. 1
39. 0
21. 0
18. 0
12. 0
28. 1
1967 "
1966: I
II...
III..
IV.1967: I....
!!_„_
III.
81. 1
81. 3
81.9
84.6
78. 1
78. 3
79.2
42. 7
42.5
42.7 .
44.4
39.6
38. 9
38. 2
24. 3
24.0
23. 9
25.3
21. 1
21. 1
20. 5
!
18. 3
18.5
18. 8
19.2
18.4
17.8
17.7
11.7
12. 0
11.8
12.0
11.7
11. 9
12. 1
26.7
26.8
27.3
28.2
26.9
27.5
28. 9
IV
i Includes all other industries and financial institutions.
3
Includes depreciation, capital outlays charged to current account, and accidental damages.
3
Corporate profits after taxes plus corporate capital consumption allowances.
88-723°—68
Corporate profits
after taxes
Corpo- Corporate
profits
tax
before liabiltaxes
ity
Total
Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allowances 2
Profits
plus
capital
consumption
allowances 3
52. 1
49. 7
50. 3
55. 4
59. 4
66.8
76.6
83. 8
80. 1
23. 7
23. 0
23. 1
24. 2
26. 3
28.3
31.4
34.5
33. 0
28. 5
26. 7
27. 2
31. 2
33. 1
38.4
45.2
49.3
47.2
12. 6
13. 4
13. 8
15. 2
16. 5
17.8
19.8
21.5
22. 8
15. 9
13. 2
13. 5
16. 0
16. 6
20.6
25.4
27.8
24. 4
23. 5
24 9
26. 2
30. 1
31.8
33.9
36.5
39.0
41. 4
52. 0
51. 6
53. 5
61. 3
64. 8
72.3
81.7
88.3
88.6
83.7
83.6
84.0
83.9
79.0
78. 9
80.0
34.5
34. 5
34.6
34.6
32.5
32. 5
32.9
49. 2
49. 2
49.4
49.3
46.5
46. 5
47. 1
21. 4
21. 6
21.6
21.2
22.2
23. 1
23. 4
22. 4
27.8
27.6
27.8
28.2
24.2
23. 4
23. 6
38.3
38.7
39.2
39.8
40.3
40.9
41.8
42.5
87.5
87.9
88.6
89.1
86.7
87. 4
88. 8
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines ($2M billion for 1962) and therefore not comparable with preceding data.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment gained $8% billion (seasonally adjusted annual rate) in the fourth quarter, according
to preliminary estimates. Business fixed investment gained $1 billion to reach a new record high. Residential construction continued its recovery with a gain of almost $21/2 billion. Inventory investment increased $5 billion—-the second
straight increase after two quarters of substantial decline.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
1 140
SEASONALLY ADJUSTED ANNUAL RATES
120
120
GROSS PRIVATE DOMESTIC
INVESTMENT
100
100
80
80
60
60
PRODUCERS'
DURABLE EQUIPMENT
40
RESIDENTIAL STRUCTURES
20
NONRESIDENTIAL
20
T
\
STRUCTURES
_
'J.
CHANGE IN BUSINESS INVENTORIES
I
1961
1
1
1962
I
I
1963
1964
J/PRELIMINARY.
SOURCE: DEPARTMENT OF COMMERCE
I
1967
1966
1965
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Total
gross
private
domestic
investment
Total
Structures
IV v
67. 8
60.9
75. 3
74. 8
71. 7
83. 0
87. 1
94. 0
107. 4
118.0
112. 1
115. 2
118. 5
116. 4
122. 2
110. 4
105. 1
112. 2
120. 7
66. 5
62. 4
70. 5
71. 3
69. 7
77.0
81. 3
88. 2
98.0
104. 6
107. 0
105. 3
104. 5
104. 9
103. 7
103. 3
104. 6
108. 4
111.7
46. 4
41. 6
45. 1
48. 4
47. 0
51. 7
54. 3
61. 1
71. 1
80. 2
82. 5
78.3
78. 7
81. 2
82.8
81. 9
81. 5
82. 8
83.8
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Producers' durable equipment
Total
Total
Total
1957
1958
1959 ___
1960
1961
1962
1963. __ __ _
1964
1965
__
1966
1967 ^
1966: I
II
III
__
IV___
1967: I ._
II
III
Residential
structures
Nonresidential
18.0
16. 6
16. 7
18. 1
18. 4
19. 2
19. 5
21.2
25.1
27.9
26. 8
28.3
27.5
28.2
27.7
27.7
26.3
26. 6
26. 5
Nonfarm
17. 2
15. 8
15. 9
17. 4
17. 7
18. 5
18. 8
20.5
24.4
27.2
26. 1
27.6
26.8
27.4
26.9
26.9
25.6
25. 9
25.8
Total
28. 4
25. 0
28. 4
30. 3
28. (i
32. r>
34. S
39. 9
46. 0
52. 3
55. 7
50. 0
51. 2
53. 1
55. 1
54. 2
55. 2
56. 2
57.3
Nonfarm
25. 9
22. 2
25. 4
27. 7
25. S
29. 4
31. 2
36. 3
41. 9
47.8
51. 3
45. 5
46. 9
48.7
50. 1
50.0
50.6
51. 9
52. 9
20. 2
20. 8
25. 5
22. S
22. 0
25. 3
27. 0
27. 1
27.0
24.4
24. 5
27. 0
25. S
23. 7
20. 9
21.4
23.1
25. 6
27.9
Nonfarm
19. 5
20. 1
24. 8
22 2
22. 0
24. S
26. 4
26. 6
26. 4
23. 8
23. 9
26. 5
25. 3
2:i 2
20. 4
20. 9
22. f>
25. 0
27. 4
Source: Department ol Commerce.
Change in business inventories
Total
1.3
-1. 5
4. 8
3. 6
2. 0
6. 0
5. 9
5.8
9. 4
13. 4
5. 1
0. 9
14. 0
11. 4
IS. 5
7. 1
.5
o. 8
9. 0
Nonfarm
0.8
-2.3
4,8
3. 3
1. 7
5. 3
5. 1
6. 4
8. 4
13.7
4.7
9. 6
14. 4
12. 0
19. 0
7. 3
.6
3. 4
7. 5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
business expenditures for new plant and equipment for 1967 are now expected to total $61.5 billion, or 1% percent
above 1966, according to the latest Commerce-SEC survey of intentions. The survey also shows that a jump of almost
5 percent is expected in the first quarter of 1968 on a seasonally adjusted basis.
BILLIONS OF DOLLARS
170
BILLIONS OF DOLLARS
70
SEASONALLY ADJUSTED ANNUAL RATES
60
60
TOTAL NEW PLANT AND EQUIPMENT
50
50
40
40
NONMANUFACTURING
30
30
• --------
„..«•»«
20
20
MANUFACTURING
10
10
i
1962
1963
1965
1964
1966
1967
1968
-I/SEE NOTE 3 ON TABLE BELOW
SOURCES.- SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
f Billions of dollars; quarterly data at seasonally adjusted annual rates]
Manufacturing
Period
Total »
Total
1953 _
1954
1955
___
1956__
_-_
1957
26.83
1967
28. 70
35. 08
36. 96
30. 53
32. 54
35. 68
-
_ _ _
1958--
1959
1960
1961
1962
1963
1964
1965
1966
28. 32
_
_ ___
34.37
__
37. 31
39. 22
44. 90
51.96
_
3
60.63
61.48
61. 25
_
1966: III
IV
1967: I
II
III3
IV
1968: 1 3 _ _ _
II3
1
2 Excludes agriculture.
11. 91
11. 04
11. 44
14.95
15. 96
11. 43
12. 07
14. 48
13. 68
14. 68
15. 69
18. 58
22.45
26.99
26.84
27. 55
62.80
-- -- --
27.75
61. 65
61. 50
27. 85
27. 00
26. 15
60.90
62.05
65.05
26.55
27.75
65.85
28.40
Durable Nonduragoods
ble goods
5.65
5. 09
5. 44
7. 62
8. 02
5. 47
5. 77
7. 18
6.27
7. 03
7. 85
9. 43
11.40
13.99
13.78
14. 35
14.50
14. 20
13. 75
13.50
13.75
14.60
15.00
Commercial and other includes trade, service, finance, communications, and
construction.
3
Estimates based on anticipated capital expenditures as reported by business
in late October and November 1967. Includes adjustments when necessary for
systematic tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million
Transportation
6. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6.29
7. 30
7. 40
7. 65
7. 84
9. 16
11.05
13.00
13.07
13. 20
13.25
13. 70
13. 25
12.65
12.80
13.15
13.40
Railroads
Other
Public
utilities
1. 31
.85
. 92
1.23
1. 40
.75
. 92
1. 03
.67
. 85
1.10
1. 41
1.73
1.98
1.55
1. 85
2.35
1.80
1. 55
1.40
1.45
1.50
1. 56
1. 51
1.60
1.71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 92
2. 38
2.81
3.44
3.88
3. 40
3.50
3.05
3.90
4.10
4.45
4.75
4.55
4. 22
4.31
4. 90
6. 20
6. 09
5. 67
5. 68
5.52
5. 48
5.65
6. 22
6.94
8.41
9.59
8. 55
8.50
9.20
9.70
9.80
9.60
11.15
Mining
0.99
.98
.96
1.24
1. 24
. 94
. 99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.43
1. 45
1.45
1. 40
1. 30
1.45
1.50
1.60
Commercial and
other 2
8. 00
8.23
9.47
11. 05
10. 40
9. 81
10.88
11. 57
11. 68
13. 15
13. 82
15. 13
16.73
18.36
18.2Q
18.45
19. 25
18. 30
18. 05
17.95
18.50
18.35
37.45
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals Included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force, seasonally adjusted, increased by 476,000 in December. Total civilian employment increased
598,000. As a result unemployment dropped 1 22,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
-5
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
1
SEASONALLY ADJUSTED
UNEMPLOYMENT RATE
- ^
•n- -i
_
1
"T
"-
1961
1962
1963
1965
1964
1966
1967
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
labor
force
(including
armed
forces)
1963
1964 i
1965
1966
1967___
74 571
75 S2f)
77 178
78 893
80, 793
1966:
Nov.
Dec.
1967:
Jan..
Feb..
Mar_
Apr.
May.
JuneJuly.
Aug.
Sept.
Oct..
Nov.
Dec_
COUNCIL OF ECONOMIC ADVISERS
Unemployment
Civilian emTotal
Civilian employment
rate (percent of
ployment
labor
civilian labor
force
Non- UnemNon- Unem- (includ- Civilian
force)
labor
ploy! Agriployagriagriment
culforce
Total
Total
ment
ing
Unad- Seasonculcularmed
tural
justed ally adtural
tural
forces)
justed
Percent
Thousands of persons 16 years of age and over
5. 7
67, 762 63, 076 4, 070 74, 571 71, 833 67, 762 4, 687 63, 076 4,070
5. 2
69, 305 64 782 3 786 75, 830 73, 091 69, 305 4, 523 64, 782 3, 786
77, 178 74, 455 71, 088 4, 361 66, 726 3, 366
4. 5
71 088 66 726 3 366
78, S93 75, 770 72, 895 3, 979 68, 915 2, 875
3. 8
72 895 68 915 2 875
3.8
74, 372 70, 527 2,975 80, 793 77, 347 74, 372 3,844 70, 527 2,975
Unadjusted
Seasonally adjusted
79, 895
79, 642
73, 995
73, 599
70, 180
70, 239
2,577
2,653
79, 934
80, 154
76, 612
76, 764
73, 897
73, 893
Q QQ<9
O, Q(J td
4, oil
70, 005
69, 882
2, 715
2, 871
3. 4
78, 706
79, 107
78, 949
79, 560
79, 551
82, 464
82, 920
82, 571
80, 982
81, 595
81, 582
81, 527
72, 160
72, 506
72, 560
73, 445
73, 637
75, 391
76, 221
76, 170
74, 631
75, 181
75, 218
75, 338
68, 826
69, 225
69, 149
69, 724
69, 812
70, 996
71, 705
71, 792
70, 700
71, 148
71, 460
71, 793
3, 160
3, 183
2,954
2, 666
2, 457
3, 628
3,250
2,942
2,895
2, 951
2,894
2, 719
80, 473
80, 443
79, 959
80, 189
79, 645
80, 681
80, 954
81, 160
81, 259
81, 460
81, 576
82, 051
77, 087
77, 025
76, 523
76, 740
76, 189
77, 237
77, 505
77, 701
77, 803
77, 997
78, 106
78, 582
74, 255
74, 137
73, 747
73, 910
73, 289
74, 147
74, 489
74, 718
74, 625
74, 630
75, 083
75, 681
4, 015
3, 890
3,855
3, 890
3, 652
3, 727
3,856
3,992
3,676
3, 707
8,829
4,264
70, 240
70, 247
69, 892
70, 020
69, 637
70, 420
70, 633
70, 726
70, 949
70, 923
71, 254
71,417
2, 832
2, 888
2, 776
2, 830
2, 900
3, 090
8, 016
2, 983
3, 178
3, 367
8,023
2,901
4. 2
4. 2
3. 9
3. 5
1
Total labor force as percent of noninstitutional population.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
10
Source: Department of Labor.
3.5
•> *>
4. 6
4. 1
3. 7
3. 7
3.8
3.7
3. 5
Labor
force
participation
rate,
unadjusted *
59. 6
59. 6
59. 7
60. 1
60. 6
3.5
60.5
60.3
3.7
59. 5
59.7
59. 5
59.9
59.8
61. 9
62. 2
61. 8
60. 5
60. 9
60.8
60.7
8. 7
S. 7
3. 6
3. 7
3. 8
4.0
3. 9
8. 8
4.1
4.3
3.9
3.7
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
fhe unemployment rate (seasonally adjusted) dropped from 3.9 percent in November to 3.7 percent in December.
For the year, unemployment averaged 3.8 percent of the civilian labor force—the same as in 1966.
PERCENT
PERCENT
10
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
-UNEMPLOYMENT RATE, EXPERIENCED WAGE AND SALARY WORKERS
N
UNEMPLOYMENT RATE,
MARRIED MEN
•„_ x*""" "^—v
1961
1962
1963
1964
1966
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF LABOR
Unemployment rate
(percent of civilian labor
force in group)
Labor
force
time lost
Experi- Married through
unemenced
All
ployment Over 40
wage and men
workers salary
(wife and part- hours
present)
time
workers
work 1
Period
1963
1964
1965
_ _ _ _
1966__ _ _ _ _ _ _
1967
5. 7
5.2
4.5
3.8
3.8
1966: Nov
Dec
1967: Jan.
Feb
Mar
3. 5
3. 7
3.7
3.7
3.6
3.7
3.8
4.0
3. 9
3.8
4. 1
4. 3
3.9
3. 7
._
Apr
May
June
July
Aug
Sept
__
A
Oct
Nov
Dec__
_.
Percent
3.4
5. 5
5.0
2.8
2. 4
4. 3
3. 5
1. 9
3.6
1. 8
Seasonally adjusted
3. 4
1. 7
3. 5
1. 7
1.7
3.5
3.4
1.6
3.4
1.7
1.9
3.4
3.6
1.9
3.8
2.0
3. 7
1.8
3.6
2.0
4. 0
1.8
4. 1
1. 9
1.7
3.6
3. 5
1.7
J
6. 4
5.8
5.0
4. 2
4. 2
3. 8
4. 1
4. 1
4. 0
4. 1
4.0
3.8
4.5
4.3
4.3
4. 6
4.7
4. 1
4. 1
Persons at work in nonagricultural 2 industries
by hours worked per week
Under 35 hours
35-40
hours
Part-time for
economic reasons
Total
Part-time for
economic reasons
Usually Usually Usually
fullfullparttime 3
time 4
time 3
Thousands of persons 16 years of age and over
1,069
1, 222
19,271 29, 100 13, 101
986
1, 151
20, 788 30, 768 11,818
897
1,031
21, 334 32, 088 12, 034
871
793
20, 920 32, 616 13, 290
1,060
853
Unadjusted
Seasonally
20, 384 28, 585 18, 862
774
658
775
22, 221 33, 175 12, 614
948
726
981
21, 317 32, 069 13, 215
1, 143
765
1,035
20, 625 31, 050 15, 243
1, 171
830
1, 178
20, 490 32, 506 13, 777
1, 213
765
1, 229
20, 759 32, 858 13, 791
1, 179
730
1, 181
20, 677 33, 273 13, 473
885
568
910
20, 577 33, 082 12, 323
1, 133
1, 091
1, 072
22, 143 32, 608 12, 477
997
1, 226
1, 058
22, 485 33, 390 12, 066
1, 012
1, 163
992
22, 019 33, 145 12, 219
1, 073
810
1,081
21, 411 31, 641 15, 246
922
765
949
21, 628 33,413 13, 952
1, 078
751
1, 080
5
5
21, 954 33, 628 14, 026
774
911
939
^Ian-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning: 1963, series reflects whether unemployed persons sought fullor 2part-time jobs.
Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
1967
Usually
parttime *
adjusted
716
816
872
899
843
827
629
867
953
863
896
864
814
862
3 Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
< Primarily includes persons who could find only part-time work.
8
Average hours worked: usually full-time. 23.4; usually part-time, 18.6.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department oi Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In December, insured unemployment under State programs averaged only 6,000 higher than in December 1966. The
insured unemployment rate, seasonally adjusted, remained at 2.2 percent—as low as any month in 1967.
MILLIONS OF PERSONS
JAN.
FEB.
MILLIONS OF
MAR.
APRIL
MAY
JUNE
•JULY
AUG.
SEPT.
NOV.
OCT.
PERSONS
DEC
J/SEE NOTE I ON TABLE BELOW.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All programs
Total
Insured
unem- benefits
Covered
ploypaid
employ- ment
(milment
lions
(weekly
averof dollars)
age)
Period
1964
1965
._
1966
_ _
1967 v
1966: Nov
Dec
1967: Jan
_
Feb
_
Mar
Apr_
May
JuneJuly
w^J.
Aug
_ _
Sept...
Oct „.
Nov
Dec "__
Week ended:
1967: Dec 16
23 . _
30 .
1968: Jan
6
13 "
20*.
*Not charted.
12
Thousands
49, 637
1,753
51,580
1, 450
54, 739
1, 129
1, 268
55, 984
955
56, 482
1,313
" 54, 768
1,631
"54,659
1, 654
"55, 097
1, 603
"55, 591
1, 423
"55, 985
1, 197
"57, 017
1, 071
1, 245
1, 123
956
953
1, 068
1, 338
_
1, 280
1, 336
1, 570
1,713
1,744
2,
2,
1,
2,
749. 2
360. 4
890. 9
236. 9
122.6
166.4
235.8
230.9
270. 1
210. 5
193.1
165. 4
155. 3
184. 0
132.3
133. 0
146. 5
180. 0
State programs
Insured
unemployment
Initial
claims
Exhaustions
Weekly average, thousands
1, 605
26
268
232
21
1, 328
1, 061
203
15
227
17
1,206
12
208
903
1,254
299
13
300
15
1, 558
267
16
1, 583
239
17
1, 533
244
20
1,360
1, 142
19
188
186
19
1, 019
17
1, 184
288
17
187
1,060
894
158
15
180
15
889
997
15
208
15
278
1,260
1.201
1,259
1,484
*1, 618
*1, 647
242
290
333
358
373
294
Insured unemBenefits paid
ployment as percent of covered
Total Average
employment
(milweekly
check
Season- lions of
Unad- ally ad- dollars) (dollars)
justed
justed
Percent
3. 8
3. 0
2.3
2. 5
1. 9
2.7
3.3
3. 4
3.3
2. 9
2.4
2. 1
2. 4
2.2
1.8
1.8
2. 0
2.6
2 2
2.4
2. 3
2.5
2.6
?• 7
"2.7
2.6
2. 8
2.6
2.4
2.4
9 9
<</. .</
9 9
&, &
2, 522. 1
2, 166. 0
1, 771. 3
2, 101. 8
114.8
157.6
224. 8
219. 5
257. 5
200. 6
183.6
156. 1
147. 3
172. 8
122. 6
122. 1
134.9
160. 0
35. 92
37. 19
39.75
41.20
40.57
41.39
41.70
41.97
42.07
41. 81
40.99
39.99
40. 10
41. 08
40. 10
40. 70
41. 19
41. 50
2. 5
2.6
3.0
3. 3
3.4
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Eico since January 1961.
Source: Department of Labor.
NONAGRICULTURAL EMPLOYMENT
Pbtal nonagricultural payroll employment, seasonally adjusted, increased almost 200,000 in December. Of the major
groups, only Federal employment showed a decline.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
68
14
(ENLARGED SCALE)
ALL NONAGRICULTURAL ESTABLISHMENTS
64
•12
6Q
SERVICE AND
_ MISCELLANEOUS.
10
56
NONMANUFACTURING _
(PRIVATE)
36
32
10
DURABLE
MANUFACTURING
\ ..
..
"""
.1
„...,.,.....•••••"'<**
24
NONDURABLE
MANUFACTURING
MANUFACTURING.
20
16
CONTRACT
CONSTRUCTION
\
^
. GOVERNMENT _
12
1966
1965
1964
1967
1964
1965
SOURCE: DEPARTMENT OF LABOR
1966
1967
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted)
N on manufacturing (private)
Manufacturing (private)
Period
Total
1961
1962
1963 _ _
1964
1965
1966_
1967 v
1966: Nov_
Dec_
1967: Jan__
Feb_
Mar.
Apr_
May_
June_
July_
Aug_
Sept.
Oct__ p
Nov
Dec "
54, 042
55, 596
56, 702
58, 332
60, 832
63, 982
66, 066
65, 014
65, 251
65, 564
65, 692
65, 749
65, 653
65, 639
65, 903
65, 939
66, 190
66, 055
66, 243
66, 929
67, 128
Total
16, 326
16, 853
16, 995
17, 274
18, 062
19, 186
19, 336
19, 498
19, 526
19, 558
19, 507
19, 445
19, 331
19, 238
19, 285
19, 169
19, 318
19, 142
19, 169
19, 418
19, 469
NonDurable durable
goods goods
9,070
9,480
9,616
9, 816
10, 406
11, 256
11, 325
11, 485
11, 496
11, 507
11, 482
11, 434
11, 322
11, 283
11, 285
11, 218
11,351
11, 149
11, 143
11, 358
11, 380
7,256
7,373
7,380
7,458
7, 656
7,930
8, 012
8,013
8,030
8,051
8,025
8,011
8,009
7,955
8,000
7, 951
7,967
7,993
8, 026
8,060
8,089
Total
29, 122
29, 853
30, 481
31, 461
32, 678
33, 925
35, 114
34, 356
34, 473
34, 685
34, 812
34, 865
34, 847
34, 877
34, 982
35, 101
35, 159
35, 245
35, 329
35, 684
35, 783
Con- Transtract portation
Mining conand
struc- public
tion utilities
672 2,816 3, 903
650 2,902 3,906
635 2,963 3,903
634 3, 050 3,951
632 3,186 4,036
625 3,292 4, 151
613 3, 265 4,262
621 3,241 4,212
623 3,291 4,218
625 3,311 4,242
624 3,352 4,247
624 3,313 4, 246
620 3,276 4,212
617 3, 192 4,267
619 3, 187 4,266
623 3, 231 4, 292
606 3, 223 4, 283
601 3, 238 4, 262
597 3,236 4,251
597 3,299 4,288
597 3, 350 4,289
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay lor any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enu-
Government
Whole- Finance, Service
insursale
State
and
ance,
and
and
and miscel- Federal local
retail
real laneous
estate
11, 337 2, 731 7, 664 2,279
6, 315
11, 566 2,800 8,028 2,340
6,550
11,778 2,877 8,325 2,358
6, 868
12, 160 2, 957 8,709 2, 348
7, 249
12,716 3,023 9,087 2, 378
7,714
13,211 3, 102 9,545 2,564
8,307
13, 676 3, 228 10, 072 2, 719
8, 897
13, 406 3, 132 9,744 2,616
8,544
13, 416 3, 144 9,781 2, 653
8,599
13, 515 3,152 9,840 2,667
8,654
13, 541 3, 165 9,883 2,673
8,700
13, 557 3,179 9,946 2,685
8, 754
13, 572 3, 194 9,973 2,688
8,787
13, 609 3,205 9,987 2, 698
8, 826
13, 648 3,227 10, 035 2,747
8,889
13, 647 3, 234 10, 074 2,759
8,910
13, 664 3,253 10, 130 2,746
8,967
13, 719 3, 264 10, 161 2,715
8,953
13, 776 3,270 10, 199 2,712
9,033
13, 909 3,290 10, 301 2,698
9, 129
13, 910 3,302 10, 335 2,692
9, 184
meration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The seasonally adjusted workweek in manufacturing increased from 40.7 hours in November to 40.8 hours in December.
Hours declined in construction and retail trade.
HOURS PER WEEK (SEASONALLY ADJUSTED}
46
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
42
40
38
36
34
1965
1966
1964
1967
1965
1966
1967
1965
1966
1967
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
36
34
32
iii i i I i
30
1964
1965
1966
1967
1964
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week; seasonally adjusted]
Manufacturing industries
Period
1958
1959
1960
__
_
1961
1962 __.
1963
1964
1965
1966
_ _ _ _ _ _
1967* _ _ _
1966: Nov
Dec _
1967: Jan __
_
Feb
Mar _
Apr _
May.. _ _ _ _ _
June.
July__
Ausi;
Sept
Oct
Nov *_
Dec p _
Durable
goods
All
_
_
_
39. 2
40. 3
39. 7
39.8
40. 4
40.5
40.7
41.2
41. 3
40. 6
41. 3
41. 0
41. 0
40.3
40. 4
40. 5
40. 3
40. 3
40.4
40.7
40. 8
40. 7
40. 7
40. 8
1
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Ha wall included beginning 1959.
14
39.5
40.7
40. 1
40. 3
40. 9
41. 1
41. 4
42. 0
42. 1
41.2
42. 1
41. 7
41. 7
41. 0
41. 1
41. 0
41. 0
40. 9
41.0
41.3
41. 6
41.3
41. 2
41. 3
2
Nondurable
goods
Contract construction
38.8
39.7
39.2
39. 3
39.6
39. 6
39. 7
40. 1
40. 2
39. 7
40. 2
39. 9
40. 0
39. 5
39. 5
39. 8
39. 5
39.5
39.6
39.7
39. 9
39.7
40. 1
40. 0
Includes eating and drinking places.
Source: Department of Labor.
36.8
37. 0
36. 7
36. 9
37.0
37. 3
37. 2
37. 4
37. 0
37. 6
37. 4
38. 1
38. 2
37. 6
37. 4
37. 4
36. 4
37.4
37. 5
37.5
38.3
37. 1
39. 4
37. 3
Retail trade 2
38. 1
38.2
38.0
37. 6
37.4
0*7 o
O/. 0
37. 0
36. 6
35. 9
35.3
35. G
35. 6
35. 5
35. 3
35. 3
35. 1
35. 2
35.4
35.4
35.5
35. 4
35. 1
35. 2
35. 0
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing rose by $2.38 in December to a record high of $119.19. Average hourly
earnings increased by 3 cents in manufacturing and 2 cents in construction, and fell 2 cents in retail trade.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
3.00
DURABLE GOODS
INDUSTRIES^
^m****,,,?
%X
2.80
260
100
240
90
2.20
1964
1967
1964
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
Average hourly earnings— current prices
Period
1958__ _ _ _
1959
I960
1961 1962
1963
1964
1965__
1966 _
1967 v _ __
1966: N o v _ _
Dec ._
1967: Jan____
Feb.__
Mar__
Apr
May__
June _ _
July__
Aug__
Sept-Oct_—
p
Nov p _
Dec _
Average weekly earnings— current prices
Manufacturing industries Contract
conRetail1
NonDurable durable structrade
All
goods
tion
goods
Manufacturing industries Contract
Retail 1
conNonDurable durable structrade
All
goods
tion
goods
2. 11
2. 19
2. 26
2. 32
2. 39
2. 46
2. 53
2. 61
2. 72
2. 83
2. 76
2. 77
2. 78
2. 79
2. 79
2.80
2. 81
2. 82
2. 82
2.82
2. 85
2. 85
2. 87
2. 90
2. 26
2. 36
2. 43
2. 49
2. 56
2. 63
2. 71
2. 79
2. 90
3. 00
2. 94
2. 96
2. 96
2. 96
2. 96
2.97
2.99
2. 99
3. 00
3. 00
3. 03
3. 03
3. 05
3.08
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 36
2.45
2. 57
2. 49
2. 50
2. 51
2. 53
2. 54
2. 55
2. 55
2. 56
2. 57
2. 57
2. 61
2. 61
2. 62
2. 64
2. 82
2. 93
3. 08
3. 20
3. 31
3. 41
3. 55
3. 70
3.88
4. 09
3. 96
3. 99
4. 02
4. 00
3. 99
3. 99
4. 02
4. 02
4. 08
4. 10
4. 18
4. 21
4. 20
4. 22
1. 42
1. 47
1. 52
1. 56
1. 63
1. 68
1. 75
1. 82
1. 91
2. 01
1. 95
1. 94
1. 97
1. 98
1. 98
2. 00
2. 00
2. 01
2. 01
2. 01
2. 03
2. 05
2. 05
2.03
82. 71
88. 26
89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
113. 99
114. 40
113. 42
111. 88
112. 44
112. 56
113. 52
114. 49
113. 65
114. 77
116. 57
116. 28
116. 81
119. 19
1
Includes eating and drinking places.
2
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
3
Earnings in current prices divided by the consumer price index.
88-723°—68-
89. 27
96. 05
97. 44
100. 35
104. 70
108. 09
112 19
117. 18
122. 09
123. 60
123. 77
124. 62
122. 84
120. 77
121. 36
121. 18
122. 89
123. 19
122. 40
123. 30
126. 05
125. 44
125. 66
128. 44
74. 11
78. 61
80. 36
82. 92
85 93
87. 91
90. 91
94. 64
98. 49
102. 03
100. 10
100. 25
99. 65
99. 18
100. 08
100. 22
100. 73
101. 63
102. 03
102. 80
104. 66
104. I t
105. 06
106. 13
103. 78
108. 41
113. 04
118. 08
122. 47
127! 19
132. 06
138. 38
145. 89
153. 78
144. 14
148. 83
149. 14
143. 60
146. 83
147. 23
149. 54
153. 56
157. 90
159. 08
162. 60
160. 40
160. 86
154. 03
54. 10
56. 15
57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
68. 64
69. 65
69. 15
69. 10
69. 30
69. 80
69.80
71. 56
72. 96
72.96
71.66
71. 55
71. 34
71.66
Manufacturing
industries
Adjusted Average
hourly weekly
earnings, earnings,
1957-59 = 1957-59
1002
prices 3
100. 2
82. 14
103. 5
86. 96
106. 6
87! 02
109. 6
88. 62
112. 3
91. 61
115. 2
93! 37
95' 25
118. 0
*121. 1
97'. 84
125. 1
99. 33
130. 9
98. 80
99. 47
127.0
127. 6
99. 74
98. 88
128. 4
129. 0
97.46
129. 4
97. 77
129. 9
97. 62
130. 2
98.20
130. 5
98.70
130. 8
97. 55
131. 1
98. 18
131. 9
99. 55
132. 3
98. 96
133. 1
99. 16
133.6 100. 84
* Based on the new benchmark beginning 1965.
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) rose 11A percent in December, surpassing the previous record
high of December 1966 by 1.3 percent. Gains in output were widespread for final products and materials.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
180
140
120
1964
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1958
1959
1960
1961
1962
1963
_
__.
1964
1965 __
. _
1966 _ _
1967 *>
1966: Nov. _ _
Dec_
1967: Jan
Feb
Mar
_
Apr
May _
June _
_
July
Aug
Sept „ _ __
Oct .
Nov.
Dec *>__
COUNCIL OF ECONOMIC ADVISERS
f 1957-59 = 100, seasonally adjusted]
Industry
Total
industrial
production
Total
93. 7
105. 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156. 3
157. 8
159. 1
159.5
158.2
156.6
156.4
156.5
155.6
155.6
156.6
158. 1
156. 8
156. 6
159. 3
161. 6
93. 2
106.0
108. 9
109. 6
118. 7
124. 9
133. 1
145.0
158. 6
159. 5
161.5
161.7
160.1
158.5
158.2
158.2
157.2
157.0
157.6
159. 4
158. 1
158. 1
160. 9
163. 6
Manufacturing
Source: Board of Governors of the Federal Reserve System.
16
NonDurable durable
Mining
96. 8
106. 5
109. 5
112. 9
119. 8
125. 3
132.6
140.8
150. 8
154. 2
153.6
154. 1
153.4
152.9
152.6
152. 8
151. 1
151.4
151. 5
154. 0
154. 2
154. 7
156. 5
157. 7
95. 6
99. 7
101. 6
102. 6
105. 0
107. 9
111.5
114.8
120. 5
123. 4
121.6
123.8
123.2
122.4
121.5
122.0
120.2
123.8
128.0
127. 8
124. 3
121. 2
123.7
123.7
90. 3
105. 6
108. 5
107. 0
117. 9
124. 5
133.5
148.4
164. 8
163. 8
167.7
167.7
165.5
162.9
162. 6
162.5
162.2
161.5
162.5
163. 6
161. 1
160. 8
164. 4
168. 3
Market
Final products
Utilities
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
183. 9
178.5
179.4
180.6
180.5
181.9
182.7
182.7
183.2
184.1
184. 8
184. 8
187. 6
188.0
188. 0
Total
94, 8
105. 7
109.9
111. 2
119. 7
124. 9
131.8
142.5
155. 5
158. 2
159. 0
159.6
158. 1
157.0
157. 1
157.3
156.3
156.8
157. 1
158. 2
157. 0
156. 5
159.6
161. 4
Consumer
goods
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148. 2
149.2
149.8
148.0
146. 1
146.6
147. 1
146.0
146.9
147.1
148. 6
147. 0
147. 4
149. 7
152. 2
Equipment
91. 3
104. 1
107. 6
108. 3
119. 6
124. 2
132.0
147.0
172.6
179. 5
180.0
180.7
179.9
180.3
179.6
179.2
178.5
178. 1
178.4
178. 9
178. 6
176. 0
180.9
181. 2
Materials
92.7
105.4
107.6
108.4
117.0
123.7
132.8
144.2
157.0
157. 5
159.0
159.2
157.9
155.8
155.5
156.0
154.6
154.9
156.1
157. 9
156. 7
156. 6
159. 3
161. 6
PRODUCTION OF SELECTED MANUFACTURES
Production of manufactures, seasonally adjusted, increased in December with the only exception being nonelectrical
machinery. Transportation equipment output again registered the largest increase as a result of a 16% percent rise in
motor vehicles.
Index, 1957-59=100 {SEASONALLY ADJUSTED)
Index, 1957-59=100 (SEASONALLY ADJUSTED)
TEXTILES, APPAREL,
AND LEATHER \
160
FOODS, BEVERAGES,
AND TOBACCO
120
1964
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
Primary
metals
1958
1959
1960_ _ _ ___ _ _ ___
1961 _
___
1962
_ _
_ _ __
1963
1964
_ _ _ _
1965
1966- _ _
_____
1967 *
1966: Nov
Dec
1967: Jan__
Feb_
Mar__
_ _ _ _ _ _
_ __ _
_ _
Apr
Mav
, J~
June_ __ _
July.
Aug
Sept
Oct
Nov
Dec " _
_ __
___
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
apparel,
and
and
petroMachin- tation
bevercated
and
prodprint- leum, and ages, and
ery
metal
equiping
leather
rubber tobacco
ucts
products
ment
87. 5
100. 4
101. 3
98. 9
104. 6
113. 3
129. 1
137.6
142. 7
132. 6
140.5
137.6
132. 6
131. 9
129. 2
129. 1
128. 9
129. 0
129. 6
129.3
129.2
131.6
134.8
142
92. 9
105. 5
107. 6
106. 5
117. 1
123. 4
132.7
147.8
163.0
161. 6
164. 7
168. 7
166. 7
165. 0
162. 9
161. 0
160. 8
160. 8
159. 8
159.1
158. 1
158.1
159. 6
161
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141.4
160.5
183. 8
183. 4
189.8
190. 3
190. 3
186. 8
184. 5
182. 1
180. 5
177. 5
180. 0
182.8
182.2
179.6
183.2
183
89. 5
104. 0
108. 2
103. 6
118. 3
127. 0
130.7
149.2
166. 9
165. 9
170.6
169. 1
162. 6
157. 5
162.6
165. 7
167. 5
169. 3
170.8
171.9
159.2
159.3
165.7
177
95.6
108. 5
102. 1
101. 3
106. 1
108. 9
112.6
117.4
119. 4
111. 8
112. 8
113.7
115. 2
117. 3
119. 1
115. 6
114. 9
115. 5
109.2
114.3
117.0
121. 5
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
138. 9
142. 2
142. 2
140. 3
137. 6
135. 5
135. 5
135. 3
134. 8
135. 3
137.6
139. 1
140.6
141.9
143
97. 0
105. 2
109. 0
112. 4
116. 7
120. 1
127.5
135.3
146. 4
149. 7
148. 5
147. 4
148.4
148. 7
149. 5
149. 9
149. 1
149. 4
148.6
150.3
148.5
148.5
150. 2
151
95. 5
108.9
113. 9
118.9
131. 2
141. 8
152.5
164.6
181. 9
189.2
188. 5
188.6
187. 1
186. 5
186.8
186. 4
182. 2
183. 0
184.0
189.5
191.2
190.9
195. 3
198
99. 4
103.9
106. 6
110. 2
113. 3
116. 8
120.8
123.4
128. 1
131. 4
128. 9
131. 2
131. 0
131. 5
131. 1
131.8
130. 9
131. 3
130. 9
131.0
130.4
131. 1
130.8
131
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In December, steel production continued to increase on a seasonally unadjusted basis. Auto assemblies also ros<
again. Most other weekly indicators declined.
MILLIONS OF TONS
MILLIONS OF SHORT TONS
BITUMINOUS COAL
(DAILY AVERAGE)
A
M
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Weekly average:
1961
1962 __ _
1963___
1964
1965
1966
1967 *
1966: Nov
Dec_
1967: Jan_
__
_ _
_
Feb
Mar
Apr
May
June
July
_
Aug
Sept__
Oct
_
Nov p_
Dec _
Week ended:
1967: Dec 23
30__
1968: Jan 6 2 2
13 "
20 "2
1
_
N
D
Cars and trucks
assembled (thousands)
Total
Cars
Trucks
1,880
1,886
2, 096
2,431
2, 521
2, 572
2,434
2, 538
2, 361
2, 400
2,510
2, 475
2,412
2, 388
2, 232
2, 176
2, 325
2,439
2, 522
2,634
2,702
100. 9
101. 2
112. 5
130. 5
135.3
138. 1
130. 7
136.2
126. 7
128. 8
134.8
132.8
129.5
128. 2
119. 8
116. 8
124.8
130. 9
135.4
141.4
145. 0
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
21, 982
22, 901
23, 054
23, 268
22, 465
21, 953
21, 841
23, 938
23, 747
24, 400
22, 871
22, 662
23, 533
24, 405
1,353
1,414
1, 535
1,630
1,735
1,798
1,845
1, 932
1, 864
1, 880
1,766
1, 766
1,826
1,893
1, 925
1,998
1,869
1,804
1, 862
1,917
1,684
550
552
555
558
562
570
539
581
513
512
514
532
555
558
555
492
558
551
586
552
496
322
343
358
384
410
446
444
459
408
408
456
448
455
451
458
377
452
419
468
463
438
127.8
157. 5
175. 0
178. 8
213.7
199. 3
172.9
227. 7
201. 2
191. 8
168.9
175. 9
198. 4
198. 8
207.4
119. 0
86. 5
160.4
171. 2
190. 1
219.8
106. 1
133. 4
146. 9
148.8
179.4
165. 4
142. 4
191. 9
168. 7
157. 2
134.2
142. 8
164. 4
164. 5
172.8
95. 4
64. 4
135.3
146.7
158.6
185.0
21.7
24. 1
28. 1
30.0
34.3
33. 9
30. 5
35. 8
32. 5
34. 5
34.7
33. 0
34.0
34, 2
34. 6
23.7
22. 1
25.0
24,6
31.4
34.7
2,747
2,615
2, 650
2,635
2,697
147. 5
140.4
142. 2
141. 4
144. 8
24, 819
23, 624
24, 967
26, 414
1, 730
1,610
1,637
1, 646
1.671
501
396
417
487
504
473
352
225
467
471
224. 2
182. 8
187.7
223. 7
219.7
189. 6
153. 4
158. 4
187.5
183. 7
34. 6
29.4
29.2
36. 1
36.0
Dally average. Includes data for Alaska.
-Not charted.
18
O
COUNCIL OF ECONOMIC ADVISERS
Electric Bituminous Freight Paperboard
Steel produced
power
coal mined
loaded
produced
Index
distributed (thousands (thousands (thousands
Thousands
of net
(1957-59= (millions of
of short
of tons)
of cars)
100)
tons
kilowatt-hours) tons) 1
Period
S
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
iTotal spending for new construction (seasonally adjusted) registered its fifth consecutive monthly advance in November.
Homebuilding continued its upward trend with a 21/z percent increase while commercial and industrial construction
dropped more than 5 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
80
80
70
70
60
50
50
, «
- '
40
30
30
PUBLIC
20
30
20
PRIVATE RESIDENTIAL (NONFARM)
\
10
1961
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
1962
1963__ ... _ _
1964
___ ___
1965
1966
1967 *
Total new
construction
expenditures
59. 7
63. 4
66. 2
71. 9
74. 4
74. 7
Total
41. 8
44. 1
45. 8
49. 8
50. 4
49. 6
Private
Residential nonfarm
CommerNew
cial and
Total '
housing industrial
units
Billions of dollars
24. 3
18. 6
8.0
26. 2
7.9
20. 4
26. 3
9. 0
20. 4
26. 3
20.4
11. 9
13. 6
23. 8
18. 0
23.6
13. 1
17.9
Other
9. 5
10. 0
10. 6
11. 7
13. 0
12. 9
Construction contracts2
CommerFederal,
State, Total value cial and
(index,
industrial
and
1957-59= floor space
local
100)
(millions of
square feet)
17. 9
19.4
20. 4
22. 1
23. 9
25.1
Seasonally
adjusted
Seasonally adjusted annual rates
1966: Oct
Nov
Dec
1967: Jan
Feb
Mar _ __
Apr __
Mav _
June
July
Aug
Sept
Oct p _ _ _
Nov v
72. 3
72. 0
72. 2
74.8
75.0
73.1
72.0
73. 9
72.4
73. 4
74.4
76.3
76.9
77. 2
47. 9
47. 1
46. 4
48.3
48.0
46.9
46. 0
47.8
48. 1
49. 2
50.2
51.7
52.2
52. 1
21. 6
20. 3
19. 8
19.9
20.3
20.8
21. 1
22. 1
22. 9
23.7
24. 6
25.3
26.0
26. 6
15. 9
14. 6
14. 2
14.0
14.3
15. 0
15.5
16.5
17.3
18. 0
18.9
19.6
20.3
20. 9
1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
Compiled by F. W. Dodge Company and relates to 48 States.
13.4
13.6
13. 5
15. 1
14.8
13.3
12. 5
13. 1
12. 6
12. 9
12.4
13.3
13.2
12. 5
119. 7
132.0
137.0
142.8
145. 3
153. 3
12. 9
13.2
13. 1
13.4
12.9
12.8
12.4
12.6
12. 6
12.6
13. 1
13.1
13.0
13. 0
24. 4
24. 9
25.8
26. 5
27. 0
26.2
25. 9
26. 1
24.3
24.2
24.2
24.6
24.7
25. 1
139
130
133
126
143
149
138
154
164
149
165
168
171
168
500
534
599
680
753
694
Seasonally
adjusted
annual
rates
657
773
723
589
694
674
708
638
768
663
756
744
661
786
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
After five consecutive monthly increases, private nonfarm housing starts fell 21 percent to 1,241,000 units (seasonally
adjusted annual rate) in December. However, permits for future housing starts increased 18 percent.
MILLIONS OF UNITS
25
MILLIONS OF UNITS
2.5
1.0
1961
1967
SOURCES.- DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION 1FHA). AND VETERANS ADMINISTRATION IVA)
Period
1962
1963
1964
1965
1966
1967 »
1966: Nov.
Dec__
1967: J a n _ _
Feb..
Mar__
Apr__
May_
June.
July..
Aug__
Sept..
Oct__
Nov_
Dec p _
Total
private
and
public
(including
farm)
1 492 4
1, 642. 0
1, 561. 6
1, 509. 6
1, 196. 2
1, 322. 0
1 462 7
1, 610. 3
1, 529. 3
1, 472. 9
1, 165. 0
1,291. 8
75.1
62.3
61.7
63.2
92.9
115.9
134.2
131.6
126. 1
130. 2
125. 8
137.0
120. 0
83.4
72.8
60.2
59.1
61.4
91.5
113.7
132.0
125.4
125. 3
127. 4
121. 9
135.4
118. 2
80. 5
Total
private
(including
farm)
[Thousands of units]
Housing starts
.
.
Private nonfarm
Private nonfarm
Total
private
Two or (includGovernment
Onemore
ing
Total home programs
Total
family famifarm)
FHA
VA
lies
77 g
1 439 0 967 8 471 2 1 462 7 1 439 0 197 3
993.2 589.7 1, 610.3 1,' 582.9 166. 2
1, 582.9
71. 0
944.5 557.8 1, 529.3 1, 502.3 154.0
59.2
1, 502.3
1, 450. 6
941. 4 509. 2 1, 472. 9 1, 450. 6 159.9
49.4
755.3 386.2 1, 165.0 1, 141.5 129. 1
1, 141.5
36. 8
1, 268. 4
819. 8 448. 6 1, 291. 8 1, 268. 4 141.9
52. 5
Seasonally adjusted
71.4
48.8
22.6
975
107
36
956
36.7
58.9
22.2
910
931
105
37
- 57.7
18.9
1, 111
52
38.8
1, 079
150
60.2
21.1
1, 149
1, 132
39.1
48
139
89.2
64.3
130
24.9
1,094
50
1,067
112.0
33.9
50
1, 099
125
1, 116
78.1
129.7
44. 7
1, 274
1,254
49
85. 0
143
123.4
1, 214
85. 6
1, 233
52
37. 8
143
124. 0
42. 9
52
1,369
139
1,356
81. 1
123. 6
1,407
80.0
139
55
43. 6
1,381
43.7
147
55
119. 5
75.8
1,445
1, 415
152
79. 4
1,478
133. 1
1,496
57
53. 7
67.4
116.5
1,564
154
1,587
49. 1
54
1,241
79. 5
1,256
45. 2
149
56
34.3
^Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
2 Units represented by mortgage applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
Proposed home
construction
private
Applica- Requests
housing
units tions for for VA
FHA
author- commit- appraisized 1
als 2
ments 2
171. 2
1 186 6 221 1
1, 334. 7 190. 2
139. 3
182. 1
1, 285. 8
113. 6
1, 239. 8
188.9
102.1
971. 9
153. 0
99. 2
1, 080. 9 167.2
124.3
annual rates
New
719
761
942
894
928
1,028
1, 033
1, 109
1,093
1, 127
1, 159
1,212
1, 158
1,362
135
203
157
135
152
162
160
166
150
176
178
181
194
168
103
104
107
104
103
125
108
135
145
124
129
155
136
126
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES - TOTAL AND TRADE
According to preliminary estimates, seasonally adjusted retail sales dropped % percent in December. Total business
sales increased 3 percent in November and business inventories rose over $1 billion.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
20
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
RETAIL TRADE (ENLARGED SCALE)
BUSINESS SALES AND INVENTORIES
18
140
DURABLE GOODS STORES
16
INVENTORIES
120
14
INVENTORIES
12
100
SALES
10
80
SALES
8
V
6
60
- WHOLESALE TRADE (ENLARGED SCALE)
NONDURABLE GOODS STORES
-..*»•* \
T
1964
1967
1964
S\LES
1965
1966
SOURCEs DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business
1
Wholesale
4
Retail
5
Sales 2
Period
Sales 2
1967
Inventories 3
Sales 2
Inventories 3
Total
Inventories 3
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1960 _ _ _ _
1961 _
1962
1963___
_ __
1964___ . _ _
1965 _ _ _ _ _
1966
1967 *
1966: Oct. _ .
Nov
Dec.
1967: Jan_
Feb.
Mar _
Apr__
MayJune
JuiyAug_
Sept.
Oct *>_
Nov
Dec *
]
1The term
Monthly
3
60, 746
61, 106
65, 594
68, 692
73, 459
79, 528
86, 323
88, 338
87, 066
86, 699
87, 875
87, 386
86, 299
87, 458
86. 833
87, 611
88, 549
88, 991
89, 295
88, 785
87, 996
90, 777
94, 747
95, 813
100, 627
105, 578
111, 051
120, 896
135, 549
139, 685
132, 392
133, 856
135, 549
136, 590
136, 780
137, 093
137, 351
137, 428
137, 076
137, 405
138, 187
138, 129
138, 643
139, 668
11, 656
11, 988
12, 674
13, 382
14, 527
15, 595
16, 979
17, 127
17, 029
16, 696
16, 996
17, 239
16, 897
16, 853
16, 972
16, 769
17, 117
17, 145
17, 198
17, 330
17, 195
17, 462
"business" also includes manufacturing (see page 22).
average for year and total for month.
Book value, end of period, seasonally adjusted.
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 111
19, 924
20, 226
20, 691
20, 780
20, 742
20, 859
20, 785
20, 587
20, 599
20, 511
20, 789
20, 810
20, 945
21, 111
18, 294
18, 234
19, 613
20, 536
21, 802
23, 654
25, 306
26, 111
25, 550
25, 610
25, 368
25, 687
25,470
25, 739
25, 918
25, 897
26, 544
26, 444
26, 422
26, 732
26, 089
26, 467
26, 343
5, 880
5, 581
6, 210
6, 627
7,014
7,810
8, 151
12, 414
12, 654
13, 402
13, 909
14, 788
15, 844
17, 155
8, 276
8, 143
8,156
8, 200
7,955
8, 150
8, 104
8, 187
8, 546
8,592
8,508
8,743
8,235
8,256
8,316
17, 274
17, 467
17,212
17, 487
17, 515
17, 589
17, 814
17, 710
17, 998
17, 852
17, 914
17, 989
17, 854
18,211
18, 027
26, 813
26, 238
27, 938
29, 383
31, 130
34, 607
36, 961
36, 474
36, 680
36, 734
36, 961
36, 924
36, 644
36, 526
36, 236
36, 263
36, 087
35, 997
36, 028
36, 143
36, 217
36, 474
11, 923
10, 965
11, 656
12, 386
13, 136
15, 194
16, 536
15, 728
16, 496
16, 581
16, 536
16, 491
16, 315
16, 142
16, 033
15, 904
15, 661
15, 549
15, 503
15, 711
15, 681
15, 728
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
20, 746
20, 184
20, 153
20, 425
20, 433
20, 329
20, 384
20, 203
20, 359
20, 426
20, 448
20, 525
20, 432
20, 536
20, 746
«Beginning 1961, data include Alaska and Hawaii.
s Beginning 1960, data include Alaska and Hawaii.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Manufacturers' new orders (seasonally adjusted) increased 3 percent in November. With an increase in shipments ol
$2.1 billion and an increase in inventories of $0.6 billion, the inventory-shipments ratio fell to 1.75. Preliminary data
indicate that new orders for durable goods increased sharply in December.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SHIPMENTS
80
70
TOTAL
60
50
DURABLE GOODS
NONDURABLE GOODS
MANUFACTURERS7 NEW ORDERS
NONDURABLE GOODS -
30
\
•«.,»•»»••.„„,„„„.»»•'
20
NONDURABLE GOODS
1964
SOURCE)
1965
1964
1967
1966
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE
Manufacturers' shipments l Manufacturers7 inventories 2
Period
Total
1967
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Manufacturers' new orders 1
Durable goods
Total
Total
NonMachinery durable
and
goods
equipment
Manufacturers'
inventory shipments
ratio 3
Millions of dollars, seasonally adjusted
1960
1961
1962
1963
1964
1965___ _ _
1966
1967 v _
1966: Oct __
Nov
Dec
1967: Jan
Feb
Mar
Apr
Mav
June
July
Aug _ _
Sept
Oct
Nov v
Dec "
_
_
__
__
30, 796
30, 884
33, 308
34, 774
37, 129
40, 279
44, 037
45, 100
44, 487
44, 393
45,511
44, 460
43, 932
44, 866
43, 943
44, 945
44, 888
45, 402
45, 675
44, 723
44, 712
46, 848
15, 817
15, 532
17, 184
18, 071
19, 231
21, 020
23, 006
23, 000
23, 451
23, 237
23, 715
23, 060
22, 622
23, 137
22, 269
22, 900
23, 052
23, 192
23, 633
22, 949
22, 311
23, 654
25, 175
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
21, 032
22, 100
21, 036
21, 156
21, 796
21, 400
21, 310
21, 729
21, 674
22, 045
21, 836
22, 210
22, 042
21, 774
22, 401
23, 194
53, 814
55, 087
57, 753
60, 147
62, 944
68,015
77, 897
82, 100
75, 788
76, 896
77, 897
78, 886
79, 394
79, 708
80, 330
80, 578
80, 390
80, 897
81, 370
81, 176
81, 481
82, 083
32, 360
32, 646
34, 326
36, 028
38, 412
42, 324
50, 037
53, 500
48, 352
49, 310
50, 037
50, 620
51, 079
51, 216
51, 593
51, 784
51, 809
52, 346
52, 784
52, 572
52, 918
53, 505
1 Monthly average for year and total tor month.
2 Book value, end of period, seasonally adjusted.
s For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
22
21, 454
22, 441
23, 427
24, 119
24, 532
25, 691
27, 860
28, 600
27, 436
27, 586
27, 860
28, 266
28, 315
28, 492
28, 737
28, 794
28, 581
28, 551
28, 586
28, 604
28, 563
28, 578
30, 115
31, 061
33, 167
35, 036
37, 697
41, 023
45, 182
45, 300
45, 243
44, 052
45, 845
43, 408
43, 527
43, 700
43, 849
45, 738
46, 087
45, 977
45, 900
45, 274
45, 782
47, 088
15, 223
15, 664
17, 085
18, 300
19, 803
21, 728
24, 153
23, 200
24, 244
23, 027
23, 960
22, 072
22, 329
22, 065
22, 226
23, 857
24, 263
23, 715
23, 726
23, 416
23, 381
23, 843
26, 111
2, 791
2,854
3,090
3, 326
3,706
4, 140
4,731
4,700
4, 816
4,647
4,603
4, 545
4, 242
4, 315
4, 443
4, 607
4, 794
4,853
5, 058
4,665
4,614
4,872
5, 133
14, 892
15, 397
16, 082
16, 736
17, 895
19, 295
21, 029
22, 100
20, 999
21, 025
21, 885
21, 336
21, 198
21, 635
21, 623
21, 881
21, 824
22, 262
22, 174
21, 858
22, 401
23, 245
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department of Commerce.
1. 76
1.74
1.70
1. 69
1.64
1.61
1. 64
1. 82
1. 70
1. 73
1.71
1. 77
1. 81
1.78
1. 83
1.79
1.79
1.78
1.78
1.82
1. 82
1.75
P
CHANDISE EXPORTS AND IMPORTS
S. merchandise trade surplus (seasonally adjusted) decreased sharply in December to $79 million, resulting
unmanly from a 6.3 percent increase in imports over the November figure.
BILLIONS OF DOLLARS
35
•BILLIONS OF DOLLARS.
3J5
1.0
1.0
1961
1967
J/SEE NOTE 1 BELOW.
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE
Period
[Millions
Merchandise exports
Total (includDomestic exports
ing reexports) ]
Food, Crude
Season- Unad- Total i 3 bever- materials
ages,
ally ad- justed
and to- and
justed
bacco
fuel
Monthly average :
1959
1960
1961
1962
1963
1964
1965
1966
1967"
1966: Nov.
Dec_
1967: Jan__
Feb._
Mar.
Apr__
May_
Jime_
July.
Aug_
Sept.
Oct__
Nov_
Dec_
1, 368
1, 636
1, 682
1, 748
1, 869
2, 141
2, 225
2, 448
2,578
2,503
2,409
2,616
2, 607
2,551
2, 654
2, 547
2,576
2, 584
2, 548
2,643
2, 392
2,692
2, 604
2, 572
2, 646
2,470
2, 418
2, 797
2, 666
2, 683
2, 618
2, 376
2,395
2, 505
2, 440
2, 761
2,813
239
353
620
264
662
289
725
312
845
349
111
387
196
377
432
412
546
393
Unadjusted
469
2, 538
2, 619
431
374
2,437
350
2, 389
2, 762
406
387
2, 630
388
2, 650
382
2, 586
363
2,347
366
2,358
404
2, 473
2,411
390
481
2,730
2, 782
425
1,
1,
1,
1,
1,
2,
2,
2,
2,
Merchandise imports
General imports Total 3
Food, Crude
Manubever- matefacages,
rials
tured Season- Unadand
goods ally ad- justed and to- fuels
justed
bacco
1, 302
1, 251
1,226
1, 366
1, 428
1,557
1, 780
2, 129
2,235
897
047
062
138
188
366
449
592
729
252
329
32?
280
315
361
356
367
394
1,
1,
1,
1,
1,
1,
1,
1,
448
419
367
394
398
377
417
409
380
384
364
408
452
373
1,583
1, 754
1,679
1,617
1, 904
1, 835
1, 830
1, 789
1,589
1, 559
1, 688
1, 595
1, 767
1,935
1
Total excludes Department of Defense shipments ol grant-aid military supplies and equipment under the Military Assistance Program.
* Total arrivals of imported goods other than intransit shipments.
of dollars]
2
2
2
2
2
2
2
2
2
2
2
2
2
2
186
225
256
229
203
226
140
227
208
125
208
202
376
626
2, 252
2, 240
2,261
2,004
2, 355
2, 091
2, 222
2, 270
2, 127
2, 166
2, 112
2,342
2,435
2,431
382
298
283
365
359
288
306
387
322
391
335
415
334
449
382
473
392
445
Unadjusted
464
393
384
446
495
415
412
364
433
478
385
428
352
454
465
389
366
396
372
444
362
413
444
417
437
409
478
439
Grossmerchandise
trade
Manusurplus,
facseasontured
goods ally adjusted
591
571
544
636
672
758
936
1,201
1, 310
66
385
456
382
441
584
444
320
344
1,318
1,331
1,282
1, 164
1,366
1, 182
1,330
1, 334
1,273
1, 263
1, 245
1,367
1,482
1,431
317
184
860
378
348
428
407
349
376
423
434
191
316
79
a
Total includes commodities and transactions not classified according to kind.
NOTE.—Series revised beginning 1966. Because of revisions, subgroups do not
include all data in totals. Data include uranium ore and thorium.
Source: Department of Commerce.
OO
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the balance on goods and services increased $180 million (seasonally adjusted annual rate) in th
third quarter reflecting a sharp increase of income on private investments.
BILLIONS OF DOLLARS
50
BILLIONS OF DOLLARS
50
EXPORTS OF GOODS AND SERVICES
20
20
10
10
1967
1961
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars j
Imports of goods and services
Exports of goods and services
Income on
investments
Period
Total
1963
1964
1965. _ - _ _
1966. _ _ _ _
19672
32,
37,
39,
43,
45,
426
099
147
039
603
Military
sales
Private
Government
071
657
747
297
844
244
847
168
716 1,173
4, 151
4, 929
5,376
5, 650
5,969
498
460
512
595
643
Merchandise 1
22,
25,
26,
29,
30,
Other
services
Total
Merchandise 1
5,049
5, 666
6, 171
6,779
7,101
26, 573
28, 637
32, 203
37, 937
40, 203
16, 992
18, 621
21, 472
25, 510
26, 367
Balance
on
MiliOther goods
tary
and
expend- serv- services
itures
ices
2,936
2, 861
2,921
3, 694
4,249
6, 645
7, 155
7,810
8, 733
9,587
5, 853
8, 462
6, 944
5, 102
5,400
3,444
3, 644
3, 812
3, 876
8,444
8, 516
8,916
9,056
6,056
5, 412
4, 604
4, 336
4, 180 9, 188
4,280 9, 640
4,288 9,932
5,428
5,296
5,476
Seasonally adjusted annual rates
1966: I
II
III
IV
1967: I ._
II
III
_
42,
42,
43,
43,
044
472
652
988
45, 444
45, 448
45, 916
836
888
824
840
5, 264
5,528
5,776
6,032
612
612
572
584
6, 520
6, 720
6,952
6, 924
35,
37,
39,
39,
30, 704 1,356
30, 868 1,344
30, 576
820
5,692
5,544
6,672
620
644
664
7,072
7,048
7, 184
40, 016
40, 152
40, 440
28,
28,
29,
29,
812
724
528
608
* Adjusted from customs data for differences in timing and coverage.
Average for the first 3 quarters on a seasonally adjusted annual rates basis.
2
24
988
060
048
652
Source: Department of Commerce.
24,
24,
26,
26,
100
900
320
720
26, 648
26, 232
26, 220
U.S. BALANCE OF INTERNATIONAL PAYMENTS
•e U.S. deficit on the liquidity basis was $2,544 million (seasonally adjusted annual rate) in the third quarter, up
somewhat from the second quarter rate. The official reserve transactions balance of $1,880 million surplus was a
major improvement from the second quarter deficit of $3,312 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
1961
1967
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. private capital, net
U.S.
Government
Period grants
Direct
investand
capital,
ment
net l
1963___
1964___
1965_ _ _
1966___
1967 7 ___
1966:
!___
!!____
III.__
IV___
1967:
!___.
!!___
Ill
Other
longterm
~3, 581
-3, 560
-3, 375
-3, 446
-4,249
-1, 976
-2, 435
-3, 418
— 3, 543
— 2, 8S5
— 3, 900
-3,952
-3, 036
-2, 896
-2, 536 -1, 008
-4, 024 -276
— 20
-3, 600
-4,012
276
Shortterm
Errors
Foreign and uncapital, recorded Liquidnet 1
transity
actions basis 2
689
-1,695
— 785
-1,961 — 2, 146
685
753
-1,078
278
2, 512
-257
-413
-1,144 -1,023
3, 897
Seasonally adjusted annual
—
—
—
—
380
240
108
924
-4, 804 -2, 488
-724
-616
-4,052 -2, 592
-688 -1,268
-3, 892 — 3, 576 -2,020 — 1, 184
1
Balance
— 285
— 949
-415
— 302
915
rates
Changes
in gold,
convertible currencies, and
IMF gold
tranche
position
(increase
[-])
378
171
1,222
568
To foreign official
holders 5
To other
foreign
holders 6
Liquid
Nonliquid
1,673
-7
-2, 671 -2, 044
620
1, 075
303
-2, 800 - 1, 549
1,554
— 18
100
-1, 335 -1, 304
131
802
2,384
-1, 357
225 -1, 595
— 2, 283 -2, 897
Quarterly totals, unadjusted
Official
reserve
transactions
basis 3
-932 — 2, 604 -1, 772
-792
-700
-488
3,444
-660
1, 108
-72
-592 -1,676
— 852
54
-598
— 199
25
263
111
403
475
27
1, 211
671
424
68
82
_6
3,292 -1,148 -2,116 -7, 260
4,908 -2,212 -2, 188 -3,312
3,492
1,880
616 —2, 544
— 78
547
281
333
562
118
-711
94
1, 302
1,027
— 419
-8375
1,
4,
1,
3,
060
364
504
120
Includes certain special Government transactions.
* Equals changes in liquid liabilities to foreign official holders, other foreign
holders, and changes in official reserve assets consisting of gold, convertible
currencies, and the U.S. gold tranche position in the IMF.
3
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and the U.S. gold tranche position in the IMF.
4
Includes short-term official and banking liabilities and foreign holdings of
U.8. Government bonds and notes.
fi
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible sold sales to, and gold deposits with, the U.S.
Changes in selected
liabilities (decrease j — ])4
6
Private holders; includes banks and international and regional organizations;
excludes IMF.
7
Average for the first 3 quarters on a seasonally adjusted annual rates basis.
8 On September 30, U.S. reserve assets consisted of gold stock, $13,077 million
(down $92 million from June 30); IMF position including gold portion of increased
U.S. subscription, $372 million; convertible currencies, $1,200 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
25
PRICES
CONSUMER PRICES
The consumer price index rose by U.o percent again in December. There were increases for all groups except nonfood
me
0.3
December, il
commodities. For the year, the all items index rose by 2.8 percent. Food prices rose by 0.9 percent, prices of other
percent,
o c
..
j.
•
;
L. A A
i
commodities Iby. 2.5 percent, andI services prices by- 4.4 percent.
Index, 1957*59=11
Index, 1957-59=100
115
110
110
105 —
105
100
100
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
All
items
Period
1958
1959
___
I960..
1961- _
1962__
1963
1964-- _ _ _ _ . _
1965
1966. _
1967
1966: Nov
Dec
1967: Jan
Feb_
_.
_ _
_ _ _ __
Mar
Apr
__ _
May
June
July _. _ _
Aug
..
Sept_
Oct.
Nov.Dec
_ _
Source: Department of Labor.
26
_
100. 7
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
114. 6
114. 7
114. 7
114.8
115.0
115.3
115.6
116. 0
116. 5
116. 9
117. 1
117.5
117. 8
118. 2
[1957-59=1001
Services
Commodities
Commodities less food
Services
All
All com- Food
Rent
less
Nonmodities
Durable durable services
All
rent
100. 0
99. 9
99. 8
100. 1
100. 2
100. 3
101. 9
100.8
101. 5
101. 2
101. 0
103. 6
103. 2
100. 3
101. 6
100. 9
102. 6
101. 7
100. 9
107. 4
106. 6
103. 1
101.7
101. 4
102. 0
100. 8
103. 2
104. 4
110. 0
102. 6
108. 8
102. 3
102. 8
103. 8
101. 8
112. 1
110. 9
105. 7
103. 6
103. 2
102. 1
103. 5
104.8
106. 8
113. 0
114. 5
104. 1
105. 1
104. 4
103. 0
105. 7
117. 0
115. 2
107.8
106. 4
105. 2
102. 6
107.2
105. 1
117.8
108.9
108.8
120.0
106.4
102. 7
106. 5
109. 7
122. 3
110. 4
114. 2
125. 0
109. 2
104. 3
109. 2
113. 1
112. 4
127. 7
131. 1
111. 2
115. 2
103. 5
111. 3
107. 8
124. 7
111. 2
114. 8
127. 7
110. 2
103. 1
111. 4
107. 7
111. 3
125. 2
114. 8
128. 3
110. 1
102. 7
111. 0
107. 3
111. 4
125. 5
114. 7
128. 8
109. 9
102. 8
111.5
107.6
114.2
125. 9
129.2
111.7
109.9
102. 9
111.8
107.8
111.8
126. 3
114. 2
129.5
110.0
112.4
108.4
103.4
126.6
111.9
113.7
130.0
110.2
103.9
112.7
112. 1
108.7
127.0
130.4
113.9
110.5
•04. 1
112. 7
108. 9
112. 2
127. 4
130. 8
115. 1
111. 0
104. 4
112. 8
127.7
109. 1
112. 4
131. 2
116. 0
111. 5
113. 2
109. 4
112. 6
104 7
128. 2
131. 7
111. 9
116. 6
114. 1
104. 8
112. 8
132. 3
128. 7
110. 0
112. 0
115. 9
105.7
110.6
114.5
129. 1
113.0
132.7
115.7
112.4
115. 2
111. 1
113. 2
106. 0
129.6
133. 2
112. 6
115. 6
130. 1
115. 2
111. 1
113. 5
106. 1
133. 8
112. 9
116. 2
WHOLESALE PRICES
ihc wholesale price index rose by 0.6 percent in December, led by a 2.6 percent increase in farm product prices.
Consumer goods prices were unchanged, but all other major groups rose. For the year, the over-all index increased 0.2
percent. The all-commodities index rose 0.3 percent in January, according to preliminary data.
Index, 1957-59=100
Index, 1957-59=100
115
110
95
90
1961
1967
SOURCEi DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
All
commodities
Period
1958
_ _
1959 _ _
_
1960
_ _ _
1961
1962
1963
1964^
1965
1966
1967
1966: Dec
1967: Jan
Feb___
Mar_
Apr
Mav
June
Julv
Aug
Sept.
Oct
Nov
Dec_ _ ___
1968: Jan" 3
___ ___
. _
_
_
_ _ ___
Farm
products
100. 4
100. 6
100. 7
100. 3
100. C)
100. :\
100. 5
102 f>
J05 9
106. 1
105. < )
1 00. 2
106.0
105. 7
105. 3
105. 8
106. 3
106. 5
106. 1
106.2
106. 1
106. 2
106. 8
107. 1
103. 6
97. 2
96. <)
96. 0
97. 7
(
J5. 7
<)4. :j
<)S 4
105. (i
99. 7
102! 6
101. 0
99. (>
97. 0
100.7
102. 4
102. 8
99. 2
98. 4
97. 1
96. 4
98. 9
99. 1
Processed
foods
and
feeds
102. 5
99. 9
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 7
112. 8
112. 8
111. 7
110. 6
110. 0
110.7
112. 6
113. 1
112. 1
112. 7
111.7
110. 9
111. 5
112. 1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
3
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Industrial commodities
All industrials 1
99. 5
101.3
101.3
100.8
100. 8
100.7
101. 2
102. 5
104. 7
106. 3
1 05. 5
1 05. S
106. 0
106. 0
106. 0
106. 0
106. 0
106. 0
106. 3
106. 5
106.8
107. 1
107. 4
107. 7
Crude
materials
96. 9
102. 3
98. 3
97. 2
95. 6
94. 3
97. 1
100.9
104. 5
100. 0
101. 6
101. 4
101. 1
100. 2
99. 3
99. 4
99. 4
99. 0
99. 0
99. 5
99.4
100. 6
101. 3
Inter- Producmediate er finished
mategoods
rials 2
99. 4
100. 2
102. 1
101. 0
101. 4
102. 3
102. 5
100. 1
102. 9
99.9
99. 6
103. 1
100.2
104. 1
101.5
105.4
103. 6
108.0
104. 8
111. 5
104. 1
110. 2
104. 4
110. 5
104.6
110.6
104.6
110.7
104.7
110.8
104.6
111. 1
104. 5
111. 2
104. 5
111. 2
104, 6
111. 4
104. 9
111. 6
105.0
112.6
105. 3
113. 0
105. 7
113. 4
Consumer finished goods excluding food
DurNonable
durable
100. 1
99. 3
100. 8
101. 3
101. 5
100. 9
100. 5
101. 5
100. 0
101. 6
99. 5
101. 9
99. 9
101. 6
99.6
102.8
100. 2
104. 8
107. 2
101. 7
101. 3
105. 5
101. 3
105. 8
101.3
106.3
101.3
106.4
101. 3
106. 4
101.3
106.9
107. 2
101. 0
101. 1
107. 4
101. 2
108.0
101. 4
108. 0
102.8
107.8
107. 9
103. 0
103. 0
108.0
NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure reflecting 1963 values of shipments. The classification structure also
changed.
3
Not charted.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended December 1 5, prices received by farmers advanced almost 2 percent and prices paid increase,
less than 1 percent. The parity ratio, unadjusted for Government payments, remained at 73, (but the adjusted ratio
advanced one point to 79). Higher prices received for oranges, cattle, and eggs were partly offset by price declines
for cotton and hogs.
Index, 1957-59=100
Index, 1957-59=100
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES \
„*+..+*'
*— .**
S ~ - ~*
\..,__xr\ s\
^ f
V
N
no
100 ^"V
^v^*r ysx v_
m%
\. >^*^^
^^^ "*s/
1 , . I 11 1 . . I. . . . . . i . . . . . 1 1 1 1 1 1 1 1 1 1 1
90
\/v/
>/ ^^
r^J
/\
jfc.
^/
\_
_.
^^—^^S—'
i i ii i 1 t i i t i
110
100
N
PRICES RECEIVED
(ALL FARM P RODUCTS)
i ifi i 1i i i ii
,,...!.,,,,
i 1 1t 1 I 1I 1 t 1
90
RATION
IUU
RATIO U
100
on
on
PARITY RATIO
"•^
\-S*
-
''*"'V»«'"
.„ ,
,,
v
80
**A..v
_
\^/
! . I 1I I . 1 . 1 1
,,.,,1.1.1,
1962
r i i i i 1 i i i i i
1961
70
1963
, , .. , 1 , , ..,
1964
1
1965
i
1
1
1
1
1
1
1
1
1
1966
1
%%*^-
«„,.„..•..
1 I 1*1 . 1 I . . I 1
70
1967
l/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
COUNCH. OF ECONOMIC ADVISERS
Prices received by farmers
Period
All farm
products
Livestock
Crops
Parity ratio 1
Prices paid by farmers
and
products
All items,
interest,
taxes, and
wage rates
Family
living
items
Production
items
Actual
Adjusted 2
Index, 1957-59=100
1958
1959
1960
1961
1962
1963
1964
104
100
99
99
101
100
98
103
110
104
.
1965___
1966
1967_
_ „
_
1966: Nov 15
Dec 15
1967: Jan 15
Feb 15
Mar 15_
Apr 15
May 15
June 15 __
July 15__ _
Aug 15
Sept 15
Oct 15_
Nov 15
Dec 15
.
_
100
99
99
102
104
107
107
105
105
100
106
100
98
98
99
95
91
101
113
107
100
102
102
103
105
107
107
110
114
117
100
101
102
102
103
104
105
107
110
112
100
102
101
101
103
104
103
105
108
110
85
81
80
80
80
78
76
77
80
74
88
82
81
83
83
81
80
82
86
79
107
106
105
104
103
101
104
105
106
106
104
104
103
105
103
103
101
100
100
100
99
102
101
100
97
100
102
104
110
109
109
107
105
102
108
108
110
110
110
107
104
105
115
115
116
116
116
116
117
117
118
117
117
118
117
118
111
111
111
111
111
111
112
112
113
113
113
113
114
114
109
109
110
110
110
110
110
111
111
110
110
110
109
110
77
76
75
74
74
72
74
74
74
75
73
73
73
73
83
82
80
80
79
77
79
80
80
80
78
73
78
79
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14 = 100 base.
28
2 The adjusted parity ratio reflects Government payments made directly
to farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
ONEY SUPPLY
MC
The seasonally adjusted money supply rose $0.3 billion in December, compared to a November increase of $0.9
billion. Time deposits increased by $1.3 billion, the smallest monthly increase of the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
AVERAGES OF DAILY FIGURES, SEASONALLY
ADJUSTED
180
180
140
140
TIME DEPOSITS AT ALL
COMMERCIAL BANKS
100
100
60
60
1962
1963
1964
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1962:
1963:
1964:
1965:
1966:
1967:
1966:
Dec
Dec
Dec
Dec
Dec
Dec "
Nov
Dec _ _ _
1967: Jan _
_
Feb_
Mar
Apr
Mav
June__
July _
Aug
Sept
Oct
Nov.Dec p
1
_ _ _ _ _
_ _ _
___
_
__
1966
1967
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars)
Money supply
Money suppty
CurCurTime
Time
DeDerency
rency
de- 1
demand
mand
Total
outoutTotal
posits
posits 1
dedeside
side
posits
banks posits
banks
Seasonally adjusted
Unadjusted
147.4
96.7
31.2
30. 6
116.8
120.3
97.8
151.6
32.5
111.0
153.0
120.5
112.2
33. 1
124. 1
157.3
34.2
125.2
159.3
125. 1
35.0
126.6
129. 1
164.0
145.2
36. 3
166. 8
130. 5
37. 1
134.9
146.9
172.0
132. 1
156.9
38.3
170. 4
136.7
39. 1
158. 6
175.8
181. 5
181. 8
40. 4
141. 1
41.2
183. 8
146. 0
187. 2
38. 1
156. 1
170. 1
132.0
133.0
157.4
38.5
171.5
156.9
38.3
132. 1
170. 4
136.7
39. 1
158. 6
175. 8
38.5
160.7
170. 3
38.5
136. 8
160. 8
131.8
175.3
132. 8
164.0
132. 3
171.5
38. 7
163.5
38.3
170.6
166.7
133.4
134. 2
38.5
173. 1
38. 9
166. 1
171.9
39. 1
168.8
172.7
134.9
133. 6
38.7
168. 1
173.6
39.2
132.2
170.8
174.5
135.3
38.9
170. 0
171. 1
173.0
176.2
39.3
172. 4
39.3
135. 1
136.8
174.3
175. 1
39.5
138.4
177.9
39.6
136. 2
174.6
175.8
136.2
177.7
39.6
177.2
139.6
179. 1
39.6
175. 9
179.2
178.9
138.6
39.8
139.5
39.8
178.4
178. 9
180.3
39.9
40.0
140.6
180.3
140.3
180.6
180.8
181.2
141.2
40.4
142.1
181.1
40.0
182.5
182.5
41.2
40. 4
181.8
141. 1
146. 0
181. 5
187. 2
183. 8
Deposits at all commercial banks.
NOTE.—Effective June 9, 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from time deposits and from loans at
all commercial banks.
1965
U.S.
Government
demand
deposits l
5.6
5. 1
5.5
4.6
3.4
5.0
3.7
3.4
4. 1
5.0
4.9
4.8
6.5
3.9
5.6
4.3
5.0
6.2
5.2
5,0
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
In December, public holdings of demand deposits and currency (seasonally adjusted) increased by $2.5 billion
somewhat more than the November increase of $2.1 billion. Savings and loan shares outstanding increased only
$0.1 billion, the smallest increase of the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
500
400
300
200
1961
I
1962
1963
1967
-1/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted]
End of period
1961
1962
1963
__
1964
1965
___
_
1966
1967 "
1966: Nov
Dec
_
1967: Jan___
Feb
Mar
Apr _
Mav _ _
June p
July
_ _
Aug *
Sept *_ _ _
Oct * __ _ _
Nov v
Dec * _
_ __ _
Total
selected
liquid
assets
424. 6
459.0
495.4
530. 5
573.0
601.5
648. 8
600. 6
601.5
605. 1
604.7
615. 1
613. 2
619.7
620.6
623. 0
630. 2
635. 4
638. 1
645. 7
648.8
Demand
deposits
and
currency l
142.6
144. 8
149.6
156. 7
164. 0
168. 6
180. 3
168. 0
168. 6
166. 9
165. 8
171. 0
168.6
172.9
173.7
171. 9
174. 1
176. 2
175.7
177. 8
180. 3
Time deposits
Commercial
banks
82.5
98. 1
112. 9
127. 1
147. 1
159.3
182. 5
158. 3
159.3
163. 6
165. 3
167. 6
168. 6
170. 7
172. 4
174. 7
177. 2
178. 1
180. 1
183. 7
182. 5
1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month.
2 Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
30
Mutual
savings
banks
38. 3
41. 4
44. 5
49. 0
52. 6
55.2
59. 9
54.8
55. 2
55. 5
55. 9
56.3
56. 8
57.4
57. 8
58. 4
58. 7
58. 9
59. 5
59.9
59. 9
Postal
Savings
System
0. 6
.5
.5
.4
.3
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
Savings
and loan
shares
70. 5
79. 8
90. 9
101.4
109.8
113.4
123. 8
113.0
113.4
113.7
114.8
116.:?
117. 1
118. 0
118. 9
119. 9
J21. 0
122. 5
123. 0
123.7
123. 8
U.S. Government
U.S. Gov- securities
ernment maturing
savings
within
bonds 2
one
year 2
47.4
47. 6
49. 0
49.9
50.5
50.9
51. 9
50.6
50. 9
51. 0
50.9
51. 0
51. 1
51. 1
51.2
51. 3
51. 3
51. 4
51.4
51. 5
51. 9
February 1960, savings and loan associations.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
42. 6
46.8
48. 1
46. 1
48. 6
53.9
50. 5
55. 8
53. 9
54 2
51. 7
52.9
50. 9
49. 5
46. 5
46. 7
47. 8
48. 2
48.3
49. 1
50. 5
IK LOANS, INVESTMENTS, DEBITS, AND RESERVES
_
bank loans and investments (seasonally adjusted) rose by only $0.1 billion in December, by far the smallest
increase of the year. Free reserves fell by about $160 million, to the lowest average level since February.
BILLIONS OF DOLLARS
350
BILLIONS OF DOLLARS
350
ALL COMMERCIAL BANKS
1961
SOURCE: BOARD OF 'GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seasonally adjusted data)
End of period
1961.
1962_
1963
_ _
1964
1 965
1966
1967 *
1966: Nov
_
Dec
1967: J i i n _ _ _
Feb
Mar
Apr
May June _
Julv
Aug
Sept * _ _ _
Oct p __ _ _.
p
Nov
Dec * > _ _ _ _
1
Total
Investments
Loans,
loans excluding
and
interU.S. Gov- Other
investbank
ernment
securiments
securities
ties
209. 6
227. 9
246. 2
267. 2
29 1. 4
310. 2
;M4. 4
309. 3
310. 2
314. 4
318. 0
321. 4
323. 2
324. 6
325. 6
332. 4
337. 3
339. 5
342.6
344.3
344. 4
1 20. 5
134. 1
149. 7
167. 7
1 92. 4
207. S
224. 0
207. f>
207. 8
210. 4
211. 0
211. 3
213. 5
213. 5
213. 9
217. 1
218. 2
220. 2
221. 8
222.3
224.0
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
outside
large comNew York
mercial
City (232
banks
centers) ,
Commercial seasonally
and indus- adjusted
annual
trial loans
rates l
Billions of dollars
05. 2
23. 9
04. 5
29. 2
01. 5
35. 0
60. 7
38. 7
44. 8
57. 3
53. 7
48. 7
00. 0
00. 4
53. 4
48. 4
48. 7
53. 7
54. 2
49. 9
55. 9
51. 1
57. 8
52. 3
56. 1
53. 6
56. 1
55. 0
55. 4
56. 3
58. 8
56. 5
61. 8
57. 3
61. 6
57. 7
62. 3
58. 6
60.2
61.8
60.0
60. 4
Debits during period to demand deposit accounts except interbank and
U.S. Government. New series beginning January 1964.
2
Averages of daily figures. Annual data are for December.
3
New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Effective June 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
32. 9
35. 2
38. 8
42. 1
3
53. 1
00. 7
05. 8
00. 0
00. 7
00. 3
00.4
02. 0
02. 3
01. 8
63. 8
03. 7
62. 2
63. 4
63. 1
63.7
65. 8
1, 882
2, 021
2, 199
1
2, 706
3, 018
3, 421
3, 897
3, 512
3, 562
8,562
3, 570
3, 559
8, 690
8,614
8, 788
3, 882
8, 882
3, 847
8, 891
S, 897
3,897
All member banks
Total
reserves
20, 118
20, 040
20, 746
21,609
22, 719
23, 830
25, 256
23, 251
23, 830
24, 075
23, 709
23, 405
23, 362
23, 284
23, 518
23, 907
23, 791
24, 200
24, 608
24, 740
25, 259
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
568
149
572
304
327
536
411
243
452
454
392
557
341
238
389
611
392
557
373
389
362
358
435
199
309
134
370
101
420
123
87
359
387
89
90
358
126
286
403
133
347
238
419
268
209
168
o
-165
103
-222
-165
-16
—4
236
175
269
297
272
298
268
160
270
109
certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and
Hawaii.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding increased $700 million during November, compared to $600 million in Novemb
1966. Seasonally adjusted instalment credit outstanding increased $420 million, the largest monthly increase o
the year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
TOTAL CONSUMER CREDIT OUTSTANDING
20
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
\
" "-"
•""""""""
41 1 1 1 1 1 1 1 1 1 1
1961
1 ! I
1 I 1 1 I I 1 1
^^
r^
^
HHttHM it*"*"1"""""*"""
-
INSTALMENT CREDIT REPAID
i i i i i 1 i i i ii
1 1 1t 11 1 I ! ! 1
1963
1964
1962
II M
*VH
I 1I I I I 1 \ \ ! !
! } I 1 t 1 1 1 1 1 !
1966
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1958
1959
I960
1961
1962 » _
1963_
1964.
1965
1966
1967 v
_
1966: Nov- __ _
Dec
1967: Jan___ ___
Feb
Mar~_ _ _
Apr_ _
May
June
July
Aug
Sept
Oct
Nov__
[Millions of dollars]
Consumer instalment credit extended
Consumer credit outstanding (end of period;
unadjusted)
and repaid (seasonally adjusted)
Instalment
Automobile paper
Total
NonAutomoTotal
instal- Extended Repaid Extended Repaid
Total 1
bile
Personal
ment 2
paper
loans
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94, 786
99, 100
92, 498
94, 786
93, 479
92, 517
92, 519
93, 089
93, 917
94, 813
95, 115
95, 684
95, 886
96, 094
96, 802
33, 642
39, 245
42, 832
43, 527
48, 034
54, 158
60, 548
68, 565
74, 656
77, 900
73, 491
74, 656
74, 015
73, 598
73, 591
73, 840
74, 290
75, 051
75, 348
75, 889
76, 039
76, 223
76, 680
14, 152
16, 420
17, 688
17, 223
19, 540
22, 433
25, 195
28, 843
30, 961
31, 300
30, 937
30, 961
30, 689
30, 530
30, 527
30, 635
30, 852
31, 208
31, 364
31, 455
31, 296
31, 237
31,217
8, 116
9, 386
10, 480
11, 256
12, 643
14, 464
16, 228
18, 354
20, 110
21, 700
19, 837
20, 110
19, 974
19, 976
20, 047
20, 193
20, 326
20, 567
20, 666
20, 936
21, 087
21, 198
21, 375
J
Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
2
3 Consists of single-payment loans, charge accounts, and service credit.
End of period, unadjusted.
32
i i i i i 1 i i i i |K
1967
11, 487
12, 297
13, 196
14, 151
15, 130
16, 303
17, 894
19, 319
20, 130
21, 200
19, 007
20, 130
19, 464
18, 919
18, 928
19, 249
19, 627
19, 762
19, 767
19, 795
19, 847
19, 871
20, 122
40, 119
48, 052
49, 560
48, 396
55, 126
61,295
67, 505
75, 508
78, 896
81, 200
6, 657
6, 433
6,501
6, 497
6, 510
6, 606
6, 554
6, 823
6, 776
6, 929
6, 973
6, 942
7,032
40, 344
42, 603
45, 972
47, 700
50, 620
55, 171
61, 121
67, 495
72, 805
78, 000
6,213
6, 112
6,221
6, 281
6, 246
6, 393
6, 361
6, 531
6, 551
6, 585
6, 6S9
6, 631
6, 614
14, 226
17, 779
17, 654
16, 007
19, 796
22, 292
24, 435
27, 914
28, 4i)l
27, 200
2, 461
2, 297
2, 240
2, 177
2, 19!)
2 217
2 238
2 338
2 266
'> o 35
2 322
2 321
2 305
15, 415
15, 579
16, 384
16, 472
17, 478
19, 400
21, 676
24, 267
20, ;J7-">
20, 900
2, 255
2, 22")
2, 202
2, 217
2, U)3
2, '2:*.r>
2, 219
2, 2S 1
') '>')Q
2*,
2,
2,
2,
240
280
301
240
Mortgage
debt outstanding
nonfarm.
1- to 4family
houses 3
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197,600
213, 700
224, 100
235, 900
224, 100
225, 500
228, 300
232, 100
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
fn December, Treasury bill rates and corporate bond yields averased higher than in November, while Treasury bond
yields averaged lower. On a weekly basis, most interest rates and bond yields declined in early January.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa
BONDS
(MOODY'S)
1961
1967
SOURCES: SEE TABLE BELOW
Period
1961
1962
__
1963.
- __
1964
1965
-_ - - _
1966
1967
1966: Nov_
„ __
Dec
1967: Jan
Feb _
Mar_ _
Apr _
_ _
May
June
July
Aug
Sept
_
Oct___
Nov
Dec
Week ended:
1967: Dec23_._
30. __
1968: Jan 6*__
13*__
20*__
27*__l
1
3
COUNCIL OF ECONOMIC ADVISERS
[Percent per aimum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
2
3
(Standard4 &
issues
bonds
bills i
Poor's)
2. 378
3.90
3. 60
3. 46
2.778
3. 57
3.95
3. 18
3. 157
3.72
4. 00
3. 23
3. 549
4. 06
4. 15
3. 22
3. 954
4. 22
4.21
3. 27
4. 881
5." 16
3.82
4. 65
4. 321
5. 07
4.85
3. 96
5. 344
5. 43
4. 74
3. 93
5. 007
5. 07
4. 65
3. 83
4. 759
4. 71
4. 40
:i 58
4. 554
4.73
4.47
3.56
4. 288
4. 52
4. 45
3. 60
3. 852
4. 46
4. 51
3. 66
3.640
4.68
4.76
3.92
3. 480
4.96
4.86
3. 99
4. 308
5. 17
4. 86
4. 05
4. 275
r>. 28
4. 95
4. 03
4. 451
5. 40
4. 99
4. 15
4 588
5. 52
5. 19
4. 31
4.762
5.73
5.44
4.36
5.012
5.72
5.36
4. 49
5. 127
4.989
5. 103
5.080
5. 072
5.068
5. 68
5. 75
5. 61
5. 48
5. 52
5.55
5.34
5. 34
5. 23
5. 12
5. 18
5. 20
2
Rate on new issues within period.
Selected note and bond issues.
April 1963 to date, bonds due or callable 10 years and after.
<fi Weekly data are Wednesday
figures.
*Not charted.
Data for first of the month, based on the maximum permissible interest rate
(6 percent beginning October 3966) and 30-year mortgages paid in 15 years.
4. 49
4. 51
4. 46
4. 35
4. 34
4. 30
Corporate bonds
( MoodyJs)
Aaa
Baa
Prime
commercial
paper,
4-6
months
4.35
4.33
4. 26
4. 40
4. 49
5. 13
5.51
5. 35
5.39
5. 20
5.03
5. 13
5. 11
5.24
5.44
5. 58
n. 62
5. 65
5. 82
6.07
6. 19
5.08
5.02
4.86
4.83
4.87
5. 67
6.23
6. 13
6. 18
5. 97
5.82
5. 85
5. 83
5.96
6.15
6. 26
6. 33
6.40
6. 52
6.72
6.93
2.97
3. 26
3.55
3. 97
4.38
5. 55
5. 10
6. 00
6. 00
5. 73
5.38
5. 24
4. 83
4.67
4.65
4. 92
5. 00
5. 00
5. 07
5.28
5.56
6.22
6. 24
6.24
6.20
6. 14
6. 12
6.96
6. 97
6.96
6.86
6. 79
6.80
FHA
new home
mortgage
yields 5
5.63
5. 63
5.63
5.63
5. 63
5.63
5. 80
5. 61
5.47
5.45
5.46
6.29
6. 55
6. 81
6. 77
6.62
6. 46
6.35
6.29
6.44
6. 51
6. 53
6. 60
6. 63
6.65
6.77
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The common stock price index rose during December and early January.
Index, 1941-43=10
100
Index, 1941-43=10
1QO
90
90
_ COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
80
80
Vy
70
70
60
60
PERCENT
PERCENT
RATIO
RATIO
25
25
PRICE/EARNINGS RATIO ON COMMON STOCKS
\
20
\
\
15
10 \
v
'
'
1961
'
!
f
1
!
1
1963
1
1
!
i
1964
i
i
t
1965
1962___
1963_
1964___
1965
1966
1967.
1966: Dee_
1967: Jan
Total
Feb
Mar__ _
Apr
May_
June_
July_-\^ j
Aug_
Sept
Oct
Nov
Dec
Week ended:
1967: Dec 15
22
1968: Jan
29
5_
12 .
19
26
1
Total
62. 38
69. 87
81. 37
88. 17
85. 26
91. 93
81. 33
84 45
87.36
89. 42
90.96
92.59
91.43
93. 01
94. 49
95. 81
95. 66
92.66
95. 30
_ _
_
65. 54
73. 39
86. 19
93.48
91. 09
99. 18
86. 50
89. 88
93.35
95. 86
97.54
99.59
98.61
100. 38
102. 11
103. 84
104 16
100. 90
103. 91
19
03
88
77
60
74
52
103. 86
103. 61
104 46
104 13
104 77
103. 80
101. 43
95.
95.
95.
*95.
*96.
*95.
*93.
Industrials
Capital Consumers'
goods
goods
1941-43 = 10
54 96
58. 15
63. 30
62. 28
73. 84
76. 34
85. 26
81. 94
74 10
84. 86
79. 22
96. 97
79. 83
67. 76
69. 97
82. 70
86.72
73.78
75. 10
90. 08
77.53
92.37
79.13
95.10
78.94
96.34
81. 27
98. 35
101. 01
83. 88
8462
104 17
83.60
106. 64
80.47
103. 58
82. 40
106. 52
107. 11
105. 48
106. 26
104 72
104 46
104 32
101. 39
Includes 50U common stocks: 425 are industrials; 55 are public utilities; and 20
are railroads. Weekly indexes tor capital and consumer goods are Wednesday
figures; all other weekly indexes are averages of daily figures.
2
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
15
^1
i
1966
i
f
1
!
Jv
10
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: STANDARD & POOR'S CORPORATION
Period
/~—-
^—^"^^
1
1
1962
20-
^
1
83. 28
81. 45
81. 91
81.57
82.49
81. 93
80. 21
Railroads
Dividend
yield 2
(percent)
59. 16
64 99
69. 91
76.08
68. 21
68. 10
68. 86
70. 63
70.45
70. 03
71.70
70.70
67.39
67. 77
68. 03
67. 45
6493
63.48
64 61
30. 56
37. 58
45. 46
46.78
46. 34
46.72
41. 44
44 48
46. 13
46. 78
45.80
47.00
48. 19
49. 91
50. 43
49. 27
46. 28
42.95
43.46
3. 37
3. 17
3. 01
3.00
3. 40
3. 20
3. 59
3. 51
3.36
3. 29
3.24
3.19
3. 19
3. 15
3. 11
3. 07
3. 07
3.18
3.09
64 01
64 55
65. 77
66.96
69.42
69. 01
67. 18
43. 59
43. 07
43. 41
43. 73
43.88
43. 63
42. 76
3.09
3. 10
3. 08
*3. 09
*3. 06
*3. 09
*3. 19
Public
utilities
Price/
earnings
ratio 3
16. 68
17. 62
18.08
17. 08
14 92
14.74
17.86
17. 01
17.81
are averages of monthly data. Weekly data are Wednesday figures.
3
Ratio of price index for last day in quarter to quarterly earnings (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
* Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
Administrative budget expenditures for the first 6 months of fiscal 1968 were $70.0 billion. In the corresponding
period of fiscal 1967 expenditures were $64.1 billion. Receipts for the same period were $51.0 billion in fiscal 1968
and $49.2 billion in fiscal 1967.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
150
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
125
•125
100
100
75
75
50
50
25
25
1963
1964
1965
1966
1967
'
1968
100
1963
1964
1965-
1966
1967
1968
+10
BUDGET SURPLUS OR
(ENLARGED SCALE)
DEFICIT.
-10
25 -20
1963
1964
1965
1966
1967
1968
1963
1964
1965
1966
1967
1968
FISCAL YEARS
SOURCESi TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budget expenditures
National defense 1
Net
budget
receipts
Period
Fiscal year 1964
Fiscal year 1965 _
_ __
Fiscal year 1966 __
Fiscal year 1967
Fiscal year 1968 _
_ __
Fiscal vear 1969 _
1967: Jan___
__^ _
Feb
Mar
A p r _ _ _ _ _
_ _ _
May
June. _ _ _
Julv. _
_
Aug
Sept
Oct
Nov
Dec
Cumulative totals, first 6 months:
Fiscal year 1967. _ ._
Fiscal year 1968 _
Total
Total
Department of
Defense,
military
Military
assistance
89. 5
93. 1
104.7
115. 8
118. 6
135. 6
9. 4
7.8
11. 4
13.5
6. 3
18.3
6. 4
7.3
12.4
6.8
7. 5
10. 6
1
97.7
96.5
107.0
125.7
137. 2
147.4
10. 0
9. 5
11. 7
9. 5
10. 9
10. 1
11.5
12. 7
12. 5
11.5
11.7
10.1
54. 2
50.2
57.7
70.8
49. 8
46.2
54.4
67. 7
1.5
1.2
1.0
.9
6. 2
5. 8
6. 9
6.3
6. 1
6. I
6.4
6. 8
6. 6
6.6
6.4
6. 0
5. 9
5. 5
6. 6
6. 1
5. 8
5.8
6. 2
6. 6
6.3
6.4
6. 1
5. 8
.1
.1
.1
.1
.1
.2
49. 2
51.0
64. 1
70. 0
33.4
38.8
32. 0
37.3
1
in addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
3 Less than $50 million.
Sources: Treasury Department and Bureau of the Budget.
i
(3)
(3)
(3)
.1
.1
(*)
.3
.2
Budget
surplus
or
deficit ( — )
Public
debt
(end of 2
period)
-8.2
-3.4
-2.3
— 9.9
— 18. 6
-11.8
—.6
— 1. 7
-. 3
4. 1
-4. 6
8.2
-5. 1
— 5. 4
i
-4*. 7
—4.2
.5
312. 5
317.9
320.4
326.7
351. 6
363.5
329. 4
330.1
331. 5
328.3
331.4
326.7
331. 2
336. 4
336.4
341.0
345.6
345.2
— 14. 9
—19. 0
329.8
345.2
NOTE.—Total budget receipts and expenditures exclude certain intragovernmental transactions.
New concepts of Federal receipts and outlays presented in "The Budget of
the United States Government, Fiscal Year 1969" will be used in this table as
soon as data are available on a monthly basis.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
On a seasonally adjusted basis, cash receipts rose slightly from the third to the fourth quarter while cash payments
changed little, resulting in a cash deficit of $41A billion.
BILLIONS OF DOLLARS
30
30
25
25
+5
SEASONALLY ADJUSTED
EXCESS OF CASH R ECEIPTS
n %& -™* ni
I
EXCESS OF CASH P AYMENTS
-5
1
1
1
1961
I
!
n
I
1
1
!
1
1963
1962
!
I
!
1964
1
-1965
I
!
r —?
!
1966
!
\— i
[_
1
1967
i3
1
-5
CALENDAR YEARS
• COUNCIL OF ECONOMIC ADVISERS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
[Billions of dollars]
Period
Fiscal year :
1962
1963
1964
1965
1966
1967__.
1968 i
1969 i
Calendar year:
1962
1963___
1964 _„
1965 2__
1966
1967
Quarterly total (calendar years) :
1966: I
II
III__
IV
1967: I
II
III___
IV.
Cash receipts
from the
public
Cash payments to
the public
101. 9
109.7
115.5
119.7
134. 5
153. 6
158. 8
181. 1
107. 7
113. 8
120. 3
122. 4
137.8
155. 1
176. 0
188.7
106. 2
112. 6
115.0
123.4
145. 1
156.2
111. 9
117. 2
120. 3
127.9
150. 9
163. 9
Unadjusted
-1.3
10.0
-6.7
-7.7
1. 4
11. 3
-9.2
— 10. 9
Cash payments to
the public
Excess of
receipts or
payments
(-)
-5. 7
-4.6
-5. 2
— 4.5
— 5. 7
-7.4
34 6
36. 2
41.3
38.8
36.7
38. 6
45. 1
43. 5
Cash receipts
from the
public
-5.8
-4. 0
4. 8
-2.7
-3.3
— 1. 5
17. 2
— 7. 6
33.3
46. 2
34.6
31. 1
38.0
49.8
35.9
32.5
1 Estimates.
2
Seasonally adjusted data include accelerated corporate tax payments of about
$3 billion in calendar year 1966 and $5 billion in calendar year 1967.
36
Excess of
receipts or
payments
Seasonally adjusted 1
33. 4
37. 1
37.3
38.4
39.2
38. 5
38. 5
38. 8
36. 6
35.8
39. 7
38. 6
38.8
38. 1
43.4
43. 3
Sources: Treasury Department and Bureau of the Budget.
-3. 2
1.3
-2.5
2
'.4
.4
-4.9
— 4. 5
f
DERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
ie third quarter, Federal receipts rose more than $4% billion (seasonally adjusted annual rate) and expenditures
about $3 billion, yielding a deficit of over $1 3 billion. Preliminary data for the fourth quarter indicate that expenditures rose $11/2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
+20
+20
SEASO NALLY ADJUSTED ANNUAL RATES
SURPLUS
m n in m n m ^ n m
_
m
ra
mm
m m m ~~ • •
M
M
H
1
H
III-
DEFICIT
-20
8
I
1961
1
1
1
!
\
\
\
f
1963
1962
i
I
1
1964
1
I
1965
\
\
1966
I
I
!
1
-20
1967
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Fiscal year:
1964
1965
1966
1967
1968 i
1969 i
Calendar
year:
1964
1965
1966
1967"___
1966:1-IIIIIIV.
1967:1-.
IL.III_
IV*
1
Indirect ContriPersonal Corpo- business bution s
rate
tax and profits tax and
for
Total nontax
Total
tax
nontax
receipts accruals accruals social insuran ce
Subsidies
GrantsPurless
in-aid
chases Tran s- to State
current
Net
of goods fer payinterest surplus
and
and
of Govt.
ments
local
paid
enterservices
governprises
ments
Surplus
or
deficit
(-),
income
and
product
accounts
115. 5
120. 6
132. 9
147. 6
161. 1
182.5
50. 7
51. 3
57. 5
64.6
71.0
83.8
25. 7
27. 8
31. 0
31. 4
34. 3
37.2
15. 6
16. 9
15. 8
15.9
17.1
18.1
23. 5
24. 5
28. 6
35. 7
38.7
43. 4
116. 9
118. 3
131. 9
155. 1
171. 1
185. 0
65. 7
64. 3
71. 7
84. 5
92. 8
99. 4
29. 5
30. 4
34. 1
39. 8
44. 9
49. 9
9.8
10. 9
12. 7
15.4
18. 0
20. 0
8. 1
8.5
9.0
10. 1
10.7
11.2
3. 8
4. 1
4. 5
5.3
4. 5
4. 5
— 1. 4
2.3
.9
-7.5
— 10. 0
— 2. 5
115. 0
124. 8
143. 2
151.5
137. 0
141. 6
145. 6
148. 6
149. 1
148. 1
152.7
48. 6
53. 8
61. 7
66. 5
57.7
60.9
63. 1
65. 2
65. 5
64.0
67.5
69.0
26. 4
29. 3
32. 3
30. 7
32. 2
32. 2
32. 4
32. 3
30. 3
30. 3
30.6
16. 1
16. 5
15. 9
16. 6
15.2
15.9
16.2
16. 3
16. 2
16.5
16.7
17.0
23. 8
25. 2
33.3
37.7
31.9
32. 5
34.0
34.7
37. 0
37. 2
38.0
38. 6
118. 1
123. 4
142. 9
164. 1
134. 8
138. 4
146. 3
151. 9
160. 9
162. 8
165.9
167. 5
65. 2
66. 8
77. 0
89.9
72. 1
74. 9
79. 5
81. 5
87. 1
89. 5
90.9
92. 0
29. 9
32. 4
36. 0
42. 9
35.2
34. 1
35. 9
38.8
42.2
42.4
43.5
43. 5
10.4
11.2
14.8
15.8
13. 8
14. 6
15.3
15.6
15. 6
15.3
16.0
16.4
8. 3
8. 7
9.5
10. 4
9. 1
9. 4
9.6
10.0
10. 4
10. 4
10. 5
10.7
4. 2
4. 3
5. 4
5.2
4. 6
5. 3
6.0
5.9
5. 6
5.3
5.0
4. 9
-3.0
1.4
.3
— 12. 6
2. 2
3. 2
—.7
-3. 3
— 11. 9
-14.7
— 13.2
Estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
37
UNITED STATES
GOVERNMENT PRINTING OFFICE
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
DIVISION OF PUBLIC DOCUMENTS
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
„
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
_
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Sector, National Income Accounts Basis
Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
•
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and . . . . not available.
38
16
17
18
19
20
21
22
23
24
25
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, B.C., 20402
Price 25 cents per copy; $2.50 per year; $3.50 foreign
U.S. G O V E R N M E N T P R I N T I N G O F F I C E : 1968
